TCR_Public/100711.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, July 11, 2010, Vol. 14, No. 190

                            Headlines



ACCESS GROUP: S&P Downgrades Ratings on 15 Classes of Notes
ADIRONDACK 2005-2: Moody's Downgrades Rating on Four Classes
ANCHOR NATIONAL: Fitch Takes Rating Actions on Two 1994-1 Notes
BACM 2003-1: Fitch Takes Rating Actions on Various Classes
BANC OF AMERICA: Fitch Downgrades Ratings on Two 2006-BIX1 Certs.

BANC OF AMERICA: S&P Downgrades Ratings on Nine 2002-X1 Notes
BEAR STEARNS: Fitch Downgrades Ratings on Four 2006-BBA7 Certs.
BEAR STEARNS: Fitch Takes Rating Actions on 2001-Top2 Notes
BEAR STEARNS: Moody's Downgrades Ratings on 101 Tranches
BEXAR COUNTY: Moody's Affirms 'Ba3' Rating on 2000A Revenue Bonds

BLACKROCK CAPITAL: Moody's Downgrades Ratings on 13 Certs.
BUFC STATUTORY: Fitch Withdraws 'C' Preferred Stock Rating
CAPELLA FUNDING: Moody's Junks Ratings on Class C Notes From 'B1'
CAPSTAN CBO: Moody's Downgrades Ratings on Class B Notes to 'B3'
CBO HOLDINGS: Moody's Junks Rating on $12.5 Mil. Class A Notes

CLOVERIE PLC: Moody's Downgrades Ratings on Two Notes to 'C'
COMM 2005-FL11: Fitch Takes Rating Actions on Various Classes
COMM MORTGAGE: Fitch Downgrades Ratings on Various 2004-LNB2 Notes
COMM MORTGAGE: Fitch Downgrades Ratings on Four 2005-FL10 Notes
CREDIT SUISSE: Fitch Downgrades Ratings on 19 2006-TFL2 Securities

CREDIT SUISSE: S&P Downgrades Ratings on Six 2007-TFL2 Notes
CREST 2002-IG: Fitch Affirms Ratings on Three Classes of Notes
CWCAPITAL COBALT: Fitch Downgrades Rating on A-1 Notes to 'B'
FIRST UNION: Fitch Takes Rating Actions on Various 2001-C1 Notes
GMAC COMMERCIAL: Fitch Downgrades Ratings on 2001-C1 Certs.

GMAC COMMERCIAL: Fitch Takes Rating Actions on 1999-C1 Certs.
GS MORTGAGE: Fitch Takes Rating Actions on Various 2004-C1 Notes
HELIOS FINANCE: Moody's Reviews Ratings on Two 2007-S1 Notes
JEFFERSON COUNTY: S&P Withdraws Rating on 2001B Warrants to 'D'
JP MORGAN: Fitch Takes Various Rating Actions on 2001-A Notes

JP MORGAN: Fitch Downgrades Ratings on Five 2007-FL1 Certificates
JPMORGAN CHASE: S&P Downgrades Ratings on 13 2002-C2 Securities
KLIO FUNDING: S&P Downgrades Ratings on Class A-1 Notes to 'CC'
LANDMARK CDO: Moody's Downgrades Ratings on Two Classes of Notes
LAS VEGAS MONORAIL: Fitch Withdraws 'D' Rating on All Debts

LEHMAN BROS: S&P Downgrades Rating on 2005-LLF C4 Notes to 'D'
LNR CDO: Fitch Downgrades Ratings on All Classes of Notes
MAGMA CDO: Moody's Upgrades Ratings on Three Classes of Notes
MERRILL LYNCH: Fitch Downgrades Ratings on 2004-Key2 Certs.
MORGAN STANLEY: Moody's Upgrades Rating on Series 2007-10 Notes

MSCI 2007-XLF: Fitch Downgrades Ratings on 10 Classes of Notes
NOMURA ASSET: Fitch Downgrades Ratings on 1998-D6 Certificates
OCWEN RESIDENTIAL: Fitch Downgrades Ratings on 1998-R2 Notes
ORCHID STRUCTURED: Moody's Downgrades Ratings on Two Classes
ORCHID STRUCTURED: S&P Downgrades Ratings on Two Classes of Notes

POOLED COLLEGE: Moody's Confirms 'Ba1' Rating on Revenue Bonds
PPLUS TRUST: Moody's Reviews 'B1' Ratings on Two Certificates
PPLUS TRUST: Moody's Reviews Ratings on Class A Certs. to 'B1'
PPLUS TRUST: S&P Puts 'BB-' Ratings on CreditWatch Developing
PREFERREDPLUS TRUST: Moody's Confirms Ratings on Certs. to 'Ba2'

PREFERREDPLUS TRUST: Moody's Downgrades Ratings on Certs. to 'B1'
PREFERREDPLUS TRUST: Moody's Reviews 'B1' Ratings on Certs.
PREFERREDPLUS TRUST: Moody's Reviews 'B1' Rating on Certificates
PREFERREDPLUS TRUST: S&P Lifts Rating on $31.2 Mil. Certs. to BB-
PREFERREDPLUS TRUST: S&P Puts 'BB-' Rating on Developing Watch

PREFERREDPLUS TRUST: S&P Puts 'BB-' Ratings on Developing Watch
RAMP SERIES: Moody's Downgrades Rating on Two 2004-RZ1 Tranches
RESTRUCTURED ASSET: S&P Raises Rating on 2004-13-E Trust to 'CCC+'
SCRIPT SECURITIZATION: Moody's Takes Rating Actions on Notes
SEQUILS-CENTURION V: Fitch Affirms Ratings on Two Classes of Notes

STRUCTURED ASSET: Moody's Downgrades Ratings on 33 Tranches
STUDENT LOAN: S&P Withdraws 'B-' Rating on Series 2007-2 Notes
WACHOVIA BANK: Fitch Downgrades Ratings on 12 2007-WHALE 8 Notes
WACHOVIA ASSET: Moody's Downgrades Ratings on 12 Tranches
WACHOVIA BANK: S&P Downgrades Ratings on 19 2007-WHALE8 Certs.

* Fitch Takes Various Rating Actions on 760 RMBS Transactions
* Moody's Reviews Ratings on 54 Resecuritized Certificates
* S&P Downgrades Ratings on 26 Classes From 12 Resecuritized Deals
* S&P Downgrades Ratings on 63 Tranches From 25 U.S. TruPs CDOs
* S&P Withdraws Ratings on 45 Classes From 23 CMBS Deals



                            *********



ACCESS GROUP: S&P Downgrades Ratings on 15 Classes of Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 15
classes of notes issued by Access Group Inc.'s series 2003-A,
2004-A, 2005-A, 2005-B, and 2007-A.  At the same time, S&P
affirmed its ratings on four classes from series 2003-A and 2007-
A.  All five series are asset-backed securities transactions
backed by private student loans.  S&P removed all of its ratings
on series 2003-A, 2004-A, and 2007-A from CreditWatch with
negative implications; all of S&P's ratings on series 2005-A and
2005-B remain on CreditWatch with negative implications pending
the resolution of their exposure to derivatives provided by Lehman
Brothers.

S&P placed its ratings on series 2003-A and 2004-A on CreditWatch
due to its assessment of the credit performance on Feb. 4, 2010.
S&P placed its ratings on series 2005-A, 2005-B, and 2007-A on
CreditWatch with negative implications on Sept. 22, 2008, due to
its view of the series' Lehman Brothers derivative counterparty
exposure.  At the time of S&P's CreditWatch placements affecting
series 2003-A and 2004-A in February, S&P updated its negative
CreditWatch placements on the latter three series to reflect S&P's
view of the series' deteriorating collateral performance in
addition to the counterparty exposure.

The downgrades reflect S&P's view of the deterioration in
collateral performance as evidenced by levels of delinquencies,
forbearance, and defaults that were higher than S&P expected, as
well as a reduction in available excess spread for these
transactions.  Based on S&P's negative outlook on the private
student loan sector, its view continues to be that private student
loan performance will likely remain under pressure over the next
year.  S&P's default projections and rating actions are consistent
with this view.

The affirmed ratings reflect S&P's view that the available credit
enhancement levels are sufficient to support the related classes
at the current rating levels.  The affirmation of S&P's rating on
the 2007-A class A-1 notes also acknowledges its expectation that
this tranche will pay out over the next two quarters.  The ratings
remaining on CreditWatch are pending the resolution of their
exposure to swap agreements provided by Lehman Brothers.  S&P
removed its ratings on the 2007-A trust from CreditWatch because
its cash flow analysis and rating assignments do not incorporate
any benefit from the interest rate cap, which would only benefit
the trust if the three-month LIBOR is greater than 7.0% and it is
due to terminate in May 2011.

                         Pool Performance

The Access transactions are seasoned between 38 and 84 months with
collateral pool factors (the current collateral balance divided by
the initial collateral balance plus any prefunding) ranging from
63% to 83%.  The percentage of loans in repayment is 87% to 95%.

                              Table 1

                  Transaction
                  seasoning     Pool
      Series      (months)      factor(1)(%)  Repayment (2)(%)
      ------      ------------  ------------- ----------------
      2003-A       84            64.14        95.28
      2004-A       72            68.71        93.48
      2005-A       58            71.81        89.94
      2005-B       52            63.49        93.81
      2007-A       38            83.55        87.16

(1) Pool factor %: as a % of initial collateral balance plus any
    prefunding.

(2) Repayment %: as a % of current collateral balance; does not
    include accrued interest.

Although 90-plus-day delinquencies declined in the most recent
quarter of 2010(ended March 31 for series 2005-A and 2005-B, and
April 30 for 2003-A, 2004-A, and 2007-A), the level remains 35% to
50% higher than the pre-recession trend line and is currently
1.02% to 1.59%.  Total delinquencies were 7.27% to 9.01% during
the same period.  Forbearance levels also declined to 4.53% to
8.92% from their previous highs of 5.38% to 11.81% in the fourth
quarter of 2009.  Approximately one-third of the forbearances
granted for the loans in the Access pools are for non-economic
reasons related to the residency and internship periods associated
with its health profession loans.

                              Table 2

            90-plus-day        Total
Series     Forbearance(3)(%)  delinquencies(4)(%)    delinquencies(5)(%)
------     -----------------  -------------------    -------------------
2003-A      4.53             1.02                 8.02
2004-A      5.89             1.12                 7.52
2005-A      7.29             1.59                 9.01
2005-B      5.34             1.08                 7.27
2007-A      8.92             1.02                 7.91

(3) Forbearance: as a % of loans in repayment and forbearance.
(4) 90-plus-day delinquencies: as a % of loans in repayment.
(5) Total delinquencies: as a % of loans in repayment.

The cumulative default percentages for the series S&P reviewed
range from 4.17% (series 2007-A) to 7.77% (series 2003-A).  S&P
project that defaults on the collateral of each series will exceed
S&P's original base-case gross default expectation of 10% to 12%.
The rate of default has been steady through the recent
recessionary period, and the three older trusts are performing
within a tight band.  Charge-offs among loans in series 2005-B
have increased recently, and defaults within the series 2007-A
pool, the youngest pool with the most recent graduates, have
trended higher than the other pools when those pools had the same
amount of seasoning.  The series 2005-A and 2005-B trusts are re-
financings of a previous ABS trust under the series 2000
indenture, which contributed to additional seasoning of the
collateral at closing.

                              Table 3

              Cumulative        Twelve-month
Series       default(6)(%)     default(7)(%)
------       -------------     -------------
2003-A        7.77              1.41
2004-A        7.05              1.72
2005-A        5.61              2.13
2005-B        4.90              0.87
2007-A        4.17              2.00

(6) Cumulative default: as a % of initial pool balance plus any
    prefunding.

(7) Twelve-month default: the % incurred within the past 12 months
    as a % of initial collateral balance plus any prefunding.

The higher delinquencies and defaults in all series have depleted
available excess spread, as evidenced by the slower growth in the
total parity, which consequently has led to each trust ceasing the
release of cash.  Total parity (total pool balance plus
capitalized interest account divided by aggregate balance of
outstanding notes) levels are currently 101.73% to 103.75% and
have declined for three of the trusts over the past year (series
2003-A, 2004-A, and 2005-A).  Total parity levels for series 2005-
B and 2007-A have remained static over the same period.  Senior
parity (total pool balance plus capitalized interest account
divided by the balance of outstanding senior notes) levels are in
S&P's view fairly robust and growing due to the sequential payment
structure.  However, series 2003-A, 2005-A, and 2005-B will begin
paying subordinate principal within the next two years such that
this trend in growth of senior parity will cease.  Series 2003-A's
and 2004-A's subordinate principal payment allocation commences
when the floating rate notes are paid off.  Series 2005-A's, 2005-
B's, and 2007-A's payments of subordinate principal are linked to
the class A-1 retirement and a calendar date.

                             Table 4


             Total         Senior
Series      parity(8)(%)  parity(9)(%)
------      ------------  ------------
2003-A       101.73        125.45
2004-A       102.02        124.60
2005-A       102.01        119.97
2005-B       103.75        124.86
2007-A       102.86        119.33

(8) Total parity: total pool balance plus capitalized interest
    account over total notes outstanding.

(9) Senior parity: total pool balance plus capitalized interest
    account over class A notes outstanding.

          Default Expectations And Net Loss Projections

Based on S&P's view of the current and projected performance of
these pools of private student loans, S&P has raised its lifetime
cumulative default expectations for each of the trusts to 13% to
18% of the original pool balance plus any prefunding from 10% to
12%.  S&P assumed future stressed recovery rates of approximately
25% to 30% of the dollar amount of cumulative defaults, which
results in its expectation for remaining cumulative net losses of
6.0% to 12.0%.

                              Table 5

         Projected                                       Projected
         lifetime         Cumulative                     remaining
         cumulative       defaults        Recovery       cumulative
Series  defaults(10)(%)  to date(11)(%)  assumption(%)  net loss(12)(%)
-----  --------------  ------------  -----------  --------------
2003-A   13-15          7.77          25-30         6.0-8.0
2004-A   14-16          7.05          25-30         7.0-9.0
2005-A   13.5-15.5      5.61          25-30         8.0-10.0
2005-B   14-16          4.90          25-30         10.0-12.0
2007-A   16-18          4.17          25-30         10.0-12.0

(10) Projected lifetime cumulative default: as a % of initial
     collateral balance plus any prefunding.

(11) Cumulative defaults as of the May 2010 distribution date,
     except for series 2005-A and 2005-B, which are as of the
     April 2010 distribution date; as a % of initial collateral
     balance plus any prefunding.

(12) Projected remaining cumulative net loss: as a % of current
     collateral balance.

                        Payment Structure

The senior floating-rate notes from the 2003-A and 2004-A trusts
are paid sequentially before any principal payments are made to
the auction rate notes.  After the floating-rate notes are paid in
full, the auction-rate notes are subject to mandatory redemption
from available funds.  The issuer will determine which notes to
redeem; however, in the absence of direction from the issuer, the
class B notes will be redeemed first, subject to the satisfaction
of the senior asset requirement, which is a senior asset
percentage of 110% and a subordinate asset percentage of 101.5%.
Cash release to the issuer is subject to an asset release
requirement of 102%.  The structure also provides for re-
prioritization of subordinate note interest, which will be
allocated to senior principal if the senior asset percentage is
less than 100%, indicating that the senior notes are not fully
collateralized.

The senior notes from the 2005-A, 2005-B, and 2007-A trusts are
paid sequentially prior to a step down date, after which principal
is paid pro rata between the senior and subordinate notes.  The
step down dates are the later of the class A-1 being paid off and
October 2011, November 2011, and August 2013, respectively.  Cash
release is subject to satisfaction of a total asset percentage,
which varies among the three transactions.  The requirement for
the 2005-A trust is 103%.  The requirement for the 2005-B trust is
105.5%, which steps down over time to 105% and 103%.  The
requirement for the 2007-A trust is 104%, which steps down to
103.75%, 103.6%, and 103%.  Similar to the first two trusts, these
trusts have a subordinate note interest trigger for the re-
prioritization of subordinate note interest if the senior asset
percentage of 100% is not met.   Furthermore, these three trusts
also have a subordinate note principal trigger that reallocates
the pro rata subordinate principal after the step down date to
sequentially pay the senior notes if the total asset percentage is
less than 101%.

            Break-Even Cash Flow Modeling Assumptions

S&P ran midstream break-even cash flows under various interest
rate scenarios and rating stress assumptions.  These cash flow
runs provided breakeven percentages (breakevens) that represent
the maximum amount of remaining cumulative net losses a
transaction can absorb (as a percent of the pool balance as of the
cash flow cutoff date) before failing to pay full and timely
interest and ultimate principal.  These are some of the major
assumptions S&P modeled:

Moderately front-loaded and straight-line default curves that
covered periods of four to six years, depending on the seasoning
of transaction; Recovery rates of 25% to 30%;

Prepayment speeds starting at approximately 2 CPR (constant
prepayment rate, an annualized prepayment speed stated as a
percentage of the current loan balance) and ramping up over eight
years to a maximum rate of 5 to 10 CPR.  After eight years, S&P
held the applicable maximum rate constant; and

Auctions failed for the life of each transaction containing
auction rate notes.  S&P determined the coupons for auction-rate
notes based on the applicable "maximum rate" definition in the
transaction documents.

     Break-Even Cash Flow Modeling Results And Rating Actions

The 2003-A and 2004-A trusts with auction-rate notes yielded lower
breakevens and loss coverage multiples, primarily because S&P
assumed, in S&P's cash flows, continued failure of the auction-
rate market for the life of the related transactions.  As a
result, the auction-rate coupons will increase to their respective
maximum rate.  The maximum rate for the auction-rate notes in the
2003-A and 2004-A transactions is the lesser of LIBOR plus 1.50%
or 91-day T-bill plus a margin of 1.20%, 1.50%, or 1.75%,
depending on the ratings assigned to these auction-rate notes at
the time of the failed auction.  This increase in the cost of
funds and the resulting pressure on excess spread also caused
parity levels to decline.

Based on S&P's cash flow runs for all five trusts, the class A
notes are able to absorb remaining cumulative net losses of 19.4%
to 25.1% before a payment default would occur.  After considering
the aforementioned breakevens and remaining expected net losses of
6.0% to 12.0%, S&P affirmed its 'AAA' ratings on the class A notes
of the 2003-A trust and lowered its ratings on the class A notes
of the remaining four trusts to 'AA' to reflect its view of the
current loss coverage levels.

The only exception is the affirmation of S&P's 'AAA' rating on the
class A-1 notes of the 2007-A trust given its expectation of the
likelihood of repayment in full within the next few quarters.
This affirmation reflects S&P's view of the notes' relatively
short remaining life based on the remaining class balances and its
view that the current credit enhancement levels provide loss
coverage that is consistent with the current rating.

The breakevens for the class B notes are 7.4% to 13.9%.  After
comparing these breakevens to the related trusts' remaining
expected net losses of 6.0% to 12.0%, S&P lowered the class B
ratings to 'BB' except for the class B notes from series 2003-A,
which S&P lowered to 'BBB' to reflect their lower remaining net
losses.

Standard & Poor's will continue to monitor the performance of the
student loan receivables backing these transactions relative to
S&P's revised cumulative default expectations and its assessment
of the credit enhancement available to each class.

      Ratings Lowered And Removed From Creditwatch Negative

                        Access Group Inc.
      Private student loan asset-backed notes, series 2003-A

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

                         Access Group Inc.
      Private student loan asset-backed notes, series 2004-A

                              Rating
                              ------
             Class       To              From
             -----       --              ----
             A-2         AA              AAA/Watch Neg
             A-3         AA              AAA/Watch Neg
             A-4         AA              AAA/Watch Neg
             B-1         BB              A/Watch Neg
             B-2         BB              A/Watch Neg

                         Access Group Inc.
      Private student loan asset-backed floating-rate notes,
                           series 2007-A

                              Rating
                              ------
             Class       To              From
             -----       --              ----
             A-2         AA              AAA/Watch Neg
             A-3         AA              AAA/Watch Neg
             B           BB              A/Watch Neg

      Ratings Lowered And Remaining On Creditwatch Negative

                         Access Group Inc.
       Private student loan asset-backed floating-rate notes,
                           series 2005-A

                              Rating
                              ------
             Class       To              From
             -----       --              ----
             A-2         AA/Watch Neg    AAA/Watch Neg
             A-3         AA/Watch Neg    AAA/Watch Neg
             B           BB/Watch Neg    A/Watch Neg

                        Access Group Inc.
      Private student loan asset-backed notes, series 2005-B

                              Rating
                              ------
             Class       To              From
             -----       --              ----
             A-2         AA/Watch Neg    AAA/Watch Neg
             A-3         AA/Watch Neg    AAA/Watch Neg
             B-2         BB/Watch Neg    A/Watch Neg

      Ratings Affirmed And Removed From Creditwatch Negative

                        Access Group Inc.
      Private student loan asset-backed notes, series 2003-A

                              Rating
                              ------
             Class       To              From
             -----       --              ----
             A-1         AAA             AAA/Watch Neg
             A-2         AAA             AAA/Watch Neg
             A-3         AAA             AAA/Watch Neg

                        Access Group Inc.
      Private student loan asset-backed floating-rate notes,
                         series 2007-A

                              Rating
                              ------
             Class       To              From
             -----       --              ----
             A-1         AAA             AAA/Watch Neg


ADIRONDACK 2005-2: Moody's Downgrades Rating on Four Classes
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of four classes of notes issued by Adirondack 2005-2 Ltd.
The notes affected by the rating action are:

  -- US$271,920,000 Class A-1LT-a Floating Rate Notes Due 2041
     (current balance of $148,006,779), Downgraded to Ca;
     previously on February 6, 2009 Downgraded to B1;

  -- US$0 Class A-1LT-b Floating Rate Notes Due 2041 (current
     balance of $943,999,136), Downgraded to Ca; previously on
     February 6, 2009 Downgraded to B1;

  -- US$61,800,000 Class A-2 Floating Rate Notes Due 2041 (current
     balance of $54,308,406), Downgraded to C; previously on
     February 6, 2009 Downgraded to Caa3;

  -- US$58,710,000 Class B Floating Rate Notes Due 2041 (current
     balance of $57,175,381), Downgraded to C; previously on
     February 6, 2009 Downgraded to Ca.

Adirondack 2005-2 Ltd. is a collateralized debt obligation
issuance backed by a portfolio of primarily Residential Mortgage-
Backed Securities originated between 2003 and 2007.

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.  Defaulted
securities, as reported by the trustee, has increased from
$53 million in March 2009 to $362 million in June 2010.  Moody's
noted that the transaction is negatively impacted by a large pay-
fixed, receive-floating interest rate swap where payments to the
hedge counterparty absorb a large portion of the excess spread in
the deal.  Additionally, approximately $456 million of RMBS within
the underlying portfolio are currently on review for possible
downgrade as a result of Moody's updated loss projections.

Moody's explained that in arriving at the rating action noted
above, the ratings of subprime, Alt-A and Option-ARM RMBS which
are currently on review for possible downgrade were stressed.

For purposes of monitoring its ratings of SF CDOs with exposure to
such 2005-2007 vintage RMBS, Moody's used certain projections of
the lifetime average cumulative losses as set forth in Moody's
press releases dated January 13th for subprime, January 14th for
Alt-A, and January 27th for Option-ARM.  Based on the anticipated
ratings impact of the updated cumulative loss numbers, the stress
varied based on vintage, current rating, and RMBS asset type.

For 2005 Alt-A and Option-ARM securities, securities that are
currently rated Aaa or Aa were stressed by eleven notches, and
securities currently rated A or Baa were stressed by eight
notches.  Those securities currently rated in the Ba or B range
were stressed to Caa3, while current Caa securities were treated
as Ca.  For 2006 and 2007 Alt-A and Option-ARM securities,
currently Aaa or Aa rated securities were stressed by eight
notches, and securities currently rated A, Baa or Ba were stressed
by five notches.  Those securities currently rated in the B range
were stressed to Caa3, while current Caa securities were treated
as Ca.

For 2005 subprime RMBS, those currently rated Aa, A or Baa were
stressed by five notches, Ba rated securities were stressed to
Caa3, and B or Caa securities were treated as Ca.  For subprime
RMBS originated in the first half of 2006, those currently rated
Aaa were stressed by four notches, while Aa, A and Baa rated
securities were stressed by eight notches.  Those securities
currently rated in the Ba range were stressed to Caa3, while
current B and Caa securities were treated as Ca.  For subprime
RMBS originated in the second half of 2006, those currently rated
Aa, A, Baa or Ba were stressed by four notches, currently B rated
securities were treated as Caa3, and currently Caa rated
securities were treated as Ca.  For 2007 subprime RMBS, currently
Ba rated securities were stressed by four notches, currently B
rated securities were treated as Caa3, and currently Caa rated
securities were treated as Ca.

Moody's noted that the stresses applicable to categories of 2005-
2007 subprime RMBS that are not listed above will be two notches
if the RMBS ratings are on review for possible downgrade.

For purposes of monitoring its ratings of SF CDOs with exposure to
pre-2005 vintage RMBS, Moody's considered the various factors
indicating continued negative performance that were described in
Moody's press releases dated April 8th for subprime, April 12th
for Option-ARM and April 13th for Alt-A.  Such seasoned deals will
have varying stress based on RMBS asset type.

For pre-2005 Alt-A, Aaa rated securities were stressed by four
notches, Aa rated securities by six notches, and A or Baa rated
securities by nine notches.  Pre-2005 Option-ARM securities
currently rated Aaa were stressed by two notches, Aa and A by six
notches, and Baa by nine notches.

For pre-2005 subprime, Aaa and Aa rated securities were stressed
by two notches, A rated securities were stressed by six notches,
and Baa rated securities were stressed by nine notches.

All subprime, Alt-A and Option-ARM RMBS securities which
originated prior to 2005, are currently rated Ba or below, and are
also currently on review for possible downgrade have been stressed
to Ca.

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 that 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.


ANCHOR NATIONAL: Fitch Takes Rating Actions on Two 1994-1 Notes
---------------------------------------------------------------
Fitch Ratings has taken these rating actions on two classes of
Anchor National Life Insurance Company mortgage pass-through
certificates 1994-1 which represent a beneficial ownership
interest in separate trust funds.

  -- $60.2 million class A affirmed at 'C/RR6';

  -- $60,583 class G downgraded to 'BB' from 'BBB'; Outlook
     Negative.

The rating actions were taken as part of Fitch's ongoing
surveillance process of existing transactions.

The affirmation of class A and downgrade of class G resulted from
Fitch's review of the performance of the remaining underlying
securities supporting each class.  Class A is collateralized by
Daiwa Mortgage Acceptance Corporation 1991-A class C.  Class G is
collateralized by a small pool of residential mortgage loans.  In
addition, consideration was given to the limited guaranty provided
by AIG with a remaining balance of $9.5 million.  The limited
guaranty provided by AIG provides credit protection from principal
losses for both class A and class G.

Class A is not receiving principal or interest payments from Daiwa
1991-A class C but instead is accruing interest shortfalls which
are being added to the balance of the class.  Daiwa 1991-A is a
manufactured housing transaction that is 100% 90+ days delinquent
and as a result is not receiving principal or interest payments
but instead is incurring interest shortfalls that are increasing
the balance of class C.

Class G was downgraded to 'BB' due to a limited amount of
available cash flow to pay interest, principal and trust costs.
Additionally, class G is currently undercollateralization.

The 'RR6' Recovery Rating assigned to the Re-REMIC class A
reflects a discounted projected cash flow of 0%-10% of the current
par amount.  The methodology used to assign Recovery Ratings is
described in Fitch's Aug. 17, 2009 report, 'Criteria for
Structured Finance Recovery Ratings' and Fitch's Dec. 16, 2009
report, 'U.S. RMBS Criteria for Recovery Ratings'.


BACM 2003-1: Fitch Takes Rating Actions on Various Classes
----------------------------------------------------------
Fitch Ratings has taken these rating actions, including
downgrading and assigning Loss Severity ratings to BACM 2003-1
commercial mortgage pass-through certificates, series 2003-1 as
indicated:

  -- $10.3 million class H to 'AA/LS5' from 'AA+'; Outlook
     Negative;

  -- $21.9 million class J to 'BBB-/LS5' from 'A'; Outlook
     Negative;

  -- $7.7 million class K to 'BB/LS5' from 'BBB+'; Outlook
     Negative;

  -- $6.5 million class L to 'B/LS5' from 'BBB'; Outlook Negative;

  -- $6.5 million class M to 'B-/LS5' from 'BBB-'; Outlook
     Negative;

  -- $5.2 million class N to 'CCC/RR1' from 'BB'; Outlook
     Negative;

  -- $3.9 million class O to 'CC/RR1' from 'B+'; Outlook Negative.

In addition, Fitch has removed classes J through O from Rating
Watch Negative.

Fitch also affirms, revises Outlooks and assigns LS ratings as
indicated:

  -- $82.4 million class A-1 at 'AAA/LS1'; Outlook Stable;

  -- $506.2 million class A-2 at 'AAA/LS1'; Outlook Stable;


  -- $34.9 million class B at 'AAA/LS3'; Outlook Stable;

  -- $12.9 million class C at 'AAA/LS5'; Outlook Stable;

  -- $24.5 million class D at 'AAA/LS4'; Outlook Stable;

  -- $11.6 million class E at 'AAA/LS5'; Outlook Stable;

  -- $11.6 million class F at 'AAA/LS5'; Outlook Stable;

  -- $11.6 million class G at 'AAA/LS5'; Outlook to Negative from
     Stable;

  -- $1.2 million class SB-A at 'AAA'; Outlook Stable;

  -- $4.3 million class SB-B at 'AAA'; Outlook Stable;

  -- $9.9 million class SB-C at 'AAA'; Outlook Stable;

  -- $3 million class SB-D at 'AAA'; Outlook Stable;

  -- $6.7 million class SB-E at 'AAA'; Outlook Stable;

  -- $5.3 million class ES-A at 'AA'; Outlook Stable;

  -- $3.8 million class ES-B at 'AA-'; Outlook Stable;

  -- $4.2 million class ES-C at 'A+'; Outlook Stable;

  -- $4.4 million class ES-D at 'A'; Outlook Stable;

  -- $3 million class ES-E at 'A-'; Outlook Stable;

  -- $3 million class ES-F at 'BBB+'; Outlook Stable;

  -- $3 million class ES-G at 'BBB'; Outlook Stable;

  -- $9.3 million class ES-H at 'BBB-'; Outlook Stable.

Fitch does not rate the $16.1 million class P, $15.8 million
class WB-A, $8 million class WB-B, $1.7 million class WB-C, or
$1.7 million class WB-D certificates.  Fitch withdraws the rating
of the interest only classes X-C, XP-1 and XP-2.

The SB certificates represent an interest in a subordinate note
secured by the Sotheby's Building which is now fully defeased.
The ES certificates represent an interest in a subordinate note
secured by the Emerald Square Mall.  The mall was 95% occupied as
of year-end 2009 and is performing in line with Fitch
expectations.

The downgrades are due to expected losses following Fitch's
prospective review of potential stresses and expected losses
associated with the pool.  Fitch expects losses of 3.0% of the
remaining pool balance, approximately $23.4 million, from
specially serviced loans and loans that are not expected to
refinance at maturity based on Fitch's refinance test.

As of the June 2010 distribution date, the pool's collateral
balance has paid down 25.0% to $862.1 million from $1.1 billion at
issuance; 21 of the remaining loans have defeased (34.8%).

As of June 2010, there are six specially serviced loans (3.16%).
The largest specially serviced loan (0.96%) is secured by a 220-
unit apartment complex in Dallas, TX.  The property is real estate
owned and the special servicer is working to stabilize the
property before offering it for sale.  Occupancy is currently at
69% according to the special servicer.

The second largest specially serviced loan (0.92%) is secured by a
91,803 square foot office property in Scottsdale, AZ.  Fitch
modeled a value significantly below the outstanding loan amount.

Fitch stressed the cash flow of the remaining non-defeased loans
by applying a 10% reduction to the most recent full-year net
operating income and applying an adjusted market cap rate between
7.25% and 10.5% to determine value.

Similar to Fitch's prospective analysis of recent vintage
commercial mortgage backed securities, 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 pay off at maturity.  Under this
scenario, 16 loans are not expected to pay off at maturity with
six loans incurring a loss when compared to Fitch's stressed
value.


BANC OF AMERICA: Fitch Downgrades Ratings on Two 2006-BIX1 Certs.
-----------------------------------------------------------------
Fitch Ratings has downgraded two classes from the pooled portion
of Banc of America Large Loan, Inc. commercial mortgage pass-
through certificates, series 2006-BIX1 reflecting Fitch's base
case loss expectation of 3.6%.  Fitch's performance expectation
incorporates prospective views regarding commercial real estate
values and cash flow declines.  The Negative Rating Outlooks
reflect additional sensitivity analysis related to further
negative credit migration of the underlying collateral.

Under Fitch's updated analysis, approximately 43.4% of the pooled
loans, and 30% of the non-pooled components, are modeled to
default in the base case stress scenario, defined as the 'B'
stress.  In this scenario, the modeled average cash flow decline
is 13.3% from generally third and fourth quarter 2009 servicer-
reported financial data.  In its review, Fitch analyzed servicer
reported operating statements and rent rolls, updated property
valuations, and recent lease and sales comparisons.  Given that
the remaining loan positions within the pooled portion of the CMBS
are the lower leveraged A-notes (average base case LTV of 86.3%),
combined with increased subordination since issuance due to loan
payoffs and paydown, the average recoveries of 91.7% on the pooled
loans resulted in affirmations to classes A-2 through H.

The transaction is collateralized by 11 loans, four of which are
secured by office (54.6%), four by retail (37.1%), and three by
hotels (8.3%).  All of the final maturity dates including all
extension options are in 2010 or 2011.

Fitch identified three Loans of Concern within the pool (21.9%),
each of which is specially serviced.  Fitch's analysis resulted in
a loss expectation for one pooled senior participation.  Losses
are not expected for the non-pooled junior participations in the
'B' stress scenario.  The pooled senior note that had expected
losses in the 'B' stress scenario is: Ballantyne Village (6.7%).

The Ballantyne Village interest-only loan is collateralized by a
166,041 square foot retail center located in Charlotte, NC,
approximately 14 miles south of downtown Charlotte, in the
neighborhood known as Ballantyne.  It is located in the Outer
Southeast retail submarket of Charlotte.  The property was built
in 2005 and the subject loan refinanced a construction loan.  The
collateral does not include a 480-space parking deck; however, an
easement agreement provides access and use of the parking deck.

The loan transferred to special servicing in July 2009 due to
imminent default.  The loan is now 90+ days delinquent.  Per the
special servicer, the decline in performance is primarily the
result of current market conditions, with tenants not renewing
leases or renewing at lowered rates.  At issuance, the property
was 75% leased and the loan was underwritten assuming future
stabilization of the newly constructed property.  The largest
tenants and lease expiration dates are: Ballantyne Village Theater
(15.3%, 2016); YMCA (6.6%, 2016); Villa Antonio (3.7%, 2016); and
Panera Bread (3.1%, 2015).

The special servicer continues to evaluate the performance of the
property and has started foreclosure proceedings while continuing
to discuss workout options with the borrower, including a
discounted payoff.  The loan's final maturity date is Aug. 6,
2011.

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

  -- $11.3 million class J to 'BBB/LS4' from 'BBB+'; Outlook
     Negative;

  -- $11.8 million class K to 'B/LS4 from 'BBB'; Outlook Negative.

Fitch downgrades, removes from Rating Watch Negative and assigns a
Recovery Rating to this pooled certificate:

  -- $18.9 million class L to 'C/RR6' from 'BB-'.

Fitch affirms, removes from Rating Watch Negative, assigns LS
Ratings and affirms or revises Outlooks to these pooled
certificates:

  -- $211.5 million class A-2 at 'AAA/LS1'; Outlook Stable;
  -- $15 million class B at 'AAA/LS4'; Outlook Stable;
  -- $43.2 million class C at 'AAA/LS3'; Outlook Stable;
  -- $42.4 million class D at 'AAA/LS3'; Outlook Stable;
  -- $28.3 million class E at 'AA/LS3'; Outlook Stable;
  -- $28.3 million class F at 'A+/LS3'; Outlook Stable;
  -- $28.3 million class G at 'A/LS3'; Outlook Negative;
  -- $28.3 million class H at 'A-/LS3'; Outlook Negative.

