TCR_Public/100221.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, February 21, 2010, Vol. 14, No. 51

                            Headlines



ANSONIA CDO: S&P Downgrades Ratings on 13 Classes of CRE CDOs
BANK OF NORTH: S&P Puts 'BB+/B' Ratings on Eight Bond Issuances
BARRAMUNDI CDO: S&P Downgrades Ratings on Eight Notes to 'D'
BLUE BELL: Fitch Takes Rating Actions on Various Classes
BRAZOS HIGHER: Fitch Maintains Ratings on Student Loans

BRAZOS STUDENT: Fitch Maintains Ratings on Student Loans
BRAZOS STUDENT: Fitch Maintains Ratings on Various Student Loans
CABELA'S CREDIT: Fitch Rates 'BB+' Rating on Class D Notes
CANADIAN REGIONAL: Moody's Downgrades Ratings on Class A Notes
CAPITAL ONE: Fitch Affirms Ratings on Class C Notes at 'BB'

CBRE REALTY: S&P Downgrades Ratings on 11 2007-1 CRE CDOs
CITIGROUP COMMERCIAL: Moody's Reviews Ratings on 2006-FL2 Certs.
CITIZENS BANK: S&P Downgrades Ratings on Two Bond Issues
CITY OF FLINT: Fitch Assigns 'BB+' Rating on Hospital Bonds
COMM 2006-FL12: Moody's Reviews Ratings on 44 Classes of Notes

COMPUCREDIT ACQUIRED: Moody's Downgrades Ratings on Three Notes
CORTS TRUST: S&P Downgrades Rating on $27 Mil. Certificates
CREDIT SUISSE: Moody's Reviews Ratings on Nine Pooled Classes
CREDIT SUISSE: Moody's Reviews Ratings on 13 2004-C3 Certificates
CREDIT SUISSE: S&P Cuts Ratings on Two 2001-FL2 Certs. to 'D'

CRESS 2008-1: S&P Downgrades Ratings on 15 Classes of CRE CDO
CSFB 2006-TFL2: Moody's Reviews Ratings on 17 Classes of Notes
E*TRADE ABS: Fitch Downgrades Ratings on Three Classes of Notes
EMPIRE FUNDING: S&P Downgrades Ratings on Six Classes to 'D'
FAIRFAX FINANCIAL: Fitch Assigns 'BB-' Rating on Preferred Shares

FIRST COMMERCIAL: S&P Puts 'BB+/B' Ratings on Two Bond Issuances
FMC REAL: S&P Downgrades Ratings on Nine Classes of 2005-1 CRE CDO
G-STAR 2004-4: Fitch Downgrades Ratings on Six Classes of Notes
GTP TOWERS: Fitch Rates Two Classes of Series 2010-1 Notes
HARVEY, ILLINOIS: Fitch Cuts Rating on $30MM 2007 GO Bonds to B

HOMETOWN COMMERCIAL: S&P Downgrades Ratings on Eight Certificates
ILLINOIS FINANCE: Fitch Assigns 'BB-' Rating on $33.3 Mil. Bonds
INA CBO: Fitch Downgrades Ratings on Two Classes of 1999-1 Notes
INMOBILIARIA FUMISA: Moody's Confirms 'Ba2' Rating on Bonds
JP MORGAN: Moody's Reviews Ratings on 15 2004-C3 Certificates

LAKESIDE CDO: Fitch Downgrades Ratings on Four Classes of Notes
LEE COUNTY: S&P Downgrades Long-Term Ratings to 'BB'
MERRILL LYNCH: Fitch Affirms 'CCC/RR1' Rating on Class F Notes
MERRILL LYNCH: Moody's Takes Rating Actions on 2005-MKB2 Notes
MORGAN STANLEY: S&P Withdraws 'CCC-' Rating on Class II Notes

MRU STUDENT: Moody's Downgrades Ratings on Four 2007-A Tranches
N-STAR REL: S&P Downgrades Ratings on 12 2006-1 CRE CDOs
N-STAR REL: S&P Downgrades Ratings on Seven N-Star REL CRE CDO
NOMURA CRE: S&P Downgrades Ratings on 16 Classes of 2007-2 CRE CDO
PROVIDENT FINANCING: Fitch Puts B+ Rating on 7.405% Jr. Securities

REVE SPC: S&P Withdraws 'CCC-' Rating on Class A Notes
SCOTTISH RE: S&P Withdraws Ratings on Three XXX Securitizations
SENIOR ABS: Fitch Cuts Ratings on $11.6 Mil. Certs. to 'BB/LS4'
SIGNUM VERMILION: S&P Withdraws 'B+' Rating on 2007-1 Notes
TRINITY HIGHER: Fitch Maintains Ratings on Student Loans

* Fitch Puts Ratings on 179 CDO Notes on Negative Watch
* S&P Corrects Ratings on 58 Classes From 12 RMBS Transactions
* S&P Downgrades Ratings on 18 Classes From Seven RMBS Deals
* S&P Downgrades Ratings on 22 Classes From 12 RMBS Transactions
* S&P Downgrades Ratings on 45 Classes From Three RMBS Deals

* S&P Downgrades Ratings on 52 Tranches From 14 CLO Transactions
* S&P Downgrades Ratings on 68 Classes From 14 RMBS Transactions
* S&P Downgrades Ratings on 84 Classes From 27 RMBS Transactions
* S&P Downgrades Ratings on 156 Classes From 19 RMBS Transactions
* S&P Downgrades Ratings on 5,589 Classes From 830 RMBS Deals



                            *********





ANSONIA CDO: S&P Downgrades Ratings on 13 Classes of CRE CDOs
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 13
classes from Ansonia CDO 2007-1 Ltd., a hybrid commercial real
estate collateralized debt obligation transaction.  Eight of the
lowered ratings remain on CreditWatch with negative implications,
while S&P removed the remaining five from CreditWatch negative.
At the same time, S&P affirmed its ratings on four other classes
from the same transaction and removed them from CreditWatch
negative.

The downgrades primarily reflect S&P's analysis of the transaction
following its rating actions on commercial mortgage-backed
securities, CRE CDO securities, and resecuritized real estate
mortgage investment conduit securities that serve as underlying
collateral for Ansonia 2007-1.  The underlying securities are from
24 transactions and total $225 million (45% of the total asset
balance).  Eight ratings on Ansonia 2007-1 remain on CreditWatch
negative due to the transaction's exposure to CMBS collateral with
ratings on CreditWatch negative ($125 million, 25%).

According to the Jan. 19, 2010, trustee report, the collateral for
Ansonia 2007-1 consists of credit default swaps referencing 53
CMBS, CRE CDO, and re-REMIC classes ($450 million, 90%) from 51
distinct transactions issued between 2004 and 2007.  The
collateral also consists of seven CMBS and CRE CDO ($50 million,
10%) classes from seven distinct transactions issued between 2005
and 2006.  Ansonia 2007-1 has exposure to these transactions that
Standard & Poor's has downgraded:

* Ansonia CDO 2006-1 Ltd. (class D; $10 million, 2%);

* Banc of America Commercial Mortgage Trust 2006-1 (class J;
  $10 million, 2%);

* GE Commercial Mortgage Corp. Series 2006-C1 (class H;
  $10 million, 2%); and

* ML-CFC Commercial Mortgage Trust 2006-2 (class H; $10 million,
  2%).

S&P will update or resolve the CreditWatch negative placements on
Ansonia 2007-1 in conjunction with S&P's CreditWatch resolutions
of the reference CMBS classes.

      Ratings Lowered And Remaining On Creditwatch Negative

                     Ansonia CDO 2007-1 Ltd.

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

      Ratings Lowered And Removed From Creditwatch Negative

                     Ansonia CDO 2007-1 Ltd.

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

      Ratings Affirmed And Removed From Creditwatch Negative

                      Ansonia CDO 2007-1 Ltd.

                                Rating
                                ------
         Class            To               From
         -----            --               ----
         N                CCC-             CCC-/Watch Neg
         O                CCC-             CCC-/Watch Neg
         P                CCC-             CCC-/Watch Neg
         Q                CCC-             CCC-/Watch Neg


BANK OF NORTH: S&P Puts 'BB+/B' Ratings on Eight Bond Issuances
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+/B' ratings on
eight bond issuances that are supported by Bank of North Georgia
letters of credit on CreditWatch with negative implications.

The ratings on the affected issues are based on the credit and
liquidity support that Bank of North Georgia (BB+/Watch Neg/B)
provides in the form of LOCs.  The LOCs provide for the full and
timely payment of interest and principal according to the
transactions' terms.

The rating actions reflect the Feb. 8, 2010, placement of its
long- and short-term counterparty credit ratings on Bank of North
Georgia on CreditWatch with negative implications.

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 Placed On Creditwatch Negative

                   BB Auto Land of Roswell LLC
       $8.735 mil tax var rt secs ser 2003A due 05/01/2023

                                     Rating
                                     ------
            CUSIP            To                   From
            -----            --                   ----
            05527UAA4        BB+/Watch Neg/B      BB+/B

                        Chatham Centre LLC
      $3.96 mil taxable var rt secs ser 2002 due 03/01/2022

                                     Rating
                                     ------
            CUSIP            To                   From
            -----            --                   ----
            161875AA7        BB+/Watch Neg/B      BB+/B

                           Douglas Cnty
       $1.7 mil indl dev rev bnds ser 2003 due 11/01/2018

                                     Rating
                                     ------
            CUSIP            To                   From
            -----            --                   ----
            259025BS2        BB+/Watch Neg/B      BB+/B

                   The Exchange at Hammond LLC
     $17 mil taxable var rt dem bnds ser 2002 due 08/01/2022

                                     Rating
                                     ------
            CUSIP            To                   From
            -----            --                   ----
            30086RAA2        BB+/Watch Neg/B      BB+/B

                          Lock Inns Inc.
      $3.665 mil taxable var rt secs ser 2003 due 02/01/2023

                                     Rating
                                     ------
            CUSIP            To                   From
            -----            --                   ----
            53965PAA4        BB+/Watch Neg/B      BB+/B

                   Morgan Valley Properties LLC
   $10.5 mil var/fixed rate taxable prom nts nts ser 2006A due
                           08/01/2031

                                     Rating
                                     ------
            CUSIP            To                   From
            -----            --                   ----
            61749XAB1        BB+/Watch Neg/B      BB+/B

             Peachtree Crest Professional Offices LLC
        $3.825 mil var rt dem bnds ser 2003 due 03/01/2023

                                     Rating
                                     ------
            CUSIP            To                   From
            -----            --                   ----
            70466SAA6        BB+/Watch Neg/B      BB+/B

                 Southeastern Partners Realty I
         $4.9 mil var rt dem bnds ser 2003 due 11/01/2023

                                     Rating
                                     ------
            CUSIP            To                   From
            -----            --                   ----
            842016AA5        BB+/Watch Neg/B      BB+/B


BARRAMUNDI CDO: S&P Downgrades Ratings on Eight Notes to 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D' on
eight classes of notes from Barramundi CDO I Ltd., Cairn High
Grade ABS CDO II Ltd., and Zais Investment Grade Ltd. VIII, three
hybrid collateralized debt obligation transactions.

These rating actions reflect the implementation of S&P's criteria
for ratings on CDO transactions that have triggered an event of
default and may be subject to acceleration or liquidation.

S&P has received notices from the trustees for the three affected
transactions stating that the liquidation of the portfolio assets
is complete and that the available proceeds were insufficient to
pay the noteholders in full.

                          Rating Actions

                                                  Rating
                                                  ------
      Deal Name                          Class   To    From
      ---------                          -----   --    ----
      Barramundi CDO I Ltd.              C       D     CC
      Barramundi CDO I Ltd.              D       D     CC
      Barramundi CDO I Ltd.              E       D     CC
      Cairn High Grade ABS CDO II Ltd.   C       D     CC
      Cairn High Grade ABS CDO II Ltd.   D       D     CC
      Zais Investment Grade Ltd. VIII    A-1     D     CCC-
      Zais Investment Grade Ltd. VIII    C       D     CC
      Zais Investment Grade Ltd. VIII    D       D     CC


BLUE BELL: Fitch Takes Rating Actions on Various Classes
--------------------------------------------------------
Fitch Ratings has downgraded two classes, affirmed two classes and
assigned ratings to one class of notes issued by Blue Bell
Funding, Ltd. as a result of continued credit deterioration in the
portfolio since Fitch's last rating action in September 2008.

As of the Jan. 28, 2010 trustee report, the current balance of the
portfolio is approximately $989.7 million.  Approximately 68% of
the portfolio has been downgraded since September 2008, resulting
in approximately 47.4% of the portfolio with a Fitch derived
rating below investment grade and 39.1% with a rating in the 'CCC'
rating category or below, compared to 15.2% and 8.8%,
respectively, at last review.

This review was conducted under the framework described in the
reports 'Global Structured Finance Rating Criteria' and 'Global
Rating Criteria for Structured Finance CDOs'.  The Structured
Finance Portfolio Credit Model and Fitch's cash flow model were
not used in this review due to the extent of deterioration in the
portfolio.

Based on the credit quality of the remaining portfolio, Fitch
believes default is inevitable for all classes of notes issued by
Blue Bell.

The Jan. 28, 2010 trustee report shows that $323.8 million, or
32.7%, of the portfolio is considered defaulted by the
transaction's governing documents, leaving $666 million of non-
defaulted assets.  Given low expected recoveries on the defaulted
portion of the portfolio, the most senior class of notes, with a
current balance of $923.6 million, is significantly
undercollateralized.  While some excess spread is being used to
redeem that class, it is not sufficient to make up for the
undercollateralization.

Blue Bell is a structured finance collateralized debt obligation
that closed on Dec. 5, 2003 and is now managed by Ventras Capital
Advisors LLC, replacing Capmark Investments LP in September 2009.
The portfolio is composed of residential mortgage-backed
securities (58.6%), commercial mortgage-backed securities (28.9%)
and SF CDOs (12.5%).

The most senior class of notes was initially comprised of
remarketable commercial paper notes, which were subsequently put
to Citibank, N.A. as funding notes maturing in December 2038.  As
a result, the commercial paper notes are now marked paid in full,
and a long-term rating is issued to the funding notes.

Fitch has taken various rating actions on Blue Bell as indicated
below:

  -- Commercial paper notes rated 'F1+' have been paid in full;
  -- $923,574,089 funding notes assigned 'C';
  -- $55,000,000 class A-1 notes downgraded to 'C' from 'CCC';
  -- $20,000,000 class A-2 notes downgraded to 'C' from 'CC';
  -- $39,562,734 class B notes affirmed at 'C';
  -- $22,693,220 class C notes affirmed at 'C'.


BRAZOS HIGHER: Fitch Maintains Ratings on Student Loans
-------------------------------------------------------
Fitch Ratings currently maintains ratings on student loan asset-
backed securities issued by Brazos Higher Education Authority
Inc., under an Amended and Restated Indenture, dated as of Feb. 1,
2007, between BHEA and U.S. Bank National Association, as Trustee.
BHEA has requested that Fitch confirm its existing ratings on the
securities issued under the Indenture upon the adoption and
effectiveness of a supplemental indenture.  Consistent with its
statements on policies regarding rating confirmations in
structured finance transactions (Jan. 13, 2009) and student loan
confirms (May 8, 2009), Fitch is treating this request as a
notification.

The Supplement permits BHEA to use funds held under the Indenture
that are deposited into the bond redemption fund to purchase
outstanding auction rate securities issued under the Indenture at
a price less than par.  Bondholder participation in any such
purchases is voluntary.  Amounts held in the bond redemption fund
are currently used to redeem securities at par plus accrued
interest.  Any securities purchased by BHEA at a discount with
amounts held in the principal distribution fund will be required
to be immediately tendered to the Trustee for cancellation.

Based on the information provided, Fitch has determined that the
execution and delivery of the Supplement and the changes to the
Indenture contained in the Supplement will not have an impact on
the existing ratings on the securities issued under the Indenture.
This determination only addresses the effect of the Supplement and
its changes on the current ratings assigned by Fitch to the
securities issued under the Indenture and listed below.  It does
not address whether this change is permitted by the terms of the
documents nor does it address whether it is in the best interests
of, or prejudicial to, some or all of the holders of the
securities listed.

Based on the trust estate's balance sheet as of Sept.30, 2009, if
any securities are purchased at a discount under the Supplement
the result on the trust estate would likely be positive.  Fitch
would expect increases in the senior and total parity ratios, as
well as the subordination level for the senior securities.  Both
the composition of the loan pool held under the Indenture and the
weighted average coupon rate of the securities are not expected to
change materially.

The ratings assigned by Fitch are based on the documents and
information provided to Fitch by BHEA and other parties and the
receipt of final closing documents.  Fitch relies on all these
parties for the accuracy of such information and documents.  Fitch
did not audit or verify the truth or accuracy of such information.

The student loan asset-backed securities, which include auction
rate securities issued under the Indenture by BHEA, are currently
rated by Fitch:

Brazos Higher Education Authority. (1992-C Indenture)

  -- Senior series 2002 A-2 bonds 'AAA';
  -- Senior series 2002 A-3 bonds 'AAA';
  -- Senior series 2003 A-1 bonds 'AAA';
  -- Senior series 2007 A-1 bonds 'AAA';
  -- Senior series 2007 A-2 bonds 'AAA';
  -- Senior series 2007 A-3 bonds 'AAA';
  -- Senior series 2007 A-4 bonds 'AAA';
  -- Subordinate series 2001 B-1 bonds 'BB'.


BRAZOS STUDENT: Fitch Maintains Ratings on Student Loans
--------------------------------------------------------
Fitch Ratings currently maintains ratings on student loan asset-
backed securities issued by Brazos Student Finance Corporation
under an Amended and Restated Indenture dated as of Feb. 1, 2004,
between BSFC and U.S. Bank National Association as Trustee.  BSFC
has requested that Fitch confirm its existing ratings on the
securities issued under the Indenture upon the adoption and
effectiveness of a supplemental indenture.  Consistent with its
statements on policies regarding rating confirmations in
structured finance transactions (Jan. 13, 2009) and student loan
confirms (May 8, 2009), Fitch is treating this request as a
notification.

The Supplement permits BSFC to use funds held under the Indenture
that are deposited in the principal distribution fund to be used
to purchase outstanding auction rate securities issued under the
Indenture at a price less than par.  Bondholder participation in
any such purchases is voluntary.  Amounts held in the principal
distribution fund are currently used to redeem securities at par
plus accrued interest.  Any securities purchased by BSFC at a
discount with amounts held in the principal distribution fund will
be required to be immediately tendered to the Trustee for
cancellation.

Based on the information provided, Fitch has determined that the
execution and delivery of the Supplement and the changes to the
Indenture contained in the Supplement will not have an impact on
the existing ratings on the securities issued under the Indenture.
This determination only addresses the effect of the Supplement and
its changes on the current ratings assigned by Fitch to the
securities issued under the Indenture and listed below.  It does
not address whether this change is permitted by the terms of the
documents nor does it address whether it is in the best interests
of, or prejudicial to, some or all of the holders of the
securities listed.

Based on the trust estate's balance sheet as of Dec. 31, 2009, if
any securities are purchased at a discount under the Supplement,
the result on the trust would likely be positive.  Fitch would
expect increases in the senior and total parity ratios of the
trust estate, as well as the subordination level for the senior
securities.  Both the composition of the loan pool held under the
Indenture and the weighted average coupon rate of the securities
are not expected to change materially.

The ratings assigned by Fitch are based on the documents and
information provided to Fitch by BSFC and other parties and the
receipt of final closing documents.  Fitch relies on all these
parties for the accuracy of such information and documents.  Fitch
did not audit or verify the truth or accuracy of such information.


BRAZOS STUDENT: Fitch Maintains Ratings on Various Student Loans
----------------------------------------------------------------
Fitch Ratings currently maintains ratings on student loan asset-
backed securities issued by Brazos Student Finance Corporation
under an Indenture dated as of April 1, 2003, between BSFC and
U.S. Bank National Association, as Trustee.  BSFC has requested
that Fitch confirm its existing ratings on the securities issued
under the Indenture upon the adoption and effectiveness of a
supplemental indenture.  Consistent with its statements on
policies regarding rating confirmations in structured finance
transactions (Jan. 13, 2009) and student loan confirms (May 8,
2009), Fitch is treating this request as a notification.

The Supplement permits BSFC to use funds held under the Indenture
that are deposited into the principal distribution fund to be used
to purchase outstanding auction rate securities issued under the
Indenture at a price less than par.  Bondholder participation in
any such purchases is voluntary.  Amounts held in the principal
distribution fund are currently used to redeem securities at par
plus accrued interest.  Any securities purchased by BSFC at a
discount with amounts held in the principal distribution fund will
be required to be immediately tendered to the Trustee for
cancellation.

Based on the information provided, Fitch has determined that the
execution and delivery of the Supplement and the changes to the
Indenture contained in the Supplement will not have an impact on
the existing ratings on the securities issued under the Indenture.
This determination only addresses the effect of the Supplement and
its changes on the current ratings assigned by Fitch to the
securities issued under the Indenture and listed below.  It does
not address whether this change is permitted by the terms of the
documents nor does it address whether it is in the best interests
of, or prejudicial to, some or all of the holders of the
securities listed.

Based on the trust estate's balance sheet as of Sept. 30, 2009, if
any securities are purchased at a discount under the Supplement,
the result on the trust estate would likely be positive.  Fitch
would expect increases in the senior and total parity ratios, as
well as the subordination level for the senior securities.  Both
the composition of the loan pool held under the Indenture and the
weighted average coupon rate of the securities are not expected to
change materially.

The ratings assigned by Fitch are based on the documents and
information provided to Fitch by BSFC and other parties and the
receipt of final closing documents.  Fitch relies on all these
parties for the accuracy of such information and documents.  Fitch
did not audit or verify the truth or accuracy of such information.

The student loan asset-backed securities, which include auction
rate securities issued under the Indenture by BSFC, are currently
rated by Fitch:

Brazos Student Finance Corporation. (2003-1 Indenture)

  -- Senior series 2003 A-3 notes 'AAA';
  -- Senior series 2003 A-4 notes 'AAA';
  -- Subordinate series 2003 B-1 notes 'BB'.


CABELA'S CREDIT: Fitch Rates 'BB+' Rating on Class D Notes
----------------------------------------------------------
Fitch rates Cabela's Credit Card Master Note Trust, series 2010-I:

  -- $255,000,000 class A asset-backed notes 'AAA';
  -- $24,000,000 class B asset-backed notes 'A+';
  -- $12,750,000 class C asset-backed notes 'BBB+';
  -- $8,250,000 class D asset-backed notes 'BB+'.

The Rating Outlook is Stable for all classes.

Fitch's ratings are based on the underlying receivables pool,
available credit enhancement, World's Foremost Bank's underwriting
and servicing capabilities, and the transaction's legal and cash
flow structures, which employ early redemption triggers.


CANADIAN REGIONAL: Moody's Downgrades Ratings on Class A Notes
--------------------------------------------------------------
Moody's has downgraded the Class A notes of the Canadian Regional
Aircraft Finance Transaction No. 1 1998-A aircraft securitization
from B2 to Caa1 and placed these notes on review for further
possible downgrade.  The action follows the January 5, 2010
Chapter 11 bankruptcy filing of Mesa Air Group Inc. and most of
its subsidiaries, including Mesa Airlines, Inc.  Mesa Airlines
operates eleven CRJ-200 aircraft from CRAFT, which together
represent approximately 27% of CRAFT's portfolio by value.
Separately, Mesa Airlines also operates fifteen CRJ-900 aircraft
pursuant to agreements with RASPRO Trust 2005-1, and as described
further below, Moody's does not believe the Mesa bankruptcy filing
will have a ratings impact on the notes issued by RASPRO Trust
2005-1 despite this substantial exposure.

In its Ch. 11 filing Mesa said that the bankruptcy "will allow
Mesa to eliminate excess aircraft to better match its needs and
give Mesa the flexibility to align its business to the changing
regional airline marketplace" Importantly, the bankruptcy filing
specified 77 excess aircraft by type -- 35 Canadian Regional Jet
CRJ-200, 12 Embraer Regional Jet ERJ-145, 10 Dash-8, and 20
Beechcraft-1900.  The CRAFT transaction includes CRJ-200 aircraft
while the RASPRO transaction has no CRJ-200s but rather CRJ-900s
and the latter are not cited in Mesa's announcement.  This, in
brief, accounts for Moody's divergent conclusions regarding the
impact of the bankruptcy on the respective transactions.

The complete rating action is:

Issuer: Canadian Regional Aircraft Finance Transaction No.  1
Trust 1998-A

  -- Class A Floating Rate Notes due May 15, 2020, downgraded to
     Caa1 and placed on review for possible downgrade; previously
     downgraded to B2 on August 17, 2009.

The CRAFT transaction is backed by finance and lease cashflows and
aircraft values associated with a portfolio of 45 Bombardier-
manufactured Dash 8 and Canadian Regional Jet aircraft.  In the
wake of airline bankruptcies earlier in the deal's life, a
substantial number of aircraft in the CRAFT portfolio came off
their original finance leases and have spent varying periods of
time off-lease, which lowered leasing revenues to date and slowed
amortization, and subsequently certain of the re-marketing
transactions were concluded as operating leases.  Operating leases
generate less certain cash flow as compared to full payout finance
leases and loans.

In its bankruptcy filing, Mesa announced plans to eliminate 35 out
of its 48 CRJ-200 aircraft.  Therefore, Moody's believe Mesa is
likely to keep the 13 CRJ-200 aircraft which are most economic.
This leads us to conclude that the leases and/or loan obligations
relating to the CRAFT CRJ-200s operated by Mesa Airlines, nine
under leveraged leases and two under loan agreements, are likely
to be subject to one of these scenarios: the aircraft may be given
up by Mesa; the airline may attempt to renegotiate payment terms
downward; or some combination of these.  The outcome of any of
these scenarios will adversely affect CRAFT's future cash-flows.

The Notes are currently receiving full interest payments, and have
the benefit of support from a liquidity facility if needed.
However the Notes are currently slightly behind their Target
Balance.  Based on Moody's cash flow expectations prior to Mesa
Airlines' bankruptcy, in Moody's view the Notes would have
remained close to their Target Balance in the near-term.  Moody's
now conclude the Notes will likely fall further behind and
ultimately that cash flows may prove insufficient to fully repay
the Notes.  Moody's review will focus on refining Moody's analysis
as Mesa's plans while operating under bankruptcy become clearer.

            No Rating Action Expected on Raspro Notes

Mesa Airlines operates under leveraged lease agreements fifteen
CRJ 900 aircraft from RASPRO Trust 2005-1, approximately 28% of
RASPRO's portfolio by value.  Nevertheless Moody's at this time
does not see Mesa's bankruptcy impacting the ratings of the
securities issued by RASPRO.  The CRJ-900 aircraft that Mesa
Airlines is leasing via RASPRO are relatively new fuel efficient
aircraft and are currently in active service under revenue
generating contracts with US Airways.  No CRJ-900s were designated
as 'excess' aircraft in Mesa's announcement and Moody's believe
them to be among the most valuable and useful aircraft in Mesa's
fleet.

RASPRO has three classes of rated securities: Class G Certificates
(Aa3), Class B Notes (Aa2) and Preferred Equity Amount (Aa3).  The
Class B Notes are supported by a guarantee from an affiliate of
the Province of Quebec while the other ratings reflect the
intrinsic credit of RASPRO's assets and expected cash flow.  To
date the transaction has performed according to expectations.

Finally, it should be noted that the rated RASPRO securities
benefits from ample liquidity facilities which in aggregate should
be more than sufficient to address any liquidity issues arising as
a result of the bankruptcy.  Furthermore, each lessee airline,
including Mesa, has its own reserve account, a feature which
disincents Mesa, to some degree, against defaulting on its
obligations.

Nevertheless, the outcome of Mesa's reorganization cannot be
predicted.  Moody's will continue to monitor events for possible
impact on the rated securities.


CAPITAL ONE: Fitch Affirms Ratings on Class C Notes at 'BB'
-----------------------------------------------------------
Fitch Ratings has completed a review of Capital One Cobalt Master
Note Trust and affirmed the outstanding ratings:

Series 2002-1

  -- Class C at 'BB'.

Series 2004-1

  -- Class C at 'BB'.

This review evaluates historical performance of the trust,
including an examination of any changes to key metrics and trust
composition, as well as an assessment of the total credit
enhancement available to each deal.  While Fitch does expect
certain performance metrics to deteriorate given current economic
conditions, Fitch believes the trust has sufficient credit
enhancement and continues to perform within Fitch's expectations.
Fitch will continue to monitor the state of the collateral and its
potential impact on the outstanding notes closely.

While Fitch's surveillance efforts are continuous and include a
review of monthly servicing reports to monitor transaction
performance, more detailed portfolio reviews are conducted
periodically.


CBRE REALTY: S&P Downgrades Ratings on 11 2007-1 CRE CDOs
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 11
classes from CBRE Realty Finance CDO 2007-1 Ltd., also known as
RFC CDO 2007-1, a commercial real estate collateralized debt
obligation transaction.  S&P removed all 11 ratings from
CreditWatch with negative implications.  At the same time, S&P
affirmed its ratings on three other classes from this transaction.

The downgrades follow S&P's analysis of the transaction using its
recently updated U.S. CRE CDO criteria, which was the primary
driver of its rating actions.  S&P's analysis included a review of
the current credit characteristics of all of the collateral assets
and the transaction's liability structure.

According to the Dec. 30, 2009, trustee report, the transaction's
current asset pool includes these:

* Nineteen whole loans and senior interest loans ($482.9 million,
  51.6% of the collateral pool);

* Fourteen subordinate interest loans ($235.6 million, 25.2%);

* Forty-two CMBS tranches ($205.9 million, 22.0%);

* One CRE CDO tranche ($5.0 million, 0.53%); and

* Cash ($5.8 million, 0.62%).

S&P reviewed and updated its credit estimates for all of the
nondefaulted loan assets.  S&P based these analyses on its
adjusted net cash flow, which S&P derived from the most recent
financial data provided by the collateral manager, CW Capital LLC,
and the trustee, Bank of America Merrill Lynch, as well as market
and valuation data from third-party providers.

The trustee report notes nine defaulted loans in the pool
($208.4 million, 22.3%), as well as three defaulted securities
($14.7 million, 1.6%).  The amount of defaulted assets has also
negatively affected the transaction's three par value and three
interest coverage tests, all of which the transaction has failed
since November 2009.  Standard & Poor's estimated asset-specific
recovery rates for the loan assets reported as defaulted, which
ranged from 0.00% to 74.8%.  S&P based the recovery rates on
information from the collateral manager, special servicer, and
third-party data providers.  The defaulted assets are:

* The Crossings first mortgage loan ($35.7 million, 3.8%);

* The Country Club Apartments first mortgage loan ($30.7 million,
  3.3%);

* The Greenbriar Apartments first mortgage loan ($27.4 million,
  2.9%);

* The North Island Financial first mortgage loan ($24.8 million,
  2.7%);

* The Riverton Apartments subordinate interest loan
  ($25.0 million, 2.7%);

* The W Hotel & Residences subordinate interest loan
  ($25.0 million, 2.7%);

* The Primera Court I&II and University Court first mortgage loan
  ($15.8 million, 1.7%);

* The Resorts International subordinate interest loan
  ($13.4 million, 1.4%);

* The Motown USA first mortgage loan ($10.5 million, 1.1%);

* The Wachovia Bank Commercial Mortgage Trust 2006-C28 CMBS
  security ($6.0 million, 0.64%);

* An LNR CDO Ltd. 2002-1A CRE CDO tranche ($5.0 million, 0.53%);
  and

* A Chase Commercial Mortgage Securities Corp. 2000-2 CMBS
  security ($3.7 million, 0.39%).

Standard & Poor's analyzed the transaction and its underlying
collateral assets in accordance with its current criteria,
including its updated U.S. CRE CDO criteria.  S&P's analysis is
consistent with the lowered and affirmed ratings.

       Ratings Lowered And Removed From Creditwatch Negative

                  CBRE Realty Finance CDO 2007-1
                  Collateralized debt obligation

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

                         Ratings Affirmed

                  CBRE Realty Finance CDO 2007-1
                  Collateralized debt obligation

                        Class     Rating
                        -----     ------
                        J         CCC-
                        K         CCC-
                        L         CCC-


CITIGROUP COMMERCIAL: Moody's Reviews Ratings on 2006-FL2 Certs.
----------------------------------------------------------------
Moody's Investors Service placed 20 commercial mortgage backed
securities classes of Citigroup Commercial Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series 2006-FL2
under review for possible downgrade.  These include eight pooled
classes due to deterioration in the overall performance of the
assets in the trust and the 12 non-pooled, or rake, classes due to
performance issues specific to the City National Plaza Loan,
CarrAmerica National Pool Portfolio Loan, the CarrAmerica CARP
Pool Loan, the Radisson Ambassador Plaza Hotel & Casino Loan, and
the Snake River Lodge & Spa Loan.

There are eight loans remaining in the pool.  The largest loan is
the City National Plaza loan representing 66% of the pooled
balance.  There are no loans in special servicing.  Moody's review
will focus on the performance of the overall pool.

