TCR_Public/110703.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 3, 2011, Vol. 15, No. 182

                            Headlines

ABACUS 2006-NS1: S&P Lowers Ratings on 7 Classes to 'CC'
ACA ABS: Fitch Affirms Ratings on 5 Classes of Notes
ARES X: S&P Raises Ratings on 2 Classes of Notes to 'B+'
AXIS EQUIPMENT: DBRS Puts 'BB' Provisional Rating on Class D
BANC OF AMERICA: Moody's Affirms 23 CMBS Classes of BACM 2006-1

BEAR STEARNS: Fitch Affirms Ratings on All Classes of Certs.
BEAR STEARNS: Moody's Affirms 18 CMBS Classes of BSCMS 2004-PWR5
BEAR STEARNS: S&P Lowers Rating on Class V-A-2 Certs. to 'D'
BLC CAPITAL: S&P Lowers Rating on Class B Notes to 'B+'
C-BASS MORTGAGE: Fitch Affirms Asset-Backed Certificates

CABELA'S CREDIT CARD: DBRS Puts 'BB' Provisional Rating on Class D
CANADIAN CAPITAL: Moody's Assigns Definitive Ratings to Notes
CAPITAL AUTO: S&P Raises Ratings on 8 Classes of Notes From 'BB'
CAPITAL TRUST: Mood's Downgrades Rating of Housing Revenue Bonds
CASTLE GARDEN: S&P Affirms Ratings on 2 Classes of Notes at 'B+'

CDC COMM'L: Moody's Upgrades Three and Affirms 12 CMBS Classes
CGCMT 2010-RR2: Moody's Affirms Ratings of Four CRE CDO Classes
CITIGROUP COMMERCIAL: Fitch Takes Various Rating Actions
COLLEGE LOAN TRUST-I: Fitch Affirms Sr., Upgrades Sub Bonds
CREDIT SUISSE: Fitch Takes Various Rating Actions on CSFB 2001-CF2

CREDIT SUISSE: Fitch Downgrades Classes of CSFB 2001-CK1
CREDIT SUISSE: Fitch Takes Various Actions on CSFB 2004-C2
CS FIRST: Moody's Downgrades Two and Affirms Nine CMBS Classes
CSFB MORTGAGE: Moody's Affirms 19 CMBS Classes of CSFB 2005-C1
CSFB MORTGAGE: S&P Lowers Ratings on 4 Classes of Certs. to 'D'

CW CAPITAL: Moody's Affirms Nine and Downgrades Five CRE CDO Notes
CWHEQ REVOLVING: Moody's Downgrades Rating of $1.1 Bil. RMBS
DBUBS 2011-LC2: Moody's Assigns Definitive Ratings to 15 CMBS
DEUTSCHE MORTGAGE: S&P Lowers Ratings on 9 Classes to 'B-'
DLJ MTG: Moody's Withdraws Ratings on Two Transactions

DUANE STREET: S&P Raises Rating on Class E Notes to 'BB-'
EIRLES TWO: Moody's Upgrades Rating of Class C Notes to 'Ba1'
EMPORIA PREFERRED: S&P Affirms Ratings on 2 Classes at 'BB'
FORD CREDIT: Moody's Assigns Definitive Ratings to Notes
FRANKLIN AUTO: Moody's Reviews Rating for Possible Upgrade

G-STAR 2002-1: Fitch Affirms Ratings on 5 Classes
GE CAPITAL: Moody's Affirms 14 CMBS Classes of GECMC 2001-2
GE COMMERCIAL: Moody's Affirms 17 CMBS Classes of GECMC 2003-C1
GLACIER FUNDING: Fitch Affirms Ratings on 4 Classes of Notes
GMAC COMMERCIAL: Fitch Affirms & Upgrades GMAC 2000-C1

GMAC COMMERCIAL: Fitch Cuts Ratings on 2 Classes of GMAC 2001-C1
GMAC COMMERCIAL: Moody's Affirms 15 CMBS Classes of GMAC 2002-C2
GS MORTGAGE: Moody's Affirms 22 CMBS Classes of GSMS 2005-GG4
HELLER FINANCIAL: Moody's Affirms Rating of Five CMBS Classes
HOMETOWN COMMERCIAL: Fitch Takes Various Rating Actions

INDYMAC NIM: S&P Lowers Rating on Class NIM to 'CC'
INDYMAC RESIDENTIAL: Moody's downgrades $133.7 Mil. Lot Loans RMBS
INGRESS I LTD: Fitch Affirms Junior Notes at 'Csf'
JER CRE CDO: Moody's Affirms Rating of Seven Classes of Notes
JP MORGAN: Fitch Affirms Ratings on 9 Classes

JP MORGAN: Moody's Affirms 11 CMBS Classes of SOVC 2007-C1
JP MORGAN: Moody's Affirms 15 CMBS Classes of JPMCC 2004-LN2
JP MORGAN: Moody's Affirms 22 CMBS Classes of JPMCC 2004-C2
JP MORGAN: S&P Gives 'B' Rating on Class H Certificates
KEY COMMERCIAL: Fitch Takes Various Rating Actions

MARIAH RE: S&P Lowers Rating on Series 2010-1 Notes to 'CCC+'
MARQUETTE US/EUROPEAN: S&P Raises Ratings on 2 Classes to 'B'
MASTER CREDIT: Moody's Puts Definitive Ratings on Class D Notes
MASTR ASSET: Moody's Downgrades Rating of $80 Mil. Subprime RMBS
MERRILL LYNCH: Fitch Affirms ML 1997-C2 Ratings

MERRILL LYNCH: Fitch Takes Various Rating Actions
MERRILL LYNCH: Moody's Upgrades Six Classes of MLMT 2004-MKB1
MEZZ CAP COMMERCIAL: Fitch Takes Various Rating Actions
MORGAN STANLEY: Fitch Upgrades Capital I Trust 1999-RM1 Certs.
MORGAN STANLEY: Fitch Rates Capital I Trust 2011-C1 Certificates

MORGAN STANLEY: Fitch Rates Capital I Trust 2011-C2 Certificates
MORGAN STANLEY: Fitch Takes Various Rating Actions
MORGAN STANLEY: Moody's Affirms Eight CMBS Classes of 2007-XLF
MORGAN STANLEY: Moody's Assigns Definitive Ratings to 11 CMBS
MORGAN STANLEY: Moody's Downgrades Rating of Three CMBS Classes

MORGAN STANLEY: S&P Withdraws 'CCC+' Ratings on 2 Classes of Notes
MORTGAGE LOAN: S&P Raises Ratings on 7 Classes of Notes From 'CCC'
MORTGAGES PLC: Fitch Affirms Ratings on All Tranches
NELNET STUDENT LOAN: Fitch Removes Sub Note from Watch Neg.
PAGE FIVE: S&P Gives 'B+' Rating on Class D Asset-Backed Notes

PARKRIDGE LANE: Moody's Upgrades Ratings on Two Classes of Notes
PROVIDENT FINANCING: Fitch Holds BB+ Rating on Jr. Sub. Securities
RESI FINANCE LTD: Fitch Withdraws Ratings on All Classes
SANTANDER DRIVE: DBRS Puts 'BB' Provisional Rating on Class E
SOLAR INVESTMENT: Fitch Upgrades 3, Affirms 3 Classes

SOLAR TRUST: DBRS Confirms Class G Rating at 'BB'
SOVEREIGN COMM'L: Moody's Affirms 11 CMBS Classes of SOVC 2007-C1
STRUCTURED ASSET: Moody's Downgrades Ratings of 39 Tranches
SUTTER CBO: S&P Raises Ratings on 2 Classes of Notes to 'B'
TIAA REAL ESTATE: Fitch Downgrades 2, Affirms 3 Classes

VENTURE III: S&P Raises Rating on Class C Notes to 'BB-'
VERMEER FUNDING: Fitch Affirms Ratings on 4 Classes of Notes
WACHOVIA BANK: Fitch Downgrades Two Non Pooled Classes

                            *********

ABACUS 2006-NS1: S&P Lowers Ratings on 7 Classes to 'CC'
--------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on 66
tranches from 50 corporate-backed synthetic collateralized debt
obligation (CDO) transactions and removed 62 of them from
CreditWatch with positive implications. "At the same time, we
lowered our ratings on eight tranches from six corporate-backed
synthetic CDO transactions, 51 tranches from 17 synthetic CDO
transactions backed by commercial mortgage backed securities
(CMBS), and seven tranches from two synthetic CDO transactions
backed by residential mortgage-backed securities (RMBS). We
removed 26 of the downgraded ratings from CreditWatch negative,
and one rating remains on CreditWatch negative. In addition, we
affirmed our ratings on 31 tranches from 14 corporate-backed
synthetic CDOs," S&P related.

"We raised our ratings on synthetic CDOs that experienced a
combination of upward rating migration in their underlying
reference portfolios, seasoning of their underlying reference
obligations, and increases in their synthetic rated
overcollateralization (SROC) ratios above 100% (at higher rating
levels as of the June review and at our projection of the SROC
ratios in 90 days assuming no credit migration)," S&P noted.

"We lowered our ratings on synthetic CDOs that had experienced
negative rating migration in their underlying reference
portfolios," S&P related.

"The affirmations reflect our opinion of the availability of
sufficient credit support at the current rating levels," S&P said.

"The rating actions followed our monthly review of U.S. synthetic
CDO transactions," S&P added.

Rating Actions

ABACUS 2006-NS1 Ltd.
                                 Rating
Class                    To                  From
D                        CC (sf)             CCC- (sf)
E                        CC (sf)             CCC- (sf)
F                        CC (sf)             CCC- (sf)
G                        CC (sf)             CCC- (sf)
H                        CC (sf)             CCC- (sf)
J                        CC (sf)             CCC- (sf)
K                        CC (sf)             CCC- (sf)

ABACUS 2006-NS2 Ltd.
                                 Rating
Class                    To                  From
L                        CC (sf)             CCC- (sf)
M                        CC (sf)             CCC- (sf)

Alpha Financial Products Ltd. Series 1
                                 Rating
Class                    To             From
Series 1                 B-p (sf)       CCCp (sf)/Watch Pos

Aphex Capital NSCR 2006-1 Ltd.
                                 Rating
Class                    To             From
Notes                    B (sf)         BB (sf)/Watch Neg

Aphex Capital NSCR 2007-5 Ltd.
                                 Rating
Class                    To             From
A-1FL                    CCC+ (sf)      B- (sf)/Watch Neg
A-1FX                    CCC+ (sf)      B- (sf)/Watch Neg
A-2                      CCC- (sf)      CCC (sf)/Watch Neg

Arch One Finance Ltd.
2005-5
                                 Rating
Class                    To             From
ABBA                     B+ (sf)        B (sf)/Watch Pos

Bear Stearns High Grade Structured Credit Strategies Master Fund
Ltd.
                                 Rating
Class                    To             From
Unf Cr Def               AA+ (sf)       A (sf)/Watch Pos

Calculus CMBS Resecuritization Trust Series 2007-1
                                 Rating
Class                    To             From
Units                    CCC- (sf)      CCC (sf)/Watch Neg

Calculus CMBS Resecuritization Trust Series 2007-2
                                 Rating
Class                    To             From
V Units                  CCC- (sf)      CCC (sf)/Watch Neg

Castle Finance I Ltd.
Series 1
                                 Rating
Class                    To             From
Series 1                 BBB+ (sf)      BBB- (sf)/Watch Pos

Castle Finance I Ltd.
Series 2
                                 Rating
Class                    To             From
Series 2                 BB (sf)        B+ (sf)/Watch Pos

Cloverie PLC
Series 2007-25
                                 Rating
Class                    To                  From
2007-25                  B- (sf)             B- (sf)

Cloverie PLC
EUR100 mil floating-rate credit linked notes series 2007-44
                                 Rating
Class                    To                  From
Notes                    CCC+ (sf)           CCC+ (sf)

Cloverie PLC
EUR50 mil floating-rate credit linked notes series 2007-43
                                 Rating
Class                    To                  From
Notes                    CCC+ (sf)           CCC+ (sf)

Credit and Repackaged Securities Ltd.
Series 2006-4
                                 Rating
Class                    To             From
Notes                    B+ (sf)        B- (sf)/Watch Pos

Credit Default Swap
$10.893 bil Swap Risk Rating - Portfolio CDS Ref No. SDB506546950
                                 Rating
Class                    To            From
Notes                    BB+srp (sf)   BBsrp (sf)/Watch Pos

Credit Default Swap
$10.893 bil Swap Risk Rating - Portfolio CDS Ref No. SDB506546955
                                 Rating
Class                    To            From
Notes                    BB+srp (sf)   BBsrp (sf)/Watch Pos

Credit Default Swap
$10.893 bil Swap Risk Rating - Portfolio CDS Ref No. SDB506547004
                                 Rating
Class                    To            From
Notes                    BB+srp (sf)   BBsrp (sf)/Watch Pos

Credit Default Swap
$10.895 bil Swap Risk Rating - Portfolio CDS Ref No SDB506494104
                                 Rating
Class                    To            From
Notes                    BB+srp (sf)   BBsrp (sf)/Watch Pos

Credit Default Swap
$10.895 bil Swap Risk Rating - Portfolio CDS Ref No. SDB506546935
                                 Rating
Class                    To            From
Notes                    BB+srp (sf)   BBsrp (sf)/Watch Pos

Credit Default Swap
$10.895 bil Swap Risk Rating - Portfolio CDS Ref No. SDB506546943
                                 Rating
Class                    To            From
Notes                    BB+srp (sf)   BBsrp (sf)/Watch Pos

Credit Default Swap
$10.896 bil Swap Risk Rating - Portfolio CDS Ref No. SDB506546906
                                 Rating
Class                    To            From
Notes                    BB+srp (sf)   BBsrp (sf)/Watch Pos

Credit Default Swap
$187.5 mil Swap Risk Rating - Portfolio CDS Ref No.
PYR_8631051_82386541_Zicavo
                                 Rating
Class                    To          From
Swap                     Asrp (sf)   BBB+srp (sf)/Watch Pos

Credit Default Swap
$2 bil Swap Risk Rating - Portfolio CDS Ref. No. NDG8F
                                 Rating
Class                    To                  From
Notes                    AAAsrp (sf)         AAAsrp (sf)

Credit Default Swap
$225 mil Swap Risk Rating - "Paoli" Ref No. 64451
                                 Rating
Class                    To            From
Tranche                  BB+srp (sf)   BBsrp (sf)/Watch Pos

Credit Default Swap
$300 mil Morgan Stanley Capital Services Inc. - ESP Funding I Ltd.
REF:

NGNGX
                                 Rating
Class                    To            From
Tranche                  BB-srb (sf)   B+srb (sf)/Watch Pos

Credit Default Swap
$500 mil Credit Default Swap - CRA700426
                                 Rating
Class                    To            From
Swap                     Asrp (sf)     A-srp (sf)/Watch Pos

Credit Default Swap
$500 mil Credit Default Swap - CRA700436
                                 Rating
Class                    To            From
Swap                     Asrp (sf)     A-srp (sf)/Watch Pos

Credit Default Swap
$561.8 mil J.P. Morgan Chase Bank N.A. - Lacrosse Financial
Products LLC
(Sequoia) J17558 (SEQUOIA)
                                 Rating
Class                    To          From
Tranche                  A-srp (sf)  BBB+srp (sf)/Watch Pos

Credit-Linked Trust Certificates
Series 2005-I
                                 Rating
Class                    To             From
2005-I-I                 BBB+ (sf)      BBB (sf)/Watch Pos
2005-I-J                 BBB+ (sf)      BBB- (sf)/Watch Pos

Elva Funding PLC
Series 2008-3
                                 Rating
Class                    To             From
Notes                    A- (sf)        BBB+ (sf)/Watch Pos

Greylock Synthetic CDO 2006
Series 1
                                 Rating
Class                    To               From
A1A-$LS                  BB+ (sf)         BB (sf)/Watch Pos

Greylock Synthetic CDO 2006
Series 4
                                 Rating
Class                    To             From
A1JPYLS                  BB+ (sf)       BB (sf)/Watch Pos
A3JPYFMS                 BB- (sf)       B+ (sf)/Watch Pos

Greylock Synthetic CDO 2006
Series 6
                                 Rating
Class                    To             From
A1A-$LMS                 BBB- (sf)      BB+ (sf)/Watch Pos

HARBOR SPC
Series 2006-1
                                 Rating
Class                    To             From
B                        CCC (sf)       CCC+ (sf)/Watch Neg
C                        CCC- (sf)      CCC (sf)/Watch Neg
D                        CCC- (sf)      CCC (sf)/Watch Neg

HARBOR SPC
Series 2006-2
                                 Rating
Class                    To             From
C                        CCC- (sf)      CCC (sf)/Watch Neg
D                        CCC- (sf)      CCC (sf)/Watch Neg

Jupiter Finance Ltd.
Series 2007-002
                                 Rating
Class                    To             From
Port CrLkd               BB- (sf)       B+ (sf)/Watch Pos

Landgrove Synthetic CDO SPC
Series 2007-2
                                 Rating
Class                    To             From
7A2 Sr                   CCC- (sf)      CCC- (sf)
A                        B (sf)         B- (sf)/Watch Pos

Lorally CDO Ltd. Series 2006-2
                                 Rating
Class                    To             From
2006-2                   BBB+ (sf)      BBB- (sf)/Watch Pos

Lorally CDO Ltd. Series 2006-4
                                 Rating
Class                    To             From
2006-4                   BBB+ (sf)      BBB- (sf)/Watch Pos

Lorally CDO Ltd. Series 2007-3
                                 Rating
Class                    To             From
2007-3                   BBB+ (sf)      BBB (sf)/Watch Pos

Maclaurin SPC
2007-2
                                 Rating
Class                    To                  From
C                        CC (sf)             CCC- (sf)
D                        CC (sf)             CCC- (sf)
E                        CC (sf)             CCC- (sf)
F                        CC (sf)             CCC- (sf)
G                        CC (sf)             CCC- (sf)
H                        CC (sf)             CCC- (sf)
J                        CC (sf)             CCC- (sf)

Magnolia Finance II PLC
Series 2007-5
                                 Rating
Class                    To                  From
2007-5                   CC (sf)             CCC- (sf)

Momentum CDO (Europe) Ltd.
Series 2005-9
                                 Rating
Class                    To             From
Notes                    B+ (sf)        B (sf)/Watch Pos

Morgan Stanley ACES SPC
Series 2005-9
                                 Rating
Class                    To             From
Notes                    B (sf)         CCC (sf)/Watch Pos

Morgan Stanley ACES SPC
Series 2006-13
                                 Rating
Class                    To                  From
II                       CCC- (sf)           CCC- (sf)

Morgan Stanley ACES SPC
Series 2006-35
                                 Rating
Class                    To             From
I                        B- (sf)        CCC- (sf)/Watch Pos

Morgan Stanley ACES SPC
Series 2006-36
                                 Rating
Class                    To             From
A                        CCC- (sf)      B+ (sf)/Watch Neg

Morgan Stanley ACES SPC
Series 2007-6
                                 Rating
Class                    To             From
IIA                      B (sf)         BB- (sf)/Watch Neg
IIIA                     CCC+ (sf)      B+ (sf)/Watch Neg

Morgan Stanley ACES SPC
Series 2007-8
                                 Rating
Class                    To                  From
IA                       CCC- (sf)           CCC- (sf)

Morgan Stanley ACES SPC
Series 2007-35
                                 Rating
Class                    To             From
C                        BBB+ (sf)      BBB- (sf)/Watch Pos

Morgan Stanley ACES SPC
Series 2008-7
                            Rating
Class               To                  From
Notes               BBB (sf)/Watch Neg  BBB+ (sf)/Watch Neg

Morgan Stanley ACES SPC
Series 2008-8
                                 Rating
Class                    To             From
IA                       A (sf)         A- (sf)/Watch Pos

Morgan Stanley Managed ACES SPC
Series 2005-1
                                 Rating
Class                    To             From
Jr Sup Sr                A+ (sf)        BBB+ (sf)/Watch Pos
I A                      A- (sf)        BBB (sf)/Watch Pos
II A                     BB+ (sf)       BB- (sf)/Watch Pos
II B                     BB+ (sf)       BB- (sf)/Watch Pos
III A                    B+ (sf)        B- (sf)
III B                    B+ (sf)        B- (sf)
III C                    B+ (sf)        B- (sf)
III D                    B+ (sf)        B- (sf)
IV A                     CCC- (sf)      CCC- (sf)
IV B                     CCC- (sf)      CCC- (sf)
V B                      CCC- (sf)      CCC- (sf)

Morgan Stanley Managed ACES SPC
Series 2006-4
                                 Rating
Class                    To             From
IA                       A- (sf)        BBB (sf)/Watch Pos
IB                       A- (sf)        BBB- (sf)/Watch Pos
II                       BB+ (sf)       BB- (sf)/Watch Pos

Morgan Stanley Managed ACES SPC
Series 2006-8
                                 Rating
Class                    To             From
IA                       B (sf)         CCC+ (sf)/Watch Pos

Morgan Stanley Managed ACES SPC
JPY1 bil, $225 mil Morgan Stanley Managed ACES SPC (Aviva) Series
2007-14
                                 Rating
Class                    To             From
IIIA                     CCC- (sf)      CCC (sf)/Watch Neg

Morgan Stanley Managed ACES SPC
JPY1.5 bil Morgan Stanley Managed Aces SPC (Aviva) Series 2007-16
                                 Rating
Class                    To             From
IB                       BB- (sf)       B+ (sf)/Watch Pos

Morgan Stanley Managed ACES SPC
$75 mil Morgan Stanley Managed ACES SPC (Aviva) Series 2007-12
                                 Rating
Class                    To             From
IIIA                     B- (sf)        CCC- (sf)/Watch Pos

Mt. Kailash Ltd.
                                 Rating
Class                    To             From
Cr Link Ln               BB (sf)        BB- (sf)/Watch Pos

Nomura International plc
$1 bil NSCR 2006-1 Class A-1 Nomura Synthetic CMBS
Resecuritization
                                 Rating
Class                    To             From
Tranche                  BB- (sf)       BB (sf)/Watch Neg

Nomura International plc
$1 bil NSCR 2006-2 2.75%-7% SCDO
                                 Rating
Class                    To             From
Tranche                  Bsrp (sf)      B+srp (sf)/Watch Neg

North Street Referenced Linked Notes 2005-9 Ltd.
                                 Rating
Class                    To             From
B                        AAA (sf)       AA+ (sf)/Watch Pos
C                        AA- (sf)       AA- (sf)
D                        BBB+ (sf)      BBB+ (sf)
E                        BB+ (sf)       BB+ (sf)
F                        CCC- (sf)      CCC- (sf)

North Street Referenced Linked Notes 2005-7 Ltd.
                                 Rating
Class                    To                  From
A                        CC (sf)             CCC- (sf)
B-1                      CC (sf)             CCC- (sf)
B-2                      CC (sf)             CCC- (sf)
C                        CC (sf)             CCC- (sf)
D                        CC (sf)             CCC- (sf)
E                        CC (sf)             CCC- (sf)

Omega Capital Investments PLC
EUR274 mil, JPY20 mil, $160 mil Palladium CDO I Secured Floating
Rate Notes
Series 19
                                 Rating
Class                    To             From
S-1E                     BB+ (sf)       BB- (sf)/Watch Pos

Pegasus 2006-1 Ltd.
                                 Rating
Class                    To             From
A1                       BB (sf)        A+ (sf)/Watch Neg
A2                       BB (sf)        BBB+ (sf)/Watch Neg

Prism Colgate Orso Trust
                                 Rating
Class                    To             From
CL                       AA+ (sf)       AA (sf)/Watch Pos

REVE SPC
EUR15 mil, JPY3 bil, $81 mil REVE SPC Segregated Portfolio of
Dryden XVII
Notes Series 34, 36, 37, 38, 39, & 40
                                 Rating
Class                    To             From
Series 37                B- (sf)        B+ (sf)/Watch Neg
Series 40                B (sf)         B+ (sf)/Watch Neg

REVE SPC
EUR50 mil, JPY3 bil, $154 mil REVE SPC Dryden XVII Notes Series
2007-1
                                 Rating
Class                    To             From
JSS Ser23                BB+ (sf)       BB (sf)/Watch Pos
A Series 4               BB- (sf)       B+ (sf)/Watch Pos
A Series 7               BB- (sf)       B+ (sf)/Watch Pos
A Series 9               BB- (sf)       B+ (sf)/Watch Pos
A Series18               B+ (sf)        B (sf)/Watch Pos

Rutland Rated Investments
Series 13
                                 Rating
Class                    To             From
Series 13                B- (sf)        BB+ (sf)/Watch Neg

Rutland Rated Investments
EUR5 mil, $197 mil Dryden XII - IG Synthetic CDO 2006-1
                                 Rating
Class                    To             From
A1A-$LS                  B+ (sf)        B (sf)/Watch Pos
A1B-$LCS                 B+ (sf)        B (sf)/Watch Pos
A2-$LS                   CCC (sf)       CCC (sf)
A3-$FS                   CCC- (sf)      CCC- (sf)
A3-$LS                   CCC- (sf)      CCC- (sf)
A3A-$LS                  CCC- (sf)      CCC- (sf)
A3B-$LS                  CCC- (sf)      CCC- (sf)
A3C-$LS                  CCC- (sf)      CCC- (sf)
A5-$LS                   CCC- (sf)      CCC- (sf)
A7-$LS                   CCC- (sf)      CCC- (sf)
A7B-$FS                  CCC- (sf)      CCC- (sf)
A7B-$LS                  CCC- (sf)      CCC- (sf)
A7-ELS                   CCC- (sf)      CCC- (sf)
B1-$LS                   CCC- (sf)      CCC- (sf)
B1B-$LS                  CCC- (sf)      CCC- (sf)

Rutland Rated Investments
$90 mil Rutland Rated Investments - Series 56 (Vertical Milbrook
2007-1)

USD
90,000,000 Asset-Backed Securities Class A-1 Variable Rate Credit-
Linked

Notes
                                 Rating
Class                    To                  From
Series 56                CC (sf)             CCC- (sf)

SPGS SPC
Series MSC 2006-SRR1-B
                                 Rating
Class                    To                  From
B                        CC (sf)             CCC- (sf)
B-S                      CC (sf)             CCC- (sf)

SPGS SPC
Series MSC 2007-SRR4
                                 Rating
Class                    To                  From
B                        CC (sf)             CCC- (sf)
C                        CC (sf)             CCC- (sf)
D                        CC (sf)             CCC- (sf)
E                        CC (sf)             CCC- (sf)
F                        CC (sf)             CCC- (sf)
G                        CC (sf)             CCC- (sf)
H                        CC (sf)             CCC- (sf)
J                        CC (sf)             CCC- (sf)
K                        CC (sf)             CCC- (sf)
L                        CC (sf)             CCC- (sf)
M                        CC (sf)             CCC- (sf)
N                        CC (sf)             CCC- (sf)
O                        CC (sf)             CCC- (sf)

STARTS (Cayman) Ltd.
Series 2006-2
                                 Rating
Class                    To             From
A1-D1                    B- (sf)        CCC- (sf)/Watch Pos

STARTS (Cayman) Ltd.
Series 2006-5
                                 Rating
Class                    To             From
A2-D2                    BB+ (sf)       BB (sf)/Watch Pos

STARTS (Cayman) Ltd.
Series 2007-5
                                 Rating
Class                    To             From
Notes                    B+ (sf)        B (sf)/Watch Pos

STARTS (Ireland) PLC
Series 2006-20
                                 Rating
Class                    To             From
A1-E1                    B- (sf)        CCC- (sf)/Watch Pos

STEERS Credit Linked Trust, Bespoke Credit Tranche Series 2005-9
                                 Rating
Class                    To             From
Trust Cert               BB+ (sf)       BBB (sf)/Watch Neg

STEERS High-Grade CMBS Resecuritization Trust
Series 2006-1 2 3
                                 Rating
Class                    To             From
2006-1                   BBB- (sf)      BBB (sf)/Watch Neg
2006-2                   BB- (sf)       BB (sf)/Watch Neg
2006-3                   BB- (sf)       BB (sf)/Watch Neg

Steers Lasso Trust Series 2007-1
                                 Rating
Class                    To                  From
Tranche                  BB+ (sf)            BB+ (sf)

Steers Lasso Trust, Series 2007-A
                                 Rating
Class                    To                  From
Tranche                  BB (sf)             BB (sf)

Structured Investments Corp. III
$8.1 mil USD 8,100,000 SIC III Series 2007-2 Laguna Seca
Notes Due 2047
                                 Rating
Class                    To                  From
2007-2                   CC (sf)             CC (sf)

Terra CDO SPC Ltd.
Series 2007-7
                                 Rating
Class                    To             From
A-1                      BB- (sf)       B+ (sf)/Watch Pos

White Knight Investment Trust
                                 Rating
Class                    To                  From
1                        B- (sf)             B- (sf)


ACA ABS: Fitch Affirms Ratings on 5 Classes of Notes
----------------------------------------------------
Fitch Ratings has affirmed five classes of notes issued by ACA ABS
2004-1, Ltd. (ACA ABS 2004-1) and revised an Outlook on one class.
The rating actions are:

   -- $22,899,752 class A-1 notes affirmed at 'Asf/LS5'; Outlook
      revised to Stable from Negative;

   -- $49,500,000 class A-2 notes affirmed at 'Bsf/LS4'; Outlook
      Negative;

   -- $47,250,000 class B notes affirmed at 'Csf';

   -- $15,002,866 class C-1 affirmed at 'Csf';

   -- $2,449,447 class C-2 affirmed at 'Csf'.

This review was conducted under the framework described in the
report 'Global Rating Criteria for Structured Finance CDOs' using
the Structured Finance Portfolio Credit Model (SF PCM) for
projecting future default levels for the underlying portfolio.
These default levels were then compared to the breakeven levels
generated by Fitch's cash flow model of the CDO under various
default timing and interest rate stress scenarios, as described in
the report 'Global Criteria for Cash Flow Analysis'. Fitch also
considered additional qualitative factors into its analysis to
conclude the rating actions for the rated notes.

Since Fitch's last rating action in July 2010, the credit quality
of the underlying collateral has declined further, with
approximately 44.7% of the portfolio downgraded a weighted average
of 3.7 notches and 8.8% of the portfolio upgraded a weighted
average of 4 notches. Approximately 64.9% of the current portfolio
has a Fitch derived rating below investment grade and 48.9% has a
rating in the 'CCC' rating category or lower, compared to 65.5%
and 44.1% respectively, at last review.

The affirmations of the class A-1 and class A-2 notes are due to
amortization of the capital structure offsetting the deterioration
in the portfolio. Since the last review, the class A-1 notes have
received $12.2 million, or 34.7% of its previous review balance,
in principal distributions. This has increased credit enhancement
levels sufficiently to mitigate the increased risk in the
underlying portfolio.

Fitch has revised the Outlook to Stable on the class A-1 notes
reflecting its view that the notes have sufficient credit
enhancement to offset potential further deterioration in the
underlying portfolio over the next one to two years. However,
Fitch maintains a Negative Outlook for the class A-2 notes which
is projected to be more sensitive to credit losses under Fitch's
rising interest rate scenarios.

The Loss Severity (LS) ratings of 'LS5' and 'LS4' for class A-1
and class A-2 respectively indicates the tranches' potential loss
severity given default, as evidenced by the ratio of tranche size
to the base-case loss expectation for the collateral, as explained
in Fitch's 'Criteria for Structured Finance Loss Severity
Ratings'. The LS rating should always be considered in conjunction
with the notes' long-term credit rating. Fitch does not assign LS
ratings to tranches rated 'CCC' or below.

Breakeven levels for the class B, class C-1, and class C-2 notes
were below SF PCM's 'CCC' default level, the lowest level of
defaults projected by SF PCM. For these classes, Fitch compared
the respective credit enhancement levels of the classes to the
expected losses from the distressed and defaulted assets in the
portfolio (rated 'CCsf' or lower). This comparison indicates that
default continues to appear inevitable for the notes at or prior
to maturity.

ACA ABS 2004-1 is a structured finance collateralized debt
obligation (SF CDO) that closed on May 27, 2004 and is monitored
by Solidus Capital, LLC. The portfolio is composed of residential
mortgage-backed securities (56.2%), SF CDOs (17.3%), real estate
investment trusts (11.4%), corporate collateralized debt
obligations (8.4%), and asset-backed securities (6.7%), from 2002
through 2004 vintage transactions.


ARES X: S&P Raises Ratings on 2 Classes of Notes to 'B+'
--------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on all
notes from Ares X CLO Ltd., a collateralized loan obligation (CLO)
transaction and removed them from CreditWatch, where S&P placed
them with positive implications on March 30, 2011.

The CLO is in its amortization phase, and all principal proceeds
are being used to pay down the notes in a sequential order. Due to
paydowns, the class A-1, A-2, and A-3 notes are currently at
63.40% of their original balance. "As a result, all par value
ratios (i.e., overcollateralization) increased from the levels
reported in the February 2010 monthly trustee report, which we
referenced when we last downgraded the class D notes in March 2010
following the application of our September 2009 corporate
collateralized debt obligation (CDO) criteria," S&P said.

The trustee reported these ratios in the May 20, 2011, monthly
report:

    The class A/B par value test was 129.3%, compared with a
    reported ratio of 117.6% in February 2010;

    The class C par value test was 118.3%, compared with a
    reported ratio of 110.5% in February 2010; and

    The class D par value test was 105.7%, compared with a
    reported ratio of 101.9% in February 2010.

In addition, the May 2011 monthly report indicates that the
transaction's defaulted assets declined to $3.4 million par, down
from $11.158 million in February 2010.

"Due to the increase in credit support, we raised all the ratings
of all tranches and removed them from CreditWatch.  Standard &
Poor's will continue to review whether, in its view, the ratings
assigned to the notes remain consistent with the credit
enhancement available to support them and take rating actions as
it deems necessary," S&P added.

Rating and CreditWatch Actions

Ares X CLO Ltd.
                        Rating
Class              To           From
A-1                AAA (sf)     AA (sf)/Watch Pos
A-2                AAA (sf)     AA (sf)/Watch Pos
A-3                AAA (sf)     AA (sf)/Watch Pos
B                  AA+ (sf)     A+ (sf)/Watch Pos
C-1                A (sf)       BBB- (sf)/Watch Pos
C-2                A (sf)       BBB- (sf)/Watch Pos
D-1                B+ (sf)      CCC- (sf)/Watch Pos
D-2                B+ (sf)      CCC- (sf)/Watch Pos


AXIS EQUIPMENT: DBRS Puts 'BB' Provisional Rating on Class D
------------------------------------------------------------
DBRS has assigned provisional ratings to these classes issued by Axis
Equipment Finance Receivables LLC:

  -- Class A rated AA (sf)
  -- Class B rated A (sf)
  -- Class C rated BBB (sf)
  -- Class D rated BB (sf)
  -- Class E-1 rated B (sf)


BANC OF AMERICA: Moody's Affirms 23 CMBS Classes of BACM 2006-1
---------------------------------------------------------------
Moody's Investors Service (Moody's) affirmed the ratings of 23
CMBS classes of Banc of America Commercial Mortgage Inc.,
Commercial Pass-Through Certificates, Series 2006-1:

Cl. A-2, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed
at Aaa (sf)

Cl. A-3A, Affirmed at Aaa (sf); previously on Mar 9, 2011
Confirmed at Aaa (sf)

Cl. A-3B, Affirmed at Aaa (sf); previously on Mar 9, 2011
Confirmed at Aaa (sf)

Cl. A-4, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed
at Aaa (sf)

Cl. A-1A, Affirmed at Aaa (sf); previously on Mar 9, 2011
Confirmed at Aaa (sf)

Cl. A-SBFL, Affirmed at Aaa (sf); previously on Mar 9, 2011
Confirmed at Aaa (sf)

Cl. A-M, Affirmed at Aa1 (sf); previously on Nov 4, 2010
Downgraded to Aa1 (sf)

Cl. A-J, Affirmed at Baa1 (sf); previously on Nov 4, 2010
Downgraded to Baa1 (sf)

Cl. B, Affirmed at Baa2 (sf); previously on Nov 4, 2010 Downgraded
to Baa2 (sf)

Cl. C, Affirmed at Ba1 (sf); previously on Nov 4, 2010 Downgraded
to Ba1 (sf)

Cl. D, Affirmed at B3 (sf); previously on Nov 4, 2010 Downgraded
to B3 (sf)

Cl. E, Affirmed at Caa1 (sf); previously on Nov 4, 2010 Downgraded
to Caa1 (sf)

Cl. F, Affirmed at Caa2 (sf); previously on Nov 4, 2010 Downgraded
to Caa2 (sf)

Cl. G, Affirmed at Ca (sf); previously on Nov 4, 2010 Downgraded
to Ca (sf)

Cl. H, Affirmed at C (sf); previously on Nov 4, 2010 Downgraded to
C (sf)

Cl. J, Affirmed at C (sf); previously on Nov 4, 2010 Downgraded to
C (sf)

Cl. K, Affirmed at C (sf); previously on Nov 4, 2010 Downgraded to
C (sf)

Cl. L, Affirmed at C (sf); previously on Nov 4, 2010 Downgraded to
C (sf)

Cl. M, Affirmed at C (sf); previously on Nov 4, 2010 Downgraded to
C (sf)

Cl. N, Affirmed at C (sf); previously on Nov 4, 2010 Downgraded to
C (sf)

Cl. O, Affirmed at C (sf); previously on Nov 4, 2010 Downgraded to
C (sf)

Cl. XC, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed
at Aaa (sf)

Cl. XP, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed
at Aaa (sf)

RATINGS RATIONALE

The affirmations are due to key parameters, including Moody's
loan to value (LTV) ratio, Moody's stressed debt service coverage
ratio (DSCR) and the Herfindahl Index (Herf), remaining within
acceptable ranges. Based on Moody's current base expected loss,
the credit enhancement levels for the affirmed classes are
sufficient to maintain their current ratings.

Moody's rating action reflects a cumulative base expected loss of
7.9% of the current pooled balance as compared to 9.8% at last
review. Although the current cumulative base expected loss is less
than at last review, the pool has experienced a $37.9 million
increase in realized losses since last review. The current
cumulative base expected loss plus realized losses is 9.9%
compared to 9.8% at last review. Moody's current base expected
loss plus realized losses is 9.9% of the pooled balance as
compared to 9.8% at last review. Moody's stressed scenario loss is
17.7% of the current pooled balance. Moody's provides a current
list of base and stress scenario losses for conduit and fusion
CMBS transactions on moodys.com at:

  http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

Depending on the timing of loan payoffs and the severity and
timing of losses from specially serviced loans, the credit
enhancement level for investment grade classes could decline below
the current levels. If future performance materially declines, the
expected level of credit enhancement and the priority in the cash
flow waterfall may be insufficient for the current ratings of
these classes.

Moody's analysis reflects a forward-looking view of the likely
range of collateral performance over the medium term. From time
to time, Moody's may, if warranted, change these expectations.
Performance that falls outside an acceptable range of the key
parameters may indicate that the collateral's credit quality is
stronger or weaker than Moody's had anticipated during the current
review. Even so, deviation from the expected range will not
necessarily result in a rating action. There may be mitigating or
offsetting factors to an improvement or decline in collateral
performance, such as increased subordination levels due to
amortization and loan payoffs or a decline in subordination due
to realized losses.

Primary sources of assumption uncertainty are the current sluggish
macroeconomic environment and varying performance in the
commercial real estate property markets. However, Moody's expects
to see increasing or stabilizing property values, higher
transaction volumes, a slowing in the pace of loan delinquencies
and greater liquidity for commercial real estate in 2011. The
hotel and multifamily sectors are continuing to show signs of
recovery, while recovery in the office and retail sectors will be
tied to recovery of the broader economy. The availability of debt
capital continues to improve with terms returning toward market
norms. Moody's central global macroeconomic scenario reflects an
overall sluggish recovery through 2012, amidst ongoing individual,
corporate and governmental deleveraging, persistent unemployment,
and government budget considerations.

The principal methodology used in this rating was "Moody's
Approach to Rating Fusion U.S. CMBS Transactions," published in
April 2005.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.50 which is used for both conduit and fusion
transactions. Conduit model results at the Aa2 (sf) level are
driven by property type, Moody's actual and stressed DSCR, and
Moody's property quality grade (which reflects the capitalization
rate used by Moody's to estimate Moody's value). Conduit model
results at the B2 (sf) level are driven by a paydown analysis
based on the individual loan level Moody's LTV ratio. Moody's
Herfindahl score (Herf), a measure of loan level diversity, is a
primary determinant of pool level diversity and has a greater
impact on senior certificates. Other concentrations and
correlations may be considered in Moody's analysis. Based on the
model pooled credit enhancement levels at Aa2 (sf) and B2 (sf),
the remaining conduit classes are either interpolated between
these two data points or determined based on a multiple or ratio
of either of these two data points. For fusion deals, the credit
enhancement for loans with investment-grade credit estimates is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
credit estimate of the loan which corresponds to a range of credit
enhancement levels. Actual fusion credit enhancement levels are
selected based on loan level diversity, pool leverage and other
concentrations and correlations within the pool. Negative pooling,
or adding credit enhancement at the credit estimate level, is
incorporated for loans with similar credit estimates in the same
transaction.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 45 compared to 50 at Moody's prior review.

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

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through two sets of
quantitative tools -- MOST(R) (Moody's Surveillance Trends) and
CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior full review is
summarized in a press release dated November 4, 2010. Please see
the ratings tab on the issuer / entity page on moodys.com for the
last rating action and the ratings history.

DEAL PERFORMANCE

As of the June 10, 2011 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 9% to
$1.9 billion from $2.04 billion at securitization. The
Certificates are collateralized by 186 mortgage loans ranging in
size from less than 1% to 8% of the pool, with the top ten loans
representing 37% of the pool. Two loans, representing 10% of the
pool, have an investment grade credit estimate. The pool does not
contain any defeased loans.

Fifty loans, representing 18% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council's (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

Four loans have been liquidated from the pool resulting in an
aggregate $40 million realized loss (67% average severity).
Twenty-three loans, representing 13% of the pool, are currently in
special servicing. The largest specially serviced loan is the
Fairmont Sonoma Mission Inn & Spa Loan ($55 million -- 3.0% of the
pool), which is secured by a 226 room full service hotel located
in Sonoma, California. The loan transferred to special servicing
in November 2010 ahead of its February 2011 maturity. The property
was appraised for $85.1 million in January 2011, however, the
borrower was unable to secure refinancing with reasonable terms.
The servicer and borrower are negotiating a loan modification,
which is expected to close in July. The servicer has not
recognized an appraisal reduction for this asset and Moody's does
not currently estimate a loss.

The remaining specially serviced loans are secured by a mix of
commercial and multifamily properties. The servicer has recognized
an aggregate $58 million appraisal reduction for the specially
serviced loans. Moody's estimated a $70 million loss (40% expected
loss based on a 81% probability of default) for the specially
serviced loans.

Moody's has assumed a high default probability for twenty-two
poorly performing loans representing 10% of the pool and has
estimated an aggregate $27 million loss (15% expected loss based
on a 50% probability default) from these troubled loans.

Based on the most recent remittance statement, Classes J through
NR have experienced cumulative interest shortfalls totaling $4.6
million. Moody's anticipates that the pool will continue to
experience interest shortfalls because of the exposure to
specially serviced and troubled loans. Interest shortfalls are
caused by special servicing fees, including workout and
liquidation fees, appraisal subordinate entitlement reductions
(ASERs) and extraordinary trust expenses.

Moody's was provided with full year 2009 and full or partial year
2010 operating results for 88% and 78% of the pool's loans,
respectively. Excluding specially serviced and troubled loans,
Moody's conduit weighted average LTV is 101% compared to 104% at
Moody's last review. Moody's net cash flow reflects a weighted
average haircut of 12% to the most recently available net
operating income. Moody's value reflects a weighted average
capitalization rate of 9.1%.

Excluding specially serviced and troubled loans, Moody's actual
and stressed conduit DSCR are 1.32X and 1.31X, respectively,
compared to 1.03X and 1.06X at last review. Moody's actual DSCR is
based on Moody's net cash flow (NCF) and the loan's actual debt
service. Moody's stressed DSCR is based on Moody's NCF and a 9.25%
stressed rate applied to the loan balance.

The largest loan with a credit estimate is the Kinder Care
Portfolio Loan ($141 million -- 7.6% of the pool), which is
secured by 713 childcare facilities located in 37 states. The
portfolio is geographically diverse as no state accounts for more
than 12% of the portfolio. The loan represents a pari passu
interest in a $623 million first mortgage loan. Moody's current
credit estimate and stressed DSCR are A3 and 1.89X, respectively,
compared to A3 and 1.86X at Moody's last full review.

The second largest loan with a credit estimate is the Torre Mayor
Loan ($52 million -- 2.8% of the pool), which is secured by an
829,000 SF Class A office building located in Mexico City, Mexico.
The collateral is the second tallest building in Latin America.
The loan represents a 50% pari passu interest in a $105 million
senior note. There is also a subordinate $20 million note held
outside the trust. The property was 99% leased as of February
2011. Moody's current credit estimate and stressed DSCR are A1 and
2.43X, respectively, compared to A1 and 1.94X at last review.

The top three performing conduit loans represent 15% of the
pool balance. The largest loan is the Miracle Mile Shops Loan
($128 million -- 6.9% of the pool), which was formerly known
as the Desert Passage Loan. The loan is secured by a 500,000 SF
specialty retail and entertainment center and is adjoined to the
Planet Hollywood Resort and Casino in Las Vegas, Nevada. The loan
represents a 33% pari passu interest in a $383 million first
mortgage loan. The property was 92.5% leased as of February 2011
compared to 91% at last review. Moody's LTV and stressed DSCR are
97% and 0.98X, respectively, compared to 108% and 0.90X at last
review.

The second largest loan is the Waterfront at Port Chester Loan
($104 million -- 5.6% of the pool), which is secured by the
borrower's interest in a 500,000 SF retail center located in Port
Chester, New York. The collateral was 93% leased according to a
July 2010 property inspection, compared to 100% at last review.
Moody's was not provided updated financial information for this
loan. Moody's analysis utilized a stressed cash flow to the 2009
financials to account for the lack of current financial
information. Moody's LTV and stressed DSCR are 113% and 0.79X,
respectively, compared to 113% and 0.81X at last review.

The third largest conduit loan is the Medical Mutual Headquarters
Loan ($51 million -- 2.8% of the pool), which is secured by a
381,000 SF office in Cleveland, Ohio. Medical Mutual of Ohio
(MMO) has been a tenant at the collateral since 1947. In 1990 a
$21 million renovation was completed to convert the office from
multi-tenant to single tenant use. The property has served as
MMO's headquarters since 1990. MMO leases the space through
September 2020. Moody's LTV and stressed DSCR are 106% and .92X,
respectively, compared to 110% and .91X at last review.


BEAR STEARNS: Fitch Affirms Ratings on All Classes of Certs.
------------------------------------------------------------
Fitch Ratings has affirmed the ratings for Bear Stearns Commercial
Mortgage Securities Trust's commercial mortgage pass-through
certificates, series 1998-C1. In addition, Fitch has revised the
Loss Severity (LS) ratings and assigned Ratings Outlooks as
applicable.

The affirmations are a result of the pool's stable performance. As
of the June 2011 distribution date, the pool's certificate balance
has paid down 79.88% to $143.8 million from $714.7 million at
issuance.

There are 28 of the original 149 loans remaining in the
transaction. Thirteen loans (57.9% of the pool balance) are
defeased, including six (47.9%) of the top 10 loans. There are no
specially serviced loans as of the June 2011 remittance report.
Fitch expects minimal losses to the remaining pool balance. Any
incurred losses are expected to be absorbed by the non-rated class
I.

Fitch has identified one Loan of Concern. The loan (1.06%) is
secured by a 29,343 square foot (sf) office property in Walnut
Creek, CA. The property has experienced cash flow issues due to
occupancy declines. The April 2011 rent roll reported occupancy at
67%, compared to 95% at issuance. In addition, lease rollover in
2011 reports at 27% of the rentable square footage. Debt service
coverage ratio as of year end December 2010 was 1.58 times (x).

Fitch stressed the cash flow of the remaining non-defeased loans
by applying a 5% reduction to 2010 fiscal YE net operating income,
and applying an adjusted market cap rate between 8.0% and 9.5% to
determine value.

The non-defeased loans also underwent a refinance test by applying
an 8% interest rate and 30-year amortization schedule based on the
stressed cash flow. All five of the non-defeased loans are
considered to pay off at maturity, and could refinance to a DSCR
above 1.25x. The current weighted average DSCR for the fifteen
non-defeased loans is 2.03x. Of the 28 remaining loans in the
pool, one (6.1%) is scheduled to mature in 2012, and 27 (93.9%) in
2013.

Fitch affirms these classes, and assigns Outlooks and Loss
Severity (LS) ratings:

   -- $32.1 million class B at 'AAA/LS1'; Outlook Stable;

   -- $32.2 million class C at 'AAA/LS1'; Outlook Stable;

   -- $32.2 million class D at 'AAA/LS1'; Outlook Stable;

   -- $8.9 million class E at 'AAA'; LS to 'LS2' from 'LS5';
      Outlook Stable;

   -- $12.5 million class F at 'A'; LS to 'LS2' from 'LS5';
      Outlook Stable from Negative;

   -- $5.4 million class H at 'BB+/LS5'; Outlook Stable from
      Negative.

Classes G, I, J and K are not rated by Fitch. Due to realized
losses classes J and K have been reduced to zero, and class I has
been reduced to $8.0 million from $16.9 million at issuance.
Classes A-1 and A-2 have paid in full.

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


BEAR STEARNS: Moody's Affirms 18 CMBS Classes of BSCMS 2004-PWR5
----------------------------------------------------------------
Moody's Investors Service (Moody's) affirmed the ratings of 18
classes of Bear Stearns Commercial Mortgage Securities Trust,
Commercial Mortgage Pass-Through Certificates, Series 2004-PWR5:

Cl. A-3, Affirmed at Aaa (sf); previously on Nov 8, 2004
Definitive Rating Assigned Aaa (sf)

Cl. A-4, Affirmed at Aaa (sf); previously on Nov 8, 2004
Definitive Rating Assigned Aaa (sf)

Cl. A-5, Affirmed at Aaa (sf); previously on Nov 8, 2004
Definitive Rating Assigned Aaa (sf)

Cl. B, Affirmed at Aa2 (sf); previously on Nov 8, 2004 Definitive
Rating Assigned Aa2 (sf)

Cl. C, Affirmed at Aa3 (sf); previously on Nov 8, 2004 Definitive
Rating Assigned Aa3 (sf)

Cl. D, Affirmed at A2 (sf); previously on Nov 8, 2004 Definitive
Rating Assigned A2 (sf)

Cl. E, Affirmed at A3 (sf); previously on Nov 8, 2004 Definitive
Rating Assigned A3 (sf)

Cl. F, Affirmed at Baa3 (sf); previously on Apr 28, 2010
Downgraded to Baa3 (sf)

Cl. G, Affirmed at Ba1 (sf); previously on Apr 28, 2010 Downgraded
to Ba1 (sf)

Cl. H, Affirmed at Ba3 (sf); previously on Apr 28, 2010 Downgraded
to Ba3 (sf)

Cl. J, Affirmed at B2 (sf); previously on Apr 28, 2010 Downgraded
to B2 (sf)

Cl. K, Affirmed at B3 (sf); previously on Apr 28, 2010 Downgraded
to B3 (sf)

Cl. L, Affirmed at Caa1 (sf); previously on Apr 28, 2010
Downgraded to Caa1 (sf)

Cl. M, Affirmed at Caa2 (sf); previously on Apr 28, 2010
Downgraded to Caa2 (sf)

Cl. N, Affirmed at Caa3 (sf); previously on Apr 28, 2010
Downgraded to Caa3 (sf)

Cl. P, Affirmed at Ca (sf); previously on Apr 28, 2010 Downgraded
to Ca (sf)

Cl. X-1, Affirmed at Aaa (sf); previously on Nov 8, 2004
Definitive Rating Assigned Aaa (sf)

Cl. X-2, Affirmed at Aaa (sf); previously on Nov 8, 2004
Definitive Rating Assigned Aaa (sf)

RATINGS RATIONALE

The affirmations are due to key parameters, including Moody's loan
to value (LTV) ratio, Moody's stressed DSCR and the Herfindahl
Index (Herf), remaining within acceptable ranges. Based on Moody's
current base expected loss, the credit enhancement levels for the
affirmed classes are sufficient to maintain their current ratings.

Moody's rating action reflects a cumulative base expected loss of
2.8% of the current balance. At last review, Moody's cumulative
base expected loss was 2.5%. Moody's stressed scenario loss is
7.4% of the current balance. Moody's provides a current list of
base and stress scenario losses for conduit and fusion CMBS
transactions on moodys.com at:

    http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

Depending on the timing of loan payoffs and the severity and
timing of losses from specially serviced loans, the credit
enhancement level for investment grade classes could decline below
the current levels. If future performance materially declines, the
expected level of credit enhancement and the priority in the cash
flow waterfall may be insufficient for the current ratings of
these classes.

Moody's analysis reflects a forward-looking view of the likely
range of collateral performance over the medium term. From time to
time, Moody's may, if warranted, change these expectations.
Performance that falls outside an acceptable range of the key
parameters may indicate that the collateral's credit quality is
stronger or weaker than Moody's had anticipated during the current
review. Even so, deviation from the expected range will not
necessarily result in a rating action. There may be mitigating or
offsetting factors to an improvement or decline in collateral
performance, such as increased subordination levels due to
amortization and loan payoffs or a decline in subordination due to
realized losses.

Primary sources of assumption uncertainty are the current sluggish
macroeconomic environment and varying performance in the
commercial real estate property markets. However, Moody's expects
to see increasing or stabilizing property values, higher
transaction volumes, a slowing in the pace of loan delinquencies
and greater liquidity for commercial real estate in 2011. The
hotel and multifamily sectors are continuing to show signs of
recovery, while recovery in the office and retail sectors will be
tied to recovery of the broader economy. The availability of debt
capital continues to improve with terms returning toward market
norms. Moody's central global macroeconomic scenario reflects an
overall sluggish recovery through 2012, amidst ongoing individual,
corporate and governmental deleveraging, persistent unemployment,
and government budget considerations.

The principal methodology used in this rating was: "Moody's
Approach to Rating Fusion U.S. CMBS Transactions" published in
April 2005.

