TCR_Public/100307.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, March 7, 2010, Vol. 14, No. 65

                            Headlines

ABACUS 2006-10: Moody's Reviews Ratings on 10 2006-10 Notes
ABACUS 2006-13: Moody's Reviews Ratings on 11 Classes of Notes
ABACUS 2006-17: Moody's Reviews Ratings on Seven Classes of Notes
ABACUS 2006-NS1: Moody's Reviews Ratings on 10 Classes of Notes
ABACUS 2006-NS2: Moody's Reviews Ratings on Six Classes of Notes

ABACUS 2007-18: Moody's Reviews Ratings on Five Classes of Notes
ACA ABS: S&P Junks Rating on Class A-1 Notes From 'BB'
ACACIA CDO: Fitch Downgrades Ratings on Three Classes of Notes
ALABAMA HFA: Moody's Cuts Ratings on Refunding Bonds to 'Ba1'
AMAC CDO: S&P Downgrades Ratings on Eight Classes of Notes

ANSONIA CDO: Moody's Reviews Ratings on 17 Classes of Notes
ANTHRACITE 2005-HY2: Moody's Reviews Ratings on Seven Classes
ANTHRACITE CDO: Moody's Reviews Ratings on Nine Classes of Notes
APHEX CAPITAL: Moody's Reviews Ratings on Nine 2007-7SR Notes
APHEX CAPITAL: Moody's Reviews Ratings on Two Classes of Notes

ARCAP 2004-1: Moody's Reviews Ratings on Six Classes of Notes
ARLO VI: S&P Downgrades Ratings on Two Series of Notes to 'CC'
AVIS BUDGET: Moody's Puts Rating on Centre Point's $150MM Bonds
BALLYROCK ABS: Moody's Downgrades Ratings on Two Classes of Notes
BEXAR COUNTY: Moody's Downgrades Rating on Revenue Bonds to 'Ba1'

C-BASS CBO: Fitch Downgrades Ratings on Five Classes of Notes
C-BASS CBO: Moody's Downgrades Ratings on Five Classes of Notes
CALCULUS CMBS: Moody's Reviews Ratings on Series 2007-1 Notes
CALCULUS SCRE: Moody's Reviews Ratings on 10 Classes of Notes
CALCULUS SCRE: Moody's Reviews Ratings on Series 2007-1 Notes

CAPITALSOURCE REAL: Fitch Downgrades Ratings on All Classes
CD 2007-CD4: Moody's Affirms Ratings on 10 CD 2007-CD4 Certs.
CENTERLINE 2007-SRR5: Moody's Reviews Ratings on 14 Classes
CENTERLINE 2007-1: S&P Downgrades Ratings on Seven Classes
CITIGROUP COMMERCIAL: S&P Downgrades Ratings on 11 2005-C3 CMBS

COLTS 2005-2: Fitch Affirms Ratings on Two Classes of Notes
COLTS 2007-1: Fitch Affirms Ratings on Four Classes of Notes
COLUMBUS BANK: S&P Puts 'BB+/B' Ratings on CreditWatch Negative
COMM 2005-LP5: S&P Downgrades Ratings on 11 Classes of CMBS
CREDIT SUISSE: Moody's Downgrades Ratings on 2002-CKP1 Certs.

CREDIT SUISSE: Moody's Affirms Ratings on Six 2004-C3 Certs.
CREDIT SUISSE: S&P Downgrades Ratings on 14 2005-C4 Securities
CREDIT SUISSE: S&P Downgrades Ratings on 16 2005-C6 Securities
CREDIT SUISSE: Moody's Reviews Ratings on Series 2007-TFL2 Certs.
CREDIT SUISSE: S&P Downgrades Ratings on 13 2007-TFL2 Certs.

CREST 2004-1: Moody's Reviews Ratings on 13 Classes of Notes
CRYSTAL RIVER: Moody's Reviews Ratings on Nine Classes of Notes
CW CAPITAL: Moody's Reviews Ratings on 14 Classes of Notes
EQUUS CAPITAL: Moody's Withdraws Ratings on Two Classes of Notes
FAIRFIELD STREET: Moody's Reviews Ratings on 11 Classes of Notes

FINANSURE STUDENT: S&P Affirms 'B' Rating on Class C-1 Notes
GS MORTGAGE: Moody's Reviews Ratings on 11 2006-RR3 Notes
GS MORTGAGE: S&P Downgrades Ratings on 11 2006-RR3 Securities
GUGGENHEIM STRUCTURED: Moody's Reviews Ratings on Six Classes
GUGGENHEIM STRUCTURED: Moody's Reviews Ratings on 11 2006-4 Notes

HIGHLAND PARK: Moody's Reviews Ratings on Seven Classes of Notes
HUNTINGTON BANCSHARES: Moody's Withdraws Short-Term Debt Ratings
ILLINOIS HOUSING: Moody's Downgrades Ratings on Bonds to 'B2'
JER CRE: Moody's Reviews Ratings on Eight Classes of Notes
JER CRE: Moody's Reviews Ratings on 13 Classes of Notes

JP MORGAN: Moody's Downgrades Ratings on Two 2005-LDP3 Certs.
JPMORGAN CHASE: S&P Downgrades Ratings on Four Classes of Notes
KINGLY SQUARE: S&P Downgrades Ratings on Various Classes of Notes
LNR CDO: Moody's Reviews Ratings on Eight Classes of Notes
MACH ONE: Fitch Downgrades Ratings on Four Classes of Notes

MAGNOLIA FINANCE: Moody's Reviews Ratings on Two 2007-2 Notes
NEWCASTLE CDO: Moody's Reviews Ratings on 12 Classes of Notes
MSC 2007-SRR3: Moody's Reviews Ratings on 10 Classes of Notes
MSC 2007-SRR4: Moody's Reviews Ratings on Two Classes of Notes
MSC 2006-SRR1: Moody's Reviews Ratings on 18 Classes of Notes

MAGNOLIA FINANCE: Moody's Reviews Ratings on Series 2007-5 Notes
MACLAURIN SPC: Moody's Reviews Ratings on Two 2007-2 Notes
MAGNOLIA FINANCE: Moody's Reviews Ratings on Series 2007-2A Notes
LB-UBS COMMERCIAL: S&P Downgrades Ratings on 16 2005-C3 CMBS
LEHMAN BROTHERS: Moody's Downgrades Ratings on CSO Transactions

LORALLY CDO: S&P Withdraws Ratings on Three Classes of Notes
MARYLAND ECONOMIC: Moody's Affirms 'Ba3' Rating on 2002 A Bonds
MASHANTUCKET WESTERN: S&P Downgrades Ratings on Bonds to 'D'
ML-CFC COMMERCIAL: Moody's Reviews Ratings on 17 Classes of Certs.
MONTANA FACILITY: S&P Raises Rating on 1996 Bonds From 'BB+'

MORGAN STANLEY: S&P Affirms Ratings on Three Tranches
MORGAN STANLEY: S&P Downgrades Ratings on Three Classes of Notes
MORGAN STANLEY: S&P Downgrades Ratings on 15 2005-HQ5 Securities
MORGAN STANLEY: S&P Withdraws 'CCC-' Rating on 2005-16 Notes
MORGAN STANLEY: S&P Withdraws Rating on Class II 2006-3 Notes

MORGAN STANLEY: S&P Withdraws 'CCC-' Rating on Class IA Notes
MSCI 2004-RR2: Fitch Downgrades Ratings on Three Classes
N-45 FIRST: Moody's Upgrades Ratings on Two Classes of Bonds
N-STAR REAL: Moody's Reviews Ratings on 12 Classes of Notes
NEPTUNE CDO: Fitch Downgrades Ratings on Three Classes of Notes

NEPTUNE CDO: Moody's Downgrades Ratings on Class A-1LA Notes
NEWCASTLE CDO: Moody's Reviews Ratings on 12 Classes of Notes
NOMURA CRE: Moody's Reviews Ratings on 16 Classes of Notes
NON-PROFIT PREFERRED: Fitch Downgrades Ratings on Five Classes
NORTHWEST FARM: Moody's Reviews Ratings on Subordinate Notes

OMAHA 2008-A: Moody's Reviews Ratings on Various Certificates
PACIFIC SHORES: Fitch Downgrades Ratings on Three Classes
PARCS MASTER: S&P Withdraws Rating on 2006-06 Trust Units
PARCS-R MASTER: S&P Withdraws Rating on Series 2007-10 Notes
PETRA CRE: Moody's Reviews Ratings on 11 Classes of Notes

PHILADELPHIA SCHOOL: Moody's Assigns 'Ba1' Rating on Bonds
PILATUS LTD: S&P Downgrades Rating on Class III Step-Up Notes
PUTNAM STRUCTURED: Moody's Downgrades Ratings on 12 Classes
REAL ESTATE: Moody's Affirms Ratings on 13 Classes of Certs.
SANDELMAN REALTY: Moody's Reviews Ratings on 12 Classes of Notes

SEAWALL 2006-4A: Moody's Reviews Ratings on Six Classes of Notes
SEAWALL 2007-1: Moody's Reviews Ratings on Nine Classes of Notes
SEAWALL SPC: Moody's Reviews Ratings on Series 2007-1 D2 Notes
SHEARER'S FOODS: S&P Assigns 'B' Corporate Credit Rating
SORIN REAL: Moody's Reviews Ratings on Six Classes of Notes

SRRSPOKE 2007-IB: Moody's Reviews Ratings on Class I Notes
SUMMER STREET: Fitch Downgrades Ratings on Three Classes
TARGETED RETURN: S&P Withdraws 'BB-' Rating on HY-2005-1 Certs.
TIERS MONTANA: S&P Withdraws 'CCC-' Rating on 2007-3 Notes
TORONTO-DOMINION BANK: S&P Withdraws 'CCC-' Rating on Notes

TOUAX LEASE: Moody's Reviews 'Ba1' Rating on $15 Mil. Notes
TRIBUNE LTD: S&P Withdraws 'CCC-' Rating on Series 32 Notes
TROY DOWNTOWN: S&P Downgrades Ratings on Three Bonds to 'BB'
TW TELECOM: S&P Assigns 'B-' Rating on $430 Mil. Senior Notes
WAVE SPC: S&P Downgrades Ratings on Two Classes of 2007-1 Notes

WAVE SPC: S&P Downgrades Ratings on Five Classes of 2007-2 Notes
WAVE SPC: S&P Downgrades Ratings on Three Classes of 2007-3 Notes
YONKERS INDUSTRIAL: Moody's Downgrades Ratings on Bonds to 'Ba1'

* S&P Downgrades Ratings on 20 Tranches From Five CLO Transactions
* S&P Downgrades Ratings on 33 Classes From Nine RMBS Transactions
* S&P Downgrades Ratings on 66 Classes From Seven RMBS Deals
* S&P Downgrades Ratings on 68 Tranches From 12 CLO Transactions
* S&P Downgrades Ratings on 195 Classes From 30 RMBS Deals

* S&P Downgrades Ratings on 270 Classes From 35 RMBS Transactions



                            *********





ABACUS 2006-10: Moody's Reviews Ratings on 10 2006-10 Notes
-----------------------------------------------------------
Moody's Investors Service placed ten classes of Notes issued by
Abacus 2006-10, LTD. on review for possible downgrade due to
deterioration in the credit quality of the underlying portfolio of
reference obligations as evidenced by a deterioration in the
weighted average rating factor.  The rating action is the result
of Moody's on-going surveillance of commercial real estate
collateralized debt obligation transactions.

Abacus 2006-10, LTD., is a synthetic CRE CDO transaction backed by
a portfolio of credit default swaps referencing commercial
mortgage backed securities debt (100% of the pool balance).  As of
the January 21, 2010 Trustee report, the aggregate Note balance of
the transaction has decreased to $487 million from $750 million at
issuance.  The paydown was due to the Optional Redemptions.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on these key indicators.

The rating actions are:

  -- Class A, Baa3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Baa3

  -- Class B, Ba1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba1

  -- Class C, Ba2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba2

  -- Class D, Ba2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba2

  -- Class E, Ba2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba2

  -- Class F, Ba2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba2

  -- Class G, Ba2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba2

  -- Class J, Ba3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba3

  -- Class K, Ba3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba3

  -- Class L, B1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B1

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated March 6, 2009.


ABACUS 2006-13: Moody's Reviews Ratings on 11 Classes of Notes
--------------------------------------------------------------
Moody's Investors Service placed eleven classes of Notes issued by
Abacus 2006-13, Ltd. under review for possible downgrade due to
deterioration in the credit quality of the underlying portfolio of
reference obligations as evidenced by a deterioration in the
weighted average rating factor.  The rating action is the result
of Moody's on-going surveillance of commercial real estate
collateralized debt obligation transactions.

Abacus 2006-13, Ltd., is a synthetic CRE CDO transaction backed by
a portfolio of commercial mortgage backed securities (100% of the
pool balance).  As of the January 21, 2010 Trustee report, the
aggregate Note balance of the transaction has decreased to
$271 million from $326 million at issuance.  The decrease in the
Note balance was due to the Optional Redemption of Notes.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class A, Ba1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba1

  -- Class B, B1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B1

  -- Class C, B2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B2

  -- Class D, B2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B2

  -- Class E, B3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B3

  -- Class F, B3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B3

  -- Class G, B3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B3

  -- Class H, Caa1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa1

  -- Class K, Caa2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa2

  -- Class L, Caa2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa2

  -- Class M, Caa3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa3

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated March 6, 2009.


ABACUS 2006-17: Moody's Reviews Ratings on Seven Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service placed seven classes of Notes issued by
Abacus 2006-17, LTD. on review for possible downgrade due to
deterioration in the credit quality of the underlying portfolio of
reference obligations as evidenced by a deterioration in the
weighted average rating factor.  The rating action is the result
of Moody's on-going surveillance of commercial real estate
collateralized debt obligation transactions.

Abacus 2006-17, LTD. is a synthetic CRE CDO transaction backed by
a portfolio of credit default swaps referencing to commercial
mortgage backed securities debt (90% of the pool balance), and CRE
CDO debt (10%).  As of the January 21, 2010 Trustee report, the
aggregate Note balance of the transaction has decreased to
$193 million from $264 million at issuance.  The paydown was due
to the Optional Redemptions.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on these key indicators.

The rating actions are:

  -- Class A-1, Ba2 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Ba2

  -- Class A-2, B2 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to B2

  -- Class B, B3 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to B3

  -- Class C, Caa1 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Caa1

  -- Class E, Caa2 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Caa2

  -- Class L, Caa3 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Caa3

  -- Class M, Ca Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Ca

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated March 9, 2009.


ABACUS 2006-NS1: Moody's Reviews Ratings on 10 Classes of Notes
---------------------------------------------------------------
Moody's Investors Service placed 10 classes of Notes issued by
Abacus 2006-NS1 on review for possible downgrade due to
deterioration in the credit quality of the underlying reference
portfolio as evidenced by deterioration in the weighted average
rating factor.  The rating action is the result of Moody's on-
going surveillance of commercial real estate collateralized debt
obligation transactions.

Abacus 2006-NS1 is a synthetic CRE CDO transaction backed by a
portfolio of CMBS (82.9% of pool balance) and CDO (17.1%)
reference obligations.  As of the 1/21/2010 Trustee report, the
aggregate Note balance of the transaction is $204.3 million from
$225.8 million at issuance.  This decline in the Note balance is
attributable to the partial redemption of Class A, J and K Notes.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class A, B1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B1

  -- Class B, Caa1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa1

  -- Class C, Caa1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa1

  -- Class D, Caa2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa2

  -- Class E, Caa2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa2

  -- Class F, Caa3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa3

  -- Class G, Caa3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa3

  -- Class H, Caa3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa3

  -- Class J, Caa3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa3

  -- Class K, Caa3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa3

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated March 6, 2009.


ABACUS 2006-NS2: Moody's Reviews Ratings on Six Classes of Notes
----------------------------------------------------------------
Moody's Investors Service placed 6 classes of Notes issued by
Abacus 2006-NS2 on review for possible downgrade due to
deterioration in the credit quality of the underlying reference
portfolio as evidenced by deterioration in the weighted average
rating factor.  The rating action is the result of Moody's on-
going surveillance of commercial real estate collateralized debt
obligation transactions.

Abacus 2006-NS2 is a synthetic CRE CDO transaction backed by a
portfolio of CMBS (82.9% of pool balance) and CDO (17.1%)
reference obligations.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class L, Caa3 Placed Under Review for Possible Downgrade;
     previously on January 11, 2009 Downgraded to Caa3

  -- Class M, Caa3 Placed Under Review for Possible Downgrade;
     previously on January 11, 2009 Downgraded to Caa3

  -- Class N, Caa3 Placed Under Review for Possible Downgrade;
     previously on January 11, 2009 Downgraded to Caa3

  -- Class O, Caa3 Placed Under Review for Possible Downgrade;
     previously on January 11, 2009 Downgraded to Caa3

  -- Class P, Caa3 Placed Under Review for Possible Downgrade;
     previously on January 11, 2009 Downgraded to Caa3

  -- Class Q, Caa3 Placed Under Review for Possible Downgrade;
     previously on January 11, 2009 Confirmed at Caa3

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated January 11, 2009.


ABACUS 2007-18: Moody's Reviews Ratings on Five Classes of Notes
----------------------------------------------------------------
Moody's Investors Service placed five classes of Notes issued by
ABACUS 2007-18 on review for possible downgrade due to
deterioration in the credit quality of the underlying portfolio of
reference obligations as evidenced by deterioration in the
weighted average rating factor.  The rating action is the result
of Moody's on-going surveillance of commercial real estate
collateralized debt obligation transactions.

ABACUS 2007-18 is a synthetic CRE CDO transaction backed by a
portfolio of commercial mortgage backed security reference
obligations (90% of the pool balance), and CRE CDOs (10%).  As of
the 1/21/2010 Trustee report, the aggregate Note balance of the
transaction remained at $1 billion, the same as at securitization.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class A-1, Ba1 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Ba1

  -- Class A-2, Ba3 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Ba3

  -- Class A-3, B1 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to B1

  -- Class B, B1 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to B1

  -- Class B Series 2, B1 Placed Under Review for Possible
     Downgrade; previously on 3/6/2009 Downgraded to B1

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated 3/6/2009.


ACA ABS: S&P Junks Rating on Class A-1 Notes From 'BB'
------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
A-1 notes issued by ACA ABS 2005-1 Ltd., a cash flow
collateralized debt obligation transaction backed by mezzanine
structured finance securities.  The rating remains on CreditWatch
negative.  Concurrently, S&P affirmed its 'CC' ratings on class A-
2, B, and C notes.

The rating actions are consistent with the criteria S&P use to
assess ratings on CDO transactions subject to acceleration or
liquidation after an event of default has occurred.

S&P received a notice of liquidation dated Feb. 17, 2010, from the
trustee that a majority of the controlling classholders has
directed to sell and liquidate the collateral.  Earlier, S&P
received a notice dated Nov. 24, 2009, that the transaction had
experienced an event of default due to the failure of an
overcollateralization-based EOD trigger.

                          Rating Action

                        ACA ABS 2005-1 Ltd.

                             Rating
                             ------
            Class      To                From
            -----      --                ----
            A-1        CCC-/Watch Neg    BB/Watch Neg

                         Ratings Affirmed

                        ACA ABS 2005-1 Ltd.

                         Class      Rating
                         -----      ------
                         A-2        CC
                         B          CC
                         C          CC


ACACIA CDO: Fitch Downgrades Ratings on Three Classes of Notes
--------------------------------------------------------------
Fitch Ratings has downgraded three classes and affirmed two
classes of notes issued by Acacia CDO 10, Ltd., as a result of
continued credit deterioration in the portfolio since Fitch's last
rating action in August 2008.

As of the January 2010 trustee report, the current balance of the
portfolio (including cash) is $251.5 million.  Approximately 95.6%
of the portfolio has been downgraded since the last review.
Defaulted securities, as defined in the transaction's governing
documents, now comprise 56.4% of the portfolio, compared to 16.6%
at last review.  The downgrades to the portfolio have left
approximately 94.6% of the portfolio (including defaults) with a
Fitch derived rating below investment grade and 78.6% with a
rating in the 'CCC' rating category or lower, compared to 64.5%
and 34.3%, respectively, at last review.

This review was conducted under the framework described in the
report 'Global Rating Criteria for Structured Finance CDOs'.  Due
to the magnitude of the collateral deterioration, Fitch believes
that the likelihood of default for all classes of notes can be
assessed without using the Structured Finance Portfolio Credit
Model or performing cash flow model analysis under the framework
described in the 'Global Criteria for Cash Flow Analysis in CDOs -
Amended' report.

Fitch compared the respective credit enhancement levels for each
rated class of notes with the amount of underlying assets
considered distressed (rated 'CCC' and lower).  These assets have
a high probability of default and low expected recoveries upon
default.  The class A-1, A-2, and B notes have the credit
enhancement levels of 10.0%, -5.9% and -17.8%, respectively, as
compared to the 78.6% of the portfolio considered distressed.

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

Acacia 10 is a cash flow structured finance collateralized debt
obligation that closed on Aug. 3, 2006.  The portfolio is
monitored by Declaration Management & Research LLC.  The portfolio
is composed of residential mortgage-backed securities (77%),
commercial mortgage-backed securities (13.3%), and CDOs (9.7%).

Fitch has downgraded and affirmed these ratings as indicated:

  -- $226,294,701 class A-1 notes downgraded to 'C' from 'B';
  -- $40,000,000 class A-2 notes downgraded to 'C' from 'CCC';
  -- $30,000,000 class B notes downgraded to 'C' from 'CC';
  -- $56,867,277 class C notes affirmed at 'C';
  -- $27,236,429 class D notes affirmed at 'C'.


ALABAMA HFA: Moody's Cuts Ratings on Refunding Bonds to 'Ba1'
-------------------------------------------------------------
Moody's has downgraded to Ba1 from Aaa the Alabama HFA Multifamily
Housing Revenue Refunding Bonds (GNMA College-Pelican Bay Project)
1995 Series C & D and removed it from Watchlist, following a
review of cash flow and parity sufficiency for the life of the
bonds, assuming a 0% reinvestment rate.  This action affects
$1.5 million in debt.  The bonds are secured by a mortgage that is
securitized by a GNMA MBS and were structured without a Guaranteed
Investment Contract that assures a fixed rate of return on
invested cash, subjecting the transaction to interest rate risk on
retained revenues.  As a result, revenue from the monthly mortgage
receipts, interest earned on those receipts from money market
funds or other short-term investments and monthly mortgage
payments need to be sufficient to support debt service on the
bonds.  Additionally, at all times the ratio of the value of the
assets held by the trustee, consisting of the amortized value of
the credit-enhanced mortgage and funds pledged to bondholders, to
the bonds outstanding and accrued interest to any redemption date
should exceed 100%.

Assuming no reinvestment earnings on the monthly mortgage
receipts, the projected ratio of assets to liabilities is under
100% and therefore would not be consistent with a Aaa rating.
Based on information Moody's have received, Moody's believe that
the declines in the parity ratio are primarily due to a pre-
payment of the mortgage and the failure to redeem bonds as
directed under the indenture.  Also contributing to the shortfall
are the very low investments earnings over the past few years.

The last rating action with respect to the Series 2001 bonds was
on January 6, 2010, when the bonds were placed on Watchlist for
Possible Downgrade.


AMAC CDO: S&P Downgrades Ratings on Eight Classes of Notes
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on eight
classes from AMAC CDO Funding I, 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 Feb. 18, 2010, trustee report, the transaction's
current asset pool includes these:

* Thirty-one whole loans and senior interest loans
  ($328.7 million, 84.1% of the collateral pool); and

* Nine subordinate interest loans ($56.9 million, 14.6%).

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
Servicing Inc., and trustee, Bank of America Merrill Lynch, as
well as market and valuation data from third-party providers.

Three loan assets ($31.6 million, 8.1%) in the pool are reported
as defaulted.  Standard & Poor's estimated asset-specific recovery
rates for these assets ranged from 0% to 66.7%.  S&P based the
recovery rates on information from the collateral manager, special
servicer, and third-party data providers.  The defaulted assets
are:

* The City North subordinated loan ($18.2 million, 4.6%);

* The Talega Corporate Center whole loan ($8.7 million, 2.2%); and

* The Base Village at Snowmass subordinated loan ($4.7 million,
  1.2%).

According to the trustee report, the transaction is passing all of
its interest coverage tests, but is failing two
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.  S&P's analysis is
consistent with the lowered and affirmed ratings.

      Ratings Lowered And Removed From Creditwatch Negative

                        AMAC CDO Funding I
                            CRE notes

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


ANSONIA CDO: Moody's Reviews Ratings on 17 Classes of Notes
-----------------------------------------------------------
Moody's Investors Service placed 17 classes of Notes issued by
Ansonia CDO 2007-1 Ltd. on review for possible downgrade due to
deterioration in the credit quality of the underlying portfolio as
evidenced by a deterioration in the weighted average rating
factor, and an increase in defaulted assets and defaulted
reference obligations.  The rating action is the result of Moody's
on-going surveillance of commercial real estate collateralized
debt obligation transactions.

Ansonia CDO 2007-1 Ltd. is a hybrid CRE CDO transaction backed by
a portfolio of cash assets in and credit default swap contracts
referencing to commercial mortgage backed securities (94% of the
pool balance), and CRE CDO (6%).  As of the January 19, 2010
Trustee report, the aggregate Note balance of the transaction,
including Preferred Shares, has decreased to $499 million from
$500 million at issuance, with the paydown directed to the Class
A-1 Notes.  The paydown was due to payments of interest in respect
of Defaulted Securities being classified as Principal Proceeds per
the Indenture dated as of July 18, 2007.

16 cash assets and reference obligations with a par or notional
balance of $140 million (28 % of the pool balance) were listed as
defaulted as of the January 19, 2010 Trustee report, compared to
two (3%) as of last review.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted assets and defaulted reference obligations, and these
key indicators.

The rating actions are:

  -- Class A-1, Baa2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Baa2

  -- Class A-2, Ba3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba3

  -- Class B, B1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B1

  -- Class C, B2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B2

  -- Class D, B2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B2

  -- Class E, B2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B2

  -- Class F, B3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B3

  -- Class G, B3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B3

  -- Class H, B3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B3

  -- Class J, B3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B3

  -- Class K, Caa1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa1

  -- Class L, Caa2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa2

  -- Class M, Caa2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa2

  -- Class N, Caa3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa3

  -- Class O, Caa3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa3

  -- Class P, Caa3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa3

  -- Class Q, Caa3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa3

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated March 6, 2009.


ANTHRACITE 2005-HY2: Moody's Reviews Ratings on Seven Classes
-------------------------------------------------------------
Moody's Investors Service placed seven classes of Notes issued by
Anthracite 2005-HY2 Ltd. on review for possible downgrade due to
deterioration in the credit quality of the underlying portfolio as
evidenced by a deterioration in the weighted average rating
factor, and an increase in defaulted assets.  The rating action is
the result of Moody's on-going surveillance of commercial real
estate collateralized debt obligation transactions.

Anthracite 2005-HY2 Ltd. is a CRE CDO transaction backed by a
portfolio of commercial mortgage backed securities collateral (92%
of the pool balance), and real estate investment trust debt (8%).
As of the January 20, 2010 Trustee report, the aggregate Note
balance of the transaction, including Preferred Shares, has
decreased to $465 million from $478 million at issuance, with the
paydown directed to the Class A Notes.  The paydown was due to
principal repayment of underlying collateral.

13 assets with a par balance of $98 million (21 % of the pool
balance) were listed as defaulted as of the January 20, 2010
Trustee report, compared to two defaults (3.5%) as of last review.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating actions are:

  -- Class A, A1 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to A1

  -- Class B, Baa3 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Baa3

  -- Class C-FL, Ba1 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Ba1

  -- Class C-FX, Ba1 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Ba1

  -- Class D-FL, Ba3 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Ba3

  -- Class D-FX, Ba3 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Ba3

  -- Class E-FL, B2 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to B2

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated January 23, 2009.


ANTHRACITE CDO: Moody's Reviews Ratings on Nine Classes of Notes
----------------------------------------------------------------
Moody's Investors Service placed Nine classes of Notes issued by
Anthracite CDO III Ltd. on review for possible downgrade due to
deterioration in the credit quality of the underlying portfolio as
evidenced by a deterioration in the weighted average rating factor
and an increase in credit impaired assets.  The rating action is
the result of Moody's on-going surveillance of commercial real
estate collateralized debt obligation transactions.

Anthracite CDO III Ltd. is a CRE CDO transaction backed by a
portfolio of commercial mortgage backed securities (83.6% of the
pool balance), real estate investment trust debt (11.7%), Credit
Tenant Lease Loans (3.7%) and CRE CDOs (1.0%).  As of the
January 21, 2010 Trustee report, the aggregate Note balance of the
transaction has decreased to $399.7 million from $435.3 million at
issuance, with the paydown directed to the Class A Notes.  The
paydown was triggered by amortization of the underlying
collateral.

45 assets with a par balance of $193.3 million (48.4% of the pool
balance) were listed as credit impaired as of the January 21, 2010
Trustee report, compared to none as of last review.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating actions are:

  -- Class A, Aa1 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Aa1

  -- Class B-FL, A1 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to A1

  -- Class B-FX, A1 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to A1

  -- Class C-FL, A3 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to A3

  -- Class C-FX, A3 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to A3

  -- Class D-FL, Baa3 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Baa3

  -- Class D-FX, Baa3 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Baa3

  -- Class E-FL, Ba1 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Ba1

  -- Class E-FX, Ba1 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Ba1

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated January 23, 2009.


APHEX CAPITAL: Moody's Reviews Ratings on Nine 2007-7SR Notes
-------------------------------------------------------------
Moody's Investors Service placed nine classes of Notes issued by
Aphex Capital NSCR 2007-7SR, Ltd. on review for possible downgrade
due to deterioration in the credit quality of the underlying
portfolio of reference obligations as evidenced by a deterioration
in the weighted average rating factor.  The rating action is the
result of Moody's on-going surveillance of commercial real estate
collateralized debt obligation transactions.

Aphex Capital NSCR 2007-7SR, Ltd., is a synthetic CRE CDO
transaction backed by a portfolio of credit default swaps
referencing to commercial mortgage backed securities debt (100% of
the pool balance).

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on these key indicators.

The rating actions are:

  -- Class A-1A, Ba1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba1

  -- Class A-1B, Ba1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba1

  -- Class A-2, Ba1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba1

  -- Class B, Ba2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba2

  -- Class C, Ba3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba3

  -- Class D-A, Ba3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba3

  -- Class D-B, Ba3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba3

  -- Class E, Ba3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba3

  -- Class F, B1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B1

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated March 6, 2009.


APHEX CAPITAL: Moody's Reviews Ratings on Two Classes of Notes
--------------------------------------------------------------
Moody's Investors Service placed two classes of Notes issued by
Aphex Capital NSCR 2007-4, Ltd. on review for possible downgrade
due to deterioration in the credit quality of the underlying
portfolio of reference obligations as evidenced by a deterioration
in the weighted average rating factor.  The rating action is the
result of Moody's on-going surveillance of commercial real estate
collateralized debt obligation transactions.

Aphex Capital NSCR 2007-4, Ltd., is a synthetic CRE CDO
transaction backed by a portfolio of credit default swaps
referencing to commercial mortgage backed securities debt (100% of
the pool balance).

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on these key indicators.

The rating actions are:

  -- Class A-1, Ba1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba1

  -- Class A-2, Ba3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba3

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated March 6, 2009.


ARCAP 2004-1: Moody's Reviews Ratings on Six Classes of Notes
-------------------------------------------------------------
Moody's Investors Service placed Six classes of Notes issued by
ARCap 2004-1 Resecuritization Trust on review for possible
downgrade due to deterioration in the credit quality of the
underlying portfolio as evidenced by a deterioration in the
weighted average rating factor, an increase in defaulted assets
and negative migration in the overcollateralization ratio.  The
rating action is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation
transactions.

Anthracite CDO III Ltd. is a CRE CDO transaction backed by a
portfolio of commercial mortgage backed securities (100.0% of the
pool balance.  As of the January 19, 2010 Trustee report, the
aggregate Note balance of the transaction has decreased to
$338.1 million from $340.9 million at issuance, with the paydown
directed to the Class A Notes.  The paydown was triggered by
amortization of the underlying collateral.

Three assets with a par balance of $28.9 million (9.0% of the pool
balance) were listed as defaulted as of the January 19, 2010
Trustee report, compared to none as of last review.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating actions are:

  -- Class A, Aa3 Placed Under Review for Possible Downgrade;
     previously on January 30, 2009 Downgraded to Aa3

  -- Class B, Baa1 Placed Under Review for Possible Downgrade;
     previously on January 30, 2009 Downgraded to Baa1

  -- Class C, Baa3 Placed Under Review for Possible Downgrade;
     previously on January 30, 2009 Downgraded to Baa3

  -- Class D, Ba1 Placed Under Review for Possible Downgrade;
     previously on January 30, 2009 Downgraded to Ba1

  -- Class E, Ba2 Placed Under Review for Possible Downgrade;
     previously on January 30, 2009 Downgraded to Ba2

  -- Class F, Ba3 Placed Under Review for Possible Downgrade;
     previously on January 30, 2009 Downgraded to Ba3

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated January 30, 2009.


ARLO VI: S&P Downgrades Ratings on Two Series of Notes to 'CC'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on ARLO VI
Ltd.'s Prima-CDO Long/Short series 2006-C-1 and 2006-C-2 to 'CC'
from 'CCC-'.

The lowered ratings follow a number of recent credit events on
certain underlying reference entities, which have caused the notes
to incur partial principal losses.

                         Ratings Lowered

                           ARLO VI Ltd.
              Prima-CDO Long/Short Series 2006-C-1

                                    Rating
                                    ------
                    Class          To    From
                    -----          --    ----
                    C-1            CC    CCC-

                           ARLO VI Ltd.
              Prima-CDO Long/Short Series 2006-C-2


                                    Rating
                                    ------
                    Class          To    From
                    -----          --    ----
                    C-2            CC    CCC-


AVIS BUDGET: Moody's Puts Rating on Centre Point's $150MM Bonds
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional rating of
(P)A2 to the $150,000,000 fixed rate Series 2010-1 Rental Truck
Asset Backed Notes to be issued by Centre Point Funding, LLC.
Avis Budget Car Rental, LLC (B2 positive), a subsidiary of Avis
Budget Group, Inc., is the owner and operator of Avis Car Rental
Group, LLC, and Budget Rent A Car System, Inc.  Through Budget,
ABCR indirectly wholly-owns the Issuer and Budget Truck Rental,
LLC.  BTR is (1) the lessee of vehicles from the Issuer under an
operating lease, (2) the administrator of the Issuer and (3) the
sponsor of the ABS transaction.

The rating is based on (1) collateral in the form of a discrete
portion of BTR's rental truck fleet (about 12,700 trucks
representing over 40% of BTR's total rental truck fleet when the
deal closes), (2) the presence of ABCR as guarantor of BTR's
obligations as lessee under an operating lease with the Issuer, as
lessor, (3) minimum liquidity in the form of cash or letters of
credit, (4) the legal structure and (5) the capabilities and the
expertise of ABCR and BTR.

The Notes will be sold in a privately negotiated transaction
without registration under the Securities Act of 1933 (the Act)
under circumstances reasonably designed to preclude a distribution
thereof in violation of the Act.  The issuance has been designed
to permit resale under Rule 144A.

The complete rating action is:

Issuer: Centre Point Funding, LLC, Series 2010-1

* Series 2010-1, Assigned (P)A2

The Notes are principally secured by a first priority perfected
security interest in a discrete portion of the trucks owned by the
Issuer.  The Issuer purchased the trucks with proceeds from the
Issuer's various note issuances and/or capital contributions by
Budget.  Under an operating lease, the Issuer (as lessor), leases
its trucks to BTR (as lessee).  BTR may sublease the trucks to
Avis and Budget.  BTR may in the future sublease to certain of its
other affiliates.  BTR, as lessee, is responsible for lease
payments covering, among other things, interest on the Notes and
depreciation on the trucks.  These obligations are guaranteed by
ABCR.

For Series 2010-1, the total enhancement requirement as a
percentage of the outstanding Notes is 50.0% (subject to a floor
of the lesser of $20 million and the outstanding Note balance).
Similar to rental car transactions, the required total enhancement
must include a minimum portion which is liquid (in cash and/or
letter of credit) rather than overcollateralization in the form of
trucks.

BTR, as lessee, is required to either purchase (at its option), or
otherwise dispose of, the securitized trucks once they reach a
certain age (72 months for gas trucks and 96 months for diesel
trucks from the time of invoice).  As such, if BTR, as lessee, and
ABCR, as guarantor, do not default on their respective
obligations, the Notes are expected to be paid off in full from
the scheduled truck disposition proceeds and the monthly
depreciation payment (in the form of lease payments) by month 64,
the expected final maturity date.  Also by such date, the pool is
scheduled to decline to approximately 869 trucks.

Truck disposition proceeds are to be applied to pay down the Notes
to the extent necessary to make sure that the total required
credit enhancement remains in formula.  If the transaction is not
in default, any excess proceeds before the 60th month of the
transaction, will be released to the Issuer to buy new trucks,
refinance its other outstanding series of notes or to be released
to Budget.

If the Notes are not fully paid by the 60th month after closing,
all truck disposition proceeds, monthly depreciation payments and
other principal collections, after the Issuer's expenses, received
in the 60th month and thereafter will be applied to reduce Note
principal until the Notes are fully paid.  In addition, under the
transaction documentation, the indenture trustee will be
automatically directed to carry out a limited forced liquidation
of trucks to generate enough disposition proceeds to pay-off the
bondholders at par if the bonds have not been fully paid by the
expected final maturity date (approximately 64 months after
closing) and the issuer's 30 day cure period has elapsed.

                   V-Score And Loss Sensitivity

Moody's V Score.  The V Score for this U.S.  Rental Truck ABS
transaction is Medium and indicates "Average" structure complexity
and uncertainty about critical assumptions.  Moody's ratings
analysis makes assumptions about key factors, such as (1) the
likelihood of default of ABCR (as the guarantor of BTR's lessee
obligations) and the truck manufacturers, (2) the composition of
the pool's truck mix over time and (3) the realizable value of the
portion of the fleet backing the ABS should fleet liquidation be
necessary.  The last assumption in particular has relatively high
potential variability for these reasons.  Disposition of trucks
occurs irregularly (trucks usually have a longer use (i.e., older
age) prior to their disposition than do non-commercial vehicles).
Fewer re-sale value observation points exist for trucks than there
are for non-commercial vehicles.  And, like non-commercial
vehicles, data is unavailable on truck values in a large scale
stressed liquidation.  To address this variability, Moody's make
assumptions Moody's believe to be conservative about appropriate
recovery value haircuts.

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

Moody's Parameter Sensitivities.  For this exercise, Moody's
analyzed stress scenarios assessing the potential model-indicated
ratings impact if (a) the current B2 rating of ABCR was to
immediately decline to Caa1, Caa2 and Caa3 and (b) the assumed
modeled haircuts to estimated depreciated truck market values were
increased by 5%, 10% and 15%.  Haircuts are expressed as a
percentage of the estimated depreciated market value of the truck
collateral.  Moody's model potential truck collateral liquidation
value by estimating depreciated market value and then applying
haircuts and Moody's use triangular distributions for those
haircuts (see methodology below).  The stresses increase the base
case triangular distribution haircuts by these percentage points:
5%, 10% and 15%.  For example, since the triangular distribution
haircuts in the base case are (10%, 22%, 33%), and this is
increased by 5 percentage points, then the resulting stressed
haircut would be a triangular distribution of (15%, 27%, 38%).

Using such assumptions, the A2 initial model-indicated rating for
the Series 2010-1 Notes might change: (a) with ABCR rated B2, the
A2 initial note rating would remain at A2 under the base recovery
but change to A3, Baa3 and Ba2 with the each lower recovery
assumption; (b) with ABCR rated Caa1, the A2 initial note rating
would remain at A2 under the base recovery but change to Baa2, Ba2
and B2 with the each lower recovery assumption; (c) with ABCR
rated Caa2, the A2 initial note rating would remain at A2 under
the base recovery but change to Baa2, Ba3 and B3 with the each
lower recovery assumption; and (d) with ABCR rated Caa3, the A2
initial note rating would remain at A2 under the base recovery but
change to Baa3, B3 and B3 with the each lower recovery assumption.

Parameter Sensitivities are not intended to measure how the rating
of the security might migrate over time, rather they are designed
to provide a quantitative calculation of how the initial rating
might change if key input parameters used in the initial rating
process differed.  The analysis assumes that the deal has not
aged.  Parameter Sensitivities only reflect the ratings impact of
each scenario from a quantitative/model-indicated standpoint.
Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
Parameter Sensitivity analysis.

                   Principal Rating Methodology

The key factors in Moody's rating analysis include the probability
of default of ABCR, the likelihood of a bankruptcy or default by
the manufacturers of the trucks backing the ABS, and the recovery
rate on the rental truck fleet in case ABCR defaults.  Monte Carlo
simulation modeling was used to assess the impact on bondholders
of these variables.

The default probability of ABCR is simulated based on its
probability of default rating and Moody's idealized default rates.
In addition, Moody's stress the rating of ABCR (as guarantor of
BTR's obligations as lessee) to provide a limited degree of de-
linkage of the rated ABS from ABCR's rating.

Under the terms of the simulation, in cases where ABCR does not
default it is assumed that bondholders are repaid in full and no
liquidation of the Issuer's rental truck fleet backing the ABS is
necessary.

In cases where ABCR does default, Moody's always assume that the
portion of the Issuer's fleet backing the ABS must be liquidated
in order to repay the bondholders.  In those cases, the default
probability of the related manufacturers must also be simulated.
Due to Ford's and GM's weak credit profiles but low likelihood of
closure (Chapter 7), their defaults were simulated based on
estimates for probability of default provided by Moody's corporate
analysts.  These default estimates differentiate between default
with continued operation and default with cessation of operations.
The default probability of the other manufacturers is derived from
their respective ratings.

Upon liquidation, the trucks are assumed to be sold in the open
market.  The truck pool is static although trucks may drop out due
to reaching age limitations or due to casualty.  The depreciated
market value of a truck at time of liquidation before any haircuts
are applied is estimated using market depreciation data from Black
Book for each model of truck by manufacturer in the collateral
pool.  In making this calculation Moody's give credit to the fact
that the original purchase prices for the trucks were below MSRP
by assuming a discount to MSRP 20% less than the discount to MSRP
that BTR has actually achieved for the vehicles in the securitized
pool.  Moody's also assume a delay in sale of nine months and
therefore net out an additional nine months of depreciation.  This
nine month delay in fleet liquidation contemplates potential legal
challenges to obtaining control of the fleet and even more the
potential difficulties of marshaling and selling the pool's trucks
given a market with limited market liquidity.

The base liquidation value of sold trucks is determined by
applying a base haircut to the estimated depreciated market value.
The base haircut is simulated using a triangular distribution
(i.e., minimum, mode, maximum) with values of (10%, 22%, 33%).
Moody's also simulate the manufacturer's status: non-bankrupt or
bankrupt.  An additional 10% haircut is applied to the base
liquidation value of the trucks from any manufacturer whose
simulated status is bankrupt.  Moody's believe such moderate
haircut is appropriate for trucks from bankrupt manufacturers
given Moody's view that the manufacturer's bankruptcy status has
only a moderate linkage to truck resale value.

Finally, unlike rental car ABS, none of the trucks in the pool
benefit from program agreements with the manufacturers (that is,
agreements where the manufacturer guarantees either the minimum
depreciation or the resale value of the trucks upon disposition)
and as such no modeling of such feature is necessary.



BALLYROCK ABS: Moody's Downgrades Ratings on Two Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of two classes of notes issued by Ballyrock ABS CDO 2007-1
Limited.  The notes affected by the rating action are:

  -- US$17,000,000 Class S Senior Secured Notes Due 2014
     (current balance of 4,971,829), Downgraded to Caa3 and
     Remains on Review for Possible Downgrade; previously on
     December 11, 2008 Downgraded to Baa2 and Remained On Review
     for Possible Downgrade

  -- US$26,250,000 Class D Mezzanine Secured Deferrable
     Floating Rate Notes Due 2047 (current balance of 29,677,421),
     Downgraded to C; previously on April 29, 2008 Downgraded to
     Ca

Ballyrock ABS CDO 2007-1 Limited is a hybrid collateralized debt
obligation issuance that at closing was backed by a portfolio of
structured finance securities.  Lehman Brothers Special Financing
acts as a credit default swap counterparty in the transaction.
Its obligations as such are guaranteed by Lehman Brothers Holdings
Inc. as credit support provider under the swap agreement.  LBSF
and LBHI each filed for bankruptcy protection in 2008.

Moody's received a Trustee notice, dated as of February 5, 2009,
that LBSF filed a Complaint for Declaratory and Injunctive Relief
on February 3, 2009, in the United States Bankruptcy Court for the
Southern District of New York.  The Trustee responded to the
Complaint by filing an interpleader action (the "Interpleader
Action") in the Bankruptcy Court.  Furthermore, the notice states
that no further payments would be made on any distribution date
with respect to the transaction until the Trustee receives a final
non-appealable order of a court of competent jurisdiction and any
such payments, when made, would be made only in accordance with
such court order.  In accordance with the notice, no payments have
been made by the Trustee with respect to any classes of notes
issued by the Issuer since the distribution date in November 2008.

As of February 6, 2009, the Trustee reported that the Issuer has
just over $137MM in cash while the credit default swap termination
payments due to LBSF is approximately $405MM.  In the event that
the Bankruptcy Court rules in favor of the claims made by LBSF in
the Complaint, any cash held by the Issuer could be directed to be
paid to LBSF with no monies left to make any payment to any
noteholders.

Moody's explained that the actions are consistent with Moody's
rating methodology for structured finance securities in default
published in November 2009.  The Class S Notes are currently in
default due to failure to pay interest when due.  Interest on the
notes continues to accrue without a definite date of repayment,
pending a resolution of the litigation affecting this transaction.
The rating on the Class D Notes reflects Moody's view that the
Class D Notes are unlikely to receive full payment of principal
under any circumstances.

The rating actions also reflect the increased risk and
uncertainties as to the enforceability of rated structures
designed to insulate investors from counterparty credit risk
following a recent Bankruptcy Court decision, LBSFI v. BNY
Corporate Trustee Services Ltd., January 25, 2010 (the "Dante
Ruling").  The Bankruptcy Court in the Dante Ruling held that
certain assumptions relating to the subordination of swap
termination payments owed to a swap counterparty subject to U.S.
bankruptcy law following its bankruptcy are unenforceable under
the U.S. Bankruptcy Code.

The resolution of the ratings on the Class S and A-2 Notes will
depend on, among other factors, the future development of
Bankruptcy Court decisions with regard to the Complaint, the
Interpleader Action and the Dante Ruling which is expected to be
appealed by BNY Corporate Trustee Services Ltd.


BEXAR COUNTY: Moody's Downgrades Rating on Revenue Bonds to 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 the
rating on the Bexar County (TX) Housing Finance Corporation
Multifamily Housing Revenue Bonds (American Opportunity for
Housing-Dublin, Kingswood, and Waterford Apartments Project)
Senior Series 2001A and affirmed the Ba2 rating on the Subordinate
Series 2001B.  The outlook on the rating remains negative.  The
Junior Subordinate Series C bonds are not rated.  The rating or
the senior bonds has been downgraded due to a decline in debt
service coverage reflected in interim financial statements due to
both project performance and a loss of units due to a fire in
February 2009.

Dublin, Waterford, and Kingswood Manor apartments are three
separate multi-family rental properties located in San Antonio,
Texas with 156, 133, and 129 units respectively.  The properties
are located approximately 8 to 12 miles north of downtown San
Antonio with good access to the city's principal traffic arteries.

Legal Security: The bonds are secured by a lien on and pledge and
assignment of a security interest in the Trust Estate.

Interest Rate Derivatives: none

Credit Strengths:

* Fully funded debt service reserve funds for both the Series A, B
  bonds and C (unrated) bonds.

* Bonds are secured by the revenues from all three properties,
  instead of relying on revenues from one property to cover debt
  service on the bonds.  Moody's views this diversification of
  revenues as a credit strength.

Credit Challenges:

* In February 2009 the Dublin property experienced a fire that
  destroyed 12 units (8% of the property's units and 3% of the
  units across all three properties).  Business interruption
  insurance has not yet been received and the fire insurance claim
  has not been completed.  Project revenues and coverage have
  suffered as a result of the delay in payment of the business
  interruption insurance.

* As of the December 31, 2008 audit, debt service coverage
  remained strong at 1.45x for the senior bonds and 1.29x for the
  subordinate bonds, which was stable relative to fiscal year 2007
  performance.  However, unaudited, rolling 12-month financials as
  of December 31, 2009, indicate that the debt service has
  declined over the course of 2009 due to the lost revenue from
  the down units at Dublin and poor performance at the other
  projects.

* Both physical and economic occupancy at the properties continue
  to be a challenge.  Physical occupancy was uneven as of the
  month of February 2009, with 87% at the Dublin property
  (including the down units from the fire), 89% at the Kingswood
  property and 93% at the Waterford property.  In terms of
  economic occupancy, for the 12 months of 2009 the Dublin
  property maintained a 75% economic occupancy, the Kingswood
  property a 73% economic occupancy and the Waterford project a
  92% economic occupancy.

                             Outlook

The outlook for the rating remains negative.  The negative outlook
reflects the uncertainty around the timing of claims payments and
the rebuilding of down units.

                 What could change the rating- UP

* Improvement in physical and economic occupancy rates, leading to
  increased rental revenue and growth in debt service coverage.

                What could change the rating- DOWN

* Material deterioration in debt service coverage; tapping any of
  the debt service reserve funds.

The last rating action with respect to Bexar County (TX) Housing
Finance Corporation Multifamily Housing Revenue Bonds (American
Opportunity for Housing-Dublin, Kingswood, and Waterford
Apartments Project) Senior Series 2001A and Subordinate Series
2001B was on December 19, 2008, when the rating on the senior
bonds was downgraded to Baa3 from Baa2 and the outlook was
affirmed at negative.


C-BASS CBO: Fitch Downgrades Ratings on Five Classes of Notes
-------------------------------------------------------------
Fitch Ratings has downgraded five classes of notes issued by C-
BASS CBO IX, Ltd./Corp. as a result of continued credit
deterioration in the portfolio since Fitch's last rating action in
February 2009.

As of the Jan. 31, 2010 trustee report, the current balance of the
portfolio is approximately $122.6 million.  Approximately 52.2% of
the portfolio has been downgraded since February 2009, resulting
in 59% of the portfolio with a Fitch derived rating below
investment grade and 51% with a rating in the 'CCC' rating
category or below, compared to 26.4% and 8.9%, respectively, at
last review.

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

Class A-1 has paid down 33.4% of its balance since last review
which offset some of the effect from the negative migration in the
portfolio for all classes by increasing their respective credit
enhancements.

Fitch revises the Outlook to Negative from Stable for class A-1
due to the potential for additional negative performance in the
underlying assets.  The Loss Severity  rating of 'LS4' assigned to
the class A-1 notes indicates the 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 Fitch's 'Criteria for Structured Finance Loss Severity
Ratings'.  The LS rating should always be considered in
conjunction with the notes' long-term credit rating.  Fitch does
not assign LS ratings to tranches rated 'CCC' and below.

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

The class B notes are still receiving timely interest
distributions but, based on the credit quality of the portfolio,
Fitch believes there is a high probability the class will not be
repaid by maturity.  The class C and D notes are no longer
receiving distributions due to the failing class A/B coverage
tests and are not expected to receive any payments going forward.

C-BASS IX is a structured finance collateralized debt obligation
that closed on March 23, 2004 and is managed by Credit-Based Asset
Servicing & Securitization, LLC.  The portfolio is composed of
residential mortgage-backed securities (79.1%), commercial and
consumer asset-backed securities (11.1%) and SF CDOs (9.8%).

Fitch has taken these rating actions:

  -- $45,640,338 class A-1 notes downgraded to 'BBB/LS4' from
     'A+'; Outlook to Negative from Stable;

  -- $20,000,000 class A-2 notes downgraded to 'CCC' from 'BBB+';

  -- $10,000,000 class B notes downgraded to 'CC' from 'BBB-';

  -- $12,000,000 class C notes downgraded to 'C' from 'BB';

  -- $7,277,634 class D notes downgraded to 'C' from 'B-'.


C-BASS CBO: Moody's Downgrades Ratings on Five Classes of Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of five classes of notes issued by C-BASS CBO IX, Limited.
The notes affected by the rating action are:

  -- US$220,500,000 Class A-1 First Priority Senior Secured
     Floating Rate Notes, Due 2039 (current balance of
     $45,640,338), Downgraded to Ba1; previously on September 25,
     2009 Downgraded to Baa1,

  -- US$20,000,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes, Due 2039, Downgraded to Caa1; previously
     on September 25, 2009 Downgraded to Ba2,

  -- US$10,000,000 Class B Third Priority Senior Secured
     Floating Rate Notes, Due 2039, Downgraded to Ca; previously
     on September 25, 2009 Downgraded to B3,

  -- US$12,000,000 Class C Fourth Priority Secured Floating
     Rate Deferrable Interest Notes, Due 2039, Downgraded to C;
     previously on September 25, 2009 Downgraded to Ca,

  -- US$14,000,000 Class D Fifth Priority Secured Floating Rate
     Deferrable Interest Notes, Due 2039, Downgraded to C;
     previously on September 25, 2009 Downgraded to Ca.

C-BASS CBO IX, Limited is a collateralized debt obligation
issuance backed by a portfolio of Residential Mortgage-Backed
Securities, the majority of which were originated in 2003 and
2004.

According to Moody's, the rating downgrade actions are the result
of deterioration in the credit quality of the underlying
portfolio.  Such credit deterioration is observed through numerous
factors, including an increase in the dollar amount of defaulted
securities and failure of the coverage tests.  Defaulted
securities, as reported by the trustee, have increased from
$21.9 million in September 2009 to $45.9 million in February 2010.
In addition, the Trustee reports that the transaction is currently
failing all principal and interest coverage tests.