Moody's rating action is:

  -- Class D, $38,790,000, Aaa Placed Under Review for Possible
     Downgrade; previously on July 17, 2008 Upgraded to Aaa

  -- Class E, $26,855,000, Aa1 Placed Under Review for Possible
     Downgrade; previously on July 17, 2008 Upgraded to Aa1

  -- Class F, $26,855,000, Aa2 Placed Under Review for Possible
     Downgrade; previously on July 17, 2008 Upgraded to Aa2

  -- Class G, $23,871,000, A1 Placed Under Review for Possible
     Downgrade; previously on July 17, 2008 Upgraded to A1

  -- Class H, $20,887,000, A3 Placed Under Review for Possible
     Downgrade; previously on November 14, 2006 Assigned A3

  -- Class J, $22,379,000, Baa1 Placed Under Review for Possible
     Downgrade; previously on November 14, 2006 Assigned Baa1

  -- Class K, $22,380,000, Baa3 Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Baa3

  -- Class L, $23,871,082, Ba3 Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Ba3

  -- Class CNP-1, $10,409,815, Baa3 Placed Under Review for
     Possible Downgrade; previously on March 3, 2009 Downgraded to
     Baa3

  -- Class CNP-2, $19,756,741, Ba1 Placed Under Review for
     Possible Downgrade; previously on March 3, 2009 Downgraded to
     Ba1

  -- Class CNP-3, $5,089,327, Ba2 Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Ba2

  -- Class RAM-1, $2,000,000, B1 Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to B1

  -- Class RAM-2, $2,400,000, B2 Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to B2

  -- Class SRL, $1,100,000, Ba3 Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Ba3

  -- Class CAC-1, $257,664, A3 Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to A3

  -- Class CAC-2, $176,519, Baa1 Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Baa1

  -- Class CAC-3, $205,253, Baa3 Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Baa3

  -- Class CAN-1, $710,989, A3 Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to A3

  -- Class CAN-2, $1,054,145, Baa1 Placed Under Review for
     Possible Downgrade; previously on March 3, 2009 Downgraded to
     Baa1

  -- Class CAN-3, $2,067,150, Baa3 Placed Under Review for
     Possible Downgrade; previously on March 3, 2009 Downgraded to
     Baa3


CITIZENS BANK: S&P Downgrades Ratings on Two Bond Issues
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on two bond
issues supported by Citizens Bank letters of credit.

The long- and short-term components of S&P's rating on Oakland
County Economic Development Corp.'s series 2002 bonds are based on
its long- and short-term issuer credit ratings on Citizens Bank
('B+/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.  Citizens Bank provides credit and liquidity support for
the bonds in the form of a LOC.

The long- and short-term components of S&P's rating on Dale G.
Mitchum M.D. FACS' series 2003 bonds are based on the joint credit
and liquidity support that Citizens Bank and Compass Bank ('A+/A-
1') provide in the form of a fronting LOC and a confirming LOC,
respectively, assuming a high correlation level.  The banks
jointly provide for the full and timely payment of the bonds'
interest, principal, and purchase price according to the
transaction's terms.

The rating actions follow the Jan. 29, 2010, lowering of S&P's
long-term issuer credit rating on Citizens Bank to 'B+' from
'BB+'.  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

                    Dale G.  Mitchum M.D.  FACS
US$2.6 mil var/fixed rate taxable secd nts ser 2003 due 10/01/2033

                                  Rating
                                  ------
       CUSIP              To                     From
       -----              --                     ----
       606700AA0          A+/A-1                 AA-/A-1+

                    Oakland Cnty Econ Dev Corp.
US$5 mil var rate dem ltd oblig rev bnds ser 2002 due 08/01/2037

                                     Rating
                                     ------
          CUSIP              To                     From
          -----              --                     ----
          672523FM4          B+/B                   BB+/B


CITY OF FLINT: Fitch Assigns 'BB+' Rating on Hospital Bonds
-----------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to the $35,000,000 City
of Flint Hospital Building Authority, series 2010, to be issued
for the benefit of Hurley Medical Center.  In addition, Fitch
affirms HMC's approximately $74.1 million of outstanding parity
debt at 'BB+'.  The Rating Outlook is Stable.

The bonds are expected to be priced the week of March 15 through
negotiated sale.  Bond proceeds will be used to expand and
renovate the emergency department, fund a debt service reserve
fund, and pay the costs of issuance.

Rating Rationale:

  -- A safety net provider serving the economically depressed
     Flint, MI, area, HMC continues to show improvement in
     operating profitability.  While operating margin and
     operating cashflow remain below Fitch 'BBB' category medians,
     management's attention to revenue cycle and payer contracting
     has improved pro forma debt service coverage by operating
     EBITDA to 1.7 times for fiscal 2009 (ended June 30).
     Coverage has improved consistently from 2006's negative 0.2x
     and is now just under the 2.3x 'BBB' category median.  The
     relative coverage strength is partly due to HMC's light debt
     burden.

  -- While operations have improved consistently over the past
     three and one-half years, uncertainty regarding the potential
     for further economic deterioration in the service area and
     for the continuation of current Medicaid funding levels given
     the state's budget distress preclude the consideration of
     positive rating action at this time.

  -- HMC held approximately $78.6 million in unrestricted cash and
     investments at fiscal year end, which translated into 84.5
     days cash on hand, 8.3x pro forma cushion ratio and 89.4% pro
     forma cash to debt.  All of these ratios exceed the below
     investment grade medians.

  -- HMC operates in a competitive marketplace, but has maintained
     a stable 42.6% market share in its primary service area.

Key Rating Drivers:

  -- Sustained operating profitability through improved expense
     controls.  The demonstrated ability to generate operating
     cash flow consistent with 'BBB' category medians through the
     current local and regional economic cycle would be necessary
     to consider positive rating action.

  -- Although volumes on the inpatient side continue to mildly
     decline, outpatient volumes have seen growth.  Rating
     stability depends on the maintenance or growth of the overall
     level of business.

  -- Potential changes to Medicaid funding on a national and local
     level will play a significant role in HMC's ability to
     continue improving profitability.  Any reductions of provider
     payment rates or restrictions in eligibility will need to be
     met by programmatic adjustments to maintain an adequate
     financial profile.

Security:

The 2010 bonds are secured by net revenues of HMC and a debt
service reserve fund.

Credit Summary:

The 'BB+' rating is supported by HMC's continued financial
improvement, adequate liquidity cushion to support HMC's status as
a safety net hospital, and low debt burden.  HMC has seen year-
over-year improvements in operating results over the last four
fiscal years, moving from negative $16.8 million in operating
income (negative 5.1% operating margin and negative 0.5% operating
EBITDA margin) in fiscal 2006 to $309,000 (0.1% and 4.2%,
respectively) in fiscal 2009.  While these ratios are much
improved and generally inline with the 'BIG' medians, they remain
below the 'BBB' category medians of 1.1% and 8%, respectively.
The operating improvement is attributable to management's
turnaround plan which started in fiscal 2007, focusing on case
management, revenue cycle optimization, and improving payor
contracts, amongst other areas.  In the six-month interim period,
based solely on the hospital's operations, operating income stood
at $959,000 (0.5% and 4.5%, respectively); however, despite the
continued progression, profitability has been hampered somewhat by
increasing labor size and costs.

The operational turnaround has helped stabilize and improve HMC's
liquidity position.  At fiscal year end, HMC held approximately
$78.6 million in unrestricted cash and investments which, based on
pro forma debt figures, equates to 84.5 days cash on hand, 8.3x
cushion ratio, and 89.4% cash to debt.  All of these ratios exceed
the below investment grade medians, and generally exceed the 'BBB'
category medians.  In the interim period, unrestricted funds
increased to $82.7 million, pushing these ratios slightly higher.
Moreover, these ratios compare favorably, particularly for
liquidity relative to debt, given the relatively light debt burden
as evidenced by pro forma maximum annual debt service (MADS) of
only 2.4% of total revenues, as well as pro forma debt to
capitalization of 57.8% at fiscal year end.  Additionally, pro
forma operating EBITDA MADS coverage has steadily improved from
fiscal 2007 to 2009, going from 1.1x to 1.7x.  This ratio exceeds
the 'BIG' category median of 1.3x, but falls short of 'BBB'
category median of 2.3x.

Primary credit concerns include HMC's challenging service area and
payor mix, and inherent risks associated with HMC's emergency
department construction project.  Located in Flint, MI, HMC's
service area is characterized by below-average socioeconomic
indicators, highlighted by high unemployment and low income
levels, and a declining population base.  As a result,
governmental payors comprise 64.2% of gross revenues, and Medicaid
in particular accounts for 36.7%.  The high Medicaid load is
especially troublesome for ongoing profitability improvement, as
the federal and state governments confront large fiscal deficits,
which could lead to reimbursement cuts.  Finally, HMC, which held
a 42.6% primary service area market share in 2008, faces
competition in Genesee County from McLaren Regional Medical Center
(29.2% market share; revenue bonds rated 'AA-' by Fitch) and
Genesys Health System (22.6%).

The Stable Outlook reflects HMC's stable market share,
essentiality of services, and Fitch's expectation that operating
results will remain stable.

HMC is a 443-bed acute care teaching hospital located in Flint,
MI.  HMC had approximately $386.9 million of total revenue in
fiscal 2009.  All financial data presented is based on the
consolidated financials of HMC and Hurley Health Services (HHS), a
wholly owned subsidiary that is comprised mainly of physician
practices, unless otherwise noted.  HMC covenants to provide
annual and quarterly disclosure to the Municipal Securities
Rulemaking Board's EMMA system.


COMM 2006-FL12: Moody's Reviews Ratings on 44 Classes of Notes
--------------------------------------------------------------
Moody's Investors Service placed 44 classes of COMM 2006-FL12
under review for possible downgrade.  This includes seven pooled
classes due to the deterioration in the overall performance of the
assets in the trust and 37 non-pooled, or rake, classes due to
performance issues specific to the Blackstone/Carr America
National Portfolio Loan, the Kerzner International Portfolio Loan,
the Hotel del Coronado Loan, the Four Seasons Hualalai Loan, the
Blackstone/Carr America CAR Portfolio Loan, the Albertsons
Portfolio Loan, the Superstition Springs Loan, the MSREF Hotel
Portfolio Loan, the Legacy SoCal Portfolio Loan, the Ft.
Lauderdale Grande Loan, The Avenue at Tower City Loan, the Legacy
Bayside Loan, the Embassy Suites Loan and the Algonquin Hotel
Loan.

The certificates are collateralized by 16 floating-rate loans.
The largest three loans account for 56.2% of both the trust
balance and pooled balance.  The pool composition includes hotel
properties (59.6% of the pooled balance), office (16.7%),
multifamily (13.2%) and anchored retail (10.5%).  There is
currently one loan in special servicing (Embassy Suites Lake Buena
Vista -- 1.3% of the pooled balance).  It was transferred to
special servicing due to loan maturity.

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

Moody's rating action is:

  -- Class A-J, $507,000,000, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Aa1

  -- Class B, $93,684,442, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Aa3

  -- Class C, $65,832,310, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to A1

  -- Class D, $72,584,342, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to A2

  -- Class E, $54,016,255, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to A3

  -- Class F, $54,016,254, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Baa2

  -- Class G, $51,484,243, Placed Under Review for Possible
     Downgrade; previously on March 4, 2009 Downgraded to Baa3

  -- Class CN1, $11,367,626, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Baa1

  -- Class CN2, $7,736,257, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Baa2

  -- Class CN3, $7,695,114, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Baa3

  -- Class KR1, $70,374,323, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Ba3

  -- Class KR3, $61,985,331, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to B1

  -- Class HDC1, $5,000,000, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Ba1

  -- Class FSH1, $6,499,107, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Baa3

  -- Class FSH2, $8,666,065, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Ba1

  -- Class FSH3, $9,099,456, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Ba2

  -- Class CA1, $710,904, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to A2

  -- Class CA2, $1,105,851, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to A3

  -- Class CA3, $1,263,830, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Baa1

  -- Class CA4, $1,395,479, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Baa2

  -- Class AN3, $5,328,262, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Ba2

  -- Class MSH1, $3,300,000, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Ba2

  -- Class MSH2, $2,900,000, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Ba3

  -- Class MSH4, $4,000,000, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to B2

  -- Class FG1, $5,900,000, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Baa1

  -- Class FG2, $6,100,000, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Ba1

  -- Class FG3, $4,300,000, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Ba2

  -- Class FG4, $5,500,000, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to B1

  -- Class FG5, $7,200,000, Placed Under Review for Possible
     Downgrade; previously on March 3, 2008 Downgraded to B3

  -- Class LS1, $2,500,000, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Ba1

  -- Class LS2, $2,700,000, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Ba2

  -- Class LS3, $2,600,000, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Ba3

  -- Class TC1, $2,900,000, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to B2

  -- Class TC2, $2,400,000, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to B3

  -- Class LB1, $1,704,091, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Ba1

  -- Class LB2, $1,185,455, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Ba2

  -- Class LB3, $1,185,455, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Ba3

  -- Class ES1, $1,787,950, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to B1

  -- Class ES2, $1,688,620, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 downgraded to B2

  -- Class ES3, $1,489,958, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to B3

  -- Class AH1, $1,300,000, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Ba1

  -- Class AH2, $1,300,000, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Ba2

  -- Class AH3, $1,500,000, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to Ba3

  -- Class AH4, $1,900,000, Placed Under Review for Possible
     Downgrade; previously on March 3, 2009 Downgraded to B1


COMPUCREDIT ACQUIRED: Moody's Downgrades Ratings on Three Notes
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on three
classes of asset-backed notes issued by the CompuCredit Acquired
Portfolio Business Trust.  Additionally, Moody's has placed under
review for downgrade four classes of notes issued by the APBT, and
all five classes of rated notes issued from the CompuCredit
Acquired Portfolio Voltage Master Business Trust.  These notes are
all backed by revolving pools of primarily sub-prime, unsecured,
general purpose VISA credit card receivables.

                            Rationale

In June 2009, Moody's downgraded the notes from the APBT and the
Voltage MBT citing marked collateral performance degradation and
heightened concerns regarding CompuCredit Corporation's funding
and liquidity profile as the firm navigated a highly challenging
environment for credit card lenders.  Since then, collateral
performance has deteriorated further than expected and the
company's ability to renew one of its key funding sources remains
in question.

Given the negative secular trend in collateral performance and
credit conditions that remain constricted, CompuCredit's ability
to obtain necessary funding to replace maturing securitization
facilities is increasingly uncertain.  In response, CompuCredit
has curtailed growth in many areas of the business, including the
closure of substantially all of its credit card accounts.  For the
APBT in particular, the closure of accounts has resulted in higher
charge-off rates and lower principal payment rates than when these
accounts remained open.

Additionally, in February, CompuCredit filed WARN notices with
several state labor departments, indicating the company's
intention to reduce headcount across its servicing and customer
service call centers.  Moody's interpret these actions as a
necessary response to continued erosion in cash flows from the
company's core credit card business.  CompuCredit is the servicer
for both the APBT and Voltage MBT.  Reductions in staffing or
disruptions in operations may further compromise the ability of
CompuCredit to collect outstanding receivables, potentially
leading to higher charge-off rates and lower principal payment
rates for both trusts.

Continued weakness in collateral payment rates and charge-off
rates are unlikely to subside under the backdrop of a weak
macroeconomic environment.  Beyond these secular challenges,
CompuCredit's weakened balance sheet strength and liquidity
position increase the vulnerability of collateral performance to
an interruption in servicing, or reduced efficacy of existing
servicing operations.  Moody's ratings action considers the unique
structures of the rated notes, doubts and uncertainty surrounding
CompuCredit's ability to fund and service their card programs, and
the cumulative effects of performance degradation on the
likelihood of complete principal and interest repayment to
noteholders prior to their legal final maturity dates.

          CompuCredit Acquired Portfolio Business Trust

For the APBT, the closure of accounts in early 2009 contributed
substantially to the mid-year spike in the charge-off rate at
nearly 40%.  Charge-off rates have since subsided, but remain
elevated at just above 20%.  In addition to higher charge-offs,
the trust's payment rate steadily declined throughout the year.
As of December 2009, the APBT principal payment rate was 2.4%,
approximately 33% below its year-ago level.  The combination of
account closures eliminating cardholder utility, and the
macroeconomic environment of persistently high unemployment,
reduces the likelihood of a reversal in these negative performance
trends.  The potential for discontinuity in servicing further
amplifies the downside risks to collateral performance.

With the payment rate remaining weak, the current pro-rata
allocation of available principal collections to the APBT Class A-
1, A-2, A-3, and A-4 notes makes the complete return of principal
to these Class A noteholders prior to their January 2014 legal
final maturity date increasingly uncertain.  The Class A
noteholders' main sources of credit protection are the Class B
subordinate notes and over-collateralization.  As of December, the
combination of these amounts totaled 58.5% of the notes
outstanding plus the over-collateralization amount.  If this
percentage falls below 20%, the priority of principal payments
among the Class A notes will switch from pro rata to sequential.
Early amortization, therefore, would increase the likelihood that
the senior Class A-1 notes would be fully repaid.  Principal
payments to Class B noteholders, however, are subordinated to the
Class A noteholders and are therefore likely to sustain
significant principal losses.

   CompuCredit Acquired Portfolio Voltage Master Business Trust

The accounts in the Voltage MBT, for which CompuCredit is one of
three equal partners, have not been closed, and continue to
exhibit relatively stable purchase activity.  Although the
accounts in Voltage MBT remain open, charge-offs rose during 2009.
During January, the charge-off rate reached an all-time high of
25.6%.  Current delinquency rates also remain high, and under the
backdrop of persistent unemployment are likely to remain at
elevated levels throughout 2010.

The Voltage MBT principal payment rate has also been dropping.
The January payment rate of 3.3% establishes a new all-time low
point for this trust.  Repayment of principal by the legal final
maturity date becomes less likely if the payment rate continues to
weaken, especially if it coincides with a weakening in the
purchase rate, or rise in the charge-off rate.  If the ongoing
operation of the credit card program becomes unprofitable or
unfeasible, the closure of cardholder accounts could ensue
resulting in a further deleterious effect on both the charge-off
rate and the payment rate of the trust.  As with the APBT,
CompuCredit acts as servicer on the Voltage MBT accounts, exposing
the trust's collateral performance to the negative effects of
potential servicing discontinuity.

The Voltage MBT trust has performance-based amortization features
related to deterioration in the payment rate or net yield that in
many negative performance scenarios will sequentially accelerate
the return of principal to Class A noteholders.  As a result of
structural features unique to this trust, Class B noteholders are
currently receiving an outsized portion of principal collections
and could be repaid within the next two years ahead of the Class A
notes.  However, if the transaction breaches an amortization
trigger, the Class B notes fall subordinate to all Class A
noteholders, jeopardizing the ultimate return of principal to
Class B noteholders before the legal final maturity date.  Over
the past year, the transaction's cushion above these performance-
based triggers has eroded.

In its review of outstanding notes of both the APBT and the
Voltage MBT, Moody's will assess CompuCredit's ability to address
current and prospective pressures on its liquidity profile, the
impact of downsized servicing operations on collections efficacy,
the relative strength of each transaction's unique structural
features, and the outlook for collateral performance in the
context of the macroeconomic environment.

The complete rating actions are:

                        Ratings Downgraded

Issuer: CompuCredit Acquired Portfolio Business Trust

  * (Amounts listed approximate issuance outstanding)

  -- $14,137,000 Class A-1 Series 2004-One Asset Backed Notes,
     Downgraded to Ba2 from Baa3; previously on June 5, 2009
     downgraded to Baa3 from Baa2

  -- $6,463,000 Class A-2 Series 2004-One Asset Backed Notes,
     Downgraded to B1 from Ba3; previously on June 5, 2009
     downgraded to Ba3 from Ba2

  -- $8,252,000 Class B Series 2004-One Asset Backed Notes,
     Downgraded to Ca from Caa3; previously on February 19, 2009
     downgraded to Caa3 from B2

               Under Review For Possible Downgrade

Issuer: CompuCredit Acquired Portfolio Business Trust

  * (Amounts listed approximate issuance outstanding)

  -- $14,137,000 Class A-1 Series 2004-One Asset Backed Notes,
     rated Ba2

  -- $6,463,000 Class A-2 Series 2004-One Asset Backed Notes,
     rated B1

  -- $3,732,000 Class A-3 Series 2004-One Asset Backed Notes,
     rated B2; previously on June 5, 2009 downgraded to B2 from B1

  -- $3,352,000 Class A-4 Series 2004-One Asset Backed Notes,
     rated Caa1; previously on June 5, 2009 downgraded to Caa1
     from B3

Issuer: CompuCredit Acquired Portfolio Voltage Master Business
Trust

  * (Amounts listed approximate issuance outstanding)

  -- $94,345,000 Class A-1 Series 2006-1 Asset Backed Notes, rated
     Ba1; previously on June 5, 2009 downgraded to Ba1 from Baa2

  -- $22,410,000 Class A-2 Series 2006-1 Asset Backed Notes, rated
     Ba3; previously on June 5, 2009 downgraded to Ba3 from Ba2

  -- $20,169,000 Class A-3 Series 2006-1 Asset Backed Notes, rated
     B3; previously on June 5, 2009 downgraded to B3 from B1

  -- $38,096,000 Class A-4 Series 2006-1 Asset Backed Notes, rated
     Caa2; previously on June 5, 2009 downgraded to Caa2 from B3

  -- $4,044,000 Class B Series 2006-1 Asset Backed Notes, rated
     Caa3; previously on February 19, 2009 downgraded to Caa3 from
     Ba2

CompuCredit, is an originator and servicer of sub-prime credit
card receivables.  CompuCredit is a wholly-owned subsidiary of
CompuCredit Holdings Corporation, headquartered in Atlanta, GA.
In addition to credit cards, the company provides the under-served
consumer credit market with a variety of other credit and related
financial services products.  As of September 30, 2009,
CompuCredit Holdings Corporation had reported assets of
approximately $729 million.


CORTS TRUST: S&P Downgrades Rating on $27 Mil. Certificates
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the
$27 million corporate-backed trust securities certificates issued
by CorTs Trust for Xerox Capital Trust I's series B to 'BB' from
'BB+' and removed it from CreditWatch with negative implications,
where it was placed on Oct. 6, 2009.

The rating on the certificates is dependent solely on the rating
on the underlying security, the $27 million 8% Xerox Capital Trust
I Series B capital securities due Feb. 1, 2027.

The rating actions reflect the Feb. 8, 2010, lowering of the
rating on the underlying security to 'BB' from 'BB+', and its
removal from CreditWatch with negative implications.


CREDIT SUISSE: Moody's Reviews Ratings on Nine Pooled Classes
-------------------------------------------------------------
Moody's Investors Service placed the ratings of nine pooled
classes and one non-pooled, or rake, class of Credit Suisse First
Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through
Certificates, Series 2003-CK2 on review for possible downgrade.
The pooled classes were placed on review due to higher expected
losses for the pool resulting from realized and anticipated losses
from loans in special servicing, concerns about refinancing risk
associated with loans approaching maturity in an adverse
environment and a decline in loan diversity.

The non-pooled Class GLC, which is secured by a B-note on the
Great Lakes Crossing Mall ($78.1 million A-note -- 11.5% of the
pool), was placed on review for possible downgrade due to a
decline in property performance.  Great Lakes Crossings Mall is a
1.4 million square foot value oriented shopping center located in
Auburn Hills, Michigan.  Cash flow, occupancy and tenant sales
have exhibited a downward trend since Moody's last review.

The rating action is the result of Moody's on-going surveillance
of commercial mortgage backed securities transactions.

As of the January 15, 2010 distribution date, the transaction's
aggregate certificate balance has decreased by 31% to
$679.5 million from $988.2 million at securitization.  The
Certificates are collateralized by 81 mortgage loans ranging in
size from less than 1% to 11.5% of the pool, with the top ten non-
defeased loans representing 45% of the pool.  Fifteen loans,
representing 19% of the pool, have defeased and are collateralized
with U.S. Government securities.

Twelve loans, representing 9% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

Six loans have been liquidated from the pool, resulting in an
aggregate realized loss of $8.1 million (40% loss severity on
average).  Four loans, representing 10% of the pool, are currently
in special servicing.  The largest specially serviced loan is the
2300 Imperial Building Loan ($26.5 million -- 3.9% of the pool),
which is secured by a 157,225 square foot office building located
in El Segundo, California.  The loan was transferred to special
servicing in November 2009 due to a payment default.  The
remaining three specially serviced loans are secured by a mix of
retail and office properties.

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

Moody's rating action is:

  -- Class E, $12,353,000, Aaa on review for possible downgrade;
     previously on September 25, 2008 upgraded to Aaa

  -- Class F, $12,353,000, Aa2 on review for possible downgrade;
     previously on September 25, 2008 upgraded to Aa2

  -- Class G, $19,764,000, A2 on review for possible downgrade;
     previously on September 25, 2008 upgraded to A2

  -- Class H, $14,824,000, Baa2 on review for possible downgrade;
     previously on September 25, 2008 upgraded to Baa2

  -- Class J, $17,294,000, Ba1 on review for possible downgrade;
     previously on April 11, 2003 assigned Ba1

  -- Class K, $17,294,000, Ba2 on review for possible downgrade;
     previously on April 11, 2003 assigned Ba2

  -- Class L, $4,941,000, Ba3 on review for possible downgrade;
     previously on April 11, 2003 assigned Ba3

  -- Class N, $6,176,000, B2 on review for possible downgrade;
     previously on April 11, 2003 assigned B2

  -- Class O, $4,941,000, B3 on review for possible downgrade;
     previously on April 11, 2003 assigned B3

  -- Class GLC, $3,230,863, Baa3 on review for possible downgrade;
     previously on April 11, 2003 assigned Baa3


CREDIT SUISSE: Moody's Reviews Ratings on 13 2004-C3 Certificates
-----------------------------------------------------------------
Moody's Investors Service placed 13 classes of Credit Suisse First
Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through
Certificates, Series 2004-C3 on review for possible downgrade due
to higher expected losses for the pool resulting from anticipated
losses from loans in special servicing and increased credit
quality dispersion for the remainder of the pool.  The rating
action is the result of Moody's on-going surveillance of
commercial mortgage backed securities transactions.

As of the January 15, 2010 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 20%
to $1.30 billion from $1.64 billion at securitization.  The
Certificates are collateralized by 157 mortgage loans ranging in
size from less than 1% to 11% of the pool, with the top ten loans
representing 34% of the pool.  Twenty-four loans, representing 26%
of the pool, have defeased and are secured by U.S. Government
securities.

Twenty-seven loans, representing 12% of the pool, are on the
master servicer's watchlist.  The watchlist includes loans which
meet certain portfolio review guidelines established as part of
the Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

Five loans have been liquidated from the pool, resulting in an
aggregate $16.4 million realized loss (48% loss severity).  Twenty
loans, representing 13% of the pool, are currently in special
servicing.  At Moody's last review five loans, representing 3% of
the pool, were in special servicing.

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

Moody's rating action is:

  -- Class B, $45,084,000, currently rated Aa2, placed on review
     for possible downgrade; previously assigned at Aa2 on
     10/25/2004

  -- Class C, $14,345,000, currently rated Aa3, placed on review
     for possible downgrade; previously assigned at Aa3 on
     10/25/2004

  -- Class D, $28,690,000, currently rated A2, placed on review
     for possible downgrade; previously assigned at A2 on
     10/25/2004

  -- Class E, $16,395,000, currently rated A3, placed on review
     for possible downgrade; previously assigned at A3 on
     10/25/2004

  -- Class F, $20,493,000, currently rated Baa1, placed on review
     for possible downgrade; previously assigned at Baa1 on
     10/25/2004

  -- Class G, $16,394,000, currently rated Baa2, placed on review
     for possible downgrade; previously assigned at Baa2 on
     10/25/2004

  -- Class H, $22,542,000, currently rated Baa3, placed on review
     for possible downgrade; previously assigned at Baa3 on
     10/25/2004

  -- Class J, $8,198,000, currently rated Ba1, placed on review
     for possible downgrade; previously assigned at Ba1 on
     10/25/2004

  -- Class K, $6,147,000, currently rated Ba2, placed on review
     for possible downgrade; previously assigned at Ba2 on
     10/25/2004

  -- Class L, $8,198,000, currently rated Ba3 placed on review for
     possible downgrade; previously assigned at Ba3 on 10/25/2004

  -- Class M, $6,148,000, currently rated B1, placed on review for
     possible downgrade; previously assigned at B1 on 10/25/2004

  -- Class N, $6,147,000, currently rated Caa1, placed on review
     for possible downgraded; previously downgraded to Caa1 from
     B2 on 3/10/2008

  -- Class O, $2,050,000, currently rated Caa2, placed on review
     for possible downgrade; previously downgraded to Caa2 from B3
     on 3/10/2008


CREDIT SUISSE: S&P Cuts Ratings on Two 2001-FL2 Certs. to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its 'AAA' ratings to
'D' on the class A-Y-2 and A-Y-4 interest-only commercial mortgage
pass-through certificates from Credit Suisse First Boston Mortgage
Securities Corp.'s series 2001-FL2, a U.S. commercial mortgage-
backed securities transaction.  Concurrently, S&P withdrew its
'AAA' rating on the class A-Y-3 certificates and removed its
ratings on all three classes from CreditWatch with negative
implications.

The downgrades of the class A-Y-2 and A-Y-4 IO certificates
reflect recurring and accumulated interest shortfalls.  Although
the sole remaining asset in the trust, the Hotel Royal Plaza,
periodically generates cash flows, according to the special
servicer, Archon Group L.P., excess cash flow generated by the
property is being remitted to the master servicer, KeyBank Real
Estate Capital, to pay down the outstanding servicer's advances,
which total approximately $12.5 million.  The year ended Dec. 31,
2009, financial statements and the calendar-year 2010 budget
provided by Archon reported net income before taxes of
approximately $197,000 and $1.1 million, respectively.

Archon has indicated that the asset, which is real estate owned,
will be marketed for sale in 2011.  Upon liquidation, S&P believes
it is likely that the accumulated interest shortfalls, currently
totaling $2.1 million on the class A-Y-2 and A-Y-4 IO certificates
(per the Jan. 15, 2010, trustee remittance report) will be repaid,
as these IO certificates are the senior classes in the trust's
cash flow waterfall.  However, since S&P expects the two IO
classes to incur interest shortfalls for an extended period of
time, S&P lowered the ratings to 'D'.

S&P withdrew its rating on the class A-Y-3 IO certificates because
the class is no longer accruing interest.  According to the
pooling and servicing agreement dated as of Aug. 11, 2001, the A-
Y-3 IO class accrues interest with respect to any whole loan that
is in a prepayment lockout period.  There are currently no whole
loans in their prepayment lockout periods.

The Hotel Royal Plaza asset, a 394-room, full-service hotel in
Lake Buena Vista, Fla., has a $35.0 million trust balance and a
total exposure of $47.5 million.  The total exposure includes
outstanding servicing advances, which consists primarily of repair
costs for hurricane damage in prior years.  This asset was
transferred to Archon on Nov. 16, 2001, and became REO on Sept. 2,
2005.  The master servicer, KeyBank, subsequently made a
nonrecoverable advance determination in February 2006 on the
asset.  Archon has stated that it will continue to manage the
property and plans to market it for sale in 2011.  Archon has
indicated that it is in the process of obtaining a new appraisal
for the asset.  The most recent appraisal valued the property at
$31.7 million as of November 2008.

Standard & Poor's also rates the outstanding class J, K, L, M, and
N certificates from this transaction, which S&P previously lowered
to 'D' due to accumulated interest shortfalls incurred by the
classes.

       Ratings Lowered And Removed From Creditwatch Negative

       Credit Suisse First Boston Mortgage Securities Corp.
  Commercial mortgage pass-through certificates series 2001-FL2

                                Rating
                                ------
         Class          To                  From
         -----          --                  ----
         A-Y-2          D                   AAA/Watch Neg
         A-Y-4          D                   AAA/Watch Neg

      Rating Withdrawn And Removed From Creditwatch Negative

       Credit Suisse First Boston Mortgage Securities Corp.
  Commercial mortgage pass-through certificates series 2001-FL2

                                Rating
                                ------
         Class          To                  From
         -----          --                  ----
         A-Y-3          NR                  AAA/Watch Neg

                          NR - Not rated.


CRESS 2008-1: S&P Downgrades Ratings on 15 Classes of CRE CDO
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 15
classes from CRESS 2008-1 Ltd., which is a commercial real estate
collateralized debt obligation transaction and removed the ratings
from CreditWatch negative.

The downgrades follow S&P's analysis of the transaction using its
recently updated U.S. CRE CDO criteria, which was the primary
driver of its rating actions.  S&P's analysis included a review of
the current credit characteristics of all of the collateral assets
and the transaction's liability structure.

According to the Jan. 29, 2010, trustee report, the transaction's
current asset pool includes these:

* 21 whole loans and senior interest loans ($540.4 million, 72.8%
  of the collateral pool);

* 14 subordinate interest loans ($111.5 million, 15.0%); and

* Nine commercial mortgage-backed securities tranches
  ($90.7 million, 12.2%).

Standard & Poor's reviewed and updated credit estimates for all of
the nondefaulted loan assets.  S&P's analyses reflect its adjusted
net cash flow, which was derived from the most recent financial
data that the collateral manager, Centerline Capital Group Inc.
and trustee, Wells Fargo Bank, N.A., provided as well as market
and valuation data from third-party providers.

