TCR_Public/130602.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, June 2, 2013, Vol. 17, No. 151

                            Headlines

ALESCO PREFERRED II: Moody's Affirms 'Ca' Ratings on 2 CDO Notes
AMAC CDO: Fitch Affirms 'C' Rating on $17.68MM Class F Notes
BALLYROCK CLO 2013-1: S&P Assigns 'BB' Rating to Class E Notes
BANC OF AMERICA 2006-1: Moody's Keeps C Rating on 2 Cert Classes
BANC OF AMERICA 2007-BMB1: Moody's Hikes Rating on L Certs to Caa3

BARRINGTON II: S&P Withdraws 'D' Ratings on 9 Note Classes
BEAR STEARNS 1999-WF2: Fitch Affirms 'D' Rating on Class K Certs
BEAR STEARNS 2003-TOP12: Moody's Affirms 'C' Rating on Cl. N Certs
BROOKSIDE MILL: S&P Assigns 'BB' Rating to Class E Notes
BSDB 2005-AFR1: Moody's Affirms Ratings on 10 CMBS Classes

CABCO TRUST: Moody's Lowers Ratings on MTN Trust Certs. to Caa2
CARNOW AUTO 2013-1: S&P Assigns Prelim. BB Rating on Class D Notes
CHASE FUNDING 2003-C2: Moody's Cuts Rating on B-2 Certs to 'B1'
COLORADO EDUCATIONAL: Fitch Keeps 'B-' Revenue Bond Rating on RWN
COMM 2011-FL1: Moody's Hikes Rating on Cl. ESG1 Certs to 'Ba1'

COMM 2013-CCRE8: Moody's Rates Class F Securities '(P)B2(sf)'
CREDIT SUISSE 2003-CPN1: Moody's Cuts Rating on A-X Certs to Caa2
CREDIT SUISSE 2005-C1: Moody's Affirms 'C' Ratings on 2 Certs
CREDIT SUISSE 2007-C2: Moody's Cuts Ratings to 3 Certs to 'Csf'
CREDIT SUISSE 2010-RR1: Moody's Keeps Ba1 Rating on 1-B-B Certs

CWABS INC 2004-S1: Sub-Servicer Appt. No Impact on Moody's Ratings
CWMBS INC 2004-4CB: Moody's Raises Rating on 2 Certs to 'Ba2'
DUKE FUNDING IX: Novation Confirmation No Impact on Moody's Rating
DUKE FUNDING X: Novation Confirmation No Impact on Moody's Ratings
FIRST UNION 1999-C4: Fitch Affirms D Rating on $4.5MM Cl. M Certs

FIRST UNION 2001-C2: Moody's Keeps Ratings on Four CMBS Classes
GE CAPITAL 2000-1: Moody's Affirms 'Caa3' Rating on Cl. X CMBS
GE COMMERCIAL 2003-C1: Moody's Cuts Rating on X-1 Certs to Caa1
GLACIER FUNDING II: Moody's Ups Ratings on Two Note Classes to B2
GS MORTGAGE 2005-GG4: Moody's Affirms C Ratings on 3 Sec. Classes

GS MORTGAGE 2013-GCJ12: Fitch Rates $11.97MM Class F Certs 'B'
INDYMAC 2006-1: Moody's Hikes Rating on Cl. A3B Certs to 'Ca'
J.C. PENNEY 2006-1: Moody's Cuts Rating on 2 Cert. Classes to Caa2
J.C. PENNEY 2007-1: Moody's Cuts Rating on 2 Cert. Classes to Caa2
JER CRE 2006-2: Moody's Affirms 'C' Ratings on 14 Note Classes
JP MORGAN 2012-CIBX: Moody's Affirms Ratings on 15 CMBS Classes

JP MORGAN 2013-JWRZ: S&P Assigns 'BB' Rating on 3 Note Classes
KIRKWOOD CDO 2004-1: Moody's Raises Rating on Class A Notes to B2
LEHMAN BROTHERS 2006-LLF: Fitch Affirms D Rating on Class L Certs
MERRILL LYNCH 2004-MKB1: Moody's Cuts Rating on Cl. P Certs to 'C'
MERRILL LYNCH 2008-C1: Moody's Affirms C Ratings on 4 Cert Classes

MMCAPS FUNDING XVIII: Moody's Keeps 'Ca' Ratings on 4 Note Classes
MORGAN STANLEY: S&P Affirms 'B+' Rating on Class D Notes
MORGAN STANLEY 2001-TOP5: Moody's Keeps C Rating on Cl. X-1 Certs
MORGAN STANLEY 2003-IQ4: Moody's Cuts Rating on X-1 Certs to 'B3'
MORGAN STANLEY 2007-IQ14: Moody's Keeps C Rating on 5 Cert Classes

MORGAN STANLEY 2011-C2: Moody's Keeps Ratings on 11 CMBS Classes
MOUNTAIN HAWK II: S&P Assigns Prelim. BB Rating on Class E Notes
NATIONSTAR MORTGAGE: S&P Assigns Prelim. BB Rating on 6 Notes
NEUBERGER BERMAN: S&P Assigns Prelim. BB Rating on Class E Notes
PREFERRED TERM XXVIII: Moody's Ups Rating on Cl. A-2 Secs From Ba2

PRUDENTIAL SECURITIES 1998-C1: Moody's Ups Rating on L Secs. to B3
RBSCF TRUST 2010-RR4: Moody's Keeps Ba2 Rating on Cl. MSC-B2 Certs
SACO I 2000-3: Moody's Lowers Rating on Cl. 1-B-1 RMBS to 'B2'
SALOMON BROTHERS 2001-C1: Moody's Ups Rating on Cl. H Secs. to B2
SAPPHIRE VALLEY: S&P Affirms 'BB+' Rating on Class E Notes

SATURNS 2007-1: Moody's Cuts Rating on 2 Callable Units to Caa2
SEQUOIA MORTGAGE 2003-5: Servicing Transfer No Impact on Ratings
SLM STUDENT: Fitch Upgrades Ratings on 5 Note Classes From 'BB'
TRAINER WORTHAM IV: Moody's Lowers Ratings on Two Note Issues
TRAPEZA CDO VII: S&P Raises Rating on Class A-1 Notes to 'BB+'

TRICADIA CDO 2003-1: Moody's Hikes Rating on $20MM Notes to 'B2'
UBS 2007-FL1: Fitch Raises Rating on $31MM Class C Certs to 'BBsf'
UBS-BARCLAYS 2012-C2: Moody's Affirms Ratings on 14 CMBS Classes
UNITED AUTO 2013-1: S&P Assigns 'BB' Rating on Class E Notes
VIBRANT CLO: S&P Affirms 'BB' Rating on Class D Notes

WACHOVIA BANK 2005-C16: Moody's Affirms Ratings on 19 CMBS Classes
WFRBS 2011-C4: Moody's Affirms B2 Rating on Cl. G Certificates

* Fitch Takes Actions on 1,623 Classes in 160 RMBS Re-REMIC Deals
* Fitch: High Yield Default Rate Modest, Risk Receptivity Growing
* Moody's Lowers Ratings on $45.3MM of Alt-A RMBS from 2 Deals
* Moody's Raises Ratings on 187 MBIA-Guaranteed Securities
* Moody's Lifts Ratings on $65.2-Mil. of Subprime RMBS

* Moody's Takes Action on $638MM of U.S. Scratch and Dent RMBS
* S&P Withdraws Ratings on 21 Classes From Six CDO Transactions
* S&P Withdraws Ratings on 6 Classes From 6 US Synthetic CDO


                            *********

ALESCO PREFERRED II: Moody's Affirms 'Ca' Ratings on 2 CDO Notes
----------------------------------------------------------------
Moody's Investors Service upgraded the ratings on the following
notes issued by Alesco Preferred Funding II, Ltd.:

$150,000,000 Class A-1 First Priority Senior Secured Floating Rate
Notes Due 2034 (current balance of $82,211,425.70), Upgraded to
Aa2 (sf); previously on March 27, 2009 Downgraded to Aa3 (sf);

$66,000,000 Class A-2 Second Priority Senior Secured Floating Rate
Notes Due 2034, Upgraded to A2 (sf); previously on March 27, 2009
Downgraded to Ba1 (sf).

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

$64,300,000 Class B-1 Mezzanine Secured Floating Rate Notes Due
2034 (current balance of $66,945,806.91, including shortfall
interest), Affirmed Ca (sf); previously on March 27, 2009
Downgraded to Ca (sf);

$40,000,000 Class B-2 Mezzanine Secured Fixed/Floating Rate Notes
Due 2034 (current balance of $41,645,914.1, including shortfall
interest), Affirmed Ca (sf); previously on March 27, 2009
Downgraded to Ca (sf).

Ratings Rationale

According to Moody's, the rating actions taken on the notes are
primarily a result of deleveraging of the Class A-1 Notes and
increase in the transaction's overcollateralization ratios, 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 A-1 Notes have been paid down by
approximately 41.3% or $57.8 million since the last rating action,
due to diversion of excess interest proceeds and disbursement of
principal proceeds from redemptions of underlying assets. As a
result of this deleveraging, the Class A-1 notes' par coverage
improved to 256.2% from 199.0% since the last rating action, as
calculated by Moody's. Based on the latest trustee report dated
April 30, 2013, the Class A Overcollateralization Test and the
Class B Overcollateralization Test are reported at 140.16% (limit
130%) and 82.67% (limit 101.7%), respectively, versus February 28,
2009 levels of 140.6% and 93.2%, respectively. Going forward, the
Class A-1 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
1000 compared to 1436 as of the last rating action date. The total
par amount that Moody's treated as defaulted or deferring declined
to $37.5 million compared to $50 million 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 of $210.6 million, defaulted/deferring par of
$37.5 million, a weighted average default probability of 21.02%
(implying a WARF of 1000), Moody's Asset Correlation of 20.4%, 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.

Alesco Preferred Funding II, Ltd. issued on December 17, 2003, is
a collateralized debt obligation backed by a portfolio of bank
trust preferred securities.

The portfolio of this CDO is mainly comprised of trust preferred
securities (TruPS) issued by 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
methodology "Updated Approach to the Usage of Credit Estimates in
Rated Transactions" published in October 2009.

The methodologies used in this rating were "Moody's Approach to
Rating TRUP CDOs" published in May 2011, and "Updated Approach to
the Usage of Credit Estimates in Rated Transactions" published in
October 2009.

The transaction's portfolio was modeled using CDOROM v.2.8-9 to
develop the default distribution from which the Moody's Asset
Correlation parameter was obtained. This parameter was then used
as an input in a cash flow model using CDOEdge.

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 by 60 points from the
base case of 1000, the model-implied rating of Class A-1 Notes is
one notch worse than the base case result. Similarly, if the WARF
is decreased by 180 points, the model-implied rating of the Class
A-1 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 $3 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-1: 0

Class A-2: +1

Class B-1: +1

Class B-2: +1

Sensitivity Analysis 2:

Class A-1: 0

Class A-2: +1

Class B-1: +1

Class B-2: +1

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as Moody's 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.


AMAC CDO: Fitch Affirms 'C' Rating on $17.68MM Class F Notes
------------------------------------------------------------
Fitch Ratings has affirmed all rated classes of AMAC CDO Funding I
(AMAC CDO) reflecting Fitch's base case loss expectation of 11.8%.
Fitch's performance expectation incorporates prospective views
regarding commercial real estate market value and cash flow
declines.

Key Rating Drivers

Since the last rating action, class A-1 notes have received pay
downs totaling $36.4 million from six loan disposals, scheduled
amortization, and excess spread from the failure of the class D/E
overcollateralization (OC) test. There have been no realized
losses since the last rating action. The CDO remains
undercollateralized by approximately $29 million.

As of the April 2013 trustee report, and per Fitch categorization,
the CDO is substantially invested as follows: whole loans/A-notes
(96.5%), B-notes (2.9%), and mezzanine debt (0.6%).The CDO
collateral continues to become more concentrated. There are
interests in approximately 31 different assets contributed to the
CDO. The current percentage of Loans of Concern is 14.8%.

Under Fitch's methodology, approximately 55.8% of the portfolio is
modeled to default in the base case stress scenario, defined as
the 'B' stress. In this scenario, the modeled average cash flow
decline is 7% from, generally, YE 2012. Modeled recoveries are
well above average at 78.9% due to the, generally, stabilized
nature of the collateral and the senior position of the majority
of the debt.

The largest component of Fitch's base case loss is a whole loan
(6.7%) secured by a 203,300 sf office property located in
Bethpage, NY. A significant tenant vacated its space at lease
maturity, leaving cash flow low as a result. The sponsor has re-
leased a large component of the space. As of December 2012, the
occupancy at the property was 72%. The sponsor continues to
actively market the remaining available space.
The next largest component of Fitch's base case loss expectation
is a whole loan (2.3%) secured by a 48,913 sf office property
located in Melville, NY. Coverage remains below 1.0x as multiple
tenants have vacated at the end of their lease term. As of
December 2012, the property was 83.8% occupied. Fitch modeled a
significant loss on this loan in its base case scenario.
This transaction was analyzed according to the 'Surveillance
Criteria for U.S. CREL CDOs and CMBS Large Loan Floating-Rate
Transactions', which applies stresses to property cash flows and
debt service coverage ratio tests to project future default levels
for the underlying portfolio. Recoveries are based on stressed
cash flows and Fitch's long-term capitalization rates.

The default levels were then compared to the breakeven levels
generated by Fitch's cash flow model of the CDO under the various
defaults timing and interest rate stress scenarios as described in
the report 'Global Criteria for Cash Flow Analysis in CDOs'. The
breakeven rates for classes A-1 through B pass the cash flow model
at the ratings listed below.

The Stable Outlooks on class A-1 and A-2 generally reflect the
senior positions in the liabilities structures and/or positive
cushion in the modeling. Since the class B notes are junior to the
class A notes, they will not receive principal amortization until
after the class A notes are fully redeemed. The class B notes are
exposed to concentration risk to a greater extent than the class A
notes. As such, Fitch has assigned a Negative Outlook to the class
B notes.

The ratings for classes C through F are based on a deterministic
analysis that considers Fitch's base case loss expectation for the
pool and the current percentage of Fitch Loans of Concern
factoring in anticipated recoveries relative to each classes
credit enhancement. As of the April 2013 trustee report, the class
E and F notes continue to capitalize missed interest due to the
failure of the class D/E OC test.

Rating Sensitivities

If CDO collateral recoveries are better than expected, Fitch may
consider upgrades to the senior classes. However, upgrades will be
limited as the pool becomes more concentrated given the risk of
adverse selection and the risk of insufficient interest and
principal proceeds to pay the timely interest due. While Fitch has
modeled conservative loss expectations on the pool, unanticipated
increases in defaulted loans and/or loss severity could result in
downgrades.

Fitch affirms the following classes and revises Outlooks as
indicated:

-- $172,491,187 Class A-1 Notes at 'BBBsf'; Outlook to Stable
   from Positive;
-- $50,000,000 Class A-2 Notes at 'BBsf'; Outlook Stable;
-- $20,000,000 Class B Notes at 'Bsf'; Outlook Negative;
-- $15,000,000 Class C Notes at 'CCCsf'; RE: 15%;
-- $12,000,000 Class D-1 Notes at 'CCsf'; RE: 0%;
-- $5,000,000 Class D-2 Notes at 'CCsf'; RE: 0%;
-- $6,500,733 Class E Notes at 'CCsf'; RE: 0%;
-- $17,684,151 Class F Notes at 'Csf'; RE: 0%.


BALLYROCK CLO 2013-1: S&P Assigns 'BB' Rating to Class E Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to
Ballyrock CLO 2013-1 Ltd./Ballyrock CLO 2013-1 LLC's $368.4
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 ratings reflect S&P's view of:

   -- The credit enhancement provided to the 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 Ratings Services' 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 portfolio manager's experienced management team.

   -- S&P's projections regarding the timely interest and ultimate
      principal payments on the rated notes, which it assessed
      using its cash flow analysis and assumptions commensurate
      with the assigned ratings under various interest-rate
      scenarios, including LIBOR ranging from 0.34%-11.88%.

   -- 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 reinvestment overcollateralization test, a
      failure of which will lead to the reclassification of 50% of
      excess interest proceeds that are available before paying
      uncapped administrative expenses and fees, subordinated
      hedge termination payments, portfolio manager incentive
      fees, and subordinated note payments to principal proceeds
      to purchase additional collateral assets during the
      reinvestment period, and to reduce the balance of the rated
      notes outstanding, sequentially, after the reinvestment
      period.

          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/1558.pdf

RATINGS ASSIGNED

Ballyrock CLO 2013-1 Ltd./Ballyrock CLO 2013-1 LLC

Class                 Rating                   Amount
                                             (mil. $)
A                     AAA (sf)                 252.00
B                     AA (sf)                   42.00
C (deferrable)        A (sf)                    35.20
D (deferrable)        BBB (sf)                  22.80
E (deferrable)        BB (sf)                   16.40
Subordinated notes    NR                        45.10

NR-Not rated.


BANC OF AMERICA 2006-1: Moody's Keeps C Rating on 2 Cert Classes
-----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 16 classes of
Banc of America Commercial Mortgage Inc., Commercial Pass-Through
Certificates, Series 2006-1 as follows:

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

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

Cl. A-3B, 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. A-M, Affirmed Aa1 (sf); previously on Nov 4, 2010 Downgraded
to Aa1 (sf)

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

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

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

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

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

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

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

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

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

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

Cl. XC, 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-C, 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 5.7% of the
current balance. At last review, Moody's base expected loss was
6.6%. Realized losses have increased from 2.6% of the original
balance to 4.6% since the prior review. Moody's base expected loss
plus realized losses is now 9.1% of the original pooled balance
compared to 8.6% at the prior 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 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 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 Class X-C 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 39 compared to 44 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 7, 2012.

Deal Performance:

As of the May 10, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 21% to $1.62
billion from $2.04 billion at securitization. The Certificates are
collateralized by 167 mortgage loans ranging in size from less
than 1% to 9% of the pool, with the top ten loans representing 39%
of the pool. Two loans, representing 1% of the pool, have defeased
and are secured by U.S. Government securities. The pool contains
two loans with investment grade credit assessments, representing
12% of the pool.

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

Twenty-three loans have been liquidated from the pool, resulting
in an aggregate realized loss of $92.7 million (42% loss severity
on average). Ten loans, representing 5% of the pool, are currently
in special servicing. Moody's estimates an aggregate $41.1 million
loss for specially serviced loans (48% expected loss on average).

Moody's has assumed a high default probability for 25 poorly
performing loans representing 11% of the pool and has estimated an
aggregate $28.0 million loss (16% expected loss) from these
troubled loans.

Moody's was provided with full year 2011 operating results for 96%
of the pool's non-specially serviced and non-defeased loans.
Excluding specially serviced and troubled loans, Moody's weighted
average conduit LTV is 92% compared to 93% at Moody's prior
review. Moody's net cash flow reflects a weighted average haircut
of 7% to the most recently available net operating income. Moody's
value reflects a weighted average capitalization rate of 9.0%.

Excluding special serviced and troubled loans, Moody's actual and
stressed conduit DSCRs are 1.40X and 1.12X, respectively, compared
to 1.34X and 1.09X 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 Kinder Care
Portfolio Loan ($136.0 million -- 8.4% of the pool), which is
secured by 701 childcare facilities located in 37 states. The
portfolio is geographically diverse, as no state accounts for more
than 12% of the portfolio. The loan represents a 33% pari passu
interest in a $407 million senior note. Moody's current credit
assessment and stressed DSCR are A3 and 2.03X, respectively,
compared to A3 and 2.00X at Moody's last review.

The second largest loan with a credit assessment is the Torre
Mayor Loan ($51.0 million -- 3.2% of the pool), which is secured
by an 828,821 square foot (SF) Class A office building located in
Mexico City, Mexico. The collateral is the second tallest building
in Latin America. The loan represents a 50% pari passu interest in
a $102 million senior note. There is also a subordinate $20
million note held outside the trust. The property was 99% leased
as of December 2012, the same at last review. Moody's current
credit assessment and stressed DSCR are A1 and 2.71X,
respectively, compared to A1 and 2.35X at last review.

The top three conduit loans represent 17% of the pool. The largest
conduit loan is the Miracle Mile Shops Loan ($123.8 million --
7.7% of the pool), which was formerly known as the Desert Passage
Loan. The loan is secured by a 493,984 SF specialty retail and
entertainment center that is adjoined to the Planet Hollywood
Resort and Casino in Las Vegas, Nevada. The loan represents a 33%
pari passu interest in a $372 million senior note. The property
was 95% leased as of December 2012 compared to 94% at last review.
Performance has improved due to an increase in base rent and
expense reimbursements. Moody's LTV and stressed DSCR are 90% and
1.05X, respectively, compared to 93% and 1.02X at last review.

The second largest conduit loan is the Waterfront at Port Chester
Loan ($101.1 million -- 6.3% of the pool), which is secured by the
borrower's interest in a 500,000 SF retail center (collateral is
294,868 SF) located in Port Chester, New York. The collateral was
100% leased as of March 2012, the same at last review. Moody's LTV
and stressed DSCR are 108% and 0.83X, respectively, the same at
last review.

The third largest conduit loan is the Medical Mutual Headquarters
Loan ($49.6 million -- 3.1% of the pool), which is secured by a
381,176 SF office building located in Cleveland, Ohio. Medical
Mutual of Ohio (MMO), which leased 100% of the NRA through
September 2020, has been a tenant at the collateral since 1947.
The property has served as MMO's headquarters since 1990. Moody's
LTV and stressed DSCR are 106% and 0.92X, respectively, compared
to 107% and 0.91X at last review.


BANC OF AMERICA 2007-BMB1: Moody's Hikes Rating on L Certs to Caa3
------------------------------------------------------------------
Moody's Investors Service upgraded eleven classes, four of which
were also Placed on Review for Possible Upgrade, and affirmed one
class of Banc of America Large Loan, Inc. Commercial Mortgage
Pass-Through Certificates, Series 2007-BMB1.

Cl. A-2, Upgraded to Aaa (sf); previously on Nov 17, 2011
Downgraded to Aa1 (sf)

Cl. B, Upgraded to Aaa (sf); previously on Nov 17, 2011 Downgraded
to A1 (sf)

Cl. C, Upgraded to Aa2 (sf) and Placed Under Review for Possible
Upgrade; previously on Nov 17, 2011 Downgraded to A3 (sf)

Cl. D, Upgraded to Aa3 (sf) and Placed Under Review for Possible
Upgrade; previously on Nov 17, 2011 Downgraded to Baa1 (sf)

Cl. E, Upgraded to A1 (sf) and Placed Under Review for Possible
Upgrade; previously on Nov 17, 2011 Downgraded to Baa2 (sf)

Cl. F, Upgraded to A3 (sf) and Placed Under Review for Possible
Upgrade; previously on Nov 17, 2011 Downgraded to Baa3 (sf)

Cl. G, Upgraded to Baa1 (sf); previously on Nov 17, 2011
Downgraded to Ba1 (sf)

Cl. H, Upgraded to Ba1 (sf); previously on Nov 17, 2011 Downgraded
to Ba3 (sf)

Cl. J, Upgraded to Ba3 (sf); previously on Nov 17, 2011 Confirmed
at B2 (sf)

Cl. K, Upgraded to B2 (sf); previously on Nov 17, 2011 Confirmed
at Caa2 (sf)

Cl. L, Upgraded to Caa3 (sf); previously on Dec 2, 2010 Downgraded
to C (sf)

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

Ratings Rationale:

The upgrades are due to the payoff of four loans and the paydown
of one loan decreasing the pool balance by 52% since last review.
The four classes that were placed Under Review for Possible
Upgrade will remain under review until Moody's receives more
clarity on the refinance of the Blackstone Hotel Portfolio. The
rating of the IO Class, Class X, is consistent with the expected
credit performance of its referenced classes and thus is 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 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 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 that 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
presale report dated August 22, 2012.

Deal Performance:

As of the May 15, 2013 distribution date, the transaction's
certificate balance decreased by approximately 77% to $400 million
from $1.73 billion at securitization due to the payoff of twelve
loans and the principal pay down associated with one loan. The
Certificates are collateralized by two floating-rate loans
representing 75% and 25% of the pooled trust mortgage balance.

The pool has experienced $10.9 million in losses due to the
liquidation of the Readers Digest loan in February 2012. There are
no interest shortfalls nor are any loans in special servicing.

Moody's weighed average pooled loan to value (LTV) ratio is 81%
compared to 78% at last review and 68% at securitization. Moody's
pooled stressed DSCR is 1.36X, compared to 1.41X at last review
and 1.50X at securitization.

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 2, compared to 4 at last review.

The largest pooled exposure is the Stamford Office Portfolio loan
($301.5 million; 75% of the pooled balance) which is secured by
seven office properties totaling 1.7 million square feet located
in Stamford, Connecticut. As of February 2013, the properties were
86% leased with average in-place net rents of $40.23 per square
foot. According to CBRE Econometric Advisors, asking rents for
Stamford Class A properties are $37.48 per square foot with a
vacancy rate of 17.8%. The loan was modified in 2010 and has an
extended maturity date of August 2013 with a one-year extension
remaining. The collateral is encumbered with additional debt in
the form of a $98.5 million subordinate mortgage and $400 million
of mezzanine debt. Moody's current pooled LTV is 91% and stressed
DSCR is 1.07X. Moody's current credit assessment is B2, the same
as last review.

The Blackstone Hawaii Hotel Portfolio loan ($98.7 million; 25%) is
the second largest loan in the pool and is secured by two hotels
located in Hawaii. The Marriott Wailea Beach Resort & Spa is a
546-key hotel located on Maui. According to Smith Travel Research,
the hotel has shown revenue per available room (RevPAR) increasing
8.4% for the trailing twelve month period ending February 2013,
which is slightly above than other Maui hotels reporting RevPAR
increases of 6.7% for the same period. The Marriott Waikoloa Beach
Resort & Spa is a 555-key hotel located on the big island of
Hawaii. The cash flow for this property has been stressed.
According to Smith Travel Research, the hotel has shown revenue
per available room (RevPAR) increase of 7.2% for the trailing
twelve month period ending February 2013, compared to other
Hawaii/Kauai hotels reporting RevPAR increases of 13.6% for the
same period. The portfolio is also encumbered by a subordinate
mortgage of $123 million. The final maturity date for the loan is
June 2013. Since last review, the pooled balance has paid down
13%. Moody's current pooled LTV is 50% and stressed DSCR is 2.25X.
Moody's current credit assessment is A3, compared to Baa3 last
review.


BARRINGTON II: S&P Withdraws 'D' Ratings on 9 Note Classes
----------------------------------------------------------
Standard & Poor's Ratings Services withdrew all outstanding
ratings from Barrinton II CDO Ltd., a collateralized debt
obligation (CDO) transaction managed by Dynamic Credit Partners
LLC.

S&P withdrew its ratings because it has not been receiving timely
information on the performance of the transaction, as required by
the transaction documents, to maintain S&P's ratings.  The last
available trustee report on the performance of the transaction was
as of November 2012, and, despite multiple requests, S&P has not
received the updated information on the portfolio and transaction.

RATING ACTIONS

Barrington II CDO Ltd.

          Rating     Rating
Class     To         From
X         NR         B+ (sf)
A1-S      NR         CCC- (sf)
A1-M      NR         D (sf)
A1-Q      NR         D (sf)
A1J-M     NR         D (sf)
A1J-Q     NR         D (sf)
A2        NR         D (sf)
A-3       NR         D (sf)
B         NR         D (sf)
C         NR         D (sf)
D         NR         D (sf)

TRANSACTION INFORMATION

Issuer:             Barrington II CDO Ltd.
Collateral manager: Dynamic Credit Partners LLC
Trustee:            The Bank of New York Mellon


BEAR STEARNS 1999-WF2: Fitch Affirms 'D' Rating on Class K Certs
----------------------------------------------------------------
Fitch Ratings has affirmed seven classes of Bear Stearns
Commercial Mortgage Securities Trust (BSCMS) commercial mortgage
pass-through certificates series 1999-WF2 due to stable pool
performance.

Key Rating Drivers

The affirmations are due to sufficient credit enhancement after
consideration of expected losses. Fitch modeled losses of 6% of
the remaining pool; expected losses on the original pool balance
total 2.1%, including losses already incurred. The pool has
experienced $18.8 million (1.7% of the original pool balance) in
realized losses to date. Fitch has designated two loans (6.3%) as
Fitch Loans of Concern. There are no specially serviced loans in
this pool.

As of the April 2013 distribution date, the pool's aggregate
principal balance has been reduced by 94% to $65 million from
$1.08 billion at issuance. Per the servicer reporting, 10 loans
(9.7% of the pool) have defeased since issuance. Interest
shortfalls are currently affecting classes K through M.
The largest contributor to expected losses is secured by a 27,566
sf retail center in Richmond, TX (2.5% of the pool). As of the
December 31, 2012 rent roll, the property is 71% occupied, though
over 80% of the remaining tenants have leases that expire within
the next two years or have already expired. As of the September
30, 2012 financial statements, the DSCR for this property is
0.84x, down from 1.51x at issuance.

Fitch affirms the following classes but assigns or revises REs as
indicated:

-- $6.9 million class K at 'Dsf', RE 60%.

Fitch affirms the following classes as indicated:

-- $2.8 million class F at 'AAAsf', Outlook Stable;
-- $21.6 million class G at 'AAAsf', Outlook Stable;
-- $16.2 million class H at 'Asf', Outlook Stable;
-- $8.1 million class I at 'BBsf', Outlook Stable;
-- $9.5 million class J at 'B-sf', Outlook Negative;
-- $0 class L 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 M certificates. Fitch previously
withdrew the rating on the interest-only class X certificates.


BEAR STEARNS 2003-TOP12: Moody's Affirms 'C' Rating on Cl. N Certs
------------------------------------------------------------------
Moody's Investors Service affirmed the ratings of ten classes and
upgraded four classes of Bear Stearns Commercial Mortgage
Securities Trust Commercial Mortgage Pass-Through Certificates,
Series 2003-TOP12 as follows:

Cl. A-4, Affirmed Aaa (sf); previously on Oct 17, 2003 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on Jan 11, 2007 Upgraded to
Aaa (sf)

Cl. C, Upgraded to Aa1 (sf); previously on Aug 7, 2008 Upgraded to
Aa2 (sf)

Cl. D, Upgraded to Aa3 (sf); previously on Aug 7, 2008 Upgraded to
A1 (sf)

Cl. E, Upgraded to A2 (sf); previously on Aug 7, 2008 Upgraded to
A3 (sf)

Cl. F, Upgraded to Baa1 (sf); previously on Oct 17, 2003
Definitive Rating Assigned Baa2 (sf)

Cl. G, Affirmed Baa3 (sf); previously on Oct 17, 2003 Definitive
Rating Assigned Baa3 (sf)

Cl. H, Affirmed Ba1 (sf); previously on Oct 17, 2003 Definitive
Rating Assigned Ba1 (sf)

Cl. J, Affirmed Ba2 (sf); previously on Oct 17, 2003 Definitive
Rating Assigned Ba2 (sf)

Cl. K, Affirmed B1 (sf); previously on Oct 27, 2010 Downgraded to
B1 (sf)

Cl. L, Affirmed B3 (sf); previously on Oct 27, 2010 Downgraded to
B3 (sf)

Cl. M, Affirmed Caa3 (sf); previously on Oct 27, 2010 Downgraded
to Caa3 (sf)

Cl. N, Affirmed C (sf); previously on Oct 27, 2010 Downgraded to C
(sf)

Cl. X-1, 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 upgrades of four 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 41%.

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 1.9% of the
current balance compared to 2.3% at last review. Moody's base
expected loss plus realized losses is 0.9% of the original
securitized balance, down from 1.5% 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 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 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 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 25 compared to 33 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 24, 2012.

Deal Performance:

As of the May 15, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 67% to $383.1
million from $1.2 billion at securitization. The Certificates are
collateralized by 79 mortgage loans ranging in size from less than
1% to 12% of the pool, with the top ten loans representing 43% of
the pool. The pool contains four loans with investment grade
credit assessments that represent 9% of the pool. Thirteen loans,
representing 10% of the pool, have defeased and are collateralized
with U.S. Government securities. Fifty-nine loans totaling $250.3
million (65% of the pool balance) mature by year end 2013. Many of
these loans appear to be well positioned for refinance.

Thirty-three loans, representing 51% of the pool, are on the
master servicer's watchlist. A majority of these loans are on the
watchlist due to upcoming loan maturities. 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.

Nine loans have been liquidated from the pool, resulting in an
aggregate realized loss of $3.5 million (3% loss severity
overall). Currently, there are no loans in special servicing.
Moody's has assumed a high default probability for five poorly
performing loans representing 4% of the pool and has estimated a
$2.3 million aggregate loss (15% expected loss based on a 50%
probability default) from these troubled loans.

Moody's was provided with full year and partial year 2011 and 2012
operating results for 90% and 80% of the pool's loans,
respectively. Excluding troubled loans, Moody's weighted average
LTV is 69% compared to 71% at Moody's prior review. Moody's net
cash flow reflects a weighted average haircut of 11% to the most
recently available net operating income. Moody's value reflects a
weighted average capitalization rate of 9.6%.

Excluding troubled loans, Moody's actual and stressed DSCRs are
1.73X and 1.69X, respectively, compared to 2.01X and 1.70X 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 284 Mott Street
Loan ($14.9 million -- 3.9% of the pool), which is secured by a
163 unit multifamily property located in the SoHo neighborhood of
New York City. As of December 2012, the property was 100% leased,
the same as at last review. Moody's current credit assessment and
stressed DSCR are Aaa and 2.93X, respectively, compared to Aaa and
2.81X at last review.

The remaining three loans with credit assessments comprise 6.4% of
the pool. These loans are the Carriage Way MHC Loan ($10.0 million
-- 2.6% of the pool), Deerfield Estates MHC ($8.0 million -- 2.1%
of the pool) and Wayne Towne Center Loan ($2.5 million -- 1.8% of
the pool). All of these credit assessments have credit assessments
of Aaa, the same as at last review.

The top three conduit loans represent 20% of the pool balance. The
largest loan is the West Valley Mall Loan ($47.5 million -- 12.4%
of the pool), which is secured by a 717,573 square foot (SF)
(collateral represents 621,697 SF) regional mall located in Tracy,
California. The center is anchored by Target, J.C. Penney, Sears
and Macy's. The inline space was 92% leased as of December 2012,
compared to 91% at last review. The loan's sponsor, General Growth
Properties Inc., included the loan in its bankruptcy. The loan was
modified in January 2010 with a maturity extension and matures in
January 2014. Moody's LTV and stressed DSCR are 81% and 1.24X,
respectively, compared to are 86% and 1.16X at last review.

The second largest loan is the Cedar Knolls Shopping Center ($15.0
million -- 3.9% of the pool), which is secured by a 269,961 SF
anchored retail center located in Cedar Knolls, New Jersey. The
property is anchored by Wal-Mart, Sears and T.J. Maxx. The
property was 93% leased as of December 2012, the same at last
review. The loan is benefiting from amortization. Moody's LTV and
stressed DSCR are 64% and 1.72X, respectively, compared to 85% and
1.28X at last review.

