TCR_Public/100314.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 14, 2010, Vol. 14, No. 72

                            Headlines

ACA ABS: Fitch Downgrades Ratings on Five Classes of Notes
ACAS CRE: Fitch Downgrades Ratings on 17 Classes of Notes
ACAS CRE: Moody's Downgrades Ratings on 17 Classes of Notes
ACACIA CRE: Moody's Downgrades Ratings on Six Classes of Notes
ACAS CRE: S&P Downgrades Ratings on Seven Classes of CRE CDOs

ADDISON CDO: Fitch Takes Various Rating Actions on Notes
AUCTION PASS-THROUGH: Moody's Downgrades Ratings on Various Certs.
BANC OF AMERICA: Fitch Puts Eight Note Ratings on Negative Watch
BANC OF AMERICA: Moody's Reviews Ratings on 10 2002-X1 Certs.
BANC OF AMERICA: S&P Downgrades Ratings on 10 2005-1 CMBS

BEAR STEARNS: Fitch Puts Ratings on 2002-PBW1 Certs. on Neg. Watch
BELLSOUTH TELECOMMUNICATIONS: Fitch Cuts Ratings on Notes to 'BB'
BLUE HERON: Fitch Downgrades Ratings on Three Classes of Notes
CAPITAL TRUST: S&P Downgrades Ratings on Four Classes of Notes
CAPITAL TRUST: S&P Downgrades Ratings on Seven Classes of Notes

CHASE COMMERCIAL: Fitch Takes Rating Actions on Various Classes
CONCORD REAL: S&P Downgrades Ratings on Seven Classes of Notes
CORONADO CDO: Fitch Downgrades Ratings on Four Classes of Notes
CREDIT SUISSE: Fitch Takes Rating Actions on 2002-CP3 Certs.
CREDIT SUISSE: S&P Corrects Ratings on Class M-8 Notes to 'CC'

CRIIMI MAE: S&P Downgrades Ratings on 1998-C1 Notes to 'D'
DAVIS SQUARE: Moody's Downgrades Ratings on Three Classes
DESERT HOT: S&P Downgrades Rating on Tax Bonds to 'BB'
DLJ COMMERCIAL: Fitch Reviews Ratings on Three 1999-CG3 Notes
E*TRADE RV: S&P Downgrades Ratings on All Classes of Notes

GMACC 2005-C1: Fitch Withdraws 'D/RR6' Rating on Class O Notes
GMAC COMMERCIAL: S&P Downgrades Ratings on Eight 2004-C3 Notes
GUGGENHEIM STRUCTURED: Fitch Downgrades Ratings on Eight Classes
HERCULES REDEVELOPMENT: S&P Downgrades Rating on Tax Bonds to 'BB'
HIGH POINT: Moody's Withdraws 'Ba2' Rating with Stable Outlook

INGRESS CBO: Moody's Downgrades Ratings on Two Classes of Notes
ISCHUS CDO: Fitch Downgrades Ratings on Four Classes of Notes
JPMORGAN CHASE: S&P Downgrades Ratings on Six 2002-C3 Certs.
LAKESIDE CDO: Moody's Downgrades Ratings on Two Classes of Notes
LENOX STREET: Moody's Downgrades Ratings on Eight Classes

LOUISIANA HOUSING: S&P Downgrades Rating on 2005 Bonds to 'BB'
MADISON SQUARE: Fitch Downgrades Ratings on Three Classes
MAGNOLIA FINANCE: Moody's Junks Ratings on $9 Mil. CDO Notes
MORTGAGE CAPITAL: Fitch Takes Rating Actions on 1998-MC1 Certs.
N-STAR REAL: Fitch Downgrades Ratings on Seven Classes of Notes

PHILADELPHIA SCHOOL: Moody's Assigns 'Ba1' Rating on 2010 Bonds
PNC MORTGAGE: S&P Downgrades Ratings on Eight 2001-C1 Securities
PPLUS TRUST: S&P Downgrades Rating on $42.515 Mil. Certs. to 'BB-'
PROLOGIS REIT: Fitch Assigns Ratings on Three Classes of Notes
RESOURCE REAL: Fitch Downgrades Ratings on All Classes of Notes

SATURNS TRUST: S&P Downgrades Rating on $30 Mil. Units to 'BB-'
SIGNUM VERMILION: S&P Downgrades Ratings on Fixed Notes to 'B+'
SONIC AUTOMOTIVE: S&P Assigns 'B-' Rating on $210 Mil. Notes
SOUTH COAST: Fitch Downgrades Ratings on Six Classes of Notes
SOUTH STREET: Fitch Downgrades Ratings on Three Classes

STRUCTURED REPACKAGED: S&P Cuts Rating on $38 Mil. Certs. to 'BB'
SUMMIT CBO: Fitch Downgrades Rating on Class B Notes to 'D/RR6'
TIMBERSTAR TRUST: Moody's Downgrades Ratings on Various Certs.
TRAINER WORTHAM: Fitch Downgrades Ratings on Three Classes
WIREFREE PARTNERS: S&P Cuts Rating on $138.5 Mil. Notes to 'BB-'

ZIONS FIRST: Moody's Withdraws Rating on Lockhart's ABCP Program

* Fitch Affirms Ratings From Various Future Flow Issues
* Moody's Downgrades Ratings on 11 Tranches From Four CDOs
* S&P Downgrades Ratings on 22 Classes of Notes to 'D'
* S&P Downgrades Ratings on 25 Classes From Eight RMBS Deals
* S&P Downgrades Ratings on 28 Tranches From Six CLO Transactions

* S&P Downgrades Ratings on 35 Tranches From 14 Hybrid CDO Deals
* S&P Downgrades Ratings on 43 Tranches From Nine CLO Deals
* S&P Downgrades Ratings on 144 Classes From 12 RMBS Transactions
* S&P Downgrades Ratings on 203 Classes From 39 RMBS Transactions
* S&P Downgrades Ratings on 634 Classes From 75 Alt-A RMBS Deals



                            *********



ACA ABS: Fitch Downgrades Ratings on Five Classes of Notes
----------------------------------------------------------
Fitch Ratings has downgraded five and affirmed four classes of
notes issued by ACA ABS 2003-2, Ltd., as a result of continued
credit deterioration in the portfolio since Fitch's last rating
action in July 2008.  The details of the rating action follow at
the end of this release.

As of the January 2010 trustee report, the current balance of the
portfolio is $296 million.  Approximately 69.3% of the portfolio
has been downgraded since the last review.  Defaulted securities,
as defined in the transaction's governing documents, comprise
29.5% of the portfolio.  The downgrades to the portfolio have left
approximately 53.0% of the portfolio (including defaults) with a
Fitch derived rating below investment grade compared to 48.8% at
last review.  The collateral balance had decreased by
$172.2 million since last review.  The notes have paid down a
total of $33.9 million.  The difference is a result of principal
writedowns and asset sales in the portfolio.

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-1SD, A-1SU, and A-1SW (together class A-1S)
pay interest and principal pro-rata.  The class A-1S notes have a
credit enhancement level of 18.0% compared to the 31.8% of the
portfolio considered distressed.  Therefore, the class A-1S notes
as well as the class A-1J and A-2 notes have been downgraded to
'C' to indicate Fitch's belief that default is inevitable at or
prior to maturity.

In addition, the class A-1SW notes are insured by a financial
guaranty insurance policy issued by CIFG Guaranty, whose Insurer
Financial Strength rating was downgraded by Fitch to 'CCC' in May
2008 and subsequently withdrawn in October 2008.  The credit
enhancement provided by CIFG to the class A-1SW notes was not
factored into this review.

The class A-3, B-F and B-V 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.

ACA ABS 2003-2 is a cash flow structured finance collateralized
debt obligation that closed on Nov. 6, 2003, and was managed by
ACA Management, LLC until April 2008, when management duties were
transferred to Solidus Capital, LLC.  The portfolio is composed of
residential mortgage-backed securities (53.1%), SF CDOs (16.7%),
real estate investment trusts (11.8%), asset-backed securities
(8.0%), commercial mortgage-backed securities (7.0%), and other
CDOs (3.4%).

Fitch has downgraded or affirmed these ratings as indicated:

  -- $75,054,600 class A-1SD notes downgraded to 'C' from 'B';
  -- $161,380,197 class A-1SU notes downgraded to 'C' from 'B';
  -- $5,123,181 class A-1SW notes downgraded to 'C' from 'B';
  -- $108,000,000 class A-1J notes downgraded to 'C' from 'CCC';
  -- $51,000,000 class A-2 notes downgraded to 'C' from 'CC';
  -- $36,000,000 class A-3 notes affirmed at 'C';
  -- $7,000,000 class B-F notes affirmed at 'C';
  -- $14,901,123 class B-V notes affirmed at 'C';
  -- $2,980,225 class C notes affirmed at 'C'.


ACAS CRE: Fitch Downgrades Ratings on 17 Classes of Notes
---------------------------------------------------------
Fitch Ratings has downgraded 17 classes issued by ACAS CRE CDO
2007-1 Ltd./LLC., as a result of further negative credit migration
of the commercial mortgage backed securities and increased
interest shortfalls thereon.

On Feb. 23, 2010, the class B through D notes did not receive
their full interest distribution as a result of insufficient
interest proceeds due to the continued interest shortfalls on the
underlying collateral.  Currently, 66.1% of the underlying
collateral is experiencing full interest shortfalls.  On Feb. 26,
2010, the trustee declared an event of default due to non-payment
of full and timely accrued interest to the class B through D
notes.  Fitch rates the notes to the timely receipt of interest
and has therefore downgraded these classes to 'D'.  Noteholders
had not given direction to accelerate the notes or liquidate the
portfolio at the time of this review.

This transaction was analyzed under the framework described in the
report 'Global Rating Criteria for Structured Finance CDOs' using
the Portfolio Credit Model for projecting future default levels
for the underlying portfolio.  Due to the significant collateral
deterioration, all PCM rating loss rates exceeds the credit
enhancement available to class D and below.  However, the
downgrade to the class A notes is based upon the likelihood that
the class will face an interest shortfall in the near term.  As of
the most recent payment date, the class B notes received $200,000,
approximately 50% of what it was owed.  Given this slim margin of
cushion, approximately 25% of interest coverage to the class A
notes, and Fitch's outlook for increasing interest shortfalls,
Fitch's view is that interest shortfalls are inevitable on class
A.

For classes E through N, Fitch analyzed the classes' sensitivity
to the default of the distressed collateral ('CCC' category and
lower) and assets that are experiencing interest shortfalls.
Currently, the entire portfolio has a Fitch derived rating below
investment grade and 78.8% has a rating in the 'CCC' rating
category and lower.  Fitch's loss expectation exceeds the credit
enhancement available to classes E and below.  Given the high
probability of default of the underlying assets and the little to
no recovery prospect upon default, classes E and below have been
downgraded to 'C', indicating that default is inevitable.

ACAS CRE CDO 2007-1 is a commercial real estate collateralized
debt obligation that is backed by commercial mortgage-backed
securities B-pieces and that closed on July 24, 2007.  The
portfolio is composed of 121 assets from 22 obligors from the 2005
through 2007 vintages.

Fitch has downgraded these classes:

  -- $181,411,874 class A to 'C' from 'BB';
  -- $86,330,000 class B to 'D' from 'B+';
  -- $41,000,000 class C-FL to 'D' from 'B';
  -- $11,850,000 class C-FX to 'D' from 'B';
  -- $25,250,000 class D to 'D' from 'B-';
  -- $23,785,000 class E-FL to 'C' from 'CCC';
  -- $23,785,000 class E-FX to 'C' from 'CCC';
  -- $32,005,000 class F-FL to 'C' from 'CCC';
  -- $32,005,000 class F-FX to 'C' from 'CCC';
  -- $22,185,000 class G-FL to 'C' from 'CCC';
  -- $26,555,000 class G-FX to 'C' from 'CCC';
  -- $64,600,000 class H to 'C' from 'CCC';
  -- $41,110,000 class J to 'C' from 'CCC';
  -- $42,270,000 class K to 'C' from 'CC';
  -- $62,240,000 class L to 'C' from 'CC';
  -- $35,230,000 class M to 'C' from 'CC';
  -- $5,870,000 class N to 'C' from 'CC'.


ACAS CRE: Moody's Downgrades Ratings on 17 Classes of Notes
-----------------------------------------------------------
Moody's Investors Service downgraded 17 classes of Notes issued by
ACAS CRE CDO 2007-1 LTD due to the deterioration in the credit
quality of the underlying portfolio as evidenced by the occurrence
of an Event of Default, an increase in the weighted average rating
factor, and an increase in the percentage of collateral
experiencing interest shortfall since Moody's last review.  The
rating actions are the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation
transactions.

ACAS CRE CDO 2007-1 LTD is a CRE CDO transaction backed by 99%
commercial mortgage backed securities issued between 2005 to 2007,
and 1% of CRE CDO securities.  As of the February 16, 2010 Monthly
Trustee Report, the collateral par amount is $1.15 billion,
representing a $20.9 million decrease since securitization due to
realized losses to the collateral pool.

As of the February 23, 2010 payment date, interest shortfalls from
the underlying collateral resulted in a default in the payment of
interest on the Class B Notes, Class C Notes, and Class D Notes,
the Non-PIKable classes, which caused an Event of Default on
March 1, 2010, pursuant to Section 5.1(a) of the Indenture dated
as of July 24, 2007.  Moody's will continue monitoring the
transaction as the Holders of Notes may vote to direct the Trustee
to take particular action with respect to the Collateral Debt
Securities and the Notes.

As of the February 16, 2010 Monthly Trustee Report, approximately
75% of the collateral experienced interest shortfall, and 8% was
classified as Impaired Securities.

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

WARF is a primary measure of the credit quality of a CRE CDO pool.
The bottom-dollar WARF is a measure of the default probability
within a CUSIP collateral pool.  Moody's modeled a bottom-dollar
WARF of 8,820 compared to 7,966 at last review.

WAL acts to adjust the probability of default of the collateral
pool for time.  Moody's modeled to the current WAL of 8 years
compared to 9 years at last review.

WARR is the par-weighted average of the mean recovery values for
the collateral assets in the pool.  Due to the speculative-grade
collateral, Moody's modeled a zero WARR compared to approximately
1% at last review.

MAC is a single factor that describes the pair-wise asset
correlation to the default distribution among the instruments
within the collateral pool (i.e.  the measure of diversity).
Moody's modeled a MAC of 0% compared to 100% at last review.  The
low MAC is due to the low ratings diversity within very high risk
collateral and concentrated within a small number of collateral
names.

Moody's review also incorporated updated asset correlation
assumptions for the commercial real estate sector consistent with
one of Moody's CDO rating models, CDOROM v2.5, which was released
on April 3, 2009.  These correlations were updated in light of the
systemic seizure of credit markets and to reflect higher inter-
and intra-industry asset correlations.  The updated asset
correlations, depending of vintage and issuer diversity, used for
CUSIP collateral (i.e. CMBS, CRE CDOs or REIT debt) within CRE
CDOs range from 30% to 60%, compared to 15% to 35% previously.

The cash flow model, CDOEdge v3.2, was used to analyze the cash
flow waterfall and its effect on the capital structure of the
deal.

The rating actions are:

  -- Class A, Downgraded to Caa3; previously on March 6, 2009
     Downgraded to Baa3

  -- Class B, Downgraded to C; previously on March 6, 2009
     Downgraded to Ba2

  -- Class C-FL, Downgraded to C; previously on March 6, 2009
     Downgraded to Ba3

  -- Class C-FX, Downgraded to C; previously on March 6, 2009
     Downgraded to Ba3

  -- Class D, Downgraded to C; previously on March 6, 2009
     Downgraded to Ba3

  -- Class E-FL, Downgraded to C; previously on March 6, 2009
     Downgraded to B2

  -- Class E-FX, Downgraded to C; previously on March 6, 2009
     Downgraded to B2

  -- Class F-FL, Downgraded to C; previously on March 6, 2009
     Downgraded to B3

  -- Class F-FX, Downgraded to C; previously on March 6, 2009
     Downgraded to B3

  -- Class G-FL, Downgraded to C; previously on March 6, 2009
     Confirmed at Caa1

  -- Class G-FX, Downgraded to C; previously on March 6, 2009
     Confirmed at Caa1

  -- Class H, Downgraded to C; previously on March 6, 2009
     Confirmed at Caa3

  -- Class J, Downgraded to C; previously on March 6, 2009
     Confirmed at Caa3

  -- Class K, Downgraded to C; previously on March 6, 2009
     Confirmed at Caa3

  -- Class L, Downgraded to C; previously on March 6, 2009
     Confirmed at Caa3

  -- Class M, Downgraded to C; previously on March 6, 2009
     Confirmed at Caa3

  -- Class N, Downgraded to C; previously on March 6, 2009
     Confirmed at Caa3


ACACIA CRE: Moody's Downgrades Ratings on Six Classes of Notes
--------------------------------------------------------------
Moody's Investors Service downgraded six classes of Notes issued
by Acacia CRE CDO 1, Ltd., due to deterioration in the credit
quality of the underlying portfolio as measured by deterioration
in the weighted average rating factor, an increase in defaulted
assets, and negative migration in the overcollateralization ratio
since Moody's last review.  The rating actions, which conclude
Moody's current review, are the result of Moody's on-going
surveillance of commercial real estate collateralized debt
obligation transactions.

Acacia CRE CDO 1, Ltd., is a CRE CDO transaction backed by
a portfolio of commercial mortgage backed securities (73%
of the pool), CRE CDO securities (9% of the pool), and
residential mortgage backed securities (18% of the pool).
As of January 29, 2010, the aggregate Notes balance of the
transaction, including the Subordinate Notes, has decreased
to $291.4 million from $300 million at issuance, with the
pay-down directed to the Class A Notes.  The pay-down was
triggered by the principal repayment of underlying collateral,
payments of interest in respect of Defaulted Securities being
classified as Principal Proceeds per the Indenture dated as of
December 14, 2005, and the failure of the Class A/B, Class C/D,
and Class E/F Overcollateralization Tests.  Per the Indenture,
the failure of any Overcollateralization Test results in all
scheduled interest and principal payments being directed to pay
down the most senior notes, until the failed Overcollateralization
Test is satisfied.

Twenty-six assets totaling approximately $94 million par amount
(35% of the pool) were listed as defaulted as of January 29, 2010,
compared to 18 defaulted assets totaling $57 million (19%) as of
last review.  Of the 26 currently defaulted collateral assets,
Moody's estimates over $89 million in expected losses to the Notes
(over 90% loss severity on average).

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.

WARF is a primary measure of the credit quality of a CRE CDO pool.
The bottom-dollar WARF is a measure of the default probability
within a CUSIP collateral pool.  Moody's modeled a bottom-dollar
WARF of 6,730 compared to 4,342 at last review.  Moody's have
completed updating credit estimates for the entire pool and the
results will be reflected in a future Trustee Report.

WAL acts to adjust the probability of default of the collateral
pool for time.  Moody's modeled to the WAL of 5.5 years, compared
to 6.5 years at last review.

WARR is the par-weighted average of the mean recovery values for
the collateral assets in the pool.  Moody's modeled the WARR of
5%, compared to 9% at last review.

MAC is a single factor that describes the pair-wise asset
correlation to the default distribution among the instruments
within the collateral pool (i.e. the measure of diversity).
Moody's modeled a MAC of 100% compared to 32% at last review.  The
high MAC reflects the low credit quality and lack of diversity
within the collateral pool.

Moody's review also incorporated updated asset correlation
assumptions for the commercial real estate sector consistent with
one of Moody's CDO rating models, CDOROM v2.5, which was released
on April 3, 2009.  These correlations were updated in light of the
systemic seizure of credit markets and to reflect higher inter-
and intra-industry asset correlations.  The updated asset
correlations, depending of vintage and issuer diversity, used for
CUSIP collateral (i.e. CMBS, CRE CDOs or REIT debt) within CRE
CDOs range from 30% to 60%, compared to 15% to 35% previously.

The cash flow model, CDOEdge v3.2, was used to analyze the cash
flow waterfall and its effect on the capital structure of the
deal.

The rating actions are:

  -- Class A, Downgraded to Caa3; previously on December 11, 2009
     Baa1 Placed Under Review for Possible Downgrade

  -- Class B, Downgraded to C; previously on December 11, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Class C, Downgraded to C; previously on December 11, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Class D, Downgraded to C; previously on December 11, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Class E, Downgraded to C; previously on December 11, 2009
     Caa1 Placed Under Review for Possible Downgrade

  -- Class F, Downgraded to C; previously on December 11, 2009
     Caa2 Placed Under Review for Possible Downgrade

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 full review is summarized in
a press release dated December 11, 2009.


ACAS CRE: S&P Downgrades Ratings on Seven Classes of CRE CDOs
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on seven
classes from ACAS CRE CDO 2007-1 Ltd., a commercial real estate
collateralized debt obligation transaction.  At the same time, S&P
affirmed its 'CCC-' ratings on seven other classes from the same
transaction.

The rating actions reflect S&P's analysis of the transaction
following interest shortfalls to several nondeferrable classes,
which caused an event of default.  Classes B, C-FL, C-FX, and D
experienced interest shortfalls according to the Feb. 23, 2010,
trustee remittance report, and S&P subsequently lowered its
ratings on these classes to 'D'.

S&P lowered its rating on class A to 'B-' from 'BB+' due to the
class' susceptibility to a future liquidity interruption, while
its 'CCC-' ratings on the deferrable E-FL through K classes
reflect continued liquidity interruptions.

The trustee, Wells Fargo Bank N.A., delivered an EOD notice on
March 1, 2010, which noted that ACAS 2007-1 had experienced an EOD
under section 5.1 (a) of its indenture.  The notice indicates that
there was a default in the payment of interest accrued on the
class B, C, and D notes.  This default in payment continued for a
period of three business days, which resulted in an EOD.

The liquidity interruption resulted from the failure of the
underlying commercial mortgage-backed securities and CMBS
resecuritization collateral for ACAS 2007-1 to produce sufficient
interest proceeds to pay the full interest amount due to the
nondeferrable interest classes.  According to the trustee's
remittance reports, the amount of interest available each month
from the collateral has steadily declined in each of the past six
months, from $3.5 million in September 2009 to $1.4 million in
February 2010.

According to the most recent trustee report, ACAS 2007-1 was
collateralized by 117 classes of CMBS ($1.14 billion, 99%) from 21
distinct transactions issued from 2005 through 2007 and four
classes ($11.8 million, 1%) from JPMorgan-CIBC Commercial
Mortgage-Backed Securities Trust 2006-RR1, which is a
resecuritized real estate mortgage investment conduit (re-REMIC)
transaction.  The aggregate principal balance of the assets
totaled $1.15 billion.

In the event that S&P receive a notice indicating that the
controlling noteholders intend to proceed with acceleration or
liquidation of the transaction following the EOD, S&P may lower
all of its ratings on this transaction in accordance with its
aforementioned EOD criteria.

                         Ratings Lowered

                     ACAS CRE CDO 2007-1 Ltd.

                                 Rating
                                 ------
               Class    To                   From
               -----    --                   ----
               A        B-                   BB+
               B        D                    BB-
               C-FL     D                    B+
               C-FX     D                    B+
               D        D                    B
               E-FL     CCC-                 CCC+
               E-FX     CCC-                 CCC+

                         Ratings Affirmed

                     ACAS CRE CDO 2007-1 Ltd.

                         Class    Rating
                         -----    ------
                         F-FL     CCC-
                         F-FX     CCC-
                         G-FL     CCC-
                         G-FX     CCC-
                         H        CCC-
                         J        CCC-
                         K        CCC-


ADDISON CDO: Fitch Takes Various Rating Actions on Notes
--------------------------------------------------------
Fitch Ratings has affirmed two and downgraded three classes of
notes issued by Addison CDO, Ltd./Corp.  Fitch also affirms one
combination note and downgrades one combination note created by
notes issued by Addison.

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

The affirmations are the result of continued amortization of the
liabilities since the last rating review, and the projected
amortization of the liabilities with principal cash currently held
in the portfolio.  The class II and class III notes were paid in
full at the November 2009 payment date, leaving the class IVa and
class IVb (collectively, class IV) notes as the senior-most
remaining classes.  As of the Jan. 31, 2010 trustee report,
approximately $8.9 million was held in the principal collection
account.  After this report date, another loan paid in full adding
approximately $1.9 million to the principal collection account.
There are 16 performing obligors with a par balance of
$26.8 million remaining in the portfolio.  Due to the significant
principal redemption of the liabilities, the class III/IV
overcollateralization ratio has increased to 135.4% relative to a
trigger of 102% as of the latest trustee report.  This marks an
improvement in collateral coverage for the class IV notes since
the last rating review in July 2008, when the class III/IV OC
ratio was reported at 124%.

There were insufficient interest proceeds at the last payment date
to fulfill class IV interest payments, leading to the use of
principal proceeds for this purpose.  Although additional
diversions of principal to fulfill interest coupons are expected
in the future, Fitch believes that the collateral coverage
available to the class IV notes remains adequate to support their
current rating and revise the Outlook on these notes to Stable.

The class Va and Vb (collectively, class V) notes are paid
principal and interest pro rata with a $6 million notional amount
of the class VIb notes, effectively increasing the amount of
collateral coverage needed to pay principal on the class V notes.
Due to increased defaults in the portfolio and the sales of
several defaulted or distressed assets at significant discounts to
par, coverage to the class V and class VIb notes has decreased
since the last review.  Currently, the class V/VI OC test is
reported at 95.9%, below its required level of 100%.  The OC ratio
under 100% indicates that there is insufficient collateral to pay
the class V and VIb their required principal amounts by maturity.
Potential future credit deterioration in the portfolio and
diversions of principal to pay interest coupons will further
reduce coverage to these notes.  Fitch believes that the class V
notes will suffer a principal shortfall at maturity.

The class VIb participation notes are rated to the ultimate
receipt of their initial $10 million principal balance and an
internal rate of return on the original investment of 4%.  Fitch
calculates the total payments received by the class VIb notes to
date at $9.3 million.  Due to insufficient interest proceeds, the
class VIb notes received only partial interest payments at the
November 2008 and May 2009 payments dates, and did not receive any
payments at the last payment date in November 2009.  Depending on
amortization of the underlying portfolio and future availability
of interest proceeds, the class VIb notes may not receive any
further payments until the class IV notes are paid in full, which
may not occur until the final payment date in November 2012.  The
interruption in payments and the uncertainty of future cash flows
have resulted in a decreased likelihood of the class VIb notes
achieving a 4% IRR on top of their initial principal balance.

The class A combination notes receive 15.2% of proceeds to the
class IVa notes, 100% of proceeds to the class Va notes, and 6% of
proceeds to the equity.  The class A combination notes are rated
to the ultimate receipt of their initial $5 million principal
balance and an IRR of 4%, and to date have received $4.8 million
in total proceeds.  Based on the principal cash currently
available, the remaining portfolio composition, and the expected
performance of the class IVa notes, the class A combination notes
appear likely to achieve at least a 4% IRR on their rated balance
by the final maturity date.

The class C combination notes receive 25.3% of proceeds to the
class III notes, 53.3% of proceeds to the class IVb notes, and
18.7% of proceeds to the equity class.  The class C combination
notes are rated to the ultimate receipt of their initial $20
million principal balance and an IRR of 8.26%, and to date have
received approximately $19 million in total proceeds.  The class
III notes have been paid in full, and the equity is unlikely to
receive any future payments.  Therefore, all future proceeds to
the class C combination notes will be through payments on the
class IVb notes, which receive a floating rate coupon of LIBOR
plus 2.15%.  Although the class IVb notes are expected to continue
to perform, the class C combination notes have been downgraded
because Fitch projects that they will not be able to achieve an
8.26% IRR on their rated balance by the final maturity date.

In its review, Fitch analyzed the structure's sensitivity to
ongoing softness in U.S. corporate recoveries.  To accomplish
this, Fitch reduced its average recovery rate assumptions for each
asset type by 30% where explicit Recovery Ratings were not
available.  The class VIb participation notes displayed a degree
of sensitivity to lower recovery rates.  This sensitivity, in
addition to the high concentration among obligors in the
underlying portfolio, prompted Fitch to maintain its Negative
Outlook on the class VIb participation notes.  Fitch does not
assign outlooks to distressed securities.

The class IV notes have been 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.

The class Va and class Vb notes were assigned Recovery Ratings in
this rating review based on the total discounted future cash flows
of approximately $750,000 and $2,551,000, respectively, projected
to be available to these bonds in a base-case default scenario.
These discounted cash flows yield ultimate recovery projections of
58% and 44%, respectively, which is representative of an 'RR3' and
'RR4' on Fitch's Recovery Rating scale.  Recovery Ratings are
designed to provide a forward-looking estimate of recoveries on
currently distressed or defaulted structured finance securities
rated 'CCC' or below.  For further detail on Recovery Ratings,
please see Fitch's reports 'Global Surveillance Criteria for
Corporate CDOs' and 'Criteria for Structured Finance Recovery
Ratings'.

Addison is a cash flow collateralized debt obligation that closed
on Oct.  19, 2000 and is managed by Pacific Investment Management
Company LLC.  Addison exited its reinvestment period in 2005 and
currently has a portfolio consisting of 93.2% senior secured loans
and 6.8% senior unsecured bonds.

Fitch affirms and assigns Loss Severity ratings on these classes
as indicated:

  -- $15,023,734 class IVa notes affirmed at 'BBB+/LS2', Outlook
     Stable;

  -- $17,512,384 class IVb notes affirmed at 'BBB+/LS2', Outlook
     Stable.

Fitch downgrades and assigned LS ratings to these classes as
indicated:

  -- $1,275,901 class Va notes to 'C/RR3' from 'B';

  -- $5,787,878 class Vb notes to 'C/RR4' from 'B';

  -- $10,635,126 class VIb participation notes to 'B' from 'BBB-',
     Outlook Negative;

  -- $13,539,938 class C combination notes to 'C' from 'CCC'.

Fitch also affirms this class:

  -- $4,902,224 class A combination notes 'AA', Outlook Stable.


AUCTION PASS-THROUGH: Moody's Downgrades Ratings on Various Certs.
------------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these certificates issued by Auction Pass-Through Trust
2006-10:

  -- $96,000,000 Class A Certificates; Downgraded to Ba1;
     Previously on December 10, 2009 Baa1, Placed on review for
     downgrade

  -- $24,000,000 Class B Certificates; Downgraded to Ba1;
     Previously on December 10, 2009 Baa1, Placed on review for
     downgrade

The transaction is a structured note whose ratings are based on
the underlying securities and the legal structure of the
transaction.  The rating actions are a result of the change of the
rating of the underlying securities which are the Floating Rate
Non-Cumulative Preferred Stock, Series A issued by Morgan Stanley,
which were downgraded by Moody's on February 24, 2010 to Ba1.


BANC OF AMERICA: Fitch Puts Eight Note Ratings on Negative Watch
----------------------------------------------------------------
Fitch Ratings has placed these eight classes of Banc of America
Commercial Mortgage, series 2005-1 commercial mortgage pass-
through certificates on Rating Watch Negative:

  -- $2.1 million class SM-A 'BB+/LS5';
  -- $2.1 million class SM-B 'BB+/LS5';
  -- $6.4 million class SM-C 'BB/LS5';
  -- $2.6 million class SM-D 'BB-/LS5';
  -- $2 million class SM-E 'BB-/LS5';
  -- $4.9 million class SM-F 'B+/LS5';
  -- $4.2 million class SM-G 'B/LS5';
  -- $5.5 million class SM-H 'B-/LS5'.

The classes, which represent non-pooled classes specific to
Southdale Mall (8.2% of the pool), have been placed on Rating
Watch Negative due to the loan's transfer to special servicing in
February 2010.  According to the servicer, the borrower has
indicated its inability to refinance prior to maturity and is
requesting a loan extension.  The loan matures on April 1, 2010.

While the transfer to special servicing was anticipated and no
losses were modeled by Fitch, the rating actions reflect the
impact of potential fees associated with the loan being specially
serviced, as well as uncertainty with regard to the length of time
in special servicing and the ultimate loan workout.

Fitch will resolve the Rating Watch status as more information
about the workout becomes available.


BANC OF AMERICA: Moody's Reviews Ratings on 10 2002-X1 Certs.
-------------------------------------------------------------
Moody's Investors Service placed ten classes of Banc of America
Structured Securities Trust, Commercial Mortgage Pass-Through
Certificates, Series 2002-X1 on review due to anticipated
increased interest shortfalls and higher expected losses for the
pool resulting from projected losses from specially serviced and
watchlisted loans.  The action is the result of Moody's on-going
surveillance of commercial mortgage backed securities
transactions.

The anticipated increase in interest shortfalls is largely due to
the Holiday Inn Springfield Loan ($4.4 million - 4.1% of the
pool), which was transferred to special servicing in November 2008
and is currently 90+ days delinquent.  The loan is secured by a
244-room hotel located in Springfield, Massachusetts.  At
securitization, the hotel operated as a Holiday Inn but was re-
flagged to an InnPlace Hotel in 2009.  In January 2010, the loan
was declared non-recoverable, allowing the servicer, Berkadia
Commercial Mortgage, to recoup advances previously made on the
loan.  As of the most recent remittance date, Berkadia has
advanced approximately $1.4 million for principal and interest
payments.  The servicer has indicated that it plans to reduce its
outstanding advances by about $267,000 over an extended period of
time with the remainder of the advances recovered upon liquidation
of the loan.  Interest shortfalls are also expected to increase
due to the required payment of property protection advances for
the loan as the hotel's revenues are insufficient to cover
operating costs.  Currently, Class Q has experienced interest
shortfalls totaling $516,925.

As of the February 11, 2010 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 63%
to $106.2 million from $287.8 million at securitization.  The
Certificates are collateralized by 47 mortgage loans ranging in
size from less than 1% to 24% of the pool, with the top 10 non-
defeased loans representing 44% of the pool.  Nine loans,
representing 46% of the pool, have defeased and are collateralized
by U.S. Government securities.

Fifteen loans, representing 21% 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.

Nine loans have been liquidated from the pool since
securitization, resulting in an aggregate $5.6 million loss (44%
loss severity on average).  Six loans, representing 18% of the
pool, are currently in special servicing.

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

Moody's rating action is:

  -- Class F, $5,756,330, Aa1, on review for possible downgrade;
     previously upgraded to Aa1 from A2 on 3/19/2009

  -- Class G, $6,475,871, Aa2, on review for possible downgrade;
     previously upgraded to Aa2 from A3 on 3/19/2009

  -- Class H, $8,634,495, Aa3, on review for possible downgrade;
     previously upgraded to Aa3 from Baa1 on 3/19/2009

  -- Class J, $3,597,707, A2, on review for possible downgrade;
     previously upgraded to A2 from Baa2 on 3/19/2009

  -- Class K, $4,317,248, Baa2, on review for possible downgrade;
     previously upgraded to Baa2 from Baa3 on 3/19/2009

  -- Class L, $6,475,871, Ba2, on review for possible downgrade;
     previously assigned Ba2 on 7/29/2002

  -- Class M, $2,878,166, Ba3, on review for possible downgrade;
     previously assigned Ba3 on 7/29/2002

  -- Class N, $2,878,166, B1, on review for possible downgrade;
     previously assigned B1 on 7/29/2002

  -- Class O, $2,878,166, B2, on review for possible downgrade;
     previously assigned B2 on 7/29/2002

  -- Class P, $2,878,166, B3, on review for possible downgrade;
     previously assigned B3 on 7/29/2002


BANC OF AMERICA: S&P Downgrades Ratings on 10 2005-1 CMBS
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 10
classes of commercial mortgage-backed securities from Banc of
America Commercial Mortgage Inc.'s series 2005-1 and removed them
from CreditWatch with negative implications.  In addition, S&P
affirmed its ratings on 19 classes from the same transaction and
removed four 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.  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 1.61x and a loan-to-value ratio
of 96.5%.  S&P further stressed the loans' cash flows under its
'AAA' scenario to yield a weighted average DSC of 1.01x and an LTV
ratio of 125.6%.  The implied defaults and loss severity under the
'AAA' scenario were 65.5% and 27.7%, respectively.  The DSC and
LTV calculations S&P noted above exclude seven defeased loans
($129.8 million, 7.1%), two ($8.9 million, 0.5%) of the nine
specially serviced loans, and one loan which S&P determined to be
credit-impaired.  S&P separately estimated losses for these three
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
"SM" raked certificates reflect S&P's analysis of the Southdale
Mall loan.  The raked certificates derive 100% of their cash flows
from a subordinate nonpooled portion of this loan.

S&P affirmed its rating on the class XW 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 finalize its criteria review, S&P may revise its IO
criteria, which may affect outstanding ratings, including the
rating on the IO certificates that S&P affirmed.

                      Credit Considerations

As of the February 2010 remittance report, nine loans
($256.2 million, 14.0%) in the pool were with the special
servicer, J.E. Robert Co. Inc., including three of the top 10 real
estate exposures.  The payment status of the specially serviced
loans is: two are 30 days delinquent ($82.7 million, 4.5%), five
are matured balloons ($163.3 million, 8.9%), and two are current
($10.2 million, 0.6%).  A 10th loan was transferred after the
remittance report date.

The largest loan in the pool, the Southdale Mall loan, has a trust
and whole-loan balance of $186.6 million (10.2%), which consists
of a $150.0 million senior pooled component and a $36.6 million
subordinate nonpooled component.  The "SM" certificates derive
100% of their cash flows from the subordinate component of the
whole-loan.  The loan is secured by 740,326 sq. ft. of a
1,181,355-sq.-ft. regional mall built in 1956 in Edina, Minn.  The
loan was transferred to the special servicer after the February
2010 remittance date because the borrower has been unable to
refinance the loan.  The maturity date for the loan is April 1,
2010, and the borrower has requested a modification.  The master
servicer reported a DSC of 1.47x for the whole-loan balance for
the nine months ended Sept. 30, 2009.  As of Sept. 30, 2009, the
property was 76% occupied.  Standard & Poor's adjusted value for
this loan resulted in a stressed LTV ratio of 106.3%, comparable
to S&P's last review.

The Western Asset Plaza loan ($75.0 million, 4.1%) is the fourth-
largest loan in the pool and the second-largest loan with the
special servicer.  The loan is secured by a 256,703-sq.-ft. office
building in Pasadena, Calif.  The loan was transferred to the
special servicer on Dec. 11, 2009, due to maturity default.  The
property is 67% leased to Western Asset Management, a subsidiary
of Legg Mason, through April 2014.  The reported DSC for the nine
months ended Sept. 30, 2009, was 1.98x, compared with 1.53x at
issuance.  The borrower has proposed a forbearance period to
facilitate refinancing.

The Parkway Portfolio loan ($51.2 million, 2.8%) is the eighth-
largest loan in the pool and the third-largest loan with the
special servicer.  The loan was transferred to the special
servicer on Nov. 20, 2009, due to the bankruptcy filing of the
borrower, Rubicon US REIT Inc. The loan is secured by three office
buildings in Atlanta, Ga., and Charlotte, N.C., totaling 550,013
sq. ft. The reported DSC for year-end 2008 was 2.10x, up from
1.52x at issuance.  S&P expects the borrower to continue to make
interest only payments and all escrow and reserve payments as
contemplated under the proposed forbearance agreement.

The Ashford Perimeter loan ($31.5 million, 1.7%) was transferred
to the special servicer on June 17, 2009, due to imminent default.
The loan is secured by a 288,175-sq.-ft. office building in
Atlanta, Ga.  The special servicer completed a loan modification
in December 2009.  Reserves were used towards a principal paydown,
and the remaining $31.5 million loan balance was split into two
tranches, a $16.0 million A tranche and a $15.5 million B tranche.
The borrower contributed $9.5 million of additional equity, and
S&P expected it to make interest-only payments on the class A
tranche through maturity.  Interest on the class B tranche is
payable from available proceeds at the time of sale.  The special
servicer also extended loan maturity four years to Feb. 1, 2016.

