TCR_Public/131124.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, November 24, 2013, Vol. 17, No. 326


                            Headlines

ABACUS 2006-10: Moody's Affirms 'C' Ratings on 6 Note Classes
ACCESS TO LOANS: Fitch Comments on Confirmation Request of Ratings
ACIS CLO 2013-1: S&P Affirms 'BB' Rating on Class E Notes
ADIRONDACK PARK: S&P Affirms 'BB-' Rating on Class E Notes
AMERICAN AIRLINES 2013-2: Fitch Rates $512MM Cl. B Certs 'B(EXP)'

AMERICREDIT AUTOMOBILE 2013-5: Moody's Rates $27.47MM Notes Ba1
AMMC CLO XIII: Moody's Rates $20MM Class B2L Notes '(P)Ba2'
ASHFORD CDO II: Moody's Hikes Cl. B-1L Notes Rating to 'Ba1(sf)'
ATRIUM IV: S&P Raises Ratings on 2 Note Classes to 'BB+'
BABSON CLO 2005-II: S&P Raises Rating on 2 Note Classes to 'BB+'

BABSON CLO 2013-II: S&P Assigns Prelim. BB Rating on Class D Notes
BACCHUS 2006-1: Moody's Affirms 'Ba3' Rating on Class E Notes
BANC OF AMERICA 2004-2: Moody's Affirms Ba1 Rating on Class J CMBS
BANC OF AMERICA 2007-1: Fitch Cuts Rating on 2 Cert Classes to BB
BANC OF AMERICA 2007-1: Moody's Cuts 3 Certificate Classes to 'C'

BENEFIT STREET III: S&P Assigns Prelim. BB Rating on Class D Notes
BLACK DIAMOND 2006-1: Moody's Affirms 'Ba2' Rating on $45MM Notes
BLACKROCK SENIOR: S&P Raises Ratings on 2 Note Classes From 'BB+'
CAPITAL AUTO 2013-4: Moody's Rates Class E Notes 'Ba2(sf)'
CAPITAL AUTO 2013-4: S&P Assigns Prelim. BB Rating on Cl. E Notes

CASTLE GARDEN: S&P Raises Ratings on 2 Note Classes From BB+
CD COMMERCIAL 2007-CD5: Fitch Affirms Rating on 21 Certificates
CIFC FUNDING 2013-IV: Moody's Rates $33.5MM Class E Notes 'Ba3'
COMM 2013-FL3: S&P Assigns 'BB-' Rating on Class RGC2 Notes
CREDIT SUISSE 2003-C3: Fitch Affirms BB Rating on Class G Certs

CSMC TRUST 2013-IVR5: S&P Assigns Prelim. BB Rating to B-3 Certs
CT CDO III: Fitch Slashes Rating on 2 Note Classes to 'CCsf'
CWHEQ REVOLVING 2007-G: Moody's Ups Class A Notes Rating to Ba2
DRUBS 2011-LC1: Fitch Affirms Bsf Rating on $40.8MM Notes
FORTRESS CREDIT: S&P Assigns 'BB' Rating on Class E Notes

FRASER SULLIVAN II: S&P Affirms 'BB+' Rating on Class D Notes
GALLATIN CLO 2013-2: Fitch to Rate $21.25MM Class E Notes 'BB'
GCO EDUCATION II: Fitch Maintains 'Bsf' Rating on Class C-1L Notes
GE COMMERCIAL: DBRS Confirms 'B' Rating on Class E Certificates
GLOBAL TRADE 2013-1: Fitch Rates $16.61MM Class D Notes 'Bsf'

GMAC COMMERCIAL 2002-C1: Moody's Hikes Class K Notes Rating to B1
GREENWICH CAPITAL 2007-RR2: Moody's Affirms C Ratings on 4 Notes
GREYROCK CDO: S&P Affirms 'BB+(sf)' Ratings on 2 Debt Classes
HILTON USA 2013-HLT: S&P Assigns Prelim. BB Rating on X-FL Certs
ICE 3: S&P Affirms 'BB' Rating on Class E Notes

JFIN REVOLVER CLO: S&P Assigns 'BB' Rating on Class E Notes
JP MORGAN 2005-LDP3: S&P Lowers Rating on Cl. G Certs to 'D'
JP MORGAN 2013-C16: Fitch Rates $21.29MM Class E Notes 'BBsf'
KVK CLO 2013-2: S&P Assigns 'BB' Rating on Class E Notes
LB-UBS 2000-C3: Fitch Hikes Rating on Class J Notes From 'BBsf'

LB-UBS 2002-C4: Fitch Affirms 'Dsf' Rating on $4.1MM Notes
LEAF RECIEVABLES 7: Moody's Raises Class E-2 Notes Rating to 'Ba1'
LONGFELLOW PLACE: S&P Affirms 'BB' Rating on Class E Notes
MACH ONE 2004-1: Fitch Hikes $17.68MM Class J Notes Rating to BB
MADISON PARK: S&P Raises Ratings on Class E Notes From 'BB+'

MERRILL LYNCH 1998-C2: S&P Affirms 'CCC' Rating on Class G Certs
MERRILL LYNCH 2006-1: Fitch Affirms CCC Rating on $17.9MM Notes
ML-CFC COMMERCIAL 2007-7: Moody's Cuts Rating on 2 Certs to 'Ca'
MORGAN STANLEY 1999-FNV1: Fitch Hikes Class K Notes Rating From C
MORGAN STANLEY 2004-TOP15: S&P Lowers Rating on Cl. L. Certs to D

MORGAN STANLEY 2013-C13: Fitch Rates $10.18MM Cl. G Notes 'B-sf'
MOUNTAIN HAWK II: S&P Affirms 'BB' Rating on Class E Notes
NORTEL NETWORKS 2001-1: Moody's Raises Certificates Rating to 'Ca'
OCTAGON INVESTMENT: S&P Assigns Prelim. BB Rating on Class D Notes
PPLUS TRUST RRD-1: S&P Lowers Rating on Class A & B Certs to 'BB-'

PUTMAN STRUCTURED 2003-1: Moody's Affirms Ratings on 7 Notes
SALOMON BROTHERS 2002-KEY2: Moody's Cuts 3 CMBS' Ratings to 'C'
SARANAC CLO I: Moody's Rates $18MM Class E Notes 'Ba3'
SCHOONER TRUST 2006-5: Moody's Affirms Ba1 Rating on Class F Notes
SDART 2013-5: Fitch Rates $87.38MM Class E Notes 'BBsf'

SEAWALL 2006-4: Moody's Affirms 'C' Rating on Class A Notes
SESTANTE FINANCE 3: Fitch Lowers Rating on Class B Notes to 'Bsf'
SEQUOIA MORTGAGE 2013-12: Fitch Rates $3.4MM Certs at 'BBsf'
STUDENT LOAN 2007-1: S&P Affirms 'B-' Rating on 2 Cert. Classes
SUMMIT LAKE: S&P Affirms 'B+' Rating on Class B-2L Notes

THL CREDIT 2013-2: S&P Assigns 'BB' Rating on Class E Notes
TRITON AVIATION: S&P Lowers Rating on Class A-1 Notes to 'CCC'
VENTURE XV CLO: Moody's Rates $34.2MM Class E Notes at 'Ba3'
VITESSE CLO: S&P Affirms 'B+' Rating on Class B2L Notes
WACHOVIA BANK 2005-C20: Loan Defeasance No Effect on Ratings

WACHOVIA BANK 2006-C26: Moody's Cuts Rating on 2 Certs to 'Ba3'
WACHOVIA BANK 2006-WHALE7: S&P Cuts Rating on Class WA Notes to D
WFRBS COMMERCIAL 2012-C10: Moody's Ba2 Rating on Class E Notes
WFRBS COMMERCIAL 2013-C17: Fitch Rates $9MM Class E Notes 'Bsf'
WFRBS COMMERCIAL 2013-UBS1: S&P Gives Prelim. BB Rating on E Notes

* Fitch Takes Rating Actions on 99 Classes from 21 SF CDOs
* Fitch Takes Rating Actions on 10 RMBS Alt-A Transactions
* Moody's Takes Action on $891MM of RMBS by Various Issuers
* Moody's Takes Action on $163MM Alt-A RMBS Issued 2006-2007
* Moody's Raises Ratings on $242MM of RMBS Issued 2002 to 2005

* S&P Puts 174 Ratings on 44 US CLO Transactions on Watch Positive


                            *********

ABACUS 2006-10: Moody's Affirms 'C' Ratings on 6 Note Classes
-------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of eight
classes of notes issued by Abacus 2006-10, LTD. The affirmations
are due to key transaction parameters performing within levels
commensurate with the existing ratings levels. The rating action
is the result of Moody's on-going surveillance of commercial real
estate collateralized debt obligation (CRE CDO Synthetic)
transactions.

Moody's rating action is as follows:

Cl. A, Affirmed Caa3 (sf); previously on Jan 24, 2013 Affirmed
Caa3 (sf)

Cl. B, Affirmed Ca (sf); previously on Jan 24, 2013 Downgraded to
Ca (sf)

Cl. C, Affirmed C (sf); previously on Jan 24, 2013 Downgraded to C
(sf)

Cl. D, Affirmed C (sf); previously on Jan 24, 2013 Downgraded to C
(sf)

Cl. E, Affirmed C (sf); previously on Jan 24, 2013 Downgraded to C
(sf)

Cl. F, Affirmed C (sf); previously on Jan 24, 2013 Downgraded to C
(sf)

Cl. J, Affirmed C (sf); previously on Jan 24, 2013 Affirmed C (sf)

Cl. K, Affirmed C (sf); previously on Jan 24, 2013 Affirmed C (sf)

Ratings Rationale:

Abacus 2006-10, LTD. is a static synthetic transaction backed by a
portfolio of credit default swaps referencing 100% commercial
mortgage backed securities (CMBS). All of the CMBS reference
obligations were securitized in 2004 (27.3%) and 2005 (72.7%).

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

WARF is a primary measure of the credit quality of a CRE CDO pool.
Moody's has completed updated assessments for the non-Moody's
rated reference obligations. Moody's modeled a bottom-dollar WARF
of 2,537 compared to 2,318 at last review. The current
distribution of Moody's rated reference obligations and
assessments for non-Moody's rated reference obligations is as
follows: Aaa-Aa3 (7.5% compared to 4.9% at last review), A1-A3
(16.1% compared to 18.2% at last review), Baa1-Baa3 (21.1%
compared to 21.9% at last review), Ba1-Ba3 (13.6% compared to
14.2% at last review), B1-B3 (16.5% compared to 17.0% at last
review), and Caa1-Ca/C (25.2% compared to 23.8% at last review).

Moody's modeled to a WAL of 2.2 years compared to 2.9 years at
last review. The current WAL is based on assumptions about
extensions on the underlying reference obligations.

Moody's modeled a variable WARR with a mean of 13.9%, compared to
a mean of 13.7% at last review.

Moody's modeled a MAC of 13.8%, compared to 17.0% 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.

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 current ratings and credit assessments of
the reference obligations. Holding all other key parameters
static, changing the current ratings and credit assessments of the
reference obligations one notch downward or one notch upward would
result in 0 to 2 notches downward rating movements on the rated
tranches 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.


ACCESS TO LOANS: Fitch Comments on Confirmation Request of Ratings
------------------------------------------------------------------
Fitch Ratings currently maintains ratings on student loan bonds
issued by Access to Loans for Learning Student Loan Corp - 1998
Master Trust IV. ALLSLC has requested that Fitch confirm its
existing ratings in connection with the resignation of The Bank of
New York Mellon Trust Company, N.A. (the prior trustee) and the
appointment of Manufacturers and Traders Trust Company (the
successor trustee). Consistent with its statements on policies
regarding rating confirmations in structured finance transactions
(Jan. 13, 2009) and student loan confirms (May 8, 2009), Fitch is
treating this request as a notification.

