TCR_Public/130519.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, May 19, 2013, Vol. 17, No. 137

                            Headlines

ADIRONDACK 2005-2: Supp. Indenture No Impact on Moody's Ratings
ALTIUS I: Supp. Indenture No Impact on Moody's Ratings
ALTIUS II: Supp. Indenture No Impact on Moody's Ratings
AMERICREDIT AUTO: Moody's Puts Ba1 on 2 Loan Classes on Review
ANTHRACITE CRE 2006-HY3: Moody's Cuts Rating on 3 Notes to 'C'

ARES XVI: S&P Raises Rating on Class E Notes to 'BB+'
ARMOR RE 2013-1: S&P Assigns 'BB+' Rating to Class A Notes
BANC OF AMERICA 2001-1: Moody's Ups Rating on Class J Certs to B2
BANC OF AMERICA 2004-6: Fitch Cuts Rating on Class M Certs to 'C'
BANC OF AMERICA 2005-MIB1: Moody's Cuts Ratings on 2 CMBS Classes

BEAR STEARNS 1998-C1: Fitch Affirms 'BB+' Rating on Class H Certs
BEAR STEARNS 2002-TOP8: S&P Lowers Rating on Class H Certs to BB-
BEAR STEARNS 2004-PWR4: Fitch Affirms C Ratings on 2 Cert. Classes
BEAR STEARNS 2005-PWR7: Fitch Rates $11.2MM Class E Certs. 'Bsf'
BMI CLO I: S&P Assigns 'BB+' Rating on Class D Notes

BOSTON MORTGAGE 1997-C1: Fitch Affirms D Rating on Class J Certs
C-BASS CBO VII: Moody's Lifts Rating on $20MM Cl. C Notes to Baa3
CBA COMMERCIAL 2006-1: Moody's Keeps C Ratings on 3 CMBS Classes
CBA COMMERCIAL 2006-2: Moody's Affirms C Ratings on Two Classes
CBA COMMERCIAL 2007-1: Moody's Keeps C Ratings on 2 CMBS Classes

CENTRAL PACIFIC: Fitch Ups Trust Pref. Securities Rating to 'CC'
CHASE CREDIT 2013-1: 2013-1 Notes Issue No Impact on 2003-4 Notes
CITIGROUP 2004-C1: S&P Lowers Rating on 4 Note Classes to 'D'
CITIGROUP 2013-375P: Moody's Rates Class E CMBS '(P)Ba3'
CLAREGOLD TRUST 2007-2: Moody's Takes Action on 13 CMBS Classes

COMM 2012-CCRE1: Fitch Affirms 'B' Rating on Class G Certs.
COMM 2007-FL14: S&P Lowers Rating on 2 Cert. Classes to 'CCC-'
CREDIT SUISSE 1997-C2: Fitch Affirms 'D' Rating on Class I Certs
CREDIT SUISSE 2002-CKN2: Moody's Lowers Ratings on 2 CMBS Classes
CREDIT SUISSE 2005-C1: Moody's Eyes Downgrade for 5 CMBS Classes

CREDIT SUISSE 2007-TFL1: S&P Raises Rating on Cl. D Certs to BB+
CSFB 2003-8: Moody's Reviews Ratings on $49MM of RMBS Issues
CSMC SERIES 2010-1R: S&P Cuts Rating on Class 33-A-1 Certs to BB
EDUCATIONAL LOAN: Fitch Cuts Student Loan Note Rating to 'CCCsf'
FIRST HORIZON 2003-8: Moody's Cuts Cl. I-A-12 Debt Rating to Ba1

G-FORCE 2005-RR: S&P Lowers Rating on 2 Cert Classes to 'D(sf)'
GE COMMERCIAL 2003-C2: Moody's Lowers Ratings on Six CMBS Classes
GE COMMERCIAL 2007-C1: S&P Cuts Rating on 2 Note Classes to 'D'
GMAC COMMERCIAL 2001-C2: Fitch Affirms 'C' Rating on Class H Certs
GMAC COMMERCIAL 2002-C2: Moody's Takes Action on 5 CMBS Classes

GREENWICH CAPITAL 2002-C1: Moody's Cuts Ratings on 2 CMBS Classes
GREENWICH CAPITAL 2004-FL2: S&P Affirms B+ Rating on Cl. J Notes
GREENWICH CAPITAL 2005-FL3: S&P Affirms B+ Rating on Cl. M Notes
GREENWICH CAPITAL 2006-FL4: Fitch Affirms 'D' Rating on J Certs
GS MORTGAGE 2006-GSFL: S&P Withdraws CCC- Rating on Class J Notes

GS MORTGAGE 2013-GCF12: Fitch to Rate $11.97MM Cl. F Certs. 'Bsf'
GS MORTGAGE 2012-GCJ7: Moody's Affirms B2 Rating on Class F Certs
GS MORTGAGE 2013-GCJ12: S&P Gives Prelim BB- Rating on Cl F Notes
GSR PASS-THROUGH 2004-1R: Moody's Withdraws Ratings on 4 Tranches
HAWAIIAN HOLDINGS: S&P Assigns Prelim BB- Rating on Class B Certs

JP MORGAN 1998-C6: Fitch Affirms 'D' Rating on Class H Certs.
JP MORGAN 2005-A2: Moody's Reviews Caa1 Rating on Cl. 1-A-1 Secs.
JP MORGAN 2013-LC11: Moody's Assigns Rating to 14 CMBS Classes
JP MORGAN 2013-LC11: S&P Assigns 'BB' Rating on Class E Notes
LB-UBS 2002-C7: Fitch Affirms 'D' Rating on $6.6MM Class T Certs

LEHMAN BROTHERS 2007-3: S&P Affirms CCC- Rating on 4 Note Classes
LEHMAN BROTHERS 2007-LLF: Fitch Affirms 'D' Rating on Cl. J Notes
MERRILL LYNCH 2004-E: Moody's Hikes Rating on $4.9MM of RMBS
MERRILL LYNCH 2005-1: Moody's Reviews Rating on 5 RMBS Tranches
MERRILL LYNCH 2006-C2: Moody's Affirms 'C' Ratings on 4 Certs

MERRILL LYNCH 2007-CANADA: Moody's Affirms Caa3 Rating on L Certs
MERRILL LYNCH 2007-CANADA: Moody's Keeps Ratings on 18 Classes
ML-CFC COMMERCIAL: Fitch Rates $191MM Class A-J Certs. 'BBsf'
MORGAN STANLEY 1999-LIFE1: Fitch Affirms D Rating on Cl. K Certs
MORGAN STANLEY 2002-TOP7: Fitch Affirms 'D' Rating on L Certs

MORGAN STANLEY 2004-IQ7: Fitch Affirms CCC Rating on 3 Certs
MORGAN STANLEY 2004-HQ3: Moody's Affirms Ratings on 17 Classes
MORGAN STANLEY 2006-IQ12: S&P Affirms CCC+ Rating on Cl. B Notes
MORGAN STANLEY 2007-XLF9: Moody's Cuts Rating on X Certs to Caa1
OHA CREDIT VIII: S&P Gives Prelim. BB Rating on $18MM Cl. E Notes

ORCHID STRUCTURED: New Manager Appt. No Impact on Moody's Ratings
PUTNAM STRUCTURED 2002-1: Moody's Keeps Caa2 Rating on $80M Notes
RESIDENTIAL REINSURANCE: S&P Gives Prelim B- Rating to Cl 3 Notes
SEQUOIA MORTGAGE 2013-7: Fitch to Rate Cl. B-4 Certificate 'BBsf'
SEQUOIA MORTGAGE 2007-2: Moody's Reviews Ratings on 3 RMBS Issues

SLM STUDENT 2003-10: Fitch Affirms BB Rating on Class B Notes
TIERS MISSOURI 2007-1: Moody's Withdraws Caa2 and Ba1 Ratings
TRAPEZA CDO V: Moody's Lifts Rating on Class A1B Notes From Ba1
TRAPEZA CDO X: S&P Raises Rating on Class A-1 Notes to 'BB+'
TRAPEZA CDO XI: S&P Assigns 'CC' Rating on 2 Note Classes

UNISON GROUND: Fitch Affirms 'BB' Rating on Class F Certs.
UNITED AUTO 2013-1: S&P Assigns Prelim BB Rating on Class E Notes
WACHOVIA BANK 2003-C3: S&P Affirms 'B+' Rating on Class J Notes
WACHOVIA BANK 2004-C12: S&P Affirms BB+ Rating on Class H Notes
WFRBS 2011-C3: Moody's Affirms 'B2' Rating on Class F Certs

WFRBS 2013-C13: Moody's Takes Action on 13 CMBS Classes
WFRBS 2013-C14: Fitch Assigns 'B' Rating to $16.53MM Cl. F Certs
WHITEHORSE VI: S&P Affirms 'BB-' Rating on Class B-2L Notes

* Fitch: New CMBS Delinquencies Fall to Lowest Level Since 2008
* Moody's Takes Action on $645MM of RMBS From Various Trusts
* Moody's Sees Improvements Ahead for Real Estate Sector
* Moody's Updates Default and Recovery Rate Assumptions for CLOS
* S&P Raises Rating on 11 MBIA-Insured Classes From 6 US CDO


                            *********

ADIRONDACK 2005-2: Supp. Indenture No Impact on Moody's Ratings
---------------------------------------------------------------
Moody's Investors Service determined that entry by Adirondack
2005-2 Ltd. into a supplemental indenture dated as of May 10, 2013
by and among the Issuer, Adirondack 2005-2 Corp. as Co-Issuer and
U.S. Bank National Association, as Trustee, and performance of the
activities contemplated therein, will not in and of themselves and
at this time result in the immediate withdrawal, reduction or
other adverse action with respect to the current long-term rating
(including any private or confidential rating) by Moody's of the
Class A Notes, Class B Notes, Class C Notes, the Class D Notes and
the Class E Notes issued by the Issuer. Moody's does not express
an opinion as to whether the Supplemental Indenture could have
non-credit-related effects.

The Collateral Manager, Cairn Capital North America Inc., and the
Issuer seek to restructure the transaction, and in order to
implement the restructuring, certain provisions of the Indenture
require modification and new language needs to be inserted by
execution of the Supplemental Indenture. The Supplemental
Indenture amends certain existing Indenture provisions, including
provisions governing the payment of "Deposited Amounts" to one or
more Classes of Notes. In addition, the Supplemental Indenture
amends the Indenture to permit holders of a certain Class of Notes
to fund a payment of the purchase price for Collateral Assets by
accepting a reduction to the principal balance of such Notes, a
"Specified Reduction", rather than fund the payment in cash. It
has been represented to Moody's that the Supplemental Indenture
will have no material adverse effect on any of the Noteholders.

The principal methodology used in reaching its conclusion and in
monitoring the ratings of the Notes issued by the Issuer is
"Moody's Approach to Rating SF CDOs", published in May 2012.

Other methodologies and factors that may have been considered in
the process of rating the Notes issued by the Issuer can also be
found in the Rating Methodologies sub-directory on Moody's
website.

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

On July 2, 2010, Moody's downgraded the ratings of four classes of
notes issued by Adirondack 2005-2:

$271,920,000 Class A-1LT-a Floating Rate Notes Due 2041,
Downgraded to Ca; previously on February 6, 2009 Downgraded to B1;

$0 Class A-1LT-b Floating Rate Notes Due 2041, Downgraded to Ca;
previously on February 6, 2009 Downgraded to B1;

$61,800,000 Class A-2 Floating Rate Notes Due 2041, Downgraded to
C; previously on February 6, 2009 Downgraded to Caa3;

$58,710,000 Class B Floating Rate Notes Due 2041, Downgraded to C;
previously on February 6, 2009 Downgraded to Ca.

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


ALTIUS I: Supp. Indenture No Impact on Moody's Ratings
------------------------------------------------------
Moody's Investors Service determined that entry by Altius I
Funding, Ltd. into a supplemental indenture dated as of May 10,
2013 by and among the Issuer, Altius I Funding, Corp. as Co-Issuer
and U.S. Bank National Association, as Trustee, and performance of
the activities contemplated therein, will not in and of themselves
and at this time result in the immediate withdrawal, reduction or
other adverse action with respect to the current long-term rating
(including any private or confidential rating) by Moody's of the
Class A Notes, Class B Notes, Class C Notes, the Class D Notes,
the Class E Notes and the Preferred Shares issued by the Issuer.
Moody's does not express an opinion as to whether the Second
Supplemental Indenture could have non-credit-related effects.

The Collateral Manager, Cairn Capital North America Inc., and the
Issuer seek to restructure the transaction, and in order to
implement the restructuring, certain provisions of the Indenture
require modification and new language needs to be inserted by
execution of the Second Supplemental Indenture. The Second
Supplemental Indenture amends certain existing Indenture
provisions, including provisions governing the payment of
"Deposited Amounts" to one or more Classes of Notes. In addition,
the Second Supplemental Indenture amends the Indenture to permit
holders of a certain Class of Notes to fund a payment of the
purchase price for Collateral Assets by accepting a reduction to
the principal balance of such Notes, a "Specified Reduction",
rather than fund the payment in cash. It has been represented to
Moody's that the Second Supplemental Indenture will have no
material adverse effect on any of the Noteholders.

The principal methodology used in reaching its conclusion and in
monitoring the ratings of the Notes issued by the Issuer is
"Moody's Approach to Rating SF CDOs", published in May 2012.

Other methodologies and factors that may have been considered in
the process of rating the Notes issued by the Issuer can also be
found in the Rating Methodologies sub-directory on Moody's
website.

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

On April 11, 2013, Moody's downgraded the ratings of the following
notes issued by Altius I:

$354,000,000 Class A-1LT-a Floating Rate Notes Due 2040 (current
outstanding balance of $131,560,821), Downgraded to Ca (sf);
previously on February 3, 2010 Downgraded to Caa3 (sf);

Up to $1,416,000,000 Class A-1LT-b Floating Rate Notes Due 2040
(current outstanding balance of $738,088,462), Downgraded to Ca
(sf); previously on February 3, 2010 Downgraded to Caa3 (sf);

$75,000,000 Class A-2 Floating Rate Notes Due 2040 (current
outstanding balance of $60,928,689), Downgraded to C (sf);
previously on February 2, 2009 Downgraded to Ca (sf).

Moody's also affirmed the ratings of the following notes:

$85,000,000 Class B Floating Rate Notes Due 2040 (current
outstanding balance of $80,520,080), Affirmed C (sf); previously
on February 2, 2009 Downgraded to C (sf);

$30,000,000 Class C Floating Rate Notes Due 2040 (current
outstanding balance of $33,141,890), Affirmed C (sf); previously
on February 2, 2009 Downgraded to C (sf);

$30,000,000 Class D Floating Rate Notes Due 2040 (current
outstanding balance of $32,135,575), Affirmed C (sf); previously
on February 2, 2009 Downgraded to C (sf);

$10,000,000 Preference Shares, Affirmed C (sf); previously on
October 31, 2008 Downgraded to C (sf).


ALTIUS II: Supp. Indenture No Impact on Moody's Ratings
-------------------------------------------------------
Moody's Investors Service determined that entry by Altius II
Funding, Ltd. into a supplemental indenture dated as of May 10,
2013 by and among the Issuer, Altius II Funding, Corp. as Co-
Issuer and U.S. Bank National Association, as Trustee, and
performance of the activities contemplated therein, will not in
and of themselves and at this time result in the immediate
withdrawal, reduction or other adverse action with respect to the
current long-term rating (including any private or confidential
rating) by Moody's of the Class A Notes, Class B Notes, Class C
Notes, the Class D Notes and the Preferred Shares issued by the
Issuer. Moody's does not express an opinion as to whether the
Second Supplemental Indenture could have non-credit-related
effects.

The Collateral Manager, Cairn Capital North America Inc., and the
Issuer seek to restructure the transaction, and in order to
implement the restructuring, certain provisions of the Indenture
require modification and new language needs to be inserted by
execution of the Second Supplemental Indenture. The Second
Supplemental Indenture amends certain existing Indenture
provisions, including provisions governing the payment of
"Deposited Amounts" to one or more Classes of Notes. In addition,
the Second Supplemental Indenture amends the Indenture to permit
holders of a certain Class of Notes to fund a payment of the
purchase price for Collateral Assets by accepting a reduction to
the principal balance of such Notes, a "Specified Reduction",
rather than fund the payment in cash. It has been represented to
Moody's that the Second Supplemental Indenture will have no
material adverse effect on any of the Noteholders.

The principal methodology used in reaching its conclusion and in
monitoring the ratings of the Notes issued by the Issuer is
"Moody's Approach to Rating SF CDOs", published in May 2012.

Other methodologies and factors that may have been considered in
the process of rating the Notes issued by the Issuer can also be
found in the Rating Methodologies sub-directory on Moody's
website.

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

On March 19, 2010, Moody's downgraded the ratings of two classes
of notes issued by Altius II:

$1,313,000,000 Class A-1 Floating Rate Notes Due 2040, Downgraded
to Ca; previously on 1/30/09 Downgraded to B1

$84,000,000 Class A-2 Floating Rate Notes Due 2040, Downgraded to
C; previously on 1/30/09 Downgraded to Ca

Altius II Funding, Ltd. is a collateralized debt obligation
issuance backed by a portfolio of primarily Residential Mortgage-
Backed Securities (RMBS) originated in 2004 and 2005, with the
majority originated in 2005.


AMERICREDIT AUTO: Moody's Puts Ba1 on 2 Loan Classes on Review
--------------------------------------------------------------
Moody's Investor Services placed on review for upgrade 27 tranches
and affirmed an additional 30 tranches from securitizations
sponsored by AmeriCredit Financial Services, Inc. between 2010 and
2012.

The complete rating actions as follow:

Issuer: AmeriCredit Auto Receivables Trust 2010-1

Cl. B, Affirmed Aaa (sf); previously on Aug 15, 2011 Upgraded to
Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on Aug 15, 2011 Upgraded to
Aaa (sf)

Cl. D, Affirmed Aa1 (sf); previously on Aug 15, 2011 Upgraded to
Aa1 (sf)

Issuer: AmeriCredit Automobile Receivables Trust 2010-2

Cl. B, Affirmed Aaa (sf); previously on Aug 15, 2011 Upgraded to
Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on Aug 15, 2011 Upgraded to
Aaa (sf)

Cl. D, Aa2 (sf) Placed Under Review for Possible Upgrade;
previously on Aug 15, 2011 Upgraded to Aa2 (sf)

Cl. E, A1 (sf) Placed Under Review for Possible Upgrade;
previously on Aug 15, 2011 Upgraded to A1 (sf)

Issuer: AmeriCredit Automobile Receivables Trust 2010-3

Cl. A-3, Affirmed Aaa (sf); previously on Sep 30, 2010 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on Aug 15, 2011 Upgraded to
Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on Aug 15, 2011 Upgraded to
Aaa (sf)

Cl. D, Aa2 (sf) Placed Under Review for Possible Upgrade;
previously on Aug 15, 2011 Upgraded to Aa2 (sf)

Issuer: AmeriCredit Automobile Receivables Trust 2010-4

Cl. A-3, Affirmed Aaa (sf); previously on Nov 23, 2010 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on Aug 15, 2011 Upgraded to
Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on Aug 15, 2011 Upgraded to
Aaa (sf)

Cl. D, Aa2 (sf) Placed Under Review for Possible Upgrade;
previously on Aug 15, 2011 Upgraded to Aa2 (sf)

Cl. E, A2 (sf) Placed Under Review for Possible Upgrade;
previously on Aug 15, 2011 Upgraded to A2 (sf)

Issuer: AmeriCredit Automobile Receivables Trust 2010-A

Cl. A-3, Affirmed Aaa (sf); previously on Aug 15, 2011 Upgraded to
Aaa (sf)

Underlying Rating: Affirmed Aaa (sf); previously on Aug 15, 2011
Upgraded to Aaa (sf)

Issuer: AmeriCredit Automobile Receivables Trust 2010-B

Cl. A-3, Affirmed Aaa (sf); previously on Aug 15, 2011 Upgraded to
Aaa (sf)

Underlying Rating: Affirmed Aaa (sf); previously on Aug 15, 2011
Upgraded to Aaa (sf)

Issuer: AmeriCredit Auto Receivables Trust 2011-1

Cl. A-3, Affirmed Aaa (sf); previously on Feb 3, 2011 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on May 2, 2012 Upgraded to
Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on May 2, 2012 Upgraded to
Aaa (sf)

Cl. D, Aa3 (sf) Placed Under Review for Possible Upgrade;
previously on May 2, 2012 Upgraded to Aa3 (sf)

Cl. E, A3 (sf) Placed Under Review for Possible Upgrade;
previously on May 2, 2012 Upgraded to A3 (sf)

Issuer: AmeriCredit Automobile Receivables Trust 2011-2

Cl. A-3, Affirmed Aaa (sf); previously on Apr 15, 2011 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on May 2, 2012 Upgraded to
Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on May 2, 2012 Upgraded to
Aaa (sf)

Cl. D, Aa3 (sf) Placed Under Review for Possible Upgrade;
previously on May 2, 2012 Upgraded to Aa3 (sf)

Cl. E, A3 (sf) Placed Under Review for Possible Upgrade;
previously on May 2, 2012 Upgraded to A3 (sf)

Issuer: AmeriCredit Automobile Receivables Trust 2011-3

Cl. A-3, Affirmed Aaa (sf); previously on Jun 20, 2011 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on May 2, 2012 Upgraded to
Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on May 2, 2012 Upgraded to
Aaa (sf)

Cl. D, Aa3 (sf) Placed Under Review for Possible Upgrade;
previously on May 2, 2012 Upgraded to Aa3 (sf)

Cl. E, A3 (sf) Placed Under Review for Possible Upgrade;
previously on May 2, 2012 Upgraded to A3 (sf)

Issuer: AmeriCredit Automobile Receivables Trust 2011-5

Cl. A-2, Affirmed Aaa (sf); previously on Nov 3, 2011 Definitive
Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Nov 3, 2011 Definitive
Rating Assigned Aaa (sf)

Cl. B, Aa1 (sf) Placed Under Review for Possible Upgrade;
previously on Nov 3, 2011 Definitive Rating Assigned Aa1 (sf)

Cl. C, A1 (sf) Placed Under Review for Possible Upgrade;
previously on Nov 3, 2011 Definitive Rating Assigned A1 (sf)

Cl. D, Baa2 (sf) Placed Under Review for Possible Upgrade;
previously on Nov 3, 2011 Definitive Rating Assigned Baa2 (sf)

Cl. E, Ba2 (sf) Placed Under Review for Possible Upgrade;
previously on Nov 3, 2011 Definitive Rating Assigned Ba2 (sf)

Issuer: AmeriCredit Auto Receivables Trust 2012-1

Cl. A-2, Affirmed Aaa (sf); previously on Feb 9, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Feb 9, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. B, Aa1 (sf) Placed Under Review for Possible Upgrade;
previously on Feb 9, 2012 Definitive Rating Assigned Aa1 (sf)

Cl. C, Aa3 (sf) Placed Under Review for Possible Upgrade;
previously on Feb 9, 2012 Assigned Aa3 (sf)

Cl. D, Baa2 (sf) Placed Under Review for Possible Upgrade;
previously on Feb 9, 2012 Definitive Rating Assigned Baa2 (sf)

Cl. E, Ba2 (sf) Placed Under Review for Possible Upgrade;
previously on Feb 9, 2012 Definitive Rating Assigned Ba2 (sf)

Issuer: AmeriCredit Automobile Receivables Trust 2012-2

Cl. A-2, Affirmed Aaa (sf); previously on Apr 20, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Apr 20, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. B, Aa1 (sf) Placed Under Review for Possible Upgrade;
previously on Apr 20, 2012 Definitive Rating Assigned Aa1 (sf)

Cl. C, Aa3 (sf) Placed Under Review for Possible Upgrade;
previously on Apr 20, 2012 Definitive Rating Assigned Aa3 (sf)

Cl. D, Baa1 (sf) Placed Under Review for Possible Upgrade;
previously on Apr 20, 2012 Definitive Rating Assigned Baa1 (sf)

Cl. E, Ba1 (sf) Placed Under Review for Possible Upgrade;
previously on Apr 20, 2012 Assigned Ba1 (sf)

Issuer: AmeriCredit Auto Receivables Trust 2012-3

Cl. A-2, Affirmed Aaa (sf); previously on Jun 29, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Jun 29, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. B, Aa1 (sf) Placed Under Review for Possible Upgrade;
previously on Jun 29, 2012 Definitive Rating Assigned Aa1 (sf)

Cl. C, Aa3 (sf) Placed Under Review for Possible Upgrade;
previously on Jun 29, 2012 Definitive Rating Assigned Aa3 (sf)

Cl. D, Baa1 (sf) Placed Under Review for Possible Upgrade;
previously on Jun 29, 2012 Definitive Rating Assigned Baa1 (sf)

Cl. E, Ba1 (sf) Placed Under Review for Possible Upgrade;
previously on Jun 29, 2012 Definitive Rating Assigned Ba1 (sf)

Ratings Rationale

The reviews are primarily a result of reduction in lifetime loss
expectations due to continued strong performance of the underlying
collateral pools. The mezzanine bonds benefit additionally from
build-up of credit enhancement due to the sequential pay structure
as well as the reduction in collateral expected loss.

Key performance metrics (as of the April 2013 distribution date)
and credit assumptions for each affected transaction. Credit
assumptions include Moody's expected lifetime CNL expected
range/loss which is expressed as a percentage of the original pool
balance; Moody's lifetime remaining CNL expectation and Moody's
Aaa (sf) level which are expressed as a percentage of the current
pool balance. The Aaa level is the level of credit enhancement
that would be consistent with a Aaa (sf) rating for the given
asset pool. Performance metrics include pool factor which is the
ratio of the current collateral balance to the original collateral
balance at closing; total credit enhancement, which typically
consists of subordination, overcollateralization, and a reserve
fund; and per annum excess spread.

Issuer: AmeriCredit Automobile Receivables Trust 2010-1

Lifetime CNL expected loss -- 6.50%, prior expectation (Nov 2012)
-- 7.00%

Lifetime Remaining CNL expectation -- 4.93%;

Aaa Level -- 30.00%

Pool factor -- 22.53%

Total credit enhancement (excluding excess spread ): Class-B
100.94%, Class-C 49.89%, Class-D 23.25%

Excess spread -- Approximately 9.7% per annum

Issuer: AmeriCredit Automobile Receivables Trust 2010-2

Lifetime CNL expected loss range -- 5.75% to 6.25%, prior
expectation (Nov 2012) -- 6.25%

Aaa Level -- 30.00%

Pool factor -- 26.21%

Total credit enhancement (excluding excess spread ): Class-B
99.18%, Class-C 60.08%, Class-D 23.83%, Class- E 15.25%

Excess spread -- Approximately 8.3% per annum

Issuer: AmeriCredit Automobile Receivables Trust 2010-3

Lifetime CNL expected loss range -- 5.75% to 6.25%, prior
expectation (Nov 2012) -- 6.25%

Aaa Level -- 30.00%

Pool factor -- 37.08%

Total credit enhancement (excluding excess spread ): Class-A
92.29%, Class-B 71.39%, Class-C 44.28%, Class-D 19.2%

Excess spread -- Approximately 9.6% per annum

Issuer: AmeriCredit Automobile Receivables Trust 2010-4

Lifetime CNL expected loss range -- 5.75% to 6.25%, prior
expectation (Nov 2012) -- 6.25%

Aaa Level -- 30.00%

Pool factor -- 33.64%

Total credit enhancement (excluding excess spread ): Class-A
96.36%, Class-B 74.81%, Class-C 48.05%, Class-D 21.74%, Class-E
14.75%

Excess spread -- Approximately 9.6% per annum

Issuer: AmeriCredit Automobile Receivables Trust 2010-A

Lifetime CNL expected loss range -- 7.50%, prior expectation (Nov
2012) -- 8.00%

Lifetime Remaining CNL expectation -- 5.26%;

Aaa Level -- 30.00%

Pool factor -- 25.94%

Total credit enhancement (excluding excess spread ): Class-A
28.21%

Excess spread -- Approximately 11.0% per annum

Issuer: AmeriCredit Automobile Receivables Trust 2010-B

Lifetime CNL expected loss range -- 6.25%, prior expectation (Nov
2012) -- 6.50%

Lifetime Remaining CNL expectation -- 5.75%;

Aaa Level -- 30.00%

Pool factor -- 33.05%

Total credit enhancement (excluding excess spread ): Class-A
26.55%

Excess spread -- Approximately 10.6% per annum

Issuer: AmeriCredit Automobile Receivables Trust 2011-1

Lifetime CNL expected loss range -- 5.75% to 6.25%, prior
expectation (Nov 2012) -- 6.25%

Aaa Level -- 30.00%

Pool factor -- 42.04%

Total credit enhancement (excluding excess spread ): Class-A
80.04%, Class-B 62.80%, Class-C 41.39%, Class-D 20.34%, Class-E
14.75%

Excess spread -- Approximately 9.3% per annum

Issuer: AmeriCredit Automobile Receivables Trust 2011-2

Lifetime CNL expected loss range -- 6.25% to 6.75%, prior
expectation (Nov 2012) -- 7.00%

Aaa Level -- 35.00%

Pool factor -- 41.75%

Total credit enhancement (excluding excess spread ): Class-A
80.50%, Class-B 63.13%, Class-C 41.57%, Class-D 20.38%, Class-E
14.75%

Excess spread -- Approximately 9.2% per annum

Issuer: AmeriCredit Automobile Receivables Trust 2011-3

Lifetime CNL expected loss range -- 6.25% to 6.75%, prior
expectation (Nov 2012) -- 7.00%

Aaa Level -- 35.00%

Pool factor -- 48.80%

Total credit enhancement (excluding excess spread ): Class-A
71.00%, Class-B 56.14%, Class-C 37.70%, Class-D 19.57%, Class-E
14.75%

Excess spread -- Approximately 9.3% per annum

Issuer: AmeriCredit Automobile Receivables Trust 2011-5

Lifetime CNL expected loss range -- 7.50% to 8.00%, prior
expectation (Nov 2012) -- 8.00%

Aaa Level -- 35.00%

Pool factor -- 61.05%

Total credit enhancement (excluding excess spread ): Class-A
59.71%, Class-B 47.84%, Class-C 33.09%, Class-D 18.60%, Class-E
14.75%

Excess spread -- Approximately 8.5% per annum

Issuer: AmeriCredit Automobile Receivables Trust 2012-1

Lifetime CNL expected loss range -- 7.50% to 8.00%, original
expectation (Feb 2012) -- 10.00%

Aaa Level -- 35.00%

Pool factor -- 64.29%

Total credit enhancement (excluding excess spread ): Class-A
57.45%, Class-B 46.17%, Class-C 32.17%, Class-D 18.40%, Class-E
14.75%

Excess spread -- Approximately 9.3% per annum

Issuer: AmeriCredit Automobile Receivables Trust 2012-2

Lifetime CNL expected loss range -- 8.00% to 9.00%, original
expectation (Apr 2012) -- 11.00%

Aaa Level -- 35.00%

Pool factor -- 70.66%

Total credit enhancement (excluding excess spread ): Class-A
53.60%, Class-B 43.34%, Class-C 30.60%, Class-D 18.08%, Class-E
14.75%

Excess spread -- Approximately 10.1% per annum

Issuer: AmeriCredit Automobile Receivables Trust 2012-3

Lifetime CNL expected loss range -- 8.00% to 9.00%, original
expectation (Jun 2012) -- 10.25%

Aaa Level -- 35.00%

Pool factor -- 76.65%

Total credit enhancement (excluding excess spread ): Class-A
50.06%, Class-B 40.60%, Class-C 28.86%, Class-D 17.32%, Class-E
14.25%

Excess spread -- Approximately 9.7% per annum

Ratings on the notes may be downgraded if the lifetime CNL
expectation is increased by 30%.

The methodologies used in these ratings were "Moody's Approach to
Rating U.S. Auto Loan Backed Securities" published in May 2011,
and "Rating Transactions Based on the Credit Substitution
Approach: Letter of Credit backed Insured and Guaranteed Debts"
published in March 2013.

Moody's ratings on structured finance securities that are
guaranteed or "wrapped" by a financial guarantor are generally
maintained at a level equal to the higher of the following: a) the
rating of the guarantor (if rated at the investment grade level);
or b) the published or unpublished underlying rating. The
principal methodology used in determining the underlying rating is
the same methodology for rating securities that do not have a
financial guaranty.


ANTHRACITE CRE 2006-HY3: Moody's Cuts Rating on 3 Notes to 'C'
--------------------------------------------------------------
Moody's Investors Service downgraded ratings of three classes and
affirmed seven classes of notes issued by Anthracite CRE CDO 2006-
HY3. The downgrades are due to the increase of under-
collateralization since last review. The affirmations are due to
key transaction parameters performing within levels commensurate
with the existing ratings levels.

The rating action is the result of Moody's on-going surveillance
of commercial real estate collateralized debt obligation and re-
remic (CRE CDO and Re-Remic) transactions.

Moody's rating action is as follows:

Cl. A, Affirmed Caa3 (sf); previously on Jun 3, 2011 Downgraded to
Caa3 (sf)

Cl. B-FL, Affirmed Ca (sf); previously on Jun 4, 2010 Downgraded
to Ca (sf)

Cl. B-FX, Affirmed Ca (sf); previously on Jun 4, 2010 Downgraded
to Ca (sf)

Cl. C-FL, Downgraded to C (sf); previously on Jun 4, 2010
Downgraded to Ca (sf)

Cl. C-FX, Downgraded to C (sf); previously on Jun 4, 2010
Downgraded to Ca (sf)

Cl. D, Downgraded to C (sf); previously on Jun 4, 2010 Downgraded
to Ca (sf)

Cl. E-FL, Affirmed C (sf); previously on May 31, 2012 Downgraded
to C (sf)

Cl. E-FX, Affirmed C (sf); previously on May 31, 2012 Downgraded
to C (sf)

Cl. F, Affirmed C (sf); previously on May 31, 2012 Downgraded to C
(sf)

Cl. G, Affirmed C (sf); previously on May 31, 2012 Downgraded to C
(sf)

Ratings Rationale:

Anthracite CRE CDO 2006-HY3, Ltd. is a static cash transaction
backed by a portfolio commercial mortgage backed securities (CMBS)
(44.0% of the pool balance), mezzanine debt (40.8%), and B-notes
(15.2%). As of the April 23, 2013 note valuation report, the
current par balance of the collateral assets is $165.8 million,
which represents a 69.5% under-collateralization to the
transaction, compared to 51.4% under-collateralization at last
review. In addition, only Class A and B are receiving full payment
of interest due on their notes as of the April 23, 2013 payment
cycle.

Moody's has identified the following parameters as key indicators
of the expected loss within CRE CDO transactions: weighted average
rating factor (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 assessments for the non-Moody's
rated collateral. Moody's modeled a bottom-dollar WARF of 5,799
compared to 7,678 at last review. The current distribution of
Moody's rated collateral and assessments for non-Moody's rated
collateral is as follows: Ba1-Ba3 (5.6% compared to 3.5% at last
review), B1-B3 (37.9% compared to 0.9% at last review), and Caa1-
Ca/C (56.5% compared to 95.7% at last review).

Moody's modeled to a WAL of 3.5 years compared to 3.7 years at
last review. The current WAL incorporates Moody's expectations of
future collateral extensions, if any.

Moody's modeled a fixed WARR of 0.6% compared to 0.4% at last
review.

Moody's modeled a MAC of 28.1% compared to 100.0% at last review.

Moody's review incorporated CDOROM v2.8, one of Moody's CDO rating
models, which was released on March 25, 2013.

The cash flow model, CDOEdge v3.2.1.2, was used to analyze the
cash flow waterfall and its effect on the capital structure of the
deal.

Moody's analysis encompasses the assessment of stress scenarios.

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. In general, the rated notes are particularly
sensitive to changes in recovery rate assumptions. Holding all
other key parameters static, changing the recovery rate assumption
down from 0.6% to 0.2% or up to 5.6% would result in rating
movements on the rated tranches of 0 to 1 notch downward or 0
notch 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 extent of growth
in the current macroeconomic environment given the weak pace of
recovery and commercial real estate property markets. Commercial
real estate property values are continuing to move in a modestly
positive direction along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction and moderate job growth have aided this improvement.
However, a consistent upward trend will not be evident until the
volume of investment activity steadily increases for a significant
period, non-performing properties are cleared from the pipeline,
and fears of a Euro area recession are abated.

The hotel sector is performing strongly with nine straight
quarters of growth and the multifamily sector continues to show
increases in demand with a growing renter base and declining home
ownership. Recovery in the office sector continues at a measured
pace with minimal additions to supply. However, office demand is
closely tied to employment, where growth remains slow and
employers are considering decreases in the leased space per
employee. Also, primary urban markets are outperforming secondary
suburban markets. Performance in the retail sector continues to be
mixed with retail rents declining for the past four years, weak
demand for new space and lackluster sales driven by internet sales
growth. Across all property sectors, the availability of debt
capital continues to improve with robust securitization activity
of commercial real estate loans supported by a monetary policy of
low interest rates.

Moody's central global macroeconomic scenario calls for US GDP
growth for 2013 that is likely to remain close to 2% as the
greater impetus from the US private sector is likely to broadly
offset the drag on activity from more restrictive fiscal policy.
Thereafter, Moody's expects the US economy to expand at a somewhat
faster pace than is likely this year, closer to its long-run
average pace of growth. Risks to Moody's forecasts remain skewed
to the downside despite recent positive developments. Moody's
believes that the three most immediate risks are: i) the risk of a
deeper than currently expected recession in the euro area
accompanied by deeper credit contraction, potentially triggered by
a further intensification of the sovereign debt crisis; ii)
slower-than-expected recovery in major emerging markets following
the recent slowdown; and iii) an escalation of geopolitical
tensions, resulting in adverse economic developments.

The methodologies used in this rating were "Moody's Approach to
Rating SF CDOs" published in May 2012, and "Moody's Approach to
Rating Commercial Real Estate CDOs" published in July 2011.


ARES XVI: S&P Raises Rating on Class E Notes to 'BB+'
-----------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the Class
B, C, D, and E notes from Ares XVI CLO Ltd.  At the same time,
Standard & Poor's affirmed its rating on the Class A notes.  Ares
XVI CLO Ltd. is a collateralized loan obligation (CLO) transaction
managed by Ares Management LLC that closed in March 2011.

The Ares XVI CLO Ltd. reinvestment period is scheduled to end with
the upcoming May 17, 2013, payment date.  S&P has received notice
from the trustee that the Class A notes may be fully redeemed on
this date and new notes may be issued at a lower interest rate.
Prior to the current rating actions, the ratings on the notes were
the same as when the transaction closed in March of 2011.  The
transaction is stable, and all coverage tests are above the
minimum requirements.  As per the trustee report, which was as of
April 8, 2013, the weighted average spread of the transaction has
increased from the initial portfolio, which is also evident in the
increase in interest coverage ratios over that same time period.

The upgrades reflect the stability of the transaction and the
seasoning of its portfolio since its close in March 2011, which
improved the credit support at the prior ratings.  The affirmation
of the Class A notes reflects the sufficient credit support
available to the notes at the current rating.

S&P 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 S&P will take further
rating actions as it deems necessary.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Ratings Raised

Ares XVI CLO Ltd.
                   Rating
Class         To           From
B             AAA (sf)     AA (sf)
C             AA (sf)      A (sf)
D             A- (sf)      BBB (sf)
E             BB+ (sf)     BB (sf)

Ratings Affirmed

Ares XVI CLO Ltd.
Class         Rating
A             AAA (sf)


ARMOR RE 2013-1: S&P Assigns 'BB+' Rating to Class A Notes
----------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
'BB+(sf)' rating to the Series 2013-1 class A notes issued by
Armor Re Ltd.  The notes cover losses in Florida from named storms
on an aggregate basis during a one-year risk period.

The rating is based on the lower of the rating on the catastrophe
risk ('BB+') and the rating on the assets in the collateral
account ('AAAm').  S&P do not maintain an interactive rating on
American Coastal Insurance Co.  However, credit exposure to
American Coastal will be mitigated because it will prepay the
quarterly insurance premium for the entire risk period at closing.
In addition, if there is a potential covered event, American
Coastal will pay servicer fees in advance.

The class A notes will cover 91.5% of losses between the
attachment point of $913 million and the exhaustion point of
$1.113 billion.

RATINGS LIST

Armor Re Ltd.
Series 2013-1 Class A Notes                       BB+(sf)


BANC OF AMERICA 2001-1: Moody's Ups Rating on Class J Certs to B2
-----------------------------------------------------------------
Moody's Investors Service upgraded the rating of one class and
affirmed the ratings of two classes of Banc of America Commercial
Mortgage Inc. Commercial Mortgage Pass-Through Certificates,
Series 2001-1 as follows:

Cl. J, Upgraded to B2 (sf); previously on May 25, 2012 Upgraded to
Caa1 (sf)

Cl. K, Affirmed Ca (sf); previously on Sep 16, 2010 Downgraded to
Ca (sf)

Cl. X, Affirmed Caa3 (sf); previously on Feb 22, 2012 Downgraded
to Caa3 (sf)

Ratings Rationale:

The upgrade of Class J is due to increased credit support due to
loan payoffs and amortization. Class J's certificate balance has
been paid down approximately 90% from securitization to an
outstanding balance of $1.4 million.

The rating of Class K is consistent with Moody's base expected
loss and thus is affirmed. The rating of the IO Class, Class X, is
consistent with the expected credit performance of its referenced
classes and thus is affirmed.

Due to the payment priority of the IO class, Class J has not
received principal payments since the December 2012 remittance
date. In addition, as of the most recent remittance date, the pool
has experienced cumulative interest shortfalls totaling $6.4
million and shortfalls are currently affecting both Classes J and
K. Moody's anticipates that the pool will continue to experience
interest shortfalls caused by specially serviced loans. Interest
shortfalls are caused by special servicing fees, including workout
and liquidation fees, appraisal subordinate entitlement reductions
(ASERs), loan modifications, extraordinary trust expenses and non-
advancing by the master servicer based on a determination of non-
recoverability.

Moody's rating action reflects a base expected loss of 71% of the
current balance. At last review, Moody's base expected loss was
47%. On a percentage basis the base expected loss has increased
significantly due to the 49% paydown since last review. However,
on a numerical basis, the base expected loss has actually
decreased by $4.8 million. Realized losses have increased to 4.8%
of the original balance compared to 4.3% at last review. Moody's
base expected loss plus realized losses is now 6.5% of the
original pooled balance compared to 6.6% at last review.

Depending on the timing of loan payoffs and the severity and
timing of losses from specially serviced loans, the credit
enhancement level for rated 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.

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 extent of growth
in the current macroeconomic environment given the weak pace of
recovery and commercial real estate property markets. Commercial
real estate property values are continuing to move in a modestly
positive direction along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction and moderate job growth have aided this improvement.
However, a consistent upward trend will not be evident until the
volume of investment activity steadily increases for a significant
period, non-performing properties are cleared from the pipeline,
and fears of a Euro area recession are abated.

The hotel sector is performing strongly with nine straight
quarters of growth and the multifamily sector continues to show
increases in demand with a growing renter base and declining home
ownership. Recovery in the office sector continues at a measured
pace with minimal additions to supply. However, office demand is
closely tied to employment, where growth remains slow and
employers are considering decreases in the leased space per
employee. Also, primary urban markets are outperforming secondary
suburban markets. Performance in the retail sector continues to be
mixed with retail rents declining for the past four years, weak
demand for new space and lackluster sales driven by internet sales
growth. Across all property sectors, the availability of debt
capital continues to improve with robust securitization activity
of commercial real estate loans supported by a monetary policy of
low interest rates.

Moody's central global macroeconomic scenario calls for US GDP
growth for 2013 that is likely to remain close to 2% as the
greater impetus from the US private sector is likely to broadly
offset the drag on activity from more restrictive fiscal policy.
Thereafter, Moody's expects the US economy to expand at a somewhat
faster pace than is likely this year, closer to its long-run
average pace of growth. Risks to Moody's forecasts remain skewed
to the downside despite recent positive developments. Moody's
believes that the three most immediate risks are: i) the risk of a
deeper than currently expected recession in the euro area
accompanied by deeper credit contraction, potentially triggered by
a further intensification of the sovereign debt crisis; ii)
slower-than-expected recovery in major emerging markets following
the recent slowdown; and iii) an escalation of geopolitical
tensions, resulting in adverse economic developments..

The principal methodology used in this rating was "Moody's
Approach to Rating CMBS Large Loan/Single Borrower Transactions"
published in July 2000. The methodology used in rating Class X was
"Moody's Approach to Rating Structured Finance Interest-Only
Securities" published in February 2012.

Moody's review incorporated the use of the excel-based Large Loan
Model v 8.5. 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. The model
incorporates the CMBS IO calculator version 1.1, which uses the
following inputs to calculate the proposed IO rating based on the
published methodology: original and current bond ratings and
credit estimates; original and current bond balances grossed up
for losses for all bonds the IO(s) reference(s) within the
transaction; and the IO type corresponding to an IO type as
defined in the published methodology. The calculator then returns
a calculated IO rating based on both a target and mid-point. For
example, a target rating basis for a Baa3 (sf) rating is a 610
rating factor. The midpoint rating basis for a Baa3 (sf) rating is
775 (i.e. the simple average of a Baa3 (sf) rating factor of 610
and a Ba1 (sf) rating factor of 940). If the calculated IO rating
factor is 700, the CMBS IO calculator would provide both a Baa3
(sf) and Ba1 (sf) IO indication for consideration by the rating
committee.

Since over 90% of the pool is in special servicing, Moody's also
utilized a loss and recovery approach in rating this deal. In this
approach, Moody's determines a probability of default for each
specially serviced loan and determines a most probable loss given
default based on a review of broker's opinions of value (if
available), other information from the special servicer and
available market data. The loss given default for each loan also
takes into consideration servicer advances to date and estimated
future advances and closing costs. Translating the probability of
default and loss given default into an expected loss estimate,
Moody's then applies the aggregate loss from specially serviced
loans to the most junior class and the recovery as a pay down of
principal to the most senior class.

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 a review
utilizing MOST (Moody's Surveillance Trends) Reports and a
proprietary program that highlights significant credit changes
that have occurred in the last month as well as cumulative changes
since the last full transaction review. On a periodic basis,
Moody's also performs a full transaction review that involves a
rating committee and a press release. Moody's prior transaction
review is summarized in a press release dated May 25, 2012.

Deal Performance:

As of the April 15, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $23.4
million from $948 million at securitization. The Certificates are
collateralized by five mortgage loans ranging in size from 4% to
59% of the pool.

No loans are currently on the master servicer's watchlist.

Fifty-four loans have been liquidated from the pool, resulting in
an aggregate realized loss of $45.4 million (16% loss severity on
average). Four loans, representing 96% of the pool, are currently
in special servicing. The largest specially serviced loan is the
Waretech Industrial Park Loan ($13.9 million -- 59% of the pool).
The loan is secured by a 673,000 square foot industrial facility
built in 1955 and located in Grand Blanc, Michigan. The property
was formerly occupied by General Motors. The loan transferred to
special servicing in 2009 due to imminent monetary default and
became real estate owned (REO) in May 2011. The loan was deemed
non-recoverable by the master servicer in August 2011 and based on
the most recent remittance statement has accumulated approximately
$1.1 million in cumulative advances and ASERs. The property has
seen some leasing activity in 2010 and 2011 and is 94% leased as
of December 2012 compared to 80% leased in December 2010. The
largest tenant, representing 66% of the net rentable are (NRA),
has a lease expiration date in June 2015 and 19% of the NRA is
either on a month-to-month lease or expires in 2013. The special
servicer indicated they are currently working on a disposition
strategy for this loan.

The second largest specially serviced loan is the Suburban Acres-
Rapid Estates Loan ($4.8 million -- 20.7% of the pool) which is
secured by two mobile home properties totaling 326 pads and
located in Lockport, New York. The loan transferred to special
servicing in April 2010 due to imminent default and a receiver was
appointed in 2012. The loan has been delinquent since May 2011 and
was deemed non-recoverable by the master servicer in August 2011.
As of March 2013, the property was 63% leased, which is the same
as last review. The special servicer indicated that they are
currently pursuing foreclosure.

The third largest specially serviced loan is the Prudential,
Stoneworks & Carswell Buildings Loan ($2.5 million -- 10.8% of the
pool) which is secured by one industrial and two office properties
located in Hilton Head Island, South Carolina. The loan
transferred to special servicing in November 2010 due to imminent
maturity default and became REO in October 2012. Two of the three
properties are fully leased to single tenants with expiration
dates in 2013 (42% of the portfolio NRA) and 2015 (25% of the
portfolio NRA). The remaining building is a multi-tenant building
and was 67% leased as of April 2013, resulting in a total
portfolio occupancy of 89%. The special servicer has indicated
they plan to market this property for sale in the third quarter of
2013.

The remaining specially serviced loan ($1.2 million -- 5.0% of the
pool) is secured by a mobile home property in Finn Springs,
California. The borrower has filed for bankruptcy and the special
servicer has indicated it is in negotiation with counsel in
regards to a resolution plan. The master servicer has recognized
an aggregate appraisal reduction of $9.9 million on three of the
four specially serviced loans. Moody's estimates an aggregate
$16.3 million loss for these specially serviced loans (77%
expected loss on average).