The six remaining specially serviced loans were all transferred to
the special servicer due to maturity default.  S&P estimated
losses for two of these six assets, resulting in a weighted
average loss severity of 42.4%.  The special servicer modified two
loans, and will return the loans back to the master servicer.  In
addition, S&P understand that the borrower and special servicer
are discussing modifications for the remaining two loans.

In addition to the specially serviced loans, S&P determined one
loan, the Mykawa Business Center loan ($1.1 million; 0.1%), to be
credit-impaired.  The loan is secured by a 62,100-sq.-ft.
industrial property in Houston, Texas.  The loan originally
matured on Feb. 1, 2009, and was extended for a year.  The
borrower has been unable to refinance and has requested another
extension.  The reported DSC for the nine months ended Sept. 30,
2009, was 0.20x.  Occupancy was only 40% as of the April 2009 rent
roll.  As a result, S&P determined this loan to be at increased
risk of default and loss.

                       Transaction Summary

As of the February 2010 remittance report, the collateral pool
balance was $1.8 billion, which is 78.9% of the balance at
issuance.  The pool includes 121 loans, down from 135 at issuance.
As of the February 2010 remittance report, the master servicer,
Bank of America N.A., provided financial information for 98.0% of
the pool; 97.5% of the servicer-provided information was full-year
2008 or interim 2009 data.  S&P calculated a weighted average DSC
of 1.69x for the nondefeased loans in the pool based on the
reported figures.  S&P's adjusted DSC and LTV were 1.61x and
96.5%, respectively, which excludes seven defeased loans ($129.8
million, 7.1%), two ($8.9 million, 0.5%) of the nine specially
serviced loans, and one loan which S&P determined to be credit-
impaired.  S&P estimated losses separately for these three loans.
Thirty-five loans ($484.3 million, 26.4%) are on the master
servicer's watchlist, including two of the top 10 loans, one of
which was subsequently transferred to the special servicer and one
which S&P discuss below.  Nineteen loans ($187.2 million, 10.2%)
have a reported DSC below 1.10x, and 18 of these loans ($167.7
million, 9.2%) have a reported DSC of less than 1.0x.  The
transaction has experienced no losses to date.


                     Summary of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$746.2 million (42.7%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 1.94x for the top 10 loans.
As of the February 2010 remittance report, two of the top 10 loans
were with the special servicer, and a third loan was transferred
after the remittance report date, all of which are discussed
above.  One of the top 10 loans appears on the master servicer's
watchlist.  S&P's adjusted DSC and LTV for the top 10 loans are
1.81x and 87.7%, respectively.

Zurich Towers ($80.3 million, 4.4%) is the third-largest loan in
the pool and the largest loan on the watchlist.  The loan is
secured by two office buildings totaling 807,624 sq. ft. in
Schaumburg, Ill.  The loan appears on the watchlist due to the
anticipated repayment date of Dec. 1, 2009.  Cash management is
now in place, and the loan is in hyper-amortization (or
accelerated paydown).  Zurich American Insurance Co. has a 12-year
lease for the collateral space through Nov. 30, 2016.  The
reported year-end 2009 DSC was 2.13x.

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

             Banc of America Commercial Mortgage Inc.
   Commercial mortgage pass-through certificates series 2005-1

                 Rating
                 ------
     Class     To      From            Credit enhancement (%)
     -----     --      ----            ----------------------
     A-J       AA      AAA/Watch Neg                    16.50
     B         A+      AA/Watch Neg                     13.10
     C         A       AA-/Watch Neg                    11.97
     D         A-      A/Watch Neg                       9.54
     E         BBB+    A-/Watch Neg                      8.41
     F         BBB     BBB+/Watch Neg                    6.95
     G         BB+     BBB/Watch Neg                     5.82
     H         BB-     BBB-/Watch Neg                    3.88
     J         B+      BB+/Watch Neg                     3.56
     K         B+      BB/Watch Neg                      3.07


      Ratings Affirmed And Removed From Creditwatch Negative

             Banc of America Commercial Mortgage Inc.
   Commercial mortgage pass-through certificates series 2005-1

                 Rating
                 ------
     Class     To      From            Credit enhancement (%)
     -----     --      ----            ----------------------
     L         B+      B+/Watch Neg                      2.59
     M         B       B/Watch Neg                       2.43
     N         B-      B-/Watch Neg                      2.10
     O         CCC+    CCC+/Watch Neg                    1.46

              Ratings Affirmed (Pooled Certificates)

              Banc of America Commercial Mortgage Inc.
    Commercial mortgage pass-through certificates series 2005-1

           Class     Rating      Credit enhancement (%)
           -----     ------      ----------------------
           A-3       AAA                          25.88
           A-4       AAA                          25.88
           A-SB      AAA                          25.88
           A-5       AAA                          25.88
           A-1A      AAA                          25.88
           XW        AAA                            N/A

            Ratings Affirmed (Non-Pooled Certificates)

             Banc of America Commercial Mortgage Inc.
   Commercial mortgage pass-through certificates series 2005-1

           Class     Rating      Credit enhancement (%)
           -----     ------      ----------------------
           SM-A      B-                             N/A
           SM-B      B-                             N/A
           SM-C      CCC+                           N/A
           SM-D      CCC                            N/A
           SM-E      CCC-                           N/A
           SM-F      CCC-                           N/A
           SM-G      CCC-                           N/A
           SM-H      CCC-                           N/A
           SM-J      CCC-                           N/A

                      N/A - Not applicable.


BEAR STEARNS: Fitch Puts Ratings on 2002-PBW1 Certs. on Neg. Watch
------------------------------------------------------------------
Fitch Ratings places these classes of Bear Stearns Commercial
Mortgage Securities Inc.'s mortgage pass-through certificates,
series 2002-PBW1, on Rating Watch Negative:

  -- $13.8 million class F 'AAA';
  -- $13.8 million class G 'AA';
  -- $16.1 million class H 'A'.

Fitch also downgrades, revises Outlooks and assigns Loss Severity
ratings or Recovery Ratings to these classes as indicated:

  -- $10.4 million class J to 'B-/LS5' from 'BBB+'; Outlook
     Negative;

  -- $3.5 million class K to 'B-/LS5' from 'BBB'; Outlook
     Negative;

  -- $5.8 million class L to 'CCC/RR1' from 'BB';

  -- $9.2 million class M to 'CC/RR4' from 'B+';

  -- $2.3 million class N to 'C/RR6' from 'B'.

In addition, Fitch affirms, maintains Stable Outlooks and assigns
LS ratings to these classes:

  -- $30.8 million class A-1 at 'AAA/LS2';
  -- $385.9 million class A-2 at 'AAA/LS2';
  -- Interest-only classes X-1 and X-2 at 'AAA';
  -- $26.5 million class B at 'AAA/LS4';
  -- $31.1 million class C at 'AAA/LS4';
  -- $8.1 million class D at 'AAA/LS5';
  -- $9.2 million class E at 'AAA/LS5'.

Fitch does not rate the $13.8 million class P.

The placement of classes F, G and H on Rating Watch Negative are
due to the recent transfers of loans to special servicing and the
uncertainty of the workouts of specially serviced assets.  The
downgrades are due to an increase in expected losses on specially
serviced assets coupled with expected losses following Fitch's
prospective review of potential stresses to the transaction.  The
majority of the total expected losses are associated with loans
currently in special servicing.

As of the February 2010 distribution date, the pool's certificate
balance has paid down 37% to $580.2 million from $921.1 million at
issuance.  Nineteen loans are defeased (28.8% of the current
transaction balance).

There are five specially serviced loans in the pool (7.1%),
including the second largest loan (3.9%).  One property is a real
estate owned asset and the other four specially serviced loans are
delinquent.

The largest specially serviced asset (3.9%) is a 293,272 square
foot office property located in Dayton, OH.  The loan transferred
to special servicing in December 2009 for imminent monetary
default.  As of January 2010, the servicer reported occupancy was
28.5%.  A receiver is expected to take control of the property.
Fitch expects the loan to incur a significant loss upon
disposition of the asset if the occupancy level does not recover.

The second largest specially serviced asset (3.2%) is a REO 300-
unit multifamily property located north of Atlanta in Stone
Mountain, GA.  The loan transferred to special servicing in
November 2008.  Occupancy has dropped to approximately 50% and the
property has suffered a decline in cash flow due to late rents,
evictions, and high expenses and is also affected by crime in the
area.

Fitch will resolve the Rating Watch status after a review of the
remaining loans in the transaction and updated performance
information from the master servicer.  Following its review, some
of the classes placed on Rating Watch may be downgraded several
categories.

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

Similar to Fitch's prospective analysis of recent vintage CMBS,
each loan also underwent a refinance test by applying an 8%
interest rate and 30-year amortization schedule based on the
stressed cash flow.  Loans that could refinance to a debt service
coverage ratio of 1.25 times or higher were considered to payoff
at maturity.  Of the non-defeased or non-specially serviced loans,
three loans (1.92% of the pool) incurred a loss when compared to
Fitch's stressed value.


BELLSOUTH TELECOMMUNICATIONS: Fitch Cuts Ratings on Notes to 'BB'
-----------------------------------------------------------------
Fitch Ratings downgrades and assigns a Rating Outlook to The
BellSouth Telecommunications Inc.'s sale and leaseback $45 million
discount notes;

  -- $45 million discount notes to 'BB' from 'A'; Outlook
     Evolving.

The rating of the discount notes represents a direct pass-through
to the rating of RVI America, currently rated 'BB'.

The certificates are secured by the lease on a 660,000 square foot
office building in Birmingham, AL.  BellSouth has a bondable lease
for 20 years on the property.  Rental payment ceased after the
first 10 years of the lease, when the senior notes were retired.
Therefore, the discount notes will accrete to a total of
$45 million, due in conjunction with BellSouth's lease expiration
in 2018.

The discount notes are guaranteed by a residual value insurance
policy, provided by RVI.  At the end of the lease term, the
borrower has the option to sell the building for $45 million and
if not, RVI will buy the building and retire the discount notes.


BLUE HERON: Fitch Downgrades Ratings on Three Classes of Notes
--------------------------------------------------------------
Fitch Ratings has downgraded three classes and affirmed four
classes of notes issued by Blue Heron Funding II Ltd. as a result
of continued credit deterioration in the portfolio since Fitch's
last rating action in August 2008.

As of the Feb. 12, 2010 trustee report, the current balance of the
portfolio is approximately $534.2 million.  Approximately 40.5% of
the portfolio has been downgraded since August 2008, resulting in
approximately 23% of the portfolio with a Fitch derived rating
below investment grade and 18.2% with a rating in the 'CCC' rating
category or below, compared to 17% and 12.8%, respectively, at
last review.

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

Based on the current portfolio and the anticipated future loss of
principal proceeds to cover interest shortfall, Fitch believes
default is inevitable for the class A, B, C, D and E notes and the
class E additional interest.

The Feb. 12, 2010 trustee report shows that $74.8 million, or 14%,
of the portfolio is considered defaulted by the transaction's
governing documents, leaving $464.5 million of non-defaulted
assets.  Expected recoveries on the defaulted portion of the
portfolio are low, resulting in the class A notes being
undercollateralized.

Additionally, principal collections have been needed to cover
shortfalls in interest collections since October 2009, which is
contributing to the erosion of credit enhancement.  The point
where interest proceeds have been stopping within the priority of
payments has varied from payment date to payment date, sometimes
being able to pay only part of the interest rate swap to being
able to pay a portion of class C accrued interest.

The certificates are rated to the ultimate receipt of principal,
where coupon payments received in the interest waterfall are
applied to reduce the outstanding rated balance.  While these
distributions are no longer being made due to failing coverage
tests and are not expected to resume in the future, the principal
of the certificates is protected by a Certificate Protection
Asset, which is a zero coupon bond with a face value of $6 million
maturing in April 2030, that was issued by Resolution Funding
Corporation, a U.S. government agency.  As per the terms of the
transaction, no party to the transaction other than the
certificate holders have claim against the Certificate Protection
Asset.  Therefore, the certificates are affirmed at 'AAA' and
assigned a Stable Outlook.

Because the ultimate receipt of the remaining rated balance is not
linked to the performance of the transaction's underlying
portfolio, Fitch is not assigning a Loss Severity rating to the
certificates.

Blue Heron II is a structured finance collateralized debt
obligation that closed on Dec.  22, 2005 and is managed by
Westdeutsche Landesbank Girozentrale, New York Branch.  The
portfolio is composed of commercial mortgage-backed securities
(47.4%), residential mortgage-backed securities (32%), SF CDOs
(10.1%), corporate debt (6.4%), corporate CDOs (3.1%) and
commercial and consumer asset-backed securities (1%).

Fitch has taken these rating actions on Blue Heron II:

  -- $522,296,730 class A notes downgraded to 'C' from 'B';

  -- $17,205,585 class B notes downgraded to 'C' from 'CCC';

  -- $34,409,633 class C notes downgraded to 'C' from 'CC';

  -- $21,638,791 class D notes affirmed at 'C';

  -- $16,839,681 class E notes affirmed at 'C';

  -- $20,000,000 class E additional interest (interest only)
     affirmed at 'C';

  -- $3,986,875 certificates (principal only) affirmed at 'AAA';
     assigned Stable Outlook.


CAPITAL TRUST: S&P Downgrades Ratings on Four Classes of Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on four
classes from Capital Trust RE CDO 2005-1 Ltd., a commercial real
estate collateralized debt obligation transaction.  At the same
time, S&P affirmed its ratings on four other classes.  S&P removed
all of the ratings from CreditWatch with negative implications.

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

The downgrades also reflect S&P's estimated asset-specific
recovery rates for the reported defaulted loan assets, which did
not exceed 20.1%.  S&P's analysis also considered the current
ratings on commercial mortgage-backed securities and CRE CDO
securities that were in default according to the most recent
trustee report, as well as the applicable recovery rates under its
criteria.

According to the Feb. 17, 2010, trustee report, the transaction's
current asset pool includes these:

* Eighteen subordinate interest loans ($218.9 million, 66.7% of
  the collateral pool); and

* Thirteen CMBS tranches ($102.1 million, 31.1%).

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, CT Investment
Management Co. LLC, and trustee, Bank of America Merrill Lynch, as
well as market and valuation data from third-party providers.

The reported defaulted assets include five loan assets
($42.4 million, 12.9%) and 10 CMBS and CRE CDO securities
($73.8 million, 22.5%).  Standard & Poor's estimated asset-
specific recovery rates for the loan assets reported as defaulted,
which ranged from 0% to 20.1%.  S&P based the recovery rates on
information from the collateral manager, the special servicer, and
third-party data providers.

The defaulted assets are:

* The Crescent subordinated loan ($24.4 million, 7.4%);

* The Menlo Oaks subordinated loan ($8.5 million, 2.6%);

* The Resorts International subordinated loan ($5.3 million,
  1.6%);

* The IMT Portfolio subordinated loan ($3.1 million, 0.95%);

* The Pointe Apartments subordinated loan ($1.1 million, 0.34%);

* CT CDO IV Ltd. 2006-1, class G ($7.7 million, 2.4%);

* CT CDO IV Ltd. 2006-1, class H ($3.9 million, 1.2%);

* CT CDO IV Ltd. 2006-1, class J ($2.4 million, 0.74%);

* COMM 2006-FL12, class J ($6.7 million, 2.06%);

* CS First Boston Mortgage Securities Corp. 2007-TFLA, class L
  ($4.0 million, 1.2%);

* JP Morgan Chase Commercial Mortgage Securities Corp. 2004-FL1,
  class L ($5.5 million, 1.7%);

* JP Morgan Chase Commercial Mortgage Securities Corp. 2006-CB14,
  class H ($8.5 million, 2.6%);

* Morgan Stanley Capital I 2007-XLFA, class K ($7.8 million,
  2.4%);

* Morgan Stanley Capital I 2007-XLF, class L ($21.1 million,
  6.4%); and

* Wachovia Bank Commercial Mortgage Trust 2006-C24, class K
  ($6.0 million, 1.8%)

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

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

      Ratings Lowered And Removed From Creditwatch Negative

                 Capital Trust RE CDO 2005-1 Ltd.
                 Collateralized debt obligations

                            Rating
                            ------
          Class     To                   From
          -----     --                   ----
          A         BB-                  AA/Watch Neg
          B         CCC-                 BB+/Watch Neg
          C         CCC-                 BB/Watch Neg
          D         CCC-                 B-/Watch Neg

      Ratings Affirmed And Removed From Creditwatch Negative

                 Capital Trust RE CDO 2005-1 Ltd.
                 Collateralized debt obligations

                             Rating
                             ------
          Class     To                   From
          -----     --                   ----
          E         CCC-                 CCC-/Watch Neg
          F         CCC-                 CCC-/Watch Neg
          G         CCC-                 CCC-/Watch Neg
          H         CCC-                 CCC-/Watch Neg


CAPITAL TRUST: S&P Downgrades Ratings on Seven Classes of Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on seven
classes from the Capital Trust RE CDO 2004-1 Ltd., a commercial
real estate collateralized debt obligation transaction.  At the
same time, S&P affirmed its ratings on two classes from the same
transaction, and removed all nine ratings from CreditWatch with
negative implications.

The downgrades follow S&P's analysis of the transaction using its
recently updated U.S. CRE CDO criteria, which was the primary
driver of S&P's 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:

* Sixteen subordinate interest loans ($262.6 million, 87.0% of the
  collateral pool); and

* Four commercial mortgage-backed securities (CMBS) tranches
  ($28.3 million, 9.4%).

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, CT Investment
Management Co. LLC, and the trustee, Bank of America Merrill
Lynch, as well as market and valuation data from third-party
providers.

The reported defaulted assets include six loan assets
($68.9 million, 22.9%) and four CMBS tranches ($28.3 million,
9.4%).  Standard & Poor's estimated asset-specific recovery rates
for the loan assets reported as defaulted, which ranged from 0% to
74.3%.  S&P based the recovery rates on information from the
collateral manager, special servicer, and third-party data
providers.

The defaulted assets are:

* Menlo Oaks subordinated loan ($24.5 million, 8.1%);

* Tishman subordinated loan ($15.0 million, 4.9%);

* Resorts International subordinated loan ($10.5 million, 3.5%);

* IMT Portfolio subordinated loan ($8.0 million, 2.7%);

* Arapaho Business Park subordinated loan ($6.6 million, 2.2%);

* The Pointe Apartments subordinated loan ($4.4 million, 1.4%);

* GS Mortgage Securities Corp. II 2006-FL8A, class J
  ($14.4 million, 4.8%);

* Morgan Stanley Capital I 2005-XLF, class M ($10.0 million,
  3.3%);

* Morgan Stanley Capital I 2007-XLFA, class K ($2.8 million,
  0.93%); and

* GE Capital Commercial Mortgage Corp. 2000-1, class G
  ($1.0 million, 0.33%).

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

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

       Ratings Lowered And Removed From Creditwatch Negative

                 Capital Trust RE CDO 2004-1 Ltd.
                 Collateralized debt obligations

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

      Ratings Affirmed And Removed From Creditwatch Negative

                 Capital Trust RE CDO 2004-1 Ltd.
                 Collateralized debt obligations

                            Rating
                            ------
              Class     To           From
              -----     --           ----
              A-1       BBB          BBB/Watch Neg
              H         CCC-         CCC-/Watch Neg


CHASE COMMERCIAL: Fitch Takes Rating Actions on Various Classes
---------------------------------------------------------------
Fitch Ratings downgrades, assigns Rating Outlooks and Loss
Severity ratings to Chase Commercial Mortgage Securities Corp.'s
commercial mortgage pass-through certificates, series 1999-2:

  -- $8.8 million class J to 'BB/LS4' from 'BBB-'; Outlook
     Negative;

  -- $6.8 million class K to 'B/LS4' from 'BB'; Outlook Negative;

  -- $5.9 million class L to 'B-/LS4' from 'B'; Outlook Negative.

In addition, Fitch has affirmed, assigned Rating Outlooks and LS
ratings:

  -- Interest-only class X at 'AAA'; Outlook Stable;
  -- $12.1 million class C at 'AAA/LS3'; Outlook Stable;
  -- $11.7 million class D at 'AAA/LS3'; Outlook Stable;
  -- $27.4 million class E at 'AAA/LS3'; Outlook Stable;
  -- $11.7 million class F at 'AAA/LS3'; Outlook Stable;
  -- $27.4 million class G at 'A+/LS3'; Outlook Stable;
  -- $7.8 million class H at 'A-/LS4'; Outlook Stable;
  -- $6.8 million class I at 'BBB+/LS4'; Outlook Negative.

The $12.5 million class M is not rated by Fitch.  Classes A-1, A-2
and B have been paid in full.

The downgrades are due to expected losses following Fitch's
prospective review of potential stresses to the transaction and
adverse selection with a more concentrated pool.  In addition,
interest shortfalls are affecting classes J, K and L which may not
be recoverable in the near term.  As of the February 2010
distribution date, the pool's certificate balance has paid down
82.2% to $139.1 million from $782.7 million at issuance.

There are 16 of the original 92 loans remaining in the
transaction, two of which have defeased (7.2% of the current
transaction balance).  Nine loans are specially serviced of which
seven did not refinance at maturity, one is a real estate owned
asset, and one property is in foreclosure.  Fitch expects losses
from loans currently in special servicing to be absorbed by the
unrated class M.

The largest specially serviced asset (7.7%) is an industrial
warehouse facility located in Kirkland, WA.  The loan transferred
to special servicing in July 2009 for imminent maturity default
and is now in foreclosure.  As of March 2009, the property was 67%
occupied.

The second largest specially serviced asset (3.2%) is a REO retail
property located in Flower Mound, TX.  The loan transferred to
special servicing in June 2009 for imminent default.

The two largest remaining loans are the Auburn Mall (29.9%) and
Apple Blossom Mall (25.6%), both owned by Simon Property Group.
The two loans have had their scheduled maturity extended to
September 2010.

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

Similar to Fitch's prospective analysis of recent vintage CMBS,
each loan also underwent a refinance test by applying an 8%
interest rate and 30-year amortization schedule based on the
stressed cash flow.  Loans that could refinance to a debt service
coverage ratio of 1.25 times or higher were considered to payoff
at maturity.  Of the non-defeased or non-specially serviced loans,
none incurred a loss when compared to Fitch's stressed value.


CONCORD REAL: S&P Downgrades Ratings on Seven Classes of Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on seven
classes from Concord Real Estate CDO 2006-1 Ltd., which is a
commercial real estate collateralized debt obligation transaction.
At the same time, S&P removed the ratings from CreditWatch
negative.

The downgrades follow S&P's analysis of the transaction using its
recently updated U.S. CRE CDO criteria, which was the primary
driver of its rating actions.  S&P's analysis included a review of
the current credit characteristics of all of the collateral assets
and the transaction's liability structure.  According to the
Feb. 19, 2010, trustee report, the transaction's current asset
pool includes these:

* Four whole loans and senior interest loans ($52.8 million, 11.2%
  of the collateral pool);

* Sixteen subordinate interest loans ($275.6 million, 58.2%);


* Twenty-one commercial mortgage-backed securities (CMBS)
  tranches, including rake bonds ($134.5 million, 28.4%); and

* One CRE CDO tranche ($8.7 million, 1.9%).

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, WRP Management
LLC, and trustee, Bank of America Merrill Lynch, as well as market
and valuation data from third-party providers.

According to the trustee report, the transaction includes five
defaulted assets: three loan assets ($30.1 million, 6.3%); one
CMBS security ($7.1 million, 1.5%); and one collateralized debt
obligation security ($8.7 million, 1.8%).  Based on information
provided by the collateral manager, special servicer, and market
data, Standard & Poor's estimated that there would be no recovery
upon the ultimate resolution of the defaulted loan assets.

The defaulted assets are:

* The Peter Cooper Village Stuyvesant Town subordinated loan
  ($23.4 million, 4.9%);

* The One Park Avenue subordinated loan ($5.2 million, 1.1%);

* The Cerrito Towers subordinated loan ($1.5 million, 0.3%);

* COMM 2005-FL11, class L ($7.1 million, 1.5%); and

* G-Force CDO 2006-1 CDO Ltd, class J ($8.7 million, 1.9%).

S&P understand that a lawsuit has been filed in connection with
this transaction following the trustee's refusal to cancel certain
notes at the direction of the issuer.  S&P will continue to
evaluate information that becomes available relating to this
matter.  If any potential note cancellations occur or if the trust
incurs litigation expenses that may affect the transaction, S&P
will determine if rating actions are appropriate.

According to the trustee report, the deal is passing all interest
coverage tests but failing three par value tests.

Standard & Poor's analyzed the transaction and its underlying
collateral assets in accordance with its current criteria.  S&P's
analysis is consistent with the lowered ratings.

       Ratings Lowered And Removed From Creditwatch Negative

                Concord Real Estate CDO 2006-1 Ltd.
                       Floating-rate notes

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


CORONADO CDO: Fitch Downgrades Ratings on Four Classes of Notes
---------------------------------------------------------------
Fitch Ratings has affirmed two and downgraded four classes of
notes issued by Coronado CDO, Ltd./Inc

As of the January 2010 trustee report, the current balance of the
portfolio is $299.2 million, of which $98.3 million consists of
defaulted securities, as defined in the transaction's governing
documents.  Approximately 42.7% of the portfolio has been
downgraded since Fitch's last rating action in April 2009,
resulting in 54.7% of the portfolio with a Fitch derived rating
below investment grade and 39.4% with a rating in the 'CCC' rating
category or below, as compared to 38.7% and 16.5%, 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 various default timing
and interest rate stress scenarios, as described in the report
'Global Criteria for Cash Flow Analysis in CDOs - Amended'.

Based on this analysis, the class A-1 and A-2 (together class A)
notes' breakeven rates are generally consistent with the rating
assigned below.  As of the December 2009 distribution date,
approximately 44% of the class A notes' original principal balance
has paid down.  Collectively, the class A notes represent 64.5% of
the current capital structure and have a credit enhancement of
31.4%.  The Rating Outlook for the class A notes has been removed
as Fitch does not assign Outlooks to tranches rated 'CCC' and
below.

Breakevens for the class B-1 and B-2 (together class B) and the
class C-1 and C-2 (together class C) notes are below SF PCM's
'CCC' default level, the lowest level of defaults projected by SF
PCM.  For these classes, Fitch compared the respective credit
enhancement levels to the amount of underlying assets considered
distressed (rated 'CCC' and lower).  These assets have a high
probability of default and low expected recoveries upon default.
The class B and class C notes have the credit enhancement levels
of 6.8% and 0.3%, respectively.  As a timely class, the class B
notes are still receiving interest distributions, while the class
C notes have been deferring interest since February 2009.  Fitch
believes that default is inevitable for both classes at or prior
to maturity.

Coronado is a cash flow structured finance collateralized debt
obligation that closed on Sept. 4, 2003 and is managed by Western
Asset Management Company.  Coronado exited its reinvestment period
in March 2007.  The portfolio is comprised primarily of
residential mortgage-backed securities 61.5%, asset-backed
securities 18.7%, commercial mortgage-backed securities 16%,
corporate CDOs 3.4%, and SF CDOs 0.3%.

Fitch has taken rating actions on the classes listed below:

  -- $211,301,432 class A-1 notes downgraded to 'CC' from 'BB';
  -- $2,802,406 class A-2 notes downgraded to 'CC' from 'BB';
  -- $62,000,000 class B-1 notes downgraded to 'C' from 'CC';
  -- $15,000,000 class B-2 notes downgraded to 'C' from 'CC';
  -- $6,750,000 class C-1 notes affirmed at 'C';
  -- $13,500,000 class C-2 notes affirmed at 'C'.


CREDIT SUISSE: Fitch Takes Rating Actions on 2002-CP3 Certs.
------------------------------------------------------------
Fitch Ratings affirms, assigns Rating Outlooks and Loss Severity
ratings to Credit Suisse First Boston's commercial mortgage pass-
through certificate, series 2002-CP3:

  -- $26.7 million class A-2 at 'AAA/LS1'; Outlook Stable;
  -- $521.9 million class A-3 at 'AAA/LS1'; Outlook Stable;
  -- Interest-only class A-X at 'AAA'; Outlook Stable;
  -- $34.7 million class B at 'AAA/LS3'; Outlook Stable;
  -- $40.3 million class C at 'AAA/LS3'; Outlook Stable;
  -- $9 million class D at 'AAA/LS4'; Outlook Stable;
  -- $10.1 million class E at 'AAA/LS4'; Outlook Stable;
  -- $14.6 million class F at 'AA+/LS4'; Outlook Stable;
  -- $15.7 million class G at 'A/LS5'; Outlook Stable;
  -- $11.2 million class H at 'A-/LS5'; Outlook Stable;
  -- $17.9 million class J at 'BBB/LS5'; Outlook Stable;
  -- $6.7 million class K at 'BBB-/LS5'; Outlook Stable;
  -- $4.5 million class L at 'BB/LS5'; Outlook Stable;
  -- $11.2 million class M at 'B+/LS5'; Outlook Negative;
  -- $4.5 million class N at 'B-/LS5'; Outlook Negative.

Fitch does not rate class O.  Classes A-1 and A-SP have paid in
full.

Affirmations are due to the pool's stable performance and minimal
future expected losses following Fitch's prospective review of
potential stresses to the transaction.  As of the January 2010
distribution date, the pool's certificate balance has paid down
17.1% to $742.3 million from $895.7 million at issuance.

Of the remaining 101 loans, 23 have defeased (30.9% of the current
transaction balance).  There is one specially serviced loan which
is 90+ days delinquent.  Fitch expects losses from the specially
serviced loan to be absorbed by the unrated class O.

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

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


CREDIT SUISSE: S&P Corrects Ratings on Class M-8 Notes to 'CC'
--------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on class
M-8 from Credit Suisse International's reference notes On Argent
Securities Inc.'s series 2004-W10 by lowering it to 'CC' from
'BBB-'.

The rating on the reference notes is dependent on the lower of
S&P's ratings on (i) the issuer, Credit Suisse International
('A+'), and (ii) the reference obligation, Argent Securities
Inc.'s asset-backed pass-through certificates series 2004-W10
class M-8 due in 2034 ('CC').

On Feb. 8, 2010, S&P lowered its rating on the reference
obligation to 'CC' from 'BBB-', but due to an error, the rating
action on the notes did not occur contemporaneously with the
rating action on the reference obligation.


CRIIMI MAE: S&P Downgrades Ratings on 1998-C1 Notes to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on classes
H-1 and H-2 from Criimi Mae Commercial Mortgage Trust's series
1998-C1 to 'D' from 'CCC-'.  At the same time, S&P affirmed its
ratings on seven other classes from this transaction.

The downgrades of classes H-1 and H-2 reflect interest shortfalls
that S&P expects to continue for the foreseeable future.  The
affirmations reflect its analysis of the transaction and its
underlying collateral.

As of the March 3, 2010, trustee report, classes H-1 and H-2 have
each incurred interest shortfalls in the amount of $132,114 in the
current period.  The aggregate interest shortfalls total $375,816
for each class.  The interest shortfalls are due in part to
interest shortfalls on the underlying commercial mortgage-backed
securities collateral, which S&P expects to continue.  The trust
has incurred $353.5 million in losses to date, which has caused
partial principal loss to the subordinate class J bond and total
loss to the issuer equity class.

According to the most recent trustee report, Criimi 1998-C1 was
collateralized by 43 classes of CMBS ($850.4 million, 96%) from 17
distinct transactions issued from 1995 through 1998 and one class
($35.4 million, 4%) from Criimi Mae Commercial Mortgage Trust's
series 1996-C1, which is a resecuritized real estate mortgage
investment conduit transaction.

Standard & Poor's analyzed Criimi Mae 1998-C1 and its underlying
collateral according to its current criteria.  S&P's analysis is
consistent with the lowered and affirmed ratings.

                         Ratings Lowered

               CRIIMI MAE Commercial Mortgage Trust
             Commercial mortgage bonds series 1998-C1

                                     Rating
                                     ------
               Class          To               From
               -----          --               ----
               H-1            D                CCC-
               H-2            D                CCC-

                         Ratings Affirmed

               CRIIMI MAE Commercial Mortgage Trust
             Commercial mortgage bonds series 1998-C1

                      Class          Rating
                      -----          ------
                      B              AAA
                      C              AAA
                      D-1            BBB
                      D-2            BBB
                      E              BB+
                      F              BB
                      G              CCC


DAVIS SQUARE: Moody's Downgrades Ratings on Three Classes
---------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of three classes of notes issued by Davis Square Funding
V, Ltd.  The notes affected by the rating action are:

  -- US$18,000,000 Class S Floating Rate Note Due 2016 (current
     balance of $10,650,000), Downgraded to A1; previously on
     August 7, 2009 Downgraded to Aa1;

  -- Up to US$1,740,000,000 Class A-1-a Floating Rate Notes Due
     2040 (current balance of $1,556,029,789), Downgraded to Ca;
     previously on February 24, 2009 Downgraded to Caa2;

  -- Up to US$1,740,000,000 Class A-1-b Floating Rate Notes Due
     2040 (current balance of $0), Downgraded to Ca; previously on
     February 24, 2009 Downgraded to Caa2.

Davis Square Funding V, Ltd., issued on September 30, 2005, is a
collateralized debt obligation issuance backed by a portfolio of
ABS Securities.

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 13 for subprime,
January 14 for Alt-A, and January 27 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.

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

Moody's continues to monitor this transaction using primarily the
methodology and its supplements for ABS CDOs as described in
Moody's Special Report below:

  -- Moody's Approach to Rating SF CDOs (August 2009).

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


DESERT HOT: S&P Downgrades Rating on Tax Bonds to 'BB'
------------------------------------------------------
Standard & Poor's Ratings Services has lowered its rating on
Desert Hot Springs Redevelopment Agency, California's merged
project area series 2006 and 2008 tax allocation bonds six notches
to 'BB' from 'A'.  The outlook is stable.

"The downgrade reflects S&P's view of significant assessed value
declines in the MPA in fiscal 2010," said Standard & Poor's credit
analyst Sussan Corson.  "This led to deteriorated maximum annual
debt service coverage of 0.8x based on fiscal 2010 tax increment
revenues alone," Ms. Corson added.

Other rating factors include what S&P view as the MPA's increasing
volatility ratio, the potential for further property values
declines, and low income indicators and a limited city economy.

Although agency representatives had forecast assessed value
declines of 5.2% and 6.8% in 2010 and 2011, respectively, the
MPA's actual total AV in fiscal 2010 fell more than 30%, to
$816 million from $1.19 billion in fiscal 2009, due primarily to
the county assessor's Proposition 8 adjustments.  In addition, the
agency's tax consultant estimates there is the potential for
another 5% drop in fiscal 2011 due to a lag at the assessor's
office in posting total declines.  However, officials noted that a
recent increase in property sales could partially offset further
declines and lend to a slow AV recovery.  Although median home
prices citywide rose in the past decade, city officials estimate
they have since fallen back to 2001 levels.  The MPA has been
particularly sensitive to the drop due to its residential
composition and relatively new housing stock.

The MPA covers approximately 3,149 acres, or about 20% of Desert
Hot Springs, in California's Coachella Valley.  The city is a
historically lower-income community, neighboring Palm Springs and
other more affluent resort communities, and it has some spa
activity.  Based on the most recent data, effective buying income
remained low in 2008, in S&P's view at 66% and 56% of the nation
on a household and per capita basis, respectively.

The stable outlook reflects S&P's expectation that any further
potential AV declines should remain much less significant than in
fiscal 2010.  The presence of a cash-funded debt service reserve
at the reserve requirement also provides some liquidity for the
agency to manage potential pledged tax increment revenue
shortfalls beyond 2014.


DLJ COMMERCIAL: Fitch Reviews Ratings on Three 1999-CG3 Notes
-------------------------------------------------------------
Fitch Ratings has placed these three classes of DLJ Commercial
Mortgage Corp., series 1999-CG3, on Rating Watch Negative:

  -- $13.5 million class B-4 'BBB+';
  -- $9 million class B-5 'BBB-';
  -- $11.2 million class B-6 'BB'.

Classes B-5 and B-6 have been placed on Rating Watch Negative due
to ongoing interest shortfalls.  Class B-4 is not currently
experiencing a shortfall but is placed on Rating Watch Negative
due to the expectation that shortfalls could occur due to loan
concentrations and the number of specially serviced loans in the
deal.  Interest shortfalls on the transaction are a result of
appraisal reductions, fees associated with specially serviced
loans, principal and interest advances, and an interest
adjustment.  There are currently 16 loans (73.1%) in special
servicing.

Fitch will resolve the Rating Watch status after a review of the
remaining loans in the transaction and updated performance
information from the master servicer.  Following its review, the
classes place on Rating Watch may be downgraded several categories
and may no longer remain investment grade.


E*TRADE RV: S&P Downgrades Ratings on All Classes of Notes
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on all
classes of notes from E*Trade RV And Marine Trust 2004-1.

The lowered ratings reflect S&P's view of the higher-than-expected
cumulative net losses S&P has observed in the underlying
collateral pool, as well as its view of the decline in the credit
enhancement levels supporting the notes.

The E*Trade RV and Marine Trust 2004-1 collateral pool consists of
fixed-rate loan and installment sales contracts on recreational
vehicles and marine assets (comprising sport boats, power boats,
and yachts).  The average contract balance at the time of issuance
was approximately $45,700.

As of the Jan. 31, 2010, collection period, the pool factor, or
percentage of the initial pool balance that remains outstanding,
was 36.9%.  The cumulative net losses to date are 5.47%, which is
higher than S&P's expected base?case loss assumptions of 3.25% at
issuance.  In addition, the transaction's loss rate has
accelerated over the past 18 to 24 months, while the pool
amortization has slowed.  Over the same time period, S&P observed
a decline in recovery values on defaulted loans; however, recovery
values have seen some slight increases over the past six months.
Ninety-plus-day delinquencies remain below 1.00%.  Based on the
most recent performance to date, S&P has increased its expected
cumulative net losses to 10.0%-10.5% for the pool.  S&P's loss
severity expectation is 65%-70%.

The transaction is currently paying principal sequentially to the
senior-most class of notes.  However, according to the transaction
documents, if an event of default were to occur due to the
issuer's default on any covenant or agreement in the indenture, or
a breach of representation or warrant, it could cause the
acceleration of the notes at the discretion of the indenture
trustee or a majority vote of the controlling class of notes
(defined as the class A notes, voting together as a single class,
as long as the class A notes are outstanding).  In S&P's opinion,
if an event of default were to occur, the holders of the
longer?dated class A notes (currently the class A-4 and class A-5)
could have an incentive to vote for an acceleration of all of the
notes.  This would change the principal payment priority to pro
rata within the class A notes, as outlined in the transaction
documents.  As such, S&P analyzed the structure under a pro rata
principal payment scenario for the senior classes and gave no
additional credit to the senior class A notes (class A-3 and class
A-4) provided by a sequential payment priority.

A combination of overcollateralization, subordination, cash
reserves, and excess spread originally provided credit support to
this transaction.  As of the Jan. 31, 2010, collection period,
overcollateralization had been reduced to zero, and the reserve
account had been drawn below the $4.6 million required amount
specified in the transaction documents.  The transaction continues
to generate excess spread.  However, if the rate of losses does
not decline, S&P believes the excess spread will be insufficient
to cover remaining losses, and the reserve account will be fully
drawn.  Under such a scenario, S&P believes the class E notes are
unlikely to receive their entire principal amount by their legal
final maturity.