Moody's review incorporated the use of the Excel-based CMBS
Conduit Model v 2.50 which is used for both conduit and fusion
transactions. Conduit model results at the Aa2 (sf) level are
driven by property type, Moody's actual and stressed DSCR, and
Moody's property quality grade (which reflects the capitalization
rate used by Moody's to estimate Moody's value). Conduit model
results at the B2 (sf) level are driven by a paydown analysis
based on the individual loan level Moody's LTV ratio. Moody's
Herfindahl score (Herf), a measure of loan level diversity, is
a primary determinant of pool level diversity and has a greater
impact on senior certificates. Other concentrations and
correlations may be considered in Moody's analysis. Based on
the model pooled credit enhancement levels at Aa2 (sf) and B2
(sf), the remaining conduit classes are either interpolated
between these two data points or determined based on a multiple
or ratio of either of these two data points. For fusion deals,
the credit enhancement for loans with investment-grade credit
estimates is melded with the conduit model credit enhancement into
an overall model result. Fusion loan credit enhancement is based
on the underlying rating of the loan which corresponds to a range
of credit enhancement levels. Actual fusion credit enhancement
levels are selected based on loan level diversity, pool leverage
and other concentrations and correlations within the pool.
Negative pooling, or adding credit enhancement at the underlying
rating level, is incorporated for loans with similar credit
estimates in the same transaction.

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

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through two sets of
quantitative tools -- MOST(R) (Moody's Surveillance Trends) and
CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior full review is
summarized in a press release dated March 9, 2011.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.

DEAL PERFORMANCE

As of the June 13, 2011 distribution date, the transaction's
aggregate certificate balance has decreased by 23% to
$951.4 million from $1.23 billion at securitization. The
Certificates are collateralized by 113 mortgage loans ranging
in size from less than 1% to 7% of the pool, with the top ten
loans representing 27% of the pool. The pool contains one loan
with an investment grade credit estimate that represents 1% of
the pool. Eight loans, representing 19% of the pool, have defeased
and are collateralized with U.S. Government securities.

Thirty loans, representing 26% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

Two loans have been liquidated from the pool, resulting in
an aggregate realized loss of $2.3 million (55% loss severity
overall). Two loans, representing 2% of the pool, are currently
in special servicing. The master servicer has recognized a
$7.5 million appraisal reduction for the specially serviced loans.
Moody's has estimated an aggregate $7.5 million loss (40% expected
loss) for the specially serviced loans.

Moody's has assumed a high default probability for nine poorly
performing loans representing 4% of the pool and has estimated a
$5.7 million aggregate loss (15% expected loss based on a 30%
probability default) from these troubled loans.

Moody's was provided with full year 2010 and partial year 2011
operating results for 92% and 40% of the pool's non-defeased
performing loans, respectively. Excluding specially serviced and
troubled loans, Moody's weighted average LTV is 80% compared to
81% at Moody's prior review. Moody's net cash flow reflects a
weighted average haircut of 9% to the most recently available net
operating income. Moody's value reflects a weighted average
capitalization rate of 9.2%.

Excluding specially serviced and troubled loans, Moody's actual
and stressed DSCRs are 1.54X and 1.35X, respectively, compared to
1.54X and 1.34X at last review. Moody's actual DSCR is based on
Moody's net cash flow (NCF) and the loan's actual debt service.
Moody's stressed DSCR is based on Moody's NCF and a 9.25% stressed
rate applied to the loan balance.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 32 compared to 35 at Moody's prior review.

The loan with a credit estimate is the New Castle Marketplace Loan
($10.4 million -- 1.1% of the pool), which is secured by a 300,000
square foot (SF) retail center located in New Castle, Delaware.
The loan amortizes on a 15-year schedule and has amortized 35%
since securitization. Performance has been stable. Moody's current
credit estimate and stressed DSCR are Aaa and 3.32X, respectively,
compared to Aaa and 3.22X at last review.

The top three performing loans represent 18% of the pool
balance. The largest loan is the 2941 Fairview Park Drive Loan
($68.6 million -- 7.2% of the pool), which is secured by a 353,000
SF Class A office building located in Falls Church, Virginia. The
property was 99% leased as of December 2010, the same as at last
review. The largest tenants are General Dynamics Corporation
(Moody's senior unsecured rating A2, stable outlook) which leases
49% of the net rentable area (NRA) through March 2019 and Howrey
LLP, which leases 21% of the NRA through December 2016.
Performance is stable. Moody's LTV and stressed DSCR are 76% and
1.21X, respectively, compared to 77% and 1.19X at last review.

The second largest loan is The Summit Louisville Loan
($54.8 million -- 5.8% of the pool), which is secured by a
341,000 SF retail complex located in Louisville, Kentucky. The
property was 98% leased as of December 2010, similar to at last
review. The loan is on the master servicer's watchlist due to
pending loan maturity. This loan is interest-only for its entire
seven year term and matures in June 2011. Although property
performance has been stable since securitization, Moody's analysis
reflects a stressed cash flow due to a challenged refinance
environment and Moody's concerns about tenant rollover. Moody's
LTV and stressed DSCR are 94% and 1.04X, respectively, compared to
89% and 1.09X at last review.

The third largest performing loan is the Reisterstown Plaza Loan
($45.8 million -- 4.8%), which is secured by a 800,000 SF anchored
community shopping center located in Baltimore, Maryland. The
center incorporates a mix of office space, big box anchors,
enclosed inline retail space and outparcel pads. Performance has
declined since securitization due to increased vacancy but remains
stable since last review. The property was 82% leased as of
September 2010. Moody's analysis reflects a stressed cash flow due
to a challenged refinance environment. The Moody's LTV and
stressed DSCR are 89% and 1.10X, respectively, compared to 86% and
1.14X at last review.


BEAR STEARNS: S&P Lowers Rating on Class V-A-2 Certs. to 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D (sf)'
on six classes of mortgage pass-through certificates from six U.S.
residential mortgage-backed securities (RMBS) transactions issued
between 2004 and 2007. "We removed our rating on one of these
classes from CreditWatch negative. In addition, we placed our
rating on another class from one of the affected transactions on
CreditWatch negative. We also withdrew our rating on class P from
Home Equity Mortgage Trust 2004-6 because it has been paid in
full," S&P stated.

"The six downgrades reflect our assessment of principal write
downs to the affected classes during recent remittance periods.
Prior to the rating actions, we had rated two of the classes 'B
(sf)' and 'B- (sf)', with the remaining four downgraded classes
previously rated 'CC (sf)'. Additionally, we placed one other
rating on CreditWatch negative because the class is within a
loan group that includes a class that defaulted from a 'B-' rating
or higher," S&P noted.

The defaulted classes are backed by resecuritized residential
mortgage investment conduit (re-REMIC), closed-end second-lien,
and Alternative-A mortgage loan collateral. A combination of
subordination, excess spread, and overcollateralization provide
credit enhancement.

"We expect to resolve our CreditWatch placement after we complete
our review of the underlying credit enhancement. Standard & Poor's
will continue to monitor its ratings on securities that experience
principal write-downs, and it will adjust its ratings as it
considers appropriate in accordance with its criteria," S&P added.

Rating Actions

Bear Stearns ARM Trust 2007-1
Series      2007-1
                               Rating
Class      CUSIP       To                   From
V-A-2      073880AP1   D (sf)               CC (sf)

Bear Stearns Structured Products Inc. Trust 2007-R8
Series      2007-R8
                               Rating
Class      CUSIP       To                   From
IV-A-2     07402PAH6   D (sf)               CC (sf)

Home Equity Mortgage Trust 2004-6
Series      2004-6
                               Rating
Class      CUSIP       To                   From
M-2        22541S3C0   A+ (sf)/Watch Neg    A+ (sf)
M-3        22541S3D8   D (sf)               B (sf)
P          22541S3J5   NR                   AAA (sf)

HomeBanc Mortgage Trust 2006-1
Series      2006-1
                               Rating
Class      CUSIP       To                   From
4-A-2      43739ECU9   D (sf)               B- (sf)/Watch Neg

Merrill Lynch Alternative Note Asset Trust Series 2007-OAR5
Series      2007-OAR5
                               Rating
Class      CUSIP       To                   From
M-1        590227AD6   D (sf)               CC (sf)

Residential Asset Securitization Trust 2006-A14CB
Series      2006-A14CB
                               Rating
Class      CUSIP       To                   From
PO         76114BAM0   D (sf)               CC (sf)

NR -- Not rated.


BLC CAPITAL: S&P Lowers Rating on Class B Notes to 'B+'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 10
tranches from BLC Capital Corp.'s series 2002-A, Business Loan
Express Business Loan Backed Notes Series 2004-A, Business
Loan Express Business Loan Backed Notes Series 2005-A, and
Business Loan Express Business Loan Trust 2003-A. "At the same
time, we removed all of the ratings from CreditWatch with negative
implications, where we had initially placed them on April 4,
2011," S&P said.

"Our downgrades reflect our view that the 10 tranches can no
longer withstand our stress tests at the previous rating levels as
a result of deteriorating credit performance. This is evidenced by
a combination of rising delinquencies, increasing cumulative net
losses, and decreasing recoveries in the loan portfolios.
Consequently, we lowered our ratings to levels that, in our
opinion, are commensurate with the stresses they can withstand,"
S&P noted.

All four deals are asset-backed securities transactions that are
collateralized primarily by a pool of small business development
loans that are not insured or guaranteed by any governmental
agency. The vast majority of the loans are secured by first-lien,
multipurpose commercial real estate.

                  BLC Capital Corp. series 2002-A

The credit support for the class A and B notes is provided
by a combination of subordination, a reserve account, and
excess spread. As of April 20, 2011, BLC 2002-A's loan pool
had a pool factor of 10.62%; the securitized loan balance was
$10.62 million; the class A note balance was $9.56 million and
the class B note balance was $1.06 million; and the reserve
account balance was $2.01 million, which was lower than the
reserve account requirement (approximately $6.17 million).

Between April 2010 and April 2011, the total delinquency (as a
percentage of the then-current pool balance) increased to 39.29%
from 38.24%; the 90-plus-day delinquency (as a percentage of the
then-current pool balance) increased to 39.29% from 21.01%; the
cumulative gross default (as a percentage of the original pool
balance) increased to 19.82% from 19.07%; the cumulative net loss
(as a percentage of the original pool balance) increased to 1.93%
from 1.17%; and the cumulative recovery decreased to 84.31% from
89.81%.

Business Loan Express Business-Loan-Backed Notes Series 2004-A

The credit support for the class A, B, and C notes is provided by
a combination of subordination, a reserve account, and excess
spread. As of April 20, 2011, BLX 2004-A's loan pool had a pool
factor of 19.09%; the securitized loan balance was $38.17 million;
the class A note balance was $33.40 million, the class B note
balance was $3.82 million, and the class C note balance was
$0.95 million; and the reserve account balance was $3.1 million,
which was lower than the reserve account requirement
(approximately $10.96 million).

Between April 2010 and April 2011, the total delinquency (as a
percentage of the then-current pool balance) decreased to 21.74%
from 28.49%; the 90-plus-day delinquency (as a percentage of the
then-current pool balance) decreased to 21.74% from 28.49%; the
cumulative gross default (as a percentage of the original pool
balance) increased to 25.31% from 21.36%; the cumulative net loss
(as a percentage of the original pool balance) increased to 7.61%
from 4.20%; and the cumulative recovery decreased to 57.39% from
69.76%.

Business Loan Express Business-Loan-Backed Notes Series 2005-A

The credit support for the class A, B, and C is provided by a
combination of subordination, a reserve account, and excess
spread. As of April 20, 2011, BLX 2005-A's loan pool had a pool
factor of 29.26%; the securitized loan balance was $73.16 million;
the class A note balance was $64.38 million, the class B note
balance was $6.22 million, and the class C note balance was
$2.56 million; and the reserve account balance was $5.66 million,
which is lower than the reserve account requirement
($19.06 million).

Between April 2010 and April 2011, the total delinquency (as a
percentage of the then-current pool balance) increased to 27.03%
from 26.15%; the 90-plus-day delinquency (as a percentage of the
then-current pool balance) decreased to 20.94% from 22.03%; the
cumulative gross default (as a percentage of the original pool
balance) increased to 24.63% from 18.05%; the cumulative net loss
(as a percentage of the original pool balance) increased to 8.73%
from 3.53%; and the cumulative recovery decreased to 49.16% from
66.64%.

         Business Loan Express Business Loan Trust 2003-A

The credit support for the class A, B, and C notes is provided by
a combination of subordination, a reserve account, and excess
spread. As of April 20, 2011, BLX 2003-A's loan pool had a pool
factor of 9.05%; the securitized loan balance was $13.58 million;
the class A note balance was $11.83 million, the class B note
balance was $1.35 million, and the class C note balance was
$0.54 million; and the reserve account balance was $1.69 million,
which is lower than the reserve account requirement
($5.85 million).

Between April 2010 and April 2011, the total delinquency (as a
percentage of the then-current pool balance) decreased to 40.24%
from 49.93%; the 90-plus-day delinquency (as a percentage of the
then-current pool balance) decreased to 26.54% from 28.43%; the
cumulative gross default (as a percentage of the original pool
balance) increased to 16.49% from 14.70%; the cumulative net loss
(as a percentage of the original pool balance) increased to 4.02%
from 1.59%; and the cumulative recovery decreased to 55.98% from
76.16%.

Standard & Poor's will continue to review outstanding ratings and
take additional rating actions as appropriate.

Ratings Lowered and Removed From CreditWatch Negative

BLC Capital Corp.
Series 2002-A
                        Rating
Class          To                  From
A              BB+ (sf)            BBB+ (sf)/Watch Neg
B              B+ (sf)             BB+ (sf)/Watch Neg

Business Loan Express Business Loan Backed Notes Series 2004-A
                        Rating
Class          To                   From
A              AA+ (sf)             AAA (sf)/Watch Neg
B              A- (sf)              A (sf)/Watch Neg
C              BBB- (sf)            BBB (sf)/Watch Neg

Business Loan Express Business Loan Backed Notes Series 2005-A
                        Rating
Class          To                   From
A              A+ (sf)              AAA (sf)/Watch Neg
B              BBB+ (sf)            A (sf)/Watch Neg
C              BB+ (sf)             BBB (sf)/Watch Neg

Business Loan Express Business Loan Trust 2003-A
                        Rating
Class          To                   From
A              BB+ (sf)             A+ (sf)/Watch Neg
B              B+ (sf)              BBB+ (sf)/Watch Neg


C-BASS MORTGAGE: Fitch Affirms Asset-Backed Certificates
--------------------------------------------------------
Fitch Ratings has affirmed the ratings on C-Bass Mortgage Loan
Asset-Backed Certificates series 2006-SC1, a small balance
commercial transaction consisting of fixed and floating rate loans
secured by senior liens on commercial, multifamily, and mixed-use
properties and unimproved land.

The rating actions reflect Fitch's analysis of expected default
and loss from the collateral pool in addition to cash flow
analysis of each class. To determine the projected base-case loss,
Fitch used vintage average default assumptions derived from small
balance commercial loans that were adjusted based on this pool's
performance while the severity was derived from the actual
realized severity of the loans liquidated over the past 12 months
for this transaction. The base case default and severity were
18.55% and 82% respectively. Fitch then utilized Residential
Mortgage Backed Securities (RMBS) cash flow assumptions due to
the similarity in the collateral's historical behavior to
residential mortgages. The cash flow assumptions are described
in the April 28, 2010 report 'U.S. RMBS Surveillance Criteria'.
Over the past year, the average 60+ day delinquencies have
increased modestly from 15.7% to 16.6% of the remaining pool
balance. Over the same time period, average realized cumulative
losses to date as a percent of original balance have also
increased from 4.3% to 7.1%. The average updated expected
collateral loss as a percentage of the remaining pool balance and
as a percentage of the original balance are 15.21% and 18.23%
respectively.

Fitch's rating actions are:

   -- Class A (12498SAA0) affirmed at 'AAsf'; LS revised to 'LS2'
      from 'LS3'; Outlook revised to Stable from Negative;

   -- Class M-1 (12498SAB8) affirmed at 'BBBsf;' LS revised to
      'LS4' from 'LS5'; Outlook revised to Stable from Negative;

   -- Class M-2 (12498SAC6) affirmed at 'BBsf/LS5'; Outlook
      revised to Stable from Negative;

   -- Class M-3 (12498SAD4) affirmed at 'Bsf/LS5'; Outlook revised
      to Stable from Negative;

   -- Class M-4 (12498SAE2) affirmed at 'Bsf/LS5'; Outlook revised
      to Stable from Negative;

   -- Class M-5 (12498SAF9) affirmed at 'CCCsf'; RR revised to
      'RR2' from 'RR5';

   -- Class B-1 (12498SAG7) affirmed at 'CCsf' RR revised to 'RR3'
      from 'RR5';

   -- Class B-2 (12498SAH5) affirmed at 'CCsf/RR5';

   -- Class B-3 (12498SAJ1) affirmed at 'Csf' RR revised to 'RR5'
      from 'RR6'.

These actions were reviewed by a committee of Fitch analysts.


CABELA'S CREDIT CARD: DBRS Puts 'BB' Provisional Rating on Class D
------------------------------------------------------------------
DBRS has assigned provisional ratings to these classes issued by
Cabela's Credit Card Master Note Trust Series 2011-II:

  -- Series 2011-II Notes, Class A-1 rated AAA (sf)
  -- Series 2011-II Notes, Class A-2 rated AAA (sf)
  -- Series 2011-II Notes, Class B rated A (high) (sf)
  -- Series 2011-II Notes, Class C rated BBB (sf)
  -- Series 2011-II Notes, Class D rated BB (sf)


CANADIAN CAPITAL: Moody's Assigns Definitive Ratings to Notes
-------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes to be issued by Canadian Capital Auto Receivables Asset
Trust II (CCARAT II), Series 2011-2. CCARAT II is administered by
Ally Credit Canada Limited (B1), who is also the originator and
servicer of the auto loan collateral pool which supports the
Series 2011-2 notes. Ally Credit Canada Limited is the Canadian
subsidiary of Ally Financial Inc. (B1)

The complete rating actions are:

Issuer: Canadian Capital Auto Receivables Asset Trust II, Series
2011-2

$230,000,000 1.681% Class A-1 Auto Loan Receivables-Backed Notes,
rated Aaa (sf)

$165,000,000 2.179% Class A-2 Auto Loan Receivables-Backed Notes,
rated Aaa (sf)

$129,320,000 2.773% Class A-3 Auto Loan Receivables-Backed Notes,
rated Aaa (sf)

$11,000,000 3.520% Class B Auto Loan Receivables-Backed Notes,
rated Aa3 (sf)

$5,500,000 4.111% Class C Auto Loan Receivables-Backed Notes,
rated A2 (sf)

Ratings Rationale

Moody's median cumulative net loss expectation for the CCARAT II
2011-2 pool is 1.25% and the Volatility Proxy Aaa Level is 7.50%.
Moody's net loss expectation and Volatility Proxy Aaa Level for
the CCARAT II 2011-2 transaction are derived from an analysis of
the credit quality of the underlying pool of fixed rate retail
installment sales contracts, the collateral's historical
performance, the servicing ability of Ally Credit Canada Limited,
the performance guarantee provided by parent company Ally
Financial Inc., and expectations for future economic conditions.

All classes of notes are enhanced by 1.75% overcollateralization,
a 1.0% cash reserve account and the minimum 2.0% in excess spread.
The Class A Notes are further enhanced by subordinate Class B and
Class C Notes which constitute 2.00% and 1.00% respectively of the
net discounted pool balance of receivables.

Ally Credit Canada Limited (formerly General Motors Acceptance
Corporation of Canada Limited) has issued 10 previous publicly
registered retail loan transactions and has securitization
experience that dates back to 1993 in Canada. This transaction is
Ally Credit Canada's second public retail loan ABS issuance of the
year. The most notable difference between the two CCARAT II
transactions closed in 2011 (Series 2011-1 and 2011-2) and
previous CCARAT II series is the higher percentage of contracts
with original terms greater than 60 months (38% in this Series
2011-2 compared to 22% for Series 2010-1). A higher percentage of
contracts with original terms greater than 60 months typically has
a negative impact on pool performance. Nonetheless, a weighted
average FICO score of 763 for the Series 2011-2 securitized pool
is indicative of a prime quality obligor base. In addition,
historical performance of Ally Credit Canada's retail loan
securitizations have been favorable and were an important rating
consideration along with conducting a deal-by-deal comparison of
collateral.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments in this transaction.

Principal Methodology

The principal methodology used in rating the CCARAT II, Series
2011-2 notes was Moody's Approach to Rating U.S. Auto Loan-Backed
Securities, rating methodology published in May 2011.

Parameter Sensitivity

If the net loss expectation used in determining the initial rating
was changed from 1.25% to 2.75% the initial model-indicated output
might change from Aaa to Aa1 for the Class A Notes, from Aa3 to
Baa3 for the Class B Notes and from A2 to Ba3 for the Class C
notes. If the net loss was changed to 3.50% the initial model-
indicated output might change to Aa2 for the Class A Notes, to
Baa3 for the Class B Notes and to B3 for the Class C Notes. If the
net loss was changed to 5.25% the initial model-indicated output
might change to A2 for the Class A Notes and below B3 for the
Class B and Class C Notes.

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

Additional Research

Additional research including a pre-sale report for this
transaction is available at www.moodys.com.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments in this transaction.


CAPITAL AUTO: S&P Raises Ratings on 8 Classes of Notes From 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
B, C, and D notes from Capital Auto Receivables Asset Trust's
(CARAT's) series 2007-2, 2007-3, 2007-4, 2007-A, 2007-B, 2008-1,
2008-2, and 2008-A. "We also raised our rating on the class C
notes from Ally Auto Receivables Trust's (AART's) series 2009-B.
We also placed our ratings on the class B and C notes from AART's
series 2010-1 on CreditWatch with positive implications. Lastly,
we affirmed our ratings on the remaining 19 classes from 12 CARAT
transactions and 25 classes from six Ally transactions," S&P said.

"The rating actions reflect the transactions' collateral
performance to date, our views regarding future collateral
performance, the transactions' structure, and the credit
enhancement available. In addition, our analysis incorporated
secondary credit factors such as credit stability, payment
priorities under certain scenarios, and sector- and issuer-
specific analysis," S&P said.

"We analyzed the existing loss-coverage levels and other factors
such as the current economic forecast, the auto sector outlook,
and issuer-specific issues. The rating actions reflect our view
that the creditworthiness of the notes is consistent with the
raised and affirmed ratings," according to S&P.

"The transactions in this review have exhibited performance that
is in-line or show improvement when compared with our prior
expectations, and as such, have been factored into our revised
loss expectations," S&P added.

"In our view, many of the transactions have benefited from
stronger recovery values, as well as improved default and
delinquency performance, due to better macroeconomic conditions,"
S&P said.

Table 1
Collateral Performance (%)
As of June 2011 distribution month

Issuer/        Pool    60+ day  Current Current
Series    Mo.  factor  delinq.  CRR     CNL
CARAT
2006-2    54    1.95   0.64     56.80   0.98
2007-2    46    8.87   0.82     58.29   2.43
2007-3    45   11.24   0.77     57.67   2.72
2007-A    45    8.80   0.68     57.92   2.37
2007-B    44   12.21   0.93     57.77   3.00
2007-4    43   14.58   0.78     56.82   3.35
2008-CPA  41   18.93   0.60     58.79   2.87
2008-1    40   18.39   0.85     57.70   3.27
2008-CPB  39   23.46   0.66     60.10   2.85
2008-CPC  39   23.29   0.91     58.98   2.97
2008-2    37   22.54   0.57     59.67   2.38
2008-A    36   24.39   0.71     57.98   2.97

AART
2009-A    21   38.36   0.18     67.41   0.39
2009-B    19   52.14   0.11     68.11   0.26
2010-1    15   57.65   0.11     70.02   0.17
2010-3    10   71.46   0.04     75.04   0.07
2010-4     7   79.76   0.05     73.50   0.04
2010-5     6   81.06   0.05     71.60   0.02

CRR--cumulative recovery rate. CNL--cumulative net loss.

Table 2
Cumulative net loss expectations (%)

                       Initial     Former    Revised
Issuer/        Pool    lifetime   lifetime   lifetime
Series    Mo.  factor  CNL exp.   CNL exp.   CNL exp.
CARAT
2006-2    56    1.95   1.90-2.00  1.00-1.10  1.00-1.10
2007-2    46    8.87   1.90-2.10  2.85-3.00  2.55-2.70
2007-3    45   11.24   1.90-2.10  3.10-3.25  2.95-3.10
2007-A    45    8.80   1.90-2.10  3.00-3.15  2.45-2.60
2007-B    44   12.21   1.90-2.10  3.25-3.40  3.25-3.40
2007-4    43   14.58   1.90-2.10  3.70-3.90  3.70-3.90
2008-CPA  41   18.93   2.10-2.20  3.75-3.95  3.25-3.45
2008-1    40   18.39   2.10-2.20  3.85-4.05  3.70-3.90
2008-CPB  39   23.46   2.40-2.60  3.75-3.95  3.40-3.60
2008-CPC  39   23.29   2.40-2.60  3.75-3.95  3.50-3.70
2008-2    37   22.54   2.20-2.30  3.50-3.70  2.90-3.10
2008-A    36   24.39   2.55-2.75  4.20-4.50  3.65-3.85

AART
2009-A    21   38.36   2.30-2.50  N/A        0.90-1.05
2009-B    19   52.14   2.30-2.50  N/A        0.90-1.05
2010-1    15   57.65   3.25-3.50  N/A        N/A
2010-3    10   71.46   2.40-2.60  N/A        N/A
2010-4     7   79.76   2.30-2.50  N/A        N/A
2010-5     6   81.06   2.10-2.30  N/A        N/A

CNL exp. -- cumulative net loss expectation.
N/A -- Not applicable.

The issuer initially structured each transaction with credit
enhancement, which consisted of subordination for the higher rated
tranches in senior-subordinate transactions, overcollateralization
(O/C), a reserve account, and excess spread, including the
contribution of yield supplement overcollateralization (YSOC).
Each transaction's reserve account and O/C amount are non-
amortizing. Some transactions, though, were also structured so
that the O/C amount can build to a higher target level as shown in
table 3. As of the June 2011 distribution month, the reserve
account and O/C amounts for all the transactions reached their
target amounts.

Table 3
Initial and Target Reserve Account And O/C Levels (%)

           Initial                   Target
           and target                O/C
           reserve     Initial       (Non-YSOC)
Issuer/    account     O/C           (% of
Series     deposit     (Non-YSOC)    initial)
CARAT
2006-2     0.50        0.55          0.55
2007-2     0.50        0.25          0.25
2007-3     0.50        0.25          0.25
2007-A     0.50        0.25          0.25
2007-B     0.50        0.25          0.25
2007-4     0.75        0.25          0.25
2008-1     0.75        0.25          0.25
2008-CPA   0.50        3.00          4.25
2008-CPB   0.50        4.75          6.00
2008-CPC   0.50        4.75          6.00
2008-2     0.50        0.50          0.50
2008-A     1.25        0.50          0.50

AART
2009-A     1.00        4.25          6.00
2009-B     1.00        2.00          2.75
2010-1     1.00        5.75          6.75
2010-3     1.00        3.50          4.50
2010-4     1.00        1.25          2.25
2010-5     1.00        1.25          2.25

Percentages are in terms of the initial aggregate discounted
principal balance.

Table 4
Hard Credit Support (%)
As of the June 2011 distribution month

                                       Current
                       Total hard      total hard
Issuer/        Pool    credit support  credit support(i)
Series   Class factor  at issuance(i)  (% of current)
CARAT
2006-2   C      1.95    1.41            72.12
2007-2   A      8.87    5.38            60.68
2007-2   B      8.87    2.47            27.81
2007-2   C      8.87    1.12            12.64
2007-2   D      8.87    0.67             7.59
2007-3   A     11.24    5.48            48.75
2007-3   B     11.24    2.51            22.34
2007-3   C     11.24    1.14            10.16
2007-3   D     11.24    0.69             6.09
2007-A   A      8.80    5.42            61.54
2007-A   B      8.80    2.48            28.20
2007-A   C      8.80    1.13            12.82
2007-A   D      8.80    0.68             7.69
2007-B   A     12.21    5.55            45.41
2007-B   B     12.21    2.54            20.81
2007-B   C     12.21    1.16             9.46
2007-B   D     13.21    0.69             5.68
2007-4   A     14.58    5.77            39.58
2007-4   B     14.58    2.77            19.00
2007-4   C     14.58    1.38             9.50
2007-4   D     14.58    0.92             6.33
2008-CPA A     18.93    3.01            21.60
2008-1   A     18.39    5.70            30.98
2008-1   B     18.39    2.73            14.87
2008-1   C     18.39    1.37             7.44
2008-1   D     18.39    0.91             4.96
2008-CPB A     23.46    4.63            24.43
2008-CPC A     23.29    4.63            24.60
2008-2   A     22.54    5.53            24.55
2008-2   B     22.54    2.66            11.78
2008-2   C     22.54    1.33             5.89
2008-2   D     22.54    0.89             3.93
2008-A   A     24.31    6.65            27.28
2008-A   B     24.31    3.33            13.64
2008-A   C     24.31    2.00             8.18
2008-A   D     24.31    1.55             6.36

AART
2009-A   A     38.36    4.62            16.05
2009-B   A     52.14    6.18            13.12
2009-B   B     52.14    4.41             9.73
2009-B   C     52.14    2.65             6.35
2010-1   A     57.65   11.24            21.10
2010-1   B     57.65    8.60            16.52
2010-1   C     57.65    6.27            12.48
2010-3   A     71.46    8.38            13.05
2010-3   B     71.46    6.12             9.88
2010-3   C     71.46    4.24             7.25
2010-4   A     79.76    7.30            10.33
2010-4   B     79.76    4.76             7.14
2010-4   C     79.76    2.12             3.84
2010-5   A     81.06    7.31            10.19
2010-5   B     81.06    4.77             7.04
2010-5   C     81.06    2.12             3.78

(i)Percentages are in terms of the total principal balance. Total
hard credit support consists of a reserve account, O/C, and
subordination where applicable, and excludes excess spread,
created by the YSOC amount, which also provides additional
enhancement.

"Despite loss coverage levels that are typically consistent with
higher ratings for some of the subordinate tranches, we considered
the subordinate class' legal and structural subordination to the
more senior classes in determining our revised ratings," S&P
related.

"Our review of these transactions included cash flow analysis, for
which we used current and historical performance to estimate
future performance. Our various cash flow scenarios included
forward-looking assumptions on recoveries, timing of losses, and
voluntary absolute prepayment speeds that we believe are
appropriate given the transactions' current performances. We also
performed sensitivity analysis which showed that under a moderate
stress scenario, increasing our expected losses and keeping all
else equal, the loss coverage levels are sufficient for the
ratings to remain within the outer bounds of credit deterioration
as outlined in our credit stability criteria. Furthermore, for
those transactions with class A floating-rate tranches, we
evaluated the interest rate swaps in place provided by their
respective hedge counterparty. If they did not conform to our
revised counterparty criteria, where appropriate, we performed
cash flow analysis without the benefit of the swap. The results of
the overall cash flow analysis demonstrated, in our view, that all
the outstanding classes have adequate credit enhancement available
at the raised or affirmed rating levels," S&P related.

"We will continue to monitor the performance of these transactions
to assess whether the credit enhancement available remains
sufficient, along with other factors, in our view, to support the
ratings on each class under various stress scenarios," S&P added.

Ratings Raised

Capital Auto Receivables Asset Trust

                      Rating
Series   Class    To          From
2007-2   B        AA+ (sf)    A (sf)
2007-2   C        AA (sf)     BBB (sf)
2007-2   D        A+ (sf)     BB (sf)
2007-3   B        AA+ (sf)    A (sf)
2007-3   C        AA- (sf)    BBB (sf)
2007-3   D        A- (sf)     BB (sf)
2007-4   B        AA+ (sf)    A (sf)
2007-4   C        AA- (sf)    BBB (sf)
2007-4   D        A- (sf)     BB (sf)
2007-A   B        AA+ (sf)    A (sf)
2007-A   C        AA (sf)     BBB (sf)
2007-A   D        AA- (sf)    BB (sf)
2007-B   B        AA+ (sf)    A (sf)
2007-B   C        AA- (sf)    BBB (sf)
2007-B   D        BBB+ (sf)   BB (sf)
2008-1   B        AA (sf)     A (sf)
2008-1   C        A (sf)      BBB (sf)
2008-1   D        BBB (sf)    BB (sf)
2008-2   B        AA (sf)     A (sf)
2008-2   C        A (sf)      BBB (sf)
2008-2   D        BBB (sf)    BB (sf)
2008-A   B        AA (sf)     A (sf)
2008-A   C        A+ (sf)     BBB (sf)
2008-A   D        A- (sf)     BB (sf)

Ally Auto Receivables Trust

                     Rating
Series   Class    To          From
2009-B   C        AA (sf)     A+ (sf)

Ratings Placed on CreditWatch Positive

Ally Auto Receivables Trust

                     Rating
Series   Class    To                 From
2010-1   B        AA (sf)/Watch Pos  AA (sf)
2010-1   C        A+ (sf)/Watch Pos  A+ (sf)

Ratings Affirmed

Capital Auto Receivables Asset Trust

Series   Class     Rating
2006-2   C         AAA (sf)
2007-2   A-PT      AAA (sf)
2007-2   A-4a      AAA (sf)
2007-2   A-4b      AAA (sf)
2007-3   A-4       AAA (sf)
2007-4   A-4       AAA (sf)
2007-A   A         AAA (sf)
2007-B   A         AAA (sf)
2008-1   A-3a      AAA (sf)
2008-1   A-3b      AAA (sf)
2008-1   A-4a      AAA (sf)
2008-1   A-4b      AAA (sf)
2008-2   A-3a      AAA (sf)
2008-2   A-3b      AAA (sf)
2008-2   A-4       AAA (sf)
2008-A   A         AAA (sf)
2008-CPA A-1       AAA (sf)
2008-CPB A-1       AAA (sf)
2008-CPC A-1       AAA (sf)

Ally Auto Receivables Trust

Series   Class     Rating
2009-A   A-3       AAA (sf)
2009-A   A-4       AAA (sf)
2009-B   A-2       AAA (sf)
2009-B   A-3       AAA (sf)
2009-B   A-4       AAA (sf)
2009-B   B         AA+ (sf)
2010-1   A-2       AAA (sf)
2010-1   A-3       AAA (sf)
2010-1   A-4       AAA (sf)
2010-3   A-2       AAA (sf)
2010-3   A-3       AAA (sf)
2010-3   A-4       AAA (sf)
2010-3   B         AA+ (sf)
2010-3   C         AA- (sf)
2010-4   A-1       A-1+ (sf)
2010-4   A-2       AAA (sf)
2010-4   A-3       AAA (sf)
2010-4   A-4       AAA (sf)
2010-4   B         AA (sf)
2010-4   C         A (sf)
2010-5   A-2       AAA (sf)
2010-5   A-3       AAA (sf)
2010-5   A-4       AAA (sf)
2010-5   B         AA+ (sf)
2010-5   C         A+ (sf)


CAPITAL TRUST: Mood's Downgrades Rating of Housing Revenue Bonds
----------------------------------------------------------------
Moody's Investors Service has downgraded to Ca from Caa3 the
rating on the Senior Series 2003A and affirms the C rating on
Subordinate Series 2003C Capital Trust Agency's Multifamily
Housing Revenue Bonds (American Opportunities for Housing - Golf
Villas, Rivermill and Village Square Apartments). This rating
action affects $14,140,000 of Senior Bonds and $940,000 of
Subordinate Bonds outstanding. The rating outlook on the bonds
remains negative for the Senior bonds..

The downgrade is based on the trustee's decision not to use funds
available in the debt service reserve fund for the Senior Series
or any funds available under other accounts in the trust indenture
to pay interest due on June 1, 2011 as described in the trustee's
notice dated June 13, 2011. In such notice, the trustee cited that
project revenues will not be sufficient for the project's
scheduled interest payments. The failure to pay debt service
constitutes a monetary default under the trust indenture.
Outlook

The outlook on the bonds remains negative, as Moody's believes the
declines in project occupancy rates and poor financial performance
may continue over the near to medium term.

What could change the rating -- Up

* Sustained, improved physical and economic occupancy rates and
  financial performance along with a stabilization of the local
  real estate market.

What could change the rating -- Down

* For Senior Bonds, lower recoveries upon liquidation

The principal methodology used in this rating was "Global Housing
Projects", published in July 2010.


CASTLE GARDEN: S&P Affirms Ratings on 2 Classes of Notes at 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A-1, A-2, A-3b, B-1, B-2, C-1, and C-2 notes from Castle Garden
Funding, a collateralized loan obligation (CLO) transaction
managed by CSFB Alternative Capital Inc. At the same time, we
affirmed our ratings on the class A-3a, A-4, D-1, and D-2 notes,
and removed our ratings on all of the notes from CreditWatch,
where we placed them with positive implications on March 30,
2011," S&P related.

"The upgrades reflect improved performance we have observed in the
deal's underlying asset portfolio since we lowered our ratings on
the rated notes on Dec. 8, 2009, following the application of our
September 2009 corporate collateralized debt obligation (CDO)
criteria. As of the May 24, 2011, trustee report, the transaction
had $9.26 million in defaulted obligations and approximately
$56.65 million in assets from obligors with a Standard & Poor's
rating in the 'CCC' range. This was down from $57.20 million in
defaulted obligations and approximately $64.99 million in assets
from obligors with a Standard & Poor's rating in the 'CCC' range
noted in the Oct. 23, 2009, trustee report, which was used for our
December 2009 rating actions," S&P said.

"We also observed an increase in the overcollateralization (O/C)
available to support the rated notes," S&P said. The trustee
reported these ratios in the May 24, 2011, monthly report:

    The class A par value (O/C) ratio test was 122.85%, compared
    with a reported ratio of 119.37% in October 2009;

    The class B par value (O/C) ratio test was 115.20%, compared
    with a reported ratio of 111.94% in October 2009;

    The class C par value (O/C) ratio test was 109.94%, compared
    with a reported ratio of 106.82% in October 2009; and

    The class D par value (O/C) ratio test was 107.69%, compared
    with a reported ratio of 104.64% in October 2009.

"The affirmation of the ratings on the class A-3a, A-4, D-1, and
D-2 notes reflects our belief that the credit support available is
commensurate with the current rating level," S&P said.

Standard & Poor's will continue to review whether, in its view,
the ratings assigned to the notes remain consistent with the
credit enhancement available to support them and take rating
actions as it deems necessary.

Rating and CreditWatch Actions

Castle Garden Funding
                        Rating
Class              To           From
A-1                AA+ (sf)     AA (sf)/Watch Pos
A-2                AA+ (sf)     AA (sf)/Watch Pos
A-3a               AA+ (sf)     AA+ (sf)/Watch Pos
A-3b               AA+ (sf)     AA (sf)/Watch Pos
A-4                A+ (sf)      A+ (sf)/Watch Pos
B-1                BBB+ (sf)    BBB- (sf)/Watch Pos
B-2                BBB+ (sf)    BBB- (sf)/Watch Pos
C-1                BB+ (sf)     BB- (sf)/Watch Pos
C-2                BB+ (sf)     BB- (sf)/Watch Pos
D-1                B+ (sf)      B+ (sf)/Watch Pos
D-2                B+ (sf)      B+ (sf)/Watch Pos


CDC COMM'L: Moody's Upgrades Three and Affirms 12 CMBS Classes
--------------------------------------------------------------
Moody's Investors Service (Moody's) upgraded the ratings of three
classes and affirmed 12 classes of CDC Commercial Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series 2002-FX1:

Cl. A-2, Affirmed at Aaa (sf); previously on Jun 27, 2002
Definitive Rating Assigned Aaa (sf)

Cl. B, Affirmed at Aaa (sf); previously on Nov 11, 2005 Upgraded
to Aaa (sf)

Cl. C, Affirmed at Aaa (sf); previously on Nov 11, 2005 Upgraded
to Aaa (sf)

Cl. D, Affirmed at Aaa (sf); previously on Nov 11, 2005 Upgraded
to Aaa (sf)

Cl. E, Affirmed at Aaa (sf); previously on Apr 18, 2007 Upgraded
to Aaa (sf)

Cl. F, Affirmed at Aaa (sf); previously on May 14, 2008 Upgraded
to Aaa (sf)

Cl. G, Affirmed at Aaa (sf); previously on Dec 2, 2010 Upgraded to
Aaa (sf)

Cl. H, Upgraded to Aaa (sf); previously on Dec 2, 2010 Upgraded to
Aa1 (sf)

Cl. J, Upgraded to Aa3 (sf); previously on Dec 2, 2010 Upgraded to
A2 (sf)

Cl. K, Upgraded to Baa2 (sf); previously on Dec 2, 2010 Upgraded
to Ba1 (sf)

Cl. L, Affirmed at Ba3 (sf); previously on Jun 27, 2002 Definitive
Rating Assigned Ba3 (sf)

Cl. M, Affirmed at B1 (sf); previously on Jun 27, 2002 Definitive
Rating Assigned B1 (sf)

Cl. N, Affirmed at B2 (sf); previously on Jun 27, 2002 Definitive
Rating Assigned B2 (sf)

Cl. P, Affirmed at Caa1 (sf); previously on Dec 2, 2010 Downgraded
to Caa1 (sf)

Cl. X-CL, Affirmed at Aaa (sf); previously on Jun 27, 2002
Definitive Rating Assigned Aaa (sf)

RATINGS RATIONALE

The upgrades are due to increased subordination from loan payoffs
and amortization. The transaction's aggregate certificate balance
has decreased by 40% since the last review in December 2010. The
affirmations are due to key parameters, including Moody's loan to
value (LTV) ratio, Moody's stressed debt service coverage ratio
(DSCR) and the Herfindahl Index (Herf), remaining within
acceptable ranges. Based on Moody's current base expected loss,
the credit enhancement levels for the affirmed classes are
sufficient to maintain the existing ratings.

Moody's rating action reflects a cumulative base expected loss of
5.8% of the current balance. At last review, Moody's cumulative
base expected loss was 3.1%. Moody's stressed scenario loss is
8.8% of the current balance. Moody's provides a current list of
base and stress scenario losses for conduit and fusion CMBS
transactions on moodys.com at:

  http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

Depending on the timing of loan payoffs and the severity and
timing of losses from specially serviced loans, the credit
enhancement level for investment grade classes could decline below
the current levels. Due to the high level of credit subordination
and defeasance, it is unlikely that investment grade classes would
be downgraded even if losses are higher than Moody's expected
base.

Moody's analysis reflects a forward-looking view of the likely
range of collateral performance over the medium term. From time
to time, Moody's may, if warranted, change these expectations.
Performance that falls outside an acceptable range of the key
parameters may indicate that the collateral's credit quality
is stronger or weaker than Moody's had anticipated during the
current review. Even so, deviation from the expected range will
not necessarily result in a rating action. There may be mitigating
or offsetting factors to an improvement or decline in collateral
performance, such as increased subordination levels due to
amortization and loan payoffs or a decline in subordination due
to realized losses.

Primary sources of assumption uncertainty are the current
sluggish macroeconomic environment and varying performance in
the commercial real estate property markets. However, Moody's
expects to see increasing or stabilizing property values, higher
transaction volumes, a slowing in the pace of loan delinquencies
and greater liquidity for commercial real estate in 2011. The
hotel and multifamily sectors are continuing to show signs of
recovery, while recovery in the office and retail sectors will be
tied to recovery of the broader economy. The availability of debt
capital continues to improve with terms returning toward market
norms. Moody's central global macroeconomic scenario reflects an
overall sluggish recovery through 2012, amidst ongoing individual,
corporate and governmental deleveraging, persistent unemployment,
and government budget considerations.

The primary methodology used in this rating was "CMBS: Moody's
Approach to Rating U.S. Conduit Transactions" published in
September 2000.

Moody's also considered in its analysis "Moody's Approach to
Rating Large Loan/Single Borrower Transactions" published in
September 2000.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.50 which is used for both conduit and fusion
transactions and the CMBS Large Loan Model v 8.0. Conduit model
results at the Aa2 (sf) level are driven by property type, Moody's
actual and stressed DSCR, and Moody's property quality grade
(which reflects the capitalization rate used by Moody's to
estimate Moody's value). Conduit model results at the B2 (sf)
level are driven by a pay down analysis based on the individual
loan level Moody's LTV ratio. Moody's Herfindahl score (Herf), a
measure of loan level diversity, is a primary determinant of pool
level diversity and has a greater impact on senior certificates.
Other concentrations and correlations may be considered in Moody's
analysis. Based on the model pooled credit enhancement levels at
Aa2 (sf) and B2 (sf), the remaining conduit classes are either
interpolated between these two data points or determined based on
a multiple or ratio of either of these two data points. For fusion
deals, the credit enhancement for loans with investment-grade
underlying ratings is melded with the conduit model credit
enhancement into an overall model result. Fusion loan credit
enhancement is based on the credit estimate of the loan which
corresponds to a range of credit enhancement levels. Actual fusion
credit enhancement levels are selected based on loan level
diversity, pool leverage and other concentrations and correlations
within the pool. Negative pooling, or adding credit enhancement at
the underlying rating level, is incorporated for loans with
similar credit estimates in the same transaction.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 2, compared to 3 at Moody's prior review.

In cases where the Herf falls below 20, Moody's employs the large
loan/single borrower methodology. This methodology uses the excel-
based Large Loan Model v 8.0. The large loan model derives credit
enhancement levels based on an aggregation of adjusted loan level
proceeds derived from Moody's loan level LTV ratios. Major
adjustments to determining proceeds include leverage, loan
structure, property type, and sponsorship. These aggregated
proceeds are then further adjusted for any pooling benefits
associated with loan level diversity, other concentrations and
correlations.

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

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through two sets of
quantitative tools -- MOST(R) (Moody's Surveillance Trends) and
CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior full review is
summarized in a press release dated December 2, 2010. Please see
the ratings tab on the issuer / entity page on moodys.com for the
last rating action and the ratings history.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.

DEAL PERFORMANCE

As of the June 17, 2011 distribution date, the transaction's
aggregate certificate balance has decreased by 63% to
$236.7 million from $637.5 million at securitization. The
Certificates are collateralized by 13 mortgage loans ranging
in size from less than 1% to 23% of the pool, with the top ten
loans representing 43% of the pool. Six loans, representing 57%
of the pool, have defeased and are collateralized with U.S.
Government securities.

Three loans, totaling 12% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

One loan has been liquidated from the pool, resulting in a
realized loss of $756,881 (38% loss severity). One loan,
representing 0.6% of the pool, is currently in special servicing.
Moody's has estimated a $534,998 loss (40% expected loss) for this
loan.

Moody's has assumed a high default probability for two poorly
performing loans representing 11% of the pool and has estimated a
$11.2 million loss (41% expected loss based on a 100% probability
default) from these troubled loans.

Moody's was provided with full year 2010 operating results for
100% for the non-defeased pool. Excluding specially serviced and
troubled loans, Moody's weighted average LTV is 99% compared to
78% at last review. Moody's net cash flow reflects a weighted
average haircut of 15% to the most recently available net
operating income. Moody's value reflects a weighted average
capitalization rate of 10.25%.

Excluding specially serviced and troubled loans, Moody's actual
and stressed DSCRs are 1.23X and 1.1.39X, respectively, compared
to 1.28X and 1.41X at last review. Moody's actual DSCR is based on
Moody's net cash flow (NCF) and the loan's actual debt service.
Moody's stressed DSCR is based on Moody's NCF and a 9.25% stressed
rate applied to the loan balance.

The top three non-defeased loans represent 37% of the pool
balance. The largest loan is the Seattle Supermall Loan
($54.9 million -- 23% of the pool), which is secured by a
935,000 square foot retail center located in Auburn, Washington.
As of April 2011, the property was 90% leased compared to 92% at
last review. Major tenants include Sam's Club and Burlington Coat
Factory. Moody's LTV and stressed DSCR are 80% and 1.34X,
essentially the same as at last review.

The second largest loan is the Marriott Islandia Loan
($23.4 million -- 10% of the pool), which is secured by a
278-room full service hotel located in Islandia (Suffolk County),
New York. Overall, performance has declined since 2008 due to the
decline in business and tourist travel resulting from the economic
recession. Revenue per available room (RevPAR) for full-year 2010
was $76.47 compared $74.99 in 2009 and $91.10 in 2008. The loan is
on the master servicer's watchlist due to low DSCR. The loan has
passed its anticipated repayment date (ARD) of February 11, 2011.
Moody's considers this loan a high default risk and has identified
it as a troubled loan. Moody's LTV and stressed DSCR are 168% and
0.72X, respectively, compared to 133% and 0.91X at last review.

The third largest loan is the Village Marketplace Shopping Center
Loan ($8.55 million -- 3.6% of the pool), which is secured by a
129,000 square foot grocery-anchored center located five miles
south-west of Richmond, Virginia. The center is anchored by a
36,804 square foot Food Lion Supermarket through March 2019. As
of December 2010, the property was 80% leased compared to 87% in
2009. Moody's LTV and stressed DSCR are 81% and 1.30X,
respectively, compared to 79% and 1.32X at last review.


CGCMT 2010-RR2: Moody's Affirms Ratings of Four CRE CDO Classes
---------------------------------------------------------------
Moody's affirmed four classes of Certificates issued by CGCMT
2010-RR2 Trust, Resecuritization Pass-Through Certificates, Series
2010-RR2. The rating action is the result of Moody's on-going
surveillance of commercial real estate collateralized debt
obligation (CRE CDO) transactions.

Cl. CS-A3A, Affirmed at Aaa (sf); previously on Apr 22, 2010
Assigned Aaa (sf)

Cl. CS-A3B, Affirmed at Aa1 (sf); previously on Apr 22, 2010
Assigned Aa1 (sf)

Cl. JP-A4A, Affirmed at Aa3 (sf); previously on Aug 13, 2010
Downgraded to Aa3 (sf)

Cl. JP-A4B, Affirmed at Ba3 (sf); previously on Aug 13, 2010
Downgraded to Ba3 (sf)

Ratings Rationale

CGCMT 2010-RR2 Trust, Resecuritization Pass-Through Certificates,
Series 2010-RR2 is a Re-REMIC Pass Through Trust backed by two
commercial mortgage backed securities (CMBS) Certificates: the
Group I P&I Certificates are backed by $47.6 million, or 4.0% of
the aggregate class principal balance, of the super senior Class
A-3 issued by Credit Suisse Commercial Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2006-C5 (the "Group
I Underlying Certificate"); the Group II P&I Certificates are
backed by $30.0 million, or 8.5% of the aggregate class principal
balance, of the super senior Class A-4 issued by J.P. Morgan Chase
Commercial Mortgage Securities Corp., Commercial Mortgage Pass-
Through Certificates, Series 2008-C2 (the "Group II Underlying
Certificate").

The current performance of the Certificate is commensurate with
current ratings levels.

Since the ratings of the CRE CDO Certificates are linked to the
rating of the underlying CMBS certificate which in turn are linked
to the performance of the underlying commercial mortgage pool's
performance, any rating action on the underlying certificate may
trigger a review of the ratings of the certificates.

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. From time to time, Moody's may, if warranted, change
these expectations. Performance that falls outside the given range
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 range
will not necessarily result in a rating action nor does
performance within expectations preclude such actions. The
decision to take (or not take) a rating action is dependent on an
assessment of a range of factors including, but not exclusively,
the performance metrics. Primary sources of assumption uncertainty
are the current sluggish macroeconomic environment and varying
performance in the commercial real estate property markets.
However, Moody's expects to see increasing or stabilizing property
values, higher transaction volumes, a slowing in the pace of loan
delinquencies and greater liquidity for commercial real estate in
2011 The hotel and multifamily sectors are continuing to show
signs of recovery, while recovery in the office and retail sectors
will be tied to recovery of the broader economy. The availability
of debt capital continues to improve with terms returning toward
market norms. Moody's central global macroeconomic scenario
reflects an overall sluggish recovery through 2012, amidst ongoing
individual, corporate and governmental deleveraging, persistent
unemployment, and government budget considerations.

The methodology used when assigning and monitoring the ratings is
as follows: Moody's applied ratings-specific cash flow scenarios
assuming different loss timing, recovery and prepayment
assumptions on the underlying pool of mortgages that are the
collateral for the underlying CMBS transaction through Structured
Finance Workstation(R) (SFW), the cash flow model developed by
Moody's Wall Street Analytics. The analysis incorporates
performance variances across the different pools and the
structural features of the transaction including priorities of
payment distribution among the different tranches, tranche average
life, current tranche balance and future cash flows under expected
and stressed scenarios. In each scenario, cash flows and losses
from the underlying collateral were analyzed applying different
stresses at each rating level. The resulting ratings specific
stressed cash flows were then input into the structure of the
resecuritization to determine expected losses for each class. The
expected losses were then compared to the idealized expected loss
for each class to gauge the appropriateness of the existing
rating. The stressed assumptions considered, among other factors,
the underlying transaction's collateral attributes, past and
current performance, and Moody's current negative performance
outlook for commercial real estate.

The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" published in April 2010.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.


CITIGROUP COMMERCIAL: Fitch Takes Various Rating Actions
--------------------------------------------------------
Fitch Ratings has taken various rating actions on Citigroup
Commercial Mortgage Trust, series 2007-FL3, due to revised loss
expectations. Fitch's performance expectation incorporates
prospective views regarding the outlook of the commercial real
estate market.

Negative Rating Outlooks on two of the rated classes reflect
concerns with the ability of certain loans to refinance. The
remaining loans which have not been modified are maturing over the
next 12-18 months; the loans had an average loan term of five
years (including extensions). As lending standards have changed
considerably from the time these loans were originated, there is
uncertainty as to whether or not the loans will have any issues
securing financing at final maturity. Positive Rating Outlooks and
upgrades on several classes reflect improved property performance
and potential increases to credit enhancement from maturing loans
that are expected to pay off.

Under Fitch's methodology, approximately 67.1% of the pooled
balance is modeled to default in the base case stress scenario,
defined as the 'B' stress. In this scenario, the modeled average
cash flow decline is 12.9% and pooled expected losses are 7.7%. To
determine a sustainable Fitch cash flow and stressed value, Fitch
analyzed servicer-reported operating statements and STR reports,
updated property valuations, and recent sales comparisons. Fitch
estimates that average recoveries will be strong, with an
approximate base case recovery in excess of 92%.