The sole performing loan in the pool is the Downtown Mini Storage
Loan ($963,350 -- 4.1% of the pool). The loan is secured by a
100,000 square foot self storage facility located near downtown
Los Angeles, California. Moody's was provided with full-year 2011
and partial year 2012 operating results for this loan. The loan
has been a consistent strong performer. The loan is fully
amortizing and matures in February 2016. Moody's current LTV and
stressed DSCR are 12% and 8.60X, respectively, compared to 16% and
6.65X 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.


BANC OF AMERICA 2004-6: Fitch Cuts Rating on Class M Certs to 'C'
-----------------------------------------------------------------
Fitch Ratings has downgraded four and affirmed 14 classes of Banc
of America Commercial Mortgage Inc., commercial mortgage pass-
through certificates, series 2004-6 (BACM 2004-6).

Key Rating Drivers

Fitch modeled losses of 12.2% of the remaining pool; modeled
losses of the original pool are 6.2%, including losses already
incurred to date. Fitch has designated 25 loans (60.4% of the pool
balance) as Fitch Loans of Concern, which includes four specially
serviced assets (6.3%). Approximately 92% of the pool is scheduled
to mature in 2014.

As of the May 2013 distribution date, the pool's certificate
balance has been reduced by 49.6% to $482.1 million from $956.6
million. The pool has experienced $473.4 million (49.5%) in
paydowns and $1.1 million (0.1%) in realized losses since
issuance. Three loans (7.8%) have been defeased. Interest
shortfalls totaling $3.4 million are currently impacting classes K
through P.

Rating Sensitivities

The ratings of classes A-3 through C are expected to remain
stable. The Negative Rating Outlooks on classes D through F
reflect the concerns surrounding the performance declines for the
two largest loans in the pool, representing over 18% of the trust
collateral. Both loans are secured by regional malls that have
exhibited significant declines in occupancy in recent years. The
Negative Outlooks further reflect the concentration of upcoming
loan maturities over the next 12 to 18 months. These bonds are
susceptible to further downgrade if performance continues to
deteriorate, if loans do not refinance, or if losses exceed Fitch
expectations. The distressed classes are subject to further rating
actions as losses are realized.

The largest contributor to Fitch-modeled losses is a loan (9.8%)
secured by 496,895 square feet of a 750,377 square foot (sf)
regional mall located in Springfield, OH. The loan was previously
transferred to special servicing in June 2010 due to imminent
default. In May 2011, the loan was modified and bifurcated into an
A and a B-note and the maturity date was extended. The loan has
since transferred back to the master servicer.

Property performance has deteriorated significantly as occupancy
dropped below 70% due to one of the collateral anchor tenants and
another major in-line tenant vacating at the end of their lease
terms in January 2013. The property continues to face upcoming
rollover risk as the movie theater tenant's lease expires in
August 2013 and another collateral anchor tenant's lease expires
in September 2014. The latest available sales figures for the
property in 2011 have declined since issuance.

The second largest contributor to Fitch-modeled losses is a loan
(5.2%) secured by a 171,365 sf office property located in Los
Angeles, CA. As of December 2012, the property was 85.9% occupied.
The second largest tenant at issuance (16% of the net rentable
area) vacated upon its December 2011 lease expiration; however,
this was mitigated by several new leases being signed at the
property during 2012 and early 2013.

Operating expenses at the property have increased significantly
since the loan's inception with 2012 expenses up 78% due to higher
real estate taxes and higher insurance, payroll, and utility
expenses. The real estate taxes have increased due to a parcel
change and improvements to the property. The insurance expense has
increased due to addition of earthquake insurance.

The loan is scheduled to mature in October 2014. Leases
representing nearly 21% of the property square footage roll prior
to the end of 2014. As of YE 2012, the debt service coverage ratio
(DSCR), on a net-operating income (NOI) basis was 0.72x compared
to 0.48x, 0.75x, and 1.47x at YE 2011, YE 2010, and issuance,
respectively.

The third largest contributor to Fitch-modeled losses is a loan
(8.3%) secured by a 482,097 sf regional mall located in Concord,
NH. According to the December 2012 rent roll, the property was
87.4% occupied compared to 93% at issuance.

Property NOI has declined significantly since issuance due to a
combination of lower base rents, lower expense reimbursements, and
lower percentage rents. The 2011 NOI is approximately 49% below
issuance. All of the anchor tenant leases expire during 2015. The
reported sales figures for the property in 2012 are also
significantly below issuance. For the first nine months of 2012,
the DSCR, on a NOI basis, was 0.96x compared to 0.87x, 1.16x, and
1.34x at YE 2011, YE 2010, and at issuance, respectively.

Fitch has downgraded the following classes:

-- $9.6 million class G to 'CCCsf' from 'B-sf'; RE 20%;
-- $4.8 million class K to 'CCsf' from 'CCCsf'; RE 0%;
-- $4.8 million class L to 'CCsf' from 'CCCsf'; RE 0%;
-- $3.6 million class M to 'Csf' from 'CCsf'; RE 0%.

In addition, Fitch has affirmed and revised Outlooks on the
following classes as indicated:

-- $10 million class A-3 at 'AAAsf'; Outlook Stable;
-- $35.4 million class A-4 at 'AAAsf'; Outlook Stable;
-- $9 million class A-AB at 'AAAsf'; Outlook Stable;
-- $237.4 million class A-5 at 'AAAsf'; Outlook Stable;
-- $56.2 million class A-J at 'AAAsf'; Outlook Stable;
-- $19.1 million class B at 'AAsf'; Outlook Stable;
-- $9.6 million class C at 'AA-sf'; Outlook Stable;
-- $17.9 million class D at 'Asf'; Outlook to Negative from
    Stable;
-- $9.6 million class E at 'BBB-sf'; Outlook Negative;
-- $14.3 million class F at 'Bsf'; Outlook Negative;
-- $13.2 million class H at 'CCCsf'; RE 0%;
-- $6 million class J at 'CCCsf'; RE 0%;
-- $3.6 million class N at 'Csf'; RE 0%;
-- $4.8 million class O at 'Csf'; RE 0%.

Classes A-1 and A-2 have paid in full. Fitch does not rate class
P. Fitch had previously withdrawn the rating on the interest-only
classes X-C and X-P.


BANC OF AMERICA 2005-MIB1: Moody's Cuts Ratings on 2 CMBS Classes
-----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of two interest-
only classes of Banc of America Large Loan, Inc., Commercial
Mortgage Pass-Through Certificates, Series 2005-MIB1 as follows:

Cl. X-1B, Downgraded to C (sf); previously on Feb 28, 2013
Downgraded to Caa2 (sf)

Cl. X-5, Downgraded to Caa3 (sf); previously on Feb 28, 2013
Upgraded to Caa2 (sf)

Ratings Rationale:

The downgrade of the Interest-Only Class X-1B is due to the
decline in credit performance of its reference classes as a result
of principal pay downs of higher quality referenced classes and
pool losses of lower referenced classes. The downgrade of the
Interest-Only Class X-5, is due the payoff of a higher quality
referenced loan, one referenced loan remaining.

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 extent of growth
in the current macroeconomic environment given the weak pace of
recovery and commercial real estate property markets. Commercial
real estate property values are continuing to move in a modestly
positive direction along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction and moderate job growth have aided this improvement.
However, a consistent upward trend will not be evident until the
volume of investment activity steadily increases for a significant
period, non-performing properties are cleared from the pipeline,
and fears of a Euro area recession are abated.

The hotel sector is performing strongly with nine straight
quarters of growth and the multifamily sector continues to show
increases in demand with a growing renter base and declining home
ownership. Recovery in the office sector continues at a measured
pace with minimal additions to supply. However, office demand is
closely tied to employment, where growth remains slow and
employers are considering decreases in the leased space per
employee. Also, primary urban markets are outperforming secondary
suburban markets. Performance in the retail sector continues to be
mixed with retail rents declining for the past four years, weak
demand for new space and lackluster sales driven by internet sales
growth. Across all property sectors, the availability of debt
capital continues to improve with robust securitization activity
of commercial real estate loans supported by a monetary policy of
low interest rates.

Moody's central global macroeconomic scenario calls for US GDP
growth for 2013 that is likely to remain close to 2% as the
greater impetus from the US private sector is likely to broadly
offset the drag on activity from more restrictive fiscal policy.
Thereafter, Moody's expects the US economy to expand at a somewhat
faster pace than is likely this year, closer to its long-run
average pace of growth. Risks to Moody's forecasts remain skewed
to the downside despite recent positive developments. Moody's
believes that the three most immediate risks are: i) the risk of a
deeper than currently expected recession in the euro area
accompanied by deeper credit contraction, potentially triggered by
a further intensification of the sovereign debt crisis; ii)
slower-than-expected recovery in major emerging markets following
the recent slowdown; and iii) an escalation of geopolitical
tensions, resulting in adverse economic developments.

The methodologies used in this rating were "Moody's Approach to
Rating CMBS Large Loan/Single Borrower Transactions" published in
July 2000, and "Moody's Approach to Rating Structured Finance
Interest-Only Securities" published in February 2012.

Moody's review incorporated the use of the excel-based Large Loan
Model v 8.5. 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. The model
incorporates the CMBS IO calculator ver1.1, which uses the
following inputs to calculate the proposed IO rating based on the
published methodology: original and current bond ratings and
credit assessments; original and current bond balances grossed up
for losses for all bonds the IO(s) reference(s) within the
transaction; and IO type corresponding to an IO type as defined in
the published methodology. The calculator then returns a
calculated IO rating based on both a target and mid-point. For
example, a target rating basis for a Baa3 (sf) rating is a 610
rating factor. The midpoint rating basis for a Baa3 (sf) rating is
775 (i.e. the simple average of a Baa3 (sf) rating factor of 610
and a Ba1 (sf) rating factor of 940). If the calculated IO rating
factor is 700, the CMBS IO calculator would provide both a Baa3
(sf) and Ba1 (sf) IO indication for consideration by the rating
committee.

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 a review
utilizing MOST (Moody's Surveillance Trends) Reports and
Remittance Statements. On a periodic basis, Moody's also performs
a full transaction review that involves a rating committee and a
press release. Moody's prior transaction review is summarized in a
press release dated February 28, 2013.

Deal Performance:

As of the April 15, 2013 distribution date, the transaction's
certificate balance decreased by approximately 98% to $21.1
million from $1.26 billion at securitization due to loan payoffs,
principal pay-downs, and one loan liquidation. The Certificates
are collateralized by a single mortgage loan that is currently
real estate owned (REO).

The pool has experienced $14,519,655 of losses to date affecting
Class L. In addition, Class L has experienced interest shortfalls
totaling $457,677 as of the April 2013 distribution date. Interest
shortfalls are caused by special servicing fees, including workout
and liquidation fees, appraisal subordinate entitlement reductions
(ASERs) and extraordinary trust expenses.

The remaining loan in the pool, the Shops at Grand Avenue loan
($21.1 million) is secured by a 298,109 square foot retail
property located in Milwaukee. As of December 2012, the property
was 84% leased, however, 52% of the NRA is leased to specialty
leasing that rolls within the year. The loan transferred to
special servicing in September 2009 when it matured without
repayment. A September 2012 appraisal valued the property at $8.5
million. Foreclosure was completed in October 2012. Management is
working on leasing the property with a sale expected in 2014.
Moody's current credit assessment is C.


BEAR STEARNS 1998-C1: Fitch Affirms 'BB+' Rating on Class H Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed four classes of Bear Stearns Commercial
Mortgage Securities Trust (BS) commercial mortgage pass-through
certificates series 1998-C1. The affirmations are the result of
sufficient credit enhancement despite significant pool
concentration as only 11 loans remain. The overall pool
performance has been stable since Fitch's last rating action.

Key Rating Drivers

Fitch modeled losses of 0.7% of the remaining pool; expected
losses on the original pool balance total 2.9%, including losses
already incurred. The pool has experienced $20.6 million (2.9% of
the original pool balance) in realized losses to date. Fitch has
designated one loan (2.2%) as a Fitch Loan of Concern. The pool
does not contain any specially serviced loans.

As of the April 2013 distribution date, the pool's aggregate
principal balance has been reduced by 90.9% to $64.8 million from
$714.7 million at issuance. Per the servicer reporting, five loans
(67.1% of the pool) have defeased since issuance. Interest
shortfalls are currently affecting classes I through K.
Following the April 2013 distribution date, the servicer has
reported that an additional three loans totaling $17.1 million
paid off in full at maturity. This information should be reflected
in the next remittance report.

Rating Sensitivities

The ratings on classes D, E, F, and H are expected to be stable as
the credit enhancement remains high through continued pay down and
defeasance.

Fitch affirms the following classes as indicated:

-- $17.5 million class D at 'AAAsf', Outlook Stable;
-- $8.9 million class E at 'AAAsf', Outlook Stable;
-- $12.5 million class F at 'Asf', Outlook Stable;
-- $5.4 million class H at 'BB+sf', Outlook Stable.

The class A-1, A-2, B, and C certificates have paid in full. Fitch
does not rate the class G, I, J and K certificates. Fitch
previously withdrew the rating on the interest-only class X
certificates.


BEAR STEARNS 2002-TOP8: S&P Lowers Rating on Class H Certs to BB-
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on four
classes of commercial mortgage pass-through certificates from Bear
Stearns Commercial Mortgage Securities Trust 2002-TOP8, a U.S.
commercial mortgage-backed securities (CMBS) transaction.

The downgrades reflect current and potential interest shortfalls
and reduced liquidity support available to these classes.  S&P
lowered its ratings on the class H and J certificates because of
reduced liquidity support available to these classes due to
current interest shortfalls resulting from five specially serviced
assets ($26.5 million, 22.0%).  S&P lowered its rating on the
class K to 'CCC-(sf)'because this class has accumulated interest
shortfalls outstanding for 10 consecutive months.  Based on S&P's
revised estimate of continued interest shortfalls resulting from
one loan that was liquidated, there is potential for the
accumulated interest shortfalls totaling $29,165 to be repaid in
the near term.  However, if the accumulated interest shortfalls
remain outstanding for an extended period of time, S&P may further
lower the rating on this class to 'D(sf)'.

S&P lowered its rating on the class L certificates to 'D(sf)'
because it expects interest shortfalls to continue, and S&P
believes the accumulated interest shortfalls will remain
outstanding for the foreseeable future.  Class L has had
accumulated interest shortfalls outstanding for 10 consecutive
months.

According to the April 15, 2013 trustee remittance report, the
trust experienced a net interest recovery of $69,032 this period
due to the full principal and interest repayment of the corrected
Commerce Center Office mortgage loan with a stated original
principal balance of $11.7 million.  The loan payoff included
repayment of deferred interest and a recovery of $210,296 to the
trust from reimbursement of prior master servicer's advances.  The
recovery from this loan was offset by a workout fee paid by the
trust of $117,494.

According to the April 2013 trustee remittance report, the trust
experienced monthly recurring interest shortfalls primarily
resulting from net appraisal subordinate entitlement reduction
amounts of $18,134 from four ($17.9 million, 14.9%) of the five
assets ($26.5 million, 22.0%) with the special servicer, and
special servicing fees of $5,507.  The net interest recovery this
month repaid the accumulated interest shortfalls on the class H
and J certificates and partially repaid the accumulated interest
shortfalls on the class K certificates.

As of the April 15, 2013 trustee remittance report, the collateral
pool had an aggregate trust balance of $120.4 million, down from
$842.2 million at issuance.  The pool has 13 loans and three real
estate owned assets, down from 120 loans at issuance.  To date,
the transaction has experienced losses totaling $3.8 million
(0.5% of the transaction's original certificate balance).

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties, and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties, and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17-g7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED

Bear Stearns Commercial Mortgage Securities Trust 2002-TOP8
Commercial mortgage pass-through certificates

                             Credit             Reported
       Rating     Rating    enhancmt        interest shortfalls
       To         From       (%)           Current     Accum ($)
Class
H      BB-(sf)    BB+(sf)    16.95         (84,853)    0
J      B(sf)      BB(sf)     14.33         (31,827)    0
K      CCC-(sf)   CCC+(sf)   10.83         (17,548)    29,165
L      D(sf)      CCC-(sf)    8.21          15,790    161,501


BEAR STEARNS 2004-PWR4: Fitch Affirms C Ratings on 2 Cert. Classes
------------------------------------------------------------------
Fitch Ratings has affirmed 14 classes of Bear Stearns Commercial
Mortgage Securities Trust (BSCMSI) commercial mortgage pass-
through certificates series 2004-PWR4.

Key Rating Drivers

The affirmations are a result of stable pool performance. Fitch
modeled losses of 3.7% of the remaining pool; expected losses on
the original pool balance total 3.5%, including losses already
incurred. The pool has experienced $10.4 million (1.1% of the
original pool balance) in realized losses to date. Fitch has
designated 15 loans (21.6%) as Fitch Loans of Concern, which
includes two specially serviced assets (1.2%).

As of the April 2013 distribution date, the pool's aggregate
principal balance has been reduced by 33.7% to $632.8 million from
$954.9 million at issuance. Per the servicer reporting, eight
loans (17.1% of the pool) have defeased since issuance. Interest
shortfalls are currently affecting classes N through Q.
There are two loans in special servicing, the largest of which
(0.6% of the pool) is secured by a 31,800 square foot (sf) retail
center in North Attleboro, MA (0.6%). The loan transferred to
special servicing in June 2012 due to a payment default. The loan
is scheduled to be offered in a note sale.

Fitch also reviewed the performance of the 15 largest loans in the
pool in detail including the potential for significant tenant
rollover. One of these loans with potential rollover issues is
secured by a 166,386 sf office building located in Cambridge, MA
(2.8%). The property has suffered from declining occupancy; as of
December 2012 occupancy was 79%. In addition, Fitch is also
concerned with the property's rollover within the next two years
with 20% of the leases expiring.

The second of these loans is secured by a 345,388 sf retail center
in Temecula, CA (3.9%). The property has two major tenants whose
leases comprising a total of approximately 20% of the NRA, are
scheduled to expire in October 2013 and January 2014.

Rating Sensitivities

The ratings on classes A-3, B, C, D, E and F are expected to be
stable as the credit enhancement remains high through continued
paydown and defeasance. The ratings on classes G, H, J, K, and L
could be downgraded further if expected losses increase, or tenant
rollover issues result in additional loans being transferred to
special servicing.

Fitch affirms the following class and assigns or revises the RE as
indicated:

-- $4.8 million class K at 'CCCsf', RE 15%.

Fitch affirms the following classes as indicated:

-- $532.2 million class A-3 at 'AAAsf', Outlook Stable;
-- $19.1 million class B at 'AAsf', Outlook Stable;
-- $8.4 million class C at 'AA-sf', Outlook Stable;
-- $14.3 million class D at 'Asf', Outlook Stable;
-- $9.5 million class E at 'BBBsf', Outlook Stable;
-- $9.5 million class F at 'BBsf', Outlook Stable;
-- $8.4 million class G at 'Bsf', Outlook Negative;
-- $10.7 million class H at 'CCCsf', RE 100%;
-- $3.6 million class J at 'CCCsf', RE 100%;
-- $4.8 million class L at 'CCsf', RE 0%;
-- $2.4 million class M at 'CCsf', RE 0%;
-- $2.4 million class N at 'Csf', RE 0%;
-- $2.4 million class P at 'Csf', RE 0%.

The class A-1 and A-2 certificates have paid in full. Fitch does
not rate the class Q certificates. Fitch previously withdrew the
rating on the interest-only class X certificates.


BEAR STEARNS 2005-PWR7: Fitch Rates $11.2MM Class E Certs. 'Bsf'
----------------------------------------------------------------
Fitch Ratings has placed five classes of Bear Stearns Commercial
Mortgage Securities Trust (BSCMS), series 2005-PWR7 on Rating
Watch Negative:

-- $85.7 million class A-J 'AAsf';
-- $33.7 million class B 'BBBsf';
-- $8.4 million class C 'BBB-sf';
-- $15.5 million class D 'BBsf';
-- $11.2 million class E 'Bsf'.

Key Rating Drivers

The placement on Rating Watch Negative reflects concerns
surrounding the $32 million Quintard Mall loan (4.1% of the pool).
The master servicer, Wells Fargo Bank, N.A., informed Fitch that
the subject loan was transferred to the special servicer based on
a monetary default after the loan became 60 days delinquent.
According to the servicer, the borrower has indicated that
multiple retail bankruptcies resulted in a significant decrease in
revenue causing a stress on cash flow. As a result, the loan was
transferred to the special servicer and the borrower is requesting
a loan modification.

The loan has been on the master servicer's watchlist since
September 2009. The most recently reported net operating income
(NOI) debt service coverage ratio (DSCR) and occupancy were 0.94x
and 92% as of year-end 2012.

The Rating Watch Negative reflects concerns with the potential for
significant losses on the mall, as well as the thinness of the
classes below the A-J class. Fitch expects to resolve the Rating
Watch Negative status within the next several months following a
complete review of the transaction including an in depth review of
the Quintard Mall, and valuation details and collateral/workout
discussions with the loan servicers.

Rating Sensitivities

The classes placed on Rating Watch Negative may be downgraded by
one or more rating categories depending on the updated valuation
of the Quintard Mall as well as the performance of the other loans
in the pool.


BMI CLO I: S&P Assigns 'BB+' Rating on Class D Notes
----------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A-2, B, C, and D notes from BMI CLO I, a U.S. cash-flow
collateralized loan obligation transaction managed by BlackRock
Financial Management Inc.  At the same time, S&P affirmed its
rating on the class A-1 notes.

The transaction is currently in its reinvestment period, which is
scheduled to end on May 20, 2014.  S&P haa received notice from
the trustee that the collateral manager is terminating the
reinvestment period as of May 20, 2013.  S&P haa also received
notice that the class A-1 and A-2 notes may be redeemed and new
notes will be issued at a lower spread over LIBOR via execution of
a supplemental indenture on May 20, 2013.

The current rating actions consider only the termination of the
reinvestment period planned to occur later this month.

Before the current rating actions, the ratings of the notes were
at their original levels assigned when the transaction closed in
June 2011.  The transaction is in stable condition, and all
coverage tests are above the minimum requirements.  As per the
trustee report as of March 29, 2013, the transaction had no
defaults and the trustee's overcollateralization ratios show a
slight increase from the initial ratios in June 2011.  In
addition, the weighted-average spread has also increased during
this period.

The upgrades are the result of the expected end to the
reinvestment period which will enable the notes to start receiving
paydowns earlier.  The upgrades also reflect the transaction's
stability and the seasoning of its portfolio since its close in
June 2011, which improved the credit support at their prior
ratings.

The affirmation of the Class A-1 note rating reflects the
availability of adequate credit support at its current rating.

S&P will continue to review whether, in its view, the ratings on
the notes remain consistent with the credit enhancement available
to support them, and it will take further rating actions as it
deems necessary.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATING ACTIONS

BMI CLO I
                  Rating
Class         To            From
A-1           AAA (sf)      AAA (sf)
A-2           AAA (sf)      AA (sf)
B (def)       AA- (sf)      A (sf)
C (def)       A- (sf)       BBB (sf)
D (def)       BB+ (sf)      BB (sf)


BOSTON MORTGAGE 1997-C1: Fitch Affirms D Rating on Class J Certs
----------------------------------------------------------------
Fitch Ratings has affirmed five classes of Credit Suisse First
Boston Mortgage Securities Corporation (CSFB) commercial mortgage
pass-through certificates series 1997-C1. The affirmations are the
result of sufficient credit enhancement despite significant pool
concentration as only eight loans remain. The overall pool
performance has been stable since Fitch's last rating action.

Key Rating Drivers

Fitch modeled losses of 6.7% of the remaining pool; expected
losses on the original pool balance total 1.8%, including losses
already incurred. The pool has experienced $19.7 million (1.5% of
the original pool balance) in realized losses to date. Fitch has
designated one loan (1.7%) as a Fitch Loan of Concern. No loans
are in special servicing.

As of the April 2013 distribution date, the pool's aggregate
principal balance has been reduced by 94.9% to $69.3 million from
$1.36 billion at issuance. Per the servicer reporting, three loans
(57.6% of the pool) have defeased since issuance. Interest
shortfalls are currently affecting classes J and K.

Rating Sensitivities

The ratings on classes F, G, and H are expected to be stable as
the credit enhancement remains high through continued pay down and
defeasance. The rating on class I could be downgraded further if
expected losses increase, or tenant rollover issues result in
loans being transferred to special servicing.

Fitch affirms the following class and revises the recovery
estimate (RE) as indicated:

-- $7.5 million class J at 'Dsf', RE 40%.

Fitch affirms the following classes:

-- $4.2 million class F at 'AAAsf', Outlook Stable;
-- $13.6 million class G at 'AAAsf', Outlook Stable;
-- $27.1 million class H at 'BBBsf', Outlook Stable;
-- $17 million class I at 'Bsf', Outlook Negative.

The class A-1A, A-1B, A-1C, A-2, B, C and D certificates have paid
in full. Fitch does not rate the class E and K certificates. Fitch
previously withdrew the rating on the interest-only class A-X
certificates.


C-BASS CBO VII: Moody's Lifts Rating on $20MM Cl. C Notes to Baa3
-----------------------------------------------------------------
Moody's Investors Service upgraded the rating of the following
notes issued by C-Bass CBO VII Ltd.:

$20,000,000 Class C Third Priority Secured Floating Rate
Deferrable Interest Notes Due 2038 (current outstanding balance of
$13,684,836), Upgraded to Baa3 (sf); previously on November 15,
2012 Upgraded to Ba1 (sf)

Moody's also affirmed the rating of the following notes:

$27,000,000 Class D Fourth Priority Secured Floating Rate
Deferrable Interest Notes Due 2038 (current outstanding balance of
$14,575,580), Affirmed Ca (sf); previously on May 14, 2010
Downgraded to Ca (sf)

Ratings Rationale:

According to Moody's, the rating action taken on the notes is
primarily a result of deleveraging of the Class C Notes and an
increase in the transaction's overcollateralization ratios since
the last rating action in November 2012. Moody's notes that the
Class C Notes have been paid down by approximately 30% or $5.9
million since the last rating action. Based on the latest trustee
report dated March 31, 2013, the Class C overcollateralization
ratio is reported at 293.3%, versus September 2012 level of
225.6%.

C-Bass CBO VII, Ltd., issued in July 2003, is a collateralized
debt obligation backed primarily by a portfolio of RMBS and ABS
originated in 2003.

The principal methodology used in this rating was "Moody's
Approach to Rating SF CDOs" published in May 2012.

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 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 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. Primary sources
of assumption uncertainty are the extent of the slowdown in growth
in the current macroeconomic environment and the residential real
estate property markets. Among the uncertainties in the
residential real estate property market are those surrounding
future housing prices, pace of residential mortgage foreclosures,
loan modification and refinancing, unemployment rate and interest
rates.

Moody's rating action factors in a number of sensitivity analyses
and stress scenarios. 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 Caa rated assets notched up by 2 rating notches:

Class C: +1
Class D: 0

Moody's Caa rated assets notched down by 2 rating notches:

Class C: 0
Class D: 0


CBA COMMERCIAL 2006-1: Moody's Keeps C Ratings on 3 CMBS Classes
----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of three classes of
CBA Commercial Assets, Small Balance Commercial Mortgage Pass-
Through Certificates Series 2006-1 as follows:

Cl. A, Affirmed C (sf); previously on Sep 16, 2010 Downgraded to C
(sf)

Cl. M-1, Affirmed C (sf); previously on Sep 16, 2010 Downgraded to
C (sf)

Cl. X-1, Affirmed C (sf); previously on Sep 16, 2010 Downgraded to
C (sf)

Ratings Rationale:

The affirmations of Classes A and M-1are consistent with Moody's
expected loss. The rating of the IO Class, Class X-1, is
consistent with the weighted average rating factor (WARF) of its
referenced classes.

This transaction is classified as a small balance CMBS
transaction. Small balance transactions, which represent less than
1% of the Moody's rated conduit/fusion universe, have generally
experienced higher defaults and losses than traditional conduit
and fusion transactions.

Moody's rating action reflects a base expected loss of 18.5% of
the current balance compared to 16.9% at last review. Moody's base
expected base loss plus realized losses is now 20.2% of the
original pooled balance compared to 20.6% at last review.

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 extent of growth
in the current macroeconomic environment given the weak pace of
recovery and commercial real estate property markets. Commercial
real estate property values are continuing to move in a modestly
positive direction along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction and moderate job growth have aided this improvement.
However, a consistent upward trend will not be evident until the
volume of investment activity steadily increases for a significant
period, non-performing properties are cleared from the pipeline,
and fears of a Euro area recession are abated.

Moody's central global macroeconomic scenario calls for US GDP
growth for 2013 that is likely to remain close to 2% as the
greater impetus from the US private sector is likely to broadly
offset the drag on activity from more restrictive fiscal policy.
Thereafter, Moody's expects the US economy to expand at a somewhat
faster pace than is likely this year, closer to its long-run
average pace of growth. Risks to Moody's forecasts remain skewed
to the downside despite recent positive developments. Moody's
believes that the three most immediate risks are: i) the risk of a
deeper than currently expected recession in the euro area
accompanied by deeper credit contraction, potentially triggered by
a further intensification of the sovereign debt crisis; ii)
slower-than-expected recovery in major emerging markets following
the recent slowdown; and iii) an escalation of geopolitical
tensions, resulting in adverse economic developments.

The principal methodology used in this rating was "Moody's
Approach to Rating U.S. CMBS Conduit Transactions" published in
September 2000. The methodology used in rating Class X-1 was
"Moody's Approach to Rating Structured Finance Interest-Only
Securities" published in February 2012.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.62 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 assessments is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
credit assessment 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 assessment
level, is incorporated for loans with similar credit assessments
in the same transaction.

The conduit model includes an IO calculator, which uses the
following inputs to calculate the proposed IO rating based on the
published methodology: original and current bond ratings and
credit assessments; original and current bond balances grossed up
for losses for all bonds the IO(s) reference(s) within the
transaction; and IO type as defined in the published methodology.
The calculator then returns a calculated IO rating based on both a
target and mid-point. For example, a target rating basis for a
Baa3 (sf) rating is a 610 rating factor. The midpoint rating basis
for a Baa3 (sf) rating is 775 (i.e. the simple average of a Baa3
(sf) rating factor of 610 and a Ba1 (sf) rating factor of 940). If
the calculated IO rating factor is 700, the CMBS IO calculator
would provide both a Baa3 (sf) and Ba1 (sf) IO indication for
consideration by the rating committee.

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 68 compared to 82 at last 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 a review
utilizing MOST (Moody's Surveillance Trends) Reports and a
proprietary program that highlights significant credit changes
that have occurred in the last month as well as cumulative changes
since the last full transaction review. On a periodic basis,
Moody's also performs a full transaction review that involves a
rating committee and a press release. Moody's prior transaction
review is summarized in a press release dated May 10, 2012.

Deal Performance:

As of the April 25, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 60% to $66.3
million from $166.8 million at securitization. The Certificates
are collateralized by 129 mortgage loans ranging in size from less
than 1% to 5% of the pool, with the top ten loans representing 28%
of the pool. The pool is characterized by both geographic and
property type concentrations. Approximately 39% of the total pool
is secured by retail/mixed-use properties. A combined 39% of the
total pool is located in California, Louisiana and North Carolina.

There are ten loans currently on the watchlist, representing
approximately 6% of the pool. 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 its ongoing monitoring of a transaction, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

Fifty-three loans have been liquidated from the pool since
securitization, resulting in an aggregate $21.4 million loss (80%
loss severity on average). Currently, there are 37 loans,
representing 22% of the pool in special servicing. Moody's has
estimated an aggregate $8.87 million loss (80% expected loss on
average) for 33 specially serviced loans.

Moody's has also assumed a high default probability for five
poorly performing loans, representing approximately 4% of the
pool, and has estimated an aggregate $1.0 million loss (40%
expected loss based on an 50% probability default) for the
troubled loans.

Moody's was provided with full year 2011 and partial 2012
operating results for 48% and 49% of the conduit pool,
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 17% to the most recently available net operating
income. Moody's value reflects a weighted average capitalization
rate of 10.1%.

Excluding specially serviced and troubled loans, Moody's actual
and stressed DSCRs are 1.29X and 2.04X, respectively, compared to
1.36X and 2.46X 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.


CBA COMMERCIAL 2006-2: Moody's Affirms C Ratings on Two Classes
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings of two classes of
CBA Commercial Assets, Small Balance Commercial Mortgage Pass-
Through Certificates Series 2006-2 as follows:

Cl. A, Affirmed C (sf); previously on Sep 16, 2010 Downgraded to C
(sf)

Cl. X-1, Affirmed C (sf); previously on Sep 16, 2010 Downgraded to
C (sf)

Ratings Rationale:

The affirmation of Class A is consistent with Moody's expected
loss. The rating of the IO Class, Class X-1, is consistent with
the weighted average rating factor (WARF) of its referenced
classes.

This transaction is classified as a small balance CMBS
transaction. Small balance transactions, which represent less than
1% of the Moody's rated conduit/fusion universe, have generally
experienced higher defaults and losses than traditional conduit
and fusion transactions.

Moody's rating action reflects a base expected loss of 29.2% of
the current balance compared to 25.8% at last review. Moody's base
expected base loss plus realized losses is now 32.4 % of the
original pooled balance compared to 30.6% at last review.

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 extent of growth
in the current macroeconomic environment given the weak pace of
recovery and commercial real estate property markets. Commercial
real estate property values are continuing to move in a modestly
positive direction along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction and moderate job growth have aided this improvement.
However, a consistent upward trend will not be evident until the
volume of investment activity steadily increases for a significant
period, non-performing properties are cleared from the pipeline,
and fears of a Euro area recession are abated.

Moody's central global macroeconomic scenario calls for US GDP
growth for 2013 that is likely to remain close to 2% as the
greater impetus from the US private sector is likely to broadly
offset the drag on activity from more restrictive fiscal policy.
Thereafter, Moody's expects the US economy to expand at a somewhat
faster pace than is likely this year, closer to its long-run
average pace of growth. Risks to Moody's forecasts remain skewed
to the downside despite recent positive developments. Moody's
believes that the three most immediate risks are: i) the risk of a
deeper than currently expected recession in the euro area
accompanied by deeper credit contraction, potentially triggered by
a further intensification of the sovereign debt crisis; ii)
slower-than-expected recovery in major emerging markets following
the recent slowdown; and iii) an escalation of geopolitical
tensions, resulting in adverse economic developments.

The principal methodology used in this rating was "Moody's
Approach to Rating U.S. CMBS Conduit Transactions" published in
September 2000. The methodology used in rating Class X-1 was
"Moody's Approach to Rating Structured Finance Interest-Only
Securities" published in February 2012.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.62 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 assessments is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
credit assessment 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 assessment
level, is incorporated for loans with similar credit assessments
in the same transaction.

The conduit model includes an IO calculator, which uses the
following inputs to calculate the proposed IO rating based on the
published methodology: original and current bond ratings and
credit assessments; original and current bond balances grossed up
for losses for all bonds the IO(s) reference(s) within the
transaction; and IO type as defined in the published methodology.
The calculator then returns a calculated IO rating based on both a
target and mid-point. For example, a target rating basis for a
Baa3 (sf) rating is a 610 rating factor. The midpoint rating basis
for a Baa3 (sf) rating is 775 (i.e. the simple average of a Baa3
(sf) rating factor of 610 and a Ba1 (sf) rating factor of 940). If
the calculated IO rating factor is 700, the CMBS IO calculator
would provide both a Baa3 (sf) and Ba1 (sf) IO indication for
consideration by the rating committee.

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 64 compared to 73 at last 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 a review
utilizing MOST (Moody's Surveillance Trends) Reports and a
proprietary program that highlights significant credit changes
that have occurred in the last month as well as cumulative changes
since the last full transaction review. On a periodic basis,
Moody's also performs a full transaction review that involves a
rating committee and a press release. Moody's prior transaction
review is summarized in a press release dated May 10, 2012.

Deal Performance:

As of the April 25, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 53% to $60.9
million from $130.5 million at securitization. The Certificates
are collateralized by 155 mortgage loans ranging in size from less
than 1% to 5% of the pool, with the top ten loans representing 32%
of the pool. The pool is characterized by both geographic and
property type concentrations. Approximately 41% of the total pool
is secured by multi-family and manufactured housing properties. A
combined 40% of the total pool is located in California,
Connecticut and Texas.

There are 14 loans currently on the watchlist, representing
approximately 18% of the pool. 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 its ongoing monitoring of a transaction, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

Sixty loans have been liquidated from the pool since
securitization, resulting in an aggregate $24.5 million loss (72%
loss severity on average). Currently, there are 52 loans,
representing 30% of the pool in special servicing. Moody's has
estimated an aggregate $12.4 million loss (70% expected loss on
average) for 48 specially serviced loans.

Moody's has also assumed a high default probability for nine
poorly performing loans, representing approximately 13% of the
pool, and has estimated an aggregate $2.7 million loss (35%
expected loss based on an 50% probability default) for the
troubled loans.

Moody's was provided with full year 2011 and partial 2012
operating results for 27% and 7% of the conduit pool,
respectively. Excluding specially serviced and troubled loans,
Moody's weighted average LTV is 97% compared to 106% at Moody's
prior review. Moody's net cash flow reflects a weighted average
haircut of 16% to the most recently available net operating
income. Moody's value reflects a weighted average capitalization
rate of 10.1%.

Excluding specially serviced and troubled loans, Moody's actual
and stressed DSCRs are 1.22X and 1.26X, respectively, compared to
1.15X 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.


CBA COMMERCIAL 2007-1: Moody's Keeps C Ratings on 2 CMBS Classes
----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of two classes of
CBA Commercial Assets, Small Balance Commercial Mortgage Pass-
Through Certificates, Series 2007-1 as follows:

Cl. A, Affirmed C (sf); previously on Sep 22, 2010 Downgraded to C
(sf)

Cl. X-1, Affirmed C (sf); previously on Sep 22, 2010 Downgraded to
C (sf)

Ratings Rationale:

The affirmation of Class A is consistent with Moody's expected
loss. The rating of the IO Class, Class X-1, is consistent with
the weighted average rating factor (WARF) of its referenced
classes.

This transaction is classified as a small balance CMBS
transaction. Small balance transactions, which represent less than
1% of the Moody's rated conduit/fusion universe, have generally
experienced higher defaults and losses than traditional conduit
and fusion transactions.

Moody's rating action reflects a base expected loss of 37.9% of
the current balance compared to 33.2% at last review. Moody's base
expected base loss plus realized losses is now 39.1% of the
original pooled balance compared to 34.0% at last review.

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 extent of growth
in the current macroeconomic environment given the weak pace of
recovery and commercial real estate property markets. Commercial
real estate property values are continuing to move in a modestly
positive direction along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction and moderate job growth have aided this improvement.
However, a consistent upward trend will not be evident until the
volume of investment activity steadily increases for a significant
period, non-performing properties are cleared from the pipeline,
and fears of a Euro area recession are abated.

Moody's central global macroeconomic scenario calls for US GDP
growth for 2013 that is likely to remain close to 2% as the
greater impetus from the US private sector is likely to broadly
offset the drag on activity from more restrictive fiscal policy.
Thereafter, Moody's expects the US economy to expand at a somewhat
faster pace than is likely this year, closer to its long-run
average pace of growth. Risks to Moody's forecasts remain skewed
to the downside despite recent positive developments. Moody's
believes that the three most immediate risks are: i) the risk of a
deeper than currently expected recession in the euro area
accompanied by deeper credit contraction, potentially triggered by
a further intensification of the sovereign debt crisis; ii)
slower-than-expected recovery in major emerging markets following
the recent slowdown; and iii) an escalation of geopolitical
tensions, resulting in adverse economic developments.

The principal methodology used in this rating was "Moody's
Approach to Rating U.S. CMBS Conduit Transactions" published in
September 2000. The methodology used in rating Class X-1 was
"Moody's Approach to Rating Structured Finance Interest-Only
Securities" published in February 2012.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.62 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 assessments is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
credit assessment 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 assessment
level, is incorporated for loans with similar credit assessments
in the same transaction.

The conduit model includes an IO calculator, which uses the
following inputs to calculate the proposed IO rating based on the
published methodology: original and current bond ratings and
credit assessments; original and current bond balances grossed up
for losses for all bonds the IO(s) reference(s) within the
transaction; and IO type as defined in the published methodology.
The calculator then returns a calculated IO rating based on both a
target and mid-point. For example, a target rating basis for a
Baa3 (sf) rating is a 610 rating factor. The midpoint rating basis
for a Baa3 (sf) rating is 775 (i.e. the simple average of a Baa3
(sf) rating factor of 610 and a Ba1 (sf) rating factor of 940). If
the calculated IO rating factor is 700, the CMBS IO calculator
would provide both a Baa3 (sf) and Ba1 (sf) IO indication for
consideration by the rating committee.

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 70 compared to 81 at last 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 a review
utilizing MOST (Moody's Surveillance Trends) Reports and a
proprietary program that highlights significant credit changes
that have occurred in the last month as well as cumulative changes
since the last full transaction review. On a periodic basis,
Moody's also performs a full transaction review that involves a
rating committee and a press release. Moody's prior transaction
review is summarized in a press release dated May 10, 2012.

Deal Performance:

As of the April 25, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 46% to $68.8
million from $127.6 million at securitization. The Certificates
are collateralized by 130 mortgage loans ranging in size from less
than 1% to 4.0% of the pool, with the top ten loans representing
29% of the pool. The pool is characterized by both geographic and
property type concentrations. Approximately 55% of the total pool
is secured by multi-family and manufactured housing properties. A
combined 34% of the pool is located in Texas, Florida and
California.

There are seven loans currently on the watchlist, representing
approximately 8% of the pool. 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 its ongoing monitoring of a transaction, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

Fifty-three loans have been liquidated from the pool since
securitization, resulting in an aggregate $23.8 million loss (79%
loss severity on average). Currently, there are 56 loans,
representing 42% of the pool in special servicing. Moody's has
estimated an aggregate $20.6 million loss (75% expected loss on
average) for 52 specially serviced loans.

Moody's has also assumed a high default probability for 11 poorly
performing loans, representing approximately 10% of the pool, and
has estimated an aggregate $2.6 million loss (38% expected loss
based on an 50% probability default) for the troubled loans.

Moody's was provided with full year 2011 and partial 2012
operating results for 29% and 44% of the conduit pool,
respectively. Excluding specially serviced and troubled loans,
Moody's weighted average LTV is 109% compared to 99% 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 10.1%.

Excluding specially serviced and troubled loans, Moody's actual
and stressed DSCRs are 1.1X and 1.07X, respectively, compared to
1.14X and 1.1X 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.


CENTRAL PACIFIC: Fitch Ups Trust Pref. Securities Rating to 'CC'
----------------------------------------------------------------
Fitch Ratings has upgraded the ratings for Central Pacific's Trust
Preferred Securities (TRUPS) to 'CC' from 'C'.

RATING DRIVERS - Hybrid Securities

Fitch has upgraded Central Pacific Financial's (CPF) TRUPS to
reflect the company's payment of all deferred interest payments on
the issuances as of the end of first quarter 2013. CPF began
deferring interest payments on its TRUPS beginning Aug. 20, 2009
and had accumulated $13 million of accrued interest outstanding
prior to CPF's payments in the first quarter of 2013.

RATING SENSITIVITIES - Hybrid Securities

Hybrid securities are sensitive to any change in CPF's viability
rating (VR). Hybrid capital instruments issued by CPF are all
notched down from CPF's viability rating of 'bb-' in accordance
with Fitch's assessment of each instrument's respective non-
performance and relative Loss Severity risk profiles, which vary
considerably.

Fitch has upgraded the following ratings:

CPB Capital Trust I, II & IV
CPB Statutory Trust III & V
-- Trust preferred securities to 'CC' from 'C'


CHASE CREDIT 2013-1: 2013-1 Notes Issue No Impact on 2003-4 Notes
-----------------------------------------------------------------
Moody's reports that the issuance of the Chase Credit Card Master
Trust Series 2013-1 certificates on May 10, 2013, in and of itself
and at this time, will not result in a reduction, withdrawal, or
placement under review for possible downgrade of the ratings
currently assigned to any class of the ratings currently assigned
to the Chase Credit Card Owner Trust 2003-4 notes.

The CHAMT Series 2013-1 certificates and the series certificate
backing the Outstanding Notes share a pro rata undivided interest
in the same collateral pool of credit card receivables, and have
the same early amortization events. Therefore, Moody's believed
that this issuance did not have an adverse effect on the credit
quality of the Outstanding Notes such that the Moody's ratings
were impacted. Moody's did not express an opinion as to whether
the issuance could have other, non credit-related effects.

The principal methodology used in rating the Outstanding Notes was
"Moody's Approach To Rating Credit Card Receivables-Backed
Securities", published in April 2007.

On July 10, 2009, Moody's downgraded the Class B notes to A2 from
A1 and Class C notes to Ba1 from Baa1 of the Series 2003-4 issued
out of the Chase Credit Card Master Trust. These securities are
backed by $9 billion of consumer credit card receivables
originated and serviced by Chase Bank USA, NA and its affiliates.


CITIGROUP 2004-C1: S&P Lowers Rating on 4 Note Classes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on six
classes of commercial mortgage pass-through certificates from
Citigroup Commercial Mortgage Trust 2004-C1, a U.S. commercial
mortgage-backed securities (CMBS) transaction.  At the same time,
S&P affirmed its ratings on 10 other classes from the same
transaction, including the rating on the class X interest-only
(IO) certificate.

S&P's rating actions follow its analysis of the transaction,
primarily using its criteria for rating U.S. and Canadian CMBS.
S&P's analysis included a review of the credit characteristics and
performance of all of the remaining assets in the pool, the
transaction structure, and the liquidity available to the trust.

The lower ratings on classes L, M, N, and P reflect the reduced
liquidity support available to the trust, as well as the credit
support erosion that S&P anticipates will occur upon the
resolution of six ($57.8 million, 7.9%) of the seven
($65.3 million, 8.9%) assets currently with the special servicer,
LNR Partners LLC (LNR), and the Delray Bay Apartments loan, which
was returned to the master servicer. cAs of the April 17, 2013,
trustee remittance report, the trust experienced interest
shortfalls totaling $39,536.  These were primarily related to
appraisal subordinate entitlement reduction (ASER) amounts of
$92,043 related to seven assets ($65.3 million, 8.9%) that are
currently with LNR, and special servicing and workout fees of
$14,552.  The interest shortfalls this month were partly offset by
ASER recoveries of $69,291.  Based solely on S&P's valuation of
the six specially serviced assets, it expects the trust to incur
losses approximating 1.9% of the original outstanding trust
balance upon the resolution of these assets.  To date, the trust
has incurred losses totaling $11.9 million, or 1.0% of the
original outstanding trust balance.

In addition, S&P considered the potential for additional interest
shortfalls related to the seven specially serviced assets and 45
nondefeased, performing loans with scheduled maturity dates or
anticipated repayment dates (ARDs) through Dec. 31 2014
($480.0 million, 65.6%).  Class L has had accumulated interest
shortfalls outstanding for three consecutive months, and classes
M, N, and P have all had accumulated interest shortfalls
outstanding for 10 consecutive months.  S&P expects these interest
shortfalls to remain outstanding for the foreseeable future, hence
S&P downgraded the ratings on these bonds to 'D (sf)'.

The affirmations of the principal and interest certificates
reflect S&P's expectation that the available credit enhancement
for these classes will be within its estimated requirements for
the current outstanding ratings.  The ratings on these classes
also reflect S&P's review of the credit characteristics and
performance of the remaining assets, as well as the transaction-
level changes.

Although available credit enhancement may suggest positive ratings
movement on the certificate classes, S&P affirmed its ratings
because its analysis also incorporated its view on available
liquidity support and risks associated with potential interest
shortfalls in the future.  Specifically, S&P considered the
potential for the six nonperforming, specially serviced assets
($57.8 million, 7.9%) and 45 nondefeased, performing loans with
scheduled maturity dates or ARDs through Dec. 31 2014
($480.0 million, 65.6%) to generate additional interest shortfalls
and decrease the liquidity support available to the trust.

S&P affirmed its 'AAA (sf)' rating on the class X interest-only
(IO) certificate based on its criteria for rating IO securities.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17-g7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED

Citigroup Commercial Mortgage Trust 2004-C1
Commercial mortgage pass-through certificates

           Rating
Class      To            From         Credit enhancement (%)
J          B- (sf)       B+ (sf)      4.43
K          CCC- (sf)     B (sf)       3.62
L          D (sf)        B- (sf)      2.82
M          D (sf)        CCC (sf)     2.01
N          D (sf)        CCC- (sf)    1.61
P          D (sf)        CCC- (sf)    1.00

RATINGS AFFIRMED

Citigroup Commercial Mortgage Trust 2004-C1
Commercial mortgage pass-through certificates

Class      Rating        Credit enhancement(%)
A-3        AAA (sf)      23.01
A-4        AAA (sf)      23.01
B          AA+ (sf)      18.77
C          AA (sf)       16.95
D          A (sf)        13.32
E          A- (sf)       11.50
F          BBB+ (sf)      9.48
G          BBB- (sf)      7.86
H          BB- (sf)       5.24
X          AAA (sf)        N/A

N/A-Not applicable.


CITIGROUP 2013-375P: Moody's Rates Class E CMBS '(P)Ba3'
--------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
seven classes of CMBS securities, issued by Citigroup Commercial
Mortgage Trust, Commercial Mortgage Pass-Through Certificates
Series 2013-375P.