                         Ratings Lowered

                E*Trade RV And Marine Trust 2004-1

                                 Rating
                                 ------
             Series   Class   To       From
             ------   -----   --       ----
             2004-1   A-3     BBB+     AAA/Watch Neg
             2004-1   A-4     BBB+     AAA/Watch Neg
             2004-1   A-5     BBB+     AAA/Watch Neg
             2004-1   B       BB+      AA/Watch Neg
             2004-1   C       B+       A/Watch Neg
             2004-1   D       B-       BBB/Watch Neg
             2004-1   E       CCC-     BB/Watch Neg


GMACC 2005-C1: Fitch Withdraws 'D/RR6' Rating on Class O Notes
--------------------------------------------------------------
Fitch Ratings has withdrawn its rating on Class O of the GMACC
2005-C1 transaction.  The class has been reduced to $0 due to
realized losses.

  -- $0 class O to 'WD' from 'D/RR6'.


GMAC COMMERCIAL: S&P Downgrades Ratings on Eight 2004-C3 Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on eight
classes of commercial mortgage-backed securities from GMAC
Commercial Mortgage Securities Inc.'s 2004-C3 and removed them
from CreditWatch with negative implications.  In addition, S&P
affirmed its ratings on seven classes from the same transaction.

The downgrades follow S&P's analysis of the transaction using its
U.S. conduit and fusion CMBS criteria.  The downgrades also
reflect credit support erosion that S&P anticipate will occur upon
the eventual resolution of nine ($123.8 million, 12.4%) of the 13
specially serviced assets.  S&P's rating actions also considered
trust liquidity.  The trust experienced shortfalls of $180,352 in
February, which affected six rated classes.  S&P previously
lowered five of the six ratings to 'D'.  S&P lowered the rating on
the remaining class (class H) to 'CCC-' from 'B+'.  If the
shortfalls continue, S&P may downgrade this class to 'D'.  Three
appraisal subordinated entitlement reduction amounts and a
servicer nonrecoverable advance declaration primarily drive the
shortfalls.  An increase in the aggregate amount of monthly
shortfalls could prompt rating actions on additional classes as
well.

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
1.83x and a loan-to-value ratio of 78.6%.  S&P further stressed
the loans' cash flows under its 'AAA' scenario to yield a weighted
average DSC of 1.25x and an LTV ratio of 100.6%.  The implied
defaults and loss severity under the 'AAA' scenario were 51.0% and
22.0%, respectively.  All of the DSC and LTV calculations S&P
noted above exclude five defeased loans ($64.9 million, 6.5%), and
nine ($123.8 million, 12.4%) of the 13 specially serviced assets.
S&P separately estimated losses for these nine specially serviced
assets 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.  S&P affirmed its ratings
on the class X-1 and X-2 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, 13 assets
($196.0 million, 19.6%) in the pool were with the special
servicer, CWCapital Asset Management.  The payment status of the
specially serviced assets is: one asset is in foreclosure
($3.7 million, 0.4%), one is real estate owned ($12.9 million,
1.3%), three are 90-plus-days delinquent ($55.5 million, 5.5%),
four are 60 days delinquent ($76.7 million, 7.7%), two are 30 days
delinquent ($31.5 million, 3.1%), and two ($15.8 million, 1.6%)
are in their grace period.  Four of the specially serviced loans
have appraisal reduction amounts in effect totaling $31.5 million.
The related monthly ASER amount on the February 2010 remittance
report for three of the ARAs was $88,644.   The fourth ARA has a
servicer nonrecoverable advance declaration.

The Sawyer Portfolio loan, which has a total exposure of
$54.4 million (5.4%), is the third-largest loan in the pool and
the largest loan with the special servicer.  The loan is 60 days
delinquent and is secured by a six-property, 1,082-unit
multifamily portfolio built between 1943 and 1964.  All six of the
subject properties are in suburban Maryland's Prince George's
County, which is part of the Washington, D.C. metropolitan
statistical area.  The loan was transferred to the special
servicer on Jan. 25, 2010, due to maturity default.  The loan
matured on Dec. 1, 2009, and S&P understands that CWCapital is
waiting an executed prenegotiation agreement from the borrower.
As of the nine months ended Sept. 30, 2009, reported occupancy and
DSC were 93.3% and 1.26x, respectively.

The second-largest loan with the special servicer is the
International Tower loan, the sixth-largest loan in the pool, with
a total exposure of $34.8 million (3.4%).  The loan is 90-plus-
days delinquent and is secured by a 302,992-sq.-ft., 11-story
office building in Chicago, approximately 15 miles northwest of
the central business district.  The property was built in 1969 and
fully renovated in 1999.  The loan was transferred to the special
servicer on April 20, 2009.  A major tenant vacated its space at
lease expiration in May 2007.  As of Sept. 30, 2009, reported
occupancy and DSC were 55% and 0.86x, respectively.  CWCapital has
informed us that it has engaged counsel and will likely move to
initiate foreclosure.  A $14.1 million appraisal reduction amount
is in effect.  S&P expects a significant loss upon the resolution
of this asset.

The third-largest loan with the special servicer is the Fairfield
Lakes Apartments loan, which has a total exposure of $16.3 million
(1.6%).  The loan is 30 days delinquent and is secured by a 268-
unit apartment building in Pensacola, Fla., and built in 2003.
The loan was transferred to the special servicer on Oct. 9, 2009,
due to imminent maturity default.  The loan matured on Nov. 1,
2009, and CWCapital has indicated that it is commencing with a
foreclosure on the property.  As of Jan. 6, 2010, the property was
55% occupied.  S&P expects a minimal loss upon the resolution of
this asset.

The sixth-largest asset with the special servicer, the Rolling
Hills Apartments loan, has a total exposure of $16.1 million
(1.6%), which includes advancing and interest thereon of
$3.2 million.  The property is an REO 276-unit apartment building
in Nashville, Tenn., that was built in 1969.  The servicer
determined future advances nonrecoverable on May 7, 2009.   The
property is listed for sale and was 76% occupied as of Jan. 24,
2010.  Standard & Poor's estimates a severe loss upon the
resolution of this asset.

The nine remaining specially serviced assets listed in the
February remittance report ($80.6 million total exposure, 8.0%)
have balances that individually represent less than 1.6% of the
total pool balance.  S&P estimated losses for six of these assets,
resulting in a weighted average loss severity of 22.0%.  The
special servicer has indicated that it is considering
modifications for two of the remaining three loans, and one was
transferred due to a technical default, which has since been
cured.  CWCapital expects to transfer this loan back to the master
servicer.

                       Transaction Summary

As of the February 2010 remittance report, the collateral pool
balance was $1.00 billion, which is 80.1% of the balance at
issuance.  The pool includes 78 loans, down from 89 loans at
issuance.  The master servicer for the transaction, Berkadia
Commercial Mortgage LLC (Berkadia), provided financial information
for 91.7% of the pool; 88.9% of the financial information was
full-year 2008, interim-2009, or full-year 2009 data.  S&P
calculated a weighted average DSC of 1.80x for the pool based on
the reported figures.  S&P's adjusted DSC and LTV, which exclude
five defeased loans ($64.9 million, 6.5%), and nine
($123.8 million, 12.4%) of the 13 specially serviced assets, were
1.83x and 78.6%, respectively.  If S&P included the specially
serviced assets in its calculation, its adjusted DSC would be
1.74x.  The transaction has experienced four principal losses
totaling $18.1 million to date.  Fourteen loans ($244.5 million,
24.4%) are on the master servicer's watchlist, including two of
the top 10 loans.  Ten loans ($92.6 million, 9.2%) have a reported
DSC below 1.10x, and nine of these loans ($91.5 million, 9.1%)
have a reported DSC of less than 1.0x.

                     Summary of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$469.9 million (46.9%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 2.05x for the top 10 loans.
Two of the top 10 loans ($166.8 million, 16.6%) 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 1.96x and
79.6%, respectively.

The Houston Center loan is the largest loan in the pool and the
largest loan on the master servicer's watchlist.  The loan has a
trust balance of $150.0 million (15.0%) and a whole-loan balance
of $269.7 million.  The loan is secured by a 2,956,225-sq.-ft.
office property in Houston, Texas.  The property was completed
between 1974 and 1983 and renovated in 2004.  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.

The Lake Point Shopping Center loan is the ninth-largest loan in
the pool and the second-largest loan on the master servicer's
watchlist.  The loan has a trust balance of $16.8 million (1.7%)
and is secured by a 174,437-sq.-ft. anchored retail center, built
in 1995 in Orem, Utah.  The reported DSC and occupancy for year-
end 2008 were 1.47x and 100%, respectively.  The reported DSC and
occupancy for the six months ended June 30, 2009, were 1.19x and
76.9%, respectively.  This asset appears on the servicer's
watchlist because the Circuit City tenant (23.1% of net rentable
area) vacated the property, which caused a drop in occupancy.
However, the borrower is leasing the Circuit City space, along
with a portion of the space from current tenant, Basset Furniture,
to Hobby Lobby.  The borrower indicates that the Hobby Lobby lease
will be completed in March 2010.

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 S&P's lowered and affirmed ratings.

      Ratings Lowered And Removed From Creditwatch Negative

             GMAC Commercial Mortgage Securities Inc.
   Commercial mortgage pass-through certificates series 2004-C3

                    Rating
                    ------
        Class     To      From      Credit enhancement (%)
        -----     --      ----      ----------------------
        A-J       AA+     AAA/Watch Neg              14.89
        B         AA-     AA/Watch Neg               11.77
        C         A+      AA-/Watch Neg              10.36
        D         BBB+    A-/Watch Neg                8.34
        E         BB+     BBB+/Watch Neg              7.09
        F         B+      BBB/Watch Neg               5.53
        G         CCC-    BBB-/Watch Neg              4.44
        H         CCC-    B+/Watch Neg                2.41

                         Ratings Affirmed

             GMAC Commercial Mortgage Securities Inc.
  Commercial mortgage pass-through certificates series 2004-C3

           Class     Rating      Credit enhancement (%)
           -----     ------      ----------------------
           A-3       AAA                          23.16
           A-4       AAA                          23.16
           A-1A      AAA                          23.16
           A-AB      AAA                          23.16
           A-5       AAA                          23.16
           X-1       AAA                            N/A
           X-2       AAA                            N/A

                       N/A - Not applicable.


GUGGENHEIM STRUCTURED: Fitch Downgrades Ratings on Eight Classes
----------------------------------------------------------------
Fitch Ratings has downgraded eight classes of Guggenheim
Structured Real Estate Funding 2006-3 Ltd./LLC reflecting Fitch's
base case loss expectation of 34.2%.  Fitch's performance
expectation incorporates prospective views regarding commercial
real estate market value and cash flow declines.

Guggenheim 2006-3 is primarily collateralized by commercial real
estate debt of which approximately 50% is subordinate debt and
18.4% is non-senior commercial mortgage backed securities or CRE
CDO tranches.  Fitch expects significant losses upon default for
the subordinate positions since they are generally highly
leveraged debt classes.  Further, two loans (6.1%) are currently
defaulted and two loans (22.4%) are considered Fitch Loans of
Concern.  Fitch expects significant to full losses on the
defaulted assets.

Guggenheim 2006-3 is a CRE collateralized debt obligation managed
by Guggenheim Structured Real Estate Advisors with approximately
$330 million of collateral.  The transaction has a five-year
reinvestment period, which ends in August 2011.

As of the January 2010 trustee report and per Fitch
categorizations, the CDO was substantially invested: CRE
subordinate debt (49.6%), A-notes/whole loans (23.7%), CMBS
(13.7%), and CRE CDOs (12.5%).  Following the January 2010 trustee
reporting period, the CDO sold two bank loan positions at a
discount and now holds 0.4% in uninvested principal proceeds.  In
general, Fitch treats non-senior, single-borrower CMBS as CRE B-
notes.

All overcollateralization and interest coverage tests, except for
the class E OC test, are passing, as of the January 2010 trustee
report.  However, as a result of the class E OC test failure,
interest and principal proceeds (after class E) are being
redirected to redeem class A-1.

Under Fitch's updated methodology, approximately 55.9% of the
portfolio is modeled to default in the base case stress scenario,
defined as the 'B' stress.  In this scenario, the modeled average
cash flow decline is 10.2% from the most recent available cash
flows (generally from third quarter 2009).  Fitch estimates that
recoveries will average 38.8%.

The largest component of Fitch's base case loss expectation is a
mezzanine position (9.1%) on a 1.2 million square foot office
tower located in midtown Manhattan.  While performance at the
property has been relatively stable, cash flow is currently unable
to support debt service.  Further, the debt service requirement is
expected to increase beginning in late 2010 as the interest only
period expires.  Fitch modeled a full loss on this overleveraged
position.

The next largest component to Fitch's base case loss expectation
is a highly leveraged whole loan (12.1%) on a full service hotel
located one block east of Chicago's Magnificent Mile.  The hotel's
most recently reported trailing twelve month net cash flow is 72%
lower than the prior year.  Although the hotel is still covering
its debt service payments, given historically low Libor, and
benefits from a new reservation system, Fitch modeled a term
default in its base case scenario.

The third largest component of Fitch's base case loss expectation
is a B-note (14.3%) secured by a portfolio of 105 limited-service
hotels across 26 states.  Net cash flow for the portfolio has
declined significantly since last year.  Based on current
performance, a financial covenant was triggered and all excess
cash flow after debt service is being swept into a lender
controlled reserve account as excess collateral for the loan.
Fitch is modeling a maturity default 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 class A-1 are
generally consistent with the 'A' rating category.  The credit
characteristics for class A-2 are generally consistent with the
'BBB' rating category.  The credit characteristics for class B are
generally consistent with the 'BB' rating category.  The credit
characteristics for class C are generally consistent with the 'B'
rating category.

The ratings for classes D through G are generally based on a
deterministic analysis, which considers Fitch's base case loss
expectation for the pool, defaulted assets and Fitch Loans of
Concern relative to each class's credit enhancement.  Based on
this analysis, the rating for classes D and E is consistent with
the 'CCC' rating, meaning default is a real possibility given the
credit enhancement to each class falls below Fitch's base case
loss expectation of 34.2%, but above the expected loss on the
defaulted assets and Fitch Loans of Concern.  With respect to
classes F and G, although their credit enhancement still offers
cushion to the expected loss from current defaulted assets, their
credit enhancement is below the total expected losses from
defaulted assets and loans of concern.  Therefore, the rating of
classes F and G is consistent with the 'CC' rating, meaning that
default is probable.

Class S is an interest-only class with a notional balance of
$20 million.  The interest amount is paid monthly out of CDO cash
flows and is pari passu in priority to class A-1.  As such, class
S credit characteristics are consistent with a 'A' rating, and the
class is assigned a Negative Outlook.

Classes S, A through C were each assigned a Negative Outlook
reflecting Fitch's expectation of further negative credit
migration of the underlying collateral.  Except for class S, these
classes were also assigned Loss Severity ratings ranging from
'LS4' 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' long-term credit rating.  Fitch does
not assign Outlooks or LS ratings to classes rated 'CCC' or lower.

Classes D through G 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
(55.9% and 38.8%, respectively), the 'B' stress US$ LIBOR up-
stress, and a 24-month recovery lag.  All modeled distributions
are discounted at 10% to arrive at a present value and compared to
the class's tranche size to determine a Recovery Rating.  The
assumptions for the 'B' stress US$ LIBOR up-stress scenario are
found in Fitch's report, 'Criteria for Interest Rate Stresses in
Structured Finance Transactions' (Feb. 17, 2010), available on
Fitch's web site at 'www.fitchratings.com'.

Classes D through G 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 Outlooks
to these classes as indicated:

  -- $20,000,000 class S to 'A' from 'AAA'; Outlook Negative;

  -- $115,433,000 class A-1 to 'A/LS4' from 'AAA'; Outlook
     Negative;

  -- $22,800,000 class A-2 to 'BBB/LS5' from 'AAA'; Outlook
     Negative;

  -- $42,052,000 class B to 'BB/LS5' from 'AA'; Outlook Negative;

  -- $42,053,000 class C to 'B/LS5' from 'A'; Outlook Negative;

  -- $24,029,000 class D to 'CCC/RR6' from 'BBB+';

  -- $28,139,056 class E to 'CCC/RR6' from 'BBB-';

  -- $18,457,651 class F to 'CC/RR6' from 'B';

  -- $20,744,926 class G to 'CC/RR6' from 'B-'.

Additionally, all classes are removed from Rating Watch Negative.


HERCULES REDEVELOPMENT: S&P Downgrades Rating on Tax Bonds to 'BB'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating and
underlying rating to 'BB' from 'A' on Hercules Redevelopment
Agency, Calif.'s series 2005 and 2007A tax allocation revenue
bonds.  Standard & Poor's also lowered its SPUR to 'BBB-' from 'A'
on the agency's series 2007 housing tax allocation bonds.  The
outlook is stable.

"The rating actions reflect S&P's view of the decline in the
agency's tax increment revenues due to a significant drop in
assessed value in the agency's project area," said Standard &
Poor's credit analyst Matthew Reining.  As a result, coverage of
nonhousing bonds fell to below 1x maximum annual debt service,
while coverage on the housing bonds remains slightly above 1x
MADS.

Fiscal 2010 assessed value declined by 14.8% from the prior year
(incremental AV by 15.8%), following a more modest 3.3% drop
between fiscals 2008 and 2009.  In the five years through fiscal
2008, however, AV rose by what S&P consider a rapid 37% average
annual rate.  The housing downturn has led to lower home values in
the project area.  Management attributes the declines in AV
primarily to Proposition 8 reductions, which are due to lower
market value.  Residential property, which made up 58% of the
total in fiscal 2005, grew to 77% in fiscal 2008 before falling to
fiscal 2010's 64%.

As a result of these AV declines, tax increment available to pay
debt service has fallen.  For the nonhousing bonds, debt service
coverage based on fiscal 2010 AV dropped to 0.97x MADS (with
annual debt service coverage of 0.98x).  Coverage by fiscal 2010
AV for the housing-secured bonds fell to 1.03x MADS (with annual
debt service coverage of 1.06x).

Agency management stated that it would use cash on hand in order
to meet debt service requirements that were not met with tax
increment revenue.  While not specifically pledged to the bonds,
this cash provides the agency with flexibility.  At the end of
fiscal 2009, the agency had $6 million in cash and investments.

The project area is located in the western portion of Hercules,
adjacent to the San Francisco Bay, and covers a former industrial
area, including a central portion historically centered on
explosives production.  The merged project area covers 826 acres.
Hercules (population 26,000) is in Contra Costa County, 23 miles
northeast of San Francisco, and sits on the northeastern shore of
the San Francisco Bay.


HIGH POINT: Moody's Withdraws 'Ba2' Rating with Stable Outlook
--------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba2 bond rating with a
stable outlook on High Point University's Series 2001 Bonds due to
the bonds being fully defeased.  At this time, the University no
longer maintains any outstanding debt with a Moody's rating based
on the University's credit quality.

The last rating action was on September 25, 2009, when the Ba2
rating was affirmed and the outlook was revised to stable from
watchlist.


INGRESS CBO: 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 Ingress CBO I, Ltd.  The
notes affected by the rating action are:

  -- US$54,000,000 Class B Second Priority Fixed Rate Term Notes
     due 2040 (current balance of $37,321,734), Downgraded to Ba3;
     previously on March 20, 2008 Confirmed at Ba1

  -- US$21,250,000 Class C Third Priority Fixed Rate Notes Due
     2040 (current balance of $31,338,829 including deferred
     interest), Downgraded to C; previously on November 20, 2006
     Downgraded to Ca

Ingress CBO I, Ltd., is a collateralized debt obligation issuance
backed primarily by a portfolio of structured finance securities.

According to Moody's, the rating downgrade actions are the result
of deterioration in the credit quality of the underlying
portfolio.  Moody's notes that the Class C overcollateralization
test and Class C interest coverage test are currently failing.  As
of the last trustee report, dated February 26, 2010, the Class C
overcollateralization ratio was reported at 85.56% versus a test
level of 100.00%, and the Class C interest coverage ratio was
reported at 10.63% versus a test level of 100.00%.  On the last
two most recent quarterly payment dates, interest proceeds were
not sufficient to pay Class C interest, and the Issuer diverted
monies from the principal proceeds account to help satisfy the
obligation to pay Class C interest.  Moody's also notes that the
underlying portfolio is concentrated in a few obligations and any
material change in the credit risk of any of these secutities
could pose a risk to the rated notes.

Moody's continues to monitor this transaction using primarily the
methodology and its supplements for ABS CDOs as described in
Moody's Special Report below:

  -- Moody's Approach to Rating SF CDOs (August 2009)

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


ISCHUS CDO: Fitch Downgrades Ratings on Four Classes of Notes
-------------------------------------------------------------
Fitch Ratings has downgraded four and affirmed two classes of
notes issued by Ischus CDO II, Ltd./LLC due to deterioration in
the credit quality of the portfolio since last review.

As of the February 2010 trustee report, the current balance of the
portfolio is $226.3 million including $160.4 million in defaulted
securities as defined in the transaction's governing documents.
Defaulted securities now comprise 70.9% of the portfolio, compared
to 1.4% at last review in August 2008.  Approximately 97.8% of the
portfolio has been downgraded since Fitch's last rating action,
resulting in 89.9% of the portfolio with a Fitch derived rating
below investment grade and 85.4% with a rating in the 'CCC' rating
category or below, as compared to 66.8% and 41.2%, 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
Ischus II.  The transaction entered an event of default (EOD) on
Jan. 26, 2009, as a result of a failure to maintain the class A
Overcollateralization ratio above 100%.  A majority of the
controlling class, class A-1 (the class A-1A and A-1B notes
together) notes, voted to accelerate on Feb. 18, 2009; however,
the class A-2 and class B notes have continued to receive interest
distributions since then.

As of the February 2010 distribution date, approximately 29.6% of
the class A-1 notes' original principal balance has paid down.
Collectively, the class A-1 notes represent 56.8% of the current
capital structure and have a credit enhancement of 18%.  While the
class A-2 and class B notes are still receiving interest
distributions, given the amount of distressed assets in the
portfolio, only the class A-1 notes are projected to receive some
principal by maturity.

The class C and class D notes are no longer receiving interest
distributions and are not expected to receive any proceeds going
forward.

Ischus II is a cash flow collateralized debt obligation, which
closed on July 27, 2005 and is managed by Ischus Capital
Management, LLC.  Presently, 62.3% of the portfolio is comprised
of subprime residential mortgage-backed securities, 17.4% prime
RMBS, 12.4% commercial mortgage-backed securities, 3.9% corporate
CDOs, 3% structured finance CDOs, and 1% asset-backed securities.

Fitch has downgraded these classes:

  -- $150,700,385 class A-1A notes to 'C' from 'B-';
  -- $35,210,370 class A-1B notes to 'C' from 'B-';
  -- $28,000,000 class A-2 notes to 'C' from 'CCC';
  -- $55,000,000 class B notes to 'C' from 'CC'.

Fitch has affirmed these classes:

  -- $11,582,203 class C notes at 'C';
  -- $19,893,988 class D Notes at 'C'.


JPMORGAN CHASE: S&P Downgrades Ratings on Six 2002-C3 Certs.
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on six
classes of commercial mortgage pass-through certificates from
JPMorgan Chase Commercial Mortgage Securities Corp.'s series 2002-
C3.  In addition, S&P affirmed its 'AAA' ratings on five other
classes from the same transaction.

The downgrades follow S&P's analysis of the transaction using its
U.S. conduit and fusion commercial mortgage-backed securities
criteria.  The downgrades also reflect credit support erosion that
S&P anticipates will occur upon the eventual resolution of three
of the four specially serviced assets and three loans that S&P
determined to be credit-impaired.  In addition, interest
shortfalls, primarily due to appraisal subordinate entitlement
reductions and special servicing fees, prompted us to lower its
ratings on classes H and J to 'D'.  S&P expects the interest
shortfalls to classes H and J to continue for the foreseeable
future.

S&P's rating actions also considered potential liquidity
interruptions related to an ongoing litigation regarding the 318
West Adams Street loan.  The mortgage loan defaulted and was
subsequently foreclosed upon, and the real estate owned property
was liquidated at a $7.3 million loss in August 2005.  According
to the special servicer, the trust is involved in a litigation,
which includes, among other items, claims of fraudulent
misrepresentations with respect to the loan origination and the
conditions of the property securing the loan.  The litigation
involves various parties, including the borrower, the guarantor,
the originator, and a third-party consulting firm.  A trial has
been set for May 3, 2010.  According to the special servicer, the
trust has incurred approximately $1.5 million of legal and other
related expenses to date.  If the rated classes experience further
interest shortfalls, S&P may take additional rating actions.

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
1.44x and a loan-to-value ratio of 82.9%.  S&P further stressed
the loans' cash flows under S&P's 'AAA' scenario to yield a
weighted average DSC of 1.23x and an LTV ratio of 104.7%.  The
implied defaults and loss severity under the 'AAA' scenario were
26.1% and 41.1%, respectively.  The DSC and LTV calculations noted
above exclude 13 defeased loans ($184.9 million, 33.0%), three
specially serviced assets ($27.5 million, 4.9%), and three credit-
impaired loans ($10.4 million, 1.9%).  S&P separately estimated
losses for the six specially serviced and credit-impaired assets
and included them in S&P's 'AAA' scenario implied default and loss
figures.

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

                      Credit Considerations

As of the Feb. 12, 2010, trustee remittance report, four assets
($40.4 million, 7.2%) in the pool were with the special servicer,
ING Clarion Capital Loan Services LLC.  The payment status of the
specially serviced assets is: two are REO ($19.7 million, 3.5%),
one is in foreclosure ($7.8 million, 1.4%), and one is 30-plus
days delinquent ($12.9 million, 2.3%).  Three of the specially
serviced assets ($27.5 million, 4.9%) have appraisal reduction
amounts in effect totaling $21.0 million.  The related monthly
ASER amount on the February 2010 remittance report for these ARAs
was $68,772.  Subsequent to the February 2010 remittance report
date, the master servicer made a nonrecoverable advance
determination on one of the specially serviced loan that has an
ARA in effect.

78 Corporate Center, the largest asset with the special servicer,
consists of two three-story class A office buildings totaling
185,850 sq. ft. in Lebanon, N.J.  This asset has a total exposure
of $18.5 million and is the fifth-largest asset in the pool.  The
property is currently 40% occupied and became REO on Aug. 7, 2009.
An ARA totaling $12.3 million is in effect for this asset.  ING
indicated that it is trying to lease up the vacant space and plans
to market the property for sale later this year.  S&P expects a
significant loss upon the resolution of this asset.

The Holiday Inn Newark loan, the second-largest loan with ING and
the sixth-largest loan in the pool, is secured by a 412-room full-
service hotel in Newark, New Jersey.  The $12.9 million (2.3%)
loan, which is currently 30-plus days delinquent, was initially
transferred to ING on Jan. 15, 2010, due to imminent default.  In
December 2009, the borrower sent a letter stating, among other
items, an inability to make future debt service payments due to
required property improvements to reflag the hotel to a Ramada.
The cash flow at the property is currently insufficient to cover
debt service.  ING is currently reviewing this loan and has
ordered an appraisal.  S&P expects a moderate loss upon the
eventual resolution of this asset.

The Maple Glen loan, the third-largest loan with ING, is secured
by a 706-unit garden-style apartment complex in Columbus, Ohio.
The $7.8 million loan is in foreclosure and has a total exposure
of $9.2 million.  This loan was initially transferred to ING on
Aug. 11, 2008, due to imminent default, after the borrower stated
its inability to make future debt service payments.  ING indicated
that the property, which is currently 10% occupied, is under
contract for sale and is expected to close within the next 30-60
days.  An ARA of $8.5 million was in effect for this loan as of
the February 2010 remittance report.  The master servicer
subsequently deemed future advances nonrecoverable on March 4,
2010.  S&P expects a severe loss upon the eventual liquidation of
this asset.

Valley View Commerce Center, a 29,885-sq.-ft. suburban office
building in Farmers Branch, Texas, is the smallest asset with the
special servicer.  This asset, which became REO on Sept. 1, 2009,
has a total exposure of $2.4 million.  ING indicated that the
property is vacant, and it is currently trying to lease up the
vacant space.  An ARA of $210,718 is in effect for this asset.
S&P expects a significant loss upon liquidation of this asset.

In addition to the specially serviced assets, S&P determined three
loans ($10.4 million, 1.9%) to be credit-impaired.  These three
loans are all secured by older vintage multifamily properties
located in Texas, Georgia, and Florida.  The occupancy rates at
all three properties are low, and the reported DSCs are well below
1.00x.  As a result, S&P view these loans to be at an increased
risk of default and loss.

                       Transaction Summary

As of the Feb. 12, 2010, trustee remittance report, the collateral
pool balance was $560.0 million, which is 75.1% of the balance at
issuance.  The pool includes 75 loans and two REO assets, down
from 87 loans at issuance.  The master servicer, Berkadia
Commercial Mortgage LLC, provided financial information for 98.3%
of the nondefeased loans in the pool, a majority of which was
full-year 2008, interim-2009 data, or full-year 2009 data.

S&P calculated a weighted average DSC of 1.37x for the nondefeased
loans in the pool based on the reported figures.  S&P's adjusted
DSC and LTV were 1.44x and 82.9%, respectively.  S&P's adjusted
DSC and LTV figures exclude 13 defeased loans ($184.9 million,
33.0%), three specially serviced assets ($27.5 million, 4.9%), and
three credit-impaired loans ($10.4 million, 1.9%), for which S&P
has estimated losses separately.  If S&P included the specially
serviced assets and credit-impaired loans in its calculation, its
adjusted DSC would be 1.28x.  The transaction has experienced
$32.3 million in principal losses to date.  Sixteen loans
($109.6 million, 19.6%) are on the master servicer's watchlist,
including four of the top 10 loans.  Fifteen loans ($85.9 million,
15.3%) have reported DSC below 1.10x, 13 of which ($72.9 million,
13.0%) have a reported DSC of less than 1.0x.

             Summary of Top 10 Real Estate Exposures

The top 10 real estate exposures have an aggregate outstanding
balance of $164.7 million (29.4%).  Using servicer-reported
numbers, S&P calculated a weighted average DSC of 1.25x for the
top 10 real estate exposures.  Four of the top 10 exposures
($70.0 million, 12.5%) 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 exposures are 1.29x and 100.2%, respectively.  If S&P
include the two specially serviced assets that are part of the top
10 exposures in its calculation, its adjusted DSC would be 1.08x.

The Anderson Mall loan, the largest loan in the pool, is on
Berkadia's watchlist.  The loan has a trust balance of
$27.2 million (4.9%) and is secured by 393,200 sq. ft. of a
624,050-sq.-ft. regional mall in Anderson, S.C.  The loan appears
on the watchlist due to a decline in DSC resulting from lower
revenue.  The property was 85.9% occupied as of September 2009,
and the reported DSC for the year ended Dec. 31, 2009, was 1.24x,
down from 1.67x at issuance.

The Village Shoppes of Salem loan is the fourth-largest loan in
the pool and is on Berkadia's watchlist due to a low DSC.  The
loan has a trust balance of $18.4 million (3.3%) and is secured by
a 170,270-sq.-ft. retail shopping center in Salem, N.H.  The
reported occupancy was 62.0% as of the year ended Dec. 31, 2009,
down from 100% at issuance.  DSC was 0.78x for the three months
ended March 31, 2009, down from 1.50x at issuance.  Berkadia
indicated that the borrower is working on leasing up the vacant
space.

The Getronics Campus loan is the seventh-largest loan in the pool
and is on Berkadia's watchlist due to a decrease in occupancy to
68.4% as of February 2010, from 100% at issuance.  The loan has a
trust balance of $12.6 million (2.2%) and is secured by a 278,800-
sq.-ft. suburban office/warehouse building in Liberty Lake, Wash.
The decline in occupancy is due to vacant warehouse space.  The
DSC for the nine months ended Sept. 30, 2009, was 1.72x, up from
1.32x at issuance.  According to Berkadia, the borrower has
indicated that there are no prospects for the vacant warehouse
space at this time.

The Retreat Apartments loan is the eighth-largest loan in the pool
and is on Berkadia's watchlist due to a low DSC.  The loan has a
trust balance of $11.8 million (2.1%) and is secured by a 148-unit
garden-style apartment complex in Carmel, Ind.  The reported
occupancy and DSC were 95.9% and 1.09x, respectively, as of
Sept. 30, 2009, compared with 90.5% and 1.54x at issuance.  The
decline in DSC is primarily due to higher operating expenses.

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 its lowered and affirmed ratings.

                         Ratings Lowered

       JPMorgan Chase Commercial Mortgage Securities Corp.
   Commercial mortgage pass-through certificates series 2002-C3

                   Rating
                   ------
    Class     To          From           Credit enhancement (%)
    -----     --          ----           ----------------------
    D         AA          AA+                             13.20
    E         A+          AA                              11.54
    F         BB-         BBB+                             7.55
    G         B-          BBB-                             5.55
    H         D           BB                               2.89
    J         D           CCC                              0.56

                        Ratings Affirmed

        JPMorgan Chase Commercial Mortgage Securities Corp.
  Commercial mortgage pass-through certificates series 2002-C3

   Class     Rating                     Credit enhancement (%)
   -----     ------                     ----------------------
   A-1       AAA                                         24.18
   A-2       AAA                                         24.18
   B         AAA                                         19.19
   C         AAA                                         17.53
   X-1       AAA                                           N/A

                       N/A - Not applicable.


LAKESIDE CDO: 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 Lakeside CDO II Ltd.
The notes affected by the rating action are:

  -- US$1,170,000,000 Class A-1 First Priority Senior Secured
     Floating Rate Delayed Draw Notes Due 2040 MTN Program
     (current balance of $623,132,204), Downgraded to Caa1;
     previously on March 10, 2009 Downgraded to B1;

  -- US$279,900,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes Due 2040 MTN Program, Downgraded to Ca;
     previously on March 10, 2009 Downgraded to Caa3.

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.  For this
transaction, the weighted average rating factor, as reported by
the trustee, has increased from 511 in February 2009 to 983 in
January 2010.  During the same period, defaulted securities
increased from $80 million to $168 million, and the
Overcollateralization Test result decreased from 88.5% to 73.5%.

Lakeside CDO II Ltd. is a collateralized debt obligation issuance
backed primarily by a portfolio of residential mortgage backed
securities.

Moody's continues to monitor this transaction using primarily the
methodology and its supplements for ABS CDOs as described in
Moody's Special Report below:

  -- Moody's Approach to Rating SF CDOs (August 2009)

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


LENOX STREET: Moody's Downgrades Ratings on Eight Classes
---------------------------------------------------------
Moody's Investors Service downgraded eight classes of Notes issued
by Lenox Street 2007-1, Ltd., due to deterioration in the credit
quality of the underlying portfolio as measured by deterioration
in the weighted average rating factor.  The rating action, which
concludes Moody's current review, is the result of Moody's on-
going surveillance of commercial real estate collateralized debt
obligation transactions.

Lenox Street 2007-1, Ltd., is originally a revolving hybrid CRE
CDO transaction backed by a portfolio of commercial mortgage
backed securities collateral (20% of the pool balance) and
synthetic reference obligations on CMBS collateral (80% of the
pool balance).  However, due to an Event of Default caused by a
failure in the Default Par Value Coverage Ratio test as reported
by the Trustee Report dated October 26, 2009, per Section 5.  5 of
the Indenture, the Trustee ceased the reinvestment feature of
transaction.  As of January 26, 2010, the aggregate Notes balance
of the transaction, including the Subordinate Notes, has decreased
to $349.4 million from $350.0 million at issuance, due to
approximately $0.6 million in pay-downs to the Class G, H and J
Notes given a provision that 20% of excess interest of the deal
goes to pay the Class G, H and J Notes pro rata in each payment
period.

Per the January 26, 2010 Trustee Report, the transaction failed
the Super Senior Par Value Coverage test, Default Par Value
Coverage test as well as the Class A/B, the Class C/D and the
Class E/F Overcollateralization Tests.  Fifteen assets totaling
approximately $108.6 million par amount (11% of the pool balance)
were listed as defaulted and another 89 assets totaling
approximately $871.1 million par amount (87.0% of the pool
balance) were listed as credit risk securities.

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.

WARF is a primary measure of the credit quality of a CRE CDO pool.
Moody's have completed updated credit estimates for the entire
pool and the results will be reflected in a future Trustee Report.
The bottom-dollar WARF is a measure of the default probability
within a collateral pool.  Moody's modeled a bottom-dollar WARF of
5,027 compared to 4,088 at last review.

WAL acts to adjust the probability of default of the collateral
pool for time.  Moody's modeled to the actual WAL of 6 years
compared to 7 years at last review.

WARR is the par-weighted average of the mean recovery values for
the collateral assets in the pool.  Moody's modeled the actual
WARR of 3.9% compared to 4.9% at last review.

MAC is a single factor that describes the pair-wise asset
correlation to the default distribution among the instruments
within the collateral pool (i.e. the measure of diversity).
Moody's modeled a MAC of 50.2% compared to 51.4% at last review.

Moody's review also incorporated updated asset correlation
assumptions for the commercial real estate sector consistent with
one of Moody's CDO rating models, CDOROM v2.5, which was released
on April 3, 2009.  These correlations were updated in light of the
systemic seizure of credit markets and to reflect higher inter-
and intra-industry asset correlations.  The updated asset
correlations, depending of vintage and issuer diversity, used for
CUSIP collateral (i.e. CMBS, CRE CDOs or REIT debt) within CRE
CDOs range from 30% to 60%, compared to 15% to 35% previously.

The cash flow model, CDOEdge v3.2, was used to analyze the cash
flow waterfall and its effect on the capital structure of the
deal.

As always, Moody's ratings are determined by a committee process
that considers both quantitative and qualitative factors.
Therefore, the rating outcome may differ from the model output.

The rating actions are:

  -- Class A, Downgraded to Ca; previously on November 13, 2009
     downgraded to B1 and remained on Review for Possible
     Downgrade

  -- Class B, Downgraded to C; previously on November 13, 2009
     downgraded to B3 and remained on Review for Possible
     Downgrade

  -- Class C, Downgraded to C; previously on November 13, 2009
     downgraded to Caa2 and remained on Review for Possible
     Downgrade

  -- Class D, Downgraded to C; previously on November 13, 2009
     downgraded to Caa2 and remained on Review for Possible
     Downgrade

  -- Class E, Downgraded to C; previously on November 13, 2009
     downgraded to Caa3 and remained on Review for Possible
     Downgrade

  -- Class F, Downgraded to C; previously on November 13, 2009
     downgraded to Caa3 and remained on Review for Possible
     Downgrade

  -- Class G, Downgraded to C; previously on November 13, 2009
     downgraded to Ca

  -- Class H, Downgraded to C; previously on November 13, 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 full review is summarized in
a press release dated November 13 2009.


LOUISIANA HOUSING: S&P Downgrades Rating on 2005 Bonds to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its rating to
'BB' from 'AAA' on Louisiana Housing Finance Agency's series 2005
multifamily housing revenue bonds (Sunquest Properties Inc.;
Peppermill I & II Apartments Project).

"The downgrade primarily reflects S&P's expectations about the
insufficiency of the cash flows to pay debt service beyond 2011
and a deteriorating asset-to-liability ratio, based on S&P's
minimum reinvestment rates assumptions," said Standard & Poor's
credit analyst Wendy Dolber.  Also, if the security prepays, it is
S&P's opinion there are insufficient assets to cover the
reinvestment risk based on the 15-day minimum notice period
required for special redemptions.  The bonds are secured by Fannie
Mae mortgage-backed securities.


