TCR_Public/131006.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, October 6, 2013, Vol. 17, No. 277

                            Headlines

ACACIA CRE 1: Moody's Affirms 'C' Ratings on 6 Note Classes
ACIS CLO 2013-2: S&P Assigns 'BB' Rating to Class E Notes
AERCO LTD: S&P Puts 'B-' Rating on Class A-3 Notes on Watch Neg.
AIMCO CLO 2005-A: Moody's Hikes Rating on Cl. D Notes to 'Ba2(sf)'
AMMC CLO: S&P Raises Rating on Class D Notes to 'BB+'

ANTHRACITE CDO III: Fitch Affirms 'C' Ratings on 5 Note Classes
ATRIUM III: S&P Affirms 'BB+(sf)' Rating on Class C Notes
BLUEMOUNTAIN CLO: S&P Assigns Prelim. 'BB' Rating on Class E Notes
BROOKSIDE MILL: S&P Affirms 'BB(sf)' Rating on Class E Notes
BXG RECEIVABLES: S&P Withdraws 'BB' Rating on Class F Notes

CARLYLE GLOBAL 2013-2: Fitch Rates EUR7.8MM Class E Notes at 'B-'
CALLIDUS DEBT: S&P Lowers Rating on Class C Notes to 'D(sf)'
CASTLE GARDEN: Moody's Raises Ratings on Two Classes From Ba1
CEDARWOODS CRE: Moody's Affirms 'Caa3' Ratings on 5 Note Classes
CITIGROUP 2006-C4: Moody's Affirms Ratings on $1.7BB Securities

COMM 2010-C1: Collateral Release No Impact on Moody's Ratings
COMM 2013-LC13: S&P Assigns 'BB-' Rating on Class E Notes
COMMERCIAL MORTGAGE 2013-GC15: DBRS Rates Cl. E Certificates 'BB'
CPS AUTO 2013-C: Moody's Rates $5.6MM Class E Notes 'B2(sf)'
CPS AUTO 2013-C: S&P Assigns 'B+' Rating on Class E Notes

CREDIT SUISSE 2004-C5: Moody's Hikes Cl. F Certs Rating to Ba3(sf)
CSFB 2006-C5: Moody's Cuts Ratings on 2 Cert. Classes to Low-C
CWMBS 2004-2CB: $73.4MM of Alt-A RMBS on Moody's Ratings Watch
DEKANIA CDO II: A.M. Best Affirms 'b' Rating on $21.2-Mil. Notes
EATON VANCE 2013-1: S&P Assigns Prelim. 'BB' Rating on Cl. D Notes

EMBARCADERO AIRCRAFT: S&P Withdraws 'CC' Rating on Class A-1 Notes
EXETER AUTOMOBILE 2012-2: DBRS Confirms 'BB' Rating on Cl. D Debt
FALCON FRANCHISE: Fitch Affirms 'D' Ratings on 2 Note Classes
FIRST MARBLEHEAD: Fitch Keeps Neg. Outlook on Above CCC Rating
FIRST NLC 2005-1: Moody's Hikes Cl. A Securities Rating to 'Caa1'

G-STAR 2002-2: Fitch Affirms 'CCC' Rating on Class C Notes
GLACIER FUNDING I: Moody's Ups Rating on Cl. A-2 Notes From Ba3
GOLDMAN SACHS 2011-GC5: Fitch Affirms 'B' Rating on Class F Certs
GREENWICH CAPITAL 2005-1: Moody's Puts Cl. A Securities on Review
GS MORTGAGE 2012-GCJ19: Moody's Affirms Ratings on 12 CMBS Classes

HARBORVIEW MORTGAGE: Moody's Takes Action on 5 RMBS Tranches
HARRISBURG PARKING: Moody's Affirms 'Ba3' Rating on Revenue Bonds
HSPI DIVERSIFIED: Moody's Hikes Ratings on $176MM of SF CDO Notes
IMPAC CMB: Moody's Takes Action on $43.6MM of Secs. From 2005-2006
INDEPENDENCE II: New Collateral Mgr. Appt. No Impact on Moody's

JP MORGAN 2007-FL1: Rights Transfer No Impact on Moody's Ratings
JP MORGAN 2007-LDP12: Moody's Affirms Ba3 Rating on Cl. X Certs
JP MORGAN 2013-INN: Moody's Rates Cl. X-CP Certs '(P)Ba3(sf)'
KEYCORP STUDENT 2004-A: Fitch Affirms CC Rating on Cl. II-D Notes
KVK CLO 2013-1: S&P Affirms 'BB' Rating on Class E Notes

LB-UBS COMMERCIAL 2002-C1: Moody's Cuts X-CL Certs Rating to Caa3
LB-UBS 2004-C1: Equity Transfer No Impact on Moody's Ratings
LEAF RECEIVABLES: DBRS Continues 'BB' Rating on Class E Notes
MADISON AVENUE 2013-650M: DBRS Rates Cl. E Securities 'BB(low)'
MAEXIM SECURED: Fitch Rates EUR20 Million Class A2 Notes 'BB+'

MERRILL LYNCH 2007-CANADA: S&P Affirms BB Rating on Class G Notes
ML-CFC 2006-1: Fitch Affirms 'D' Rating on Class H Certificates
ML-CFC 2006-3: Fitch Cuts Rating on Cl. H Certificates to 'D'
MOMENTUM CAPITAL: Moody's Affirms Ba3 Rating on $9MM Cl. E Notes
MORGAN STANLEY 2003-TOP11: Moody's Cuts Cl. J Certs Rating to 'C'

MORGAN STANLEY 2007-XLC1: Moody's Cuts Rating on 2 Notes to 'C'
MOUNTAIN CAPITAL V: S&P Affirms 'BB+' Rating on Class B2L Notes
MSCI 2004-RR2: Fitch Affirms 'CCC' Rating on 4 Note Classes
NATIONAL COLLEGIATE: S&P Puts 'BB-' Rating on CreditWatch Positive
NATIONAL COLLEGIATE 2006-A: Fitch Keeps CC Rating on Cl. B Notes

NACM CLO I: Moody's Hikes Rating on $9.5MM Class D Notes to 'Ba1'
NORTHWOODS CAPITAL VI: Moody's Ups Rating on Cl. C Notes From Ba1
NORTHWOODS CAPITAL X: S&P Assigns 'BB-' Rating on Class E Notes
OCP CLO 2013-4: S&P Assigns Prelim. 'BB-' Rating on Class D Notes
OMI TRUST 2001-B: Moody's Raises Rating on 3 Tranches to Ba3

PMT LOAN 2013-J1: S&P Assigns 'BB' Rating on Class B-4 Notes
RESIDENTIAL ASSET: S&P Affirms 'CC' Rating on Class B-4 Notes
SANDY CREEK: Moody's Hikes Sr. Secured Term Loan Rating to 'Ba3'
SIERRA TIMESHARE 2011-3: Fitch Affirms 'BB' Rating Class C Notes
SOUTHFORK CLO: S&P Affirms 'BB+' Rating on Class C Notes

SOVEREIGN COMMERCIAL 2007-C1: Moody's Cuts X Certs Rating to 'B3'
SPRINGLEAF MORTGAGE: S&P Assigns Prelim. BB Rating on B-1 Notes
THL CREDIT 2012-1: S&P Affirms 'BB-' Rating on Class E Notes
WACHOVIA BANK 2003-C5: Moody's Cuts Cl. X-C Certs Rating to Caa2
WEST CLO 2013-1: S&P Assigns Prelim. 'BB' Rating on Class D Notes

WFRBS COMMERCIAL 2013-C16: Fitch Rates Class F Certificates 'B-'

* Fitch Says Global Structured Finance Losses to Finish 2013 Lower
* Fitch Takes Rating Actions on Eight TruPS CDOs
* Fitch Lowers 123 Bonds in 64 U.S. RMBS Transactions to 'Dsf'
* Moody's Takes Action on $140MM of Manufactured Housing Secs.
* Moody's Takes Action on $245MM of RMBS Issued 2003-2004

* Moody's Takes Action on $293MM FNA/VA RMBS by Various Issuers
* Covenant Quality of Non-Sponsored Caa-Rated Bonds Dips in 2013
* S&P Lowers Rating on 31 Classes from 21 RMBS Transaction to 'D'
* S&P Suspends 8 Ratings From 8 Synthetic CDO Transactions
* S&P Withdraws 'CCC-' Rating on 4 Synthetic CDO Transactions


                            *********

ACACIA CRE 1: Moody's Affirms 'C' Ratings on 6 Note Classes
-----------------------------------------------------------
Moody's Investors Service has affirmed the ratings of six classes
of notes issued by Acacia CRE CDO 1, 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 ongoing surveillance of commercial real
estate collateralized debt obligation and re-remic (CRE CDO and
Re-Remic) transactions.

Moody's rating action is as follows:

Cl. A, Affirmed C (sf); previously on Dec 9, 2011 Downgraded to C
(sf)

Cl. B, Affirmed C (sf); previously on Mar 5, 2010 Downgraded to C
(sf)

Cl. C, Affirmed C (sf); previously on Mar 5, 2010 Downgraded to C
(sf)

Cl. D, Affirmed C (sf); previously on Mar 5, 2010 Downgraded to C
(sf)

Cl. E, Affirmed C (sf); previously on Mar 5, 2010 Downgraded to C
(sf)

Cl. F, Affirmed C (sf); previously on Mar 5, 2010 Downgraded to C
(sf)

Ratings Rationale

Acacia CRE CDO 1, Ltd. is a static cash transaction backed by a
portfolio of: i) commercial mortgage backed securities (CMBS)
(80.5% of the pool balance); ii) CRE CDO bonds (17.0%); and iii)
asset backed securities (ABS) (2.5%). As of the August 31, 2013
monthly trustee report date, the aggregate note balance of the
transaction, including preferred shares, has decreased to $281.2
million from $300.0 million at issuance, as a result of the
paydown directed to the senior most outstanding class of notes
from the combination of principal repayment of collateral and the
failing of certain par value tests.

Also, as of the August 31, 2013 monthly trustee report date, the
par balance of the collateral, including defaulted securities, is
$82.5million, which represents a under-collateralization to the
transaction of 1:3.4 compared to 1:2.6 at last review.

As of the October 2011 payment date, interest shortfalls from the
underlying collateral resulted in (i) a default in the interest
swap payment which triggered an early termination of the interest
rate swap agreement; (ii) non-payment of interest on all non-
PIKable and PIKable classes. The default in payment of interest on
class A notes or class B notes caused an event of default (EOD) on
October 13, 2011. After the July 2013 payment date, the total
amount of the termination payment on the interest rate swap due
was approximately $12.3 million, which represents 14.9% of the
current total collateral par amount. Currently, the EOD is
continuing and the acceleration of maturity has not been declared.

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.
We have completed updated assessments for the non-Moody's rated
collateral. Moody's modeled a bottom-dollar WARF of 6,329 compared
to 6,961 at last review. The current distribution of Moody's rated
collateral and assessments for non-Moody's rated collateral is as
follows: Aaa-Aa3 (10.8% compared to 2.7% at last review), A1-A3
(1.1% compared to 3.9% at last review), Baa1-Baa3 (1.3% compared
to 3.2% at last review), Ba1-Ba3 (3.6% compared to 18.1% at last
review), B1-B3 (18.2% compared to 0.9% at last review), and Caa1-
Ca/C (65.0% compared to 71.2% at last review).

Moody's modeled to a WAL of 4.0 years compared to 4.7 years at
last review. The current WAL is based on the assumption about
extensions on the underlying collateral.

Moody's modeled a fixed WARR of 6.3% compared to 4.9% at last
review.

Moody's modeled a MAC of 100.0%, the same as last review.

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

The cash flow model, CDOEdge(R) v3.2.1.2, released on May 16,
2013, 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, in
light of the performance indicators noted above, Moody's believes
that it is unlikely that the ratings announced today are sensitive
to further change.

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 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.


ACIS CLO 2013-2: S&P Assigns 'BB' Rating to Class E Notes
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to ACIS
CLO 2013-2 Ltd./ACIS CLO 2013-2 LLC's $849.43 million floating-
rate notes.

The note issuance is 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 including 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 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 of 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 0.2600%-13.8391%.

   -- 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.

   -- The transaction's reinvestment overcollateralization test, a
      failure of which will lead to the reclassification of a
      certain amount of excess interest proceeds that are
      available prior to paying uncapped administrative expenses
      and fees; subordinated hedge termination payments;
      collateral manager incentive fees; and subordinated note
      payments, to principal proceeds to purchase additional
      collateral assets during 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/1845.pdf

RATINGS ASSIGNED

ACIS CLO 2013-2 Ltd./ACIS CLO 2013-2 LLC

Class                   Rating           Amount (mil. $)
A                       AAA (sf)             388.00
B                       AA (sf)               69.00
C-1 (deferrable)        A (sf)                28.00
C-2 (deferrable)        A (sf)                25.00
D (deferrable)          BBB (sf)              31.00
E (deferrable)          BB (sf)               26.00
F (deferrable)          B (sf)                13.00
Subordinated notes      NR                    70.00
Combination notes (i)   A (sf)               269.43

(i)  The combination notes consist of a $269.43 million maximum
      initial principal balance, composed of $204.98 million of
      the class A notes, $36.45 million of the class B notes, and
      $28.00 million of the class C-1 notes.
NR - Not rated.
N/A - Not applicable.


AERCO LTD: S&P Puts 'B-' Rating on Class A-3 Notes on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B- (sf)' rating on
AerCo Ltd.'s class A-3 notes on CreditWatch with negative
implications.  The transaction is collateralized primarily by the
lease revenue and sales proceeds from a commercial aircraft
portfolio.

The CreditWatch placement reflects the rising loan-to-value (LTV)
ratio of the class A-3 notes.  As of the August 2013 payment date,
the class A-3's LTV was more than 120% based on the most recent
aircraft appraisal.

S&P will resolve the CreditWatch placement following the
completion of a comprehensive review of the transaction.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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


AIMCO CLO 2005-A: Moody's Hikes Rating on Cl. D Notes to 'Ba2(sf)'
------------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by AIMCO CLO, Series 2005-A:

U.S. $18,000,000 Class A-2 Senior Notes Due 2019, Upgraded to Aaa
(sf); previously on July 21, 2011 Upgraded to Aa3 (sf)

U.S. $17,000,000 Class B Deferrable Mezzanine Notes Due 2019,
Upgraded to A1 (sf); previously on July 21, 2011 Upgraded to Baa1
(sf)

U.S. $17,500,000 Class C Deferrable Mezzanine Notes Due 2019,
Upgraded to Baa3 (sf); previously on July 21, 2011 Upgraded to Ba1
(sf)

U.S. $6,250,000 Class D Deferrable Mezzanine Notes Due 2019,
Upgraded to Ba2 (sf); previously on July 21, 2011 Upgraded to Ba3
(sf)

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

U.S. $25,000,000 Class A-1A Senior Notes Due 2019 (current
outstanding balance of $13,910,756.78), Affirmed Aaa (sf);
previously on July 21, 2011 Upgraded to Aaa (sf)

U.S. $229,000,000 Class A-1B Senior Notes Due 2019 (current
outstanding balance of $127,422,532.12), Affirmed Aaa (sf);
previously on July 21, 2011 Upgraded to Aaa (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
October 2012. Moody's notes that the Class A-1A Notes and Class A-
1B Notes have been paid down by approximately 42.7% or $108.4
million since October 2012. Based on the latest trustee report
dated September 10, 2013, the Class A, Class B, Class C and Class
D overcollateralization ratios are reported at 137.9%, 124.6%,
113.4%, and 111.1%, respectively, versus October 2012 levels of
123.7%, 116.3%, 109.6%, and 108.1%, respectively.

Notwithstanding benefits of the deleveraging, Moody's notes that
the credit quality of the underlying portfolio has deteriorated
since October 2012. Based on the September 2013 trustee report,
the weighted average rating factor is currently 2507 compared to
2356 in October 2012.

Moody's notes that the key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, diversity
score, and weighted average recovery rate, are based on its
published methodology and 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 and principal
proceeds balance of $216.6 million, defaulted par of $3.9 million,
a weighted average default probability of 19.5% (implying a WARF
of 2711), a weighted average recovery rate upon default of 51.7%,
and a diversity score of 45. The default and recovery properties
of the collateral pool are incorporated in cash flow model
analysis where they are subject to stresses as a function of the
target rating of each CLO liability being reviewed. The default
probability is derived from the credit quality of the collateral
pool and Moody's expectation of the remaining life of the
collateral pool. The average recovery rate to be realized on
future defaults is based primarily on the seniority of the assets
in the collateral pool. In each case, historical and market
performance trends and collateral manager latitude for trading the
collateral are also factors.

AIMCO CLO, Series 2005-A, issued in September 2005, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.


AMMC CLO: S&P Raises Rating on Class D Notes to 'BB+'
-----------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
B, C, and D notes from AMMC CLO V Ltd. and the class B and C notes
from AMMC CLO VI Ltd., both of which are cash flow-collateralized
loan obligation (CLO) transactions managed by American Money
Management Corp., and removed them from CreditWatch with positive
implications.  S&P also withdrew its ratings on the class A-1-A
and class A-1-R notes from AMMC CLO V Ltd.  In addition, S&P
affirmed its ratings on the class A-1-B and A-2 notes from AMMC
CLO V Ltd. and the class A-1-A, A-1-B, A-1-R, A-2, and D notes
from AMMC CLO VI Ltd., and removed the rating on the affirmed
class D notes from CreditWatch with positive implications.

Both transactions are past their reinvestment period and continue
to pay down their respective senior notes as specified in the
respective transaction documents.  The transactions are similarly
structured, such that although the class A-1 and A-2 notes are
pari passu in terms of interest and principal payments, the class
A-1-A and class A-1-R notes from both transactions receive
principal payments ahead of the class A-1-B notes, and, as a
result, can be paid in full ahead of the class A-1-B and A-2
notes.

AMMC V CLO Ltd. experienced this on Sept. 20, 2013, its most
recent payment date, when the class A-1-A and A-1-R note balances,
which began receiving paydowns earlier, were paid down in full.
S&P withdrew its 'AAA' ratings following this event.  The class
A-1-B notes started to receive paydowns on the Sept. 20, 2013,
payment date, and its current outstanding balance is 67.2% (down
from 100% in January 2013, when we last took rating action on the
transaction).  The class A-2 note balance declined to 13.7% after
the Sept. 20, 2013, payment date (down from 71.5% in January
2013).

Similarly, AMMC CLO VI Ltd.'s class A-1-A and A-1-R notes'
outstanding balances declined to 1.92% after the Aug. 25, 2013,
payment date (down from 62.9% in October 2012, when S&P last took
rating action on the transaction).  The current outstanding
balance of the transaction's class A-1-B notes remains at 100%,
and it will start receiving paydowns once the class A-1-A and
A-1-R notes are fully paid down.  The class A-2 note balance
declined to 21.5% after the Aug. 25, 2013, payment date (down from
70.3% in October 2012).

As a result of the lower senior note balances, the
overcollateralization (O/C) ratios increased for both
transactions.  Each transaction has only one O/C ratio that is
measured for the class B notes.

As per the September 2013 monthly trustee report for AMMC CLO V
Ltd., the senior O/C ratio was 163.7% (before paydowns), up from
122.5% in December 2012 (before paydowns), which S&P used for its
January 2013 rating actions.

Similarly, the senior O/C ratio of AMMC CLO VI Ltd. increased to
156.2% as per the Aug. 15, 2013, monthly trustee report (before
paydowns), up from 125.2% in October 2012.

The above O/C ratios are likely to increase further once the
trustee incorporates the most recent payments.

In addition to the increased credit support following the
paydowns, both transactions continue to have a low level of
defaults.  According to the September 2013 trustee report, AMMC
CLO V Ltd. had only one defaulted obligation, with a par of
$447,273.  Similarly, according to the August 2013 trustee report,
AMMC CLO VI Ltd. had only two defaulted obligations, with an
aggregate par of $1.47 million.

The upgrades reflect increased credit support at the prior rating
levels from the respective transactions.  The affirmations reflect
sufficient credit support to the notes at the current ratings from
each transaction.

"Our ratings on the class D notes for both transactions were
affected by our largest-obligor default test, one of two
supplemental tests we introduced as part of our revised corporate
CDO criteria.  We apply the supplemental tests to address event
risk and model risk that might be present in rated transactions.
The largest-obligor default test assesses whether a CDO tranche
has sufficient credit enhancement (excluding excess spread) to
withstand specified combinations of underlying asset defaults
based on the ratings on the underlying assets, with a flat
recovery," S&P said.

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 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

AMMC CLO V Ltd.
                   Rating
Class         To           From
A-1-A         NR           AAA (sf)
A-1-R         NR           AAA (sf)
B             AAA (sf)     AA+ (sf)/Watch Pos
C             AA+  (sf)    A+ (sf/Watch Pos)
D             BB+ (sf)     B- (sf)/Watch Pos

AMMC CLO VI Ltd.
                   Rating
Class         To           From
B             AAA (sf)     AA+ (sf)/Watch Pos
C             AA+ (sf)     A+ (sf)/Watch Pos
D             BB+ (sf)     BB+ (sf)/Watch Pos

RATINGS AFFIRMED

AMMC CLO V Ltd.
Class                    Rating
A-1-B                    AAA (sf)
A-2                      AAA (sf)

AMMC CLO VI Ltd.
Class                    Rating
A-1-A                    AAA (sf)
A-1-B                    AAA (sf)
A-1-R                    AAA (sf)
A-2                      AAA (sf)

NR-Not rated.


ANTHRACITE CDO III: Fitch Affirms 'C' Ratings on 5 Note Classes
---------------------------------------------------------------
Fitch Ratings upgrades one class, downgrades two, and affirms nine
classes of Anthracite CDO III Ltd./Corp. (Anthracite CDO III).

Key Rating Drivers:

Since the last rating action in October 2012, approximately 29.8%
of the collateral has been downgraded. Currently, 70.1% of the
portfolio has a Fitch derived rating below investment grade and
46.3% has a rating in the 'CCC' category and below, compared to
60.9% and 3.2%, respectively, at the last rating action. Over this
period, the class A notes have received $87.4 million principal
paydowns.

This transaction was analyzed under the framework described in the
report 'Global Rating Criteria for Structured Finance CDOs' using
the Portfolio Credit Model (PCM) for projecting future default
levels for the underlying portfolio. The default levels were then
compared to the breakeven levels generated by Fitch's cash flow
model of the CDO under the various default timing and interest
rate stress scenarios, as described in the same report. Fitch also
analyzed the structure's sensitivity to the assets that are
distressed, experiencing interest shortfalls, and those with near-
term maturities. Based on this analysis, the class A through C
notes' breakeven rates are generally consistent with the ratings
assigned below.

For the class D through H notes, Fitch analyzed the sensitivity of
each class to the default of the distressed assets ('CCC' and
below). Given the high probability of default of these assets and
expected limited recovery prospects upon default, Fitch has
downgraded the class D notes to 'Csf' and affirmed the class E
through H notes at 'Csf', indicating that default is inevitable.

The Stable Outlook on classes A and B reflects the cushion in the
passing ratings and the expectation that the transaction will
continue to delever.

Rating Sensitivities:
In addition to those sensitivities discussed above, further
negative migration and defaults beyond those projected by SF PCM
as well as increasing concentration in assets of a weaker credit
quality could lead to downgrades.

Anthracite CDO III is a collateralized debt obligation (CDO) that
closed on March 30, 2004. Currently, the portfolio is composed of
37 securities from 22 issuers of which 66.9% are commercial
mortgage backed securities (CMBS), 18.7% CMBS rake bonds or credit
tenant leases (CTL) classified as commercial real estate loans
(CREL), and 14.4% real estate investment trusts (REITs).

Fitch has taken these actions:

-- $22,281,315 class A notes upgraded to 'BBBsf' from 'BBsf';
    Outlook revised to Stable from Evolving;
-- $27,000,000 class B-FL notes affirmed at 'Bsf'; Outlook
    Stable;
-- $14,384,000 class B-FX notes affirmed at 'Bsf'; Outlook
    Stable;
-- $24,727,000 class C-FL notes affirmed at 'CCCsf';
-- $2,500,000 class C-FX notes affirmed at 'CCCsf';
-- $14,396,399 class D-FL notes downgraded to 'Csf' from 'CCsf';
-- $11,345,477 class D-FX notes downgraded to 'Csf' from 'CCsf';
-- $11,235,137 class E-FL notes affirmed at 'Csf';
-- $30,906,892 class E-FX notes affirmed at 'Csf';
-- $27,101,641 class F notes affirmed at 'Csf';
-- $8,328,733 class G notes affirmed at 'Csf';
-- $15,812,611 class H notes affirmed at 'Csf'.


ATRIUM III: S&P Affirms 'BB+(sf)' Rating on Class C Notes
---------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A-2a, A-2b, and B notes from Atrium III, a U.S. collateralized
loan obligation (CLO) transaction managed by CSFB Alternative
Capital Inc.  At the same time S&P affirmed its ratings on the
class A-1, C, D-1, and D-2 notes.  Additionally, S&P removed its
ratings on the class A-2a, A-2b, B, C, D-1, and D-2 notes from
CreditWatch with positive implications.

The upgrades mainly reflect paydowns to the class A-1 notes and a
subsequent increase in the overcollateralization (O/C) available
to support the notes since S&P's February 2012 rating actions.
Since then, the transaction has paid down the class A-1 notes by
approximately $189.3 million.  These paydowns have left the class
A-1 notes at 7.70% of their original balance, after accounting for
the Aug. 27, 2013, distribution date.  S&P expects the class A-1
notes to continue paying down, as the transaction's reinvestment
period ended in November 2010.

S&P's analysis accounts for the fact that Atrium III has a large
bucket of long-dated assets, or underlying securities that mature
after the transaction's stated maturity.  Based on the August 2013
trustee report, the long-dated assets constituted 56.8% of the
underlying portfolio.  S&P's analysis factored in the potential
market value or settlement-related risk arising from the remaining
securities' potential liquidation on the transaction's legal final
maturity date.  This sensitivity analysis was a limited factor in
the rating actions.

Additionally, the upgrades also reflect an improvement in the O/C
available to support the notes, primarily because of the
aforementioned paydowns.  The trustee reported the following O/C
ratios in the August 2013 monthly report:

   -- The class A O/C ratio was 241.39%, compared with a reported
      ratio of 136.42% in December 2011;

   -- The class B O/C ratio was 163.87%, compared with a reported
      ratio of 120.74% in December 2011;

   -- The class C O/C ratio was 140.43%, compared with a reported
      ratio of 113.94% in December 2011; and

   -- The class D O/C ratio was 128.21%, compared with a reported
      ratio of 109.81% in December 2011.

S&P affirmed its ratings on the class A-1, C, D-1, and D-2 notes
to reflect the available credit support at the current rating
levels.

Standard & Poor's will continue to review whether, in its view,
the ratings assigned to the notes remain consistent with the
credit enhancement available to support them, and will 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

RATING AND CREDITWATCH ACTIONS

Atrium III
                   Rating
Class        To           From
A-1          AAA (sf)     AAA (sf)
A-2a         AAA (sf)     AA+ (sf)/Watch Pos
A-2b         AAA (sf)     AA+ (sf)/Watch Pos
B            AA (sf)      A+ (sf)/Watch Pos
C            BB+ (sf)     BB+ (sf)/Watch Pos
D-1          B+ (sf)      B+ (sf)/Watch Pos
D-2          B+ (sf)      B+ (sf)/Watch Pos

TRANSACTION INFORMATION
Issuer:             Atrium III
Co-issuer:          Atrium III (Delaware) Corp.
Collateral manager: CSFB Alternative Capital Inc.
Underwriter:        Credit Suisse AG
Trustee:            Bank of New York Mellon (The)
Transaction type:   Cash flow CDO

CDO - Collateralized debt obligation


BLUEMOUNTAIN CLO: S&P Assigns Prelim. 'BB' Rating on Class E Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to BlueMountain CLO 2013-3 Ltd./BlueMountain CLO 2013-3
LLC's $381.75 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 Oct. 2,
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 to 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 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 0.26%-13.84%.

   -- 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/1848.pdf

PRELIMINARY RATINGS ASSIGNED

BlueMountain CLO 2013-3 Ltd./BlueMountain CLO 2013-3 LLC

Class                Rating                 Amount
                                          (mil. $)
A                    AAA (sf)               255.25
B-1                  AA (sf)                 23.25
B-2                  AA (sf)                 15.00
C (deferrable)       A (sf)                  37.25
D (deferrable)       BBB (sf)                20.25
E (deferrable)       BB (sf)                 18.00
F (deferrable)       B (sf)                  12.75
Subordinated notes   NR                      31.50

NR-Not rated.


BROOKSIDE MILL: S&P Affirms 'BB(sf)' Rating on Class E Notes
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Brookside Mill CLO Ltd./Brookside Mill CLO LLC's $420.25 million
floating- and fixed-rate notes following the transaction's
effective date as of Aug. 21, 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," S&P said.

"In our published effective date report, we discuss our 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, we intend to publish an
effective date report each time we issue an effective date rating
affirmation on a publicly rated U.S. cash flow CLO," S&P added.

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

Brookside Mill CLO Ltd./Brookside Mill CLO LLC

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


BXG RECEIVABLES: S&P Withdraws 'BB' Rating on Class F Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on the
class A, B, C, D, E, and F notes from BXG Receivables Note Trust
2005-A, which is collateralized by vacation ownership interval
(timeshare) loans.

At the same time, S&P withdrew its rating on the class A-4 notes
from Centerpoint Energy Transition Bond Company LLC 2001-1.  This
transaction is backed by stranded assets created by statute, with
credit enhancement provided by true-up mechanisms and reserve
accounts supporting our 'AAA (sf)' ratings, in accordance with
S&P's criteria for stranded cost securitizations.

The withdrawals follow the complete paydown of the notes on their
most recent payment dates.

RATINGS WITHDRAWN

BXG Receivables Note Trust
Series 2005-A
                     Rating
Class             To        From

A                 NR        AAA (sf)
B                 NR        AA (sf)
C                 NR        A (sf)
D                 NR        BBB (sf)
E                 NR        BBB- (sf)
F                 NR        BB (sf)

Centerpoint Energy Transition Bond Company LLC
Series 2001-1
                     Rating
Class             To        From

A-4               NR        AAA (sf)

NR-Not rated.


CARLYLE GLOBAL 2013-2: Fitch Rates EUR7.8MM Class E Notes at 'B-'
-----------------------------------------------------------------
Fitch Ratings has assigned Carlyle Global Market Strategies Euro
CLO 2013-2 Ltd's notes final ratings, as follows:

EUR179.0 million Class A-1: 'AAAsf'; Outlook Stable
EUR31.5 million Class A-2A: 'AAsf'; Outlook Stable
EUR19.9 million Class A-2B: 'AAsf'; Outlook Stable
EUR19.4 million Class B: 'Asf'; Outlook Stable
EUR18.8 million Class C: 'BBBsf'; Outlook Stable
EUR19.9 million Class D: 'BBsf'; Outlook Stable
EUR7.8 million Class E: 'B-sf'; Outlook Stable
EUR39.6 million Subordinated notes: not rated

Transaction Summary

Carlyle Global Market Strategies Euro CLO 2013-2 (the issuer) is
an arbitrage cash flow CLO. Net proceeds from the issuance of the
notes will be used to purchase a EUR325m portfolio of European
leveraged loans and bonds. The portfolio is managed by CELF
Advisors LLP (part of The Carlyle Group LP). The reinvestment
period is scheduled to end in 2017.

Key Rating Drivers

Portfolio Credit Quality

Fitch expects the average credit quality of obligors to be in the
'B'category. Fitch has credit opinions on 78 of the 80 obligors in
the indicative portfolio.

Above-Average Recoveries

At least 90% of the portfolio will comprise senior secured
obligations. Recovery prospects for these assets are typically
more favourable than for second-lien, unsecured, and mezzanine
assets. Fitch has assigned Recovery Ratings to 77 of the 80 assets
in the indicative portfolio.

Limited Reset Risk

The transaction uses an interest smoothing account and a liquidity
facility (LF) to mitigate reset risk. The notes will initially pay
interest quarterly, then switch to semi-annual payments once the
LF matures. The LF expires after four years (unless renewed) and
in any case no later than the repayment of the class A-1 notes in
full. Fitch only relied on the interest smoothing mechanism in its
analysis as the transaction lacks a minimum Fitch rating
requirement for the LF provider. The eligibility criteria prevent
the purchase of assets paying interest less frequently than semi-
anually.