Cl. A, Assigned (P)Aaa (sf)

Cl. X-A, Assigned (P)Aaa (sf)

Cl. X-B, Assigned (P)Aa3 (sf)

Cl. B, Assigned (P)Aa3 (sf)

Cl. C, Assigned (P)A3 (sf)

Cl. D, Assigned (P)Baa3 (sf)

Cl. E, Assigned (P)Ba3 (sf)

Ratings Rationale:

The Certificates are collateralized by a single loan backed by a
first lien commercial mortgage related to a Class A office
building in New York City. The loan is secured by a fee simple
interest in 375 Park Ave, New York City also known as the Seagram
Building. The property is indirectly wholly owned by special
purpose entities in turn owned by RFR Realty. Constructed in 1958
to house the world headquarters of Joseph E. Seagram & Sons, the
property is a 38-story Class A office building located in midtown
Manhattan, encompassing the eastern block of Park Avenue between
East 52nd and East 53rd Streets.

The Seagram Building is one of the premier office buildings in
Manhattan with superior amenities, location and architecture. The
property continually achieves some of the highest rents per square
foot in the country, defining the property as a trophy asset and
differentiating it from competing market inventory. Over the last
decade, the property has operated with an average occupancy of
95.9% and has consistently outperformed the Plaza District
submarket which is a very strong market in itself. In addition,
the long-term cash flow potential and sustainability of trophy
assets through-the-cycle consistently produce a large number of
potential investors, both nationally and internationally, whenever
they trade.

The ratings are based on the collateral and the structure of the
transaction.

Moody's rating approach for securities backed by a single loan
compares the credit risk inherent in the underlying properties
with the credit protection offered by the structure. The
structure's credit enhancement is quantified by the maximum
deterioration in property value that the securities are able to
withstand under various stress scenarios without causing an
increase in the expected loss for various rating levels. In
assigning single borrower ratings, Moody's also considers a range
of qualitative issues as well as the transaction's structural and
legal aspects.

The credit risk of the loan is determined primarily by two
factors: 1) Moody's assessment of the probability of default,
which is largely driven by the DSCR, and 2) Moody's assessment of
the severity of loss in the event of default, which is largely
driven by the LTV of the underlying loan.

Based on Moody's assessment of stabilized net cash flow and the
current interest rate, Moody's Trust DSCR is 2.30X and Moody's
Total DSCR (inclusive of mezzanine debt) is 1.55X.

Based on Moody's assessment of stabilized net cash flow and a
stressed constant of 9.25%, the Moody's Trust Stressed DSCR is
0.88X and Moody's Total Stressed DSCR (inclusive of mezzanine
debt) is 0.68X.

The first mortgage balance of $782,750,000 represents a Moody's
LTV ratio of 86.5% which is higher than other single-borrower
office buildings that have been assigned a bottom-dollar credit
assessment of Ba3 by Moody's. Moody's also considers subordinate
financing when assigning ratings. The loan is structured with
$217,250,000 of additional financing in the form of mezzanine
debt, raising Moody's Total LTV ratio to 110.5%.

The principal methodology used in this rating was "Moody's
Approach to Rating CMBS Large Loan/Single Borrower Transactions"
published in July 2000. The methodology used in rating Classes X-A
and X-B was "Moody's Approach to Rating Structured Finance
Interest-Only Securities" published in February 2012.

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 review incorporated the use of the excel-based Large Loan
Model v 8.5. 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 analysis
also uses the CMBS IO calculator version 1.1 which references the
following inputs to calculate the proposed IO rating based on the
published methodology: original and current bond ratings and
credit estimates; original and current bond balances grossed up
for losses for all bonds the IO(s) reference(s) within the
transaction; and IO type corresponding to an IO type as defined in
the published methodology.

The V Score for this transaction is assessed as Medium, the same
as the V score assigned to the U.S. Single Borrower 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%, 16%, or 25%, the model-indicated rating for the currently
rated Aaa classes would be Aa2, A1, or Baa2, 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.


CLAREGOLD TRUST 2007-2: Moody's Takes Action on 13 CMBS Classes
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 11 classes and
upgraded two classes of ClareGold Trust Commercial Mortgage Pass-
Through Certificates, Series 2007-2 as follows:

Cl. A-1, Affirmed Aaa (sf); previously on Jul 26, 2007 Definitive
Rating Assigned Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Jul 26, 2007 Definitive
Rating Assigned Aaa (sf)

Cl. B, Upgraded to Aa1 (sf); previously on May 10, 2012 Confirmed
at Aa2 (sf)

Cl. C, Upgraded to A1 (sf); previously on May 10, 2012 Confirmed
at A2 (sf)

Cl. D, Affirmed Baa2 (sf); previously on May 10, 2012 Confirmed at
Baa2 (sf)

Cl. E, Affirmed Baa3 (sf); previously on May 10, 2012 Confirmed at
Baa3 (sf)

Cl. F, Affirmed Ba3 (sf); previously on May 10, 2012 Confirmed at
Ba3 (sf)

Cl. G, Affirmed B2 (sf); previously on May 10, 2012 Confirmed at
B2 (sf)

Cl. H, Affirmed B3 (sf); previously on May 10, 2012 Confirmed at
B3 (sf)

Cl. J, Affirmed Caa2 (sf); previously on May 10, 2012 Confirmed at
Caa2 (sf)

Cl. K, Affirmed Caa2 (sf); previously on May 10, 2012 Confirmed at
Caa2 (sf)

Cl. L, Affirmed Caa3 (sf); previously on May 10, 2012 Confirmed at
Caa3 (sf)

Cl. X, Affirmed Ba3 (sf); previously on May 10, 2012 Confirmed at
Ba3 (sf)

Ratings Rationale:

The affirmations of the principal classes 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.

The upgrades of the principal classes are due to an increase in
amortization and paydowns and overall stable pool performance.
Since Moody's last review the deal has paid down 24%.

The rating of the IO Class, Class X, is consistent with the
expected credit performance of its referenced classes and thus is
affirmed.

Moody's rating action reflects a base expected loss of 1.8% of the
current balance compared to 1.7% at last review. Moody's base
expected loss plus realized losses is 1.1% of the original
securitized balance, down from 1.4% at last review. Depending on
the timing of loan payoffs and the severity and timing of losses
from specially serviced loans, the credit enhancement level for
rated 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.

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 extent of growth
in the current macroeconomic environment given the weak pace of
recovery and commercial real estate property markets. Commercial
real estate property values are continuing to move in a modestly
positive direction along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction and moderate job growth have aided this improvement.
However, a consistent upward trend will not be evident until the
volume of investment activity steadily increases for a significant
period, non-performing properties are cleared from the pipeline,
and fears of a Euro area recession are abated.

The hotel sector is performing strongly with nine straight
quarters of growth and the multifamily sector continues to show
increases in demand with a growing renter base and declining home
ownership. Recovery in the office sector continues at a measured
pace with minimal additions to supply. However, office demand is
closely tied to employment, where growth remains slow and
employers are considering decreases in the leased space per
employee. Also, primary urban markets are outperforming secondary
suburban markets. Performance in the retail sector continues to be
mixed with retail rents declining for the past four years, weak
demand for new space and lackluster sales driven by internet sales
growth. Across all property sectors, the availability of debt
capital continues to improve with robust securitization activity
of commercial real estate loans supported by a monetary policy of
low interest rates.

Moody's central global macroeconomic scenario calls for US GDP
growth for 2013 that is likely to remain close to 2% as the
greater impetus from the US private sector is likely to broadly
offset the drag on activity from more restrictive fiscal policy.
Thereafter, Moody's expects the US economy to expand at a somewhat
faster pace than is likely this year, closer to its long-run
average pace of growth. Risks to Moody's forecasts remain skewed
to the downside despite recent positive developments. Moody's
believes that the three most immediate risks are: i) the risk of a
deeper than currently expected recession in the euro area
accompanied by deeper credit contraction, potentially triggered by
a further intensification of the sovereign debt crisis; ii)
slower-than-expected recovery in major emerging markets following
the recent slowdown; and iii) an escalation of geopolitical
tensions, resulting in adverse economic developments.

The methodologies used in this rating were "Moody's Approach to
Rating Fusion U.S. CMBS Transactions" published in April 2005 and
"Moody's Approach to Rating Canadian CMBS" published in May 2000.
The methodology used in rating Class X was "Moody's Approach to
Rating Structured Finance Interest-Only Securities" published in
February 2012.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.62 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 assessments is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
credit assessment 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 assessment
level, is incorporated for loans with similar credit assessments
in the same transaction.

The conduit model includes an IO calculator, which uses the
following inputs to calculate the proposed IO rating based on the
published methodology: original and current bond ratings and
credit assessments; original and current bond balances grossed up
for losses for all bonds the IO(s) reference(s) within the
transaction; and IO type as defined in the published methodology.
The calculator then returns a calculated IO rating based on both a
target and mid-point. For example, a target rating basis for a
Baa3 (sf) rating is a 610 rating factor. The midpoint rating basis
for a Baa3 (sf) rating is 775 (i.e. the simple average of a Baa3
(sf) rating factor of 610 and a Ba1 (sf) rating factor of 940). If
the calculated IO rating factor is 700, the CMBS IO calculator
would provide both a Baa3 (sf) and Ba1 (sf) IO indication for
consideration by the rating committee.

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 20 compared to 15 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 a review
utilizing MOST (Moody's Surveillance Trends) Reports and a
proprietary program that highlights significant credit changes
that have occurred in the last month as well as cumulative changes
since the last full transaction review. On a periodic basis,
Moody's also performs a full transaction review that involves a
rating committee and a press release. Moody's prior transaction
review is summarized in a press release dated May 10, 2012.

Deal Performance:

As of the April 15, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 38% to $294.6
million from $475.4 million at securitization. The Certificates
are collateralized by 39 mortgage loans ranging in size from less
than 1% to 12% of the pool, with the top ten loans representing
62% of the pool. Three loans, representing 21% of the pool, have
investment grade credit assessments.

Four loans, representing 9% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of its
ongoing monitoring of a transaction, Moody's reviews the watchlist
to assess which loans have material issues that could impact
performance.

There are no loans in special servicing and there have been no
realized losses to the pool to date. Moody's has assumed a high
default probability for two poorly performing loans representing
2% of the pool and has estimated a $1.3 million loss (25% expected
loss based on a 50% probability default) from these troubled
loans.

Moody's was provided with full year 2011 and partial year 2012
operating results for 90% and 42% of the pool, respectively.
Excluding troubled loans, Moody's weighted average LTV is 79%
compared to 82% at last full 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 8.9%.

Excluding troubled loans, Moody's actual and stressed DSCRs are
1.42X and 1.26X, respectively, compared to 1.39X and 1.20X 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 assessment is the Grosvenor
Building Loan ($28.1 million -- 9.6% of the pool), which is
secured by a 21-story 201,700 square foot (SF) Class A office
building located in downtown Vancouver, British Columbia. The
property was 97% leased as of March 2013 compared to 96% at last
review. Moody's current credit assessment and stressed DSCR are
Baa3 and 1.39X compared to Baa3 and 1.26X at last review.

The second largest loan with credit assessment is the Victoria
Place Shopping Centre Loan ($17.1 million -- 5.8% of the pool),
which is secured by a 139,600 SF community shopping center located
in a busy retail area in London, Ontario. Currently the property
is 97% leased compared to 98% at last review. Moody's current
credit assessment and stressed DSCR are Baa2 and 1.20X compared to
Baa2 and 1.23X at last review.

The third loan with credit assessment is the Wonderland Centre
loan ($16.6 million -- 5.7% of the pool), which is secured by
287,000 SF retail center located in London, Ontario. The property
was 85% leased as of March 2013, the same as last review. Moody's
current credit assessment and stressed DSCR are Baa2 and 1.58X
compared to Baa2 and 1.55X at last review.

The top three conduit loans represent 22% of the pool balance. The
largest loan is the Complexe University Loan ($36.1 million --
12.3% of the pool), which is secured by two adjacent Class B
office buildings located in downtown Montreal, Quebec. The
properties total 460,700 SF and were 98% and 100% leased as of
January 2012, essentially the same as at last review. Moody's LTV
and stressed DSCR are 67% and 1.48X compared to 78% and 1.28X at
last review.

The second largest loan is the Madison Centre Loan ($14.6 million
-- 4.9% of the pool), which is secured by a grocery anchored
retail shopping center located in Burnaby, British Columbia. The
property was 96% leased as of March 2013, the same as last review.
The loan is benefiting from amortization. Moody's LTV and stressed
DSCR are 92% and 1.03X, compared to 103% and 0.92X at last review.

The third largest loan is the Kingspoint Centre Loan ($13.9
million -- 4.7% of the pool), which is secured by a 165,700 SF
retail property located in Brampton, Ontario. As of April 2013,
the property was 100% leased compared to 96% at last review. The
loan is benefiting from amortization. Moody's LTV and stressed
DSCR are 58% and 1.67X, compared to 70% and 1.39X at last review.


COMM 2012-CCRE1: Fitch Affirms 'B' Rating on Class G Certs.
-----------------------------------------------------------
Fitch Ratings has affirmed all classes of COMM 2012-CCRE1
commercial mortgage pass-through certificates.

Key Rating Drivers

Fitch's affirmations are based on the stable performance of the
underlying collateral pool. There are currently no delinquent or
specially serviced loans. Fitch reviewed servicer-provided year-
end (YE) 2011 and partial YE 2012 financial performance of the
collateral pool in addition to updated rent rolls for the top 15
loans representing 64.4% of the transaction.

Rating Sensitivities

Due to the recent issuance of the transaction and continued stable
performance, Fitch does not foresee rating changes until a
material economic or asset-level event changes the transaction's
overall portfolio-level metrics. Additional information on rating
sensitivity is available in the report COMM 2012-CCRE1 Commercial
Mortgage Pass-Through Certificates', dated July 17, 2012.

As of the April 2013 distribution date, the pool's aggregate
principal balance has been reduced by 0.9% to $923.8 million from
$932.8 million at issuance. No loans have defeased since issuance.
The loans were contributed to the trust by German American Capital
Corporation and Cantor Commercial Real Estate.

The largest loan of the pool (12.8%) is secured by a 1.7 million
square foot (sf) regional mall (1.3 million-sf of collateral) in
Albany, NY. The mall is anchored by Macy's (non-collateral),
J.C.Penney's, Dick's Sporting Goods, and Best Buy. As of year-end
2012, the occupancy was 82.7% compared to 90.3% at issuance. The
servicer-reported year-end 2012 debt service coverage ratio (DSCR)
was 1.28x, compared to 1.40x at issuance.

The second largest loan of the pool (5.9%) is secured by a
227,707-sf office property located in San Leandro, CA. As of third
quarter 2012 (3Q'12), the occupancy remains at 100%. The servicer-
reported YTD (year to date) 3Q'12 DSCR was 1.62x, compared to
1.76x at issuance.

The third largest loan of the pool (5.9%) is secured by a 1.3
million sf (635,769 sf owned) regional mall in Grandville, MI,
approximately 10 miles southwest of Grand Rapids, MI. The mall
features five non-collateral anchors, including Macy's, Younkers,
Sears, JC Penney, and Kohls. The 3Q'12 occupancy was 91.8%
compared to 90.6% at issuance. Servicer-reported 3Q'12 DSCR
remains at 1.77x.

Fitch affirms the following classes as indicated:

-- $45,954,392 class A-1 'AAAsf'; Outlook Stable;
-- $116,746,000 class A-2 'AAAsf'; Outlook Stable;
-- $409,198,000 class A-3 'AAAsf'; Outlook Stable;
-- $72,060,000 class A-SB 'AAAsf'; Outlook Stable;
-- $95,614,000 class A-M 'AAAsf'; Outlook Stable;
-- $739,572,392* class X-A 'AAAsf'; Outlook Stable;
-- $43,143,000 class B 'AAsf'; Outlook Stable;
-- $32,648,000 class C 'Asf'; Outlook Stable;
-- $50,139,000a class D 'BBB-sf'; Outlook Stable;
-- $2,332,000a class E 'BBB-sf'; Outlook Stable;
-- $13,993,000 a class F 'BBsf'; Outlook Stable;
-- $15,158,000 a class G 'Bsf'; Outlook Stable.

* Notional amount and interest only.
a Privately placed pursuant to Rule 144A.

Fitch does not rate the $184,232,147 interest-only class X-B, or
the $26,819,147 class H.


COMM 2007-FL14: S&P Lowers Rating on 2 Cert. Classes to 'CCC-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on two
nonpooled classes of commercial mortgage pass-through certificates
from COMM 2007-FL14, a U.S. commercial mortgage-backed securities
(CMBS) transaction.  Concurrently, S&P affirmed its ratings on 10
pooled classes and two other nonpooled classes from the same
transaction.

S&P's rating actions follow its analysis of the transaction
primarily using its criteria for rating U.S. and Canadian CMBS.
S&P's analysis included its valuation of the two remaining loans
and one real estate owned (REO) asset, the transaction structure,
and the liquidity available to the trust.

"We lowered our ratings on the class GLB3 and GLB4 raked
certificates to 'CCC- (sf)' from 'B (sf)' and 'B- (sf)',
respectively, due to accumulated interest shortfalls outstanding
for 13 months.  If the accumulated interest shortfalls remain
outstanding for an extended period of time, we may lower our
ratings on these classes to 'D (sf)'.  We affirmed our ratings on
the class GLB1 and GLB2 raked certificates based on our analysis
of the MSREF/Glenborough Portfolio loan.  The 'GLB' raked
certificates derive 100% of their cash flow from the
MSREF/Glenborough Portfolio loan's subordinate, nonpooled
component," S&P said.

The affirmations on the pooled principal and interest certificate
classes reflect subordination and liquidity support levels that
are consistent with the outstanding ratings.

As of the April 15, 2013, trustee remittance report, the pooled
trust consisted of two remaining floating-rate loans indexed to
one-month LIBOR and one REO asset totaling $403.7 million or 18.7%
of the original pooled trust balance.  The one-month LIBOR rate
was 0.203% according to the April 2013 trustee remittance report.

S&P based its analysis for the three remaining assets, in part, on
a review of the borrower's operating statements for the years
ended Dec. 31, 2012, 2011 and 2010, and the borrower's most recent
available rent rolls.  Details of the three assets, two of which
are currently with the special servicer, TriMont Real Estate
Advisors Inc. (Trimont), are as follows:

The MSREF/Glenborough Portfolio loan, the largest asset in the
pool, has a whole-loan balance of $495.4 million that consists of
a $312.6 million senior-pooled component (77.4% of the pooled
trust balance), a $71.8 million nonpooled subordinate component
that supports the 'GLB' raked certificates, and a $111.0 million
nontrust junior participation interest.  In addition, the equity
interests in the borrower of the whole loan secure mezzanine loans
totaling $86.1 million held outside the trust.  The loan is
currently secured by 14 office properties in five states, totaling
2.6 million sq. ft.  Based on information received from the master
servicer, Wells Fargo Bank N.A. (Wells Fargo), six of the original
20 properties have been released according to provisions outlined
in the underlying transaction documents.  The loan was previously
with the special servicer, and was modified and extended on
April 20, 2012.  Wells Fargo stated that the loan modification
terms included, but were not limited to, the borrower paying the
special servicing and workout fees and extending the loan's
maturity to Dec. 9, 2013, with an additional one-year extension
option if the borrower pays down the loan balance by
$25.0 million.  Wells Fargo reported a combined debt service
coverage (DSC) of 7.49x n the trust balance for the year ended
Dec. 31, 2012, and the combined occupancy was 86.2% according to
the Feb. 28, 2013, rent rolls.  S&P's adjusted valuation, using a
capitalization rate of 8.25%, yielded a stressed in-trust loan-to-
value (LTV) ratio of 63.8%.

The New Jersey Office Portfolio asset, the second-largest asset in
the pool, has a whole loan balance of $81.6 million, which
consists of a pooled trust balance of $62.5 million (15.5% of the
pooled trust balance) and a nontrust, subordinate junior
participation balance of $19.1 million.  The asset consists of six
suburban office buildings and the Garden State exhibition center
in Franklin Township, N.J., totaling 1.15 million sq. ft.  The
loan was transferred to the special servicer due to monetary
default on Jan. 9, 2011, and the property became REO on April 24,
2012.  Trimont indicated to S&P that it plans to lease the
properties' vacant space before marketing them for sale.  Wells
Fargo reported a combined DSC of 6.60x on the trust balance for
year-end 2012.  The overall occupancy was 48.5% based on the
Feb. 1, 2013, rent rolls.  S&P's adjusted valuation, using a
weighted-average capitalization rate of 7.50%, yielded a stressed
in-trust LTV ratio that is significantly above 100.0%.  S&P
expects a moderate loss upon this asset's eventual resolution.

The Rose Orchard Technology Park loan, the smallest remaining
asset in the pool, has a trust and whole loan balance of
$28.6 million (7.1% of the pooled trust balance).  The loan is
secured by a 310,233-sq.-ft. suburban office complex in San Jose,
Calif.  The loan transferred to the special servicer on Jan. 19,
2012, for maturity default after maturing on Jan. 9, 2012.
According to TriMont, the loan was recently modified effective
April 19, 2013, with terms including, but not limited to,
extending the loan's maturity to Jan. 9, 2014, at the current note
rate, with an additional one-year extension option, and
extinguishing the $20.7 million nontrust, junior participation in
exchange for an equity interest in the borrower.  The borrower is
paying the special servicing and workout fees on the loan.
TriMont indicated that the loan will be returned to the master
servicer after the borrower makes three consecutive debt service
payments. S&P's adjusted valuation, which also considered market
data and used a blended capitalization rate of 7.94%, yielded a
stressed in-trust LTV ratio of 79.1%.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED - NONPOOLED CERTIFICATES

COMM 2007-FL14
Commercial mortgage pass-through certificates

             Rating
Class    To          From
GLB3     CCC- (sf)   B (sf)
GLB4     CCC- (sf)   B- (sf)


RATINGS AFFIRMED - POOLED CERTIFICATES

COMM 2007-FL14
Commercial mortgage pass-through certificates

Class    Rating      Credit Enhancement (%)
A-J      A+ (sf)                      41.03
B        BBB+ (sf)                    32.42
C        BBB- (sf)                    25.33
D        BB+ (sf)                     19.25
E        BB (sf)                      13.17
F        B+ (sf)                       7.09
G        B  (sf)                       5.07
H        CCC+ (sf)                     3.04
J        CCC (sf)                      1.77
K        CCC- (sf)                     0.00


RATINGS AFFIRMED - NONPOOLED CERTIFICATES

COMM 2007-FL14
Commercial mortgage pass-through certificates

Class     Rating
GLB1      BB (sf)
GLB2      BB- (sf)


CREDIT SUISSE 1997-C2: Fitch Affirms 'D' Rating on Class I Certs
----------------------------------------------------------------
Fitch Ratings has affirmed four classes of Credit Suisse First
Boston Mortgage Securities Corp., commercial mortgage pass-through
certificates, series 1997-C2 (CSFB 1997-C2).

Key Rating Drivers

The affirmations reflect continued stable pool performance since
Fitch's last rating action. Fitch modeled losses of 8.6% of the
remaining pool; modeled losses on the original pool are 3.5%,
including losses already incurred to date. Fitch has designated 13
loans (49.5%) as Fitch Loans of Concern, which includes four
specially serviced assets (29.8%).

As of the April 2013 distribution date, the pool's aggregate
principal balance has been reduced by 94.6% to $79.4 million from
$1.47 billion at issuance. The pool has experienced $1.34 billion
(91.6%) of paydowns and $43.8 million (3%) of realized losses. The
remaining pool is comprised of 41 loans (compared to 185 at
issuance) and 65% collateral tenant lease loans. Seven loans
(8.3%) have been defeased. Interest shortfalls totaling $1.3
million are currently affecting classes H and J.

Rating Sensitivities

The ratings on classes F, G, and H are expected to remain stable
given the high credit enhancement resulting from continued
paydowns and defeasance. Upgrades are not likely given the
increasing concentrations in the pool and the greater risk of
adverse selection. Class I will remain at 'Dsf' as losses have
been realized.

The largest contributor to Fitch modeled losses is a real-estate
owned (REO) asset (5% of pool), a 204-unit multifamily property
comprised of 17 buildings located in Louisville, KY. The asset was
transferred to special servicing in August 2010 due to significant
signs of deterioration shown at the property. Prior to the asset
becoming REO in February 2012, two of the 17 buildings with a
total of 24 units were burned down and another building with 12
units was flooded. As of September 2012, the property was 51.5%
occupied. There is outstanding litigation with the former
borrower's insurance company; however, the special servicer
indicates that a settlement is expected, but a settlement date has
not yet been determined. The property is expected to be listed for
sale.

Fitch affirms the following classes:

-- $24.3 million class F at 'AA+sf'; Outlook Stable;
-- $14.7 million class G at 'A+sf'; Outlook Stable;
-- $29.3 million class H at 'B+sf'; Outlook Stable;
-- $11.2 million class I at 'Dsf'; RE 65%.

Classes A-1, A-2, A-3, B, C, and D have paid in full. Fitch does
not rate class E or class J. Fitch had previously withdrawn the
rating of the interest-only class A-X.


CREDIT SUISSE 2002-CKN2: Moody's Lowers Ratings on 2 CMBS Classes
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of two classes,
downgraded two classes and affirmed three classes of Credit Suisse
First Boston Mortgage Securities Corp., Commercial Mortgage Pass-
Through Certificates, Series 2002-CKN2 as follows:

Cl. C-1, Upgraded to Aa2 (sf); previously on Oct 11, 2012
Downgraded to A1 (sf)

Cl. C-2, Upgraded to Aa2 (sf); previously on Oct 11, 2012
Downgraded to A1 (sf)

Cl. D, Affirmed Baa3 (sf); previously on Oct 11, 2012 Downgraded
to Baa3 (sf)

Cl. E, Affirmed Ba3 (sf); previously on Oct 11, 2012 Downgraded to
Ba3 (sf)

Cl. F, Downgraded to C (sf); previously on Oct 11, 2012 Downgraded
to Caa2 (sf)

Cl. A-X, Downgraded to Caa2 (sf); previously on Oct 11, 2012
Downgraded to Caa1 (sf)

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

Ratings Rationale:

The upgrades of Classes C-1 and C-2 are due to overall improved
pool financial performance and increased credit support due to
loan payoffs and amortization. The deal has paid off 54% since
Moody's prior review in October 2012.

The downgrade of Class F is to align its rating with realized and
anticipated losses for this class. The class has already
experienced a $4.9 million loss (35% realized loss). The downgrade
of the IO Class, Class A-X, is a result of the decline in credit
performance of its referenced classes due to the payoff of more
highly rated referenced classes.

The affirmations of the principal classes 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.
The rating of the IO Class, Class A-Y, is consistent with the
expected credit performance of its referenced classes and thus is
affirmed.

Moody's rating action reflects a base expected loss of 5.0% of the
current balance. At last review, Moody's base expected loss was
24.7%. Moody's base expected loss plus realized losses is now 8.6%
of the original pooled balance compared to 9.2% at last review.
Moody's provides a current list of base 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 rated 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.

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 extent of growth
in the current macroeconomic environment given the weak pace of
recovery in the commercial real estate property markets.
Commercial real estate property values are continuing to move in a
modestly positive direction along with a rise in investment
activity and stabilization in core property type performance.
Limited new construction and moderate job growth have aided this
improvement. However, a consistent upward trend will not be
evident until the volume of investment activity steadily increases
for a significant period, non-performing properties are cleared
from the pipeline, and fears of a Euro area recession are abated.

The hotel sector continues to exhibit growth albeit at a slightly
slower pace. The multifamily sector should remain stable with
moderate growth. Gradual recovery in the office sector continues
and will be assisted in the next quarter when absorption is likely
to outpace completions. However, since office demand is closely
tied to employment, Moody's expects regional employment growth to
provide market differentiation. CBD markets continue to outperform
secondary suburban markets. The retail sector exhibited a slight
reduction in vacancies in the first quarter; the largest drop
since 2005. However, consumers continue to be cautious as
evidenced by sales growth continuing below historical trends.
Across all property sectors, the availability of debt capital
continues to improve with robust securitization activity of
commercial real estate loans supported by a monetary policy of low
interest rates.

Moody's central global macroeconomic outlook indicates the global
economy has lost momentum over the past quarter as it tries to
recover. US GDP growth for 2013 is likely to remain close to 2%,
however US sequestration cuts that came into effect in March may
create a drag on the positive growth in the US private sector.
While the broad economic impact in unclear, the direct effect is
likely to shave 0.4% off US GDP growth in 2013. Continuing from
the previous quarter, Moody's believes that the three most
immediate risks are: i) the risk of an even deeper than currently
expected recession in the euro area, accompanied by deeper credit
contraction, potentially triggered by a further intensification of
the sovereign debt crisis; ii) slower-than-expected recovery in
major emerging markets following the recent slowdown; and iii) an
escalation of geopolitical tensions, resulting in adverse economic
developments.

The methodologies used in this rating were "Moody's Approach to
Rating CMBS Large Loan/Single Borrower Transactions" published in
July 2000 and "Moody's Approach to Rating Fusion U.S. CMBS
Transactions" published in April 2005. The methodology used in
rating Classes A-X and A-Y was "Moody's Approach to Rating
Structured Finance Interest-Only Securities" published in February
2012.

Moody's review incorporated the use of the excel-based Large Loan
Model v 8.5. 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. The model
incorporates the CMBS IO calculator version 1.1, which uses the
following inputs to calculate the proposed IO rating based on the
published methodology: original and current bond ratings and
credit estimates; original and current bond balances grossed up
for losses for all bonds the IO(s) reference(s) within the
transaction; and the IO type corresponding to an IO type as
defined in the published methodology. The calculator then returns
a calculated IO rating based on both a target and mid-point. For
example, a target rating basis for a Baa3 (sf) rating is a 610
rating factor. The midpoint rating basis for a Baa3 (sf) rating is
775 (i.e. the simple average of a Baa3 (sf) rating factor of 610
and a Ba1 (sf) rating factor of 940). If the calculated IO rating
factor is 700, the CMBS IO calculator would provide both a Baa3
(sf) and Ba1 (sf) IO indication for consideration by the rating
committee.

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 a review
utilizing MOST (Moody's Surveillance Trends) Reports and a
proprietary program that highlights significant credit changes
that have occurred in the last month as well as cumulative changes
since the last full transaction review. On a periodic basis,
Moody's also performs a full transaction review that involves a
rating committee and a press release. Moody's prior transaction
review is summarized in a press release dated October 11, 2012.

Deal Performance:

As of the April 17, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 94% to $57.5
million from $918.1 million at securitization. The Certificates
are collateralized by eight mortgage loans ranging in size from
less than 1% to 72% of the pool. One loan, representing 10% of the
pool, has defeased and is secured by U.S. Government securities.
The pool also includes three loans, representing 1.2% of the pool,
which are secured by residential co-op loans and have a Aaa credit
assessment.

Twenty-nine loans have been liquidated from the pool, resulting in
an aggregate realized loss of $76 million (48% loss severity on
average). Three loans, representing 17% of the pool, are currently
in special servicing. The largest specially serviced loan is the
Entrada Pointe Apartments Loan ($6.9 million --12.0% of the pool),
which is secured by a 209-unit multifamily complex located in Rio
Rancho, New Mexico. The loan transferred to special servicing in
June 2012 due to a maturity default. The loan paid off in full
effective 5/3/2013. The property was 90% leased as of December
2012.

The second largest specially serviced loan is the Grand Oak Villas
Loan ($1.9 million -- 3.3% of the pool), which is secured by an
83-unit multifamily complex located in Pensacola, Florida. The
loan transferred to special servicing in July 2011 due to maturity
default and was foreclosed on in December 2012. The property was
82% leased as of February 2013.

Moody's estimates an aggregate $1.8 million loss for specially
serviced loans (23% expected loss on average). There are no
troubled loans in this pool.

The performing loan is the Beaver Valley Mall Loan ($41.4 million
-- 72% of the pool) which is secured by the borrower's interest in
a 1.2 million square foot regional mall (966,000 SF of collateral)
located approximately 35 miles northwest of downtown Pittsburgh in
Center Township, Pennsylvania. The mall is anchored by Sears, J.C.
Penney, Boscov's and Macy's (not part of the collateral). The mall
was 96% leased as of December 2012, compared to 93% as of August
2012. Performance improved slightly due to increased occupancy.
The loan did not pay off at its anticipated repayment date (ARD)
in April 2012 and matures in April 2032. Moody's received full
year 2012 financial information for this loan. Moody's LTV and
stressed DSCR are 85% and 1.17X, respectively, compared to 92% and
1.09X at last review.


CREDIT SUISSE 2005-C1: Moody's Eyes Downgrade for 5 CMBS Classes
----------------------------------------------------------------
Moody's Investors Service placed the ratings of five classes of
Credit Suisse First Boston Mortgage Securities Corp., Commercial
Mortgage Pass-Through Certificates 2005-C1 on review for possible
downgrade as follows:

Cl. A-J, Aa2 (sf) Placed Under Review for Possible Downgrade;
previously on Oct 13, 2010 Downgraded to Aa2 (sf)

Cl. B, A3 (sf) Placed Under Review for Possible Downgrade;
previously on Oct 13, 2010 Downgraded to A3 (sf)

Cl. C, Baa2 (sf) Placed Under Review for Possible Downgrade;
previously on Oct 13, 2010 Downgraded to Baa2 (sf)

Cl. D, Ba1 (sf) Placed Under Review for Possible Downgrade;
previously on Oct 13, 2010 Downgraded to Ba1 (sf)

Cl. A-X, Ba3 (sf) Placed Under Review for Possible Downgrade;
previously on Feb 22, 2012 Downgraded to Ba3 (sf)

Ratings Rationale:

The four principal classes were placed under review for possible
downgrade due to interest shortfall concerns. The deal's largest
loan as of the April 17, 2013 distribution date was the GGP Retail
Portfolio Loan ($76.5 million -- 7.7% of the pool). The GGP loan
had previously been transferred to special servicing due to GGP's
corporate bankruptcy and was refinanced out of the pool in late
April 2013. The loan is a corrected loan and LNR Partners Inc.,
the deal's special servicer, is entitled to a 1% workout fee upon
the payoff of the loan. The payment of that fee will cause a spike
in interest shortfalls. The classes are being put on review to
allow Moody's to analyze the severity and expected duration of the
interest shortfall spike.

Class A-X, the interest-only class, was placed under review for
possible downgrade due to a potential decline in the weighted
average rating factor (WARF) of its referenced tranches.

The principal methodology used in this rating was "Moody's
Approach to Rating U.S. CMBS Conduit Transactions" published in
September 2000. The methodology used in rating Class A-X was
"Moody's Approach to Rating Structured Finance Interest-Only
Securities" published in February 2012.

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 a review
utilizing MOST(Moody's Surveillance Trends) Reports and a
proprietary program that highlights significant credit changes
that have occurred in the last month as well as cumulative changes
since the last full transaction review. On a periodic basis,
Moody's also performs a full transaction review that involves a
rating committee and a press release. Moody's prior transaction
review is summarized in a press release dated June 21, 2012.

Deal Performance:

As of the April 17, 2013 distribution date, the transaction's
aggregate pooled certificate balance has decreased by 34% to $996
million from $1.51 billion at securitization. The Certificates are
collateralized by 127 mortgage loans ranging in size from less
than 1% to 8% of the pool, with the top ten loans representing 42%
of the pool. Sixteen loans, representing 12% of the pool, have
been defeased and are collateralized with U.S. Government
Securities.

Thirty-nine loans, representing 33% 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-five loans have been liquidated at a loss from the pool,
resulting in an aggregate realized loss of $46 million (30%
average loss severity). Five loans, representing 6% of the pool,
are currently in special servicing.


CREDIT SUISSE 2007-TFL1: S&P Raises Rating on Cl. D Certs to BB+
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on eight
classes of commercial mortgage pass-through certificates from
Credit Suisse First Boston Mortgage Securities Corp.'s series
2007-TFL1, a U.S. commercial mortgage-backed securities (CMBS)
transaction.  Concurrently, S&P affirmed its ratings on two other
classes from the same transaction.

S&P's rating actions follow its analysis of the transaction, which
included a review of the credit characteristics of the remaining
three floating-rate mortgage loans, the transaction structure and
liquidity available to the trust.

The raised ratings on the class A-2 through H certificates reflect
the deleveraging of the pool trust balance as well as higher-than-
expected recoveries by the trust on two previously specially
serviced loans to date.  S&P believes its expected available
credit enhancement for these classes are greater than its most
recent estimate of necessary credit enhancement for the most
recent rating levels.

The affirmations reflect subordination and liquidity support
levels that are consistent with the outstanding ratings.

As of the April 15, 2013, trustee remittance report, the trust
comprised three floating-rate loans indexed to one-month LIBOR,
one of which is currently with the special servicer, totaling
$373.0 million, or 29.5% of the original pool trust balance.  The
one-month LIBOR rate was 0.203% according to the April 2013
trustee remittance report.

The JW Marriott Las Vegas Resort & Spa loan, the largest loan in
the trust, has a trust balance of $150.0 million (40.2%) and a
whole-loan balance of $160.0 million.  The reported total exposure
in the trust is $152.0 million.  The loan is secured by a 548-room
full-service hotel, which includes a 40,000-sq.-ft. spa space,
75,993-sq.-ft. function space, 57,650-sq.-ft. casino space, and
44,000-sq.-ft. retail space in Las Vegas.  The loan was
transferred to the special servicer on Sept. 29, 2011, due to its
impending maturity.  The loan matured on Nov. 9, 2011.  In
addition, on Dec. 28, 2011, a lawsuit was filed by various
investors against the master servicer, special servicer, and
certain other parties seeking damages and a preliminary injunction
against the closing of the loan sale to the subordinate B note
lender.  According to the current special servicer, Talmage LLC,
the lawsuit has been settled, and the settlement terms are
confidential.  To date, no legal fees have passed to the trust.

The year-to-date (YTD) Sept. 30, 2012, borrower's operating
statements for the JW Marriott Las Vegas Resort & Spa loan,
reported 77.1% occupancy, a $129.57 average daily rate (ADR), and
$99.89 revenue per available room (RevPAR).  The master servicer,
KeyBank Real Estate Capital (KeyBank), reported a 4.68x debt
service coverage (DSC) for the nine months ended Sept. 30, 2012.
The Nov. 1, 2012, appraisal valued the property at $109.8 million.
S&P based its analysis, in part, on its review of the borrower's
operating statements for the YTD Sept. 30, 2012, and 2011 and 2010
calendar years.  S&P's adjusted valuation, using a 9.00%
capitalization rate, yielded an in-trust stressed 166.4% loan-to-
value (LTV) ratio.  S&P expects a moderate loss when this loan is
eventually resolved.

The Hines Portfolio loan, the second-largest loan in the trust,
has a trust balance of $123.4 million (33.1%) and a whole-loan
balance of $227.8 million.  The loan is secured by 15 flex
office/research and development and two industrial properties in
Northern California totaling 1.6 million sq. ft.  According to
KeyBank, the loan, which was previously with the special servicer,
was modified as of Sept. 13, 2012.  The modification terms
included, among other items, extending the loan's final maturity
to Feb. 9, 2015, exchanging $30.0 million of the subordinate B
note balance into an equity interest in the borrower, and the
borrower paying the special servicing and workout fees on the
loan.  KeyBank reported a 2.35x combined DSC for year-end 2012;
overall occupancy was 75.3%, according to the Jan. 31, 2013, rent
rolls.  The Oct. 9, 2012, appraisal valued the properties at
$255.3 million.  S&P based its analysis, in part, on its review of
the borrower's operating statements for the years ended Dec. 31,
2012, 2011, and 2010, and the Jan. 31, 2013, rent rolls.  S&P's
adjusted valuation, using a weighted average capitalization rate
of 7.94%, yielded an in-trust stressed 70.9% LTV ratio.

The Renaissance Aruba Beach Resort & Casino loan, the smallest
loan in the trust, has a trust balance of $99.6 million (26.7%)
and a whole-loan balance of $156.0 million.  The loan is secured
by a 427-room full-service hotel, which includes a 106,832-sq.-ft.
retail space, 23,000-sq.-ft. casino space, and 40-slip marina, in
Oranjestad, Aruba.  According to KeyBank, the loan, which was
previously with the special servicer, was modified as of Feb. 10,
2012.  The modification terms included, among other items,
extending the loan's final maturity to June 9, 2014, using excess
cash flow to pay down the principal balance and the borrower
paying the special servicing and workout fees on the loan.  The
year ended Dec. 31, 2012, borrower's operating statements reported
79.3% occupancy, a $150.78 ADR, and $119.57 RevPAR.  KeyBank
reported a 2.38x DSC for year-end 2012.  The March 9, 2012,
appraisal valued the property at $247.7 million.  S&P based its
analysis, in part, on its review of the borrower's operating
statements for the years ended Dec. 31, 2012, 2011, and 2010.
S&P's adjusted valuation, using a weighted average capitalization
rate of 10.56%, yielded an in-trust stressed 54.0% LTV ratio.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS RAISED

Credit Suisse First Boston Mortgage Securities Corp.
Commercial mortgage pass-through certificates series 2007-TFL1
              Rating
Class     To              From       Credit enhancement (%)
A-2       AA (sf)         BBB+ (sf)                   82.11
B         A (sf)          BB+ (sf)                    71.33
C         BBB (sf)        B+ (sf)                     61.15
D         BB+ (sf)        B (sf)                      54.26
E         BB- (sf)        B- (sf)                     47.48
F         B+ (sf)         CCC+ (sf)                   39.84
G         B (sf)          CCC (sf)                    32.73
H         B- (sf)         CCC- (sf)                   25.41

RATINGS AFFIRMED

Credit Suisse First Boston Mortgage Securities Corp.
Commercial mortgage pass-through certificates series 2007-TFL1

Class         Rating                 Credit enhancement (%)
J             CCC- (sf)                               18.26
K             CCC- (sf)                                8.44


CSFB 2003-8: Moody's Reviews Ratings on $49MM of RMBS Issues
------------------------------------------------------------
Moody's Investors Service placed the ratings of 12 tranches on
review direction uncertain, from one RMBS transaction issued by
CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-8. The
collateral backing this deal primarily consists of first-lien,
fixed-rate prime Jumbo residential mortgages. The actions impact
approximately $49 million of RMBS issued in 2003.

Complete rating actions are as follows:

Issuer: CSFB Mortgage-Backed Pass-Through Certificates, Series
2003-8

Cl. I-A-1, A2 (sf) Placed Under Review Direction Uncertain;
previously on Apr 10, 2012 Downgraded to A2 (sf)

Cl. II-A-1, A1 (sf) Placed Under Review Direction Uncertain;
previously on Apr 10, 2012 Downgraded to A1 (sf)

Cl. III-A-3, A2 (sf) Placed Under Review Direction Uncertain;
previously on Apr 10, 2012 Downgraded to A2 (sf)

Cl. III-A-4, A3 (sf) Placed Under Review Direction Uncertain;
previously on Apr 10, 2012 Downgraded to A3 (sf)

Cl. III-A-24, Baa1 (sf) Placed Under Review Direction Uncertain;
previously on Apr 10, 2012 Downgraded to Baa1 (sf)

Cl. III-A-25, A3 (sf) Placed Under Review Direction Uncertain;
previously on Apr 10, 2012 Downgraded to A3 (sf)

Cl. IV-PPA-1, A3 (sf) Placed Under Review Direction Uncertain;
previously on Apr 10, 2012 Downgraded to A3 (sf)

Cl. V-A-1, Aa1 (sf) Placed Under Review Direction Uncertain;
previously on Apr 10, 2012 Downgraded to Aa1 (sf)

Cl. V-P, Aa1 (sf) Placed Under Review Direction Uncertain;
previously on Apr 10, 2012 Downgraded to Aa1 (sf)

Cl. D-B-1, Baa2 (sf) Placed Under Review Direction Uncertain;
previously on Apr 10, 2012 Downgraded to Baa2 (sf)

Cl. D-B-2, Caa2 (sf) Placed Under Review Direction Uncertain;
previously on Apr 10, 2012 Confirmed at Caa2 (sf)

Cl. A-P, A3 (sf) Placed Under Review Direction Uncertain;
previously on Apr 10, 2012 Downgraded to A3 (sf)

Ratings Rationale:

The actions are a result of the recent performance of the prime
jumbo pools originated before 2005 and reflect Moody's updated
loss expectations on these pools. In addition, the rating actions
reflect discovery of an error in the Structured Finance
Workstation (SFW) cash flow model used by Moody's in rating this
transaction. In prior rating actions, the cash flow model
underestimated the amount of interest paid to Class III-A-4.

The methodologies used in this rating were "Moody's Approach to
Rating US Residential Mortgage-Backed Securities" published in
December 2008, and "Pre-2005 US RMBS Surveillance Methodology"
published in January 2012.

Moody's adjusts the methodologies for 1) Moody's current view on
loan modifications and 2) small pool volatility

Loan Modifications

As a result of an extension of the Home Affordable Modification
Program (HAMP) to 2013 and an increased use of private
modifications, Moody's is extending its previous view that loan
modifications will only occur through the end of 2012. It is now
assuming that the loan modifications will continue at current
levels until 2014.

Small Pool Volatility

For pools with loans less than 100, Moody's adjusts its
projections of loss to account for the higher loss volatility of
such pools. For small pools, a few loans becoming delinquent would
greatly increase the pools' delinquency rate.

To project losses on prime jumbo pools with fewer than 100 loans,
Moody's first calculates an annualized delinquency rate based on
vintage, number of loans remaining in the pool and the level of
current delinquencies in the pool. For prime jumbo pools, Moody's
first applies a baseline delinquency rate of 3.5% for 2005, 6.5%
for 2006 and 7.5% for 2007. Once the loan count in a pool falls
below 76, this rate of delinquency is increased by 1% for every
loan fewer than 76. For example, for a 2005 pool with 75 loans,
the adjusted rate of new delinquency is 3.54%. Further, to account
for the actual rate of delinquencies in a small pool, Moody's
multiplies the rate by a factor ranging from 0.20 to 2.0 for
current delinquencies that range from less than 2.5% to greater
than 50% respectively. Moody's then uses this final adjusted rate
of new delinquency to project delinquencies and losses for the
remaining life of the pool under the approach described in the
methodology publication.

When assigning the final ratings to bonds, Moody's considered the
volatility of the projected losses and timeline of the expected
defaults.

The primary sources of assumption uncertainty are Moody's central
macroeconomic forecast and performance volatility as a result of
servicer-related activity such as modifications. The unemployment
rate fell from 8.1% in April 2012 to 7.5% in April 2013. Moody's
forecasts a unemployment central range of 7.0% to 8.0% for the
2013 year. Moody's expects housing prices to continue to rise in
2013. Performance of RMBS continues to remain highly dependent on
servicer activity such as modification-related principal
forgiveness and interest rate reductions. Any change resulting
from servicing transfers or other policy or regulatory change can
also impact the performance of these transactions.


CSMC SERIES 2010-1R: S&P Cuts Rating on Class 33-A-1 Certs to BB
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on class 33-
A-1 from CSMC Series 2010-1R to 'BB (sf)' from 'AA (sf)' and
removed it from CreditWatch with negative implications.  The
downgrade is because of an increase in S&P's projected loss to the
underlying transaction coupled with insufficient credit
enhancement to the re-REMIC (real estate mortgage investment
conduits) class.

CSMC Series 2010-1R contains 50 separate structures, each
supported by a single transaction of one or more underlying
classes of residential mortgage-backed securities (RMBS).  The
underlying RMBS are backed by an assortment of different
collateral types including, but not limited to, prime jumbo, Alt-
A, and subprime mortgage loans.  Subordination,
overcollateralization (when available), and applicable excess
interest generally provide credit support for the underlying
securities backing this re-REMIC transaction.  In addition,
overcollateralization within each separate structure of the re-
REMIC provides additional support.

On Oct. 26, 2012, S&P initially placed its ratings on 2,847
classes from 205 re-REMIC transactions on CreditWatch negative or
developing because of its revised criteria.

The revised criteria resulted in additional stress to certain
transactions, which increased S&P's loss projections on those
transactions.  Such additional stresses include, but are not
limited to, one or more of the following factors:

   -- An increase in S&P's loss multiples at higher investment-
      grade rating levels;

   -- A substantial portion of nondelinquent loans now categorized
      as reperforming (many of these underlying loans have been
      modified) and have a default frequency from 25%-50%;

   -- Overall increases in roll rates (expected default) for 30-
      and 60-day delinquent loans;

   -- Application of a high prepayment/front-end stress
      liquidation scenario under investment-grade rating
      scenarios; and

   -- An overall continued elevated level of observed loss
      severities.

Two securities from one of the pre-2009 transactions placed on
CreditWatch on Aug. 9, 2012 are the underlying collateral of the
CSMC 2010-1R re-REMIC transaction.  In analyzing the CSMC 2010-1R
re-REMIC transaction, S&P applied its loss projections to the
underlying collateral to identify the magnitude of losses that it
believe could be passed through from the underlying securities to
the applicable re-REMIC class.  In addition, S&P stressed its loss
projections at various rating categories to assess whether the re-
REMIC class could withstand the stressed losses associated with
its rating, while receiving the appropriate level of due interest
and principal.