The third largest loan is the Annapolis Commerce Park ($14.4
million -- 3.8% of the pool), which is secured by a 299,100 SF
industrial property located in Annapolis, Maryland. The property
was 99% leased as of December 2012 compared to 97% at last review.
Property performance remains stable and the loan is benefiting
from amortization. Moody's LTV and stressed DSCR are 48% and
2.10X, respectively, compared to 53% and 1.88X at last review.


BROOKSIDE MILL: S&P Assigns 'BB' Rating to Class E Notes
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to
Brookside Mill CLO Ltd./Brookside Mill CLO LLC's $420.25 million
fixed- and 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 ratings reflect S&P's view of:

   -- The credit enhancement provided to the 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
      (excluding 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 asset manager's experienced management team.

   -- The timely interest and ultimate principal payments on the
      rated notes, which S&P assessed using its cash flow analysis
      and assumptions commensurate with the assigned ratings under
      various interest-rate scenarios, including LIBOR ranging
      from 0.2751%-12.8133%.

   -- 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.

          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/1555.pdf

RATINGS ASSIGNED

Brookside Mill CLO Ltd./Brookside Mill CLO LLC

Class                Rating               Amount mil. ($)
X                    AAA (sf)                  2.25
A-1                  AAA (sf)                237.00(i)
A-2                  AAA (sf)                 40.00(ii)
B-1                  AA (sf)                  53.00
B-2                  AA (sf)                  11.00
C-1 (deferrable)     A (sf)                   21.50
C-2 (deferrable)     A (sf)                   10.00
D (deferrable)       BBB (sf)                 24.25
E (deferrable)       BB (sf)                  21.25
Subordinated notes   NR                      51.125

  (i) Excludes $40 million in aggregate of outstanding class A-2
      notes that could be converted into class A-1 notes on the
      conversion date.
(ii) This is a commitment amount. There will be no outstanding
      class A-2 notes on closing.
   NR - Not rated.


BSDB 2005-AFR1: Moody's Affirms Ratings on 10 CMBS Classes
----------------------------------------------------------
Moody's Investors Service affirmed the ratings of ten classes of
BSDB 2005-AFR1 Trust Commercial Mortgage Pass-Through
Certificates, Series 2005-AFR1 as follows:

Cl. A-1, Affirmed Aaa (sf); previously on Sep 4, 2008 Confirmed at
Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Sep 4, 2008 Confirmed at
Aaa (sf)

Cl. A-J, Affirmed Aa2 (sf); previously on Dec 17, 2010 Downgraded
to Aa2 (sf)

Cl. B, Affirmed Baa2 (sf); previously on Aug 23, 2012 Downgraded
to Baa2 (sf)

Cl. C, Affirmed Ba1 (sf); previously on Aug 23, 2012 Downgraded to
Ba1 (sf)

Cl. D, Affirmed Ba2 (sf); previously on Aug 23, 2012 Downgraded to
Ba2 (sf)

Cl. E, Affirmed Ba3 (sf); previously on Aug 23, 2012 Downgraded to
Ba3 (sf)

Cl. F, Affirmed B1 (sf); previously on Aug 23, 2012 Downgraded to
B1 (sf)

Cl. G, Affirmed B3 (sf); previously on Aug 23, 2012 Downgraded to
B3 (sf)

Cl. X, Affirmed Ba2 (sf); previously on Aug 23, 2012 Downgraded to
Ba2 (sf)

Ratings Rationale:

The affirmations of the principal classes are due to the stable
performance of the loan collateral. The rating of the interest-
only class is consistent with the expected credit performance of
the referenced classes and thus is 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 assigned definitive ratings in a press
release dated August 23, 2012.

Deal Performance:

As of the May 15, 2013 Payment Date, the transaction's aggregate
certificate balance has decreased by 19% to $247.0 million from
$304.0 million at securitization from scheduled principal
amortization payments. The Certificates are collateralized by a
single fixed-rate mortgage loan. The mortgage loan is secured by
138 commercial properties consisting of retail bank branches,
office space and bank operations centers totaling about 4.0
million square feet of net rentable area. Additionally, 73
properties have been released from the mortgage lien and replaced
with approximately $47.1 million in defeasance collateral.

Bank of America, N.A. (BOA), senior unsecured rating A3; stable
outlook, leases approximately 70% of the non-defeased collateral
under a master lease expiring in September 2019. Its base rent
accounts for about 74% of the total base rent in the non-defeased
properties. BOA has lease cancellation options to periodically
vacate a total of 690,982 square feet of the 4. 1 million square
feet it leased at securitization. As of May 2013, BOA had
exercised its cancellation options for all but 75,119 square feet.
Notice for future contraction has been given for 19,884 square
feet of the 75,119 square foot total. As of February 2013,
occupancy for the non-defeased collateral was 81%, compared to 80%
at last review and 95% at securitization.

Moody's loan to value (LTV) ratio is 111%, compared to 123% at
last review. Moody's stressed debt service coverage ratio (DSCR)
is 0.87x, compared to 0.79x at last review. Moody's current credit
assessment is B3, the same as last review.


CABCO TRUST: Moody's Lowers Ratings on MTN Trust Certs. to Caa2
---------------------------------------------------------------
Moody's Investors Service downgraded the rating of the following
certificates issued by CABCO Trust for J. C. Penney Debentures:

Trust Certificates MTN Program, Downgraded to Caa2; previously on
November 26, 2012 Downgraded to Caa1

Ratings Rationale:

The transaction is a structured note whose rating is based on the
rating of the Underlying Securities and the legal structure of the
transaction. These rating actions are a result of the change of
the rating of J.C. Penney Corporation, Inc. 7.625% Debentures due
March 1, 2097, which was downgraded to Caa2 on April 30, 2013.

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

Moody's conducted no additional cash flow analysis or stress
scenarios because the rating is a pass-through of the rating of
the underlying security.

Moody's says that the underlying securities are subject to a high
level of macroeconomic uncertainty, which is manifest in uncertain
credit conditions across the general economy. Because these
conditions could negatively affect the rating on the underlying
securities, they could also negatively impact the rating on the
note.


CARNOW AUTO 2013-1: S&P Assigns Prelim. BB Rating on Class D Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to CarNow Auto Receivables Trust 2013-1's $121.4 million
asset-backed notes.

The note issuance is an asset-backed securities transaction backed
by subprime auto loan receivables.

The preliminary ratings are based on information as of May 28,
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 48.1%, 39.5%, 32.2%,
      28.9%, and 25.9% 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 slightly
      more than 2.15x, 1.75x, 1.40x, 1.25x, and 1.10x our expected
      net loss range of 21.75%-22.25% for the class A, B, C, D,
      and E notes, respectively.

   -- The timely interest and principal payments by its assumed
      legal final maturity dates made under stressed cash flow
      modeling scenarios that are appropriate to the assigned
      preliminary ratings.

   -- S&P's expectation that under a moderate, or 'BBB', stress
      scenario, the ratings on the class A, and B notes would not
      decline by more than one rating category within the first
      year, and the ratings on the C, D, and E notes would not
      decline by more than two categories (all else being equal)
      within the first year.  These potential rating movements are
      consistent with S&P's credit stability criteria, which
      outlines the outer bound of credit deterioration equal to 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.

   -- Under the 'BBB' moderate stress, all else equal, the D and E
      notes ultimately default.

   -- The credit enhancement in the form of subordination,
      overcollateralization, a reserve account, and excess spread.

   -- The collateral characteristics of the subprime pool being
      securitized: the pool is 8.5 months seasoned and all of the
      loans have an original term of 50 months or less (with the
      exception of four loans that have a term of greater than 50,
      but no more than 53, months), which S&P expects will result
      in a faster pay down on the pool relative to many other
      subprime pools with longer loan terms and less seasoning.

   -- 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/1560.pdf

PRELIMINARY RATINGS ASSIGNED

CarNow Auto Receivables Trust 2013-1

Class       Rating       Type           Interest      Amount
                                        rate     (mil. $)(i)
A           AA (sf)      Senior         Fixed         81.873
B           A (sf)       Subordinate    Fixed         15.050
C           BBB (sf)     Subordinate    Fixed         13.244
D           BB (sf)      Subordinate    Fixed          5.217
E           B (sf)       Subordinate    Fixed          6.021

(i) The actual size of these tranches will be determined on the
     pricing date.


CHASE FUNDING 2003-C2: Moody's Cuts Rating on B-2 Certs to 'B1'
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 6 tranches
and upgraded the rating of 1 tranche from 2 RMBS transactions
issued by Chase, backed by Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: Chase Funding Loan Acquisition Trust 2003-C2

Cl. IA, Downgraded to A3 (sf); previously on Jun 8, 2012 Confirmed
at A1 (sf)

Cl. IIA, Downgraded to Baa1 (sf); previously on Jun 8, 2012
Confirmed at A1 (sf)

Cl. IA-P, Downgraded to A3 (sf); previously on Mar 7, 2011
Downgraded to A1 (sf)

Cl. IIA-P, Downgraded to Baa1 (sf); previously on Mar 7, 2011
Downgraded to A1 (sf)

Cl. B-1, Downgraded to Ba2 (sf); previously on Jun 8, 2012
Downgraded to Ba1 (sf)

Cl. B-2, Downgraded to B1 (sf); previously on Jun 8, 2012
Confirmed at Ba3 (sf)

Issuer: Chase Funding Trust, Series 2004-1

Cl. IA-6, Upgraded to Baa1 (sf); previously on Jul 19, 2012
Confirmed at Ba1 (sf)

Ratings Rationale:

The actions are a result of recent performance review of these
transaction and reflect Moody's updated loss expectations on these
pools.

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, "Moody's Approach to Rating Structured
Finance Interest-Only Securities" published in February 2012, and
"Rating Transactions Based on the Credit Substitution Approach:
Letter of Credit backed, Insured and Guaranteed Debts" published
in March 2013.

Moody's 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.

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.

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.


COLORADO EDUCATIONAL: Fitch Keeps 'B-' Revenue Bond Rating on RWN
-----------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative on the 'B-'
rating assigned to approximately $35.2 million in outstanding
charter school revenue bonds of the Colorado Educational and
Cultural Facilities Authority issued on behalf of The Academy.

SECURITY

The bonds are essentially a general obligation of the school, with
each series secured by first liens on their respectively financed
facilities.

KEY RATING DRIVERS

UNRESOLVED TECHNICAL DEFAULT RISK: The maintenance of the Rating
Watch Negative reflects the lack of resolution with regard to the
violation of certain debt covenants that constitute an Event of
Default under the 2004 Indenture and 2008 Supplemental Indenture.
Management is currently in the process of pursuing a waiver, the
outcome of which is expected to be known in the near term.

MANAGEMENT TURNOVER AND FINANCIAL CHALLENGES: Following the
release of audited financial statements that raised material
management concerns, a new executive director is on board and the
school has a remediation plan in place. However, the absence of a
multi-year track-record of stabilization under the new senior
management team coupled with The Academy's unfavorable financial
and debt credit attributes drive The Academy's 'B-' rating.

SOUND DEMAND AND ENROLLMENT TRENDS: Despite the aforementioned
challenges, The Academy's demand profile remains sound. Steady and
growing enrollment trends are supported by healthy school-wide
retention rates, favorable academic performance relative to
district- and state-wide averages, and an established reputation
given its 19-year operating history.

DEBT MANAGEABILITY CONCERNS: The Academy's considerable debt
burden, weak debt service coverage from net operating income, and
elevated pro forma debt to net income available for debt service
metric are negative rating factors.

RATING SENSITIVITIES

INABILITY TO OBTAIN WAIVER: Failure to receive a waiver for the
covenant violations may lead to the acceleration of bond payments,
the result of which would adversely impact the rating.

TIMELY INFORMATION: Maintenance of the rating is contingent upon
the receipt of timely and relevant information sufficient to
maintain an accurate rating.


COMM 2011-FL1: Moody's Hikes Rating on Cl. ESG1 Certs to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings of seven classes
and upgraded one class of COMM 2011-FL1 Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2011-FL1. Moody's
rating action is as follows:

Cl. A, Affirmed Aaa (sf); previously on Oct 25, 2011 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aa2 (sf); previously on Oct 25, 2011 Definitive
Rating Assigned Aa2 (sf)

Cl. C, Affirmed A2 (sf); previously on Oct 25, 2011 Definitive
Rating Assigned A2 (sf)

Cl. D, Affirmed Baa2 (sf); previously on Oct 25, 2011 Definitive
Rating Assigned Baa2 (sf)

Cl. E, Affirmed Baa3 (sf); previously on Oct 25, 2011 Definitive
Rating Assigned Baa3 (sf)

Cl. F, Affirmed Ba2 (sf); previously on Oct 25, 2011 Definitive
Rating Assigned Ba2 (sf)

Cl. ESG1, Upgraded to Ba1 (sf); previously on Oct 25, 2011
Definitive Rating Assigned Ba3 (sf)

Cl. X, Affirmed A3 (sf); previously on Feb 22, 2012 Downgraded to
A3 (sf)

Ratings Rationale:

The affirmations are due to key parameters, including Moody's loan
to value (LTV) ratio and Moody's stressed debt service coverage
ratio (DSCR) remaining within acceptable ranges. The rating of the
IO Class, Class X, is consistent with the expected credit
performance of its referenced classes and thus is affirmed. The
rating of Class ESG1, a rake or non-pooled class, associated with
the Embassy Suites Glendale Loan is upgraded due to improvement in
asset performance.

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 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
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 ver1.1 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 30, 2012.

Deal Performance:

As of the May 17, 2013 Payment Date, the transaction's aggregate
certificate balance decreased from $619 million at securitization
to approximately $276 Million. A total of three loans have paid
off since securitization and including the two since last review
(Hotel Del Coronado Loan and 1460 North Halstead Loan). The
remaining loans range in size from 8% to 42% of the pooled
balance, with the top two loans representing approximately 75% of
the pooled balance. All of the loans have additional debt in the
form of a non-pooled or rake bond within the trust, B note or
mezzanine debt outside of the trust. The pool's Herfindahl Index
is 3 down from 5 at securitization.

All loans have interest payment only during the term of the loan
with no amortization. Interest on the pooled certificates are paid
sequentially whereas principal payments are made on a modified pro
rata basis based on specified allocation prior to the occurrence
of a sequential pay down event that has been defined.

Moody's weighted average pooled LTV ratio is 67% and Moody's
weighted average stressed debt service coverage ratio (DSCR) for
pooled trust debt is 1.70X. There are no outstanding interest
shortfalls or losses suffered to date. There are no loans
currently in special servicing.

The largest loan in the pool is secured by fee interests in the
Standard Hotel Loan ($113 million, or 42% of pooled balance) is
secured by fee interest in a 337-room boutique hotel located in
New York's Meatpacking District. There is additional debt in the
form of mezzanine debt outside the trust. The property's Net Cash
Flow (NCF) for year-end 2012 was $17.2 million, down from $18.6
million achieved in 2011. However, this decline was incorporated
into Moody's last rating action. Moody's had adjusted down its
stabilized NCF from $17.2 million used at securitization to $16.2
million at last review citing increased expenses. As a result,
Moody's had lowered the credit assessment at last review to Ba2.

The second largest loan (One Kendall Square Loan) totaling 33% of
the pooled balance is secured by a 665,000 square feet mixed-use
complex located within East Cambridge submarket, MA. The 9-acre
campus experienced a dip in occupancy and NCF in 2011, but since
has recovered. The property's NCF for year-end 2012 was $14.7
million compared to 2011 NCF of $11.5 million. Moody's stabilized
NCF is $13.3 Million, same as last review. The credit assessment
for the loan is Ba1, same as last review. There is additional debt
in the form of non-trust junior component outside the trust.

The third largest loan (Red Roof Inn Portfolio Loan) totaling 18%
of pooled balance is secured by a pool of limited service hotels.
At securitization, the portfolio had been split into two pools (a
31-property, Core Asset pool and a 15-property, Non-Core Asset
pool). The 15-property, Non-Core asset pool was expected to be
sold within the first 24-month period post securitization, and the
borrower has sold 13 of the 15 assets. The current collateral
comprise a 31-property, Core Asset pool plus a 2-property, Non-
Core Asset pool totaling 3,843 rooms. There is additional debt in
the form of pari passu $19.2 million future funding obligation
plus non-trust junior component outside the trust.

The pool's NCF (after 4% FF&E) for year-end 2012 was $15.3
Million, up from $12.9 million achieved in 2011 despite the fact
that year-end 2012 results are based on a smaller pool of
collateral due to asset releases. The remaining pool's performance
appears to be gaining momentum when Moody's compares the year-to-
date through February statistics for the remaining 33 assets.
RevPAR jumped from $29.89 achieved during the first two months of
2012 to $39.09 in the same period in 2013. NCF jumped from
approximately $819,000 achieved during the first two months of
2012 to $2.2 million during the same period in 2013. Moody's
stabilized NCF is $12.4 million, same as at securitization. The
weighted average LTV for the pooled portion is 62%. The credit
assessment for the pooled portion of the loan is Ba1, same as last
review.


COMM 2013-CCRE8: Moody's Rates Class F Securities '(P)B2(sf)'
-------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to sixteen
classes of commercial mortgage backed securities, issued by COMM
2013-CCRE8 Commercial Mortgage Securities Trust 2013-CCRE8.

Cl. A-1, Assigned (P)Aaa (sf)

Cl. A-2, Assigned (P)Aaa (sf)

Cl. A-3, Assigned (P)Aaa (sf)

Cl. A-4, Assigned (P)Aaa (sf)

Cl. A-5, Assigned (P)Aaa (sf)

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

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

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

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

Cl. X-C, Assigned (P)B3 (sf)

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

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

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

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

Cl. E, Assigned (P)Ba2 (sf)

Cl. F, Assigned (P)B2 (sf)

* Class X-A, X-B, and X-C are interest-only classes.
** All or a portion of the Class A-SBFL Certificates may be
    exchanged for Class A-SBFX Certificates. The aggregate
    Certificate Balance of the Class A-SBFL Certificates and Class
    A-SBFX Certificates will at all times equal the certificate
    balance of the Class A-SB regular interest. The pass-through
    rate applicable to the Class A-SBFL Certificates will be equal
    to a LIBOR-based floating rate.

Ratings Rationale

The Certificates are collateralized by 59 fixed rate loans secured
by 94 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.

Moody's assigned a Aaa credit assessment to two loans representing
approximately 19.1% of the pool balance in aggregate (375 Park
Avenue and The Paramount Building). Loans assigned Aaa credit
assessments are not expected to contribute any loss to a
transaction in low or high stress scenarios.

The Moody's Actual DSCR of 2.11X (1.56X excluding credit assessed
loans) is higher than the 2007 conduit/fusion transaction average
of 1.31X. The Moody's Stressed DSCR of 1.11X (0.98X excluding
credit assessed loans) is higher than the 2007 conduit/fusion
transaction average of 0.92X.

The pooled Trust loan balance of $1.38 billion represents a
Moody's LTV ratio of 94.2% (105.2% excluding credit assessed
loans), which is lower than the 2007 conduit/fusion transaction
average of 110.6%.

Moody's also considers subordinate financing outside of the Trust
when assigning ratings. Five loans are structured with $678.2
million of additional financing in the form of subordinate secured
or unsecured debt, raising Moody's Total LTV ratio to 96.1%. The
total debt leverage is high compared to other conduit transactions
rated 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
20, which is below the average score calculated from multi-
borrower pools by Moody's since 2009. However, the Herfindahl
score for this transaction excluding the two loans assigned a Aaa
credit assessment is 25, which is in-line with previously rated
conduit pools. With respect to property level diversity, the
pool's property level Herfindahl score is 28. 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-M to mitigate the potential increased
severity to class A-M.

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 1.86, which is lower than the
indices calculated in most multi-borrower transactions since 2009.

The methodologies used in this rating was "Moody's Approach to
Rating U.S. CMBS Conduit Transactions" published in September
2000, and "Moody's Approach to Rating Fusion U.S. CMBS
Transactions" published in April 2005. The methodology used in
rating Classes X-A, X-B, and X-C 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 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%, 14%, and 23%, the model-indicated rating for the currently
rated Aaa (sf) Super Senior class would be Aaa (sf), Aaa (sf), and
Aa1 (sf), respectively; for the most junior Aaa (sf) rated class
A-M would be Aa1 (sf), Aa2 (sf), and A1 (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.


CREDIT SUISSE 2003-CPN1: Moody's Cuts Rating on A-X Certs to Caa2
-----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of four classes,
downgraded one class and upgraded three classes of Credit Suisse
First Boston Mortgage Securities Corp., Commercial Mortgage Pass-
Through Certificates 2003-CPN1 as follows:

Cl. C, Upgraded to Aaa (sf); previously on Jun 7, 2012 Downgraded
to A1 (sf)

Cl. D, Upgraded to Baa3 (sf); previously on Jun 7, 2012 Downgraded
to B1 (sf)

Cl. E, Upgraded to B1 (sf); previously on Jun 7, 2012 Downgraded
to B3 (sf)

Cl. F, Affirmed Caa1 (sf); previously on Apr 27, 2012 Downgraded
to Caa1 (sf)

Cl. G, Affirmed Caa3 (sf); previously on Apr 27, 2012 Downgraded
to Caa3 (sf)

Cl. H, Affirmed C (sf); previously on Apr 27, 2012 Downgraded to C
(sf)

Cl. A-X, Downgraded to Caa2 (sf); previously on Jun 7, 2012
Downgraded to B1 (sf)

Cl. A-Y, Affirmed Aaa (sf); previously on Mar 13, 2003 Definitive
Rating Assigned Aaa (sf)

Ratings Rationale:

The affirmations of the three 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 three principal classes are due to increased
credit support from paydowns and amortization. The pool has paid
down by 87% since last review.

The downgrade of the IO Class A-X is due to the payoffs of highly
rated referenced classes since last review. The rating of the IO
Class A-Y is consistent with the credit assessment of its
referenced loans and is thus affirmed.

Moody's rating action reflects a cumulative base expected loss of
14.4% of the current balance, compared to 6.8% at last review.
Although Moody's base expected loss has increased significantly on
a percentage basis, it has actually decreased in dollar amount
from $38.8 million to $10.6 million. Moody's base expected loss
plus aggregate realized loss is now 1.9% of the original
securitized balance compared to 3.5% 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 Cl. A-X and A-Y was "Moody's Approach to Rating
U.S. CMBS 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 rating of Class AX.

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 7 compared to 26 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.

Since over half 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(es) and the recovery as a pay down
of principal to the most senior class(es).

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 7, 2012.

Deal Performance:

As of the May 17, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 87% to $74.2
million from $1.0 billion at securitization. The Certificates are
collateralized by 22 mortgage loans ranging in size from less than
1% to 25% of the pool, with the top ten loans representing 92% of
the pool. The pool contains nine loans, representing 3% of the
pool, that are secured by residential cooperative properties,
primarily located in New York City. One of the co-op loans,
representing 0.5% of the pool, has defeased and is collateralized
by U.S. Government securities. The co-op loans have a Aaa credit
estimate, the same as last review.

Three loans, representing 35% 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 $90.1 million loss (67%
loss severity on average) compared to $71.0 million at last
review. Nine loans, representing 61% of the pool, are in special
servicing. The largest specially serviced loan is the Signature
Place Apartments Loan ($15.6 million -- 21% of the pool), which is
secured by a 414-unit garden apartment complex located in
Marietta, Georgia. The loan was transferred to special servicing
in October 2009 for imminent default. A loan modification closed
on March 15, 2013 creating an $11.5 million A note and a $4.85
million B note in conjunction with a $3.1 million equity
investment by the borrower. As of March 2013, the property was 84%
leased compared to 79% as of August 2011 and 73% as of January
2010.

Moody's has estimated an aggregate $8.5 million loss (31% expected
loss) for the five specially serviced loans.

Moody's was provided with full year 2011 and partial year 2012
operating results for 100% and 83%, respectively, of the
performing pool. Excluding specially serviced loans, Moody's
weighted average LTV is 98% compared to 78% at last review.
Moody's net cash flow reflects a weighted average haircut of 28%
to the most recently available net operating income. Moody's value
reflects a weighted average capitalization rate of 9.6%.

Excluding specially serviced loans, Moody's actual and stressed
DSCRs are 1.52X and 1.14X, respectively, compared to 1.51X and
1.37X, 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 35% of the pool
balance. The largest conduit loan is the Northgate Mall ($18.3
million -- 25% of the pool), which is secured by 576,000 square
foot (SF) of a regional mall located in Cincinnati, Ohio. This
loan was originally $81.6 million. The property sold out of
receivership to Tabani Group for $21.5 million in April 2012 with
assumable financing and a $52.5 million principal write-off and a
term extension of 27 months to February 2015. This loan
transferred from special servicing in October 2012 and all
payments are current. The total mall was 76% leased as of February
2013 compared to 87% as of November 2011. Moody's LTV and stressed
DSCR are 80% and 1.43X, respectively, compared to 96% and 1.19X at
last review.

The second largest conduit loan is the Taunton Depot Drive Loan
($4.5 million -- 6% of the pool), which is secured by a three-
building retail property located in Taunton, Massachusetts. This
loan is on the watchlist due to lower occupancy from a major
tenant vacating in 2008. NOI increased in 2012 due to a temporary
Halloween tenant occupying the former Linen N Things space,
however, this tenant vacated in November 2012. The property is
currently 44% leased as of December 2012 compared to 38% as of
December 2011. Moody's LTV and stressed DSCR are 142% and 0.69X,
respectively, compared to 131% and 0.74X at last review.

The third largest conduit loan is the Avon Square Shopping Center
Loan ($2.8 million -- 4% of the pool), which is secured by a Winn
Dixie anchored shopping center located in Avon Park, Florida. The
property was 94% leased as of August 2012. This loan has an
anticipated repayment date (ARD) on June 15, 2013 and a final
maturity date on January 11, 2033. The borrower has not given an
indication as to its intentions regarding refinancing, however,
all cash is being trapped and the payments are current. Moody's
LTV and stressed DSCR are 67% and 1.52X, respectively, compared to
75% and 1.37X at last review.


CREDIT SUISSE 2005-C1: Moody's Affirms 'C' Ratings on 2 Certs
-------------------------------------------------------------
Moody's Investors Service confirmed the ratings of five CMBS
classes and affirmed seven CMBS classes of Credit Suisse First
Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through
Certificates 2005-C1 as follows:

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

Cl. A-J, Confirmed at Aa2 (sf); previously on May 15, 2013 Aa2
(sf) Placed Under Review for Possible Downgrade

Cl. A-X, Confirmed at Ba3 (sf); previously on May 15, 2013 Ba3
(sf) Placed Under Review for Possible Downgrade

Cl. B, Confirmed at A3 (sf); previously on May 15, 2013 A3 (sf)
Placed Under Review for Possible Downgrade

Cl. C, Confirmed at Baa2 (sf); previously on May 15, 2013 Baa2
(sf) Placed Under Review for Possible Downgrade

Cl. D, Confirmed at Ba1 (sf); previously on May 15, 2013 Ba1 (sf)
Placed Under Review for Possible Downgrade

Cl. E, Affirmed B2 (sf); previously on Jun 21, 2012 Downgraded to
B2 (sf)

Cl. F, Affirmed Caa1 (sf); previously on Jun 21, 2012 Downgraded
to Caa1 (sf)

Cl. G, Affirmed Caa2 (sf); previously on Jun 21, 2012 Downgraded
to Caa2 (sf)

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

Cl. J, Affirmed C (sf); previously on Jun 21, 2012 Downgraded to C
(sf)

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

Ratings Rationale:

On May 15, 2013 Moody's placed the ratings of Classes A-J, A-X, B,
C, and D 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
was a corrected loan and LNR Partners, LLC (LNR), the deal's
special servicer, is entitled to a 1% workout fee upon the payoff
of the loan. The payment of that fee would have caused a large
spike in interest shortfalls if LNR collected the entire fee in
one month.

Moody's is confirming the principal classes that were placed on
review because the key parameters, including Moody's loan to value
(LTV) ratio, Moody's stressed DSCR and the Herfindahl Index
(Herf), remaining within acceptable ranges and there is no longer
a concern about interest shortfalls. LNR has indicated that it
will spread out the 1% workout fee for the GGP Retail Portfolio
Loan over three months, which mitigates Moody's concern of a large
interest shortfall spike.

The affirmations of 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. Class J and K are affirmed as their ratings are
consistent with Moody's expected loss. Based on Moody's current
base expected loss, the credit enhancement levels for the
confirmed and affirmed classes are sufficient to maintain their
current ratings.

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

This action concludes Moody's review.

Moody's rating action reflects a base expected loss of 6.6% of the
current balance compared to 6.2% since last review. Moody's based
expected loss plus realized losses is 7.0% of the original
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 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 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 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.

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 38 compared to 36 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 full
transaction review is summarized in a press release dated June 21,
2012.

Deal Performance:

As of the May 17, 2013 distribution date, the transaction's
aggregate pooled certificate balance has decreased by 39% to $918
million from $1.51 billion at securitization. The Certificates are
collateralized by 126 mortgage loans ranging in size from less
than 1% to 6% of the pool, with the top ten loans representing 39%
of the pool. Sixteen loans, representing 13% of the pool, have
been defeased and are collateralized with U.S. Government
Securities.

Thirty-seven loans, representing 37% 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.

Twenty-five loans have been liquidated at a loss from the pool,
resulting in an aggregate realized loss of $45 million (30%
average loss severity). Five loans, representing 7% of the pool,
are currently in special servicing. The largest specially serviced
loan is the Yuba Sutter Mall Loan ($33 million -- 3.3% of the
pool), which is secured by a 306,000 square foot (SF) mall located
approximately 40 miles north of Sacramento in Yuba City,
California. The loan transferred to special servicing in March
2011. The total mall is 97% leased as of December 2012, while the
in-line space is 90% leased. The borrower and the special servicer
have been engaged in potential loan modification discussions for
over two years, but have yet to come to mutually agreeable
modification terms. The loan is current.

The servicer has recognized an aggregate $10 million appraisal
reduction for three of the five specially serviced loans. Moody's
has estimated a $25 million loss (40% average loss severity) for
the five specially serviced loans.

Moody's has assumed a high default probability for 14 poorly
performing loans representing 8% of the pool and has estimated a
$16 million aggregate loss (21% expected loss based on a 50%
probability default) from these troubled loans.

Moody's was provided with full year 2011 and partial or full year
2012 operating results for 97% and 90% of the pool's loans,
respectively. Moody's weighted average conduit LTV is 91% compared
to 87% at Moody's prior review. The conduit portion of the pool
excludes specially serviced, troubled, and defeased loans. Moody's
net cash flow reflects a weighted average haircut of 10% to the
most recently available net operating income. Moody's value
reflects a weighted average capitalization rate of 9.2%.

Moody's actual and stressed conduit DSCRs are 1.49X and 1.22X,
respectively, compared to 1.52X and 1.24X at last review. Moody's
actual DSCR is based on Moody's net cash flow (NCF) and the loan's
actual debt service. Moody's stressed DSCR is based on Moody's NCF
and a 9.25% stressed rate applied to the loan balance.

The top three conduit loans represent 15% of the deal. The largest
loan is the One North Central Avenue Loan ($55 million -- 5.9%),
which is secured by a 410,000 SF class A office building located
in Phoenix, Arizona. The property is subject to a 50-year ground
lease with the City of Phoenix. The property was 96% leased as of
December 2012, the same as at last review. The property was
formerly known as the Phelps Dodge Tower. Phelps Dodge, previously
the property's largest tenant, vacated the property in May 2010
but paid rent through its 2011 YE lease expiration. Phoenix School
of Law took over the vacated space and now occupies half of the
net rentable area (NRA) through August 2021. Phoenix School of Law
paid no base rent until December 2012, so 2013 net operating
income is expected to increase since the rent abatement period has
expired. Moody's LTV and stressed DSCR are 78% and 1.24X,
respectively, compared to 98% and 0.99X at last review.

The second largest conduit loan is the BP Multifamily Portfolio A
Portfolio Loan ($43 million -- 4.7%). The portfolio consists of
four cross collateralized and cross defaulted loans that are
secured by one class A and three class B garden style apartment
properties located 10-17 miles from downtown Dallas, Texas. The
weighted average portfolio occupancy improved to 88% at 2012 YE
from 87% at 2011 YE. Three of the individual properties are on the
watchlist, but the loans are current and the overall portfolio
income is sufficient to cover the DSC payment. Moody's LTV and
stressed DSCR are 94% and 1.0X, respectively, compared to 106% and
0.88X at last review.

The third largest conduit loan is the 2001 M Street Loan ($42
million -- 4.6%). The loan is secured by a 210,000 SF office
property located in Washington, D.C. The loan is currently on the
watchlist for low DSCR. KPMG LLP previously occupied approximately
85% of the net rentable area at the property for the past 20+
years. The tenant vacated at its December 2011 lease expiration
and moved to 1801 K Street, also in Washington, D.C. The property
was only 10% leased as of September 2012. The loan sponsors appear
committed to the property and have the sufficient liquidity
necessary to carry the loan and stabilize the asset. Moody's LTV
and stressed DSCR are 115% and 0.84X, respectively, compared to
154% and 0.62X at last review.


CREDIT SUISSE 2007-C2: Moody's Cuts Ratings to 3 Certs to 'Csf'
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of three classes
and affirmed 15 classes of Credit Suisse Commercial Mortgage
Trust, Commercial Mortgage Pass-Through Certificates, Series 2007-
C2 as follows:

Cl. A-1-A, Affirmed Aaa (sf); previously on Jun 1, 2012 Confirmed
at Aaa (sf)

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

Cl. A-3, Affirmed Aaa (sf); previously on Jun 1, 2012 Confirmed at
Aaa (sf)

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

Cl. A-M, Affirmed A3 (sf); previously on Jun 1, 2012 Downgraded to
A3 (sf)

Cl. A-MFL, Affirmed A3 (sf); previously on Jun 1, 2012 Downgraded
to A3 (sf)

Cl. A-J, Affirmed B2 (sf); previously on Jun 1, 2012 Downgraded to
B2 (sf)

Cl. A-X, Affirmed Ba3 (sf); previously on Jun 1, 2012 Confirmed at
Ba3 (sf)

Cl. B, Affirmed Caa1 (sf); previously on Jun 1, 2012 Downgraded to
Caa1 (sf)

Cl. C, Affirmed Caa2 (sf); previously on Jun 1, 2012 Downgraded to
Caa2 (sf)

Cl. D, Affirmed Caa3 (sf); previously on Jun 1, 2012 Downgraded to
Caa3 (sf)

Cl. E, Affirmed Caa3 (sf); previously on Jun 1, 2012 Downgraded to
Caa3 (sf)

Cl. F, Affirmed Caa3 (sf); previously on Jun 1, 2012 Downgraded to
Caa3 (sf)

Cl. G, Downgraded to C (sf); previously on Jun 1, 2012 Downgraded
to Caa3 (sf)

Cl. H, Downgraded to C (sf); previously on Jun 1, 2012 Confirmed
at Caa3 (sf)

Cl. J, Downgraded to C (sf); previously on Jun 1, 2012 Confirmed
at Caa3 (sf)

Cl. K, Affirmed C (sf); previously on Jun 1, 2012 Downgraded to C
(sf)

Cl. L, Affirmed C (sf); previously on Jun 1, 2012 Downgraded to C
(sf)

Ratings Rationale:

The downgrades of the three principal and interest classes are due
to higher than expected losses in the pool resulting from realized
and anticipated losses from specially serviced and troubled loans.

