TCR_Public/100124.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 24, 2010, Vol. 14, No. 23

                            Headlines



AMAC CDO: Fitch Downgrades Ratings on All Classes of Notes
ARLINGTON STREET: Moody's Upgrades Ratings on Three Note Classes
ASSOCIATED BANK: S&P Downgrades Ratings on Four Bonds to 'BB+/B'
BANC OF AMERICA: S&P Corrects Ratings on Various Certificates
BEAR STEARNS: Fitch Takes Rating Actions on 2005-PWR10 Certs.

BEAR STEARNS: S&P Corrects Ratings on Two 2006-AR1 Notes to 'CCC'
BEAR STEARNS: S&P Downgrades Ratings on 15 2006-PWR11 Securities
BEAR STEARNS: S&P Downgrades Ratings on 15 2006-PWR14 Securities
BRAZOS RIVER: S&P Corrects Rating on 1972 Bonds to 'B-/Negative'
COUNTY OF CHAUTAUQUA: Moody's Assigns Ratings on Revenue Bonds

CROWN CASTLE: Fitch Affirms Ratings on Classes of 2006-1 Notes
FINANSURE STUDENT: S&P Downgrades Rating on Class C-1 Notes to 'B'
JUPITER HIGH-GRADE: Fitch Downgrades Ratings on Three Notes
LNR CDO: S&P Downgrades Ratings on Seven Classes of Notes
LONGPORT FUNDING: S&P Downgrades Ratings on Six Classes of Notes

MORGAN STANLEY: S&P Cuts Ratings on 15 2006-TOP 21 Securities
NEVADA DEPARTMENT: Moody's Cuts Rating on $439 Mil. Bonds to 'C'
NOMURA ASSET: S&P Puts Rating on Class B-4 on CreditWatch Negative
NORTH STREET: Fitch Downgrades Ratings on 2000-2 Notes
NORTH STREET: Fitch Downgrades Ratings on Three Classes of Notes

N-Star V: Fitch Downgrades Ratings on Six Classes of Notes
OPTEUM MORTGAGE: S&P Downgrades Ratings on Seven 2006-1 Notes
PACIFIC BAY: Fitch Downgrades Ratings on Two Classes of Notes
PREFERREDPLUS TRUST: Moody's Raises Rating on CTR-1 Certs. to 'B3'
SKYTOP CLO: Moody's Confirms Ratings on Various Classes of Notes

SUMMER STREET: Fitch Downgrades Ratings on Three 2005-HG1 Notes
UBS AG: Moody's Downgrades Rating on Series 2760 Notes to 'Caa2'
Z-1 CDO: Fitch Downgrades Ratings on Class B Notes to 'D/RR5'

* Fitch Downgrades Ratings on 25 Preferred Securities of US REIT
* S&P Downgrades Ratings on 18 Classes From Five RMBS Transactions
* S&P Downgrades Ratings on 36 Tranches From Seven CLO Deals
* S&P Downgrades Ratings on 37 Classes From 11 RMBS Transactions
* S&P Downgrades Ratings on 73 Tranches From 15 CLO Transactions

* S&P Puts Ratings on Six CDO Transactions on CreditWatch Negative
* S&P Puts Ratings on Three US Tranches on CreditWatch Negative



                            *********



AMAC CDO: Fitch Downgrades Ratings on All Classes of Notes
----------------------------------------------------------
Fitch Ratings has downgraded all classes of AMAC CDO Funding I
reflecting Fitch's base case loss expectation of 17.0%.  Fitch's
performance expectation incorporates prospective views regarding
commercial real estate market value and cash flow declines.

AMAC CDO is primarily collateralized by senior commercial real
estate debt (86% of total collateral is either whole loans or A-
notes).  A majority of this senior debt is secured by stabilized
multifamily properties that are lowly levered relative to loans in
other CRE collateralized debt obligation.  The transaction's Fitch
base case loss expectation of 17% is significantly below the
average loss expectation (33%) for CRE loan CDOs that have been
reviewed under Fitch's updated criteria to date.  Consequently,
the transaction's senior-most class maintains an investment grade
rating despite its relatively low credit enhancement level of
38.5% (compared to 52.5% on average for CRE loan CDOs).  The
transaction currently has three defaulted assets, representing
8.1% of the pool, and another loan (5.1%) which is considered a
Fitch Loan of Concern.  Fitch expects significant losses on the
defaulted assets and Loan of Concern.

As of the December 2009 trustee report, the class C and class D/E
overcollateralization tests have breached their respective
covenants.  Although in the December 2009 reporting period,
principal amortization paid down the class A-1 enough to cure the
class C OC failure, Fitch expects this test to fail again next
reporting period.  Furthermore, given its expectations of further
defaults, Fitch considers it possible that classes below the class
C OC test will not receive any further interest or principal
proceeds over the life of the transaction.

AMAC CDO is a $387 million CRE CDO managed by Centerline REIT Inc.
The transaction has a five-year reinvestment period during which
principal proceeds may be used to invest in substitute collateral.
The reinvestment period ends in November 2011.  As of the December
2009 trustee report and per Fitch categorizations, the CDO was
substantially invested: CRE whole loan/A-notes (85.8%), B-notes
(7.3%), mezzanine loans (6.4%), and one defeased CRE loan (0.5%).

Under Fitch's updated methodology, approximately 48.5% of the
portfolio is modeled to default in the base case stress scenario,
defined as the 'B' stress.  In this scenario, the modeled average
cash flow decline is 8.9% from third-quarter 2009 cash flows.
Fitch estimates that average recoveries will be high relative to
other CRE loan CDOs at 64.9%, due to the majority of first
mortgage loans and relatively low overall leverage.

The largest component of Fitch's base case loss expectation is a
defaulted mezzanine loan (4.7%) secured by ownership interests in
the first phase of a three million square foot mixed-use master
planned development located in Phoenix, Arizona.  The initial
component of this phase opened in late 2008, but has since stalled
amidst the economic downturn.  The loan defaulted in November
2008, and the senior lender is in the process of foreclosing.
Fitch expects no recovery.

The next largest component of Fitch's base case loss expectation
is a whole loan (5.1%) secured by an office/industrial property
located in Bethpage, New York.  The property had been occupied by
a single tenant, who vacated in April 2008.  Subsequently, the
sponsors were able to re-lease portions of the space; however,
leasing momentum has stagnated and occupancy is currently 22%.
Fitch is modeling a term default with a substantial loss under its
modeled base case scenario.

The third largest component of Fitch's base case loss expectation
is an A-note (5.5%) secured by a multifamily property located in
Atlanta, Georgia.  The property was constructed in 1989, and the
sponsors spent over $9,000 per unit for property upgrades.
Currently, occupancy is 91% and performance has been stable;
however, the property's cash flow does not cover debt service on
the entire debt stack.  As such, Fitch is modeling a term default
with a sizable loss under its modeled base case scenario.

This transaction was analyzed according to the 'U.S. CREL CDO
Surveillance Criteria,' which applies stresses to property cash
flows and uses debt service coverage ratio tests to project future
default levels for the underlying portfolio.  Recoveries are based
on stressed cash flows and Fitch's long-term capitalization rates.
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 CDOs.' Based
on this analysis, the breakeven rates for class A-1 are generally
consistent with the 'BBB' rating category, the breakeven rates for
class A-2 are generally consistent with the 'BB' rating category,
and the breakeven rates for class B are generally consistent with
the 'B' rating category.

The ratings for classes C through F are based on a deterministic
analysis which considers Fitch's base case loss expectation for
the pool and the current percentage of defaulted assets factoring
in anticipated recoveries relative to each class's credit
enhancement, as well as the likelihood for OC tests to cure.
Based on this analysis, class C is consistent with the 'CCC'
rating category, meaning default is a real possibility.  Fitch's
base case loss expectation of 17.0% exceeds class C's current
credit enhancement.

Ratings for classes D-1, D-2, and E are deemed to be consistent
with the 'CC' rating category, meaning default appears probable
given the total of current defaulted assets and Fitch Loan of
Concern of 13.2%, which is larger than these classes' respective
credit enhancements.  Additionally, these classes are below the
class C OC test, and will thus likely continue to be cut off from
interest proceeds next reporting period.  The rating for class F
is deemed to be consistent with the 'C' rating category, as Fitch
considers a default on this class to be inevitable.  Fitch's
expected loss from current defaulted assets and Fitch Loan of
Concern exceeds class F's credit enhancement.

Classes A-1, A-2 and B were each assigned a Negative Rating
Outlook reflecting Fitch's expectation of further negative credit
migration of the underlying collateral.  These classes were also
assigned Loss Severity ratings of 'LS3' for class A-1, 'LS4' for
class A-2, and 'LS5' for class B.  The LS ratings indicate each
tranche's potential loss severity given default, as evidenced by
the ratio of tranche size to the expected loss for the collateral
under the 'B' stress.  LS ratings should always be considered in
conjunction with probability of default indicated by a class'
long-term credit rating.  Fitch does not assign Rating Outlooks or
LS ratings to classes rated 'CCC' or lower.

Classes C through F were assigned Recovery Ratings to provide a
forward-looking estimate of recoveries on currently distressed or
defaulted structured finance securities.  Recovery Ratings are
calculated using Fitch's cash flow model, and incorporate Fitch's
current 'B' stress expectation for default and recovery rates
(48.5% and 64.9%, respectively), the 'B' stress US$ LIBOR up-
stress, and a 24-month recovery lag.  All modeled distributions
are discounted at 10% to arrive at a present value and compared to
the class's tranche size to determine a Recovery Rating.  The
assumptions for the 'B' stress US$ LIBOR up-stress scenario are
found in the report, 'Fitch US$ LIBOR Stresses' (July 31, 2009),
available on Fitch's web site at 'www.fitchratings.com'.

The assignment of 'RR3' to class C reflects modeled recoveries of
60% of its outstanding balance.  The expected recovery proceeds
are broken down:

  -- Present value of expected principal recoveries
     ($5.7 million);

  -- Present value of expected interest payments ($3.3 million);

  -- Total present value of recoveries ($9 million);

  -- Sum of undiscounted recoveries ($21.4 million).

The assignment of 'RR5' to classes D-1 and D-2 reflects modeled
recoveries of 14% of their outstanding balance.  The expected
recovery proceeds are broken down:

  -- Present value of expected principal recoveries
     ($1.5 million);

  -- Present value of expected interest payments ($0.9 million);

  -- Total present value of recoveries ($2.4 million);

  -- Sum of undiscounted recoveries ($5.6 million).

Classes E and F are assigned a Recovery Rating of 'RR6' as the
present value of the recoveries in each case is less than 10% of
each class's principal balance.

Fitch has downgraded and assigned Rating Outlooks, LS and RRs to
these classes, as indicated:

  -- $239,594,231 class A-1 to 'BBB/ LS3' from 'AAA'; Outlook
     Negative;

  -- $50,000,000 class A-2 to 'BB/LS4' from 'A'; Outlook Negative;

  -- $20,000,000 class B to 'B/LS5' from 'BBB'; Outlook Negative;

  -- $15,000,000 class C to 'CCC/RR3' from 'BBB-';

  -- $12,265,369 class D-1 to 'CC/RR5' from 'B';

  -- $5,364,679 class D-2 to 'CC/RR5' from 'B';

  -- $6,146,167 class E to 'CC/RR6' from 'B';

  -- $13,174,152 class F to 'C/RR6' from 'CCC'.

Additionally, classes A-1 through E are removed from Rating Watch
Negative.


ARLINGTON STREET: Moody's Upgrades Ratings on Three Note Classes
----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of these notes issued by Arlington Street CDO (Cayman)
Ltd.:

  -- US$124,000,000 Class A-1 Floating Rate Senior Secured Notes
     Due 2012 (current balance of $60,754,137), Upgraded to A1;
     previously on May 19, 2009 Downgraded to Baa3;

  -- US$50,000,000 Class A-2 Fixed Rate Senior Secured Notes Due
     2012 (current balance of $24,497,636), Upgraded to A1;
     previously on May 19, 2009 Downgraded to Baa3;

  -- US$44,000,000 Class A-3 Fixed Rate Senior Secured Notes Due
     2012, Upgraded to B3; previously on May 19, 2009 Downgraded
     to Caa3.

According to Moody's, the rating actions taken on the notes are as
a result of substantial delevering of the transaction over the
past six months primarily from unscheduled principal proceeds.  In
particular, the Class A-1 and A-2 Notes were paid a total of about
$37 million since the previous rating action, accounting for
roughly 31% of the total Class A-1 and A-2 outstanding balance
reported in May.  Moody's notes that a considerable amount of the
principal proceeds used to delever the Class A-1 and A-2 Notes
were from unscheduled prepayments and redemptions (including
redemptions at par or at a premium to par) of lower-rated bonds in
the underlying portfolio as well as from workouts and
restructurings of distressed bonds at better than expected
recovery values.  Additional delevering is accounted for by the
continued failure of the Class A OC Test, which diverts excess
interest proceeds to pay down the Class A-1 and A-2 Notes while
deferring interest payments on the Class B and C Notes.  On
May 19, 2009, Moody's downgraded the Class A-1 and A-2 Notes from
Aaa to Baa3 and the Class A-3 Notes from A3 to Caa3 as a result of
the application of revised and updated key modeling assumptions
and the deterioration in the credit quality of the transaction's
underlying portfolio.

Arlington Street CDO (Cayman) Ltd., issued in December 2000, is a
collateralized bond obligation backed primarily by a portfolio of
senior unsecured bonds.


ASSOCIATED BANK: S&P Downgrades Ratings on Four Bonds to 'BB+/B'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on four
bond issues supported by Associated Bank N.A. letters of credit,
to 'BB+/B' from 'BBB-/A-3'.

The long- and short-term components of S&P's ratings on the four
affected bond issues are based on its long- and short-term issuer
credit ratings on Associated Bank ('BB+/B') and address the full
and timely payment of the bonds' regularly scheduled interest,
principal, and purchase price upon an optional or mandatory tender
according to the transaction's terms.  Associated Bank provides
credit and liquidity support for each bond series in the form of a
letter of credit.

The rating actions follow the Jan. 11, 2010, lowering of S&P's
counterparty credit ratings on Associated Bank to 'BB+/B' from
'BBB-/A-3'.

Rating adjustments may be precipitated by, among other things,
changes in the rating assigned to any financial institution that
is providing an irrevocable LOC or by amendments to the
documentation governing the obligations.

                          Ratings Lowered

                        Howard Village, WI
       $4.5 mil indl dev rev bnds ser 1999A due 07/01/2020

                                    Rating
                                    ------
             CUSIP             To             From
             -----             --             ----
             44285NAA1         BB+/B          BBB-/A-3

                     Illinois Educl Fac Auth
  $4.1 mil var rt dem indl dev rev bnds ser 1997 due 01/01/2018

                                    Rating
                                    ------
             CUSIP             To             From
             -----             --             ----
             451887TR4         BB+/B          BBB-/A-3

       $7.5 mil var rt dem rev bnds ser 2003 due 10/01/2023

                                    Rating
                                    ------
             CUSIP             To             From
             -----             --             ----
             45189FAR5         BB+/B          BBB-/A-3

     $2.5 mil taxable var rt dem rev bnds (Beecher Energy LLC)
                     ser 2006 due 07/01/2026

                                    Rating
                                    ------
             CUSIP             To             From
             -----             --             ----
             45200BZG6         BB+/B          BBB-/A-3


BANC OF AMERICA: S&P Corrects Ratings on Various Certificates
-------------------------------------------------------------
Standard & Poor's Ratings Services corrected its ratings on the
class A-4, A-1A, A-M, A-J, B, C, D, and H certificates from Banc
of America Commercial Mortgage Trust 2006-4.

On Dec. 21, 2009, S&P lowered its ratings on these eight classes
of certificates and removed them from CreditWatch negative.  The
downgrades on these classes were overstated by one notch due to
S&P's inadvertent use of nine month financial data that S&P
assumed to be trailing-12-month.

S&P re-reviewed the transaction using January 2010 remittance data
provided by the master servicer, Bank of America N.A.  The
resulting weighted average debt service coverage and loan-to-value
under S&P's 'AAA' scenario changed to 0.89x and 142.5%,
respectively, from 0.84x and 157.4% in December.  The resulting
implied defaults and loss severity under the 'AAA' scenario
improved to 86.2% and 37.1%, respectively, from 92.7% and 39.0% in
December.  As a result, S&P is raising each of the affected
ratings by one notch.