The transaction is collateralized by eight loans, all of which are
secured by hotels. The transaction faces near-term maturity risk.
Four loans mature in the next 18 months. One loan (13.2%) has its
final maturity in October 2011, and three (36.1%) mature in 2012.

Four loans (50.7%) defaulted at maturity and were subsequently
modified and extended. Of these four loans, one (18.8%) has a
maturity in September 2012, one (28.8%) has a final maturity in
2015, and two (3.1%) have final maturities in 2014.

Three loans were modeled to take a loss in the base case: Hudson
Hotel (18.8%), Avalon Hotel (2.1%) and Maison 140 (1%). The Hudson
Hotel 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 Eighth 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 (ADR) and higher cash flows. The property
failed to achieve the projected increases, due in large part to
the difficulty the economy has experienced. As of TTM April 2011
servicer-reported NOI had declined by approximately 62% from YE
2008 and 65% from issuance underwriting. The decline is primarily
driven by erosion in room revenue as a result of the economic
downturn. Property performance is now trending positively with
April TTM NOI up 30% from YE 2009. The loan is in special
servicing due to a maturity default. The loan has been modified
and extended and is pending return to the master servicer. The
special servicer reports that the loan is scheduled to pay off in
the next few months.

The Avalon hotel is collateralized by an 84 room full-service
hotel located in Beverly Hills, CA. The property is approximately
four blocks south from Rodeo Drive and five miles south of
Hollywood. The property was originally built in 1949 as a luxury
apartment house, school and community center. The property was
purchased in 1997 by the KOR Hotel Group (KOR) and was completely
renovated and reopened in 2000 as a Fifties retro-style hotel. The
loan transferred to special servicing in September 2009 due to
imminent maturity default. The loan has been modified, extended
and returned to the master servicer. The modification de-levered
the property such that the debt stack was reduced to the trust
balance of $11.75 million. Fitch modeled the loan as a term
default with losses based on the recent appraised value.

The Maison 140 loan is collateralized by a 44-room limited-service
hotel located in Beverly Hills, CA. The property is just south of
the Golden Triangle between Wilshire and Little Santa Monica
Boulevards, within walking distance of Rodeo Drive. Built in 1939,
the brick facade building was originally a residential apartment.
The property was completely redesigned and reopened in August 2000
as Maison 140. The loan transferred to special servicing in
September 2009 due to imminent maturity default. It was
subsequently modified, extended and returned to the master
servicer. As part of the modification the loan maturity was
extended to Jan. 9, 2012 with three additional one-year extension
options. The trust portion of the loan was also paid down by
$350,000. The hotel is in the final stages of a $600,000
($14,634/key) expected to be completed by third quarter 2011.

At issuance the loan was underwritten to a stabilized cash flow
which anticipated continued increases in ADR in the Los Angeles
market. Performance never achieved underwritten assumptions. As of
YE 2010, NOI had declined of 38% from YE 2008 and 82% from
issuance underwriting. Property performance has improved with YE
2010 NOI up 63% from YE 2009. Fitch modeled the loan as a term
default with losses based on the recent appraised value.

Fitch has downgraded and assigned Recovery Ratings to these non-
pooled classes:

   -- $1.9 million class AVA to 'CCCsf/RR3' from 'B-sf/LS5';

   -- $0.8 million class MOF to 'Dsf/RR1' from 'BB-sf/LS5' due to
      realized losses.

Fitch has upgraded and assigned Rating Outlooks and Loss Severity
Ratings for these classes:

   -- $12 million class G to 'Bsf/LS4' from 'CCCsf/RR2'; Outlook
      Stable;

   -- $3.5 million class THH-1 to 'CCCsf/RR6' from 'CCsf/RR6'.

Fitch has affirmed these classes and revised Rating Outlooks, Loss
Severity and Recovery Ratings:

   -- $158.5 million class A-1 at 'AAAsf/LS2' from 'LS1'; Outlook
      Stable;

   -- $164.6 million class A-2 at 'Asf/LS2'; Outlook to Positive
      from Negative;

   -- $24.9 million class B at 'BBBsf/LS3'; Outlook to Positive
      from Negative;

   -- $19.9 million class C at 'BBBsf/LS4 from LS5'; Outlook to
      Positive from Negative;

   -- $12.9 million class D at 'BBsf/LS4' from 'LS5'; Outlook to
      Stable from Negative;

   -- $12 million class E at 'BBsf/LS4' from 'LS5'; Outlook to
      Stable from Negative;

   -- $13 million class F at 'Bsf/LS4' from 'LS5'; Outlook to
      Stable from Negative;

   -- $12 million class H at 'CCCsf to 'RR1' from 'RR6';

   -- $12 million class J at 'CCCsf to 'RR3' from 'RR6';

   -- $20 million class K at 'CCsf/RR6';

   -- $1.9 million class HTT-1 at 'BBsf/LS5'; Outlook Negative;

   -- $2.9 million class INM at 'B-sf/LS5'; Outlook Negative.

Classes X-1, HOA-1, HOA-2, MLA-1, HFS-1, HFS-2, HFS-3, RSI-1 and
RSI-2 have paid in full. Fitch does not rate classes THH-2 and
HTT-2. Classes MLA-2, VSM-1, VSM-2, all remain at 'D/RR6', and
class WES remains at 'D/RR1' due to realized losses. Fitch
withdrew the rating of the interest-only class X-2.


COLLEGE LOAN TRUST-I: Fitch Affirms Sr., Upgrades Sub Bonds
-----------------------------------------------------------
Fitch Ratings affirms the senior student loan bonds at 'AAAsf' and
upgrades the subordinate bonds to 'BBBsf' issued by College Loan
Trust-I Amended and Restated 2003 Indenture of Trust (2002). The
Rating Outlook remains Stable on the senior and subordinate bonds.
Fitch's Global Structured Finance Rating Criteria and FFELP
student loan ABS rating criteria, as well as the refined basis
risk criteria outlined in the press release 'Fitch to Gauge Basis
Risk in Auction- Rate U.S. FFELP SLABS Review Appling Updated
Criteria' dated Sept. 22, 2010 were used to review the ratings.

The ratings on the senior bonds are affirmed based on the
sufficient level of credit enhancement to cover the applicable
risk factor stresses. The ratings on the subordinate notes are
upgraded based on the sufficient level of credit enhancement
consisting of overcollateralization and projected minimum excess
spread to cover the applicable risk factor stresses. Although the
trust parity is reported to be at 102.48%, Fitch applied the
release level parity of 100.50% to the analysis.

Fitch has affirmed these ratings:

   -- Series 2002-1 A-4 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2002-1 A-5 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2002-2 A-11 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2002-2 A-12 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2002-2 A-13 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2002-2 A-16 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2002-2 A-21 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2002-2 A-22 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2002-2 A-23 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2002-2 A-24 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2002-2 A-25 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2002-2 A-26 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2002-2 A-27 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2002-2 A-28 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2002-2 A-29 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2002-2 A-30 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2003-1 A-2 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2003-1 A-3 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2003-1 A-4 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2003-1 A-5 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2003-1 A-6 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2003-1 A-7 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2003-1 A-8 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2004-1 A-3 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2004-1 A-4 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2005-1 A-2 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2005-1 A-3 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2005-1 A-4 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2005-1 A-5 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2006-1 A-3 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2006-1 A-4 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2006-1 A-5 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2006-1 A-6 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2006-1 A-7A at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2006-1 A-7B at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2007-2 A-1 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2007-2 A-2 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2007-2 A-3 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2007-2 A-4 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2007-2 A-5 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2007-2 A-6 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2007-2 A-7 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2007-2 A-8 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2007-2 A-9 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2007-2 A-10 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2007-2 A-11 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2007-2 A-12 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2007-2 A-13 at 'AAAsf/LS1'; Outlook Stable;

   -- Series 2007-2 A-14 at 'AAAsf/LS1'; Outlook Stable.

Fitch has upgraded these ratings:

   -- Series 2002-1 B-1 to 'BBBsf/LS3' from 'BBsf/LS3'; Outlook
      Stable;

   -- Series 2002-2 B-3 to 'BBBsf/LS3' from 'BBsf/LS3' ; Outlook
      Stable;

   -- Series 2002-2 B-4 to 'BBBsf/LS3' from 'BBsf/LS3'; Outlook
      Stable;

   -- Series 2003-1 B-1 to 'BBBsf/LS3' from 'BBsf/LS3'; Outlook
      Stable;

   -- Series 2003-1 B-2 to 'BBBsf/LS3' from 'BBsf/LS3'; Outlook
      Stable;

   -- Series 2004-1 B-1 to 'BBBsf/LS3' from 'BBsf/LS3'; Outlook
      Stable;

   -- Series 2005-1 B-1 to 'BBBsf/LS3' from 'BBsf/LS3'; Outlook
      Stable;

   -- Series 2006-1 B to 'BBBsf/LS3' from 'BBsf/LS3'; Outlook
      Stable;

   -- Series 2007-2 B-1 to 'BBBsf/LS3' from 'BBsf/LS3'; Outlook
      Stable.


CREDIT SUISSE: Fitch Takes Various Rating Actions on CSFB 2001-CF2
------------------------------------------------------------------
Fitch Ratings has downgraded three and affirmed eight classes of
Credit Suisse First Boston Mortgage Securities Corp., series 2001-
CF2 (CSFB 2001-CF2).

The downgrades are the result of Fitch's revised loss estimates
for the transaction. Fitch modeled losses of 19.4% of the
remaining pool; modeled losses of the original pool are at 4.9%,
including losses already incurred to date.

The pool has become extremely concentrated with only 29 loans
remaining. As of the June 2011 distribution date, the pool's
certificate balance has been reduced by 88.4% (to $131.3 million
from $1.13 billion at issuance), of which 85.7% were due to
paydowns and 2.7% were due to realized losses. Interest shortfalls
totaling $5.6 million are currently affecting classes H through O.

Fitch has identified 22 Fitch Loans of Concern (91.3%), 18 of
which are specially-serviced (60.7%). Fitch expects the losses
associated with the specially-serviced loans to impact classes J
through M. Classes N and O have been reduced to zero due to
realized losses.

The largest contributor to modeled losses is a specially-serviced
loan secured by a 184,000 square foot (sf) office property located
in Oak Brook, IL. The lease for the property's largest tenant (70%
of total space) expires in April 2012. Renewal negotiations
between the borrower and the tenant remain ongoing. It is expected
that the negotiations will result in significant rent concessions.

The next largest contributor to modeled losses is a specially-
serviced loan secured by a 115-room hotel located in Gorton, CT.
The asset is currently real-estate owned (REO). A receiver was
appointed in July 2010 and remains in place as property manager.

Fitch stressed the cash flow of the remaining non-defeased loans
by applying a 5% reduction to 2009 or 2010 fiscal year-end net
operating income, and applying an adjusted market cap rate between
8.1% and 11% to determine value.

The non-defeased and non-specially-serviced loans also underwent a
refinance test by applying an 8% interest rate and 30-year
amortization schedule based on the stressed cash flow. Under this
scenario, only one loan is not expected to pay off at maturity and
incurs a loss when compared to Fitch's stressed value. The current
weighted average debt service coverage ratio (DSCR) for the non-
defeased and non-specially-serviced loans is 1.15 times (x).

Fitch downgrades these classes:

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

   -- $21.9 million class J to 'C/RR3' from 'CCC/RR1';

   -- $8.2 million class K to 'C/RR6' from 'CC/RR1'.

Additionally, Fitch affirms and revises the LS rating on these
classes:

   -- $12.4 million class C at 'AAA', loss severity to 'LS5' from
      'LS4'; Outlook Stable;

   -- $10.9 million class D at 'AAA/LS5'; Outlook Stable;

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

   -- $18.9 million class F at 'AA/LS5'; Outlook Stable;

   -- $14 million class G at 'A+/LS5'; Outlook Negative;

   -- $9.3 million class L at 'C/RR6';

   -- $1.9 million class M at 'D/RR6';

   -- $0 class N at 'D/RR6'.

Classes A-1, A-2, A-3, A-4, and B have paid in full. Classes O,
NM-1, NM-2, and RA are not rated by Fitch.


CREDIT SUISSE: Fitch Downgrades Classes of CSFB 2001-CK1
--------------------------------------------------------
Fitch Ratings downgrades three classes of Credit Suisse First
Boston Mortgage Securities Corp. (CSFB), commercial mortgage pass-
through certificates, series 2001-CK due to further deterioration
of performance.

The downgrades are the result of increased loss expectations by
Fitch across the pool. Fitch modeled losses of 21.5% of the
remaining pool; expected losses of the original pool are at 4.4%,
including losses already incurred to date.

Fitch has designated nine loans (69.1%) as Fitch Loans of Concern,
which includes seven specially serviced loans (55.8%). Fitch
expects losses associated with specially serviced loans to deplete
classes L and M and impair class K.

As of the June 2011 distribution date, the pool's aggregate
principal balance has been paid down by approximately 91.7% to
$82.4 million from $997.1 million at issuance. Interest shortfalls
are affecting classes J through O with cumulative unpaid interest
totaling $2.4 million.

Fitch stressed the cash flow of the remaining loans by applying a
5% reduction to 2009 or 2010 fiscal year-end net operating income,
and applying an adjusted market cap rate between 8.10% and 9.5 %
to determine value. All the loans also underwent a refinance test
by applying an 8% interest rate and 30-year amortization schedule
based on the stressed cash flow. All of the loans are modeled to
pay off at maturity, and could refinance to a debt-service
coverage ratio (DSCR) above 1.25 times (x). The current weighted
average DSCR is 1.49x.

The largest contributor to Fitch modeled losses is a 173,787
square foot (sf) office property located in Detroit, MI. The
property became a real estate owned asset (REO) on June 4, 2010
and will be listed for sale shortly. Recent property valuations
indicate losses upon liquidation.

The second largest contributor to Fitch modeled losses is a 322-
unit multifamily property located in Dallas, TX. The loan
transferred to special servicing on May 4, 2010 due to monetary
default. The borrower filed for Chapter 11 bankruptcy protection
prior to foreclosure in December 2010. The special servicer has
filed motion for release from stay.

The third largest contributor to Fitch modeled losses is a 126,627
sf retail property located in Albuquerque, NM. The property became
REO on March 30, 2011 and is currently 49.7% occupied. The special
servicer is working to stabilize the property by actively
marketing the vacant spaces with reduced rents and concessions.
Recent property valuations obtained by the servicer indicate
losses upon liquidation.

Fitch has downgraded these classes:

   -- $27.4 million class J to 'B-/LS4' from 'BB/LS4'; Outlook to
      Stable from Negative;

   -- $7.5 million class K to 'C/RR3' from 'B-/LS5';

   -- $7.5 million class L to 'C/RR6' from 'CCC/RR2' .

Fitch also affirms these classes:

   -- $16.6 million class G at 'AA+/LS5'; Outlook Stable;

   -- $17.5 million class H at 'A-/LS5'; Outlook Stable.

Classes A-1 through F have paid in full.

Fitch does not rate the $6 million class M certificates.

Fitch has withdrawn the ratings on the interest-only classes A-CP
and A-X.


CREDIT SUISSE: Fitch Takes Various Actions on CSFB 2004-C2
----------------------------------------------------------
Fitch Ratings has upgraded one and affirmed 14 classes Credit
Suisse First Boston Mortgage Securities Corp., commercial mortgage
pass-through certificates, series 2004-C2 (CSFB 2004-C2).

Fitch modeled losses of 2.1% of the remaining pool; modeled losses
of the original pool are at 2.6%, including losses already
incurred to date. The upgrade to class B reflects the defeased
collateral within the pool. Ten loans, representing 17.8% of the
pool, have been defeased. The affirmation to the other classes
reflects stable pool performance. The Negative Outlooks on classes
K and L reflect upcoming loan maturities over the next two years
and the smaller-than-average class sizes which continue to make
those bonds susceptible to downgrade. As of the June 2011
distribution date, the pool's certificate balance has been reduced
by 22.7% (to $747.7 million from $966.8 million), of which 22.3%
were due to paydowns and 0.4% were due to realized losses.

Fitch has designated 18 loans (22.2%) as Fitch Loans of Concern,
which includes five specially serviced loans (3.9%). Fitch expects
the losses associated with the specially-serviced loans to impact
the non-rated class P.

The largest contributor to Fitch-modeled losses is a specially-
serviced loan (1.6%) secured by a 400-unit multifamily property
located in Houston, TX. The loan transferred to special servicing
in February 2011 due to payment default. The loan sponsor has
defaulted on other multifamily properties within other commercial-
mortgage backed transactions. In addition, two other specially-
serviced loans within the pool have this common sponsor. The
borrower is marketing these properties for sale while the special
servicer prepares to file foreclosure.

The second largest contributor to Fitch-modeled losses is a loan
(2.7%) secured by a portfolio of three multifamily properties
(totaling 912 units) located in Melbourne, FL; Charlotte, NC; and
Corpus Christi, TX. The servicer-reported debt-service coverage
ratio for the portfolio has been declining due to a decrease in
base rents and an increase in operating expenses. The portfolio
DSCR was 1.67 times (x) at year-end (YE) 2010, on a net operating
income (NOI) basis, down from 1.72x and 1.94x, respectively, at YE
2009 and YE 2008. Current occupancy at the underlying properties
ranged from 90% to 98%.

The third largest contributor to Fitch-modeled losses is a loan
(1%) secured by a portfolio of four retail properties located in
Greensboro, NC. The servicer-reported debt-service coverage ratio
for the portfolio was 0.86x at YE 2010, on a NOI basis. Three of
the underlying properties are underperforming. Occupancy at the
underlying properties ranged from 60% to 100%.

Approximately 1.5% of the pool matures in 2011, 26.2% in 2013, and
54.2% in 2014.

Fitch upgrades this class:

   -- $26.6 million class B to 'AAAsf/LS3' from 'AA+sf/LS1';
      Outlook Stable.

In addition, Fitch affirms these classes and revises Rating
Outlooks and Loss Severity ratings:

   -- $59.3 million class A-1 at 'AAAsf/LS1'; Outlook Stable;

   -- $166.3 million class A-1-A at 'AAAsf/LS1'; Outlook Stable;

   -- $392.8 million class A-2 at 'AAAsf/LS1'; Outlook Stable;

   -- $10.9 million class C at 'AAsf'; Loss Severity to 'LS4' from
      'LS1'; Outlook to Positive from Stable;

   -- $20.5 million class D at 'Asf'; Loss Severity to 'LS4' from
      'LS1'; Outlook to Positive from Stable;

   -- $9.7 million class E at 'A-sf'; Loss Severity to 'LS5' from
      'LS3'; Outlook Stable;

   -- $9.7 million class F at 'BBB+sf'; Loss Severity to 'LS5'
      from 'LS3'; Outlook Stable;

   -- $9.7 million class G at 'BBBsf'; Loss Severity to 'LS5' from
      'LS3'; Outlook Stable;

   -- $10.9 million class H at 'BB+sf'; Loss Severity to 'LS4'
      from 'LS3'; Outlook to Stable from Negative;

   -- $6 million class J at 'BB-sf'; Loss Severity to 'LS5' from
      'LS4'; Outlook to Stable from Negative;

   -- $3.6 million class K at 'B+sf/LS5'; Outlook Negative;

   -- $3.6 million class L at 'B-sf/LS5'; Outlook Negative;

   -- $2.4 million class N at 'CCCsf/RR1';

   -- $1.2 million class O at 'CCsf/RR3'.

Fitch has withdrawn the rating on the interest-only classes A-X
and A-SP.


CS FIRST: Moody's Downgrades Two and Affirms Nine CMBS Classes
--------------------------------------------------------------
Moody's Investors Service (Moody's) downgraded two and affirmed
nine CMBS classes of Credit Suisse First Boston Mortgage
Securities, Commercial Mortgage Pass-Through Certificates, Series
2001-CF2:

Cl. C, Affirmed at Aaa (sf); previously on Dec 20, 2007 Upgraded
to Aaa (sf)

Cl. D, Affirmed at Aa1 (sf); previously on Mar 26, 2008 Upgraded
to Aa1 (sf)

Cl. E, Affirmed at Aa3 (sf); previously on Mar 26, 2008 Upgraded
to Aa3 (sf)

Cl. F, Affirmed at A3 (sf); previously on Mar 26, 2008 Upgraded to
A3 (sf)

Cl. G, Downgraded to B1 (sf); previously on May 20, 2011 Baa2 (sf)
Placed Under Review for Possible Downgrade

Cl. H, Downgraded to B3 (sf); previously on May 20, 2011 B1 (sf)
Placed Under Review for Possible Downgrade

Cl. J, Affirmed at Caa3 (sf); previously on Oct 7, 2010 Downgraded
to Caa3 (sf)

Cl. K, Affirmed at C (sf); previously on Oct 7, 2010 Downgraded to
C (sf)

Cl. L, Affirmed at C (sf); previously on Oct 7, 2010 Downgraded to
C (sf)

Cl. M, Affirmed at C (sf); previously on Mar 26, 2008 Downgraded
to C (sf)

Cl. A-X, Affirmed at Aaa (sf); previously on Apr 23, 2001
Definitive Rating Assigned Aaa (sf)

RATINGS RATIONALE

The downgrades are due to anticipated increases in interest
shortfalls from specially serviced loans.

The affirmations are due to key parameters, including Moody's loan
to value (LTV) ratio, Moody's stressed DSCR and the Herfindahl
Index (Herf), remaining within acceptable ranges. Based on Moody's
current base expected loss, the credit enhancement levels for the
affirmed classes are sufficient to maintain the current ratings.

On May 20, 2011 Moody's placed two classes on review for possible
downgrade due to an anticipated increase in interest shortfalls.
This action concludes Moody's review.

Moody's rating action reflects a cumulative base expected loss
of 19.9% of the current pooled balance compared to 8.3% at last
review. The current cumulative base expected loss represents
a higher percentage of the pool than at last review due to
significant pay downs since last review, even though the current
dollar estimate of expected loss ($30.0 million) is less than the
previous estimate ($32.0 million). Moody's current base expected
dollar loss plus realized losses is $56 million, which is similar
to the $62 million base expected dollar loss plus realized losses
at last review. Moody's stressed scenario loss is 22.4% of the
current pooled balance. Moody's provides a current list of base
and stress scenario losses for conduit and fusion CMBS
transactions on moodys.com at:

   http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

Depending on the timing of loan payoffs and the severity and
timing of losses from specially serviced loans, the credit
enhancement level for investment grade classes could decline below
the current levels. If future performance materially declines, the
expected level of credit enhancement and the priority in the cash
flow waterfall may be insufficient for the current ratings of
these classes.

Moody's analysis reflects a forward-looking view of the likely
range of collateral performance over the medium term. From time
to time, Moody's may, if warranted, change these expectations.
Performance that falls outside an acceptable range of the key
parameters may indicate that the collateral's credit quality
is stronger or weaker than Moody's had anticipated during the
current review. Even so, deviation from the expected range will
not necessarily result in a rating action. There may be mitigating
or offsetting factors to an improvement or decline in collateral
performance, such as increased subordination levels due to
amortization and loan payoffs or a decline in subordination due
to realized losses.

Primary sources of assumption uncertainty are the current
sluggish macroeconomic environment and varying performance in
the commercial real estate property markets. However, Moody's
expects to see increasing or stabilizing property values, higher
transaction volumes, a slowing in the pace of loan delinquencies
and greater liquidity for commercial real estate in 2011. The
hotel and multifamily sectors are continuing to show signs of
recovery, while recovery in the office and retail sectors will be
tied to recovery of the broader economy. The availability of debt
capital continues to improve with terms returning toward market
norms. Moody's central global macroeconomic scenario reflects an
overall sluggish recovery through 2012, amidst ongoing individual,
corporate and governmental deleveraging, persistent unemployment,
and government budget considerations.

The principal methodology used in this rating was "CMBS: Moody's
Approach to Rating Fusion U.S. CMBS Transactions" published in
April 2005.

Another methodology considered was "Moody's Approach to Rating
Large Loan/Single Borrower Transactions" published in July 2000.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.50 which is used for both conduit and fusion
transactions. Conduit model results at the Aa2 (sf) level are
driven by property type, Moody's actual and stressed DSCR, and
Moody's property quality grade (which reflects the capitalization
rate used by Moody's to estimate Moody's value). Conduit model
results at the B2 (sf) level are driven by a pay down analysis
based on the individual loan level Moody's LTV ratio. Moody's
Herfindahl score (Herf), a measure of loan level diversity, is a
primary determinant of pool level diversity and has a greater
impact on senior certificates. Other concentrations and
correlations may be considered in Moody's analysis. Based on the
model pooled credit enhancement levels at Aa2 (sf) and B2 (sf),
the remaining conduit classes are either interpolated between
these two data points or determined based on a multiple or ratio
of either of these two data points. For fusion deals, the credit
enhancement for loans with investment-grade credit estimates is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
underlying rating of the loan which corresponds to a range of
credit enhancement levels. Actual fusion credit enhancement levels
are selected based on loan level diversity, pool leverage and
other concentrations and correlations within the pool. Negative
pooling, or adding credit enhancement at the underlying rating
level, is incorporated for loans with similar credit estimates in
the same transaction.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 11 compared to 19 at Moody's prior review.

In cases where the Herf falls below 20, Moody's also employs
the large loan/single borrower methodology. This methodology uses
the excel based Large Loan Model v 8.0 and then reconciles and
weights the results from the two models in formulating a rating
recommendation. The large loan model derives credit enhancement
levels based on an aggregation of adjusted loan level proceeds
derived from Moody's loan level LTV ratios. Major adjustments to
determining proceeds include leverage, loan structure, property
type, and sponsorship. These aggregated proceeds are then further
adjusted for any pooling benefits associated with loan level
diversity, other concentrations and correlations.

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

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through two sets of
quantitative tools -- MOST(R) (Moody's Surveillance Trends) and
CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior full review is
summarized in a press release dated October 7, 2010. Please see
the ratings tab on the issuer / entity page on moodys.com for the
last rating action and the ratings history.

Moody's Investors Service did not receive or take into account a
third-party due diligence reports on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.

DEAL PERFORMANCE

As of the June 17, 2011 distribution date, the transaction's
aggregate certificate balance has decreased by 88% to $131 million
from $1.09 billion at securitization. The Certificates are
collateralized by 33 mortgage loans ranging in size from less than
1% to 21% of the pool, with the top ten loans representing 73% of
the pool. The pool does not contain any loans with a credit
estimate or any defeased loans. The pool has significant refinance
risk as loans representing 90% of the pool have either passed
their anticipated repayment or maturity dates or mature within the
next six months.

Three loans, representing 24% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. In this deal,
the key criteria triggering the watchlist include occupancy
concerns, financial performance and low DSCR.

Twenty-one loans have been liquidated from the pool since
securitization, resulting in an aggregate $30 million loss (40%
average loss severity). Currently, 18 loans, representing 61% of
the pool, are in special servicing. The largest specially serviced
loan is the 2001 York Road Loan ($28 million -- 21% of the pool),
which is secured by a 5-story, Class A office building located
25 miles west of downtown Chicago, Illinois. The loan is not
currently delinquent and the servicer has not recognized an
appraisal reduction for this asset. However, Moody's is concerned
with the borrower's ability to refinance the loan by its October
2011 extended loan maturity. Comcast (Moody's senior unsecured
rating Baa1, stable outlook) leases 70% of the net rentable area
(NRA) through April 2012. Comcast has not yet indicated if it will
renew or vacate at lease expiration. Moody's believes it will be
difficult to refinance the loan without a Comcast renewal or
replacement tenant.

The remaining 17 specially serviced loans are secured by a mix of
commercial and multifamily properties. The servicer has recognized
an aggregate $13 million appraisal reduction for nine of the 18
specially serviced loans. Moody's has estimated a $22 million loss
(29% expected loss) for 17 of the 18 specially serviced loans.

Moody's has assumed a high default probability for one poorly
performing loan representing 11% of the pool and has estimated a
$2 million loss (15% expected loss based on a 75% probability
default) from this troubled loan.

Moody's was provided with full year 2009 and 2010 operating
results for 76% and 67% of the pool's loans, respectively.
Excluding specially serviced loans and the troubled loan, Moody's
weighted average LTV for the conduit component is 91% compared to
72% at Moody's prior review. Moody's net cash flow reflects a
weighted average haircut of 11.1% to the most recently available
net operating income. Moody's value reflects a weighted average
capitalization rate of 10%.

Excluding specially serviced loans and the troubled loan, Moody's
actual and stressed DSCRs for the conduit component are 1.03X and
1.24X, respectively, compared to 1.64X and 1.55X at last review.
Moody's actual DSCR is based on Moody's net cash flow (NCF) and
the loan's actual debt service. Moody's stressed DSCR is based on
Moody's NCF and a 9.25% stressed rate applied to the loan balance.
Moody's stressed DSCR is higher than the actual DSCR because most
loans in the pool are at or near loan maturity and the debt
constant is higher than Moody's stressed 9.25% rate.

As of the most recent remittance statement date, Classed H
though O have experienced accumulated interest shortfalls
totaling $5.6 million. Interest shortfalls were contained to
Classes J through O when the deal was put on review last month.
Interest shortfalls are caused by special servicing fees,
appraisal reductions, extraordinary trust expenses and interest
payment reductions due to loan modifications. Moody's expects
that interest shortfalls will continue to increase due to the
pool's large exposure to specially serviced loans and loans on
the watchlist. Currently, 85% of the pool is on the watchlist
or in special servicing. The servicer has only recognized an
appraisal reduction for nine of the 18 specially serviced loans.
Moody's expects that the servicer will recognize additional
appraisal reductions, which would lead to more interest
shortfalls.

The aggregate balance of all conduit loans is $39 million or 30%
of the pooled balance. The largest conduit loan is the Jenkins
Court Loan ($14 million -- 11%), which is secured by a 172,000 SF
office building located in Jenkintown, Pennsylvania. The loan is
current, but is on the servicer's watchlist because of a low DSCR.
The property is currently 87% leased, but because of the weak
market the landlord has made rent concessions to retain the
existing tenant base. Moody's LTV and stressed DSCR are 114% and
0.95X, respectively, compared to from 111% and 0.97X at last
review.

The remaining conduit loans are all performing and are each less
than $10 million.


CSFB MORTGAGE: Moody's Affirms 19 CMBS Classes of CSFB 2005-C1
--------------------------------------------------------------
Moody's Investors Service (Moody's) affirmed the ratings of 19
classes of Credit Suisse First Boston Mortgage Securities Corp.,
Commercial Mortgage Pass-Through Certificates 2005-C1:

Cl. A-3, Affirmed at Aaa (sf); previously on Apr 19, 2005
Definitive Rating Assigned Aaa (sf)

Cl. A-4, Affirmed at Aaa (sf); previously on Apr 19, 2005
Definitive Rating Assigned Aaa (sf)

Cl. A-AB, Affirmed at Aaa (sf); previously on Apr 19, 2005
Definitive Rating Assigned Aaa (sf)

Cl. A-J, Affirmed at Aa2 (sf); previously on Oct 13, 2010
Downgraded to Aa2 (sf)

Cl. A-SP, Affirmed at Aaa (sf); previously on Apr 19, 2005
Definitive Rating Assigned Aaa (sf)

Cl. B, Affirmed at A3 (sf); previously on Oct 13, 2010 Downgraded
to A3 (sf)

Cl. C, Affirmed at Baa2 (sf); previously on Oct 13, 2010
Downgraded to Baa2 (sf)

Cl. D, Affirmed at Ba1 (sf); previously on Oct 13, 2010 Downgraded
to Ba1 (sf)

Cl. E, Affirmed at B1 (sf); previously on Oct 13, 2010 Downgraded
to B1 (sf)

Cl. F, Affirmed at B3 (sf); previously on Oct 13, 2010 Downgraded
to B3 (sf)

Cl. G, Affirmed at Caa1 (sf); previously on Oct 13, 2010
Downgraded to Caa1 (sf)

Cl. H, Affirmed at Caa3 (sf); previously on Oct 13, 2010
Downgraded to Caa3 (sf)

Cl. J, Affirmed at Ca (sf); previously on Oct 13, 2010 Downgraded
to Ca (sf)

Cl. K, Affirmed at C (sf); previously on Oct 13, 2010 Downgraded
to C (sf)

Cl. L, Affirmed at C (sf); previously on Oct 13, 2010 Downgraded
to C (sf)

Cl. M, Affirmed at C (sf); previously on Oct 13, 2010 Downgraded
to C (sf)

Cl. N, Affirmed at C (sf); previously on Oct 13, 2010 Downgraded
to C (sf)

Cl. O, Affirmed at C (sf); previously on Oct 13, 2010 Downgraded
to C (sf)

Cl. A-X, Affirmed at Aaa (sf); previously on Apr 19, 2005
Definitive Rating Assigned Aaa (sf)

RATINGS RATIONALE

The affirmations are due to key parameters, including Moody's loan
to value (LTV) ratio, Moody's stressed debt service coverage ratio
(DSCR) and the Herfindahl Index (Herf), remaining within
acceptable ranges. Based on Moody's current base expected loss,
the credit enhancement levels for the affirmed classes are
sufficient to maintain their current ratings.

Moody's rating action reflects a cumulative base expected loss of
6.4% of the current balance. At last review, Moody's cumulative
base expected loss was 7.1%. Moody's stressed scenario loss is
17.9% of the current balance. Moody's provides a current list of
base and stress scenario losses for conduit and fusion CMBS
transactions on moodys.com at:

   http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

Depending on the timing of loan payoffs and the severity and
timing of losses from specially serviced loans, the credit
enhancement level for investment grade classes could decline below
the current levels. If future performance materially declines, the
expected level of credit enhancement and the priority in the cash
flow waterfall may be insufficient for the current ratings of
these classes.

Moody's forward-looking view of the likely range of performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside the given range 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 range will not necessarily result in a rating
action nor does performance within expectations preclude such
actions. The decision to take (or not take) a rating action is
dependent on an assessment of a range of factors including, but
not exclusively, the performance metrics.

Primary sources of assumption uncertainty are the current
sluggish macroeconomic environment and varying performance in
the commercial real estate property markets. However, Moody's
expects to see increasing or stabilizing property values, higher
transaction volumes, a slowing in the pace of loan delinquencies
and greater liquidity for commercial real estate in 2011 The hotel
and multifamily sectors are continuing to show signs of recovery,
while recovery in the office and retail sectors will be tied to
recovery of the broader economy. The availability of debt capital
continues to improve with terms returning toward market norms.
Moody's central global macroeconomic scenario reflects an overall
sluggish recovery through 2012, amidst ongoing individual,
corporate and governmental deleveraging, persistent unemployment,
and government budget considerations.

The primary methodology used in this rating was: "CMBS:
Moody's Approach to Rating Conduit Transactions" published
on September 15, 2000.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.50 which is used for both conduit and fusion
transactions. Conduit model results at the Aa2 (sf) level are
driven by property type, Moody's actual and stressed DSCR, and
Moody's property quality grade (which reflects the capitalization
rate used by Moody's to estimate Moody's value). Conduit model
results at the B2 (sf) level are driven by a paydown analysis
based on the individual loan level Moody's LTV ratio. Moody's
Herfindahl score (Herf), a measure of loan level diversity, is a
primary determinant of pool level diversity and has a greater
impact on senior certificates. Other concentrations and
correlations may be considered in Moody's analysis. Based on the
model pooled credit enhancement levels at Aa2 (sf) and B2 (sf),
the remaining conduit classes are either interpolated between
these two data points or determined based on a multiple or ratio
of either of these two data points. For fusion deals, the credit
enhancement for loans with investment-grade credit estimates is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
credit estimate of the loan which corresponds to a range of credit
enhancement levels. Actual fusion credit enhancement levels are
selected based on loan level diversity, pool leverage and other
concentrations and correlations within the pool. Negative pooling,
or adding credit enhancement at the credit estimate level, is
incorporated for loans with similar credit estimates in the same
transaction.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 37 compared to 38 at Moody's prior review.

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

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through two sets of
quantitative tools -- MOST(R) (Moody's Surveillance Trends) and
CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior full review is
summarized in a press release dated October 13, 2010. Please see
the ratings tab on the issuer / entity page on moodys.com for the
last rating action and the ratings history.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.

DEAL PERFORMANCE

As of the June 17, 2011 distribution date, the transaction's
aggregate certificate balance has decreased by 21% to
$1.19 billion from $1.51 billion at securitization. The
Certificates are collateralized by 144 mortgage loans ranging
in size from less than 1% to 9% of the pool, with the top ten
non-defeased loans representing 40% of the pool. Thirteen loans,
representing 8% of the pool, have defeased and are secured by
U.S. Government securities.

Forty-nine loans, representing 47% of the pool, are on the
master servicer's watchlist. Two of the top three loans,
representing 13% of the pool, are expected to be removed from the
watchlist shortly, reducing the watchlist exposure to 33%. The
watchlist includes loans which meet certain portfolio review
guidelines established as part of the CRE Finance Council (CREFC)
monthly reporting package. As part of Moody's ongoing monitoring
of a transaction, Moody's reviews the watchlist to assess which
loans have material issues that could impact performance.

Sixteen loans have been liquidated from the pool, resulting in a
realized loss of $15.0 million (15% loss severity). Currently 14
loans, representing 10% of the pool, are in special servicing. The
largest specially serviced loan is the Mall at Yuba City Loan
($34.3 million -- 2.9% of the pool), which is secured by a 300,000
square foot (SF) regional mall located in Yuba City, California.
The loan was transferred to special servicing in March 2011 due
to imminent payment default. The borrower is in the process of
submitting a discounted payoff or loan modification proposal. Once
submitted, the special servicer will review both proposals and
devise a resolution strategy. The loan remains current.

The remaining thirteen specially serviced properties are
secured by a mix of property types. The master servicer has
recognized an aggregate $30.6 million appraisal reduction on ten
of the specially serviced loans. Moody's estimates an aggregate
$40.9 million loss for the specially serviced loans (37% expected
loss on average).

Moody's has assumed a high default probability for 11 poorly
performing loans representing 4% of the pool and has estimated an
aggregate $7.0 million loss (15% expected loss based on a 50%
probability default) from these troubled loans.

Moody's was provided with full year 2009/2010 operating results
for 94% of the pool. Excluding specially serviced and troubled
loans, Moody's weighted average LTV is 99% compared to 94% at
Moody's prior review. Moody's net cash flow reflects a weighted
average haircut of 7% to the most recently available net operating
income. Moody's value reflects a weighted average capitalization
rate of 9.4%.

Excluding special serviced and troubled loans, Moody's actual and
stressed DSCRs are 1.46X and 1.13X, respectively, compared to
1.47X and 1.14X at last review. Moody's actual DSCR is based on
Moody's net cash flow (NCF) and the loan's actual debt service.
Moody's stressed DSCR is based on Moody's NCF and a 9.25% stressed
rate applied to the loan balance.

The top three performing conduit loans represent 18% of the
pool balance. The largest loan is the GGP Retail Portfolio Loan
($107.7 million -- 9.0% of the pool), which is secured by four
regional malls containing 2.2 million SF, of which 1.8 million SF
is collateral for the loan. The properties are located in Wyoming,
Idaho, Utah and Washington. The portfolio's combined occupancy was
81% as of December 2010 compared to 94% at last review. Dillard's
vacating one of the properties accounts for a majority of the
decrease in occupancy. Overall, the weak performance at the one
mall has been offset by strong performance at the other locations.
Moody's LTV and stressed DSCR are 101% and 1.01X, respectively,
compared to 106% and 1.00X at last review.

The second largest loan is the Phelps Dodge Tower Loan
($54.5 million -- 4.6% of the pool), which is secured by a
409,900 SF class A office building located in Phoenix, Arizona.
The property is subject to a 50-year ground lease with the City
of Phoenix. The property was 91% leased as of June 2010 compared
to 96% at last review. The largest tenant, Freeport McMoran,
leasing 46% of the space at the building, recently vacated its
space but will continue rent payments until the December 2011
lease expiration. The lease to Freeport McMoran accounts for 53%
of total revenues for the building. Moody's LTV and stressed DSCR
are 99% and 0.97X, respectively, compared to 84% and 1.16X at last
review.

The third largest loan is The Mansards Loan ($49.5 million --
4.1% of the pool), which is secured by a 1,337-unit multifamily
property located in Griffith, Indiana. The property was 90% leased
as of December 2010, the same as the last review. The loan matures
in January 2012. Moody's LTV and stressed DSCR are 96% and 1.02X,
respectively, compared to 105% and 0.93X at last review.


CSFB MORTGAGE: S&P Lowers Ratings on 4 Classes of Certs. to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on seven
classes of commercial mortgage pass-through certificates from
Credit Suisse First Boston Mortgage Securities Corp.'s series
2005-C5, a U.S. commercial mortgage-backed securities (CMBS)
transaction. "We lowered four of the seven ratings to 'D (sf)',"
S&P said.

The downgrades were due to principal losses, interest shortfalls,
and reduced liquidity.

"We downgraded the class Q certificates because of principal
losses resulting from the liquidation of two assets that were
with the special servicer, CWCapital Asset Management LLC.
According to the June 17, 2011 remittance report, the trust
experienced $3.9 million in principal losses: the Redbird
Village asset liquidated at a 40.3% loss severity based on its
$5.2 million original balance and the Corner of Paradise loan
liquidated at a 57.2% loss severity based on its $3.3 million
original balance. The Red Bird Village was an unanchored retail
property in Dallas, Texas, comprising 85,295 net-rentable-sq.-ft.,
which was transferred to the special servicer in January 2010. The
Corner of Paradise asset was also an unanchored retail asset --
located in Peoria, Ariz. -- and was transferred to the special
servicer on January 2011. Class Q experienced a loss of 28.6% on
its $10.9 million original balance. The remaining principal losses
affected the class S certificate (not rated)," S&P related.

The downgrades of the six remaining classes reflect current
and potential interest shortfalls, as well as reduced liquidity
available to absorb future interest shortfalls. As of the
June 17, 2011, trustee remittance report, appraisal reduction
amounts (ARAs) totaling $37.2 million were in effect for 12
($112.3 million, 4.3%) of the transaction's 16 ($152.4 million,
5.9%) specially serviced assets. The total reported ASER amount
affecting the trust was offset by the recovery of accumulated
interest shortfalls outstanding resulting from the two liquidated
assets and the York Creek Apartments loan (which was modified on
March 2011). The reported cumulative ASER amount was $752,091.
Standard & Poor's considered nine ASER amounts, which were based
on Member of the Appraisal Institute (MAI) appraisals, as well as
current special servicing fees ($30,554), workout fees ($1,036), a
nonrecoverable charge ($12,565), interest on advances ($205), and
other shortfalls ($3,716) in determining its rating actions. The
reported monthly interest shortfalls totaled $95,481 and affected
all of the classes subordinate to, and including, class O.

"The downgrade of the class N certificates to 'D (sf)' reflects
four months of outstanding accumulated interest shortfalls, which
we expect to remain outstanding for the foreseeable future. We
downgraded classes O and P to 'D (sf)' because of interest
shortfalls that have affected the classes for the past four
consecutive months. Furthermore, both classes have accumulated
interest shortfalls outstanding for four months. We expect
interest shortfalls to affect all three classes for the
foreseeable future," S&P said.

The downgrades of classes K, L, and M certificates reflect
increased susceptibility to future interest shortfalls due to the
reduced liquidity support available to these classes. The class M
certificate had two months of accumulated interest shortfalls
prior to the repayment of accumulated interest shortfalls
resulting from the liquidation of the two specially serviced
assets as reported in the June remittance report.

Ratings Lowered

Credit Suisse First Boston Mortgage Securities Corp.
Commercial mortgage pass-through certificates series 2005-C5
                               Credit       Reported
          Rating          enhancement  interest shortfalls ($)
Class  To         From            (%)    Current  Accumulated
K      CCC+ (sf)  B+ (sf)        1.98          0           0
L      CCC  (sf)  B+ (sf)        1.70          0           0
M      CCC- (sf)  B (sf)         1.14          0           0
N      D(sf)      B- (sf)        0.72          0     105,040
O      D (sf)     CCC+ (sf)      0.58     15,290      61,159
P      D (sf)     CCC  (sf)      0.30     30,583     122,334
Q      D (sf)     CCC- (sf)      0.00     45,869     411,994


CW CAPITAL: Moody's Affirms Nine and Downgrades Five CRE CDO Notes
------------------------------------------------------------------
Moody's has affirmed nine classes and downgraded five classes
of Notes issued by CW Capital COBALT II, Ltd. due to the
deterioration in the credit quality of the underlying portfolio
as evidenced by an increase in the weighted average rating factor
(WARF) and decrease in weighted average recovery rate (WARR). The
rating action is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation (CRE CDO)
transactions.

Cl. A-1A, Downgraded to A2 (sf); previously on Jun 30, 2010
Downgraded to Aa3 (sf)

Cl. A-1AR, Downgraded to A2 (sf); previously on Jun 30, 2010
Downgraded to Aa3 (sf)

Cl. A-2A, Affirmed at Aaa (sf); previously on Jun 30, 2010
Confirmed at Aaa (sf)

Cl. A-1B, Downgraded to B1 (sf); previously on Jun 30, 2010
Downgraded to Ba1 (sf)

Cl. A-2B, Downgraded to Ba1 (sf); previously on Jun 30, 2010
Downgraded to Baa2 (sf)

Cl. B, Downgraded to Caa2 (sf); previously on Jun 30, 2010
Downgraded to Caa1 (sf)

Cl. C, Affirmed at C (sf); previously on Jun 30, 2010 Downgraded
to C (sf)

Cl. D, Affirmed at C (sf); previously on Jun 30, 2010 Downgraded
to C (sf)

Cl. E, Affirmed at C (sf); previously on Jun 30, 2010 Downgraded
to C (sf)

Cl. F, Affirmed at C (sf); previously on Jun 30, 2010 Downgraded
to C (sf)

Cl. G, Affirmed at C (sf); previously on Jun 30, 2010 Downgraded
to C (sf)

Cl. H, Affirmed at C (sf); previously on Jun 30, 2010 Downgraded
to C (sf)

Cl. J, Affirmed at C (sf); previously on Jun 30, 2010 Downgraded
to C (sf)

Cl. K, Affirmed at C (sf); previously on Jun 30, 2010 Downgraded
to C (sf)

Ratings Rationale

CW Capital COBALT II, Ltd is a static CRE CDO transaction backed
by a portfolio of commercial mortgage backed securities (CMBS)
(67.9% of the pool balance), whole loans (21.8%), CRE CDOs
(9.0%), B-notes (0.6%), and mezzanine debt (0.7%). Fifteen CMBS
assets (24.0% of the pool balance) are synthetic reference
obligations. As of the May 31, 2011 Trustee report, the aggregate
Note balance of the transaction has decreased to $602.5 million
from $700 million at issuance, with paydowns directed to classes
A-1A, A-2A and A-1AR. The revolving period ended in April 2011.

Thirty-two assets with a par balance of $233 million (37.5% of
the pool balance) were reported as Defaulted Securities as of the
May 31, 2011 Trustee report. Twenty-two of these assets (64.5% of
the defaulted balance) are either CMBS, CRE CDO, or synthetic
reference obligations, ten of these assets are whole loans
(32.2%), and the remaining assets are B-notes or mezzanine debt
(3.3%). Moody's expects significant losses to occur from the
Defaulted Securities.

Moody's has identified the following parameters as key indicators
of the expected loss within CRE CDO transactions: WARF, weighted
average life (WAL), WARR, and Moody's asset correlation (MAC).
These parameters are typically modeled as actual parameters for
static deals and as covenants for managed deals.

WARF is a primary measure of the credit quality of a CRE CDO pool.
Moody's has completed updated credit estimates for the non-Moody's
rated collateral and reference obligations. The bottom-dollar WARF
is a measure of the default probability within a collateral pool.
Moody's modeled a bottom-dollar WARF of 5,704 compared to 5,224 at
last review. The distribution of current ratings and credit
estimates is as follows: Aaa-Aa3 (14.6% compared to 23.1% al last
review), A1-A3 (3.6% compared to 1.5% at last review), Baa1-Baa3
(12.9% compared to 11.7% at last review), Ba1-Ba3 (4.6% compared
to 5.1% at last review), B1-B3 (8.0% compared to 3.4% at last
review), and Caa1-C (56.2% compared to 55.2% at last review).

WAL acts to adjust the probability of default of the reference
obligations in the pool for time. Moody's modeled to a WAL of 3.5
years compared to 3.4 years at last review.

WARR is the par-weighted average of the mean recovery values for
the collateral assets in the pool. Due to the speculative-grade
collateral, Moody's modeled a fixed 31.5% WARR, compared to 37.7%
at last review.

MAC is a single factor that describes the pair-wise asset
correlation to the default distribution among the instruments
within the collateral pool (i.e. the measure of diversity).
Moody's modeled a MAC of 5.3% compared to 9.5% at last review. The
low MAC is due to a high level of dispersion of credit within the
collateral pool.

Moody's review incorporated CDOROM(R) v2.8, one of Moody's CDO
rating models, which was released on January 24, 2011.

The cash flow model, CDOEdge(R) v3.2.1.0, was used to analyze the
cash flow waterfall and its effect on the capital structure of the
deal.

Changes in any one or combination of the key parameters may have
rating implications on certain classes of rated notes. However, in
many instances, a change in key parameter assumptions in certain
stress scenarios may be offset by a change in one or more of the
other key parameters. Rated notes are particularly sensitive to
changes in recovery rate assumptions. Holding all other key
parameters static, changing the recovery rate assumption down from
31.5% to 26.5% or up to 36.5% would result in average rating
movement on the rated tranches of 0 to 1 notches downward or 0 to
2 notches upward, respectively.

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. From time to time, Moody's may, if warranted, change
these expectations. Performance that falls outside the given range
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 range
will not necessarily result in a rating action nor does
performance within expectations preclude such actions. The
decision to take (or not take) a rating action is dependent on an
assessment of a range of factors including, but not exclusively,
the performance metrics. Primary sources of assumption uncertainty
are the current sluggish macroeconomic environment and varying
performance in the commercial real estate property markets.
However, Moody's expects to see increasing or stabilizing property
values, higher transaction volumes, a slowing in the pace of loan
delinquencies and greater liquidity for commercial real estate in
2011 The hotel and multifamily sectors are continuing to show
signs of recovery, while recovery in the office and retail sectors
will be tied to recovery of the broader economy. The availability
of debt capital continues to improve with terms returning toward
market norms. Moody's central global macroeconomic scenario
reflects an overall sluggish recovery through 2012, amidst ongoing
individual, corporate and governmental deleveraging, persistent
unemployment, and government budget considerations.

The principal methodology used in these ratings was "Moody's
Approach to Rating SF CDOs" published in November 2010.

The other methodology used in these ratings was "CMBS: Moody's
Approach to Rating Static CDOs Backed by Commercial Real Estate
Securities" published in June 2004.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.


CWHEQ REVOLVING: Moody's Downgrades Rating of $1.1 Bil. RMBS
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 22
tranches issued by CWHEQ Revolving Home Equity Loan
Resecuritization Trust 2006-RES.

RATINGS RATIONALE

The actions are a result of the bonds not having sufficient credit
enhancement to maintain the current ratings when compared to the
revised loss expectations on the pools of mortgages backing the
underlying certificates.

The principal methodology used in these ratings is described in
the "Surveillance Approach for Resecuritized transactions" section
in "Moody's Approach to Rating US Resecuritized Residential
Mortgage-Backed Securities" published in February 2011.

Moody's ratings on the resecuritization notes are based on:

  (i) The updated expected loss on the pools of loans backing the
      underlying certificates and the updated ratings on the
      underlying certificates.

(ii) The credit enhancement available to the underlying
      certificates, and

(iii) The structure of the resecuritization transaction.

Moody's first updated its loss assumptions on the underlying pools
of mortgage loans backing the underlying certificates and then
arrived at updated ratings on the underlying certificates.

The principal methodology used in determining the underlying
ratings is described in the Monitoring and Performance Review
section in "Moody's Approach to Rating US Residential Mortgage-
Backed Securities" published in December 2008. For methodology
used for estimating losses on second lien pools, please refer to
the methodology publication "Second Lien RMBS Loss Projection
Methodology: April 2010".

The primary source of assumption uncertainty is the current
macroeconomic environment, in which unemployment levels remain
high, and weakness persists in the housing market. Overall,
Moody's assumes a further 5% decline in home prices with
stabilization in late 2011, accompanied by continued stress in
national employment levels through that timeframe.

Moody's Investors Service received and took into account a third
party due diligence report on the underlying assets or financial
instruments in this transaction and the due diligence report had a
neutral impact on the ratings.

Complete rating actions are:

Issuer: CWHEQ Revolving Home Equity Loan Resecuritization Trust
2006-RES

Cl. 04D-1a, Downgraded to Caa2 (sf); previously on Jun 2, 2009
Downgraded to Ba3 (sf)

Cl. 04D-1b, Downgraded to Caa2 (sf); previously on Jun 2, 2009
Downgraded to Ba3 (sf)

Cl. 04E-1a, Downgraded to Caa2 (sf); previously on Jun 2, 2009
Downgraded to Ba2 (sf)

Cl. 04E-1b, Downgraded to Caa2 (sf); previously on Jun 2, 2009
Downgraded to Ba2 (sf)

Cl. 04F-1a, Downgraded to Caa2 (sf); previously on Jun 2, 2009
Downgraded to B1 (sf)

Cl. 04F-1b, Downgraded to Caa2 (sf); previously on Jun 2, 2009
Downgraded to B1 (sf)

Cl. 04K-1a, Downgraded to Caa3 (sf); previously on Jun 2, 2009
Downgraded to Ba3 (sf)

Cl. 04K-1b, Downgraded to Caa3 (sf); previously on Jun 2, 2009
Downgraded to Ba3 (sf)

Cl. 04L-1a, Downgraded to Caa2 (sf); previously on Jun 2, 2009
Downgraded to Ba1 (sf)

Cl. 04L-1b, Downgraded to Caa2 (sf); previously on Jun 2, 2009
Downgraded to Ba1 (sf)

Cl. 04M-1a, Downgraded to Caa2 (sf); previously on Jun 2, 2009
Downgraded to Ba3 (sf)

Cl. 04M-1b, Downgraded to Caa2 (sf); previously on Jun 2, 2009
Downgraded to Ba3 (sf)

Cl. 04N-1a, Downgraded to Caa3 (sf); previously on Jun 2, 2009
Downgraded to Ba3 (sf)

Cl. 04N-1b, Downgraded to Caa3 (sf); previously on Jun 2, 2009
Downgraded to Ba3 (sf)

Cl. 04T-1a, Downgraded to Ca (sf); previously on Jun 2, 2009
Downgraded to Ba3 (sf)

Cl. 04T-1b, Downgraded to Ca (sf); previously on Jun 2, 2009
Downgraded to Ba3 (sf)

Cl. 05F-1a, Downgraded to Ca (sf); previously on Jun 2, 2009
Downgraded to Ba3 (sf)

Cl. 05F-1b, Downgraded to Ca (sf); previously on Jun 2, 2009
Downgraded to Ba3 (sf)

Cl. 05G-1a, Downgraded to Caa3 (sf); previously on Jun 2, 2009
Downgraded to Caa2 (sf)

Cl. 05G-1b, Downgraded to Caa3 (sf); previously on Jun 2, 2009
Downgraded to Caa2 (sf)

Cl. 05H-1a, Downgraded to Caa3 (sf); previously on Jun 2, 2009
Downgraded to Caa2 (sf)

Cl. 05H-1b, Downgraded to Caa3 (sf); previously on Jun 2, 2009
Downgraded to Caa2 (sf)


DBUBS 2011-LC2: Moody's Assigns Definitive Ratings to 15 CMBS
-------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to 15
classes of CMBS securities, issued by DBUBS Commercial Mortgage
Trust 2011-LC2, Commercial Mortgage Pass-Through Certificates,
Series 2011-LC2.