The affirmations of the six investment grade principal and
interest 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. The ratings of the eight below investment grade
principal and interest classes are consistent with Moody's
expected loss and thus are affirmed. 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-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 11.3% of
the current pooled balance compared to 9.8% at last review.
Moody's base expected loss plus realized losses is now 12.1% of
the original pool balance compared to 10.9% 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 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 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 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.

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

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 24 compared to 25 at Moody's prior review.

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 May 17, 2013 distribution date, the transaction's
aggregate pooled certificate balance has decreased by 18% to $2.7
billion from $3.3 billion at securitization. The Certificates are
collateralized by 188 mortgage loans ranging in size from less
than 1% to 15% of the pool, with the top ten loans representing
44% of the pool.

Fifty 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-two loans have been liquidated from the pool, resulting in
an aggregate realized loss of $86 million (36% average loss
severity). Loan modifications with principal forgiveness increased
the deal's total realized losses to $94 million. Realized losses
totaled $68 million at Moody's prior review. Sixteen loans,
representing 10% of the pool, are currently in special servicing.

The largest specially serviced loan is the Metro Square 95 Office
Park Loan ($48.0 million -- 1.8% of the pool), which is secured by
a 472,322 square foot (SF) office building located in
Jacksonville, Florida. The loan was transferred to special
servicing in September 2011 for imminent default after the
borrower submitted a financial hardship letter. As of September
2012 the property was 96% leased.

The remaining 15 specially serviced loans are secured by a mix of
property types. Moody's estimates an aggregate $101 million loss
for the specially serviced loans (38% expected loss on average).
The servicer has recognized an aggregate $58 million appraisal
reduction for 14 of the specially serviced loans.

Moody's has assumed a high default probability for 23 poorly
performing loans representing 13% of the pool and has estimated a
$103 million aggregate loss (30% expected loss based on a 58%
probability default) from these troubled loans.

Moody's was provided with full year 2011 and full or partial year
2012 operating results for 80% and 75% of the pool, respectively.
Excluding specially serviced and troubled loans, Moody's weighted
average LTV is 118% compared to 117% at Moody's prior 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 9.1%.

Excluding specially serviced and troubled loans, Moody's actual
and stressed conduit DSCRs are 1.49X and 0.86X, respectively,
compared to 1.53X and 0.86X 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.

Based on the most recent remittance statement, Classes AJ through
S have experienced cumulative interest shortfalls totaling $35
million compared to $21 million at last review. Moody's
anticipates that the pool will continue to experience interest
shortfalls because of the high exposure to specially serviced and
troubled loans. Interest shortfalls are caused by special
servicing fees, including workout and liquidation fees, appraisal
subordinate entitlement reductions (ASERs), extraordinary trust
expenses, loan modifications that include either an interest rate
reduction or a non-accruing note component, and non-recoverability
determinations made by the servicer that involve a clawback for
previously made advances.

The top three performing loans represent 30% of the pool balance.
The largest loan is the Alliance SAFD -- PJ A Note Loan ($417
million -- 14.7% of the pool), which is secured by 32 multifamily
properties located in Texas, Florida, Tennessee, Georgia and
Arizona. The loan recently underwent a complex modification. The
original $475 million loan was bifurcated into a $423 million A-
note and $52 million B-note. A $28 million C-note was also
created, which increased the collateral's hard debt to $503
million. The C-note is primarily composed of capitalized accrued
bankruptcy interest and a portion of the difference between the
contract interest rate and the reduced modified interest rate. The
borrower contributed approximately $23 million of new equity to
fund capital improvements, replacement, leasing and other reserves
as well as to pay special servicing fees, modification fees and
reimburse some bankruptcy costs. The maturity date was extended to
January 11, 2020. The A-note rate was reduced from 5.365% to 3.0%
in the first year. The rate gradually increases and reverts back
to the 5.365% contract rate in year six. As of December 2012
occupancy was 92% compared to 84% at last review. Moody's A-Note
LTV and stressed DSCR are 110% and 0.84X, respectively, compared
to 111% and 0.83X at last review.

The second largest loan is the 599 Lexington Avenue Loan ($300
million -- 11.0% of the pool), which is secured by a 1.03 million
SF office building located in Midtown Manhattan. The loan
represents a 40% pari-passu interest in a $750 million loan. As of
December 2012, the property was 98% leased compared to 96% at last
review. Moody's LTV and stressed DSCR are 130% and 0.71X,
respectively, compared to 131% and 0.7X at last review.

The third largest loan is the Two North LaSalle Loan ($127 million
-- 4.7% of the pool), which is secured by a 700,000 SF office
property located in Chicago's Central Loop submarket. The property
was 88% leased as of September 2012, the same as last review.
Performance has slightly declined due to lower revenues. Moody's
LTV and stressed DSCR are 129% and 0.77X, respectively, compared
to 127% and 0.79X at last review.


CREDIT SUISSE 2010-RR1: Moody's Keeps Ba1 Rating on 1-B-B Certs
---------------------------------------------------------------
Moody's has affirmed the ratings of 6 classes of Certificates
issued by Credit Suisse First Boston Mortgage Securities Corp.,
CSMC Series 2010-RR1 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 non-pooled Re-REMIC transactions.

Moody's rating action is as follows:

Cl. 1-A, Affirmed Aaa (sf); previously on Feb 17, 2010 Assigned
Aaa (sf)

Cl. 1-A-A, Affirmed Aaa (sf); previously on Feb 17, 2010 Assigned
Aaa (sf)

Cl. 1-A-B, Affirmed Aaa (sf); previously on Feb 17, 2010 Assigned
Aaa (sf)

Cl. 1-B, Affirmed Baa3 (sf); previously on May 31, 2012 Downgraded
to Baa3 (sf)

Cl. 1-B-A, Affirmed A1 (sf); previously on May 31, 2012 Downgraded
to A1 (sf)

Cl. 1-B-B, Affirmed Ba1 (sf); previously on May 31, 2012
Downgraded to Ba1 (sf)

Ratings Rationale:

Credit Suisse First Boston Mortgage Securities Corp., CSMC Series
2010-RR1 is a non-pooled repack transaction backed by three
commercial mortgage backed securities (CMBS) certificates. The
Group 1 Certificates are backed by $85 Million, or 8.0% of the
aggregate principal balance of Class A-4 which was issued by
Morgan Stanley Capital I Trust, Commercial Mortgage Pass-Through
Certificates, Series 2007-IQ14 (the "Group 1 Underlying
Certificate").

On May 23, 2013, Moody's affirmed the rating of the Group 1
Underlying Certificate due to stable performance of its underlying
collateral. Moody's rating action on the Group 1 Underlying
Certificate reflected a cumulative base expected loss of 14.5% of
the current balance. The current performance of the Group 1
Underlying Certificate is commensurate with current ratings
levels.

Updates to key parameters, including the constant default rate
(CDR), constant prepayment rate (CPR), weighted average life
(WAL), and weighted average recovery rate (WARR), did not
materially change the expected loss estimate of the Certificates
resulting in an affirmation.

Within the repack transaction, the WAL of the Group 1 Underlying
Certificate is 3.89 years, assuming a 0%/0% CDR/CPR. For
delinquent loans (30+ days, REO, foreclosure, bankrupt), Moody's
assumes a fixed WARR of 40% while a fixed WARR of 50% for current
loans. Moody's also ran a sensitivity analysis on the classes
assuming a WARR of 40% for current loans. This impacts the modeled
rating of the Certificates by 0 to 3 notches downward.

The ratings on the repack Certificates are linked to the ratings
on its associated Group 1 Underlying Certificate and its
performance. Any rating action on the Group 1 Underlying
Certificate may trigger a further review of the ratings of the
repack Certificates.

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. From time to time, Moody's may, if warranted, change
these expectations. Performance that falls outside the given range
may indicate that the collateral's credit quality is stronger or
weaker than Moody's had anticipated when the related securities
ratings were issued. Even so, a deviation from the expected range
will not necessarily result in a rating action nor does
performance within expectations preclude such actions. The
decision to take (or not take) a rating action is dependent on an
assessment of a range of factors including, but not exclusively,
the performance metrics.

Primary sources of assumption uncertainty are the 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.

Moody's review incorporated the cash flow model, Structured
Finance Workstation (SFW), developed by Moody's Wall Street
Analytics.

Moody's analysis encompasses the assessment of stress scenarios.

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

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


CWABS INC 2004-S1: Sub-Servicer Appt. No Impact on Moody's Ratings
------------------------------------------------------------------
Moody's Investors Service stated that the appointment by Bank of
America, N.A. of Resurgent Mortgage Servicing as a sub-servicer
for one US RMBS transaction will not, in and of itself and at this
time, result in a reduction or withdrawal of the current ratings
on the securities issued by this transaction.

Affected Transaction:

Second Lien Collateral

CWABS, Inc. Asset-Backed Certificates, Series 2004-S1

BOA requested that Moody's provide its opinion on whether the
ratings on the securities issued by the affected transaction would
be downgraded or withdrawn as a result of the transaction having
its loan servicing transferred to Resurgent from BOA by way of
sub-servicing. The transfer will commence on June 15, 2013 with
fewer than 100 delinquent loans to be transferred to Resurgent for
subservicing with additional delinquent loans to be transferred on
a recurring basis, expected to be quarterly. As the sub-servicer,
Resurgent will not own the servicing rights to the loans that are
transferred from BOA.

Moody's view on the servicing transfer is based primarily on its
opinion that: i) Resurgent's servicing strategy will not
negatively impact the performance of the loans in the affected
transaction; ii) Resurgent is adequately prepared to handle the
transfer and continued servicing of the loans in the affected
transaction.

Moody's opinion addresses only the current impact on Moody's
ratings, and it does not express an opinion as to whether the
transfer of servicing rights has or could have any other effects
that investors may or may not view positively.

The methodology used in assessing the credit impact of the
servicing transfer was "Moody's Approach to Rating Residential
Mortgage Servicers" published in January 2001. Other methodologies
include "Updated Moody's Servicer Quality Rating Scale and
Definitions" published in May 2005, "Proposal to Update Moody's
Approach To Servicer Quality (SQ) Assessment For U.S. Primary
Residential Mortgage Servicers" published in July 2012, and
"Second Lien RMBS Loss Projection Methodology: April 2010"
published in April 2010.

Moody's carries these not-prime ratings for CWABS, Inc. Asset-
Backed Certificates, Series 2004-S1:

Cl. A-IO, PASS-THRU CTFS, Ba3
Cl. M-1, PASS-THRU CTFS, Ba3
Cl. M-2, PASS-THRU CTFS, B1
Cl. M-3, PASS-THRU CTFS, B3


CWMBS INC 2004-4CB: Moody's Raises Rating on 2 Certs to 'Ba2'
-------------------------------------------------------------
Moody's Investor Service upgraded the ratings of three tranches
from two RMBS transactions, backed by Alt-A loans.

Complete rating actions are as follows:

Issuer: CWMBS, Inc. Mortgage Pass-Through Certificates, Series
2003-J11

Cl. 3-A-2, Upgraded to Baa1 (sf); previously on Jun 13, 2012
Upgraded to Ba1 (sf)

Issuer: CWMBS, Inc. Mortgage Pass-Through Certificates, Series
2004-4CB

Cl. 1-A-3, Upgraded to Ba2 (sf); previously on Jun 13, 2012
Downgraded to Ba3 (sf)

Cl. 1-A-4, Upgraded to Ba2 (sf); previously on Jun 13, 2012
Downgraded to Ba3 (sf)

Ratings Rationale

These rating actions on Class 1-A-3 and Class 1-A-4 from CWMBS,
Inc. Mortgage Pass-Through Certificates, Series 2004-4CB reflect a
correction in Moody's analysis. These classes are interest-only
tranches with notional balances and ratings linked to Class 1-A-2
and Class 1-A-1, respectively. The rating actions taken on June
13, 2012 did not accurately take this linkage into account. The
error has been corrected, and these rating actions reflect this
change.

The rating of Class 3-A-2 from CWMBS, Inc. Mortgage Pass-Through
Certificates, Series 2003-J11 is being upgraded due to its faster
pace of amortization.

These actions also reflect recent performance of the underlying
pools and Moody's updated loss expectations on the pools.

The methodologies used in these ratings 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 the
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) 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 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 2004, 5% for 2003
and 3% for 2002 and prior. 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 2004 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 calculated above by a factor ranging from 0.50
to 2.0 for current delinquencies that range from less than 2.5% to
greater than 30% 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
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 house prices to continue to rise in 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.


DUKE FUNDING IX: Novation Confirmation No Impact on Moody's Rating
------------------------------------------------------------------
Moody's Investors Service has determined that entry by Duke
Funding IX, Ltd. ( the "Issuer") into a novation confirmation
among the Issuer, Societe Generale ("SocGen") as transferee and
UBS AG, London Branch ("UBS") as transferor dated as of May 23,
2013 relating to existing credit default swap transactions ("CDS")
pursuant to the ISDA Master Agreement dated as of November 9, 2005
(the "Novation Confirmation") 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 (including any
private or confidential ratings or any credit estimates) of any
Class or Sub-Class of Secured Notes or Combination Notes issued by
the Issuer or the Senior Swap Agreement. Moody's does not express
an opinion as to whether the Novation Confirmation could have non-
credit-related effects.

The Novation Confirmation effectively transfers all of the rights
and obligations of UBS as CDS counterparty to SocGen. Under the
novated CDS, SocGen, as credit protection buyer, has the
obligation to make fixed rate payments to the Issuer as well as
any "Additional Fixed Amounts" with respect to the underlying
reference obligations.

In assessing the impact of the Novation Confirmation on the
current Moody's ratings of the Notes, Moody's assessed the credit
quality of the transferee and reviewed the Novation Confirmation
to determine whether it changed the obligations of the swap
counterparty in any respect that could negatively affect the
credit quality of the rated securities. Moody's rating view is
based primarily on its opinion that SocGen is a highly-rated
entity and that the Novation Confirmation does not diminish the
CDS counterparty's obligations 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 October 28, 2010, Moody's downgraded its ratings of 95 Notes
issued by 56 collateralized debt obligation transactions which
consist of significant exposure to one or more of Alt-A, Option-
ARM and subprime RMBS securities, CLOs, or CMBS:

Duke IX

Senior Swap, Downgraded to C (sf); previously on April 22, 2009
Downgraded to Ca (sf).

Combo Notes, Downgraded to C (sf); previously on April 22, 2009
Downgraded to Ca (sf).


DUKE FUNDING X: Novation Confirmation No Impact on Moody's Ratings
------------------------------------------------------------------
Moody's Investors Service has determined that entry by Duke
Funding X, Ltd. (the "Issuer") into a novation confirmation among
the Issuer, Societe Generale ("SocGen") as transferee and UBS AG,
London Branch ("UBS") as transferor, dated as of May 23, 2013
relating to existing credit default swap transactions ("CDS")
pursuant to the ISDA Master Agreement dated as of April 12, 2006
(the "Novation Confirmation") 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 (including any
private or confidential ratings or credit estimates) of any Class
or Sub-Class of Secured Notes issued by the Issuer or the Senior
Swap Agreement.

Moody's does not express an opinion as to whether the Novation
Confirmation could have non-credit-related effects.

The Novation Confirmation effectively transfers all of the rights
and obligations of UBS as CDS counterparty to SocGen. Under the
novated CDS, SocGen, as credit protection buyer, has the
obligation to make fixed rate payments to the Issuer as well as
any "Additional Fixed Amounts" with respect to the underlying
reference obligations.

In assessing the impact of the Novation Confirmation on the
current Moody's ratings of the Notes, Moody's assessed the credit
quality of the transferee and reviewed the Novation Confirmation
to determine whether it changed the obligations of the swap
counterparty in any respect that could negatively affect the
credit quality of the rated securities. Moody's rating view is
based primarily on its opinion that SocGen is a highly-rated
entity and that the Novation Confirmation does not diminish the
CDS counterparty's obligations 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 April 24, 2009, Moody's downgraded its ratings of 126 Notes
issued by 42 collateralized debt obligation transactions which
consist of significant exposure to one or more of Alt-A, Option-
ARM and subprime RMBS securities, CLOs, or CMBS:

Duke Funding X, Ltd.

Class A1 Senior Secured Floating Rate Notes, Downgraded to C;
previously on 12/16/2008 Downgraded to Ca

Class A2 Senior Secured Floating Rate Notes, Downgraded to C;
previously on 12/16/2008 Downgraded to Ca

Class A3 Senior Deferrable Interest Floating Rate Notes,
Downgraded to C; previously on 5/1/2008 Downgraded to Ca

Senior Swap, Downgraded to C; previously on 12/16/2008 Downgraded
to Caa1 and remains on Review for Possible Downgrade


FIRST UNION 1999-C4: Fitch Affirms D Rating on $4.5MM Cl. M Certs
-----------------------------------------------------------------
Fitch Ratings has upgraded two classes and affirmed three classes
of First Union National Bank Commercial Mortgage Trust (FUNB)
commercial mortgage pass-through certificates series 1999-C4.

Key Rating Drivers

The upgrades are a result of paydown, defeasance, and increased
credit enhancement which is sufficient to offset future expected
losses. Fitch modeled losses of 10% of the remaining pool;
expected losses on the original pool balance total 2.8%, including
losses already incurred. The pool has experienced $22.1 million
(2.5% of the original pool balance) in realized losses to date.
Fitch has designated one loan (37.3%) as Fitch Loans of Concern,
which is the largest loan in the pool and currently in special
servicing.

As of the May 2013 distribution date, the pool's aggregate
principal balance has been reduced by 96.7% to $29.7 million from
$885.7 million at issuance. The pool has become extremely
concentrated with only 10 of the original 156 loans remaining. Per
the servicer reporting, seven loans (55% of the pool) have
defeased since issuance. Interest shortfalls are currently
affecting classes M and N.

Rating Sensitivities

The ratings on the investment grade classes are expected to remain
stable, as credit enhancement remains high, which offsets the
increasing concentration and risks of adverse selection. Ratings
were capped at 'A' due to the potential for interest shortfalls
from any recoupment of advances or expenses, due to the
concentrated nature of the pool. Should actual losses be greater
than expected, additional downgrades to the distressed class L
could occur as losses are realized.

The specially serviced loan, also the largest loan in the pool
(37.3% of the pool), is secured by a 215,860 square foot retail
center in Ashwaubenon, WI. The loan had previously transferred to
special servicing in 2009 due to maturity default. The loan
returned back to the master servicer in March 2011 after receiving
a modification of the loan that included an extension of the loans
maturity date and interest only period to August 2012, as well as
a reduction of the loans interest rate. The loan most recently
transferred back to special servicing in July 2012 for payment
default, and the loan subsequently matured without repayment in
August 2012. The special servicer is proceeding with foreclosure.

Fitch upgrades the following classes as indicated:

-- $2.2 million class J to 'Asf' from 'A-sf'; Outlook Stable;
-- $6.6 million class K to 'Asf' from 'BBBsf'; Outlook Stable.

Fitch affirms the following classes as indicated:

-- $7.5 million class H at 'Asf; Outlook Stable;
-- $8.9 million class L at 'CCCsf', RE 100%.
-- $4.5 million class M at 'Dsf', RE 35%.

The class A-1, A-2, B, C, D, E, F and G certificates have paid in
full. Fitch does not rate the class N certificate, which has been
reduced to zero due to realized losses. Fitch previously withdrew
the rating on the interest-only class IO certificates.


FIRST UNION 2001-C2: Moody's Keeps Ratings on Four CMBS Classes
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings of four CMBS
classes of First Union National Bank Commercial Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series 2001-C2 as
follows:

Cl. N, Affirmed B2 (sf); previously on Nov 17, 2010 Downgraded to
B2 (sf)

Cl. O, Affirmed Caa1 (sf); previously on Nov 17, 2010 Downgraded
to Caa1 (sf)

Cl. P, Affirmed Caa3 (sf); previously on May 24, 2012 Downgraded
to Caa3 (sf)

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

Ratings Rationale:

The principal and interest (P&I) classes are consistent with
Moody's expected loss and thus are affirmed. The likely continued
impact of interest shortfalls also factored into Moody's rating
affirmations for this deal.

The rating of the Class IO, the interest-only class, 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
approximately 38% of the current deal balance. At last review,
Moody's base expected loss was approximately 52%. Moody's base
expected loss plus realized loss is 2.1% of the original,
securitized deal balance compared to 2.4% at Moody's 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 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.

Methodological Approach: Since over 99% of the pool is in special
servicing and Moody's expects full payoff in June 2013 for the
small remainder of the pool, Moody's utilized a loss and recovery
approach in rating the P&I classes in 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(es) and the recovery as a pay down of
principal to the most senior class(es).

Moody's also used the following methodology in this rating:
"Commercial Real Estate Finance: Moody's Approach to Rating Credit
Tenant Lease Financings" published in November 2011. The
methodology used in rating Class IO 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. For this deal review, the conduit model was used
primarily to determine the rating for the interest-only class. 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 4 compared to a Herf of 5 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 24, 2012.

Deal Performance:

As of the May 14, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $22 million
from $1.0 billion at securitization. The Certificates are
collateralized by nine mortgage loans ranging in size from less
than 1% to 36% of the pool. The pool contains no loans with
investment-grade credit assessments and no defeased loans.

Twenty-one loans have liquidated from the pool, resulting in an
aggregate realized loss of $13 million (12% average loan loss
severity). Currently, four loans, representing over 99% of the
pool, are in special servicing. The largest specially serviced
loan is the 610 Weddell Loan ($8 million -- 36% of the pool),
which is secured by a 63,000 square-foot industrial flex property
in Sunnyvale, California. The property became real estate owned
(REO) in August 2011 and is currently 100% vacant following the
loss of its former single tenant. According to the servicer, the
property is under contract for sale, with a closing date scheduled
for no later than April 14, 2014.

The second-largest loan in special servicing is the Regency Pointe
Shopping Center Loan ($5 million -- 23% of the pool), which is
secured by an unanchored retail center in Jacksonville, Florida.
The loan transferred to special servicing in April 2011 for
maturity default. The property has suffered a sharp decline in
occupancy, with just 47% of space leased as of year-end 2012
reporting, down from 81% in December 2011 and 99% at
securitization. The property is located adjacent to Regency Square
Mall, a troubled regional mall which has also suffered from high
vacancy in recent years. On a positive note for the property,
Office Depot recently signed a lease for one of the larger spaces
at Regency Pointe. The servicer expects to auction the property
before the end of Q2 2013.

The third loan in special servicing is the Bayshore Palms Loan ($5
million -- 21% of the pool). The loan is secured by a 200-unit
multifamily property in Safety Harbor, Florida, part of the Tampa
Bay area. The loan transferred to special servicing in January
2009 due to monetary default. Foreclosure was filed, but was
subsequently stayed after the borrower filed for bankruptcy in
April 2012. The property was 90% leased as of March 2013, the same
as at Moody's last review.

Including the fourth specially-serviced loan, Moody's estimates an
aggregate $8 million loss (38% expected loss) for all specially
serviced loans.

The remainder of the pool consists of five CTL loans which, taken
together, comprise less than 1% of the total deal balance. The
loans are secured by retail properties occupied under bondable
leases to Rite Aid Corporation (Moody's Senior Unsecured Rating
B3, Stable Outlook). The loans are full-amortizing, have an
average LTV of less than 1%, and mature in June 2013. Moody's
expects full payoff of these five loans at maturity in June 2013.


GE CAPITAL 2000-1: Moody's Affirms 'Caa3' Rating on Cl. X CMBS
--------------------------------------------------------------
Moody's Investors Service affirmed the rating of one class of GE
Capital Commercial Mortgage Corporation, Commercial Mortgage Pass-
Through Certificates, Series 2000-1 as follows:

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

Ratings Rationale:

Moody's only rates the interest-only (IO) class in this deal. 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 19.5% of
the current pooled balance. Moody's base plus realized losses
total approximately 8.4% of the original, securitized balance, up
from 6.7% at Moody's last review. Depending on the timing of loan
payoffs and the severity and timing of losses from specially
serviced loans, the credit assessments for the principal classes
could decline below their current levels. If future performance
materially declines, the expected credit assessments of the
referenced tranches may be insufficient to support the current
ratings of the interest-only 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.

Methodological Approach: Since 61% of the pool is in special
servicing, Moody's utilized a loss and recovery approach in
determining an internal credit assessment for the non-rated P&I
class, which in turn was used to determine the rating the IO
Class. 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(es) and the
recovery as a pay down of principal to the most senior class(es).

Moody's review also incorporated the following methodology:
"Commercial Real Estate Finance: Moody's Approach to Rating Credit
Tenant Lease Financings" published in November 2011. 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. For this review, the Conduit Model was used
primarily in determining a rating for the IO Class. 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 2 compared to a Herf of 4 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 25, 2012.

Deal Performance:

As of the May 17, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $11 million
from $707 million at securitization. The Certificates are
collateralized by six mortgage loans ranging in size from 6% to
61% of the pool. The pool contains no loans with investment-grade
credit assessments. One loan, representing approximately 7% of the
pool, is defeased and is collateralized by U.S. Government
securities. The pool contains four loans, representing 33% of the
pool, which are secured by Credit Tenant Leases (CTL).

There are no loans on the master servicer's watchlist. Nineteen
loans have liquidated from the pool, resulting in an aggregate
realized loss of $57 million (49% average loan loss severity).
Currently, one loan, representing 61% of the pool, is in special
servicing. The specially serviced loan is the River Pointe Office
Buildings Loan ($7 million -- 61% of the pool), which is secured
by five office properties in Des Moines, Iowa. The loan
transferred to special servicing in November 2010 due to maturity
default. The loan was performing under a forbearance agreement
through February 2012, however the borrower was unable to pay off
the loan at the end of the forbearance period. The property was
88% occupied at year-end 2012 reporting. The lease for the largest
tenant, Wells Fargo (which occupied 63% of the property's net
rentable area), expired on 9/30/2012. Wells Fargo has since
occupied the property on a month-to-month lease. Nevertheless,
Wells Fargo has given 30-day notice and is expected to vacate the
property. Moody's analysis incorporates a loss for this loan.

The remainder of the pool consists of four performing CTL loans,
which together represent $3.7 million of outstanding loan balance,
or 33% of the pool. The loans are secured by properties leased
under bondable leases to CVS / Caremark (Moody's senior unsecured
rating Baa2 -- stable outlook).


GE COMMERCIAL 2003-C1: Moody's Cuts Rating on X-1 Certs to Caa1
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings of six classes,
downgraded one class and upgraded two classes of GE Commercial
Mortgage Corporation, Commercial Mortgage Pass-Through
Certificates 2003-C1 as follows:

Cl. G, Upgraded to Aaa (sf); previously on Dec 9, 2010 Upgraded to
A1 (sf)

Cl. H, Upgraded to Aaa (sf); previously on Dec 9, 2010 Confirmed
at Baa1 (sf)

Cl. J, Affirmed Ba1 (sf); previously on Dec 9, 2010 Confirmed at
Ba1 (sf)

Cl. K, Affirmed Ba2 (sf); previously on Dec 9, 2010 Confirmed at
Ba2 (sf)

Cl. L, Affirmed Caa1 (sf); previously on Jun 7, 2012 Downgraded to
Caa1 (sf)

Cl. M, Affirmed Caa2 (sf); previously on Jun 7, 2012 Downgraded to
Caa2 (sf)

Cl. N, Affirmed C (sf); previously on Jun 7, 2012 Downgraded to C
(sf)

Cl. O, Affirmed C (sf); previously on Jun 7, 2012 Downgraded to C
(sf)

Cl. X-1, Downgraded to Caa1 (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 upgrades of two principal classes are due to a significant
increase in credit support from paydowns and amortization. The
pool has paid down by 88% since last review.

The downgrade of the IO Class, Class X-1, is due to the payoffs of
highly rated classes since last review.

Moody's rating action reflects a base expected loss of 32.2% of
the current balance, compared to 4.1% at last review. Although
Moody's base expected loss has increased significantly on a
percentage basis, it has actually decreased in dollar amount from
$27.1 million to $25.2 million. Moody's expected base loss plus
aggregate realized loss is now 4.0% of the original securitized
pool compared to 3.7% 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 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. The Interest-Only
Methodology was used for the rating of Class X-1.

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 3 compared to 37 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.

Since over half 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(es) and the recovery as a pay down
of principal to the most senior class(es).

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 7, 2012.

Deal Performance:

As of the May 10, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 93% to $78.1
million from $1.2 billion at securitization. The Certificates are
collateralized by seven mortgage loans ranging in size from 3% to
48% of the pool.

Currently, there are no loans on the master servicer's watchlist.
Seventeen loans have been liquidated from the pool since
securitization resulting in an aggregate $22.3 million loss (24%
loss severity on average). Five loans, representing 66% of the
pool, are in special servicing. The largest specially serviced
loan is the 801 Market Street Loan ($37.3 million -- 48% of the
pool), which is secured by a 370,000 square foot (SF) office
condominium situated within a 1.0 million SF office building
located in the Market Street East office market of Center City
Philadelphia. The condominium includes part of the basement,
ground floor retail and all of floors seven through 13. The office
building was built in 1928 and renovated in 2002. This loan
transferred to Special Servicing due to the borrower being unable
to pay off the loan at the February 1, 2013 maturity date. The
GSA, occupying 41% of the NRA, will be vacating the property at
lease expiration on December 16, 2014. One tenant occupying 20% of
the NRA is due to expire within the next seven months.

Moody's has estimated an aggregate $24.3 million loss (47%
expected loss) for the five specially serviced loans.

Moody's was provided with full year 2011 and partial year 2012
operating results for 100% of the performing pool. Excluding
specially serviced loans, Moody's weighted average LTV is 80%
compared to 86% at last review. Moody's net cash flow reflects a
weighted average haircut of 10.9% to the most recently available
net operating income. Moody's value reflects a weighted average
capitalization rate of 9.3%.

Excluding specially serviced loans, Moody's actual and stressed
DSCRs are 1.23X and 1.15X, respectively, compared to 1.32X and
1.26X, 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 two performing conduit loans represent 34% of the pool
balance. The largest conduit loan is the Links at Bentonville Loan
($17.7 million -- 23% of the pool), which is secured by a
multifamily complex consisting of 36 buildings encompassing a
total of 432 units located in Bentonville, Arkansas. The property
is currently 98% leased, the same as at last review. Moody's LTV
and stressed DSCR are 72% and 1.24X, respectively, compared to 97%
and 0.92X at last review.

The second conduit loan is the Shiloh Apartments Loan ($8.6
million -- 11% of the pool), which is secured by a 240-unit
multifamily property located in Fayetteville, Arkansas.
Performance has improved significantly over the past three years
due to an increase in occupancy. The property is currently 100%
leased as of December 2012 compared to 97% as of December 2011 and
65% as of December 2010. Moody's LTV and stressed DSCR are 98% and
0.97X, respectively, compared to 218% and 0.43X at last review.


GLACIER FUNDING II: Moody's Ups Ratings on Two Note Classes to B2
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of the following
notes issued by Glacier Funding CDO II Ltd.:

$100,000 Class A-1 First Priority Voting Senior Secured Floating
Rate Notes due 2042 (current balance of $17,116), Upgraded to B2
(sf); previously on May 6, 2011 Downgraded to Caa3 (sf)

$324,900,000 Class A-1 First Priority Non-Voting Senior Secured
Floating Rate Notes due 2042 (current balance of $55,609,714),
Upgraded to B2 (sf); previously on May 6, 2011 Downgraded to Caa3
(sf)

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

$70,000,000 Class A-2 Second Priority Senior Secured Floating Rate
Notes Due 2042, Affirmed at C (sf);previously on May 26, 2010
Downgraded to C (sf)

$65,750,000 Class B Third Priority Senior Secured Floating Rate
Notes Due 2042, Affirmed at C (sf); previously on May 26, 2010
Downgraded to C (sf)

$20,250,000 Class C Fourth Priority Mezzanine Secured Floating
Rate Notes due November 2042 (current balance of $23,064,287),
Affirmed at C (sf); previously on April 30, 2008 Downgraded to C
(sf)

$4,000,000 Class D Fifth Priority Mezzanine Secured Floating Rate
Notes due November 2042 (current balance of $6,348,906), Affirmed
at C (sf); previously on April 30, 2008 Downgraded to C (sf)


GS MORTGAGE 2005-GG4: Moody's Affirms C Ratings on 3 Sec. Classes
-----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 16 classes of GS
Mortgage Securities Corporation II, Commercial Mortgage Pass-
Through Certificates, Series 2005-GG4 as follows:

Cl. A-ABA, Affirmed Aaa (sf); previously on Jul 15, 2005
Definitive Rating Assigned Aaa (sf)

Cl. A-ABB, Affirmed Aaa (sf); previously on Jul 15, 2005
Definitive Rating Assigned Aaa (sf)

Cl. A-4A, Affirmed Aaa (sf); previously on Jul 15, 2005 Definitive
Rating Assigned Aaa (sf)

Cl. A-1A, Affirmed Aa1 (sf); previously on Oct 27, 2010 Downgraded
to Aa1 (sf)

Cl. A-4, Affirmed Aa1 (sf); previously on Oct 27, 2010 Downgraded
to Aa1 (sf)

Cl. A-4B, Affirmed Aa1 (sf); previously on Oct 27, 2010 Downgraded
to Aa1 (sf)

Cl. A-J, Affirmed Ba1 (sf); previously on Jun 1, 2012 Downgraded
to Ba1 (sf)

Cl. B, Affirmed Ba3 (sf); previously on Jun 1, 2012 Downgraded to
Ba3 (sf)

Cl. C, Affirmed B1 (sf); previously on Oct 27, 2010 Downgraded to
B1 (sf)

Cl. D, Affirmed Caa1 (sf); previously on Jun 23, 2011 Upgraded to
Caa1 (sf)

Cl. E, Affirmed Caa2 (sf); previously on Jun 23, 2011 Upgraded to
Caa2 (sf)

Cl. F, Affirmed Caa3 (sf); previously on Jun 23, 2011 Upgraded to
Caa3 (sf)

Cl. G, Affirmed C (sf); previously on Oct 27, 2010 Downgraded to C
(sf)

Cl. H, Affirmed C (sf); previously on Oct 27, 2010 Downgraded to C
(sf)

Cl. J, Affirmed C (sf); previously on Nov 19, 2009 Downgraded to C
(sf)

Cl. X-C, Affirmed Ba3 (sf); previously on Feb 22, 2012 Downgraded
to 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 rating of the IO Class, Class X-C, 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
approximately 9.3% of the current deal balance. At last review,
Moody's base expected loss was approximately 10.8%. Moody's base
expected loss plus realized loss is now 9.5% of the original,
securitized deal balance compared to 9.4% at Moody's 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 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 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 Class X-C 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 42 compared to a Herf of 48 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 May 10, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 31% to $2.73
billion from $4.0 billion at securitization. The Certificates are
collateralized by 146 mortgage loans ranging in size from less
than 1% to 7% of the pool, with the top ten loans (excluding
defeasance) representing 35% of the pool. The pool includes one
loan with an investment-grade credit assessment, representing 2%
of the pool. Nine loans, representing approximately 9% of the
pool, are defeased and are collateralized by U.S. Government
securities.