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


CALCULUS CMBS: Moody's Reviews Ratings on Series 2007-1 Notes
-------------------------------------------------------------
Moody's Investors Service placed one classes of Notes issued by
CALCULUS CMBS Resecuritization Trust 2007, dated 3/27/2007 on
review for possible downgrade due to deterioration in the credit
quality of the underlying portfolio of referenced obligations as
evidenced by a deterioration in the weighted average rating
factor.  The rating action is the result of Moody's on-going
surveillance of commercial real estate collateralized debt
obligation transactions.

CALCULUS CMBS Resecuritization Trust 2007, dated 3/27/2007 is a
synthetic CRE CDO transaction backed by a portfolio of commercial
mortgage backed securities reference obligations (100% of the pool
balance).

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class Series 2007-1, Ba1 Placed Under Review for Possible
     Downgrade; previously on 3/6/2009 Downgraded to Ba1

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated 3/6/2009.


CALCULUS SCRE: Moody's Reviews Ratings on 10 Classes of Notes
-------------------------------------------------------------
Moody's Investors Service placed 10 classes of Notes issued by
Calculus SCRE Trust and two credit default swaps on review for
possible downgrade due to deterioration in the credit quality of
the underlying reference portfolio as evidenced by deterioration
in the weighted average rating factor.  The rating action is the
result of Moody's on-going surveillance of commercial real estate
collateralized debt obligation transactions.

Calculus SCRE Trust is a synthetic CRE CDO transaction backed by a
portfolio of reference obligations in CMBS (70.0% of pool
balance), CDO (20.0%) and subprime bonds (10.0%) in the amount of
$800.0 million, the same as at issuance.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Series 2006-1, Ba3 Placed Under Review for Possible
     Downgrade; previously on March 9, 2009 Downgraded to Ba3

  -- Series 2006-2, B3 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to B3

  -- Series 2006-3, Caa1 Placed Under Review for Possible
     Downgrade; previously on March 9, 2009 Downgraded to Caa1

  -- Series 2006-4, Caa1 Placed Under Review for Possible
     Downgrade; previously on March 9, 2009 Downgraded to Caa1

  -- Series 2006-5, Caa2 Placed Under Review for Possible
     Downgrade; previously on March 9, 2009 Downgraded to Caa2

  -- Series 2006-6, Caa2 Placed Under Review for Possible
     Downgrade; previously on March 9, 2009 Downgraded to Caa2

  -- Series 2006-7, Caa2 Placed Under Review for Possible
     Downgrade; previously on March 9, 2009 Downgraded to Caa2

  -- Series 2006-8, Caa3 Placed Under Review for Possible
     Downgrade; previously on March 9, 2009 Downgraded to Caa3

  -- Series 2006-10, Caa3 Placed Under Review for Possible
     Downgrade; previously on March 9, 2009 Downgraded to Caa3

  -- Series 2006-11, Caa1 Placed Under Review for Possible
     Downgrade; previously on March 9, 2009 Downgraded to Caa1

  -- Credit default swap 1, Ba3 Placed Under Review for Possible
     Downgrade; previously on March 9, 2009 Downgraded to Ba3

  -- Credit default swap 2, Caa1 Placed Under Review for Possible
     Downgrade; previously on March 9, 2009 Downgraded to Caa1

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated March 9, 2009.


CALCULUS SCRE: Moody's Reviews Ratings on Series 2007-1 Notes
-------------------------------------------------------------
Moody's Investors Service placed one class of Notes issued by
Calculus SCRE Trust, Series 2007-1 on review for possible
downgrade due to deterioration in the credit quality of the
underlying reference portfolio as evidenced by deterioration in
the weighted average rating factor.  The rating action is the
result of Moody's on-going surveillance of commercial real estate
collateralized debt obligation transactions.

Calculus SCRE Trust, Series 2007-1 is a synthetic CRE CDO
transaction backed by a portfolio of reference obligations in CMBS
(70.0% of pool balance), CDO (20.0%) and subprime bonds (10.0%) in
the amount of $800.0 million, the same as at issuance.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Series 2007-1, B3 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to B3

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated March 9, 2009.


CAPITALSOURCE REAL: Fitch Downgrades Ratings on All Classes
-----------------------------------------------------------
Fitch Ratings has downgraded all classes of CapitalSource Real
Estate Loan Trust 2006-A reflecting Fitch's base case loss
expectation of 24.4%.  Fitch's performance expectation
incorporates prospective views regarding commercial real estate
market value and cash flow declines.

CapitalSource 2006-A is primarily collateralized by senior
commercial real estate debt with 95.1% of total collateral
consisting of whole loans/A-notes.  The remaining collateral
consists of rediscount facilities (3.4%), cash (0.8%), and a B-
note (0.7%).  Fitch's base case portfolio loss expectation of
24.4% is below the average loss expectation (33%) for CRE loan
collateralized debt obligations that have been reviewed under
Fitch's updated criteria to date.  While there are 15 assets
considered defaulted or delinquent (48.8%), the average recovery
estimate for these assets of over 80% is considered well above
average relative to other CRE CDO transactions, due to the
seniority and generally lower leverage of the loans.

CapitalSource 2006-A is a revolving CRE CDO managed by
CapitalSource Finance, LLC, a subsidiary of CapitalSource, Inc.
The CDO was issued as $1.3 billion in notes with a five-year
reinvestment period.  The transaction failed its interest coverage
tests in July 2009, due to tax payments resulting from the manager
electing to change the issuer's tax exempt status.  The
transaction currently has an annual tax obligation of
approximately $14 million.  While interest payments are now
sufficient to bring all IC tests into compliance, all of the
overcollateralization tests are now failing due to the nine
defaulted assets (13.5%) recognized by the trustee, which only
considers assets as impaired when delinquencies are greater than
60 days.  OC and IC test failures cause principal and interest
proceeds to be redirected to redeem the senior-most notes.  As of
the January 2010 trustee report, the A-1A and A-2A notes have been
paid down by approximately $74 million (5.7%).  While proceeds
have also been directed to pay down the A-1R notes, these payments
only serve to increase the amount of available undrawn capacity;
the class continues to maintain its total capacity of
$200 million.

Given the significant proportion of non-traditional assets, an
above-average default rate of 83.5% of the portfolio is modeled in
the base case stress scenario, defined as the 'B' stress.  In this
scenario, the modeled average cash flow decline is 12.1% from the
most recent available cash flows (generally third quarter 2009).
Fitch's estimate of higher than average base case recoveries of
70.7% is due to the high amount of senior debt in the CDO.

The largest component of Fitch's base case loss expectation is a
whole loan (3.3%) secured by a 2,523-acre development site located
in the Poconos region of Pennsylvania.  The sponsor continues to
work through the entitlement process, while also marketing the
land for sale.  The loan matured in November 2009.  Fitch
considers the loan to be highly leveraged, and modeled significant
losses in its base case scenario.

The next largest component of Fitch's base case loss expectation
is a whole loan (3.4%) secured by a 270-key hotel currently under
construction.  The project is located between the SoHo and
Chinatown neighborhoods of New York City, and construction is
underway with the superstructure completed and the fa?ade now
being attached.  Fitch modeled the loan to default in its base
case due to the risks associated with construction projects, and
considers the development costs to exceed the fully improved value
of the property, resulting in a modeled partial loss to the loan.

The third largest component of Fitch's base case loss expectation
is a whole loan (4.9%) secured by an assemblage of seven parcels
of land located in San Francisco.  The loan matured in May 2009
and the borrower has been unable to refinance or make additional
interest payments.  Fitch modeled a significant loss in its base
case scenario.

This transaction was analyzed according to the 'U.S. CREL CDO
Surveillance Criteria,' which applies stresses to property cash
flows and uses debt service coverage ratio tests to project future
default levels for the underlying portfolio.  Recoveries are based
on stressed cash flows and Fitch's long-term capitalization rates.
The default levels were then compared to the breakeven levels
generated by Fitch's cash flow model of the CDO under the various
default timing and interest rate stress scenarios, as described in
the report 'Global Criteria for Cash Flow Analysis in CDOs.' Based
on this analysis, the credit characteristics for classes A-1A, A-
1R, A-2A, and A-2B are generally consistent with the 'BB' rating
category.  The credit characteristics for class B are generally
consistent with the 'B' rating category.

The ratings for classes C through J are generally based on a
deterministic analysis, which considers Fitch's base case loss
expectation for the pool, Fitch Loans of Concern, and defaulted
assets.  Based on this analysis, the ratings for classes C through
E are consistent with the 'CCC' rating, meaning default is a real
possibility given that the credit enhancement to each class falls
below Fitch's base case loss expectation of 24.4%.  The ratings
for classes F and G are deemed to be consistent with the 'CC'
rating category, meaning default appears probable given that
losses expected on the current defaulted assets and Fitch Loans of
Concern in the pool exceed these classes' respective credit
enhancement levels.  The ratings for classes H and J are deemed to
be consistent with the 'C' rating category, meaning Fitch
considers default to be inevitable.  Fitch's base case expected
losses from current defaulted assets exceeds these classes'
respective credit enhancement levels.

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

Classes C through J were assigned Recovery Ratings to provide a
forward-looking estimate of recoveries on currently distressed or
defaulted structured finance securities.  Recovery Ratings are
calculated using Fitch's cash flow model, and incorporate Fitch's
current 'B' stress expectation for default and recovery rates
(83.5% and 70.7%, respectively), the 'B' stress USD LIBOR up-
stress, and a 24-month recovery lag.  All modeled distributions
are discounted at 10% to arrive at a present value and compared to
the class's tranche size to determine a Recovery Rating.  The
assumptions for the 'B' stress USD LIBOR up-stress scenario are
found in the report, 'Criteria for Interest Rate Stresses in
Structured Finance Transactions' (Feb. 17, 2010), available on
Fitch's web site at 'www.fitchratings.com'.

The assignment of 'RR4' to class C reflects modeled recoveries of
31% of their outstanding balance.

The expected recovery proceeds are broken down:

  -- Present value of expected principal recoveries
     ($13.5 million);

  -- Present value of expected interest payments ($5.5 million);

  -- Total present value of recoveries ($19.0 million);

  -- Sum of undiscounted recoveries ($33.4 million).

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

Fitch has downgraded and assigned LS and RR ratings and Rating
Outlooks to these classes:

  -- $62,865,296 class A-1A to 'BB/LS4' from 'AAA'; Outlook
     Negative;

  -- $200,000,000 class A-1R to 'BB/LS4' from 'AAA'; Outlook
     Negative;

  -- $433,306,356 class A-2A to 'BB/LS3' from 'AAA'; Outlook
     Negative;

  -- $125,000,000 class A-2B to 'BB/LS5' from 'AAA'; Outlook
     Negative;

  -- $82,875,000 class B to 'B/LS5' from 'AA'; Outlook Negative;

  -- $62,400,000 class C to 'CCC/RR4' from 'A+';

  -- $30,225,000 class D to 'CCC/RR6' from 'A';

  -- $30,225,000 class E to 'CCC/RR6' from 'B';

  -- $27,066,934 class F to 'CC/RR6' from 'B';

  -- $33,719,639 class G to 'CC/RR6' from 'B';

  -- $31,796,215 class H to 'C/RR6' from 'B';

  -- $49,616,985 class J to 'C/RR6' from 'CCC'.

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


CD 2007-CD4: Moody's Affirms Ratings on 10 CD 2007-CD4 Certs.
-------------------------------------------------------------
Moody's Investors Service affirmed the ratings of ten classes and
downgraded 18 classes of CD 2007-CD4 Commercial Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series CD 2007-CD4.
The downgrades are due to higher expected losses for the pool
resulting from anticipated losses from specially serviced and
other poorly performing loans and interest shortfalls.

The affirmations are due to key rating parameters, including
Moody's loan to value ratio, Moody's stressed debt service
coverage ratio and Herfindahl Index, remaining within acceptable
ranges.

Moody's placed 18 classes of this transaction on review for
possible downgrade on October 29, 2009 due to anticipated losses
from loans in special servicing.  This action concludes the
review.  The rating action is the result of Moody's on-going
surveillance of commercial mortgage backed securities
transactions.

As of the February 12, 2010 distribution date, the transaction's
aggregate certificate balance has decreased by 0.6% to
$6.60 billion from $6.64 billion at securitization.  The
Certificates are collateralized by 379 mortgage loans ranging in
size from less than 1% to 6% of the pool, with the top ten loans
representing 12% of the pool.  Two loans, representing 12% of the
pool, have investment grade underlying ratings.  At
securitization, a third loan, representing 4% of the pool, also
had an underlying rating.  However, due to a decline in
performance this loan no longer has an underlying rating and is
analyzed as part of the conduit pool.

Ninety-five loans, representing 23% 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.

Thirty loans, representing 12% of the pool, are currently in
special servicing compared to 4% at Moody's last review.  The
largest specially serviced loan is the Citadel & Arkansas Malls
Portfolio Loan ($261.6 million -- 4.0% of the pool), which is
secured by two regional malls.  The Citadel Mall is a 1.0 million
square foot property (453,579 SF of collateral) located in
Colorado Springs, Colorado.  The Arkansas Mall is 811,461 SF
(589,038 SF of collateral) and located in Fayetteville, Arkansas.
Both malls are anchored by Dillard's, JC Penny and Sears.  The
loan was transferred to special servicing in October 2009 due to
imminent default.

The second largest specially serviced loan is the Riverton
Apartments Loan ($225.0 million -- 3.4% of the pool), which is
secured by a 1,228 unit apartment complex located in the
Morningside Heights submarket in New York City.  The borrower
purchased the complex for $132 million in 2006 and planned to
increase its value through a comprehensive renovation and
conversion of rent regulated units to market rents.  The
conversion has proceeded at a slower pace than originally
projected.  The loan was transferred to special servicing in
August 2008 due imminent default and is currently 90+ days
delinquent.  On February 2, 2010, a state judge ordered a
foreclosure sale which will probably occur in March.  In addition
to the first mortgage loan, there is a $25.0 million mezzanine
loan secured by a pledge of equity interests in the borrower.  The
servicer has recognized a $124.8 million appraisal reduction for
this loan.

The remaining 28 specially serviced loans are secured by a mix of
all property types.  Moody's estimates an aggregate $444.8 million
loss for the specially serviced loans (54% loss severity on
average).  The servicer has recognized an aggregate $253 million
appraisal reduction for 22 of the specially serviced loans.

In addition to recognizing losses from specially serviced loans,
Moody's has assumed a high default probability for six loans (0.8%
of the pool) and has estimated an aggregate loss of $12.6 million
(23% loss severity on average based on a 75% probability of
default) from these troubled loans.  Moody's rating action
recognizes potential uncertainty around the timing and magnitude
of loss from these troubled loans.

Based on the most recent remittance statement, Classes J through S
have experienced cumulative interest shortfalls totaling
$5.5 million.  Moody's anticipates that the pool will continue to
experience interest shortfalls because of the high exposure to
specially serviced loans.  Interest shortfalls are caused by
special servicing fees, including workout and liquidation fees,
appraisal subordinate entitlement reductions and extraordinary
trust expenses.

Moody's was provided with full-year 2008 and partial-year 2009
operating results for 92% and 64%of the pool, respectively.
Excluding specially serviced and troubled loans, Moody's weighted
average LTV is 124% compared to 151% at Moody's prior review in
February 2009.  The prior review was part of Moody's first quarter
2009 ratings sweep of 2006-2008 vintage conduit and fusion CMBS
transactions.

Excluding specially serviced and troubled loans, Moody's actual
and stressed DSCRs are 1.32X and 0.91X, respectively, compared to
1.09X and 0.75X 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 diversity of loan
size, where a higher number represents greater diversity.  Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances.  The credit neutral Herf is 40.  The pool
has a Herf of 57 compared to 60 at Moody's prior review.

The largest loan with an underlying rating is the Ala Moana
Portfolio Loan ($399.7 million -- 6.1% of the pool), which
represents a pari passu interest in a $1.2 billion first mortgage
loan.  The loan is secured by a 2 million SF dominant regional
mall and office property located in Honolulu, Hawaii.  The sponsor
is an affiliate of General Growth Properties, Inc. (GGP), which
filed for Chapter 11 Bankruptcy protection in April 2009.  The
property had been included in GGP's bankruptcy filing and was
transferred to special servicing in April 2009.  The borrowing
entity for this property has emerged from bankruptcy and the loan
was transferred back to the master servicer in January 2010.  The
bankruptcy plan resulted in a loan modification which includes a
loan extension to June 2018 from September 2011 and amortization
based on a 25 year-year schedule commencing February 1, 2010.  In
addition GGP is required to make a $150.0 million prepayment.
Approximately $13.0 million of the prepayment was made in January
and the remainder will be made on the earlier of December 30, 2010
or when GGP emerges from bankruptcy.  There will be no on-going
special servicing fees, including the 1% correction fee,
associated with this loan because the special servicer, Midland
Loan Services, has agreed to accept a 1% modification fee from GGP
in lieu of any special servicing fees.  The property's performance
has been stable since securitization.  Moody's current underlying
rating and stressed DSCR are A3 and 1.11X compared to A3 and 1.16X
at Moody's last full review.

The second largest loan with an underlying rating is the 9 West
57th Street Loan ($400.0 million -- 6.1% of the pool), which is
secured by a 1.6 million SF Class A trophy-quality office building
located in the Plaza District office submarket of Manhattan.  The
property was 53% leased as of October 2009 compared to 47% at last
review.  The property had been 84% leased until October 2008, when
Banc of America Securities LLC, which occupied 37% of the
property, vacated at the expiration of its lease.  Although the
Plaza District office submarket remains one of the strongest in
Manhattan, it has experienced a decline in market rents since
securitization.  Based on the Torto Wheaton Research fourth
quarter 2009 report for the Plaza District, the average rent for
Class A space was $66 per square foot compared $95 PSF for the
third quarter 2008 and $105 to $140 PSF at securitization.
Moody's original analysis recognized that Banc of America would be
vacating the property at the expiration of its lease, but it was
anticipated that replacement tenants would be identified more
quickly.  The loan sponsor is Sheldon H. Solow and the loan is
interest only for its entire five-year term.  Moody's current
underlying rating and stressed DSCR are Baa3 and 1.24X compared to
Aaa and 1.87X at last review.

The loan that previously had an investment grade underlying rating
is the One World Financial Center Loan ($257.0 million -- 3.9% of
the pool), which represents the pooled portion of a $297.5 million
first mortgage loan.  The junior portion of the loan is held
within the trust and secures the non-pooled, or rake, Classes WFC-
1, WFC-2, WFC-3 and WFC-X.  The loan is secured by a 1.6 million
SF office building located in the Battery Park office submarket of
Manhattan.  The property's largest tenant is Cadwalder, Wickersham
& Taft, which occupies 33% of the net rentable area through
January 2025.  Lehman Brothers (Lehman), which had occupied 7% of
the NRA at securitization, declared bankruptcy protection on
September 15, 2008, and rejected its lease in October 2008.  The
space was subleased to other tenants, who all negotiated their
respective leases for a lower rent than the rent previously paid
by Lehman.  Although the property's performance has improved since
securitization, it has not achieved the higher rent levels
originally projected.  The loan sponsor is Brookfield Financial
Properties, LP.  The loan is interest only for its entire ten-year
term.  Moody's LTV and stressed DSCR are 87% and 1.09X,
respectively, compared to 73% and 1.16X at Moody's last full
review.

The top three performing conduit loans represent 11% of the pool
balance.  The largest loan is the Mall of America Loan
($306.0 million -- 4.7% of the pool), which represents a pari
passu interest in a $755.0 million first mortgage loan.  The loan
is secured by the borrower's interest in a 2.8 million SF regional
mall/entertainment center located in Bloomington, Minnesota.  The
mall is anchored by Macy's, Bloomingdales, Nordstrom and Sears, as
well as a variety of entertainment venues.  The mall was 91%
leased as of September 2009 compared to 94% at securitization.
The property's net operating income has steadily increased since
securitization.  Moody's LTV and stressed DSCR are 97% and 0.89X,
respectively, compared to 116% and 0.77X at last review.

The second largest loan is the Four Seasons Resort Maui Loan
($250.0 million -- 3.8% of the pool), which is secured by a 380
room luxury hotel located in Wailea, Hawaii.  There has been
significant occupancy and rate deterioration in the Maui market
due to the overall economic weakening in the hotel sector.  The
loan is currently on the watchlist due to low DSCR.  Moody's LTV
and stressed DSCR are 280% and 0.40X, respectively, compared to
203% and 0.56X at last review.

The third largest loan is the CGM AmeriCold Portfolio Loan
($180.0 million -- 2.7% of the pool), which is secured by the fee
interest in 16 cold storage properties located in ten different
states.  The portfolio derives most of its revenue from contracts
associated with the operation of the cold storage business.
Moody's LTV and stressed DSCR are 130% and 0.90X, the same as last
review.

Moody's rating action is:

  -- Class A-1, $53,182,235 affirmed at Aaa; previously on
     4/10/2007 assigned Aaa

  -- Class A-2A, $100,000,000, affirmed at Aaa; previously on
     4/10/2007 assigned Aaa

  -- Class A-2B, $1,066,703,000, affirmed at Aaa; previously on
     4/10/2007 assigned Aaa

  -- Class A-3, $464,222,000, affirmed at Aaa; previously on
     4/10/2007 assigned Aaa

  -- Class A-SB, $161,959,000, affirmed at Aaa; previously on
     4/10/2007 assigned Aaa

  -- Class A-4, $1,737,121,000, affirmed at Aaa; previously on
     4/10/2007 assigned Aaa

  -- Class A-1A, $994,040,936 affirmed at Aaa; previously on
     4/10/2007 assigned Aaa

  -- Class A-MFX, $594,982,000, downgraded to Aa1 from Aaa;
     previously on 10/29/2009 placed on review for possible
     downgrade

  -- Class A-MFL, $65,000,000, downgraded to Aa1 from Aaa;
     previously on 10/29/2009 placed on review for possible
     downgrade

  -- Class XC, Notional, affirmed at Aaa; previously on 4/10/2007
     assigned Aaa

  -- Class XP, Notional, affirmed at Aaa; previously on 4/10/2007
     assigned Aaa

  -- Class XW, Notional, affirmed at Aaa; previously on 4/10/2007
     assigned Aaa

  -- Class A-J, $585,733,000, downgraded to Baa3 from A1;
     previously on 10/29/2009 placed on review for possible
     downgrade

  -- Class B, $41,249,000, downgraded to Ba2 from A2; previously
     on 10/29/2009 placed on review for possible downgrade

  -- Class C, $90,748,000, downgraded to B2 from A3; previously on
     10/29/2009 placed on review for possible downgrade

  -- Class D, $57,748,000, downgraded to Caa1 from Baa1;
     previously on 10/29/2009 placed on review for possible
     downgrade

  -- Class E, $41,249,000, downgraded to Caa3 from Baa3;
     previously on 10/29/2009 placed on review for possible
     downgrade

  -- Class F, $49,498,000, downgraded to Ca from Ba1; previously
     on 10/29/2009 placed on review for possible downgrade

  -- Class G, $65,999,000, downgraded to C from Ba2; previously on
     10/29/2009 placed on review for possible downgrade

  -- Class H, $74,248,000, downgraded to C from B1; previously on
     10/29/2009 placed on review for possible downgrade

  -- Class J, $65,998,000, downgraded to C from B2; previously on
     10/29/2009 placed on review for possible downgrade

  -- Class K, $74,248,000, downgraded to C from B3; previously on

     10/29/2009 placed on review for possible downgrade

  -- Class L, $24,749,000, downgraded to C from Caa2; previously
     on 10/29/2009 placed on review for possible downgrade

  -- Class M, $16,499,000, downgraded to C from Caa3; previously
     on 10/29/2009 placed on review for possible downgrade

  -- Class N, $16,500,000, downgraded to C from Caa3; previously
     on 10/29/2009 placed on review for possible downgrade

  -- Class O, $16,500,000, downgraded to C from Ca; previously on
     10/29/2009 placed on review for possible downgrade

  -- Class P, $8,249,000, downgraded to C from Ca; previously on
     10/29/2009 placed on review for possible downgrade

  -- Class Q, $16,500,000, downgraded to C from Ca; previously on
     10/29/2009 placed on review for possible downgrade


CENTERLINE 2007-SRR5: Moody's Reviews Ratings on 14 Classes
-----------------------------------------------------------
Moody's Investors Service placed fourteen classes of Notes issued
by Centerline 2007-SRR5, Ltd., on review for possible downgrade
due to deterioration in the credit quality of the underlying
portfolio of referenced obligations as evidenced by a
deterioration in the weighted average rating factor.  The rating
action is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation
transactions.

Centerline 2007-SRR5, Ltd., is a synthetic CRE CDO transaction
backed by a portfolio of commercial mortgage backed securities
reference obligations (100% of the pool balance).

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating actions are:

  -- Class A-1, Baa3 Placed Under Review for Possible Downgrade;
     previously on 3/8/2009 Downgraded to Baa3

  -- Class A-2, Ba3 Placed Under Review for Possible Downgrade;
     previously on 3/8/2009 Downgraded to Ba3

  -- Class B, B1 Placed Under Review for Possible Downgrade;
     previously on 3/8/2009 Downgraded to B1

  -- Class C, B2 Placed Under Review for Possible Downgrade;
     previously on 3/8/2009 Downgraded to B2

  -- Class D, B2 Placed Under Review for Possible Downgrade;
     previously on 3/8/2009 Downgraded to B2

  -- Class E, B3 Placed Under Review for Possible Downgrade;
     previously on 3/8/2009 Downgraded to B3

  -- Class F, B3 Placed Under Review for Possible Downgrade;
     previously on 3/8/2009 Downgraded to B3

  -- Class G, B3 Placed Under Review for Possible Downgrade;
     previously on 3/8/2009 Downgraded to B3

  -- Class H, Caa1 Placed Under Review for Possible Downgrade;
     previously on 3/8/2009 Downgraded to Caa1

  -- Class J, Caa1 Placed Under Review for Possible Downgrade;
     previously on 3/8/2009 Downgraded to Caa1

  -- Class K, Caa1 Placed Under Review for Possible Downgrade;
     previously on 3/8/2009 Downgraded to Caa1

  -- Class L, Caa1 Placed Under Review for Possible Downgrade;
     previously on 3/8/2009 Downgraded to Caa1

  -- Class M, Caa1 Placed Under Review for Possible Downgrade;
     previously on 3/8/2009 Downgraded to Caa1

  -- Class N, Caa1 Placed Under Review for Possible Downgrade;
     previously on 3/8/2009 Downgraded to Caa1

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated 3/8/2009.


CENTERLINE 2007-1: S&P Downgrades Ratings on Seven Classes
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on seven
classes from Centerline 2007-1 Resecuritization Trust.  Five of
the seven lowered ratings remain on CreditWatch negative, and S&P
removed the other two ratings from CreditWatch negative.  At the
same time, S&P affirmed nine other ratings on this transaction and
removed them from CreditWatch negative.

The downgrades reflect S&P's analysis of the transaction following
its rating actions on 33 commercial mortgage-backed securities
certificates that serve as underlying collateral for Centerline
2007-1.  The certificates are from five transactions, and the
securities total $185.3 million (19.4% of the pool balance).  The
downgrades also reflect S&P's lowered credit estimates on $23.3
million (2.4% of the pool balance) of the unrated CMBS collateral.
Five ratings remain on CreditWatch negative due to the
transaction's exposure to collateral with ratings on CreditWatch
negative ($103.6 million, 10.8%).

According to the Feb. 22, 2010, trustee report, Centerline 2007-1
is collateralized by 114 CMBS certificates and three resecuritized
real estate mortgage investment conduit (re-REMIC) certificates
($956.1 million, 100%) from 19 distinct transactions issued
between 2000 and 2007.  Centerline 2007-1 has exposure to these
CMBS transactions that Standard & Poor's has downgraded:

* Bear Stearns Commercial Mortgage Trust 2005-PWR10 (classes K, L,
  M, N, O, P, and Q; $54.4 million, 5.7%);

* Bear Stearns Commercial Mortgage Trust 2006-PWR14 (classes J, K,
  L, M, N, and O; $40.1 million, 4.2%); and

* Bear Stearns Commercial Mortgage Trust 2006-PWR11 (classes H, J,
  K, L, M, N, and O; $37.5 million, 3.9%).

S&P expects to update or resolve the CreditWatch negative
placements on Centerline 2007-1 in conjunction with its
CreditWatch resolutions of the underlying CMBS assets.

      Ratings Lowered And Remaining On Creditwatch Negative

             Centerline 2007-1 Resecuritization Trust

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

      Ratings Lowered And Removed From Creditwatch Negative

             Centerline 2007-1 Resecuritization Trust

                                Rating
                                ------
         Class            To               From
         -----            --               ----
         E                CCC-             B+/Watch Neg
         F                CCC-             CCC+/Watch Neg

      Ratings Affirmed And Removed From Creditwatch Negative

             Centerline 2007-1 Resecuritization Trust

                                Rating
                                ------
         Class            To               From
         -----            --               ----
         G                CCC-             CCC-/Watch Neg
         H                CCC-             CCC-/Watch Neg
         J                CCC-             CCC-/Watch Neg
         K                CCC-             CCC-/Watch Neg
         L                CCC-             CCC-/Watch Neg
         M                CCC-             CCC-/Watch Neg
         N                CCC-             CCC-/Watch Neg
         O                CCC-             CCC-/Watch Neg
         P                CCC-             CCC-/Watch Neg


CITIGROUP COMMERCIAL: S&P Downgrades Ratings on 11 2005-C3 CMBS
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 11
classes of commercial mortgage-backed securities from Citigroup
Commercial Mortgage Trust 2005-C3 and removed them from
CreditWatch with negative implications.  In addition, S&P affirmed
its ratings on 16 classes, including three raked classes, from the
same transaction and removed three of them from CreditWatch with
negative implications.

The downgrades follow S&P's analysis of the transaction using its
U.S. conduit and fusion CMBS criteria, which was the primary
driver of its rating actions.  The downgrades of the subordinate
classes also reflect credit support erosion that S&P anticipate
will occur upon the eventual resolution of four ($77.1 million,
6.0%) of the eight specially serviced loans.  The downgrades of
classes N and O to 'D' reflect the recurring interest shortfalls.
The shortfalls are primarily due to appraisal subordinate
entitlement reduction amounts on three assets that are currently
with the special servicer, CWCapital Asset Management LLC.  S&P
expects the interest shortfalls to continue for the foreseeable
future.  Classes N and O have experienced cumulative interest
shortfalls of $88,507 and $99,510, respectively.

S&P's analysis included a review of the credit characteristics of
all of the loans in the pool.  Using servicer-provided financial
information, S&P calculated an adjusted debt service coverage  of
1.39x and a loan-to-value ratio of 95.2%.  S&P further stressed
the loans' cash flows under S&P's 'AAA' scenario to yield a
weighted average DSC of 1.04x and an LTV ratio of 122.1%.  The
implied defaults and loss severity under the 'AAA' scenario were
66.2% and 31.1%, respectively.  All of the DSC and LTV
calculations S&P noted above exclude three defeased loans
($22.9 million, 1.8%) and four ($77.1 million, 6.0%) of the eight
specially serviced loans.  S&P separately estimated losses for the
four specially serviced loans and included them in its 'AAA'
scenario implied default and loss figures.

The affirmations of the ratings on the pooled principal and
interest certificates reflect subordination levels that are
consistent with the outstanding ratings.  The affirmations of the
"CP" raked certificates reflect S&P's analysis of the Carolina
Place loan.  The raked certificates derive 100% of their cash
flows from a subordinate nonpooled portion of this loan.  The
whole loan is secured by 595,869 sq. ft. of a 1,154,069-sq.-ft.
regional mall built in 1991 in Pineville, N.C., a suburb of
Charlotte.  For the nine months ended Sept. 30, 2009, the reported
DSC was 1.81x and occupancy was 99.5%.

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

                      Credit Considerations

As of the February 2010 remittance report, eight loans
($166.0 million, 12.9%) in the pool were with the special
servicer, CWCapital.  The payment status of the specially serviced
loans is: one asset is in foreclosure ($16.1 million, 1.3%), two
are in bankruptcy ($19.3 million, 1.5%), two are 90-plus days
delinquent ($54.7 million, 4.3%), one is 30 days delinquent
($14.8 million, 1.2%), and two are less than 30 days delinquent
($61.0 million, 4.7%).  Three of the specially serviced loans have
appraisal reduction amounts in effect totaling $23.0 million.

The Novo Nordisk Headquarters loan, which has a total exposure of
$53.2 million (4.1%), is the largest loan with the special
servicer.  The loan is less than 30 days delinquent and is secured
by two three-story, class A suburban office buildings totaling
225,651 sq. ft. built in 2000 in Princeton, N.J.  The loan was
transferred to the special servicer on Jan. 25, 2010, due to
imminent maturity default.  The loan matures on March 11, 2010,
and S&P understand that CWCapital is in discussions with the
borrower for a potential maturity extension on the loan.  Reported
occupancy and DSC as of the trailing-nine months ended Sept 30,
2009, were 100% and 1.66x, respectively.

The second-largest loan with the special servicer is the 270
Technology Park loan, which has a total exposure of $52.8 million
(3.9%).  The loan is 90-plus-days delinquent and is secured by 11
one- and two-story office/flex buildings totaling 449,289 sq. ft.
in Frederick, Md.  The properties were built between 1986 and
1992.  Wells Fargo Bank, which occupied more than 50% of the net
rentable area at issuance, vacated its space when its lease
expired in December 2007.  Reported DSC and occupancy for the nine
months ended Sept. 30, 2008, was 0.24x, and occupancy declined
further to 39% as of the Sept., 30, 2008, rent roll.  The loan was
transferred to the special servicer on Dec. 22, 2008, due to
imminent default, and CWCapital has indicated that it plans to
move to foreclose on the property.  A $10.5 million appraisal
reduction amount is in effect.  S&P expects a moderate loss upon
the resolution of this asset.

The third-largest loan with the special servicer is the Glendale
Park Apartments loan, which has a total exposure of $18.8 million
(1.3%).  The loan is in foreclosure and is secured by an 810-unit
multifamily property built in 1978 in Houston, Texas.  The DSC was
0.24x as of Dec. 31, 2007, and occupancy was 78.2% as of Jan. 1,
2010.  The loan was transferred to the special servicer on
Aug. 13, 2008, due to a monetary default.  A $10.0 million ARA is
in effect based on the most recent appraisal.  S&P expects a
significant loss upon the resolution of this asset.

Three of the remaining loans with the special servicer
($27.6 million total exposure, 2.1%) were transferred after the
borrower, DBSI Inc., a tenant-in-common sponsor, filed for
bankruptcy on Nov. 10, 2008.  CWCapital has said that it
anticipates that two of the three loans will be returned to the
trust as corrected mortgages when CWCapital nominates and approves
new sponsors for the respective properties.  According to
CWCapital, the borrower for the third loan has indicated that it
is unwilling to pay reinstatement costs given upcoming tenant
rollover and related costs.  The special servicer is currently
looking to appoint a receiver.  S&P estimated a minor loss for
this asset, resulting in a loss severity of 10.3%.

The two remaining specially serviced loans that were listed in the
February remittance report ($19.6 million, 1.5%) have balances
that individually represent less than 1.2% of the total pool
balance.  S&P estimated a significant loss for one of these loans.
The other loan is a recent transfer, and S&P has a limited amount
of available information at this time.

                       Transaction Summary

As of the February 2010 remittance report, the collateral pool
balance was $1.29 billion, which is 89.7% of the balance at
issuance.  The pool includes 107 loans, down from 111 loans at
issuance.  The master servicer for the transaction, Wachovia Bank
N.A., provided financial information for 97.2% of the pool; 86.1%
of the financial information was full-year 2008 or interim-2009
data.  S&P calculated a weighted average DSC of 1.37x for the pool
based on the reported figures.  S&P's adjusted DSC and LTV, which
exclude three defeased loans ($22.9 million, 1.8%), and four
($77.1 million, 6.0%) of the eight specially serviced loans, were
1.39x and 95.2%, respectively.  If S&P included the specially
serviced loans in S&P's calculation, its adjusted DSC would be
1.33x.  Twenty-five loans ($268.0 million, 20.8%) are on the
master servicer's watchlist, including three of the top 10 loans.
Fifteen loans ($201.7 million, 15.7%) have a reported DSC below
1.10x, and 12 of these loans ($173.9 million, 13.5%) have a
reported DSC of less than 1.0x.

                     Summary of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$439.5 million (35.3%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 1.48x for the top 10 loans.
Three of the top 10 loans ($65.4 million, 5.1%) appear on the
master servicer's watchlist, which S&P discuss in detail below.
S&P's adjusted DSC and LTV for the top 10 loans are 1.46x and
91.9%, respectively.

The largest exposure in the pool, the Carolina Place loan, has a
trust balance of $119.6 million (9.3%) and a whole-loan balance of
$154.6 million.  The $119.6 million trust balance consists of a
$105.1 million senior pooled component and a $14.5 million
subordinate nonpooled component.  The subordinate component is
raked to the "CP" certificates.  In addition, there is a
$35.0 million B note that is held outside of the trust.  The loan
is secured by 595,869 sq. ft. of a 1.2 million-sq.-ft. regional
shopping center in Pineville, N.C.  The master servicer reported a
DSC of 1.58x for the whole-loan balance (1.81x for the trust
balance) as of the trailing-nine months ended Sept. 30, 2009, up
from 1.33x at issuance.  As of Sept. 30, 2009, the property was
99.5% occupied, compared with 95% at issuance.  The loan had an
original maturity date of January 2010 and was transferred to the
special servicer, Midland Loan Services Inc., on Dec. 11, 2009.
Midland LS subsequently modified the loan and returned it to the
master servicer on Jan. 28, 2010.  According to the executed
modification agreement, the maturity date was extended to January
2014, the interest rate remains unchanged, and the amortization
schedule for the trust balance was adjusted from 30 to 20 years.
S&P's updated valuation for this asset is comparable to its value
at issuance.

The Penn Mar Shopping Center loan is the fifth-largest loan in the
pool and the largest loan on the master servicer's watchlist.  The
loan has a trust balance of $36.2 million (2.8%) and is secured by
an 11-building, 381,933-sq.-ft. shopping center in Forestville,
Md., built in 1960, and renovated in 2004.  The reported trailing-
12-month DSC for the period ended June 30, 2009, was 1.47x and
occupancy was 95.0%, compared with 1.48x and 94.0%, respectively,
as of year-end 2008.  The loan appears on the servicer's watchlist
due to a natural gas explosion at the property on May 7, 2009.
There has been no material impact on the loan's performance, in
S&P's assessment, and the master servicer said the repairs should
be completed around May 1, 2010.  The master servicer has
indicated it will remove the loan from its watchlist once the
borrower provides evidence to the master servicer that the repairs
have been completed.

The United Supermarket Portfolio loan is the seventh-largest loan
in the pool and the second-largest loan on the master servicer's
watchlist.  The loan has a trust balance of $33.0 million (2.6%)
and is secured by a portfolio of 12 cross-collateralized and
cross-defaulted, single-tenant retail properties in various cities
throughout Texas.  The properties total 518,173 net rentable sq.
ft., were constructed between 1985 and 1999, and are all 100%
occupied.  The reported DSC and occupancy for year-end 2007 and
2008 were 1.46x and 100%, respectively.  Only one of the 12
crossed loans, the United #533 Amarillo, Texas, loan, appears on
the servicer's watchlist due to deferred maintenance on the roof.

The Home Depot Shopping Center loan is the 10th-largest loan in
the pool and the third-largest loan on the master servicer's
watchlist.  The loan has a trust balance of $27.0 million (2.1%)
and is secured by a two-tenant 157,912 sq. ft. retail shopping
center built in 1993 in Somerville, Mass.  Home Depot occupies 78%
of the gross leasable area (GLA), and Circuit City occupied the
second space for 22% of the GLA until it filed for bankruptcy and
closed its store.  Reported occupancy dropped to 78% from 100% in
2008 for the trailing-nine months ended Sept. 30, 2009, due to
Circuit City's decision to vacate the property in March 2009.  DSC
dropped to 1.55x from 1.90x during this same time period.  S&P
understands that Home Depot is in negotiations with the borrower
to expand into the vacant space or to take over the space and
sublet it.

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

      Ratings Lowered And Removed From Creditwatch Negative

           Citigroup Commercial Mortgage Trust 2005-C3
          Commercial mortgage pass-through certificates

                  Rating
                  ------
      Class     To      From          Credit enhancement (%)
      -----     --      ----          ----------------------
      A-J       A+      AAA/Watch Neg             14.52
      B         A-      AA/Watch Neg              12.12
      C         BBB+    AA-/Watch Neg             10.85
      D         BBB     A/Watch Neg                9.16
      E         BBB-    A-/Watch Neg               7.75
      F         BB      BBB/Watch Neg              6.20
      G         BB-     BBB-/Watch Neg             5.07
      H         B+      BB-/Watch Neg              4.09
      J         B       B+/Watch Neg               3.66
      N         D       CCC-/Watch Neg             1.97
      O         D       CCC-/Watch Neg             1.75

      Ratings Affirmed And Removed From Creditwatch Negative

           Citigroup Commercial Mortgage Trust 2005-C3
          Commercial mortgage pass-through certificates

                  Rating
                  ------
      Class     To      From          Credit enhancement (%)
      -----     --      ----          ----------------------
      K         B-      B-/Watch Neg               3.10
      L         CCC     CCC/Watch Neg              2.68
      M         CCC-    CCC-/Watch Neg             2.25

              Ratings Affirmed (Pooled Certificates)

           Citigroup Commercial Mortgage Trust 2005-C3
          Commercial mortgage pass-through certificates

           Class     Rating      Credit enhancement (%)
           -----     ------      ----------------------
           A-1       AAA                          33.82
           A-2       AAA                          33.82
           A-3       AAA                          33.82
           A-SB      AAA                          33.82
           A-4       AAA                          33.82
           A-1A      AAA                          33.82
           A-MFL     AAA                          22.55
           A-M       AAA                          22.55
           XC        AAA                            N/A
           XP        AAA                            N/A

                      N/A - Not applicable.

            Ratings Affirmed (Non-Pooled Certificates)

           Citigroup Commercial Mortgage Trust 2005-C3
          Commercial mortgage pass-through certificates

           Class     Rating      Credit enhancement (%)
           -----     ------      ----------------------
           CP-1       BBB                          N/A
           CP-2       BBB-                         N/A
           CP-3       BB+                          N/A

                      N/A - Not applicable.


COLTS 2005-2: Fitch Affirms Ratings on Two Classes of Notes
-----------------------------------------------------------
Fitch Ratings affirms two and downgrades two classes of notes
issued by CoLTS 2005-2, Ltd./Corp.

The downgrades are the result of the considerable credit
deterioration in the portfolio since the last rating review.
Issuers considered 'CCC+' or lower increased to approximately
30.3% of the non-defaulted portion of the portfolio from 13.3%.
Negative performance is further evidenced by defaults, which
represented 12.2% of the total notional balance of the portfolio;
according to the quarterly trustee report dated Dec. 4, 2009
($44.4 million of $365.2 million is defaulted).  An additional
term loan, which comprised 1.6% of the total notional balance,
defaulted after the December reporting date, bringing total
defaults to 13.8%.  The structure's overcollateralization test
continued to pass its threshold of 112.65% only marginally at
112.71%.  The Interest Diversion Test (IDT), which redirects
interest proceeds to purchase additional collateral is no longer
applicable since the transaction exited its reinvestment period.
With one less mechanism in effect to redirect excess spread to
provide credit support to the rated notes, portfolio losses and
credit migration have negatively affected the credit profile of
the class C and class D notes.

The affirmations are due to the improved credit enhancement
available to the notes as a result of principal amortization of
the rated notes following the end of the reinvestment period in
March 2009.  Credit enhancement levels are expected to increase
for the notes due to their relative position in the capital
structure.  Their performance is expected to remain relatively
stable even under conservative performance scenarios.  In
addition, Fitch expects the OC test to fail with the additional
default that occurred since the December reporting date.  Such
failure would divert interest proceeds to pay the capital
structure sequentially, which will further improve credit
enhancement levels for the notes.

The long-term rating of the class A notes addresses the likelihood
that investors will receive full and timely payments of interest,
as per the transaction's governing documents, as well as the
stated balance of principal by the legal final maturity date.  The
long-term ratings of the class B, C, and D notes address the
likelihood that investors will receive ultimate and compensating
interest payments, as per the transaction's governing documents,
as well as the stated balance of principal by the legal final
maturity date

Fitch also analyzed the structure's sensitivity to ongoing
weaknesses in U.S. corporate recoveries.  In its cash flow
analysis, Fitch reduced its average recovery rate assumptions for
each asset type by 30%, where explicit Recovery Ratings were not
available.  The subordinate notes of the capital structure
displayed considerable sensitivity to these stressed recoveries.
As a result, these classes have been assigned Negative Outlooks.

The notes were also assigned Loss Severity ratings.  The LS
ratings indicate each 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 Fitch's
'Criteria for Structured Finance Loss Severity Ratings'.  The LS
rating should always be considered in conjunction with the notes'
long-term credit rating.  Fitch does not assign LS ratings to
tranches rated 'CCC' and below.

CoLTS 2005-2 is a cash flow collateralized loan obligation that
closed Jan. 10, 2006, and is managed Ivy Hill Asset Management,
L.P., an affiliate of Ares Capital Corporation.  Ivy Hill became
manager through a sub-servicing agreement executed with Structured
Asset Investors, LLC, a wholly owned subsidiary of Wachovia Bank,
N.A. on June 15, 2009.  The transaction had exited its
reinvestment period in March 2009, and the portfolio is comprised
of 68.3% traditional middle market loans, 26.8% large middle
market loans, and 4.9% broadly syndicated loans.  In addition, the
portfolio is composed of 97.6% first lien and 2.4% second lien
loans.

Fitch affirms, downgrades and assigns LS ratings to these notes as
indicated:

  -- $222,539,344 class A floating rate notes affirmed at
     'AAA/LS3', Outlook Stable;

  -- $16,000,000 class B floating rate notes affirmed at 'AA/LS5',
     Outlook Stable;

  -- $34,000,000 class C floating rate notes downgraded to
     'BBB/LS4' from 'A', Outlook Negative;

  -- $20,000,000 class D floating rate notes downgraded to 'B/LS5'
     from 'BBB', Outlook Negative.


COLTS 2007-1: Fitch Affirms Ratings on Four Classes of Notes
------------------------------------------------------------
Fitch Ratings affirms four and downgrades one class of notes
issued by CoLTS 2007-1, Ltd./LLC.

The downgrade of the class E notes is the result of credit
deterioration since the last review, with assets considered 'CCC+'
or below increasing to 18.5% of the non-defaulted portfolio
balance from 8.3%.  Defaults have increased to 6.5%, or
$24.1 million, from 4.9% of the total portfolio balance.  Losses
are reflected in the transaction's overcollateralization
measurements.  As of the last trustee report, Jan. 4, 2010, the
class E OC test is failing at 101.32%, relative to a trigger of
104.4%.  The Interest Diversion Test, which uses the same class E
OC calculation, is also failing its trigger of 106.9%.  Failure of
the IDT redirects a maximum of 70% of available interest proceeds
towards the purchase of additional collateral to cure the test.
The IDT, however, is only applicable during the reinvestment
period, which ends in March 2012.  Despite a slight improvement in
credit enhancement as a result of the redemption of notes from the
failure of the class E OC test on the December 2009 payment date,
the level of negative credit migration, combined with lower than
expected recoveries on defaults has significantly increased the
risk profile of the class E notes.

The affirmations are due to the ongoing credit support available
to the class A, B, C and D notes.  Protective structural features,
such as class level OC tests, IDT, and significant levels of
excess spread have supported the credit enhancement levels of
these notes even as there has been some portfolio deterioration.
The class A/B OC, class C OC, and class D OC tests continue to
pass at 133.5%, 115.9%, and 108.3%, respectively, relative to
their triggers of 114.2%, 106.6%, and 106.5%.  The notes continue
to perform as expected at their current rating levels.

The ratings on the class A and B notes address the likelihood that
investors will receive full and timely payments of interest as
well as the stated balance of principal by the legal final
maturity date, as per the transaction's governing documents.  The
ratings on the classes C, D, and E notes address the likelihood
that investors will receive ultimate and compensating interest
payments as well as the stated balance of principal by the legal
final maturity date, as per the transaction's governing documents.

Fitch also analyzed the structure's sensitivity to ongoing
weaknesses in U.S. corporate recoveries.  Fitch reduced its
average recovery rate assumptions for each asset type by 30%,
where explicit Recovery Ratings were not available.  The class D
and class E notes displayed considerable sensitivity to these
stressed recoveries.  As a result, the Rating Outlook for these
classes remains Negative.

The notes were also assigned Loss Severity ratings.  The LS
ratings indicate each 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 Fitch's
'Criteria for Structured Finance Loss Severity Ratings'.  The LS
rating should always be considered in conjunction with the notes'
long-term credit rating.  Fitch does not assign LS ratings to
tranches rated 'CCC' and below.

CoLTS 2007-1 is a revolving cash flow collateralized loan
obligation that closed Feb. 27, 2007 and is managed by Ivy Hill
Asset Management, L.P., an affiliate of Ares Capital Corporation.
Ivy Hill became manager through a sub-servicing agreement executed
with Structured Asset Investors, LLC, on June 15, 2009.  The
transaction will exit the reinvestment period in March 2012.  The
portfolio is currently comprised of 96.2% first lien and 3.8% of
second lien loans.

Fitch affirms, downgrades and assigns LS ratings to these notes as
indicated:

  -- $240,690,909 class A floating rate notes affirmed at
     'AAA/LS2', Outlook Stable;

  -- $ 22,250,000 class B floating rate notes affirmed at
     'AA/LS5', Outlook Stable;

  -- $40,000,000 class C floating rate deferrable interest notes
     affirmed at 'A/LS4', Outlook Stable;

  -- $21,215,000 class D floating rate deferrable interest notes
     affirmed at 'BBB/LS5', Outlook Negative;

  -- $22,250,000 class E floating rate deferrable interest notes
     downgraded to 'B/LS5' from 'BB', Outlook Negative.


COLUMBUS BANK: S&P Puts 'BB+/B' Ratings on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+/B' ratings on
26 bond issues supported by Columbus Bank and Trust Co. letters of
credit on CreditWatch with negative implications.

The ratings on the affected issues are based on the credit and
liquidity support that Columbus Bank and Trust Co. (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 S&P's
long- and short-term counterparty credit ratings on Columbus Bank
and Trust Co. 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

                   Beverage South of Aiken LLC
      US$13.5 mil taxable var rt secs ser 2007 due 04/01/2022

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             08782VAA6?     BB+/Watch Neg/B      BB+/B

                        Cityscape SCP LLC
     US$13.17 mil taxable var rt secs ser 2007 due 03/01/2027

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             17878KAB4?     BB+/Watch Neg/B      BB+/B

                        Columbus Dev Auth
           US$11.5 mil rev bnds ser 2002 due 01/01/2032

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             19912HBC2?     BB+/Watch Neg/B      BB+/B

                        Columbus Dev Auth
        US$9 mil indl dev rev bnds ser 2002 due 08/01/2022

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             199118CC2?     BB+/Watch Neg/B      BB+/B

                        Columbus Dev Auth
     US$13.27 mil taxable var rt bnds ser 2002 due 12/01/2022

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             19912HBK4?     BB+/Watch Neg/B      BB+/B

                        Columbus Dev Auth
       US$3.4 mil taxable rev bnds ser 2003 due 05/01/2023

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             19912HBM0?     BB+/Watch Neg/B      BB+/B

                    Columbus Downtwn Dev Auth
    US$7.9 mil fltg rate 7 day dem indl dev rev bnds ser 1985
                          due 08/01/2015

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             199119AA6?     BB+/Watch Neg/B      BB+/B

                        Greene (R.M.) Inc.
       US$5 mil taxable var rt sec ser 2000 due 05/01/2030

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             74962GAA3?     BB+/Watch Neg/B      BB+/B

                   Hodges Bonded Warehouse Inc.
     US$16 mil taxable var fxd rt nts ser 2007 due 09/01/2027

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             434264AB3?     BB+/Watch Neg/B      BB+/B

                      Jackson Beverages LLC
       US$9 mil taxable var rt secs ser 2005 due 02/01/2020

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             466541AA7?     BB+/Watch Neg/B      BB+/B

                        Legends Pk Imp Dist
     US$2.325 mil tax-exempt imp bnds ser 2002 due 12/01/2022

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             524929AA4?     BB+/Watch Neg/B      BB+/B

                            Mike Bowden
       US$11 mil taxable var rt secs ser 2002 due 01/01/2022

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             102260AA4?     BB+/Watch Neg/B      BB+/B

                      MOB Management One LLC
     US$13.305 mil var rt rev bnds ser 2001 A due 12/01/2026

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             553119AA6?     BB+/Watch Neg/B      BB+/B

                     MOB Management One LLC
      US$3.13 mil var rt rev bnds ser 2001 B due 12/01/2031

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             553119AB4?     BB+/Watch Neg/B      BB+/B

                      MOB Management Two LLC
      US$17.45 mil var rt rev bnds ser 2001 A due 12/01/2031

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             553120AA4      BB+/Watch Neg/B      BB+/B

                           Sea Island Co.
      US$50 mil var rate taxable nts ser 2003 due 04/01/2023

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             81140UAA2?     BB+/Watch Neg/B      BB+/B

                         Stone Creek LLC
        US$6.4 mil var rt dem nts ser 2006 due 12/01/2041

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             861622AD0?     BB+/Watch Neg/B      BB+/B

                      Tant Real Estate LLC
US$3 mil var/fixed rate var/fixed rate taxable secd prom nts nts
                     ser 2003 due 03/01/2023

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             87588SAA3?     BB+/Watch Neg/B      BB+/B

                       Taylor Ryan Imp Dist
           US$13.8 mil imp bnds ser 2005 due 11/01/2035

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             7726KAE5?     BB+/Watch Neg/B      BB+/B

                          Thayer Prop LLC
     US$14.1 mil taxable var rate sec ser 2000 due 07/01/2020

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             883312AB6?     BB+/Watch Neg/B      BB+/B

                      Thetford Threesome LLC
   US$3.1 mil var/fxd rt secd prom nts ser 2002 due 10/15/2022

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             883692AA3?     BB+/Watch Neg/B      BB+/B

                         Tifton Mall Inc.
      US$9.1 mil taxable var-rt secs ser 1996 due 04/01/2026

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             886704AA3?     BB+/Watch Neg/B      BB+/B

           Warrior Roofing Manufacturing of Georgia LLC

          US$4 mil var rt dem nts ser 2004 due 12/15/2034

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             93626PAA1?     BB+/Watch Neg/B      BB+/B

                    Winder-Barrow Indl Bldg Auth
   US$12.5 mil taxable indl dev rev bnds ser 2000 due 02/01/2020

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             973174AH8?     BB+/Watch Neg/B      BB+/B

                             WLB LLC
       US$12 mil taxable var rt secs ser 1997 due 02/01/2046

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             92928NAB1?     BB+/Watch Neg/B      BB+/B

                   Woodland Park Apartments LLC
     US$15.665 mil taxable var rt secs ser 2001 due 06/01/2031

                                    Rating
                                    ------
             CUSIP          To                   From
             -----          --                   ----
             979654AA8?     BB+/Watch Neg/B      BB+/B


COMM 2005-LP5: S&P Downgrades Ratings on 11 Classes of CMBS
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 11
classes of commercial mortgage-backed securities from COMM 2005-
LP5 and removed them from CreditWatch with negative implications.
In addition, S&P affirmed its ratings on 10 other classes from the
same transaction and removed three of them from CreditWatch with
negative implications.