Partial Interest Rate Hedge

Up to 12.5% of the portfolio may be invested in fixed rate assets
while fixed rate liabilities account for 5.9% of total
liabilities. This provides a partial hedge against excess spread
compression in a rising interest rate environment. However, the
efficacy of the hedge is sensitive to the timing of defaults and
the share of fixed rate assets in the portfolio over the life of
the transaction.

Limited FX Risk

Asset swaps are used to mitigate any currency risk on non-euro-
denominated assets. The transaction is allowed to invest up to 20%
of the portfolio in non-euro-denominated assets, provided that
suitable asset swaps can be entered into.

Amendments to Documents

The transaction documents may be amended subject to rating agency
confirmation or noteholder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyse the
proposed change and may provide a comment if the change would not
have a negative impact on the then current ratings. Such
amendments may delay the repayment of the notes as long as Fitch's
analysis confirms the expected repayment of principal at the legal
final maturity.

If in the agency's opinion the amendment is risk-neutral from the
perspective of the rating Fitch may decline to comment.
Noteholders should be aware that the structure considers the
confirmation to be given in the case where Fitch declines to
comment.

Rating Sensitivities

A 25% increase in the expected obligor default probability would
lead to a downgrade of zero to two notches for the rated notes.

A 25% reduction in the expected recovery rates would lead to a
downgrade of one to four notches for the rated notes.


CALLIDUS DEBT: S&P Lowers Rating on Class C Notes to 'D(sf)'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
C notes from Callidus Debt Partners CDO Fund I Ltd., a
collateralized bond obligation transaction, to 'D (sf)' from 'CC
(sf)'.  At the same time, S&P also lowered its rating on the class
A-1 notes from N-Star Real Estate CDO VII Ltd., a collateralized
debt obligation transaction backed by commercial mortgage-backed
securities assets, to 'D (sf)' from 'CCC- (sf)'.

The rating actions follow a default on the interest payments due
to these non-deferrable classes on the most recent payment dates.

            STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com


CASTLE GARDEN: Moody's Raises Ratings on Two Classes From Ba1
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the
following notes issued by Castle Garden Funding:

$25,500,000 Class B-1 Floating Rate Notes Due October 27, 2020,
Upgraded to Aa1 (sf); previously on February 21, 2013 Upgraded to
A1 (sf);

$20,000,000 Class B-2 Fixed Rate Notes Due October 27, 2020,
Upgraded to Aa1 (sf); previously on February 21, 2013 Upgraded to
A1 (sf);

$22,500,000 Class C-1 Floating Rate Notes Due October 27, 2020,
Upgraded to A2 (sf); previously on February 21, 2013 Upgraded to
Baa2 (sf);

$12,500,000 Class C-2 Fixed Rate Notes Due October 27, 2020,
Upgraded to A2 (sf); previously on February 21, 2013 Upgraded to
Baa2 (sf);

$15,000,000 Class D-1 Floating Rate Notes Due October 27, 2020,
Upgraded to Baa2 (sf); previously on February 21, 2013 Upgraded to
Ba1 (sf);

$1,000,000 Class D-2 Fixed Rate Notes Due October 27, 2020,
Upgraded to Baa2 (sf); previously on February 21, 2013 Upgraded to
Ba1 (sf).

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

$379,000,000 Class A-1 Floating Rate Notes Due October 27, 2020
(current outstanding balance of $154,588,595), Affirmed Aaa (sf);
previously on February 21, 2013 Upgraded to Aaa (sf);

$150,000,000 Class A-2 Floating Rate Notes Due October 27, 2020
(current outstanding balance of $61,182,821), Affirmed Aaa (sf);
previously on February 21, 2013 Upgraded to Aaa (sf);

$105,000,000 Class A-3a Floating Rate Notes Due October 27, 2020
(current outstanding balance of $35,722,600), Affirmed Aaa (sf);
previously on February 21, 2013 Affirmed Aaa (sf);

$12,000,000 Class A-3b Floating Rate Notes Due October 27, 2020,
Affirmed Aaa (sf); previously on February 21, 2013 Upgraded to Aaa
(sf);

$39,500,000 Class A-4 Floating Rate Notes Due October 27, 2020,
Affirmed Aaa (sf); previously on February 21, 2013 Upgraded to Aaa
(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 last rating action in February 2013. Moody's notes that the
Class A-1, A-2 and A-3a Notes have been paid down by approximately
42.7% or $187.7 million since February 2013. Based on the latest
trustee report dated August 26, 2013, the Class A, Class B, Class
C and Class D overcollateralization ratios are reported at 151.4%,
133.6%, 122.5% and 118.0%, respectively, versus December 2012
levels of 134.9%, 123.5%, 115.9% and 112.7%, respectively. The
overcollateralization ratios reported in the August 2013 trustee
report do not include the September 3, 2013 payment distribution,
when $37.6 million of principal proceeds were used to pay down the
Class A-1, A-2 and A-3a Notes.

Moody's notes that the key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, diversity
score, and weighted average recovery rate, are based on its
published methodology and 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 and principal
proceeds balance of $473.9 million, defaulted par of $8.9 million,
a weighted average default probability of 19.33% (implying a WARF
of 2807), a weighted average recovery rate upon default of 49.13%,
a weighted average spread of 3.60%, and a diversity score of 59.
The default and recovery properties of the collateral pool are
incorporated in cash flow model analysis where they are subject to
stresses as a function of the target rating of each CLO liability
being reviewed. The default probability is derived from the credit
quality of the collateral pool and Moody's expectation of the
remaining life of the collateral pool. The average recovery rate
to be realized on future defaults is based primarily on the
seniority of the assets in the collateral pool. In each case,
historical and market performance trends and collateral manager
latitude for trading the collateral are also factors.

Castle Garden Funding, issued in October 2005, is a collateralized
loan obligation backed primarily by a portfolio of senior secured
loans.

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2013.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in May 2013.

In addition to the base case analysis, Moody's also performed
sensitivity analyses to test the impact on all rated notes of
various default probabilities.

Summary of the impact of different default probabilities
(expressed in terms of WARF levels) 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:

Moody's Adjusted WARF -- 20% (2246)

Class A-1: 0

Class A-2: 0

Class A-3a: 0

Class A-3b: 0

Class A-4: 0

Class B-1: +1

Class B-2: +1

Class C-1: +3

Class C-2: +3

Class D-1: +3

Class D-2: +3

Moody's Adjusted WARF + 20% (3368)

Class A-1: 0

Class A-2: 0

Class A-3a: 0

Class A-3b: 0

Class A-4: 0

Class B-1: -1

Class B-2: -1

Class C-1: -2

Class C-2: -1

Class D-1: -1

Class D-2: -1

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as 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. CLO notes'
performance may also be impacted by 1) the manager's investment
strategy and behavior and 2) divergence in legal interpretation of
CLO documentation by different transactional parties due to
embedded ambiguities.

Sources of additional performance uncertainties:

1) Deleveraging: The main source of uncertainty in this
transaction is whether deleveraging from unscheduled principal
proceeds will continue and at what pace. Deleveraging may
accelerate due to high prepayment levels in the loan market and/or
collateral sales by the manager, which may have significant impact
on the notes' ratings.

2) Recovery of defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to be
defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of recoveries
and the manager's decision to work out versus sell defaulted
assets create additional uncertainties. Moody's analyzed defaulted
recoveries assuming the lower of the market price and the recovery
rate in order to account for potential volatility in market
prices.


CEDARWOODS CRE: Moody's Affirms 'Caa3' Ratings on 5 Note Classes
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of eight
classes of notes issued by Cedarwoods CRE CDO Ltd. The
affirmations are due to the key transaction parameters performing
within levels commensurate with the existing ratings levels. The
rating action is the result of Moody's ongoing surveillance of
commercial real estate collateralized debt obligation (CRE CDO and
Re-remic) transactions.

Moody's rating action is as follows:

Cl. A-1, Affirmed B1 (sf); previously on Oct 17, 2012 Downgraded
to B1 (sf)

Cl. A-2, Affirmed Caa1 (sf); previously on Oct 17, 2012 Downgraded
to Caa1 (sf)

Cl. A-3, Affirmed Caa2 (sf); previously on Oct 17, 2012 Downgraded
to Caa2 (sf)

Cl. B, Affirmed Caa3 (sf); previously on Oct 17, 2012 Downgraded
to Caa3 (sf)

Cl. C, Affirmed Caa3 (sf); previously on Nov 3, 2011 Downgraded to
Caa3 (sf)

Cl. D, Affirmed Caa3 (sf); previously on Nov 3, 2011 Downgraded to
Caa3 (sf)

Cl. E, Affirmed Caa3 (sf); previously on Dec 1, 2010 Downgraded to
Caa3 (sf)

Cl. F, Affirmed Caa3 (sf); previously on Dec 1, 2010 Downgraded to
Caa3 (sf)

Ratings Rationale

Cedarwoods CRE CDO Ltd. is a static (the reinvestment period ended
in July 2011) cash transaction backed by a portfolio of: i)
commercial mortgage backed securities (CMBS) (71.5% of the pool
balance); ii) commercial real estate collateralized debt
obligations (CRE CDO) and Re-remic securities (21.5%); iii) real
estate investment trust (REIT) debt (5.9%); and iv) asset backed
securities (ABS) (1.1%). As of the August 20, 2013 Note Valuation
report, the aggregate Note balance of the transaction, including
preferred shares, has decreased to $335.3 million from $400.0
million at issuance, as a result of the paydown directed to the
senior most outstanding class of notes from the combination of
principal repayment of collateral and the failing of certain par
value tests.

There are 18 assets with a par balance of $65 million (19% of the
current pool balance) that are considered defaulted as of the
August 20, 2013 Trustee report. Moody's does expect significant
losses to occur on the defaulted assets 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.
We have completed updated assessments for the non-Moody's rated
collateral. Moody's modeled a bottom-dollar WARF of 4,690 compared
to 4,372 at last review. The current distribution of Moody's rated
collateral and assessments for non-Moody's rated collateral is as
follows: Aaa-Aa3 (0.6% compared to 1.9% at last review), A1-A3
(8.1% compared to 8.8% at last review), Baa1-Baa3 (7.7% compared
to 12% at last review), Ba1-Ba3 (15.1% compared to 12.5% at last
review), B1-B3 (20% compared to 17.8% at last review), and Caa1-
Ca/C (48.4% compared to 46.9% at last review).

Moody's modeled to a WAL of 3.2 years compared to 3.8 years at
last review. The current WAL is based on the assumption about
extensions on the underlying collateral.

Moody's modeled a fixed WARR of 11.7% compared to 12.5% at last
review.

Moody's modeled a MAC of 10.7% compared to 10.1% at last review.

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

The cash flow model, CDOEdge(R) v3.2.1.2, released on May 16,
2013, was used to analyze the cash flow waterfall and its effect
on the capital structure of the deal.

Moody's analysis encompasses the assessment of stress scenarios.

Changes in any one or combination of the key parameters may have
rating implications on certain classes of rated notes. However, in
many instances, a change in key parameter assumptions in certain
stress scenarios may be offset by a change in one or more of the
other key parameters. In general, the rated notes are particularly
sensitive to changes in recovery rate assumptions. Holding all
other key parameters static, changing the recovery rate assumption
down from 11.7% to 1.7% or up to 21.7% would result in the modeled
rating movement on the rated tranches of 0 to 2 notches downward
and 0 to 2 notches upward, respectively.

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

Primary sources of assumption uncertainty are the 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 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.


CITIGROUP 2006-C4: Moody's Affirms Ratings on $1.7BB Securities
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 12 classes of
Citigroup Commercial Mortgage Trust 2006-C4 as follows:

Cl. A-3, Affirmed Aaa (sf); previously on Jun 30, 2006 Definitive
Rating Assigned Aaa (sf)

Cl. A-1A, Affirmed Aaa (sf); previously on Jun 30, 2006 Definitive
Rating Assigned Aaa (sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Jun 30, 2006 Definitive
Rating Assigned Aaa (sf)

Cl. A-M, Affirmed Aa1 (sf); previously on Dec 17, 2010 Downgraded
to Aa1 (sf)

Cl. A-J, Affirmed Baa3 (sf); previously on Nov 9, 2012 Downgraded
to Baa3 (sf)

Cl. B, Affirmed Ba2 (sf); previously on Nov 9, 2012 Downgraded to
Ba2 (sf)

Cl. C, Affirmed B1 (sf); previously on Nov 9, 2012 Downgraded to
B1 (sf)

Cl. D, Affirmed Caa1 (sf); previously on Nov 9, 2012 Downgraded to
Caa1 (sf)

Cl. E, Affirmed Caa2 (sf); previously on Nov 9, 2012 Downgraded to
Caa2 (sf)

Cl. F, Affirmed Ca (sf); previously on Nov 9, 2012 Downgraded to
Ca (sf)

Cl. G, Affirmed C (sf); previously on Nov 9, 2012 Downgraded to C
(sf)

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

Ratings Rationale

The affirmations of the investment-grade P&I 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 below-investment grade P&I classes are consistent with
Moody's expected loss and thus affirmed. The rating of the IO
Class, Class X, is consistent with the expected credit performance
of its referenced classes and thus affirmed.

Based on Moody's current base expected loss, the credit
enhancement levels for the affirmed classes are sufficient to
maintain their current ratings. 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.

Moody's rating action reflects a base expected loss of 6.2% of the
current balance. At last full review, Moody's base expected loss
was 7.6%. Moody's provides a current list of base expected losses
for conduit and fusion CMBS transactions on moodys.com at
http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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.

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

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.64 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.

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 45 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(R) (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 November 9, 2012.

Deal Performance

As of the September 17, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 25% to $1.71
billion from $2.26 billion at securitization. The Certificates are
collateralized by 148 mortgage loans ranging in size from less
than 1% to 11% of the pool, with the top ten loans representing
35% of the pool. The pool contains four defeased loans which make
up 2% of the balance. There are no loans with investment grade
credit assessments.

Twenty-six loans, representing 15% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

Thirteen loans have been liquidated from the pool since
securitization, resulting in an aggregate $103.3 million loss (60%
loss severity on average). At last review the pool had experienced
an aggregate $51.7 million cumulative bond loss. Currently ten
loans, representing 7% of the pool, are in special servicing. The
master servicer has recognized appraisal reductions totaling $41.2
million for the specially serviced loans. Moody's has estimated a
$41.7 million loss (33% expected loss on average) for all
specially serviced loans.

Moody's has assumed a high default probability for 11 poorly
performing loans and two B notes representing 8% of the pool.
Moody's has estimated a $38.8 million loss (29% expected loss
based on a 59% probability default) from these troubled loans.

Moody's was provided with full year 2012 operating results for 99%
of the performing pool. Excluding specially serviced and troubled
loans, Moody's weighted average LTV is 94% compared to 96% at
Moody's prior review. Moody's net cash flow reflects a weighted
average haircut of 11.4% to the most recently available net
operating income. Moody's value reflects a weighted average
capitalization rate of 9.2%.

Excluding specially serviced and troubled loans, Moody's actual
and stressed DSCRs for the conduit component are 1.35X and 1.11X,
respectively, compared 1.37X and 1.08X 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 22% of the pool balance.
The largest loan is the ShopKo Portfolio Loan ($181.2 million --
10.6% of the pool). The loan is secured by 112 cross-
collateralized and cross-defaulted ShopKo retail stores, located
in 12 states, with a total of 10,974,960 square feet (SF). This
loan represents a pari-passu interest in a $489.7 million first
mortgage loan. Performance has been stable, increasing slightly
year-over-year. Moody's LTV and stressed DSCR are 74% and 1.33X,
respectively, compared to 75% and 1.32X at last review.

The second largest loan is Olen Pointe Brea Office Park Loan
($122.7 million -- 7.2% of the pool), which is secured by a
637,000 SF office building located in Brea, California. The
property was 95% leased as of June 2013, compared to 94% at last
review. Performance has been stable, though has declined recently
due to tenant roll-over at lower base rents. Moody's LTV and
stressed DSCR are 111% and 0.86X, respectively, compared to 109%
and 0.87X at last review.

The third largest loan is the Reckson II Office Portfolio Loan
($72.0 million -- 4.2% of the pool), which is secured by seven
office properties totaling approximately 915,600 SF (6 fee simple/
1 leasehold) in Long Island, Westchester and Bergan County, New
Jersey. As of December 2012, the portfolio's weighted average
occupancy was 95%, which it has consistently been since
securitization. Lockheed Martin Corp (14% NRA) and Frequency
Electronics (10% NRA) are the largest tenants in the portfolio.
Moody's LTV and stressed DSCR are 79% and 1.20X, respectively,
compared to 76% and 1.25X at last review.


COMM 2010-C1: Collateral Release No Impact on Moody's Ratings
-------------------------------------------------------------
Moody's Investors Service was informed that Macerich Niagara, LLC,
the current borrower of the Fashion Outlets of Niagara Falls Loan,
has requested a Rating Agency Confirmation in connection with the
borrower's plan to release a minor portion of the loan collateral
to expand the mall (the "Plan"), which is to be carried out by the
loan sponsor, The Macerich Company. The expanded portion of the
mall, while connected to and contiguous with the existing mall
that collateralizes the Loan, will lie on a separate, adjacent
parcel of land (the "Expansion Parcel").

U.S. Bank National Association (as trustee for the registered
holders of the COMM 2010-C1 certificates) and Macerich (as both
sponsor of the Loan and the controlling party of the mall
Expansion Parcel) have shared with Moody's the Project Agreement
which identifies key measures the parties have agreed to in order
to protect the Loan collateral. The protections outlined in the
Project Agreement include: (i) restrictions on any new debt that
may be carried on the Expansion Parcel; (ii) restrictions on
transfers of ownership and management of the Expansion Parcel;
(iii) separate tax parcels; (iv) master lease provisions to
replace income lost from tenants which relocate from the existing
mall to the expanded portion of the mall; (v) additional financial
reporting requirements for the expanded mall; and (vi) provisions
to ensure the timely completion of the expansion project with
minimal disruption to the existing mall.

Moody's has determined that the borrower's Plan, together with the
protections outlined in the Project Agreement, in and of itself
and at this time, will not result in the downgrade or withdrawal
of the current ratings of any class of certificates rated by
Moody's for COMM 2010-C1 Commercial Mortgage Pass-Through
Certificates. Moody's opinion addresses only the credit impact
associated with the proposed action, and Moody's is not expressing
any opinion as to whether the amendment has, or could have, other
non-credit related effects that may have a detrimental impact on
the interests of holders of rated obligations and/or
counterparties.

The last rating action for COMM 2010-C1 was taken on August 1,
2013:

Cl. A-1, Affirmed Aaa (sf); previously on Nov 19, 2010 Definitive
Rating Assigned Aaa (sf)

Cl. A-1D, Affirmed Aaa (sf); previously on Nov 19, 2010 Assigned
Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Nov 19, 2010 Definitive
Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Nov 19, 2010 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aa2 (sf); previously on Nov 19, 2010 Definitive
Rating Assigned Aa2 (sf)

Cl. C, Affirmed A2 (sf); previously on Nov 19, 2010 Definitive
Rating Assigned A2 (sf)

Cl. D, Affirmed Baa3 (sf); previously on Nov 19, 2010 Definitive
Rating Assigned Baa3 (sf)

Cl. E, Affirmed Ba2 (sf); previously on Nov 19, 2010 Definitive
Rating Assigned Ba2 (sf)

Cl. F, Affirmed B1 (sf); previously on Nov 19, 2010 Definitive
Rating Assigned B1 (sf)

Cl. G, Affirmed B3 (sf); previously on Nov 19, 2010 Definitive
Rating Assigned B3 (sf)

Cl. XP-A, Affirmed Aaa (sf); previously on Nov 19, 2010 Definitive
Rating Assigned Aaa (sf)

Cl. XS-A, Affirmed Aaa (sf); previously on Nov 19, 2010 Definitive
Rating Assigned Aaa (sf)

Cl. XW-A, Affirmed Aaa (sf); previously on Nov 19, 2010 Definitive
Rating Assigned Aaa (sf)

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

The principal methodologies used in this analysis 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.


COMM 2013-LC13: S&P Assigns 'BB-' Rating on Class E Notes
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to COMM
2013-LC13 Mortgage Trust's $1.077 billion commercial mortgage
pass-through certificates series 2013-LC13.

The note issuance is a commercial mortgage-backed securities
transaction backed by 57 commercial mortgage loans with an
aggregate principal balance of $1.077 billion, secured by the fee
and leasehold interests in 97 properties across 27 states.

The ratings are based on information as of Sept. 27, 2013.  These
ratings reflect the credit support provided by the transaction
structure, S&P's view of the underlying collateral's economics,
the trustee-provided liquidity, the collateral pool's relative
diversity, and S&P's overall qualitative assessment of the
transaction.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

         http://standardandpoorsdisclosure-17g7.com/1813.pdf

RATINGS ASSIGNED

COMM 2013-LC13 Mortgage Trust

Class            Rating                  Amount ($)
A-1              AAA (sf)                68,822,000
A-2              AAA (sf)               237,427,000
A-3              AAA (sf)                47,500,000
A-4              AAA (sf)                97,100,000
A-5              AAA (sf)               227,408,000
X-A              AAA (sf)            847,415,000(i)
A-AB             AAA (sf)                76,198,000
X-B              BBB- (sf)           164,363,000(i)
X-C              NR                   66,015,713(i)
AM               AAA (sf)                92,960,000
B                AA- (sf)                68,709,000
C                A- (sf)                 45,806,000
D                BBB- (sf)               49,848,000
E                BB- (sf)                28,292,000
F                B+ (sf)                  9,431,000
G                NR                      28,292,713

(i) Notional amount.
NR - Not rated.


COMMERCIAL MORTGAGE 2013-GC15: DBRS Rates Cl. E Certificates 'BB'
-----------------------------------------------------------------
DBRS has assigned final ratings to the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2013-GC15
(the Certificates), to be issued by Citigroup Commercial Mortgage
Trust 2013-GC15.  The trends are Stable.

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class A-S at AAA (sf)
-- Class B at AA (high) (sf)
-- Class PEZ at A (sf)
-- Class C at A (sf)
-- Class X-C at AAA (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (sf)
-- Class F at B (high) (sf)

Classes X-C, D, E and F have been privately placed pursuant to
Rule 144A.

The Class X-A and X-C balances are notional.  DBRS ratings on
interest-only certificates address the likelihood of receiving
interest based on the notional amount outstanding.  DBRS considers
the interest-only certificate's position within the transaction
payment waterfall when determining the appropriate rating.

Up to the full certificate balance of the Class A-S, Class B and
Class C certificates may be exchanged for Class PEZ certificates.
Class PEZ certificates may be exchanged for up to the full
certificate balance of the Class A-S, Class B and Class C
certificates.

The collateral consists of 97 fixed-rate loans secured by 129
commercial, multifamily and manufactured housing properties.  The
transaction has a balance of $1,115,180,033.  The pool exhibits a
DBRS weighted-average term debt service coverage ratio (DSCR) and
debt yield of 1.51 times (x) and 9.4%, respectively.  The DBRS
sample included 35 loans, representing 61.9% of the pool.  The
pool has a high concentration of properties located in urban
markets (25.5% of the pool), which benefit from a larger investor,
consumer and tenant base even in times of stress.  The pool
benefits from diversity in terms of location, loan size and
property, with a concentration level equivalent to a pool of 44
equal-sized loans.

Loans secured by hotels represent 14.8% of the pool, including two
of the largest ten loans.  Hotel properties have higher cash flow
volatility than traditional property types because their income
(which is derived from daily contracts rather than multi-year
leases) and their expenses (which are often mostly fixed) are
quite high as a percentage of revenue.  These two factors cause
revenue to fall swiftly during a downturn and cash flow to fall
even faster because of the high operating leverage.  None of the
loans in the pool have additional existing secured debt in place
that is subordinate in right of payment to the trust balance.
Future additional secured debt is not permitted for any of the
loans in the pool.

The ratings assigned to the Certificates by DBRS are based
exclusively on the credit provided by the transaction structure
and underlying trust assets.  All classes will be subject to
ongoing surveillance, which could result in upgrades or downgrades
by DBRS after the date of issuance.


CPS AUTO 2013-C: Moody's Rates $5.6MM Class E Notes 'B2(sf)'
------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes issued by CPS Auto Receivables Trust 2013-C. This is the
third senior/subordinated transaction of the year for Consumer
Portfolio Services, Inc. (CPS).

The complete rating actions are as follows:

Issuer: CPS Auto Receivables Trust 2013-C

$152,720,000, 1.64% Class A Notes, rated Aa3 (sf);

$24,090,000, 3.00% Class B Notes, rated A2 (sf);

$12,300,000, 4.30% Class C Notes, rated Baa2(sf);

$10,250,000, 6.59% Class D Notes, rated Ba2 (sf);

$5,640,000, 7.32% Class E Notes, rated B2 (sf);

Ratings Rationale

Moody's said the ratings are based on the quality of the
underlying auto loans and their expected performance, the strength
of the structure, the availability of excess spread over the life
of the transaction, the experience and expertise of CPS as
servicer, and the backup servicing arrangement with Aa3-rated
Wells Fargo Bank, N.A.

The principal methodology used in this rating was "Moody's
Approach to Rating Auto Loan-Backed ABS" published in May 2013.

Moody's median cumulative net loss expectation for the underlying
pool is 14.0%. The loss expectation was based on an analysis of
CPS' portfolio vintage performance as well as performance of past
securitizations, and current expectations for future economic
conditions.

The Assumption Volatility Score for this transaction is
Medium/High versus a Medium for the sector. This is driven by the
Medium/High assessment for Governance due to the unrated
sponsor/servicer.

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

Moody's Parameter Sensitivities: If the net loss used in
determining the initial rating were changed to 21.0%, 25.5% or
29.5%, the initial model output for the Class A notes might change
from Aa3 to A1, Baa1, and Ba1, respectively. If the net loss used
in determining the initial rating were changed to 15.5%, 18.0% or
21.5%, the initial model output for the Class B notes might change
from A2 to A3, Baa3, and Ba3, respectively. If the net loss used
in determining the initial rating were changed to 14.25%, 17.5%,
or 19.5%, the initial model output for the Class C notes might
change from Baa2 to Baa3, Ba3, and B3, respectively. If the net
loss used in determining the initial rating were changed to
14.25%, 16.5% or 17.5%, the initial model output for the Class D
notes might change from Ba2 to Ba3, B3 and the initial model output for the Class E notes might change from
B2 to B3,
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.


CPS AUTO 2013-C: S&P Assigns 'B+' Rating on Class E Notes
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to CPS
Auto Receivables Trust 2013-C's $205 million asset-backed notes.

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

The ratings reflect S&P's view of:

   -- The availability of approximately 42.4%, 34.5%, 30.3%,
      27.0%, and 25.4% of credit support for the class A, B, C, D,
      and E notes, respectively, based on stressed cash flow
      scenarios (including excess spread).  These credit support
      levels provide coverage of 2.8x, 2.3x, 1.75x, 1.5x, and
      1.17x our 13.25%-13.75% expected cumulative net loss range
      for the class A, B, C, D, and E notes, respectively.

   -- The expectation that, under a moderate stress scenario of
      1.75x S&P's expected net loss level, the rating on the class
      A notes will not decline by more than one rating category
      during the first year, and the ratings on the class B and C
      notes will not decline by more than two categories during
      the first year, all else being equal.  This is consistent
      with S&P's credit stability criteria, which outline the
      outer bound of credit deterioration equal to a one-category
      downgrade within the first year for 'AA' rated securities
      and a two-category downgrade within the first year for 'A'
      and 'BBB' rated securities.

   -- The credit enhancement underlying each of the rated notes,
      which is in the form of subordination,
      overcollateralization, a reserve account, and excess spread
      for the class A, B, C, D, and E notes.

   -- The timely interest and principal payments made to the rated
      notes under S&P's stressed cash flow modeling scenarios,
      which S&P believes is appropriate for the assigned ratings.

   -- The transaction's payment and credit enhancement structure,
      which includes a noncurable performance trigger.

          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/1821.pdf

RATINGS ASSIGNED

CPS Auto Receivables Trust 2013-C

Class  Rating     Type          Interest   Amount   Legal
                                rate      (mil. $)  maturity
                                                    date
A      AA- (sf)   Senior        Fixed     152.720   04/16/2018
B      A (sf)     Subordinate   Fixed     24.090    08/15/2019
C      BBB (sf)   Subordinate   Fixed     12.300    08/15/2019
D      BB (sf)    Subordinate   Fixed     10.250    08/15/2019
E      B+ (sf)    Subordinate   Fixed     5.640     12/15/2020


CREDIT SUISSE 2004-C5: Moody's Hikes Cl. F Certs Rating to Ba3(sf)
------------------------------------------------------------------
Moody's Investors Service upgraded the ratings of six classes and
affirmed 12 classes of Credit Suisse First Boston Securities
Corp., Commercial Mortgage Pass-Through Certificates, Series 2004-
C5 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-AB, Affirmed Aaa (sf); previously on Mar 9, 2011 Confirmed
at Aaa (sf)

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

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

Cl. B, Upgraded to Aa3 (sf); previously on Dec 17, 2010 Downgraded
to A2 (sf)

Cl. C, Upgraded to A2 (sf); previously on Dec 17, 2010 Downgraded
to Baa1 (sf)

Cl. D, Upgraded to Baa1 (sf); previously on Dec 17, 2010
Downgraded to Baa3 (sf)

Cl. E, Upgraded to Ba1 (sf); previously on Dec 17, 2010 Downgraded
to Ba2 (sf)

Cl. F, Upgraded to Ba3 (sf); previously on Dec 17, 2010 Downgraded
to B1 (sf)

Cl. G, Affirmed B3 (sf); previously on Dec 17, 2010 Downgraded to
B3 (sf)

Cl. H, Affirmed Caa2 (sf); previously on Dec 17, 2010 Downgraded
to Caa2 (sf)

Cl. J, Affirmed Caa3 (sf); previously on Dec 17, 2010 Downgraded
to Caa3 (sf)

Cl. K, Affirmed Ca (sf); previously on Dec 17, 2010 Downgraded to
Ca (sf)

Cl. L, Affirmed C (sf); previously on Dec 17, 2010 Downgraded to C
(sf)

Cl. M, Affirmed C (sf); previously on Dec 17, 2010 Downgraded to C
(sf)

Cl. N, Affirmed C (sf); previously on Dec 17, 2010 Downgraded to C
(sf)

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

Ratings Rationale

The affirmations of the four investment grade P&I 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 seven below investment grade P&I classes are consistent
with Moody's base expected loss and thus are affirmed. The ratings
of the IO Class is consistent with the expected credit performance
(or the weighted average rating factor or WARF) of its referenced
classes and thus is affirmed.

The upgrades of six P&I classes are due to increased credit
support resulting from a significant increase in defeasance and
anticipated paydowns of loans with near-term maturities that are
well-positioned for refinance. Defeasance has increased to 32% of
the current pool balance from 4% at last review.

Based on Moody's current base expected loss, the credit
enhancement levels for the rated classes are sufficient to
maintain their current ratings. 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.

Moody's rating action reflects a base expected loss of 3.8% of the
current balance compared to 4.8% at Moody's last review. Moody's
base expected loss plus realized losses is now 4.3% of the
original pooled balance compared to 5.2% at last review.

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

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

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.64 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. 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. Negative pooling, or
adding credit enhancement at the credit assessment level, is
incorporated for loans with similar credit assessments in the same
transaction.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 62, compared to 16 at last review. This
increase is due to the defeasance of the Time Warner Retail loan
(23% of the NRA), which was the largest loan at the 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(R) (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.

Deal Performance

As of the September 17, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 4% to $1.3 billion
from $1.9 billion at securitization. The Certificates are
collateralized by 174 mortgage loans ranging in size from less
than 1% to 23% of the pool, with the top ten loans representing
19% of the pool. Seventeen loans, representing 32% of the pool
have defeased and are secured by US Government securities.

Forty-one loans, representing 24% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. 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-four loans have been liquidated from the pool, resulting in
an aggregate realized loss of $32.9 million (21% loss severity on
average). Eight loans, representing 4% of the pool, are currently
in special servicing. The largest specially serviced loan is the
City Centre Place ($18.5 million -- 2% of the pool), which is
secured by 103,199 square foot (SF) class A office building
located in Las Vegas, Nevada. The loan transferred to special
servicing in August 2012 and became REO in June 2013. The special
servicer is working to stabilize the property prior to sale. The
property is currently 62% leased, however, a new lease has been
signed which will increase occupancy to 74%.

The remaining seven specially serviced loans are secured by a mix
of property types. Moody's estimates an aggregate $24.2 million
loss for the specially serviced loans (46% expected loss on
average).