                         Ratings Corrected

         Banc of America Commercial Mortgage Trust 2006-4
           Commercial mortgage pass-through certificates

                   Rating
                   ------
Class   Current   Dec. 21  Pre-Dec. 21    Credit enhancement (%)
-----   -------   -------  -----------    ----------------------
A-4     AA        AA-      AAA/Watch Neg                 30.34
A-1A    AA        AA-      AAA/Watch Neg                 30.34
A-M     A-        BBB+     AAA/Watch Neg                 20.23
A-J     BBB-      BB+      AAA/Watch Neg                 12.77
B       BB+       BB       AA+/Watch Neg                 12.01
C       BB        BB-      AA/Watch Neg                  10.75
D       BB-       B+       AA-/Watch Neg                  9.86
H       B+        B        BBB+/Watch Neg                 5.82


BEAR STEARNS: Fitch Takes Rating Actions on 2005-PWR10 Certs.
-------------------------------------------------------------
Fitch Ratings takes various actions on Bear Stearns Commercial
Mortgage Securities Trust commercial mortgage pass-through
certificates series 2005-PWR10.

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 9.2% for this transaction, should
market conditions not recover.  The rating actions are based on
these 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 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 87.2% of the
9.2%.

Approximately 91.4% of the mortgages mature within the next five
years, with 5.8% maturing within in 2010 and 82.5% in 2015.  All
losses associated with these loans are fully recognized in the
rating actions.

Fitch identified 36 Loans of Concern (27.4%) within the pool, of
which 10 (12.8%) are specially serviced, two of which are current
(9.7%) and eight (3.1%) which are delinquent.

Fitch's analysis resulted in loss expectations for nine of the top
15 loans, including three loans that are in special servicing.
Fitch expects that nine 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 three 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 achieved a 1.25x
DSCR as calculated based on a 30-year amortization schedule and an
8% coupon.

The largest contributors to loss are: World Market Center (8.6%),
Oak Park Mall (10.9%), and Crocker Park (3.9%).

World Market Center is secured by a 1,019,878 sf furniture mart
located in Las Vegas, NV.  The loan transferred to special
servicing in September 2009 due to imminent default.  As a result
of economic conditions, the borrower has indicated that cash flow
will be insufficient to cover debt service in early 2010.  The
servicer reported June 2009 DSCR and occupancy were 0.98x and 95%,
respectively.  Based on current performance and anticipated
declines, losses are expected prior to the loan's maturity in
2015.

Oak Park Mall loan is secured by a regional mall consisting of
1,562,863 sf located in Overland Park, KS.  Major tenants include
Macy's, Dillard's, JC Penney, and Nordstrom.  The servicer
reported September 2009 DSCR and occupancy were 1.22x and 96%,
respectively.  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.

Crocker Park is secured by a 618,817 sf mixed use property located
in Westlake, OH approximately 15 miles northwest of Cleveland's
central business district.  The subject was built through 2003-
2005 and is comprised of 393,468 sf of retail space (64%), 84,167
sf of office space (14%) and 158 apartment units.  The servicer
reported June 2009 DSCR and occupancy were 0.32x and 90%,
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:

  -- $210.7 million class A-J to 'BB/LS4' from 'AAA'; Outlook
     Negative;

  -- $19.8 million class B to 'BB/LS5' from 'AA+'; Outlook
     Negative;

  -- $29.6 million class C to 'B/LS5' from 'AA'; Outlook Negative;

  -- $23 million class D to 'B/LS5' from 'AA-'; Outlook Negative;

  -- $16.5 million class E to 'B/LS5' from 'A+'; Outlook Negative;

  -- $26.3 million class F to 'B-/LS5' from 'A'; Outlook Negative;

  -- $26.3 million class G to 'B-/LS5' from 'A-'; Outlook
     Negative;

  -- $29.6 million class H to 'B-/LS5' from 'BBB+'; Outlook
     Negative;

  -- $26.3 million class J to 'B-/LS5' from 'BBB'; Outlook
     Negative.

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

  -- $36.2 million class K to 'CCC/RR6' from 'BB+';
  -- $3.3 million class L to 'CCC/RR6' from 'BB';
  -- $9.9 million class M to 'CCC/RR6' from 'BB-';
  -- $13.2 million class N to 'CCC/RR6' from 'B+';
  -- $6.6 million class O to 'CCC/RR6' from 'B';
  -- $6.6 million class P to 'CCC/RR6' from 'B-';
  -- $9.9 million class Q to 'CCC/RR6' from 'B-' ';

Fitch has affirmed and assigned LS ratings to these classes:

  -- $31.3 million class A-1 at 'AAA/LS2'; Outlook Stable;
  -- $139.4 million class A-2 at 'AAA/LS2'; Outlook Stable;
  -- $59.4 million class A-3 at 'AAA/LS2'; Outlook Stable;
  -- $171 million class A-AB at 'AAA/LS2'; Outlook Stable;
  -- $1.05 billion class A-4 at 'AAA/LS2'; Outlook Stable;
  -- $288.1 million class A-1A at 'AAA/LS2'; Outlook Stable;
  -- Interest only class X-1 at 'AAA'; Outlook Stable;
  -- Interest only class X-2 at 'AAA'; Outlook Stable.

Also, Fitch has affirmed, revised the Outlook and assigned LS
rating to this class:

  -- $263.4 million class A-M at 'AAA/LS4'; Outlook Negative.

The $32.9 million class S is not rated by Fitch.


BEAR STEARNS: S&P Corrects Ratings on Two 2006-AR1 Notes to 'CCC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services corrected its ratings on
classes I-A-1 and I-A-2 from Bear Stearns Mortgage Funding Trust
2006-AR1 by raising them to 'B+' and 'CCC' respectively, from 'D'.

On Dec. 24, 2009, S&P incorrectly lowered its ratings on classes
I-A-1 and I-A-2 to 'D' based on the trustee's November 2009
remittance report, which had indicated that these classes had
experienced principal write-downs in a total amount of
$1.38 million.  However, the trustee issued a revised remittance
report, which removed the realized losses previously allocated to
these certificates.  Therefore, S&P has corrected its ratings on
these classes by restoring the previous ratings.

                        Ratings Corrected

           Bear Stearns Mortgage Funding Trust 2006-AR1

                                       Rating
                                       ------
    Class  CUSIP       Current         12/24/09    Pre 12/24/09
    -----  -----       -------         --------    ------------
    I-A-1  07401LAA1   B+              D           B+
    I-A-2  07401LAB9   CCC             D           CCC


BEAR STEARNS: S&P Downgrades Ratings on 15 2006-PWR11 Securities
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 15
classes of commercial mortgage-backed securities from Bear Stearns
Commercial Mortgage Securities Trust 2006-PWR11 and removed them
from CreditWatch with negative implications.  In addition, S&P
affirmed its ratings on seven other classes from the same
transaction.

The rating actions follow S&P's analysis of the transaction using
its U.S. conduit and fusion CMBS criteria, which was the primary
driver of these actions.  The downgrades of the subordinate
classes also reflect credit considerations and potential losses
that may occur on the specially serviced assets.  S&P's analysis
included a review of the credit characteristics of all of the
loans in the pool.  Using servicer-provided financial information,
Standard & Poor's calculated an adjusted debt service coverage of
1.43x and a loan-to-value ratio of 101.1%.  S&P further stressed
the loans' cash flows under its 'AAA' scenario to yield a weighted
average DSC of 0.93x and an LTV of 142.1%.  The implied defaults
and loss severity under the 'AAA' scenario were 83.2% and 36.1%,
respectively.  All of the adjusted DSC and LTV calculations
excluded two specially serviced assets ($31.2 million, 1.7%).  S&P
separately estimated losses for the specially serviced assets,
which S&P included in its '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 rating on the class X
interest-only (IO) certificates based on its current criteria.
S&P published a request for comment proposing changes to the IO
criteria on June 1, 2009.  After S&P finalize its criteria review,
S&P may revise its current IO criteria, which may affect
outstanding ratings, including the rating on the IO certificates
S&P affirmed.

                      Credit Considerations

Three assets ($41.5 million, 2.3%) in the pool are with the
special servicer, Centerline Servicing Inc.  Each of these assets
is more than 90 days delinquent.

The Forum Center loan ($19.0 million, 1.1%) is secured by a
134,963-sq.-ft. anchored retail center in Louisville, Ky.  The
loan transferred to Centerline on April 7, 2009, due to monetary
default following a significant decline in occupancy.  The
property is currently 56% occupied.  Loan modifications are
ongoing.  Should a modification fail to materialize, the trust
could experience a significant loss upon the ultimate resolution
of this asset.

The Sunrise Lake Village loan ($12.2 million, 0.7%) is secured by
a 78,146-sq.-ft. mixed-use facility in Pearland, Texas.  The loan
transferred to Centerline on Aug. 27, 2009, due to monetary
default.  Centerline has initiated foreclosure proceedings, and
S&P expects a moderate loss upon the resolution of this asset.

The Courtyard by Marriott - Beachwood loan ($10.3 million, 0.6%)
is secured by a 113-room limited-service hotel in Beachwood, Ohio.
The loan transferred to Centerline on Nov. 10, 2009, due to
monetary default.  As of the nine months ended Sept. 30, 2009, DSC
and occupancy were 0.48x and 56.0%, respectively, down from 1.32x
and 66.0% as of Dec. 31, 2008.

                       Transaction Summary

As of the January 2010 remittance report, the aggregate trust
balance was $1.80 billion, which represents 96.6% of the aggregate
trust balance at issuance.  There are 180 assets in the pool, down
from 181 at issuance.  The master servicers for the transaction
are Prudential Asset Resources Inc. and Wells Fargo Bank N.A.  The
master servicers provided financial information for 99.6% of the
pool, and 98.7% of the servicer-provided information was full-year
2008 or interim-2009 data.  S&P calculated a weighted average DSC
of 1.73x for the pool based on the reported figures.  S&P's
adjusted DSC and LTV were 1.43x and 101.1%, respectively.  S&P's
adjusted figures exclude two specially serviced assets that have
an aggregate balance of $31.2 million (1.7%).  S&P estimated
losses separately for these loans.  To date, the transaction has
realized $2.4 million of principal losses in connection with one
loan.  Thirty-seven loans ($385.2 million, 21.4%), including the
largest loan in the pool, are on the master servicer's watchlist.
Twenty loans ($134.2 million, 7.5%) have a reported DSC of less
than 1.10x, and 10 of these loans ($72.5 million, 4.0%) have a
reported DSC of less than 1.0x.

                     Summary of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$781.2 million (43.5%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 2.02x for the top 10 loans.
S&P's adjusted DSC and LTV for the top 10 loans were 1.35x and
110.5%, respectively.  The largest loan in the pool is the only
loan among the top 10 exposures that appears on the master
servicers' watchlists.

The Soho Grand/Tribeca Grand Porfolio loan ($195.0 million, 10.9%)
is the largest loan in the pool and is secured by two full-service
luxury hotels in Manhattan with a total of 566 rooms.  The loan
appears on the master servicer's watchlist due to a DSC decline.
As of the nine months ended Sept. 30, 2009, reported DSC and
occupancy were 1.20x and 77.0%, respectively, down from 3.55x and
82.0% as of Dec. 31, 2008.

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

      Ratings Lowered And Removed From Creditwatch Negative

   Bear Stearns Commercial Mortgage Securities Trust 2006-PWR11
          Commercial mortgage pass-through certificates

                Rating
                ------
   Class  To              From            Credit enhancement (%)
   -----  --              ----            ----------------------
   A-M    A+              AAA/Watch Neg                  20.56
   A-J    BBB             AAA/Watch Neg                  12.41
   B      BBB-            AA/Watch Neg                   10.34
   C      BB+             AA-/Watch Neg                   9.05
   D      BB              A/Watch Neg                     7.50
   E      BB-             A-/Watch Neg                    6.46
   F      B+              BBB+/Watch Neg                  5.30
   G      B+              BBB/Watch Neg                   4.26
   H      B               BBB-/Watch Neg                  2.97
   J      B-              BB+/Watch Neg                   2.58
   K      B-              BB/Watch Neg                    2.19
   L      CCC+            BB-/Watch Neg                   1.81
   M      CCC+            B+/Watch Neg                    1.68
   N      CCC             B/Watch Neg                     1.42
   O      CCC-            B-/Watch Neg                    1.16

                         Ratings Affirmed

   Bear Stearns Commercial Mortgage Securities Trust 2006-PWR11
          Commercial mortgage pass-through certificates

            Class  Rating        Credit enhancement (%)
            -----  ------        ----------------------
            A-1    AAA                            30.91
            A-2    AAA                            30.91
            A-3    AAA                            30.91
            A-AB   AAA                            30.91
            A-4    AAA                            30.91
            A-1A   AAA                            30.91
            X      AAA                              N/A


BEAR STEARNS: S&P Downgrades Ratings on 15 2006-PWR14 Securities
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 15
classes of commercial mortgage-backed securities from Bear Stearns
Commercial Mortgage Securities Trust 2006-PWR14 and removed them
from CreditWatch with negative implications.  In addition, S&P
affirmed its ratings on nine other classes from the same
transaction.

The ratings actions follow S&P's analysis of the transaction using
its U.S. conduit and fusion CMBS criteria, which was the primary
driver of these actions.  The downgrades of the subordinate
classes also reflect credit support erosion that S&P anticipates
will occur upon the eventual resolution of the specially serviced
loans, as well as S&P's concerns about two loans that S&P has
determined 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, Standard &
Poor's calculated an adjusted debt service coverage of 1.47x and a
loan-to-value ratio of 100.2%.  S&P further stressed the loans'
cash flows under its 'AAA' scenario to yield a weighted average
DSC of 0.95x and an LTV of 136.3%.  The implied defaults and loss
severity under the 'AAA' scenario were 74.4% and 36.6%,
respectively.  All of the adjusted DSC and LTV calculations
excluded eight of the 11 specially serviced assets ($54.6 million,
2.3%) and two credit-impaired loans ($27.9 million, 1.2%).  S&P
separately estimated losses for the specially serviced and credit-
impaired assets, which S&P included in its '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-
1, X-2, and X-W interest-only certificates based on its current
criteria.  S&P published a request for comment proposing changes
to the IO criteria on June 1, 2009.  After S&P finalizes its
criteria review, S&P may revise its current IO criteria, which may
affect outstanding ratings, including the ratings on the IO
certificates S&P affirmed.

                      Credit Considerations

Eleven assets ($171.2 million, 7.1%), including the seventh-
largest loan in the pool, are with the special servicer,
Centerline Servicing Inc.  One of these assets ($6.8 million,
0.3%) is in foreclosure, six ($36.1 million, 1.5%) are more than
90 days delinquent, two ($77.5 million, 3.2%) are 60 days
delinquent, and two ($51.6 million, 2.1%) are within their
respective grace periods.  S&P estimated losses ranging from 20.7%
to 62.3% for eight ($54.6 million, 2.3%) of the 11 assets.

The Philips at Sunrise Shopping Center loan ($65.0 million, 2.7%)
is the seventh-largest loan in the pool and is secured by a
414,082-sq.-ft. anchored retail center in Massapequa, NY.  The
loan was transferred to Centerline on March 23, 2009, for imminent
default.  At the time, the borrower commenced litigation against
the loan originator and the trust, challenging the basis of the
initial property valuation and seeking reformation of the loan.
This litigation was subsequently dismissed, and an appeal of this
dismissal is now pending.  As of the nine-months ended Sept. 30,
2009, the property had a DSC of 1.26x with 95.5% occupancy.
Tenant bankruptcies appear to have led to increased vacancy on the
property, which stood at 86.4% as of Aug. 3, 2009.  The loan is 60
days delinquent, and in S&P's view, foreclosure is likely.

In addition to the specially serviced assets, S&P determined two
loans ($27.9 million, 1.2%) to be credit-impaired.  The largest
loan S&P deem to be credit-impaired, the Ramada Plaza - LaGuardia
Airport loan ($22.0 million, 0.9%), is secured by a 214-unit full-
service hotel in Flushing, N.Y.  As of Dec. 31, 2008, it had a DSC
of 0.53x; however, DSC had dropped to 0.04x as of June 30, 2009.
The borrower has stated that it will no longer be able to cover
debt service on the loan.  Consequently, S&P has determined this
loan to be at an increased risk of default and loss.  Subsequent
to the January 2010 remittance date, this loan was transferred to
the special servicer due to payment default.  The LBJ Financial
Center loan ($5.9 million, 0.2%) is secured by a 89,066-sq.-ft.
office building in Dallas, Texas.  As of Dec. 31, 2008, the
property had a DSC of 0.32x, and as of June 30, 2009, DSC had
dropped to 0.06x due to a fall in occupancy.  It is S&P's
understanding that leasing efforts are ongoing; however, S&P
believes that the continuing occupancy issues have made uncertain
the sustainability of funding debt service shortfalls in the
medium term.  Consequently, S&P has determined this loan to be at
an increased risk of default and loss.