Fitch affirms, removes from Rating Watch Negative and revises
Outlooks for these nonpooled certificates:

  -- $4 million class J-CP at 'BBB+'; Outlook Negative;
  -- $5.9 million class K-CP at 'BBB'; Outlook Negative;
  -- $11.5 million class L-CP at 'BBB-'; Outlook Negative;
  -- $1.4 million class J-CA at 'BBB+'; Outlook Negative;
  -- $0.9 million class K-CA at 'BBB'; Outlook Negative;
  -- $1.1 million class L-CA at 'BBB-; Outlook Negative.
Fitch withdraws the ratings of the interest-only classes X-1B, X-
2, X-3, X-4 and X-5.

Classes X-1A and A-1 have paid in full.

This transaction was analyzed according to the 'Surveillance
Criteria for U.S. Commercial Real Estate Loan CDOs'.  It 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.  This methodology was used
to review this transaction as floating-rate CMBS loan pools are
concentrated and similar in composition to CREL CDO pools.  In
many cases, the CMBS notes are senior portions of notes held in
CDO transactions.  The assets are generally transitional in
nature, frequently underwritten with pro forma income assumptions
that have not materialized as expected.  Overrides to this
methodology were applied on a loan-by-loan basis if the property
specific performance warranted an alternative analysis.

For bonds rated 'B-' or better, the current credit enhancement
levels were compared to the expected losses generated in each
rating category divided by the total deal size.  These classes
were assigned Loss Severity ratings, which indicate each tranche's
potential loss severity given default, as evidenced by the ratio
of tranche size to the expected losses for the collateral in the
'B' stress.  LS ratings should always be considered in conjunction
with probability of default indicated by a class' long-term credit
rating.  Fitch does not assign Rating Outlooks or LS ratings to
classes rated 'CCC' and lower.

Rating Outlooks were determined by further stressing the cash
flows and fully recognizing all maturity defaults in all ratings
stresses.  The credit enhancements were then compared to the
expected losses generated in each rating category to determine
potential credit migration over the next two years.  If the Rating
Outlook scenario would imply a lower rating, then the class was
assigned a Negative Outlook.

The ratings for bonds rated 'CCC' or lower, are based on a
deterministic analysis.  Bonds are rated 'C' when the expected
losses on currently defaulted loans exceed a classes' respective
credit enhancement level.  Bonds are rated 'CC' when the combined
base case expected losses on the currently defaulted loans and
loans likely to default exceed a classes' respective credit
enhancement level.  Bonds are rated 'CCC' when the base case
expected loss exceeds a classes' respective credit enhancement
level.

Bonds rated 'CCC' and below were assigned Recovery Ratings in
order to provide a forward-looking estimate of recoveries on
currently distressed or defaulted structured finance securities.
Recovery Ratings are calculated by subtracting the base case
expected losses in reverse sequential order from the pooled and
non-pooled rake certificates.  Any principal recoveries first pay
interest shortfalls on the bonds and then sequentially through the
classes.  The remaining bond principal amount is divided by the
current outstanding bond balance.  The resulting percentage is
used to assign the Recovery Ratings on the bonds.

Classes are assigned a Recovery Rating of 'RR6' when the present
value of the recoveries in each case is less than 10% of each
class' principal balance


BANC OF AMERICA: S&P Downgrades Ratings on Nine 2002-X1 Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on nine
classes of commercial mortgage-backed securities from Banc of
America Structured Securities Trust's series 2002-X1 and removed
them from CreditWatch with negative implications.  In addition,
S&P affirmed its ratings on five other classes from the same
transaction and removed two of them from CreditWatch with negative
implications.  S&P also withdrew its rating on the class B
certificate from the same transaction, following the certificate's
repayment in full.

The downgrades reflect S&P's analysis of interest shortfalls
adversely affecting the trust.  As of the June 2010 remittance
report, the trust experienced current interest shortfalls of
$104,759, and had amassed cumulative interest shortfalls in the
aggregate amount of $1,224,988.  The downgrades of classes N, O,
and P reflect recurring interest shortfalls.  If the shortfalls
continue, S&P will downgrade these classes to 'D'.  The downgrades
of the other classes reflect a reduction of available interest to
the trust, and the potential for these classes to experience
shortfalls in the future relating to assets that are currently
with the special servicer (29.1% of the pool), as well as assets
that S&P has determined to be credit-impaired (10.7%) and at
increased risk of default and loss.

The current interest shortfalls primarily relate to four of the
eight assets with the special servicer.  The servicer has made
nonrecoverable advance declarations on two of these assets (which
have a total exposure of $10.4 million, 11.8%), for which they are
not advancing interest or expenses.  Two other assets have
appraisal reduction amounts in effect totaling $2.1 million.
These two assets experienced current appraisal subordinate
entitlement reductions in the aggregate amount of $15,040.  More
detail on these four assets appears below in the "Credit
Considerations" section.

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 XC
interest-only certificate based on its current criteria.

S&P withdrew its 'AA+' rating on the class B certificate because
the class was fully paid down.  The June 2010 remittance report
reflected this paydown.

                      Credit Considerations

As of the June 2010 remittance report, eight ($24.6 million,
27.8%) assets in the pool were with the special servicer.
Subsequent to the June 2010 remittance report, two ($392,865,
0.4%) of the assets paid off, and two ($756,479, 0.9%) additional
assets were transferred to the special servicer.  The payment
status of the currently specially serviced assets is: one
($4.7 million, 5.3%) is classified as real estate-owned, one
($4.1 million, 4.7%) is in foreclosure, two ($9.1 million, 10.3%)
are 90-plus-days delinquent, one ($239,149, 0.3%) is 30 days
delinquent, one ($517,330, 0.6%) is in its grace period, and two
($6.2 million, 7.0%) are current in their payments.  ARAs in the
aggregate amount of $2.1 million are in effect against two of the
assets.  S&P discusses the four largest assets with the special
servicer below.

The Days Inn & Conference Center loan ($5.1 million total
exposure, 5.8%) is the second-largest real estate exposure in the
pool and the largest asset with the special servicer.  The loan is
secured by a 285-room lodging asset in South Whitehall Township,
Pa.  The loan was transferred to the special servicer in November
2009 due to payment default.  According to the special servicer,
the borrower has indicated that it can no longer fund the
property's operating cash flow shortfalls.  There is a
$1.1 million ARA in effect against the asset.  S&P expects a
moderate loss upon the eventual resolution of this asset.

The Village Park at Colleyville Shopping Center asset
($5.1 million total exposure, 5.7%) is the third-largest real
estate exposure in the pool and the second-largest asset with the
special servicer.  The asset is a 45,153-sq.-ft. retail property
in Colleyville, Texas.  The exposure was transferred to the
special servicer in August 2009 and is classified as REO.  As of
March 2009, reported DSC and occupancy were 0.65x and 66.4%,
respectively.  According to the special servicer, marketing for
the sale and disposition of the asset began this month.  There is
a $962,074 ARA in effect against the asset.  S&P expects a
moderate loss upon the eventual resolution of this asset.

The Holiday Inn - Springfield, MA loan ($5.7 million total
exposure, 6.5%) is the fourth-largest real estate exposure in the
pool and the third-largest asset with the special servicer.  The
loan is secured by a 244-room lodging property in Springfield,
Mass., and was transferred to the special servicer in November
2008 due to payment default.  Current financial data was not
available for the asset.  The master servicer has issued a
nonrecoverable advance determination in connection with the asset,
and has stopped advancing interest.  In addition, the master
servicer is recouping prior advanced interest and expenses,
including legal fees, associated with the asset.  The total
exposure amount includes approximately $1.3 million of advancing
and interest thereon.  According to the special servicer, the
hotel has been listed for sale with a broker through the installed
receiver.  S&P expects a severe loss upon the eventual resolution
of this asset.

The Comfort Inn - Palm Springs, CA loan ($4.7 million total
exposure, 5.4%) is the fifth-largest real estate exposure in the
pool and the fourth-largest asset with the special servicer.  The
loan is secured by a 129-room lodging property in Palm Springs,
Calif.  The asset was transferred to the special servicer in April
2009 due to payment default and is classified as being in
foreclosure.  As of December 2008, reported DSC and occupancy were
1.19x and 54.4%, respectively.  According to the special servicer,
the hotel's business was consistent until 2007-2008, when the
property began to face increased competition due to the addition
of approximately 900 rooms to the local inventory.  The master
servicer has issued a nonrecoverable advance determination in
connection with the asset.  The total exposure amount includes
approximately $592,460 million of advancing and interest thereon.
S&P expects a significant loss upon the eventual resolution of
this asset.

The remaining specially serviced assets each have total exposure
amounts of less than $3.2 million.  Two of them are amongst the
top 10 asset exposures.  All of the remaining assets are fairly
recent special servicing transfers, and they have a current
weighted-average DSC of 1.50x.

In addition to the specially serviced assets, S&P determined seven
($9.4 million, 10.7%) loans to be credit-impaired.  The largest of
these is the SteepleChase Apartments - Phase I loan ($5.4 million,
6.1%), which is also the largest exposure in the pool.  The loan
is secured by a 98-unit multifamily property in Toledo, Ohio.  As
of December 2009, reported DSC and occupancy were 0.78x and 85.7%,
respectively.  The loan appears on the master servicer's watchlist
for the low DSC, as well as the fact that the borrower has already
advised the master servicer that it will not be able to pay off
the loan in full at its scheduled Oct. 1, 2010, maturity date.
Given this, as well as the property's poor performance, S&P
considers this loan to be at an increased risk of default and
loss.

The Parren J. Mitchell Business Center loan ($1.8 million, 2.0%)
is the 10th-largest exposure in the pool and the second-largest
asset that S&P determined to be credit-impaired.  The loan is
secured by a 37,017-sq.-ft. office in Baltimore, Md. Reported DSC
was 0.59x as of December 2009, while occupancy was 39.0% as of May
2010.  The loan is scheduled to mature on Sept. 1, 2010.  The
asset appears on the master servicer's watchlist due to low DSC
and imminent maturity.  Given these details, S&P considers this
loan to be at an increased risk of default and loss.

The five ($2.3 million, 2.6%) remaining assets that S&P determined
to be credit-impaired have balances that individually represent
less than 1.0% of the total pool balance.  S&P determined these
assets to be credit-impaired, in part, because of their imminent
maturities (the assets are all scheduled to mature within the next
three months).  Furthermore, four of the five assets did not
report recent financial information; the one asset that did report
had a DSC of 0.46x as of December 2008.

                       Transaction Summary

As of the June 2010 remittance report, the collateral pool had an
aggregate trust balance of $88.5 million, down from $287.8 million
at issuance.  The pool includes 36 assets, down from 118 at
issuance.  The master servicer provided full-year 2008 or full-
year 2009 financial information for 86.4% of the nondefeased
assets in the pool.  S&P calculated a weighted average DSC of
1.00x for the pool based on the reported figures.  This
calculation includes four ($18.0 million, 20.3%) of the
transaction's eight specially serviced assets, and seven
($9.4 million, 10.7%) assets that S&P determined to be credit-
impaired.  Ten ($23.3 million, 26.3%) of these 11 assets either
reported a DSC below 1.00x or didn't report current DSC.

The master servicer reported a watchlist of 14 ($15.7 million,
17.7%) loans, including three of the top 10 loan exposures, two of
which S&P discussed above, and one S&P discuss below.  Subsequent
to the June 2010 remittance report, one ($517,330, 0.6%) of the
assets on the master servicer's watchlist was transferred to
special servicing.  Eleven ($22.5 million, 25.4%) assets in the
pool have a reported DSC of less than 1.10x, and nine
($22.0 million, 24.9%) assets have a reported DSC of less than
1.00x.  To date, the pool has experienced principal losses
totaling $5.5 million on seven assets.

                Summary of Top 10 Loan Exposures

The top 10 exposures secured by real estate have an aggregate
outstanding trust balance of $37.6 million (42.5%).  Using
servicer-reported numbers, S&P calculated a weighted average DSC
of 0.91x for the top 10 real estate assets.  Six ($24.2 million,
27.3%) top 10 exposures are currently with the special servicer,
four of which S&P discuss in the "Credit Considerations" section.
S&P determined another two ($7.2 million, 8.1%) of the top 10
assets to be credit-impaired, both of which S&P also discuss in
the "Credit Considerations" section.

Three ($10.6 million, 11.9%) of the top 10 assets appear on the
master servicer's watchlist.  S&P discussed two of these assets
above, and S&P discuss the other below.

The Northwest-Riverway Plaza loan ($3.4 million, 3.8%) is the
sixth-largest asset in the pool, and the second-largest asset on
the master servicer's watchlist.  The loan is secured by an
88,702-sq.-ft. retail property in Kelso, Wash.  As of December
2009, reported DSC and occupancy were 0.94x and 45.6%,
respectively (DSC was 1.74x in December 2008).  The asset appears
on the master servicer's watchlist for low DSC and occupancy.  The
watchlist comments indicate that a significant tenant, Highlander
Bowl (46% of the net rentable area), vacated the property in June
2009 via a court order.  The master servicer has indicated that it
has secured a replacement tenant for the space.  The replacement
lease carries a 10-year term and is scheduled to commence in
September 2010.  Standard & Poor's calculated a going-forward DSC
of approximately 1.48x, based on the anticipated rents associated
with the replacement tenant.

Standard & Poor's analyzed the transaction according to its
current criteria and the lowered and affirmed ratings are
consistent with S&P's analysis.

      Ratings Lowered And Removed From Creditwatch Negative

           Banc of America Structured Securities Trust
   Commercial mortgage pass-through certificates series 2002-X1

                  Rating
                  ------
     Class      To      From           Credit enhancement (%)
     -----      --      ----           ----------------------
     F          A-      A/Watch Neg                     70.95
     G          BBB     A/Watch Neg                     63.63
     H          BB+     BBB+/Watch Neg                  53.86
     J          B+      BB+/Watch Neg                   49.80
     K          B       BB/Watch Neg                    44.92
     L          B-      BB-/Watch Neg                   37.60
     M          CCC+    B+/Watch Neg                    34.34
     N          CCC     B/Watch Neg                     31.09
     O          CCC-    CCC+/Watch Neg                  27.84

     Ratings Affirmed And Removed From Creditwatch Negative

            Banc of America Structured Securities Trust
   Commercial mortgage pass-through certificates series 2002-X1

                  Rating
                  ------
     Class      To      From           Credit enhancement (%)
     -----      --      ----           ----------------------
     E          A+      A+/Watch Neg                    77.45
     P          CCC-    CCC-/Watch Neg                  24.58

                         Ratings Affirmed

           Banc of America Structured Securities Trust
   Commercial mortgage pass-through certificates series 2002-X1

     Class        Rating               Credit enhancement (%)
     -----        ------               ----------------------
     C            AA                                    95.35
     D            AA-                                   88.03
     XC           AAA                                     N/A

                         Rating Withdrawn

           Banc of America Structured Securities Trust
   Commercial mortgage pass-through certificates series 2002-X1

                                  Rating
                                  ------
                     Class      To      From
                     -----      --      ----
                     B          NR      AA+

                      N/A - Not applicable.
                         NR - Not rated.


BEAR STEARNS: Fitch Downgrades Ratings on Four 2006-BBA7 Certs.
---------------------------------------------------------------
Fitch Ratings has downgraded four classes from Bear Stearns
Commercial Mortgage Securities, Inc. commercial mortgage pass-
through certificates, series 2006-BBA7.  While Fitch does not
expected losses in the base case, the downgrades reflect Fitch's
prospective views regarding commercial real estate values and cash
flow declines.  The Negative Rating Outlooks reflect additional
sensitivity analysis related to further negative credit migration
of the underlying collateral.

There are two loans remaining in the transaction, both of which
are specially serviced.  Under Fitch's updated analysis, both
loans are modeled to default in the base case stress scenario,
defined as the 'B' stress.  In this scenario, the modeled cash
flow decline is 5.9%, which was applied to the Columbia Sussex's
year-end 2009 servicer-reported financial data.  An updated
appraisal value was applied to the Citigroup Property Investors
Hilton Portfolio loan.  Fitch analyzed servicer reported operating
statements, updated property valuations, in addition to
discussions with the special servicer.  Given that the remaining
loan positions within the pooled portion of the CMBS are the lower
leveraged A-notes combined with increased subordination since
issuance due to loan payoffs and paydown, the full recovery
expectations in the base case resulted in affirmations to classes
A-1 through F.

The transaction is collateralized by two loans, one of which is
secured by a full service hotel portfolio (93.1%), and one of
which is secured by a limited service hotel portfolio (6.9%).
Both loans' final maturity dates including all extension options
are in October 2010.

Both loans are considered Loans of Concern, as both loans are in
special servicing.  Fitch's analysis did not result in loss
expectations in the 'B' stress scenario.  However, losses are
expected in the higher rating categories under additional stressed
analysis, which resulted in downgrades to classes G through K.
The remaining loans are the Columbia Sussex Portfolio (93.1%) and
CPI loan (6.9%).

The Columbia Sussex interest only loan is collateralized by 14
full-service hotels with a total of 5,815 rooms located in 13
major urban markets.  Current hotel flags include Westin,
Sheraton, Marriott, and Wyndham.  Locations include Philadelphia,
New Orleans, Washington D.C., San Diego, Boston and Chicago.  At
issuance, the borrower expected to realize upside potential due to
an expected reduction in operating expenses, rebranding 13 of the
14 hotels with top tier flags (primarily Wyndham being reflagged
to Westin) and investing $170.6 million (approximately $34,000 per
key, ranging from $3,235 to $66,406) in capital improvements and
flag conversions.  All hotels have been completed their flag
conversions; most of which were completed in 2007; the last of
which was completed in May 2008.

The loan transferred to special servicing June 22, 2010 due to
imminent default in advance of the loan's final maturity date in
October 2010.  The special servicer and borrower are discussing
workout options.  The servicer reported NOI as of year-end 2009
has declined 25% since year-end 2007 and is almost 30% lower than
issuance expectations.  Occupancy, ADR and RevPAR have declined
since issuance: as of year-end 2009, occupancy, ADR and RevPAR
were 60.3%, $146, and $90, respectively, compared to 76%, $131 and
$100 at issuance.

The CPI interest only loan is collateralized by four Hilton Garden
Inns and one Homewood Suites, with a total of 955 rooms.  The
properties are located primarily in suburban markets, in or near
Atlanta, Chicago, Denver, Orlando and San Francisco.  The loan
transferred to special servicing in July 2009 due to imminent
default.  One of the borrowers notified the servicer that it was
no longer willing to support debt service shortfalls or operating
deficits.  The loan was extended at the maturity date in October
2009; however, the decline in performance triggered the cash
management agreement, whereby all excess cash flow after operating
expenses is controlled by the lender.  The loan has remained
current on debt service, while performing at a slight loss after
debt service as of year-end 2009.

The special servicer is currently evaluating a loan extension and
additional capital contributions from the borrower.  The loan will
remain cash managed.  As of year-end 2009, occupancy was 71.7% $85
and $60, respectively, compared to 72.1%, $93 and $67 at issuance.
The loan's final maturity date is Oct. 12, 2010; pending a
potential extension by the special servicer.

Fitch downgrades, removes from Rating Watch Negative and Rating
Outlooks to these certificates:

  -- $36.8 million class G to 'BBB-' from 'A-'; Outlook Negative;
  -- $16.6 million class H to 'BB' from 'BBB+'; Outlook Negative;
  -- $8.8 million class J to 'B' from 'BBB'; Outlook Negative.

Fitch downgrades, removes from Rating Watch Negative and assigns
recovery ratings to this certificate:

  -- $9.6 million class K to 'CCC/RR1' from 'BBB-'.

Fitch affirms and removes from Rating Watch Negative to these
certificates:

  -- $262.8 million class A-1 at 'AAA'; Outlook Stable;
  -- $128.1 million class A-2 at 'AAA'; Outlook Stable;
  -- $30.9 million class B at 'AA+'; Outlook Stable;
  -- $22.8 million class C at 'AA'; Outlook Stable;
  -- $21 million class D at 'AA-'; Outlook Stable;
  -- $21 million class E at 'A+'; Outlook Stable;
  -- $20.1 million class F at 'A'; Outlook Stable.

Fitch withdraws the ratings of the interest-only classes X-1B and
X-3.

Classes X-1A and X-2 have paid in full.

This transaction was analyzed according to the 'Surveillance
Criteria for U.S. Commercial Real Estate Loan CDOs'.  It 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.  This methodology was used
to review this transaction as floating-rate CMBS loan pools are
concentrated and similar in composition to CREL CDO pools.  In
many cases, the CMBS notes are senior portions of notes held in
CDO transactions.  The assets are generally transitional in
nature, frequently underwritten with pro forma income assumptions
that have not materialized as expected.  Overrides to this
methodology were applied on a loan-by-loan basis if the property
specific performance warranted an alternative analysis.

For bonds rated 'B-' or better, the current credit enhancement
levels were compared to the expected losses generated in each
rating category divided by the total deal size.  These classes
were assigned Loss Severity ratings, which indicate each tranche's
potential loss severity given default, as evidenced by the ratio
of tranche size to the expected losses for the collateral in the
'B' stress.  LS ratings should always be considered in conjunction
with probability of default indicated by a class' long-term credit
rating.  Fitch does not assign Rating Outlooks or LS ratings to
classes rated 'CCC' and lower.

Rating Outlooks were determined by further stressing the cash
flows and fully recognizing all maturity defaults in all ratings
stresses.  The credit enhancements were then compared to the
expected losses generated in each rating category to determine
potential credit migration over the next two years.  If the Rating
Outlook scenario would imply a lower rating, then the class was
assigned a Negative Outlook.

The ratings for bonds rated 'CCC' or lower, are based on a
deterministic analysis.  Bonds are rated 'C' when the expected
losses on currently defaulted loans exceed a classes' respective
credit enhancement level.  Bonds are rated 'CC' when the combined
base case expected losses on the currently defaulted loans and
loans likely to default exceed a classes' respective credit
enhancement level.  Bonds are rated 'CCC' when the base case
expected loss exceeds a classes' respective credit enhancement
level.

Bonds rated 'CCC' and below were assigned Recovery Ratings in
order to provide a forward-looking estimate of recoveries on
currently distressed or defaulted structured finance securities.
Recovery Ratings are calculated by subtracting the base case
expected losses in reverse sequential order from the pooled and
non-pooled rake certificates.  Any principal recoveries first pay
interest shortfalls on the bonds and then sequentially through the
classes.  The remaining bond principal amount is divided by the
current outstanding bond balance.  The resulting percentage is
used to assign the Recovery Ratings on the bonds.

As the largest loan is over 90% of the remaining deal, the
transaction is similar to a U.S. CMBS single-borrower transaction.
In addition to the CREL CDO methodology, Fitch reviewed the
transaction in conjunction with its 'Rating U.S. Single-Borrower
Commercial Mortgage Transactions,' including reviewing insurance
requirements and borrower structure.  As there is no current
criteria for assigning Loss Severity ratings to single-borrower
deals, none were assigned to this transaction's classes.


BEAR STEARNS: Fitch Takes Rating Actions on 2001-Top2 Notes
-----------------------------------------------------------
Fitch Ratings downgrades, maintains Rating Outlooks, revises
Recovery Ratings, and assigns Loss Severity ratings to Bear
Stearns Commercial Mortgage Securities Inc., Series 2001-Top2
classes:

Fitch downgrades and maintains the Outlooks for these classes:

  -- $26.4 million class B to 'BBB-/LS4' from 'AA'; Outlook
     Negative;

  -- $30.2 million class C to 'B-/LS4' from 'BBB'; Outlook
     Negative;

  -- $10.1 million class D to 'B-/LS5' from 'BBB-'; Outlook
     Negative.

Fitch also affirms, maintains Outlooks, assigns LS Ratings, and
revises RRs for these classes:

  -- $463.5 million class A-2 at 'AAA/LS2'; Outlook Stable;
  -- $23.9 million class E at 'C/RR3' from 'C'/RR1;
  -- $8.8 million class F at 'C'/RR6';
  -- $16.4 million class G at 'C'/RR6';
  -- $6.3 million class H at 'C/RR6';
  -- $5.1 million class J at 'D/RR6';
  -- $0 class K at 'D/RR6';
  -- $0 class L at 'D/RR6';
  -- $0 class M at 'D/RR6'.

Fitch withdraws the rating of the interest-only class X-1.

Class A-1 and the interest-only class X-2 are paid in full and the
non-rated class NR has been depleted due to losses.

The rating 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.  Fitch expects losses of 8.1% of the remaining pool
balance, approximately $42.1 million from the loans in special
servicing and the loans that are not expected to refinance at
maturity based on Fitch's refinance test.  The majority of the
Fitch total expected losses (94%) are associated with the
specially serviced assets.  The Rating Outlooks reflect the likely
direction of any rating changes over the next one to two years.

As of the June 2010 distribution date, the pool has paid down
41.3% to $590.6 million from $1 billion at issuance.  There are
114 of the original 140 loans remaining in the transaction, 23 of
which have defeased (14%) including one (2.5%) of the top ten
loans in the transaction.

Fitch has identified 38 loans (41.7%) as Fitch loans of concern,
including 14 specially serviced loans (15%).  The largest
specially serviced loan (6.4%) is secured by seven crossed loans
backed by industrial properties located in Grand Rapids, MI.  The
loans were transferred to special servicing on March 10, 2009 due
to payment default resulting from the major tenant at one of the
properties vacating in December 2008 after completion of its own
world headquarters facility.  The loans have been modified and the
borrower is performing under the terms of the modification.  The
loans remain with the special servicer due to the continued
portfolio roll risk.  Occupancies at the properties range from 39%
to 100%.

The second largest specially serviced asset (1.6%) is secured by
an industrial property located in Phoenix, AZ and is currently
real estate owned.  The loan transferred to special servicing on
April 6, 2009 due to imminent default.  The property is secured by
a three-building, office-flex project comprising 133,000 square
feet.  Per the special servicer, the Phoenix industrial office
market is extremely soft with historically high vacancy rates
being experienced in multiple submarkets throughout this region.
The property is currently being marketed for sale and there has
been significant interest in the property.

The third largest specially serviced asset (1.6%) is secured by a
120-room hotel property located in Milpitas, CA and is currently
90 days delinquent.  The loan was transferred to special servicing
on Feb. 17, 2010, due to payment default.  The borrower indicated
that as a result of market weakness, occupancy and rate have
declined significantly, leading to the loan's default.
Additionally, the borrower is required by the franchisor to make
brand standard upgrades by the end of 2010.

Fitch stressed the cash flow of the remaining non-defeased loans
by applying a 5% reduction to 2009 fiscal year end net operating
income, 10% reduction to 2008, and 15% for all loans which did not
report year end (YE) 2008 and applying an adjusted market cap rate
between 7.25% and 10.5% to determine value.

Similar to Fitch's prospective analysis of recent vintage
commercial mortgage backed securities, 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 pay off at maturity.  Of the non-
defeased or non-specially serviced loans, three loans (1.1% of the
pool) incurred a loss when compared to Fitch's stressed value.


BEAR STEARNS: Moody's Downgrades Ratings on 101 Tranches
--------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 101
tranches from 8 RMBS transactions, backed by Alt-A loans, issued
by Bear Stearns.

The collateral backing these transactions consists primarily of
first-lien, adjustable-rate, Alt-A residential mortgage loans.
The actions are a result of the rapidly deteriorating performance
of Alt-A pools in conjunction with macroeconomic conditions that
remain under duress.  The actions reflect Moody's updated loss
expectations on Alt-A pools issued from 2005 to 2007.

To assess the rating implications of the updated loss levels on
Alt-A RMBS, each individual pool was run through a variety of
scenarios in the Structured Finance Workstation(R), the cash flow
model developed by Moody's Wall Street Analytics.  This individual
pool level analysis incorporates performance variances across the
different pools and the structural features of the transaction
including priorities of payment distribution among the different
tranches, average life of the tranches, current balances of the
tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprising of six loss levels, four loss timing
curves and four prepayment curves.  The volatility in losses
experienced by a tranche due to small increments in losses on the
underlying mortgage pool is taken into consideration when
assigning ratings.

The above mentioned approach "Alt-A RMBS Loss Projection Update:
February 2010" is adjusted slightly when estimating losses on
pools left with a small number of loans.  To project losses on
pools with fewer than 100 loans, Moody's first estimates a
"baseline" average rate of new delinquencies for the pool that is
dependent on the vintage of loan origination (10%, 19% and 21% for
the 2005, 2006 and 2007 vintage respectively).  This baseline rate
is higher than the average rate of new delinquencies for the
vintage to account for the volatile nature of small pools.  Even
if a few loans in a small pool become delinquent, there could be a
large increase in the overall pool delinquency level due to the
concentration risk.  Once the baseline rate is set, further
adjustments are made based on 1) the number of loans remaining in
the pool and 2) the level of current delinquencies in the pool.
The fewer the number of loans remaining in the pool, the higher
the volatility and hence the stress applied.  Once the loan count
in a pool falls below 75, the rate of delinquency is increased by
1% for every loan less than 75.  For example, for a pool with 74
loans from the 2005 vintage, the adjusted rate of new delinquency
would be 10.10%.  If current delinquency levels in a small pool is
low, future delinquencies are expected to reflect this trend.  To
account for that, the rate calculated above is multiplied by a
factor ranging from 0.2 to 2.0 for current delinquencies ranging
from less than 2.5% to greater than 50% respectively.
Delinquencies for subsequent years and ultimate expected losses
are projected using the approach described in the methodology
publication.

Complete rating actions are:

Issuer: Bear Stearns ALT-A Trust 2005-1

  -- Cl. A-1, Downgraded to Ba3; previously on Jan 14, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: Bear Stearns ALT-A Trust 2005-2

  -- Cl. I-A-1, Downgraded to B1; previously on Jan 14, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. I-M-1, Downgraded to C; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. I-M-2, Downgraded to C; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Caa3; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. II-A-2a, Downgraded to Caa1; previously on Jan 14, 2010
     Aa2 Placed Under Review for Possible Downgrade

  -- Cl. II-A-2b, Downgraded to Ca; previously on Jan 14, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-3, Downgraded to Caa2; previously on Jan 14, 2010
     Baa1 Placed Under Review for Possible Downgrade

  -- Cl. II-A-4, Downgraded to Caa1; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. II-X-4, Downgraded to Caa1; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. II-A-5, Downgraded to Caa2; previously on Jan 14, 2010
     Aa3 Placed Under Review for Possible Downgrade

  -- Cl. II-X-5, Downgraded to Caa2; previously on Jan 14, 2010
     Aa3 Placed Under Review for Possible Downgrade

  -- Cl. II-A-6, Downgraded to Caa1; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. II-B-1, Downgraded to C; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. II-B-2, Downgraded to C; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. II-B-3, Downgraded to C; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

Issuer: Bear Stearns ALT-A Trust 2005-3

  -- Cl. I-A-1, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Caa2; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-3, Downgraded to Caa2; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. III-A-1, Downgraded to Caa2; previously on Jan 14, 2010
     Baa1 Placed Under Review for Possible Downgrade

  -- Cl. III-A-2, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-3, Downgraded to Caa2; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. IV-A-1, Downgraded to Caa1; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. IV-A-2, Downgraded to Ca; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. IV-A-3, Downgraded to Caa2; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to C; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. B-3, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: Bear Stearns ALT-A Trust 2005-4

  -- Cl. I-A-1, Downgraded to B1; previously on Jan 14, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to Caa2; previously on Jan 14, 2010
     Baa1 Placed Under Review for Possible Downgrade

  -- Cl. I-M-1, Downgraded to C; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. I-M-2, Downgraded to C; previously on Jan 14, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. I-B-1, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. II-1A-1, Downgraded to Caa3; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. II-2A-1, Downgraded to Caa2; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. II-2A-2, Downgraded to Caa2; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. II-2A-3, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. II-3A-1, Downgraded to Caa2; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. II-3A-2, Downgraded to Caa1; previously on Jan 14, 2010
     Aa3 Placed Under Review for Possible Downgrade

  -- Cl. II-3A-3, Downgraded to Ca; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. II-3A-4, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. II-4A-1, Downgraded to B3; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. II-4A-2, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. II-5A-1, Downgraded to Caa2; previously on Jan 14, 2010
     Aa1 Placed Under Review for Possible Downgrade

  -- Cl. II-5A-2, Downgraded to C; previously on Jan 14, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. II-M-1, Downgraded to C; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. II-M-2, Downgraded to C; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. II-M-3, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: Bear Stearns ALT-A Trust 2005-5

  -- Cl. I-A-1, Downgraded to B3; previously on Jan 14, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to B3; previously on Jan 14, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-4, Downgraded to Caa3; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. I-M-1, Downgraded to C; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. I-M-2, Downgraded to C; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-B-1, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. II-1A-1, Downgraded to Caa2; previously on Jan 14, 2010
     Baa1 Placed Under Review for Possible Downgrade

  -- Cl. II-1A-2, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. II-2A-1, Downgraded to Caa3; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. II-3A-1, Downgraded to Caa3; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. II-4A-1, Downgraded to Caa2; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. II-5A-1, Downgraded to Caa2; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. II-6A-1, Downgraded to Caa3; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. II-M-1, Downgraded to C; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. II-M-2, Downgraded to C; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. II-M-3, Downgraded to C; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

Issuer: Bear Stearns ALT-A Trust 2005-7

  -- Cl. I-1A-1, Downgraded to Caa2; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. I-1A-2, Downgraded to Ca; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. I-2A-1, Downgraded to Caa1; previously on Jan 14, 2010
     Aa3 Placed Under Review for Possible Downgrade

  -- Cl. I-2A-2, Downgraded to Ca; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. I-2A-3, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. I-M-1, Downgraded to C; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. II-1A-1, Downgraded to Caa3; previously on Jan 14, 2010
     Ba3 Placed Under Review for Possible Downgrade

  -- Cl. II-2A-1, Downgraded to Caa3; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. II-2A-2, Downgraded to C; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. II-3A-1, Downgraded to Caa2; previously on Jan 14, 2010
     B2 Placed Under Review for Possible Downgrade

  -- Cl. II-4A-1, Downgraded to Caa3; previously on Jan 14, 2010
     B2 Placed Under Review for Possible Downgrade

  -- Cl. II-5A-1, Downgraded to Caa3; previously on Jan 14, 2010
     B2 Placed Under Review for Possible Downgrade

  -- Cl. II-6A-1, Downgraded to Caa3; previously on Jan 14, 2010
     B2 Placed Under Review for Possible Downgrade

  -- Cl. II-B-1, Downgraded to C; previously on Jan 14, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Bear Stearns ALT-A Trust 2005-8

  -- Cl. I-1A-1, Downgraded to Caa3; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. I-1A-2, Downgraded to Ca; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-2A-1, Downgraded to Caa3; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. I-2A-2, Downgraded to Ca; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-M-1, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. II-1A-1, Downgraded to Caa3; previously on Jan 14, 2010
     B3 Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Alt-A Trust 2005-10

  -- Cl. I-1A-1, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. I-1A-2, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. II-1A-1, Downgraded to Ca; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. II-1A-2, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. II-2A-1, Downgraded to Ca; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. II-2A-2, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. II-3A-1, Downgraded to Ca; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. II-3A-2, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. II-4A-1, Downgraded to Ca; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. II-4A-2, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. II-4X-1, Downgraded to Ca; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. II-5A-1, Downgraded to Ca; previously on Jan 14, 2010
     Caa2 Placed Under Review for Possible Downgrade

  -- Cl. II-5X-1, Downgraded to Ca; previously on Jan 14, 2010
     Caa2 Placed Under Review for Possible Downgrade


BEXAR COUNTY: Moody's Affirms 'Ba3' Rating on 2000A Revenue Bonds
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 rating on the Bexar
County Housing Finance Corporation's Multifamily Housing Revenue
Bonds (Dymaxion & Marbach Park Apartments Project) Series 2000A
and the B2 rating on the 2000C.  The affirmations were based upon
continued weak debt service coverage.  The outlook on the bonds is
negative due to weak forecasts for occupancy and rent growth.

Legal Security: The bonds are limited obligations payable solely
from the revenues, receipts and security pledged in the Trust
Indenture.

                       Recent Developments

The weighted average monthly occupancy for calendar year 2009 is
88.3%.  According to Torto Wheaton Research, occupancy for 2008
averaged 92.8% in northwest San Antonio where Dymaxion is located
and averaged 91.8% in south Santo Antonio where Marbach Park is
located.

Debt service coverage for fiscal year 2008 was satisfactory at
1.05x for 2000A and .98x for 2000C.  Nine months of actual
unaudited financials for fiscal 2009 indicate coverage has dropped
substantially.  Interim 2010 financial statements indicate debt
service coverage for both series will be below 1.0x.  The trustee
reports the debt service funds for both 2000A and 2000B are fully
funded as of 6/30/2010.