MADISON SQUARE: Fitch Downgrades Ratings on Three Classes
---------------------------------------------------------
Fitch Ratings has downgraded three classes of notes issued by
Madison Square 2004-1 as a result of negative credit migration of
the commercial mortgage-backed securities 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
8.2% of the portfolio has been downgraded.  Currently, 11.4% is on
Rating Watch Negative.  Approximately 80.6% of the portfolio has a
Fitch derived rating below investment grade and 51.1% has a rating
below 'CCC', compared to 72.4% and 36.8%, respectively, at last
review.  Further, the CDO has paid down $45.2 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.  As of the Jan. 26, 2010
trustee report, 47.8% of the portfolio is experiencing partial or
full interest shortfalls.  Fitch conducted additional sensitivity
in the PCM analysis to gauge the impact of potential principal
losses to these assets.  Based on this analysis, the credit
enhancement available to the classes L through N and P notes are
generally consistent with the PCM rating loss rate for each class'
current rating.  The credit enhancement available to the class O
notes is generally consistent with the 'BBB' rating loss rate
while the credit enhancement for classes Q and S are generally
consistent with the 'B' rating loss rate.

The affirmations to classes L through N also reflect the increase
in credit enhancement from substantial paydowns to the classes,
resulting from collateral repayments and a structural feature
which diverts interest that would otherwise be paid on classes P
through T to classes L through O.  This structural feature poses
additional risk to classes P through S as their balances continue
to accrete at their respective coupon rates.  Fitch does not rate
the class T notes.

The Negative Rating Outlook on the classes reflects Fitch's
expectation that underlying CMBS loans will face refinance risk
and maturity defaults.  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.

Madison Square 2004-1 is a commercial real estate collateralized
debt obligation that closed March 31, 2004.  The transaction is
collateralized by 32 assets from eight obligors from the 1996
through 1999 vintages.  The collateral is primarily composed of
CMBS B-Piece resecuritizations which are CRE CDOs and Re-Remic
transactions that include the most junior bonds of CMBS
transactions.

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

  -- $73,532,017 class L notes affirmed at 'AAA/LS5'; Outlook to
     Negative from Stable;

  -- $18,473,000 class M notes affirmed at 'AA-/LS5'; Outlook to
     Negative from Stable;

  -- $29,029,000 class N notes affirmed at 'A+/LS5'; Outlook to
     Negative from Stable;

  -- $30,231,561 class P notes affirmed at 'BB-/LS5'; Outlook to
     Negative from Stable.

In addition, Fitch has downgraded these classes:

  -- $29,028,000 class O notes downgraded to 'BBB' from 'A-/'LS5';
     Outlook to Negative from Stable;

  -- $16,003,913 class Q notes downgraded to 'B' from 'BB/'LS5';
     Outlook to Negative from Stable;

  -- $12,448,686 class S notes downgraded to 'B' from 'BB-/'LS5';
     Outlook to Negative from Stable.


MAGNOLIA FINANCE: Moody's Junks Ratings on $9 Mil. CDO Notes
------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on
Magnolia Finance I PLC's $9 million collateralized debt
obligation- referenced fixed-rate notes series 2005-19 by lowering
it to 'CCC-' from 'B'.

The rating on the reference notes is dependent on the lower of
S&P's ratings on (i) the rate and credit default swap
counterparty, Credit Suisse First Boston International ('A+'), and
(ii) the reference obligation, CSAM Funding II's class D notes due
Oct. 15, 2016 ('CCC-').

On Sept. 17, 2009, S&P placed its 'B' rating on the reference
obligation on CreditWatch with negative implications.  On Nov. 25,
2009, S&P lowered its rating on the reference obligation to 'CCC-'
and removed it from CreditWatch with negative implications, but
due to an error, the rating actions on the notes did not occur
contemporaneously with the rating actions on the reference
obligation.


MORTGAGE CAPITAL: Fitch Takes Rating Actions on 1998-MC1 Certs.
---------------------------------------------------------------
Fitch Ratings revises the Recovery Rating, affirms the ratings and
assigns a Rating Outlook to Mortgage Capital Funding, Inc.'s
commercial mortgage pass-through certificates, series 1998-MC1:

  -- Interest-only class X at 'AAA'; Outlook Stable;
  -- $4.2 million class M to 'D/RR6' from 'D/RR3'.

The RR revision is the result of increased loss expectations
associated with the two remaining specially serviced loans since
Fitch's last rating action.  As of the February 2010 distribution
date, the pool's certificate balance has paid down 99.7% to
$4.2 million from $1.3 billion at issuance.

There are two of the original 249 loans remaining in the
transaction.  Both loans are matured non-performing assets in
special servicing.  The borrowers of both loans have exhausted all
efforts to refinance the loan.  The special servicer has
determined the sale of the notes to be the most efficient means to
resolve the current maturity defaults and also collapse the pool.
Fitch expects losses from loans currently in special servicing to
be absorbed by class M.


N-STAR REAL: Fitch Downgrades Ratings on Seven Classes of Notes
---------------------------------------------------------------
Fitch Ratings has downgraded seven and affirmed three classes of
notes of N-Star Real Estate CDO I Ltd. as a result of negative
credit migration of the commercial mortgage backed securities
collateral within the portfolio.

Since Fitch's last rating action in February 2009, approximately
10.1% of the portfolio has been downgraded.  Currently, 22.2% is
on Rating Watch Negative.  Approximately 22.6% of the portfolio
has a Fitch derived rating below investment grade.  Currently, no
assets have a Fitch derived rating below 'B'.  Further, the CDO
has paid down $22.8 million since the last review.

This transaction was analyzed under the framework described in the
report 'Global Rating Criteria for Structured Finance CDOs' using
the Portfolio Credit Model for projecting future default levels
for the underlying portfolio.  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'.  Based on this
analysis, the class A-1 and A-2A/A-2B notes' breakeven rates are
generally consistent with the 'AAA' and 'AA' rating categories,
respectively.  Similarly, the breakeven rates of the class B notes
are generally consistent with the 'A' rating category, for class
C-1A/C-1B notes with the 'BBB' rating category, and class C-2 with
the 'B' rating category.

The class D-1A/D-1B notes are downgraded to 'CCC' due to Fitch's
expectation of further credit deterioration as 22.2% of the
portfolio remains on Rating Watch Negative.  Fitch notes that as
of the Jan. 29, 2010 payment date, all classes are current on
interest and one asset (1.8%) is experiencing interest shortfalls.

The Negative Rating Outlook on the class A-1 through C-2 notes
reflects Fitch's expectation that underlying CMBS loans will
continue to face refinance risk and maturity defaults.  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.

N-Star I is a static arbitrage cash flow collateralized debt
obligation, which closed Aug. 21, 2003.  The collateral is
composed of 67.2% CMBS, 24.7% real estate investment trusts, 6.5%
of SF CDOs, and the remaining 1.5% of commercial real estate
loans.

Fitch has affirmed, assigned LS ratings and revised Outlooks for
these classes as indicated:

  -- $126,163,695 class A-1 notes at 'AAA/LS1'; Outlook to
     Negative from Stable;
  -- $45,000,000 class A-2A notes at 'AA/LS2'; Outlook to Negative
     from Stable;

  -- $15,000,000 class A-2B notes at 'AA/LS2'; Outlook to Negative
     from Stable.

In addition, Fitch has downgraded these classes:

  -- $15,000,000 class B-1 notes to 'A/LS3' from 'AA-'; Outlook to
     Negative from Stable;

  -- $10,000,000 class B-2 notes to 'A/LS4' from 'A+'; Outlook to
     Negative from Stable;

  -- $5,000,000 class C-1A notes to 'BBB/LS4' from 'A'; Outlook to
     Negative from Stable;

  -- $5,000,000 class C-1B notes to 'BBB/LS4' from 'A'; Outlook to
     Negative from Stable;

  -- $24,000,000 class C-2 notes to 'B/LS3' from 'BBB-'; Outlook
     to Negative from Stable;

  -- $10,000,000 class D-1A notes to 'CCC' from 'BB-';

  -- $4,000,000 class D-1B notes to 'CCC' from 'BB-'.


PHILADELPHIA SCHOOL: Moody's Assigns 'Ba1' Rating on 2010 Bonds
---------------------------------------------------------------
Moody's has assigned an enhanced Aa3 rating with a negative
outlook and an underlying Ba1 rating with a stable outlook to the
Philadelphia School District's (PA) $49.25 million General
Obligation Refunding Bonds, Series D of 2010.  These bonds were
originally going to be issued as part of the Series C of 2010
bonds which were assigned the enhanced Aa3 rating and underlying
Ba1 rating on March 2, 2010.  The Series C amount has been reduced
to approximately $300 million.

For more information on the rationale for the enhanced and
underlying ratings, please see Moody's Philadelphia School
District report from March 2, 2010.


PNC MORTGAGE: S&P Downgrades Ratings on Eight 2001-C1 Securities
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on eight
classes of commercial mortgage-backed securities from PNC Mortgage
Acceptance Corp.'s series 2001-C1 and removed them from
CreditWatch with negative implications.  In addition, S&P affirmed
its ratings on eight other classes from the same transaction.

The downgrades follow S&P's analysis of the transaction using its
U.S. conduit and fusion CMBS criteria, which was the primary
driver of 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 three specially
serviced assets.  In addition, interest shortfalls, primarily due
to appraisal subordinate entitlement reductions and special
servicing fees, prompted us to lower its rating on class M to 'D'.
S&P expects the interest shortfalls to class M 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
1.30x and a loan-to-value ratio of 97.4%.  S&P further stressed
the loans' cash flows under its 'AAA' scenario to yield a weighted
average DSC of 1.10x and an LTV ratio of 135.3%.  The implied
defaults and loss severity under the 'AAA' scenario were 28.5% and
41.5%, respectively.  The DSC and LTV calculations noted above
exclude 19 defeased loans ($185.7 million, 26.6%) and two
specially serviced assets ($13.0 million, 1.9%).  S&P separately
estimated losses for these two specially serviced assets and
included them in S&P's 'AAA' scenario implied default and loss
figures.

The affirmations of S&P's 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
X1, X, and C2X 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 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, three assets
($25.6 million, 3.7%) in the pool were with the special servicer,
Midland Loan Services Inc. (Midland).  The payment status of the
specially serviced assets is: one is current ($12.6 million,
1.8%), one is in foreclosure ($2.6 million, 0.4%), and one is real
estate owned (REO) ($10.4 million, 1.5%).  Two of the specially
serviced assets have appraisal reduction amounts in effect
totaling $11.8 million.  The related monthly ASER amount on the
February 2010 remittance report for these ARAs was $79,225.

The Radisson Plaza Hotel loan is the eighth-largest loan in the
pool and the largest loan with the special servicer according to
the February 2010 remittance report.  It has a total exposure of
$12.7 million (1.8%).  The loan is secured by a 185-room full-
service hotel in San Jose, Calif., that was built in 1985 and
renovated in 2000.  The loan was initially transferred to Midland
on Sept. 11, 2007, due to the borrower's default under its
franchise agreement for failing to complete a required property
improvement plan.  The borrower also replaced the hotel management
without the trust's consent and failed to properly fund the
fixtures, furniture, and equipment reserve.  Midland has proposed
a loan modification related to the FF&E escrow.  The loan is
current with the exception of the FF&E escrow.  For year-end 2008,
the reported DSC was 0.33x, compared with 1.60x at issuance.  S&P
expects a significant loss upon the resolution of this asset.

The Motorola Building, a 103,000-sq.-ft., three-story suburban
office building in Libertyville, Ill., has a total exposure of
$13.1 million (1.5%), and is the second-largest asset with the
special servicer.  The property is currently vacant and became REO
on April 30, 2008.  An ARA totaling $9.4 million is in effect for
this asset.  A purchase and sale agreement was executed on Feb. 9,
2010, and the servicer expects the agreement to close by April
2010.  S&P expects a significant loss upon the resolution of this
asset.

The Palmer Park Apartments loan (0.4%) is secured by a 167-unit
class C multifamily property in Detroit, Mich., that was built
between 1940 and 1950.  The loan was transferred to the special
servicer on July 2, 2008, due to monetary default.  An ARA
totaling $2.4 million is in effect for this asset.  Foreclosure
proceedings began on Aug. 13, 2009.  A receiver is in place and
purchase offers are currently being received.  S&P expects a
significant loss upon the resolution of this asset.

                       Transaction Summary

As of the February 2010 remittance report, the collateral pool
balance was $698.2 million, which is 79.2% of the balance at
issuance.  The pool includes 100 loans and one REO asset, down
from 131 loans at issuance.  The master servicer provided
financial information for 97.2% of the pool, all of which was
full-year 2008, interim-2009, or full-year 2009 data.  S&P
calculated a weighted average DSC of 1.30x for the nondefeased
loans in the pool based on the reported figures.  S&P's adjusted
DSC and LTV were 1.30x and 97.4%, respectively, which exclude 19
defeased loans ($185.7 million, 26.6%) and two specially serviced
assets ($13.0 million, 1.9%) for which S&P has estimated losses
separately.  If S&P included the specially serviced assets in its
calculation, its adjusted DSC would be 1.27x.  The transaction has
experienced $7.2 million of principal losses to date.  Twenty-four
loans ($139.3 million, 19.9%) are on the master servicer's
watchlist, including four of the top 10 loans.  Nineteen loans
($101.2 million, 14.5%) have a reported DSC below 1.10x, of which
16 loans ($86.6 million, 12.4%) have a reported DSC of less than
1.0x.

                     Summary of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$228.6 million (32.8%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 1.24x for the top 10 loans.
Four of the top 10 loans ($63.5 million, 9.1%) 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 1.19x and
89.4%, respectively.

The Deer Grove Shopping Center loan is the third-largest loan in
the pool and the largest loan on the servicer's watchlist.  The
loan has a trust balance of $18.7 million (2.7%) and is secured by
a 215,000-sq.-ft. grocery-anchored retail center in Palatine, Ill.
The loan appears on the watchlist due to a decline in DSC
resulting from the departure of Linens N' Things (50,000 sq. ft.;
21% NRA) during the third quarter of 2008.  The reported DSC for
year-end 2008 was 1.19x, down from 1.21x at issuance, and S&P
estimated a DSC of 0.55x excluding Linens N' Things.

The Torrey Reserve West loan is the fifth-largest loan in the pool
and was placed on the servicer's watchlist due to a low DSC.  The
loan has a trust balance of $17.1 million (2.5%) and is secured by
a three-building office complex totaling 118,000 sq. ft. in San
Diego, Calif.  The reported occupancy and DSC as of Sept. 30,
2009, were 84% and 0.47x, respectively, down from 100% and 1.27x
at issuance.  However, two new leases were recently signed at the
property, resulting in an occupancy of 90.7% as of the January
2010 rent roll.

The White Lake Marketplace loan is the sixth-largest loan in the
pool and is on the servicer's watchlist due to a decrease in
occupancy.  The loan has a trust balance of $15.6 million (2.2%)
and is secured by a 233,000-sq.-ft. anchored retail center in
White Lake Township, Mich.  The Farmer Jack (53,750 sq. ft.; 25%
NRA; lease expiration Nov. 2019) space has remained dark since the
tenant vacated in 2005; however, the tenant continues to pay rent
under the terms of its lease.  The reported DSC for year-end 2008
was 1.23x, down from 1.26x at issuance.

The Indian Creek Court loan is the ninth-largest loan in the pool
and is on the servicer's watchlist due to a decrease in occupancy
and the resulting low DSC.  The loan has a trust balance of
$12.2 million (1.7%) and is secured by four industrial buildings
totaling 186,000 sq. ft. in Beltsville, Md.  The reported
occupancy and DSC as of year-end 2008, were 49% and 0.50x,
respectively, down from 100% and 1.27x at issuance.  The borrower
is actively marketing the vacant space.

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

                   PNC Mortgage Acceptance Corp.
   Commercial mortgage pass-through certificates series 2001-C1

                  Rating
                  ------
    Class     To          From           Credit enhancement (%)
    -----     --          ----           ----------------------
    E         A           AA-/Watch Neg                   11.90
    F         BBB-        A/Watch Neg                     10.01
    G         BB+         A-/Watch Neg                     8.90
    H         BB-         BBB/Watch Neg                    6.54
    J         B           BB/Watch Neg                     4.48
    K         B-          B/Watch Neg                      3.69
    L         CCC-        CCC+/Watch Neg                   2.43
    M         D           CCC/Watch Neg                    1.80

                         Ratings Affirmed

                  PNC Mortgage Acceptance Corp.
   Commercial mortgage pass-through certificates series 2001-C1

        Class     Rating           Credit enhancement (%)
        -----     ------           ----------------------
        A-2       AAA                               23.90
        B         AAA                               19.16
        C1        AA+                               14.74
        C2        AA+                               14.74
        D         AA                                13.16
        X1        AAA                                 N/A
        X         AAA                                 N/A
        C2X       AA+                                 N/A

                       N/A - Not applicable.


PPLUS TRUST: S&P Downgrades Rating on $42.515 Mil. Certs. to 'BB-'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on PPLUS
Trust Series SPR-1's $42.515 million certificates to 'BB-' from
'BB' and removed it from CreditWatch, where it was placed with
negative implications on Nov. 19, 2009.

The rating on the certificates is dependent on the rating on the
underlying security, Sprint Capital Corp.'s $6.875% notes due
Nov. 15, 2028 ('BB-').

The rating action reflects the March 4, 2010, lowering of S&P's
rating on the underlying security to 'BB-' from 'BB' and its
removal from CreditWatch with negative implications.


PROLOGIS REIT: Fitch Assigns Ratings on Three Classes of Notes
--------------------------------------------------------------
Fitch Ratings assigns these credit ratings to ProLogis:

  -- $800 million principal amount senior notes due 2020, with a
     coupon rate of 6.875%, 'BBB';

  -- $300 million principal amount senior notes due 2017 with a
     coupon rate of 6.25%, 'BBB';

  -- $400 million principal amount senior convertible notes due
     2015 with a coupon rate of 3.25% and an initial conversion
     price of $17.29 representing a 29% premium to ProLogis' share
     price on March 9, 2010, 'BBB'.

The proceeds of the offerings will be used to repay outstanding
borrowings, including to fund the cash purchase of up to
$542.9 million of certain senior notes that are tendered pursuant
to a tender offer announced on March 8, 2010, to repay borrowings
under ProLogis' global line of credit, and for general corporate
purposes.

Fitch currently rates ProLogis:

  -- Issuer Default Rating 'BBB';

  -- Global line of credit 'BBB' (the global line has a current
     commitment size of $3.8 billion that was extended to October
     2012, and will have a commitment size of $2.25 billion after
     October 2010);

  -- $4.6 billion senior notes 'BBB';

  -- $2.5 billion convertible senior notes 'BBB';

  -- $350 million preferred stock 'BB+'.

The Rating Outlook is Negative.

Formed in 1991, ProLogis is real estate investment trust that owns
industrial distribution facilities.  As of Dec. 31, 2009, ProLogis
owned and managed 480 million square feet of properties across
North America, Europe and Asia, and its total investment in its
direct-owned properties and properties owned by property funds and
joint ventures was $35.1 billion.  As of Dec. 31, 2009, ProLogis
had $18.6 billion in undepreciated book assets, a total market
capitalization of $14.8 billion, and an equity market
capitalization of $6.8 billion.


RESOURCE REAL: Fitch Downgrades Ratings on All Classes of Notes
---------------------------------------------------------------
Fitch Ratings has downgraded all classes of Resource Real Estate
Funding CDO 2006-1 Ltd. /LLC reflecting Fitch's base case loss
expectation of 48%.  Fitch's performance expectation incorporates
prospective views regarding commercial real estate market value
and cash flow declines.

RRE 2006-1 is collateralized by both senior and subordinate
commercial real estate debt: 42.8% are either B-notes or mezzanine
loans and 36.4% are either whole loans or A-notes.  Fitch expects
significant losses upon default for the subordinate positions
since they are generally highly leveraged debt classes.  Further,
one loan (3%) is currently delinquent and five loans (25.5%) are
considered Fitch Loans of Concern.  Fitch expects partial to full
losses on the delinquent asset and Loans of Concern.

RRE 2006-1 is a $345 million CRE collateralized debt obligation
managed by Resource Real Estate, Inc.  The transaction has a five-
year reinvestment period during which principal proceeds may be
used to invest in substitute collateral.  The reinvestment period
ends in August 2011.

As of the February 2010 trustee report and per Fitch
categorizations, the CDO was substantially invested: CRE mezzanine
loans (37.3%), whole loans/A-notes (36.4%), B-notes (5.5%),
commercial mortgage-backed securities (CMBS: 5%), CRE CDOs (5%),
and cash (10.8%).  All overcollateralization and interest coverage
ratios have remained above their covenants as of the February 2010
trustee report.  There is substantial cushion to the IC covenants.

Under Fitch's updated methodology, approximately 70.4% of the
portfolio is modeled to default in the base case stress scenario,
defined as the 'B' stress.  In this scenario, the modeled average
cash flow decline is 10.3% from the most recent available cash
flows (generally from third quarter 2009).  Fitch estimates that
recoveries will average 31.8%.

The largest component of Fitch's base case loss expectation is a
mezzanine loan (5.8%) secured by interests in a portfolio of three
hotel properties totaling 944 keys located in California,
Massachusetts, and Washington D.C.  Two of the hotels are under
Sheraton flags and one is under a Westin flag.  The properties
underwent a $48 million renovation; however, performance has
suffered dramatically due to rooms being offline longer than
anticipated during the renovation process and the impact of the
recent economic downturn.  Fitch modeled a term default with a
full loss under its base case scenario.

The next largest component to Fitch's base case loss expectation
is a mezzanine loan (5.6%) secured by interests in a 530,000
square foot office property located in Midtown Manhattan.  Fitch
modeled a term default with a full loss under its base case
scenario on this highly leveraged mezzanine position.

The third largest component of Fitch's base case loss expectation
is an A-note (8.1%) secured by a hotel property totaling 587 keys
located in Los Angeles, California.  The business plan at the
property has been significantly impacted by the designation of the
property as single room occupancy.  The borrower was unable to
brand a portion of the hotel under a nationally recognized flag
and has entered into litigation with the city.  According to
discussions with the asset manager, the borrower is now
considering a conversion to affordable housing.  Due to the
uncertainty surrounding the business plan, Fitch modeled a term
default with a partial loss under 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 breakeven rates for class A-1 are
generally consistent with the 'BBB' rating category.  The
breakeven rates for classes A-2FX, A-2FL, and B are generally
consistent with the 'BB' rating category.  The breakeven rates for
classes C and D are generally consistent with the 'B' rating
category.

The ratings for classes E through K are based on a deterministic
analysis, which considers Fitch's base case loss expectation for
the pool, and the current percentage of defaulted and delinquent
assets and Fitch Loans of Concern factoring in anticipated
recoveries relative to each class' credit enhancement.

Based on this analysis, classes E through J are consistent with
the 'CCC' rating category, meaning default is a real possibility.
Fitch's base case loss expectation of 48% exceeds these classes'
respective current credit enhancement levels.  The rating for
class K is deemed to be consistent with the 'CC' rating category,
meaning default appears probable given the lack of cushion between
the class' credit enhancement and the losses expected on the
currently delinquent asset and Loans of Concern in the pool.

Classes A through D were assigned a Negative Outlook reflecting
Fitch's expectation of further negative credit migration of the
underlying collateral.  These classes were also assigned Loss
Severity ratings ranging from 'LS4' 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'
long-term credit rating.  Fitch does not assign Outlooks or LS
ratings to classes rated 'CCC' or lower.

Classes E through K 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
(70.4% and 31.8%, respectively), the 'B' stress US$ LIBOR up-
stress, and a 24-month recovery lag.  All modeled distributions
are discounted at 10% to arrive at a present value and compared to
the class' tranche size to determine a Recovery Rating.

The assignment of 'RR3' to class E reflects modeled recoveries of
59% of its outstanding balance.  The expected recovery proceeds
are broken down:

  -- Present value of expected principal recoveries
     ($10.4 million);

  -- Present value of expected interest payments ($1.9 million);

  -- Total present value of recoveries ($12.3 million);

  -- Sum of undiscounted recoveries ($22.9 million).

Classes F through K 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, assigned LS and RR ratings and Outlooks to
these classes as indicated:

  -- $129,370,000 class A-1 to 'BBB/LS4' from 'AAA'; Outlook
     Negative;

  -- $5,000,000 class A-2FX to 'BB/LS5' from 'AAA'; Outlook
     Negative;

  -- $17,420,000 class A-2FL to 'BB/LS5' from 'AAA'; Outlook
     Negative;

  -- $6,900,000 class B to 'BB/LS5' from 'AA'; Outlook Negative;

  -- $20,700,000 class C to 'B/LS5' from 'A+'; Outlook Negative;

  -- $15,520,000 class D to 'B/LS5' from 'A-'; Outlook Negative;

  -- $20,700,000 class E to 'CCC/RR3' from 'BBB+';

  -- $19,830,000 class F to 'CCC/RR6' from 'BBB';

  -- $17,250,000 class G to 'CCC/RR6' from 'BBB-';

  -- $12,930,000 class H to 'CCC/RR6' from 'BBB-';

  -- $14,660,000 class J to 'CCC/RR6' from 'B';

  -- $28,460,000 class K to 'CC/RR6' from 'B'.

Additionally, all classes are removed from Rating Watch Negative.


SATURNS TRUST: S&P Downgrades Rating on $30 Mil. Units to 'BB-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on SATURNS
Trust No. 2003-2's $30 million class A and B units to 'BB-' from
'BB' and removed them from CreditWatch with negative implications,
where S&P placed them on Nov. 19, 2009.

The ratings on the units are dependent solely on the rating on the
underlying security, Sprint Capital Corp.'s 8.75% notes due
March 15, 2032 ('BB-').

The rating actions reflect S&P's March 4, 2010, lowering of the
rating on the underlying security to 'BB-' from 'BB', and its
removal from CreditWatch with negative implications.


SIGNUM VERMILION: S&P Downgrades Ratings on Fixed Notes to 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its weighted average
rating on the fixed-rate notes issued by Signum Vermilion Ltd.'s
series 2006-1 to 'B+' from 'BB-'.

The downgrade reflects the deterioration in the credit quality of
the underlying portfolio.  S&P's rating on this transaction
reflects its views of the average credit quality of the reference
entities that constitute the reference portfolio.

                          Rating Lowered

                      Signum Vermilion Ltd.
                          Series 2006-1

                                            Rating
                                            ------
         Class                           To         From
         -----                           --         ----
         Fixed rate                      B+         BB-


SONIC AUTOMOTIVE: S&P Assigns 'B-' Rating on $210 Mil. Notes
------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B-' issue
rating to Charlotte, North Carolina-based Sonic Automotive Inc.'s
proposed $210 million senior subordinated notes offering.  S&P
also assigned this debt a recovery rating of '6', reflecting its
expectation that lenders would receive negligible (0%-10%)
recovery of principal in a default scenario.  The company will use
the proceeds from the offering to repurchase or redeem a portion
of its 8.625% senior subordinated notes due 2013.

                           Ratings List

                       Sonic Automotive Inc.

          Corp. credit rating                B+/Stable/--

                           New Ratings

           $210 mil. senior subordinated notes       B-
            Recovery rating                          6


SOUTH COAST: Fitch Downgrades Ratings on Six Classes of Notes
-------------------------------------------------------------
Fitch Ratings has downgraded six classes and affirmed three
classes of notes issued by South Coast Funding VII, Ltd., as a
result of continued credit deterioration in the portfolio since
Fitch's last rating action in August 2008.

The transaction entered an Event of Default on June 15, 2009, due
to failure to maintain an aggregate principal amount of Collateral
Debt Securities and Eligible Investments at least equal to 100% of
the aggregate principal amount of the outstanding class A notes
and class B notes.  On June 26, 2009, a majority of the class A-
1AN, A-1ANV, and A-1B (together class A-1) notes as the
controlling class directed the trustee to declare the principal of
all the notes to be immediately due and payable (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 $517.3 million.  Approximately 88.8%
of the portfolio has been downgraded since the last review.
Defaulted securities, as defined in the transaction's governing
documents, now comprise 63.1% of the portfolio, compared to 16.7%
at last review.  The downgrades to the portfolio have left
approximately 87.8% of the portfolio (including defaults) with a
Fitch derived rating below investment grade and 77.4% with a
rating in the 'CCC' rating category or lower, compared to 62.5%
and 32.6%, 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 24.85%, as compared to the 77.4%
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 B notes are
not receiving interest.  These classes are rated to the timely
receipt of interest and have defaulted on the payment of interest.
Therefore these classes have been downgraded to 'D'.

Prior to acceleration, the class D-1B notes were receiving timely
interest payments because the class D-1B interest was paid after
the class A-1 interest and before the class A-2 interest via a
euro-dollar currency swap.  However, after acceleration, the
payment priority of class D-1B moved to be paid subordinate to
class C.  Therefore, class D-1B is no longer receiving interest
distributions and has been downgraded to 'C' to indicate Fitch's
belief that default is inevitable at or prior to maturity.

The class D-1A and D-2 notes are also 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.

South Coast VII is a cash flow SF CDO that closed on May 25, 2005.
The portfolio is monitored by TCW Investment Management Company.
The portfolio is composed of residential mortgage-backed
securities (68%), commercial mortgage-backed securities (15.6%),
SF CDOs (7.9%), real estate investment trusts (6.2%), asset-backed
securities (1.3%), and other CDOs (1%).

Fitch has downgraded and affirmed these ratings as indicated:

  -- $21,359,546 class A-1AV notes downgraded to 'C' from 'B';
  -- $367,265,522 class A-1ANV notes downgraded to 'C' from 'B';
  -- $118,664 class A-1B notes downgraded to 'C' from 'B';
  -- $125,036,985 class A-2 notes downgraded to 'D' from 'CCC';
  -- $64,504,055 class B notes downgraded to 'D' from 'CC';
  -- $23,581,973 class C notes affirmed at 'C';
  -- $44,277,417 class D-1A notes affirmed at 'C';
  -- EUR 3,532,629 class D-1B notes downgraded to 'C' from 'CC';
  -- $5,802,971 class D-2 notes affirmed at 'C'.


SOUTH STREET: Fitch Downgrades Ratings on Three Classes
-------------------------------------------------------
Fitch Ratings has downgraded three classes of notes issued by
South Street CBO 1999-1 Ltd./Corp.

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

The downgrades are the result of missed interest payments on the
class A-2 and class A-2L (collectively, class A-2) notes, and on
the class A-3 notes at the last payment date in January 2010.
According to the indenture, failure to pay timely interest on any
of the class A-2, A-2L or A-3 notes constitutes a payment default
under the Event of Default language.

Additionally, the collateral coverage available in the transaction
will be insufficient to pay full principal on any of the notes at
maturity.  The current notional balance of the class A-2 notes is
approximately $42 million, compared to a performing collateral and
principal cash balance of only $7 million.

The portfolio also includes approximately $28 million par value of
defaulted bonds.  The projected recovery value of these assets,
based on current market prices, is less than $700,000.  South
Street CBO 1999-1 remains in an EOD due to the failure to maintain
all overcollateralization ratios at levels at least equal to 90%
of their required triggers.  The ongoing EOD prevents the
collateral manager from disposing of any defaulted assets.
Therefore, the issuer will not realize any value from the
defaulted assets until either their ultimate recovery or their
liquidation at the transaction's stated maturity in 2011, at which
time the bonds would be subject to market value risk.

Fitch projects that the class A-2 notes will suffer a principal
impairment at maturity.  The class A-3 notes may receive one more
interest payment, made from principal proceeds, after the two
performing bonds mature prior to the next payment date in July
2010.  No principal recovery is expected on the class A-3 notes.

Recovery Ratings are based on the total discounted future cash
flows of approximately $7 million projected to be available to
these bonds in a base-case default scenario.  These discounted
cash flows result in an ultimate recovery projection of 17% for
the class A-2 notes, which is representative of an 'RR5' on
Fitch's Recovery Rating scale.  Recovery Ratings are designed to
provide a forward-looking estimate of recoveries on currently
distressed or defaulted structured finance securities rated 'CCC'
or below.  For further detail on Recovery Ratings, please see
Fitch's report 'Global Surveillance Criteria for Corporate CDOs'.

South Street CBO 1999-1 is a cash flow collateralized debt
obligation that closed on June 3, 1999.  The portfolio of South
Street CBO 1999-1 was originally selected and monitored by
Columbia Management Advisors, LLC.  In connection with the
proposed sale of Columbia to Ameriprise Financial, Inc., Columbia
is soliciting noteholder consent to assign management duties to
RiverSource Investments LLC, a subsidiary of Ameriprise, in the
spring of 2010.

Fitch downgrades these classes:

  -- $25,038,718 class A-2 notes to 'D/RR5' from 'CC/RR5';
  -- $16,692,479 class A-2L notes to 'D/RR5' from 'CC/RR5';
  -- $45,500,000 class A-3 notes to 'D/RR6' from 'C/RR6'.


STRUCTURED REPACKAGED: S&P Cuts Rating on $38 Mil. Certs. to 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on
Structured Repackaged Asset Backed Trust Securities Trust For
Sprint Capital Corp. Securities Series 2004-2's $38 million class
A-1 certificates to 'BB-' from 'BB', and removed it from
CreditWatch with negative implications, where it was placed on
Nov. 19, 2009.

The rating on class A-1 is dependent solely on the rating on the
underlying security, Sprint Capital Corp.'s 6.875% notes due
Nov. 15, 2028 ('BB-').

The rating action reflects the March 4, 2010, lowering of the
rating on the underlying security to 'BB-' from 'BB', and its
removal from CreditWatch with negative implications.


SUMMIT CBO: Fitch Downgrades Rating on Class B Notes to 'D/RR6'
---------------------------------------------------------------
Fitch Ratings has downgraded and subsequently withdrawn the rating
on one class of notes issued by Summit CBO I, Ltd./Corp.

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

The downgrade is the result of a missed interest payment on the
class B notes at the May 2009 payment date.  Of the $627,000
interest payment that was due on these notes, only $145,000 was
paid due to a lack of available proceeds.  According to the
indenture, failure to pay timely interest on the class B notes
constitutes a payment default under the Event of Default language.

As of the Jan. 31, 2010 trustee report, there are no performing
assets remaining in the portfolio.  There are three defaulted
assets with a total notional amount of $20 million; however, these
assets are not expected to yield any recovery value.  The
approximately $500,000 in the expense account represents the only
cash available in the portfolio.  The recovery expectations on the
class B notes are minimal, and Fitch maintains its 'RR6' Recovery
Rating on the notes.

Recovery Ratings are designed to provide a forward-looking
estimate of recoveries on currently distressed or defaulted
structured finance securities rated 'CCC' or below.  For further
detail on Recovery Ratings, please see Fitch's report 'Global
Surveillance Criteria for Corporate CDOs'.

Summit CBO I is a cash flow collateralized debt obligation that
closed on April 23, 1999.  The portfolio of Summit CBO I was
originally selected and monitored by Summit Investment Partners.
The transaction's final maturity date is May 23, 2011.

Fitch has downgraded and subsequently withdrawn the rating for
this class:

  -- $30,779,832 class B notes to 'D/RR6' from 'C/RR6'.


TIMBERSTAR TRUST: Moody's Downgrades Ratings on Various Certs.
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of
certificates issued by TimberStar Trust I, a securitization of
approximately 900,000 acres of timberlands located in Louisiana,
Texas and Arkansas.  In February 2008, iStar Financial sold the
timberlands to investor-clients of the Hancock Timber Resource
Group for $1.7 billion, including the assumption of debt.  HTRG
manages the land on behalf of its investor-clients.  The complete
rating actions are:

Issuer: TimberStar Trust I, Series 2006-1

  -- Cl. A, downgraded to Aa1 from Aaa; previously on Oct 15, 2009
     Aaa, placed under review for possible downgrade

  -- Cl. B, downgraded to Aa3 from Aa2; previously on Oct 15, 2009
     Aa2, placed under review for possible downgrade

  -- Cl. C, downgraded A3 from A2; previously on Oct 15, 2009 A2,
     placed under review for possible downgrade

  -- Cl. D, downgraded to Baa3 from Baa2; previously on Oct 15,
     2009 Baa2, placed under review for possible downgrade

  -- Cl. E, downgraded to Ba1 from Baa3; previously on Oct 15,
     2009 Baa3, placed under review for possible downgrade

  -- Cl. F, downgraded to B1 from Ba2; previously on Oct 15, 2009
     Ba2, placed under review for possible downgrade

The rating actions are prompted by the uncertainties regarding the
future cash flow from timber and pulp sales generated by the
timberlands, the future value of the underlying timberlands and
the ability to liquidate them, if necessary, to repay the
certificates.

The weakened economy along with the slump in the construction and
packaging industries has reduced the demand for saw timber and
pulpwood.  While some rebound is expected as the economy recovers,
the extent and timing is highly uncertain.  The decline in demand
and lower prices has affected the valuation of the timberland
collateral in this transaction.  Lower valuations mean a higher
loan-to-value ratio resulting in a reduction in the amount of
credit enhancement supporting the certificates.  In addition, the
market for timberland, especially large tracts, is relatively thin
and could be quite volatile, given the economic weakness and the
likely difficulty for the potential buyers to obtain financing.

Furthermore, as a result of weakened timber prices, Hancock has
been harvesting a minimal amount of wood in anticipation of a
price rebound.  Consequently, it has not been generating
sufficient timber revenue to make the required interest and fee
payments, making up the difference with proceeds from land sales
and and cash reserves retained by the business.  Reliance on land
sales was not contemplated as a major source of support of cash
flow for the transaction in the initial rating analysis.  While
this can be seen as savvy management in light of economic events,
it is unlikely that it can be sustained in the case of a prolonged
economic slump, adding to the uncertainty surrounding the deal's
performance.

Moody's has developed a monitoring cash flow model for the
transaction.  Monte Carlo simulation was performed using
statistical distributions for some of the key variables such as
the annual timber harvest volume, timber prices and operating
expenses.  Each of the variables were randomized and boundaries
established to capture a range of likely outcomes by stressing
TimberStar's historical experience.  Various projections of timber
stumpage prices based on several different economic recovery
scenarios were modeled as well.  The value of the timberland was
estimated using the present value of the simulated cash flows and
used to calculate the LTV ratio for each class of bond
outstanding.

The simulated cash flows were also used to make all required
payments per the priority of payments, including interest and
principal payments due on the certificates.  A resulting loss of
yield to investors, if any, was calculated.  The yield reduction
as well as the LTV calculations was used to determine the ratings.


TRAINER WORTHAM: Fitch Downgrades Ratings on Three Classes
----------------------------------------------------------
Fitch Ratings has downgraded three and affirmed two classes of
notes issued by Trainer Wortham First Republic CBO V, Ltd./Corp.
as a result of continued credit deterioration in the portfolio
since Fitch's last rating action in February 2009.

As of the Feb. 1, 2010 trustee report, the current balance of the
portfolio is approximately $227 million.  Approximately 64.5% of
the portfolio has been downgraded since February 2009, resulting
in 59.7% of the portfolio with a Fitch derived rating below
investment grade and 44.3% with a rating in the 'CCC' rating
category or below, compared to 43.8% and 23.1%, respectively, at
last review.

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

The Feb. 1, 2010 trustee report shows that $81.5 million, or
35.9%, of the portfolio is considered defaulted by the
transaction's governing documents, leaving $146.7 million of non-
defaulted assets.  Expected recoveries on the defaulted portion of
the portfolio are low resulting in the class A-1 notes being
undercollateralized.  While there is excess spread being used
toward principal repayment, the class A-1 notes are not expected
to be paid in full by maturity.

The class A-2 and B notes are currently receiving their accrued
interest distributions; however, based on the credit quality of
the portfolio, the class A-2 and class B notes are not expected to
receive any principal repayment.  The classes C and D notes are no
longer receiving interest distributions due to the class A/B
overcollateralization test failure and are not expected to receive
any payments going forward.

Trainer Wortham V is a structured finance collateralized debt
obligation that closed on Nov.  30, 2004 and is managed by Trainer
Wortham & Co. Inc. The portfolio is composed of residential
mortgage-backed securities (81.6%), SF CDOs (9.2%), commercial
mortgage-backed securities (6.5%), and commercial and consumer
asset-backed securities (2.7%).