                       Transaction Summary

As of the January 2010 remittance report, the aggregate trust
balance was $2.42 billion, which represents 97.8% of the aggregate
trust balance at issuance.  There are 247 assets in the pool,
which is down from 250 since issuance.  The master servicers for
the transaction are Prudential Asset Resources Inc. and Wells
Fargo Bank N.A.  The master servicers provided financial
information for 99.9% of the pool, and 90.8% of the servicer-
provided information was full-year 2008 or interim-2009 data.  S&P
calculated a weighted average DSC of 1.47x for the pool based on
the reported figures.  S&P's adjusted DSC and LTV were 1.47x and
100.2%, respectively; however, it excludes eight specially
serviced assets and two credit-impaired loans, which are included
in the servicer reported DSC calculation.  These loans have an
aggregate balance of $82.5 million (3.4%), and S&P estimated
losses separately for them.  Based on the servicer-reported DSC
figures, S&P calculated a weighted average DSC of 0.91x for these
10 loans.  To date, the transaction has realized $3.7 million in
principal losses in connection with three loans.  Sixty-five loans
($705.4 million, 29.2%) are on the master servicers' watchlist,
including the fourth-, eighth- and 10th-largest loans in the pool.
Thirty-nine loans ($309.9 million, 12.8%) have a reported DSC of
less than 1.10x, and 26 of these loans ($185.3 million, 7.7%) have
a reported DSC of less than 1.0x.

                     Summary of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$686.5 million (28.5%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 1.53x for the top 10 loans.
S&P's adjusted DSC and LTV for the top 10 loans were 1.44x and
105.5%, respectively.

The 750 Lexington Avenue loan ($74.0 million, 3.1%) is the fourth-
largest loan in the pool and is secured by a 355,227-sq.-ft.
office building in Manhattan.  The loan appears on the master
servicers' watchlist due to low DSC.  As of the nine months ended
Sept. 30, 2009, DSC for the property was 1.30x with 86.9%
occupancy, down from 2.18x with 92.7% occupancy as of Dec. 31,
2008.

The Grand Bohemian Hotel loan ($54.2 million, 2.3%) is the eighth-
largest loan in the pool and is secured by a 250-room full-service
hotel in Orlando, Fla.  The loan appears on the master servicers'
watchlist due to low DSC.  As of Dec. 31, 2008, DSC for the
property was 1.23x, which remained stable through June 2009.

The Fountain Square loan ($32.3 million, 1.6%) is the 10th-largest
loan in the pool and is secured by a 165,872-sq.-ft. anchored
retail center in Brookfield, Wis.  The loan appears on the master
servicers' watchlist due to a tenant bankruptcy.  As of Dec. 31,
2008, the property had a DSC of 1.16x with 100% occupancy.  As of
the six months ended June 30, 2009, DSC was 1.08x and as of
Sept. 30, 2009, occupancy had declined to 67.9%.

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

       Ratings Lowered And Removed From Creditwatch Negative

   Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14
          Commercial mortgage pass-through certificates

                 Rating
                 ------
    Class  To              From           Credit enhancement (%)
    -----  --              ----           ----------------------
    A-M    A+              AAA/Watch Neg                  20.30
    A-J    BBB             AAA/Watch Neg                  11.10
    B      BBB-            AA/Watch Neg                    9.18
    C      BB+             AA-/Watch Neg                   8.16
    D      BB              A/Watch Neg                     6.62
    E      BB-             A-/Watch Neg                    5.73
    F      B+              BBB+/Watch Neg                  4.71
    G      B               BBB/Watch Neg                   3.68
    H      B-              BBB-/Watch Neg                  2.66
    J      CCC+            BB+/Watch Neg                   2.28
    K      CCC+            BB/Watch Neg                    2.02
    L      CCC             B+/Watch Neg                    1.64
    M      CCC-            B/Watch Neg                     1.51
    N      CCC-            B-/Watch Neg                    1.25
    O      CCC-            CCC+/Watch Neg                  1.00

                         Ratings Affirmed

   Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14
          Commercial mortgage pass-through certificates

           Class  Rating        Credit enhancement (%)
           -----  ------        ----------------------
           A-1    AAA                            30.53
           A-2    AAA                            30.53
           A-3    AAA                            30.53
           A-AB   AAA                            30.53
           A-4    AAA                            30.53
           A-1A   AAA                            30.53
           X-1    AAA                              N/A
           X-2    AAA                              N/A
           X-W    AAA                              N/A

                       N/A - Not applicable.


BRAZOS RIVER: S&P Corrects Rating on 1972 Bonds to 'B-/Negative'
----------------------------------------------------------------
Standard & Poor's Ratings Services corrected to 'B-/Negative' from
'CC/Negative' its rating on the Brazos River Authority, Texas'
series 1972 DeCordova Bend Project revenue refunding bonds, issued
for obligor Texas Competitive Electric Holdings Co. LLC.

On Oct. 9, 2009, this rating was lowered to 'CC/Negative' along
with the ratings on certain securities for TCEH's parent, Energy
Future Holdings Corp., due to a distressed debt exchange.
However, the rating on the series 1972 DeCordova Bend Project
revenue refunding bonds should not have been affected, since the
bonds are secured by TCEH.

The correction affects approximately $1.96 million in outstanding
revenue bonds.  The negative outlook reflects the outlook on TCEH
as obligor.


COUNTY OF CHAUTAUQUA: Moody's Assigns Ratings on Revenue Bonds
--------------------------------------------------------------
Moody's Investors Service assigned a Baa3 rating to $58,500,000
County of Chautauqua Industrial Developmental Agency Exempt
Facility Revenue Bonds (NRG Dunkirk Power Project) Series 2009 due
2042 (the Dunkirk Power bonds).  The rating is based upon the
secured guaranty provided by NRG Energy, Inc. and certain of its
subsidiary guarantors (NRG Grantors), which will be on parity with
NRG's senior secured revolver and term loan rated Baa3.  As part
of this rating assignment, Moody's affirmed NRG's Corporate Family
Rating at Ba3 and its speculative grade liquidity rating at SGL-1.
The rating outlook is stable.

Proceeds from the bond offering will be used to refinance the
existing bonds, initially issued on April 14, 2009 as variable
rate demand bonds.  The remarketed bonds will be issued at a fixed
rate through the final maturity date of April 1, 2042.  The
transaction was completed to finance a portion of the
environmental related costs required at the Dunkirk electric
generating plant, a 530 megawatt coal-fired generating plant in
western NY.

The refinanced Dunkirk Power bonds will be guaranteed by NRG,
Dunkirk's parent, and by guarantees provided by the NRG Grantors,
operating subsidiaries of NRG.  The secured guarantee will rank on
parity with NRG's senior secured revolver and term loan.  To
perfect this security interest, Moody's understand that the
trustee for the Dunkirk Power bonds will be joined as a secured
party under the Collateral Trust Agreement dated February 2006.
While the Dunkirk Power bonds will benefit from the terms in the
credit agreement for the secured revolver and term loan and will
rank on parity with creditors in the secured revolver and term
loan, the Dunkirk Power bondholders will have limited rights if an
NRG event of a default occurs and will be reliant upon actions
taken by the majority lenders under the secured revolver and term
loan.  Moody's also understand that the NRG guarantee and
Collateral Trust Agreement may be amended without the consent of
the Dunkirk Power bondholders under most circumstances; however,
the NRG guarantee and Collateral Trust Agreement cannot be
terminated until all obligations, including the Dunkirk Power
bonds, are satisfied.

NRG's Ba3 CFR reflects the ability to produce relatively
consistent credit metrics through an active hedging program that
also enables the company to finance all of its capital
requirements from internal sources.  Through September 30, 2009,
Moody's calculates the ratio of cash flow (CFO pre-W/C) to debt at
more than 20%, the cash flow coverage of interest expense at more
than 4.0x, and the ratio of free cash flow to debt at 7.3%.  These
financial metrics, which incorporate all of Moody's standard
adjustments, strongly position NRG in the "Ba" rating category as
compared to other unregulated power companies, and may suggest a
slightly higher CFR; however, the Ba3 CFR incorporates concerns
about the size of the company's capital investment program
relative to the company's market capitalization including its plan
to participate in the multi-year construction of two nuclear
plants.  The Ba3 CFR also factors in management's history of
regularly implementing shareholder focused strategies.  In that
vein, Moody's understand that during 2010 management will attempt
to increase the size of the restricted payments basket in the
company's bond indenture.

The rating affirmation of NRG's speculative grade liquidity rating
at SGL-1 reflects Moody's expectation that NRG will maintain a
very good liquidity profile over the next 4-quarter period as a
result of its generation of strong internal cash flows,
maintenance of significant cash balances plus continued access to
substantial credit availability, and ample headroom under the
company's covenants.  Total liquidity at September 30, 2009,
exceeded $3.9 billion, including unrestricted cash on hand of
nearly $2.25 billion.  Moody's observe that the company's
$1 billion secured revolver expires on February 2, 2011 and
Moody's current expectation anticipates the company will seek to
extend this facility well in advance of the February expiry date.
Moody's also observe that the recent purchase of Reliant's retail
supply business should reduce prospective collateral requirements.
Based upon recent guidance provided by the company, Moody's
calculates that NRG will generate nearly $500 -$700 million of
free cash flow during 2010.  Moody's understands that the company
remains comfortably in compliance with the covenants in its bank
facilities and continues to demonstrate an ability to enhance its
liquidity profile from the sale of non-strategic assets as
demonstrated by last year's Mibrag sale.

The ratings for NRG's individual securities were determined using
Moody's Loss Given Default methodology.  Based upon NRG's Ba3 CFR
and Ba3 Probability of Default Rating, the LGD methodology
suggests a Baa3 rating for NRG's senior secured revolver, secured
term loan and for NRG's secured guarantee of the Dunkirk Power
bonds.  Importantly, Moody's observes that changes to the capital
structure at NRG which increases the relative amount of secured
debt while decreasing the relative amount of unsecured debt could
result in a lower instrument rating for the senior secured
revolver, the secured term loan and the Dunkirk bonds.

Moody's understands that NRG has called for redemption all of the
remaining shares of its 4% Convertible Preferred Stock and that
such redemption is scheduled for January 21, 2010.  Consistent
with Moody's withdrawal policy, Moody's will withdraw the B2
rating assigned to these securities once the securities have been
fully redeemed.  Please refer to Moody's Withdrawal Policy on
moodys.com.

These ratings are affected by this action:

Rating assigned:

* Dunkirk Power (guaranteed by NRG) senior secured bonds due 2042
  at Baa3 (LGD2, 14%)

LGD assessments revised:

* NRG Energy senior unsecured notes at B1 (LGD4, 69% from LGD5,
  70%)

The last rating action on NRG occurred on July 23, 2009, when the
ratings were confirmed with a stable outlook.

Headquartered in Princeton, NRG owns approximately 24,000 MW of
generating facilities, primarily in Texas and the northeast, south
central and western regions of the US.  NRG also owns generating
facilities in Australia and Germany.


CROWN CASTLE: Fitch Affirms Ratings on Classes of 2006-1 Notes
--------------------------------------------------------------
Fitch Ratings has affirmed these classes of Crown Castle Towers
LLC, senior secured tower revenue notes, 2006-1:

  -- $453,540,000 class A-FX at 'AAA'; Outlook Stable;
  -- $170,000,000 class A-FL at 'AAA'; Outlook Stable;
  -- $150,155,000 class B at 'AA'; Outlook Stable;
  -- $150,155,000 class C at 'A'; Outlook Stable;
  -- $150,150,000 class D at 'BBB'; Outlook Stable;
  -- $144,000,000 class E at 'BBB-'; Outlook Stable;
  -- $240,000,000 class F at 'BB+'; Outlook Stable;
  -- $83,000,000 class G at 'BB'; Outlook Stable.

The affirmations are due to the stable performance of the
collateral.  The Rating Outlooks reflect the likely direction of
the rating changes over the next one to two years.

As of Nov. 23, 2009, the aggregate annualized run rate revenue
increased 25% to $808.4 million from $644.5 million at issuance,
and the resulting Fitch net cash flow has increased 23% since
issuance.  The notes have not paid down since issuance, as they
are interest-only for the entire five-year period.

As of January 2010, the collateral pool included 11,745 wireless
communication sites owned, leased, or managed by the borrower.
The tenant type concentration has remained stable with total
revenue contributed by telephony tenants of 94.4% compared to
95.9% at issuance.

The 2006-1 closed on Nov. 29, 2006, as additional issuance under
indenture dated June 1, 2005.  The corresponding notes in the two
transactions were pari passu and secured by the same collateral
pool.  On Jan. 15, 2010, Crown Castle Senior Secured Tower Revenue
Notes, series 2010-1, 2010-2 and 2010-3 were issued as additional
issuance under the 2005 indenture.  The proceeds from the 2010
notes were used to retire the 2005-1 series.  The 2010 notes now
rank pari passu with the $150.2 million class C in the 2006-1
transaction, and both are secured by the same collateral pool.


FINANSURE STUDENT: S&P Downgrades Rating on Class C-1 Notes to 'B'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
C-1 junior subordinate notes from FinanSure Student Loan Master
Trust I's series 2007-1 to 'B' from 'BB' and placed it on
CreditWatch with negative implications.  The class A-1 through A-7
and class B-1 through B-3 notes are unaffected.

The downgrade reflects S&P's view that there is an increased
likelihood that full and timely interest payments will not be made
on the class C-1 notes, on the Feb. 25, 2010, distribution date
because the transaction may breach the junior subordinate note
interest trigger on Feb. 1, 2010.  If the transaction breaches the
junior subordinate note interest trigger, interest payments for
the class C-1 notes, which are currently being distributed before
any principal payments on all classes, will become subordinate to
principal payments in the transaction's payment waterfall.  As a
result, interest to class C-1 noteholders will be paid after
interest is paid to all notes with a higher payment priority and
after principal payments have been made to the most senior class
of notes.

The CreditWatch placement reflects S&P's belief that S&P may need
to take further rating action if the transaction breaches the
junior subordinate note interest trigger when it is tested on
Feb. 1, 2010.

The transaction's junior subordinate note interest trigger is
tested in February of each year.  A trigger event occurs if a
cumulative default percentage threshold is breached and the
subordinate asset percentage (trust assets divided by the sum of
the class A and B notes) is below 100%.  If a junior subordinate
note interest trigger event goes into effect in February 2010,
interest payments to the class C-1 notes, due to their
subordination in the payment waterfall, may be shut off until at
least February 2011, at which time performance will again be
measured against a new cumulative default percentage threshold and
the subordinate asset percentage test.  The cumulative default
percentage threshold resets to a higher level on Feb. 1 of each
year between 2008 and 2013.  The cumulative default percentage
threshold for Feb. 1, 2010, is 13.50%.  As of the Nov. 30, 2009,
servicing statement, the transaction's cumulative default
percentage was 12.55%, and the subordinate asset percentage was
100.24%.  The cumulative default percentage threshold increases to
16.50% on Feb. 1, 2011.

The collateral in the FinanSure series 2007-1 transaction consists
of Federal Family Education Loan Program student loans.  As such,
S&P expects a high level of obligor defaults, but S&P does not
believe they pose much of a credit risk because of the government
reimbursement guarantees for FFELP loans.  However, when obligor
defaults are coupled with a subordinate asset percentage that is
below 100%, S&P believes the level of such defaults becomes a
concern since they will likely cause the class C-1 notes to miss
interest payments.  S&P expects default levels to continue
increasing at a pace that will likely either come close to
breaching or will breach the cumulative default percentage
thresholds set for each year.  In addition, S&P thinks it is
possible that the subordinate asset percentage, which has grown at
an overall slow pace and is currently fluctuating around 100%,
could possibly fall below 100%.

Consequently, S&P believes that there is an increased likelihood
that a junior subordinate note interest trigger event could occur
in the future, possibly in February 2010.  Accordingly, S&P
believes the credit quality of the class C-1 notes has declined,
and have downgraded the security by three notches to 'B'.

S&P will continue to monitor the default levels in this
transaction and will take any further rating actions that S&P
considers to be appropriate.


JUPITER HIGH-GRADE: Fitch Downgrades Ratings on Three Notes
-----------------------------------------------------------
Fitch Ratings has downgraded three and affirmed three classes of
notes issued by Jupiter High-Grade CDO II, Ltd./Inc.

As of the November 2009 trustee report, the current balance of the
portfolio is $712.8 million, of which $214.7 million consists of
defaulted securities as defined in the transaction's governing
documents.  Approximately 79.3% of the portfolio has been
downgraded since Fitch's last rating action in July 2008,
resulting in 54% of the portfolio with a Fitch derived rating
below investment grade and 43.7% with a rating in the 'CCC' rating
category or below, as compared to 21% and 4.5%, 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 - Amended'
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, and B notes have the credit
enhancement levels of 6.8%, 1.8% and -3.9%, respectively.  While
these classes are still receiving interest distributions, given
the amount of distressed assets in the portfolio, Fitch believes
that default is inevitable for these classes at or prior to
maturity.