Torto Wheaton Research forecasts indicate occupancy in the
Northwest San Antonio submarket will decrease slightly to 91.4% in
2010 from 92.8% in 2008.  Rent growth is forecasted to decline
1.5% for the same period.  The TWR forecast for the South San
Antonio submarket is weaker with occupancy expected to decline to
an average of 91.1% in 2010 from 91.8% in 2009.  Rent growth in
South San Antonio is also forecasted to be weak in 2010, with a
1.5% decline projected.  Moody's believes limited rent growth will
likely have a negative impact on debt service coverage levels.

                              Outlook

The outlook on the bonds is negative from due to forecasted
declines in occupancy and weak rent growth in the submarkets where
the properties are located.

               What Could Cause the rating to go UP

A sustained improvement in debt service coverage and a solid rent
growth forecast.

              What Could Cause the rating to go DOWN

A decline in debt service coverage and/or a tapping of a debt
service reserve fund.

The last rating action was on May 21, 2009, when Series 2000A was
downgraded to Ba3 and 2000C was downgraded to B2.


BLACKROCK CAPITAL: Moody's Downgrades Ratings on 13 Certs.
----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 13
certificates from three transactions, backed by reperforming
residnetial mortgage loans, issued by BlackRock Capital Finance
L.L.C.

The collateral backing these transactions consists of 30-year,
fully amortizing loans originated under the HUD 203(b) and 703
mortgage insurance programs.  Following default, these loans were
repurchased by HUD and subsequently sold in a series of public
auctions.

The rating actions are a result of the deterioration in the
performance of underlying mortgage pools backing the transactions.
Moody's estimated losses on the underlying mortgage pools by
multiplying lifetime pipeline losses expected from the related
pools by a factor of 1.75.  The lifetime pipeline losses were
derived based on lifetime roll rates to default of 30% for 60-day
delinquencies, 60% for 90+ day delinquencies, 90% for loans in
foreclosure, and 100% for loans where the homes are held-for-sale,
each applied with a severity assumption of 90%.

To assess the rating implications of the updated loss levels on
rated certificates, Moody's compared the certificates' credit
enhancement from subordination to the updated loss levels.
Tranches without enough credit enhancement to maintain current
ratings based on the new loss levels have been downgraded.

Issuer: BlackRock Capital Fiance L.L.C.  Series 1997-R3

  -- B-1, Downgraded to Caa3; previously on Dec 17, 1997 Assigned
     Aa2

  -- B-2, Downgraded to C; previously on Jun 30, 2003 Downgraded
     to Ba3
Issuer: BlackRock Capital Finance L.L.C., Series 1997-R1

  -- A-4, Downgraded to A1; previously on Mar 27, 1997 Assigned
     Aaa

  -- WAC, Downgraded to A1; previously on Mar 27, 1997 Assigned
     Aaa

  -- B-1, Downgraded to Ca; previously on Mar 27, 1997 Assigned
     Aa2

  -- B-2, Downgraded to C; previously on Jun 30, 2003 Downgraded
     to Baa3

  -- B-3, Downgraded to C; previously on Jun 30, 2003 Downgraded
     to Ca

Issuer: BlackRock Capital Finance L.L.C., Series 1996-R1

  -- A-4, Downgraded to A3; previously on Dec 20, 1996 Assigned
     Aaa

  -- A-WAC, Downgraded to A3; previously on Dec 19, 1996 Assigned
     Aaa

  -- B-1, Downgraded to B2; previously on Oct 15, 1996 Assigned A2

  -- B-1X, Downgraded to B2; previously on Oct 15, 1996 Assigned
     A2

  -- B-2, Downgraded to C; previously on Oct 15, 1996 Assigned
     Baa2

  -- B-2X, Downgraded to C; previously on Oct 15, 1996 Assigned
     Baa2


BUFC STATUTORY: Fitch Withdraws 'C' Preferred Stock Rating
----------------------------------------------------------
Fitch has withdrawn the outstanding debt ratings for these:

BUFC Statutory Trust VII

  -- Preferred Stock at 'C'

BUFC Statutory Trust X

  -- Preferred Stock at 'C'


CAPELLA FUNDING: Moody's Junks Ratings on Class C Notes From 'B1'
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of one class of notes issued by Capella Funding, Ltd. The
notes affected by the rating action are:

  -- US$30,000,000 Class C Floating Rate Notes due 2045 (current
     balance of $14,552,375), Downgraded to Caa3; previously on
     April 2, 2009 Downgraded at B1.

Capella Funding, Ltd., issued on August 30, 2005, is a static
synthetic collateralized debt obligation referencing a portfolio
consisting entirely of residential mortgage-backed securities
issued in 2004 and 2005.

According to Moody's, the rating downgrade action is the result of
deterioration in the credit quality of the reference portfolio.
Such credit deterioration is observed through a decline in the
average credit rating of the reference portfolio (as measured by
an increase in the weighted average rating factor), and the number
of assets that are currently on review for possible downgrade.  In
particular, the weighted average rating factor, as reported by the
trustee, has increased from 1 in March 2009 to 17 in May 2010.
Also, in January and April 2010, the ratings of $84.7 million of
2005 RMBS, and the ratings of $93.4 million of pre-2005 RMBS,
respectively, in the reference portfolio were placed on review for
possible downgrade as a result of Moody's updated loss projections
applicable to certain RMBS.

Moody's explained that in arriving at the rating action noted
above, the ratings of 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
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
purposes of monitoring its ratings of SF CDOs with exposure to
pre-2005 vintage RMBS, Moody's considered the various factors
indicating continued negative performance that were described in
Moody's press releases dated April 8th for subprime, April 12 for
Option-ARM and April 13 for Alt-A.  Such seasoned deals will have
varying stress based on 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.

For pre-2005 Alt-A, Aaa rated securities were stressed by four
notches, Aa rated securities by six notches, and A or Baa rated
securities by nine notches.  Pre-2005 Option-ARM securities
currently rated Aaa were stressed by two notches, Aa and A by six
notches, and Baa by nine notches.

For pre-2005 subprime, Aaa and Aa rated securities were stressed
by two notches, A rated securities were stressed by six notches,
and Baa rated securities were stressed by nine notches.

All subprime, Alt-A and Option-ARM RMBS securities which
originated prior to 2005, are currently rated Ba or below, and are
also currently on review for possible downgrade have been stressed
to Ca.

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 that are no longer on review for downgrade.

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.


CAPSTAN CBO: Moody's Downgrades Ratings on Class B Notes to 'B3'
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of these notes issued by Capstan CBO Limited:

  -- US$21,000,000 Class B Floating Rate Senior Notes due 2012
     (current outstanding balance of $12,561,024), Downgraded to
     B3; previously on May 15, 2009 Downgraded to B2.

According to Moody's, the rating action taken on the notes is a
result of credit deterioration of the underlying portfolio since
the last rating action in May 2009, which more than offset the
positive impact of delevering.  Credit deterioration of the
collateral pool is observed through a decline in the average
credit rating (as measured by the weighted average rating factor).
The weighted average rating factor has increased over the last
year and is currently 3905 as of the last trustee report, dated
June 7, 2010, compared to 3231 in May 2009.  In its analysis,
Moody's also considered the concentration risks in the underlying
portfolio which consists of only seven performing bonds, including
two securities with ratings of Caa2 and below.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" and "Annual Sector Review (2009): Global CLOs," key
model inputs used by Moody's in its analysis, such as par,
weighted average rating factor, diversity score, and weighted
average recovery rate, may be different from the trustee's
reported numbers.

Capstan CBO Limited, issued in November 2000, is a collateralized
bond obligation backed primarily by a portfolio of senior
unsecured bonds.


CBO HOLDINGS: Moody's Junks Rating on $12.5 Mil. Class A Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of one class of notes issued by CBO Holdings III Ltd.,
Series WINGS CBO 2004-1.  These notes are affected:

* $12,500,000 Class A Notes, Series WINGS CBO 2004-1, Downgraded
  to Caa3; previously on 3/12/2009 Downgraded to B3.

The transaction is a repackaged security whose rating is based
primarily upon the transaction's structure and the credit quality
of the Deposited Assets, which consist of two Classes of Notes
issued by Mid Ocean CBO 2000-1 Ltd: $240,000,000 Class A-1L
Floating Rate Notes due January 2036 and $12,500,000 Class B-1
6.9889% Notes due January 2036.  The rating action reflects the
current Moody's ratings of the Deposited Assets.


CLOVERIE PLC: Moody's Downgrades Ratings on Two Notes to 'C'
------------------------------------------------------------
Moody's Investors Service downgraded its credit ratings on notes
issued by Cloverie PLC, a collateralized debt obligation
transaction referencing a portfolio of corporate entities.

Issuer: Cloverie Plc - Brevan Howard CDO I Portfolio Credit-Linked
Notes

  -- JPY1900M Cloverie plc Series 2007-40 Notes, Downgraded to C;
     previously on Jan 5, 2009 Downgraded to Ca

  -- JPY500M Cloverie plc Series 2007-42 Notes, Downgraded to C;
     previously on Jan 5, 2009 Downgraded to Ca

Moody's downgraded the ratings of the notes subsequent to the
complete writedown of each series of notes.  The amount of losses
from credit events in the reference pool exceeds the sum the note
notional amount and the credit subordination amount.  According to
the terms of the notes, the transaction is unwound and cancelled
after a complete writedown of the note notional, therefore,
Moody's will withdraw the ratings.


COMM 2005-FL11: Fitch Takes Rating Actions on Various Classes
-------------------------------------------------------------
Fitch Ratings has downgraded one class from the pooled portion of
COMM 2005-FL11, reflecting Fitch's base case loss expectation of
4.7%.  Three non-pooled junior participation certificates were
also downgraded to reflect Fitch's updated analysis on the loan.
Fitch's performance expectation incorporates prospective views
regarding commercial real estate values and cash flow declines.
Four classes were assigned Negative Rating Outlooks reflecting
additional sensitivity analysis related to further negative credit
migration of the underlying collateral.

Under Fitch's methodology, approximately 28.2% of the pool is
expected to, or has already defaulted in the base case stress
scenario, defined as the 'B' stress.  In its review, Fitch
analyzed servicer-reported operating statements and rent rolls,
updated property valuations, and recent lease and sales
comparisons.  Given that the remaining loan positions within the
pooled portion of the CMBS are the lower leveraged A-notes
(average base case LTV of 65.9%), combined with increased
subordination since issuance due to loan payoffs and paydown, the
average recoveries of 83.2% on the pooled loans resulted in
affirmations to classes B through K (classes A-1 and A-J have paid
in full).  The defaults are determined considering the total
leverage of each asset, including additional B-notes and mezzanine
debt; however, a default may not result in a loss to the pooled
portion given its lower leverage position.

The transaction is collateralized by four loans, of which three
are secured by anchored retail properties (46.1%) and one is
secured by interests in golf courses (53.9%).  The final extension
options for 100% of the loans occur in 2010.

Fitch identified three Loans of Concern within the pool (22.3%),
all of which are currently in special servicing.  Fitch's analysis
resulted in loss expectations for two of the pooled senior
participations in the 'B' stress scenario.  The two pooled
contributors to losses (by unpaid principal balance) in the 'B'
stress scenario are: Crossgates Commons (14.6%) and the
DDR/Macquarie Mervyn's Portfolio (7.7%).

The Crossgates Commons interest only loan is collateralized by
approximately 433,014 sf of a 693,824 sf power center located in
Albany, NY.  Non-collateral anchor space includes a Wal-Mart
(260,810 sf).  Occupancy rates and performance at the property are
lower than at issuance.  As of December 2009, the center's
collateral and total occupancy were 61.8% and 76.2%, respectively;
this compares to 73.7% and 83.6% at issuance, respectively.  The
center has lost several tenants since issuance, including Circuit
City, Tweeter, and Old Navy.  The loan was transferred to special
servicing in June 2010.  The special servicer is currently in
discussions with the borrower.  The major tenant/anchor collateral
spaces consist of Home Depot (102,680 sf, lease expiration 2014),
Sports Authority (47,994 sf, lease expiration 2015), and Michaels
Arts & Crafts (35,346 sf, lease expiration 2012).  The loan had an
initial maturity date of Sept. 9, 2007, and has three, one-year
extension options.  The loan is currently in its final extension.
The sponsor is the Pyramid Companies.

The DDR/Macquarie Mervyn's Portfolio interest only loan was
originally collateralized by 35 retail stores, 31 fee and four
leasehold, located in California, Nevada, Arizona and Texas, of
which 30 remain.  The collateral was previously 100% occupied by
Mervyn's under a 20-year lease; however, the tenant filed for
Chapter 11 bankruptcy relief in late 2008.  Subsequent to the
Chapter 11 bankruptcy, Mervyn's liquidated all their locations and
is no longer in operation.  The total debt includes three A notes:
two fixed rate, pari pass notes with an outstanding balance of
$83.3 million each, and the floating rate component in this
transaction with an outstanding balance of $13.4 million.
The loan was transferred to the special servicer in October 2008.
Modification terms for the loan were negotiated to provide for
pending and future sales, reserves for future potential debt
service, and principal paydown of the loan.  Prior to the payment
default of the loan in May 2009, all principal proceeds received
were paid to the A-3, floating rate loan, per the loan agreement.
After the modification, all principal proceeds from sales or the
application of reserves will be paid to the fixed and floating
rate components pro rata.  Sale proceeds prior to the modification
paid down the floating rate A-3 note.  Currently two stores are
fully leased and several additional stores are pending leases.
The special servicer continues to pursue sales on the remaining
properties.  The loan remains current; there are no outstanding
servicer advances.  Currently there is no occupancy or DSCR
available.  The initial maturity date was Oct. 1, 2007, with three
one-year renewal options.  The loan is sponsored by Diversified
Developers Realty Corp. and the Macquarie DDR Trust.

Fitch removes from Rating Watch Negative, downgrades, and revises
the Recovery Rating for this class:

  -- $13.9 million class L to 'D/RR4' from 'CCC/RR1'.

In addition, Fitch removes from Rating Watch Negative, affirms and
assigns Rating Outlooks to these pooled classes:

  -- $20.4 million class B at 'AAA/LS3'; Outlook Stable;
  -- $23.2 million class C at 'AAA/LS3'; Outlook Stable;
  -- $15.8 million class D at 'AAA/LS3'; Outlook Stable;
  -- $20.4 million class E at 'AAA/LS3'; Outlook Stable;
  -- $18.5 million class F at 'AA+/LS3'; Outlook Stable;
  -- $15.8 million class G at 'AA-/LS3'; Outlook Stable;
  -- $13.9 million class H at 'A/LS3'; Outlook Stable;
  -- $15.8 million class J at 'BBB/LS3'; Outlook Negative;
  -- $16.7 million class K at 'B-/LS3'; Outlook Negative.

In addition, Fitch removes from Rating Watch Negative, downgrades,
and assigns Rating Outlooks and Recovery Ratings to these non-
pooled classes as indicated:

  -- $31.9 million class T-GP to 'BB' from 'BB+'; Outlook
     Negative;

  -- $32.4 million class U-GP to 'CCC/RR3' from 'BB';

  -- $13.4 million class V-GP to 'CC/RR6' from 'B+'.

In addition, Fitch removes from Rating Watch Negative, affirms and
assigns an Outlook to this non-pooled class:

  -- $27.9 million class S-GP at 'BBB-'; Outlook Negative.

In addition, Fitch removes from Rating Watch Negative and
withdraws the ratings on these classes:

  -- Interest-only class X-2-CB;
  -- Interest-only class X-2-DB;
  -- Interest-only class X-3-CB;
  -- Interest-only class X-3-DB.

Classes A-1, A-J, X-2-SG, X-3-SG, M-SHI, M-COP, M-GP, N-GP, O-GP,
P-GP, Q-GP, and R-GP have paid in full.

This transaction was analyzed according to the 'Surveillance
Criteria for U.S. Commercial Real Estate Loan CDOs'.  It 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.  This methodology was used
to review this transaction as floating-rate CMBS loan pools are
concentrated and similar in composition to CREL CDO pools.  In
many cases, the CMBS notes are senior portions of notes held in
CDO transactions.  The assets are generally transitional in
nature, frequently underwritten with pro forma income assumptions
that have not materialized as expected.  Overrides to this
methodology were applied on a loan-by-loan basis if the property
specific performance warranted an alternative analysis.

For bonds rated 'B-' or better, the current credit enhancement
levels were compared to the expected losses generated in each
rating category divided by the total deal size.  These classes
were assigned Loss Severity ratings, which indicate each tranche's
potential Loss Severity given default, as evidenced by the ratio
of tranche size to the expected losses for the collateral in the
'B' stress.  LS ratings should always be considered in conjunction
with probability of default indicated by a class' long-term credit
rating.  Fitch does not assign Rating Outlooks or LS ratings to
classes rated 'CCC' and lower.

Rating Outlooks were determined by further stressing the cash
flows and fully recognizing all maturity defaults in all ratings
stresses.  The credit enhancements were then compared to the
expected losses generated in each rating category to determine
potential credit migration over the next two years.  If the Rating
Outlook scenario would imply a lower rating, then the class was
assigned a Negative Outlook.

The ratings for bonds rated 'CCC' or lower, are based on a
deterministic analysis.  Bonds are rated 'C' when the expected
losses on currently defaulted loans exceed a class' respective
credit enhancement level.  Bonds are rated 'CC' when the combined
base case expected losses on the currently defaulted loans and
loans likely to default exceed a classes' respective credit
enhancement level.  Bonds are rated 'CCC' when the base case
expected loss exceeds a classes' respective credit enhancement
level.

Bonds rated 'CCC' and below were assigned Recovery Ratings in
order to provide a forward-looking estimate of recoveries on
currently distressed or defaulted structured finance securities.
Recovery Ratings are calculated by subtracting the base case
expected losses in reverse sequential order from the pooled and
non-pooled rake certificates.  Any principal recoveries first pay
interest shortfalls on the bonds and then sequentially through the
classes.  The remaining bond principal amount is divided by the
current outstanding bond balance.  The resulting percentage is
used to assign the Recovery Ratings on the bonds.

The assignment of 'RR4' to class L reflects modeled recoveries of
37.1% of its outstanding balance.  The expected recovery proceeds
are broken down:

  -- Present value of expected principal recoveries
     ($5.1 million);
  -- Present value of expected interest recoveries ($12,585);

  -- Total present value of recoveries ($5.2 million);

  -- Sum of undiscounted recoveries ($5.7 million).

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


COMM MORTGAGE: Fitch Downgrades Ratings on Various 2004-LNB2 Notes
------------------------------------------------------------------
Fitch Ratings downgrades, removes from Rating Watch Negative and
assigns Loss Severity ratings, Rating Outlooks or Recovery Ratings
to these classes of COMM Mortgage Trust 2004-LNB2, commercial
mortgage pass-through certificates:

  -- $10.8 million class G to 'BB/LS5' from 'BBB+'; Outlook
     Negative;

  -- $10.8 million class H to 'B/LS5' from 'BBB'; Outlook
     Negative;

  -- $4.8 million class J to 'B-/LS5' from 'BB+'; Outlook
     Negative;

  -- $6 million class K to 'CCC/RR1' from 'BB-';

  -- $3.6 million class L to 'CC/RR3' from 'B+';

  -- $4.8 million class M to 'CC/RR4' from 'B-'.

Fitch downgrades, and assigns LS ratings or revises Recovery
Ratings to these classes as indicated:

  -- $8.4 million class E to 'A/LS5' from 'A+'; Outlook to
     Negative from Stable;

  -- $9.6 million class F to 'BBB/LS5' from 'A-'; Outlook
     Negative;

  -- $2.4 million class N to 'C/RR6' from 'CCC/RR1';

  -- $1.2 million class O to 'C/RR6' from 'CC/RR4'.

In addition, Fitch affirms and assigns LS ratings and revises
Rating Outlooks as indicated:

  -- $112.3 million class A-3 at 'AAA/LS1'; Outlook Stable;

  -- $466.5 million class A-4 at 'AAA/LS1'; Outlook Stable;

  -- $25.3 million class B at 'AAA/LS4'; Outlook Stable;

  -- $9.6 million class C at 'AA+/LS5'; Outlook Stable;

  -- $19.3 million class D at 'AA/LS4'; Outlook to Negative from
     Stable.

Fitch withdraws the rating of the interest-only classes X-1 and X-
2.

Fitch does not rate the $11.9 million class P.  Classes A-1 and A-
2 have paid in full.

The downgrades are the result of Fitch's revised loss estimates
for the transaction following Fitch's prospective analysis which
is similar to its recent vintage fixed-rate CMBS analysis.  Fitch
expects potential losses of 3.1% of the remaining pool balance
from the loans in special servicing and the loans that are not
expected to refinance at maturity based on Fitch's refinance test.
The Rating Outlooks reflect the likely direction of any rating
changes over the next one to two years.

As of the June 2010 distribution date, the pool has paid down
26.6% to $707.6 million from $963.8 million at issuance.  Seven
loans (18.8%) have defeased.  Fitch has identified 16 Loans of
Concern (11.8%), including four loans in special servicing (5.5%).

The largest and third-largest specially serviced assets (3.4% in
total) are office properties located in Trevose, PA and Bensalem,
PA, respectively.  Both assets transferred to special servicing in
June 2009 for monetary default and the special servicer is
initiating foreclosure.

The second largest specially serviced asset (1.8%) is a
multifamily property located in Houston, TX.  The asset
transferred to special servicing in December 2008 for maturity
default and is in foreclosure.

Fitch stressed the cash flow of the remaining non-defeased loans
by applying a 10% reduction to 2008 fiscal year-end net operating
income or adjusted 2009 cash flow based on performance issues,
such as a significant decline in occupancy, and applying an
adjusted market cap rate between 7.5% and 10.5% 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 pay off
at maturity.  Under this scenario, 19 loans are not expected to
pay off at maturity with four loans incurring a loss when compared
to Fitch's stressed value.


COMM MORTGAGE: Fitch Downgrades Ratings on Four 2005-FL10 Notes
---------------------------------------------------------------
Fitch Ratings has downgraded four classes from the pooled portion
of COMM Mortgage Trust 2005-FL10, reflecting Fitch's base case
loss expectation of 3.8%.  Four non-pooled junior participation
certificates were also downgraded to reflect Fitch's updated
analysis on the loan.  Fitch's performance expectation
incorporates prospective views regarding commercial real estate
values and cash flow declines.  The Negative Rating Outlook
reflects additional sensitivity analysis related to further
negative credit migration of the underlying collateral.

Under Fitch's methodology, approximately 29.7% of the pool is
expected to, or has already defaulted in the base case stress
scenario, defined as the 'B' stress.  In its review, Fitch
analyzed servicer reported operating statements and rent rolls,
updated property valuations, and recent lease and sales
comparisons.  Given that the remaining loan positions within the
pooled portion of the CMBS are the lower leveraged A-notes
(average base case LTV of 92.1%), combined with increased
subordination since issuance due to loan payoffs and paydown, the
average recoveries of 87.3% on the pooled loans resulted in
affirmations to classes A-1 through F.  The defaults are
determined considering the total leverage of each asset, including
additional B-notes and mezzanine debt; however, a default may not
result in a loss to the pooled portion given its lower leverage
position.

The transaction is collateralized by seven loans, six of which are
secured by retail or regional mall properties (93.5%) and one by
office (6.5%).  The final extension options for the loans are:
12.6% in 2010, 0.6% in 2011, and 86.8% in 2012.

Fitch identified four Loans of Concern within the pool (80.1%),
two of which are currently in special servicing.  Fitch's analysis
resulted in loss expectations for three of the pooled senior
participations in the 'B' stress scenario.  The three pooled
contributors to losses (by unpaid principal balance) in the 'B'
stress scenario are: Palisades Center (62.9%), 10 MetroTech Center
(6.5%), and Berkshire Mall (4.6%).

The Palisades Center, interest only loan is collateralized by
approximately 2 million sf of a 2.3 million sf, four-story super
regional mall located in West Nyack, NY.  The subject is located
about 18 miles north of Midtown Manhattan.  The mall is considered
one of the premier shopping destinations for Rockland County, NY,
Westchester County, NY and Bergen County, NY.  The collateral
consists of approximately 893,927 sf of in-line space and
1.4 million sf of anchor/major tenant space.  Non-collateral
anchor space includes Macy's (201,000 sf) and Lord & Taylor
(120,000 sf).  The loan transferred to special servicing in
January 2010 due to an imminent final maturity default.  The loan
has been extended to Feb. 9, 2012, and as a condition of the loan
modification, the loan was paid down approximately $6.5 million.
The loan is pending transfer back to the master servicer.
Occupancy rates and performance at the subject are slightly lower
than issuance.  In line and total mall occupancy at the mall are
83.3% and 93.5% (as of Sept. 30, 2009), respectively; this
compares to 95.3% and 98.3% at issuance, respectively.  The
collateral anchor spaces consist of J.C. Penney (157,339 sf, lease
expiration 2018), Home Depot (132,800 sf, lease expiration 2019),
Target (130,140 sf, lease expiration 2024), and BJ's Wholesale
Center (118,076 sf, lease expiration 2018).  The noncollateral
anchor spaces remain occupied by Macy's and Lord & Taylor.  Major
tenant spaces include a H&M, Bed Bath and Beyond, Sports
Authority, Dave & Busters and Best Buy.  In addition, there is a
21-screen Loews Theatre.  There is limited anchor or major tenant
short-term roll at the property.  The loan's original final
extended maturity date was Feb. 9, 2010.  The loan's new modified
maturity date is Feb. 9, 2012.

The 10 MetroTech Center, interest only loan is collateralized by a
seven-story office building with a total of 358,672 sf located in
Brooklyn, NY.  The property is located in the downtown district
submarket of Brooklyn and is part of the larger MetroTech Center.
The loan transferred to special servicing in March 2010 due to a
final maturity default.  The special servicer is currently in
discussions with the borrower regarding a possible extension.
Occupancy rates and performance at the subject are in line with
issuance.  Total occupancy at the subject was 96.8% (as of
Oct. 31, 2009), which compares to 98% at issuance.  The major
tenants at the property consist of the Internal Revenue Service
(87.7%, lease expiration 2012) and Human Resources Administration
(8.5%, lease expiration 2013).  Approximately 87.7% of the
property's net rentable area expires in 2012 with the Internal
Revenue Service's lease and remains a concern.  Average rent at
the property is considered to be above market.  The loan's
original final extended maturity date was March 9, 2010.  The loan
is currently considered a maturity default, however, the special
servicer is in discussion with the borrower regarding a possible
extension.

The Berkshire Mall, interest only loan is collateralized by
589,146 sf of an approximate 715,146 sf regional mall located in
Lanesborough, MA, about 30 miles east of Albany, NY.  The
collateral consists of approximately 192,793 sf of in-line space
and 396,353 sf of anchor/major tenant space.  Non-collateral
anchor space (Target) totals approximately 126,000 sf.  The loan
transferred to special servicing in February 2010 due to an
imminent final maturity default.  The loan has been extended to
March 9, 2011, with one additional one-year extension option.  The
borrower posted $3 million, of which $375,000 was used to pay down
the loan's principal balance.  The remaining $2.6 million is being
held as a collateral reserve.  In addition, a full cash sweep has
been implemented for future leasing costs.  The loan is pending
transfer back to the master servicer.  As of YE 2009, in line
sales were approximately $214 psf, down from approximately $285
psf at issuance.  Additionally, total mall sales were
approximately $141 million for the full year 2009.  Occupancy
rates and performance at the subject are lower than issuance.  The
subject has lost several major tenants since issuance including
Steve and Barry's, Linens & Things, the Gap, and Old Navy.
According to the rent roll, in-line and total mall occupancies (as
of December 2009) are 60.2% and 80.8%, respectively; this compares
to 86.3% and 96.3% at issuance, respectively.  The collateral
anchor spaces consist of Sears (122,422 sf, lease expiration
2013), Macy's (110,000 sf, lease expiration 2018), and J.C. Penney
(51,107 sf, lease expiration 2013).  The non-collateral anchor
space remains occupied by Target.  Other major tenants include
Regal Cinemas (30,946 sf, lease expiration 2013) and Best Buy
(30,000 sf, lease expiration 2013).  Approximately 41% of the
collateral tenants (241,794 sf) have leases expiring in 2013.
Included in the expiring leases are two anchor tenants (Sears and
J.C. Penney) as well as two major inline tenants (Regal Cinemas
and Best Buy).  The loan's original final extended maturity date
was March 9, 2010.  The loan's new modified maturity date is
March 9, 2011.

Fitch downgrades and removes these classes from Rating Watch
Negative, and assigns Recovery Ratings as indicated:

  -- $6.6 million class J to 'B/LS5' from 'BB-'; Outlook Negative;
  -- $19.8 million class K to 'CC/RR4' from 'BB-';
  -- $6.5 million class L to 'CC/RR6' from 'BB-';
  -- $11.2 million class M to 'D/RR6' from 'B-'.

In addition, Fitch affirms and removes from Rating Watch Negative
these pooled classes, revises Rating Outlooks, and assigns Loss
Severity Ratings as indicated:

  -- $10.2 million class A-1 at 'AAA/LS1'; Outlook Stable;
  -- $325 million class A-J1 at 'AAA/LS1'; Outlook Stable;
  -- $130.4 million class A-J2 at 'AAA/LS2'; Outlook Stable;
  -- $99.7 million class B at 'A+/LS3'; Outlook Negative;
  -- $24.3 million class C at 'A/LS4'; Outlook Negative;
  -- $26.5 million class D at 'BBB+/LS4'; Outlook Negative;
  -- $26.5 million class E at 'BBB/LS4'; Outlook Negative;
  -- $26.5 million class F at 'BBB-/LS4'; Outlook Negative.

In addition, Fitch downgrades and removes from Rating Watch
Negative these non-pooled classes:

  -- $3.9 million class N-PC to 'CCC/RR6' from 'BB-';
  -- $12.7 million class O-PC to 'CCC/RR6' from 'BB-';
  -- $12.7 million class P-PC to 'CC/RR6' from 'BB-';
  -- $8.6 million class Q-PC to 'CC/RR6' from 'BB-'.

In addition, Fitch withdraws the 'AAA' ratings on these notional
classes:

  -- Interest-only class X-2-DB;
  -- Interest-only class X-2-NOM;
  -- Interest-only class X-2-SG;
  -- Interest-only class X-3-DB;
  -- Interest-only class X-3-NOM;
  -- Interest-only class X-3-SG.

Classes X-1, MOA-1, MOA-2, MOAX-1, MOAX-2, MOAX-3, N-DEL and O-DEL
have paid in full.  Fitch does not rate classes A-J3, G, H, and
MOA-3.

This transaction was analyzed according to the 'Surveillance
Criteria for U.S. Commercial Real Estate Loan CDOs'.  It 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.  This methodology was used
to review this transaction as floating-rate CMBS loan pools are
concentrated and similar in composition to CREL CDO pools.  In
many cases, the CMBS notes are senior portions of notes held in
CDO transactions.  The assets are generally transitional in
nature, frequently underwritten with pro forma income assumptions
that have not materialized as expected.  Overrides to this
methodology were applied on a loan-by-loan basis if the property
specific performance warranted an alternative analysis.

For bonds rated 'B-' or better, the current credit enhancement
levels were compared to the expected losses generated in each
rating category divided by the total deal size.  These classes
were assigned Loss Severity ratings, which indicate each tranche's
potential loss severity given default, as evidenced by the ratio
of tranche size to the expected losses for the collateral in the
'B' stress.  LS ratings should always be considered in conjunction
with probability of default indicated by a class' long-term credit
rating.  Fitch does not assign Rating Outlooks or LS ratings to
classes rated 'CCC' and lower.

Rating Outlooks were determined by further stressing the cash
flows and fully recognizing all maturity defaults in all ratings
stresses.  The credit enhancements were then compared to the
expected losses generated in each rating category to determine
potential credit migration over the next two years.  If the Rating
Outlook scenario would imply a lower rating, then the class was
assigned a Negative Outlook.

The ratings for bonds rated 'CCC' or lower, are based on a
deterministic analysis.  Bonds are rated 'C' when the expected
losses on currently defaulted loans exceed a classes' respective
credit enhancement level.  Bonds are rated 'CC' when the combined
base case expected losses on the currently defaulted loans and
loans likely to default exceed a classes' respective credit
enhancement level.  Bonds are rated 'CCC' when the base case
expected loss exceeds a classes' respective credit enhancement
level.

Bonds rated 'CCC' and below were assigned Recovery Ratings in
order to provide a forward-looking estimate of recoveries on
currently distressed or defaulted structured finance securities.
Recovery Ratings are calculated by subtracting the base case
expected losses in reverse sequential order from the pooled and
non-pooled rake certificates.  Any principal recoveries first pay
interest shortfalls on the bonds and then sequentially through the
classes.  The remaining bond principal amount is divided by the
current outstanding bond balance.  The resulting percentage is
used to assign the Recovery Ratings on the bonds.

The assignment of 'RR4' to class K reflects modeled recoveries of
34.4% of its outstanding balance.  The expected recovery proceeds
are broken down:

  -- Present value of expected principal recoveries
     ($6.7 million);

  -- Present value of expected interest recoveries ($165,664);

  -- Total present value of recoveries ($6.8 million);

  -- Sum of undiscounted recoveries ($7.5 million).

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


CREDIT SUISSE: Fitch Downgrades Ratings on 19 2006-TFL2 Securities
------------------------------------------------------------------
Fitch Ratings has downgraded 19 classes from Credit Suisse First
Boston Mortgage Securities Corp., Series 2006-TFL2, reflecting
Fitch's base case loss expectation of 8.2% for the pooled classes.
The non-pooled junior component certificates were also downgraded
to reflect Fitch's significant loss expectations on these assets.
Fitch's performance expectation incorporates prospective views
regarding commercial real estate market value and cash flow
declines.  The Negative Rating Outlooks reflect additional
sensitivity analysis related to further negative credit migration
of the underlying collateral.

Under Fitch's methodology, approximately 79% of the pool is
expected to default in the base case stress scenario, defined as
the 'B' stress.  In this scenario, the average cash flow decline
is 12.7%, generally from fourth quarter 2009 cash flows.  In its
review, Fitch analyzed servicer reported operating statements and
rent rolls, updated property valuations, and recent lease and
sales comparisons.  Given that the loan positions within the
pooled portion of the CMBS are the lower leveraged A-notes
(average base case LTV of 86.9%), Fitch estimates the average
recoveries on the pooled loans will be approximately 89.6% in the
base case, whereas the more highly leveraged non-pooled components
have a lower modeled recovery of 43%.  The defaults are determined
considering the total leverage of each asset, including additional
B-notes and mezzanine debt, however, a default may not result in a
loss to the pooled portion given its lower leverage position.  The
base case term and refinance DSCR for the pooled A-notes is 2.23
times and 1.39x, respectively.

The transaction is collateralized by nine loans, six of which are
secured by hotel properties (79.5%), two of which are mixed use
(18.4%), and one which is a condo conversion (2.1%).  All of the
final extension options on the loans are within the next three
years and are: 97.9% in 2011 and 2.1% in 2012.

Fitch identified four loans Loans of Concern within the pool:
Kerzner Portfolio (38.3% of pooled trust), Beverly Hilton (15.9%),
JW Marriott Starr Pass (8%), and The Westin San Francisco (Argent)
(7.8%).  Two of these loans, JW Marriott Starr Pass and Westin San
Francisco, are in special servicing.

Fitch's analysis resulted in loss expectations for three loans in
the 'B' stress scenario.  The contributors to losses (by unpaid
principal balance) are Beverly Hilton (22.8% loss severity), JW
Marriott Starr Pass (55.9%), and NH Krystals Hotel Portfolio
(5.9%).  All of the 12 junior non-pooled component classes
resulted in a maturity default under Fitch's base case stress.

The Beverly Hilton consists of a 569-room upscale hotel located at
the corner of Wilshire Boulevard and Santa Monica Boulevard in
Beverly Hills, CA.  The hotel underwent an $80 million
($140,598/key) renovation from 2003-2006.  The renovation upgraded
and enlarged the guestrooms and added nine luxury suites and seven
luxury king guestrooms.  Performance is below expectations from
issuance, largely due to the impacts of the weak economy on the
hospitality sector.  As of November 2009, occupancy, ADR, and
RevPAR were 66.3%, $230.62, and $152.89, respectively, compared
with 72.6%, $212.95, and $154.60 at issuance, and the underwritten
figures of 73.9%, $345.32, and $255.19, respectively.  However,
the property's penetration rates for occupancy, ADR, and RevPAR
remain positive at 100.6%, 113.2%, and 113.9%, respectively.  The
loan had an initial maturity date on Aug. 9, 2008, and is
currently in its second extension period.  The loan, which matures
on Aug. 9, 2011, has one one-year extension option remaining.