There are 10 reported defaulted assets in the pool
($241.7 million, 32.6%), as well as one defaulted security
($15.0 million, 2.0%).  Standard & Poor's estimated asset specific
recovery rates for the defaulted loan assets, ranging from 0% to
68.4% based on information that the collateral manager, special
servicer, and market data provided.   The defaulted assets are:

* Lembi Hotel Portfolio II whole loan ($58.9 million, 7.9%);

* Lembi Marina Portfolio 2 whole loan ($54.6 million, 7.4%);

* Lembi Marina Portfolio 1 whole loan ($52.9 million, 7.1%);

* Wateridge Plaza A note ($45.6 million, 6.2%);

* 400 South Beverly whole loan ($15.8 million, 2.1%);

* Wynn Palms subordinated loan ($5.0 million, 0.7%);

* 500 Davis Center subordinated loan ($3.0 million, 0.4%);

* 400 South Beverly mezzanine loan ($2.8 million, 0.4%);

* Foothills Glen Apartments subordinated loan ($1.5 million,
  0.2%);

* Rancho Vista subordinated loan ($1.5 million, 0.2%); and

* MSC 2007-IQ14K security ($15.0 million, 2.0%).

According to the trustee report, the deal is passing all coverage
tests but failing all four overcollateralization tests.

Standard & Poor's analyzed the transaction and its underlying
collateral assets in accordance with its current criteria,
including its updated U.S. CRE CDO criteria.  S&P's analysis is
consistent with the lowered and affirmed ratings.

      Ratings Lowered And Removed From Creditwatch Negative

                         CRESS 2008-1 Ltd.
                        Floating-rate notes

                           Rating
                           ------
          Class     To                   From
          -----     --                   ----
          A1        BBB-                 AAA/Watch Neg
          A2        BB-                  AAA/Watch Neg
          B         B                    AA/Watch Neg
          C         CCC+                 A+/Watch Neg
          D         CCC+                 A/Watch Neg
          E         CCC                  A-/Watch Neg
          F         CCC-                 BBB+/Watch Neg
          G         CCC-                 BBB/Watch Neg
          H         CCC-                 BBB-/Watch Neg
          J         CCC-                 BB+/Watch Neg
          K         CCC-                 BB/Watch Neg
          L         CCC-                 BB-/Watch Neg
          M         CCC-                 B+/Watch Neg
          N         CCC-                 B/Watch Neg
          O         CCC-                 B-/Watch Neg


CSFB 2006-TFL2: Moody's Reviews Ratings on 17 Classes of Notes
--------------------------------------------------------------
Moody's Investors Service placed 17 classes of CSFB 2006-TFL2
under review for possible downgrade.  These include nine pooled
classes due to the deterioration in the overall performance of the
assets in the trust and eight non-pooled, or rake, classes due to
performance issues specific to the Argent Hotel Loan, the Beverly
Hilton Loan, the NH Krystal Hotels Loan and the Kerzner
International Loan.

The pooled certificates are collateralized by nine floating-rate
loans.  In addition, there are two loans (the Sava Portfolio Loan
and the Fundamental Portfolio Loan) secured by healthcare
properties that are cross-collateralized with each other but not
with the remaining nine loans in the trust.  There are no loans
currently in special servicing.

Moody's review will focus on the performance of the overall pool
and potential losses from loans approaching near term maturity.

Moody's rating action is:

  -- Class C, $41,000,000, Placed Under Review for Possible
     Downgrade; previously on March 19, 2009 Downgraded to A2

  -- Class D, $33,000,000, Placed Under Review for Possible
     Downgrade; previously on March 19, 2009 Downgraded to Baa1

  -- Class E, $25,000,000, Placed Under Review for Possible
     Downgrade; previously on March 19, 2009 Downgraded to Baa2

  -- Class F, $19,000,000, Placed Under Review for Possible
     Downgrade; previously on March 19, 2009 Downgraded to Baa3

  -- Class G, $19,000,000, Placed Under Review for Possible
     Downgrade; previously on March 19, 2009 Downgraded to Ba1

  -- Class H, $19,000,000, Placed Under Review for Possible
     Downgrade; previously on March 19, 2009 Downgraded to Ba2

  -- Class J, $20,000,000, Placed Under Review for Possible
     Downgrade; previously on March 19, 2009 Downgraded to Ba3

  -- Class K, $22,000,000, Placed Under Review for Possible
     Downgrade; previously on March 19, 2009 Downgraded to B1

  -- Class L, $16,300,000, Placed Under Review for Possible
     Downgrade; previously on March 19, 2009 Downgraded to B2

  -- Class KER-C, $37,284,410, Placed Under Review for Possible
     Downgrade; previously on March 19, 2009 Downgraded to Ba1

  -- Class KER-D, $45,953,035, Placed Under Review for Possible
     Downgrade; previously on March 19, 2009 Downgraded to Ba2

  -- Class KER-E, $46,325,879, Placed Under Review for Possible
     Downgrade; previously on March 19, 2009 Downgraded to Ba3

  -- Class KER-F, $61,612,487, Placed Under Review for Possible
     Downgrade; previously on March 19, 2009 Downgraded to B1

  -- Class BEV-A, $11,000,000, Placed Under Review for Possible
     Downgrade; previously on March 19, 2009 Downgraded to B1

  -- Class ARG-A, $7,000,000, Placed Under Review for Possible
     Downgrade; previously on March 19, 2009 Downgraded to Ba2

  -- Class ARG-B, $5,500,000, Placed Under Review for Possible
     Downgrade; previously on March 19, 2009 Downgraded to Ba3

  -- Class NHK-A, $4,000,000, Placed Under Review for Possible
     Downgrade; previously on March 19, 2009 Downgraded to B2


E*TRADE ABS: Fitch Downgrades Ratings on Three Classes of Notes
---------------------------------------------------------------
Fitch Ratings has downgraded two and affirmed three classes of
notes issued by E*Trade ABS CDO I, Ltd. as a result of continued
credit deterioration in the portfolio since Fitch's last rating
action in May 2009.  Approximately 45% of the portfolio has been
downgraded since the last review.

The downgrades to the portfolio have left approximately 63.5% of
the portfolio (including defaults) with a Fitch derived rating
below investment grade and 35.1% with a rating in the 'CCC' rating
category or lower, compared to 55% and 32.3%, 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 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 - Amended'.

Based on this analysis, the class A-2 notes' breakeven rate is
generally consistent with a 'BB' rating.  Although the class A-2
notes have been paid down, 14.7% of the balance outstanding at
Fitch's last review, the additional negative migration in the
portfolio has increased the credit risk of the notes.  Further,
given the negative outlook for the performance of the underlying
assets, Fitch has assigned a Negative Outlook to this class.

Fitch has assigned a Loss Severity rating to class A-2 of 'LS4'.
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.

Breakevens for the class B notes are exceeded by SF PCM 'CCC'
default level, the lowest level of defaults projected by SF PCM.
For this class, Fitch compared the credit enhancement level 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 B notes have a
credit enhancement level of -2.7% as compared to the 35.1% of the
portfolio considered distressed.  Fitch believes that default is
inevitable for the class B notes at or prior to maturity and
therefore they have been downgraded to 'C'.

The class C-1 and C-2 (together class C) notes have received
payment in kind (PIK) interest payments, whereby the principal
balance of the notes is written up by the amount of interest owed,
regularly since the July 2007 distribution date.  Fitch does not
expect class C to receive any cash interest payments or any
principal recovery.  These notes have been affirmed at 'C'.
The Composite Securities were originally composed of $1.5 million
of class C-1 notes and $3.5 million of preference shares.  Both of
these classes are not expected to receive any future
distributions.  The composite notes have been affirmed at 'C'.

E*Trade I is a static cash flow collateralized debt obligation
which closed Sept. 26, 2002.  The portfolio was initially selected
by E*TRADE Global Asset Management, Inc. and is now monitored by
Vertical Capital, LLC.  The portfolio is primarily comprised of
residential mortgage-backed securities (58.9%), CDOs (20.5%),
commercial mortgage-backed securities (16.9%), and asset-backed
securities (3.7%).

Fitch has downgraded, assigned 'LS' ratings, and revised the
Rating Outlooks for these classes as indicated:

  -- $11,600,000 class A-2 notes to 'BB/LS4' from 'BBB'; Outlook
     to Negative from Stable;

  -- $25,000,000 class B notes to 'C' from 'CCC/RR4.

Fitch affirms and removes Recovery Ratings from these classes:

  -- $10,919,604 class C-1 notes at 'C';
  -- $4,090,830 class C-2 notes at 'C';
  -- $5,224,148 Composite Securities at 'C'.


EMPIRE FUNDING: S&P Downgrades Ratings on Six Classes to 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D' on
six classes from three U.S. residential mortgage-backed securities
transactions issued by Empire Funding Home Loan Owner Trust in
1997 and 1998.

The downgrades reflect S&P's assessment of missed interest
payments to certificate holders of these classes as of the October
2009 distribution date.  S&P lowered all of these ratings from
investment-grade categories, including two classes that S&P
previously rated 'AAA'.

The underlying pool of loans backing these transactions consists
of fixed-rate mortgage loans secured by primarily junior (second)
liens on one- to four-family residential properties, which Empire
Funding Mortgage Corp. originated or purchased.

                          Rating Actions

           Empire Funding Home Loan Owner Trust 1997-2
                         Series    1997-2

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       M-1        291701AQ3     D                    AA+

           Empire Funding Home Loan Owner Trust 1997-3
                         Series    1997-3

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       A-7        291701AZ3     D                    AAA

           Empire Funding Home Loan Owner Trust 1998-2
                         Series    1998-2

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       A-5        291701CN8     D                    AAA
       M-1        291701CR9     D                    AA+
       M-2        291701CS7     D                    A
       B-1        291701CT5     D                    BBB-


FAIRFAX FINANCIAL: Fitch Assigns 'BB-' Rating on Preferred Shares
-----------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to Fairfax Financial
Holdings Limited's cumulative five-year rate reset preferred
shares, series E (CDN$200 million completed in February 2010) and
series C (CDN$250 million completed in October 2009).  The ratings
of Fairfax's holding companies and insurance company subsidiaries
are not affected by this action.  The Rating Outlook is Stable.

Fairfax intends to use the net proceeds to augment its cash
position, to increase short-term investments and marketable
securities held at the holding company level, to retire
outstanding debt and other corporate obligations from time to
time, and for general corporate purposes.  Fitch has assigned a
class D designation to the preferred shares that allocates 75% of
the principal to adjusted equity in evaluating financial leverage.

Fairfax's debt-to-total-capital ratio was 20.9% on Sept. 30, 2009,
compared with 23.7% on Dec. 31, 2008.  Pro forma for the preferred
stock issuances, share repurchases since the third quarter of
2009, and acquisition of Odyssey Re (October 2009), equity credit
adjusted debt-to-total capital was about 23.5% at Sept. 30, 2009,
below Fitch's expected range of 25%-30%.  Earnings-based interest
coverage (excluding realized gains) improved to 3.1 times in the
first nine months of 2009 from negative coverage in 2008.  Fairfax
also continues to maintain a sizable amount of holding company
cash, short-term investments and marketable securities, estimated
at approximately $1.5 billion, pro forma Sept. 30, 2009.

Fitch assigns these ratings with a Stable Rating Outlook:

Fairfax Financial Holdings Limited (Fairfax)

  -- CDN$250 million series C preferred shares at 'BB-';
  -- CDN$200 million series E preferred shares at 'BB-'.

Fitch currently rates Fairfax and subsidiaries:

Fairfax

  -- Issuer Default Rating 'BBB-';
  -- Senior debt 'BB+';
  -- $182 million 7.75% due April 15, 2012 'BB+';
  -- $91 million 8.25% due Oct.  1, 2015 'BB+';
  -- $283 million 7.75% due June 15, 2017 'BB+';
  -- $144 million 7.375% due April 15, 2018 'BB+';
  -- CDN$400 million 7.5% due 2019 'BB+';
  -- $92 million 8.3% due April 15, 2026 'BB+';
  -- $91 million 7.75% due July 15, 2037 'BB+'.

Fairfax, Inc.

  -- IDR 'BBB-'.

Odyssey Re Holdings Corp.

  -- IDR 'BBB';
  -- $50 million series A unsecured due March 15, 2021 'BBB-';
  -- $50 million series B unsecured due March 15, 2016 'BBB-';
  -- $40 million series C unsecured due Dec. 15, 2021 'BBB-';
  -- $225 million 7.65% due Nov. 1, 2013 'BBB-';
  -- $125 million 6.875% due May 1, 2015 'BBB-';
  -- $50 million series A preferred shares 'BB';
  -- $47 million series B preferred shares 'BB'.

Odyssey America Reinsurance Corp.

  -- Insurer Financial Strength (IFS) 'A-'.

Crum & Forster Holdings Corp.

  -- IDR 'BB+';
  -- $330 million 7.75% due May 1, 2017 'BB'.

Crum & Forster Insurance Group:
Crum and Forster Insurance Company
Crum & Forster Indemnity Company
The North River Insurance Company
United States Fire Insurance Company

  -- IFS 'BBB'.

Northbridge Financial Insurance Group:
Commonwealth Insurance Company
Commonwealth Insurance Company of America
Federated Insurance Company of Canada
Lombard General Insurance Company of Canada
Lombard Insurance Company
Markel Insurance Company of Canada
Zenith Insurance Company (Canada)

  -- IFS 'BBB+'.

The Rating Outlook is Stable.


FIRST COMMERCIAL: S&P Puts 'BB+/B' Ratings on Two Bond Issuances
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+/B' ratings on
two bond issuances that are supported by First Commercial Bank,
Birmingham's letters of credit on CreditWatch with negative
implications.

The ratings on the affected issues are based on the credit and
liquidity support that First Commercial Bank, Birmingham
(BB+/Watch Neg/B) provides in the form of LOCs.  The LOCs provide
for the full and timely payment of interest and principal
according to the transactions' terms.

The rating actions reflect the Feb. 8, 2010, placement of its
long- and short-term counterparty credit ratings on First
Commercial Bank, Birmingham on CreditWatch with negative
implications.

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 Placed on Creditwatch Negative

                      Lotus Hospitality LLC
    $5.05 mil taxable var/fxd rt bnds ser 2008 due 05/01/2029

                                     Rating
                                     ------
            CUSIP            To                   From
            -----            --                   ----
            545708AA7        BB+/Watch Neg/B      BB+/B

                  Riverchase Office Road LLC
    $3.46 mil var rate taxable dem nts ser 2003 due 12/01/2025

                                     Rating
                                     ------
            CUSIP            To                   From
            -----            --                   ----
            76858PAB3        BB+/Watch Neg/B      BB+/B


FMC REAL: S&P Downgrades Ratings on Nine Classes of 2005-1 CRE CDO
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on nine
classes from FMC Real Estate CDO 2005-1 Ltd., which is a
commercial real estate collateralized debt obligation transaction.

The downgrades follow S&P's analysis of the transaction using its
recently updated U.S. CRE CDO criteria, which was the primary
driver of its rating actions.  S&P's analysis included a review of
the current credit characteristics of all of the collateral assets
and the transaction's liability structure.

According to the Jan. 27, 2010, trustee report, the transaction's
current asset pool includes 10 whole or senior interest loans
($182.0 million, 39.3% of the collateral pool) and 22 subordinate
interest loans ($262.2 million, 56.6%).

Standard & Poor's reviewed and updated its credit estimates for
all of the nondefaulted loan assets.  S&P's analyses reflect its
adjusted net cash flow, which S&P derived from the most recent
financial data that the collateral manager, SCFFI GP LLC, and
trustee, Bank of America Merrill Lynch provided, as well as market
and valuation data from third-party providers.  The trustee report
indicated that the pool had nine defaulted assets ($155.2 million,
33.4%).  Standard & Poor's estimated asset specific recovery rates
for loans reported as defaulted, which ranged from 0% to 90.0%.
S&P based its recovery rates on its assessment of information that
the collateral manager, special servicers, and third-party data
provided.  The defaulted assets are:

* Greenbriar Mall whole loan ($28.0 million, 6.0%);
* Amara Resort whole loan ($20.5 million, 4.4%);
* East End Avenue whole loan ($20.0 million, 4.3%);
* Park Central subordinated loan ($20.0 million, 4.3%);
* Saddleback Apartments whole loan ($17.3 million, 3.7%);
* Grande Oasis whole loan ($16.5 million, 3.6%);
* Comeau Building whole loan ($13.4 million, 2.9%);
* Shops at Grand Avenue mezzanine loan ($10.0 million, 2.2%); and
* Shawnee & Bravos subordinated loan ($9.4 million, 2.0%).
Standard & Poor's analyzed the transaction and its underlying
collateral assets in accordance with S&P's current criteria,
including its updated U.S. CRE CDO criteria.  S&P's analysis is
consistent with the lowered and affirmed ratings.

      Ratings Lowered And Removed From Creditwatch Negative

                  FMC Real Estate CDO 2005-1 Ltd.
                  Collateralized debt obligations

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


G-STAR 2004-4: Fitch Downgrades Ratings on Six Classes of Notes
---------------------------------------------------------------
Fitch Ratings has downgraded six classes and affirmed one class of
notes issued by G-Star 2004-4 Ltd. as a result of continued credit
deterioration in the portfolio since Fitch's last rating action in
August 2008.

As of the Jan. 4, 2010 trustee report, the current balance of the
portfolio is approximately $373.2 million.  Approximately 73.2% of
the portfolio has been downgraded since August 2008, resulting in
approximately 72.1% of the portfolio with a Fitch derived rating
below investment grade and 55% with a rating in the 'CCC' rating
category or below, compared to 35.3% and 14.4%, respectively, at
last review.

This review was conducted under the framework described in the
reports 'Global Structured Finance Rating Criteria' and 'Global
Rating Criteria for Structured Finance CDOs'.  The Structured
Finance Portfolio Credit Model (SF PCM) and Fitch's cash flow
model were not used in this review due to the extent of
deterioration in the portfolio.

Based on the credit quality of the remaining portfolio, Fitch
believes default is inevitable for all classes of notes issued by
G-Star 2004-4.

The Jan. 4, 2010 trustee report shows that $96.5 million, or
25.8%, of the portfolio is considered defaulted by the
transaction's governing documents, leaving $276.7 million of non-
defaulted assets.  Expected recoveries on the defaulted portion of
the portfolio are low, resulting in the class A-1 notes being
undercollateralized.  While there is some excess spread being used
to redeem the class A-1 notes, the amount of interest proceeds the
portfolio is likely to generate, even after the currently out-of-
the-money interest rate swap expires at the end of 2010, would not
be sufficient to cover the anticipated principal shortfall.

G-Star 2004-4 is a structured finance collateralized debt
obligation that closed on Aug. 12, 2004 and is now managed by
Cutwater Asset Management, formerly MBIA Capital Management Corp,
who assumed this responsibility in November 2009.  The portfolio
is composed of residential mortgage-backed securities (55.7%),
commercial mortgage-backed securities (33.7%), SF CDOs (5.5%) and
asset-backed securities (5.1%).

Fitch has downgraded and affirmed these ratings as indicated:

  -- $321,746,531 class A-1 notes downgraded to 'C' from 'BB';
  -- $20,000,000 class A-2A notes downgraded to 'C' from 'B';
  -- $10,000,000 class A-2B notes downgraded to 'C' from 'B';
  -- $12,349,444 class B notes downgraded to 'C' from 'CCC';
  -- $8,396,496 class C-1A notes downgraded to 'C' from 'CC';
  -- $6,619,037 class C-1B notes downgraded to 'C' from 'CC'.
  -- $24,000,000 preferred shares affirmed at 'C'.


GTP TOWERS: Fitch Rates Two Classes of Series 2010-1 Notes
----------------------------------------------------------
Fitch Ratings rates GTP Towers Issuer, LLC Secured Tower Revenue
Notes, Global Tower series 2010-1:

  -- $200,000,000 class C 'A-'; Outlook Stable;
  -- $50,000,000 class F 'BB-'; Outlook Stable.


HARVEY, ILLINOIS: Fitch Cuts Rating on $30MM 2007 GO Bonds to B
----------------------------------------------------------------
Fitch Ratings takes this rating action on Harvey, Illinois' series
2007 A&B general obligation refunding bonds as part of its
continuous surveillance effort:

  -- Approximately $30 million GO bonds, series 2007A and series
     2007B (taxable), downgraded to 'B' from 'BBB-'.

The Rating Outlook is Stable.

Rating Rationale:

  -- The downgrade reflects the dramatic increase in the city's
     already large accumulated general fund deficit and
     unsuccessful attempts by management to date in addressing
     fiscal stability.

  -- Fitch believes measures to eliminate operating deficits and
     reverse fund balance declines are now more difficult given
     the weakness in the economy.

  -- The city lacks timely, clear disclosure of financial
     activities.

  -- Recessionary pressures coupled with Harvey's manufacturing
     and transportation-based economy have contributed to the
     city's high unemployment rate and below-average wealth
     indicators.

  -- Harvey's role as a transportation hub has led to historic
     growth in taxable values, although Fitch expects the tax base
     may shrink in coming years, as the city has a high degree of
     subprime mortgage exposure and limited development activity.

  -- Overall and direct debt is high as a percent of property
     value.

Key Rating Drivers:

  -- A meaningful change in the size of the accumulated deficit
     could result in a rating change.

  -- Improved financial management and disclosure could result in
     an improved rating.

Security:

The series 2007 A&B bonds are general obligation refunding bonds,
backed by the city's full faith and credit pledge, payable from
unlimited ad valorem taxes levied on all taxable property within
the city.  All collections of ad valorem property taxes levied by
the city for corporate purposes, including to pay debt service on
the bonds, are directly deposited by Cook County into a tax escrow
account as permitted by Illinois Statute.

Credit Summary:

Harvey is located about 22 miles south of downtown Chicago and
benefits from its position along major interstates and commuter
lines.  Several economic projects to expand Harvey's role as a
Midwest transportation hub that may spur job creation and economic
development have not yet been realized.  Wealth indicators are
well-below average, with per capita money income 51% of the state
and 53% of the national level and the poverty rate nearly 30%.
The city's unemployment rate as of December 2009 was a very high
16.4%, up from 11.5% a year ago and well-above the current state
and national unemployment rates of 10.8% and 9.7%, respectively.

Harvey's financial position was weak even before the current
recession.  Expected improvement in financial performance did not
materialize; rather the city's fiscal picture has deteriorated
significantly in the past several years.  Poor spending controls
and a history of overspending have exacerbated a growing general
fund deficit.  A paucity of financial expertise has resulted in
late and qualified audits, limiting clarity in fiscal disclosure,
which Fitch believes has reduced effective budgetary management.
The city has retained a financial consultant in an effort,
according to city officials, to improve accounting practices.
Harvey ended fiscal 2008 with an unreserved general fund deficit
of $9.1 million or -18% of spending; however, this includes bond
proceeds, without which, results would have been consistent with
the fiscal 2007 unreserved general fund deficit of -40% of
spending.  Despite nearly $2 million in expenditure reductions,
unaudited fiscal 2009 estimates indicate the general fund balance
again declined by about $1 million, bringing the accumulated
deficit to $10 million or about -40% of spending.

Year-to-date, fiscal 2010 revenues are down about 15-20% from
fiscal 2009 levels, according to city management.  To help offset
declining tax revenues, the city is imposing several additional
taxes and fees, including fuel and liquor taxes, effective Jan. 1,
2010.  Additionally, the city is limiting spending, including a
freeze on new hiring and capital expenditures, to attempt to
better align current spending with revenue declines.  According to
the city's financial consultant, total expenditure cuts in fiscal
2010 are commensurate with revenue declines.  However, Fitch
remains concerned, as previous expectations for financial
stabilization were not realized.  Fitch expects the city to
continue to face significant challenges as management struggles to
align spending with dramatic revenue declines before even
beginning to address the unsustainable accumulated deficit.

The overall debt burden is moderate on a per capita basis at
$2,617 but a high 8% of market value.  Amortization of general
obligation debt is below average with only 31% of the debt retired
in the next ten years.  The city is working to develop a CIP, but
does not anticipate issuing additional debt in the near future.


HOMETOWN COMMERCIAL: S&P Downgrades Ratings on Eight Certificates
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on eight
classes of commercial mortgage pass-through certificates from
Hometown Commercial Trust 2006-1 and 2007-1.  In addition, S&P
affirmed its rating on one additional class from series 2007-1.

S&P lowered two of its ratings on Hometown Commercial Trust 2006-1
to 'D' due to recurring interest shortfalls.  The other six
downgrades, including those on two interest-only classes, reflect
a significant reduction in the amount of interest available to the
respective trusts due to poor performance.  These classes may
experience future liquidity interruptions.

S&P affirmed its rating on class C from series 2007-1 at 'CCC-'.
However, S&P will likely take negative rating actions on this
class in the future due to anticipated liquidity interruptions and
principal losses.  Currently, $38.3 million (31.1%) of the
collateral pool is in special servicing, and all of the classes
subordinate to class C have experienced losses to date.  Class D
has lost 44.1% of its principal, and the nine classes subordinate
to class D have lost 100% of their principal.

Hometown Commercial Trust 2006-1's collateral pool consisted of 38
assets with an aggregate trust balance of $122.6 million as of the
Feb. 11, 2010, remittance report, down from 45 loans totaling
$149.2 million at issuance.  Eight assets totaling $38.1 million
(31.1%), including five of the top 10 exposures, are with the
special servicer, Midland Loan Services Inc. There are six
appraisal reduction amounts in effect on specially serviced assets
totaling $23.2 million.  Appraisal subordinated entitlement
reductions related to the ARAs caused an interest shortfall of
$144,415 on the Feb. 11, 2010, distribution date.  The ASERs,
combined with the trust expenses, caused interest shortfalls to
classes B through N.  One specially serviced asset is current
($5.3 million, 4.3%); three ($9.0 million, 7.3%) are 90-plus-days
delinquent; three are in foreclosure ($19.6 million, 16.0%); and
one is classified as real estate owned ($4.4 million, 3.6%).  To
date, the trust has experienced two losses totaling $2.0 million
with an average loss severity, based on the cut-off balances, of
76%.

Hometown Commercial Trust 2007-1's collateral pool consisted of 46
assets with an aggregate trust balance of $123.3 million as of the
Feb. 11, 2010, remittance report, down from 51 loans totaling
$147.5 million at issuance.  Ten assets totaling $38.3 million
(31.0%), including seven of the top 10 exposures, are with the
special servicer, Midland Loan Services Inc. There are nine ARAs
totaling $18.4 million in effect on specially serviced assets.
One specially serviced asset is 60-days delinquent ($4.4 million,
3.5%); five ($23.3 million, 18.9%) are 90-plus-days delinquent;
two are in foreclosure ($5.4 million, 4.4%); and two are
classified as REO ($5.2 million, 4.2%).  To date, the trust has
experienced three losses totaling $12.2 million.  The weighted
average loss severity, based on the cut-off balances, is 72.5%.
Two of the losses, totaling $9.2 million, occurred on the Feb. 11,
2010, payment date.  These two principal losses reduced the
current principal balances on classes E through N to zero and
caused a $1.7 million principal loss to class D, reducing its
current balance to $2.2 million.

Standard & Poor's stressed the credit-impaired loans as part of
S&P's analysis.  The resultant credit enhancement levels are
consistent with S&P's lowered and affirmed ratings.

                         Ratings Lowered

                 Hometown Commercial Trust 2006-1
    Commercial mortgage pass-through certificates series 2006-1

                 Rating
                 ------
     Class     To      From            Credit enhancement (%)
     -----     --      ----            ----------------------
     A         B       BBB+                             17.39
     B         CCC-    BB+                              14.66
     C         D       BB-                              13.29
     D         D       B+                               10.70
     X         B       AAA                                N/A

                 Hometown Commercial Trust 2007-1
   Commercial mortgage pass-through certificates series 2007-1

                 Rating
                 ------
     Class     To      From            Credit enhancement (%)
     -----     --      ----            ----------------------
     A         CCC+    B+                                8.19
     B         CCC-    CCC                               5.49
     X         CCC+    AAA                                N/A

                          Rating Affirmed

                 Hometown Commercial Trust 2007-1
   Commercial mortgage pass-through certificates series 2007-1

     Class     Rating                  Credit enhancement (%)
     -----     ------                  ----------------------
     C         CCC-                                      1.76


ILLINOIS FINANCE: Fitch Assigns 'BB-' Rating on $33.3 Mil. Bonds
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to the expected issuance
of $33.3 million of Illinois Finance Authority revenue refunding
bonds, series 2010 (Friendship Village of Schaumburg Obligated
Group) (FVS).  In addition, Fitch affirms the 'BB-' rating on
approximately $79.3 million of outstanding parity debt.

The Rating Outlook is revised to Positive from Evolving.

The series 2010 bonds are expected to be priced the week of March
8 through negotiated sale.  Bond proceeds will be used to refund
FVS's outstanding series 2005C variable rate demand bonds,
reimburse the corporation for prior capital expenditures, fund a
debt service reserve account and pay associated costs of issuance.

Rating Rationale:

  -- The Outlook Revision to Positive reflects the significant
     reduction in FVS' capital structure risk by replacing
     conditional, bank supported debt with permanent fixed rate
     capital.

  -- FVS' liquidity indicators are light with days cash on hand,
     pro forma cushion and cash to debt ratios of 233, 3.1 times
     and 24% at Dec. 31, 2009, which are weaker than the
     respective 'BBB' medians of 336, 6.2x and 48%.

  -- Pro forma maximum annual debt service of $8.3 million is 20%
     higher than the $6.9 million MADS originally projected in
     2005 and represents a high 20.6% of fiscal 2009 revenues.

  -- FVS has shown steady improvement in occupancy and operating
     profitability.  Overall occupancy in the 631 independent
     living units has steadily improved to 83% at Dec. 31, 2009
     from 80.8% at fiscal year-end 2009 (March 31) in spite of
     higher than anticipated attrition.

  -- The ongoing weakness in the local housing market continues to
     be the biggest challenge in converting sales to move-ins.
     Given FVS' large size, filling open units and those vacated
     through attrition will remain a major challenge until the
     economy stabilizes

What Might Trigger An Upgrade:

  -- Sustained improvement in FVS' recent operational and census
     trends leading to improved liquidity measures may allow for
     an upward movement in the rating in spite of the increased
     capital costs.

Security:

The 2010 bonds are secured by a pledge of gross revenues, a
mortgage interest in the property and improvements of the
obligated group and a debt service reserve fund.

Credit Summary:

The 'BB-' rating reflects Friendship Village of Schaumburg's
light liquidity, heavy debt burden, moderate although improving
occupancy and the difficult operating environment.  At Dec. 31,
2009 FVS had unrestricted cash and investments totaling
$16.2 million plus $9.3 million of initial entrance which are
included under master trust indenture for liquidity calculations.
Thus, at Dec. 31, 2009, FVS's days cash on hand, pro forma cushion
and cash to debt ratios were 233, 3.1 times and 24% which are
weaker than the respective 2009 'BBB' medians of 336, 6.2x and
48%.  Pro forma maximum annual debt service of $8.3 million is 20%
higher than the $6.9 million MADS originally projected in 2005 and
represents a high 20.6% of fiscal 2009 revenues.  Historical
coverage of pro forma MADS in fiscal 2009 was an adequate 1.6x.
Through the nine month interim period, coverage of pro forma MADS
was a solid 2.5x reflecting higher entrance fee collections.

As mentioned above, FVS continues to make steady gains in
occupancy in spite of higher than anticipated attrition and a very
difficult operating environment.  Occupancy in the new Bridgewater
Place apartments improved to 85.3% at Dec. 31, 2009, from 80.6% at
Dec. 31, 2008, while occupancy in the Bridgegate apartments grew
to 82.2% from 79.0% over the same period.  The weakness in the
local residential real estate market continues to be the biggest
challenge in converting sales to move-ins.  The recent bankruptcy
announcement by Sedgebrook and Monarch Landing (both Erickson
Retirement developments) is not expected to negatively impact FVS
and may help in marketing given FVS' reputation and long history
of successful operations.  However, due to FVS' large size,
filling units vacated through attrition will remain challenging
until the economy stabilizes.

FVS is a Type B continuing care retirement community consisting of
631 independent living apartments, 28 independent living cottages,
100 assisted living units (including 25 dementia units) and 248
skilled nursing beds.  The facility is located in Schaumburg, IL,
approximately 30 miles northwest of downtown Chicago.  The various
financial ratios cited reflect consolidated financial statements
of Friendship Senior Options (the parent) of which FVS Obligated
Group constituted 96% of total assets and 99% of total revenues in
fiscal 2009.

Under its Continuing Disclosure Agreement, FVS is required to
provide annual audited financial statements within 150 days of
each fiscal years end and quarterly unaudited financial statements
with 45 days of each fiscal quarter-end.  Disclosure to date has
been excellent and includes regularly scheduled investor calls.


INA CBO: Fitch Downgrades Ratings on Two Classes of 1999-1 Notes
----------------------------------------------------------------
Fitch Ratings has downgraded two classes and affirmed one class of
notes issued by INA CBO 1999-1 Ltd./Corp.

This review was conducted under the framework described in the
reports 'Global Structured Finance Rating Criteria', 'Global
Rating Criteria for Corporate CDOs', 'Global Surveillance Criteria
for Corporate CDOs', 'Global Criteria for Cash Flow Analysis in
CDOs - Amended', and 'Criteria for Structured Finance Recovery
Ratings'.

The downgrades of the class A-2 and A-2F notes is attributable to
the insufficient collateral coverage available to redeem these
notes at maturity.  Currently, the total notional balance of the
class A-2 notes is approximately $10.3 million, compared to a
performing collateral balance of $8.4 million, and approximately
$217,000 of principal cash.

The portfolio also includes eight defaulted bonds with a total par
balance of $18.4 million.  Only one defaulted bond, however, is
expected to have any meaningful recovery value.  In 2002, INA CBO
1999-1 entered an Event of Default due to the failure to maintain
all overcollateralization ratios at levels at least equal to 90%
of their required triggers.  The ongoing EOD prevents the
collateral manager from disposing of any defaulted assets.
Therefore, the issuer will not realize any value from the
defaulted assets until either their ultimate recovery or their
liquidation at the transaction's stated maturity in 2011, at which
time the bonds would be subject to market value risk.