Thirty-five loans, representing 20% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of its
ongoing monitoring of a transaction, Moody's reviews the watchlist
to assess which loans have material issues that could impact
performance.

Twenty-nine loans have liquidated from the pool, resulting in an
aggregate realized loss of $125 million (21% average loan loss
severity). Currently, 17 loans, representing 15% of the pool, are
in special servicing. The largest specially serviced loan is the
Century Centre Office Loan ($91 million -- 3% of the pool), which
is secured by two 1986-vintage office buildings totaling 448,000
square feet in Irvine, California. The loan transferred to special
servicing in August 2010 for non-monetary default. Foreclosure
proceedings were initiated in July 2011, but the foreclosure was
later halted through mutual agreement between the borrower and
servicer. The borrower and servicer are currently in arbitration.
The property was 84% leased as of March 2012 compared to 82% in
August 2010.

The second largest loan in special servicing is the Astor Crowne
Plaza Loan ($74 million -- 3% of the pool). The loan is secured by
a 707-room full-service hotel in New Orleans, Louisiana. The hotel
is located near the French Quarter. The loan became REO in April
2011, and the property was expected to be included in an auction
in Q3 2012, but did not make it to auction. The hotel received
damage from Hurricane Ike in 2012 and repairs have subsequently
been made. The servicer is working with the insurer to collect
insurance proceeds for loss of business income. Full-year 2012
RevPAR was $101.37, up from March 2011 TTM RevPAR of $84.50. The
increase was largely driven by higher room rates, as occupancy
(66% in 2012) continued to lag the competitive set.

The remaining 15 specially serviced loans are secured by a mix of
office, retail and multifamily property types. Moody's estimates
an aggregate $141 million loss (34% expected loss) for all
specially serviced loans.

Moody's has assumed a high default probability for 17 poorly
performing loans representing 11% of the pool. Moody's analysis
attributes to these troubled loans an aggregate $58 million loss
(19% expected loss severity based on a 56% probability default).
Moody's has identified the One HSBC Center Loan ($75 million -- 3%
of the pool) as a particular contributor to credit risk for the
pool. The loan is currently on the watchlist. HSBC Bank, the
anchor tenant at the 852,000 square-foot Buffalo, New York office
property that serves as collateral for the loan, is expected to
vacate the property at lease expiration on October 31, 2013. HSBC
currently occupies approximately 77% of the building's net
rentable area (NRA).

Moody's was provided with full-year 2011 and partial year 2012
operating results for 100% and 80% of the performing pool,
respectively. Excluding troubled and specially-serviced loans,
Moody's weighted average conduit LTV is 96%, compared to 98% at
last full review. Moody's net cash flow reflects a weighted
average haircut of 9.7% 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 conduit DSCRs are 1.47X and 1.09X, respectively,
compared to 1.44X and 1.05X 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 200 Madison Avenue Loan
($45 million -- 2% of the pool), which represents a participation
interest in a $90 million mortgage loan. The loan is secured by a
666,000 square foot Class B office property in Midtown Manhattan.
The property is currently 100% leased, up from 98% at Moody's last
review. The lease for the second largest tenant, Lally McFarland &
Pantello, was scheduled to expire in May 2013. The tenant recently
renewed through 2028. The property is expected to encounter only
minor lease rollover risk for the next decade. Moody's credit
assessment and stressed DSCR are Aa3 and 1.76X, respectively,
compared to Aa3 and 1.66X at last review.

The top three performing conduit loans represent 18% of the pool.
The largest loan is the Wells Fargo Center Loan ($200 million --
7% of the pool), which represents a participation interest in a
$276 million mortgage loan. The loan is secured by a 1.2 million
square foot 52-story, Class A office tower in Denver, Colorado.
The property was 87% leased as of year-end 2012 reporting,
compared to 88% at year-end 2011. Performance has been stable
since securitization. The property was purchased by the investment
firm Beacon Capital in April 2012. Moody's current LTV and
stressed DSCR are 122% and 0.77X, respectively, compared to 121%
and 0.78X at last review.

The second largest loan is the Mall at Wellington Green Loan ($200
million -- 7% of the pool). The loan is secured by a 605,000
square foot portion of a 1.3 million square-foot regional mall in
Wellington, Florida. Mall anchors include Dillard's, JC Penney,
Nordstrom, none of which are part of the loan collateral. Property
financial performance has been stable. The property was 82% leased
at year-end 2012 reporting compared to 83% at year-end 2011.
Moody's current LTV and stressed DSCR are 106% and 0.87X,
respectively, compared to 110% and 0.84X at last review.

The third largest loan is the Hyatt Regency Dallas Loan ($90
million -- 3% of the pool), which is secured by a 1,122-room full
service hotel in downtown Dallas, Texas. Property financial
performance declined in 2012, largely a result of a major
renovation at the hotel which lasted from Q2 2012 through Q1 2013.
Moody's value reflects stabilized hotel operation post-renovation.
Moody's current LTV and stressed DSCR are 81% and, 1.48X
respectively, compared to 83% and 1.44X at last review.


GS MORTGAGE 2013-GCJ12: Fitch Rates $11.97MM Class F Certs 'B'
--------------------------------------------------------------
Fitch Ratings has assigned the following ratings and Outlooks to
GS Mortgage Securities Trust 2013-GCJ12 Commercial Mortgage Pass-
Through Certificates.

-- $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.
(a) Privately placed pursuant to Rule 144A.

Fitch does not 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.


INDYMAC 2006-1: Moody's Hikes Rating on Cl. A3B Certs to 'Ca'
-------------------------------------------------------------
Moody's Investors Service has upgraded the rating of one tranche
issued by IndyMac INDB Mortgage Loan Trust 2006-1.

Complete rating action is as follows:

Issuer: IndyMac INDB Mortgage Loan Trust 2006-1

Cl. A-3B, Upgraded to Ca (sf); previously on May 28, 2009
Downgraded to C (sf)

Ratings Rationale:

The rating action reflects correction of an error. In prior rating
actions for IndyMac INDB Mortgage Loan Trust 2006-1, the principal
payment priorities were modeled incorrectly. Classes A-3A and A-3B
were modeled as paying sequentially while the tranches are
actually paying pro rata. This rating action reflects the correct
pro rata payment for Class A-3A and A-3B.

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 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.


J.C. PENNEY 2006-1: Moody's Cuts Rating on 2 Cert. Classes to Caa2
------------------------------------------------------------------
Moody's Investors Service downgraded the ratings of the following
certificates issued by Corporate Backed Callable Trust
Certificates J.C. Penney Debenture-Backed Series 2006-1 Trust:

Class A-1 Certificates, Downgraded to Caa2; previously on November
26, 2012 Downgraded to Caa1

Class A-2 Certificates, Downgraded to Caa2; previously on November
26, 2012 Downgraded to Caa1

Ratings Rationale:

The transaction is a structured note whose ratings change with the
rating of the Underlying Securities. These rating actions are a
result of the change of the rating of J.C. Penney Corporation,
Inc. 7.625% Debentures due March 1, 2097, which was downgraded to
Caa2 on April 30, 2013.

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

Moody's conducted no additional cash flow analysis or stress
scenarios because the ratings are a pass-through of the rating of
the underlying security.

Moody's says that the underlying securities are subject to a high
level of macroeconomic uncertainty, which is manifest in uncertain
credit conditions across the general economy. Because these
conditions could negatively affect the rating on the underlying
securities, they could also negatively impact the ratings on the
note.


J.C. PENNEY 2007-1: Moody's Cuts Rating on 2 Cert. Classes to Caa2
------------------------------------------------------------------
Moody's Investors Service downgraded the ratings of the following
certificates issued by Corporate Backed Callable Trust
Certificates J.C. Penney Debenture-Backed Series 2007-1 Trust:

Class A-1 Certificates Notes, Downgraded to Caa2; previously on
November 26, 2012 Downgraded to Caa1

Class A-2 Certificates Notes, Downgraded to Caa2; previously on
November 26, 2012 Downgraded to Caa1

Ratings Rationale:

The transaction is a structured note whose ratings change with the
rating of the Underlying Security. These rating actions are a
result of the change of the rating of J.C. Penney Corporation,
Inc. 7.625% Debentures due March 1, 2097, which was downgraded to
Caa2 on April 30th, 2013.

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

Moody's conducted no additional cash flow analysis or stress
scenarios because the ratings are a pass-through of the rating of
the underlying security.

Moody's says that the underlying securities are subject to a high
level of macroeconomic uncertainty, which is manifest in uncertain
credit conditions across the general economy. Because these
conditions could negatively affect the rating on the underlying
securities, they could also negatively impact the ratings on the
note.


JER CRE 2006-2: Moody's Affirms 'C' Ratings on 14 Note Classes
--------------------------------------------------------------
Moody's has affirmed the ratings of fourteen classes of Notes
issued by JER CRE CDO 2006-2, Ltd. 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 (CRE CDO and Re-Remic)
transactions.

Moody's rating action is as follows:

Cl. C-FX, Affirmed C (sf); previously on Jul 8, 2010 Downgraded to
C (sf)

Cl. D-FX, Affirmed C (sf); previously on Jul 8, 2010 Downgraded to
C (sf)

Cl. E-FX, Affirmed C (sf); previously on Jul 8, 2010 Downgraded to
C (sf)

Cl. B-FL, Affirmed C (sf); previously on Apr 11, 2012 Downgraded
to C (sf)

Cl. J-FX, Affirmed C (sf); previously on Jul 8, 2010 Downgraded to
C (sf)

Cl. K, Affirmed C (sf); previously on Jul 8, 2010 Downgraded to C
(sf)

Cl. L, Affirmed C (sf); previously on Oct 1, 2009 Downgraded to C
(sf)

Cl. A-FL, Affirmed C (sf); previously on Aug 15, 2012 Downgraded
to C (sf)

Cl. C-FL, Affirmed C (sf); previously on Jul 8, 2010 Downgraded to
C (sf)

Cl. D-FL, Affirmed C (sf); previously on Jul 8, 2010 Downgraded to
C (sf)

Cl. E-FL, Affirmed C (sf); previously on Jul 8, 2010 Downgraded to
C (sf)

Cl. F-FL, Affirmed C (sf); previously on Jul 8, 2010 Downgraded to
C (sf)

Cl. G-FL, Affirmed C (sf); previously on Jul 8, 2010 Downgraded to
C (sf)

Cl. H-FL, Affirmed C (sf); previously on Jul 8, 2010 Downgraded to
C (sf)

Ratings Rationale:

JER CRE CDO 2006-2, Ltd. is a currently static (re-investment
period ended in October, 2011) cash transaction backed by a
portfolio of commercial mortgage backed securities (CMBS) (63.3%
of the pool balance), commercial real estate CDOs (CRE CDO)
(23.2%), whole loans (10.0%) and mezzanine debt (3.5%). As of the
April 25, 2013 trustee report, the aggregate Note balance of the
transaction is $752.3 million compared to $1.2 billion at
issuance; due to a combination of write-down of the Preferred
Shares, amortization, recoveries from defaulted collateral and
principal resulting from the failure of certain par value and
interest coverage tests.

The Event of Default (EOD) that occurred on June 28, 2012 is
continuing and the interest and principal proceeds from the assets
are currently being used to pay the outstanding interest rate swap
termination fee.

There are twenty-four assets with a par balance of $150.6 million
(92.5% of the current pool balance) that are considered defaulted
securities as of the April 25, 2013 trustee report. Nineteen of
these defaulted securities (61.4% of the defaulted balance) are
CMBS, three are CDO (21.1%), and two are whole loans (10.0%).
Moody's does expect significant losses to occur on the defaulted
securities once they are realized.

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 9,063
compared to 8,936 at last review. The current distribution of
Moody's rated collateral and assessments for non-Moody's rated
collateral is as follows: Aaa-Aa3 (3.4% compared to 3.6% at last
review), A1-A3 (0.0% compared to 0.0% at last review), Baa1-Baa3
(1.9% compared to 1.3% at last review), Ba1-Ba3 (0.0% compared to
0.0% at last review), B1-B3 (0.0% compared to 0.0% at last
review), and Caa1-C (94.7% compared to 95.0% at last review).

Moody's modeled a WAL of 3.0 years compared to 3.3 years at last
review. The current WAL is based on assumptions about extensions
on the underlying collateral.

Moody's modeled a fixed WARR of 6.0% compared to 2.7% at last
review. The increase in WARR is due to the attributes of the
remaining collateral net of any amortized or defaulted collateral
since last review.

Moody's modeled a MAC of 100.0%, compared to 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, released on May 16, 2103,
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. However, given
the current outstanding ratings and the key transaction
indicators, Moody's believes that it is unlikely that the ratings
are sensitive to stresses in recovery rates.

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.


JP MORGAN 2012-CIBX: Moody's Affirms Ratings on 15 CMBS Classes
---------------------------------------------------------------
Moody's Investors Service affirmed the CMBS ratings of 15 classes
of J.P. Morgan Chase Commercial Mortgage Securities Corp.
Commercial Mortgage Pass-Through Certificates Series 2012-CIBX as
follows:

Cl. A-1, Affirmed Aaa (sf); previously on Jul 3, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Jul 3, 2012 Definitive
Rating Assigned Aaa (sf)

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

Cl. A-4, Affirmed Aaa (sf); previously on Jul 3, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-4FL, Affirmed Aaa (sf); previously on Jul 3, 2012 Assigned
Aaa (sf)

Cl. A-4FX, Affirmed Aaa (sf); previously on Jul 3, 2012 Assigned
Aaa (sf)

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

Cl. B, Affirmed Aa2 (sf); previously on Jul 3, 2012 Definitive
Rating Assigned Aa2 (sf)

Cl. C, Affirmed A2 (sf); previously on Jul 3, 2012 Definitive
Rating Assigned A2 (sf)

Cl. D, Affirmed Baa1 (sf); previously on Jul 3, 2012 Definitive
Rating Assigned Baa1 (sf)

Cl. E, Affirmed Baa3 (sf); previously on Jul 3, 2012 Definitive
Rating Assigned Baa3 (sf)

Cl. F, Affirmed Ba2 (sf); previously on Jul 3, 2012 Definitive
Rating Assigned Ba2 (sf)

Cl. G, Affirmed B2 (sf); previously on Jul 3, 2012 Definitive
Rating Assigned B2 (sf)

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

Cl. X-B, Affirmed Ba3 (sf); previously on Jul 3, 2012 Definitive
Rating Assigned Ba3 (sf)

Ratings Rationale:

The affirmations of the 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 ratings of the interest-only (IO) classes, Class X-A and X-B,
are consistent with the expected credit performance of each IO
bond's referenced classes and thus are affirmed.

This is Moody's first full review of JPMCC 2012-CIBX. Moody's
rating action reflects a base expected loss of 2.4% of the current
pooled balance. 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 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 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.

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

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 23, which is the same as at securitization.

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. This is Moody's first full
review of this transaction.

Deal Performance:

As of the May 17, 2013 distribution date, the transaction's
aggregate pooled certificate balance has decreased by 1% to $1.27
billion from $1.29 billion at securitization. The Certificates are
collateralized by 49 mortgage loans ranging in size from less than
1% to 12% of the pool, with the top ten loans representing 56% of
the pool. The pool does not contain any defeased loans or loans
with credit assessments.

No loans are currently on the master servicer's watchlist and no
loans have been liquidated from the pool. One loan, The Doubletree
by Hilton JFK Airport Loan ($34 million -- 2.7% of the pool), is
currently in special servicing. The loan transferred to special
servicing on February 1, 2013 due to the pending termination of
the Doubletree Franchise Agreement. The borrower and Hilton are
involved in a legal battle over the termination. The borrower is
pursuing alternative hotel flag options in case the court upholds
the termination of the Doubletree Franchise Agreement. The loan is
current.

Moody's was provided with full year 2011 and partial or full year
2012 operating results for 100% and 83% of the pool's loans,
respectively. Moody's weighted average conduit LTV is 97% compared
to 100% at securitization. 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 9.5%.

Moody's actual and stressed conduit DSCRs are 1.42X and 1.07X,
respectively, compared to 1.40X and 1.04X 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 performing loans represent 25% of the pool balance.
The largest loan is the Palazzo Westwood Village Loan ($155
million -- 12.2%), which is secured by a 350 unit multifamily
complex, 51,000 square foot (SF) retail space and a 1,299 space
underground parking garage located in Los Angeles, California. The
property is also encumbered by a $26.5 million B-Note. Loan
repayment is interest-only for the initial 36-months and will then
amortize over 30 years. The property was 97% leased as of December
2012 with average rents of almost $3,300 per unit. Moody's LTV and
stressed DSCR are 100% and 0.84X, which is the same as at
securitization.

The second largest conduit loan is the Wit Hotel Loan ($88 million
-- 6.9%), which is secured by a 310 room full-service hotel
located in Chicago, Illinois. The property outperforms its
competitive set as indicated by a 112% revenue per available room
(RevPAR) penetration rate at securitization. Loan repayment is
interest-only for the initial 12-months and will then amortize
over 30 years. Moody's LTV and stressed DSCR are 94% and 1.29X,
which is the same as at securitization.

The third largest conduit loan is the 100 West Putnam Loan ($79
million -- 6.2%), which is secured by a 156,000 SF class A office
building located in Greenwich, Connecticut. The property is also
encumbered by a $16 million B-Note. The collateral was 87% leased
as of September 2012. Most of the building's tenants are hedge
fund firms. Moody's LTV and stressed DSCR are 116% and 0.84X,
compared to 117% and 0.83X at securitization.


JP MORGAN 2013-JWRZ: S&P Assigns 'BB' Rating on 3 Note Classes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to J.P.
Morgan Chase Commercial Mortgage Securities Trust 2013-JWRZ's
(JPMCC 2013-JWRZ's) $510.0 million commercial mortgage pass-
through certificates series 2013-JWRZ.

The note issuance is a commercial mortgage-backed securitization
backed by one two-year, floating-rate commercial mortgage loan
totaling $510.0 million, secured by a first-lien mortgage on the
borrower's fee interest in the J.W. Marriott Grande Lakes and the
Ritz-Carlton Grande Lakes (Grande Lakes Resort) in Orlando, Fla.
and the fee and leasehold interests in the J.W. Marriott Desert
Ridge in Phoenix.

The ratings assigned to JPMCC 2013-JWRZ's $510.0 million
commercial mortgage pass-through certificates reflect Standard &
Poor's view of the collateral's historical and projected
performance, the sponsor's and manager's experience, the trustee-
provided liquidity, the loan's terms, and the transaction's
structure.

          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/1539.pdf

RATINGS ASSIGNED

J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-JWRZ

Class       Rating(i)                    Amount
                                     (mil. $)(i)
A           AAA (sf)                      212.3
X-CP        BB (sf)                       510.0(ii)
X-EXT       BB (sf)                       510.0(ii)
B           AA- (sf)                       74.5
C           A- (sf)                        60.0
D           BBB- (sf)                      72.9
E           BB (sf)                        90.3

(i) The issuer will issue the certificates to qualified
     institutional buyers in line with Rule 144A of the Securities
     Act of 1933.
(ii) Notional balance.  The notional amount of the X-CP and X-EXT
     certificates will be reduced by the aggregate amount of
     principal distributions and realized losses allocated to the
     class A, B, C, D, and E certificates.


KIRKWOOD CDO 2004-1: Moody's Raises Rating on Class A Notes to B2
-----------------------------------------------------------------
Moody's Investors Service upgraded the rating of the following
notes issued by Kirkwood CDO 2004-1:

  $82,500,000 Class A Floating Rate Notes Due December 30, 2044
  (current balance of $24,881,061), Upgraded to B2 (sf);
  previously on June 14, 2012 Upgraded to Caa1 (sf);

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

  $30,250,000 Class B Floating Rate Deferrable Notes Due December
  30, 2044, Affirmed at C (sf); previously on September 17, 2010
  Downgraded to C (sf);

  $13,750,000 Class C Floating Rate Deferrable Notes Due December
  30, 2044, Affirmed at C (sf); previously on September 17, 2010
  Downgraded to C (sf);

  $5,000,000 Class D Floating Rate Deferrable Notes Due December
  30, 2044, Affirmed at C (sf); previously on September 17, 2010
  Downgraded to C (sf).

Ratings Rationale:

According to Moody's, the rating action taken on the Class A notes
is primarily a result of deleveraging of the Class A Notes and the
upgrade of the rating of the Credit Default Swap Insurer, MBIA
Insurance Corporation. Moody's notes that the Class A Notes have
been paid down by approximately 22.8% or $7.3 million since the
last rating action.

Moody's analysis also accounts for the risk of an early
termination event due to a default of MBIA Insurance Corporation,
the Credit Default Swap Insurer. On May 21, 2013 Moody's upgraded
MBIA Insurance Corporation's Insurance Financial Strength Rating
(IFSR) to B3.

Additionally, the deal provides credit protection on portfolios of
corporate securities via four Credit Default Swaps with a maturity
date of March 20, 2015.

The proceeds of the offering of the notes has been invested by the
Issuer in U.S. dollar denominated collateralized loan obligations
and structured finance CDOs. The Class A notes have been
amortizing from the principal proceeds received from the
underlying collateral. There are currently five CDOs which are
providing the cash flow to the deal, four of which were upgraded
in 2011 and 2012 with the lowest rating being Aa3.

Kirkwood CDO 2004-1 issued in December 2004, is a collateralized
debt obligation backed primarily by a portfolio of CLOs, CSO and
synthetic exposure to corporate securities.

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

Moody's did not model the transaction or perform any sensitivity
analyses. Instead, Moody's analyzed the transaction using credit
quality metrics in conjunction with overcollateralization ratios
as well as accounting for the risk of an early termination event
due to a default of MBIA Insurance Corporation.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by uncertainties of credit
conditions in the general economy.


LEHMAN BROTHERS 2006-LLF: Fitch Affirms D Rating on Class L Certs
-----------------------------------------------------------------
Fitch Ratings has upgraded two and affirmed nine classes of Lehman
Brothers Floating Rate Commercial Mortgage Trust, series 2006-LLF
C5.

Key Rating Drivers

The upgrades reflect improvement in collateral performance, namely
the Walt Disney Swan and Dolphin (77% of pooled balance) which
continues its strong recovery from recessionary trough
performance. The transaction is concentrated with four loans
remaining in the trust, compared to 26 loans at securitization. In
addition to the Walt Disney Swan and Dolphin (77%) the remaining
loans are National Conference Center (8.5%), Continental Grand II
(8.5%), and 30 Montgomery St. (6%). Three of the four remaining
loans show an improving performance trend. Fitch analyzed servicer
provided information for all of the loans including YE 2012
financial data, recent value estimates, STR reports and rent
rolls.

Walt Disney Swan and Dolphin consists of a two-hotel portfolio
totaling 2,267 rooms and located in the heart of the Walt Disney
World Resort complex, specifically within the EPCOT Resort Area.
Approximately $36 million ($16,850/key) was invested in the
property around the time of origination, including renovations to
the lobby, guestrooms, food and beverage outlets, meeting space,
and other common areas. After cash flow decreased through the
recession, performance has been steadily improving.

After modest improvement in cash flow in 2010 and 2011, the
properties demonstrated significant growth in income on strong
demand through the 2012 calendar year, which continued into the
first quarter of 2013. The portfolio's occupancy, average daily
rate (ADR), and revenue per available room (RevPAR) were 95%,
$197.85, and $188, respectively, compared with 84.5%, $157.18, and
$132.85 in 2011 and 81.1%, $154.28, and $125.16 in 2010. The loan
is scheduled to mature in September 2013. The loan per square foot
is considered very reasonable for the subject's market.

The National Conference Center is the largest International
Association of Conference Centers (IACC) certified property in the
country. The 1.2 million sf facility has 917 guestrooms, 250
meeting and conference rooms, a 700-seat cafeteria, jogging and
biking trails, a sports center featuring an Olympic-sized pool,
squash courts, tennis courts, and basketball courts. The property
is located 10 miles from Dulles International Airport and 35 miles
northwest of downtown Washington, D.C.

National Conference Center remains with the special servicer as a
performing matured loan after its initial transfer in February
2012. A hard lock box is in place and all cash is being trapped
except to the extent necessary to fund hotel operations. A recent
value estimate provided by the servicer indicates a decline from
the appraisal used in the previous transaction review. Despite the
decrease in value, recovery prospects are currently strong;
however, Fitch has concerns that a long workout window given the
unique nature of the asset may negatively affect recoveries. The
loan is operating under a forbearance and the special servicer
continues to monitor performance.

Continental Grand II is secured by a 238,388 sf office building
located in the Superblock area of El Segundo, CA, within the
greater South Bay area of Los Angeles. Occupancy at the property
declined significantly in 2010 after a former tenant vacated 42.8%
of the net rentable area. Occupancy, which fell to as low as 50%,
recovered to 78% as of March 2013. Furthermore, the sponsor has
proposals out on additional space. The servicer will continue to
monitor leasing activity at the property. The loan is scheduled to
mature in August 2013.

30 Montgomery St. is secured by a 292,167 sf office building
located in Jersey City, NJ. The property's performance history is
similar in respect to Continental Grand II (discussed in the
paragraph above), where vacancy has increased since origination
with the loss of certain tenants. Occupancy in the last few years
recovered and has remained around 75%, after falling to 63% at the
end of 2012. The property suffered significant damage from
Hurricane Sandy, and the servicer has been working with the
borrower to process insurance claims. The borrower continues to
fund repairs out-of-pocket while the insurance reimbursements
worked out. The loan matures in September 2013.

Rating Sensitivities

The rated classes are highly dependent upon the performance of the
remaining loans. Ratings are expected to remain stable due to
stable to improving performance on the remaining collateral. Based
on a stressed analysis, recoveries remain strong for the pool. It
is likely that the Swan and Dolphin loan will paydown the majority
of the investment grade classes, leaving lower rated classes
outstanding. The distressed classes (those below 'B') are expected
to absorb any possible future losses.
The final rated maturity for the transaction is September 1, 2021.

Fitch upgrades the following classes:

-- $3.7 million class J to 'CCCsf' from 'Csf'; RE 0%;
-- $32.8 million class K to 'CCsf' from 'Csf'; RE 0%.

In addition, Fitch affirms the following classes and revises
Outlooks as indicated:

-- $59.7 million class A-2 at 'AAAsf'; Outlook Stable;
-- $58.5 million class B at 'AAAsf'; Outlook Stable;
-- $53.6 million class C at 'AAAsf'; Outlook Stable;
-- $34.1 million class D at 'AA+sf'; Outlook Stable;
-- $45.4 million class E at 'AAsf'; Outlook Stable;
-- $26.4 million class F at 'AA-sf'; Outlook Stable;
-- $45 million class G at 'BBBsf'; Outlook to Stable from
   Negative;
-- $40.9 million class H at 'CCCsf'; RE 75%;
-- $16.8 million class L at 'Dsf'; RE 0%.


MERRILL LYNCH 2004-MKB1: Moody's Cuts Rating on Cl. P Certs to 'C'
------------------------------------------------------------------
Moody's Investors Service upgraded the ratings of two classes,
downgraded one class and affirmed 13 classes of Merrill Lynch
Mortgage Trust 2004-MKB1, Commercial Mortgage Pass-Through
Certificates, Series 2004-MKB1 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, Upgraded to Aaa (sf); previously on Jun 21, 2012 Upgraded
to Aa1 (sf)

Cl. E, Upgraded to Aa1 (sf); previously on Jun 21, 2012 Upgraded
to Aa2 (sf)

Cl. F, Affirmed A1 (sf); previously on Jun 21, 2012 Upgraded to A1
(sf)

Cl. G, Affirmed Baa1 (sf); previously on Jun 23, 2011 Upgraded to
Baa1 (sf)

Cl. H, Affirmed Baa3 (sf); previously on May 14, 2004 Definitive
Rating Assigned Baa3 (sf)

Cl. J, Affirmed Ba2 (sf); previously on Nov 4, 2010 Downgraded to
Ba2 (sf)

Cl. K, Affirmed B1 (sf); previously on Nov 4, 2010 Downgraded to
B1 (sf)

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

Cl. M, Affirmed Caa2 (sf); previously on Jun 21, 2012 Downgraded
to Caa2 (sf)

Cl. N, Affirmed Caa3 (sf); previously on Jun 21, 2012 Downgraded
to Caa3 (sf)

Cl. P, Downgraded to C (sf); previously on Jun 21, 2012 Downgraded
to Ca (sf)

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

Ratings Rationale:

The upgrades are due to actual and anticipated increased credit
support from loan payoffs and amortization as well as overall
stable pool performance. The pool has paid down by 7% since
Moody's prior review and a majority of the pool matures within the
next 12 months. Many of these loans appear to be well positioned
for refinance. The downgrade of Class P is due to actual and
Moody's anticipated losses from specially serviced and troubled
loans.

The affirmations of the principal and interest 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 XC, is consistent with the
credit performance of its referenced classes and thus is affirmed.

Moody's rating action reflects a base expected loss of 3.5% of the
current pooled balance compared to 4.4% at last review. Moody's
base expected loss plus realized losses is now 2.4% of the
original pooled balance compared to 2.5% 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 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 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 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 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
credit neutral Herf score is 40. The pool has a Herf of 27
compared to 29 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 June 21, 2012.

Deal Performance:

As of the May 13, 2012 distribution date, the transaction's
aggregate certificate balance has decreased by 61% to $378.6
million from $979.9 million at securitization. The Certificates
are collateralized by 47 mortgage loans ranging in size from less
than 1% to 8% of the pool, with the top ten loans representing 36%
of the pool. Seven loans, representing 28% of the pool, have
defeased and are secured by U.S. Government securities.

Four loans, representing 5% 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.

Six loans have been liquidated since securitization, of which five
have incurred cumulative losses totaling $10.4 million. Four loans
incurred losses at the time of liquidation with an average 37%
severity. Currently, there is one loan in special servicing,
representing 2% of the pool. The specially serviced loan is the
Port Columbus IV Loan ($8.2 million -- 2.2% of the pool), which is
secured by a 104,000 square foot (SF) office property located in
Columbus, Ohio. The loan was transferred in February of 2012 for
imminent default. The lender filed a foreclosure complaint and in
May of 2012 a receiver was appointed. As of April 2013 the
property was 59% leased.

Moody's has assumed a high default probability for three poorly
performing loans representing 4.6% of the pool. Moody's has
estimated an aggregate $8.2 million loss (32% expected loss) from
the specially serviced and troubled loans.

Moody's was provided with full year 2011 and partial and full year
2012 operating results for 100% and 86% of the pool's loans,
respectively. Excluding specially serviced and troubled loans,
Moody's weighted average LTV is 80% compared to 83% at prior
review. Moody's net cash flow (NCF) reflects a weighted average
haircut of 11.5% to the most recently available net operating
income. Moody's value reflects a weighted average capitalization
rate of 9.5%.

Excluding specially serviced and troubled loans, Moody's actual
and stressed DSCRs are 1.47X and 1.44X, respectively, compared to
1.46X and 1.39X at last review. Moody's actual DSCR is based on
Moody's net cash flow and the loan's actual debt service. Moody's
stressed DSCR is based on Moody's NCF and a 9.25% stressed rate
applied to the loan balance.

The top three loans represent 15% of the pool. The largest conduit
loan is the WestPoint Crossing Shopping Center Loan ($24.0 million
-- 6.3% of the pool), which is secured by a leasehold interest in
a 241,000 SF retail center consisting of 11 one-story buildings
located in Tucson, Arizona. The center is shadow-anchored by Home
Depot and Target. The largest in-line tenants are Food City (23%
of net rentable area (NRA); lease expiration in February 2022),
Ross (13% of the NRA; lease expiration in January 2018) and
Marshall's (12% of the NRA; lease expiration in October 2017). As
of February 2013, the property was 95% leased compared to 99% at
last review. Moody's LTV and stressed DSCR are 84% and 1.19X,
respectively, compared to 85% and 1.18X at last review.

The second largest loan is the GFS Marketplace Portfolio Loan
($17.2 million -- 4.5% of the pool), which is secured by 17
single-tenant retail properties with a total of 272,000 SF located
in Ohio (6), Michigan (5) Indiana (4), and Illinois (2). All the
properties are leased to GFS Holdings, Inc., a foodservice
distributor, under leases expiring in September 2028. Moody's LTV
and stressed DSCR are 46% and 2.22X, respectively, compared to 48%
and 2.14X at last review.

The third largest loan is the MHC Portfolio - Mariner's Cove Loan
($15.1 million -- 4.0 % of the pool), which is secured by a 374-
pad manufactured housing community located in Millsboro, Delaware.
As of December 2012, the property was 97% leased compared to 98%
at last review. Moody's LTV and stressed DSCR are 62% and 1.49X,
respectively, compared to 65% and 1.41X at last review.


MERRILL LYNCH 2008-C1: Moody's Affirms C Ratings on 4 Cert Classes
------------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 24 classes of
Merrill Lynch Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2008-C1 as follows:

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

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

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

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

Cl. AJ, Affirmed A2 (sf); previously on Nov 18, 2010 Downgraded to
A2 (sf)

Cl. AJ-A, Affirmed A2 (sf); previously on Nov 18, 2010 Downgraded
to A2 (sf)

Cl. AJ-AF, Affirmed A2 (sf); previously on Nov 18, 2010 Downgraded
to A2 (sf)

Cl. B, Affirmed A3 (sf); previously on Nov 18, 2010 Downgraded to
A3 (sf)

Cl. C, Affirmed Baa1 (sf); previously on Nov 18, 2010 Downgraded
to Baa1 (sf)

Cl. D, Affirmed Baa3 (sf); previously on Jul 12, 2012 Downgraded
to Baa3 (sf)

Cl. E, Affirmed Ba1 (sf); previously on Jul 12, 2012 Downgraded to
Ba1 (sf)

Cl. F, Affirmed Ba3 (sf); previously on Jul 12, 2012 Downgraded to
Ba3 (sf)

Cl. G, Affirmed B1 (sf); previously on Jul 12, 2012 Downgraded to
B1 (sf)

Cl. H, Affirmed B3 (sf); previously on Jul 12, 2012 Downgraded to
B3 (sf)

Cl. J, Affirmed Caa1 (sf); previously on Jul 12, 2012 Downgraded
to Caa1 (sf)

Cl. K, Affirmed Caa2 (sf); previously on Nov 18, 2010 Downgraded
to Caa2 (sf)

Cl. L, Affirmed Caa3 (sf); previously on Nov 18, 2010 Downgraded
to Caa3 (sf)

Cl. M, Affirmed C (sf); previously on Nov 18, 2010 Downgraded to C
(sf)

Cl. N, Affirmed C (sf); previously on Nov 18, 2010 Downgraded to C
(sf)

Cl. P, Affirmed C (sf); previously on Nov 18, 2010 Downgraded to C
(sf)

Cl. Q, Affirmed C (sf); previously on Nov 18, 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
expected credit performance of its referenced classes and thus is
affirmed.

Moody's rating action reflects a base expected loss of 7.3% of the
current balance. At last review, Moody's cumulative base expected
loss was 6.7%. On a percentage basis the base expected loss has
increased due to the 25% paydown since last review, however, on a
numerical basis, the base expected loss has actually decreased by
$11.6 million. Realized losses have increased to 2.3% of the
original balance compared to 1.3% at last review. Moody's base
expected loss plus realized losses is now 7.5% of the original
balance compared to 7.7% 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 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 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 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 28 compared to 20 at Moody's prior review. The
Herf increased since last review due to the pay off of the
Farrallon Portfolio Loan and Biewend Building Loan, which were the
largest loan and 5th largest loan, respectively, 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 July 12, 2012.