The class C-1A, C-1B, and C-1C notes (together, 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.

Jupiter II is a cash flow collateralized debt obligation, which
closed on March 29, 2005.  In February 2008, High Perch LLC
replaced Maxim Advisory LLC as the manager of the transaction.
Jupiter II has a portfolio of which currently 50.9% comprises
subprime residential mortgage-backed securities, 22.5% consists of
Alternative-A RMBS, and 15.2% of structured finance CDOs.  Prime
RMBS represents 10.5% of the portfolio.

Fitch has downgraded or affirmed these ratings as indicated:

  -- $667,172,423 class A-1 downgraded to 'C' from 'BB-'.
  -- $35,436,691 class A-2 downgraded to 'C' from 'CCC';
  -- $40,752,195 class B downgraded to 'C' from 'CC';
  -- $10,699,583 class C-1A affirmed at 'C';
  -- $3,852,791 class C-1B affirmed at 'C';
  -- $8,507,088 class C-1C affirmed at 'C'.


LNR CDO: S&P Downgrades Ratings on Seven Classes of Notes
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on seven
classes from LNR CDO VI Ltd.'s series 2007-2 and removed them from
CreditWatch with negative implications.  At the same time, S&P
affirmed its 'CCC-' ratings on five other classes from the same
transaction.

The downgrades reflect S&P's analysis of the transaction following
its rating actions on 41 commercial mortgage-backed securities
certificates that serve as underlying collateral for LNR CDO VI.
The certificates are from 13 transactions, and the securities
total $325.6 million (30% of the pool balance).  S&P also analyzed
S&P's outstanding credit estimates on the unrated CMBS collateral
($111.3 million, 10%).  S&P lowered the majority of these credit
estimates.

The downgrades also reflect the termination of an interest rate
swap with National Australia Bank Ltd. According to the Dec. 21,
2009, trustee report, this resulted in a $99.1 million hedge
termination payment by the trust.  According to the transaction's
indenture and payment waterfall, the hedge termination payment
follows the payment of interest and principal to the holders of
classes A and B.  As a result, S&P believes classes C through L
will likely not receive interest payments for an extended period
of time.

According to the trustee report, LNR CDO VI is collateralized by
132 CMBS certificates ($1.094 billion, 100%) from 28 distinct
transactions issued in 2006 and 2007.  The interest proceeds
amount to $2.6 million for the most recent trustee report and have
steadily declined over the past six months from $3.7 million as of
the July 21, 2009, trustee remittance report.  LNR CDO VI has
significant exposure to recently downgraded CMBS classes from
these transactions:

Greenwich Capital Commercial Funding Corp.'s series 2007-GG9
(classes L through S; $67.5 million, 6.2%);ML-CFC Commercial
Mortgage Trust 2007-9 (classes J and K; $41.5 million, 3.8%);
Wachovia Bank Commercial Mortgage Trust's series 2007-C33 (classes
J and K; $40 million, 3.7%); and Wachovia Bank Commercial Mortgage
Trust Series 2007-C31 (classes L, M, and N; $33.5 million, 3.1%).
Standard & Poor's analyzed LNR CDO VI and its underlying
collateral according to S&P's current criteria.  S&P's analysis
supports the lowered and affirmed ratings.

      Ratings Lowered And Removed From Creditwatch Negative

                          LNR CDO VI Ltd.
                           Series 2007-2

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

                         Ratings Affirmed

                          LNR CDO VI Ltd.
                           Series 2007-2

                    Class            Rating
                    -----            ------
                    G                CCC-
                    H                CCC-
                    J                CCC-
                    K                CCC-
                    L                CCC-


LONGPORT FUNDING: S&P Downgrades Ratings on Six Classes of Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on six
classes of notes issued by Longport Funding Ltd., a cash flow
collateralized debt obligation of residential mortgage-backed
securities transaction.  Delaware Investment Advisors manages the
transaction.  Concurrently, S&P placed two of the lowered ratings
on CreditWatch with negative implications, one rating remains on
CreditWatch negative, and S&P removed three ratings from
CreditWatch negative.  Finally, S&P affirmed its ratings on five
additional classes from the same transaction.

The downgrades reflect credit deterioration and spread erosion in
the collateral pool since S&P's last rating action on June 16,
2009.

The class A-2 interest-only notes have a smaller note balance and
a shorter maturity profile than the class A-1 I/O notes, and are
therefore able to support a higher rating than the class A-1 I/O
notes.

                          Rating Actions

                       Longport Funding Ltd.
                              Rating
                              ------
           Class         To             From
           -----         --             ----
           A-1A          BB+/Watch Neg  AAA/Watch Neg
           A-1B          CC             BBB+/Watch Neg
           A-1 (i)       BBB+/Watch Neg AAA
           A-2-I (i)     AA/Watch Neg   AAA
           A-2-P (ii)    CC             BBB+/Watch Neg
           Part. notes   CC             BB/Watch Neg

                         (i) Interest only.
                        (ii) Principal only.

                         Ratings Affirmed

                       Longport Funding Ltd.

                       Class         Rating
                       -----         ------
                       A-3           CC
                       B             CC
                       C             CC
                       D-1           CC
                       D-2           CC

  Transaction Information
  -----------------------
Issuer:              Longport Funding Ltd.
Collateral manager:  Delaware Investment Advisors
Underwriter:         Credit Suisse First Boston Corp.


MORGAN STANLEY: S&P Cuts Ratings on 15 2006-TOP 21 Securities
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 15
classes of commercial mortgage-backed securities from Morgan
Stanley Capital I Trust 2006-TOP 21 and removed them from
CreditWatch with negative implications.  In addition, S&P affirmed
its ratings on six other classes from the same transaction.

The downgrades follow S&P's analysis of the transaction using its
U.S. conduit and fusion CMBS criteria, which was the primary
driver of its rating actions.  The downgrades of the subordinate
classes also reflect the credit support erosion S&P anticipate
will occur upon the eventual resolution of two specially serviced
assets.  S&P's analysis included a review of the credit
characteristics of all of the loans in the pool.  Using servicer-
provided financial information, S&P calculated an adjusted debt
service coverage of 1.75x and a loan-to-value ratio of 92.6%.  S&P
further stressed the loans' cash flows under its 'AAA' scenario to
yield a weighted average DSC of 1.02x and an LTV of 128.9%.  The
implied defaults and loss severity under the 'AAA' scenario were
54.9% and 37.9%, respectively.  The DSC and LTV calculations noted
above exclude two ($10.6 million, 0.8%) of the three specially
serviced assets.  S&P separately estimated losses for these two
assets and included them in S&P's 'AAA' scenario implied default
and loss figures.  S&P also excluded three cooperative apartment
loans ($37.0 million, 2.7%) from all of the DSC and LTV
calculations.  These loans did not default under the 'AAA'
scenario due to 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 rating on the class X
interest-only (IO) 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 rating on the IO certificates
that S&P affirmed.

                      Credit Considerations

As of the January 2010 remittance report, three assets
($20.1 million, 1.5%) in the pool were with the special servicer,
Centerline Servicing Inc.  The payment statuses of the specially
serviced assets are: one is real estate owned ($6.3 million,
0.5%), one is 90-plus days delinquent ($4.3 million, 0.3%), and
one is in its grace period ($9.5 million, 0.7%).  One of the
specially serviced assets has an appraisal reduction amount in
effect totaling $2.9 million.

The largest loan with Centerline is the Timekeeper Building loan
($9.5 million, 0.7%).  The loan was transferred to the special
servicer on Sept. 21, 2009, due to payment default.  The loan
matured Jan. 12, 2010, and the borrower is seeking an extension.
The loan is secured by a 34,574-sq.-ft. office property in New
York, N.Y.  The reported trailing-three-month DSC and occupancy
for the period ended March 31, 2009, was 1.11x and 92%,
respectively, up from 1.02x and 81% as of year-end 2008.

The other two specially serviced assets each account for less than
0.5% of the pool balance.  S&P's estimated losses for these two
assets were 49.6% and 19.9%.  One asset became REO in September
2009, and Centerline expects a discounted payoff proposal to be
presented for the other.

                       Transaction Summary

As of the January 2010 remittance report, the collateral pool
balance was $1.366 billion, which is 97.3% of the balance at
issuance.  The pool includes 121 loans, unchanged from issuance.
As of the January 2010 remittance report, the master servicer,
Wells Fargo Bank N.A., provided financial information for 100.0%
of the pool, and 99.5% of the servicer-provided information was
full-year 2008 or interim-2009 data.  S&P calculated a weighted
average DSC of 2.11x for the pool based on the reported figures.
S&P's adjusted DSC and LTV were 1.75x and 92.6%, respectively.
S&P's adjusted DSC and LTV figures exclude two of the three
specially serviced assets, whose weighted averaged DSC was 1.56x.
S&P estimated losses separately for these two assets.  S&P also
excluded three cooperative apartment loans ($37.0 million, 2.7%)
from all of the DSC and LTV calculations.  The transaction has
not experienced any principal loss to date.  Nineteen loans
($259.1 million, 19.0%) are on the master servicer's watchlist,
including two of the top 10 loans.  Eight loans ($42.4 million,
3.1%) have a reported DSC below 1.10x, and four of these loans
($12.8 million, 0.9%) have a reported DSC of less than 1.0x.

                     Summary of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$709.9 million (54.0%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 2.04x for the top 10 loans.
Two of the top 10 loans ($167.9 million, 12.3%) appear on the
master servicer's watchlist, which S&P discuss in detail below.
S&P's adjusted DSC and LTV for the top 10 loans are 1.66x and
98.9%, respectively.

The Alderwood Mall loan is the third-largest loan in the pool and
the largest loan on the servicer's watchlist.  The loan was in its
grace period for its debt service payments as of the January 2010
remittance report and has a trust balance of $101.1 million (7.4%)
and a whole loan balance of $253.8 million.  The loan is secured
by 564,856 sq. ft. of a 1,254,997-sq.-ft. regional mall in
Lynwood, Wash.  The reported trailing-nine-month DSC for the
period ended Sept. 30, 2009, was 2.05x and occupancy was 95.0%,
which are in line with year-end 2008 DSC and occupancy of 2.04x
and 97.0%, respectively.  The loan appears on the servicer's
watchlist due to the bankruptcy filing of the borrower, General
Growth Properties.  On Dec. 15, 2009, the bankruptcy court
confirmed a modification plan for 85 GGP loans, but the plan did
not include this loan.  Standard & Poor's will continue to review
the details of the GGP loan restructurings as they become
available.

The Mervyns Portfolio loan is the fifth-largest loan in the pool
and the second-largest loan on the master servicer's watchlist.
The loan was current in its debt service payments as of the
January 2010 remittance report and has a trust balance of
$66.8 million (4.9%) and a whole loan balance of $131.0 million.
The loan is secured by 25 single-tenant Mervyns-occupied
properties on long-term, absolute net leases.  Mervyns filed for
Chapter 11 bankruptcy on July 29, 2008, and then announced on
Oct. 18, 2008, that it was closing all of its stores in the U.S.
The reported trailing-six-month DSC for the period ended June 30,
2009, was negative 0.24x, down from 2.61x as of year-end 2008.  To
date, Kohl's assumed three of the leases, and the borrower is in
final negotiations on 10 additional lease assumptions with other
tenants.

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

      Ratings Lowered And Removed From Creditwatch Negative

            Morgan Stanley Capital I Trust 2006-TOP 21
          Commercial mortgage pass-through certificates

                  Rating
                  ------
      Class     To      From           Credit enhancement (%)
      -----     --      ----           ----------------------
      A-M       AA-     AAA/Watch Neg                   17.49
      A-J       BBB+    AAA/Watch Neg                   10.54
      B         BBB     AA/Watch Neg                     8.62
      C         BBB-    AA-/Watch Neg                    7.46
      D         BB+     A/Watch Neg                      5.91
      E         BB      A-/Watch Neg                     5.14
      F         BB-     BBB+/Watch Neg                   4.11
      G         B+      BBB/Watch Neg                    3.34
      H         B       BBB-/Watch Neg                   2.44
      J         B-      BB+/Watch Neg                    1.80
      K         B-      BB/Watch Neg                     1.54
      L         CCC+    BB-/Watch Neg                    1.16
      M         CCC     B+/Watch Neg                     1.03
      N         CCC     B/Watch Neg                      0.90
      O         CCC-    B-/Watch Neg                     0.64

                         Ratings Affirmed

            Morgan Stanley Capital I Trust 2006-TOP 21
          Commercial mortgage pass-through certificates

           Class     Rating      Credit enhancement (%)
           -----     ------      ----------------------
           A-1       AAA                          27.77
           A-2       AAA                          27.77
           A-3       AAA                          27.77
           A-AB      AAA                          27.77
           A-4       AAA                          27.77
           X         AAA                            N/A

                      N/A - Not applicable.


NEVADA DEPARTMENT: Moody's Cuts Rating on $439 Mil. Bonds to 'C'
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on the Nevada
Department of Business and Industry Las Vegas Monorail Project's
$439 million 1st Tier Series 2000 Revenue Bonds from Ca to C.  The
downgrade reflects the continued weak operational performance of
the Monorail and Moody's opinion that the recovery value of the
Monorail will be very low for the outstanding 1st Tier Series 2000
bonds.  The bonds are insured by Ambac Assurance Corporation
(insurance financial strength rating of Caa2).

The Las Vegas Monorail Corporation filed for Chapter 11 bankruptcy
protection on January 13, 2010.  The filing is being disputed by
Ambac, which has filed a motion to dismiss the Chapter 11 filing.
Ambac believes that LVMC is a municipal entity that is not
eligible to file for bankruptcy protection.

Since January 2008, Wells Fargo Bank, National Association (Wells
Fargo), the Trustee, has withdrawn funds from the first tier and
second tier debt service reserve funds to pay debt service.  This
was required because operating revenues, after covering operating
expenses, were not sufficient to cover the first tier and second
tier debt service payments.  The first and second tier debt
service reserve funds have since been depleted.  As of
December 31, 2009, Wells Fargo, the Trustee, had received
approximately $16 million from Ambac to be applied to the January
2010 debt service payment.

The 1st Tier Series 2000 project revenue bond ratings were
assigned by evaluating factors believed to be relevant to the
credit profile of the Project such as i) the business risk and
competitive position of the obligor versus others within its
industry or sector, ii) the capital structure and financial risk
of the obligor, iii) the projected performance of the obligor over
the near to intermediate term, and iv) the obligor's history of
achieving consistent operating performance and meeting budget or
financial plan goals.  These attributes were compared against
other obligors both within and outside of the Monorail Project's
core peer group and the 1st Tier Series 2000 project revenue bond
ratings are believed to be comparable to ratings assigned to other
obligors of similar credit risk.

The last rating action was on April 29, 2009, when the 1st Tier
Series 2000 bonds were downgraded from Caa2 to Ca.


NOMURA ASSET: S&P Puts Rating on Class B-4 on CreditWatch Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its rating on class B-4
from the Nomura Asset Securities Corp. series 1998-D6 transaction
on CreditWatch with negative implications.  In addition, the
ratings on three classes from the Commercial Mortgage Asset Trust
series 1999-C1 transaction remain on CreditWatch negative.

The rating actions follow the transfer of the Springfield Mall
loan to the special servicer, CWCapital Asset Management LLC.  The
Springfield Mall loan serves as collateral in both transactions
and is the second-largest loan in CMAT 1999-C1 and the largest
loan in NASC 1998-D6.  The loan was transferred to CWCapital on
Dec. 3, 2009, due to imminent default.  The rating actions reflect
Standard & Poor's preliminary analysis of this loan.

The Springfield Mall loan has a whole-loan balance of
$160.0 million split equally among two pari passu interests
included in the CMAT 1999-C1 and NASC 1998-D6 transactions.  It is
the second-largest (5.9%) and largest loan (6.2%) in the CMAT
1999-C1 and NASC 1998-D6 transactions, respectively.  The loan is
secured by a 1.4 million-sq.-ft. mall in Springfield, Va.  This
15-year loan bears interest at a fixed rate of 8.5%.  It amortizes
on a 30-year schedule and has an anticipated repayment date of
April 11, 2013.

The loan was transferred to the special servicer after the sponsor
notified the master servicer, Berkadia Commercial Mortgage LLC,
that it would no longer fund debt service shortfalls.  The
collateral property is affected by low occupancy, which as of
August 2009 was 67.0% for the entire property, and 39.0% for the
in-line space.  As of Dec. 31, 2008, debt service coverage was
0.64x.  S&P believes the financial performance will continue to
decline in light of the existing occupancy problems, as well as
lease expirations in 2010, which encompass 16.8% of the gross
leasable area.