Based on the information provided, Fitch has determined that the
trustee change will not have a material impact on the existing
ratings. This determination only addresses the effect of the
amendments on the current ratings assigned by Fitch to the
securities listed below. This determination does not address
whether this change is permitted by the terms of the documents,
nor does it address whether this change is in the best interests
of, or prejudicial to, some or all of the holders of the
securities listed.

Fitch's ratings on the above-mentioned trusts remain unchanged and
are listed below:

Access to Loans for Learning Student Loan Corp - 1998 Master Trust
IV Senior Class Notes

-- Series 2000 Class A-3 'B-sf'; Outlook Negative;
-- Series 2002 Class A-4 'B-sf'; Outlook Negative;
-- Series 2002 Class A-5 'B-sf'; Outlook Negative;
-- Series 2003-1 Class A-7 'B-sf'; Outlook Negative;
-- Series 2003-1 Class A-8 'B-sf'; Outlook Negative;
-- Series 2003-1 Class A-9 'B-sf'; Outlook Negative;
-- Series 2003-1 Class A-10 'B-sf'; Outlook Negative;
-- Series 2003-2 Class A-11 'B-sf'; Outlook Negative;
-- Series 2003-2 Class A-12 'B-sf'; Outlook Negative;
-- Series 2004 Class A-13 'B-sf'; Outlook Negative;
-- Series 2007 Class IV-A-14 'B-sf'; Outlook Negative;
-- Series 2007 Class IV-A-15 'B-sf'; Outlook Negative;
-- Series 2007 Class IV-A-16 'B-sf'; Outlook Negative;
-- Series 2007 Class IV-A-17 'B-sf'; Outlook Negative;
-- Series 2007 Class IV-A-18 'B-sf'; Outlook Negative;
-- Series 1998 Class C-1 'B-sf'; Outlook Negative;
-- Series 2003-1 Class C-2 'B-sf'; Outlook Negative.


ACIS CLO 2013-1: S&P Affirms 'BB' Rating on Class E Notes
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on ACIS
CLO 2013-1 Ltd./ACIS CLO 2013-1 LLC's $725.93 million floating-
rate notes following the transaction's effective date as of
April 10, 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 our opinion that
the portfolio collateral purchased by the issuer, as reported to
us by the trustee and collateral manager, in combination with the
transaction's structure, provides sufficient credit support to
maintain the ratings that we assigned on the transaction's closing
date.  The effective date reports provide a summary of certain
information that we used in our analysis and the results of our
review based on the information presented to us," S&P noted.

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 added.

In S&P's published effective date report, it discusses its
analysis of the information provided by the transaction's trustee
and collateral manager in support of their request for effective
date rating affirmation.  In most instances, S&P intends to
publish an effective date report each time it issues an effective
date rating affirmation on a publicly rated U.S. cash flow CLO.

On an ongoing basis after S&P issues an effective date rating
affirmation, it will periodically review whether, in its view, the
current ratings on the notes remain consistent with the credit
quality of the assets, the credit enhancement available to support
the notes, and other factors, and take rating actions as it deems
necessary.

RATINGS AFFIRMED

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

Class                            Rating             Amount
                                                   (mil. $)
X                                AAA (sf)             4.00
A-1                              AAA (sf)           190.75
A-2A                             AAA (sf)           115.75
A-2B                             AAA (sf)            10.25
B                                AA (sf)             62.50
C (deferrable)                   A (sf)              39.50
D (deferrable)                   BBB (sf)            21.50
E (deferrable)                   BB (sf)             19.50
F (deferrable)                   B (sf)              10.00
Combination notes (deferrable)   A (sf)             252.18


ADIRONDACK PARK: S&P Affirms 'BB-' Rating on Class E Notes
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Adirondack Park CLO Ltd./Adirondack Park CLO Corp.'s
$466.50 million floating-rate notes following the transaction's
effective date.  Though the transaction declared its effective
date as July 26, 2013, this effective date analysis was based on
information as of Sept. 16, 2013, which was provided to S&P in the
Sept. 6, 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 (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.

RATINGS AFFIRMED

Adirondack Park CLO Ltd./Adirondack Park CLO Corp.

Class                      Rating                       Amount
                                                      (mil. $)
X                          AAA (sf)                    2.21(i)
A                          AAA (sf)                     322.50
B                          AA (sf)                       45.00
C                          A (sf)                        46.00
D                          BBB (sf)                      25.00
E                          BB- (sf)                      25.00

(i) Class X note balance paid down from $3.00 million on the
     July 15, 2013, payment date.


AMERICAN AIRLINES 2013-2: Fitch Rates $512MM Cl. B Certs 'B(EXP)'
-----------------------------------------------------------------
Fitch Ratings has assigned the following rating to American
Airlines Pass-Through Trust Certificates, Series 2013-2:

- $512 million class B certificates (B-tranche) with an expected
   maturity of July 2020 rated 'B(EXP)'.

Fitch has also placed the AA 2013-2 class B certificates on Rating
Watch Positive reflecting Fitch's expectation that the ratings
will be upgraded once American Airlines Inc. (American; rated 'D')
exits from Chapter 11 bankruptcy protection, which is expected to
occur in the first half of December.

Fitch assigned a rating of 'BBB+' to the AA 2013-2 class A
certificates earlier this year. The proposed issuance of the AA
2013-2 B tranche does not affect the existing rating for the class
A certificates.

Key Rating Drivers:

The ratings were assigned according to Fitch's EETC criteria,
which stipulate that EETC B tranches that are affirmed will
typically be rated in the 'B' category while the underlying
airline is in bankruptcy. The ratings reflect that full and timely
interest and principal payments are expected to be made while
American remains in bankruptcy, offset by the inherent
uncertainties of the bankruptcy process. Fitch expects to
reevaluate the B tranche ratings once AMR emerges from bankruptcy.

Transaction Overview:

American issued the AA 2013-2 class A certificates in July 2013 to
refinance 75 aircraft that were previously encumbered under
existing secured financings. AMR now plans to issue a subordinated
B tranche secured by the same pool of assets. The B tranche is
expected to be sized at $512 million which equates to an initial
cumulative loan-to-value ratio (LTV) of 74.5% per the offering
memorandum. Fitch calculates the initial LTV for the B tranche at
78.7% using values provided by an independent appraiser.

Collateral: The collateral pool consists of 41 737-800s, 14 757-
200s, 19 777-200ERs and 1 767-300ER. The collateral pool features
a weighted average age of nearly 10.6 years. These 75 aircraft
equate to roughly 12% of AMR's total fleet (by number of
aircraft), and the 737s in the pool make up nearly 19% of AMR's
737 fleet, which provide the backbone of the carrier's narrow-body
operations. The relatively large portion of AMR's fleet secured by
this transaction is supportive of a high affirmation factor.

The relatively high average age of the collateral pool and the
inclusion of some weaker aircraft types (757-200, 767-300ER) makes
the overall collateral quality in AA 2013-2 weaker than that seen
in some recent EETC transactions, which have consisted mostly of
new delivery, Tier 1 aircraft. However, Fitch still considers the
overall collateral quality of AA 2013-2 to be solid given that the
majority of the pool consists of Tier 1 737-800s and Tier 1/2 777-
200ERs.

Post-Petition Status: The new equipment notes (and thus the
certificates) will qualify as 'post-petition' secured DIP
financing while American remains in bankruptcy. Creditors in the
AA 2013-2 EETC will not only hold a first priority claim to the
pledged assets, but also have their debt-service payments qualify
as an 'administrative expense,' similar to holders of the existing
EETCs that have been affirmed and elevated to an administrative
expense status.

Standard EETC Structural Enhancements (Upon Emergence): Once
American emerges from Chapter 11, Section 1110 and the standard
features of the EETC template will govern the certificates.
Similar to other recent EETCs, the AA 2013-2 B tranche will
benefit from a dedicated liquidity facility provided by Morgan
Stanley Bank N.A. (Fitch rated 'A'/'F1'; Stable Outlook) that
covers up to three semi-annual interest payments over an 18-month
period. AA 2013-2 also includes the customary cross-
collateralization and cross-default features that treat all
aircraft as one pool of assets and limit American's ability to
cherry-pick assets within the EETC in a future bankruptcy.

Rating Sensitivities:
The Rating Watch Positive on the AA 2013-2 B tranche reflects
Fitch's expectations that the ratings will be upgraded once
American emerges from Chapter 11 protection. A negative rating
action is not anticipated at this time.

Fitch has assigned the following rating:

American Airlines Pass Through Trust 2013-2

-- Series 2013-2 class B certificates 'B (EXP)'.


AMERICREDIT AUTOMOBILE 2013-5: Moody's Rates $27.47MM Notes Ba1
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes issued by AmeriCredit Automobile Receivables Trust 2013-5
(AMCAR 2013-5). This is the fifth public subprime transaction of
the year for AmeriCredit Financial Services, Inc. (AmeriCredit).

The complete rating actions are as follows:

Issuer: AmeriCredit Automobile Receivables Trust 2013-5

  $168,000,000, 0.25%, Class A-1, Definitive Rating Assigned
  P-1(sf)

  $124,520,000, 0.65%, Class A-2-A, Definitive Rating Assigned
  Aaa(sf)

  $225,000,000, One-month LIBOR + 0.38%, Class A-2-B, Definitive
  Rating Assigned Aaa (sf)

  $269,100,000, 0.90%, Class A-3, Definitive Rating Assigned
  Aaa(sf)

  $84,740,000, 1.52%, Class B, Definitive Rating Assigned Aa1(sf)

  $105,200,000, 2.29%, Class C, Definitive Rating Assigned Aa3(sf)

  $103,440,000, 2.86%, Class D, Definitive Rating Assigned
  Baa1(sf)

  $27,470,000, 3.60%, Class E, Definitive Rating Assigned Ba1(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, and the experience and expertise of
AmeriCredit as servicer.

Moody's median cumulative net loss expectation for the AMCAR 2013-
5 pool is 9.00% and total credit enhancement required to achieve
Aaa rating is 37.00%. The loss expectation was based on an
analysis of AmeriCredit's 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
versus a Medium for the sector. 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 20%, 25% or 35%,
the initial model output for the Class A notes might change from
Aaa to Aa1, Aa3, and Baa1, respectively; Class B notes might
change from Aa1 to Baa2, Ba2, and below B3, respectively; Class C
notes might change from Aa3 to B1, below B3, and below B3,
respectively; Class D notes might change from Baa1 to below B3 in
all three scenarios; and Class E notes might change from Ba1 to
below B3 in all three scenarios.

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.


AMMC CLO XIII: Moody's Rates $20MM Class B2L Notes '(P)Ba2'
-----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by AMMC CLO
XIII, Limited (the "Issuer" or "AMMC CLO XIII"):

U.S. $238,000,000 Class A1L Senior Secured Floating Rate Notes due
2025 (the "Class A1L Notes"), Assigned (P)Aaa (sf)

U.S. $60,000,000 Class A2L Senior Secured Floating Rate Notes due
2025 (the "Class A2L Notes"), Assigned (P)Aa2 (sf)

U.S. $30,000,000 Class A3L Senior Secured Deferrable Floating Rate
Notes due 2025 (the "Class A3L Notes"), Assigned (P)A2 (sf)

U.S. $17,500,000 Class B1L Senior Secured Deferrable Floating Rate
Notes due 2025 (the "Class B1L Notes"), Assigned (P)Baa2 (sf)

U.S. $20,000,000 Class B2L Senior Secured Deferrable Floating Rate
Deferrable Notes due 2025 (the "Class B2L Notes"), Assigned (P)Ba2
(sf)

U.S. $10,500,000 Class B3L Senior Secured Deferrable Floating Rate
Deferrable Notes due 2025 (the "Class B3L Notes"), Assigned (P)B2
(sf)

The Class A1L Notes, the Class A2L Notes, the Class A3L Notes, the
Class B1L Notes, the Class B2L Notes, and the Class B3L Notes are
together known as the Rated Notes.