The downgrades follow S&P's analysis of the transaction using its
U.S. conduit and fusion CMBS criteria, which was the primary
driver of S&P's rating actions.  The downgrades of the subordinate
classes also reflect credit support erosion that S&P anticipate
will occur upon the eventual resolution of three specially
serviced loans.  S&P's analysis included a review of the credit
characteristics of all of the loans in the pool.  Using servicer-
provided financial information, S&P calculated an adjusted debt
service coverage of 1.64x and a loan-to-value ratio of 91.0%.  S&P
further stressed the loans' cash flows under its 'AAA' scenario to
yield a weighted average DSC of 1.07x and an LTV ratio of 119.2%.
The implied defaults and loss severity under the 'AAA' scenario
were 57.6% and 32.0%, respectively.  The DSC and LTV calculations
S&P noted above exclude four defeased loans ($49.7 million, 4.3%)
and three ($28.8 million, 2.5%) of the four specially serviced
assets.  S&P separately estimated losses for these three specially
serviced assets and included them in its 'AAA' scenario implied
default and loss figures.

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

                      Credit Considerations

As of the February 2010 remittance report, four assets
($117.3 million, 10.2%) in the pool were in special servicing.
LNR Partners Inc. specially services only the Lakeside Mall loan;
CWCapital Asset Management LLC services the remaining three
assets.  The payment status of the specially serviced assets is:
one is current ($88.6 million, 7.7%), one is in its grace period
($25.5 million, 2.2%), one is 90-plus-days delinquent
($1.1 million, 0.1%), and one is real estate owned ($2.2 million,
0.2%).  Two of the specially serviced assets have appraisal
reduction amounts in effect totaling $7.0 million.

The Lakeside Mall loan, the largest loan in special servicing and
the second-largest loan in the pool, has a trust balance of
$88.6 million (7.7%) and a whole-loan balance of $177.2 million.
An $88.6 million pari passu A note serves as collateral in the GE
Commercial Mortgage 2005-C1 transaction.  The loan is secured by a
first mortgage encumbering 643,375 sq.  ft.  of a 1,478,375-sq.-
ft. regional mall in Sterling Heights, Mich.  The loan is current
and was transferred to the special servicer on May 6, 2009,
following the April 16, 2009, bankruptcy filing of the borrower,
General Growth Properties.  On Dec. 15, 2009, the bankruptcy court
confirmed a modification plan for 85 GGP loans, including the
Lakeside Mall loan.  LNR has confirmed that the maturity date of
this loan was extended 78 months, until June 1, 2016.  As of
Sept. 30, 2009, the reported DSC was 1.58x and occupancy was 91%,
compared with 1.93x and 92.4% at issuance.

The Las Ventanas Apartments loan is the largest loan specially
serviced by CWCapital.  This loan has a total exposure of
$25.7 million (2.2%) and is secured by a 376-unit multifamily
property in Houston, Texas.  The loan was reported in its grace
period and was transferred to the special servicer on Oct. 18,
2007, due to monetary default.  As of September 2009, the reported
DSC for the loan was 0.65x.  Reported occupancy as of February
2010 was 92%.  A receiver is in place, and the special servicer is
preparing to foreclose on the loan.  There is a $5.6 million ARA
in effect for this asset.  S&P expects a moderate loss upon the
resolution of this asset.

The two remaining specially serviced assets ($3.3 million, 0.3%)
have balances that individually represent less than 0.2% of the
total pool balance.  S&P estimated losses for these assets.  The
weighted average loss severity was 59.6%.

S&P notes that three additional loans ($43.2 million, 3.7%) were
transferred to CWCapital after the February 2010 remittance report
was published.  Two loans were transferred for maturity defaults,
and the other loan was transferred due to imminent default.

                       Transaction Summary

As of the February 2010 remittance report, the collateral pool
balance was $1.15 billion, which is 67.7% of the balance at
issuance.  The pool includes 130 loans, down from 137 at issuance.
The master servicer for the transaction, Midland Loan Services
Inc., provided financial information for 99.3% of the pool, and
97.5% of the servicer-provided information was full-year 2008 or
interim-2009 data.  S&P calculated a weighted average DSC of 1.64x
for the nondefeased loans in the pool based on the reported
figures.  S&P's adjusted DSC and LTV, which exclude four defeased
loans ($49.7 million, 4.3%) and three ($28.8 million, 2.5%) of the
four specially serviced assets, were 1.52x and 91.0%,
respectively.  S&P estimated losses separately for these three
specially serviced assets.  The transaction has experienced
$2.5 million of principal losses to date.  Twenty-seven loans
($264.8 million, 23.0%) are on the master servicer's watchlist.
Twenty-nine loans ($197.4 million, 17.1%) have a reported DSC
below 1.10x, and 14 of these loans ($137.0 million, 11.9%) have a
reported DSC of less than 1.0x.

                     Summary of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$471.0 million (40.9%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 1.86x for the top 10 loans.
Two of the top 10 loans ($114.1 million total exposure, 9.9%) are
with the special servicer, which S&P discussed in detail above.
Three of the top 10 loans ($127.9 million, 11.1%) appear on the
master servicer's watchlist, which S&P discuss in detail below.
Excluding the two specially serviced loans, S&P's adjusted DSC and
LTV for the top 10 loans are 1.60x and 90.8%, respectively.

The Burnham Center loan is the fourth-largest loan in the pool and
the largest loan on the master servicer's watchlist.  The loan has
a trust balance of $46.8 million (4.1%) and is secured by a
579,778-sq.-ft., 22-story office building in Chicago.  The year-
to-date through September 2009 DSC was 1.58x.  The loan had an
anticipated repayment date of March 1, 2010.  The master servicer
has confirmed that the loan did not pay off yesterday.

The Loews Miami Beach loan is the fifth-largest loan in the pool
and the second-largest loan on the watchlist.  The loan has a
trust balance of $46.1 million (4.0%).  It is pari passu with a
$69.2 million A note in the GE Commercial Mortgage 2005-C2
transaction and a $23.1 million A note in the GMAC Commercial
Mortgage Securities Inc. 2005-C1 transaction.  The loan is secured
by a 790-room, full-service hotel in Miami Beach, Fla.  The
reported trailing-six-month DSC for the period ended June 30,
2009, was 2.25x, down from 3.19x as of Dec. 31, 2008.  The master
servicer is monitoring the loan for insufficient windstorm
insurance coverage.

The Signature Ridge Apartments loan is the sixth-largest loan in
the pool and the third-largest loan on the watchlist.  The loan
has a trust balance of $35.0 million (3.0%) and is secured by a
612-unit class A multifamily property in San Antonio, Texas.  The
year-to-date through September 2009 DSC was 0.88x, down from 1.00x
as of Dec. 31, 2008.  Although reported occupancy has been stable
at 94%, rental concessions at the property have resulted in
revenue declines.

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

      Ratings Lowered And Removed From Creditwatch Negative

                          COMM 2005-LP5

                 Rating
                 ------
     Class     To      From            Credit enhancement (%)
     -----     --      ----            ----------------------
     B         A+      AA/Watch Neg                     15.09
     C         A       AA-/Watch Neg                    13.80
     D         A-      A/Watch Neg                      11.40
     E         BBB+    A-/Watch Neg                      9.56
     F         BBB     BBB+/Watch Neg                    7.53
     G         BBB-    BBB/Watch Neg                     6.24
     H         BB+     BBB-/Watch Neg                    4.76
     J         BB-     BB+/Watch Neg                     3.65
     K         B+      BB/Watch Neg                      3.10
     L         B+      BB-/Watch Neg                     2.73
     M         B       B+/Watch Neg                      2.36

      Ratings Affirmed And Removed From Creditwatch Negative

                          COMM 2005-LP5

                 Rating
                 ------
     Class     To      From            Credit enhancement (%)
     -----     --      ----            ----------------------
     A-J       AAA     AAA/Watch Neg                    19.15
     N         B-      B-/Watch Neg                      1.81
     O         CCC+    CCC+/Watch Neg                    1.44

                         Ratings Affirmed

                          COMM 2005-LP5

          Class     Rating       Credit enhancement (%)
          -----     ------       ----------------------
          A-2        AAA                          29.30
          A-3        AAA                          29.30
          A-SB       AAA                          29.30
          A-4        AAA                          29.30
          A-1A       AAA                          29.30
          X-C        AAA                            N/A
          X-P        AAA                            N/A

                       N/A - Not applicable.


CREDIT SUISSE: Moody's Downgrades Ratings on 2002-CKP1 Certs.
-------------------------------------------------------------
Moody's Investors Service downgraded one class of Credit Suisse
First Boston Commercial Mortgage Corp., Commercial Mortgage Pass-
Through Certificates, Series 2002-CKP1 and placed ten classes on
review for possible downgrade.  Moody's downgraded the rating of
Class P to C because it has experienced realized losses from the
liquidation of specially serviced loans.

Ten classes have been placed on review for possible downgrade due
to higher expected losses for the pool resulting from anticipated
losses from loans in special servicing and concerns about loans
approaching maturity in an adverse environment.  The rating action
is the result of Moody's on-going surveillance of commercial
mortgage backed securities transactions.

As of the February 18, 2010 distribution date, the transaction's
aggregate certificate balance has decreased by 19% to
$808.8 million from $992.9 million at securitization.  The
Certificates are collateralized by 141 mortgage loans ranging in
size from less than 1% to 7% of the pool, with the top ten non-
defeased loans representing 39% of the pool.  Twenty-six loans,
representing 22% of the pool, have defeased and are collateralized
with U.S. Government securities.

Twenty-eight loans, representing 10% 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.

Sixteen loans have been liquidated from the pool, resulting in an
aggregate realized loss of $23.5 million (41% loss severity on
average).  Seven loans, representing 4% of the pool, are currently
in special servicing.  The largest specially serviced loan is the
Seville Place Apartments Loan ($11.7 million -- 1.4% of the pool),
which is secured by a 444 unit apartment building located in
Orlando, Florida.  This loan is 90+ days delinquent and is
currently in the process of foreclosure.  The remaining six
specially serviced loans are secured by a mix of multifamily,
office and retail properties.

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

Moody's rating action is :

  -- Class D, $26,063,000, Aaa on review for possible downgrade;
     previously upgraded to Aaa from Aa1 on 8/22/2007

  -- Class E, $14,893,000, Aa1 on review for possible downgrade;
     previously upgraded to Aa1 from Aa2 on 7/17/2008

  -- Class F, $13,652,000, Aa3 on review for possible downgrade;
     previously upgraded to Aa3 from A1 on 7/17/2008

  -- Class G, $14,893,000, A2 on review for possible downgrade;
     previously upgraded to A2 from A3 on 8/22/2007

  -- Class H, $14,893,000, Baa1 on review for possible downgrade;
     previously upgraded to Baa1 from Baa3 on 3/16/2006

  -- Class K-Z, $19,875,000, Ba1 on review for possible downgrade;
     previously assigned Ba1 on 3/25/2002

  -- Class L, $16,134,000, Ba2 on review for possible downgrade;
     previously assigned Ba2 on 3/25/2002

  -- Class M, $8,688,000, Ba3 on review for possible downgrade;
     previously assigned Ba3 on 3/25/2002

  -- Class N, $7,447,000, B3 on review for possible downgrade;
     previously downgraded to B3 from B1 on 7/17/2008

  -- Class O, $8,687,000, Caa1 on review for possible downgrade;
     previously downgraded to Caa1 from B2 on 7/17/2008

  -- Class P, $2,595,521, downgraded to C from Caa2; previously
     downgraded to Caa2 from B3 on 7/17/2008


CREDIT SUISSE: Moody's Affirms Ratings on Six 2004-C3 Certs.
------------------------------------------------------------
Moody's Investors Service affirmed the ratings of six classes and
downgraded 13 classes of Credit Suisse First Boston Mortgage
Securities Corp., Commercial Mortgage Pass-Through Certificates,
Series 2004-C3.  The downgrades are due to higher expected losses
for the pool resulting from anticipated losses from specially
serviced loans and concerns about refinancing risk associated with
loans approaching maturity in an adverse environment.  Fourteen
non-defeased loans, representing 8% of the pool, mature within the
next 24 months.  Eight of these loans, representing 6% of the
pool, have a Moody's stressed debt service coverage ratio less
than 1.00X.

The affirmations are due to key rating parameters, including
Moody's loan to value ratio, Moody's stressed DSCR and the
Herfindahl Index, remaining within acceptable ranges.  In
addition, the certificates benefit from increased subordination
due to loan paydowns and principal amortization.  The pool balance
has declined by 18% since Moody's last review.

On February 17, 2010 Moody's placed 13 classes of this transaction
on review for possible downgrade due to potential losses from
specially serviced and other poorly performing loans.  This action
concludes Moody's review of the transaction.  The rating action is
the result of Moody's on-going surveillance of commercial mortgage
backed securities transactions.

As of the February 18, 2010 distribution date, the transaction's
aggregate certificate balance has decreased by 21% 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.  Defeasance at last review represented 23% of the
pool.

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 on
average).  Twenty loans, representing 13% of the pool, are
currently in special servicing.  The largest specially serviced
loan is the Fountain Valley Town Center Loan ($23.7 million --
1.8% of the pool), which is secured by a 220,000 square foot
community retail center located in Fountain Valley, California.
The loan was transferred to special servicing in August 2009 for
imminent default and defaulted on its balloon payment on
October 1, 2009.  The loan is now current and the borrower is
negotiating a loan extension.  The remaining 19 properties are
secured by a mix of property types.  Moody's estimates an
aggregate $55.7 million loss for 18 of the specially serviced
loans (38% loss severity on average).  At last review, five loans,
representing 2% of the pool, were in special servicing.

In addition to recognizing losses from specially serviced loans,
Moody's has assumed a high default probability on four poorly
performing loans representing 5% of the pool.  Moody's estimates a
$19.3 million aggregate loss for these troubled loans (30% loss
severity on average based on 75% probability of default).  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 96% and 69% of the non-defeased pool,
respectively.  Excluding specially serviced and troubled loans,
Moody's weighted average LTV ratio is 90% compared to 92% at
Moody's prior full review.

Excluding specially serviced and troubled loans, Moody's actual
and stressed DSCR are 1.41X and 1.19X, respectively, compared to
1.31X and 1.13X at last review.  Moody's actual DSCR is based on
Moody's net cash flow (NCF) 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 diversity of loan
size, where a higher number represents greater diversity.  Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple-notch downgrades under
adverse circumstances.  The credit neutral Herf score is 40.  The
pool has a Herf of 26, compared to 38 at last review.

The top three loans represent 18% of the pool.  The largest loan
is the Pacific Design Center Loan ($145.0 million -- 11.1% of the
pool), which is secured by a 916,000 square foot office and design
showroom complex located in West Hollywood, California.  In
addition to the showroom and office space, the property also
houses a 384-seat theater and screening room, conference
facilities, a two-story gallery leased to the Museum of
Contemporary Art, a fitness facility and two restaurants.  The
property was 82% leased as of June 2009 compared to 89% at last
review.  Although the property's performance has improved since
securitization, it has not yet achieved the increased cashflow
projected at securitization.  Moody's LTV and stressed DSCR are
85% and 1.28X, respectively, compared to 81% and 1.27X at last
review.

The second largest loan is the Centerpointe Mall Loan
($44.1 million -- 3.4% of the pool), which is secured by a 774,000
square foot retail center located in Grand Rapids, Michigan.  The
largest tenants are Menard, Inc (11% of the NRA, lease expiration
July 2013), Toys "R" Us (6%, lease expiration January 2014), and
Jo-Ann Fabrics & Craft (5%, lease expiration January 2020).  The
center was 70% leased as of October 2009 compared to 88% at
securitization.  The loan is on the servicer's watchlist due to
low DSCR and occupancy.  Performance has deteriorated
significantly since last review due to several tenants, including
Klingman Furniture, Steve & Barry's and Linen 'N Things, vacating
the property in 2008.  The property's net operating income has
declined more than 40% since securitization.  Although the loan is
current, Moody's assumes a high probability of default (75%) based
on the property's inferior market position relative to its current
capital structure.  Moody's LTV and stressed DSCR are 160% and
0.68X, respectively, compared to 104% and 1.04X at last review.

The third largest loan is the BC Wood Portfolio Loan
($41.9 million -- 3.2% of the pool), which is secured by four
shopping centers totaling 893,000 square feet located in
Louisville, Lexington, and Paris, Kentucky.  The portfolio was 88%
leased as of December 2008 compared to 91% at securitization.
Performance has declined due to lower occupancy and increased
expenses.  Moody's LTV and stressed DSCR are 96% and 1.1X,
respectively, compared to 88% and 1.17X at last review.

Moody's rating action is:

  -- Class A-3, $58,309,659, affirmed at Aaa; previously assigned
     at Aaa on 10/25/2004

  -- Class A-4, $102,918,000, affirmed at Aaa; previously assigned
     at Aaa on 10/25/2004

  -- Class A-5, $694,474,000, affirmed at Aaa; previously assigned
     at Aaa on 10/25/2004

  -- Class A-1A, $239,915,996, affirmed at Aaa; previously
     assigned at Aaa on 10/25/2004

  -- Class A-X, Notional, affirmed at Aaa; previously assigned at
     Aaa on 10/25/2004

  -- Class A-SP, Notional, affirmed at Aaa; previously assigned at
     Aaa on 10/25/2004

  -- Class B, $45,084,000, downgraded to Aa3 from Aa2; previously
     placed on review for possible downgrade on 2/17/2010

  -- Class C, $14,345,000, downgraded to A2 from Aa3; previously
     placed on review for possible downgrade on 2/17/2010

  -- Class D, $28,690,000, downgraded to Baa1 from A2; previously
     placed on review for possible downgrade on 2/17/2010

  -- Class E, $16,395,000, downgraded to Ba1 from A3; previously
     placed on review for possible downgrade on 2/17/2010

  -- Class F, $20,493,000, downgraded to B3 from Baa1; previously
     placed on review for possible downgrade on 2/17/2010

  -- Class G, $16,394,000, downgraded to Caa2 from Baa2;
     previously placed on review for possible downgrade on
     2/17/2010

  -- Class H, $22,542,000, downgraded to Ca from Baa3; previously
     placed on review for possible downgrade on 2/17/2010

  -- Class J, $8,198,000, downgraded to C from Ba1; previously
     placed on review for possible downgrade on 2/17/2010

  -- Class K, $6,147,000, downgraded to C from Ba2; previously
     placed on review for possible downgrade on 2/17/2010

  -- Class L, $8,198,000, downgraded to C from Ba3; previously
     placed on review for possible downgrade on 2/17/2010

  -- Class M, $6,148,000, downgraded to C from B1; previously
     placed on review for possible downgrade on 2/17/2010

  -- Class N, $6,147,000, downgraded to C from Caa1; previously
     placed on review for possible downgrade on 2/17/2010

  -- Class O, $2,050,000, downgraded to C from Caa2; previously
     placed on review for possible downgrade on 2/17/2010


CREDIT SUISSE: S&P Downgrades Ratings on 14 2005-C4 Securities
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 14
classes of commercial mortgage-backed securities from Credit
Suisse First Boston Mortgage Securities Corp.'s series 2005-C4 and
removed them from CreditWatch with negative implications.  In
addition, S&P affirmed its ratings on 10 additional classes from
the same transaction.

The downgrades follow S&P's analysis of the transaction using its
U.S. conduit and fusion CMBS criteria, which was the primary
driver of the rating actions.  The downgrades of the subordinate
classes also reflect credit support erosion that S&P anticipates
will occur upon the eventual resolution of seven specially
serviced loans ($55.7 million, 4.4%).  On a weighted average
basis, S&P expects these seven specially serviced loans to
experience losses of 41.6% upon their eventual liquidation.  S&P
downgraded classes N and O to 'D' because of recurring interest
shortfalls over the last five months.  The shortfalls are
primarily due to appraisal subordinate entitlement reduction
(ASER) amounts and a nonrecoverable servicer advance declaration
made by the master servicer for one asset.  S&P expects the
interest shortfalls to recur for an extended period of time.

S&P's analysis included a review of the credit characteristics of
all of the loans in the pool.  Using servicer-provided financial
information, S&P calculated an adjusted debt service coverage
(DSC) of 1.55x and a loan-to-value ratio of 95.9% for the pooled
loans.  S&P further stressed the pooled loans' cash flows under
its 'AAA' scenario to yield a weighted average DSC of 1.01x and an
LTV of 127.1%.  The implied defaults and loss severity under the
'AAA' scenario were 57.8% and 33.9%, respectively.  All of the DSC
and LTV calculations S&P noted above exclude seven ($55.7 million,
4.4%) of the eight specially serviced assets, two credit-impaired
loans ($4.2 million, 0.3%), and eight defeased loans
($190.6 million, 15.0%).  S&P separately estimated losses for the
seven specially serviced assets and two credit-impaired loans and
included them in S&P's 'AAA' scenario implied default and loss
figures.

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

                      Credit Considerations

As of the February 2010 remittance report, eight assets
($57.4 million, 4.5%) in the pool are with the special servicer,
Centerline Servicing Inc.  A breakdown of the specially serviced
assets by payment status is: two ($18.2 million, 1.4%) are in
foreclosure, five (37.5 million, 2.9%) are more than 90 days
delinquent, and one ($1.7 million, 0.1%) is more than 60 days
delinquent.  Three of the specially serviced assets have appraisal
reduction amounts in effect totaling $17.8 million.  In addition,
the master servicer, KeyCorp Real Estate Capital Markets Inc.
(KeyCorp), has declared future advances to be nonrecoverable on
one loan.  Details of the four specially serviced loans that are
contributing to the interest shortfalls are:

The Pavilion Center loan ($22.8 million, 1.6%) is the largest loan
with the special servicer and is secured by a 136,750-sq.-ft.
retail property in San Diego.  For the 12-month period ending
Dec. 31, 2009, the property reported a DSC of 0.91x and occupancy
of 64%.  The loan was transferred to the special servicer on
Feb. 19, 2009, due to imminent default and is now more than 90
days delinquent.  An ARA totaling $3.7 million is in effect for
this loan.  The resulting reported ASER amount on the Feb. 18,
2010, remittance report was $18,096 and the reported cumulative
ASER amount is $125,510.  Standard & Poor's expects a moderate
loss upon the resolution of this asset.

The Normandie Holding Portfolio I loan has a total exposure of
$17.5 million, which includes $2 million in advancing and interest
thereon (1.22%), and is the second-largest exposure with the
special servicer.  The portfolio is secured by two multifamily
properties totaling 528 units in Detroit, Mich.  The loan was
transferred to the special servicer on Dec. 3, 2008, due to
deferred maintenance issues and environmental concerns, and is now
in foreclosure.  An ARA totaling $13.98 million is in effect for
this loan.  The resulting reported ASER amount on the Feb. 18,
2010, remittance report was $58,735 and the reported cumulative
ASER amount is $413,797.  Based on the most recent appraisal
provided and considering the deferred maintenance and
environmental concerns for the collateral property, Standard &
Poor's expects a significant loss upon the resolution of this
asset.  Although Standard & Poor's is not aware of a pending
nonrecoverable advance determination for this loan, this could
occur in the future given the total outstanding exposure on the
loan.  Should a nonrecoverable advance determination be made, S&P
will evaluate the impact of the related shortfalls on S&P's
outstanding ratings.

The Marbella Plaza Shopping Center loan (4.5 million, 0.4%) is
secured by a 64,228-sq.-ft., single-level neighborhood shopping
center in Phoenix, Ariz.  The loan was transferred to the special
servicer on Aug. 10, 2009, due to imminent default and is now more
than 90 days delinquent.  An ARA totaling $0.2 million is in
effect for this loan.  The resulting reported ASER amount on the
Feb. 18, 2010, remittance report was $659 and the reported
cumulative ASER amount is $659.  Standard & Poor's expects a
minimal loss upon the resolution of this asset.

The Sunset Trace Apartments loan ($2.7 million, 0.2%) is secured
by an 86-unit, multifamily property in Melbourne, Fla.  The loan
was transferred to the special servicer on July 7, 2008, due to
imminent default and is now in foreclosure.  The master servicer
declared future advances nonrecoverable on Sept. 16, 2009.
Ongoing interest shortfalls due to the lack of interest advances
will be approximately $13,000 per month.  As of the February 18,
2010 remittance report, the total reported outstanding advance
amount for this loan was approximately $540,000.  Standard &
Poor's expects a significant loss upon the resolution of this
asset.

The four remaining specially serviced loans have balances that
individually represent 0.7% or less of the total pool balance.
S&P estimated losses for seven ($44. million, 2.0%) of the eight
specially serviced assets.  The weighted average loss severity for
these seven assets was 41.6%.  The special servicer is reviewing
resolution strategies, including possible a modification for the
remaining loan.

In addition to the specially serviced assets, S&P determined two
loans ($4.2 million, 0.3%) to be credit-impaired.   The West Ridge
Outlot loan ($2.8 million, 0.2%) is currently on the master
servicer's watchlist, and is secured by a 13,920-sq.-ft.,
unanchored retail property in Westland, Mich.  As of the nine
months ended Sept. 30, 2009, the property was 53% occupied after
its largest tenant vacated in September of 2009.  Due to the
decreased occupancy and lack of prospective tenants, S&P view this
loan to be at an increased risk of default and loss.

The Cheek-Neal Building loan ($1.4 million, 0.1%) is currently on
the master servicer's watchlist and is secured by a 4,252-sq.-ft.,
mixed-use property in Richmond, Va.  As of the nine months ended
Sept. 30, 2009, the property reported a DSC of 1.44x and was 94%
occupied.  The loan defaulted because the borrower was unable to
secure financing before the loan matured (Feb. 11, 2010).
Therefore, S&P view this loan to be at an increased risk of loss.

                        Transaction Summary

As of the February 2010 remittance report, the collateral pool had
an aggregate trust balance of $1.275 billion, which is 96.0% of
the balance at issuance.  The pool includes 157 assets, compared
with 159 at issuance.  KeyCorp provided financial information for
100% of the loans in the pool: 26.9% of information was full-year
2008 and 71.0% was interim-or full-year 2009 data.  S&P calculated
a weighted average DSC of 1.54x for the loans in the pool based on
the reported figures.  S&P's adjusted DSC and LTV were 1.55x and
95.9%, respectively.  S&P's adjusted figures exclude seven
($55.7 million, 4.4%) specially serviced assets and two credit-
impaired assets ($4.2 million, 0.3%), for which S&P estimated
losses.  The weighted average DSC for these nine loans was 1.14x.
S&P's adjusted figures also exclude eight defeased loans
($190.6 million, 15.0%).  Twenty-five loans ($101.8 million, 8.0%)
are on the master servicer's watchlist.  Four loans
($12.7 million, 1.0%) have reported DSC between 1.0x and 1.10x,
and 11 loans ($38.3 million, 3.0%) have reported DSC of less than
1.0x.

                     Summary of Top 10 Loans

The top 10 exposures secured by real estate have an aggregate
outstanding balance of $376.4 million (29.5%).  Using servicer-
reported numbers, S&P calculated a weighted average DSC of 1.51x
for the top 10 loans.  S&P's adjusted DSC and LTV were 1.01x and
127.1%, respectively, for the top 10 loans.  None of the top 10
loans appear on the master servicer's watchlist.

The Hilton Gaslamp Quarter Hotel loan ($59.6 million, 4.7%) is the
largest loan in the pool and is secured by a 282-room, full-
service hotel in the historic Gaslamp Quarter of San Diego,
Calif., that was built in 2002.  The hotel is located along the
San Diego light rail tracks, is across the street from the San
Diego Convention Center, and contains a 136-space underground
parking garage.  For the 12 months ended Sept. 30, 2009, the
reported DSC was 2.10x and occupancy was 79.8%, compared with DSC
of 1.72x and occupancy of 78.6% at issuance.

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

      Ratings Lowered And Removed From Creditwatch Negative

       Credit Suisse First Boston Mortgage Securities Corp.
   Commercial Mortgage Pass-Through Certificates Series 2005-C4

                 Rating
                 ------
     Class     To      From            Credit enhancement (%)
     -----     --      ----            ----------------------
     A-J       A       AAA/Watch Neg                    13.39
     B         A-      AA/Watch Neg                     11.57
     C         BBB+    AA-/Watch Neg                    10.53
     D         BBB     A/Watch Neg                       8.70
     E         BB+     A-/Watch Neg                      7.40
     F         BB      BBB+Watch Neg                     6.10
     G         BB-     BBB/Watch Neg                     5.06
     H         B       BBB-/Watch Neg                    3.75
     J         B-      BB+/Watch Neg                     3.36
     K         CCC+    BB/Watch Neg                      2.71
     L         CCC-    BB-/Watch Neg                     2.19
     M         CCC-    B+/Watch Neg                      2.06
     N         D       B/Watch Neg                       1.67
     O         D       B-/Watch Neg                      1.28

                         Ratings Affirmed

       Credit Suisse First Boston Mortgage Securities Corp.
   Commercial Mortgage Pass-Through Certificates Series 2005-C4

     Class     Rating                  Credit enhancement (%)
     -----     ------                  ----------------------
     A-1       AAA                                      20.69
     A-2       AAA                                      20.69
     A-3       AAA                                      20.69
     A-4       AAA                                      20.69
     A-AB      AAA                                      20.69
     A-5       AAA                                      30.60
     A-5M      AAA                                      20.69
     A-1-A     AAA                                      20.69
     A-X       AAA                                        N/A
     A-SP      AAA                                        N/A

                      N/A -- Not applicable.


CREDIT SUISSE: S&P Downgrades Ratings on 16 2005-C6 Securities
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 16
classes of commercial mortgage-backed securities from Credit
Suisse First Boston Mortgage Securities Corp.'s series 2005-C6 and
removed them from CreditWatch with negative implications.  In
addition, S&P affirmed its ratings on eight other classes from the
same transaction.

The rating actions follow S&P's analysis of the transaction using
its U.S. conduit and fusion CMBS criteria, which was the primary
driver of the actions.  The downgrades of the subordinate classes
also reflect credit support erosion that S&P anticipates will
occur upon the eventual resolution of the specially serviced
assets, as well as S&P's view of one loan that S&P has determined
to be credit-impaired.  In addition, interest shortfalls,
primarily due to appraisal subordinate entitlement reductions
(ASERs) and special servicing fees, prompted S&P to lower its
rating on class P to 'D'.  S&P expects the interest shortfalls to
class P to continue for the foreseeable future.

S&P's analysis included a review of the credit characteristics of
all of the loans in the pool.  Using servicer-provided financial
information, Standard & Poor's calculated an adjusted debt service
coverage (DSC) of 1.48x and a loan-to-value ratio of 100.2%.  S&P
further stressed the loans' cash flows under its 'AAA' scenario to
yield a weighted average DSC of 1.10x and an LTV of 129.2%.  The
implied defaults and loss severity under the 'AAA' scenario were
76.1% and 33.5%, respectively.  All of the adjusted DSC and LTV
calculations excluded 13 ($106.5 million, 4.4%) of the 14
specially serviced assets, one credit-impaired loan ($3.4 million,
0.1%), and six defeased loans ($46.1 million, 1.9%).  S&P
separately estimated losses for the specially serviced and credit-
impaired assets, which S&P included in its 'AAA' scenario implied
default and loss figures.

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

                      Credit Considerations

Fourteen assets ($249.0 million, 10.4%), including the second-
largest real estate exposure in the pool, are with the special
servicer, ING Clarion Capital Loan Services LLC.  One of these
assets ($6.9 million, 0.3%) is real estate owned by the trust, one
($9.0 million, 0.4%) is in foreclosure, nine ($56.1 million, 2.3%)
are more than 90 days delinquent, one ($21.9 million, 0.9%) is 60
days delinquent, one ($12.5 million, 0.5%) is 30 days delinquent,
and one ($142.5 million, 6.0%) is current.

The Fashion Place Mall loan ($142.5 million, 6.0%) is the second-
largest real estate exposure in the pool and is secured by 323,997
sq. ft. of an 889,950-sq.-ft. regional mall in Murray, Utah.  The
loan was transferred to ING on April 29, 2009, due to the
bankruptcy filing of General Growth Properties on April 16, 2009.
On Dec. 15, 2009, the bankruptcy court confirmed a modification
plan for 85 GGP loans, including the Fashion Place Mall loan.  ING
has confirmed that the maturity date of this loan was extended 41
months until April 5, 2014.  For year-end 2008, reported DSC was
1.56x.  Occupancy was 99.1% as of April 27, 2009.  S&P does not
expect a loss on this loan at this time.

The Villages at Meyerland loan ($21.9 million, 0.9%) is secured by
a 714-unit multifamily complex in Houston, Texas.  The loan was
transferred to ING on Nov. 24, 2009, due to imminent default.  The
loan is currently more than 90 days delinquent.  As of the nine
months ended Sept. 30, 2009, reported DSC was 1.05x, with 87.8%
occupancy.  S&P expects a moderate loss upon the resolution of
this loan.

The AIMCO Chimneys of Oak Creek Apartments loan ($14.6 million,
0.6%) is secured by a 388-unit apartment complex in Kettering,
Ohio.  The loan was transferred to ING on Jan. 9, 2009, due to
monetary default.  The loan is currently more than 90 days
delinquent and is under receivership.  For year-end 2008, reported
DSC was 0.78x, and as of March 19, 2009, occupancy was 77.8%.
S&P expects a significant loss upon the resolution of this loan.

The 11 remaining specially serviced assets ($70.0 million, 2.9%)
have balances that individually represent less than 0.5% of the
total pool balance.  S&P's weighted average estimate of losses for
these assets is 35.8%, based primarily on updated appraisals or
recent broker's opinions of value of the collateral properties.
Appraisal reduction amounts are in effect on nine specially
serviced assets totaling $24.8 million.

In addition to the specially serviced assets, S&P determined one
loan ($3.4 million, 0.1%) to be credit-impaired.  The Metropolitan
Court loan is secured by a 53,850-sq.-ft. industrial building in
Frederick, Md.  As of Dec. 31, 2009, DSC for the property was
0.90x, with 48.7% occupancy.  This occupancy figure reflects the
departure of two major tenants totaling 36,600 sq. ft. in October
2009.  Although 9,000 sq. ft. of the vacant space has since been
leased, S&P believes remaining vacancy may have a material effect
on the property's future cash flow.  Consequently, S&P has deemed
this loan to be at an increased risk of default.

                       Transaction Summary

As of the February 2010 remittance report, the aggregate pooled
trust balance was $2.40 billion, which represents 95.7% of the
aggregate pooled trust balance at issuance.  There are 229 assets
in the pool, which is unchanged since issuance.  The master
servicer for the transaction is KeyCorp Real Estate
Capital Markets Inc. The master servicer provided financial
information for 99.5% of the pool after excluding six defeased
loans ($46.1 million, 1.9%), and 98.0% of the servicer-provided
information was full-year 2008 or interim-2009 data.

S&P calculated a weighted average DSC of 1.47x for the pool based
on the reported figures.  S&P's adjusted DSC and LTV were 1.48x
and 100.2%, respectively, which exclude 13 specially serviced
assets and one credit-impaired loan ($109.8 million, 4.6%) for
which S&P has estimated losses separately.  Based on the servicer-
reported DSC figures, S&P calculated a weighted average DSC of
0.84x for 13 of these 14 assets.  Data was not reported for one
loan.  To date, the transaction has not realized any principal
losses; however, appraisal reduction amounts are outstanding on
nine specially serviced assets totaling $24.8 million.  Fifty-nine
loans ($476.3 million, 19.9%) are on the master servicer's
watchlist, including the fourth- and ninth-largest real estate
exposures in the pool, which S&P discuss in detail below.  Fifty-
three loans ($471.2 million, 19.7%) have a reported DSC of less
than 1.10x, and 40 of these loans ($282.8 million, 11.8%) have a
reported DSC of less than 1.0x.

                     Summary of Top 10 Loans

The top 10 exposures secured by real estate have an aggregate
outstanding balance of $790.1 million (33.0%).  Using servicer-
reported numbers, S&P calculated a weighted average DSC of 1.71x
for the top 10 loans.  S&P's adjusted DSC and LTV for the top 10
loans were 1.58x and 96.3%, respectively.

The HGA Alliance Portfolio loan ($78.9 million, 3.3%) is the
fourth-largest real estate exposure in the pool and is secured by
four multifamily properties with 1,030 aggregate units.  Three of
the buildings are located in Brevard County, Florida, and one is
in Las Vegas, Nev.  The loan appears on the master servicer's
watchlist due to low DSC, primarily due to the operating
performance of the West Melbourne, Fla., property.  As of the nine
months ended Sept. 30, 2009, the reported combined DSC for the
portfolio was 1.08x, with the West Melbourne property at 0.76x.
Overall, the portfolio was 92.5% occupied as of Oct. 13, 2009.

The Highland Industrial loan ($35.7 million, 1.5%) is the ninth-
largest real estate exposure in the pool and is secured by a
459,239-sq.-ft. industrial campus with 18 buildings in Ann Arbor,
Mich.  The loan appears on the master servicer's watchlist due to
low DSC.  As of the 10 months ended Oct. 31, 2009, the reported
DSC was 0.91x and occupancy was 76.4%.

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

     Ratings Lowered And Removed From Creditwatch Negative

       Credit Suisse First Boston Mortgage Securities Corp.
   Commercial mortgage pass-through certificates series 2005-C6

                 Rating
                 ------
    Class  To              From          Credit enhancement (%)
    -----  --              ----          ----------------------
    A-M    A+              AAA/Watch Neg                  20.91
    A-J    BBB+            AAA/Watch Neg                  13.46
    B      BBB             AA/Watch Neg                   11.63
    C      BBB-            AA-/Watch Neg                  10.45
    D      BB+             A+/Watch Neg                    9.67
    E      BB              A/Watch Neg                     8.62
    F      BB-             A-/Watch Neg                    7.32
    G      B+              BBB+/Watch Neg                  6.01
    H      B               BBB/Watch Neg                   4.97
    J      B-              BBB-/Watch Neg                  3.79
    K      B-              BB+/Watch Neg                   3.27
    L      CCC+            BB/Watch Neg                    2.74
    M      CCC+            BB-/Watch Neg                   2.48
    N      CCC             B+/Watch Neg                    2.09
    O      CCC-            B/Watch Neg                     1.70
    P      D               B-/Watch Neg                    1.31

                         Ratings Affirmed

       Credit Suisse First Boston Mortgage Securities Corp.
   Commercial mortgage pass-through certificates series 2005-C6

           Class  Rating        Credit enhancement (%)
           -----  ------        ----------------------
           A-1    AAA                            31.36
           A-2FX  AAA                            31.36
           A-2FL  AAA                            31.36
           A-3    AAA                            31.36
           A-4    AAA                            31.36
           A-1-A  AAA                            31.36
           A-X    AAA                              N/A
           A-SP   AAA                              N/A

                       N/A - Not applicable.


CREDIT SUISSE: Moody's Reviews Ratings on Series 2007-TFL2 Certs.
-----------------------------------------------------------------
Moody's Investors Service placed 12 classes of Credit Suisse First
Boston Mortgage Securities Corp. Commercial Mortgage Pass-Through
Certificates, Series 2007-TFL2 on review for possible downgrade.
Moody's action is due to the potential for higher losses for the
pool resulting from lower valuations on The Resorts Atlantic City
Loan and the Biscayne Landing Loan and interest shortfalls.  Both
of these loans are anticipated to become real estate owned in the
near future and updated appraisal reports indicate lower values
than were reflected in Moody's prior rating action.  Moody's
review will focus on potential losses from the Resorts Atlantic
City Loan and the Biscayne Landing.  The rating action is the
result of Moody's on-going surveillance of commercial mortgage
backed securities transactions.

Based on the February 18, 2010 remittance statement, Classes A-1
through L have experienced cumulative interest shortfalls totaling
$1.6 million.  Moody's anticipates that the pool will continue to
experience interest shortfalls because of the high exposure to
specially serviced loans.  Interest shortfalls are caused by
special servicing fees, including workout and liquidation fees,
appraisal subordinate entitlement reductions and extraordinary
trust expenses.

There are eight loans remaining in the pool.  There are currently
three loans in special servicing including the Resorts Atlantic
City Loan and the Biscayne Landing Loan representing 15% and 9% of
the pooled balance, respectively.  The other specially serviced
loan is the Planet Hollywood Loan which represents 38% of the
pooled balance and has recently been acquired by a subsidiary of
Harrah's Entertainment Inc.

Moody's rating action is:

  -- Class A-1, $518,062,825, Aaa Placed Under Review for Possible
     Downgrade; previously on 8/17/07 Assigned Aaa

  -- Class A-2, $100,000,000, Aaa Placed Under Review for Possible
     Downgrade; previously on 8/17/07 Assigned Aaa

  -- Class A-3, $207,000,000, Baa1 Placed Under Review for
     Possible Downgrade; previously on 12/3/09 Downgraded to Baa1

  -- Class B, $45,700,000, Baa3 Placed Under Review for Possible
     Downgrade; previously on 12/3/09 Downgraded to Baa3

  -- Class C, $42,600,000, Ba1 Placed Under Review for Possible
     Downgrade; previously on 12/3/09 Downgraded to Ba1

  -- Class D, $33,500,000 Ba2 Placed Under Review for Possible
     Downgrade; previously on 12/3/09 Downgraded to Ba2

  -- Class E, $36,600,000, Ba3 Placed Under Review for Possible
     Downgrade; previously on 12/3/09 Downgraded to Ba3

  -- Class F, $36,500,000, B2 Placed Under Review for Possible
     Downgrade; previously on 12/3/09 Downgraded to B2

  -- Class G, $33,500,000, Caa3 Placed Under Review for Possible
     Downgrade; previously on 12/3/09 Downgraded to Caa3

  -- Class H, $39,600,000, Ca Placed Under Review for Possible
     Downgrade; previously on 12/3/09 Downgraded to Ca

  -- Class A-X-1, notional, Aaa Placed Under Review for Possible
     Downgrade; previously on 8/17/07 Assigned Aaa

  -- Class A-X-1, notional, Aaa Placed Under Review for Possible
     Downgrade; previously on 8/17/07 Assigned Aaa


CREDIT SUISSE: S&P Downgrades Ratings on 13 2007-TFL2 Certs.
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 13
classes of commercial mortgage pass-through certificates from
Credit Suisse First Boston Mortgage Securities Corp.'s series
2007-TFL2, a U.S. commercial mortgage-backed securities
transaction.  S&P lowered four of the ratings to 'D' and removed
them from CreditWatch negative.  Concurrently, nine of the lowered
ratings remain on CreditWatch with negative implications.

The downgrades reflect interest shortfalls related primarily to
the Biscayne Landing and Resorts Atlantic City loans.  The lowered
ratings on classes A-X-1, A-X-2, and A-1 through E remain on
CreditWatch negative due to their susceptibility to future
interest shortfalls.  If S&P determine that the interest
shortfalls on the affected classes will be ongoing and not
recovered for an extended period of time, S&P may lower the
applicable ratings to 'D'.  S&P lowered its ratings on classes F
through J to 'D' due to interest shortfalls that S&P expects will
continue for the foreseeable future.

According to the Feb. 16, 2010, trustee remittance report, the
trust experienced interest shortfalls totaling $583,869 in
February.  All of the classes incurred interest shortfalls, and
each class except the A-1, A-X-1, and A-X-2 certificates shorted
100% of its optimal accrued certificate interest.  The transaction
experienced interest shortfalls in the past that led us to
downgrade two other classes to 'D' in 2009.  S&P placed its
ratings on 13 of the outstanding pooled certificates on
CreditWatch negative on Feb. 8, 2010, due to liquidity concerns.
The amount of interest shortfalls increased in February 2010 after
the master servicer, KeyBank Real Estate Capital, made a
nonrecoverable determination on the Biscayne Landing loan.  Prior
interest shortfall amounts relating to another nonrecoverable
determination on the Resorts Atlantic City loan, coupled with
special servicing fees for both loans, have also affected the
trust.

KeyBank made the nonrecoverable determination on the Biscayne
Landing loan ($106.8 million pooled balance; $195.3 million whole-
loan balance) this month after KeyBank received an October 2009
appraisal that valued the collateral at a level that is
significantly below the outstanding pooled trust loan balance of
$106.8 million.  KeyBank reports that it has advanced
approximately $1.9 million to date on the Biscayne Landing loan.
The Feb. 16, 2010, trustee remittance report reflected interest
shortfalls of $261,807 due to the nonrecoverable determination on
this loan.  The special servicer, TriMont Real Estate Advisors
Inc. (TriMont), indicated that it has filed for foreclosure while
it explores a note sale.  Additionally, KeyBank indicated that
approximately $32.0 million of predevelopment reserve funds
related to the Biscayne Landing loan will be used and allocated
for various expense-related items.  Among others, these items
include advances, fees, and interest and principal in accordance
with the transaction's pooling and servicing agreement dated as of
July 9, 2007.  KeyBank has stated that the application of these
funds will be reflected in the March 2010 trustee remittance
report.  It is S&P's understanding that the reserve funds would
only mitigate interest shortfalls temporarily and that all of the
classes, including the most senior certificates, will continue to
short interest due to KeyBank's nonrecoverable determination on
this loan.

KeyBank made a nonrecoverable determination on the Resorts
Atlantic City loan ($175.0 million pooled balance; $360.0 million
whole-loan balance) in December 2009 to reflect its revised
internal valuation, which is approximately 51% below the reported
November 2009 appraisal value.  Both values were significantly
below the pooled trust loan balance of $175.0 million.  KeyBank
reports that it has advanced approximately $20.2 million to date
on this loan.  The Feb. 16, 2010, trustee remittance report
reflected interest shortfalls of $240,379 due to the
nonrecoverable determination on the Resorts Atlantic City loan.
TriMont stated that the deed?in-lieu of foreclosure closed in
December 2009, and it plans to market the property for sale this
year.

S&P will resolve or update the CreditWatch placements after S&P
evaluate the expected timing and extent of future interest
shortfalls.  If S&P determines that any interest shortfalls
incurred by the classes with ratings on CreditWatch negative will
be ongoing and not recovered for an extended period of time, S&P
may lower the applicable ratings to 'D'.

      Ratings Lowered And Remaining On Creditwatch Negative

      Credit Suisse First Boston Mortgage Securities Corp.
  Commercial mortgage pass-through certificates series 2007-TFL2

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

      Ratings Lowered And Removed From Creditwatch Negative

       Credit Suisse First Boston Mortgage Securities Corp.
Commercial mortgage pass-through certificates series 2007-TFL2

                               Rating
                               ------
        Class    To                          From
        -----    --                          ----
        F        D                           B-/Watch Neg
        G        D                           CCC+/Watch Neg
        H        D                           CCC/Watch Neg
        J        D                           CCC-/Watch Neg


CREST 2004-1: Moody's Reviews Ratings on 13 Classes of Notes
------------------------------------------------------------
Moody's Investors Service placed 13 classes of Notes issued by
Crest 2004-1, Ltd., under review for possible downgrade due to
deterioration in the credit quality of the underlying portfolio as
evidenced by deterioration in the weighted average rating factor
and an increase in defaulted assets.  The rating action is the
result of Moody's on-going surveillance of commercial real estate
collateralized debt obligation transactions.

Crest 2004-1, Ltd., is a static cash CRE CDO transaction backed by
a portfolio of commercial mortgage backed securities (93% of the
pool balance), real estate investment trust debt (6%) and CRE CDO
(1%).  As of the January 29, 2010 Trustee report, the aggregate
Note balance, including Preferred Shares, of the transaction has
decreased to $399 million from $429 million at issuance, with the
pay-down directed to the Class A Notes.

Five assets with a par balance of $13 million (3% of the pool
balance) were listed as defaulted as of the January 29, 2010
Trustee report, compared to 0.5% at last review.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class A, A1 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to A1

  -- Class B1, Baa2 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Baa2

  -- Class B2, Baa2 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Baa2

  -- Class C1, Ba1 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Ba1

  -- Class C2, Ba1 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Ba1

  -- Class D, Ba2 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Ba2

  -- Class E1, Ba3 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Ba3

  -- Class E2, Ba3 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Ba3

  -- Class F, B1 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to B1

  -- Class G1, B2 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to B2

  -- Class G2, B2 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to B2

  -- Class H1, B2 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to B2

  -- Class H2, B2 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to B2

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated January 23, 2009.


CRYSTAL RIVER: Moody's Reviews Ratings on Nine Classes of Notes
---------------------------------------------------------------
Moody's Investors Service placed nine classes of Notes issued by
Crystal River Resecuritization 2006-1, Ltd., under review for
possible downgrade due to deterioration in the credit quality of
the underlying portfolio as evidenced by deterioration in the
weighted average rating factor and an increase in defaulted
assets.  The rating action is the result of Moody's on-going
surveillance of commercial real estate collateralized debt
obligation transactions.

Crystal River Resecuritization 2006-1 Ltd. is a static cash CRE
CDO transaction backed by a portfolio of commercial mortgage
backed securities (100% of the pool balance).  As of the
February 22, 2010 Trustee report, the aggregate Note balance of
the transaction has decreased to $388 million from $390 million at
issuance, with the paydown directed to the Class A Notes.

Twenty-three assets with a par balance of $135 million (35% of the
pool balance) were listed as defaulted as of the February 22,
2010, Trustee report, compared to 5% at last review.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class A, Baa1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Baa1

  -- Class B, Ba3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba3

  -- Class C, B1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B1

  -- Class D, B2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B2

  -- Class E, B3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B3

  -- Class F, Caa1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa1

  -- Class G, Caa1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa1

  -- Class J, Caa3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa3

  -- Class K, Caa3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa3

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated March 6, 2009.


CW CAPITAL: Moody's Reviews Ratings on 14 Classes of Notes
----------------------------------------------------------
Moody's Investors Service placed 14 classes of Notes issued by CW
Capital COBALT II, Ltd, on review for possible downgrade due to
deterioration in the credit quality of the underlying portfolio as
evidenced by deterioration in the weighted average rating factor,
an increase in defaulted assets and negative migration in the
overcollateralization ratio.  The rating action is the result of
Moody's on-going surveillance of commercial real estate
collateralized debt obligation transactions.

CW Capital COBALT II, Ltd, is a revolving CRE CDO transaction
backed by a portfolio of commercial mortgage backed securities
(56.8% of the pool balance), whole loans (39.5%), CRE CDOs (2.4%),
B-notes (0.5%), and mezzanine debt (0.9%).  As of the 1/19/2010
Trustee report, the aggregate Note balance of the transaction
remains the same since securitization.  However, paydowns to
classes A-1A and A-2A, and a notional reduction to the class A-
1AR, are expected based on the recent failure of the Class A/B Par
Value Test.  Per the Indenture dated as of May 10th, 2006, upon
the failure of any Par Value Test results, all scheduled interest
and principal payments are directed to pay down the most senior
notes, until the failed Par Value Test is satisfied.

Twenty-seven assets with a par balance of $232.6 million (29.7% of
the pool balance, including cash principal) were listed as
defaulted as of the 1/19/2010 Trustee report, compared to 2.8% as
of last review.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class A-1A, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/27/2009 Confirmed at Aaa

  -- Class A-1AR, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/27/2009 Confirmed at Aaa

  -- Class A-2A, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/27/2009 Confirmed at Aaa

  -- Class A-1B, A1 Placed Under Review for Possible Downgrade;
     previously on 4/27/2009 Downgraded to A1

  -- Class A-2B, Aa2 Placed Under Review for Possible Downgrade;
     previously on 4/27/2009 Downgraded to Aa2

  -- Class B, Baa1 Placed Under Review for Possible Downgrade;
     previously on 4/27/2009 Downgraded to Baa1

  -- Class C, Baa3 Placed Under Review for Possible Downgrade;
     previously on 4/27/2009 Downgraded to Baa3

  -- Class D, Ba1 Placed Under Review for Possible Downgrade;
     previously on 4/27/2009 Downgraded to Ba1

  -- Class E, Ba2 Placed Under Review for Possible Downgrade;
     previously on 4/27/2009 Downgraded to Ba2

  -- Class F, Ba3 Placed Under Review for Possible Downgrade;
     previously on 4/27/2009 Downgraded to Ba3

  -- Class G, B1 Placed Under Review for Possible Downgrade;
     previously on 4/27/2009 Downgraded to B1

  -- Class H, B2 Placed Under Review for Possible Downgrade;
     previously on 4/27/2009 Downgraded to B2

  -- Class J, B3 Placed Under Review for Possible Downgrade;
     previously on 4/27/2009 Downgraded to B3

  -- Class K, Caa1 Placed Under Review for Possible Downgrade;
     previously on 4/27/2009 Downgraded to Caa1

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated 4/27/2009.