Based on the operating statements for the nine months ended
September 2009, Standard & Poor's preliminary analysis indicates a
significant decline in value, and that the loan is at an increased
risk of loss.  S&P believes that substantial capital will need to
be invested in the property to increase occupancy and rental rates
to levels that will generate sufficient cash flow to cover its
debt service, which is approximately $16.7 million annually.

Standard & Poor's will continue to monitor the situation and will
update and/or resolve the CreditWatch negative placements in both
transactions once more information becomes available concerning
the workout strategy and appraisal of the Springfield Mall loan,
and as S&P completes its analysis of this loan and the remaining
loans in both transactions.

               Rating Placed on Creditwatch Negative

                   Nomura Asset Securities Corp.
   Commercial mortgage pass-through certificates series 1998-D6

                      Rating
                      ------
     Class      To              From    Credit enhancement (%)
     -----      --              ----    ----------------------
     B-4        B+/Watch Neg    B+                        3.77

            Ratings Remaining On Creditwatch Negative

                 Commercial Mortgage Asset Trust
   Commercial mortgage pass-through certificates series 1999-C1

      Class        Rating              Credit enhancement (%)
      -----        ------              ---------------------
      F            A-/Watch Neg                         13.19
      G            BBB/Watch Neg                         8.73
      H            BB+/Watch Neg                         6.95


NORTH STREET: Fitch Downgrades Ratings on 2000-2 Notes
------------------------------------------------------
Fitch Ratings has downgraded one and affirmed four classes of
notes issued by North Street Referenced Linked Notes 2000-2
Limited.

The downgrade of class E is a direct result of the notes being
written down due to realized principal losses from exposure to
credit events in the residential mortgage-backed securities
portion of the reference portfolio.  All other classes in North
Street 2000-2 have been affirmed.

Fitch reviewed portfolio credit risk under alternative scenarios
in addition to the standard application of the Portfolio Credit
Model (PCM).  In its review, Fitch considered each tranches'
ability to absorb individual distressed or lowly rated obligors
under various recovery scenarios.  Fitch used both the PCM results
and the obligor default-sensitivity analysis to assess credit risk
for each class of notes.

North Street 2000-2 is a partially funded synthetic collateralized
debt obligation referencing a portfolio of primarily corporate
obligations managed by UBS AG, with a scheduled maturity date in
October 2011.  At close, proceeds from the issuance of the notes
were used to collateralize credit default swaps between the issuer
and UBS AG, the CDS counterparty (rated 'A+/F1+' with a Stable
Rating Outlook by Fitch).  The corporate portion represents 68.7%
of the portfolio.  The remaining portion of the portfolio is
composed of 13.6% RMBS, 10% commercial mortgage-backed securities
and 7.7% commercial and consumer asset-backed securities.  The
current portfolio has a Fitch derived weighted average rating of
'BB-/B+', with 18.3% of the portfolio having a Negative Outlook.
Approximately 46.1% of the portfolio carries a Fitch derived
rating below investment grade, including 18.5% rated 'CCC' or
below.

North Street 2000-2 is scheduled to mature on Jan. 30, 2011.
Credit events called prior to this date can be settled up to the
legal maturity date in October 2011.

Fitch has taken these rating actions:

  -- US$60,800,000 class A notes affirmed at 'CC/RR6';
  -- US$32,600,000 class B notes affirmed at 'C/RR6';
  -- US$29,000,000 class C notes affirmed at 'C/RR6';
  -- US$7,500,000 class D notes affirmed at 'C/RR6';
  -- US$1,526,954 class E notes downgraded to 'D' from 'C/RR6';
  -- US$0 income notes remain affirmed at 'D'.


NORTH STREET: Fitch Downgrades Ratings on Three Classes of Notes
----------------------------------------------------------------
Fitch Ratings has downgraded three and affirmed two classes of
notes issued by North Street Referenced Linked Notes 2000-1
Limited, affirmed two classes of notes issued by North Street
Referenced Linked Notes 2002-1A Limited and affirmed one class of
notes issued by REVE SPC Series 2006-NS1.

The downgrades of North Street 2000-1 class C, D-1 and D-2 notes
is a result of write-downs on the notes following realized
principal losses from exposure to the General Motors and CIT Group
credit events.  All other classes in North Street 2000-1, North
Street 2002-1A and REVE SPC Series 2006-NS1 have been affirmed.

Fitch reviewed portfolio credit risk under alternative scenarios
in addition to the standard application of the Portfolio Credit
Model.  In its review, Fitch considered each tranche's ability to
absorb losses on individual distressed or lowly rated obligors
under various recovery scenarios.  Fitch used both the PCM results
and the obligor default-sensitivity analysis to assess credit risk
for each class of notes.

North Street 2000-1, North Street 2002-1A, and REVE SPC Series
2006-NS1 are partially funded synthetic collateralized debt
obligations referencing the same portfolio of primarily corporate
obligations managed by UBS AG.  At close, proceeds from the
issuance of the notes were used to collateralize credit default
swaps between the issuer and UBS AG, the CDS counterparty (rated
'A+/F1+' with a Stable Rating Outlook by Fitch).  The corporate
portion represents 88% of the portfolio.  The remaining portion of
the portfolio is composed of 10.7% commercial asset-backed
securities and 1.2% consumer ABS.  The current portfolio has a
Fitch derived weighted average rating of 'BB/BB-', with 30% of the
portfolio having a Negative Outlook.  Approximately 55.4% of the
portfolio carries a Fitch derived rating below investment grade,
including 10.1% rated 'CCC' or below.

North Street 2000-1, North Street 2002-1A and REVE SPC Series
2006-NS1 are scheduled to mature on July 30, 2010.  Credit events
called prior to this date can be settled up to the legal maturity
date in April 2011.

Fitch has taken this rating action:

North Street 2002-1A

  -- US$50,000,000 class A notes affirmed at 'AAA/LS4'; Outlook
     Negative;

  -- US$100,000,000 class B notes affirmed at 'BB/LS3'; Outlook
     Negative.

REVE SPC Series 2006-NS1

  -- US$39,520,000 class A notes affirmed at 'B/LS5'; Outlook
     Negative.

North Street 2000-1

  -- US$36,000,000 class A notes affirmed at 'CCC/RR6';
  -- US$40,000,000 class B notes affirmed at 'CC/RR6';
  -- US$16,959,727 class C notes downgraded to 'D' from 'CC/RR6';
  -- US$0 class D-1 notes downgraded to 'D' from 'C/RR6';
  -- US$0 class D-2 notes downgraded to 'D' from 'C/RR6';
  -- US$0 income notes affirmed at 'D'.


N-Star V: Fitch Downgrades Ratings on Six Classes of Notes
----------------------------------------------------------
Fitch Ratings has downgraded and removed from Rating Watch
Negative six classes, and affirmed one class issued by N-Star V
Ltd./Corp. 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-/B+' from
'BB+/BB'; currently, 29.9% is on Rating Watch Negative by at least
one rating agency.  Approximately 64.9% of the portfolio has a
Fitch derived rating below investment grade and 14.3% has a rating
in the 'CCC' rating category or lower, compared to 24.8% and 7.1%,
respectively, at last review.  As of the Dec. 17, 2009 trustee
report, defaulted securities, as defined in the transaction's
governing documents, now comprise 4.5% of the portfolio, compared
to 0% at last review.  Additionally, 2.4% of non-defaulted
collateral are 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'.
N-Star V is currently overcollateralized by $134 million (27%),
primarily as a result of $208 million in collateral purchases at
an average discount of 70%.  Fitch ran various scenarios to
evaluate the rating sensitivity to the recoveries within the cash
flow model for those assets purchased at a discount greater than
50%, approximately $164 million in par amount.  Fitch used the
sensitivity analysis to assess credit risk for the class A-1
through D notes.

Based on this analysis, the class A-1 notes' breakeven rates are
generally consistent with the 'BB' rating category and the
breakeven rates for the class A-2 and B notes are generally
consistent with the 'B' rating category.  Similarly, the breakeven
rates for the class C and D notes are generally consistent with
the 'CCC' rating category.

For the class E and F notes, Fitch analyzed each class'
sensitivity to the default of the distressed collateral.  Given
the high probability of default of the underlying assets and the
expected limited recovery prospects upon default, the class E and
F notes have been assigned a 'CCC' rating, indicating that default
is a real possibility.  A lower rating was not assigned given the
amount of cushion in the overcollateralization tests.

Additionally, the class A-1 notes are assigned Loss Severity (LS)
ratings of 'LS3'.  Similarly, the class A-2 and B notes are
assigned LS ratings of 'LS5'.  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 A-1 notes this ratio
falls in the range of 1.1 to 4.0, whereas for the class A-2 and B
notes it falls below 0.5.  The LS rating should always be
considered in conjunction with the probability of default for
tranches.

N-Star V is a revolving collateralized debt obligation which
closed Sept. 22, 2005.  The portfolio is composed of 67.7%
commercial mortgage-backed securities; 15.7% real estate
investment trust securities; 15.2% SF CDOs; and 2.3% commercial
real estate loans, including single borrower 'rake' classes of
CMBS.

The transaction has a five-year reinvestment period, during which
time proceeds from regular asset amortization can be used to
purchase additional collateral up to a 35% reinvestment cap.
Principal amortization proceeds above the 35% reinvestment cap are
used to pay down the capital structure on a pro-rata basis.

Fitch has downgraded these classes, and assigned Outlooks and LS
ratings as indicated:

  -- $335,921,275 class A-1 to 'BB/LS3' from 'A-'; Outlook
     Negative;

  -- $46,472,397 class A-2 to 'B/LS5' from 'BBB'; Outlook
     Negative;

  -- $40,935,261 class B to 'B/LS5' from 'BB+'; Outlook Negative;

  -- $17,921,536 class C to 'CCC' from 'BB';

  -- $15,068,922 class D to 'CCC' from 'B+';

  -- $4,943,872 class E to 'CCC' from 'B'.

Fitch affirmed this class:

  -- $12,606,874 class F at 'CCC'.

In addition, the class A-1 through E notes have been removed from
Rating Watch Negative.


OPTEUM MORTGAGE: S&P Downgrades Ratings on Seven 2006-1 Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on seven
classes from Opteum Mortgage Acceptance Corp. Trust 2006-1.  In
addition, S&P affirmed its ratings on one class from this
transaction and on three classes from series 2006-2.  Both deals
are residential mortgage-backed securities transactions backed by
U.S. Alternative-A mortgage loan collateral.

Standard & Poor's has established loss projections for Alt-A
transactions rated from 2005-2007.  S&P's lifetime projected
losses have changed for the downgraded transaction in this
release:

                                          Original       Loss
  Transaction                             bal. (mil. $)  proj. (%)
  -----------                             -------------  ---------
Opteum Mortgage Acceptance Corp. Trust
2006-1                                      934             24.21

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 its
view, a class could absorb the base-case loss assumptions S&P used
in S&P's analysis.  In order to maintain a rating higher than 'B',
S&P assessed whether the class could withstand losses exceeding
the base-case assumption at a percentage specific to each rating
category, up to 150% for a 'AAA' rating.  For example, in general,
S&P would assess whether one class could withstand approximately
110% of S&P's base-case loss assumptions to maintain a 'BB'
rating, while S&P would assess whether a different class could
withstand approximately 120% of S&P's base-case loss assumptions
to maintain a 'BBB' rating.  Each class with an affirmed 'AAA'
rating can, in S&P's view, withstand approximately 150% of its
base-case loss assumptions under its analysis.

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, overcollateralization, and excess spread provide
credit support for the affected transactions.  The underlying
pools of loans backing these transactions consists of
conventional, fully amortizing or balloon, adjustable- and fixed-
rate, Alt-A mortgage loans secured by first liens on one- to four-
family residential properties.

                          Rating Actions

       Opteum Mortgage Acceptance Corporation Trust 2006-1
                        Series      2006-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        I-APT      68383NDT7     CC                   CCC
        I-A1B      68383NDV2     CC                   CCC
        I-A1C2     68383NDX8     CC                   CCC
        II-APT     68383NDY6     CC                   CCC
        II-A1      68383NDZ3     CCC                  B-
        II-A2      68383NEA7     CC                   CCC
        M-1        68383NEB5     CC                   CCC

                         Ratings Affirmed

       Opteum Mortgage Acceptance Corporation Trust 2006-1
                        Series      2006-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A1C1     68383NDW0     CCC

    Opteum Mortgage Acceptance Corporation Trust Series 2006-2
                        Series      2006-2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A1A        68384CAA4     CCC
                  A1B        68384CAB2     CCC
                  A1C        68384CAC0     CCC


PACIFIC BAY: Fitch Downgrades Ratings on Two Classes of Notes
-------------------------------------------------------------
Fitch Ratings has downgraded two and affirmed three classes of
notes issued by Pacific Bay CDO Ltd./Inc. as a result of continued
credit deterioration in the portfolio since Fitch's last rating
action in July 2009.  Approximately 26.2% of the portfolio has
been downgraded since the last review.

The transaction entered an Event of Default on Dec. 10, 2008, due
to the failure to maintain the Class A/B Overcollateralization
Ratio at 100% or higher.  On May 1, 2009, a majority of class A-1
notes as the controlling class directed the Trustee to declare the
principal of all the notes to be immediately due and payable.
Consequently, all interest and principal proceeds are being
distributed to class A-1.

The downgrades to the portfolio have left approximately 48.8% of
the portfolio (including defaults) with a Fitch derived rating
below investment grade and 36.4% with a rating in the 'CCC' rating
category or lower, compared to 41% and 26.3%, 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 (SF PCM) 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 CDOs'.
Based on this analysis, the class A-1 notes' breakeven rates are
generally consistent with the rating assigned below.  Given the
negative outlook on the performance of the underlying assets,
Fitch assigned a Negative Rating Outlook to this class.

Due to the acceleration of maturity, the class A-2 and B notes are
not receiving interest.  These classes are rated to the timely
receipt of interest and have defaulted on the payment of interest.
Therefore these classes have been downgraded to 'D'.

Fitch compared the respective credit enhancement levels for the
class C notes and the preference shares 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 C notes and the preference
shares have the credit enhancement levels of 10.9% and 3.3%
respectively, as compared to the 36.4% of the portfolio considered
distressed.  Fitch believes that default is inevitable for these
classes at or prior to maturity.  Therefore, these classes have
been affirmed at 'C'.

The Loss Severity rating for class A-1 has been affirmed at 'LS3'.
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'.  The LS
rating should always be considered in conjunction with the
probability of default for tranches.

Pacific Bay is a cash flow structured finance collateralized debt
obligation that closed on Nov. 4, 2003.  The portfolio is
monitored by Pacific Investment Management Company LLC.  The
portfolio is composed of residential mortgage-backed securities
(74.0%), asset-backed securities (9.4%), corporate bonds (9.1%),
commercial mortgage-backed securities (7.4%), and CDOs (0.1%).

Fitch has downgraded, affirmed, and revised Outlooks for these
ratings as indicated:

  -- $91,724,680 class A-1 notes affirmed at 'AA/LS3'; Outlook to
     Negative from Stable;

  -- $64,000,000 class A-2 notes downgraded to 'D' from 'BB';

  -- $36,000,000 class B notes downgraded to 'D' from 'CCC';

  -- $6,877,553 class C notes affirmed at 'C';

  -- $17,000,000 Preference Shares affirmed at C'.

Fitch does not assign Rating Outlooks to classes rated 'CCC' or
lower.  The Rating Outlook for class A-2 was Stable prior to the
downgrade.  Fitch also does not assign LS ratings to classes rated
'B' or lower.  The LS rating for class A-2 was 'LS3' prior to the
downgrade.


PREFERREDPLUS TRUST: Moody's Raises Rating on CTR-1 Certs. to 'B3'
------------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
rating of these certificates issued by PREFERREDPLUS Trust Series
CTR-1:

  -- 1,248,000 PREFERREDPLUS 8.00% Trust Series CTR-1
     Certificates; Upgraded to B3; Previously on June 23, 2009
     Confirmed at Caa1

The transaction is a structured note whose rating is based on the
underlying securities and the legal structure of the transaction.
The rating action is a result of the change of the rating of the
underlying securities which are the 8.00% Notes due 2019 issued by
Cooper Tire & Rubber Company whose rating was upgraded by Moody's
to B3 on January 11, 2010.