Moody's issues provisional ratings in advance of the final sale of
financial instruments, but these ratings only represent Moody's
preliminary credit opinions. Upon a conclusive review of a
transaction and associated documentation, Moody's will endeavor to
assign definitive ratings. A definitive rating (if any) may differ
from a provisional rating.

Ratings Rationale:

Moody's provisional ratings of the Rated Notes address the
expected losses posed to noteholders. The provisional ratings
reflect the risks due to defaults on the underlying portfolio of
loans, the transaction's legal structure, and the characteristics
of the underlying assets.

AMMC CLO XIII is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first-lien senior
secured corporate loans. At least 95% of the portfolio must be
invested in first-lien senior secured loans or eligible
investments and up to 5% of the portfolio may consist of unsecured
loans, second lien loans and bonds. The underlying collateral pool
will be approximately 80% ramped as of the closing date.

American Money Management Corporation (the "Manager") will direct
the selection, acquisition and disposition of collateral on behalf
of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's approximately four
year reinvestment period. Thereafter, all unscheduled principal
payments and sale proceeds of credit risk assets may be used to
purchase additional collateral obligations, subject to certain
conditions.

In addition to the Rated Notes, the Issuer will issue one tranche
of subordinated notes. The transaction incorporates interest and
par coverage tests which, if triggered, divert interest and
principal proceeds to pay down the notes in order of seniority.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique.


ASHFORD CDO II: Moody's Hikes Cl. B-1L Notes Rating to 'Ba1(sf)'
----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by Ashford CDO II, Ltd.:

U.S.$175,000,000 Class A-1LA Floating Rate Notes Due November 5,
2041 (current outstanding balance of $90,639,586), Upgraded to A1
(sf); previously on December 19, 2011 Upgraded to A3 (sf);

U.S.$42,000,000 Class A-1LB Floating Rate Notes Due November 5,
2041, Upgraded to A3 (sf); previously on December 19, 2011
Upgraded to Baa3 (sf);

U.S.$51,000,000 Class A-2L Floating Rate Notes Due November 5,
2041, Upgraded to Baa2 (sf); previously on December 19, 2011
Upgraded to Ba2 (sf);

U.S.$34,000,000 Class A-3L Floating Rate Notes Due November 5,
2041, Upgraded to Ba1 (sf); previously on December 19, 2011
Upgraded to B1 (sf);

U.S.$22,000,000 Class B-1L Floating Rate Notes Due November 5,
2041 (current outstanding balance of $21,467,502), Upgraded to B1
(sf); previously on December 19, 2011 Upgraded to Caa2 (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 as well
as an improvement in the credit quality of the portfolio since
November 2012.

Based on the latest trustee report dated October 25, 2013, the
Class A and Class B-1L overcollateralization ratios are reported
at 115.1% and 98.8%, respectively, compared to November 2012
levels of 113.8% and 96.3%, respectively. Currently the Class B-1L
and Class B-2L OC tests are failing, resulting in diversion of
interest proceeds to the payment of principal on the Class A-1LA
Notes and deferral of interest payments to the Class B-2L Notes.

In addition to deleveraging, the trustee reported WARF has
improved to 753 from 989 since November 2012, primarily driven by
recent upgrades on a significant number of underlying CLO
tranches.

Actions also reflect a correction to Moody's modeling of the
interest coverage test. In prior rating actions Moody's
incorrectly modeled the trigger of the test, resulting in a
failure of the test in the model. This error has now been
corrected, and rating actions reflect this change.

Ashford CDO II, Ltd. is a collateralized debt obligation backed
primarily by a portfolio of collateralized loan obligations
("CLOs"), of which a majority are from the 2005-2006 vintage.


ATRIUM IV: S&P Raises Ratings on 2 Note Classes to 'BB+'
--------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A-3, B, C, D-1, and D-2 notes from Atrium IV, a U.S.
collateralized loan obligation (CLO) transaction managed by CSFB
Alternative Capital Inc., and removed S&P's ratings on the notes
from CreditWatch with positive implications.  At the same time S&P
affirmed its 'AAA (sf)' ratings on the class A-1a, A-1b, and A-2
notes.

The upgrades mainly reflect paydowns to the class A-1a, A-1b, and
A-2 notes and a subsequent increase in the overcollateralization
(O/C) available to support the notes since S&P's September 2012
rating actions.  Since then, the transaction has paid down the
class A-1a, A-1b, and A-2 notes, pro rata, by approximately
$193.13 million.  These paydowns have left the class A-1a, A-1b,
and A-2 notes at 30.75% of their original balances.  S&P expects
the class A-1a, A-1b, and A-2 notes to continue paying down, as
their reinvestment period ended in June 2011.

In S&P's analysis, it considered that Atrium IV has a relatively
large bucket of long-dated assets, or underlying securities that
mature after the transaction's stated maturity.  Based on the
October 2013 trustee report, the long-dated assets constituted
14.9% 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 October 2013 monthly report:

   -- The class A O/C ratio was 166.02%, compared with a reported
      127.68% ratio in June 2012;

   -- The class B O/C ratio was 138.98%, compared with a reported
      118.00% ratio in June 2012;

   -- The class C O/C ratio was 123.22%, compared with a reported
      111.37% ratio in June 2012; and

   -- The class D O/C ratio was 117.64%, compared with a reported
      108.81% ratio in June 2012.

S&P affirmed its ratings on the class A-1a, A-1b, and A-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.

RATING AND CREDITWATCH ACTIONS

Atrium IV
                   Rating
Class        To           From
A-1a         AAA (sf)     AAA (sf)
A-1b         AAA (sf)     AAA (sf)
A-2          AAA (sf)     AAA (sf)
A-3          AAA (sf)     AA+ (sf)/Watch Pos
B            AA+ (sf)     A+ (sf)/Watch Pos
C            BBB+ (sf)    BBB- (sf)/Watch Pos
D-1          BB+ (sf)     BB (sf)/Watch Pos
D-2          BB+ (sf)     BB (sf)/Watch Pos

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

CDO-Collateralized debt obligation.


BABSON CLO 2005-II: S&P Raises Rating on 2 Note Classes to 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A-2, B, C-1, C-2, D-1, and D-2 notes from Babson CLO Ltd 2005-II,
a U.S. collateralized loan obligation (CLO) transaction managed by
Babson Capital Management LLC.  At the same time, S&P removed its
ratings on these notes from CreditWatch, where S&P placed them
with positive implications on Sept. 5, 2013.  In addition, S&P
affirmed its rating on the class A-1 notes.

The upgrades reflect paydowns to the class A-1 notes and a
subsequent improvement in the credit enhancement and
overcollateralization (O/C) available to support the notes since
December 2012, when S&P raised the ratings on all seven classes.
Since then, the transaction has paid down the class A-1 notes by
approximately $195.45 million, reducing their outstanding note
balance to 37.43% of their original balance.

The upgrades also reflect an improvement in the O/C coverage
ratios, predominantly because of the paydowns since S&P's December
2012 rating actions.  The trustee reported the following O/C
ratios in the October 2013 monthly report:

   -- The class A O/C ratio was 144.35% compared with a reported
      ratio of 124.82% in November 2012.

   -- The class B O/C ratio was 126.72% compared with a reported
      ratio of 116.14% in November 2012.

   -- The class C O/C ratio was 113.38% compared with a reported
      ratio of 108.85% in November 2012.

   -- The class D O/C ratio was 107.33% compared with a reported
      ratio of 105.31% in November 2012.

The upgrades also reflect an improvement in the performance of the
transaction's underlying asset portfolio since the time of the
last action.  As of the October 2013 trustee report, the
transaction had $9.36 million of assets from obligors rated in the
'CCC' category.  This was down from the $16.23 million S&P
referenced for its December 2012 rating actions.

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.

RATING AND CREDITWATCH ACTIONS

Babson CLO Ltd 2005-II
                   Rating
Class         To           From
A-2           AAA (sf)     AA+ (sf)/Watch Pos
B             AA+ (sf)     A+ (sf)/Watch Pos
C-1           BBB+ (sf)    BBB- (sf)/Watch Pos
C-2           BBB+ (sf)    BBB- (sf)/Watch Pos
D-1           BB+ (sf)     BB- (sf)/Watch Pos
D-2           BB+ (sf)     BB- (sf)/Watch Pos

RATING AFFIRMED

Babson CLO Ltd 2005-II

Class         Rating
A-1           AAA (sf)

TRANSACTION INFORMATION

Issuer:             Babson CLO Ltd 2005-II
Coissuer:           Babson CLO Inc. 2005-II
Collateral manager: Babson Capital Management LLC
Underwriter:        Citigroup Global Markets Inc.
Trustee:            The Bank of New York Mellon
Transaction type:   Cash flow CDO


BABSON CLO 2013-II: S&P Assigns Prelim. BB Rating on Class D Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Babson CLO Ltd. 2013-II/Babson CLO 2013-II LLC's
$637.000 million fixed- and 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 Nov. 20,
2013.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

   -- 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 criteria.

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

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

   -- The portfolio manager's experienced management team.

   -- S&P's projections regarding the timely interest and ultimate
      principal payments on the 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 0.24%-11.25%.

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

   -- The transaction's interest diversion test, a failure of
      which will lead to the reclassification of up to 50% of
      available excess interest proceeds into principal proceeds
      to purchase additional collateral assets during the
      reinvestment period that are available before paying
      uncapped administrative expenses and fees, deferred asset
      management fees, and collateral manager incentive fees.

PRELIMINARY RATINGS ASSIGNED

Babson CLO Ltd. 2013-II/Babson CLO 2013-II LLC

Class               Rating                 Amount
                                         (mil. $)
A-1                 AAA (sf)               415.00
A-2                 AA (sf)                 97.00
B-1 (deferrable)    A (sf)                  32.00
B-2 (deferrable)    A (sf)                  16.00
C (deferrable)      BBB (sf)                38.00
D (deferrable)      BB (sf)                 29.00
E (deferrable)      B (sf)                  10.00
Subordinated notes  NR                     60.725

NR-Not rated.


BACCHUS 2006-1: Moody's Affirms 'Ba3' Rating on Class E Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by Bacchus (U.S.) 2006-1
Ltd.:

U.S. $18,000,000 Class B Second Priority Floating Rate Notes due
January 20, 2019, Upgraded to Aaa (sf); previously on September
15, 2011 Upgraded to Aa1 (sf)

U U.S. $28,000,000 Class C Third Priority Deferrable Floating Rate
Notes due January 20, 2019, Upgraded to A2 (sf); previously on
September 15, 2011 Upgraded to A3 (sf)

U.S. $12,750,000 Class D Fourth Priority Deferrable Floating Rate
Notes due January 20, 2019, Upgraded to Baa3 (sf); previously on
September 15, 2011 Upgraded to Ba1 (sf)

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

U.S. $252,750,000 Class A Senior Secured Floating Rate Notes due
January 20, 2019 (current outstanding balance of $
192,295,401.39), Affirmed Aaa (sf); previously on October 8, 2010
Upgraded to Aaa (sf)

U.S. $12,000,000 Class E Fifth Priority Deferrable Floating Rate
Notes due January 20, 2019 (current outstanding balance of $
10,844,127.38), Affirmed Ba3 (sf); previously on September 15,
2011 Upgraded to Ba3 (sf)

Ratings Rationale:

According to Moody's, the rating actions taken on the notes
reflect the benefit of the short period of time remaining before
the end of the deal's reinvestment period in January 2014. In
consideration of the reinvestment restrictions applicable during
the amortization period, and therefore limited ability to effect
significant changes to the current collateral pool, Moody's
analyzed the deal assuming a higher likelihood that the collateral
pool characteristics will continue to maintain a positive buffer
relative to certain covenant requirements. In particular, Moody's
modeled a weighted average spread and a weighted average recovery
rate of 3.80% and 50.49%, respectively, compared to the covenant
levels of 2.90% and 44.75%, respectively. Moody's also notes that
the transaction's reported overcollateralization ratios are stable
over the last twelve months.