Fitch projects that the class A-2 notes will suffer a principal
impairment at maturity.  However, the total recovery prospects on
these notes have improved since Fitch's last review in March 2009,
as principal proceeds are no longer being diverted to pay class A-
3 interest.  Instead, all principal proceeds are currently being
applied toward class A-2 principal repayment.  Fitch has revised
upward the Recovery Rating on the class A-2 notes to reflect this
positive development.  The class A-3 notes are not projected to
receive any future distributions.

Recovery Ratings are based on the total discounted future cash
flows projected to be available to each class of notes in a base-
case default scenario.  Fitch considered the expected losses on
the performing portfolio when determining ultimate recovery
expectations for the notes.  Recovery Ratings are designed to
provide a forward-looking estimate of recoveries on currently
distressed or defaulted structured finance securities.  Distressed
securities are defined as bonds that face a real possibility of
default at or prior to maturity and by definition are rated 'CCC'
or below.

INA CBO 1999-1 is a cash flow collateralized debt obligation (CDO)
that closed on Sept. 16, 1999.  INA CBO 1999-1 entered an EOD in
September 2002, and currently has a portfolio consisting primarily
high yield bonds.

Fitch downgrades and revises Recovery Ratings on these classes:

  -- $4,514,353 class A-2 notes to 'C/RR2' from 'CC/RR4';
  -- $5,804,168 class A-2F notes to 'C/RR2' from 'CC/RR4'.

Fitch affirms this class:

  -- $40,000,000 class A-3 notes affirmed 'C/RR6'.


INMOBILIARIA FUMISA: Moody's Confirms 'Ba2' Rating on Bonds
-----------------------------------------------------------
Moody's Investors Service has confirmed the Ba2 rating on the
Inmobiliaria Fumisa, S.A. DE C.V.'s Mexico City Airport Trust
US$121 million and 119 million UDI lease receivable bonds.  The
last rating action occurred on September 14, 2009 when the period
for the review for downgrade of the ratings was extended.

The decision to confirm the rating and assign a stable outlook is
based on the prospects for the stabilization of lease revenues
going forward and through the term of the bonds, which mature in
2013.  Dufry International, a duty free merchant which already has
a notable presence in Terminal 1, has taken over the space and
lease of the former duty free provider that vacated T1 in the
third quarter of last year.  Lease revenues for this space are
expected to return to roughly levels achieved prior to the change
and should provide cash flows sufficient to meet debt service.
Additionally, there is an existing pipeline of potential new
tenants.  By the first quarter of 2011, cash flows are expected to
provide debt service coverage over and above the triggers (1.15x
and 1.25x) that have resulted in a trapping of cash.

In the last three quarters ending in May, August, and November
2009, debt service coverage ratio has been at or below 1.0x.  As
allowed in the transaction documents, the company received an
equity injection into a coverage reserve account to bring DSCR to
1.0x in the case of the first two periods, and 1.15x for the
period ending November, so as to avoid default triggers.  The
period that ends at the end of this month (February 2010), is
expected to produce sufficient cash that the sponsor will not have
to provide funds into the coverage reserve account.

The structure benefits from adequate liquidity.  The debt service
reserve account is cash funded with 6 months of principal and
interest.  In addition, the presence of additional liquidity in
the form of tenant security deposits and tenant prepayment
accounts provides in the aggregate sufficient cash for
approximately one year's worth of debt service payments.

Passenger traffic at Terminal 1 of the Mexico City airport was
down 13% in 2009 compared to 2008.  This compares to a decline of
7.4% for the airport (Terminal 1 and 2).  T1 has permanently lost
about a third of its passengers with the opening of T2 and the
corresponding move of SkyTeam airlines.  Although passenger
traffic is not related directly to the project's ability to repay
debt, it does affect the relative market for current and future T1
concessionaires/tenants.  The heavier the passenger traffic
volumes, the more attractive is the T1 business market.
Nonetheless, T1 still receives about 60% of the airports
24 million passengers.

The lease receivable 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 project versus others within its industry or sector, ii) the
capital structure and financial risk of the project, iii) the
projected performance of the project over the near to intermediate
term, and iv) the project's history of achieving consistent
operating performance and meeting budget or financial plan goals.
These attributes were compared against other projects both within
and outside of the Airport's core peer group and the lease
receivable bond ratings are believed to be comparable to ratings
assigned to other projects of similar credit risk.


JP MORGAN: Moody's Reviews Ratings on 15 2004-C3 Certificates
-------------------------------------------------------------
Moody's Investors Service placed 15 classes of J.P. Morgan Chase
Commercial Mortgage Securities Corp., Commercial Mortgage Pass-
Through Certificates, Series 2004-C3 on review for possible
downgrade due to higher expected losses for the pool resulting
from anticipated losses from loans in special servicing, concerns
about loans approaching maturity in an adverse environment and
increased credit dispersion.  The rating action is the result of
Moody's on-going surveillance of commercial mortgage backed
securities transactions.

As of the January 15, 2010 distribution date, the transaction's
aggregate certificate balance has decreased by 8% to $1.4 billion
from $1.5 billion at securitization.  The Certificates are
collateralized by 142 mortgage loans ranging in size from less
than 1% to 11% of the pool, with the top ten non-defeased loans
representing 36% of the pool.  Nine loans, representing 12% of the
pool, have defeased and are collateralized with U.S. Government
securities.

Twenty-eight loans, representing 16% of the pool, are on the
master servicer's watchlist.  The watchlist includes loans which
meet certain portfolio review guidelines established as part of
the Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

Two loans have been liquidated from the pool, resulting in an
aggregate realized loss of $4.3 million (47% loss severity on
average).  Thirteen loans, representing 12% of the pool, are
currently in special servicing.  The largest specially serviced
loan is the Everest Portfolio Loan ($58.9 million -- 4.2% of the
pool), which is secured by six office and industrial buildings
totaling 676,000 square feet in Massachusetts.  This loan is
currently classified as non-performing maturity balloon.  The
remaining 12 specially serviced loans are secured by a mix of
multifamily, retail, office and manufactured home parks.

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

Moody's rating action is:

  -- Class A-J, $87,251,000, Aaa on review for possible downgrade;
     previously assigned Aaa on 12/29/2004

  -- Class B, $43,626,000, Aa2 on review for possible downgrade;
     previously assigned Aa2 on 12/29/2004

  -- Class C, $13,277,000, Aa3 on review for possible downgrade;
     previously assigned Aa3 on 12/29/2004

  -- Class D, $13,277,000, A1 on review for possible downgrade;
     previously assigned A1 on 12/29/2004

  -- Class E, $15,174,000, A2 on review for possible downgrade;
     previously assigned A2 on 12/29/2004

  -- Class F, $15,174,000, A3 on review for possible downgrade;
     previously assigned A3 on 12/29/2004

  -- Class G, $18,968,000, Baa1 on review for possible downgrade;
     previously assigned Baa1 on 12/29/2004

  -- Class H, $15,174,000, Baa2 on review for possible downgrade;
     previously assigned Baa2 on 12/29/2004

  -- Class J, $20,865,000, Baa3 on review for possible downgrade;
     previously assigned Baa3 on 12/29/2004

  -- Class K, $7,587,000, Ba1 on review for possible downgrade;
     previously assigned Ba1 on 12/29/2004

  -- Class L, $5,690,000, Ba2 on review for possible downgrade;
     previously assigned Ba2 on 12/29/2004

  -- Class M, $9,484,000, Ba3 on review for possible downgrade;
     previously assigned Ba3 on 12/29/2004

  -- Class N, $3,793,000, B1 on review for possible downgrade;
     previously assigned B1 on 12/29/2004

  -- Class P, $5,691,000, B2 on review for possible downgrade;
     previously assigned B2 on 12/29/2004

  -- Class Q, $5,690,000, B3 on review for possible downgrade;
     previously assigned B3 on 12/29/2004


LAKESIDE CDO: Fitch Downgrades Ratings on Four Classes of Notes
---------------------------------------------------------------
Fitch Ratings has downgraded four classes of notes issued by
Lakeside CDO II, Ltd./Inc.

As of the December 2009 trustee report, the current balance of the
portfolio is $913.4 million, of which $158.5 million consists of
defaulted securities, as defined in the transaction's governing
documents.  Approximately 60% of the portfolio has been downgraded
since Fitch's last rating action in February 2009, resulting in
40.2% of the portfolio with a Fitch derived rating below
investment grade and 26.1% with a rating in the 'CCC' rating
category or below, as compared to 20.8% and 6.4%, respectively, at
last review.

Based on this analysis, the class A-1 notes' breakeven rates are
generally consistent with the rating assigned below.  As of the
January 2010 distribution date, approximately 46.7% of the class
A-1 notes' original principal balance has paid down.  The class A-
1 notes have a credit enhancement of 31.8%.  Given the negative
outlook for the performance of the underlying assets, the Rating
Outlook remains Negative.

Additionally, the class A-1 notes are assigned a Loss Severity
rating of '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'.  Currently, for the class A-1 notes this ratio falls in
the range of 1.1 to 4.0.  The LS rating should always be
considered in conjunction with the notes' long-term credit rating.
Fitch does not assign LS ratings to tranches rated 'CCC' and
below.

Breakevens for the class A-2, B and class C notes are below SF
PCM's 'CCC' default level, the lowest level of defaults projected
by SF PCM.  For these classes, Fitch compared the respective
credit enhancement levels to the amount of underlying assets
considered distressed (rated 'CCC' and lower).  These assets have
a high probability of default and low expected recoveries upon
default.  The class A-2, B and class C notes have credit
enhancement levels of 1.1%, -0.5%, and -2.2%, respectively.
Although, each class is still receiving their quarterly interest
distributions, their ratings have been downgraded to 'C' to
indicate Fitch's belief that default is inevitable at or prior to
maturity.

Lakeside CDO II is a cash flow collateralized debt obligation,
which closed on March 31, 2004 and is managed by Vanderbilt
Capital Advisors LLC.  The portfolio is primarily composed of
subprime residential mortgage-backed securities (30.7%), prime
RMBS (33.9%), structured finance CDOs (29.6%), middle market CDOs
(5.5%), and commercial asset-backed securities (0.3%).

Fitch downgrades and assigns a Loss Severity rating to this class:

  -- $623,132,204 class A-1 notes to 'B/LS3' from 'BBB'; Outlook
     Negative.

Fitch downgrades these classes:

  -- $279,900,000 class A-2 notes to 'C' from 'CCC';
  -- $15,218,596 class B notes to 'C' from 'CC';
  -- $14,797,265 class C notes to 'C' from 'CC'.


LEE COUNTY: S&P Downgrades Long-Term Ratings to 'BB'
----------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term ratings
and underlying ratings to 'BB' from 'BB+' on Lee County Industrial
Development Authority, Florida's various health care facilities
bonds, issued for Shell Point Village, a life-care-based
continuing-care retirement community in Fort Myers, Fla.  In
addition, Standard & Poor's affirmed its 'AA/A-1' rating on the
authority's series 1999B and 2002 variable-rate demand bonds
(VRDBs), issued for SPV.

The downgrade reflects S&P's view of SPV's weakened credit
profile, characterized by high debt, very thin and declining
liquidity levels, and underlying pressure on revenue and net
entrance fees related to the housing decline and weak local and
regional economy.  While management has responded with cost-
cutting initiatives and a reduction in entry-fee prices to spur
demand -- both of which have improved the overall operating
results -- cash flow and adjusted coverage levels are weaker.
Furthermore, the sustainability of operating with reduced entrance
fees over the long-term remains a concern, while the limited
liquidity for a predominately life-care senior-living facility
provides limited cushion to deal with near-term operating
challenges.

While the negative outlook incorporates SPV's very low liquidity
levels and general occupancy and operational challenges despite
some improvement year to date, it also factors in SPV's exposure
to variable-rate debt and other debt obligations that either
contains put and renewal risk or the risk that the debt could be
accelerated under a term-out scenario.

"The negative rating outlook reflects S&P's expectation that SPV
will likely continue to experience near-term operating and
liquidity pressure," said Standard & Poor's credit analyst Stephen
Infranco.  "Despite a rebound in occupancy and operating results
in fiscal 2009, cash flow is weaker partly due to the reduced
revenue from discounted contracts," said Mr. Infranco.

Management has stated that cash accumulation is its main focus as
capital spending remains below historical levels for the near to
intermediate term.  If operating results and cash flow are not
strong enough to improve SPV's liquidity position, or if the
current debt structure negatively affects cash levels, a lower
rating may be warranted in S&P's opinion.  S&P would consider a
return of the outlook to stable on an improvement in profitability
and liquidity without incurring any additional debt.

The obligated group is required to maintain certain financial
covenants with respect to the outstanding $46.315 million series
1999B and 2002 VRDBs, the $13.6 million revolving line of credit,
and the $5.2 million construction loan.  If the covenant violation
exceeds a threshold set forth in the applicable documents and
constitutes an event of default, the financial institutions that
are parties to the agreements would need to grant a waiver to SPV,
or they could seek certain remedies, including an acceleration of
debt or substitution of the letter-of-credit providers.


MERRILL LYNCH: Fitch Affirms 'CCC/RR1' Rating on Class F Notes
--------------------------------------------------------------
Fitch Ratings has affirmed, assigned distressed recovery ratings
and Outlooks to Merrill Lynch Mortgage Investors, Inc.'s mortgage
pass-through certificates, series 1996-C1:

  -- Interest-only class IO at 'AAA'; Outlook Stable;
  -- $20.9 million class F at 'CCC/RR1'.

The affirmations are the result of stable performance of the
remaining loans since Fitch's last ratings action.  As of the
February 2010 remittance report, the transaction has paid down
96.1% since issuance, with 12 of the original 159 loans still
outstanding.  There are no delinquent or specially serviced loans,
although Fitch considers four loans (24.25%) to be of concern due
to poor performance.

Fitch stressed the cash flow of the remaining non defeased loans
by applying a 10% reduction to 2008 fiscal year end net operating
income and applying an adjusted market cap rate between 7.5% and
10% to determine value.

Similar to Fitch's prospective analysis of recent vintage CMBS,
each loan also underwent a refinance test by applying an 8%
interest rate and 30-year amortization schedule based on the
stressed cash flow.  Loans that could refinance to a debt service
coverage ratio of 1.25 times or higher were considered to payoff
at maturity.  Four loans did not payoff at maturity and one loan
incurred a minimal loss when compared to Fitch's stressed value.


MERRILL LYNCH: Moody's Takes Rating Actions on 2005-MKB2 Notes
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings of seven classes,
confirmed one class and downgraded 13 classes of Merrill Lynch
Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2005-MKB2 due to credit quality dispersion, higher expected
losses for the pool resulting from anticipated losses from
specially serviced and highly leveraged watch listed loans, and
concerns about refinancing risk associated with loans approaching
maturity in an adverse environment.  Thirteen loans, representing
18% of the pool, mature over the next 36 months and six of these
loans (10% of the pool) have a Moody's stressed debt service
coverage ratio below 1.0X.

The affirmations and confirmation are due to key rating
parameters, including Moody's loan to value ratio and Moody's
stressed DSCR remaining within acceptable ranges.  Although the
pool has experienced a decline in loan diversity, as measured by
the Herfindahl Index, this has been offset by increased
subordination due to amortization and loan payoffs.

Moody's placed 14 classes of this transaction on review for
possible downgrade on February 3, 2010 due to anticipated losses
from loans in special servicing.  This action concludes that
review.  The rating action is the result of Moody's on-going
surveillance of commercial mortgage backed securities
transactions.

As of the January 12, 2010 statement date, the transaction's
aggregate certificate balance has decreased 18% to $935 million
from $1.1 billion at securitization.  The 78 mortgage loans that
collateralize these Certificates range in size from less than 1%
to 7% of the pool, with the top ten non-defeased loans
representing 42% of the pool.  The pool contains one loan,
representing 3% of the pool, with an underlying investment grade
rating.  U.S. Government securities now secure six loans or 20% of
the pool due to defeasance compared to one loan or 6% of the pool
at last review.

Eighteen loans, representing 13% of the pool, are on the master
servicer's watch list.  The watch list includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watch list to assess which loans have material
issues that could impact performance.

To date, the pool has not experienced any losses.  Six loans,
representing 13% of the pool, are currently in special servicing.

The largest specially serviced conduit loan is the Lodgian
Portfolio 3 Loan ($45.1 million -- 4.8% of the pool), which is
secured by four limited service and two full service hotels
located across five states (TX, NH, MD, KY and AK) with a total of
1,039 rooms.  The portfolio flags include Holiday Inn, Courtyard
by Marriot, Marriot Fairfield Inn and Crowne Plaza.  The Lodgian
loan was transferred to special servicing in July 2009 due to a
maturity default.

The remaining five specially serviced loans are secured by a mix
of multifamily (2), retail (2) and office properties.  Moody's
estimates an aggregate $32.8 million loss for all of the specially
serviced loans (27% loss severity on average).  The special
servicer has recognized an aggregate appraisal reduction of
$4.4 million for three of the specially serviced loans.

In addition to recognizing losses from specially serviced loans,
Moody's has assumed a high default probability on two poorly
performing loans which represent 2% of the pool.  Moody's has
estimated an aggregate $7.1 million loss (39% loss severity on
average) from these troubled loans.  Moody's rating action
recognizes potential uncertainty around the timing and magnitude
of loss from these troubled loans.

Moody's was provided with full year 2008 and partial-year 2009
operating results for 100% and 95%, respectively, of the pool.
Moody's weighted average LTV for the conduit pool, excluding
specially serviced and troubled loans, is 93%, essentially the
same as at last review.  Although the overall leverage has
remained stable, the pool has experienced increased credit quality
dispersion since last review.  Based on Moody's analysis, 12% of
the pool has an LTV in excess of 120% compared to 2% at last
review.

Excluding specially serviced and troubled loans, Moody's actual
and stressed DSCRs are 1.48X and 1.13X, respectively, compared to
1.55X and 1.09X at last review.  Moody's actual DSCR is based on
Moody's net cash flow and the loan's actual debt service.  Moody's
stressed DSCR is based on Moody's NCF and a 9.25% stressed rate
applied to the loan balance.

Moody's uses a variation of Herf to measure loan size diversity,
where a higher number represents greater diversity.  Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple-notch downgrades under
adverse circumstances.  The credit neutral Herf score is 40.  The
pool now has a Herf score of 28 compared to 38 at last review

The loan with an underlying rating is the American Express
Building Loan ($32.8 million -- 3.5% of the pool), which is
secured by a four-story suburban office building located in the
airport office submarket of Greensboro, North Carolina.  The
property has 389,000 square feet of net rentable area and is 100%
leased to American Express Travel Related Services Co., Inc.
through December 2014.  The loan matures in February 2010 and the
borrower has indicated that it intends to pay off the loan at
maturity.  Moody's underlying rating and stressed DSCR are Baa3
and 1.21X, the same as last review.

The top three conduit loans represent 19% of the pool.  The
largest conduit loan is the DeSoto Square Mall Loan ($63.8 million
-- 6.8% of the pool), which is secured by the borrower's interest
in a 693,000 SF (collateral consists of 490,000 SF) non-dominant
regional shopping center located in Bradenton, Florida.  The
center is anchored by Macy's, JC Penney (owned collateral) and
Sears (unowned collateral).  A fourth anchor -- Dillard's --
closed its doors in November 2009.  As of June 2009, the property
was 78% leased compared to 87% at last review.  Comparable in-line
sales for calendar year 2008 were $234 per square foot compared to
$308 PSF at securitization.  Cash flow, occupancy and tenant sales
have all declined since last review.  The loan sponsor is Simon
Property Group.  Moody's LTV and stressed DSCR are 124% and 0.78X,
respectively, compared to 99% and 0.96X at last review.

The second largest conduit loan is the Emerald Point Apartments
Loan ($49.9 million -- 5.3% of the pool), which is secured by an
863-unit Class B garden style apartment complex located in
Virginia Beach, Virginia.  As of September 2009, the property was
93% leased, essentially the same as at last review.  Performance
has been stable and the loan has benefited from amortization.  The
loan has amortized by 4% since last review.  Moody's LTV and
stressed DSCR are 92% and 1.02X, respectively, compared to 108%
and 0.93X at last review.

The third largest conduit loan is the Sun Communities -- Indian
Creek Loan ($49.3 million -- 5.3% of the pool), which is secured
by a 1,532-unit manufactured housing community located in Fort
Myers Beach, Florida.  The property was 92% leased as of June 2009
compared to 84% at last review.  The property's performance has
improved since last review and the loan has benefited from
amortization.  The loan has amortized by 5% since last review.
Moody's LTV and stressed DSCR are 83% and 1.07X, respectively,
compared to 93% and 0.93X at last review.

Moody's rating action is:

  -- Class A-1A, $195,716,477, affirmed at Aaa; previously
     assigned Aaa on 3/30/2005;

  -- Class XC, Notional, affirmed at Aaa; previously assigned Aaa
     on 3/30/2005;

  -- Class XP, Notional, affirmed at Aaa; previously assigned Aaa
     on 3/30/2005;

  -- Class A-2, $95,122,629, affirmed at Aaa; previously assigned
     Aaa on 3/30/2005;

  -- Class A-3, $40,623,000, affirmed at Aaa; previously assigned
     Aaa on 3/30/2005;

  -- Class A-SB, $42,997,000, affirmed at Aaa; previously assigned
     Aaa on 3/30/2005;

  -- Class A-4, $332,815,000, affirmed at Aaa; previously assigned
     Aaa on 3/30/2005;

  -- Class AJ, $61,128,000, confirmed at Aaa; previously assigned
     Aaa on 3/30/2005;

  -- Class B, $32,696,000, downgraded to Aa3 from Aa2; previously
     assigned Aa2 on 3/30/2005;

  -- Class C, $9,951,000, downgraded to A1 from Aa3; previously
     assigned Aa3 on 3/30/2005;

  -- Class D, $21,323,000, downgraded to Baa1 from A2; previously
     assigned A2 on 3/30/2005;

  -- Class E, $12,795,000, downgraded to Baa2 from A3; previously
     assigned A3 on 3/30/2005;

  -- Class F, $18,480,000, downgraded to Ba1 from Baa1; previously
     assigned Baa1 on 3/30/2005;

  -- Class G, $11,373,000, downgraded to Ba3 from Baa2; previously
     assigned Baa2 on 3/30/2005;

  -- Class H, $14,216,000, downgraded to B3 from Baa3; previously
     assigned Baa3 on 3/30/2005;

  -- Class J, $7,107,000, downgraded to Caa3 from Ba1; previously
     assigned Ba1 on 3/30/2005;

  -- Class K, $5,687,000, downgraded to Ca from Ba2; previously
     assigned Ba2 on 3/30/2005;

  -- Class L, $4,264,000, downgraded to C from Ba3; previously
     assigned Ba3 on 3/30/2005;

  -- Class M, $4,265,000, downgraded to C from B1; previously
     assigned B1 on 3/30/2005;

  -- Class N, $2,843,000, downgraded to C from B2; previously
     assigned B2 on 3/30/2005;

  -- Class P, $5,687,000, downgraded to C from B3C; previously
     assigned B3 on 3/30/2005.


MORGAN STANLEY: S&P Withdraws 'CCC-' Rating on Class II Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on the
class II notes issued by both Morgan Stanley ACES SPC's series
2006-10 and series 2006-14, synthetic corporate investment-grade
collateralized debt obligation transactions.

S&P withdrew the ratings because the notes were unwound.

                        Ratings Withdrawn

                     Morgan Stanley ACES SPC
                          Series 2006-10

                                    Rating
                                    ------
                    Class         To      From
                    -----         --      ----
                    II            NR      CCC-

                     Morgan Stanley ACES SPC
                          Series 2006-14

                                    Rating
                                    ------
                    Class         To      From
                    -----         --      ----
                    II            NR      CCC-

                          NR - Not rated.


MRU STUDENT: Moody's Downgrades Ratings on Four 2007-A Tranches
---------------------------------------------------------------
Moody's has downgraded four tranches issued by MRU Student Loan
Trust 2007-A, correcting an earlier rating action announced on
May 22, 2009.  In the earlier action, the rating agency did not
account for the increased funding cost of the auction rate
securities resulting from the downgrades.  The underlying
collateral consists of unguaranteed private student loans
originated through the direct-to-consumer channel.

Over 90% of the notes issued by MRU Student Loan Trust 2007-A are
auction rate securities which carry a penalty rate when auctions
fail, i.e., there is no clearing bid.  Auctions for this trust
have been failing since the first quarter of 2008.  As per the
trust indenture, when there is no clearing bid, the coupon on the
auction rate securities is linked to the ratings of the notes.  In
May 2009, the notes were downgraded by Moody's due to portfolio
performance deterioration to a level below A3, which resulted in
the increased funding cost on the auction rate securities.
However, Moody's did not take this increase into account.  Moody's
has now corrected its assumption, which is used in projecting
excess spread per annum.  As a result, Moody's expects the trust
to generate negative gross (i.e. before credit losses) excess
spread of 1.0% to 1.5% per annum.  The higher funding cost coupled
with the loan pool defaults have caused parity, i.e., the ratio of
assets to liabilities, to erode since Moody's previous rating
action.  As of the collection period ending December 31, 2009,
parity was 92.16%, a 2.96% of decline from June 2009.

In February 2009, The Bank of New York Trust Company, N.A.  (BNY)
assumed the role of the administrator, as per the transaction
documents, following the bankruptcy filing of the former
administrator and sponsor, MRU Holdings, Inc. In its role as the
administrator, BNY places delinquent loans with collection
agencies for more rigorous collections, performs calculations
related to distributions, and prepares the servicing reports.  On
February 10, 2010, BNY restated all the servicing reports the
company has prepared since it assumed the role of administrator.
Reported cumulative default rates for collection periods ending
March 30, 2009, June 30, 2009 and September 31, 2009 were revised
upward by 14%, 60% and 82% respectively.  Additionally, it appears
that principal distributions to Class A-1 and A-2 were
$1.5 million greater during the reporting quarter ended September
2009 than previously stated.  The current ratings rely on the
accuracy of the restated servicing reports.

Moody's currently expect pool cumulative net losses of 18.6% (as a
percentage of the original loan pool balance plus cumulative loans
added during the acquisition period) over the lifetime of the
transaction.  The performance expectations for a given variable
indicate Moody's forward-looking view of the likely performance
over the medium term.  From time to time, Moody's may, if
warranted, change these expectations.  Performance that
significantly deviates from these estimates may indicate that the
collateral's credit quality is stronger or weaker than Moody's had
anticipated when the related securities ratings were previously
downgraded.  Even so, a deviation from the expected levels will
not necessarily result in a rating action nor does performance
within expectations preclude such actions.  The decision to take
(or not take) a rating action is dependent on an assessment of a
range of factors including, but not exclusively, the performance
metrics.

Primary sources of uncertainty with regard to expected losses are
the weak economic environment and in particular the high
unemployment rate, which adversely impacts the income-generating
ability of the borrowers.  In addition, the historical loss
performance data available for this pool is relatively limited, as
over 70% of the borrowers were still in school when the notes were
issued in 2007.  As of the last reporting period, only 55% of the
pool was in active repayment, i.e. not in school, grace,
deferment, or forbearance.

Issuer: MRU Student Loan Trust 2007-A

  * Pool Current Expected Cumulative Net Losses: 18.6% (as a
    percentage of the original loan pool balance plus cumulative
    loans added during acquisition period)

  -- Cl. A-1, Downgraded to Caa1; previously on May 22, 2009
     Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- Cl. A-2, Downgraded to Caa1; previously on May 22, 2009
     Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- Cl. B, Downgraded to Ca; previously on May 22, 2009
     Downgraded to Caa3 and Remained On Review for Possible
     Downgrade

  -- Cl. C, Downgraded to C; previously on May 22, 2009 Downgraded
     to Ca and Remained On Review for Possible Downgrade


N-STAR REL: S&P Downgrades Ratings on 12 2006-1 CRE CDOs
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 12
classes from N-Star REL CDO VI Ltd.'s series 2006-1, which is a
commercial real estate collateralized debt obligation transaction.
The lowered ratings remain on CreditWatch with negative
implications.

The downgrades follow S&P's analysis of the transaction using its
recently updated U.S. CRE CDO criteria, which was the primary
driver of its rating actions.  S&P's analysis included a review of
the current credit characteristics of all of the collateral assets
and the transaction's liability structure.

The ratings remain on CreditWatch negative and reflect S&P's
pending assessment of certain note cancellations and the
resolution of CMBS collateral with ratings on CreditWatch
negative.  The note cancellations occurred as reflected in the
Dec. 28, 2009, trustee report.  The CreditWatch placements also
reflect the transaction's exposure to CMBS collateral with ratings
on CreditWatch negative ($20.0 million, 4.6%).

According to the Jan. 29, 2010, trustee report, the transaction's
current asset pool includes:

* Fifteen whole loans and senior interest loans ($194.9 million,
  45.2%);

* Thirteen subordinate interest loans ($161.0 million, 37.3%);

* Four CRE CDO tranches ($38.6 million, 8.9%); and

* Three commercial mortgage-backed securities tranches
  ($36.7 million, 8.5%).

Standard & Poor's reviewed and updated credit estimates for all of
the nondefaulted loan assets.  S&P based the analyses on its
adjusted net cash flow, which S&P derived from the most recent
financial data provided by the collateral manager, NS Advisors
LLC, the trustee, Wells Fargo Bank N.A., and market and valuation
data from third-party providers.

The pool includes two reported defaulted assets ($6.2 million,
1.4%).  Standard & Poor's estimated that there would be no
recoveries (i.e., 100% loss) upon the ultimate resolution of both
of the defaulted assets, based on information provided by the
collateral manager, special servicer, and market data.  The
defaulted assets are:

* The Edgewater Village whole loan ($3.9 million, 0.9% of the
  collateral pool); and

* The Edgewater Terrace whole loan ($2.3 million, 0.5%).

Standard & Poor's analyzed the transaction and its underlying
collateral assets in accordance with its current criteria,
including its updated U.S. CRE CDO criteria.  S&P's analysis is
consistent with the lowered and affirmed ratings.

      Ratings Lowered And Remaining On Creditwatch Negative

                      N-Star REL CDO VI Ltd.
          Collateralized debt obligations series 2006-1

                             Rating
                             ------
          Class     To                   From
          -----     --                   ----
          A-1       BBB/Watch Neg        AAA/Watch Neg
          A-R       BBB/Watch Neg        AAA/Watch Neg
          A-2       BBB-/Watch Neg       AAA/Watch Neg
          B         BB+/Watch Neg        AA/Watch Neg
          C         BB+/Watch Neg        A+/Watch Neg
          D         BB+/Watch Neg        A-/Watch Neg
          E         BB/Watch Neg         BBB+/Watch Neg
          F         BB/Watch Neg         BBB/Watch Neg
          G         BB-/Watch Neg        BBB-/Watch Neg
          H         B+/Watch Neg         BB/Watch Neg
          J         B/Watch Neg          BB/Watch Neg
          K         B-/Watch Neg         B/Watch Neg


N-STAR REL: S&P Downgrades Ratings on Seven N-Star REL CRE CDO
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on seven
classes from N-Star REL CDO IV Ltd.'s N-Star REL, a commercial
real estate collateralized debt obligation transaction.  The seven
lowered ratings remain on CreditWatch with negative implications.

The downgrades follow S&P's analysis of the transaction using its
recently updated U.S. CRE CDO criteria, which was the primary
driver of its rating actions.  S&P's analysis included a review of
the current credit characteristics of all of the collateral assets
and the transaction's liability structure.

The ratings remain on CreditWatch negative pending S&P's
assessment of certain note cancellations reflected in the Dec. 28,
2009, trustee report and the resolution of the CreditWatch
placements of its ratings on certain underlying CMBS collateral.
The CreditWatch placements also reflect the transaction's exposure
to CMBS collateral with ratings on CreditWatch negative
($46.2 million, 11.3%).

According to the Jan. 27, 2010, trustee report, the transaction's
current asset pool includes these:

* Twelve whole loans or senior interest loans ($180.6 million,
  43.8%);

* Ten subordinate interest loans ($128.6 million, 31.2%);

* Fourteen CMBS tranches ($60.3 million, 14.7%);

* Three CRE CDO or resecuritized real estate mortgage investment
  conduit tranches ($34.9 million, 8.5%); and

* One REIT bond ($7.5 million, 1.8%).

S&P reviewed and updated its credit estimates for all of the
nondefaulted loan assets.  S&P based these analyses on its
adjusted net cash flow, which S&P derived using the most recent
financial data provided by the collateral manager, NS Advisors
LLC, and the trustee, Wells Fargo Bank N.A., as well as market and
valuation data from third-party providers.

The trustee report notes three defaulted loan assets in the pool
($27.3 million, 6.6%).  Standard & Poor's estimated asset-specific
recovery rates for the loan assets reported as defaulted, which
ranged from 0% to 45%.  S&P based the recovery rates on
information from the collateral manager, special servicers, and
third-party data providers.  The defaulted assets are:

* The Magnolia whole loan ($10.5 million, 2.6%);
* The Hudson Valley b-note ($10.0 million, 2.4%); and
* The Universal junior participation ($6.8 million, 1.7%).

Standard & Poor's analyzed the transaction and its underlying
collateral assets in accordance with its current criteria,
including its updated U.S. CRE CDO criteria.  its analysis is
consistent with the lowered and affirmed ratings.