US$129.056M Cl. A-1 Certificate, Definitive Rating Assigned Aaa
(sf)

US$129.056M Cl. A-1FL Certificate, Definitive Rating Assigned Aaa
(sf)

Cl. A-1C Certificate, Definitive Rating Assigned Aaa (sf)

US$568.378M Cl. A-2 Certificate, Definitive Rating Assigned Aaa
(sf)

US$116.111M Cl. A-3FL Certificate, Definitive Rating Assigned Aaa
(sf)

Cl. A-3C Certificate, Definitive Rating Assigned Aaa (sf)

US$831.487M Cl. A-4 Certificate, Definitive Rating Assigned Aaa
(sf)

US$64.317M Cl. B Certificate, Definitive Rating Assigned Aa2 (sf)

US$72.357M Cl. C Certificate, Definitive Rating Assigned A2 (sf)

US$112.556M Cl. D Certificate, Definitive Rating Assigned Baa3
(sf)

US$45.558M Cl. E Certificate, Definitive Rating Assigned Ba3 (sf)

US$26.799M Cl. F Certificate, Definitive Rating Assigned B3 (sf)

Cl. FX Certificate, Definitive Rating Assigned B3 (sf)

Cl. X-A Certificate, Definitive Rating Assigned Aaa (sf)

Cl. X-B Certificate, Definitive Rating Assigned Aaa (sf)

Ratings Rationale

The Certificates are collateralized by 67 fixed rate loans secured
by 132 properties. The ratings are based on the collateral and the
structure of the transaction.

Moody's CMBS ratings methodology combines both commercial real
estate and structured finance analysis. Based on commercial real
estate analysis, Moody's determines the credit quality of each
mortgage loan and calculates an expected loss on a loan specific
basis. Under structured finance, the credit enhancement for each
certificate typically depends on the expected frequency, severity,
and timing of future losses. Moody's also considers a range of
qualitative issues as well as the transaction's structural and
legal aspects.

The credit risk of loans is determined primarily by two factors:
1) Moody's assessment of the probability of default, which is
largely driven by each loan's DSCR, and 2) Moody's assessment of
the severity of loss upon a default, which is largely driven by
each loan's LTV ratio. The Moody's Actual DSCR of 1.49X is higher
than the 2007 conduit/fusion transaction average of 1.31X. The
Moody's Stressed DSCR of 1.08X is low relative to the other multi-
borrower transactions issued since 2009, but higher than the 2007
conduit/fusion transaction average of 0.92X. Moody's Trust LTV
ratio of 93.6% is lower than the 2007 conduit/fusion transaction
average of 110.6%.

Moody's also considers both loan level diversity and property
level diversity when selecting a ratings approach.

With respect to loan level diversity, the pool's loan level
(includes cross collateralized and cross defaulted loans)
Herfindahl score is 21.9. With respect to property level
diversity, the pool's property level Herfindahl score is 24.7. The
transaction's diversity is in line with previously rated conduit
and fusion transactions.

Moody's grades properties on a scale of 1 to 5 (best to worst) and
considers those grades when assessing the likelihood of debt
payment. Properties situated in major markets tend to exhibit more
cash flow and capitalization rate stability over time compared to
assets located in tertiary markets. Properties located in major
markets represent approximately 81.0% of the pool balance. The
tertiary market share of 19.0% is low relative to other recently
rated conduit and fusion transactions. The factors considered when
assigning a quality grade include market, property age, quality of
construction, location, and tenancy. The pool's weighted average
property quality grade is 1.95, which is lower than the average of
recently rated conduit deals. The low weighted average grade is
indicative of the strong market composition of the pool and the
stability of the cash flows underlying the assets.

Eighteen loans (26.2% of the pool balance) are secured by multiple
properties which are cross-collateralized and cross-defaulted.
Loans secured by multiple properties benefit from lower cash flow
volatility given that excess cash flow from one property can be
used to augment another's cash flow to meet debt service
requirements. These loans also benefit from the pooling of equity
from each underlying property.

The principal methodology used in this rating was "CMBS: Moody's
Approach to Rating Fusion U.S. CMBS Transactions" published in
April 2005.

Moody's analysis employs the excel-based CMBS Conduit Model v2.50
which derives credit enhancement levels based on an aggregation of
adjusted loan level proceeds derived from Moody's loan level DSCR
and LTV ratios. Major adjustments to determining proceeds include
loan structure, property type, sponsorship and diversity.

The V Score for this transaction is assessed as Low/Medium, the
same as the V score assigned to the U.S. Conduit and CMBS sector.
This reflects typical volatility with respect to the critical
assumptions used in the rating process as well as an average
disclosure of securitization collateral and ongoing performance.

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

Moody's Parameter Sensitivities: If Moody's value of the
collateral used in determining the initial rating were decreased
by 5%, 17%, or 29%, the model-indicated rating for the currently
rated Aaa classes would be Aa1, Aa3, A1, respectively. Parameter
Sensitivities are not intended to measure how the rating of the
security might migrate over time; rather they are designed to
provide a quantitative calculation of how the initial rating might
change if key input parameters used in the initial rating process
differed. The analysis assumes that the deal has not aged.
Parameter Sensitivities only reflect the ratings impact of each
scenario from a quantitative/model-indicated standpoint.
Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
Parameter Sensitivity analysis.

Moody's Investors Service received and took into account one or
more third party due diligence reports on the underlying assets or
financial instruments in this transaction and the due diligence
reports had a neutral impact on the rating.


DEUTSCHE MORTGAGE: S&P Lowers Ratings on 9 Classes to 'B-'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 17
classes from the Alternative-A (Alt-A) structure of Deutsche
Mortgage Securities Inc. Mortgage Loan Trust Series 2006-PR1 (DMSI
2006-PR1) and removed them from CreditWatch with negative
implications. "In addition, we affirmed our ratings on 14 classes
from the Alt-A structure of the same transaction. DMSI 2006-PR1 is
a U.S. residential mortgage-backed securities (RMBS) transaction
with one structure backed by Alternative-A (Alt-A) mortgage loan
collateral from Puerto Rico, and a second structure, which is a
resecuritized real estate mortgage investment conduit (re-REMIC),"
S&P related.

"The downgrades reflect our opinion that projected credit support
for the affected classes is insufficient to maintain the previous
ratings given our current projected losses under our stress
scenarios. The affirmed ratings reflect our belief that the amount
of projected credit enhancement available for these classes is
sufficient to cover projected losses associated with these rating
levels," S&P said.

"To assess the creditworthiness of each class, we reviewed the
delinquency and loss trend of the transaction and the ability to
withstand additional credit deterioration. In order to maintain a
'B' rating on a class, we assessed whether, in our view, a class
could absorb the remaining base-case loss assumptions we used in
our analysis," S&P noted.

S&P's lifetime projected loss has changed for this transaction:

                                 Orig. bal.        Lifetime
Transaction                        (mil. $)   exp. loss (%)
DMSI 2006-PR1                         1,771            6.25

A combination of subordination, excess spread, and
overcollateralization (now depleted) provide credit support to
this transaction. In addition, classes 3-A-F-1-C, 3-A-F-2, 4-A-F-
1-C, and 5-A-F-2 are bond-insured by Assured Guaranty Municipal
Corp. (Assured; financial strength rating of 'AA+'). The long-term
ratings on the bond-insured classes reflect the higher of the
rating on the bond insurer and Standard & Poor's underlying
ratings (SPURs) on the securities.

The Alt-A structure from DMSI 2006-PR1 is backed by fixed-rate,
Alt-A mortgage loans that are secured by first liens on one- to
four-family residential properties in Puerto Rico.

Rating Actions

Deutsche Mortgage Securities Inc. Mortgage Loan Trust Series 2006-
PR1
Series 2006-PR1
                               Rating
Class      CUSIP       To                   From
1-A-1      25157GAA0   B- (sf)              B (sf)/Watch Neg
2-A-F      25157GAC6   B+ (sf)              BBB (sf)/Watch Neg
2-PO       25157GAE2   B+ (sf)              BBB (sf)/Watch Neg
3-A-1      25157GAH5   B+ (sf)              BBB (sf)/Watch Neg
3-PO       25157GAN2   B+ (sf)              BBB (sf)/Watch Neg
4-A-F-2    25157GAQ5   B+ (sf)              BBB (sf)/Watch Neg
4-A-I-1    25157GAR3   B+ (sf)              BBB (sf)/Watch Neg
4-A-I-2    25157GAS1   B+ (sf)              BBB (sf)/Watch Neg
4-PO       25157GAZ5   B+ (sf)              BBB (sf)/Watch Neg
5-A-F-1    25157GBA9   B- (sf)              BB (sf)/Watch Neg
5-A-F-3    25157GBC5   B- (sf)              BB (sf)/Watch Neg
5-A-F-4    25157GBD3   B- (sf)              BB (sf)/Watch Neg
5-A-I-1    25157GBE1   B- (sf)              BBB (sf)/Watch Neg
5-A-I-2    25157GBF8   B- (sf)              BBB (sf)/Watch Neg
5-A-I-3    25157GBG6   B- (sf)              BBB (sf)/Watch Neg
5-A-I-4    25157GBH4   B- (sf)              BBB (sf)/Watch Neg
5-PO       25157GCS9   B- (sf)              BB (sf)/Watch Neg

Ratings Affirmed

Deutsche Mortgage Securities Inc Mortgage Loan Trust Series 2006-
PR1
Series 2006-PR1
Class      CUSIP       Rating
3-A-F-1-C  25157GAF9   AA+ (sf)
3-A-F-2    25157GAG7   AA+ (sf)
4-A-F-1-C  25157GAP7   AA+ (sf)
5-A-F-2    25157GBB7   AA+ (sf)
B-1A       25157GCU4   CCC (sf)
B-1B       25157GCV2   CCC (sf)
B-2        25157GCY6   CCC (sf)
B-3        25157GDA7   CC (sf)
B-4        25157GDC3   CC (sf)
B-5        25157GDE9   CC (sf)
B-6        25157GDG4   CC (sf)
B-7        25157GDJ8   CC (sf)
B-8        25157GDL3   CC (sf)
B-9        25157GDM1   CC (sf)


DLJ MTG: Moody's Withdraws Ratings on Two Transactions
------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of six
tranches from DLJ Mtg Acpt Corp 1992-05 and DLJ Mtg Acpt Corp
1993-20 transactions. These tranches are backed by a pool of
mortgage loans with a pool factor less than 5% and containing
fewer than 40 loans. The transactions are supported by pool
insurance provided by Genworth Mortgage Insurance Corporation and
Radian Guaranty.

Issuer: DLJ Mtg Acpt Corp 1992-05

A-1, Withdrawn (sf); previously on Aug 4, 2009 Downgraded to A3
(sf)

A-2, Withdrawn (sf); previously on Aug 4, 2009 Downgraded to A3
(sf)

A-3, Withdrawn (sf); previously on Aug 4, 2009 Downgraded to Baa1
(sf)

Issuer: DLJ Mtg Acpt Corp 1993-20

I S, Withdrawn (sf); previously on Aug 4, 2009 Downgraded to Aa1
(sf)

I A-1, Withdrawn (sf); previously on Aug 4, 2009 Downgraded to Aa1
(sf)

I A-2, Withdrawn (sf); previously on Aug 4, 2009 Downgraded to Ba2
(sf)

Ratings Rationale

Moody's current RMBS surveillance methodologies apply to pools
with at least 40 loans and a pool factor of greater than 5%. As a
result, Moody's may withdraw its rating when the pool factor drops
below 5% and the number of loans in the pool declines to 40 loans
or lower unless specific structural features allow for a
monitoring of the transaction (such as a credit enhancement floor
or pool insurance).

Moody's has inadequate information on the pool insurance policies
for DLJ Mtg Acpt Corp 1992-05 and DLJ Mtg Acpt Corp 1993-20
respective to the amount of losses and the number of loans that
are currently covered under the pool insurance policies.

Moody's Investors Service has withdrawn the credit rating pursuant
to published credit rating methodologies that allow for the
withdrawal of the credit rating if the size of the pool
outstanding at the time of the withdrawal has fallen below a
specified level.


DUANE STREET: S&P Raises Rating on Class E Notes to 'BB-'
---------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on all
classes of notes from Duane Street CLO IV Ltd., a collateralized
loan obligation (CLO) transaction managed by DiMaio Ahmad Capital
LLC. "At the same time, we removed our ratings on the class A-1R
and A-1T notes from CreditWatch, where we placed them with
positive implications on March 30, 2011," S&P said.

The upgrades reflect the increased credit support available to the
tranches. "Our March 2011 CreditWatch placements reflected the
transaction's improved performance since December 2009, when we
downgraded the notes following the application of our September
2009 corporate collateralized debt obligation (CDO) criteria," S&P
related.

"According to the May 2011 monthly trustee report, the
transaction's collateral pool has one defaulted asset -- for
$2 million par -- compared with $41.98 million in defaulted assets
as of the November 2009 trustee report, which we used for the
December 2009 downgrades. Some of the assets reported as defaults
in November 2009 later returned to performing status; however, the
collateral manager also sold some defaulted positions at prices
that were higher than their assumed recovery values. This
contributed to an increase in the overcollateralization (O/C)
available to support the rated notes," S&P said.

The trustee reported these O/C ratios in the May 2011 monthly
report:

    The class A O/C ratio was 132.60%, up from the reported ratio
    of 127.91% in November 2009;

    The class B O/C ratio was 124.08%, up from the reported ratio
    of 119.70% in November 2009;

    The class C O/C ratio was 116.13%, up from the reported ratio
    of 112.04% in November 2009;

    The class D O/C ratio was 109.96%, up from the reported ratio
    of 106.09% in November 2009; and

    The class E O/C ratio was 106.72%, up from the reported ratio
    of 102.85% in November 2009.

The transaction is currently passing its class D and E O/C ratios;
both were failing in November 2009. Standard & Poor's also notes
that the transaction has paid off the previous deferred interest
balance on the class E notes.

In addition, the credit quality of the underlying collateral has
also improved since November 2009. Based on the May 2011 monthly
report, the transaction currently has 3.77% of assets rated 'CCC+'
and below (excluding defaults), down from 7.88% in November 2009.

Standard & Poor's will continue to review whether, in its view,
the ratings assigned to the notes remain consistent with the
credit enhancement available to support them and take rating
actions as it deems necessary.

Rating and CreditWatch Actions

Duane Street CLO IV Ltd.
                        Rating
Class              To           From
A-1R               AA+ (sf)     A+ (sf)/Watch Pos
A-1T               AA+ (sf)     A+ (sf)/Watch Pos
B                  A+ (sf)      BBB+ (sf)
C                  BBB+ (sf)    BB+ (sf)
D                  BB+ (sf)     B- (sf)
E                  BB- (sf)     CCC- (sf)


EIRLES TWO: Moody's Upgrades Rating of Class C Notes to 'Ba1'
-------------------------------------------------------------
Moody's Investors Service has upgraded the rating of notes issued
by Eirles Two - Series 216. The notes affected by the rating
action are:

Class C, Upgraded to Ba1 (sf); previously on March 24, 2009
Downgraded to Ba2 (sf);

Eirles Two - Series 216 is a collateralized debt obligation
issuance backed by a portfolio of US$ denominated RMBS reference
obligations which originated between 2004 and 2005.

Ratings Rationale

According to Moody's, the rating upgrade is the result of
improvement in the credit quality of the underlying portfolio.

Moody's notes that in arriving at its ratings of SF CDOs, there
exist a number of sources of uncertainty, operating both on a
macro level and on a transaction-specific level. Among the general
macro uncertainties are those surrounding future housing prices,
pace of residential mortgage foreclosures, loan modification and
refinancing, unemployment rate and interest rates.

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.

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.

The approach Moody's takes to defining the default distribution
for the SF CDO collateral depends on the structure of the CDO
itself.

Moody's applied the Monte Carlo simulation framework within
CDOROMv2.8 to model the loss distribution for SF CDOs. Within this
framework, defaults are generated so that they occur with the
frequency indicated by the adjusted default probability pool (the
default probability associated with the current rating multiplied
by the Resecuritization Stress) for each credit in the reference.
Specifically, correlated defaults are simulated using a normal (or
"Gaussian") copula model that applies the asset correlation
framework. Recovery rates for defaulted credits are generated by
applying within the simulation the distributional assumptions,
including the correlation between recovery values. Together, the
simulated defaults across each of the Monte Carlo scenarios define
the loss distribution for the reference pool.

The capital structure is incorporated into CDOROM by specifying
the attachment point and the thickness of the tranche. The
Expected Loss (EL) for each tranche is the weighted average of
losses to each tranche across all the scenarios, where the weight
is the likelihood of the scenario occurring. Moody's defines the
loss as the shortfall in the present value of cash flows to the
tranche relative to the present value of the promised cash flows.
The discount rate used to present value is the current swap rate
plus the promised spread on the tranche based on its remaining
maturity. Solely for the purpose of discounting losses, Moody's
assumes that losses on the tranche occur 60% of the way through
the maturity of the tranche. The final EL of the synthetic SF CDO
tranche is the discounted average of the tranche loss across all
the scenarios simulated in CDOROM. Since the EL is based on a
simulation process, the convergence of the simulation will depend,
in part, on the number of iterations chosen for the simulation.
Moody's applies a 99% confidence interval to the EL result using a
Standard Error equal to the square root of the EL Variance divided
by the number of Monte Carlo simulations. If this confidence
interval adjustment is significant, a larger number of iterations
may be used to reduce the standard error.

The principal methodology used in this rating was "Moody's
Approach to Rating SF CDOs" published in November 2010.

Other methodologies and factors that may have been considered in
the process of rating this issuer can also be found on Moody's
website.

Moody's Investors Service did not receive or take into account a
third-party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.


EMPORIA PREFERRED: S&P Affirms Ratings on 2 Classes at 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on the
class A, B-1, B-2, C, D, E-1, and E-2 notes from Emporia Preferred
Funding I Ltd., a collateralized loan obligation (CLO) transaction
managed by A.C. Corp. "At the same time, we removed our ratings on
the class B-1, B-2, and C notes from CreditWatch, where we placed
them with positive implications on March 30, 2011," S&P said.

"The affirmation of our ratings on the class A, B-1, B-2, C, D, E-
1, and E-2 notes reflects the availability of credit support at
the current rating levels. We previously downgraded some of the
rated notes on Dec. 11, 2009, following the application of our
September 2009 corporate CDO criteria. As of the May 2011 trustee
report, the transaction had $8.64 million of defaulted assets.
This was down from $16.41 million noted in the October 2009
trustee report, which we referenced for our December 2009 rating
actions," S&P related.

The trustee reported these overcollateralization (O/C) ratios in
the May 2, 2011 monthly report:

    The class A/B O/C ratio was 127.03%, compared with a reported
    ratio of 121.18% in October 2009;

    The class C O/C ratio was 117.95%, compared with a reported
    ratio of 112.57% in October 2009;

    The class D O/C ratio was 110.07%, compared with a reported
    ratio of 105.11% in October 2009; and

    The class E O/C ratio was 106.23%, compared with a reported
    ratio of 101.46% in October 2009.

"While the transaction's credit quality and O/C ratios have
improved some, in our opinion the ratings assigned to the notes
remain consistent with the credit enhancement available to support
the notes. We will continue to take rating actions as we deem
necessary," S&P said.

Rating and CreditWatch Actions

Emporia Preferred Funding I Ltd.
              Rating
Class     To           From
B-1       AA- (sf)     AA- (sf)/Watch Pos
B-2       AA- (sf)     AA- (sf)/Watch Pos
C         A- (sf)      A- (sf)/Watch Pos

Ratings Affirmed

Emporia Preferred Funding I Ltd.
Class                    Rating
A                        AA+ (sf)
D                        BB+ (sf)
E-1                      BB (sf)
E-2                      BB (sf)

Transaction Information

Issuer:             Emporia Preferred Funding I Ltd.
Coissuer:           Emporia Preferred Funding I Corp.
Collateral manager: A.C. Corp.
Underwriter:        Merrill Lynch & Co.
Trustee:            U.S. Bank National Association
Transaction type:   Cash flow CLO


FORD CREDIT: Moody's Assigns Definitive Ratings to Notes
--------------------------------------------------------
Moody's Investors Service has assigned definitive ratings of A2
(sf) to the ABS notes issued by Ford Credit Auto Owner Trust 2011-
SRR2 (Ford 2011-SRR2). The transaction is backed by a revolving
pool of prime auto loans originated by Ford Motor Credit Co. (Ford
Credit, Ba2), who is also the transaction sponsor and servicer of
the loans.

The complete rating action is:

Issuer: Ford Credit Auto Owner Trust 2011-SRR2

$1,000,000,000 ABS Notes, rated A2 (sf)

Ratings Rationale

The principal methodology used in rating the transaction was
Moody's Approach to Rating U.S. Auto Loan-Backed Securities
published in May 2011.

Moody's median cumulative net loss expectation and the Aaa
Volatility Proxy Level for the Ford 2011-SRR2 collateral pool are
3.50% and 17.50%, respectively. Moody's net loss expectation for
the Ford 2011-SRR2 transaction is based on an analysis of the
credit quality of the underlying collateral, historical
performance trends, the ability of Ford Credit to perform the
servicing functions, and expectations for future economic
conditions.

The V Score for this transaction is Low/Medium, which is
consistent with the Low/Medium V score assigned for the U.S. Prime
Retail Auto Loan ABS sector. The V Score indicates "Low/Medium"
uncertainty about critical assumptions.

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

Moody's Parameter Sensitivities: If the net loss used in
determining the initial rating were changed to 4.75%, 6.50%, or
8.50%, the initial model-indicated output for the Class A notes
might change from A2 to Baa2, Ba2, and B2, respectively.

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

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments in this transaction.

Additional research including a pre-sale report for this
transaction is available at www.moodys.com. The special reports,
"Updated Report on V Scores and Parameter Sensitivities for
Structured Finance Securities" and "V Scores and Parameter
Sensitivities in the U.S. Vehicle ABS Sector" are also available
on moodys.com.


FRANKLIN AUTO: Moody's Reviews Rating for Possible Upgrade
----------------------------------------------------------
Moody's has placed on review for possible upgrade five tranches
from three transactions sponsored by Franklin Capital Corporation
(Franklin) between 2006 and 2008.

RATINGS

Issuer: Franklin Auto Trust 2006-1

Cl. C, Baa3 (sf) Placed Under Review for Possible Upgrade;
previously on Sep 21, 2010 Upgraded to Baa3 (sf)

Issuer: Franklin Auto Trust 2007-1

Cl. B, Aa1 (sf) Placed Under Review for Possible Upgrade;
previously on Sep 21, 2010 Upgraded to Aa1 (sf)

Cl. C, B2 (sf) Placed Under Review for Possible Upgrade;
previously on Feb 27, 2009 Downgraded to B2 (sf)

Issuer: Franklin Auto Trust 2008-A

Cl. C, Aa1 (sf) Placed Under Review for Possible Upgrade;
previously on Sep 21, 2010 Upgraded to Aa1 (sf)

Cl. D, B1 (sf) Placed Under Review for Possible Upgrade;
previously on Feb 27, 2009 Downgraded to B1 (sf)

RATINGS RATIONALE

The reviews for upgrade were prompted by the further accretion
of credit enhancement and a downward revision of collateral loss
expectations. Despite weaker than originally expected performance,
credit support for the tranches has increased due to sequential
payment and the letter of credit (LOC) floor. The higher degree
of deterioration in these transactions reflects the impact of
the economic downturn during the term of these transactions,
heightened by a higher concentration of loans originated in weaker
economies of Nevada, Arizona, New Mexico and California. The LOC
floor for the 2006 and 2007 transactions is 1.50% of the original
balance. Given the prior poor performance of these transactions,
the LOC balances are currently below their floor. However, it
still represents approximately 15% and 8% of the current pool
balance of the 2006-1 and 2007-1 transactions respectively. The
LOC of the 2008-A transaction is at its target level of 10.25%.

Below are key performance metrics and credit assumptions for each
affected transaction. Credit assumptions include Moody's expected
lifetime CNL expectation which is expressed as a percentage of the
original pool balance. Performance metrics include pool factor
which is the ratio of the current collateral balance and the
original collateral balance at closing; total credit enhancement
(expressed as a percentage of the outstanding collateral pool
balance) which consists of subordination and a LOC; and per annum
excess spread.

Issuer: Franklin Auto Trust 2006-1

Pool factor -- 7.32%

CNL Range - 6.75% to 7.00%, prior expectation (September 2010) was
7.25%

Total hard credit enhancement (excluding excess spread): Class C -
- 14.7%

Excess Spread -- Approximately 2.00%

Issuer: Franklin Auto Trust 2007-1

Pool factor -- 13.93%

CNL Range - 8.25% to 8.75%, prior expectation (September 2010) was
9.00%

Total hard credit enhancement (excluding excess spread): Class B -
- 40.9%; Class C -- 8.6%

Excess Spread -- Approximately 3.00%

Issuer: Franklin Auto Trust 2008-A

Pool factor -- 25.84%

CNL Range - 9.25% to 9.75%, prior expectation (September 2010) was
11.00%

Total hard credit enhancement (excluding excess spread): Class C -
- 42.23%; Class D -- 10.25%

Excess Spread -- Approximately 2.00%

The performance expectations for a given variable indicate
Moody's forward-looking view of the likely range of performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside the given range 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 range will not necessarily result in a rating
action nor does performance within expectations preclude such
actions. The decision to take (or not take) a rating action is
dependent on an assessment of a range of factors including, but
not exclusively, the performance metrics. Primary sources of
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 2011; Moody's expects overall
a sluggish recovery in most of the world largest economies,
returning to trend growth rate with elevated fiscal deficits and
persistent unemployment levels.

The principal methodology used in these notes was "Moody's
Approach to Rating U.S. Auto Loan Backed Securities (2011)" rating
methodology published in May 2011. Other methodologies and factors
that may have been considered in the process of rating these notes
can also be found on Moody's website.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past 6 months.


G-STAR 2002-1: Fitch Affirms Ratings on 5 Classes
-------------------------------------------------
Fitch Ratings has affirmed five classes issued by G-Star 2002-1
Ltd./Corp.(G-Star 2002-1)as a result of amortization of the
capital structure offsetting the deterioration in the portfolio.

Since Fitch's last rating action in July 2010, 26.8% of the
portfolio has been downgraded. Currently, 60.7% of the portfolio
has a Fitch derived rating below investment grade and 25.6% has a
rating in the 'CCC' rating category or lower, compared to 43.4%
and 15.5%, respectively, at last review. In addition, the class A
notes have received $43.3 million in paydowns 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 (PCM) for projecting future default
levels for the underlying portfolio. The default levels were then
compared to the breakeven levels generated by Fitch's cash flow
model of the CDO under the various default timing and interest
rate stress scenarios, as described in the report 'Global Criteria
for Cash Flow Analysis in Corporate CDOs'.

Based on this analysis, the class A and B notes' breakeven rates
are generally consistent with the ratings assigned.

For the class C notes, Fitch analyzed the class' sensitivity to
the default of the distressed assets ('CCC' and below). Given the
high probability of default of the underlying assets and the
expected limited recovery prospects upon default, the class C
notes have been affirmed at 'Csf', indicating that default is
inevitable. On the December 30, 2010 payment date, the class C
notes began receiving interest paid in kind (PIK) whereby the
principal amount of the notes is written up by the amount of
interest due. Currently, the notes have an outstanding deferred
interest balance of $0.46 million.

The Stable Outlook of the class A-1MM notes reflects Fitch's view
that the notes will continue to delever. The Negative Outlook on
the class A-2 notes reflects the concentration risk of the
underlying collateral. The Loss Severity (LS) rating indicates a
tranche's potential loss severity given default, as evidenced by
the ratio of tranche size to the base-case loss expectation for
the collateral, as explained in 'Criteria for Structured Finance
Loss Severity Ratings'. The LS rating should always be considered
in conjunction with the probability of default for tranches. Fitch
does not assign LS ratings or Outlooks to classes rated 'CCC' and
below.

G-Star 2002-1 is a cash flow commercial real estate collateralized
debt obligation (CRE CDO) which closed on April 16, 2002. The
collateral is composed of 83.9% commercial mortgage backed
securities (CMBS), 15% real estate investment trusts, and 1.1%
asset backed securities.

Fitch has affirmed these classes:

   -- $28,613,781 class A-1MM at 'BBBsf'; Outlook to Stable from
      Negative; LS to 'LS4' from 'LS3';

   -- $29,693,896 class A-2 at 'BBBsf'; Outlook Negative; LS to
      'LS4' from 'LS3';

   -- $15,759,835 class B-FL at 'CCCsf';

   -- $18,702,403 class B-FX at 'CCCsf';

   -- $11,736,553 class C at 'Csf'.


GE CAPITAL: Moody's Affirms 14 CMBS Classes of GECMC 2001-2
-----------------------------------------------------------
Moody's Investors Service (Moody's) affirmed the ratings of 14
classes of GE Capital Commercial Mortgage Corporation, Commercial
Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2001-2:

Cl. A-4, Affirmed at Aaa (sf); previously on Aug 9, 2001 Assigned
Aaa (sf)

Cl. B, Affirmed at Aaa (sf); previously on Aug 2, 2006 Upgraded to
Aaa (sf)

Cl. C, Affirmed at Aaa (sf); previously on Aug 16, 2007 Upgraded
to Aaa (sf)

Cl. D, Affirmed at Aaa (sf); previously on Sep 25, 2008 Upgraded
to Aaa (sf)

Cl. E, Affirmed at Aaa (sf); previously on Oct 9, 2008 Upgraded to
Aaa (sf)

Cl. F, Affirmed at Aa2 (sf); previously on Nov 18, 2010 Upgraded
to Aa2 (sf)

Cl. G, Affirmed at A2 (sf); previously on Oct 9, 2008 Upgraded to
A2 (sf)

Cl. H, Affirmed at Baa2 (sf); previously on Oct 9, 2008 Upgraded
to Baa2 (sf)

Cl. I, Affirmed at B3 (sf); previously on Nov 18, 2010 Downgraded
to B3 (sf)

Cl. J, Affirmed at Caa2 (sf); previously on Nov 18, 2010
Downgraded to Caa2 (sf)

Cl. K, Affirmed at Ca (sf); previously on Nov 18, 2010 Downgraded
to Ca (sf)

Cl. L, Affirmed at C (sf); previously on Nov 18, 2010 Downgraded
to C (sf)

Cl. M, Affirmed at C (sf); previously on Nov 18, 2010 Downgraded
to C (sf)

Cl. X-1, Affirmed at Aaa (sf); previously on Aug 9, 2001
Definitive Rating Assigned Aaa (sf)

RATINGS RATIONALE

The affirmations are due to key parameters, including Moody's
loan to value (LTV) ratio, Moody's stressed debt service coverage
ratio (DSCR) and the Herfindahl Index (Herf), remaining within
acceptable ranges. Based on Moody's current base expected loss,
the credit enhancement levels for the affirmed classes are
sufficient to maintain their current ratings.

Moody's rating action reflects a cumulative base expected loss
of 8.9% of the current balance compared to 4.5% at last review.
The current cumulative base expected loss represents a higher
percentage of the pool than at last review due to significant pay
downs since last review, even though the dollar amount of current
cumulative expected loss ($19.6 million )is less than at last
review ($30.4 million). Moody's stressed scenario loss is 12.8% of
the current balance. Moody's provides a current list of base and
stress scenario losses for conduit and fusion CMBS transactions on
moodys.com at:

   http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

Depending on the timing of loan payoffs and the severity and
timing of losses from specially serviced loans, the credit
enhancement level for investment grade classes could decline below
the current levels. Due to the high level of credit subordination
and defeasance, it is unlikely that investment grade classes would
be downgraded even if losses are higher than Moody's expected
base.

Moody's analysis reflects a forward-looking view of the likely
range of collateral performance over the medium term. From time to
time, Moody's may, if warranted, change these expectations.
Performance that falls outside an acceptable range of the key
parameters may indicate that the collateral's credit quality is
stronger or weaker than Moody's had anticipated during the current
review. Even so, deviation from the expected range will not
necessarily result in a rating action. There may be mitigating or
offsetting factors to an improvement or decline in collateral
performance, such as increased subordination levels due to
amortization and loan payoffs or a decline in subordination due to
realized losses.

Primary sources of assumption uncertainty are the current sluggish
macroeconomic environment and varying performance in the
commercial real estate property markets. However, Moody's expects
to see increasing or stabilizing property values, higher
transaction volumes, a slowing in the pace of loan delinquencies
and greater liquidity for commercial real estate in 2011. The
hotel and multifamily sectors are continuing to show signs of
recovery, while recovery in the office and retail sectors will be
tied to recovery of the broader economy. The availability of debt
capital continues to improve with terms returning toward market
norms. Moody's central global macroeconomic scenario reflects an
overall sluggish recovery through 2012, amidst ongoing individual,
corporate and governmental deleveraging, persistent unemployment,
and government budget considerations.

The primary methodology used in this rating was "CMBS: Moody's
Approach to Rating U.S. Conduit Transactions" published in
September 2000. Moody's also considered in its analysis, "Moody's
Approach to Rating Large Loan/Single Borrower Transactions",
published in July 2000.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.50 which is used for both conduit and fusion
transactions and the CMBS Large Loan Model v 8.0. Conduit model
results at the Aa2 (sf) level are driven by property type, Moody's
actual and stressed DSCR, and Moody's property quality grade
(which reflects the capitalization rate used by Moody's to
estimate Moody's value). Conduit model results at the B2 (sf)
level are driven by a pay down analysis based on the individual
loan level Moody's LTV ratio. Moody's Herfindahl score (Herf), a
measure of loan level diversity, is a primary determinant of pool
level diversity and has a greater impact on senior certificates.
Other concentrations and correlations may be considered in Moody's
analysis. Based on the model pooled credit enhancement levels at
Aa2 (sf) and B2 (sf), the remaining conduit classes are either
interpolated between these two data points or determined based on
a multiple or ratio of either of these two data points. For fusion
deals, the credit enhancement for loans with investment-grade
underlying ratings is melded with the conduit model credit
enhancement into an overall model result. Fusion loan credit
enhancement is based on the credit estimate of the loan which
corresponds to a range of credit enhancement levels. Actual fusion
credit enhancement levels are selected based on loan level
diversity, pool leverage and other concentrations and correlations
within the pool. Negative pooling, or adding credit enhancement at
the underlying rating level, is incorporated for loans with
similar credit estimates in the same transaction.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 14 compared to 39 at Moody's prior review.

In cases where the Herf falls below 20, Moody's employs the large
loan/single borrower methodology. This methodology uses the excel-
based Large Loan Model v 8.0. The large loan model derives credit
enhancement levels based on an aggregation of adjusted loan level
proceeds derived from Moody's loan level LTV ratios. Major
adjustments to determining proceeds include leverage, loan
structure, property type, and sponsorship. These aggregated
proceeds are then further adjusted for any pooling benefits
associated with loan level diversity, other concentrations and
correlations.

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

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through two sets of
quantitative tools -- MOST(R) (Moody's Surveillance Trends) and
CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior full review is
summarized in a press release dated November 18, 2010. Please see
the ratings tab on the issuer / entity page on moodys.com for the
last rating action and the ratings history.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.

DEAL PERFORMANCE

As of the June 13, 2011 distribution date, the transaction's
aggregate certificate balance has decreased by 78% to
$220.1 million from $1.0 billion at securitization. The
Certificates are collateralized by 31 mortgage loans ranging
in size from less than 1% to 11% of the pool, with the top ten
loans representing 49% of the pool. Four loans, representing
26% of the pool, have defeased and are collateralized with U.S.
Government securities. The pool faces significant near term
refinancing risk, as loans representing 74% of the pool have
either passed their anticipated repayment or maturity dates or
mature within the next six months.

Nineteen loans, totaling 48% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
CRE Finance Council (CREFC) monthly reporting package. As part
of Moody's ongoing monitoring of a transaction, Moody's reviews
the watchlist to assess which loans have material issues that
could impact performance.

Eleven loans have been liquidated from the pool, resulting in a
realized loss of $28.7 million (39% loss severity). Eight loans,
representing 26% of the pool, are currently in special servicing.
The largest specially serviced loan is the One Capital Loan
($24.7 million -- 11.2% of the pool), which is secured by two
office buildings totaling 201,700 square feet (SF) located in
downtown Sacramento, California. The loan matured on May1, 2011
and was transferred to special servicing due to maturity default.
The Borrower has requested a three year extension period. The
largest tenant is the California Parks and Recreation which leases
32% of the net rentable area (NRA) through April 2011. As of April
2011, the property was 72% leased compared to 84% at last review.
Moody's is not currently estimating a loss on this loan.

The remaining seven specially serviced loans are secured by a mix
of property types. Moody's has estimated a $13.4 million loss (40%
expected loss) for these specially serviced loans.

Moody's has assumed a high default probability for three poorly
performing loans representing 7% of the pool and has estimated a
$3.16 million loss (20% expected loss based on a 50% probability
default) from these troubled loans.

The pool has experienced significant interest shortfalls. Classes
J through N have experienced cumulative interest shortfalls
totaling approximately $1.0 million. Moody's anticipates that the
pool will continue to experience interest shortfalls because of
the high exposure to specially serviced loans. Interest shortfalls
are caused by special servicing fees, including workout and
liquidation fees, appraisal subordinate entitlement reductions
(ASERs) and extraordinary trust expenses.

Moody's was provided with full year 2010 and 2009 operating
results for 71% and 100% for the non-defeased pool. Excluding
specially serviced and troubled loans, Moody's weighted average
LTV is 84% compared to 76% at last review. Moody's net cash flow
reflects a weighted average haircut of 14% to the most recently
available net operating income. Moody's value reflects a weighted
average capitalization rate of 9.6%.

Excluding specially serviced and troubled loans, Moody's actual
and stressed DSCRs are 1.24X and 1.32X, respectively, compared to
1.33X and 1.38X at last review. Moody's actual DSCR is based on
Moody's net cash flow (NCF) and the loan's actual debt service.
Moody's stressed DSCR is based on Moody's NCF and a 9.25% stressed
rate applied to the loan balance.

The top three non-defeased loans represent 16% of the pool
balance. The largest loan is the 33 East 17th Street Loan
($12.6 million -- 5.7% of the pool), which is secured by a
103,000 SF, seven-story office/retail building that is 100%
leased to Barnes & Noble through April 2036. The property is
located to the north of Union Square Park on 17th Street in New
York City. For full year 2010, net operating income was 8% lower
than in 2009 due to an increase in real estate taxes. The loan
is on the watch list and has an anticipated repayment date (ARD)
of July 1, 2011. However, the Borrower has indicated that re-
financing negotiations are underway. Moody's LTV and stressed
DSCR are 74%% and 1.38X, respectively, compared to 67% and 1.53X
at last review.

The second largest loan is the 2701 Ocean Park Plaza Loan
($12.2 million -- 5.6% of the pool), which is secured by a 95,000
SF office building located in downtown Santa Monica, California.
As of March 2011, the property was 80% leased compared to 76% in
2009. The loan matured on June 1, 2011 and is on the master's
servicer's watch list. The borrower has indicated that it is
working with a lender to secure re-financing. Moody's LTV and
stressed DSCR are 91% and 1.20X, respectively, compared to 78%
and 1.39X at last review.

The third largest loan is the Kraft Foods Loan ($9.7 million --
4.4% of the pool), which is secured by a 345,000 SF warehouse
distribution center located in Winchester, Virginia. The property
is 100% leased to Kraft Foods through May 2016. The loan matures
in August 2011 and is on the master servicer's watch list. Moody's
LTV and stressed DSCR are 67% and 1.53X, respectively, compared to
69% and 1.50X at last review.


GE COMMERCIAL: Moody's Affirms 17 CMBS Classes of GECMC 2003-C1
---------------------------------------------------------------
Moody's Investors Service (Moody's) affirmed the ratings of 17
classes of GE Capital Commercial Mortgage Corporation, Commercial
Mortgage Pass-Through Certificates, Series 2003-C1as:

Cl. A-3, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed
at Aaa (sf)

Cl. A-1A, Affirmed at Aaa (sf); previously on Mar 9, 2011
Confirmed at Aaa (sf)

Cl. A-4, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed
at Aaa (sf)

Cl. B, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed
at Aaa (sf)

Cl. C, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed
at Aaa (sf)

Cl. D, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed
at Aaa (sf)

Cl. E, Affirmed at Aa1 (sf); previously on Mar 9, 2011 Confirmed
at Aa1 (sf)

Cl. F, Affirmed at Aa2 (sf); previously on Dec 9, 2010 Upgraded to
Aa2 (sf)

Cl. G, Affirmed at A1 (sf); previously on Dec 9, 2010 Upgraded to
A1 (sf)

Cl. H, Affirmed at Baa1 (sf); previously on Dec 9, 2010 Confirmed
at Baa1 (sf)

Cl. J, Affirmed at Ba1 (sf); previously on Dec 9, 2010 Confirmed
at Ba1 (sf)

Cl. K, Affirmed at Ba2 (sf); previously on Dec 9, 2010 Confirmed
at Ba2 (sf)

Cl. L, Affirmed at B3 (sf); previously on Dec 9, 2010 Downgraded
to B3 (sf)

Cl. M, Affirmed at Caa1 (sf); previously on Dec 9, 2010 Downgraded
to Caa1 (sf)

Cl. N, Affirmed at Caa3 (sf); previously on Dec 9, 2010 Downgraded
to Caa3 (sf)

Cl. O, Affirmed at Ca (sf); previously on Dec 9, 2010 Downgraded
to Ca (sf)

Cl. X-1, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed
at Aaa (sf)

RATINGS RATIONALE

The affirmations are due to key parameters, including Moody's loan
to value (LTV) ratio, Moody's stressed debt service coverage ratio
(DSCR) and the Herfindahl Index (Herf), remaining within
acceptable ranges. Based on Moody's current base expected loss,
the credit enhancement levels for the affirmed classes are
sufficient to maintain their current ratings.

Moody's rating action reflects a cumulative base expected loss of
2.9% of the current balance. At last review, Moody's cumulative
base expected loss was 4.1%. Moody's stressed scenario loss is
8.2% of the current balance. Moody's provides a current list of
base and stress scenario losses for conduit and fusion CMBS
transactions on moodys.com at:

   http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

Depending on the timing of loan payoffs and the severity and
timing of losses from specially serviced loans, the credit
enhancement level for investment grade classes could decline below
the current levels. If future performance materially declines, the
expected level of credit enhancement and the priority in the cash
flow waterfall may be insufficient for the current ratings of
these classes.

Moody's analysis reflects a forward-looking view of the likely
range of collateral performance over the medium term. From time to
time, Moody's may, if warranted, change these expectations.
Performance that falls outside an acceptable range of the key
parameters may indicate that the collateral's credit quality is
stronger or weaker than Moody's had anticipated during the current
review. Even so, deviation from the expected range will not
necessarily result in a rating action. There may be mitigating or
offsetting factors to an improvement or decline in collateral
performance, such as increased subordination levels due to
amortization and loan payoffs or a decline in subordination due to
realized losses.

Primary sources of assumption uncertainty are the current sluggish
macroeconomic environment and varying performance in the
commercial real estate property markets. However, Moody's expects
to see increasing or stabilizing property values, higher
transaction volumes, a slowing in the pace of loan delinquencies
and greater liquidity for commercial real estate in 2011. The
hotel and multifamily sectors are continuing to show signs of
recovery, while recovery in the office and retail sectors will be
tied to recovery of the broader economy. The availability of debt
capital continues to improve with terms returning toward market
norms. Moody's central global macroeconomic scenario reflects an
overall sluggish recovery through 2012, amidst ongoing individual,
corporate and governmental deleveraging, persistent unemployment,
and government budget considerations.

The primary methodology used in this rating was "CMBS: Moody's
Approach to Rating U.S. Conduit Transactions", published in
September, 2000.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.50 which is used for both conduit and fusion
transactions. Conduit model results at the Aa2 (sf) level are
driven by property type, Moody's actual and stressed DSCR, and
Moody's property quality grade (which reflects the capitalization
rate used by Moody's to estimate Moody's value). Conduit model
results at the B2 (sf) level are driven by a paydown analysis
based on the individual loan level Moody's LTV ratio. Moody's
Herfindahl score (Herf), a measure of loan level diversity, is a
primary determinant of pool level diversity and has a greater
impact on senior certificates. Other concentrations and
correlations may be considered in Moody's analysis. Based on the
model pooled credit enhancement levels at Aa2 (sf) and B2 (sf),
the remaining conduit classes are either interpolated between
these two data points or determined based on a multiple or ratio
of either of these two data points. For fusion deals, the credit
enhancement for loans with investment-grade credit estimates is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
underlying rating of the loan which corresponds to a range of
credit enhancement levels. Actual fusion credit enhancement levels
are selected based on loan level diversity, pool leverage and
other concentrations and correlations within the pool. Negative
pooling, or adding credit enhancement at the underlying rating
level, is incorporated for loans with similar credit estimates in
the same transaction.

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

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through two sets of
quantitative tools -- MOST(R) (Moody's Surveillance Trends) and
CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior full review is
summarized in a press release dated December 9, 2010. Please see
the ratings tab on the issuer / entity page on moodys.com for the
last rating action and the ratings history.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.

DEAL PERFORMANCE

As of the June 10, 2011 distribution date, the transaction's
aggregate certificate balance has decreased by 38% to
$737.2 million from $1.2 billion at securitization. The
Certificates are collateralized by 103 mortgage loans ranging
in size from less than 1% to 5% of the pool, with the top ten
loans representing 33% of the pool. Twenty-two loans, representing
32% of the pool, have defeased and are collateralized with U.S.
Government securities.

Twenty-two loans, representing 25% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

Six loans have been liquidated from the pool, resulting in an
aggregate realized loss of $16.9 million (34% loss severity
overall). Two loans, representing 1% of the pool, are currently
in special servicing. The master servicer has recognized a
$4.6 million appraisal reduction for one of the specially serviced
loans. Moody's has estimated an aggregate $5.2 million loss (53%
expected loss on average) for the specially serviced loans.

Moody's has assumed a high default probability for ten poorly
performing loans representing 7% of the pool and has estimated a
$7.3 million aggregate loss (15% expected loss based on a 50%
probability default) from these troubled loans.

Moody's was provided with full year 2009 and partial and full year
2010 operating results for 89% and 83% of the of the pool's non-
defeased loans, respectively. Excluding specially serviced and
troubled loans, Moody's weighted average LTV is 84% compared to
81% at Moody's prior review. Moody's net cash flow reflects a
weighted average haircut of 12% to the most recently available net
operating income. Moody's value reflects a weighted average
capitalization rate of 9.4%.

Excluding specially serviced and troubled loans, Moody's actual
and stressed DSCRs are 1.38X and 1.29X, respectively, compared to
1.73X and 1.22X at last review. Moody's actual DSCR is based on
Moody's net cash flow (NCF) and the loan's actual debt service.
Moody's stressed DSCR is based on Moody's NCF and a 9.25% stressed
rate applied to the loan balance.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 35 compared to 41 at Moody's prior review.

The top three performing conduit loans represent 13% of the
pool balance. The largest loan is the 801 Market Street Loan
($38.9 million -- 5.3% of the pool), which is secured by a 370,000
square foot (SF) office condominium situated within a 1.0 million
SF office building located in Philadelphia, Pennsylvania. The
condominium includes part of the basement, ground floor retail and
all of floors seven through 13. The office building was built in
1928 and renovated in 2002. The building is located in the Market
Street East office market of Center City Philadelphia. The
property was 99% leased as of December 2010, the same as of
December 2009. Leases representing 83% of the net rentable area
(NRA) expire before the end of the loan term. Moody's LTV and
stressed DSCR are 79% and 1.36X, respectively, compared to 82% and
1.32X at last review.

The second largest loan is the Centennial Center I Loan
($36.9 million -- 5.0% of the pool), which is secured by a
355,000 SF community shopping center located in Las Vegas, Nevada.
The collateral is anchored by The Home Depot and Ross Stores and
shadow-anchored by Wal-Mart and Sam's Club. The property was 84%
leased as of May 2011 compared to the same level as of June 2010
and 96% at securitization. Moody's LTV and stressed DSCR are 112%
and 0.87X, respectively, compared to 91% and 1.07X at last review.

The third largest loan is the Laguna Gateway Loan ($22.0 million -
- 3.0% of the pool), which is secured by a 270,500 SF retail
center located in Elk Grove, California. The collateral is
anchored by T.J. Maxx, Best Buy and Bed Bath & Beyond and shadow-
anchored by The Home Depot. The property was 97% leased as of
February 2011, essentially the same as of June 2010. Moody's LTV
and stressed DSCR are 78% and 1.28X, respectively, compared to 79%
and 1.26X at last review.


GLACIER FUNDING: Fitch Affirms Ratings on 4 Classes of Notes
------------------------------------------------------------
Fitch Ratings has downgraded one class and affirmed four classes
of notes issued by Glacier Funding CDO II, Ltd. (Glacier Funding
II). The rating actions are:

   -- $84,803,098 class A-1 notes downgraded to 'CCCsf' from
      'Bsf/LS3';

   -- $70,000,000 class A-2 notes affirmed at 'Csf';

   -- $65,750,000 class B notes affirmed at 'Csf';

   -- $21,540,302 class C notes affirmed at 'Csf';

   -- $5,499,607 class D notes affirmed at 'Csf'.

This review was conducted under the framework described in the
report 'Global Rating Criteria for Structured Finance CDOs' using
the Structured Finance Portfolio Credit Model (SF PCM) for
projecting future default levels for the underlying portfolio.
These default levels were then compared to the breakeven levels
generated by Fitch's cash flow model of the CDO under various
default timing and interest rate stress scenarios, as described in
the report 'Global Criteria for Cash Flow Analysis in CDOs' for
the class A-1 notes. Fitch also considered additional qualitative
factors into its analysis to conclude the rating actions for the
rated notes.

Since Fitch's last rating action in July 2010, the credit quality
of the underlying collateral has declined further, with
approximately 53.1% of the portfolio downgraded a weighted average
of 5.5 notches. Approximately 72.3% of the current portfolio has a
Fitch derived rating below investment grade and 62.8% has a rating
in the 'CCC' rating category or lower, compared to 59.5% and 41.2%
respectively, at last review.

The class A-1 notes are downgraded to 'CCCsf' due to the
significant deterioration in the credit quality of the portfolio.
In addition to the downgrades, $5.9 million of collateral has been
written down since the last review. While there is excess spread
being used to redeem class A-1 due to the failing class A/B
overcollateralization test, the amount is minimal and insufficient
to compensate for the extent of deterioration. As such, the class
A-1 notes are no longer able to withstand a 'Bsf' rating stress.

Breakeven levels for the class A-2, B, C and D notes were below SF
PCM's 'CCC' default level, the lowest level of defaults projected
by SF PCM. For these classes, Fitch compared the respective credit
enhancement levels of the classes to the expected losses from the
distressed and defaulted assets in the portfolio (rated 'CCsf' or
lower). This comparison indicates that default continues to appear
inevitable for the class A-2 notes at or prior to maturity. The
class B, class C, and class D notes are already
undercollateralized by Glacier Funding II's portfolio indicating
that default in principal repayment at or prior to maturity is
inevitable for these classes.

Glacier Funding II is a structured finance collateralized debt
obligation (SF CDO) that closed on October 12, 2004 and is
monitored by Aventine Hill Capital, LLC. The portfolio is
comprised of residential mortgage-backed securities (73.1%),
commercial mortgage-backed securities (19.8%), structured finance
collateralized debt obligations (3.4%), real estate investment
trusts (1.6%), consumer and commercial asset-backed securities
(1.4%), and corporate CDOs (.8%), from 2001 through 2005 vintage
transactions.


GMAC COMMERCIAL: Fitch Affirms & Upgrades GMAC 2000-C1
------------------------------------------------------
Fitch Ratings upgrades one class and downgrades one class of GMAC
Commercial Mortgages Securities, Inc. commercial mortgage pass
through certificates, series 2000-C1.

The upgrade is due to sufficient protection against losses due
to defeased loans, and the downgrade reflects the expected losses
on the specially serviced loans. As of the May 2011 distribution
date, the pool's certificate balance has paid down 98.1% to
$16.4 million from $880 million at issuance.

Fitch modeled losses of 27.1% of the remaining pool; expected
losses based on the original pool are 3.2%, reflecting losses
already incurred to date. Fitch expects the losses associated with
the specially serviced loans to be absorbed by the rated class L.

There are six remaining loans from the original 136 loans at
issuance. Of the remaining loans, one loan (5%) has defeased.

There are five specially serviced loans (95%) in the pool. Of the
five loans, one loan (18.2%) is in foreclosure, three loans
(59.6%) are REO, and one loan (17.3%) is current.

The largest contributor to losses is the Executive Airport
Business Office asset which is an office property totaling 73,149
square feet in Ft. Lauderdale, FL. The property was foreclosed
upon in January 2011 and has since been marketed for sale. Lease
renewals are under consideration to retain tenants

Fitch stressed the cash flow of the non defeased loans by applying
a 5% reduction to the most recent year end net operating income
and applying an adjusted market cap rate to determine value.

Fitch affirms and revises the Recovery Rating for this:

   -- $8.8 million class K at 'CCsf'; RR to 'RR5' from 'RR2'.