Moody's has assumed a high default probability for 12 poorly
performing loans representing 4% of the pool and has estimated an
aggregate $10.7 million loss (22% expected loss based on a 50%
probability default) from these troubled loans.

Moody's was provided with full year 2012 and partial year 2013
operating results for 98% and 67% of the pool, respectively.
Moody's weighted average conduit LTV is 89% compared to 93% at
Moody's prior review. Moody's conduit component excludes defeased,
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 12.2% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 8.9%.

Moody's actual and stressed conduit DSCRs are 1.38X and 1.20X,
respectively, compared to 1.27X and 1.10X at prior review. Moody's
actual DSCR is based on Moody's 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 9% of the pool balance. The
largest loan is the AT&T Consumer Services Headquarters Loan
($45.9 million -- 4% of the pool), which is secured by a Class A
office building located in Morris Township, New Jersey. This
property is 100% occupied by AT&T on a NNN lease that expires on
August 1, 2014, with no extension options. AT&T has been in the
building since it was built in 1979 and has renewed its lease
multiple times but has no remaining options to extend the lease
beyond the currently scheduled 2014 lease expiration date. The
loan was interest only until its anticipated repayment date (ARD)
of October 2009 at which point the interest rate increased from
5.35% to 7.35%. The loan began to amortize and all excess cash
flow is applied to reduce the outstanding principal balance. Since
the ARD date, the loan has amortized 21%. The loan is on the
servicer's watchlist for passing its ARD. The final scheduled
maturity date is in October 2034. Moody's analysis incorporated a
stressed cash flow due to the tenancy risk associated with the
single tenant exposure, the near-term lease expiration and lack of
extension options. Moody's LTV and stressed DSCR are 111% and
1.10X, respectively, compared to 119% and 0.82X at last review.

The second largest loan is the BECO Portfolio Loan ($44.8 million
-- 4% of the pool), which consists of three cross-collateralized
and cross-defaulted loans secured by 14 adjacent office buildings
located ten miles northeast of Washington, D.C. in Lanham,
Maryland. As of March 2013, the portfolio was 71% leased compared
to 74% at last review and 89% at securitization. One of the three
loans are on the master servicer's watchlist for low DSCR. The
loan matures in September 2014. Moody's LTV and stressed DSCR are
118% and 0.92X, respectively, compared to 119% and 0.91X at last
review.

The third largest loan is the Valwood Industrial Portfolio Loan
($21.6 million -- 2% of the pool), which consists of two cross-
collateralized and cross-defaulted loans that are secured by a
portfolio of four industrial properties located in Carrollton,
Texas. The loan is currently on the watchlist for tenant rollover
risk. Moody's LTV and stressed DSCR are 111% and 0.88X,
respectively, compared to 60% and 1.61X at prior review.


CSFB 2006-C5: Moody's Cuts Ratings on 2 Cert. Classes to Low-C
--------------------------------------------------------------
Moody's Investors Service downgraded the ratings of five classes
and affirmed nine classes of CSFB Commercial Mortgage Trust 2006-
C5 as follows:

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

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

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

Cl. A-M, Affirmed Baa2 (sf); previously on Nov 9, 2012 Downgraded
to Baa2 (sf)

Cl. A-J, Downgraded to Caa1 (sf); previously on Nov 9, 2012
Downgraded to B2 (sf)

Cl. B, Downgraded to Caa2 (sf); previously on Nov 9, 2012
Downgraded to B3 (sf)

Cl. C, Downgraded to Ca (sf); previously on Nov 9, 2012 Downgraded
to Caa2 (sf)

Cl. D, Downgraded to C (sf); previously on Nov 9, 2012 Downgraded
to Ca (sf)

Cl. E, Affirmed C (sf); previously on Nov 9, 2012 Downgraded to C
(sf)

Cl. F, Affirmed C (sf); previously on Nov 9, 2012 Downgraded to C
(sf)

Cl. G, Affirmed C (sf); previously on Nov 9, 2012 Downgraded to C
(sf)

Cl. H, Affirmed C (sf); previously on Jan 13, 2011 Downgraded to C
(sf)

Cl. A-X, Downgraded to B1 (sf); previously on Feb 22, 2012
Downgraded to Ba3 (sf)

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

RATINGS RATIONALE

The downgrades of the P&I classes are due to higher than expected
realized and anticipated losses from specially serviced and
troubled loans. The Alliance FX4 Portfolio, the fifth largest loan
in the deal, is in the process of being sold which will cause
increased losses for the Trust. The loan is discussed in more
detail below. The downgrade of the IO Class, A-X, is due the pay
downs of its highly rated referenced classes.

The affirmations of the investment grade P&I 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 below-investment grade P&I classes are consistent with
Moody's expected loss and thus affirmed. The ratings of the IO
Class, A-SP, is consistent with the expected credit performance of
its referenced classes and thus affirmed.

Based on Moody's current base expected loss, the credit
enhancement levels for the four affirmed P&I classes are
sufficient to maintain their current ratings. 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.

Moody's rating action reflects a base expected loss of 13.2% of
the current balance. At last full review, Moody's base expected
loss was 10.7%. Moody's provides a current list of base expected
losses for conduit and fusion CMBS transactions on moodys.com at
http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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.

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

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.64 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.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 45 compared to 43 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(R) (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 November 9, 2012.

DEAL PERFORMANCE

As of the September 17, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 20% to $2.74
billion from $3.43 billion at securitization. The Certificates are
collateralized by 248 mortgage loans ranging in size from less
than 1% to 6% of the pool. There are no loans with investment-
grade credit assessments. Two loans representing less than 1% is
have defeased and secured by U.S Government securities.

Seventy-nine loans, representing 22% 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.

Forty-seven loans have been liquidated from the pool since
securitization, resulting in an aggregate $142.0 million loss (53%
loss severity on average). Currently 23 loans, representing 17% of
the pool, are in special servicing. The largest specially-serviced
loan is the Alliance FX4 Loan ($103.2 million -- 3.8% of the
pool), which was originally secured by 20 older vintage Class C
multifamily properties located in Texas, South Carolina and
Georgia and totalling 4,892 units. The loan was transferred to
special servicing in February 2009 due to the borrower's request
for a loan modification. The loan is real estate owned (REO) and
is in the process of being sold. The properties were bifurcated
into three sale packages. Two of the sales closed earlier this
year and proceeds were used to pay down the loan balance by $85.8
million; $10.4 million was applied to reimburse Nov 2010 -- Aug
2013 P&I payments and other outstanding advances. Five REO
properties totaling 804 units in Georgia remain, which are
currently under a contract for sale.

The remaining specially serviced loans are secured by a mix of
property types. Moody's has estimated an aggregate $246.2 million
loss (52% expected loss on average) for all of the specially
serviced loans.

Based on the most recent remittance statement, Classes E through Q
have experienced cumulative interest shortfalls totaling $27.1
million. Moody's anticipates that interest shortfalls may increase
due to workout fees associated with the payoff of modified loans.
Interest shortfalls are caused by special servicing fees,
including workout and liquidation fees, appraisal subordinate
entitlement reductions (ASERs), extraordinary trust expenses and
non-advancing by the master servicer based on a determination of
non-recoverability.

Moody's has assumed a high default probability for 28 poorly
performing loans representing 7% of the pool and has estimated an
aggregate $37.5 million loss (19% expected loss based on a 54%
probability default) from these troubled loans.

Moody's was provided with full year 2012 and partial year 2013
operating results for 88% and 67% of the performing pool
respectively. Excluding specially serviced and troubled loans,
Moody's weighted average LTV is 109%, the same at Moody's last
full review. Moody's net cash flow reflects a weighted average
haircut of 9.5% to the most recently available net operating
income. Moody's value reflects a weighted average capitalization
rate of 9.2%.

Excluding specially serviced and troubled loans, Moody's actual
and stressed DSCRs are 1.24X and 0.95X, respectively, the same 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 17% of the pool
balance. The largest conduit loan is the Queens Multifamily
Portfolio Loan ($173.0 million -- 6.3% of the pool), which is
secured by 31 multifamily properties with 2,124 units located in
the Borough of Queens, New York. The borrower purchased the
property in 2006 for $277.5 million and planned to increase value
through a comprehensive capital improvement program and conversion
of rent regulated units to market rate units. Progress in
achieving those goals and objectives has been slower than
anticipated. The portfolio's financial performance has improved
due to increased rental rates and sustained high occupancy at 94%
as of June 2013. Moody's expects the loan to payoff in full by the
end of October.

The second largest loan is the 720 Fifth Avenue Loan ($165.0
million -- 6.0% of the pool), which is secured by a 121,108 SF
mixed-use property located in the Fifth Avenue retail submarket of
Manhattan. The property was 92% leased as of December 2012, the
same as at last review. The largest tenant is Abercrombie & Fitch
(54% of net rentable area (NRA), with various lease expiration
dates from 2019 through 2022). Performance has declined since 2011
due to decrease rents and expense reimbursements. The loan is
interest-only throughout the term and matures November 2016.
Moody's LTV and stressed DSCR are 125% and 0.74X, respectively,
compared to 118% and 0.76X at last review.

The third largest conduit loan is the HGSI Headquarters Loan
($143.5 million -- 5.2% of the pool), which is secured by a
635,000 SF office property located in Rockville, Maryland. The
property is 100% leased to Human Genome Sciences, Inc. through May
2026 and serves as its corporate headquarters. Property
performance is consistent with Moody's original projections.
Moody's stressed the cash flow with a lit/dark analysis given the
single tenant occupancy of the property. Moody's LTV and stressed
DSCR are 106% and 0.94X, respectively, compared to 107% and 0.94X
at last review.


CWMBS 2004-2CB: $73.4MM of Alt-A RMBS on Moody's Ratings Watch
--------------------------------------------------------------
Moody's Investors Service has placed the ratings of six tranches
backed by Alt-A RMBS loans on watch, direction uncertain. These
tranches were issued by CWMBS, Inc. Mortgage Pass-Through
Certificates, Series 2004-2CB.

Complete rating actions are as follows:

Issuer: CWMBS, Inc. Mortgage Pass-Through Certificates, Series
2004-2CB

Cl. 1-A-2, Ba3 (sf) Placed Under Review Direction Uncertain;
previously on Oct 3, 2012 Downgraded to Ba3 (sf)

Cl. 1-A-3, Ba3 (sf) Placed Under Review Direction Uncertain;
previously on Oct 3, 2012 Downgraded to Ba3 (sf)

Cl. 1-A-4, Ba3 (sf) Placed Under Review Direction Uncertain;
previously on Oct 3, 2012 Downgraded to Ba3 (sf)

Cl. 1-A-5, Ba3 (sf) Placed Under Review Direction Uncertain;
previously on Oct 3, 2012 Downgraded to Ba3 (sf)

Cl. 1-A-8, B1 (sf) Placed Under Review Direction Uncertain;
previously on Oct 3, 2012 Downgraded to B1 (sf)

Cl. 3-A-1, B2 (sf) Placed Under Review Direction Uncertain;
previously on Oct 3, 2012 Downgraded to B2 (sf)

Ratings Rationale:

The watchlists actions are a result of additional tranche level
information required to assess the final ratings on the bonds. The
Class 1-A bonds are comprised of components that pay individually
from the underlying group 1, 2 and 3 pools and the trustee does
not currently report the component balances of these bonds.
Moody's has requested this information and will resolve the
watchlist on the bonds upon receipt of the same.

The principal methodology used in this rating was "US RMBS
Surveillance Methodology" published in June 2013.

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 August 2012 to 7.3% in August 2013. Moody's forecasts an
unemployment central range of 7.0% to 8.0% for the 2013 year.
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.


DEKANIA CDO II: A.M. Best Affirms 'b' Rating on $21.2-Mil. Notes
----------------------------------------------------------------
A.M. Best Co. has affirmed the debt ratings on a multi-tranche
collateralized debt obligation (CDO) co-issued by two bankruptcy
remote special purpose vehicles: Dekania CDO II, Ltd. (Cayman
Islands) and Dekania CDO II, Inc. (Delaware) (collectively known
as Dekania II and issuers).  The outlook for all ratings is
stable.

The principal balance of the rated notes are collateralized by a
pool of trust preferred securities, surplus notes and secondary
market securities (collectively, the capital securities),
primarily issued by small to medium-sized insurance companies.
The capital securities are pledged as security to the notes.
Interest paid by the issuers of the capital securities are the
primary source of funds to pay operating expenses of the issuers
and interest on the notes.  Repayment of the note principal is
primarily funded from the redemption of the capital securities.

These rating actions primarily reflect: (1) the current issuer
credit ratings (ICR) of the remaining issuers of the capital
securities and the number of terminated capital securities; (2) a
stress of up to 250% on the assumed marginal default rates of
insurers (derived from Best's Idealized Default Rates of
Insurers); (3) the amount of capital securities considered to be
in distress; (4) recoveries of 0% after defaults of the capital
securities; and (5) qualitative factors such as the effect of
interest rate spikes; subordination level associated with each
rated tranche; the adjacency of very high investment grade ratings
to very low non-investment grade ratings in the transaction's
capital structure; and the possibility that additional redemptions
of highly-rated entities will leave lower-rated companies in the
collateral pool.

The ratings could be upgraded or downgraded and/or the outlook
revised if there are material changes in the ICR of the remaining
insurance carriers, an increase in the number of defaulted capital
securities or significant termination of the number of existing
capital securities.

The following debt ratings have been affirmed:

Dekania II

-- "aaa" on $200.0 million Class A-1 First Priority Senior
    Secured Floating Rate Notes Due 2034

-- "aa+" on $42.0 million Class A-2 Second Priority Senior
    Secured Floating Rate Notes Due 2034

-- "bb+" on $60.0 million Class B Third Priority Senior Secured
    Floating Rate Notes Due 2034

-- "b" on $21.2 million Class C-1 Fourth Priority Deferrable
    Interest Fixed/Floating Rate Notes Due 2034

-- "b" on $30.0 million Class C-2 Fourth Priority Deferrable
    Interest Fixed/Floating Rate Notes Due 2034

-- "ccc-" on $15.0 million Class D-1 Mezzanine Secured
    Deferrable Interest Floating Rate Notes Due 2034

-- "ccc-" on $5.0 million Class D-2 Mezzanine Secured Deferrable
    Interest Floating Rate Notes Due 2034

These are structured finance ratings.


EATON VANCE 2013-1: S&P Assigns Prelim. 'BB' Rating on Cl. D Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Eaton Vance CLO 2013-1 Ltd./Eaton Vance CLO 2013-1
LLC's $399.1 million floating-rate notes.

The note issuance is a collateralized loan obligation transaction
backed by a revolving pool consisting primarily of broadly
syndicated senior secured loans.

The preliminary ratings are based on information as of Oct. 4,
2013.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

The preliminary ratings reflect S&P's view of:

   -- The credit enhancement provided to the preliminary rated
      notes through the subordination of cash flows that are
      payable to the subordinated notes.

   -- The transaction's credit enhancement, which is sufficient to
      withstand the defaults applicable for the supplemental tests
     (not counting excess spread) and cash flow structure, which
      can withstand the default rate projected by Standard &
      Poor's CDO Evaluator model, as assessed by Standard & Poor's
      using the assumptions and methods outlined in its corporate
      collateralized debt obligation (CDO) criteria.

   -- The transaction's legal structure, which is expected to be
      bankruptcy remote.

   -- The diversified collateral portfolio, which consists
      primarily of broadly syndicated speculative-grade senior
      secured term loans.

   -- The collateral manager's experienced management team.

   -- 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 0.2600%-13.8391%.

   -- The transaction's overcollateralization and interest
      coverage tests, a failure of which will lead to the
      diversion of interest and principal proceeds to reduce the
      balance of the rated notes outstanding.

   -- The transaction's interest diversion test during the
      reinvestment period, a failure of which will lead to the
      reclassification of up to 50% of excess interest proceeds
      that are available before paying interest on the class E
      notes, uncapped administrative expenses and fees,
      subordinated hedge payments, supplemental reserve account
      deposits, and subordinated note payments to principal
      proceeds to purchase additional collateral assets during the
      reinvestment period. Subordinate management fees, including
      the repayment of amounts previously deferred, are paid
      before the interest diversion test.  The payment of
      management fees that were previously deferred at the
      collateral manager's election may not be paid if it would
      result in the deferral of interest to any class of rated
      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/1856.pdf

PRELIMINARY RATINGS ASSIGNED

Eaton Vance CLO 2013-1 Ltd./Eaton Vance CLO 2013-1 LLC

Class                     Rating                  Amount
                                                (mil. $)
A-1                       AAA (sf)               257.000
A-2                       AA (sf)                 60.100
B (deferrable)            A (sf)                  36.000
C (deferrable)            BBB (sf)                21.300
D (deferrable)            BB (sf)                 17.200
E (deferrable)            B (sf)                   7.500
Subordinated notes        NR                      35.125

NR--Not rated.


EMBARCADERO AIRCRAFT: S&P Withdraws 'CC' Rating on Class A-1 Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CC (sf)' rating
on Embarcadero Aircraft Securitization Trust's class A-1 notes at
the issuer's request.  The transaction is collateralized primarily
by the lease revenue and sales proceeds from a commercial aircraft
portfolio.

As of the Sept. 10, 2013, calculation date, the transaction had no
aircraft assets remaining.  The total cash remaining was
$16.35 million, which was lower than the outstanding principal
balance of the class A-1 notes ($80.4 million).  The class A-1
notes are expected to have timely interest payment for a long
time, although the ultimate principal payment at the maturity date
of August 2025 is very unlikely.

          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


EXETER AUTOMOBILE 2012-2: DBRS Confirms 'BB' Rating on Cl. D Debt
-----------------------------------------------------------------
DBRS Inc. has conducted a review of several outstanding U.S.
structured finance asset-backed securities transactions.  Of the 7
publicly rated series reviewed, 16 outstanding classes were
confirmed, 5 classes were upgraded, and 6 classes were
discontinued due to full repayment of the notes.

The collateral supporting the transactions is performing within
DBRS expectations.  For the ratings that were confirmed, the
transactions have exhibited stable performance trends and have
credit enhancement for each class sufficient enough to cover DBRS
expected losses.  For the rating that was upgraded, the
transactions have exhibited positive performance trends and
experienced increases in credit support sufficient to withstand
stresses at their new rating level.

The following public transactions have been reviewed:

* Auto Loan Acquisition 2011-A LLC
* Auto Loan Acquisition 2011-B LLC
* Exeter Automobile Receivables Trust 2012-2
* Ford Credit Auto Owner Trust 2009-D
* Minnesota Office of Higher Education Adjustable Rate
   Supplemental SLP Revenue Bonds 2012, Series A & B
* Nelnet Student Loan Trust 2012-4
* United Auto Credit Securitization Trust 2012-1

Issuer                 Debt Rated    Rating Action  Rating
------                 ----------    -------------  ------

Auto Loan Acquisition  Class A       Disc.-Repaid Discontinued
2011-A LLC

Auto Loan Acquisition  Class B       Disc.-Repaid   Discontinued
2011-A LLC

Auto Loan Acquisition  Class C       Upgraded       AAA (sf)
2011-A LLC

Auto Loan Acquisition  Class D       Upgraded       AA (sf)
2011-A LLC

Auto Loan Acquisition  Class A       Disc.-Repaid   Discontinued
2011-B LLC

Auto Loan Acquisition  Class B       Disc.-Repaid   Discontinued
2011-B LLC

Auto Loan Acquisition  Class C       Upgraded       AAA (sf)
2011-B LLC

Auto Loan Acquisition  Class D       Upgraded       AA (sf)
2011-B LLC

Exeter Automobile      Class A       Confirmed      AAA (sf)
Receivables Trust
2012-2

Exeter Automobile      Class B       Confirmed      A (sf)
Receivables Trust
2012-2

Exeter Automobile      Class C       Confirmed      BBB (sf)
Receivables Trust
2012-2

Exeter Automobile      Class D       Confirmed      BB (sf)
Receivables Trust
2012-2

Ford Credit Auto       Class A-4     Disc.-Repaid   Discontinued
Owner Trust 2009-D

Ford Credit Auto       Class B       Confirmed      AAA (sf)
Owner Trust 2009-D

Ford Credit Auto       Class C       Confirmed      AAA (sf)
Owner Trust 2009-D

Ford Credit Auto       Class D       Confirmed      AAA (sf)
Owner Trust 2009-D

Minnesota Office of    2012 Series A  Confirmed     AA (sf)
Higher Education
Adjustable Rate
Supplemental SLP
Revenue Bonds 2012,
Series A & B

Minnesota Office of    2012 Series B  Confirmed     AA (sf)
Higher Education
Adjustable Rate
Supplemental SLP
Revenue Bonds 2012,
Series A & B

Minnesota Office of    2012 Series A  Confirmed     R-1(high)
Higher Education                                      (sf)
Adjustable Rate
Supplemental SLP
Revenue Bonds 2012,
Series A & B

Minnesota Office of    2012 Series B  Confirmed     R-1(high)
Higher Education                                      (sf)
Adjustable Rate
Supplemental SLP
Revenue Bonds 2012,
Series A & B

Nelnet Student Loan    Series 2012-4  Confirmed     AAA(sf)
Trust 2012-4           Class A

Nelnet Student Loan    Series 2012-4, Confirmed     AA(sf)
Trust 2012-4           Class B

United Auto Credit     Series 2012-1, Disc.-Repaid  Discontinued
Securitization Trust   Class A-1
  2012-1

United Auto Credit     Series 2012-1, Confirmed     AAA(sf)
Securitization Trust   Class A-2
  2012-1

United Auto Credit     Series 2012-1, Upgraded      AAA(sf)
Securitization Trust   Class B
  2012-1

United Auto Credit     Series 2012-1, Confirmed     A(sf)
Securitization Trust   Class C
  2012-1

United Auto Credit     Series 2012-1, Confirmed     BBB(sf)
Securitization Trust   Class D
  2012-1


FALCON FRANCHISE: Fitch Affirms 'D' Ratings on 2 Note Classes
-------------------------------------------------------------
Fitch Ratings has taken the following actions on three
Falcon Franchise Loan Transactions:

Falcon Franchise Loan Trust Certificates, Series 2000-1

-- Class D notes upgraded to 'BBsf' from 'Bsf'; Outlook revised
    to Stable from Negative;

-- Class E notes upgraded to 'Bsf' from 'CCCsf'; Outlook Stable.

Falcon Auto Dealership LLC, Series 2001-1

-- Class C notes upgraded to 'BBsf' from 'Bsf'; Outlook revised
    to Stable from Negative;

-- Class D notes affirm at 'CCsf', RE 50%;

-- Class E notes affirmed at 'Dsf', RE0%;

-- Class F notes affirmed at 'Dsf', RE0%;

Falcon Auto Dealership LLC, Series 2003-1

-- Class A-2 affirmed at 'Csf' RE 15%;

-- Class B affirmed at 'Csf' RE 0%;

-- Class C affirmed at 'Csf' RE 0%;

-- Class D affirmed at 'Csf' RE 0%;

-- Class E affirmed at 'Csf' RE 0%;

-- Class F affirmed at 'Csf' RE 0%;

Key Rating Drivers

A recent prepayment of the largest obligor in the 2000-1
transaction paid the class B and C notes in full, and allowed the
class D notes to begin receiving principal payments. The upgrade
of class D notes to 'BBsf' reflects the improved credit
enhancement (CE) levels and the coverage available to the class as
a result of that prepayment. Furthermore, the Outlook revision to
Stable from Negative reflects the decreased sensitivity to the
largest obligor concentrations due to the prepayment and the
substantial increase in CE.

The upgrade of class E notes to 'Bsf' reflects the increased CE
available to the notes, and Fitch's expectation the notes will pay
in full. While the class currently has outstanding interest
shortfalls, they are being repaid each month. Despite Fitch's
expectation that the interest shortfalls and outstanding principal
balance will be repaid, the class remains vulnerable to
deterioration in the business and economic environment. The
affirmation of class F notes at 'CCsf' RE 50% reflects Fitch's
expectation that default is considered probable due to growing
interest shortfalls.

The upgrade of the class C notes in 2001-1 to 'BBsf' Outlook
Stable from 'Bsf' reflects the collateral support from three
letters of credit from a highly rated financial institution and
increased credit enhancement available to the class. The Outlook
revision to Stable from Negative reflects Fitch's expectation of
rating stability as recent prepayments cured previously growing
interest shortfalls and allowed the class to begin receiving
principal payments. The affirmation of class D at 'CCsf' RE 50%
reflects Fitch's expectation of principal allocation to the notes
as default is considered probable. The affirmation of classes E
and F at 'Dsf' RE 0% reflects Fitch expectation of zero principal
allocation to the notes.

Fitch has affirmed all notes at 'Csf' in the 2003-1 transaction as
default is considered inevitable because all notes are under
collateralized. Additionally, the class A-2 RE is 15% and classes
B-F have a RE0% reflecting Fitch's expectation of principal
allocation to the notes.

Rating Sensitivities

As the loan count in each of the trusts continues decreasing, the
performance of the notes, particularly the subordinate notes, may
be impacted by obligor performance deterioration. Material
prepayments in the 2000-1 and 2001-1 transactions may result in
positive rating actions.


FIRST MARBLEHEAD: Fitch Keeps Neg. Outlook on Above CCC Rating
--------------------------------------------------------------
Fitch Ratings has taken various rating actions on the private
student loan asset-backed notes issued by First Marblehead. Fitch
has affirmed 27 classes and downgraded 42 classes of the
portfolio. The Negative Outlook is maintained on all of the notes
rated above 'CCCsf'. Fitch's 'U.S. Private SL ABS Criteria' and
'Global Structured Finance Rating Criteria' were used to review
the ratings.

Key Rating Drivers

The affirmations reflect tranches with stable loss coverage
multiples of the trusts based on the collateral performance data
as of July 31, 2013.

The downgrades are due to an increase in the level of defaults
which contributed to a decrease in the loss coverage multiples for
those tranches. Fitch estimates the remaining defaults to range
approximately from 22% to 55% depending on the trust. In addition,
total parity levels have continued to decrease, ranging from 75%
to 87%.

The Outlook remains Negative on non-distressed ratings in NCSLT
2003-1, 2004-2 and 2005-1, where the trusts continue to experience
high default levels in excess of Fitch's initial expectations.

For each trust, Fitch conducted a review of the collateral
performance that involved the calculation of loss coverage
multiples based on the most recent variables. A projected net loss
amount was compared to available credit enhancement to determine
the loss multiples. Fitch used historical vintage loss data
provided by First Marblehead Corporation in addition to other
analytical methods the agency sees as fit to form a loss timing
curve representative of the private student loan collateral pools
of each trust. After giving credit for seasoning of loans in
repayment, Fitch applied the current cumulative gross loss level
to this loss timing curve to derive the expected gross losses over
the remaining life for each trust. A recovery rate of 25% was
applied, which was determined to be appropriate based on the
latest data provided by the issuer.

The available credit enhancement for the trusts consists of excess
spread, overcollateralization (if any), and subordination where
applicable. Fitch assumed excess spread to be the lessor of the
historical average excess spread (earning on the assets minus
interest payments to bondholders and fees) and the most recent 12-
month average excess spread from the most recent information
provided by the administrator, GSS Data Services, Inc., a wholly
owned subsidiary of Goal Structured Solutions, Inc. and applied
that same rate over the stressed projection of remaining life.

Fitch also applied a Recovery Estimate (RE) to classes rated 'CCC'
or below as these ratings classify these notes as distressed
structured finance securities. Fitch has calculated a RE which
represents the agency's calculation of expected principal
recoveries, as a percentage of current note principal outstanding.
Each of the notes rated 'CCC' or below was assigned an RE, given
Fitch's calculation.

Rating Sensitivities

As Fitch's base case default proxy is derived primarily from
historical collateral performance, actual performance may differ
from the expected performance, resulting in higher loss levels
than the base case. This will result in a decline in credit
enhancement and remaining loss coverage levels available to the
notes and may make certain note ratings susceptible to potential
negative rating actions, depending on the extent of the decline in
coverage.

The collateral supporting each trust consists entirely of private
student loans originated by various financial institutions and
lenders. Loan proceeds are used by students to assist in financing
the cost of attending undergraduate, law school, business school,
medical school, dental school, and other graduate programs. In
November 2012, First Marblehead Education Resources, a subsidiary
of First Marblehead resigned as special servicer and U.S. Bank,
the backup special servicer for all trusts assumed the role.

Fitch has taken actions on the following trusts:

-- National Collegiate Student Loan Trust 2003-1
-- National Collegiate Student Loan Trust 2004-1
-- National Collegiate Student Loan Trust 2004-2/NCF Grantor
    Trust 2004-2
-- National Collegiate Student Loan Trust 2005-1/NCF Grantor
    Trust 2005-1
-- National Collegiate Student Loan Trust 2005-2/NCF Grantor
    Trust 2005-2
-- National Collegiate Student Loan Trust 2005-3/NCF Grantor
    Trust 2005-3
-- National Collegiate Student Loan Trust 2006-1
-- National Collegiate Student Loan Trust 2006-2
-- National Collegiate Student Loan Trust 2006-3
-- National Collegiate Student Loan Trust 2006-4
-- National Collegiate Student Loan Trust 2007-1
-- National Collegiate Student Loan Trust 2007-2


FIRST NLC 2005-1: Moody's Hikes Cl. A Securities Rating to 'Caa1'
-----------------------------------------------------------------
Moody's Investors Service has upgraded the rating of Class A,
issued by First NLC Trust 2005-1.

Complete rating action is as follows:

Issuer: First NLC Trust 2005-1

Cl. A, Upgraded to Caa1 (sf); previously on Apr 6, 2010 Downgraded
to Caa3 (sf)

Ratings Rationale

The rating action reflects the recent performance of the
underlying pool and Moody's updated expected loss on the pools. In
addition, the rating action reflects correction of errors in the
Structured Finance Workstation (SFW) cash flow model previously
used by Moody's in rating this transaction. In prior rating
actions, the excess spread waterfall in the transaction was
incorrectly modeled, which resulted in understating the amount of
excess spread benefit to the transaction. This has now been
corrected, and the rating action reflects the change.

The principal methodology used in this rating was "US RMBS
Surveillance Methodology" published in June 2013.


G-STAR 2002-2: Fitch Affirms 'CCC' Rating on Class C Notes
----------------------------------------------------------
Fitch Ratings has affirmed three classes of G-Star 2002-2
Ltd./Corp (G-Star 2002-2) as a result of paydowns to the senior
note offsetting the deterioration of the underlying collateral.

Key Rating Drivers

The affirmations of the G-Star 2002-2 are based on the stable
performance of the underlying collateral pool. Since Fitch's last
rating action in October 2012, approximately 27.69% of the
underlying collateral has been downgraded. Currently, 81.4% of the
portfolio has a Fitch derived rating below investment grade and
64.8% has a rating in the 'CCC' category and below, compared to
48.4% and 36.5%, respectively, at the last rating action. Over
this period, the class B and B-FX notes have received $22.7
million for a total of $367.7 million in pay downs since issuance.

This transaction was analyzed under the framework described in the
report 'Global Rating Criteria for Structured Finance CDOs' using
the Portfolio Credit Model (PCM) for projecting future default
levels for the underlying portfolio. The default levels were then
compared to the breakeven levels generated by Fitch's cash flow
model of the CDO under the various default timing and interest
rate stress scenarios, as described in the same report. Fitch also
analyzed the structure's sensitivity to the assets that are
distressed, experiencing interest shortfalls, and those with near-
term maturities.

The affirmation is supported by the cash flow modeling results,
which now indicate that the notes are passing at higher breakevens
than the 'Bsf' rating category. These notes were not upgraded
above 'Bsf' due to concerns of potential negative migration and
concentration risk as the portfolio continues to amortize.

Rating Sensitivity

Further negative migration and defaults beyond those projected by
SF PCM as well as well as increasing concentration in assets of a
weaker credit quality could lead to further downgrades.

G-Star 2002-2 is a cash flow commercial real estate collateralized
debt obligation (CRE CDO) which closed on Nov. 20, 2002. The
collateral is composed of 70.5% commercial mortgage back
securities (CMBS, 26.7% SF CDOs, and 2.8% residential mortgage
backed securities (RMBS).

Fitch has affirmed the following classes as indicated:

-- $3.0 million class B-FL notes at 'Bsf'; Outlook Stable;
-- $3.3 million class B-FX notes at 'Bsf'; Outlook Stable;
-- $12.5 million class C notes at 'CCCsf'.