Fitch has taken these rating actions on Trainer Wortham V:

  -- $157,118,903 class A-1 notes downgraded to 'C' from 'BB';
  -- $34,000,000 class A-2 notes downgraded to 'C' from 'CCC';
  -- $28,000,000 class B notes downgraded to 'C' from 'CC';
  -- $10,401,857 class C notes affirmed at 'C';
  -- $11,049,067 class D notes affirmed at 'C'.


WIREFREE PARTNERS: S&P Cuts Rating on $138.5 Mil. Notes to 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Wirefree
Partners III LLC's $138.5 million personal communication services
spectrum lease-backed notes series 2005-1 due 2019 to 'BB-' from
'BB/Watch Neg' and removed it from CreditWatch with negative
implications.

S&P's rating on the series 2005-1 notes reflects the credit
quality of the two lessees, WirelessCo L.P. and SprintCom Inc.,
both of which are wholly owned subsidiaries of Sprint Nextel Corp.

The rating action follows Standard & Poor's March 4, 2010,
lowering of the rating on Sprint Nextel Corp.

Through the November 2009 annual distribution date, the Wirefree
transaction had paid down the notes according to its scheduled
principal distribution amounts.  The current outstanding note
balance is $105,410.  Distribution of the $11,128,439 annual
principal payment for 2010 is scheduled for Nov. 17, 2010.

       Rating Lowered And Removed From Creditwatch Negative

                    Wirefree Partners III LLC
  $138.5 million PCS spectrum lease-backed notes series 2005-1

                              Rating
                              ------
             Class       To              From
             -----       --              ----
             Notes       BB-             BB/Watch Neg


ZIONS FIRST: Moody's Withdraws Rating on Lockhart's ABCP Program
-----------------------------------------------------------------
At the issuer's request, Moody's has withdrawn the Not Prime
rating of the ABCP issued by Lockhart Funding LLC, a partially
supported, Sec. Arbitrage ABCP program administered by Zions First
National Bank (Ba2/NP/D-).  As of September 15, 2009, all
outstanding ABCP had been repaid in full.  There will be no
further issuance under this program.

Complete rating action is:

Issuer: Lockhart Funding LLC

  -- US CP, Withdrawn; previously on Apr 21, 2009 Downgraded to NP


* Fitch Affirms Ratings From Various Future Flow Issues
-------------------------------------------------------
Following the release of the Future Flow Securitization Rating
Criteria update, Fitch Ratings has affirmed several future flow
issues and upgraded one issue.  In general, Fitch's Latin American
future flow ratings are performing as expected and the new
criteria does not have a significant impact on the current
ratings.  The Stable Outlooks in many cases reflect the strength
of the future flow asset class, which involve the securitization
of hard-currency receivables generated, for example, through
export and trade flows or international credit card vouchers.

The majority of originators were assigned internal GCA scores of
GC1 which state the 'continued business operation is almost
certain or very likely, with only a minor element of doubt
present'.  These GCA scores have been newly introduced into
Fitch's criteria as a measure of performance risk.  The majority
of these future flow transactions within Fitch's Latin American
portfolio are related to top tier banks and corporations within
their respective countries.

As mentioned in the Future Flow Criteria, the maximum uplift for
investment grade entities is no more than 2 to 3 notches from the
Issuer Default Rating of the originator.  Fitch will make larger
differentiations for non-investment grade originators.
Furthermore, Fitch believes it would be difficult to assign future
flow ratings higher than the single-A category.  Fitch believes
the risk of the underlying corporate default and the future flow
transaction default would eventually converge in an emerging
market and there are very few originators rated higher than
single-A category within these countries.

Fitch affirms these issue ratings:

PF Export Receivables Master Trust (Petrobras)

  -- Series 2003-A at 'BBB+'; Outlook Stable;
  -- Series 2003-B at 'BBB+'; Outlook Stable.

CSN Export Master Trust

  -- Series 2004-1 at 'BBB'; Outlook Negative;
  -- Series 2005-1 at 'BBB'; Outlook Negative.

Pemex Finance Ltd.

  -- Series 1998 6.30% Notes due 2010 at 'A'; Outlook Stable;

  -- Series 1998 9.15% Notes due 2018 at 'A'; Outlook Stable;

  -- Series 1999 8.88% Notes due 2010 at 'A'; Outlook Stable;

  -- Series 1999 7.33% Notes due 2012 at 'A'; Outlook Stable;

  -- Series 1999 10.61% Notes due 2017 at 'A'; Outlook Stable;

  -- Series 1999 LIBOR+ 3.50% notes due 2014 at 'A'; Outlook
     Stable;

  -- Series 1999 LIBOR+ 3.25% notes due 2014 at 'A'; Outlook
     Stable;

  -- Series 2000 9.03% notes due 2011 at 'A'; Outlook Stable;

  -- Series 2000 7.80% notes due 2013 at 'A'; Outlook Stable.

CCR Inc. Mt-100 Payments Rights Master Trust (Banco de Credito del
Peru)

  -- Series 2008-A at 'A-'; Outlook Stable;
  -- Series 2008-B at 'A-'; Outlook Stable.

Continental DPR Finance Company (BBVA-Banco Continental)

  -- Series 2008-A at 'A'; Outlook Stable.

Salvadoreno DPR Funding Ltd.

  -- Series 2004-2 at 'BBB+'; Outlook Stable;
  -- Series 2004-1 A&R at 'BBB+'; Outlook Stable.

Brazil Foreign Diversified Payment Rights Finance Co. (Banco
Santander S.A.)

  -- Series 2004-1 at 'A'; Outlook Stable;
  -- Series 2008-1 at 'A'; Outlook Stable;
  -- Series 2008-2 at 'A'; Outlook Stable;
  -- Series 2009-1 at 'A'; Outlook Stable;
  -- Series 2009-2 at 'A'; Outlook Stable.

Jamaica Diversified Payment Rights Company (NCB)

  -- Series 2006-1 at 'BB'; Outlook Stable;
  -- Series 2007-1 at 'BB'; Outlook Stable;

Brazilian Merchant Voucher Receivables Ltd. (Visanet)

  -- Series 2003-1 at 'A-'; Outlook Stable;
  -- Series 2003-2 at 'A-'; Outlook Stable.

According to the Future Flow Securitization Rating Criteria,
ratings of future flow transactions are tied to the IDR of the
originator.  Nonetheless, to rate the Visanet program Fitch takes
into consideration the ratings of the two related banks (Banco do
Brasil and Banco Bradesco) and not the rating of the direct
originator, Visanet.

The Outlook for the NCB DPR program was revised to Stable from
Negative following the upgrade and return to Stable Outlook of the
sovereign ratings of Jamaica and the National Commercial Bank
Jamaica after the successful outcome of the domestic debt
exchange.

Additionally, Fitch has upgraded and removed from Rating Watch
Positive this rating:

Banistmo Credit Card Receivables Master Trust (Banco del Istmo)

  -- Series 2004 to 'A' from 'A-'; Outlook Stable.

This upgrade is not directly related to the new criteria, rather
it is related to the continued positive performance of the trust
and the strengthening of the underlying collateral.  The ratings
of the program were placed on Rating Watch Positive in May 2009
reflecting a potential upgrade pending the final completion of an
ongoing merger between Primer Banco del Istmo (Banistmo) and HSBC
Bank Panama (HPBA).  This merger was finalized in October 2009.
The addition to the Trust of MasterCard and Visa receivables
generated from HPBA's pre-merger merchant relationships has
increased the average monthly receivables flows approximately 70%
as compared to Banistmo's pre-merger average monthly receivables
flows.  This has also increased the Trust's monthly debt-service
coverage levels by 70% to 80%.


* Moody's Downgrades Ratings on 11 Tranches From Four CDOs
----------------------------------------------------------
Moody's has downgraded 11 tranches and left on review for possible
downgrade 7 tranches across four Trust Preferred CDOs.  These
rating actions are mainly driven by the actual, or very high
likelihood of, payment default on the senior tranches of each
transaction due to failure to pay interest when due on these
tranches.  In determining the ratings, Moody's relied primarily on
the rating methodology for structured finance securities in
default published in November 2009.

The failure to pay is the consequence of large imbalanced fixed-
float interest rate swaps and larger than anticipated par loss in
their collateral portfolios since November 2009, that results in
diversion of the cash proceeds to pay the hedge counterparty.  The
pools of assets that collateralize these transactions are composed
of trust preferred or subordinated debt issued by real estate
investment trusts, real estate operating companies, homebuilders,
commercial mortgage backed securities, and real estate related
loans which are currently underperforming.

Moody's notes that all of these transactions have declared an
Event of Default due to failure to pay interest to non-pikable
tranches with the exception of Attentus CDO II, Ltd., which
declared an Event of Default due to the failure of the Class A
Overcollateralization Test.  As a result of par loss, the coverage
tests on these transactions continue to deteriorate.  Furthermore,
the transactions are negatively impacted by a large pay-fixed,
receive-floating interest rate swap where payments to the hedge
counterparty are absorbing much of the excess spreads in the deal.
Such significant payments have dramatically decreased or exhausted
interest proceeds available to pay down interest on the senior
notes through the waterfall.  Moody's anticipates that the burden
of making payments to the hedge counterparty over the remaining
life of the hedge schedule will significantly reduce the amount of
cash available to pay senior notes and put the ultimate payments
of principal on these notes at significant risk.

Most of the notes in the affected transactions were placed on
watch for possible downgrade in November 2009 as a result of the
continued weak economic conditions in the real estate sector,
increased expectations of asset defaults and interest deferrals,
and reduced recovery prospects for mortgage REITs and
homebuilders.  Since then, the credit fundamentals for the REITs
sector continue to be challenged and Moody's expects that it will
remain so at least for the remainder of the year.

Moody's says that it has kept the ratings on seven tranches under
review for possible downgrade pending further review of the
underlying assets in the collateral pools which will be completed
in the coming weeks.

Moody's notes that the documents of the Taberna Preferred Funding
III, Ltd.  transaction provide that the outstanding balance of
Class A-1A Notes may increase above the original outstanding rated
balance of $188,000,000 in an amount equal to the level at which
the Class A-1B Note Commitment is funded.  Upon an increase in the
A-1A Note outstanding balance, the outstanding principal of the
Class A-1B Commitment will concurrently be reduced by the same
amount.

The rating action is:

Attentus CDO II, Ltd.

  -- US$60,000,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes Due 2041 (current outstanding balance of:
     $60,496,483.46), Downgraded to Ca; previously on November 19,
     2009 B3 Placed Under Review for Possible Downgrade;

  -- US$55,000,000 Class A-3A Third Priority Senior Secured
     Floating Rate Notes Due 2041 (current outstanding balance of:
     $55,489,159.27), Downgraded to C; previously on November 19,
     2009 Caa2 Placed Under Review for Possible Downgrade;

  -- US$5,000,000 Class A-3B Third Priority Senior Secured
     Floating Rate Notes Due 2041 (current outstanding balance of:
     $5,222,132.72), Downgraded to C; previously on
     November 19, 2009 Caa2 Placed Under Review for Possible
     Downgrade.

Taberna Preferred Funding III, Ltd.

  -- US$188,500,000 Class A-1A First Priority Senior Secured
     Floating Rate Notes Due 2036 (current outstanding balance of
     $369,273,589), Downgraded to B1 and Remains On Review for
     Possible Downgrade; previously on November 19, 2009 Ba1
     Placed Under Review for Possible Downgrade;

  -- US$210,000,000 Class A-lB First Priority Delayed Draw
     Senior Secured Floating Rate Notes Due 2036 (current
     outstanding balance of $0), Downgraded to B1 and Remains On
     Review for Possible Downgrade; previously on November 19,
     2009 Ba1 Placed Under Review for Possible Downgrade;

  -- US$10,000,000 Class A-1C First Priority Senior Secured
     Fixed/Floating Rate Notes Due 2036 (current outstanding
     balance of $9,266,589), Downgraded to B1 and Remains On
     Review for Possible Downgrade; previously on November 19,
     2009 Ba1 Placed Under Review for Possible Downgrade;

  -- US$ 38,500,000 Class A-2A Second Priority Senior Secured
     Floating Rate Notes Due 2036, Downgraded to Caa2 and Placed
     Under Review for Possible Downgrade; previously on April 9,
     2009 Downgraded to B3.

Taberna Preferred Funding IV, LTD.

  -- Class A-1 (current outstanding balance of: $292,363,212.09),
     Downgraded to B3 and Remains On Review for Possible
     Downgrade; previously on November 19, 2009 Ba1 Placed Under
     Review for Possible Downgrade.

Taberna Preferred Funding VI, Ltd.

  -- US$50,000,000 Class A-1A Notes (current outstanding
     balance of $42,472,082.77), Downgraded to B3 and Remains On
     Review for Possible Downgrade; previously on November 19,
     2009 Ba2 Placed Under Review for Possible Downgrade;

  -- US$305,000,000 Class A-1B Notes (current outstanding
     balance of $259,079,704.98), Downgraded to B3 and Remains On
     Review for Possible Downgrade; previously on November 19,
     2009 Ba2 Placed Under Review for Possible Downgrade;

  -- US$90,000,000 Class A-2 Notes (current outstanding balance
     of $90,402,946.82), Downgraded to Ca; previously on April 9,
     2009 Downgraded to Caa2.


* S&P Downgrades Ratings on 22 Classes of Notes to 'D'
------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D' on
22 classes of notes from four cash flow collateralized debt
obligation of asset-backed securities transactions.

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

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

                         Ratings Lowered

                                                 Rating
                                                 ------
     Transaction                     Class     To       From
     -----------                     -----     --       ----
     Nassau CDO I Ltd.               A-1A      D        CC
     Nassau CDO I Ltd.               A-1B      D        CC
     Nassau CDO I Ltd.               A-2       D        CC
     Nassau CDO I Ltd.               A-3       D        CC
     Nassau CDO I Ltd.               B         D        CC
     Nassau CDO I Ltd.               C         D        CC
     Nassau CDO I Ltd.               D         D        CC
     Klio III Funding Ltd.           ABCP      D        CCC-
     Klio III Funding Ltd.           A-1       D        CC
     Klio III Funding Ltd.           A-2       D        CC
     Klio III Funding Ltd.           B         D        CC
     Klio III Funding Ltd.           C         D        CC
     Klio III Funding Ltd.       Pref Shrs     D        CC
     McKinley II Funding Ltd.        A-1       D        CC
     McKinley II Funding Ltd.        A-2       D        CC
     McKinley II Funding Ltd.        B         D        CC
     McKinley II Funding Ltd.        Q         D        CC
     Zenith Funding Ltd.             F         D        CC
     Zenith Funding Ltd.             A-1       D        CC
     Zenith Funding Ltd.             A-2       D        CC
     Zenith Funding Ltd.             B         D        CC
     Zenith Funding Ltd.             C         D        CC


* S&P Downgrades Ratings on 25 Classes From Eight RMBS Deals
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 25
classes from eight residential mortgage-backed securities
transactions backed by U.S. prime jumbo mortgage loan collateral
issued in 2003-2004.  In addition, S&P affirmed its ratings on 157
classes from the downgraded transactions and six other
transactions and removed two of the affirmed ratings from
CreditWatch with negative implications.

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

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 the
class can withstand the base-case loss assumptions S&P uses in its
analysis.  To maintain an 'AAA' rating, S&P assessed 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 assessed
whether the class can withstand losses exceeding the base-case
loss assumptions at a percentage specific to each rating category,
up to 235% for a 'AAA' rating.  For example, S&P would assess
whether one class could withstand approximately 130% of its base-
case loss assumptions to maintain a 'BB' rating, while S&P would
assess whether a different class could withstand approximately
155% of S&P's base-case loss assumptions to maintain a 'BBB'
rating.

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

          American Home Mortgage Investment Trust 2004-1
                        Series      2004-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        II-M-1     02660TAK9     BB                   BBB
        IV-M-1     02660TAS2     BB-                  AA
        II-M-2     02660TAL7     CCC                  B
        III-M-2    02660TAQ6     CCC                  A
        IV-M-2     02660TAT0     B-                   BB
        I-M-3      02660TAH6     CCC                  BBB

                     Charlie Mac Trust 2004-1
                        Series      2004-1


                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-4        160762AS9     B                    BB
        B-5        160762AT7     CCC                  B

                Citicorp Mortgage Securities Inc.
                       Series      2003-3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-5        172973LZ0     AAA                  AAA/Watch Neg
   A-20       172973MQ9     AAA                  AAA/Watch Neg

          MASTR Adjustable Rate Mortgages Trust 2003-1
                       Series      2003-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        576433CQ7     BB                   AA+
        B-2        576433CR5     CCC                  AA
        B-3        576433CS3     CC                   A-

             MASTR Asset Securitization Trust 2003-1
                        Series      2003-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        15-B-3     55265KRG6     BBB                  A+
        15-B-4     55265KPN3     B                    BBB
        15-B-5     55265KPP8     CC                   BB

             MASTR Asset Securitization Trust 2004-4
                       Series      2004-4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-4        57643MBA1     CC                   BB
        B-5        57643MBB9     CC                   B

            Morgan Stanley Mortgage Loan Trust 2004-3
                       Series      2004-3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        61745MA94     CCC                  BBB
        B-4        61745MB44     CC                   B

                  Sequoia Mortgage Trust 2004-12
                       Series      2004-12

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        81744FGG6     B                    A+
        B-3        81744FGH4     CCC                  BBB+
        B-4        81744FGJ0     CC                   B
        B-5        81744FGK7     CC                   CCC

     Structured Asset Securities Corporation Assistance Loan
                         Trust 2003-AL1
                      Series      2003-AL1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B2         86359AMJ9     BBB+                 A
        B3         86359AMK6     B                    BBB
        B4         86359AML4     CC                   B

                        Ratings Affirmed

                     ABN AMRO Mortgage Corp.
                       Series      2003-2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  IA-1       000780BF2     AAA
                  IA-2       000780BG0     AAA
                  IA-3       000780BH8     AAA
                  IA-4       000780BJ4     AAA
                  IIA-1      000780BK1     AAA
                  IIA-2      000780BL9     AAA
                  A-P        000780BM7     AAA
                  A-X        000780BN5     AAA
                  M          000780BP0     AA+
                  B-1        000780BQ8     AA
                  B-2        000780BR6     A-
                  B-3        000780BT2     BBB+
                  B-4        000780BU9     BB-

          American Home Mortgage Investment Trust 2004-1
                        Series      2004-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A        02660TAE3     AAA
                  II-A       02660TAJ2     AAA
                  III-A      02660TAN3     AAA
                  IV-A       02660TAR4     AAA
                  I-M-1      02660TAF0     AA
                  III-M-1    02660TAP8     AA
                  I-M-2      02660TAG8     A
                  II-M-3     02660TAM5     CCC
                  IV-M-3     02660TAU7     CCC

                     Charlie Mac Trust 2004-1
                        Series      2004-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        160762AA8     AAA
                  A-2        160762AB6     AAA
                  A-3        160762AC4     AAA
                  A-4        160762AD2     AAA
                  A-5        160762AE0     AAA
                  A-6        160762AF7     AAA
                  A-7        160762AG5     AAA
                  A-8        160762AH3     AAA
                  A-9        160762AJ9     AAA
                  PO         160762AK6     AAA
                  B-1        160762AP5     AA
                  B-2        160762AQ3     A
                  B-3        160762AR1     BBB

              CHL Mortgage Pass-Through Trust 2002-31
                       Series      2002-31

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        12669DLR7     AAA
                  A-2        12669DLS5     AAA
                  A-13       12669DMD7     AAA
                  PO         12669DMF2     AAA
                  M          12669DMH8     AAA
                  B-1        12669DMJ4     AAA
                  B-2        12669DMK1     AA

                 Citicorp Mortgage Securities Inc.
                        Series      2003-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-4        172973GL7     AAA
                  A-65       172973JZ3     AAA
                  B-1        172973KB4     AAA
                  B-2        172973KC2     AA+
                  B-3        172973KD0     AA

                 Citicorp Mortgage Securities Inc.
                        Series      2003-3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        172973LV9     AAA
                  A-2        172973LW7     AAA
                  A-6        172973MA4     AAA
                  A-7        172973MB2     AAA
                  A-8        172973MC0     AAA
                  A-26       172973MW6     AAA
                  A-PO       172973NF2     AAA

           MASTR Adjustable Rate Mortgages Trust 2003-1
                        Series      2003-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  2-A-1      576433DA1     AAA
                  2-A-2      576433DC7     AAA
                  2-A-3      576433DD5     AAA
                  2-A-IO     576433CK0     AAA
                  3-A-1      576433CL8     AAA
                  3-A-IO     576433CM6     AAA
                  4-A-1      576433CT1     AAA
                  4-M-1      576433CU8     AAA

             MASTR Asset Securitization Trust 2003-1
                        Series      2003-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      55265KPU7     AAA
                  2-A-12     55265KQG7     AAA
                  2-A-13     55265KQH5     AAA
                  2-A-14     55265KQJ1     AAA
                  2-A-15     55265KQK8     AAA
                  2-A-16     55265KQL6     AAA
                  2-A-17     55265KQM4     AAA
                  2-A-18     55265KQN2     AAA
                  3-A-1      55265KQT9     AAA
                  3-A-2      55265KQU6     AAA
                  3-A-4      55265KQW2     AAA
                  3-A-5      55265KQX0     AAA
                  3-A-6      55265KQY8     AAA
                  3-A-7      55265KQZ5     AAA
                  PO         55265KRA9     AAA
                  15-A-X     55265KRB7     AAA
                  30-A-X     55265KRC5     AAA
                  15-B-1     55265KRE1     AAA
                  15-B-2     55265KRF8     AA+
                  30-B-1     55265KRH4     AAA
                  30-B-2     55265KRJ0     AA+
                  30-B-3     55265KRK7     AA-
                  30-B-4     55265KPR4     A-
                  30-B-5     55265KPS2     B+

              MASTR Asset Securitization Trust 2004-4
                        Series      2004-4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      57643MAD6     AAA
                  1-A-2      57643MAE4     AAA
                  1-A-3      57643MAF1     AAA
                  1-A-4      57643MBD5     AAA
                  1-A-5      57643MBE3     AAA
                  1-A-6      57643MAG9     AAA
                  1-A-7      57643MAH7     AAA
                  1-A-8      57643MAJ3     AAA
                  2-A-1      57643MAK0     AAA
                  2-A-2      57643MAL8     AAA
                  2-A-3      57643MAM6     AAA
                  2-A-4      57643MAN4     AAA
                  2-A-5      57643MAP9     AAA
                  2-A-6      57643MAQ7     AAA
                  2-A-7      57643MBF0     AAA
                  2-A-8      57643MBG8     AAA
                  3-A-1      57643MAR5     AAA
                  PO         57643MAS3     AAA
                  15-A-X     57643MAT1     AAA
                  30-A-X     57643MAU8     AAA

            Morgan Stanley Mortgage Loan Trust 2004-3
                        Series      2004-3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A        61745MZS5     AAA
                  1-A-X      61745MZT3     AAA
                  1-A-P      61745MZU0     AAA
                  2-A-1      61745MZV8     AAA
                  2-A-2      61745MZW6     AAA
                  2-A-3      61745MZX4     AAA
                  2-A-4      61745MZY2     AAA
                  2-A-5      61745MZZ9     AAA
                  2-A-6      61745MA29     AAA
                  2-A-7      61745MA37     AAA
                  3-A        61745MA45     AAA
                  4-A        61745MA52     AAA
                  C-A-X      61745MB28     AAA
                  C-A-P      61745MA60     AAA
                  B-1        61745MA78     AA
                  B-2        61745MA86     A

                  Sequoia Mortgage Trust 2004-12
                       Series      2004-12

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        81744FFY8     AAA
                  A-2        81744FFZ5     AAA
                  X-A1       81744FGB7     AAA
                  X-B        81744FGD3     AAA
                  A-3        81744FGA9     AAA
                  X-A2       81744FGC5     AAA
                  B-1        81744FGF8     AA+

  Structured Asset Securities Corporation Assistance Loan Trust
                       Series      2003-AL1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          86359AME0     AAA
                  APO        86359AMG5     AAA
                  AIO        86359AMF7     AAA
                  B1         86359AMH3     AA

     Washington Mutual MSC Mortgage Pass-Through Certificates
                       Series      2003-MS7

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-10       939336TQ6     AAA
                  A-11       939336TR4     AAA
                  A-12       939336TS2     AAA
                  A-13       939336TT0     AAA
                  A-14       939336TU7     AAA
                  A-15       939336TV5     AAA
                  X          939336TW3     AAA
                  P          939336TX1     AAA
                  B-1        939336TY9     AAA
                  B-2        939336TZ6     AA
                  B-3        939336UA9     A
                  B-4        939336UX9     BBB
                  B-5        939336UY7     BB-

       Wells Fargo Mortgage Backed Securities 2002-18 Trust
                       Series      2002-18

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A-1      949784AA0     AAA
                  I-A-17     949784AS1     AAA
                  II-A-4     949784AY8     AAA
                  II-A-5     949784AZ5     AAA
                  II-A-WIO   949784BP6     AAA
                  A-PO       949784BQ4     AAA
                  B-1        949784BR2     AAA
                  B-2        949784BS0     AAA
                  B-3        949784BT8     AA+


* S&P Downgrades Ratings on 28 Tranches From Six CLO Transactions
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 28
tranches from six U.S. collateralized loan obligation transactions
and removed them from CreditWatch with negative implications.  The
affected tranches have a total issuance amount of $1.151 billion.
At the same time, S&P affirmed its ratings on six tranches from
four 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 four transactions resulted
from S&P's application of the largest-obligor default test, which
is one of the supplemental stress tests S&P introduced as part of
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
new CDO criteria.  To provide additional transparency into the
assumptions used in the analysis, S&P is providing the tiered
recovery rate assumed for the cash flows generated for the 'AAA'
liability rating for each transaction.

         Tiered Recovery Rate For 'AAA' Liability Rating

         Transaction                    Recovery rate (%)
         -----------                    -----------------
         Fortress Credit Funding I LP   43.2
         Madison Park Funding VI, Ltd.  41.3
         Sands Point Funding Ltd        38.9
         Veritas CLO I, Ltd.            44.4
         Victoria Falls CLO Ltd.        42.5
         WhiteHorse I Ltd.              44.5

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

                          Rating Actions

                                             Rating
                                             ------
Transaction                    Class       To     From
-----------                    -----       --     ----
Fortress Credit Funding I LP   A-1         AAA    AAA/Watch Neg
Fortress Credit Funding I LP   A-2         AAA    AAA/Watch Neg
Fortress Credit Funding I LP   A-3         AA     AA/Watch Neg
Fortress Credit Funding I LP   B           BBB+   A/Watch Neg
Madison Park Funding VI, Ltd.  A-1         AAA    AAA/Watch Neg
Madison Park Funding VI, Ltd.  A-2         AA-    AAA/Watch Neg
Madison Park Funding VI, Ltd.  B           A+     AA/Watch Neg
Madison Park Funding VI, Ltd.  C           BBB+   A/Watch Neg
Madison Park Funding VI, Ltd.  D           BB+    BBB/Watch Neg
Madison Park Funding VI, Ltd.  E           B+     BB/Watch Neg
Sands Point Funding Ltd        A-1         AA+    AAA/Watch Neg
Sands Point Funding Ltd        A-2 LossTh  AA+    AAA/Watch Neg
Sands Point Funding Ltd        A-3         AA+    AAA/Watch Neg
Sands Point Funding Ltd        B           A+     AA/Watch Neg
Sands Point Funding Ltd        C Deferrab  BBB+   A/Watch Neg
Sands Point Funding Ltd        D Deferrab  BB+    BBB/Watch Neg
Veritas CLO I, Ltd.            A           AA+    AAA/Watch Neg
Veritas CLO I, Ltd.            B           A+     AA/Watch Neg
Veritas CLO I, Ltd.            C           BBB+   A/Watch Neg
Veritas CLO I, Ltd.            D           B+     BBB/Watch Neg
Veritas CLO I, Ltd.            E           CCC-   BB/Watch Neg
Victoria Falls CLO Ltd.        A-1A        AAA    AAA/Watch Neg
Victoria Falls CLO Ltd.        A-1B        A+     AAA/Watch Neg
Victoria Falls CLO Ltd.        A-2         A+     AAA/Watch Neg
Victoria Falls CLO Ltd.        A-3         A+     AAA/Watch Neg
Victoria Falls CLO Ltd.        B-1         A-     AA/Watch Neg
Victoria Falls CLO Ltd.        B-2         A-     AA/Watch Neg
Victoria Falls CLO Ltd.        C Def       BB+    A-/Watch Neg
Victoria Falls CLO Ltd.        D Def       CCC-   BB+/Watch Neg
WhiteHorse I Ltd.              A-1LA       AAA    AAA/Watch Neg
WhiteHorse I Ltd.              A-1LB       AA+    AAA/Watch Neg
WhiteHorse I Ltd.              A-2L        A      AA/Watch Neg
WhiteHorse I Ltd.              A-3L        BBB-   A-/Watch Neg
WhiteHorse I Ltd.              B-1L        B+     BBB+/Watch Neg


* S&P Downgrades Ratings on 35 Tranches From 14 Hybrid CDO Deals
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 35
tranches from 14 U.S. cash flow and hybrid collateralized debt
obligation transactions.  At the same time, S&P removed 16 of the
lowered ratings from CreditWatch with negative implications.
Additionally, S&P placed three of the lowered ratings on
CreditWatch negative, and its ratings on 10 of the downgraded
tranches remain on CreditWatch negative, indicating a significant
likelihood of further downgrades.  S&P also affirmed its ratings
on 36 other tranches.  Lastly, S&P withdrew its rating on one
tranche from Porter Square CDO I Ltd. following its complete
paydown.

The CDO downgrades reflect a number of factors, including credit
deterioration and S&P's negative rating actions on underlying U.S.
subprime residential mortgage-backed securities.  S&P's
CreditWatch placements primarily affect transactions for which a
significant portion of the collateral assets currently have
ratings on CreditWatch with negative implications or that have
significant exposure to assets rated in the 'CCC' category.

The 35 downgraded U.S. cash flow and hybrid tranches have a total
issuance amount of $5.994 billion.  Eight of the 14 affected
transactions are mezzanine structured finance CDOs of asset-backed
securities, which are collateralized in large part by mezzanine
tranches of RMBS and other SF securities.  Five of the 14 are
high-grade SF CDOs of ABS that were collateralized at origination
primarily by 'AAA' through 'A' rated tranches of RMBS and other SF
securities.  The other transaction is a CDO of CDOs that was
collateralized at origination primarily by notes from other CDOs,
as well as by tranches from RMBS and other SF transactions.

The affirmations reflect current credit support levels that S&P
believes are sufficient to maintain the current ratings.

Standard & Poor's will continue to monitor the CDO transactions it
rates and take rating actions, including CreditWatch placements,
when appropriate.

                          Rating Actions

                                        Rating
                                        ------
Transaction            Class      To             From
-----------            -----      --             ----
Adirondack 2005-2      A-1LT-a    B-/Watch Neg   A-/Watch Neg
Adirondack 2005-2      A-1LT-b    B-/Watch Neg   A-/Watch Neg
Adirondack 2005-2      A-2        CCC-/Watch Neg BBB-/Watch Neg
Adirondack 2005-2      B          CCC-/Watch Neg B/Watch Neg
Adirondack 2005-2      C          CC             CCC-/Watch Neg
Bernoulli High Grade CDO I
                        A-1A       CC             BB-/Watch Neg
Bernoulli High Grade CDO I
                        A-1B       B/Watch Neg    BB/Watch Neg
Capella Funding        1          BB/Watch Neg   BB+
Cascade Funding CDO I Ltd
                        A-1        B/Watch Neg    BBB/Watch Neg
GSC ABS CDO 2005-1 Ltd
                        A1S        CC             CCC-/Watch Neg
Inman Square Funding I
                        I          BBB-/Watch Neg AAA
Inman Square Funding I
                        II-FL      CC             BB+/Watch Neg
Inman Square Funding I
                        II-FX      CC             BB+/Watch Neg
Inman Square Funding I
                        III        CC             CCC/Watch Neg
Ischus CDO I Ltd       A-1        BB-/Watch Neg  AA+/Watch Neg
Ischus CDO I Ltd       A-2        CC             BBB+/Watch Neg
Ischus CDO I Ltd       B          CC             CCC+/Watch Neg
Longport Funding II Ltd
                        A1J        CC             B/Watch Neg
Longport Funding II Ltd
                        A1S        CCC-           BBB/Watch Neg
Longport Funding II Ltd
                        A2         CC             CCC-/Watch Neg
Margate Funding I Ltd  A1J        CC             BB/Watch Neg
Margate Funding I Ltd  A1S        CCC/Watch Neg  A/Watch Neg
Margate Funding I Ltd  A2         CC             CCC-/Watch Neg
Northwall Funding CDO I Ltd
                        A-1        CC             BBB-/Watch Neg
Porter Square CDO I Ltd
                        A-2        NR             AAA
Porter Square CDO I Ltd
                        A-3        AA/Watch Neg   AAA
Porter Square CDO I Ltd
                        B          B-/Watch Neg   A+/Watch Neg
Porter Square CDO I Ltd
                        C          CC             CCC/Watch Neg
RFC CDO I Ltd          A          BBB+           AAA
RFC CDO I Ltd          B-1        B+             AAA
RFC CDO I Ltd          B-2        B+             AAA
RFC CDO I Ltd          C          CCC            AA-
RFC CDO I Ltd          D          CCC-           A
RFC CDO I Ltd          E          CC             BB+
RFC CDO III            A-2        CC             B/Watch Neg
Whately CDO I          A-1A       CCC/Watch Neg  BBB+/Watch Neg

                         Ratings Affirmed

        Transaction                     Class       Rating
        -----------                     -----       ------
        Adirondack 2005-2               D           CC
        Adirondack 2005-2               E           CC
        Bernoulli High Grade CDO I      A-2         CC
        Bernoulli High Grade CDO I      B           CC
        Bernoulli High Grade CDO I      C           CC
        Bernoulli High Grade CDO I      D           CC
        Capella Funding                 B           BBB
        GSC ABS CDO 2005-1 Ltd          A1J         CC
        GSC ABS CDO 2005-1 Ltd          A2          CC
        GSC ABS CDO 2005-1 Ltd          A3          CC
        GSC ABS CDO 2005-1 Ltd          B           CC
        Inman Square Funding I          IV-FL       CC
        Inman Square Funding I          IV-FX       CC
        Ischus CDO I Ltd                C-1         CC
        Ischus CDO I Ltd                C-2         CC
        Ischus CDO I Ltd                Cmb Sec     CC
        Longport Funding II             A3          CC
        Longport Funding II             B           CC
        Longport Funding II             Combo Sec   CC
        Longport Funding II             Inc Nts     CC
        Margate Funding I Ltd           A3          CC
        Margate Funding I Ltd           Combo Nts   AAA
        Margate Funding I Ltd           Inc Nts     CC
        Northwall Funding CDO I         A-2         CC
        Northwall Funding CDO I         B           CC
        Northwall Funding CDO I         C           CC
        RFC CDO III                     B           CC
        RFC CDO III                     C           CC
        RFC CDO III                     D           CC
        Whately CDO I                   A-1BF       CC
        Whately CDO I                   A-1BV       CC
        Whately CDO I                   A-2         CC
        Whately CDO I                   A-3         CC
        Whately CDO I                   B-F         CC
        Whately CDO I                   B-V         CC
        Whately CDO I                   Combo A     CC

                     Other Outstanding Rating

        Transaction                     Class       Rating
        -----------                     -----       ------
        Cascade Funding CDO I Ltd       A-2         D


* S&P Downgrades Ratings on 43 Tranches From Nine CLO Deals
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 43
tranches from nine U.S. collateralized loan obligation
transactions and removed them from CreditWatch with negative
implications.  The affected tranches have a total issuance amount
of $3.390 billion.  At the same time, S&P affirmed its ratings on
19 tranches from four 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 nine 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
new CDO criteria.  To provide additional transparency into the
assumptions used in the analysis, S&P is providing the tiered
recovery rate assumed for the cash flows generated for the 'AAA'
liability rating for each transaction.

          Tiered Recovery Rate For 'AAA' Liability Rating

   Transaction                                 Recovery rate (%)
   -----------                                 -----------------
   CapitalSource Commercial Loan Trust 2006-1  42.5
   Fortress Credit Funding II LP               43.2
   Knightsbridge CLO 2007-1 Limited            44.3
   Knightsbridge CLO 2008-1 Limited            44.3
   Navigator CDO 2005 Ltd                      45.5
   Venture VIII CDO Limited                    43.5
   Waterfront CLO 2007-1 Ltd                   41.0
   Westbrook CLO Ltd.                          46.6
   Westwood CDO I Ltd.                         43.5
   WG Horizons CLO I                           44.3
   WhiteHorse IV Ltd                           44.1

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
-----------                                 -----  --     ----
CapitalSource Commercial Loan Trust 2006-1  A      A+     AAA/Watch Neg
CapitalSource Commercial Loan Trust 2006-1  B      BB+    AA/Watch Neg
Fortress Credit Funding II LP               A-1    AAA    AAA/Watch Neg
Fortress Credit Funding II LP               A-2    AAA    AAA/Watch Neg
Fortress Credit Funding II LP               A-3    AA     AA/Watch Neg
Fortress Credit Funding II LP               B      A      A/Watch Neg
Knightsbridge CLO 2007-1 Limited            A-1    AAA    AAA/Watch Neg
Knightsbridge CLO 2007-1 Limited            A-2    AA+    AAA/Watch Neg
Knightsbridge CLO 2007-1 Limited            B      AA     AA/Watch Neg
Knightsbridge CLO 2007-1 Limited            C      A      A/Watch Neg
Knightsbridge CLO 2007-1 Limited            D      BBB    BBB/Watch Neg
Knightsbridge CLO 2007-1 Limited            E      BB     BB/Watch Neg
Knightsbridge CLO 2008-1 Limited            A      AAA    AAA/Watch Neg
Knightsbridge CLO 2008-1 Limited            B      AA     AA/Watch Neg
Knightsbridge CLO 2008-1 Limited            C      A      A/Watch Neg
Knightsbridge CLO 2008-1 Limited            D      BBB    BBB/Watch Neg
Knightsbridge CLO 2008-1 Limited            E      BB     BB/Watch Neg
Navigator CDO 2005 Ltd                      A-1A   AA+    AAA/Watch Neg
Navigator CDO 2005 Ltd                      A-1B   AA+    AAA/Watch Neg
Navigator CDO 2005 Ltd                      A-2    A+     AA/Watch Neg
Navigator CDO 2005 Ltd                      B-1    BB+    A/Watch Neg
Navigator CDO 2005 Ltd                      B-2    BB+    A/Watch Neg
Navigator CDO 2005 Ltd                      C-1    CCC-   BBB/Watch Neg
Navigator CDO 2005 Ltd                      C-2    CCC-   BBB/Watch Neg
Navigator CDO 2005 Ltd                      Q-7    CCC-   BBB-/WatchNeg
Venture VIII CDO Limited                    A-1A   AA+    AAA/Watch Neg
Venture VIII CDO Limited                    A-1B   AA-    AAA/Watch Neg
Venture VIII CDO Limited                    A-2A   AA+    AAA/Watch Neg
Venture VIII CDO Limited                    A-2B   AA-    AAA/Watch Neg
Venture VIII CDO Limited                    A-3    AA-    AAA/Watch Neg
Venture VIII CDO Limited                    B      A+     AA/Watch Neg
Venture VIII CDO Limited                    C      BBB-   A/Watch Neg
Venture VIII CDO Limited                    D      BB     BBB/Watch Neg
Venture VIII CDO Limited                    E      CCC+   BB/Watch Neg
Waterfront CLO 2007-1 Ltd                   A-1    AA+    AAA/Watch Neg
Waterfront CLO 2007-1 Ltd                   A-2    A+     AAA/Watch Neg
Waterfront CLO 2007-1 Ltd                   A-3    A      AA/Watch Neg
Waterfront CLO 2007-1 Ltd                   B      BBB-   A/Watch Neg
Waterfront CLO 2007-1 Ltd                   C      BB-    BBB/Watch Neg
Waterfront CLO 2007-1 Ltd                   D      B-     BB/Watch Neg
Westbrook CLO Ltd.                          A1     AAA    AAA/Watch Neg
Westbrook CLO Ltd.                          A2     AA+    AAA/Watch Neg
Westbrook CLO Ltd.                          B      AA     AA/Watch Neg
Westbrook CLO Ltd.                          C      A      A/Watch Neg
Westbrook CLO Ltd.                          D      BBB    BBB/Watch Neg
Westbrook CLO Ltd.                          E      BB     BB/Watch Neg
Westwood CDO I Ltd.                         A-1    AA+    AAA/Watch Neg
Westwood CDO I Ltd.                         A-2    A+     AA/Watch Neg
Westwood CDO I Ltd.                         B      BBB+   A/Watch Neg
Westwood CDO I Ltd.                         C-1    B+     BBB-/WatchNeg
Westwood CDO I Ltd.                         C-2    B+     BBB-/WatchNeg
Westwood CDO I Ltd.                         D      CCC-   B/Watch Neg
WG Horizons CLO I                           A-1    AA     AAA/Watch Neg
WG Horizons CLO I                           A-2    A+     AA/Watch Neg
WG Horizons CLO I                           B      BBB+   A/Watch Neg
WG Horizons CLO I                           C      BB+    BBB-/WatchNeg
WG Horizons CLO I                           D      CCC+   B+/Watch Neg
WhiteHorse IV Ltd                           A-1    AA+    AAA/Watch Neg
WhiteHorse IV Ltd                           A-2    A+     AA/Watch Neg
WhiteHorse IV Ltd                           B      BBB+   A/Watch Neg
WhiteHorse IV Ltd                           C      BB+    BBB/Watch Neg
WhiteHorse IV Ltd                           D      B+     BB/Watch Neg


* S&P Downgrades Ratings on 144 Classes From 12 RMBS Transactions
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 144
classes of certificates from 12 U.S. RMBS transactions backed by
prime, subprime, or Alternative-A collateral issued in 2008 and
removed them from CreditWatch with negative implications.
Additionally, S&P affirmed its ratings on 26 classes from six of
the downgraded transactions and removed 22 of them from
CreditWatch with negative implications.