Deal Performance:

As of the May 14, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 28% to $680.7
million from $948.8 million at securitization. The Certificates
are collateralized by 82 mortgage loans ranging in size from less
than 1% to 9% of the pool, with the top ten loans representing 46%
of the pool. One loan, representing 0.3% of the pool, has defeased
and is secured by U.S. Government securities.

Twenty-two loans, representing 23% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the 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.

Seven loans have been liquidated from the pool, resulting in an
aggregate realized loss of $19.4 million (50% loss severity on
average). An additional $2.2 million of losses is associated with
the Farallon Loan that paid off in April 2013, resulting in a
total realized certificate loss of $21.6 million.

One loan, the 2550 North Hollywood Way Loan ($18.9 million -- 2.8%
of the pool) is currently in special servicing. The loan is
secured by a 88,000 square foot (SF) office building located in
Burbank, California. The loan transferred to special servicing in
November 2011 when the borrower indicated its unwillingness to
fund any future leasing costs or debt service shortfalls. As of
March 2013 the property was 58% leased compared to 68% at last
review and tenants representing 32% of the net rentable area (NRA)
are either on month-to-month leases or are due to expire in 2013.
A receiver was appointed in March 2013 and the special servicer
indicated it is in discussion with the borrower in regards to a
disposition strategy on the loan.

Moody's has assumed a high default probability for 15 poorly
performing loans representing 18% of the pool and has estimated an
aggregate $30.6 million loss (22% expected loss) from these
troubled loans and the loan is special servicing.

Moody's was provided with full year 2011 and partial or full year
2012 operating results for 98% and 94% of the pool's non-specially
serviced and non-defeased loans, respectively. Excluding specially
serviced and troubled loans, Moody's weighted average LTV is 108%
compared to 111% at Moody's prior review. Moody's net cash flow
reflects a weighted average haircut of 14% to the most recently
available net operating income. Moody's value reflects a weighted
average capitalization rate of 10.0%.

Excluding special serviced and troubled loans, Moody's actual and
stressed DSCRs are 1.27X and 1.03X, respectively, compared to
1.27X and 0.98X 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 26% of the pool. The largest
loan is the Apple Hotel Portfolio Loan ($63.1 million -- 9.3% of
the pool), which is secured by a portfolio of 27 limited service
and extended stay hotels located across 14 states. The loan
represents a 18.3% pari-passu interest in a $344.85 million loan.
Performance has improved since last review mainly due to a 5.4%
increase in revenue per available room (RevPar). As of December
2012, the portfolio's RevPAR was $82.77 compared to $78.53 at last
review. Moody's LTV and stressed DSCR are 118% and 1.03X,
respectively, compared to 122% and 1.00X at last review.

The second largest loan is the Arundel Mills Loan ($62.1 million -
- 9.1% of the pool), which is secured by a 1.3 million square foot
retail center located in Hanover, Maryland. The loan represents a
16.7% pari-passu interest in a $372.6 million loan. As of December
2012, the in-line mall space was essentially 100% leased compared
to 98% at last review. In-line sales for comparable stores less
than 10,000 square feet increased to $397 in 2011 from $375 in
2010. Property performance has improved due to an increase in
rental revenue. The sponsor is Simon Property Group. The loan is
benefitting from amortization and matures in August 2014. Moody's
LTV and stressed DSCR are 101% and 0.96X, respectively, compared
to 116% and 0.84X at last review.

The third largest loan is the Fort Office Portfolio Loan ($49.5
million -- 7.3% of the pool), which is secured by three office
properties totaling 341,000 SF. The properties are located in
Phoenix, Arizona, Houston, Texas and Omaha, Nebraska. The
portfolio was 100% leased to seven tenants as of March 2013 with
85% of the NRA expiring prior to the loan maturity date of August
2017. Property performance has decreased due to lower revenue and
may continue to decrease due lower rents associated with recent
leasing activity. Moody's LTV and stressed DSCR are 133% and
0.80X, respectively, compared to 124% and 0.85X at last review.


MMCAPS FUNDING XVIII: Moody's Keeps 'Ca' Ratings on 4 Note Classes
------------------------------------------------------------------
Moody's Investors Service upgraded the rating on the following
notes issued by MMCaps Funding XVIII, Ltd.:

$185,100,000 Class A-1 Floating Rate Notes Due 2039 (current
outstanding balance of $139,401,450.90), Upgraded to A3 (sf);
previously on August 20, 2009 Downgraded to Baa2 (sf)

$21,800,000 Class A-2 Floating Rate Notes Due 2039, Upgraded to
Baa3 (sf); previously on August 20, 2009 Downgraded to Ba2 (sf)

$20,100,000 Class B Floating Rate Notes Due 2039, Upgraded to Ba1
(sf); previously on March 27, 2009 Downgraded to B2 (sf)

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

$55,900,000 Class C-1 Floating Rate Deferrable Interest Notes Due
2039 (current outstanding balance of $60,211,430.16 including
interest shortfall), Affirmed Ca (sf); previously on November 12,
2008 Downgraded to Ca (sf)

$12,000,000 Class C-2 Fixed/Floating Rate Deferrable Interest
Notes Due 2039 (current outstanding balance of $14,626,039.91
including interest shortfall), Affirmed Ca (sf); previously on
November 12, 2008 Downgraded to Ca (sf)

$4,000,000 Class C-3 Fixed Rate Deferrable Interest Notes Due 2039
(current outstanding balance of $5,173,683.97 including interest
shortfall), Affirmed Ca (sf); previously on November 12, 2008
Downgraded to Ca (sf)

$10,000,000 Combination Notes Due 2039 (current outstanding
balance of $9,892295.85), Affirmed Ca (sf); previously on April 9,
2009 Downgraded to Ca (sf)

Ratings Rationale:

According to Moody's, the rating actions taken on the notes are
primarily a result of improvement in the credit quality of the
portfolio and the deleveraging of the senior notes since the last
rating action in August 2009.

Moody's notes that the deal benefited from a significant
improvement in the credit quality of underlying portfolio. Based
on Moody's calculation, the weighted average rating factor (WARF)
improved to 852 compared to 1518 as of the last rating action.

Moody's also observed that the Class A-1 notes have been paid down
by approximately 22.7% or $40.9 million since the last rating
action, due to diversion of excess interest proceeds and
disbursement of principal proceeds from redemptions and sales of
underlying assets. However the transaction experienced an
increased on the Moody's assumed defaulted amount from ($72.5 mm
to $86.6 mm).

As a result of this deleveraging and increase of the assumed
defaulted amount, the Class A-1 notes' par coverage minimally
decreased to 145.05% from 145.40% since the last rating action, as
calculated by Moody's. Based on the latest trustee note valuation
report dated March 26, 2013, the Class A/B Principal Coverage
Ratio, the Class C Principal Coverage Ratio and the Class D
Principal Coverage Ratio are reported at 113.45% (limit 132.44%),
79.22% (limit 103.98%) and 72.33% (limit 101.67%), respectively,
versus July 2009 levels of 128.17%, 96.84% and 89.84%
respectively. Going forward, the senior notes will continue to
benefit from the diversion of excess interest and the proceeds
from future redemptions of any assets in the collateral pool.

Due to the impact of revised and updated key assumptions
referenced in Moody's 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 balance of $202 million, defaulted/deferring par
of $86.6 million, a weighted average default probability of 21.01%
(implying a WARF of 852), Moody's Asset Correlation of 18.21%, 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.

MMCAPS Funding XVIII, Ltd., issued in December 2006, is a
collateralized debt obligation backed by a portfolio of bank trust
preferred securities.

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 received 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.2.8.9 to
develop the default distribution from which the Moody's Asset
Correlation parameter was obtained. This parameter was then used
as an input in a cash flow model using CDOEdge.

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 by 148 points from the
base case of 852, the model-implied rating of the Class A-1 notes
is one notch worse than the base case result. Similarly, if the
WARF is decreased by 102 points, the model-implied rating of the
Class A-1 notes is one notch better than the base case result.

In addition, Moody's also performed one 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 $20.0 million of bank TruPS. In the
second sensitivity analysis, it 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-1: +2

Class A-2: +2

Class B: +2

Class C-1: 0

Class C-2: 0

Class C-3: 0

Combination Notes : 0

Sensitivity Analysis 2:

Class A-1: 1

Class A-2: 0

Class B: 0

Class C-1: 0

Class C-2: 0

Class C-3: 0

Combination Notes: 0

Moody's notes that this transaction is still subject to a high
level of macroeconomic uncertainty although Moody's outlook on the
banking sector has changed to stable from negative. The pace of
FDIC bank failures continues to decline in 2013 compared to 2012,
2011, 2010 and 2009, and some of the previously deferring banks
have resumed interest payment on their trust preferred securities.


MORGAN STANLEY: S&P Affirms 'B+' Rating on Class D Notes
--------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the Class
A-1, A-2, B (floating), and B (fixed) notes from Morgan Stanley
Investment Management Croton Ltd., a collateralized loan
obligation (CLO) transaction currently managed by INVESCO Senior
Secured Management Inc.  At the same time, S&P affirmed its
ratings on the transaction's Class C, D, and E notes.

The transaction is in its amortization phase and continues to use
its principal proceeds to pay down the senior notes in the payment
sequence specified in the indenture.  The rating actions follows
its performance review of Morgan Stanley Investment Management
Croton Ltd. and reflect $128.0 million in paydowns to the Class A-
1 and A-2 notes since S&P raised its ratings on one class and
affirmed its ratings on six classes in June 2011.  The Class A-1
and A-2 notes have paid down to 40.3% of their original balances,
leading to an increase in overcollateralization available to
support the notes.  Another positive factor in S&P's analysis is
the increase in the weighted-average spread to 3.77% from 3.35%
since its last rating action.

S&P affirmed its ratings on the Class C, D, and E notes to reflect
its belief that the credit support available is commensurate with
the current ratings.

S&P notes that the transaction has significant exposure to long-
dated assets (assets maturing after the stated maturity of the
CLO).  According to the April 2013 trustee report, the balance of
collateral with a maturity date after the transaction's stated
maturity totaled $27.55 million, constituting 17.74% of the
portfolio.  S&P's analysis considered the potential market value
and settlement-related risk arising from the potential liquidation
of the remaining securities on the transaction's legal final
maturity.

S&P's 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 S&P's criteria, its cash-flow scenarios applied forward-
looking assumptions on the expected timing and pattern of
defaults, and recoveries upon default, under various interest rate
and macroeconomic scenarios.  In addition, S&P's analysis
considered the transaction's ability to pay timely interest and
ultimate principal to each of the rated tranches.  In S&P's view,
the results demonstrated, that all of the rated outstanding
classes have adequate credit enhancement available at the rating
levels associated with this rating action.

S&P will continue to review its ratings on the notes and assess
whether, in its view, the ratings 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

RATINGS LIST

Ratings Raised

Morgan Stanley Investment Management Croton Ltd.
Class                   To            From
A-1                     AAA (sf)      AA+ (sf)
A-2                     AAA (sf)      AA+ (sf)
B (floating)            AA+ (sf)      AA- (sf)
B (fixed)               AA+ (sf)      AA- (sf)

Ratings Affirmed

Morgan Stanley Investment Management Croton Ltd.

Class                   Rating
C                       BBB+ (sf)
D                       B+ (sf)
E                       CCC- (sf)


MORGAN STANLEY 2001-TOP5: Moody's Keeps C Rating on Cl. X-1 Certs
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of three classes
and affirmed two classes of Morgan Stanley Dean Witter Capital I
Trust 2001-TOP 5 as follows:

Cl. J, Upgraded to Aaa (sf); previously on Jun 21, 2012 Upgraded
to Ba1 (sf)

Cl. K, Upgraded to A2 (sf); previously on Dec 27, 2001 Assigned B1
(sf)

Cl. L, Upgraded to Ba1 (sf); previously on Dec 27, 2001 Assigned
B2 (sf)

Cl. M, Affirmed B3 (sf); previously on Dec 27, 2001 Assigned B3
(sf)

Cl. X-1, Affirmed Caa1 (sf); previously on Feb 22, 2012 Downgraded
to Caa1 (sf)

Ratings Rationale:

The upgrades are due to increased credit support due to loan
payoffs and amortization. The pool has paid down by 41% since
Moody's last full review.

The affirmation of M Class 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. The rating of the IO Class, Class X-1,
is consistent with the weighted average rating factor (WARF) of
its referenced classes and thus is affirmed.

Moody's rating action reflects a base expected loss of 1.1% of the
current balance. At last review, Moody's base expected loss was
17.4%. Moody's base expected loss plus realized losses is now 0.7%
of the original pooled balance compared to 0.9% at last review.
Depending on the timing of loan payoffs and the severity and
timing of losses from specially serviced loans, the credit support
for the principal classes could decline below their current
levels. If future performance materially declines, credit support
may be insufficient to support the current ratings.

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 U.S. CMBS Conduit Transactions" published in September 2000
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.

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 2 compared to 6 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 v8.5 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 12, 2012.

Deal Performance:

As of the May 15, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $21.3
million from $1.04 billion at securitization. The Certificates are
collateralized by seven mortgage loans ranging in size from less
than 1% to 58% of the pool. There are two loans, representing
approximately 42% of the pool, that have defeased and are secured
by U.S. Government securities.

No loans are currently on the master servicer's watchlist or in
special servicing. Fourteen loans have been liquidated from the
pool since securitization, resulting in an aggregate realized loss
of $7.14 million (17% loss severity on average).

Moody's was provided with full year 2011 and 2012 operating
results for 100% of the conduit pool. Moody's weighted average LTV
is 44% compared to 46% at Moody's prior review. Moody's net cash
flow reflects a weighted average haircut of 13% to the most
recently available net operating income. Moody's value reflects a
weighted average capitalization rate of 9.6%.

Moody's actual and stressed DSCRs are 1.79X and 2.87X compared to
1.46X and 2.61X 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 50% of the pool balance.
The largest performing loan is the Lake Forest Shopping Center
Loan ($7.8 million -- 36.5% of the pool), which is secured by a
123,000 square foot shopping center located in Lake Forest,
California. The two largest tenants at the property are Ralphs
(39% of the NRA; lease expiration in 2015) and CVS (12% of the
NRA; lease expiration in 2016). As of March 2013, the property was
94% leased compared to 96% at last review. Property's performance
has been stable since securitization and the loan benefits from
amortization. Moody's LTV and stressed DSCR are 52% and 1.97X,
respectively, compared to 54% and 1.9X at last review.

The second largest loan is the Walgreens - Van Nuys Loan ($1.55
million -- 7.3% of the pool), which is secured by a 15,120 square
foot retail building 100% leased to Walgreens. The property is
located in Van Nuys, California. Property performance remains
stable; the loan is fully amortizing and matures in September
2021. Moody's LTV and stressed DSCR are 42% and 2.47X,
respectively, compared to 45% and 2.3X at last review.

The third largest loan is the Walgreens - Chicago, IL Loan ($1.35
million -- 6.3% of the pool), which is secured by a 13,000 square
foot retail building 100% leased to Walgreens. The property is
located in Chicago, Illinois. Property performance remains stable;
the loan is fully amortizing and matures in August 2021. Moody's
LTV and stressed DSCR are 37% and 2.79X, respectively, compared to
40% and 2.59X at last review.


MORGAN STANLEY 2003-IQ4: Moody's Cuts Rating on X-1 Certs to 'B3'
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of eight classes,
affirmed three classes and downgraded one class of Morgan Stanley
Capital I Inc., Commercial Mortgage Pass-through Certificates,
Series 2003-IQ4 as follows:

Cl. C, Upgraded to Aaa (sf); previously on Nov 13, 2007 Upgraded
to A1 (sf)

Cl. D, Upgraded to Aa2 (sf); previously on Nov 13, 2007 Upgraded
to A2 (sf)

Cl. E, Upgraded to A1 (sf); previously on Jun 17, 2003 Definitive
Rating Assigned Baa1 (sf)

Cl. F, Upgraded to A2 (sf); previously on Jun 17, 2003 Definitive
Rating Assigned Baa2 (sf)

Cl. G, Upgraded to Baa3 (sf); previously on Nov 18, 2010
Downgraded to Ba2 (sf)

Cl. H, Upgraded to B1 (sf); previously on Jun 21, 2012 Downgraded
to B3 (sf)

Cl. J, Upgraded to Caa1 (sf); previously on Jun 21, 2012
Downgraded to Caa2 (sf)

Cl. K, Upgraded to Caa2 (sf); previously on Jun 21, 2012
Downgraded to Caa3 (sf)

Cl. L, Affirmed C (sf); previously on Jun 21, 2012 Downgraded to C
(sf)

Cl. M, Affirmed C (sf); previously on Nov 18, 2010 Downgraded to C
(sf)

Cl. N, Affirmed C (sf); previously on Nov 18, 2010 Downgraded to C
(sf)

Cl. X-1, Downgraded to B3 (sf); previously on Feb 22, 2012
Downgraded to Ba3 (sf)

Ratings Rationale:

The upgrades of eight principal and interest classes are due to
increased credit support from amortization and pay downs.

The affirmations of three principal and interest 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-1, is downgraded due to the
lower WARF from its referenced classes due to significant pay
downs of highly rated classes since last review.

Moody's rating action reflects a base expected loss of 11.2% of
the current balance compared to 4.7% at last review. While the
current base expected loss is substantially higher on a percentage
basis than at last review, the pool balance has paid down 88% and
the numeric base expected loss is now significantly lower than at
last review. Base expected loss plus realized losses to date now
total 1.9% of the original balance compared to 3.5% 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 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 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 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 22 compared to 15 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 June 21, 2012.

Deal Performance:

As of the May 15, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 88% to $59.7
million from $727.8 million at securitization. The Certificates
are collateralized by 40 mortgage loans ranging in size from less
than 1% to 10% of the pool, with the top ten loans, excluding
defeasance, representing 53% of the pool. There is one loan that
has defeased, representing 7% of the pool, and is backed by U.S.
government securities. There are no longer any loans with
investment grade credit assessments since all three loans with
credit assessments at last review paid off at maturity.

There are 15 loans, representing 32% of the pool, on the master
servicer's watchlist. The watchlist also 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.

Nine loans have been liquidated from the pool since securitization
resulting in an aggregate realized loss totaling $7.0 million
(average loss severity of 7%). There are currently three loans,
representing 22% of the pool, in special servicing. Moody's has
estimated an aggregate $5.3 million loss (41% overall expected
loss) for the three specially serviced loans.

Moody's has assumed a high default probability for one poorly
performing loan representing 6% of the pool and has estimated a
$718,000 loss (20% expected loss based on a 50% probability of
default) from this troubled loan.

Moody's was provided with full year 2011 and full and partial year
2012 operating results for 99% and 75% of the performing pool,
respectively. Excluding specially serviced and troubled loans,
Moody's weighted average conduit LTV is 45% compared to 67% at
last review. Moody's net cash flow reflects a weighted average
haircut of 10.9% to the most recently available net operating
income. Moody's value reflects a weighted average capitalization
rate of 9.7%.

Excluding specially serviced and troubled loans, Moody's actual
and stressed conduit DSCRs are 1.32X and 3.46X, respectively,
compared to 1.70X and 1.92X, 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 15% of the pool
balance. The largest conduit loan is the JAC Products Loan ($4.0
million -- 6.7% of the pool) which is secured by a 179,284 square
foot (SF) office building located in Saline, Michigan. The
property was 100% leased as of April 2013; the same as at last
review. Property performance has been steady in recent years.
Moody's stressed the cash flow to reflect the single tenancy
occupancy risk with 2.5 years remaining on the base lease term.
Moody's LTV and stressed DSCR are 40% and 2.66X, respectively,
compared to 33% and 3.16X at last review.

The second largest conduit loan is the Hastings Self Storage Loan
($2.4 million -- 4.0% of the pool) which is secured by a 35,520 SF
self storage building located in Hastings on the Hudson, New York.
The property was 94% leased and is expected to pay off at maturity
in June 2013. Moody's LTV and stressed DSCR are 73% and 1.41X,
respectively, compared to 77% and 1.33X at last review.

The third largest conduit loan is the Timber Sound II Apartments
Loan ($2.3 million -- 3.9% of the pool) which is secured by a 160-
unit apartment complex located in Orlando, Florida. The property
was 73% leased as of March 2013 compared to 61% at last review.
Property performance increased significantly due to higher
occupancy over prior years. Moody's LTV and stressed DSCR are 85%
and 1.15X, respectively, compared to 149% and 0.65X at last
review.


MORGAN STANLEY 2007-IQ14: Moody's Keeps C Rating on 5 Cert Classes
------------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 20 classes of
Morgan Stanley Capital I Trust, Commercial Mortgage Pass-Through
Certificates, Series 2007-IQ14 as follows:

Cl. A-1A, Affirmed A3 (sf); previously on May 25, 2012 Downgraded
to A3 (sf)

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

Cl. A-2FL, Affirmed Aaa (sf); previously on Jun 26, 2007 Assigned
Aaa (sf)

Cl. A-2FX, Affirmed Aaa (sf); previously on Sep 17, 2010 Assigned
Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Jun 26, 2007 Definitive
Rating Assigned Aaa (sf)

Cl. A-4, Affirmed A3 (sf); previously on May 25, 2012 Downgraded
to A3 (sf)

Cl. A-5, Affirmed A3 (sf); previously on May 25, 2012 Downgraded
to A3 (sf)

Cl. A-JFX, Affirmed Caa2 (sf); previously on Jun 29, 2012 Assigned
Caa2 (sf)

Cl. A-MFX, Affirmed Ba2 (sf); previously on Jun 29, 2012 Assigned
Ba2 (sf)

Cl. A-AB, Affirmed Aaa (sf); previously on Aug 12, 2010 Confirmed
at Aaa (sf)

Cl. A-M, Affirmed Ba2 (sf); previously on May 25, 2012 Downgraded
to Ba2 (sf)

Cl. A-J, Affirmed Caa2 (sf); previously on May 25, 2012 Confirmed
at Caa2 (sf)

Cl. B, Affirmed Ca (sf); previously on May 25, 2012 Confirmed at
Ca (sf)

Cl. C, Affirmed Ca (sf); previously on May 25, 2012 Confirmed at
Ca (sf)

Cl. D, Affirmed C (sf); previously on Aug 12, 2010 Downgraded to C
(sf)

Cl. E, Affirmed C (sf); previously on Aug 12, 2010 Downgraded to C
(sf)

Cl. F, Affirmed C (sf); previously on Aug 12, 2010 Downgraded to C
(sf)

Cl. G, Affirmed C (sf); previously on Aug 12, 2010 Downgraded to C
(sf)

Cl. H, Affirmed C (sf); previously on Aug 12, 2010 Downgraded to C
(sf)

Cl. X, Affirmed B1 (sf); previously on May 25, 2012 Confirmed at
B1 (sf)

Ratings Rationale:

The affirmations of the principal and interest classes 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, 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 14.5% of
the current pooled balance compared to 16.8% at last review.
Moody's base expected loss plus realized losses is now 16.3% of
the original pool balance compared to 17.5% 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 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 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 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 38 compared to 34 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 25, 2012.

Deal Performance:

As of the May 15, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 26% to $3.63
billion from $4.90 billion at securitization. The Certificates are
collateralized by 357 mortgage loans ranging in size from less
than 1% to 12% of the pool, with the top ten loans representing
36% of the pool. Three loans, representing less than 1% of the
pool, are defeased and are collateralized by U.S. Government
securities.

There are 107 loans, representing 32% 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.

Fifty-eight loans have liquidated from the pool, resulting in an
aggregate realized loss of $208 million (49% average loss
severity). Including liquidated loans and principal write-downs
from modified loans, total trust losses equal $271 million
compared to $146 million at last review. Currently, 25 loans,
representing 13% of the pool, are in special servicing. The
largest specially serviced loan is the New York City Apartment
Portfolio Loan ($195 million -- 5.4% of the pool). The loan is
secured by a portfolio of 37 multifamily properties located in the
East Harlem section of Manhattan, New York City. The loan was
transferred to special servicing in September 2008 after the
borrower declared bankruptcy. The loan was modified by creating
$60 million Hope note and decreasing the interest rate.

The remaining 24 specially serviced loans are secured by a mix of
commercial, retail and hotel property types. Moody's estimates an
aggregate $247 million loss (51% expected loss overall) for all
specially serviced loans.

Moody's has assumed a high default probability for an additional
38 poorly performing loans representing 15% of the pool and has
estimated an aggregate $140 million loss (26% expected loss based
on a 60% probability default) from these troubled loans.

Moody's was provided with full year 2011 and full or partial year
2012 operating results for 84% and 87% of the pool, respectively.
Excluding specially serviced and troubled loans, Moody's weighted
average LTV is 114% compared to 109% at last full review. Moody's
net cash flow reflects a weighted average haircut of 11% to the
most recently available net operating income. Moody's value
reflects a weighted average capitalization rate of 9.1%.

Excluding specially serviced and troubled loans, Moody's actual
and stressed DSCRs are 1.31X and 0.94X, respectively, compared to
1.32X and 0.96X 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 21% of the pool.
The largest specially serviced loan is the Beacon Seattle and DC
Portfolio Loan ($449 million -- 12.3 % of the pool). The loan
represents a participation interest in a $1.5 billion loan secured
by a portfolio of 11 office properties in Seattle, Washington,
Washington, DC, and Northern Virginia. The loan is pari passu with
five other securitizations and was originally collateralized by 17
properties and excess cash flow pledges on three additional
properties. The portfolio is also encumbered by a B-Note, which
exists outside the trust. The loan had previously been in special
servicing where it was modified and it was transferred back to the
Master Servicer in May 2012. The modification includes a five-year
extension and a coupon reduction along with an unpaid interest
accrual feature and a waiver of the yield maintenance in order to
permit property sales. Nine properties have been sold and a tenth
is reportedly under contract for sale. The portfolio now totals
5.4 million square feet (SF). As of December 2012, the portfolio
was 79% leased compared to 83% at last review. Moody's LTV and
stressed DSCR are 158% and 0.64X, respectively, compared to 155%
and 0.65X at last review.

The second largest loan is the PDG Portfolio Loan ($212 million --
5.8% of the pool). The loan is secured by a portfolio of 11 cross-
collateralized and cross-defaulted retail properties located in
suburban Phoenix, Arizona. The loan had been transferred to
special servicing in October 2010 due to imminent monetary
default. It was modified in November 2011, whereby the interest
rate was lowered from 5.8% to 4.25% through January 2013, at which
point the interest rate raised to 4.5% until loan maturity in May
2017. The loan modification also included several capital event
provisions which allow for partial forgiveness of loan principal
if certain conditions are met. Performance has declined since last
review. As of October 2012 the portfolio was 63% leased compared
to 68% at last review. The loan is on the servicer's watchlist.
Moody's LTV and stressed DSCR are 185% and 0.56X, respectively,
compared to 155% and 0.66X at last review.

The third largest loan is the New Crow Industrial Portfolio Loan
($99 million -- 2.7% of the pool). The loan is a portfolio of nine
cross-collateralized and cross-defaulted loans secured by nine
adjacent industrial properties located in Commerce, California, a
prominent industrial district ten miles southeast of downtown Los
Angeles. The properties are well-located near Interstate 5 and
Interstate 710. As of December 2012, the portfolio was 91% leased
compared to 89% at last review. Moody's LTV and stressed DSCR are
125% and 0.75X respectively, compared to 130% and 0.73X at last
review.


MORGAN STANLEY 2011-C2: Moody's Keeps Ratings on 11 CMBS Classes
----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of eleven classes
of Morgan Stanley Capital I Trust 2011-C2 as follows:

Cl. A-1, Affirmed Aaa (sf); previously on Jun 27, 2011 Definitive
Rating Assigned Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Jun 27, 2011 Definitive
Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Jun 27, 2011 Definitive
Rating Assigned Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Jun 27, 2011 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aa2 (sf); previously on Jun 27, 2011 Definitive
Rating Assigned Aa2 (sf)

Cl. C, Affirmed A2 (sf); previously on Jun 27, 2011 Definitive
Rating Assigned A2 (sf)

Cl. D, Affirmed Baa2 (sf); previously on Jun 27, 2011 Definitive
Rating Assigned Baa2 (sf)

Cl. E, Affirmed Baa3 (sf); previously on Jun 27, 2011 Definitive
Rating Assigned Baa3 (sf)

Cl. F, Affirmed Ba2 (sf); previously on Jun 27, 2011 Definitive
Rating Assigned Ba2 (sf)

Cl. X-A, Affirmed Aaa (sf); previously on Jun 27, 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 and interest 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 & X-B, are consistent
with the expected credit performance of their referenced classes
and thus affirmed.

Moody's rating action reflects a base expected loss of 2.6% of the
current balance compared to 2.7% 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 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 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 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 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 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 17, which was the same 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 1, 2012.

Deal Performance:

As of the May 17, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 1% to $1.19 billion
from $1.21 billion at securitization. The Certificates are
collateralized by 52 mortgage loans ranging in size from less than
1% to 13% of the pool, with the top ten loans representing 63% of
the pool. The pool contains two loans with an investment grade
credit assessments, representing 10% of the pool. There are no
loans on the watchlist or in special servicing, and no loans have
been liquidated from the pool.

Moody's was provided with full year 2011 and 2012 operating
results for 97% and 94% of the pool, respectfully. Moody's
weighted average LTV is 90% compared to 97% at last review.
Moody's net cash flow reflects a weighted average haircut of 9.3%
to the most recently available net operating income. Moody's value
reflects a weighted average capitalization rate of 9.3%.

Moody's actual and stressed DSCRs are 1.59X and 1.15X,
respectively, compared to 1.50X and 1.07X 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 One Park Avenue
Loan ($96 million -- 8.1% of the pool), which is a 64% pari-passu
interest in a first mortgage loan secured by a 932,000 square foot
(SF) Class A office building located in the Madison Square
submarket of Manhattan New York. The property is also encumbered
by a $64 million B-note. The property was 93% leased as of
December 2012 compared to 95% at last review and 90% at
securitization. Leases for 17% of the property expire through
2013, though most tenants are paying below market rents. The loan
is interest only for the entire five year term and matures in
March 2016. Moody's current credit assessment and stressed DSCR
are Baa3 and 1.37X, respectively, compared to Baa3 and 1.38X at
last review.

The second largest loan with a credit assessment is the FedEx
Distribution Center loan ($21.4 million -- 1.8% of the pool),
which is secured by a 117,000 SF single tenant industrial property
located in East Elmhurst, New York, just off the confines of
LaGuardia Airport. The property is leased to FedEx (senior
unsecured rating of Baa1, stable outlook) on a triple net lease
expiring in 2023, with rent bumps every five years. The loan has a
term of ten years and is amortizing on a 15 year schedule, with an
anticipated repayment date (ARD) of December 2020 and a final
maturity in December 2022. Due to the single tenant nature of this
building Moody's has incorporated a dark/lit analysis into this
review. Moody's current credit assessment and stressed DSCR are A2
and 1.48X, respectively, compared to A2 and 1.17X at
securitization.

The top three conduit loans represent 35.6% of the pool balance.
The largest performing loan is the Deerbrook Mall Loan ($149.6
million -- 12.6% of the pool), which is secured by a 1.2 million
SF (554,500 SF collateral) regional mall located in Humble, Texas.
The loan is owned by an affiliate of General Growth Properties,
Inc. (GGP) and anchored by Dillards, Macys, Sears, and JC Penny.
AMC is the only borrower-owned anchor. Inline occupancy has
improved slightly since last year to 99% from 97% at last review.
Near term lease rollover represents 21% within the next one to
three years. The loan has a term of ten years and is amortizing on
a 30 year schedule, maturing in April 2021. Total inline sales
(tenants <10,000sf) were $434psf for the twelve months ending in
September 2012, up 4% from the prior twelve months. Moody's LTV
and stressed DSCR are 84% and 1.13X, respectively, compared to
100% and 0.97X at last review.

The second largest loan is the Ingram Park Mall Loan ($143.2
million -- 11.9% of the pool), which is secured by a 1.1 million
SF (375,000 SF collateral) regional mall located in San Antonio
Texas. The loan is owned by an affiliate of Simon Property Group
and anchored by Dillards, Macys, Sears, and JC Penny. Inline
occupancy was 91% as of April 2013, up from 88% at last review.
Leases for approximately 17% of the property expire within the
next one to three years, with 84% expiring over the life of the
loan. The loan has a term of ten years and is amortizing on a 30
year schedule, maturing in June 2021. Performance has improved due
to the increase in occupancy and decreased expense ratio. Moody's
LTV and stressed DSCR are 89% and 1.13X, respectively, compared to
107% and 0.93X at last review.

The third largest loan is the 1180 Avenue of the Americas Loan
($133 million -- 11.2% of the pool), which is secured by a 23
story 363,000 SF Class A office building located in Manhattan, New
York, in the midtown submarket between 46th and 47th street. The
property is also encumbered by a $49 million B-note, which is held
outside the trust. Included in the collateral is 13,600 SF in
ground floor retail. The property was 98% leased as of December
2012 and continues to improve since securitization. Leases
representing approximately 30% of the NRA expire when the loan
matures, with an additional 20% during the following year. The
loan is interest only for the entire five year term and matures in
June 2016. Moody's LTV and stressed DSCR are 103% and 0.92X,
respectively, compared to 105% and 0.90X at last review.


MOUNTAIN HAWK II: S&P Assigns Prelim. BB Rating on Class E Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Mountain Hawk II CLO Ltd./Mountain Hawk II CLO LLC's
$471.00 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 28,
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
      (excluding 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 0.29%-11.83%.

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

         http://standardandpoorsdisclosure-17g7.com/1565.pdf

PRELIMINARY RATINGS ASSIGNED

Mountain Hawk II CLO Ltd./Mountain Hawk II CLO LLC
Class                     Rating        Amount (mil. $)
A-1                       AAA (sf)               270.50
A-2                       AAA (sf)                53.00
B-1                       AA (sf)                 52.00
B-2                       AA (sf)                 20.00
C-1 (deferrable)          A (sf)                  14.00
C-2 (deferrable)          A (sf)                  15.00
D (deferrable)            BBB (sf)                25.50
E (deferrable)            BB (sf)                 21.00
Subordinated notes        NR                      47.05

NR-Not rated.


NATIONSTAR MORTGAGE: S&P Assigns Prelim. BB Rating on 6 Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Nationstar Mortgage Advance Receivables Trust's
$2.022 billion receivables-backed notes series 2013-VF1,
2013-VF2, 2013-VF3, 2013-T1, 2013-T2, and 2013-T3.

The note issuance is an residential mortgage-backed securities
transaction backed by servicer advance receivables and deferred
servicing fees.

The preliminary ratings are based on information as of May 28,
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 likelihood that recoveries on the servicer advances
      together with a reserve fund and overcollateralization are
      sufficient under S&P's 'AAA', 'AA', 'A', 'BBB', 'BB', and
      'B' stresses as outlined in S&P's criteria to meet scheduled
      interest and ultimate principal payments due on the
      securities according to the obligations' terms; and

   -- An operational review of and S&P's ABOVE AVERAGE ranking on
      the servicer.