Additionally, Fitch upgrades and revises the Loss Severity and
Outlook for this class:

   -- $0.53 million class J to 'Asf/LS5' from 'BB+/LS4'; Outlook
      to Stable from Negative.

Fitch does not rate class O. Classes A-1, A-2, B, C, D, E, F, G
and H have paid in full. Fitch maintains the rating of 'D/RR5' on
class L. Fitch has withdrawn the rating of classes M and N and has
also withdrawn the rating of the interest only class X.


GMAC COMMERCIAL: Fitch Cuts Ratings on 2 Classes of GMAC 2001-C1
----------------------------------------------------------------
Fitch Ratings has downgraded two classes and affirmed seven
classes of GMAC Commercial Mortgage Securities Inc.'s commercial
mortgage pass-through certificates, series 2001-C1. In addition,
Fitch has affirmed Rating Outlooks and revised Loss Severity (LS)
ratings and Recovery Ratings (RR) as applicable.

The downgrades reflect Fitch expected losses across the pool.
Fitch modeled potential losses of 26.46% of the remaining pool;
expected losses based on the original pool size are 7.82%,
reflecting losses already incurred to date. The pool has become
extremely concentrated with only 14 loans remaining.

As of the June 2011 distribution date, the pool's certificate
balance has been reduced by 87.33% (to $109.5 million from $864.1
million), of which 82.86% were due to paydowns and 4.47% were due
to realized losses.

Fitch has designated all 14 loans in the pool as Fitch Loans of
Concern, which include 13 specially serviced loans (96.65%). Fitch
expects the losses associated with the specially-serviced loans to
impact classes H through L. Classes M through P have been reduced
to zero due to realized losses.

The largest contributor to Fitch-modeled losses (32.44%) is a
specially-serviced 357,237 square foot (sf) office building
located in Grand Rapids, MI. The loan was transferred to special
servicing effective April 16, 2010 due to maturity default. The
property was foreclosed on Jan. 26, 2011 and is currently real
estate owned (REO). Property occupancy is currently 70%. The
property is not currently being marketed for sale, pending the
expiration of Michigan's statutory six-month redemption period on
July 26, 2011.

The second largest contributor to Fitch-modeled losses (8.77%) is
a two specially-serviced office buildings located in Norristown,
PA. The loan was transferred to special servicing effective
March 26, 2010, due to payment default. The property converted to
REO via foreclosure on April 27, 2011. The property is completely
vacant.

The third largest contributor to Fitch-modeled losses (9.38%) is a
specially-serviced loan secured by a 141,000 sf retail center
located in Hoover, AL. The loan was transferred to special
servicing effective May 14, 2009 due to imminent payment default.
The property is scheduled for a July 2011 foreclosure sale.

Fitch downgrades these classes:

   -- $17.3 million class E to 'Asf/LS4' from 'AAsf/LS5'; Outlook
      Negative;

   -- $25.9 million class H to 'Csf/RR6' from 'CCsf/RR2'.

In addition, Fitch affirms these classes and Outlooks and revises
the Loss Severity (LS) and Recovery Ratings (RR):

   -- $14.2 million class C at 'AAAsf', loss severity to 'LS5'
      from 'LS4'; Outlook Stable;

   -- $12.9 million class D at 'AAAsf/LS5'; Outlook Stable;

   -- $12.9 million class F at 'BBB-sf/LS5'; Outlook Negative;

   -- $12.9 million class G at 'Bsf/LS5'; Outlook Negative;

   -- $6.5 million class J at 'Csf/RR6';

   -- $6.5 million class K at 'Csf/RR6';

   -- $0.2 million class L at 'Dsf/RR6'.

Classes A-1, A-2 and B have repaid in full. Classes M through P
have been reduced to zero due to realized losses. Fitch does not
rate class P.


GMAC COMMERCIAL: Moody's Affirms 15 CMBS Classes of GMAC 2002-C2
----------------------------------------------------------------
Moody's Investors Service (Moody's) affirmed the ratings of 15
classes of GMAC Commercial Mortgage Securities, Inc., Commercial
Mortgage Pass-Through Certificates, Series 2002-C2:

Cl. A-3, Affirmed at Aaa (sf); previously on Jun 27, 2002 Assigned
Aaa (sf)

Cl. B, Affirmed at Aaa (sf); previously on Feb 1, 2006 Upgraded to
Aaa (sf)

Cl. C, Affirmed at Aaa (sf); previously on Feb 1, 2006 Upgraded to
Aaa (sf)

Cl. D, Affirmed at Aaa (sf); previously on Jul 9, 2007 Upgraded to
Aaa (sf)

Cl. E, Affirmed at Aaa (sf); previously on Aug 28, 2007 Upgraded
to Aaa (sf)

Cl. F, Affirmed at Aaa (sf); previously on Dec 2, 2010 Upgraded to
Aaa (sf)

Cl. G, Affirmed at Aa3 (sf); previously on Dec 2, 2010 Upgraded to
Aa3 (sf)

Cl. H, Affirmed at A2 (sf); previously on Dec 2, 2010 Upgraded to
A2 (sf)

Cl. J, Affirmed at Baa3 (sf); previously on Feb 1, 2006 Upgraded
to Baa3 (sf)

Cl. K, Affirmed at Ba2 (sf); previously on Jun 27, 2002 Definitive
Rating Assigned Ba2 (sf)

Cl. L, Affirmed at Ba3 (sf); previously on Jun 27, 2002 Definitive
Rating Assigned Ba3 (sf)

Cl. M, Affirmed at B3 (sf); previously on Dec 2, 2010 Downgraded
to B3 (sf)

Cl. N, Affirmed at Caa1 (sf); previously on Dec 2, 2010 Downgraded
to Caa1 (sf)

Cl. O, Affirmed at Caa2 (sf); previously on Dec 2, 2010 Downgraded
to Caa2 (sf)

Cl. X-1, Affirmed at Aaa (sf); previously on Jun 27, 2002 Assigned
Aaa (sf)

RATINGS RATIONALE

The affirmations are due to key parameters, including Moody's
loan to value (LTV) ratio, Moody's stressed debt service coverage
ratio (DSCR) and the Herfindahl Index (Herf), remaining within
acceptable ranges. Based on Moody's current base expected loss,
the credit enhancement levels for the affirmed classes are
sufficient to maintain their current ratings.

Moody's rating action reflects a cumulative base expected loss of
1.8% of the current balance. At last review, Moody's cumulative
base expected loss was 3.3%. Moody's stressed scenario loss is
4.2% of the current balance. Moody's provides a current list of
base and stress scenario losses for conduit and fusion CMBS
transactions on moodys.com at:

  http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

Depending on the timing of loan payoffs and the severity and
timing of losses from specially serviced loans, the credit
enhancement level for investment grade classes could decline below
the current levels. If future performance materially declines, the
expected level of credit enhancement and the priority in the cash
flow waterfall may be insufficient for the current ratings of
these classes.

Moody's analysis reflects a forward-looking view of the likely
range of collateral performance over the medium term. From time to
time, Moody's may, if warranted, change these expectations.
Performance that falls outside an acceptable range of the key
parameters may indicate that the collateral's credit quality is
stronger or weaker than Moody's had anticipated during the current
review. Even so, deviation from the expected range will not
necessarily result in a rating action. There may be mitigating or
offsetting factors to an improvement or decline in collateral
performance, such as increased subordination levels due to
amortization and loan payoffs or a decline in subordination due to
realized losses.

Primary sources of assumption uncertainty are the current sluggish
macroeconomic environment and varying performance in the
commercial real estate property markets. However, Moody's expects
to see increasing or stabilizing property values, higher
transaction volumes, a slowing in the pace of loan delinquencies
and greater liquidity for commercial real estate in 2011. The
hotel and multifamily sectors are continuing to show signs of
recovery, while recovery in the office and retail sectors will be
tied to recovery of the broader economy. The availability of debt
capital continues to improve with terms returning toward market
norms. Moody's central global macroeconomic scenario reflects an
overall sluggish recovery through 2012, amidst ongoing individual,
corporate and governmental deleveraging, persistent unemployment,
and government budget considerations.

The primary methodology used in this rating was "CMBS: Moody's
Approach to Rating U.S. Conduit Transactions", published in
September 2000.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.50 which is used for both conduit and fusion
transactions. Conduit model results at the Aa2 (sf) level are
driven by property type, Moody's actual and stressed DSCR, and
Moody's property quality grade (which reflects the capitalization
rate used by Moody's to estimate Moody's value). Conduit model
results at the B2 (sf) level are driven by a paydown analysis
based on the individual loan level Moody's LTV ratio. Moody's
Herfindahl score (Herf), a measure of loan level diversity, is a
primary determinant of pool level diversity and has a greater
impact on senior certificates. Other concentrations and
correlations may be considered in Moody's analysis. Based on the
model pooled credit enhancement levels at Aa2 (sf) and B2 (sf),
the remaining conduit classes are either interpolated between
these two data points or determined based on a multiple or ratio
of either of these two data points. For fusion deals, the credit
enhancement for loans with investment-grade credit estimates is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
underlying rating of the loan which corresponds to a range of
credit enhancement levels. Actual fusion credit enhancement levels
are selected based on loan level diversity, pool leverage and
other concentrations and correlations within the pool. Negative
pooling, or adding credit enhancement at the underlying rating
level, is incorporated for loans with similar credit estimates in
the same transaction.

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

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through two sets of
quantitative tools -- MOST(R) (Moody's Surveillance Trends) and
CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior full review is
summarized in a press release dated December 2, 2010. Please see
the ratings tab on the issuer / entity page on moodys.com for the
last rating action and the ratings history.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.

DEAL PERFORMANCE

As of the June 15, 2011 distribution date, the transaction's
aggregate certificate balance has decreased by 31% to $507.5
million from $737.7 million at securitization. The Certificates
are collateralized by 91 mortgage loans ranging in size from less
than 1% to 6% of the pool, with the top ten loans representing 34%
of the pool. Thirty-four loans, representing 41% of the pool, have
defeased and are collateralized with U.S. Government securities.

Twenty-one loans, representing 18% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

Seven loans have been liquidated from the pool, resulting in an
aggregate realized loss of $11.3 million (49% loss severity
overall). One loan, representing less than 1% of the pool, is
currently in special servicing. Moody's has estimated a $747
thousand loss (21% expected loss on average) for the specially
serviced loan.

Moody's has assumed a high default probability for three poorly
performing loans representing 3% of the pool and has estimated a
$1.9 million aggregate loss (15% expected loss based on a 50%
probability default) from these troubled loans.

Moody's was provided with full year 2009 and 2010 operating
results for 87% and 54% of the pool's non-defeased loans,
respectively. Excluding specially serviced and troubled loans,
Moody's weighted average LTV is 77%, essentially the same at
Moody's prior review. Moody's net cash flow reflects a weighted
average haircut of 11% to the most recently available net
operating income. Moody's value reflects a weighted average
capitalization rate of 9.8%.

Excluding specially serviced and troubled loans, Moody's actual
and stressed DSCRs are 1.38X and 1.48X, respectively, compared to
1.42X and 1.50X at last review. Moody's actual DSCR is based on
Moody's net cash flow (NCF) and the loan's actual debt service.
Moody's stressed DSCR is based on Moody's NCF and a 9.25% stressed
rate applied to the loan balance.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 30 compared to 33 at Moody's prior review.

The top three conduit loans represent 12% of the pool balance. The
largest loan is the Sovran Self-Storage Loan ($27.4 million --
5.4%), which is secured by 11 self storage properties located in
six states: Michigan (3), Florida (2), Texas (2), Ohio (2), New
York and Massachusetts. The portfolio includes 6,583 units and
approximately 23% of the units are climate controlled. Overall
occupancy as of December 2010 was 77%, essentially the same as of
December 2009. Moody's LTV and stressed DSCR are 81% and 1.34X,
respectively, compared to 78% and 1.39X at last review.

The second largest loan is Northway Mall Loan ($18.3 million --
3.6%), which is secured by a 209,600 square foot (SF) retail
center located in Colonie, New York. The largest tenants are
JoAnn's, Marshalls and Staples; the center is shadow-anchored by
Sears, Boscov's and Macy's. The property was 100% leased as of
January 2011 compared to 89% as of December 2009. Moody's LTV and
stressed DSCR are 106% and 0.97X, respectively, compared to 136%
and 0.75X at last review.

The third largest loan is the Pierside Pavilion Loan
($13.4 million -- 2.6%), which is secured by a 79,000 SF
mixed-use retail and office property located in Huntington Beach,
California. The property was 79% leased as of May 2011 compared to
64% as of December 2009. Performance has improved due to the
decline in vacancy. Moody's LTV and stressed DSCR are 83% and
1.40X, respectively, compared to 97% and 1.05X at last review.


GS MORTGAGE: Moody's Affirms 22 CMBS Classes of GSMS 2005-GG4
-------------------------------------------------------------
Moody's Investors Service (Moody's) upgraded the ratings of
three class and affirmed 22 classes of GS Mortgage Securities
Corporation II, Commercial Mortgage Pass-Through Certificates,
Series 2005-GG4:

Cl. A-DP, Affirmed at Aaa (sf); previously on Jul 15, 2005
Definitive Rating Assigned Aaa (sf)

Cl. A-2, Affirmed at Aaa (sf); previously on Jul 15, 2005
Definitive Rating Assigned Aaa (sf)

Cl. A-3, Affirmed at Aaa (sf); previously on Jul 15, 2005
Definitive Rating Assigned Aaa (sf)

Cl. A-ABA, Affirmed at Aaa (sf); previously on Jul 15, 2005
Definitive Rating Assigned Aaa (sf)

Cl. A-ABB, Affirmed at Aaa (sf); previously on Jul 15, 2005
Definitive Rating Assigned Aaa (sf)

Cl. A-4, Affirmed at Aa1 (sf); previously on Oct 27, 2010
Downgraded to Aa1 (sf)

Cl. A-4A, Affirmed at Aaa (sf); previously on Jul 15, 2005
Definitive Rating Assigned Aaa (sf)

Cl. A-4B, Affirmed at Aa1 (sf); previously on Oct 27, 2010
Downgraded to Aa1 (sf)

Cl. A-1A, Affirmed at Aa1 (sf); previously on Oct 27, 2010
Downgraded to Aa1 (sf)

Cl. A-J, Affirmed at Baa1 (sf); previously on Oct 27, 2010
Downgraded to Baa1 (sf)

Cl. B, Affirmed at Baa3 (sf); previously on Oct 27, 2010
Downgraded to Baa3 (sf)

Cl. C, Affirmed at B1 (sf); previously on Oct 27, 2010 Downgraded
to B1 (sf)

Cl. D, Upgraded to Caa1 (sf); previously on Oct 27, 2010
Downgraded to Caa2 (sf)

Cl. E, Upgraded to Caa2 (sf); previously on Oct 27, 2010
Downgraded to Ca (sf)

Cl. F, Upgraded to Caa3 (sf); previously on Oct 27, 2010
Downgraded to C (sf)

Cl. G, Affirmed at C (sf); previously on Oct 27, 2010 Downgraded
to C (sf)

Cl. H, Affirmed at C (sf); previously on Oct 27, 2010 Downgraded
to C (sf)

Cl. J, Affirmed at C (sf); previously on Nov 19, 2009 Downgraded
to C (sf)

Cl. K, Affirmed at C (sf); previously on Nov 19, 2009 Downgraded
to C (sf)

Cl. L, Affirmed at C (sf); previously on Nov 19, 2009 Downgraded
to C (sf)

Cl. M, Affirmed at C (sf); previously on Nov 19, 2009 Downgraded
to C (sf)

Cl. N, Affirmed at C (sf); previously on Nov 19, 2009 Downgraded
to C (sf)

Cl. O, Affirmed at C (sf); previously on Nov 19, 2009 Downgraded
to C (sf)

Cl. X-P, Affirmed at Aaa (sf); previously on Jul 15, 2005
Definitive Rating Assigned Aaa (sf)

Cl. X-C, Affirmed at Aaa (sf); previously on Jul 15, 2005
Definitive Rating Assigned Aaa (sf)

RATINGS RATIONALE

The upgrades are due to lower than expected losses from troubled
and specially serviced loans and overall stable pool performance.

The affirmations are due to key parameters, including Moody's loan
to value (LTV) ratio, Moody's stressed debt service coverage ratio
(DSCR) and the Herfindahl Index (Herf), remaining within
acceptable ranges. Based on Moody's current base expected loss,
the credit enhancement levels for the affirmed classes are
sufficient to maintain their current ratings.

Moody's rating action reflects a cumulative base expected loss of
9.1% of the current balance. At last review, Moody's cumulative
base expected loss was 10.2%. Moody's stressed scenario loss is
17.2% of the current balance. Moody's provides a current list of
base and stress scenario losses for conduit and fusion CMBS
transactions on moodys.com at:

  http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

Depending on the timing of loan payoffs and the severity and
timing of losses from specially serviced loans, the credit
enhancement level for investment grade classes could decline below
the current levels. If future performance materially declines, the
expected level of credit enhancement and the priority in the cash
flow waterfall may be insufficient for the current ratings of
these classes.

Moody's forward-looking view of the likely range of performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside the given range 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 range will not necessarily result in a rating
action nor does performance within expectations preclude such
actions. The decision to take (or not take) a rating action is
dependent on an assessment of a range of factors including, but
not exclusively, the performance metrics.

Primary sources of assumption uncertainty are the current
sluggish macroeconomic environment and varying performance in
the commercial real estate property markets. However, Moody's
expects to see increasing or stabilizing property values, higher
transaction volumes, a slowing in the pace of loan delinquencies
and greater liquidity for commercial real estate in 2011 The hotel
and multifamily sectors are continuing to show signs of recovery,
while recovery in the office and retail sectors will be tied to
recovery of the broader economy. The availability of debt capital
continues to improve with terms returning toward market norms.
Moody's central global macroeconomic scenario reflects an overall
sluggish recovery through 2012, amidst ongoing individual,
corporate and governmental deleveraging, persistent unemployment,
and government budget considerations.

The primary methodology used in this rating was: "CMBS: Moody's
Approach to Rating Fusion Transactions" published on April 19,
2005.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.50 which is used for both conduit and fusion
transactions. Conduit model results at the Aa2 (sf) level are
driven by property type, Moody's actual and stressed DSCR, and
Moody's property quality grade (which reflects the capitalization
rate used by Moody's to estimate Moody's value). Conduit model
results at the B2 (sf) level are driven by a paydown analysis
based on the individual loan level Moody's LTV ratio. Moody's
Herfindahl score (Herf), a measure of loan level diversity, is a
primary determinant of pool level diversity and has a greater
impact on senior certificates. Other concentrations and
correlations may be considered in Moody's analysis. Based on the
model pooled credit enhancement levels at Aa2 (sf) and B2 (sf),
the remaining conduit classes are either interpolated between
these two data points or determined based on a multiple or ratio
of either of these two data points. For fusion deals, the credit
enhancement for loans with investment-grade credit estimates is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
credit estimate of the loan which corresponds to a range of credit
enhancement levels. Actual fusion credit enhancement levels are
selected based on loan level diversity, pool leverage and other
concentrations and correlations within the pool. Negative pooling,
or adding credit enhancement at the credit estimate level, is
incorporated for loans with similar credit estimates in the same
transaction.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 53 compared to 54 at Moody's prior review.

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

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through two sets of
quantitative tools -- MOST(R) (Moody's Surveillance Trends) and
CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior full review is
summarized in a press release dated October 27, 2010. Please see
the ratings tab on the issuer / entity page on moodys.com for the
last rating action and the ratings history.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.

DEAL PERFORMANCE

As of the June 10, 2011 distribution date, the transaction's
aggregate certificate balance has decreased by 13% to
$3.48 billion from $4.00 billion at securitization. The
Certificates are collateralized by 168 mortgage loans ranging
in size from less than 1% to 6% of the pool, with the top ten
non-defeased loans representing 32% of the pool. Seven loans,
representing 7% of the pool, have defeased and are secured by
U.S. Government securities. The pool contains two loans with
investment grade credit estimates, representing 6% of the pool.

Thirty-four loans, representing 13% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

Nine loans have been liquidated from the pool, resulting in a
realized loss of $8.6 million (4% loss severity). Currently 24
loans, representing 21% of the pool, are in special servicing. The
largest specially serviced loan is the Century Centre Office Loan
($94.4 million -- 2.7% of the pool), which is secured by a 450,000
square foot (SF) office building located in Irvine, California.
The loan was transferred to special servicing in February 2010 due
to a non-monetary default caused by the borrower's failure to
obtain lender consent on a lease termination. The borrower and
special servicer are currently discussing possible solutions.
Moody's is not currently estimating a loss on this loan.

The second largest specially serviced loan is the Astor Crowne
Plaza Loan ($77.8 million -- 2.2% of the pool), which is secured
by a 707 room 4-star Hotel located in New Orleans, Louisiana. The
loan was transferred to special servicing in May 2009 due to
imminent payment default due to property level cash flow problems.
The borrower and special servicer tried to negotiate a forbearance
agreement but were unsuccessful. Subsequently, foreclosure was
filed in September 2009 and rthe loan became real estate owned
(REO) as of April 2011.

The third largest specially serviced loan is the Kings' Shops Loan
($72.0 million -- 2.1% of the pool), which is secured by a 75,000
SF retail center managed by GGP and located in Waikoloa, Hawaii.
The loan was transferred to special servicing in February 2009 due
to maturity default. A foreclosure complaint was filed in November
2010 but the borrower and special servicer continue to discuss
various loan modification scenarios.

The remaining specially serviced properties are secured by a mix
of property types. The master servicer has recognized an aggregate
$165.6 million appraisal reduction for 18 of the specially
serviced loans. Moody's has estimated an aggregate $161.6 million
loss (34% expected loss on average) for the specially serviced
loans.

Moody's has assumed a high default probability for 15 poorly
performing loans representing 7% of the pool and has estimated an
aggregate $60.4 million loss (25% expected loss based on a 58%
probability default) from these troubled loans.

Moody's was provided with full year 2010 operating results for 91%
of the pool. Excluding specially serviced and troubled loans,
Moody's conduit weighted average LTV is 100% compared to 101% at
Moody's prior review. Moody's net cash flow reflects a weighted
average haircut of 11% to the most recently available net
operating income. Moody's value reflects a weighted average
capitalization rate of 9.2%.

Excluding special serviced and troubled loans, Moody's conduit
actual and stressed DSCRs are 1.46X and 1.02X, respectively,
compared to 1.42X and 1.01X at last review. Moody's actual DSCR is
based on Moody's net cash flow (NCF) and the loan's actual debt
service. Moody's stressed DSCR is based on Moody's NCF and a 9.25%
stressed rate applied to the loan balance.

The largest loan with a credit estimate is The Streets at
Southpoint Loan ($153.5 million -- 4.4%), which is secured by a
1.3 million SF regional mall located in Durham, North Carolina.
The center is anchored by Macy's, Nordstrom, Hudson Belk, J.C.
Penney and Sears. The loan sponsor is General Growth Properties,
Inc. (GGP), which filed for Chapter 11 bankruptcy protection on
April 16, 2009. This property was not included in the bankruptcy
filing. The in-line mall stores were 100% leased as of December
2010 compared to 96% at last review (58% of the NRA's leases
expire by loan maturity in April 2012). Tenant sales were $443 psf
as of December 2010 compared to $419 at last review. Overall,
performance is stable and the loan is benefitting from
amortization. Moody's current credit estimate and stressed DSCR
are Baa3 and 1.35X, respectively, compared to Baa3 and 1.37X last
review.

The second loan with a credit estimate is the 200 Madison Avenue
Loan ($45.0 million -- 1.3%), which is secured by a 50% pari-passu
interest in a 666,200 SF office building located in the Midtown
South submarket of New York City. The property was nearly 100%
leased as of December 2010, essentially the same as last review.
The largest tenant is the Phillips-Van Heusen Corporation (Moody's
senior unsecured rating Ba3, positive outlook), which occupies 26%
of the premises through October 2023. Performance remains similar
to last review. The loan is interest-only for its entire term.
Moody's current underlying rating and stressed DSCR are Aa3 and
1.65X, respectively, compared to Aa3 and 1.59X at prior review.

The top three performing conduit loans represent 14% of the
pool balance. The largest loan is the Wells Fargo Center Loan
($200.0 million -- 5.8%), which is secured by a 1.2 million SF
Class A office building located in downtown Denver, Colorado. The
property was 100% leased as of March 2011, the same as at last
review. The largest tenant is Wells Fargo Bank, N.A. (Moody's long
term bank deposits rating Aa2, on review for possible downgrade),
which occupies 30% of the premises through December 2020. The loan
sponsor is Maguire Properties. Despite an in increase in real
estate taxes, utilities, and G&A expenses, the property is stable
with little upcoming lease rollover. The loan is interest-only for
its entire ten-year term maturing in April 2015. Moody's LTV and
stressed DSCR are 121% and 0.78X, respectively, compared to 124%
and 0.76X at last review.

The second largest loan is the Mall at Wellington Green Loan
($200.0 million -- 5.8%), which is secured by the borrower's
interest in a 1.3 million SF regional mall located in West Palm
Beach, Florida. The loan sponsor is the Taubman Realty Group. The
mall is anchored by Dillard's, Macy's, J.C. Penney and Nordstrom
(not part of the collateral). The inline occupancy as of December
2010 was 83%, essentially the same as last review. Property
performance improved in 2010 due to cost savings in taxes and R&M
expenses. The loan is interest-only for its entire ten-year term
maturing in May 2015. Moody's LTV and stressed DSCR are 105% and
0.88X, respectively, compared to 110% and 0.83X at last review.

The third largest loan is the Hyatt Regency Dallas Loan
($90.0 million -- 2.6% of the pool), which is secured
1,122-room, 30-story full service hotel located in downtown
Dallas, Texas. Performance has improved since last review due to
increases in occupancy and average daily rate (ADR). From YE 2009
to YE 2010, occupancy and ADR increased by 5% to 57% and $5 to
$133 respectively. The loan is interest-only for its entire ten-
year term maturing in January 2015. Moody's LTV and stressed DSCR
are 84% and 1.41X, respectively, compared to 95% and 1.25X at last
review.


HELLER FINANCIAL: Moody's Affirms Rating of Five CMBS Classes
-------------------------------------------------------------
Moody's Investors Service (Moody's) downgraded the rating of one
class and affirmed five classes of Heller Financial Commercial
Mortgage Asset Corp., Mortgage Pass-Through Certificates, Series
2000 PH-1:

Cl. E, Affirmed at Aaa (sf); previously on Aug 20, 2007 Upgraded
to Aaa (sf)

Cl. F, Affirmed at Aaa (sf); previously on Sep 25, 2008 Upgraded
to Aaa (sf)

Cl. H, Affirmed at Caa3 (sf); previously on Nov 3, 2010 Downgraded
to Caa3 (sf)

Cl. J, Downgraded to C (sf); previously on Nov 3, 2010 Downgraded
to Ca (sf)

Cl. K, Affirmed at C (sf); previously on Nov 3, 2010 Downgraded to
C (sf)

Cl. X, Affirmed at Aaa (sf); previously on Feb 10, 2000 Definitive
Rating Assigned Aaa (sf)

RATINGS RATIONALE

The downgrades are due to expected losses for the pool resulting
from realized and anticipated losses from specially serviced and
troubled loans.

The affirmations are due to key parameters, including Moody's loan
to value (LTV) ratio, Moody's stressed debt service coverage ratio
(DSCR) and the Herfindahl Index (Herf), remaining within
acceptable ranges. Based on Moody's current base expected loss,
the credit enhancement levels for the affirmed classes are
sufficient to maintain their current ratings.

Moody's rating action reflects a cumulative base expected loss of
15.1% of the current balance. At last review, Moody's cumulative
base expected loss was 15.9%. Moody's stressed scenario loss is
19.0% of the current balance. Moody's provides a current list of
base and stress scenario losses for conduit and fusion CMBS
transactions on moodys.com at:

  http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

Depending on the timing of loan payoffs and the severity and
timing of losses from specially serviced loans, the credit
enhancement level for investment grade classes could decline below
the current levels. If future performance materially declines, the
expected level of credit enhancement and the priority in the cash
flow waterfall may be insufficient for the current ratings of
these classes.

Moody's analysis reflects a forward-looking view of the likely
range of collateral performance over the medium term. From time
to time, Moody's may, if warranted, change these expectations.
Performance that falls outside an acceptable range of the key
parameters may indicate that the collateral's credit quality
is stronger or weaker than Moody's had anticipated during the
current review. Even so, deviation from the expected range will
not necessarily result in a rating action. There may be mitigating
or offsetting factors to an improvement or decline in collateral
performance, such as increased subordination levels due to
amortization and loan payoffs or a decline in subordination due to
realized losses.

Primary sources of assumption uncertainty are the current
sluggish macroeconomic environment and varying performance in
the commercial real estate property markets. However, Moody's
expects to see increasing or stabilizing property values, higher
transaction volumes, a slowing in the pace of loan delinquencies
and greater liquidity for commercial real estate in 2011. The
hotel and multifamily sectors are continuing to show signs of
recovery, while recovery in the office and retail sectors will be
tied to recovery of the broader economy. The availability of debt
capital continues to improve with terms returning toward market
norms. Moody's central global macroeconomic scenario reflects an
overall sluggish recovery through 2012, amidst ongoing individual,
corporate and governmental deleveraging, persistent unemployment,
and government budget considerations.

The primary methodology used in this rating was "CMBS: Moody's
Approach to Rating U.S. Conduit Transactions", published in
September 2000.

Moody's also considered another methodology, "CMBS: Moody's
Approach to Rating Large Loan/Single Borrower Transactions",
published July 2000, in this rating.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.50 which is used for both conduit and fusion
transactions. Conduit model results at the Aa2 (sf) level are
driven by property type, Moody's actual and stressed DSCR, and
Moody's property quality grade (which reflects the capitalization
rate used by Moody's to estimate Moody's value). Conduit model
results at the B2 (sf) level are driven by a paydown analysis
based on the individual loan level Moody's LTV ratio. Moody's
Herfindahl score (Herf), a measure of loan level diversity, is a
primary determinant of pool level diversity and has a greater
impact on senior certificates. Other concentrations and
correlations may be considered in Moody's analysis. Based on the
model pooled credit enhancement levels at Aa2 (sf) and B2 (sf),
the remaining conduit classes are either interpolated between
these two data points or determined based on a multiple or ratio
of either of these two data points. For fusion deals, the credit
enhancement for loans with investment-grade credit estimates is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
underlying rating of the loan which corresponds to a range of
credit enhancement levels. Actual fusion credit enhancement levels
are selected based on loan level diversity, pool leverage and
other concentrations and correlations within the pool. Negative
pooling, or adding credit enhancement at the underlying rating
level, is incorporated for loans with similar credit estimates in
the same transaction.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 8, compared to 11 at Moody's prior review.

In cases where the Herf falls below 20, Moody's employs also the
large loan/single borrower methodology. This methodology uses the
excel-based Large Loan Model v 8.0. The large loan model derives
credit enhancement levels based on an aggregation of adjusted loan
level proceeds derived from Moody's loan level LTV ratios. Major
adjustments to determining proceeds include leverage, loan
structure, property type, and sponsorship. These aggregated
proceeds are then further adjusted for any pooling benefits
associated with loan level diversity, other concentrations and
correlations.

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

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through two sets of
quantitative tools -- MOST(R) (Moody's Surveillance Trends) and
CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior full review is
summarized in a press release dated November 3, 2010.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.

DEAL PERFORMANCE

As of the June 15, 2011 distribution date, the transaction's
aggregate certificate balance has decreased by 89% to $104.1
million from $956.9 million at securitization. The Certificates
are collateralized by 24 mortgage loans ranging in size from less
than 1% to 23% of the pool, with the top ten loans representing
83% of the pool. One loan, representing 9% of the pool, has
defeased and is collateralized with U.S. Government securities.

No loans are on the master servicer's watchlist. The watchlist
includes loans which meet certain portfolio review guidelines
established as part of the CRE Finance Council (CREFC) monthly
reporting package. As part of Moody's ongoing monitoring of a
transaction, Moody's reviews the watchlist to assess which loans
have material issues that could impact performance.

Twenty-six loans have been liquidated from the pool, resulting in
an aggregate realized loss of $39.5 million (39% loss severity
overall). Seven loans, representing 28% of the pool, are currently
in special servicing. The largest specially-serviced loan is the
5000 West Roosevelt Loan ($11.4 million -- 11% of the pool), which
is secured by a 1.2 million square foot (SF) industrial property
located in Chicago, Illinois. The loan transferred to special
servicing in October 2009 due to imminent maturity default. The
remaining five specially serviced loans are secured by a mix of
property types. The master servicer has recognized an aggregate
$6.7 million appraisal reduction for four of the specially
serviced loans. Moody's has estimated an aggregate $14.3 million
loss (49% expected loss on average) for the specially serviced
loans.

Moody's was provided with full year 2009 and partial and full year
2010 operating results for 91% and 82% of the pool's non-defeased
and non-specially serviced loans, respectively. Excluding
specially serviced loans, Moody's weighted average LTV is 75%
compared to 71% at Moody's prior review. Moody's net cash flow
reflects a weighted average haircut of 13% to the most recently
available net operating income. Moody's value reflects a weighted
average capitalization rate of 9.9%.

Excluding specially serviced loans, Moody's actual and stressed
DSCRs are 1.24X and 1.50X, respectively, compared to 1.32X and
1.56X at last review. Moody's actual DSCR is based on Moody's net
cash flow (NCF) and the loan's actual debt service. Moody's
stressed DSCR is based on Moody's NCF and a 9.25% stressed rate
applied to the loan balance.

The top three performing conduit loans represent 44% of the
pool balance. The largest loan is the Valencia Marketplace
Loan ($24.0 million -- 23.1% of the pool), which is secured
by a 179,000 SF community retail center located in Valenica,
California. The property is anchored by Vons (32% of the net
rentable area (NRA), lease expiration in December 2017).
Occupancy as of March 2011 was 85% compared to 94% as of
December 2009. Moody's LTV and stressed DSCR are 67% and
1.50X, respectively, compared to 64% and 1.58X at last
review.

The second largest loan is the Montara Properties Loan
($12.6 million -- 11.9% of the pool), which is secured by a
511-unit duplex and single-family home community located in
Topeka, Kansas. The collateral is part of a larger 1,053-unit
subdivision adjacent to Forbes Air Force Base. The property was
83% leased as of February 2011 compared to 88% as of August 2009.
Moody's LTV and stressed DSCR are 92% and 1.21X, respectively,
compared to 140% and 0.75X at last review. The loan had an
anticipated repayment date of January 1, 2010. It is currently
accruing deferred interest and has a final maturity date of
January 1, 2024.

The third largest loan is the United Copper Industries Loan
($8.9 million -- 8.5% of the pool), which is secured by a 374,000
SF industrial building located in Denton, Texas. The property is
fully leased to United Copper Industries through November 4, 2014.
The loan had an anticipated repayment date of December 1, 2009. It
matures on December 15, 2011. Moody's LTV and stressed DSCR are
100% and 1.05X, respectively, compared to 91% and 1.15X at last
review.


HOMETOWN COMMERCIAL: Fitch Takes Various Rating Actions
-------------------------------------------------------
Fitch Ratings downgrades one class and withdraws interest-only
(IO) classes in two Hometown Commercial Trust transactions.
The transactions are small balance commercial mortgage
transactions, both of which have higher than average losses and
delinquencies. The downgrades are the result of losses incurred
and future expectations for loss.

As of the June 2011 distribution date, the Hometown 2006-1 has
incurred losses of $13.4 million or 9% of the original transaction
balance. The Hometown 2007-1 has incurred losses of $32.2 million
or 22% of the original transaction balance.

Rating actions for the Hometown 2006-1 transaction are:

   -- $96.3 million class A downgraded to 'C/RR4 from 'CC/RR4';

   -- $1.3 million class B remains at 'D/RR6'.

Classes C through N remain at 'D/RR6' as they have been reduced to
zero due to realized losses. Fitch withdraws the IO Class X.

Rating actions for the Hometown 2007-1 transaction are:

   -- $96.7 million class A remains at 'D/RR3' due to realized
      losses occurring on the class.

Classes B through M remain at 'D/RR6' as they have been reduced to
zero due to realized losses.

Fitch withdraws the IO Class X.


INDYMAC NIM: S&P Lowers Rating on Class NIM to 'CC'
---------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on the
NIM class from IndyMac NIM Trust INABS 2006-E (bond-insured by
Radian Insurance Inc. {not rated}), by reinstating it to 'BB
(sf)/Watch Neg'. "We simultaneously lowered the rating to 'CC
(sf)' and removed it from CreditWatch negative," S&P said.

"On March 25, 2010, we incorrectly withdrew our rating on the NIM
class," S&P said.

"The corrected rating reflects our current analysis of the
projected credit support for this class as of the April 2011
remittance report relative to the projected base-case loss. The
rating also reflects the higher of the rating on the insurer and
Standard & Poor's underlying rating (SPUR) on the security," S&P
added.

Rating Corrected

IndyMac NIM Trust INABS 2006-E
                                    Rating
Class CUSIP      Current  Interim             03/25/10  Pre-03/25/10
NIM   45668MAA7  CC (sf)  BB (sf)/Watch Neg   NR        BB (sf)/Watch Neg

NR -- Not rated.


INDYMAC RESIDENTIAL: Moody's downgrades $133.7 Mil. Lot Loans RMBS
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
tranches from three IndyMac Residential Mortgage-Backed Trust
transactions issued in 2006 and 2007.

Ratings Rationale

The rating actions are driven by increased expected losses on the
underlying pools in relation to the available credit enhancement.

The collateral backing the deal consists of first-lien adjustable-
rate residential lot loans. Lot loans are used to purchase land,
with the ultimate purpose of building a home on the land. Most
loans have a five-year maturity with a single "balloon payment" at
the maturity date. A majority of the loans have "interest only"
payments. Loans paying interest and principal amortize on a thirty
year schedule. Lot loans are typically refinanced into
construction loans evolving into regular home mortgages. Higher
loss expectations are based on the increased refinancing risk in
the current depressed real estate and construction markets, lack
of exit opportunities in the secondary market, a short loan tenor,
and the loans' geographical concentration in California and
Florida.

In order to estimate losses on the pools, Moody's first estimated
lifetime default rate from the current delinquency pipeline and
then applied loan severity. To obtain defaults due to the current
delinquency pipeline Moody's first calculated defaults by applying
lifetime default frequencies ("roll rates") to the current
delinquency buckets. These roll rates indicate the percentage of
borrowers in each delinquency bucket that are expected to
ultimately default. The lifetime roll rates that Moody's has
assumed are at 75% for current loans, 90% for 30 day delinquent
loans, and 100% for loans more than 30 days delinquent, in
foreclosure or REO (Real Estate Owned). Severities have been
estimated at 90% based on actual severities. Moody's then utilized
a static analysis, wherein total credit enhancement ("CE") for a
bond, including excess spread, subordination,
overcollateralization was compared to expected losses on the
mortgage pool(s) supporting that bond. The rating on each bond was
determined by the resulting ratio of a bond's total CE to its
related mortgage pool loss.

Moody's Investors Service received and took into account one or
more third party due diligence reports on the underlying assets or
financial instruments in this transaction and the due diligence
reports had a neutral impact on the rating.

Complete rating actions are:

Issuer: IndyMac Residential Mortgage-Backed Trust 2006-L3

Cl. A-2, Downgraded to C (sf); previously on Apr 16, 2010
Downgraded to Ca (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated
Account - Unrated)

Issuer: IndyMac Residential Mortgage-Backed Trust 2006-L4

Cl. A, Downgraded to C (sf); previously on Apr 16, 2010 Downgraded
to Ca (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated
Account - Unrated)

Issuer: IndyMac Residential Mortgage-Backed Trust 2007-L1

Cl. A, Downgraded to C (sf); previously on Apr 16, 2010 Downgraded
to Ca (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated
Account - Unrated)


INGRESS I LTD: Fitch Affirms Junior Notes at 'Csf'
--------------------------------------------------
Fitch Ratings has upgraded one and affirmed one class issued by
Ingress I, Ltd. (Ingress I). The upgrade to the senior notes is a
result of significant paydowns to the notes. The junior notes are
affirmed at 'Csf' as default continues to appear inevitable due to
the notes being undercollateralized.

This transaction was analyzed under the framework described in the
report 'Global Rating Criteria for Structured Finance CDOs'. The
ratings are not based on the Portfolio Credit Model (PCM) given
the high obligor concentration and seasoning of the portfolio.
Instead, an asset by asset analysis was performed for the
remaining assets to determine the collateral coverage for the
class B and C notes. The remaining portfolio is concentrated with
eight assets from six obligors and includes two interest-only (IO)
securities.

Since Fitch's last rating action in July 2010, the class B notes
have received $11.7 million in principal paydowns. Based on the
review of the portfolio and the quantitative analysis described
above, the class B notes have been upgraded to 'Asf', given that
the notes are supported by high investment grade collateral. The
Positive Outlook assigned to the notes reflects that the remaining
collateral is sufficient to pay this class in full within the next
year.

The Loss Severity (LS) rating indicates a tranche's potential loss
severity given default, as evidenced by the ratio of tranche size
to the base-case loss expectation for the collateral, as explained
in 'Criteria for Structured Finance Loss Severity Ratings'. The LS
rating should always be considered in conjunction with the
probability of default for tranches. Fitch does not assign LS
ratings or Outlooks to classes rated 'CCC' and below.

The class C notes continue to receive interest paid in kind (PIK)
whereby the principal amount of the notes is written up by the
amount of interest due. Currently, $11.5 million of interest
remains outstanding on the class C notes. Further, the notes are
severely undercollateralized as a result of losses sustained from
the sale of defaulted assets.

Ingress CDO I is a collateralized debt obligation (CDO) supported
by a static pool of commercial mortgage backed securities (CMBS;
37.6%), residential mortgage-backed securities (30.9%), and asset-
backed securities (31.5%). Additionally, $21 million of the
$39.2 million portfolio represents the notional balance of
interest-only CMBS collateral, which, while rated 'AAA', has a
weighted average remaining life of 18 months.

Fitch has taken these actions:

   -- $2,129,495 class B notes upgraded to 'A/LS5' from
      'BBBsf/LS3'; Outlook Positive;

   -- $32,741,911 class C notes affirmed at 'Csf'.


JER CRE CDO: Moody's Affirms Rating of Seven Classes of Notes
-------------------------------------------------------------
Moody's has downgraded one and affirmed seven classes of Notes
issued by JER CRE CDO 2005-1, Limited due to an increase in
Defaulted Securities and an uncured Event of Default that began in
June 2010. The rating action is the result of Moody's on-going
surveillance of commercial real estate collateralized debt
obligation (CRE CDO) transactions.

Cl. A, Downgraded to C (sf); previously on Jul 16, 2010 Downgraded
to Caa2 (sf)

Cl. B-1, Affirmed at C (sf); previously on Jul 16, 2010 Downgraded
to C (sf)

Cl. B-2, Affirmed at C (sf); previously on Jul 16, 2010 Downgraded
to C (sf)

Cl. C, Affirmed at C (sf); previously on Jul 16, 2010 Downgraded
to C (sf)

Cl. D, Affirmed at C (sf); previously on Mar 17, 2010 Downgraded
to C (sf)

Cl. E, Affirmed at C (sf); previously on Mar 17, 2010 Downgraded
to C (sf)

Cl. F, Affirmed at C (sf); previously on Mar 17, 2010 Downgraded
to C (sf)

Cl. G, Affirmed at C (sf); previously on Mar 17, 2010 Downgraded
to C (sf)

Ratings Rationale

JER CRE CDO 2005-1 Limited. is a CRE CDO transaction backed by a
portfolioif commercial mortgage backed securities (CMBS) (95.7%)
and CRE CDOs (4.3%). As of the May 17, 2011 Trustee report, the
aggregate Note balance of the transaction has decreased to
$282.2 million from $300.6 million at issuance, with the paydown
directed to the Class A Notes, as a result of failing the Class
A/B overcollateralization test and the recharacterization of
interest on Defaulted Securities as principal.

There are seventy-one assets with par balance of $304.4 million
(91.9% of the current pool balance) that are considered Defaulted
Securities as of the May 17, 2011 Trustee report. Fifty-six of
these assets (95.3% of the defaulted balance) are CMBS and three
assets are CRE CDOs (4.7%). There have been realized of $87.6
million to date, and Moody's does expect significantly more losses
to occur once they are realized.

Moody's has identified the following parameters as key indicators
of the expected loss within CRE CDO transactions: WARF, weighted
average life (WAL), weighted average recovery rate (WARR), and
Moody's asset correlation (MAC). These parameters are typically
modeled as actual parameters for static deals and as covenants for
managed deals.

WARF is a primary measure of the credit quality of a CRE CDO pool.
Moody's has completed updated credit estimates for the non-Moody's
rated reference obligations. The bottom-dollar WARF is a measure
of the default probability within a collateral pool. Moody's
modeled a bottom-dollar WARF of 9,462 compared to 7,003 at last
review. The distribution of current ratings and credit estimates
is as follows: Baa1-Baa3 (1.4% compared to 2.5% at last review),
Ba1-Ba3 (0.0% compared to 5.0% at last review), B1-B3 (0.9%
compared to 18.4% at last review), and Caa1-C (96.6% compared to
73.4% at last review).

WAL acts to adjust the probability of default of the reference
obligations in the pool for time. Moody's modeled to a WAL of 5.7
years compared to 6.6 years at last review.

WARR is the par-weighted average of the mean recovery values for
the collateral assets in the pool. Moody's modeled a fixed WARR of
1.2% compared to 2.6% at last review.

MAC is a single factor that describes the pair-wise asset
correlation to the default distribution among the instruments
within the collateral pool (i.e. the measure of diversity).
Moody's modeled a MAC of 12.0% compared to 100% at last review.

Moody's review incorporated CDOROM(R) v2.8, one of Moody's CDO
rating models, which was released on January 24, 2011.

The cash flow model, CDOEdge(R) v3.2.1.0, was used to analyze the
cash flow waterfall and its effect on the capital structure of the
deal.

Changes in any one or combination of the key parameters may have
rating implications on certain classes of rated notes. However, in
many instances, a change in key parameter assumptions in certain
stress scenarios may be offset by a change in one or more of the
other key parameters. Rated notes are particularly sensitive to
changes in recovery rate assumptions. Holding all other key
parameters static, changing the recovery rate assumption down from
8% to 18% would not result in any ratings migration.

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. From time to time, Moody's may, if warranted, change
these expectations. Performance that falls outside the given range
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 range
will not necessarily result in a rating action nor does
performance within expectations preclude such actions. The
decision to take (or not take) a rating action is dependent on an
assessment of a range of factors including, but not exclusively,
the performance metrics. Primary sources of assumption uncertainty
are the current sluggish macroeconomic environment and varying
performance in the commercial real estate property markets.
However, Moody's expects to see increasing or stabilizing property
values, higher transaction volumes, a slowing in the pace of loan
delinquencies and greater liquidity for commercial real estate in
2011 The hotel and multifamily sectors are continuing to show
signs of recovery, while recovery in the office and retail sectors
will be tied to recovery of the broader economy. The availability
of debt capital continues to improve with terms returning toward
market norms. Moody's central global macroeconomic scenario
reflects an overall sluggish recovery through 2012, amidst ongoing
individual, corporate and governmental deleveraging, persistent
unemployment, and government budget considerations.

The principal methodology used in these ratings was "Moody's
Approach to Rating SF CDOs" published in November 2010.

Other methodologies employed were "Moody's Approach to Rating
Structured Finance Securities in Default" published in November
2009.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.


JP MORGAN: Fitch Affirms Ratings on 9 Classes
---------------------------------------------
Fitch Ratings has upgraded three and affirmed nine classes from
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series
2006-FL2, reflecting Fitch's base case loss expectation of 1.5%
for the pooled classes. Fitch's performance expectation
incorporates prospective views regarding commercial real estate
market value and cash flow declines. The revision to a Positive
Rating Outlook from Stable reflects some positive performance;
assuming performance continues to stabilize or improve, upgrades
are likely.

Under Fitch's methodology, approximately 45% 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
12.3% from generally year-end 2010 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 commercial mortgage backed securities (CMBS) are
the lower leveraged A-notes, Fitch estimates the average
recoveries on the pooled loans will be approximately 96.8% in the
base case. 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 eight loans, five of which
are secured by office properties (70.2%) and three secured by
hotels (29.8%). The transaction faces near-term maturity risk with
all of the final extension options on the loans within the next
three years, as follows: 10.9% matured, 58% in 2011, 3.4% in 2012,
and 27.7% in 2013.

Currently, three loans are specially serviced: Marina Village
(19.1%), The Menlo Oaks Corporate Center (10.9%), and Hilton Los
Cabos Beach & Golf Resort (8.6%). Marina Village and Hilton Los
Cabos were modified to include new final maturities in 2013 and
new terms which generally include a minor principal curtailment,
cash flow sweep, and establishment of reserves. Fitch's analysis
resulted in loss expectations for one of the three specially
serviced loans and one loan in the 'B' stress scenario. The
contributors to loss are the Marina Village loan and the RREEF
Silicon Valley Office Portfolio loan. Hilton Los Cabos and Menlo
Oaks, the other specially serviced loans, were not modeled with
losses to the trust in the base case.

The Marina Village loan is collateralized by 34 office buildings
totaling 1.1 million square feet (sf) on 73 acres, and located in
a 205-acre master-planned development located in Alameda, CA,
within the San Francisco Bay Area. The property consists of low-
rise and mid-rise office buildings (collateral), a shopping
center, a hotel, 178-unit residential town-home community, and
open space along the waterfront (with a 990-berth marina). As of
December 2010, the occupancy at the property was 68.1%, a
significant drop since issuance when occupancy was 79.6%. Average
rental rate at the property was approximately $20.38 per square
foot (psf), compared to $24.22 psf at issuance. Fitch modeled
losses of approximately 4% in the base case reflecting a decline
in value since issuance and continued rollover risk over the next
several years.

The RREEF Silicon Valley Office Portfolio loan is collateralized
by 18 office properties, totaling 5.3 million sf, located in
Silicon Valley in Northern California. Approximately 40% of the
square footage is located in San Jose/Milpitas; 31% in Santa
Clara; 18% in Sunnyvale; and 11% in Mountain View. The modeled
loss for this loan is approximately 3% in the base case.

The Menlo Oaks Corporate Center loan is secured by a class 'B'
office park totaling 374,139 sf located in Silicon Valley in the
city of Menlo Park, CA. The sponsor recently signed a new lease
for 29% at the property bringing the occupancy to 75%. As a
result, no losses are modeled to the trust portion of the A-note.
The special servicer is currently negotiating a forbearance
agreement.

The transaction follows a prorata pay structure which may revert
to sequential pay under two conditions: a) specially serviced
assets in the deal account for more than 20% of the outstanding
deal balance, or b) 80% of the original pool balance has been paid
down. In addition, any principal distribution received from a loan
in special servicing will be applied sequentially. Also, the
transaction is structured so principal disbursements and interest
from the underlying mortgages are combined into one account which
then is used for principal and interest distributions to the
bonds. The pro rata nature of the transaction combined with the
commingling of principal and interest remittances have resulted in
interest shortfalls, stemming from servicing fees, to result in a
principal loss to the junior-most class L. The principal loss may
be recoverable in future periods, similarly to an interest
shortfall, if excess interest becomes available.

This transaction was analyzed according to the 'Surveillance
Criteria for U.S. CREL CDOs and CMBS Large Loan Floating-Rate
Transactions' (Dec. 2, 2010). It applies stresses to property cash
flows and uses debt service coverage ratio (DSCR) tests to project
future default levels for the underlying portfolio. Recoveries are
based on stressed cash flows and Fitch's long-term capitalization
rates.

Fitch has affirmed and revised or maintained Rating Outlooks, Loss
Severity (LS) ratings, and Recovery Ratings (RR):

   -- $56.3 million class A-1 at 'AAA/LS3'; Outlook Stable;

   -- $298.2 million class A-2 at 'AAA'; LS to 'LS1' from 'LS3',
      Outlook Stable;

   -- $25.5 million class B at 'AA+'; LS to 'LS4' from 'LS5';
      Outlook to Positive from Stable;

   -- $21.8 million class C at 'AA'; LS to 'LS4' from 'LS5';
      Outlook to Positive from Stable;

   -- $15.1 million class D at 'AA-'; LS to 'LS4' from 'LS5';
      Outlook to Positive from Negative;

   -- $17 million class E at 'A'; LS to 'LS4' from 'LS5'; Outlook
      to Positive from Negative;

   -- $17 million class F at 'BBB'; LS to 'LS4' from 'LS5';
      Outlook to Positive from Negative;

   -- $22.5 million class L at 'D/RR6'.

Fitch has upgraded and revised Rating Outlooks, LS ratings, and
RRs:

   -- $15.1 million class G to 'BBB-/LS4' from 'BB/LS5'; Outlook
      to Positive from Negative;

   -- $18.9 million class H to 'B/LS4' from 'CCC/RR4'; Outlook
      Positive;

   -- $18.9 million class J to 'CCC/RR1' from 'CC/RR6';

   -- $17 million class K to 'CCC/RR1' from 'CC/RR6'.