      Ratings Lowered And Remaining On Creditwatch Negative

                      N-Star REL CDO IV Ltd.
          Collateralized debt obligations series 2005-1

                           Rating
                           ------
          Class     To                   From
          -----     --                   ----
          A         BBB+/Watch Neg       AAA/Watch Neg
          B         BBB/Watch Neg        AA/Watch Neg
          C         BBB-/Watch Neg       A/Watch Neg
          D         BB+/Watch Neg        BBB/Watch Neg
          E         BB/Watch Neg         BBB-/Watch Neg
          F         B+/Watch Neg         BB/Watch Neg
          G         B-/Watch Neg         B/Watch Neg


NOMURA CRE: S&P Downgrades Ratings on 16 Classes of 2007-2 CRE CDO
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 16
classes from Nomura CRE CDO 2007-2 Ltd., which is a commercial
real estate collateralized debt obligation transaction.  At the
same time, S&P removed the ratings from CreditWatch negative.

The downgrades follow S&P's analysis of the transaction using its
recently updated U.S. CRE CDO criteria, which was the primary
driver of its rating actions.  S&P's analysis included a review of
the current credit characteristics of all of the collateral assets
and the transaction's liability structure.

According to the Jan. 29, 2010, trustee report, the transaction's
current asset pool includes these:

* Twenty-two whole loans and senior interest loans
  ($759.5 million, 78.9% of the collateral pool);

* Six subordinate interest loans ($109.9 million, 11.4%);

* Five commercial mortgage-backed securities tranches
  ($59.0 million, 6.1%); and

* Five CRE CDO and re-REMIC tranches ($34.5 million, 3.6%).

Standard & Poor's reviewed and updated credit estimates for all of
the nondefaulted loan assets.  S&P based the analyses on its
adjusted net cash flow, which S&P derived from the most recent
financial data provided by the collateral manager, Centerline
Capital Group Inc., and trustee, Wells Fargo Bank N.A., as well as
market and valuation data from third-party providers.

There are six reported defaulted loan assets in the pool
($221.1 million, 22.9%), one defaulted security ($17.5 million,
1.8%), and one defaulted CMBS rake bond ($8.0 million, 0.8%).
Standard & Poor's estimated asset specific recovery rates for the
loan assets, which ranged from 0% to 76.3% based upon information
provided by the collateral manager, special servicer, and market
data.  The defaulted assets are:

* The Alliance Portfolio whole loan ($110.0 million, 11.4%);

* The Lembi Multifamily Portfolio whole loan ($48.6 million,
  5.1%);

* The Wateridge Plaza A-2 note ($22.0 million, 2.3%);

* The Stadium Towers B note ($16.8 million, 1.7%);

* The Aloha Beach Resort whole loan ($13.7 million, 1.4%);

* The Lembi Multifamily Portfolio mezzanine loan ($10.0 million,
  1.0%);

* The MSC 2007-IQ14K security ($17.5 million, 1.8%); and

* The Four Seasons Dallas, Texas CMBS rake bond ($8.0 million,
  0.8%).

According to the trustee report, the deal is passing all interest
coverage tests but is failing all four overcollateralization
tests.

Standard & Poor's analyzed the transaction and its underlying
collateral assets in accordance with S&P's current criteria,
including its updated U.S. CRE CDO criteria.  its analysis is
consistent with the lowered and affirmed ratings.

      Ratings Lowered And Removed From Creditwatch Negative

                    Nomura CRE CDO 2007-2 Ltd.
                 Collateralized debt obligations

                            Rating
                            ------
          Class     To                   From
          -----     --                   ----
          A-R       BBB                  AAA/Watch Neg
          A-1       BBB                  AAA/Watch Neg
          A-2       BBB-                 AAA/Watch Neg
          B         BB+                  AA/Watch Neg
          C         BB+                  AA-/Watch Neg
          D         BB-                  A+/Watch Neg
          E         B+                   A/Watch Neg
          F         B+                   A-/Watch Neg
          G         B-                   BBB+/Watch Neg
          H         CCC+                 BBB/Watch Neg
          J         CCC-                 BBB-/Watch Neg
          K         CCC-                 BB+/Watch Neg
          L         CCC-                 BB/Watch Neg
          M         CCC-                 BB-/Watch Neg
          N         CCC-                 B+/Watch Neg
          O         CCC-                 B-/Watch Neg


PROVIDENT FINANCING: Fitch Puts B+ Rating on 7.405% Jr. Securities
------------------------------------------------------------------
Fitch Ratings has upgraded Unum Group Inc.'s holding company
ratings, including the senior debt rating to 'BBB' from 'BBB-' and
the Insurer Financial Strength ratings of all domestic operating
subsidiaries to 'A' from 'A-'.  The Rating Outlook is Stable.

The upgrades reflect UNM's operating performance which has
remained strong despite a weak global economy; conservative
investment portfolio; solid capital and liquidity at both the
insurance subsidiary and holding company levels; the company's
leadership position in the U.S. employee benefits market; and
increased diversification from the United Kingdom and worksite
products.

UNM reported net income of $853 million in 2009, up significantly
from $553 million in 2008, which included $466 million in realized
investment losses.  While premiums were down in 2009, operating
margins were at five-year highs across UNM's three operating
segments (Unum US, Unum UK and Colonial Life).

Over the past several years, UNM has made significant progress in
addressing key challenges focused on margin expansion in the U.S.
group disability segment.  Despite current recessionary economic
conditions, the shift in the business mix, improved claims
management and focus on pricing discipline together have given
rise to improvements in the benefit ratio for this segment.  For
the three months ending Dec. 31, 2009, the group disability income
benefits ratio was 85%, down over 400 basis points from the same
period in 2008, and almost 700 basis points from the same period
in 2007.  Additionally, persistency has remained stable in all
segments and performance has been strong from targeted segments in
the U.K. and Colonial and supplemental and voluntary benefits in
the U.S.

Based on Fitch's stress testing analysis, UNM's investment
portfolio is well-positioned to ride out the credit downturn
largely due to a reduction in credit exposure and better interest
rate risk management over the last several years.  Fitch notes the
company's strategy to focus on fixed income sectors that are
counter/non-cyclical and less sensitive to the U.S. and U.K.
economies because they support liabilities characterized as
economically sensitive (group disability) and long duration
(individual disability and long-term care).  UNM reported after-
tax realized losses from write-downs and sales of $231 million in
2009 (compared to $174 million for the full year 2008).  UNM's
fixed income portfolio moved to a net unrealized gain position of
$2 billion at Dec. 31, 2009 from a net unrealized loss position
$2.3 billion at the prior year-end.

Fitch believes statutory net operating gains will cushion
capitalization from potential credit-related investment losses and
continue to support improvements achieved in holding company
financial flexibility.  UNM reported consolidated statutory total
adjusted capital on U.S. operating companies of $3.6 billion, and
an NAIC RBC of 382% on Dec. 31, 2009.

Equity-credit-adjusted leverage was 17.1% on Dec. 31, 2009.  With
the improvement in earnings and lower interest expense, the result
of debt refunding in recent years, GAAP earnings-based interest
coverage improved to 12.9 times in 2009, from 12.0x in 2008, and
7.4x in 2007.  Holding company liquidity totaled $915 million at
year-end 2009, up from $526 million in 2008.

Fitch has upgraded these ratings with a Stable Outlook:

Unum Group Inc.

  -- Issuer Default Rating to 'BBB+' from 'BBB';
  -- 7.125% senior notes due Sept. 30, 2016 to 'BBB' from 'BBB-';
  -- 7.625% senior notes due March 1, 2011 to 'BBB' from 'BBB-';
  -- 7% senior notes due July 15, 2018 to 'BBB' from 'BBB-';
  -- 7.25% senior notes due March 15, 2028 to 'BBB' from 'BBB-';
  -- 6.75% senior notes due Dec. 15, 2028 to 'BBB' from 'BBB-';
  -- 7.375% senior notes due June 15, 2032 to 'BBB' from 'BBB-'.

Provident Financing Trust I

  -- 7.405% junior subordinated capital securities to 'BB+' from
     'BB'.

UnumProvident Finance Company plc

  -- 6.85% senior notes due Nov. 15, 2015 to 'BBB' from 'BBB-'.

Unum Group Members:
Unum Life Insurance Company of America
Provident Life & Accident Insurance Company
Provident Life and Casualty Insurance Company
The Paul Revere Life Insurance Company
The Paul Revere Variable Annuity Insurance Company
First Unum Life Insurance Company
Colonial Life & Accident Insurance Company

  -- IFS to 'A' from 'A-'.


REVE SPC: S&P Withdraws 'CCC-' Rating on Class A Notes
------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' rating on
the class A notes issued by REVE SPC's series 57, a synthetic
corporate investment-grade collateralized debt obligation
transaction.

S&P withdrew the rating at the issuer's request.

                         Rating Withdrawn

                             REVE SPC
                             Series 57

                  Rating                Balance (mil. $)
                  ------                ----------------
       Class     To       From         Current      Original
       -----     --       ----         -------      --------
       A         NR       CCC-           0.000       500.000

                          NR - Not rated.


SCOTTISH RE: S&P Withdraws Ratings on Three XXX Securitizations
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its
ratings on three XXX securitizations linked to Scottish Re (U.S.)
Inc. at the request of the company.  Standard & Poor's
subsequently assigned unsolicited ratings to these same
transactions.

"The company requested that S&P withdraw the interactive ratings,
but S&P believes there remains sufficient market interest in each
securitization to maintain ratings on them," explained Standard &
Poor's credit analyst Gary Martucci.  "The ratings now are
unsolicited."

                           Ratings List

                         Ratings Withdrawn

                         Ballantyne Re plc

                    Senior Secured Debt Rating

                                                To         From
                                                --         ----
      $250M Class A-1 notes                     NR         CC
      $500M Class A-2 Series A notes            NR         CC
      $100M Class A-3 Series A notes            NR         CC
      $100M Class A-3 Series B notes            NR         CC
      $100M Class A-3 Series C notes            NR         CC
      $100M Class A-3 Series D notes            NR         CC

                     Subordinated Debt Rating

                                                To         From
                                                --         ----
      $10M Class B-1 notes                      NR         C
      $40M Class B-2 notes                      NR         C

                         Orkney Re II plc

                                                To         From
                                                --         ----
     Senior Secured Debt Rating
      $42.5M Class A-2 notes                    NR         D
     Subordinated Debt Rating
      $30M Class B notes                        NR         C

                   Unsolicited Ratings Assigned

                         Ballantyne Re plc

              Unsolicited Senior Secured Debt Rating

      $250M Class A-1 notes                     CC
      $500M Class A-2 Series A notes            CC
      $500M Class A-2 Series B notes            AAA/Negative
      $100M Class A-3 Series A notes            CC
      $100M Class A-3 Series B notes            CC
      $100M Class A-3 Series C notes            CC
      $100M Class A-3 Series D notes            CC
     Unsolicited Subordinated Debt Rating
      $10M Class B-1 notes                      C
      $40M Class B-2 notes                      C

                        Orkney Holdings LLC

              Unsolicited Senior Secured Debt Rating

      $850M Series A notes                      BB+/Negative

                         Orkney Re II plc

              Unsolicited Senior Secured Debt Rating

      $382.5M Class A-1 notes                   AAA/Negative
      $42.5M Class A-2 notes                    D

               Unsolicited Subordinated Debt Rating

            $30M Class B notes                       C


SENIOR ABS: Fitch Cuts Ratings on $11.6 Mil. Certs. to 'BB/LS4'
---------------------------------------------------------------
Fitch Ratings has downgraded, assigned an 'LS' rating, and revised
the Rating Outlook for the certificates issued by Senior ABS
Repack Trust, series 2002-1 (Senior ABS Repack Trust 2002-1).

The rating on the certificates, which addresses timely payment of
interest and ultimate payment of principal is based on the
anticipated cash flow from the E*TRADE ABS CDO I, Ltd.(E*Trade I)
class A-2 notes held as collateral by the Senior ABS Repack Trust
2002-1.  The rating on the certificates correlates directly with
the rating on the class A-2 notes of E*TRADE I.  The E*TRADE I
class A-2 notes were downgraded to 'BB/LS4' from 'BBB', and the
Outlook was revised to Negative from Stable by Fitch.

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.

Fitch will continue to monitor and review this transaction for
future rating adjustments

Fitch has downgraded and revised the Rating Outlook for these
certificates as indicated:

  -- $11,600,000 certificates to 'BB/LS4' from 'BBB'; Outlook to
     Negative from Stable.


SIGNUM VERMILION: S&P Withdraws 'B+' Rating on 2007-1 Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B+' rating on the
notes issued by Signum Vermilion Ltd.'s series 2007-1, a synthetic
corporate collateralized debt obligation transaction.  The rating
withdrawal follows the termination of the notes.

                         Rating Withdrawn

                      Signum Vermilion Ltd.
                           Series 2007-1

                                Rating
                                ------
                     Class    To       From
                     -----    --       ----
                     2007-1   NR       B+


TRINITY HIGHER: Fitch Maintains Ratings on Student Loans
--------------------------------------------------------
Fitch Ratings currently maintains ratings on student loan asset-
backed securities issued by Trinity Higher Education Authority,
Inc.'s, under an Indenture, dated as of April 1, 2004, between
THEA and U.S. Bank National Association, as Trustee.  THEA has
requested that Fitch confirm its existing ratings on the
securities issued under the Indenture upon the adoption and
effectiveness of a supplemental indenture.  Consistent with its
statements on policies regarding rating confirmations in
structured finance transactions (Jan. 13, 2009) and student loan
confirms (May 8, 2009), Fitch is treating this request as a
notification.

The Supplement permits THEA to use funds held under the Indenture
that are deposited into the principal distribution fund to be used
to purchase outstanding auction rate securities issued under the
Indenture at a price less than par.  Bondholder participation in
any such purchases is voluntary.  Amounts held in the principal
distribution fund are currently used to redeem securities at par
plus accrued interest.  Any securities purchased by THEA at a
discount with amounts held in the principal distribution fund will
be required to be immediately tendered to the Trustee for
cancellation.

Based on the information provided, Fitch has determined that the
execution and delivery of the Supplement and the changes to the
Indenture contained in the Supplement will not have an impact on
the existing ratings on the securities issued under the Indenture.
This determination only addresses the effect of the Supplement and
its changes on the current ratings assigned by Fitch to the
securities issued under the Indenture and listed below.  It does
not address whether this change is permitted by the terms of the
documents nor does it address whether it is in the best interests
of, or prejudicial to, some or all of the holders of the
securities listed.

Based on the trust estate's balance sheet as of Sept. 30, 2009, if
any securities are purchased at a discount under the Supplement,
the result on the trust estate would likely be positive.  Fitch
would expect increases in the senior and total parity ratios of
the trust estate, as well as the subordination level for the
senior securities.  Both the composition of the loan pool held
under the Indenture and the weighted average coupon rate of the
securities are not expected to change materially.

The ratings assigned by Fitch are based on the documents and
information provided to Fitch by THEA and other parties and the
receipt of final closing documents.  Fitch relies on all these
parties for the accuracy of such information and documents.  Fitch
did not audit or verify the truth or accuracy of such information.

The student loan asset-backed securities, which include auction
rate securities issued under the Indenture by THEA, are currently
rated by Fitch:

Trinity Higher Education Authority. (2004 Indenture)

  -- Senior series 2004 A-1 notes 'AAA';
  -- Subordinate series 2004 B-1 notes 'BB'.


* Fitch Puts Ratings on 179 CDO Notes on Negative Watch
-------------------------------------------------------
Fitch Ratings has placed 179 notes from 72 bank trust preferred
collateralized debt obligations on Rating Watch Negative to
reflect the increased default and deferral activity in bank TruPS
assets.  In many portfolios the recent default and deferral
activity has now exceeded Fitch's expectations from the portfolio
review in April 2009.  Consequently, 295 notes from 76 TruPS CDOs
have been downgraded reflecting realized losses from defaulted
assets and anticipated losses from deferring assets in the
respective portfolios.

The downgrades primarily impacted notes rated below investment
grade with 159 of the notes downgraded previously rated 'CCC' or
'CC' and 40 notes carrying other below investment grade ratings
prior to downgrade.  Additionally, a majority of the notes
downgraded were downgraded by one rating category or less.

The level of distress for local and regional banks that financed
through TruPS CDOs has resulted in $2.7 billion of new bank TruPS
defaults and $2.4 billion of new deferral activity since the March
31, 2009.  Further default and deferral performance information
for bank collateral in TruPS CDOs is available in the report
'Fitch Bank TruPS CDO Default and Deferral Index', dated Feb. 10,
2010.

Fitch loss projections in April 2009 averaged 11.6% of a
transaction's portfolio.  Meanwhile, realized and imminent losses
from new defaults and deferrals now average approximately 20.6% of
the portfolio.  The Rating Watch Negative reflects Fitch's view
that the loss expectations for these portfolios have exceeded
expectations.  Where loss expectations significantly exceeded
previous assumptions, Fitch downgraded notes to reflect its
current credit opinion of the quality of the notes.


* S&P Corrects Ratings on 58 Classes From 12 RMBS Transactions
--------------------------------------------------------------
Standard & Poor's Ratings Services corrected its ratings on 58
classes from 12 U.S. residential mortgage-backed securities
transactions issued from 2003-2007.  S&P lowered 41 of the
corrected ratings to 'D' and removed 12 of them from CreditWatch
with negative implications.  S&P placed 13 additional ratings on
CreditWatch with negative implications.  S&P inadvertently
withdrew its ratings on the I-M-3 through I-M-6 classes from
American Home Mortgage Investment Trust 2006-3 on Feb. 11, 2010.
S&P has corrected the ratings on these classes to 'D'.  The
underlying collateral for these deals consists of U.S.
Alternative-A, closed-end second-lien, prime jumbo, and
reperforming mortgage loans.

The 45 defaulted classes experienced principal write-downs during
the May 2009 through December 2009 remittance periods.  However,
due to a system error, S&P were not able to identify the defaulted
classes or place any other applicable class rating on CreditWatch
during these reporting periods.  The 13 CreditWatch placements
reflect the fact that the affected classes are within a group that
includes a class that defaulted from a 'B-' rating or higher.
These ratings will remain on CreditWatch negative until S&P
completes its review of the underlying credit enhancement.

                          Rating Actions

          American Home Mortgage Investment Trust 2006-2
                        Series      2006-2

                               Rating
                               ------
Class      CUSIP         To               From            Collateral
-----      -----         --               ----            ----------
I-M-3      02660YBA9     D                AA-/Watch Neg   Alternative-A
I-M-4      02660YBB7     D                A+/Watch Neg    Alternative-A
I-M-5      02660YBC5     D                A/Watch Neg     Alternative-A
I-M-6      02660YBD3     D                BBB/Watch Neg   Alternative-A
II-M-1     02660YBE1     D                AA+/Watch Neg   Alternative-A
II-M-2     02660YBF8     D                AA/Watch Neg    Alternative-A
II-M-3     02660YBG6     D                BBB/Watch Neg   Alternative-A
II-M-4     02660YBK7     D                BB+/Watch Neg   Alternative-A
III-M-2    02660YBJ0     D                A+/Watch Neg    Alternative-A
III-M-3    02660YBM3     D                A+/Watch Neg    Alternative-A
III-M-4    02660YBN1     D                A-/Watch Neg    Alternative-A

          American Home Mortgage Investment Trust 2006-3
                        Series      2006-3

                                Rating
                                ------
Class  CUSIP       Current    02/11/10    Pre 02/11/10    Collateral
-----  -----       -------    --------    ------------    ----------
I-M-3  026929AR0   D          NR          CC              Alternative-A
I-M-4  026929AS8   D          NR          CC              Alternative-A
I-M-5  026929AT6   D          NR          CC              Alternative-A
I-M-6  026929AU3   D          NR          CC              Alternative-A

                               Rating
                               ------
Class      CUSIP         To               From            Collateral
-----      -----         --               ----            ----------
I-M-2      026929AQ2     D                CC              Alternative-A
II-2A-2    026929AK5     D                B/Watch Neg     Alternative-A
II-M-1     026929AV1     D                CC              Alternative-A
II-M-2     026929AW9     D                CC              Alternative-A
III-M-2    026929AY5     D                CC              Alternative-A
III-M-3    026929AZ2     D                CC              Alternative-A
IV-M-1     026929BA6     D                CC              Closed-end
                                                           second-lien

          American Home Mortgage Investment Trust 2007-A
                        Series      2007-A

                               Rating
                               ------
Class      CUSIP         To               From            Collateral
-----      -----         --               ----            ----------
I-M-1      026931AG0     D                CCC             Alternative-A

              Banc of America Funding 2006-7 Trust
                        Series      2006-7

                                 Rating
                                 ------
   Class      CUSIP         To               From            Collateral
   -----      -----         --               ----            ----------
   T2-M-1     05951KBH5     D                CC             Alternative-A
   T2-M-2     05951KBJ1     D                CC             Alternative-A

               Banc of America Funding 2007-4 Trust
                        Series      2007-4

                                 Rating
                                 ------
   Class      CUSIP         To               From            Collateral
   -----      -----         --               ----            ----------
   N-B-4      05953YCJ8     D                CC             Prime jumbo
   T-M-2      05953YAF8     D                CC             Alternative-A
   T-M-3      05953YAM3     D                CC             Alternative-A
   T-M-4      05953YAN1     D                CC            Alternative-A

                  Bear Stearns ARM Trust 2007-4
                        Series      2007-4

                                 Rating
                                 ------
   Class      CUSIP         To               From            Collateral
   -----      -----         --               ----            ----------
   I-B-1      07401CAL7     D                CC             Alternative-A
   I-B-2      07401CAM5     D                CC             Alternative-A

              Citigroup Mortgage Loan Trust 2006-AR5
                       Series      2006-AR5

                                 Rating
                                 ------
   Class      CUSIP         To               From            Collateral
   -----      -----         --               ----            ----------
   1-B2       17309FAP3     D                CC             Prime jumbo
   1-B3       17309FAQ1     D                CC             Prime jumbo

       Credit Suisse First Boston Mortgage Securities Corp.
                        Series      2003-8

                                 Rating
                                 ------
   Class      CUSIP         To               From            Collateral
   -----      -----         --               ----            ----------
   V-A-1      22541NX20     AAA/Watch Neg    AAA            Alternative-A
   V-X        22541NY52     AAA/Watch Neg    AAA            Alternative-A
   D-X        22541NY78     AAA/Watch Neg    AAA            Alternative-A
   V-P        22541NY94     AAA/Watch Neg    AAA            Alternative-A
   D-B-1      22541NZ77     AAA/Watch Neg    AAA            Alternative-A
   D-B-2      22541NZ85     AA-/Watch Neg    AA-            Alternative-A
   D-B-4      22541N2E8     D                BB             Alternative-A

            CSFB Mortgage-Backed Trust Series 2005-10
                       Series      2005-10

                                 Rating
                                 ------
   Class      CUSIP         To               From            Collateral
   -----      -----         --               ----            ----------
   D-B-1      225470GB3     D                CC             Alternative-A
   VI-B-4     225470GT4     D                CC             Prime jumbo
   C-B-5      225470GM9     D                CC             Prime jumbo

                CSMC Mortgage Backed Trust 2007-7
                        Series      2007-7

                                 Rating
                                 ------
   Class      CUSIP         To               From            Collateral
   -----      -----         --               ----            ----------
   D-B-3      12638DAP1     D                CC             Alternative-A
   C-B-2      12638DAR7     D                CC             Prime jumbo

                      Lehman XS Trust 2007-6
                        Series      2007-6

                                 Rating
                                 ------
   Class      CUSIP         To               From            Collateral
   -----      -----         --               ----            ----------
   II-M4      52524PBM3     D                CCC            Alternative-A
   II-M5      52524PBN1     D                CCC            Alternative-A
   II-M6      52524PBP6     D                CCC            Alternative-A
   II-M7      52524PBQ4     D                CCC            Alternative-A
   II-M8      52524PBR2     D                CCC            Alternative-A

           Security National Mortgage Loan Trust 2007-1
                        Series      2007-1

                                 Rating
                                 ------
   Class      CUSIP         To               From            Collateral
   -----      -----         --               ----            ----------
   1-A1       81441XAA2     AAA/Watch Neg    AAA            Reperforming
   1-A2       81441XAB0     AAA/Watch Neg    AAA            Reperforming
   1-A3       81441XAC8     AAA/Watch Neg    AAA            Reperforming
   2-A        81441XAD6     AAA/Watch Neg    AAA            Reperforming
   M-1        81441XAE4     AA/Watch Neg     AA             Reperforming
   M-2        81441XAF1     A/Watch Neg      A              Reperforming
   B-1        81441XAG9     BBB/Watch Neg    BBB            Reperforming
   B-2        81441XAH7     D                BB             Reperforming


* S&P Downgrades Ratings on 18 Classes From Seven RMBS Deals
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 18
classes from seven residential mortgage-backed securities
transactions backed by U.S. prime jumbo mortgage loan collateral
issued during 2002.  S&P affirmed its ratings on 275 classes from
these seven transactions and 30 additional transactions.  S&P
removed 10 of the affirmed ratings from CreditWatch with negative
implications.

The downgrades reflect S&P's opinion that projected credit support
for the affected classes is insufficient to maintain the previous
ratings, given S&P's current projected losses.  S&P's loss
projections were primarily driven by delinquencies and the current
negative condition of the housing market.

To assess the creditworthiness of each class, S&P applied its
projected loss assumptions within its cash flow analysis and
determined the ability of each class to withstand different stress
scenarios.  In order to maintain a 'B' rating on a class, S&P
assessed whether, in its view, a class could absorb the base-case
loss assumptions S&P used in its analysis.  In order to maintain a
rating higher than 'B', S&P assessed whether the class could
withstand losses exceeding its base-case loss assumptions at a
percentage specific to each rating category, up to 235% for an
'AAA' rating.  For example, in general, S&P would assess whether
one class could withstand approximately 127% of its base-case loss
assumptions to maintain a 'BB' rating, while S&P would assess
whether a different class could withstand approximately 154% of
its base-case loss assumptions to maintain a 'BBB' rating.  Each
class with an affirmed 'AAA' rating can, in its view, withstand
approximately 235% of S&P's base-case loss assumptions under its
analysis.

The affirmed ratings reflect S&P's belief that the amount of
credit enhancement available for these classes is sufficient to
cover losses associated with the applicable rating levels.

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

                          Rating Actions

               Banc of America Funding 2002-2 Trust
                         Series    2002-2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        05946XBQ5     AA-                  AA
        B-3        05946XBR3     BB-                  A

              Bank of America Mortgage 2002-10 Trust
                         Series    2002-10

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-B-3      06050HB31     A-                   AAA

              CHL Mortgage Pass-Through Trust 2002-18
                         Series    2002-18

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M          12669C7Z7     AA                   AAA
        B-1        12669C8A1     CCC                  AAA
        B-2        12669C8B9     CCC                  AA

              CHL Mortgage Pass-Through Trust 2002-19
                         Series    2002-19

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12669DBX5     AA-                  AAA

                Structured Asset Securities Corp.
                        Series    2002-13

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-AP       86358RU21     AAA                  AAA/Watch Neg
    1-AX       86358RU39     AAA                  AAA/Watch Neg
    1-PAX      86358RU47     AAA                  AAA/Watch Neg
    2-A5       86358RU96     AAA                  AAA/Watch Neg
    AP         86358RV46     AAA                  AAA/Watch Neg
    AX         86358RV53     AAA                  AAA/Watch Neg
    PAX        86358RV61     AAA                  AAA/Watch Neg
    B1         86358RV79     AAA                  AAA/Watch Neg
    B2         86358RV87     AA                   AA/Watch Neg
    BX         86358RW29     AA                   AA/Watch Neg

                 Structured Asset Securities Corp.
                        Series    2002-18A

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        3-A        86358R5J2     BBB                  A

                 Structured Asset Securities Corp.
                        Series    2002-21A

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B1-I       86359ACA9     BB-                  BBB-
        B1-I-X     86359ACB7     BB-                  BBB-
        B2-I       86359ACG6     BB-                  BBB-
        B2-I-X     86359ACH4     BB-                  BBB-
        B2-II      86359ACD3     BB+                  BBB-
        B3         86359ACE1     CC                   CCC

                 Structured Asset Securities Corp.
                        Series    2002-25A

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A1       86359ADT7     CCC                  BB
        B1-I       86359AEB5     CC                   CCC
        B1-I-X     86359AEC3     CC                   CCC
        3-A1       86359ADX8     BBB-                 AAA

                         Ratings Affirmed

                      ABN AMRO Mortgage Corp.
                         Series    2002-9

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-4        00077B3U5     AAA
                 A-30       00077B4W0     AAA
                 A-P        00077B5A7     AAA
                 A-X        00077B5B5     AAA
                 M          00077B5C3     AAA
                 B-1        00077B5D1     AA+
                 B-2        00077B5E9     AA

               Banc of America Funding 2002-2 Trust
                         Series    2002-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-2        05946XBG7     AAA
                 A-3        05946XBH5     AAA
                 A-4        05946XBJ1     AAA
                 A-5        05946XBK8     AAA
                 A-WIO      05946XBM4     AAA
                 A-PO       05946XBN2     AAA
                 B-1        05946XBP7     AAA

              Bank of America Mortgage 2002-10 Trust
                        Series    2002-10

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-26     06050HZK7     AAA
                 1-A-32     06050HZR2     AAA
                 1-A-33     06050HZS0     AAA
                 1-A-34     06050HZT8     AAA
                 1-A-35     06050HZU5     AAA
                 1-A-WIO    06050HZX9     AAA
                 2-A-1      06050HZY7     AAA
                 2-A-4      06050HA32     AAA
                 2-A-5      06050HA40     AAA
                 2-A-6      06050HA57     AAA
                 2-A-7      06050HA65     AAA
                 2-A-WIO    06050HA73     AAA
                 A-PO       06050HA81     AAA
                 1-B-1      06050HA99     AAA
                 1-B-2      06050HB23     AAA
                 2-B-1      06050HB49     AAA
                 2-B-2      06050HB56     AAA
                 2-B-3      06050HB64     AAA

               Bank of America Mortgage 2002-5 Trust
                         Series    2002-5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-6        06050HHW1     AAA
                 A-WIO      06050HHZ4     AAA
                 A-PO       06050HJA7     AAA

              Bank of America Mortgage 2002-K Trust
                         Series    2002-K

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      06050HXK9     AAA
                 1-A-2      06050HXL7     AAA
                 1-A-3      06050HXM5     AAA
                 1-A-4      06050HXN3     AAA
                 1-A-5      06050HXP8     AAA
                 1-A-6      06050HXQ6     AAA
                 1-A-7      06050HXR4     AAA
                 2-A-1      06050HXW3     AAA
                 2-A-2      06050HXX1     AAA
                 3-A-1      06050HXY9     AAA
                 B-1        06050HYC6     AAA
                 B-2        06050HYD4     AAA
                 B-3        06050HYE2     AA+

                   Cendant Mortgage Capital LLC
                         Series    2002-8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-4        15132EBL1     AAA
                 A-9        15132EBR8     AAA
                 P          15132EBU1     AAA
                 X          15132EBV9     AAA

           Chase Mortgage Finance Trust, Series 2002-S6
                        Series    2002-S6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 IIA-1      16162TV52     AAA
                 A-X        16162TV60     AAA
                 A-P        16162TV78     AAA
                 M          16162TV94     AAA
                 B-1        16162TW28     AAA
                 B-2        16162TW36     AAA

              CHL Mortgage Pass-Through Trust 2002-18
                        Series    2002-18

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669C7L8     AAA
                 A-8        12669C7T1     AAA
                 A-9        12669C7U8     AAA
                 PO         12669C7X2     AAA

             CHL Mortgage Pass-Through Trust 2002-19
                        Series    2002-19

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669DBA5     AAA
                 1-A-13     12669DBN7     AAA
                 2-A-3      12669DBR8     AAA
                 2-A-4      12669DBS6     AAA
                 PO         12669DBT4     AAA
                 M          12669DBV9     AAA
                 B-1        12669DBW7     AAA

           First Republic Mortgage Loan Trust 2002-FRB1
                       Series    2002-FRB1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A          336161BJ2     AAA
                 X          336161BK9     AAA
                 B-1        336161BM5     AA
                 B-2        336161BN3     AA-
                 B-3        336161BP8     BBB+

     Morgan Stanley Dean Witter Capital I Inc. Trust 2002-WL1
                        Series    2002-WL1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      61746WRG7     AAA
                 1-A-2      61746WUT5     AAA
                 1-A-3      61746WUU2     AAA
                 1-A-4      61746WUV0     AAA
                 1-A-5      61746WUW8     AAA
                 1-A-6      61746WUX6     AAA
                 1-A-7      61746WUY4     AAA
                 2-A-1      61746WRH5     AAA
                 2-A-2      61746WUZ1     AAA
                 2-A-3      61746WVA5     AAA
                 2-A-4      61746WVB3     AAA
                 B-1        61746WRJ1     AAA
                 B-2        61746WRK8     AAA
                 B-3        61746WRL6     AAA
                 A-X-1      61746WRM4     AAA
                 A-X-2      61746WVM9     AAA
                 A-X-3      61746WVN7     AAA
                 A-P        61746WRN2     AAA

        MRFC Mortgage Pass-Through Trust, Series 2002-TBC2
                       Series    2002-TBC2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A          585525FX1     AAA
                 X          585525FY9     AAA
                 B-1        585525GA0     AA
                 B-2        585525GB8     A
                 B-3        585525GC6     BBB

          Residential Funding Mortgage Securities I Inc.
                        Series    2002-S17