With this review, S&P has resolved the CreditWatch placements for
all but one of the re-REMIC transactions with ratings initially
placed on CreditWatch.  S&P is in the process of reviewing the
final transaction remaining from the initial CreditWatch
placements and intend on completing this review in subsequent
weeks ahead.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATING ACTION

CSMC Series 2010-1R

                       Rating               Rating
Class      CUSIP       To                   From
33-A-1     12643CEA5   BB (sf)              AA (sf)/Watch Neg


EDUCATIONAL LOAN: Fitch Cuts Student Loan Note Rating to 'CCCsf'
----------------------------------------------------------------
Fitch Ratings affirms the senior student loan note at 'AAAsf' and
downgrades the subordinate student loan note to 'CCCsf' from 'Bsf'
issued by Educational Loan Company Trust I. The Rating Outlook on
the senior notes, which is tied to the sovereign rating of the
U.S. government, remains Negative. Fitch used its 'Global
Structured Finance Rating Criteria', and 'Rating U.S. Federal
Family Education Loan Program Student Loan ABS' to review the
ratings.

Key Rating Drivers

The ratings on the senior notes are affirmed based on the
sufficient level of credit enhancement consisting of subordination
and overcollateralization to cover the applicable risk factor
stresses. The subordinate note is downgraded due to
undercollateralization and inability of the trust to build up
parity. As of March 2013 report, the total parity is approximately
97%.

As the subordinate note's current rating classifies this note as a
distressed structured finance security, Fitch has calculated a
Recovery Estimate (RE) which represents Fitch's calculation of
expected principal recoveries, as a percentage of current note
principal outstanding. The RE for the subordinate note was
calculated to be approximately 55.00% given Fitch's calculation of
expected net recoveries and principal balance of the notes as of
the latest reporting period.

RATING SENSITIVITIES

Since FFELP student loan ABS rely on the U.S. government to
reimburse defaults, 'AAAsf' FFELP ABS ratings will likely move in
tandem with the 'AAA' U.S. sovereign rating. Aside from the U.S.
sovereign rating, defaults and basis risk account for the majority
of the risk embedded in FFELP student loan transactions.
Additional defaults and basis shock beyond Fitch's published
stresses could result in future downgrades. Likewise, a buildup of
credit enhancement driven by positive excess spread given
favorable basis factor conditions could lead to future upgrades.

Fitch has taken the following rating actions:

Educational Loan Company Trust I:

-- Class A-1 affirmed at 'AAAsf'; Outlook Negative;
-- Class A-2 affirmed at 'AAAsf'; Outlook Negative;
-- Class A-3 affirmed at 'AAAsf'; Outlook Negative;
-- Class B downgraded to 'CCCsf' from 'Bsf'; RE 55%.


FIRST HORIZON 2003-8: Moody's Cuts Cl. I-A-12 Debt Rating to Ba1
----------------------------------------------------------------
Moody's Investors Service downgraded 19 tranches from one
transaction issued by First Horizon. The collateral backing this
deal primarily consists of first-lien, fixed-rate prime Jumbo
residential mortgages. The actions impact approximately $59.8
million of RMBS issued from 2003.

Complete rating actions are as follows:

Issuer: First Horizon Mortgage Pass-Through Trust 2003-8

Cl. I-A-2, Downgraded to A1 (sf); previously on Feb 22, 2012
Downgraded to Aa2 (sf)

Cl. I-A-3, Downgraded to A1 (sf); previously on Apr 19, 2011
Downgraded to Aa2 (sf)

Cl. I-A-4, Downgraded to Baa2 (sf); previously on Mar 2, 2012
Confirmed at A1 (sf)

Cl. I-A-7, Downgraded to Baa2 (sf); previously on Mar 2, 2012
Confirmed at A1 (sf)

Cl. I-A-11, Downgraded to Baa2 (sf); previously on Mar 2, 2012
Confirmed at A1 (sf)

Cl. I-A-12, Downgraded to Ba1 (sf); previously on Mar 2, 2012
Confirmed at A3 (sf)

Cl. I-A-19, Downgraded to Baa2 (sf); previously on Mar 2, 2012
Confirmed at A1 (sf)

Cl. I-A-20, Downgraded to Baa2 (sf); previously on Mar 2, 2012
Confirmed at A1 (sf)

Cl. I-A-34, Downgraded to Baa2 (sf); previously on Apr 19, 2011
Downgraded to A1 (sf)

Cl. I-A-35, Downgraded to Baa2 (sf); previously on Mar 2, 2012
Confirmed at A1 (sf)

Cl. I-A-36, Downgraded to Baa2 (sf); previously on Mar 2, 2012
Confirmed at A1 (sf)

Cl. I-A-38, Downgraded to Baa2 (sf); previously on Mar 2, 2012
Confirmed at A1 (sf)

Cl. I-A-39, Downgraded to Baa2 (sf); previously on Mar 2, 2012
Confirmed at A1 (sf)

Cl. I-A-40, Downgraded to Baa2 (sf); previously on Mar 2, 2012
Confirmed at A1 (sf)

Cl. I-A-41, Downgraded to Baa2 (sf); previously on Mar 2, 2012
Confirmed at A1 (sf)

Cl. I-A-42, Downgraded to Baa2 (sf); previously on Apr 19, 2011
Downgraded to A1 (sf)

Cl. I-A-43, Downgraded to Baa2 (sf); previously on Apr 19, 2011
Downgraded to A1 (sf)

Cl. I-A-47, Downgraded to Baa2 (sf); previously on Mar 2, 2012
Confirmed at A1 (sf)

Cl. II-A-1, Downgraded to Baa1 (sf); previously on Mar 2, 2012
Confirmed at A3 (sf)

Ratings Rationale:

The actions are a result of the underlying prime jumbo pools and
reflect Moody's updated loss expectations on the pools. The
downgrades are a result of deteriorating performance and
structural features resulting in higher expected losses for the
bonds than previously anticipated.

The methodologies used in this rating were "Moody's Approach to
Rating US Residential Mortgage-Backed Securities" published in
December 2008, and "Pre-2005 US RMBS Surveillance Methodology"
published in January 2012. The methodology used in rating
Interest-Only Securities was "Moody's Approach to Rating
Structured Finance Interest-Only Securities" published in February
2012.

Moody's adjusts the methodologies for 1) Moody's current view on
loan modifications and 2) small pool volatility.

Loan Modifications

As a result of an extension of the Home Affordable Modification
Program (HAMP) to 2013 and an increased use of private
modifications, Moody's is extending its previous view that loan
modifications will only occur through the end of 2012. It is now
assuming that the loan modifications will continue at current
levels until 2014.

Small Pool Volatility

The RMBS approach only applies to structures with at least 40
loans and a pool factor of greater than 5%. Moody's can withdraw
its rating when the pool factor drops below 5% and the number of
loans in the deal declines to 40 loans or lower. If, however, a
transaction has a specific structural feature, such as a credit
enhancement floor, that mitigates the risks of small pool size,
Moody's can choose to continue to rate the transaction.

To project losses on prime jumbo pools with fewer than 100 loans,
Moody's first calculates an annualized delinquency rate based on
vintage, number of loans remaining in the pool and the level of
current delinquencies in the pool. For prime jumbo pools
originated before 2005, Moody's first applies a baseline
delinquency rate of 3.0%. Once the loan count in a pool falls
below 76, this rate of delinquency is increased by 1% for every
loan fewer than 76. For example, for a pool with 75 loans, the
adjusted rate of new delinquency would be 3.03%. In addition, if
current delinquency levels in a small pool is low, future
delinquencies are expected to reflect this trend. To account for
that, the rate is multiplied by a factor ranging from 0.75 to 2.5
for current delinquencies ranging from less than 2.5% to greater
than 10% respectively. Delinquencies for subsequent years and
ultimate expected losses are projected using the approach
described in the methodology publication.

When assigning the final ratings to bonds, Moody's considered the
volatility of the projected losses and timeline of the expected
defaults.

The primary sources of assumption uncertainty are Moody's central
macroeconomic forecast and performance volatility as a result of
servicer-related activity such as modifications. The unemployment
rate fell from 8.1% in April 2012 to 7.5% in April 2013. Moody's
forecasts an unemployment central range of 7.0% to 8.0% for the
2013 year. Moody's expects housing prices to continue to rise in
2013. Performance of RMBS continues to remain highly dependent on
servicer activity such as modification-related principal
forgiveness and interest rate reductions. Any change resulting
from servicing transfers or other policy or regulatory change can
also impact the performance of these transactions.


G-FORCE 2005-RR: S&P Lowers Rating on 2 Cert Classes to 'D(sf)'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class E and F certificates from G-Force 2005-RR LLC, a U.S.
resecuritized real estate mortgage investment conduit (re-REMIC)
transaction , to 'D (sf)' from 'CCC- (sf)'.

The downgrade on the class E certificates reflects interest
shortfalls that S&P expects will occur for the foreseeable future.
According to the April 24, 2013, trustee report, the certificates
did not receive full interest payments.  They experienced interest
shortfalls of $52,980 in this period, with aggregate outstanding
interest shortfalls of $222,248.  Most of the interest shortfalls
were due to three underlying commercial mortgage-backed securities
(CMBS) collateral assets that did not receive full interest.  The
three assets are classes J, K, and L from Morgan Stanley Capital
I's series 1998-HF2 (not rated by Standard & Poor's).

The downgrade on the class F certificates reflects recent
principal losses.  According to the April 24, 2013, trustee
report, they experienced a $837,521 principal loss, which reduced
the class balance to $7.3 million from $8.2 million at issuance.
The class G certificates, which S&P had previously downgraded to
'D (sf)', experienced a $6.3 million principal loss in this period
that reduced the class balance to zero.  The certificate losses
resulted from the principal losses experienced by the underlying
CMBS collateral.  In the current period, class J from LB
Commercial Conduit Mortgage Trust 1999-C1 (not rated by Standard &
Poor's), experienced a $7.1 million principal loss.

According to the April 24, 2013, trustee report, G-Force 2005-RR
LLC was collateralized by 29 CMBS classes ($228.2 million, 100%)
from 11 distinct transactions issued between 1998 and 2000.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.


GE COMMERCIAL 2003-C2: Moody's Lowers Ratings on Six CMBS Classes
-----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 14 classes and
downgraded six classes of GE Commercial Mortgage Corporation,
Commercial Mortgage Pass-Through Certificates 2003-C2 as follows:

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

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

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

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

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

Cl. E, Affirmed Aa1 (sf); previously on Mar 17, 2011 Upgraded to
Aa1 (sf)

Cl. F, Affirmed Aa3 (sf); previously on Mar 17, 2011 Upgraded to
Aa3 (sf)

Cl. G, Affirmed Baa2 (sf); previously on Oct 15, 2003 Definitive
Rating Assigned Baa2 (sf)

Cl. H, Affirmed Ba2 (sf); previously on Dec 20, 2012 Downgraded to
Ba2 (sf)

Cl. J, Downgraded to B3 (sf); previously on Dec 20, 2012
Downgraded to B1 (sf)

Cl. K, Downgraded to Caa2 (sf); previously on Dec 20, 2012
Downgraded to B3 (sf)

Cl. L, Affirmed Caa3 (sf); previously on Dec 20, 2012 Downgraded
to Caa3 (sf)

Cl. M, Affirmed C (sf); previously on Dec 20, 2012 Downgraded to C
(sf)

Cl. N, Affirmed C (sf); previously on Dec 20, 2012 Downgraded to C
(sf)

Cl. O, Affirmed C (sf); previously on Jan 6, 2012 Downgraded to C
(sf)

Cl. X-1, Affirmed Ba3 (sf); previously on Feb 22, 2012 Downgraded
to Ba3 (sf)

Cl. BLVD-2, Downgraded to C (sf); previously on Dec 20, 2012
Downgraded to B3 (sf)

Cl. BLVD-3, Downgraded to C (sf); previously on Dec 20, 2012
Downgraded to Caa1 (sf)

Cl. BLVD-4, Downgraded to C (sf); previously on Dec 20, 2012
Downgraded to Caa2 (sf)

Cl. BLVD-5, Downgraded to C (sf); previously on Dec 20, 2012
Downgraded to Caa3 (sf)

Ratings Rationale:

The affirmation of the principal classes is 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.

The downgrade of two pooled principal classes is due to the
increase in realized and anticipated losses from specially
serviced and troubled loans. The downgrade of the four non-pooled,
or rake classes, is due to the decline in performance of the
Boulevard Mall which supports these classes.

The rating of the IO Class, Class X-1, is consistent with the
expected credit performance of its referenced classes and thus is
affirmed.

Moody's rating action reflects a base expected loss of 10.1% of
the current balance compared to 5.4% at last review. 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.

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 extent of growth
in the current macroeconomic environment given the weak pace of
recovery and commercial real estate property markets. Commercial
real estate property values are continuing to move in a modestly
positive direction along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction and moderate job growth have aided this improvement.
However, a consistent upward trend will not be evident until the
volume of investment activity steadily increases for a significant
period, non-performing properties are cleared from the pipeline,
and fears of a Euro area recession are abated.

The hotel sector is performing strongly with nine straight
quarters of growth and the multifamily sector continues to show
increases in demand with a growing renter base and declining home
ownership. Recovery in the office sector continues at a measured
pace with minimal additions to supply. However, office demand is
closely tied to employment, where growth remains slow and
employers are considering decreases in the leased space per
employee. Also, primary urban markets are outperforming secondary
suburban markets. Performance in the retail sector continues to be
mixed with retail rents declining for the past four years, weak
demand for new space and lackluster sales driven by internet sales
growth. Across all property sectors, the availability of debt
capital continues to improve with robust securitization activity
of commercial real estate loans supported by a monetary policy of
low interest rates.

Moody's central global macroeconomic scenario calls for US GPD
growth for 2013 that is likely to remain close to 2% as the
greater impetus from the US private sector is likely to broadly
offset the drag on activity from more restrictive fiscal policy.
Thereafter, Moody's expects the US economy to expand at a somewhat
faster pace than is likely this year, closer to its long-run
average pace of growth. Risks to Moody's forecasts remain skewed
to the downside despite recent positive developments. Moody's
believes that the three most immediate risks are: i) the risk of a
deeper than currently expected recession in the euro area
accompanied by deeper credit contraction, potentially triggered by
a further intensification of the sovereign debt crisis; ii)
slower-than-expected recovery in major emerging markets following
the recent slowdown; and iii) an escalation of geopolitical
tensions, resulting in adverse economic developments

The methodologies used in this rating were "Moody's Approach to
Rating U.S. CMBS Conduit Transactions" published in September 2000
and "Moody's Approach to Rating U.S. CMBS Large Loan/Single
Borrower Transactions" published in July 2000. The methodology
used in rating Class X-1 was "Moody's Approach to Rating
Structured Finance Interest-Only Securities" published in February
2012.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.62 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 assessments is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
credit assessment 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 assessment
level, is incorporated for loans with similar credit assessments
in the same transaction.

The conduit model includes an IO calculator, which uses the
following inputs to calculate the proposed IO rating based on the
published methodology: original and current bond ratings and
credit assessments; original and current bond balances grossed up
for losses for all bonds the IO(s) reference(s) within the
transaction; and IO type as defined in the published methodology.
The calculator then returns a calculated IO rating based on both a
target and mid-point. For example, a target rating basis for a
Baa3 (sf) rating is a 610 rating factor. The midpoint rating basis
for a Baa3 (sf) rating is 775 (i.e. the simple average of a Baa3
(sf) rating factor of 610 and a Ba1 (sf) rating factor of 940). If
the calculated IO rating factor is 700, the CMBS IO calculator
would provide both a Baa3 (sf) and Ba1 (sf) IO indication for
consideration by the rating committee.

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 18 compared to 30 at last 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 8.4 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 a review
utilizing MOST (Moody's Surveillance Trends) Reports and a
proprietary program that highlights significant credit changes
that have occurred in the last month as well as cumulative changes
since the last full transaction review. On a periodic basis,
Moody's also performs a full transaction review that involves a
rating committee and a press release. Moody's prior transaction
review is summarized in a press release dated December 20, 2012.

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 April 10, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 71% to $345.3
million from $1.2 billion at securitization. The Certificates are
collateralized by 57 mortgage loans ranging in size from less than
1% to 8% of the pool, with the top ten loans representing 47% of
the pool. Ten loans, representing approximately 23% of the pool,
are defeased and are collateralized by U.S. Government securities.

Thirty loans, representing 38% 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 its
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 since
securitization resulting in an aggregate $18.6 million loss (45%
loss severity on average). Six loans, representing 20% of the
pool, are in special servicing. The largest specially serviced
loan is the Boulevard Mall Loan ($39.3 million -- 11% of the
pool), which represents a participation interest in a $78.6
million senior mortgage. The property is secured by a 590,000
square foot (SF) portion of a 1.2 million SF regional mall located
two miles east of the Las Vegas Strip. The property is also
encumbered by an $18.2 million B-note, which supports the non-
pooled or rake bonds BLVD-2, BLVD-3, BLVD-4 and BLVD-5. The mall
is anchored by JC Penney, Macy's and Sears. Macy's and Sears are
not part of the loan collateral. As of December 2012, the inline
occupancy was 76% compared to 78% as of December 2011. The loan
was transferred to special servicing due to imminent default in
January 2013. The loan is currently due for the March 1, 2013
payment. The borrower initially was seeking a loan modification,
however, it has decided that it is willing to transfer the
property to the trust via a deed in lieu of foreclosure.

The remaining five specially serviced loans are secured by a mix
of commercial property types. Moody's estimates an aggregate $27.4
million loss (43% expected loss overall) for all specially
serviced loans.

Moody's has assumed a high default probability for three poorly
performing loans representing 4% of the pool and has estimated a
$3.1 million aggregate loss (22% expected loss based on a 50%
probability default) from these troubled loans.

Moody's was provided with full year 2011 and partial year 2012
operating results for 100% and 98% of the performing pool,
respectively. Excluding specially serviced and troubled loans,
Moody's weighted average LTV is 72%, essentially the same as last
review. Moody's net cash flow reflects a weighted average haircut
of 10.6% to the most recently available net operating income.
Moody's value reflects a weighted average capitalization rate of
9.3%.

Excluding specially serviced and troubled loans, Moody's actual
and stressed DSCRs are 1.65X and 1.48X, respectively, compared to
1.64X and 1.47X, respectively, 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 20% of the pool
balance. The largest conduit loan is the Charleston Commons Loan
($28.8 million -- 8% of the pool), which is secured by a 5-
building retail power center located approximately 10 miles
northeast of the Las Vegas Strip. Walmart is the anchor retailer.
The property was 98% leased as of September 2012, the same as at
last review. Moody's LTV and stressed DSCR are 74% and 1.31X,
respectively, compared to 76% and 1.29X at last review.

The second largest conduit loan is the La Frontera Village - II
($23.5 million -- 7% of the pool), which is secured by a 218,000
SF anchored retail center located in Round Rock, Texas. The
property was 94% leased as of December 2012 compared to 90% as of
December 2011. Moody's LTV and stressed DSCR are 92% and 1.12X,
respectively, compared to 93% and 1.1X at last review.

The third largest loan is the Raymour and Flanigan Plaza -- CT
Loan ($14.5 million -- 4% of the pool), which is secured by
161,000 SF retail center anchored by Raymour and Flanigan and
located in Orange, Connecticut. Property was 100% leased as of
June 2012, the same as year-end 2010 and 2011. Moody's LTV and
stressed DSCR are 64% and 1.65X, respectively, compared to 51% and
2.08X at last review.


GE COMMERCIAL 2007-C1: S&P Cuts Rating on 2 Note Classes to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
Class A-J and Class A-JFL commercial mortgage pass-through
certificates from GE Commercial Mortgage Corporation, Series
2007-C1 Trust, a U.S. commercial mortgage-backed securities (CMBS)
transaction, to 'D(sf)' from 'CCC-(sf)'.

S&P lowered these ratings to 'D(sf)' because it expects the
accumulated interest shortfalls to remain outstanding for the
foreseeable future.  Classes A-J and A-JFL each have accumulated
interest shortfalls outstanding for 12 months.  According to the
May 10, 2013 trustee remittance report, the trust experienced
interest shortfalls totaling $2,446,214.  The interest shortfalls
were primarily due to:

   -- Appraisal subordinate entitlement reduction (ASER) amounts
      of $1,012,321 from 14 ($428.4 million, 14.5%) of the 27
      assets ($1.14 million, 39.5%) with the special servicer;

   -- Reduced interest of $583,274 because of loan rate
      modifications on the 666 Fifth Avenue loan ($249.0 million,
      8.4%) and the Matthews Plaza loan ($9.8 million, 0.3%);

   -- Interest shortfalls of $503,607 because of servicer non-
      recoverability determinations on five assets
      ($102.2 million, 3.5%); and

   -- Special servicing fees of $173,259.

The interest shortfalls affected classes subordinated to and
including Class A-J.  S&P believes that interest shortfalls have
the potential to increase if the master servicer should decide to
recoup its previous advances for the five specially serviced
assets that have been determined to be non-recoverable on an
accelerated basis.  If that were to happen, S&P believes
additional classes may experience interest shortfalls, which could
lead to further rating actions.

As of the May 10, 2013 trustee remittance report, the collateral
pool had an aggregate trust balance of $2.95 billion, down from
$3.95 billion at issuance.  The pool has 150 loans and 11 real
estate owned assets, down from 197 loans at issuance.  To date,
the transaction has experienced losses totaling $195.8 million
(5.0% of the transaction's original certificate balance).
Appraisal reduction amounts totaling $307.2 million were in effect
for 19 of the 27 specially serviced assets.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties, and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties, and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED

GE Commercial Mortgage Corporation, Series 2007-C1 Trust
  Commercial mortgage pass-through certificates

             Rating     Rating
Class        To         From       Credit enhancement (%)
A-J          D(sf)      CCC-(sf)          10.01
A-JFL        D(sf)      CCC-(sf)          10.01


GMAC COMMERCIAL 2001-C2: Fitch Affirms 'C' Rating on Class H Certs
------------------------------------------------------------------
Fitch Ratings has downgraded one class and affirmed 12 classes of
GMAC Commercial Mortgage Securities, Inc. (GMAC) commercial
mortgage pass-through certificates series 2001-C2.

Key Rating Drivers

The downgrade is the result of increased loss expectations on the
specially serviced assets.

The affirmations on classes are the result of sufficient credit
enhancement in light of significant pool concentration. Classes
currently rated 'Dsf' are affirmed due to losses already incurred.

Fitch modeled losses of 43% of the remaining pool; expected losses
on the original pool balance total 11.1%, including losses already
incurred. The pool has experienced $48.5 million (6.4% of the
original pool balance) in realized losses to date. Fitch has
designated five loans (71.3%) as Fitch Loans of Concern, which
includes five specially serviced assets (93%).

As of the April 2013 distribution date, the pool's aggregate
principal balance has been reduced by 89.2% to $81.4 million from
$754.9 million at issuance. No loans have defeased since issuance.
Interest shortfalls are currently affecting classes H through Q.

The largest contributor to expected losses is a REO property
located in Earth City, MO (33.5% of the pool). The 283,000 square
foot (sf) two-building office property is approximately 19 miles
northwest of the St. Louis CBD. The loan was transferred to
special servicing on April 16, 2010 due to imminent default
associated with an anchor tenant's lease renewal. As of April
2013, occupancy has improved to 90% and the special servicer
continues to review its options for the asset.

The next largest contributor to expected losses is secured by a
177,000 sf three-story REO office building located in South
Brunswick, NJ (21.4%). The collateral was transferred to the
special servicer in April 2008 for monetary default. A receiver
was appointed after a settlement agreement could not be reached.
The property became REO in January 2013.

The third largest contributor to expected losses is secured by
five REO office-flex buildings located in Jacksonville, FL
totaling 343,188 sf (12.2%). Loan transferred to special servicing
in July 2009 due monetary default. The properties are current
listed for sale; one has recently been sold. The servicer reports
that they will continue to market the remaining properties.

Rating Sensitivities

The ratings on classes C, D and E are expected to be stable as the
credit enhancement remains high and pay off from upcoming
liquidation of several specially serviced assets should provide
enough proceeds to pay off classes C and D in their entirety. The
ratings on classes F, G and H could be downgraded further if
expected losses increase.

Fitch downgrades the following class and revises Recovery
Estimates (REs) as indicated:

-- $10.4 million class G to 'CCsf' from 'CCCsf', RE 55%.

Fitch affirms the following classes but revises Rating Outlooks
and REs as indicated:

-- $15.1 million class F at 'BBsf'; Outlook to Negative
   from Stable;
-- $9.4 million class H at 'Csf'; RE 0%.

Fitch affirms the following classes as indicated:

-- $1.5 million class C at 'AAAsf'; Outlook Stable;
-- $15.1 million class D at 'AAAsf'; Outlook Stable;
-- $9.4 million class E at 'Asf'; Outlook Stable;
-- $20.4 million class J at 'Dsf', RE 0%;
-- $0 class K at 'Dsf', RE 0%;
-- $0 class L at 'Dsf', RE 0%;
-- $0 class M at 'Dsf', RE 0%;
-- $0 class N at 'Dsf', RE 0%;
-- $0 class O at 'Dsf', RE 0%;
-- $0 class P at 'Dsf', RE 0%.

The class A-1, A-2, X-2 and B certificates have paid in full.
Fitch does not rate the class Q certificates. Fitch previously
withdrew the rating on the interest-only class X-1 certificates.


GMAC COMMERCIAL 2002-C2: Moody's Takes Action on 5 CMBS Classes
---------------------------------------------------------------
Moody's Investors Service upgraded the ratings of three classes,
affirmed one class and downgraded one class of GMAC Commercial
Mortgage Securities, Inc. Series 2002-C2 Mortgage Pass-Through
Certificates as follows:

Cl. L, Upgraded to Aa3 (sf); previously on Jun 27, 2002 Definitive
Rating Assigned Ba3 (sf)

Cl. M, Upgraded to Ba1 (sf); previously on Dec 2, 2010 Downgraded
to B3 (sf)

Cl. N, Upgraded to B3 (sf); previously on May 24, 2012 Downgraded
to Caa3 (sf)

Cl. O, Affirmed C (sf); previously on May 24, 2012 Downgraded to C
(sf)

Cl. X-1, Downgraded to Caa2 (sf); previously on May 24, 2012
Downgraded to Caa1 (sf)

Ratings Rationale:

The upgrades of Classes L, M and N are due to the significant
increase in subordination due to loan payoffs and amortization.
The pool has paid down by 68% since Moody's last review. The
rating of Class O is consistent with Moody's expected loss and
thus is affirmed.

The downgrade of the IO Class, Class X-1, is due to the pay down
of its highly rated reference classes.

Moody's rating action reflects a base expected loss of 14.2% of
the current balance. At last full review, Moody's base expected
loss was 15.6%. Moody's base expected loss plus realized loss is
2.1% of the original securitized balance, down from 2.9% at last
review. 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.

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 extent of growth
in the current macroeconomic environment given the weak pace of
recovery and commercial real estate property markets. Commercial
real estate property values are continuing to move in a modestly
positive direction along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction and moderate job growth have aided this improvement.
However, a consistent upward trend will not be evident until the
volume of investment activity steadily increases for a significant
period, non-performing properties are cleared from the pipeline,
and fears of a Euro area recession are abated.

The hotel sector is performing strongly with nine straight
quarters of growth and the multifamily sector continues to show
increases in demand with a growing renter base and declining home
ownership. Recovery in the office sector continues at a measured
pace with minimal additions to supply. However, office demand is
closely tied to employment, where growth remains slow and
employers are considering decreases in the leased space per
employee. Also, primary urban markets are outperforming secondary
suburban markets. Performance in the retail sector continues to be
mixed with retail rents declining for the past four years, weak
demand for new space and lackluster sales driven by internet sales
growth. Across all property sectors, the availability of debt
capital continues to improve with robust securitization activity
of commercial real estate loans supported by a monetary policy of
low interest rates.

Moody's central global macroeconomic scenario calls for US GDP
growth for 2013 that is likely to remain close to 2% as the
greater impetus from the US private sector is likely to broadly
offset the drag on activity from more restrictive fiscal policy.
Thereafter, Moody's expects the US economy to expand at a somewhat
faster pace than is likely this year, closer to its long-run
average pace of growth. Risks to Moody's forecasts remain skewed
to the downside despite recent positive developments. Moody's
believes that the three most immediate risks are: i) the risk of a
deeper than currently expected recession in the euro area
accompanied by deeper credit contraction, potentially triggered by
a further intensification of the sovereign debt crisis; ii)
slower-than-expected recovery in major emerging markets following
the recent slowdown; and iii) an escalation of geopolitical
tensions, resulting in adverse economic developments.

The principal methodology used in this rating was "Moody's
Approach to Rating CMBS Large Loan/Single Borrower Transactions"
published in July 2000. The methodology used in rating Class X-1
was "Moody's Approach to Rating Structured Finance Interest-Only
Securities" published in February 2012.

Since three out of the remaining five loans in the deal are in
special servicing, Moody's also utilized a loss and recovery
approach in rating this deal. In this approach, Moody's determines
a probability of default for each specially serviced loan and
determines a most probable loss given default based on a review of
broker's opinions of value (if available), other information from
the special servicer and available market data. The loss given
default for each loan also takes into consideration servicer
advances to date and estimated future advances and closing costs.
Translating the probability of default and loss given default into
an expected loss estimate, Moody's then applies the aggregate loss
from specially serviced loans to the most junior class and the
recovery as a pay down of principal to the most senior class.

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 4 compared to 7 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 8.5 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.

The large loan model includes the IO calculator, which uses the
following inputs to calculate the proposed IO rating based on the
published methodology: original and current bond ratings and
credit assessments; original and current bond balances grossed up
for losses for all bonds the IO(s) reference(s) within the
transaction; and IO type as defined in the published methodology.
The calculator then returns a calculated IO rating based on both a
target and mid-point. For example, a target rating basis for a
Baa3 (sf) rating is a 610 rating factor. The midpoint rating basis
for a Baa3 (sf) rating is 775 (i.e. the simple average of a Baa3
(sf) rating factor of 610 and a Ba1 (sf) rating factor of 940). If
the calculated IO rating factor is 700, the CMBS IO calculator
would provide both a Baa3 (sf) and Ba1 (sf) IO indication for
consideration by the rating committee.

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 a review
utilizing MOST (Moody's Surveillance Trends) Reports and a
proprietary program that highlights significant credit changes
that have occurred in the last month as well as cumulative changes
since the last full transaction review. On a periodic basis,
Moody's also performs a full transaction review that involves a
rating committee and a press release. Moody's prior transaction
review is summarized in a press release dated May 23, 2012.

Deal Performance:

As of the April 15, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 97% to $21.0
million from $737.7 million at securitization. The Certificates
are collateralized by five mortgage loans ranging in size from
less than 1% to 34% of the pool. The pool does not contain any
defeased loans or loans with investment grade credit assessments.

Eleven loans have been liquidated from the pool since
securitization, resulting in an aggregate realized loss of $12.5
million (average loss severity of 29%). Currently there are three
loans, representing 39% of the pool, in special servicing. Moody's
has estimated an aggregate $2.9 million loss (36% expected loss
overall) for the three specially serviced loans.

Moody's was provided with full year 2011 and full year 2012
operating results for 100% of the performing pool. Excluding
specially serviced loans, Moody's weighted average LTV is 44%
compared to 76% at last full review. Moody's net cash flow
reflects a weighted average haircut of 16.7% to the most recently
available net operating income. Moody's value reflects a weighted
average capitalization rate of 9.7%.

Excluding specially serviced loans, Moody's actual and stressed
DSCRs are 1.96X and 2.63X, respectively, compared to 1.36X and
1.58X, respectively, at last full 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 two performing loans represent 61% of the pool balance. The
largest loan is the Landsdowne Centre Loan ($7.2 million -- 34.3%
of the pool), which is secured by an 87,068 square foot (SF)
shopping center located in Alexandria, Virginia. The Fairfax
County Public Library and CVS anchor this retail center with long-
term leases in place. As of January 2013, the property was 97%
leased compared to 93% at last review. This fully amortizing loan
has amortized 36% since securitization. Moody's LTV and stressed
DSCR are 49% and 2.37X, respectively, compared to 49% and 2.35X at
last review.

The second largest loan is the 20 Horseneck Lane Loan ($5.7
million -- 27.1% of the pool), which is secured by a 44,830 SF
office building located in Greenwich, Connecticut. As of March
2013, the property was 100% leased, the same as at last review.
The loan matures in November 2014, with 100% lease rollover in
October 2014. Moody's stressed the cash flow to reflect major
tenant lease expirations that coincide with the loan maturity
date. Moody's LTV and stressed DSCR are 37% and 2.96X,
respectively, compared to 43% and 2.53X at last review.


GREENWICH CAPITAL 2002-C1: Moody's Cuts Ratings on 2 CMBS Classes
-----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of two classes
and affirmed two classes of Greenwich Capital Commercial Funding
Corp. Commercial Mortgage Pass-Through Certificates, Series 2002-
C1 as follows:

Cl. L, Affirmed Caa1 (sf); previously on May 25, 2012 Downgraded
to Caa1 (sf)

Cl. M, Downgraded to Ca (sf); previously on May 25, 2012
Downgraded to Caa3 (sf)

Cl. N, Affirmed C (sf); previously on May 25, 2012 Downgraded to C
(sf)

Cl. XC, Downgraded to Caa3 (sf); previously on Feb 22, 2012
Downgraded to Ba3 (sf)

Ratings Rationale:

The downgrade of Class M is due to expected losses from loans in
special servicing. The downgrade of the IO Class, Class XC, is a
result of the paydowns of its highly rated reference classes.

The ratings of Class L and N are consistent with Moody's base
expected loss and thus are affirmed.

Moody's rating action reflects a cumulative base expected loss of
36% of the current balance. At last review, Moody's cumulative
base expected loss was 4.5%. On a percentage basis the base
expected loss has increased significantly due to the 95% paydown
since last review. However, on a numerical basis, the base
expected loss has actually decreased by $16.5 million. Realized
losses have increased to 3.4% of the original balance compared to
2.7% at last review. Moody's base expected loss plus realized
losses is now 4.2% of the original pooled balance compared to 5.0%
at last review. Depending on the timing of loan payoffs and the
severity and timing of losses from specially serviced loans, the
credit enhancement level for rated 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.

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 extent of growth
in the current macroeconomic environment given the weak pace of
recovery and commercial real estate property markets. Commercial
real estate property values are continuing to move in a modestly
positive direction along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction and moderate job growth have aided this improvement.
However, a consistent upward trend will not be evident until the
volume of investment activity steadily increases for a significant
period, non-performing properties are cleared from the pipeline,
and fears of a Euro area recession are abated.

The hotel sector is performing strongly with nine straight
quarters of growth and the multifamily sector continues to show
increases in demand with a growing renter base and declining home
ownership. Recovery in the office sector continues at a measured
pace with minimal additions to supply. However, office demand is
closely tied to employment, where growth remains slow and
employers are considering decreases in the leased space per
employee. Also, primary urban markets are outperforming secondary
suburban markets. Performance in the retail sector continues to be
mixed with retail rents declining for the past four years, weak
demand for new space and lackluster sales driven by internet sales
growth. Across all property sectors, the availability of debt
capital continues to improve with robust securitization activity
of commercial real estate loans supported by a monetary policy of
low interest rates.

Moody's central global macroeconomic scenario calls for US GDP
growth for 2013 that is likely to remain close to 2% as the
greater impetus from the US private sector is likely to broadly
offset the drag on activity from more restrictive fiscal policy.
Thereafter, Moody's expects the US economy to expand at a somewhat
faster pace than is likely this year, closer to its long-run
average pace of growth. Risks to Moody's forecasts remain skewed
to the downside despite recent positive developments. Moody's
believes that the three most immediate risks are: i) the risk of a
deeper than currently expected recession in the euro area
accompanied by deeper credit contraction, potentially triggered by
a further intensification of the sovereign debt crisis; ii)
slower-than-expected recovery in major emerging markets following
the recent slowdown; and iii) an escalation of geopolitical
tensions, resulting in adverse economic developments..

The principal methodology used in this rating was "Moody's
Approach to Rating CMBS Large Loan/Single Borrower Transactions"
published in July 2000. The methodology used in rating Class XC
was "Moody's Approach to Rating Structured Finance Interest-Only
Securities" published in February 2012.

Moody's review incorporated the use of the excel-based Large Loan
Model v 8.5. 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. The model
incorporates the CMBS IO calculator version 1.1, which uses the
following inputs to calculate the proposed IO rating based on the
published methodology: original and current bond ratings and
credit estimates; original and current bond balances grossed up
for losses for all bonds the IO(s) reference(s) within the
transaction; and the IO type corresponding to an IO type as
defined in the published methodology. The calculator then returns
a calculated IO rating based on both a target and mid-point. For
example, a target rating basis for a Baa3 (sf) rating is a 610
rating factor. The midpoint rating basis for a Baa3 (sf) rating is
775 (i.e. the simple average of a Baa3 (sf) rating factor of 610
and a Ba1 (sf) rating factor of 940). If the calculated IO rating
factor is 700, the CMBS IO calculator would provide both a Baa3
(sf) and Ba1 (sf) IO indication for consideration by the rating
committee.

Since over 75% of the pool is in special servicing, Moody's also
utilized a loss and recovery approach in rating this deal. In this
approach, Moody's determines a probability of default for each
specially serviced loan and determines a most probable loss given
default based on a review of broker's opinions of value (if
available), other information from the special servicer and
available market data. The loss given default for each loan also
takes into consideration servicer advances to date and estimated
future advances and closing costs. Translating the probability of
default and loss given default into an expected loss estimate,
Moody's then applies the aggregate loss from specially serviced
loans to the most junior class and the recovery as a pay down of
principal to the most senior class.

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 a review
utilizing MOST (Moody's Surveillance Trends) Reports and a
proprietary program that highlights significant credit changes
that have occurred in the last month as well as cumulative changes
since the last full transaction review. On a periodic basis,
Moody's also performs a full transaction review that involves a
rating committee and a press release. Moody's prior transaction
review is summarized in a press release dated May 25, 2012.

Deal Performance:

As of the April 12, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $26.9
million from $1.2 billion at securitization. The Certificates are
collateralized by seven mortgage loans ranging in size from 5% to
23% of the pool. One loan, representing 18% of the pool, has
defeased and is secured by U.S. Government securities.

No loans are currently on the master servicer's watchlist.

Sixteen loans have been liquidated from the pool, resulting in an
aggregate realized loss of $39.6 million (29% loss severity on
average). Five loans, representing 78% of the pool, are currently
in special servicing. The largest specially serviced loan is the
Hope Hotel & Conference Center Loan ($6.1 million -- 22.8% of the
pool), which is secured by a 266-key full service hotel located by
the Wright Patterson Air Force Base in Dayton, Ohio. The loan
transferred to special servicing in November 2008 due to imminent
default and the borrower filed for Chapter 11 Bankruptcy in 2010.
As of October 2012, the trailing-12 month occupancy and revenue
per available room (RevPAR) was 52.9% and $37.88, respectively,
compared to 48.9% and $35.08 in the prior year. Based on the most
recent remittance report the loan has experienced a total of
approximately $1.9 million in outstanding advances and cumulative
ASERs. The special servicer indicated that it is currently
pursuing foreclosure.

The second largest specially serviced loan is the Arapahoe Station
III Loan ($5.0 million -- 18.6% of the pool), which is secured by
49,000 square foot (SF) mixed-use property in Greenwood Village,
Colorado. The retail portion, representing approximately 66% of
the net rentable area (NRA), was 100% leased as of February 2013,
while the office portion (34% of the NRA) was only 24% leased. In
total the property was 74% leased as of February 2013, compared to
58% in January 2012, however all tenants have lease expirations
that occur in less than two years. The loan transferred to special
servicing in August 2012 due to imminent maturity default and the
Borrower's request for a loan modification. A receiver was put in
place in March 2013 and the special servicer indicated that it is
currently pursuing foreclosure.

The third largest specially serviced loan is the Commodore Plaza
Shopping Center Loan ($3.5 million -- 13.2% of the pool), which is
secured by a 51,000 SF retail center in Gulfport, Mississippi. The
property was 97% leased as of September 2012, however, the
property is anchored by Office Max (46% of the NRA), which has a
lease expiration in July 2013 and its one former anchor, Michael
Stores (39% of the NRA), vacated its space in 2012 but continues
to pay rent. The property is shadow anchored by Wal-Mart (not part
of the collateral). The special servicer indicated that it is in
discussion with the Borrower regarding a potential resolution for
this loan.

The remaining two specially serviced loans are secured by a mix of
property types. Moody's estimates an aggregate $9.6 million loss
for the specially serviced loans (46% expected loss on average).

The sole performing loan in the pool is the Tarry Town Center Loan
($1.2 million -- 4.5% of the pool). The loan is secured by a
66,000 SF retail center in Austin, Texas. Moody's was provided
with full-year 2011 and 2012 operating results for this loan. The
property's performance has been stable. The loan is fully
amortizing and matures in April 2017. Moody's current LTV and
stressed DSCR are 16% and 7.46X, respectively, compared to 18% and
6.51X 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.


GREENWICH CAPITAL 2004-FL2: S&P Affirms B+ Rating on Cl. J Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on nine
classes of commercial mortgage pass-through certificates from
Greenwich Capital Commercial Funding Corp.'s Series 2004-FL2, a
U.S. commercial mortgage-backed securities (CMBS) transaction.

The affirmations reflects S&P's analysis of the transaction, which
included its valuation of the sole remaining mortgage loan, the
transaction structure, and liquidity available to the trust.  The
Southfield Town Center loan, which serves as collateral for the
trust, is secured by a five-building office complex totaling
2.15 million sq. ft. in Southfield, Mich.  S&P's analysis also
considered the current market conditions of the Southfield
submarket, which -- according to third-party market data --
continues to experience high vacancies in the office sector.  In
addition, the loan is with the special servicer due to a maturity
default. S&P's adjusted valuation, using a capitalization rate of
8.50%, yielded a stressed loan-to-value (LTV) ratio of 85.2% on
the pooled trust balance.

S&P based its analysis, in part, on a review of the borrower's
operating statements for the years ended Dec. 31, 2012, 2011, and
2010.  S&P also considered the rent rolls dated Jan. 31, 2013,
which indicated that the property was 68.7% occupied.  The master
servicer, Wells Fargo Bank N.A. (Wells Fargo), reported debt-
service coverage of 2.00x on the trust balance as of year-end
2012.

As of the May 7, 2013, trustee remittance report, the loan has a
whole-loan balance of $216.0 million, consisting of a senior trust
balance of $151.2 million and a subordinate nontrust junior
balance of $64.8 million.  The senior trust balance is further
divided into a senior pooled component of $143.9 million and a
subordinate nonpooled component of $7.3 million, which provides
100% of the cash flow for the class N-SO raked certificates.  In
addition, the equity interests in the borrower of the whole loan
secure a $25.0 million mezzanine loan that is held outside the
trust.

The loan was transferred to the special servicer, also Wells
Fargo, on Oct. 4, 2012, due to imminent maturity default.  The
borrower was not able to pay off the loan at maturity on Nov. 5,
2012.  It is S&P's understanding from Wells Fargo that it is
working with the borrower on a forbearance agreement.  According
to Wells Fargo, it is accruing the special servicing fee, and it
expects the special servicing and liquidation fees to be paid from
the subordinate nontrust junior balance.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 disclosure reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Ratings Affirmed

Greenwich Capital Commercial Funding Corp.
Commercial mortgage pass-through certificates Sseries 2004-FL2

Class    Rating
C        AAA (sf)
D        AAA (sf)
E        AAA (sf)
F        AAA (sf)
G        AA (sf)
H        BBB (sf)
J        B+ (sf)
K        CCC+ (sf)
N-SO     CCC- (sf)


GREENWICH CAPITAL 2005-FL3: S&P Affirms B+ Rating on Cl. M Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on four
classes of commercial mortgage pass-through certificates from
Greenwich Capital Commercial Funding Corp.'s Series 2005-FL3, a
U.S. commercial mortgage-backed securities (CMBS) transaction.

The affirmations reflect S&P's analysis of the transaction, which
included its valuation of the sole remaining collateral (the
Lowell Hotel floating-rate, interest-only mortgage loan), the
transaction structure, and liquidity available to the trust.  The
Lowell Hotel mortgage loan is secured by a 17-story, 72-room,
full-service luxury hotel on the Upper East Side of Manhattan.
S&P's adjusted valuation, using on a capitalization rate of 8.50%,
yielded a stressed loan-to-value (LTV) ratio of 97.1% on the
pooled trust balance.  The affirmed ratings on the principal and
interest certificates reflect subordination and liquidity support
levels that are consistent with the outstanding ratings.  S&P also
considered in its analysis the location of the property and recent
sales of comparable properties.

S&P based its analysis, in part, on a review of the borrower's
operating statements for the years ended Dec. 31, 2012 and 2011,
the borrower's 2013 budgets, and available Smith Travel Research
(STR) reports.  The reported year-end 2012 occupancy and average
daily rate for the hotel were 67.6% and $908.09, respectively,
yielding revenue per available room (RevPAR) of $613.87.  RevPAR
was up 2.7% from year-end 2011 and 16.9% from year-end 2010.  The
master servicer, Wells Fargo Bank N.A., reported debt-service
coverage of 4.05x on the trust balance as of year-end 2012.  The
floating-rate mortgage loan is indexed to one-month LIBOR.
According to the May 7, 2013, trustee remittance report, the index
LIBOR rate was 0.25%.

As of the May 7, 2013, trustee remittance report, the loan has a
whole-loan balance of $60.0 million, consisting of a senior trust
participation of $39.0 million and a subordinate nontrust junior
participation of $21.0 million.  The senior trust participation is
further divided into a senior pooled component of $26.0 million
and a subordinate nonpooled component of $13.0 million, which
provides 100% of the cash flow for the Class H-LH, K-LH, M-LH, and
N-LH raked certificates, which S&P do not rate.

The loan matures Sept. 1, 2013.  According to the master servicer,
the borrower has not provided any indication of potential loan
payoff.  The loan was previously with the special servicer, was
modified on Oct. 1, 2010, and returned to the master servicer on
April 29, 2011.  According to Wells Fargo, the modification terms
included extending the loan's maturity to Sept. 1, 2013, paying
down the trust balance by $2.0 million, and the borrower paying
the special servicing and workout fees on the loan.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS AFFIRMED

Greenwich Capital Commercial Funding Corp.
Commercial mortgage pass-through certificates Series 2005-FL3

Class    Rating
J        AAA (sf)
K        AA+ (sf)
L        A (sf)
M        B+ (sf)


GREENWICH CAPITAL 2006-FL4: Fitch Affirms 'D' Rating on J Certs
---------------------------------------------------------------
Fitch Ratings has affirmed all classes of Greenwich Capital
Commercial Funding Corporation (GCCFC), series 2006-FL4. The
affirmations reflect the deleveraging of the transaction since the
last review. Fitch's performance expectations incorporate
prospective views regarding the outlook of the commercial real
estate market.

Key Rating Drivers

While credit enhancement to the more senior classes has improved
significantly, the transaction faces increased concentration risk
with only three loans remaining, all of which are hotel loans that
mature in 2014.

Under Fitch's methodology, all loans are modeled to default in the
base case stress scenario, defined as the 'B' stress. In this
scenario, the modeled average cash flow decline is 7% and pooled
expected losses are 7.2%. To determine a sustainable Fitch cash
flow and stressed value, Fitch analyzed servicer-reported
operating statements and STR reports. Fitch estimates that average
recoveries will be strong at approximately 92.8% in the base case.

All of the original final maturity dates, including all extension
options, have passed. Each of the remaining loans has been further
extended through a modification and/or forbearance and matures in
2014. Further, all loans have junior debt either inside or outside
of the trust.

With respect to the pooled classes, two loans were modeled to take
a loss in the base case: PGA National Resort and Spa (46.9% of the
pooled trust balance), and NineZero Hotel (15.3%). Six junior non-
pooled component classes have all either incurred or are expected
to incur losses. The remaining junior non-pooled component classes
have paid in full.

The PGA National Resort and Spa loan (46.9%) is secured by a 339-
room full-service resort located in Palm Beach Gardens, FL. The
resort is situated on 808 acres and includes five 18-hole golf
courses, 19 clay-surface tennis courts, nine food and beverage
outlets, 30,000 sf of meeting space, and a 35,500-sf spa. Revenue
per available room (RevPAR) as well as servicer reported net
operating income (NOI) has improved over last year. NOI remains
below that at issuance and Fitch modeled a modest loss on the loan
in the base case.

The ResortQuest Waikiki Beach loan (37.9%) is secured by a
leasehold interest in a 644-room full-service hotel located on
Waikiki Beach on the Hawaiian island of Oahu. The RevPAR and NOI
have both improved since last year. The NOI has recovered
significantly from the trough of its performance and is now close
to issuance levels. No loss was modeled in the base case.
The NineZero Hotel loan (15.2%) is secured by a 190-room full-
service hotel located in downtown Boston. The RevPAR and NOI have
both improved since last year. However, NOI remains below that at
issuance and Fitch modeled a loss on the loan in the base case.

Rating Sensitivities

The ratings are expected to be stable, as the analysis
incorporates conservative valuations of the hotels. Upgrades are
unlikely as the bonds remain subject to high concentration with
only three loans remaining.

Fitch affirms the following classes and assigns or revises
Recovery Estimates (REs) as indicated:

-- $12.9 million class A2 at 'AAAsf'; Outlook Stable;
-- $35.4 million class B at 'AAAsf'; Outlook Stable;
-- $30.7 million class C at 'AAsf', Outlook Stable;
-- $18 million class D at 'BBBsf'; Outlook Stable;
-- $16.7 million class E at 'BBB-sf'; Outlook Stable;
-- $11.3 million class F at 'BBsf'; Outlook Stable;
-- $15 million class G at 'CCCsf'; RE 100%;
-- $17.6 million class H at 'CCsf'; RE 70%;
-- $1.8 million class J at 'Dsf'; RE 0%;
-- $0 class K at 'Dsf'; RE 0%;
-- $0 class L at 'Dsf'; RE 0%;
-- $2 million class N-NZH at 'Dsf'; RE 85%;
-- $0 class N-NW at 'Dsf'; RE 0%;
-- $0 class O-NW at 'Dsf'; RE 0%;
-- $0 class P-NW at 'Dsf'; RE 0%;
-- $0 class Q-NW at 'Dsf'; RE 0%;
-- $0 class Q-2600 at 'Dsf'; RE 0%.