          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/1563.pdf

PRELIMINARY RATINGS ASSIGNED

Nationstar Mortgage Advance Receivables Trust (Series 2013-VF1,
2013-VF2, 2013-VF3, 2013-T1, 2013-T2, And 2013-T3)

Class  Rating    Type         Interest              Amount
                              rate                (mil. $)
A-VF1  AAA (sf)  1-yr. VFN    1 mo. LIBOR + 0.90   378.495
A-VF2  AAA (sf)  1-yr. VFN    1 mo. LIBOR + 0.90   336.440
A-VF3  AAA (sf)  1-yr. VFN    1 mo. LIBOR + 0.90   126.165
A-T1   AAA (sf)  1-yr. term   1.000                322.000
A-T2   AAA (sf)  3-yr. term   1.550                319.000
A-T3   AAA (sf)  5-yr. term   2.050                271.200
B-VF1  AA (sf)   1-yr. VFN    1 mo. LIBOR + 1.25    42.480
B-VF2  AA (sf)   1-yr. VFN    1 mo. LIBOR + 1.25    37.760
B-VF3  AA (sf)   1-yr. VFN    1 mo. LIBOR + 1.25    14.160
B-T1   AA (sf)   1-yr. term   1.300                 12.400
B-T2   AA (sf)   3-yr. term   1.800                 13.500
B-T3   AA (sf)   5-yr. term   2.600                 12.800
C-VF1  A (sf)    1-yr. VFN    1 mo. LIBOR + 2.25    20.925
C-VF2  A (sf)    1-yr. VFN    1 mo. LIBOR + 2.25    18.600
C-VF3  A (sf)    1-yr. VFN    1 mo. LIBOR + 2.25     6.975
C-T1   A (sf)    1-yr. term   1.700                  5.900
C-T2   A (sf)    3-yr. term   2.400                  6.500
C-T3   A (sf)    5-yr. term   3.300                  6.100
D-VF1  BBB (sf)  1-yr. VFN    1 mo. LIBOR + 3.50     8.100
D-VF2  BBB (sf)  1-yr. VFN    1 mo. LIBOR + 3.50     7.200
D-VF3  BBB (sf)  1-yr. VFN    1 mo. LIBOR + 3.50     2.700
D-T1   BBB (sf)  1-yr. term   2.300                  4.100
D-T2   BBB (sf)  3-yr. term   3.000                  4.600
D-T3   BBB (sf)  5-yr. term   4.150                  4.300
E-VF1  BB (sf)   1-yr. term   1 mo. LIBOR + 4.00     7.425
E-VF2  BB (sf)   1-yr. term   1 mo. LIBOR + 4.00     6.600
E-VF3  BB (sf)   1-yr. term   1 mo. LIBOR + 4.00     2.475
E-T1   BB (sf)   1-yr. term   4.100                  4.100
E-T2   BB (sf)   3-yr. term   4.750                  4.400
E-T3   BB (sf)   5-yr. term   5.750                  3.900
F-VF1  B (sf)    1-yr. term   1 mo. LIBOR + 5.30     2.475
F-VF2  B (sf)    1-yr. term   1 mo. LIBOR + 5.30     2.200
F-VF3  B (sf)    1-yr. term   1 mo. LIBOR + 5.30     0.825
F-T1   B (sf)    1-yr. term   5.500                  1.500
F-T2   B (sf)    3-yr. term   6.250                  2.000
F-T3   B (sf)    5-yr. term   7.250                  1.700

VFN - Variable-funding note.
Term - Term note.


NEUBERGER BERMAN: S&P Assigns Prelim. BB Rating on Class E Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Neuberger Berman CLO XIV Ltd./Neuberger Berman CLO XIV
LLC's $372.0 million floating- and fixed-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 28,
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 asset 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%-11.57%.

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

        http://standardandpoorsdisclosure-17g7.com/1564.pdf

PRELIMINARY RATINGS ASSIGNED

Neuberger Berman CLO XIV Ltd./Neuberger Berman CLO XIV LLC

Class                   Rating                 Amount
                                              (mil. $)
X                       AAA (sf)                1.0
A-1                     AAA (sf)              217.0
A-2                     AAA (sf)               35.0
B-1                     AA (sf)                30.0
B-2                     AA (sf)                21.0
C (deferrable)          A (sf)                 31.0
D (deferrable)          BBB (sf)               20.0
E (deferrable)          BB (sf)                17.0
Subordinated notes      NR                     41.2

NR-Not rated.


PREFERRED TERM XXVIII: Moody's Ups Rating on Cl. A-2 Secs From Ba2
------------------------------------------------------------------
Moody's Investors Service upgraded the ratings on the following
notes issued by Preferred Term Securities XXVIII, Ltd.:

$191,000,000 Floating Rate Class A-1 Senior Notes due March 22,
2038 (current balance of $158,549,259.68), Upgraded to A3 (sf);
previously on October 22, 2010 Downgraded to Baa3 (sf);

$45,700,000 Floating Rate Class A-2 Senior Notes due March 22,
2038 (current balance of $44,433,245.50), Upgraded to Baa3 (sf);
previously on October 22, 2010 Downgraded to Ba2 (sf).

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

$44,400,000 Floating Rate Class B Mezzanine Notes due March 22,
2038 (current balance of $44,466,168.35), Affirm Ca (sf);
previously on October 22, 2010 Downgraded to Ca (sf);

$36,000,000 Floating Rate Class C-1 Mezzanine Notes due March 22,
2038 (current balance of $37,220,985.51), Affirm C (sf);
previously on October 22, 2010 Downgraded to C (sf);

$8,000,000 Fixed/Floating Rate Class C-2 Mezzanine Notes due March
22, 2038 (current balance of $9,467,097.16), Affirm C (sf);
previously on October 22, 2010 Downgraded to C (sf).

Ratings Rationale:

According to Moody's, the rating actions taken on the notes are
primarily a result of deleveraging of the Class A-1 notes as well
as the improvement in the credit quality of the underlying
portfolio since the last rating action in October 2010. 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
1312 compared to 1805 as of the last rating action date.

Moody's notes that the Class A-1 notes have been paid down by
approximately $25M (14%) 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 A-1 notes will continue to benefit from the
diversion of excess interest and the proceeds from future
redemptions of any assets in the collateral pool.

Due to the impact of revised and updated key assumptions
referenced in Moody's 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 of $255 million, defaulted/deferring par of $91
million, a weighted average default probability of 28.46%
(implying a WARF of 1312), Moody's Asset Correlation of 14.97%,
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.

Preferred Term Securities XXVIII, Ltd. was issued on November 8,
2007, is a collateral debt obligation backed by a portfolio of
bank and insurance trust preferred securities.

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. For insurance TruPS
without public ratings, Moody's relies on the assessment of
Moody's Insurance team based on the credit analysis of the
underlying insurance firms' annual statutory financial reports.

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. This parameter was then used
as an input in a cash flow model using CDOEdge.

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 1520 from the base
case of 1312 the model-implied rating of the Class A-1 notes is
one notch worse than the base case result. Similarly, if the WARF
is decreased to 1200, the model-implied rating of the Class A-1
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, it
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-1: +2

Class A-2: +3

Class B: +2

Class C-1: 0

Class C-2: 0

Sensitivity Analysis 2:

Class A-1: +2

Class A-2: +1

Class B: 0

Class C-1: 0

Class C-2: 0

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty although it has recently changed its
outlook on the banking sector from negative to stable. Another
consideration is that 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. Moody's continues to have a stable
outlook in the insurance sector, other than the negative outlook
on the U.S. life insurance industry.


PRUDENTIAL SECURITIES 1998-C1: Moody's Ups Rating on L Secs. to B3
------------------------------------------------------------------
Moody's Investors Service (Moody's) upgraded the rating of one
class, downgraded one class and affirmed one class of Prudential
Securities Secured Financing Corp. 1998-C1 as follows:

Cl. L, Upgraded to B3 (sf); previously on Nov 11, 2010 Downgraded
to Caa3 (sf)

Cl. M, Affirmed C (sf); previously on Nov 11, 2010 Downgraded to C
(sf)

Cl. A-EC, Downgraded to Caa2 (sf); previously on Jun 7, 2012
Downgraded to Caa1 (sf)

Ratings Rationale:

The upgrade of one principal class is due to increased credit
support from loan payoffs, amortization, and anticipated pay downs
from loans approaching maturity that are well positioned for
refinance. The pool has paid down 59% since Moody's prior review.


The downgrade of the IO class is due to the payoff of higher rated
referenced classes.

The rating of Class M is consistent with Moody's expected loss and
thus is affirmed.

Moody's rating action reflects a base expected loss of 1.3% of the
current pooled balance, compared to 5.0% at last review. Moody's
base expected loss plus realized losses is now 2.1% of the
original pooled 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
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 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 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 U.S. CMBS Conduit Transactions" published in September 2000
and "Moody's Approach to Rating CMBS Large Loan/Single Borrower
Transactions" published in July 2000. The methodology used in
rating class A-EC 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 6 compared to 18 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 8.5 and then reconciles and weights
the results from Conduit and Large Loan 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 21, 2012.

Deal Performance:

As of the May 17, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 97% to $29.8
million from $1.1 billion at securitization. The Certificates are
collateralized by 13 mortgage loans ranging in size from less than
2% to 25% of the pool, with the top ten loans representing 63% of
the pool. Two loans, representing 35% of the pool, have defeased
and are secured by U.S. Government securities.

Four loans, representing 32% 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.

Seventeen loans have been liquidated from the pool, resulting in
an aggregate $23.2 million realized loss (41% loss severity on
average). Currently, there are no loans in special servicing.

Moody's was provided with full year 2011 and partial and full year
2012 operating results for 94% and 83% of the pool's loans,
respectively. Moody's weighted average LTV is 52%, the same as at
last review. Moody's net cash flow (NCF) reflects a weighted
average haircut of 13.7% to the most recently available net
operating income. Moody's value reflects a weighted average
capitalization rate of 9.7%.

Moody's actual and stressed DSCRs are 1.41X and 2.39X,
respectively, compared to 1.62X and 2.42X at last review. Moody's
actual DSCR is based on Moody's net cash flow and the loan's
actual debt service. Moody's stressed DSCR is based on Moody's NCF
and a 9.25% stressed rate applied to the loan balance.

The top three conduit loans represent 38% of the pool. The largest
conduit loan is the Hunter Hollows Apartments Loan ($5.9 million -
- 20% of the pool), which is secured by a 208 unit apartment
building located in Strongsville, Ohio. The property was 95%
leased as of October 2012 compared to 93% in January 2012.
Performance has been stable. Moody's LTV and stressed DSCR are 60%
and 1.71X, respectively, compared to 63% and 1.62X at last review.

The second largest loan is the Best Buy Crestwood Loan ($3.0
million -- 10.0% of the pool), which is secured by a 45,000 square
foot (SF) single-tenant retail building located in Crestwood,
Missouri. The property is 100% leased to Best Buy through November
2017. Moody's LTV and stressed DSCR are 59% and 1.82X,
respectively, compared to 65% and 1.66X at last review.

The third largest loan is the Landmark Center Loan ($2.4 million -
- 7.9% of the pool), which is secured by a 37,000 SF medical
office building located in Warwick, Rhode Island. As of December
2012, the property was 80% leased compared to 91% in December
2011. The property has a major tenant occupying 33% of the net
rentable area vacating in December 2013. The servicer has
indicated there is a proposal out to a prospective tenant to take
over this space. Moody's LTV and stressed DSCR are 69% and 1.65X,
respectively, compared to 54% and 2.12X at last review.


RBSCF TRUST 2010-RR4: Moody's Keeps Ba2 Rating on Cl. MSC-B2 Certs
------------------------------------------------------------------
Moody's has affirmed the ratings of 36 classes of Certificates
issued by RBSCF Trust 2010-RR4, Pass-Through Certificates, Series
2010-RR4 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 Non-Pooled Re-REMIC transactions.

Moody's rating action is as follows:

Cl. CMLT-A1, Affirmed Aaa (sf); previously on Sep 17, 2010
Assigned Aaa (sf)

Cl. CMLT-A2, Affirmed Aaa (sf); previously on Sep 17, 2010
Assigned Aaa (sf)

Cl. CMLT-A3, Affirmed Aaa (sf); previously on Sep 17, 2010
Assigned Aaa (sf)

Cl. CMLT-A4, Affirmed Aaa (sf); previously on Sep 17, 2010
Assigned Aaa (sf)

Cl. CMLT-A5, Affirmed Aaa (sf); previously on Sep 17, 2010
Assigned Aaa (sf)

Cl. CMLT-A, Affirmed Aaa (sf); previously on Sep 17, 2010 Assigned
Aaa (sf)

Cl. CMLT-B, Affirmed A1 (sf); previously on Sep 17, 2010 Assigned
A1 (sf)

Cl. CMLT-B1, Affirmed Aa3 (sf); previously on Sep 17, 2010
Assigned Aa3 (sf)

Cl. CMLT-B2, Affirmed A1 (sf); previously on Sep 17, 2010 Assigned
A1 (sf)

Cl. JPM07-A1, Affirmed Aaa (sf); previously on Sep 17, 2010
Assigned Aaa (sf)

Cl. JPM07-A2, Affirmed Aaa (sf); previously on Sep 17, 2010
Assigned Aaa (sf)

Cl. JPM07-A3, Affirmed Aaa (sf); previously on Sep 17, 2010
Assigned Aaa (sf)

Cl. JPM07-A4, Affirmed Aaa (sf); previously on Sep 17, 2010
Assigned Aaa (sf)

Cl. JPM07-A5, Affirmed Aaa (sf); previously on Sep 17, 2010
Assigned Aaa (sf)

Cl. JPM07-A, Affirmed Aaa (sf); previously on Sep 17, 2010
Assigned Aaa (sf)

Cl. JPM07-B, Affirmed Aaa (sf); previously on Sep 17, 2010
Assigned Aaa (sf)

Cl. JPM07-B1, Affirmed Aaa (sf); previously on Sep 17, 2010
Assigned Aaa (sf)

Cl. JPM07-B2, Affirmed Aaa (sf); previously on Sep 17, 2010
Assigned Aaa (sf)

Cl. MSC-A1, Affirmed Aaa (sf); previously on Sep 17, 2010 Assigned
Aaa (sf)

Cl. MSC-A2, Affirmed Aaa (sf); previously on Sep 17, 2010 Assigned
Aaa (sf)

Cl. MSC-A3, Affirmed Aaa (sf); previously on Sep 17, 2010 Assigned
Aaa (sf)

Cl. MSC-A4, Affirmed Aaa (sf); previously on Sep 17, 2010 Assigned
Aaa (sf)

Cl. MSC-A5, Affirmed Aaa (sf); previously on Sep 17, 2010 Assigned
Aaa (sf)

Cl. MSC-A, Affirmed Aaa (sf); previously on Sep 17, 2010 Assigned
Aaa (sf)

Cl. MSC-B, Affirmed Baa3 (sf); previously on May 31, 2012
Downgraded to Baa3 (sf)

Cl. MSC-B1, Affirmed A1 (sf); previously on May 31, 2012
Downgraded to A1 (sf)

Cl. MSC-B2, Affirmed Ba1 (sf); previously on May 31, 2012
Downgraded to Ba1 (sf)

Cl. WBCMT-A1, Affirmed Aaa (sf); previously on Sep 17, 2010
Assigned Aaa (sf)

Cl. WBCMT-A2, Affirmed Aaa (sf); previously on Sep 17, 2010
Assigned Aaa (sf)

Cl. WBCMT-A3, Affirmed Aaa (sf); previously on Sep 17, 2010
Assigned Aaa (sf)

Cl. WBCMT-A4, Affirmed Aaa (sf); previously on Sep 17, 2010
Assigned Aaa (sf)

Cl. WBCMT-A5, Affirmed Aaa (sf); previously on Sep 17, 2010
Assigned Aaa (sf)

Cl. WBCMT-A, Affirmed Aaa (sf); previously on Sep 17, 2010
Assigned Aaa (sf)

Cl. WBCMT-B, Affirmed A1 (sf); previously on Dec 3, 2010
Downgraded to A1 (sf)

Cl. WBCMT-B1, Affirmed Aa1 (sf); previously on Dec 3, 2010
Downgraded to Aa1 (sf)

Cl. WBCMT-B2, Affirmed A1 (sf); previously on Dec 3, 2010
Downgraded to A1 (sf)

Ratings Rationale:

RBSCF Trust 2010-RR4 is a non-pooled repack transaction backed by
five commercial mortgage backed securities (CMBS) certificates
(collectively the "Underlying Certificates"): the Group WBCMT
Certificates are backed by $52.49 million, or 5.12% of the
aggregate class principal balance, of the super senior Class A-4
issued by Wachovia Bank Commercial Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2007-C31 (the
"Underlying WBCMT Certificate"); the Group CMLT Certificates are
backed by $233.8 million, or 28.97% of the aggregate class
principal balance, of the super senior Class A-4B issued by
Commercial Mortgage Loan Trust 2008-LS1, Commercial Mortgage Pass-
Through Certificates, Series 2008-LS1 (the "Underlying CMLT
Certificate"); the Group CSMC Certificates are backed by $69.5
million, or 7.08% of the aggregate class principal balance, of the
super senior Class A-4 issued by Credit Suisse Commercial Mortgage
Trust Series 2007-C5, Commercial Mortgage Pass-Through
Certificates, Series 2007-C5 (the "Underlying CSMC Certificates");
the Group JPM07 Certificates are backed by $41.8 million, or 14.8%
of the aggregate class principal balance, of the super senior
Class A-2S issued by J.P. Morgan Chase Commercial Mortgage
Securities Trust 2007- LDP10 Commercial Mortgage Pass-Through
Certificates, Series 2007- LDP10 (the "Underlying JPM07
Certificate"); and the Group MSC Certificates are backed by $45.09
million, or 4.24% of the aggregate class principal balance, of the
super senior Class A-4 issued by Morgan Stanley Capital I Trust
2007-IQ14, Commercial Mortgage Pass-Through Certificates, Series
2007-IQ14 (the "Underlying MSC Certificate").

On June 21, 2012, Moody's affirmed the rating of the Underlying
WBCMT Certificate due to stable performance of its underlying
collateral. Moody's rating action on the Underlying WBCMT
Certificate reflected a cumulative base expected loss of 13.0% of
the current balance. The current performance of the Underlying
WBCMT Certificate is commensurate with current ratings levels.

On February 14, 2013, Moody's affirmed the rating of the
Underlying CMLT Certificate due to stable performance of its
underlying collateral. Moody's rating action on the Underlying
CMLT Certificate reflected a cumulative base expected loss of
11.8% of the current balance. The current performance of the
Underlying CMLT Certificate is commensurate with current ratings
levels.

On November 16, 2012, Moody's affirmed the rating of the
Underlying JPM07 Certificate due to stable performance of its
underlying collateral. Moody's rating action on the Underlying
JPM07 Certificate reflected a cumulative base expected loss of
13.0% of the current balance. The current performance of the
Underlying JPM07 Certificate is commensurate with current ratings
levels.

On May 23, 2013, Moody's affirmed the rating of the Underlying MSC
Certificate due to stable performance of its underlying
collateral. Moody's rating action on the Underlying MSC
Certificate reflected a cumulative base expected loss of 14.5% of
the current balance. The current performance of the Underlying MSC
Certificate is commensurate with current ratings levels.

Updates to key parameters, including the constant default rate
(CDR), constant prepayment rate (CPR), weighted average life
(WAL), and weighted average recovery rate (WARR), did not
materially change the expected loss estimate of the Certificates
resulting in an affirmation.

Within the repack transaction, the weighted average life of the
Underlying WBCMT Certificate is 3.9 years assuming a 0%/0%
CDR/CPR. For delinquent loans (30+ days, REO, foreclosure,
bankrupt), Moody's assumes a fixed WARR of 40% while a fixed WARR
of 50% for current loans. Moody's also ran a sensitivity analysis
on the classes assuming a WARR of 40% for current loans. This
impacts the modeled rating of the Certificates by 0 to 5 notches
downward.

Within the repack transaction, the weighted average life of the
Underlying CMLT Certificate is 4.2 years assuming a 0%/0% CDR/CPR.
For delinquent loans (30+ days, REO, foreclosure, bankrupt),
Moody's assumes a fixed WARR of 40% while a fixed WARR of 50% for
current loans. Moody's also ran a sensitivity analysis on the
classes assuming a WARR of 40% for current loans. This impacts the
modeled rating of the Certificates by 0 to 3 notches downward.

Within the repack transaction, the weighted average life of the
Underlying JPM07 Certificate is 0.3 year assuming a 0%/0% CDR/CPR.
For delinquent loans (30+ days, REO, foreclosure, bankrupt),
Moody's assumes a fixed WARR of 40% while a fixed WARR of 50% for
current loans. Moody's also ran a sensitivity analysis on the
classes assuming a WARR of 40% for current loans. This does not
impact the modeled rating of the Certificates.

Within the repack transaction, the weighted average life of the
Underlying MSC Certificate is 3.9 years assuming a 0%/0% CDR/CPR.
For delinquent loans (30+ days, REO, foreclosure, bankrupt),
Moody's assumes a fixed WARR of 40% while a fixed WARR of 50% for
current loans. Moody's also ran a sensitivity analysis on the
classes assuming a WARR of 40% for current loans. This impacts the
modeled rating of the Certificates by 0 to 3 notches downward.

The ratings on the repack Certificates are linked to the ratings
on their associated Underlying Certificates and their performance.
Any rating action on the Underlying Certificates may trigger a
further review of the ratings of the repack Certificates.

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. From time to time, Moody's may, if warranted, change
these expectations. Performance that falls outside the given range
may indicate that the collateral's credit quality is stronger or
weaker than Moody's had anticipated when the related securities
ratings were issued. Even so, a deviation from the expected range
will not necessarily result in a rating action nor does
performance within expectations preclude such actions. The
decision to take (or not take) a rating action is dependent on an
assessment of a range of factors including, but not exclusively,
the performance metrics.

Primary sources of assumption uncertainty are the 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.

Moody's review incorporated the cash flow model, Structured
Finance Workstation (SFW), developed by Moody's Wall Street
Analytics.

Moody's analysis encompasses the assessment of stress scenarios.

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

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


SACO I 2000-3: Moody's Lowers Rating on Cl. 1-B-1 RMBS to 'B2'
--------------------------------------------------------------
Moody's Investors Service downgraded the ratings of 2 tranches
from SACO I Inc. Series 2000-3.

Complete rating actions are as follows:

Issuer: SACO I Inc. Series 2000-3

Cl. 1-A, Downgraded to Aa3 (sf); previously on Jan 25, 2013
Affirmed Aaa (sf)

Cl. 1-B-1, Downgraded to B2 (sf); previously on Jan 25, 2013
Upgraded to Ba1 (sf)

Ratings Rationale:

The actions are a result of recent performance review of this deal
and reflect Moody's updated loss expectations on these pools.

These rating actions constitute two downgrades. Class 1-A bond was
downgraded as it has missed interest payments in recent periods.
Although the transaction allows for recoupment of all interest
shortfall on the senior certificates when funds are available the
interest cashflows to this tranche have been volatile. The
downgrade on Class 1-B-1 bond is primarily due to existing
interest shortfall. The structural limitations in the transaction
will prevent recoupment of interest shortfalls for the subordinate
certificates even if funds are available in subsequent periods.
Missed interest payments on this tranche can typically only be
made up from excess interest after the overcollateralization is
built to a target amount.

The methodologies used in this rating were "Moody's Approach to
Rating US Residential Mortgage-Backed Securities" published in
December 2008, "Moody's Approach to Rating Structured Finance
Securities in Default" published in November 2009, and "US RMBS
Surveillance Methodology for Scratch and Dent" published in May
2011.

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

Loan Modifications

Moody's 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 until the end of 2013.

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.

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 scratch and dent pools with fewer than 100
loans, Moody's first calculates an annualized delinquency rate
based on strength of the collateral, number of loans remaining in
the pool and the level of current delinquencies in the pool. For
scratch and dent, Moody's first applies a baseline delinquency
rate of 11% for standard transactions and 3% for strongest prime-
like deals. 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 standard pool with 75 loans, the adjusted
rate of new delinquency is 11.1%. Further, to account for the
actual rate of delinquencies in a small pool, Moody's multiplies
the rate by a factor ranging from 0.75 to 2.5 for current
delinquencies that range from less than 2.5% to greater than 30%
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 the 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 8.5% in December 2011 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 procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions.


SALOMON BROTHERS 2001-C1: Moody's Ups Rating on Cl. H Secs. to B2
-----------------------------------------------------------------
Moody's Investors Service (Moody's) upgraded the ratings of one
class and affirmed two classes of Salomon Brothers Commercial
Mortgage Trust 2001-C1 as follows:

Cl. H, Upgraded to B2 (sf); previously on Jun 9, 2011 Upgraded to
Caa2 (sf)

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

Cl. X1, Affirmed Caa3 (sf); previously on Feb 22, 2012 Downgraded
to Caa3 (sf)

Ratings Rationale:

The upgrade of Class H is due to the significant increase in
subordination as a result of loan payoffs and amortization. The
pool has paid down by 68% since Moody's last review.

The rating of Class L is consistent with Moody's expected loss and
thus is affirmed. The rating of the IO Class, Class X1, 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. At last full review, Moody's cumulative base
expected loss was 18.6%. Moody's base expected loss plus realized
losses is now 3.2% of the original pool balance compared to 3.3%
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 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 U.S. CMBS Conduit Transactions" published in September 2000
and "Moody's Approach to Rating CMBS Large Loan/Single Borrower
Transactions" published in July 2000. The methodology used in
rating Class X1 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 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 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 3 compared to 6 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 6, 2012.

Deal Performance:

As of the May 17, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $8.9 million
from $952.7 million at securitization. The Certificates are
collateralized by seven mortgage loans ranging in size from less
than 1% to 45% of the pool.

One loan, representing 33% of the pool, is 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.

Thirty-four loans have been liquidated from the pool, resulting in
an aggregate realized loss of $60.7 million (32% loss severity
overall). There are currently no loans in special servicing.

Moody's was provided with partial and full year 2012 operating
results for 100% of the pool. Moody's weighted average LTV is 63%
compared to 64% at Moody's prior review. Moody's net cash flow
reflects a weighted average haircut of 14% to the most recently
available net operating income. Moody's value reflects a weighted
average capitalization rate of 9.8%.

Moody's actual and stressed DSCRs are 1.25X and 2.34X,
respectively, compared to 1.47X and 2.06X at last review. Moody's
actual DSCR is based on Moody's net cash flow (NCF) and the loan's
actual debt service. Moody's stressed DSCR is based on Moody's NCF
and a 9.25% stressed rate applied to the loan balance.

The top three performing loans represent 84% of the pool balance.
The largest loan is the Best Buy - Jacksonville Loan ($3.9 million
-- 44.5% of the pool), which is secured by a 45,914 square foot
(SF) single tenant retail building located in Jacksonville,
Florida. The property is fully leased to Best Buy through February
2020. Although performance has been stable, Moody's analysis
reflects a lit/dark analysis to reflect Moody's concerns with
single tenant occupancy. Moody's LTV and stressed DSCR are 84% and
1.29X, respectively, compared to 82% and 1.32X at last review.

The second largest loan is the Hilby Station Apartments Loan ($2.9
million -- 32.7% of the pool), which is secured by a 117-unit
multifamily property located in Spokane, Washington, The property
was 95% leased as of December 2012 compared to 91% at last review.
Although property performance has improved due to an increase in
occupancy, the loan is on the watchlist due to low DSCR. The loan
is fully amortizing and is expected to mature in April 2021.
Moody's LTV and stressed DSCR are 61% and 1.59X, respectively,
compared to 71% and 1.37X at last review.

The third largest loan is the Randall Ridge Apartments Loan
($593,337 -- 6.7% of the pool), which is secured by a 48-unit
multifamily property located in Coopersville, Michigan,
approximately 20 miles from Grand Rapids, The property was 90%
leased as of December 2012 compared to 94% at last review.
Property performance has increased due to continued growth in
average rental rates and decreased expenses. Moody's LTV and
stressed DSCR are 31% and 3.17X, respectively, compared to 42% and
2.32X at last review.


SAPPHIRE VALLEY: S&P Affirms 'BB+' Rating on Class E Notes
----------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on the Class
C notes from Sapphire Valley CDO I Ltd., a collateralized loan
obligation transaction managed by Babson Capital Management.  At
the same time, Standard & Poor's affirmed its ratings on the Class
A, B, D, and E notes from the same transaction.  In addition,
Standard & Poor's removed all of these ratings from CreditWatch
with positive implications.

The transaction is in its reinvestment period, which is scheduled
to end in January 2014.  The transaction portfolio has a
significant concentration in CLO securities.  According to the
April 2013 trustee report, 24.74% of the portfolio consisted of
mezzanine and junior CLO tranches.  The maximum concentration
limit for CLO securities is 25%.  S&P applied the recovery
assumptions to these CLO securities according to the criteria
outlined in "Global CDOs Of Pooled Structured Finance Assets:
Methodology And Assumptions," which was published on Feb. 21,
2012.

The upgrade reflects the improved credit quality S&P has observed
in the underlying assets since its April 2011 rating actions.
According to the April 2013 trustee report, the portfolio
currently has $11.3 million of 'CCC' category rated assets, down
from $26.9 million in February 2011.  The percentage of defaulted
assets in the portfolio remained below 1% of the pool.

The affirmations on the Class A, B, D, and E notes reflect the
available credit support at the current rating levels.

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

Sapphire Valley CDO I Ltd.

                Rating
Class     To           From
A         AA+ (sf)     AA+ (sf)/Watch Pos
B         A+ (sf)      A+ (sf)/Watch Pos
C         A- (sf)      BBB+ (sf)/Watch Pos
D         BBB (sf)     BBB (sf)/Watch Pos
E         BB+ (sf)     BB+ (sf)/Watch Pos


SATURNS 2007-1: Moody's Cuts Rating on 2 Callable Units to Caa2
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of the following
units issued by Structured Asset Trust Unit Repackagings (SATURNS)
Series 2007-1:

$54,500,000 of 7.625% Callable Units due March 1, 2097, Downgraded
to Caa2; previously on November 26, 2012 Downgraded to Caa1

$3,690,000 Initial Notional Amortizing Balance of Interest-Only
Class B Callable Units due March 1, 2097, Downgraded to Caa2;
previously on November 26, 2012 Downgraded to Caa1

Ratings Rationale:

The transaction is a structured note whose ratings change with the
rating of the Underlying Securities. These rating actions are a
result of the change of the rating of J.C. Penney Corporation,
Inc. 7.625% Debentures due March 1, 2097, which was downgraded to
Caa2 on April 30th, 2013.

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

Moody's conducted no additional cash flow analysis or stress
scenarios because the ratings are a pass-through of the rating of
the underlying security and the legal structure of the
transaction.

Moody's says that the underlying securities are subject to a high
level of macroeconomic uncertainty, which is manifest in uncertain
credit conditions across the general economy. Because these
conditions could negatively affect the rating on the underlying
securities, they could also negatively impact the ratings on the
note.


SEQUOIA MORTGAGE 2003-5: Servicing Transfer No Impact on Ratings
----------------------------------------------------------------
Moody's Investors Service said that the transfer of servicing from
Bank of America, N.A. of three loans from Sequoia Mortgage Trust
2003-5 will not, in and of itself and at this time, result in a
reduction or withdrawal of the current ratings of the securities
issued by Sequoia Mortgage Trust 2003-5.

BOA requested that Moody's provide its opinion on whether the
ratings on the securities issued by Sequoia Mortgage Trust 2003-5
would be downgraded or withdrawn as a result of three loans from
the transaction transferred to Nationstar from BOA by way of the
mortgage servicing right sale. After the MSR sale, Nationstar will
service and own the servicing rights to these three loans. The
transfer is scheduled for June 30, 2013.

Moody's view is based primarily on its opinion that the ratings of
each of the securities in the transaction will not have material
negative implication following changes in servicing strategy that
can occur on the three loans after the transfer of servicing
rights.

Moody's opinion addresses only the current impact on Moody's
ratings, and it does not express an opinion as to whether the
transfer of servicing rights has or could have any other effects
that investors may or may not view positively.

The methodology used in assessing the credit impact of the
servicing transfer was "Moody's Approach to Rating US Residential
Mortgage-Backed Securities" published in December 2008. Other
methodologies include "Pre-2005 US RMBS Surveillance Methodology"
published in January 2012, and "Moody's Approach to Rating
Structured Finance Interest-Only Securities" published in February
2012.

Moody's carries these not-prime ratings for Sequoia Mortgage Trust
2003-5:

Cl. B-1, PASS-THRU CTFS, B3
Cl. B-2, PASS-THRU CTFS, Ca
Cl. B-3, PASS-THRU CTFS, C
Cl. B-1, PASS-THRU CTFS, B3
Cl. B-2, PASS-THRU CTFS, Ca
Cl. B-3, PASS-THRU CTFS, C
Cl. B-4, PASS-THRU CTFS, C
Cl. B-5, PASS-THRU CTFS, C
Cl. X-B, PASS-THRU CTFS, B3


SLM STUDENT: Fitch Upgrades Ratings on 5 Note Classes From 'BB'
---------------------------------------------------------------
Fitch Ratings affirms the senior and upgrades the subordinate
student loan notes issued by SLM Student Loan Trust 2007-4 and
2007-5. The ratings on the subordinate notes for each trust were
removed from Rating Watch Positive and assigned a Stable Rating
Outlook. 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 and the ratings on
the subordinate notes are upgraded based on stable trust
performance and the sufficient level of credit to cover the
applicable risk factor stresses. Credit enhancement for the senior
and subordinate notes consists of overcollateralization and future
excess spread, while the senior notes also benefit from
subordination provided by the class B notes. Senior parity for
each transaction has consistently increased since deal inception
while total parity has remained at the 100% release level.

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 2007-4:

-- Class A-3 affirmed at 'AAAsf'; Outlook Negative;
-- Class A-4A affirmed at 'AAAsf'; Outlook Negative;
-- Class A-4B affirmed at 'AAAsf'; Outlook Negative;
-- Class A-5 at affirmed 'AAAsf'; Outlook Negative;
-- Class B-1 upgraded to 'Asf' from 'BBsf'; removed from Rating
   Watch Positive; assigned a Stable Outlook;
-- Class B-2A upgraded to 'Asf' from 'BBsf'; removed from Rating
   Watch Positive; assigned a Stable Outlook;
-- Class B-2B upgraded to 'Asf' from 'BBsf'; removed from Rating
   Watch Positive; assigned a Stable Outlook;

SLM Student Loan Trust 2007-5:

-- Class A-3 affirmed at 'AAAsf'; Outlook Negative;
-- Class A-4 affirmed at 'AAAsf'; Outlook Negative;
-- Class A-5 affirmed at 'AAAsf'; Outlook Negative;
-- Class A-6 at affirmed 'AAAsf'; Outlook Negative;
-- Class B-1 upgraded to 'Asf' from 'BBsf'; removed from Rating
   Watch Positive; assigned a Stable Outlook;
-- Class B-2 upgraded to 'Asf' from 'BBsf'; removed from Rating
   Watch Positive; assigned a Stable Outlook.


TRAINER WORTHAM IV: Moody's Lowers Ratings on Two Note Issues
-------------------------------------------------------------
Moody's Investors Service downgraded the ratings of the following
notes issued by Trainer Wortham First Republic CBO IV, Limited.