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76111JA95     AAA
                 A-2        76111JB29     AAA
                 A-6        76111JB60     AAA
                 A-7        76111JB78     AAA
                 A-P        76111JB86     AAA
                 A-V        76111JB94     AAA
                 M-1        76111JC44     AAA
                 M-2        76111JC51     AA+
                 M-3        76111JC69     AA-

                   RFMSI Series 2002-S11 Trust
                        Series    2002-S11

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76111JVT8     AAA
                 A-P        76111JVU5     AAA
                 A-V        76111JVV3     AAA
                 M-1        76111JVX9     AAA
                 M-2        76111JVY7     AAA
                 M-3        76111JVZ4     AAA

                   RFMSI Series 2002-S12 Trust
                        Series    2002-S12

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76111JXV1     AAA
                 A-P        76111JYJ7     AAA
                 A-6        76111JYA6     AAA
                 A-7        76111JYB4     AAA
                 A-8        76111JYC2     AAA
                 A-9        76111JYD0     AAA
                 A-V        76111JYK4     AAA
                 M-1        76111JYN8     AAA
                 M-2        76111JYP3     AAA
                 M-3        76111JYQ1     AAA

                   RFMSI Series 2002-S13 Trust
                       Series    2002-S13

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-7        76111JZA5     AAA
                 A-P        76111JZB3     AAA
                 A-V        76111JZC1     AAA
                 M-1        76111JZF4     AAA
                 M-2        76111JZG2     AAA
                 M-3        76111JZH0     AA+

                   RFMSI Series 2002-S14 Trust
                       Series    2002-S14

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76111JWW0     AAA
                 A-P        76111JWM2     AAA
                 A-V        76111JWN0     AAA
                 M-1        76111JWQ3     AAA
                 M-2        76111JWR1     AAA
                 M-3        76111JWS9     AAA

                   RFMSI Series 2002-S16 Trust
                        Series    2002-S16

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76111JZM9     AAA
                 A-2        76111JZN7     AAA
                 A-3        76111JZP2     AAA
                 A-10       76111JZW7     AAA
                 A-P        76111JZX5     AAA
                 A-V        76111JZY3     AAA
                 M-1        76111JA38     AAA
                 M-2        76111JA46     AAA
                 M-3        76111JA53     AAA

                     Sequoia Mortgage Trust 6
                            Series    6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A          81743XAA7     AAA
                 X          81743X9D5     AAA
                 B-1        81743XAB5     AAA
                 B-2        81743XAD1     A+
                 B-3        81743XAE9     BBB+
                 B-4        81743X9A1     BB
                 B-5        81743X9B9     B

       Structured Asset Mortgage Investments Trust 2002-AR2
                        Series    2002-AR2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        86358HNH8     AAA
                 X          86358HNJ4     AAA
                 A-2        86358HNK1     AAA

       Structured Asset Mortgage Investments Trust 2002-AR3
                        Series    2002-AR3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        86358HNX3     AAA
                 X          86358HNY1     AAA

       Structured Asset Mortgage Investments Trust 2002-AR4
                        Series    2002-AR4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        86358HQR3     AAA
                 X          86358HQS1     AAA

                 Structured Asset Securities Corp.
                        Series    2002-8A

                 Class      CUSIP         Rating
                 -----      -----         ------
                 7-A1       86358RE29     AAA
                 7-A2       86358RE37     AAA
                 B3         86358RE86     BBB

                 Structured Asset Securities Corp.
                        Series    2002-16A

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A1       86358RX36     AAA
                 B1-I       86358RX93     AA
                 B1-I-X     86358RY27     AA
                 B2-I       86358RY35     A
                 B2-I-X     86358RY43     A
                 2-A1       86358RX51     AAA
                 3-A1       86358R2E6     AAA
                 4-A1       86358R2G1     AAA
                 4-A2       86358R2H9     AAA
                 B1-II      86358RY50     AA
                 B2-II      86358RY68     A
                 B3         86358RY76     BBB

                 Structured Asset Securities Corp.
                        Series    2002-15

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A4         86358R2N6     AAA
                 A5         86358R2P1     AAA
                 2-A9       86358R2Y2     AAA
                 3-A10      86358R3G0     AAA
                 AP         86358R3K1     AAA
                 AX         86358R3L9     AAA
                 PAX        86358R3M7     AAA
                 B1         86358R3N5     AAA
                 B2         86358R3P0     AA+
                 B3         86358R3Q8     AA-

                 Structured Asset Securities Corp.
                        Series    2002-18A

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A1       86358R5E3     B
                 2-A1       86358R5G8     BB-

                 Structured Asset Securities Corp.
                        Series    2002-21A

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A1       86359ABP7     AAA
                 1-A3       86359ABR3     AAA
                 2-A1       86359ABS1     AAA
                 2-A2       86359ABT9     AAA
                 4-A1       86359ABW2     AAA
                 B1-II      86359ACC5     BBB-

                 Structured Asset Securities Corp.
                        Series    2002-25A

                 Class      CUSIP         Rating
                 -----      -----         ------
                 2-A1       86359ADV2     AAA
                 4-A1       86359ADZ3     AAA

Structured Asset Securities Corporation Mortgage Loan Trust 2002-9
                         Series    2002-9

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A1         86358RB55     AAA
                 A2         86358RC21     AAA

   WaMu Mortgage Pass-Through Certificates Series 2002-S6 Trust
                        Series    2002-S6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-4        929227UT1     AAA
                 A-21       929227VL7     AAA
                 A-22       929227VM5     AAA
                 A-23       929227VN3     AAA
                 A-24       929227VP8     AAA
                 A-25       929227VQ6     AAA
                 P          929227WD4     AAA
                 B-1        929227WE2     AAA
                 B-2        929227WF9     AAA
                 B-3        929227WG7     AAA

   WaMu Mortgage-Backed Pass-Through Certificates Series 2002-S4
                         Series    2002-S4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A3         22540VY55     AAA
                 A4         22540VY63     AAA
                 X          22540VZ54     AAA
                 P          22540VZ62     AAA
                 B1         22540VZ88     AAA
                 B2         22540VZ96     AAA
                 B3         22540V2A9     AAA

           Washington Mutual Mortgage Securities Corp.
                        Series    2002-S7

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-4      929227YE0     AAA
                 II-A-1     929227YF7     AAA
                 III-A-1    929227YG5     AAA
                 IV-A-4     929227YL4     AAA
                 II-P       929227YT7     AAA
                 IV-P       929227YU4     AAA

            Washington Mutual Mortgage Securities Corp.
                        Series    2002-MS8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      939336HY2     AAA
                 II-A-1     939336HZ9     AAA
                 II-A-2     939336JA2     AAA
                 II-A-3     939336JB0     AAA
                 II-A-4     939336JC8     AAA
                 II-A-5     939336JD6     AAA
                 II-A-7     939336JF1     AAA
                 II-A-8     939336JG9     AAA
                 II-A-9     939336JH7     AAA
                 III-A-1    939336JJ3     AAA
                 IV-A-4     939336JN4     AAA
                 IV-A-5     939336JP9     AAA
                 C-X-1      939336JR5     AAA
                 C-X-2      939336JS3     AAA
                 C-P-1      939336JT1     AAA
                 IV-P       939336JU8     AAA
                 C-B-1      939336JV6     AAA
                 C-B-2      939336JW4     AA+
                 C-B-3      939336JX2     AA

      Washington Mutual MSC Mortgage Pass-Through Certificates
                        Series    2002-MS5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-4      9393353A1     AAA
                 I-A-36     939336AD5     AAA
                 I-A-37     939336AE3     AAA
                 II-A-1     9393354J1     AAA
                 III-A-1    9393354K8     AAA
                 A-X        9393354W2     AAA
                 II-X       9393354X0     AAA
                 A-P        9393354Y8     AAA
                 II-P       9393354Z5     AAA
                 C-B-1      9393355A9     AAA
                 C-B-2      9393355B7     AAA
                 C-B-3      9393355C5     AAA

     Washington Mutual MSC Mortgage Pass-Through Certificates
                        Series    2002-MS4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-4      939335U94     AAA
                 I-A-37     939335Z24     AAA
                 II-A-1     9393352J3     AAA
                 III-A-1    9393352K0     AAA
                 A-X        9393352L8     AAA
                 II-X       9393352M6     AAA
                 A-P        9393352N4     AAA
                 C-B-1      9393352Q7     AAA
                 II-P       9393352P9     AAA
                 C-B-2      9393352R5     AAA
                 C-B-3      9393352S3     AAA

       Wells Fargo Mortgage Backed Securities 2002-20 Trust
                        Series    2002-20

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-4        94979MAD3     AAA
                 A-5        94979MAE1     AAA
                 A-PO       94979MAF8     AAA
                 B-1        94979MAH4     AAA
                 B-2        94979MAJ0     AAA
                 B-3        94979MAK7     AA+


* S&P Downgrades Ratings on 22 Classes From 12 RMBS Transactions
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 22
classes from 12 residential mortgage-backed securities
transactions backed by U.S. prime jumbo and subprime mortgage loan
collateral issued from 1991-2001.  In addition, S&P affirmed its
ratings on 48 classes from these transactions, as well as 16
additional transactions and removed one of the affirmed ratings
from CreditWatch with negative implications.

The downgrades reflect S&P's opinion that projected credit support
for the affected classes is insufficient to maintain the previous
ratings, given S&P's current projected losses due to increased
delinquencies.  The downgrades to 'D' on class M-2 from Morgan
Stanley Dean Witter Capital I Inc. Trust 2001-NC4, class M-1 from
Delta Funding Home Equity Loan Trust 1999-2, class M-2 from Delta
Funding Home Equity Loan Trust 2000-1, class M-2 from Delta
Funding Home Equity Loan Trust 2000-3, and the downgrades to 'CC'
on classes IV-A-1, IV-A-2, IV-A-3, V-A-1, V-A-2, III-A-X, IV-A-X
from FNT Mortgage-Backed Pass-Through Certificates Series FNT
2001-4 and class M-1 from Morgan Stanley Dean Witter Capital I
Inc. Trust 2001-NC3 reflect S&P's assessment of interest
shortfalls sustained on the affected classes during recent
remittance periods.

To assess the creditworthiness of each class, S&P reviews the
respective transaction's ability to withstand additional credit
deterioration and the impact that projected losses will have on
each class.  In order to maintain a 'B' rating on a class, S&P
assesses whether the class can withstand the base-case loss
assumptions S&P uses in its analysis.  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 S&P's base-case loss assumptions to maintain a 'BB'
rating, while S&P would assess whether a different class could
withstand approximately 155% of its 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.

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

                          Rating Actions

           Delta Funding Home Equity Loan Trust 1999-2
                         Series    1999-2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-1        24763LFP0     D                    CCC

            Delta Funding Home Equity Loan Trust 2000-1
                         Series    2000-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        24763LGL8     D                    A

           Delta Funding Home Equity Loan Trust 2000-3
                         Series    2000-3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        24763LHJ2     D                    CCC

                        EQCC Trust 2001-1F
                        Series    2001-1F

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-2        26882JAB2     CCC                  BBB
        A-3        26882JAC0     CCC                  A

FNT Mortgage-Backed Pass-Through Certificates Series FNT 2001-4
                         Series    2001-4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        D-A-P      22540WFV7     CC                   AAA
        III-A-X    22540WEN6     CC                   AAA
        IV-A-X     22540WEP1     CC                   AAA
        IV-A-1     22540WED8     CC                   AAA
        IV-A-2     22540WEE6     CC                   AAA
        IV-A-3     22540WFT2     CC                   AAA
        V-A-1      22540WEF3     CC                   AAA
        V-A-2      22540WEG1     CC                   AAA

     Morgan Stanley Dean Witter Capital I Inc. Trust 2001-NC3
                        Series    2001-NC3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-1        61746WLA6     CC                   AAA
        M-2        61746WLB4     D                    BB

     Morgan Stanley Dean Witter Capital I Inc. Trust 2001-NC4
                       Series    2001-NC4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        61746WLM0     D                    A

                  Norwest Asset Acceptance Corp.
                        Series    1998-HE1

                                   Rating
                                   ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A          66937MAA8     BBB+                 BBB+/Watch Neg

                 Ryland Mortgage Securities Corp.
                        Series    1991-15

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B          783766GV4     BBB-                 BBB+

                 Ryland Mortgage Securities Corp.
                        Series    1991-16

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B          783766GY8     BBB-                 BBB+
        I          783766GZ5     BBB-                 BBB+

                 Ryland Mortgage Securities Corp.
                        Series    1991-17

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B          783766HB7     BBB-                 BBB+

                 Ryland Mortgage Securities Corp.
                        Series    1991-19

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B          783766HF8     BBB-                 BBB+

                 Ryland Mortgage Securities Corp.
                         Series    1992- 4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B          783766JT6     B+                   BBB+

                         Ratings Affirmed

               Banc of America Funding Corporation
                         Series    2000-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  2A-2       05946XAV5     AAA
                  2A-WIO     05946XAW3     AAA

       Credit Suisse First Boston Mortgage Securities Corp.
                         Series    2001-4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-2        22540AZU5     BBB

       Credit Suisse First Boston Mortgage Securities Corp.
                         Series    2001-3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A-1      22540A3S5     AAA
                  I-X        22540A3X4     AAA
                  I-B-1      22540A3Z9     AAA
                  I-B-2      22540A4A3     AAA
                  I-B-3      22540A4B1     AAA

           Delta Funding Home Equity Loan Trust 1999-2
                         Series    1999-2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-6F       24763LFM7     AAA
                  A-7F       24763LFN5     AAA
                  A-1A       24763LFS4     AAA

                        EQCC Trust 2001-1F
                        Series    2001-1F

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        26882JAA4     CCC
                  A-4        26882JAD8     A

             First Alliance Mortgage Loan Trust 1998-2
                         Series    1998-2F

                  Class      CUSIP         Rating
                  -----      -----         ------
                  FXD-NTS    31846LBW5     AAA

             First Alliance Mortgage Loan Trust 1998-2
                        Series    1998-2A

                  Class      CUSIP         Rating
                  -----      -----         ------
                  ARM-NTS    31846LBV7     AAA

           First Republic Mortgage Loan Trust 2000-FRB1
                       Series    2000-FRB1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        336161AA2     AAA
                  A-1M       336161AB0     AAA
                  A-2        336161AC8     AAA
                  A-2M       336161AD6     AAA
                  B-1        336161AF1     AAA
                  B-2        336161AG9     AA+
                  B-3        336161AH7     A+

  FNT MORTGAGE-BACKED PASS-THROUGH CERTIFICATES SERIES FNT 2001-4
                         Series    2001-4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A-1      22540WCP3     AAA
                  C-A-X      22540WEQ9     AAA
                  C-B-1      22540WEU0     AAA
                  C-B-2      22540WEV8     AAA
                  C-B-3      22540WEW6     AA+

                Merrill Lynch Mortgage Investors Inc.
                        Series    1998-GN1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          589929PJ1     AAA
                  M-1        589929PK8     AA+
                  M-2        589929PL6     A

               Merrill Lynch Mortgage Investors Inc.
                        Series    1998-GN2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          589929RH3     AAA
                  M-1        589929RJ9     AA+
                  M-2        589929RK6     A

               Merrill Lynch Mortgage Investors Inc.
                        Series    1998-GN3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          589929SE9     AAA

                  PNC Mortgage Securities Corp.
                        Series    1999-10

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A-1      69348RSU1     AAA
                  II-A-1     69348RSV9     AAA
                  II-X       69348RSY3     AAA
                  II-P       69348RTA4     AAA
                  A-P        69348RTB2     AAA

           Salomon Brothers Mortgage Securities VII Inc.
                         Series    1996-5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          79548KRF7     AAA

                 Structured Asset Securities Corp.
                       Series    1999-ALS3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-PO       863572F40     AAA
                  2-PO       863572F65     AAA

                 Structured Asset Securities Corp.
                         Series    2000-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M1         863572L84     AAA
                  M2         863572L92     AA-
                  M3         863572M26     A

                  Westam Mortgage Financial Corp.
                           Series    11

                  Class      CUSIP         Rating
                  -----      -----         ------
                  11-A       957087CP2     AAA

                  Westam Mortgage Financial Corp.
                           Series    14

                  Class      CUSIP         Rating
                  -----      -----         ------
                  14A        957087CX5     AAA


* S&P Downgrades Ratings on 45 Classes From Three RMBS Deals
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 45
classes from three residential mortgage-backed securities
transactions issued between 2005-2007: one is backed by U.S.
Alternative-A mortgage collateral and two are backed by prime
jumbo mortgage loan collateral.  At the same time, S&P removed all
of the ratings from CreditWatch with negative implications.  In
addition, S&P affirmed its ratings on 25 classes from two of these
transactions and removed seven of the affirmed ratings from
CreditWatch negative.

Standard & Poor's has established revised loss projections for
each transaction rated between 2005 and 2007.

S&P's lifetime projected losses have changed for one of the
transactions in this release.  S&P's revised projected losses are:

                                   Orig. bal.    Lifetime
    Transaction                    (mil. $)      exp. loss (%)
    -----------                    ----------    -------------
    Lehman Mortgage Trust 2005-2    1.231        7.93

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

To assess the creditworthiness of each class, S&P reviewed the
individual delinquency and loss trends of each transaction for
changes, if any, in risk characteristics, servicing, and the
ability to withstand additional credit deterioration.  In order to
maintain a 'B' rating on a class, S&P assessed whether, in its
view, a class could absorb the base-case loss assumptions S&P used
in its analysis.

For Alt-A transactions, in order to maintain a rating higher than
'B', S&P assessed whether a 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 its base-case loss
assumptions to maintain a 'BBB' rating.  Each class with an
affirmed 'AAA' rating can, in S&P's view, withstand approximately
150% of its base-case loss assumptions under its analysis.

For prime transactions, in order to maintain an 'AAA' rating, S&P
assessed whether a class could 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
assessed whether a class could 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 its 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. Alt-A and prime jumbo mortgage
loans that are secured by first and second liens on one- to four-
family residential properties.

                          Rating Actions

                 Alternative Loan Trust 2007-HY6
                      Series      2007-HY6

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-2        02151JAB7     CCC                  B/Watch Neg

              Banc of America Funding 2006-5 Trust
                        Series      2006-5

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-4      05950NAD0     CCC                  B/Watch Neg
    2-A-5      05950NAV0     B                    B/Watch Neg
    2-A-6      05950NAW8     A                    A/Watch Neg
    2-A-7      05950NAX6     BB                   BB/Watch Neg
    2-A-10     05950NBA5     B                    B/Watch Neg
    2-A-11     05950NBB3     B                    B/Watch Neg
    2-A-12     05950NBC1     B                    B/Watch Neg
    2-A-13     05950NBD9     B                    B/Watch Neg
    3-A-1      05950NBE7     CCC                  B/Watch Neg
    3-A-2      05950NBF4     CCC                  B/Watch Neg
    3-A-3      05950NBG2     CCC                  B/Watch Neg
    3-A-4      05950NBH0     AA-                  AAA/Watch Neg
    4-A-1      05950NBJ6     B-                   B/Watch Neg
    4-A-2      05950NBK3     AA+                  AAA/Watch Neg
    4-A-3      05950NBL1     B-                   B/Watch Neg
    4-A-4      05950NBM9     BBB-                 BBB/Watch Neg
    4-A-5      05950NBN7     B-                   B/Watch Neg
    4-A-6      05950NBP2     A+                   AA/Watch Neg
    4-A-7      05950NBQ0     B-                   B/Watch Neg
    4-A-8      05950NBR8     B-                   B/Watch Neg
    30-IO      05950NBS6     AA+                  AAA/Watch Neg

                  Lehman Mortgage Trust 2005-2
                        Series      2005-2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A1       52520MBN2     BBB                  AAA/Watch Neg
    1-A2       52520MBP7     BBB                  AAA/Watch Neg
    1-A3       52520MBQ5     CCC                  A/Watch Neg
    1-A4       52520MBR3     CCC                  A/Watch Neg
    2-A1       52520MBS1     B                    AAA/Watch Neg
    2-A2       52520MBT9     B                    AAA/Watch Neg
    2-A3       52520MBU6     CCC                  A/Watch Neg
    2-A4       52520MBV4     B                    AAA/Watch Neg
    2-A5       52520MBW2     B                    AAA/Watch Neg
    2-A6       52520MBX0     CCC                  A/Watch Neg
    3-A1       52520MBY8     CCC                  BBB/Watch Neg
    3-A2       52520MBZ5     CCC                  AAA/Watch Neg
    3-A3       52520MCA9     CCC                  BBB/Watch Neg
    3-A4       52520MCB7     CCC                  AAA/Watch Neg
    3-A5       52520MCC5     CCC                  AAA/Watch Neg
    3-A6       52520MCD3     CC                   BBB/Watch Neg
    3-A7       52520MCE1     CC                   BBB/Watch Neg
    AP         52520MCN1     CC                   BBB/Watch Neg
    AX         52520MCP6     BBB                  AAA/Watch Neg
    PAX        52520MCQ4     BBB                  AAA/Watch Neg
    B1 (1-3)   52520MCR2     CC                   B/Watch Neg
    B2 (1-3)   52520MCS0     CC                   B/Watch Neg
    4-A1       52520MCF8     CCC                  AAA/Watch Neg
    4-A2       52520MCG6     CCC                  A/Watch Neg
    5-A1       52520MCH4     CCC                  A/Watch Neg
    5-A2       52520MCJ0     CCC                  A/Watch Neg
    5-A3       52520MCK7     CCC                  A/Watch Neg
    5-A4       52520MCL5     CCC                  A/Watch Neg
    5-A5       52520MCM3     CCC                  A/Watch Neg
    B1 (4-5)   52520MCX9     CC                   B/Watch Neg

                         Ratings Affirmed

                 Alternative Loan Trust 2007-HY6
                      Series      2007-HY6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        02151JAA9     CCC
                 A-3        02151JAC5     CCC
                 A-4        02151JAD3     CCC
                 A-5        02151JAE1     CCC

               Banc of America Funding 2006-5 Trust
                        Series      2006-5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      05950NAA6     CCC
                 1-A-2      05950NAB4     CCC
                 1-A-3      05950NAC2     CCC
                 1-A-5      05950NAE8     CCC
                 1-A-6      05950NAF5     CCC
                 1-A-7      05950NAG3     CCC
                 1-A-8      05950NAH1     CCC
                 1-A-9      05950NAJ7     CCC
                 1-A-10     05950NAK4     CCC
                 1-A-11     05950NAL2     CCC
                 1-A-12     05950NAM0     CCC
                 1-A-13     05950NAN8     CCC
                 1-A-14     05950NAP3     CCC
                 30-PO      05950NBT4     CCC


* S&P Downgrades Ratings on 52 Tranches From 14 CLO Transactions
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 52
tranches from 14 U.S. collateralized loan obligation transactions
and removed them from CreditWatch with negative implications.  The
affected tranches have a total issuance amount of $3.572 billion.
At the same time, S&P affirmed its ratings on 11 tranches from
five transactions and removed 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 nine 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 used in the analysis, S&P is providing the tiered
recovery rate assumed for the cash flows generated for the 'AAA'
liability rating for each transaction.

                              Table 1

         Tiered Recovery Rate For 'AAA' Liability Rating

       Transaction                         Recovery rate (%)
       -----------                         -----------------
       Avery Street CLO Ltd                44.7
       Emerson Place CLO Ltd.              43.3
       Endurance CLO I, Ltd.               45.9
       Freeport Loan Trust 2006-1          45.1
       Golub Capital Funding CLO-8 Ltd     44.0
       GSC Partners CDO Fund VII Ltd       43.3
       LCM VI Ltd                          47.2
       MC Funding Ltd.                     40.8
       Mountain Capital CLO VI Ltd         42.0
       SFR Ltd                             49.5
       Shasta CLO I Ltd                    42.1
       Symphony Credit Partners II Ltd     46.8
       Symphony Credit Partners III Ltd    46.8
       Trimaran CLO V Ltd                  42.0

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

                          Rating Actions

                                                     Rating
                                                     ------
Transaction                            Class     To      From
-----------                            -----     --      ----
Avery Street CLO Ltd                   A         AA+     AAA/Watch Neg
Avery Street CLO Ltd                   A-2       AA+     AAA/Watch Neg
Avery Street CLO Ltd                   B Fixed   A-      AA/Watch Neg
Avery Street CLO Ltd                   B Float   A-      AA/Watch Neg
Avery Street CLO Ltd                   C         BBB-    A/Watch Neg
Avery Street CLO Ltd                   D         BB      BBB/Watch Neg
Avery Street CLO Ltd                   E         CCC+    BB/Watch Neg
Emerson Place CLO Ltd.                 A         AA-     AAA/Watch Neg
Emerson Place CLO Ltd.                 B         A-      AA/Watch Neg
Emerson Place CLO Ltd.                 C         BBB-    A/Watch Neg
Emerson Place CLO Ltd.                 D         B+      BBB-/Watch Neg
Emerson Place CLO Ltd.                 E         CCC+    B+/Watch Neg
Endurance CLO I, Ltd.                  A         A+      AAA/Watch Neg
Freeport Loan Trust 2006-1             A-1A      AAA     AAA/Watch Neg
Freeport Loan Trust 2006-1             A-1B      AAA     AAA/Watch Neg
Freeport Loan Trust 2006-1             B         AA      AA/Watch Neg
Freeport Loan Trust 2006-1             C         BBB+    A/Watch Neg
Freeport Loan Trust 2006-1             D         BBB     BBB/Watch Neg
Golub Capital Funding CLO-8 Ltd        A-1 Sr    AA+     AAA/Watch Neg
Golub Capital Funding CLO-8 Ltd        A-2 Sr    A+      AA/Watch Neg
Golub Capital Funding CLO-8 Ltd        B Def     BBB+    A/Watch Neg
GSC Partners CDO Fund VII Ltd          A-1       AAA     AAA/Watch Neg
GSC Partners CDO Fund VII Ltd          A-2       AAA     AAA/Watch Neg
GSC Partners CDO Fund VII Ltd          B         AA      AA/Watch Neg
GSC Partners CDO Fund VII Ltd          C         BBB+    A/Watch Neg
GSC Partners CDO Fund VII Ltd          D         B+      BBB/Watch Neg
GSC Partners CDO Fund VII Ltd          E         CCC-    BB/Watch Neg
LCM VI Ltd                             A         AA+     AAA/Watch Neg
LCM VI Ltd                             B         AA-     AA/Watch Neg
LCM VI Ltd                             C         BBB+    A/Watch Neg
LCM VI Ltd                             D         BBB-    BBB/Watch Neg
LCM VI Ltd                             E         CCC+    BB/Watch Neg
MC Funding Ltd.                        A-1       AAA     AAA/Watch Neg
MC Funding Ltd.                        A-2       AA+     AAA/Watch Neg
MC Funding Ltd.                        B         AA      AA/Watch Neg
MC Funding Ltd.                        C         BBB+    A/Watch Neg
MC Funding Ltd.                        D         BB+     BBB/Watch Neg
MC Funding Ltd.                        E         B+      BB/Watch Neg
Mountain Capital CLO VI Ltd            A         A+      AAA/Watch Neg
Mountain Capital CLO VI Ltd            B         A-      AA/Watch Neg
Mountain Capital CLO VI Ltd            C         BBB     A/Watch Neg
Mountain Capital CLO VI Ltd            D         BB+     BBB/Watch Neg
Mountain Capital CLO VI Ltd            E         CCC-    BB/Watch Neg
SFR Ltd                                A         A+      AAA/Watch Neg
Shasta CLO I Ltd                       A-1L      AA+     AAA/Watch Neg
Shasta CLO I Ltd                       A-1LV     AA+     AAA/Watch Neg
Shasta CLO I Ltd                       A-2L      A-      AA/Watch Neg
Shasta CLO I Ltd                       A-3L      BBB     A/Watch Neg
Shasta CLO I Ltd                       B-1L      BB      BBB/Watch Neg
Shasta CLO I Ltd                       B-2L      CCC-    BB/Watch Neg
Shasta CLO I Ltd                       X         AAA     AAA/Watch Neg
Symphony Credit Partners II Ltd        A         A+      AAA/Watch Neg
Symphony Credit Partners II Ltd        B         BBB+    AA/Watch Neg
Symphony Credit Partners II Ltd        C         BB+     A/Watch Neg
Symphony Credit Partners III Ltd       A         A+      AAA/Watch Neg
Symphony Credit Partners III Ltd       B         BBB+    AA/Watch Neg
Symphony Credit Partners III Ltd       C         BB+     A/Watch Neg
Trimaran CLO V Ltd                     A1        AAA     AAA/Watch Neg
Trimaran CLO V Ltd                     A2        AA+     AAA/Watch Neg
Trimaran CLO V Ltd                     B         A+      AA/Watch Neg
Trimaran CLO V Ltd                     C         BBB+    A/Watch Neg
Trimaran CLO V Ltd                     D         B+      BBB/Watch Neg
Trimaran CLO V Ltd                     E         CCC+    BB/Watch Neg


* S&P Downgrades Ratings on 68 Classes From 14 RMBS Transactions
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 68
classes from 14 residential mortgage-backed securities
transactions backed by U.S. Alternative-A and prime jumbo mortgage
loan collateral issued in 2001-2004.  S&P removed 22 of the
lowered ratings from CreditWatch with negative implications.  In
addition, S&P affirmed its ratings on 124 classes from 12 of the
downgraded transactions and seven additional transactions issued
in 1998-2004 and removed 12 of the ratings from CreditWatch
negative.

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

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.

To assess the creditworthiness of each class, S&P reviewed the
individual delinquency and loss trends of each transaction for
changes, if any, in risk characteristics, servicing, and the
ability to withstand additional credit deterioration.  For
mortgage pools that continue to report increasing delinquencies,
S&P increased S&P's cash flow stresses to account for potential
increases in monthly losses.  In order to maintain a 'B' rating on
a class, S&P assessed whether, in S&P's view, a class could absorb
the base-case loss assumptions S&P used in its analysis.

For Alt-A transactions, to maintain an 'AAA' rating, S&P considers
whether a class is able to withstand approximately 150% of its
base-case loss assumptions, subject to individual caps and
qualitative factors assumed on specific transactions.  When
affirming a 'B' rating on a class, S&P considers whether a bond is
able to withstand S&P's base-case loss assumptions.  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 150 % for a 'AAA' rating.  For example, 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.

For the prime jumbo transactions, S&P assessed whether a class
could withstand 127% of its base-case loss assumption in order to
maintain a 'BB' rating, while S&P assessed whether a different
class could withstand 154% of its base-case loss assumption to
maintain a 'BBB' rating.  Each class with an affirmed 'AAA' rating
could withstand approximately 235% of S&P's base-case loss
assumptions.

A combination of subordination, excess spread, and
overcollateralization provide credit support for the Alt-A
transactions.  The prime jumbo transactions benefit from
subordination only.  The underlying collateral for these deals
consists of fixed-rate U.S. Alt-A or prime jumbo mortgage loans.