GLACIER FUNDING I: Moody's Ups Rating on Cl. A-2 Notes From Ba3
---------------------------------------------------------------
Moody's Investors Service has upgraded the rating of the following
notes issued by Glacier Funding CDO I Limited:

$44,000,000 Class A-2 Second Priority Senior Floating Rate Notes
Due 2039 (current outstanding balance of $26,815,507), Upgraded to
Baa3 (sf); previously on February 4, 2013 Upgraded to Ba3 (sf)

Ratings Rationale:

According to Moody's, the rating action taken on the notes is
primarily a result of deleveraging of the senior notes since the
last rating action in February 2013. Moody's notes that the Class
A-2 Notes have been paid down by approximately 38.2% or $16.6
million since February 2013. Based on Moody's calculation, the par
coverage on Class A-2 Notes has increased to 163% from February
2013 level of 126%. Moody's also notes that $19 million of the
underlying collateral are Aaa-rated CMBS assets.

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 September 2013 trustee
report, the weighted average rating factor is currently 3297
compared to 3005 in February 2013.

The deal declared an "Event of Default" on August 10, 2009, and
this was subsequently followed by accelerating the maturity of the
notes on July 14, 2010. Due to the acceleration, all excess
interest and principal proceeds will continue to deleverage the
senior notes before paying the junior notes. As provided in
Section 5.5 of the Indenture, the holders of at least 66-2/3% in
aggregate outstanding amount of each class of notes, voting as a
separate class, may direct the sales and liquidation of the
collateral. The severity of losses to the notes may depend on the
timing and outcome of a liquidation, and the rating action result
takes into consideration Moody's concerns about potential losses
arising from liquidation.

Glacier Funding CDO I, Limited, issued in March 2004, is a
collateralized debt obligation backed primarily by a diversified
portfolio of RMBS, CMBS and SF 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
CDOROMv2.8-9 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
exists 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. The deal may also be exposed to liquidation risk in the
event that sales or liquidation of the collateral is directed.

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 non-investment-grade rated assets notched up by 2 rating
notches:

Class A-2: +2

Class B: 0

Class C: 0

Moody's non-investment-grade rated assets notched down by 2 rating
notches:

Class A-2: -2

Class B: 0

Class C: 0


GOLDMAN SACHS 2011-GC5: Fitch Affirms 'B' Rating on Class F Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 11 classes of Goldman Sachs Commercial
Mortgage Capital, L.P., series 2011-GC5 commercial mortgage pass-
through certificates.

Key Rating Drivers

The affirmations are due to stable performance of the underlying
pool. As of the September 2013 distribution date, the pool's
aggregate principal balance has been reduced by 2.1% to $1.71
billion from $1.75 billion at issuance. Interest shortfalls are
currently affecting class G. Fitch has designated three Fitch
Loans of Concern (LOC) (1.7%), which includes one specially
serviced asset (0.9%).

The specially-serviced asset (0.9% of the pool), is a 236,134
square foot (sf) mixed-use office complex comprised of six,
single-story buildings, located in North Richland, TX. The loan
transferred to special servicing in April 2013 due to imminent
default following an occupancy decline. The asset became real
estate owned (REO) in June 2013 through a deed-in-lieu. The
occupancy decline occurred when the largest tenant vacated the
property in early February 2013 without providing notice. In
addition, the property's second largest tenant reduced their
leased space by 10.3% upon their renewal date. As per the
property's May 2013 rent roll, the occupancy was at 32.5%.

The largest Fitch LOC is secured by a 320 pad mobile home park
located in San Antonio, TX (0.5%). The servicer-reported occupancy
declined to 72.8% as of the second-quarter 2013 from 89.3% at
issuance.

The largest loan of the pool, The Park Place Mall (11.3%) is
secured by 478,028 square feet of in-line and major tenant retail
space within a 1.1 million-sf regional mall in Tucson, AZ. The
property is anchored by Sears, Dillard's, Macy's (non-collateral)
and Century Theaters (collateral). As of second-quarter 2013,
occupancy and debt service coverage ratio (DSCR) was at 97% and
1.61x, respectively, which is slightly higher than it was at
issuance.

Rating Sensitivity

The Rating Outlooks for all classes remain stable due to the
relatively stable performance of the pool since issuance.
Additional information on rating sensitivity is available in the
report 'GS Commercial Mortgage Trust 2011-GC5' (Oct. 13, 2011),
available at www.fitchratings.com.

Fitch affirms the following classes as indicated:

-- $53.9 million class A-1 at 'AAAsf'; Outlook Stable;
-- $476.6 million class A-2 at 'AAAsf'; Outlook Stable;
-- $86.4 million class A-3 at 'AAAsf'; Outlook Stable;
-- $568.2 million class A-4 at 'AAAsf'; Outlook Stable;
-- $181.1 million class A-S at 'AAAsf'; Outlook Stable;
-- $96 million class B at 'AA-sf'; Outlook Stable;
-- $69.8 million class C at 'A-sf ; Outlook Stable;
-- $74.2 million class D at 'BBB-sf ; Outlook Stable;
-- $28.4 million class E at 'BBsf'; Outlook Stable;
-- $24 million class F at 'Bsf'; Outlook Stable;
-- $1.36 billion* class X-A at 'AAA'; Outlook Stable.

* Notional amount and interest only.

Fitch does not rate the classes G and X-B certificates.


GREENWICH CAPITAL 2005-1: Moody's Puts Cl. A Securities on Review
-----------------------------------------------------------------
Moody's Investors Service has placed the rating of one tranche on
watch, direction uncertain. This tranche was issued by Greenwich
Capital Structured Products Trust 2005-1.

Complete rating actions are as follows:

Issuer: Greenwich Capital Structured Products Trust 2005-1

Cl. A, B1 (sf) Placed Under Review Direction Uncertain; previously
on Mar 19, 2013 Downgraded to B1 (sf)

Ratings Rationale

The watchlist action follows the watchlist action on one of the
underlying classes in the resecuritization - Class 3-A-1 from
CWMBS, Inc. Mortgage Pass-Through Certificates, Series 2004-2CB
has been placed on watch pending additional bond information. The
watchlist action for this resecuritization will be addressed once
the underlying bond action is resolved.

The principal methodology used in this rating was "Moody's
Approach to Rating US Resecuritized Residential Mortgage-Backed
Securities" published in February 2011. Please see the Credit
Policy page on www.moodys.com for a copy of this methodology.

The methodology used in determining the rating of the underlying
bonds was "US RMBS Surveillance Methodology" published in June
2013. Please see the Credit Policy page on www.moodys.com for a
copy of this methodology.

The primary source of assumption uncertainty is the uncertainty in
our central macroeconomic forecast and performance volatility due
to servicer-related issues. The unemployment rate fell from 8.1%
in August 2012 to 7.3% in August 2013. Moody's forecasts an
unemployment central range of 7.0% to 8.0% for the 2013 year.
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.


GS MORTGAGE 2012-GCJ19: Moody's Affirms Ratings on 12 CMBS Classes
------------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 12 classes of GS
Mortgage Securities Trust 2012-GCJ9 as follows:

Cl. A-1, Affirmed Aaa (sf); previously on Dec 6, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Dec 6, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Dec 6, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-AB, Affirmed Aaa (sf); previously on Dec 6, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-S, Affirmed Aaa (sf); previously on Dec 6, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aa3 (sf); previously on Dec 6, 2012 Definitive
Rating Assigned Aa3 (sf)

Cl. C, Affirmed A3 (sf); previously on Dec 6, 2012 Definitive
Rating Assigned A3 (sf)

Cl. D, Affirmed Baa3 (sf); previously on Dec 6, 2012 Definitive
Rating Assigned Baa3 (sf)

Cl. E, Affirmed Ba2 (sf); previously on Dec 6, 2012 Definitive
Rating Assigned Ba2 (sf)

Cl. F, Affirmed B2 (sf); previously on Dec 6, 2012 Definitive
Rating Assigned B2 (sf)

Cl. X-A, Affirmed Aaa (sf); previously on Dec 6, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. X-B, Affirmed Ba3 (sf); previously on Dec 6, 2012 Definitive
Rating Assigned Ba3 (sf)

RATINGS RATIONALE

The affirmations of the P&I 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 IO classes,
Class X-A and Class X-B, are consistent with the expected credit
performance of their referenced classes 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. 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.

Moody's rating action reflects a base expected loss of 2.3% of the
current balance. Moody's provides a current list of base expected
losses for conduit and fusion CMBS transactions on moodys.com at
http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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.

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

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.64 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.

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, 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(R) (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 pre-sale report dated December 6, 2012.

DEAL PERFORMANCE

As of the September 12, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 1% to $1.38 billion
from $1.39 billion at securitization. The Certificates are
collateralized by 74 mortgage loans ranging in size from less than
1% to 10% of the pool, with the top ten loans (excluding
defeasance) representing 56% of the pool.

One loan, representing 0.5% 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
Moody's ongoing monitoring of a transaction, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

No loans have liquidated from the pool. Additionally, no loans are
in special servicing.

Moody's was provided with full-year 2012 operating results for
100% of the performing pool, respectively. Moody's weighted
average LTV is 101%, essentially the same as at securitization.
Moody's net cash flow reflects a weighted average haircut of 9.2%
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 1.57X and 1.04X,
respectively, essentially the same as 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 conduit loans represent 26% of the pool.
The largest loan is the Bristol Portfolio Loan ($140 million --
10% of the pool). The loan is secured by two properties, the
larger of which consists of a portion of a high rise condominium
located on the full block at 200 East 65th Street in New York, New
York. The high rise contains 308 residential units and a
commercial unit. The loan is secured by 173 residential units and
the commercial unit. The second property collateralizing the loan
consists of a smaller 30-unit apartment building located at 336
East 71st Street. Moody's current LTV and stressed DSCR are 91%
and 0.93X, respectively, the same as at securitization.

The second largest loan is the Pinnacle I Loan ($129 million --
9.4% of the pool). The loan is secured by a Class A, six-story,
393,433 square foot (SF) office building that includes a four-
level sub-grade parking garage located in Burbank, California. The
largest tenants include Warner Music Group, Clear Channel
Communications, and NBC. As of June 30, 2012, the property was
approximately 92% leased. Moody's current LTV and stressed DSCR
are 110% and 0.94X, respectively, the same as at securitization.

The third largest loan is the Cooper Hotel Portfolio Loan ($94
million -- 6.8% of the pool). The loan is secured by nine full-
service and two limited-service hotels containing a total of 2,128
rooms, located in Florida, Michigan, and Tennessee. Ten of the
hotels operate under the Hilton Worldwide brand and one operates
under the InterContinental Crowne Plaza flag. The loan sponsor is
Pace Cooper. The portfolio is managed by Cooper Hotel Services,
Inc. and Cooper Realty Company, both of which are affiliates of
the sponsor. Moody's current LTV and stressed DSCR are 107% and,
1.11X respectively, compared to 109% and 1.09X at securitization.


HARBORVIEW MORTGAGE: Moody's Takes Action on 5 RMBS Tranches
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of five
tranches from two transactions backed by Option ARM RMBS loans,
issued by HarborView Mortgage Loan Trust.

Complete rating actions are as follows:

Issuer: HarborView Mortgage Loan Trust 2005-11

Cl. 1-A-1A, Upgraded to Caa2 (sf); previously on Dec 5, 2010
Downgraded to Caa3 (sf)

Cl. 2-A-1A, Upgraded to Ba3 (sf); previously on Aug 20, 2012
Upgraded to B1 (sf)

Issuer: HarborView Mortgage Loan Trust 2005-15

Cl. 2-A1A1, Upgraded to Caa1 (sf); previously on Aug 20, 2012
Confirmed at Caa3 (sf)

Cl. 2-A1A2, Upgraded to Caa1 (sf); previously on Aug 20, 2012
Confirmed at Caa3 (sf)

Cl. X-2, Upgraded to Caa3 (sf); previously on Aug 20, 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 upgrades
are due to an increase in the credit enhancement available to the
bonds.

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in June 2013.

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 August 2012 to 7.3% in August 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.


HARRISBURG PARKING: Moody's Affirms 'Ba3' Rating on Revenue Bonds
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 rating on
Harrisburg Parking Authority's (HPA) Fifth Lien Parking Revenue
Bonds, Series T of 2007, affecting $16.6 million in outstanding
debt. At this time, Moody's has revised the outlook to developing
from negative.

The bonds are secured by a fifth lien on the net revenues of HPA's
Coordinated Parking System (CPS) as per the authority's 2007 trust
indenture, and are subordinate to the Series N bonds issued under
HPA's 1998 indenture (first lien), the Series O bonds issued under
the 1994 indenture (second lien), the Series J, P and R bonds
issued under the 1998 indenture (third lien), and the Series K
revenue notes issued under a loan agreement dated June 1, 2000
between the HPA and the York General Authority (fourth lien). The
Series T bonds hold a senior lien to the Series U bonds issued
under the 2007 indenture (sixth lien).

Summary Rating Rationale

The Ba3 rating reflects HPA's exposure to the City of Harrisburg's
ongoing fiscal distress and uncertainties concerning the state-
appointed receiver's ability to execute a transfer of parking
assets financed with the issue of tax-exempt debt, the proceeds of
which will be used to defease the bonds, by December 2013 - an
integral part of the city's overall fiscal recovery plan. The
rating also reflects HPA's weakened operating results, the open
loop nature of the bond security in relation to the city, and the
subordinate security pledge for the bonds behind several series of
senior bonds in the HPA security structure.

Our revision of the outlook to developing reflects our belief that
the authority's credit quality will improve if the city is able to
execute its recovery plan, which includes the leasing of HPA's
assets to a state-affiliated authority and the repayment of
parking bondholders in full. Conversely, failure to execute the
plan could negatively affect the authority's credit quality and
greatly increase the risk of loss to parking bondholders.

Strengths

-- Ability to raise parking fees

-- Fully cash-funded debt service reserve funds for all series

-- City receiver's recovery plan includes full repayment of
    parking bonds

Challenges

  -- Open loop financial relationship with distressed City of
     Harrisburg

  -- Mayoral appointment of authority board members

  -- Narrow liquidity and debt service coverage

  -- High degree of system leverage

What Could Move The Rating Up:

  -- Implementation of financial recovery solutions for the city
     that do not negatively impact HPA operations or bondholders

  -- Improved financial operations at the city level

  -- Improved operating results at the authority level

What Could Move The Rating Down:

  -- Actions related to the city's financial distress or recovery
     that could negatively affect the parking authority's
     operations

  -- Further narrowing of the parking authority's financial
     position

Rating Methodology

The rating for the Parking Authority bonds was assigned by
evaluating factors believed to be relevant to the credit profile
of the issuer such as i) the business risk and competitive
position of the issuer versus others within its industry or
sector, ii) the capital structure and financial risk of the
issuer, iii) the projected performance of the issuer over the near
to intermediate term, iv) the issuer's history of achieving
consistent operating performance and meeting budget or financial
plan goals, v) the nature of the dedicated revenue stream pledged
to the bonds, vi) the debt service coverage provided by such
revenue stream, vii) the legal structure that documents the
revenue stream and the source of payment, and viii) the issuer's
management and governance structure related to payment. These
attributes were compared against other issuers both within and
outside of the authority's core peer group and the authority's
rating is believed to be comparable to ratings assigned to other
issuers of similar credit risk.


HSPI DIVERSIFIED: Moody's Hikes Ratings on $176MM of SF CDO Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by HSPI Diversified CDO Fund
II,Ltd.:

U.S.$26,500,000 Class S Senior Secured Floating Rate Notes Due
July 2015 (current outstanding balance of $7,066,608), Upgraded to
Ba1 (sf); previously on August 26, 2008 Downgraded to Ca (sf);

U.S.$350,000,000 Class A-1 Senior Secured Floating Rate Notes Due
July 2052 (current outstanding balance of $169,426,356), Upgraded
to Caa3 (sf); previously on August 26, 2008 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 senior notes and an
increase in the transaction's overcollateralization ratio since
October 2012. Moody's notes that the Class S Notes and Class A-1
Notes have been paid down by approximately $3.8 million and $13.5
million, respectively, since October 2012. Based on Moody's
calculation, the Class A-1 overcollateralization ratio has
improved to 87.5% from 73.2% in October 2012.

Moody's also notes that the deal has benefited from an improvement
in the credit quality of the underlying portfolio since October
2012. Based on the September 2013 trustee report, the weighted
average rating factor is currently 922 compared to 1101 in October
2012.

The rating upgrades on the Class S Notes also reflect a correction
to the interest and principal payment sequence in Moody's cash
flow analysis. For the May 2008 rating action, the interest and
principal payments were modeled to pay the Class S Notes interest,
Class S Notes scheduled principal payment, Class A-1 Notes
interest and Class A-1 Notes principal pari passu. However, the
Class S Notes interest, Class A-1 Notes interest, and Class S
Notes scheduled principal payment are paid pari passu, followed by
the Class A-1 Notes principal. Moody's August 2008 rating action
relied on the May 2008 rating and also failed to take into
consideration the cashflow swap available to provide interest
payments to Class S Notes in the event of an interest shortfall.
These errors have now been corrected, and the rating actions
reflect these changes.

The deal declared an "Event of Default" on May 1, 2008, and this
was subsequently followed by accelerating the maturity of the
notes on May 8, 2008. As provided in Section 5.5 of the Indenture,
the Class A-1 swap counterparty and the holders of at least 66-
2/3% of the aggregate outstanding amount of each class of senior
notes, with each class voting separately, may direct the sales and
liquidation of the collateral. The severity of losses to the notes
may depend on the timing and outcome of a liquidation, and the
rating action result takes into consideration Moody's concerns
about potential losses arising from liquidation.

HSPI Diversified CDO Fund II, Ltd., Issued in June 2007, is a
collateralized debt obligation backed primarily by a portfolio of
structured finance securities.


IMPAC CMB: Moody's Takes Action on $43.6MM of Secs. From 2005-2006
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
tranches and upgraded the rating of one tranche from three
transactions, issued by Impac CMB Trust.

Complete rating actions are as follows:

Issuer: Impac CMB Trust Series 2005-4 Collateralized Asset-Backed
Bonds, Series 2005-4

Cl. 1-A-2, Upgraded to Caa1 (sf); previously on Aug 30, 2012
Upgraded to Caa3 (sf)

Issuer: Impac CMB Trust Series 2005-6 Collateralized Asset-Backed
Bonds, Series 2005-6

Cl. 2-B-2, Downgraded to Ba2 (sf); previously on Mar 21, 2013
Affirmed Baa3 (sf)

Issuer: Impac Secured Assets Corp. Mortgage Pass-Through
Certificates, Series 2006-2

Cl. 2-M-1, Downgraded to Ba1 (sf); previously on Mar 21, 2013
Downgraded to Baa1 (sf)

Cl. 2-M-2, Downgraded to Ba3 (sf); previously on Mar 21, 2013
Downgraded to Ba1 (sf)

Ratings Rationale

These actions reflect recent performance of the underlying pools
and Moody's updated loss expectations on the pools. The upgrade is
due to an increase in the credit enhancement available to the
bond. The downgrades are a result of increased losses on the
underlying pools. In addition, the actions on Cl. 2-M-1 and Cl. 2-
M-2 from Impac SAC 2006-2 reflect remaining unpaid interest on the
bonds in the amount of $12,053 (13 bps of original bond balance)
and $17,316 (17 bps of original bond balance) respectively.

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in June 2013.

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 August 2012 to 7.3% in August 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.


INDEPENDENCE II: New Collateral Mgr. Appt. No Impact on Moody's
---------------------------------------------------------------
Moody's Investors Service has determined that the appointment of
Cairn Capital Limited as successor Collateral Manager to
Independence II CDO, Ltd., (the "Issuer") under the provisions of
a replacement Collateral Management Agreement (the "Replacement
Agreement") between the Issuer and Cairn dated as of October 1,
2013 (the "Appointment") 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 (including any private or
confidential rating) by Moody's of any Class of Notes issued by
the Issuer. Moody's does not express an opinion as to whether the
Appointment could have non-credit-related effects.

Under the terms of the Appointment, Cairn agrees to assume all the
responsibilities, duties and obligations of the Collateral Manager
under the Agreement and under the applicable terms of the
Indenture. Moreover, the Replacement Agreement does not alter the
responsibilities, duties and obligations of the Collateral Manager
under the Agreement in a meaningful way other than to reflect
changes in the Agreement due to the replacement of the existing
Collateral Manager. In reaching its conclusion as to the possible
effects of the Appointment and the Replacement Agreement on the
current Moody's ratings of the Notes Moody's considered, among
other factors, the experience and capacity of Cairn to perform
duties of Collateral Manager to the Issuer.

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

On November 5, 2009, Moody's downgraded the rating of one class of
Notes issued by Independence II:

$291,500,000 Class A First Priority Senior Secured Floating Rate
Notes (current balance of $105,449,050), Downgraded to Ba2;
previously on 3/26/2009 Downgraded to Baa3


JP MORGAN 2007-FL1: Rights Transfer No Impact on Moody's Ratings
----------------------------------------------------------------
Moody's Investors Service was informed that the Operating Advisor
has elected to terminate Talmage, the existing Special Servicer,
and to appoint Strategic Asset Services LLC as the successor
Special Servicer for the PHOV Portfolio Loan. The Proposed Special
Servicer Transfer and Replacement will become effective upon
satisfaction of the conditions precedent set forth in the
governing documents.

Moody's has reviewed the Proposed Special Servicer Replacement.
Moody's has determined that this proposed special servicing
replacement will not, in and of itself, and at this time, result
in a downgrade or withdrawal of the current ratings to any class
of certificates rated by Moody's for J.P. Morgan Chase Commercial
Mortgage Securities Corp., Commercial Mortgage Pass-Through
Certificates, Series 2007-FL1 (the Certificates). Moody's opinion
only addresses the credit impact associated with the proposed
designation and transfer of special servicing rights. Moody's is
not expressing any opinion as to whether this change has, or could
have, other non-credit related effects that may have a detrimental
impact on the interests of note holders and/or counterparties.

The last rating action for JPMCC 2007-FL1 was taken on September
19, 2013 where Moody's took these rating actions:

Cl. A-2, Affirmed Baa1 (sf); previously on Jan 19, 2012 Confirmed
at Baa1 (sf)

Cl. B, Affirmed Baa2 (sf); previously on Jan 19, 2012 Confirmed at
Baa2 (sf)

Cl. C, Affirmed Baa3 (sf); previously on Jan 19, 2012 Confirmed at
Baa3 (sf)

Cl. D, Downgraded to B1 (sf); previously on Jan 19, 2012
Downgraded to Ba3 (sf)

Cl. E, Downgraded to Caa1 (sf); previously on Jan 19, 2012
Downgraded to B3 (sf)

Cl. F, Downgraded to Caa2 (sf); previously on Jan 19, 2012
Downgraded to Caa1 (sf)

Cl. G, Downgraded to Caa3 (sf); previously on Jan 19, 2012
Downgraded to Caa2 (sf)

Cl. H, Downgraded to C (sf); previously on Jan 19, 2012 Confirmed
at Caa3 (sf)

Cl. J, Affirmed C (sf); previously on Sep 27, 2012 Downgraded to C
(sf)

Cl. K, Affirmed C (sf); previously on Dec 17, 2010 Downgraded to C
(sf)

Cl. RS-1, Affirmed C (sf); previously on Dec 17, 2010 Downgraded
to C (sf)

Cl. RS-2, Affirmed C (sf); previously on Dec 17, 2010 Downgraded
to C (sf)

Cl. RS-3, Affirmed C (sf); previously on Dec 17, 2010 Downgraded
to C (sf)

Cl. RS-4, Affirmed C (sf); previously on Dec 17, 2010 Downgraded
to C (sf)

Cl. RS-5, Affirmed C (sf); previously on Dec 17, 2010 Downgraded
to C (sf)

Cl. RS-6, Affirmed C (sf); previously on Dec 17, 2010 Downgraded
to C (sf)

Cl. RS-7, Affirmed C (sf); previously on Dec 17, 2010 Downgraded
to C (sf)

Cl. X-2, Affirmed B3 (sf); previously on Sep 27, 2012 Downgraded
to B3 (sf)

The principal methodology used in this rating was "Moody's
Approach to Rating CMBS Large Loan/Single Borrower Transactions"
published in July 2000.


JP MORGAN 2007-LDP12: Moody's Affirms Ba3 Rating on Cl. X Certs
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings of seven classes of
J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12
Commercial Mortgage Pass-Through Certificates, Series 2007-LDP12
as follows:

Cl. A-2, Affirmed Aaa (sf); previously on Sep 10, 2007 Definitive
Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Sep 10, 2007 Definitive
Rating Assigned Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Sep 10, 2007 Definitive
Rating Assigned Aaa (sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Sep 10, 2007 Definitive
Rating Assigned Aaa (sf)

Cl. A-1A, Affirmed Aaa (sf); previously on Sep 10, 2007 Definitive
Rating Assigned Aaa (sf)

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

Cl. A-M, Affirmed Baa1 (sf); previously on Oct 11, 2012 Downgraded
to Baa1 (sf)

Ratings Rationale

The affirmations of the six investment-grade P&I 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
rating of the Interest Only Class, Class X, is consistent with the
expected credit performance of its referenced classes and thus is
affirmed.

"Based on our current base expected loss, the credit enhancement
levels for the affirmed classes are sufficient to maintain their
current ratings. 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," Moody's said.

Moody's rating action reflects a base expected loss of 9.1% of the
current balance compared to 11.7% at last review. Realized losses
have increased from 2.7% of the original balance to 4.7% since the
prior review.

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

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

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.64 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.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 37 compared to 41 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(R) (Moody's Surveillance Trends) Reports and a
proprietary program that highlights significant credit changes
that have occurred in the last month as well as cumulative changes
since the last full transaction review. On a periodic basis,
Moody's also performs a full transaction review that involves a
rating committee and a press release. Moody's prior transaction
review is summarized in a press release dated October 11, 2012.

Deal Performance

As of the September 16, 2013 distribution date, the transaction's
aggregate pooled certificate balance has decreased by 22% to $2.0
billion from $2.5 billion at securitization. The Certificates are
collateralized by 138 mortgage loans ranging in size from less
than 1% to 8% of the pool, with the top ten loans representing 42%
of the pool. One loan, representing less than 1% of the pool, has
defeased and is collateralized with U.S. Government Securities.

Twenty-six loans, representing 21% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the 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 at a loss from the pool,
resulting in an aggregate realized loss of $117.2 million (34%
average loss severity). Fourteen loans, representing 14% of the
pool, are currently in special servicing. The largest specially
serviced loan is the Overlook III Loan ($66.7 million -- 3.4% of
the pool). The loan is secured by a 438,710 square foot (SF)
office property located in Atlanta, Georgia. The loan transferred
to special servicing in October 2012 due to imminent payment
default. The property was 69.5% occupied as of July 2013.

The second largest specially serviced loan is the 7000 Central
Park Loan $65.0 Million -- 3.3% of the pool). The loan is secured
by a 415,000 SF office property located in Atlanta, Georgia. The
loan transferred to special servicing in June 2012 due to imminent
maturity default. The property was unable to service its debt and
the borrower had submitted various workout proposals. The
remaining specially serviced loans are secured by retail, office,
industrial and hotel properties. The Master Servicer has
recognized an aggregate $60.8 million appraisal reduction for
eight of the 14 specially serviced loans. Moody's estimates an
aggregate $77.3 million loss (33% expected loss) for all 12 of the
specially serviced loans.

Moody's has assumed a high default probability for nine poorly
performing loans representing 7% of the pool and has estimated a
$24.5 million aggregate loss (18% expected loss based on a 53%
probability default) from these troubled loans.

Moody's was provided with full year 2012 and partial year 2013
operating results for 94% and 76% of the conduit pool,
respectively. The conduit portion of the pool excludes specially
serviced, troubled and defeased loans. Moody's weighted average
conduit LTV is 111% compared to 108% at Moody's prior review.
Moody's net cash flow reflects a weighted average haircut of 9% to
the most recently available net operating income. Moody's value
reflects a weighted average capitalization rate of 9.4%.

Moody's actual and stressed conduit DSCRs are 1.35X and 0.96X,
respectively, compared to 1.42X and 0.99X at last review. Moody's
actual DSCR is based on Moody's net cash flow (NCF) and the loan's
actual debt service. Moody's stressed DSCR is based on Moody's NCF
and a 9.25% stressed rate applied to the loan balance.

The top three performing conduit loans represent 20% of the pool
balance. The largest loan is the Plaza El Segundo Loan ($162.0
million -- 8.3% of the pool), which is secured by a 382,000 SF
power/lifestyle community center located in El Segundo,
California. Major tenants include Whole Foods, Best Buy, and
Dick's Sporting Goods. The property was 99% leased as of June
2013, compared to 92% at last review. Moody's LTV and stressed
DSCR are 126% and 0.75X, respectively, compared to 129% and 0.73X
at last full review.

The second largest loan is the Sawgrass Mills Loan ($150.0 million
-- 7.6% of the pool), which is a pari-passu interest in an $850.0
million first mortgage loan. The loan is secured by the borrower's
interest in a 2.0 million SF mall located in Sunrise, Florida. The
mall's major tenants include Burlington Coat Factory, J.C. Penney,
and Regal Cinema. The property was 96% leased as of December 2012,
the same as at last review. The loan is interest-only for its
entire seven-year term maturing in July 2014. Financial
performance declined since last review and looming major tenant
lease expirations increase near-term leasing risk. Moody's LTV and
stressed DSCR are 99% and 0.90X, respectively, compared to 93% and
0.96X, at last full review.

The third largest loan is the 111 Massachusetts Avenue Loan ($88.8
million -- 4.5% of the pool), which is secured by a 255,000 SF
office property located in Washington, DC. The property was 95%
leased as of July 2013, the same as at last review. Most of the
space is leased to GSA tenants with lease expirations in 2015 and
2016. Moody's LTV and stressed DSCR are 107% and 0.86X,
respectively, compared to 111% and 0.83X at last full review.


JP MORGAN 2013-INN: Moody's Rates Cl. X-CP Certs '(P)Ba3(sf)'
-------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to six
classes of CMBS securities, issued by J.P. Morgan Chase Commercial
Mortgage Trust, Commercial Mortgage Pass-Through Certificates
Series 2013-INN:

Cl. A, 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. X-CP, Assigned (P)Ba3 (sf)

Ratings Rationale

The Certificates are collateralized by a single loan backed by
cross-collateralized and cross-defaulted mortgage liens on 50 fee
simple interests and one leasehold interest in hotel properties
located in 16 states throughout the United States. The portfolio
is comprised of eight different nationally recognized brands. The
mortgage loan has an initial 2-year term, and three one-year
extension options (five-year fully extended term) evidenced by a
single promissory note. The total principal balance of the
mortgage loan is $575 million. Debt service is calculated using an
interest only payment.

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

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

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

Based on Moody's assessment of stabilized net cash flow and the
current interest rate, Moody's Trust DSCR is 4.56X and Moody's
Total Debt DSCR (inclusive of mezzanine debt) is 1.77X.

Based on Moody's assessment of stabilized net cash flow and a
stressed constant of 9.25%, the Moody's Trust Stressed DSCR is
1.60X and Moody's Total Debt Stressed DSCR (inclusive of mezzanine
debt) is 1.03X.

The first mortgage balance of $575,000,000 represents a Moody's
LTV ratio of 76.0% which is in-line with other single-borrower
lodging portfolios that have been assigned a bottom-dollar credit
assessment of Ba2 by Moody's. Moody's also considers subordinate
financing when assigning ratings. The loan is structured with
$375,000,000 of additional financing in the form of mezzanine
debt, raising Moody's Total LTV ratio to 125.5%.

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


KEYCORP STUDENT 2004-A: Fitch Affirms CC Rating on Cl. II-D Notes
-----------------------------------------------------------------
Fitch Ratings affirms all ratings for KeyCorp Student Loan Trust
2001-A Group II, 2004-A Group II, and 2005-A, Group II. All Rating
Outlooks remain Negative, except for KSLT 2001-A Group II, which
is revised to Stable from Negative.

Key Rating Drivers

Adequate Collateral Quality: KeyCorp Student Loan Trust 2001-A
Group II, 2004-A Group II, and 2005-A Group II are collateralized
by approximately $85.48 million, $264.90 million, and $274.49
million private student loans, respectively. The loans were
originated primarily by KeyBank, NA.

Sufficient Credit Enhancement (CE): For KeyCorp Student Loan Trust
2001-A Group II and 2005-A Group II, CE is provided by
overcollateralization (OC; the excess of trust's asset balance
over bond balance) and excess spread. The parity ratios (total
assets to total liabilities) for KeyCorp Student Loan Trust 2001-A
Group II, and 2005-A Group II are currently 102.75% and 101.00% as
of August 2013, not counting the Reserve Account. Including the
Reserve Account, parities are currently 102.75% and 104.54%.
KeyCorp Student Loan Trust 2004-A Group II is under-collateralized
with a reported parity ratio of 91.58% as of June 2013. Including
the reserve account, the parity is 95.24%. Fitch estimates
remaining defaults as of current balance for KeyCorp Student Loan
Trust 2001-A Group II, 2004-A Group II, and 2005-A Group II to
range from approximately 1-3%, 17-20%, and 13-15% respectively.