The JW Marriott Starr Pass consists of a 575-room full service
hotel and a 27-hole Arnold Palmer-designed championship golf
course, located in Tucson, AZ.  The hotel opened in 2005 and is
one of the newest hotels in the Tucson market.  The subject offers
88,000 sf of meeting space including a 20,000 sf ballroom.  The
hotel is managed by Marriott Hotel Services.  The property is part
of a 1,356-acre master planned community named Starr Pass.  In
April 2010, the loan transferred to special servicing for imminent
default.  Performance has not met expectations from issuance, and
as of year-end 2009, occupancy, ADR, and RevPAR were 56.9%,
$157.72, and $89.81, respectively, compared with 70.3%, $175.37,
and $123.34 in 2008, and the underwritten figures of 75%, $200.07,
and $150.05.  The servicer continues to discuss workout options
with the borrower.

The largest loan in the pool, Kerzner Portfolio, is secured by a
diverse portfolio of real estate.  The main collateral interests
consist of: 3,023-key Atlantis Resort and casino, Paradise Island;
106-key One & Only Ocean Club and 18-hole Ocean Club Golf Course;
water treatment and desalinization facility; 63-slip Marina at
Atlantis and associated retail at Marina Village.  Additional
collateral interests consist of sales proceeds from the sale of
condominium units, timeshare units, and land parcels.  At issuance
it was expected that Phase III of the Atlantis Island development
would add a 600-room all-suite hotel tower, a 495-unit condominium
hotel, and approximately 40 acres of new water attractions.  In
addition, the casino, convention, retail, children's area, and
restaurant facilities were to be expanded.  These developments
were completed as anticipated; construction related to Phase III
was completed mid-2007.

At issuance, a $100 million interest reserve was established to
fund any debt service shortfalls related to the Kerzner loan.  The
remaining amount of this interest reserve is $5.2 million (as of
April 2010).  As of Sept. 30, 2009, the Atlantis Resort's TTM
occupancy and RevPAR were 61% and $194.48, respectively, compared
to 81.4% and $221.09 at issuance.  The issuer's initial
projections for the properties were occupancy, ADR and RevPAR of
81%, $323, and $262, respectively.  The loan had an initial
maturity date of Sept. 9, 2008 and has three one-year extension
options.  The loan, which is currently in its second extension
option, has a final maturity in September 2011.  Given the
significant size of the total collateral and the associated
leverage, if credit market dislocations persist, the loan could
default at final maturity; however, no losses are currently
expected in Fitch's base case.

Fitch removes these classes from Rating Watch Negative and
downgrades, assigns Rating Outlooks, Loss Severity Ratings, and
Recovery Ratings, as indicated to the pooled classes:

  -- $41 million class C to 'A/LS4' from 'A+'; Outlook Stable;

  -- $33 million class D to 'BBB/LS5' from 'A'; Outlook Stable;

  -- $25 million class E to 'BBB/LS5' from 'A-'; Outlook Negative;

  -- $19 million class F to 'BB/LS5' from 'BBB+'; Outlook
     Negative;

  -- $19 million class G to 'CCC/RR2' from 'BBB';

  -- $19 million class H to 'C/RR6' from 'BBB-';

  -- $20 million class J to 'C/RR6' from 'BB+';

  -- $22 million class K to 'C/RR6' from 'BB';

  -- $16.1 million class L to 'D/RR6' from 'BB-'.

In addition, affirms this pooled class, assigns an LS Rating, and
revises the Rating Outlook as indicated:

  -- $183 million class A-1 at 'AAA/LS3'; Outlook to Stable from
     Negative.

In addition, Fitch removes from Rating Watch Negative and affirms
these classes, assigns LS Ratings, and Rating Outlooks as
indicated to these pooled classes:

  -- $536 million class A-2 at 'AA+/LS2'; Outlook Stable;
  -- $41 million class B at 'AA/LS4'; Outlook Stable.

Additionally, Fitch downgrades, removes from Rating Watch Negative
and assigns Recovery Ratings and Rating Outlooks as indicated to
these non-pooled junior component classes:

  -- $42.6 million class KER-B to 'BBB' from 'BBB+'; Outlook
     Negative;

  -- $37.3 million class KER-C to 'BB' from 'BBB-'; Outlook
     Negative;

  -- $46 million class KER-D to 'BB' from 'BB+'; Outlook Negative;

  -- $46.3 million class KER-E to 'B' from 'BB-'; Outlook
     Negative;

  -- $61.6 million class KER-F to 'CCC/RR4' from 'B';

  -- $11 million class BEV-A to 'C/RR6' from 'BB-';

  -- $7 million class ARG-A to 'CC/RR6' from 'B';

  -- $5.5 million class ARG-B to 'CC/RR6' from 'B';

  -- $4 million class NHK-A to 'CCC/RR6' from 'BB-'.

Additionally, Fitch affirms and assigns Rating Outlooks to these
non-pooled junior component classes:

  -- $59.8 million class KER-A at 'A-'; Outlook Negative;
  -- $5.6 million class MW-A at 'B'; Outlook Negative;
  -- $3.4 million class MW-B at 'B'; Outlook Negative.

Additionally, Fitch removes from Rating Watch Negative,
downgrades, and assigns a Rating Outlook to this non-pooled
component of the trust:

  -- $39 million class SV-K to 'BB' from 'BBB-' Outlook Negative.

Furthermore, Fitch affirms these classes, and assigns Rating
Outlooks to the non-pooled components of the trust:

  -- $375.7 million class SV-A1 at 'AAA' Outlook Stable;
  -- $126 million class SV-A2 at 'AAA' Outlook Stable;
  -- $61 million class SV-B at 'AA+' Outlook Stable;
  -- $31 million class SV-C at 'AA' Outlook Stable;
  -- $31 million class SV-D at 'AA-' Outlook Stable;
  -- $30 million class SV-E at 'A+' Outlook Stable;
  -- $31 million class SV-F at 'A' Outlook Stable;
  -- $30 million class SV-G at 'A-' Outlook Stable;
  -- $54 million class SV-H at 'BBB+' Outlook Stable;
  -- $34 million class SV-J at 'BBB' Outlook Negative.

Fitch withdraws the ratings of the interest-only classes A-X-1, A-
X-2, A-X-3, and SV-AX.

This transaction was analyzed according to the 'Surveillance
Criteria for U.S. Commercial Real Estate Loan CDOs'.  It 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.  This methodology was used
to review this transaction as floating-rate CMBS loan pools are
concentrated and similar in composition to CREL CDO pools.  In
many cases, the CMBS notes are senior portions of notes held in
CDO transactions.  The assets are generally transitional in
nature, frequently underwritten with pro forma income assumptions
that have not materialized as expected.  Overrides to this
methodology were applied on a loan-by-loan basis if the senior
position of the CMBS note or property specific performance
warranted an alternative analysis.

For bonds rated 'B-' or better, the current credit enhancement
levels were compared to the expected losses generated in each
rating category divided by the total deal size.  These classes
were assigned LS ratings, which indicate each tranche's potential
loss severity given default, as evidenced by the ratio of tranche
size to the expected loss for the collateral under the 'B' stress.
LS ratings should always be considered in conjunction with
probability of default indicated by a class' long-term credit
rating.  Fitch does not assign Rating Outlooks or LS ratings to
classes rated 'CCC' or lower.

Rating Outlooks were determined by further stressing the cash
flows and fully recognizing all maturity defaults in all ratings
stresses.  The credit enhancements were then compared to the
expected losses generated in each rating category to determine
potential credit migration over the next two years.  If the Rating
Outlook scenario would imply a lower rating, then the class was
assigned a Negative Outlook.

The ratings for bonds rated 'CCC' or lower, are based on a
deterministic analysis.  Bonds are rated 'C' when the expected
losses on currently defaulted loans exceed a classes' respective
credit enhancement level.  Bonds are rated 'CC' when the combined
base case expected losses on the currently defaulted loans and
loans likely to default exceed a classes' respective credit
enhancement level.  Bonds are rated 'CCC' when the base case
expected loss exceeds a classes' respective credit enhancement
level.

Bonds rated 'CCC' and below were assigned Recovery Ratings in
order to provide a forward-looking estimate of recoveries on
currently distressed or defaulted structured finance securities.
Recovery Ratings are calculated by subtracting the base case
expected losses in reverse sequential order from the pooled
certificates.  Any principal recoveries first pay interest
shortfalls on the bonds and then sequentially through the classes.
The remaining bond principal amount is divided by the current
outstanding bond balance.  The resulting percentage is used to
assign the Recovery Ratings on the bonds.


CREDIT SUISSE: S&P Downgrades Ratings on Six 2007-TFL2 Notes
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on six
classes of commercial mortgage pass-through certificates from
Credit Suisse First Boston Mortgage Securities Corp.'s series
2007-TFL2, a U.S. commercial mortgage-backed securities
transaction, and removed them from CreditWatch with negative
implications.  Concurrently, S&P affirmed its 'BB-' rating on
class A-1 and removed it from CreditWatch negative.

The master servicer, KeyBank Real Estate Capital, indicated to us
that based on the transaction's documents, it does not expect the
interest shortfalls associated with the Biscayne Landing loan and
the Resorts Atlantic City real estate owned asset to be repaid
from sales proceeds when these two assets are liquidated.  Both of
these assets are with the special servicer, TriMont Real Estate
Advisors Inc.  Upon liquidation, proceeds will instead be applied
sequentially to the principal of the outstanding certificates at
that time.  As a result, S&P lowered its ratings on classes A-3
through E to 'D' due to accumulated recurring interest shortfalls
that S&P does not expect to be recovered for a prolonged period.
S&P lowered the rating on class A-2 to 'CCC-' due to interest
shortfalls that have occurred for three consecutive months.  If
this class continues to experience interest shortfalls for an
extended period of time, S&P may lower the rating on this class to
'D'.  S&P previously lowered its ratings on classes F through J to
'D' on Feb. 26, 2010, due to interest shortfalls.

S&P affirmed the 'BB-' rating on the class A-1 certificate.
Although the class has a relatively high level of credit support,
it continues to have speculative-grade characteristics due to its
susceptibility to interest shortfalls.  All of the classes
subordinate to class A-1 are not receiving their full accrued
certificate interest.  If shortfalls relating to any of the
impaired assets in the transaction increase, S&P believes there is
a heightened likelihood that class A-1 could experience a
liquidity interruption.

At the time of its Feb. 26, 2010, rating actions, S&P lowered its
ratings on classes A-1 through E and placed them on CreditWatch
negative due to interest shortfalls and the classes'
susceptibility to future interest shortfalls related primarily to
the Biscayne Landing loan and the Resorts Atlantic City asset.
Since that time, according to the June 15, 2010, trustee
remittance report, the classes subordinate to class A-1 have
continued to experience interest shortfalls.  The classes incurred
shortfalls totaling $548,764 in June and have experienced
cumulative interest shortfalls to date of $3.6 million due
primarily to the nonrecoverable determinations, coupled with
special servicing fees and other expenses for the aforementioned
assets.

According to TriMont, the larger of the two specially serviced
assets, the Resorts Atlantic City asset ($175.0 million pooled
balance {14.9%}; $360.0 million whole-loan balance) is under
contract for sale.  TriMont stated that it anticipates the sale to
close later this year.  A November 2009 appraisal valued the asset
at $88.2 million.  S&P expects a significant loss upon the
eventual resolution of this asset.

TriMont also indicated that it has filed for foreclosure, while
also exploring a note sale for the Biscayne Landing loan
($77.2 million pooled balance {6.6%}; $165.7 million whole-loan
balance).  An October 2009 appraisal valued the asset at
$15.5 million.  S&P expects a significant loss upon the eventual
resolution of this asset.

      Ratings Lowered And Removed From Creditwatch Negative

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

                             Rating
                             ------
      Class           To                    From
      -----           --                    ----
      A-2             CCC-                  B-/Watch Neg
      A-3             D                     CCC-/Watch Neg
      B               D                     CCC-/Watch Neg
      C               D                     CCC-/Watch Neg
      D               D                     CCC-/Watch Neg
      E               D                     CCC-/Watch Neg

      Rating Affirmed And Removed From Creditwatch Negative

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

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



CREST 2002-IG: Fitch Affirms Ratings on Three Classes of Notes
--------------------------------------------------------------
Fitch Ratings has downgraded one and affirmed three classes of
notes issued by Crest 2002-IG, Ltd./Corp. as a result of negative
credit migration in the portfolio.  A complete list of rating
actions follows at the end of this release.

Since Fitch's last rating action in March 2009, approximately
16.2% of the portfolio has been downgraded.  Currently, 7.6% is on
Rating Watch Negative.  Approximately 13.1% of the portfolio has a
Fitch derived rating below investment grade compared to 3.2% at
last review.  Further, the collateralized debt obligation has paid
down $125.8 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.  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 all classes of notes are generally consistent
with the ratings assigned below.

The Negative Rating Outlook on the class B, C, and D notes
reflects Fitch's expectation that underlying commercial mortgage
backed securities loans will continue to face refinance risk at
maturity.  The class A notes' breakeven rates exhibit considerable
cushion for the current rating; therefore, a Stable Rating Outlook
is warranted.

Fitch also assigned a Loss Severity rating to the notes.  An LS
rating indicates a 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.

Crest 2002-IG is a cash flow CRE CDO which closed on May 16, 2002.
The collateral is composed of 61.4% CMBS and 38.6% real estate
investment trusts.

Fitch has downgraded, affirmed, or revised Outlooks, and assigned
an LS rating for these classes as indicated:

  -- $183,285,686 class A notes affirmed at 'AAA/LS3', Outlook
     Stable;

  -- $78,000,000 class B notes affirmed at 'AA/LS4', Outlook
     revised to Negative from Stable;

  -- $40,000,000 class C notes affirmed at 'BBB/LS5', Outlook
     revised to Negative from Stable;

  -- $14,000,000 class D notes downgraded to 'B/LS5' from 'B+',
     Outlook revised to Negative from Stable.


CWCAPITAL COBALT: Fitch Downgrades Rating on A-1 Notes to 'B'
-------------------------------------------------------------
Fitch Ratings has downgraded the $450 million class A-1 floating
rate notes of CWCapital COBALT Vr to 'B' from 'BBB' as a result of
increased interest shortfalls to the underlying commercial
mortgage-backed securities and negative credit migration since the
last review.  Further, Fitch has removed the class from Rating
Watch Negative and assigned a Negative Rating Outlook and a Loss
Severity rating of 'LS5'.  The class is issued by CWCapital COBALT
Vr Ltd. and CWCapital COBALT Vr. Corp.

Since Fitch's last rating action in March 2009, the credit quality
for the portfolio has declined to a current weighted average Fitch
derived rating of 'CCC/CCC-', down from 'B-' at last review.
Further, 3% of the portfolio is currently on Rating Watch
Negative.  Approximately 99.9% of the portfolio has a Fitch
derived rating below investment grade; 71.8% has a rating in the
'CCC' category and below.  As of the June 22, 2010 trustee report,
64.3% is experiencing interest shortfalls.  Approximately 83.2% of
the portfolio is considered impaired according to the transaction
documents.  Interest proceeds from impaired securities are
redirected to the principal waterfall to pay down the class A-1
notes.  The class A-1 notes have received $138.9 million in pay
downs since issuance.

This transaction was analyzed under the framework described in the
report 'Global Rating Criteria for Structured Finance CDOs' using
the Portfolio Credit Model for projecting future default levels
for the underlying portfolio.  The default levels were then
compared to the breakeven levels generated by Fitch's cash flow
model of the CDO under the various default timing and interest
rate stress scenarios, as described in the report 'Global Criteria
for Cash Flow Analysis in CDOs'.  Fitch also analyzed the
structure's sensitivity to the assets that are experiencing
interest shortfalls (64.3% of the portfolio).  Based on this
analysis, the class A-1 notes' breakeven rates are generally
consistent with the 'B' rating category.

The Negative Rating Outlook on the class A-1 notes reflects
Fitch's expectation that underlying CMBS loans will continue to
face refinance risk at maturity.  Fitch also assigned an LS rating
to the notes.  The LS rating indicates 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.

Cobalt Vr is a static cash flow commercial real estate
collateralized debt obligation that closed on Nov. 16, 2007.  The
portfolio consists of 88.1% CMBS including 24% are non-rated first
loss bonds.  The balance of the portfolio is composed of primarily
equity pieces from structured finance CDO transactions.


FIRST UNION: Fitch Takes Rating Actions on Various 2001-C1 Notes
----------------------------------------------------------------
Fitch Ratings has downgraded and assigned Rating Outlooks to
several classes of First Union National Bank - Bank of America,
N.A.  Commercial Mortgage Trust pass-through certificates, series
2001-C1.  Fitch has also assigned Loss Severity ratings and
Recovery Ratings to numerous classes.

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.  Fitch
expects losses of 5.2% of the remaining transaction balance, or
$42.6 million, from loans in special servicing and loans that
cannot refinance at maturity based on Fitch's refinance test.  The
majority of Fitch expected losses are from loans currently in
special servicing.

As of the June 2010 distribution date, the pool's certificate
balance has paid down 92% to $825 million from $1.3 billion at
issuance.  47 loans are defeased (39.2% of the current transaction
balance).

There are 10 specially serviced loans in the pool (8.1%),
including the sixth largest loan in the pool.  One loans is
delinquent, three are in foreclosure, two are real estate owned,
and four are current.

The largest specially serviced asset (2.6%) is a 471,444 square
foot mall located in Sherman, TX, approximately 60 miles north of
Dallas.  The loan transferred to special servicing in July 2008
due to imminent default as a result of the borrower refusing to
fund operating shortfalls.  The loan has been real estate owned
since September 2009.  The mall continues to perform within
budgeted levels due to decreases in fixed income as a result of
co-tenancy clauses and tenant expirations and reductions in CAM
income due to decreases in occupancy and tenant changeover.  The
asset is currently under contract for sale despite falling out
with the first and second borrower.  Fitch expects significant
losses upon liquidation due to the poor performance of the asset.

The second largest specially serviced asset (1%) is a 120 unit
healthcare property located in Swansea, IL, approximately 20 miles
east of St.  Louis.  The loan transferred to special servicing in
December 2009 due to monetary default.  The loan matured Nov.  1,
2009, but the borrower has been unable to secure refinancing or
sell to any party due to need for significant discount.  The
property is suffering from a mine subsidence, to which a possible
exit strategy is abandonment.  Construction is occurring on a new
site where all tenants would be transferred to upon completion.

Fitch stressed the cash flow of the remaining non-defeased loans
by applying a 10% reduction to most recent fiscal year end NOI and
applying an adjusted market cap rate between 7.25% and 10% to
determine value.

Similar to Fitch's prospective analysis of recent vintage
commercial mortgage backed securities, 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 pay off at maturity.  Of the non-
defeased or non-specially serviced loans, five loans (2.9% of the
pool) incurred a loss when compared to Fitch's stressed value.

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

  -- $26.2 million class G to 'BBB-/LS5' from 'AA'; Outlook
     Negative;

  -- $16.4 million class H to 'B/LS5' from 'A'; Outlook Negative;

  -- $19.6 million class J to 'CCC/RR1' from 'BBB-';

  -- $16.4 million class K to 'CC/RR3' from 'B';

  -- $13.1 million class L to 'C/RR5' from 'CC/RR4'.

In addition, Fitch has affirmed, maintained or revised the Outlook
and assigned LS ratings as indicated:

  -- $536.5 million class A-2 at 'AAA/LS1'; Outlook Stable;

  -- $40.6 million class A-2F at 'AAA/LS1'; Outlook Stable;

  -- $52.3 million class B at 'AAA/LS4'; Outlook Stable;

  -- $26.2 million class C at 'AAA/LS5'; Outlook Stable;

  -- $26.2 million class D at 'AAA/LS5'; Outlook Stable;

  -- $16.4 million class E at 'AAA/LS5'; Outlook Stable;

  -- $13.1 million class F at 'AAA/LS5'; Outlook to Negative from
     Stable.

Fitch maintains these ratings:

  -- $6.5 million class M at 'C/RR6';
  -- $9.8 million class N at 'C/RR6';
  -- $5.9 million class O at 'D/RR6'.

Class A-1 has paid in full.  Classes P and Q have been liquidated.
Fitch withdraws the rating on the interest-only classes IO-I, IO-
II and IO-III.


GMAC COMMERCIAL: Fitch Downgrades Ratings on 2001-C1 Certs.
-----------------------------------------------------------
Fitch Ratings has downgraded and assigned Rating Outlooks to
several classes of GMAC Commercial Mortgage Securities, Inc.'s
mortgage pass-through certificates, series 2001-C1.  Fitch has
also assigned Loss Severity ratings and Recovery Ratings to
numerous classes.  A detailed list of rating actions follows at
the end of the release.

The downgrades are due to an increase in Fitch's expected losses
on loans currently in special servicing.  Fitch expects losses to
fully deplete classes J through N.  As of the June 2010
distribution date, the pool's aggregate principal balance has been
reduced 19.9% to $692.2 million from $864.1 million at issuance,
which consists of 17.7% of paydown and 2.2% of realized losses.
Thirty-eight loans (44.7%) have defeased, including four (16.5%)
of the top ten original loans.  As of the June 2010 remittance,
cumulative interest shortfalls reach class G.

Fitch has designated 18 loans (24.9%) as Fitch Loans of Concern,
which includes nine specially serviced loans (19.0%).  The largest
specially serviced loan (5.3%) is the largest non-defeased
remaining loan, which is secured by a 768-unit apartment complex
built between 1985 and 1996 and located in Phoenix, AZ.  The
$36.4 million Peaks at Papago Park loan is between 60 and 89 days
delinquent as of the June 2010 remittance, and the collateral
reported a year-end 2009 debt service coverage ratio and occupancy
of 0.67 times and 81%, respectively.

The second largest specially serviced loan (5.2%) is secured by a
357,000 square foot multi-tenant office property located in Grand
Rapids, MI.  The $36.1 million Bridgewater Place loan transferred
in April 2010 for imminent default as the borrower has requested a
loan modification.  As of the June remittance, the loan is
classified as current.  Occupancy is currently 72%.

Fitch stressed the value of the non-defeased loans by generally
applying a 5% haircut to 2009 fiscal year-end net operating income
(NOI) and applying an adjusted market cap rate between 7.50% and
10% to determine value.

Similar to Fitch's prospective analysis of recent vintage
commercial mortgage backed securities, 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 DSCR of 1.25x or higher were considered to
pay off at maturity.  Of the non-defeased or non-specially
serviced loans, 15 loans (12.4% of the overall pool) were assumed
not to be able to refinance, of which Fitch modeled losses for
four loans (2.3%) in instances where Fitch's derived value was
less than the outstanding balance.

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

  -- $17.3 million class E to 'AA/LS5' from 'AAA'; Outlook
     Negative;

  -- $13 million class F to 'BBB-/LS5' from 'AAA'; Outlook
     Negative;

  -- $13 million class G to 'B/LS5' from 'AA-'; Outlook Negative;

  -- $25.9 million class H to 'CC/RR2' from 'BB+';

  -- $6.5 million class J to 'C/RR6' from 'BB';

  -- $6.5 million class K to 'C/RR6' from 'BB-';

  -- $13 million class L to 'C/RR6' from 'B';

  -- $4.3 million class M to 'C/RR6' from 'CCC/RR1'.

Fitch has affirmed and assigned Outlooks and LS ratings to these
classes:

  -- $503.5 million class A-2 at 'AAA/LS1'; Outlook Stable;
  -- $41 million class B at 'AAA/LS4'; Outlook Stable;
  -- $32.4 million class C at 'AAA/LS4'; Outlook Stable;
  -- $13 million class D at 'AAA/LS5'; Outlook Stable.

Additionally, Fitch has revised this class:

  -- $2.9 million class N to 'D/RR6' from 'D/RR2'.

The class A-1 and the interest-only class X-2 balances have been
paid in full.  Classes O and P have been reduced to zero as a
result of realized losses to the trust.  Fitch withdraws the
rating on class O and on the interest-only class X-1.


GMAC COMMERCIAL: Fitch Takes Rating Actions on 1999-C1 Certs.
-------------------------------------------------------------
Fitch Ratings affirms, maintains or revises Rating Outlooks, and
assigns Loss Severity ratings to GMAC Commercial Mortgage
Securities, Inc.'s mortgage pass-through certificates, series
1999-C1:

  -- $23.2 million class D at 'AAA'/LS3; Outlook Stable;

  -- $20 million class E at 'AAA'/LS3; Outlook Stable;

  -- $83.4 million class F at 'A-'/LS1; Outlook to Stable from
     Positive;

  -- $13.3 million class G at 'BBB'/LS3; Outlook to Negative from
     Stable;

  -- $26.7 million class H at 'B+'/LS3; Outlook to Negative from
     Stable;

  -- $17.3 million class J at 'D/RR4'.

Fitch withdraws the rating of the interest-only class X.

Classes K-1 and K-2 are not rated by Fitch and have been depleted
as a result of losses.  Classes A-1, A-2, B, and C have paid in
full.

The rating affirmations are due to stable performance and
sufficient credit enhancement to offset the Fitch expected losses.
Fitch expects losses of 4.2% of the remaining pool balance,
approximately $7.8 million from the loans in special servicing,
and the loans that are not expected to refinance at maturity based
on Fitch's refinance test.  The Rating Outlooks reflect the likely
direction of any rating changes over the next one to two years.

As of the June 2010 distribution date, the transaction's aggregate
principal balance has decreased 86.2%, to $183.9 million from
$1.33 billion at issuance.  Ten loans (24.2%) are defeased.
Forty-five loans remain in the pool, decreased from 228 at
issuance.

Fitch has identified 11 Loans of Concern (55.3%), with five loans
(37%) in special servicing.  The largest specially serviced asset
(25.6%) is a 644,255 square foot retail mall located in Ulster,
NY.  The loan transferred to the special servicer in November 2008
due to maturity default.  The borrower requested a modification to
extend the maturity, and the special servicer originally entered
into a sixth month extension with the borrower.  The borrower
exercised its first option to extend the maturity to Jan 1, 2010.
Due to lack of available financing and declining cash flows the
borrower and special servicer renegotiated the modification
agreement effective Jan. 1, 2010, increasing the second option
period to 12 months with an outside maturity date of Jan.1, 2011.
The borrower paid the agreed upon principal reduction and the loan
is current.  The DSCR is currently below 1.10 times, and the
property is 92% occupied.  Tenants include Macy's, Sears and
JCPenney.

The second largest specially serviced asset (6%) is a four-story,
102,569 sf office property located in Alpharetta, GA.  The
property is 100% leased to two tenants, Bank of America and
Omnivue.  The loan is currently real estate owned.  The property
is currently being managed by Lincoln Harris.  The special
servicer has approved the sale of the property with closing
expected in July 2010.

The largest Loan of Concern not in special servicing (14.3%) is
secured by a 464,374 square foot office complex located in
Detroit, MI.  Per the special servicer, the borrower has reported
the property continues to struggle due to the current market
conditions and as a result is having difficulty obtaining
refinancing.  The borrower requested an extension which was denied
by the master servicer.

Fitch stressed the cash flow of the remaining non defeased loans
by applying a 5% reduction to 2009 fiscal year end net operating
income, 10% reduction to 2008, and 15% for all loans which did not
report YE 2008 and applying an adjusted market cap rate between
7.25% and 10.5% 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 1.25x or higher were considered to payoff at
maturity.  Of the non-defeased or non-specially serviced loans,
one loan (1.2% of the pool) incurred a loss when compared to
Fitch's stressed value.


GS MORTGAGE: Fitch Takes Rating Actions on Various 2004-C1 Notes
----------------------------------------------------------------
Fitch Ratings removes from Rating Watch Negative where applicable,
downgrades, revises Rating Outlooks and assigns Loss Severity
ratings or Recovery Ratings to GS Mortgage Securities Corp. II,
series 2004-C1 commercial mortgage pass-through certificates,
series 2004-C1, as indicated:

  -- $13.4 million class F to 'BBB/LS5' from 'AA+'; Outlook
     Negative;

  -- $7.8 million class G to 'BB/LS5' from 'A+'; Outlook Negative;

  -- $7.8 million class H to 'B-/LS5' from 'A-'; Outlook Negative;

  -- $5.6 million class J to 'B-/LS5' from 'BBB+'; Outlook
     Negative;

  -- $3.3 million class K to 'CCC/RR1'; from 'BB+';

  -- $3.3 million class L to 'CC/RR3' from 'BB-';

  -- $4.5 million class M to 'C/RR6' from 'B+';

  -- $3.3 million class N to 'C/RR6' from 'B';

  -- $3.3 million class O to 'C/RR6' from 'B-'.

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

  -- $152 million class A-2 at 'AAA/LS2'; Outlook Stable;
  -- $18.1 million class A-1A at 'AAA/LS2'; Outlook Stable;
  -- $20.1 million class B at 'AAA/LS5'; Outlook Stable;
  -- $7.8 million class C at 'AAA/LS5'; Outlook Stable;
  -- $16.7 million class D at 'AAA/LS5'; Outlook Stable;
  -- $12.3 million class E at 'AAA/LS5'; Outlook Stable.

Prior to the rating actions classes H-O were on Rating Watch
Negative.  Fitch does not rate the $8.6 million class P.

Class A-1 has been paid in full.  Fitch does not rate the
$8.6 million class P.  Fitch withdraws the rating of the interest
only classes X-1 and X2.

The downgrades are the result of Fitch's revised loss estimates
for the transaction following Fitch's prospective analysis which
is similar to its recent vintage fixed rate commercial mortgage
backed security analysis.  Fitch expects potential losses of 8.7%
of the remaining pool balance from the loans in special servicing,
and the loans that are not expected to refinance at maturity based
on Fitch's refinance test.  The majority of the expected losses
(84.5%) come from the loans in special servicing.  Expected loss
as a percentage of the original deal balance is 4.6%.  Rating
Outlooks reflect the likely direction of any rating changes over
the next one to two years.

As of the May 2010 distribution date, the pool's collateral
balance has paid down 67.7% to $287.9 million from $892.3 million
at issuance.  Seven loans (34.7%) have defeased.

Fitch has identified six Loans of Concern (36.1%), all which in
special servicing.  The largest (17.5%) specially serviced asset
is a collateralized by a regional anchored shopping mall located
in Chicago, IL, which transferred to the special servicer in
January 2010 for imminent default.  The servicer is currently
negotiating a loan modification that may include extension options
as the original loan has a maturity date in September 2010.

The second largest (9.8%) specially serviced loan consists of a
full-service hotel located in Dearborn, MI.  The loan transferred
to special servicing in April 2009 due to imminent default.  The
loan was foreclosed on and the receiver subsequently listed the
property for sale in January 2010.  The servicer is currently
negotiating purchase offers.

Fitch stressed the cash flow of the remaining non-defeased loans
by applying a 10% reduction to 2008 fiscal year end net operating
income or adjusted 2009 cash flow and applying an adjusted market
cap rate between 7.25% and 10.5% 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 pay off
at maturity.  Under this scenario, five loans are not expected to
pay off at maturity with two loans incurring a loss when compared
to Fitch's stressed value.


HELIOS FINANCE: Moody's Reviews Ratings on Two 2007-S1 Notes
------------------------------------------------------------
Moody's has placed on review for possible upgrade, two retained
risk positions and two credit-linked notes issued by HELIOS
Finance Limited Partnership 2007-S1 and HELIOS Finance Corporation
2007-S1 as co-issuers.  The Notes were issued in connection with a
credit default swap tied to a reference portfolio, under which
Wachovia Bank, National Association is the protected party.  The
reference portfolio consists of loans originated and serviced by
Wells Fargo Bank, N.A. (as successor by merger to Wachovia Bank,
N.A.), a direct wholly-owned subsidiary of Wells Fargo & Company.

The rating actions reflect Moody's updated lower lifetime loss
expectations relative to current levels of credit enhancement.
Moody's currently anticipates the transaction to incur lifetime
cumulative net losses between 5.25% and 5.50%, a downward revision
from 6.00% to 7.00% previously published in June 2009.  Twelve
more months of performance have demonstrated substantial
stabilization in both delinquencies and losses for a pool that has
paid down to approximately 15% of the original collateral balance.
During its review, Moody's will continue to refine its assessment
of the transaction relative to the credit enhancement available.

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely ranges of performance over the
medium term.  From time to time, Moody's may, if warranted, change
these expectations.  Performance that falls outside the given
ranges may indicate that the collateral's credit quality is
stronger or weaker than Moody's had anticipated when the related
securities ratings were issued.  Even so, a deviation from the
expected ranges will not necessarily result in a rating action nor
does performance within expectations preclude such actions.  The
decision to take (or not take) a rating action is dependent on an
assessment of a ranges of factors including, but not exclusively,
the performance metrics.  Primary sources of assumption
uncertainty are the current macroeconomic environment, in which
unemployment continues to rise, and weakness in the used vehicle
market.  Moody's currently views the used vehicle market as
stronger now than it was a year ago, when the uncertainty relating
to the economy as well as the future of the U.S auto manufacturers
was significantly greater.  Overall, Moody's central global
scenario remains "Hook-shaped" for 2010 and 2011; Moody's expect
overall a sluggish recovery in most of the world largest
economies, returning to trend growth rate with elevated fiscal
deficits and persistent unemployment levels.

Complete rating actions are:

Issuer: HELIOS Finance Limited Partnership 2007-S1/HELIOS Finance
Corporation 2007-S1 - Synthetic Auto Loan Transaction

  -- Cl. A-2, Aa1 Placed Under Review for Possible Upgrade;
     previously on May 16, 2007 Definitive Rating Assigned Aa1

  -- Cl. A-3, A1 Placed Under Review for Possible Upgrade;
     previously on May 16, 2007 Definitive Rating Assigned A1

  -- Cl. B-1, Baa3 Placed Under Review for Possible Upgrade;
     previously on Jun 2, 2009 Confirmed at Baa3

  -- Cl. B-2, B3 Placed Under Review for Possible Upgrade;
     previously on Jun 2, 2009 Downgraded to B3


JEFFERSON COUNTY: S&P Withdraws Rating on 2001B Warrants to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its underlying
rating on Jefferson County, Ala.'s series 2001B general obligation
warrants.  S&P lowered the SPUR to 'D' from 'B' on Sept. 24, 2008,
due to the county's failure to make a principal payment on the
bank warrants due Sept. 15, 2008, in accordance with the terms of
the Standby Warrant Purchase Agreement.

The county and the banks entered into a forbearance agreement that
effectively delayed payments due under the SWPA.


JP MORGAN: Fitch Takes Various Rating Actions on 2001-A Notes
-------------------------------------------------------------
Fitch Ratings downgrades, removes from Rating Watch Negative and
assigns Loss Severity ratings, Rating Outlooks or Recovery Ratings
to these classes of J.P. Morgan Chase Commercial Mortgage
Securities Corp., series 2001-A:

  -- $3.4 million class E to 'B/LS5' from 'AAA'; Outlook Negative;
  -- $5.1 million class F to 'CC/RR6' from 'AA'.

Fitch downgrades, assigns LS ratings and assigns or revises
Recovery Ratings to these classes as indicated:

  -- $10.8 million class D to 'BB/LS4' from 'AAA'; Outlook to
     Negative from Stable;

  -- $7.8 million class G to 'C/RR6' from 'CCC/RR2'.

In addition, Fitch has affirmed and assigned a LS rating to this
class:

  -- $3 million class C at 'AAA/LS5'; Outlook Stable.

Fitch withdraws the rating of the interest-only class X.

Fitch does not rate the $2.7 million class NR.  Classes A-1, A-2
and B have paid in full.

The downgrades are the result of Fitch's revised loss estimates
for the transaction following Fitch's prospective analysis which
is similar to its recent vintage fixed rate CMBS analysis.  Fitch
expects potential losses of 42% of the remaining pool balance from
the loans in special servicing.  The Rating Outlooks reflect the
likely direction of any rating changes over the next one to two
years.

As of the June 2010 distribution date, the pool has three loans
remaining and has paid down 69.9% to $32.8 million from
$113.8 million at issuance.  One loan (7%) has defeased and the
other two remaining loans (93%) are in special servicing.

The largest specially serviced asset (64%) is a retail property
located southeast of Cleveland in Maple Heights, OH.  The asset
transferred to special servicing in December 2008 for maturity
default and the special servicer is pursuing foreclosure.

The second-largest specially serviced asset (29%) is a retail mall
located northwest of Sacramento in Woodland, CA.  The asset
transferred to special servicing in October 2009 for imminent
maturity default and is performing under a forbearance agreement
with the borrower.  The loan maturity has been extended one year
from the scheduled maturity in January 2010.


JP MORGAN: Fitch Downgrades Ratings on Five 2007-FL1 Certificates
-----------------------------------------------------------------
Fitch Ratings has downgraded five classes from the pooled portion
of JP Morgan 2007-FL1, reflecting Fitch's base case loss
expectation of 9.1%.  The non-pooled junior component certificates
were affirmed at 'C/RR6' based on Fitch's loss expectations on the
Resorts International loan.  Fitch's performance expectation
incorporates prospective views regarding commercial real estate
values and cash flow declines.  The Negative Rating Outlooks
reflect additional sensitivity analysis related to further
negative credit migration of the underlying collateral.