$32,000,000 Class B Senior Secured Notes due 2038 (current
outstanding balance of $31,040,776), Downgraded to Caa3 (sf);
previously on Oct 26, 2009 Downgraded to Caa2 (sf)

$12,000,000 Class C Secured Floating Rate Notes due 2038 (current
outstanding balance of $9,132,602), Downgraded to C (sf);
previously on Oct 26, 2009 Downgraded to Ca (sf)

Ratings Rationale:

According to Moody's, the rating actions taken on the notes are
primarily a result of the deterioration in the credit quality of
the portfolio and a decrease in the transaction's
overcollateralization (OC) ratios since the last rating actions
for this transaction in March 2012. Using the May 2013 trustee
reported information, Moody's calculated a weighted average rating
factor (WARF) of 3643 compared to the March 2012 level of 2688.
Additionally, Moody's calculated OC ratios for the Class B and
Class C notes are at 80.6% and 62.2% compared to the March 2012
levels of 91.9% and 75.6%, respectively. Moody's also notes that
the Class C notes are currently deferring interest and their
current outstanding amount includes a deferred interest balance of
$1.09 million.

Trainer Wortham First Republic CBO IV, Limited., issued in January
2004, is a collateralized debt obligation backed by a portfolio of
ABS, MBS, CMBS and CDOs originated from 2002 to 2004.

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 commercial and
residential real estate property markets. While commercial real
estate property markets are gaining momentum, a consistent upward
trend will not be evident until the volume of transactions
increases, distressed properties are cleared from the pipeline and
job creation rebounds. 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 B: 0

Class C: 0

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

Class B: -1

Class C: 0


TRAPEZA CDO VII: 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 VII Ltd., a U.S. cash flow
collateralized debt obligation (CDO) transaction backed by trust
preferred securities issued by banks.  At the same time, S&P
removed its rating on the class A-1 notes from CreditWatch with
positive implications.

The rating actions follows S&P's performance review of Trapeza CDO
VII Ltd. and reflects $23.9 million in pay-downs to the A-1 notes
since S&P's May 2012 rating actions, when it also raised its
ratings on the class A-1 and A-2 notes.  The pay-downs are a
result of redemption of the underlying trust preferred securities
and excess spread that was captured due to overcollateralization
(O/C) ratio failures.  Subsequent to the April 2013 payment date,
the class A-1 notes had paid down to 59.1% of their original
balance.  According to the April 2013 trustee report, the
transaction's class A O/C ratio had increased by 14.7% to 132.3%
since S&P's May 2012 rating actions.  S&P also observed that the
amount of defaulted assets declined to $85.9 million from
$94.5 million over this period.

S&P will continue to review its ratings on the notes and assess
whether, in its view, the ratings 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

RATING AND CREDITWATCH ACTIONS

Trapeza CDO VII Ltd.
                             Rating
Class                   To           From
A-1                     BB+(sf)      BB-(sf)/Watch Pos
A-2                     B(sf)        CCC+(sf)


TRICADIA CDO 2003-1: Moody's Hikes Rating on $20MM Notes to 'B2'
----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of the following
notes issued by Tricadia CDO 2003-1, Ltd.:

$35,000,000 (current outstanding balance $22,253,338) Class A-3L
Floating Rate Notes Due February 2016, Upgraded to Aa3 (sf);
previously on September 20, 2012 Upgraded to Baa2 (sf)

$12,000,000 (current outstanding balance $12,000,000) Class A-4L
Floating Rate Notes Due February 2016, Upgraded to Baa3 (sf);
previously on September 20, 2012 Upgraded to Ba2 (sf)

$20,000,000 (current outstanding balance $13,044,018) Class B-1L
Floating Rate Notes Due February 2016, Upgraded to Ba3 (sf);
previously on September 20, 2012 Upgraded to B2 (sf)

Ratings Rationale:

According to Moody's, the rating actions taken on the notes are
primarily a result of deleveraging of the senior notes and an
increase in the transaction's overcollateralization ratios since
the rating action in September 2012. The Class A-3L notes have
paid down by $12.8 million, or 36.4%, since September 2012.
According to the April 2013 trustee report, the Senior Class A,
Class A and Class B Overcollateralization Ratios have increased to
301.0%, 195.6% and 141.6%, respectively, as compared to August
2012 trustee reported levels of 153.0%, 133.5% and 116.7%. In
addition, Moody's notes that the following securities from the
underlying collateral pool have been paid in full: $4 million of
the Oak Hill 2003 Class 3A note and $3.5 million of the Centurion
CDO VII Class D2 note. The proceeds from these securities will be
used to pay the principal of the Class A-3L notes on the next
payment date.

Notwithstanding benefits of the deleveraging, Moody's notes that
the credit quality of the underlying portfolio has deteriorated
since the last rating action. Based on the April 2013 trustee
report, the weighted average rating factor is currently 1429
compared to 1310 in August 2012.

Tricadia CDO 2003-1 is a collateralized debt obligation backed
primarily by a portfolio of CLOs.

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

Moody's applies 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, backed
by CLOs, there exist a number of sources of uncertainty, operating
both on a macro level and on a transaction-specific level. These
uncertainties are evidenced by 1) uncertainties of credit
conditions in the general economy and 2) the large concentration
of upcoming speculative-grade debt maturities which may create
challenges for issuers to refinance. The underlying CLO tranches'
performance may also be impacted by 1) the managers' investment
strategy and behavior and 2) divergence in legal interpretation of
CLO documentation by different transactional parties due to
embedded ambiguities.

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-rated assets below B1 (sf) notched up by 2 rating
categories (WARF of 1317):

Class A3L: +1
Class A4L: 0
Class B1L: 0

Moody's-rated assets below B1 (sf) notched down by 2 rating
categories (WARF of 1959):

Class A3L: 0
Class A4L: 0
Class B1L: -1


UBS 2007-FL1: Fitch Raises Rating on $31MM Class C Certs to 'BBsf'
------------------------------------------------------------------
Fitch Ratings has upgraded three classes of UBS Commercial
Mortgage Trust, series 2007-FL1. The transaction has paid down by
30% since Fitch's last rating action. All of the remaining loans
are nearing their final maturity dates or have been modified and
extended. Additionally, the pool is more concentrated.

Key Rating Drivers

The upgrades reflect increased credit enhancement as a result of
paydown of approximately 30% since Fitch's last rating action.
Only two of remaining loans have not been modified; one matures in
July 2013 and one matures in July 2014. The majority of the loans
had an average loan term of five years (including extensions).
Fitch remains concerned about the ability of the modified loans to
refinance at the final modified maturity date as lending standards
have changed from the time these loans were originated and many of
the borrowers have not been able to successfully execute their
initial business plans.

Under Fitch's methodology, approximately 87.3% of the pooled
balance is modeled to default in the base case stress scenario,
defined as the 'B' stress. In this scenario, the modeled average
cash flow decline is 5% and pooled expected losses are 26.7%. To
determine a sustainable Fitch cash flow and stressed value, Fitch
analyzed servicer-reported operating statements and STR reports,
updated property valuations, and recent sales comparisons. Fitch
estimates average base case recoveries of approximately 69%.

The transaction is collateralized by seven assets, which are
secured by two undeveloped land parcels (40.4%), three hotels
(27.4%), one office property (18.5%) and one multi-family
property, (13.7%). The transaction faces near-term maturity risk.
Five loans (67.8%) defaulted at maturity and were transferred to
the special servicer. Of these assets, one is real estate owned
(REO), one is performing matured and the other three were modified
and extended. The remaining two loans (32.2%) have final
maturities in mid-2013.

Rating Sensitivities

The Stable Outlooks reflect the high credit enhancement of the
deal. No rating changes are expected throughout the remaining life
of the deal as additional credit enhancement through paydown will
be offset by adverse selection and an increasingly concentrated
pool.

Three assets were modeled to take a loss in the base case: Maui
Prince Resort and Land (37% of the pool), Hilton Long Beach (9.7%)
and the RexCorp Land Portfolio (3.4%).

The Maui Prince loan is secured by a 310-room full service hotel,
two 18-hole golf courses and 1,194 acres of undeveloped land
located in Maui, Hawaii. The loan was transferred to special
servicing on June 12, 2009 due to imminent default at its maturity
date. The loan has been assumed, paid down, modified and extended.
The final maturity date is now July 2015. Despite the paydown and
infusion of new capital by the sponsors, Fitch remains concerned
about viability of the business plan to develop the vacant land as
luxury residential housing given the continued weakness in the
housing market. The loan remains with the special servicer.

The Hilton Long Beach loan is collateralized by a 393-room full-
service hotel in downtown Long Beach, CA. The loan transferred to
the special servicer in June 2012 due to imminent maturity
default. The loan reached its final extended maturity in July
2012. The special servicer and the borrower are trying to come to
terms on a modification. Property performance has improved over
the last few years. Year-end (YE) 2011 net operating income (NOI)
showed a 23% improvement over YE 2010. The trailing 12 months
(TTM) September 2012 NOI was in-line with YE 2011.

The RexCorp Land portfolio consists of 205 acres of commercial
development land located in Morris County New Jersey. The loan
defaulted at maturity in February 2010 and has been in special
servicing since that time. Modification discussions were not
successful and the special servicer foreclosed on the property in
September 2012. The special servicer plans to market the property
for sale in the near future.

Fitch has upgraded the following classes as indicated:

-- $94.1 million class A-2 to 'Asf' from 'BBBsf'; Outlook Stable;
-- $57.3 million class B to 'BBBsf' from 'BBsf'; Outlook Stable;
-- $31 million class C to 'BBsf' from 'Bsf'; Outlook Stable.

Fitch has affirmed the following classes as indicated:

-- $27.2 million class D at 'CCCsf'; RE 100%;
-- $27.2 million class E at 'CCCsf'; RE 45%;
-- $27.2 million class F at 'CCsf'; RE 0%;
-- $27.2 million class G at 'CCsf'; RE 0%;
-- $29.1 million class H at 'Csf'; RE 0%;
-- $27.1 million class J at 'Csf'; RE 0%;
-- $27.1 million class K at 'Csf'; RE 0%.
-- $1.9 million class O-MD at 'BBB-sf'; Outlook Stable;
-- $4.5 million class O-WC at 'CCCsf' RE 0%.

Classes A-1, O-BH and O-HW have paid in full. Fitch does not rate
classes O-SA and O-HA. Classes L, M-MP, N-MP and O-MP all remain
at 'D' RE 0% due to realized losses. Fitch withdrew the rating of
the interest-only class X.


UBS-BARCLAYS 2012-C2: Moody's Affirms Ratings on 14 CMBS Classes
----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 14 classes of
UBS-Barclays Commercial Mortgage Trust 2012-C2, Commercial
Mortgage Pass-Through Certificates, Series 2012-C2 as follows:

Cl. A-1, Affirmed Aaa (sf); previously on Jul 18, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Jul 18, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Jul 18, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Jul 18, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-S-EC, Affirmed Aaa (sf); previously on Jul 18, 2012
Definitive Rating Assigned Aaa (sf)

Cl. B-EC, Affirmed Aa2 (sf); previously on Jul 18, 2012 Definitive
Rating Assigned Aa2 (sf)

Cl. EC, Affirmed A1 (sf); previously on Jul 18, 2012 Definitive
Rating Assigned A1 (sf)

Cl. C-EC, Affirmed A2 (sf); previously on Jul 18, 2012 Definitive
Rating Assigned A2 (sf)

Cl. D, Affirmed Baa1 (sf); previously on Jul 18, 2012 Definitive
Rating Assigned Baa1 (sf)

Cl. E, Affirmed Baa3 (sf); previously on Jul 18, 2012 Definitive
Rating Assigned Baa3 (sf)

Cl. F, Affirmed Ba2 (sf); previously on Jul 18, 2012 Definitive
Rating Assigned Ba2 (sf)

Cl. G, Affirmed B2 (sf); previously on Jul 18, 2012 Definitive
Rating Assigned B2 (sf)

Cl. X-A, Affirmed Aaa (sf); previously on Jul 18, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. X-B, Affirmed Ba3 (sf); previously on Jul 18, 2012 Definitive
Rating Assigned Ba3 (sf)

Ratings Rationale:

The affirmations of the 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 ratings of the two interest-only (IO) classes, Class X-A and
X-B, are consistent with the expected credit performance of each
IO bond's referenced classes and thus are affirmed.

This is Moody's first full review of UBS-Barclays 2012-C2. Moody's
rating action reflects a base expected loss of 2.7% of the current
pooled balance. 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 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 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.

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 21, which is 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. This is Moody's first full
review of this transaction.

Deal Performance:

As of the May 10, 2013 distribution date, the transaction's
aggregate pooled certificate balance has decreased by 1% to $1.21
billion from $1.22 billion at securitization. The Certificates are
collateralized by 55 mortgage loans ranging in size from less than
1% to 12% of the pool, with the top ten loans representing 56% of
the pool. One loan, representing 3% of the pool, has an investment
grade credit assessment.

One loan, representing 2% of the pool, is currently 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.

No loans have been liquidated from the pool and no loans are
currently in special servicing.

Moody's was provided with full year 2011 and partial or full year
2012 operating results for 100% and 84% of the pool's loans,
respectively. Moody's weighted average conduit LTV is 100%
compared to 102% at securitization. The conduit portion of the
pool excludes the loan with a credit assessment. Moody's net cash
flow reflects a weighted average haircut of 10% to the most
recently available net operating income. Moody's value reflects a
weighted average capitalization rate of 9.6%.

Moody's actual and stressed conduit DSCRs are 1.52X and 1.06X,
respectively, compared to 1.48X and 1.02X 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 loan with a credit assessment is the 909 Third Avenue Net
Lease Loan ($39 million -- 3.2% of the pool), which is secured by
a ground lease on a 1.3 million square foot (SF) office property
located in Manhattan, New York. The collateral is leased to a
Vornado Realty Trust affiliate. The annual ground lease payments
are $1.6 million. Loan repayment is interest-only through the
anticipated repayment date (ARD) in May 2022. Moody's credit
assessment is A3, the same as at securitization.

The top three conduit loans represent 27% of the pool balance. The
largest conduit loan is the 110 William Street Loan ($142 million
-- 11.7%), which is secured by an 875,000 SF class B office
building located in downtown Manhattan. The property is also
encumbered by a $20 million mezzanine loan. The property was 93%
leased as of April 2012. Loan repayment is interest-only for the
initial 24-months and then will convert to a 30 year amortization
schedule. Moody's LTV and stressed DSCR are 110% and 0.89X
respectively, the same as at securitization.

The second largest conduit loan is the Crystal Mall Loan ($95
million -- 7.9%), which is secured by the borrower's interest in a
783,000 SF super regional mall located in Waterford, Connecticut.
The mall is anchored by Macy's, Sears, and J.C. Penney. Loan
repayment is interest-only for the initial 24-months and then will
convert to a 30 year amortization schedule. The collateral is the
only super regional mall in a 50 mile radius, but it faces
competition from other retail properties including Waterford
Commons and Tanger Outlets. Moody's LTV and stressed DSCR are 94%
and 1.18X respectively, the same as at securitization.

The third largest conduit loan is the Louis Joliet Mall Loan ($85
million -- 7.1%), which is secured by the borrower's interest in a
975,000 SF regional mall located in Joliet, Illinois. The mall was
renovated in 2009 to expand its food court and add a movie
theater. The mall is anchored by Macy's, Sears, J.C. Penney and
Carson Pirie Scott & Co. Loan repayment is interest-only for the
entire term. Moody's LTV and stressed DSCR are 85% and 1.15X,
respectively, the same as at securitization.


UNITED AUTO 2013-1: S&P Assigns 'BB' Rating on Class E Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 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 ratings reflect S&P's view of:

   -- The availability of approximately 49.6%, 43.4%, 38.3%, 32.1,
      and 22.2% 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 our 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
      ratings.

   -- S&P's 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 '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.

   -- 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

RATINGS ASSIGNED

United Auto Credit Securitization Trust 2013-1

Class  Rating      Type         Interest rate    Amount
                                                (mil. $)
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


VIBRANT CLO: S&P Affirms 'BB' Rating on Class D Notes
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Vibrant
CLO Ltd./Vibrant CLO Corp.'s $281.90 million floating-rate notes
following the transaction's effective date as of April 17, 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 (typically referred to as an "effective
date rating affirmation").

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 its 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 we receive a request to issue an effective date rating
affirmation, we perform quantitative and qualitative analysis of
the transaction in accordance with our criteria to assess whether
the initial ratings remain consistent with the credit enhancement
based on the effective date collateral portfolio.  Our 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
our 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 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 AFFIRMED

Vibrant CLO Ltd./Vibrant CLO Corp.

Class                      Rating                       Amount
                                                      (mil. $)
A-1                        AAA (sf)                     191.85
A-2                        AA (sf)                       39.25
B (deferrable)             A (sf)                        21.70
C (deferrable)             BBB (sf)                      15.20
D (deferrable)             BB (sf)                       13.90


WACHOVIA BANK 2005-C16: Moody's Affirms Ratings on 19 CMBS Classes
------------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 19 classes of
Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-
Through Certificates, Series 2005-C16 as follows:

Cl. A-1A, Affirmed Aaa (sf); previously on Apr 19, 2005 Definitive
Rating Assigned Aaa (sf)

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

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

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

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

Cl. B, Affirmed Aaa (sf); previously on Jun 26, 2008 Upgraded to
Aaa (sf)

Cl. C, Affirmed Aa2 (sf); previously on Jun 26, 2008 Upgraded to
Aa2 (sf)

Cl. D, Affirmed A1 (sf); previously on Jun 26, 2008 Upgraded to A1
(sf)

Cl. E, Affirmed A3 (sf); previously on Apr 19, 2005 Definitive
Rating Assigned A3 (sf)

Cl. F, Affirmed Baa2 (sf); previously on Aug 12, 2010 Downgraded
to Baa2 (sf)

Cl. G, Affirmed Baa3 (sf); previously on Aug 12, 2010 Downgraded
to Baa3 (sf)

Cl. H, Affirmed B1 (sf); previously on Aug 12, 2010 Downgraded to
B1 (sf)

Cl. J, Affirmed B2 (sf); previously on Jun 2, 2011 Upgraded to B2
(sf)

Cl. K, Affirmed B3 (sf); previously on Jun 2, 2011 Upgraded to B3
(sf)

Cl. L, Affirmed Caa1 (sf); previously on Jun 2, 2011 Upgraded to
Caa1 (sf)

Cl. M, Affirmed Caa2 (sf); previously on Jun 2, 2011 Upgraded to
Caa2 (sf)

Cl. N, Affirmed Caa3 (sf); previously on Jun 2, 2011 Upgraded to
Caa3 (sf)

Cl. O, Affirmed Ca (sf); previously on Jun 2, 2011 Upgraded to Ca
(sf)

Cl. X-C, 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-C, 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 balance compared to 3.2% at last review. Moody's base
expected loss plus realized losses is 2.4% of the original
securitized balance, up from 2.2% 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 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 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 Class X-C 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 28 compared to 32 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 25, 2012.

Deal Performance:

As of the May 17, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 43% to $1.17
billion from $2.06 billion at securitization. The Certificates are
collateralized by 133 mortgage loans ranging in size from less
than 1% to 9% of the pool, with the top ten loans (excluding
defeasance) representing 37% of the pool. The pool includes one
loan with an investment-grade credit assessment, representing 4%
of the pool. Thirty loans, representing approximately 25% of the
pool, are defeased and are collateralized by U.S. Government
securities.

Eighteen loans, representing 6% 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.

Five loans have liquidated from the pool, resulting in an
aggregate realized loss of $17.7 million (67% average loan loss
severity). Currently, four loans, representing 4% of the pool, are
in special servicing. The largest specially serviced loan is the
Westgate Business Center Loan ($30.7 million -- 2.6% of the pool),
which is secured by a 580,000 square foot (SF) mixed-use property
located in San Leandro, California. Tenants include several
national big-box and discount retailers. The property was 72%
leased as of the December 2012 compared to 85% at last review. The
loan was modified to include a principal paydown and maturity date
extension until June 2013. The loan is in the process of returning
back to the master servicer.

The remaining three specially serviced loans are secured by retail
properties. Moody's estimates an aggregate $9.9 million loss (60%
expected loss on average) for three of the specially serviced
loans.

Moody's has assumed a high default probability for three poorly
performing loans representing 1% of the pool and has estimated a
$2.3 million aggregate loss (15% expected loss based on a 50%
probability default) from these troubled loans.

Moody's was provided with full-year 2011 and partial year/full
year 2012 operating results for 90% and 95% of the performing
pool, respectively. Excluding specially serviced and troubled
loans, Moody's weighted average conduit LTV is 84% compared to 87%
at last full review. Moody's net cash flow reflects a weighted
average haircut of 11.1% to the most recently available net
operating income. Moody's value reflects a weighted average
capitalization rate of 9.0%.

Excluding specially serviced and troubled loans, Moody's actual
and stressed conduit DSCRs are 1.43X and 1.21X, respectively,
compared to 1.47X 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 Cameron Village Loan
($47.3 million -- 4.0% of the pool), which is secured by a 630,120
SF high-end grocery-anchored retail center located in Raleigh,
North Carolina. Harris Teeter is the anchor. Other tenants include
Eckerd Corporation, Chico's, Pier 1 Imports, Inc. and Richey & Co.
Shoes. Performance has remained stable. Moody's credit assessment
and stressed DSCR are Baa3 and 1.43X, respectively, compared to
Baa3 and 1.42X at last review.

The top three performing conduit loans represent 18% of the pool.
The largest loan is the 175 West Jackson Loan ($103.9 million --
8.8% of the pool), which represents a participation interest in a
$207.7 million loan. The property is also encumbered by a $51.0
million B-Note and $50.0 million of mezzanine debt. The loan is
secured by a 1.5 million SF Class A office tower located in
Chicago, Illinois. The property was 88% leased as of March 2013
compared to 95% at last review. Moody's current A-Note LTV and
stressed DSCR are 63% and 1.49X, respectively, compared to 69% and
1.37X at last review.

The second largest loan is the AON Office Building Loan ($56.7
million -- 4.8% of the pool). The loan is secured by a 412,400 SF
Class A office complex located in Glenview, Illinois, a northern
suburb of Chicago. Occupancy was 100% as of December 2012, the
same as at last review. Property performance has remained stable
and the loan is benefiting from amortization. AON Corporation is
the largest tenant, leasing 93% of net rentable area (NRA) through
April 2017. Moody's current LTV and stressed DSCR are 78% and
1.28X, respectively, compared to 83% and 1.19X at last review.

The third largest loan is the Gilroy Crossing Shopping Center Loan
($46.4 million -- 3.9% of the pool). The loan is secured by a
323,000 SF retail property located in Gilroy, California. Tenants
include Kohl's, Sports Authority and Ross Dress for Less. As of
December 2012, the property was 98%% leased compared to 100% at
last review. Moody's current LTV and stressed DSCR are 88% and
1.04X, respectively, compared to 94% and 0.98X at last review.


WFRBS 2011-C4: Moody's Affirms B2 Rating on Cl. G Certificates
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 14 classes of
WF-RBS Commercial Mortgage Trust 2011-C4, Commercial Mortgage
Pass-Through Certificates, Series 2011-C4 as follows:

Cl. A-1, Affirmed Aaa (sf); previously on Aug 10, 2011 Definitive
Rating Assigned Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Aug 10, 2011 Definitive
Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 10, 2011 Definitive
Rating Assigned Aaa (sf)

Cl. A-FL, Affirmed Aaa (sf); previously on Aug 10, 2011 Definitive
Rating Assigned Aaa (sf)

Cl. A-FX, Affirmed Aaa (sf); previously on Aug 10, 2011 Definitive
Rating Assigned Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 10, 2011 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aa2 (sf); previously on Aug 10, 2011 Definitive
Rating Assigned Aa2 (sf)

Cl. C, Affirmed A2 (sf); previously on Aug 10, 2011 Definitive
Rating Assigned A2 (sf)

Cl. D, Affirmed Baa1 (sf); previously on Aug 10, 2011 Definitive
Rating Assigned Baa1 (sf)

Cl. E, Affirmed Baa3 (sf); previously on Aug 10, 2011 Definitive
Rating Assigned Baa3 (sf)

Cl. F, Affirmed Ba2 (sf); previously on Aug 10, 2011 Definitive
Rating Assigned Ba2 (sf)

Cl. G, Affirmed B2 (sf); previously on Aug 10, 2011 Definitive
Rating Assigned B2 (sf)

Cl. X-A, Affirmed Aaa (sf); previously on Aug 10, 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 Class 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 1.8% of the
current balance. At last review, Moody's cumulative base expected
loss was 2.1%. 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 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 28, the same as 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 June 21, 2012.

Deal Performance:

As of the May 17, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 1% to $1.45 billion
from $1.48 billion at securitization. The Certificates are
collateralized by 76 mortgage loans ranging in size from less than
1% to 11% of the pool, with the top ten loans representing 48% of
the pool. The pool contains two loans with investment grade credit
assessments, representing 11% of the pool.

Five loans, representing 3% 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.

No loans have been liquidated and no loans are in special
servicing. Moody's did not identify any troubled loans.

Moody's was provided with full year 2011 and full or partial year
2012 operating results for 98% and 92% of the pool's loans,
respectively. Moody's weighted average LTV is 87% compared to 89%
at Moody's prior review. Moody's net cash flow reflects a weighted
average haircut of 13% to the most recently available net
operating income. Moody's value reflects a weighted average
capitalization rate of 9.5%.

Moody's actual and stressed DSCRs are 1.59X and 1.20X,
respectively, compared to 1.59X and 1.18X 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 an investment grade credit assessment is the
E Walk Loan ($82.0 million -- 5.7% of the pool), which is secured
by a 182,000 square foot (SF) retail property located in
Manhattan's Times Square. The property is anchored by Regal
Cinemas. Occupancy as of year-end 2012 was 100%, the same as at
last review and securitization. Moody's credit assessment and
stressed DSCR are A1 and 1.47X, respectively, compared to A1 and
1.52X at last review.

The second largest loan with a credit assessment is the Windsor
Hotel Portfolio ($75.0 million -- 5.2% of the pool), which is
secured by five Embassy Suite hotels (1,054 rooms) located
throughout California. The loan is structured with $90.5 million
of unsecured financing. Occupancy and revenue per available room
(RevPAR) as of year-end 2011 was 79.2% and $100.56, respectively,
compared to 78.9% and $98.87 at securitization. RevPAR for year-
end 2012 has either increased or remained steady for four out of
the five hotel, while one hotel, the Embassy Suites San Luis
Obispo, had a slight decrease in RevPAR of 1.1% from 2011. Moody's
credit assessment and stressed DSCR are Baa3 and 1.89X,
respectively, compared to Baa3 and 1.84X at last review.

The top three conduit loans represent 23% of the pool. The largest
loan is the Fox River Mall Loan ($157.9 million -- 10.9% of the
pool), which is secured by the borrower's interest in a 1.2
million SF super-regional mall in Appleton, Wisconsin. The mall is
anchored by Macy's, Target, Younkers and Scheels, with Scheels
being the only anchor that is part of the collateral. The
collateral was 97% leased as of December 2012 compared to 95% at
last review and 92% at securitization. Performance declined
slightly in 2011 compared to 2010 due to increased expenses,
however, rental revenue increased in 2011 and should continue to
improve in 2012 and 2013 due to increased occupancy. Moody's LTV
and stressed DSCR are 83% and 1.17X, respectively, compared to 85%
and 1.14X at last review.

The second largest loan is the Preferred Freezer Portfolio ($116.9
million -- 8.1% of the pool), which is secured by seven industrial
cold storage facilities. The portfolio is subject to a 25-year
triple net lease through 2033 to Preferred Freezer Operating, LLC.
Moody's LTV and stressed DSCR are 74% and 1.47X, respectively,
compared to 73% and 1.48X at last review.

The third largest loan is the Cole Retail Portfolio ($60.4 million
-- 4.2% of the pool), which is secured by 13 single tenant
properties, one unanchored multi-tenanted property and one
anchored multi-tenanted property located across 11 states. The
average remaining lease term is approximately 16 years, with all
tenant leases being either NNN or NN. Tenants include CVS (24% of
NRA), Carmax, On the Border and Bed Bath and Beyond. As of year-
end 2012 the portfolio was 98% leased compared to 97% at last
review. Moody's LTV and stressed DSCR are 86% and 1.15X,
respectively, compared to 98% and 1.03X at last review.


* Fitch Takes Actions on 1,623 Classes in 160 RMBS Re-REMIC Deals
-----------------------------------------------------------------
Fitch Ratings has taken various actions on 1,623 classes in 160
U.S. RMBS Re-REMIC transactions.

The Fitch report is titled 'U.S. RMBS Re-REMIC Rating Actions for
May 24, 2013.'

Rating Action Summary:

-- 1,438 classes affirmed;
-- 66 classes upgraded;
-- 46 classes downgraded;
-- 55 classes placed on Rating Watch Negative;
-- 10 classes affirmed and subsequently withdrawn;
-- 6 classes downgraded and subsequently withdrawn;
-- 2 classes withdrawn.

Key Rating Drivers

Fitch affirmed or upgraded over 95% of the Re-REMIC classes
reviewed. The rating upgrades reflect improving performance of the
underlying transactions and increasing credit enhancement of the
Re-REMIC bonds achieved through the sequential pay structure of
the transactions. Of the classes affirmed or upgraded, over 70%
have Positive or Stable Outlooks, reflecting the positive
performance trends of the underlying collateral.

The majority of the Re-REMICs in this review are securitized with
prime underlying collateral, which has seen a decrease in
delinquencies and increase in borrower prepayments due to low
mortgage rates and improvements in home prices and unemployment.
Over the past year, home prices have increased close to 10%
nationally and unemployment has decreased to 7.5%. Additionally,
serious delinquency as a percentage of the outstanding loans has
declined to 10.82% from 11.3% in the past five months, while the
three-month average conditional prepayment rate has remained at
nearly 20% for prime transactions.

Fitch ran additional sensitivities on the classes being affirmed
or upgraded to make sure they could withstand various cash flow
sensitivities described in greater detail below. In addition,
Fitch limited upgrades to 'AAAsf' and 'AAsf' to classes that are
projected to be paid in full within 12 and 36 months respectively.

Fitch downgraded less than 5% of the classes reviewed. Over 95% of
the affected classes were previously on Rating Watch Negative, had
a Negative Outlook or were rated 'Csf' prior to the downgrade. The
rating changes were all one rating category downgrades, with the
exception of one class.

The vast majority of the downgrades were due to deteriorating
performance of the underlying security. Much of the collateral
underlying the affected classes is from peak vintage transactions
that continue to experience high delinquencies, extended
liquidation timelines, and negative equity. As a result, a portion
of the classes underlying the Re-REMIC are taking principal
writedowns as well as interest shortfalls, weakening the Re-REMIC
structures.

Many of the affected Re-REMIC securities share a common
transactional structure found in the underlying RMBS which uses
mortgage principal cash flow to pay bond interest when mortgage
interest collections are insufficient. By 'borrowing' principal
collections to pay bond interest (rather than paying down the bond
balance), the bond ultimately recovers less principal and incurs
larger writedowns. This feature can have significant implications
for Re-REMICs which have underlying mortgage pools with a high
percentage of loan modifications and/or underlying RMBS which have
an implied writedown feature. Mortgage loan modifications and/or
an implied bond writedown feature reduce mortgage interest
relative to the bond interest due, increasing the use of principal
collections to cover bond interest. While this feature was
considered in the initial rating analysis for these transactions,
it has resulted in increased sensitivity to higher-than-expected
mortgage pool losses.

Fitch placed 46 Alt-A classes and nine prime classes on Rating
Watch Negative during this review. The Alt-A classes were placed
on Rating Watch Negative due to a potential risk of future
negative rating pressure. The nine prime classes placed on watch
showed severe sensitivity to timeline extension in the investment
grade rating stresses. Fitch expects to resolve the status of the
classes on rating watch in the fourth quarter of 2013.

Of the 18 classes that are being withdrawn, two are in
transactions that have fewer than 10 loans remaining in the
underlying mortgage pool and do not have a sequential pay
structure or other mitigating factor that would reduce tail risk.
Six classes are interest-only classes that are notional off of a
class that has taken a principal loss. The remaining 10 classes
being withdrawn have been terminated and the trustee has canceled
the certificates or have been completely written off.

Rating Sensitivities

Fitch analyzes each bond in a number of different scenarios to
determine the likelihood of full principal recovery and timely
interest. The scenario analysis incorporates various combinations
of the following stressed assumptions: mortgage loss, loss timing,
interest rates, prepayments, servicer advancing and loan
modifications.

The analysis includes rating stress scenarios from 'CCCsf' to
'AAAsf'. The 'CCCsf' scenario is intended to be the most-likely
base-case scenario. Rating scenarios above 'CCCsf' are
increasingly more stressful and less-likely outcomes. Although
many variables are adjusted in the stress scenarios, the primary
driver of the loss scenarios is the home price forecast
assumption. In the 'Bsf' scenario, Fitch assumes home prices
decline 10% below their long-term sustainable level. The home
price decline assumption is increased by 5% at each higher rating
category up to a 35% decline in the 'AAAsf' scenario.

3% of the outstanding RMBS Re-REMIC classes reviewed currently
hold a distressed rating below 'Bsf' and are likely to default at
some point in the future. As default becomes more imminent, bonds
currently rated 'CCCsf' and 'CCsf' will migrate towards 'Csf' and
eventually 'Dsf'.

The ratings of bonds currently rated 'Bsf' or higher will be
sensitive to future mortgage borrower behavior, which historically
has been strongly correlated with home price movements. Despite
recent positive trends, Fitch currently expects home prices to
decline further in some areas before reaching a sustainable level.
While Fitch's ratings reflect this home price view, the ratings of
outstanding classes may be subject to revision to the extent
actual home price and mortgage performance trends differ from
those currently projected by Fitch.


* Fitch: High Yield Default Rate Modest, Risk Receptivity Growing
-----------------------------------------------------------------
The trailing 12-month U.S. high yield default rate remains modest
-- 1.8% through April -- extending a three-year run at well below
the long-term average annual rate of 4.6%, according to a new
Fitch Ratings report.

Thirteen issuers defaulted on $5.9 billion in bonds in the first
four months of the year, practically even with the 14 issuers and
$5.8 billion recorded over the same period in 2012. The weighted
average recovery rate on the defaults was 77.1% of par.

The surge in asset values this year provides a strong support for
the low default rate environment. However, risk receptivity is
also growing. The second-quarter edition of the Federal Reserve's
'Senior Loan Officer Survey' revealed the most accommodating
conditions for borrowers in two years.

While debate rages on regarding the timing of the Fed's exit
strategy, history cautions that the impact of easy money policy
can linger and the default rate can remain low even as credit
quality deteriorates.

Despite the Fed's best efforts to tame speculative behavior in the
years leading up to the financial crisis, the accumulated impact
of loose monetary policy in the aftermath of the 2001 -2002
downturn persisted, and transactions continued to come to market
with aggressive terms and leverage levels. In 2007, for example,
corporate profit growth was under significant strain but that
year, 'CCC' rated issuance soared to, at the time, a record high.
Given the heated funding environment, the default rate remained
below 1% in 2006 and 2007. The low default rate perpetuated the
cycle of aggressive transactions and was in the end a red flag of
systemic risk rising rather than shrinking.