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 $276.4 million, defaulted par of $3.9 million,
a weighted average default probability of 17.29% (implying a WARF
of 2889), a weighted average recovery rate upon default of 50.49%,
and a diversity score of 40. 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.

Bacchus (U.S.) 2006-1 Ltd., issued in December 2006, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.


BANC OF AMERICA 2004-2: Moody's Affirms Ba1 Rating on Class J CMBS
------------------------------------------------------------------
Moody's Investors Service upgraded the ratings of four classes and
affirmed 11 classes of Banc of America Commercial Mortgage Inc.,
Commercial Mortgage Pass-Through Certificates, Series 2004-2 as
follows:

Cl. A-5, Affirmed Aaa (sf); previously on Oct 1, 2004 Definitive
Rating Assigned Aaa (sf) and Confirmed

Cl. B, Affirmed Aaa (sf); previously on Jun 26, 2008 Upgraded to
Aaa (sf)

Cl. C, Affirmed Aaa (sf); previously on Jun 26, 2008 Upgraded to
Aaa (sf)

Cl. D, Upgraded to Aaa (sf); previously on Jan 28, 2011 Upgraded
to Aa1 (sf)

Cl. E, Upgraded to Aa2 (sf); previously on Jan 28, 2011 Upgraded
to A1 (sf)

Cl. F, Upgraded to A2 (sf); previously on Oct 1, 2004 Definitive
Rating Assigned Baa1 (sf) and Confirmed

Cl. G, Upgraded to A3 (sf); previously on Oct 1, 2004 Definitive
Rating Assigned Baa2 (sf) and Confirmed

Cl. H, Affirmed Baa3 (sf); previously on Oct 1, 2004 Definitive
Rating Assigned Baa3 (sf) and Confirmed

Cl. J, Affirmed Ba1 (sf); previously on Oct 1, 2004 Definitive
Rating Assigned Ba1 (sf) and Confirmed

Cl. K, Affirmed Ba2 (sf); previously on Oct 1, 2004 Definitive
Rating Assigned Ba2 (sf) and Confirmed

Cl. L, Affirmed B1 (sf); previously on Dec 1, 2011 Downgraded to
B1 (sf)

Cl. M, Affirmed B2 (sf); previously on Dec 1, 2011 Downgraded to
B2 (sf)

Cl. N, Affirmed B3 (sf); previously on Dec 1, 2011 Downgraded to
B3 (sf)

Cl. O, Affirmed Caa1 (sf); previously on Jan 28, 2011 Downgraded
to Caa1 (sf)

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

Ratings Rationale:

The upgrades are due to increased credit support from paydown and
amortization as well as anticipated increased credit support from
loans approaching maturity that are well positioned for refinance.
Including defeasance, 79% of the pool will mature within the next
12 months. Excluding defeased loans, there are 19 loans,
representing approximately 52% of the pool, that have a debt yield
greater than 10% and mature within the next twelve months.

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 the below-investment grade P&I classes are consistent
with Moody's expected loss and thus are affirmed. The rating of
the IO Class, Class XC, is consistent with the expected credit
performance of its referenced classes and thus is 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 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 4.9% of the
current balance compared to 3.7% at last review. Moody's base
expected loss plus realized losses is now 1.9% of the original
pooled balance compared to 1.8% 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.

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 13 compared to 15 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 November 30, 2012.

Deal Performance:

As of the October 13, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 64% to $411.9
million from $1.13 billion at securitization. The Certificates are
collateralized by 40 mortgage loans ranging in size from less than
1% to 17% of the pool. Eight loans, representing approximately 18%
of the pool, have defeased and are secured by U.S. Government
securities.

Eleven loans, representing approximately 14% of the pool, are on
the master servicer's watchlist. The watchlist includes loans
which meet certain portfolio review guidelines established as part
of the CRE Finance Council (CREFC) monthly reporting package. As
part of Moody's ongoing monitoring of a transaction, Moody's
reviews the watchlist to assess which loans have material issues
that could impact performance.

Two loans have been liquidated from the pool since securitization,
of which one loan generated a realized loss of $1.2 million
(average loss severity of 46%). As of the most recent remittance
statement, there are two loans in special servicing, representing
approximately 5% of the pool. Both of these loans are real estate
owned (REO).

Moody's has assumed a high default probability for two poorly
performing loans, representing 1.7% of the pool. Moody's estimates
an aggregate loss of $13.3 million loss (46% expected loss based
on a 92% probability default) for both the specially serviced and
troubled loans.

Moody's was provided with full year 2011 and 2012 operating
results for 100% and 93% of the performing conduit loans.
Excluding specially serviced and troubled loans, Moody's weighted
average conduit LTV is 76% compared to 77% at last full review.
Moody's net cash flow reflects a weighted average haircut of 12.3%
to the most recently available net operating income. Moody's value
reflects a weighted average capitalization rate of 9.1%.

Excluding specially serviced and troubled loans, Moody's actual
and stressed conduit DSCRs are 1.38X and 1.22X, respectively,
compared to 1.38X and 1.20X, respectively, at last full review.
Moody's actual DSCR is based on Moody's net cash flow (NCF) and
the loan's actual debt service. Moody's stressed DSCR is based on
Moody's NCF and a 9.25% stressed rate applied to the loan balance.

The top three performing loans represent 31% of the pool balance.
The largest loan is the Eden Prairie Mall Loan ($71.3 million --
17.3% of the pool), which is secured by the borrower's interest in
a 1.1 million square foot (SF) regional mall located in Eden
Prairie, a suburban of Minneapolis, Minnesota. As of June 2013,
the mall was 97% leased compared to 98% at last review. Anchor
tenants include Sears, Target, Von Maur and Kohl's. Moody's LTV
and stressed DSCR are 82% and 1.19X, respectively, compared to 83%
and 1.17X at last review.

The second largest loan is the MHC Portfolio-Waterford Estates
Loan ($28.2 million -- 6.8% of the pool), which is secured by a
731-pad manufactured housing community located approximately ten
miles south of Wilmington in Bear, Delaware. As of June 2013, the
property was 96% leased compared to 96% at last review.
Performance has been stable and the loan has benefited from
amortization. Moody's LTV and stressed DSCR are 83% and 1.15X
compared to 87% and 1.09X at last review.

The third largest loan is the MHC Portfolio-Lake Fairways Country
Club Loan ($27.7 million -- 6.7% of the pool), which is secured by
an 896-pad manufactured housing community located in North Fort-
Meyers, Florida. As of March 2013, the property was 99% leased,
the same as at last review. Moody's LTV and stressed DSCR are 66%
and 1.43X, respectively, compared to 69% and 1.37X at last review.


BANC OF AMERICA 2007-1: Fitch Cuts Rating on 2 Cert Classes to BB
-----------------------------------------------------------------
Fitch Ratings downgrades seven classes of commercial mortgage
pass-through certificates from Banc of America Commercial Mortgage
Trust (BACM), series 2007-1.

Key Rating Drivers:

The downgrades to classes A-MFX and A-MFL reflect an increase in
Fitch modeled losses across the pool, which includes assumed
losses on loans in special servicing and on performing loans with
declines in performance indicative of a higher probability of
default. Fitch modeled losses of 26.5% of the remaining pool.
Expected losses on the original pool balance total 18.2% including
$41.7 million (1.3% of the original pool balance) in realized
losses to date. Fitch has designated 66 loans (59%) as Fitch Loans
of Concern, which includes 15 specially serviced assets (33.4%)
and underperforming and/or highly leveraged assets.

Rating Sensitivities:

The Negative Outlooks reflect the uncertainty regarding the
workouts and final disposition of specially serviced assets
coupled with the pool's high percentage of Fitch Loans of Concern.
Upon liquidation of several of the specially serviced assets, the
Outlook on the super senior classes is expected to remain Stable.
Several of the loans in this trust may be included in the special
servicer CWCapital's loan sale. If losses are significantly higher
than expected on the larger loans, the ratings and Outlooks of the
senior classes are likely to be re-evaluated.

As of the November 2013 distribution date, the pool's aggregate
principal balance has decreased 36.4% to $2 billion from $3.15
billion at issuance. As of November 2013, there are cumulative
interest shortfalls in the amount of $18.5 million, affecting
classes B through Q.

Of the 15 loans in special servicing, eight assets (3.7%) are real
estate owned (REO). At Fitch's prior review, there were 14 loans
(27.8%) in special servicing with eight REO assets (2.2%).

The largest contributor to modeled loss is the largest loan in the
transaction, Skyline Portfolio (13.6% of the pool). The portfolio,
which consists of eight office buildings totaling 2.64 million
square feet (sf) in Falls Church, VA, transferred to special
servicing in March 2012 for imminent default. The sponsor,
Vornado, cited the Base Realignment and Closure statute (BRAC), as
contributing to recent and upcoming vacancies at the properties.
The pari passu loan was modified in October 2013 with the $271.2
million pari passu portion split into a $140 million A-note and a
$131.2 million B-note. The loan maturity was extended to 2022 with
a one-year extension option if certain performance metrics are
attained. In addition, the borrower has entered into an unsecured
credit agreement with the parent sponsor of up to $150 million to
fund operating and interest shortfalls, tenant improvements,
leasing costs and capital expenditures. The unsecured loan is
before the B-note in the modified loan's waterfall.

The second largest contributor to modeled loss is the second
largest specially serviced loan (11% of the pool), secured by the
Solana office complex located in Westlake, TX. The pari passu loan
was transferred to special servicing in March 2009 for imminent
default and has since been modified. The reported occupancy is
approximately 66%. The latest reported appraisal from May 2013
indicates a value significantly below the loan amount.

The third largest contributor to modeled loss is the StratREAL
Industrial Portfolio I (3.3% of the pool). The portfolio
transferred to special servicing in March 2013 as the sponsor
indicated an inability to pay. The majority of the portfolio
collateral consists of single-tenant industrial properties with a
large number of properties located in the Memphis, TN and
Columbus, OH areas. The servicer reported occupancy has declined
to 76.4% since issuance. The loan is expected to be liquidated via
a note sale with a significant loss to the trust.

Fitch downgrades the following classes:

-- $214.5 million class A-MFX to 'BBsf' from 'BBBsf'; Outlook
   Negative;
-- $100 million class A-MFL to 'BBsf' from 'BBBsf'; Outlook
   Negative;
-- $27.5 million class B to 'Csf' from 'CCCsf'; RE 0%;
-- $35.4 million class C to 'Csf' from 'CCCsf'; RE 0%;
-- $27.5 million class D to 'Csf' from 'CCCsf'; RE 0%;
-- $39.3 million class E to 'Csf' from 'CCCsf'; RE 0%;
-- $39.3 million class F to 'Csf' from 'CCsf'; RE 0%.

Fitch also affirms the following classes and revises REs as
follows:

-- $83 million class A-3 at 'AAAsf'; Outlook Stable;
-- $44.1 million class A-AB at 'AAAsf'; Outlook Stable;
-- $698.7 million class A-4 at 'AAAsf'; Outlook Stable;
-- $273.4 million class A-1A at 'AAAsf'; Outlook Stable;
-- $259.5 million class A-J at 'CCCsf'; RE 25%;
-- $35.4 million class G at 'Csf'; RE 0%;
-- $35.4 million class H at 'Csf'; RE 0%;
-- $39.3 million class J at 'Csf'; RE 0%;
-- $7.9 million class K at 'Csf'; RE 0%;
-- $11.8 million class L at 'Csf'; RE 0%;
-- $7.9 million class M at 'Csf'; RE 0%;
-- $3.9 million class N at 'Csf'; RE 0%;
-- $7.9 million class O at 'Csf'; RE 0%.