Under Fitch's updated analysis, approximately 70.1% of the pooled
loans, and all of the non-pooled components, are modeled to
default in the base case stress scenario, defined as the 'B'
stress.  In this scenario, the modeled average cash flow decline
is 7.7% from generally third- and fourth-quarter 2009 servicer-
reported financial data.  In its review, Fitch analyzed servicer
reported operating statements, STR reports and rent rolls, updated
property valuations, and recent lease and sales comparisons.

Given that the loan positions within the pooled portion of the
commercial mortgage backed securities are the lower leveraged A-
notes (average base case loan-to-value of 93.3%), Fitch estimates
that average recoveries on the pooled loans will be approximately
87% in the base case, whereas the more highly leveraged non-pooled
component notes (average base case LTV of 99.4%) have no modeled
recovery.

The transaction is collateralized by 20 loans, 13 of which are
secured by hotels (61.8%), two by retail (20.8%), one casino
(8.3%), two by office (6.2%), one by multifamily (1.7%) and one by
industrial (1.2%).  The final maturity dates, including all
extension options for the non-specially serviced loans, are in
2011 (6.1%) and 2012 for the remaining loans.

Fitch identified 12 Loans of Concern within the pool (57.3%), five
of which are specially serviced (25.1%).  Fitch's analysis
resulted in loss expectations for nine A-notes, and each of the B-
note non-pooled components in the 'B' stress scenario.  The three
largest pooled contributors to losses (by unpaid principal
balance) in the 'B' stress scenario are: Marriott Waikiki (13.4%),
Resorts International (8.3%) and Sofitel Chicago (5.2%).

The Marriott Waikiki is a 1,310 key hotel located in Honolulu, HI.
The property is located along Kalakaua Avenue directly across from
Waikiki Beach.  The sponsors acquired the property in 2005 and
spent $65 million ($49,618 per key) on renovations.  The overall
net operating income (NOI) has declined 23% as of the trailing 12
months ended September 2009 compared to year-end 2008.  As of
December 2009, occupancy, ADR and RevPAR were 83.1%, $162, and
$135, respectively, compared to 85.8%, $183, and $157 at issuance.

Resorts International was originally collateralized by four
casino/hotel properties located in Atlantic City, NJ, East
Chicago, IN, Robinsonville, MS and Tunica, MS.  The Resorts East
Chicago property was released from the portfolio in September
2007, paying down the senior trust component by approximately 47%.
The loan secures two additional non-trust pari passu A notes of
$32.4 million each and an $87.7 million non-pooled senior
participation included in the transaction and $233 million junior
participation held outside the trust.  The loan transferred to
special servicing on July 23, 2009, due to monetary default as a
result of a significant cash flow decline from the prior year.
The borrower reported EBITDA for YE 2009 was approximately
$11 million for the portfolio, compared to approximately
$56 million for YE 2007.  The special servicer obtained appraisals
which indicated losses are likely on the loan.

Sofitel Chicago is a 415 key hotel located in Chicago, IL, within
the North Michigan Avenue and Oak Street shopping districts and
one block west of Michigan Avenue.  The sponsors are Whitehall
Street Global Real Estate, GEM Realty Fund and Accor Business and
Leisure North.  Accor built the hotel in 2002 and sold a 75%
interest to Whitehall in 2006.  The overall NOI has declined 60%
as of the trailing 12 months ended September 2009 compared to
year-end 2008.  As of September 2009, occupancy, ADR and RevPAR
were 63.3%, $214, and $135, respectively, compared to 73.3%, $272,
and $199 at issuance.

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

  -- $52.6 million class B to 'A/LS5' from 'A+'; Outlook Stable;

  -- $35.6 million class D to 'BBB/LS5' from 'A-'; Outlook
     Negative;

  -- $41.3 million class H to 'CC/RR4' from 'CCC';

  -- $37.6 million class J to 'C/RR6' from 'CC';

  -- $33.8 million class K to 'C/RR6' from 'CC' .

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

  -- $832.1 million class A-1 at 'AAA/LS-2'; Outlook Stable;
  -- $243.1 million class A-2 at 'AA/LS3'; Outlook Stable;
  -- $37.6 million class C at 'A/LS5'; Outlook Negative;
  -- $43.2 million class E at 'BB/LS5'; Outlook Negative;
  -- $30.1 million class F at 'BB/LS5'; Outlook Negative;
  -- $30.1 million class G at 'B-/LS5'; Outlook Negative.

Fitch removes from Rating Watch Negative and affirms and assigns
Recovery Ratings to these pooled certificates:

  -- $37.6 million class L at 'C/RR6'.

Additionally, Fitch removes from Rating Watch Negative and affirms
and assigns RR to these non-pooled component certificates:

  -- $11.9 million class RS-1 at 'C/RR6';
  -- $12.8 million class RS-2 at 'C/RR6';
  -- $15.6 million class RS-3 at 'C/RR6';
  -- $11.1 million class RS-4 at 'C/RR6';
  -- $15.4 million class RS-5 at 'C/RR6';
  -- $13.2 million class RS-6 at 'C/RR6';
  -- $7.6 million class RS-7 at 'C/RR6'.

Interest-only class X-1 has paid in full.

Fitch withdraws the ratings of the interest-only class X-2.  For
additional information, see 'Fitch Revises Practice for Rating IO
and Prepayment Related Structured Finance Securities', dated
June 23, 2010.

This transaction was analyzed according to the 'Surveillance
Criteria for U.S. Commercial Real Estate Loan CDOs'.  It 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.  This methodology was used
to review this transaction as floating-rate CMBS loan pools are
concentrated and similar in composition to CREL CDO pools.  In
many cases, the CMBS notes are senior portions of notes held in
CDO transactions.  The assets are generally transitional in
nature, frequently underwritten with pro forma income assumptions
that have not materialized as expected.  Overrides to this
methodology were applied on a loan-by-loan basis if the property
specific performance warranted an alternative analysis.

For bonds rated 'B-' or better, the current credit enhancement
levels were compared to the expected losses generated in each
rating category divided by the total deal size.  These classes
were assigned Loss Severity ratings, which indicate each tranche's
potential loss severity given default, as evidenced by the ratio
of tranche size to the expected losses for the collateral in the
'B' stress.  LS ratings should always be considered in conjunction
with probability of default indicated by a class' long-term credit
rating.  Fitch does not assign Rating Outlooks or LS ratings to
classes rated 'CCC' and lower.

Rating Outlooks were determined by further stressing the cash
flows and fully recognizing all maturity defaults in all ratings
stresses.  The credit enhancements were then compared to the
expected losses generated in each rating category to determine
potential credit migration over the next two years.  If the Rating
Outlook scenario would imply a lower rating, then the class was
assigned a Negative Outlook.

The ratings for bonds rated 'CCC' or lower, are based on a
deterministic analysis.  Bonds are rated 'C' when the expected
losses on currently defaulted loans exceed a classes' respective
credit enhancement level.  Bonds are rated 'CC' when the combined
base case expected losses on the currently defaulted loans and
loans likely to default exceed a classes' respective credit
enhancement level.  Bonds are rated 'CCC' when the base case
expected loss exceeds a classes' respective credit enhancement
level.

Bonds rated 'CCC' and below were assigned Recovery Ratings in
order to provide a forward-looking estimate of recoveries on
currently distressed or defaulted structured finance securities.
Recovery Ratings are calculated by subtracting the base case
expected losses in reverse sequential order from the pooled and
non-pooled rake certificates.  Any principal recoveries first pay
interest shortfalls on the bonds and then sequentially through the
classes.  The remaining bond principal amount is divided by the
current outstanding bond balance.  The resulting percentage is
used to assign the Recovery Ratings on the bonds.

The assignment of 'RR4' to class H reflects modeled recoveries of
49% of its outstanding balance.  The expected recovery proceeds
are broken down:

  -- Present value of expected principal recoveries
     ($24.1million);

  -- Present value of expected interest payments ($385,986);

  -- Total present value of recoveries ($24.5 million);

  -- Sum of undiscounted recoveries ($26.4 million).

Classes are assigned a Recovery Rating of 'RR6' when the present
value of the recoveries in each case is less than 10% of each
class' principal balance


JPMORGAN CHASE: S&P Downgrades Ratings on 13 2002-C2 Securities
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 13
classes of commercial mortgage-backed securities from JPMorgan
Chase Commercial Mortgage Securities Corp.'s series 2002-C2,
including three raked classes, and removed 10 of them from
CreditWatch with negative implications.  In addition, S&P affirmed
its ratings on five other classes from the same transaction.

The rating actions follow S&P's analysis of the transaction using
its U.S. conduit/fusion CMBS criteria.  The downgrades of the
subordinate and mezzanine classes reflect credit support erosion
that S&P anticipate will occur upon the eventual resolution of
four specially serviced assets.

In addition, the downgrades also reflect current and potential
interest shortfalls.  The interest shortfalls affecting the
transaction are primarily due to appraisal subordinate entitlement
reductions and special servicing fees, which prompted us to lower
its ratings on classes K, L, and M to 'D'.  S&P expects these
interest shortfalls will continue for the foreseeable future.  The
downgrade of class N to 'D' is due to $1.5 million principal
losses to the class noted in the June 2010 remittance report.  The
class lost 28.7% of its opening principal balance.

S&P lowered its ratings on the three "SP" raked certificates
following its analysis of the Simon Portfolio II loan.  The "SP"
raked certificates derive 100% of their cash flows from the
subordinate, nonpooled junior B note portion of this loan.  The
lowered ratings on the "SP" certificates reflect its revised
valuation of this property, which S&P discuss in further detail
below.

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
1.29x and a loan-to-value ratio of 84.0%.  S&P further stressed
the loans' cash flows under its 'AAA' scenario to yield a weighted
average DSC of 1.11x and an LTV ratio of 103.9%.  The implied
defaults and loss severity under the 'AAA' scenario were 29.6% and
26.0%, respectively.  The DSC and LTV calculations S&P noted above
exclude four ($32.1 million; 3.7%) of the five specially serviced
assets and 24 defeased loans ($360.8 million; 42.1%).  S&P
separately estimated losses for the four specially serviced
assets, which S&P included in its 'AAA' scenario implied default
and loss severity 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 X1
interest-only (IO) certificates based on its current criteria.

                      Credit Considerations

As of the June 14, 2010, remittance report, five loans
($37.7 million; 4.4%) in the pool were with the special servicer,
C-III Asset Management LLC.  The payment status of all five of
these loans is reported as 90-plus-days delinquent.  Four of the
specially serviced assets have appraisal reduction amounts in
effect totaling $15.2 million.  S&P describes the largest loan
with the special servicer below.

The Circuit City Distribution Center loan is the second-largest
loan in the pool ($19.3 million; 2.3%) and is secured by a
1.1 million-sq.-ft. warehouse facility built in 2000 in Marion,
Ill.  The loan was transferred to the special servicer on
April 22, 2009, due to an imminent payment default following
Circuit City's bankruptcy and its subsequent lease rejection as
sole tenant at the subject property.  The trust recently acquired
title to the property, and the special servicer is marketing the
property for sale or lease as it remains 100% vacant.  S&P expects
a significant loss upon the resolution of this asset.

The four ($18.4 million, 2.1%) remaining specially serviced loans
have balances that individually represent less than 0.7% of the
total pool balance.  S&P separately estimated losses for three of
these four assets and arrived at a weighted average loss severity
of 30.7%.  Regarding one of the four specially serviced assets,
the Andover Club Apartments loan ($5.6 million; 0.7%), the
borrower recently brought principal and interest current, while
the special servicer and the borrower continue working to resolve
property insurance related issues.  The special servicer expects
that it will be returned to the master servicer within the next
few months.

If the loan is returned to the master servicer, the special
servicer will be entitled to 1% of all future principal and
interest payments on the loan provided it continues to perform
through maturity and remains with the master servicer.

                       Transaction Summary

As of the June 14, 2010, remittance report, the transaction had an
aggregate trust balance of $857.1 million (96 loans), compared
with $1.1 billion (108 loans) at issuance.  Wachovia Bank N.A.,
the master servicer, provided financial information for 99.1% of
the trust balance.  All of the servicer-provided financial
information was full-year 2008, partial-year 2009, or full-year
2009 data.  S&P calculated a weighted average DSC of 1.35x for the
nondefeased loans in the pool based on the reported figures.
S&P's adjusted DSC and LTV were 1.29x and 84.0%, respectively, and
exclude four specially serviced assets ($32.1 million; 3.7%), and
24 defeased loans ($360.8 million; 42.1%).  S&P separately
estimated losses for these four specially serviced assets.
Nineteen loans are on the master servicer's watchlist
($230.3 million; 26.9).  Five loans ($29.8 million, 3.5%) have a
reported DSC between 1.0x and 1.1x, and 10 loans ($57.2 million,
6.7%) have a reported DSC of less than 1.0x.  The trust has
experienced $18.2 million of principal losses to date.

                     Summary of Top 10 Loans

The top 10 loans secured by real estate have an aggregate
outstanding balance of $254.9 million (29.7%).  Using servicer-
reported information, S&P calculated a weighted average DSC of
1.22x for the nondefeased loans in the pool.  S&P's adjusted DSC
and LTV figures for the top 10 loans were 1.20x and 90.7%,
respectively.  These figures exclude the second-largest loan in
the pool, the Circuit City Distribution Center loan ($19.3
million; 2.3%), which is with the special servicer and discussed
above.  Four of the top 10 loans secured by real estate are on the
master servicer's watchlist, which S&P discuss below.

The Simon Portfolio II loan is the largest loan in the pool with a
current whole-loan balance of $124.5 million (14.5%), which
consists of senior pooled balance of $107 million and a
subordinate, nonpooled junior B note of $17.6 million.  The loan
is secured by these three retail properties: a three-story
enclosed regional mall built in 1979 and renovated in 1997 in West
Mifflin, Pa., consisting of 1.2 million sq. ft.; a regional mall
built in 1978 and renovated in 1999 in Longview, Texas, consisting
of 198,047 sq. ft. of in-line and outparcel space out of 635,432
total sq. ft.; and a power center built in 1991 in Orlando, Fla.,
comprising 315,722 sq. ft. of in-line and anchor space of 492,602
total sq. ft. The loan appears on the master servicer's watchlist
due to a decline in DSC from issuance and deferred maintenance.
For year-end 2009, the blended DSC and occupancy for all three
properties were 1.39x and 88%, respectively.  Based on S&P's
current valuation using an adjusted net cash flow, S&P's adjusted
whole loan LTV was 112.3%.  The three "SP" raked certificates
derive 100% of their cash flows from the subordinate, nonpooled
junior B note portion of this loan.  S&P lowered its ratings on
the "SP" certificates based upon its revised valuation of this
property.

The Coventry Green Apartments loan ($16.0 million; 1.9%) is the
third-largest loan in the pool and is secured by a 216-unit
property built in 2000 in Clarence, N.Y.  The loan appears on the
master servicer's watchlist due to a low DSC.  For year-end 2009,
the reported occupancy and DSC were 87.5% and 0.99x, respectively.

The West Valley Business Park loan ($15.6 million; 1.8%) is the
fourth-largest loan in the pool and is secured by a 205,655-sq.-
ft. industrial flex property built in 1982 in Kent, Wash.  This
loan also appears on the master servicer's watchlist due to a low
DSC.  For year-end 2009, the reported occupancy and DSC were 88.7%
and 1.02x, respectively.

The Richmond Distribution Center loan ($14.5 million; 1.7%) is the
sixth-largest loan in the pool and is secured by a 425,676-sq.-ft.
industrial property built in 1957 and renovated in 2002 in
Richmond, Calif.  This loan appears on the master servicer's
watchlist due to a drop in occupancy.  At year-end 2008, the
occupancy was 100%, and it dropped to 75.6% as of year-end 2009.
For year-end 2009, the DSC was 1.40x.

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

       JPMorgan Chase Commercial Mortgage Securities Corp.
   Commercial mortgage pass-through certificates series 2002-C2

                 Rating
                 ------
     Class     To     From            Credit enhancement (%)
     -----     --     ----            ----------------------
     D         AA     AA+/Watch Neg                11.04
     E         A+     AA/Watch Neg                  9.35
     F         BBB-   A-/Watch Neg                  7.04
     G         BB-    BBB/Watch Neg                 5.51
     H         B-     BB+/Watch Neg                 3.66
     J         CCC-   BB/Watch Neg                  2.28
     K         D      BB-/Watch Neg                 1.82
     L         D      B+/Watch Neg                  0.90
     M         D      B/Watch Neg                   0.44
     N         D      B-/Watch Neg                  0.00

             Ratings Lowered (Nonpooled Certificates)

        JPMorgan Chase Commercial Mortgage Securities Corp.
   Commercial mortgage pass-through certificates series 2002-C2

                                 Rating
                                 ------
                     Class     To       From
                     -----     --       ----
                     SP-1      CCC-     BB-
                     SP-2      CCC-     B
                     SP-3      CCC-     B-

              Ratings Affirmed (Pooled Certificates)

        JPMorgan Chase Commercial Mortgage Securities Corp.
    Commercial mortgage pass-through certificates series 2002-C2

             Class    Rating   Credit enhancement (%)
             -----    ------   ----------------------
             A-1      AAA                       20.56
             A-2      AAA                       20.56
             B        AAA                       15.65
             C        AAA                       14.42
             X1       AAA                         N/A

                       N/A - Not applicable.


KLIO FUNDING: S&P Downgrades Ratings on Class A-1 Notes to 'CC'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'CC' on
the class A-1 and funding notes from Klio Funding Ltd., a cash
flow collateralized debt obligation transaction backed by high-
grade structured finance securities.  Concurrently, S&P affirmed
its 'CC' ratings on classes A-2 and B.

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

S&P received a notice of liquidation from the trustee that a
majority of the controlling classholders has directed to sell and
liquidate the collateral.  Earlier, S&P received a notice dated
April 14, 2010, that the transaction had experienced an event of
default due to the failure of an overcollateralization-based EOD
trigger.

                          Rating Actions

                         Klio Funding Ltd.

                                   Rating
                                   ------
        Class            To                   From
        -----            --                   ----
        A-1              CC                   B-/Watch Neg
        Funding Notes    CC                   B-/Watch Neg

                         Ratings Affirmed

                         Klio Funding Ltd.

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


LANDMARK CDO: Moody's Downgrades Ratings on Two Classes of Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Landmark CDO LTD.:

  -- $10,000,000 Class C-1 Third Priority Floating Rate Notes Due
     2013 (current outstanding balance of $9,396,378), Downgraded
     to Ba1 and Placed Under Review for Possible Downgrade;
     previously on August 11, 2009 Downgraded to Baa2;

  -- $16,000,000 Class C-2 Third Priority Fixed Rate Notes Due
     2013 (current outstanding balance of $15,184,912), Downgraded
     to Ba1 and Placed Under Review for Possible Downgrade;
     previously on August 11, 2009 Downgraded to Baa2.

According to Moody's, the rating actions taken on the notes
reflect Moody's concerns about a potential shortfall in the amount
of cash flows available to pay the current interest due to the
Class C-1 and Class C-2 notes on the next few payment dates.
Under the terms of the Indenture, a missed interest payment on the
Class C-1 and C-2 notes, currently the most senior notes in the
capital structure, will trigger an Event of Default, which may
then lead to subsequent acceleration and liquidation of the
collateral.  Moody's analysis is based on the latest trustee
report dated as of May 19, 2010, which reports the Class C
interest coverage test at 47.18%, failing the trigger level of
130%.  Given a limited amount of scheduled principal maturities
over the next six payment periods, interest payments due to the
Class C-1 and Class C-2 notes in the near term will be heavily
reliant on principal prepayments on, and/or sales of, the
underlying collateral.

Moody's also notes that the portfolio includes a large number of
investments in securities that mature after the maturity date of
the notes.  Based on the May 2010 trustee report, such securities
represent 33.66% of the underlying portfolio.  These investments
potentially expose the notes to market risk in the event of
liquidation on or before the notes' maturity.

Moody's has retained the ratings of the Class C-1 and Class C-2
notes on review for possible downgrade as it monitors actual
developments relating to the risk of missed interest payments
and/or potential sales of collateral prior to their maturities.

Landmark CDO LTD., issued in July of 2001, is a collateralized
loan obligation backed primarily by a portfolio of senior secured
loans.


LAS VEGAS MONORAIL: Fitch Withdraws 'D' Rating on All Debts
-----------------------------------------------------------
Effective July 2, Fitch Ratings has withdrawn its rating of all
debt of the Las Vegas Monorail Company.  The company failed to
make its scheduled debt service payment on July 1, 2010.  In
February, Fitch downgraded the company to 'D,' or 'Defaulted'
based on its Chapter 11 bankruptcy filing.

Affected ratings, listed below, are hereby withdrawn at current
levels:

  -- Approximately $450 million Nevada Department of Business &
     Industry (NV) (Las Vegas Monorail Project) 1st tier revenue
     bonds series 2000 (insured: Ambac Assurance Corp.), rated
     'D'.


LEHMAN BROS: S&P Downgrades Rating on 2005-LLF C4 Notes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating to 'D' from
'CCC-' on the class IMT commercial mortgage pass-through
certificate from Lehman Bros. Floating Rate Commercial Mortgage
Trust 2005-LLF C4, a U.S. commercial mortgage-backed securities
transaction.

The downgrade to 'D' of the class IMT certificate reflects
recurring interest shortfalls associated with special servicing
fees and other expenses, as well as principal losses.  The IMT
Central Florida Portfolio loan provides the sole source of cash
flow for the class IMT certificate, which has been experiencing
interest shortfalls for nine consecutive months.  The total
principal losses to date on class IMT are $134,495, which includes
$7,913 of losses that were reported in the June 15, 2010, trustee
remittance report.

According to the June 15 trustee remittance report, the IMT
Central Florida Portfolio loan, the larger of the two remaining
loans in the trust, has a trust and whole-loan balance of
$77.0 million.  The whole-loan balance is divided into a
$71.5 million senior pooled component (89.5% of the pooled trust
balance) and a $5.5 million subordinate nonpooled component that
is raked to the class IMT certificate.  In addition, the equity
interests in the borrower of the whole loan secure an
$11.1 million mezzanine loan that is held outside the trust.  This
loan -- which is secured by six cross-collateralized and cross-
defaulted garden-style multifamily properties totaling 2,008 units
throughout Central Florida -- was transferred to the special
servicer, TriMont Real Estate Advisors Inc., on Sept. 29, 2009,
due to imminent maturity default.  The borrower was unable to
refinance the loan by its Nov. 9, 2009, final maturity date.

TriMont has stated that a conditional settlement agreement was
executed on June 23, 2010, for which the borrower agreed, among
other items, to make two monthly principal paydowns of $250,000
and a discounted payoff of $75.6 million in early August 2010.  A
March 2010 appraisal valued the properties at $82.7 million.  The
master servicer, Wells Fargo Bank, reported a combined debt
service coverage of 2.78x for the nine months ended Sept. 30,
2009, and combined occupancy of 93.0% as of March 31, 2010.

As S&P expects a minimal loss upon the eventual resolution of this
asset, no other ratings are affected at this time.


LNR CDO: Fitch Downgrades Ratings on All Classes of Notes
---------------------------------------------------------
Fitch Ratings has downgraded all classes of LNR CDO VI LTD./LLC as
a result of increased interest shortfalls and negative credit
migration on the underlying portfolio.  A complete list of rating
actions follows at the end of this release.

Since Fitch's last rating action in February 2009, the credit
quality of the portfolio has declined to a current weighted
average Fitch derived rating of 'CCC-', down from 'B-/CCC+' at
last review.  Further, 100% of the portfolio now has a Fitch
derived rating below investment grade; 75.4% has a rating in the
'CCC' category and below.  As of the June 2010 trustee report, 85%
of the portfolio is experiencing interest shortfalls.  As a result
of these shortfalls and the CDO's substantial hedge termination
obligation, classes C and below are deferring interest payments.

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.  However, given that the total
percentage of assets experiencing interest shortfalls exceeds the
credit enhancement to all classes, and that Fitch expects minimal
principal recoveries on these assets, Fitch believes that default
is inevitable.  As such, all classes have been downgraded to 'C'.

LNR VI is backed by 131 tranches from 28 commercial mortgage-
backed securities obligors, all of which are from the 2006 or 2007
vintages.  The transaction closed in August 2007, and is
considered a CMBS B-piece resecuritization (also referred to as
first loss CRE CDO) as it primarily includes junior bonds of CMBS
transactions.

Fitch has downgraded these classes as indicated:

  -- $242,084,000 class A-1 to 'C' from 'BB+';
  -- $132,558,000 class B to 'C' from 'B';
  -- $149,951,000 class C to 'C' from 'CCC';
  -- $25,995,000 class D to 'C' from 'CCC';
  -- $21,476,000 class E to 'C' from 'CC';
  -- $44,195,000 class F to 'C' from 'CC';
  -- $28,825,000 class G to 'C' from 'CC';
  -- $24,631,000 class H to 'C' from 'CC';
  -- $55,280,000 class J to 'C' from 'CC';
  -- $39,459,000 class K preferred shares to 'C' from 'CC';
  -- $15,456,000 class L preferred shares to 'C' from 'CC'.

The Rating Outlooks for classes A-1 and B were Negative prior to
the downgrades.  Fitch does not assign Rating Outlooks to classes
rated 'CCC' or lower.


MAGMA CDO: Moody's Upgrades Ratings on Three Classes of Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of these notes issued by Magma CDO Ltd.:

  -- US$282,500,000 Class A Floating Rate Notes Due November
     15, 2012 (current balance of $18,313,861), Upgraded to Aaa;
     previously on October 14, 2009 Upgraded to Aa1;

  -- US$4,000,000 Class B-1 Subordinate Fixed Rate Notes Due
     November 15, 2012, Upgraded to Baa2; previously on
     October 14, 2009 Downgraded to Ba3;

  -- US$20,000,000 Class B-2 Subordinate Floating Rate Notes
     Due November 15, 2012, Upgraded to Baa2; previously on
     October 14, 2009 Downgraded to Ba3.

According to Moody's, the rating actions taken on the notes result
primarily from substantial delevering of the transaction and the
improvement in the Class A overcollateralization ratio since the
rating action in October 2009.

Since the last rating action, the Class A Notes were paid down by
about $52.5 million, accounting for roughly 74% of the total Class
A Notes' outstanding balance reported in October 2009.  This
paydown is attributable to principal amortizations including
scheduled payments, as well as securities sold.  As a result of
the delevering, the Class A overcollateralization ratio has
improved from 159.77% in October 2009 to 348.98% in June 2010.
Moody's expects delevering to continue as a result of the end of
the deal's reinvestment period in November 2005.

Moody's also noted improvements in the credit quality of the
underlying portfolio.  This is observed through an improvement in
the average credit rating (as measured by the weighted average
rating factor): as of the latest trustee report dated June 18,
2010, the weighted average rating factor is 2568 compared to 2813
in October 2009.  Additionally, the dollar amount of defaulted
securities has decreased to $6.9MM from approximately $13.4MM in
October 2009.  Due to the impact of revised and updated key
assumptions referenced in "Moody's Approach to Rating
Collateralized Loan Obligations" and "Annual Sector Review (2009):
Global CLOs," key model inputs used by Moody's in its analysis,
such as par, weighted average rating factor, diversity score, and
weighted average recovery rate, may be different from the
trustee's reported numbers.

The Class A Notes are wrapped by Financial Security Assurance,
Inc.  The rating on the Class A Notes reflects the actual
underlying rating of the notes.  This underlying rating is based
solely on the intrinsic credit quality of the Class A Notes in the
absence of the guarantee from FSA.  The above action is a result
of, and is consistent with, Moody's modified approach to rating
structured finance securities wrapped by financial guarantors as
described in the press release dated November 10, 2008, titled
"Moody's modifies approach to rating structured finance securities
wrapped by financial guarantors."

Magma CDO Ltd., issued in November 2000, is a collateralized bond
obligation backed primarily by a portfolio of senior unsecured
bonds.


MERRILL LYNCH: Fitch Downgrades Ratings on 2004-Key2 Certs.
-----------------------------------------------------------
Fitch Ratings downgrades and assigns Rating Outlooks, Recovery
Ratings, and Loss Severity ratings to Merrill Lynch Mortgage Trust
2004-Key2, as indicated:

  -- $15.3 million class F to 'B/LS5' from 'BBB+'; Outlook
     Negative;

  -- $11.1 million class G to 'B-/LS5' from 'BBB'; Outlook
     Negative;

  -- $15.3 million class H to 'CCC/RR1' from 'BB+';

  -- $7 million class J to 'CC/RR3' from 'BB-';

  -- $5.6 million class K to 'C/RR6' from 'B+';

  -- $4.2 million class L to 'C/RR6' from 'B';

  -- $2.8 million class M to 'C/RR6' from 'B-'.

Prior to the downgrades classes F through M were on Rating Watch
Negative.

Fitch downgrades, assigns a LS rating, and maintains the Outlook
on this class:

  -- $12.5 million class E to 'BBB-/LS5' from 'A-'; Outlook
     Negative.

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

  -- $182.4 million class A-1A at 'AAA/LS1'; Outlook Stable;

  -- $115.1 million class A-2 at 'AAA/LS1'; Outlook Stable;

  -- $92.1 million class A-3 at 'AAA/LS1'; Outlook Stable;

  -- $345.7 million class A-4 at 'AAA/LS1'; Outlook Stable;

  -- $26.5 million class B at 'AA/LS4'; Outlook Stable;

  -- $8.4 million class C at 'AA-/LS5'; Outlook to Stable from
     Negative;

  -- $22.3 million class D at 'A/LS4'; Outlook Negative;

  -- $2.8 million class N at 'C/RR6';

  -- $5.6 million class P at 'D/RR6'.

Further, Fitch withdraws these ratings

  -- Interest-only class XC 'AAA';
  -- Interest-only class XP 'AAA'.

Fitch does not rate the class Q or DA notes.

The downgrades are due to an increase in Fitch expected losses
following Fitch's prospective review of potential stresses and
expected losses associated with specially serviced assets.  Fitch
expects losses of 3.5% of the remaining pool balance,
approximately $30.3 million, from the loans in special servicing
and the loans that are not expected to refinance at maturity based
on Fitch's refinance test.

As of the June 2010 distribution date, the pool's collateral
balance has paid down 21.8% to $872.1 million from $1.1 billion at
issuance.  Seven of the remaining loans have defeased (11.8%).

As of June 2010, there are 10 specially serviced loans (6.4%).
The largest specially serviced loan (1.7%) is secured by a 183,000
square foot office property located in Atlanta, GA.  The loan
transferred to special servicing in December 2009 due to non-
payment of debt service.  Since 2008, vacancy at the property has
increased to 29% from 8%, causing net operating income to decline
by 23%.

The second largest specially serviced loan (1.2%) is secured by a
136-key hotel located in Providence, RI.  The loan transferred to
special servicing in August 2009 for imminent default after the
borrower requested a loan modification.  The loan was modified
such that the interest rate was reduced and will accrue over the
next two years.  Fitch is concerned that the property's poor
operating performance will continue despite the relief provided
under the forbearance agreement.

The largest Fitch Loan of Concern that is not specially serviced
is the Stanford Ranch Shopping Center (1%), a retail property
located in Rocklin, CA.  Occupancy at the property has been in
line with the Sacramento market at approximately 80%; however
rents are below market.  The borrower has been unable to improve
occupancy with higher rent tenants and the debt service coverage
ratio is currently below 1.0 times.  The borrower is focused on
reducing operating expenses in order to improve DSCR.

Fitch stressed the cash flow of the remaining non-defeased loans
by generally applying a 10% reduction to 2008 fiscal year end net
operating income and applying an adjusted market cap rate between
7.25% and 10.5% 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 1.25x or higher were considered to payoff at
maturity.  Under this scenario, 16 loans are not expected to
payoff at maturity with six loans incurring a loss when compared
to Fitch's stressed value.


MORGAN STANLEY: Moody's Upgrades Rating on Series 2007-10 Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has upgraded its
rating of Morgan Stanley ACES SPC Series 2007-10, a CSO notes
referencing a static portfolio of corporate entities.

The rating action is:

* US$200,000,000 Class IA Secured Floating Rate Notes due 2017,
  Upgraded to Ba2; previously on Nov 11, 2009 Upgraded to Ba3.

Moody's explained that the rating action taken is the result of
the improvement of the credit quality of the reference portfolio.
The 10 year weighted average rating factor of the portfolio has
improved from 292 from the last portfolio review to 271,
equivalent to an average rating of the current portfolio of Baa2.
The portfolio has the highest industry concentrations in Banking
(13%), Telecommunications (9%), Capital Equipment (8%), and Oil &
Gas (8%).


MSCI 2007-XLF: Fitch Downgrades Ratings on 10 Classes of Notes
--------------------------------------------------------------
Fitch Ratings has downgraded 10 classes from the pooled portion of
MSCI 2007-XLF, reflecting Fitch's base case loss expectation of
0.7%.  Four non-pooled junior participation certificates were also
downgraded to reflect Fitch's updated analysis on the loan.
Fitch's performance expectation incorporates prospective views
regarding commercial real estate values and cash flow declines.
The Negative Rating Outlook reflects additional sensitivity
analysis related to further negative credit migration of the
underlying collateral.

Under Fitch's methodology, approximately 50.2% of the pool is
expected to, or has already defaulted in the base case stress
scenario, defined as the 'B' stress.  In its review, Fitch
analyzed servicer reported operating statements and rent rolls,
updated property valuations, and recent lease and sales
comparisons.  Given that the remaining loan positions within the
pooled portion of the commercial mortgage backed securities are
the lower leveraged A-notes (average base case LTV of 59.0%),
combined with increased subordination since issuance due to loan
payoffs and paydown, the average recoveries of 98.6% on the pooled
loans resulted in affirmations to classes A-1 through A-2.  The
defaults are determined considering the total leverage of each
asset, including additional B-notes and mezzanine debt; however, a
default may not result in a loss to the pooled portion given its
lower leverage position.

The transaction is collateralized by 10 loans, three of which are
secured by hotel properties (40.1%) and four of which are secured
by office properties (33.6%).  The final extension options for the
loans are: 78.2% in 2011, 17.6% in 2012, and 4.2% in 2014.

Fitch identified five Loans of Concern within the pool (50.5%),
one of which is currently in special servicing.  Fitch's analysis
resulted in loss expectations for two of the pooled senior
participations in the 'B' stress scenario.  The two pooled
contributors to losses (by unpaid principal balance) in the 'B'
stress scenario are: Starco Office Portfolio (9.9%) and Le
Meridien Cancun (2.9%).

The Le Meridien Cancun interest-only loan is collateralized by a
213-key, full-service hotel located at the mid-point of the "hotel
zone" in Cancun, Mexico.  Amenities at the hotel include three
food and beverage outlets, three meeting rooms, two tennis courts,
fitness center, and an outdoor complex with three terraced
swimming pools.  The property underwent renovations during 2007
and 2008.  The renovations included updates to guest rooms, spa
renovations, and landscaping.  The loan transferred to special
servicing in March 2009.  The ownership interests that own the
hotel were sold and the loan was modified.  The new sponsors
posted a $1 million property improvement plan reserve and a
$1.8 million interest reserve.  Effective March, 2010, the A-
note's principal was paid down approximately $3.6 million.  In
addition, the loan was modified to increase its interest rate to
1.17% over LIBOR; the payment rate is 2.85% over LIBOR.  The
excess spread will be applied as principal reductions to the loan.
The loan transferred back to the master servicer as of March 31,
2010 and is now current.  As of year end 2009, the trailing 12-
months occupancy, average daily rate, and RevPAR were 46.6%, $154,
and $72, respectively, compared to 73.1%, $192, and $140 at
issuance.  The loan's maturity date was adjusted to Dec. 9, 2011,
and has three, one-year extension options.  The sponsors are Juan
Poch Bibes and Juan Vecente Ferry Guardiola.