Satisfactory Servicing Capabilities: Day-to-day servicing is
provided by KeyBank, NA, PHEAA, and Great Lakes Educational Loan
Services, Inc. Fitch believes the servicing operations are
acceptable at this time.

The Negative Outlook for trust 2004-A Group II and 2005-A Group II
reflects increasing defaults and compressed multiples based on
available CE. The Stable Outlook for KSLT 2001-A Group II is due
to the stable trust performance and the fact that the trust is now
in turbo, and no more cash will be released.

Rating Sensitivities

As Fitch's base case default proxy is derived primarily from
historical collateral performance, actual performance may differ
from the expected performance, resulting in higher loss levels
than the base case. This will result in a decline in CE and
remaining loss coverage levels available to the notes and may make
certain note ratings susceptible to potential negative rating
actions, depending on the extent of the decline in coverage.

Fitch will continue to monitor the performance of the trusts.

Fitch has taken the following rating actions:

KeyCorp Student Loan Trust 2001-A (Group II):

-- Class II-A-2 affirmed at 'A+sf'; Outlook revised to Stable
    from Negative.

KeyCorp Student Loan Trust 2004-A (Group II):

-- Class II-A-2 affirmed at 'AAAsf'; Outlook Negative;
-- Class II-B affirmed at 'AAsf'; Outlook Negative;
-- Class II-C affirmed at 'BBBsf'; Outlook Negative;
-- Class II-D affirmed at 'CCsf'; RE0%.

KeyCorp Student Loan Trust 2005-A (Group II):

-- Class II-A-3 affirmed at 'AAsf'; Outlook Negative;
-- Class II-A-4 affirmed at 'AAsf'; Outlook Negative;
-- Class II-B affirmed at 'BBBsf'; Outlook Negative;
-- Class II-C affirmed at 'BBsf'; Outlook Negative.


KVK CLO 2013-1: S&P Affirms 'BB' Rating on Class E Notes
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on KVK CLO
2013-1 Ltd./KVK CLO 2013-1 LLC's $506.55 million floating-rate
notes following the transaction's effective date.  Although the
transaction declared its effective date as of March 7, 2013, this
effective date analysis was based on information as of Sept. 13,
2013, which was provided to S&P in the Sept. 4, 2013, trustee
report, and certain additional sources.

Most U.S. cash flow collateralized loan obligations (CLOs) close
before purchasing the full amount of their targeted level of
portfolio collateral.  On the closing date, the collateral manager
typically covenants to purchase the remaining collateral within
the guidelines specified in the transaction documents to reach the
target level of portfolio collateral.  Typically, the CLO
transaction documents specify a date by which the targeted level
of portfolio collateral must be reached.  The "effective date" for
a CLO transaction is usually the earlier of the date on which the
transaction acquires the target level of portfolio collateral, or
the date defined in the transaction documents.  Most transaction
documents contain provisions directing the trustee to request the
rating agencies that have issued ratings upon closing to affirm
the ratings issued on the closing date after reviewing the
effective date portfolio.

An effective date rating affirmation reflects S&P's opinion that
the portfolio collateral purchased by the issuer, as reported to
S&P by the trustee and collateral manager, in combination with the
transaction's structure, provides sufficient credit support to
maintain the ratings that S&P assigned on the transaction's
closing date.  The effective date reports provide a summary of
certain information that S&P used in its analysis and the results
of its review based on the information presented to S&P.

S&P believes the transaction may see some benefit from allowing a
window of time after the closing date for the collateral manager
to acquire the remaining assets for a CLO transaction.  This
window of time is typically referred to as a "ramp-up period."
Because some CLO transactions may acquire most of their assets
from the new issue leveraged loan market, the ramp-up period may
give collateral managers the flexibility to acquire a more diverse
portfolio of assets.

For a CLO that has not purchased its full target level of
portfolio collateral by the closing date, S&P's ratings on the
closing date and prior to its effective date review are generally
based on the application of 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," S&P said.

"In our published effective date report, we discuss our 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, we intend to publish an
effective date report each time we issue an effective date rating
affirmation on a publicly rated U.S. cash flow CLO," S&P added.

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

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

Class                      Rating                       Amount
                                                      (mil. $)
A                          AAA (sf)                    346.500
B                          AA (sf)                      61.050
C                          A (sf)                       42.350
D                          BBB (sf)                     29.425
E                          BB (sf)                      27.225


LB-UBS COMMERCIAL 2002-C1: Moody's Cuts X-CL Certs Rating to Caa3
-----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of four classes and
downgraded one class of LB-UBS Commercial Mortgage Pass-Through
Certificates, Series 2002-C1 as follows:

Cl. N, Affirmed B3 (sf); previously on Dec 9, 2010 Downgraded to
B3 (sf)

Cl. P, Affirmed Caa3 (sf); previously on Dec 9, 2010 Downgraded to
Caa3 (sf)

Cl. Q, Affirmed Ca (sf); previously on Dec 9, 2010 Downgraded to
Ca (sf)

Cl. S, Affirmed C (sf); previously on Dec 9, 2010 Downgraded to C
(sf)

Cl. X-CL, Downgraded to Caa3 (sf); previously on Oct 11, 2012
Downgraded to Caa2 (sf)

Ratings Rationale

The ratings of the P&I classes are consistent with Moody's
expected loss and are thus affirmed.

The downgrade of the IO class, Class X-CL, is due to a decline of
the weighted average rating factor (WARF) of its referenced
classes caused by the paydown of more highly rated classes.

Based on Moody's current base expected loss, the credit
enhancement levels for the affirmed classes are sufficient to
maintain their current ratings. Depending on the timing of loan
payoffs and the severity and timing of losses from specially
serviced loans, the credit enhancement levels 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.

Moody's rating action reflects a base expected loss of 15.2% of
the current balance compared to 6.2% at last review. Moody's base
expected loss plus realized losses is now 1.5% of the original
pooled balance compared to 1.6% at last review.

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

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.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.64 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.

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, the same as 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 v8.6 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(R) (Moody's Surveillance Trends) Reports and a
proprietary program that highlights significant credit changes
that have occurred in the last month as well as cumulative changes
since the last full transaction review. On a periodic basis,
Moody's also performs a full transaction review that involves a
rating committee and a press release. Moody's prior transaction
review is summarized in a press release dated October 11, 2012.

DEAL PERFORMANCE

As of the September 17, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $16.5
million from $1.24 billion at securitization. The Certificates are
collateralized by three mortgage loans ranging in size from less
than 1% to 79% of the pool.

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

Sixteen loans have been liquidated since securitization, resulting
in an aggregate loss of $16.1 million (31% average loss severity).
Currently there are two loans in special servicing, representing
approximately 22% of the pool balance. The largest specially
serviced loan is the Campus Circle Loan ($2.8 million -- 17.1% of
the pool), which is secured by a 65,000 square foot (SF) office
property in Irving, Texas. The loan was transferred to special
servicing in February 2009 for maturity default. In August 2010,
the loan's term period was extended by 20 months and the interest
rate was reduced to 6.0% from 7.3%. The loan became REO in May
2012. As of July 2013, the property was 29% leased. In August 2013
the master servicer recognized an appraisal reduction amount (ARA)
of $1.87 million. Moody's estimates a significant loss for this
loan.

The second specially serviced loan is the Village at East Fork
Loan ($0.67 million -- 4.1% of the pool), which is secured by a
72-pad mobile home park in Leadville, Colorado. The loan
transferred to special servicing in February 2011 for collateral
risk non-monetary default. Borrower has continued to remit post-
maturity payments and is due for the 4/11/13 payment. As of August
2013, the property was 100% leased. Moody's does not estimate a
loss for this loan at the moment.

The sole conduit loan is the Sprint Building Loan ($12.97 million
-- 78.8% of the pool), which is secured by a 102,0000 SF office
building located in the Altamonte Springs sub-market of Orlando,
Florida. Serving as a call center, the property is 100% leased to
Sprint Communication through November 30, 2016. The tenant has no
more lease renewal options remaining. The loan is on the
servicer's watch list because the borrower was not able to secure
refinancing prior to its anticipated repayment date (ARD) in March
2012. The loan has since been accruing an additional 2% of
deferred interest and there is hard lockbox in effect. The final
maturity date is March 11, 2032. Due to the single tenant
exposure, Moody's valuation incorporated a lit/dark analysis.
Moody's LTV and stressed DSCR are 93% 1.25X, essentially the same
as at last review.


LB-UBS 2004-C1: Equity Transfer No Impact on Moody's Ratings
------------------------------------------------------------
Moody's Investors Service was informed of a transfer request of
the equity interests in the current borrowers of the UBS Center --
Stamford Loan ("UBS Center") in LB-UBS Commercial Mortgage Trust
2004-C1. The transfer would allow for the transfer of 100% of the
limited liability company interests in Bel Stamford I LLC, Bel
Stamford II LLC, Bel Stamford III LLC, Bel Stamford IV LLC, Bel
Stamford V LLC, Bel Stamford VI LLC, Bel Stamford VII LLC, and Bel
Stamford VIII LLC (collectively, the "Borrowers") to AVG Stamford
Member LLC ("Buyer").

The current single members of each of the Borrowers (the
"Sellers") have agreed to transfer the Sellers' 100% limited
liability company interests in each Borrower to Buyer.
Concurrently with the transfer, the members of the single member
of Buyer will become the replacement guarantors for the non-
recourse carve-outs guarantors for the loan. Additionally, the
single member of Buyer will become the replacement asset manager
of the property. The proposed Transfer will become effective upon
satisfaction of the conditions set forth in the governing
documents.

Moody's has reviewed the proposed transaction and determined that
this action will not in and of itself, result in a downgrade or
withdrawal of the current ratings to any class of certificates
rated by Moody's for LB-UBS Commercial Mortgage Trust 2004-C1.
Moody's opinion addresses only the credit impact associated with
the proposed amendment, and Moody's is not expressing any opinion
as to whether the amendment has, or could have, other non-credit
related effects that may have a detrimental impact on the
interests of holders of rated obligations and/or counterparties.

The last rating action for LB-UBS Commercial Mortgage Trust 2004-
C1 was taken on November 9, 2012. 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.


LEAF RECEIVABLES: DBRS Continues 'BB' Rating on Class E Notes
-------------------------------------------------------------
DBRS Inc. has discontinued its ratings on the notes issued LEAF
Receivables Funding 3, LLC, Equipment Contract Backed Notes,
Series 2010-2 due to repayment of the notes.

The following ratings have been discontinued due to repayment:

- Class A Notes previously rated AAA (sf) now rated Discontinued-
   Repaid

- Class B Notes previously rated AA (sf) now rated Discontinued-
   Repaid

- Class C Notes previously rated 'A' (sf) now rated Discontinued-
   Repaid

- Class D Notes previously rated BBB (sf) now rated Discontinued-
   Repaid

- Class E Notes previously rated BB (sf) now rated Discontinued-
   Repaid


MADISON AVENUE 2013-650M: DBRS Rates Cl. E Securities 'BB(low)'
---------------------------------------------------------------
DBRS Inc. has assigned provisional ratings for the following
classes of Madison Avenue Trust 2013-650M.  The trends are Stable.

-- Class A at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (low) (sf)

The collateral consists of a $675 million fixed-rate loan secured
by 650 Madison Avenue, a 594,470 sf, 27-story, Class A office
tower built in 1957.  It is considered one of the premier office
towers in the Plaza District submarket because of its unobstructed
views of Central Park starting at the 15th floor and 200 feet of
ground floor retail frontage along Madison Avenue.  While the
property does not have the same name recognition as other
prestigous buildings in the submarket, it houses Polo Ralph
Lauren's corporate headquaters, flag ship stores for Tod's and
Crate & Barrel and has demonstrated an ability to achieve
comparable office rents, as illustrated by having recently
executed an LOI for space on the 25th floor for $150 psf.  The
previous owner recently invested $35.7 million in capital
expenditures, including lobby renovations, further supporting the
subject's position in the market.

The office portion of the collateral is 90.6% occupied by seven
tenants and the retail is 100% occupied by three tenants.  Polo
Ralph Lauren represents the larget tenant at the subject,
comprising 46.0% of the NRA and 35.5% of the NRI, and is on a
long-term lease that extends more than four years beyond the loan
term.  The largest retail tenant is Crate & Barrel, who recently
amended and renewed its lease through March 2019.  The negotiated
rental rate is still below market, as determined by the appraiser,
given the frontage along Madison Avenue.  With a 2.05x DBRS Term
DSCR, there is minimal term default risk, and with 63.0% of the
NRA leased to long-term investment-grade tenants, refinance risk
is considered minimal.


MAEXIM SECURED: Fitch Rates EUR20 Million Class A2 Notes 'BB+'
--------------------------------------------------------------
Fitch Ratings has assigned final ratings to the series 1-2013
notes issuances by MAEXIM Secured Funding Limited (MAEXIM) as
follows:

-- EUR380 million class A1 notes 'AAA';
-- EUR20 million class A2 notes 'BB+'.

The Rating Outlook is Stable.

The transaction is backed by 400 million euro-denominated notes
(collateral securities) issued by the Hungarian Export-Import Bank
(Eximbank) under its EUR 2 billion Global Medium Term Note
Programme (MTN Programme). The Multilateral Investment Guarantee
Agency (MIGA) has provided a guarantee to MAEXIM for 95% of the
scheduled payments due under the collateral securities. The
ratings address the timely payment of interest on a semi-annual
basis and payment of principal at legal maturity on Feb. 15, 2019.

Key Rating Drivers

The collateral securities are unconditionally and irrevocably
guaranteed by the government of Hungary ('BB+'). The MIGA contract
of guarantee only relates to the collateral securities, but as the
schedule coupon and principal payments on the class A1 notes
represent 95% of the schedule payments of the collateral
securities, the class A1 notes will be fully covered by the
payments received under the MIGA contract of guarantee.

The 'AAA' rating assigned to the class A1 notes reflects the
characteristics of the contract of guarantee, the credit quality
of MIGA, and the structural features of the transaction.

The rating assigned to the class A2 notes is linked to the 'BB+'
rating assigned to the collateral securities, which benefit from
the unconditional and irrevocable guarantee by Hungary.

Rating Sensitivies

The rating of the class A1 notes is directly linked to the credit
quality of MIGA, the guarantee provider. A change in Fitch's
assessment of the credit quality of MIGA would automatically
result in a change in the rating on the class A1 notes.

The rating of the class A2 notes reflects the credit quality of
the collateral securities. Any change to the Issuer Default Rating
(IDR) of Hungary and as a consequence to Eximbank's IDR or the
notes issued under Eximbank's IDR or the notes issued under
Eximbank's MTN programme would cause a change to the rating of the
class A2 notes.


MERRILL LYNCH 2007-CANADA: S&P Affirms BB Rating on Class G Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on four
classes of commercial mortgage pass-through certificates from
Merrill Lynch Financial Assets Inc.'s series 2007-Canada 23, a
Canadian commercial mortgage-backed securities (CMBS) transaction.
Concurrently, S&P affirmed its ratings on 14 other classes from
the same transaction.

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

The upgrades reflect S&P's expected available credit enhancement
for the affected tranches, which S&P believes is greater than its
most recent estimate of necessary credit enhancement for the
respective rating levels.  The upgrades also reflect S&P's views
of the current and future performance of the transaction's
collateral, and the deleveraging of the trust balance.  To date,
the trust has incurred no losses, and no loans are reported with
the special servicer.

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

S&P affirmed its 'AAA (sf)' ratings on the classes XP-1, XP-2, and
XC interest-only (IO) certificates based on its criteria for
rating IO securities.

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS RAISED

Merrill Lynch Financial Assets Inc.
Commercial mortgage pass-through certificates
series 2007-Canaada 23

           Rating       Rating              Credit enhancement
Class      To           From                       (%)
B          AA+ (sf)     AA (sf)                   15.57
C          A+ (sf)      A (sf)                    11.82
D-1        BBB+ (sf)    BBB (sf)                   7.50
D-2        BBB+ (sf)    BBB (sf)                   7.50

RATINGS AFFIRMED

Merrill Lynch Financial Assets Inc.
Commercial mortgage pass-through certificates
series 2007-Canaada 23

Class            Rating                     Credit enhancement (%)
A-2              AAA (sf)                          30.01
A-3              AAA (sf)                          30.01
A-J              AAA (sf)                          18.76
E-1              BBB- (sf)                          6.00
E-2              BBB- (sf)                          6.00
F                BB+ (sf)                           4.50
G                BB (sf)                            3.90
H                BB- (sf)                           3.60
J                B+ (sf)                            3.15
K                B (sf)                             2.78
L                B- (sf)                            2.33
XP-1             AAA (sf)                           N/A
XP-2             AAA (sf)                                 N/A
XC               AAA (sf)                                 N/A

N/A - Not applicable


ML-CFC 2006-1: Fitch Affirms 'D' Rating on Class H Certificates
---------------------------------------------------------------
Fitch Ratings has affirmed 19 classes of ML-CFC Commercial
Mortgage Trust, series 2006-1.

Key Rating Drivers

The affirmations are due to the overall stable pool performance
since Fitch's last rating action. Fitch modeled losses of 9.3% of
the remaining pool; expected losses on the original pool balance
total 9.5%, including $87.8 million (4.1% of the original pool
balance) in realized losses to date. Fitch has designated 24 loans
(21.3%) as Fitch Loans of Concern, which include 10 specially
serviced loans (6.8%).

As of the September 2013 distribution date, the pool's aggregate
principal balance has been reduced by 41.5% to $1.25 billion from
$2.14 billion at issuance. One loan (0.5% of the pool) is
defeased. Interest shortfalls are currently affecting classes F
through Q.

Rating Sensitivity

The 'AAA' rated classes are expected to remain stable due to
continued paydown. The 'BBB-' rated class may be subject to future
downgrades should pool performance deteriorate and losses on the
specially serviced loans exceed projections. In addition, the
distressed classes (rated below 'B') may be subject to further
rating actions as losses are realized.

The largest contributor to expected losses is a loan (2.3% of the
pool) secured by two office properties located in suburban
Atlanta, GA totaling 323,526 SF. The portfolio has been
underperforming since year end (YE) 2009 due to the loss of
several large tenants. The servicer-reported YE 2012 portfolio
debt service coverage ratio (DSCR) was 0.52x with a 72% occupancy
rate, compared to a DSCR of 1.29x and 91.5% occupancy rate at
issuance.

The second largest contributor to expected losses is a loan (4.3%)
secured by a portfolio of five medical office buildings and one
surgical center totaling 323,013 square feet (sf) located in
Texas, Arizona and Missouri. Three of the six properties are
occupied by single tenants. The portfolio's performance improved
in 2012, but it remains below performance expectations at
issuance. The servicer servicer-reported YE 2012 DSCR was 1.09x,
compared to a DSCR of 0.54x at YE2011 and 1.54x at issuance.
Several tenants are in the process or have recently renegotiated
leases. As of March 2013, the portfolio was 77.5% occupied,
including one property at 48%, compared to 93.3% at issuance.

The third largest contributor to expected losses is a loan (1.9%)
secured by a 170,796 SF retail center located in Reno, Nevada. The
property's performance continues to deteriorate as a result of the
decline in occupancy. The loan began amortizing in April 2011,
which also affected cash flow. The property occupancy dropped
sharply in 2009 to 72% from 95.5% at issuance when the largest
tenant vacated upon lease expiration. The property is struggling
to find new tenants. The servicer reported YE 2012 DSCR was 0.92x,
compared to 1.01x at YE2011 and 1.39x at issuance. Based on August
2013 rent roll, the property is 64.4% occupied.

Fitch affirms the following classes as indicated:

-- $2.6 million class A-SB at 'AAAsf', Outlook Stable;
-- $489.5 million class A-4 at 'AAAsf', Outlook Stable;
-- $204.2 million class A-1A at 'AAAsf', Outlook Stable;
-- $214.2 million class AM at 'AAAsf', Outlook Stable;
-- $82.1 million class AJ at 'BBB-sf', Outlook Negative;
-- $100 million class AN-FL at 'BBB-sf', Outlook Negative;
-- $50.9 million class B at 'CCCsf', RE70%;
-- $21.4 million class C at 'CCCsf',RE0%;
-- $29.5 million class D at 'CCsf', RE0%;
-- $16.1 million class E at 'CCsf', RE0%;
-- $24.1 million class F at 'Csf', RE0%;
-- $16.1 million class G at 'Csf', RE0%;
-- $1.5 million class H at 'Dsf', RE0%;
-- $0 class J at 'Dsf', RE0%;
-- $0 class K at 'Dsf', RE0%;
-- $0 class L at 'Dsf', RE0%;
-- $0 class M at 'Dsf', RE0%;
-- $0 class N at 'Dsf', RE0%;
-- $0 class P at 'Dsf', RE0%.

The class A-1, A-2, A-3, A-3FL and A-3B certificates have paid in
full. Fitch does not rate the class Q certificates. Fitch
previously withdrew the rating on the interest-only class X
certificates.


ML-CFC 2006-3: Fitch Cuts Rating on Cl. H Certificates to 'D'
-------------------------------------------------------------
Fitch Ratings has downgraded six classes of ML-CFC Commercial
Mortgage Trust (MLCFC) commercial mortgage pass-through
certificates series 2006-3 and removed two classes from Rating
Watch Negative.

Key Rating Drivers

The downgrades of classes AM through D are due to ongoing concerns
and increased loss expectations on the specially serviced loans,
primarily the Atrium Hotel Portfolio loan (12.6% of the pool).
Classes AM and AJ were placed on Rating Watch Negative upon
notification of the loan being transferred to special servicing in
May 2013. Class H has been downgraded to 'D' due to incurred
losses.

Fitch modeled losses of 15.8% of the remaining pool; expected
losses on the original pool balance total 15.8%, including $80.7
million (3.3% of the original pool balance) in realized losses to
date. Fitch has designated 67 loans (49.2%) as Fitch Loans of
Concern, which includes 18 specially serviced assets (23%).

As of the September 2013 distribution date, the pool's aggregate
principal balance has been reduced by 20.9% to $1.92 billion from
$2.43 billion at issuance. Per the servicer reporting, two loans
(1.4% of the pool) are defeased. Interest shortfalls are currently
affecting classes D through Q.

The largest contributor to expected losses is the specially-
serviced Atrium Hotel Portfolio loan (12.6% of the pool), the
largest loan in the pool. The loan is secured by a portfolio of
six full-service hotels, including five Embassy Suites
(Cary/Raleigh, NC; Portland, OR; Tampa, FL; Charleston, WV;
Seaside, CA) and a Capital Plaza Hotel (Topeka, KS). The loan
transferred to special servicing in May 2013 for imminent default,
after the borrower notified the master servicer of significant
upcoming capital improvement needs with limited available
reserves. The franchise agreements on the five Embassy Suites are
scheduled to expire between 2015 through 2018. The loan remains
current as of the September 2013 payment date; however, only two
of the six hotels report net operating income (NOI) debt service
coverage ratios (DSCR) above 1.0x. The combined NOI DSCR reports
at 1.10x and 1.13x for trailing twelve month (TTM) August 2013 and
year end (YE) December 2012, respectively. The portfolio's
combined occupancy reported approximately 74% for both TTM August
2013 and YE December 2012. The servicer has ordered third party
reports and executed a pre-negotiation agreement (PNA) with the
borrower.

The second largest contributor to expected losses is secured by a
156,486 square foot (SF) retail center in Gilbert, AZ (1.21%). The
movie theater anchored center (28% of the net rentable area [NRA])
has experienced cash flow issues from occupancy declines due to a
slow market and increased competition in the subject area. The
loan transferred to special servicing in February 2011 due to
payment default. A receiver was appointed in November 2011, and
the lender foreclosed on the property in April 2013. The special
servicer has hired a third party property manager and leasing
agent to help stabilize the property and plans to market the
property for sale.

The third largest contributor to Fitch-modeled losses is secured
by a 132-unit multifamily property located in Tucson, AZ (1%). The
loan transferred to the special servicer in December 2008 due to
payment default. The Borrower subsequently filed for Chapter 11
Bankruptcy in September 2009. In October 2010 the Bankruptcy Court
ruled for the lender to modify the loan at specific terms, which
included a significant principal reduction. The special servicer
has twice appealed the ruling, which the court had denied both
times in July 2011 and June 2013. The servicer reports current
occupancy at 81%.

Rating Sensitivity

Rating Outlooks on classes A-SB through AM are expected to remain
stable due to sufficient credit enhancement. The ratings reflect
additional stress scenarios applied on the Atrium Hotel Portfolio
due to the large size of the loan (12.6% of the pool) and Fitch's
ongoing concerns surrounding the capital improvement needs that
precede the franchise agreement expirations. Additional downgrades
are possible in the future if the franchise agreements are not
renewed. Downgrades to the distressed classes (those rated below
'B') are expected as losses are realized on specially serviced
loans.

Fitch removes from Rating Watch Negative and downgrades the
following classes:

-- $242.5 million class AM to 'BBBsf' from 'AAAsf'; Outlook
    Stable;

-- $191 million class AJ to 'CCCsf' from 'BBsf', RE 55%.

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

-- $48.5 million class B to 'CCsf' from 'CCCsf', RE 0%;
-- $18.2 million class C to 'CCsf' from 'CCCsf', RE 0%;
-- $48.5 million class D to 'Csf' from 'CCsf', RE 0%;
-- $16.3 million class H to 'Dsf' from 'Csf', RE 0%.

Fitch affirms the following classes:

-- $10.1 million class A-SB at 'AAAsf', Outlook Stable;
-- $971.8 million class A-4 at 'AAAsf', Outlook Stable;
-- $288.7 million class A-1A at 'AAAsf', Outlook Stable;
-- $21.2 million class E at 'Csf', RE 0%;
-- $36.4 million class F at 'Csf', RE 0%;
-- $24.3 million class G at 'Csf', RE 0%;
-- $0 class J at 'Dsf', RE 0%;
-- $0 class K at 'Dsf', RE 0%;
-- $0 class L at 'Dsf', RE 0%;
-- $0 class M at 'Dsf', RE 0%;
-- $0 class N at 'Dsf', RE 0%;
-- $0 class P at 'Dsf', RE 0%.

The class A-1, A-2 and A-3 certificates have paid in full. Fitch
does not rate the class Q certificate or the interest only class
XR certificate. Fitch previously withdrew the ratings on the
interest-only class XP and XC certificates.


MOMENTUM CAPITAL: Moody's Affirms Ba3 Rating on $9MM Cl. E Notes
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of the
following notes issued by Momentum Capital Fund, Ltd.:

$209,750,000 Class A-1 Floating Rate Notes Due 2021 (current
outstanding balance of $201,424,520.04), Affirmed Aaa (sf);
previously on September 27, 2007 Assigned Aaa (sf)

$52,400,000 Class A-2 Floating Rate Notes Due 2021, Affirmed Aaa
(sf); previously on September 1, 2011 Upgraded to Aaa (sf)

$22,500,000 Class B Floating Rate Notes Due 2021, Affirmed Aa3
(sf); previously on September 1, 2011 Upgraded to Aa3 (sf)

$15,950,000 Class C Deferrable Floating Rate Notes Due 2021,
Affirmed A3 (sf); previously on September 1, 2011 Upgraded to A3
(sf)

$11,250,000 Class D Deferrable Floating Rate Notes Due 2021,
Affirmed Ba1 (sf); previously on September 1, 2011 Upgraded to Ba1
(sf)

$9,150,000 Class E Deferrable Floating Rate Notes Due 2021,
Affirmed Ba3 (sf); previously on September 1, 2011 Upgraded to Ba3
(sf)

Ratings Rationale:

Moody's notes that these affirmations reflect general stability in
all the collateral quality metrics and coverage tests over the
past year. Further, the deal will end its reinvestment period in
October 2013 and start to amortize its liabilities.

Moody's notes that the key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, diversity
score, and weighted average recovery rate, are based on its
published methodology and 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 and principal
proceeds balance of $323.5 million, defaulted par of $5.5 million,
a weighted average default probability of 18.25% (implying a WARF
of 2640), a weighted average recovery rate upon default of 51.97%,
and a diversity score of 54. The default and recovery properties
of the collateral pool are incorporated in cash flow model
analysis where they are subject to stresses as a function of the
target rating of each CLO liability being reviewed. The default
probability is derived from the credit quality of the collateral
pool and Moody's expectation of the remaining life of the
collateral pool. The average recovery rate to be realized on
future defaults is based primarily on the seniority of the assets
in the collateral pool. In each case, historical and market
performance trends and collateral manager latitude for trading the
collateral are also factors.

Momentum Capital Fund, Ltd., issued in September 2007, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2013.

In addition to the base case analysis, Moody's also performed
sensitivity analyses to test the impact on all rated notes of
various default probabilities.

Summary of the impact of different default probabilities
(expressed in terms of WARF levels) 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:

Moody's Adjusted WARF -- 20% (2112)

Class A-1: 0

Class A-2: 0

Class B: +2

Class C: +2

Class D: +2

Class E: +2

Moody's Adjusted WARF + 20% (3168)

Class A-1: 0

Class A-2: 0

Class B: -1

Class C: -2

Class D: -2

Class E: -1

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as 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. CLO notes'
performance may also be impacted by 1) the manager's investment
strategy and behavior and 2) divergence in legal interpretation of
CLO documentation by different transactional parties due to
embedded ambiguities.

Sources of additional performance uncertainties:

1) Deleveraging: The main source of uncertainty in this
transaction is whether deleveraging from unscheduled principal
proceeds will commence and at what pace. Deleveraging may
accelerate due to high prepayment levels in the Loan market and
collateral sales by the manager, which may have significant impact
on the notes' ratings.

2) Recovery of defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to be
defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of recoveries
and the manager's decision to work out versus sell defaulted
assets create additional uncertainties. Moody's analyzed defaulted
recoveries assuming the lower of the market price and the recovery
rate in order to account for potential volatility in market
prices.


MORGAN STANLEY 2003-TOP11: Moody's Cuts Cl. J Certs Rating to 'C'
-----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 10 classes and
downgraded three classes of Morgan Stanley Capital I Inc.,
Commercial Mortgage Pass-Through Certificates, Series 2003-TOP11
as follows:

Cl. A-4, Affirmed Aaa (sf); previously on Aug 20, 2003 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aaa (sf); previously on Jan 28, 2011 Upgraded to
Aaa (sf)

Cl. C, Affirmed Aa2 (sf); previously on Nov 3, 2011 Upgraded to
Aa2 (sf)

Cl. D, Affirmed A1 (sf); previously on Nov 3, 2011 Upgraded to A1
(sf)

Cl. E, Affirmed Baa3 (sf); previously on Oct 12, 2012 Downgraded
to Baa3 (sf)

Cl. F, Affirmed Ba1 (sf); previously on Oct 12, 2012 Downgraded to
Ba1 (sf)

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

Cl. H, Downgraded to Caa2 (sf); previously on Oct 12, 2012
Downgraded to Caa1 (sf)

Cl. J, Downgraded to C (sf); previously on Oct 12, 2012 Downgraded
to Caa3 (sf)

Cl. K, Affirmed C (sf); previously on Oct 12, 2012 Downgraded to C
(sf)

Cl. L, Affirmed C (sf); previously on Oct 12, 2012 Downgraded to C
(sf)

Cl. M, Affirmed C (sf); previously on Jan 28, 2011 Downgraded to C
(sf)

Cl. X-1, Downgraded to B2 (sf); previously on Feb 22, 2012
Downgraded to Ba3 (sf)

Ratings Rationale

The affirmations of the P&I investment-grade 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
affirmations of the below-investment grade P&I classes are
consistent with Moody's expected loss and thus are affirmed. The
downgrades to two P&I classes are due to higher than expected
realized and anticipated losses from specially serviced loans.

The interest-only class, Class X-1, is downgraded to align its
rating with the expected credit performance of its referenced
classes.

Based on Moody's current base expected loss, the credit
enhancement levels for the affirmed classes are sufficient to
maintain their current ratings. 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.

Moody's rating action reflects a base expected loss of 8.0% of the
current balance compared to 4.5% at last review. Realized losses
have increased from 0.4% of the original balance to 1.1% since the
prior review. Moody's provides a current list of base losses for
conduit and fusion CMBS transactions on moodys.com at
http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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.