The growing volume of covenant-lite loans this year illustrates
that post-credit crisis conservatism is waning. Corporate profit
growth is decelerating while debt is rising.


* Moody's Lowers Ratings on $45.3MM of Alt-A RMBS from 2 Deals
--------------------------------------------------------------
Moody's Investor Service downgraded the ratings of seven tranches
from two RMBS transactions, backed by Alt-A loans.

Complete rating actions are as follows:

Issuer: Citigroup Mortgage Loan Trust, Series 2004-HYB4

Cl. A-A, Downgraded to Ba1 (sf); previously on Jun 29, 2012
Downgraded to Baa1 (sf)

Cl. A-X, Downgraded to Ba1 (sf); previously on Jun 29, 2012
Downgraded to Baa1 (sf)

Issuer: Merrill Lynch Bank USA Mortgage Pass-Through Certificates,
2001-A

Cl. A, Downgraded to Baa2 (sf); previously on Jun 11, 2012
Downgraded to A1 (sf)

Cl. M-1, Downgraded to Ba3 (sf); previously on Jun 11, 2012
Downgraded to Baa1 (sf)

Cl. M-2, Downgraded to Caa1 (sf); previously on Jun 11, 2012
Downgraded to Ba3 (sf)

Cl. B-1, Downgraded to Caa3 (sf); previously on Jun 11, 2012
Downgraded to B3 (sf)

Cl. B-2, Downgraded to C (sf); previously on Jun 11, 2012
Confirmed at Ca (sf)

Ratings Rationale:

These actions reflect recent performance of the underlying pools
and Moody's updated loss expectations on the pools.

The methodologies used in these ratings 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 the
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 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 2004, 5% for 2003
and 3% for 2002 and prior. 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 2004 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 0.50 to 2.0 for
current delinquencies that range from less than 2.5% to greater
than 30% 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 an
unemployment central range of 7.0% to 8.0% for the 2013 year.
Moody's expects house prices to continue to rise in 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.


* Moody's Raises Ratings on 187 MBIA-Guaranteed Securities
----------------------------------------------------------
Moody's Investors Service upgraded the ratings of 187 classes of
US structured finance securities wrapped by MBIA Insurance
Corporation and its affiliated insurance companies. The securities
impacted include certain RMBS, ABS and CDOs.

Ratings Rationale:

This action is solely driven by Moody's announcement on May 21,
2013 that it has upgraded the Insurance Financial Strength ratings
of MBIA Insurance Corporation to B3.

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; or b) the published or unpublished
underlying rating. Please see "Rating Transactions Based on the
Credit Substitution Approach: Letter of Credit-backed, Insured and
Guaranteed Debts" published in March 2013. The principal
methodology used in determining the underlying rating is the same
methodology for rating securities that do not have a financial
guaranty and are listed in the link noted above.

This action is driven solely by the rating action on MBIA and is
not a result of change in key assumptions, expected losses, cash
flows and stress scenarios on the underlying assets.

Methodologies and Models used

For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in
relation to each rating of a subsequently issued bond or note of
the same series or category/class of debt or pursuant to a program
for which the ratings are derived exclusively from existing
ratings in accordance with Moody's rating practices. For ratings
issued on a support provider, this announcement provides certain
regulatory disclosures in relation to the rating action on the
support provider and in relation to each particular rating action
for securities that derive their credit ratings from the support
provider's credit rating. For provisional ratings, this
announcement provides certain regulatory disclosures in relation
to the provisional rating assigned, and in relation to a
definitive rating that may be assigned subsequent to the final
issuance of the debt, in each case where the transaction structure
and terms have not changed prior to the assignment of the
definitive rating in a manner that would have affected the rating.
For further information please see the ratings tab on the
issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct
credit support from the primary entity(ies) of this rating action,
and whose ratings may change as a result of this rating action,
the associated regulatory disclosures will be those of the
guarantor entity. Exceptions to this approach exist for the
following disclosures, if applicable to jurisdiction: Ancillary
Services, Disclosure to rated entity, Disclosure from rated
entity.

Affected ratings are:

ContiMortgage Home Equity Loan Trust 1994-05, A-4, Caa2

ContiMortgage Home Equity Loan Trust 1996-02, A-8, Caa2

ContiMortgage Home Equity Loan Trust 1996-02, A-10IO, Caa2

ContiMortgage Home Equity Loan Trust 1996-03, A-7, Caa2

ContiMortgage Home Equity Loan Trust 1996-03, A-9IO, Caa2

ContiMortgage Home Equity Loan Trust 1996-04, A-8, Caa2

ContiMortgage Home Equity Loan Trust 1996-04, A-9, Caa2

ContiMortgage Home Equity Loan Trust 1996-04, A-11IOCaa2

Southern Pacific Secured Assets Corp 1998-01, A-1, Caa2

Southern Pacific Secured Assets Corp 1998-01, A-3, Caa1

Southern Pacific Secured Assets Corp 1998-01, A-6, Caa1

Southern Pacific Secured Assets Corp 1998-01, A-7, Caa1

Southern Pacific Secured Assets Corp 1998-2, A-7, Caa2

Southern Pacific Secured Assets Corp 1998-2, A-8, Caa1

BankBoston Home Equity Loan Trust 1998-1 A-5, Caa2

First Alliance Mortgage Loan Trust 1998-3 A-3, Caa2

Provident Bank Home Equity Loan Trust 1998-4, Cl. A-6 Caa2

Provident Bank Home Equity Loan Trust 1998-4, Cl. A-7 Caa1

Provident Bank Home Equity Loan Trust 1998-4, Cl. A-9 Caa2

Mortgage Lenders Network Home Equity Loan Trust 1999-1, Class A-1
Caa2

Asset Backed Securities Corporation Home Equity Loan Trust 1999-
LB1, A-3A, Caa2

Asset Backed Securities Corporation Home Equity Loan Trust 1999-
LB1, A-5A, Caa2

Provident Bank Home Equity Loan Trust 1999-3, A-1, Caa2

Provident Bank Home Equity Loan Trust 1999-3, A-3, Caa2

Provident Bank Home Equity Loan Trust 2000-1, Cl. A-1, Caa2

Provident Bank Home Equity Loan Trust 2000-1, Cl. A-2, Caa2

Provident Bank Home Equity Loan Trust 2000-2, Cl. A-1, Caa2

Provident Bank Home Equity Loan Trust 2000-2, Cl. A-2, Caa2

AFC Mtg Loan AB Notes 2000-2, Cl. 1A, Caa2

AFC Mtg Loan AB Notes 2000-2, Cl. 2A, Caa2

GMACM Home Equity Loan Trust 2000-HE2, Cl. A-1, Caa2

GMACM Home Equity Loan Trust 2000-HE2, Cl. A-2, Caa2

GMACM Home Equity Loan Trust 2000-HE2, Variable Funding Notes,
Caa2

AFC Mtg Loan AB Notes 2000-3, Cl. 1A, Caa2

AFC Mtg Loan AB Notes 2000-3, Cl. 2A, Caa2

GMACM Home Equity Loan Trust 2000-HE4, Cl. A-1, Caa2

GMACM Home Equity Loan Trust 2000-HE4, Cl. A-2, Caa2

GMACM Home Equity Loan Trust 2000-HE4, Variable Funding Notes,
Caa2

AFC Mtg Loan AB Notes 2000-4, Cl. 1A, Caa2

AFC Mtg Loan AB Notes 2000-4, Cl. 2A, Caa2

ABFS Mortgage Loan Trust 2001-1, Cl. A-1, Caa2

ABFS Mortgage Loan Trust 2001-2, Mortgage Pass-Through

Certificates, Series 2001-2, Cl. A-1, Caa2

ABFS Mortgage Loan Trust 2001-2, Mortgage Pass-Through

Certificates, Series 2001-2, Cl. A-4, Caa2

ABFS Mortgage Loan Trust 2001-3, Cl. A-1, Caa1

ABFS Mortgage Loan Trust 2001-3, Cl. A-2, Caa2

ABFS Mortgage Loan Trust 2001-4, Mortgage-Backed Notes, Series
2001-4, Cl. A, Caa2

Irwin Whole Loan Home Equity Trust 2002-A, Cl. IA-1, Caa2

RFMSII Home Equity Loan Trust 2004-HS2, Cl. A-I-5, Caa2

RFMSII Home Equity Loan Trust 2004-HS2, Cl. A-II, Caa2

CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-I
Notes, Caa2

CWABS Revolving Home Equity Loan Trust, Series 2004-P, Cl. 1-A,
Caa2

CWABS Revolving Home Equity Loan Trust, Series 2004-P, Cl. 2-A,
Caa2
GMACM Home Equity Loan Trust 2004-HE4, Cl. A-3, Caa2

GMACM Home Equity Loan Trust 2004-HE4, Cl. A-2 VPRN, Caa2

CWHEQ Revolving Home Equity Loan Trust, Series 2005-A, Cl. 1-A,
Caa2

CWHEQ Revolving Home Equity Loan Trust, Series 2005-A, Cl. 2-A,
Caa2
CWABS Asset-Backed Certificates Trust 2005-4, Cl. AF-5B, Caa2

Lehman XS Trust Series 2005-2, Cl. 2-A3A, Caa2

CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-34CB,
Cl. 1-A-3, Caa2

CWHEQ Revolving Home Equity Loan Trust, Series 2005-E, Cl. 1-A,
Caa2

CWHEQ Revolving Home Equity Loan Trust, Series 2005-E, Cl. 2-A,
Caa2

CWABS Asset-Backed Certificates Trust 2005-13, Cl. AF-5, Caa2

CWHEQ Revolving Home Equity Loan Trust, Series 2005-I, Cl. 1-A,
Caa2

CWHEQ Revolving Home Equity Loan Trust, Series 2005-I, Cl. 2-A,
Caa2

CWHEQ Revolving Home Equity Loan Trust, Series 2005-M, Cl. A-1,
Caa2

CWHEQ Revolving Home Equity Loan Trust, Series 2005-M, Cl. A-3,
Caa2

CWHEQ Revolving Home Equity Loan Trust, Series 2005-M, Cl. A-4,
Caa2

Lehman Mortgage Trust 2005-3, Cl. 2-A5, Caa2

Flagstar GMS Trust 2006-1 Notes, Caa2

CWHEQ Revolving Home Equity Loan Trust, Series 2006-E, Cl. 1-A,
Caa2

CWHEQ Revolving Home Equity Loan Trust, Series 2006-E, Cl. 2-A,
Caa2

RFMSII Home Equity Loan Trust 2006-HSA4, Cl. A, Caa2

RFMSII Home Equity Loan Trust 2006-HSA5, Cl. A, Caa2

CWHEQ Revolving Home Equity Loan Trust, Series 2006-G, Cl. 1-A,
Caa2

CWHEQ Revolving Home Equity Loan Trust, Series 2006-G, Cl. 2-A,
Caa2
GMACM Home Equity Loan Trust 2006-HE4, Cl. A-1, Caa2

GMACM Home Equity Loan Trust 2006-HE4, Cl. A-2, Caa2

GMACM Home Equity Loan Trust 2006-HE4, Cl. A-3, Caa2

GMACM Home Equity Loan Trust 2006-HE4, Cl. A-3 VPRN, Caa2

CWHEQ Home Equity Loan Trust, Series 2006-S8, Cl. A-1, Caa2

CWHEQ Home Equity Loan Trust, Series 2006-S8, Cl. A-2, Caa2

CWHEQ Home Equity Loan Trust, Series 2006-S8, Cl. A-3, Caa2

CWHEQ Home Equity Loan Trust, Series 2006-S8, Cl. A-4, Caa2

CWHEQ Home Equity Loan Trust, Series 2006-S8, Cl. A-5, Caa2

CWHEQ Home Equity Loan Trust, Series 2006-S8, Cl. A-6, Caa2

TBW Mortgage-Backed Trust Series 2006-6, Cl. A-4, Caa2

TBW Mortgage-Backed Trust Series 2006-6, Cl. A-5A, Caa2

Morgan Stanley Mortgage Loan Trust 2006-17XS, Cl. A-5-W, Caa2

Morgan Stanley Mortgage Loan Trust 2006-17XS, Cl. A-2-W, Caa2

IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-
H4, Cl. A, Caa2

CWHEQ Home Equity Loan Trust, Series 2006-S10, Cl. A-2, Caa2

CWHEQ Home Equity Loan Trust, Series 2006-S10, Cl. A-3, Caa2

CWHEQ Home Equity Loan Trust, Series 2006-S9, Cl. A-2, Caa2

CWHEQ Home Equity Loan Trust, Series 2006-S9, Cl. A-3, Caa2

CWHEQ Home Equity Loan Trust, Series 2006-S9, Cl. A-4, Caa2

CWHEQ Home Equity Loan Trust, Series 2006-S9, Cl. A-5, Caa2

CWHEQ Home Equity Loan Trust, Series 2006-S9, Cl. A-6, Caa2

IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INDS 2007-1,
Cl. A, Caa2

TBW Mortgage-Backed Trust 2007-1, Mortgage Pass-Through
Certificates, Series 2007-1, Cl. A-7A, Caa2

RFMSII Home Equity Loan Trust 2007-HSA1, Cl. A, Caa2

CWHEQ Home Equity Loan Trust, Series 2007-S1, Cl. A-1-A, Caa2

CWHEQ Home Equity Loan Trust, Series 2007-S1, Cl. A-2, Caa2

CWHEQ Home Equity Loan Trust, Series 2007-S1, Cl. A-3, Caa2

CWHEQ Home Equity Loan Trust, Series 2007-S1, Cl. A-4, Caa2

CWHEQ Home Equity Loan Trust, Series 2007-S1, Cl. A-5, Caa2

CWHEQ Home Equity Loan Trust, Series 2007-S1, Cl. A-6, Caa2

CWHEQ Home Equity Loan Trust, Series 2007-S1, Cl. A-1-B, Caa2

IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series INDS
2007-2, Cl. A, Caa2

CWHEQ Home Equity Loan Trust, Series 2007-S2, Cl. A-1, Caa2

CWHEQ Home Equity Loan Trust, Series 2007-S2, Cl. A-2, Caa2

CWHEQ Home Equity Loan Trust, Series 2007-S2, Cl. A-3, Caa2

CWHEQ Home Equity Loan Trust, Series 2007-S2, Cl. A-4-F, Caa2

CWHEQ Home Equity Loan Trust, Series 2007-S2, Cl. A-4-V, Caa2

CWHEQ Home Equity Loan Trust, Series 2007-S2, Cl. A-5-F, Caa2

CWHEQ Home Equity Loan Trust, Series 2007-S2, Cl. A-5-V, Caa2

CWHEQ Home Equity Loan Trust, Series 2007-S2, Cl. A-6, Caa2

GMACM Home Equity Loan Trust 2007-HE1, Cl. A-3, Caa2

GMACM Home Equity Loan Trust 2007-HE1, Cl. A-4, Caa2

GMACM Home Equity Loan Trust 2007-HE1, Cl. A-5, Caa2

CSFB Home Equity Mortgage Trust 2007-2, Cl. 2A-1F, Caa2

CSFB Home Equity Mortgage Trust 2007-2, Cl. 2A-1A, Caa2

CSFB Home Equity Mortgage Trust 2007-2, Cl. 2A-2, Caa2

CSFB Home Equity Mortgage Trust 2007-2, Cl. 2A-3, Caa2

CSFB Home Equity Mortgage Trust 2007-2, Cl. 2A-4, Caa2

Flagstar Home Equity Loan Trust 2007-1, Cl. AF-3, Caa2

Flagstar Home Equity Loan Trust 2007-1, Cl. AF-4, Caa2

Flagstar Home Equity Loan Trust 2007-1, Cl. AF-5, Caa1

CWHEQ Home Equity Loan Trust, Series 2007-S3, Cl. A-2, Caa2

CWHEQ Home Equity Loan Trust, Series 2007-S3, Cl. A-3, Caa2

Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-
AR3, Cl. I-A-1, Caa2

Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-
AR3, Cl. I-A-2, Caa2

Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-
AR3, Cl. I-A-3, Caa2

Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-
AR3, Cl. I-A-4, Caa2

RFMSII Home Equity Loan Trust 2007-HSA2, Cl. A-4, Caa2

RFMSII Home Equity Loan Trust 2007-HSA2, Cl. A-5, Caa2

RFMSII Home Equity Loan Trust 2007-HSA2, Cl. A-6, Caa2

GSR Trust 2007-HEL1, Cl. A, Caa2

RFMSII Home Equity Loan Trust 2007-HSA3, Cl. A-I-4, Caa2

RFMSII Home Equity Loan Trust 2007-HSA3, Cl. A-I-5, Caa2

RFMSII Home Equity Loan Trust 2007-HSA3, Cl. A-I-6, Caa2

RFMSII Home Equity Loan Trust 2007-HSA3, Cl. A-II, Caa2

Morgan Stanley Mortgage Loan Trust 2007-9SL, Cl. A, Caa2

Morgan Stanley Mortgage Loan Trust 2007-8XS, Cl. A-1-W, Caa2

Morgan Stanley Mortgage Loan Trust 2007-8XS, Cl. A-3-W, Caa2

CWHEQ Revolving Home Equity Loan Trust, 2007-E, Cl. A, Caa2

CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-15CB,
Cl. A-1, Caa2

Morgan Stanley Mortgage Loan Trust 2007-10XS, Cl. A-1-W, Caa2

Morgan Stanley Mortgage Loan Trust 2007-10XS, Cl. A-3-W, Caa2

Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-1, Cl.
I-A-4A, Caa2

CWABS Asset-Backed Certificates Trust 2005-11, Cl. AF-5B, Caa2

GreenPoint Manufactured Housing Contract Trust 1999-1 A-5, Caa1

GreenPoint Manufactured Housing Contract Trust 1999-3 I-A-7, Caa2

GreenPoint Manufactured Housing Contract Trust 2000-3, Cl. II A-
2, Caa1

Structured Asset Securities Corp 2003-25XS, Cl. A5, Caa1

Structured Asset Securities Corp Trust 2004-9XS, Cl. 1-A5, Caa1

American Home Mortgage Investment Trust 2004-4, Cl. VII-A, Caa2

CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-J1,
Cl. 1-A-3, Caa2

CWHEQ Revolving Home Equity Loan Resecuritization Trust 2006-RES,
Cl. 04P-1a, Caa2

CWHEQ Revolving Home Equity Loan Resecuritization Trust 2006-RES,
Cl. 04P-1b, Caa2

CWHEQ Revolving Home Equity Loan Resecuritization Trust 2006-RES,
Cl. 05A-1a, Caa2

CWHEQ Revolving Home Equity Loan Resecuritization Trust 2006-RES,
Cl. 05A-1b, Caa2

CWHEQ Revolving Home Equity Loan Resecuritization Trust 2006-RES,
Cl. 05E-1a, Caa2

CWHEQ Revolving Home Equity Loan Resecuritization Trust 2006-RES,
Cl. 05E-1b, Caa2

Morgan Stanley Mortgage Loan Trust 2006-15XS, Cl. A-2-B, Caa2

Morgan Stanley Mortgage Loan Trust 2006-15XS, Cl. A-4-B, Caa2

Morgan Stanley Mortgage Loan Trust 2006-15XS, Cl. A-5-B, Caa2

Morgan Stanley Mortgage Loan Trust 2006-15XS, Cl. A-6-B, Caa2

Lehman XS Trust 2006-17, Cl. WF-3-1, Caa2

Lehman XS Trust 2006-17, Cl. WF-4-1, Caa2

Lehman XS Trust 2006-17, Cl. WF-6-1, Caa2

CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-J1,
Cl. 3-A-2, Caa2

CFLD-I, Inc. Series 2001, Series 2001A-1, Caa2

CFLD-I, Inc. Series 2001, Series 2001A-2, Caa2

CFLD-I, Inc. Series 2001, Senior Ser. 2002A-1, Caa2

Fulton Street CDO, Ltd. $180,000,000 Class A-1A Floating Rate
Notes Due April 20, 2032, Caa2

Oceanview CBO I, Ltd., Class A-1A Floating Rate Notes due June
2032, Caa2

Mulberry Street CDO, Ltd., Class A-1A Floating Rate Notes, Caa2

Mulberry Street CDO II, LTD. $195,000,000 Class A-1A Floating
Rate Notes Due August 12, 2038 (the "Class A-1A Notes"), Caa2

Mulberry Street CDO II, LTD. $41,500,000 Class A-1B Floating
Rate Notes Due August 12, 2038 (the "Class A-1B Notes"), Caa2

Mulberry Street CDO II, LTD. $283,000,000 Class A-1W Floating
Rate Notes Due August 12, 2038 (the "Class A-1W Notes"), Caa2

CORONADO CDO, LTD./CORONADO CDO, CORP., CLASS A-1 FLOATING RATE
NOTES, Caa2

CORONADO CDO, LTD./CORONADO CDO, CORP., CLASS A-2 FIXED RATE
NOTES, Caa2

Zohar CDO 2003-1 Limited, Class A-1, Caa2

Zohar CDO 2003-1 Limited, Class A-2, Caa2

Zohar II 2005-1, Limited, Class A-1 Notes, Caa2

Zohar II 2005-1, Limited, Class A-2 Notes, Caa2

Zohar II 2005-1, Limited, Class A-3 Notes, Caa2


* Moody's Lifts Ratings on $65.2-Mil. of Subprime RMBS
------------------------------------------------------
Moody's Investors Service upgraded the ratings of 20 tranches from
eight transactions, backed by Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: RAMP Series 2006-EFC1 Trust

Cl. A-2, Upgraded to A1 (sf); previously on Jul 20, 2012 Upgraded
to A3 (sf)

Cl. A-3, Upgraded to A2 (sf); previously on Jul 20, 2012 Upgraded
to Baa2 (sf)

Cl. M-1, Upgraded to Ba3 (sf); previously on Jul 20, 2012 Upgraded
to Caa1 (sf)

Cl. M-2, Upgraded to Caa3 (sf); previously on Apr 6, 2010
Downgraded to C (sf)

Issuer: RAMP Series 2006-NC1 Trust

Cl. A-3, Upgraded to B3 (sf); previously on Jul 20, 2012 Upgraded
to Caa2 (sf)

Issuer: RAMP Series 2006-NC3 Trust

Cl. A-3, Upgraded to Caa3 (sf); previously on Jul 20, 2012
Upgraded to Ca (sf)

Issuer: RASC Series 2006-EMX1 Trust

Cl. A-2, Upgraded to Ba1 (sf); previously on Apr 6, 2010
Downgraded to Ba2 (sf)

Cl. A-3, Upgraded to Ba3 (sf); previously on Jul 20, 2012 Upgraded
to B2 (sf)

Cl. M-1, Upgraded to Ca (sf); previously on Jul 20, 2012 Confirmed
at C (sf)

Issuer: RASC Series 2006-KS1 Trust

Cl. A-3, Upgraded to A3 (sf); previously on Jul 20, 2012 Upgraded
to Baa3 (sf)

Cl. A-4, Upgraded to Baa1 (sf); previously on Jul 20, 2012
Upgraded to Ba2 (sf)

Cl. M-1, Upgraded to B3 (sf); previously on Jul 20, 2012 Upgraded
to Caa2 (sf)

Issuer: RASC Series 2006-KS2 Trust

Cl. A-3, Upgraded to A3 (sf); previously on Jul 20, 2012 Upgraded
to Baa2 (sf)

Cl. A-4, Upgraded to Baa1 (sf); previously on Jul 20, 2012
Upgraded to Ba1 (sf)

Cl. M-1, Upgraded to B2 (sf); previously on Jul 20, 2012 Upgraded
to Caa1 (sf)

Issuer: RASC Series 2006-KS4 Trust

Cl. A-3, Upgraded to Ba1 (sf); previously on Jul 20, 2012 Upgraded
to Ba3 (sf)

Cl. A-4, Upgraded to B1 (sf); previously on Jul 20, 2012 Upgraded
to Caa2 (sf)

Cl. M-1, Upgraded to Caa3 (sf); previously on Apr 6, 2010
Downgraded to C (sf)

Issuer: RASC Series 2006-KS6 Trust

Cl. A-3, Upgraded to B3 (sf); previously on Apr 6, 2010 Downgraded
to Caa2 (sf)

Cl. A-4, Upgraded to Caa2 (sf); previously on Jul 20, 2012
Upgraded to Ca (sf)

Ratings Rationale:

The rating action reflects recent performance of the underlying
pools and Moody's updated expected losses on the pools. The
upgrades are due to improvement in collateral performance, and/ or
build-up in credit enhancement.

The methodologies used in these ratings 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.

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

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 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 Takes Action on $638MM of U.S. Scratch and Dent RMBS
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 18
tranches and upgraded the ratings of 22 tranches from 18 RMBS
transactions backed Scratch Dent Loans.

Complete rating actions are as follows:

Issuer: Bear Stearns Asset Backed Securities Trust 2003-SD2

Cl. I-A, Downgraded to Ba1 (sf); previously on Jul 5, 2012
Downgraded to Baa2 (sf)

Cl. II-A, Downgraded to Baa1 (sf); previously on Jul 5, 2012
Downgraded to A1 (sf)

Cl. III-A, Downgraded to Ba2 (sf); previously on Jul 5, 2012
Downgraded to Baa2 (sf)

Cl. B-1, Downgraded to B3 (sf); previously on Jul 5, 2012
Downgraded to B1 (sf)

Issuer: Bear Stearns Asset Backed Securities Trust 2004-SD4

Cl. A-1, Downgraded to Aa3 (sf); previously on Jul 5, 2012
Confirmed at Aaa (sf)

Cl. A-2, Downgraded to A1 (sf); previously on May 20, 2011
Downgraded to Aa1 (sf)

Cl. M-1, Downgraded to Baa2 (sf); previously on May 20, 2011
Downgraded to A3 (sf)

Cl. M-2, Downgraded to B1 (sf); previously on May 20, 2011
Downgraded to Ba3 (sf)

Issuer: Bear Stearns Asset Backed Securities Trust 2005-4

Cl. M-1, Upgraded to Baa1 (sf); previously on Jul 5, 2012 Upgraded
to Ba1 (sf)

Issuer: Bear Stearns Asset Backed Securities Trust 2005-SD1

Cl. I-M-3, Downgraded to Ba2 (sf); previously on Jul 5, 2012
Confirmed at Baa3 (sf)

Cl. I-M-4, Downgraded to B2 (sf); previously on May 20, 2011
Downgraded to Ba3 (sf)

Cl. I-M-5, Downgraded to Caa2 (sf); previously on Jul 5, 2012
Confirmed at B3 (sf)

Issuer: Bear Stearns Asset Backed Securities Trust 2007-1

Cl. A-1, Downgraded to B3 (sf); previously on Jul 5, 2012
Downgraded to Ba3 (sf)

Issuer: Bear Stearns Asset-Backed Securities Trust 2003-SD1

Cl. A, Downgraded to Baa1 (sf); previously on Jul 5, 2012
Downgraded to A2 (sf)

Cl. M-1, Downgraded to Ba2 (sf); previously on Jul 5, 2012
Downgraded to Baa3 (sf)

Issuer: Bear Stearns Asset-Backed Securities Trust 2004-SD2

Cl. I-A, Downgraded to Baa2 (sf); previously on Jul 5, 2012
Downgraded to A3 (sf)

Cl. II-A, Downgraded to Baa2 (sf); previously on Jul 5, 2012
Downgraded to A1 (sf)

Cl. III-A, Downgraded to Baa2 (sf); previously on Jul 5, 2012
Downgraded to A3 (sf)

Cl. IV-A, Downgraded to Baa2 (sf); previously on Jul 5, 2012
Downgraded to A3 (sf)

Issuer: GSAMP Trust 2007-SEA1

Cl. A, Upgraded to Ba2 (sf); previously on Jul 3, 2012 Upgraded to
B2 (sf)

Issuer: GSRPM Mortgage Loan Trust 2006-1

Cl. A-1, Upgraded to A3 (sf); previously on Jul 3, 2012 Confirmed
at Baa1 (sf)

Cl. A-3, Upgraded to Baa1 (sf); previously on Jul 3, 2012
Confirmed at Baa2 (sf)

Cl. M-1, Upgraded to Caa1 (sf); previously on Jul 3, 2012
Downgraded to Caa3 (sf)

Issuer: RAAC Series 2005-RP1 Trust

Cl. M-2, Upgraded to A2 (sf); previously on Jul 3, 2012 Upgraded
to Baa3 (sf)

Cl. M-3, Upgraded to B2 (sf); previously on Jul 3, 2012 Upgraded
to Caa3 (sf)

Issuer: RAAC Series 2005-RP2 Trust

Cl. M-2, Upgraded to Baa1 (sf); previously on Jul 3, 2012
Confirmed at Ba2 (sf)

Cl. M-3, Upgraded to B2 (sf); previously on Jul 3, 2012 Confirmed
at Ca (sf)

Cl. M-4, Upgraded to Caa3 (sf); previously on May 4, 2009
Downgraded to C (sf)

Issuer: RAAC Series 2005-RP3 Trust

Cl. M-1, Upgraded to Baa1 (sf); previously on Jul 3, 2012 Upgraded
to Ba3 (sf)

Cl. M-2, Upgraded to Ca (sf); previously on May 4, 2009 Downgraded
to C (sf)

Issuer: RAAC Series 2006-RP1 Trust

Cl. A-2, Upgraded to Aa3 (sf); previously on May 19, 2011
Confirmed at A1 (sf)

Cl. A-3, Upgraded to Aa3 (sf); previously on May 19, 2011
Confirmed at A1 (sf)

Cl. M-1, Upgraded to Baa1 (sf); previously on Jul 3, 2012 Upgraded
to Ba3 (sf)

Cl. M-2, Upgraded to Caa1 (sf); previously on May 4, 2009
Downgraded to C (sf)

Issuer: RAAC Series 2006-RP2 Trust

Cl. A, Upgraded to Baa2 (sf); previously on Jul 3, 2012 Upgraded
to Ba3 (sf)

Issuer: RAAC Series 2006-RP4 Trust

Cl. A, Upgraded to Ba1 (sf); previously on Jul 3, 2012 Confirmed
at B3 (sf)

Cl. M-1, Upgraded to Ca (sf); previously on May 4, 2009 Downgraded
to C (sf)

Issuer: RAAC Series 2007-RP1 Trust

Cl. A, Upgraded to B3 (sf); previously on Jul 3, 2012 Confirmed at
Caa3 (sf)

Issuer: RAAC Series 2007-RP2 Trust

Cl. A, Upgraded to B3 (sf); previously on Jul 3, 2012 Confirmed at
Caa2 (sf)

Issuer: RFSC Series 2004-RP1 Trust

M-2, Upgraded to Baa3 (sf); previously on Jul 3, 2012 Upgraded to
Ba3 (sf)

Ratings Rationale

The actions are a result of recent performance review of these
deals and reflect Moody's updated loss expectations on these
pools.

These rating actions constitute of a number of upgrades and
downgrades. The upgrades are primarily driven by an increase in
the available credit enhancement. In many of the transactions,
there has been sufficient excess spread to absorb losses and
maintain the overcollateralization levels. In addition, many of
the transactions are failing their performance triggers which
helped in building the enhancement available for the most senior
certificates. The downgrades are in transactions with weak
performance as well as declining credit enhancement available to
the bonds.

The methodologies used in these ratings were "Moody's Approach to
Rating US Residential Mortgage-Backed Securities" published in
December 2008, "US RMBS Surveillance Methodology for Scratch and
Dent" 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 adjusts the methodologies for 1) Moody's current view on
loan modifications and 2) small pool volatility.

Loan Modifications

Moody's 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 until the end of 2013.

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.

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 scratch and dent pools with fewer than 100
loans, Moody's first calculates an annualized delinquency rate
based on strength of the collateral, number of loans remaining in
the pool and the level of current delinquencies in the pool. For
scratch and dent, Moody's first applies a baseline delinquency
rate of 11% for standard transactions and 3% for strongest prime-
like deals. 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 standard pool with 75 loans, the adjusted
rate of new delinquency is 11.1%. Further, to account for the
actual rate of delinquencies in a small pool, Moody's multiplies
the rate by a factor ranging from 0.75 to 2.5 for current
delinquencies that range from less than 2.5% to greater than 30%
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 the 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 8.5% in December 2011 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 procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions.


* S&P Withdraws Ratings on 21 Classes From Six CDO Transactions
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on 21
classes of notes from two collateralized debt obligation (CDO)
transactions backed by high-grade structured finance (SF) assets
and four CDO transactions backed by mezzanine SF assets.

In S&P's view, these notes, all of which have had 'CC' or 'D'
ratings for some time, have little realistic prospect of receiving
full payment.  The withdrawals follow the application of S&P's
policy for withdrawal of ratings, following what S&P believes to
be a lack of market interest in the ratings on these notes.

          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

RATINGS LIST

Ratings Withdrawn

C-Bass CBO VI Ltd.
                Rating
Class       To          From
D           NR          CC (sf)
E           NR          CC (sf)

Laguna ABS CDO Ltd.
                Rating
Class       To          From
A1J         NR          CC (sf)
A1SB-1      NR          CC (sf)
A1SB-2      NR          CC (sf)
A1ST        NR          CC (sf)
A2          NR          CC (sf)
A3          NR          D (sf)
Class 1 Co  NR          D (sf)
Pref Share  NR          D (sf)

Margate Funding I Ltd.
                Rating
Class       To          From
A1S         NR          CC (sf)
A1J         NR          D (sf)
A2          NR          D (sf)
A3          NR          D (sf)
Income Nts  NR          D (sf)

Pacific Coast CDO Ltd.
                Rating
Class       To          From
B           NR          CC (sf)
C-1         NR          D (sf)
C-2         NR          D (sf)

Sandstone CDO Ltd.
                Rating
Class       To          From
D           NR          CC (sf)

Sunrise CDO I Ltd.
                Rating
Class       To          From
B           NR          CC (sf)
C           NR          D (sf)


* S&P Withdraws Ratings on 6 Classes From 6 US Synthetic CDO
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on six
classes from six U.S. synthetic collateralized debt obligations
(CDOs).

S&P withdrew four ratings due to the lack of timely information
provided and two ratings because of the receipt of notices of
termination of the notes.

          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 Withdrawn Based On Terminations

STARTS (Ireland) PLC
Series 2006-21
                             Rating
Class               To                  From
B1-E1               NR                  B (sf)

Tiers Funding Trust
Series 2012-01
                             Rating
Class               To                  From
Certs               NR                  A

Ratings Withdrawn Based On Lack Of Information

Deutsche Bank AG
US$4.167 bil Deutsche Bank/BNP Paribas Synthetic CDO Transaction
                             Rating
Class               To                  From
Tranche             NR                  CCC-srp (sf)

Nomura International PLC
US$1 bil NSCR 2006-2 2.75%-7% SCDO
                             Rating
Class               To                  From
Tranche             NR                  CCC-srp (sf)

UBS AG (Jersey Branch)
US$24 mil Floating Rate Notes Series 3832
                             Rating
Class               To                  From
Nts                 NR                  CCC- (sf)

UBS AG (Jersey Branch)
US$20 mil Issue of USD 20,000,000 Fixed Rate Notes Series 4012
                            Rating
Class               To                  From
Nts                 NR                  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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
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are $25 each.  For subscription information, contact Peter A.
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