The Starco Office Portfolio interest-only loan is collateralized
by the interests in a portfolio of eight office complexes, with 10
properties totaling approximately 786,000 square feet.  Nine of
the properties are located in suburban Washington D.C.  and one is
located in suburban Baltimore.  At issuance, it was expected that
the portfolio's occupancy and average lease rate would increase
significantly.  The increases in occupancy and rental rates have
not been realized as quickly as expected at issuance.  However,
the portfolio performance has improved since issuance.  Since
issuance, the A-note has been paid down $3.25 million.  This was a
requirement of the borrower due to draws for leasing costs on the
letter of credit.  Occupancy rates and performance within the
portfolio are higher than issuance.  As of February 2010,
portfolio occupancy was approximately 81%, compared to 69.5%
leased at issuance.  The portfolio's average in-place rental rate
is approximately $26 per square foot.  The major tenants in the
portfolio consist of Apptis, Inc. (13.5%, lease expiration 2017),
Phoenix Consulting Group, Inc. (6.8%, lease expiration 2018), and
the Teaching Company, LLC (6.0%, lease expiration 2019).  Average
lease roll rates for the portfolio are 4.8%, 8.5%, and 9.3% for
2010, 2011, and 2012, respectively.  The loan had an initial
maturity date of Dec. 9, 2008 and has three, one-year extension
options.  The loan is currently in its second extension option.
The sponsor is Normandy Real Estate Partners.

Fitch has downgraded and removed these classes from Rating Watch
Negative and has assigned Rating Outlooks, Loss Severity ratings,
and Recovery Ratings as indicated:

  -- $41.2 million class B to 'AA/LS2' from 'AA+'; Outlook
     Negative;

  -- $41.2 million class C to 'A/LS2' from 'AA'; Outlook Negative;

  -- $25.2 million class D to 'A/LS2' from 'AA-'; Outlook
     Negative;

  -- $27.4 million class E to 'BBB/LS2' from 'A+'; Outlook
     Negative;

  -- $26.3 million class F to 'BBB/LS2' from 'A'; Outlook
     Negative;

  -- $26.6 million class G to 'BB/LS2' from 'A-'; Outlook
     Negative;

  -- $13.5 million class H to 'BB/LS3' from 'BBB-'; Outlook
     Negative;

  -- $20.6 million class J to 'B/LS3' from 'BB+'; Outlook
     Negative;

  -- $20.6 million class K to 'B/LS3' from 'BB'; Outlook Negative;

  -- $21.1 million class L to 'CCC/RR3' from 'BB-'.

In addition, Fitch affirms and removes these classes from Rating
Watch Negative, and revises Rating Outlooks, and assigns LS
ratings as indicated:

  -- $273.9 million class A-1 at 'AAA/LS1'; Outlook Stable;
  -- $229.7 million class A-2 at 'AAA/LS1'; Outlook Stable.

In addition, Fitch downgrades and removes from Rating Watch
Negative these non-pooled classes:

  -- $5.3 million class M-HRO to 'BB' from 'BBB'; Outlook
     Negative;

  -- $8.1 million class N-HRO to 'B' from 'BBB-'; Outlook
     Negative;

  -- $2.9 million class M-STR to 'CC/RR6' from 'BBB-';

  -- $2.6 million class N-STR to 'CC/RR6' from 'BBB-'.

In addition, Fitch affirms and removes from Rating Watch Negative
this non-pooled class:

  -- $3.1 million class M-JPM at 'BB-'; Outlook Stable.

Classes M-MPK and N-MPK have paid in full.

This transaction was analyzed according to the 'Surveillance
Criteria for U.S. Commercial Real Estate Loan CDOs'.  It 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.  This methodology was used
to review this transaction as floating-rate CMBS loan pools are
concentrated and similar in composition to CREL CDO pools.  In
many cases, the CMBS notes are senior portions of notes held in
collateralized debt obligation transactions.  The assets are
generally transitional in nature, frequently underwritten with pro
forma income assumptions that have not materialized as expected.
Overrides to this methodology were applied on a loan-by-loan basis
if the property specific performance warranted an alternative
analysis.

For bonds rated 'B-' or better, the current credit enhancement
levels were compared to the expected losses generated in each
rating category divided by the total deal size.  These classes
were assigned Loss Severity ratings, which indicate each tranche's
potential loss severity given default, as evidenced by the ratio
of tranche size to the expected losses for the collateral in the
'B' stress.  LS ratings should always be considered in conjunction
with probability of default indicated by a class' long-term credit
rating.  Fitch does not assign Rating Outlooks or LS ratings to
classes rated 'CCC' and lower.

Rating Outlooks were determined by further stressing the cash
flows and fully recognizing all maturity defaults in all ratings
stresses.  The credit enhancements were then compared to the
expected losses generated in each rating category to determine
potential credit migration over the next two years.  If the Rating
Outlook scenario would imply a lower rating, then the class was
assigned a Negative Outlook.

The ratings for bonds rated 'CCC' or lower, are based on a
deterministic analysis.  Bonds are rated 'C' when the expected
losses on currently defaulted loans exceed a class' respective
credit enhancement level.  Bonds are rated 'CC' when the combined
base-case expected losses on the currently defaulted loans and
loans likely to default exceed a class' respective credit
enhancement level.  Bonds are rated 'CCC' when the base case
expected loss exceeds a class' respective credit enhancement
level.

Bonds rated 'CCC' and below were assigned Recovery Ratings in
order to provide a forward-looking estimate of recoveries on
currently distressed or defaulted structured finance securities.
Recovery Ratings are calculated by subtracting the base case
expected losses in reverse sequential order from the pooled and
non-pooled rake certificates.  Any principal recoveries first pay
interest shortfalls on the bonds and then sequentially through the
classes.  The remaining bond principal amount is divided by the
current outstanding bond balance.  The resulting percentage is
used to assign the Recovery Ratings on the bonds.

The assignment of 'RR3' to class L reflects modeled recoveries of
68.4% of its outstanding balance.  The expected recovery proceeds
are broken down:

  -- Present value of expected principal recoveries
     ($14.2 million);

  -- Present value of expected interest recoveries ($218,454);

  -- Total present value of recoveries ($14.5 million);

  -- Sum of undiscounted recoveries ($15.9 million).

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


NOMURA ASSET: Fitch Downgrades Ratings on 1998-D6 Certificates
--------------------------------------------------------------
Fitch Ratings downgrades, removes from Rating Watch, and assigns
Recovery Ratings and Loss Severity ratings to Nomura Asset
Securities Corp.'s commercial mortgage pass-through certificates,
series 1998-D6:


  -- $37.2 million class B-2 to 'BBB-/LS5' from 'AA+'; Outlook
     Negative;

  -- $37.2 million class B-3 to B-/LS5' from 'BBB+'; Outlook
     Negative.

  -- $18.6 million class B-5 to 'C/RR6' from 'CCC/RR1';

  -- $24.4 million class B-6 to 'D/RR 6' from 'C/RR5'.

Fitch affirms and assigns Loss Severity ratings to these classes:

  -- $235.8 million class A-1C at 'AAA/LS1'; Outlook Stable;
  -- $223.4 million class A-2 at 'AAA/LS1'; Outlook Stable;
  -- $204.7 million class A-3 at 'AAA/LS1'; Outlook Stable;
  -- $167.5 million class A-4 at 'AAA/LS1'; Outlook Stable;
  -- $55.8 million class A-5 at 'AAA/LS1'; Outlook Stable.

Fitch withdraws the rating of the interest-only class PS-1.

Class A-1A and A-1B have been paid in full.  Fitch does not rate
the interest-only class A-CS1, which has been paid in full; the
$158.2 million class B-1; the $65.1 million class B-4; the
$11.2 million class B-7; or the $241 B-7H certificates.

The downgrades are the result of Fitch's revised loss estimates
for the transaction following Fitch's prospective analysis, which
is similar to its recent vintage fixed rate CMBS analysis.  Fitch
expects potential losses of 6.9% of the remaining pool balance,
approximately $84.4 million, from the loans in special servicing
and the loans that are not expected to refinance at maturity based
on Fitch's refinance test.  The majority of Fitch's expected
losses, approximately 93%, are attributed to current specially
serviced loans.  The Rating Outlooks reflect the likely direction
of any rating changes over the next one to two years.

As of the June 2010 distribution date, the pool has paid down 67%
to $1.2 billion from $3.7 billion at issuance and approximately
45% of the transaction has been defeased.  Fitch has identified 25
Loans of Concern (16%%), including nine loans in special servicing
(11%).

The largest specially serviced loan (6.43%), which is secured by a
1,418,944 square feet retail mall in Springfield, Virginia,
transferred in December 2009 due to imminent monetary default.  A
major redevelopment and expansion was planned by the owner, but
market conditions have resulted in downsizing the renovation
plans.  There is a companion Note B to the loan of equal size to
the pari passu to A Note.  Servicer reported year end 2009 debt
service coverage ratio was 0.24 times based on both notes.  The
most recent reported occupancy through April 30, 2010 is 64.26%
(including anchors).  The in-line occupancy is 39%.  Fitch expects
the loan to incur a significant loss upon liquidation based recent
valuations of the property.  Fitch expected losses associated with
the loan will deplete classes B-6 and B-5 and significantly reduce
the balance of class B-4.

The second largest specially serviced loan (1.58%), which is
secured by is secured by two contiguous shopping centers located
in Utica, Michigan, a suburb of Detroit, transferred in December
2007 for imminent default.  A loan modification has been approved
and closed on April 30, 2010.  The loan will be returned to the
Master Servicer after three consecutive monthly payments have been
made pursuant to the terms of the modification.  The modification
included; a principal reduction to $15,000,000, interest-only
payments at the current note rate of 8.5% for five years, lockbox
set-up and all cash flow will be trapped, the Borrower deposited
$750,000 in a tenant improvement/leasing commission escrow with
the Master Servicer, and the borrower will also put an additional
$750,000 into the TI/LC escrow one year after the modification
closes.  The servicer reported YE 2009 DSCR is 0.19x and the
occupancy as of April 2010 was 92.8%

Fitch stressed the cash flow of the remaining non-defeased loans
by applying a 10% reduction to 2008 fiscal YE net operating income
or adjusted 2009 cash flow based on performance issues, such as a
significant decline in occupancy, and applying an adjusted market
cap rate between 7.25% and 10.5% 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.  Under this scenario, 11loans are not expected to
payoff at maturity with six loans incurring a loss when compared
to Fitch's stressed value.


OCWEN RESIDENTIAL: Fitch Downgrades Ratings on 1998-R2 Notes
------------------------------------------------------------
Fitch Ratings has downgraded and removed from Rating Watch
Negative two classes and withdrawn one class from the $5.3 million
Ocwen Residential MBS Corp., asset backed certificates, series
1998-R2.  In addition, Rating Outlooks have been assigned as
indicated below:

  -- Class X-F (675748BB2) withdrawn;

  -- Class P-F (675748AR8) downgraded to 'B/LS5' from 'AA/LS4',
     Outlook Negative;

  -- Class AP (675748AS6) downgraded to 'CCC/RR6' from 'AA/LS4'.

The rating actions above were taken as part of Fitch's ongoing
surveillance policy of resolving Rating Watches.  The AP class is
backed by arrearages and the rating downgrade reflects the bond's
current under-collateralization status and the limited arrearage
cash flow it has received in the past 12 months.  The class AP has
outstanding interest shortfalls and it is not expected that they
will be fully recovered.  Additionally, due to the large home
price declines experienced over the last few years, Fitch is
expecting limited recovery on the arrearage portion of this
transaction.  The 'RR6' was assigned based on the expectation that
cash flow to the transaction will remain constrained resulting in
no significant future interest and principal payments to the bond.

The $17,223 class P-F is a PO bond backed by the discount loans in
Group F which has a base case expected loss of 70.20% that was
derived from a delinquency pipeline analysis.  The pool is
severely delinquent with only 24.7% of the loans current as of the
most recent remit.  The analysis resulted in an average Frequency
of Foreclosure of 70% and an average severity of 100% to arrive at
the expected loss.  Class P-F is being downgraded to 'B/LS5'
Outlook Negative due to the bond's minimal loss coverage and very
limited amount of cash flow it has received in past 12 months.

The limited amount of cash flow to the bonds in this transaction
suggests a large amount of modifications and the potential for
losses being higher than current delinquencies suggest.

The rating on the class X-F was withdrawn to reflect Fitch's
recently revised practice for assigning and maintaining structured
finance ratings on 'interest only' securities.  As a result of the
new policy, ratings assigned to IO securities are directly linked
to the credit risk of the referenced tranche or tranches.  Ratings
on existing IO securities that reference the full or partial pool
notional amount or that reference non-rated classes will be
withdrawn.  The notional amount of the X-F class is referenced to
a portion of the group F collateral balance.  The new policy is
described in detail in the press release 'Fitch Revises Practice
for Rating IO & Pre-Payment Related Structured Finance Securities'
(June 23, 2010).

In addition to the long-term ratings Fitch also provides Loss
Severity and Recovery Ratings.  Loss Severity ratings are assigned
to classes with long-term ratings of 'B' or higher while Recovery
Ratings are assigned to classes with long-term ratings below 'B'.
Additional information is available on Fitch's website in the
reports 'Criteria for Structured Finance Loss Severity Ratings'
and 'Criteria for Structured Finance Recovery Ratings'.


ORCHID STRUCTURED: Moody's Downgrades Ratings on Two Classes
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of two classes of notes issued by Orchid Structured
Finance CDO, Limited.  The notes affected by the rating action
are:

  -- US$32,500,000 Class A-2 Floating Rate Term Notes Due 2038
     (current balance of $22,202,489), Downgraded to C; previously
     on December 23, 2008 Downgraded to Caa3;

  -- US$19,375,000 Class B Floating Rate Term Notes Due 2038,
     Downgraded to C; previously on September 19, 2008 Downgraded
     to Ca.

Orchid Structured Finance CDO, Limited is a collateralized debt
obligation issuance backed by a portfolio of primarily Residential
Mortgage-Backed Securities originated between 1998 and 2003.

According to Moody's, the rating downgrade actions are the result
of deterioration in the credit quality of the underlying
portfolio.  Such credit deterioration is observed through numerous
factors, including a decline in the average credit rating of the
portfolio (as measured by an increase in the weighted average
rating factor), an increase in the dollar amount of defaulted
securities, and failure of the coverage tests.  The weighted
average rating factor, as reported by the trustee, has increased
from 2187 in March 2009 to 3386 in May 2010.  Defaulted
securities, as reported by the trustee, have also increased from
$19 million to $31 million in that period.  Additionally,
approximately $1 million of RMBS within the underlying portfolio
are currently on review for possible downgrade as a result of
Moody's updated loss projections.

Moody's explained that in arriving at the rating action noted
above, the ratings of 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
pre-2005 vintage RMBS, Moody's considered the various factors
indicating continued negative performance that were described in
Moody's press releases dated April 8th for subprime, April 12 for
Option-ARM and April 13th for Alt-A.  Such seasoned deals will
have varying stress based on RMBS asset type.

For pre-2005 Alt-A, Aaa rated securities were stressed by four
notches, Aa rated securities by six notches, and A or Baa rated
securities by nine notches.  Pre-2005 Option-ARM securities
currently rated Aaa were stressed by two notches, Aa and A by six
notches, and Baa by nine notches.

For pre-2005 subprime, Aaa and Aa rated securities were stressed
by two notches, A rated securities were stressed by six notches,
and Baa rated securities were stressed by nine notches.

All subprime, Alt-A and Option-ARM RMBS securities which
originated prior to 2005, are currently rated Ba or below, and are
also currently on review for possible downgrade have been stressed
to Ca.

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 that 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.


ORCHID STRUCTURED: S&P Downgrades Ratings on Two Classes of Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A-1MM and A-2 notes from Orchid Structured Finance CDO Ltd.,
a cash flow mezzanine structured finance collateralized debt
obligation.  S&P placed the lowered ratings on CreditWatch
negative.  In addition, S&P affirmed its ratings on three other
tranches.

The downgrades reflect credit deterioration and negative rating
actions on the underlying U.S. subprime residential mortgage-
backed securities.  Based on the May 5, 2010, trustee report that
S&P used for its analysis, 69.56% of the collateral that the
transaction holds is rated in the 'CCC' range or lower.

                          Rating Actions

                Orchid Structured Finance CDO Ltd.

                              Rating
                              ------
               Class    To                 From
               -----    --                 ----
               A-1MM    A+/A-1/Watch Neg   AAA/A-1
               A-2      CCC/Watch Neg      B+

                         Ratings Affirmed

                Orchid Structured Finance CDO Ltd.

                      Class  To        From
                      -----  --        ----
                      B      CC        CC
                      C-1    CC        CC
                      C-2    CC        CC


POOLED COLLEGE: Moody's Confirms 'Ba1' Rating on Revenue Bonds
--------------------------------------------------------------
Moody's Investors Service has confirmed the Ba1 rating on The
Pooled College and University Projects, Series 2007 Revenue Bond
issued by the California Educational Facilities Authority.  The
rating has been removed from Watchlist and carries a negative
outlook.  The negative outlook reflects Moody's concern over the
credit fundamentals of Keck Graduate Institute, a pool
participant.  Based on limited public information, Moody's
believes the credit quality of KGI has weakened.

The Series 2007 CEFA Pooled Bond rating was placed under review
with direction uncertain on May 20, 2010, in conjunction with the
publication of a new rating methodology, "Moody's Approach to
Rating U.S. Municipal and Not-For-Profit Pool Financings".  CEFA's
pooled financing is unenhanced, with each institution responsible
only for its portion of total debt service.  Moody's has evaluated
the CEFA pool using the "Weak Link Plus" rating approach outlined
in the methodology, which places a greater emphasis on the
probability of default by the weakest participant in the pool.

Legal Security: The bonds are secured by several, not joint,
obligations of each borrower with respect to its own bonds.  As
several obligations, borrowing institutions have obligations to
the pool for only their own pro rata share of the total debt
service and are not responsible for the default of other
borrowers.  The debt service reserve fund is comprised of separate
portions of the debt service reserve fund covering each
participant, with no joint reserve fund.  The bonds are secured
equally and ratably by the base loan payments made by each
borrowing institution.  Additionally, each borrower will grant a
lien on certain property and have a gross revenue pledge.  There
is no credit support at the pool level, such as over-
collateralization or a shared reserve fund.

  * California College of the Arts - 29% of Pool
  * Rating: Baa3
  * Outlook: Stable
  * Last report date: October 30, 2009

California College of the Arts' Baa3 rating with a stable outlook
is based on its market niche as an urban art and design college
enrolling approximately 1,740 FTE in fall 2009; sustained growth
in net tuition and increased diversification in its investment
portfolio.  Offsetting these strengths is a highly competitive
California market with dependency on student charges; expendable
resources providing limited cushion for debt and operations and a
highly leveraged debt profile.  For more information on CCA,
please see the last rating update report published on October 30,
2009.

  * Woodbury University - 18% of Pool
  * Rating: Baa3
  * Outlook: Stable
  * Last report date: June 18, 2009

Woodbury University's Baa3 rating with a stable outlook is based
on its focused programs on architecture and business, as well as
media, culture and design, enrolling approximately 1,400 FTE in
fall 2008; historically favorable operating performance and a
conservative debt profile.  Offsetting these strengths are strong
competition in the region for higher education with dependency on
student charges and deterioration of financial resources and
pension assets due to investment decline.  For more information on
Woodbury, please see the last rating update report published on
June 18, 2009.

  * Dominican University of California - 29% of Pool
  * Rating: Baa3
  * Outlook: Stable
  * Last report date: May 12, 2009

Dominican University of California's Baa3 rating with a stable
outlook is based on its market position as a private independent
institution in Marin County, enrolling 1,885 FTE in fall 2008;
increased net tuition revenues despite planned enrollment declines
and health operating cash flow providing good debt service
coverage.  Offsetting these strengths are a leveraged capital
profile with financial resources providing limited support for
debt and operations; concentrated investment portfolio;
historically limited fundraising and strong competition in
California for higher education and dependency on student charges.
For more information on Dominican, please see the last rating
update report published on May 12, 2009.

  * Keck Graduate Institute - 24% of Pool
  * Rating: Not Rated
  * Last rating report date: November 13, 2006

Keck Graduate Institute is a small graduate school, established in
1997 as a member of the Claremont Colleges consortium.  Based on
publicly available information, Moody's belies KGI's credit
fundamentals are weak.

Providing a masters and a Ph.D. program in biosciences, Keck
current enrollment of 111 students remains well below its stated
target of 125, while discount rates remain relatively high at 49%
in FY2009.  Keck remains heavily reliant on gifts from the W.M.
Keck Foundation to support operations.  Substantial operating
imbalances in the previous years were driven by start-up
(research) expenses and substantial discounting to recruit
students.  While large start-up investments are no longer needed,
the need for student discounting is likely to persist, as are the
operating deficits.  The second round of support from the Keck
Foundation provides $20 million over a seven year period (2004-
2011), with a required match (1.5 times) from KGI.  Moody's
remains concerned that operations will begin to weaken
considerably after the last $2 million installment of the
Foundation's grant is received in 2011.  Notably, in FY2009, KGI
has received $10.3 million in cash due to a land sale.  Given the
extent of the support required by operations, these funds do not
provide a long-term solution.  KGI will begin paying principal on
their portion of the Series 2007 bonds in 2011.  Operating cash
flow in FY09 as calculated by Moody's provided only 0.32 times
maximum annual debt service.  However, due to the land sale, Keck
maintained healthy liquidity at the end of FY2009.

                              Outlook

The rating outlook is negative based on concern for the credit
quality of Keck Graduate Institute.

              What Could Change the Rating - Up/Down

Because Moody's ratings are based on the overall credit quality of
each pool, there are likely to be rating changes as the mix of
credit quality in the pool changes over time.  These changes are
based not only on upgrades and downgrades of the individual
participants, but also on changes over time in the participants'
relative share of the debt obligation, due to both scheduled
maturities and refundings.

                            Rated Debt

  * CEFA Pooled College and University Projects, Series 2007
    Revenue Bond: Ba1

                        Last Rating Action

The last rating action with respect to the Series 2007 Pool rating
was on May 20, 2010, when the pooled rating was placed under
review direction uncertain.


PPLUS TRUST: Moody's Reviews 'B1' Ratings on Two Certificates
-------------------------------------------------------------
Moody's Investors Service announced that it has placed on review
for downgrade the ratings of these certificates issued by PPLUS
Trust Series LMG-4:

  -- $35,000,000 PPLUS 6.70% Class A Trust Certificates; B1,
     Placed on Review for Downgrade; Previously on December 10,
     2009 Downgraded to B1;

  -- $35,000,000 Notional Principal PPLUS 1.55% Class B Trust
     Certificates; B1, Placed on Review for Downgrade; Previously
     on December 10, 2009 Downgraded to B1.

The transaction is a structured note whose ratings are based on
the ratings of the Underlying Securities and the legal structure
of the transaction.  The rating actions are a result of the change
of the rating of 8.25% Senior Debentures due 2030 issued by
Liberty Media Corporation which were placed on review for
downgrade by Moody's on June 21, 2010.


PPLUS TRUST: Moody's Reviews Ratings on Class A Certs. to 'B1'
--------------------------------------------------------------
Moody's Investors Service announced that it has placed on review
for downgrade the ratings of these certificates issued by PPLUS
Trust Series LMG-3:

  -- PPLUS 7.00% Class A Trust Certificates; B1, Placed on Review
     for Downgrade; Previously on December 10, 2009 Downgraded to
     B1;

  -- PPLUS 1.25% Class B Trust Certificates; B1, Placed on Review
     for Downgrade; Previously on December 10, 2009 Downgraded to
     B1.

The transaction is a structured note whose ratings are based on
the ratings of the Underlying Securities and the legal structure
of the transaction.  The rating actions are a result of the change
of the rating of 8.25% Senior Debentures due 2030 issued by
Liberty Media Corporation which were placed on review for
downgrade by Moody's on June 21, 2010.


PPLUS TRUST: S&P Puts 'BB-' Ratings on CreditWatch Developing
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' ratings on
PPLUS Trust Series LMG-3's $30.55 million class A and B trust
certificates on CreditWatch with developing implications.

S&P's ratings on the class A and B trust certificates are
dependent on S&P's rating on the underlying security, Liberty
Media Corp.'s  8.25% senior unsecured debentures due Feb. 1, 2030
('BB-/Watch Dev').

The CreditWatch placements follow S&P's June 25, 2010, placement
of the underlying security on CreditWatch with developing
implications.  S&P may take subsequent rating actions on the class
A and B trust certificates due to changes in its rating assigned
to the underlying security.


PREFERREDPLUS TRUST: Moody's Confirms Ratings on Certs. to 'Ba2'
----------------------------------------------------------------
Moody's Investors Service announced that it has confirmed the
rating of these certificates issued by PREFERREDPLUS Trust Series
CZN-1:

  -- $34,500,000 PREFERREDPLUS 7.05% Trust Certificates; Confirmed
     at Ba2; Previously on May 28, 2009 Ba2, Placed on Review for
     Upgrade.

The transaction is a structured note whose rating is based on the
ratings of the Underlying Securities and the legal structure of
the transaction.  The rating action is a result of the change of
the rating of 7.05% Debentures due October 1, 2046 issued by
Frontier Communications Corporation which were confirmed at Ba2 by
Moody's on June 24, 2010.


PREFERREDPLUS TRUST: Moody's Downgrades Ratings on Certs. to 'B1'
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of these certificates issued by PREFERREDPLUS Trust Series
FAR-1:

  -- PREFERREDPLUS 7.55% Trust Certificates Series FAR-1;
     Downgraded to B1; Previously on January 19, 2010 Baa3, Placed
     on Review for Downgrade.

The transaction is a structured note whose rating is based on the
rating of the Underlying Securities and the legal structure of the
transaction.  The rating action is a result of the change of the
rating 7.55% Senior Debentures due 2028 issued by First American
Corporation, which were downgraded by Moody's to B1 on June 22,
2010.


PREFERREDPLUS TRUST: Moody's Reviews 'B1' Ratings on Certs.
-----------------------------------------------------------
Moody's Investors Service announced that it has placed on review
for downgrade the rating of these certificates issued by
PREFERREDPLUS Trust Series LMG-1:

  -- $125,875,000 PREFERREDPLUS 8.75% Trust Certificates; B1,
     Placed on Review for Downgrade; Previously on December 10,
     2009 Downgraded to B1.

The transaction is a structured note whose rating is based on the
rating of the Underlying Securities and the legal structure of the
transaction.  The rating action is a result of the change of the
rating of 8.25% Senior Debentures due 2030 issued by Liberty Media
Corporation which were placed on review for downgrade by Moody's
on June 21, 2010.


PREFERREDPLUS TRUST: Moody's Reviews 'B1' Rating on Certificates
----------------------------------------------------------------
Moody's Investors Service announced that it has placed on review
for downgrade the rating of these certificates issued by
PREFERREDPLUS Trust Series LMG-2:

  -- $31,000,000 PREFERREDPLUS 8.50% Trust Certificates; B1,
     Placed on Review for Downgrade; Previously on December 10,
     2009 Downgraded to B1.

The transaction is a structured note whose rating is based on the
rating of the Underlying Securities and the legal structure of the
transaction.  The rating action is a result of the change of the
rating of 8.50% Debentures due 2029 issued by Liberty Media
Corporation which were placed on review for downgrade by Moody's
on June 21, 2010.


PREFERREDPLUS TRUST: S&P Lifts Rating on $31.2 Mil. Certs. to BB-
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on
PreferredPLUS Trust Series CTR-1's $31.2 million trust
certificates to 'BB-' from 'B' and removed it from CreditWatch,
where S&P had placed it with positive implications on May 19,
2010.

S&P's rating on the trust certificates is dependent on its rating
on the underlying security, Cooper Tire & Rubber Co.'s 8% notes
due Dec. 15, 2019 ('BB-').

The rating action follows S&P's June 28, 2010, raising of its
rating on the underlying security to 'BB-' from 'B' and its
removal from CreditWatch positive.  S&P may take subsequent rating
actions on the trust certificates due to changes in S&P's rating
assigned to the underlying security.


PREFERREDPLUS TRUST: S&P Puts 'BB-' Rating on Developing Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' rating on
PreferredPLUS Trust Series LMG-2's $31 million trust certificates
on CreditWatch with developing implications.

S&P's rating on the trust certificates is dependent on its rating
on the underlying security, Liberty Media Corp.'s 8.5% senior
unsecured notes due July 15, 2029 ('BB-/Watch Dev').

The CreditWatch placement follows S&P's June 25, 2010, placement
of the underlying security on CreditWatch with developing
implications.  S&P may take subsequent rating actions on the trust
certificates due to changes in its rating assigned to the
underlying security.


PREFERREDPLUS TRUST: S&P Puts 'BB-' Ratings on Developing Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' rating on
PreferredPLUS Trust Series LMG-1's $125.875 million trust
certificates on CreditWatch with developing implications.

S&P's rating on the trust certificates is dependent on its rating
on the underlying security, Liberty Media Corp.'s 8.25% senior
unsecured debentures due Feb. 1, 2030 ('BB-/Watch Dev').

The CreditWatch placement follows S&P's June 25, 2010, placement
of the underlying security on CreditWatch with developing
implications.  S&P may take subsequent rating actions on the trust
certificates due to changes in its rating assigned to the
underlying security.


RAMP SERIES: Moody's Downgrades Rating on Two 2004-RZ1 Tranches
---------------------------------------------------------------
Moody's Investors Service has downgraded the rating of two
tranches of securities of issued by RAMP Series 2004-RZ1 Trust.

The underlying collateral consists of seasoned fixed-rate mortgage
and adjustable-rate mortgage loans acquired by Residential Funding
Corporation under their Home Solution Program.  The program was
established for first-lien mortgage loans with high loan-to-value
ratios of up to 107%.  The Home Solution loans are made primarily
to borrowers who are unable or unwilling to make a down-payment
for the purchase of a residence or may want to finance the full
value of the home and the closing costs.  Some of the Home
Solution loans are made for the purpose of debt consolidation
and/or limited cash-out to the borrower.

The downgrades are a result of $222,093 write down on the Class M-
5, and the balance of loans delinquent 60 days or more, including
loans in foreclosure and real estate owned, compared to the credit
enhancement provided by subordination and excess spread.  The
Class M-4 remains on review for downgrade as Moody's completes its
review of this transaction.

Moody's generally rates securities Caa1 or lower if it has a very
high likelihood of taking a loss in the expected case.

Complete rating actions are:

Issuer: RAMP Series 2004-RZ1 Trust

  -- M-4, Downgraded to Caa1 and Remains On Review for Possible
     Downgrade; previously on April 8, 2010, Ba2 Placed Under
     Review for Possible Downgrade

  -- M-5, Downgraded to C; previously on April 8, 2010, B1 Placed
     Under Review for Possible Downgrade


RESTRUCTURED ASSET: S&P Raises Rating on 2004-13-E Trust to 'CCC+'
------------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on
Restructured Asset Certificates with Enhanced Returns Series 2004-
13-E Trust, a repack transaction arranged by ZAIS Group LLC, to
'CCC+' from 'CCC-' and removed it from CreditWatch, where it was
placed with negative implications on Feb. 22, 2010.

The repack transaction is collateralized by (i) a certificate
representing $50 million of the class B floating-rate notes from
SFA CABS II CDO; (ii) control of the voting rights for the class A
floating-rate note from SFA CABS II CDO; (iii) a $50 million zero-
coupon synthetic collateralized debt obligation transaction
arranged by Citigroup Global Markets Ltd.; and (iv) $3.08 million
of cash deposited in reserve account.

The raised rating reflects the increase in credit support
available to SFA CABS II CDO's class B notes and consequently, the
repack certificate.  The improvement in the transaction's
performance has predominantly been due to a $4 million paydown of
SFA CABS II CDO's class A notes since S&P last reviewed the
transaction.

       Rating Raised And Removed From Creditwatch Negative

      Restructured Asset Certificates With Enhanced Returns
                      Series 2004-13-E Trust

                  Rating
                  ------
       Class    To      From           Current bal. (mil. $)
       -----    --      ----           ---------------------
       Certs    CCC+    CCC-/Watch Neg                  50.0

  Transaction Information
  -----------------------
Issuer:      Restructured Asset Certificates with
             Enhanced Returns Series 2004-13-E Trust
Arranger:    ZAIS Group LLC
Underwriter: Lehman Brothers
Trustee:     U.S. Bank N.A.


SCRIPT SECURITIZATION: Moody's Takes Rating Actions on Notes
------------------------------------------------------------
Moody's Investors Service announced these rating actions on
Southern Cross 2006-1 Series notes issued by Script Securitization
Limited, a synthetic Balance Sheet CLO referencing a managed pool
of bank originated corporate loans whose obligors are primarily
domiciled in Australia.  National Australia Bank Limited is the
sponsor of this transaction.

Issuer: Script Securitization Limited - Southern Cross 2006-1
Series

  -- US$73,500,000 Class A2-a Secured Floating Rate Notes due
     December 2012 Notes, Upgraded to Aa1; previously on April 27,
     2009 Downgraded to Aa3

  -- AUD2,000,000 Class A2-b Secured Floating Rate Notes due
     December 2012 Notes, Upgraded to Aa1; previously on April 27,
     2009 Downgraded to Aa3

  -- US$13,125,000 Class B-a Secured Floating Rate Notes due
     December 2012 Notes, Upgraded to A2; previously on April 27,
     2009 Downgraded to Baa1

  -- AUD6,500,000 Class B-b Secured Floating Rate Notes due
     December 2012 Notes, Upgraded to A2; previously on April 27,
     2009 Downgraded to Baa1

  -- US$25,500,000 Class C Secured Floating Rate Notes due
     December 2012 Notes, Upgraded to Baa2; previously on
     April 27, 2009 Downgraded to Baa3

  -- AUD13,500,000 Class D Secured Floating Rate Notes due
     December 2012 Notes, Upgraded to Ba1; previously on April 27,
     2009 Downgraded to Ba2

The rating actions taken are the result of the shortened time to
maturity.

The transaction has one year remaining to its scheduled maturity
date in June 2011, and two and a half years remaining to its final
maturity date in December 2012.

The credit quality of the pool of reference obligations has
slightly deteriorated, as evidenced by 1) the increase in WARF (10
year weighted average rating factor) from 633 (end-May 2009) to
671 (end-June 2010) and 2) the migration to Ca of the ratings to
two reference obligors, which account for 1.36% of the portfolio
amount.  Moody's notes that the positive impact from the passage
of time more than offsets the modest credit deterioration.

For the majority of the underlying referenced assets, the
equivalent Moody's ratings used in Moody's analysis are obtained
through a mapping process between the originator's internal rating
scale and Moody's public rating scale.  To compensate for the
absence of credit indicators such as ratings review and outlooks
in the mapped ratings, a half notch stress was applied to the
mapping scale.  Since the mapping had been updated back in 2007,
an additional stress as well as other sensitivity tests were
applied to capture potential deviations from the established
mapping.


SEQUILS-CENTURION V: Fitch Affirms Ratings on Two Classes of Notes
------------------------------------------------------------------
Fitch Ratings has affirmed two classes of notes issued by SEQUILS-
Centurion V, Ltd. and downgraded one class of notes issued by
MINCS-Centurion V, Ltd.

This review was conducted under the framework described in the
reports highlighted at the end of the press release.

The affirmations of the SEQUILS notes are the result of the
significant deleveraging of the liabilities since Fitch's last
review in April 2009, in addition to the remaining level of credit
protection provided by the credit swap with Morgan Guaranty Trust
Company of New York (ultimate parent JPMorgan Chase & Co. rated
'AA-/F1+' by Fitch).

The SEQUILS class A notes have received approximately
$145.9 million of principal payments since Fitch's last review,
representing 35.8% of their initial principal balance.  In total,
the SEQUILS class A notes have been redeemed by 80.3% of their
initial balance since closing.  While the SEQUILS class B notes
will not receive any future principal distributions until the
class A notes are paid in full, their relative priority has
increased due to the significant redemptions of the class A notes
above them.  Both SEQUILS notes also currently benefit from a
degree of overcollateralization, as evidenced by a reported par
coverage ratio of 126.7% as of the June 16, 2010 trustee report.
The significant principal redemption of the notes has helped
mitigate the effects of the credit deterioration experienced in
the underlying portfolio since the last review.

At the time of Fitch's last review, the outstanding credit swap
balance stood at $2.8 million.  Due to a combination of increased
defaults and credit risk sales in the portfolio, this balance has
since increased to a current level of $15.5 million at the
June 28, 2010 payment date.  However, with the credit swap
threshold frozen at its current level of $39.1 million, the
transaction can be reimbursed for $23.6 million in additional
losses via the credit swap before the threshold is reached.  The
periodic availability of excess spread to reduce the outstanding
credit swap balance, plus additional support provided by the
SEQUILS reserve account, could further increase the actual
threshold for losses available to the SEQUILS notes.  Fitch
believes that, based on the current composition of the portfolio,
the amount of credit support available to the SEQUILS class A and
class B notes is sufficient to affirm the current ratings and
revise the Outlooks on these notes to Stable from Negative.