EQUUS CAPITAL: Moody's Withdraws Ratings on Two Classes of Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has withdrawn the
ratings of two classes of notes issued by Equus Capital Funding
Limited.  The transaction has been terminated following an Event
of Default.  Moody's has been notified by the Trustee that a final
distribution of principal and interest has taken place on
November 10, 2009.

  -- US $17,000,000 Class B Second Priority Fixed Rate Term Notes
     due 2010 (outstanding balance after final distribution of
     $14,903,624), Withdrawn; previously on February 21, 2003
     Downgraded to Ca;

  -- US $6,000,000 Class C Third Priority Fixed Rate Term Notes
     due 2010 (outstanding balance after final distribution of
     $17,062,293), Withdrawn; previously on February 21, 2003
     Downgraded to C.


FAIRFIELD STREET: Moody's Reviews Ratings on 11 Classes of Notes
----------------------------------------------------------------
Moody's Investors Service placed 11 classes of Notes issued by
Fairfield Street Solar 2004-1 Ltd. Collateralized Debt Obligations
on review for possible downgrade due to deterioration in the
credit quality of the underlying portfolio as evidenced by
deterioration in the weighted average rating factor and an
increase in defaulted assets.  The rating action is the result of
Moody's on-going surveillance of commercial real estate
collateralized debt obligation transactions.

Fairfield Street Solar 2004-1 Ltd. is a CRE CDO transaction backed
by a portfolio of commercial mortgage backed securities (68.1% of
the pool balance), REIT Debt (10.4%), CDOs (9.3%), rake bonds
(6.7%), and grantor trust loans (5.6%).  As of the 1/29/2010
Trustee report, the aggregate Note balance of the transaction has
decreased to $514.9 million from $515 million at issuance, with
the paydowns directed to the A and A-2a Notes.

Five assets with a par balance of $27 million (4.4% of the pool
balance including cash principal) were listed as defaulted as of
the 1/29/2010 Trustee report, compared to none as of last review.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class A, Aa1 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Aa1

  -- Class A-2a, Aa2 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Aa2

  -- Class A-2b, Aa2 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Aa2

  -- Class B, A1 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to A1

  -- Class B-2, A1 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to A1

  -- Class C, Baa1 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Baa1

  -- Class C-2, Baa1 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Baa1

  -- Class D, Baa3 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Confirmed at Baa3

  -- Class D-2, Baa3 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Confirmed at Baa3

  -- Class E, Ba3 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Confirmed at Ba3

  -- Class E-2, Ba3 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Confirmed at Ba3

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated 3/6/2009.


FINANSURE STUDENT: S&P Affirms 'B' Rating on Class C-1 Notes
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' rating on the
class C-1 junior subordinate notes from FinanSure Student Loan
Master Trust I's series 2007-1.  At the same time, S&P removed the
rating on the class C-1 notes from CreditWatch with negative
implications, where S&P originally placed it on Jan. 19, 2009.
S&P's ratings on the other classes in this transaction were not
affected by this action.

The initial CreditWatch placement reflected S&P's belief that a
rating action may have been necessary if the transaction had
breached a junior subordinate note interest trigger on the Feb. 1,
2010, calculation date.  The transaction's junior subordinate note
interest trigger is tested in February of each year, and a junior
subordinate note interest trigger event occurs if the subordinate
parity ratio is less than 100% and the cumulative default rate
exceeds the levels set forth on each of the corresponding dates
listed below.

           FinanSure Student Loan Master Trust I 2007-1

             Date         Cumulative default rate (%)
             ----         ---------------------------
             2/1/2008                            4.75
             2/1/2009                            9.50
             2/1/2010                           13.50
             2/1/2011                           16.50
             2/1/2012                           21.50
             2/1/2013 and thereafter            26.00

S&P believes that the occurrence of a junior subordinate note
interest trigger event would cause the class C-1 noteholders to
not receive interest payments because the breached trigger would
cause class C-1 interest to be reprioritized lower in the
transaction's payment waterfall.  S&P also assumes that the
transaction's reserve account would be unavailable to cover class
C-1 note interest.  As of the Jan. 31, 2010, monthly reporting
date, the cumulative default percentage was 13.28%, and the
subordinate parity ratio was 100.52%.  Accordingly, the
transaction did not breach the junior subordinate note interest
trigger on Feb. 1, 2010, and the trustee has confirmed that the
class C-1 noteholders received their required interest payments on
the Feb. 25, 2010, distribution date.  As a result, S&P affirmed
its 'B' rating on the class C-1 note and removed it from
CreditWatch negative.  The 'B' rating reflects S&P's view that the
potential for a junior subordinate note interest trigger breach,
when tested annually, still exists given the default trends and
the uncertainty that the transaction will maintain a subordinate
parity level of more than 100%.


GS MORTGAGE: Moody's Reviews Ratings on 11 2006-RR3 Notes
---------------------------------------------------------
Moody's Investors Service placed 11 classes of Notes issued by GS
Mortgage Securities Corporation II, Commercial Mortgage Pass-
Through Certificates, Series 2006-RR3 on review for possible
downgrade due to deterioration in the credit quality of the
underlying portfolio as evidenced by deterioration in the weighted
average rating factor.  The rating action is the result of Moody's
on-going surveillance of commercial real estate collateralized
debt obligation transactions.

GSMS 2006-RR3 is a CRE CDO transaction backed by a portfolio of
commercial mortgage back securities (100% of the pool balance).
As of the 1/21/2009 Trustee report, the aggregate Note balance of
the transaction has increased to $728.2 million from
$727.8 million.  The increase is due to classes J through O having
accrued unpaid interest totaling $381,686.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class A1-S, A3 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to A3

  -- Class A1-P, A3 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to A3

  -- Class A2, A3 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to A3

  -- Class B, Ba2 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Ba2

  -- Class C, Ba3 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Ba3

  -- Class D, B1 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to B1

  -- Class E, B1 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to B1

  -- Class F, B2 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to B2

  -- Class G, B2 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to B2

  -- Class O, Caa2 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Caa2

  -- Class X, A3 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to A3

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated 3/6/2009.


GS MORTGAGE: S&P Downgrades Ratings on 11 2006-RR3 Securities
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 11
classes from GS Mortgage Securities Corp. II's series 2006-RR3, a
U.S. commercial mortgage-backed securities resecuritized real
estate mortgage investment conduit transaction.  All of the
lowered ratings remain on CreditWatch with negative implications.
At the same time, S&P affirmed one other rating from the same
transaction and left four additional ratings on CreditWatch with
negative implications.

The downgrades reflect S&P's analysis of the transaction following
its downgrades to 10 CMBS certificates that serve as underlying
collateral for GSMS 2006-RR3.  The downgraded underlying
certificates are from seven transactions and have a total balance
of $146.6 million (20.1% of the GSMS 2006-3 pool balance).  The
downgrades also reflect S&P's lowered credit estimates on 10 of
the unrated CMBS collateral certificates ($133.4 million, 18.3%).

The 15 ratings remain on CreditWatch negative due to the
transaction's exposure to CMBS collateral with ratings on
CreditWatch negative ($40.9 million, 5.6%), as well as liquidity
interruptions affecting classes B through N.

The affirmation of S&P's rating on the class X interest-only (IO)
certificates reflects its current criteria.  S&P published a
request for comment proposing changes to its IO criteria on
June 1, 2009.  Once the criteria review is finalized, S&P may
revise its current IO criteria, which may affect outstanding
ratings, including the rating on the class X certificates.

According to the February 2010 trustee report, 58 CMBS
certificates ($727.8 million, 100%) from 34 distinct transactions
issued between 2004 and 2006 collateralize GSMS 2006-RR3.  GSMS
2006-RR3 has significant exposure to CMBS certificates that
Standard & Poor's has downgraded from these transactions:

* JPMorgan Chase Commercial Mortgage Securities Trust 2005-LDP5
  (class F; $45 million, 6.2%);

* LB-UBS Commercial Mortgage Securities Trust 2006-C6 (classes J
  and K; $36.6 million, 5.0%); and

* JPMorgan Chase Commercial Mortgage Securities Trust 2006-CB16
  (classes D and E; $25.5 million, 3.5%).

S&P will update or resolve its CreditWatch negative placements on
GSMS 2006-RR3's certificates in conjunction with its CreditWatch
resolutions of the underlying CMBS assets or its analysis of the
transaction if the liquidity interruptions continue.  If S&P
determines that any interest shortfalls that the classes with
ratings on CreditWatch negative have incurred will be ongoing and
cannot be recovered for an extended period of time, S&P may lower
the related ratings to 'D'.

       Ratings Lowered And Remaining On Creditwatch Negative

                 GS Mortgage Securities Corp. II
  Commercial mortgage-backed securities pass-through certificates
                         series 2006-RR3

                                Rating
                                ------
         Class            To               From
         -----            --               ----
         A-1              BBB/Watch Neg    AA+/Watch Neg
         A1-S             BBB/Watch Neg    AA+/Watch Neg
         A-2              B/Watch Neg      BBB-/Watch Neg
         B                B-/Watch Neg     BB+/Watch Neg
         C                CCC+/Watch Neg   BB/Watch Neg
         D                CCC/Watch Neg    BB/Watch Neg
         E                CCC-/Watch Neg   B+/Watch Neg
         F                CCC-/Watch Neg   B/Watch Neg
         G                CCC-/Watch Neg   B/Watch Neg
         H                CCC-/Watch Neg   B-/Watch Neg
         J                CCC-/Watch Neg   CCC/Watch Neg

            Ratings Remaining On Creditwatch Negative

                  GS Mortgage Securities Corp. II
Commercial mortgage-backed securities pass-through certificates
                         series 2006-RR3

                 Class            Rating
                 -----            ------
                 K                CCC-/Watch Neg
                 L                CCC-/Watch Neg
                 M                CCC-/Watch Neg
                 N                CCC-/Watch Neg

                          Rating Affirmed

                  GS Mortgage Securities Corp. II
Commercial mortgage-backed securities pass-through certificates
                         series 2006-RR3

                     Class            Rating
                     -----            ------
                     X                AAA


GUGGENHEIM STRUCTURED: Moody's Reviews Ratings on Six Classes
-------------------------------------------------------------
Moody's Investors Service placed six classes of Notes issued by
Guggenheim Structured Real Estate Funding 2005-2 on review for
possible downgrade due to deterioration in the credit quality of
the underlying portfolio as evidenced by deterioration in the
weighted average rating factor, an increase in defaulted assets
and negative migration in the overcollateralization ratio.  The
rating action is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation
transactions.

Guggenheim Structured Real Estate Funding 2005-2 is a CRE CDO
transaction backed by a portfolio of CMBS (25.2% of the pool
balance), whole loans (20.2%), mezzanine loans (15.1%), B-Notes
(34.1%), and real estate bank loans (5.4%).  As of the 1/15/2010
Trustee report, the aggregate Note balance of the transaction has
decreased to $267.5 million from $305.8 million at issuance, with
the paydown directed to the Class A Notes.  The paydown was
triggered by the failure of the Class C, D and E Over-
collateralization Tests (OC Tests).  Per the Indenture dated as of
August 25, 2005, upon the failure of any OC Test results, all
scheduled interest and principal payments are directed to pay down
the most senior notes, until the failed OC Test is satisfied.

Four assets with a par balance of $66.2 million (25.3% of the pool
balance) were listed as defaulted as of the 1/15/2010 Trustee
report, compared to none as of last review.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class A, Aa2 Placed Under Review for Possible Downgrade;
     previously on April 9, 2009 Downgraded to Aa2

  -- Class B, Baa1 Placed Under Review for Possible Downgrade;
     previously on April 9, 2009 Downgraded to Baa1

  -- Class C, Ba1 Placed Under Review for Possible Downgrade;
     previously on April 9, 2009 Downgraded to Ba1

  -- Class D, B1 Placed Under Review for Possible Downgrade;
     previously on April 9, 2009 Downgraded to B1

  -- Class E, Caa1 Placed Under Review for Possible Downgrade;
     previously on April 9, 2009 Downgraded to Caa1

  -- Class F, Caa2 Placed Under Review for Possible Downgrade;
     previously on April 9, 2009 Downgraded to Caa2

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated April 9, 2009.


GUGGENHEIM STRUCTURED: Moody's Reviews Ratings on 11 2006-4 Notes
-----------------------------------------------------------------
Moody's Investors Service placed eleven classes of Notes issued by
Guggenheim Structured Real Estate Funding 2006-4, LTD under review
for possible downgrade due to deterioration in the credit quality
of the underlying portfolio as evidenced by deterioration in the
weighted average rating factor, an increase in defaulted assets
and negative migration in the overcollateralization ratios.  The
rating action is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation
transactions.

Guggenheim Structured Real Estate Funding 2006-4, LTD, is a CRE
CDO transaction backed by a portfolio of CMBS Securities (30.8% of
the pool balance), B-Notes (20.0%), Mezzanine Loans (17.7%), CRE
CDO Securities (12.8%), Senior Interests (11.7%) and Real Estate
Bank Loans (7.0%).  As of the January 15, 2010 Trustee report, the
aggregate Note balance of the transaction has decreased to
$417.1 million from $500 million at issuance, with the paydown
directed to the Class A-1 Notes.  The paydown was triggered by the
failure of the Class C/D/E Over-collateralization Tests (OC
Tests).  Per the Indenture dated as of January 25, 2007, upon the
failure of any OC Test results, all scheduled interest and
principal payments are directed to pay down the more senior notes,
until the failed OC Test is satisfied.

Five assets with a par balance of $88 million (22.3 % of the pool
balance) were listed as impaired as of the January 15, 2010
Trustee report, compared to 9.1% as of last review.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class A-1, A2 Placed Under Review for Possible Downgrade;
     previously on April 9, 2009 Downgraded to A2

  -- Class A-2, Ba1 Placed Under Review for Possible Downgrade;
     previously on April 9, 2009 Downgraded to Ba1

  -- Class B, Ba2 Placed Under Review for Possible Downgrade;
     previously on April 9, 2009 Downgraded to Ba2

  -- Class C, Caa1 Placed Under Review for Possible Downgrade;
     previously on April 9, 2009 Downgraded to Caa1

  -- Class D, Caa2 Placed Under Review for Possible Downgrade;
     previously on April 9, 2009 Downgraded to Caa2

  -- Class E, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 9, 2009 Downgraded to Caa3

  -- Class F, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 9, 2009 Downgraded to Caa3

  -- Class G, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 9, 2009 Downgraded to Caa3

  -- Class H, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 9, 2009 Downgraded to Caa3

  -- Class J, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 9, 2009 Downgraded to Caa3

  -- Class K, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 9, 2009 Downgraded to Caa3

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated April 9, 2009.


HIGHLAND PARK: Moody's Reviews Ratings on Seven Classes of Notes
----------------------------------------------------------------
Moody's Investors Service placed seven classes of Notes issued by
Highland Park CDO I on review for possible downgrade due to
deterioration in the credit quality of the underlying portfolio as
evidenced by deterioration in the weighted average rating factor,
an increase in defaulted assets and negative migration in the
overcollateralization ratio.  The rating action is the result of
Moody's on-going surveillance of commercial real estate
collateralized debt obligation transactions.

Highland Park CDO I is a CRE CDO transaction backed by a portfolio
of CMBS (29.9% of the pool balance), CDO (8.4%), real estate bank
loans (21.2%), whole loans (12.0%), mezzanine loans (6.6%), and B-
Notes (21.9%) As of the 1/29/2010 Trustee report, the aggregate
Note balance of the transaction has decreased to $585.9 million
from $600.0 million at issuance, with the paydown directed to the
Class A-1 Notes.  The paydown was triggered by the failure of the
Class A/B, C and D/E Over-collateralization Tests (OC Tests).  Per
the Indenture dated as of December 20, 2006, upon the failure of
any OC Test results, all scheduled interest and principal payments
are directed to pay down the most senior notes, until the failed
OC Test is satisfied.

Sixteen assets with a par balance of $95.9 million (16.1% of the
pool balance) were listed as defaulted as of the 1/29/2010 Trustee
report, compared to 15.4% as of last review.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class A-1, A3 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to A3

  -- Class A-2, B1 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to B1

  -- Class B, Caa1 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Caa1

  -- Class C, Ca Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Ca

  -- Class D, Ca Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Ca

  -- Class E, Ca Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Ca

  -- Class F, Ca Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Ca

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated April 15, 2009.


HUNTINGTON BANCSHARES: Moody's Withdraws Short-Term Debt Ratings
----------------------------------------------------------------
Moody's Investors Service withdrew its ratings on Huntington
Bancshares Incorporated's short term Euro debt issuance program
for business reasons.

The last Huntington rating action was on April 7, 2009, when
Moody's downgraded Huntington Bancshares Incorporated's senior
debt to Baa2 from A3, subordinate debt to Baa3 from Baa1 and
preferred to Ba2 from Baa2.  Huntington National Bank's financial
strength rating was downgraded to C- from C+, long term deposits
to Baa1 from A2, and short-term deposits to Prime-2 from Prime-1.
The Prime-2 rating of Huntington Bancshares Incorporated was
affirmed.  A negative outlook was assigned to all ratings.

Withdrawals:

Issuer: Huntington Bancshares Incorporated

  -- Multiple Seniority Medium-Term Note Program, Withdrawn,
     previously rated P-2


ILLINOIS HOUSING: Moody's Downgrades Ratings on Bonds to 'B2'
-------------------------------------------------------------
Moody's has downgraded to B2 from Aaa the Illinois Housing
Development Authority, Multifamily Housing Revenue Bonds, 2001
Series A1 and Taxable Series 2001 A2 and removed it from
Watchlist, following a review of cash flow and parity sufficiency
for the life of the bonds, assuming a 0% reinvestment rate.  This
action affects $18.2 million in debt.  The bonds are secured by a
mortgage that is securitized by a GNMA MBS and were originally
structured with a Bayerische Landesbank Girozentrale float GIC
that was to expire in 2015.  In November, 2009, the trustee
terminated the GIC following the withdrawal of BLB's rating by
Standard and Poor's.  The cancellation of the BLB GIC, subjected
the transaction to reinvestment risk on retained revenues sooner
than the expiration date of the GIC as assumed under the original
transaction structure.  As a result, revenue from the monthly
mortgage receipts, interest earned on those receipts from money
market funds or other short-term investments and monthly mortgage
payments need to be sufficient to support debt service on the
bonds.

Moody's has analyzed projected mortgage revenue, assuming no
reinvestment earnings on the monthly mortgage receipts and
determined that as a result of the cancellation of the GIC the
transaction is estimated to begin experiencing revenue shortfalls
starting on 12/20/2010.

The last rating action with respect to the Series 2001 bonds was
on January 26, 2010, when the bonds were placed on Watchlist for
Possible Downgrade.


JER CRE: Moody's Reviews Ratings on Eight Classes of Notes
----------------------------------------------------------
Moody's Investors Service placed eight classes of Notes issued by
JER CRE CDO 2005-1, Limited, on review for possible downgrade due
to deterioration in the credit quality of the underlying portfolio
as evidenced by deterioration in the weighted average rating
factor, an increase in defaulted assets and negative migration in
the overcollateralization ratio.  The rating action is the result
of Moody's on-going surveillance of commercial real estate
collateralized debt obligation transactions.

JER CRE CDO 2005-1, Limited is a CRE CDO transaction backed by a
portfolio of CMBS.  As of the 1/15/2010 Trustee report, the
aggregate Note balance of the transaction has decreased to
$414.9 million from $416.0 million at issuance.

Nineteen assets with a par balance of $100.9 million (24.1% of the
pool balance) were listed as defaulted as of the 1/15/2010 Trustee
report, compared to 9.1% as of last review.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class A, A2 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to A2

  -- Class B-1, Baa2 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Baa2

  -- Class B-2, Baa2 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Baa2

  -- Class C, Ba2 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Ba2

  -- Class D, B1 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to B1

  -- Class E, B2 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to B2

  -- Class F, B3 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to B3

  -- Class G, Caa2 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Caa2

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated January 23, 2009.


JER CRE: Moody's Reviews Ratings on 13 Classes of Notes
-------------------------------------------------------
Moody's Investors Service placed 13 classes of Notes issued by JER
CRE CDO 2006-2, Limited on review for possible downgrade due to
deterioration in the credit quality of the underlying portfolio as
evidenced by deterioration in the weighted average rating factor,
an increase in defaulted assets and negative migration in the
overcollateralization ratio.  The rating action is the result of
Moody's on-going surveillance of commercial real estate
collateralized debt obligation transactions.

JER CRE CDO 2006-2, Limited is a CRE CDO transaction backed by a
portfolio of CMBS (76.9% of the pool balance), mezzanine loans
(19.5%), and whole loans (3.6%).  As of the 1/20/2010 Trustee
report, the aggregate Note balance of the transaction has
decreased to $1.15 billion from $1.20 billion at issuance, with
the paydown directed to the A-FL Notes.  The paydown was triggered
by the failure of the Class B, C, D, E, F, G, H and J Over-
collateralization Tests (OC Tests).  Per the Indenture dated as of
October 16, 2006, upon the failure of any OC Test results, all
scheduled interest and principal payments are directed to pay down
the most senior notes, until the failed OC Test is satisfied.

Thirty-two assets with a par balance of $195.3 million (16.8% of
the pool balance) were listed as defaulted as of the 1/20/2010
Trustee report, compared to 6.3% as of last review.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class A-FL, Baa1 Placed Under Review for Possible Downgrade;
     previously on October 1, 2009 Downgraded to Baa1

  -- Class B-FL, Ba2 Placed Under Review for Possible Downgrade;
     previously on October 1, 2009 Downgraded to Ba2

  -- Class C-FL, B3 Placed Under Review for Possible Downgrade;
     previously on October 1, 2009 Downgraded to B3

  -- Class C-FX, B3 Placed Under Review for Possible Downgrade;
     previously on October 1, 2009 Downgraded to B3

  -- Class D-FL, Caa1 Placed Under Review for Possible Downgrade;
     previously on October 1, 2009 Downgraded to Caa1

  -- Class D-FX, Caa1 Placed Under Review for Possible Downgrade;
     previously on October 1, 2009 Downgraded to Caa1

  -- Class E-FL, Caa3 Placed Under Review for Possible Downgrade;
     previously on October 1, 2009 Downgraded to Caa3

  -- Class E-FX, Caa3 Placed Under Review for Possible Downgrade;
     previously on October 1, 2009 Downgraded to Caa3

  -- Class F-FL, Caa3 Placed Under Review for Possible Downgrade;
     previously on October 1, 2009 Downgraded to Caa3

  -- Class G-FL, Caa3 Placed Under Review for Possible Downgrade;
     previously on October 1, 2009 Downgraded to Caa3

  -- Class H-FL, Caa3 Placed Under Review for Possible Downgrade;
     previously on October 1, 2009 Downgraded to Caa3

  -- Class J-FX, Caa3 Placed Under Review for Possible Downgrade;
     previously on October 1, 2009 Downgraded to Caa3

  -- Class K, Ca Placed Under Review for Possible Downgrade;
     previously on October 1, 2009 Downgraded to Ca

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated October 1, 2009.


JP MORGAN: Moody's Downgrades Ratings on Two 2005-LDP3 Certs.
-------------------------------------------------------------
Moody's Investors Service downgraded the ratings of two classes of
J.P. Morgan Chase Commercial Mortgage Securities Corp., Commercial
Mortgage Pass-Through Certificates, Series 2005-LDP3 and placed 12
classes on review for possible downgrade.  Moody's downgraded the
ratings of Classes O and N because they have experienced an
aggregate $30.5 million realized loss from the liquidation of
three specially serviced loans (48% loss severity on average).

Thirteen classes were placed on review for possible downgrade due
to higher expected losses for the pool resulting from realized and
anticipated losses from loans in special servicing and concerns
about refinancing risk associated with loans approaching maturity
in an adverse environment.

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

As of the February 16, 2010 statement date, the transaction's
aggregate certificate balance has decreased 7% to $1.9 billion
from $2.0 billion at securitization.  The certificates are
collateralized by 228 mortgage loans ranging in size from less
than 1% to 9% of the pool, with the top ten non-defeased loans
representing 34% of the pool.  The pool contains one loan,
representing 5% of the pool, with an underlying investment grade
rating.  Three loans, representing 4% of the pool, have defeased
and are secured by U.S. Government securities.

Sixty-seven loans, representing 13% 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.

Eleven loans, representing 6% of the pool, are currently in
special servicing.  The largest specially serviced loan is the
Sikes Senter Mall Loan ($60.5 million -- 3%), which is secured by
the borrower's interest in a 668,086 square foot regional center
located in Wichita Falls, Texas.  The loan sponsor is an affiliate
of General Growth Properties, Inc. The loan was transferred to
special servicing in April 2009 due to GGP's bankruptcy filing.
Moody's is not anticipating a loss from this specially serviced
loan.  The remaining ten specially serviced loans are secured by a
mix unanchored and anchored retail centers, multifamily and office
properties.

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

Moody's rating action is:

  -- Class A-J, $151,703,000, currently rated Aaa; on review for
     possible downgrade; previously on 9/6/2005 assigned Aaa

  -- Class B, $37,925,000, currently rated Aa2; on review for
     possible downgrade; previously on 9/6/2005 assigned Aa2

  -- Class C, $17,699,000, currently rated Aa3; on review for
     possible downgrade; previously on 9/6/2005 assigned Aa3

  -- Class D, $37,926,000, currently rated A2; on review for
     possible downgrade; previously on 9/6/2005 assigned A2

  -- Class E, $17,699,000, currently rated A3; on review for
     possible downgrade; previously on 9/6/2005 assigned A3

  -- Class F, $27,812,000, currently rated Baa1; on review for
     possible downgrade; previously on 9/6/2005 assigned Baa1

  -- Class G, $20,227,000, currently rated Baa2; on review for
     possible downgrade; previously on 9/6/2005 assigned Baa2

  -- Class H, $25,284,000, currently rated Baa3; on review for
     possible downgrade; previously on 9/6/2005 assigned Baa3

  -- Class J, $10,113,000, currently rated Ba1; on review for
     possible downgrade; previously on 9/6/2005 assigned Ba1

  -- Class K, $10,114,000, currently rated Ba2; on review for
     possible downgrade; previously on 9/6/2005 assigned Ba2

  -- Class L, $7,585,000, currently rated B1; on review for
     possible downgrade; previously on 10/16/2008 downgraded to B1
     from Ba3

  -- Class M, $2,528,000, currently rated B2; on review for
     possible downgrade; previously on 10/16/2008 downgraded to B2
     from B1

  -- Class N, $7,384,144, downgraded to C from B3; previously on
     10/16/2008 downgraded to B3 from B2

  -- Class O, $0, downgraded to C from Caa1; previously on
     10/16/2008 downgraded to Caa1 from B3


JPMORGAN CHASE: S&P Downgrades Ratings on Four Classes of Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on four
classes of U.S. commercial mortgage pass-through certificates from
JPMorgan Chase Commercial Mortgage Securities Corp.'s series 2001-
A and removed three of them from CreditWatch, where they were
placed with negative implications on Nov. 25, 2009.  In addition,
S&P affirmed its ratings on three additional classes from the same
transaction and removed one of them from CreditWatch with negative
implications.  The transaction collateral consists of six
commercial real estate assets, including three assets with the
special servicer, Berkadia Commercial Mortgage LLC.

The downgrades reflect liquidity considerations associated with
three specially serviced assets, which constitute 84% of the pool,
including the largest loan in the pool.  It is S&P's opinion that
the trust is susceptible to liquidity interruptions related to the
specially serviced loans, and shortfalls could potentially affect
classes D, E, F, and G in the future.  S&P downgraded the
interest-only class X certificate to 'AA+' to reflect the
potential for reductions in trust liquidity.

The affirmations of the ratings on classes B and C reflect
subordination levels that are consistent with the outstanding
ratings.  The affirmation of the rating on the class G certificate
reflects S&P's opinion that the current cumulative interest
shortfalls ($187,683) are likely to be repaid due to the pending
sale of one real estate owned asset.  Class G is experiencing
continued interest shortfalls, resulting primarily from the lack
of advancing of trust expenses related to one REO asset, the
Crossing Center Portfolio loan ($6.3 million, 13.9%).  The lack of
advancing on the REO asset follows the master servicer's (also
Berkadia) nonrecoverable advance declaration.  S&P will continue
to monitor the situation and will likely downgrade the class to
'D' if the liquidity interruptions continue.

As of the February 2010 remittance report, the collateral pool
consisted of six loans with an aggregate trust balance of
$45.6 million.  Two loans ($5.2 million, 11.4%) are defeased.  Of
the three assets with the special servicer, one ($6.3 million,
13.9%) is REO, and two ($27.6 million, 60.5%) are in foreclosure.
Two of the three specially serviced assets have appraisal
reduction amounts totaling $6.45 million.  In addition, one loan
($1.9 million, 4.3%) is on the master servicer's watchlist.  To
date, the trust has experienced four losses totaling $7.1 million.

Of the six assets in the pool, three ($38.5 million, 84.4%) are
with the special servicer, Berkadia.  Details concerning the three
specially serviced assets are:

The Southgate USA loan ($21.3 million, 46.6%) is the largest loan
in the pool and is secured by a 795,517-sq.-ft. anchored retail
center in Maple Heights, Ohio.  The loan was transferred to the
special servicer in December 2008 due to maturity default after
the special servicer extended the maturity date from December
2007.  The loan is currently in foreclosure.  As of year-end 2008,
the reported debt service coverage was 1.17x and occupancy was
61%.  An ARA totaling $2.69 million is in effect for this loan.
S&P expects a moderate loss upon resolution of this asset.

The second-largest loan in the pool, the County Fair Mall loan
($10.9 million, 23.9%), is secured by a 261,135-sq.-ft. retail
center in Woodland, Calif.  The loan was transferred to the
special servicer on Oct. 30, 2009, due to imminent maturity
default.  The loan matured on Jan. 1, 2010, and the special
servicer is in the process of initiating foreclosure.  As of the
six months ended June 30, 2009, the DSC was 1.42x and occupancy
was 77%.  Based on the most recent appraisal, S&P expects a
moderate loss upon the resolution of this asset.  The Crossing
Center Portfolio asset ($6.3 million, 13.9%) was transferred to
the special servicer on May 22, 2008, due to maturity default and
is now REO.  The portfolio consists of two suburban office
buildings totaling 160,775 sq.  ft in Norcross, Ga.  The master
servicer declared future advances nonrecoverable on Sept. 16,
2009.  Ongoing interest shortfalls due to the lack of interest
advances will be approximately $45,000 a month.  The master
servicer approved a purchase and sale agreement on Feb. 2, 2010.
As of the February 2010 remittance report, the reported
outstanding amount for this loan was $865,428.  Standard & Poor's
expects a significant loss to the trust upon the resolution of
this asset.

      Ratings Lowered And Removed From Creditwatch Negative

        JPMorgan Chase Commercial Mortgage Securities Corp.
   Commercial mortgage pass-through certificates series 2001-A

              Rating
              ------
Class     To          From                  Credit enhancement (%)
-----     --          ----                  ----------------------
D         BB          BBB/Watch Neg                          51.98
E         B-          BBB-/Watch Neg                         44.50
F         CCC-        CCC/Watch Neg                          33.27

                         Ratings Lowered

        JPMorgan Chase Commercial Mortgage Securities Corp.
   Commercial mortgage pass-through certificates series 2001-A

                 Rating
                 ------
   Class     To          From           Credit enhancement (%)
   -----     --          ----           ----------------------
   X         AA+         AAA                               N/A

      Ratings Affirmed And Removed From Creditwatch Negative

        JPMorgan Chase Commercial Mortgage Securities Corp.
   Commercial mortgage pass-through certificates series 2001-A

               Rating
               ------
Class      To         From                Credit enhancement (%)
-----      --         ----                ----------------------
G          CCC-       CCC-/Watch Neg                       16.11

                         Ratings Affirmed

        JPMorgan Chase Commercial Mortgage Securities Corp.
   Commercial mortgage pass-through certificates series 2001-A

         Class      Rating          Credit enhancement (%)
         -----      ------          ----------------------
         B          AA+                              92.53
         C          A+                               75.69


KINGLY SQUARE: S&P Downgrades Ratings on Various Classes of Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B US$ notes, class B EUR notes, and class B AUD notes issued
by Kingly Square No. 1 Ltd., a synthetic collateralized debt
obligation transaction.

The downgrades follow a number of recent write-downs of underlying
reference entities, which has caused the classes to incur partial
principal losses.

                         Ratings Lowered

                     Kingly Square No. 1 Ltd.

                                       Rating
                                       ------
                Class                To       From
                -----                --       ----
                B US$ Notes          CC       CCC-
                B EUR Notes          CC       CCC-
                B AUD Notes          CC       CCC-


LNR CDO: Moody's Reviews Ratings on Eight Classes of Notes
----------------------------------------------------------
Moody's Investors Service placed eight classes of Notes issued by
LNR CDO 2002-1 Collateralized Debt Obligations, Series 2002-1 on
review for possible downgrade due to deterioration in the credit
quality of the underlying portfolio as evidenced by deterioration
in the weighted average rating factor, an increase in defaulted
assets and negative migration in the overcollateralization ratio.
The rating action is the result of Moody's on-going surveillance
of commercial real estate collateralized debt obligation
transactions.

LNR CDO 2002-1 Collateralized Debt Obligations, Series 2002-1 is a
CRE CDO transaction backed by a portfolio of CBMS.  As of the
1/21/2010 Trustee report, the aggregate Note balance of the
transaction has decreased to $792.1 million from $800.6 million at
issuance, with the paydown directed to the A Notes.  The paydown
was triggered by the failure of the Class D, E and F Over-
collateralization Tests (OC Tests).  Per the Indenture dated as of
July 9, 2002, upon the failure of any OC Test results, all
scheduled interest and principal payments are directed to pay down
the most senior notes, until the failed OC Test is satisfied.

Fifty-six assets with a par balance of $293.8 million (43.4% of
the pool balance) were listed as defaulted as of the 1/21/2010
Trustee report, compared to 39.9% as of last review.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class A, Aa2 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Aa2

  -- Class B, Baa1 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Baa1

  -- Class C, Baa3 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Baa3

  -- Class D-FX, Ba2 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Ba2

  -- Class D-FL, Ba2 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to Ba2

  -- Class E-FX, B2 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to B2

  -- Class E-FXD, B2 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to B2

  -- Class E-FL, B2 Placed Under Review for Possible Downgrade;
     previously on January 23, 2009 Downgraded to B2

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated September 25, 2009.


MACH ONE: Fitch Downgrades Ratings on Four Classes of Notes
-----------------------------------------------------------
Fitch Ratings has downgraded four classes of notes issued by MACH
ONE 2004-1, LLC as a result of interest shortfalls on the
underlying CMBS collateral.  The balance of the classes are
affirmed due to adequate cushion to Fitch's expected loss rates.

Since Fitch's last rating action in February 2009, approximately
0.5% of the portfolio has been downgraded.  Currently, no assets
are on Rating Watch Negative.  Approximately 38.7% of the
portfolio has a Fitch derived rating below investment grade and
2.8% has a rating below 'CCC'.  Further, the CDO has paid down
$27.2 million since the last review.

This transaction was analyzed under the framework described in the
Fitch report 'Global Rating Criteria for Structured Finance CDOs'
using the Portfolio Credit Model  for projecting future default
levels for the underlying portfolio.  Based on this analysis, the
credit enhancement available to the class A-2 through K notes are
generally consistent with the PCM rating loss rate for each class'
current rating.  The Negative Rating Outlook on classes A-3
through K reflects Fitch's expectation that underlying CMBS loans
are facing refinance risk and maturity defaults.  The Stable
Outlook on class A-2 reflects its high credit enhancement relative
to the PCM rating loss rate.

As of the Jan. 28, 2010 payment date, only classes A-2 through L
received their respective interest distributions.  Class M
received a partial interest payment, and classes N and O did not
receive any interest as a result of approximately 8% of the
underlying CMBS collateral experiencing interest shortfalls.
These interest shortfalls are not likely to recover and may
increase as Fitch anticipates further delinquencies and losses on
underlying mortgages within the CMBS collateral.  As such, the
class L notes, which are next in line to experience shortfalls,
have been downgraded to 'CCC', indicating default is a
possibility.  Similarly, the class M through O notes have been
downgraded to 'C', indicating default is inevitable.

Fitch assigned Loss Severity ratings to classes A-2 through K.
The LS ratings indicate each tranche's potential loss severity
given default, as evidenced by the ratio of tranche size to the
expected loss for the collateral under the 'B' stress.  The LS
rating should always be considered in conjunction with probability
of default indicated by a class' long-term credit rating.  Fitch
does not assign Outlooks or LS ratings to classes rated 'CCC' or
lower.

MACH One is a static Re-REMIC backed by CMBS B-pieces that closed
July 28, 2004.  The transaction is collateralized by 45 assets
from 31 obligors from the 1996 through 2003 vintages.

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

  -- $50,031,199 class A-2 at 'AAA/LS3'; Outlook Stable;

  -- $146,822,000 class A-3 at 'AAA/LS3'; Outlook to Negative from
     Stable;

  -- $51,460,000 class B at 'A/LS3'; Outlook to Negative from
     Stable;

  -- $10,453,000 class C at 'A/LS5'; Outlook to Negative from
     Stable;

  -- $28,142,000 class D at 'BBB/LS4'; Outlook to Negative from
     Stable;

  -- $7,236,000 class E at 'BBB/LS5'; Outlook to Negative from
     Stable;

  -- $17,689,000 class F at 'BBB-/LS5'; Outlook to Negative from
     Stable;

  -- $15,277,000 class G at 'BB/LS5'; Outlook to Negative from
     Stable;

  -- $14,473,000 class H at 'BB/LS5'; Outlook to Negative from
     Stable;

  -- $17,689,000 class J at 'B/LS5'; Outlook to Negative from
     Stable;

  -- $8,844,000 class K at 'B/LS5'; Outlook to Negative from
     Stable;

  -- Interest-only class X at 'AAA'; Outlook to Negative from
     Stable.

In addition, Fitch has downgraded these classes:

  -- $8,044,000 class L to 'CCC' from 'B';
  -- $8,844,000 class M to 'C' from 'B';
  -- $6,432,000 class N to 'C' from 'B';
  -- $6,432,000 class O to 'C' from 'B-'.


MAGNOLIA FINANCE: Moody's Reviews Ratings on Two 2007-2 Notes
-------------------------------------------------------------
Moody's Investors Service placed two classes of Notes issued by
Magnolia Finance II plc Series 2007-2 on review for possible
downgrade due to deterioration in the credit quality of the
underlying portfolio of reference obligations as evidenced by
deterioration in the weighted average rating factor.  The rating
action is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation
transactions.

Magnolia Finance II plc Series 2007-2 is a synthetic CRE CDO
transaction backed by a portfolio of commercial mortgage backed
security reference obligations (100% of the pool balance).  As of
the 12/29/2009, the aggregate balance of the transaction has
decreased to $996.2 million from $1.024 billion at issuance, due
to a partial repurchase of the class D notes by the collateral
manager.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class D CMBS Portfolio Variable Rate Notes due November 2052,
     B3 Placed Under Review for Possible Downgrade; previously on
     3/6/2009 Downgraded to B3

  -- Class E CMBS Portfolio Variable Rate Notes due November 2052,
     Caa1 Placed Under Review for Possible Downgrade; previously
     on 3/6/2009 Downgraded to Caa1

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated 3/6/2009.


NEWCASTLE CDO: Moody's Reviews Ratings on 12 Classes of Notes
-------------------------------------------------------------
Moody's Investors Service placed 12 classes of Notes issued by
Newcastle CDO VIII 1, Limited, under review for possible downgrade
due to deterioration in the credit quality of the underlying
portfolio as evidenced by deterioration in the weighted average
rating factor and an increase in defaulted assets.  The rating
action is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation
transactions.

Newcastle CDO VIII 1, Limited, is a revolving cash CRE CDO
transaction backed by a portfolio of mezzanine debt (36% of the
pool balance), commercial mortgage backed securities (24%), Bank
Loans (13%), CRE CDO (11%), residential mortgage backed securities
(8%), B-note debt (6%), real estate investment trust debt (1%) and
asset backed securities (less than 1%).  As of the January 19,
2010 Trustee report, the aggregate Note balance of the
transaction, including Preferred Shares, has decreased to
$904 million from $984 million at issuance, due to full or partial
cancellations to Class IV, VI, VII, X and XI Notes.

As of the January 19, 2010 Trustee report, WARF was reported as
4,425, failing the WARF covenant at 3,200, compared to a reported
WARF of 3,438 at last review.

Seven assets with a par balance of $59 million (7% of the pool
balance) were listed as defaulted as of the January 19, 2010
Trustee report, compared to 1% at last review.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating actions are:

  -- Class S, A1 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to A1

  -- Class I-A, A1 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to A1

  -- Class I-AR, A1 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to A1

  -- Class I-B, Baa3 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Baa3

  -- Class II, Ba1 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Ba1

  -- Class III, Ba3 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Ba3

  -- Class V, Caa1 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Caa1

  -- Class VIII, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Caa3

  -- Class IX-FL, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Caa3

  -- Class IX-FX, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Caa3

  -- Class X, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Caa3

  -- Class XII, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Caa3

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated April 15, 2009.


MSC 2007-SRR3: Moody's Reviews Ratings on 10 Classes of Notes
-------------------------------------------------------------
Moody's Investors Service placed 10 classes of Notes issued by MSC
2007-SRR3 on review for possible downgrade due to deterioration in
the credit quality of the underlying reference portfolio as
evidenced by deterioration in the weighted average rating factor.
The rating action is the result of Moody's on-going surveillance
of commercial real estate collateralized debt obligation
transactions.

MSC 2007-SRR3 is a CRE CDO transaction backed by a portfolio of
reference obligations in CMBS (89.3% of the pool balance) and CDO
(10.7%).  As of the 2/19/2010 Trustee report, the aggregate Note
balance of the transaction is $187.4 million, the same as at
issuance.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class A, B1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B1

  -- Class B, B2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B2

  -- Class C, B2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B2

  -- Class D, B2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B2

  -- Class E, B3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B3

  -- Class F, B3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B3

  -- Class G, B3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B3

  -- Class H, Caa1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa1

  -- Class J, Caa1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa1

  -- Class K, Caa1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa1

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated March 6, 2009.


MSC 2007-SRR4: Moody's Reviews Ratings on Two Classes of Notes
--------------------------------------------------------------
Moody's Investors Service placed two classes of Notes issued by
MSC 2007-SRR4 Segregated Portfolio on review for possible
downgrade due to deterioration in the credit quality of the
underlying reference portfolio as evidenced by deterioration in
the weighted average rating factor.  The rating action is the
result of Moody's on-going surveillance of commercial real estate
collateralized debt obligation transactions.

MSC 2007-SRR4 Segregated Portfolio is a CRE CDO transaction backed
by a portfolio of CMBS reference obligations.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class B, B2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B2

  -- Class C, B2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B2

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated March 6, 2009.


MSC 2006-SRR1: Moody's Reviews Ratings on 18 Classes of Notes
-------------------------------------------------------------
Moody's Investors Service placed eighteen classes of Notes issued
by MSC 2006-SRR1 under review for possible downgrade due to
deterioration in the credit quality of the underlying portfolio as
evidenced by deterioration in the weighted average rating factor.
The rating action is the result of Moody's on-going surveillance
of commercial real estate collateralized debt obligation
transactions.

MSC 2006-SRR1 is a synthetic CRE CDO transaction backed by a
portfolio of commercial mortgage-backed security reference
obligations that comprise 100.0% of the pool balance.  As of the
January 22, 2010 Trustee report, the aggregate Note balance of the
transaction is $633.1 Million, the same as at issuance.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class A2, Ba2 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Ba2

  -- Class A2-S, Ba3 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Ba3

  -- Class B, B1 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to B1

  -- Class B-S, B3 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to B3

  -- Class C, B3 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to B3

  -- Class C-S, Caa1 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Caa1

  -- Class D, Caa1 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Caa1

  -- Class D-S, Caa1 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Caa1

  -- Class E, Caa1 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Caa1

  -- Class E-S, Caa1 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Caa1

  -- Class F, Caa1 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Caa1

  -- Class F-S, Caa1 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Caa1

  -- Class G, Caa1 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Caa1

  -- Class H, Caa1 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Caa1

  -- Class J, Caa2 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Caa2

  -- Class K, Caa2 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Caa2

  -- Class L, Caa2 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Caa2

  -- Class M, Caa2 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Caa2


MAGNOLIA FINANCE: Moody's Reviews Ratings on Series 2007-5 Notes
----------------------------------------------------------------
Moody's Investors Service placed one class of Notes issued by
Magnolia Finance II plc Series 2007-5 on review for possible
downgrade due to deterioration in the credit quality of the
underlying portfolio of reference obligations as evidenced by
deterioration in the weighted average rating factor.  The rating
action is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation
transactions.

Magnolia Finance II plc Series 2007-5 is a synthetic CRE CDO
transaction backed by a portfolio of commercial mortgage back
security reference obligations (100% of the pool balance).

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- US$18,000,000 CMBS Portfolio Variable Rate Notes due October
     2045, Ba3 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Ba3

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated 3/6/2009.


MACLAURIN SPC: Moody's Reviews Ratings on Two 2007-2 Notes
----------------------------------------------------------
Moody's Investors Service placed two classes of Notes issued by
Maclaurin SPC 2007-2 Segregated Portfolio on review for possible
downgrade due to deterioration in the credit quality of the
underlying portfolio of reference obligations as evidenced by
deterioration in the weighted average rating factor.  The rating
action is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation
transactions.

Maclaurin SPC 2007-2 Segregated Portfolio is a synthetic CRE CDO
transaction backed by a portfolio of commercial mortgage back
security reference obligations (100% of the pool balance).

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class A1, A2 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to A2

  -- Class A2, Ba1 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Ba1

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated 3/6/2009.


MAGNOLIA FINANCE: Moody's Reviews Ratings on Series 2007-2A Notes
-----------------------------------------------------------------
Moody's Investors Service placed one class of Notes issued by
Magnolia Finance II plc Series 2007-2A on review for possible
downgrade due to deterioration in the credit quality of the
underlying portfolio of referenced obligations as evidenced by a
deterioration in the weighted average rating factor.  The rating
action is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation
transactions.

Magnolia Finance II plc Series 2007-2A is a CRE CDO transaction
backed by a portfolio of commercial mortgage backed securities
reference obligations (100% of the pool balance).  The aggregate
balance transaction has decreased to $1.066 billion from
$1.072 billion at securitization, due to a partial repurchase of
the class A notes by the collateral manager.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class A, Ba2 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Ba2

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated 3/6/2009.


LB-UBS COMMERCIAL: S&P Downgrades Ratings on 16 2005-C3 CMBS
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 16
classes of commercial mortgage-backed securities from LB-UBS
Commercial Mortgage Trust 2005-C3 and removed them from
CreditWatch with negative implications.  In addition, S&P affirmed
its ratings on eight classes from the same transaction and removed
one of them from CreditWatch with negative implications.

The downgrades follow S&P's analysis of the transaction using its
U.S. conduit and fusion CMBS criteria, which was the primary
driver of the rating actions.  The downgrades of the mezzanine and
subordinate classes also reflect the credit support erosion S&P
anticipate will occur upon the eventual resolution of eight of the
specially serviced loans.  S&P downgraded classes P, Q, and S to
'D' following interest shortfalls due primarily to appraisal
subordinate entitlement reductions and special servicing fees.
All three classes have experienced shortfalls for the past six
months, and S&P expects the shortfalls to continue for the
foreseeable future.

S&P's analysis included a review of the credit characteristics of
all of the loans in the pool.  Using servicer-provided financial
information, S&P calculated an adjusted debt service coverage of
1.45x and a loan-to-value ratio of 112.2%.  S&P further stressed
the loans' cash flows under its 'AAA' scenario to yield a weighted
average DSC of 0.97x and an LTV of 151.2%.  The implied defaults
and loss severity under the 'AAA' scenario were 64.7% and 31.6%,
respectively.  The weighted average DSC and LTV calculations
exclude eight specially serviced assets ($64.8 million; 3.3%), and
four defeased loans ($220.7 million, 11.3%).  S&P separately
estimated losses for the eight specially serviced assets, which
were included in its 'AAA' scenario implied default and loss
severity figures.

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

                      Credit Considerations

As of the Feb. 18, 2010, remittance report, 10 loans
($101.5 million; 5.2%) in the pool were with the special servicer,
J.E.  Robert Co. Inc. Subsequent to the February payment date,
three additional loans were transferred to the special servicer
($60.2 million; 3.1%) according to JER.  The payment status of the
loans is: two are in foreclosure ($28.1 million; 1.4%), five are
90-plus days delinquent ($29.4 million, 1.5%), one is 60 days
delinquent ($11.2 million; 0.6%), one is 30 days delinquent
($1.1 million, 0.1%), two are late but within their grace periods
($12.8 million; 0.7%), and two are current ($79.3 million, 4.0%).
Four of the specially serviced loans have appraisal reduction
amounts in effect totaling $20.7 million.  S&P separately
estimated losses for eight of the 13 specially serviced assets
($64.8 million; 3.3%).  S&P's expected losses for the eight assets
range from 6% to 83% and the weighted average loss severity is
50%.  Two of the specially serviced assets are top 10 loans
($79.3 million; 4.0%) and are discussed below.

The Pacific Pointe loan ($40.0 million; 2.1%) is the largest loan
with the special servicer and the seventh-largest loan in the pool
secured by real estate.  Per the special servicer, this loan
transferred to special servicing on March 2, 2010, because the
borrower has requested an extension for the loan's June 11, 2010,
maturity.  The loan is secured by a 256,136-sq.-ft. office
building in Gardena, Calif., that was built in 1988 and 1989.  For
year-end 2008, the reported occupancy and DSC were 91% and 1.30x,
respectively.  Based on the current leasing status, S&P estimate a
current DSC of 1.10x.

The second-largest loan with the special servicer and the eighth-
largest loan in the pool secured by real estate is the Macquarie
DDR Portfolio III loan ($39.3 million; 2.0%).  This loan was
transferred to the special servicer on Oct. 7, 2009, due to
imminent default as the loan matures on April 5, 2010.  The loan
is secured by three shopping centers (one in Granville, Mich., on
in Parker, Colo., and on in McDonough, Ga.) totaling approximately
360,000 sq. ft. The three properties were constructed between 2000
and 2001.  For year-end 2008, the reported occupancy and DSC were
84% and 2.02x, respectively.  A two-year extension is being
negotiated with the borrower.  The potential extension would
require net cash flow to be swept to a lender-controlled account:
50% would be used to fund reserves and 50% would be used to
amortize the loan.

The third-largest loan with the special servicer is the Estates at
Eagle's Pointe loan ($20.3 million; 1.0%).  This loan was
transferred to the special servicer on Nov. 5, 2007 due to a
payment default.  The total exposure, including any advancing and
interest thereon, is $23.1 million and loan is in foreclosure.
The collateral is a multifamily property in Peru, Ind., with 450
units built in 1960.  While no DSC is reported for the loan, the
occupancy was 64% as of Dec. 31, 2009.  Standard & Poor's is
estimating a loss on the loan in excess of 80% of the principal
balance.  Although Standard & Poor's is not aware of a pending
nonrecoverable determination for this loan, one could occur if the
asset is not resolved in the near future.  Should this occur, S&P
will evaluate the impact of potential interest shortfalls on S&P's
outstanding ratings.

The 10 remaining specially serviced loans ($62.2 million; 3.2%)
have balances that individually represent no more than 0.6% of the
total pool balance.  S&P separately estimated losses for seven of
these loans; they ranged from 6% to 47% and had a weighted average
loss severity of 34%.  Of the remaining three loans, one has been
modified ($4.9 million; 0.3%) and the other two are recent
transfers to JER.

                       Transaction Summary

As of the Feb. 18, 2010, remittance report, the aggregate trust
balance was $1.94 billion, which is 99.0% of the issuance balance.
There are 109 loans in the pool, which is unchanged since
issuance.  The master servicer for the transaction, Wells Fargo
Bank N.A., reported financial information for 98% of the
nondefeased loans by balance.  Four loans ($220.7 million; 11.3%)
have defeased.  Ninety-one percent of the financial information
was either full-year 2008 or partial-year 2009 data, and 7% was
full-year 2009 data.  S&P calculated a weighted average DSC of
1.50x for the pool based on the master servicer's reported
figures.  S&P's adjusted DSC and LTV were 1.45x and 112.2%,
respectively.  Standard & Poor's adjusted DSC and LTV calculations
exclude eight specially serviced assets ($64.8 million; 3.3%) and
the four defeased loans ($220.7 million, 11.3%).  S&P separately
estimated losses for these eight specially serviced loans.  The
transaction has not experienced principal losses to date.  Thirty
loans were on the master servicer's watchlist ($410.7 million;
21.1%) as of the remittance date, including three of the top 10
loans ($199.5 million; 11.3%).  Six loans ($196.4 million, 10.1%)
have a reported DSC between 1.0x and 1.1x, and 12 loans
($98.6 million, 5.1%) have a reported DSC of less than 1.0x.

                     Summary Of Top 10 Loans

The top 10 exposures secured by real estate have an aggregate
outstanding balance of $915.0 million (51.8%).  Using servicer-
reported information, S&P calculated a weighted average DSC of
1.53x for these loans.  S&P's adjusted DSC and LTV figures for the
top 10 real estate exposure were 1.45x and 93.8%, respectively.
Two of the top 10 real estate exposures are with the special
servicer, as discussed above, and three are on the master
servicer's watchlist and are discussed below.