The downgrades reflect S&P's opinion that projected credit support
for the affected classes is insufficient to maintain the previous
ratings, given its current projected losses.  The affirmations
reflect S&P's opinion that the amount of credit enhancement at the
class level is sufficient to maintain the current ratings under
the applicable rating stress scenario.

When projecting the losses for these transactions, S&P generally
applied its default curves as applicable for the product type and
vintage-adjusted weighted-average loan seasoning on a structure-
level basis.  The applicable default curve S&P applied was
consistent with the product type as outlined in the related
publications under "Related Research."  The lifetime projected
losses applied within the analysis is represented as a percentage
of the original balance:

                                      Original Balance    Lifetime
Transaction                                  (mil. $)    Loss (%)
-----------                          ----------------    --------
Banc of America Funding 2008-1 Trust          276.2        21.51
Banc of America Mortgage 2008-A Trust         855.7        13.94
BCAP LLC Trust 2008-IND2                      332.1        25.76
CHL Mortgage Pass Through Trust 2008-1        161.5         8.03
Lehman Mortgage Trust 2008-6                  147.0        17.23
National City Mortgage Capital 2008-1         128.6         5.40
National City Mortgage Capital 2008-1         261.8         1.79
PHH Mortgage Trust Series 2008-CIM1           343.2         3.42
PHH Mortgage Trust Series 2008-CIM1           276.5         1.47
Soundview Home Loan Trust 2008-1              203.6        28.76
Structured Adjustable Rate Trust 2008-1       154.8        22.20
Structured Adjustable Rate Trust 2008-2       185.2        27.59
Thornburg Mortgage Securities 2008-1          991.7        11.47
Wells Fargo Mortgage Backed Sec.  2008-1       760.4         6.77
Wells Fargo Mortgage Backed Sec.  2008-1       276.5         1.73

To assess the creditworthiness of each class, S&P applied its
projected loss assumptions on a structural basis.  In order to
maintain a 'B' rating on a class, S&P assessed whether, in S&P's
view, a class could absorb the base-case loss assumptions S&P used
in its analysis.  When applying losses to transactions backed by
subprime or Alt-A collateral, in order to maintain a rating higher
than 'B' S&P assessed whether the class could withstand losses
exceeding the base-case assumption at a percentage specific to
each rating category, up to 150% for a 'AAA' rating.  For example,
in general, S&P would assess whether one class could withstand
approximately 110% of 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, generally withstand
approximately 150% of its base-case loss assumptions under its
analysis.  For prime transactions, S&P used the above rating-
specific loss methodology; however, its 'AAA' loss assumption
would be 235% of the base-case loss assumption.

Subordination provides credit support for the affected
transactions.  In addition, some classes may also benefit from
overcollateralization and excess spread.  The underlying pools of
loans backing these transactions consist of fixed- or adjustable-
rate subprime, prime, or Alt-A mortgage loans.

                          Rating Actions

               Banc of America Funding 2008-1 Trust
                         Series    2008-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        05955AAH4     BBB-                 AAA/Watch Neg
    A-2        05955AAJ0     CCC                  AAA/Watch Neg
    M-1        05955AAK7     CCC                  AA+/Watch Neg
    M-2        05955AAL5     CCC                  AA/Watch Neg
    M-3        05955AAM3     CCC                  AA-/Watch Neg
    M-4        05955AAN1     CCC                  A+/Watch Neg
    M-5        05955AAP6     CCC                  A/Watch Neg
    M-6        05955AAQ4     CCC                  A-/Watch Neg
    M-7        05955AAB7     CCC                  BBB+/Watch Neg
    M-8        05955AAC5     CC                   BBB/Watch Neg
    M-9        05955AAD3     CC                   BBB-/Watch Neg

              Banc of America Mortgage 2008-A Trust
                         Series    2008-A

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      05955BAA7     CCC                  AAA/Watch Neg
    1-A-2      05955BAB5     CCC                  AAA/Watch Neg
    1-A-3      05955BAC3     CCC                  AAA/Watch Neg
    1-A-4      05955BAD1     CCC                  AAA/Watch Neg
    1-A-5      05955BAE9     CCC                  AAA/Watch Neg
    1-A-6      05955BAF6     CCC                  AAA/Watch Neg
    1-A-7      05955BAG4     CCC                  AAA/Watch Neg
    2-A-1      05955BAJ8     CCC                  AAA/Watch Neg
    2-A-2      05955BAK5     CCC                  AAA/Watch Neg
    2-A-3      05955BAL3     BB-                  AAA/Watch Neg
    2-A-4      05955BAM1     BB-                  AAA/Watch Neg
    2-A-5      05955BAN9     BB-                  AAA/Watch Neg
    2-A-6      05955BAP4     CCC                  AAA/Watch Neg
    2-A-7      05955BAQ2     BB-                  AAA/Watch Neg
    3-A-1      05955BAR0     CCC                  AAA/Watch Neg
    3-A-2      05955BAS8     CCC                  AAA/Watch Neg
    3-A-3      05955BAT6     AAA                  AAA/Watch Neg
    3-A-4      05955BAU3     AAA                  AAA/Watch Neg
    3-A-5      05955BAV1     AAA                  AAA/Watch Neg
    3-A-6      05955BAW9     CCC                  AAA/Watch Neg
    3-A-7      05955BAX7     CCC                  AAA/Watch Neg
    B-1        05955BAY5     CC                   AA/Watch Neg
    B-2        05955BAZ2     CC                   AA/Watch Neg
    B-3        05955BBA6     CC                   A/Watch Neg
    B-4        05955BBB4     CC                   BBB/Watch Neg
    B-5        05955BBC2     CC                   BB/Watch Neg

                     BCAP LLC Trust 2008-IND2
                        Series    2008-IND2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        05531EAA4     BBB-                 AAA/Watch Neg
    A-2        05531EAB2     CCC                  AAA/Watch Neg
    A-X        05531EAC0     BBB-                 AAA/Watch Neg
    B-1        05531EAE6     CC                   AA/Watch Neg
    B-2        05531EAF3     CC                   A/Watch Neg
    B-3        05531EAG1     CC                   BBB/Watch Neg
    B-4        05531EAH9     CC                   BB/Watch Neg

              CHL Mortgage Pass Through Trust 2008-1
                         Series    2008-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        12544YAA1     CCC                  AAA/Watch Neg
    A-2        12544YAB9     B                    AAA/Watch Neg
    A-3        12544YAC7     BB-                  AAA/Watch Neg
    A-4        12544YAD5     BB-                  AAA/Watch Neg
    A-5        12544YAE3     B                    AAA/Watch Neg
    X          12544YAK9     BB-                  AAA/Watch Neg
    PO         12544YAL7     CCC                  AAA/Watch Neg
    M          12544YAN3     CCC                  AA/Watch Neg
    B-1        12544YAP8     CCC                  A/Watch Neg
    B-2        12544YAQ6     CC                   BBB/Watch Neg
    B-3        12544YAR4     CC                   BB/Watch Neg
    B-4        12544YAT0     CC                   B/Watch Neg

                   Lehman Mortgage Trust 2008-6
                         Series    2008-6

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A1       52525FAA1     B+                   AAA/Watch Neg
    2-A1       52525FAC7     B+                   AAA/Watch Neg
    2-A2       52525FAD5     B+                   AAA/Watch Neg
    2-AIO      52525FAF0     B+                   AAA/Watch Neg

           National City Mortgage Capital Trust 2008-1
                         Series    2008-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      635419AA2     B+                   AAA/Watch Neg
    1-A-2      635419AB0     B-                   AAA/Watch Neg
    1-A-3      635419AC8     B+                   AAA/Watch Neg
    1-B-1      635419AM6     CCC                  AA/Watch Neg
    1-B-2      635419AN4     CCC                  A/Watch Neg
    1-B-3      635419AP9     CC                   BBB/Watch Neg
    1-B-4      635419AT1     CC                   BB/Watch Neg
    2-A-1      635419AE4     AAA                  AAA/Watch Neg
    2-A-2      635419AF1     BBB                  AAA/Watch Neg
    2-A-3      635419AG9     AAA                  AAA/Watch Neg
    2-A-4      635419AH7     AAA                  AAA/Watch Neg
    2-A-5      635419AJ3     AAA                  AAA/Watch Neg
    2-IO       635419AK0     AAA                  AAA/Watch Neg
    2-PO       635419AL8     BBB                  AAA/Watch Neg
    2-B-1      635419AQ7     B-                   AA/Watch Neg
    2-B-2      635419AR5     CCC                  A/Watch Neg
    2-B-3      635419AS3     CCC                  BBB/Watch Neg
    2-B-4      635419AW4     CCC                  BB/Watch Neg
    2-B-5      635419AX2     CC                   B/Watch Neg

              PHH Mortgage Trust, Series 2008-CIM1
                       Series    2008-CIM1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-1A-1     69337LAA0     AAA                  AAA/Watch Neg
    I-1A-2     69337LAB8     A                    AAA/Watch Neg
    I-2A-1     69337LAC6     AAA                  AAA/Watch Neg
    I-2A-2     69337LAD4     A                    AAA/Watch Neg
    I-3A-1     69337LAE2     AAA                  AAA/Watch Neg
    I-3A-2     69337LAF9     A                    AAA/Watch Neg
    I-4A-1     69337LAG7     AAA                  AAA/Watch Neg
    I-4A-2     69337LAH5     A                    AAA/Watch Neg
    I-B1       69337L9G9     B+                   AA/Watch Neg
    I-B-2      69337L9B0     CCC                  A/Watch Neg
    I-B-3      69337L9C8     CCC                  BBB/Watch Neg
    I-B-4      69337L9D6     CCC                  BB/Watch Neg
    I-B-5      69337L9E4     CC                   B/Watch Neg
    II-1A-1    69337LAJ1     AAA                  AAA/Watch Neg
    II-1A-2    69337LAK8     AAA                  AAA/Watch Neg
    II-2A-1    69337LAL6     AAA                  AAA/Watch Neg
    II-2A-2    69337LAM4     AAA                  AAA/Watch Neg
    II-1-AX    69337L9H7     AAA                  AAA/Watch Neg
    II-2-AX    69337L9J3     AAA                  AAA/Watch Neg
    II-1-PO    69337L9I5     AAA                  AAA/Watch Neg
    II-B-1     69337L9K0     AA                   AA/Watch Neg
    II-B-2     69337L9L8     BBB+                 A/Watch Neg
    II-B-3     69337L9M6     BB                   BBB/Watch Neg
    II-B-4     69337L9N4     CCC                  BB/Watch Neg
    II-B-5     69337L9O2     CCC                  B/Watch Neg

                 Soundview Home Loan Trust 2008-1
                         Series    2008-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-M-1      83613GAE9     B-                   AAA/Watch Neg
    A-M-2      83613GAU3     B-                   AAA/Watch Neg
    M-1        83613GAF6     CCC                  AA+/Watch Neg
    M-2        83613GAG4     CCC                  AA/Watch Neg
    M-3        83613GAH2     CCC                  AA-/Watch Neg
    M-4        83613GAJ8     CCC                  A+/Watch Neg
    M-5        83613GAK5     CCC                  A/Watch Neg
    M-6        83613GAL3     CCC                  A-/Watch Neg
    M-7        83613GAM1     CC                   BBB+/Watch Neg
    M-8        83613GAN9     CC                   BBB/Watch Neg
    M-9        83613GAP4     CC                   BBB-/Watch Neg

   Structured Adjustable Rate Mortgage Loan Trust Series 2008-2
                          Series    2008-2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A1         86365BAA1     CCC                  AAA/Watch Neg
    A1X        86365BAB9     CCC                  AAA/Watch Neg
    A21        86365BAC7     CCC                  AAA/Watch Neg
    A22        86365BAD5     CCC                  AAA/Watch Neg
    A31        86365BAE3     CCC                  AAA/Watch Neg
    A32        86365BAF0     CCC                  AAA/Watch Neg
    A2         86365BAG8     CCC                  AAA/Watch Neg
    A3         86365BAH6     CCC                  AAA/Watch Neg
    A4         86365BAJ2     CCC                  AAA/Watch Neg
    A5         86365BAK9     CCC                  AAA/Watch Neg
    AP         86365BAT0     AAA                  AAA/Watch Neg
    B1         86365BAL7     CC                   AA/Watch Neg
    B2         86365BAM5     CC                   A/Watch Neg
    B3         86365BAN3     D                    BBB/Watch Neg

  Structured Adjustable Rate Mortgage Loan Trust, Series 2008-1
                         Series    2008-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A1         86358DAA6     B-                   AAA/Watch Neg
    A1X        86358DAB4     B-                   AAA/Watch Neg
    A21        86358DAC2     CCC                  AAA/Watch Neg
    A22        86358DAD0     CCC                  AAA/Watch Neg
    A31        86358DAE8     CCC                  AAA/Watch Neg
    A32        86358DAF5     CCC                  AAA/Watch Neg
    A2         86358DAG3     CCC                  AAA/Watch Neg
    A3         86358DAH1     CCC                  AAA/Watch Neg
    A4         86358DAJ7     CCC                  AAA/Watch Neg
    A5         86358DAK4     CCC                  AAA/Watch Neg
    AP         86358DAT5     AAA                  AAA/Watch Neg
    B1         86358DAL2     CC                   AA/Watch Neg
    B2         86358DAM0     CC                   A/Watch Neg
    B3         86358DAN8     CC                   BBB/Watch Neg
    B4         86358DAQ1     CC                   BB/Watch Neg

            Thornburg Mortgage Securities Trust 2008-1
                         Series    2008-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1A-1       88522UAA5     CCC                  AAA/Watch Neg
    1A-2       88522UAB3     CCC                  AAA/Watch Neg
    2A-1       88522UAC1     CCC                  AAA/Watch Neg
    2A-2       88522UAD9     CCC                  AAA/Watch Neg
    3A-1       88522UAE7     BB                   AAA/Watch Neg
    3A-2       88522UAF4     CCC                  AAA/Watch Neg
    4A-1       88522UAG2     BBB                  AAA/Watch Neg
    4A-2       88522UAH0     CCC                  AAA/Watch Neg
    1-AX       88522UAK3     CCC                  AAA/Watch Neg
    2-AX       88522UAL1     CCC                  AAA/Watch Neg
    3-AX       88522UAM9     BB                   AAA/Watch Neg
    4-AX       88522UAN7     BBB                  AAA/Watch Neg
    B-1        88522UAP2     CC                   AA/Watch Neg
    B-2        88522UAQ0     CC                   A/Watch Neg
    B-3        88522UAR8     CC                   BBB/Watch Neg
    B-4        88522UAS6     CC                   BB/Watch Neg
    B-5        88522UAT4     D                    B/Watch Neg

       Wells Fargo Mortgage Backed Securities 2008-1 Trust
                         Series    2008-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      949819AA4     CCC                  AAA/Watch Neg
    I-A-2      949819AB2     CCC                  AAA/Watch Neg
    I-A-3      949819AC0     CCC                  AAA/Watch Neg
    IV-A-1     949819AP1     AA                   AAA/Watch Neg
    IV-A-2     949819AQ9     BBB-                 AAA/Watch Neg

                         Ratings Affirmed

                 Soundview Home Loan Trust 2008-1
                         Series    2008-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        83613GAA7     AAA
                 A-2        83613GAB5     AAA
                 A-3        83613GAC3     AAA
                 A-4        83613GAD1     AAA


* S&P Downgrades Ratings on 203 Classes From 39 RMBS Transactions
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 203
classes from 39 residential mortgage-backed securities
transactions issued in 2005 and 2006 and removed 87 of the lowered
ratings from CreditWatch with negative implications.  In addition,
S&P affirmed its ratings on 142 classes from 26 of the downgraded
transactions and three additional transactions, and removed 38 of
the affirmed ratings from CreditWatch negative.

Forty of the transactions are backed by U.S. Alternative-A
mortgage loan collateral, one is backed by U.S. prime jumbo
mortgage loan collateral, and one is backed by home equity line of
credit 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 S&P's view, withstand approximately
150% of its base-case loss assumptions.

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.

For the transaction backed by HELOC loan collateral, class 2-A is
insured by Assured Guaranty Municipal Corp. (previously known as
Financial Security Assurance), which is currently rated 'AAA'.
Based on S&P's criteria, the 'AAA' rating on class 2-A reflects
its rating on the bond insurer.

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, prime jumbo, and HELOC
mortgage loans that are secured by first and second liens on one-
to four-family residential properties.

                         Rating Actions

                 Alternative Loan Trust 2005-65CB
                      Series    2005-65CB

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      12668AX34     CCC                  AAA/Watch Neg
   1-A-2      12668AX42     CCC                  AAA/Watch Neg
   1-A-4      12668AX67     CCC                  AAA/Watch Neg
   1-A-7      12668AX91     CCC                  AAA/Watch Neg
   2-A-3      12668AZ32     BBB-                 AA/Watch Neg
   2-A-4      12668AZ40     BBB-                 AA/Watch Neg
   1-X        12668AZ99     CCC                  AAA/Watch Neg
   2-X        12668A2A2     BBB-                 AA/Watch Neg
   M          12668A2D6     CC                   CCC
   B-1        12668A2E4     CC                   CCC

                  Alternative Loan Trust 2005-81
                        Series    2005-81

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       A-3        12668BBQ5     CC                   CCC
       A-4        12668BBR3     CC                   CCC
       X-2        12668BCC5     CC                   CCC
       M-3        12668BBU6     D                    CC

            American Home Mortgage Assets Trust 2005-1
                         Series    2005-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      02660VAA6     CC                   CCC
   2-A-2-2    02660VAD0     CC                   CCC
   3-A-1-1    02660VAE8     B-                   A+/Watch Neg
   3-A-1-2    02660VAF5     CCC                  BBB+/Watch Neg
   3-A-2-1    02660VAG3     BB-                  AA/Watch Neg
   3-A-2-2    02660VAH1     CCC                  BBB+/Watch Neg

            American Home Mortgage Assets Trust 2006-4
                         Series    2006-4

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A-1-1    02660LAA8     BBB+                 BBB+/Watch Neg
   I-A-1-2    02660LAB6     BBB                  BBB+/Watch Neg
   I-A-2-1    02660LAC4     CC                   CCC
   I-A-2-2    02660LAD2     CC                   CCC
   I-A-3      02660LAE0     CC                   CCC
   II-A-1     02660LAF7     BBB+                 BBB+/Watch Neg
   II-A-2     02660LAG5     CC                   CCC
   II-A-3     02660LAH3     D                    CCC

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

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      058927AA2     AAA                  AAA/Watch Neg
   1-A-2      058927AB0     CCC                  BB+/Watch Neg
   3-A-1      058927AF1     CC                   CCC
   3-A-2      058927AG9     CC                   CCC
   3-A-3      058927AH7     CC                   CCC
   4-A-1      058927AJ3     BB                   BB/Watch Neg
   6-A-1      058927AN4     B-                   B/Watch Neg
   1-B-1      058927AQ7     CC                   CCC
   3-B-1      058927AX2     CC                   CCC

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

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      05950MAA8     AAA                  AAA/Watch Neg
   2-A-1      05950MAB6     AAA                  AAA/Watch Neg
   2-A-2      05950MAC4     AAA                  AAA/Watch Neg
   2-A-3      05950MAD2     AAA                  AAA/Watch Neg
   2-A-4      05950MAE0     AAA                  AAA/Watch Neg
   2-A-5      05950MAF7     BB+                  AAA/Watch Neg
   3-A-1      05950MAG5     AAA                  AAA/Watch Neg
   3-A-2      05950MAH3     AAA                  AAA/Watch Neg
   3-A-3      05950MAJ9     BB-                  AAA/Watch Neg
   M-1        05950MAK6     B-                   AA+/Watch Neg
   M-2        05950MAL4     CCC                  AA/Watch Neg
   M-3        05950MAM2     CCC                  AA-/Watch Neg
   M-4        05950MAN0     CCC                  A+/Watch Neg
   M-5        05950MAP5     CCC                  BB/Watch Neg
   M-6        05950MAQ3     CC                   B/Watch Neg

      Bear Stearns Asset Backed Securities I Trust 2005-AC9
                        Series    2005-AC9

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        0738794E5     B-                   BBB-/Watch Neg
   A-2        0738794F2     B-                   BBB-/Watch Neg
   A-3        0738794G0     B-                   BBB-/Watch Neg
   A-4        0738794H8     B-                   BBB-/Watch Neg
   A-5        0738794J4     B-                   BBB-/Watch Neg
   M-2        0738794L9     CC                   CCC
   M-3        0738794M7     CC                   CCC

                     Chevy Chase Funding LLC
                        Series    2005-4

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        16678RET0     B-                   B-/Watch Neg
   A-2        16678REU7     B-                   B-/Watch Neg
   A-NA       16678RIM0     B-                   B-/Watch Neg
   IO         16678RIP3     B-                   B-/Watch Neg
   NIO        16678RIQ1     B-                   B-/Watch Neg
   B-2        16678REW3     CC                   CCC
   B-2NA      16678RIO6     CC                   CCC

          Chevy Chase Funding LLC Trust, Series 2006-1
                         Series    2006-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        16678RFB8     B-                   B+/Watch Neg
    A-2        16678RFC6     B-                   B+/Watch Neg
    A-NA       16678RIS9     B-                   B+/Watch Neg
    IO         16678RIV2     B-                   B+/Watch Neg
    NIO        16678RIW0     B-                   B+/Watch Neg
    B-1        16678RFD4     CC                   CCC
    B-1NA      16678RIT7     CC                   CCC

                CSAB Mortgage-Backed Trust 2006-1
                         Series    2006-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-2        22943HAC0     BBB-                 AAA/Watch Neg

   Deutsche Alt-B Securities Mortgage Loan Trust, Series 2006-AB1
                        Series    2006-AB1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-2-A      251510MG5     AAA                  AAA/Watch Neg
   A-3        251510ML4     AAA                  AAA/Watch Neg
   A-X-1      251510MN0     AAA                  AAA/Watch Neg
   A-X        251510MQ3     AAA                  AAA/Watch Neg
   M-2        251510MS9     D                    CC

Greenpoint Mortgage Funding Grantor Trust 1-A1A, Series 2006-AR6
                        Series    2006-AR6

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A1A      39538BAA2     CC                   B-/Watch Neg

Greenpoint Mortgage Funding Grantor Trust 1-A2A2, Series 2006-AR6
                       Series    2006-AR6

                                 Rating
                                 ------
Class      CUSIP         To                   From
-----      -----         --                   ----
1-A2A2     39538BAC8     CC                   CCC

        Greenpoint Mortgage Funding Grantor Trust 2006-AR2
                        Series    2006-AR2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    III-A-1                  BB                   BB/Watch Neg

                  GSAA Home Equity Trust 2006-7
                         Series    2006-7

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    AF-4A      362334ND2     CCC                  B/Watch Neg
    AF-5A      362334QC1     CCC                  AAA/Watch Neg
    M-1        362334NF7     CC                   CCC

                 GSR Mortgage Loan Trust 2006-OA1
                        Series    2006-OA1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    2-A-1      362631AB9     CCC                  A-/Watch Neg

               HarborView Mortgage Loan Trust 2006-1
                         Series    2006-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A1B      41161PA78     AAA                  AAA/Watch Neg
    2-A1C      41161PB28     AAA                  AAA/Watch Neg

              HarborView Mortgage Loan Trust 2006-4
                        Series    2006-4

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       1-A1B      41161PL35     CC                   CCC
       1-A2B      41161PQ22     CC                   CCC
       2-A1C      41161PL68     CC                   CCC
       3-A1C      41161PP72     CC                   CCC
       PO-1       41161PM42     CC                   CCC
       PO-3A      41161PM67     CC                   CCC
       PO-B       41161PM75     CC                   CCC

              Harborview Mortgage Loan Trust 2006-5
                         Series    2006-5

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   2-A1A      41161MAC4     CCC                  B-/Watch Neg
   X-2        41161MAG5     CCC                  B-/Watch Neg

             Harborview Mortgage Loan Trust 2006-CB1
                        Series    2006-CB1

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       2-X        41161PE58     CC                   CCC

                    Impac Secured Assets Corp.
                         Series    2005-2

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       A-1        45254TSM7     CC                   CCC
       A-2C       45254TSR6     CC                   CCC

     IndyMac INDX Mortgage Loan Grantor Trust 2006-AR14 1-A1A
                       Series    2006-AR14

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       1-A1A      45668GAA0     CC                   CCC

    IndyMac INDX Mortgage Loan Grantor Trust 2006-AR14 1-A2A
                       Series    2006-AR14

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       1-A2A      45668GAC6     CC                   CCC

     IndyMac INDX Mortgage Loan Grantor Trust 2006-AR14 1-A3A
                       Series    2006-AR14

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       1-A3A      45668GAD4     CC                   CCC

            IndyMac INDX Mortgage Loan Trust 2006-AR6
                        Series    2006-AR6

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       1-A-1A     456612AA8     CC                   CCC
       2-A-1B     456612AD2     CC                   CCC

             JPMorgan Alternative Loan Trust 2006-A4
                        Series    2006-A4

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        46629EAA1     B-                   AA/Watch Neg
   A-2        46629EAB9     CCC                  B-/Watch Neg
   A-4        46629EAD5     BBB+                 AAA/Watch Neg
   M-1        46629EAK9     CC                   CCC

                   Lehman Mortgage Trust 2006-3
                         Series    2006-3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-1      52520CAD7     CC                   CCC
        1-A10      52520CAN5     CC                   CCC
        1-A12      52520CAQ8     CC                   CCC
        3-A1       52520CAA3     CC                   CCC
        AX         52520CAV7     CC                   CCC

                   Lehman Mortgage Trust 2006-4
                         Series    2006-4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        3-A1       52520RAG7     CC                   CCC
        4-A1       52520RAH5     CC                   CCC
        5-A1       52520RAJ1     CC                   CCC
        AX2        52520RAN2     CC                   CCC
        AP2        52520RAL6     CC                   CCC

                   Lehman Mortgage Trust 2006-6
                         Series    2006-6

                                         Rating
                                         ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A1       52520NAA9     CC                   CCC
   1-A2       52520NAB7     CC                   CCC
   1-A3       52520NAC5     CC                   CCC
   1-A4       52520NAD3     CC                   CCC
   1-A5       52520NAE1     CC                   CCC
   2-A1       52520NAF8     CC                   CCC
   2-A2       52520NAG6     CC                   CCC
   2-A3       52520NAH4     CC                   CCC
   2-A4       52520NAJ0     CC                   CCC
   2-A5       52520NAK7     CC                   CCC
   2-A6       52520NAL5     CC                   CCC
   3-A1       52520NAM3     CC                   CCC
   3-A2       52520NAN1     CC                   CCC
   3-A3       52520NAP6     CC                   CCC
   3-A4       52520NAQ4     CC                   CCC
   3-A5       52520NAR2     CC                   CCC
   3-A6       52520NAS0     CC                   CCC
   3-A7       52520NAT8     CC                   CCC
   3-A8       52520NAU5     CC                   CCC
   3-A9       52520NAV3     CC                   CCC
   AX1        52520NBU4     CC                   CCC
   5-A1       52520NBP5     CCC                  A/Watch Neg
   5-A2       52520NBQ3     CCC                  A/Watch Neg
   5-A3       52520NBR1     CCC                  A/Watch Neg
   5-A4       52520NBS9     CCC                  A/Watch Neg
   AP         52520NBT7     CCC                  AAA/Watch Neg
   2B1        52520NBZ3     CC                   CCC
   2B2        52520NCA7     CC                   CCC
   2B3        52520NCB5     CC                   CCC
   4-A1       52520NAW1     AAA                  AAA/Watch Neg
   4-A2       52520NAX9     AAA                  AAA/Watch Neg
   4-A3       52520NAY7     CCC                  AA+/Watch Neg
   4-A4       52520NAZ4     CCC                  AA+/Watch Neg
   4-A5       52520NBA8     CCC                  AA+/Watch Neg
   4-A6       52520NBB6     BBB                  AAA/Watch Neg
   4-A7       52520NBC4     CCC                  AA+/Watch Neg
   4-A8       52520NBD2     CCC                  AA+/Watch Neg
   4-A9       52520NBE0     BBB                  AAA/Watch Neg
   4-A10      52520NBF7     CCC                  AAA/Watch Neg
   4-A11      52520NBG5     CCC                  AA+/Watch Neg
   4-A12      52520NBH3     BBB                  AAA/Watch Neg
   4-A13      52520NBJ9     CCC                  AA+/Watch Neg
   4-A14      52520NBK6     CCC                  AA+/Watch Neg
   4-A15      52520NBL4     CCC                  AA+/Watch Neg
   4-A16      52520NBM2     CCC                  AA+/Watch Neg
   4-A17      52520NBN0     CCC                  A/Watch Neg

                         Lehman XS Trust
                         Series    2005-8

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A2       525221DS3     CCC                  B-/Watch Neg
   1-A4       525221DU8     CC                   CCC
   2-A1A      525221EA1     AAA                  AAA/Watch Neg
   2-A1B      525221EB9     CCC                  B/Watch Neg
   2-A2       525221EC7     CCC                  B/Watch Neg
   2-A3       525221ED5     CCC                  B/Watch Neg
   2-A4A      525221EE3     B-                   AA-/Watch Neg
   2-A4B      525221EF0     CCC                  B/Watch Neg
   2-M1       525221EG8     CC                   CCC
   2-M2       525221EH6     CC                   CCC

                  Lehman XS Trust Series 2005-10
                        Series    2005-10

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A1       525221FM4     CC                   CCC
   1-A3       525221FP7     CC                   CCC
   1-A4       525221FQ5     CC                   CCC
   1-A5       525221FR3     CC                   CCC
   2-A1       525221FY8     B-                   BBB/Watch Neg
   2-A2       525221FZ5     CCC                  B-/Watch Neg
   2-A3A      525221GA9     CCC                  B-/Watch Neg
   2-A3B      525221GB7     CCC                  B-/Watch Neg
   2-A4A      525221GC5     CCC                  BBB/Watch Neg
   2-A4B      525221GD3     CCC                  B-/Watch Neg
   2-A5A      525221GE1     CCC                  BBB/Watch Neg
   2-A5B      525221GF8     CCC                  B-/Watch Neg
   2-M1       525221GG6     CC                   CCC
   2-M2       525221GH4     CC                   CCC

                  Lehman XS Trust Series 2005-9N
                        Series    2005-9N

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A2       525221GN1     CC                   CCC
        1-A3       525221GP6     CC                   CCC
        2-A1       525221GQ4     CC                   CCC
        2-A2       525221GR2     CC                   CCC

                 Lehman XS Trust, Series 2005-7N
                        Series    2005-7N

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A1B      525221EN3     CC                   CCC
        1-A2A      525221EP8     CC                   CCC
        1-A3       525221EQ6     CC                   CCC
        2-A2       525221ES2     CC                   CCC
        M3-II      525221FF9     D                    CC

                  Luminent Mortgage Trust 2006-2
                         Series    2006-2

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A1A        550279BA0     B-                   B/Watch Neg
   A1C        550279BC6     AAA                  AAA/Watch Neg
   X          550279BD4     B-                   B/Watch Neg
   PO         550279BE2     CC                   CCC
   B-1        550279BG7     CC                   CCC

           MASTR Asset Backed Securities Trust 2006-AB1
                        Series    2006 AB1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-2        57643LNU6     B-                   B-/Watch Neg
   M-3        57643LPA8     CC                   CCC
   M-4        57643LPB6     CC                   CCC

              MortgageIT Mortgage Loan Trust 2006-1
                         Series    2006-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   2-A1A      61915RCJ3     B                    BBB-/Watch Neg
   2-A1B      61915RCK0     CC                   CCC
   2-X        61915RCT1     B                    BBB-/Watch Neg

            RALI Grantor Trust 1-A1A, Series 2006-QO8
                       Series    2006-QO8

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       I-A1A      75115FAA8     CC                   CCC

                    RALI Series 2006-QO4 Trust
                        Series    2006-QO4

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A-1      75114GAA7     CCC                  B-/Watch Neg
   II-A-1     75114GAC3     B-                   BBB-/Watch Neg
   II-A-2     75114GAD1     CC                   CCC

         Residential Asset Securitization Trust 2005-A14
                        Series    2005-N

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-6        45660LT58     AAA                  AAA/Watch Neg
   B-1        45660LU23     CC                   CCC
   B-2        45660LU31     D                    CC
   B-3        45660LU49     D                    CC
   B-4        45660LU64     D                    CC

                SBI Home Equity Loan Trust 2006-1
                        Series    2006-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1A-1       78402TAA4     AAA                  AAA/Watch Neg
   1A-2A      78402TAK2     AAA                  AAA/Watch Neg
   1A-2B      78402TAL0     AAA                  AAA/Watch Neg
   1M-1       78402TAB2     AA                   AA/Watch Neg
   1M-2       78402TAC0     A                    A/Watch Neg
   1M-3       78402TAD8     BBB                  BBB/Watch Neg
   1M-4       78402TAF3     BB                   BB/Watch Neg

                   Terwin Mortgage Trust 2006-7
                         Series    2006-7

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A-1      88156PAA9     CCC                  A/Watch Neg
   I-A-2a     88156PAB7     AAA                  AAA/Watch Neg
   I-A-2b     88156PAC5     CCC                  BBB/Watch Neg
   I-A-2c     88156PAD3     CCC                  BBB/Watch Neg
   I-M-1      88156PAE1     CC                   CCC
   II-A-1     88156PAX9     AAA                  AAA/Watch Neg
   II-A-2     88156PAY7     CCC                  BB/Watch Neg
   II-A-3     88156PAZ4     CC                   CCC

    Washington Mutual Mortgage Pass-Through Certificates WMALT
                       Series 2006-6 Trust

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       1-CB-1     93935GAA7     CC                   CCC
       1-CB-2     93935GAB5     CC                   CCC
       2-A-1      93935GAC3     CC                   CCC
       2-A-2      93935GAD1     CC                   CCC
       3-CB-1     93935GAE9     CC                   CCC
       3-CB-2     93935GAF6     CC                   CCC
       C-X        93935GAH2     CC                   CCC
       4-B-2      93935GAN9     CC                   CCC

                         Ratings Affirmed

                 Alternative Loan Trust 2005-65CB
                       Series    2005-65CB

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-3      12668AX59     CCC
                  1-A-5      12668AX75     CCC
                  1-A-6      12668AX83     CCC
                  1-A-8      12668AY25     CCC
                  1-A-9      12668AY33     CCC
                  1-A-10     12668AY41     CCC
                  1-A-11     12668AY58     CCC
                  1-A-12     12668AY66     CCC
                  1-A-13     12668AY74     CCC
                  1-A-14     12668AY82     CCC
                  2-A-1      12668AY90     CCC
                  2-A-2      12668AZ24     CCC
                  2-A-5      12668AZ57     CCC
                  2-A-6      12668AZ65     CCC
                  2-A-7      12668AZ73     CCC
                  2-A-8      12668AZ81     CCC
                  PO         12668A2B0     CCC

                  Alternative Loan Trust 2005-81
                        Series    2005-81

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        12668BBN2     CCC
                  A-2        12668BBP7     CCC
                  X-1        12668BCB7     CCC

            American Home Mortgage Assets Trust 2005-1
                        Series    2005-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  2-A-2-1    02660VAC2     CCC

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

                  Class      CUSIP         Rating
                  -----      -----         ------
                  2-A-1      058927AD6     CCC
                  2-A-2      058927AE4     CCC
                  4-A-2      058927AK0     CCC
                  5-A-1      058927AL8     CCC
                  5-A-2      058927AM6     CCC
                  6-A-2      058927AP9     CCC

      Bear Stearns Asset Backed Securities I Trust 2005-AC9
                        Series    2005-AC9

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-1        0738794K1     CCC

                     Chevy Chase Funding LLC
                         Series    2005-4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B-1        16678REV5     CCC
                  B-1NA      16678RIN8     CCC

                CSAB Mortgage-Backed Trust 2006-1
                        Series    2006-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-3        22943HAD8     CCC
                  A-4        22943HAE6     CCC
                  A-5        22943HAF3     CCC
                  A-6-A      22943HAG1     CCC
                  A-6-B      22943HAH9     CCC

  Deutsche Alt-B Securities Mortgage Loan Trust, Series 2006-AB1
                        Series    2006-AB1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1-A      251510MD2     CCC
                  A-1-B      251510ME0     CCC
                  A-1-C      251510MF7     CCC
                  A-2-B      251510MH3     CCC
                  A-2-C      251510MJ9     CCC
                  A-2-D      251510MK6     CCC
                  A-4        251510MM2     CCC
                  A-X-2      251510MP5     CCC

                  GSAA Home Equity Trust 2006-7
                         Series    2006-7

                  Class      CUSIP         Rating
                  -----      -----         ------
                  AF-2       362334NB6     CCC
                  AF-3       362334NC4     CCC
                  AF-4B      362334NE0     CCC
                  AF-5B      362334QE7     CCC

                 GSR Mortgage Loan Trust 2006-OA1
                        Series    2006-OA1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      362631AA1     CCC
                  2-A-2      362631AC7     CCC
                  2-A-3      362631AD5     CCC
                  3-A-1      362631AE3     CCC
                  3-A-2      362631AF0     CCC

               HarborView Mortgage Loan Trust 2006-1
                         Series    2006-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A1A      41161PA60     CCC
                  2-A1A      41161PA86     CCC
                  2-A1B      41161PA94     CCC
                  X-1        41161PB36     CCC
                  X-2A1B     41161PB51     CCC
                  PO-1       41161PB93     CCC
                  PO-2A1B    41161PC35     CCC

              HarborView Mortgage Loan Trust 2006-4
                         Series    2006-4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A1A      41161PL27     CCC
                  1-A2A      41161PP98     CCC
                  2-A1A      41161PL43     CCC
                  2-A1B      41161PL50     CCC
                  3-A1A      41161PL76     CCC
                  3-A1B      41161PP64     CCC
                  X-1        41161PL84     CCC
                  X-3A       41161PM26     CCC

              Harborview Mortgage Loan Trust 2006-5
                         Series    2006-5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A1A      41161MAA8     CCC
                  2-A1B      41161MAD2     CCC
                  X-1        41161MAF7     CCC

             Harborview Mortgage Loan Trust 2006-CB1
                        Series    2006-CB1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  2-A1A      41161PF65     CCC
                  2-A1B      41161PF73     CCC
                  2-A1C      41161PF81     CCC

            IndyMac INDX Mortgage Loan Trust 2006-AR6
                        Series    2006-AR6

                  Class      CUSIP         Rating
                  -----      -----         ------
                  2-A-1A     456612AC4     CCC

             JPMorgan Alternative Loan Trust 2006-A4
                        Series    2006-A4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-3        46629EAC7     CCC
                  A-5        46629EAE3     CCC
                  A-6        46629EAF0     CCC
                  A-7        46629EAG8     CCC
                  A-8        46629EAH6     CCC
                  A-9        46629EAJ2     CCC

                   Lehman Mortgage Trust 2006-6
                         Series    2006-6

                  Class      CUSIP         Rating
                  -----      -----         ------
                  AX2        52520NBV2     CCC

                         Lehman XS Trust
                         Series    2005-8

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A3       525221DT1     CCC

                   Lehman XS Trust Series 2005-9N
                         Series    2005-9N

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      525221GM3     CCC

                  Lehman XS Trust, Series 2005-7N
                        Series    2005-7N

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A1A      525221EM5     CCC
                  2-A1       525221ER4     CCC
                  3-A1       525221ET0     CCC
                  3-A2       525221EU7     CCC

                  Luminent Mortgage Trust 2006-2
                         Series    2006-2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A1B        550279BB8     CCC

          MASTR Asset Backed Securities Trust 2006-AB1
                       Series    2006 AB1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-3A       57643LNV4     CCC
                  A-3B       57643LNW2     CCC
                  A-4        57643LNX0     CCC
                  M-1        57643LNY8     CCC
                  M-2        57643LNZ5     CCC

         Residential Asset Securitization Trust 2005-A14
                        Series    2005-N

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        45660LS83     CCC
                  A-2        45660LS91     CCC
                  A-3        45660LT25     CCC
                  A-4        45660LT33     CCC
                  A-5        45660LT41     CCC
                  A-7        45660LT66     CCC
                  PO         45660LT74     CCC
                  A-X        45660LT82     CCC

                SBI Home Equity Loan Trust 2006-1
                         Series    2006-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  2A         78402TAE6     AAA

    Washington Mutual Mortgage Pass-Through Certificates WMALT
                       Series 2006-6 Trust

                  Class      CUSIP         Rating
                  -----      -----         ------
                  4-A        93935GAG4     CCC
                  4-B-1      93935GAM1     CCC


* S&P Downgrades Ratings on 634 Classes From 75 Alt-A RMBS Deals
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 634
classes from 75 U.S. Alternative-A residential mortgage-backed
securities transactions issued from 2005-2007 and removed 426 of
the lowered ratings from CreditWatch with negative implications.
In addition, S&P affirmed its ratings on 504 classes from these
transactions and six additional deals, and removed 124 of the
affirmed ratings from CreditWatch with negative implications.
Four of the affected Alt-A transactions also contain additional
structures.