The $9.5 million class P remains at 'Dsf'; RE 0% due to realized
losses.

Classes A-1 and A-2 are paid in full. Fitch does not rate the
fully depleted class Q. Fitch previously withdrew the rating on
the interest-only class XW.


BANC OF AMERICA 2007-1: Moody's Cuts 3 Certificate Classes to 'C'
-----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of four classes
and affirmed 18 classes of Banc of America Commercial Mortgage
Inc., Commercial Mortgage Pass-Through Certificates, Series 2007-1
as follows:

Cl. A-1A, Affirmed Aaa (sf); previously on Mar 8, 2007 Definitive
Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Mar 8, 2007 Definitive
Rating Assigned Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Mar 8, 2007 Definitive
Rating Assigned Aaa (sf)

Cl. A-AB, Affirmed Aaa (sf); previously on Mar 8, 2007 Definitive
Rating Assigned Aaa (sf)

Cl. A-J, Affirmed Caa1 (sf); previously on Nov 16, 2012 Downgraded
to Caa1 (sf)

Cl. A-MFL, Affirmed Baa3 (sf); previously on Nov 16, 2012
Downgraded to Baa3 (sf)

Cl. A-MFX, Affirmed Baa3 (sf); previously on Nov 16, 2012
Downgraded to Baa3 (sf)

Cl. B, Affirmed Caa2 (sf); previously on Nov 16, 2012 Downgraded
to Caa2 (sf)

Cl. C, Affirmed Caa3 (sf); previously on Nov 16, 2012 Downgraded
to Caa3 (sf)

Cl. D, Downgraded to C (sf); previously on Nov 16, 2012 Downgraded
to Ca (sf)

Cl. E, Downgraded to C (sf); previously on Nov 16, 2012 Downgraded
to Ca (sf)

Cl. F, Downgraded to C (sf); previously on Nov 16, 2012 Downgraded
to Ca (sf)

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

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

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

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

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

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

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

Cl. XW, Downgraded to B2 (sf); previously on Nov 16, 2012
Downgraded to B1 (sf)

Ratings Rationale:

The downgrades of the P&I classes D, E and F, are due to realized
losses and the anticipated timing of future losses from specially
serviced and troubled loans. The rating of the IO Class, XW, is
downgraded to align its rating with the expected credit
performance of its referenced classes.

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

Based on Moody's current base expected loss, the credit
enhancement levels for the affirmed classes are sufficient to
maintain their current ratings. Depending on the timing of loan
payoffs and the severity and timing of losses from specially
serviced loans, the credit enhancement level for rated classes
could decline below the current levels. If future performance
materially declines, the expected level of credit enhancement and
the priority in the cash flow waterfall may be insufficient for
the current ratings of these classes.

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

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 underlying ratings is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
credit assessment of the loan which corresponds to a range of
credit enhancement levels. Actual fusion credit enhancement levels
are selected based on loan level diversity, pool leverage and
other concentrations and correlations within the pool. Negative
pooling, or adding credit enhancement at the underlying rating
level, is incorporated for loans with similar credit assessments
in the same transaction.

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 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.

Deal Performance:

As of the October 15, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 32% to $2.14
billion from $3.15 billion at securitization. The Certificates are
collateralized by 135 mortgage loans ranging in size from less
than 1% to 13% of the pool, with the top ten loans representing
61% of the pool.

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

Sixteen loans have been liquidated from the pool since
securitization, resulting in an aggregate $41.6 million loss (67%
loss severity on average). Currently 15 loans, representing 37% of
the pool, are in special servicing. The largest specially serviced
loan is the Skyline Portfolio Loan (consisting of a $140.0 million
A- Note -- 6.5% of the pool and a $131.2 million B- Note --6.1% of
the pool), which represents a 40% pari passu interest in a $678.0
million first mortgage loan. The loan is secured by eight cross-
collateralized and cross-defaulted office properties totaling 2.6
million square feet (SF) which are located outside of Washington,
DC in Falls Church, Virginia. At securitization, over 55% of the
net rentable area (NRA) was leased by the General Services
Administration (GSA). As a result of the 2005 Base Realignment and
Closure (BRAC) Commission, the Department of Defense (GSA tenant)
and its subcontractors have vacated approximately 800,000 SF of
space since 2011. The portfolio is 61% leased after including a
recently signed 188,000 SF lease to Fish & Wildlife Service (GSA
tenant). A modification closed effective October 30, 2013. The
modification bifurcated the original $678.0 million first mortgage
into a $350.0 million A-Note and a $328.0 million B-Note. The loan
maturity was extended by five years to February 1, 2022 with a
one-year extension option. The A- Note interest rate was
unchanged, while the B-Note interest rate was reduced to 0%. In
exchange for the modification, the borrower remitted over $35
million from operating cash flow to repay over $32 million of
outstanding interest payments, fund a $2 million Working Capital
Reserve and repay almost $1 million of interest on advances. The
remaining almost $19 million of outstanding interest will be
capitalized and added to the B-Note balance. The borrower also
funded $5.75 million to cover modification costs, expenses and a
$4.5 million modification fee. The borrower's parent company,
Vornado Realty, L.P (VNO), entered into an unsecured credit
agreement with the borrower in an amount of $150.0 million (VNO
Loan) that is available to fund operating deficits, interest
shortfalls, and capital requirements including tenant
improvements, leasing commissions and approved capital
expenditures. The VNO Loan will accrue interest at 10%. The loan
is locked out from prepayment until January, 1, 2019, but
individual property sales are permitted prior to the lockout
period with all net proceeds going toward A-Note repayment. The
VNO Loan is senior to the B-Note in the event of a sale or
refinance. After the A-Note and VNO Loan are repaid any remaining
funds are split evenly between the B-Note until VNO earns a 20%
internal rate of return (IRR). After VNO reaches the 20% IRR
threshold, 85% of the remaining cash flow goes to the B-Note,
while the remaining 15% goes a borrower related management
company. The borrower would receive any remaining funds once the
B-Note is repaid.

The second largest specially serviced loan is the Solana Loan
($220.0 million --10.3% of the pool), which represents a 61% pari
passu interest in a $360.0 million first mortgage loan. The loan
is secured by a 1.9 million SF mixed use complex mixed-use complex
consisting of 11 office buildings, a health club, supporting
retail, a 198-room Marriott hotel, and 5,901 parking spaces (3,332
garage) located in Westlake, Texas. The loan has been in special
servicing since March 2009. The non-hotel component is 66% leased
as of September 2013. Prior loan modification discussions broke
down. One of the properties is currently under contract for sale.
The entire note, excluding the property under contract, is being
marketed for sale.

The third largest specially serviced loan is the StratReal
Industrial Portfolio I Loan ($190.0 million -- 8.9% of the pool),
which is secured by a portfolio of 12 industrial properties,
totaling 5.5 million SF, located in Ohio (8), Tennessee (3) and
California (1). The loan transferred to special servicing in March
2013 due to imminent default. Occupancy as of September 2013 was
76%, up from 73% at last review. Ford Motor Co., which occupies
14% of the NRA, renewed its lease which expired in March 2012
through May 2018.

The master servicer has recognized an aggregate $404.9 million
appraisal reduction for the specially serviced loans. Moody's has
estimated an aggregate loss of $301.7 million (46% expected loss
on average) for the specially serviced loans.

Moody's has assumed a high default probability for 26 poorly
performing loans representing 12% of the pool and has estimated a
$49.1 million loss (19% expected loss based on a 52% probability
default) from these troubled loans.

Moody's was provided with full year 2012 and partial year 2013
operating results for 96% and 51% of the performing pool,
respectively. Excluding specially serviced and troubled loans,
Moody's weighted average LTV is 99% compared to 104% at last full
review. Moody's net cash flow reflects a weighted average haircut
of 12% to the most recently available net operating income.
Moody's value reflects a weighted average capitalization rate of
8.8%.

Excluding specially serviced and troubled loans, Moody's actual
and stressed DSCRs are 1.35X and 1.00X, respectively, compared to
1.30X and 0.95X 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 18% of the pool. The largest
loan is the Inland -- Bradley Portfolio Pool A & B Loans ( $156.6
million --7.3% of the pool), which consists of two cross
collateralized and cross-defaulted loans. The loans were
originally secured by 26 office, industrial, and retail properties
located across 13 states. One property with an original allocated
balance of $25.6 million was released. The largest tenants include
Pearson Education (1.1 million SF; October 2016 lease expiration),
Dopaco Inc. (299,000 SF; December 2015 lease expiration), and
Lamos Metal (224,000 SF; January 2022 lease expiration). The
weighted average occupancy was 100% as of December 2012. Moody's
LTV and stressed DSCR are 87% and 1.07X, respectively, compared to
98% and 0.99X at last review.

The second largest loan is the Tanforan Shopping Center Loan
($141.2 million -- 6.6% of the pool). The loan is secured by a
retail property located in San Bruno, California, which is located
between South San Francisco and Millbrae. The property, originally
constructed in 1969, was gut renovated in 2004 and 2005. Anchor
stores include JC Penny, Sears, Target and Century Theater.
Additional stores include GNC, Ulta, Hallmark, Burger King, Five
Guys and Nicoles Bridal Formalwear. The sponsor is Forest City
Enterprises. As of June 2013, the property was 99% leased compared
to 98% at last review. Moody's LTV and stressed DSCR are 116% and
0.77X, respectively, compared to 106% and 0.84X at last review.

The third largest loan is the University View Loan ($80.8 million
--3.8% of the pool). The loan is secured by a 353 unit multifamily
property used as student housing for University of Maryland at
College Park students. Amenities include shuffle board, study
rooms, fitness center and cycling room. The sponsor is Asset
Campus Housing. As of September 2013, the property was 100%
leased. Moody's LTV and stressed DSCR are 110% and 0.76X,
respectively, compared to 121% and 0.69X at last review.


BENEFIT STREET III: S&P Assigns Prelim. BB Rating on Class D Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Benefit Street Partners CLO III Ltd./Benefit Street
Partners CLO III LLC's $462.5 million floating- and fixed-rate
notes.

The note issuance is a CLO securitization backed by a revolving
pool consisting primarily of broadly syndicated senior-secured
loans.

The preliminary ratings are based on information as of Nov. 19,
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 0.24%-12.75%.

   -- 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 before paying uncapped
      administrative expenses, subordinated and incentive
      management fees, and subordinated note payments into
      principal proceeds for the purchase of additional collateral
      assets during the reinvestment period.

PRELIMINARY RATINGS ASSIGNED

Benefit Street Partners CLO III Ltd./
Benefit Street Partners CLO III LLC

                     Preliminary        Preliminary
Class                rating         amount (mil. $)
A-1A                 AAA (sf)               245.200
A-1B                 AAA (sf)                60.000
A-2                  AA (sf)                 70.000
B (deferrable)       A (sf)                  35.300
C (deferrable)       BBB (sf)                29.000
D (deferrable)       BB (sf)                 23.000
Subordinate notes    NR                      54.075

NR--Not rated.


BLACK DIAMOND 2006-1: Moody's Affirms 'Ba2' Rating on $45MM Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
rating of the following notes issued by Black Diamond CLO 2006-1
(Luxembourg) S.A.:

U.S. $10,000,000 Combination Notes, Due April 2019 (current
outstanding balance of $2,822,104), Upgraded to A1 (sf);
previously on May 9, 2013 Upgraded to A3 (sf) and Placed Under
Review for Possible Upgrade.