The Courtyard by Marriott Portfolio loan, the third-largest loan
secured by real estate in the pool, has a $117.1 million trust
balance (2.7% of the pool balance) and a $530.0 million whole-loan
balance.  The loan appears on the master servicer's watchlist due
to low DSC.  The whole loan consists of the an A1 note that serves
as collateral for LB-UBS 2005-C3, a pari passu A2 note that was
contributed to the LB-UBS 2005-C5 transaction, and another pari
passu A3 note that was contributed to the LB-UBS 2005-C7
transaction.  The whole loan includes a $41.2 million nonpooled
piece securing the "ML" rakes (unrated) and a $28.9 million
subordinate B note held outside of the trust.  The loan is secured
by the fee interests in eight limited-service hotel properties and
the leasehold interests in 56 limited-service hotel properties.
The portfolio comprises 9,443 rooms in 29 states.  The properties
were built between 1985 and 1990 and most were renovated within
the last six years.  For the trailing-12-months as of Sept. 30,
2009, the reported occupancy and DSC were 63% and 1.01x,
respectively.

The Crossroads Towne Center loan, the fifth-largest loan secured
by real estate in the pool ($50.1 million; 2.6%), is on the master
servicer's watchlist due to the bankruptcy of Linens 'n Things,
which occupied 27,970 sq. ft. (11% of the net rentable area)
before it rejected its lease.  The loan is secured by a 254,589-
sq.-ft. retail center in Gilbert, Ariz., a suburb of Phoenix,
built in 2006.  For year-end 2008, the reported occupancy and DSC
were 93% and 1.25x, respectively.  Based on the current leasing
status, S&P estimate a current DSC of 0.99x.

The Medlock Crossing loan, the 10th-largest loan secured by real
estate in the pool ($32.3 million; 1.7%), is on the master
servicer's watchlist due to low DSC.  The loan is secured by a
159,060-sq.-ft. retail center in Duluth, Ga., built between 1998
and 1999.  For year-end 2008, the reported occupancy and DSC were
94% and 1.50x, respectively.  However, an updated rent roll dated
Sept. 30, 2009, reported the occupancy had declined to 88%, and
S&P estimate a current DSC of 1.05x.

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

      Ratings Lowered And Removed From Creditwatch Negative

             LB-UBS Commercial Mortgage Trust 2005-C3
  Commercial mortgage pass-through certificates series 2005-C3

                  Rating
                  ------
     Class      To      From          Credit enhancement (%)
     -----      --      ----          ----------------------
     A-J        BBB     AAA/Watch Neg                  11.28
     B          BBB-    AA+/Watch Neg                  10.09
     C          BB+     AA/Watch Neg                    9.02
     D          BB      AA-/Watch Neg                   7.96
     E          BB-     A+/Watch Neg                    7.30
     F          B+      A/Watch Neg                     6.24
     G          B+      A-/Watch Neg                    5.44
     H          B       BBB+/Watch Neg                  4.25
     J          CCC+    BBB-/Watch Neg                  3.19
     K          CCC-    BB/Watch Neg                    2.12
     L          CCC-    B+/Watch Neg                    1.73
     M          CCC-    B/Watch Neg                     1.59
     N          CCC-    B-/Watch Neg                    1.46
     P          D       CCC/Watch Neg                   1.19
     Q          D       CCC-/Watch Neg                  1.06
     S          D       CCC-/Watch Neg                  0.80

      Rating Affirmed And Removed From Creditwatch Negative

             LB-UBS Commercial Mortgage Trust 2005-C3
  Commercial mortgage pass-through certificates series 2005-C3

                 Rating
                 ------
     Class     To      From           Credit enhancement (%)
     -----     --      ----           ----------------------
     A-M       AAA     AAA/Watch Neg                   21.23

                         Ratings Affirmed

             LB-UBS Commercial Mortgage Trust 2005-C3
   Commercial mortgage pass-through certificates series 2005-C3

             Class     Rating  Credit enhancement (%)
             -----     ------  ----------------------
             A-2       AAA                      31.85
             A-3       AAA                      31.85
             A-4       AAA                      31.85
             A-AB      AAA                      31.85
             A-5       AAA                      31.85
             X-CL      AAA                        N/A
             X-CP      AAA                        N/A

                      N/A -- Not applicable.



LEHMAN BROTHERS: Moody's Downgrades Ratings on CSO Transactions
---------------------------------------------------------------
Moody's Investors Service has downgraded and/or placed on review
for possible downgrade its ratings on the collateralized synthetic
obligation transactions, which have exposure to Lehman Brothers
Special Financing, Inc.

Moody's explained that LBSFI acts as a credit default swap
counterparty in the transactions and that its obligations as such
are guaranteed by Lehman Brothers Holdings, Inc.  Both LBHI and
LBSF have filed for bankruptcy protection in 2008.  These
transactions are secured by either the Lehman Brothers ABS
Enhanced Libor Fund or shares of Milestone Offshore Funds Daily
Dollar Portfolio as collateral.

Moody's explained that the actions are primarily based on the
rating methodology for structured finance securities in default
published in November 2009.  All the rated tranches of the CSOs
have been subject to interest payment default or deferred interest
payments for an extended period of time.  Interest on the funded
notes payments and commitment fees on the contingent funding notes
(the unfunded tranches) continues to accrue without a definite
date of repayment, pending a resolution of the litigation
affecting these transactions.

The rating actions also reflect the increased risk and
uncertainties brought by a recent U.S. Bankruptcy Court decision
in LBSF against BNY Corporate Trustee Services ("Dante ruling").
Dante ruling held that the market-standard assumptions relating to
the subordination of swap termination payments owed to a swap
counterparty following a swap counterparty bankruptcy are
unenforceable under the U.S. Bankruptcy Code.  In the event that
the court decision is upheld, and the transactions unwind
following the resolution of the specific litigation affecting the
liquidation of Collateral in the CSOs, the amount of potential
loss affecting each tranche is expected to be a function of the
CDS termination payment, the liquidation price of the Collateral,
and the position of the tranche in the capital structure of the
transactions.  Furthermore, the termination cost of the swaps
could potentially be equal or exceed the liquidation proceeds of
the Collateral securing the repayment of the funded notes and the
payment of accrued commitment fee of the unfunded tranches.  As a
result, a large termination payment senior to the noteholders
could cause a complete loss of principal and accrued interest on
the funded notes.  Similarly, it may also result in the loss of
all accrued and unpaid commitment fees on the unfunded tranches.
The difference between the amounts at risk on funded and unfunded
tranches is reflected in the difference in their updated ratings:
at most B1 for the funded tranches and at most Ba1 for the
unfunded tranches.  Moody's also placed all the notes on review
for possible further downgrade.

The resolution of these reviews will depend, among other things,
on the future development of the US bankruptcy court decision,
especially given that the Trustee of the Dante transaction has
stated its intention to appeal the decision.  The review will also
focus on determining the increased expected loss attributable to
the notes as a result of the potential liquidation of the
Collateral and the potential of a swap termination payment being
paid senior in the waterfall.

The rating actions are:

Issuer: AVIV LCDO 2006-2, Limited

  -- $92,000,000 Class B Contingent Funding Notes Due 2011,
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Downgraded to A1

  -- $15,000,000 Class C Contingent Funding Notes Due 2011,
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Confirmed at A2

  -- $15,000,000 Class D Floating Rate Deferrable Notes Due 2011,
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Confirmed at Baa2

Issuer: Airlie CDO I, Ltd.

  -- US$306,000,000 Class A Contingent Funding Notes Due 2014,
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Downgraded to A1

  -- US$17,000,000 Class B Floating Rate Deferrable Notes Due
     2014, Downgraded to B1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Confirmed at A2

  -- US$19,000,000 Class C Floating Rate Deferrable Notes Due
     2014, Downgraded to B1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Confirmed at Baa2

  -- US$18,000,000 Class D Floating Rate Deferrable Notes Due
     2014, Downgraded to B1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Confirmed at Ba2

Issuer: Airlie LCDO I (AVIV LCDO 2006-3), Ltd.

  -- $20,500,000 Class B-1 Contingent Funding Notes Due 2011,
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Downgraded to A1

  -- $50,000,000 Class B-2 Floating Rate Notes Due 2011, Caa2
     Placed Under Review for Possible Downgrade; previously on May
     14, 2009 Downgraded to Caa2

  -- $14,500,000 Class C Floating Rate Notes Due 2011, Ca Placed
     Under Review for Possible Downgrade; previously on May 14,
     2009 Downgraded to Ca

  -- $12,000,000 Class D Floating Rate Deferrable Notes Due 2011,
     Ca Placed Under Review for Possible Downgrade; previously on
     Nov 6, 2008 Downgraded to Ca

Issuer: Airlie LCDO II (Pebble Creek 2007-1), Ltd.

  -- US$64,000,000 Class B Contingent Funding Notes Due 2014,
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Downgraded to A1

  -- US$16,000,000 Class C Floating Rate Notes Due 2014,
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Confirmed at A2

  -- US$16,000,000 Class D Floating Rate Deferrable Notes Due
     2014, Downgraded to B1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Confirmed at Baa2

Issuer: Aviv LCDO 2006-1, Limited

  -- $55,000,000 Class B Floating Rate Notes Due 2011, Ca Placed
     Under Review for Possible Downgrade; previously on May 14,
     2009 Downgraded to Ca

  -- $9,000,000 Class C Floating Rate Notes Due 2011, Ca Placed
     Under Review for Possible Downgrade; previously on May 14,
     2009 Downgraded to Ca

  -- $9,000,000 Class D Floating Rate Deferrable Notes Due 2011,
     Ca Placed Under Review for Possible Downgrade; previously on
     Nov 6, 2008 Downgraded to Ca

Issuer: EXUM RIDGE CBO 2006-1, LTD.

  -- US$225,000,000 Class A Contingent Funding Notes Due 2011,
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Downgraded to A1

  -- US$15,000,000 Class B Floating Rate Notes Due 2011,
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Downgraded to A1

  -- US$12,000,000 Class C Floating Rate Deferrable Notes Due
     2011, Downgraded to B1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Confirmed at Baa2

  -- US$12,000,000 Class D Floating Rate Deferrable Notes Due
     2011, Ca Placed Under Review for Possible Downgrade;
     previously on May 14, 2009 Downgraded to Ca

  -- US$12,000,000 Class E Floating Rate Deferrable Notes Due
     2011, Ca Placed Under Review for Possible Downgrade;
     previously on Nov 6, 2008 Downgraded to Ca

Issuer: Exum Ridge 2006-5

  -- Class A, Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade; previously on May 14, 2009 Downgraded to
     A1

  -- Class B-1, Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade; previously on May 14, 2009 Downgraded to
     A1

  -- Class B-2, Downgraded to B1 and Placed Under Review for
     Possible Downgrade; previously on May 14, 2009 Downgraded to
     A1

  -- Class C-1, Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade; previously on May 14, 2009 Confirmed at
     A2

  -- Class C-2, Downgraded to B1 and Placed Under Review for
     Possible Downgrade; previously on May 14, 2009 Confirmed at
     A2

  -- Class D, Downgraded to B1 and Placed Under Review for
     Possible Downgrade; previously on May 14, 2009 Confirmed at
     Baa2

  -- Class E, Ca Placed Under Review for Possible Downgrade;
     previously on May 14, 2009 Downgraded to Ca

Issuer: Exum Ridge 2007-1

  -- Class A, Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade; previously on May 14, 2009 Downgraded to
     A1

  -- Class B, Downgraded to B1 and Placed Under Review for
     Possible Downgrade; previously on May 14, 2009 Confirmed at
     A2

  -- Class C, Downgraded to B1 and Placed Under Review for
     Possible Downgrade; previously on May 14, 2009 Confirmed at
     Baa2

  -- Class D, Ca Placed Under Review for Possible Downgrade;
     previously on May 14, 2009 Downgraded to Ca

Issuer: Exum Ridge CBO 2006-2

  -- US$225,000,000 Class A Contingent Funding Notes Due 2011-1,
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Downgraded to A1

  -- US$15,000,000 Class B Contingent Funding Notes Due 2011,
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Downgraded to A1

  -- US$12,000,000 Class C Floating Rate Deferrable Notes Due
     2011, Downgraded to B1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Confirmed at A2

  -- US$12,000,000 Class D Floating Rate Deferrable Notes Due
     2011, Ca Placed Under Review for Possible Downgrade;
     previously on May 14, 2009 Downgraded to Ca

  -- US$4,500,000 Class E-1 Floating Rate Deferrable Notes Due
     2011, Ca Placed Under Review for Possible Downgrade;
     previously on Nov 6, 2008 Downgraded to Ca

  -- US$7,500,000 Class E-2 Floating Rate Deferrable Notes Due
     2011, Ca Placed Under Review for Possible Downgrade;
     previously on Nov 6, 2008 Downgraded to Ca

Issuer: Exum Ridge CBO 2007-2, Ltd.

  -- US$226,250,000 Class A Contingent Funding Notes Due 2014,
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Downgraded to A1

  -- US$16,000,000 Class B Floating Rate Notes Due 2014,
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Confirmed at A2

  -- US$14,250,000 Class C Floating Rate Deferrable Notes Due
     2014, Downgraded to B1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Downgraded to Ba2

  -- US$13,500,000 Class D Floating Rate Deferrable Notes Due
     2014, Ca Placed Under Review for Possible Downgrade;
     previously on May 14, 2009 Downgraded to Ca

Issuer: Exum Ridge CDO 2006-4

  -- Class A, Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade; previously on May 14, 2009 Downgraded to
     A1

  -- Class B, Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade; previously on May 14, 2009 Downgraded to
     A1

  -- Class C, Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade; previously on May 14, 2009 Confirmed at
     A2

  -- Class D, Downgraded to B1 and Placed Under Review for
     Possible Downgrade; previously on May 14, 2009 Confirmed at
     Baa2

  -- Class E, Ca Placed Under Review for Possible Downgrade;
     previously on May 14, 2009 Downgraded to Ca

Issuer: Pebble Creek LCDO 2006-1, Ltd.

  -- Class B Notes, Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade; previously on May 14, 2009 Downgraded to
     A1

  -- Class C Notes, Downgraded to B1 and Placed Under Review for
     Possible Downgrade; previously on May 14, 2009 Confirmed at
     A2

  -- Class D Notes, Ca Placed Under Review for Possible Downgrade;
     previously on May 14, 2009 Downgraded to Ca

Issuer: Pebble Creek LCDO 2007-3, Ltd.

  -- US$65,500,000 Class B Contingent Funding Notes Due 2014,
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Downgraded to A1

  -- US$12,000,000 Class C Floating Rate Notes Due 2014,
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Confirmed at A2

  -- US$12,000,000 Class D Floating Rate Deferrable Notes Due
     2014, B2 Placed Under Review for Possible Downgrade;
     previously on May 14, 2009 Downgraded to B2

  -- US$8,000,000 Class E Floating Rate Deferrable Notes due 2014,
     Ca Placed Under Review for Possible Downgrade; previously on
     May 14, 2009 Downgraded to Ca

Issuer: SGS HY Credit Fund I (Exum Ridge CBO 2006-3), Ltd.

  -- $225,000,000 Class A Contingent Funding Notes Due 2011,
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Downgraded to A1

  -- $650,000 Class X Floating Rate Notes Due 2011, Downgraded to
     B1 and Placed Under Review for Possible Downgrade; previously
     on May 14, 2009 Downgraded to A1

  -- $12,000,000 Class B Contingent Funding Notes Due 2011,
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Downgraded to A1

  -- $9,000,000 Class C Floating Rate Deferrable Notes Due 2011,
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Confirmed at A2

  -- $15,000,000 Class D Floating Rate Deferrable Notes Due 2011,
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Downgraded to Ba2

  -- $3,000,000 Class E-1 Floating Rate Deferrable Notes Due 2011,
     Ca Placed Under Review for Possible Downgrade; previously on
     May 14, 2009 Downgraded to Ca

  -- $9,000,000 Class E-2 Floating Rate Deferrable Notes Due 2011,
     Ca Placed Under Review for Possible Downgrade; previously on
     May 14, 2009 Downgraded to Ca

Issuer: White Marlin CDO 2007-1, Ltd.

  -- US$1,014,000,000 Class A Contingent Funding Notes Due 2014,
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Downgraded to A1

  -- US$50,000,000 Class B-1 Contingent Funding Notes Due 2014,
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Downgraded to A1

  -- US$44,800,000 Class B-2 Floating Rate Notes Due 2014,
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade; previously on May 14, 2009 Downgraded to Ba2

  -- US$8,000,000 Class C-1 Floating Rate Notes Due 2014, Ca
     Placed Under Review for Possible Downgrade; previously on May
     14, 2009 Downgraded to Ca

  -- US$10,000,000 Class C-2 Fixed Rate Notes Due 2014, Ca Placed
     Under Review for Possible Downgrade; previously on May 14,
     2009 Downgraded to Ca

  -- US$18,000,000 Class D Floating Rate Deferrable Notes Due
     2014, Ca Placed Under Review for Possible Downgrade;
     previously on Nov 6, 2008 Downgraded to Ca

  -- US$24,000,000 Class E Contingent Funding Deferrable Notes Due
     2014, B2 Placed Under Review for Possible Downgrade;
     previously on May 14, 2009 Downgraded to B2

Transaction: White Marlin CDO 2007-1 Class E CDS

  -- Rated Tranche, B2 Placed Under Review for Possible Downgrade;
     previously on May 14, 2009 Downgraded to B2


LORALLY CDO: S&P Withdraws Ratings on Three Classes of Notes
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on three
classes of notes issued by Lorally CDO Ltd.'s series 2006-3, 2007-
1, and 2007-2.  The transactions are synthetic collateralized debt
obligations.

The rating withdrawals follow the issuer's repurchase of the notes
pursuant to condition 7(c) of the EUR5,000,000,000 Lorally Multi
Issuer Asset-Backed Medium Term Note Programme, from which the
series were issued.

                         Ratings Withdrawn

                         Lorally CDO Ltd.
                          Series 2006-3

                                       Rating
                                       ------
          Class                 To                 From
          -----                 --                 ----
          2006-3                NR                 BB+

                         Lorally CDO Ltd.
                          Series 2007-1

                                       Rating
                                       ------
          Class                 To                 From
          -----                 --                 ----
          2007-1                NR                 BBB-

                         Lorally CDO Ltd.
                          Series 2007-2

                                       Rating
                                       ------
          Class                 To                 From
          -----                 --                 ----
          2007-2                NR                 BBB

                         NR - Not rated.


MARYLAND ECONOMIC: Moody's Affirms 'Ba3' Rating on 2002 A Bonds
---------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 rating on the
Maryland Economic Development Corporation Senior Student Housing
Revenue Bonds (Frostburg State University Project), Series 2002 A.
Approximately $15.63 million of the original $17.22 million
remains outstanding.  The rating affirmation at the Ba3 rating
level reflects the low, albeit improved debt service coverage in
FY2009, as well as potential volatility in future occupancy due to
competition from off-campus projects.  The rating outlook has been
revised to stable from negative, reflecting the improved debt
service coverage in FY2008 and FY2009.

Based on the FY2009 audited financial statements, the 406-bed
project known as Edgewood Commons achieved debt service coverage
of 1.19x (with subordinated management fee).  While this is the
second year of stabilizing debt service coverage, Moody's believe
that the project's financial performance is still vulnerable to
potential future volatility as the project continues to operate in
a highly competitive environment.  The project achieved 94-97%
occupancy throughout the 2009-10 academic year, which represents a
significant increase from the 71-74% occupancy level in 2007.
Additionally, management reports that the rates for the 2009-10
academic year where increased by approximately 4%.

Credit Strengths:

  -- The property manager, Capstone Management Corp., is
     experienced nationally and in the State of Maryland in
     privatized student housing.  Capstone's management fee is
     subordinated to debt service.

  -- Occupancy continues to remain strong, currently at 94-97% for
     fall and spring of the current 2009-10 academic year.  The
     increase in occupancy is attributable to a positive and
     collaborative relationship between the project and the
     administration at the University.

  -- Strong oversight by MEDCO, as both issuer for the bonds and
     owner of the project.

Credit Challenges:

  --Despite the sufficient occupancy for the 2009-10 academic
    year, the competition for similar apartments off campus
    remains a significant concern.

  -- Absence of a long-term financial or legal commitment from the
     University, the University System of Maryland (rated Aa2), or
     the State of Maryland (rated Aaa).

                             Outlook

The rating outlook has been revised to stable from negative.  The
stable outlook at the Ba3 rating level reflects the stabilizing
debt service coverage over the past two years.

                What could change the rating -- UP

  -- Sustained increase in debt service coverage and stabilized
     occupancy.

               What could change the rating -- DOWN

  -- A potential decrease in debt service coverage or a drop in
     occupancy.

The last rating action was on July 29, 2008, when Moody's affirmed
Ba3 rating to with a negative outlook to the Maryland Economic
Development Corporation Senior Student Housing Revenue Bonds
(Frostburg State University Project), Series 2002A.


MASHANTUCKET WESTERN: S&P Downgrades Ratings on Bonds to 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issue level ratings
on the Mashantucket Western Pequot Tribe's $250 million special
revenue bonds series 2005A and $70.365 million subordinated
special revenue bonds series 2007A to 'D'.  In addition, S&P
lowered the Standard & Poor's Underlying Rating on the Tribe's
$300 million special revenue bonds series 1997A to 'D'.

The rating action stems from S&P's belief that the Tribe did not
make the full interest payments due March 1, 2010, on its special
revenue and subordinated special revenue bonds.  The Tribe
previously entered into a forbearance agreement with senior
lenders, which currently extends through April 30, 2010.  Under
the terms of the forbearance agreement, the administrative agent
has exercised its right to prevent the transfer of free cash flow
into trustee accounts that collect funds for the required
principal and interest payments for the Tribe's junior creditors.

                           Ratings List

                Mashantucket Western Pequot Tribe

        Issuer Credit Rating                      D/--/--

                            Downgraded

                                          To   From
                                          --   ----
$250M special rev bnds ser 2005A          D    CCC/Watch Neg
$70.365M sub special rev bnds ser 2007A   D    CCC/Watch Neg
$300M special rev bnds ser 1997A          D    CCC(SPUR)/Watch Neg


ML-CFC COMMERCIAL: Moody's Reviews Ratings on 17 Classes of Certs.
------------------------------------------------------------------
Moody's Investors Service placed 17 classes of ML-CFC Commercial
Mortgage Trust 2006-4 Commercial Mortgage Pass-Through
Certificates, Series 2006-4 on review for possible downgrade due
to higher expected losses for the pool resulting from anticipated
losses from specially serviced and highly leveraged watchlisted
loans.

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

As of the February 12, 2010 distribution date, the transaction's
aggregate certificate balance has decreased by 1% to $4.47 billion
from $4.52 billion at securitization.  The Certificates are
collateralized by 280 mortgage loans ranging in size from less
than 1% to 9% of the pool, with the top ten loans representing 32%
of the pool.

Currently 29 loans, representing 9% of the pool, are in special
servicing.  The largest specially serviced loan is the Konover
Hotel Portfolio Loan ($65.4 million -- 1.5% of the pool), which is
secured by a portfolio of 15 hotels totaling 1,103 rooms.  The
hotels are located in Kansas, Indiana, and Michigan.  The loan was
transferred to special servicing in October 2009 due to imminent
default and is 90+ days delinquent.

Eighty-two loans, representing 34% 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.

As of the most recent distribution date, Classes M through the
non-rated class have experienced interest shortfalls totaling
$3.9 million.  Moody's expects that the transaction will continue
to experience interest shortfalls due to special servicing fees
and other trust expenses associated with specially serviced loans
and appraisal reductions.  The servicer has recognized
$60.3 million in appraisal reductions from 22 specially serviced
loans.

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

Moody's rating action is:

  -- Class AM, $452,271,000, currently rated Aaa, on review for
     possible downgrade; previously assigned Aaa on 1/3/2007

  -- Class AJ, $198,777,000, currently rated A1, on review for
     possible downgrade; previously downgraded to A1 from Aaa on
     2/9/2009

  -- Class AJ-FL, $180,000,000, currently rated A1, on review for
     possible downgrade; previously downgraded to A1 from Aaa on
     2/9/2009

  -- Class B, $11,306,000, currently rated A2, on review for
     possible downgrade; previously downgraded to A2 from Aa1
     2/9/2009

  -- Class C, $79,148,000, currently rated A3, on review for
     possible downgrade; previously downgraded to A3 from Aa2 on
     2/9/2009

  -- Class D, $33,920,000, currently rated Baa1, on review for
     possible downgrade; previously downgraded to Baa1 from Aa3 on
     2/9/2009

  -- Class E, $67,841,000, currently rated Baa3, on review for
     possible downgrade; previously downgraded to Baa3 from A2 on
     2/9/2009

  -- Class F, $39,574,000, currently rated Ba1, on review for
     possible downgrade; previously downgraded to Ba1 from A3 on
     2/9/2009

  -- Class G, $50,880,000, currently rated Ba3, on review for
     possible downgrade; previously downgraded to Ba3 from Baa1 on
     2/9/2009

  -- Class H, $45,227,000, currently rated B2, on review for
     possible downgrade; previously downgraded to B2 from Baa2 on
     2/9/2009

  -- Class J, $62,187,000, currently rated B3, on review for
     possible downgrade; previously downgraded to B3 from Baa3 on
     2/9/2009

  -- Class K, $16,961,000, currently rated Caa1, on review for
     possible downgrade; previously downgraded to Caa1 from Ba1 on
     2/9/2009

  -- Class L, $5,653,000, currently rated Caa1, on review for
     possible downgrade; previously downgraded to Caa1 from Ba2 on
     2/9/2009

  -- Class M, $22,613,000, currently rated Caa2, on review for
     possible downgrade; previously downgraded to Caa2 from Ba3 on
     2/9/2009

  -- Class N, $5,654,000, currently rated Caa2, on review for
     possible downgrade; previously downgraded to Caa2 from B1 on
     2/9/2009

  -- Class P, $16,960,000, currently rated Caa3, on review for
     possible downgrade; previously downgraded to Caa3 from B2 on
     2/9/2009

  -- Class Q, $5,653,000, currently rated Caa3, on review for
     possible downgrade; previously downgraded to Caa3 from B3 on
     2/9/2009


MONTANA FACILITY: S&P Raises Rating on 1996 Bonds From 'BB+'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term rating to
'BBB-' from 'BB+' on the Montana Facility Finance Authority's
series 1996 bonds, issued for Community Medical Center.  The
outlook is stable.

"The raised rating reflects S&P's view of CMC's overall improved
financial profile, which highlights operational improvements and a
healthier liquidity level," said Standard & Poor's credit analyst
Antionette Maxwell.  "Further supporting the rating is CMC's
continued success with its key joint ventures as well as growth in
its balance sheet strength while investing in its plant and
equipment."

CMC has a planned debt issuance of between $20 million and
$25 million in the third quarter of 2010.  It plans to use the
proceeds to fund the remodeling and expansion of the current OB
and delivery unit as well as to expand the cancer center to add
radiation therapy.  Beyond that, no additional debt is expected in
the near future.

CMC is a 146-bed hospital located in Missoula.  It has maintained
a stable market share of approximately 49.5% in its service area
(excluding newborns), which serves as the region's trade and
service center.  The area's admissions are split primarily between
CMC and St.  Patrick Hospital and Health Sciences Center (part of
'AA' rated Providence Health and Services), which is also located
in Missoula.  CMC is the sole provider of obstetrics and neonatal
intensive-care unit services in western Montana and provides one
of the state's most comprehensive rehabilitation service centers.


MORGAN STANLEY: S&P Affirms Ratings on Three Tranches
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on three
tranches from Morgan Stanley ACES SPC's series 2008-6 and 2008-7
and removed them from CreditWatch with negative implications.
Both transactions are U.S. corporate-backed synthetic
collateralized debt obligations.  The actions follow S&P's monthly
review of U.S. synthetic CDO transactions.

The ratings S&P affirmed and removed from CreditWatch negative had
synthetic rated overcollateralization ratios that were at or over
100% at their current rating level as of this review.

      Ratings Affirmed And Removed From Creditwatch Negative

                     Morgan Stanley ACES SPC
                          Series 2008-6

                                   Rating
                                   ------
       Class                 To              From
       -----                 --              ----
       A1                    BB-             BB-/Watch Neg
       A2                    BB-             BB-/Watch Neg

                     Morgan Stanley ACES SPC
                          Series 2008-7

                                   Rating
                                   ------
       Class                 To              From
       -----                 --              ----
       Notes                 BBB-            BBB-/Watch Neg


MORGAN STANLEY: S&P Downgrades Ratings on Three Classes of Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on three
classes of notes issued by Morgan Stanley ACES SPC's series 2007-
13, 2007-40, and 2008-4, all of which are synthetic collateralized
debt obligation transactions.

The downgrades follow a number of recent credit events within each
transaction's underlying portfolio.  Specifically, write-downs in
each underlying reference portfolio have caused the classes to
incur either a partial or complete principal loss.

                         Ratings Lowered

                     Morgan Stanley ACES SPC
                          Series 2007-13

                                       Rating
                                       ------
          Class                 To                 From
          -----                 --                 ----
          IV                    D                  CCC-

                     Morgan Stanley ACES SPC
                          Series 2007-40

                                       Rating
                                       ------
          Class                 To                 From
          -----                 --                 ----
          A                     D                  CCC-

                     Morgan Stanley ACES SPC
                          Series 2008-4

                                       Rating
                                       ------
          Class                 To                 From
          -----                 --                 ----
          A                     D                  CCC-


MORGAN STANLEY: S&P Downgrades Ratings on 15 2005-HQ5 Securities
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 15
classes of commercial mortgage-backed securities from Morgan
Stanley Capital I Trust 2005-HQ5 and removed them from CreditWatch
with negative implications.  In addition, S&P affirmed its ratings
on six additional classes from the same transaction.  S&P also
affirmed its ratings on two raked classes from Greenwich Capital
Commercial Funding Corp.'s series 2004-GG1.

The MSC 2005-HQ5 downgrades follow S&P's analysis of the
transaction using its U.S. conduit and fusion CMBS criteria, which
was the primary driver of the rating actions.  The downgrades of
the subordinate classes also reflect credit support erosion that
S&P anticipates will occur upon the eventual resolution of several
of the transaction's specially serviced assets.  S&P's analysis
included a review of the credit characteristics of all of the
assets in the pool.  Using servicer-provided financial
information, S&P calculated an adjusted debt service coverage
(DSC) of 1.80x and a loan-to-value ratio of 85.9%.  S&P further
stressed the loans' cash flows under S&P's 'AAA' scenario to yield
a weighted average DSC of 1.16x and an LTV ratio of 113.7%.  The
implied defaults and loss severity under the 'AAA' scenario were
54.6% and 30.3%, respectively.

All of the DSC and LTV calculations S&P noted above exclude three
($64.2 million, 5.2%) defeased loans and four ($29.3 million,
2.4%) of the transaction's five specially serviced assets.  S&P
separately estimated losses for these four specially serviced
assets and included them in the 'AAA' scenario implied default and
loss figures.

The affirmations of the ratings on the MSC 2005-HQ5 principal and
interest certificates reflect subordination levels that are
consistent with the outstanding ratings.  The affirmations of the
ratings on the GCCFC 2004-GG1 "OEA" raked certificates follow
S&P's analysis of the 111 Eighth Avenue loan.  The raked
certificates derive 100% of their cash flows from a subordinate
nonpooled portion of this loan.  The whole loan is secured by a
16-story, 2,921,914-sq.-ft. office building encompassing an entire
city block between Eighth and Ninth Avenues and 15th and 16th
Streets in New York City.  For year-end 2008, the reported DSC was
2.26x and occupancy was 99.0%.

S&P affirmed its ratings on the MSC 2005-HQ5 classes X-1 and X-2
interest-only certificates based on its current criteria.  S&P
published a request for comment proposing changes to the IO
criteria on June 1, 2009.  After S&P finalize its criteria review,
S&P may revise its current IO criteria, which may affect
outstanding ratings, including the ratings on the IO certificates
that S&P affirmed.

                      Credit Considerations

As of the February 2010 remittance report, five assets
($35.5 million, 2.9%) in the MSC 2005-HQ5 pool were with the
special servicer, CWCapital Asset Management LLC.  The payment
status of the specially serviced assets is: one ($5.0 million,
0.4%) is real estate-owned, three ($23.5 million, 1.9%) are 90-
plus-days delinquent, and one ($7.0 million, 0.6%) is 60 days
delinquent.  Three of the specially serviced assets have appraisal
reduction amounts in effect totaling $8.8 million.

The Rainbow Design Center loan ($10.4 million total exposure,
0.8%) is the largest loan with the special servicer and is secured
by a 64,488-sq.-ft. retail property in Las Vegas.  The loan was
transferred to the special servicer on Jan. 15, 2009, due to
imminent default and was reported as 90-plus-days delinquent on
the February 2010 remittance report.  Current financial
information was not available for the loan.  There is a
$2.5 million ARA in effect.  S&P expects a significant loss upon
the eventual resolution of this asset.

The Shoppes at Lake Bryan loan ($7.9 million total exposure, 0.6%)
is the second-largest loan with the special servicer and is
secured by a 33,125-sq.-ft. retail property in Lake Buena Vista,
Fla.  The loan was transferred to the special servicer on April 8,
2009, due to monetary default and was reported as 90-plus-days
delinquent on the February 2010 remittance report.  The reported
DSC was 0.66x as of year-end 2008.  There is a $4.0 million ARA in
effect.  S&P expects a significant loss upon the eventual
resolution of this asset.

The three remaining specially serviced assets have balances that,
individually, represent less than 0.6% of the pool balance.  S&P
estimated losses for two of these three assets.  The weighted
average estimated loss severity for these two assets was 47.2%.
The February 2010 remittance report comments indicate that
CWCapital is reviewing resolution strategies for the third asset.

                       Transaction Summary

As of the February 2010 remittance report, the MSC 2005-HQ5
collateral pool had an aggregate trust balance of $1.24 billion,
down from $1.52 billion at issuance.  The pool includes 81 assets,
down from 89 at issuance.  The master servicer, Midland Loan
Services Inc., provided financial information for 98.0% of the
nondefeased assets in the pool; 43.4% of the servicer-provided
information was full-year 2008 data, 41.4% was interim-2009 data,
and 14.8% was full-year 2009 data.  S&P calculated a weighted
average DSC of 1.93x for the pool based on the reported figures.
S&P's adjusted DSC and LTV ratio were 1.80x and 85.9%,
respectively.  S&P's adjusted DSC and LTV figures exclude three
($64.2 million, 5.2%) defeased loans and four ($29.3 million,
2.4%) of the transaction's five specially serviced assets.  S&P
separately estimated losses for these four specially serviced
assets.  The master servicer reported a watchlist of 19 loans
($263.1 million, 21.2%).  Subsequent to the February 2010
remittance report, the master servicer removed the Pacific Medical
Portfolio 4 loan ($33.3 million, 2.7%) from its watchlist.
Thirteen assets ($79.2 million, 6.4%) in the pool have a reported
DSC of less than 1.10x, and nine assets ($57.6 million, 4.6%) have
a reported DSC of less than 1.00x.

                   Summary of Top 10 Exposures

The top 10 exposures secured by real estate in the MSC 2005-HQ5
transaction have an aggregate outstanding balance of
$751.2 million (60.5%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 2.20x for the top 10
exposures.  S&P's adjusted DSC and LTV ratio for the top 10
exposures are 1.98x and 83.6%, respectively.

The sixth-largest exposure in the pool, the 111 Eighth Avenue
loan, has a trust balance of $71.2 million (5.7%) and a whole-loan
balance of $474.4 million.  The $474.4 million whole-loan balance
consists of a $427.0 million senior component, which is split into
five pari passu notes, and a $47.4 million subordinate component,
which is split into two pari passu notes.  One of the subordinate
notes, totaling $23.7 million, is included in the GCCFC 2004-GG1
trust and is raked to the "OEA" certificates.  The raked
certificates derive 100% of their cash flows from this subordinate
note.  The master servicer reported a DSC of 2.00x for the whole-
loan balance (2.26x for the senior component only) as of year-end
2008.  Occupancy was 99.0% for the same period.  S&P's updated
valuation for this asset is comparable to its value at issuance.
S&P calculated an adjusted LTV ratio of 71.2% for the whole-loan
balance, which is consistent with the current ratings.

As of the February 2010 remittance report, two ($153.0 million,
12.3%) of the top 10 exposures appeared on the master servicer's
watchlist.  Midland has since removed one of these assets, the
Pacific Medical Portfolio 4 loan ($33.3 million, 2.7%), from its
watchlist.  The remaining asset, the Houston Center loan, is the
second-largest loan in the pool and the largest loan on the master
servicer's watchlist.  The loan has a trust balance of
$119.7 million (9.6%) and is secured by a 2,956,225-sq.-ft. office
property in Houston, Texas.  According to the February 2010
watchlist report comments, the asset appears on the watchlist due
to damage it sustained as a result of Hurricane Ike.  Reported DSC
and occupancy were 2.51x and 91.0%, respectively, as of September
2009.

Standard & Poor's stressed the collateral assets according to its
U.S. conduit/fusion criteria.  The resultant credit enhancement
levels are consistent with its lowered and affirmed ratings.

      Ratings Lowered And Removed From Creditwatch Negative

             Morgan Stanley Capital I Trust 2005-HQ5
          Commercial mortgage pass-through certificates

                  Rating
                  ------
     Class     To      From           Credit enhancement (%)
     -----     --      ----           ----------------------
     A-J       AA      AAA/Watch Neg                   15.15
     B         A+      AA/Watch Neg                    12.70
     C         A       AA-/Watch Neg                   11.16
     D         A-      A+/Watch Neg                     9.94
     E         BBB+    A/Watch Neg                      8.56
     F         BBB     A-/Watch Neg                     7.33
     G         BBB-    BBB+/Watch Neg                   6.10
     H         BB+     BBB/Watch Neg                    5.03
     J         BB-     BBB-/Watch Neg                   3.34
     K         B+      BB/Watch Neg                     2.88
     L         B       BB-/Watch Neg                    2.42
     M         CCC+    B+/Watch Neg                     1.96
     N         CCC     B-/Watch Neg                     1.65
     O         CCC-    CCC+/Watch Neg                   1.50
     P         CCC-    CCC/Watch Neg                    1.19

                        Ratings Affirmed

              Morgan Stanley Capital I Trust 2005-HQ5
           Commercial mortgage pass-through certificates

      Class     Rating                 Credit enhancement (%)
      -----     ------                 ----------------------
      A-2       AAA                                     24.20
      A-3       AAA                                     24.20
      A-AB      AAA                                     24.20
      A-4       AAA                                     24.20
      X-1       AAA                                       N/A
      X-2       AAA                                       N/A

            Ratings Affirmed (Non-Pooled Certificates)

            Greenwich Capital Commercial Funding Corp.
   Commercial mortgage pass-through certificates series 2004-GG1

      Class     Rating                 Credit enhancement (%)
      -----     ------                 ----------------------
      OEA-B1    BBB-                                      N/A
      OEA-B2    BB+                                       N/A

                      N/A - Not applicable.


MORGAN STANLEY: S&P Withdraws 'CCC-' Rating on 2005-16 Notes
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' rating on
the notes issued by Morgan Stanley ACES SPC's series 2005-16, a
synthetic corporate collateralized debt obligation transaction
backed by corporate CDOs.

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


MORGAN STANLEY: S&P Withdraws Rating on Class II 2006-3 Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on the
class II notes issued by Morgan Stanley Managed ACES SPC's series
2006-3, a synthetic corporate investment-grade collateralized debt
obligation transaction.

The rating action reflects S&P's view that S&P lack adequate
information to continue to provide opinions on the
creditworthiness of the class II notes.  This follows S&P's
withdrawal of the credit rating on Landesbank Baden-Wuerttemberg
(Landesbank Baden-Wuerttemberg; NR/--/NR), which issued the
underlying collateral for the SPC's class II notes.  On Jan. 20,
2010, S&P withdrew its ratings on Landesbank Baden-Wuerttemberg at
the issuer's request.

                         Rating Withdrawn

                 Morgan Stanley Managed ACES SPC
                           Series 2006-3

                Rating                   Balance (mil.$)
                ------                   ---------------
              To      From             Current      Previous
              --      ----             -------      --------
     Notes    NR      CCC+               0.000         10.00

                          NR - Not rated.


MORGAN STANLEY: S&P Withdraws 'CCC-' Rating on Class IA Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' rating on
the class IA notes issued by Morgan Stanley ACES SPC's series
2005-21, a synthetic corporate investment-grade collateralized
debt obligation transaction.

S&P withdrew the rating because the issuer redeemed and cancelled
the notes according to the supplemental indenture.


MSCI 2004-RR2: Fitch Downgrades Ratings on Three Classes
--------------------------------------------------------
Fitch Ratings has downgraded three classes issued by MSCI 2004-RR2
as a result of an elongated maturity profile resulting from
extension expectations for upcoming loan maturities within
seasoned CMBS.  The balance of the classes are affirmed due to
adequate cushion to Fitch's expected loss rates.

Since Fitch's last rating action in February 2009, approximately
4.4% of the portfolio has been downgraded.  Currently, no assets
are on Rating Watch Negative.  Approximately 42.2% of the
portfolio has a Fitch derived rating below investment grade and
12.1% has a rating below 'CCC'.  Further, the CDO has paid down
$20 million since the last review.

This transaction was analyzed under the framework described in the
Fitch report 'Global Rating Criteria for Structured Finance CDOs'
using the Portfolio Credit Model  for projecting future default
levels for the underlying portfolio.  Given the CMBS collateral is
from older vintages, 73.4% of the portfolio is expected to mature
in 2010 with an additional 16.4% maturing in 2011.  Fitch
anticipates maturity extensions on the underlying loans of these
CMBS transactions.  Therefore, Fitch incorporated into its
analysis additional sensitivity surrounding the maturity risk of
these assets by extending the maturities out 1 to 2 years.  Even
with this additional probability of default stress, the credit
enhancement available to the class A-2 through J notes is
generally consistent with the PCM rating loss rate for each class'
current rating.  The Negative Rating Outlook on the classes
reflects Fitch's expectation that underlying CMBS loans will
continue to face refinance risk and maturity defaults.

The downgrades to classes K through M reflect their current
available credit enhancement being lower than the 'B' stress loss
rate assuming the elongated CMBS maturity profile.  However, Fitch
notes that as of the Jan. 28, 2010 trustee report, all classes are
current on interest with no interest shortfalls to any of the
underlying assets.

Fitch also assigned Loss Severity ratings to the notes.  The LS
ratings indicate each tranche's potential loss severity given
default, as evidenced by the ratio of tranche size to the expected
loss for the collateral under the 'B' stress.  The LS rating
should always be considered in conjunction with probability of
default indicated by a class' long-term credit rating.  Fitch does
not assign Rating Outlooks or LS ratings to classes rated 'CCC' or
lower.

MSCI 2004-RR2 is a static Re-Remic backed by CMBS B-pieces that
closed June 29, 2004.  The transaction is collateralized by 16
CMBS assets from 14 obligors from the 1997-2000 vintages.

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

  -- $73,208,164 class A-2 notes at 'AAA/LS2'; Outlook to Negative
     from Stable;

  -- $30,164,000 class B notes at 'A/LS3'; Outlook to Negative
     from Stable;

  -- $15,082,000 class C notes at 'BB/LS4'; Outlook to Negative
     from Stable;

  -- $5,299,000 class D notes at 'BB/LS4'; Outlook to Negative
     from Stable;

  -- $12,229,000 class E notes at 'B/LS5'; Outlook to Negative
     from Stable;

  -- $3,261,000 class F notes at 'B/LS5'; Outlook to Negative from
     Stable;

  -- $6,930,000 class G notes at 'B/LS5'; Outlook to Negative from
     Stable;

  -- $3,668,000 class H notes at 'B/LS5'; Outlook to Negative from
     Stable;

  -- $2,446,000 class J notes at 'B/LS5'; Outlook to Negative from
     Stable;

  -- Interest-only, class X at 'AAA'; Outlook to Negative from
     Stable.

In addition, Fitch has downgraded these classes:

  -- $2,446,000 class K notes to 'CCC' from 'B';
  -- $2,446,000 class L notes to 'CCC' from 'B';
  -- $1,630,000 class M notes to 'CCC' from 'B-'.


N-45 FIRST: Moody's Upgrades Ratings on Two Classes of Bonds
------------------------------------------------------------
Moody's Investors Service upgraded the ratings of two classes and
affirmed the ratings of five classes of N-45 First CMBS Issuer
Corporation, Commercial Mortgage Bonds, Series 2003-1.  Classes C
and D were upgraded due to overall improved pool performance and
increased subordination from loan pay-offs and amortization.
Classes A-2, IO, B, E and F were affirmed due to key rating
parameters, including Moody's loan to value ratio, Moody's debt
service coverage ratio and the Herfindahl Index, remaining within
acceptable ranges.  The rating action is the result of Moody's on-
going surveillance of commercial mortgage backed securities
transactions.

As of the February 15, 2010 distribution date, the transaction's
aggregate certificate balance has decreased by 55% to
$253.6 million from $559.7 million at securitization.  The
Certificates are collateralized by 22 mortgage loans ranging in
size from less than 1% to 23% of the pool, with the top ten loans
representing 77% of the pool.  The pool contains one loan,
representing 19% of the pool, with an underlying rating.  One
loan, representing 4% of the pool, has defeased and is
collateralized with Canadian government securities.  Eleven loans,
representing 54% of the pool's outstanding balance, have full
recourse provisions to the borrower.

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

The pool has not experienced any losses to date and currently
there are no delinquent or specially serviced loans.

Moody's was provided with full or partial-year 2008 operating
results for 88% of the pool.  Moody's weighted average LTV ratio
is 54% compared to 62% at last review.

Moody's actual and stressed DSCR are 2.03X and 2.02X,
respectively, compared to 1.56X and 2.06X 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 diversity of loan
size, where a higher number represents greater diversity.  Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances.  The credit neutral Herf is 40.  The pool
has a Herf of 7 compared to 11 at last review.

The loan with an underlying rating is the Place Dupuis Building
Loan ($47.6 million -- 19% of the pool), which is cross-
collateralized with the Les Atrium Loan ($10.2 million -- 4% of
the pool).  Place Dupuis is an 815,000 square foot mixed-use
complex that consists of two Class B office towers along with an
81,000 SF shopping concourse located in downtown Montreal, Qu‚bec.
As of February 2010, the property was 98% leased compared to 100%
at last review.  The largest tenant is Hydro-Qu‚bec (Moody's
backed senior unsecured rating Aa2, stable outlook) which leases
65% of the net rentable area with lease expirations in 2010
through 2015.  The master servicer confirmed that Hydro-Qu‚bec
will be vacating 71,000 square feet that is scheduled to expire in
April 2010.  This will reduce the tenant's share of the NRA to
approximately 50% from 65%.  The property's performance has
improved since last review; however, Moody's analysis reflects a
decline in cash flow due to near term lease rollover of Hydro-
Qu‚bec as well as several smaller tenants.  Partially mitigating
the cash flow decline, the loan has amortized 6% since last
review, has full recourse provisions to the Busac Real Estate
Group, the borrower, and is cross-collateralized with the Les
Atrium loan.  Moody's underlying rating and stressed DSCR are Baa3
and 1.48X, respectively, compared to Baa2 and 1.59X at last
review.

The top three conduit loans represent 39% of the pool.  The
largest conduit loan is the State Street Financial Centre Loan
($57.8 million -- 23% of the pool), which is secured by a 414,000
SF Class A office complex located in downtown Toronto, Ontario.
The property was built in 1957 and renovated in 2001.  As of April
2009, the property was 100% leased compared to 86% at last review.
In 2008, International Financial Data Services (32% of the NRA;
lease expiration in 2013) downsized to 134,454 square feet from
the 192,000 square feet it originally occupied at securitization.
State Street Bank & Trust Co.  (Moody's long term issuer rating of
Aa2, negative outlook; 59% of the NRA; lease expiration in 2022)
increased its occupancy in the property to 244,682 square feet
from the 187,000 square feet at securitization.  The third largest
tenant is Dundee REIT (7% of the NRA; lease expiration in 2013),
which is also the loan's sponsor.  The loan has full recourse
provisions and amortizes on a 25-year schedule.  Performance has
been stable and the loan has benefited from 5% amortization since
last review.  Moody's LTV and stressed DSCR are 64% and 1.57X,
respectively, compared to 69% and 1.48X at last review.

The second largest conduit loan is the Place Portobello & Les
Galeries de la Chaudiere Loan ($24.6 million -- 10% of the pool),
which is secured by two anchored retail centers totaling 603,000
square feet.  Place Portobello is located in Brossard, which is
south of Montreal.  Les Galeries de la Chaudiere is situated in
Sainte-Marie, approximately 34 miles south of Qu‚bec City, Qu‚bec.
Built in 1965, Place Portobello represents 85% of the collateral.
Place Portobello's largest tenant is Zellers (21% of gross
leaseable area; lease expiration in December 2023), which replaced
Wal-Mart when its lease expired in December 2008.  The largest
tenant in the Les Galleries center is the Metro Richelieu
Supermarket (6% of the GLA; lease expiration in May 2014).  As of
June 2009, the two properties were 99% leased, essentially the
same since last review.  The loan is on the servicer's watchlist
because it matures in April 2010.  Moody's LTV and stressed DSCR
are 45% and 2.24X, respectively, compared to 48% and 2.08X at last
review.

The third largest conduit loan is the Zellers Centre Loan
($16.9 million -- 7% of the pool), which is secured by a
1.1 million square foot industrial warehouse located in the
Brampton Industrial Complex in the Greater Toronto Area, Ontario.
The property is 100% triple-net leased to Zellers, a subsidiary of
the Hudson Bay Co., and it serves as a major distribution center
and office facility.  The lease expires in September 2013 and the
loan matures in February 2014.  Performance has been stable and
the loan has benefited from 14% amortization since last review.
Moody's LTV and stressed DSCR are 53% and 2.04X, respectively,
compared to 60% and 1.8X at last review.

Moody's rating action is:

  -- Class A-2, $172,429,045, affirmed at Aaa; previously assigned
     Aaa on 6/18/2003

  -- Class IO, Notional, affirmed at Aaa; previously assigned Aaa
     on 6/18/2003

  -- Class B, $8,396,000, affirmed at Aaa; previously upgraded to
     Aaa from Aa2 on 12/21/2006

  -- Class C, $16,792,000, upgraded to Aaa from Aa1; previously
     upgraded to Aa1 from Aa2 on 4/11/2008

  -- Class D, $19,590,000, upgraded to A1 from A3; previously
     upgraded to A3 from Baa2 on 4/11/2008

  -- Class E, $13,993,000, affirmed at Ba1; previously upgraded to
     Ba1 from Ba2 on 4/11/2008

  -- Class F, $9,095,000, affirmed at B2; previously assigned B2
     on 6/18/2003


N-STAR REAL: Moody's Reviews Ratings on 12 Classes of Notes
-----------------------------------------------------------
Moody's Investors Service placed 12 classes of Notes issued by N-
Star Real Estate CDO IX, Ltd. on review for possible downgrade due
to deterioration in the credit quality of the underlying portfolio
as evidenced by deterioration in the weighted average rating
factor and an increase in defaulted assets.  The rating action is
the result of Moody's on-going surveillance of commercial real
estate collateralized debt obligation transactions.

N-Star Real Estate CDO IX, Ltd., is a revolving CRE CDO
transaction backed by a portfolio of commercial mortgage backed
securities (72.7% of pool balance), CRE CDOs (14.8%), REITs
(7.6%), real estate interests (3.2%), and credit tenant leases
(1.7%).  As of the 2/2/2010 Trustee report, the aggregate Note
balance of the transaction has remained unchanged at $800 million,
the same as at securitization.

Nine assets with a par balance of $109 million (11.5% of the pool
balance including cash principal) were listed as defaulted as of
the 2/2/2010 Trustee report, compared to 5.2% as of last review.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class A-1, A1 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to A1

  -- Class A-2, Ba1 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Ba1

  -- Class A-3, Ba3 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Ba3

  -- Class B, B2 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to B2

  -- Class C, Caa1 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Caa1

  -- Class D, Caa2 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Caa2

  -- Class E, Caa2 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Caa2

  -- Class F, Caa3 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Caa3

  -- Class G, Caa3 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Caa3

  -- Class H, Caa3 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Caa3

  -- Class J, Caa3 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Caa3

  -- Class K, Caa3 Placed Under Review for Possible Downgrade;
     previously on 3/6/2009 Downgraded to Caa3

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated 3/6/2009.


NEPTUNE CDO: Fitch Downgrades Ratings on Three Classes of Notes
---------------------------------------------------------------
Fitch Ratings has downgraded three classes and affirmed two
classes of notes issued by Neptune CDO II Ltd./LLC as a result of
continued credit deterioration in the portfolio since Fitch's last
rating action in July 2008.

As of the Feb. 2, 2010 trustee report, the current balance of the
portfolio is approximately $186.1 million.  Approximately 92.9% of
the portfolio has been downgraded since July 2008, resulting in
approximately 94.7% of the portfolio with a Fitch derived rating
below investment grade and 81.4% with a rating in the 'CCC' rating
category or below, compared to 61.8% and 29.7%, 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
Neptune II.  The transaction entered an event of default as of
June 26, 2008 due to the ratio of the net outstanding portfolio
collateral balance to the outstanding amount of class A notes
being less than 100%.  A majority of the controlling class, class
A-1, voted to accelerate on Jan. 23, 2009, however, the class A-2
and class B notes have continued to receive interest distributions
since then.

The Feb. 2, 2010 trustee report shows that $136 million, or 73.1%,
of the portfolio is considered defaulted by the transaction's
governing documents, leaving $50 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.

Additionally, principal collections have been needed to cover
shortfalls in interest collections since February 2009, which is
contributing to the erosion of credit enhancement.  On the Feb. 8,
2010 payment date, principal proceeds were needed for part of the
class A-1 accrued interest distribution and the entire class A-2
and class B interest distributions.