In terms of the MINCS notes, the credit losses in the underlying
portfolio have outpaced the generation of excess spread, leading
to the net outstanding credit swap balance of $15.5 million.  As
the SEQUILS interest waterfall has been unable to fully repay this
outstanding credit swap balance, the MINCS notes have been relying
on advance payments from the credit swap counterparty, MGT, to
fulfill their administrative expenses and their periodic interest
payments.  Including the interest amount advanced at the latest
payment date, the total balance of advance payments made by MGT to
MINCS stands at over $1.8 million.  At the transaction's final
maturity, scheduled for March 2013, the MINCS notes would be
required to reimburse MGT for any outstanding credit swap balance
plus any advance amounts.  Considering the remaining time until
the transaction's maturity, the lack of sufficient excess spread
to cover the outstanding credit swap balance, and the possibility
for further credit losses, Fitch believes the MINCS notes will
inevitably suffer an ultimate principal loss at maturity.

Fitch projects the total discounted cash flows ultimately
available to the MINCS notes to be in a range between 51% and 70%
of their principal balance, in line with an 'RR3' 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'.

The SEQUILS class A and class B notes have each been assigned a
Loss Severity rating.  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.

SEQUILS and MINCS are a cash flow and synthetic collateralized
loan obligation, respectively, jointly obtaining exposure to a
portfolio of high yield U.S. senior bank loans.  Proceeds from the
issuance of the SEQUILS notes were invested in senior bank loans.
The SEQUILS issuer entered into a credit swap with MGT that
provides credit protection to SEQUILS.  MGT simultaneously entered
into a credit swap with MINCS.  MINCS's obligation under that swap
was collateralized with $57 million of securities purchased with
the proceeds from the sale of the MINCS notes.  Under the SEQUILS
credit swap, MGT pays the amount of each quarter's principal
losses up to the SEQUILS credit swap threshold, which was
initially set at $57 million but has since stepped down to
$39.1 million due to the amortization of the SEQUILS notes.  The
balance of principal reimbursement received from MGT is paid back
with excess spread from the SEQUILS interest waterfall in the same
or subsequent pay periods, and any additional interest proceeds
are used to fund the MINCS interest waterfall.  Any outstanding
SEQUILS credit swap balance at final maturity is repaid to MGT
from the collateral of the MINCS notes prior to the MINCS notes'
paydown.

Fitch affirms, revises Outlooks, and assigns Loss Severity ratings
on these classes:

SEQUILS-Centurion V, Ltd:

  -- $80,479,875 class A notes at 'AA/LS2'; Outlook to Stable from
     Negative;

  -- $16,644,440 class B notes at 'BBB/LS4'; Outlook to Stable
     from Negative.

Fitch downgrades this class:

MINCS-Centurion V, Ltd.:

  -- $57,000,000 Third Priority Secured notes to 'C/RR3' from
     'CC/RR3'.


STRUCTURED ASSET: Moody's Downgrades Ratings on 33 Tranches
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 33
tranches and confirmed the rating of 1 tranche from 14 RMBS
transactions issued by Structured Asset Securities Corp.  The
collateral backing these deals primarily consist of closed end
second lien mortgages.

The actions are a result of the continued performance
deterioration in second lien pools in conjunction with home price
and unemployment conditions that remain under duress.  The actions
reflect Moody's updated loss expectations on second lien pools.
For details regarding Moody's approach to estimating losses on
second lien pools, please refer to the methodology publication
"Second Lien RMBS Loss Projection Methodology: April 2010"
available on Moodys.com.

Complete rating actions are:

Issuer: Structured Asset Securities Corp 2003-S2

  * Expected Losses (as a % of Original Balance): 1%

  -- Cl. M1-A, Downgraded to Ba1; previously on March 18, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M1-F, Downgraded to Ba1; previously on March 18, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M2-A, Downgraded to B2; previously on March 18, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M2-F, Downgraded to B2; previously on March 18, 2010 Baa2
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2004-S2

  * Expected Losses (as a % of Original Balance): 7%

  -- Cl. M4, Downgraded to B3; previously on March 18, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. M5, Downgraded to Caa1; previously on March 18, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. M6, Downgraded to Ca; previously on March 18, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2004-S3

  * Expected Losses (as a % of Original Balance): 8%

  -- Cl. M1, Downgraded to Ba1; previously on March 18, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to Ba3; previously on March 18, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M3, Downgraded to Caa2; previously on March 18, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M4, Downgraded to C; previously on March 18, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2004-S4

  * Expected Losses (as a % of Original Balance): 14%

  -- Cl. M4, Downgraded to Baa3; previously on March 18, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. M5, Downgraded to B2; previously on March 18, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M6, Downgraded to C; previously on March 18, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2005-S2

  * Expected Losses (as a % of Original Balance): 22%

  -- Cl. M2, Downgraded to Ba3; previously on March 18, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. M3, Downgraded to B3; previously on March 18, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. M4, Downgraded to C; previously on March 18, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2005-S3

  * Expected Losses (as a % of Original Balance): 26%

  -- Cl. M2, Downgraded to Ba3; previously on March 18, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. M3, Downgraded to Caa1; previously on March 18, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. M4, Downgraded to C; previously on March 18, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2005-S5

  * Expected Losses (as a % of Original Balance): 33%

  -- Cl. A2, Downgraded to Baa3; previously on March 18, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to Caa2; previously on March 18, 2010 B2
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2005-S6

  * Expected Losses (as a % of Original Balance): 40%

  -- Cl. A2, Downgraded to B3; previously on March 18, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to C; previously on March 18, 2010 Caa1
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2005-S7

  * Expected Losses (as a % of Original Balance): 37%

  -- Cl. A2, Downgraded to Caa2; previously on March 18, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to C; previously on March 18, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to C; previously on March 18, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2006-S1

  * Expected Losses (as a % of Original Balance): 48%

  -- Cl. A1, Downgraded to Ca; previously on March 18, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Downgraded to C; previously on March 18, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2006-S2

  * Expected Losses (as a % of Original Balance): 55%

  -- Cl. A2, Downgraded to Ca; previously on March 18, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2006-S3

  * Expected Losses (as a % of Original Balance): 63%

  -- Cl. A1, Downgraded to C; previously on March 18, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corporation 2005-S1

  * Expected Losses (as a % of Original Balance): 15%

  -- Cl. M3, Downgraded to Ba1; previously on March 18, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M4, Confirmed at Ca; previously on March 18, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corporation 2006-S4

  * Expected Losses (as a % of Original Balance): 75%

  -- Cl. A, Downgraded to C; previously on March 18, 2010 Ca
     Placed Under Review for Possible Downgrade


STUDENT LOAN: S&P Withdraws 'B-' Rating on Series 2007-2 Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B-' rating on
Student Loan ABS Repackaging Trust Series 2007-2's interest-only
certificates.

S&P's rating on the interest-only certificates is dependent on the
lowest rating on the seven underlying securities, Student Loan ABS
Repackaging Trust Series 2007-1's class 1-A-IO ('AAA'), 2-A-IO
('AAA'), 3-A-IO ('NR'), 4-A-IO ('NR'), 5-A-IO ('BB'), 6-A-IO
('BBB'), and 7-A-IO ('AAA') certificates.

The rating withdrawal follows S&P's June 28, 2010, withdrawal of
the ratings on two of the underlying securities, the class 3-A-IO
and the 4-A-IO certificates.


WACHOVIA BANK: Fitch Downgrades Ratings on 12 2007-WHALE 8 Notes
----------------------------------------------------------------
Fitch Ratings has downgraded 12 classes of the pooled portion of
Wachovia Bank Commercial Mortgage Trust 2007-WHALE 8, reflecting
Fitch's base case loss expectation of 24.1%.  The non-pooled
junior component certificates were also downgraded to reflect
Fitch's significant loss expectations on these assets.  Fitch's
performance expectation incorporates prospective views regarding
commercial real estate values and cash flow declines.  The
Negative Rating Outlooks reflect additional sensitivity analysis
related to further negative credit migration of the underlying
collateral.

Under Fitch's updated analysis, approximately 100% of the pooled
loans, and all of the non-pooled components, are modeled to
default in the base case stress scenario, defined as the 'B'
stress.  In this scenario, the modeled average cash flow decline
is 19.9% from generally third- and fourth-quarter 2009 servicer-
reported financial data.  In its review, Fitch analyzed servicer
reported operating statements and rent rolls, updated property
valuations, and recent lease and sales comparisons.

Given that the loan positions within the pooled portion of the
commercial mortgage backed securities are the lower leveraged A-
notes (average base case loan-to-value of 118.9%), Fitch estimates
that average recoveries on the pooled loans will be approximately
76.6% in the base case, whereas the more highly leveraged non-
pooled component notes (average base case LTV of 131.9%) have no
modeled recovery.

The transaction is collateralized by nine loans, seven of which
are secured by hotels (94.1%), one by multifamily (3.7%), and one
by golf courses (2.2%).  The final maturity dates including all
extension options for the non-specially serviced loans are in 2012
for the remaining loans.

Fitch identified nine Loans of Concern within the pool (100%),
four of which are specially serviced (15.7%).  Fitch's analysis
resulted in loss expectations for nine A-notes, and each of the B-
note non-pooled components in the 'B' stress scenario.  The three
largest pooled contributors to losses (by unpaid principal
balance) in the 'B' stress scenario are: The LXR Portfolio
(63.2%), Hudson Hotel (6.25%) and The James Hotel (3.6%).

The LXR Portfolio includes 12 luxury resorts and hotels and 4,742
keys located in desirable beachfront and waterfront locations,
including Puerto Rico, Jamaica, Florida, Arizona, and California.
The portfolio includes two golf courses, four exclusive Golden
Door spas, three casinos and one marina.  The hotels are branded
under Blackstone's LXR platform, which is now part of the Hilton
brand.  The borrower had requested consent to enter into new
management agreements at four properties, three changed to Waldorf
Astoria and one to Hilton Conrad.  In addition, the borrower has
requested consent to enter into Waldorf Astoria affiliation
agreements for two properties and a franchise agreement with
Hilton International for one property.

At issuance the sponsor, Blackstone, used excess proceeds to fund
additional capital expenditures.  The properties had undergone
significant renovations and upgrades to reposition the assets.
Blackstone had spent $195 million ($39,251 per key) since the
acquisition in August 2005 through issuance, while approximately
$265 million was budgeted for future upgrades and renovations
through 2007 and 2008.  At issuance two hotels were completely
shut down for renovations, the Reach Resort and the London West
Hollywood.  All properties are now open and fully functioning.  As
of The TTM ended Sept. 30, 2009 servicer reported NOI was
approximately 35.5% lower than YE 2008.  For the trailing 12
months ended September 2009, the occupancy and revenue per
available room were 64.7% and $129.96, respectively, compared to
62.4% and $122.68, respectively, at issuance.

The Hudson Hotel loan is secured by the fee and leasehold interest
in an 805-room full service hotel located in midtown Manhattan,
NY, on the south side of West 58th Street between Eight and Ninth
Avenues.  The loan transferred to the special servicer in May 2010
due to imminent maturity default.  The property was originally
constructed in 1928 and underwent a three-year, $125 million
($155,279 per key) renovation following the purchase in 1997 by
Morgan Hotels.  The renovation was Ian Schrager's first New York
City hotel in over 10 years.

At issuance the loan was underwritten with the expectation that
continued strength in the New York City market would continue to
drive average daily rate and higher cash flows.  The property
failed to achieve projected increases, due in large part to the
difficulty the economy has experienced.  The TTM ended Sept. 30,
2009 servicer reported NOI was approximately 56.5% lower than YE
2008.  For the TTM ending December 2009, the occupancy, ADR and
RevPAR were 83.9%, $199.36 and $167.18, respectively, compared to
87.1%, $262.37 and $228.45, respectively, at issuance.  As the
loan is in special servicing due to imminent default, a term
default was modeled in Fitch's base case.

The James Hotel loan is secured by a 297 key full-service hotel
located in Chicago, IL.  The property is located one block west of
Michigan Avenue.  The hotel was originally built in 1927 and
underwent a $60 million ($202,020 per key) renovation that was
completed in April 2006.  Property performance has deteriorated,
with the TTM ended Sept. 30, 2009 servicer reported NOI was
approximately 67% lower than YE 2008.  For the TTM ended December
2009, the property reported occupancy, ADR and RevPAR of 67.1%,
$177.79 and $119.25, respectively, compared to 45.5%, $255.93 and
$116.36 at issuance.

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

  -- $776.3 million class A-1 to 'AA/LS3' from 'AAA'; Outlook
     Negative;

  -- $345.4 million class A-2 to 'B/LS4' from 'AA'; Outlook
     Negative;

  -- $61.6 million class B to 'CCC/RR5' from 'AA-';

  -- $47.5 million class C to 'CCC/RR6' from 'A+';

  -- $71.2 million class D to 'CCC/RR6' from 'A';

  -- $46.6 million class E to 'CCC/RR6' from 'A-';

  -- $46.6 million class F at 'CCC/RR6' from 'BBB+';

  -- $46.6 million class G at 'CC/RR6' from 'BBB';

  -- $30.5 million class H at 'CC/RR6' from 'BBB-';

  -- $10.1 million class J at 'C/RR6' from 'BB';

  -- $5.2 million class K to 'C/RR6' from 'B+';

  -- $12.5 million class L to 'C/RR6' from 'B'.

Additionally, Fitch removes from Rating Watch Negative and
downgrades and assigns RR to these non-pooled component
certificates:

  -- $53 million class LXR-1 to 'CC/RR6' from 'BB-';
  -- $70.8 million class LXR-2 to 'CC/RR6' from 'BB-';
  -- $1.9 million class AP-1 to 'CCC/RR6' from 'B-';
  -- $5 million class AP-2 to 'CC/RR6' from 'B-';
  -- $3.8 million class LP-1to 'CCC/RR6' from 'BB';
  -- $9.1 million class LP-2 to 'CCC/RR6' from 'BB-';
  -- $2.1 million class LP-3 to 'CCC/RR6' from 'B+';
  -- $3.8 million class HH-1 to 'CC/RR6' from 'BBB-';
  -- $3.3 million class FSN-1 to 'C/RR6' from 'B-';
  -- $3.6 million class MH-1 to 'CC/RR6' from 'BBB-'.

Fitch withdraws the ratings of the interest-only class X-1B.  For
additional information, see 'Fitch Revises Practice for Rating IO
and Prepayment Related Structured Finance Securities', dated
June 23, 2010.

Interest-only class X-1A and Class FA have paid in full.

This transaction was analyzed according to the 'Surveillance
Criteria for U.S. Commercial Real Estate Loan CDOs'.  It 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.  This methodology was used
to review this transaction as floating-rate CMBS loan pools are
concentrated and similar in composition to CREL CDO pools.  In
many cases, the CMBS notes are senior portions of notes held in
CDO transactions.  The assets are generally transitional in
nature, frequently underwritten with pro forma income assumptions
that have not materialized as expected.  Overrides to this
methodology were applied on a loan-by-loan basis if the property
specific performance warranted an alternative analysis.

For bonds rated 'B-' or better, the current credit enhancement
levels were compared to the expected losses generated in each
rating category divided by the total deal size.  These classes
were assigned Loss Severity ratings, which indicate each tranche's
potential loss severity given default, as evidenced by the ratio
of tranche size to the expected losses for the collateral in the
'B' stress.  LS ratings should always be considered in conjunction
with probability of default indicated by a class' long-term credit
rating.  Fitch does not assign Rating Outlooks or LS ratings to
classes rated 'CCC' and lower.

Rating Outlooks were determined by further stressing the cash
flows and fully recognizing all maturity defaults in all ratings
stresses.  The credit enhancements were then compared to the
expected losses generated in each rating category to determine
potential credit migration over the next two years.  If the Rating
Outlook scenario would imply a lower rating, then the class was
assigned a Negative Outlook.

The ratings for bonds rated 'CCC' or lower, are based on a
deterministic analysis.  Bonds are rated 'C' when the expected
losses on currently defaulted loans exceed a classes' respective
credit enhancement level.  Bonds are rated 'CC' when the combined
base case expected losses on the currently defaulted loans and
loans likely to default exceed a classes' respective credit
enhancement level.  Bonds are rated 'CCC' when the base case
expected loss exceeds a classes' respective credit enhancement
level.

Bonds rated 'CCC' and below were assigned Recovery Ratings in
order to provide a forward-looking estimate of recoveries on
currently distressed or defaulted structured finance securities.
Recovery Ratings are calculated by subtracting the base case
expected losses in reverse sequential order from the pooled and
non-pooled rake certificates.  Any principal recoveries first pay
interest shortfalls on the bonds and then sequentially through the
classes.  The remaining bond principal amount is divided by the
current outstanding bond balance.  The resulting percentage is
used to assign the Recovery Ratings on the bonds.

The assignment of 'RR5' to class B reflects modeled recoveries of
23% of its outstanding balance.  The expected recovery proceeds
are broken down:

  -- Present value of expected principal recoveries
     ($13.9 million);

  -- Present value of expected interest payments ($139,506);

  -- Total present value of recoveries ($14 million);

  -- Sum of undiscounted recoveries ($16.9 million).

Classes are assigned a Recovery Rating of 'RR6' when the present
value of the recoveries in each case is less than 10% of each
class' principal balance


WACHOVIA ASSET: Moody's Downgrades Ratings on 12 Tranches
---------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 12
tranches and confirmed the ratings of 4 tranches from 9 RMBS
transactions issued by Wachovia Asset Securitization.  The
collateral backing these deals primarily consist of closed end
second lien mortgages and home equity lines of credit.

The actions are a result of the continued performance
deterioration in second lien pools in conjunction with home price
and unemployment conditions that remain under duress.  The actions
reflect Moody's updated loss expectations on second lien pools.

Certain tranches included in this action, noted below, are wrapped
by financial guarantors.  For securities insured by a financial
guarantor, the rating on the securities is the higher of (i) the
guarantor's financial strength rating and (ii) the current
underlying rating (i.e., absent consideration of the guaranty) on
the security.  The principal methodology used in determining the
underlying rating is the same methodology for rating securities
that do not have a financial guaranty and is as described earlier.

RMBS securities wrapped by Ambac Assurance Corporation are rated
at their underlying rating without consideration of Ambac's
guaranty.

WASI Financial Limited Partnership Credit Linked Securities 2006-
HES1 is a synthetic transaction that provides the owner of the
sizable pool of mortgages credit protection through a credit
default swap with the issuer of the notes.  Through this
agreement, the Protection Buyer pays a fee in return for the
transfer of a portion of the reference portfolio credit risk.  The
reference portfolio consists primarily of closed-end second lien
residential mortgage loans and second lien home equity lines of
credit.

Investors in the notes have an interest in the holdings of the
issuer, which include highly rated investment instruments, a
forward delivery agreement and fee collections on the agreement
with the Protection Buyer.  Investors are exposed to losses from
the reference portfolio but benefit only indirectly from cash
flows from these assets.  Depending on the class of notes held,
investors have credit protection from subordination.  Maturity
Date of the transaction is June 2011.

Complete List of Actions

Issuer: WASI Financial Limited Partnership Credit Linked
Securities 2006-HES1

  * Expected Losses (as a % of Original Balance): 4%

  -- Cl. M-4, Confirmed at B1; previously on Mar 18, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Confirmed at B3; previously on Mar 18, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M-6, Downgraded to Caa3; previously on Mar 18, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. B-1-A, Downgraded to Ca; previously on Mar 18, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. B-1-B, Downgraded to C; previously on Mar 18, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: Wachovia Asset Securitization Issuance II, LLC 2007-HE1
Trust

  * Expected Losses (as a % of Original Balance): 11%

  -- Cl. A, Downgraded to Caa1; previously on Mar 18, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Financial Guarantor: Ambac Assurance Corporation (Segregated
     Account - Unrated)

Issuer: Wachovia Asset Securitization Issuance II, LLC 2007-HE2
Trust

  * Expected Losses (as a % of Original Balance): 9%

  -- Cl. A, Downgraded to B3; previously on Mar 18, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Financial Guarantor: Ambac Assurance Corporation (Segregated
     Account - Unrated)

Issuer: Wachovia Asset Securitization Issuance, LLC 2003-HE3 Trust

  * Expected Losses (as a % of Original Balance): 1%

  -- Cl. A, Downgraded to Baa3; previously on Mar 18, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Financial Guarantor: MBIA Insurance Corporation (Current
     Rating B3, Outlook Negative on 6/25/2009)

Issuer: Wachovia Asset Securitization Issuance, LLC 2004-HE1 Trust

  * Expected Losses (as a % of Original Balance): 1%

  -- Cl. A, Downgraded to B2; previously on Mar 18, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Financial Guarantor: MBIA Insurance Corporation (Current
     Rating B3, Outlook Negative on 6/25/2009)

Issuer: Wachovia Asset Securitization, Inc. 2002-HE1 Trust

  * Expected Losses (as a % of Original Balance): 1%

  -- Cl. A, Confirmed at Baa3; previously on Mar 18, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Financial Guarantor: Ambac Assurance Corporation (Segregated
     Account - Unrated)

Issuer: Wachovia Asset Securitization, Inc. 2002-HE2 Trust

  * Expected Losses (as a % of Original Balance): 1%

  -- Cl. A, Downgraded to Baa3; previously on Mar 18, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Financial Guarantor: Ambac Assurance Corporation (Segregated
     Account - Unrated)

Issuer: Wachovia Asset Securitization, Inc. 2003-HE1 Trust

  * Expected Losses (as a % of Original Balance): 1%

  -- Cl. A-1, Downgraded to Ba3; previously on Mar 18, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Financial Guarantor: Financial Guaranty Insurance Company
     (Issuer Rating Withdrawn 3/25/2009)

  -- Cl. A-2, Downgraded to Ba3; previously on Mar 18, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Financial Guarantor: Financial Guaranty Insurance Company
     (Issuer Rating Withdrawn 3/25/2009)

Issuer: Wachovia Asset Securitization, Inc. 2003-HE2 Trust

  * Expected Losses (as a % of Original Balance): 1%

  -- Cl. A-I-1, Confirmed at Baa1; previously on Mar 18, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Financial Guarantor: Financial Guaranty Insurance Company
      (Issuer Rating Withdrawn 3/25/2009)

  -- Cl. A-II-1, Downgraded to Ba3; previously on Mar 18, 2010
     Baa1 Placed Under Review for Possible Downgrade

  -- Financial Guarantor: Financial Guaranty Insurance Company
     (Issuer Rating Withdrawn 3/25/2009)

  -- Cl. A-II-2, Downgraded to Ba3; previously on Mar 18, 2010
     Baa1 Placed Under Review for Possible Downgrade

  -- Financial Guarantor: Financial Guaranty Insurance Company
     (Issuer Rating Withdrawn 3/25/2009)


WACHOVIA BANK: S&P Downgrades Ratings on 19 2007-WHALE8 Certs.
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 19
classes of commercial mortgage pass-through certificates from
Wachovia Bank Commercial Mortgage Trust's series 2007-WHALE8.
Concurrently, S&P affirmed its ratings on three other classes and
withdrew its rating on the class X-1B interest-only certificate
from this transaction.  In addition, S&P lowered its ratings on
two raked classes of commercial mortgage pass-through certificates
from Citigroup Commercial Mortgage Trust 2007-FL3 and affirmed its
rating on one other raked class from the same transaction.

S&P's rating actions follow its analysis of the transactions,
which included the revaluation of the collateral securing eight
floating-rate one-month LIBOR-indexed loans and one real estate
owned asset.  Lodging properties, which constitute 94.1%
($1.41 billion) of the pooled trust balance according to the
June 17, 2010, trustee remittance report, have experienced
valuation declines.  In some cases, the values have declined up to
42.5% from the levels that S&P assessed in its last review dated
May 22, 2009.

The class X-1B certificate is an IO certificate with a balance
that references the aggregate certificate balances of the pooled
principal and interest certificates from WHALE8.  In accordance
with its criteria, S&P withdrew its rating on the class X-1B
because S&P has downgraded all pooled principal and interest
classes from this transaction below 'AA-'.

Lodging properties secure six loans ($1.41 billion, 94.1% of the
WHALE8 pooled trust balance), including one REO asset.  These
hotel properties are located in the Southwest and Southeast U.S.
(47.0% of the pooled trust balance), Puerto Rico (28.5%), New York
City (8.0%), Chicago (3.7%), Montego Bay, Jamaica (3.5%), and
Charlestown, Nevis, West Indies (3.4%).

S&P based its analysis of the hotels on its review of the
borrowers' operating statements for year-end 2009, their 2010
budgets, and available Smith Travel Research reports.  S&P noted
that the reduction in business and leisure travel has
significantly affected the performance of the lodging collateral
in 2009 compared to 2008.  STR reported that revenue per available
room for the general U.S. hotel industry declined by 16.7% in 2009
compared with 2008 and by 9.3% for the trailing 12-months ended
May 2010 compared with the same period in 2008.

                         Top Three Loans

The three largest exposures in the WHALE8 pool are secured by
hotel properties (79.5% of the pooled trust balance).  In general,
the operating performance of the hotel properties securing the top
three loans has weakened in the past year based upon the most
recent reported financial information.  Details of the top three
WHALE8 loans are:

The LXR Hospitality Pool loan has a whole-loan balance of
$1.267 billion that comprises a $948.3 million senior pooled
component (63.2% of the WHALE8 pooled trust balance), a
$123.8 million subordinate nonpooled component that supports the
"LXR" raked certificates (not rated by Standard & Poor's), and a
$194.9 million nontrust junior participation interest.  In
addition, the equity interests in the borrower of the whole loan
secure mezzanine debt totaling $667.6 million held outside the
trust.  The whole loan is secured by 12 full-service resort hotels
totaling 4,742 rooms in Florida, California, New York, Arizona,
Puerto Rico, and Jamaica.  Eight of the 12 hotels underwent major
renovation work that was substantially completed in late 2007 or
mid-2008 based on information provided by the master servicer,
Wells Fargo Bank N.A.  The borrower's year-end 2009 operating
statements for the portfolio reported a 37.7% decrease in net
operating income from 2008, and its adjusted valuation has
declined 14.1% since its last review based primarily upon a
decrease in its expected RevPAR.  Using a weighted average
capitalization rate of 11.5%, S&P's analysis yielded a stressed
loan-to-value ratio of 146.8% of the trust balance.  The master
servicer reported an overall debt service coverage of 4.87x and an
occupancy of 65.4% for year-end 2009.  The loan matures on May 9,
2011, and has one 12-month extension option remaining.

The Longhouse Hospitality Pool loan has a WHALE8 trust and whole-
loan balance of $165.0 million that comprises a $150.0 million
senior pooled component (10.0% of the pooled trust balance) and a
$15.0 million subordinate nonpooled component raked to the "LP"
certificates.  In addition, the equity interests in the borrower
of the whole loan secure mezzanine debt totaling $155.0 million
held outside the trust.  The whole loan is secured by 42 extended-
stay hotels totaling 5,600 rooms in 11 states throughout the
Southeast and Southwest U.S. The borrower's year-end 2009
operating statements for the portfolio reported a 38.0% decrease
in net cash flow from 2008.  S&P's adjusted valuation has declined
12.8% since its last review based primarily upon a decrease in its
expected RevPAR.  Using a weighted average capitalization rate of
12.0%, S&P's analysis yielded a stressed LTV ratio of 104.4% for
the trust balance.  Wells Fargo reported an overall DSC of 8.58x
and an occupancy of 57.4% for year-end 2009.  The loan matures on
June 9, 2011, and has one 12-month extension option remaining.

The Hudson Hotel loan has a whole-loan balance of $217.0 million
that is split into two pari passu pieces.  The first is a
$108.5 million pari passu loan that is further divided into a
$93.8 million senior pooled component (6.3% of the WHALE8 pooled
trust balance), an $8.6 million subordinate nonpooled component
that is raked to the class HH-1 and HH-2 certificates, and a
$6.1 million nontrust junior participation.  In addition, the
equity interests in the borrower of the whole loan secure
$32.5 million of mezzanine debt held outside the trust.  The
senior portion of the second pari passu piece, which includes the
"THH" raked certificates, collateralizes the Citigroup 2007-FL3
transaction.  The whole loan, secured by an 805-room full-service
boutique hotel in midtown Manhattan, was transferred to CWCapital
Asset Management LLC, one of the two special servicers for this
transaction, on May 20, 2010, due to imminent default.  The loan,
which is current, matures on July 12, 2010.  According to
CWCapital, the loan does not meet its DSC test for the borrower to
exercise its one 15-month extension option.  CWCapital is
currently exploring various workout strategies.  The borrower's
year-end 2009 operating statements reported a 70.6% decrease in
NOI from 2008.  S&P's adjusted valuation has declined 42.5% since
its last review based primarily on a decrease in its expected
RevPAR.  Using a capitalization rate of 10.5%, its analysis
yielded a stressed LTV ratio of 154.3% on the WHALE8 trust
balance.  Wells Fargo reported a DSC of 2.69x and an occupancy of
83.8% for the year ended Dec. 31, 2009.  S&P has lowered all of
its ratings on the "HH" and "THH" raked certificates to 'CCC-'.
These certificates have incurred one month of interest shortfalls
due to special servicing fees.  CWCapital indicated that the
junior participation interest should absorb the fees and that it
is currently working with the master servicer and trustee to
resolve this issue.  If the issue is not resolved and the interest
shortfalls continue, S&P may further lower the ratings to 'D'.

            Remaining Assets With The Special Servicers

In addition to the Hudson Hotel loan, there are three other loans
and one REO asset with the special servicers.  Details are:

The Southeast Multifamily Pool loan, which is current, has a trust
balance of $55.4 million (3.7% of the WHALE8 pooled trust balance)
and a whole-loan balance of $73.3 million.  In addition, the
equity interests in the borrower of the whole loan secure
$11.9 million of mezzanine debt held outside the trust.  The whole
loan, secured by eight multifamily apartment complexes totaling
2,099 units in the Southeast U.S., was transferred to Wells Fargo,
which also serves as the second special servicer for the
transaction, on Jan. 14, 2010, because the borrower filed for
bankruptcy.  Wells Fargo stated that it is currently working on a
resolution that would include a loan assumption with a junior
participant and mezzanine lender.  Using the trailing-12-months
ended April 30, 2010, operating statements and the Feb. 28, 2010,
rent rolls provided by Wells Fargo, S&P's adjusted valuation has
declined 46.6% since its last review due to lower-than-expected
rental income coupled with higher-than-expected operating
expenses.  Using a capitalization rate of 8.3%, its analysis
yielded a stressed LTV ratio of 127.0% on the trust balance.  The
updated March 2010 appraisals valued the multifamily portfolio at
slightly below the trust balance.  An appraisal reduction amount
of $6.2 million is in effect against the loan.  Wells Fargo
reported an overall DSC of 3.59x for year-end 2008 and an
occupancy of 82.6% as of February 2010.  The loan matured on
June 9, 2010, with two 12-month extension options remaining.

The Four Seasons Nevis asset, a 196-room full-service hotel in
Charlestown, Nevis, West Indies, has a senior pooled balance of
$51.0 million (3.4% of the WHALE8 pooled trust balance), a
$7.4 million subordinate nonpooled component that supports the
"FSN" raked certificates, and a $68.3 million nontrust junior
participation interest.  The property became REO on May 27, 2010.
The hotel incurred significant flood damage from Hurricane Omar on
Oct. 16, 2008, and is currently closed.  Wells Fargo stated that
the property is undergoing renovation and is expected to reopen in
December 2010 upon its completion.  The October 2009 appraisal
valued the property below the current total exposure of
$195.2 million.  An ARA of $34.9 million is in effect against the
total exposure.  S&P downgraded the "FSN" raked certificates to
'D' on Dec. 4, 2009, due to recurring interest shortfalls from
special servicing fees.

The Mondrian Hotel loan has a whole-loan balance of $120.5 million
that is split into two pari passu pieces.  The first is a
$60.3 million pari passu loan that is further divided into a
$35.2 million senior pooled component (2.3% of the WHALE8 pooled
trust balance), a $6.8 million subordinate nonpooled component
that is raked to the class MH-1 and MH-2 certificates, and a
$18.3 million nontrust junior participation.  The senior portion
of the second pari passu piece, which includes the class MLA-1 and
MLA-2 raked certificates, collateralizes the Citigroup 2007-FL3
transaction.  The whole loan, secured by a 237-room full-service
boutique hotel in West Hollywood, Calif., was transferred to
CWCapital on May 20, 2010, due to imminent default.  The loan,
which is current, matures on July 12, 2010.  According to
CWCapital, the loan does not meet its DSC test for the borrower to
exercise its one 15-month extension option.  CWCapital is
currently exploring various workout strategies.  S&P's adjusted
valuation has declined 9.8% since its last review based primarily
on its lower expected average room rates.  Using a capitalization
rate of 10.5%, S&P's analysis yielded a stressed LTV ratio of
118.8% on the trust balance.  Wells Fargo reported a DSC of 5.05x
and an occupancy of 63.4% for year-end 2009.  The class MH-1, MH-
2, and MLA-1 raked certificates, currently rated 'CCC-', as well
as the class MLA-2 raked certificate (not rated by Standard &
Poor's) have incurred one month of interest shortfalls due to
special servicing fees.  CWCapital indicated that the junior
participation interest should absorb the fees and that it is
currently working with the master servicer and trustee to resolve
this issue.  If the issue is not resolved and the interest
shortfalls continue, S&P may lower its ratings to 'D'.

The Troon North Golf loan, which is a nonperforming matured
balloon, has a trust balance of $32.5 million (2.2% of the WHALE8
pooled trust balance) and a whole-loan balance of $65.0 million.
The whole loan, secured by two 18-hole championship golf courses
in Scottsdale, Ariz., was transferred to Wells Fargo on Jan. 19,
2010, due to imminent maturity default.  The loan matured on
Feb. 9, 2010.  Wells Fargo stated it is working on a loan
modification with the borrower.  Using the borrower's operating
statements for year-end 2009, S&P's adjusted valuation is
comparable to the levels that S&P assessed in its last review.
Using a capitalization rate of 12.3%, its analysis yielded a
stressed LTV ratio of 94.2% on the trust balance.  An updated
February 2010 appraisal valued the property above the trust
balance.  Wells Fargo reported a DSC of 8.34x for the year ended
Dec. 31, 2009.

                  Loans With Raked Certificates

In addition to the "LP," "HH," "FSN," and "MH" raked certificates,
Standard & Poor's also rates the "AP" raked certificates, which
derive 100% of their cash flow from the Ashford Hospitality Pool 7
loan.

The Ashford Hospitality Pool 7 loan has a trust and whole-loan
balance of $94.9 million that is divided into a $78.8 million
senior pooled component (5.3% of the WHALE8 pooled trust balance)
and a $16.1 million subordinate nonpooled component that supports
the "AP" raked certificates.  In addition, the equity interests in
the borrower of the whole loan secure $72.3 million of mezzanine
debt held outside the trust.  The whole loan is secured by two
extended-stay, four limited-service, and four full-service hotels
in Nevada, Florida, New Mexico, Maryland, Alabama, Ohio, and
Georgia.  The borrower's year-end 2009 operating statements for
the portfolio reported a 14.9% decrease in NCF from 2008.  S&P's
adjusted valuation has declined 9.7% since its last review based
primarily on a decrease in its expected RevPAR.  Using a weighted
average capitalization rate of 11.4%, S&P's analysis yielded a
stressed LTV ratio of 91.1% on the trust balance.  Wells Fargo
reported an overall DSC of 7.85x and an occupancy of 65.3% for
year-end 2009.  The loan matures on May 9, 2011, and has one 12-
month extension option remaining.

                         Ratings Lowered

             Wachovia Bank Commercial Mortgage Trust
Commercial mortgage pass-through certificates series 2007-WHALE8

                 Rating
                 ------
    Class      To        From            Credit enhancement (%)
    -----      --        ----            ----------------------
    A-1        A+        AAA                              48.25
    A-2        BB+       A                                25.22
    B          B-        BBB+                             21.12
    C          CCC+      BBB-                             17.95
    D          CCC       BB                               13.21
    E          CCC-      B+                               10.10
    F          CCC-      B-                                6.99
    G          CCC-      CCC+                              3.89
    H          CCC-      CCC                               1.86
    J          CCC-      CCC                               1.18
    AP-1       B+        BB+                                N/A
    AP-2       B         BB                                 N/A
    AP-3       B-        BB-                                N/A
    AP-4       CCC+      B+                                 N/A
    LP-1       CCC-      B+                                 N/A
    LP-2       CCC-      B-                                 N/A
    LP-3       CCC-      CCC+                               N/A
    HH-1       CCC-      CCC+                               N/A
    HH-2       CCC-      CCC+                               N/A

           Citigroup Commercial Mortgage Trust 2007-FL3
          Commercial mortgage pass-through certificates

               Rating
               ------
   Class      To        From            Credit enhancement (%)
   -----      --        ----            ----------------------
   THH-1      CCC-      CCC+                               N/A
   THH-2      CCC-      CCC+                               N/A

                         Ratings Affirmed

             Wachovia Bank Commercial Mortgage Trust
Commercial mortgage pass-through certificates series 2007-WHALE8

        Class        Rating          Credit enhancement (%)
        -----        ------          ----------------------
        K            CCC-                              0.83
        MH-1         CCC-                               N/A
        MH-2         CCC-                               N/A

           Citigroup Commercial Mortgage Trust 2007-FL3
           Commercial mortgage pass-through certificates

        Class        Rating          Credit enhancement (%)
        -----        ------          ----------------------
        MLA-1        CCC-                               N/A

                         Rating Withdrawn

             Wachovia Bank Commercial Mortgage Trust
Commercial mortgage pass-through certificates series 2007-WHALE8

               Rating
               ------
   Class    To        From              Credit enhancement (%)
   -----    --        ----              ----------------------
   X-1B     NR        AAA                                  N/A

                           NR-Not rated.
                        N/A-Not applicable.