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. Moody's review incorporated
the use of the excel-based CMBS Conduit Model v 2.64 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.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 5 compared to 41 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 8.6 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(R) (Moody's Surveillance Trends) Reports and a
proprietary program that highlights significant credit changes
that have occurred in the last month as well as cumulative changes
since the last full transaction review. On a periodic basis,
Moody's also performs a full transaction review that involves a
rating committee and a press release. Moody's prior transaction
review is summarized in a press release dated October 12, 2012.

DEAL PERFORMANCE

As of the September 13, 2013 distribution date, the transaction's
aggregate pooled certificate balance has decreased by 88% to
$139.1 million from $1.2 billion at securitization. The
Certificates are collateralized by 29 mortgage loans ranging in
size from less than 1% to 40% of the pool, with the top ten loans
representing 80% of the pool. Two loans, representing 3% of the
pool, have been defeased and are collateralized with U.S.
Government Securities. One loan, representing 40% of the pool, has
an investment grade credit assessment.

Three loans, representing 41% 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.

Ten loans have been liquidated from the pool, resulting in an
aggregate realized loss of $13.3 million (28% loss severity on
average). Six loans, representing 29% of the pool, are currently
in special servicing.

The largest specially serviced loan is the Crown Point Corporate
Center Loan ($15 million -- 2.2% of the pool), which is secured by
a 129,000 square foot (SF) office property located in
Gaithersburg, Maryland. The loan transferred to special servicing
in November 2011 due to payment default. The property became real
estate owned (REO) in July 2012 after the borrower surrendered it
via a deed-in-lieu of foreclosure. As of July 2013, the property
was 62% leased. A December 2012 appraisal valued the property at
$6.1 million.

The second largest specially serviced loan is the Bisso Corporate
Center Loan ($12.8 million -- 9.2% of the pool). The loan is
secured by an industrial office property comprised of two
buildings located in Concord, CA. The property was built in 1982
and renovated in 2000. The loan transferred to special servicing
in May 2013 due to maturity default. As of July 2013, the property
was 57% leased with occupancy expected to drop to 29%. The sole
tenant is currently Verizon Wireless, occupying 29% of the net
rentable area (NRA). The borrower has executed a Letter of Intent
with Verizon Wireless for the remaining vacant space, which would
bring occupancy to 100%.

The third largest specially serviced loan is the 9200 Edmonston
Road Loan ($4.2 million --3.0% of the pool). The loan transferred
to special servicing in May 2013 due to maturity default. The loan
matured in May 2013. The loan is secured by a single-tenant
property which is 100% occupied by the GSA. The lease expired in
January 2013, and they are currently on a month-to-month lease,
while they decide if they will vacate the property or if they will
renew for potentially for less space. As a result, the borrower
has requested a one-year extension in order to reach a resolution
with the current tenant. The remaining specially serviced loans
are secured by retail and industrial properties. The servicer has
recognized an aggregate $8.4 million appraisal reduction for three
of the six specially serviced loans. Moody's analysis estimates a
$10.1 million aggregate loss (44% expected loss) for four of the
specially serviced loans.

Moody's was provided with full year 2012 and partial year 2013
operating results for 93% and 55% of the pool's non-specially
serviced and non-defeased loans, respectively. Excluding specially
serviced and troubled loans, Moody's weighted average conduit LTV
is 65% compared to 61% at Moody's prior review. Moody's net cash
flow reflects a weighted average haircut of 17% to the most
recently available net operating income. Moody's value reflects a
weighted average capitalization rate of 9.8%.

Excluding special serviced and troubled loans, Moody's actual and
stressed conduit DSCRs are 1.41X and 2.30X, respectively, compared
to 1.98X and 1.99X 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 an investment-grade credit assessment is the Center
Tower Loan ($55.4 million -- 39.9%), which is secured by a 462,200
SF office building located in Costa Mesa, California in Orange
County. The property is currently on the watchlist for low
occupancy. As of July 2013, the property was 76% leased compared
to 73% at last review. The loan has benefited from amortization
and has paid down 25% since securitization. Moody's credit
assessment and stressed DSCR are A3 and 1.66X, respectively,
compared to A3 and 1.69X at last review.

The top three conduit loans represent 11% of the pool. The largest
loan is the 801 Jubilee Loan ($6.4 million -- 4.6% of the pool).
The loan is secured by an industrial property located in Peabody,
Massachusetts. As of December 2012, the property was 100% leased,
the same as at last review. The loan is 100% leased to Higher
Linear Foods, which is a Nova Scotia processor and marketer of
frozen seafood's and pasta, until December 2019. Moody's utilized
a Lit/Dark analysis to reflect potential cash flow volatility due
to the single tenant exposure at the property. The loan is
benefiting from amortization. Moody's LTV and stressed DSCR are
66% and 1.64X.

The second largest loan is the Golden Springs Business Center
($4.6 million --3.3% of the pool). The loan is secured by an
industrial property located in Santa Fe Springs, California, in
Los Angeles County. As of July 2013, the property was 100% leased,
the same as at last review. The loan is fully amortizing. Moody's
LTV and stressed DSCR are 23% and >4.0X, respectively, compared to
26% and 3.83X, at last review.

The third largest loan is the All Size Storage Loan ($3.9 million
-- 2.8% of the pool). The loan is secured by a self storage
property with approximately 658 storage units located in San
Clemente, California, located in Orange County. As of July 2013,
the storage facility had an occupancy of 82%. The loan is
benefiting from amortization. Moody's LTV and stressed DSCR are
45% and 2.26X, respectively, compared to 52% and 1.99X at last
review.


MORGAN STANLEY 2007-XLC1: Moody's Cuts Rating on 2 Notes to 'C'
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two
classes and affirmed the ratings of seven classes of notes issued
by Morgan Stanley 2007-XLC1. The downgrades are due to an increase
in implied losses since last review. The affirmations are due to
the key transaction parameters performing within levels
commensurate with the existing ratings levels. The rating action
is the result of Moody's ongoing surveillance of commercial real
estate collateralized loan obligation (CRE CDO CLO) transactions.

Moody's rating action is as follows:

Cl. B, Affirmed B3 (sf); previously on Nov 23, 2011 Upgraded to B3
(sf)

Cl. C, Affirmed Caa1 (sf); previously on Nov 23, 2011 Upgraded to
Caa1 (sf)

Cl. D, Affirmed Caa2 (sf); previously on Nov 23, 2011 Upgraded to
Caa2 (sf)

Cl. E, Affirmed Caa3 (sf); previously on Nov 23, 2011 Upgraded to
Caa3 (sf)

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

Cl. G, Downgraded to C (sf); previously on Nov 23, 2011 Upgraded
to Caa3 (sf)

Cl. H, Downgraded to C (sf); previously on Nov 23, 2011 Upgraded
to Caa3 (sf)

Cl. J, Affirmed C (sf); previously on Dec 9, 2010 Downgraded to C
(sf)

Cl. K, Affirmed C (sf); previously on Dec 9, 2010 Downgraded to C
(sf)

Ratings Rationale

Morgan Stanley 2007-XLC1, Ltd. is a static cash CRE CDO
transaction backed by a portfolio of mezzanine debt (63.4% of the
pool balance), and whole loans (36.6%).

As of the September 9, 2013 Trustee report, the aggregate note
balance of the transaction, including preferred shares, has
declined to $254.8 million from $826.8 million at issuance with
the paydown directed to the senior most outstanding class of notes
from the combination of principal repayment of collateral,
resolution and sales of defaulted collateral and the failure of
certain coverage tests.

There are 2 assets with a par balance of $48.9 million (36.6% of
the current pool balance) that are considered defaulted as of the
September 9, 2013 Trustee report. Moody's does expect significant
losses to occur on the defaulted assets once they are realized. As
of the September 9, 2013 Trustee report, the deal is
undercollateralized by $120.9 million due to realized losses on
collateral assets.

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.
We have completed updated assessments for the non-Moody's rated
collateral. Moody's modeled a bottom-dollar WARF of 7,780 compared
to 7,925 at last review. The current distribution of Moody's rated
collateral and assessments for non-Moody's rated collateral is as
follows: Caa2 (63.4%, compared to 32.7% at last review), Ca/C
(36.6% compared to 56.2% at last review).

Moody's modeled to a WAL of 2.1 years compared to 1.2 years at
last review. The current WAL is based on the assumption about
extensions on the underlying collateral.

Moody's modeled a fixed WARR of 14.6% compared to 9.5% at last
review.

Moody's modeled a MAC of 99.9% compared to 100% at last review.

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

The cash flow model, CDOEdge(R) v3.2.1.2, released on May 16,
2013, was used to analyze the cash flow waterfall and its effect
on the capital structure of the deal.

Moody's analysis encompasses the assessment of stress scenarios.

Changes in any one or combination of the key parameters may have
rating implications on certain classes of rated notes. However, in
many instances, a change in key parameter assumptions in certain
stress scenarios may be offset by a change in one or more of the
other key parameters. In general, the rated notes are particularly
sensitive to changes in recovery rate assumptions. Holding all
other key parameters static, changing the recovery rate assumption
down from 14.6% to 4.6% or up to 24.6% would result in the modeled
rating movement on the rated tranches of 0 to 1 notch downward and
0 to 1 notch upward, respectively.

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

Primary sources of assumption uncertainty are the extent of growth
in the current macroeconomic environment given the weak pace of
recovery 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 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.


MOUNTAIN CAPITAL V: S&P Affirms 'BB+' Rating on Class B2L Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A1L, A1LB, A2L, and A3L notes from Mountain Capital CLO V Ltd., a
cash flow collateralized loan obligation transaction managed by
Carlyle Investment Management LLC, and removed them from
CreditWatch with positive implications.  At the same time, S&P
affirmed its rating on the class A-1LA notes and affirmed and
removed from CreditWatch with positive implications its ratings on
the class B1L and B2L notes.

The affirmation on the class A-1LA notes and the upgrades reflect
increased available credit support to the transaction.  Since
S&P's April 2012 rating actions, the transaction has exited its
reinvestment period and paid down the class A1 noteholders
by $139 million to 36% of their total initial issuance amounts.
As a result of the paydowns, the class A overcollateralization
ratio has increased to 122% from 113% in March 2012.

Currently, the largest obligor test constrains the ratings on the
class B1L and B2L notes.  This test addresses the potential
concentration of exposure to certain obligors in the transaction's
portfolio.  This transaction has exposure to over 90 unique
obligors as of the September 2013 trustee report.  For the class
B2L notes, S&P considered the transaction improvements noted above
and the portfolio's overall diversification, and affirmed the
'BB+ (sf)' rating even though the largest obligor test points to a
lower rating.  S&P affirmed its 'BBB+ (sf)' rating on the class
B1L notes.

Standard & Poor's will continue to review whether, in its view,
the ratings currently assigned to the notes remain consistent with
the credit enhancement available to support them, and will 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

RATING AND CREDITWATCH ACTIONS

Mountain Capital CLO V Ltd.
              Rating
Class     To          From
A1L       AAA (sf)    AA+ (sf)/Watch Pos
A-1LA     AAA (sf)    AAA (sf)
A1LB      AAA (sf)    AA+ (sf)/Watch Pos
A2L       AAA (sf)    AA+ (sf)/Watch Pos
A3L       AA (sf)     A+ (sf)/Watch Pos
B1L       BBB+ (sf)   BBB+ (sf)/Watch Pos
B2L       BB+ (sf)    BB+ (sf)/Watch Pos


MSCI 2004-RR2: Fitch Affirms 'CCC' Rating on 4 Note Classes
-----------------------------------------------------------
Fitch Ratings has upgraded two and affirmed eight classes issued
by MSCI 2004-RR2 as a result of improved performance on the
underlying portfolio since the last rating action.

Key Rating Drivers:

Since the last rating action in November 2012, approximately 34%
of the collateral has been upgraded. Currently, 51.7% of the
portfolio has a Fitch-derived rating below investment grade and
6.6% has a rating in the 'CCC' category and below, compared to
55.2% and 15.2%, respectively, at the last rating action. Over
this period, the transaction has received $61.9 million in
principal paydowns which has resulted in the full repayment of the
class A-2 and B notes and $10.4 million in paydowns to the class C
notes.

This transaction was analyzed under the framework described in the
report 'Global Rating Criteria for Structured Finance CDOs' using
the Portfolio Credit Model (PCM) for projecting future default
levels for the underlying portfolio. The Rating Loss Rates (RLR)
were then compared to the credit enhancement of the classes. Fitch
also analyzed the structure's sensitivity to the assets that are
distressed, experiencing interest shortfalls, and those with near-
term maturities. Additionally, Fitch performed a deterministic
scenario where the recovery estimate on the distressed collateral
was modeled in accordance with the principal waterfall. An asset
by asset analysis was then performed for the remaining assets to
determine the collateral coverage for the remaining liabilities.
While the class C through F notes' ratings pass above their
current ratings within the PCM model, the ratings below reflect
the passing rates as well as the concern of potential interest
shortfalls and concentration risk as the portfolio continues to
amortize. The credit enhancements for the class G and M notes are
consistent with the current rating of the notes.

The Stable Outlook on the class C through F notes reflects Fitch's
expectation that the transaction will continue to delever. The
Negative Outlook on the class G and H notes reflects the risk of
adverse selection as the portfolio continues to amortize.

MSCI 2004-RR2 is a static Re-Remic backed by commercial mortgage
backed securities (CMBS) B-pieces that closed June 29, 2004. The
transaction is collateralized by seven CMBS assets from nine
obligors from the 1997-2000 vintages.

Rating Sensitivities

Further negative migration and defaults beyond those projected by
SF PCM as well as increasing concentration in assets of a weaker
credit quality could lead to downgrades.

Fitch has upgraded the following classes:

-- $4,663,428 class C notes to 'Asf' from 'BBsf'; Outlook to
    Stable from Negative;

-- $5,299,000 class D notes to 'BBBsf' from 'BBsf'; Outlook
    to Stable from Negative.

Fitch has affirmed the following classes and revised Outlooks as
shown:

-- $12,229,000 class E notes at 'Bsf'; Outlook to Stable from
    Negative;

-- $3,261,000 class F notes at 'Bsf'; Outlook to Stable from
    Negative;

-- $6,930,000 class G notes at 'Bsf'; Outlook Negative;

-- $3,668,000 class H notes at 'Bsf'; Outlook Negative;

-- $2,446,000 class J notes at 'CCCsf';

-- $2,446,000 class K notes at 'CCCsf';

-- $2,446,000 class L notes at 'CCCsf';

-- $1,630,000 class M notes at 'CCCsf'.


NATIONAL COLLEGIATE: S&P Puts 'BB-' Rating on CreditWatch Positive
------------------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch status
of two classes of notes issued from The National Collegiate Master
Student Loan Trust I to positive from negative.  These notes were
issued pursuant to the 2002 Trust Indenture and are backed by a
collateral pool of private student loans; this issuance consists
of student loan asset-backed auction-rate senior notes.

The rating actions are a part of S&P's ongoing shelf review for
all of the National Collegiate Student Loan Trusts transactions
that S&P rates.  This action reflects S&P's view of the current
hard credit enhancement and our estimation of the remaining life
for these notes.  It also reflects the application of S&P's non-
monetary event of default criteria, which allows it to
differentiate among the Class A ratings for this transaction.

The AR-9 note is the current paying note, and based on recent
principal amortization, S&P expects that this note may be paid in
full within the next year.  Similarly, the AR-10 note is expected
to pay out in full over the next two to three years.  Principal
amortization relative to the pace of net losses has resulted in
these classes building substantial levels of hard enhancement as
measured by parity.  In addition, the short expected life for
these classes would limit their exposure to certain key risk
considerations, including the high cost auction rates for all of
the notes and the expected remaining net losses on the collateral
pool.  Based on stressed break-even cash flow runs for this trust,
preliminary indications are that both of these classes will be
paid in full prior to their legal final maturity dates and
generate robust break-even multiples at the current rating levels.

In resolving the revised CreditWatch placements, S&P will consider
various quantitative as well as qualitative factors to determine
if these notes warrant a higher rating.  S&P expects to resolve
the CreditWatch placements within the next 90 days and take any
further rating actions that it considers appropriate.

         STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS PLACED ON CREDITWATCH POSITIVE

National Collegiate Master Student Loan Trust I (The)
US$357.1 mil student loan asset-backed auction rate senior notes
series
NCT-2002AR-6, AR-7, AR-8, AR-9, AR-10

                         Rating
Class                 To                   From
2002-AR-9             BBB (sf)/Watch Pos   BBB (sf)/Watch Neg
2002-AR-10            BB- (sf)/Watch Pos   BB- (sf)/Watch Neg


NATIONAL COLLEGIATE 2006-A: Fitch Keeps CC Rating on Cl. B Notes
----------------------------------------------------------------
Fitch Ratings affirms the ratings on the National Collegiate Trust
2006-A student loan asset-backed notes (NCT 2006-A). The Rating
Outlook is Stable for the senior notes. Fitch's Global Structured
Finance Rating Criteria and Private Student Loan Asset-Backed
Securities (ABS) Criteria were used to review the transaction.

Key Rating Drivers

The calculated loss coverage multiple for the NCT 2006-A notes is
sufficient to support an 'A-sf' rating on the senior notes and
'CCsf' rating on the subordinate notes, which was calculated using
collateral performance data as of July 31, 2013. The collateral
performance data reported senior parity to be 139.74% and total
parity 97.75%. A Stable Outlook has been assigned to the senior
notes as senior parity continues to rise and excess spread is
positive.

A loss coverage multiple was determined by comparing a projected
net loss amount to available credit enhancement. Fitch used
historical vintage loss data provided by First Marblehead
Corporation in addition to a proxy default curve to form a loss
timing curve. After giving credit for seasoning of loans in
repayment, Fitch applied the trust's current cumulative gross loss
level to this loss timing curve to derive the expected gross
losses over the projected remaining life. Fitch estimates
remaining defaults to be approximately 25% to 27%. A recovery rate
of 25% was applied, which was determined to be appropriate based
on the latest data provided by the issuer.

As the subordinate class B notes' current rating classifies these
notes as a distressed structured finance security, Fitch has
calculated a Recovery Estimate (RE) which represents Fitch's
calculation of expected principal recoveries, as a percentage of
current note principal outstanding. The RE for the subordinate
class B notes was calculated to be approximately 40.00% given
Fitch's calculation of expected net recoveries and principal
balance of the notes as of the latest reporting period.

Credit enhancement consists of excess spread and a general reserve
account, while the senior notes benefit from subordination
provided by the class B notes. Fitch assumed excess spread to be
the lessor of the historical average excess spread (earning on the
assets minus interest payments to bondholders and fees) and the
most recent 12-month average excess spread from the most recent
information provided by the administrator, GSS Data Services,
Inc., a wholly owned subsidiary of Goal Structured Solutions, Inc.
and applied that same rate over the stressed projection of
remaining life. In addition, the guarantee provided by Bank of
America on loans originated pursuant to the GATE Program was given
credit in our analysis.

Rating Sensitivities

As Fitch's base case default proxy is derived primarily from
historical collateral performance, actual performance may differ
from the expected performance, resulting in higher loss levels
than the base case. This will result in a decline in credit
enhancement and remaining loss coverage levels available to the
notes and may make certain note ratings susceptible to potential
negative rating actions, depending on the extent of the decline in
coverage.

The collateral supporting NCT 2006-A notes consists entirely of
private student loans, of which the loans under the GATE program
were originated by the Bank of America, rated 'Asf/F1', Outlook
Stable by Fitch, and the remainder were loans originated by Chela,
which is not rated by Fitch. Loan proceeds are used by students to
assist in financing the cost of attending undergraduate, law
school, business school, medical school, dental school, and other
graduate programs. In November 2012, First Marblehead Education
Resources, a subsidiary of First Marblehead resigned as special
servicer and U.S. Bank, the backup special servicer for all trusts
assumed the role.

Fitch has taken the following rating actions:

National Collegiate Trust 2006-A Student Loan Asset-Backed Notes:

-- Senior class A-2 affirmed at 'A-sf'; Outlook Stable;
-- Subordinate class B affirmed at 'CCsf' RE 40%.


NACM CLO I: Moody's Hikes Rating on $9.5MM Class D Notes to 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by NACM CLO I:

U.S.$16,500,000 Class B Deferrable Floating Rate Notes Due 2019,
Upgraded to Aa1 (sf); previously on May 7, 2013 Upgraded to Aa2
(sf)

U.S.$11,000,000 Class C Floating Rate Notes Due 2019, Upgraded to
A3 (sf); previously on May 7, 2013 Upgraded to Baa1 (sf)

U.S.$9,500,000 Class D Floating Rate Notes Due 2019, Upgraded to
Ba1 (sf); previously on May 7, 2013 Affirmed Ba2 (sf)

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

U.S.$224,000,000 Class A-1 Floating Rate Notes Due 2019 (current
outstanding balance of $78,187,283), Affirmed Aaa (sf); previously
on May 7, 2013 Affirmed Aaa (sf)

U.S.$15,500,000 Class A-2 Floating Rate Notes Due 2019, Affirmed
Aaa (sf); previously on May 7, 2013 Upgraded to Aaa (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 last rating action in May 2013. Moody's notes that the Class
A-1 Notes have been paid down by approximately 29.6% or $32.9
million since the last rating action date. Based on the latest
trustee report dated September 9, 2013, the Class A, Class B,
Class C and Class D overcollateralization ratios are reported at
156.2%, 132.8%, 120.8%, and 112.0%, respectively, versus April
2013 levels of 128.8%, 118.2%, 112.0% and 107.1%, respectively.
Additionally, the principal collection account currently has about
$8.6 million of cash, which Moody's expects will be used to pay
down the Class A-1 Notes on the next payment date in October 2013.

Notwithstanding benefits of the deleveraging, Moody's notes that
the credit quality of the underlying portfolio has deteriorated
since May 2013. Based on the September 9, 2013 trustee report, the
weighted average rating factor is currently 2637 compared to 2452
in April 2013.

Moody's notes that the underlying portfolio includes a number of
investments in securities that mature after the maturity date of
the notes. Based on the September 9, 2013 trustee report,
securities that mature after the maturity date of the notes
currently make up approximately 5.4% of the underlying portfolio.
These investments potentially expose the notes to market risk in
the event of liquidation at the time of the notes' maturity.

Moody's notes that the key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, diversity
score, and weighted average recovery rate, are based on its
published methodology and 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 and principal
proceeds balance of $142.6 million, defaulted par of $3.7 million,
a weighted average default probability of 17.50% (implying a WARF
of 2553), a weighted average recovery rate upon default of 50.9%,
and a diversity score of 34. The default and recovery properties
of the collateral pool are incorporated in cash flow model
analysis where they are subject to stresses as a function of the
target rating of each CLO liability being reviewed. The default
probability is derived from the credit quality of the collateral
pool and Moody's expectation of the remaining life of the
collateral pool. The average recovery rate to be realized on
future defaults is based primarily on the seniority of the assets
in the collateral pool. In each case, historical and market
performance trends and collateral manager latitude for trading the
collateral are also factors.

NACM CLO I, issued in June 2006, is a collateralized loan
obligation backed primarily by a portfolio of senior secured loans
and senior secured bonds.

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2013.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in May 2013.

In addition to the base case analysis described above, Moody's
also performed sensitivity analyses to test the impact on all
rated notes of various default probabilities. Below is a summary
of the impact of different default probabilities (expressed in
terms of WARF levels) 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:

Moody's Adjusted WARF -- 20% (2042)

Class A-1: 0

Class A-2: 0

Class B: +1

Class C: +3

Class D: +1

Moody's Adjusted WARF + 20% (3063)

Class A-1: 0

Class A-2: 0

Class B: -2

Class C: -1

Class D: -1

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as 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. CLO notes'
performance may also be impacted by 1) the manager's investment
strategy and behavior and 2) divergence in legal interpretation of
CLO documentation by different transactional parties due to
embedded ambiguities.

Sources of additional performance uncertainties are described
below:

1) Deleveraging: The main source of uncertainty in this
transaction is whether deleveraging from unscheduled principal
proceeds will continue and at what pace. Deleveraging may
accelerate due to high prepayment levels in the loan market and/or
collateral sales by the manager, which may have significant impact
on the notes' ratings.

2) Recovery of defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to be
defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of recoveries
and the manager's decision to work out versus sell defaulted
assets create additional uncertainties. Moody's analyzed defaulted
recoveries assuming the lower of the market price and the recovery
rate in order to account for potential volatility in market
prices.

3) Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation risk
on those assets. Moody's assumes an asset's terminal value upon
liquidation at maturity to be equal to the lower of an assumed
liquidation value (depending on the extent to which the asset's
maturity lags that of the liabilities) and the asset's current
market value.


NORTHWOODS CAPITAL VI: Moody's Ups Rating on Cl. C Notes From Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the
following notes issued by Northwoods Capital VI, Limited:

$30,000,000 Class A-2 Senior Secured Floating Rate Notes Due March
16, 2021, Upgraded to Aaa (sf); previously on February 15, 2013
Upgraded to Aa1 (sf)

$49,000,000 Class B Senior Secured Deferrable Floating Rate Notes
Due March 16, 2021, Upgraded to Aa3 (sf); previously on February
15, 2013 Upgraded to A3 (sf)

$43,250,000 Class C Senior Secured Deferrable Floating Rate Notes
Due March 16, 2021, Upgraded to Baa2 (sf); previously on February
15, 2013 Upgraded to Ba1 (sf)

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

$402,000,000 Class A-1 Senior Secured Floating Rate Notes Due
March 16, 2021 (current outstanding balance of $302,653,518.92),
Affirmed Aaa (sf); previously on February 15, 2013 Upgraded to Aaa
(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 last rating action in February 2013. Moody's notes that the
Class A-1 Notes have been paid down by approximately 24.7% or
$99.3 million since February 2013. Based on the latest trustee
report dated September 5, 2013, the Class A, Class B and Class C
overcollateralization ratios are reported at 153.9%, 134.1%, and
120.5%, respectively, versus January 2013 levels of 140.8%,
126.4%, and 116.0%, respectively.

Moody's also notes that the deal has benefited from an improvement
in the credit quality of the underlying portfolio since the rating
action in February 2013. Based on Moody's calculations, the
weighted average rating factor is currently 3206 compared to 3431
in February 2013.

Moody's notes that the key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, diversity
score, and weighted average recovery rate, are based on its
published methodology and 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 and principal
proceeds balance of $511.8 million, no defaulted par, a weighted
average default probability of 22.7% (implying a WARF of 3206), a
weighted average recovery rate upon default of 50.45%, and a
diversity score of 39. The default and recovery properties of the
collateral pool are incorporated in cash flow model analysis where
they are subject to stresses as a function of the target rating of
each CLO liability being reviewed. The default probability is
derived from the credit quality of the collateral pool and Moody's
expectation of the remaining life of the collateral pool. The
average recovery rate to be realized on future defaults is based
primarily on the seniority of the assets in the collateral pool.
In each case, historical and market performance trends and
collateral manager latitude for trading the collateral are also
factors.

Northwoods Capital VI, Limited, issued in March 2006, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2013.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in May 2013.

In addition to the base case analysis, Moody's also performed
sensitivity analyses to test the impact on all rated notes of
various default probabilities.

Summary of the impact of different default probabilities
(expressed in terms of WARF levels) 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:

Moody's Adjusted WARF -- 20% (2565)

Class A-1: 0

Class A-2: 0

Class B: +1

Class C: +2

Moody's Adjusted WARF + 20% (3848)

Class A-1: 0

Class A-2: 0

Class B: -2

Class C: -1

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as 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. CLO notes'
performance may also be impacted by 1) the manager's investment
strategy and behavior and 2) divergence in legal interpretation of
CLO documentation by different transactional parties due to
embedded ambiguities.

Sources of additional performance uncertainties:

1) Deleveraging: The main source of uncertainty in this
transaction is whether deleveraging from unscheduled principal
proceeds will continue and at what pace. Deleveraging may
accelerate due to high prepayment levels in the loan market and/or
collateral sales by the manager, which may have significant impact
on the notes' ratings.

2) Post-Reinvestment Period Trading: Subject to certain
requirements, the deal is allowed to reinvest proceeds from
prepaid collateral obligations and the sale of credit risk
obligations and credit improved obligations after the end of the
reinvestment period, and as such the manager has the flexibility
to deteriorate certain collateral quality metrics. Moody's tested
the ratings sensitivity to reinvestment by varying the amount of
principal proceeds that would be used to repay the notes on the
next payment date instead of being reinvested in additional
collateral.


NORTHWOODS CAPITAL X: S&P Assigns 'BB-' Rating on Class E Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to
Northwoods Capital X Ltd./Northwoods Capital X LLC's
$324.50 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 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 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 0.2654%-12.8655%.

   -- 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 up to 50%
      of excess interest proceeds that are available before paying
      uncapped administrative expenses and fees, subordinated
      hedge termination payments, and collateral manager incentive
      fees.

          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/1811.pdf

RATINGS ASSIGNED

Northwoods Capital X Ltd./Northwoods Capital X LLC

Class                  Rating                  Amount
                                             (mil. $)
X                      AAA (sf)                  2.50
A-1                    AAA (sf)                165.00
A-2                    AAA (sf)                 45.00
B-1                    AA (sf)                  22.00
B-2                    AA (sf)                  20.00
C (deferrable)         A (sf)                   31.50
D (deferrable)         BBB (sf)                 19.50
E (deferrable)         BB- (sf)                 19.00
Subordinated notes     NR                       42.50

NR-Not rated.


OCP CLO 2013-4: S&P Assigns Prelim. 'BB-' Rating on Class D Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to OCP CLO 2013-4 Ltd./OCP CLO 2013-4 Corp.'s $474.5
million floating-rate notes.

The note issuance is a collateralized loan obligation transaction
backed by a revolving pool consisting primarily of broadly
syndicated senior secured loans.

The preliminary ratings are based on information as of Oct. 3,
2013.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

The preliminary ratings reflect S&P's view of:

   -- The credit enhancement provided to the preliminary rated
      notes through the subordination of cash flows that are
      payable to the subordinated notes.

   -- The transaction's credit enhancement, which is sufficient to
      withstand the defaults applicable for the supplemental tests
      (not counting excess spread), and cash flow structure, which
      can withstand the default rate projected by Standard &
      Poor's CDO Evaluator model, as assessed by Standard & Poor's
      using the assumptions and methods outlined in its corporate
      collateralized debt obligation (CDO) criteria.

   -- The transaction's legal structure, which is expected to be
      bankruptcy remote.

   -- The diversified collateral portfolio, which consists
      primarily of broadly syndicated speculative-grade senior
      secured term loans.

   -- The collateral manager's experienced management team.

   -- S&P's projections regarding the timely interest and ultimate
      principal payments on the preliminary rated notes, which S&P
      assessed using its cash flow analysis and assumptions
      commensurate with the assigned preliminary ratings under
      various interest-rate scenarios, including LIBOR ranging
      from 0.26%-11.67%.

   -- 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 a
      certain amount of excess interest proceeds, which are
      available before paying uncapped administrative expenses and
      fees; subordinated hedge termination payments; collateral
      manager incentive fees; and subordinated notes payments to
      principal proceeds for additional collateral asset purchases
      during 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/1852.pdf

PRELIMINARY RATINGS ASSIGNED

OCP CLO 2013-4 Ltd./OCP CLO 2013-4 Corp.

Class               Rating                    Amount
                                            (mil. $)
A-1A                AAA (sf)                 294.125
A-1B                AAA (sf)                  14.500
A-2                 AA (sf)                   56.500
B (deferrable)      A (sf)                    45.125
C (deferrable)      BBB- (sf)                 31.125
D (deferrable)      BB- (sf)                  20.625
E (deferrable)      B (sf)                    12.500
subordinated notes  NR                        39.850

NR-Not rated.


OMI TRUST 2001-B: Moody's Raises Rating on 3 Tranches to Ba3
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of three
tranches from OMI Trust 2001-B, backed by manufactured housing
loans.

Complete rating actions are as follows:

Issuer: OMI Trust 2001-B

Cl. A-2, Upgraded to Ba3 (sf); previously on Mar 30, 2009
Downgraded to B3 (sf)

Cl. A-3, Upgraded to Ba3 (sf); previously on Mar 30, 2009
Downgraded to B3 (sf)

Cl. A-4, Upgraded to Ba3 (sf); previously on Mar 30, 2009
Downgraded to B3 (sf)

Ratings Rationale:

The actions are a result of the recent performance of manufactured
housing loans backed pools and reflect Moody's updated loss
expectations on the pools. The upgrades are primarily due to the
build-up in credit enhancement due to sequential pay structures
and non-amortizing subordinate bonds. Performance has remained
generally stable from Moody's last review.