Neptune II is a structured finance collateralized debt obligation
that closed on July 26, 2005, and is managed by Chotin Fund
Management Corporation, formerly known as Fund America Management
Corporation.  The portfolio is composed of residential mortgage-
backed securities (89.7%), SF CDOs (8.2%) and corporate CDOs
(2.1%).

Fitch has taken these rating actions on Neptune II:

  -- $140,277,213 class A-1 notes downgraded to 'C' from 'B';
  -- $52,000,000 class A-2 notes downgraded to 'C' from 'CC';
  -- $18,000,000 class B notes downgraded to 'C' from 'CC';
  -- $6,511,435 class C notes affirmed at 'C';
  -- $12,208,174 class D notes affirmed at 'C'.


NEPTUNE CDO: Moody's Downgrades Ratings on Class A-1LA Notes
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of one class of notes issued by Neptune CDO 2004-1, Ltd.
The notes affected by the rating action are:

  -- US$264,000,000 Class A-1LA Floating Rate Notes, Due 2040
     (current balance of $180,197,472), Downgraded to Ca;
     previously on February 4, 2009 Downgraded to B3.

Neptune CDO 2004-1,Ltd is a collateralized debt obligation
issuance backed by a portfolio of Residential Mortgage-Backed
Securities, the majority of which were originated in 2004.

According to Moody's, the rating downgrade actions are the result
of deterioration in the credit quality of the underlying
portfolio.  Such credit deterioration is observed through numerous
factors, including a decline in the average credit rating of the
portfolio (as measured by an increase in the weighted average
rating factor), an increase in the dollar amount of defaulted
securities, and failure of the coverage tests.  The weighted
average rating factor, as reported by the trustee, has increased
from 1551 in February 2009 to 2522 in February 2010.  During the
same time, defaulted securities increased from $98.5 million to
$146.7 million.  In addition, the Trustee reports that the
transaction is currently failing all principal and interest
coverage tests.

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


NEWCASTLE CDO: Moody's Reviews Ratings on 12 Classes of Notes
-------------------------------------------------------------
Moody's Investors Service placed 12 classes of Notes issued by
Newcastle CDO IX 1, LIMITED on review for possible downgrade due
to deterioration in the credit quality of the underlying portfolio
as evidenced by deterioration in the weighted average rating
factor and in weighted average recovery rate, and an increase in
defaulted assets.  The rating action is the result of Moody's on-
going surveillance of commercial real estate collateralized debt
obligation transactions.

Newcastle CDO IX 1, LIMITED, is a revolving CRE CDO transaction
backed by a portfolio of whole loan debt (9% of the pool balance),
B-note debt (24%), mezzanine debt (37%), commercial real estate
bank loan (16%), commercial mortgage backed securities collateral
(11%), CDO (2%) and residential mortgage backed securities (less
than 1%).  As of the January 19, 2010 Trustee report, the
aggregate Note balance of the transaction, including Preferred
Shares, has decreased to $794 million from $859 million at
issuance, with the full or partial note cancellations to Class C,
D, G, and H Notes.

As of the January 19, 2010 Trustee report, WARF was reported as
4,853, failing the WARF covenant at 4,225, compared to 4,208 as of
last review; WARR was reported as 14.5%, failing the WARR covenant
at 15.0%, compared to 20.3% as of last review.

Eight assets with a par balance of $147 million (17% of the pool
balance) were listed as defaulted as of the January 19, 2010
Trustee report, compared to 6% as of last review.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating actions are:

  -- Class S, Aa3 Placed Under Review for Possible Downgrade;
     previously on March 25, 2009 Downgraded to Aa3

  -- Class A-1, Aa3 Placed Under Review for Possible Downgrade;
     previously on March 25, 2009 Downgraded to Aa3

  -- Class A-2, Baa1 Placed Under Review for Possible Downgrade;
     previously on March 25, 2009 Downgraded to Baa1

  -- Class B, Baa3 Placed Under Review for Possible Downgrade;
     previously on March 25, 2009 Downgraded to Baa3

  -- Class E, Ba3 Placed Under Review for Possible Downgrade;
     previously on March 25, 2009 Downgraded to Ba3

  -- Class F, B1 Placed Under Review for Possible Downgrade;
     previously on March 25, 2009 Downgraded to B1

  -- Class G, B3 Placed Under Review for Possible Downgrade;
     previously on March 25, 2009 Downgraded to B3

  -- Class H, Caa1 Placed Under Review for Possible Downgrade;
     previously on March 25, 2009 Downgraded to Caa1

  -- Class J, Caa2 Placed Under Review for Possible Downgrade;
     previously on March 25, 2009 Downgraded to Caa2

  -- Class K, Caa3 Placed Under Review for Possible Downgrade;
     previously on March 25, 2009 Downgraded to Caa3

  -- Class L, Caa3 Placed Under Review for Possible Downgrade;
     previously on March 25, 2009 Downgraded to Caa3

  -- Class M, Ca Placed Under Review for Possible Downgrade;
     previously on March 25, 2009 Downgraded to Ca

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated March 25, 2009.


NOMURA CRE: Moody's Reviews Ratings on 16 Classes of Notes
----------------------------------------------------------
Moody's Investors Service placed 16 classes of Notes issued by
Nomura CRE CDO 2007-2 Ltd. under review for possible downgrade due
to deterioration in the credit quality of the underlying portfolio
as evidenced by an increase in defaulted assets and failure of
several Par Value Tests.  The rating action is the result of
Moody's on-going surveillance of commercial real estate
collateralized debt obligation transactions.

Nomura CRE CDO 2007-2 Ltd. is a CRE CDO transaction backed by a
portfolio of Whole Loans and Senior Participations (78.9% of the
pool balance), B-Notes (10.7%), CMBS Securities (5.3%), CDO
Securities (3.6%) and Mezzanine Loans (1.5%).  As of the December
31, 2009 Trustee report, the aggregate Note balance of the
transaction has decreased to $948.5 million from $950.0 million at
issuance, with the paydown directed to the Class A-1 and A-R
Notes.  The paydown was triggered by the failure of the Class
A/B/C Par Value Tests.  Per the Indenture dated as of March 27,
2007, upon the failure of any Par Value Test results, all
scheduled interest and principal payments are directed to pay down
the Class A Senior Notes, until the failed Par Value Test is
satisfied.

Seven assets with a par balance of $238.6 million (24.8 % of the
pool balance) were listed as defaulted as of the December 31, 2009
Trustee report, compared to 1.5% as of last review.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class A-1, Aaa Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Confirmed at Aaa

  -- Class A-R, Aaa Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Confirmed at Aaa

  -- Class A-2, Aa2 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Aa2

  -- Class B, A3 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to A3

  -- Class C, Baa2 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Baa2

  -- Class D, Ba1 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Ba1

  -- Class E, Ba2 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Ba2

  -- Class F, Ba3 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Ba3

  -- Class G, B1 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to B1

  -- Class H, B2 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to B2

  -- Class J, B3 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to B3

  -- Class K, Caa1 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Caa1

  -- Class L, Caa2 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Caa2

  -- Class M, Caa2 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Caa2

  -- Class N, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Caa3

  -- Class O, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 15, 2009 Downgraded to Caa3

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated April 15, 2009.


NON-PROFIT PREFERRED: Fitch Downgrades Ratings on Five Classes
--------------------------------------------------------------
Fitch Ratings has downgraded five classes of notes issued by Non-
Profit Preferred Funding Trust I.

On Dec. 15, 2009, Fitch placed the transaction on Rating Watch
Negative due to the deterioration in the credit quality of the
underlying portfolio and expected impact of Fitch's revised
collateralized debt obligation rating criteria.

As of December 2009, the portfolio balance stood at $387 million.
Since the effective date in August 2007, approximately 53% of the
portfolio has deteriorated in credit quality, which has been
reflected by downgrades in either the explicit or shadow ratings,
or the ratings of the bond insurers.  As a result, the average
credit quality of the portfolio has deteriorated to 'B+/B' from
'BB/BB-'.  Fitch considers approximately 85.7% of the current
portfolio to have credit characteristics of a non-investment grade
bond, compared to 71.8% in August 2007.  Approximately 11.1% of
the portfolio is now either explicitly- or shadow-rated 'CCC' or
lower, including 3% of the portfolio considered defaulted.

In this review, Fitch applied its revised CDO rating methodology,
updated its shadow ratings for the underlying bonds and performed
sensitivity analysis for a range of scenarios varying by recovery
rates and default correlation.  The rating changes presented below
reflect the cumulative impact of the negative credit migration in
the credit quality of the underlying portfolio since the last
rating action and Fitch's revised view on correlated defaults, as
described in the report 'Global Rating Criteria for Corporate
CDOs' published in April 2008,

NPPF I's portfolio is concentrated in issuers from the non-profit
(34.7% of the portfolio), higher education (20.0%) and healthcare
(31.5%) sectors.  Lack of revenue diversity for issuers in these
sectors translates into a high level of performance vulnerability
as a result of changes in demographics, strength of the economy,
and competition.  Fitch is particularly concerned about
performance of issuers in senior living and acute care.  Many
other sectors represented in the portfolio are not insulated from
the impact of the current economic stress.  Furthermore, the
portfolio exhibits some degree of geographical concentration, with
50% represented by issuers of five states.

While rating for classes A-1, A-2, and B certificates are expected
to withstand potential further negative migration in the portfolio
by virtue of their credit enhancement levels and position in the
waterfall above the most senior coverage test, the rating on class
C may be negatively impacted should further deterioration
materialize.  Accordingly, classes A-1, A-2, and B are assigned a
Stable Outlook, and class C is assigned a Negative Outlook.  Fitch
does not assign Outlooks and Loss Severity ratings to classes
rated 'CCC' and lower.

This review was conducted under the framework described in the
reports 'Global Structured Finance Rating Criteria' and 'Global
Rating Criteria for Corporate CDOs'.  Future default levels for
the underlying portfolio were projected using the Corporate
Portfolio Credit Model based on public and shadow ratings of the
underlying bonds.  These default levels were then compared to the
breakeven levels generated by Fitch's cash flow model analysis of
the CDO under various default timings scenarios, as described in
the report 'Global Criteria for Cash Flow Analysis in CDOs -
Amended'.  Based on this analysis, the class A-1 & A-2 (class A),
class B, class C, and class D certificates' breakeven rates are
generally consistent with the rating assigned below.

The class A, class B and class C certificates were assigned LS
ratings.  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'.  'B'
rating stress was used to represent a base-case loss.  Currently,
for the class A certificates this ratio falls in the range of 4.0
and 10.0, whereas for the class B and the class C certificates it
falls below 0.5.  The LS rating should always be considered in
conjunction with the probability of default for tranches.

The class D certificates were assigned a Recovery Rating (RR)
based on the total discounted future cash flows projected to be
available to these bonds in a base-case default scenario.
Recovery Ratings are designed to provide a forward-looking
estimate of recoveries on currently distressed or defaulted
structured finance securities, rated 'CCC' or lower.  For further
detail on Recovery Ratings, please see Fitch's report 'Global
Surveillance Criteria for Corporate CDOs'.

NPPF I is a Structured Tax-Exempt Pass Through program formed in
November 2006 to issue $416.5 million of municipal market data
index based senior, mezzanine, and junior certificates.  The
proceeds of the issuance were invested in a portfolio of municipal
debt issued under 501(c)(3) program.  The initial portfolio was
selected by Cohen Municipal Capital Management, LLC together with
subadvisors Nonprofit Capital LLC and Shattuck Hammond.  In March
2009, Tricadia Municipal Management, LLC took over the management
responsibilities for this transaction by consolidating the team of
Cohen Municipal Capital Management, LLC.

Fitch has downgraded, assigned LS and RR ratings to these notes as
indicated:

  -- $86,271,283 class A-1 senior certificates downgraded to
     'A/LS2' from 'AAA', Outlook Stable;

  -- $220,471,056 class A-2 delayed issuance senior certificates
     downgraded to 'A/LS2' from 'AAA', Outlook Stable;

  -- $16,500,000 class B senior certificates downgraded to
     'BBB/LS5' from 'AA', Outlook Stable;

  -- $22,000,000 class C mezzanine certificates downgraded to
     'B/LS5' from 'A', Outlook Negative;

  -- $14,000,000 class D subordinated certificates downgraded to
     'CCC/RR3' from 'BBB'.

Additionally, the certificates have been removed from Rating Watch
Negative.


NORTHWEST FARM: Moody's Reviews Ratings on Subordinate Notes
------------------------------------------------------------
Moody's has placed on review for possible downgrade the
subordinate notes in three synthetic securitizations of U.S. farm
mortgage loans originated & serviced by Northwest Farm Credit
Services.  The securitizations are primarily Credit Default Swaps
to cover any losses on the underlying reference pools of loans
made to farmers in the Pacific Northwest.  The pool consists of
real estate secured first lien agribusiness loans.  Under the
terms of the agreement, the CDS is required to pay an amount equal
to the outstanding balance of a defaulted loan less recoveries if
such defaults exceed the first loss position.

The rating actions are primarily due to an increase in the balance
of delinquent loans in the underlying reference pools across the
three securitizations.  During the review period, Moody's will
reassess cumulative expected losses on the reference pools based
on analyses of the delinquency pipelines and roll rates, as well
as assumptions about the severity of loss and the duration of the
current economic downcycle.

In Moody's approach to projecting cumulative losses, Moody's apply
stressed roll rates and loss severity assumptions for a projected
stress period and less severe assumptions for a projected stable
period thereafter.  Moody's stress and stable period forecasts are
in line with Moody's Economy.com's baseline economic forecast.
The stressed assumptions are derived from actual roll rates and
loss severities measured at different points in time during the
current recession.  In projecting expected losses over the stable
economic period in the future, Moody's softens its assumptions to
match the pre-recession levels.  A transaction's ultimate expected
losses are determined by adding the resulting stable period
projected losses to the stressed period projected losses and the
pool's current realized losses.  The factors driving the Aaa
credit enhancement level for the deal include the credit quality
of the collateral pool, industrial and geographical
concentrations, obligor concentrations, the historical variability
of losses, the servicing quality, and the structural features of
the deal.

Once the expected loss and Aaa proxy levels are established, the
adequacy of available credit enhancement to the existing ratings
is assessed using a cash flow model.  The model incorporates a set
of assumptions about the collateral performance, including but not
limited to the timing and level of loan losses, the level of
prepayments, and interest rates, to assess whether the rated notes
can be paid back in full under the assumptions and given the
proposed capital structure and collateral pool characteristics.
Moody's benchmarks the Aaa credit enhancement level to obtain the
levels for other ratings using a lognormal distribution of losses.

The complete rating actions are:

Issuer: Mt. Spokane Trust 2002-A

  -- Class E, Ba2 Placed Under Review for Possible Downgrade;
     previously on Aug. 29, 2002 Assigned Ba2

  -- Class F, B2 Placed Under Review for Possible Downgrade;
     previously on Aug. 29, 2002 Assigned B2

Issuer: Mt. Spokane 2004-A LLC

  -- Cl. E, Ba2 Placed Under Review for Possible Downgrade;
     previously on June 15, 2004 Assigned Ba2

  -- Cl. F, B2 Placed Under Review for Possible Downgrade;
     previously on June 15, 2004 Assigned B2

Issuer: Mt. Spokane 2007-A LLC

  -- Cl. D, Baa2 Placed Under Review for Possible Downgrade;
     previously on Sept. 11, 2007 Assigned Baa2

  -- Cl. E, Ba2 Placed Under Review for Possible Downgrade;
     previously on Sept. 11, 2007 Assigned Ba2

  -- Certificates, B2 Placed Under Review for Possible Downgrade;
     previously on Sept. 11, 2007 Assigned B2


OMAHA 2008-A: Moody's Reviews Ratings on Various Certificates
-------------------------------------------------------------
Moody's has placed on review for possible downgrade the
certificates in Omaha 2008-A LLC.  The transaction is a synthetic
securitization of U.S. farm mortgage loans originated & serviced
by Farm Credit Services of America.  The securitization is
primarily a Credit Default Swap to cover any losses on the
underlying reference pool of loans made to farmers in the Midwest.
The pool consists of real estate secured first lien agribusiness
loans.  Under the terms of the agreement, the CDS is required to
pay an amount equal to the outstanding balance of a defaulted loan
less recoveries if such defaults exceed the first loss position.

The rating action is primarily due to an increase in the balance
of delinquent loans in the underlying reference pool.  During the
review period, Moody's will reassess cumulative expected losses on
the reference pool based on analyses of the delinquency pipelines
and roll rates, as well as assumptions about the severity of loss
and the duration of the current economic downcycle.

In Moody's approach to projecting cumulative losses, Moody's apply
stressed roll rates and loss severity assumptions for a projected
stress period and less severe assumptions for a projected stable
period thereafter.  Moody's stress and stable period forecasts are
in line with Moody's Economy.com's baseline economic forecast.
The stressed assumptions are derived from actual roll rates and
loss severities measured at different points in time during the
current recession.  In projecting expected losses over the stable
economic period in the future, Moody's softens its assumptions to
match the pre-recession levels.  A transaction's ultimate expected
losses are determined by adding the resulting stable period
projected losses to the stressed period projected losses and the
pool's current realized losses.  The factors driving the Aaa
credit enhancement level for the deal include the credit quality
of the collateral pool, industrial and geographical
concentrations, obligor concentrations, the historical variability
of losses, the servicing quality, and the structural features of
the deal.

Once the expected loss and Aaa proxy levels are established, the
adequacy of available credit enhancement to the existing ratings
is assessed using a cash flow model.  The model incorporates a set
of assumptions about the collateral performance, including but not
limited to the timing and level of loan losses, the level of
prepayments, and interest rates, to assess whether the rated notes
can be paid back in full under the assumptions and given the
proposed capital structure and collateral pool characteristics.
Moody's benchmarks the Aaa credit enhancement level to obtain the
levels for other ratings using a lognormal distribution of losses.

The complete rating action is:

Issuer: Omaha 2008-A LLC

  -- Certificates, Ba2 Placed Under Review for Possible Downgrade;
     previously on Feb. 21, 2008 Assigned Ba2


PACIFIC SHORES: Fitch Downgrades Ratings on Three Classes
---------------------------------------------------------
Fitch Ratings has downgraded three classes and affirmed one class
of notes issued by Pacific Shores CDO, Ltd./Inc., as a result of
continued credit deterioration in the portfolio since Fitch's last
rating action in February 2009.

As of the Jan. 31, 2010 trustee report, the current balance of the
portfolio is approximately $307.7 million.  Approximately 43.1% of
the portfolio has been downgraded since February 2009, resulting
in approximately 63.3% of the portfolio with a Fitch derived
rating below investment grade and 35% with a rating in the 'CCC'
rating category or below, compared to 40.6% and 26.5%,
respectively, at last review.

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

The Negative Outlook on class A is due to the potential for
additional negative performance in the underlying assets.  The
Loss Severity  rating of 'LS3' assigned to the class A notes
indicates the 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 Fitch's 'Criteria
for Structured Finance Loss Severity Ratings'.  The LS rating
should always be considered in conjunction with the notes' long-
term credit rating.  Fitch does not assign LS ratings to tranches
rated 'CCC' and below.

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

The class B notes are still receiving timely interest
distributions but, based on the credit quality of the portfolio,
Fitch believes there is a high probability the class will not be
repaid by maturity.  The class C notes are no longer receiving
distributions due to the failing class A/B overcollateralization
test and are not expected to receive any payments going forward.

Pacific Shores is a structured finance collateralized debt
obligation that closed on June 27, 2002 and is managed by Pacific
Investment Management Co.  The portfolio is composed of
residential mortgage-backed securities (64.4%), commercial and
consumer asset-backed securities (16.6%), corporate debt (7.7%),
commercial mortgage-backed securities (7.5%), corporate CDOs
(2.8%) and SF CDOs (1%).

Fitch has taken these rating actions on Pacific Shores:

  -- $148,954,935 class A notes downgraded to 'BB/LS3' from 'BBB';
     Outlook Negative;

  -- $96,000,000 class B-1 notes downgraded to 'CC' from 'CCC';

  -- $16,000,000 class B-2 notes downgraded to 'CC' from 'CCC';

  -- $24,198,186 class C notes affirmed at 'C'.


PARCS MASTER: S&P Withdraws Rating on 2006-06 Trust Units
---------------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on the
trust units issued by PARCS Master Trust's series 2006-06 Savoy, a
synthetic corporate investment-grade collateralized debt
obligation transaction.

The rating withdrawal follows the complete redemption of the
units.

                         Rating Withdrawn

                        PARCS Master Trust
                       Series 2006-06 Savoy

                    Rating                  Balance (mil. $)
                    ------                  ----------------
                  To      From             Current   Previous
                  --      ----             -------   --------
     Trust units  NR      CCC                0.000     17.500

                          NR - Not rated.


PARCS-R MASTER: S&P Withdraws Rating on Series 2007-10 Notes
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on the
trust unit issued by PARCS-R Master Trust's series 2007-10, a
synthetic corporate investment-grade collateralized debt
obligation transaction.

The rating withdrawal follows the complete redemption of the unit
on Dec. 18, 2009.

                         Rating Withdrawn

                       PARCS-R Master Trust
                          Series 2007-10

                    Rating                  Balance (mil. $)
                    ------                  ----------------
                  To      From             Current   Previous
                  --      ----             -------   --------
     Trust units  NR      B-                0.000      37.000

                          NR - Not rated.


PETRA CRE: Moody's Reviews Ratings on 11 Classes of Notes
---------------------------------------------------------
Moody's Investors Service placed 11 classes of Notes issued by
Petra CRE CDO 2007-1, Ltd. under review for possible downgrade due
to deterioration in the credit quality of the underlying portfolio
as evidenced by deterioration in the weighted average rating
factor and an increase in defaulted assets.  The rating action is
the result of Moody's on-going surveillance of commercial real
estate collateralized debt obligation transactions.

Petra CRE CDO 2007-1, Ltd. is a revolving cash CRE CDO transaction
backed by a portfolio of whole loans (64% of the pool balance),
mezzanine debt (21%), real estate investment trust debt (5%),
commercial mortgage backed securities (4%), CRE CDO (4%) and B-
Note debt (2%).  As of the January 25, 2010 Trustee report, the
aggregate Note balance of the transaction, including Preferred
Shares, has increased to $1,002 from $1,000 at issuance, due to
capitalization of deferred interest on Class H, J and K Notes.

As of the January 25, 2010 Trustee report, WARF was reported as
4,327, passing the WARF covenant at 5,500, compared to a reported
WARF of 3,732 at last review.

Ten assets with a par balance of $252 million (23% of the pool
balance) were listed as defaulted as of the January 25, 2010
Trustee report, compared to 16% at last review.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating actions are:

  -- Class A-1, Aaa Placed Under Review for Possible Downgrade;
     previously on April 7, 2009 Confirmed at Aaa

  -- Class A-2, A1 Placed Under Review for Possible Downgrade;
     previously on April 7, 2009 Downgraded to A1

  -- Class B, Baa2 Placed Under Review for Possible Downgrade;
     previously on April 7, 2009 Downgraded to Baa2

  -- Class C, Ba3 Placed Under Review for Possible Downgrade;
     previously on April 7, 2009 Downgraded to Ba3

  -- Class D, B2 Placed Under Review for Possible Downgrade;
     previously on April 7, 2009 Downgraded to B2

  -- Class E, B3 Placed Under Review for Possible Downgrade;
     previously on April 7, 2009 Downgraded to B3

  -- Class F, Caa1 Placed Under Review for Possible Downgrade;
     previously on April 7, 2009 Downgraded to Caa1

  -- Class G, Caa2 Placed Under Review for Possible Downgrade;
     previously on April 7, 2009 Downgraded to Caa2

  -- Class H, Caa2 Placed Under Review for Possible Downgrade;
     previously on April 7, 2009 Downgraded to Caa2

  -- Class J, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 7, 2009 Downgraded to Caa3

  -- Class K, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 7, 2009 Downgraded to Caa3

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated April 7, 2009.


PHILADELPHIA SCHOOL: Moody's Assigns 'Ba1' Rating on Bonds
----------------------------------------------------------
Moody's Investors Service has assigned an enhanced rating of Aa3
with a negative outlook and an underlying rating of Ba1 and stable
outlook to the Philadelphia School District's (PA) $23.98 million
General Obligation Bonds, Series A of 2010 (Tax-Exempt),
$226.24 million General Obligation Bonds, Series B of 2010
(Federally Taxable-Build America Bonds-Issuer Subsidy), and
$355.43 million General Obligation Refunding Bonds, Series c of
2010.  Concurrently, Moody's has also upgraded to Ba1 from Ba2 the
rating on $2.1 billion in parity debt issued directly by the
school district and $900 million issued through the State School
Public Building Authority.

All series of bonds are secured by the full faith and credit of
the school district within the limits prescribed by law.  Proceeds
of both Series A and Series B Bonds will be used to finance the
school district's ongoing capital plan.  The Series B bonds are
federally taxable as they are being issued as Build American
Bonds, with the 35% interest reimbursement from the U.S.
Department of Treasury expected to off-set overall borrowing
costs.

The Aa3 enhanced rating with a negative outlook reflects Moody's
current assessment of the Pennsylvania School District Fiscal
Agent Agreement Intercept Program.  The program provides for an
intercept of state aid due in the current fiscal year in the event
of a threatened payment failure by the district, and reflects the
credit profile of the Commonwealth itself, whose general
obligation bonds are rated Aa2/negative.  Pursuant the School Code
(Section 6-633), the state is authorized to intercept aid
appropriated in the current fiscal year.  The program is further
enhanced by a Fiscal Agent's Agreement, which requires the fiscal
agent to notify the Secretary of Education if the district has not
made sinking fund payments 15 days prior to debt service due
dates.  Pursuant to a Memorandum of Understanding (MOU) among the
Secretary of Education, the Labor, Education and Community
Services Comptroller, and the State Treasurer, appropriated state
aid is transferred to the fiscal agent in amounts required for
debt service.  After the current issue, the district will have
outstanding approximately $3 billion in direct debt outstanding,
of which $53 million is unhedged variable rate debt, $370 million
is hedged variable rate debt, and $1.7 billion is fixed rate
general obligation debt.  The remaining $901 million is G.O.-
secured rental debt issued through the Pennsylvania State Public
School Building Authority, $500 million of which is related to two
basis swaps.  For more information on Moody's intercept program
rating methodology, please refer to the update report regarding
the program dated March 14, 2008.

The upgrade of the unenhanced underlying rating to Ba1with a
stable outlook reflects management's success in implementing a
plan with the School Reform Commission, beginning in fiscal 2007
to correct the financial instability, resulting in three years of
operating surpluses which increased the total General Fund from a
negative -$66 million in fiscal 2006 to a positive $9.6 million in
fiscal 2009.  Total fund balance for all Operating Funds, which
include the General Fund, Debt Service Fund, and Intermediate Unit
Fund, grew from negative -$24 million in fiscal 2006 to positive
$51 million in fiscal 2009.  The district continues to face
numerous management and financial challenges, including
expenditure growth associated with mandated contributions to
charter schools and the need to augment academic services given a
substantial high school dropout rate; sluggish tax base growth and
other limitations on the district's ability to raise revenues; and
substantial capital needs.  These weak credit fundamentals rose to
a crisis level in fiscal 2002, with the projection early in the
year of a large cash deficit by year-end, plus significant
additional deficits projected in the out-years.  Pursuant to an
intermediate recovery plan negotiated by then Governor Schweiker
and the Mayor, a formal "declaration of distress" was issued by
the state's Secretary of Education in December 2001, causing the
immediate replacement of the local school board with a largely
state-controlled School Reform Commission.  The city and the state
also agreed to provide moderate levels of additional funding for
the district, and a $300 million long-term deficit bond was
authorized and issued in May 2002.

Intercept Program Provides Additional Bondholder Security; Strong
                Mechanics And Revenue Sufficiency

The Aa3 programmatic rating serves as a ceiling for enhanced
ratings related to individual financings.  Moody's assigns an
enhanced rating to specific financings after an evaluation of the
sufficiency of interceptable revenues, as determined by specific
coverage tests, the level of reliance on the final state aid
payment, the timing of scheduled debt service payment dates as it
relates to the state's fiscal year, the stability of state aid,
and the priority of state aid payments.  Moody's also evaluates
the transaction structure, which considers the role of the
independent fiduciary and any reserve funds.  Financings that are
considered average to strong in the majority of these areas will
usually achieve the program-level rating, while financings with
weaker scores may be rated one or more notches below the
programmatic rating.  The programmatic rating currently carries a
negative outlook.

All of the Philadelphia School District's general obligation
financings, including the current one, have strong sufficiency of
interceptable revenues and average transaction structure,
warranting the Aa3 programmatic rating and negative outlook.
Moody's analysis of actual monthly state aid payments for fiscal
2009 and fiscal 2010 (through February) indicate that coverage for
required monthly sinking fund payments from remaining state aid
receipts never falls below 13 times.  Under the stress-test
scenario, which excludes the final month of state aid allocation,
coverage for required monthly sinking fund payments from remaining
state aid receipts never falls below 2.9 times.  The state has
consistently increased state aid, even in periods of fiscal
stress.  Finally, the availability of state aid for debt service
prior to the use of other purposes is considered strong given that
upon notification to the Secretary of Education of the deficiency
in a sinking fund payment, any state aid appropriation for the
remainder of the fiscal year can be accelerated for the intercept.
The district's transaction structure favorably includes the use of
a fiscal agent, which offers average strength given the timely
notification requirements established in the Fiscal Agent
Agreement whereby the fiscal agent must notify the Secretary of
Education if the district has not made its full sinking fund
payment 15 days prior to the due dates.  Lastly, while there is no
reserve fund for this financing, Moody's believes that average
strength is offered by the notification requirements, mechanics
and availability of funds to ensure timely debt service payments.

Three Years of Surplus Operations Result In Positive General Fund
                   And Operating Funds Balances

Following a significant budget deficit in fiscal 2006, which
pushed both General Fund and total Operating Funds balance below
zero, the district developed and implemented a recovery plan the
resulted in three years of operating surpluses that has resulted
in positive reserves levels in fiscal 2009.  The fiscal 2006
deficit was due to a variety of factors, including the receipt of
$26.4 million less in grants revenue than budget, which was driven
by a significant drop in federal grants from prior years.
Termination incentive payments were also higher than expected by
$10.6 million and $8.6 million in severance obligations that
should have been accrued in fiscal 2005 but were not accrued until
fiscal 2006.  There were also unanticipated costs due to a delay
in the implementation of hiring practices for school-based
positions, amounting to additional expenditures of $8.8 million.
The district was also delayed in expected building sales, which
were projected to equal $7.8 million, and there was a delay in
state aid for school building into fiscal 2006, reducing the
fiscal 2005 anticipated revenues by $3.4 million.  Notably, the
district includes its Debt Service and Intermediate Unit Funds in
its overall Operating Budget.  The Debt Service Fund is used to
account for the district's accumulation of resources for the
payment of debt service and insurance costs, and had a fund
balance of $64.6 million at the end of fiscal 2006.  Total
undesignated fund balance for all three funds was -$23.8 million
(-1.2% of Combined Operating Funds revenues) at the end of fiscal
2006.

In implementing the recovery plan, the district reaffirmed
existing and outlined new policies that were ratified by the SRC,
including the creation of a Financial Accountability Unit (chaired
by an appointed internal auditor) to report to the SRC monthly
budgetary status.  The establishing resolutions for the Financial
Accountability Unit restrict school-level management spending,
including limitations on contracting and hiring authority and
reductions in budget authority if overspending occurs.  The
district identified approximately $54 million in savings,
including $32 million in expenditure reductions, such as the
elimination of positions, a hiring freeze and other expenditure
controls.  The new plan resulted in an operating surplus of
$5.1 million which produced a combined Operating Budget Fund
balance of -$0.8 million for fiscal 2007.

In fiscal 2008, the school district maintained their operating
balance, ending the year flat without using or adding to reserves.
The City of Philadelphia (GO rated Baa1/negative outlook) granted
the district the authority to levy an additional 1.69 mills in
property tax; which originally generated an additional $17 million
in revenue.  Revenue from the state also increased by
approximately $62 million over fiscal 2007, including increased
basic aid payments and charter school reimbursement.  These were
offset by various underbudgeted revenues such as lower net swap
payments due to the dislocation in the auction rate market and the
delayed sale of property, as well as approximately 4% in
expenditure growth.  The district ended Fiscal 2009 with a
relatively strong surplus in both its General Fund and total
Operating Funds.  Once again, state aid increased by approximately
$87 million over the prior year, including additional increases to
basic aid and a charter school reimbursements, although local tax
revenue remained flat and non-tax revenues fell by approximately
$25 million, mostly due to lower-than-expected income from
interest rate swaps.  Expenditure growth was held to a minimal 1%,
contributing to the surplus which increased General Fund reserves
to a positive $9.6 million (0.5% of General Fund revenues) and
total Operating Funds reserve to $51 million (2.3% of Operating
Funds revenues).

The fiscal 2010 budget included Federal stimulus funds of
approximately $120 million, supplementing state aid reductions of
$52 million, for a net increase of $78 million over fiscal 2009.
Overall, revenues were budgeted with a $65 million increase while
expenditures are budgeted to grow $174 million, driven by growth
in personnel costs, charter school expenses and other budget
areas.  The district appropriated $28.1 million of Operating Funds
balance in the fiscal 2010 budget, but officials do not know how
much will be used by the end of the year on June 30.

The SRC has set aside $23.7 million in a Fiscal Stabilization
Reserve Fund to be used for unanticipated fluctuations in revenues
and expenditures, which can only be utilized with the approval of
four out of five of the members of the SRC.

          Weak Long-Term Demographic And Economic Trends,
                   Some Improvement Indicated

Philadelphia has experienced a long trend of industry and
population loss since 1950, with a particularly sharp economic
retreat hitting in the late 1980's and early 1990's.  The late
1990's saw a resumption of growth, with employment up 5.7% between
1998 and 2001.  After a decline between 2001 and 2003, reflecting
the last slowdown in the national economy, modest growth in
employment resumed, with growth of about 1.1% in 2005, 0.9% in
2006, 0.7% in 2007 and 0.2% in 2008.  Given an increase in
unemployment rates (10.6% in November 2009 vs.  7.9% in November
2008) driven by the current economic slowdown, Moody's believe it
is likely that the job losses will continue for most of the
current calendar year.  Manufacturing has continued to decline in
importance, and as of 2005, diversified services account for 54%
of total employment (or more than 60% including the
finance/insurance/real estate sector).  Population loss during the
1990's was just over 4%, although this was only about half the
loss that had been estimated prior to the 2000 census count.  With
an estimated 1.45 million residents, the city is the nation's
sixth most populous.

Resident wealth indicators are low, with per capita and median
family incomes only about 77% and 74% of the national median,
respectively, and 23% of residents below the poverty level.  A
relatively large portion of the city's job base is in low-paying
sectors, with healthcare, social services, and state and local
government accounting for about 30% of total jobs (a large share
of which are likely held by city residents, as opposed to
commuters).  The city's taxable base has grown modestly over the
past decade, averaging 2.8% growth annually since 2002.  The
approximately $60 billion tax base does benefit from significant
diversity, with the 10 largest tax payers comprising less than 5%
of total valuation.

        Substantial Debt Burden; Significant Swap Exposure

The district's direct debt burden is an above average 4.9% of full
valuation, climbing to a high 11.4% when overlapping city
obligations are taken into account.  The substantial overall debt
burden reflects, among other factors, special efforts to promote
economic development (e.g. convention center, stadiums, blight
remediation), the PICA deficit-funding bonds sold in the early
1990's, and a City $1.3 billion pension bond issued several years
ago.  Given the slow rate of principal retirement (30.4% in 10
years) and likely additional borrowing in the future, Moody's do
not expect the district's debt burden to moderate in the near
term.

The district has entered into multiple fixed rate payer interest
rate swap agreements to hedge a portion of its variable rate
Series 2008A, B, C and D bonds, some of which will be terminated
using proceeds from this refunding issue.  There are four separate
Counterparties for the swaps, including Wachovia Bank (Moody's
long-term issuer rating of Aa2), Morgan Stanley (Moody's rated
A2), Goldman Sachs (Moody's rated A1), and Merrill Lynch (Moody's
rated A2).  The swaps are all LIBOR-based on various notional
amounts and for various durations.  The district has also entered
into two basis swaps related to their lease revenue bonds issued
through the State Public School Building Authority (SPSBA), paying
SIFMA and receiving 67% of one-month LIBOR plus a fixed spread for
both, with JP Morgan Chase (Moody's rated Aa1) and Wachovia for a
total notional amount of $500 million.  For all of the district's
swaps, the district only has the right of optional termination and
rating triggers, which include a downgrade of the enhanced state
intercept rating below Baa3.  After the refunding and termination
of the swaps related to refunded debt, the mark to market on
outstanding swaps will be $69 million in favor of the
counterparties.

The last rating action was on May 7, 2009, when the Ba2 rating of
Philadelphia School District (PA) was affirmed.

                             Outlook

The enhanced rating outlook for the district's bonds is negative,
reflecting the negative outlook on the Pennsylvania School
District Fiscal Agent Agreement Intercept Program due to the
negative outlook on the Commonwealth of Pennsylvania's Aa2 general
obligation rating.  The sufficiency of interceptable revenues is
expected to remain strong and the transaction structure is
expected to remain average.

The underlying rating outlook is stable on an unenhanced basis -
i.e. excluding the support provided by the state aid intercept.
Despite facing ongoing financial challenges in fiscal 2010 and
2011, the new adopted policies, increased state aid and targeted
budget cuts have improved the district's financial operations in
the medium term.  Deterioration in financial operations, however,
could lead to a weakening of credit quality.

What could change the Aa3 enhanced rating - UP:

  -- Upgrade of the programmatic intercept rating

What could change the Aa3 enhanced rating - DOWN:

  -- Downgrade of the programmatic intercept rating

  -- Weakening of the sufficiency of interceptable revenues or
     transaction structure

What could change the Ba1 underlying rating - UP:

  -- Multi-year trend of surplus operating budgets
  -- Maintenance of satisfactory General Fund reserve levels

What could change the Ba1 rating - DOWN:

  -- Operating deficits in fiscal 2010 and beyond

Key Statistics:

* 2008 Estimated Population: 1.45 million

* 2009 Full Value: $62.4 billion

* Full Value Per Capita: $42,656

* Per Capita Income as % of State: 79.1%

* Median Family Income as % of State: 75.3%

* Direct Debt Burden: 4.9%

* Overall Debt Burden: 11.4%

* Payout of principal (10 years): 30.4%

* FY09 Operating Budget balance: $51 million (2.3% of operating
  revenues)

* FY09 General Fund balance: $9.7 million (0.5% of General Fund
  revenues)

* Post-Sale Parity Debt Outstanding: $2.83 billion


PILATUS LTD: S&P Downgrades Rating on Class III Step-Up Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
III step-up notes issued by Pilatus Ltd., a synthetic
collateralized debt obligation transaction backed by a reference
portfolio of investment-grade corporate bonds, and removed it from
CreditWatch with negative implications.  At the same time, S&P
withdrew its ratings on the class I, II, and IV step-up notes from
the same transaction.

The step-up notes feature subordination levels that increase
annually at fixed increments during the life of each note.

The downgrade primarily reflects the application of S&P's updated
criteria for rating corporate CDO transactions.  The lowered
rating also reflects S&P's recalibration of the parameters within
its CDO Evaluator model in connection with the criteria update.
In addition, the downgrade reflects credit deterioration the
transaction has experienced since S&P's last review.

S&P withdrew its ratings on Pilatus Ltd.'s class I, II, and IV
step-up notes following the redemption of the notes.

      Rating Lowered And Removed From Creditwatch Negative

                           Pilatus Ltd.

                                   Rating
                                   ------
       Class                To                From
       -----                --                ----
       2005SUpIII           B+                BBB+/Watch Neg

                        Ratings Withdrawn

                           Pilatus Ltd.

                                   Rating
                                   ------
       Class                To                From
       -----                --                ----
       2005 Nts I           NR                AA/Watch Neg
       2005Nts II           NR                AA/Watch Neg
       2005SUpIV            NR                A-/Watch Neg

                          NR - Not rated.


PUTNAM STRUCTURED: Moody's Downgrades Ratings on 12 Classes
-----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of twelve classes of notes issued by Putnam Structured
Product CDO 2002-1, an ABS CDO.  The notes affected by the rating
actions are:

  -- US$176,000,000 Class A-1MT -a Medium Term Floating Rate
     Notes Due 2038; Downgraded to Ba1/Prime-1; Previously on
     March 20, 2009 Downgraded to A1/Prime-1

  -- US$176,000,000 Class A-1MT -b Medium Term Floating Rate
     Notes Due 2038; Downgraded to Ba1/Prime-1; Previously on
     March 20, 2009 Downgraded to A1/Prime-1

  -- US$176,000,000 Class A-1MT -c Medium Term Floating Rate
     Notes Due 2038; Downgraded to Ba1/Prime-1; Previously on
     March 20, 2009 Downgraded to A1/Prime-1

  -- US$176,000,000 Class A-1MM -d Floating Rate Notes Due
     2038; Downgraded to Ba1; Previously on March 20, 2009
     Downgraded to A1

  -- US$176,000,000 Class A-1MM -e Floating Rate Notes Due
     2038; Downgraded to Ba1; Previously on March 20, 2009
     Downgraded to A1

  -- US$176,000,000 Class A-1MM -f Floating Rate Notes Due
     2038; Downgraded to Ba1; Previously on March 20, 2009
     Downgraded to A1

  -- US$176,000,000 Class A-1MM -g Floating Rate Notes Due
     2038; Downgraded to Ba1; Previously on March 20, 2009
     Downgraded to A1

  -- US$176,000,000 Class A-1MM -h Floating Rate Notes Due
     2038; Downgraded to Ba1; Previously on March 20, 2009
     Downgraded to A1

  -- US$176,000,000 Class A-1MM -i Floating Rate Notes Due
     2038; Downgraded to Ba1; Previously on March 20, 2009
     Downgraded to A1

  -- US$176,000,000 Class A-1MM -j Floating Rate Notes Due
     2038; Downgraded to Ba1; Previously on March 20, 2009
     Downgraded to A1

  -- US$80,000,000 Class A-2 Floating Rate Notes Due,
     Downgraded to Caa3; Previously on March 20, 2009 Downgraded
     to A1

  -- US$150,000,000 Class B Participating Notes Due 2038;
     Downgraded to Ca; Previously on March 20, 2009 Downgraded to
     B1

Putnam Structured Product CDO 2002-1 is a collateralized debt
obligation issuance backed primarily by a portfolio of structured
finance securities, more than 50% of which are commercial mortgage
backed securities and more than 25% are residential mortgage
backed securities.

Since March 2009 the Class A-1 Notes have paid down by more than
$101mm, the Class A-2 notes have paid down by more than $4mm and
the Class B Notes by more than $28mm.  The transaction's
performance has benefited from exposure to more than 18% of RMBS
Agency securities, many of which are inverse floaters.  The
inverse floaters provide the transaction with significant excess
spread while LIBOR is at low levels.  However the amount of excess
spread can fluctuate over time.  Due to this uncertainty as to
future levels of excess spread Moody's modeling assumptions
incorporated stressed scenarios with regard to excess spread.

The Moody's short term rating of Prime-1 assigned to the Class A-
1MT --a, A-1MT --b, and A-1MT --c Notes is primarily based on the
rating of the Put Counterparty, AIG Financial Products, and is
unchanged at P-1.

According to Moody's, the rating downgrade actions are the result
of deterioration in the credit quality of the underlying
portfolio.  Such credit deterioration is observed through numerous
factors, including a decline in the average credit rating of the
portfolio (as measured by an increase in the weighted average
rating factor), an increase in the dollar amount of defaulted
securities, and failure of the coverage tests.

The deterioration in the portfolio from February 2009 to April
2009 as measured by a decline in weighted average rating factor
from 119 to 510 was reflected in the March action.  Additionally,
as reported by the trustee, WARF has further increased to 594 in
February 2010.  In recent months, defaulted securities increased
from approximately $14 to more than $23 million, and the Class A
Overcollateralization Test failed to satisfy its required level of
102% and is reported at 101.04%.  The failure of the test caused a
change in the transaction's priority of payments as reported in
the February trustee report.  The February report discloses that
due to this A OC failure the Class A-2 Notes did not receive the
most recent scheduled principal payment and Class B Notes did not
receive the most recent scheduled interest and principal payment.

Moody's also notes that in excess of 7% of the ratings assigned to
underlying portfolio securities are currently on review for
downgrade, following Moody's announcement on January 14, 2010 of
updates to the loss projections for US Alt-A and Subprime RMBS
issued in 2005-2007.

Moody's explained that in arriving at the rating action noted
above, the ratings of 2005-2007 subprime, Alt-A and Option-ARM
RMBS which are currently on review for possible downgrade were
stressed.  For purposes of monitoring its ratings of SF CDOs with
exposure to such 2005-2007 vintage RMBS, Moody's used certain
projections of the lifetime average cumulative losses as set forth
in Moody's press releases dated January 13th for subprime, January
14th for Alt-A, and January 27th for Option-ARM.  Based on the
anticipated ratings impact of the updated cumulative loss numbers,
the stress varied based on vintage, current rating, and RMBS asset
type.

For 2005 Alt-A and Option-ARM securities, securities that are
currently rated Aaa or Aa were stressed by eleven notches, and
securities currently rated A or Baa were stressed by eight
notches.  Those securities currently rated in the Ba or B range
were stressed to Caa3, while current Caa securities were treated
as Ca.  For 2006 and 2007 Alt-A and Option-ARM securities,
currently Aaa or Aa rated securities were stressed by eight
notches, and securities currently rated A, Baa or Ba were stressed
by five notches.  Those securities currently rated in the B range
were stressed to Caa3, while current Caa securities were treated
as Ca.

For 2005 subprime RMBS, those currently rated Aa, A or Baa were
stressed by five notches, Ba rated securities were stressed to
Caa3, and B or Caa securities were treated as Ca.  For subprime
RMBS originated in the first half of 2006, those currently rated
Aaa were stressed by four notches, while Aa, A and Baa rated
securities were stressed by eight notches.  Those securities
currently rated in the Ba range were stressed to Caa3, while
current B and Caa securities were treated as Ca.  For subprime
RMBS originated in the second half of 2006, those currently rated
Aa, A, Baa or Ba were stressed by four notches, currently B rated
securities were treated as Caa3, and currently Caa rated
securities were treated as Ca.  For 2007 subprime RMBS, currently
Ba rated securities were stressed by four notches, currently B
rated securities were treated as Caa3, and currently Caa rated
securities were treated as Ca.

Moody's noted that the stresses applicable to categories of 2005-
2007 subprime RMBS that are not listed above will be two notches
if the RMBS ratings are on review for possible downgrade.

Moody's further explained that these stresses are based on a
preliminary sample analysis of deals from a given vintage and
asset type, and that they will be utilized in its SF CDO rating
analysis while subprime, Alt-A and Option-ARM securities remain on
review for downgrade.  Current public ratings will be used for
securities that have undergone an in depth review by Moody's RMBS
team and are no longer on review for downgrade.


REAL ESTATE: Moody's Affirms Ratings on 13 Classes of Certs.
------------------------------------------------------------
Moody's Investors Service affirmed the ratings of thirteen classes
and downgraded five classes of Real Estate Asset Liquidity Trust,
Series 2005-1.  The downgrades are due to increased credit quality
dispersion and a decline in loan diversity as evidenced by a
reduction in the Herfindahl Index.  Five loans, representing 11%
of the pool, mature within the next 24 months and all of them
passed a Moody's stressed refinance test using a 9.25% interest
rate applied to the outstanding balance.

The affirmations are due to key rating parameters, including
Moody's loan to value ratio and Moody's debt service coverage
ratio remaining within acceptable ranges.  In addition, increased
subordination due to loan payoffs and amortization contributed to
the affirmations.

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

As of the February 12, 2010 distribution date, the transaction's
aggregate certificate balance has decreased by 37% to $218 million
from $347.5 million at securitization.  The Certificates are
collateralized by 44 mortgage loans ranging in size from less than
1% to 12% of the pool, with the top ten non-defeased loans
representing 59% of the pool.  Three loans, representing 6% of the
pool, have defeased and are secured by U.S. Government securities.
Defeasance at last review represented 2% of the pool.

Two loans, representing 21% of the pool, have investment grade
underlying ratings.  At last review the Marriott Courtyard Loan
($7.9 million -- 3.6% of the pool) also had an underlying rating.
However, due to a decline in economic performance and its upcoming
April 1, 2010 maturity date, this loan no longer has an underlying
rating.

Five loans, representing 7% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

The pool has not realized any losses since securitization and
currently there are no loans in special servicing.

Moody's was provided with year-end 2008 operating statements for
82% of the pool.  Moody's weighted average LTV for the conduit
pool is 82.5% compared to 79% at last review.

Moody's conduit actual and conduit stressed DSCRs are 1.33X and
1.28X, respectively, compared to 1.36X and 1.26X at last review.
Moody's actual DSCR is based on Moody's net cash flow (NCF) 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 diversity of loan
size, where a higher number represents greater diversity.  Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple-notch downgrades under
adverse circumstances.  The credit neutral Herf score is 40.  The
pool has a Herf score of 19 compared to 35 at last review.

The largest loan with an underlying rating is the Bayfield Mall
Loan ($26.9 million -- 12.4% of the pool), which is secured by a
443,000 square foot community shopping center located in Barrie,
Ontario.  The center was 94% leased as of January 2010 compared to
97% at last review.  The property's performance has been stable
since securitization.  Moody's current underlying rating and
stressed DSCR are Baa2 and 1.47X, respectively, compared to Baa2
and 1.38X at Moody's last review.

The second loan with an underlying rating is the Desjardin Visa
Building Loan ($18.1 million 8.3% of the pool), which is secured
by a 206,000 square foot Class B office building located in
downtown Montreal.  The property was 100% leased as of January
2009, the same as last review.  The anchor tenant is Desjardin
VISA, which leases 95% of the net rentable area (NRA) through
December 2012.  Moody's current underlying rating and stressed
DSCR are A3 and 1.24X, respectively, compared to A3 and 1.21X at
Moody's last review.

The Marriott Courtyard Loan ($7.8 million -- 3.6% of the pool),
previously had an underlying rating.  It is secured by a 181-room
full service hotel located in downtown Montreal.  The hotel's
revenue per participating room for calendar year 2008 was $83
compared to $92 at last review.  The property's financial
performance has declined since last review due to a decline in
operating income and increased expenses.  The loan matures on
April 1, 2010 and the borrower has not yet indicated that it will
be paying off the loan at maturity.  Moody's LTV and stressed DSCR
are 79% and 1.44X, respectively, compared to 57% and 2.01X at last
review.

The top three conduit loans represent 20.9% of the pool.  The
largest conduit loan is the 33 Isabella Loan ($24.8 million--
11.4.0% of the pool), which is secured by a 416-unit multifamily
property located in Toronto.  The property was 98.5 % leased as of
May 2009 compared to 97.6% at last review.  Moody's LTV and
stressed DSCR are 90.8% and 0.92X, respectively, compared to 92%
and 0.91X at last review.

The second largest conduit loan is the Fernbrae Manor Loan
($11.3 million -- 5.2% of the pool), which is secured by a 186-
unit congregate care facility located in Kelowna, British
Columbia.  The property was 100.0% leased as of December 2006, the
same as at last review.  Moody's LTV and stressed DSCR are 112%
and 0.82X, respectively, compared to 75% and 1.16X at last review.

The third largest conduit loan is the Observatory Place Loan
($9.4 million -- 4.3% of the pool), which is secured by an 86,915
mixed use commercial and office plaza located in Richmond Hill,
Ontario.  The property was 100% leased as of January 2009, the
same as last review.  Moody's LTV and stressed DSCR are 72% and
1.35X, respectively, compared to 84% and 1.15X at last review.

Moody's rating action is:

  -- Class A-1, $ 69,678,380, affirmed at Aaa; previously assigned
     Aaa on 4/20/2005

  -- Class A-2, $107,488,000, affirmed at Aaa; previously assigned
     Aaa on 4/20/2005

  -- Class XP-1, Notional, affirmed at Aaa; previously assigned
     Aaa on 4/20/2005

  -- Class XP-2, Notional, affirmed at Aaa; previously assigned
     Aaa on 4/20/2005

  -- Class XC-1, Notional, affirmed at Aaa; previously assigned
     Aaa on 4/20/2005

  -- Class XC-2, Notional, affirmed at Aaa; previously assigned
     Aaa on 4/20/2005

  -- Class B, $10,965,000, affirmed at Aa2; previously assigned
     Aa2 on 4/20/2005

  -- Class C, $8,688,000, affirmed at A2; previously assigned A2
     on 4/20/2005

  -- Class D-1, $5,955,000, affirmed at Baa2; previously assigned
     Baa2 on 4/20/2005

  -- Class D-2, $1,500,000, affirmed at Baa2; previously assigned
     Baa2 on 4/20/2005

  -- Class E-1, $1,000,000, affirmed at Baa3; previously assigned
     Baa3 on 4/20/2005

  -- Class E-2, $668,000, affirmed at Baa3; previously assigned
     Baa3 on 4/20/2005

  -- Class F, $3,475,000, affirmed at Ba1; previously assigned Ba1
     on 4/20/2005

  -- Class G, $1,737,000, downgraded to Ba3 from Ba2; previously
     assigned Ba2 on 4/20/2005

  -- Class H, $869,000, downgraded to B1 from Ba3; previously
     assigned Ba3 on 4/20/2005

  -- Class J, $869,000, downgraded to B3 from B1; previously
     assigned B1 on 4/20/2005

  -- Class K, $869,000, downgraded to Caa1 from B2; previously
     assigned B2 on 4/20/2005

  -- Class L, $869,000, downgraded to Caa2 from B3; previously
     assigned B3 on 4/20/2005


SANDELMAN REALTY: Moody's Reviews Ratings on 12 Classes of Notes
----------------------------------------------------------------
Moody's Investors Service placed 12 classes of Notes issued by
Sandelman Realty CRE CDO I under review for possible downgrade due
to deterioration in the credit quality of the underlying
collateral pool as evidenced by an increase in defaulted assets
and failure in the Par Value Tests.  The rating action is the
result of Moody's on-going surveillance of commercial real estate
collateralized debt obligation transactions.