In addition, the following classes originally rated by Fitch have
paid in full: A1, N-MET, O-MET, N-LAX, N-SCR, O-SCR, N-PDS, O-PDS,
N-WYN, N-HAP, O-HAP, P-HAP, N-CPH, O-CPH, P-CPH, Q-CPH, S-CPH, N-
LJS, N-LDC, O-LDC, P-LDC, N-444, O-444, N-E161, N-2600, O-2600, P-
2600 and X-1.


GS MORTGAGE 2006-GSFL: S&P Withdraws CCC- Rating on Class J Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
J commercial mortgage pass-through certificates from GS Mortgage
Securities Corp. II's series 2006-GSFL VIII, a U.S. commercial
mortgage-backed securities (CMBS) transaction, to 'D (sf)' from
'CCC- (sf)' and simultaneously withdrew it.  In addition, S&P
withdrew its ratings on the class E, F, G, and H certificates from
the same transaction.

The downgrade to 'D (sf)' on the class J certificates reflects
principal losses totaling $310,112, or 1.9% of the class' original
principal balance, due to the payoff of the sole remaining loan,
the CarrAmerica Corporate Center loan, which had a reported May 3,
2013, maturity.  The principal losses were mainly attributable to
the $325,000 rehabilitation (workout) fees the trust paid for in
connection with the corrected CarrAmerica Corporate Center
mortgage loan.  According to the master servicer, Wells Fargo Bank
N.A., the borrower did not pay the rehabilitation fees on this
loan.  Subsequent to the downgrade on class J, S&P immediately
withdrew its rating on this class because its principal balance
was reduced to zero, as detailed in the May 6, 2013, trustee
remittance report.

In addition, S&P withdrew its ratings on the class E, F, G, and H
certificates after the classes' principal balances were repaid in
full, as detailed in the May 6, 2013, trustee remittance report.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATING LOWERED AND WITHDRAWN

GS Mortgage Securities Corp. II
Commercial mortgage pass-through certificates series 2006-GSFL
VIII
               Rating      Rating           Rating
Class          To          Interim          From
J              NR          D (sf)           CCC- (sf)


RATINGS WITHDRAWN

GS Mortgage Securities Corp. II
Commercial mortgage pass-through certificates series 2006-GSFL
VIII
               Rating      Rating
Class          To          From
E              NR          BB (sf)
F              NR          B- (sf)
G              NR          CCC (sf)
H              NR          CCC- (sf)

NR-Not rated.


GS MORTGAGE 2013-GCF12: Fitch to Rate $11.97MM Cl. F Certs. 'Bsf'
-----------------------------------------------------------------
Fitch Ratings has issued a presale report on GS Mortgage
Securities Trust 2013-GCJ12 Commercial Mortgage Pass-Through
Certificates.

Fitch expects to rate the transaction and assign Rating Outlooks
as follows:

-- $84,631,000 class A-1 'AAAsf'; Outlook Stable;
-- $134,221,000 class A-2 'AAAsf'; Outlook Stable;
-- $200,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $313,849,000 class A-4 'AAAsf'; Outlook Stable;
-- $105,525,000 class A-AB 'AAAsf'; Outlook Stable;
-- $919,055,000* class X-A 'AAAsf'; Outlook Stable;
-- $142,200,000* class X-B 'A-sf'; Outlook Stable;
-- $80,829,000 class A-S 'AAAsf'; Outlook Stable;
-- $86,817,000 class B 'AA-sf'; Outlook Stable;
-- $55,383,000 class C 'A-sf'; Outlook Stable;
-- $49,395,000a class D 'BBB-sf'; Outlook Stable;
-- $32,931,000a class E 'BBsf'; Outlook Stable;
-- $11,974,000a class F 'Bsf'; Outlook Stable.

*Notional amount and interest-only.
aPrivately placed pursuant to Rule 144A.

The expected ratings are based on information provided by the
issuer as of May 7, 2013. Fitch does not expect to rate the
$41,912,027 class G or class X-C, which is an interest only class.

The certificates represent the beneficial ownership in the trust,
primary assets of which are 78 loans secured by 106 commercial
properties having an aggregate principal balance of approximately
$1.197 billion as of the cutoff date. The loans were contributed
to the trust by Jefferies LoanCore LLC, Citigroup Global Markets
Realty Corp., Goldman Sachs Mortgage Company, MC-Five Mile
Commercial Mortgage Finance LLC, and Archetype Mortgage Funding I
LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 84.9% of the properties
by balance and cash flow analysis and asset summary reviews on
87.3% of the pool.

Key Rating Drivers

Fitch Leverage: This transaction has higher leverage than Fitch-
rated first-quarter 2013 and 2012 deals. The pool's Fitch debt
service coverage ratio (DSCR) and loan-to-value (LTV) are 1.20x
and 102.3%, respectively, compared to the first-quarter 2013 and
2012 averages of 1.34x and 99.6% and 1.24x and 97.1%,
respectively.

Loan Diversity: The top 10 loans represent 44.2% of the pool,
better than the first-quarter 2013 and 2012 average concentrations
of 55.4% and 54.2%, respectively. The loan concentration index
(LCI) and sponsor concentration index (SCI) are 297 and 312,
respectively, representing one of the more diverse conduit pools
by loan size and exposure since 2008. Also, there are no pari
passu loans.

Material Amortization: This transaction has no full-term interest-
only loans. The pool is scheduled to pay down 17.9% from cutoff
date to maturity, based on loans' scheduled maturity balances.
However, partial interest-only loans account for 34.9% of the
pool, which is higher than the average in first-quarter 2013 deals
of 30.29%.

Rating Sensitivities

For this transaction, Fitch's NCF was 7.1% below the full-year
2012 NOI (for properties that 2012 NOI was provided, excluding
properties that were stabilizing during this period. Unanticipated
further declines in property-level NCF could result in higher
defaults and loss severity on defaulted loans, and could result in
potential rating actions on the certificates. Fitch evaluated the
sensitivity of the ratings assigned to GSMS 2013-GCJ12
certificates and found that the transaction displays average
sensitivity to further declines in NCF. In a scenario in which NCF
declined a further 20% from Fitch's NCF, a downgrade of the junior
'AAAsf' certificates to 'A-sf' could result. In a more severe
scenario, in which NCF declined a further 30% from Fitch's NCF, a
downgrade of the junior 'AAAsf' certificates to 'BBBsf' could
result. The presale report includes a detailed explanation of
additional stresses and sensitivities in the Rating Sensitivity
and Rating Stresses sections of the presale.

The master servicer will be Wells Fargo Bank, N.A., rated 'CMS2'
by Fitch. The special servicer will be Rialto Capital Advisors,
LLC, rated 'CSS2-' by Fitch.


GS MORTGAGE 2012-GCJ7: Moody's Affirms B2 Rating on Class F Certs
-----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 13 classes of GS
Mortgage Securities Trust 2012-GCJ7 as follows:

Cl. A-1, Affirmed Aaa (sf); previously on Jun 8, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Jun 8, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Jun 8, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Jun 8, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-AB, Affirmed Aaa (sf); previously on Jun 8, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-S, Affirmed Aaa (sf); previously on Jun 8, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aa3 (sf); previously on Jun 8, 2012 Definitive
Rating Assigned Aa3 (sf)

Cl. C, Affirmed A3 (sf); previously on Jun 8, 2012 Definitive
Rating Assigned A3 (sf)

Cl. D, Affirmed Baa3 (sf); previously on Jun 8, 2012 Definitive
Rating Assigned Baa3 (sf)

Cl. E, Affirmed Ba2 (sf); previously on Jun 8, 2012 Definitive
Rating Assigned Ba2 (sf)

Cl. F, Affirmed B2 (sf); previously on Jun 8, 2012 Definitive
Rating Assigned B2 (sf)

Cl. X-A, Affirmed Aaa (sf); previously on Jun 8, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. X-B, Affirmed Ba3 (sf); previously on Jun 8, 2012 Definitive
Rating Assigned Ba3 (sf)

Ratings Rationale:

The affirmations of the principal classes 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.

The ratings of the IO Classes, Class X-A and Class X-B, are
consistent with the credit performance of their referenced classes
and thus are affirmed.

Moody's rating action reflects a base expected loss of 2.4% of the
current balance. 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.

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 extent of growth
in the current macroeconomic environment given the weak pace of
recovery and commercial real estate property markets. Commercial
real estate property values are continuing to move in a modestly
positive direction along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction and moderate job growth have aided this improvement.
However, a consistent upward trend will not be evident until the
volume of investment activity steadily increases for a significant
period, non-performing properties are cleared from the pipeline,
and fears of a Euro area recession are abated.

The hotel sector is performing strongly with nine straight
quarters of growth and the multifamily sector continues to show
increases in demand with a growing renter base and declining home
ownership. Recovery in the office sector continues at a measured
pace with minimal additions to supply. However, office demand is
closely tied to employment, where growth remains slow and
employers are considering decreases in the leased space per
employee. Also, primary urban markets are outperforming secondary
suburban markets. Performance in the retail sector continues to be
mixed with retail rents declining for the past four years, weak
demand for new space and lackluster sales driven by internet sales
growth. Across all property sectors, the availability of debt
capital continues to improve with robust securitization activity
of commercial real estate loans supported by a monetary policy of
low interest rates.

Moody's central global macroeconomic scenario calls for US GDP
growth for 2013 that is likely to remain close to 2% as the
greater impetus from the US private sector is likely to broadly
offset the drag on activity from more restrictive fiscal policy.
Thereafter, Moody's expects the US economy to expand at a somewhat
faster pace than is likely this year, closer to its long-run
average pace of growth. Risks to Moody's forecasts remain skewed
to the downside despite recent positive developments. Moody's
believes that the three most immediate risks are: i) the risk of a
deeper than currently expected recession in the euro area
accompanied by deeper credit contraction, potentially triggered by
a further intensification of the sovereign debt crisis; ii)
slower-than-expected recovery in major emerging markets following
the recent slowdown; and iii) an escalation of geopolitical
tensions, resulting in adverse economic developments

The principal methodology used in this rating was "Moody's
Approach to Rating U.S. CMBS Conduit Transactions" published in
September 2000. The methodology used in rating Classes X-A and X-B
was "Moody's Approach to Rating Structured Finance Interest-Only
Securities" published in February 2012.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.62 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 assessments is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
credit assessment 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 assessment
level, is incorporated for loans with similar credit assessments
in the same transaction.

The conduit model includes an IO calculator, which uses the
following inputs to calculate the proposed IO rating based on the
published methodology: original and current bond ratings and
credit assessments; original and current bond balances grossed up
for losses for all bonds the IO(s) reference(s) within the
transaction; and IO type as defined in the published methodology.
The calculator then returns a calculated IO rating based on both a
target and mid-point. For example, a target rating basis for a
Baa3 (sf) rating is a 610 rating factor. The midpoint rating basis
for a Baa3 (sf) rating is 775 (i.e. the simple average of a Baa3
(sf) rating factor of 610 and a Ba1 (sf) rating factor of 940). If
the calculated IO rating factor is 700, the CMBS IO calculator
would provide both a Baa3 (sf) and Ba1 (sf) IO indication for
consideration by the rating committee. The Interest-Only
Methodology was used for the ratings of Classes X-A and X-B.

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 34, the same as at securitization.

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 a review
utilizing MOST (Moody's Surveillance Trends) Reports and a
proprietary program that highlights significant credit changes
that have occurred in the last month as well as cumulative changes
since the last full transaction review. On a periodic basis,
Moody's also performs a full transaction review that involves a
rating committee and a press release. Moody's review at
securitization can be found in the Pre-Sale Report dated May 15,
2012.

Deal Performance:

As of the April 12, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 1% to $1.61 billion
from $1.62 billion at securitization. The Certificates are
collateralized by 79 mortgage loans ranging in size from less than
1% to 8% of the pool, with the top ten loans representing 46% of
the pool. The pool does not contain any credit assessments or
defeased loans.

There have been no realized losses to the trust. Currently, no
loans are in special servicing.

Five 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 its
ongoing monitoring of a transaction, Moody's reviews the watchlist
to assess which loans have material issues that could impact
performance.

Moody's was provided with full year 2011 and partial year 2012
operating results for 50% and 90% of the performing pool,
respectively. Moody's weighted average LTV is 96% compared to 92%
at securitization. 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 9.8%.

Moody's actual and stressed DSCRs are 1.46X and 1.12X,
respectively, compared to 1.50X and 1.13X, respectively, at
securitization. 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 loans represent 20% of the pool balance. The largest
loan is the 1155 F Street Loan ($130.0 million -- 8.1% of the
pool), which is secured by a class A+ trophy office and retail
building located in Washington, DC. This property is also
encumbered by $19.9 million of mezzanine debt. As of September
2012, the office and retail space had an occupancy of 100% and
24%, respectively, with an overall occupancy of 89%. This building
is anchored by three law firms that make up 59% of the NRA. Retail
space consists of Guess, Pret A Manger, Crumbs Bake Shop and
Andrew's Ties. Moody's LTV and stressed DSCR are 108% and 0.9X,
respectively, the same as at securitization.

The second largest loan is the Columbia Business Center Loan (98.4
million -- 6.1% of the pool), which is secured by the fee and
leasehold interest in an industrial park consisting of 26
buildings located along the Columbia River in Vancouver,
Washington. Approximately 9% of the NRA is allocated to office use
with the remainder used for warehouse and manufacturing purposes.
The property was 93% leased as of September 2012, the same as at
securitization, with approximately 27% of the NRA scheduled to
expire by year-end 2013. Moody's LTV and stressed DSCR are 108%
and 1.16X, respectively, compared to 111% and 1.14X at
securitization.

The third largest loan is the Bellis Fair Mall Loan (92.1 million
-- 5.7% of the pool), which is secured by 538,226 SF component of
a 776,136 SF single-story, enclosed regional mall located in
Bellingham, Washington. The property is approximately 90 miles
north of Seattle, WA and 20 miles south of the international
border with Canada. This mall is anchored by Macy's Target,
Kohl's, J.C. Penney and Sears, with only Macy's and Sears being
part of the collateral. The property is the dominant mall within
its trade area and the only enclosed regional mall within the
Bellingham and NW Washington market. The closest competition is 28
miles south of the subject and has in-line sales of approximately
$320 PSF compared to the subjects reported sales of $403 PSF, as
of February 2012. The property was 99% leased as of September
2012, the same as at securitization. Moody's LTV and stressed DSCR
are 84% and 1.17X, respectively, compared to 85% and 1.15X at
securitization.


GS MORTGAGE 2013-GCJ12: S&P Gives Prelim BB- Rating on Cl F Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to GS Mortgage Securities Trust 2013-GCJ12's $1.2 billion
commercial mortgage pass-through certificates series 2013-GCJ12.

The certificate issuance is a commercial mortgage-backed
securities transaction backed 78 commercial mortgage loans with an
aggregate principal balance of $1.2 billion, secured by the fee
and leasehold interests in 106 properties across 29 states and the
District of Columbia.

The preliminary ratings are based on information as of May 10,
2013.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

The preliminary ratings reflect the credit support provided by the
transaction structure, S&P's view of the underlying collateral's
economics, the trustee-provided liquidity, the collateral pool's
relative diversity, and S&P's overall qualitative assessment of
the transaction.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

The Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

         http://standardandpoorsdisclosure-17g7.com/1527.pdf

PRELIMINARY RATINGS ASSIGNED

GS Mortgage Securities Trust 2013-GCJ12

Class       Rating                    Amount ($)
A-1         AAA (sf)                  84,631,000
A-2         AAA (sf)                 134,221,000
A-3         AAA (sf)                 200,000,000
A-4         AAA (sf)                 313,849,000
A-AB        AAA (sf)                 105,525,000
X-A         AAA (sf)             919,055,000(ii)
X-B         A- (sf)              142,200,000(ii)
A-S         AAA (sf)                  80,829,000
B           AA- (sf)                  86,817,000
C           A- (sf)                   55,383,000
X-C(i)      NR                    86,817,027(ii)
D(i)        BBB- (sf)                 49,395,000
E(i)        BB (sf)                   32,931,000
F(i)        BB- (sf)                  11,974,000
G(i)        NR                        41,912,027

  (i) Non-offered certificates.
(ii) Notional balance.
   NR - Not rated.


GSR PASS-THROUGH 2004-1R: Moody's Withdraws Ratings on 4 Tranches
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of four
tranches issued by GSR Pass-Through Trust 2004-1R. Approximately
26% of this transaction is backed by underlying bonds that are
collateralized by pools of mortgage loans with pool factors less
than 5% and containing fewer than 40 loans.

Complete rating actions are as follows:

Issuer: GSR Pass-Through Trust 2004-1R

Cl. B2, Withdrawn (sf); previously on Jul 6, 2011 Downgraded to
Baa1 (sf)

Cl. B3, Withdrawn (sf); previously on Jul 6, 2011 Downgraded to
Ba2 (sf)

Cl. B4, Withdrawn (sf); previously on Jul 6, 2011 Downgraded to B3
(sf)

Cl. B5, Withdrawn (sf); previously on Jul 6, 2011 Downgraded to
Caa3 (sf)

Ratings Rationale:

The ratings on the resecuritization are withdrawn because 26% of
the resecuritization is backed by pools of mortgage loans with
pool factors less than 5% and containing fewer than 40 loans where
underlying bond ratings cannot be assessed. Moody's current RMBS
surveillance methodologies apply to pools with at least 40 loans
or 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).

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

The methodologies used in these ratings were "Moody's Approach to
Rating US Resecuritized Residential Mortgage-Backed Securities"
published in February 2011, "Moody's Approach to Rating US
Residential Mortgage-Backed Securities" published in December
2008, and "Pre-2005 US RMBS Surveillance Methodology" published in
January 2012.


HAWAIIAN HOLDINGS: S&P Assigns Prelim BB- Rating on Class B Certs
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
preliminary 'BBB+ (sf)' rating to Hawaiian Airlines Inc.'s
$328.260 million 2013-1 Class A pass-through certificates, with an
expected maturity of Jan. 15, 2026.  At the same time, S&P
assigned its preliminary 'BB- (sf)' rating to the $116.280 million
Class B pass-through certificates, with an expected maturity of
Jan. 15, 2022.  The final legal maturities will be 18 months after
the expected maturity.  The issues are drawdowns under a Rule 415
shelf registration.  S&P will assign final ratings upon the
completion of its legal and structural review.

"We base the preliminary 'BBB+(sf)' and 'BB-(sf)' ratings on
Hawaiian Airlines' credit quality, substantial collateral coverage
by good quality aircraft, and on legal and structural protections
available to the pass-through certificates," said Standard &
Poor's credit analyst Betsy Snyder.  The company will use the
proceeds of the offering to finance six A330-200 aircraft to be
delivered from November 2013 through October 2014.  Each
aircraft's secured notes are cross-collateralized and cross-
defaulted, a provision that S&P believes increases the likelihood
that Hawaiian Airlines would cure any defaults and agree to
perform its future obligations, including its payment obligations,
under the indentures in bankruptcy.

The pass-through certificates are a form of enhanced equipment
trust certificates (EETC), and benefit from legal protections
afforded under Section 1110 of the federal bankruptcy code and by
a liquidity facility provided by Natixis S.A., through its New
York branch (A/Negative/A-1).  The liquidity facility is intended
to cover up to three semiannual interest payments, a period during
which collateral could be repossessed and remarketed by
certificateholders if Hawaiian Airlines does not enter into an
agreement under Section 1110 in bankruptcy, or to maintain
continuity of interest payments on the certificates as
certificateholders negotiate with Hawaiian Airlines in a
bankruptcy proceeding.

The preliminary ratings apply to a unit consisting of certificates
representing the trust property and escrow receipts representing
interests in deposits that are the proceeds of the offerings.  The
proceeds will be deposited with Natixis S.A. acting through its
New York branch pending delivery of the new aircraft.  Amounts
deposited under the escrow agreements are not property of Hawaiian
Airlines and are not entitled to the protections of Section 1110.
S&P's rating on Natixis is sufficiently high that, under S&P's
counterparty criteria, this does not represent a constraint on its
preliminary ratings on the certificates.  Neither the certificates
nor the escrow receipts may be separately assigned or transferred.

S&P believes that Hawaiian Airlines views these planes as
important and would, given the cross-collateralization and cross-
default provisions, likely cure any defaults and agree to perform
its future obligations, including its payment obligations, under
the indenture in an insolvency-related event of the airline.  In
contrast to most EETCs issued before 2009, the cross-default would
take effect immediately in a bankruptcy if Hawaiian Airlines
rejected any of the aircraft notes.  This should prevent Hawaiian
Airlines from selectively affirming some aircraft notes and
rejecting others (cherry-picking), which often harms the interests
of certificateholders in a bankruptcy.

S&P considers the collateral pool of A330-200's to be of good
quality.  The A330-200 is a small, long-range widebody plane.
This model, which incorporates newer technology than Boeing's
competing B767-300ER, has been successful, and is operated by 79
airlines worldwide.  It will face more serious competition when
large numbers of Boeing's long-delayed B787 are delivered.  Still,
it will take a while for this to occur, even though Boeing has
finally begun to make its first aircraft deliveries.

The initial loan-to-value of the Class A certificates is 52.8% and
of the Class B certificates 71.5%, using the appraised base values
and depreciation assumptions in the offering memorandum.  However,
S&P focused on more conservative maintenance-adjusted appraised
values (not disclosed in the offering memorandum).  S&P also uses
more conservative depreciation assumptions for all of the planes
than those in the prospectus.  S&P assumed that, absent cyclical
fluctuations, values of the A330-200's would decline by 6.5% of
the preceding year's value per year.  Using these values and
assumptions, the Class A initial loan-to-value is higher, 56.6%,
and rises to over 58% at its highest point, before declining
gradually.  The Class B initial loan-to-value, using S&P's
assumptions, is about 76.6%, and peaks at over 79% before
declining.  S&P's analysis also considered that a full draw of the
liquidity facility, plus interest on those draws, represents a
claim senior to the certificates.  This amount is in line (as a
percent of asset value) with EETCs issued over the last few years
by other U.S. airlines.  Initially, a full draw, with interest, is
equivalent to about 4.8% of asset value, using S&P's assumptions.
S&P notes that the transaction is structured so that Hawaiian
Airlines could later issue a subordinate class of certificates
without a liquidity facility.  In the past, airlines have
structured follow-on certificates of this kind in such a way as
to not affect the rating on outstanding senior certificates.

The corporate credit rating on Hawaiian Holdings Inc., parent of
Hawaiian Airlines Inc., reflects its relatively small position
among U.S. airlines, its participation in the high-risk U.S.
airline industry, and a substantial debt burden.  Competitive
operating costs and adequate liquidity are positive credit
factors, in S&P's assessment.  Under S&P's criteria, it
characterizes Hawaiian's business profile as "weak", its financial
profile as "highly leveraged", and its liquidity as "adequate".

The outlook is stable.  S&P expects Hawaiian's credit metrics to
decline somewhat for 2013, based on the first-quarter loss and
continued weaker-than-expected pricing.  S&P could lower the
ratings if earnings and cash flow are weaker than anticipated,
potentially due to higher-than-expected fuel prices and continued
weaker-than-expected pricing, resulting in a ratio of funds from
operations (FFO) to debt falling to 10% or lower on a sustained
basis.  S&P believes it is unlikely it will raise the ratings over
the near term, based on the risks associated with expansion into
new international markets.  Still, over the longer term, S&P could
raise the ratings if earnings and cash flow improve, potentially
due to lower-than-expected fuel prices and higher-than-expected
demand and pricing, resulting in FFO-to-debt of at least 20% on a
sustained basis.

RATINGS LIST

Hawaiian Holdings Inc.
Corporate credit rating                      B/Stable/--

New Ratings Assigned
Hawaiian Airlines Inc.

Series 2013-1 Class A pass-through certs      prelim. BBB+ (sf)
Series 2013-1 Class B pass-through certs      prelim. BB- (sf)


JP MORGAN 1998-C6: Fitch Affirms 'D' Rating on Class H Certs.
-------------------------------------------------------------
Fitch Ratings has affirmed three classes of JP Morgan Commercial
Mortgage Finance Corp. (JPM) commercial mortgage pass-through
certificates series 1998-C6.

Key Rating Drivers

The affirmations reflect sufficient credit enhancement in light of
the high concentration and adverse selection of the remaining
pool. In addition, the seven remaining non-specially serviced
loans' performance has been stable since Fitch's last rating
action. Fitch modeled losses of 50.4% of the remaining pool;
expected losses on the original pool balance total 4.4%, including
losses already incurred. The pool has experienced $17.6 million
(2.2% of the original pool balance) in realized losses to date.
Fitch has designated two loans (67.9%) as Fitch Loans of Concern,
including the largest loan in the pool (66.7%) which is the only
loan in special servicing as of the April 2013 remittance report.

As of the April 2013 distribution date, the pool's aggregate
principal balance has been reduced by 95.8% to $33.2 million from
$796.4 million at issuance. The pool has become extremely
concentrated with only eight of the original 91 loans remaining.
There are no defeased loans. Interest shortfalls are currently
affecting classes G through H.

RATING SENSITIVITIES

The Negative Outlook on class F reflects the extreme concentration
and adverse selection of the remaining pool, as well as the
potential for further losses on the specially serviced loan. Class
F may be subject to further downgrade if expected losses increase
on the specially serviced loans or additional loans default. In
addition, the distressed class G may be subject to further rating
actions as losses are realized.

The specially serviced asset, The Court at Deptford (66.7% of the
pool), is a 361,000 square foot (sf) retail center in Deptford,
NJ. The property has experienced cash flow issues from occupancy
declines. The property was previously anchored by a Sam's Club
(33% of the property's net rentable area (NRA)), Sports Authority
(11% NRA) and Circuit City (9% NRA); all three had subsequently
vacated at or prior to the individual lease expirations between
2008 and 2010. Occupancy as of March 2012 reported at 35%, with
the three anchor spaces still vacant.

The loan transferred to special servicing in February 2009 for
imminent default. A receiver was appointed in April 2010, and the
asset has been REO since May 2012. The servicer continues to
pursue leasing efforts, and evaluate strategic marketing and
disposition scenarios for the asset.

Fitch affirms the following classes and Rating Outlooks as
indicated:

-- $11 million class F at 'BBB-sf'; Outlook to Negative
   from Stable;
-- $19.9 million class G at 'Csf'; RE 25%.
-- $2.4 million class H at 'Dsf'; RE 0%.

The class A1, A2, A3, B, C, D and E certificates have paid in
full. Fitch does not rate the class NR certificates, which has
been reduced to zero due to realized losses. Fitch previously
withdrew the rating on the interest-only class X certificates.


JP MORGAN 2005-A2: Moody's Reviews Caa1 Rating on Cl. 1-A-1 Secs.
----------------------------------------------------------------
Moody's Investors Service placed the rating of one tranche on
review for upgrade from J.P. Morgan Alternative Loan Trust 2005-
A2. Complete rating actions are as follows:

Issuer: J.P. Morgan Alternative Loan Trust 2005-A2

Cl. 1-A-1, Caa1 (sf) Placed Under Review for Possible Upgrade;
previously on Dec 17, 2010 Downgraded to Caa1 (sf)

Rating Rationale:

The rating action is a result of the recent performance of the
underlying pools and Moody's updated expected losses on the pools.

In addition, there is a discrepancy in the language between the
Prospectus Supplement and the Pooling and Servicing Agreement in
regards to the definition of the funds available to pay interest
and principal on the bonds. The Prospectus Supplement states that
interest on bonds is paid from interest remittance amount.
However, the PSA does not define the interest distribution amount
per the interest remittance amount. Instead, it states that the
interest on the bonds is equal to the interest accrued on the
certificates and is paid from all available funds. During the
review, Moody's will further investigate this discrepancy by
contacting the trustee and/or the issuer to confirm whether the
interest distributions are paid from interest remittance amount or
from available funds .

The methodologies used in this rating were "Moody's Approach to
Rating US Residential Mortgage-Backed Securities" published in
December 2008, and "2005 -- 2008 US RMBS Surveillance Methodology"
published in July 2011.

Moody's adjusts these methodologies for 1) Moody's current view on
loan modifications and 2) small pool volatility.

Loan Modifications

As a result of an extension of the Home Affordable Modification
Program (HAMP) and an increased use of private modifications,
Moody's is extending its previous view that loan modifications
will only occur through the end of 2012. It is now assuming that
the loan modifications will continue at current levels until
September 2014.

Small Pool Volatility

The RMBS approach only applies to structures with at least 40
loans and pool factor of greater than 5%. Moody's can withdraw its
rating when the pool factor drops below 5% and the number of loans
in the deal declines to lower than 40. If, however, a transaction
has a specific structural feature, such as a credit enhancement
floor, that mitigates the risks of small pool size, Moody's can
choose to continue to rate the transaction.

For pools with loans less than 100, Moody's adjusts its
projections of loss to account for the higher loss volatility of
such pools. For small pools, a few loans becoming delinquent would
greatly increase the pools' delinquency rate.

To project losses on Alt-A pools with fewer than 100 loans,
Moody's first calculates an annualized delinquency rate based on
vintage, number of loans remaining in the pool and the level of
current delinquencies in the pool. For Alt-A pools, Moody's first
applies a baseline delinquency rate of 10% for 2005, 19% for 2006
and 21% for 2007. Once the loan count in a pool falls below 76,
this rate of delinquency is increased by 1% for every loan fewer
than 76. For example, for a 2005 pool with 75 loans, the adjusted
rate of new delinquency is 10.1%. Further, to account for the
actual rate of delinquencies in a small pool, Moody's multiplies
the rate by a factor ranging from 0.20 to 2.0 for current
delinquencies that range from less than 2.5% to greater than 50%
respectively. Moody's then uses this final adjusted rate of new
delinquency to project delinquencies and losses for the remaining
life of the pool under the approach described in the methodology
publication.

The primary source of assumption uncertainty is the uncertainty in
Moody's central macroeconomic forecast and performance volatility
due to servicer-related issues. The unemployment rate fell from
9.0% in September 2011 to 7.5% in April 2013. Moody's forecasts a
further drop to 7.5% by 2014. Moody's expects house prices to drop
another 1% from their 4Q2011 levels before gradually rising
towards the end of 2013. Performance of RMBS continues to remain
highly dependent on servicer procedures. Any change resulting from
servicing transfers or other policy or regulatory change can
impact the performance of these transactions.


JP MORGAN 2013-LC11: Moody's Assigns Rating to 14 CMBS Classes
--------------------------------------------------------------
Moody's Investors Service assigned ratings to fourteen classes of
CMBS securities, issued by J. P. Morgan Chase Commercial Mortgage
Securities Trust 2013-LC11.

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

Cl. A-2, Definitive Rating Assigned Aaa (sf)

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

Cl. A-4, Definitive Rating Assigned Aaa (sf)

Cl. A-5, Definitive Rating Assigned Aaa (sf)

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

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

Cl. B, Definitive Rating Assigned Aa3 (sf)

Cl. C, Definitive Rating Assigned A3 (sf)

Cl. D, Definitive Rating Assigned Baa3 (sf)

Cl. E, Definitive Rating Assigned Ba2 (sf)

Cl. F, Definitive Rating Assigned B2 (sf)

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

Cl. X-B*, Definitive Rating Assigned A2 (sf)

*Class X-A and X-B are interest-only classes.

Ratings Rationale:

The Certificates are collateralized by 52 fixed rate loans secured
by 82 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 1.67X is higher than the 2007
conduit/fusion transaction average of 1.31X. The Moody's Stressed
DSCR of 1.03X is higher than the 2007 conduit/fusion transaction
average of 0.92X.

The pooled Trust loan balance of $1.316 billion represents a
Moody's LTV ratio of 100.1%, which is lower than the 2007
conduit/fusion transaction average of 110.6%.

Moody's considers subordinate financing outside of the Trust when
assigning ratings. Six loans are structured with $77.4 million of
additional financing in the form of subordinate secured or
unsecured debt, raising Moody's Total LTV ratio of 107.1%.

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. The factors considered include property age, quality of
construction, location, market, and tenancy. The pool's weighted
average property quality grade is 2.19, which is lower than the
indices calculated in most multi-borrower transactions since 2009.

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 Herfindahl score is
22.0, which is slightly below the average score calculated from
multi-borrower pools by Moody's since 2009. With respect to
property level diversity, the pool's property level Herfindahl
score is 25.0. The transaction's property diversity profile is in
line with the indices calculated in most multi-borrower
transactions issued since 2009.

This deal has a super-senior Aaa class with 30% credit
enhancement. Although the additional enhancement offered to the
senior most certificate holders provides additional protection
against pool loss, the super-senior structure is credit negative
for the certificate that supports the super-senior class. If the
support certificate were to take a loss, the loss would have the
potential to be quite large on a percentage basis. Thin tranches
need more subordination to reduce the probability of default in
recognition that their loss-given default is higher. This
adjustment helps keep expected loss in balance and consistent
across deals. The transaction was structured with additional
subordination at class A-S to mitigate the potential increased
severity to class A-S.

The principal methodology used in this rating was "Moody's
Approach to Rating U.S. CMBS Conduit Transactions" published in
September 2000. The methodology used in rating Classes X-A and X-B
was "Moody's Approach to Rating Structured Finance Interest-Only
Securities" published in February 2012.

Moody's analysis employs the excel-based CMBS Conduit Model v2.62
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. Moody's
analysis also uses the CMBS IO calculator ver_1.1, which
references the following inputs to calculate the proposed IO
rating based on the published methodology: original and current
bond ratings and credit estimates; original and current bond
balances grossed up for losses for all bonds the IO(s)
reference(s) within the transaction; and IO type corresponding to
an IO type as defined in the published methodology.

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%, 14%, and 23%, the model-indicated rating for the currently
rated Aaa Super Senior class would be (Aaa (sf)), (Aaa (sf)), and
(Aa1(sf)), respectively; for the most junior Aaa rated class A-S
would be (Aaa (sf)), (Aa2 (sf)), and (Aa3(sf)), 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.


JP MORGAN 2013-LC11: S&P Assigns 'BB' Rating on Class E Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to J.P.
Morgan Chase Commercial Mortgage Securities Trust 2013-LC11's
$1.32 billion commercial mortgage pass-through certificates
series 2013-LC11.

The issuance is a commercial mortgage-backed securities
transaction backed by 52 commercial mortgage loans with an
aggregate principal balance of $1.32 billion, secured by the fee
and leasehold interests in 82 properties across 23 states.

The ratings reflect the credit support provided by the transaction
structure, S&P's view of the underlying collateral's economics,
the trustee-provided liquidity, the collateral pool's relative
diversity, and S&P's overall qualitative assessment of the
transaction.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

The Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

         http://standardandpoorsdisclosure-17g7.com/1494.pdf

RATINGS ASSIGNED

J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-LC11

Class          Rating(i)                 Amount ($)
A-1            AAA (sf)                  61,803,000
A-2            AAA (sf)                  79,253,000
A-3            AAA (sf)                  23,000,000
A-4            AAA (sf)                 250,000,000
A-5            AAA (sf)                 389,304,000
A-SB           AAA (sf)                 117,844,000
X-A            AAA (sf)          1,028,130,000(iii)
X-B            A- (sf)             139,825,000(iii)
A-S            AAA (sf)                 106,926,000
B              AA- (sf)                  92,120,000
C              A- (sf)                   47,705,000
D              BBB- (sf)                 52,640,000
X-C (ii)       NR                  95,410,830 (iii)
E(ii)          BB (sf)                   24,676,000
F(ii)          BB- (sf)                  24,675,000
NR(ii)         NR                        46,059,830
AN(ii)(iv)     NR                        16,984,009
PF(ii)(iv)     NR                         1,998,199

   (i) The certificates will be issued to qualified institutional
       buyers according to Rule 144A of the Securities Act of
       1933.
  (ii) Non-offered certificates.
(iii) Notional balance.
  (iv) The class AN and class PF certificates are the non-pooled
       (rake) components of the Andaz Wall Street and Portofino
       Hotel Yacht Club mortgage loans, respectively.  The classes
       will only receive distributions from, and will only incur
       losses with respect to, their respective mortgage.
  NR - Not rated.


LB-UBS 2002-C7: Fitch Affirms 'D' Rating on $6.6MM Class T Certs
----------------------------------------------------------------
Fitch Ratings has affirmed LB-UBS Commercial Mortgage Trust,
series 2002-C7, commercial mortgage pass-through certificates.

Key Rating Drivers

The affirmations are attributed to increased credit enhancement
levels offset by fewer, more concentrated loans (by unpaid
principal balance) remaining in the pool, some of which will
likely have difficulty refinancing their existing debt. Fitch
modeled losses of 14.78% of the remaining pool; expected losses on
the original pool balance total 1.4%, including losses already
incurred. The pool has experienced $11.2 million (0.9% of the
original pool balance) in realized losses to date. The pool has
become highly concentrated with only 12 loans remaining, compared
to 77 at last review. Six of the remaining loans (42.7%) are in
special servicing, all of which have been identified as Fitch
Loans of Concern.

Rating Sensitivities

The stable rating outlook on class M indicates that despite
increased credit enhancement from principal paydown and
defeasance, upgrades are not likely due to increased concentration
of loans in the pool and the greater risk of adverse selection.
The negative outlook on class N indicates that future downgrades
are possible if the collateral performance deteriorates. The
distressed classes (those rated below 'B'sf) are subject to
further downgrades as losses are realized.

As of the April 2013 distribution date, the pool's aggregate
principal balance has been reduced by 97% to $36 million from
$1.19 billion at issuance. One loan (18.3% of the pool) is
defeased. Interest shortfalls are currently affecting classes Q
through U.

The largest contributor to expected losses is a loan secured by a
95,527sf retail center located in Houston, TX (23.2%). The
property became a real estate owned (REO) asset in June 2011. Per
March 2013 rent roll, the property was 63.8% occupied. Fitch
expects losses upon liquidation of the asset based on recent
property valuations obtained by the servicer.

Fitch affirms the following classes and revises Rating Outlooks
and Recovery Estimates as indicated:

-- $7.1 million class M at 'BBB-sf'; Outlook to Stable from
    Negative;
-- $5.9 million class N at 'BBsf'; Outlook Negative;
-- $8.9 million class P at 'CCCsf'; RE 100%;
-- $4.5 million class Q at 'Csf'; RE 50%.
-- $3 million class S at 'Csf'; RE 0%;
-- $6.6 million class T at 'Dsf'; RE 0%.

The class A-1, A-2, A-3, A-4, A-1b, B, C, D, E, F, G, H, J, K and
L certificates have paid in full. Fitch does not rate the class U
certificates. Fitch previously withdrew the ratings on the
interest-only class X-CL and X-CP certificates.


LEHMAN BROTHERS 2007-3: S&P Affirms CCC- Rating on 4 Note Classes
-----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on the
class 2A2 notes from Lehman Brothers Small Balance Commercial
Mortgage Trust 2007-3, a transaction collateralized by a pool of
small business development loans.

The rating withdrawal follows the complete principal paydown of
the notes on April 25, 2013.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATING WITHDRAWN

Lehman Brothers Small Balance Commercial Mortgage Trust 2007-3
                     Rating
Class             To        From
2A2               NR        AAA (sf)

OTHER OUTSTANDING RATINGS
Lehman Brothers Small Balance Commercial Mortgage Trust 2007-3
Class                Rating
1A2                  AAA (sf)
1A3                  A+ (sf)
1A4                  A+ (sf)
2A3                  A+ (sf)
AM                   A+ (sf)
AJ                   BB- (sf)
M1                   B- (sf)
M2                   CCC (sf)
M3                   CCC- (sf)
M4                   CCC- (sf)
M5                   CCC- (sf)
B                    CCC- (sf)

NR-Not rated.


LEHMAN BROTHERS 2007-LLF: Fitch Affirms 'D' Rating on Cl. J Notes
-----------------------------------------------------------------
Fitch Ratings has upgraded two and affirmed five classes of Lehman
Brothers Floating Rate Commercial Mortgage Trust 2007-LLF C5. The
upgrades reflect the deleveraging of the transaction due to $428.2
million in loan repayments since the last rating action.

Key Rating Drivers

All of the remaining loans have reached their original final
maturity dates and all have either been modified or are currently
in forbearance. Two of the seven remaining loans are in special
servicing.

Under Fitch's methodology, all loans are modeled to default in the
base case stress scenario, defined as the 'B' stress. In this
scenario, the modeled average cash flow decline is 6.7% and pooled
expected losses are 34.3%. 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 at approximately 62.1% in the base case.

The transaction is collateralized by seven loans; three loans are
secured by office or office/industrial properties (66.5%) and four
by hotels properties (33.5%). Five loans (42.8%) mature in 2013 or
have already matured, and two loans (57.2%) mature in 2014.

The largest contributor to Fitch's modeled losses is the Normandy
Office Portfolio. The loan is secured by eight office and two
industrial properties totaling 1.38 million square feet (sf). The
properties are located in Massachusetts and New Jersey. The
portfolio was previously in special servicing due to an imminent
maturity default. The loan transferred back to the master servicer
in March 2013 after a modification that included a maturity date
extension.

The second largest contributor to loss is the Park Hyatt Beaver
Creek loan which is secured by a full serve hotel containing 190
rooms located in Avon, Colorado (Vail). The loan transferred to
the special servicer in April 2012 due to imminent maturity
default. The loan is currently in a forbearance period.

The third largest contributor to loss is Sheraton Old San Juan
loan which is secured by the leasehold interest in a full service
hotel containing 240 rooms located in San Juan, Puerto Rico.
Amenities for the hotel include a casino, meeting space, full
service restaurants, a swimming pool, and an exercise room. The
loan transferred to the special servicer in July 2012 due to a
maturity default. The special servicer and borrower have agreed on
modification terms which include a maturity date extension.

Rating Sensitivities

The ratings on the class B through G notes are expected to be
stable as the credit enhancement continues to increase due to
paydowns. The class H notes may be subject to further downgrades
as losses are realized.

Fitch has upgraded the following notes:

-- $31,839,000 class D to 'Asf' from 'BBBsf'; Outlook Stable;
-- $28,756,000 class E to 'Asf' from 'BBB-sf'; Outlook Stable.

Fitch has affirmed the following notes:

-- $29,891,086 class C at 'Asf'; Outlook Stable;
-- $28,756,000 class F at 'BBsf'; Outlook Stable;
-- $28,756,000 class G at 'Bsf'; Outlook Stable;
-- $51,761,000 class H at 'CCC'; RE 100%;
-- $57,510,060 class J at 'D'; RE 0%.

Classes A-1, A-2, A-3, B, and X-1 have paid in full. Fitch does
not rate classes CGC, CPE, CQR-1, CQR-2, DMC-1, DMC-2, FBS-1, FBS-
2, FTC-1, FTC-2, HAR-1, HAR-2, HRH, HSS, INO, JHC, LCC, MVR, NOP-
1, NOP-2, NOP-3, OCS, ONA, OWS-1, OWS-2, PHO, SBG, SFO-1, SFO-2,
SFO-3, SFO-4, SFO-5, TSS-1, and TSS-2, UCP, VIS, and WHH. Fitch
previously withdrew the rating of the interest-only class X-2.


MERRILL LYNCH 2004-E: Moody's Hikes Rating on $4.9MM of RMBS
------------------------------------------------------------
Moody's Investors Service upgraded two tranches from one
transaction issued by Merrill Lynch. The collateral backing this
deal primarily consists of first-lien, adjustable-rate prime Jumbo
residential mortgages. The actions impact approximately $4.9
million of RMBS issued from 2004.

Complete rating actions are as follows:

Issuer: Merrill Lynch Mortgage Investors Trust MLCC 2004-E

Cl. A-2D, Upgraded to B1 (sf); previously on Apr 13, 2012
Downgraded to B3 (sf)

Cl. B-1, Upgraded to Caa1 (sf); previously on Apr 13, 2012
Downgraded to Caa3 (sf)

Ratings Rationale:

The actions are a result of the recent performance of Prime jumbo
pools originated before 2005 and reflect Moody's updated loss
expectations on these pools.

The upgrades are due to improvement in collateral performance.

The methodologies used in this rating were "Moody's Approach to
Rating US Residential Mortgage-Backed Securities" published in
December 2008, and "Pre-2005 US RMBS Surveillance Methodology"
published in January 2012. The methodology used in rating
Interest-Only Securities was "Moody's Approach to Rating
Structured Finance Interest-Only Securities" published in February
2012.

Moody's adjusts the methodologies for its current view on loan
modifications.

Loan Modifications

As a result of an extension of the Home Affordable Modification
Program (HAMP) to 2013 and an increased use of private
modifications, Moody's is extending its previous view that loan
modifications will only occur through the end of 2012. It is now
assuming that the loan modifications will continue at current
levels until 2014.

When assigning the final ratings to bonds, Moody's considered the
volatility of the projected losses and timeline of the expected
defaults.

The primary sources of assumption uncertainty are Moody's central
macroeconomic forecast and performance volatility as a result of
servicer-related activity such as modifications. The unemployment
rate fell from 8.1% in April 2012 to 7.5% in April 2013. Moody's
forecasts an unemployment central range of 7.0% to 8.0% for the
2013 year. Moody's expects housing prices to continue to rise in
2013. Performance of RMBS continues to remain highly dependent on
servicer activity such as modification-related principal
forgiveness and interest rate reductions. Any change resulting
from servicing transfers or other policy or regulatory change can
also impact the performance of these transactions.


MERRILL LYNCH 2005-1: Moody's Reviews Rating on 5 RMBS Tranches
---------------------------------------------------------------
Moody's Investors Service has placed the ratings of five tranches
on review direction uncertain, from one RMBS transaction issued by
Merrill Lynch Mortgage Investors Trust MLCC 2005-1. The collateral
backing this deal primarily consists of first-lien, adjustable-
rate prime Jumbo residential mortgages. The actions impact
approximately $75 million of RMBS issued in 2005.

Complete rating actions are as follows:

Issuer: Merrill Lynch Mortgage Investors Trust MLCC 2005-1

Cl. 1-A, B2 (sf) Placed Under Review Direction Uncertain;
previously on Apr 21, 2010 Downgraded to B2 (sf)

Cl. 2-A-1, B1 (sf) Placed Under Review Direction Uncertain;
previously on Apr 21, 2010 Downgraded to B1 (sf)

Cl. 2-A-2, Ba3 (sf) Placed Under Review Direction Uncertain;
previously on Apr 21, 2010 Downgraded to Ba3 (sf)

Cl. 2-A-3, Caa1 (sf) Placed Under Review Direction Uncertain;
previously on Jul 30, 2012 Upgraded to Caa1 (sf)

Cl. 2-A-5, B2 (sf) Placed Under Review Direction Uncertain;
previously on Apr 21, 2010 Downgraded to B2 (sf)

Ratings Rationale:

The actions are a result of the recent performance of the prime
jumbo pools originated from 2005 to 2007 and reflect Moody's
updated loss expectations on these pools. In addition, the rating
actions reflect discovery of an error in the Structured Finance
Workstation (SFW) cash flow model used by Moody's in rating this
transaction. In prior rating actions, the calculation of principal
paid to senior bonds was coded incorrectly.

The methodologies used in this rating were "Moody's Approach to
Rating US Residential Mortgage-Backed Securities" published in
December 2008, and "2005-2008 US RMBS Surveillance Methodology"
published in July 2011.

Moody's adjusts the methodologies for 1) Moody's current view on
loan modifications and 2) small pool volatility

Loan Modifications

As a result of an extension of the Home Affordable Modification
Program (HAMP) to 2013 and an increased use of private
modifications, Moody's is extending its previous view that loan
modifications will only occur through the end of 2012. It is now
assuming that the loan modifications will continue at current
levels until 2014.

Small Pool Volatility

For pools with loans less than 100, Moody's adjusts its
projections of loss to account for the higher loss volatility of
such pools. For small pools, a few loans becoming delinquent would
greatly increase the pools' delinquency rate.

To project losses on prime jumbo pools with fewer than 100 loans,
Moody's first calculates an annualized delinquency rate based on
vintage, number of loans remaining in the pool and the level of
current delinquencies in the pool. For prime jumbo pools, Moody's
first applies a baseline delinquency rate of 3.5% for 2005, 6.5%
for 2006 and 7.5% for 2007. Once the loan count in a pool falls
below 76, this rate of delinquency is increased by 1% for every
loan fewer than 76. For example, for a 2005 pool with 75 loans,
the adjusted rate of new delinquency is 3.54%. Further, to account
for the actual rate of delinquencies in a small pool, Moody's
multiplies the rate by a factor ranging from 0.20 to 2.0 for
current delinquencies that range from less than 2.5% to greater
than 50% respectively. Moody's then uses this final adjusted rate
of new delinquency to project delinquencies and losses for the
remaining life of the pool under the approach described in the
methodology publication.

When assigning the final ratings to bonds, Moody's considered the
volatility of the projected losses and timeline of the expected
defaults.