The principal methodology used in this rating was "US RMBS
Surveillance Methodology" published in June 2013.

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 August 2012 to 7.3% in August 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.


PMT LOAN 2013-J1: S&P Assigns 'BB' Rating on Class B-4 Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to PMT
Loan Trust 2013-J1's $542.755 million mortgage pass-through
certificates series 2013-J1.

The certificate issuance is a residential mortgage-backed
securities transaction backed by residential mortgage loans.
Overall, the assigned ratings reflect the pool's high-quality
collateral in conjunction with the credit enhancement provided to
each class, the structural mechanics, and other facets included in
our evaluation of the transaction.

The material difference from the PMT Loan Trust 2013-J1 presale
report is the addition of six senior exchangeable certificates.
For the most part, the capital structure now includes three super-
senior exchangeable certificates (class A-9, A-11, and A-13) that
receive additional subordination from their respective senior
support class (classes A-10, A-12, and A-14).

          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/1818.pdf

RATINGS ASSIGNED

PMT Loan Trust 2013-J1

Class       Rating             Amount    Interest rate
                             (mil. $)           (%)(i)
A-2         AAA (sf)          253.901             2.00
A-IO1       AAA (sf)         Notional(ii)         (v)
A-IO2       AAA (sf)         Notional(ii)         (vi)
A-3         AAA (sf)          253.900             3.00
A-IO3       AAA (sf)         Notional(iii)       (vii)
A-IO        AAA (sf)         Notional(iv)        (viii)
A-1         AAA (sf)          507.801             3.50
A-4         AAA (sf)          253.901             2.50
A-5         AAA (sf)          253.901             3.00
A-6         AAA (sf)          253.901             3.50
A-7         AAA (sf)          253.900             3.50
A-8         AAA (sf)          507.801             3.00
A-9         AAA (sf)          465.140             3.50
A-10        AAA (sf)           42.661             3.50
A-11        AAA (sf)          486.470             3.50
A-12        AAA (sf)           21.331             3.50
A-13        AAA (sf)          495.415             3.50
A-14        AAA (sf)           12.386             3.50
B-1         AA (sf)            14.037          Net WAC
B-2         A (sf)              9.633          Net WAC
B-3         BBB (sf)            5.504          Net WAC
B-4         BB (sf)             5.780          Net WAC
B-5         NR                  7.707          Net WAC

  (i) The certificates are subject to a net WAC cap, which is
      reduced by expenses as described in the presale.
(ii) The notional amount for class A-IO1 and A-IO2 will equal the
      class A-2 outstanding balance.
(iii) The notional amount for class A-IO3 will equal the class A-3
      outstanding balance.
(iv) The notional amount for class A-IO will equal the aggregate
      outstanding balance of class A-2 and A-3.
  (v) Lesser of 0.50% and the excess, if any, of the net WAC above
      2.00%.
(vi) Lesser of 1.00% and the excess, if any, of net WAC above
      2.50%.
(vii) Lesser of 0.5% and the excess, if any, of net WAC above
      3.00%.
(viii)Equal to the excess, if any, of the net WAC that's higher
      than 3.50%.
IO - Interest-only.
NR - Not rated.
WAC - Weighted average coupon.


RESIDENTIAL ASSET: S&P Affirms 'CC' Rating on Class B-4 Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on class
B-1 from Residential Asset Securitization Trust 1999-A3 by raising
it to 'AA+ (sf)' from 'A+ (sf)'.  S&P also corrected its rating on
class B-3 from the same transaction by lowering it to 'BBB (sf)'
from 'A+ (sf)'.  S&P removed both ratings from CreditWatch with
negative implications.  In addition, S&P affirmed its ratings on
five other classes from the same transaction and removed one of
them from CreditWatch negative.

"On Jan. 30, 2013, we lowered our ratings on classes B-1 and B-2
to 'A+ (sf)' from 'AAA (sf)', and lowered our rating on class B-3
to 'A+ (sf)' from 'AA (sf)', based on interest shortfalls being
reported by Intex on these classes.  At that time, the trustee and
Intex also reported that the transaction included no delinquent
loans.  On April 29, 2013, because of Intex's reporting of
continuing interest shortfalls, we placed our ratings on classes
B-1 through B-3 on CreditWatch negative.  However, further
research concluded that these classes had experienced no interest
shortfalls to date and that the transaction included delinquent
loans.  The current ratings reflect correct interest shortfall and
delinquency information as of August 2013," S&P said.

The 'AA+ (sf)' affirmations on classes A-1, X, and PO reflect
S&P's view that projected credit enhancement for these classes
will be sufficient to cover projected losses at this rating level.

The 'CC (sf)' affirmation on class B-4 reflects S&P's current view
that the projected credit enhancement for this class will remain
insufficient to cover S&P's base case projected loss.

Subordination provides credit support for this transaction.  The
underlying collateral for this deal consists of alternative-A
(Alt-A) mortgage loans secured by first liens on one- to four-
family residential properties.

In accordance with S&P's counterparty criteria, it considered any
applicable hedges related to these securities when performing
these rating actions.

                         ECONOMIC OUTLOOK

When analyzing U.S. residential mortgage-backed securities (RMBS)
collateral pools to determine their relative credit quality and
the potential impact on rated securities, the degree of remaining
losses stems, to a certain extent, from S&P's outlook regarding
the behavior of such loans in conjunction with expected economic
conditions.  Overall, Standard & Poor's baseline macroeconomic
outlook assumptions for variables that S&P believes could affect
residential mortgage performance are as follows:

   -- S&P's unemployment rate forecast is 7.5% for 2013 and 7.0%
      for 2014, compared with the actual 8.1% rate in 2012.

   -- Home prices will increase 11% in 2013, using the 20-city
      Standard & Poor's/Case-Shiller Home Price Index.

   -- Real GDP growth will be 1.7% in 2013 and 2.8% in 2014.

   -- The 30-year mortgage rate will average 4.0% for 2013 and
      4.6% for 2014.

   -- Inflation will be 1.5% in both 2013 and 2014.

Overall, S&P's outlook for RMBS is stable.  Although S&P views
overall housing fundamentals positively, it believes RMBS
fundamentals still hinge on additional factors, such as the
ultimate fate of modified loans, the propensity of servicers to
advance on delinquent loans, and liquidation timelines.

Under S&P's baseline economic assumptions, it expects RMBS
collateral quality to improve mildly.  However, if a downside
scenario were to occur in the U.S. in line with Standard & Poor's
forecast, it believes that the credit quality of U.S. RMBS would
weaken.  S&P's downside scenario incorporates the following key
assumptions:

   -- Home prices once again decline as a result of higher
      defaults, additional shadow inventory, and less purchase
      activity.

   -- Total unemployment will be 7.6% for the rest of 2013, but
      rise to 8.0% in 2014, and job growth slows to almost zero in
      2013 and 2014.

   -- Downward pressure causes 1.3% GDP growth in 2013 and 0.4%
      growth in 2014, fueled by increased unemployment levels.

   -- Thirty-year fixed mortgage rates fall back to 4.0% in 2013
      and remain there throughout 2014, but capitalizing on such
      lower rates could be hampered by limited access to credit
      and pressure on home prices.

          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 CORRECTED

Residential Asset Securitization Trust 1999-A3
Series 1999-C

                        Rating
Class    CUSIP          To          1/30/13           Pre-1/30/13

B-1      12669BAE2      AA+(sf)     A+(sf)/Watch Neg  AAA (sf)
B-3      12669BAG7      BBB(sf)     A+(sf)/Watch Neg  AA (sf)

RATING AFFIRMED AND OFF CREDITWATCH

Residential Asset Securitization Trust 1999-A3
Series 1999-C
                        Rating         Rating
Class       CUSIP       To             From

B-2         12669BAH5   A+ (sf)        A+ (sf)/Watch Neg

RATINGS AFFIRMED

Residential Asset Securitization Trust 1999-A3
Series 1999-C

Class          CUSIP            Rating
A-1            12669BAA0        AA+ (sf)
PO             12669BAB8        AA+ (sf)
X              12669BAC6        AA+ (sf)
B-4            12669BAH5        CC  (sf)


SANDY CREEK: Moody's Hikes Sr. Secured Term Loan Rating to 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has upgraded Sandy Creek Energy
Associates' (SCEA) senior secured term and construction loan due
2015 to Ba3 from B1. There is approximately $730 million currently
outstanding. SCEA's rating outlook is stable.

Ratings Rationale

The rating action largely reflects the successful repair of plant
components impacted by a boiler incident in late 2011 (Boiler
Event), and marginally improved conditions in the ERCOT North
merchant energy market. With the boiler since repaired, the plant
reached Substantial Completion on May 22, 2013, COD on June 18,
2013, and is now operational, delivering power to the power
purchase agreement (PPA) counterparties and selling electricity
into the ERCOT North merchant energy market. In addition, the
rating action acknowledges the fact that a substantial portion of
the cash flows are contracted under long-term PPAs (30 years) with
load serving entities -- Brazos Electric Power Cooperative, Inc.
(Brazos, unrated) and Lower Colorado River Authority (LCRA,
electric revenue bonds rated A1, negative outlook). SCEA also
benefits from power and gas hedges with highly rated
counterparties that provide for additional hedged cash flow
through 2015. The exposure to merchant cash flows is mitigated by
the fact that reserve margins in ERCOT are projected to decline in
the near-to-intermediate term, which should result in more
frequent scarcity pricing during the peak months that should
benefit a base load, coal-fired plant like Sandy Creek.

Certain challenges remain for SCEA, all of which are incorporated
into the revised rating. While the plant has operationally
recovered from the Boiler Event, SCEA is still exposed to general
operating risks, especially as the plant goes through its initial
operating phase and confronts teething issues before reaching a
steady operating profile. The first two full months of operations
have reflected this point, with July 2013 availability measuring
70.5% before rising to 89.3% in August.

Furthermore, final matters with respect to the Boiler Event are
still being worked out with the EPC contractors, which creates
uncertainty. However, Moody's believes that SCEA has taken steps
that adequately mitigate this uncertainty.

The stable outlook reflects a shift in the project's profile from
the construction phase to the operational phase, where Moody's
anticipates the plant will dispatch at a base load capacity
factor.

The rating is unlikely to move higher in the near-term, though
entering into additional PPAs or substantial improvements in the
ERCOT North power market that results in higher than anticipated
financial performance and debt repayment could have positive
rating implications.

The rating could be downgraded if the plant experiences
operational issues that impact financial performance, or if the
ERCOT North power market weakens and results in materially lower
merchant energy gross margins.

The last rating action on Sandy Creek Energy Associates was on May
8, 2012, when Moody's downgraded the senior secured credit
facilities to B1 from Ba3 and assigned a negative outlook.

The principal methodology used in this rating was Power Generation
Projects published in December 2012.

Sandy Creek Energy Station is a 945 MW single unit, once-through
supercritical cycle, pulverized coal-fired power generating
facility located in Riesel, Texas. Sandy Creek Energy Associates,
LP owns 64% of the plant, while an affiliate of Brazos Electric
Power Cooperative, Inc. owns a 25% interest, and the remainder is
owned by Lower Colorado River Authority. The plant was constructed
by an EPC consortium consisting of Gilbert Industrial Corp, (an
affiliate of Kiewit Construction Company), Overland Contracting,
Inc. (an affiliate of Black & Veatch), and Zachry Industrial, Inc.


SIERRA TIMESHARE 2011-3: Fitch Affirms 'BB' Rating Class C Notes
----------------------------------------------------------------
Fitch Ratings has affirmed the notes issued by two Sierra
Timeshare Receivables transactions as follows:

Sierra Timeshare 2011-3 Receivables Funding, LLC

-- Class A notes at 'Asf'; Outlook Stable;
-- Class B notes at 'BBBsf'; Outlook Stable;
-- Class C notes at 'BBsf'; Outlook Stable.

Sierra Timeshare 2012-3 Receivables Funding, LLC

-- Class A notes at 'Asf'; Outlook Stable;
-- Class B notes at 'BBBsf'; Outlook Stable.

Key Rating Drivers:

The rating affirmations reflect the ability of each transaction's
credit enhancement to provide loss coverage consistent with the
current ratings. The Stable Outlook reflects Fitch's expectation
that the notes will remain sufficiently enhanced to cover stressed
loss levels for the next 12 to 18 months.

Fitch will continue to monitor economic conditions and their
impact as they relate to timeshare asset-backed securities and the
trust level performance variables and update the ratings
accordingly.

Rating Sensitivity:

Unanticipated increases in the frequency of defaults could produce
loss levels higher than the current expectations and impact
available loss coverage. Lower loss coverage could affect ratings
and Rating Outlooks, depending on the extent of the decline in
coverage.

To date, the transactions have exhibited minimal losses (due to
repurchases) and default performance is consistent with Fitch's
initial expectations. Default coverage and multiple levels are
consistent with the current ratings. A material deterioration in
performance would have to occur within the asset pools to have
potential negative impact on the outstanding ratings.

Fitch's stress and rating sensitivity analyses are discussed in
the presale reports titled 'Sierra Timeshare 2012-3 Receivables
Funding, LLC (US ABS)', dated Oct. 24, 2012 and 'Sierra Timeshare
2011-3 Receivables Funding, LLC (US ABS)', dated Nov. 10, 2011,
which is available on Fitch's web site.

Fitch's analysis of the Representations and Warranties (R&W) of
this transaction can be found in 'Sierra Timeshare 2012-3
Receivables Funding LLC - Appendix' and 'Sierra Timeshare 2011-3
Receivables Funding LLC - Appendix'. These R&W are compared to
those of typical R&W for the asset class as detailed in the
special report 'Representations, Warranties, and Enforcement
Mechanisms in Global Structured Finance Transactions' dated
April 17, 2012.


SOUTHFORK CLO: S&P Affirms 'BB+' Rating on Class C Notes
--------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the Class
A-2, A-3a, A-3b, and B notes from Southfork CLO Ltd., a U.S.
collateralized loan obligation (CLO) transaction managed by
Highland Capital Management L.P.  At the same time, Standard &
Poor's affirmed its 'AAA' ratings on the Class A-1a, A-1b, and
A-1g notes and its 'BB+' rating on the Class C notes.  In
addition, Standard & Poor's removed the ratings on the Class A-2,
A-3a, A-3b, B, and C notes from CreditWatch with positive
implications, where they were placed on Sept. 5, 2013.

The transaction continues to pay down Classes A-1a, A-1b, and A-1g
(all pari passu).  Their respective balances as of the most recent
payment date (Aug. 1, 2013) are 15.84% of their original balance,
down from 90.70% in September 2012, when S&P last affirmed the
ratings on all the notes.

The notes' lower balances increased the credit support, as the
higher overcollateralization (O/C) ratios, as calculated by the
trustee, demonstrate.  As per the Aug. 30, 2013, monthly trustee
report:

   -- The Class A O/C ratio was 178.17%, up from 124.06% in the
      July 22, 2012, monthly trustee report (prior to the Aug. 1
      paydowns) that S&P used for the September 2012 affirmations.

   -- The Class B O/C ratio was 139.61%, up from 115.12% in July
      2012.

   -- The Class C O/C ratio was 116.20%, up from 107.88% in July
      2012.

Although defaults have increased to $31.47 million as per the
August 2013 monthly trustee report (up from $15.17 million as per
the July 2012 monthly trustee report), the increase in the credit
support following the paydowns offset the increase in defaults.

As per the monthly trustee reports, the transaction's exposure to
the long-dated securities increased to 23.38% in August 2013 from
16.23% in July 2012.  According to the transaction's documents,
this percentage is calculated by using the total portfolio
balance, which includes defaults and principal cash.  When
calculated based on the performing assets (excluding defaults and
principal cash) as reported in the latest monthly report, the
percentage increases to 27.9%.  S&P took this exposure into
account during its analysis.

S&P raised the ratings on Classes A-2, A-3a, A-3b, and B following
an increase in their credit support.  The affirmations of the
other ratings reflect the availability of credit support at the
current rating level.

The rating on the Class B note was affected by the application of
S&P's largest-obligor default test, one of two supplemental tests
that S&P introduced as part of our revised corporate CDO criteria.
S&P applies the supplemental tests to address potential event risk
and model risk in rated transactions.  The largest-obligor default
test assesses whether a CDO tranche has sufficient credit
enhancement (excluding excess spread) to withstand specified
combinations of underlying asset defaults based on the ratings on
the underlying assets, with a flat recovery.

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 RAISED AND REMOVED FROM CREDITWATCH

Southfork CLO Ltd.
          Rating       Rating
Class     To           From
A-2       AAA (sf)     AA+ (sf)/Watch Pos
A-3a      AAA (sf)     AA- (sf)/Watch Pos
A-3b      AAA (sf)     AA- (sf)/Watch Pos
B         AA+ (sf)     A- (sf)/Watch Pos

RATING AFFIRMED AND REMOVED FROM CREDITWATCH

Southfork CLO Ltd.
          Rating       Rating
Class     To           From
C         BB+ (sf)     BB+ (sf)/Watch Pos

RATINGS AFFIRMED

Southfork CLO Ltd.
Class     Rating
A-1a      AAA (sf)
A-1b      AAA (sf)
A-1g      AAA (sf)


SOVEREIGN COMMERCIAL 2007-C1: Moody's Cuts X Certs Rating to 'B3'
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of three classes,
downgraded one class and affirmed five classes of Sovereign
Commercial Mortgage Securities Trust Commercial Mortgage Pass-
Through Certificates, Series 2007-C1 as follows:

Cl. A-J, Upgraded to Aa2 (sf); previously on Apr 18, 2013 Upgraded
to A2 (sf)

Cl. B, Upgraded to A2 (sf); previously on Apr 18, 2013 Upgraded to
Baa2 (sf)

Cl. C, Upgraded to Ba1 (sf); previously on Apr 18, 2013 Upgraded
to B1 (sf)

Cl. D, Affirmed Caa1 (sf); previously on Apr 18, 2013 Upgraded to
Caa1 (sf)

Cl. E, Affirmed Caa3 (sf); previously on Apr 18, 2013 Affirmed
Caa3 (sf)

Cl. F, Affirmed C (sf); previously on Apr 18, 2013 Affirmed C (sf)

Cl. G, Affirmed C (sf); previously on Apr 18, 2013 Affirmed C (sf)

Cl. H, Affirmed C (sf); previously on Apr 18, 2013 Affirmed C (sf)

Cl. X, Downgraded to B3 (sf); previously on Apr 18, 2013
Downgraded to B2 (sf)

Ratings Rationale

The upgrades are due increased credit support due to loan payoffs
and amortization.

The downgrade of the interest-only class, Class X, is due to the
decline in credit performance of its reference classes as a result
of principal paydowns of higher quality reference classes.

The ratings of Classes D through H are consistent with Moody's
base expected loss and thus are affirmed.

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.

Moody's rating action reflects a base expected loss of 10.3% of
the current balance. At last review, Moody's cumulative base
expected loss was 7.8%. The percentage increase in base expected
loss is due to the 35% paydown of the certificates since last
review. On a dollar basis the base expected loss is now $14.0
million compared to $16.3 million at last review. Moody's base
expected loss plus realized losses is now 3.7% of the original
pool balance compared to 3.9% at last review.

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

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

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.64 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.

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 29 compared to 40 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(R) (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 April 18, 2013.

DEAL PERFORMANCE

As of the September 23, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 87% to $135.9
million from $1.0 billion at securitization. The Certificates are
collateralized by 53 mortgage loans ranging in size from less than
1% to 9% of the pool, with the top ten loans representing 48% of
the pool.

Twenty-six loans, representing 50% 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-one loans have been liquidated from the pool with a loss,
resulting in an aggregate realized loss of $23.0 million (29% loss
severity on average). Eight loans, representing 22% of the pool,
are currently in special servicing. The largest specially serviced
loan is the Woodbridge Towers Loan ($8.5 million -- 6.2% of the
pool), which is secured by a 85,000 square foot (SF) suburban
office building located in Iselin, New Jersey. The loan
transferred to special servicing in January 2013 due to imminent
maturity default. The special servicer has indicated that it is
currently monitoring this loan for potential payoff. The property
was 100% leased as of April 2013 and the borrower has continued to
remit its monthly payments. Moody's does not expect a loss on this
loan.

The second largest specially serviced loan is the Shell Trace
Apartments Loan ($6.3 million -- 4.6% of the pool), which is
secured by a 119 unit garden style apartment building located in
Jupiter, Florida. The loan was transferred to special servicing in
October 2010 due to the borrower filing bankruptcy. A loan
modification was finalized in May 2012 that extended the term of
the loan by five years to February 2017. The special servicer has
indicated that it is monitoring this loan for a potential payoff.

The third largest specially serviced loan is the 1851 Phelan Place
Loan ($3.9 million -- 2.9% of the pool), which is secured by a
25,000 SF office building located in Bronx, New York. The loan
recently transferred to special servicing in July 2013 due to
imminent maturity default. The property is fully leased to a
single tenant through April 2031 and the borrower continues to
remit its monthly payments. The special servicer indicated it is
in negotiations in regards to a potential loan modification.

The remaining five specially serviced loans are secured by a mix
of property types. Moody's estimates an aggregate $7.0 million
loss (27% expected loss overall) for the non-performing specially
serviced loans.

Moody's has assumed a high default probability for eight poorly
performing loans representing 15% of the pool and has estimated an
aggregate $3.3 million loss (16% expected loss on average) from
these troubled loans.

Moody's was provided with full year 2011 and/or 2012 operating
results for 87% and 73% of the pool's non-specially serviced
loans, respectively. Excluding troubled loans and non-performing
specially serviced loans, Moody's weighted average LTV is 89%
compared to 87% at Moody's prior review. Moody's net cash flow
reflects a weighted average haircut of 12% to the most recently
available net operating income. Moody's value reflects a weighted
average capitalization rate of 9.7%.

Excluding troubled and non-performing special serviced loans,
Moody's actual and stressed DSCRs are 1.39X and 1.44X,
respectively, compared to 1.39X and 1.36X 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 21% of the pool. The largest
conduit loan is the 6805 Perimeter Drive Loan ($12.0 million --
8.8% of the pool), which is secured by a 107,000 SF office
building located in Dublin, Ohio. The property is 100% leased to
Pacer Global Logistics through March 2016. The loan is interest
only and matures in December 2013. Due to the single tenant nature
of this loan, Moody's performed a lit / dark analysis. Moody's LTV
and stressed DSCR are 98% and 1.10X, respectively, compared to 99%
and 1.09X at last review.

The second largest conduit loan is the 510 Thornall Street Loan
($8.4 million -- 6.2% of the pool), which is secured by a 66,000
SF suburban office building located in Edison, New Jersey. As of
July 2013 the property was 94% leased compared to 73% in January
2013. Due to the recent leasing activity, the property performance
is expected to improve in 2013. The loan matures in November 2013.
Moody's LTV and stressed DSCR are 114% and 0.92X, respectively,
compared to 132% and 0.80X at last review.

The third largest conduit loan is the 100 Canal Pointe Boulevard
Loan ($8.3 million -- 6.1% of the pool), which is secured by
66,000 SF office building in Princeton, New Jersey. As of June
2013, the property was 88% leased compared to 84% at last review.
Property performance has improved due to an increase in base
rental review and the loan matures in January 2014. Moody's LTV
and stressed DSCR are 128% and 0.82X.


SPRINGLEAF MORTGAGE: S&P Assigns Prelim. BB Rating on B-1 Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Springleaf Mortgage Loan Trust 2013-3's
$344.268 million mortgage-backed notes series 2013-3.

The note issuance is a residential mortgage-backed securities
transaction backed by residential mortgage loans.

The preliminary ratings are based on information as of Oct. 4,
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 loan's characteristics that are, from a credit
      perspective, significantly more risky than our archetypical
      pool.

   -- The operations and counterparty risks, including Springleaf
      Finance Corp.'s decision to exit the origination business.

   -- The financial ability of the representations and warranties
      provider to meet potential repurchase claims in a 'AAA' or
      'AA' rating scenario.

   -- The credit enhancement provided by an excess interest cash
      flow structure without step-down and an interest rate
      reserve fund.

          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/1854.pdf

PRELIMINARY RATINGS ASSIGNED

Springleaf Mortgage Loan Trust 2013-3

Class              Rating             Amount
                                    (mil. $)
A                  AAA (sf)          186.645
M-1                AA (sf)            40.782
M-2                A+ (sf)            22.517
M-3                A- (sf)            27.021
M-4                BBB (sf)           16.013
M-5                A- (sf)           276.965
M-6                A- (sf)            90.320
M-7                AA (sf)           227.427
M-8                A- (sf)            49.538
M-9                A+ (sf)           249.944
B-1                BB (sf)            27.021
B-2                B (sf)             24.269
B-3                NR                154.871
B-3-A              NR                38.7178
B-3-B              NR                38.7178
B-3-C              NR                38.7178
B-3-D              NR                38.7178
B-3-E              NR                77.4355
B-3-F              NR                116.153
X-A (i)            NR                   (ii)
X-M1 (i)           NR                   (ii)
X-M2 (i)           NR                   (ii)
X-M3 (i)           NR                   (ii)
X-M4 (i)           NR                   (ii)
C                  NR                  1.251
R                  NR                    N/A

  (i) Component of the class X notes.
(ii) Each of the class X note components' notional balance is
      equal to the outstanding class balance of their respective
      P&I notes.
NR - Not rated.
N/A - Not applicable.
P&I - Principal and interest.


THL CREDIT 2012-1: S&P Affirms 'BB-' Rating on Class E Notes
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on THL
Credit Wind River 2012-1 CLO Ltd./THL Credit Wind River 2012-1 CLO
LLC's $460.50 million fixed and floating-rate notes following the
transaction's effective date as of March 20, 2013.

Most U.S. cash flow collateralized loan obligations (CLOs) close
before purchasing the full amount of their targeted level of
portfolio collateral.  On the closing date, the collateral manager
typically covenants to purchase the remaining collateral within
the guidelines specified in the transaction documents to reach the
target level of portfolio collateral.  Typically, the CLO
transaction documents specify a date by which the targeted level
of portfolio collateral must be reached.  The "effective date" for
a CLO transaction is usually the earlier of the date on which the
transaction acquires the target level of portfolio collateral, or
the date defined in the transaction documents.  Most transaction
documents contain provisions directing the trustee to request the
rating agencies that have issued ratings upon closing to affirm
the ratings issued on the closing date after reviewing the
effective date portfolio.

An effective date rating affirmation reflects S&P's opinion that
the portfolio collateral purchased by the issuer, as reported to
S&P by the trustee and collateral manager, in combination with the
transaction's structure, provides sufficient credit support to
maintain the ratings that S&P assigned on the transaction's
closing date.  The effective date reports provide a summary of
certain information that S&P used in its analysis and the results
of its review based on the information presented to S&P.

"We believe 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," S&P said.

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," S&P noted.

"In our published effective date report, we discuss our 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, we intend to publish an
effective date report each time we issue an effective date rating
affirmation on a publicly rated U.S. cash flow CLO," S&P added.

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

THL Credit Wind River 2012-1 CLO Ltd./THL Credit Wind River 2012-1
CLO LLC

Class                      Rating                      Amount
                                                     (mil. $)
A                          AAA (sf)                     303.0
B-1                        AA (sf)                       56.0
B-2                        AA (sf)                       10.0
C-1 (deferrable)           A (sf)                        34.5
C-2 (deferrable            A (sf)                         5.0
D (deferrable)             BBB (sf)                      26.0
E (deferrable)             BB- (sf)                      26.0
Combination (deferrable)   BBB+ (sf)                     13.0


WACHOVIA BANK 2003-C5: Moody's Cuts Cl. X-C Certs Rating to Caa2
----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of five classes and
downgraded one class of Wachovia Bank Commercial Mortgage Trust,
Commercial Mortgage Pass-through Certificates, Series 2003-C5 as
follows:

Cl. K, Upgraded to A2 (sf); previously on May 16, 2013 Affirmed B1
(sf)

Cl. L, Upgraded to Baa1 (sf); previously on May 16, 2013 Affirmed
B3 (sf)

Cl. M, Upgraded to Ba3 (sf); previously on May 16, 2013 Affirmed
Caa1 (sf)

Cl. N, Upgraded to B2 (sf); previously on May 16, 2013 Affirmed
Caa2 (sf)

Cl. O, Upgraded to B3 (sf); previously on May 16, 2013 Affirmed
Caa3 (sf)

Cl. X-C, Downgraded to Caa2 (sf); previously on May 16, 2013
Affirmed Ba3 (sf)

RATINGS RATIONALE

The upgrades of the five P&I classes are due to increased credit
support from amortization, pay downs and upcoming loan maturities
with a high probability of refinancing. The pool has paid down by
86% since Moody's prior review.

Following significant pay downs of highly rated classes, the IO
Class, Class X-C, is downgraded due to the indicated WARF of its
reference classes.

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.

Moody's rating action reflects a base expected loss of 8.0% of the
current balance compared to 5.0% at last review. The base expected
loss is higher on a percentage basis than at last review due to
the significant pay downs that have occurred since last review.
Base expected loss plus realized losses to date now totals 1.0% of
the original balance compared to 1.9% at last review. Moody's
provides a current list of base expected losses for conduit and
fusion CMBS transactions on moodys.com at
http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.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.

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.

Moody's review incorporated the use of the excel-based CMBS
Conduit Model v 2.64 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.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 8 compared to 16 at last review.

In cases where the Herf falls below 20, Moody's employs the large
loan/single borrower methodology. This methodology uses the excel-
based Large Loan Model v 8.6. 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(R) (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 16, 2013.

DEAL PERFORMANCE

As of the September 15, 2013 distribution date, the transaction's
aggregate certificate balance had decreased by 96% to $43.1
million from $1.2 billion at securitization. The Certificates are
collateralized by 14 mortgage loans ranging in size from less than
1% to 25% of the pool, with the top ten loans representing 87% of
the pool. There is one loan that has defeased, representing 5% of
the pool, which is backed by U.S. government securities. There are
no longer any loans with investment grade credit assessments
compared to two loans, representing 19% of the pool, at last
review.

There are five loans, representing 51% of the pool, on the master
servicer's watchlist compared to 39 loans, representing 91% of the
pool, at last review. The majority of loans on the watchlist at
last review paid off at maturity. The watchlist includes loans
which meet certain portfolio review guidelines established as part
of the CRE Finance Council (CREFC) monthly reporting package. As
part of Moody's ongoing monitoring of a transaction, Moody's
reviews the watchlist to assess which loans have material issues
that could impact performance.

Six loans have been liquidated from the pool since securitization
resulting in an aggregate realized loss totaling $8.7 million
(average loss severity of 44%). There are currently two loans,
representing 21% of the pool, in special servicing. Moody's has
estimated an aggregate $2.9 million loss (32% overall expected
loss) for the two specially serviced loans.

Moody's was provided with full year 2012 and partial year 2013
operating results for 100% and 79% of the performing pool,
respectively. Excluding specially serviced loans, Moody's weighted
average conduit LTV is 64% compared to 66% at last review. Moody's
net cash flow reflects a weighted average haircut of 10.8% to the
most recently available net operating income. Moody's value
reflects a weighted average capitalization rate of 9.1%.

Excluding specially serviced loans, Moody's actual and stressed
conduit DSCRs are 1.48X and 1.85X, respectively, compared to 1.73X
and 1.68X, 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 41% of the pool
balance. The largest conduit loan is the Beacon Station Business
Park Loan ($10.95 million -- 25.4% of the pool), which is secured
by a 78,684 square foot (SF) office building located in Miami,
Florida. The property was 100% leased as of summer 2013, the same
as at last review. This loan matured May 11, 2011 and is now hyper
amortizing through its final scheduled maturity date of May 2033.
Moody's LTV and stressed DSCR are 60% and 1.71X, respectively,
compared to 67% and 1.5X at last review.

The second largest conduit loan is a Walgreens Loan ($3.5 million
-- 8.0% of the pool), which is secured by a 15,120 SF freestanding
Walgreens store along Tropicana Avenue in Las Vegas, Nevada.
According to the master servicer, this loan paid off in full
September 27, 2013.

The third largest conduit loan is the Brandon Oaks Loan ($3.4
million -- 8.0% of the pool) which is secured by a 160--unit
apartment complex located in Brandon, Florida. The property is 89%
leased compared to 74% at last review. While occupancy has
increased, the property's financial performance has declined
slightly since last review. Moody's LTV and stressed DSCR are 64%
and 1.53X, respectively, compared to 59% and 1.65X at last review.


WEST CLO 2013-1: S&P Assigns Prelim. 'BB' Rating on Class D Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to West CLO 2013-1 Ltd./West CLO 2013-1 LLC's
$415.5 million fixed and floating-rate notes.