Sandelman Realty CRE CDO I is a CRE CDO transaction backed by a
portfolio of CMBS Securities (38.8% of the pool balance), Whole
Loans (28.0%), Mezzanine Loans (12.7%), B-Notes (11.3%), Term
Loans (8.1%) and REIT Debt (1.1%).  As of the January 19, 2010
Trustee report, the aggregate Note balance of the transaction has
decreased to $474.5 million from $507.0 million at issuance, with
the paydown directed to the Class A1 Notes.  The paydown was
triggered by the failure of Par Value Tests, all scheduled
interest and principal payments are directed to pay down the more
senior notes, until the failed Par Value Test is satisfied.

Seven assets with a par balance of $174.5 million (35.2 % of the
pool balance) were listed as defaulted as of the January 19, 2010
Trustee report, compared to 1.0% as of last review.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class A-1, A2 Placed Under Review for Possible Downgrade;
     previously on April 27, 2009 Downgraded to A2

  -- Class A-2, Ba3 Placed Under Review for Possible Downgrade;
     previously on April 27, 2009 Downgraded to Ba3

  -- Class B, B2 Placed Under Review for Possible Downgrade;
     previously on April 27, 2009 Downgraded to B2

  -- Class C, B3 Placed Under Review for Possible Downgrade;
     previously on April 27, 2009 Downgraded to B3

  -- Class D, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 27, 2009 Downgraded to Caa3

  -- Class E, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 27, 2009 Downgraded to Caa3

  -- Class F, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 27, 2009 Downgraded to Caa3

  -- Class G, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 27, 2009 Downgraded to Caa3

  -- Class H, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 27, 2009 Downgraded to Caa3

  -- Class J, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 27, 2009 Downgraded to Caa3

  -- Class K, Caa3 Placed Under Review for Possible Downgrade;
     previously on April 27, 2009 Downgraded to Caa3

  -- Class L, Ca Placed Under Review for Possible Downgrade;
     previously on April 27, 2009 Downgraded to Ca


SEAWALL 2006-4A: Moody's Reviews Ratings on Six Classes of Notes
----------------------------------------------------------------
Moody's Investors Service placed six classes of Notes issued by
Seawall 2006-4a, Ltd., on review for possible downgrade due to
deterioration in the credit quality of the underlying portfolio of
referenced obligations as evidenced by a deterioration in the
weighted average rating factor.  The rating action is the result
of Moody's on-going surveillance of commercial real estate
collateralized debt obligation transactions.

Seawall 2006-4a, Ltd., is a synthetic CRE CDO transaction backed
by a portfolio of commercial mortgage backed securities reference
obligations (100% of the pool balance).

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating actions are:

  -- Class D-1, B3 Placed Under Review for Possible Downgrade;
     previously on 3/9/2009 Downgraded to B3

  -- Class D-2, B3 Placed Under Review for Possible Downgrade;
     previously on 3/9/2009 Downgraded to B3

  -- Class E-1, B3 Placed Under Review for Possible Downgrade;
     previously on 3/9/2009 Downgraded to B3

  -- Class E-2, B3 Placed Under Review for Possible Downgrade;
     previously on 3/9/2009 Downgraded to B3

  -- Class E-3, Caa1 Placed Under Review for Possible Downgrade;
     previously on 3/9/2009 Downgraded to Caa1

  -- Class E-4, Caa1 Placed Under Review for Possible Downgrade;
     previously on 3/9/2009 Downgraded to Caa1

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated 3/9/2009.


SEAWALL 2007-1: Moody's Reviews Ratings on Nine Classes of Notes
----------------------------------------------------------------
Moody's Investors Service placed nine classes of Notes issued by
Seawall 2007-1, Ltd., under review for possible downgrade due to
deterioration in the credit quality of the underlying portfolio as
evidenced by deterioration in the weighted average rating factor.
The rating action is the result of Moody's on-going surveillance
of commercial real estate collateralized debt obligation
transactions.

Seawall 2007-1, Ltd., is a CRE CDO transaction backed by a
portfolio of commercial mortgage-backed security reference
obligations that comprise 100.0% of the pool balance.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Super Senior, Baa1 Placed Under Review for Possible
     Downgrade; previously on March 9, 2009 Downgraded to Baa1

  -- Class A, B1 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to B1

  -- Class B, B2 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to B2

  -- Class C-1, B3 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to B3

  -- Class C-2, B3 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to B3

  -- Class D-1, Caa2 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Caa2

  -- Class D-2, Caa2 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Caa2

  -- Class E-1, Caa2 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Caa2

  -- Class E-2, Caa2 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Caa2

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated March 9, 2009.


SEAWALL SPC: Moody's Reviews Ratings on Series 2007-1 D2 Notes
--------------------------------------------------------------
Moody's Investors Service placed one class of Notes issued by
Seawall SPC - Series 2007-1 D2 under review for possible downgrade
due to deterioration in the credit quality of the underlying
portfolio as evidenced by deterioration in the weighted average
rating factor.  The rating action is the result of Moody's on-
going surveillance of commercial real estate collateralized debt
obligation transactions.

Seawall SPC - Series 2007-1 D2 is a credit linked note transaction
that references Class D-2 of Seawall 2007-1 Ltd.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class D-2, Caa2 Placed Under Review for Possible Downgrade;
     previously on March 9, 2009 Downgraded to Caa2

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated March 9, 2009.


SHEARER'S FOODS: S&P Assigns 'B' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B'
corporate credit rating to Brewster, Ohio-based Shearer's Foods
Inc.

S&P also assigned its 'B' issue-level ratings to Shearer's
proposed $20 million revolving credit facility and $119 million
term loan B due 2015.  The recovery rating on the notes is '3',
indicating S&P's expectation of meaningful (50%-70%) recovery in
the event of a payment default.  The company will use proceeds to
fund the acquisition of Snack Alliance, refinance its existing
credit facility, and for general corporate purposes.  The outlook
is stable.

Pro forma for the debt incurred with the acquisition, S&P estimate
Shearer's would have about $183 million in total debt outstanding
as of Dec. 31, 2009.

"The ratings on Shearer's reflect the company's narrow product
focus, relatively high customer concentration, limited
international presence, and highly leveraged capital structure,"
said Standard & Poor's credit analyst Alison Sullivan.

Privately held Shearer's is the largest manufacturer of kettle
chips in the U.S., and competes within a narrow sector of the
$33 billion North American snack food industry.  In addition to
kettle chips, products include potato chips, tortilla chips,
pretzels, multigrain chips, ready-to-eat popcorn, and cheese
curls.  Shearer's is acquiring Snack Alliance, another private
label and co-pack producer for chips and snack foods.  The company
is a producer and distributor of co-packed, private label, and
branded snack foods.

Co-packing will account for almost half of sales on a pro forma
basis, and private label sales will account for about one-third.
Because of the weak economy, S&P believes private-label products
have been benefiting from consumers eating at home more frequently
and trading down from more expensive branded products.  In
addition, private-label products are attractive to retailers
because they often offer higher retailer margins than branded
alternatives.  Private label penetration in the North America
snack food industry has grown over the last several years, but
remains below the average private label share of total U.S.
grocery sales.  S&P believes this dynamic is due in part to the
strong branded presence of PepsiCo's Frito-Lay products.

The company also has a modest branded product presence, and
manufactures potato chips under the "Shearer's" brand name, as
well as Tangos tortilla chips and Shapers whole grain chips.
These branded products have regional distribution in Ohio and
select parts of adjacent states.  The Snack Alliance acquisition
will add the "riceworks" brand, a small but growing rice crisp
product, as well as two manufacturing facilities that S&P believes
will enable product distribution on a more cost effective basis,
particularly on the west coast of the U.S. Shearer's commodity
exposure (i.e., cooking oils, potatoes), is concentrated in the
private label and branded food business segments, as co-packing
has pass through pricing.  Shearer's has relatively high customer
concentration, with one particular entity accounting for about
one-third of sales on a pro forma basis.  About 3% of sales are
international.

Shearer's manufacturing capacity acquisitions and organic
expansions have helped drive growth.  Sales grew about 20% in the
fiscal year ended September 2009, from increased volume with key
customers, supported by capacity additions.  Adjusted EBITDA grew
about 11.5% from more favorable input costs and internal
efficiencies from productivity gains.  However, margins declined
from the prior year due to unfavorable forward purchase
arrangements entered into in 2008.  As a result of the Snack
Alliance acquisitions, debt levels will increase by about
$103 million.  S&P estimates pro forma lease-adjusted total debt
to EBITDA is about 5x (or 4.7x with synergies), and funds from
operations to total debt is about 18%, for the 12 months ended
Dec. 31, 2009.  S&P expects the company to apply excess cash flow
to repay debt or fund capacity expansion.

The outlook is stable.  S&P expects Shearer's will apply its cash
flow from operations to debt reduction, in the absence of capacity
expansion projects.  S&P would consider a lower rating if
liquidity weakens, and/or the company faces operating challenges,
which results in a substantial increase in debt leverage.
Although unlikely over the near term, S&P would consider an
upgrade if the company demonstrates consistent operating
performance and strong liquidity, reduces debt leverage to less
than 3x, and maintains a financial policy consistent with a higher
rating.  This could result from low double-digit sales growth, a
400 basis point increase EBITDA, and applying all excess cash flow
to debt reduction, over the outlook period.


SORIN REAL: Moody's Reviews Ratings on Six Classes of Notes
-----------------------------------------------------------
Moody's Investors Service placed six classes of Notes issued by
Sorin Real Estate CDO III Ltd. on review for possible downgrade
due to deterioration in the credit quality of the underlying
portfolio as evidenced by deterioration in the weighted average
rating factor, an increase in non-performing assets, and negative
migration in the overcollateralization ratio.  The rating action
is the result of Moody's on-going surveillance of commercial real
estate collateralized debt obligation transactions.

Sorin Real Estate CDO III Ltd. is a revolving CRE CDO transaction
backed by a portfolio of commercial mortgage backed securities
collateral (67% of the pool balance), CRE CDO debt (8%), and
residential mortgage backed securities debt (25%).  As of the
February 1, 2010 Trustee report, the aggregate Note balance of the
transaction, including Subordinated Note, has decreased to
$989 million from $1 billion at issuance, with the paydown
directed to the class A-1A Notes.  The paydown was triggered by
the failure of the Class A/B, Class C, and Class B Over-
collateralization Tests (OC Tests).  Per the Indenture dated as of
April 6, 2006, upon the failure of any OC Test results, all
scheduled interest and principal payments are directed to pay down
the most senior notes, until the failed OC Test is satisfied.

As of the February 1, 2010 Trustee report, the reported WARF was
as 1,205, failing the WARF covenant of 72, compared to 680 as of
last review.

Seven assets with a par balance of $50 million (5 % of the pool
balance) were listed as non-performing (defaulted or impaired)
collateral as of the February 1, 2010 Trustee report, compared to
0.4% as of last review.

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
non-performing collateral and these key indicators.

The rating actions are:

  -- Class A-1A, A1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to A1

  -- Class A-2, Ba2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Ba2

  -- Class B, B1 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to B1

  -- Class C-FL, Caa2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa2

  -- Class C-FX, Caa2 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa2

  -- Class D, Caa3 Placed Under Review for Possible Downgrade;
     previously on March 6, 2009 Downgraded to Caa3

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated March 6, 2009.


SRRSPOKE 2007-IB: Moody's Reviews Ratings on Class I Notes
----------------------------------------------------------
Moody's Investors Service placed one class of Notes issued by
SRRSpoke 2007-IB on review for possible downgrade due to
deterioration in the credit quality of the underlying portfolio of
referenced obligations as evidenced by a deterioration in the
weighted average rating factor.  The rating action is the result
of Moody's on-going surveillance of commercial real estate
collateralized debt obligation transactions.

SRRSpoke 2007-IB is a synthetic CRE CDO transaction backed by a
portfolio of commercial mortgage backed securities reference
obligations (100% of the pool balance).

Moody's has identified these parameters as key indicators of the
expected loss within CRE CDO transactions: WARF, weighted average
life, weighted average recovery rate, and Moody's asset
correlation.  Moody's review will focus on potential losses from
defaulted collateral and these key indicators.

The rating action is:

  -- Class I Notes, Ba1 Placed Under Review for Possible
     Downgrade; previously on 3/6/2009 Downgraded to Ba1

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated 3/6/2009.


SUMMER STREET: Fitch Downgrades Ratings on Three Classes
--------------------------------------------------------
Fitch Ratings has downgraded three classes and affirmed two
classes of notes issued by Summer Street 2005-1, Ltd., as a result
of continued credit deterioration in the portfolio since Fitch's
last rating action in July 2008.

The transaction entered an Event of Default on May 1, 2009, due to
failure to maintain an aggregate principal balance of collateral
debt securities and eligible investments at least equal to 100% of
the aggregate outstanding amount of the class A notes.  The Event
of Default resulted in principal and accrued interest of all the
notes to be immediately due and payable (acceleration of
maturity).  Consequently, all interest and principal proceeds are
being distributed to class A-1.

As of the February 2010 trustee report, the current balance of the
portfolio (including cash) is $291.9 million.  Approximately 77.4%
of the portfolio has been downgraded since the last review.
Defaulted securities, as defined in the transaction's governing
documents, now comprise 54% of the portfolio, compared to 17.4% at
last review.  The downgrades to the portfolio have left
approximately 60.5% of the portfolio (including defaults) with a
Fitch derived rating below investment grade and 54.3% with a
rating in the 'CCC' rating category or lower, compared to 45.3%
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'.  Due
to the magnitude of the collateral deterioration, Fitch believes
that the likelihood of default for all classes of notes can be
assessed without using the Structured Finance Portfolio Credit
Model or performing cash flow model analysis under the framework
described in the 'Global Criteria for Cash Flow Analysis in CDOs -
Amended' report.

Fitch compared the credit enhancement level of the class A-1 notes
with the amount of underlying assets considered distressed (rated
'CCC' and lower).  These assets have a high probability of default
and low expected recoveries upon default.  The credit enhancement
level of the class A-1 notes is 10.9%, as compared to the 54.3% of
the portfolio considered distressed.  The acceleration of interest
and principal to the class A-1 notes is unlikely to compensate for
the lack of the performing par coverage.  Fitch believes that
default is inevitable for the class A-1 notes.

Due to the acceleration of maturity, the class A-2 and A-3 notes
are not receiving interest.  These classes are rated to the timely
receipt of interest and have defaulted on the payment of interest.
Therefore these classes have been downgraded to 'D'.

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

Summer Street 2005-1 is a cash flow structured finance
collateralized debt obligation that closed on Oct. 20, 2005.  The
portfolio is monitored by Declaration Management & Research LLC.
The portfolio is composed of residential mortgage-backed
securities (70.1%), commercial mortgage-backed securities (20.2%),
and asset-backed securities (4.6%), and real estate investment
trusts (3.7%), and CDOs (1.7%).

Fitch has downgraded or affirmed these ratings as indicated:

  -- $ 257,944,961 class A-1 notes downgraded to 'C' from 'B';
  -- $ 38,000,000 class A-2 notes downgraded to 'D' from 'CC';
  -- $ 33,000,000 class A-3 notes downgraded to 'D' from 'CC';
  -- $ 12,947,160 class B notes affirmed at 'C';
  -- $ 19,855,207 class C notes affirmed at 'C'.


TARGETED RETURN: S&P Withdraws 'BB-' Rating on HY-2005-1 Certs.
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB-' weighted
average rating on the Targeted Return Index Securities Trust
Series HY-2005-1's $954,480,000 certificates.   The withdrawal
follows the termination of the transaction.

                         Rating Withdrawn

              Targeted Return Index Securities Trust
            Series HY-2005-1 $954,480,000 certificates

                              Rating
                              ------
                          To         From
                          --         ----
                          NR         BB-

                          NR - Not rated.


TIERS MONTANA: S&P Withdraws 'CCC-' Rating on 2007-3 Notes
----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' rating on
the notes issued by TIERS Montana Floating Rate Credit Linked
Trust's series 2007-3, a synthetic corporate investment-grade
collateralized debt obligation transaction.

The rating withdrawal follows the termination of the certificates.

                         Rating Withdrawn

          TIERS Montana Floating Rate Credit Linked Trust
                          Series 2007-3

                                    Rating
                                    ------
                Class           To           From
                -----           --           ----
                Certificates    NR           CCC-

                         NR - Not rated.


TORONTO-DOMINION BANK: S&P Withdraws 'CCC-' Rating on Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on the
C$48,031,000 portfolio credit-linked notes issued by The Toronto-
Dominion Bank.  The transaction is a synthetic collateralized debt
obligation.

The rating withdrawal follows the full redemption of the notes on
the Dec. 22, 2009, redemption date.

                         Rating Withdrawn

                     The Toronto-Dominion Bank
                 C$48,031,000 credit-linked notes

                                              Rating
                                              ------
         Class                           To          From
         -----                           --          ----
         Portfolio credit-linked notes   NR          CCC-

                          NR - Not rated.


TOUAX LEASE: Moody's Reviews 'Ba1' Rating on $15 Mil. Notes
-----------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the rating of notes issued by Touax Lease Receivables
Master Trust 2001.  The notes are backed by cash flow generated
from lease payments on a pool of containers and railcars, which
comprise 86% and 14% of the original equipment cost as of the
closing date, respectively.

The complete rating action is:

Issuer: TLR Master Trust 2001

* $15 Million of Fixed Rate Notes, Rated Ba1, Placed under review
  for possible downgrade; previously on December 20, 2004,
  downgraded to Ba1 from Baa3.

The review is prompted by a nearly 50% drop in lease revenue since
January 2009.  As a result of the economic slow-down container
utilization rate has dropped from 91% in January 2009 to 81% in
December 2009.  The decrease in the utilization rate resulted not
only in lower revenue but also higher storage and handling
expenses, since the Trust must pay third party depots to store the
unused containers.  The net cash flow from container and rail car
leases was not sufficient to cover the required quarterly
principal payments due in October 2009.  As a consequence, the
notes may suffer a growing principal payment shortfall, which
renders the ultimate repayment of the principal more uncertain.
According to the February 2010 servicer report, the outstanding
principal balance of the note was $1.56 million greater than
scheduled.

In addition to the principal payment shortfall, the trust is
experiencing difficulties in making interest payments.  On the
January 2010 payment date, the Trust withdrew $45,627 from the
interest reserve account for the first time to meet the required
interest payment.  The transaction structure does not allow for
the replenishment of this account, which is an integral part of
the credit support.  The Trust did not draw on the interest
reserve account for the February 2010 payment date.  The interest
reserve account currently has $997,428, which is enough to cover
approximately eleven months of interest.

Moody's review will focus on projecting container and railcar
lease revenues, which are driven by utilization rates, lease
rates, the financial stability of leases and their ability to make
lease payments.  Factors that affect these variables include but
not limited to the mix of long term and short term lease
agreements in the Trust, the demand for containers as driven by
the world trade volume and the recovery of the financial markets.
Moody's will use cash flow model with Monte Carlo simulation of
such key variables as utilization rate, lease rates and operating
expenses to determine the final rating.


TRIBUNE LTD: S&P Withdraws 'CCC-' Rating on Series 32 Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' rating on
the notes issued by Tribune Ltd.'s series 32, a synthetic
collateralized debt obligation transaction.

The rating withdrawal follows the repurchase of the notes pursuant
to the repurchase notice.


TROY DOWNTOWN: S&P Downgrades Ratings on Three Bonds to 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on Troy
Downtown Development Authority, Michigan's series 2001 and 2002
senior-lien and series 2003 junior-lien tax increment revenue
bonds to 'BB' from 'A-' due to rapid decreases in the assessed
value (AV) of the tax increment financing district that have
lowered coverage of combined senior- and junior-lien maximum
annual debt service (MADS) to 1.01x for levy year 2009 from 1.14x
in 2002.  The outlook is stable.

The city believes that coverage from the 2010 levy year (fiscal
2011) will fall to 0.70x based on recent property sales and
projects that, subject to the future real estate market, coverage
will fall to 0.20x by levy year 2014.  Although MADS does not
occur until 2016, debt service remains relatively level throughout
the remaining life of the bonds, which mature in fiscal 2019.

"S&P expects that even if debt service coverage falls below 1x, as
projected by the city, available monies in reserve will likely buy
time for the district to await growth in tax revenue from future
development to enable at least 1x coverage in the future.  In
addition, the city could restructure debt service and extend the
life of the TIF district," said Standard & Poor's credit analyst
Sean Hughes.  "Upward movement in the rating would depend on
reversing the decrease in district AV.  A lower rating could
result if AV continues to decrease and there is likely to be a
significant draw on the debt service reserve," he added.

The rating reflects Standard & Poor's opinion of:

* Fiscal 2010 MADS coverage of combined senior- and junior-lien
  debt by tax increment revenues at 1.01x with management
  projections showing coverage decreasing to 0.20x by 2014;

* A 7% historical decrease in total project area AV and an 18%
  decrease in incremental AV from levy years 2002-2009;

* The incremental AV to total AV volatility ratio, a measure of
  how quickly tax increment revenues will change with changes in
  total AV, is currently high at 0.66;

* A debt service reserve that remains fully funded at
  $3.7 million, as well as nonpledged net authority assets
  amounting to $10.2 million as of the close of fiscal 2009 that
  the authority says it could also use to meet debt service
  shortfalls; and

* Potential for AV growth at an indeterminate future time due to
  the purchase of a 40-acre Kmart site by an adjoining mall owner,
  who plans future retail development on the site, although there
  are no current plans.

The bonds are secured by tax increment revenues.  The district
captures tax increment revenues related to the City of Troy,
Oakland County, Huron-Clinton Metropolitan Authority, and Oakland
Community College.

The project area totals 772 acres in Troy, an affluent suburb of
Detroit in Oakland County.


TW TELECOM: S&P Assigns 'B-' Rating on $430 Mil. Senior Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B-'
issue-level rating and '6' recovery rating to tw telecom holdings
inc.'s proposed $430 million of senior notes due 2018, to be
issued under rule 144A with registration rights.  tw telecom
holdings is an intermediate holding company for Littleton, Colo.-
based competitive local exchange carrier tw telecom Inc. Net
proceeds will be used to refinance existing debt.

At the same time, S&P affirmed all existing ratings on tw telecom
holdings Inc. and tw telecom inc., including tw telecom inc.'s
'B+' corporate credit rating.  The outlook is stable.  Total debt
outstanding as of Dec. 31, 2009, was approximately $1.4 billion.

"The new notes will add a degree of financial flexibility by
extending maturities," said Standard & Poor's credit analyst Allyn
Arden, "although S&P does not expect material improvement in
credit measures over the year given still-weak business
conditions."

"The ratings on tw telecom continue to reflect the risks of
competing with larger and better capitalized regional Bell
operating companies in an industry subject to increasing price
competition," continued Mr. Arden.  They also reflect a business
plan characterized by high capital expenditure requirements, and a
long sales cycle associated with selling to larger business
customers.  Tempering factors include tw telecom's well-
established network with a significant footprint, a good niche as
a provider of telecommunications services to the large and midsize
enterprise market, some revenue stability from multiyear
contracts, moderate leverage, and reasonable liquidity.


WAVE SPC: S&P Downgrades Ratings on Two Classes of 2007-1 Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on two
classes from WAVE SPC's series 2007-1 and removed them from
CreditWatch with negative implications.  S&P also affirmed its
ratings on three other classes from this transaction.

The downgrades primarily reflect S&P's analysis of the transaction
following its rating actions on commercial mortgage-backed
securities that serve as underlying collateral for WAVE 2007-1.
The downgraded underlying securities are from 12 transactions and
total $692 million (34.6% of the total asset balance).  The
downgrades also reflect S&P's revised credit estimates on the
unrated CMBS collateral ($260.5 million, 13%).  S&P lowered the
majority of its credit estimates on the underlying collateral.

According to the Feb. 22, 2010, trustee report, WAVE 2007-1 was
collateralized by 31 classes of CMBS ($2 billion, 100%) from 31
distinct transactions issued in 2006 and 2007.  S&P has revised
its ratings or credit estimates on all of the CMBS collateral.
The transaction failed its class A-1 overcollateralization test
due to downgraded CMBS collateral.  WAVE 2007-1 has exposure to
these CMBS transactions that Standard & Poor's has downgraded:

* Greenwich Capital Commercial Funding Corp.'s series 2007-GG9
  (class AJ; $100 million, 5%);

* Morgan Stanley Capital I Trust 2007-IQ13 (class AJ;
  $100 million, 5%);

* Wachovia Bank Commercial Mortgage Trust's series 2007-C30 (class
  AJ; $100 million, 5%); and

* ML-CFC Commercial Mortgage Trust 2007-5 (class AJ;
  $94.9 million, 4.7%).

Standard & Poor's analyzed WAVE 2007-1 and its underlying
collateral according to its current criteria.  S&P's analysis is
consistent with the lowered and affirmed ratings.

      Ratings Lowered And Removed From Creditwatch Negative

                             WAVE SPC
                          Series 2007-1

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

                         Ratings Affirmed

                             WAVE SPC
                          Series 2007-1

                     Class            Rating
                     -----            ------
                     B                CCC-
                     C                CCC-
                     D                CCC-


WAVE SPC: S&P Downgrades Ratings on Five Classes of 2007-2 Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on five
classes from WAVE SPC's series 2007-2 and removed them from
CreditWatch with negative implications.  S&P also affirmed the
ratings on four other classes from this transaction.

The lowered ratings primarily reflect S&P's analysis of the
transaction following its rating actions on commercial mortgage-
backed securities that serve as underlying collateral for WAVE
2007-2.  The downgraded underlying securities are from six
transactions and total $647.5 million (21.6% of the total asset
balance).  The downgrades also reflect S&P's revised credit
estimates on the unrated CMBS collateral ($532.6 million, 17.8%).
S&P lowered most of these credit estimates.

According to the Feb. 22, 2010, trustee report, WAVE 2007-2 was
collateralized by 43 classes of CMBS ($3 billion, 100%) from 28
distinct transactions issued in 2006 or 2007.  S&P has revised its
ratings or credit estimates on all of the CMBS collateral.  The
transaction failed its class A-1 overcollateralization test
because of the downgraded CMBS collateral.  WAVE 2007-2 has
exposure to these CMBS transactions that Standard & Poor's has
downgraded:

* Wachovia Bank Commercial Mortgage Trust's series 2007-C30 (class
  A-5; $375 million, 12.5%);

* Greenwich Capital Commercial Funding Corp.'s series 2007-GG9
  (class AJ; $95 million, 3.2%); and

* ML-CFC Commercial Mortgage Trust 2007-5 (classes AM and AJ;
  $75 million, 2.5%).

Standard & Poor's analyzed WAVE 2007-2 and its underlying
collateral according to its current criteria.  S&P's analysis is
consistent with the lowered and affirmed ratings.

       Ratings Lowered And Removed From Creditwatch Negative

                             WAVE SPC
                          Series 2007-2

                                Rating
                                ------
         Class            To               From
         -----            --               ----
         A-1              B+               BBB/Watch Neg
         A-2              B-               BB+/Watch Neg
         B                CCC+             BB/Watch Neg
         C-FL             CCC-             B/Watch Neg
         C-FX             CCC-             B/Watch Neg

                         Ratings Affirmed

                             WAVE SPC
                          Series 2007-2

                     Class            Rating
                     -----            ------
                     D-FL             CCC-
                     D-FX             CCC-
                     E-FL             CCC-
                     E-FX             CCC-


WAVE SPC: S&P Downgrades Ratings on Three Classes of 2007-3 Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on three
classes from WAVE SPC's series 2007-3 and removed them from
CreditWatch with negative implications.  S&P also affirmed the
ratings on two other classes from this transaction.

The downgrades primarily reflect S&P's analysis of the transaction
following its rating actions on commercial mortgage-backed
securities that serve as underlying collateral for WAVE 2007-3.
The securities are from 15 transactions and total $520.4 million
(52% of the total asset balance).  The downgrades also reflect
S&P's revised credit estimates on the unrated CMBS collateral
($105.6 million, 10.6%).  S&P lowered the majority of these credit
estimates.

According to the Feb. 22, 2010, trustee report, WAVE 2007-3 was
collateralized by 29 classes of CMBS ($1 billion, 100%) from 29
distinct transactions issued in 2006 or 2007.  S&P has revised its
ratings or credit estimates on all of the CMBS collateral.  The
transaction failed its class A-1 overcollateralization test due to
downgraded CMBS collateral.  WAVE 2007-3 has exposure to these
CMBS transactions that Standard & Poor's has downgraded:

* JPMorgan Chase Commercial Mortgage Securities Trust 2006-LDP8
  (class AJ; $55 million, 5.5%);

* JPMorgan Chase Commercial Mortgage Securities Trust 2007-CIBC18
  (class AJ; $55 million, 5.5%);

* Wachovia Bank Commercial Mortgage Trust's series 2006-C29 (class
  AJ; $55 million, 5.5%);

* Bear Stearns Commercial Mortgage Securities Trust 2007-Top26
  (class AJ; $50 million, 5%); and

* Wachovia Bank Commercial Mortgage Trust's series 2006-C28 (class
  AJ; $50 million, 5%).

Standard & Poor's analyzed WAVE 2007-3 and its underlying
collateral according to S&P's current criteria.  S&P's analysis is
consistent with the lowered and affirmed ratings.

      Ratings Lowered And Removed From Creditwatch Negative

                             WAVE SPC
                          Series 2007-3

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

                         Ratings Affirmed

                             WAVE SPC
                           Series 2007-3

                    Class            Rating
                    -----            ------
                    C                CCC-
                    D                CCC-


YONKERS INDUSTRIAL: Moody's Downgrades Ratings on Bonds to 'Ba1'
----------------------------------------------------------------
Moody's has downgraded to Ba1 from Aaa the Yonkers Industrial
Development Agency, NY Multifamily Housing Revenue Bonds (Herriot
Street Housing, L.P.  Project), Series 2004and removed it from
Watchlist, following a review of cash flow and parity sufficiency
for the life of the bonds, assuming a 0% reinvestment rate.  This
action affects $14.6 million in debt.  The bonds are secured by a
mortgage that is guaranteed by a Fannie Mae Stand-by Credit
Enhancement Instrument and were structured without a Guaranteed
Investment Contract that assures a fixed rate of return on
invested cash, subjecting the transaction to interest rate risk on
retained revenues.  As a result, revenue from the monthly mortgage
receipts, interest earned on those receipts from money market
funds or other short-term investments and monthly mortgage
payments need to be sufficient to support debt service on the
bonds.  Additionally, at all times the ratio of the value of the
assets held by the trustee, consisting of the amortized value of
the credit-enhanced mortgage and funds pledged to bondholders, to
the bonds outstanding and accrued interest to any redemption date
should exceed 100%.

Assuming no reinvestment earnings on the monthly mortgage
receipts, the projected cash flow sufficiency and ratio of assets
to liabilities is not consistent with a Aaa rating.  Based on
information Moody's have received, Moody's believe that estimated
future cash flow breaks and declines in the parity ratio are
primarily due to the failure to redeem bonds as directed under the
indenture.  Also contributing to the projected shortfalls are the
very low investments earnings over the past few years.

The last rating action with respect to the Series 2004 bonds was
on September 18, 2009, when the bonds were placed on Watchlist for
Possible Downgrade.


* S&P Downgrades Ratings on 20 Tranches From Five CLO Transactions
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 20
tranches from five U.S. collateralized loan obligation
transactions and removed them from CreditWatch with negative
implications.  The affected tranches have a total issuance amount
of $1.501 billion.  At the same time, S&P raised its rating on one
tranche from Franklin CLO I Ltd. and removed it from CreditWatch
negative.  S&P also withdrew its ratings on two tranches from
Forest Creek CLO Ltd. following the complete redemption of the
notes.  At the same time, S&P affirmed its ratings on 21 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 five classes from three 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 raised its rating on one tranche from Franklin CLO Ltd. to 'A'
from 'A+' and removed it from CreditWatch negative.  The raised
rating reflects factors that have positively affected the credit
enhancement available to support the notes.  This includes the
delevering of the transaction through the complete paydown of the
class A-1, A-2, and B notes.

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

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 S&P assumed for the cash flows generated for the
'AAA' liability rating for each transaction.

         Tiered Recovery Rate For 'AAA' Liability Rating

      Transaction                           Recovery rate (%)
      -----------                           -----------------
      Camulos Loan Vehicle I Ltd.                   45.0
      Forest Creek CLO Ltd.                         44.1
      Franklin CLO I Ltd.                           46.7
      Golub Capital Loan Trust 2005-1               44.5
      Golub Capital Partners Funding 2007-1         38.7
      Portola CLO Ltd.                              48.4
      Sargas CLO II Ltd.                            47.5
      Veritas CLO II Ltd.                           43.9

S&P will continue to review the remaining transactions with
ratings S&P 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
  -----------                       -----   --    ----
  Camulos Loan Vehicle I Ltd.       A       AA+   AAA/Watch Neg
  Camulos Loan Vehicle I Ltd.       B       AA    AA/Watch Neg
  Camulos Loan Vehicle I Ltd.       C       A     A/Watch Neg
  Camulos Loan Vehicle I Ltd.       D       BBB   BBB/Watch Neg
  Camulos Loan Vehicle I Ltd.       E       BB    BB/Watch Neg
  Forest Creek CLO Ltd.             A-1LA   AAA   AAA/Watch Neg
  Forest Creek CLO Ltd.             A-1LB   AA+   AAA/Watch Neg
  Forest Creek CLO Ltd.             A-2L    AA+   AAA/Watch Neg
  Forest Creek CLO Ltd.             A-3L    AA    AA/Watch Neg
  Forest Creek CLO Ltd.             A-4L    BBB+  A-/Watch Neg
  Forest Creek CLO Ltd.             B-1L    CCC-  BB+/Watch Neg
  Forest Creek CLO Ltd.             B-2L    CCC-  B+/Watch Neg
  Forest Creek CLO Ltd.             C       NR    AA+/Watch Neg
  Forest Creek CLO Ltd.             III     NR    AA+/Watch Neg
  Franklin CLO I Ltd.               C       A+    A/Watch Neg
  Golub Capital Loan Trust 2005-1   A-1     AAA   AAA/Watch Neg
  Golub Capital Loan Trust 2005-1   A-2     AAA   AAA/Watch Neg
  Golub Capital Loan Trust 2005-1   B       AA    AA/Watch Neg
  Golub Capital Loan Trust 2005-1   C       A     A/Watch Neg
  Golub Capital Partners Funding    A-1A    AAA   AAA/Watch Neg
   2007-1 Ltd.
  Golub Capital Partners Funding    A-1B    AAA   AAA/Watch Neg
   2007-1 Ltd.
  Golub Capital Partners Funding    A-2     AAA   AAA/Watch Neg
   2007-1 Ltd.
  Golub Capital Partners Funding    B       AA+   AA+/Watch Neg
   2007-1 Ltd.
  Golub Capital Partners Funding    C       A     A/Watch Neg
   2007-1 Ltd.
  Golub Capital Partners Funding    D       BBB+  BBB+/Watch Neg
   2007-1 Ltd.
  Portola CLO Ltd.                  A       AA+   AAA/Watch Neg
  Portola CLO Ltd.                  B-1     A+    AAA/Watch Neg
  Portola CLO Ltd.                  B-2     A+    AAA/Watch Neg
  Portola CLO Ltd.                  C       BBB+  A-/Watch Neg
  Portola CLO Ltd.                  D       B+    BBB-/Watch Neg
  Portola CLO Ltd.                  E       CCC-  B+/Watch Neg
  Sargas CLO II Ltd.                A-1     AAA   AAA/Watch Neg
  Sargas CLO II Ltd.                A-2     AAA   AAA/Watch Neg
  Sargas CLO II Ltd.                B       AA    AA/Watch Neg
  Sargas CLO II Ltd.                C       A     A/Watch Neg
  Sargas CLO II Ltd.                D       BBB   BBB/Watch Neg
  Sargas CLO II Ltd.                E       B+    BB/Watch Neg
  Veritas CLO II Ltd.               A-1R    AA+   AAA/Watch Neg
  Veritas CLO II Ltd.               A-1T    AA+   AAA/Watch Neg
  Veritas CLO II Ltd.               A-2     AA+   AAA/Watch Neg
  Veritas CLO II Ltd.               B       AA-   AA/Watch Neg
  Veritas CLO II Ltd.               C       BBB+  A/Watch Neg
  Veritas CLO II Ltd.               D       BBB-  BBB/Watch Neg
  Veritas CLO II Ltd.               E       BB-   BB/Watch Neg

                          NR - Not rated.


* S&P Downgrades Ratings on 33 Classes From Nine RMBS Transactions
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 33
classes from nine residential mortgage-backed securities
transactions backed by U.S. prime jumbo mortgage loan collateral
issued before 2005.  S&P removed eight of the lowered ratings from
CreditWatch with negative implications.  In addition, S&P affirmed
its ratings on 339 classes from the downgraded transactions and 29
other transactions and removed six of the affirmed ratings from
CreditWatch negative.

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

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 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

                  Bear Stearns ARM Trust 2002-12
                          Series 2002-12

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        II-B-1     07384MRQ7     A+                   AAA
        I-B-2      07384MRN4     A+                   AA+
        II-B-2     07384MRR5     B                    AA
        I-B-3      07384MRP9     B+                   A+
        II-B-3     07384MRS3     CC                   A-

             CHL Mortgage Pass-Through Trust 2003-J1
                          Series 2003-J1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        12669DF52     AA-                  AA
        B-4        12669DF60     BB-                  A

    Merrill Lynch Mortgage Investors Trust Series MLCC 2003-A
                          Series 2003-A

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1A         589929F94     AAA                  AAA/Watch Neg
    2A-1       589929G28     AAA                  AAA/Watch Neg
    2A-2       589929G36     AAA                  AAA/Watch Neg
    X-1A       589929T65     AAA                  AAA/Watch Neg
    X-2A1      589929G51     AAA                  AAA/Watch Neg
    X-2A2      589929G69     AAA                  AAA/Watch Neg
    X-1B       589929G77     AA                   AAA/Watch Neg
    X-2B       589929H84     AA                   AAA/Watch Neg
    X-3B       589929H92     AA                   AAA/Watch Neg
    B-1        589929G93     AA                   AA+/Watch Neg
    B-2        589929H27     B+                   A+/Watch Neg
    B-3A       589929H35     CCC                  BBB+/Watch Neg
    B-4        589929H50     CC                   BB/Watch Neg
    B-3B       589929H43     CC                   BBB/Watch Neg

                Structured Asset Securities Corp.
                           Series 2003-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B3         86359ALU5     CCC                  BBB
        B4         86359ALW1     CC                   BB

                 Structured Asset Securities Corp.
                          Series 2003-2A

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B1-I       86359AKS1     A+                   AA+
        B1-I-X     86359AKT9     A+                   AA+
        B2-I       86359AKU6     BB-                  BB+
        B2-I-X     86359AKV4     BB-                  BB+
        B3         86359AKY8     CCC                  B

WaMu Mortgage Pass-Through Certificates Series 2002-AR19 Trust
                         Series 2002-AR19

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        929227ZX7     A+                   AAA
        B-2        929227ZY5     B                    BB
        B-3        929227ZZ2     CC                   CCC

   WaMu Mortgage Pass-Through Certificates Series 2002-S8 Trust
                          Series 2002-S8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        I-B-3      929227D29     A-                   A

  WaMu Mortgage Pass-Through Certificates Series 2003-AR1 Trust
                          Series 2003-AR1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        939336PD9     AA                   AAA
        B-2        939336PE7     B                    AA
        B-3        939336PF4     CC                   A-

   WaMu Mortgage Pass-Through Certificates Series 2003-AR3 Trust
                         Series 2003-AR3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        929227G91     BBB                  AA
        B-3        929227H25     B-                   BBB
        B-4        929227K88     CC                   B
        B-5        929227K96     CC                   CCC

                         Ratings Affirmed

                      ABN AMRO Mortgage Corp.
                           Series 2003-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        00077B7D9     AAA
                 A-3        00077B7F4     AAA
                 A-4        00077B7G2     AAA
                 A-P        00077B7H0     AAA
                 A-X        00077B7J6     AAA
                 M          00077B7K3     AAA
                 B-1        00077B7L1     AA
                 B-2        00077B7M9     BBB+


               Banc of America Mortgage 2003-1 Trust
                           Series 2003-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-6      05948PAF5     AAA
                 1-A-7      05948PAG3     AAA
                 1-A-11     05948PAL2     AAA
                 1-A-12     05948PAM0     AAA
                 1-A-13     05948PAN8     AAA
                 1-A-14     05948PAP3     AAA
                 1-A-17     05948PBN7     AAA
                 1-A-WIO    05948PAU2     AAA
                 2-A-1      05948PAV0     AAA
                 2-A-2      05948PAW8     AAA
                 2-A-3      05948PAX6     AAA
                 2-A-4      05948PAY4     AAA
                 2-A-5      05948PAZ1     AAA
                 2-A-6      05948PBA5     AAA
                 2-A-7      05948PBB3     AAA
                 2-A-8      05948PBC1     AAA
                 2-A-WIO    05948PBD9     AAA
                 A-PO       05948PBE7     AAA
                 2-B-1      05948PBJ6     AAA
                 2-B-2      05948PBK3     AAA
                 2-B-3      05948PBL1     AA-

               Banc of America Mortgage 2003-2 Trust
                          Series 2003-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-4      05948XAD3     AAA
                 1-A-5      05948XAE1     AAA
                 1-A-7      05948XAG6     AAA
                 1-A-8      05948XAH4     AAA
                 1-A-14     05948XAP6     AAA
                 1-A-WIO    05948XAS0     AAA
                 2-A-1      05948XAT8     AAA
                 2-A-2      05948XAU5     AAA
                 2-A-3      05948XAV3     AAA
                 2-A-4      05948XAW1     AAA
                 2-A-WIO    05948XAX9     AAA
                 A-PO       05948XAY7     AAA
                 1-B-1      05948XAZ4     AA+
                 1-B-2      05948XBA8     AA-
                 1-B-3      05948XBB6     A-
                 1-B-4      05948XBG5     BBB-
                 1-B-5      05948XBH3     B+
                 2-B-1      05948XBC4     AA+
                 2-B-2      05948XBD2     AA+
                 2-B-3      05948XBE0     A+
                 2-B-4      05948XBK6     BBB
                 2-B-5      05948XBL4     BB-

                  Bear Stearns ARM Trust 2002-12
                          Series 2002-12

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      07384MQX3     AAA
                 I-A-7      07384MRE4     AAA
                 I-X-1      07384MRF1     AAA
                 I-X-2      07384MRG9     AAA
                 II-A-1     07384MRH7     AAA
                 II-A-2     07384MRJ3     AAA
                 II-X-1     07384MRK0     AAA
                 II-A-3     07384MRL8     AAA
                 I-B-1      07384MRM6     AAA

                   Cendant Mortgage Capital LLC
                          Series 2003-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-9        15132ECN6     AAA
                 A-10       15132ECP1     AAA
                 P          15132ECQ9     AAA
                 X          15132ECR7     AAA
                 B-1        15132ECS5     AA+
                 B-2        15132ECT3     AA
                 B-3        15132ECU0     A-
                 B-4        15132ECW6     BB+
                 B-5        15132ECX4     B

           Chase Mortgage Finance Trust, Series 2002-S8
                          Series 2002-S8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 IA-1       16162RCH1     AAA
                 IA-P       16162RCJ7     AAA
                 IA-X       16162RCK4     AAA
                 IIA-1      16162RCL2     AAA
                 IIA-P      16162RCM0     AAA
                 IIA-X      16162RCN8     AAA
                 M          16162RCQ1     AAA
                 B-1        16162RCR9     AAA
                 B-2        16162RCS7     AA

            Chase Mortgage Finance Trust, Series 2003-S1
                          Series 2003-S1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 IA-1       16162T2F2     AAA
                 IA-P       16162T2G0     AAA
                 IA-X       16162T2H8     AAA
                 IIA-1      16162T2J4     AAA
                 IIA-P      16162T2K1     AAA
                 IIA-X      16162T2L9     AAA
                 M          16162T2N5     AAA
                 B-1        16162T2P0     AA
                 B-2        16162T2Q8     BBB+

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

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

           Chase Mortgage Finance Trust, Series 2003-S3
                          Series 2003-S3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        16162T2U9     AAA
                 A-4        16162T2X3     AAA
                 A-X        16162T3F1     AAA
                 A-P        16162T3G9     AAA
                 M          16162T3J3     AAA
                 B-1        16162T3K0     AA
                 B-2        16162T3L8     A

              CHL Mortgage Pass-Through Trust 2003-2
                          Series 2003-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669DZU5     AAA
                 A-2        12669DZV3     AAA
                 A-4        12669DZX9     AAA
                 A-15       12669DB23     AAA
                 A-16       12669DB31     AAA
                 A-17       12669DB49     AAA
                 A-18       12669DB56     AAA

             CHL Mortgage Pass-Through Trust 2003-J1
                          Series 2003-J1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-12     12669DZJ0     AAA
                 1-A-13     12669DZK7     AAA
                 1-X        12669DZL5     AAA
                 2-A-1      12669DZM3     AAA
                 2-X        12669DZN1     AAA
                 PO         12669DZP6     AAA
                 M          12669DZR2     AAA
                 B-1        12669DZS0     AA+
                 B-2        12669DZT8     AA

                Citicorp Mortgage Securities Inc.
                          Series 2002-11

                 Class      CUSIP         Rating
                 -----      -----         ------
                 IA-4       172973DB2     AAA
                 IA-13      172973DL0     AAA
                 IA-14      172973DM8     AAA
                 IIA-1      172973EW5     AAA
                 IIIA-1     172973EX3     AAA
                 A-PO       172973EY1     AAA

                Citicorp Mortgage Securities Inc.
                          Series 2002-12

                 Class      CUSIP         Rating
                 -----      -----         ------
                 IA-14      172973FU8     AAA
                 IA-15      172973FV6     AAA
                 IA-PO      172973FW4     AAA
                 IIA-1      172973FX2     AAA
                 B-1        172973FY0     AAA
                 B-2        172973FZ7     AAA
                 B-3        172973GA1     AA+

           First Republic Mortgage Loan Trust 2002-FRB2
                         Series 2002-FRB2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-2        336161BU7     AAA
                 X          336161BV5     AAA
                 B-1        336161BX1     AA+
                 B-2        336161BY9     AA
                 B-3        336161BZ6     BBB+

                GMACM Mortgage Loan Trust 2003-J1
                          Series 2003-J1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-2        36185NVW7     AAA
                 A-3        36185NVX5     AAA
                 A-5        36185NVZ0     AAA
                 A-6        36185NWA4     AAA
                 A-9        36185NWD8     AAA
                 PO         36185NWF3     AAA
                 IO         36185NWG1     AAA

                 GMACM Mortgage Loan Trust 2003-J2
                          Series 2003-J2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-7        36185NWX4     AAA
                 A-9        36185NWZ9     AAA
                 PO         36185NXB1     AAA
                 IO         36185NXC9     AAA

                 GSR Mortgage Loan Trust 2003-2F
                          Series 2003-2F

                 Class      CUSIP         Rating
                 -----      -----         ------
                 IA-1       36228FMM5     AAA
                 IA-2       36228FMN3     AAA
                 IA-3       36228FMP8     AAA
                 IIA-4      36228FMV5     AAA
                 IIA-5      36228FMW3     AAA
                 IIA-6      36228FMX1     AAA
                 IIA-X      36228FMZ6     AAA
                 IIA-P      36228FNA0     AAA
                 IIIA-1     36228FNB8     AAA
                 A-X        36228FNC6     AAA

                    RFMSI Series 2003-S1 Trust
                          Series 2003-S1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76111JK94     AAA
                 A-2        76111JL28     AAA
                 A-P        76111JL36     AAA
                 A-V        76111JL44     AAA
                 M-1        76111JL69     AAA
                 M-2        76111JL77     AA+
                 M-3        76111JL85     A+
                 B-1        76111JL93     BBB
                 B-2        76111JM27     BB+

          Salomon Mortgage Loan Trust, Series 2003-NBC1
                         Series 2003-NBC1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 AV-1       79549ASB6     AAA
                 AV-2       79549ASC4     AAA
                 AV-3       79549ASD2     AAA
                 AV-4       79549ASE0     AAA
                 AF         79549ASF7     AAA

       Structured Asset Mortgage Investments Trust 2002-AR5
                         Series 2002-AR5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        86358HRF8     AAA
                 X          86358HRG6     AAA

                Structured Asset Securities Corp.
                           Series 2003-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A3       86359ALF8     AAA
                 1-A7       86359ALK7     AAA
                 1-AX       86359ALL5     AAA
                 2-A1       86359ALM3     AAA
                 3-A1       86359ALN1     AAA
                 4-A1       86359ALP6     AAA
                 AP         86359ALQ4     AAA
                 AX         86359ALR2     AAA
                 B1         86359ALS0     AA+
                 B2         86359ALT8     A+

                 Structured Asset Securities Corp.
                         Series 2003-2A

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A1       86359AKJ1     AAA
                 2-A1       86359AKL6     AAA
                 3-A1       86359AKN2     AAA
                 4-A1       86359AKQ5     AAA
                 B1-II      86359AKW2     BB+
                 B2-II      86359AKX0     BB+

  WaMu Mortgage Pass-Through Certificates Series 2002-AR19 Trust
                         Series 2002-AR19

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-6        929227ZS8     AAA
                 A-7        929227ZT6     AAA
                 A-8        929227ZU3     AAA

   WaMu Mortgage Pass-Through Certificates Series 2002-S8 Trust
                         Series 2002-S8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-5      929227B54     AAA
                 I-A-6      929227B62     AAA
                 I-A-7      929227E51     AAA
                 II-A-2     929227B88     AAA
                 II-A-7     929227C53     AAA
                 I-P        929227C61     AAA
                 II-P       929227C79     AAA
                 I-B-1      929227C87     AAA
                 I-B-2      929227C95     AA+
                 II-B-1     929227D37     AAA
                 II-B-2     929227D45     AA+
                 II-B-3     929227D52     A+

   WaMu Mortgage Pass-Through Certificates Series 2003-AR1 Trust
                         Series 2003-AR1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-5        939336PB3     AAA
                 A-6        939336PC1     AAA

   WaMu Mortgage Pass-Through Certificates Series 2003-AR3 Trust
                          Series 2003-AR3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-5        929227G67     AAA
                 B-1        929227G83     AAA

   WaMu Mortgage Pass-Through Certificates, Series 2003-S2 Trust
                          Series 2003-S2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        929227N69     AAA
                 A-2        929227N77     AAA
                 A-3        929227N85     AAA
                 A-4        929227N93     AAA
                 A-5        929227P26     AAA
                 A-9        929227P67     AAA
                 A-11       929227P83     AAA
                 X          929227Q25     AAA
                 P          929227Q33     AAA
                 B-1        929227Q41     AA+
                 B-2        929227Q58     AA
                 B-3        929227Q66     A+
                 B-4        929227N36     BBB
                 B-5        929227N44     BB

    Washington Mutual MSC Mortgage Pass-Through Certificates
                         Series 2002-MS11

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      939336ME0     AAA
                 II-A-11    939336NV1     AAA
                 II-A-12    939336NW9     AAA
                 III-A-1    939336ML4     AAA
                 III-A-2    939336MM2     AAA
                 I-X        939336MP5     AAA
                 II-X       939336MQ3     AAA
                 III-X      939336MR1     AAA
                 I-P        939336MT7     AAA
                 II-P       939336MU4     AAA
                 III-P      939336MV2     AAA
                 C-B-1      939336MX8     AAA
                 C-B-2      939336MY6     AA+
                 C-B-3      939336MZ3     AA

     Washington Mutual MSC Mortgage Pass-Through Certificates
                         Series 2002-MS12

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A          939336NE9     AAA
                 X          939336NF6     AAA
                 P          939336NG4     AAA

     Washington Mutual MSC Mortgage Pass-Through Certificates
                         Series 2003-MS1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A        939336PZ0     AAA
                 II-A       939336QA4     AAA
                 C-X        939336QB2     AAA
                 C-P        939336QC0     AAA
                 C-B-1      939336QD8     AAA
                 C-B-2      939336QE6     AA+
                 C-B-3      939336QF3     AA

    Washington Mutual MSC Mortgage Pass-Through Certificates
                         Series 2003-MS3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-4      939336RZ8     AAA
                 I-A-5      939336SA2     AAA
                 II-A-1     939336XQ1     AAA
                 II-A-2     939336XR9     AAA
                 II-A-3     939336XS7     AAA
                 II-A-4     939336XT5     AAA
                 II-A-5     939336XU2     AAA
                 II-A-6     939336XV0     AAA
                 I-X        939336SU8     AAA
                 II-X       939336SV6     AAA
                 I-P        939336SW4     AAA
                 II-P       939336SX2     AAA
                 C-B-1      939336SY0     AAA
                 C-B-2      939336SZ7     AA+
                 C-B-3      939336TA1     A+
                 C-B-4      939336TC7     A-
                 C-B-5      939336TD5     BB+

     Washington Mutual MSC Mortgage Pass-Through Certificates
                         Series 2003-MS5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      939336UE1     AAA
                 I-A-2      939336UF8     AAA
                 I-A-3      939336UG6     AAA
                 I-A-4      939336UH4     AAA
                 I-A-5      939336UJ0     AAA
                 I-A-6      939336UK7     AAA
                 II-A       939336UL5     AAA
                 III-A      939336UM3     AAA
                 C-X        939336UN1     AAA
                 C-P        939336UP6     AAA
                 C-B-1      939336UQ4     AA+
                 C-B-2      939336UR2     AA
                 C-B-3      939336US0     A
                 C-B-4      939336UU5     BBB
                 C-B-5      939336UV3     BB

     Washington Mutual MSC Mortgage Pass-Through Certificates
                         Series 2002-MS10

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-4      939336LD3     AAA
                 I-A-14     939336LP6     AAA
                 I-A-15     939336LQ4     AAA
                 II-A-1     939336LR2     AAA
                 II-A-2     939336LS0     AAA
                 I-X        939336LT8     AAA
                 II-X       939336LU5     AAA
                 I-P        939336LV3     AAA
                 II-P       939336LW1     AAA
                 C-B-1      939336LX9     AAA
                 C-B-2      939336LY7     AAA
                 C-B-3      939336LZ4     AA+

     Washington Mutual MSC Mortgage Pass-Through Certificates
                         Series 2002-MS9

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-4      939336GV9     AAA
                 I-A-6      939336GX5     AAA
                 I-A-7      939336GY3     AAA
                 II-A-1     939336HJ5     AAA
                 II-A-2     939336HK2     AAA
                 II-A-4     939336HM8     AAA
                 I-X        939336HQ9     AAA
                 II-X       939336HR7     AAA
                 I-P        939336HS5     AAA
                 II-P       939336HT3     AAA
                 C-B-1      939336HU0     AAA
                 C-B-2      939336HV8     AAA
                 C-B-3      939336HW6     AA+

       Wells Fargo Mortgage Backed Securities 2002-22 Trust
                          Series 2002-22

                 Class      CUSIP         Rating
                 -----      -----         ------
                 II-A-4     94979NAV1     AAA
                 II-A-10    94979NBB4     AAA
                 II-A-PO    94979NBC2     AAA
                 I-A-WIO    94979NBK4     AAA
                 II-A-WIO   94979NBL2     AAA
                 B-1        94979NBG3     AAA
                 B-2        94979NBH1     AAA
                 B-3        94979NBJ7     AAA

        Wells Fargo Mortgage Backed Securities 2003-2 Trust
                          Series 2003-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-4        94980JAD7     AAA
                 A-6        94980JAF2     AAA
                 A-7        94980JAG0     AAA
                 A-10       94980JAK1     AAA
                 A-PO       94980JAT2     AAA
                 B-1        94980JAW5     AAA
                 B-2        94980JAX3     AA+
                 B-3        94980JAY1     AA
                 B-4        94980JAZ8     A
                 B-5        94980JBA2     BBB-

       Wells Fargo Mortgage Backed Securities 2003-C Trust
                          Series 2003-C

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-4        94980EAD8     AAA
                 A-5        94980EAE6     AAA
                 A-6        94980EAF3     AAA
                 A-7        94980EAG1     AAA
                 B-1        94980EAM8     AAA
                 B-2        94980EAN6     AA
                 B-3        94980EAP1     A+
                 B-4        94980EAQ9     BBB
                 B-5        94980EAR7     BB


* S&P Downgrades Ratings on 66 Classes From Seven RMBS Deals
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 66
classes from seven residential mortgage-backed securities
transactions backed by U.S. subprime, Alternative-A, and prime
jumbo mortgage loan collateral issued between 2004 and 2007.  S&P
removed 49 of the lowered ratings from CreditWatch with negative
implications.  In addition, S&P affirmed its ratings on 84 classes
from these transactions and removed 19 of the affirmed ratings
from CreditWatch negative.