JP MORGAN: Moody's Affirms 11 CMBS Classes of SOVC 2007-C1
----------------------------------------------------------
Moody's Investors Service (Moody's) affirmed the ratings of 16
CMBS classes of J.P. Morgan Chase Commercial Mortgage Securities,
Commercial Mortgage Pass-Through Certificates, Series 2005-CIBC12:

Cl. A-3A1, Affirmed at Aaa (sf); previously on Jul 29, 2005
Definitive Rating Assigned Aaa (sf)

Cl. A-3B, Affirmed at Aaa (sf); previously on Jul 29, 2005
Definitive Rating Assigned Aaa (sf)

Cl. A-4, Affirmed at Aaa (sf); previously on Jul 29, 2005
Definitive Rating Assigned Aaa (sf)

Cl. A-SB, Affirmed at Aaa (sf); previously on Jul 29, 2005
Definitive Rating Assigned Aaa (sf)

Cl. A-M, Affirmed at Aa2 (sf); previously on Dec 2, 2010
Downgraded to Aa2 (sf)

Cl. A-3A2, Affirmed at Aaa (sf); previously on Jul 29, 2005
Definitive Rating Assigned Aaa (sf)

Cl. A-J, Affirmed at Baa2 (sf); previously on Dec 2, 2010
Downgraded to Baa2 (sf)

Cl. X-1, Affirmed at Aaa (sf); previously on Jul 29, 2005
Definitive Rating Assigned Aaa (sf)

Cl. X-2, Affirmed at Aaa (sf); previously on Jul 29, 2005
Definitive Rating Assigned Aaa (sf)

Cl. B, Affirmed at Ba2 (sf); previously on Dec 2, 2010 Downgraded
to Ba2 (sf)

Cl. C, Affirmed at B1 (sf); previously on Dec 2, 2010 Downgraded
to B1 (sf)

Cl. D, Affirmed at B3 (sf); previously on Dec 2, 2010 Downgraded
to B3 (sf)

Cl. E, Affirmed at Caa1 (sf); previously on Dec 2, 2010 Downgraded
to Caa1 (sf)

Cl. F, Affirmed at Caa3 (sf); previously on Dec 2, 2010 Downgraded
to Caa3 (sf)

Cl. G, Affirmed at Ca (sf); previously on Dec 2, 2010 Downgraded
to Ca (sf)

Cl. H, Affirmed at C (sf); previously on Dec 2, 2010 Downgraded to
C (sf)

RATINGS RATIONALE

The affirmations are due to key parameters, including Moody's loan
to value (LTV) ratio, Moody's stressed debt service coverage ratio
(DSCR) and the Herfindahl Index (Herf), remaining within
acceptable ranges. Based on Moody's current base expected loss,
the credit enhancement levels for the affirmed classes are
sufficient to maintain their current ratings.

Moody's rating action reflects a cumulative base expected loss of
5.7% of the current pooled balance as compared to 9.0% at last
review. The realized losses for this deal have increased by $60
million since Moody's last review. Moody's current base expected
loss plus realized losses is 10.6% as compared to 10.0% at last
review. Moody's stressed scenario loss is 22% of the current
pooled balance. Moody's provides a current list of base and stress
scenario losses for conduit and fusion CMBS transactions on
moodys.com at:

   http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

Depending on the timing of loan payoffs and the severity and
timing of losses from specially serviced loans, the credit
enhancement level for investment grade classes could decline below
the current levels. If future performance materially declines, the
expected level of credit enhancement and the priority in the cash
flow waterfall may be insufficient for the current ratings of
these classes.

Moody's analysis reflects a forward-looking view of the likely
range of collateral performance over the medium term. From time
to time, Moody's may, if warranted, change these expectations.
Performance that falls outside an acceptable range of the key
parameters may indicate that the collateral's credit quality
is stronger or weaker than Moody's had anticipated during the
current review. Even so, deviation from the expected range will
not necessarily result in a rating action. There may be mitigating
or offsetting factors to an improvement or decline in collateral
performance, such as increased subordination levels due to
amortization and loan payoffs or a decline in subordination
due to realized losses.

Primary sources of assumption uncertainty are the current
sluggish macroeconomic environment and varying performance in
the commercial real estate property markets. However, Moody's
expects to see increasing or stabilizing property values, higher
transaction volumes, a slowing in the pace of loan delinquencies
and greater liquidity for commercial real estate in 2011. The
hotel and multifamily sectors are continuing to show signs of
recovery, while recovery in the office and retail sectors will be
tied to recovery of the broader economy. The availability of debt
capital continues to improve with terms returning toward market
norms. Moody's central global macroeconomic scenario reflects an
overall sluggish recovery through 2012, amidst ongoing individual,
corporate and governmental deleveraging, persistent unemployment,
and government budget considerations.

The principal methodology used in this rating was "Moody's
Approach to Rating Fusion U.S. CMBS Transactions," published April
2005.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.50 which is used for both conduit and fusion
transactions. Conduit model results at the Aa2 (sf) level are
driven by property type, Moody's actual and stressed DSCR, and
Moody's property quality grade (which reflects the capitalization
rate used by Moody's to estimate Moody's value). Conduit model
results at the B2 (sf) level are driven by a paydown analysis
based on the individual loan level Moody's LTV ratio. Moody's
Herfindahl score (Herf), a measure of loan level diversity, is a
primary determinant of pool level diversity and has a greater
impact on senior certificates. Other concentrations and
correlations may be considered in Moody's analysis. Based on the
model pooled credit enhancement levels at Aa2 (sf) and B2 (sf),
the remaining conduit classes are either interpolated between
these two data points or determined based on a multiple or ratio
of either of these two data points. For fusion deals, the credit
enhancement for loans with investment-grade credit estimates is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
credit estimate of the loan which corresponds to a range of credit
enhancement levels. Actual fusion credit enhancement levels are
selected based on loan level diversity, pool leverage and other
concentrations and correlations within the pool. Negative pooling,
or adding credit enhancement at the credit estimate level, is
incorporated for loans with similar credit estimates in the same
transaction.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 61 compared to 67 at Moody's prior review.

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

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through two sets of
quantitative tools -- MOST(R) (Moody's Surveillance Trends) and
CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior full review is
summarized in a press release dated December 2, 2010. Please see
the ratings tab on the issuer / entity page on moodys.com for the
last rating action and the ratings history.

DEAL PERFORMANCE

As of the June 13, 2011 distribution date, the transaction's
aggregate certificate balance has decreased by approximately
23% to $1.7 billion from $2.2 billion at securitization. The
Certificates are collateralized by 166 mortgage loans ranging in
size from less than 1% to 6% of the pool, with the top ten loans
representing 30% of the pool. Five loans, representing 3% of the
pool, have defeased and are secured by U.S. Government securities.
One loan, representing 3% of the pool, has an investment grade
credit estimate.

Thirty loans, representing 14% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council's (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

Fifteen loans have been liquidated from the pool resulting in
$81 million of realized losses (34% average severity). Nineteen
loans, representing 9% of the pool, are currently in special
servicing. No specially serviced loan accounts for more than 1%
of the pooled balance. The servicer has recognized an aggregate
$65 million appraisal reduction for the specially serviced loans.
Moody's estimated a $49 million loss (39% expected loss based on
a 94% probability of default) for the specially serviced loans.

Moody's has assumed a high default probability for six poorly
performing loans representing 3% of the pool and has estimated an
aggregate $8 million loss (15% expected loss based on a 50%
probability default) from these troubled loans.

Based on the most recent remittance statement, Classes G through
NR have experienced cumulative interest shortfalls totaling
$8.9 million. Moody's anticipates that the pool will continue
to experience interest shortfalls because of the exposure to
specially serviced and troubled loans. Interest shortfalls
are caused by special servicing fees, including workout and
liquidation fees, appraisal subordinate entitlement reductions
(ASERs) and extraordinary trust expenses.

Moody's was provided with full year 2009 and full or partial year
2010 operating results for 88% and 74% of the pool's non-defeased
loans, respectively. Excluding specially serviced and troubled
loans, Moody's conduit weighted average LTV is 96% compared to 98%
at Moody's last review. Moody's net cash flow reflects a weighted
average haircut of 12% to the most recently available net
operating income. Moody's value reflects a weighted average
capitalization rate of 9.0%.

Excluding specially serviced and troubled loans, Moody's conduit
actual and stressed DSCR are 1.44X and 1.06X, respectively,
compared to 1.49X and 1.04X at last review. Moody's actual DSCR is
based on Moody's net cash flow (NCF) and the loan's actual debt
service. Moody's stressed DSCR is based on Moody's NCF and a 9.25%
stressed rate applied to the loan balance.

The loan with a credit estimate is the 4250 North Fairfax Drive
Loan ($45 million -- 2.7%), which is secured by a 304,500 SF
office building located in Arlington, Virginia. The loan matures
in June 2012 and is interest only for its entire term. The
property was 100% leased as of December 2010, the same as last
review. The largest tenant, Qwest Communications, leases 53% of
the NRA through June 2014. Moody's current credit estimate and
stressed DSCR are A3 and 1.74X, respectively, compared to A3 and
1.70X at last review.

The top three performing conduit loans represent 12% of the pool
balance. The largest loan is the Universal Hotel Portfolio Loan
($100 million -- 5.0%), which is a pari passu interest in a
$400 million first mortgage loan secured by three full service
hotel properties. The three hotels are all located in Orlando,
Florida and total 2,400 guest rooms. The properties are also
encumbered by a $50 million B-note which is held in the trust. The
portfolio's performance has improved significantly from 2009.
Occupancy and the average daily rate (ADR) have both increased.
Consequently, the portfolio's revenue per available room (RevPAR)
has increased 22% from $135 in 2009 to $165 in 2010. The three
hotels were all constructed between 1999 and 2002. All are
considered luxury hotels and are located within Orlando's
Universal Theme Park. Moody's current LTV and stressed DSCR are
86% and 1.32X, respectively, compared to 102% and 1.11X at last
review.

The second largest loan is the Promenade at Westlake Loan
($69 million -- 4.2%), which is secured by a 201,570 SF retail
center located in Thousand Oaks, California. In June 2010 the loan
payments converted from interest only to principal and interest
payments based on a 360 month amortization schedule. The property
was 99% leased as of December 2010. Inline tenant sales have
increased from $419 PSF at securitization to $457 PSF. Moody's LTV
and stressed DSCR are 92% and 0.97X, respectively, compared to 98%
and 0.94X at last review.

The third largest loan is the LXP-ISS Loan ($42 million -- 2.5%),
which is secured by three office buildings containing 289,000 SF
located in Atlanta, Georgia. The buildings are 100% leased to
Internet Security System (ISS) through May 2013 and serve as the
company's headquarters. IBM (Moody's senior unsecured rating Aa3,
stable outlook) acquired ISS in 2006. The loan matures in May
2013, coterminus with the lease expiration. Moody's analysis
reflects a stressed cash flow due to the single tenant exposure
and lease rollover risk. Moody's LTV and stressed DSCR are 94% and
1.07X, respectively, compared to 99% and 1.06X at last review.


JP MORGAN: Moody's Affirms 15 CMBS Classes of JPMCC 2004-LN2
------------------------------------------------------------
Moody's Investors Service (Moody's) affirmed the ratings of 15
classes of J.P. Morgan Chase Commercial Mortgage Securities Corp.,
Commercial Mortgage Pass-Through Certificates, Series 2004-LN2:

Cl. A-1, Affirmed at Aaa (sf); previously on Aug 23, 2004
Definitive Rating Assigned Aaa (sf)

Cl. A-2, Affirmed at Aa3 (sf); previously on Dec 2, 2010
Downgraded to Aa3 (sf)

Cl. A-1A, Affirmed at Aa3 (sf); previously on Dec 2, 2010
Downgraded to Aa3 (sf)

Cl. B, Affirmed at Baa1 (sf); previously on Dec 2, 2010 Downgraded
to Baa1 (sf)

Cl. C, Affirmed at Baa2 (sf); previously on Dec 2, 2010 Downgraded
to Baa2 (sf)

Cl. D, Affirmed at Ba2 (sf); previously on Dec 2, 2010 Downgraded
to Ba2 (sf)

Cl. E, Affirmed at B2 (sf); previously on Dec 2, 2010 Downgraded
to B2 (sf)

Cl. F, Affirmed at Caa1 (sf); previously on Dec 2, 2010 Downgraded
to Caa1 (sf)

Cl. G, Affirmed at Caa3 (sf); previously on Dec 2, 2010 Downgraded
to Caa3 (sf)

Cl. H, Affirmed at C (sf); previously on Dec 2, 2010 Downgraded to
C (sf)

Cl. J, Affirmed at C (sf); previously on Dec 2, 2010 Downgraded to
C (sf)

Cl. K, Affirmed at C (sf); previously on Dec 2, 2010 Downgraded to
C (sf)

Cl. L, Affirmed at C (sf); previously on Dec 2, 2010 Downgraded to
C (sf)

Cl. X-1, Affirmed at Aaa (sf); previously on Aug 23, 2004
Definitive Rating Assigned Aaa (sf)

Cl. X-2, Affirmed at Aaa (sf); previously on Aug 23, 2004
Definitive Rating Assigned Aaa (sf)

RATINGS RATIONALE

The affirmations are due to key parameters, including Moody's loan
to value (LTV) ratio, Moody's stressed DSCR and the Herfindahl
Index (Herf), remaining within acceptable ranges. Based on Moody's
current base expected loss, the credit enhancement levels for the
affirmed classes are sufficient to maintain their current ratings.

Moody's rating action reflects a cumulative base expected loss of
7.0% of the current balance. At last full review, Moody's
cumulative base expected loss was 9.2%. The current cumulative
base loss plus realized losses is 9.8%, similar to at last review.
Realized losses increased approximately $17 million since last
review due the liquidation of three loans. Moody's stressed
scenario loss is 13.7% of the current balance. Moody's provides a
current list of base and stress scenario losses for conduit and
fusion CMBS transactions on moodys.com at:

   http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

Depending on the timing of loan payoffs and the severity and
timing of losses from specially serviced loans, the credit
enhancement level for investment grade classes could decline below
the current levels. If future performance materially declines, the
expected level of credit enhancement and the priority in the cash
flow waterfall may be insufficient for the current ratings of
these classes.

Moody's analysis reflects a forward-looking view of the likely
range of collateral performance over the medium term. From time to
time, Moody's may, if warranted, change these expectations.
Performance that falls outside an acceptable range of the key
parameters may indicate that the collateral's credit quality is
stronger or weaker than Moody's had anticipated during the current
review. Even so, deviation from the expected range will not
necessarily result in a rating action. There may be mitigating or
offsetting factors to an improvement or decline in collateral
performance, such as increased subordination levels due to
amortization and loan payoffs or a decline in subordination due to
realized losses.

Primary sources of assumption uncertainty are the current sluggish
macroeconomic environment and varying performance in the
commercial real estate property markets. However, Moody's expects
to see increasing or stabilizing property values, higher
transaction volumes, a slowing in the pace of loan delinquencies
and greater liquidity for commercial real estate in 2011. The
hotel and multifamily sectors are continuing to show signs of
recovery, while recovery in the office and retail sectors will be
tied to recovery of the broader economy. The availability of debt
capital continues to improve with terms returning toward market
norms. Moody's central global macroeconomic scenario reflects an
overall sluggish recovery through 2012, amidst ongoing individual,
corporate and governmental deleveraging, persistent unemployment,
and government budget considerations.

The primary methodology used was "CMBS: Moody's Approach to Rating
U.S. Conduit Transactions" published in September 2000.

Moody's review incorporated the use of the Excel-based CMBS
Conduit Model v 2.50 which is used for both conduit and fusion
transactions. Conduit model results at the Aa2 (sf) level are
driven by property type, Moody's actual and stressed DSCR, and
Moody's property quality grade (which reflects the capitalization
rate used by Moody's to estimate Moody's value). Conduit model
results at the B2 (sf) level are driven by a paydown analysis
based on the individual loan level Moody's LTV ratio. Moody's
Herfindahl score (Herf), a measure of loan level diversity, is a
primary determinant of pool level diversity and has a greater
impact on senior certificates. Other concentrations and
correlations may be considered in Moody's analysis. Based on the
model pooled credit enhancement levels at Aa2 (sf) and B2 (sf),
the remaining conduit classes are either interpolated between
these two data points or determined based on a multiple or ratio
of either of these two data points. For fusion deals, the credit
enhancement for loans with investment-grade credit estimates is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
underlying rating of the loan which corresponds to a range of
credit enhancement levels. Actual fusion credit enhancement levels
are selected based on loan level diversity, pool leverage and
other concentrations and correlations within the pool. Negative
pooling, or adding credit enhancement at the underlying rating
level, is incorporated for loans with similar credit estimates in
the same transaction.

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

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through two sets of
quantitative tools -- MOST(R) (Moody's Surveillance Trends) and
CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior full review is
summarized in a press release dated December 2, 2010. Please see
the ratings tab on the issuer / entity page on moodys.com for the
last rating action and the ratings history.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.

DEAL PERFORMANCE

As of the June 15, 2011 distribution date, the transaction's
aggregate certificate balance has decreased by 22% to
$970.4 billion from $1.25 billion at securitization. The
Certificates are collateralized by 152 mortgage loans ranging
in size from less than 1% to 7% of the pool, with the top ten
loans representing 30% of the pool. Eight loans, representing
4% of the pool, have defeased and are collateralized with U.S.
Government securities.

Thirty-nine loans, representing 26% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

Eleven loans have been liquidated from the pool since
securitization, resulting in a $34.3 million loss (71% loss
severity on average). Twelve loans, representing 11% of the pool,
are currently in special servicing. The largest specially serviced
loan is the Countryside Apartments Loan ($22.4 million -- 2.3% of
the pool), which is secured by a 701-unit apartment complex
located in St. Louis, Missouri. The subject was built in 1970. The
loan was transferred to special servicing in January 2010 for
maturity default and the property was foreclosed in January 2011.

The remaining 11 specially serviced loans are secured by a mix of
property types. The master servicer has recognized an aggregate
$36.9 million appraisal reduction for the specially serviced
loans. Moody's has estimated an aggregate $34.9 million loss (36%
expected loss on average) for the specially serviced loans.

Moody's has assumed a high default probability for ten poorly
performing loans representing 6.4% of the pool and has estimated
an aggregate $9.3 million loss (15% expected loss based on a 30%
probability of default) from these troubled loans.

Moody's was provided with full year 2009 and 2010 operating
results for 99% and 78%, respectively, of the non-defeased
performing pool. Excluding specially serviced and troubled loans,
Moody's weighted average LTV is 85% compared to 91% at last full
review. Moody's net cash flow reflects a weighted average haircut
of 6% to the most recently available net operating income. Moody's
value reflects a weighted average capitalization rate of 9.2%.

Excluding specially serviced and troubled loans, Moody's actual
and stressed DSCRs are 1.58X and 1.35X, respectively, compared to
1.49X and 1.24X at last review. Moody's actual DSCR is based on
Moody's net cash flow (NCF) and the loan's actual debt service.
Moody's stressed DSCR is based on Moody's NCF and a 9.25% stressed
rate applied to the loan balance.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 46, compared to 49 at Moody's prior review.

The top three performing loans represent 16% of the pool balance.
The largest performing loan is the World Apparel Center Loan
($69.1 million -- 7.1% of the pool), which represents a 33.3% pari
passu interest in a $207.2 million first mortgage loan. The loan
is secured by a 1.1 million square foot (SF) Class A office
building located in the Times Square submarket of New York City.
Built in 1970 and renovated in 2002, the building's principal
tenants include Jones Apparel Group (Moody's senior unsecured
rating Ba3, stable outlook) and JPMorgan Chase & Co. (Moody's
senior unsecured rating Aa3, negative outlook). The property has
increased occupancy through current tenant releasing and
expansion, as well as new tenant leases. As of year-end 2010, the
property was 91% leased, compared to 72% at last review. Moody's
LTV and stressed DSCR are 68% and 1.39X, respectively, compared to
73% and 1.30X at last review.

The second largest performing loan is the Chesapeake Square Loan
($68.3 million -- 7.0% of the pool), which is secured by an
810,305 SF (530,158 SF of collateral), single-level, enclosed
regional mall located in Chesapeake, Virginia. Anchor tenants
include Target (not part of the collateral), Macy's, Sears and JC
Penney. As of March 2011, the in-line space was 66% leased
compared to 68% at last review. Occupancy has been on the decline
primarily since late 2009 when anchor tenant Dillard's vacated.
However, Burlington Coat Factory has taken a portion of that space
effective as of September 2010. Decreased rental income from the
increased vacancy has deteriorated financial performance since
securitization. Moody's considers this loan as a high default risk
due to it's persistent weakness and has classified this as a
troubled loan. Moody's LTV and stressed DSCR are 138% and 0.78X,
respectively, the same as at last review.

The third largest performing loan is the Embassy Suites - BWI
Airport Loan ($20.9 million -- 2.2% of the pool), which is secured
by a 251-room full service hotel located in Linthicum, Maryland.
RevPAR for the 12-month period ending December 2010 was $94.50
compared to $95.86 at in the prior year. Property performance has
declined from the last review as the hotel market has been
impacted by the economic downturn. However, Moody's analysis
incorporates an anticipated improvement in the hotel sector.
Moody's LTV and stressed DSCR are 72% and 1.70X, respectively,
compared to 76% and 1.59X at last review.


JP MORGAN: Moody's Affirms 22 CMBS Classes of JPMCC 2004-C2
-----------------------------------------------------------
Moody's Investors Service (Moody's) affirmed the ratings of 22
classes of J.P. Morgan Chase Commercial Mortgage Securities Corp.,
Commercial Mortgage Pass-Through Certificates, Series 2004-C2:

Cl. A-2, Affirmed at Aaa (sf); previously on Jun 2, 2004
Definitive Rating Assigned Aaa (sf)

Cl. A-3, Affirmed at Aaa (sf); previously on Jun 2, 2004
Definitive Rating Assigned Aaa (sf)

Cl. A-1A, Affirmed at Aaa (sf); previously on Jun 2, 2004
Definitive Rating Assigned Aaa (sf)

Cl. B, Affirmed at Aa2 (sf); previously on Oct 13, 2010 Confirmed
at Aa2 (sf)

Cl. C, Affirmed at Aa3 (sf); previously on Oct 13, 2010 Confirmed
at Aa3 (sf)

Cl. D, Affirmed at A3 (sf); previously on Oct 13, 2010 Downgraded
to A3 (sf)

Cl. E, Affirmed at Baa1 (sf); previously on Oct 13, 2010
Downgraded to Baa1 (sf)

Cl. F, Affirmed at Ba1 (sf); previously on Oct 13, 2010 Downgraded
to Ba1 (sf)

Cl. G, Affirmed at Ba2 (sf); previously on Oct 13, 2010 Downgraded
to Ba2 (sf)

Cl. H, Affirmed at Ba3 (sf); previously on Oct 13, 2010 Downgraded
to Ba3 (sf)

Cl. J, Affirmed at B3 (sf); previously on Oct 13, 2010 Downgraded
to B3 (sf)

Cl. K, Affirmed at Caa2 (sf); previously on Oct 13, 2010
Downgraded to Caa2 (sf)

Cl. L, Affirmed at Ca (sf); previously on Oct 13, 2010 Downgraded
to Ca (sf)

Cl. M, Affirmed at C (sf); previously on Oct 13, 2010 Downgraded
to C (sf)

Cl. N, Affirmed at C (sf); previously on Oct 13, 2010 Downgraded
to C (sf)

Cl. P, Affirmed at C (sf); previously on Oct 13, 2010 Downgraded
to C (sf)

Cl. X, Affirmed at Aaa (sf); previously on Jun 2, 2004 Definitive
Rating Assigned Aaa (sf)

Cl. RP-1, Affirmed at A1 (sf); previously on Oct 9, 2008 Upgraded
to A1 (sf)

Cl. RP-2, Affirmed at A2 (sf); previously on Oct 9, 2008 Upgraded
to A2 (sf)

Cl. RP-3, Affirmed at A3 (sf); previously on Oct 9, 2008 Upgraded
to A3 (sf)

Cl. RP-4, Affirmed at Baa1 (sf); previously on Oct 9, 2008
Upgraded to Baa1 (sf)

Cl. RP-5, Affirmed at Baa2 (sf); previously on Oct 9, 2008
Upgraded to Baa2 (sf)

RATINGS RATIONALE

The affirmations are due to key parameters, including Moody's loan
to value (LTV) ratio, Moody's stressed debt service coverage ratio
(DSCR) and the Herfindahl Index (Herf), remaining within
acceptable ranges. Based on Moody's current base expected loss,
the credit enhancement levels for the affirmed classes are
sufficient to maintain the existing ratings.

Moody's rating action reflects a cumulative base expected loss of
2.8% of the current balance compared to 3.4% at last review.
Moody's stressed scenario loss is 7.1% of the current balance.
Moody's provides a current list of base and stress scenario losses
for conduit and fusion CMBS transactions on moodys.com at
http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.
Depending on the timing of loan payoffs and the severity and
timing of losses from specially serviced loans, the credit
enhancement level for investment grade classes could decline below
the current levels. If future performance materially declines, the
expected level of credit enhancement and the priority in the cash
flow waterfall may be insufficient for the current ratings of
these classes.

Moody's analysis reflects a forward-looking view of the likely
range of collateral performance over the medium term. From time to
time, Moody's may, if warranted, change these expectations.
Performance that falls outside an acceptable range of the key
parameters may indicate that the collateral's credit quality is
stronger or weaker than Moody's had anticipated during the current
review. Even so, deviation from the expected range will not
necessarily result in a rating action. There may be mitigating or
offsetting factors to an improvement or decline in collateral
performance, such as increased subordination levels due to
amortization and loan payoffs or a decline in subordination due to
realized losses.

Primary sources of assumption uncertainty are the current sluggish
macroeconomic environment and varying performance in the
commercial real estate property markets. However, Moody's expects
to see increasing or stabilizing property values, higher
transaction volumes, a slowing in the pace of loan delinquencies
and greater liquidity for commercial real estate in 2011 The hotel
and multifamily sectors are continuing to show signs of recovery,
while recovery in the office and retail sectors will be tied to
recovery of the broader economy. The availability of debt capital
continues to improve with terms returning toward market norms.
Moody's central global macroeconomic scenario reflects an overall
sluggish recovery through 2012, amidst ongoing individual,
corporate and governmental deleveraging, persistent unemployment,
and government budget considerations.

The primary methodology used in this rating was "CMBS: Moody's
Approach to Rating Fusion Transactions" published in April 2005.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.50 which is used for both conduit and fusion
transactions. Conduit model results at the Aa2 (sf) level are
driven by property type, Moody's actual and stressed DSCR, and
Moody's property quality grade (which reflects the capitalization
rate used by Moody's to estimate Moody's value). Conduit model
results at the B2 (sf) level are driven by a paydown analysis
based on the individual loan level Moody's LTV ratio. Moody's
Herfindahl score (Herf), a measure of loan level diversity, is a
primary determinant of pool level diversity and has a greater
impact on senior certificates. Other concentrations and
correlations may be considered in Moody's analysis. Based on the
model pooled credit enhancement levels at Aa2 (sf) and B2 (sf),
the remaining conduit classes are either interpolated between
these two data points or determined based on a multiple or ratio
of either of these two data points. For fusion deals, the credit
enhancement for loans with investment-grade underlying ratings is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
underlying rating of the loan which corresponds to a range of
credit enhancement levels. Actual fusion credit enhancement levels
are selected based on loan level diversity, pool leverage and
other concentrations and correlations within the pool. Negative
pooling, or adding credit enhancement at the underlying rating
level, is incorporated for loans with similar underlying ratings
in the same transaction.

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

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through two sets of
quantitative tools -- MOST(R) (Moody's Surveillance Trends) and
CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior full review is
summarized in a press release dated October 13, 2010. Please see
the ratings tab on the issuer / entity page on moodys.com for the
last rating action and the ratings history.

Moody's Investors Service received and took into account one or
more third party due diligence reports on the underlying assets or
financial instruments in this transaction and the due diligence
reports had a neutral impact on the ratings.

DEAL PERFORMANCE

As of the June 15, 2011 distribution date, the transaction's
aggregate certificate balance has decreased by 21% to $842.7
million from $1.1 billion at securitization. The Certificates are
collateralized by 110 mortgage loans ranging in size from less
than 1% to 15% of the pool, with the top ten loans representing
56% of the pool. The pool contains two loans, representing 27% of
the pool, which have investment grade credit estimates. Nine
loans, representing 4% of the pool, have defeased or partially
defeased and are collateralized with U.S. Government securities.
Defeasance at last review represented 7% of the pool.

Twenty-three loans, representing 17% of the pool, are on the
master servicer's watchlist. The watchlist includes loans which
meet certain portfolio review guidelines established as part of
the CRE Finance Council (CREFC) monthly reporting package. As part
of Moody's ongoing monitoring of a transaction, Moody's reviews
the watchlist to assess which loans have material issues that
could impact performance.

Eight loans have been liquidated from the pool, resulting in an
aggregate realized loss of $12.1 million (39% loss severity
overall). At last review the pool had experienced an aggregate
$4.9 million loss. One loan, representing 2% of the pool, is
currently in special servicing. The master servicer recognized a
$1.9 million appraisal reduction for this loan in February 2011.
Moody's has estimated a $7.2 million loss (41% expected loss on
average) for this loan.

Moody's has assumed a high default probability for four poorly
performing loans representing 3% of the pool and has estimated a
$3.5 million loss (15% expected loss based on a 30% probability
default) from these troubled loans.

Moody's was provided with full-year 2009 and partial year 2010
operating results for 100% and 89% of the pool, respectively.
Excluding specially serviced and troubled loans, Moody's weighted
average LTV is 84% compared to 88% at Moody's prior review.
Moody's net cash flow reflects a weighted average haircut of 12%
to the most recently available net operating income. Moody's value
reflects a weighted average capitalization rate of 9.2%.

Excluding specially serviced and troubled loans, Moody's actual
and stressed DSCRs are 1.47X and 1.23X, respectively, compared to
1.40X and 1.16X at last review. Moody's actual DSCR is based on
Moody's net cash flow (NCF) and the loan's actual debt service.
Moody's stressed DSCR is based on Moody's NCF and a 9.25% stressed
rate applied to the loan balance.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 22 compared to 24 at last review.

The largest loan with a credit estimate is the Somerset Collection
Loan ($125.5 million -- 14.9% of the pool), which represents a 50%
pari passu interest in a $251 million first mortgage loan. The
loan is secured by a 1.4 million square foot (SF) regional mall
located in Troy, Michigan. The mall is the dominant mall in its
trade area and is anchored by Macy's, Nordstrom, Saks Fifth Avenue
and Neiman Marcus. The center was 99% leased as of December 2010,
essentially the same as at last review. The loan is interest only
for its entire 10-year term. Moody's current credit estimate and
stressed DSCR are A1 and 1.52X, respectively, the same as at last
review.

The second loan with a credit estimate is the Republic Plaza Loan
($99.3 million -- 11.6% of the pool), which represents the pooled
portion of a $123.5 million first mortgage loan. Additionally,
there is a non-pooled A Note ($25.6 million) in the trust that
supports non-pooled Classes RP-1, RP-2, RP-3, RP-4 and RP-5. The
loan is secured by a 1.3 million SF Class A office building
located in downtown Denver, Colorado. The property was 98% leased
as of December 2010, the same as at last review. The largest
tenants include Ecana Oil & Gas (35% of the net rentable area
(NRA); lease expiration April 2019) and DCP Midstream LP (11% of
the NRA; lease expiration May 2016). Moody's current credit
estimate and stressed DSCR for the pooled note are Aa3 and 2.20X,
respectively, compared to Aa3 and 2.28X at last review.

The top three performing loans represent 19% of the pool balance.
The largest loan is the Hometown America Portfolio VII Loan
($89.7 million -- 10.6% of the pool), which is secured by ten
manufactured housing communities located in Florida, Michigan,
Massachusetts, New Jersey, Colorado and Illinois. The portfolio
totals 4,055 pads. The portfolio was 91% leased as of June 2010
compared to 95% at last review. Moody's LTV and stressed DSCR are
70% and 1.38X, respectively, compared to 75% and 1.26X at last
review.

The second largest loan is the Robert Duncan Plaza Loan
($40.2 million -- 4.8% of the pool), which is secured by a
332,608 SF Class A office building located in Portland, Oregon.
The property was 98% leased as of December 2010. The loan is
currently on the master servicer's watchlist due to the September
2011 lease expiration of a GSA tenant (97% of the NRA). This
tenant is expected to renew. Moody's LTV and stressed DSCR are 83%
and 1.17X, respectively, compared to 81% and 1.20X at last review.

The third largest loan is the Shoppes at English Village Loan
($24.3 million -- 2.9% of the pool), which is secured by a 104,014
SF lifestyle retail center located approximately 30 miles
northwest of downtown Philadelphia in North Wales, Pennsylvania.
The center was 99% leased as of December 2010, the same as at last
review. The largest tenants are Trader Joe's and Talbot's.
Performance has been stable. Moody's LTV and stressed DSCR are 97%
and 1.00X, respectively, compared to 106% and 0.92X at last
review.


JP MORGAN: S&P Gives 'B' Rating on Class H Certificates
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to
J.P. Morgan Chase Commercial Mortgage Securities Trust 2011-C4's
$1.45 billion commercial mortgage pass-through certificates.

The assigned ratings reflect the credit support provided by the
subordinate classes of certificates; the liquidity provided by
the trustee; and the underlying loans' economics, geographic
diversity, and property type diversity. "In our analysis, we
determined that, on a weighted average basis, the pool has a debt
service coverage (DSC) of 1.26x based on a weighted average
Standard & Poor's loan constant of 8.22%, a beginning loan-to-
value (LTV) ratio of 86.6%, and an ending LTV ratio of 77.6%.
(Note: Standard & Poor's excluded the Sheraton Chicago Hotel and
Towers loan {$68.0 million, 4.7% of the pool balance}, which is
secured by the fee interest on the land beneath the hotel, from
all of our calculated DSC and LTV ratios. We analyzed this loan
separately from the general pool.)," S&P said.

Ratings Assigned

J.P. Morgan Chase Commercial Mortgage Securities Trust 2011-C4

Class      Rating             Amount ($)
A-1        AAA (sf)           77,861,000
A-2        AAA (sf)          336,403,000
A-3        AAA (sf)          378,150,000
A-3FL      AAA (sf)          100,000,000
A-4        AAA (sf)          226,811,000
A-SB       AAA (sf)           61,976,000
X-A(i)     AAA (sf)    1,181,201,000(ii)
X-B(i)     NR            265,906,233(ii)
B          AA (sf)            48,840,000
C          A (sf)             72,356,000
D          A- (sf)            23,515,000
E          BBB (sf)           48,840,000
F          BB+ (sf)           14,471,000
G          BB- (sf)           19,898,000
H          B (sf)             18,089,000
NR         NR                 19,897,233

(i)Interest-only class. (ii)Notional amount. NR--Not rated.


KEY COMMERCIAL: Fitch Takes Various Rating Actions
--------------------------------------------------
Fitch Ratings has downgraded seven classes of Key Commercial
Mortgage Securities Trust 2007-SL1 commercial mortgage pass-
through certificates, due to further deterioration in performance,
most of which involves increased losses on the specially serviced
loans.

The downgrades reflect an increase in Fitch expected losses across
the pool. Fitch modeled losses are the result of Fitch's revised
loss estimates for the transaction following an in-depth review.
Fitch's expected losses for the transaction are 6.38% of the
remaining pool; expected losses of the original pool are at 6.49%,
including losses already incurred to date. Fitch has designated 37
loans (29.1%) as Fitch Loans of Concern, which includes six
specially serviced loans (2.9%). Fitch expects classes K and L may
be fully depleted from losses associated with the specially
serviced assets and class J to be also affected.

As of the May 2011 distribution date, the pool's certificate
balance has paid down 16% to $199.8 million from $237.5 million at
issuance. There are 138 of the original 155 loans remaining in the
transaction. There are currently six specially serviced loans
(2.9%) in the deal. The average loan size for the transaction is
$1.4 million. To date, the transaction has incurred $2.7 million
in losses, representing 1.1% of the original transaction.

Fitch reviewed the workout status of the specially serviced loans
and applied a haircut to the most recent property valuations based
on the type and age of the valuations and information received
from the special servicer. For those loans that do not have recent
valuations and are delinquent, Fitch assumed a 70% loss. The
average loss severity of small balance loans exceeds traditional
CMBS and a 70% loss reflects recent dispositions of loans with
similar characteristics.

Fitch stressed the cash flow of the remaining non-liquidated loans
by applying a 5% reduction to 2009 or 2010 fiscal year-end net
operating income, 10% reduction to year-end 2008, and 15%
reduction for all loans which did not report year-end 2008,
applying slightly higher cap rates than are used in Fitch's recent
vintage of fixed-rate transactions ranging from 8.1%-11% due to
the small balance nature of the loans.

The largest contributor to loss (0.7%) is an industrial property
located in Kent, OH. The property has suffered declines in
performance as a result of low occupancy due to tenant vacancies
and increased expenses. The property was 49% occupied as of
December 2010. The loan remains current.

The largest specially serviced loan (0.6%) is secured by an office
property located in Bedford Heights, OH and is currently 90 days
delinquent. The loan was transferred to special servicing in
January 2011 due to imminent default. As of June 2010, the
property was 77.6% occupied. The special servicer is in the
process of pursuing the noteholder's rights and remedies. Based on
the most recent appraisal value provided by the special servicer,
losses are expected.

Fitch downgrades and assigns Recovery Ratings (RRs) to these
classes:

   -- $4.8 million class D to 'CCC/RR1' from 'B-/LS5';

   -- $2.1 million class E to 'CCC/RR1' from 'B-/LS5';

   -- $1.8 million class F to 'CCC/RR1' from 'B-/LS5';

   -- $1.2 million class G to 'CC/RR1' from 'B-/LS5';

   -- $1.2 million class H to 'CC/RR5' from 'B-/LS5';

   -- $891,000 class J to 'C/RR6' from 'CCC/RR1';

   -- $593,000 class K to 'C/RR6' from 'CCC/RR1'.

Fitch also affirms and revises Loss Severity (LS) ratings and
Outlooks of these classes:

   -- $14.4 million class A-1 at 'A/LS1'; Outlook Stable;

   -- $91.7 million class A-2 at 'A/LS1'; Outlook Stable;

   -- $68.1 million class A-1A at 'A/LS1'; Outlook Stable;

   -- $5.3 million class B at 'BBB-'; LS to 'LS5' from 'LS4';
      Outlook to Stable from Negative;

   -- $5.6 million class C at 'BB'; LS to 'LS5' from 'LS4';
      Outlook Negative.

The $2.1 million class L is not rated by Fitch.

In addition, Fitch withdraws the rating on the interest-only class
X.


MARIAH RE: S&P Lowers Rating on Series 2010-1 Notes to 'CCC+'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Mariah Re
Ltd.'s Series 2010-1 notes to 'CCC+(sf)' from 'B(sf)'. "At the
same time, we revised the CreditWatch status of the rating on the
notes to developing from negative," S&P said.

"We placed the rating on CreditWatch with negative implications on
June 14 as a result of the tornado that hit Joplin, Mo. (as well
as other regions) in May. We have received Property Claims
Services' preliminary estimate of insured property damage related
to this event. Currently, the total losses to be covered by the
notes are approximately $263 million. In addition to this event,
we received a similar report for Catastrophe Series Number 47. The
loss amount from this event is approximately $13.3 million. The
current estimate of losses from covered events through the end of
May is $453 million. Modeled losses through the end of May were
expected to equal $302 million," S&P related.

"We revised the CreditWatch status to developing to account for
the potential impact of the passage of time and the potential lack
of future covered events. Based on the modeled results, June is
expected to be the peak month for losses. Although covered events
may have occurred during the month, PCS has not yet released an
estimate of losses related to any of these events," according to
S&P.

"If no additional events occur over the next two months and loss
estimates on existing covered events do not increase by a material
amount, we would expect to raise the rating on the notes (to no
higher than the initial rating of 'B(sf)'). If additional covered
events occur, we could lower the rating further. As we receive
updated information, we will take the appropriate rating action,"
S&P noted.

The initial annual risk period for the notes ends Dec. 31, 2011.
If covered losses do not exceed the attachment point by that date
(to the extent there aren't any covered events for which a covered
loss amount needs to be determined), the annual aggregate loss
amount will go to zero, and the notes will be reset to a
probability of attachment of no greater than 2.57%. The rating
Standard & Poor's assigns after the reset will be based on its
view of the risk set forth in the Nov. 15, 2010, closing article.

Ratings List

Downgraded
                          To                       From
Mariah Re Ltd.
Series 2010-1 notes      CCC+(sf)/Watch Dev       B(sf)/Watch Neg


MARQUETTE US/EUROPEAN: S&P Raises Ratings on 2 Classes to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A-1B, A-2, B-1, B-2, C-1, C-2, D-1, D-2, E-1, and E-2 notes from
Marquette US/European CLO PLC. "We removed our ratings on the
class A-1B, A-2, B-1, B-2, C-1, C-2, D-1, and D-2 notes from
CreditWatch, where we placed them with positive implications on
March 1, 2011. We also withdrew our ratings on the class F and G
notes and affirmed our rating on the class A-1A notes," S&P said.

Marquette US/European CLO PLC is a collateralized loan obligation
(CLO) transaction with APEX credit swap feature, managed by
Neuberger Berman Inc. The portfolio primarily consists of senior
secured leverage loans denominated in U.S. dollars and Euros. The
APEX credit swap can be drawn in U.S. dollars and Euros.

"The upgrades reflect the improved performance we have observed in
the transaction's underlying asset portfolio since our last rating
action in April 2010. The affirmation reflects the sufficient
credit support available at the current rating level. The
withdrawals reflect the fact that the class F and G notes were
split into their respective constituents and unwound," S&P said.

According to the May 16, 2011 trustee report, the transaction
held $1.25 million in defaulted assets. This was down from
$10.6 million as of the Feb. 12, 2010, trustee report. The class
A/B overcollateralization (O/C) ratio increased to 126.27% from
121.16% during the same time period.

Standard & Poor's will continue to review whether, in its view,
the ratings currently assigned to the notes remain consistent with
the credit enhancement available to support them and take rating
actions as it deems necessary.

Rating and CreditWatch Actions

Marquette US/European CLO PLC
                    Rating
Class           To          From
A-1B            AA (sf)     A+ (sf)/Watch Pos
A-2             AA (sf)     A+ (sf)/Watch Pos
B-1             A+ (sf)     A- (sf)/Watch Pos
B-2             A+ (sf)     A- (sf)/Watch Pos
C-1             BBB+ (sf)   BB+ (sf)/Watch Pos
C-2             BBB+ (sf)   BB+ (sf)/Watch Pos
D-1             BB (sf)     B+ (sf)/Watch Pos
D-2             BB (sf)     B+ (sf)/Watch Pos
E-1             B (sf)      CCC- (sf)
E-2             B (sf)      CCC- (sf)

Ratings Withdrawn

Marquette US/European CLO PLC
                    Rating
Class           To          From
F               NR          CCC- (sf)
G               NR          CCC- (sf)

Rating Affirmed

Marquette US/European CLO PLC
                            Rating
Class
A-1A                        AA+ (sf)

NR -- Not rated.


MASTER CREDIT: Moody's Puts Definitive Ratings on Class D Notes
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
Class D Notes to be issued by Master Credit Card Trust (MCCT).
Bank of Montreal (Aa2, on review for possible downgrade/P-1) is
the administrator of MCCT, as well as the originator and servicer
of the pool of credit card receivables backing the notes.

$5,815,556 Class D Notes, Series 2008-1, rated Baa3 (sf)

$11,071,058 Class D Notes, Series 2008-2, rated Baa3 (sf)

$11,796,175 Class D Notes, Series 2008-3, rated Ba1 (sf)

$5,898,087 Class D Notes, Series 2008-4, rated Ba1 (sf)

Ratings Rationale

The ratings are based on the quality of the underlying pool of
credit card receivables, the expertise of the seller/servicer,
Bank of Montreal, the transaction's legal and structural
protections, including early amortization triggers, and credit
enhancement in the form of excess spread.

The Class D Notes, which constitute approximately 1.00% of the
total invested amount for each of the Series, provide additional
credit enhancement to the Class A, Class B and Class C notes in
the form of subordination. The Class D notes benefit from the
excess spread. Excess spread may be retained in the series
specific reserve account, which will initially be unfunded,
depending on the level of excess spread for that series. If the
three-month average excess spread for a series falls below
specified levels that start at 4.0%, amounts retained in the
series-specific reserve account would progressively increase after
each level is breached.

Moody's expects performance in the range of 4.0%-5.0% for gross
charge-offs, 19.5%-22.5% for yield and 34.0%-40.0% for the payment
rate.

Moody's performance expectations for a given variable indicate
Moody's forward-looking view of the likely range of performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside the given range may indicate that the collateral's credit
quality is stronger or weaker than Moody's had anticipated when
the related securities were rated. Even so, a deviation from the
expected range will not necessarily result in a rating action nor
does performance within expectations preclude such actions. The
decision to take (or not take) a rating action is dependent on an
assessment of a range of factors including, but not exclusively,
the performance metrics.

The principal methodology used in rating notes issued by Master
Credit Card Trust was "Moody's Approach To Rating Credit Card
Receivables-Backed Securities" rating methodology published on
April 16, 2007.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments in this transaction.


MASTR ASSET: Moody's Downgrades Rating of $80 Mil. Subprime RMBS
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two
tranches issued by MASTR Asset Backed Securities Trust 2006-NC3 .
The collateral backing this deal primarily consists of first-lien
adjustable-rate subprime residential mortgages.

Issuer: MASTR Asset Backed Securities Trust 2006-NC3

Cl. A-2, Downgraded to B3 (sf); previously on Apr 8, 2011 Baa3
(sf) Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Ca (sf); previously on May 5, 2010
Downgraded to Caa3 (sf)

RATINGS RATIONALE

The Class A-2 is a short cash flow tranche where full receipt of
principal is dependent on the timing of losses and principal
payments in the related transaction. This tranche is currently
first in line to receive all principal allocation from its related
collateral group. However, once the supporting mezzanine tranche
is fully written down due to collateral losses, the short cash
flow tranche will pay pro rata with other outstanding senior
tranches in the deal. Therefore, if the short cash flow tranche is
not paid off by the time of mezzanine write down, it will likely
experience a loss. The Class A-3 has also been downgraded to
reflect the expectation that it is unlikely to receive principal
payments until mezzanine depletion at which point it will pay pro-
rata with other outstanding senior certificates.

The principal methodology used in these ratings is described in
the Monitoring and Performance Review section in "Moody's Approach
to Rating US Residential Mortgage-Backed Securities" published in
December 2008. Other methodologies used include "Moody's Approach
to Rating Structured Finance Securities in Default

The primary source of assumption uncertainty is the rate of
realized losses reducing the balance of the mezzanine
certificates, and the cash flow disruptions affecting the amount
of principal that would normally be used to pay off the principal
balance of the two short cash flow tranches. The ratings of these
two tranches are driven by timing of loss and principal payments,
and would not be changed by 10% increase in expected collateral
loss.

Moody's Investors Service received and took into account one or
more third party due diligence report on the underlying assets or
financial instruments in this transaction and the due diligence
report had a neutral impact on the rating.


MERRILL LYNCH: Fitch Affirms ML 1997-C2 Ratings
-----------------------------------------------
Fitch Ratings has affirmed the ratings of three classes of Merrill
Lynch Mortgage Trust's commercial mortgage pass-through
certificates, series 1997-C2. In addition, Fitch has affirmed
Rating Outlooks and revised Loss Severity (LS) ratings and
Recovery Ratings (RR) as applicable.

The affirmations reflect stable portfolio performance and
significant portfolio amortization. As of the June 2011
distribution date, the pool's certificate balance has been reduced
by 92.56% (to $51 million from $686.3 million), of which 89.36%
were due to paydowns and 3.2% were due to realized losses.

Fitch modeled losses of 3.03% of the remaining pool balance;
expected losses of the original pool balance are 3.43% which
includes losses already incurred to date. In total, Fitch has
identified four Fitch Loans of Concern (37.24%), one of which is
the specially-serviced loan. Fitch expects the loss associated
with the specially-serviced loan to be absorbed by class H.

The only contributor to modeled losses is the specially-serviced
loan, which is secured by a 154,637 square foot (sf) retail center
located in Lima, OH. The loan was transferred to special servicing
effective July 30, 2010 for imminent monetary default. Property
occupancy is 46% as of March 15, 2011. The borrower has been
funding shortfalls out of pocket and has expressed interest in a
loan modification.

Fitch stressed the cash flow of the remaining loans by applying a
5% reduction to 2010 fiscal year-end (YE) net operating income,
and applying an adjusted market cap rate between 8% and 11% to
determine value. Each loan also underwent a refinance test by
applying an 8% interest rate and 30-year amortization schedule
based on the stressed cash flow. With the exception of the loan
which contributed to modeled losses, all the loans in the pool are
considered to pay off at maturity, and could refinance to a debt
service coverage ratio (DSCR) above 1.25 times(x).

Fitch affirms these classes and Outlooks and revises the LS)
ratings and RRs:

   -- $33.6 million class F at 'Asf'; LS to 'LS1' from 'LS2';
      Outlook Stable;

   -- $6.9 million class G at 'BB+sf'; LS to 'LS2' from 'LS4';
      Outlook Stable;

   -- $10.6 million class H at 'Dsf'; RR to 'RR4' from 'RR5'.

Classes A-1, A-2, B, C, D, and E have repaid in full. Classes J
and K have been reduced to zero due to realized losses. Fitch does
not rate class E and K.


MERRILL LYNCH: Fitch Takes Various Rating Actions
-------------------------------------------------
Fitch Ratings affirms classes A-1 and A-2 of Merrill Lynch
Floating Rate Trust Pass-Through Certificates, Series 2006-1 at
'AAAsf'; Outlook Stable, and places the remaining classes on
Rating Watch Evolving.

These actions reflect the uncertainty surrounding the refinance of
the two largest loans in the trust: Lord & Taylor Portfolio
(56.5%), and Trizec Portfolio (30%), which together represent over
85% of the collateral balance.

The Lord & Taylor Portfolio is secured by 37 of Lord & Taylor's
retail properties, including 36 of the retail stores and one
distribution warehouse. The portfolio is structured with a 20-year
triple net (NNN) master lease agreement between the operating
entity and properties. Approximately 67% of the retail portfolio's
square footage is located in the New York, New Jersey, and
Connecticut tri-state area. All retail stores in New Jersey are
located in northern New Jersey within proximity to New York City.
The collateral includes Lord & Taylor's flagship store on 5th
Avenue in Manhattan.

The Lord & Taylor loan represents over 50% of the collateral, and
should it be able to secure proceeds for refinance, the associated
paydown would significantly bolster the transaction's credit
enhancement. Conversely, in the event the loan does not payoff at
maturity, other workout options will likely have to be considered.

At the last review, Fitch modeled a significant loss on the loan,
which was the primary loss generator for the transaction. In light
of the stable performance demonstrated since a modification in
2009, Fitch is awaiting additional performance information in
order to determine a value that is representative of current
operations. In the previous reviews, a dark value analysis was
applied due to the stress the portfolio of stores was experiencing
during the recession.

The loan does not mature until June 2012, but given the size of
the debt, it is not uncommon for borrowers to begin refinance
discussions well in advance of the maturity, and Fitch expects the
picture may be clearer toward to the end of 2011.

The Trizec Portfolio consists of 17 properties in a number of
markets across the U.S., down from 22 properties after property
releases began in December 2010. The loan has paid down by
approximately 35% since the last review. The portfolio, sponsored
by Brookfield Properties and Blackstone Real Estate Partners, is
part of a larger 47-property acquisition that was completed by the
joint venture. Performance across the portfolio remains stable,
with an aggregate year-end 2010 occupancy of 84%, compared with
85% in 2009. The loan matures on October 11, 2011, and details are
limited at this point with respect to any discussions surrounding
the refinance. Fitch expects more detail as the maturity date
nears.

Fitch will continue to monitor the refinance prospects of both
loans, and expects to resolve the Rating Watch as details on each
loan's ability to exit their respective debt obligations become
clearer.

Fitch places these classes on Rating Watch Evolving:

   -- $55.4 million class B at AAsf/LS4' Rating Watch Evolving;

   -- $48.9 million class C at 'Asf/LS4'; Rating Watch Evolving;

   -- $32.6 million class D at 'Asf/LS5'; Rating Watch Evolving;

   -- $75.3 million class E at 'BBBsf/LS4'; Rating Watch Evolving;

   -- $46.7 million class F at 'BBBsf/LS5'; Rating Watch Evolving;

   -- $44.3 million class G at 'BBsf/LS5'; Rating Watch Evolving;

   -- $40.6 million class H at 'BBsf/LS5'; Rating Watch Evolving;

   -- $35.9 million class J at 'Bsf/LS5'; Rating Watch Evolving;

   -- $36.3 million class K at 'CCCsf/RR3'; Rating Watch Evolving;

   -- $31.1 million class L at 'CCCsf/RR6'; Rating Watch Evolving;

   -- $48.2 million class M at 'CCCsf/RR6'; Rating Watch Evolving.

In addition, Fitch has affirmed these classes:

   -- $77.6 million class A-1 at 'AAAsf/LS2'; Outlook Stable;

   -- $527.7 million class A-2 at 'AAAsf/LS2'; Outlook Stable.


MERRILL LYNCH: Moody's Upgrades Six Classes of MLMT 2004-MKB1
-------------------------------------------------------------
Moody's Investors Service (Moody's) upgraded the ratings of six
classes and affirmed 12 classes of Merrill Lynch Mortgage Trust
2004-MKB1, Commercial Mortgage Pass-Through Certificates, Series
2004-MKB1:

Cl. A-3, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed
at Aaa (sf)

Cl. A-4, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed
at Aaa (sf)

Cl. A-1A, Affirmed at Aaa (sf); previously on Mar 9, 2011
Confirmed at Aaa (sf)

Cl. B, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed
at Aaa (sf)

Cl. C, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed
at Aaa (sf)

Cl. D, Upgraded to Aa2 (sf); previously on May 14, 2004 Definitive
Rating Assigned A2 (sf)

Cl. E, Upgraded to Aa3 (sf); previously on May 14, 2004 Definitive
Rating Assigned A3 (sf)

Cl. F, Upgraded to A2 (sf); previously on May 14, 2004 Definitive
Rating Assigned Baa1 (sf)

Cl. G, Upgraded to Baa1 (sf); previously on May 14, 2004
Definitive Rating Assigned Baa2 (sf)

Cl. H, Affirmed at Baa3 (sf); previously on May 14, 2004
Definitive Rating Assigned Baa3 (sf)

Cl. J, Affirmed at Ba2 (sf); previously on Nov 4, 2010 Downgraded
to Ba2 (sf)

Cl. K, Affirmed at B1 (sf); previously on Nov 4, 2010 Downgraded
to B1 (sf)

Cl. L, Affirmed at B3 (sf); previously on Nov 4, 2010 Downgraded
to B3 (sf)

Cl. M, Affirmed at Caa1 (sf); previously on Nov 4, 2010 Downgraded
to Caa1 (sf)

Cl. N, Upgraded to Caa2 (sf); previously on Nov 4, 2010 Downgraded
to C (sf)

Cl. P, Upgraded to Caa3 (sf); previously on Nov 4, 2010 Downgraded
to C (sf)

Cl. XP, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed
at Aaa (sf)

Cl. XC, Affirmed at Aaa (sf); previously on Mar 9, 2011 Confirmed
at Aaa (sf)

RATINGS RATIONALE

The upgrades are due to overall improved pool financial
performance and increased credit support due to loan payoffs and
amortization and a decline in Moody's estimate of expected losses
from specially serviced and troubled loans. The pool has paid down
by 25% since Moody's prior review.