The primary sources of assumption uncertainty are Moody's central
macroeconomic forecast and performance volatility as a result of
servicer-related activity such as modifications. The unemployment
rate fell from 8.1% in April 2012 to 7.5% in April 2013. Moody's
forecasts a unemployment central range of 7.0% to 8.0% for the
2013 year. Moody's expects housing prices to continue to rise in
2013. Performance of RMBS continues to remain highly dependent on
servicer activity such as modification-related principal
forgiveness and interest rate reductions. Any change resulting
from servicing transfers or other policy or regulatory change can
also impact the performance of these transactions.


MERRILL LYNCH 2006-C2: Moody's Affirms 'C' Ratings on 4 Certs
-------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 12 classes and
downgraded two classes of Merrill Lynch Mortgage Trust 2006-C2
Commercial Mortgage Pass-through Certificates, Series 2006-C2 as
follows:

Cl. A-1A, Affirmed Aaa (sf); previously on Aug 22, 2006 Definitive
Rating Assigned Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Aug 22, 2006 Definitive
Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 22, 2006 Definitive
Rating Assigned Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 22, 2006 Definitive
Rating Assigned Aaa (sf)

Cl. AM, Affirmed A2 (sf); previously on Dec 10, 2010 Downgraded to
A2 (sf)

Cl. AJ, Affirmed Ba3 (sf); previously on Aug 16, 2012 Downgraded
to Ba3 (sf)

Cl. B, Downgraded to B3 (sf); previously on Aug 16, 2012
Downgraded to B2 (sf)

Cl. C, Downgraded to Caa2 (sf); previously on Aug 16, 2012
Downgraded to Caa1 (sf)

Cl. D, Affirmed Caa3 (sf); previously on Aug 16, 2012 Downgraded
to Caa3 (sf)

Cl. E, Affirmed C (sf); previously on Aug 16, 2012 Downgraded to C
(sf)

Cl. F, Affirmed C (sf); previously on Aug 16, 2012 Downgraded to C
(sf)

Cl. G, Affirmed C (sf); previously on Dec 10, 2010 Downgraded to C
(sf)

Cl. H, Affirmed C (sf); previously on Dec 10, 2010 Downgraded to C
(sf)

Cl. X, Affirmed Ba3 (sf); previously on Feb 22, 2012 Downgraded to
Ba3 (sf)

Ratings Rationale:

The affirmations of the principal classes 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.
The rating of the IO Class, Class X, is consistent with the credit
profile of its referenced classes and is affirmed.

The downgrades of two principal classes are due to higher than
expected realized and anticipated losses from specially serviced
and troubled loans.

Moody's rating action reflects a base expected loss of 11.0% of
the current balance compared to 11.7% at last review. Base
expected loss plus realized losses to date now totals 12.3% of the
original balance compared to 11.6% at last review. 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 extent of growth
in the current macroeconomic environment given the weak pace of
recovery and commercial real estate property markets. Commercial
real estate property values are continuing to move in a modestly
positive direction along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction and moderate job growth have aided this improvement.
However, a consistent upward trend will not be evident until the
volume of investment activity steadily increases for a significant
period, non-performing properties are cleared from the pipeline,
and fears of a Euro area recession are abated.

The hotel sector is performing strongly with nine straight
quarters of growth and the multifamily sector continues to show
increases in demand with a growing renter base and declining home
ownership. Recovery in the office sector continues at a measured
pace with minimal additions to supply. However, office demand is
closely tied to employment, where growth remains slow and
employers are considering decreases in the leased space per
employee. Also, primary urban markets are outperforming secondary
suburban markets. Performance in the retail sector continues to be
mixed with retail rents declining for the past four years, weak
demand for new space and lackluster sales driven by internet sales
growth. Across all property sectors, the availability of debt
capital continues to improve with robust securitization activity
of commercial real estate loans supported by a monetary policy of
low interest rates.

Moody's central global macroeconomic scenario calls for US GDP
growth for 2013 that is likely to remain close to 2% as the
greater impetus from the US private sector is likely to broadly
offset the drag on activity from more restrictive fiscal policy.
Thereafter, Moody's expects the US economy to expand at a somewhat
faster pace than is likely this year, closer to its long-run
average pace of growth. Risks to its forecasts remain skewed to
the downside despite recent positive developments. Moody's
believes that the three most immediate risks are: i) the risk of a
deeper than currently expected recession in the euro area
accompanied by deeper credit contraction, potentially triggered by
a further intensification of the sovereign debt crisis; ii)
slower-than-expected recovery in major emerging markets following
the recent slowdown; and iii) an escalation of geopolitical
tensions, resulting in adverse economic developments.

The principal methodology used in this rating was "Moody's
Approach to Rating U.S. CMBS Conduit Transactions" published in
September 2000. The methodology used in rating Class X was
"Moody's Approach to Rating Structured Finance Interest-Only
Securities" published in February 2012.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.62 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 assessments is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
credit assessment 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 assessment
level, is incorporated for loans with similar credit assessments
in the same transaction.

The conduit model includes an IO calculator, which uses the
following inputs to calculate the proposed IO rating based on the
published methodology: original and current bond ratings and
credit assessments; original and current bond balances grossed up
for losses for all bonds the IO(s) reference(s) within the
transaction; and IO type as defined in the published methodology.
The calculator then returns a calculated IO rating based on both a
target and mid-point. For example, a target rating basis for a
Baa3 (sf) rating is a 610 rating factor. The midpoint rating basis
for a Baa3 (sf) rating is 775 (i.e. the simple average of a Baa3
(sf) rating factor of 610 and a Ba1 (sf) rating factor of 940). If
the calculated IO rating factor is 700, the CMBS IO calculator
would provide both a Baa3 (sf) and Ba1 (sf) IO indication for
consideration by the rating committee.

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 34 compared to 36 at last 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 a review
utilizing MOST (Moody's Surveillance Trends) Reports and a
proprietary program that highlights significant credit changes
that have occurred in the last month as well as cumulative changes
since the last full transaction review. On a periodic basis,
Moody's also performs a full transaction review that involves a
rating committee and a press release. Moody's prior transaction
review is summarized in a press release dated August 16, 2012.

Deal Performance:

As of the April 12, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 25% to $1.2 billion
from $1.5 billion at securitization. The Certificates are
collateralized by 109 mortgage loans ranging in size from less
than 1% to 9% of the pool, with the top ten loans representing 43%
of the pool. No loans have defeased and there are no loans with
investment grade credit assessments.

There are 36 loans, representing 33% of the pool, 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 its
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 an aggregate realized loss totaling
$63.3 million (average loss severity of 91%). There are currently
11 loans, representing 12% of the pool, in special servicing. The
largest specially serviced loan is the Mall at Whitney Field Loan
($71.9 million -- 6% of the pool), which is secured by a 665,000
square foot (SF) mall located in Leominster, Massachusetts. The
non-collateral anchors are J.C. Penny, Macy's, and Sears. The loan
was transferred to special servicing in April 2009 for imminent
default and became real estate owned (REO) in October 2010. As of
March 2013, the inline space was 64% leased compared to 88% leased
at last review. The property was marketed for sale beginning third
quarter 2012 and is presently under contract for a May 2013
closing. Moody's has estimated an aggregate $79 million loss (56%
overall expected loss) for the 11 specially serviced loans.

Moody's has assumed a high default probability for 16 poorly
performing loans representing 14% of the pool and has estimated a
$27.9 million aggregate loss (17% expected loss based on a 50%
probability of default) from these troubled loans.

Moody's was provided with full year 2011 and partial year 2012
operating results for 69% and 68% of the performing pool,
respectively. Excluding specially serviced and troubled loans,
Moody's weighted average conduit LTV is 101% compared to 104% at
last review. Moody's net cash flow reflects a weighted average
haircut of 11.8% 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 conduit DSCRs are 1.51X and 1.08X, respectively, the
same as 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 loans represent 23% of the pool balance.
The largest loan is the California Market Center Loan ($102
million -- 8.8% of the pool), which is secured by a 1.9 million SF
office/design showroom building located in downtown Los Angeles,
California. The property was 100% leased as of December 2012, the
same as at last review. The property has a diverse tenant mix
within the apparel and gift markets. Despite stable occupancy,
property performance has declined due to lower base rents and
higher operating expenses. The decline in performance since last
review has been offset by amortization. Moody's LTV and stressed
DSCR are 87% and 1.18X, respectively, the same as at last review.

The second largest loan is the RLJ Hotel Portfolio Loan ($91.8
million -- 7.9% of the pool), which represents an 18.9% pari passu
interest in a $485.6 million first mortgage loan. The loan is
secured by 43 hotels located in eight states. The portfolio
includes a variety of limited and full service flags and totals
5,427 guest rooms. The portfolio's RevPAR for December 2012
increased to $72 from $71 at last review and the majority of the
portfolio has a RevPAR penetration rate in excess of 100%. The
loan had been on the master servicer's watchlist due to low debt
service coverage but has since been removed. Moody's LTV and
stressed DSCR are 109% and 1.04X, respectively, compared to 119%
and 0.95X at last review.

The third largest loan is the Embassy Suites -- San Diego Loan
($66.5 million -- 5.8% of the pool), which is secured by a 337-
room full-service hotel located in downtown San Diego, California.
Property occupancy as of year-end 2012 was 83% compared to 82% at
year-end 2011. The hotel's financial performance increased in 2012
compared to 2011 performance. Pebblebrook Hotel Trust recently
assumed this mortgage loan as of January 2013. Moody's LTV and
stressed DSCR are 98% and 1.22X, respectively, compared to 123%
and 0.97X at last review.


MERRILL LYNCH 2007-CANADA: Moody's Affirms Caa3 Rating on L Certs
----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 15 classes of
Merrill Lynch Financial Assets Inc., Commercial Mortgage Pass-
Through Certificates, Series 2007-Canada 22 as follows:

Issuer: Merrill Lynch Financial Assets Inc. Commercial Mortgage
Pass-Through Certificates, Series 2007-Canada 22

Cl. A-2, Affirmed Aaa (sf); previously on Jun 20, 2007 Definitive
Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Jun 20, 2007 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aa2 (sf); previously on May 10, 2012 Confirmed at
Aa2 (sf)

Cl. C, Affirmed A2 (sf); previously on May 10, 2012 Confirmed at
A2 (sf)

Cl. D, Affirmed Baa2 (sf); previously on May 10, 2012 Confirmed at
Baa2 (sf)

Cl. E, Affirmed Baa3 (sf); previously on May 10, 2012 Confirmed at
Baa3 (sf)

Cl. F, Affirmed Ba1 (sf); previously on May 10, 2012 Confirmed at
Ba1 (sf)

Cl. G, Affirmed Ba3 (sf); previously on May 10, 2012 Confirmed at
Ba3 (sf)

Cl. H, Affirmed B2 (sf); previously on May 10, 2012 Confirmed at
B2 (sf)

Cl. J, Affirmed Caa1 (sf); previously on May 10, 2012 Confirmed at
Caa1 (sf)

Cl. K, Affirmed Caa2 (sf); previously on May 10, 2012 Confirmed at
Caa2 (sf)

Cl. L, Affirmed Caa3 (sf); previously on May 10, 2012 Confirmed at
Caa3 (sf)

Cl. XP-1, Affirmed Aaa (sf); previously on Jun 20, 2007 Definitive
Rating Assigned Aaa (sf)

Cl. XP-2, Affirmed Aaa (sf); previously on Jun 20, 2007 Definitive
Rating Assigned Aaa (sf)

Cl. XC, Affirmed Ba3 (sf); previously on May 10, 2012 Confirmed at
Ba3 (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.

The ratings of the IO Classes, Classes X-C, XP-1, and XP-2 are
consistent with the expected credit performance of their
referenced classes and thus are affirmed.

Moody's rating action reflects a base expected loss of 2.9% of the
current deal balance, similar to Moody's prior review. Moody's
base expected loss plus realized loss is now 2.5% of the original
securitized deal balance compared to 3.1% at the prior review.

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 extent of growth
in the current macroeconomic environment given the weak pace of
recovery and commercial real estate property markets. Commercial
real estate property values are continuing to move in a modestly
positive direction along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction and moderate job growth have aided this improvement.
However, a consistent upward trend will not be evident until the
volume of investment activity steadily increases for a significant
period, non-performing properties are cleared from the pipeline,
and fears of a Euro area recession are abated.

The hotel sector is performing strongly with nine straight
quarters of growth and the multifamily sector continues to show
increases in demand with a growing renter base and declining home
ownership. Recovery in the office sector continues at a measured
pace with minimal additions to supply. However, office demand is
closely tied to employment, where growth remains slow and
employers are considering decreases in the leased space per
employee. Also, primary urban markets are outperforming secondary
suburban markets. Performance in the retail sector continues to be
mixed with retail rents declining for the past four years, weak
demand for new space and lackluster sales driven by internet sales
growth. Across all property sectors, the availability of debt
capital continues to improve with robust securitization activity
of commercial real estate loans supported by a monetary policy of
low interest rates.

Moody's central global macroeconomic scenario calls for US GDP
growth for 2013 that is likely to remain close to 2% as the
greater impetus from the US private sector is likely to broadly
offset the drag on activity from more restrictive fiscal policy.
Thereafter, Moody's expects the US economy to expand at a somewhat
faster pace than is likely this year, closer to its long-run
average pace of growth. Risks to Moody's forecasts remain skewed
to the downside despite recent positive developments. Moody's
believes that the three most immediate risks are: i) the risk of a
deeper than currently expected recession in the euro area
accompanied by deeper credit contraction, potentially triggered by
a further intensification of the sovereign debt crisis; ii)
slower-than-expected recovery in major emerging markets following
the recent slowdown; and iii) an escalation of geopolitical
tensions, resulting in adverse economic developments.

The methodologies used in this rating were "Moody's Approach to
Rating U.S. CMBS Conduit Transactions" published in September
2000, "Moody's Approach to Rating Canadian CMBS" published
September 2000 and "Moody's Approach to Rating CMBS Large
Loan/Single Borrower Transactions" published in July 2000. The
methodology used for rating Classes X-C, XP-1, and XP-2 was
"Moody's Approach to Rating Structured Finance Interest-Only
Securities" published in February 2012.

Moody's review incorporated the use of the Excel-based CMBS
Conduit Model v 2.62 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 underlying ratings is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
credit assessment 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 assessments
in the same transaction.

The conduit model includes an IO calculator, which uses the
following inputs to calculate the proposed IO rating based on the
published methodology: original and current bond ratings and
credit estimates; original and current bond balances grossed up
for losses for all bonds the IO(s) reference(s) within the
transaction; and IO type as defined in the published methodology.
The calculator then returns a calculated IO rating based on both a
target and mid-point. For example, a target rating basis for a
Baa3 (sf) rating is a 610 rating factor. The midpoint rating basis
for a Baa3 (sf) rating is 775 (i.e. the simple average of a Baa3
(sf) rating factor of 610 and a Ba1 (sf) rating factor of 940). If
the calculated IO rating factor is 700, the CMBS IO calculator
would provide both a Baa3 (sf) and Ba1 (sf) IO indication for
consideration by the rating committee.

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 18 compared to a Herf of 12 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 8.5 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 a review
utilizing MOST (Moody's Surveillance Trends) Reports and a
proprietary program that highlights significant credit changes
that have occurred in the last month as well as cumulative changes
since the last full transaction review. On a periodic basis,
Moody's also performs a full transaction review that involves a
rating committee and a press release. Moody's prior transaction
review is summarized in a press release dated May 10, 2012.

Deal Performance:

As of the April 12, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 40% to $262 million
from $434 million at securitization. The Certificates are
collateralized by 46 mortgage loans ranging in size from less than
1% to 16% of the pool, with the top ten loans (excluding
defeasance) representing 56% of the pool. The pool contains no
loans with investment-grade credit assessments. One loan,
representing approximately 1% of the pool, is defeased and is
collateralized by Canadian government securities.

Eight loans, representing 15% 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 its
ongoing monitoring of a transaction, Moody's reviews the watchlist
to assess which loans have material issues that could impact
performance.

One loan has liquidated from the pool, resulting in a realized
loss of $2.5 million (44% loan loss severity). Total losses to the
trust are approximately $3.2 million, which includes the partial
principal writedown of the single loan currently in special
servicing. The specially serviced loan is the Super 8 -- Woodstock
Loan ($2 million -- less than 1% of the pool), which is secured by
a 72-key limited-service hotel in Woodstock, Ontario. Following
default by the previous borrower, the loan was assumed on May 31,
2012 by a new borrower. The loan was concurrently modified to
include a principal writedown and loss to the trust of
approximately $700,000. The loan is performing, but is expected to
remain in special servicing until continuing legal action against
the former borrower is concluded.

Moody's has assumed a high default probability for four poorly
performing loans representing 6% of the pool. Moody's analysis
attributes to these troubled loans an aggregate $2 million loss
(15% expected loss severity based on a 50% probability default).

Moody's was provided with full-year 2011 and partial year 2012
operating results for 61% and 48% of the pool, respectively.
Excluding troubled and specially serviced loans, Moody's weighted
average LTV is 89% compared to 92% at last full 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 troubled and specially serviced loans, Moody's actual
and stressed DSCRs are 1.40X and 1.15X, respectively, compared to
1.39X and 1.11X 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 27% of the pool. The largest
loan is the StorageMart Portfolio ($48 million -- 16% of the
pool). The loan is secured by seven cross-collateralized and
cross-defaulted self-storage properties located in the Canadian
provinces of Alberta, Ontario, and Saskatchewan. Individual
property occupancies range from 72% to 99% as of year-end 2012.
Moody's current LTV and stressed DSCR are 84% and 1.16X,
respectively, compared to 90% and 1.08X at last review.

The second largest loan is the Station Park London Loan ($15
million -- 6% of the pool). The loan is secured by office property
in central London, Ontario. The property was 77% leased as of
January 2013, down from 98% at securitization. Property financial
performance has deteriorated in recent years, mirroring the
downward trend in occupancy. Moody's current LTV and stressed DSCR
are 123% and 0.79X, respectively, compared to 108% and 0.90X at
last review.

The third largest loan is the Empress Kanata Loan ($13 million --
5% of the pool). The loan is secured by a retirement community in
suburban Ottawa, Ontario. Occupancy was 90% as of year-end 2011,
up from 76% the prior year. The loan had been on the watchlist for
poor performance, and was removed from the troubled list in June
2012 following sustained improvements in financial performance.
Moody's current LTV and stressed DSCR are 122% and 0.80X,
respectively, compared to 153% and 0.64X at last review.


MERRILL LYNCH 2007-CANADA: Moody's Keeps Ratings on 18 Classes
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 18 classes of
Merrill Lynch Financial Assets Inc. Series 2007-Canada 23 as
follows:

Cl. A-2, Affirmed Aaa (sf); previously on Oct 2, 2007 Definitive
Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Oct 2, 2007 Definitive
Rating Assigned Aaa (sf)

Cl. A-J, Affirmed Aaa (sf); previously on May 10, 2012 Confirmed
at Aaa (sf)

Cl. B, Affirmed Aa2 (sf); previously on May 10, 2012 Confirmed at
Aa2 (sf)

Cl. C, Affirmed A2 (sf); previously on May 10, 2012 Confirmed at
A2 (sf)

Cl. D-1, Affirmed Baa2 (sf); previously on May 10, 2012 Confirmed
at Baa2 (sf)

Cl. D-2, Affirmed Baa2 (sf); previously on May 10, 2012 Confirmed
at Baa2 (sf)

Cl. E-1, Affirmed Baa3 (sf); previously on May 10, 2012 Confirmed
at Baa3 (sf)

Cl. E-2, Affirmed Baa3 (sf); previously on May 10, 2012 Confirmed
at Baa3 (sf)

Cl. F, Affirmed Ba1 (sf); previously on May 10, 2012 Confirmed at
Ba1 (sf)

Cl. G, Affirmed Ba2 (sf); previously on May 10, 2012 Confirmed at
Ba2 (sf)

Cl. H, Affirmed B1 (sf); previously on May 10, 2012 Confirmed at
B1 (sf)

Cl. J, Affirmed B3 (sf); previously on May 10, 2012 Confirmed at
B3 (sf)

Cl. K, Affirmed Caa1 (sf); previously on May 10, 2012 Confirmed at
Caa1 (sf)

Cl. L, Affirmed Caa2 (sf); previously on May 10, 2012 Confirmed at
Caa2 (sf)

Cl. XP-1, Affirmed Aaa (sf); previously on Oct 2, 2007 Definitive
Rating Assigned Aaa (sf)

Cl. XP-2, Affirmed Aaa (sf); previously on Oct 2, 2007 Definitive
Rating Assigned Aaa (sf)

Cl. XC, Affirmed Ba3 (sf); previously on May 10, 2012 Confirmed at
Ba3 (sf)

Ratings Rationale:

The affirmations of the principal classes 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.

The ratings of the IO classes, Classes X-C, XP-1, and XP-2 are
consistent with the expected credit performance of their
referenced classes and thus are affirmed.

Moody's rating action reflects a base expected loss of 3.3% of the
current deal balance. At last review, Moody's base expected loss
was 2.3%. Moody's base expected loss plus realized loss is now
2.2% of the original securitized deal balance compared to 2.1% at
the prior review.

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 extent of growth
in the current macroeconomic environment given the weak pace of
recovery and commercial real estate property markets. Commercial
real estate property values are continuing to move in a modestly
positive direction along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction and moderate job growth have aided this improvement.
However, a consistent upward trend will not be evident until the
volume of investment activity steadily increases for a significant
period, non-performing properties are cleared from the pipeline,
and fears of a Euro area recession are abated.

The hotel sector is performing strongly with nine straight
quarters of growth and the multifamily sector continues to show
increases in demand with a growing renter base and declining home
ownership. Recovery in the office sector continues at a measured
pace with minimal additions to supply. However, office demand is
closely tied to employment, where growth remains slow and
employers are considering decreases in the leased space per
employee. Also, primary urban markets are outperforming secondary
suburban markets. Performance in the retail sector continues to be
mixed with retail rents declining for the past four years, weak
demand for new space and lackluster sales driven by internet sales
growth. Across all property sectors, the availability of debt
capital continues to improve with robust securitization activity
of commercial real estate loans supported by a monetary policy of
low interest rates.

Moody's central global macroeconomic scenario calls for US GDP
growth for 2013 that is likely to remain close to 2% as the
greater impetus from the US private sector is likely to broadly
offset the drag on activity from more restrictive fiscal policy.
Thereafter, Moody's expects the US economy to expand at a somewhat
faster pace than is likely this year, closer to its long-run
average pace of growth. Risks to Moody's forecasts remain skewed
to the downside despite recent positive developments. Moody's
believes that the three most immediate risks are: i) the risk of a
deeper than currently expected recession in the euro area
accompanied by deeper credit contraction, potentially triggered by
a further intensification of the sovereign debt crisis; ii)
slower-than-expected recovery in major emerging markets following
the recent slowdown; and iii) an escalation of geopolitical
tensions, resulting in adverse economic developments.

The methodologies used in this rating were "Moody's Approach to
Rating U.S. CMBS Conduit Transactions" published in September
2000, "Moody's Approach to Rating Canadian CMBS" published in May
2000 and "Moody's Approach to Rating CMBS Large Loan/Single
Borrower Transactions" published in July 2000. The methodology
used in rating Classes X-C, XP-1, and XP-2 was "Moody's Approach
to Rating Structured Finance Interest-Only Securities" published
in February 2012.

Moody's review incorporated the use of the Excel-based CMBS
Conduit Model v 2.62 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 underlying ratings is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
credit assessment 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 assessments
in the same transaction.

The conduit model includes an IO calculator, which uses the
following inputs to calculate the proposed IO rating based on the
published methodology: original and current bond ratings and
credit estimates; original and current bond balances grossed up
for losses for all bonds the IO(s) reference(s) within the
transaction; and IO type as defined in the published methodology.
The calculator then returns a calculated IO rating based on both a
target and mid-point. For example, a target rating basis for a
Baa3 (sf) rating is a 610 rating factor. The midpoint rating basis
for a Baa3 (sf) rating is 775 (i.e. the simple average of a Baa3
(sf) rating factor of 610 and a Ba1 (sf) rating factor of 940). If
the calculated IO rating factor is 700, the CMBS IO calculator
would provide both a Baa3 (sf) and Ba1 (sf) IO indication for
consideration by the rating committee.

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 15 compared to a Herf of 12 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 8.5 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 a review
utilizing MOST (Moody's Surveillance Trends) Reports and a
proprietary program that highlights significant credit changes
that have occurred in the last month as well as cumulative changes
since the last full transaction review. On a periodic basis,
Moody's also performs a full transaction review that involves a
rating committee and a press release. Moody's prior transaction
review is summarized in a press release dated May 10, 2012.

Deal Performance:

As of the April 12, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 33% to $286 million
from $425 million at securitization. The Certificates are
collateralized by 38 mortgage loans ranging in size from less than
1% to 13% of the pool, with the top ten loans representing 68% of
the pool. At last review, the pool included one loan (Kennedy
Commons Loan) with an investment-grade credit assessment. The
credit assessment is removed at the current review. One loan,
representing approximately 1% of the pool, is defeased and is
collateralized by Canadian government securities.

Five loans, representing 19% 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 its
ongoing monitoring of a transaction, Moody's reviews the watchlist
to assess which loans have material issues that could impact
performance.

To date, no loans have liquidated from the pool and there are also
no loans in special servicing.

Moody's has assumed a high default probability for three poorly
performing loans representing 6% of the pool. Moody's analysis
attributes to these troubled loans an aggregate $2 million loss
(15% expected loss severity based on a 50% probability default).

Moody's was provided with full-year 2011 and partial year 2012
operating results for 92% and 49% of the pool, respectively.
Excluding troubled loans, Moody's weighted average LTV is 88%, the
same as at Moody's last full review. Moody's net cash flow
reflects a weighted average haircut of 13.9% to the most recently
available net operating income. Moody's value reflects a weighted
average capitalization rate of 9.0%

Excluding troubled loans, Moody's actual and stressed DSCRs are
1.43X and 1.24X, respectively, compared to 1.35X and 1.15X 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 which previously had a credit assessment is the largest
loan in the pool, the Kennedy Commons Loan ($36 million -- 13% of
the pool), which represents a participation interest in a $73
million mortgage loan. The loan is secured by a power center in
the Scarborough section of Toronto, Ontario. The loan is on the
watchlist due to the lease termination and departure of the
largest tenant, AMC Theatres, in September 2012. Leases for two of
the three largest remaining tenants, Canadian furniture and
mattress retailer The Brick and Sears Whole Home Furniture, expire
in November 2013. The servicer has notified Moody's that Sears has
recently exercised its 5-year renewal option. The servicer has
also indicated that RioCan, the loan sponsor, has commitments or
is in advanced discussions to backfill the majority of the vacant
AMC space with new tenants. Prior to the departure of AMC
Theatres, the property had been 100% leased, the same as at
securitization. RioCan, the largest Canadian real estate
investment trust, is not rated by Moody's. The loan is 50%
recourse to RioCan. Moody's has removed credit assessment for the
loan, reflecting concerns about the departure of lead tenant AMC
Theatres as well as increased cash flow volatility from lease
rollover, particularly for tenants paying above-market rent.
Moody's current LTV and stressed DSCR are 102% and, 0.90X
respectively, compared to 88% and 1.04X at last review.

The second largest loan is the U-Haul Storage Portfolio Loan ($31
million -- 11% of the pool). The loan is secured by five cross-
collateralized self-storage facilities in British Columbia and
Quebec. Property financial performance has been stable since
securitization. Moody's current LTV and stressed DSCR are 89% and
1.10X, respectively, compared to 89% and 1.09X at last review.

The third largest loan is the Holloway Hotel Portfolio ($31
million -- 11% of the pool). The loan is secured by a portfolio of
five lodging properties located in northern Alberta and northern
British Columbia. The portfolio consists of three Super 8 flags,
one Best Western flag, and one Northwest Inn flag. At Moody's last
review, the loans were on the watchlist for low DSCR. The loans
were removed from the watchlist in July 2012 following improved
performance. Moody's current LTV and stressed DSCR are 72% and
1.68X, respectively, compared to 78% and 1.55X at last review.


ML-CFC COMMERCIAL: Fitch Rates $191MM Class A-J Certs. 'BBsf'
-------------------------------------------------------------
Fitch Ratings has placed two classes of ML-CFC Commercial Mortgage
Trust (MLCFC) commercial mortgage pass-through certificates series
2006-3 on Rating Watch Negative:

-- $242.5 million class A-M 'AAAsf';
-- $191 million class A-J 'BBsf';

Key Rating Drivers

The placement on Rating Watch Negative reflects concerns
surrounding the $242.9 million Atrium Hotel Portfolio loans (11.3%
of the pool), which are comprised by a $214.4 million A-Note (10%)
and a $28.5 million B-Note. The master servicer, Midland Loan
Services, L.P., informed Fitch that the subject loans were
transferred to the special servicer after the borrower notified
them of significant upcoming capital improvements needs with
limited available reserves.

The loans are secured by a portfolio of six full-service hotels
located in six metropolitan areas across six different states.
Five of the six hotels are flagged by Hilton Hotels as Embassy
Suites. The combined year-end (YE) December 2012 net operating
income (NOI) reported an 8% improvement over YE December 2011,
however, only two of the six hotels report NOI DSCR's above 1.0x
for YE 2012. Due to loan amortization which began in October 2011,
the combined YE 2012 NOI debt service coverage ratio (DSCR)
reported lower at 1.13 times (x), compared to the interest-only
DSCR's of 1.21x and 1.24x for YE 2011 and YE 2010, respectively.
The portfolios combined occupancy reported at 74% for trailing 12
month (TTM) December 2012.

RATING SENSITIVITIES

The classes placed on Rating Watch Negative may be downgraded by
one or more rating categories. Fitch expects to resolve the Rating
Watch Negative status within the next several months following a
review of the transaction including an in depth review of the
Atrium Hotel Portfolio, and valuation details and collateral
discussions with the loan servicers.


MORGAN STANLEY 1999-LIFE1: Fitch Affirms D Rating on Cl. K Certs
----------------------------------------------------------------
Fitch Ratings has affirmed eight classes of Morgan Stanley Capital
I Trust (MSC) commercial mortgage pass-through certificates series
1999-LIFE1. The affirmations are the result of sufficient credit
enhancement despite significant pool concentration as only two
loans remain. The overall pool performance has been stable since
Fitch's last rating action.

Key Rating Drivers

Fitch modeled losses of 3.2% of the remaining pool; expected
losses on the original pool balance total 4.2%, including losses
already incurred. The pool has experienced $24.4 million (4.1% of
the original pool balance) in realized losses to date. Fitch has
designated one loan (4.1%) as a Fitch Loan of Concern. The pool
does not contain any specially serviced loans.

As of the April 2013 distribution date, the pool's aggregate
principal balance has been reduced by 96.1% to $23.3 million from
$594 million at issuance. No loans have defeased since issuance.
Interest shortfalls are currently affecting classes K through P.

The largest loan in the pool (96%) is secured by a 221,744 square
foot (sf) office building located on Madison Avenue in Manhattan.
The property has a servicer-reported occupancy of 87% and the June
2012 debt service coverage ratio (DSCR) was 4.11 times (x). The
loan matures on Sept. 1, 2013.

Rating Sensitivities

The ratings on classes F and G are expected to be stable as the
credit enhancement remains high through continued pay down and
defeasance. The ratings on classes H, J, and K could be downgraded
further if expected losses increase, or if tenant rollover issues
result in loans being transferred to special servicing.

Fitch affirms the following classes as indicated:

-- $1.6 million class F at 'AAAsf', Outlook Stable;
-- $1.5 million class G at 'Asf', Outlook Stable;
-- $10.4 million class H at 'BBsf', Outlook Negative;
-- $7.4 million class J at 'CCsf', RE 100%;
-- $2.3 million class K at 'Dsf', RE 55%;
-- $0 class L at 'Dsf', RE 0%;
-- $0 class M at 'Dsf', RE 0%;
-- $0 class N at 'Dsf', RE 0%.

The class A-1, A-2, B, C, D and E certificates have paid in full.
Fitch does not rate the class P certificates. Fitch previously
withdrew the rating on the interest-only classes X and O
certificates.


MORGAN STANLEY 2002-TOP7: Fitch Affirms 'D' Rating on L Certs
-------------------------------------------------------------
Fitch Ratings has upgraded one class and affirmed six classes of
Morgan Stanley Dean Witter Capital I Trust 2002-TOP7 (MSDW 2002-
TOP7) commercial mortgage pass-through certificates.

Key Rating Drivers

The upgrade and affirmations are the result of sufficient credit
enhancement despite significant pool concentration as only nine
loans remain. The overall pool performance has been stable since
Fitch's last rating action.

Fitch modeled losses of 12.7% of the remaining pool; expected
losses on the original pool balance total 2.4%, including losses
already incurred. The pool has experienced $19.4 million (2% of
the original pool balance) in realized losses to date. Fitch has
designated two loans (39.4%) as Fitch Loans of Concern, which
includes one specially serviced loan (23.2%).

As of the April 2013 distribution date, the pool's aggregate
principal balance has been reduced by 96.6% to $32.6 million from
$969.4 million at issuance. Per the servicer reporting, one loan
(7.6% of the pool) has defeased since issuance. Interest
shortfalls are currently affecting classes L through O.

The largest contributor to expected losses is an 84,098 square
foot (sf) retail property (16.3% of the pool) located in Tucson,
AZ. Occupancy has not been above 50% since the anchor tenant filed
bankruptcy in 2009 and rejected the lease. As of December 2012 the
occupancy is 36% and the NOI DSCR is 0.70x. The loan is currently
with the master servicer after being modified by the special
servicer in August 2011. The terms of the modification include a
maturity extension until November 2014 with interest-only payments
for all remaining months.

Rating Sensitivities

The ratings on classes G and H are expected to remain stable, as
credit enhancement remains high, which offsets the increasing
concentrations and continued risk of adverse selection. The
Negative Outlook on class J reflects concerns with increased
concentration of the pool and most loans maturing in 2017 or
later. Additional downgrades to the distressed classes (those
rated below 'B') are expected as losses are realized. Classes L,
M, and N will remain at 'Dsf' as losses have been realized.

Fitch upgrades the following class:

-- $3.5 million class G to 'Asf' from 'BBB+sf'; Outlook Stable.

Fitch affirms the following classes:

-- $10.9 million class H at 'BBsf'; Outlook Stable;
-- $8.5 million class J at 'Bsf'; Outlook Negative;
-- $7.3 million class K at 'CCsf'; RE 80%;
-- $2.5 million class L at 'Dsf'; RE 0%.
-- $0 class M at 'Dsf'; RE 0%;
-- $0 class N at 'Dsf'; RE 0%.

The class A-1, A-2, X-2, B, C, D, E and F certificates have paid
in full. Fitch does not rate the class O certificates. Fitch
previously withdrew the rating on the interest-only class X-1
certificates.


MORGAN STANLEY 2004-IQ7: Fitch Affirms CCC Rating on 3 Certs
------------------------------------------------------------
Fitch Ratings has affirmed 13 classes of Morgan Stanley Capital I
Trust (MSC 2004-IQ7) commercial mortgage pass-through certificates
series 2004-IQ7.

Key Rating Drivers

The affirmations reflect stable performance of the pool and
sufficient credit enhancement of the remaining rated classes.
Fitch modeled losses of 1.9% of the remaining pool; expected
losses on the original pool balance total 1.4%. The pool has
experienced $1.2 million (0.1% of the original pool balance) in
realized losses to date. Fitch has designated 20 loans (7.3%) as
Fitch Loans of Concern, which includes one specially serviced
asset (0.3%).

Rating Sensitivities

The ratings of classes A-4 through F are expected to remain stable
based on sufficient credit enhancement levels. The Negative
Outlooks reflect concerns related to significant near-term loan
maturities coupled with single-tenant loan exposure and thin
subordinate tranches. These classes have the potential for
downgrade with any further deterioration in collateral
performance. The distressed classes (those rated below 'Bsf') are
also subject to further downgrades as losses are realized.

As of the April 2013 distribution date, the pool's aggregate
principal balance has been reduced by 31.6% to $590.6 million from
$863 million at issuance. Per the servicer reporting, twelve loans
(26.3% of the pool) have defeased since issuance. Interest
shortfalls are currently affecting the non-rated class O.

The largest contributor to expected losses is a loan (1.7%)
secured by a 116,677 sf retail property located in Boise, ID. The
center has suffered occupancy issues with the vacancy of two large
anchor tenants due to bankruptcy. Both spaces have since been
backfilled by a Nordstrom Rack, Dave & Buster's Restaurant and
Ulta Beauty bringing occupancy to 100% as of YE 2012 with DSCR of
0.93x. Cash flow is expected to improve with full rent
commencement of new tenants.

The next largest contributor to expected losses is a loan (1.3%)
secured by a portfolio of two industrial properties totaling
143,400 sf located in Rancho Cucamonga and Torrance, CA. The
portfolio has suffered occupancy issues with a tenant occupying
104,000 sf of the portfolio vacating in November 2012. Portfolio
occupancy as of YE 2012 was 27% with DSCR of 0.92x. The borrower
is actively marketing the vacant space.

The third largest contributor to expected losses is a loan (1.2%)
secured by a 56,760 sf retail property located in Fishers, IN. The
property has suffered cash flow issues due to occupancy declines.
Occupancy for the center has recovered to 83% as of June 2012 from
a low of 66% in 2010. As of June 2012, DSCR for the center was
1.51x.

Fitch affirms the following classes and revises Rating Outlooks as
indicated:

-- $29.1 million class B at 'AAsf'; Outlook to Stable from
   Positive;
-- $22.7 million class C at 'Asf'; Outlook to Stable from
   Positive;
-- $4.3 million class G at 'BBB-sf'; Outlook to Negative from
   Stable;
-- $5.4 million class H at 'BBsf'; Outlook to Negative from
   Stable.

Fitch affirms the following classes as indicated:

-- $488.2 million class A-4 at 'AAAsf'; Outlook Stable;
-- $6.8 million class D at 'A-sf'; Outlook Stable;
-- $9.4 million class E at 'BBB+sf'; Outlook Stable;
-- $5.4 million class F at 'BBBsf'; Outlook Stable;
-- $4.3 million class J at 'Bsf'; Outlook Negative;
-- $2.2 million class K at 'B-sf'; Outlook Negative;
-- $2.2 million class L at 'CCCsf';
-- $2.2 million class M at 'CCCsf ;
-- $2.2 million class N at 'CCCsf'.

Classes A-1, A-2 and A-3 have paid in full. Fitch does not rate
the class O certificates. Fitch previously withdrew the ratings on
the interest-only class X-1 and X-Y certificates.


MORGAN STANLEY 2004-HQ3: Moody's Affirms Ratings on 17 Classes
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 17 classes of
Morgan Stanley Capital I Trust 2004-HQ3, Commercial Mortgage Pass-
Through Certificates, Series 2004-HQ3 as follows:

Cl. A-4, Affirmed Aaa (sf); previously on Mar 10, 2004 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on Feb 14, 2007 Upgraded to
Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on Feb 14, 2007 Upgraded to
Aaa (sf)

Cl. D, Affirmed Aaa (sf); previously on Sep 26, 2007 Upgraded to
Aaa (sf)

Cl. E, Affirmed Aa1 (sf); previously on Sep 26, 2007 Upgraded to
Aa1 (sf)

Cl. F, Affirmed Aa3 (sf); previously on Sep 26, 2007 Upgraded to
Aa3 (sf)

Cl. G, Affirmed A2 (sf); previously on Feb 14, 2007 Upgraded to A2
(sf)

Cl. H, Affirmed Baa1 (sf); previously on Mar 10, 2004 Definitive
Rating Assigned Baa1 (sf)

Cl. J, Affirmed Baa2 (sf); previously on Mar 10, 2004 Definitive
Rating Assigned Baa2 (sf)

Cl. K, Affirmed Baa3 (sf); previously on Mar 10, 2004 Definitive
Rating Assigned Baa3 (sf)

Cl. L, Affirmed Ba1 (sf); previously on Mar 10, 2004 Definitive
Rating Assigned Ba1 (sf)

Cl. M, Affirmed Ba2 (sf); previously on Mar 10, 2004 Definitive
Rating Assigned Ba2 (sf)

Cl. N, Affirmed B1 (sf); previously on Nov 18, 2010 Downgraded to
B1 (sf)

Cl. O, Affirmed B2 (sf); previously on Nov 18, 2010 Downgraded to
B2 (sf)

Cl. P, Affirmed B3 (sf); previously on Nov 18, 2010 Downgraded to
B3 (sf)

Cl. Q, Affirmed Caa3 (sf); previously on Nov 18, 2010 Downgraded
to Caa3 (sf)

Cl. X-1, Affirmed Ba3 (sf); previously on Feb 22, 2012 Downgraded
to Ba3 (sf)

Ratings Rationale:

The affirmations for the 16 principal and interest bonds 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.

The rating of the IO Class, Class X-1, is consistent with the
expected credit performance of its referenced classes and thus is
affirmed.

Moody's rating action reflects a base expected loss of 2.7% of the
current pooled balance compared to 3.0% at last review. Moody's
based expected loss plus realized losses is now 1.8% of the
original pooled balance compared to 2.0% at last review. Depending
on the timing of loan payoffs and the severity and timing of
losses from specially serviced loans, the credit enhancement level
for the 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 extent of growth
in the current macroeconomic environment given the weak pace of
recovery and commercial real estate property markets. Commercial
real estate property values are continuing to move in a modestly
positive direction along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction and moderate job growth have aided this improvement.
However, a consistent upward trend will not be evident until the
volume of investment activity steadily increases for a significant
period, non-performing properties are cleared from the pipeline,
and fears of a Euro area recession are abated.

The hotel sector is performing strongly with nine straight
quarters of growth and the multifamily sector continues to show
increases in demand with a growing renter base and declining home
ownership. Recovery in the office sector continues at a measured
pace with minimal additions to supply. However, office demand is
closely tied to employment, where growth remains slow and
employers are considering decreases in the leased space per
employee. Also, primary urban markets are outperforming secondary
suburban markets. Performance in the retail sector continues to be
mixed with retail rents declining for the past four years, weak
demand for new space and lackluster sales driven by internet sales
growth. Across all property sectors, the availability of debt
capital continues to improve with robust securitization activity
of commercial real estate loans supported by a monetary policy of
low interest rates.

Moody's central global macroeconomic scenario calls for US GDP
growth for 2013 that is likely to remain close to 2% as the
greater impetus from the US private sector is likely to broadly
offset the drag on activity from more restrictive fiscal policy.
Thereafter, Moody's expects the US economy to expand at a somewhat
faster pace than is likely this year, closer to its long-run
average pace of growth. Risks to Moody's forecasts remain skewed
to the downside despite recent positive developments. Moody's
believes that the three most immediate risks are: i) the risk of a
deeper than currently expected recession in the euro area
accompanied by deeper credit contraction, potentially triggered by
a further intensification of the sovereign debt crisis; ii)
slower-than-expected recovery in major emerging markets following
the recent slowdown; and iii) an escalation of geopolitical
tensions, resulting in adverse economic developments.

The methodologies used in this rating were "Moody's Approach to
Rating Fusion U.S. CMBS Transactions" published in April 2005 and
"Moody's Approach to Rating CMBS Large Loan/Single Borrower
Transactions" published in July 2000. The methodology used in
rating Class X-1 was "Moody's Approach to Rating Structured
Finance Interest-Only Securities" published in February 2012.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.62 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 assessments is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
credit assessment 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 assessment
level, is incorporated for loans with similar credit assessments
in the same transaction.

CMBS Conduit Model v 2.62 includes an IO calculator, which uses
the following inputs to calculate the proposed IO rating based on
the published methodology: original and current bond ratings and
credit assessments; original and current bond balances grossed up
for losses for all bonds the IO(s) reference(s) within the
transaction; and IO type as defined in the published methodology.
The calculator then returns a calculated IO rating based on both a
target and mid-point. For example, a target rating basis for a
Baa3 (sf) rating is a 610 rating factor. The midpoint rating basis
for a Baa3 (sf) rating is 775 (i.e. the simple average of a Baa3
(sf) rating factor of 610 and a Ba1 (sf) rating factor of 940). If
the calculated IO rating factor is 700, the CMBS IO calculator
would provide both a Baa3 (sf) and Ba1 (sf) IO indication for
consideration by the rating committee.

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 13 compared to 14 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 8.5 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 a review
utilizing MOST (Moody's Surveillance Trends) Reports and a
proprietary program that highlights significant credit changes
that have occurred in the last month as well as cumulative changes
since the last full transaction review. On a periodic basis,
Moody's also performs a full transaction review that involves a
rating committee and a press release. Moody's prior transaction
review is summarized in a press release dated June 26, 2012.

Deal Performance:

As of the April 15, 2013 distribution date, the transaction's
aggregate pooled certificate balance has decreased by 48% to $686
million from $1.3 billion at securitization. The Certificates are
collateralized by 76 mortgage loans ranging in size from less than
1% to 15% of the pool, with the top ten loans representing 55% of
the pool. Nine loans, representing 14% of the pool, have been
defeased and are collateralized with U.S. Government Securities.
One loan, representing 15% of the pool, has an investment grade
credit assessment.

Thirty-seven loans, representing 34% of the pool, are on the
master servicer's watchlist. The watchlist includes loans which
meet certain portfolio review guidelines established as part of
the CRE Finance Council (CREFC) monthly reporting package. As part
of its 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 at a loss from the pool, resulting
in an aggregate realized loss of $5 million (68% average loss
severity). One loan, representing less than 1% of the pool, is
currently in special servicing. The specially serviced loan is the
Gwinnett Walk Loan ($2.6 million -- 0.4% of the pool), which is
secured by a 25,000 square foot (SF) retail property located in
Duluth, Georgia. The loan transferred to special servicing in
January 2013. The property was 55% leased as of January 2013.

Moody's has assumed a high default probability for nine poorly
performing loans representing 9% of the pool and has estimated a
$9.9 million aggregate loss (15.8% expected loss overall) from the
specially serviced and troubled loans.

Moody's was provided with full year 2011 and partial or full year
2012 operating results for 96% and 88% of the pool's non-defeased
loans, respectively. Moody's weighted average conduit LTV is 83%
compared to 82% at Moody's prior review. The conduit portion of
the pool excludes specially serviced, troubled and defeased loans
as well as the loan with a credit assessment. 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 9.4%.

Moody's actual and stressed conduit DSCRs are 1.30X and 1.25X,
respectively, compared to 1.34X and 1.25X 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 assessment is the GIC Office Portfolio Loan
($104 million -- 15.1% of the pool), which is a pari-passu
interest in a $661 million first mortgage loan. The portfolio is
also encumbered by a $118 million B-note. The portfolio is secured
by 12 office properties totaling 6.4 million SF that are located
in seven states. The largest geographic concentrations are
Illinois (39%), Pennsylvania (17%) and California (16%). The
portfolio was 87% leased as of September 2012, which is the same
as at last review. Moody's current credit assessment and stressed
DSCR are Baa3 and 1.47X, respectively, compared to Baa3 and 1.44X
at last review.

The top three conduit loans represent 25% of the pool. The largest
loan is the Harbor Steps Loan ($93 million -- 13.5% of the pool),
which is secured by a 739 unit four building class A apartment
complex located in Seattle, Washington's Financial District. The
complex is also encumbered by a $21 million B-note. The collateral
was 95% leased as of December 2012, which is the same as at last
review. Moody's LTV and stressed DSCR are 78% and 1.11X,
respectively, compared to 79% and 1.09X at last review.

The second largest conduit loan is the Alamo Quarry Market &
Quarry Crossing Loan ($59 million -- 8.6% of the pool), which
represents a pari passu interest in a $93 million first mortgage
loan. The loan is secured by a 590,000 SF power center located in
San Antonio, Texas. The center was 99% leased as of December 2012
compared to 94% at last review. The borrower does not consolidate
the property's tenant sales reports, but many tenants including
Victoria's Secret, Lululemon and Old Navy reported solid 2012
sales per square foot with double digit percentage increases.
Moody's LTV and stressed DSCR are 86% and 1.10X, respectively,
compared to 84% and 1.13X at last review.

The third largest conduit loan is the Lifetime Pool Loan ($22
million -- 3.2% of the pool), which is secured by two health &
fitness clubs totaling 279,000 SF. The properties are located in
Canton and Rochester Hills, Michigan. Lifetime Fitness, which
trades on the NYSE (Ticker: LTM), leases the properties through
October 2023 with a blended base rent of $17 PSF. Lifetime
operates approximately 100 similar facilities throughout the
United States and Canada. Moody's LTV and stressed DSCR are 88%
and 1.82X, respectively, compared to 90% and 1.77X at last review


MORGAN STANLEY 2006-IQ12: S&P Affirms CCC+ Rating on Cl. B Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on 10
classes of commercial mortgage pass-through certificates from
Morgan Stanley Capital I Trust 2006-IQ12, a U.S. commercial
mortgage-backed securities (CMBS) transaction.  In addition, S&P
withdrew its AAA (sf)' rating on the class A-3 certificates from
the same transaction.

The affirmations follow S&P's analysis of the transaction
primarily using its criteria for rating U.S. and Canadian CMBS.
S&P's analysis included a review of the credit characteristics and
performance of all of the remaining assets in the pool, the
transaction structure, and the liquidity available to the trust.

The affirmations of the principal and interest certificate ratings
reflect S&P's expectation that the available credit enhancement
for these classes will be within our estimated necessary credit
enhancement required for the current outstanding ratings.  The
affirmations also reflect S&P's review of the remaining assets'
credit characteristics and performance, as well as the
transaction-level changes.