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

To assess the creditworthiness of each class, S&P reviewed the
individual delinquency and loss trends of each transaction for
changes, if any, in risk characteristics, servicing, and the
ability to withstand additional credit deterioration.  In order to
maintain a 'B' rating on a class, S&P assessed whether, in its
view, a class could absorb the base-case loss assumptions S&P used
in its analysis.  In order to maintain a rating higher than 'B',
S&P assessed whether the class could withstand losses exceeding
its base-case loss assumptions at a percentage specific to each
rating category, up to 150% for an 'AAA' rating for subprime and
Alt-A transactions, and up to 235% for prime jumbo transactions.
For example for subprime and Alt-A, in general, S&P would assess
whether one class could withstand approximately 110% of 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% (or 235% for prime jumbo) of its
base-case loss assumptions under its analysis.

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

Subordination provides credit support for the affected
transactions.  In addition, some classes also benefit from
overcollateralization (prior to its depletion) and excess spread.
The underlying pool of loans backing these transactions consists
of fixed- and adjustable-rate U.S. subprime, Alt-A, and prime
jumbo mortgage loans that are secured by first and second liens on
one- to four-family residential properties.

                          Rating Actions

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

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   6-A-1      059522AA0     BB                   BB/Watch Neg
   7-A-1      059522AC6     CCC                  BB/Watch Neg
   7-A-3      059522AE2     CCC                  BBB/Watch Neg
   7-A-4      059522AF9     CCC                  BB/Watch Neg
   7-A-5      059522AG7     CC                   BB/Watch Neg
   1-A-2      059522AU6     BB                   BB/Watch Neg
   1-A-3      059522AV4     BB                   BB/Watch Neg
   1-A-4      059522AW2     BB                   BB/Watch Neg
   2-A-1      059522AY8     BB                   BB/Watch Neg
   3-A-1      059522BA9     CCC                  BB/Watch Neg
   4-A-1      059522BC5     BBB-                 A/Watch Neg
   4-A-2      059522BD3     BBB-                 A/Watch Neg
   4-A-3      059522BE1     BBB-                 A/Watch Neg
   5-A-2      059522BH4     CCC                  B/Watch Neg

               Banc of America Mortgage Trust 2004-1
                        Series      2004-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        5-B-1      05948X2A8     BB                   AA+
        5-B-2      05948X2B6     CCC                  AA
        5-B-3      05948X2C4     CC                   BBB+
        X-B-4      05948X2H3     CCC                  B
        3-B-4      05948X2L4     B                    BB
        5-B-4      05948X2P5     CC                   B
        1-B-5      05948X2F7     CC                   B
        X-B-5      05948X2J9     CC                   CCC
        3-B-5      05948X2M2     CCC                  B
        5-B-5      05948X2Q3     CC                   CCC

                 GSR Mortgage Loan Trust 2006-1F
                        Series      2006-1F

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1A-2       3623416J3     A-                   A/Watch Neg
    1A-3       3623416K0     B                    B/Watch Neg
    1A-5       3623416M6     B                    B/Watch Neg
    1A-6       3623416N4     B                    B/Watch Neg
    1A-7       3623416P9     B                    B/Watch Neg
    1A-8       3623416Q7     B                    B/Watch Neg
    1A-9       3623416R5     AAA                  AAA/Watch Neg
    1A-10      3623416S3     B-                   B/Watch Neg
    1A-11      3623416T1     B                    B/Watch Neg
    1A-13      3623416V6     B                    B/Watch Neg
    1A-14      3623416W4     B                    B/Watch Neg
    1A-15      3623416X2     AAA                  AAA/Watch Neg
    1A-16      3623416Y0     B-                   B/Watch Neg
    1A-17      3623418W2     B-                   B/Watch Neg
    2A-2       3623417A1     B-                   B/Watch Neg
    2A-3       3623417B9     B-                   B/Watch Neg
    2A-4       3623417C7     B-                   B/Watch Neg
    2A-5       3623417D5     B-                   B/Watch Neg
    2A-6       3623417E3     B-                   B/Watch Neg
    2A-7       3623417F0     B-                   B/Watch Neg
    2A-8       3623417G8     B-                   B/Watch Neg
    2A-9       3623417H6     B-                   B/Watch Neg
    2A-10      3623417J2     B-                   B/Watch Neg
    2A-11      3623417K9     B-                   B/Watch Neg
    2A-12      3623417L7     B-                   B/Watch Neg
    2A-14      3623417N3     B-                   B/Watch Neg
    2A-15      3623417P8     B-                   B/Watch Neg
    2A-16      362334AN4     B-                   B/Watch Neg
    2A-17      362334AP9     B-                   B/Watch Neg
    1A-P       3623418L6     B-                   B/Watch Neg
    2A-P       3623418M4     CCC                  B/Watch Neg
    4A-1       3623417S2     CCC                  BB/Watch Neg
    5A-1       3623417Z6     CCC                  BBB/Watch Neg
    5A-8       362334AQ7     CCC                  B/Watch Neg
    5A-9       362334AR5     CCC                  B/Watch Neg
    1A-1       3623416H7     B                    B/Watch Neg
    1A-4       3623416L8     B                    B/Watch Neg
    1A-12      3623416U8     B                    B/Watch Neg
    2A-13      3623417M5     B-                   B/Watch Neg
    4A-3       3623417U7     CCC                  BB/Watch Neg
    4A-4       3623417V5     CCC                  BB/Watch Neg
    4A-5       3623417W3     CCC                  BB/Watch Neg
    4A-6       3623417X1     CCC                  BB/Watch Neg
    4A-7       3623417Y9     CCC                  BB/Watch Neg
    5A-3       3623418B8     CCC                  BB/Watch Neg
    5A-4       3623418C6     CCC                  BB/Watch Neg
    5A-5       3623418D4     CCC                  BB/Watch Neg
    5A-6       3623418E2     CCC                  BB/Watch Neg
    5A-7       3623418X0     CCC                  BB/Watch Neg

                          Lehman ABS Corp.
                         Series      2004-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-1        525170BV7     CCC                  AA+
        M1-IO      525170BX3     CCC                  AA+
        M2         525170BW5     CC                   AA
        M2-IO      525170BY1     CC                   AA

             Morgan Stanley Mortgage Loan Trust 2004-1
                        Series      2004-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    2-A-4      61745MWM1     AAA                  AAA/Watch Neg
    B-4        61745MWU3     CC                   BB
    B-5        61745MWV1     CC                   B

                    RAMP Series 2004-KR1 Trust
                       Series      2004-KR1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    M-I-1      760985X89     BBB-                 AA/Watch Neg
    M-I-2      760985X97     CC                   BB/Watch Neg

                    RAMP Series 2004-KR2 Trust
                       Series      2004-KR2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    M-I-2      76112BCV0     BB-                  A/Watch Neg
    M-II-2     76112BDC1     CC                   A
    M-I-3      76112BCW8     CCC                  BBB-/Watch Neg

                         Ratings Affirmed

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

                 Class      CUSIP         Rating
                 -----      -----         ------
                 6-A-2      059522AB8     CCC
                 7-A-2      059522AD4     CCC
                 1-A-1      059522AT9     CCC
                 1-A-5      059522AX0     CCC
                 2-A-2      059522AZ5     CCC
                 3-A-2      059522BB7     CCC
                 4-A-4      059522BF8     CCC

               Banc of America Mortgage Trust 2004-1
                        Series      2004-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-4      05948XV32     AAA
                 1-A-6      05948XV57     AAA
                 1-A-13     05948XW49     AAA
                 1-A-15     05948XW64     AAA
                 1-A-16     05948XW72     AAA
                 1-A-17     05948XW80     AAA
                 1-A-18     05948XW98     AAA
                 1-A-19     05948XX22     AAA
                 2-A-1      05948XX71     AAA
                 2-A-2      05948XX89     AAA
                 3-A-1      05948XX97     AAA
                 4-A-1      05948XY21     AAA
                 4-A-2      05948XY39     AAA
                 5-A-1      05948XY47     AAA
                 5-A-IO     05948XY54     AAA
                 A-PO       05948XY62     AAA
                 15-IO      05948XY70     AAA
                 30-IO      05948XY88     AAA
                 X-B-1      05948XZ46     AA
                 3-B-1      05948XZ79     AA
                 X-B-2      05948XZ53     A
                 3-B-2      05948XZ87     A+
                 X-B-3      05948XZ61     BB
                 3-B-3      05948XZ95     BBB+

                 GSR Mortgage Loan Trust 2006-1F
                       Series      2006-1F

                 Class      CUSIP         Rating
                 -----      -----         ------
                 3A-1       3623417Q6     CCC
                 3A-2       3623417R4     CCC
                 7A-1       3623418J1     CCC
                 7A-2       3623418K8     CCC
                 1A-X       3623418N2     CCC
                 4A-2       3623417T0     CCC
                 5A-2       3623418A0     CCC
                 6A-1       3623418F9     CCC
                 6A-2       3623418G7     CCC
                 6A-3       3623418H5     CCC
                 2A-1       3623416Z7     CCC

                         Lehman ABS Corp.
                        Series      2004-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A2       525170BS4     AAA
                 2-A2       525170BU9     AAA

            Morgan Stanley Mortgage Loan Trust 2004-1
                       Series      2004-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      61745MWG4     AAA
                 1-A-3      61745MVW0     AAA
                 1-A-4      61745MVX8     AAA
                 1-A-5      61745MVY6     AAA
                 1-A-6      61745MVZ3     AAA
                 1-A-7      61745MWA7     AAA
                 1-A-8      61745MWB5     AAA
                 1-A-9      61745MWC3     AAA
                 1-A-10     61745MWD1     AAA
                 1-A-11     61745MWE9     AAA
                 1-A-X      61745MWF6     AAA
                 1-A-P      61745MWH2     AAA
                 2-A-2      61745MWK5     AAA
                 2-A-5      61745MWN9     AAA
                 2-A-X      61745MWP4     AAA
                 2-A-P      61745MWQ2     AAA
                 B-1        61745MWR0     AA
                 B-2        61745MWS8     A
                 B-3        61745MWT6     BBB

                   RAMP Series 2004-KR1 Trust
                      Series      2004-KR1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-II-1     760985Y88     AA+

                   RAMP Series 2004-KR2 Trust
                      Series      2004-KR2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-II-1     76112BDB3     AA


* S&P Downgrades Ratings on 68 Tranches From 12 CLO Transactions
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 68
tranches from 12 U.S. collateralized loan obligation transactions
and removed 62 of them from CreditWatch with negative
implications.  The affected tranches have a total issuance amount
of $3.534 billion.  At the same time, S&P affirmed its ratings on
14 tranches from seven transactions and removed 13 of them from
CreditWatch negative.  The rating on one additional tranche
remains on CreditWatch with negative implications.

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 six classes from five 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.

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

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

                              Table

         Tiered Recovery Rates For 'AAA' Liability Rating

     Transaction                             Recovery rate (%)
     -----------                             -----------------
     Apidos CDO II                           43.9
     CIFC Funding 2006-II Ltd.               43.9
     CIFC Funding 2007-III Ltd.              46.2
     FM Leveraged Capital Fund I             36.6
     Fraser Sullivan CLO I Ltd.              40.6
     Goldman Sachs Asset Management CLO PLC  41.6
     GSC Partners Gemini Fund Ltd.           44.9
     Harch CLO II Ltd.                       45.7
     Katonah 2007-I CLO Ltd.                 44.9
     Latitude CLO I Ltd.                     42.1
     Osprey CDO 2006-1 Ltd.                  36.9
     Sandelman Finance 2006-2 Ltd.           49.1
     Summit Lake CLO Ltd.                    42.9

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
-----------                     -----      --            ----
Apidos CDO II                   A-1        AA+           AAA/Watch Neg
Apidos CDO II                   A-2        AA+           AAA/Watch Neg
Apidos CDO II                   A-3        A+            AA/Watch Neg
Apidos CDO II                   B          BBB+          A/Watch Neg
Apidos CDO II                   C          BB+           BBB/Watch Neg
Apidos CDO II                   D          B+            BB/Watch Neg
CIFC Funding 2006-II, Ltd.      A-1L       AA            AAA/Watch Neg
CIFC Funding 2006-II, Ltd.      A-1LAr     AA+           AAA/Watch Neg
CIFC Funding 2006-II, Ltd.      A-1LAt     AA+           AAA/Watch Neg
CIFC Funding 2006-II, Ltd.      A-1LB      AA            AAA/Watch Neg
CIFC Funding 2006-II, Ltd.      A-2L       A+            AA/Watch Neg
CIFC Funding 2006-II, Ltd.      A-3L       BBB+          A/Watch Neg
CIFC Funding 2006-II, Ltd.      B-1L       BB+           BBB/Watch Neg
CIFC Funding 2006-II, Ltd.      B-2L       B+            BB/Watch Neg
CIFC Funding 2007-III, Ltd.     A-1-R      AAA           AAA/Watch Neg
CIFC Funding 2007-III, Ltd.     A-1-S      AAA           AAA/Watch Neg
CIFC Funding 2007-III, Ltd.     A-1-J      AA+           AAA/Watch Neg
CIFC Funding 2007-III, Ltd.     A-2        A+            AA/Watch Neg
CIFC Funding 2007-III, Ltd.     B          BBB+          A/Watch Neg
CIFC Funding 2007-III, Ltd.     C          BB+           BBB/Watch Neg
CIFC Funding 2007-III, Ltd.     D          B+            BB/Watch Neg
FM Leveraged Capital Fund I     A          AA+           AAA/Watch Neg
FM Leveraged Capital Fund I     B          A+            AA/Watch Neg
FM Leveraged Capital Fund I     C          BBB-          A/Watch Neg
FM Leveraged Capital Fund I     D          CCC-          BBB/Watch Neg
FM Leveraged Capital Fund I     E          CCC-          BB/Watch Neg
Fraser Sullivan CLO I Ltd.      A-1        AA            AAA/Watch Neg
Fraser Sullivan CLO I Ltd.      A-2        AA            AAA/Watch Neg
Fraser Sullivan CLO I Ltd.      B          A             AA/Watch Neg
Fraser Sullivan CLO I Ltd.      C          BB+           A/Watch Neg
Fraser Sullivan CLO I Ltd.      D-1        B-            BBB/Watch Neg
Fraser Sullivan CLO I Ltd.      D-2        B-            BBB/Watch Neg
Fraser Sullivan CLO I Ltd.      E-1        CCC-          BB/Watch Neg
Fraser Sullivan CLO I Ltd.      E-2        CCC-          BB/Watch Neg
Goldman Sachs Asset Management  A-1        AA+           AAA/Watch Neg
  CLO PLC
Goldman Sachs Asset Management  A-2        AA-           AAA/Watch Neg
  CLO PLC
Goldman Sachs Asset Management  B          A-            AA/Watch Neg
  CLO PLC
Goldman Sachs Asset Management  C          BBB+          A/Watch Neg
  CLO PLC
Goldman Sachs Asset Management  D          BB+           BBB-/Watch Neg
  CLO PLC
Goldman Sachs Asset Management  E          CCC+          B+/Watch Neg
  CLO PLC
GSC Partners Gemini Fund Ltd    A          AAA           AAA/Watch Neg
GSC Partners Gemini Fund Ltd    B          A+            A+/Watch Neg
GSC Partners Gemini Fund Ltd    C          BBB+          BBB+/Watch Neg
Harch CLO II Limited            A-1A       AA+           AAA/Watch Neg
Harch CLO II Limited            A-1B       AA+           AAA/Watch Neg
Harch CLO II Limited            A-2        AA+           AAA/Watch Neg
Harch CLO II Limited            B          A-            AA/Watch Neg
Harch CLO II Limited            C          BBB           A-/Watch Neg
Harch CLO II Limited            D          CCC-          BB-/Watch Neg
Harch CLO II Limited            E          CCC-          B-/Watch Neg
Katonah 2007-I CLO Ltd          A-1L       AA+           AAA/Watch Neg
Katonah 2007-I CLO Ltd          A-2L       A+            AA/Watch Neg
Katonah 2007-I CLO Ltd          A-3L       BBB+          A/Watch Neg
Katonah 2007-I CLO Ltd          B-1L       BB+           BBB/Watch Neg
Katonah 2007-I CLO Ltd          B-2L       BB            BB/Watch Neg
Latitude CLO I Ltd              A-1        AAA           AAA/Watch Neg
Latitude CLO I Ltd              A-2        AA            AAA/Watch Neg
Latitude CLO I Ltd              B-1        BBB-          A/Watch Neg
Latitude CLO I Ltd              B-2        BBB-          A/Watch Neg
Latitude CLO I Ltd              C          CCC+          BBB/Watch Neg
Latitude CLO I Ltd              D          CCC-          BB-/Watch Neg
Osprey CDO 2006-1 Ltd           A-1LA      AA-/Watch Neg AAA/Watch Neg
Osprey CDO 2006-1 Ltd           A-1LB      A+/Watch Neg  AAA/Watch Neg
Osprey CDO 2006-1 Ltd           A-2L       BBB/Watch Neg AA/Watch Neg
Osprey CDO 2006-1 Ltd           A-3L       BB+/Watch Neg A/Watch Neg
Osprey CDO 2006-1 Ltd           B-1L       BB+/Watch Neg BBB/Watch Neg
Osprey CDO 2006-1 Ltd           B-2L       BB-/Watch Neg BB+/Watch Neg
Sandelman Finance 2006-2 Ltd    A-1A       AAA           AAA/Watch Neg
Sandelman Finance 2006-2 Ltd    A-1B       AAA           AAA/Watch Neg
Sandelman Finance 2006-2 Ltd    A-2        AA            AA/Watch Neg
Sandelman Finance 2006-2 Ltd    B          A             A/Watch Neg
Sandelman Finance 2006-2 Ltd    C          BB+           BBB/Watch Neg
Sandelman Finance 2006-2 Ltd    D          B+            BB/Watch Neg
Summit Lake CLO Ltd.            A-1LA      AAA           AAA/Watch Neg
Summit Lake CLO Ltd.            A-1LB      AA+           AAA/Watch Neg
Summit Lake CLO Ltd.            A-1LR      AA+           AAA/Watch Neg
Summit Lake CLO Ltd.            A-2L       A+            AA/Watch Neg
Summit Lake CLO Ltd.            A-3L       BBB+          A/Watch Neg
Summit Lake CLO Ltd.            B-1L       BB+           BBB-/Watch Neg
Summit Lake CLO Ltd.            B-2L       CCC+          B+/Watch Neg
Summit Lake CLO Ltd.            X          AAA           AAA/Watch Neg

                         Rating Affirmed

        Transaction                     Class      Rating
        -----------                     -----      ------
        Harch CLO II Limited            X          AAA

                    Other Outstanding Rating

     Transaction                     Class      Rating
     -----------                     -----      ------
     Osprey CDO 2006-1 Ltd           X          AAA/Watch Neg


* S&P Downgrades Ratings on 195 Classes From 30 RMBS Deals
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 195
classes from 30 residential mortgage-backed securities
transactions issued between 2002-2006 and removed 102 of the
lowered ratings from CreditWatch with negative implications.  In
addition, S&P affirmed its ratings on 160 classes from 26 of the
downgraded transactions and four additional transactions, and
removed 53 of the affirmed ratings from CreditWatch negative.
Thirty-two of the transactions are backed by U.S. Alternative-A
mortgage loan collateral, and two are backed by U.S. prime jumbo
mortgage loan collateral.

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 its view, withstand approximately
150% of its base-case loss assumptions under its analysis.

For prime jumbo 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

              Adjustable Rate Mortgage Trust 2006-2
                        Series      2006-2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-2      007034AB7     CCC                  BBB/Watch Neg
    1-A-3-1    007034AC5     BBB-                 AA-/Watch Neg
    1-A-3-2    007034AD3     CCC                  BBB-/Watch Neg
    2-A-1      007034AE1     AAA                  AAA/Watch Neg
    2-A-2      007034AF8     AAA                  AAA/Watch Neg
    3-A-1      007034AJ0     CC                   CCC
    4-A-1      007034AL5     CC                   CCC
    5-A-1      007034AN1     CC                   CCC
    6-A-2      007034AR2     CC                   CCC

                  Alternative Loan Trust 2005-62
                       Series      2005-62

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      12668ATN5     CC                   CCC
    1-A-2      12668ATP0     CC                   CCC
    1-X-1      12668ATR6     CC                   CCC
    1-X-2      12668ATS4     CC                   CCC
    1-X-3      12668AYA7     CC                   CCC
    2-A-1      12668ATT2     CC                   CCC
    2-A-2      12668ATU9     CC                   CCC
    2-A-3      12668ATV7     CC                   CCC
    2-A-4      12668AYB5     AAA                  AAA/Watch Neg
    2-X-1      12668ATW5     CC                   CCC
    2-X-2      12668AYC3     CC                   CCC

                Alternative Loan Trust 2005-75CB
                      Series      2005-75CB

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        12668AF67     BB+                  AAA/Watch Neg
    A-2        12668AF75     BB+                  AAA/Watch Neg
    A-6        12668AG33     BB                   AAA/Watch Neg
    X          12668AG58     BB+                  AAA/Watch Neg
    PO         12668AG66     CC                   CCC
    M          12668AG82     CC                   CCC

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

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      058933AA0     CCC                  BBB/Watch Neg
    4-A-1      058933AJ1     BBB-                 AAA/Watch Neg
    4-A-2      058933AK8     BBB-                 AAA/Watch Neg
    4-A-3      058933AL6     BBB-                 AAA/Watch Neg
    5-A-1      058933AN2     CCC                  B/Watch Neg
    5-A-2      058933AP7     CCC                  B/Watch Neg
    5-A-3      058933AQ5     CCC                  B/Watch Neg
    5-A-X      058933AS1     CCC                  B/Watch Neg

           Bear Stearns Mortgage Funding Trust 2006-AR2
                       Series      2006-AR2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      07401AAA5     B                    BB-/Watch Neg
    1-A-2_GT   07401AAB3     CC                   CCC
    I-A-3      07401AAC1     CC                   CCC
    I-X        07401AAD9     B                    BB-/Watch Neg
    II-A-1     07401AAX5     B-                   B-/Watch Neg
    I-A-2      07401AAP2     CC                   CCC

                     Chevy Chase Funding LLC
                       Series      2005-C

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        16678REK9     BBB+                 BBB+/Watch Neg
    A-2        16678REL7     BBB+                 BBB+/Watch Neg
    A-NA       16678RIG3     BBB+                 BBB+/Watch Neg
    IO         16678RIJ7     BBB+                 BBB+/Watch Neg
    NIO        16678RIK4     BBB+                 BBB+/Watch Neg
    B-2        16678REN3     CC                   CCC
    B-2NA      16678RII9     CC                   CCC

      Chevy Chase Funding LLC Mortgage Backed-Certificates
                         Series      2006-3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1        16678YAA0     CC                   CCC
        A-2        16678YAB8     CC                   CCC
        A-NA       16678Y9A4     CC                   CCC
        IO         16678Y9E6     CC                   CCC
        NIO        16678Y9F3     CC                   CCC

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

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    V-A-1      22541NX20     AAA                  AAA/Watch Neg
    V-X        22541NY52     AAA                  AAA/Watch Neg
    D-X        22541NY78     AAA                  AAA/Watch Neg
    V-P        22541NY94     AAA                  AAA/Watch Neg
    D-B-1      22541NZ77     AAA                  AAA/Watch Neg
    C-B-2      22541NZ51     A                    AA+
    D-B-2      22541NZ85     B                    AA-/Watch Neg
    C-B-3      22541NZ69     B                    AA
    C-B-4      22541N2B4     CC                   A
    C-B-5      22541N2C2     CC                   BB

                CSAB Mortgage-Backed Trust 2006-2
                        Series      2006-2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1-A      12627HAA8     B+                   AAA/Watch Neg
    A-1-B-1    12627HAB6     B+                   AAA/Watch Neg
    A-1-B-2    12627HAD2     B+                   AAA/Watch Neg
    A-1-C      12627HAT7     B+                   AA/Watch Neg
    A-2        12627HAE0     CCC                  B/Watch Neg
    A-3-A      12627HAF7     AAA                  AAA/Watch Neg
    A-3-B      12627HAU4     CCC                  B/Watch Neg
    A-4        12627HAG5     AAA                  AAA/Watch Neg
    A-5-A      12627HAH3     CCC                  BBB/Watch Neg
    A-5-B      12627HAJ9     CCC                  B/Watch Neg
    A-6-A      12627HAK6     CCC                  BBB/Watch Neg
    A-6-B      12627HAL4     CCC                  B/Watch Neg
    P          12627HAY6     CCC                  AAA/Watch Neg

                CSAB Mortgage-Backed Trust 2006-3
                        Series      2006-3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-4-A      12628KAH5     AAA                  AAA/Watch Neg
    A-5-A      12628KAK8     AAA                  AAA/Watch Neg
    A-6        12628KAM4     AAA                  AAA/Watch Neg

    Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, 2005-5
                        Series      2005-5

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      251510HL0     AAA                  AAA/Watch Neg
    I-A-2      251510HM8     AAA                  AAA/Watch Neg
    I-A-3      251510HN6     CCC                  A-/Watch Neg
    I-A-4      251510HP1     BB                   AAA/Watch Neg
    I-A-5      251510HQ9     CCC                  BB+/Watch Neg
    I-A-6      251510HR7     CCC                  BB+/Watch Neg
    I-A-7      251510HS5     CCC                  BB+/Watch Neg
    I-A-8      251510HT3     CCC                  BB+/Watch Neg
    I-A-IO     251510JM6     AAA                  AAA/Watch Neg
    II-A-1     251510HU0     CCC                  BB+/Watch Neg
    II-A-2     251510HV8     CCC                  BB+/Watch Neg
    II-A-3     251510HW6     CCC                  BB+/Watch Neg
    II-A-4     251510HX4     CCC                  BB+/Watch Neg
    II-A-5     251510HY2     CCC                  BB+/Watch Neg
    II-A-6     251510HZ9     CCC                  BB+/Watch Neg
    II-A-7     251510JA2     CCC                  BB+/Watch Neg
    II-A-8     251510JN4     CCC                  BB+/Watch Neg
    II-A-IO    251510JB0     CCC                  BB+/Watch Neg
    II-A-PO    251510JC8     CCC                  BB+/Watch Neg
    M-2        251510JQ7     CC                   CCC
    M-3        251510JR5     CC                   CCC
    M-4        251510JS3     CC                   CCC

  Deutsche Alt-B Securities Mortgage Loan Trust, Series 2006-AB2
                       Series      2006-AB2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1        251511AA9     CC                   CCC
        A-2        251511AB7     CC                   CCC
        A-3        251511AC5     CC                   CCC
        A-5B       251511AF8     CC                   CCC
        A-8        251511AK7     CC                   CCC

                DSLA Mortgage Loan Trust 2006-AR1
                       Series      2006-AR1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1A-1A      23332UGK4     B-                   B-/Watch Neg
    1A-1B      23332UGL2     CC                   CCC
    2A-1A      23332UGM0     BB+                  BB+/Watch Neg
    2A-1C      23332UGP3     CC                   CCC

            Greenpoint Mortgage Funding Trust 2006-AR2
                      Series      2006-AR2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      39538WGA0     A+                   A+/Watch Neg
    I-A-2      39538WGB8     CC                   CCC
    II-A-1     39538WGC6     AA+                  AA+/Watch Neg
    II-A-2     39538WGD4     CC                   CCC
    II-X       39538WGE2     AA+                  AA+/Watch Neg
    III-A-1    39538WGF9     BB                   BB/Watch Neg
    III-A-3    39538WGH5     CC                   CCC
    IV-A-1     39538WGJ1     BBB-                 BBB-/Watch Neg
    IV-A-3     39538WGL6     CC                   CCC
    IV-X       39538WGM4     CCC                  BBB-/Watch Neg

              HarborView Mortgage Loan Trust 2006-9
                        Series      2006-9

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    2A-1A      41161XAC0     B-                   B-/Watch Neg

              HarborView Mortgage Loan Trust 2006-BU1
                       Series      2006-BU1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1A-1A      41161PG56     AA+                  AA+/Watch Neg
    1A-1B      41161PG64     B+                   B+/Watch Neg
    2A-1A      41161PG72     AAA                  AAA/Watch Neg
    2A-1B      41161PG80     A-                   A-/Watch Neg
    2A-1C      41161PG98     B+                   B+/Watch Neg
    M-1        41161PH22     CC                   CCC
    M-2        41161PH30     CC                   CCC

                   HomeBanc Mortgage Trust 2006-1
                        Series      2006-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    3-A-1      43739ECQ8     CCC                  B-/Watch Neg
    3-A-2      43739ECR6     CCC                  B-/Watch Neg
    4-A-1      43739ECT2     BBB-                 AAA/Watch Neg
    4-A-2      43739ECU9     B-                   BBB+/Watch Neg

                Impac Secured Assets Trust 2006-3
                        Series      2006-3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-2        45255RAB3     CC                   CCC
    A-3        45255RAC1     CC                   CCC
    A-4        45255RAE7     CC                   CCC
    A-5        45255RAV9     CC                   CCC
    A-6        45255RAX5     CC                   CCC

            IndyMac INDX Mortgage Loan Trust 2006-AR8
                       Series      2006-AR8

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A2-A1      456618AC1     BB+                  BB+/Watch Neg
    A2-A2      456618AT4     BB+                  BB+/Watch Neg
    A2-A3      456618AD9     BB+                  BB+/Watch Neg
    A2-B       456618AE7     CC                   CCC
    A3-A       456618AF4     CC                   CCC
    A3-B       456618AG2     CC                   CCC
    A4-A       456618AH0     CC                   CCC
    A4-B       456618AJ6     CC                   CCC

               MASTR Alternative Loan Trust 2005-6
                        Series      2005-6

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      576434V50     CCC                  AAA/Watch Neg
    1-A-2      576434V68     CCC                  AAA/Watch Neg
    1-A-3      576434V76     CCC                  AAA/Watch Neg
    1-A-4      576434V84     CCC                  AAA/Watch Neg
    1-A-5      576434V92     CCC                  AAA/Watch Neg
    1-A-6      576434W26     CCC                  AAA/Watch Neg
    2-A-1      576434W34     CCC                  AAA/Watch Neg
    2-A-2      576434W42     CCC                  AAA/Watch Neg
    3-A-1      576434W59     AA-                  AAA/Watch Neg
    3-A-2      576434W67     CCC                  AAA/Watch Neg
    A-X        576434W91     AA-                  AAA/Watch Neg
    15-PO      576434X25     CCC                  AAA/Watch Neg
    30-PO      576434Y24     CCC                  AAA/Watch Neg
    B-1        576434X33     CC                   CCC

           MASTR Asset Backed Securities Trust 2005-AB1
                      Series      2005-AB1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-3A       57643LLA2     BBB                  AAA/Watch Neg
    A-3B       57643LLB0     BBB                  AAA/Watch Neg
    A-4        57643LLC8     B-                   BB+/Watch Neg
    A-5A       57643LLD6     CCC                  B-/Watch Neg
    A-5B       57643LLE4     CCC                  B-/Watch Neg
    A-6        57643LLF1     CCC                  B-/Watch Neg
    M-2        57643LLJ3     CC                   CCC
    M-3        57643LLK0     CC                   CCC
    M-4        57643LLL8     CC                   CCC

     Merrill Lynch Mortgage Investors Trust Series 2006-AF2
                       Series      2006-AF2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    AF-2       59023NAQ1     CCC                  B/Watch Neg
    IO         59023NAV0     CCC                  AAA/Watch Neg
    AV-1       59023NAA6     CCC                  BB-/Watch Neg
    AV-2A      59023NAB4     BBB                  AA-/Watch Neg
    AV-2B      59023NAC2     CCC                  B+/Watch Neg
    AV-2C      59023NAD0     CCC                  B+/Watch Neg
    AV-2D      59023NBD9     CCC                  B/Watch Neg
    MV-2       59023NAF5     CC                   CCC
    MV-3       59023NAG3     CC                   CCC

     Merrill Lynch Mortgage Investors Trust, Series 2005-A8
                       Series      2005-A8

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1A       59020UP33     AAA                  AAA/Watch Neg
    A-1B1      59020UP41     AAA                  AAA/Watch Neg
    A-1B2      59020UP58     AAA                  AAA/Watch Neg
    A-1B3      59020UP66     AAA                  AAA/Watch Neg
    A-1B4      59020UP74     AAA                  AAA/Watch Neg
    A-1C1      59020UR56     AAA                  AAA/Watch Neg
    A-1C2      59020UR64     AAA                  AAA/Watch Neg
    A-2A       59020UP82     AA                   AAA/Watch Neg
    A-2B1      59020UP90     AA                   AAA/Watch Neg
    A-2B2      59020UQ24     AA                   AAA/Watch Neg
    A-3A2      59020UQ40     AA                   AAA/Watch Neg
    A-3A3      59020UQ57     AA                   AAA/Watch Neg
    M-1        59020UQ65     CCC                  B/Watch Neg

     Merrill Lynch Mortgage Investors Trust, Series 2006-A3
                        Series      2006-A3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A        59023CAA0     CC                   CCC
    II-A-1     59023CAB8     CC                   CCC
    II-A-2     59023CAC6     CC                   CCC
    III-A-2    59023CAE2     CC                   CCC
    IV-A-1     59023CAF9     CC                   CCC
    IV-A-2     59023CAG7     CC                   CCC
    V-A-1      59023CAH5     BBB-                 AAA/Watch Neg
    V-A-2      59023CAJ1     CCC                  B/Watch Neg
    VI-A-1     59023CAK8     BBB-                 AAA/Watch Neg
    VI-A-2     59023CAL6     CCC                  B/Watch Neg

           Morgan Stanley Mortgage Loan Trust 2006-15XS
                       Series      2006-15XS

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        61750YAA7     CCC                  BB/Watch Neg
    A-2-B      61750YAC3     BB+                  BB+/Watch Neg
    A-4-B      61750YAF6     BB+                  BB+/Watch Neg
    A-5-B      61750YAH2     BB+                  BB+/Watch Neg
    A-6-B      61750YAK5     BB+                  BB+/Watch Neg
    M-1        61750YAL3     CC                   CCC
    M-2        61750YAM1     CC                   CCC

                    MortgageIT Trust 2005-AR1
                      Series      2005-AR1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      61915RBB1     CCC                  AAA/Watch Neg
    I-A-3      61915RBD7     CC                   CCC

              Opteum Mortgage Acceptance Corporation
                       Series      2005-5

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-APT      68383NCU5     A-                   AA/Watch Neg
    I-A1C      68383NCX9     A-                   AA/Watch Neg
    I-A1D      68383NCY7     A-                   AA/Watch Neg
    II-A1B     68383NDM2     BBB-                 AA/Watch Neg
    II-A1C     68383NDN0     BBB-                 AA/Watch Neg
    II-A1D1    68383NDP5     BBB-                 AA/Watch Neg
    II-A1D2    68383NDQ3     BBB-                 AAA/Watch Neg
    II-AN      68383NDR1     BBB-                 AA/Watch Neg
    M-2        68383NDC4     CC                   CCC

   Structured Adjustable Rate Mortgage Loan Trust, Series 2006-4
                       Series      2006-4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A1       86360BAA6     CC                   CCC
    2-A1       86360BAC2     CC                   CCC
    3-A1       86360BAE8     CC                   CCC
    4-A2       86360BAH1     CC                   CCC
    5-A1       86360BAJ7     CCC                  B-/Watch Neg
    5-A2       86360BAK4     CC                   CCC
    6-A        86360BAL2     CC                   CCC
    7-A1       86360BAM0     CC                   CCC
    7-A2       86360BAN8     CC                   CCC
    7-A3       86360BAP3     BBB-                 AAA/Watch Neg
    7-A4       86360BAQ1     CC                   CCC
    B1-II      86360BAV0     CC                   CCC

     Structured Asset Mortgage Investments II Trust 2006-AR8
                       Series      2006-AR8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-6A       86361WAJ0     CC                   CCC
        A-6B       86361WAK7     CC                   CCC

       Structured Asset Mortgage Investments Trust 2003-CL1
                       Series      2003-CL1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        I-I2       86358HSU4     AA+                  AAA
        I-PO       86358HSY6     D                    AAA
        I-B2       86358HTB5     BB                   A
        I-B3       86358HTC3     CC                   BBB
        II-B3      86358HTF6     CC                   BBB
        I-B4       86358HTL3     CC                   B
        II-B4      86358HTP4     CC                   BB
        I-B5       86358HTM1     CC                   CCC
        II-B5      86358HTQ2     CC                   B

                 Terwin Mortgage Trust 2006-9HGA
                      Series      2006-9HGA

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        88156TAA1     AAA                  AAA/Watch Neg
    A-2        88156TAB9     BB                   AAA/Watch Neg

   WaMu Mortgage Pass-Through Certificates Series 2006-AR7 Trust
                       Series      2006-AR7

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1A         93363CAA7     BB                   BB+/Watch Neg
    2A         93363CAB5     BBB-                 A-/Watch Neg
    3A         93363CAC3     B-                   B-/Watch Neg
    3A-1B      93363CAD1     B-                   B-/Watch Neg
    CX-PPP     93363CAJ8     BBB-                 A-/Watch Neg
    3X-PPP     93363CAK5     B-                   B-/Watch Neg

                         Ratings Affirmed

              Adjustable Rate Mortgage Trust 2006-2
                        Series      2006-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      007034AA9     CCC
                 1-A-4      007034BN0     CCC
                 1-A-5      007034BP5     CCC
                 2-A-3      007034AH4     CCC
                 6-A-1      007034AQ4     CCC

                 Alternative Loan Trust 2005-75CB
                      Series      2005-75CB

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-3        12668AF83     CCC
                 A-4        12668AF91     CCC
                 A-5        12668AG25     CCC
                 A-7        12668AG41     CCC

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

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-2      058933AB8     CCC
                 2-A-1      058933AE2     CCC
                 2-A-2      058933AF9     CCC
                 3-A-1      058933AG7     CCC
                 3-A-2      058933AH5     CCC
                 4-A-4      058933AM4     CCC
                 5-A-4      058933AR3     CCC

                     Chevy Chase Funding LLC
                       Series      2005-C

                 Class      CUSIP         Rating
                 -----      -----         ------
                 B-1        16678REM5     CCC
                 B-1NA      16678RIH1     CCC

       Credit Suisse First Boston Mortgage Securities Corp.
                        Series      2002-7

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-1        22540VVP4     AAA
                 M-2        22540VVQ2     AA+
                 B          22540VVR0     BBB

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

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      22541NT58     AAA
                 II-A-1     22541NT66     AAA
                 III-A-2    22541NT82     AAA
                 III-A-3    22541NT90     AAA
                 III-A-4    22541NU23     AAA
                 III-A-23   22541NW54     AAA
                 III-A-24   22541NW62     AAA
                 III-A-25   22541NW70     AAA
                 IV-PPA-1   22541NW96     AAA
                 II-X       22541NY45     AAA
                 II-P       22541NY86     AAA
                 A-P        22541NZ36     AAA
                 C-B-1      22541NZ44     AAA

                CSAB Mortgage-Backed Trust 2006-3
                       Series      2006-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1-A      12628KAA0     CCC
                 A-1-B-1    12628KAB8     CCC
                 A-1-B-2    12628KAC6     CCC
                 A-1-C      12628KAD4     CCC
                 A-2        12628KAE2     CCC
                 A-3-A      12628KAF9     CCC
                 A-3-B      12628KAG7     CCC
                 A-4-B      12628KAJ1     CCC
                 A-5-B      12628KAL6     CCC
                 A-7        12628KAN2     CCC

   Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, 2005-5
                        Series      2005-5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-1        251510JE4     CCC

                DSLA Mortgage Loan Trust 2006-AR1
                       Series      2006-AR1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 2A-1B      23332UGN8     CCC

            GreenPoint Mortgage Funding Trust 2005-AR5
                      Series      2005-AR5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      39538WEA2     CCC
                 I-X-1      39538WEB0     CCC
                 II-A-1     39538WEE4     CCC
                 II-X-1     39538WEG9     CCC
                 II-X-2     39538WEH7     CCC
                 II-X-3     39538WEJ3     CCC
                 III-A-1    39538WEK0     CCC
                 III-X-1    39538WEM6     CCC
                 IV-X-1     39538WEP9     CCC
                 IV-A-1     39538WEN4     CCC

            Greenpoint Mortgage Funding Trust 2006-AR2
                      Series      2006-AR2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 III-A-2    39538WGG7     CCC
                 IV-A-2     39538WGK8     CCC

               HarborView Mortgage Loan Trust 2006-9
                       Series      2006-9

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1A-1A      41161XAA4     CCC
                 2A-1B1     41161XAD8     CCC
                 2A-1B2     41161XAN6     CCC
                 2A-1C1     41161XAM8     CCC
                 2A-1C2     41161XAP1     CCC

                  HomeBanc Mortgage Trust 2006-1
                        Series      2006-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      43739ECL9     CCC
                 1-A-2      43739ECM7     CCC
                 2-A-1      43739ECN5     CCC
                 2-A-2      43739ECP0     CCC
                 3-A-3      43739ECS4     CCC

          MASTR Asset Backed Securities Trust 2005-AB1
                      Series      2005-AB1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-1        57643LLH7     CCC

      Merrill Lynch Mortgage Investors Trust Series 2006-AF2
                      Series      2006-AF2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 AF-1       59023NAP3     CCC
                 AF-3       59023NAR9     CCC
                 MF-1       59023NAS7     CCC
                 MV-1       59023NAE8     CCC

       Merrill Lynch Mortgage Investors Trust, Series 2005-A8
                       Series      2005-A8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-2        59020UQ73     CCC

      Merrill Lynch Mortgage Investors Trust, Series 2006-A3
                       Series      2006-A3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 III-A-1    59023CAD4     CCC

          Morgan Stanley Mortgage Loan Trust 2006-15XS
                      Series      2006-15XS

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-2-A      61750YAB5     CCC
                 A-3        61750YAD1     CCC
                 A-4-A      61750YAE9     CCC
                 A-5-A      61750YAG4     CCC
                 A-6-A      61750YAJ8     CCC

                    MortgageIT Trust 2005-AR1
                      Series      2005-AR1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-2      61915RBC9     CCC
                 I-X-1      61915RBE5     CCC

              Opteum Mortgage Acceptance Corporation
                       Series      2005-5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A2       68383NCZ4     CCC
                 M-1        68383NDB6     CCC

  Structured Adjustable Rate Mortgage Loan Trust, Series 2006-4
                        Series      2006-4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 4-A1       86360BAG3     CCC

     Structured Asset Mortgage Investments II Trust 2006-AR8
                      Series      2006-AR8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1A       86361WAA9     CCC
                 A-2        86361WAC5     CCC
                 A-3        86361WAD3     CCC
                 A-4A       86361WAE1     CCC
                 A-5        86361WAH4     CCC
                 X          86361WAL5     CCC
                 A-1BU      86361WAW1     CCC
                 A-4BU      86361WAX9     CCC
                 A-4CU      86361WAY7     CCC

      Structured Asset Mortgage Investments Trust 2003-CL1
                       Series      2003-CL1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-F1       86358HSS9     AAA
                 I-S1       86358HST7     AAA
                 I-S2       86358HSX8     AAA
                 I-F2       86358HSV2     AAA
                 I-I1       86358HSW0     AAA
                 II-A1      86358HSZ3     AAA
                 I-B1       86358HTA7     AA+
                 II-B1      86358HTD1     AA
                 II-B2      86358HTE9     A

                 Terwin Mortgage Trust 2006-9HGA
                      Series      2006-9HGA

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-3        88156TAC7     CCC

   WaMu Mortgage Pass-Through Certificates Series 2006-AR7 Trust
                       Series      2006-AR7

                 Class      CUSIP         Rating
                 -----      -----         ------
                 CA-1B2     93363CAF6     CCC
                 CA-1B3     93363CAG4     CCC
                 CA-1B4     93363CAH2     CCC


* S&P Downgrades Ratings on 270 Classes From 35 RMBS Transactions
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 270
classes from 35 residential mortgage-backed securities
transactions issued in 2000 and 2005 and removed 241 of the
lowered ratings from CreditWatch with negative implications.  In
addition, S&P affirmed its ratings on 174 classes from these
transactions and three additional deals.  S&P also removed 116 of
the affirmed ratings from CreditWatch with negative implications.

Thirty eight of the transactions are backed by U.S. Alternative-A
(Alt-A) mortgage collateral while one is backed by prime jumbo
mortgage loan collateral.

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, due to 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 the prime jumbo transaction, in order to maintain an 'AAA'
rating, S&P assessed whether a class could withstand approximately
235% of S&P's 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 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.  In addition, some classes also benefit from
overcollateralization (prior to its depletion) and excess
interest.  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

               Adjustable Rate Mortgage Trust 2005-7
                        Series      2005-7

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      007036MQ6     CCC                  AAA/Watch Neg
    1-A-2      007036NY8     CCC                  BB/Watch Neg
    2-A-1      007036MR4     CCC                  BB/Watch Neg
    2-A-2-1    007036MT0     A-                   AAA/Watch Neg
    2-A-2-2    007036MU7     CCC                  BB/Watch Neg
    2-A-X      007036MS2     A-                   AAA/Watch Neg
    3-A-1      007036MV5     AAA                  AAA/Watch Neg
    3-A-2      007036MW3     CCC                  BB/Watch Neg
    4-A-1      007036MX1     AAA                  AAA/Watch Neg
    4-A-2      007036MY9     CCC                  BB/Watch Neg
    5-A-1      007036MZ6     CCC                  BB/Watch Neg
    6-A-1      007036NA0     CCC                  BB/Watch Neg
    7-A-1-1    007036NB8     A-                   AAA/Watch Neg
    7-A-1-2    007036NC6     BB-                  A+/Watch Neg
    7-A-2-1    007036ND4     BBB+                 AA+/Watch Neg
    7-A-2-2    007036NE2     BB-                  A+/Watch Neg
    C-B-1      007036NM4     CC                   CCC

                 Alternative Loan Trust 2005-13CB
                      Series      2005-13CB

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        12667GAA1     BBB+                 AAA/Watch Neg
    A-2        12667GAB9     BBB+                 AAA/Watch Neg
    A-3        12667GAC7     BBB+                 AAA/Watch Neg
    A-4        12667GAD5     BBB+                 AAA/Watch Neg
    A-5        12667GAE3     BBB+                 AAA/Watch Neg
    A-6        12667GAF0     BBB+                 AAA/Watch Neg
    A-7        12667GAG8     BBB+                 AAA/Watch Neg
    A-8        12667GAH6     BBB+                 AAA/Watch Neg
    PO         12667GAJ2     BBB+                 AAA/Watch Neg
    B-1        12667GAM5     CC                   CCC

                 Alternative Loan Trust 2005-19CB
                      Series      2005-19CB

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        12667GFZ1     BBB                  AA+/Watch Neg
    A-2        12667GGA5     AAA                  AAA/Watch Neg
    A-3        12667GFY4     BBB                  AA+/Watch Neg
    A-4        12667GGB3     BBB-                 AA+/Watch Neg
    A-5        12667GGC1     BBB-                 AA+/Watch Neg
    A-6        12667GGD9     BBB                  AA+/Watch Neg
    PO         12667GGE7     BBB-                 AA+/Watch Neg
    B-1        12667GGH0     CC                   CCC

                 Alternative Loan Trust 2005-1CB
                      Series      2005-1CB

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      12667F2G9     AAA                  AAA/Watch Neg
    1-A-2      12667F2H7     A                    AAA/Watch Neg
    1-A-3      12667F2J3     AAA                  AAA/Watch Neg
    1-A-4      12667F2K0     A                    AAA/Watch Neg
    1-A-5      12667F2L8     AAA                  AAA/Watch Neg
    1-A-6      12667F2M6     AAA                  AAA/Watch Neg
    1-A-7      12667F2N4     A-                   AAA/Watch Neg
    1-A-8      12667F2P9     A-                   AAA/Watch Neg
    2-A-1      12667F2Q7     A-                   AAA/Watch Neg
    2-A-2      12667F2R5     A-                   AAA/Watch Neg
    2-A-3      12667F2S3     A-                   AAA/Watch Neg
    2-A-4      12667F2T1     A-                   AAA/Watch Neg
    2-A-5      12667F2U8     A-                   AAA/Watch Neg
    2-A-6      12667F2V6     A-                   AAA/Watch Neg
    2-A-7      12667F2W4     A-                   AAA/Watch Neg
    PO-A       12667F2X2     A-                   AA-/Watch Neg
    I-M        12667F3F0     CCC                  BB/Watch Neg
    I-B-1      12667F3G8     CC                   CCC
    I-B-2      12667F3H6     CC                   CCC
    3-A-1      12667F2Y0     BB-                  AA-/Watch Neg
    3-X        12667F2Z7     BB-                  AA-/Watch Neg
    PO-B       12667F3A1     BB-                  AA-/Watch Neg
    4-A-1      12667F3B9     AA+                  AAA/Watch Neg
    4-A-2      12667F3C7     BB                   AA+/Watch Neg
    4-A-3      12667F3D5     AA+                  AAA/Watch Neg
    II-B-1     12667F3K9     CC                   CCC

                 Alternative Loan Trust 2005-22T1
                      Series      2005-22T1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        12667GGN7     AAA                  AAA/Watch Neg
    A-2        12667GGP2     CCC                  B/Watch Neg
    A-6        12667GMB6     CCC                  B/Watch Neg

                  Alternative Loan Trust 2005-4
                        Series      2005-4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      12667F6Y6     B+                   BB-/Watch Neg
    1-A-2      12667F6Z3     B+                   BB-/Watch Neg
    1-A-3      12667F7A7     B+                   BB-/Watch Neg
    1-A-4      12667F7B5     B+                   BB-/Watch Neg
    1-A-5      12667F7C3     B+                   BB-/Watch Neg
    1-A-6      12667F7D1     B+                   A/Watch Neg
    1-A-7      12667F7E9     B+                   BB-/Watch Neg
    2-A-1      12667F7F6     BB-                  BB-/Watch Neg
    2-A-2      12667F7G4     BB-                  BB-/Watch Neg
    2-A-3      12667F7H2     AAA                  AAA/Watch Neg
    2-A-4      12667F7J8     BB-                  BB-/Watch Neg
    2-A-5      12667F7K5     BB-                  BB-/Watch Neg
    2-A-6      12667F7L3     BB-                  BB-/Watch Neg
    2-A-7      12667F7M1     BB+                  BB+/Watch Neg
    2-A-8      12667F7N9     BB+                  BB+/Watch Neg
    PO         12667F7P4     B+                   BB-/Watch Neg
    M          12667F7R0     CC                   CCC

                  Alternative Loan Trust 2005-J3
                       Series      2005-J3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      12667GDA8     BBB                  AA/Watch Neg
    1-A-2      12667GDB6     BBB                  AA/Watch Neg
    1-A-3      12667GDC4     B                    BBB+/Watch Neg
    1-A-4      12667GDD2     B                    BBB+/Watch Neg
    1-A-5     &