                          Rating Actions

          Citigroup Mortgage Loan Trust Series 2004-HYB2
                        Series    2004-HYB2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-4        17307GOM5     CC                   CCC
        B-3        17307GEH7     CCC                  BBB

       Credit Suisse First Boston Mortgage Securities Corp.
                         Series    2002-5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        P-P        22540VZX3     CC                   AAA
        IV-B-1     22540VZZ8     CCC                  AAA
        IV-B-2     22540VA28     CC                   AAA
        IV-B-3     22540VA36     CC                   BB

       Credit Suisse First Boston Mortgage Securities Corp.
                        Series    2002-22

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        I-M-2      22541NBU2     CC                   BBB
        II-B-1     22541NCL1     B                    BBB+
        D-B-1      22541NBY4     CC                   AA

       Credit Suisse First Boston Mortgage Securities Corp.
                        Series    2002-26

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        III-M-3    22541NLS6     CC                   A
        IV-B-3     22541NMC0     BB                   A

       Credit Suisse First Boston Mortgage Securities Corp.
                        Series    2003-21

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        C-B-2      22541QQK1     A-                   A
        C-B-3      22541QQL9     B-                   BBB-
        C-B-4      22541QQV7     CCC                  BB
        C-B-5      22541QQW5     CC                   B
        III-B-4    22541QQY1     CC                   B
        D-B-3      22541QQS4     CC                   CCC

                 DSLA Mortgage Loan Trust 2004-AR4
                        Series    2004-AR4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A1A      23332UBU7     BBB                  AAA
        2-A1B      23332UBW3     CCC                  AAA
        2-A2B      23332UBY9     CCC                  AAA
        B-1        23332UBZ6     CC                   BB

           IndyMac INDX Mortgage Loan Trust 2004-AR10
                       Series    2004-AR10

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      45660N2W4     BBB                  AAA/Watch Neg
    2-A-1      45660N2X2     BBB                  AAA/Watch Neg
    2-A-2A     45660N2Y0     BBB                  AAA/Watch Neg
    2-A-2B     45660N2Z7     BBB                  AAA/Watch Neg
    A-X-2      45660N3B9     BBB                  AAA/Watch Neg
    B-1        45660N3D5     CCC                  AA+/Watch Neg
    B-2        45660N3E3     CC                   A+/Watch Neg
    B-3        45660N3F0     CC                   BBB+/Watch Neg
    B-4        45660N3G8     CC                   BB+/Watch Neg

            IndyMac INDX Mortgage Loan Trust 2004-AR2
                        Series    2004-AR2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-1      45660NG66     AA-                  AA
        2-A-1      45660NG74     AA-                  AA
        A-X-2      45660NG90     AA-                  AA
        B-2        45660NH40     CC                   CCC

          MASTR Adjustable Rate Mortgages Trust 2004-12
                        Series    2004-12

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-1      576433TN6     A                    AAA
        2-A-1      576433TP1     B-                   AAA
        4-A-1      576433TR7     AA                   AAA
        5-A-1      576433UC8     A                    AAA
        A-C-1      576433TS5     A                    AAA
        B-1        576433TU0     CCC                  A
        B-2        576433TV8     CC                   CCC

               MASTR Alternative Loan Trust 2004-4
                         Series    2004-4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    2-A-1      576434PY4     AAA                  AAA/Watch Neg
    3-A-1      576434PZ1     AAA                  AAA/Watch Neg
    4-A-1      576434QA5     AAA                  AAA/Watch Neg
    5-A-1      576434QB3     AAA                  AAA/Watch Neg
    6-A-1      576434QC1     AAA                  AAA/Watch Neg
    7-A-1      576434QD9     AAA                  AAA/Watch Neg
    8-A-1      576434QE7     AAA                  AAA/Watch Neg
    15-PO      576434QK3     AAA                  AAA/Watch Neg
    15-AX-1    576434QM9     AAA                  AAA/Watch Neg
    B-1        576434QT4     BBB-                 AA
    B-2        576434QU1     CCC                  A
    B-3        576434QV9     CC                   BBB
    B-4        576434QZ0     CC                   BB
    B-5        576434RA4     CC                   B
    B-I-1      576434QW7     AA-                  AA-/Watch Neg
    B-I-2      576434QX5     B-                   A-/Watch Neg
    B-I-3      576434QY3     CCC                  BBB-/Watch Neg
    B-I-4      576434RC0     CC                   BB/Watch Neg

    Nomura Asset Acceptance Corporation Alternative Loan Trust
                        Series    2004-AR4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-1        65535VGV4     CCC                  AA
        M-2        65535VGW2     CC                   CCC

   Nomura Asset Acceptance Corporation, Alternative Loan Trust
                        Series    2004-AR1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A        65535VDM7     AA                   AAA/Watch Neg
    II-A       65535VDQ8     AA                   AAA/Watch Neg
    III-A      65535VDR6     AA                   AAA/Watch Neg
    IV-A       65535VDS4     AA                   AAA/Watch Neg
    IV-X       65535VDT2     AA                   AAA/Watch Neg
    C-B-1      65535VDU9     CCC                  AA/Watch Neg
    C-B-2      65535VDV7     CC                   A+/Watch Neg
    C-B-3      65535VDW5     CC                   BBB/Watch Neg
    C-B-4      65535VED6     CC                   BB/Watch Neg
    V-A-1      65535VDX3     AAA                  AAA/Watch Neg
    V-A-3      65535VDZ8     AAA                  AAA/Watch Neg
    V-M-1      65535VEA2     CC                   AA/Watch Neg

                    RAAC Series 2004-SP1 Trust
                        Series    2004-SP1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-I-3      7609855T4     AA-                  AAA
        A-I-4      7609855U1     AA-                  AAA
        A-II       7609855V9     AA-                  AAA
        M-1        7609855X5     B-                   AA
        M-2        7609855Z0     CCC                  B
        M-3        7609855Y3     CC                   CCC

  WaMu Mortgage-Backed Pass-Through Certificates Series 2001-AR5
                        Series    2001-AR5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        22540VLJ9     BB-                  AA-

                         Ratings Affirmed

                  Alternative Loan Trust 1998-4
                         Series    1998-12

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      12669ATD6     AAA
                 II-A-3     12669ATG9     AAA
                 II-A-4     12669ATH7     AAA
                 PO         12669ATK0     AAA
                 X          12669AWR1     AAA

          Citigroup Mortgage Loan Trust Series 2004-HYB2
                       Series    2004-HYB2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A        17307GEB0     AAA
                 II-A       17307GEC8     AAA
                 III-A      17307GED6     AAA
                 IV-A       17307GEE4     AAA
                 B-1        17307GEF1     AA
                 B-2        17307GEG9     A

       Credit Suisse First Boston Mortgage Securities Corp.
                         Series    2002-5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 IV-A-1     22540VZT2     AAA
                 IV-X       22540VZV7     AAA
                 IV-P       22540VZY1     AAA

       Credit Suisse First Boston Mortgage Securities Corp.
                        Series    2002-22

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-PP       22541NCF4     AAA
                 I-M-1      22541NBT5     AA
                 II-PP      22541NCG2     AAA
                 II-M-1     22541NBV0     AA
                 II-M-2     22541NBW8     A
                 IV-A-1     22541NBQ1     AAA
                 IV-X       22541NBR9     AAA
                 IV-P       22541NBS7     AAA
                 IV-PP      22541NCH0     AAA

       Credit Suisse First Boston Mortgage Securities Corp.
                        Series    2002-26

                 Class      CUSIP         Rating
                 -----      -----         ------
                 III-M-1    22541NLQ0     AA
                 III-M-2    22541NLR8     A+
                 IV-A-1     22541NLG2     AAA
                 IV-P       22541NLP2     AAA
                 IV-X       22541NLL1     AAA
                 IV-B-1     22541NMA4     AAA
                 IV-B-2     22541NMB2     AA+

       Credit Suisse First Boston Mortgage Securities Corp.
                        Series    2003-21

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-3      22541QPA4     AAA
                 I-A-4      22541QPB2     AAA
                 I-A-5      22541QPC0     AAA
                 I-A-6      22541QPD8     AAA
                 I-A-7      22541QPE6     AAA
                 I-A-8      22541QPF3     AAA
                 I-A-9      22541QPG1     AAA
                 I-A-10     22541QPH9     AAA
                 I-A-11     22541QPJ5     AAA
                 I-A-12     22541QPK2     AAA
                 I-A-13     22541QPL0     AAA
                 I-A-14     22541QPM8     AAA
                 I-A-15     22541QPN6     AAA
                 I-A-16     22541QPP1     AAA
                 I-A-17     22541QPQ9     AAA
                 I-A-18     22541QPR7     AAA
                 I-A-19     22541QPS5     AAA
                 I-A-20     22541QPT3     AAA
                 I-A-21     22541QPU0     AAA
                 I-A-22     22541QSB9     AAA
                 I-X        22541QQB1     AAA
                 II-A-1     22541QPV8     AAA
                 II-X       22541QQC9     AAA
                 II-P       22541QQG0     AAA
                 III-A-2    22541QPX4     AAA
                 III-A-3    22541QPY2     AAA
                 III-X      22541QQD7     AAA
                 IV-A-1     22541QPZ9     AAA
                 V-A-1      22541QQA3     AAA
                 V-P        22541QQH8     AAA
                 A-X        22541QQE5     AAA
                 A-P        22541QQF2     AAA
                 C-B-1      22541QQJ4     AA
                 III-B-1    22541QQM7     AA
                 III-B-2    22541QQN5     A
                 III-B-3    22541QQP0     BBB

                 DSLA Mortgage Loan Trust 2004-AR4
                        Series    2004-AR4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 2-A1A      23332UBV5     AAA
                 2-A2A      23332UBX1     AAA
                 X-2        23332UCG7     AAA

                     FNT Trust Series 2000-1
                        Series    2000-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 II-P       23321P7G7     AAA
                 II-X-1     23321P7E2     AAA
                 II-B-1     23321P7J1     AAA
                 II-B-2     23321P7K8     AA

                    Impac Secured Assets Corp.
                         Series    2000-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-13       45254TDU5     AAA
                 A-14       45254TDV3     AAA

             IndyMac INDX Mortgage Loan Trust 2004-AR2
                        Series    2004-AR2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 B-1        45660NH32     CCC

           MASTR Adjustable Rate Mortgages Trust 2004-12
                        Series    2004-12

                 Class      CUSIP         Rating
                 -----      -----         ------
                 3-A-1      576433TQ9     AAA

               MASTR Alternative Loan Trust 2004-4
                         Series    2004-4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      576434PX6     AAA
                 9-A-1      576434QF4     AAA
                 10-A-1     576434QG2     AAA
                 10-A-2     576434QH0     AAA
                 11-A-1     576434QJ6     AAA
                 30-PO      576434QL1     AAA
                 15-AX-2    576434QN7     AAA
                 30-AX-1    576434QP2     AAA
                 30-AX-2    576434QQ0     AAA

     Nomura Asset Acceptance Corporation Alternative Loan Trust
                        Series    2004-AR4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      65535VGK8     AAA
                 I-A-2      65535VGL6     AAA
                 II-A-1     65535VGM4     AAA
                 II-A-2     65535VGN2     AAA
                 II-A-3     65535VGP7     AAA
                 II-A-4     65535VGQ5     AAA
                 II-A-5     65535VGR3     AAA
                 II-A-6     65535VGS1     AAA
                 III-A-1    65535VGT9     AAA
                 III-A-2    65535VGU6     AAA

                   RALI Series 2001-QS16 Trust
                       Series    2001-QS16

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-2        76110GRZ6     AAA
                 A-P        76110GSG7     AAA
                 A-V        76110GSH5     AAA

                  Residential Accredit Loans Inc.
                       Series    1999-QS4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76110FG98     AAA
                 A-V        76110FH30     AAA

          Residential Asset Securitization Trust 1999-A3
                         Series    1999-C

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669BAA0     AAA
                 PO         12669BAB8     AAA
                 X          12669BAC6     AAA
                 B-1        12669BAE2     AAA
                 B-2        12669BAF9     AAA
                 B-3        12669BAG7     AA

   WaMu Mortgage-Backed Pass-Through Certificates Series 2001-AR5
                        Series    2001-AR5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A        22540VLE0     AAA
                 B-1        22540VLG5     AAA
                 B-2        22540VLH3     AAA

             Wells Fargo Alternative Loan 2002-1 Trust
                         Series    2002-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      94974SAA1     AAA
                 A-PO       94974SAC7     AAA


* S&P Downgrades Ratings on 84 Classes From 27 RMBS Transactions
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 84
classes from 27 residential mortgage-backed securities
transactions backed by U.S. prime jumbo mortgage loan collateral
issued in 2003 and 2004.  In addition, S&P affirmed its ratings on
521 classes from 26 of these transactions and nine additional
transactions and removed three of the ratings from CreditWatch
with negative implications.

The downgrades reflect S&P's opinion that projected credit support
for the affected classes is insufficient to maintain the previous
ratings, given S&P's current projected losses due to increased
delinquencies.  S&P lowered its ratings on two of the classes to
'D' because they experienced principal write-downs.

To assess the creditworthiness of each class, S&P review the
respective transaction's ability to withstand additional credit
deterioration and the impact that projected losses will have on
each class.  In order to maintain a 'B' rating on a class, S&P
assess whether the class can withstand the base-case loss
assumptions S&P uses in its analysis.  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 an '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 its 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.  The underlying collateral for these deals consists
of fixed- and adjustable-rate U.S. prime jumbo mortgage loans
secured by first liens on one- to four-family residential
properties.

                          Rating Actions

                      ABN AMRO Mortgage Corp.
                          Series 2003-11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-4        000780NH5     CCC                  B

               Banc of America Funding 2003-3 Trust
                           Series 2003-3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-5        05946XFQ1     CCC                  B

              Banc of America Mortgage Trust 2004-2
                           Series 2004-2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-B-2      05948X5C1     BB+                  A
        1-B-3      05948X5D9     B-                   BBB
        1-B-4      05948X3G4     CC                   BB
        1-B-5      05948X3H2     CC                   B
        X-B-5      05948X3L3     CCC                  B
        3-B-4      05948X3N9     CC                   BB
        3-B-5      05948X3P4     CC                   B

             Bank of America Mortgage Securities Inc.
                           Series 2004-A

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-1      05948XS69     A-                   AA+
        2-A-1      05948XS93     BBB-                 AA-
        2-A-2      05948XT27     BBB-                 AA-
        2-A-3      05948XT35     A                    AA-
        2-A-4      05948XT43     BBB-                 AA-
        3-A-1      05948XT50     AA+                  AAA
        B-1        05948XT68     CCC                  B+
        B-2        05948XT76     CC                   CCC
        B-3        05948XT84     CC                   CCC

           Chase Mortgage Finance Trust Series 2003-S12
                          Series 2003-S12

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        16162WCE7     BBB+                 A
        B-2        16162WCF4     B-                   BBB
        B-3        16162WCG2     CC                   BB
        B-4        16162WCH0     CC                   B

           Chase Mortgage Finance Trust, Series 2003-S10
                          Series 2003-S10

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        16162WAT6     B+                   BBB
        B-3        16162WAV1     CCC                  BB
        B-4        16162WAW9     CCC                  B

          Chase Mortgage Finance Trust, Series 2003-S15
                          Series 2003-S15

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-4        16162WEY1     CC                   CCC

             CHL Mortgage Pass-Through Trust 2003-56
                          Series 2003-56

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M          12669FBW2     BB+                  AA
        B-1        12669FBX0     B-                   A
        B-2        12669FBY8     CC                   B
        B-3        12669FAK9     CC                   CCC

                 Citicorp Mortgage Securities Inc.
                          Series 2003-11

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    IIA-11     172973UT4     AAA                  AAA/Watch Neg

                Citigroup Mortgage Loan Trust Inc.
                           Series 2003-1

                                    Rating
                                    ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    IIA3       17307GBF4     AAA                  AAA/Watch Neg
    IIIA3      17307GBS6     AAA                  AAA/Watch Neg
    B5         17307G9L4     B-                   B
    W-B3       17307GCT3     BB                   BBB
    W-B4       17307G9V4     CCC                  BB
    W-B5       17307G9W2     CC                   CCC

        First Horizon Mortgage Pass-Through Trust 2004-AR1
                          Series 2004-AR1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-5        32051DW57     CCC                  B

                GMACM Mortgage Loan Trust 2003-AR2
                          Series 2003-AR2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-3        36185NH29     CC                   BBB
        B-1        36185NH37     CC                   BB
        B-2        36185NH45     CC                   CCC

                GMACM Mortgage Loan Trust 2003-J5
                          Series 2003-J5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-3        36185NZV5     CCC                  BBB

             MASTR Asset Securitization Trust 2004-1
                           Series 2004-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-5        55265K7G8     B-                   B

             MASTR Asset Securitization Trust 2004-3
                           Series 2004-3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        55265K8L6     BBB                  AA
        B-2        55265K8M4     B-                   A
        B-3        55265K8N2     CC                   BBB
        B-4        55265K8Q5     CC                   BB
        B-5        55265K8R3     CC                   B

                   Prime Mortgage Trust 2003-2
                           Series 2003-2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-5        74160MCD2     CCC                  B

                   RFMSI Series 2003-S19 Trust
                         Series 2003-S19

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        76111XDB6     CCC                  B

          Salomon Brothers Mortgage Securities VII Inc.
                           Series 2003-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        79549AYU7     BB-                  A

  Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1
                           Series 2004-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B4         86359BHC8     D                    CC

                 Structured Asset Securities Corp.
                          Series 2003-34A

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B1-I       86359A5W9     BBB-                 AA
        B1-II      86359A6A6     CCC                  AA
        B2-I       86359A5Y5     CCC                  A
        B3         86359A6C2     CC                   BBB
        B4         86359A6E8     CC                   BB
        B1-I-X     86359A5X7     BBB-                 AA
        B2-I-X     86359A5Z2     CCC                  A
        B2-II      86359A6B4     CCC                  A

                 Structured Asset Securities Corp.
                         Series 2003-37A

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B1-II      86359BCT6     CCC                  AA
        B2-I       86359BCR0     CCC                  A
        B2-II      86359BCV1     CCC                  A
        B3         86359BCX7     CC                   BBB
        B4         86359BCZ2     CC                   BB
        B5         86359BDA6     D                    B

           Washington Mutual Mortgage Securities Corp.
                         Series 2003-AR11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        92922FJK5     BB                   A
        B-3        92922FJL3     CCC                  BBB
        B-4        92922FJN9     CC                   BB
        B-5        92922FJP4     CC                   CCC

  WaMu Mortgage Pass-Through Certificates Series 2003-AR12 Trust
                         Series 2003-AR12

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        92922FKX5     BBB-                 AA
        B-2        92922FKY3     CCC                  A
        B-3        92922FKZ0     CC                   BBB
        B-4        92922FLA4     CC                   BB
        B-5        92922FLB2     CC                   B

       Wells Fargo Mortgage Backed Securities 2003-12 Trust
                          Series 2003-12

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        94979FAK2     B+                   BBB
        B-4        94979FAL0     CCC                  BB
        B-5        94979FAM8     CC                   B

       Wells Fargo Mortgage Backed Securities 2003-13 Trust
                          Series 2003-13

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        949767AM9     B+                   BBB
        B-4        949767AN7     CCC                  BB
        B-5        949767AP2     CCC                  B

       Wells Fargo Mortgage Backed Securities 2003-14 Trust
                          Series 2003-14

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        94981AAL7     B+                   BBB
        B-4        94981AAM5     CCC                  BB
        B-5        94981AAN3     CCC                  B

       Wells Fargo Mortgage Backed Securities 2003-O Trust
                           Series 2003-O

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-4        94979YAA3     B-                   BB
        B-5        94979YAB1     CC                   B

       Wells Fargo Mortgage Backed Securities 2004-B Trust
                           Series 2004-B

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-5        94981KAG6     CCC                  B

                         Ratings Affirmed

                     ABN AMRO Mortgage Corp.
                          Series 2003-11

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        000780ML7     AAA
                 A-2        000780MM5     AAA
                 A-3        000780MN3     AAA
                 A-4        000780MP8     AAA
                 A-5        000780MQ6     AAA
                 A-7        000780MS2     AAA
                 A-8        000780MT0     AAA
                 A-9        000780MU7     AAA
                 A-11       000780MW3     AAA
                 A-12       000780MX1     AAA
                 A-13       000780MY9     AAA
                 A-14       000780MZ6     AAA
                 A-P        000780NA0     AAA
                 M          000780NC6     AA
                 B-1        000780ND4     A+
                 B-2        000780NE2     BBB+
                 B-3        000780NG7     BB

               Banc of America Funding 2003-3 Trust
                          Series 2003-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-2      05946XDF7     AAA
                 1-A-4      05946XDH3     AAA
                 1-A-5      05946XDJ9     AAA
                 1-A-6      05946XDK6     AAA
                 1-A-7      05946XDL4     AAA
                 1-A-8      05946XDM2     AAA
                 1-A-9      05946XDN0     AAA
                 1-A-10     05946XDP5     AAA
                 1-A-11     05946XDQ3     AAA
                 1-A-12     05946XDR1     AAA
                 1-A-13     05946XDS9     AAA
                 1-A-14     05946XDT7     AAA
                 1-A-15     05946XDU4     AAA
                 1-A-16     05946XDV2     AAA
                 1-A-17     05946XDW0     AAA
                 1-A-18     05946XDX8     AAA
                 1-A-19     05946XDY6     AAA
                 1-A-20     05946XDZ3     AAA
                 1-A-21     05946XEA7     AAA
                 1-A-22     05946XEB5     AAA
                 1-A-23     05946XEC3     AAA
                 1-A-24     05946XED1     AAA
                 1-A-25     05946XEE9     AAA
                 1-A-26     05946XEF6     AAA
                 1-A-27     05946XEG4     AAA
                 1-A-28     05946XEH2     AAA
                 1-A-29     05946XEJ8     AAA
                 1-A-30     05946XEK5     AAA
                 1-A-31     05946XEL3     AAA
                 1-A-32     05946XEM1     AAA
                 1-A-33     05946XEN9     AAA
                 1-A-34     05946XEP4     AAA
                 1-A-35     05946XEQ2     AAA
                 1-A-36     05946XER0     AAA
                 1-A-37     05946XES8     AAA
                 1-A-38     05946XET6     AAA
                 1-A-39     05946XEU3     AAA
                 1-A-40     05946XEV1     AAA
                 1-A-41     05946XEW9     AAA
                 1-A-42     05946XEX7     AAA
                 1-A-43     05946XEY5     AAA
                 1-A-44     05946XEZ2     AAA
                 1-A-WIO    05946XFD0     AAA
                 2-A-1      05946XFE8     AAA
                 2-A-2      05946XFF5     AAA
                 2-A-WIO    05946XFG3     AAA
                 A-PO       05946XFH1     AAA
                 B-1        05946XFJ7     AA
                 B-2        05946XFK4     A
                 B-3        05946XFL2     BBB
                 B-4        05946XFP3     BB

              Banc of America Mortgage Trust 2004-2
                          Series 2004-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      05948X3V1     AAA
                 1-A-2      05948X3W9     AAA
                 1-A-3      05948X3X7     AAA
                 1-A-4      05948X3Y5     AAA
                 1-A-5      05948X3Z2     AAA
                 1-A-6      05948X4A6     AAA
                 1-A-7      05948X4B4     AAA
                 1-A-8      05948X4C2     AAA
                 1-A-9      05948X4D0     AAA
                 1-A-10     05948X4E8     AAA
                 1-A-11     05948X4F5     AAA
                 1-A-12     05948X4G3     AAA
                 1-A-13     05948X4H1     AAA
                 2-A-1      05948X4M0     AAA
                 2-A-2      05948X4N8     AAA
                 2-A-3      05948X4P3     AAA
                 2-A-4      05948X4Q1     AAA
                 2-A-5      05948X4R9     AAA
                 2-A-6      05948X4S7     AAA
                 2-A-7      05948X4T5     AAA
                 3-A-1      05948X4U2     AAA
                 4-A-1      05948X4V0     AAA
                 5-A-1      05948X4W8     AAA
                 5-A-IO     05948X4X6     AAA
                 A-PO       05948X4Y4     AAA
                 15-IO      05948X4Z1     AAA
                 30-IO      05948X5A5     AAA
                 1-B-1      05948X5B3     AA
                 X-B-1      05948X5E7     AA
                 X-B-2      05948X5F4     A
                 X-B-3      05948X5G2     BBB
                 X-B-4      05948X3K5     BB
                 5-B-1      05948X5L1     AA+
                 5-B-2      05948X5M9     AA-
                 5-B-3      05948X5N7     BBB+
                 5-B-4      05948X3R0     BB
                 5-B-5      05948X3S8     CCC

           Chase Mortgage Finance Trust Series 2003-S12
                          Series 2003-S12

                 Class      CUSIP         Rating
                 -----      -----         ------
                 IA-1       16162WBV0     AAA
                 IA-2       16162WBW8     AAA
                 IA-3       16162WBX6     AAA
                 IA-P       16162WBY4     AAA
                 IIA-1      16162WBZ1     AAA
                 IIA-P      16162WCA5     AAA
                 A-X        16162WCB3     AAA
                 M          16162WCD9     AA

           Chase Mortgage Finance Trust, Series 2003-S10
                          Series 2003-S10

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        16162WAL3     AAA
                 A-2        16162WAM1     AAA
                 A-3        16162WAN9     AAA
                 A-P        16162WAP4     AAA
                 A-X        16162WAU3     AAA
                 M          16162WAR0     AA
                 B-1        16162WAS8     A

          Chase Mortgage Finance Trust, Series 2003-S15
                          Series 2003-S15

                 Class      CUSIP         Rating
                 -----      -----         ------
                 IA-2       16162WFB0     AAA
                 IA-3       16162WFC8     AAA
                 IA-4       16162WFD6     AAA
                 IA-X       16162WFE4     AAA
                 IIA-1      16162WFF1     AAA
                 IIA-2      16162WFG9     AAA
                 IIA-3      16162WFH7     AAA
                 IIA-4      16162WFJ3     AAA
                 IIA-5      16162WFK0     AAA
                 IIA-6      16162WFL8     AAA
                 IIA-7      16162WFM6     AAA
                 IIA-8      16162WFN4     AAA
                 IIA-9      16162WFP9     AAA
                 IIA-10     16162WFQ7     AAA
                 IIA-11     16162WFR5     AAA
                 IIA-12     16162WFS3     AAA
                 IIA-13     16162WFT1     AAA
                 IIA-14     16162WFU8     AAA
                 IIA-15     16162WFV6     AAA
                 IIA-16     16162WFW4     AAA
                 IIA-17     16162WFX2     AAA
                 IIA-18     16162WFY0     AAA
                 A-P        16162WFZ7     AAA
                 IIA-X      16162WGA1     AAA
                 M          16162WGC7     AA
                 B-1        16162WGD5     A-
                 B-2        16162WGE3     BBB-
                 B-3        16162WEX3     BB

             CHL Mortgage Pass-Through Trust 2003-50
                          Series 2003-50

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669E5B8     AAA
                 PO         12669E5C6     AAA

             CHL Mortgage Pass-Through Trust 2003-56
                          Series 2003-56

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669FAR4     AAA
                 2-A-5      12669FAZ6     AAA
                 2-X        12669FBA0     AAA
                 3-A-7A     12669FBL6     AAA
                 3-A-7B     12669FAU7     AAA
                 3-A-7C     12669FAX1     AAA
                 3-X        12669FBM4     AAA
                 4-A-1      12669FBN2     AAA
                 4-A-2      12669FBP7     AAA
                 5-A-1      12669FBQ5     AAA
                 5-X        12669FES8     AAA
                 6-A-1      12669FBR3     AAA
                 7-A-1      12669FBS1     AAA
                 7-X        12669FET6     AAA
                 8-A-1      12669FBT9     AAA
                 9-A-1      12669FBU6     AAA

                 Citicorp Mortgage Securities Inc.
                          Series 2003-11

                 Class      CUSIP         Rating
                 -----      -----         ------
                 IA-1       172973TY5     AAA
                 IA-2       172973TZ2     AAA
                 IA-3       172973UA5     AAA
                 IA-4       172973UB3     AAA
                 IA-5       172973UC1     AAA
                 IA-6       172973UD9     AAA
                 IA-7       172973UE7     AAA
                 IA-8       172973UF4     AAA
                 IA-PO      172973UG2     AAA
                 IA-IO      1729736J3     AAA
                 IIA-IO     1729736K0     AAA
                 IIA-1      172973UH0     AAA
                 IIA-2      172973UJ6     AAA
                 IIA-3      172973UK3     AAA
                 IIA-4      172973UL1     AAA
                 IIA-5      172973UM9     AAA
                 IIA-6      172973UN7     AAA
                 IIA-7      172973UP2     AAA
                 IIA-9      172973UR8     AAA
                 IIA-10     172973US6     AAA
                 IIA-8      172973UQ0     AAA
                 IIA-12     172973UU1     AAA
                 IIA-13     172973UV9     AAA
                 IIA-14     172973UW7     AAA

                 Citigroup Mortgage Loan Trust Inc.
                           Series 2003-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 IA1        17307GAZ1     AAA
                 XS1        17307GBB3     AAA
                 PO1        17307GBC1     AAA
                 IIA1       17307GBD9     AAA
                 IIA2       17307GBE7     AAA
                 IIA4       17307GBG2     AAA
                 IIA5       17307GBH0     AAA
                 IIA6       17307GBJ6     AAA
                 IIA7       17307GBK3     AAA
                 IIA8       17307GBL1     AAA
                 XS2A       17307GBM9     AAA
                 XS2B       17307GBN7     AAA
                 PO2        17307GBP2     AAA
                 IIIA1      17307GBQ0     AAA
                 IIIA2      17307GBR8     AAA
                 IIIA4      17307GBT4     AAA
                 IIIA5      17307GBU1     AAA
                 IIIA6      17307GBV9     AAA
                 IIIA7      17307GBW7     AAA
                 IIIA8      17307GBX5     AAA
                 IIIA9      17307GBY3     AAA
                 XS3        17307GBZ0     AAA
                 PO3        17307GCA4     AAA
                 B1         17307GCB2     AA
                 B2         17307GCC0     A
                 B3         17307GCD8     BBB
                 B4         17307G9K6     BB
                 W-A1       17307GCE6     AAA
                 W-IOA      17307GCG1     AAA
                 W-XSI      17307GCH9     AAA
                 W-PO1      17307GCJ5     AAA
                 W-B1       17307GCR7     AA
                 W-B2       17307GCS5     A
                 W-A2       17307GCK2     AAA
                 W-IOB      17307GCL0     AAA
                 W-XS2      17307GCM8     AAA
                 W-PO2      17307GCN6     AAA

          Citigroup Mortgage Loan Trust Series 2003-UST1
                         Series 2003-UST1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        17307GAJ7     AAA
                 IO-1       17307GAK4     AAA
                 PO-1       17307GAL2     AAA
                 A-2        17307GAM0     AAA
                 IO-2       17307GAN8     AAA
                 PO-2       17307GAP3     AAA
                 A-3        17307GAQ1     AAA
                 IO-3       17307GAR9     AAA
                 PO-3       17307GAS7     AAA
                 B-1        17307G9E0     AA
                 B-2        17307G9F7     A
                 B-3        17307G9G5     BBB
                 B-4        17307G9H3     BB
                 B-5        17307G9I1     B

        First Horizon Mortgage Pass-Through Trust 2004-AR1
                         Series 2004-AR1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      32051DV33     AAA
                 II-A-1     32051DV41     AAA
                 III-A-1    32051DV74     AAA
                 III-A-2    32051DV82     AAA
                 B-1        32051DV90     AA+
                 B-2        32051DW24     AA-
                 B-3        32051DW32     A-
                 B-4        32051DW40     BB

                GMACM Mortgage Loan Trust 2003-AR2
                          Series 2003-AR2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-I-1      36185NF39     AAA
                 A-II-4     36185NF70     AAA
                 A-III-4    36185NG38     AAA
                 A-III-5    36185NG46     AAA
                 A-IV-1     36185NG53     AAA
                 X-III      36185NG79     AAA
                 M-1        36185NG87     AA
                 M-2        36185NG95     A

                GMACM Mortgage Loan Trust 2003-J5
                          Series 2003-J5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        36185NZL7     AAA
                 A-2        36185NZM5     AAA
                 A-3        36185NZN3     AAA
                 IO         36185NZQ6     AAA
                 M-1        36185NZT0     AA
                 M-2        36185NZU7     A
                 B-1        36185NB90     CCC

                GMACM Mortgage Loan Trust 2003-J8
                          Series 2003-J8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A          36185NH78     AAA
                 PO         36185NH86     AAA
                 IO         36185NH94     AAA

                 JPMorgan Mortgage Trust 2003-A2
                          Series 2003-A2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      466247AS2     AAA
                 1-A-2      466247AT0     AAA
                 2-A-2      466247AV5     AAA
                 2-A-3      466247AW3     AAA
                 2-A-4      466247AX1     AAA
                 2-A-5      466247AY9     AAA
                 3-A-1      466247AZ6     AAA
                 4-A-1      466247BA0     AAA
                 4-A-2      466247BB8     AAA
                 5-A-1      466247BC6     AAA
                 B-1        466247BE2     AA
                 B-2        466247BF9     A
                 B-3        466247BG7     BBB
                 B-4        466247BH5     BB
                 B-5        466247BJ1     B

             MASTR Asset Securitization Trust 2004-1
                           Series 2004-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      55265K5B1     AAA
                 1-A-6      55265K5G0     AAA
                 1-A-7      55265K5H8     AAA
                 1-A-8      55265K5J4     AAA
                 1-A-9      55265K5K1     AAA
                 1-A-10     55265K5L9     AAA
                 1-A-11     55265K5M7     AAA
                 1-A-12     55265K5N5     AAA
                 2-A-1      55265K5P0     AAA
                 3-A-1      55265K5Q8     AAA
                 3-A-2      55265K5R6     AAA
                 3-A-3      55265K5S4     AAA
                 3-A-4      55265K5T2     AAA
                 3-A-5      55265K5U9     AAA
                 3-A-6      55265K5V7     AAA
                 3-A-7      55265K5W5     AAA
                 3-A-8      55265K5X3     AAA
                 4-A-1      55265K5Y1     AAA
                 4-A-2      55265K5Z8     AAA
                 5-A-4      55265K6E4     AAA
                 5-A-8      55265K6J3     AAA
                 5-A-13     55265K6P9     AAA
                 5-A-14     55265K6Q7     AAA
                 5-A-15     55265K6R5     AAA
                 5-A-16     55265K6S3     AAA
                 5-A-17     55265K6T1     AAA
                 5-A-18     55265K6U8     AAA
                 5-A-19     55265K6V6     AAA
                 5-A-20     55265K7J2     AAA
                 15-PO      55265K6W4     AAA
                 30-PO      55265K6X2     AAA
                 15-A-X     55265K6Y0     AAA
                 30-A-X     55265K6Z7     AAA
                 B-1        55265K7C7     AA
                 B-2        55265K7D5     A
                 B-3        55265K7E3     BBB
                 B-4        55265K7F0     BB

              MASTR Asset Securitization Trust 2004-3
                           Series 2004-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      55265K7K9     AAA
                 1-A-2      55265K7L7     AAA
                 1-A-3      55265K7M5     AAA
                 2-A-1      55265K7N3     AAA
                 3-A-1      55265K7P8     AAA
                 3-A-2      55265K7Q6     AAA
                 4-A-3      55265K7T0     AAA
                 4-A-4      55265K7U7     AAA
                 4-A-5      55265K7V5     AAA
                 4-A-6      55265K7W3     AAA
                 4-A-7      55265K7X1     AAA
                 4-A-8      55265K7Y9     AAA
                 4-A-9      55265K7Z6     AAA
                 4-A-10     55265K8A0     AAA
                 4-A-11     55265K8B8     AAA
                 4-A-12     55265K8C6     AAA
                 4-A-13     55265K8D4     AAA
                 4-A-14     55265K8E2     AAA
                 4-A-15     55265K8F9     AAA
                 5-A-1      55265K8P7     AAA
                 PO         55265K8G7     AAA
                 5-A-X      57643MAA2     AAA
                 15-A-X     55265K8J1     AAA
                 30-A-X     55265K8K8     AAA