Moody's affirmed the ratings of the following notes:

U.S. $500,000,000 Class A-D Floating Rate Notes, Due April 2019
(current outstanding balance of $490,846,177), Affirmed Aaa (sf);
previously on July 21, 2011 Upgraded to Aaa (sf);

EUR61,500,000 Class A-E Floating Rate Notes, Due April 2019
(current outstanding balance of EUR60,374,080), Affirmed Aaa (sf);
previously on July 21, 2011 Upgraded to Aaa (sf);

U.S. $0, EUR30,153,891 and GBP GBP30,716,069 Class A-R
Redenominatable Floating Rate Notes, Due April 2019 (current
outstanding balance of $0, EUR29,601,844, and GBP30,153,730),
Affirmed Aaa (sf); previously on July 21, 2011 Upgraded to Aaa
(sf);

U.S. $90,000,000 Class B Floating Rate Notes, Due April 2019,
Affirmed Aa1 (sf); previously on July 21, 2011 Upgraded to Aa1
(sf);

U.S. $48,000,000 Class C Floating Rate Notes, Due April 2019,
Affirmed A1 (sf); previously on July 21, 2011 Upgraded to A1 (sf);

U.S. $55,000,000 Class D Floating Rate Notes, Due April 2019,
Affirmed Baa2 (sf); previously on July 21, 2011 Upgraded to Baa2
(sf); and

U.S. $45,000,000 Class E Floating Rate Notes, Due April 2019,
Affirmed Ba2 (sf); previously on July 21, 2011 Upgraded to Ba2
(sf).

Ratings Rationale:

According to Moody's, the rating action taken on the Combination
Notes is primarily a result of paydown of the notes since the last
rating action in May 2013. Moody's notes that the Combination
Notes have been paid down by approximately 25% or $1 million since
the last rating action. In taking the foregoing action, Moody's
announced that it had concluded its review of its rating on the
Combination Notes announced on May 9, 2013. At that time, Moody's
said that it had upgraded and placed the notes under review for
upgrade as Moody's conducted further analysis on the cash flows to
the notes. Moody's also notes that the Class A Notes have been
paid down by approximately 1.8% since the last rating action and
the manager has been reinvesting the unscheduled principal
proceeds after the reinvestment period. Additionally, the
transaction's reported collateral quality metrics and
overcollateralization ratio are stable since the last rating
action.

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. Moody's analyzed the underlying collateral pool
to have a performing par and principal proceeds balance of $791.0
million in USD denominated assets, EUR111.1 million in EUR
denominated assets and GBP33.7 million in GBP denominated assets,
defaulted par of $39.0 million in USD denominated assets, of
EUR1.0 million in EUR denominated assets, a weighted average
default probability of 19.73% (implying a WARF of 2862), a
weighted average recovery rate upon default of 49.46%, and a
diversity score of 64. 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.

Black Diamond CLO 2006-1 (Luxembourg) S.A., issued in January
2007, is a collateralized loan obligation backed primarily by a
portfolio of senior secured loans denominated in U.S. dollars,
Euros, and British pounds.

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% (2290)

Combination Notes: +2

Moody's Adjusted WARF + 20% (3435)

Combination Notes: -2

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.

4) Post-Reinvestment Period Trading: Subject to certain
requirements, the deal is allowed to reinvest certain proceeds
after the end of the reinvestment period, and as such the manager
has the flexibility to deteriorate some collateral quality metrics
to the covenant levels. In particular, Moody's tested for a
possible extension of the actual weighted average life in its
analysis given that the post-reinvestment period reinvesting
criteria has loose restrictions on the weighted average life of
the portfolio.

5) Exposure to credit estimates: The deal is exposed to a large
number of securities whose default probabilities are assessed
through credit estimates. In the event that Moody's is not
provided the necessary information to update the credit estimates
in a timely fashion, the transaction may be impacted by any
default probability adjustments Moody's may assume in lieu of
updated credit estimates.

6) Currency exposure: The deal has some exposure to non-USD
denominated assets. Volatilities in foreign exchange rate will
have a direct impact on interest and principal proceeds available
to the transaction, which may affect the expected loss of rated
tranches. Furthermore, a higher amortization speed, in either the
USD or Non-USD denominated assets, exposes the transaction to
foreign currency risk because the principal proceeds have to be
converted at the spot exchange rate to pay down the pro-rata
liabilities.


BLACKROCK SENIOR: S&P Raises Ratings on 2 Note Classes From 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
C, D-1, and D-2 notes from BlackRock Senior Income Series II, a
U.S. collateralized loan obligation (CLO) managed by BlackRock
Financial Management Inc.  At the same time, S&P removed these
ratings from CreditWatch, where S&P placed them with positive
implications on Sept. 5, 2013.  In addition, S&P affirmed its 'AAA
(sf)' ratings on the class A-1, A-2, and B notes from the same
transaction.

The rating actions follows S&P's review of the transaction's
performance using data from the trustee report dated Sept. 30,
2013.

The upgrades are driven primarily by substantial paydowns to the
class A-1 and A-2 notes since our October 2012 rating actions.
The affirmed ratings reflect S&P's belief that the credit support
available is commensurate with the current rating levels.

The transaction exited its reinvestment period in May 2011.  This
has resulted in $178.67 million in pro rata paydowns to the class
A-1 and A-2 notes over the time since our last rating action, for
which S&P referenced the August 2012 trustee report.  As a
consequence, the transaction has seen improvement in all
overcollateralization tests in the transaction.  The trustee
report currently shows a remaining balance on the class A-1 and A-
2 notes of 20.35% of their original outstanding balances.

In addition, the amount of 'CCC' rated collateral held in the
transaction's asset portfolio decreased over the time since S&P's
last rating action.  According to the September 2013 trustee
report, the transaction held $15.38 million in 'CCC' rated
collateral, down from $18.33 million noted in the August 2012
trustee report.

According to the September 2013 trustee report, the transaction
held $3.49 million in underlying collateral obligations by three
issuers that are considered in default.  This was a slight
increase from $2.31 million in defaulted obligations noted in the
August 2012 trustee report.

The transaction has significant exposure to long-dated assets
(assets maturing after the stated maturity of the CLO).  According
to the September 2013 trustee report, the balance of collateral
with a maturity date after the stated maturity of the transaction
totaled $17.61 million (9.82% of the portfolio).  S&P's analysis
took into account the potential market value and/or settlement-
related risk arising from the potential liquidation of the
remaining securities on the legal final maturity date of the
transaction.

The ratings on the class D-1 and D-2 notes are driven by the
application of the largest obligor default test, a supplemental
stress test S&P introduced as part of its 2009 corporate criteria
update.

The transaction is currently passing its interest diversion test,
which is the class D O/C ratio measured at a higher threshold than
the class D O/C test.  The transaction is structured such that if
it fails this test, the transaction will divert an amount--equal
to the lesser of 100.00% of the available interest proceeds and
the amount necessary to cure the test--to pay down the rated notes
in reverse sequential order (beginning with the class D notes).
The transaction has not failed this test over the period from
S&P's October 2012 rating actions.  According to the September
2013 trustee report, the interest diversion test result was
115.48%, compared with the required minimum of 104.80%.

S&P's review of this transaction included a cash flow analysis
based on the portfolio and transaction, as reflected in the
aforementioned trustee report, to estimate future performance.  In
line with S&P's criteria, its cash flow scenarios applied forward-
looking assumptions on the defaults' expected timing and pattern
and recoveries upon default under various interest rate and
macroeconomic scenarios.  In addition, S&P's analysis considered
the transaction's ability to pay timely interest and/or ultimate
principal to each of the rated tranches.  The results of the cash
flow analysis demonstrated, in S&P's view, that all of the rated
outstanding classes have adequate credit enhancement available at
the rating levels associated with this rating action.

S&P will continue to review 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.

CAPITAL STRUCTURE AND KEY MODEL ASSUMPTIONS COMPARISON

Class
                          Aug. 2012      Sept. 2013
                          Notional balance (Mil. $)
A-1                       158.31           44.42
A-2                        90.05           25.27
B                          16.60           16.60
C                          38.90           38.90
D-1                        23.90           23.90
D-2                         4.00            4.00
                         Weighted average spread (%)
                            3.26            3.20

                             Coverage tests (%)
A/B O/C                   134.66          204.88
C O/C                     117.42          141.22
D O/C                     107.55          115.48
A/B I/C                   679.92         1377.50
C I/C                     545.97          757.51
D I/C                     415.34          403.04

O/C-Overcollateralization test.
I/C-Interest coverage test.

RATING AND CREDITWATCH ACTIONS

BlackRock Senior Income Series II

                   Rating       Rating
Class              To           From
A-1                AAA (sf)     AAA (sf)
A-2                AAA (sf)     AAA (sf)
B                  AAA (sf)     AAA (sf)
C                  AAA (sf)     A+ (sf)/Watch Pos
D-1                BBB+ (sf)    BB+ (sf)/Watch Pos
D-2                BBB+ (sf)    BB+ (sf)/Watch Pos


CAPITAL AUTO 2013-4: Moody's Rates Class E Notes 'Ba2(sf)'
----------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by Capital Auto Receivables Asset Trust (CARAT)
2013-4.

The complete rating actions are as follows:

Issuer: Capital Auto Receivables Asset Trust 2013-4

Class A-1 Notes, Provisional Rating Assigned (P)Aaa (sf)

Class A-2 Notes, Provisional Rating Assigned (P)Aaa (sf)

Class A-3 Notes, Provisional Rating Assigned (P)Aaa (sf)

Class A-4 Notes, Provisional Rating Assigned (P)Aaa (sf)

Class B Notes, Provisional Rating Assigned (P)Aa2 (sf)

Class C Notes, Provisional Rating Assigned (P)A1 (sf)

Class D Notes, Provisional Rating Assigned (P)Baa2 (sf)

Class E Notes, Provisional Rating Assigned (P)Ba2 (sf)

Ratings Rationale:

Moody's cumulative net loss expectation is 4.00% and the Aaa level
is 21.50% for the aggregate CARAT 2013-4 pool. This expectation
encompasses both the initial pool collateral, and Moody's
assumptions around the composition of additional receivables added
to the pool during the initial one-year revolving period. Moody's
net loss expectation and Aaa Level for the CARAT 2013-4
transaction is based on an analysis of the credit quality of the
underlying initial pool collateral, an assumption and analysis of
the composition of additional collateral that will be added during
the initial one-year revolving period, historical performance
trends, the ability of Ally Financial Inc. (formerly GMAC Inc.) to
perform the servicing functions, and current expectations for
future economic conditions.

The CARAT 2013-4 Class A-1 Notes are divided into the A-1a Notes
that bear interest at a fixed rate, and the A-1b Notes that are
unhedged, and bear interest at a floating rate corresponding to 1-
month LIBOR.

The V Score for this transaction is Medium, which is consistent
with the Medium V score assigned for the U.S. Sub-prime Retail
Auto Loan ABS sector. The V Score indicates "Medium" uncertainty
about critical assumptions. This is the fourth public retail loan
securitization for Ally Financial under the CARAT platform, and
fourth composed of non-prime collateral. All three previous
transactions closed earlier in 2013, and are still in their
initial one-year revolving period. Ally Financial has
securitization experience that dates back to the mid-1980's. Ally
Financial's bank subsidiary, Ally Bank, has sponsored numerous
prior public retail prime auto loan securitizations since 2009.
CARAT 2013-4 should benefit from this experience having Ally
Financial as the servicer for the transaction.

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 from 4.00% to 6.50%
the initial model-indicated output might change from Aaa to Aa1
for the Class A notes, from Aa2 to A3 for the Class B notes, from
A1 to Baa3 for the Class C notes, from Baa2 to B1 for the Class D
Notes, and from Ba2 to below B3 for the Class E Notes. If the net
loss were changed to 8.00% the initial model-indicated output
might change to Aa2 for the Class A notes, to Baa3 for the Class B
Notes, to Ba3 for the Class C Notes, to B3 for the Class D Notes,
and to below B3 for the Class E Notes. If the net loss were
changed to 10.00% the initial model-indicated output might change
to A1 for the Class A notes, to Ba3 for the Class B Notes, and to
below B3 for the Class C Notes, Class D Notes, and Class E Notes.