The affirmations are due to key parameters, including Moody's loan
to value (LTV) ratio, Moody's stressed debt service coverage ratio
(DSCR) and the Herfindahl Index (Herf), remaining within
acceptable ranges. Based on Moody's current base expected loss,
the credit enhancement levels for the affirmed classes are
sufficient to maintain their current ratings.

Moody's rating action reflects a cumulative base expected loss of
2.6% ($10.9 million) of the current balance compared to 3.2%
($18.2 million) at last review. Moody's stressed scenario loss is
6.6% of the current balance. Moody's provides a current list of
base and stress scenario losses for conduit and fusion CMBS
transactions on moodys.com at:

   http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

Depending on the timing of loan payoffs and the severity and
timing of losses from specially serviced loans, the credit
enhancement level for investment grade classes could decline below
the current levels. If future performance materially declines, the
expected level of credit enhancement and the priority in the cash
flow waterfall may be insufficient for the current ratings of
these classes.

Moody's forward-looking view of the likely range of performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside the given range 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 range will not necessarily result in a rating
action nor does performance within expectations preclude such
actions. The decision to take (or not take) a rating action is
dependent on an assessment of a range of factors including, but
not exclusively, the performance metrics.

Primary sources of assumption uncertainty are the current sluggish
macroeconomic environment and varying performance in the
commercial real estate property markets. However, Moody's expects
to see increasing or stabilizing property values, higher
transaction volumes, a slowing in the pace of loan delinquencies
and greater liquidity for commercial real estate in 2011 The hotel
and multifamily sectors are continuing to show signs of recovery,
while recovery in the office and retail sectors will be tied to
recovery of the broader economy. The availability of debt capital
continues to improve with terms returning toward market norms.
Moody's central global macroeconomic scenario reflects an overall
sluggish recovery through 2012, amidst ongoing individual,
corporate and governmental deleveraging, persistent unemployment,
and government budget considerations.

The primary methodology used in this rating was: "CMBS: Moody's
Approach to Rating Conduit Transactions" published in September
2005.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.50 which is used for both conduit and fusion
transactions. Conduit model results at the Aa2 (sf) level are
driven by property type, Moody's actual and stressed DSCR, and
Moody's property quality grade (which reflects the capitalization
rate used by Moody's to estimate Moody's value). Conduit model
results at the B2 (sf) level are driven by a paydown analysis
based on the individual loan level Moody's LTV ratio. Moody's
Herfindahl score (Herf), a measure of loan level diversity, is a
primary determinant of pool level diversity and has a greater
impact on senior certificates. Other concentrations and
correlations may be considered in Moody's analysis. Based on the
model pooled credit enhancement levels at Aa2 (sf) and B2 (sf),
the remaining conduit classes are either interpolated between
these two data points or determined based on a multiple or ratio
of either of these two data points. For fusion deals, the credit
enhancement for loans with investment-grade credit estimates is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
credit estimate of the loan which corresponds to a range of credit
enhancement levels. Actual fusion credit enhancement levels are
selected based on loan level diversity, pool leverage and other
concentrations and correlations within the pool. Negative pooling,
or adding credit enhancement at the credit estimate level, is
incorporated for loans with similar credit estimates in the same
transaction.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 30 compared to 25 at Moody's prior review.

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

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through two sets of
quantitative tools -- MOST(R) (Moody's Surveillance Trends) and
CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior full review is
summarized in a press release dated November 4, 2010. Please see
the ratings tab on the issuer / entity page on moodys.com for the
last rating action and the ratings history.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.

DEAL PERFORMANCE

As of the June 13, 2011 distribution date, the transaction's
aggregate certificate balance has decreased by 57% to $424.9
million from $979.8 million at securitization. The Certificates
are collateralized by 60 mortgage loans ranging in size from less
than 1% to 6% of the pool, with the top ten non-defeased loans
representing 34% of the pool. Seventeen loans, representing 26% of
the pool, have defeased and are secured by U.S. Government
securities. Defeasance at last review represented 30% of the pool.

Three loans, representing 4% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

Five loans have been liquidated from the pool, resulting in a
realized loss of $3.6 million (10% loss severity). Currently two
loans, representing 4% of the pool, are in special servicing.
Moody's estimates an aggregate $3.8 million loss for the specially
serviced loans (24% expected loss on average).

Moody's has assumed a high default probability for two poorly
performing loans representing 2% of the pool and has estimated an
aggregate $2 million loss (20% expected loss based on a 50%
probability default) from these troubled loans.

Moody's was provided with full year 2010 operating results for 90%
of the pool. Excluding specially serviced and troubled loans,
Moody's weighted average LTV is 83% compared to 82% at Moody's
prior review. Moody's net cash flow reflects a weighted average
haircut of 11.7% to the most recently available net operating
income. Moody's value reflects a weighted average capitalization
rate of 9.0%.

Excluding special serviced and troubled loans, Moody's actual and
stressed DSCRs are 1.46X and 1.33X, respectively, compared to
1.51X and 1.34X at last review. Moody's actual DSCR is based on
Moody's net cash flow (NCF) and the loan's actual debt service.
Moody's stressed DSCR is based on Moody's NCF and a 9.25% stressed
rate applied to the loan balance.

The top three conduit loans represent 14% of the pool. The largest
conduit loan is the WestPoint Crossing Shopping Center Loan ($25
million -- 6% of the pool), which is secured by a 241,000 square
foot retail center consisting of 11 one-story buildings located in
Tucson, Arizona. The center is shadow-anchored by Home Depot and
Target. The property was 97% leased as of February 2011,
essentially the same as the prior review. Moody's LTV and stressed
DSCR are 89% and 1.12X, respectively, compared to 94% and 1.07X at
last review.

The second largest loan is the GFS Marketplace Portfolio Loan
($18.4 million -- 4.3% of the pool), which is secured by 17
single-tenant retail properties with a total of 272,000 square
feet located in Ohio (6), Michigan (5) Indiana (4), and Illinois
(2). All the properties are leased to GFS Holdings, Inc., a
foodservice distributor, under leases expiring in September 2028.
Moody's LTV and stressed DSCR 50% and 2.06X, respectively,
compared to 51% and 2.02X at last review.

The third largest loan is the MHC Portfolio - Mariner's Cove Loan
($15.5 million -- 3.7% of the pool), which is secured by a 374-pad
manufactured housing community located in Millsboro, Delaware. As
of December, the property was 97% leased, the same as at last
review. Moody's LTV and stressed DSCR 67% and 1.37X, respectively,
compared to 72% and 1.28X at last review.


MEZZ CAP COMMERCIAL: Fitch Takes Various Rating Actions
-------------------------------------------------------
Fitch Ratings has downgraded, revised recovery rating, and
affirmed these classes from Mezz Cap Commercial Mortgage
Transactions:

Mezz Cap Commercial Mortgage Trust 2004-C1 (Mezz Cap 2004-C1):

   -- $22.4 million class A downgraded to 'C/RR3 from 'B-/LS5';

   -- $2.8 million class B downgraded to 'C/RR5' from 'CC/RR4';

   -- $2.3 million class C downgraded to 'C/RR6 from 'CC/RR5';

   -- $2.8 million class D affirmed at 'C/RR6';

   -- $1.5 million class E affirmed at 'C/RR6' ';

   -- $1.6 million class F affirmed at 'C/RR6';

   -- $1.1 million class G affirmed at 'C/RR6'.

Classes H and J remain 'D/RR6' due to realized losses.

Mezz Cap Commercial Mortgage Trust 2004-C2 (Mezz Cap 2004-C2):

   -- $30.2 million class A downgraded to 'C/RR3' from 'CCC/RR1';

   -- $2.1 million class B downgraded to 'C/RR5' from 'CC/RR5';

   -- $1.6 million class C downgraded to 'C/RR6' from 'CC/RR5';

   -- $2.6 million class D affirmed at 'C/RR6';

   -- $1 million class E affirmed at 'C/RR6';

   -- $1.8 million class F affirmed at 'C/RR6';

   -- $1.2 million class G affirmed at 'C/RR6';

   -- $3.9 million class H affirmed at 'C/RR6'.

Class J remains 'D/RR6' due to realized losses.

Mezz Cap Commercial Mortgage Trust 2005-C3 (Mezz Cap 2005-C3):

   -- $40.8 million class A downgraded to 'C/RR5' from 'CC/RR3';

   -- $1.8 million class B affirmed at 'C'; RR revised to 'RR6'
      from 'RR5';

   -- $1.9 million class C affirmed at 'C/RR6';

   -- $3.2 million class D affirmed at 'C/RR6';

   -- $1.8 million class E affirmed at 'C/RR6';

   -- $1.6 million class F affirmed at 'C/RR6' ;

   -- $1.7 million class G affirmed at 'C/RR6'.

Classes H and J remain 'D/RR6' due to realized losses.

Mezz Cap Commercial Mortgage Trust 2006-C4 (Mezz Cap 2006-C4):

   -- $57.9 million class A affirmed at 'C'; RR revised to 'RR4'
      from 'RR2';

   -- $2.2 million class B affirmed at 'C/RR6';

   -- $2.2 million class C affirmed at 'C/RR6';

   -- $3.6 million class D affirmed at 'C/RR6';

   -- $1.2 million class E affirmed at 'C/RR6';

   -- $2.6 million class F affirmed at 'C/RR6';

   -- $6.6 million class G downgraded to 'D/RR6' from 'C/RR6'.

Class H remains 'D/RR6' due to realized losses.

Mezz Cap Commercial Mortgage Trust 2007-C5 (Mezz Cap 2007-C5):

   -- $39.5 million class A downgraded to 'C/RR2' from 'CC/RR2';

   -- $1.2 million class B downgraded to 'C/RR6' from 'CC/RR5';

   -- $1.6 million class C affirmed at 'C/RR6';

   -- $2.3 million class D affirmed at 'C/RR6';

   -- $1.1 million class E affirmed at 'C/RR6';

   -- $1.8 million class F affirmed at 'C/RR6'.

Classes G and H remain 'D/RR6' due to realized losses.

The downgrades are due to significant deterioration in loan
performance across the pools, as evidenced by principal write-
downs to the junior classes, large increases in the number of
specially serviced loans, and additional interest shortfalls
within the transactions since Fitch's last rating action.

In most cases principal losses have not yet been realized; and
only the unrated and junior-most classes of certificates have
taken principal write-downs to date. However, the higher leverage
on the loans, coupled with continuing term defaults and projected
defaults upon maturity, make substantial future losses to the
trusts likely.

The current ratings are based on application of Fitch's recent-
vintage U.S. commercial mortgage backed security (CMBS)
methodology. The ratings are prospective in nature and reflect
anticipated losses associated with the loans currently in special
servicing as well as the potential for losses to occur on the
performing loans having to refinance in the future.

The transactions are securitized by B notes, which are subordinate
to the first mortgage loans securitized in various CMBS
transactions. The loans are secured by traditional commercial real
estate property types and are subject to standard intercreditor
agreements that limit the rights and remedies of the B note holder
in the event of default and upon refinancing. Due to their
subordinate positions, B notes that default and incur a loss are
typically 100% non-recoverable. Advancing typically ceases once a
loan becomes 30 days past due.

The transactions' defaults generally far exceed the average
delinquencies of typical CMBS deals. The total proportion of loans
currently in special servicing for each transaction is as follows:
Mezz Cap 2004-C1, 33%; Mezz Cap 2004-C2, 31%; Mezz Cap 2005-C3,
31%; Mezz Cap 2006-C4, 41%; and Mezz Cap 2007-C5, 21%.


MORGAN STANLEY: Fitch Upgrades Capital I Trust 1999-RM1 Certs.
--------------------------------------------------------------
Fitch Ratings upgrades one class of Morgan Stanley Capital I Trust
Commercial Mortgage Pass-Through Certificates series 1999-RM1 due
to stable performance since last Fitch review.

The upgrade is due to increased credit enhancement due to paydown
which is sufficient to offset Fitch expected losses. Fitch modeled
losses of 3.5% of the remaining pool; expected losses of the
original pool are at 1.9%, including losses already incurred to
date. Fitch has designated seven loans (12.4%) as Fitch Loans of
Concern due to poor performance. None of the remaining loans are
specially serviced

As of the June 2011 distribution date, the pool's aggregate
principal balance has been paid down by approximately 94.6% to
$46.6 million from $859.4 million at issuance. Two (18.1%) of the
remaining 23 loans are defeased. Interest shortfalls are only
affecting the non-rated class O with cumulative unpaid interest
totaling $2.6 million.

Fitch stressed the cash flow of the remaining loans by applying a
5% reduction to 2009 or 2010 fiscal year-end net operating income,
and applying an adjusted market cap rate between 8.10% and 9.5 %
to determine value.

All the loans also underwent a refinance test by applying an 8%
interest rate and 30-year amortization schedule based on the
stressed cash flow. All of the loans are modeled to pay off at
maturity, and could refinance to a debt-service coverage ratio
(DSCR) above 1.25 times (x). The current weighted average DSCR is
1.49x.

The only contributor to Fitch modeled losses is a 20,745 square
foot (SF) retail property located in Virginia Beach, VA. The
property had been 100% vacant since the single tenant Regal
Cinemas declared Bankruptcy and rejected the lease in January
2008. The property has signed a new lease with another movie
operator which has opened May, 2011.

Fitch upgrades this class:

   -- $8.6 million class J to 'AAA/LS3' from 'A+/LS3'; Outlook
      Stable.

Fitch affirms these classes:

   -- $0.8 million class H at 'AAA/LS3'; Outlook Stable;

   -- $12.9 million class K at 'BBB/LS3'; Outlook Stable;

   -- $6.4 million class L at 'BBB-/LS3'; Outlook Stable;

   -- $8.6 million class M at 'B+/LS3'; Outlook Negative;

   -- $8.6 million class N at 'C/RR1'.

Classes A-1 through G have paid in full. Fitch does not rate the
$0.7 million class O certificates.

Fitch withdraws the rating of interest-only class X.


MORGAN STANLEY: Fitch Rates Capital I Trust 2011-C1 Certificates
----------------------------------------------------------------
Fitch Ratings has assigned these ratings on Morgan Stanley Capital
I Trust 2011-C1 commercial mortgage pass-through certificates:

   -- $66,953,000 class A-1 'AAAsf/LS1'; Outlook Stable;

   -- $363,549,000 class A-2 'AAAsf/LS1'; Outlook Stable;

   -- $89,030,000 class A-3 'AAAsf/LS1'; Outlook Stable;

   -- $439,489,000 class A-4 'AAAsf/LS1'; Outlook Stable;

   -- $959,021,000* class X-A 'AAAsf'; Outlook Stable;

   -- $45,524,000 class B 'AAsf/LS3'; Outlook Stable;

   -- $50,075,000 class C 'Asf/LS3'; Outlook Stable;

   -- $31,866,000 class D 'BBB+sf/LS4'; Outlook Stable;

   -- $50,076,000 class E 'BBB-sf/LS3'; Outlook Stable;

   -- $15,174,000 class F 'BB+sf/LS5'; Outlook Stable;

   -- $12,140,000 class G 'BBsf/LS5'; Outlook Stable;

   -- $15,174,000 class H 'B-sf/LS5'; Outlook Stable.

* Notional amount and interest-only.

Fitch does not rate the $34.9 million class J or the interest-only
class X-B.


MORGAN STANLEY: Fitch Rates Capital I Trust 2011-C2 Certificates
----------------------------------------------------------------
Fitch has assigned these ratings on Morgan Stanley Capital I Trust
2011-C2 commercial mortgage pass-through certificates:

   -- $66,953,000 class A-1 'AAAsf/LS1'; Outlook Stable;

   -- $363,549,000 class A-2 'AAAsf/LS1'; Outlook Stable;

   -- $89,030,000 class A-3 'AAAsf/LS1'; Outlook Stable;

   -- $439,489,000 class A-4 'AAAsf/LS1'; Outlook Stable;

   -- $959,021,000* class X-A 'AAAsf'; Outlook Stable;

   -- $45,524,000 class B 'AAsf/LS3'; Outlook Stable;

   -- $50,075,000 class C 'Asf/LS3'; Outlook Stable;

   -- $31,866,000 class D 'BBB+sf/LS4'; Outlook Stable;

   -- $50,076,000 class E 'BBB-sf/LS3'; Outlook Stable;

   -- $15,174,000 class F 'BB+sf/LS5'; Outlook Stable;

   -- $12,140,000 class G 'BBsf/LS5'; Outlook Stable;

   -- $15,174,000 class H 'B-sf/LS5'; Outlook Stable.

*Notional amount and interest only.

Fitch does not rate the $34.9 million class J or the interest-only
class X-B.


MORGAN STANLEY: Fitch Takes Various Rating Actions
--------------------------------------------------
Fitch Ratings has downgraded one and affirmed eight classes of
Morgan Stanley Dean Witter Capital I Trust 2001-TOP1 (MSDW 2001-
TOP1).

Fitch modeled losses of 14.1% of the remaining pool; modeled
losses of the original pool are at 3.6%, including losses already
incurred to date.

The pool has become extremely concentrated with only 30 loans
remaining. As of the June 2011 distribution date, the pool's
certificate balance has been reduced by 91.3% (to $101 million
from $1.16 billion at issuance), of which 89% were due to paydowns
and 2.3% were due to realized losses. Interest shortfalls totaling
$2.9 million are currently affecting classes H through N.

Fitch has identified 15 Fitch Loans of Concern (66.9%), eight of
which are specially-serviced (39.4%). Fitch expects the losses
associated with the specially-serviced loans to impact classes H
and J. Classes K through N have been reduced to zero due to
realized losses.

The largest contributor to modeled losses is a specially-serviced
loan secured by a 278,620 square foot (sf) office property located
in downtown Hartford, CT. The asset is currently real-estate owned
(REO). The property is currently being marketed for sale.

The next largest contributor to modeled losses is a loan secured
by an office property located in San Antonio, TX. Year-end 2010
debt-service coverage ratio (DSCR) was 0.64 times (x), on a net-
operating income basis. The property also faces potential tenant
turnover later in 2011 as two of the larger tenants (17% of total
space) have leases expiring within the next 12 months.

Fitch stressed the cash flow of the remaining non-defeased loans
by applying a 5% reduction to 2009 or 2010 fiscal year-end net
operating income, and applying an adjusted market cap rate between
8.1% and 10% to determine value.

The non-defeased and non-specially-serviced loans also underwent a
refinance test by applying an 8% interest rate and 30-year
amortization schedule based on the stressed cash flow. Under this
scenario, five loans not expected to pay off at maturity and four
loans incur a loss when compared to Fitch's stressed value. The
current weighted average DSCR for the non-defeased and non-
specially-serviced loans is 1.60x.

Fitch downgrades this class:

   -- $8.7 million class H to 'C/RR6' from 'CC/RR6'.

Additionally, Fitch affirms these classes, and revises their
Rating Outlooks:

   -- $21 million class C at 'A/LS5'; Outlook to Stable from
      Negative;

   -- $11.6 million class D at 'BBB-/LS5'; Outlook to Stable from
      Negative;

   -- $27.5 million class E at 'B-/LS5'; Outlook Negative;

   -- $10.1 million class F at 'CCC/RR1';

   -- $18.8 million class G at 'CC/RR5';

   -- $3.5 million class J at 'D/RR6';

   -- $0 class K at 'D/RR6';

   -- $0 class L at 'D/RR6'.

Classes A-1, A-2, A-3, A-4, and B have paid in full. Class N is
not rated by Fitch.


MORGAN STANLEY: Moody's Affirms Eight CMBS Classes of 2007-XLF
--------------------------------------------------------------
Moody's Investors Service affirmed the rating of eight classes of
Morgan Stanley Mortgage Capital I Inc. Series 2007-XLF:

Cl. A-1 Certificate, Affirmed at Aaa (sf); previously on Feb 23,
2007 Definitive Rating Assigned Aaa (sf)

Cl. A-2 Certificate, Affirmed at Aa3 (sf); previously on May 12,
2010 Downgraded to Aa3 (sf)

Cl. B Certificate, Affirmed at A2 (sf); previously on May 12, 2010
Downgraded to A2 (sf)

Cl. C Certificate, Affirmed at Baa1 (sf); previously on May 12,
2010 Downgraded to Baa1 (sf)

Cl. D Certificate, Affirmed at Baa3 (sf); previously on May 12,
2010 Downgraded to Baa3 (sf)

Cl. M-HRO Certificate, Affirmed at Caa2 (sf); previously on
May 12, 2010 Downgraded to Caa2 (sf)

Cl. N-HRO Certificate, Affirmed at Caa3 (sf); previously on
May 12, 2010 Downgraded to Caa3 (sf)

Cl. M-STR Certificate, Affirmed at Caa1 (sf); previously on
May 12, 2010 Downgraded to Caa1 (sf)

Ratings Rationale

The affirmations are due to key parameters, including Moody's loan
to value (LTV) ratio and Moody's stressed debt service coverage
ratio (DSCR) remaining within acceptable ranges.

Moody's analysis reflects a forward-looking view of the likely
range of collateral performance over the medium term. From time to
time, Moody's may, if warranted change these expectations.
Performance that falls outside an acceptable range of the key
parameters may indicate that the collateral's credit quality is
stronger or weaker than Moody's had anticipated during the
previous review. Even so, deviation from the expected range will
not necessarily result in a rating action. There may be mitigating
or offsetting factors to an improvement or decline in collateral
performance, such as increased subordination levels due to
amortization and loan payoffs or a decline in subordination due to
realized losses.

Primary sources of assumption uncertainty are the current sluggish
macroeconomic environment and varying performance in the
commercial real estate property markets. However, Moody's expects
to see increasing or stabilizing property values, higher
transaction volumes, a slowing in the pace of loan delinquencies
and greater liquidity for commercial real estate in 2011. The
hotel and multifamily sectors are continuing to show signs of
recovery, while recovery in the office and retail sectors will be
tied to recovery of the broader economy. The availability of debt
capital continues to improve with terms returning toward market
norms. Moody's central global macroeconomic scenario reflects an
overall sluggish recovery through 2012, amidst ongoing individual,
corporate and governmental deleveraging, persistent unemployment,
and government budget considerations.

The principal methodology used in this rating was "Moody's
Approach to Rating Large Loan/Single Borrower Transactions"
published in July 2000.

Moody's review incorporated the use of the excel-based Large Loan
Model v 8.0. The large loan model derives credit enhancement
levels based on an aggregation of adjusted loan level proceeds
derived from Moody's loan level LTV ratios. Major adjustments to
determining proceeds include leverage, loan structure, property
type, and sponsorship. These aggregated proceeds are then further
adjusted for any pooling benefits associated with loan level
diversity, other concentrations and correlations.

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

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through two sets of
quantitative tools -- MOST(R) (Moody's Surveillance Trends) and
CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior review is
summarized in a press release dated May 12, 2010. Please see the
ratings tab on the issuer/entity page on moodys.com for the last
rating action and the ratings history.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.

Deal Performance

As of the June 15, 2011 payment date, the transaction's aggregate
certificate balance has decreased by approximately 49% to
$696.2 million from $1.37 billion at securitization due to the pay
off of five loans and partial pay downs associated with five loans
including the JP Morgan Office Portfolio Loan that has paid down
by 93% to $15.0 million from $220 million at securitization. The
largest three loans account for 57% of the pooled balance. The
pool composition includes hotel properties (45% of the pooled
balance), office properties (28%), one loan secured by vacant land
(15%) and one telecommunications property (12%).

Moody's weighted average loan to value (LTV) ratio for the pooled
debt is 92% compared to 91% at Moody's previous review. Moody's
stressed debt service coverage (DSCR) is 0.98X, compared to 0.88X
at last review. Moody's stressed DSCR is based on Moody's net cash
flow and a 9.25% stressed rate applied to the loan balance. The
transaction has had cumulative losses to date of approximately
$5,362, affecting non-pooled (rake) classes M-JPM ($2,786) and N-
HRO ($2,575). Interest shortfalls in the amounts of $12,230,
$40,163 and $351 affect Classes K, L and N-HRO, respectively.

There are currently two loans in special servicing, the Babcock
Ranch Loan ($100.0 million -- 15% of the pooled debt) and the New
Boston Office Portfolio Loan ($47.4 million -- 7% of the pooled
debt). The Babcock Ranch Loan is secured by a 17,890-acre parcel
of vacant land located in Charlotte County and Lee County,
Florida, approximately 15-miles northeast of downtown Fort Meyers.
The collateral is part of the larger Babcock Ranch that totals
91,361 acres, with the remaining acres having been sold to the
State of Florida for preservation. The loan sponsor, Kitson &
Partners and MSREF V Domestic Funding, L.P., intends to develop
the property into a planned community containing at least 17,870
residential units and 6 million square feet of commercial space
with electricity provided by a to-be-constructed solar energy
facility. The mortgage loan was made in order to provide the
borrower with financing during the period necessary for it to
obtain the approvals needed for development. The loan was
transferred to special servicing on March 17, 2011, to discuss a
modification/extension of the loan. The borrower had notified the
master servicer that it would not be able to pay off the mortgage
by the August 9, 2011 maturity date. The borrower will reimburse
special servicing charges while the loan modification is being
discussed.

Values for undeveloped land in south Florida have fallen
significantly over the past three years as home prices have fallen
and the inventory of unsold homes has risen. The Cape Coral-Fort
Meyers metro area has one of the highest home foreclosure rates in
Florida. Moody's LTV for the trust debt is 125% and Moody's
current credit estimate is C compared to Caa1 at last review.

The New Boston Office Portfolio Loan is secured by five office and
office/R&D properties located in the Boston, Massachusetts area.
Three properties have been released since securitization resulting
in a 32% pay down of the trust debt. The whole loan has a current
outstanding balance of $65.3 million including a $17.9 million
non-trust junior participation. The loan was transferred to
special servicing in February 2010 and is pending return to the
master servicer. The borrower expects to complete additional asset
sales in the near term and has requested that the return to master
servicing be deferred pending completion of these additional
property releases. The borrower is reimbursing special servicing
charges. The loan matures in February 2012. Moody's LTV for the
pooled debt is 85% and Moody's stressed DSCR is 1.24X. Moody's
current credit estimate is B2, the same as last review.

The largest loan is the Crowne Plaza Times Square Loan
($151.8 million -- 22% of the pooled debt) secured by leasehold
interests in a 770-key, full service hotel located at 49th Street
and Broadway in the Times Square area of New York, NY. The hotel
underwent an $85 million renovation that was completed in 2008.
In addition to the hotel rooms, loan collateral includes
approximately 180,328 square feet of office space, 42,121 square
feet of retail space and a 159-car parking garage. As of December
2010 the commercial component was 98% occupied. Two tenants,
American Management Associates (155,506 square feet) and TSI
Broadway (31,416 square feet), lease approximately 81% of the
commercial space with lease expirations in 2016 and 2019,
respectively. The commercial component contributes approximately
12% of total gross revenue.

Revenue per available room (RevPAR), calculated by multiplying the
average daily rate by the occupancy rate, for calendar year 2010
was $241, a 16% increase over 2009, although a 7% decrease from
securitization. Smith Travel Research projects full year RevPAR
for New York City hotels to increase by 1.2% compared to 12.9% in
2010. RevPAR growth has decelerated due to an increase in new
hotel supply. The loan matures in December 2011. Moody's LTV for
the pooled debt is 87% and Moody's stressed DSCR is 1.24X. Moody's
current credit estimate is B2 compared to B3 at last review.

The HRO Portfolio Loan ($131.1 million -- 19% of the pooled debt)
is secured by five full-service hotels totaling 1,954 keys. The
loan has paid down approximately 14% since securitization due to
the release of two properties, the Sheraton College Park (205
rooms) and the Sheraton Danbury (242 rooms). The $144.2 million
whole loan includes non-pooled trust debt of $13.2 million,
certificate Classes M-HRO and N-HRO.The five remaining hotels are
branded as Westin, Sheraton, Hilton and Marriott. At
securitization the objective for the portfolio was to improve
performance through renovations and aggressive management. RevPAR
in 2010 for the five remaining hotels increased 25% to $65 from
$52 in 2009 compared to RevPAR of $82 at securitization. The last
hotel to be renovated was the 349-key Sheraton Buckhead (Atlanta,
Georgia) that re-opened in November 2009 after a $59 million
renovation and was re-flagged as a Marriott. Portfolio performance
is expected to improve as the Marriott Buckhead regains market
share. The loan matures in October 2011. Moody's LTV for the
pooled debt is 95% and Moody's stressed DSCR is 0.50X. Moody's
current credit estimate is Caa1, the same as last review.


MORGAN STANLEY: Moody's Assigns Definitive Ratings to 11 CMBS
-------------------------------------------------------------
Moody's Investors Service has assigned ratings to 11 classes of
CMBS securities, issued by Morgan Stanley Capital I Trust 2011-C2,
Commercial Mortgage Pass-Through Certificates, Series 2011-C2.

US$66.953M Cl. A-1 Certificate, Definitive Rating Assigned Aaa
(sf)

US$363.549M Cl. A-2 Certificate, Definitive Rating Assigned Aaa
(sf)

US$89.03M Cl. A-3 Certificate, Definitive Rating Assigned Aaa (sf)

US$439.489M Cl. A-4 Certificate, Definitive Rating Assigned Aaa
(sf)

Cl. X-A Certificate, Definitive Rating Assigned Aaa (sf)

Cl. X-B Certificate, Definitive Rating Assigned Aaa (sf)

US$45.524M Cl. B Certificate, Definitive Rating Assigned Aa2 (sf)

US$50.075M Cl. C Certificate, Definitive Rating Assigned A2 (sf)

US$31.866M Cl. D Certificate, Definitive Rating Assigned Baa2 (sf)

US$50.076M Cl. E Certificate, Definitive Rating Assigned Baa3 (sf)

US$15.174M Cl. F Certificate, Definitive Rating Assigned Ba2 (sf)

Ratings Rationale

The Certificates are collateralized by 52 fixed rate loans secured
by 64 properties. The ratings are based on the collateral and the
structure of the transaction.

Moody's CMBS ratings methodology combines both commercial real
estate and structured finance analysis. Based on commercial real
estate analysis, Moody's determines the credit quality of each
mortgage loan and calculates an expected loss on a loan specific
basis. Under structured finance, the credit enhancement for each
certificate typically depends on the expected frequency, severity,
and timing of future losses. Moody's also considers a range of
qualitative issues as well as the transaction's structural and
legal aspects.

The credit risk of loans is determined primarily by two factors:
1) Moody's assessment of the probability of default, which is
largely driven by each loan's DSCR, and 2) Moody's assessment of
the severity of loss upon a default, which is largely driven by
each loan's LTV ratio. The Moody's Actual DSCR of 1.58X is higher
than the 2007 conduit/fusion transaction average of 1.31X. The
Moody's Stressed DSCR of 1.07X is higher than the 2007
conduit/fusion transaction average of 0.92X. Moody's Trust LTV
ratio of 95.2% is lower than the 2007 conduit/fusion transaction
average of 110.6%. Moody's Total LTV ratio (inclusive of
subordinated debt) of 103.1% is also considered when analyzing
various stress scenarios for the rated debt.

Moody's also considers both loan level diversity and property
level diversity when selecting a ratings approach.

With respect to loan level diversity, the pool's loan level
(includes cross collateralized and cross defaulted loans)
Herfindahl Index is 16.7. With respect to property level
diversity, the pool's property level Herfindahl Index is 17.0. The
transaction is concentrated relative to previously rated conduit
and fusion transactions, but more diverse than previously rated
large loan transactions. As a result, Moody's approach to rating
the deal incorporated a blend of both Moody's conduit and large
loan rating methodologies.

Moody's grades properties on a scale of 1 to 5 (best to worst) and
considers those grades when assessing the likelihood of debt
payment. Properties situated in major markets tend to exhibit more
cash flow and capitalization rate stability over time compared to
assets located in tertiary markets. Properties located in major
markets represent approximately 88.3% of the pool balance. The
tertiary market share of 11.7% is among the lowest exposures
Moody's has observed in its rated conduit and fusion universe. The
factors considered when assigning a quality grade include market,
property age, quality of construction, location, and tenancy. The
pool's weighted average property quality grade is 2.0, which is
lower than the average of recently rated conduit deals. The low
weighted average grade is indicative of the strong market
composition of the pool and the stability of the cash flows
underlying the assets.

The transaction benefits from two loans, representing
approximately 9.8% of the pool balance in aggregate, assigned an
investment grade credit estimate. Loans assigned investment grade
credit estimates are not expected to contribute any loss to a
transaction in low stress scenarios, but are expected to
contribute minimal amounts of loss in high stress scenarios.
Moody's also considers the creditworthiness of loans when
evaluating the effects of pooling among portfolio assets.
Generally, a loan's affect on the diversity profile of a portfolio
is inversely correlated with the loan's creditworthiness. As such,
high quality loans only marginally benefit a pool's diversity
profile when they are small, or marginally harm a pool's diversity
profile when they are large. However, the Herfindahl score for
this transaction excluding loans assigned a credit estimate is
15.3. The lower Herfindahl score indicates that this transaction
receives less pooling benefit than what the true score of 16.7
would normally justify.

The principal methodology used in rating MSC 2011-C2 was "CMBS:
Moody's Approach to Rating Fusion U.S. CMBS Transactions" rating
methodology published in April 2005.

Moody's analysis employs the excel-based CMBS Conduit Model v2.50
which derives credit enhancement levels based on an aggregation of
adjusted loan level proceeds derived from Moody's loan level DSCR
and LTV ratios. Major adjustments to determining proceeds include
loan structure, property type, sponsorship and diversity.

The V Score for this transaction is assessed as Low/Medium, the
same as the V score assigned to the U.S. Conduit and CMBS sector.
This reflects typical volatility with respect to the critical
assumptions used in the rating process as well as an average
disclosure of securitization collateral and ongoing performance.

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

Moody's Parameter Sensitivities: If Moody's value of the
collateral used in determining the initial rating were decreased
by 5%, 17%, or 29%, the model-indicated rating for the currently
rated Aaa classes would be Aa1, Aa3, A1, respectively. Parameter
Sensitivities are not intended to measure how the rating of the
security might migrate over time; rather they are designed to
provide a quantitative calculation of how the initial rating might
change if key input parameters used in the initial rating process
differed. The analysis assumes that the deal has not aged.
Parameter Sensitivities only reflect the ratings impact of each
scenario from a quantitative/model-indicated standpoint.
Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
Parameter Sensitivity analysis.

Moody's Investors Service received and took into account one or
more third party due diligence reports on the underlying assets or
financial instruments in this transaction and the due diligence
reports had a neutral impact on the rating.


MORGAN STANLEY: Moody's Downgrades Rating of Three CMBS Classes
---------------------------------------------------------------
Moody's Investors Service (Moody's) downgraded the ratings of
three classes, confirmed two classes and affirmed nine classes of
Morgan Stanley Dean Witter Capital I Inc., Commercial Mortgage
Pass-Through Certificates, Series 2002-HQ:

Cl. A-3,Affirmed at Aaa (sf); previously on Mar 26, 2002
Definitive Rating Assigned Aaa (sf)

Cl. B, Affirmed at Aaa (sf); previously on Jul 19, 2005 Upgraded
to Aaa (sf)

Cl. C, Affirmed at Aaa (sf); previously on Mar 30, 2007 Upgraded
to Aaa (sf)

Cl. D, Affirmed at Aaa (sf); previously on Mar 30, 2007 Upgraded
to Aaa (sf)

Cl. E, Affirmed at Aaa (sf); previously on May 14, 2008 Upgraded
to Aaa (sf)

Cl. F, Affirmed at Aaa (sf); previously on May 14, 2008 Upgraded
to Aaa (sf)

Cl. G, Affirmed at Aa2 (sf); previously on May 14, 2008 Upgraded
to Aa2 (sf)

Cl. H, Confirmed at Baa1 (sf); previously on May 12, 2011 Baa1
(sf) Placed Under Review for Possible Downgrade

Cl. J, Downgraded to Ba3 (sf); previously on May 12, 2011 Baa3
(sf) Placed Under Review for Possible Downgrade

Cl. K, Downgraded to B2 (sf); previously on May 12, 2011 Ba2 (sf)
Placed Under Review for Possible Downgrade

Cl. L, Downgraded to Caa1 (sf); previously on May 12, 2011 B3 (sf)
Placed Under Review for Possible Downgrade

Cl. M, Confirmed at Caa3 (sf); previously on May 12, 2011 Caa3
(sf) Placed Under Review for Possible Downgrade

Cl. N, Affirmed at C (sf); previously on Nov 18, 2010 Downgraded
to C (sf)

Cl. X-1, Affirmed at Aaa (sf); previously on Mar 26, 2002
Definitive Rating Assigned Aaa (sf)

Ratings Rationale

The downgrades are due to higher than expected losses from
interest shortfalls from one specially serviced loan. In recent
months interest shortfalls have increased due to the servicer,
Berkadia Commercial Mortgage LLC, recovering advances on the
specially serviced loan, which has been declared non-recoverable.

The affirmations are due to key parameters, including Moody's loan
to value (LTV) ratio, Moody's stressed debt service coverage ratio
(DSCR) and the Herfindahl Index (Herf), remaining within
acceptable ranges. Based on Moody's current base expected loss,
the credit enhancement levels for the affirmed classes are
sufficient to maintain their current ratings.

On May 12, 2011, Moody's placed five classes on review for
possible downgrade due to concerns about interest shortfalls. This
action concludes Moody's review.

Moody's rating action reflects a cumulative base expected loss of
2.8% of the current balance. At last review, Moody's cumulative
base expected loss was 2.0%. Moody's stressed scenario loss is
5.3% of the current balance. Moody's provides a current list of
base and stress scenario losses for conduit and fusion CMBS
transactions on moodys.com at:

   http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

Depending on the timing of loan payoffs and the severity and
timing of losses from specially serviced loans, the credit
enhancement level for investment grade classes could decline below
the current levels. If future performance materially declines, the
expected level of credit enhancement and the priority in the cash
flow waterfall may be insufficient for the current ratings of
these classes.

Moody's forward-looking view of the likely range of performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside the given range 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 range will not necessarily result in a rating
action nor does performance within expectations preclude such
actions. The decision to take (or not take) a rating action is
dependent on an assessment of a range of factors including, but
not exclusively, the performance metrics.

Primary sources of assumption uncertainty are the current
sluggish macroeconomic environment and varying performance in
the commercial real estate property markets. However, Moody's
expects to see increasing or stabilizing property values, higher
transaction volumes, a slowing in the pace of loan delinquencies
and greater liquidity for commercial real estate in 2011 The hotel
and multifamily sectors are continuing to show signs of recovery,
while recovery in the office and retail sectors will be tied to
recovery of the broader economy. The availability of debt capital
continues to improve with terms returning toward market norms.
Moody's central global macroeconomic scenario reflects an overall
sluggish recovery through 2012, amidst ongoing individual,
corporate and governmental deleveraging, persistent unemployment,
and government budget considerations.

The primary methodology used in this rating was: "CMBS: Moody's
Approach to Rating Fusion Transactions" published in April 2005.

Other supporting methodologies include: "CMBS: Moody's Approach to
Rating Large Loan/Single Borrower Transactions" published in July
2000.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.50 which is used for both conduit and fusion
transactions. Conduit model results at the Aa2 (sf) level are
driven by property type, Moody's actual and stressed DSCR, and
Moody's property quality grade (which reflects the capitalization
rate used by Moody's to estimate Moody's value). Conduit model
results at the B2 (sf) level are driven by a paydown analysis
based on the individual loan level Moody's LTV ratio. Moody's
Herfindahl score (Herf), a measure of loan level diversity, is a
primary determinant of pool level diversity and has a greater
impact on senior certificates. Other concentrations and
correlations may be considered in Moody's analysis. Based on the
model pooled credit enhancement levels at Aa2 (sf) and B2 (sf),
the remaining conduit classes are either interpolated between
these two data points or determined based on a multiple or ratio
of either of these two data points. For fusion deals, the credit
enhancement for loans with investment-grade credit estimates is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
credit estimate of the loan which corresponds to a range of credit
enhancement levels. Actual fusion credit enhancement levels are
selected based on loan level diversity, pool leverage and other
concentrations and correlations within the pool. Negative pooling,
or adding credit enhancement at the credit estimate level, is
incorporated for loans with similar credit estimates in the same
transaction.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 5 compared to 7 at Moody's prior review.

In cases where the Herf falls below 20, Moody's also employs the
large loan/single borrower methodology. This methodology uses the
excel-based Large Loan Model v 8.0 and then reconciles and weights
the results from the two models in formulating a rating
recommendation. The large loan model derives credit enhancement
levels based on an aggregation of adjusted loan level proceeds
derived from Moody's loan level LTV ratios. Major adjustments to
determining proceeds include leverage, loan structure, property
type, and sponsorship. These aggregated proceeds are then further
adjusted for any pooling benefits associated with loan level
diversity, other concentrations and correlations.

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

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through two sets of
quantitative tools -- MOST(R) (Moody's Surveillance Trends) and
CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior full review is
summarized in a press release dated November 18, 2010. Please see
the ratings tab on the issuer / entity page on moodys.com for the
last rating action and the ratings history.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.

DEAL PERFORMANCE

As of the June 15, 2011 distribution date, the transaction's
aggregate certificate balance has decreased by 60% to
$344.5 million from $845.9 million at securitization. The
Certificates are collateralized by 36 mortgage loans ranging
in size from less than 1% to 33% of the pool, with the top ten
non-defeased loans representing 66% of the pool. Seven loans,
representing 16% of the pool, have defeased and are secured by
U.S. Government securities. Defeasance at last review represented
27% of the pool. The pool contains one loan with an investment
grade credit estimate, representing 32% of the pool.

Nine loans, representing 20% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

Six loans have been liquidated from the pool, resulting in a
realized loss of $6.7 million (13% loss severity). Currently one
loan, representing 1% of the pool, is in special servicing.
Moody's estimates an aggregate $3 million loss for that specially
serviced loan (68% expected loss).

Moody's has assumed a high default probability for four poorly
performing loans representing 8% of the pool and has estimated an
aggregate $4 million loss (15% expected loss based on a 50%
probability default) from these troubled loans.

Moody's was provided with full year 2009 operating results for 74%
of the pool. Excluding specially serviced and troubled loans,
Moody's weighted average LTV is 74% compared to 81% at Moody's
prior review. Moody's net cash flow reflects a weighted average
haircut of 12.3% to the most recently available net operating
income. Moody's value reflects a weighted average capitalization
rate of 9.0%.

Excluding special serviced and troubled loans, Moody's actual and
stressed DSCRs are 1.46X and 1.53X, respectively, compared to
1.35X and 1.40X at last review. Moody's actual DSCR is based on
Moody's net cash flow (NCF) and the loan's actual debt service.
Moody's stressed DSCR is based on Moody's NCF and a 9.25% stressed
rate applied to the loan balance.

The loan with a credit estimate is the Woodfield Mall Loan
($115.2 million -- 33%), which represents a participation
interest in a $230.4 million first mortgage loan. The loan is
secured by the borrower's interest in a 2.2 million square foot
super regional shopping center located 25 miles northwest of
downtown Chicago in Schaumburg, Illinois. Shadow-anchored tenants
include Sears, Macy's, JC Penny, Lord and Taylor, and Nordstrom.
As of December 2010, in-line occupancy was 88% compared to 93%
at last review. The borrower is a joint venture between the
California Public Employees' Retirement System and General Motors
Pension Trust. The property is also encumbered by a $38.1 million
B Note which is held outside the trust. Moody's current credit
estimate and stressed DSCR are Aaa and 1.92X, respectively,
compared to Aaa and 1.97X at last review.

The top three conduit loans represent 20% of the pool balance.
The largest loan is the CBL Portfolio Loan ($34.6 million -- 10%),
which is secured by three shadow anchored retail properties
totaling 617,000 square feet. The properties are Willowbrook
Plaza (Houston, Texas); Massard Crossing (Fort Smith, Arkansas);
and Pemberton Plaza (Vicksburg, Mississippi). As of June 2010,
the portfolio was 85% leased, essentially the same at last review.
Performance has increased since last review due to increased
revenues. Moody's LTV and stressed DSCR are 93% and 1.16X,
respectively, compared to 105% and 1.03X at last review.

The second largest loan is the Denver West Village Loan
($21.2 million -- 6%), which is secured by a 310,000 square foot
power center located in Lakewood, Colorado. The center is anchored
by United Artists Theaters, Ultimate Electronics and Bed Bath &
Beyond. As of June 2010, the center was 99% leased compared to 94%
at last review. Performance has improved due to higher revenues.
Moody's LTV and stressed DSCR are 55% and 1.93X, respectively,
compared to 63% and 1.68X at last review.

The third largest loan is the Armstrong Corporate Park 2 & 4 Loan
($14.4 million -- 4%), which is secured by a 152,000 square foot
office property located in Shelton, Connecticut. The property's
largest tenant, Lifecare Inc (37% NRA), renewed it's lease until
2018 at the same rental rate. As of December 2010, the property
was 73% leased compared to 70% at last review. There is a large
risk of rollover as 56% of the net rentable area (NRA) expires
within one year. Moody's LTV and stressed DSCR are 139% and 0.78X,
respectively, compared to 107% and 1.01X at last review.


MORGAN STANLEY: S&P Withdraws 'CCC+' Ratings on 2 Classes of Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on classes
A1 and A2 issued by Morgan Stanley ACES SPC's series 2008-6, a
synthetic corporate investment-grade collateralized debt
obligation (CDO) transaction.

The rating withdrawals follow the complete redemption of the notes
pursuant to the redemption notice received June 10, 2011.

Ratings Withdrawn

Morgan Stanley ACES SPC
Series 2008-6
             Rating
Class     To        From
A1        NR (sf)   CCC+ (sf)
A2        NR (sf)   CCC+ (sf)

NR -- Not rated.


MORTGAGE LOAN: S&P Raises Ratings on 7 Classes of Notes From 'CCC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services corrected its ratings on 10
classes from Mortgage Loan Resecuritization Trust 2009-RS1, a
residential mortgage-backed securities (RMBS) resecuritized
real estate mortgage investment conduit (re-REMIC) transaction,
and removed three of them from CreditWatch with negative
implications. "Due to an error, on July 15, 2010, we inadvertently
lowered our ratings on these 10 classes. In addition, we affirmed
our ratings on six classes from the same transaction and
removed them from CreditWatch negative," S&P said.

"On Dec. 15, 2010, we placed nine ratings from this deal on
CreditWatch negative along with ratings from a group of other RMBS
re-REMIC securities (see 'S&P Corrects: 1,196 Ratings on 129 U.S.
RMBS Re-REMIC Transactions Placed on CreditWatch Negative,'
published Dec. 15, 2010). On April 1, 2011, we provided an update
on these CreditWatch placements and provided clarification
regarding our analysis of interest payment amounts within
re-REMIC transactions (see 'Standard & Poor's Provides An Update
On Outstanding RMBS Re-REMIC CreditWatch Placements And Outlines
Their Resolution,' published April 1, 2011)," S&P related.

"Our ratings on the re-REMIC classes are intended to address the
timely payment of interest and principal. We reviewed the interest
and principal amounts due on the underlying securities, which are
then passed through to the applicable re-REMIC classes. As part of
our analysis, we applied our loss projections, incorporating,
where applicable, our recently revised loss assumptions to the
underlying collateral, to identify the principal and interest
amounts that could be passed through from the underlying
securities under our rating scenario stresses. We stressed our
loss projections at various rating categories to assess whether
the re-REMIC classes could withstand the stressed losses
associated with their ratings while receiving timely interest and
principal payments consistent with our criteria," S&P stated.

"In applying our loss projections we incorporated, where
applicable, our recently revised loss assumptions as outlined in
'Revised Lifetime Loss Projections For Prime, Subprime, And Alt-A
U.S. RMBS Issued In 2005-2007,' published on March 25, 2011, into
our review. Such updates pertain to the 2005-2007 vintage prime,
subprime, and Alternative-A (Alt-A) transactions, some of which
are associated with the re-REMICs we reviewed (see tables 1 and
2)," S&P noted.

Table 1
Lifetime Loss Projections For Prime And Subprime RMBS
(Percent of original balance)
           Prime RMBS      Subprime RMBS
            Aggregate        Aggregate
Vintage  Updated  Prior    Updated  Prior
2005         5.5   4.00      18.25  15.40
2006        9.25   6.60      38.25  35.00
2007       11.75   9.75      48.50  43.20

Table 2
Lifetime Loss Projections For Alternative-A RMBS
(Percent of original balance)
                            Fixed/
          Aggregate       long-reset
Vintage Updated  Prior  Updated  Prior
2005      13.75  11.25    12.75   9.60
2006      29.50  26.25    25.25  25.00
2007      36.00  31.25    31.75  26.25
         Short-reset
            hybrid        Option ARM
Vintage Updated  Prior  Updated  Prior
2005      13.25  14.75    15.50  13.25
2006      30.00  30.50    34.75  26.75
2007      41.00  40.75    43.50  37.50

"As a result of this review, we have corrected the ratings on 10
classes by raising their ratings and removing three of them from
CreditWatch with negative implications. In addition, we affirmed
our ratings on six other classes from this transaction and removed
all of them from CreditWatch negative. The affirmations reflect
our assessment of the likelihood that the re-REMIC classes will
receive timely interest and the full payment of principal under
the applicable stressed assumptions," S&P said.

Ratings Corrected

Mortgage Loan Resecuritization Trust 2009-RS1
Series 2009-RS1
                                       Rating
                                                      Before
Class CUSIP      Current  12/15/10           07/15/10 07/15/10
A-77  61914WAW6  A (sf)   BBB (sf)/Watch Neg BBB (sf) A (sf)
A-79  61914WAU0  A (sf)   BB (sf)/Watch Neg  BB (sf)  A (sf)
A-81  61914WAS5  A (sf)   B (sf)/Watch Neg   B (sf)   A (sf)
A-83  61914WAQ9  A (sf)                      CCC (sf) A (sf)
A-85  61914WAA4  A (sf)                      CCC (sf) A (sf)
A-87  61914WAN6  BBB+ (sf)                   CCC (sf) BBB+ (sf)
A-89  61914WAL0  BBB- (sf)                   CCC (sf) BBB- (sf)
A-91  61914WAJ5  BB (sf)                     CCC (sf) BB (sf)
A-93  61914WAG1  B+ (sf)                     CCC (sf) B+ (sf)
A-95  61914WAE6  B (sf)                      CCC (sf) B (sf)

Ratings Affirmed and Removed From CreditWatch

Mortgage Loan Resecuritization Trust 2009-RS1
Series 2009-RS1
                                 Rating
Class      CUSIP         To                 From
A-65       61914WBJ4     A (sf)             A (sf)/Watch Neg
A-67       61914WBG0     A (sf)             A (sf)/Watch Neg
A-69       61914WBE5     A (sf)             A (sf)/Watch Neg
A-71       61914WBC9     A (sf)             A (sf)/Watch Neg
A-73       61914WBA3     A (sf)             A (sf)/Watch Neg
A-75       61914WAY2     A (sf)             A (sf)/Watch Neg


MORTGAGES PLC: Fitch Affirms Ratings on All Tranches
----------------------------------------------------
Fitch Ratings has affirmed all 10 tranches of the Mortgages Plc
transactions. Both series represent UK non-conforming RMBS
transactions.

The performance of the underlying assets in Mortgages No. 6
Plc has remained relatively stable over the past year. Period
repossessions have mildly decreased to low levels, and in three of
the past four quarters sold repossessions have exceeded the amount
of new properties repossessed, which has led to the reduction in
outstanding unsold repossessions to zero, as per the March 2011
report. The volume of loans in arrears by more than three months
has also declined to 16.03% compared to 19.86% in June 2010. Fitch
believes that the stable performance is attributed to the
sustained level of low interest rates, which has resulted in an
improvement in borrower affordability. This transaction
particularly benefits because 100% of the borrowers are on
variable rate products. In addition, the notes of Mortgages No. 6
Plc have followed pro-rata amortisation since June 2010, as a
consequence of the three months arrears level falling below the
20% trigger necessary for pro-rata amortisation.

With all borrowers also on variable rate products, Mortgages No. 7
Plc also benefits from the low interest rate environment. Arrears
have stabilised over the past year, given that loans in arrears by
more than three months currently stand at 24.50%, compared to
24.15% in June 2010. The transaction currently has 1.1% of loans
in repossession, up from 0.71% in September 2010, as period
repossessions have been higher in the past two quarters, compared
to those experienced after December 2009. However the increase in
the reserve fund to GBP7.5m has helped increase credit enhancement
to levels that the agency believes are commensurate with the
current ratings. Note amortization for Mortgages No. 7 Plc
continues to be sequential as the pro-rata amortization triggers
have been breached due to the current level of arrears.

Mortgages No. 6 plc:

   -- Class A2 (ISIN XS0206259888): affirmed at 'AAAsf'; Outlook
      Stable; Loss Severity Rating 'LS-1'

   -- Class B (ISIN XS0206260464): affirmed at 'AA+sf'; Outlook
      Stable; Loss Severity Rating 'LS-2'

   -- Class C (ISIN XS0206260894): affirmed at 'A+sf'; Outlook
      Stable; Loss Severity Rating revised to 'LS-2' from 'LS-3'

   -- Class D (ISIN XS0206261603): affirmed at 'BBB+sf'; Outlook
      Stable; Loss Severity Rating 'LS-3'

   -- Class E (ISIN XS0206261942): affirmed at 'BB+sf'; Outlook
      Stable; Loss Severity Rating revised to 'LS-3' from 'LS-4'

Mortgages No. 7 plc:

   -- Class A2 (ISIN XS0225922110): affirmed at 'AAAsf'; Outlook
      Stable; Loss Severity Rating 'LS-1'

   -- Class B (ISIN XS0225922383): affirmed at 'AA+sf'; Outlook
      Stable; Loss Severity Rating 'LS-3'

   -- Class C (ISIN XS0225922466): affirmed at 'A+sf'; Outlook
      Stable; Loss Severity Rating 'LS-3'

   -- Class D (ISIN XS0225922623): affirmed at 'BBB+sf'; Outlook
      Stable; Loss Severity Rating 'LS-4'

   -- Class E (ISIN XS0225922896): affirmed at 'BBsf'; Outlook
      Stable; Loss Severity Rating revised to 'LS-4' from 'LS-5'


NELNET STUDENT LOAN: Fitch Removes Sub Note from Watch Neg.
-----------------------------------------------------------
Fitch Ratings removes from Rating Watch Negative Nelnet Student
Loan Trust's, 2008-1 subordinate note and assigns a Stable
Outlook. Fitch also affirms the senior note at 'AAA' and
subordinate note at 'BB'. The rating Outlook for the senior note
remains Stable.