             MASTR Asset Securitization Trust 2004-P2
                          Series 2004-P2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        55265K4Q9     AAA
                 A-I-IO     55265K4R7     AAA
                 A-2        55265K4S5     AAA
                 B-1        55265K4V8     AA
                 B-2        55265K4W6     A
                 B-3        55265K4X4     BBB
                 B-4        55265K4Y2     BB
                 B-5        55265K4Z9     B

                   Prime Mortgage Trust 2003-2
                          Series 2003-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      74160MBE1     AAA
                 I-A-2      74160MBF8     AAA
                 I-A-3      74160MBG6     AAA
                 I-A-4      74160MBH4     AAA
                 I-A-5      74160MBJ0     AAA
                 I-A-6      74160MBK7     AAA
                 I-A-7      74160MBL5     AAA
                 I-A-8      74160MBM3     AAA
                 I-A-9      74160MBN1     AAA
                 I-A-10     74160MBP6     AAA
                 I-A-11     74160MBQ4     AAA
                 I-PO       74160MBR2     AAA
                 II-A-1     74160MBS0     AAA
                 II-A-2     74160MBT8     AAA
                 II-PO      74160MBU5     AAA
                 II-IO      74160MBV3     AAA
                 B-1        74160MBZ4     AA
                 B-2        74160MCA8     A
                 B-3        74160MCB6     BBB
                 B-4        74160MCC4     BB

                   Prime Mortgage Trust 2003-3
                           Series 2003-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        74160MCJ9     AAA
                 A-2        74160MCK6     AAA
                 A-3        74160MCL4     AAA
                 A-4        74160MCM2     AAA
                 A-5        74160MCN0     AAA
                 A-6        74160MCP5     AAA
                 A-7        74160MCQ3     AAA
                 A-8        74160MCR1     AAA
                 A-9        74160MCS9     AAA
                 PO         74160MCT7     AAA
                 B-1        74160MCX8     AA
                 B-2        74160MCY6     A
                 B-3        74160MCZ3     BBB
                 B-4        74160MDA7     BB
                 B-5        74160MDB5     CCC

                   RFMSI Series 2003-S19 Trust
                         Series 2003-S19

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76111XCF8     AAA
                 A-2        76111XCG6     AAA
                 A-3        76111XCH4     AAA
                 A-4        76111XCJ0     AAA
                 A-5        76111XCK7     AAA
                 A-7        76111XCM3     AAA
                 A-8        76111XCN1     AAA
                 A-9        76111XCP6     AAA
                 A-10       76111XCQ4     AAA
                 A-11       76111XCR2     AAA
                 A-12       76111XCS0     AAA
                 A-P        76111XCT8     AAA
                 A-V        76111XCU5     AAA
                 M-1        76111XCX9     AA
                 M-2        76111XCY7     A
                 M-3        76111XCZ4     BBB
                 B-1        76111XDA8     BB

           Salomon Brothers Mortgage Securities VII Inc.
                          Series 2003-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        79549AYP8     AAA
                 A-2        79549AYQ6     AAA
                 S          79549AYR4     AAA
                 IO         79549AYS2     AAA
                 PO         79549AYT0     AAA

  Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1
                           Series 2004-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A        86359BFY2     AAA
                 2-A        86359BFZ9     AAA
                 2-AX       86359BGA3     AAA
                 3-A1       86359BGB1     AAA
                 3-A2       86359BGC9     AAA
                 3-A3       86359BGD7     AAA
                 4-A1       86359BGF2     AAA
                 4-A2       86359BGG0     AAA
                 4-A3       86359BGH8     AAA
                 4-A5       86359BGK1     AAA
                 5-A        86359BGN5     AAA
                 6-A        86359BGQ8     AAA
                 B1-I       86359BGS4     A-
                 B1X-I      86359BGT2     A-
                 B1-II      86359BGW5     CCC
                 B1X-II     86359BGX3     CCC
                 B2-I       86359BGU9     CCC
                 B2X-I      86359BGV7     CCC
                 B2-II      86359BGY1     CCC
                 4-A4       86359BGJ4     AAA
                 6-AX       86359BGR6     AAA

     Structured Asset Mortgage Investments II Trust 2003-AR4
                          Series 2003-AR4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        86359LAA7     AAA
                 A-2        86359LAB5     AAA
                 X          86359LAC3     AAA

       Structured Asset Mortgage Investments Trust 2003-AR3
                         Series 2003-AR3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        86358HUT4     AAA
                 A-2        86358HUU1     AAA
                 X          86358HUV9     AAA

                 Structured Asset Securities Corp.
                         Series 2003-34A

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A        86359A4U4     AAA
                 2-A1       86359A4V2     AAA
                 2-A2       86359A4W0     AAA
                 2-A3       86359A4X8     AAA
                 3-A1       86359A4Z3     AAA
                 3-A2       86359A5A7     AAA
                 3-A3       86359A5B5     AAA
                 3-A4       86359A5C3     AAA
                 3-A5       86359A5D1     AAA
                 3-A6       86359A5E9     AAA
                 4-A        86359A5G4     AAA
                 5-A4       86359A5M1     AAA
                 5-A5       86359A5N9     AAA
                 6-A        86359A5V1     AAA

                 Structured Asset Securities Corp.
                         Series 2003-37A

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1A         86359BBR1     AAA
                 2-A        86359BBS9     AAA
                 3-A6       86359BBY6     AAA
                 3-A7       86359BBZ3     AAA
                 4-A        86359BCD1     AAA
                 5-A        86359BCF6     AAA
                 5-AX       86359BCG4     AAA
                 5-PAX      86359BCH2     AAA
                 6-A        86359BCJ8     AAA
                 7-A        86359BCK5     AAA
                 8-A1       86359BCL3     AAA
                 8-A2       86359BCM1     AAA
                 B1-I       86359BCP4     AA
                 B1-I-X     86359BCQ2     AA

            Washington Mutual Mortgage Securities Corp.
                         Series 2003-AR11

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-6        92922FJF6     AAA
                 B-1        92922FJJ8     AA

  WaMu Mortgage Pass-Through Certificates Series 2003-AR12 Trust
                         Series 2003-AR12

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-6        92922FKU1     AAA
                 X          92922FKW7     AAA

       Wells Fargo Mortgage Backed Securities 2003-12 Trust
                          Series 2003-12

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        94979FAA4     AAA
                 A-2        94979FAB2     AAA
                 A-3        94979FAC0     AAA
                 A-PO       94979FAF3     AAA
                 B-1        94979FAH9     AA
                 B-2        94979FAJ5     A

       Wells Fargo Mortgage Backed Securities 2003-13 Trust
                          Series 2003-13

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        949767AA5     AAA
                 A-2        949767AB3     AAA
                 A-3        949767AC1     AAA
                 A-4        949767AD9     AAA
                 A-5        949767AE7     AAA
                 A-6        949767AF4     AAA
                 A-7        949767AG2     AAA
                 A-PO       949767AH0     AAA
                 B-1        949767AK3     AA
                 B-2        949767AL1     A

       Wells Fargo Mortgage Backed Securities 2003-14 Trust
                         Series 2003-14

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      94981AAA1     AAA
                 I-A-2      94981AAB9     AAA
                 I-A-3      94981AAC7     AAA
                 I-A-4      94981AAD5     AAA
                 II-A-1     94981AAF0     AAA
                 II-A-2     94981AAG8     AAA
                 A-PO       94981AAH6     AAA
                 B-1        94981AAJ2     AA
                 B-2        94981AAK9     A

       Wells Fargo Mortgage Backed Securities 2003-O Trust
                          Series 2003-O

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      94979YAD7     AAA
                 I-A-2      94979YAE5     AAA
                 I-A-3      94979YAF2     AAA
                 I-A-4      94979YAG0     AAA
                 I-A-5      94979YAH8     AAA
                 I-A-6      94979YAJ4     AAA
                 I-A-7      94979YAK1     AAA
                 I-A-9      94979YAM7     AAA
                 I-A-10     94979YAN5     AAA
                 I-A-11     94979YAP0     AAA
                 II-A-1     94979YAT2     AAA
                 II-A-2     94979YAU9     AAA
                 II-A-3     94979YAV7     AAA
                 III-A-2    94979YAX3     AAA
                 III-A-3    94979YAY1     AAA
                 IV-A-1     94979YAZ8     AAA
                 IV-A-2     94979YBA2     AAA
                 V-A-1      94979YBB0     AAA
                 B-1        94979YBC8     AA
                 B-2        94979YBD6     A
                 B-3        94979YBE4     BBB

        Wells Fargo Mortgage Backed Securities 2004-B Trust
                          Series 2004-B

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        94981KAA9     AAA
                 B-1        94981KAC5     AA
                 B-2        94981KAD3     A
                 B-3        94981KAE1     BBB
                 B-4        94981KAF8     BB


* S&P Downgrades Ratings on 156 Classes From 19 RMBS Transactions
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 156
classes from 19 residential mortgage-backed securities
transactions backed by U.S. prime jumbo mortgage loan collateral
issued in 2004 and removed 14 of the lowered ratings from
CreditWatch with negative implications.  In addition, S&P affirmed
its ratings on 250 classes from these transactions, as well as
seven additional transactions, and removed seven of them from
CreditWatch negative.

The downgrades reflect S&P's opinion that projected credit support
for the affected classes is insufficient to maintain the previous
ratings, given S&P's current projected losses due to increased
delinquencies.  The downgrade to 'D' of class B-4 from CHL
Mortgage Pass-Through Trust Series 2004-10 reflects a principal
write-down experienced during the January 2010 remittance period.

To assess the creditworthiness of each class, S&P review the
respective transaction's ability to withstand additional credit
deterioration and the impact that projected losses will have on
each class.  In order to maintain a 'B' rating on a class, S&P
assesses whether the class can withstand the base-case loss
assumptions S&P uses in its analysis.  To maintain an 'AAA'
rating, S&P assess 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 S&P's base-case loss assumptions to maintain a 'BB'
rating, while S&P would assess whether a different class could
withstand approximately 155% of its 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.  The underlying collateral for these deals consists
of fixed- and adjustable-rate U.S. prime jumbo mortgage loans
secured by first liens on one- to four-family residential
properties.

                          Rating Actions

               Banc of America Mortgage 2004-E Trust
                        Series      2004-E

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        2-A-6      05949AHA1     BBB                  AAA
        2-A-7      05949AHB9     BBB                  AAA
        2-A-8      05949AHC7     BBB+                 AAA
        2-A-10     05949AHE3     BBB                  AAA
        3-A-1      05949AHG8     BBB                  AAA
        B-1        05949AHJ2     CCC                  AA
        B-2        05949AHK9     CC                   A
        B-3        05949AHL7     CC                   BBB
        B-4        05949AHN3     CC                   BB
        B-5        05949AHP8     CC                   B

              Banc of America Mortgage 2004-F Trust
                        Series      2004-F

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        2-A-6      05949AJA9     A+                   AAA
        2-A-7      05949AJB7     A+                   AAA
        3-A-1      05949AJD3     A+                   AAA
        B-1        05949AJF8     B-                   AA
        B-2        05949AJG6     CCC                  A
        B-3        05949AJH4     CC                   BBB
        B-4        05949AJJ0     CC                   BB
        B-5        05949AJK7     CC                   CCC

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

                                   Rating
                                   ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-12     05949AEN6     AAA                  AAA/Watch Neg
   30-B-2     05949AFM7     BBB                  A
   30-B-3     05949AFN5     B                    BBB
   15-B-3     05949AFU9     B                    BBB
   30-B-4     05949AFW5     CC                   BB
   X-B-4      05949AFZ8     CCC                  BB
   15-B-4     05949AGC8     CCC                  BB
   30-B-5     05949AFX3     CC                   B
   X-B-5      05949AGA2     CC                   B
   15-B-5     05949AGD6     CCC                  B

              Banc of America Mortgage Trust 2004-5
                        Series      2004-5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-2      05948X6G1     AA                   AAA
        1-A-3      05948X6H9     AA                   AAA
        1-A-4      05948X6J5     AA                   AAA
        1-A-5      05948X6K2     AA                   AAA
        1-A-6      05948X6L0     AA                   AAA
        1-A-7      05948X6M8     AA                   AAA
        1-A-8      05948X6N6     AA                   AAA
        1-A-9      05948X6P1     AA                   AAA
        1-A-PO     05948X7C9     AA                   AAA
        30-B-1     05948X7F2     B                    AA
        X-B-1      05948X7J4     BBB+                 AA
        15-B-1     05948X7M7     BB+                  AA
        30-B-2     05948X7G0     CCC                  A
        X-B-2      05948X7K1     B+                   A
        15-B-2     05948X7N5     B-                   A
        30-B-3     05948X7H8     CC                   BBB
        X-B-3      05948X7L9     CCC                  BBB
        15-B-3     05948X7P0     CCC                  BBB
        30-B-4     05949AGF1     CC                   BB
        X-B-4      05949AGM6     CC                   BB
        15-B-4     05949AGJ3     CC                   BB
        30-B-5     05949AGG9     CC                   B
        X-B-5      05949AGN4     CC                   B
        15-B-5     05949AGK0     CC                   B

              Banc of America Mortgage Trust 2004-6
                        Series      2004-6

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-B-1      05949AKK5     BB-                  AA
        1-B-2      05949AKL3     CCC                  A
        1-B-3      05949AKM1     CCC                  BBB
        2-B-3      05949AKQ2     B+                   BBB
        1-B-4      05949AKR0     CC                   BB
        2-B-4      05949AKU3     CCC                  BB
        1-B-5      05949AKS8     CC                   CCC
        2-B-5      05949AKV1     CC                   B

               Banc of America Mortgage Trust 2004-7
                        Series      2004-7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        2-A-1      05949AQB9     A-                   AAA
        2-A-2      05949AQC7     A-                   AAA
        2-A-3      05949ANV8     A-                   AAA
        2-A-4      05949ANW6     A-                   AAA
        2-30-IO                  A-                   AAA
        2-X-PO                   A-                   AAA
        3-A-1      05949AQD5     B+                   AA
        6-A-1      05949APN4     A-                   AA
        6-A-2      05949APP9     A-                   AA
        6-A-3      05949APQ7     BBB+                 AA
        7-A-1      05949APR5     B+                   AA
        3-15-IO                  B+                   AAA
        6-15-IO                  A-                   AAA
        7-15-IO                  B+                   AAA
        3-X-PO                   B+                   AAA
        6-X-PO                   BBB+                 AAA
        7-X-PO                   B+                   AAA
        3-15-PO                  B+                   AAA
        6-15-PO                  BBB+                 AAA
        7-15-PO                  B+                   AAA
        X-B-1      05949APS3     CCC                  BB
        15-B-1     05949AQP8     CCC                  B
        15-B-2     05949AQQ6     CC                   CCC
        X-B-3      05949APU8     CC                   CCC

                  Bear Stearns ARM Trust 2004-4
                        Series      2004-4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        07384MV33     BB-                  A
        B-3        07384MV41     CCC                  BBB
        B-4        07384MV90     CC                   BB
        B-5        07384MW24     CC                   B

             CHL Mortgage Pass-Through Trust 2004-10
                       Series      2004-10

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-4        12669FC43     A+                   AAA
        A-8        12669FC84     A+                   AAA
        A-9        12669FC92     A+                   AAA
        PO         12669FD34     A+                   AAA
        M          12669FD59     B                    AA
        B-1        12669FD67     CCC                  A
        B-2        12669FD75     CC                   BBB
        B-3        12669FB69     CC                   CCC
        B-4        12669FB77     D                    CC

                  Fannie Mae REMIC Trust 2004-W6
                       Series      2004-W6

                                   Rating
                                   ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M          31393YY41     BB+                  AA/Watch Neg
   B-1        31393YY58     CCC                  A/Watch Neg
   B-2        31393YY66     CC                   BBB/Watch Neg
   B-3        31393YY74     CC                   BB/Watch Neg

                GMACM Mortgage Loan Trust 2004-AR1
                       Series      2004-AR1

                                   Rating
                                   ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-1-A      36185NX21     AAA                  AAA/Watch Neg
   I-2-A      36185NX39     AAA                  AAA/Watch Neg
   I-3-A      36185NX47     AAA                  AAA/Watch Neg
   I-4-A      36185NX54     AAA                  AAA/Watch Neg
   I-M-1      36185NY38     BB+                  AA/Watch Neg
   II-M-1     36185NY61     B+                   AA
   I-M-2      36185NY46     B-                   A/Watch Neg
   II-M-2     36185NY79     CCC                  A
   I-M-3      36185NY53     CC                   BBB/Watch Neg
   II-M-3     36185NY87     CC                   BBB
   I-B-1      36185NY95     CC                   BB/Watch Neg
   II-B-1     36185NZ45     CC                   BB

                  GSR Mortgage Loan Trust 2004-4
                        Series      2004-4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1A1        36228FD29     BBB+                 AAA
        2A1        36228FD37     BBB+                 AAA
        2A2        36228FD45     BBB+                 AAA
        2A3        36228FD52     BBB+                 AAA
        2A4        36228FD60     BBB+                 AAA
        2A5        36228FD78     BBB+                 AAA
        3A1        36228FD86     BBB+                 AAA
        3A2        36228FD94     BBB+                 AAA
        3A3        36228FE28     BBB+                 AAA
        B1         36228FE44     CC                   AA+
        B2         36228FE51     CC                   BBB
        B3         36228FE69     CC                   B

           MASTR Adjustable Rate Mortgages Trust 2004-5
                        Series      2004-5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        576433NH5     A-                   AA+
        B-2        576433NJ1     B+                   BB

              Mortgage Pass-Through Trust 2004-HYB3
                      Series      2004-HYB3

                                   Rating
                                   ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1A         12669FYX5     BB+                  AAA/Watch Neg
   2-A        12669FYY3     BB+                  AAA/Watch Neg
   3-A        12669FYZ0     BB+                  AAA/Watch Neg
   M          12669FZA4     B-                   AA/Watch Neg
   B-1        12669FZB2     CCC                  A/Watch Neg
   B-2        12669FZC0     CC                   BBB/Watch Neg

                    RFMSI Series 2004-S2 Trust
                       Series      2004-S2

                                   Rating
                                   ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-6        76111XFY4     AAA                  AAA/Watch Neg
   M-1        76111XGG2     A-                   AA
   M-2        76111XGH0     B                    A
   M-3        76111XGJ6     CC                   BBB
   B-1        76111XGK3     CC                   BB
   B-2        76111XGL1     CC                   CCC

                    RFMSI Series 2004-S3 Trust
                       Series      2004-S3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        76111XGV9     B-                   BB
        B-2        76111XGW7     CCC                  B

                    RFMSI Series 2004-S4 Trust
                       Series      2004-S4

                                   Rating
                                   ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A-3      76111XHA4     AAA                  AAA/Watch Neg
   I-M-2      76111XJA2     BB-                  A
   I-M-3      76111XJB0     CCC                  BBB
   I-B-1      76111XJF1     CC                   BB
   I-B-2      76111XJG9     CC                   B

   Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2
                        Series      2004-2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B1-I       86359BLL3     B                    AA
        B1X-I      86359BLM1     B                    AA
        B1-II      86359BLQ2     B                    AA
        B2-I       86359BLN9     CCC                  BBB
        B2X-I      86359BLP4     CCC                  BBB
        B2-II      86359BLS8     CCC                  BBB
        B3         86359BLT6     CC                   B

   WaMu Mortgage Pass-Through Certificates Series 2004-AR7 Trust
                      Series      2004-AR7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        92922FTF5     A-                   AA
        B-2        92922FTG3     B-                   A
        B-3        92922FTH1     CCC                  BBB
        B-4        92922FTT5     CC                   BB
        B-5        92922FTU2     CC                   B

   WaMu Mortgage Pass-Through Certificates Series 2004-AR9 Trust
                      Series      2004-AR9

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        92922FWM6     A                    AA
        B-2        92922FWN4     B+                   A
        B-3        92922FWP9     CCC                  BBB
        B-4        92922FWR5     CC                   BB
        B-5        92922FWS3     CC                   B

                         Ratings Affirmed

               Banc of America Mortgage 2004-E Trust
                        Series      2004-E

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      05949AGR5     AAA
                 2-A-5      05949AGZ7     AAA
                 4-A-1      05949AHH6     AAA

               Banc of America Mortgage 2004-F Trust
                        Series      2004-F

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      05949AHR4     AAA
                 2-A-5      05949AHZ6     AAA
                 2-A-IO     05949AJC5     AAA
                 4-A-1      05949AJE1     AAA

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

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      05949AEB2     AAA
                 1-A-2      05949AEC0     AAA
                 1-A-3      05949AED8     AAA
                 1-A-4      05949AEE6     AAA
                 1-A-5      05949AEF3     AAA
                 1-A-6      05949AEG1     AAA
                 1-A-7      05949AEH9     AAA
                 1-A-8      05949AEJ5     AAA
                 1-A-9      05949AEK2     AAA
                 1-A-10     05949AEL0     AAA
                 1-A-11     05949AEM8     AAA
                 2-A-1      05949AEU0     AAA
                 2-A-2      05949AEV8     AAA
                 2-A-3      05949AEW6     AAA
                 2-A-5      05949AEY2     AAA
                 2-A-6      05949AEZ9     AAA
                 3-A-1      05949AFA3     AAA
                 3-A-2      05949AFB1     AAA
                 3-A-3      05949AFC9     AAA
                 3-A-4      05949AFD7     AAA
                 4-A-1      05949AFE5     AAA
                 4-A-2      05949AFF2     AAA
                 5-A-1      05949AFG0     AAA
                 15-IO      05949AFJ4     AAA
                 30-IO      05949AFK1     AAA
                 A-PO       05949AFH8     AAA
                 30-B-1     05949AFL9     AA
                 X-B-1      05949AFP0     AA
                 15-B-1     05949AFS4     AA
                 X-B-2      05949AFQ8     A
                 15-B-2     05949AFT2     A
                 X-B-3      05949AFR6     BBB

               Banc of America Mortgage Trust 2004-5
                        Series      2004-5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      05948X6F3     AAA
                 1-30-IO    05948X7E5     AAA
                 2-A-1      05948X6S5     AAA
                 2-A-2      05948X6T3     AAA
                 2-A-3      05948X6U0     AAA
                 2-A-4      05948X6V8     AAA
                 2-A-PO                   AAA
                 2-30-IO                  AAA
                 3-A-1      05948X6W6     AAA
                 3-A-2      05948X6X4     AAA
                 3-A-3      05948X6Y2     AAA
                 3-A-4      05948X6Z9     AAA
                 3-A-5      05948X7A3     AAA
                 3-A-6      05948X7B1     AAA
                 3-A-PO                   AAA
                 3-15-IO                  AAA
                 4-A-1      05948X7Q8     AAA
                 4-A-PO                   AAA
                 4-15-IO                  AAA

              Banc of America Mortgage Trust 2004-6
                        Series      2004-6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      05949AJM3     AAA
                 1-A-2      05949AJN1     AAA
                 1-A-3      05949AJP6     AAA
                 1-A-4      05949AJQ4     AAA
                 1-A-5      05949AJR2     AAA
                 1-A-6      05949AJS0     AAA
                 1-A-7      05949AJT8     AAA
                 1-A-8      05949AJU5     AAA
                 1-A-9      05949AJV3     AAA
                 1-A-10     05949AJW1     AAA
                 1-A-11     05949AJX9     AAA
                 1-A-12     05949AJY7     AAA
                 1-A-PO     05949AKH2     AAA
                 1-30-IO    05949AKJ8     AAA
                 2-A-1      05949AKA7     AAA
                 2-A-2      05949AKB5     AAA
                 2-A-3      05949AKC3     AAA
                 2-A-4      05949AKD1     AAA
                 2-A-5      05949AKE9     AAA
                 2-A-6      05949AKF6     AAA
                 2-A-7      05949AKG4     AAA
                 2-A-PO                   AAA
                 2-30-IO                  AAA
                 2-B-1      05949AKN9     AA
                 2-B-2      05949AKP4     A

               Banc of America Mortgage Trust 2004-7
                        Series      2004-7

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-5      05949ANE6     AAA
                 1-A-6      05949ANF3     AAA
                 1-A-12     05949ANM8     AAA
                 1-A-16     05949ANR7     AAA
                 1-A-17     05949ANS5     AAA
                 1-A-18     05949ANT3     AAA
                 1-A-19     05949ANU0     AAA
                 5-A-1      05949AQF0     AAA
                 5-A-2      05949ANX4     AAA
                 5-A-3      05949ANY2     AAA
                 5-A-4      05949ANZ9     AAA
                 5-A-5      05949APA2     AAA
                 5-A-6      05949APB0     AAA
                 5-A-7      05949APC8     AAA
                 5-A-8      05949APD6     AAA
                 5-A-9      05949APE4     AAA
                 5-A-10     05949APF1     AAA
                 5-A-11     05949APG9     AAA
                 5-A-12     05949APH7     AAA
                 5-A-13     05949APJ3     AAA
                 5-A-14     05949APK0     AAA
                 5-A-15     05949APL8     AAA
                 5-A-16     05949APM6     AAA
                 1-30-IO                  AAA
                 5-30-IO                  AAA
                 1-X-PO                   AAA
                 5-X-PO                   AAA
                 4-A-1      05949AQE3     AAA
                 4-30-IO                  AAA
                 4-X-PO                   AAA
                 4-15-PO                  AAA
                 X-B-2      05949APT1     CCC

                  Bear Stearns ARM Trust 2004-4
                        Series      2004-4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-6        07384MU42     AAA
                 A-7        07384MU59     AAA
                 B-1        07384MV25     AA

             CHL Mortgage Pass-Through Trust 2004-10
                       Series      2004-10

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669FB93     AAA
                 A-3        12669FC35     AAA
                 A-5        12669FC50     AAA
                 A-6        12669FC68     AAA
                 A-7        12669FC76     AAA
                 A-10       12669FD26     AAA

                Citicorp Mortgage Securities Inc.
                        Series      2004-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        172973WV7     AAA
                 A-2        172973WW5     AAA
                 A-3        172973WX3     AAA
                 A-4        172973WY1     AAA
                 A-5        172973WZ8     AAA
                 A-6        172973XA2     AAA
                 A-7        172973XB0     AAA
                 A-8        172973XC8     AAA
                 A-9        172973XD6     AAA
                 A-10       172973XE4     AAA
                 A-11       172973XF1     AAA
                 A-12       172973XG9     AAA
                 A-PO       172973XH7     AAA

                GMACM Mortgage Loan Trust 2004-AR1
                       Series      2004-AR1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 II-1-A     36185NX62     AAA
                 II-2-A     36185NX70     AAA
                 II-3-A     36185NX88     AAA
                 II-4-A     36185NX96     AAA

                  GSR Mortgage Loan Trust 2004-4
                        Series      2004-4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 4A1        36228FE36     AAA

           MASTR Adjustable Rate Mortgages Trust 2004-5
                        Series      2004-5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      576433MT0     AAA
                 2-A-1      576433MU7     AAA
                 2-A-X      576433MV5     AAA
                 3-A-1      576433MW3     AAA
                 4-A-1      576433MX1     AAA
                 5-A-1      576433MY9     AAA
                 6-A-1      576433MZ6     AAA
                 6-A-X      576433NA0     AAA
                 7-A-1      576433NB8     AAA
                 9-A-2      576433NP7     AAA
                 9-A-X      576433NE2     AAA
                 B-3        576433NK8     CCC

     Merrill Lynch Mortgage Investors Trust Series MLCC 2004-B
                      Series      MLCC2004-B

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        59020UBU8     AAA
                 A-2        59020UBV6     AAA
                 A-3        59020UBW4     AAA
                 X-A        59020UBX2     AAA
                 X-B        59020UBZ7     AAA
                 B-1        59020UCB9     AAA
                 B-2        59020UCC7     AA+
                 B-3        59020UCD5     AA-
                 B-4        59020UCE3     A-
                 B-5        59020UCF0     BB

                   RFMSI Series 2004-S2 Trust
                       Series      2004-S2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76111XFT5     AAA
                 A-3        76111XFV0     AAA
                 A-4        76111XFW8     AAA
                 A-5        76111XFX6     AAA
                 A-7        76111XFZ1     AAA
                 A-8        76111XGA5     AAA
                 A-9        76111XGB3     AAA
                 A-P        76111XGC1     AAA
                 A-V        76111XGD9     AAA

                    RFMSI Series 2004-S3 Trust
                       Series      2004-S3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76111XGN7     AAA
                 A-P        76111XGP2     AAA
                 A-V        76111XGQ0     AAA
                 M-1        76111XGS6     AA
                 M-2        76111XGT4     A
                 M-3        76111XGU1     BBB

                   RFMSI Series 2004-S4 Trust
                       Series      2004-S4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      76111XGY3     AAA
                 I-A-2      76111XGZ0     AAA
                 I-A-4      76111XHB2     AAA
                 I-A-5      76111XHC0     AAA
                 I-A-6      76111XHD8     AAA
                 I-A-7      76111XHE6     AAA
                 I-A-8      76111XHF3     AAA
                 I-A-P      76111XHR7     AAA
                 I-A-V      76111XHS5     AAA
                 II-A-1     76111XHG1     AAA
                 II-A-2     76111XHH9     AAA
                 II-A-3     76111XHJ5     AAA
                 II-A-4     76111XHL0     AAA
                 II-A-5     76111XHM8     AAA
                 II-A-6     76111XHN6     AAA
                 II-A-7     76111XHP1     AAA
                 II-A-8     76111XHQ9     AAA
                 II-A-P     76111XHT3     AAA
                 II-A-V     76111XHU0     AAA
                 I-M-1      76111XHZ9     AA
                 II-M-1     76111XJC8     AA
                 II-M-2     76111XJD6     A
                 II-M-3     76111XJE4     BBB
                 II-B-1     76111XJJ3     BB
                 II-B-2     76111XJK0     B

                  Sequoia Mortgage Trust 2004-3
                        Series      2004-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        81744FAZ0     AAA
                 M-1        81744FBA4     AA

   Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2
                        Series      2004-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A1       86359BKY6     AAA
                 1-A2       86359BKZ3     AAA
                 1-AX       86359BLA7     AAA
                 2-A        86359BLB5     AAA
                 3-A        86359BLC3     AAA
                 4-A1       86359BLE9     AAA
                 4-A2       86359BLF6     AAA
                 4-A3       86359BMC2     AAA
                 5-A        86359BLJ8     AAA
                 5-AX       86359BLK5     AAA

     Structured Asset Mortgage Investments II Trust 2004-AR1
                       Series      2004-AR1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      86359LAP4     AAA
                 I-A-2      86359LAQ2     AAA
                 I-A-3      86359LAR0     AAA
                 II-A-1     86359LAS8     AAA
                 X          86359LAT6     AAA

     Structured Asset Mortgage Investments II Trust 2004-AR2
                       Series      2004-AR2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A        86359LBL2     AAA
                 II-A       86359LBM0     AAA
                 III-A      86359LBN8     AAA
                 X          86359LBP3     AAA

      Structured Asset Mortgage Investments II Trust 2004-AR3
                       Series      2004-AR3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      86359LBX6     AAA
                 I-A-2      86359LBY4     AAA
                 I-A-3      86359LBZ1     AAA
                 II-A-1     86359LCA5     AAA
                 X          86359LCB3     AAA

            Thornburg Mortgage Securities Trust 2004-1
                        Series      2004-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-1A       885220ET6     AAA
                 I-2A       885220EU3     AAA
                 II-1A      885220EV1     AAA
                 II-2A      885220EW9     AAA
                 II-3A      885220EX7     AAA
                 II-4A      885220EY5     AAA
                 I-M        885220EZ2     AA
                 II-M       885220FA6     AA

   WaMu Mortgage Pass-Through Certificates Series 2004-AR7 Trust
                       Series      2004-AR7

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-5        92922FTA6     AAA
                 A-6        92922FTB4     AAA

   WaMu Mortgage Pass-Through Certificates Series 2004-AR9 Trust
                       Series      2004-AR9

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        92922FWE4     AAA
                 A-6        92922FWK0     AAA
                 A-7        92922FWL8     AAA


* S&P Downgrades Ratings on 5,589 Classes From 830 RMBS Deals
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 5,589
classes from 830 residential mortgage-backed securities
transactions backed by U.S. Alternative-A mortgage loan collateral
issued in 2005, 2006, and 2007.  S&P removed 1,709 of the lowered
ratings from CreditWatch with negative implications.  In addition,
S&P affirmed its ratings on 4,387 classes from 646 of the
transactions with lowered ratings and from 139 additional
transactions, and removed 731 of the affirmed ratings from
CreditWatch negative.

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

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

S&P also lowered the ratings on certain senior classes due to
principal shortfalls or write-downs in the final period of
particular cash flow scenarios.  These classes may not have
experienced any principal shortfalls or write-downs in any of the
prior periods of the particular stress scenario; however, the
structural mechanics of the transactions created circumstances in
which one or more classes within a transaction may have relied on
principal proceeds to satisfy interest amounts due in earlier
periods, thus resulting in a write-down in the final period.

The affirmed ratings reflect S&P's belief that the amount of
credit enhancement available for these classes is sufficient to
cover losses associated with these rating levels.

Subordination provides credit support for the affected
transactions.  In addition, some classes benefit from
overcollateralization and excess spread.  The underlying pools of
loans backing these transactions consists of different
combinations of fixed- and adjustable-rate, hybrid, and option
adjustable-rate mortgage (ARM) Alt-A mortgage loans.



                           *********

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

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

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

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

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

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

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

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

                           *********

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

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez,
Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.

                  *** End of Transmission ***