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

  -- US$23,000,000 Class A-2 Floating Rate Senior Notes Due 2018,
     Confirmed at A1; previously on April 16, 2009 A1 Placed Under
     Review for Possible Downgrade;

  -- US$15,000,000 Class B Fixed Rate Deferrable Senior
     Subordinate Notes due 2018, Confirmed at Ba2; previously on
     June 16, 2009 Downgraded to Ba2 and Placed Under Review for
     Possible Downgrade;

  -- US$18,000,000 Class C Floating Rate Deferrable Senior
     Subordinate Notes due 2018, Confirmed at Caa1; previously on
     June 16, 2009 Downgraded to Caa1 and Placed Under Review for
     Possible Downgrade.

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

  -- US$18,000,000 Class A-1 Floating Rate Senior Notes Due 2018
     (current outstanding balance of $10,613,876), Upgraded to
     Aa3; previously on December 24, 2008 Downgraded to A1.

Moody's also downgraded the rating of these notes:

  -- US$2,600,000 Class Q-1 Securities due 2018 (current
     outstanding rated balance of $651,329), Downgraded to Ca;
     previously on June 16, 2009 Downgraded to Caa3.

According to Moody's, the rating actions taken on the Class A-2,
Class B, and Class C Notes are a result of the confirmation by
Moody's of the insurance financial strength rating of Financial
Security Assurance Inc., which acts as guarantor under the
Investment Agreement in the transaction.  On November 12, 2009,
Moody's confirmed the financial strength rating of Financial
Security Assurance Inc. at Aa3.  On June 16, 2009, Moody's
downgraded the Class B Notes, the Class C Notes and the Class Q-1
Securities as a result of the application of revised and updated
key modeling assumptions as well as the credit deterioration of
the underlying portfolio.  The Class A-2, Class B and Class C
Notes remained on review for possible downgrade because Moody's
placed the insurance financial strength rating of Financial
Security Assurance Inc. on review for possible downgrade on
May 20, 2009.

The upgrade action taken on the Class A-1 Notes is a result of the
continued delevering of the notes as well as the confirmation by
Moody's of the insurance financial strength rating of Financial
Security Assurance Inc. Since the last rating action taken on
June 16, 2009, the Class A-1 Notes were paid a total of about
$7 million, accounting for roughly 40% of the total Class A-1
Notes' balance reported in May.

The downgrade action taken on the Class Q-1 Securities reflects
Moody's assessment that there is a high likelihood that the issuer
will default on its obligation to repay the current rated
principal of the Class Q-1 Securities at its maturity, which may
result in significant losses to Class Q-1 Securities holders.
Moody's notes that the Class C overcollateralization test is
currently failing, with a reported level of 93.89% versus the test
level of 108.72%.  As a result, no distributions are currently
being made to the Income Notes, including the Income Notes
component of the Class Q-1 Securities which represents
$2.5 million out of the $2.6 million Class Q-1 Securities original
balance.  Considering the current level of collateral coverage,
Moody's moreover believes that there is little prospect of
receiving a return of a significant amount of principal on the
Income Notes at the maturity of the deal.  In such a case, it is
similarly unlikely that the Class Q-1 Securities will receive
significant distributions of principal with respect to its Income
Notes component at the maturity of the deal.


SUMMER STREET: Fitch Downgrades Ratings on Three 2005-HG1 Notes
---------------------------------------------------------------
Fitch Ratings has downgraded three and affirmed two classes of
notes issued by Summer Street 2005-HG1, Ltd./LLC as a result of
continued credit deterioration in the portfolio since Fitch's last
rating action in August 2008.  Approximately 84.5% of the
portfolio has been downgraded since the last review.

As of the December 2009 trustee report, defaulted securities, as
defined in the transaction's governing documents, now comprise
39.9% of the portfolio, compared to 1.5% at last review.  The
current balance of the portfolio is $903.5 million including
$360.9 million in defaulted securities.  The downgrades to the
portfolio have left approximately 69.1% of the portfolio
(including defaults) with a Fitch derived rating below investment
grade and 55.2% with a rating in the 'CCC' rating category or
lower, compared to 18.8% and 5.5%, 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 - Amended'
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, and B notes have the credit
enhancement levels of 10.4%, -0.5% and -2.9%, respectively.  As of
the December 2009 distribution date, approximately 13.1% of the
class A-1 notes and 0.5% of the class A-2 notes' original balances
have paid down.  While a portion of the interest proceeds is used
to pay down the class A-1 and A-2 notes, on a pro rata basis,
considering the large outstanding amounts of these classes and the
credit quality of the portfolio, default appears inevitable at or
prior to maturity.  Further, Fitch believes that even in the
acceleration scenario, although likely to result in higher
recovery to class A-1 and lower recovery to classes A-2 and B,
class A-1's default is inevitable.  The class C and class D notes
are no longer receiving interest distributions and are not
expected to receive any proceeds going forward.  Therefore, the
class C and class D notes have been affirmed at 'C' to indicate
Fitch's belief that default is inevitable at or prior to maturity.

Summer Street 2005-HG1 is a cash flow collateralized debt
obligation, which closed on Dec. 15, 2005, and is managed by GE
Asset Management Incorporated.  The current portfolio is comprised
of subprime RMBS (56.1%), Alternative-A RMBS (27.4%), prime RMBS
(12.3%), commercial mortgage backed securities (2.7%), and other
commercial and consumer ABS (1.4%).

Fitch has taken various rating actions on these classes as
indicated:

  -- $812,626,396 class A-1 notes downgraded to 'C' from 'BB+';
  -- $99,520,380 class A-2 notes downgraded to 'C' from 'CCC';
  -- $21,500,000 class B notes downgraded to 'C' from 'CC';
  -- $15,896,737 class C notes affirmed at 'C';
  -- $14,215,933 class D notes affirmed at 'C'.


UBS AG: Moody's Downgrades Rating on Series 2760 Notes to 'Caa2'
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
rating of UBS AG Fixed Rate Credit Linked Notes Series 2760,
credit-linked notes referencing CDX.NA.IG.4, a static index of
corporate entities.

The rating action is:

* US$10,000,000 Fixed Rate Credit Linked Notes Series 2760,
  Downgraded to Caa2; previously on Feb 5, 2009 Downgraded to B3

Moody's explained that the rating action taken is the result of
the deterioration of the credit quality of the reference
portfolio.  The 10 year weighted average rating factor of the
portfolio, not adjusted with forward looking measures, has
deteriorated from 1149 from the last rating action to 1548,
equivalent to an average rating of the current portfolio of B1.
Since the last rating action on the transaction, on February 4,
2009, the subordination of the rated tranche has been reduced due
to credit events on Idearc Inc., Lear Corporation, and CIT Group,
Inc.  These credit events led to a decrease of approximately 1.1%
of the subordination of the tranche.  The portfolio has the
highest industry concentrations in Retail (8%), Insurance (8%),
Telecommunications (6%), and Oil & Gas (6%).


Z-1 CDO: Fitch Downgrades Ratings on Class B Notes to 'D/RR5'
-------------------------------------------------------------
Fitch Ratings has downgraded and withdrawn the ratings on the
remaining class of notes from Z-1 CDO 1996 Ltd., a collateralized
bond obligation managed by Patriarch Partners, LLC.  Patriarch
was named replacement manager in May 2003 after the transaction
entered an event of default due to insufficient
overcollateralization ratios.

This review was conducted under the framework described in the
report 'Global Structured Finance Rating Criteria'.  Recovery
Ratings were assigned in compliance with Fitch's 'Criteria for
Structured Finance Recovery Ratings' and 'Global Surveillance
Criteria for Corporate CDOs'.

The downgrade reflects the issuer's failure to redeem the full
principal amount due to the class B notes at the maturity date in
November 2008.  The entire $21 million principal amount of the
class B notes remained unpaid following the final maturity date.
Since the last review, discounted interest proceeds to the class B
notes represented about 13% of their outstanding principal amount,
which is consistent with Fitch's 'RR5' Recovery Rating.

Fitch subsequently withdraws the rating of the class B notes since
the notes have matured.

Fitch has taken this rating action:

  -- $21,000,000 class B notes downgraded to 'D/RR5' from 'C/DR5'
     and withdrawn.


* Fitch Downgrades Ratings on 25 Preferred Securities of US REIT
----------------------------------------------------------------
Fitch Ratings has downgraded 25 preferred securities ratings among
its rated U.S. real estate investment trusts following revisions
to the global rating criteria for hybrid securities that Fitch
recently published ('Rating Hybrid Securities', Dec. 29, 2009).
The downgrades are one notch from current levels for the affected
REITs.  The Issuer Default Ratings and senior debt ratings for
each of these REITs are unaffected.  The new criteria apply to
hybrid instruments issued by companies in all sectors including
banks, insurers, non-bank financial institutions and all non-
financial corporate entities.  The new criteria also provide
guidance on how Fitch will rate and notch hybrid securities at
different stages in the 'life cycle' of an instrument.  Given the
performing nature of nearly all of these securities, all but one
of the affected REIT preferred stock instruments are considered to
be in Stage 1 of their life cycle.

In the REIT sector, preferred securities are generally uniform in
nature, in that they are perpetual and have cumulative coupon
deferral options exercisable by the issuer.  Therefore, they have
readily triggered loss-absorption provisions in a going concern
(i.e. without triggering a general corporate default and without
effect upon senior obligations).  These instruments will also
typically, though not always, have low recovery prospects in
liquidation or bankruptcy given the deeply subordinated nature of
these securities.  Despite these elements, rated REIT preferred
securities do not have mandatory loss-absorption triggers such as
permanent write-down of principal or contingent conversion into
common equity.

Therefore, Fitch will typically rate performing REIT preferred
securities two notches below the IDR.  The new criteria does
provide for wider notching relative to the IDR if Fitch believes
that the probability of the activation of loss-absorbing features
has materially increased or if future preferred stock issuances
contain mandatory loss-absorption triggers.  For issuers with IDRs
of 'B+' or lower, Fitch undertakes a bespoke analysis of
instrument recovery prospects and thus overrides the generic
notching set forth above.

In conjunction with this criteria revision, Fitch has downgraded
the preferred securities ratings for these issuers:

AMB Property Corp.

  -- Preferred stock to 'BBB-' from 'BBB'.

Boston Properties, Inc.

  -- Preferred stock (indicative) to 'BB+' from 'BBB-'.

BRE Properties, Inc.

  -- Preferred stock to 'BB+' from 'BBB-'.

Camden Property Trust

  -- Preferred stock (indicative) to 'BB+' from 'BBB-'.

Digital Realty Trust, Inc.

  -- Preferred stock to 'BB+' from 'BBB-'
  -- Convertible preferred stock to 'BB+' from 'BBB-'.

Duke Realty Corporation

  -- Preferred stock to 'BB+' from 'BBB-'.

EastGroup Properties, Inc.

  -- Preferred stock (indicative) to 'BB+' from 'BBB-'.

Equity Residential

  -- Preferred stock to 'BBB' from 'BBB+'
  -- Convertible preferred stock to 'BBB' from 'BBB+'.

Federal Realty Investment Trust

  -- Preferred stock to 'BBB-' from 'BBB'.

HCP, Inc.

  -- Preferred stock to 'BB+' from 'BBB-'.

Health Care REIT

  -- Preferred stock to 'BB+' from 'BBB-'.

Healthcare Realty Trust

  -- Preferred stock (indicative) to 'BB+' from 'BBB-'.

Highwoods Properties, Inc.

  -- Preferred stock to 'BB' from 'BB+'.

Home Properties, Inc.

  -- Preferred stock (indicative) to 'BB+' from 'BBB-'.

Liberty Property Limited Partnership

  -- Preferred operating units to 'BBB-' from 'BBB'.

Mack-Cali Realty Corp.

  -- Preferred stock to 'BB+' from 'BBB-'.

Nationwide Health Properties

  -- Preferred stock to 'BB+' from 'BBB-'.

ProLogis

  -- Preferred stock to 'BB+' from 'BBB-'.

Realty Income Corporation

  -- Preferred stock to 'BBB-' from 'BBB'.

Regency Centers Corp.

  -- Preferred stock to 'BBB-' from 'BBB'.

Simon Property Group, Inc.

  -- Preferred stock to 'BBB' from 'BBB+'.

Ventas, Inc.

  -- Preferred stock (indicative) to 'BB+' from 'BBB-'.

Vornado Realty Trust

  -- Preferred stock to 'BB+' from 'BBB-'.

The preferred stock rating of this issuer has already been
downgraded as part of an issuer-specific review process:

  -- National Retail Properties, Inc. preferred stock downgraded
on Jan. 8, 2010 to 'BB+' from 'BBB-'.

In addition, the 'A-' preferred stock rating of Public Storage and
'BBB-' preferred stock rating of PS Business Parks, Inc. are
unaffected.  The capital structures of these two issuers consist
primarily of preferred stock and common equity, with limited
amounts of debt.  Because of the limited debt in each issuer's
capital structure and Fitch's expectation that these issuers will
not incur substantial amounts of debt in the future due to their
financing strategies, preferred stock recoveries are likely to be
significantly higher.  Therefore, a one-notch difference between
the IDR and preferred stock rating for these two issuers remains
consistent with Fitch's criteria.  However, Fitch may consider
future preferred stock rating changes for these issuers if they
were to incur higher amounts of debt.

These preferred stock ratings remain unchanged, as these ratings
are currently two notches below each respective issuer's IDR and
are therefore consistent with current criteria:

Apartment Investment and Management Company

  -- Preferred stock at 'BB-'.

Brandywine Realty Trust

  -- Preferred Stock at 'BB-'.

Colonial Properties Trust

  -- Preferred stock at 'BB-'.

Colonial Realty Limited Partnership

  -- Preferred units at 'BB-'.

Developers Diversified Realty Corporation

  -- Preferred stock at 'B+'.

First Industrial Realty Trust, Inc.

  -- Preferred stock at 'B'.

Host Hotels & Resorts, Inc.

  -- Preferred stock at 'B'.

SL Green Realty Corp.

  -- Preferred stock at 'BB-'.

The preferred stock ratings of these issuers were not affected by
any change in standardized notching, due to their IDRs of 'B+' or
lower:

  -- GGP Limited Partnership preferred stock at 'C/RR6'
  -- iStar Financial preferred stock at 'C/RR6'.


* S&P Downgrades Ratings on 18 Classes From Five RMBS Transactions
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 18
classes from five residential mortgage-backed securities
transactions backed by U.S. subprime, Alternative-A, and prime
jumbo mortgage loan collaterals issued between 1996 and 2004.  In
addition, S&P affirmed its ratings on 47 classes from these
transactions and 11 additional deals.

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.  For subprime and Alt-A transactions, 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 its 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 its view, withstand
approximately 150% of its base-case loss assumptions under its
analysis.

For the prime transactions in order to maintain an 'AAA' rating,
S&P assesses whether the class can withstand approximately 235% of
its base-case loss assumptions, subject to individual caps and
qualitative factors applied to specific transactions.  To maintain
a rating in categories between 'B' (the base case) and 'AAA', S&P
assesses whether the class can withstand losses exceeding the
base-case assumption at a percentage specific to each rating
category, up to 235% for a 'AAA' rating.  For example, S&P would
assess whether one class could withstand approximately 130% of its
base-case loss assumptions to maintain a 'BB' rating, while S&P
would assess whether a different class could withstand
approximately 155% of S&P's base-case loss assumptions to maintain
a 'BBB' rating.