S&P affirmed its 'AAA (sf)' rating on the class X-1, X-2, and X-W
interest-only (IO) certificates based on its criteria for rating
IO securities.

In addition, S&P withdrew its 'AAA (sf)' rating on the class A-3
principal and interest certificates following the full repayment
of its principal balance as detailed in the April 15, 2013,
trustee remittance report.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17-g7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS AFFIRMED

Morgan Stanley Capital I Trust 2006-IQ12
Commercial mortgage pass-through certificates

Class      Rating           Credit enhancement (%)
A-1A       AAA (sf)                         30.35
A-AB       AAA (sf)                         30.35
A-4        AAA (sf)                         30.35
A-M        BBB (sf)                         16.49
A-MFX      BBB (sf)                         16.49
A-J        B+ (sf)                           4.18
B          CCC+ (sf)                         3.32
X-1        AAA (sf)                           N/A
X-2        AAA (sf)                           N/A
X-W        AAA (sf)                           N/A

RATING WITHDRAWN

Morgan Stanley Capital I Trust 2006-IQ12
Commercial mortgage pass-through certificates
              Rating
Class      To          From
A-3        NR          AAA (sf)

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


MORGAN STANLEY 2007-XLF9: Moody's Cuts Rating on X Certs to Caa1
----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of three classes,
downgraded one class and affirmed three classes of Morgan Stanley
Capital I Inc., Commercial Mortgage Pass-Through Certificates,
Series 2007-XLF9. Moody's rating action is as follows:

Cl. H, Upgraded to Baa1 (sf); previously on Nov 10, 2011
Downgraded to Caa1 (sf)

Cl. J, Upgraded to Ba1 (sf); previously on Nov 10, 2011 Downgraded
to Caa2 (sf)

Cl. K, Upgraded to B1 (sf); previously on Nov 10, 2011 Confirmed
at Caa3 (sf)

Cl. L, Affirmed C (sf); previously on Dec 17, 2010 Downgraded to C
(sf)

Cl. M-RND, Affirmed C (sf); previously on Dec 17, 2010 Downgraded
to C (sf)

Cl. N-RND, Affirmed C (sf); previously on Dec 17, 2010 Downgraded
to C (sf)

Cl. X, Downgraded to Caa1 (sf); previously on Aug 9, 2012
Downgraded to B2 (sf)

Ratings Rationale:

The upgrades of Classes H, J and K are due to the payoff of two
loans which comprised of 76% of the pool at last review. The
downgrade of Class X is due to the decline in credit performance
of its reference classes as a result of principal pay downs of
higher quality referenced classes and pool expected losses of
lower referenced classes. The ratings of pooled Class L and non-
pooled, or rake Classes M-RND and N-RND are consistent with
Moody's expected loss and thus are affirmed.

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 extent of growth
in the current macroeconomic environment given the weak pace of
recovery and commercial real estate property markets. Commercial
real estate property values are continuing to move in a modestly
positive direction along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction and moderate job growth have aided this improvement.
However, a consistent upward trend will not be evident until the
volume of investment activity steadily increases for a significant
period, non-performing properties are cleared from the pipeline,
and fears of a Euro area recession are abated.

The hotel sector is performing strongly with nine straight
quarters of growth and the multifamily sector continues to show
increases in demand with a growing renter base and declining home
ownership. Recovery in the office sector continues at a measured
pace with minimal additions to supply. However, office demand is
closely tied to employment, where growth remains slow and
employers are considering decreases in the leased space per
employee. Also, primary urban markets are outperforming secondary
suburban markets. Performance in the retail sector continues to be
mixed with retail rents declining for the past four years, weak
demand for new space and lackluster sales driven by internet sales
growth. Across all property sectors, the availability of debt
capital continues to improve with robust securitization activity
of commercial real estate loans supported by a monetary policy of
low interest rates.

Moody's central global macroeconomic scenario calls for US GDP
growth for 2013 that is likely to remain close to 2% as the
greater impetus from the US private sector is likely to broadly
offset the drag on activity from more restrictive fiscal policy.
Thereafter, Moody's expects the US economy to expand at a somewhat
faster pace than is likely this year, closer to its long-run
average pace of growth. Risks to Moody's forecasts remain skewed
to the downside despite recent positive developments. Moody's
believes that the three most immediate risks are: i) the risk of a
deeper than currently expected recession in the euro area
accompanied by deeper credit contraction, potentially triggered by
a further intensification of the sovereign debt crisis; ii)
slower-than-expected recovery in major emerging markets following
the recent slowdown; and iii) an escalation of geopolitical
tensions, resulting in adverse economic developments.

The principal methodology used in this rating was "Moody's
Approach to Rating CMBS Large Loan/Single Borrower Transactions"
published in July 2000. The methodology used in rating Class X was
"Moody's Approach to Rating Structured Finance Interest-Only
Securities" published in February 2012.

Moody's review incorporated the use of the excel-based Large Loan
Model v 8.5. 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. The model
incorporates the CMBS IO calculator ver1.1, which uses the
following inputs to calculate the proposed IO rating based on the
published methodology: original and current bond ratings and
credit assessments; original and current bond balances grossed up
for losses for all bonds the IO(s) reference(s) within the
transaction; and IO type corresponding to an IO type as defined in
the published methodology. The calculator then returns a
calculated IO rating based on both a target and mid-point . For
example, a target rating basis for a Baa3 (sf) rating is a 610
rating factor. The midpoint rating basis for a Baa3 (sf) rating is
775 (i.e. the simple average of a Baa3 (sf) rating factor of 610
and a Ba1 (sf) rating factor of 940). If the calculated IO rating
factor is 700, the CMBS IO calculator would provide both a Baa3
(sf) and Ba1 (sf) IO indication for consideration by the rating
committee.

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 a review
utilizing MOST (Moody's Surveillance Trends) Reports and
Remittance Statements. On a periodic basis, Moody's also performs
a full transaction review that involves a rating committee and a
press release. Moody's prior transaction review is summarized in a
press release dated August 9, 2012.

Deal Performance:

As of the April 15, 2013 distribution date, the transaction's
aggregate pool certificate balance has decreased by 91% to $108
million from $1.3 billion at securitization. Since last review,
the certificate balance has decreased by 80% due to the payoff of
two loans and the partial paydown of three loans. The Certificates
are collateralized by four floating-rate mortgage loans ranging in
size from 12% to 40% of the pool.

The pool has not experienced any losses to date. As of the April
remittance report, there were no interest shortfalls. However,
this is due to default interest received which paid back interest
shortfalls which the trust had previously experienced. Moody's
expects shortfalls to reappear in the May remittance statement,
absent of any default interest collected, due to shortfalls caused
by the Reunion Land loan. Interest shortfalls are caused by
special servicing fees, including workout and liquidation fees,
appraisal subordinate entitlement reductions (ASERs) and
extraordinary trust expenses.

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. Large
loan transactions generally have a Herf of less than 20. The pool
has a Herf of 3.4 compared to 1.9 at last review.

There are currently three loans in special servicing (73% of
pooled balance) which are the Great River Entertainment Complex
loan (40%), the Reunion Land loan (21%) and the Hyatt Place
Portfolio loan (12%).

The largest loan is the Great River Entertainment Complex loan
($43.8 million; 40% of the pooled trust balance) which transferred
to special servicing in April of 2012 due to the borrower's
inability to secure financing upon maturity. The loan has been
extended until December 2014. The loan is secured by a 23,700
square foot (SF) land based casino complex, a Riverboat casino
(1,079 slots, 36 tables); a 250,000 SF amusement park and 185
hotel rooms located in Burlington, Iowa. A May 2012 appraisal
values the collateral at $70.24 million. Since last review, the
loan has paid down $4.3 million. There is additional a junior non-
trust component outside of the trust. Moody's pooled LTV is over
88% and stressed DSCR is 1.91X. Moody's current credit assessment
is Caa1 compared to Caa3 at last review.

The Reunion Land loan ($22.5 million; 21% of the pooled trust
balance) originally was collateralized by approximately 430 acres
of land plus a private 18-hole Traditions golf course of a 2,225
acre master planned community known as Reunion Resort, located in
Orlando, Florida. However in 2011, the golf course collateral sold
for $1.5 million and for the remaining collateral, the sales price
equates to 25% of the future net proceeds of the sale of the land.
Though the collateral for the Reunion Land loan has been released,
the note will remain in the trust as a Hope Note through 2015. The
loan will incur interest shortfalls as long as the loan is
outstanding. Moody's credit assessment is C. Non-pooled Classes M-
RND and N-RND are secured by the junior portion of the Hope Note.

The third specially serviced loan is the Hyatt Place Portfolio
loan ($13.3 million; 12% of the pooled trust balance) which
transferred to special servicing in February 2010. The loan is
collateralized by four hotels which include the Hyatt Place San
Antonio Airport; Hyatt Place Bush Intercontinental Airport; Hyatt
Place Dallas North Arlington Grand Prairie; and Hyatt Place Austin
Arboretum. The borrower filed for bankruptcy and the plan was
confirmed in April 2011. The loan has been extended until July
2018 and has paid down $8.7 million since last review. Revenue per
Available Room (RevPAR) for the trailing twelve month period
ending Jan 2013 is up 8.1% over the previous year. Moody's pooled
LTV is 50% and stressed DSCR is 2.53X. Moody's current credit
assessment is Baa1 compared to B3 at last review.

The one remaining loan in the pool not in special servicing is the
Westchester Marriott loan ($28.75 million; 27% of the pooled trust
balance) that has a modified final maturity date of July 2014.


OHA CREDIT VIII: S&P Gives Prelim. BB Rating on $18MM Cl. E Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to OHA Credit Partners VIII Ltd./OHA Credit Partners VIII
Inc.'s $378.5 million floating-rate notes.

The note issuance is a collateralized loan obligation
securitization backed by a revolving pool consisting primarily of
broadly syndicated senior secured loans.

The preliminary ratings are based on information as of May 14,
2013.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

The preliminary ratings reflect S&P's view of:

   -- The credit enhancement provided to the preliminary rated
      notes through the subordination of cash flows that are
      payable to the subordinated notes.

   -- The transaction's credit enhancement, which is sufficient
      to withstand the defaults applicable for the supplemental
      tests (not counting excess spread), and cash flow
      structure, which can withstand the default rate projected
      by Standard & Poor's CDO Evaluator model, as assessed by
      Standard & Poor's using the assumptions and methods
      outlined in its corporate collateralized debt obligation
      (CDO) criteria.

   -- The transaction's legal structure, which is expected to be
      bankruptcy remote.

   -- The diversified collateral portfolio, which consists
      primarily of broadly syndicated speculative-grade senior
      secured term loans.

   -- The collateral manager's experienced management team.

   -- S&P's projections regarding the timely interest and
      ultimate principal payments on the preliminary rated notes,
      which S&P assessed using its cash flow analysis and
      assumptions commensurate with the assigned preliminary
      ratings under various interest rate scenarios, including
      LIBOR ranging from 0.28%-12.87%.

   -- The transaction's overcollateralization and interest
      coverage tests, a failure of which will lead to the
      diversion of interest and principal proceeds to reduce the
      balance of the rated notes outstanding.

   -- The transaction's interest diversion test, a failure of
      which will lead to the reclassification of up to 50% of
      excess interest proceeds that are available (before paying
      subordinated and incentive collateral management fees,
      uncapped administrative expenses and hedge amounts,
      subordinated note payments, expenses related to a
      refinancing, and the supplemental reserve amount) to
      principal proceeds for the purchase of additional
      collateral assets or, after the noncall period, to pay the
      notes sequentially, at the election of the collateral
      manager, but only during the reinvestment period.  After
      the end of the reinvestment period, up to 50% of the excess
      interest proceeds are used only to pay the notes
      sequentially.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

The Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

       http://standardandpoorsdisclosure-17g7.com/1536.pdf

PRELIMINARY RATINGS ASSIGNED

OHA Credit Partners VIII Ltd./OHA Credit Partners VIII Inc.

Class                  Rating                    Amount
                                               (mil. $)
A                      AAA (sf)                   244.0
B                      AA (sf)                     57.0
C (deferrable)         A (sf)                      29.0
D (deferrable)         BBB (sf)                    21.5
E (deferrable)         BB (sf)                     18.0
F (deferrable)         B (sf)                       9.0
Subordinated notes     NR                          36.5

NR-Not rated.


ORCHID STRUCTURED: New Manager Appt. No Impact on Moody's Ratings
-----------------------------------------------------------------
Moody's Investors Service determined that the appointment of Dock
Street Capital Management, LLC ("Dock Street") as successor
Collateral Manager to Orchid Structured Finance CDO , Ltd., (the
"Issuer") under the provisions of an amended and restated
Collateral Management Agreement (the "Agreement") between the
Issuer and Dock Street dated as of May 10, 2013 (the "Appointment
and Amendment") and performance of the activities contemplated
therein will not in and of themselves and at this time result in
the withdrawal, reduction or other adverse action with respect to
any current rating by Moody's of any Class of Notes issued by the
Issuer. Moody's does not express an opinion as to whether the
Appointment and Amendment could have non-credit-related effects.

Under the terms of the Appointment, Dock Street agrees to assume
all the responsibilities, duties and obligations of the Collateral
Manager under the Agreement and under the applicable terms of the
Indenture. Moreover, the Amendment does not alter the
responsibilities, duties and obligations of the Collateral Manager
under the Agreement in a meaningful way other than to reflect
changes in the Agreement due to the replacement of the existing
Collateral Manager. In reaching its conclusion as to the possible
effects of the Appointment and the Amendment on the current
Moody's ratings of the Notes Moody's considered, among other
factors, the experience and capacity of Dock Street to perform
duties of Collateral Manager to the Issuer.

The principal methodology used in reaching its conclusion and in
monitoring the ratings of the Notes issued by the Issuer is
"Moody's Approach to Rating SF CDOs", published in May 2012.

Other methodologies and factors that may have been considered in
the process of rating the Notes issued by the Issuer can also be
found in the Rating Methodologies sub-directory on Moody's
website.

Moody's will continue monitoring the ratings of the notes issued
by the Issuer. Any change in the ratings will be publicly
disseminated by Moody's through appropriate media.

On December 21, 2012, Moody's Investors Service upgraded the
ratings of the following notes issued by Orchid Structured Finance
CDO, Limited.

$32,500,000 Class A-2 Floating Rate Term Notes Due 2038 (current
balance of $6,875,597.04), Upgraded to B2 (sf); previously on
March 8, 2012 Upgraded to Ca (sf)


PUTNAM STRUCTURED 2002-1: Moody's Keeps Caa2 Rating on $80M Notes
-----------------------------------------------------------------
Moody's affirmed the ratings of twelve classes of Notes issued by
Putnam Structured Product CDO 2002-1 Ltd. The affirmations are due
to key transaction parameters performing within levels
commensurate with the existing ratings levels. The negative
migration in WARF and WARR were offset by lower than expected
defaults and accompanying amortization of the rated notes. The
rating action is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation (CRE CDO and
Re-Remic) transactions.

Moody's rating action is as follows:

$176,000,000 Class A-1MT -a Medium Term Floating Rate Notes Due
2038, Affirmed Baa2 (sf); previously on May 16, 2012 Upgraded to
Baa2 (sf)

$176,000,000 Class A-1MT -b Medium Term Floating Rate Notes Due
2038, Affirmed Baa2 (sf); previously on May 16, 2012 Upgraded to
Baa2 (sf)

$176,000,000 Class A-1MT -c Medium Term Floating Rate Notes Due
2038, Affirmed Baa2 (sf); previously on May 16, 2012 Upgraded to
Baa2 (sf)

$176,000,000 Class A-1MM -d Floating Rate Notes Due 2038, Affirmed
Baa2 (sf); previously on May 16, 2012 Upgraded to Baa2 (sf)

$176,000,000 Class A-1MM -e Floating Rate Notes Due 2038, Affirmed
Baa2 (sf); previously on May 16, 2012 Upgraded to Baa2 (sf)

$176,000,000 Class A-1MM -f Floating Rate Notes Due 2038, Affirmed
Baa2 (sf); previously on May 16, 2012 Upgraded to Baa2 (sf)

$176,000,000 Class A-1MM -g Floating Rate Notes Due 2038, Affirmed
Baa2 (sf); previously on May 16, 2012 Upgraded to Baa2 (sf)

$176,000,000 Class A-1MM -h Floating Rate Notes Due 2038, Affirmed
Baa2 (sf); previously on May 16, 2012 Upgraded to Baa2 (sf)

$176,000,000 Class A-1MM -i Floating Rate Notes Due 2038, Affirmed
Baa2 (sf); previously on May 16, 2012 Upgraded to Baa2 (sf)

$176,000,000 Class A-1MM -j Floating Rate Notes Due 2038, Affirmed
Baa2 (sf); previously on May 16, 2012 Upgraded to Baa2 (sf)

$80,000,000 Class A-2 Floating Rate Notes Due 2038, Affirmed Caa3
(sf); previously on Mar 4, 2010 Downgraded to Caa3 (sf)

$150,000,000 Class B Participating Notes Due 2038, Affirmed Ba3
(sf); previously on May 16, 2012 Upgraded to Ba3 (sf)

Ratings Rationale:

Putnam Structured Product CDO 2002-1 Ltd. is a static cash
transaction backed by a portfolio of commercial mortgage backed
securities (CMBS) (48.8% of the pool balance), asset backed
securities (ABS) (41.3%; of which 43.3% of these are government-
sponsored mortgage-backed securities (RMBS); the remainder
primarily in the form of subprime, Alt-A residential mortgage
backed securities (RMBS), and CRE CDOs (9.9%). As of the April 3,
2013 Trustee Note Valuation Report, the aggregate Note balance of
the transaction is $772 million from $2.0 billion at issuance,
which includes $614 million additional principal redemption to the
Class A Notes since last review as a result of regular
amortization of the underlying collateral. The Class A Notes pay
pro-rata with the Class B and Class C Notes, subject to certain
conditions, which has resulted in partial principal redemption of
the notes.

Moody's has identified the following parameters as key indicators
of the expected loss within CRE CDO transactions: weighted average
rating factor (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 assessments for the non-
Moody's rated collateral. The bottom-dollar WARF is a measure of
the default probability within a collateral pool. Moody's modeled
a bottom-dollar WARF of 3,040 compared to 1,490 at last review.
The distribution of current ratings and credit assessments is as
follows: Aaa-Aa3 (37.7% compared to 61.2% at last review), A1-A3
(8.6% compared to 4.6%), Baa1-Baa3 (4.1% compared to 6.9%), Ba1-
Ba3 (4.2% compared to 5.8%), B1-B3 (15.5% compared to 7.0%), and
Caa1-C (30.0% compared to 14.5%).

WAL acts to adjust the probability of default of the collateral in
the pool for time. Moody's modeled to a WAL of 5.1 compared to 4.3
at last review. The current WAL is based on assumptions about
extensions on the underlying collateral.

WARR is the par-weighted average of the mean recovery values for
the collateral assets in the pool. Moody's modeled a fixed 38%
WARR compared to 58.3% at last review.

MAC is a single factor that describes the pair-wise asset
correlation to the default distribution among the instruments
within the collateral pool (i.e. the measure of diversity).
Moody's modeled a MAC of 0%, the same as at last review. The low
MAC reflects the high diversity of the collateral pool by both
number of names and asset types along with a diverse credit range.

Moody's review incorporated CDOROM v2.8, one of Moody's CDO rating
models, which was released on March 25, 2013.

The cash flow model, CDOEdge v3.2.1.2, was used to analyze the
cash flow waterfall and its effect on the capital structure of the
deal.

Moody's analysis encompasses the assessment of stress scenarios.

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
38.0% to 28.0% or up to 48.0% would result in a modeled rating
movement on the rated tranches 0 to 2 notches downward and 0 to 4
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 extent of growth
in the current macroeconomic environment given the weak pace of
recovery in the commercial real estate property markets.
Commercial real estate property values are continuing to move in a
modestly positive direction along with a rise in investment
activity and stabilization in core property type performance.
Limited new construction and moderate job growth have aided this
improvement. However, a consistent upward trend will not be
evident until the volume of investment activity steadily increases
for a significant period, non-performing properties are cleared
from the pipeline, and fears of a Euro area recession are abated.

The hotel sector continues to exhibit growth albeit at a slightly
slower pace. The multifamily sector should remain stable with
moderate growth. Gradual recovery in the office sector continues
and will be assisted in the next quarter when absorption is likely
to outpace completions. However, since office demand is closely
tied to employment, Moody's expects regional employment growth to
provide market differentiation. CBD markets continue to outperform
secondary suburban markets. The retail sector exhibited a slight
reduction in vacancies in the first quarter; the largest drop
since 2005. However, consumers continue to be cautious as
evidenced by sales growth continuing below historical trends.
Across all property sectors, the availability of debt capital
continues to improve with robust securitization activity of
commercial real estate loans supported by a monetary policy of low
interest rates.

Moody's central global macroeconomic outlook indicates the global
economy has lost momentum over the past quarter as it tries to
recover. US GDP growth for 2013 is likely to remain close to 2%,
however US sequestration cuts that came into effect in March may
create a drag on the positive growth in the US private sector.
While the broad economic impact in unclear, the direct effect is
likely to shave 0.4% off US GDP growth in 2013. Continuing from
the previous quarter, Moody's believes that the three most
immediate risks are: i) the risk of an even deeper than currently
expected recession in the euro area, accompanied by deeper credit
contraction, potentially triggered by a further intensification of
the sovereign debt crisis; ii) slower-than-expected recovery in
major emerging markets following the recent slowdown; and iii) an
escalation of geopolitical tensions, resulting in adverse economic
developments.

The methodologies used in this rating were "Moody's Approach to
Rating SF CDOs" published in May 2012, and "Moody's Approach to
Rating Commercial Real Estate CDOs" published in July 2011.


RESIDENTIAL REINSURANCE: S&P Gives Prelim B- Rating to Cl 3 Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B-
(sf)' preliminary rating to the Series 2013-I Class 3 notes to be
issued by Residential Reinsurance 2013 Ltd. (Res Re 2013).  The
notes cover losses in the covered area from tropical
cyclone/hurricane, earthquake, severe thunderstorm, winter storm,
and wildfire on a per-occurrence basis.

The Class 3 notes will cover losses between the attachment point
of $1.356 billion and the exhaustion point of $2.057 billion.  The
preliminary rating is based on the lower of the following: the
rating on the catastrophe risk ('B-'), the rating on the assets in
the reinsurance trust account ('AAAm'), and the risk of nonpayment
by the ceding insurer, United Services Automobile Assn. (USAA;
AA+/Negative/--).

The cedants will be USAA, a reciprocal interinsurance exchange
organized under the laws of Texas; USAA Casualty Insurance Co., a
Texas corporation; USAA Texas Lloyd's Co., a Texas Lloyd's plan
insurer; USAA General Indemnity Co., a Texas-domiciled stock
insurance company; Garrison Property and Casualty Insurance Co.;
and other affiliates.  These entities will be responsible for
the quarterly payment due under the reinsurance contract with Res
Re 2013.

RATINGS LIST

Residential Reinsurance 2013 Ltd.
Series 2013-I Class 3 Notes
  Senior Unsecured                        B-(sf)(prelim)


SEQUOIA MORTGAGE 2013-7: Fitch to Rate Cl. B-4 Certificate 'BBsf'
-----------------------------------------------------------------
Fitch Ratings expects to rate Sequoia Mortgage Trust 2013-7 (SEMT
2013-7) as follows:

-- $211,939,000 class A-1 certificate 'AAAsf'; Outlook Stable;
-- $211,939,000 class A-2 certificate 'AAAsf'; Outlook Stable;
-- $211,939,000 class A-IO1 notional certificate 'AAAsf'; Outlook
   Stable;
-- $423,878,000 class A-IO2 notional certificate 'AAAsf'; Outlook
   Stable;
-- $8,165,000 class B-1 certificate 'AAsf'; Outlook Stable;
-- $7,711,000 class B-2 certificate 'Asf'; Outlook Stable;
-- $6,577,000 class B-3 certificate 'BBBsf'; Outlook Stable;
-- $2,494,000 non-offered class B-4 certificate 'BBsf'; Outlook
   Stable.

The $4,763,656 non-offered class B-5 certificate will not be rated
by Fitch.

KEY RATING DRIVERS

High-Quality Mortgage Pool: The collateral pool consists primarily
of 30-year fixed-rate fully documented loans to borrowers with
strong credit profiles, low leverage, and substantial liquid
reserves. All but 0.8% of the loans are fully amortizing. Third-
party loan-level due diligence was conducted on 98% of the overall
pool, and Fitch believes the results of the review generally
indicate strong underwriting controls.

Originators with Limited Performance History: The majority of the
pool was originated by lenders with limited non-agency performance
history. While the significant contribution of loans from these
originators is a concern, Fitch believes the lack of performance
history is partially mitigated by the 100% third-party diligence
conducted on these loans that resulted in immaterial findings.
Fitch also considers the credit enhancement (CE) on this
transaction sufficient to mitigate the originator risk.

Geographically Diverse Pool: The collateral pool is geographically
diverse. The percentage in the top three metropolitan statistical
areas (MSA) is 23.2% and concentration in California is 41.8%
which is similar compared to recent SEMT transactions. The agency
did not apply a default penalty to the pool due to the low
geographic concentration risk.

Transaction Provisions Enhance Performance: As in other recent
SEMT transactions rated by Fitch, SEMT 2013-7 contains binding
arbitration provisions that may serve to provide timely resolution
to representation and warranty disputes. In addition, all loans
that become 120 days or more delinquent will be reviewed for
breaches of representations and warranties.

RATING SENSITIVITIES

Fitch's analysis incorporates sensitivity analyses to demonstrate
how the ratings would react to steeper market value declines
(MVDs) than assumed at both the metropolitan statistical area
(MSA) and national levels. The implied rating sensitivities are
only an indication of some of the potential outcomes and do not
consider other risk factors that the transaction may become
exposed to or be considered in the surveillance of the
transaction.

Fitch conducted sensitivity analysis on areas where the model
projected lower home price declines than that of the overall
collateral pool. The model currently projects sustainable MVDs
(sMVDs) at the MSA level. For two of the top 10 regions, Fitch's
SHP model does not project declines in home prices. These regions
are Dallas-Plano-Irving in Texas (4.7%), and Chicago-Joliet-
Naperville in Illinois (4.6%). Fitch conducted sensitivity
analysis assuming sMVDs of 10%, 15%, and 20% compared with those
projected by Fitch's SHP model for these regions. The sensitivity
analysis indicated no impact on ratings for all bonds in each
scenario.

In its analysis, Fitch considered placing a greater emphasis on
recent economic performance in determining market value declines.
While Fitch's current loan loss model looks to three years of
historical data and one year of projections, this does not
incorporate recent notable economic improvement. To reflect the
more recent economic environment, a sensitivity analysis was
performed using two years of historical economic data and two
years of projections. The result of this sensitivity analysis was
included in the consideration of the loss expectations for this
transaction. This sensitivity analysis resulted in a base sMVD
decline of 12.8% from 13.7%.

Another sensitivity analysis was focused on determining how the
ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10%, 20%, and 30%, in addition to the
model projected 13.7% for this pool. The analysis indicates there
is some potential rating migration with higher MVDs, compared with
the model projection.


SEQUOIA MORTGAGE 2007-2: Moody's Reviews Ratings on 3 RMBS Issues
-----------------------------------------------------------------
Moody's Investors Service placed the ratings of three tranches on
review direction uncertain, from one RMBS transaction issued by
Sequoia Mortgage Trust 2007-2, Mortgage Pass-Through Certificates,
Series 2007-2. The collateral backing this deal primarily consists
of first-lien, adjustable-rate prime Jumbo residential mortgages.
The actions impact approximately $320 million of RMBS issued in
2007.

Complete rating actions are as follows:

Issuer: Sequoia Mortgage Trust 2007-2, Mortgage Pass-Through
Certificates, Series 2007-2

Cl. 1-A1, B2 (sf) Placed Under Review Direction Uncertain;
previously on Aug 31, 2012 Downgraded to B2 (sf)

Cl. 1-A2, B1 (sf) Placed Under Review Direction Uncertain;
previously on Aug 31, 2012 Downgraded to B1 (sf)

Cl. 1-XA, B2 (sf) Placed Under Review Direction Uncertain;
previously on Aug 31, 2012 Downgraded to B2 (sf)

Ratings Rationale:

The actions are a result of the recent performance of the prime
jumbo pools originated from 2005 to 2007 and reflect Moody's
updated loss expectations on these pools. In addition, the rating
actions reflect discovery of an error in the Structured Finance
Workstation (SFW) cash flow model used by Moody's in rating this
transaction. In prior rating actions, the calculation of principal
paid to subordinate bonds was coded incorrectly.

The methodologies used in this rating were "Moody's Approach to
Rating US Residential Mortgage-Backed Securities" published in
December 2008, and "2005-2008 US RMBS Surveillance Methodology"
published in July 2011. The methodology used in rating Interest-
Only Securities was "Moody's Approach to Rating Structured Finance
Interest-Only Securities" published in February 2012.

Moody's adjusts the methodologies for its current view on loan
modifications.

Loan Modifications

As a result of an extension of the Home Affordable Modification
Program (HAMP) to 2013 and an increased use of private
modifications, Moody's is extending its previous view that loan
modifications will only occur through the end of 2012. It is now
assuming that the loan modifications will continue at current
levels until 2014.

When assigning the final ratings to bonds, Moody's considered the
volatility of the projected losses and timeline of the expected
defaults.

The primary sources of assumption uncertainty are Moody's central
macroeconomic forecast and performance volatility as a result of
servicer-related activity such as modifications. The unemployment
rate fell from 8.1% in April 2012 to 7.5% in April 2013. Moody's
forecasts a unemployment central range of 7.0% to 8.0% for the
2013 year. Moody's expects housing prices to continue to rise in
2013. Performance of RMBS continues to remain highly dependent on
servicer activity such as modification-related principal
forgiveness and interest rate reductions. Any change resulting
from servicing transfers or other policy or regulatory change can
also impact the performance of these transactions.


SLM STUDENT 2003-10: Fitch Affirms BB Rating on Class B Notes
-------------------------------------------------------------
Fitch Ratings has upgraded the subordinate notes to 'BBBsf' from
'BBsf' and affirmed the senior notes at 'AAAsf' issued from SLM
Student Loan Trust 2003-2 and 2003-5. In addition, Fitch has
affirmed the senior and subordinate note ratings issued from SLM
Student Loan Trust 2003-10 at 'AAAsf' and 'BBsf'.

The Rating Outlook on the senior notes, which is tied to the
sovereign rating of the U.S. government, remains Negative for all
three trusts, while the Rating Outlook on the subordinate notes
remain Stable.

Fitch used its 'Global Structured Finance Rating Criteria' and
'Rating U.S. Federal Family Education Loan Program Student Loan
ABS' to review the ratings.

Key Rating Drivers

The upgrade on the ratings issued from the SLM Student Loan Trust
2003-2 and 2003-5 is due to healthy trust performance with
positive excess spread. The trusts will benefit from a trapping
feature effective at 40% pool factor when the reserve account is
excluded from parity calculation. Currently the SLM 2003-2 trust
has a pool factor of 43.73% and SLM 2003-5 at 44.30% as of the
February 28, 2013 collection period. Once this feature has been
trigger the reserve account will be excluded from the parity
calculation. This will allow the trust to trap extra cash in the
trust, instead of releasing it out to the issuer.

The ratings on the senior notes for all three trusts are affirmed
based on the sufficient level of credit to cover the applicable
risk factor stresses as well as the subordinate note for the SLM
2003-10 trust. Credit enhancement for the senior notes and
subordinate note consists of overcollateralization and projected
minimum excess spread, while the senior notes also benefit from
subordination provided by the class B note.

Rating Sensitivities

Since FFELP student loan ABS rely on the U.S. government to
reimburse defaults, 'AAAsf' FFELP ABS ratings will likely move in
tandem with the 'AAA' U.S. sovereign rating. Aside from the U.S.
sovereign rating, defaults and basis risk account for the majority
of the risk embedded in FFELP student loan transactions.
Additional defaults and basis shock beyond Fitch's published
stresses could result in future downgrades. Likewise, a buildup of
credit enhancement driven by positive excess spread given
favorable basis factor conditions could lead to future upgrades.

Fitch has taken the following rating actions:

SLM Student Loan Trust 2003-2:

-- Class A-5 affirmed at 'AAAsf'; Outlook Negative;
-- Class A-6 affirmed at 'AAAsf'; Outlook Negative;
-- Class A-7 affirmed at 'AAAsf'; Outlook Negative;
-- Class A-8 affirmed at 'AAAsf'; Outlook Negative;
-- Class A-9 affirmed at 'AAAsf'; Outlook Negative;
-- Class B upgraded to 'BBBsf' from 'BBsf'; Outlook Stable.

SLM Student Loan Trust 2003-5:

-- Class A-5 affirmed at 'AAAsf'; Outlook Negative;
-- Class A-6 affirmed at 'AAAsf'; Outlook Negative;
-- Class A-7 affirmed at 'AAAsf'; Outlook Negative;
-- Class A-8 affirmed at 'AAAsf'; Outlook Negative;
-- Class A-9 affirmed at 'AAAsf'; Outlook Negative;
-- Class B upgraded to 'BBBsf' from 'BBsf'; Outlook Stable.

SLM Student Loan Trust 2003-10:

-- Class A-1A affirmed at 'AAAsf'; Outlook Negative;
-- Class A-1B affirmed at 'AAAsf'; Outlook Negative;
-- Class A-1C affirmed at 'AAAsf'; Outlook Negative;
-- Class A-1D affirmed at 'AAAsf'; Outlook Negative;
-- Class A-1E affirmed at 'AAAsf'; Outlook Negative;
-- Class A-1F affirmed at 'AAAsf'; Outlook Negative;
-- Class A-1G affirmed at 'AAAsf'; Outlook Negative;
-- Class A-1H affirmed at 'AAAsf'; Outlook Negative;
-- Class A-2 affirmed at 'AAAsf'; Outlook Negative;
-- Class A-3 affirmed at 'AAAsf'; Outlook Negative;
-- Class A-4 affirmed at 'AAAsf'; Outlook Negative;
-- Class B affirmed at 'BBsf'; Outlook Stable.


TIERS MISSOURI 2007-1: Moody's Withdraws Caa2 and Ba1 Ratings
-------------------------------------------------------------
Moody's Investors Service is correcting the rating history and
withdrawing the rating for the $31,000,000 Floating Rate Credit
Linked Trust Certificates issued by TIERS Missouri Floating Rate
Credit Linked Trust, Series 2007-1.

Certificates were repurchased and terminated in whole on October
22, 2008. In error, Moody's continued to monitor the transaction
and on February 25, 2009 downgraded the rating to Caa2 (sf) from
Ba1 (sf).

Moody's has now removed the February 25, 2009 downgrade to Caa2
(sf) and withdrawn the Ba1 (sf) rating as of October 22, 2008
because the obligation is not outstanding.


TRAPEZA CDO V: Moody's Lifts Rating on Class A1B Notes From Ba1
---------------------------------------------------------------
Moody's Investors Service upgraded the ratings on the following
notes issued by Trapeza CDO V, LLC:

$120,000,000 Class A1A First Priority Senior Secured Floating Rate
Notes Due 2034, (current balance of $58,882,268.10) Upgraded to
Aa2 (sf); previously on March 27, 2009 Downgraded to Aa3 (sf);

$50,000,000 Class A1B Second Priority Senior Secured Floating Rate
Notes Due 2034, Upgraded to A2 (sf); previously on March 27, 2009
Downgraded to Ba1 (sf);

$33,000,000 Class B Third Priority Senior Secured Floating Rate
Notes Due 2034, Upgraded to Baa1 (sf); previously on March 27,
2009 Downgraded to B1 (sf).

Moody's also affirmed the ratings of the following notes:

$25,000,000 Class C-1 Fourth Priority Senior Secured Floating Rate
Notes Due 2034, (current balance of 29,023,515.60) affirmed Ca
(sf); previously on November 12, 2008 Downgraded to Ca (sf);

$41,000,000 Class C-2 Fourth Priority Secured Fixed/Floating Rate
Notes Due 2034, (current balance of 47,682,706.84) affirmed Ca
(sf); previously on November 12, 2008 Downgraded to Ca (sf);

$13,000,000 Class D Mezzanine Secured Floating Rate Notes Due
2034, (current balance of 11,906,752.89) affirmed C (sf);
previously on November 12, 2008 Downgraded to C (sf).

Rationale

According to Moody's, the rating actions taken on the notes are
primarily a result of deleveraging of the Class A1A notes as well
as the improvement in the credit quality of the underlying
portfolio since the last rating action in March 2009.

Moody's notes that the Class A1A notes have been paid down by
approximately $49M (45%) since the last rating action, due to
diversion of excess interest proceeds and disbursement of
principal proceeds from redemptions of underlying assets. Going
forward, the Class A1A notes will continue to benefit from the
diversion of excess interest and the proceeds from future
redemptions of any assets in the collateral pool.

Moody's also notes that the deal benefited from an improvement in
the credit quality of the underlying portfolio. Based on Moody's
calculation, the weighted average rating factor (WARF) improved to
898 compared to 1664 as of the last rating action date.

Due to the impact of revised and updated key assumptions
referenced in its rating methodology, key model inputs used by
Moody's in its analysis, such as par, weighted average rating
factor, Moody's Asset Correlation, and weighted average recovery
rate, may be different from the trustee's reported numbers. In its
base case, Moody's analyzed the underlying collateral pool to have
a performing par $172 million, defaulted/deferring par of$83
million, a weighted average default probability of 20.15%
(implying a WARF of 898), Moody's Asset Correlation of 18.84%, and
a weighted average recovery rate upon default of 10%. In addition
to the quantitative factors that are explicitly modeled,
qualitative factors are part of rating committee considerations.
Moody's considers the structural protections in the transaction,
the risk of triggering an Event of Default, recent deal
performance under current market conditions, the legal
environment, and specific documentation features. All information
available to rating committees, including macroeconomic forecasts,
inputs 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.

Trapeza CDO V, Ltd, issued on December 18, 2003, is a
collateralized debt obligation backed by a portfolio of bank trust
preferred securities (the 'TruPS CDO').

The portfolio of this CDO is mainly comprised of trust preferred
securities (TruPS) issued by small to medium sized U.S. community
banks that are generally not publicly rated by Moody's. To
evaluate the credit quality of bank TruPS without public ratings,
Moody's uses RiskCalc model, an econometric model developed by
Moody's KMV, to derive their credit scores. Moody's evaluation of
the credit risk for a majority of bank obligors in the pool relies
on FDIC financial data reported as of Q4-2012.

Moody's also evaluates the sensitivity of the rated transaction to
the volatility of the credit estimates, as described in Moody's
Rating Implementation Guidance "Updated Approach to the Usage of
Credit Estimates in Rated Transactions" published in October 2009.

The principal methodology used in this rating was "Moody's
Approach to Rating TRUP CDOs" published in May 2011.

The transaction's portfolio was modeled using CDOROM v.2.8 to
develop the default distribution from which the Moody's Asset
Correlation parameter was obtained.

Moody's performed a number of sensitivity analyses of the results
to certain key factors driving the ratings. Moody's analyzed the
sensitivity of the model results to changes in the portfolio WARF
(representing an improvement or a deterioration in the credit
quality of the collateral pool), assuming that all other factors
are held equal. If the WARF is increased to 1400 from the base
case of 889 the model-implied rating of the Class A1-A notes is
one notch worse than the base case result. Similarly, if the WARF
is decreased to 750, the model-implied rating of the Class A1-A
notes is one notch better than the base case result.

In addition, Moody's also performed two additional sensitivity
analyses as described in the Special Comment "Sensitivity Analyses
on Deferral Cures and Default Timing for Monitoring TruPS CDOs"
published in August 2012. In the first, Moody's gave par credit to
banks that are deferring interest on their TruPS but satisfy
specific credit criteria and thus have a strong likelihood of
resuming interest payments. Under this sensitivity analysis,
Moody's gave par credit to $28 million of bank TruPS. In the
second sensitivity analysis, Moody's ran alternative default-
timing profile scenarios to reflect the lower likelihood of a
large spike in defaults.

Summary of the impact on all rated notes (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:

Sensitivity Analysis 1:

Class A-1A: 0

Class A-1B: +2

Class B: +2

Class C-1: +4

Class C-2: +4

Class D: 0

Sensitivity Analysis 2:

Class A-1A: 0

Class A-1B: +1

Class B: 0

Class C-1: 0

Class C-2: 0

Class D: 0

Class E: 0

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as its outlook on the banking sector
remains negative, although there have been some recent signs of
stabilization. The pace of FDIC bank failures continues to decline
in 2013 compared to the last few years, and some of the previously
deferring banks have resumed interest payment on their trust
preferred securities.


TRAPEZA CDO X: S&P Raises Rating on Class A-1 Notes to 'BB+'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A-1 and A-2 notes from Trapeza CDO X Ltd., a U.S. cash flow trust
preferred collateralized debt obligation (CDO) transaction.  In
addition, S&P affirmed its rating on the class B notes and removed
its rating on the class A-1 notes from CreditWatch, where it
placed it with positive implications on Feb. 22, 2013.

The upgrades reflect a large paydown to the class A-1 notes as
well as the underlying assets' improved credit quality since S&P's
May 10, 2012, rating actions, which followed an update to its
criteria for rating CDOs backed by bank trust preferred
securities.  The affirmation reflects S&P's belief that the credit
support available is commensurate with the current rating level.

The rating actions follow S&P's review of the transaction's
performance using data from the March 31, 2013, trustee report.

Though the total amount of defaulted obligations has remained
stable at $99.95 million since S&P's last rating action, the
amount of deferring obligations decreased, resulting in an overall
drop in nonperforming obligations for the transaction.  According
to the March 2013 trustee report, the transaction held
$41.00 million in underlying collateral obligations deferring
their interest.  This was down from $59.00 million in deferring
obligations noted in the March 31, 2012, trustee report, which S&P
used for its May 2012 rating actions.

As a result of failing overcollateralization (O/C) ratios, the
diversion of available interest proceeds has combined with the
transaction's principal amortization to result in $45.96 million
in paydowns to the class A-1 notes since S&P's last rating action.
To date, the class A-1 notes have been paid down to approximately
60.00% of their original balance at issuance.

The diversion of interest proceeds has resulted in continued
missed interest on the class B notes, which are structured to
allow a deferred interest payment without evoking an event of
default for the transaction.

The drop in deferring obligations combined with the paydown on the
class A-1 notes has resulted in improvement in the transaction's
class A, B, C, and D O/C ratio tests

"Our review of this transaction included a cash flow analysis
based on the portfolio and transaction (as reflected in the
aforementioned trustee report) to estimate future performance.  In
line with our criteria, our cash flow scenarios applied forward-
looking assumptions on the expected default timing and patterns
and recoveries upon default under various interest rate and
macroeconomic scenarios.  In addition, we considered the
transaction's ability to pay timely interest and/or ultimate
principal to each of the rated tranches.  The results
demonstrated, in our view, that all of the rated outstanding
classes have adequate credit enhancement available at the rating
levels associated with these rating actions," 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.

Capital Structure And Key Model Assumptions Comparison

Class                         March 2012         March 2013
                                Notional balance (mil. $)
A-1                             206.80             160.85
A-2                              69.00              69.00
B                                31.69              32.13
C-1                              22.77              23.29
C-2                              43.15              44.14
D-1                              25.84              26.96
D-2                              30.77              34.29

                                    Coverage tests (%)
A O/C                           106.74             119.28
B O/C                            95.73             105.00
C O/C                            78.83              83.95
D O/C                            68.46              71.14

O/C-Overcollateralization test.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATING AND CREDITWATCH ACTIONS

Trapeza CDO X Ltd.
                   Rating       Ratinge
Class              To           From
A-1                BB+(sf)      CCC(sf)/Watch Pos
A-2                CCC+(sf)     CCC-(sf)
B                  CC(sf)       CC(sf)


TRAPEZA CDO XI: S&P Assigns 'CC' Rating on 2 Note Classes
---------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on the class
A-1 notes from Trapeza CDO XI Ltd., a U.S. cash flow trust
preferred collateralized debt obligation (CDO) transaction.  In
addition, S&P affirmed its ratings on the class A-2, A-3, B,
and C notes, and removed its rating on the class A-1 notes from
CreditWatch, where S&P placed it with positive implications on
Feb. 22, 2013.

The upgrades reflect a large paydown to the class A-1 notes as
well as the underlying assets' improved credit quality since S&P's
May 10, 2012, rating actions, which followed an update to its
criteria for rating CDOs backed by bank trust preferred
securities.  The affirmations reflect S&P's belief that the credit
support available is commensurate with the current rating levels.

The rating actions follow S&P's review of the transaction's
performance using data from the April 1, 2013, trustee report.

Though the total amount of defaulted obligations has remained
stable since S&P's last rating action, the amount of deferring
obligations has decreased, resulting in an overall drop in
nonperforming obligations for the transaction.  According to the
April 2013 trustee report, the transaction held $36.00 million in
underlying collateral obligations deferring their interest.  This
was down from $54.00 million in deferring obligations noted in the
April 1, 2012, trustee report, which S&P used for its May 2012
rating actions.

As a result of failing overcollateralization (O/C) ratios, the
diversion of available interest proceeds has combined with the
transaction's principal amortization to result in $45.82 million
in paydowns to the class A-1 notes since S&P's last rating action.
To date, the class A-1 notes have been paid down to approximately
62.44% of their original balance at issuance.

The diversion of interest proceeds has resulted in continued
missed interest on the class B and C notes, which are structured
to allow a deferred interest payment without evoking an event of
default for the transaction.

The drop in deferring obligations combined with the paydown on the
class A-1 notes has resulted in improvement in the transaction's
class A, B, C, D, E, and F O/C ratio tests.

"Our review of this transaction included a cash flow analysis,
based on the portfolio and transaction (as reflected in the
aforementioned trustee report) to estimate future performance.  In
line with our criteria, our cash flow scenarios applied forward-
looking assumptions on the expected default timing and patterns,
and recoveries upon default, under various interest rate and
macroeconomic scenarios.  In addition, we considered the
transaction's ability to pay timely interest and/or ultimate
principal to each of the rated tranches.  The results
demonstrated, in our view, that all of the rated outstanding
classes have adequate credit enhancement available at the rating
levels associated with these rating actions," 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.

Capital Structure And Key Model Assumptions Comparison

Class                    April 2012         April 2013
                          Notional balance (mil. $)
A-1                        221.28             175.45
A-2                         53.00              53.00
A-3                         20.00              20.00
B                           25.88              26.24
C                           34.89              35.69
D-1                         25.18              25.93
D-2                         24.09              26.31
E-1                         15.11              15.76
E-2                          6.76               7.05
F                           14.96              16.97

                                Coverage ratios (%)
A O/C                      104.98             116.33
B O/C                       96.49             105.31
C O/C                       87.01              93.31
D O/C                       77.45              80.38
E O/C                       73.48              75.68
F O/C                       70.03              72.27

O/C--Overcollateralization test.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATING AND CREDITWATCH ACTIONS

Trapeza CDO XI Ltd.
                       Rating
Class              To           From
A-1                BB+ (sf)     CCC+ (sf)/Watch Pos
A-2                CCC- (sf)    CCC- (sf)
A-3                CCC- (sf)    CCC- (sf)
B                  CC (sf)      CC (sf)
C                  CC (sf)      CC (sf)


UNISON GROUND: Fitch Affirms 'BB' Rating on Class F Certs.
----------------------------------------------------------
Fitch Ratings has affirmed the Unison Ground Lease Funding, LLC
Secured Cellular Site Revenue Notes, series 2010-1 and 2010-2 as
follows:

-- $67,000,000 Series 2010-1, Class C at 'Asf'; Outlook Stable;
-- $87,500,000 Series 2010-2, Class C at 'Asf'; Outlook Stable;
-- $41,500,000 Series 2010-2, Class F at 'BBsf'; Outlook Stable.

Key Rating Drivers

The affirmations are due to the stable performance of the
collateral since issuance with no significant changes to the
collateral composition. The Stable Outlooks reflect the limited
prospect for upgrades given the provision to issue additional
notes.

Rating Sensitivities

The classes are expected to remain stable based on continued cash
flow growth due to annual rent escalations and automatic renewal
clauses resulting in higher debt service coverage ratios since
issuance. The ratings have been capped at 'A' due to the
specialized nature of the collateral and the potential for changes
in technology to affect long-term demand for wireless tower space.

The certificates represent beneficial ownership interest in the
trust, primary assets of which are 1,393 wireless communication
sites securing one fixed-rate loan. As of the March 2013
distribution date, the aggregate principal balance of the notes
remains unchanged at $196 million since issuance. The notes are
interest only for the entire seven-year period for Series 2010-1,
Class C and 10 years for classes C and F of Series 2010-2.

The ownership interest in the cellular sites consists primarily of
perpetual and limited long-term easements of land, rooftops, or
other structures on which site space is allocated to wireless
service providers (WSP) and independent tower operators. Thus,
unlike typical cell tower securitizations in which the towers
serve as collateral, the collateral for this securitization
generally consists of easements and the revenue stream from the
payments the owner of the tower and/or tenants of the site pay to
Unison.

As part of its review, Fitch analyzed the collateral data and site
information provided by the master servicer, Midland Loan
Services. As of March 31, 2013, aggregate annualized run rate net
cash flow increased 15.3% since issuance to $27.4 million. The
Fitch stressed DSCR increased from 1.21x at issuance to 2.09x as a
result of the increase in net cash flow.