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.

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 primarily of fixed- and adjustable-rate U.S. Alt-A loans
that are secured by first and second liens on one- to four-family
residential properties.

                          Rating Actions

              Adjustable Rate Mortgage Trust 2005-10
                       Series      2005-10

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   3-A-1-1    007036TE6     BBB-                 AAA/Watch Neg
   3-A-3-1    007036TH9     BBB-                 AAA/Watch Neg
   4-A-2      007036TL0     CC                   CCC
   5-A-1      007036TM8     CCC                  AA-/Watch Neg
   5-A-2      007036TN6     CCC                  B/Watch Neg
   5-M-1      007036TW6     CC                   CCC
   6-A-1      007036TP1     CCC                  B/Watch Neg
   6-A-2-1    007036TQ9     B-                   BBB-/Watch Neg
   6-A-2-2    007036TR7     CCC                  B/Watch Neg
   6-X        007036TS5     B-                   BBB-/Watch Neg
   6-B-1      007036UB0     CC                   CCC

               Adjustable Rate Mortgage Trust 2005-4
                        Series      2005-4

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      007036KB1     B+                   A/Watch Neg
   2-A-1      007036KC9     B+                   A+/Watch Neg
   3-A-1      007036KD7     BB-                  A+/Watch Neg
   4-A-1      007036KE5     BB-                  AA-/Watch Neg
   5-A-1      007036KF2     B+                   A/Watch Neg
   6-A-1      007036KG0     B+                   A/Watch Neg
   6-A-2-1    007036KH8     B+                   A/Watch Neg
   6-A-2-2    007036KJ4     B+                   A/Watch Neg
   C-B-1      007036KV7     CCC                  B-/Watch Neg
   C-B-2      007036KW5     CC                   CCC
   7-A-1-1    007036KK1     AAA                  AAA/Watch Neg
   7-A-1-2    007036KL9     AAA                  AAA/Watch Neg
   7-A-2      007036KM7     AAA                  AAA/Watch Neg
   7-A-3-2    007036KP0     AAA                  AAA/Watch Neg
   7-A-4      007036KQ8     AAA                  AAA/Watch Neg
   7-M-1      007036KR6     CCC                  A/Watch Neg
   7-M-2      007036KS4     CC                   CCC

               Adjustable Rate Mortgage Trust 2005-5
                        Series      2005-5

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      007036LG9     B-                   AA/Watch Neg
   1-A-2      007036LH7     B-                   BBB/Watch Neg
   2-A-1      007036LJ3     BBB-                 AA/Watch Neg
   2-A-2      007036LK0     B-                   BBB/Watch Neg
   3-A-2-1    007036LN4     B                    BBB/Watch Neg
   3-A-2-2    007036LP9     B-                   BBB/Watch Neg
   3-A-3      007036LQ7     B-                   BBB/Watch Neg
   4-A-1      007036LR5     B-                   BBB/Watch Neg
   5-A-1      007036LS3     B-                   BBB/Watch Neg
   5-A-2-1    007036LT1     AA                   AA/Watch Neg
   5-A-2-2    007036LU8     B-                   BBB/Watch Neg
   C-B-1      007036MD5     CC                   CCC
   6-A-1-1    007036LV6     AAA                  AAA/Watch Neg
   6-A-1-2    007036LW4     AAA                  AAA/Watch Neg
   6-A-2-1    007036LX2     AAA                  AAA/Watch Neg
   6-A-2-2    007036LY0     AAA                  AAA/Watch Neg
   6-M-1      007036LZ7     CCC                  BB+/Watch Neg

              Adjustable Rate Mortgage Trust 2005-6A
                       Series      2005-6A

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      007036PA8     CCC                  B+/Watch Neg
   1-A-2-1    007036PB6     CCC                  BBB/Watch Neg
   1-A-2-2    007036PC4     CCC                  B+/Watch Neg
   1-A-3-1    007036PD2     CCC                  AA/Watch Neg
   1-A-3-2    007036PE0     CCC                  B+/Watch Neg
   1-X        007036PF7     CCC                  AA/Watch Neg
   2-A-1      007036PG5     B                    A+/Watch Neg
   2-X        007036PJ9     B                    A+/Watch Neg
   1-B-1      007036PL4     CC                   CCC
   2-B-2      007036PQ3     D                    CC

              Adjustable Rate Mortgage Trust 2005-8
                        Series      2005-8

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      007036QB5     B+                   BBB+/Watch Neg
   1-A-2      007036QC3     CCC                  B-/Watch Neg
   2-A-1      007036QD1     CCC                  B-/Watch Neg
   2-A-2-1    007036QE9     CCC                  B-/Watch Neg
   2-A-2-2    007036QF6     CCC                  B-/Watch Neg
   3-A-1      007036QG4     CCC                  B-/Watch Neg
   3-A-2-1    007036QH2     B                    AA/Watch Neg
   3-A-2-2    007036QJ8     CCC                  B-/Watch Neg
   4-A-1-1    007036QK5     AA+                  AAA/Watch Neg
   4-A-1-2    007036QL3     CCC                  B-/Watch Neg
   4-A-2-1    007036QM1     AAA                  AAA/Watch Neg
   4-A-2-2    007036QN9     CCC                  B-/Watch Neg
   5-A-1      007036QP4     CCC                  B-/Watch Neg
   6-A-1      007036QQ2     CCC                  B-/Watch Neg
   C-B-1      007036RB4     CC                   CCC
   C-B-2      007036RC2     CC                   CCC
   C-B-4      007036RG3     D                    CC
   7-A-1-1    007036QR0     CCC                  A-/Watch Neg
   7-A-1-2    007036QS8     CCC                  B-/Watch Neg
   7-A-2      007036QT6     CCC                  BBB+/Watch Neg
   7-A-3-1    007036QU3     BB-                  AAA/Watch Neg
   7-A-3-2    007036QV1     CCC                  BBB+/Watch Neg
   7-A-4      007036QW9     CCC                  B-/Watch Neg
   7-M-1      007036QX7     CC                   CCC

               Adjustable Rate Mortgage Trust 2005-9
                        Series      2005-9

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-2      007036RS7     AAA                  AAA/Watch Neg
   1-A-3      007036RT5     AAA                  AAA/Watch Neg
   1-A-4      007036RU2     BB-                  BB-/Watch Neg
   1-A-X      007036RV0     BB-                  AAA/Watch Neg
   1-A-5      007036RW8     CCC                  BB-/Watch Neg
   2-A-1      007036RX6     AAA                  AAA/Watch Neg
   2-A-2      007036RY4     CCC                  BB-/Watch Neg
   3-A-1      007036RZ1     CCC                  BB-/Watch Neg
   3-A-2      007036SA5     CCC                  BB-/Watch Neg
   3-A-X      007036SB3     CCC                  BB-/Watch Neg
   4-A-1      007036SC1     CCC                  BB-/Watch Neg
   4-A-2      007036SD9     CCC                  BB-/Watch Neg
   C-B-1      007036SP2     D                    CCC
   5-A-1      007036SE7     BB-                  AAA/Watch Neg
   5-A-2-2    007036SG2     BB-                  AAA/Watch Neg
   5-A-3      007036SH0     CCC                  BBB+/Watch Neg

                 Alternative Loan Trust 2005-34CB
                      Series      2005-34CB

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      12667GW41     CCC                  AAA/Watch Neg
   1-A-2      12667GW58     AAA                  AAA/Watch Neg
   1-A-3      12667GW66     BB+                  AAA/Watch Neg
   1-A-4      12667GW74     AAA                  AAA/Watch Neg
   1-A-5      12667GW82     CCC                  AAA/Watch Neg
   1-A-6      12667GW90     B-                   AAA/Watch Neg
   1-A-7      12667GX24     CCC                  AAA/Watch Neg
   1-A-8      12667GX32     CCC                  AAA/Watch Neg
   1-A-9      12667GX40     CCC                  AAA/Watch Neg
   1-A-10     12667GX57     CCC                  AAA/Watch Neg
   1-A-11     12667GX65     AAA                  AAA/Watch Neg
   1-A-12     12667GX73     CCC                  AAA/Watch Neg
   1-A-13     12667GX81     CCC                  AAA/Watch Neg
   PO         12667GX99     CCC                  AAA/Watch Neg
   M          12667GY31     CC                   AA/Watch Neg
   B-1        12667GY49     CC                   A/Watch Neg
   B-2        12667GY56     CC                   BBB/Watch Neg

                  Alternative Loan Trust 2005-43
                       Series      2005-43

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      12667G5S8     B-                   A-/Watch Neg
   1-A-2      12667G5T6     CC                   CCC
   1-A-3      12667G5U3     CC                   CCC
   2-A-1      12667G5V1     AAA                  AAA/Watch Neg
   2-A-2      12667G5W9     CC                   CCC
   3-A-1      12667G5X7     CC                   CCC
   4-A-1      12667G5Z2     CCC                  BB-/Watch Neg
   4-A-2      12667G6A6     CC                   CCC
   4-A-3      12667G5Y5     CC                   CCC
   5-A-2      12668AAY1     CC                   CCC

                 Alternative Loan Trust 2005-52CB
                      Series      2005-52CB

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      12668AFW0     A+                   AAA/Watch Neg
   1-A-2      12668AFX8     A+                   AAA/Watch Neg
   1-A-4      12668AFY6     A+                   AAA/Watch Neg

                  Alternative Loan Trust 2005-J1
                       Series      2005-J1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      12667FS97     AA                   AAA/Watch Neg
   1-A-2      12667FT21     AAA                  AAA/Watch Neg
   1-A-3      12667FT39     AA                   AAA/Watch Neg
   1-A-4      12667FT47     AAA                  AAA/Watch Neg
   1-A-5      12667FT54     AA                   AAA/Watch Neg
   1-A-6      12667FT62     AA                   AAA/Watch Neg
   1-A-7      12667F3T0     B                    AAA/Watch Neg
   1-A-8      12667F3U7     B                    AAA/Watch Neg
   2-A-1      12667FT88     AA                   AAA/Watch Neg
   3-A-1      12667FU29     AA                   AAA/Watch Neg
   4-A-1      12667FU45     AA                   AAA/Watch Neg
   5-A-1      12667FU60     AA                   AAA/Watch Neg
   5-A-2      12667F3V5     AA                   AAA/Watch Neg
   5-A-3      12667F3W3     B                    AAA/Watch Neg
   5-A-4      12667F3X1     B                    AAA/Watch Neg
   6-A-1      12667FU86     AA                   AAA/Watch Neg
   7-A-1      12667F3Y9     AA                   AAA/Watch Neg
   X-A        12667FT70     AAA                  AAA/Watch Neg
   X-B        12667FT96     AAA                  AAA/Watch Neg
   X-C        12667FU37     AAA                  AAA/Watch Neg
   X-D        12667FU52     AAA                  AAA/Watch Neg
   X-E        12667FU78     AA                   AAA/Watch Neg
   X-F        12667FU94     AA                   AAA/Watch Neg
   PO-A       12667FV28     B                    AAA/Watch Neg
   PO-B       12667F3Z6     AA                   AAA/Watch Neg
   PO-C       12667F4A0     AA                   AAA/Watch Neg
   PO-D       12667F4B8     AA                   AAA/Watch Neg
   M          12667FV44     CC                   B-/Watch Neg
   B-1        12667FV51     CC                   CCC

                  Alternative Loan Trust 2005-J2
                       Series      2005-J2

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      12667F5W1     AA                   AAA/Watch Neg
   1-A-2      12667F5X9     AA                   AAA/Watch Neg
   1-A-3      12667F5Y7     B                    AA/Watch Neg
   1-A-4      12667F5Z4     AAA                  AAA/Watch Neg
   1-A-5      12667F6A8     B                    AA/Watch Neg
   1-A-6      12667F6B6     B                    AA/Watch Neg
   1-A-7      12667F6C4     AA                   AAA/Watch Neg
   1-A-8      12667F6D2     B                    AA/Watch Neg
   1-A-9      12667F6E0     B                    AA/Watch Neg
   1-A-10     12667F6F7     B                    AA/Watch Neg
   1-A-11     12667F6G5     BB+                  AA/Watch Neg
   1-A-12     12667F6H3     B                    AA/Watch Neg
   1-A-13     12667F6J9     B                    AA/Watch Neg
   1-X        12667F6K6     AAA                  AAA/Watch Neg
   PO-A       12667F6L4     B                    AA-/Watch Neg
   2-A-1      12667F6M2     CCC                  AA-/Watch Neg
   2-X        12667F6N0     CCC                  AA-/Watch Neg
   PO-B       12667F6P5     CCC                  AA-/Watch Neg
   M          12667F6R1     CC                   CCC
   B-1        12667F6S9     CC                   CCC

                 Alternative Loan Trust 2005-J5
                       Series      2005-J5

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      12667GHA4     B                    AA/Watch Neg
   1-A-2      12667GHB2     B                    AA/Watch Neg
   1-A-3      12667GHC0     B                    AAA/Watch Neg
   1-A-6      12667GHF3     B                    AA/Watch Neg
   1-A-7      12667GHG1     B                    AA/Watch Neg
   1-A-8      12667GHH9     B                    AA/Watch Neg
   1-X        12667GHJ5     B                    AAA/Watch Neg
   2-A-1      12667GHK2     B+                   AA/Watch Neg
   2-X        12667GHL0     B+                   AA/Watch Neg
   PO-A       12667GHM8     B                    AA/Watch Neg
   PO-B       12667GHN6     D                    AA/Watch Neg
   M-A        12667GHQ9     CCC                  BBB-/Watch Neg
   B-1        12667GHS5     CC                   CCC
   1-A-4      12667GHD8     B                    AAA/Watch Neg
   1-A-5      12667GHE6     B                    AA/Watch Neg

                 Alternative Loan Trust 2007-21CB
                      Series      2007-21CB

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      02151FAA7     B-                   BBB+/Watch Neg
   1-A-2      02151FAB5     B-                   BBB+/Watch Neg
   1-A-3      02151FAC3     B-                   BBB+/Watch Neg
   1-A-4      02151FAD1     CCC                  BBB+/Watch Neg
   1-A-6      02151FAF6     CCC                  BBB+/Watch Neg
   1-X        02151FAN9     CCC                  BBB+/Watch Neg

                 Alternative Loan Trust 2007-OA6
                       Series      2007-OA6

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1A       02150PAA6     CCC                  BBB/Watch Neg
   A-1B       02150PAB4     CCC                  BBB/Watch Neg
   A-2        02150PAC2     CCC                  B-/Watch Neg
   M-1        02150PAF5     CC                   CCC
   M-2        02150PAG3     CC                   CCC
   M-3        02150PAH1     CC                   CCC

                 Alternative Loan Trust 2007-OH1
                       Series      2007-OH1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1-A      02150KAA7     AAA                  AAA/Watch Neg
   A-1-B      02150KAX7     B+                   A/Watch Neg
   A-1-C      02150KAY5     B+                   A/Watch Neg
   A-1-D      02150KAZ2     B+                   A/Watch Neg
   A-2-A      02150KAB5     B                    B/Watch Neg
   A-3        02150KAC3     CC                   CCC

            American Home Mortgage Assets Trust 2007-3
                        Series      2007-3

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       I-1A-1     026935AA4     CC                   CCC

            American Home Mortgage Assets Trust 2007-4
                        Series      2007-4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A1         026934AA7     A+                   AAA/Watch Neg
    A2         026934AB5     CCC                  BB+/Watch Neg
    A3         026934AC3     AAA                  AAA/Watch Neg
    A4         026934AD1     CCC                  BB+/Watch Neg
    A5         026934AE9     AAA                  AAA/Watch Neg

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

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-1A-1     026929AA7     BBB                  AAA/Watch Neg
    I-1A-2     026929AB5     CCC                  B+/Watch Neg
    I-1A-3     026929AC3     CC                   B/Watch Neg
    I-2A-1     026929AD1     AAA                  AAA/Watch Neg
    I-2A-2     026929AE9     CCC                  B+/Watch Neg
    I-2A-3     026929AF6     CC                   B/Watch Neg
    II-1A-1    026929AG4     CC                   B/Watch Neg
    II-1A-2    026929AH2     D                    B/Watch Neg
    II-2A-1    026929AJ8     D                    B/Watch Neg
    III-A-1    026929AL3     CC                   B/Watch Neg
    III-A-2    026929AM1     CC                   B/Watch Neg
    III-A-3    026929BJ7     CC                   B/Watch Neg

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

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-1A       026931AA3     CC                   B/Watch Neg
   I-2A       026931AB1     CC                   B/Watch Neg
   I-3A-1     026931AC9     CCC                  AAA/Watch Neg
   I-3A-2     026931AD7     CC                   B/Watch Neg

               Banc of America Funding 2005-F Trust
                        Series      2005-F

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       2-A-2      05946XYW7     CC                   CCC
       4-A-1      05946XYZ0     CCC                  B-
       4-A-2      05946XZA4     CC                   CCC
       1-A-1      05946XYP2     CCC                  B-
       1-X        05946XYT4     CCC                  B-

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

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   T-A-1A     05953YAG6     CC                   B/Watch Neg
   T-A-1B     05953YAH4     CC                   B/Watch Neg
   T-A-2      05953YAJ0     CC                   CCC
   T-A-3      05953YAA9     CC                   CCC
   T-A-4      05953YAB7     CC                   CCC
   T-A-5      05953YAK7     CCC                  B+/Watch Neg
   T-A-6      05953YAC5     CC                   CCC
   T-A-7      05953YCQ2     CCC                  B/Watch Neg
   1-A-1      05953YAT8     CCC                  AAA/Watch Neg
   1-A-2      05953YAU5     CCC                  BB/Watch Neg
   1-PO       05953YAV3     CCC                  BB/Watch Neg
   2-A-1      05953YAW1     CCC                  BB/Watch Neg
   2-A-2      05953YAX9     CCC                  BB/Watch Neg
   2-A-3      05953YAY7     B                    AAA/Watch Neg
   2-A-4      05953YAZ4     B                    BBB/Watch Neg
   2-A-5      05953YBA8     CCC                  BB/Watch Neg
   2-A-6      05953YBB6     CCC                  BB/Watch Neg
   2-A-7      05953YBC4     CCC                  BB/Watch Neg
   2-A-8      05953YBD2     CCC                  BB/Watch Neg
   2-A-9      05953YBE0     CCC                  BB/Watch Neg
   2-A-10     05953YBF7     CCC                  AAA/Watch Neg
   2-A-11     05953YBG5     CCC                  BB/Watch Neg
   2-A-13     05953YBJ9     CCC                  BB/Watch Neg
   2-A-14     05953YBK6     CCC                  BB/Watch Neg
   2-A-15     05953YBL4     CCC                  BB/Watch Neg
   3-A-1      05953YBM2     CCC                  AAA/Watch Neg
   3-A-2      05953YBN0     CCC                  BBB/Watch Neg
   3-A-3      05953YBP5     CCC                  BBB/Watch Neg
   3-IO       05953YBQ3     CCC                  AAA/Watch Neg
   N-M        05953YCB5     CC                   CCC
   N-B-1      05953YCC3     CC                   CCC
   4-A-1      05953YBR1     CCC                  AAA/Watch Neg
   4-A-2      05953YBS9     CCC                  AAA/Watch Neg
   5-A-1      05953YBT7     CCC                  AAA/Watch Neg
   5-A-2      05953YBU4     CCC                  AAA/Watch Neg
   5-A-3      05953YBV2     CCC                  AAA/Watch Neg
   6-A-1      05953YBW0     CCC                  AAA/Watch Neg
   7-A-1      05953YBX8     CCC                  AAA/Watch Neg
   8-A-1      05953YBY6     CCC                  AAA/Watch Neg
   S-IO       05953YBZ3     CCC                  AAA/Watch Neg
   S-B-1      05953YCF6     CCC                  BB/Watch Neg
   S-B-2      05953YCG4     CC                   CCC
   S-B-3      05953YCH2     CC                   CCC
   T-AP-1     05953YAD3     CCC                  BB/Watch Neg
   T-AP-2     05953YAL5     CC                   CCC
   T-M-1      05953YAE1     CC                   CCC

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

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-2      05954DAB2     CC                   CCC
   2-A-2      05954DAD8     CC                   CCC
   3-A-2      05954DAF3     CC                   CCC
   4-A-1      05954DAG1     CC                   CCC
   4-A-2      05954DAH9     CC                   CCC
   5-A-2      05954DAK2     CC                   CCC
   6-A-2      05954DAM8     CC                   CCC
   C-A-7      05954DCF1     CC                   CCC
   C-A-8      05954DCG9     CC                   CCC
   C-A-9      05954DCH7     CC                   CCC
   7-A-2      05954DAQ9     CC                   CCC
   8-A-1      05954DAR7     CC                   CCC
   8-A-2      05954DAS5     CC                   CCC
   8-A-3      05954DAT3     CC                   CCC
   8-A-4      05954DAU0     CC                   CCC
   8-A-5      05954DAV8     CC                   CCC
   8-A-6      05954DCE4     CC                   CCC
   9-A-1      05954DAW6     CCC                  BBB/Watch Neg
   9-A-2      05954DAX4     CC                   CCC
   9-A-3      05954DAY2     CC                   CCC
   9-A-4      05954DAZ9     CC                   CCC
   10-A-1     05954DBA3     CCC                  AAA/Watch Neg
   10-A-2     05954DBB1     CC                   CCC
   10-A-3     05954DBC9     CC                   CCC
   10-A-4     05954DBD7     CC                   CCC
   11-A-1     05954DBE5     CCC                  AAA/Watch Neg
   11-A-2     05954DBF2     CC                   CCC
   11-A-3     05954DBG0     CC                   CCC
   11-A-4     05954DBH8     CC                   CCC
   12-A-1     05954DBJ4     CCC                  AAA/Watch Neg
   12-A-2     05954DBK1     CC                   CCC
   C-A-2      05954DBM7     CCC                  AAA/Watch Neg
   C-A-3      05954DBN5     CC                   CCC
   C-A-4      05954DBP0     CC                   CCC
   C-A-5      05954DBQ8     CC                   CCC
   C-A-6      05954DBR6     CC                   CCC
   X-B-1      05954DBV7     CC                   CCC

                  Bear Stearns ALT-A Trust 2007-3
                        Series      2007-3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A-1      07387RAA6     CC                   CCC
   II-A-1     07387RAH1     AAA                  AAA/Watch Neg

                   Bear Stearns ARM Trust 2007-4
                        Series      2007-4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        I-1A-1     07401CAA1     CC                   CCC
        I-1X-1     07401CAC7     CC                   CCC
        I-2A-1     07401CAD5     CC                   CCC
        I-2X-1     07401CAF0     CC                   CCC
        II-1A-2    07401CAT0     CC                   CCC
        II-2A-2    07401CAW3     CC                   CCC

      Bear Stearns Asset Backed Securities I Trust 2005-AC3
                       Series      2005-AC3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    II-A-1     073879WQ7     B-                   BBB-/Watch Neg
    II-A-2     073879WR5     B-                   BBB-/Watch Neg
    II-A-3     073879WS3     B-                   BBB-/Watch Neg
    II-A-4     073879WT1     B-                   BBB-/Watch Neg
    II-X       073879WU8     B-                   BBB-/Watch Neg
    II-PO      073879WV6     B-                   BBB-/Watch Neg
    II-B-1     073879WW4     CC                   CCC
    I-A-1      073879XD5     AAA                  AAA/Watch Neg
    I-A-2      073879XE3     AAA                  AAA/Watch Neg
    I-M-1      073879XF0     BBB                  AA+/Watch Neg
    I-M-2      073879XG8     CCC                  AA/Watch Neg
    I-M-3      073879XH6     CCC                  A+/Watch Neg
    I-B-1      073879XJ2     CCC                  BB/Watch Neg
    I-B-2      073879XK9     CC                   B-/Watch Neg
    I-B-3      073879XL7     CC                   CCC

      Bear Stearns Asset Backed Securities I Trust 2005-AC7
                       Series      2005-AC7

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        073879T24     AAA                  AAA/Watch Neg
    A-2        073879T32     AAA                  AAA/Watch Neg
    A-3        073879T40     AAA                  AAA/Watch Neg
    A-4        073879T57     AAA                  AAA/Watch Neg
    M-1        073879T65     B+                   AA/Watch Neg
    M-2        073879T73     CCC                  BBB+/Watch Neg
    M-3        073879T81     CCC                  BB-/Watch Neg
    B-1        073879T99     CCC                  B-/Watch Neg
    B-2        073879U22     CC                   CCC
    B-3        073879U30     CC                   CCC

           Bear Stearns Mortgage Funding Trust 2007-AR1
                       Series      2007-AR1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      07401MAA9     CCC                  BBB/Watch Neg
    I-A-2      07401MAB7     CC                   CCC
    I-A-3      07401MAC5     CC                   CCC
    I-X        07401MAD3     CCC                  BBB/Watch Neg
    II-A-1     07401MAE1     AAA                  AAA/Watch Neg
    II-A-2     07401MAF8     CCC                  B-/Watch Neg
    II-A-4     07401MAH4     CC                   CCC

                     Chevy Chase Funding LLC
                        Series      2005-A

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        16678RDE4     CC                   CCC
        B-2NA      16678RAI7     CC                   CCC

                     Chevy Chase Funding LLC
                        Series      2005-3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        16678RDT1     AA                   AA/Watch Neg
    A-2        16678RDU8     AA                   AA/Watch Neg
    A-NA       16678RFI2     AA                   AA/Watch Neg
    IO         16678RGO8     AA                   AA/Watch Neg
    NIO        16678RHI0     AA                   AA/Watch Neg
    B-2        16678RDW4     CC                   CCC
    B-2NA      16678RGI1     CC                   CCC

               Citigroup Mortgage Loan Trust 2007-6
                        Series      2007-6

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A1A      17312VAA6     CC                   CCC
        1-1IO      17312VAC2     CC                   CCC
        1-A2A      17312VAD0     CC                   CCC
        1-A3A      17312VAE8     CC                   CCC
        1-23IO     17312VAG3     CC                   CCC
        1-A4A      17312VAH1     CC                   CCC
        1-4IO      17312VAK4     CC                   CCC
        2-A2       17312VAT5     D                    CC
        2-A5       17312VAW8     D                    CC
        2-XS       17312VBH0     D                    CC
        2-PO       17312VAY4     D                    CC

                Citigroup Mortgage Loan Trust Inc.
                        Series      2005-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    III-A1     17307GQA9     AAA                  AAA/Watch Neg
    III-A2     17307GQB7     AAA                  AAA/Watch Neg
    III-PO     17307GQC5     AAA                  AAA/Watch Neg
    III-XS     17307GQD3     AAA                  AAA/Watch Neg
    III-B1     17307GQE1     BB                   AA/Watch Neg

                Citigroup Mortgage Loan Trust Inc.
                        Series      2005-5

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    II-1-1A1   17307GYD4     CCC                  B/Watch Neg
    II-1-1A2   17307GYE2     CCC                  B/Watch Neg
    II-1-1A3   17307GYF9     CCC                  B-/Watch Neg
    II-1-1A4   17307GYG7     CCC                  B-/Watch Neg
    II-1-1A5   17307GYH5     CCC                  B-/Watch Neg
    II-1-1A6   17307GYJ1     CCC                  B-/Watch Neg
    II-1-2A1   17307GYK8     CCC                  B/Watch Neg
    II-1-2A2   17307GYL6     CCC                  B/Watch Neg
    II-1-2A3   17307GYM4     CCC                  B-/Watch Neg
    II-1-2A4   17307GYN2     CCC                  B-/Watch Neg
    II-1-2A5   17307GYP7     CCC                  B-/Watch Neg
    II-1-2A6   17307GYQ5     CCC                  B-/Watch Neg
    II-1-2A7   17307GYR3     CCC                  B-/Watch Neg
    II-A3      17307GYT9     CCC                  B+/Watch Neg
    II-PO1     17307GYX0     CCC                  B-/Watch Neg
    II-PO3     17307GYZ5     CCC                  B+/Watch Neg
    II-XS1     17307GYU6     CCC                  B/Watch Neg
    II-XS3     17307GYW2     CCC                  B+/Watch Neg
    III-A3A    17307GZJ0     CCC                  AA+/Watch Neg
    III-A4A    17307GZK7     B-                   AAA/Watch Neg
    II-B1      17307GZA9     CC                   CCC

                    Citigroup Mortgage Loan Trust Inc.
                      Series      2005-WF2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    AF-4       17307GVJ4     BBB                  AAA/Watch Neg
    AF-5       17307GVK1     BBB                  AAA/Watch Neg
    AF-6A      17307GVL9     BBB                  AAA/Watch Neg
    AF-6B      17307GVM7     AAA                  AAA/Watch Neg
    AF-7       17307GVN5     BBB                  AAA/Watch Neg
    MF-1       17307GVP0     CCC                  B+/Watch Neg
    MF-2       17307GVQ8     CC                   CCC
    AV-2       17307GVU9     AAA                  AAA/Watch Neg
    AV-3       17307GVV7     AAA                  AAA/Watch Neg
    MV-1       17307GVW5     AA                   AA/Watch Neg
    MV-2       17307GVX3     A                    AA/Watch Neg
    MV-3       17307GVY1     B-                   BBB-/Watch Neg
    MV-4       17307GVZ8     CCC                  B-/Watch Neg
    MV-5       17307GWA2     CC                   CCC

                CSAB Mortgage-Backed Trust 2007-1
                        Series      2007-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-4      12629EAF2     AAA                  AAA/Watch Neg
    1-A-5      12629EAG0     AAA                  AAA/Watch Neg

                CSFB Mortgage-Backed Trust Series 2005-9
                        Series      2005-9

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      2254585N4     BBB                  A/Watch Neg
    I-A-2      2254585P9     BBB-                 A/Watch Neg
    I-A-3      2254585Q7     BBB-                 AAA/Watch Neg
    I-A-4      225470AA1     BBB-                 A/Watch Neg
    I-A-5      225470AH6     BBB-                 A/Watch Neg
    I-A-6      225470AJ2     BBB-                 A/Watch Neg
    II-A-1     2254585R5     BB+                  A/Watch Neg
    II-A-2     2254585S3     BB+                  A/Watch Neg
    A-X        2254586H6     BBB                  AAA/Watch Neg
    III-A-1    2254585T1     CC                   CCC
    III-A-3    225470AC7     CC                   CCC
    IV-A-1     2254585U8     CCC                  BBB/Watch Neg
    IV-A-2     2254585V6     CCC                  BBB/Watch Neg
    IV-A-3     2254585W4     CC                   CCC
    IV-A-4     2254585X2     CCC                  BBB/Watch Neg
    IV-X       225470AG8     CCC                  BBB/Watch Neg
    A-P        2254586K9     CC                   A/Watch Neg
    V-A-1      2254585Y0     CC                   CCC
    V-A-2      2254585Z7     CC                   CCC
    V-A-3      2254586A1     CC                   CCC
    V-A-6      2254586D5     CC                   CCC
    V-A-8      2254586F0     CC                   CCC
    V-A-10     225470AD5     CC                   CCC
    V-A-12     225470AF0     CC                   CCC

                CSMC Mortgage-Backed Trust 2007-1
                       Series      2007-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-1D     126378AD0     CC                   CCC
        1-A-6B     126378AM0     CC                   CCC
        3-A-1      126378AW8     CC                   CCC
        1-A-5B     126378AK4     CC                   CCC

         CWABS Asset Backed Certificates Trust 2005-IM1
                      Series      2005-IM1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-2        1266733W0     AAA                  AAA/Watch Neg
    A-2M       1266733X8     B+                   AAA/Watch Neg
    A-3        1266733Y6     A-                   AAA/Watch Neg
    A-3M       1266733Z3     B+                   AAA/Watch Neg
    A-4        1266734Q2     A-                   AAA/Watch Neg
    A-4M       1266734R0     B+                   AAA/Watch Neg
    M-1        1266734B5     CCC                  B-/Watch Neg
    M-2        1266734C3     CC                   CCC
    M-3        1266734D1     CC                   CCC

  Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-AR3
                       Series      2007-AR3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      25150VAA4     BB+                  BB+/Watch Neg
    I-A-2      25150VAB2     BB+                  BB+/Watch Neg
    I-A-3      25150VAC0     BB+                  BB+/Watch Neg
    I-A-4      25150VAD8     BB+                  BB+/Watch Neg
    II-A-1     25150VAH9     B+                   AA+/Watch Neg
    II-A-2A    25150VAZ9     CCC                  B-/Watch Neg
    II-A-2B    25150VBA3     CCC                  B-/Watch Neg
    II-A-5     25150VAM8     CCC                  B-/Watch Neg
    II-A-7     25150VAP1     CC                   CCC

       Deutsche Alt-A Securities, Inc. Mortgage Loan Trust,
                         Series 2005-AR2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      251510GL1     CCC                  AAA/Watch Neg
    I-A-2      251510GM9     CCC                  AAA/Watch Neg
    I-A-IO     251510GN7     CCC                  AAA/Watch Neg
    VI-A-1     251510GX5     AAA                  AAA/Watch Neg
    VII-A-1    251510GZ0     B-                   BB+/Watch Neg

                DSLA Mortgage Loan Trust 2005-AR3
                       Series      2005-AR3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A        23332UDT8     BB-                  BB-/Watch Neg
    2-A1A      23332UDU5     AA+                  AA+/Watch Neg
    2-A1B      23332UDV3     BB-                  BB-/Watch Neg
    X-2        23332UEG5     AA+                  AA+/Watch Neg

                DSLA Mortgage Loan Trust 2005-AR5
                       Series      2005-AR5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        PO         23332UFS8     CC                   CCC

                DSLA Mortgage Loan Trust 2005-AR6
                       Series      2005-AR6

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1A-1A      23332UFU3     CC                   CCC
    1A-1B      23332UGJ7     AAA                  AAA/Watch Neg
    2A-1A      23332UFV1     B-                   B-/Watch Neg
    2A-1B      23332UFW9     CC                   CCC
    2A-1C      23332UFX7     CC                   CCC

                 Fannie Mae Grantor Trust 2005-T1
                       Series      2005-T1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A1         31394C7D8     AAA                  AAA/Watch Neg
    A2         31394C7E6     AAA                  AAA/Watch Neg
    A3         31394C7F3     AAA                  AAA/Watch Neg
    A4         31394C7G1     AAA                  AAA/Watch Neg

   First Horizon Alternative Mortgage Securities Trust 2005-FA8
                      Series      2005-FA8

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      32051GYF6     B-                   BB-/Watch Neg
    I-A-4      32051GYJ8     A-                   AA/Watch Neg
    I-A-14     32051GYU3     A-                   AA/Watch Neg
    I-A-22     32051GZN8     CC                   CCC
    II-A-1     32051GZD0     CCC                  AA-/Watch Neg
    II-A-PO    32051GZE8     CCC                  AA-/Watch Neg
    B-1        32051GZF5     CC                   CCC

   First Horizon Alternative Mortgage Securities Trust 2007-AA3
                       Series      2007-AA3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-2        32053MAB6     CC                   CCC

                GMACM Mortgage Loan Trust 2005-AF1
                      Series      2005-AF1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-2        36185MAJ1     AA                   AAA/Watch Neg
    A-3        36185MAK8     AA                   AAA/Watch Neg
    A-4        36185MAL6     AAA                  AAA/Watch Neg
    A-5        36185MAM4     AAA                  AAA/Watch Neg
    A-6        36185MAN2     A                    AAA/Watch Neg
    A-7        36185MAP7     A                    AAA/Watch Neg
    A-8        36185MAQ5     AA                   AAA/Watch Neg
    A-11       36185MAX0     BBB                  AAA/Watch Neg
    A-12       36185MAY8     AAA                  AAA/Watch Neg
    PO         36185MBC5     BBB                  AAA/Watch Neg
    IO         36185MBD3     AAA                  AAA/Watch Neg