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

       Chase Funding Loan Acquisition Trust Series 2003-C2
                       Series      2003-C2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        161542DH5     B                    BBB+
        B-4        161542DJ1     CC                   BB+
        B-5        161542DK8     CC                   B+

          NovaStar Mortgage Funding Trust Series 2002-3
                        Series      2002-3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1        66987XBU8     CCC                  AAA
        M-1        66987XBW4     CC                   AA+
        M-2        66987XBX2     CC                   A
        M-3        66987XBY0     CC                   B
        P          66987XCA1     CCC                  AAA

            Renaissance Home Equity Loan Trust 2003-3
                       Series      2003-3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2A       759950BH0     A-                   A
        M-2F       759950BJ6     A-                   A
        M-3        759950BK3     B+                   A-
        M-4        759950BL1     B-                   BBB+
        M-5        759950BM9     CC                   BBB

               Southern Pacific Secured Assets Corp.
                       Series      1997-2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-1F       843590BQ2     BBB                  AA
        M-2F       843590BS8     B                    A-

                 Structured Asset Securities Corp.
                      Series      2004-9XS

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-M1       86359BRF0     CCC                  BB-
        2-M2       86359BRQ6     B                    BB+
        1-M2       86359BRG8     CC                   CCC

                         Ratings Affirmed

       Chase Funding Loan Acquisition Trust Series 2003-C2
                       Series      2003-C2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 IA         161542CY9     AAA
                 IIA        161542DB8     AAA
                 IA-X       161542CZ6     AAA
                 IIA-X      161542DC6     AAA
                 IA-P       161542DA0     AAA
                 IIA-P      161542DD4     AAA
                 B-1        161542DF9     AA+
                 B-2        161542DG7     A+

           Chase Mortgage Finance Trust, Series 2003-S2
                       Series      2003-S2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        16162T3Q7     AAA
                 A-2        16162T3R5     AAA
                 A-3        16162T3S3     AAA
                 A-4        16162T3T1     AAA
                 A-X        16162T3U8     AAA
                 A-P        16162T3V6     AAA
                 M          16162T3X2     AA+
                 B-1        16162T3Y0     AA
                 B-2        16162T3Z7     BBB+
                 B-3        16162T4A1     BB+
                 B-4        16162T4B9     B

                      First Matrix RM Trust
                        Series      2003-A

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A          32082HAB2     AAA
                 X          32082HAA4     AAA

                  Home Equity Loan Trust 1997-B
                        Series      1997-B

                 Class      CUSIP         Rating
                 -----      -----         ------
                 B-1        393505UL4     AA+

                  Home Equity Loan Trust 1998-C
                        Series      1998-C

                 Class      CUSIP         Rating
                 -----      -----         ------
                 B-1        393505H54     AA

         Home Improvement & Home Equity Loan Trust 1996-C
                        Series      1996-C

                 Class      CUSIP         Rating
                 -----      -----         ------
                 HE:B-1     393505NU2     AA

         Home Improvement & Home Equity Loan Trust 1996-D
                        Series      1996-D

                 Class      CUSIP         Rating
                 -----      -----         ------
                 HE:B-1     393505QF2     A

         Home Improvement & Home Equity Loan Trust 1996-F
                        Series      1996-F

                 Class      CUSIP         Rating
                 -----      -----         ------
                 HE:B-1     393505SB9     AA+

         Home Improvement & Home Equity Loan Trust 1997-C
                       Series      1997-C

                 Class      CUSIP         Rating
                 -----      -----         ------
                 HE B-1     393505VP4     AA

         Home Improvement & Home Equity Loan Trust 1997-D
                       Series      1997-D

                 Class      CUSIP         Rating
                 -----      -----         ------
                 HE: B-1    393505WL2     A+

           NovaStar Mortgage Funding Trust Series 2002-3
                        Series      2002-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-2        66987XBV6     AAA
                 AIO        66987XBZ7     AAA

             Renaissance Home Equity Loan Trust 2003-3
                        Series      2003-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A          759950BD9     AAA
                 M-1        759950BG2     AA

               Southern Pacific Secured Assets Corp.
                       Series      1997-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-4        843590BL3     AAA
                 A-5        843590BM1     AAA

                 Structured Asset Securities Corp.
                        Series      1998-8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-3        863572UX9     AAA
                 M-1        863572UU5     AA
                 M-2        863572UV3     A

                Structured Asset Securities Corp.
                       Series      2004-9XS

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A4A      86359BRB9     AAA
                 1-A4B      86359BRH6     AAA
                 1-A4C      86359BRJ2     AAA
                 1-A4D      86359BRK9     AAA
                 1-A5       86359BRC7     AAA
                 1-A6       86359BRD5     AAA
                 2-A1       86359BRE3     AAA
                 2-M1       86359BRP8     AA+

                  WMC Mortgage Loan Trust 1998-1
                        Series      1998-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-1        92928XAB9     AAA
                 B          92928XAD5     B


* S&P Downgrades Ratings on 36 Tranches From Seven CLO Deals
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 36
tranches from seven U.S. collateralized loan obligation
transactions and removed them from CreditWatch with negative
implications.  The affected tranches have a total issuance amount
of $2.275 billion.  S&P also affirmed its ratings on seven
tranches from three transactions and removed five of them from
CreditWatch negative.

The downgrades reflect two primary factors:

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

* Deterioration in the credit quality of certain CLO tranches due
  to increased exposure to obligors that have either defaulted or
  experienced downgrades into the 'CCC' range.

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

The affirmations reflect S&P's view that the tranches have
adequate credit support to maintain the current ratings according
to S&P's updated criteria.

S&P's analysis incorporated the asset recovery assumptions in
S&P's new CDO criteria.  To provide additional transparency into
the assumptions S&P used in this analysis, S&P is providing the
tiered recovery rates S&P assumed for the cash flows generated for
the 'AAA' liability rating for each transaction (see table 1).

                              Table 1

         Tiered Recovery Rate For 'AAA' Liability Rating

     Transaction                             Recovery rate (%)
     -----------                             -----------------
     Archimedes Funding IV (Cayman) Ltd.                 49.1
     Dryden VII-Leveraged Loan CDO 2004                  44.2
     Duane Street CLO II Ltd.                            42.4
     Four Corners CLO II Ltd.                            45.8
     Gale Force 1 CLO Ltd.                               41.8
     Gale Force 4 CLO Ltd.                               41.5
     Marquette Park CLO Ltd.                             44.1
     sssVenture III CDO Ltd.                                42.9

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

                          Rating Actions

                                              Rating
                                              ------
   Transaction                  Class       To     From
   -----------                  -----       --     ----
   Archimedes Funding IV        A-2         AA+    AA+/Watch Neg
    (Cayman) Ltd.
   Dryden VII-Leveraged Loan    A-1LA       AAA    AAA/Watch Neg
    CDO 2004
   Dryden VII-Leveraged Loan    A-2L        AA     AA/Watch Neg
    CDO 2004
   Dryden VII-Leveraged Loan    A-3F        A      A/Watch Neg
    CDO 2004
   Dryden VII-Leveraged Loan    A-1L        AA+    AAA/Watch Neg
    CDO 2004
   Dryden VII-Leveraged Loan    A-1LB       AA+    AAA/Watch Neg
    CDO 2004
   Dryden VII-Leveraged Loan    B-1L        BBB-   BBB/Watch Neg
    CDO 2004
   Dryden VII-Leveraged Loan    B-2L        B+     BB/Watch Neg
    CDO 2004
   Duane Street CLO II Ltd.     A1 Term     AA+    AAA/Watch Neg
   Duane Street CLO II Ltd.     A2 Revolv   AA+    AAA/Watch Neg
   Duane Street CLO II Ltd.     B           A+     AA/Watch Neg
   Duane Street CLO II Ltd.     C           BB+    A/Watch Neg
   Duane Street CLO II Ltd.     D           B+     BBB/Watch Neg
   Duane Street CLO II Ltd.     E           CCC-   BB/Watch Neg
   Four Corners CLO II Ltd.     A           AA+    AAA/Watch Neg
   Four Corners CLO II Ltd.     B           AA     AA/Watch Neg
   Four Corners CLO II Ltd.     C           BBB+   A/Watch Neg
   Four Corners CLO II Ltd.     D           BB+    BBB/Watch Neg
   Four Corners CLO II Ltd.     E           CCC-   BB/Watch Neg
   Gale Force 1 CLO Ltd.        A1          AA+    AAA/Watch Neg
   Gale Force 1 CLO Ltd.        A2          AA+    AAA/Watch Neg
   Gale Force 1 CLO Ltd.        B1          A+     AA/Watch Neg
   Gale Force 1 CLO Ltd.        B2          A+     AA/Watch Neg
   Gale Force 1 CLO Ltd.        C           BBB+   A/Watch Neg
   Gale Force 1 CLO Ltd.        D1          BB+    BBB/Watch Neg
   Gale Force 1 CLO Ltd.        D2          BB+    BBB/Watch Neg
   Gale Force 1 CLO Ltd.        E           CCC+   BB/Watch Neg
   Gale Force 4 CLO Ltd.        A-1A        AA+    AAA/Watch Neg
   Gale Force 4 CLO Ltd.        A-1B        A+     AAA/Watch Neg
   Gale Force 4 CLO Ltd.        B           A      AA/Watch Neg
   Gale Force 4 CLO Ltd.        C           BBB-   A/Watch Neg
   Gale Force 4 CLO Ltd.        D           BB     BBB/Watch Neg
   Gale Force 4 CLO Ltd.        E           B      BB/Watch Neg
   Marquette Park CLO Ltd.      A           AA     AAA/Watch Neg
   Marquette Park CLO Ltd.      B           BBB+   A/Watch Neg
   Marquette Park CLO Ltd.      C           BB+    BBB/Watch Neg
   Marquette Park CLO Ltd.      D           CCC+   BB/Watch Neg
   Venture III CDO Ltd.         A-1         AA+    AAA/Watch Neg
   Venture III CDO Ltd.         A-2         A-     AA/Watch Neg
   Venture III CDO Ltd.         C           B+     BBB/Watch Neg
   Venture III CDO Ltd.         Def B       BB+    A/Watch Neg

                         Ratings Affirmed

    Transaction                              Class       Rating
    -----------                              -----       ------
    Archimedes Funding IV (Cayman) Ltd.      A-1         AAA
    Dryden VII-Leveraged Loan CDO 2004       U Combo     AAA


* S&P Downgrades Ratings on 37 Classes From 11 RMBS Transactions
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 37
classes from 11 residential mortgage-backed securities
transactions backed by U.S. first-lien high loan-to-value mortgage
loan collateral issued from 2002-2007.  In addition, S&P affirmed
its ratings on 91 classes from 10 of the downgraded transactions
and nine other transactions.

The downgrades reflect S&P's opinion that projected credit support
for the affected classes is insufficient to maintain the previous
ratings, given S&P's current projected losses, 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 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 a 'AAA' rating.  For example, in
general, S&P would assess whether one class could withstand
approximately 110% of its base-case loss assumptions to maintain a
'BB' rating, while S&P would assess whether a different class
could withstand approximately 120% of its base-case loss
assumptions to maintain a 'BBB' rating.  Each class with an
affirmed 'AAA' rating can, in its view, withstand approximately
150% of its base-case loss assumptions under its analysis.

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 first liens on one- to four-family residential
properties.

                          Rating Actions

                    RAMP Series 2002-RZ3 Trust
                       Series      2002-RZ3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-3        760985NE7     CC                   BB

                    RAMP Series 2004-RZ1 Trust
                       Series      2004-RZ1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-3        760985U58     BB                   BBB+
        M-4        760985U66     CCC                  BBB
        M-5        760985U74     CC                   BBB-

                    RAMP Series 2004-RZ3 Trust
                       Series      2004-RZ3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-I-2      76112BBC3     BB-                  A
        M-I-3      76112BBD1     CCC                  BBB+
        M-I-4      76112BBE9     CC                   BBB
        M-II-4     76112BBM1     B-                   BBB

                    RAMP Series 2005-RZ3 Trust
                       Series      2005-RZ3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-7        76112BA83     CC                   CCC

                    RAMP Series 2006-RZ1 Trust
                       Series      2006-RZ1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        76112BZ37     AA-                  AA+
        M-4        76112BZ52     B                    BB
        M-5        76112BZ60     CCC                  B
        M-6        76112BZ78     CCC                  B-
        M-7        76112BZ86     CC                   CCC

                    RAMP Series 2006-RZ2 Trust
                       Series      2006-RZ2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-2        75156UAB3     BB+                  AA
        A-3        75156UAC1     BB                   A
        M-1        75156UAD9     CCC                  B
        M-2        75156UAE7     CCC                  B-
        M-3        75156UAF4     CC                   CCC

                    RAMP Series 2006-RZ5 Trust
                       Series      2006-RZ5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-2        749239AD1     BBB                  AAA
        A-3        749239AE9     BBB                  AAA

                   RAMP Series 2007-RZ1 Trust
                      Series      2007-RZ1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-2        74923PAB9     B-                   AAA
        A-3        74923PAC7     B-                   AAA
        M-1S       74923PAD5     CCC                  BB
        M-2S       74923PAE3     CCC                  B+
        M-3S       74923PAF0     CCC                  B
        M-4        74923PAG8     CC                   B-
        M-5        74923PAH6     CC                   CCC

                 Structured Asset Securities Corp.
                       Series      2003-7H

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A1-III     86359ANL3     AA-                  AAA
        A-IO-III   86359ANM1     AA-                  AAA

                 Structured Asset Securities Corp.
                       Series      2004-5H

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B2         86359BJF9     BB-                  A
        B3         86359BJG7     CC                   BBB
        B4         86359BJJ1     CC                   BB
        B5         86359BJK8     CC                   B

             Structured Asset Securities Corporation
                       Series      2004-18H

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B1         86359BF30     CCC                  AA
        B2         86359BF48     CC                   A
        B3         86359BF55     CC                   BBB

                         Ratings Affirmed

                    RAMP Series 2002-RZ2 Trust
                       Series      2002-RZ2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-2        760985KX8     A

                    RAMP Series 2002-RZ3 Trust
                      Series      2002-RZ3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-1        760985NC1     AA+
                  M-2        760985ND9     A

                    RAMP Series 2004-RZ1 Trust
                       Series      2004-RZ1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-I-6      760985T84     AAA
                  A-I-7      760985T92     AAA
                  A-II       760985U25     AAA
                  M-1        760985U33     AA
                  M-2        760985U41     A

                    RAMP Series 2004-RZ3 Trust
                       Series      2004-RZ3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-I-4      76112BAY6     AAA
                  A-I-5      76112BAZ3     AAA
                  A-I-6      76112BBA7     AAA
                  M-I-1      76112BBB5     AA
                  M-II-1     76112BBJ8     AA
                  M-II-2     76112BBK5     A
                  M-II-3     76112BBL3     BBB+

                    RAMP Series 2004-RZ4 Trust
                      Series      2004-RZ4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-3        76112BHF0     AAA
                  M-1        76112BHG8     AA+
                  M-2        76112BHH6     AA-
                  M-3        76112BHJ2     A
                  M-4        76112BHK9     A-
                  M-5        76112BHL7     BBB+
                  M-6        76112BHM5     BBB
                  M-7        76112BHN3     BBB-
                  B          76112BHQ6     BB

                    RAMP Series 2005-RZ1 Trust
                       Series      2005-RZ1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-3        76112BLX6     AAA
                  M-1        76112BLY4     AA+
                  M-2        76112BLZ1     AA
                  M-3        76112BMA5     AA-
                  M-4        76112BMB3     A+
                  M-5        76112BMC1     A
                  M-6        76112BMD9     A-
                  M-7        76112BME7     BBB+
                  M-8        76112BMF4     BB
                  M-9        76112BMG2     B+
                  B-1        76112BMH0     CCC

                    RAMP Series 2005-RZ2 Trust
                      Series      2005-RZ2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-I-4      76112BWE6     AAA
                  A-II       76112BWF3     AAA
                  M-1        76112BWG1     AA+
                  M-2        76112BWH9     AA
                  M-3        76112BWJ5     AA-
                  M-4        76112BWK2     BBB-
                  M-5        76112BWL0     BB-
                  M-6        76112BWM8     CCC

                    RAMP Series 2005-RZ3 Trust
                      Series      2005-RZ3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-2        76112BZY9     AAA
                  A-3        76112BZZ6     AAA
                  M-1        76112BA26     AA+
                  M-2        76112BA34     AA+
                  M-3        76112BA42     BBB
                  M-4        76112BA59     BB
                  M-5        76112BA67     BB-
                  M-6        76112BA75     B-

                    RAMP Series 2005-RZ4 Trust
                      Series      2005-RZ4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-2        76112BM72     AAA
                  A-3        76112BM80     AAA
                  M-1        76112BM98     AA+
                  M-2        76112BN22     BBB
                  M-3        76112BN30     BB
                  M-4        76112BN48     B
                  M-5        76112BN55     B-

                    RAMP Series 2006-RZ1 Trust
                      Series      2006-RZ1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-2        76112BY87     AAA
                  A-3        76112BY95     AAA
                  M-1        76112BZ29     AA+
                  M-3        76112BZ45     BBB

                    RAMP Series 2006-RZ3 Trust
                       Series      2006-RZ3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-2        75156MAB1     AAA
                  A-3        75156MAC9     AAA

                    RAMP Series 2006-RZ4 Trust
                       Series      2006-RZ4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-2        75156XAB7     AAA
                  A-3        75156XAC5     AAA

                    RAMP Series 2006-RZ5 Trust
                       Series      2006-RZ5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        749239AA7     AAA
                  A-1A       749239AB5     AAA
                  A-1B       749239AC3     AAA

                    RAMP Series 2007-RZ1 Trust
                       Series      2007-RZ1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        74923PAA1     AAA

                Structured Asset Securities Corp.
                       Series      2002-4H

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A        86358RWY9     AAA
                  1-AP       86358RWZ6     AAA
                  1-AX       86358RXA0     AAA
                  2-AX       86358RXD4     AAA

                 Structured Asset Securities Corp.
                      Series      2002-10H

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A        86358RJ57     AAA
                  1-AP       86358RJ65     AAA
                  1-AX       86358RJ73     AAA

                Structured Asset Securities Corp.
                       Series      2003-7H

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A1-I       86359ANG4     AAA
                  A1-II      86359ANH2     AAA
                  A-IO-F     86359ANJ8     AAA
                  A-OP-F     86359ANK5     AAA

                 Structured Asset Securities Corp.
                       Series      2004-5H

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A3         86359BHZ7     AAA
                  A4         86359BJA0     AAA
                  A-PO       86359BJD4     AAA
                  A-IO1      86359BJB8     AAA
                  A-IO2      86359BJC6     AAA
                  B1         86359BJE2     AA

              Structured Asset Securities Corporation
                      Series      2004-18H

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-4        86359BE72     AAA
                  A-5        86359BG54     AAA
                  A-IO1      86359BE80     AAA
                  A-I02      86359BE98     AAA


* S&P Downgrades Ratings on 73 Tranches From 15 CLO Transactions
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 73
tranches from 15 U.S. collateralized loan obligation transactions
and removed them from CreditWatch with negative implications.  The
affected tranches have a total issuance amount of $4.827 billion.
S&P also affirmed its ratings on 15 tranches from six transactions
and removed 13 of them from CreditWatch negative.