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


CAPITAL AUTO 2013-4: S&P Assigns Prelim. BB Rating on Cl. E Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Capital Auto Receivables Asset Trust 2013-4 (CARAT
2013-4)'s $778.18 million asset-backed notes series 2013-4.

The note issuance is an asset-backed securities (ABS) transaction
backed by nonprime auto loan receivables.

The preliminary ratings are based on information as of Nov. 18,
2013.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

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

   -- The availability of approximately 24.6%, 20.2%, 16.0%,
      12.3%, and 10.1% credit support, including excess spread,
      (as a percentage of the initial aggregate receivables
      principal balance) for the class A, B, C, D, and E notes,
      respectively, based on stressed cash flow scenarios.  These
      credit support levels provide coverage of more than 4.5x,
      3.7x, 2.8x, 2.0x, and 1.5x S&P's 4.9%-5.2% cumulative net
      loss range for the class A, B, C, D, and E notes,
      respectively, once the transaction goes into its scheduled
      amortization period.

   -- S&P's cumulative net loss range takes into account the
      possible degradation in the collateral pool's credit quality
      by assuming that cash collected over the 12 month revolving
      period will be used to purchase receivables that meet the
      lowest standards permissible based on the transaction's
      eligibility criteria on additional receivables.

   -- S&P's expectation that during the amortization phase, under
      a moderate ('BBB') stress scenario, our ratings on the class
      A and B notes will remain within one rating category of the
      assigned preliminary ratings and its ratings on the class C
      and D notes will remain within two rating categories of the
      assigned preliminary ratings.  These potential rating
      movements are consistent with S&P's credit stability
      criteria, which outline the outer bounds of credit
      deterioration equal to a one-category downgrade within the
      first year for 'AAA (sf)' and 'AA (sf)' rated securities and
      a two-category downgrade within the first year for 'A
      (sf)' through 'BB (sf)' rated securities under moderate
      stress conditions.

   -- The timely interest and principal payments made under
      stressed cash flow modeling scenarios that are appropriate
      to the assigned preliminary rating categories.

   -- The credit enhancement in the form of subordination,
      overcollateralization, a reserve account, and excess spread.
      During the amortization period, the nonamortizing
      overcollateralization and reserve account amount will result
      in increased credit enhancement for the notes.

   -- The characteristics of the collateral pool being
      securitized, including the approximately 12 months of
      seasoning of the initial pool and the eligibility criteria
      of the subsequent pools.

   -- The transaction's payment and legal structures.

PRELIMINARY RATINGS ASSIGNED

CARAT 2013-4

Class       Rating                     Amount
                                      (mil. $)
A-1         AAA (sf)                   205.00
A-2         AAA (sf)                   180.00
A-3         AAA (sf)                   203.00
A-4         AAA (sf)                    55.46
B           AA (sf)                     38.21
C           A (sf)                      36.19
D           BBB (sf)                    32.17
E           BB (sf)                     28.15


CASTLE GARDEN: S&P Raises Ratings on 2 Note Classes From BB+
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A-4, B-1, B-2, C-1, C-2, D-1, and D-2 notes from Castle Garden
Funding, a U.S. collateralized loan obligation transaction managed
by CSFB Alternative Capital Inc., and removed them from
CreditWatch with positive implications.  At the same time, S&P
affirmed its ratings on the class A-1, A-2, A-3a, and A-3b notes.

The upgrades mainly reflect paydowns to the class A-1, A-2, and A-
3a notes and a subsequent increase in the overcollateralization
(O/C) available to support the notes since our November 2012
rating actions.  Since then, the transaction has paid down the
class A-1, A-2, and A-3 notes by approximately $258.5 million.
These paydowns have left the class A-1, A-2, and A-3a notes at
40.79%, 40.79%, and 34.02% of their original balances,
respectively.  S&P expects these classes to continue paying down,
as the transaction exited its reinvestment period in November
2011.

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

   -- The class A O/C ratio was 157.44%, compared with 130.24% in
      October 2012;

   -- The class B O/C ratio was 136.88%, compared with 120.48% in
      October 2012;

   -- The class C O/C ratio was 124.39%, compared with 113.91% in
      October 2012; and

   -- The class D O/C ratio was 119.41%, compared with 111.14% in
      October 2012.

S&P also affirmed its 'AAA (sf)' ratings on the class A-1, A-2,
A-3a, and A-3b 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.

RATING AND CREDITWATCH ACTIONS

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

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

CDO-Collateralized debt obligation.


CD COMMERCIAL 2007-CD5: Fitch Affirms Rating on 21 Certificates
---------------------------------------------------------------
Fitch Ratings has affirmed 21 classes of CD Commercial Mortgage
Trust commercial mortgage pass-through certificates series 2007-
CD5 due to stable performance since Fitch's last review.

Key Rating Drivers:

Fitch modeled losses of 6.9% of the remaining pool; expected
losses on the original pool balance total 9.6%, including $83.8
million (4% of the original pool balance) in realized losses to
date. Fitch has designated 53 loans (34.6%) as Fitch Loans of
Concern, which includes 11 specially serviced assets (15.1%).

As of the October 2013 distribution date, the pool's aggregate
principal balance has been reduced by 19.6% to $1.68 billion from
$2.09 billion at issuance. No loans are defeased. Interest
shortfalls are currently affecting classes K through S.

The largest contributor to expected losses is the specially-
serviced Lincoln Square loan (9.5% of the pool), which is secured
by a 405,978 square foot (sf) office property located in
Washington, D.C. The property encompasses one-half of the block
surrounded by 10th, 11th, E and F Streets and is located within
the East End submarket of Washington, D.C.

The loan transferred to the special servicer in November 2013 due
to imminent default. The second largest tenant is scheduled to
vacate the property at year-end 2013 which will bring the
occupancy to approximately 87%. Fitch's conservative value
estimate reflects the upcoming vacancy; however, given the
property's strong location and recent sales comparables in the
submarket, losses may not be incurred.

The second largest contributor to modeled losses is a 73,000 sf
retail property (0.9%), located in Culpeper, VA. The loan was
transferred to the Special Servicer in March 2011 for imminent
default. The property became real estate owned (REO) in February
2012. The receiver is working to stabilize the property prior to
marketing for sale. A recent appraisal indicates significant
losses.

The third largest contributor to expected losses is the specially-
serviced Mission Mill Creek loan (1.1%), which is secured by a 336
unit multifamily property, located in Antioch, TN. Loan was
transferred to the Special Servicer in February 2013 due to
delinquent payments. The loan is currently more than 90 days past
due. Occupancy was 57.1%, as of July 2013. The servicer is
negotiating with the borrower while dual-tracking foreclosure.

Rating Sensitivity:

Rating Outlooks on classes A-4 through A-JA remain Stable due to
increasing credit enhancement and continued paydown. Rating
Outlooks on classes B through E are Negative due to uncertainty
surrounding the largest loan in the pool being transferred to
special servicing. If the sponsors are unable to lease up the
vacant space or if other issues arise downgrades to these classes
are possible.

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

-- $20.9 million class B at 'BBBsf', Outlook to Negative from
   Stable;
-- $20.9 million class C at 'BBsf', Outlook to Negative from
   Stable;
-- $18.3 million class F at 'CCCsf', RE 50%;
-- $20.9 million class G at 'CCsf', RE 0%.

Fitch affirms the following classes as indicated:

-- $937.8 million class A-4 at 'AAAsf', Outlook Stable;
-- $198.7 million class A-1A at 'AAAsf', Outlook Stable;
-- $168.7 million class AM at 'AAAsf', Outlook Stable;
-- $40.7 million class A-MA at 'AAAsf', Outlook Stable;
-- $111.8 million class AJ at 'BBBsf', Outlook Stable;
-- $27 million class A-JA at 'BBBsf', Outlook Stable;
-- $20.9 million class D at 'BBsf', Outlook Negative;
-- $18.3 million class E at 'Bsf', Outlook Negative;
-- $23.6 million class H at 'CCsf', RE 0%;
-- $23.6 million class J at 'Csf', RE 0%;
-- $20.9 million class K at 'Csf', RE 0%;
-- $9.6 million class L at 'Dsf', RE 0%;
-- $0 class M at 'Dsf', RE 0%;
-- $0 class N at 'Dsf', RE 0%;
-- $0 class O at 'Dsf', RE 0%;
-- $0 class P at 'Dsf', RE 0%;
-- $0 class Q at 'Dsf', RE 0%.

Fitch previously withdrew the ratings on the interest-only class
XP and XS certificates. ClassesA-1 through A-AB have been paid in
full. Fitch does not rate class S.


CIFC FUNDING 2013-IV: Moody's Rates $33.5MM Class E Notes 'Ba3'
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following ratings to notes issued by CIFC Funding 2013-IV, Ltd.:

U.S.$4,000,000 Class X Senior Secured Floating Rate Notes due
November 2024 (the "Class X Notes"), Definitive Rating Assigned
Aaa (sf)

U.S.$299,000,000 Class A-1 Senior Secured Floating Rate Notes due
November 2024 (the "Class A-1 Notes"), Definitive Rating Assigned
Aaa (sf)

U.S.$20,000,000 Class A-2 Senior Secured Fixed Rate Notes due
November 2024 (the "Class A-2 Notes"), Definitive Rating Assigned
Aaa (sf)

U.S.$26,500,000 Class B-1 Senior Secured Floating Rate Notes due
November 2024 (the "Class B-1 Notes"), Definitive Rating Assigned
Aa2 (sf)

U.S.$15,000,000 Class B-2 Senior Secured Fixed Rate Notes due
November 2024 (the "Class B-2 Notes"), Definitive Rating Assigned
Aa2 (sf)

U.S.$16,500,000 Class C-1 Mezzanine Secured Deferrable Floating
Rate Notes due November 2024 (the "Class C-1 Notes"), Definitive
Rating Assigned A2 (sf)

U.S.$21,500,000 Class C-2 Mezzanine Secured Deferrable Floating
Rate Notes due November 2024 (the "Class C-2 Notes"), Definitive
Rating Assigned A2 (sf)

U.S.$5,000,000 Class C-3 Mezzanine Secured Deferrable Fixed Rate
Notes due November 2024 (the "Class C-3 Notes"), Definitive Rating
Assigned A2 (sf)

U.S.$28,000,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due November 2024 (the "Class D Notes"), Definitive Rating
Assigned Baa3 (sf)

U.S.$33,500,000 Class E Junior Secured Deferrable Floating Rate
Notes due November 2024 (the "Class E Notes"), Definitive Rating
Assigned Ba3 (sf)

The Class X, Class A-1 Notes, Class A-2 Notes, Class B-1 Notes,
Class B-2 Notes, Class C-1 Notes, Class C-2 Notes, Class C-3
Notes, Class D Notes and Class E Notes are referred to,
collectively, as the "Rated Notes".

Ratings Rationale:

Moody's ratings of the Rated Notes generally address the ultimate
cash receipt of all required interest and principal payments, and
are based on the expected losses posed to the noteholders. These
ratings reflect the risks due to defaults on the underlying
portfolio of loans, the transaction's legal structure, and the
characteristics of the underlying assets.

CIFC Funding 2013-IV is a managed cash-flow CLO. The issued notes
are collateralized primarily by broadly syndicated first-lien
senior secured corporate loans. At least 90% of the portfolio must
consist of senior secured loans, senior secured notes, cash, and
eligible investments, up to 10% of the portfolio may consist of
second lien loans, unsecured loans and secured bonds. As of the
closing date, the portfolio is required to be at approximately 60%
ramped.