As of March 2013, the site acquisition account was fully depleted.
The increase in net cash flow resulting from newly acquired sites
is in-line with expectations at issuance.

The portfolio of sites are composed of ground easements, rooftops
and structures which represent 56%, 35% and 9% of revenue
respectively. Site concentrations are in-line with percentages of
revenue at issuance.

The ownership interests in the sites consist of 78.9% perpetual
easements and 19.9% limited term easements. The limited term
easements are generally long term with an average remaining term
in excess of 40 years.


UNITED AUTO 2013-1: S&P Assigns Prelim BB Rating on Class E Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to United Auto Credit Securitization Trust 2013-1's
$150.799 million automobile receivables-backed notes series
2013-1.

The note issuance is an asset-backed securities (ABS) transaction
backed by subprime auto loan receivables.

The preliminary ratings are based on information as of May 13,
2013.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

The preliminary ratings reflect S&P's view of:

   -- The availability of approximately 49.4%, 43.1%, 37.8%,
      31.5, and 21.9% credit support for the class A, B, C, D,
      and E notes, respectively, based on stressed break-even
      cash flow scenarios (including excess spread).

   -- These credit support levels provide coverage of more than
      3.3x, 2.85x, 2.5x, 2.0x, and 1.4x S&P's expected net loss
      range of 14.50-15.00% for the class A, B, C, D, and E
      notes, respectively.

   -- The timely interest and principal payments by the assumed
      legal final maturity dates made under stressed cash flow
      modeling scenarios that are appropriate to the assigned
      preliminary ratings.

   -- S&P'sOur expectation that under a moderate, or 'BBB',
      stress scenario, the ratings on the class A, B, C, and D
      notes would not decline by more than one rating category.
      Under this scenario, the preliminary 'BB (sf)' rated class
      E notes would not decline by more than one rating category
      in the first year but would ultimately not pay off in a
      'BBB' stress scenario, as expected.  These potential rating
      movements are consistent with S&P's credit stability
      criteria, which outline the outer bound of credit
      deterioration as a one-category downgrade within the first
      year for 'AAA' and 'AA' rated securities, and a two-
      category downgrade within the first year for 'A' through
      'BB' rated securities under moderate stress conditions

   -- The credit enhancement in the form of subordination,
      overcollateralization, a reserve account, and excess
      spread, as well as a performance trigger to build
      overcollateralization if net losses exceed designated
      levels.

   -- The collateral characteristics of the subprime pool being
      securitized: the pool is approximately three months
      seasoned (i.e., old) with a weighted average remaining term
      of approximately 36 months.  In addition, only 3.65% of the
      loans have an original term more than 48 months and, as
      a result, S&P expects the pool will pay down more quickly
      than many other subprime pools with longer loan terms.

   -- S&P's analysis of four years of static pool data following
      the credit crisis and after United Auto Credit Corp. (UACC)
      centralized its operations and shifted toward shorter loan
      terms.  S&P also reviewed the performance of UACC's seven
      securitizations from 2004 to 2007.

   -- UACC's 17-plus-year history of originating, underwriting,
      and servicing subprime auto loans.

   -- The transaction's payment and legal structures.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

The Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

         http://standardandpoorsdisclosure-17g7.com/1530.pdf

PRELIMINARY RATINGS ASSIGNED

United Auto Credit Securitization Trust 2013-1

Class  Rating      Type         Interest rate    Amount
                                             (mil. $)(i)
A-1    A-1+ (sf)   Senior        Fixed            38.600
A-2    AAA (sf)    Senior        Fixed            52.580
B      AA (sf)     Subordinate   Fixed            15.820
C      A+ (sf)     Subordinate   Fixed            12.157
D      BBB+ (sf)   Subordinate   Fixed            13.014
E      BB (sf)     Subordinate   Fixed            18.628

  (i)  The actual size of these tranches will be determined on
       the pricing date.


WACHOVIA BANK 2003-C3: S&P Affirms 'B+' Rating on Class J Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on two
classes of commercial mortgage pass-through certificates from
Wachovia Bank Commercial Mortgage Trust's series 2003-C3, a U.S.
commercial mortgage-backed securities (CMBS) transaction.

The affirmations follow S&P's analysis of the transaction
primarily using its criteria for rating U.S. and Canadian CMBS.
S&P's analysis included a review of the credit characteristics and
performance of all of the remaining loans in the pool, the
transaction structure, and the liquidity available to the trust.

The affirmations of the principal and interest certificate ratings
reflect S&P's expectation that the available credit enhancement
for these classes will be within its estimated necessary credit
enhancement requirement for the current outstanding ratings.  S&P
affirmed its ratings on these classes to also reflect the credit
characteristics and performance of the remaining assets, as well
as the transaction-level changes.

S&P's affirmation of its rating on class K also considered that
accumulated interest shortfalls have been outstanding for six
consecutive months.  If the accumulated interest shortfalls remain
outstanding for an extended period of time, S&P may lower its
rating on class K to 'D (sf)'.

While available credit enhancement levels may suggest positive
rating movement on class J, S&P affirmed its rating on this class
because its analysis also considered its view on available
liquidity support and risks associated with potential interest
shortfalls in the future from the specially serviced loans.  Class
J also had accumulated interest shortfalls outstanding between two
and five consecutive months before repaying in full, as detailed
in the April 2013 trustee remittance report.

Using servicer-provided financial information, S&P calculated an
adjusted Standard & Poor's debt service coverage (DSC) ratio of
1.18x and a loan-to-value (LTV) ratio of 69.8% for six of the
eight remaining loans in the pool.  The DSC and LTV calculations
exclude one defeased loan ($733,374, 2.9%), and the 63-65 Austin
Boulevard loan ($244,919, 1.0%), which is secured by an industrial
property in Commack, N.Y. that is currently reported to be 100%
vacant.

As of the April 15, 2013, trustee remittance report, the
collateral pool had an aggregate trust balance of $25.5 million,
down from $937.3 million at issuance.  The pool comprises eight
loans, down from 130 loans at issuance.  To date, the transaction
has experienced losses totaling $39.9 million, or 4.3% of the
transaction's original certificate balance.  The master servicer,
Wells Fargo Bank N.A., reported two loans ($3.0 million, 11.6%) on
its watchlist.

As of the April 15, 2013, trustee remittance report, the trust
experienced monthly interest shortfalls totaling $3,974, of which
$3,824 was related to special servicing fees.  The interest
shortfalls affected only class L, which S&P previously downgraded
to 'D (sf)'.

                     SPECIALLY SERVICED LOANS

The April 15, 2013, trustee remittance report reported two loans
($7.7 million, 30.3%) with the special servicer, LNR Partners LLC
(LNR).  According to LNR, the Connecticut General Life Office
Building loan ($10.6 million, 41.5%) is also with the special
servicer.  Details of the three loans are below:

The Connecticut General Life Office Building loan ($10.6 million,
41.5%) is the largest loan in the pool and with the special
servicer.  The loan is secured by an 189,000-sq.-ft. office
building located in Moosic, Pa., which is a part of the Scranton
metropolitan statistical area.  The loan has a reported two-month
delinquent payment status and total exposure of $10.9 million.
According to LNR, the property is currently 50.0% occupied.  The
office building was previously 100% leased and occupied by a
single tenant, however upon its Dec. 31, 2012, lease expiration,
the tenant reduced its leased space to 94,500 sq. ft.  LNR stated
that it is discussing possible workout strategies with the
borrower.

The Pocalla Springs Apartments loan ($5.9 million, 23.3%), the
second-largest loan with LNR, is secured by a 176-unit multifamily
property located in Sumter, S.C.  The nonperforming matured
balloon loan has a reported total exposure of $6.1 million.  Due
to the borrower's inability to repay the loan in full at its
Jan. 11, 2013, maturity, the loan transferred to the special
servicer on Jan. 17, 2013.  LNR stated that it is discussing
possible workout strategies with the borrower, and reported a
95.4% occupancy and 1.55x DSC as of year-end 2012.

The Park Center Court loan ($1.8 million, 7.0%), the smallest loan
in the pool, is secured by a 25,366-sq.-ft. office building
located in Owings Mills, Md.  The nonperforming matured balloon
loan has a reported total exposure of $1.8 million.  Due to the
borrower's inability to repay the loan in full at its Jan. 1,
2013, maturity, the loan transferred to the special servicer on
Jan. 7, 2013.  LNR stated that it is discussing possible workout
strategies with the borrower and has also initiated the
foreclosure process.  The reported DSC was 1.72x based on
annualized June 2012 financial information.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17-g7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS AFFIRMED

Wachovia Bank Commercial Mortgage Trust
Commercial mortgage pass-through certificates series 2003-C3

Class          Rating               Credit enhancement (%)
J              B+ (sf)                               54.95
K              CCC (sf)                              18.14


WACHOVIA BANK 2004-C12: S&P Affirms BB+ Rating on Class H Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on five
classes of commercial mortgage pass-through certificates from
Wachovia Bank Commercial Mortgage Trust series 2004-C12, a U.S.
commercial mortgage-backed securities (CMBS) transaction.
Concurrently, S&P affirmed its ratings on 13 other classes from
the same transaction, of which 12 classes are in the pooled trust
balance and one class is a nonpooled fully defeased rake class
related to the 11 Madison Avenue loan.  (Raked classes of CMBS
issued in a transaction all relate to one specific mortgage loan.)

S&P's rating actions follow its analysis of the transaction
primarily using its criteria for rating U.S. and Canadian CMBS.
S&P's analysis included a review of the credit characteristics of
all of the remaining assets in the pool, the transaction
structure, and the liquidity available to the trust.

The upgrades reflect S&P's expected available credit enhancement
for the class, which S&P believes is greater than its most recent
estimate of necessary credit enhancement for the most recent
rating level, as well as S&P's views regarding the current and
future performance of the collateral supporting the transaction.

The affirmations of S&P's ratings on the principal and interest
certificates reflect its expectation that the available credit
enhancement for these classes will be within its estimate of the
necessary credit enhancement required for the current outstanding
ratings.  The affirmed ratings also reflect S&P's analysis of the
credit characteristics and performance of the remaining loans and
transaction-level changes.  As it relates specifically to the
affirmations of the Class G, H, J, K, L, M, N, and O principal and
interest certificates, S&P affirmed these ratings to reflect the
current liquidity support available to the classes.

The affirmation of S&P's 'AAA (sf)' rating on the class interest-
only (IO) certificate reflects its current criteria for rating IO
securities.  The affirmation of S&P's 'AA+ (sf)' rating on the
rake class MAD certificate reflects its current criteria for
rating U.S. CMBS transactions backed by defeasance collateral.

As of the April 15, 2013, trustee remittance report, the trust
experienced monthly interest shortfalls totaling $5,835, of which
$5,045 was related to special servicing fees and $790 to workout
fees.  The interest shortfalls affected only class P, which S&P do
not rate.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17-g7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS RAISED

Wachovia Bank Commercial Mortgage Trust
Commercial mortgage pass-through certificates series 2004-C12

                    Rating
Class          To          From     Credit enhancement (%)
B              AAA (sf)    AA+ (sf)                  16.16
C              AA+ (sf)    AA- (sf)                  14.77
D              AA- (sf)    A (sf)                    11.41
E              A (sf)      A- (sf)                    9.83
F              A- (sf)     BBB+ (sf)                  8.05


RATINGS AFFIRMED
Wachovia Bank Commercial Mortgage Trust
Commercial mortgage pass-through certificates series 2004-C12

Class          Rating               Credit enhancement (%)
A-3            AAA (sf)                              19.92
A-4            AAA (sf)                              19.92
A-1A           AAA (sf)                              19.92
G              BBB (sf)                               6.27
H              BB+ (sf)                               4.29
J              BB (sf)                                3.70
K              BB- (sf)                               3.30
L              B+ (sf)                                2.51
M              B (sf)                                 1.92
N              B- (sf)                                1.52
O              CCC+ (sf)                              1.13
IO             AAA (sf)                                N/A
MAD(i)         AA+ (sf)                                N/A

  (i) 11 Madison Avenue loan.
  N/A - Not applicable.


WFRBS 2011-C3: Moody's Affirms 'B2' Rating on Class F Certs
-----------------------------------------------------------
Moody's Investors Service affirmed the ratings of 12 classes of
WFRBS Commercial Mortgage Trust 2011-C3, Commercial Mortgage Pass-
Through Certificates, Series 2011-C3 as follows:

Cl. A-1, Affirmed Aaa (sf); previously on Jun 9, 2011 Definitive
Rating Assigned Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Jun 9, 2011 Definitive
Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Jun 9, 2011 Definitive
Rating Assigned Aaa (sf)

Cl.A-3FL, Affirmed Aaa (sf); previously on Jun 9, 2011 Assigned
Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Jun 9, 2011 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aa2 (sf); previously on Jun 9, 2011 Definitive
Rating Assigned Aa2 (sf)

Cl. C, Affirmed A2 (sf); previously on Jun 9, 2011 Definitive
Rating Assigned A2 (sf)

Cl. D, Affirmed Baa3 (sf); previously on Jun 9, 2011 Definitive
Rating Assigned Baa3 (sf)

Cl. E, Affirmed Ba2 (sf); previously on Jun 9, 2011 Definitive
Rating Assigned Ba2 (sf)

Cl. F, Affirmed B2 (sf); previously on Jun 9, 2011 Definitive
Rating Assigned B2 (sf)

Cl. X-A, Affirmed Aaa (sf); previously on Jun 9, 2011 Definitive
Rating Assigned Aaa (sf)

Cl. X-B, Affirmed Ba3 (sf); previously on Feb 22, 2012 Downgraded
to Ba3 (sf)

Ratings Rationale:

The affirmations of the principal classes 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.

The rating of the IO Classes, Class X-A and X-B, are consistent
with the expected credit performance of their related referenced
classes and thus are affirmed.

Moody's rating action reflects a base expected loss of 1.9% of the
current balance, the same as at last review. Depending on the
timing of loan payoffs and the severity and timing of losses from
specially serviced loans, the credit enhancement level for rated
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.

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 extent of growth
in the current macroeconomic environment given the weak pace of
recovery and commercial real estate property markets. Commercial
real estate property values are continuing to move in a modestly
positive direction along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction and moderate job growth have aided this improvement.
However, a consistent upward trend will not be evident until the
volume of investment activity steadily increases for a significant
period, non-performing properties are cleared from the pipeline,
and fears of a Euro area recession are abated.

The hotel sector is performing strongly with nine straight
quarters of growth and the multifamily sector continues to show
increases in demand with a growing renter base and declining home
ownership. Recovery in the office sector continues at a measured
pace with minimal additions to supply. However, office demand is
closely tied to employment, where growth remains slow and
employers are considering decreases in the leased space per
employee. Also, primary urban markets are outperforming secondary
suburban markets. Performance in the retail sector continues to be
mixed with retail rents declining for the past four years, weak
demand for new space and lackluster sales driven by internet sales
growth. Across all property sectors, the availability of debt
capital continues to improve with robust securitization activity
of commercial real estate loans supported by a monetary policy of
low interest rates.

Moody's central global macroeconomic scenario calls for US GDP
growth for 2013 that is likely to remain close to 2% as the
greater impetus from the US private sector is likely to broadly
offset the drag on activity from more restrictive fiscal policy.
Thereafter, Moody's expects the US economy to expand at a somewhat
faster pace than is likely this year, closer to its long-run
average pace of growth. Risks to Moody's forecasts remain skewed
to the downside despite recent positive developments. Moody's
believes that the three most immediate risks are: i) the risk of a
deeper than currently expected recession in the euro area
accompanied by deeper credit contraction, potentially triggered by
a further intensification of the sovereign debt crisis; ii)
slower-than-expected recovery in major emerging markets following
the recent slowdown; and iii) an escalation of geopolitical
tensions, resulting in adverse economic developments.

The principal methodology used in this rating was "Moody's
Approach to Rating Fusion U.S. CMBS Transactions" published in
April 2005. The methodology used in rating Classes X-A and X-B was
"Moody's Approach to Rating Structured Finance Interest-Only
Securities" published in February 2012.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.62 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 assessments is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
credit assessment 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 assessment
level, is incorporated for loans with similar credit assessments
in the same transaction.

The conduit model includes an IO calculator, which uses the
following inputs to calculate the proposed IO rating based on the
published methodology: original and current bond ratings and
credit assessments; original and current bond balances grossed up
for losses for all bonds the IO(s) reference(s) within the
transaction; and IO type as defined in the published methodology.
The calculator then returns a calculated IO rating based on both a
target and mid-point. For example, a target rating basis for a
Baa3 (sf) rating is a 610 rating factor. The midpoint rating basis
for a Baa3 (sf) rating is 775 (i.e. the simple average of a Baa3
(sf) rating factor of 610 and a Ba1 (sf) rating factor of 940). If
the calculated IO rating factor is 700, the CMBS IO calculator
would provide both a Baa3 (sf) and Ba1 (sf) IO indication for
consideration by the rating committee.

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 26, the same as 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 a review
utilizing MOST (Moody's Surveillance Trends) Reports and a
proprietary program that highlights significant credit changes
that have occurred in the last month as well as cumulative changes
since the last full transaction review. On a periodic basis,
Moody's also performs a full transaction review that involves a
rating committee and a press release. Moody's prior transaction
review is summarized in a press release dated June 1, 2012.

Deal Performance:

As of the April 17, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 2% to $1.41 billion
from $1.45 billion at securitization. The Certificates are
collateralized by 73 mortgage loans ranging in size from less than
1% to 13% of the pool, with the top ten loans representing 49% of
the pool. The pool contains one loan with an investment grade
credit assessment, representing 3% of the pool.

No loans are in special servicing or have been liquidated from the
pool. Currently, five 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 its ongoing monitoring of a transaction, Moody's reviews
the watchlist to assess which loans have material issues that
could impact performance.

Moody's was provided with full year 2011 and partial or full year
2012 operating results for 91% and 89% of the pool's loans,
respectively. Moody's weighted average LTV is 88% compared to 89%
at Moody's prior review. Moody's net cash flow reflects a weighted
average haircut of 16% to the most recently available net
operating income. Moody's value reflects a weighted average
capitalization rate of 9.4%.

Moody's actual and stressed DSCRs are 1.55X and 1.18X,
respectively, compared to 1.55X 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.

The loan with a credit assessment is the ConEdison Brooklyn-Queens
HQs Loan ($41.5 million -- 2.9% of the pool), which is secured by
a seven-story, Class B office building containing approximately
232,000 square feet (SF). The property is located in downtown
Brooklyn, New York. The property is 100% leased to the
Consolidated Edison Company of New York (Moody's senior unsecured
rating of A3, stable outlook) and has served as the corporate
headquarter since 1972. The tenant is on a net lease through
October 2027. The property is subject to a ground lease with the
City of New York through 2041 with renewal options that could
extend the lease through 2071. At securitization, the loan was
structured with an anticipated repayment date (ARD) in April 2018
and a 16-month interest-only period. The interest-only period has
expired and the loan is currently benefitting from a 30-year
amortization schedule. Moody's credit assessment and stressed DSCR
are Baa2 and 0.85X, respectively, compared to Baa2 and 0.84X at
last review.

The top three conduit loans represent 26% of the pool. The largest
loan is the Village of Merrick Park Loan ($180.4 million -- 12.8%
of the pool), which is secured by an 858,000 SF mixed-use property
located in Coral Gables, Florida. The property consists of a
three-story, 756,000 SF open-air lifestyle center and a separate
101,000 SF five-story office building. Constructed in 2002 and
renovated in 2008, the property is subject to a ground lease with
City of Coral Gables that expires in April 2099. As of September
2012 the total property was 92% leased, compared to 91% at last
review. The mall's in-line space was 86% leased. The retail
anchors are Nordstrom (23% of the total gross leasable area (GLA);
lease expiration in 2023) and Neiman Marcus (15% of the total GLA;
lease expiration in 2023). For the office component, the largest
tenant is Bayview Financial Trading Group (9% of the total GLA;
lease expiration in 2017). Bayview's lease originally expired in
2012, but the tenant extended the lease for 77,000 SF through 2017
at lower rents than the previous lease. Property performance may
decrease slightly due to the lower rental revenue. Moody's LTV and
stressed DSCR are 88% and 1.02X, respectively, compared to 86% and
1.03X at last review.

The second largest loan is the Hilton Minneapolis Loan ($96.4
million -- 6.8% of the pool), which is secured by an 821-room, 25-
story full-service hotel located in Minneapolis, Minnesota. The
property is directly connected to the Minneapolis Convention
Center via the Skyway. The property is subject to a ground lease
with the City of Minneapolis that expires in October 2091. The
borrower/sponsor, Diamond Rock Hospitality, entered into a pay-in-
lieu of taxes (PILOT) program, which includes taxes and ground
rent through 2019. For the remainder of the lease term no ground
rent will be due, only regular taxes. As of December 2012, the
occupancy and revenue per available room (RevPAR), were 72% and
$103.99, respectively, compared to 74% and $104.87 at last review.
The loan is structured on a 25-year amortization schedule. Moody's
LTV and stressed DSCR are 94% and 1.24X, respectively, compared to
99% and 1.17X at last review.

The third largest loan is the Park Plaza Loan ($95.4 million --
6.8% of the pool), which is secured by a three-story 283,000 SF,
enclosed regional mall located in Little Rock, Arkansas. The
shadow anchor is Dillard's, which is not part of the collateral.
The collateral's largest tenants are Forever 21 (9% of the GLA;
lease expiration in 2018) Gap & Gap Kids (6% of the GLA; lease
expiration in 2017) and Abercrombie & Fitch (5% of the GLA; lease
expiration in 2017). As of December 2012, the mall was essentially
100% leased, the same as at last review. Property performance has
improved due to an increase in rental revenue. The loan is
structured on a 25-year amortization schedule. Moody's LTV and
stressed DSCR are 93% and 1.05X, respectively, compared to 95% and
1.03X at last review.


WFRBS 2013-C13: Moody's Takes Action on 13 CMBS Classes
-------------------------------------------------------
Moody's Investors Service assigned ratings to thirteen classes of
CMBS securities, issued by WFRBS 2013-C13, Commercial Mortgage
Pass-Through Certificates, Series 2013-C13.

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

Cl. A-2, Definitive Rating Assigned Aaa (sf)

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

Cl. A-4, Definitive Rating Assigned Aaa (sf)

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

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

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

Cl. X-B*, Definitive Rating Assigned A2 (sf)

Cl. B, Definitive Rating Assigned Aa3 (sf)

Cl. C, Definitive Rating Assigned A3 (sf)

Cl. D, Definitive Rating Assigned Baa3 (sf)

Cl. E, Definitive Rating Assigned Ba2 (sf)

Cl. F, Definitive Rating Assigned B2 (sf)

* Reflects Interest Only Classes

Ratings Rationale

The Certificates are collateralized by 95 fixed rate loans secured
by 113 properties, including 21 credit assessed loans (6.9% of the
pool balance) secured by co-operative interest in multifamily
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 2.24X (1.75X excluding credit assessed
loans) is greater than the 2007 conduit/fusion transaction average
of 1.31X. The Moody's Stressed DSCR of 1.31X (1.0.7X excluding
credit assessed loans) is greater than the 2007 conduit/fusion
transaction average of 0.92X.

Moody's Trust LTV ratio of 93.8% (98.8% excluding credit assessed
loans) 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 Index is 30.1
(26.3 excluding credit assessed loans), which is in line with the
Herfindahl scores found in most multi-borrower transactions issued
since 2009. With respect to property level diversity, the pool's
property level Herfindahl Index is 36.3 (31.8 excluding credit
assessed loans), which is also in line with the indices calculated
in most multi-borrower transactions issued since 2009.

This deal has a super-senior Aaa class with 30% credit
enhancement. Although the additional enhancement offered to the
senior most certificate holders provides additional protection
against pool loss, the super-senior structure is credit negative
for the certificate that supports the super-senior class. If the
support certificate were to take a loss, the loss would have the
potential to be quite large on a percentage basis. Thin tranches
need more subordination to reduce the probability of default in
recognition that their loss-given default is higher. This
adjustment helps keep expected loss in balance and consistent
across deals. The transaction was structured with additional
subordination at class A-S to mitigate the potential increased
severity to class A-S.

Moody's also grades properties on a scale of 1 to 5 (best to
worst) and considers those grades when assessing the likelihood of
debt payment. The factors considered include property age, quality
of construction, location, market, and tenancy. The pool's
weighted average property quality grade is 2.10, which is slightly
lower than the indices calculated in most multi-borrower
transactions since 2009.

The principal methodology used in this rating was "Moody's
Approach to Rating Fusion U.S. CMBS Transactions" published in
April 2005. The methodology used in rating Classes X-A and X-B was
"Moody's Approach to Rating Structured Finance Interest-Only
Securities" published in February 2012.

Moody's analysis employs the excel-based CMBS Conduit Model v2.62
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. Moody's
analysis also uses the CMBS IO calculator ver_1.1, which
references the following inputs to calculate the proposed IO
rating based on the published methodology: original and current
bond ratings and credit estimates; original and current bond
balances grossed up for losses for all bonds the IO(s)
reference(s) within the transaction; and IO type corresponding to
an IO type as defined in the published methodology.

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%, 15%, and 24%, the model-indicated rating for the currently
rated Aaa Super Senior class would be Aaa, Aaa, and Aa1,
respectively; for the most junior Aaa rated class A-S would be
Aa1, Aa1, and Aa2, 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.


WFRBS 2013-C14: Fitch Assigns 'B' Rating to $16.53MM Cl. F Certs
----------------------------------------------------------------
Fitch Ratings has issued a presale report on WFRBS 2013-C14
Commercial Mortgage Trust Pass-Through Certificates.  Fitch
expects to rate the transaction and assign Rating Outlooks as
follows:

-- $61,588,000 class A-1 'AAAsf'; Outlook Stable;
-- $48,158,000 class A-2 'AAAsf'; Outlook Stable;
-- $110,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $160,000,000 class A-4 'AAAsf'; Outlook Stable;
-- $442,741,000 class A-5 'AAAsf'; Outlook Stable;
-- $90,000,000#a class A-4FL 'AAAsf'; Outlook Stable;
-- $0a class A-4FX 'AAAsf'; Outlook Stable;
-- $116,194,000 class A-SB 'AAAsf'; Outlook Stable;
-- $108,379,000b class A-S 'AAAsf'; Outlook Stable;
-- $1,137,060,000* class X-A 'AAAsf'; Outlook Stable;
-- $156,139,000* class X-B 'A-sf'; Outlook Stable;
-- $102,868,000b class B 'AA-sf'; Outlook Stable;
-- $53,271,000b class C 'A-sf'; Outlook Stable;
-- $264,518,000b class PEX 'A-sf'; Outlook Stable;
-- $77,151,000a class D 'BBB-sf'; Outlook Stable;
-- $25,717,000a class E 'BBsf'; Outlook Stable;
-- $16,532,000a class F 'Bsf'; Outlook Stable.

# Floating rate.
* Notional amount and interest-only.
a Privately placed pursuant to Rule 144A.
b Class A-S, class B and class C certificates may be exchanged for
class PEX certificates; and class PEX certificates may be
exchanged for class A-S, class B and class C certificates.

The expected ratings are based on information provided by the
issuer as of May 10, 2013. Fitch does not expect to rate the
$99,194,239 interest-only class X-C or the $56,945,239 class G.

The certificates represent the beneficial ownership in the trust,
primary assets of which are 73 loans secured by 99 commercial
properties having an aggregate principal balance of approximately
$1.469 billion as of the cutoff date. The loans were contributed
to the trust by Wells Fargo Bank, National Association; The Royal
Bank of Scotland; Liberty Island Group I LLC; C-III Commercial
Mortgage LLC; and Basis Real Estate Capital II, LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 92.2% of the properties
by balance, cash flow analysis of 84.3%, and asset summary reviews
on 90.2% of the pool.

Key Rating Drivers
Fitch Leverage: This transaction has slightly higher leverage than
other recent fixed-rate deals. The pool's Fitch DSCR and LTV are
1.37x and 101.7%, respectively, compared to the Q1 2013 and 2012
averages of 1.34x and 99.6%, and 1.24x and 97.1%, respectively

Pool Concentration: The pool is more concentrated by loan size and
sponsor than average transactions in 2012 and 2013. The top 10
loans represent 60.8% of the pool, higher than the Q1 2013 and
2012 average concentrations of 55.4% and 54.2%, respectively. The
loan concentration index (LCI) and sponsor concentration index
(SCI) are 449 and 698, respectively, representing one of the more
concentrated conduit pools by loan size and sponsor exposure since
2008.

Less Amortization and More Interest-Only Loans: This transaction
has five full-term interest-only loans accounting for 29.9% of the
pool. Partial interest-only loans account for an additional 39.2%
of the pool, which is higher than the average in Q1 2013 deals of
30.3%. The pool is scheduled to pay down 11.6% from cutoff date to
maturity, based on loans' scheduled maturity balances.

Rating Sensitivities

For this transaction, Fitch's net cash flow (NCF) was 12.1% below
the full-year 2012 net operating income (NOI) (for properties that
2012 NOI was provided, excluding properties that were stabilizing
during this period). Unanticipated further declines in property-
level NCF could result in higher defaults and loss severity on
defaulted loans, and could result in potential rating actions on
the certificates. Fitch evaluated the sensitivity of the ratings
assigned to WFRBS 2013-C14 certificates and found that the
transaction displays average sensitivity to further declines in
NCF. In a scenario in which NCF declined a further 20% from
Fitch's NCF, a downgrade of the junior 'AAAsf' certificates to
'AA-sf' could result. In a more severe scenario, in which NCF
declined a further 30% from Fitch's NCF, a downgrade of the junior
'AAAsf' certificates to 'A-sf' could result. The presale report
includes a detailed explanation of additional stresses and
sensitivities on pages 79-80.

The Master Servicer will be Wells Fargo Bank, N.A., rated 'CMS2'
by Fitch. The special servicer will be Rialto Capital Advisors,
LLC, rated 'CSS2-' by Fitch.


WHITEHORSE VI: S&P Affirms 'BB-' Rating on Class B-2L Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
WhiteHorse VI Ltd./WhiteHorse VI LLC's $379.50 million floating-
rate notes following the transaction's effective date as of
March 27, 2013.

Most U.S. cash flow collateralized loan obligations (CLOs) close
before purchasing the full amount of their targeted level of
portfolio collateral.  On the closing date, the collateral manager
typically covenants to purchase the remaining collateral within
the guidelines specified in the transaction documents to reach the
target level of portfolio collateral.  Typically, the CLO
transaction documents specify a date by which the targeted level
of portfolio collateral must be reached.  The "effective date" for
a CLO transaction is usually the earlier of the date on which the
transaction acquires the target level of portfolio collateral, or
the date defined in the transaction documents.  Most transaction
documents contain provisions directing the trustee to request the
rating agencies that have issued ratings upon closing to affirm
the ratings issued on the closing date after reviewing the
effective date portfolio.

An effective date rating affirmation reflects S&P's opinion that
the portfolio collateral purchased by the issuer, as reported to
S&P by the trustee and collateral manager, in combination with the
transaction's structure, provides sufficient credit support to
maintain the ratings that S&P assigned on the transaction's
closing date.  The effective date reports provide a summary of
certain information that S&P used in its analysis and the results
of its review based on the information presented to S&P.

S&P believes the transaction may see some benefit from allowing a
window of time after the closing date for the collateral manager
to acquire the remaining assets for a CLO transaction.  This
window of time is typically referred to as a "ramp-up period."
Because some CLO transactions may acquire most of their assets
from the new issue leveraged loan market, the ramp-up period may
give collateral managers the flexibility to acquire a more diverse
portfolio of assets.

For a CLO that has not purchased its full target level of
portfolio collateral by the closing date, S&P's ratings on the
closing date and prior to its effective date review are generally
based on the application of S&P's criteria to a combination of
purchased collateral, collateral committed to be purchased, and
the indicative portfolio of assets provided to S&P by the
collateral manager, and may also reflect its assumptions about the
transaction's investment guidelines.  This is because not all
assets in the portfolio have been purchased.

When S&P receive a request to issue an effective date rating
affirmation, it perform quantitative and qualitative analysis of
the transaction in accordance with its criteria to assess whether
the initial ratings remain consistent with the credit enhancement
based on the effective date collateral portfolio.  S&P's analysis
relies on the use of CDO Evaluator to estimate a scenario default
rate at each rating level based on the effective date portfolio,
full cash flow modeling to determine the appropriate percentile
break-even default rate at each rating level, the application of
S&P's supplemental tests, and the analytical judgment of a rating
committee.

In S&P's published effective date report, it discusses its
analysis of the information provided by the transaction's trustee
and collateral manager in support of their request for effective
date rating affirmation.  In most instances, S&P intends to
publish an effective date report each time it issues an effective
date rating affirmation on a publicly rated U.S. cash flow CLO.

On an ongoing basis after S&P issues an effective date rating
affirmation, it will periodically review whether, in its view, the
current ratings on the notes remain consistent with the credit
quality of the assets, the credit enhancement available to support
the notes, and other factors, and take rating actions as S&P deems
necessary.

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS AFFIRMED

WhiteHorse VI Ltd./WhiteHorse VI LLC

Class                      Rating                       Amount
                                                      (mil. $)
A-1L                       AAA (sf)                     262.50
A-2L                       AA (sf)                       36.00
A-3L (deferrable)          A (sf)                        36.00
B-1L (deferrable)          BBB (sf)                      18.50
B-2L (deferrable)          BB- (sf)                      17.50
B-3L (deferrable)          B (sf)                         9.00


* Fitch: New CMBS Delinquencies Fall to Lowest Level Since 2008
---------------------------------------------------------------
U.S. CMBS delinquencies fell sharply last month as new additions
to the late-pay ranks fell to a post-recession low, according to
the latest index results from Fitch Ratings.

CMBS late-pays declined 19 basis points (bps) in April to 7.44%
from 7.63% a month earlier. This comes as new delinquencies of
$747 million dipped below the $1 billion mark for the first time
since February 2009 ($980 million). The last time new
delinquencies were lower was in October 2008, when they came in at
just $458 million and the overall late-pay rate stood at a mere
0.51%.

In April, resolutions of $1.5 billion outpaced new additions to
the index by nearly two-to-one. However, Fitch-rated new issuance
volume of $1.8 billion fell short of runoff of $2.1 billion.

The volume of CMBS loan resolutions is likely to remain strong
with the share of real estate owned (REO) assets at an all-time
high, representing 45% of total outstanding delinquencies by
balance. The share of REOs is even higher for large loans (greater
than $100 million), at 57% by unpaid balance as of last month.
With large assets having now made their way through the
foreclosure process, CMBS delinquencies stand to drop further,
sometimes sharply, as those assets are sold.

Current and previous delinquency rates are as follows:

-- Industrial: 9.82% (from 9.41% in March)
-- Office: 8.39% (from 8.50%)
-- Multifamily: 8.38% (from 8.91%)
-- Hotel: 8.01% (from 7.71%)
-- Retail: 7.10% (from 7.09%)


* Moody's Takes Action on $645MM of RMBS From Various Trusts
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 11
tranches and upgraded the ratings of 10 tranches from 11 RMBS
transactions issued by various financial institutions. The
transactions are backed by Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-
WF1

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A1 (sf)
Placed Under Review for Possible Downgrade

Issuer: Citigroup Mortgage Loan Trust, Series 2005-HE1

Cl. M-2, Downgraded to A3 (sf); previously on Jan 10, 2013 Aa2
(sf) Placed Under Review for Possible Downgrade

Issuer: CPT Asset-Backed Certificates Trust 2004-EC1

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 Aa3
(sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to B3 (sf); previously on Mar 14, 2011
Downgraded to Caa1 (sf)

Issuer: Encore Credit Receivables Trust 2005-4

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 Aa3
(sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to Baa2 (sf); previously on Jul 14, 2010
Downgraded to Ba2 (sf)

Cl. M-3, Upgraded to B1 (sf); previously on Jul 14, 2010
Downgraded to B3 (sf)

Cl. M-4, Upgraded to Caa2 (sf); previously on Jul 14, 2010
Downgraded to Caa3 (sf)

Issuer: Finance America Mortgage Loan Trust 2004-2

Cl. M-1, Downgraded to Baa1 (sf); previously on Jan 10, 2013 A2
(sf) Placed Under Review for Possible Downgrade

Issuer: GSAMP Trust 2005-HE2

Cl. M-1, Downgraded to Baa3 (sf); previously on Jan 10, 2013 A2
(sf) Placed Under Review for Possible Downgrade

Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust,
INABS 2005-B

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 Aa3
(sf) Placed Under Review for Possible Downgrade

Cl. M-3, Upgraded to B1 (sf); previously on Sep 15, 2010
Downgraded to B3 (sf)

Cl. M-4, Upgraded to Caa1 (sf); previously on Sep 15, 2010
Downgraded to Caa2 (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp. 2005-OPT1

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf)
Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to Ba1 (sf); previously on Aug 9, 2012 Upgraded
to B1 (sf)

Cl. M-3, Upgraded to Caa2 (sf); previously on Aug 9, 2012
Confirmed at Ca (sf)

Issuer: Park Place Securities, Inc., Asset-Backed Pass-Through
Certificates, Series 2005-WHQ1

Cl. M-2, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf)
Placed Under Review for Possible Downgrade

Cl. M-3, Upgraded to Baa1 (sf); previously on Apr 6, 2010
Downgraded to Baa2 (sf)

Cl. M-4, Upgraded to Ba3 (sf); previously on Apr 6, 2010
Downgraded to B3 (sf)

Issuer: Park Place Securities, Inc., Asset-Backed Pass-Through
Certificates, Series 2005-WHQ2

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf)
Placed Under Review for Possible Downgrade

Issuer: Securitized Asset Backed Receivables LLC Trust 2005-FR4

Cl. M-1, Downgraded to Baa3 (sf); previously on Jan 10, 2013 Aa2
(sf) Placed Under Review for Possible Downgrade

Ratings Rationale

The actions are a result of recent performance review of these
transaction and reflect Moody's updated loss expectations on these
pools.

These rating actions constitute of upgrades and downgrades. Some
of the tranches being downgraded are primarily due to their weak
interest shortfall reimbursement mechanisms. Structural
limitations in these transactions will typically prevent
recoupment of interest shortfalls even if funds are available in
subsequent periods. Missed interest payments on these tranches can
typically only be made up from excess interest after the
overcollateralization is built to a target amount. In these
transactions since overcollateralization is already below target
due to poor performance, any future missed interest payments to
these tranches are unlikely to be paid. Moody's caps the ratings
of such tranches with weak interest shortfall reimbursement at A3
(sf) as long as they have not experienced any shortfall.

Ratings on tranches that currently have very small unrecoverable
interest shortfalls are capped at Baa3 (sf). For tranches with
larger outstanding interest shortfalls, Moody's applies "Moody's
Approach to Rating Structured Finance Securities in Default"
published in November 2009. These rating actions take into account
only credit-related interest shortfall risks.

The methodologies used in these ratings were "Moody's Approach to
Rating US Residential Mortgage-Backed Securities" published in
December 2008, "Pre-2005 US RMBS Surveillance Methodology"
published in January 2012, and "2005 -- 2008 US RMBS Surveillance
Methodology" published in July 2011.

The approach "Pre-2005 US RMBS Surveillance Methodology" is
adjusted slightly when estimating losses on pools left with a
small number of loans to account for the volatile nature of small
pools. Even if a few loans in a small pool become delinquent,
there could be a large increase in the overall pool delinquency
level due to the concentration risk. To project losses on pools
with fewer than 100 loans, Moody's first estimates a "baseline"
average rate of new delinquencies for the pool that is dependent
on the vintage of loan origination (11% for all vintages 2004 and
prior). The baseline rates are higher than the average rate of new
delinquencies for larger pools for the respective vintages.

Once the baseline rate is set, further adjustments are made based
on 1) the number of loans remaining in the pool and 2) the level
of current delinquencies in the pool. The volatility of pool
performance increases as the number of loans remaining in the pool
decreases. Once the loan count in a pool falls below 75, the rate
of delinquency is increased by 1% for every loan less than 75. For
example, for a pool with 74 loans from the 2004 vintage, the
adjusted rate of new delinquency would be 11.11%. In addition, if
current delinquency levels in a small pool is low, future
delinquencies are expected to reflect this trend. To account for
that, the rate is multiplied by a factor ranging from 0.85 to 2.25
for current delinquencies ranging from less than 10% to greater
than 50% respectively. Delinquencies for subsequent years and
ultimate expected losses are projected using the approach
described in the methodology publication.

When assigning the final ratings to senior bonds, Moody's
considered the volatility of the projected losses and timeline of
the expected defaults. For bonds backed by small pools, Moody's
also considered the current pipeline composition as well as any
specific loss allocation rules that could preserve or deplete the
overcollateralization available for the senior bonds at different
pace.

Moody's also adjusts the methodologies for Moody's current view on
loan modifications. As a result of an extension of the Home
Affordable Modification Program (HAMP) to 2013 and an increased
use of private modifications, Moody's is extending its previous
view that loan modifications will only occur through the end of
2012. It is now assuming that the loan modifications will continue
at current levels into 2014.

The methodologies only apply to pools with at least 40 loans and a
pool factor of greater than 5%. 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).

The primary sources of assumption uncertainty are Moody's central
macroeconomic forecast and performance volatility as a result of
servicer-related activity such as modifications. The unemployment
rate fell from 8.1% in April 2012 to 7.5% in April 2013. Moody's
forecasts a unemployment central range of 7.0% to 8.0% for the
2013 year. Moody's expects housing prices to continue to rise in
2013. Performance of RMBS continues to remain highly dependent on
servicer activity such as modification-related principal
forgiveness and interest rate reductions. Any change resulting
from servicing transfers or other policy or regulatory change can
also impact the performance of these transactions.


* Moody's Sees Improvements Ahead for Real Estate Sector
--------------------------------------------------------
The performance of all of the commercial real estate sectors will
continue to improve throughout 2013, but at a slower pace, because
of persistent economic concerns, according to Moody's "Q1 2013 US
CMBS and CRE CDO Surveillance Review."

Sector fundamentals will drive improving market conditions, making
a significant rise in losses on loans backing US commercial
mortgage securitizations (CMBS) unlikely.

"Commercial real estate continues to benefit from limited
construction and positive absorption, which have supported a
positive market dynamic despite lingering concerns about the
strength of the economic recovery" says Michael Gerdes, Moody's
Managing Director and Head of US CMBS & CRE CDO Surveillance.

"As in the fourth quarter of 2012, multifamily and hotel both
performed strongly and will continue to do so over the next year,
albeit at a more modest pace," Gerdes adds. "The recovery of
office and retail has been more muted, but performance will
strengthen in tandem with employment and economic growth."

Moody's central global scenario hasn't changed.

"It calls for subdued GDP growth in the US of around 2% for 2013,"
says Gerdes. "Business confidence will strengthen as the economy
continues to recover at a slow but steady pace."

Moody's Commercial Mortgage Metrics (CMM) weighted average base
expected loss, which provides a forward-looking distribution of
credit risk for commercial real estate loans, declined to 8.3%
from 8.4% in fourth-quarter 2012, while the base expected loss for
conduit / fusion transactions Moody's rates rose to 9.1%, up from
8.9%. The overall CMM base expected loss has been relatively
stable and will remain at around 8% until delinquencies start
declining at a faster pace.

The overall share of specially serviced (SS) loans declined 27
basis points to 11.04% in first-quarter 2013 from 11.31% in
fourth-quarter 2012. Performing SS loans accounted for 17.67% of
the SS conduit loan universe by balance in first-quarter 2013,
down 190 bps from 19.57% in fourth-quarter 2012. This was in large
part due to faster workouts of non-performing five-year SS loans
from 2006-2007 relative to new loans that entered special
servicing in the first quarter.

Among the individual sector highlights:

The retail sector will have modest gains, with positive rental
growth by the end of 2013. Consumers still appear cautious because
of slow economic growth, but the sector is showing signs of life.
Vacancy rates declined 30 basis points, the largest drop since
2005.

Office vacancy and rental rates will improve moderately in 2013,
with market performance differentiating according to regional
employment growth. In addition, absorption is likely to continue
to outpace completion in the next few months, which will assist in
the sector's continued slow but steady recovery.

Hotel will continue to grow, but at a slightly slower pace. Year-
over-year RevPAR (revenue per available room) was up 6.4% in
first-quarter 2013 from first-quarter 2012, with the greatest
increases in both chain scale and luxury and hotels. The top
market performers were Oahu Island, Hawaii, and Miami-Hialeah,
Florida.

Multifamily will also continue to perform well. Absorption
continues to outpace completions, and vacancy rates remain low.
Rents are still growing but at a slower rate. Fifteen markets had
vacancy rates below 4.0%, including Miami and Newark, both of
which boasted vacancy rates of less than 3%.


* Moody's Updates Default and Recovery Rate Assumptions for CLOS
----------------------------------------------------------------
Moody's has announced some limited updates to the determination of
default and recovery rate assumptions in CLOs for instruments
other than first-lien loans. These instruments typically
constitute no more than 10% of CLO portfolios and include senior
secured, senior unsecured and subordinated bonds, senior secured
floating rate notes, as well as second-lien and senior unsecured
loans.

Moody's expects the impact of the methodology update to be neutral
for the vast majority of existing CLOs. The rating agency will
place on review for upgrade the ratings of nine CLOs and three
CBOs in the US because of material exposures to instruments other
than first-lien loans. Moody's will complete its review of these
transactions within six months. It does not expect the methodology
update to affect the ratings on any European CLOs.

"Moody's Global Approach to Rating Collateralized Loan
Obligations" reflects these updates and, among other things, also
consolidates numerous Moody's methodological reports on CLOs. A
summary of the updates is available in a separate document,
"Highlights of the Updates to Moody's Global CLO Methodology."

Consistent Use of Corporate Family Rating and Harmonized Recovery
Rate Treatment

Moody's will use its corporate family rating (CFR), when
available, to determine the default probability of both first-lien
loans and less common instruments. The CFR is a long-term rating
Moody's assigns to a corporate family as if it had a single class
of debt and a single, consolidated legal entity structure.

"We will use the CFR, regardless of instrument type, because we
believe that the same probability of default applies to all of the
obligations of a given obligor," says Danielle Nazarian, a Moody's
Senior Vice President. "Our recovery rate assumptions will depend
on the type of instrument and the gap between the rating of the
instrument and the obligor's Moody's Default Probability Rating,
which is the CFR when available. We will also harmonize our
recovery rate treatment of senior secured bonds, second-lien loans
and senior secured floating rate notes as one group, and senior
unsecured loans, senior unsecured bonds and subordinated bonds as
another."

Treatment of Lagged Recoveries and Remedies to Rating Downgrades
of Revolving Noteholders

Moody's also modified its treatment of lagged recoveries. It will
continue to assume a gross-up rate of 7% per annum, but will cap
recoveries by a value based on a 1.5-year recovery lag assumption.
The goal is to derive recovery rate caps simply and consistently.

Additionally, Moody's believes the only appropriate remedies
following a rating downgrade of a revolving noteholder are
replacement by a P-1-rated entity, a guarantee from a P-1-rated
entity, or the complete drawdown of the facility by the CLO.

Other Updates and New Appendices

Moody's highlighted a few other noteworthy updates. The rating
agency updated its assessment of the risk to CLOs from the
temporary investment of cash in eligible investments and will
designate the risk as "medium" for typical cash flow CLOs. Moody's
also added appendices regarding 1) the use of RiskCalc and 2)
algorithms for deriving Moody's Default Probability Ratings and
instrument ratings.


* S&P Raises Rating on 11 MBIA-Insured Classes From 6 US CDO
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on 11
classes of notes from six U.S. cash flow collateralized debt
obligations (CDOs), following the May 8, 2013, upgrade of MBIA
Insurance Corp. to 'B' from 'CCC'.

S&P base its ratings on these notes on the financial
insurance/guarantee that MBIA Insurance Corp. provides.

For insured classes of notes, S&P's rating is generally the higher
of the rating on the insurer or the Standard & Poor's underlying
rating (SPUR) on the tranche.  A SPUR is S&P's opinion of an
obligation's stand-alone creditworthiness--that is, the
obligation's capacity to pay debt service on a debt issue in
accordance with its terms--without considering an otherwise
applicable bond insurance policy.

Because the SPURs on the 11 rated classes are lower than the
current 'B' rating on MBIA Insurance Corp., the ratings on these
notes depend on the insurer and, therefore, S&P has raised the
ratings.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17-g7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS RAISED

Coronado CDO Ltd.
                            Rating
Class               To                  From
A-1                 B (sf)              CCC (sf)
A-2                 B (sf)              CCC (sf)

Fulton Street CDO Ltd.
                            Rating
Class               To                  From
A-1A                B (sf)             CCC (sf)

Mulberry Street CDO II Ltd.
                            Rating
Class               To                 From
A-1A                B (sf)             CCC (sf)
A-1B                B (sf)             CCC (sf)
A-1W                B (sf)             CCC (sf)

Mulberry Street CDO Ltd.
                            Rating
Class               To                 From
A-1A                B (sf)             CCC (sf)

Oceanview CBO I Ltd.
                            Rating
Class               To                 From
A-1A                B (sf)             CCC (sf)

Zohar II 2005-1 Ltd.
                            Rating
Class               To                 From
A-1                 B (sf)             CCC (sf)
A-2                 B (sf)             CCC (sf)
A-3                 B (sf)             CCC (sf)


                            *********

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., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez,
Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl
Joy P. Olano, Ivy B. Magdadaro, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
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The TCR subscription rate is $975 for 6 months delivered via
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are $25 each.  For subscription information, contact Peter A.
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                  *** End of Transmission ***