* Fitch Takes Various Rating Actions on 760 RMBS Transactions
-------------------------------------------------------------
Fitch Ratings has taken various rating actions on 760 U.S. RMBS
transactions in the course of its ongoing review of outstanding
bonds.  The review covers all Alt-A transactions rated by Fitch.

Notable takeaways from Fitch's most recent analysis:

  -- Total average expected mortgage losses did not change
     materially from the previous review in June 2009, although
     some individual pools had significant loss revisions;

  -- Of the 1,371 classes still rated 'AAA' prior to this review,
     93% were issued prior to 2005.  94 (7%) of those classes were
     downgraded;

  -- Fitch implemented a new rating policy for interest-only
     classes announced June 23.  The new policy has resulted in a
     rating withdrawal for 848 of those classes.

A spreadsheet detailing Fitch's rating actions on the affected
transactions can be found using the web link below for 'Alt-A RMBS
Rating Actions for July 6, 2010'.  Further detail regarding the
loss coverage ratios, projected recovery for each class, and the
expected loss for each mortgage pool can also be found at
'www.fitchratings.com' by performing a title search for "Fitch
RMBS Loss Metrics" in double-quotes.

The rating actions reflect Fitch's analysis of expected loss from
the collateral pools in addition to cash flow analysis of each
class.  The average updated expected collateral losses as a
percentage of the remaining pool balance are 5%, 13%, 22% and 26%
for the pre-2005, 2005, 2006 and 2007 vintages, respectively.
Loss severity assumptions on liquidated loans were generally
consistent with the prior review and ranged between 50-60% for
most pools.

Fitch currently rates only about 25% of the entire securitized
private-label Alt-A sector.  The concentration of fixed-rate loans
in Fitch-rated transactions is approximately twice that of the
sector as a whole.  Only 3% of Alt-A transactions rated by Fitch
are collateralized with Option-ARMs.

The average expected mortgage pool losses were generally
consistent with the loss assumptions used for the prior review in
June 2009.  However, a number of individual transactions
experienced faster-than-expected deterioration which resulted in
rating downgrades.  Almost 90% of downgrades affected classes
already rated below 'B'.  Some transactions have performed better-
than-expected since the last rating review, but no rating upgrades
were given due to the general volatility of the collateral
performance and the remaining risk in the housing market.  Classes
currently rated 'B-' or higher which may be upgraded in the future
if current performance trends continue were assigned a Positive
Rating Outlook.

The projected mortgage losses reflect a home price assumption of
approximately another 10% decline in national home prices over the
next year beginning in second quarter-2010.  Fitch believes home
prices will continue to be negatively affected by the large number
of distressed loans which have yet to be resolved.  Distressed
property liquidations will likely increase as servicers identify a
greater number of borrowers unwilling or unable to have their
loans successfully modified.

Serious delinquencies increased to approximately 26% from
approximately 20% at the time of the last rating review.  Although
the roll-rates from performing-to-delinquency have improved
notably in recent months, a meaningful portion of the improvement
is likely due to seasonal factors and recent modification
activity.

As part of the review, Fitch implemented a new rating policy for
interest-only classes.  As a result of the new policy, ratings for
IOs that reference a non-rated tranche or a mortgage pool were
withdrawn, and remaining ratings assigned to IO securities are
directly linked to the credit risk of the referenced tranche or
tranches.  The new policy is described in detail in Fitch's June
23 press release, 'Fitch Revises Practice for Rating IO & Pre-
Payment Related Structured Finance Securities', available at
'www.fitchratings.com'.

Approximately 85% of Alt-A classes have a current rating below
'B', indicating a realized, or an expected, principal writedown.
For senior classes (excluding support-seniors), Fitch projects an
average principal recovery of 96%, 91%, 78% and 73% for the Pre-
2005, 2005, 2006 and 2007 vintages, respectively.  More detail on
the projected recoveries can be found on Fitch's website in the
report 'RMBS Loss Metrics.'


* Moody's Reviews Ratings on 54 Resecuritized Certificates
----------------------------------------------------------
Moody's Investors Service has placed the ratings of 54
resecuritized mortgage-backed certificates with a current
outstanding balance of $1.13 billion on review for possible
downgrade.  The resecuritized certificates from various issuers
are backed by underlying residential mortgage-backed securities
issued before 2005.  The rating actions are triggered by the
downgrade review on the ratings of the underlying RMBS backing
these resecuritized certificates.

The downgrade review on the pre-2005 underlying RMBS was prompted
due to the performance deterioration of mortgages backing these
transactions.  On April 15, 2010, Moody's placed 3,000 prime jumbo
RMBS with an outstanding balance of $43.4 billion on review for
possible downgrade.  On April 13, 2010, Moody's placed 3,473 Alt-A
RMBS with an outstanding balance of $48 billion on review for
possible downgrade.  On April 12, 2010, Moody's placed 270 Option
ARM RMBS with an outstanding balance $4.7 billion on review for
possible downgrade.  On April 8, 2010, Moody's placed 3,890
Subprime RMBS with an outstanding balance of $50 billion on review
for possible downgrade.

The ratings on the certificates in the resecuritizations are based
on:

   (i) The expected losses on the pools of loans backing the
       underlying RMBS and their ratings (as updated);

  (ii) The credit enhancement available to the underlying RMBS,
       and

(iii) The structure of the resecuritization transaction.

The resecuritization transactions are typically structured as
pass-through structures with payments received on the underlying
RMBS passed through to the resecuritized certificates.  In most
cases, the resecuritization deals have additional support for the
senior certificates issued in the transaction, with junior
certificates usually absorbing losses ahead of the senior
certificates.  Increased losses on the underlying RMBS are thus
likely to affect the principal recoveries on the junior
resecuritized certificates and also the principal recoveries on
the senior resecuritized certificates if junior certificates do
not absorb all the losses coming from the underlying RMBS.

Moody's expect to resolve the review of the resecuritized
certificates subsequent to the updating of losses on the pools of
mortgages backing the underlying RMBS and the ratings on the
underlying RMBS.

Complete rating actions are:

Issuer: Bear Stearns ALT-A Trust 2006-R1

  -- Cl. VII-A-1, Ca Placed Under Review for Possible Downgrade;
     previously on April 16, 2010 Downgraded to Ca

  -- Financial Guarantor: Ambac Assurance Corporation (Segregated
     Account -- Unrated)

  -- Cl. VIII-A-1, Ca Placed Under Review for Possible Downgrade;
     previously on April 16, 2010 Downgraded to Ca

  -- Financial Guarantor: Ambac Assurance Corporation (Segregated
     Account -- Unrated)

  -- Cl. IX-A-1, Ca Placed Under Review for Possible Downgrade;
     previously on April 16, 2010 Downgraded to Ca

  -- Financial Guarantor: Ambac Assurance Corporation (Segregated
     Account -- Unrated)

Issuer: Bear Stearns ARM Trust 2003-2

  -- Cl. A-5, Aaa Placed Under Review for Possible Downgrade;
     previously on July 17, 2003 Assigned Aaa

  -- Cl. X, Aaa Placed Under Review for Possible Downgrade;
     previously on July 17, 2003 Assigned Aaa

Issuer: Bear Stearns Structured Products, Inc. 2003-1

  -- Cl. B-2, B2 Placed Under Review for Possible Downgrade;
     previously on September 17, 2009 Downgraded to B2

  -- Cl. B-3, Ca Placed Under Review for Possible Downgrade;
     previously on September 17, 2009 Downgraded to Ca

Issuer: CWMBS, Inc. Resecuritization Mortgage Pass-Through
Certificates, Series 2003-61R

  -- Cl. A-1, Aaa Placed Under Review for Possible Downgrade;
     previously on January 27, 2004 Assigned Aaa

  -- Cl. A-2, Aaa Placed Under Review for Possible Downgrade;
     previously on January 27, 2004 Assigned Aaa

  -- Cl. A-3, Aaa Placed Under Review for Possible Downgrade;
     previously on January 27, 2004 Assigned Aaa

  -- Cl. A-4, Aaa Placed Under Review for Possible Downgrade;
     previously on January 27, 2004 Assigned Aaa

  -- Cl. A-9, Aaa Placed Under Review for Possible Downgrade;
     previously on January 27, 2004 Assigned Aaa

  -- Cl. A-10, Aaa Placed Under Review for Possible Downgrade;
     previously on January 27, 2004 Assigned Aaa

Issuer: CWMBS, Inc. Resecuritization Mortgage Pass-Through
Certificates, Series 2004-28R

  -- Cl. A-1, Aaa Placed Under Review for Possible Downgrade;
     previously on December 7, 2004 Assigned Aaa

  -- Cl. A-2, Aaa Placed Under Review for Possible Downgrade;
     previously on December 7, 2004 Assigned Aaa

  -- Cl. A-3, Aaa Placed Under Review for Possible Downgrade;
     previously on December 7, 2004 Assigned Aaa

  -- Cl. A-4, Aaa Placed Under Review for Possible Downgrade;
     previously on December 7, 2004 Assigned Aaa

  -- Cl. A-5, Aaa Placed Under Review for Possible Downgrade;
     previously on December 7, 2004 Assigned Aaa

Issuer: CWMBS, Inc. Resecuritization Mortgage Pass-Through
Certificates, Series 2005-8R

  -- Cl. A-1, Aaa Placed Under Review for Possible Downgrade;
     previously on February 15, 2005 Assigned Aaa

  -- Cl. A-2, Aaa Placed Under Review for Possible Downgrade;
     previously on February 15, 2005 Assigned Aaa

  -- Cl. A-3, Aaa Placed Under Review for Possible Downgrade;
     previously on February 15, 2005 Assigned Aaa

  -- Cl. A-4, Aaa Placed Under Review for Possible Downgrade;
     previously on February 15, 2005 Assigned Aaa

  -- Cl. A-5, Aaa Placed Under Review for Possible Downgrade;
     previously on February 15, 2005 Assigned Aaa

  -- Cl. A-6, Aaa Placed Under Review for Possible Downgrade;
     previously on February 15, 2005 Assigned Aaa

Issuer: Fannie Mae Grantor Trust 2004-T5

  -- Cl. A-9A, Aaa Placed Under Review for Possible Downgrade;
     previously on July 22, 2009 Confirmed at Aaa

  -- Cl. A-9B, Aaa Placed Under Review for Possible Downgrade;
     previously on July 22, 2009 Confirmed at Aaa

  -- Cl. A-9C, Aaa Placed Under Review for Possible Downgrade;
     previously on July 22, 2009 Confirmed at Aaa

  -- Cl. A-11, Aaa Placed Under Review for Possible Downgrade;
     previously on July 22, 2009 Confirmed at Aaa

Issuer: Financial Asset Securities Corp. AAA Trust 2003-1

  -- Cl. A-5, Aaa Placed Under Review for Possible Downgrade;
     previously on July 15, 2009 Confirmed at Aaa

  -- Cl. A-6, Aaa Placed Under Review for Possible Downgrade;
     previously on July 15, 2009 Confirmed at Aaa

  -- Cl. X, Aaa Placed Under Review for Possible Downgrade;
     previously on July 16, 2003 Assigned Aaa

Issuer: Financial Asset Securities Corp. AAA Trust 2005-1

  -- Cl. I-A3A, Aaa Placed Under Review for Possible Downgrade;
     previously on June 15, 2005 Assigned Aaa

  -- Cl. I-A3B, Aaa Placed Under Review for Possible Downgrade;
     previously on June 15, 2005 Assigned Aaa

  -- Cl. I-X, Aaa Placed Under Review for Possible Downgrade;
     previously on June 15, 2005 Assigned Aaa

Issuer: Greenwich Capital Structured Products Trust 2005-1

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

Issuer: J.P. Morgan MBS, Series 2005-R1

  -- Cl. B-2, Ba1 Placed Under Review for Possible Downgrade;
     previously on August 20, 2009 Confirmed at Ba1

  -- Cl. B-3, Ba2 Placed Under Review for Possible Downgrade;
     previously on August 20, 2009 Confirmed at Ba2

  -- Cl. B-4, Ba3 Placed Under Review for Possible Downgrade;
     previously on August 20, 2009 Confirmed at Ba3

  -- Cl. B-5, B3 Placed Under Review for Possible Downgrade;
     previously on August 20, 2009 Confirmed at B3

Issuer: Lehman Structured Securities Corp. Pass-Through
Certificates, Series 2001-GE5

  -- Cl. A2, Aaa Placed Under Review for Possible Downgrade;
     previously on March 25, 2002 Assigned Aaa

Issuer: MASTR Asset Securitization Trust 2004-P7

  -- Cl. A-1, Aaa Placed Under Review for Possible Downgrade;
     previously on September 20, 2004 Assigned Aaa

  -- Cl. A-2, Aaa Placed Under Review for Possible Downgrade;
     previously on September 20, 2004 Assigned Aaa

  -- Cl. A-3, Aaa Placed Under Review for Possible Downgrade;
     previously on September 20, 2004 Assigned Aaa

  -- Cl. A-4, Aaa Placed Under Review for Possible Downgrade;
     previously on September 20, 2004 Assigned Aaa

  -- Cl. A-5, Aaa Placed Under Review for Possible Downgrade;
     previously on September 20, 2004 Assigned Aaa

  -- Cl. A-6, Aaa Placed Under Review for Possible Downgrade;
     previously on September 20, 2004 Assigned Aaa

  -- Cl. A-7, Aa1 Placed Under Review for Possible Downgrade;
     previously on September 20, 2004 Assigned Aa1

Issuer: MASTR Resecuritization Trust 2004-3

  -- Notes, B3 Placed Under Review for Possible Downgrade;
     previously on September 17, 2009 Downgraded to B3

Issuer: MASTR Resecuritization Trust 2005-1

  -- Notes, Caa3 Placed Under Review for Possible Downgrade;
     previously on September 18, 2009 Downgraded to Caa3

Issuer: MASTR Resecuritization Trust 2005-2

  -- Notes, Baa3 Placed Under Review for Possible Downgrade;
     previously on November 12, 2009 Confirmed at Baa3

Issuer: RALI Series 2003-QR19 Trust

  -- Cl. CB-3, Aaa Placed Under Review for Possible Downgrade;
     previously on January 23, 2004 Assigned Aaa

  -- Cl. CB-4, Aaa Placed Under Review for Possible Downgrade;
     previously on January 23, 2004 Assigned Aaa

Issuer: Washington Mutual Mortgage Trust 2003-R1

  -- Cl. A-1, Aaa Placed Under Review for Possible Downgrade;
     previously on December 5, 2003 Assigned Aaa

  -- Cl. A-3, Aaa Placed Under Review for Possible Downgrade;
     previously on December 5, 2003 Assigned Aaa


* S&P Downgrades Ratings on 26 Classes From 12 Resecuritized Deals
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 26
classes of certificates from 12 resecuritized real estate mortgage
investment conduit RMBS transactions and removed four of these
ratings from CreditWatch with negative implications.
Concurrently, S&P affirmed its ratings on 97 classes from the
transactions with lowered ratings, as well as seven additional
transactions.

The downgrades reflect S&P's assessment of the significant
deterioration in performance of the loans backing the underlying
certificates.  As a result of this performance deterioration, the
downgraded classes were unable to maintain their previous ratings
at the applicable rating stresses.

The affirmations reflect S&P's assessment of the credit
enhancement available to the underlying certificates, which in
S&P's opinion, is sufficient to maintain the ratings on the re-
REMIC classes.  In addition, certain re-REMIC classes may also
benefit from support classes within the re-REMIC transaction.

When performing its analysis on the re-REMIC classes, S&P applied
its loss projections to the underlying collateral in order to
identify the magnitude of losses that S&P believes could be
passed-through to the applicable re-REMIC classes.  Generally,
S&P's projected losses depend on the related underlying collateral
type.  S&P then stressed these loss projections at various rating
categories in order to assess whether the re-REMIC classes could
withstand such stressed losses associated with their ratings.

Generally, the underlying collateral that backs the applicable
classes that contribute to the re-REMICs consists of 1998-2007
vintage prime, subprime, and Alternative-A mortgage loans.  The
more recent vintages have displayed what S&P considers to be
substantial performance decline in recent years.  As a result,
over the past several years, S&P has revised its RMBS default and
loss assumptions, and consequently its projected losses, to
reflect its view of the continuing decline in mortgage loan
performance.  The performance deterioration of most U.S. RMBS has
continued to outpace the market's expectation.

                          Rating Actions

               Bear Stearns Structured Products Inc.
                        Series      2005-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        07383UJL0     BBB                  AAA/Watch Neg
    A-2        07383UJM8     B-                   AA+/Watch Neg
    A-3        07383UJN6     CCC                  AA/Watch Neg
    A-4        07383UJP1     CC                   A/Watch Neg

     C-BASS ABS, LLC 2005-B Trust Certificates, Series 2005-B
                        Series      2005-B

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-4        124860FT9     CC                   BB
        M-5        124860FU6     CC                   CCC

              Citigroup Mortgage Loan Trust 2008-AR4
                       Series      2008-AR4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        2A2        17314RAF2     D                    CCC

                       CSMC Series 2009-1R
                       Series      2009-1R

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        4-A-2      12640XAQ1     AA-                  AAA

         Deutsche Mortgage Securities, Inc. Mortgage Loan
              Resecuritization Trust, Series 2009-RS2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        III-A-1    25158EAQ9     AA+                  AAA
        III-A-8    25158EAX4     AA+                  AAA
        III-A-6    25158EAV8     AA+                  AAA
        III-A-4    25158EAT3     AA+                  AAA
        III-A-10   25158EAZ9     AA+                  AAA

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

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        2-A-1      46632YAC8     B-                   AAA
        2-A-2      46632YAD6     CCC                  BBB
        2-A-3      46632YAF1     CC                   CCC

            J.P. Morgan Mortgage Trust, Series 2008-R5
                       Series      2008-R5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-2        46633BAB9     CC                   CCC
        A-1        46633BAA1     BBB+                 AAA

                   Lehman Mortgage Trust 2008-5
                        Series      2008-5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A3         52524SAC0     CC                   CCC
        A5         52524SAJ5     CC                   CCC

                RBSSP Resecuritization Trust 2009-5
                        Series      2009-5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        8-A2       74928WAZ6     D                    CCC

               RBSSP Resecuritization Trust 2009-7
                        Series      2009-7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        3-A4       75524MAM2     BB                   BBB
        3-A2       75524MAK6     BB                   BBB
        3-A6       75524MAP5     BB                   BBB

                 Structured Asset Securities Corp.
                        Series      2005-8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A          86359DAA5     AA+                  AAA

                       WFMBS Series 2008-1R
                       Series      2008-1R

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-2        92932SAC2     A-                   AAA

                         Ratings Affirmed

              Citigroup Mortgage Loan Trust 2008-AR4
                       Series      2008-AR4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1A2        17314RAB1     CCC

                       CSMC Series 2009-1R
                       Series      2009-1R

                  Class      CUSIP         Rating
                  -----      -----         ------
                  2-A-1      12640XAE8     AAA
                  4-A-1      12640XAN8     AAA

                       CSMC Series 2009-4R
                       Series      2009-4R

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      12641NAA7     AAA
                  1-A-4      12641NAG4     AAA
                  1-A-13     12641NBA6     A-
                  1-A-10     12641NAU3     AAA
                  C-M-18     12641NEB1     AAA
                  C-M-19     12641NED7     A-
                  2-A-3      12641NCA5     AAA
                  2-A-9      12641NCN7     A-
                  1-A-2      12641NAC3     AAA
                  1-A-12     12641NAY5     AAA
                  1-A-19     12641NBN8     A-
                  2-A-17     12641NDE6     A-
                  C-M-13     12641NDZ9     A-
                  2-A-6      12641NCG2     AAA
                  2-A-21     12641NDN6     AAA
                  C-M-8      12641NDV8     AAA
                  1-A-20     12641NBQ1     AAA
                  1-A-15     12641NBE8     A-
                  2-A-11     12641NCS6     AAA
                  1-A-21     12641NBS7     AAA
                  1-A-17     12641NBJ7     A-
                  2-A-23     12641NDQ9     AAA
                  2-A-24     12641NDS5     AAA
                  1-A-8      12641NAQ2     AAA
                  1-A-3      12641NAE9     AAA
                  2-A-4      12641NCC1     AAA
                  2-A-18     12641NDG1     AAA
                  2-A-2      12641NBY4     AAA
                  2-A-20     12641NDL0     AAA
                  1-A-16     12641NBG3     A-
                  2-A-7      12641NCJ6     AAA
                  C-M-7      12641NEJ4     AAA
                  2-A-1      12641NBW8     AAA
                  2-A-16     12641NDC0     A-
                  2-A-19     12641NDJ5     A-
                  1-A-9      12641NAS8     A-
                  2-A-5      12641NCE7     AAA
                  2-A-8      12641NCL1     AAA
                  2-A-12     12641NCU1     AAA
                  2-A-22     12641NEH8     AAA
                  1-A-14     12641NBC2     A-
                  1-A-6      12641NAL3     AAA
                  1-A-5      12641NAJ8     AAA
                  1-A-11     12641NAW9     AAA
                  2-A-15     12641NDA4     A-
                  2-A-10     12641NCQ0     AAA
                  1-A-22     12641NBU2     AAA
                  1-A-7      12641NAN9     AAA
                  2-A-14     12641NCY3     A-
                  C-M-9      12641NDX4     A-
                  1-A-18     12641NBL2     AAA
                  2-A-13     12641NCW7     A-

         Deutsche Mortgage Securities, Inc. Mortgage Loan
              Resecuritization Trust, Series 2009-RS2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  III-A-7    25158EAW6     AAA
                  II-A-7     25158EAK2     AAA
                  II-A-2     25158EAE6     CCC
                  II-A-4     25158EAG1     AAA
                  II-A-5     25158EAH9     AAA
                  II-A-1     25158EAD8     AAA
                  III-A-5    25158EAU0     AAA
                  III-A-9    25158EAY2     AAA
                  IV-A-2     25158EBC9     AAA
                  II-A-6     25158EAJ5     AAA
                  III-A-3    25158EAS5     AAA
                  III-A-2    25158EAR7     CCC
                  II-A-9     25158EAM8     AAA
                  II-A-3     25158EAF3     AAA
                  IV-A-3     25158EBD7     AAA
                  II-A-8     25158EAL0     AAA
                  IV-A-6     25158EBG0     AAA
                  IV-A-1     25158EBB1     AAA
                  IV-A-4     25158EBE5     AAA
                  II-A-10    25158EAN6     AAA
                  IV-A-5     25158EBF2     AAA

        Financial Asset Securities Corp. AAA Trust 2003-1
                        Series      2003-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-5        31738PAM0     AAA
                  A-6        31738PAN8     AAA
                  X          31738PAP3     AAA

        Greenwich Capital Structured Products Trust 2005-1
                        Series      2005-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          39678WAA6     AAA

        J.P. Morgan Resecuritization Trust, Series 2009-2
                        Series      2009-2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        46633FAA2     AAA

             Jefferies Resecuritization Trust 2008-R1
                       Series      2008-R1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          472320AA8     CCC

                   Lehman Mortgage Trust 2008-5
                        Series      2008-5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A1         52524SAA4     B
                  A2         52524SAB2     CCC
                  A4         52524SAD8     CCC

           Mellon Re-REMIC Pass-Through Trust 2004-TBC1
                      Series      2004-TBC1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          58552RAA8     AAA
                  X          58552RAB6     AAA

                RBSSP Resecuritization Trust 2009-5
                        Series      2009-5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  8-A1       74928WAY9     AAA
                  7-A1       74928WAW3     AAA
                  7-A2       74928WAX1     CCC
                  6-A2       74928WAV5     CCC
                  6-A1       74928WAU7     AAA

                RBSSP Resecuritization Trust 2009-7
                        Series      2009-7

                  Class      CUSIP         Rating
                  -----      -----         ------
                  3-A3       75524MAL4     AA
                  3-A5       75524MAN0     A
                  3-A1       75524MAJ9     AAA

        Structured Asset Mortgage Investments Trust 2002-3
                        Series      2002-3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  CC         86358HNF2     AAA

                       WFMBS Series 2008-1R
                       Series      2008-1R

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        92932SAA6     AAA


* S&P Downgrades Ratings on 63 Tranches From 25 U.S. TruPs CDOs
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 63
tranches from 25 U.S. TruPs collateralized debt obligation
transactions and removed them from CreditWatch negative.  The
tranches with lowered ratings have a total issuance amount of
$8.84 billion.  At the same time, S&P affirmed its rating on one
tranche and removed it from CreditWatch negative.

The downgrades reflect three primary factors:

* The application of S&P's updated corporate CDO criteria;

* The application of S&P's revised recovery assumptions for trust-
  preferred securities issued by U.S. Banks; and

In most cases, significant deterioration in the credit quality of
the underlying asset portfolios due to increased exposure to
obligors that have either defaulted or deferred payments on trust-
preferred securities, along with an increase in the number of
trust-preferred securities that experienced downgrades into the
'CCC' range.

In January 2009, S&P indicated its view that the economic and
regulatory conditions pointed to a potential increase in the
number of U.S. banks that defer on their TruPs payment
obligations.  Since that time, S&P has observed significant
increases in the number of deferrals of U.S. Bank TruPs held by
the CDOs S&P rates.  While the rate of increase in the number of
deferrals may have recently slowed, in S&P's view, the economic
and regulatory conditions at the root of these deferrals continue
to unfold.

The affirmation reflects S&P's view that the affirmed tranche has
sufficient credit support to maintain its current rating according
to its updated criteria.

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

                  Rating And Creditwatch Actions

                                         Rating
                                         ------
  Transaction                 Class To             From
  -----------                 ----- --             ----
  ALESCO Pref Funding I       A-1   CCC+           BB+/Watch Neg
  ALESCO Pref Funding I       A-2   CCC-           B/Watch Neg
  ALESCO Pref Funding II      A-1   B              BBB+/Watch Neg
  ALESCO Pref Funding II      A-2   CCC            BB/Watch Neg
  ALESCO Pref Funding III     A-1   CCC            BBB+/Watch Neg
  ALESCO Pref Funding III     A-2   CCC-           BB-/Watch Neg
  ALESCO Pref Funding IV      A-1   CCC            BB+/Watch Neg
  ALESCO Pref Funding IV      A-2   CCC-           B/Watch Neg
  ALESCO Pref Funding IV      A-3   CCC-           B/Watch Neg
  ALESCO Pref Funding IX      A-1   CCC+           BBB-/Watch Neg
  ALESCO Pref Funding IX      A-2A  CCC-           BB/Watch Neg
  ALESCO Pref Funding IX      A-2B  CCC-           BB/Watch Neg
  ALESCO Pref Funding IX      B-1   CCC-           B-/Watch Neg
  ALESCO Pref Funding IX      B-2   CCC-           B-/Watch Neg
  ALESCO Pref Funding V       A-1   CCC+           BBB-/Watch Neg
  ALESCO Pref Funding V       A-2   CCC-           BB-/Watch Neg
  ALESCO Pref Funding V       B     CCC-           B/Watch Neg
  ALESCO Pref Funding VI      A-1   B+             BBB-/Watch Neg
  ALESCO Pref Funding VI      A-2   CCC+           BB-/Watch Neg
  ALESCO Pref Funding VI      A-3   CCC+           BB-/Watch Neg
  ALESCO Pref Funding VI      B-1   CCC-           B-/Watch Neg
  ALESCO Pref Funding VI      B-2   CCC-           B-/Watch Neg
  ALESCO Pref Funding VIII    A-1A  CCC+           BBB/Watch Neg
  ALESCO Pref Funding VIII    A-1B  CCC+           BBB/Watch Neg
  ALESCO Pref Funding X       A-1   CCC+           BBB-/Watch Neg
  Alesco Pref Funding XIII    A-1   CCC-           BB+/Watch Neg
  Alesco Pref Funding XIII    X     BB-            AAA/Watch Neg
  Alesco Pref Funding XIV     A-1   CCC-           BBB+/Watch Neg
  ALESCO Pref Funding XVI     A     CCC-           B-/Watch Neg
  Alesco Pref Funding XVII    A-1   CCC-           BB-/Watch Neg
  Alesco Pref Funding XVII    A-2   CCC-           B/Watch Neg
  InCapS Funding II           A-1   A+             AAA/Watch Neg
  InCapS Funding II           A-2   BB             A/Watch Neg
  InCapS Funding II           B-1   CCC            BB-/Watch Neg
  InCapS Funding II           B-2   CCC            BB-/Watch Neg
  InCapS Funding II           C     CCC-           B/Watch Neg
  Pref Term Securities IX     A-1   B-             A/Watch Neg
  Pref Term Securities IX     A-2   CCC            BBB+/Watch Neg
  Pref Term Securities IX     A-3   CCC            BBB+/Watch Neg
  Pref Term Securities VII    A-2   B              AAA/Watch Neg
  Pref Term Securities X      A-1   CCC-           BBB/Watch Neg
  Pref Term Securities X      A-2   CCC-           BB+/Watch Neg
  Pref Term Securities X      A-3   CCC-           BB+/Watch Neg
  Pref Term Securities XII    A-1   CCC+           BB+/Watch Neg
  Pref Term Securities XII    A-2   CCC-           B+/Watch Neg
  Pref Term Securities XII    A-3   CCC-           B+/Watch Neg
  Pref Term Securities XII    A-4   CCC-           B+/Watch Neg
  Pref Term Securities XIII   A-1   CCC+           BB/Watch Neg
  Pref Term Securities XIII   A-2   CCC-           B/Watch Neg
  Pref Term Securities XIII   A-3   CCC-           B/Watch Neg
  Pref Term Securities XIII   A-4   CCC-           B/Watch Neg
  Pref Term Securities XIV    A-1   CCC            BB+/Watch Neg
  Pref Term Securities XIV    A-2   CCC-           BB-/Watch Neg
  Pref Term Securities XXII   A-1   CCC+           BB/Watch Neg
  Pref Term Securities XXII   A-2   CCC-           B+/Watch Neg
  Pref Term Securities XXIV   A-1   CCC-           BBB/Watch Neg
  Pref Term Securities XXIV   A-2   CCC-           BB/Watch Neg
  Pref Term Securities XXVII  A-1   CCC+           BBB-/Watch Neg
  Pref Term Securities XXVII  A-2   CCC-           BB/Watch Neg
  Trapeza CDO IV LLC          A1A   BB+            BBB/Watch Neg
  Trapeza CDO IV LLC          A1B   CCC-           BB-/Watch Neg
  Trapeza CDO V               A1A   CCC+           BBB-/Watch Neg
  Trapeza CDO V               A1B   CCC-           BB+/Watch Neg

      Rating Affirmed And Removed From Creditwatch Negative

                                         Rating
                                         ------
  Transaction                 Class To             From
  -----------                 ----- --             ----
  Alesco Pref Funding XIV     X     AAA           AAA/Watch Neg


* S&P Withdraws Ratings on 45 Classes From 23 CMBS Deals
--------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on 45
classes from 23 North American commercial mortgage-backed
securities and commercial real estate collateralized debt
obligation transactions.

S&P withdrew its ratings on 40 classes from 21 CMBS and CRE CDO
transactions following the repayment in full of each class'
remaining principal balance as noted in each transaction's
respective June 2010 remittance reports.  S&P withdrew its ratings
on three interest-only classes from three CMBS transactions
following the full reductions of the classes' notional balances as
noted in each transaction's respective June 2010 remittance
reports.  The IO withdrawals included two IO classes from two
additional CMBS transactions not affected by the previously noted
principal balance repayments.

S&P also withdrew its ratings on two additional IO classes from
two affected CMBS transactions.  S&P withdrew these ratings
following the repayment of all principal and interest paying
classes rated 'AA-' or higher from the respective CMBS
transactions.

  Ratings Withdrawn Following Full Repayment Or Balance Reduction

                  Banc of America Large Loan Inc.
  Commercial mortgage pass-through certificates series 2004-BBA4

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        F                        NR                  AAA
        G                        NR                  AAA
        H                        NR                  A+

            Chase Commercial Mortgage Securities Corp.
    Commercial mortgage pass-through certificates series 2000-1

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        E                        NR                  A

                  Commercial Mortgage Asset Trust
    Commercial mortgage pass-through certificates series 1999-C2

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A-2                      NR                  AAA

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

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A-1                      NR                  AAA

       Credit Suisse First Boston Mortgage Securities Corp.
   Commercial Mortgage Pass-Through certificates series 2000-C1

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        E                        NR                  AA-

       Credit Suisse First Boston Mortgage Securities Corp.
   Commercial mortgage pass-through certificates series 2003-C3

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A-SP                     NR                  AAA

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

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        CSP-A1                   NR                  AAA
        CSP-A2                   NR                  AAA
        CSP-B                    NR                  AA+
        CSP-C                    NR                  AA
        CSP-D                    NR                  AA-
        CSP-E                    NR                  A+
        CSP-F                    NR                  A
        CSP-G                    NR                  BBB+
        CSP-H                    NR                  BBB
        CSP-J                    NR                  BBB-
        CSP-K                    NR                  BB+
        CSP-AX                   NR                  AAA

              DLJ Commercial Mortgage Trust 2000-CF1
   Commercial mortgage pass-through certificates series 2000-CF1

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A-3                      NR                  AAA

       First Union-Lehman Brothers Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 1997-C2

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        C                        NR                  AAA

                   GE Commercial Mortgage Corp.
   Commercial mortgage pass through certificates series 2005-C4

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A-1                      NR                  AAA
        A-1D                     NR                  AAA

             GMAC Commercial Mortgage Securities Inc.
   Commercial mortgage pass-through certificates series 2000-C2

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A-2                      NR                  AAA
        B                        NR                  AAA

             Greenwich Capital Commercial Funding Corp.
    Commercial mortgage pass-through certificates series 2003-C1

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        XP                       NR                  AAA

            Greenwich Capital Commercial Funding Corp.
  Commercial mortgage pass-through certificates series 2007-GG9

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A-1                      NR                  AAA

              GS Mortgage Securities Trust 2006-GG6
   Commercial mortgage pass through certificates series 2006-GG6

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A-1                      NR                  AAA

       JPMorgan Chase Commercial Mortgage Securities Corp.
  Commercial mortgage pass-through certificates series 2003-CIBC7

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A-2                      NR                  AAA
        FS-1                     NR                  AAA
        FS-2                     NR                  AAA
        FS-3                     NR                  AAA
        FS-4                     NR                  AA+

                 LB-UBS Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2000-C4

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A-2                      NR                  AAA
        B                        NR                  AAA

             LB-UBS Commercial Mortgage Trust 2004-C7
    Commercial mortgage pass through certificates series 2004-C7

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A-2                      NR                  AAA

             LB-UBS Commercial Mortgage Trust 2005-C7
    Commercial mortgage pass through certificates series 2005-C7

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A-1                      NR                  AAA

                        LNR CFL 2004-1 Ltd.
            CMBS resecuritization notes series 2004-CFL

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        I-5                      NR                  A

                   Morgan Stanley Capital I Inc.
   Commercial mortgage pass-through certificates series 1996-BKU1

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        F                        NR                  B+

              Morgan Stanley Capital I Trust 2004-HQ4
   Commercial mortgage pass-through certificates series 2004-HQ4

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A-3                      NR                  AAA

                          STRIPs CDO Ltd.
                      CDO notes series 2002-2

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        J                        NR                  A-

                          STRIPs III Ltd.
                      CDO notes series 2004-1

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        K                        NR                  A

      Ratings Withdrawn Following Application Of Criteria For
                           Io Securities

                  Banc of America Large Loan Inc.
   Commercial mortgage pass-through certificates series 2004-BBA4

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        X-1B                     NR                  AAA

       Credit Suisse First Boston Mortgage Securities Corp.
   Commercial mortgage pass-through certificates series 2000-C1

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A-X                      NR                  AAA



                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez,
Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.


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