The note issuance is a collateral 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 Oct. 2,
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 the 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 criteria.

   -- The transaction's legal structure, which is expected to be
      bankruptcy remote.

   -- The diversified collateral portfolio, which primarily
      comprises 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 0.26% to 13.8391%.

   -- The transaction's overcollateralization and interest
      coverage tests, a failure of which will lead to the
      diversion of interest and principal proceeds to reduce the
      balance of the rated notes outstanding.

   -- The transaction's interest diversion test, a failure of
      which will lead to the reclassification of excess interest
      proceeds that are available prior to paying uncapped
      administrative expenses, incentive management fees, and
      subordinated note payments into principal proceeds for the
      purchase of additional collateral assets during 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/1849.pdf

PRELIMINARY RATINGS ASSIGNED

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

Class               Rating           Amount
                                   (mil. $)
A-1                 AAA (sf)         282.00
A-2A                AA (sf)           15.00
A-2B                AA (sf)           44.00
B (deferrable)      A (sf)            31.00
C (deferrable)      BBB (sf)          23.00
D (deferrable)      BB (sf)           20.50
Subordinated notes  NR                48.90

NR-Not rated.


WFRBS COMMERCIAL 2013-C16: Fitch Rates Class F Certificates 'B-'
----------------------------------------------------------------
Fitch Ratings has assigned the following ratings and Rating
Outlooks to WFRBS Commercial Mortgage Trust 2013-C16 Pass-Through
certificates.

-- $52,514,000 Class A-1 'AAAsf'; Outlook Stable;
-- $160,623,000 Class A-2 'AAAsf'; Outlook Stable;
-- $43,958,000 Class A-3 'AAAsf'; Outlook Stable;
-- $183,000,000 Class A-4 'AAAsf'; Outlook Stable;
-- $221,621,000 Class A-5 'AAAsf'; Outlook Stable;
-- $70,395,000 Class A-SB 'AAAsf'; Outlook Stable;
-- $100,665,000 Class A-S 'AAAsf'; Outlook Stable;
-- $832,776,000* Class X-A 'AAAsf'; Outlook Stable;
-- $56,216,000 Class B 'AA-sf'; Outlook Stable;
-- $41,835,000 Class C 'A-sf'; Outlook Stable;
-- $198,716,000b Class PEX 'A-sf'; Outlook Stable;
-- $47,064,000a Class D 'BBB-sf'; Outlook Stable;
-- $24,839,000a Class E 'BB-sf'; Outlook Stable;
-- $10,459,000a Class F 'B-sf'; Outlook Stable.

* Notional amount and interest-only.
a Privately placed pursuant to Rule 144A.
b Class A-S, B and C certificates may be exchanged for Class PEX
  certificates; and Class PEX certificates may be exchanged for
  Class A-S, B and C certificates.

Fitch will not rate the $32,684,083 Class G or the $67,982,083
interest-only Class X-B. Since Fitch issued its expected ratings
on September 10, 2013, the interest-only Class X-B notional
balance has increased. In addition, since the interest-only Class
X-C has been removed from the capital structure, Fitch withdraws
its expected rating from this class. The classes above reflect the
final ratings and deal structure at closing.

The certificates represent the beneficial ownership in the trust,
primary assets of which are 86 loans secured by 144 commercial
properties having an aggregate principal balance of approximately
$1.046 billion as of the cutoff date. The loans were contributed
to the trust by Wells Fargo Bank, National Association; The Royal
Bank of Scotland; Liberty Island Group I LLC; C-III Commercial
Mortgage LLC; Basis Real Estate Capital II, LLC; and NCB, FSB.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 66.8% of the properties
by balance, cash flow analysis of 83.5%, and asset summary reviews
on 83.5% of the pool.

Key Rating Drivers

Fitch Leverage: This transaction has slightly lower leverage than
other recent Fitch-rated fixed-rate deals. The pool's Fitch debt
service coverage ratio (DSCR) and loan to value (LTV) are 1.34x
and 97.4%, respectively, compared to the first-half 2013 (1H'13)
averages of 1.36x and 99.8%. Excluding the loans collateralized by
cooperative housing (co-op) properties, which consist of 2.8% of
the pool, the Fitch DSCR and LTV are 1.25x and 99.4%.

Hotel Concentration: The pool has an 18.6% concentration of
hotels, which is higher than the 1H'13 average lodging
concentration of 13.8%. Four of the 15 largest loans in the pool
are secured by hospitality properties.

Less Amortization: The pool has six interest-only loans (28.7%),
including the three largest loans, and nine partial interest loans
(15.6%). The pool is scheduled to amortize 11.8% prior to
maturity.

Credit Opinion Loan: The largest loan in the pool has a Fitch
credit opinion of 'BBB sf' on a stand-alone basis. The loan is
secured by Westfield Mission Valley (9.6%), a 1.6 million square
foot (sf) regional mall and strip center located in San Diego, CA.
The Westfield Mission Valley loan has a pari passu participation
held outside the trust. The servicing of the loan will be governed
by the pooling and servicing agreement of this transaction.

Rating Sensitivities

For this transaction, Fitch's net cash flow (NCF) was 15.2% below
the most recent net operating income (NOI) (for properties for
which historical NOI was provided, excluding properties that were
stabilizing during the most recent reporting period).
Unanticipated further declines in property-level NCF could result
in higher defaults and loss severity on defaulted loans, and could
result in potential rating actions on the certificates. Fitch
evaluated the sensitivity of the ratings assigned to WFRBS 2013-
C16 certificates and found that the transaction displays slightly
above-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 'Asf' 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.

The Master Servicers will be Wells Fargo Bank, National
Association and NCB, FSB, rated 'CMS2' and 'CMS2-', respectively,
by Fitch. The special servicers will be Rialto Capital Advisors,
LLC and NCB, FSB rated 'CSS2-' and 'CSS3+', respectively, by
Fitch.


* Fitch Says Global Structured Finance Losses to Finish 2013 Lower
------------------------------------------------------------------
Losses on structured finance transactions are on track to finish
this year slightly lower than 2012, according to Fitch Ratings in
a new report.

Fitch assigned ratings to nearly US$10 trillion of global
structured finance bonds between 2000 and 2012. Of that balance,
Fitch estimates total losses (realized losses and future expected
losses) of 4.6%. This figure is slightly lower than total losses
of 4.9% in last year's analysis. Even excluding the newly-added
2012-vintage transactions, total losses will still finish lower
than 2012 (at 4.7%).

Key drivers of loss expectations are also unchanged. Not
surprisingly, Fitch's total loss expectations are driven by U.S.
RMBS, which accounts for over half of all global structured
finance losses. A closer look at the RMBS numbers reveals a
marginally improved picture for U.S. transactions, with losses to
come in 9.5% for 2013 (compared to 9.9% last year). 'The
significant recovery in the housing sector has supported continued
improvement in borrower performance and has marginally buoyed the
loss outlook for the U.S. RMBS sector overall,' said Senior
Director Gioia Dominedo.

Structured finance CDOs (largely comprised of related RMBS bonds)
account for a further 21% of global SF losses. Losses are also
concentrated in peak market vintages, with bonds issued between
2005 and 2007 contributing 88% of global SF losses.

Total losses remain low for global consumer ABS (0.1%), EMEA RMBS
(0.3%) and APAC RMBS (0.003%). The largest increases in total
losses are visible in U.S. CMBS (6.3%) and EMEA CMBS (4.1%).
'Lower-than-expected valuations and recoveries on underperforming
loans have led us to revise our loss expectations for legacy U.S.
and EMEA CMBS loans,' said Dominedo.


* Fitch Takes Rating Actions on Eight TruPS CDOs
------------------------------------------------
Fitch Ratings has affirmed 43 tranches and upgraded eight tranches
from eight Trust Preferred (TruPS) Collateralized Debt Obligations
(CDOs) backed by insurance collateral. In addition, Fitch has
maintained Stable Outlooks on 27 tranches and assigned Stable
Outlooks on three tranches rated 'Bsf' and higher.

The rating action report, titled 'Fitch Takes Various Rating
Actions on Eight TruPS CDOs', dated Oct. 3, 2013, details the
individual rating actions and portfolio characteristics for each
rated CDO. It can be found on Fitch's website at
www.fitchratings.com' by performing a title search or by using the
link below. For further information and transaction research,
please refer to 'www.fitchratings.com'.

Key Rating Drivers

The key rating drivers for the rating actions are the relative
stability of the underlying credit, deleveraging of the
transactions, and the concentrated nature of the portfolios.

Trust preferred securities (TruPS), surplus notes, and other debt
issued by the U.S Property and Casualty (P&C) and Life and Health
(L&H) insurance companies represent the main credit exposure
across these transactions.

The overall credit quality of the underlying collateral of the CDO
portfolios remained stable over the last year. The average credit
quality was 'BB-/BB' for this year's review. This is supported by
stable performance, with no new deferrals or defaults over a 12-
month period ending September 2013 across Fitch-rated insurance
TruPS CDOs. The combined default and deferral rate remained at
6.4% of the original balance for this review. Further reflecting
the relatively stable credit performance of the underlying
portfolios, senior coverage tests in all of the eight CDOs
continue to pass, while a mezzanine coverage test is failing in
only one transaction.

All transactions had paydowns to the most senior classes due to
the combination of the collateral redemptions and excess spread.
The optimal principal distribution amount (OPDA) feature continued
to redirect a portion of interest proceeds to pay down the most
senior notes in four transactions.

Fitch updated its criteria to estimate and credit the future
levels of excess spread over a five year horizon in its rating
analysis. Across the eight deals, this additional credit
enhancement provided a minimal uplift to the passing ratings, from
zero to two notches. Given that the base line of excess spread
received a larger haircut in higher rating stresses, notes rated
at high investment grade levels received less credit from
projected future excess spread. Therefore, the impact was in
general more significant for notes rated below investment grade.

On average, the senior-most class of insurance TruPS CDOs received
roughly 37% in principal paydowns since the last review. The
paydowns increased portfolio concentration with the number of
performing issuers in the portfolios ranging from 14 to 34.
Individual transaction statistics can be found in the rating
action report titled, 'Fitch Takes Various Rating Actions on Eight
TruPS CDOs', dated Oct. 3, 2013.

To account for a potential underperformance of the oversized
positions, Fitch applied a sensitivity scenario as described in
the criteria 'Surveillance Criteria for TruPS CDOs,' dated
July 10, 2013. Most portfolios exhibited a one to two category
difference in passing ratings in the base and sensitivity
scenarios. For notes that were already rated above 'BBBsf',
committee assigned a higher weight to the outcome of the
sensitivity scenario.

While the assumptions underlying the sensitivity scenario were
conservative, given the long term nature of the portfolio and a
high degree of the concentration, the risk of potential future
underperformance from the large positions could lead to rating
volatility which would be inconsistent with high investment grade
ratings.


* Fitch Lowers 123 Bonds in 64 U.S. RMBS Transactions to 'Dsf'
--------------------------------------------------------------
Fitch Ratings has downgraded 123 distressed bonds in 64 U.S. RMBS
transactions to 'Dsf'. The downgrades indicate that the bonds have
incurred a principal write-down. Of the bonds downgraded to 'Dsf',
120 classes were previously rated 'Csf' and 3 classes were rated
'CCsf'. All ratings below 'CCCsf' indicate a default is expected.

As part of this review, the Recovery Estimates (REs) of the
defaulted bonds were not revised. In addition, the review focused
only on the bonds which defaulted and did not include any other
bonds in the affected transactions.

Of the 123 classes affected by these downgrades, 64 are Prime, 38
are Alt-A, and 16 are Subprime. The remaining transaction types
are other sectors. Approximately, 59% of the bonds have an RE of
50%-100%, which indicates that the bonds will recover 50%-100% of
the current outstanding balance, while 23% have an RE of 0%.

A spreadsheet detailing Fitch's rating actions can be found at
'www.fitchratings.com' by performing a title search for 'Fitch
Downgrades 123 Distressed Bonds to 'Dsf' in 64 U.S. RMBS
Transactions'. These actions were reviewed by a committee of Fitch
analysts. The spreadsheet provides the contact information for the
performance analyst.

The spreadsheet also details Fitch's assignment of REs to the
transactions. The Recovery Estimate scale is based upon the
expected relative recovery characteristics of an obligation. For
structured finance, REs are designed to estimate recoveries on a
forward-looking basis.


* Moody's Takes Action on $140MM of Manufactured Housing Secs.
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two
tranches and upgraded the ratings of eight tranches from six
transactions, backed by manufactured housing loans, and issued
between 1995 and 2001.

Complete rating actions are as follows:

Issuer: Access Financial MH Contract Trust 1996-1

Cl. A-6, Downgraded to B3 (sf); previously on Mar 30, 2009
Downgraded to Ba2 (sf)

Issuer: BankAmerica MH Contract 1997-2

Cl. M, Upgraded to Ba1 (sf); previously on Feb 8, 2006 Downgraded
to B2 (sf)

Issuer: CIT Group Securitization Corp II MH 1995-1

Cl. A-5, Upgraded to Ba3 (sf); previously on Aug 6, 2012 Upgraded
to B1 (sf)

Issuer: Conseco Finance Securitization Corp. Series 2001-4

Class A-4, Upgraded to Ba2 (sf); previously on Aug 2, 2006
Downgraded to B1 (sf)

Issuer: GreenPoint Manufactured Housing Contract Trust 1998-1

Cl. II A, Downgraded to B3 (sf); previously on Dec 14, 2010
Downgraded to B1 (sf)

Financial Guarantor: MBIA Insurance Corporation (Upgraded to B3,
Outlook Positive on May 21, 2013)

Issuer: IndyMac MH Contract 1997-1

Cl. A-2, Upgraded to B3 (sf); previously on Mar 30, 2009
Downgraded to Caa3 (sf)

Cl. A-3, Upgraded to B3 (sf); previously on Mar 30, 2009
Downgraded to Caa3 (sf)

Cl. A-4, Upgraded to B3 (sf); previously on Mar 30, 2009
Downgraded to Caa3 (sf)

Cl. A-5, Upgraded to B3 (sf); previously on Mar 30, 2009
Downgraded to Caa3 (sf)

Cl. A-6, Upgraded to B3 (sf); previously on Mar 30, 2009
Downgraded to Caa3 (sf)

Ratings Rationale:

These rating actions consist of two downgrades and eight upgrades.
The actions are a result of the recent performance of manufactured
housing loans backed pools and reflect Moody's updated loss
expectations on the pools.

In addition, Class A-6 from Access Financial MH Contract Trust
1996-1 has been downgraded to B3 (sf) to reflect correction of a
prior error. The previous model used to rate this transaction
overstated the annual excess spread benefit to the Class A-6
tranche when no benefit for excess spread should have been given.
The error has now been corrected and this rating action reflects
this change.

The upgrades are primarily due to the build-up in credit
enhancement due to sequential pay structures and non-amortizing
subordinate bonds. In addition, Class A-5 from CIT Group
Securitization Corp II MH 1995-1 has been upgraded to Ba3 (sf)
based on a corporate guarantee provided by CIT Group, Inc., whose
long-term senior unsecured debt is rated Ba3. Performance has
remained generally stable from Moody's last review.

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in June 2013.

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 August 2012 to 7.3% in August 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 Takes Action on $245MM of RMBS Issued 2003-2004
---------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 21 tranches
and downgraded the ratings of 12 tranches from eight transactions
backed by Alt-A and Option ARM RMBS loans, issued by multiple
issuers.

Complete rating actions are as follows:

Issuer: CHL Mortgage Pass-Through Trust 2004-25

Cl. 1-A-3, Downgraded to Caa3 (sf); previously on May 11, 2012
Downgraded to Caa1 (sf)

Cl. 1-A-5, Upgraded to Caa3 (sf); previously on Mar 3, 2011
Downgraded to Ca (sf)

Issuer: FNBA Mortgage Loan Trust 2004-AR1

Cl. A-1, Upgraded to A3 (sf); previously on Jun 15, 2012 Upgraded
to Baa2 (sf)

Cl. A-2, Upgraded to A1 (sf); previously on Jun 15, 2012 Confirmed
at Baa1 (sf)

Cl. A-3, Upgraded to Baa1 (sf); previously on Jun 15, 2012
Confirmed at Baa3 (sf)

Cl. M-1, Upgraded to Ba3 (sf); previously on Jun 15, 2012
Confirmed at B3 (sf)

Cl. M-2, Upgraded to Ca (sf); previously on Jun 15, 2012 Confirmed
at C (sf)

Issuer: MASTR Adjustable Rate Mortgages Trust 2003-2

Cl. 1-A-1, Downgraded to Ba2 (sf); previously on May 2, 2012
Downgraded to Baa3 (sf)

Cl. 2-A-1, Downgraded to B1 (sf); previously on May 2, 2012
Downgraded to Ba1 (sf)

Cl. 4-A-1, Downgraded to Ba2 (sf); previously on May 2, 2012
Downgraded to Baa3 (sf)

Cl. 4-A-2, Downgraded to Ba2 (sf); previously on May 2, 2012
Downgraded to Baa3 (sf)

Cl. 4-A-X, Downgraded to Ba2 (sf); previously on May 2, 2012
Downgraded to Baa3 (sf)

Cl. 5-A-1, Downgraded to Ba2 (sf); previously on May 2, 2012
Downgraded to Baa2 (sf)

Cl. 5-A-2, Downgraded to B1 (sf); previously on May 2, 2012
Downgraded to Ba3 (sf)

Cl. 6-A-1, Downgraded to Ba2 (sf); previously on May 2, 2012
Downgraded to Baa3 (sf)

Cl. 6-A-X, Downgraded to Ba2 (sf); previously on May 2, 2012
Downgraded to Baa3 (sf)

Issuer: MASTR Adjustable Rate Mortgages Trust 2004-11

Cl. B-1, Upgraded to Ca (sf); previously on Feb 15, 2013 Affirmed
C (sf)

Cl. M-2, Upgraded to Ba1 (sf); previously on Feb 15, 2013 Affirmed
B1 (sf)

Issuer: MASTR Alternative Loan Trust 2004-7

Cl. 6-A-1, Downgraded to Ba3 (sf); previously on Apr 26, 2012
Confirmed at Baa3 (sf)

Cl. 15-PO, Downgraded to B1 (sf); previously on Feb 28, 2011
Downgraded to Ba2 (sf)

Issuer: Structured Asset Securities Corp Trust 2004-11XS

Cl. 1-A4A, Upgraded to Ba1 (sf); previously on May 14, 2012
Downgraded to Ba3 (sf)

Cl. 1-A4B, Upgraded to Ba1 (sf); previously on May 14, 2012
Downgraded to Ba3 (sf)

Cl. 2-M1, Upgraded to Ba3 (sf); previously on May 14, 2012
Downgraded to B1 (sf)

Cl. 2-M2, Upgraded to Caa2 (sf); previously on Mar 2, 2011
Downgraded to Ca (sf)

Issuer: Structured Asset Securities Corp Trust 2004-21XS

Cl. 1-A4, Upgraded to Ba3 (sf); previously on Mar 2, 2011
Downgraded to B2 (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated
Account - Unrated)

Cl. 1-A5, Upgraded to Ba1 (sf); previously on May 14, 2012
Upgraded to Ba3 (sf)

Cl. 2-A4A, Upgraded to A3 (sf); previously on Mar 2, 2011
Downgraded to Baa2 (sf)

Cl. 2-A4B, Upgraded to Baa1 (sf); previously on May 14, 2012
Downgraded to Ba1 (sf)

Issuer: Structured Asset Securities Corp Trust 2004-23XS

Cl. 1-A3A, Upgraded to Baa1 (sf); previously on Feb 4, 2013
Downgraded to Baa3 (sf)

Cl. 1-A3B, Upgraded to Ba1 (sf); previously on Feb 4, 2013
Downgraded to Ba3 (sf)

Cl. 1-A3C, Upgraded to Baa3 (sf); previously on Feb 4, 2013
Downgraded to Ba1 (sf)

Cl. 1-A3D, Upgraded to Baa3 (sf); previously on Feb 4, 2013
Downgraded to Ba1 (sf)

Cl. 2-A1, Upgraded to Ba2 (sf); previously on Feb 4, 2013
Downgraded to Ba3 (sf)

RATINGS RATIONALE

The actions are a result of the recent performance of the
underlying pools and reflect Moody's updated loss expectations on
the pools. The upgrades are a result of improving performance of
the related pools, faster pay-down of the bonds due to
prepayments/faster liquidations and improvement in the credit
enhancement available to the bonds. The downgrades are largely due
to the weaker performance of the underlying small pools.

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in June 2013.

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 August 2012 to 7.3% in August 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 Takes Action on $293MM FNA/VA RMBS by Various Issuers
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 24
tranches from seven transactions issued by various issuers. The
collateral backing these deals consists of first-lien fixed and
adjustable rate mortgage loans insured by the Federal Housing
Administration (FHA) an agency of the U.S. Department of Urban
Development (HUD) or guaranteed by the Veterans Administration
(VA).

Complete rating actions are as follows:

Issuer: CWMBS Reperforming Loan REMIC Trust Certificates, Series
2005-R1

Cl. 1A-S, Downgraded to B3 (sf); previously on Jun 19, 2013 B1
(sf) Placed Under Review for Possible Downgrade

Cl. 1A-F1, Downgraded to B3 (sf); previously on Jun 19, 2013 B1
(sf) Placed Under Review for Possible Downgrade

Cl. 1A-F2, Downgraded to B3 (sf); previously on Jun 19, 2013 B1
(sf) Placed Under Review for Possible Downgrade

Cl. 2A-1, Downgraded to B3 (sf); previously on Jun 19, 2013 B1
(sf) Placed Under Review for Possible Downgrade

Cl. 2A-2, Downgraded to B3 (sf); previously on Jun 19, 2013 B1
(sf) Placed Under Review for Possible Downgrade

Cl. 2A-PO, Downgraded to B3 (sf); previously on Jun 19, 2013 B1
(sf) Placed Under Review for Possible Downgrade

Cl. 2A-IO, Downgraded to B3 (sf); previously on Jun 19, 2013 B1
(sf) Placed Under Review for Possible Downgrade

Issuer: Fannie Mae REMIC Trust 2001-W3

Cl. M, Downgraded to Baa3 (sf); previously on Jun 19, 2013 Baa1
(sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ba2 (sf); previously on Jun 19, 2013 Baa2
(sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to B3 (sf); previously on Aug 26, 2011
Downgraded to B1 (sf)

Issuer: Fannie Mae REMIC Trust 2002-W1

Cl. M, Downgraded to Ba1 (sf); previously on Jun 19, 2013 Baa1
(sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to B1 (sf); previously on Jun 19, 2013 Ba1
(sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Caa3 (sf); previously on Aug 26, 2011
Downgraded to Caa2 (sf)

Issuer: Fannie Mae REMIC Trust 2002-W6

Cl. M, Downgraded to Ba1 (sf); previously on Jun 19, 2013 Baa2
(sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Caa1 (sf); previously on Aug 26, 2011
Downgraded to B2 (sf)

Issuer: MASTR Reperforming Loan Trust 2006-2

Cl. 1A1, Downgraded to Caa1 (sf); previously on Jun 19, 2013 B3
(sf) Placed Under Review for Possible Downgrade

Cl. 2A1, Downgraded to Caa1 (sf); previously on Jun 19, 2013 B3
(sf) Placed Under Review for Possible Downgrade

Issuer: Reperforming Loan REMIC Trust 2003-R2

Cl. M, Downgraded to Caa2 (sf); previously on Jun 19, 2013 B3 (sf)
Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp 2006-RF3

Cl. 1-A1, Downgraded to Caa1 (sf); previously on Jun 19, 2013 B3
(sf) Placed Under Review for Possible Downgrade

Cl. 1-A2, Downgraded to Caa1 (sf); previously on Jun 19, 2013 B3
(sf) Placed Under Review for Possible Downgrade

Cl. 1-A3, Downgraded to Caa1 (sf); previously on Jun 19, 2013 B3
(sf) Placed Under Review for Possible Downgrade

Cl. 1-A4, Downgraded to Caa1 (sf); previously on Jun 19, 2013 B3
(sf) Placed Under Review for Possible Downgrade

Cl. 1-AX, Downgraded to Caa1 (sf); previously on Jun 19, 2013 B3
(sf) Placed Under Review for Possible Downgrade

Cl. 2-A, Downgraded to Caa1 (sf); previously on Jun 19, 2013 B3
(sf) Placed Under Review for Possible Downgrade

Ratings Rationale

The actions are a result of the recent performance of FHA-VA
portfolio and reflect Moody's updated loss expectations on these
pools and the structural nuances of the transactions. The
downgrades are a result of higher than expected losses and erosion
of credit enhancement supporting some of these bonds. The current
delinquent pipeline includes loans that have been in foreclosure
for over four years. Moody's believes the severity on some of
these loans could be much higher than the FHA-VA expected
severity.

A FHA guarantee covers 100% of a loan's outstanding principal and
a large portion of its outstanding interest and foreclosure-
related expenses in the event that the loan defaults. A VA
guarantee covers only a portion of the principal based on the
lesser of either the sum of the current loan amount, accrued and
unpaid interest, and foreclosure expenses, or the original loan
amount. HUD usually pays claims on defaulted FHA loans when
servicers submit the claims, but can impose significant penalties
on servicers if it finds irregularities in the claim process later
during the servicer audits. This can prompt servicers to push more
expenses to the trust that they deem reasonably incurred than
submit them to HUD and face significant penalty. The rating
actions consider the portion of a defaulted loan normally not
covered by the FHA or VA guarantee and other servicer expenses
they deemed reasonably incurred and passed on to the trust.

The methodology used in these ratings was "FHA-VA US RMBS
Surveillance Methodology" published in July 2011. The methodology
used in rating Interest-Only Securities was "Moody's Approach to
Rating Structured Finance Interest-Only Securities" published in
February 2012.

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 August 2012 to 7.3% in August 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.


* Covenant Quality of Non-Sponsored Caa-Rated Bonds Dips in 2013
----------------------------------------------------------------
Companies without private equity backing are now regularly
offering investors Caa rated bonds with weak, private equity style
covenant packages, says Moody's Investors Service in the report
"US Companies Mimic Private Equity With Weaker Caa Bond
Covenants." Traditionally, non-sponsored companies have offered
more protective high-yield bond covenants than companies with
private equity sponsors.

Of the 188 US bonds included in Moody's High-Yield Covenant
Database since 2011 that were rated Caa at issuance, those with
private equity sponsors have an average covenant quality score of
3.55, significantly weaker than 3.03 for those without sponsors.
This gap has virtually disappeared for Caa rated bonds issued in
2013, with PE-sponsored bonds averaging 3.71, virtually equal to
non-sponsored bonds at 3.69. Moody's scores covenants on a scale
of 1 (strong) to 5 (weakest).

"Companies without a private equity sponsor are starting to catch
up to sponsored companies by offering bond deals with very weak
covenant packages to help take advantage of the favorable bond
market," says Matthew Musicaro, a Moody's Associate Analyst. "Non-
sponsored companies are now regularly offering Caa rated bonds
with weak, private equity style covenants including aggressive
exemptions (carve-outs) that allow a company to incur large
amounts of additional secured debt that would have a higher
priority of payment than the bond in the event of a default."

Covenant quality has materially weakened in 2013 across the entire
high-yield market, according to Moody's Covenant Quality Index
(CQI). However, Moody's notes that the decline in covenant quality
has been the greatest at the Caa rating level. The average CQ
score for these bonds in 2013 is 3.70, much weaker than 3.30 in
2012 and 3.21 in 2011.

"Accommodative Fed policy and a surging high-yield bond market
have pushed down interest rates, allowing issuers to push yield-
hungry investors further down the capital structure and to provide
weak covenant packages while still paying coupons that are
relatively low by historical standards," says Musicaro. "Many
deals are oversubscribed, leaving investors with little ability to
push back against weak covenant structures."

Of the six key risks that Moody's evaluates in its covenant
analysis, Caa rated bonds have seen the most deterioration this
year in the liens, debt incurrence and restricted payments
covenants. Declining restricted payments and liens protection are
particularly troubling for low-rated bonds because paying
dividends and incurring debt senior to the notes can reduce a
bondholder's return in a distressed scenario, says Moody's.


* S&P Lowers Rating on 31 Classes from 21 RMBS Transaction to 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating to 'D (sf)'
on 31 classes from 21 U.S. residential mortgage-backed securities
(RMBS) transactions.  In addition, Standard & Poor's placed its
ratings on 17 classes from 13 additional U.S. RMBS transactions on
CreditWatch with negative implications.

The downgrades reflect S&P's assessment of the interest shortfalls
on the affected classes during recent remittance periods.  The
lowered ratings also reflect S&P's view of the magnitude of the
interest payment deficiencies (compared with the remaining
principal balance owed) that have affected the classes to date and
the likelihood that certificate holders will be reimbursed for
these deficiencies.

The CreditWatch placements reflect S&P's assessment of potential
interest shortfalls on the affected classes in recent remittance
periods being reported by the trustee that would likely negatively
affect those ratings.  S&P is in the process of verifying these
possible interest shortfalls and, upon confirmation of the
reported data, will adjust the ratings as we consider appropriate,
according to S&P's criteria.

The transactions reviewed are supported by mixed collateral of
fixed- and adjustable-rate mortgage loans.  A combination of
subordination, excess spread, and overcollateralization (where
applicable) provide credit enhancement for all of the transactions
in this review.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com


* S&P Suspends 8 Ratings From 8 Synthetic CDO Transactions
----------------------------------------------------------
Standard & Poor's Ratings Services suspended its ratings on eight
classes of notes from eight synthetic collateralized debt
obligation transactions.  S&P suspended the ratings because it has
not received sufficient timely information from the transaction
arrangers to maintain the ratings.  S&P may reinstate the tranche
ratings if it receives sufficient updated information on the
transactions.

          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 SUSPENDED

AMP CMBS 2006-1
$160 million AMP CMBS 2006-1

                            Rating
Class               To                  From
Secured             NR                  BB+ (sf)

AMP CMBS 2006-2
$30 million AMP CMBS 2006-2 variable notes

                            Rating
Class               To                  From
Secured             NR                  BB+ (sf)

ARMR 2007-1 Ltd.
$20 million A1 variable notes due 2047

                            Rating
Class               To                  From
Notes               NR                  AA- (sf)

Corsair (Jersey) No. 4 Ltd.
$4 billion Corsair (Jersey) No. 4 Ltd. series 10 partial credit
loss protected step-down portfolio, $40 million credit-linked
notes due 2027

                            Rating
Class               To                  From
Notes               NR                  BBB- (sf)

ORSO Portfolio Tranche Index Certificates
$28 million ORSO portfolio tranche index certificates series 1
trust

                            Rating
Class               To                  From
CL                  NR                  AA+ (sf)

Prism Colgate Orso Trust
$100 million PRISM Colgate ORSO Trust

                            Rating
Class               To                  From
CL                  NR                  AAA (sf)

Rutland Rated Investments
$5 million Rutland Rated Investments - series 48 tranche A3A-F
(Archer 2007-1)
secured limited recourse credit-linked notes

                            Rating
Class               To                  From
A3A-F               NR                  CCC- (sf)

Rutland Rated Investments
$5 million Rutland Rated Investments - series 48 tranche A3-L
(Archer 2007-1) secured limited recourse credit-linked notes

                            Rating
Class               To                  From
A3A-L               NR                  CCC- (sf)

NR-Not rated.


* S&P Withdraws 'CCC-' Rating on 4 Synthetic CDO Transactions
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on four
classes of notes from four corporate-backed synthetic
collateralized debt obligation transactions.

The rating withdrawals follow the receipt of redemption notices
and cancellation and repurchase notices.  The rating on ARLO VII
Ltd.'s class CSTON-10A2 was withdrawn based on lack of timely
information.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS WITHDRAWN

ARLO VII Ltd. Series 2007-CSTON-10A-2
                    Rating              Rating
Class               To                  From
CSTON-10A2          NR                  CCC- (sf)

Cloverie PLC Series 2007-24
                    Rating              Rating
Class               To                  From
2007-24             NR                  CCC- (sf)

Morgan Stanley ACES SPC Series 2007-29
                    Rating              Rating
Class               To                  From
I                   NR                  CCC- (sf)

Morgan Stanley ACES SPC Series 2007-38
                    Rating              Rating
Class               To                  From
I                   NR                  B- (sf)

NR-Not rated.



                            *********

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.
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sell any security of any kind.  It is likely that some entity
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Each Tuesday edition of the TCR contains a list of companies with
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The Sunday TCR delivers securitization rating news from the week
then-ending.

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                           *********

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
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