Fitch used its 'Global Structured Finance Rating Criteria' and
'FFELP Student Loan ABS Rating Criteria'.

The rating on the senior and subordinate notes are affirmed based
on the sufficient level of credit enhancement consisting of
subordination, overcollateralization and the projected minimum
excess spread to cover the applicable basis factor stress.

The subordinate note was placed on Rating Watch Negative on
August 31, 201,0 when it was discovered that the initial Principal
Distribution Amount (PDA) definition did not account for the
carryover amount needed to get the parity to 100%. On May 6, 2011,
Nelnet decided to contribute funds to the trust to bring the
parity to 100% at the next distribution date (May 25, 2011),
instead of correcting the documentations.

On the May 25, 2011 distribution date, Nelnet contributed
$3,780,004.50 to boost parity to 100%. Assets and liabilities are
now in balance without considering 'Other Accrued Interest' and
reflect the general understanding of parity in Nelnet Student Loan
Trust transactions. Therefore, Fitch has removed the subordinate
note from Rating Watch Negative and has assigned a Stable Outlook.

Fitch affirms these rating actions:

Nelnet Student Loan Trust, Series 2008-1:

   -- Class A-1 at 'AAAsf/LS1'; Outlook Stable;

   -- Class A-2 at 'AAAsf/LS1'; Outlook Stable;

   -- Class A-3 at 'AAAsf/LS1'; Outlook Stable;

   -- Class B at 'BBsf/LS3'; Outlook Stable.


PAGE FIVE: S&P Gives 'B+' Rating on Class D Asset-Backed Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to Page
Five Funding LLC's $46.058 million asset-backed notes.

The transaction is an ABS securitization of subprime auto loan
receivables.

The ratings reflect S&P's view of:

    The availability of approximately 35.4%, 29.7%, 22.8%, and
    20.6% of credit support for the class A, B, C, and D notes,
    based on stressed cash flow scenarios (including excess
    spread), which provide coverage of approximately 2.1x, 1.7x,
    1.33x, and 1.11x our 14.5%-15.5% expected cumulative net loss
    range for the class A, B, C, and D notes.

    S&P's expectation that under a moderate stress scenario of
    1.70x its expected net loss level, the ratings on the class A,
    B, and C notes will not decline by more than two rating
    categories during the first year, all else being equal. This
    is consistent with S&P's credit stability criteria, which
    outlines the outer bound of credit deterioration equal to two-
    category downgrade within the first year for 'A (sf)', 'BBB'
    (sf), and 'BB (sf)' rated securities.

    The credit enhancement underlying each of the rated notes,
    which is in the form of subordination, overcollateralization,
    a reserve account, and excess spread.

    "The timely interest and principal payments made to the rated
    notes under our stressed cash flow modeling scenarios, which
    we believe are appropriate for the assigned ratings," S&P
    related.

    The collateral characteristics of the subprime auto loans
    securitized in this transaction.

    The transaction's payment and credit enhancement structures,
    which include performance triggers.

    The transaction's legal structure.

"Our expected net loss level for the Page Five pool is in the
range of 14.5%-15.5%, which reflects our opinion of the
performance of Consumer Portfolio Services Inc.'s (CPS')
securitizations, the pool's credit quality, the tighter
underwriting standards that CPS has implemented since second-
quarter 2008, and the static pool loss projections for CPS'
originations. CPS originated at least 99% of the Page Five Funding
pool subsequent to its tighter underwriting strategy," S&P stated.

Ratings Assigned

Page Five Funding LLC

Class    Rating       Type              Interest        Amount
                                        rate          (mil. $)
A        A (sf)       Senior            Fixed           36.234
B        BBB (sf)     Subordinate       Fixed            4.912
C        BB (sf)      Subordinate       Fixed            2.456
D        B+ (sf)      Subordinate       Fixed            2.456


PARKRIDGE LANE: Moody's Upgrades Ratings on Two Classes of Notes
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two classes
of notes issued by Parkridge Lane Structured Finance Special
Opportunities CDO I, Ltd.. The classes of notes affected by the
rating actions are:

Class B (current balance: $6,735,535), Upgraded to Caa1 (sf);
previously on October 8, 2008, Downgraded to Ca (sf);

Class C (current balance: $3,533,566), Upgraded to Caa2 (sf);
previously on October 8, 2008, Downgraded to Ca (sf);

Ratings Rationale

According to Moody's, the rating actions taken on the notes result
primarily from the de-levering of the Class A- 2 and Class B
Notes.

On the most recent payment date in April 2011 the Class B Notes
received a principal payment of $5.37mm. The par coverage for all
of the Notes exceeds 100% and all of OC and IC tests are passing
their trigger levels. Interest is being paid out to all of the
notes and starting on the July 2011 payment date excess interest
will be used to pay down the notes in reverse sequential order.

Parkridge Lane Structured Finance Special Opportunities CDO I, Lt
is a collateralized debt obligation issuance backed by a portfolio
of primarily Asset Backed Securities (ABS) and SF CDOs.

The principal methodology used in this rating was "Moody's
Approach to Rating SF CDOs" published in November 2010.

Moody's applied the Monte Carlo simulation framework within
CDOROMv2.6 to model the loss distribution for SF CDOs. Within this
framework, defaults are generated so that they occur with the
frequency indicated by the adjusted default probability pool (the
default probability associated with the current rating multiplied
by the Resecuritization Stress) for each credit in the reference.
Specifically, correlated defaults are simulated using a normal (or
"Gaussian") copula model that applies the asset correlation
framework. Recovery rates for defaulted credits are generated by
applying within the simulation the distributional assumptions,
including correlation between recovery values. Together, the
simulated defaults and recoveries across each of the Monte Carlo
scenarios define the loss distribution for the reference pool.

Once the loss distribution for the collateral has been calculated,
each collateral loss scenario derived through the CDOROM loss
distribution is associated with the interest and principal
received by the rated liability classes via the CDOEdge cash-flow
model. The cash flow model takes into account the following:
collateral cash flows, the transaction covenants, the priority of
payments (waterfall) for interest and principal proceeds received
from portfolio assets, reinvestment assumptions, the timing of
defaults, interest-rate scenarios and foreign exchange risk (if
present). The Expected Loss (EL) for each tranche is the weighted
average of losses to each tranche across all the scenarios, where
the weight is the likelihood of the scenario occurring. Moody's
defines the loss as the shortfall in the present value of cash
flows to the tranche relative to the present value of the promised
cash flows. The present values are calculated using the promised
tranche coupon rate as the discount rate. For floating rate
tranches, the discount rate is based on the promised spread over
Libor and the assumed Libor scenario.

Moody's Investors Service did not receive or take into account a
third-party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.

Moody's rating action factors in a number of sensitivity analyses
and stress scenarios, discussed below. Results are shown in terms
of the number of notches' difference versus the current model
output, where a positive difference corresponds to lower expected
loss, assuming that all other factors are held equal:

Moody's Caa3 bucket notched down to Ca:

Class B: 0
Class C: 0
Class D: 0
Class E: 0

Moody's Caa3 bucket notched up to Caa1:

Class B: 0
Class C: 0
Class D: 0
Class E: 0


PROVIDENT FINANCING: Fitch Holds BB+ Rating on Jr. Sub. Securities
------------------------------------------------------------------
Fitch Ratings has affirmed Unum Group Inc.'s holding company
ratings, including the senior debt rating at 'BBB', as well as the
Insurer Financial Strength ratings of all domestic operating
subsidiaries at 'A'. The Rating Outlook is Stable.

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

The Stable Outlook reflects Fitch's belief that while UNM's
premium growth will continue to be challenged in 2011, the company
will produce stable operating results across its targeted
segments. UNM reported net income of $225 million through the
first three months of 2011, down slightly from $230 million during
the same period in 2010. While UNM's premiums have been
essentially flat, operating margins in the company's core
disability business have held up better than Fitch's expectations
and peers.

Fitch believes UNM's investment portfolio is well-positioned
to ride out the credit downturn largely due to a reduction in
credit exposure and better interest rate risk management over
the last several years. UNM reported after-tax realized gains of
$10 million during the first three months of 2011. UNM's fixed
income portfolio was in a $3 billion net unrealized gain position
at March 31, 2011.

During the first quarter of 2011 UNM repurchased approximately
$224 million of its shares. Fitch's expectation is that further
share repurchases will be funded through operating earnings and
will not increase financial leverage or affect the capitalization
of the operating subsidiaries. Further, Fitch generally views
measured stock repurchase as a more prudent use of capital than
acquisitions or premium growth in a soft rate environment.

Equity-credit-adjusted leverage was 17.6% on March 31, 2011. Fitch
considers UNM's debt service capacity as being adequate for the
rating level and expects run-rate, GAAP earnings-based interest
coverage to remain near 10 times (x). Holding company liquidity
totaled $816 million at March 31, 2011, down from approximately
$1 billion at year-end 2010.

Key rating drivers for UNM's ratings that could lead to an upgrade
include:

   -- Improved general economic conditions including growth in
      employment, salaries and disposable income which enable UNM
      to achieve its long-term target of 5%-8% annual earnings
      growth on its core operations;

   -- GAAP earnings-based interest coverage over 12x-14x and
      statutory maximum allowable dividend coverage of interest
      expense at 8x;

   -- Sustained maintenance of operating company capital relative
      to current target of 375%-400% U.S. risk-based capital,
      target 225% of UK Pillar I capital, and run-rate financial
      leverage meaningfully below management's targeted 25% level.

Key rating drivers for UNM's ratings that could lead to a
downgrade include:

   -- Deterioration in financial results that includes an increase
      in the U.S. group disability benefit ratio over 87%; GAAP
      earnings-based interest coverage falling below 8x and
      statutory maximum allowable dividend interest expense
      coverage falling below 4x; --A reserve strengthening charge
      greater than $200 million;

   -- Holding company cash falls below management's target of
      approximately 1x fixed charges (interest expense plus common
      stock dividend), or roughly $270 million;

   -- A sustained drop from the company's short-term target of
      375%-400% U.S. risk-based capital and long-term target of
      350% U.S. risk-based capital, target 225% of UK Pillar I
      capital, and an increase in financial leverage above
      management's targeted 25%.

Fitch affirms these ratings with a Stable Outlook:

Unum Group Inc.

   -- Issuer Default Rating (IDR) at 'BBB+';
   -- 7.125% senior notes due Sept. 30, 2016 at 'BBB';
   -- 7% senior notes due July 15, 2018 at 'BBB';
   -- 5.625% senior notes due 2020 at 'BBB';
   -- 7.25% senior notes due March 15, 2028 at 'BBB';
   -- 6.75% senior notes due Dec. 15, 2028 at 'BBB';
   -- 7.375% senior notes due June 15, 2032 at 'BBB'.

Provident Financing Trust I

   -- 7.405% junior subordinated capital securities at 'BB+'.

UnumProvident Finance Company plc

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

Unum Group members:

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

   -- IFS at 'A'.


RESI FINANCE LTD: Fitch Withdraws Ratings on All Classes
--------------------------------------------------------
Fitch Ratings has withdrawn the ratings on all classes in RESI
Finance Limited Partnership 2007-A, since the underlying
collateral has been liquidated and all notes have been cancelled
by the trustee, Wells Fargo Bank, N.A.

Fitch has withdrawn these ratings:

RESI Finance Limited Partnership 2007-A

   -- Class A1 (RES3DEP80) 'AAAsf/LS1'; Outlook Negative;

   -- Class A2 (RES3X1X60) 'AAsf/LS1'; Outlook Negative;

   -- Class A3 (RES0VJVR0) 'BBBsf/LS1'; Outlook Negative;

   -- Class A4 (RES1NVBD0) 'CCC/RR6';

   -- Class A5 (RESDEOR10) 'C/RR6';

   -- Class B1 (RES070AB1) 'C/RR6';

   -- Class B2 (RES070AB2) 'D/RR6';

   -- Class B3 (74951RAA2) 'D/RR6';

   -- Class B4 (74951RAB0) 'D/RR6';

   -- Class B5 (74951RAC8) 'D/RR6';

   -- Class B6 (74951RAD6) 'D/RR6';

   -- Class B7 (74951RAE4) 'D/RR6';

   -- Class B8 (74951RAF1) 'D/RR6';

   -- Class B9 (74951RAG9) 'D/RR6';

   -- Class B10 (74951RAH7) 'D/RR6';

   -- Class B11 (74951RAJ3) 'D/RR6';

   -- Class B12 (74951RAK0) 'D/RR6'.


SANTANDER DRIVE: DBRS Puts 'BB' Provisional Rating on Class E
-------------------------------------------------------------
DBRS has assigned provisional ratings to these classes issued by
Santander Drive Auto Receivables Trust 2011-2:

  -- Series 2011-2 Notes, Class A-1 rated R-1 (high) (sf)
  -- Series 2011-2 Notes, Class A-2 rated AAA (sf)
  -- Series 2011-2 Notes, Class A-3 rated AAA (sf)
  -- Series 2011-2 Notes, Class B rated AA (sf)
  -- Series 2011-2 Notes, Class C rated A (sf)
  -- Series 2011-2 Notes, Class D rated BBB (sf)
  -- Series 2011-2 Notes, Class E rated BB (sf)


SOLAR INVESTMENT: Fitch Upgrades 3, Affirms 3 Classes
-----------------------------------------------------
Fitch Ratings has upgraded three and affirmed three classes of
notes issued by Solar Investment Grade CBO II, Ltd./Corp. (Solar
II) and assigned or revised Loss Severity ratings, Recovery
Ratings and Outlooks:

   -- $112,529,778 class I notes upgraded to 'AAAsf/LS2' from
      'AAsf/LS2'; Outlook Stable;

   -- $19,000,000 class II-A notes upgraded to 'Bsf/LS3' from
      'CCCsf/RR3'; Outlook Stable;

   -- $13,000,000 class II-B notes upgraded to 'Bsf/LS3' from
      'CCCsf/RR2'; Outlook Stable;

   -- $7,208,956 class III-A notes affirmed at 'Csf' RR5 from RR6;

   -- $21,606,839 class III-B notes affirmed at 'Csf' RR5 from
      RR6;

   -- $14,189,691 preferred shares affirmed at 'Csf/RR6'.

The upgrade to the class I notes is a result of portfolio
amortization and increased credit enhancement for the notes since
Fitch's last rating action in April 2010, as well as a shorter
term to maturity. Maturities on the underlying portfolio and asset
sales above par resulted in a total principal reduction to the
class I notes of $63.8 million over the last two semi-annual
payment dates. There is currently $44.5 million in principal
proceeds available to repay the class I notes on the next payment
date in July 2011. Additionally, six assets, representing
approximately $27.6 million, are expected to mature and repay
before the next payment date, with another $26.3 million maturing
by year end.

The upgrades to the class II-A and II-B notes (together, class II)
are also due to amortization and increased credit enhancement
levels combined with a shorter maturity profile to the portfolio.
Class II received their current interest payments on the January
2011 payment date, in part from the diversion of principal
proceeds in the waterfall. Fitch expects the class II notes to
continue receiving future interest payments, and their risk
profile should continue to improve as proceeds from collateral
maturities are used to further redeem the class I notes.

Classes I and II were also assigned Loss Severity (LS) ratings
indicating each tranche's potential loss severity given default,
as evidenced by the ratio of tranche size to the expected loss for
the collateral under the 'B' stress. LS ratings should always be
considered in conjunction with probability of default indicated by
a class' long-term credit rating. Fitch does not assign Outlooks
or LS ratings to classes rated 'CCC' or lower.

The class III-A and III-B notes (together, class III) continue to
defer interest payments, and previously deferred interest payments
will not be repaid until the class I and II notes are paid in
full. Solar II's remaining portfolio is insufficient to repay the
preferred shares, and default remains inevitable.

Classes III-A, III-B and the preferred shares were assigned
Recovery Ratings (RR), which provide a forward-looking estimate of
recoveries on currently distressed or defaulted securities.
Recovery Ratings are calculated using Fitch's cash flow model and
incorporate Fitch's current 'B' stress expectation for default and
recovery rates. All modeled distributions are discounted at 10% to
arrive at a present value and compared to the class' tranche size
to determine a Recovery Rating.

Solar II is a collateralized bond obligation (CBO) that closed in
July 2001 and matures in July 2013. Solar II's performing
portfolio is currently composed of 34 senior unsecured securities
from 32 obligors and is managed by Sun Capital Advisers, Inc.
Fitch considers 69.3% of the portfolio to have credit quality in
the investment-grade rating categories while 6.9% of the portfolio
is considered in the distressed rating categories of 'CCC' or
lower.


SOLAR TRUST: DBRS Confirms Class G Rating at 'BB'
-------------------------------------------------
DBRS has confirmed these ratings of Solar Trust, Series 2002-1 (STST
2002-1):

  -- Class A-1 at AAA (sf)
  -- Class A-2 at AAA (sf)
  -- Class B at AAA (sf)
  -- Class C at AAA (sf)
  -- Class D at AA (low) (sf)
  -- Class E at A (sf)
  -- Class F at BBB (low) (sf)
  -- Class G at BB (sf)
  -- Class H at B (sf)
  -- Class J at B (low) (sf)
  -- Class IO at AAA (sf)

DBRS does not rate the $4.0 million first-loss piece, Class K.

All trends for the rated classes of the transaction are Stable.

The ratings confirmations are reflective of the stable performance of
the transaction as a result of underlying loan performance,
amortization and defeasance.  The collateral has been reduced by
approximately 32% of the issuance balance and the remaining collateral
has exhibited strong performance, with a weighted-average debt service
coverage ratio (WADSCR) of 1.72x, as of the June 2011 reporting period.
There is one loan in special servicing, 12 loans on the servicer's
watchlist and three loans on the DBRS HotList.  All loans remain
current and there are ten loans scheduled to mature throughout the
remainder of 2011, four of which are fully defeased.  Thirteen loans in
total have fully defeased, representing approximately 12% of the
current pool balance.

Prospectus ID#63, 137 Arrow Road (0.3% of the current pool balance) is
secured by a 31,000 sf industrial property in Guelph, Ontario, and was
transferred to the special servicer in December 2010 as a result of a
brief tax escrow disagreement with the borrower, according to the
special servicer commentary.  The borrower is now current on all taxes
and payments and the loan is being monitored before returning to the
master servicer.  Although the borrower is current on payments, the
property has been fully vacant since 2010 and the borrower has not
reported updated financials.  DBRS has modeled this loan using a
substantial haircut to the issuance net cash flow and the resulting
credit enhancement levels are sufficient, when considering the leverage
point of approximately $17 psf.

Prospectus ID#7, South Walkerville Medical Centre (4.3% of the current
pool balance) is secured by a medical office complex with two municipal
addresses in Windsor, Ontario.  There are three buildings located on
Walker Road and a two-storey building located on Tecumseh Road.  DBRS
previously had this loan on the HotList due to concern over the month-
to-month tenants and heavy lease rollover prior to loan maturity in
2012.  Additionally, DBRS flagged this loan for further concern due to
the generally soft market in which the property is situated.  The
YE2009 DSCR of 1.28x is an improvement over the YE2008 DSCR of 1.09x,
and the corresponding debt yield, based on the YE2009 financials, is
healthy at 14%.  DBRS will keep this loan on the HotList to monitor for
performance issues as many tenants have leases that expire in 2012 and
to further monitor the status of the month-to-month tenants.

Prospectus ID# 26, Phoenix Building (1.5% of the current pool balance)
is secured by a 71,500 sf office/industrial flex property located in
Montreal and is on the servicer's watchlist because the single tenant,
Phoenix International, vacated the property in April 2008 upon lease
expiration.  The borrower is actively marketing the vacant space and
looking for a replacement tenant, however, nothing has materialized at
this point.  Due to the vacancy, the borrower reported a negative DSCR
for YE2009.  Despite the lack of available cash flow, the borrower has
kept the loan current.  Further, the property benefits from a strong
location near Montreal's Trudeau Airport.  DBRS has placed this loan on
the HotList to monitor the loan as it matures in November 2011 and
could have difficulty refinancing given the current occupancy rate at
the property.

Prospectus ID#41, Centre Lapiniere (0.9% of the current pool balance)
is secured by a 19,000 sf unanchored retail property in Brossard,
Quebec and is on the servicer's watchlist for a low DSCR of 0.89x, due
to a decline in occupancy.  A tenant representing 34% of the NRA was
set to expire in January 2010 and vacated in late 2009, which resulted
in a 27% EGI decline.  This has resulted in a YE2009 net cash flow that
is reflective of a 9.8% debt yield.  The loan matures in October 2011
and may have difficulties refinancing; DBRS will keep this loan on the
HotList and continue to monitor it's performance.

The DBRS analysis included an in-depth look at the top ten loans in the
transaction, the specially serviced loan, the servicer watchlisted
loans and the loans maturing in 2011.  Cumulatively, these loans
represent approximately 72.2% of the current pool balance.  DBRS has
run various cash flow stress scenarios where 25%, 15% and 10% cash flow
stresses were applied across the entire transaction.  As more loans
report YE2010 financials, the actual cash flows the assets are
generating is generally stronger than the stressed DBRS model net cash
flow.  However, in running these stressed scenarios and comparing the
DBRS required credit enhancement levels with the current increased
credit enhancement levels across the transaction, the rating
confirmations are appropriate.


SOVEREIGN COMM'L: Moody's Affirms 11 CMBS Classes of SOVC 2007-C1
-----------------------------------------------------------------
Moody's Investors Service (Moody's) affirmed the ratings of 11
classes of Sovereign Commercial Mortgage Securities Trust
Commercial Mortgage Pass-Through Certificates, Series 2007-C1:

Cl. A-2, Affirmed at Aaa (sf); previously on Jul 4, 2007
Definitive Rating Assigned Aaa (sf)

Cl. A-1A, Affirmed at Aaa (sf); previously on Jul 4, 2007
Definitive Rating Assigned Aaa (sf)

Cl. A-J, Affirmed at Baa1 (sf); previously on Jul 21, 2010
Downgraded to Baa1 (sf)

Cl. B, Affirmed at Ba1 (sf); previously on Jul 21, 2010 Downgraded
to Ba1 (sf)

Cl. C, Affirmed at B2 (sf); previously on Jul 21, 2010 Downgraded
to B2 (sf)

Cl. D, Affirmed at Caa2 (sf); previously on Jul 21, 2010
Downgraded to Caa2 (sf)

Cl. E, Affirmed at Caa3 (sf); previously on Jul 21, 2010
Downgraded to Caa3 (sf)

Cl. F, Affirmed at Ca (sf); previously on Jul 21, 2010 Downgraded
to Ca (sf)

Cl. G, Affirmed at Ca (sf); previously on Jul 21, 2010 Downgraded
to Ca (sf)

Cl. H, Affirmed at C (sf); previously on Jul 21, 2010 Downgraded
to C (sf)

Cl. X, Affirmed at Aaa (sf); previously on Jul 4, 2007 Definitive
Rating Assigned Aaa (sf)

Ratings Rationale

The affirmations are due to key parameters, including Moody's
loan to value (LTV) ratio, Moody's stressed debt service coverage
ratio (DSCR) and the Herfindahl Index (Herf), remaining within
acceptable ranges. Based on Moody's current base expected loss,
the credit enhancement levels for the affirmed classes are
sufficient to maintain their current ratings.

Moody's rating action reflects a cumulative base expected loss of
6.1% of the current balance. At last review, Moody's cumulative
base expected loss was 6.6%. Moody's stressed scenario loss is
15.7% of the current balance. Moody's provides a current list of
base and stress scenario losses for conduit and fusion CMBS
transactions on moodys.com at:

  http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

Depending on the timing of loan payoffs and the severity and
timing of losses from specially serviced loans, the credit
enhancement level for investment grade classes could decline below
the current levels. If future performance materially declines, the
expected level of credit enhancement and the priority in the cash
flow waterfall may be insufficient for the current ratings of
these classes.

Moody's forward-looking view of the likely range of performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside the given range 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 range will not necessarily result in a rating
action nor does performance within expectations preclude such
actions. The decision to take (or not take) a rating action is
dependent on an assessment of a range of factors including, but
not exclusively, the performance metrics.

Primary sources of assumption uncertainty are the current
sluggish macroeconomic environment and varying performance in
the commercial real estate property markets. However, Moody's
expects to see increasing or stabilizing property values, higher
transaction volumes, a slowing in the pace of loan delinquencies
and greater liquidity for commercial real estate in 2011 The hotel
and multifamily sectors are continuing to show signs of recovery,
while recovery in the office and retail sectors will be tied to
recovery of the broader economy. The availability of debt capital
continues to improve with terms returning toward market norms.
Moody's central global macroeconomic scenario reflects an overall
sluggish recovery through 2012, amidst ongoing individual,
corporate and governmental deleveraging, persistent unemployment,
and government budget considerations.

The primaryl methodology used in this rating was "CMBS:
Moody's Approach to Rating Conduit Transactions" published
on September 15, 2000.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.50 which is used for both conduit and fusion
transactions. Conduit model results at the Aa2 level are driven by
property type, Moody's actual and stressed DSCR, and Moody's
property quality grade (which reflects the capitalization rate
used by Moody's to estimate Moody's value). Conduit model results
at the B2 level are driven by a paydown analysis based on the
individual loan level Moody's LTV ratio. Moody's Herfindahl score
(Herf), a measure of loan level diversity, is a primary
determinant of pool level diversity and has a greater impact on
senior certificates. Other concentrations and correlations may be
considered in Moody's analysis. Based on the model pooled credit
enhancement levels at Aa2 and B2, the remaining conduit classes
are either interpolated between these two data points or
determined based on a multiple or ratio of either of these two
data points. For fusion deals, the credit enhancement for loans
with investment-grade credit estimates is melded with the conduit
model credit enhancement into an overall model result. Fusion loan
credit enhancement is based on the credit estimate of the loan
which corresponds to a range of credit enhancement levels. Actual
fusion credit enhancement levels are selected based on loan level
diversity, pool leverage and other concentrations and correlations
within the pool. Negative pooling, or adding credit enhancement at
the credit estimate level, is incorporated for loans with similar
credit estimates in the same transaction.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 72 compared to 103 at Moody's prior review.

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

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through two sets of
quantitative tools -- MOST(R) (Moody's Surveillance Trends) and
CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior full review is
summarized in a press release dated July 21, 2010. Please see the
ratings tab on the issuer / entity page on moodys.com for the last
rating action and the ratings history.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.

Deal Performance

As of the May 23, 2011 distribution date, the transaction's
aggregate certificate balance has decreased by 37% to $635 million
from $1.01 billion at securitization. The Certificates are
collateralized by 168 mortgage loans ranging in size from less
than 1% to 6% of the pool, with the top ten non-defeased loans
representing 26% of the pool.

Seventy-two loans, representing 39% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

Twenty-seven loans have been liquidated from the pool, resulting
in a realized loss of $13 million (15% loss severity). Currently
seven loans, representing 3.5% of the pool, are in special
servicing. Moody's estimates an aggregate $6.7 million loss for
the specially serviced loans (37% expected loss on average).

Moody's has assumed a high default probability for 28 poorly
performing loans representing 18% of the pool and has estimated an
aggregate $12.7 million loss (11% expected loss based on a 37%
probability default) from these troubled loans.

Moody's was provided with full year 2009/2010 operating results
for 91% of the pool. Excluding specially serviced and troubled
loans, Moody's weighted average LTV is 101% compared to 104% at
Moody's prior review. Moody's net cash flow reflects a weighted
average haircut of 9% to the most recently available net operating
income. Moody's value reflects a weighted average capitalization
rate of 9.9%.

Excluding special serviced and troubled loans, Moody's actual and
stressed DSCRs are 1.41X and 1.25X, respectively, compared to
1.47X and 1.21X at last review. Moody's actual DSCR is based on
Moody's net cash flow (NCF) and the loan's actual debt service.
Moody's stressed DSCR is based on Moody's NCF and a 9.25% stressed
rate applied to the loan balance.

The three largest conduit loans represent 13% of the pool.
The largest conduit loan is the West New York Portfolio Loan
($35.2 million -- 5.5% of the pool), which is secured by a
portfolio consisting of 34 multifamily, retail and office
properties located in West New York and Union City, New Jersey.
The portfolio was 97% leased, similar to securitization.
Performance has been stable since last review. Moody's LTV and
stressed DSCR are 126% and 0.81X, respectively, compared to 125%
and 0.76X at last review.

The second largest loan is the Franklin Towne Center Loan
($29.5 million -- 4.6% of the pool), which is secured by a
retail center located in Franklin Township, New Jersey. The
center is master leased to Stop & Shop through October 2030,
with a corporate guarantee from Koninklijke Ahold NV (Moody's
LT issuer rating Baa3, stable outlook). Moody's LTV and stressed
DSCR are 119% and 0.91X, respectively, compared to 125% and 0.86X
at last review.

The third largest loan is the 1 Pine Tree Boulevard Loan
($19.3 million -- 3.0% of the pool), which is secured by a 324
unit multifamily property located in Old Bridge, New Jersey. The
property was 100% leased as of December 2010,the same as last
review. Performance of the property has improved since the last
review due to rental increases on new and renewal leases. Moody's
LTV and stressed DSCR are 108% and 0.87X, respectively, compared
to 132% and 0.74X at last review.


STRUCTURED ASSET: Moody's Downgrades Ratings of 39 Tranches
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 39
tranches from 4 deals issued by Structured Asset Securities
Corporation. The collateral backing each transaction consists of
loans originated by the Small Business Administration to borrowers
who have experienced property losses in disasters recognized by
the United States federal government.

Ratings Rationale

The actions were prompted by the deteriorated collateral credit
performance and increase in loss expectations on these deals
backed by disaster assistance loans that were originated before
2004 (seasoned loans).

The principal methodology used in these ratings is described in
the Monitoring and Performance Review section in "Moody's Approach
to Rating US Residential Mortgage-Backed Securities" published in
December 2008. Other methodologies used include "Second Lien RMBS
Loss Projection Methodology: April 2010" and "Pre-2005 US RMBS
Surveillance Methodology" published in January 2011.

The primary source of assumption uncertainty is the current
macroeconomic environment, in which unemployment levels remain
high, and weakness persists in the housing market. Overall,
Moody's assumes a further 5% decline in home prices with
stabilization in late 2011, accompanied by continued stress in
national employment levels through that timeframe.

Moody's Investors Service received and took into account one or
more third party due diligence reports on the underlying assets or
financial instruments in this transaction and the due diligence
reports had a neutral impact on the rating.

As part of the sensitivity analysis, Moody's stressed the updated
expected loss on the pools by an additional 10% and found that the
model implied ratings of the tranches would remain stable, with
the exception of the tranches listed in the sensitivity analysis.

Complete rating actions are:

Issuer: Structured Asset Securities Corp. Pass-Through
Certificates, Series 2002-AL1

Cl. A1(B), Downgraded to Baa1 (sf); previously on Dec 14, 2010 Aaa
(sf) Placed Under Review for Possible Downgrade

Cl. A2(1), Downgraded to Baa2 (sf); previously on Dec 14, 2010 Aaa
(sf) Placed Under Review for Possible Downgrade

Cl. A2(2), Downgraded to Baa2 (sf); previously on Dec 14, 2010 Aaa
(sf) Placed Under Review for Possible Downgrade

Cl. A3(1), Downgraded to Baa1 (sf); previously on Dec 14, 2010 Aaa
(sf) Placed Under Review for Possible Downgrade

Cl. A3(2), Downgraded to Baa2 (sf); previously on Dec 14, 2010 Aaa
(sf) Placed Under Review for Possible Downgrade

Cl. A3(3), Downgraded to Baa2 (sf); previously on Dec 14, 2010 Aaa
(sf) Placed Under Review for Possible Downgrade

Cl. AIO(1), Downgraded to Baa1 (sf); previously on Dec 14, 2010
Aaa (sf) Placed Under Review for Possible Downgrade

Cl. AIO(2), Downgraded to Baa2 (sf); previously on Dec 14, 2010
Aaa (sf) Placed Under Review for Possible Downgrade

Cl. AIO(3), Downgraded to Baa2 (sf); previously on Dec 14, 2010
Aaa (sf) Placed Under Review for Possible Downgrade

Cl. APO(1), Downgraded to Baa3 (sf); previously on Dec 14, 2010
Aaa (sf) Placed Under Review for Possible Downgrade

Cl. APO(2), Downgraded to Baa3 (sf); previously on Dec 14, 2010
Aaa (sf) Placed Under Review for Possible Downgrade

Cl. APO(3), Downgraded to Baa3 (sf); previously on Dec 14, 2010
Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B1, Downgraded to Ba1 (sf); previously on Dec 14, 2010 Aa2
(sf) Placed Under Review for Possible Downgrade

Cl. B2, Downgraded to B1 (sf); previously on Dec 14, 2010 A2 (sf)
Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to Caa1 (sf); previously on Dec 14, 2010 Baa2
(sf) Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corporation Assistance Loan
Trust 2003-AL1

Cl. A, Downgraded to Baa1 (sf); previously on Dec 14, 2010 Aaa
(sf) Placed Under Review for Possible Downgrade

Cl. AIO, Downgraded to Baa1 (sf); previously on Dec 14, 2010 Aaa
(sf) Placed Under Review for Possible Downgrade

Cl. APO, Downgraded to Baa2 (sf); previously on Dec 14, 2010 Aaa
(sf) Placed Under Review for Possible Downgrade

Cl. B1, Downgraded to Baa3 (sf); previously on Dec 14, 2010 Aa2
(sf) Placed Under Review for Possible Downgrade

Cl. B2, Downgraded to B1 (sf); previously on Dec 14, 2010 A2 (sf)
Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to Caa1 (sf); previously on Dec 14, 2010 Baa2
(sf) Placed Under Review for Possible Downgrade

Cl. B4, Downgraded to Caa2 (sf); previously on Dec 14, 2010 B1
(sf) Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corporation Assistance Loan
Trust 2003-AL2

Cl. A, Downgraded to Baa3 (sf); previously on Dec 14, 2010 Aa2
(sf) Placed Under Review for Possible Downgrade

Cl. AIO, Downgraded to Baa3 (sf); previously on Dec 14, 2010 Aa2
(sf) Placed Under Review for Possible Downgrade

Cl. APO, Downgraded to Ba1 (sf); previously on Dec 14, 2010 Aa2
(sf) Placed Under Review for Possible Downgrade

Cl. B1, Downgraded to B1 (sf); previously on Dec 14, 2010 A1 (sf)
Placed Under Review for Possible Downgrade

Cl. B2, Downgraded to Caa1 (sf); previously on Dec 14, 2010 Baa2
(sf) Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to Ca (sf); previously on Dec 14, 2010 B3 (sf)
Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corporation Mortgage Pass-
Through Certificates, Series 2001-SB1

Cl. A2 Component 1, Downgraded to Baa3 (sf); previously on Dec 14,
2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A2 Component 2, Downgraded to Baa3 (sf); previously on Dec 14,
2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A4, Downgraded to Baa3 (sf); previously on Dec 14, 2010 Aaa
(sf) Placed Under Review for Possible Downgrade

Cl. A5, Downgraded to Baa3 (sf); previously on Dec 14, 2010 Aaa
(sf) Placed Under Review for Possible Downgrade

Cl. AIO, Downgraded to Baa3 (sf); previously on Dec 14, 2010 Aaa
(sf) Placed Under Review for Possible Downgrade

Cl. APO, Downgraded to Ba1 (sf); previously on Dec 14, 2010 Aaa
(sf) Placed Under Review for Possible Downgrade

Cl. B1, Downgraded to B1 (sf); previously on Dec 14, 2010 Aa2 (sf)
Placed Under Review for Possible Downgrade

Cl. B2, Downgraded to Caa1 (sf); previously on Dec 14, 2010 A2
(sf) Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to Caa1 (sf); previously on Dec 14, 2010 Baa2
(sf) Placed Under Review for Possible Downgrade

Cl. B4, Downgraded to Caa1 (sf); previously on Dec 14, 2010 Ba2
(sf) Placed Under Review for Possible Downgrade

Cl. B5, Downgraded to Caa1 (sf); previously on Dec 14, 2010 B2
(sf) Placed Under Review for Possible Downgrade


SUTTER CBO: S&P Raises Ratings on 2 Classes of Notes to 'B'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
B-1 and B-1L notes from Sutter CBO 2000-2 Ltd., a U.S.
collateralized bond obligation (CBO) transaction, and removed
these ratings from CreditWatch with positive implications. "We
affirmed our ratings on two classes of notes from the same
transaction," S&P said.

"The upgrades reflect an improvement in the credit quality
available to support the notes since our May 2010 rating actions,
when we lowered the ratings on the notes following the application
of our September 2009 criteria for rating corporate collateralized
debt obligations (CDOs; see 'Update To Global Methodologies And
Assumptions For Corporate Cash Flow And Synthetic CDOs,' published
Sept. 17, 2009)," S&P related.

"As of the May 2011 trustee report, the transaction has paid down
the class A3-L notes a total of $30.0 million since the time of
our last rating actions in May 2010. Also, a number of defaulted
obligors held in the deal emerged from bankruptcy, with some
receiving proceeds that were higher than their carrying value in
the transaction's overcollateralization (O/C) ratio test
calculation. The class B1 O/C ratio increased to 133.3% as of the
May 2011 report from 117.1% noted in the March 2010 report, which
we referenced at the time of our May 2010 rating actions," S&P
stated.

"We will continue to review our ratings on the notes and assess
whether, in our view, the ratings remain consistent with the
credit enhancement available to support them and take rating
actions as we deem necessary," S&P added.

Rating and CreditWatch Actions

Sutter CBO 2000-2 Ltd.
                              Rating
Class                   To           From
B-1                     B (sf)       CCC- (sf)/Watch Pos
B-1L                    B (sf)       CCC- (sf)/Watch Pos

Ratings Affirmed
Sutter CBO 2000-2 Ltd.
                        Rating
A-3L                    AAA (sf)
B-2                     CC (sf)


TIAA REAL ESTATE: Fitch Downgrades 2, Affirms 3 Classes
--------------------------------------------------------
Fitch Ratings has downgraded two and affirmed three classes issued
by TIAA Real Estate CDO 2002-1 Ltd. (TIAA 2002-1). The
affirmations to the senior classes are a result of significant
amortization of the capital structure. Meanwhile, the junior notes
are subject to adverse selection as the portfolio becomes more
concentrated.

Since Fitch's last rating action in June 2010, the class I notes
have received $57.3 million in pay downs. The remaining portfolio
is concentrated with only 27 assets from 22 obligors. Currently,
36.1% of the portfolio has a Fitch derived rating below investment
grade and 7.5% has a rating in the 'CCC' rating category or lower,
compared to 24.4% and 3.9%, respectively, at last review. In
addition, approximately 21.1% of the portfolio has been downgraded
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 (PCM) for projecting future default
levels for the underlying portfolio. The default levels were then
compared to the breakeven levels generated by Fitch's cash flow
model of the CDO under the various default timing and interest
rate stress scenarios, as described in the report 'Global Criteria
for Cash Flow Analysis in Corporate CDOs'.

Based on this analysis, the class I through IV notes' breakeven
rates are generally consistent with the ratings assigned. The
Stable Outlook on the class I notes reflects Fitch's view that the
notes will continue to delever. The Negative Outlook on the class
II through IV notes reflects the risk of adverse selection as the
portfolio continues to amortize and becomes more concentrated. The
Loss Severity (LS) rating indicates a tranche's potential loss
severity given default, as evidenced by the ratio of tranche size
to the base-case loss expectation for the collateral, as explained
in 'Criteria for Structured Finance Loss Severity Ratings'. The LS
rating should always be considered in conjunction with the
probability of default for tranches. Fitch does not assign LS
ratings or Outlooks to classes rated 'CCC' and below.

TIAA 2002-1 is a static collateralized debt obligation (CDO) that
closed on May 22, 2002. The current portfolio consists of 80.7%
commercial mortgage backed securities (CMBS), 16.2% real estate
investment trust (REIT) debt securities, and 3.1% structured
finance CDOs.

Fitch has taken these actions:

   -- $27,952,195 class I notes affirmed at 'AAAsf'; Outlook to
      Stable from Negative; LS to 'LS3' from 'LS2';

   -- $17,000,000 class II-FL notes affirmed at 'AAsf/LS3';
      Outlook Negative;

   -- $17,000,000 class II-FX notes affirmed at 'AAsf/LS3';
      Outlook Negative;

   -- $46,500,000 class III notes downgraded to 'BBsf/LS3' from
      'BBB+sf/LS3'; Outlook Negative;

   -- $17,500,000 class IV notes downgraded to 'Bsf/LS4' from
      'BBsf/LS4'; Outlook Negative.


VENTURE III: S&P Raises Rating on Class C Notes to 'BB-'
--------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the
class A-1, A-2, def B, and C notes from Venture III CDO Ltd., a
collateralized loan obligation (CLO) transaction managed by MJX
Asset Management LLC. "Concurrently, we removed our ratings on the
class A-1, A-2, and def B notes from CreditWatch, where we placed
them with positive implications on March 30, 2011," S&P said.

"The upgrades mainly reflect an improvement in the
overcollateralization (O/C) available to support the notes due to
paydowns to the class A-1 notes since Jan. 15, 2010, when we
downgraded all of the notes following the application of our
September 2009 corporate collateralized debt obligation (CDO)
criteria. Since that time, the class A-1 notes received a total of
approximately $111.9 million in payments, which has reduced the
notes' outstanding balance to 57.86% of their original issuance.
We attribute these paydowns to the completion of the transaction's
reinvestment period in January 2010. Consequently, the manager is
now mainly using principal cash to pay down the class A-1 notes
instead of purchasing additional underlying assets, which is
deleveraging the transaction. As a result of these paydowns, the
transaction has benefited from an increase in the O/C available to
support the rated notes," S&P related.

The trustee reported these O/C ratios in the May 9, 2011, monthly
report:

    The class A-2 O/C ratio was 122.68%, compared with a reported
    ratio of 115.15% in December 2009;

    The class B O/C ratio was 113.22%, compared with a reported
    ratio of 109.38% in December 2009; and

    The class C O/C ratio was 106.78%, compared with a reported
    ratio of 105.26% in December 2009.

"The upgrades also reflect the improvement in the performance of
the transaction's underlying asset portfolio since our Jan. 15,
2010, downgrades. As of the May 2011 trustee report, the
transaction had $10.6 million of defaulted assets. This was down
from the $24.8 million defaulted assets noted in the December 2009
trustee report, which we referenced for our January 2010
rating actions. Furthermore, the trustee reported assets from
obligors rated in the 'CCC' category at $14.02 million in May
2011, compared with $23.06 million in December 2009," S&P related.

Standard & Poor's will continue to review whether, in its view,
the ratings assigned to the notes remain consistent with the
credit enhancement available to support them and take rating
actions as it deems necessary.

Rating and CreditWatch Actions

Venture III CDO Ltd.
              Rating
Class     To           From
A-1       AAA (sf)     AA+ (sf)/Watch Pos
A-2       AA (sf)      A- (sf)/Watch Pos
Def B     BBB+ (sf)    BB+ (sf)/Watch Pos
C         BB- (sf)     B+ (sf)

Transaction Information

Issuer:             Venture III CDO Ltd.
Coissuer:           Venture III CDO Corp.
Collateral manager: MJX Asset Management LLC
Trustee:            The Bank of New York Mellon
Transaction type:   Cash flow CLO


VERMEER FUNDING: Fitch Affirms Ratings on 4 Classes of Notes
------------------------------------------------------------
Fitch Ratings has affirmed four classes of notes issued by Vermeer
Funding, Ltd./Inc. (Vermeer Funding):

   -- $25,988,085 class A-1 notes at 'Bsf', loss severity to 'LS3'
      from 'LS5'; Outlook to Stable from Negative;

   -- $38,500,000 class A-2 notes at 'CCsf';

   -- $37,625,000 class B notes at 'Csf';

   -- $15,985,091 class C notes at 'Csf'.

This review was conducted under the framework described in the
report 'Global Rating Criteria for Structured Finance CDOs' using
the Structured Finance Portfolio Credit Model (SF PCM) for
projecting future default levels for the underlying portfolio.
These default levels were then compared to the breakeven levels
generated by Fitch's cash flow model of the CDO under various
default timing and interest rate stress scenarios, as described in
the report 'Global Criteria for Cash Flow Analysis in CDOs'. Fitch
also considered additional qualitative factors into its analysis
to conclude the rating actions for the rated notes.

Since Fitch's last rating action in July 2010, the credit quality
of the underlying collateral has declined further, with
approximately 33.80% of the portfolio downgraded a weighted
average of 3.8 notches. Currently, 50.9% of the portfolio has a
Fitch derived rating below investment grade and 23.7% has a rating
in the 'CCC' rating category or lower, compared to 67.1% and
49.2%, respectively, at last review. As of the May 26, 2011
trustee report, the underlying portfolio has accumulated $48.5
million in writedowns, compared to $9.4 million at the last
review.

The affirmation to the class A-1 notes is due to amortization of
the capital structure offsetting deterioration of the underlying
portfolio. The class A-1 notes have received $11.8 million, or
31.3% of the prior review balance, in paydowns since the last
review. The notes are receiving paydowns through both principal
amortization and excess spread because of the failure of coverage
tests.

The Stable Outlook on the class A-2 notes reflects the cushion in
the modeling results and the notes' ability to withstand further
deterioration on the underlying portfolio.

The Loss Severity (LS) rating of 'LS3' for the class A-1 notes
indicates the tranches' potential loss severity given default, as
evidenced by the ratio of tranche size to the base-case loss
expectation for the collateral, as explained in Fitch's 'Criteria
for Structured Finance Loss Severity Ratings'. The LS rating
should always be considered in conjunction with the notes' long-
term credit rating. Fitch does not assign LS ratings or Outlooks
to classes rated 'CCC' and below.

For classes A-2 through C notes, Fitch analyzed the class'
sensitivity to the default of the distressed assets ('CCC' and
below). Given the high probability of default of the underlying
assets and the expected limited recovery prospects upon default,
the class A-2 notes have been affirmed at 'CCsf', indicating that
default is probable. Similarly, the class B and C notes have been
affirmed at 'Csf', indicating that default is inevitable. On the
June 3, 2011 payment date, the class C notes received interest
paid in kind (PIK) whereby the principal amount of the notes is
written up by the amount of interest due.

Vermeer Funding is a cash flow collateralized debt obligation
(CDO) that closed on April 13, 2004 and is monitored by Rabobank
International. As of the May 26, 2011 trustee report, the
portfolio is comprised of residential mortgage backed securities
(RMBS), commercial and consumer asset backed securities (ABS),
corporate CDOs, corporate debt, and commercial mortgage backed
securities (CMBS) from the 2004 vintage transactions.


WACHOVIA BANK: Fitch Downgrades Two Non Pooled Classes
------------------------------------------------------
Fitch Ratings has downgraded two classes from the non pooled
portion of Wachovia Bank Commercial Mortgage Trust 2006-Whale 7
based on continued deterioration in performance of the related
loan and the increased likelihood of losses upon ultimate
disposition. The remaining pooled and non pooled classes have been
affirmed. The revision in Outlooks on seven classes to Stable from
Negative reflects the decline in expected losses since Fitch's
last full review.

Under Fitch's methodology, all of the pooled and non pooled loans
were modeled to default in the base case stress scenario, defined
as the 'B' stress. Expected losses to the pooled portion are 2%.
In this scenario, the modeled average cash flow decline is 11.8%
from generally year end 2010 servicer-reported financial data. To
determine sustainable Fitch cash flow and stressed value, Fitch
analyzed servicer-reported operating statements and rent rolls,
updated property valuations, STR reports 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 89.3%), Fitch estimates that average recoveries on the
pooled loans will be approximately 98% in the base case, whereas,
the more highly leveraged non-pooled component notes (average base
case LTV of 105.3%) have a lower modeled recovery of 91% on the
securitized debt.

The transaction is collateralized by nine loans, four of which are
secured by hotels (89.1%), four by office (9.3%), and one by
retail (1.6%). All of the original final maturity dates including
all extension options for the non-specially serviced loans are in
2011; however, some of the specially serviced loans could be
modified with amended maturity dates. Five of the loans (85.3%)
are in special servicing.

Fitch's analysis resulted in loss expectations for six 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: Westin
Aruba (4.7%), Broadreach Pool (3.4%) and Colonial Mall -- Myrtle
Beach (1.6%).

The Westin Aruba is a 478 room, REO hotel property located in Palm
Beach, Aruba. The property has beachfront access, retail and
meeting space, as well as a nightclub and a 12,000 sf casino. The
loan transferred to special servicing in November 2008 when the
borrower failed to make operating advances to the hotel operator
as specified in the loan agreement. The property has been REO
since May 2009, when the special servicer foreclosed on the
mezzanine lender, Petra Realty Advisors, who foreclosed on the
original sponsor, Belfonti Capital Partners. The special servicer
continues to streamline operations in an effort to reduce expenses
as well as complete necessary repairs. Starwood initiated an 'all
inclusive' option in 2009 which has resulted in increased income.
The casino operator ceased paying rent in April 2010, was evicted
in October 2010 and the former casino operator's bank repossessed
the casino equipment which resulted in a six week shut down. The
casino reopened in December 2010 with new equipment and a new
name. Meetings with potential casino operators have thus far not
resulted in a new lease.

The Broadreach Pool was originally collateralized approximately
1.04 million sf in nine office properties in various submarkets of
Los Angeles and San Diego, CA. One property, Whittier Financial
Center in Whittier, CA, was released in February 2007, reducing
the principal balance of the pooled note to $71.6 million from $85
million at issuance. The portfolio now has 900,233 sf. The
remaining properties are as follows: Morehouse Tech Center in San
Diego, CA; Activity Business Center in San Diego, CA; Freeway
Business Center/1501 Hughes Way in Long Beach, CA; 3901 Via Oro
Avenue in Long Beach, CA; South Bay Center in Torrance, CA; 91
Freeway Center in Artesia, CA; Norwalk Corporate Center in
Norwalk, CA; and Glendale Corporate Center in Glendale, CA. The
overall occupancy at issuance was below market at 83% and as of
the April 2011 rent roll, it has declined to 65%. An additional
32.5% of the space expires by the end of 2013. The loan remains
current; however, it will likely transfer to special servicing as
it approaches its maturity date in August 2011. The non pooled
senior portion of the loan collateralizes classes BP-1 and BP-2,
which have been downgraded.

The Colonial Mall -- Myrtle Beach is collateralized by a 524,767
sf regional mall located in Myrtle Beach, SC. Anchors include J.C.
Penney, two Belk stores, Bass Pro Shops, and the newly constructed
Carmike Cinemas; in-line tenants are a typical mix of national
retailers, with some local tenants. The anchors, with the
exception of the cinema and the improvements to the Belk #2 store,
are part of the collateral. The Belk #2 store pays ground rent. In
2004, a new super-regional mall opened 15 miles from the subject,
resulting in declines in occupancy and sales. Issuance
expectations assumed some level of performance stabilization;
however, improved performance expectations have not been realized
and occupancy has declined. At issuance, the total mall was 90.6%
occupied, which was lower than historical rates in excess of 95%.
Per the December 2009 rent roll, the total mall and in-line
occupancy had declined to 84.2% and 66.5%, respectively. As of the
March 2011 rent roll, total mall and in-line occupancy were 80.8%
and 58.2%, respectively. J.C. Penney and both Belk store's (60% of
the total anchor space) leases expire in 2014. The in-line space
rollover is as follows: 5.4 in 2011; 10.7% in 2012; and 3.4% in
2013.

Fitch affirms, revises Rating Outlooks and Loss Severity Ratings,
and assigns Recovery Ratings, as applicable, to these pooled
classes:

   -- $877 million class A-1 at 'AAAsf/LS1 from 'LS2'; Outlook
      Stable;

   -- $573.5 million class A-2 at 'Asf/LS2'; Outlook to Stable
      from Negative;

   -- $98.6 million class B at 'BBBsf/LS3' from 'LS4'; Outlook to
      Stable from Negative;

   -- $95 million class C at 'BBBsf/LS3' from 'LS4'; Outlook to
      Stable from Negative;

   -- $76.8 million class D at 'BBBsf/LS3' from 'LS4'; Outlook to
      Stable from Negative;

   -- $75.2 million class E at 'BBsf/LS3' from 'LS4'; Outlook to
      Stable from Negative;

   -- $70.4 million class F at 'BBsf/LS3' from 'LS4'; Outlook to
      Stable from Negative;

   -- $71.8 million class G at 'Bsf/LS3' from 'LS4'; Outlook to
      Stable from Negative.

   -- $28.3 million class L at 'Csf/RR6'.

Additionally, Fitch affirms, removes from Rating Watch Positive
and maintains Recovery Ratings to these pooled certificates:

   -- $64.9 million class H at 'CCCsf/RR4';

   -- $21.9 million class J at 'CCCsf/RR6';

   -- $25.4 million class K at 'CCsf/RR6'.

Additionally, Fitch affirms and maintains Recovery Ratings to
these non-pooled component certificates:

   -- $68.9 million class KH-1 at 'CCCsf/RR1';

   -- $54.1 million class KH-2 at 'CCCsf/RR3';

   -- $18 million class BH-1 at 'CCCsf/RR4';

   -- $28 million class BH-2 at 'CCCsf/RR6';

   -- $56 million class BH-3 at 'CCsf/RR6';

   -- $46 million class BH-4 at 'CCsf/RR6';

   -- $3.3 million class WA at 'Csf/RR6';

   -- $5 million class WB at 'CCsf/RR6';

   -- $2.3 million class MB-1 at 'CCsf/RR6';

   -- $2.6 million class MB-2 at 'CCsf/RR6';

   -- $2.6 million class MB-3 at 'CCsf/RR6';

   -- $2.5 million class MB-4 at 'CCsf/RR6';

   -- $1.1 million class CM at 'Csf/RR6'.

Fitch also downgrades these classes and maintains Recovery
Ratings:

   -- $2 million class BP-1 to 'CC/RR6' from 'CCC/RR6';

   -- $2.2 million class BP-2 to 'CC/RR6' from CCC/RR6'.

Interest-only class X-1A and rake class UV have paid in full and
class X-1B was withdrawn.

An update to the U.S. CMBS Focus Report, 'Wachovia Bank Commercial
Mortgage Trust, Series 2006-WHALE 7' will be available in the near
future.

                           *********

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.  Jhonas Dampog, 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 2011.  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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