                  GSAA Home Equity Trust 2005-11
                       Series      2005-11

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      362341NV7     A+                   AA+/Watch Neg
    1-A-2      362341NW5     BBB+                 A/Watch Neg
    2-A-1      362341NX3     AA-                  AA+/Watch Neg
    2-A-2      362341NY1     BBB-                 A/Watch Neg
    3-A-1      362341QF9     AA-                  AA+/Watch Neg
    3-A-2      362341QG7     BBB-                 A/Watch Neg
    3-A-3      362341QH5     AAA                  AAA/Watch Neg
    3-A-4      362341QJ1     BBB-                 A/Watch Neg
    3-A-5      362341QK8     BBB-                 A/Watch Neg
    M-3        362341PD5     CC                   CCC

              Harborview Mortgage Loan Trust 2005-10
                       Series      2005-10

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1A     41161PTL7     B-                   B-/Watch Neg
    2-A1A      41161PTN3     B                    B/Watch Neg
    2-A1B      41161PTP8     B-                   B-/Watch Neg
    X          41161PTS2     B                    B/Watch Neg
    B-1        41161PTV5     CC                   CCC
    B-2        41161PTW3     CC                   CCC
    B-3        41161PTX1     CC                   CCC
    B-7        41161PUB7     D                    CC

              HarborView Mortgage Loan Trust 2005-11
                       Series      2005-11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        41161PUS0     CC                   CCC

                     HarborView Mortgage Loan Trust 2005-12
                       Series      2005-12

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    2-A1A1     41161PVJ9     BB-                  BB-/Watch Neg
    2-A1B      41161PVL4     CC                   CCC
    X-1        41161PVN0     CCC                  BB-/Watch Neg
    X-2A       41161PVS9     BB-                  BB-/Watch Neg
    X-2B       41161PVT7     BB-                  BB-/Watch Neg
    X-B        41161PVU4     CC                   CCC
    PO-2A      41161PVV2     CC                   CCC
    PO-2B      41161PVW0     CC                   CCC
    PO-B       41161PVX8     CC                   CCC
    B-1        41161PUZ4     CC                   CCC
    B-2        41161PVA8     CC                   CCC
    2-A1A2     41161PVK6     BB-                  BB-/Watch Neg

              HarborView Mortgage Loan Trust 2005-13
                       Series      2005-13

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        X          41161PWF6     B-                   B

                      HarborView Mortgage Loan Trust 2005-8
                       Series      2005-8

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A1A      41161PQS5     B                    B+/Watch Neg
    1-A2A      41161PQU0     BBB+                 BBB+/Watch Neg
    1-A2B      41161PQV8     B-                   B-/Watch Neg
    1-X        41161PQX4     BBB+                 BBB+/Watch Neg
    2-A2A      41161PRQ8     B+                   B+/Watch Neg
    2-XA2      41161PRV7     B+                   B+/Watch Neg
    2-XB       41161PRW5     CC                   CCC
    1-B1       41161PRA3     CC                   CCC
    1-B2       41161PRB1     CC                   CCC
    2-B1       41161PSB0     CC                   CCC
    1-B7       41161PRG0     D                    CC

                  HarborView Mortgage Loan Trust 2005-9
                        Series      2005-9

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A        41161PSJ3     AAA                  AAA/Watch Neg
    2-A-1A     41161PSK0     AAA                  AAA/Watch Neg
    2-A-1B     41161PSL8     AAA                  AAA/Watch Neg
    2-A-1C     41161PSM6     AAA                  AAA/Watch Neg
    1-X        41161PSN4     AAA                  AAA/Watch Neg
    2-X        41161PSP9     AAA                  AAA/Watch Neg
    3-X        41161PSQ7     AA+                  AAA/Watch Neg
    1-PO       41161PSR5     AAA                  AAA/Watch Neg
    2-PO       41161PSS3     AAA                  AAA/Watch Neg
    3-PO       41161PST1     AA+                  AAA/Watch Neg
    B-1        41161PSV6     AA+                  AA+/Watch Neg
    B-2        41161PSW4     AA+                  AA+/Watch Neg
    B-3        41161PSX2     AA                   AA/Watch Neg
    B-4        41161PSY0     AA                   AA/Watch Neg
    B-5        41161PSZ7     AA                   AA/Watch Neg
    B-6        41161PTA1     BBB                  AA-/Watch Neg
    B-7        41161PTB9     BB                   A+/Watch Neg
    B-8        41161PTC7     CCC                  A/Watch Neg
    B-9        41161PTD5     CCC                  A-/Watch Neg
    B-10       41161PTE3     CCC                  B-/Watch Neg
    B-11       41161PTF0     CC                   CCC

                  Impac CMB Trust Series 2005-7
                        Series      2005-7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1        45254NQX8     CC                   CCC
        A-2        45254NQY6     CC                   CCC

    IndyMac INDX Mortgage Loan Grantor Trust 2006-AR14 1-A4A
                      Series      2006-AR14

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A4A      45668GAF9     CC                   CCC

            IndyMac INDX Mortgage Loan Trust 2005-AR15
                      Series      2005-AR15

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        45660LVL0     B                    AA+/Watch Neg
    A-2        45660LVM8     B                    AA+/Watch Neg
    A-3        45660LVN6     B                    AA+/Watch Neg
    A-4        45660LVP1     CCC                  BB-/Watch Neg
    B-1        45660LVS5     CC                   CCC

            IndyMac INDX Mortgage Loan Trust 2005-AR18
                      Series      2005-AR18

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      45660LVZ9     BB+                  BBB+/Watch Neg
    1-A-3A     45660LWB1     CC                   CCC
    1-A-3B     45660LWC9     CC                   CCC
    2-A-1A     45660LWD7     B-                   BB+/Watch Neg
    2-A-1B     45660LWE5     B-                   BB+/Watch Neg
    2-A-3A     45660LWG0     CC                   CCC
    2-A-3B     45660LWH8     CC                   CCC
    1-X        45660LWS4     BB+                  BBB+/Watch Neg
    2-X        45660LWT2     B-                   BB+/Watch Neg
    B-X        45660LWU9     CC                   CCC
    B-1        45660LWJ4     CC                   CCC

             JPMorgan Alternative Loan Trust 2007-A2
                       Series      2007-A2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-1-A2     466278AB4     D                    CC
    1-2-A2     466278AD0     A+                   AAA/Watch Neg
    1-2-A3     466278AE8     CCC                  B/Watch Neg
    1-2-A6     466278CP1     A+                   AAA/Watch Neg

             JPMorgan Alternative Loan Trust 2007-S1
                       Series      2007-S1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        466275AA2     B-                   AA-/Watch Neg
    A-2        466275AB0     CCC                  BB-/Watch Neg
    M-1        466275AC8     CCC                  B-/Watch Neg
    M-2        466275AD6     CCC                  B-/Watch Neg
    M-5        466275AG9     CC                   CCC
    M-6        466275AH7     CC                   CCC
    B-1        466275AJ3     CC                   CCC

                JPMorgan Mortgage Trust 2005-ALT1
                      Series      2005-ALT1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      466247XE8     CCC                  A+/Watch Neg
    1-A-2      466247XF5     CCC                  BB/Watch Neg
    1-A-X      466247YD9     CCC                  A+/Watch Neg
    2-A-1      466247XG3     CCC                  AAA/Watch Neg
    2-A-2      466247XH1     CCC                  AAA/Watch Neg
    2-A-3      466247XZ1     CCC                  BB/Watch Neg
    3-A-1      466247XK4     CCC                  AAA/Watch Neg
    3-A-2      466247XL2     CCC                  BB/Watch Neg
    3-A-IO     466247YF4     CCC                  AAA/Watch Neg
    4-A-1      466247XN8     CCC                  AAA/Watch Neg
    4-A-2      466247YA5     CCC                  AAA/Watch Neg
    4-A-3      466247YB3     CCC                  BB/Watch Neg
    4-A-IO     466247YG2     CCC                  AAA/Watch Neg
    B-1        466247XP3     CC                   CCC

                         Lehman XS Trust
                        Series      2005-4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A2       525221BZ9     AAA                  AAA/Watch Neg
    1-A3       525221CA3     BB+                  AA/Watch Neg
    1-A4       525221CB1     B                    BBB/Watch Neg
    2-A1A      525221CG0     AAA                  AAA/Watch Neg
    2-A1B      525221CH8     AAA                  AAA/Watch Neg
    2-A5A      525221CN5     B                    BBB+/Watch Neg

                      Lehman XS Trust 2007-8H
                        Series      2007-8H

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A3         52524TAC8     CC                   CCC
        AIO        52524TAF1     CC                   CCC

                 Lehman XS Trust Series 2007-16N
                       Series      2007-16N

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A1       52525BAA0     B-                   BBB-/Watch Neg
    1-A2       52525BAB8     AAA                  AAA/Watch Neg
    M2-I       52525BAK8     CC                   CCC
    M3-I       52525BAL6     CC                   CCC
    M4-I       52525BAM4     CC                   CCC
    M5-I       52525BAN2     CC                   CCC
    2-A1       52525BAC6     B-                   BB-/Watch Neg
    2-A2       52525BAD4     B-                   BB-/Watch Neg
    3-A1       52525BAF9     B-                   B+/Watch Neg
    M2-II      52525BAU6     CC                   CCC
    M3-II      52525BAV4     CC                   CCC
    M4-II      52525BAW2     CC                   CCC
    M5-II      52525BAX0     CC                   CCC

                     Lehman XS Trust, Series 2007-15N
                       Series      2007-15N

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    M8-I       52524VBU2     D                    CC

               Morgan Stanley Mortgage Loan Trust 2007-10XS
                      Series      2007-10XS

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1-W      61751MAB0     BB+                  BB+/Watch Neg
    A-3-W      61751MAD6     BB+                  BB+/Watch Neg
    A-18       61751MAU8     CCC                  B+/Watch Neg
    M-1        61751MBA1     CC                   CCC
    M-4        61751MBD5     D                    CC

          Morgan Stanley Mortgage Loan Trust 2007-15AR
                      Series      2007-15AR

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-2      61756XAB1     CC                   CCC
    2-A-3      61756XAJ4     CC                   CCC
    2-A-4      61756XAK1     CC                   CCC
    2-A-5      61756XAL9     CC                   CCC
    2-A-6      61756XAM7     CC                   CCC
    2-A-7      61756XAN5     CC                   CCC
    2-A-9      61756XAQ8     CC                   CCC
    2-A-12     61756XAT2     CC                   CCC
    2-A-13     61756XAU9     CC                   CCC
    2-A-20     61756XBB0     CC                   CCC
    2-A-21     61756XBC8     CC                   CCC
    3-A-2      61756XBE4     CC                   CCC
    4-A-2      61756XBL8     CC                   CCC
    6-A-1      61756XCB9     CCC                  B-/Watch Neg
    6-A-3      61756XCD5     CCC                  AA+/Watch Neg
    6-A-4      61756XCE3     CCC                  B-/Watch Neg
    6-A-5      61756XCF0     CCC                  AAA/Watch Neg
    6-A-6      61756XCG8     CCC                  B-/Watch Neg

                     MortgageIT Trust 2005-2
                       Series      2005-2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      61915RAA4     AAA                  AAA/Watch Neg
    1-A-2      61915RAB2     AAA                  AAA/Watch Neg
    2-A        61915RAC0     AAA                  AAA/Watch Neg
    1-M-1      61915RAD8     BBB+                 AAA/Watch Neg
    1-M-2      61915RAE6     B-                   A+/Watch Neg
    2-M-1      61915RAF3     AA                   AAA/Watch Neg
    2-M-2      61915RAG1     B-                   AA/Watch Neg
    1-B-1      61915RAH9     CCC                  BB+/Watch Neg
    2-B-1      61915RAJ5     CCC                  BBB/Watch Neg

                     MortgageIT Trust 2005-5
                       Series      2005-5

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        61915RAU0     BBB                  AAA/Watch Neg
    A-2        61915RAV8     B-                   AA+/Watch Neg
    M-1        61915RAW6     CCC                  B+/Watch Neg
    M-3        61915RAY2     CC                   CCC

   Nomura Asset Acceptance Corporation Alternative Loan Trust
                          Series 2005-AR5

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    IA1        65535VPT9     CCC                  B+/Watch Neg
    IIA1       65535VPU6     CCC                  BB-/Watch Neg
    IIIA1      65535VPV4     CCC                  B+/Watch Neg
    IIIA2      65535VQH4     AA+                  AAA/Watch Neg
    IIIA3      65535VPY8     CCC                  B+/Watch Neg

   Nomura Asset Acceptance Corporation, Alternative Loan Trust
                       Series      2005-AR4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A        65535VMV7     AAA                  AAA/Watch Neg
    II-A       65535VMW5     AA-                  AAA/Watch Neg
    V-A-1      65535VNA2     AA+                  AAA/Watch Neg

                    RALI Series 2005-QO1 Trust
                       Series      2005-QO1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        761118EN4     BBB+                 AA/Watch Neg
    A-2        761118EP9     BBB+                 AA/Watch Neg
    A-3        761118EQ7     B-                   BBB+/Watch Neg
    A-4        761118ER5     CC                   CCC
    X          761118ET1     BBB+                 AA/Watch Neg
    M-1        761118EX2     CC                   CCC

                    RALI Series 2005-QO2 Trust
                       Series      2005-QO2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        761118HU5     BB+                  AAA/Watch Neg
    A-2        761118HV3     CCC                  B/Watch Neg
    A-3        761118HW1     CC                   CCC
    X          761118HX9     BB+                  AAA/Watch Neg

  Structured Adjustable Rate Mortgage Loan Trust Series 2005-19XS
                      Series      2005 19XS

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A1       863579YR3     CCC                  BB-/Watch Neg
    1-AA       863579YS1     CCC                  BB-/Watch Neg
    1-AB       863579ZD3     CCC                  BB-/Watch Neg
    1-A-3      863579YT9     CCC                  BB-/Watch Neg
    M1-I       863579YX0     CC                   CCC
    2-A-1      863579YU6     BBB-                 AAA/Watch Neg
    2-A2       863579YV4     BB+                  AAA/Watch Neg
    2-A3       863579YW2     BB+                  AAA/Watch Neg

     Structured Asset Mortgage Investments II Trust 2005 AR6
                      Series      2005-AR6

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        II-A-1     86359LNA3     BBB-                 AA
        X-2        86359LNE5     BBB-                 AA
        M-X        86359LNF2     CC                   CCC
        M-1        86359LNK1     CC                   CCC

     Structured Asset Mortgage Investments II Trust 2005-AR2
                       Series      2005-AR2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      86359LHX0     B-                   BBB-/Watch Neg
    I-X        86359LHZ5     B-                   BBB-/Watch Neg
    II-A-1     86359LJA8     AAA                  AAA/Watch Neg
    II-X       86359LJD2     AAA                  AAA/Watch Neg
    III-A-1    86359LJE0     CCC                  B-/Watch Neg
    M-4        86359LJV2     CC                   CCC
    M-5        86359LJW0     CC                   CCC
    II-A-2     86359LJB6     B-                   BBB-/Watch Neg

                 TBW Mortgage-Backed Trust 2007-2
                        Series      2007-2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-4-A      872227AG8     AAA                  AAA/Watch Neg
    A-4-B      872227AH6     AAA                  AAA/Watch Neg
    A-5        872227AJ2     AAA                  AAA/Watch Neg

           Terwin Mortgage Trust Series TMTS 2005-12ALT
                     Series      2005-12ALT

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    AF-2       881561VW1     AAA                  AAA/Watch Neg
    AF-3       881561VX9     AAA                  AAA/Watch Neg
    AF-4       881561VY7     AAA                  AAA/Watch Neg
    AF-5       881561VZ4     AAA                  AAA/Watch Neg
    AV-2       881561WB6     AAA                  AAA/Watch Neg
    AV-3       881561WC4     AAA                  AAA/Watch Neg
    M-1        881561WE0     CCC                  BB+/Watch Neg

  WaMu Mortgage Pass-Through Certificates Series 2007-OA5 Trust
                       Series      2007-OA5

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1A         93364BAA8     CCC                  AAA/Watch Neg
    1A-1B      93364BAB6     CCC                  BB/Watch Neg
    2A         93364BAC4     CCC                  BB/Watch Neg
    CA-1C      93364BAE0     CC                   CCC
    B-1        93364BAH3     CC                   CCC
    B-2        93364BAJ9     CC                   CCC

    Washington Mutual Mortgage Pass-Through Certificates WMALT
                        Series      2005-4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    CB-1       9393365V1     CCC                  BB+/Watch Neg
    CB-2       9393365W9     CCC                  BB+/Watch Neg
    CB-3       9393365X7     CCC                  AA/Watch Neg
    CB-4       9393365Y5     CCC                  AA/Watch Neg
    CB-5       9393365Z2     CCC                  BB+/Watch Neg
    CB-6       9393366A6     CCC                  BBB-/Watch Neg
    CB-7       9393366B4     CCC                  AAA/Watch Neg
    CB-8       9393366C2     CCC                  BB+/Watch Neg
    CB-9       9393366D0     CCC                  BB+/Watch Neg
    CB-10      9393366E8     CCC                  BB+/Watch Neg
    CB-11      9393366F5     CCC                  AAA/Watch Neg
    CB-12      9393366G3     CCC                  BB+/Watch Neg
    CB-13      9393366H1     CCC                  BB+/Watch Neg
    CB-14      9393366J7     CCC                  BB+/Watch Neg
    CB-15      9393366K4     AAA                  AAA/Watch Neg
    CB-16      9393366L2     CCC                  BB+/Watch Neg
    2-CB       9393366M0     CCC                  BB+/Watch Neg
    3-CB       9393366N8     CCC                  BB+/Watch Neg
    4-A-1      9393366P3     CCC                  BB+/Watch Neg
    4-A-2      9393366Q1     CCC                  BB+/Watch Neg
    5-A-1      9393366R9     CCC                  AAA/Watch Neg
    5-A-2      9393366S7     CCC                  BB+/Watch Neg
    5-A-3      9393366T5     CCC                  BB+/Watch Neg
    5-A-4      9393366U2     CCC                  AAA/Watch Neg
    5-A-5      9393366V0     CCC                  BB+/Watch Neg
    5-A-6      9393366W8     CCC                  BB+/Watch Neg
    5-A-7      9393366X6     CCC                  BB+/Watch Neg
    5-A-8      9393366Y4     CCC                  BB+/Watch Neg
    5-A-9      9393366Z1     CCC                  BB+/Watch Neg
    5-A-10     9393367A5     CCC                  BB+/Watch Neg
    C-X        9393367B3     CCC                  AAA/Watch Neg
    D-X        9393367C1     CCC                  BB+/Watch Neg
    C-P        9393367D9     CC                   BB+/Watch Neg
    D-P        9393367E7     CC                   BB+/Watch Neg
    B-2        9393367G2     CC                   CCC

                        Ratings Affirmed

              Adjustable Rate Mortgage Trust 2005-10
                       Series      2005-10

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      007036TA4     CCC
                  1-A-2-1    007036TB2     CCC
                  1-A-2-2    007036TC0     CCC
                  2-A-1      007036TD8     CCC
                  3-A-1-2    007036TF3     CCC
                  3-A-2      007036TG1     CCC
                  3-A-3-2    007036TJ5     CCC
                  4-A-1      007036TK2     CCC

              Adjustable Rate Mortgage Trust 2005-6A
                        Series      2005-6A

                  Class      CUSIP         Rating
                  -----      -----         ------
                  2-A-2      007036PH3     CCC

              Adjustable Rate Mortgage Trust 2005-9
                        Series      2005-9

                  Class      CUSIP         Rating
                  -----      -----         ------
                  5-M-1      007036SJ6     CCC

                  Alternative Loan Trust 2005-43
                       Series      2005-43

                  Class      CUSIP         Rating
                  -----      -----         ------
                  5-A-1      12668AAX3     CCC

                 Alternative Loan Trust 2005-52CB
                      Series      2005-52CB

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-3      12668ABG9     CCC
                  1-A-5      12668AFZ3     CCC
                  1-A-6      12668AGM1     CCC
                  1-A-7      12668AGA7     CCC
                  1-A-8      12668AGB5     CCC
                  1-A-9      12668AGC3     CCC
                  1-A-10     12668ALS2     CCC
                  1-A-11     12668ALT0     CCC
                  1-A-12     12668ALU7     CCC
                  PO         12668AGD1     CCC

                 Alternative Loan Trust 2005-53T2
                      Series      2005-53T2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      12668AKN4     CCC
                  2-A-1      12668AKP9     CCC
                  2-A-2      12668AKQ7     CCC
                  2-A-3      12668AKR5     CCC
                  2-A-4      12668AKS3     CCC
                  2-A-5      12668AKT1     CCC
                  2-A-6      12668AKU8     CCC
                  2-A-7      12668AKV6     CCC
                  2-A-8      12668AKW4     CCC
                  X          12668AKX2     CCC
                  PO         12668AKY0     CCC

                  Alternative Loan Trust 2005-J5
                      Series      2005-J5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M          12667GHR7     CCC

                 Alternative Loan Trust 2007-21CB
                     Series      2007-21CB

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-5      02151FAE9     CCC
                  2-A-1      02151FAG4     CCC
                  2-A-2      02151FAH2     CCC
                  2-A-3      02151FAJ8     CCC
                  2-A-4      02151FAK5     CCC
                  2-A-5      02151FAL3     CCC
                  2-A-6      02151FAM1     CCC
                  2-A-7      02151FAY5     CCC
                  2-A-8      02151FAZ2     CCC
                  2-A-9      02151FBA6     CCC
                  2-A-10     02151FBB4     CCC
                  2-A-11     02151FBC2     CCC
                  2-X        02151FAP4     CCC
                  PO         02151FAQ2     CCC

                 Alternative Loan Trust 2007-OA6
                      Series      2007-OA6

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-3        02150PAD0     CCC

                  Alternative Loan Trust 2007-OH1
                       Series      2007-OH1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-2-B      02150KBB4     CCC
                  A-2-C      02150KBC2     CCC
                  A-2-D      02150KBD0     CCC

            American Home Mortgage Assets Trust 2007-3
                        Series      2007-3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  II-1A-1    026935AH9     CCC
                  III-A-1    026935AR7     AAA

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

                  Class      CUSIP         Rating
                  -----      -----         ------
                  III-A      026931AF2     AAA

               Banc of America Funding 2005-F Trust
                        Series      2005-F

                  Class      CUSIP         Rating
                  -----      -----         ------
                  2-A-1      05946XYV9     CCC
                  3-A-1      05946XYX5     B-
                  3-A-2      05946XYY3     CCC
                  5-A-1      05946XZB2     AA
                  5-A-2      05946XZC0     CCC
                  6-A-1      05946XZD8     BBB+
                  6-A-2      05946XZE6     CCC
                  1-A-2      05946XYQ0     CCC
                  1-A-3      05946XYR8     CCC

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

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      05954DAA4     CCC
                  2-A-1      05954DAC0     CCC
                  3-A-1      05954DAE6     CCC
                  5-A-1      05954DAJ5     CCC
                  6-A-1      05954DAL0     CCC
                  C-A-1      05954DBL9     CCC
                  7-A-1      05954DAP1     CCC

                  Bear Stearns ARM Trust 2007-4
                        Series      2007-4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  II-1A-1    07401CAS2     CCC
                  II-1X-1    07401CAU7     CCC
                  II-2A-1    07401CAV5     CCC
                  II-2X-1    07401CAX1     CCC

           Bear Stearns Mortgage Funding Trust 2007-AR1
                       Series      2007-AR1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  II-A-3     07401MAG6     CCC

                     Chevy Chase Funding LLC
                        Series      2005-A

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        16678RDB0     AAA
                  A-2        16678RDC8     AAA
                  A-NA       16678R9X8     AAA
                  IO         16678RAO4     AAA
                  NIO        16678RBI6     AAA
                  B-1        16678RDD6     B
                  B-1NA      16678R9Y6     B

                     Chevy Chase Funding LLC
                        Series      2005-3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B-1        16678RDV6     CCC
                  B-1NA      16678RFO9     CCC

                 Citigroup Mortgage Loan Trust Inc.
                        Series      2005-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  II-A1A     17307GPS1     CCC
                  II-A1B     17307GPT9     CCC
                  II-A2A     17307GPU6     CCC
                  II-A2B     17307GPV4     CCC

                 Citigroup Mortgage Loan Trust Inc.
                        Series      2005-5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A1       17307GXT0     CCC
                  I-A2       17307GXU7     CCC
                  I-A3       17307GXV5     CCC
                  I-A4       17307GXW3     CCC
                  I-A5       17307GXX1     CCC
                  I-F        17307GXY9     CCC
                  II-A2      17307GYS1     CCC
                  II-PO2     17307GYY8     CCC
                  II-XS2     17307GYV4     CCC
                  III-A1A    17307GZE1     CCC
                  III-A1B    17307GZF8     CCC
                  III-A2A    17307GZG6     CCC
                  III-A2B    17307GZH4     CCC
                  III-A3B    17307GA32     CCC
                  III-A4B    17307GZL5     CCC
                  III-A5     17307GZM3     CCC

                 CSAB Mortgage-Backed Trust 2007-1
                        Series      2007-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1A     12629EAA3     CCC
                  1-A-1B     12629EAB1     CCC
                  1-A-2      12629EAC9     CCC
                  1-A-3A     12629EAD7     CCC
                  1-A-3B     12629EAE5     CCC
                  1-A-6A     12629EAH8     CCC
                  1-A-6B     12629EAJ4     CCC

             CSFB Mortgage-Backed Trust Series 2005-9
                        Series      2005-9

                  Class      CUSIP         Rating
                  -----      -----         ------
                  III-A-2    225470AB9     CCC
                  V-A-4      2254586B9     CCC
                  V-A-7      2254586E3     CCC
                  V-A-9      2254586G8     CCC

                 CSMC Mortgage-Backed Trust 2007-1
                        Series      2007-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1A     126378AA6     CCC
                  1-A-1B     126378AB4     CCC
                  1-A-1C     126378AC2     CCC
                  1-A-2A     126378AE8     CCC
                  1-A-2B     126378AF5     CCC
                  1-A-2C     126378AU2     CCC
                  1-A-3      126378AG3     CCC
                  1-A-4      126378AH1     CCC
                  1-A-5A     126378AJ7     CCC
                  1-A-6A     126378AL2     CCC
                  5-A-1      126378AZ1     CCC
                  5-A-2      126378BA5     CCC
                  5-A-3      126378BB3     CCC
                  5-A-4      126378BC1     CCC
                  5-A-7      126378BF4     CCC
                  5-A-9      126378BH0     CCC
                  5-A-10     126378BJ6     CCC
                  5-A-11     126378BK3     CCC
                  5-A-13     126378BM9     CCC
                  5-A-14     126378BN7     CCC
                  A-X        126378BR8     CCC

  Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-AR3
                       Series      2007-AR3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  II-A-3     25150VAK2     CCC
                  II-A-4     25150VAL0     CCC
                  II-A-6     25150VAN6     CCC

       Deutsche Alt-A Securities, Inc. Mortgage Loan Trust,
                         Series 2005-AR2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  II-A-1     251510GP2     CCC
                  II-A-2     251510GQ0     CCC
                  III-A-1    251510GR8     CCC
                  III-A-2    251510GS6     CCC
                  IV-A-1     251510GT4     CCC
                  IV-A-2     251510GU1     CCC
                  V-A-1      251510GV9     CCC
                  V-A-2      251510GW7     CCC
                  VI-A-2     251510GY3     CCC
                  VII-A-2    251510HA4     CCC

                DSLA Mortgage Loan Trust 2005-AR3
                      Series      2005-AR3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  2-A1C      23332UDW1     CCC
                  2-A2       23332UDX9     CCC
                  PO         23332UEJ9     CCC

                DSLA Mortgage Loan Trust 2005-AR5
                      Series      2005-AR5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A1-A     23332UFD1     CCC
                  1-A1-B     23332UFE9     AAA
                  2-A1-A     23332UFF6     B-
                  2-A1-B     23332UFG4     AAA
                  X-2        23332UFR0     B-

   First Horizon Alternative Mortgage Securities Trust 2005-FA8
                       Series      2005-FA8

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A-2      32051GYG4     CCC
                  I-A-3      32051GYH2     CCC
                  I-A-5      32051GYK5     CCC
                  I-A-6      32051GYL3     CCC
                  I-A-7      32051GYM1     CCC
                  I-A-8      32051GYN9     CCC
                  I-A-10     32051GYQ2     CCC
                  I-A-11     32051GYR0     CCC
                  I-A-12     32051GYS8     CCC
                  I-A-13     32051GYT6     CCC
                  I-A-15     32051GYV1     CCC
                  I-A-16     32051GYW9     CCC
                  I-A-18     32051GYY5     CCC
                  I-A-19     32051GYZ2     CCC
                  I-A-21     32051GZM0     CCC
                  I-A-PO     32051GZB4     CCC

   First Horizon Alternative Mortgage Securities Trust 2007-AA3
                       Series      2007-AA3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        32053MAA8     CCC

                  GSAA Home Equity Trust 2005-11
                       Series      2005-11

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-1        362341PB9     CCC
                  M-2        362341PC7     CCC

              Harborview Mortgage Loan Trust 2005-10
                       Series      2005-10

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1B     41161PTM5     CCC
                  2-A1C1     41161PTQ6     CCC
                  2-A1C2     41161PTR4     CCC
                  PO         41161PTT0     CCC

              HarborView Mortgage Loan Trust 2005-11
                       Series      2005-11

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1A     41161PUH4     BB+
                  1-A-1B     41161PUJ0     CCC
                  2-A-1A     41161PUK7     A+
                  2-A-1B     41161PUL5     B-
                  2-A-1C     41161PUM3     CCC
                  X          41161PUN1     A+
                  PO         41161PUP6     CCC

              HarborView Mortgage Loan Trust 2005-12
                       Series      2005-12

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A1A      41161PVF7     CCC
                  1-A1B      41161PVH3     CCC
                  PO-1       41161PVP5     CCC

              HarborView Mortgage Loan Trust 2005-13
                       Series      2005-13

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A1A      41161PVZ3     B
                  1-A1B      41161PWA7     CCC
                  2-A1A1     41161PWB5     B-
                  2-A1A2     41161PWC3     B-
                  2-A1B      41161PWD1     CCC
                  2-A1C      41161PWE9     CCC
                  PO         41161PWG4     CCC

              HarborView Mortgage Loan Trust 2005-8
                        Series      2005-8

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A1B      41161PQT3     CCC
                  1-A2C      41161PQW6     CCC
                  1-PO       41161PQY2     CCC
                  2-A1A      41161PRN5     CCC
                  2-A1B      41161PRP0     CCC
                  2-A2B      41161PRR6     CCC
                  2-A2       41161PRS4     CCC
                  2-A3       41161PRT2     CCC
                  2-XA1      41161PRU9     CCC
                  2-PO1      41161PRX3     CCC
                  2-PO2      41161PRY1     CCC

                  Impac CMB Trust Series 2005-6
                       Series      2005-6

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      45254NQG5     CCC
                  1-A-2      45254NQW0     CCC
                  2-A-1      45254NQQ3     AAA

            IndyMac INDX Mortgage Loan Trust 2005-AR15
                      Series      2005-AR15

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-5        45660LVQ9     CCC

            IndyMac INDX Mortgage Loan Trust 2005-AR18
                      Series      2005-AR18

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-2      45660LWA3     CCC
                  2-A-2A     45660LWV7     CCC
                  2-A-2B     45660LWW5     CCC
                  2-A-2C     45660LWF2     CCC

             JPMorgan Alternative Loan Trust 2007-A2
                       Series      2007-A2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-1-A1     466278AA6     CCC
                  1-2-A1     466278AC2     CCC
                  1-2-A4     466278AF5     CCC
                  2-A-1      466278AR9     CCC
                  2-A-1A     466278AS7     CCC
                  2-A-1B     466278AT5     CCC
                  2-A-1C     466278AU2     CCC
                  2-A-1D     466278AV0     CCC
                  2-A-1E     466278AW8     CCC
                  2-A-1F     466278AX6     CCC
                  2-A-1G     466278AY4     CCC
                  2-A-1H     466278AZ1     CCC
                  2-A-1I     466278BA5     CCC
                  2-A-1J     466278BB3     CCC
                  3-A-1      466278BD9     CCC
                  3-A-1A     466278BE7     CCC
                  3-A-1B     466278BF4     CCC
                  3-A-1C     466278BG2     CCC
                  3-A-1D     466278BH0     CCC
                  3-A-1E     466278BJ6     CCC
                  3-A-1F     466278BK3     CCC
                  3-A-1G     466278BL1     CCC
                  3-A-1H     466278BM9     CCC
                  3-A-1I     466278BN7     CCC
                  3-A-1J     466278BP2     CCC
                  4-A-1      466278BR8     CCC
                  4-A-1A     466278BS6     CCC
                  4-A-1B     466278BT4     CCC
                  4-A-1C     466278BU1     CCC
                  4-A-1D     466278BV9     CCC
                  4-A-1E     466278BW7     CCC
                  4-A-1F     466278BX5     CCC
                  4-A-1G     466278BY3     CCC
                  4-A-1H     466278BZ0     CCC
                  4-A-1I     466278CA4     CCC
                  4-A-1J     466278CB2     CCC

             JPMorgan Alternative Loan Trust 2007-S1
                       Series      2007-S1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-3        466275AE4     CCC
                  M-4        466275AF1     CCC

                         Lehman XS Trust
                       Series      2005-4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  2-A2       525221CJ4     CCC
                  2-A3A      525221CK1     CCC
                  2-A3B      525221CL9     CCC
                  2-A4       525221CM7     CCC
                  2-A5B      525221CP0     CCC

                 Lehman XS Trust Series 2007-16N
                      Series      2007-16N

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M1-I       52525BAJ1     CCC
                  2-A3       52525BAE2     CCC
                  2-A4       52525BBG6     CCC
                  3-A2       52525BAG7     CCC
                  3-A3       52525BAH5     CCC
                  AF2        52525BBH4     CCC
                  AF3        52525BBJ0     CCC
                  M1-II      52525BAT9     CCC

                 Lehman XS Trust, Series 2007-15N
                      Series      2007-15N

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A1       52524VAA7     CCC
                  1-A2       52524VAB5     CCC
                  1C-A1      52524VAD1     CCC
                  1C-A2      52524VAE9     CCC
                  2-A1       52524VAG4     CCC
                  2-A2       52524VAH2     CCC
                  AF2        52524VAK5     CCC
                  3-A1       52524VAM1     CCC
                  3-AX       52524VAP4     CCC
                  4-A1       52524VAQ2     CCC
                  4-A2A      52524VAR0     CCC
                  4-A2B      52524VAS8     CCC
                  4-AX       52524VAU3     CCC
                  4-A1A      52524VAV1     CCC
                  4-A1B      52524VAW9     CCC
                  4-A1C      52524VAX7     CCC
                  4-A1D      52524VAY5     CCC
                  4-A1E      52524VAZ2     CCC
                  4-A1F      52524VBA6     CCC
                  4-A1G      52524VBB4     CCC
                  4-A1H      52524VBC2     CCC
                  4-A1IA     52524VBD0     CCC
                  4-A1IB     52524VBE8     CCC
                  4-A1IC     52524VBF5     CCC
                  4-A1ID     52524VBG3     CCC
                  4-A1IE     52524VBH1     CCC
                  4-A1IF     52524VBJ7     CCC
                  4-A1IG     52524VBK4     CCC
                  4-A1IH     52524VBL2     CCC

           Morgan Stanley Mortgage Loan Trust 2007-10XS
                      Series      2007-10XS

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        61751MAA2     CCC
                  A-2        61751MAC8     CCC
                  A-4        61751MAE4     CCC
                  A-5        61751MAF1     CCC
                  A-6        61751MAG9     CCC
                  A-7        61751MAH7     CCC
                  A-8        61751MAJ3     CCC
                  A-9        61751MAK0     CCC
                  A-10       61751MAL8     CCC
                  A-11       61751MAM6     CCC
                  A-12       61751MAN4     CCC
                  A-13       61751MAP9     CCC
                  A-14       61751MAQ7     CCC
                  A-15       61751MAR5     CCC
                  A-16       61751MAS3     CCC
                  A-17       61751MAT1     CCC
                  A-19       61751MAV6     CCC
                  A-20       61751MAW4     CCC
                  A-21       61751MAX2     CCC
                  A-22       61751MAY0     CCC
                  A-23       61751MAZ7     CCC

           Morgan Stanley Mortgage Loan Trust 2007-15AR
                      Series      2007-15AR

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      61756XAA3     CCC
                  1-A-3      61756XAC9     CCC
                  1-A-4      61756XAD7     CCC
                  1-A-5      61756XAE5     CCC
                  1-A-6      61756XAF2     CCC
                  2-A-1      61756XAG0     CCC
                  2-A-2      61756XAH8     CCC
                  2-A-8      61756XAP0     CCC
                  2-A-10     61756XAR6     CCC
                  2-A-11     61756XAS4     CCC
                  2-A-14     61756XAV7     CCC
                  2-A-15     61756XAW5     CCC
                  2-A-16     61756XAX3     CCC
                  2-A-17     61756XAY1     CCC
                  2-A-18     61756XAZ8     CCC
                  2-A-19     61756XBA2     CCC
                  3-A-1      61756XBD6     CCC
                  3-A-3      61756XBF1     CCC
                  3-A-4      61756XBG9     CCC
                  3-A-5      61756XBH7     CCC
                  3-A-6      61756XBJ3     CCC
                  4-A-1      61756XBK0     CCC
                  4-A-3      61756XBM6     CCC
                  4-A-4      61756XBN4     CCC
                  4-A-5      61756XBP9     CCC
                  4-A-6      61756XBQ7     CCC
                  4-A-7      61756XBR5     CCC
                  4-A-8      61756XBS3     CCC
                  5-A-1      61756XBT1     CCC
                  5-A-2      61756XBU8     CCC
                  5-A-3      61756XBV6     CCC
                  5-A-4      61756XBW4     CCC
                  5-A-5      61756XBX2     CCC
                  5-A-6      61756XBY0     CCC
                  5-A-7      61756XBZ7     CCC
                  5-A-8      61756XCA1     CCC
                  6-A-2      61756XCC7     CCC

                     MortgageIT Trust 2005-5
                        Series      2005-5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-2        61915RAX4     CCC

    Nomura Asset Acceptance Corporation Alternative Loan Trust
                         Series 2005-AR5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  IA2        65535VQM3     CCC
                  IIA2       65535VQK7     CCC
                  IIIA4      65535VQL5     CCC

   Nomura Asset Acceptance Corporation, Alternative Loan Trust
                          Series 2005-AR4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  III-A-1    65535VMX3     CCC
                  III-A-2    65535VNN4     CCC
                  IV-A-1     65535VMY1     CCC
                  IV-A-2     65535VMZ8     CCC
                  V-A-2      65535VNB0     CCC
                  V-A-3      65535VNL8     CCC
                  V-A-4      65535VNM6     CCC

     Structured Asset Mortgage Investments II Trust 2005 AR6
                       Series      2005-AR6

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      86359LMW6     BBB+
                  1-A-2      86359LMX4     CCC
                  1-A-3      86359LMY2     CCC
                  X-1        86359LMZ9     BBB+
                  II-A-2     86359LNB1     CCC
                  II-A-3     86359LND7     CCC

     Structured Asset Mortgage Investments II Trust 2005-AR2
                       Series      2005-AR2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A-2      86359LHY8     CCC
                  II-A-3     86359LJC4     CCC
                  M-X        86359LJG5     CCC
                  M-1        86359LJS9     CCC
                  M-2        86359LJT7     CCC
                  M-3        86359LJU4     CCC
                  III-A-2    86359LJF7     CCC

  WaMu Mortgage Pass-Through Certificates Series 2007-OA5 Trust
                       Series      2007-OA5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  CA-1B      93364BAD2     CCC


    Washington Mutual Mortgage Pass-Through Certificates WMALT
                       Series 2005-4 Trust

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B-1        9393367F4     CCC



                           *********

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

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

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

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

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

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

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

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

                           *********

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

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez,
Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.

                  *** End of Transmission ***