The downgrades reflect two primary factors:

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

* Deterioration in the credit quality of certain CLO tranches due
  to increased exposure to obligors that have either defaulted or
  experienced downgrades into the 'CCC' range.

The downgrades of 15 classes from 10 transactions resulted from
S&P's application of the largest-obligor default test, which is
one of the supplemental stress tests S&P introduced as part of its
criteria update.

S&P's analysis incorporated the asset recovery assumptions in its
new CDO criteria.  To provide additional transparency into the
assumptions S&P used in its analysis, S&P is providing the tiered
recovery rates S&P assumed for the cash flows generated for the
'AAA' liability rating for each transaction (see table).

                             Table 1
         Tiered Recovery Rate For 'AAA' Liability Rating

        Transaction                       Recovery rate (%)
        -----------                       -----------------
        ACA CLO 2006-2 Ltd.                     42.9
        Baker Street CLO II Ltd.                46.3
        Black Diamond CLO 2005-2 Ltd.           52.1
        Emporia Preferred Funding III Ltd.      41.6
        Gale Force 3 CLO Ltd.                   41.1
        HarbourView CLO 2006-1                  45.6
        Hillmark Funding Ltd.                   47.2
        JFIN CLO 2007 Ltd.                      42.6
        Landmark V CDO Ltd.                     43.0
        LCM IV Ltd.                             48.4
        Loomis Sayles CLO I Ltd.                41.9
        NYLIM Flatiron CLO 2003-1 Ltd.          47.3
        OWS CLO I Ltd.                          44.5
        Rampart CLO 2007 Ltd.                   44.8
        Tralee CDO I Ltd.                       44.4

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

                          Rating Actions

                                              Rating
                                              ------
  Transaction                        Class  To      From
  -----------                        -----  --      ----
  ACA CLO 2006-2 Ltd.                A-1    AA+     AAA/Watch Neg
  ACA CLO 2006-2 Ltd.                A-2    A+      AA/Watch Neg
  ACA CLO 2006-2 Ltd.                B      BBB+    A/Watch Neg
  ACA CLO 2006-2 Ltd.                C      BB+     BBB/Watch Neg
  ACA CLO 2006-2 Ltd.                D      B+      BB/Watch Neg
  Baker Street CLO II Ltd.           A-1    AA+     AAA/Watch Neg
  Baker Street CLO II Ltd.           A-2    AA+     AAA/Watch Neg
  Baker Street CLO II Ltd.           B      A+      AA/Watch Neg
  Baker Street CLO II Ltd.           C      BBB+    A/Watch Neg
  Baker Street CLO II Ltd.           D      B+      BB+/Watch Neg
  Baker Street CLO II Ltd.           E      CCC-    B+/Watch Neg
  Black Diamond CLO 2005-2 Ltd.      A      AAA     AAA/Watch Neg
  Black Diamond CLO 2005-2 Ltd.      B      AA      AA/Watch Neg
  Black Diamond CLO 2005-2 Ltd.      C      A       A/Watch Neg
  Black Diamond CLO 2005-2 Ltd.      D      BB+     BBB/Watch Neg
  Black Diamond CLO 2005-2 Ltd.      E-1    CCC-    BB/Watch Neg
  Black Diamond CLO 2005-2 Ltd.      E-2    CCC-    BB/Watch Neg
  Emporia Preferred Funding III Ltd. A-1    AA+     AAA/Watch Neg
  Emporia Preferred Funding III Ltd. A-2    AA+     AAA/Watch Neg
  Emporia Preferred Funding III Ltd. A-3    AA+     AAA/Watch Neg
  Emporia Preferred Funding III Ltd. B      AA-     AA/Watch Neg
  Emporia Preferred Funding III Ltd. C      BBB+    A/Watch Neg
  Emporia Preferred Funding III Ltd. D      BB+     BBB/Watch Neg
  Emporia Preferred Funding III Ltd. E      B+      BB/Watch Neg
  Gale Force 3 CLO Ltd.              A-1    AA      AAA/Watch Neg
  Gale Force 3 CLO Ltd.              A-2    AA      AAA/Watch Neg
  Gale Force 3 CLO Ltd.              B-1    A       AA/Watch Neg
  Gale Force 3 CLO Ltd.              B-2    A       AA/Watch Neg
  Gale Force 3 CLO Ltd.              C      BBB+    A/Watch Neg
  Gale Force 3 CLO Ltd.              D      BB+     BBB/Watch Neg
  Gale Force 3 CLO Ltd.              E      CCC-    BB/Watch Neg
  HarbourView CLO 2006-1             A-1    AA      AAA/Watch Neg
  HarbourView CLO 2006-1             A-2    A+      AA/Watch Neg
  HarbourView CLO 2006-1             B      BBB+    A/Watch Neg
  HarbourView CLO 2006-1             C      B+      BBB/Watch Neg
  HarbourView CLO 2006-1             D      CCC-    BB/Watch Neg
  Hillmark Funding Ltd.              A-1    AA+     AAA/Watch Neg
  Hillmark Funding Ltd.              A-2    A+      AA/Watch Neg
  Hillmark Funding Ltd.              B      BBB+    A/Watch Neg
  Hillmark Funding Ltd.              C      B+      BBB-/Watch Neg
  Hillmark Funding Ltd.              D      CCC+    BB/Watch Neg
  JFIN CLO 2007 Ltd.                 A-1A   AAA     AAA/Watch Neg
  JFIN CLO 2007 Ltd.                 B      AA      AA/Watch Neg
  JFIN CLO 2007 Ltd.                 A-1B   AA+     AAA/Watch Neg
  JFIN CLO 2007 Ltd.                 A-2    AA+     AAA/Watch Neg
  JFIN CLO 2007 Ltd.                 C      BBB+    A/Watch Neg
  JFIN CLO 2007 Ltd.                 D      BB+     BBB-/Watch Neg
  Landmark V CDO Ltd.                A-1L   AA+     AAA/Watch Neg
  Landmark V CDO Ltd.                A-2L   A+      AA/Watch Neg
  Landmark V CDO Ltd.                A-3L   BBB+    A-/Watch Neg
  Landmark V CDO Ltd.                B-1L   BB+     BBB/Watch Neg
  Landmark V CDO Ltd.                B-2L   CCC-    BB/Watch Neg
  LCM IV Ltd.                        A-1    AA+     AAA/Watch Neg
  LCM IV Ltd.                        A-2    AA+     AAA/Watch Neg
  LCM IV Ltd.                        B      AA      AA/Watch Neg
  LCM IV Ltd.                        C      BBB+    A/Watch Neg
  LCM IV Ltd.                        D      B+      BBB-/Watch Neg
  Loomis Sayles CLO I Ltd.           A      A+      AAA/Watch Neg
  Loomis Sayles CLO I Ltd.           B      A-      AA/Watch Neg
  Loomis Sayles CLO I Ltd.           C      BBB-    A/Watch Neg
  Loomis Sayles CLO I Ltd.           D      B+      BBB/Watch Neg
  Loomis Sayles CLO I Ltd.           E      CCC-    BB/Watch Neg
  NYLIM Flatiron CLO 2003-1 Ltd.     A-1    AA+     AAA/Watch Neg
  NYLIM Flatiron CLO 2003-1 Ltd.     A-2    AA+     AAA/Watch Neg
  NYLIM Flatiron CLO 2003-1 Ltd.     B      AA      AA/Watch Neg
  NYLIM Flatiron CLO 2003-1 Ltd.     C      BBB+    A+/Watch Neg
  NYLIM Flatiron CLO 2003-1 Ltd.     D-1    BB+     BBB/Watch Neg
  NYLIM Flatiron CLO 2003-1 Ltd.     D-2    BB+     BBB/Watch Neg
  OWS CLO I Ltd.                     A-2    A+      AA-/Watch Neg
  OWS CLO I Ltd.                     A-1    AA+     AA+/Watch Neg
  OWS CLO I Ltd.                     B      B       B/Watch Neg
  OWS CLO I Ltd.                     C      CCC     CCC/Watch Neg
  OWS CLO I Ltd.                     D      CCC-    CCC-/Watch Neg
  OWS CLO I Ltd.                     X-1    BB+     BB+/Watch Neg
  OWS CLO I Ltd.                     X-2    BB+     BB+/Watch Neg
  Rampart CLO 2007 Ltd.              A      AA      AAA/Watch Neg
  Rampart CLO 2007 Ltd.              B      A+      AA/Watch Neg
  Rampart CLO 2007 Ltd.              C      BBB+    A/Watch Neg
  Rampart CLO 2007 Ltd.              D      BB+     BBB/Watch Neg
  Rampart CLO 2007 Ltd.              E      CCC+    BB/Watch Neg
  Tralee CDO I Ltd.                  A-1    AA+     AAA/Watch Neg
  Tralee CDO I Ltd.                  A-2a   A+      AA/Watch Neg
  Tralee CDO I Ltd.                  A-2b   A+      AA/Watch Neg
  Tralee CDO I Ltd.                  B      BBB+    A/Watch Neg
  Tralee CDO I Ltd.                  C      BB+     BBB/Watch Neg
  Tralee CDO I Ltd.                  D      CCC-    BB/Watch Neg

                         Ratings Affirmed

         Transaction                        Class   Rating
         -----------                        -----   ------
         Black Diamond CLO 2005-2 Ltd.      X       AAA
         Landmark V CDO Ltd.                X       AAA


* S&P Puts Ratings on Six CDO Transactions on CreditWatch Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services placed 12 ratings on six
synthetic collateralized debt obligation transactions on
CreditWatch with negative implications and lowered two ratings on
one transaction.  All seven deals are U.S. synthetic CDO
transactions.

The CreditWatch negative placements reflect negative rating
migration in the respective portfolios and synthetic rated
overcollateralization ratios that had fallen below 100% as of the
December month-end run.  The downgrades -- which affected a
synthetic CDO backed by residential mortgage-backed securities --
reflected SROC ratios below 100% as of the December month-end run
and at a 90-day forward run.

                          Ratings Lowered

                         ABACUS 2005-2 Ltd.

                                      Rating
                                      ------
           Class               To                 From
           -----               --                 ----
           A-1                 BB-                BB+
           A-2                 CCC-               CCC

              Ratings Placed On Creditwatch Negative

                  Archstone Synthetic CDO II SPC

                                      Rating
                                      ------
           Class               To                 From
           -----               --                 ----
           A-1                 BBB/Watch Neg      BBB
           A-2                 BBB/Watch Neg      BBB
           B-1                 BBB-/Watch Neg     BBB-
           B-3                 BBB-/Watch Neg     BBB-
           D-2                 B+/Watch Neg       B+

                        Newport Waves CDO
                             Series 2

                                      Rating
                                      ------
           Class               To                 From
           -----               --                 ----
           A3-$LMS             BB-/Watch Neg      BB-
           A7-$LS              CCC+/Watch Neg     CCC+

                        Newport Waves CDO
                             Series 4

                                      Rating
                                      ------
           Class               To                 From
           -----               --                 ----
           A3-YLS              BB/Watch Neg       BB

                        Newport Waves CDO
                             Series 5

                                      Rating
                                      ------
           Class               To                 From
           -----               --                 ----
           A3-$LMS             BB/Watch Neg       BB

                        Newport Waves CDO
                             Series 7

                                      Rating
                                      ------
           Class               To                 From
           -----               --                 ----
           A1-ELS              BB/Watch Neg       BB
           A3-ELS              B-/Watch Neg       B-

                        Newport Waves CDO
                             Series 9

                                      Rating
                                      ------
           Class               To                 From
           -----               --                 ----
           A1-GLS              BB/Watch Neg       BB


* S&P Puts Ratings on Three US Tranches on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on three
tranches from two U.S. corporate-backed synthetic collateralized
debt obligation transactions on CreditWatch with negative
implications.  At the same time, S&P lowered its ratings on 23
tranches from 13 U.S. synthetic CDO transactions backed by
residential mortgage-backed securities.  In addition, S&P lowered
its rating on one tranche from one U.S. synthetic CDO transaction
backed by commercial mortgage-backed securities, and it remains on
CreditWatch negative.  S&P affirmed its rating on one tranche from
one corporate-backed synthetic CDO transaction and removed it from
CreditWatch negative.  The CreditWatch placements and downgrades
followed S&P's monthly review of U.S. synthetic CDO transactions.

The CreditWatch negative placements reflect negative rating
migration in the respective portfolios and synthetic rated
overcollateralization ratios that had fallen below 100% as of the
December month-end run.  The downgrades affecting RMBS-backed
synthetic CDOs had SROC ratios below 100% as of the December
month-end run and at a 90-day forward run.

                          Rating Actions

                        ABACUS 2004-3, Ltd.

                                        Rating
                                        ------
            Class                 To              From
            -----                 --              ----
            Class B               A-              AA-
            Class C               CCC-            BB-

                      ABSpoke 2005-IA, Ltd.

                                        Rating
                                        ------
            Class                 To              From
            -----                 --              ----
            ABSpoke               B+              BB+

                      ABSpoke 2005-VA, Ltd.

                                        Rating
                                        ------
            Class                 To              From
            -----                 --              ----
            ABSpoke               CCC-            CCC

                      ABSpoke 2005-VIA, Ltd.

                                        Rating
                                        ------
            Class                 To              From
            -----                 --              ----
            VFRN                  CCC+            BB+

                  Aphex Capital NSCR 2007-5, Ltd.

                                        Rating
                                        ------
            Class                 To              From
            -----                 --              ----
            A-1FX                 BBB+/Watch Neg  AA/Watch Neg

                        Dublin Bay Limited

                                        Rating
                                        ------
            Class                 To              From
            -----                 --              ----
            A                     B-              B-/Watch Neg

                          Eirles Two Ltd.
                                210

                                        Rating
                                        ------
            Class                 To              From
            -----                 --              ----
            Series 210            CCC-            B-

                          Eirles Two Ltd.
                                209

                                        Rating
                                        ------
            Class                 To              From
            -----                 --              ----
            Series 209            CCC-            B+

                          Eirles Two Ltd.
                                208

                                        Rating
                                        ------
            Class                 To              From
            -----                 --              ----
            Series 208            CCC+            BB+

                          Eirles Two Ltd.
                                211

                                        Rating
                                        ------
            Class                 To              From
            -----                 --              ----
            211                   CCC-            CCC+

           High Grade Structured Credit 2004-1 Limited

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

                            Ixion PLC
                                33

                                        Rating
                                        ------
            Class                 To              From
            -----                 --              ----
            Notes                 CCC+            B+

                        Newport Waves CDO
                                1

                                        Rating
                                        ------
            Class                 To              From
            -----                 --              ----
            A1-$LS                BB/Watch Neg    BB
            A3-$LMS               BB-/Watch Neg   BB-

        North Street Referenced Linked Notes 2005-8 Limited

                                        Rating
                                        ------
            Class                 To              From
            -----                 --              ----
            A                     CCC             CCC+

       North Street Referenced Linked Notes, 2003-5 Limited

                                        Rating
                                        ------
            Class                 To              From
            -----                 --              ----
            A-1                   AA+             AAA
            A-2                   AA+             AAA
            B-1                   AA+             AAA
            B-2                   AA+             AAA

                            STACK LTD

                                        Rating
                                        ------
            Class                 To              From
            -----                 --              ----
            B-USD                 BBB-            A
            B-EUR                 BBB-            A
            C-USD                 CCC+            BB
            C-JPY                 CCC+            BB
            D-USD                 CCC-            CCC+
            D-JPY                 CCC-            CCC+

                              UBS AG
                 US$25 mil AMP A CLO 2007-2 Notes

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



                            *********

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.

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