CIFC Asset Management LLC (the "Manager"), will manage the CLO. It
will direct the selection, acquisition, and disposition of
collateral on behalf of the Issuer, and it may engage in trading
activity, including discretionary trading, during the
transaction's four-year reinvestment period. Thereafter, subject
to certain conditions, the Manager may reinvest principal proceeds
that were received in respect of the sale of credit risk
obligations and unscheduled principal payments in additional
collateral obligations.

In addition to the Rated Notes rated by Moody's, the Issuer will
issue two tranches of subordinated notes. The transaction
incorporates interest and par coverage tests which, if triggered,
divert interest and principal proceeds to pay down the notes in
order of seniority.


COMM 2013-FL3: S&P Assigns 'BB-' Rating on Class RGC2 Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to COMM
2013-FL3 Mortgage Trust's $465.0 million commercial mortgage pass-
through certificates.

The note issuance is a commercial mortgage-backed securities
transaction backed by five floating-rate loans secured by the fee
interest in the Hilton Fort Lauderdale hotel, the fee and
leasehold interest in 31 Red Roof Inn limited-service hotels, the
leasehold interest in three Manhattan hotels known as the Magna
Manhattan Hotel Portfolio, the fee interest in the Beekman Tower,
a former hotel that is currently being converted into a corporate
housing property, and the leasehold interest in the Ritz-Carlton
hotel in the Cayman Islands.

The ratings reflect S&P's view of the collateral's historical and
projected performance, the sponsors' and managers' experience, the
trustee-provided liquidity, the loans' terms, and the
transaction's structure.

RATINGS ASSIGNED

COMM 2013-FL3 Mortgage Trust

Class        Rating(i)               Amount ($)
A            AAA (sf)               222,947,000
X-CP         A- (sf)            353,000,000(ii)
X-EXT        A- (sf)            353,000,000(ii)
B            AA- (sf)                78,247,000
C            A- (sf)                 51,806,000
MMHP(iii)    BBB- (sf)               30,500,000
RGC1(iii)    BBB- (sf)               13,000,000
RGC2(iii)    BB- (sf)                25,500,000
RGC3(iii)    B+ (sf)                  8,000,000
RRI1(iii)    BBB- (sf)               13,750,000
RRI2(iii)    BB (sf)                  9,250,000
HFL(iii)     BB+ (sf)                12,000,000

  (i) The certificates will be issued to qualified institutional
      buyers according to Rule 144A of the Securities Act of 1933.
(ii) Notional balance.
(iii) Loan-specific class.


CREDIT SUISSE 2003-C3: Fitch Affirms BB Rating on Class G Certs
---------------------------------------------------------------
Fitch Ratings has affirmed eight classes of Credit Suisse First
Boston Mortgage Securities Corp., series 2003-C3 (CSFB 2003-C3)
commercial mortgage pass-through certificates.

Key Rating Drivers:

The affirmations are the result of sufficient credit enhancement
despite significant pool concentration as only 16 loans remain.
Fitch modeled losses of 15.4% of the remaining pool; expected
losses on the original pool balance total 3.4%, including $51.9
million (2.9% of the original pool balance) in realized losses to
date. Fitch has designated six loans (66.2%) as Fitch Loans of
Concern, which includes four specially serviced assets (38.7%).

As of the November 2013 distribution date, the pool's aggregate
principal balance has been reduced by 97.3% to $48.2 million from
$1.76 billion at issuance. Per the servicer reporting, one loan
(0.6% of the pool) is defeased. Interest shortfalls are currently
affecting classes H through P.

The largest contributor to expected losses is a 95,421 square foot
(sf) retail property (17.7% of the pool), located in Greeley,
Colorado approximately 60 miles north of Denver. The loan had a
year-end 2012 net operating income (NOI) debt service coverage
ratio (DSCR) of 0.92x and June 2013 occupancy of 67% and remains
with the master servicer. The largest tenants by net rentable area
(NRA) are Office Depot and PetSmart with leases that expire in
October 2016 and January 2015, respectively. The loan had an
anticipated repayment date (ARD) of April 2013.

Rating Sensitivity:

The Rating Outlook on class G has been revised to Stable due to
increasing credit enhancement and continued paydown, which offsets
the increasing concentration and continued risk of adverse
selection.

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

-- $3.1 million class G at 'BBsf', Outlook to Stable from
   Negative;
-- $19.4 million class H at 'CCCsf', RE 100%;
-- $19.4 million class J at 'CCsf', RE 95%;
-- $6.3 million class K at 'Dsf', RE 0% ;
-- $0 class L at 'Dsf' , RE 0% ;
-- $0 class M at 'Dsf' , RE 0% ;
-- $0 class N at 'Dsf' , RE 0% ;
-- $0 class O at 'Dsf' , RE 0% .

The class A-1, A-2, A-3, A-4, A-5, B, C, D, E, F,A-SP, 622A, 622B,
622C, 622D, 622E and 622F certificates have paid in full. Fitch
does not rate the class P certificates. Fitch previously withdrew
the ratings on the interest-only class A-X and A-Y certificates.


CSMC TRUST 2013-IVR5: S&P Assigns Prelim. BB Rating to B-3 Certs
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to CSMC Trust 2013-IVR5's $290.908 million mortgage pass-
through certificates series 2013-IVR5.

The certificate issuance is a residential mortgage-backed
securities transaction backed by residential mortgage loans.

The preliminary ratings are based on information as of Nov. 21,
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 pool's high-quality collateral.

   -- The quality of DLJ Mortgage Capital Inc.'s flow acquisition
      program.

   -- The credit enhancement and the associated structural deal
      mechanics.

PRELIMINARY RATINGS ASSIGNED

CSMC Trust 2013-IVR5

Class            Rating                   Amount
                                         (mil. $)
-----            ------               -------------
A-1              AAA (sf)                   255.051
A-2              AAA (sf)                    22.354
A-X-1            AAA (sf)                  Notional (i)
A-X-2            AAA (sf)                  Notional (ii)
A-X-3            AAA (sf)                  Notional (i)
A-X-4            AAA (sf)                  Notional (ii)
B-1              A (sf)                       4.351
B-2              BBB (sf)                     3.901
B-3              BB (sf)                      5.251
B-4              NR                           4.201
B-5              NR                           4.951
A-IO-S           NR                        Notional (iii)
A-X-5            AAA (sf)                  Notional (i)
A-3              AAA (sf)                   255.051
A-6              AAA (sf)                   255.051
A-5              AAA (sf)                   277.405
A-X-6            AAA (sf)                  Notional (iv)
A-4              AAA (sf)                   277.405
A-X-7            AAA (sf)                  Notional (iv)
A-7              AAA (sf)                   277.405
A-X-8            AAA (sf)                  Notional (ii)
A-9              AAA (sf)                    22.354
A-8              AAA (sf)                    22.354
A-10             AAA (sf)                   194.184
A-11             AAA (sf)                    83.221
A-12             AAA (sf)                   194.184
A-13             AAA (sf)                    83.221
A-X-9            AAA (sf)                  Notional (iv)
A-X-10           AAA (sf)                  Notional (iv)

  (i) The class A-X-1, A-X-3, and A-X-5 certificates will accrue
      interest on a notional amount equal to the class A-5
      certificates' principal amount.
(ii) The class A-X-2, A-X-4, and A-X-8 certificates will accrue
      interest on a notional amount equal to the class A-2
      certificates' principal amount.
(iii) The class A-IO-S certificates are interest-only certificates
      and are entitled to the aggregate excess servicing fees
      received on the mortgage loans serviced by SPS.
(iv) The class A-X-6, A-X-7, A-X-9, and A-X-10 certificates will
      accrue interest on a notional amount equal to the aggregate
      class A-1 and A-2 certificates' principal amounts.
NR - Not rated.
SPS - Select Portfolio Servicing Inc.


CT CDO III: Fitch Slashes Rating on 2 Note Classes to 'CCsf'
------------------------------------------------------------
Fitch Ratings has downgraded two classes and affirmed 11 classes
of CT CDO III Ltd./Corp. (CT CDO III).

Key Rating Drivers:

Since Fitch's last rating action in December 2012, approximately
19.7% of the underlying collateral has been downgraded and 2.9%
has been upgraded. Currently, 49.7% of the portfolio has a Fitch
derived rating below investment grade and 43.6% has a rating in
the 'D' category. Over this period, the class A-2 notes have
received $69.3 million for a total of $131.4 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. Fitch also analyzed the
structure's sensitivity to the assets that are distressed,
experiencing interest shortfalls, and those with near-term
maturities. Additionally, a deterministic analysis was performed
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.
The class A-2 through H notes have been affirmed at their current
ratings given that their balances are covered with equal or better
rated collateral. The classes J and K notes have been downgrade
due to the increased concentration of distressed collateral.

Rating Sensitivities:

The Stable Outlook on the classes A-2 through D notes reflects the
credit quality of the underlying collateral and the view that the
transaction will continue to delever. The Negative Outlook on the
class E through H notes reflects the risk of adverse selection as
the portfolio continues to amortize.

Fitch has downgraded the following classes:

-- $6,825,000 class J notes to 'CCsf' from 'CCCsf';
-- $3,839,000 class K notes to 'CCsf' from 'CCCsf'.

Fitch has affirmed the following classes and revises Outlooks as
indicated:

-- $15,805,440 class A-2 notes at 'Asf'; Outlook Stable;
-- $29,007,000 class B notes at 'BBB+sf'; Outlook Stable from
   Negative;
-- $13,650,000 class C notes at 'BBBsf'; Outlook Stable from
   Negative;
-- $5,118,000 class D notes at 'BBB-sf'; Outlook Stable from
   Negative;
-- $6,825,000 class E notes at 'BB+sf'; Outlook Negative;
-- $6,825,000 class F notes at 'BB+sf'; Outlook Negative;
-- $9,811,000 class G notes at 'BBsf'; Outlook Negative;
-- $11,517,000 class H notes at 'Bsf'; Outlook Negative;
-- $5,118,000 class L notes at 'CCsf';
-- $5,545,000 class M notes at 'Csf';
-- $4,265,000 class N notes at 'Csf'.


CWHEQ REVOLVING 2007-G: Moody's Ups Class A Notes Rating to Ba2
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of three
tranches from CWHEQ Revolving Home Equity Loan Trust, 2007-G,
backed primarily by HELOCs.

Complete rating actions are as follows:

Issuer: CWHEQ Revolving Home Equity Loan Trust, 2007-G

Cl. A, Upgraded to Ba2 (sf); previously on Aug 13, 2010 Downgraded
to B2 (sf)

Cl. M-1, Upgraded to Caa1 (sf); previously on Aug 13, 2010
Downgraded to Ca (sf)

Cl. M-2, Upgraded to Caa2 (sf); previously on Aug 13, 2010
Downgraded to C (sf)

Ratings Rationale:

The actions are a result of the recent performance HELOCs loans
backed pools and reflect Moody's updated loss expectations on the
pools. The tranches upgraded 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 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
7.9% in October 2012 to 7.3% in October 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.


DRUBS 2011-LC1: Fitch Affirms Bsf Rating on $40.8MM Notes
---------------------------------------------------------
Fitch Ratings has affirmed all ratings of DBUBS 2011-LC1 Mortgage
Trust Commercial Mortgage Pass-Through Certificates, series 2011-
LC1.

Key Rating Drivers:

Fitch's affirmations are based on the stable performance of the
underlying collateral pool. There have been no delinquent or
specially serviced loans since issuance. Fitch reviewed year-end
(YE) 2012 financial performance of the collateral pool in addition
to updated rent rolls for the top 15 loans, representing 76.1% of
the transaction.

Rating Sensitivities:

Due to the recent issuance of the transaction and continued stable
performance, Fitch expects ratings to remain stable. Additional
information on rating sensitivity is available in the report
'DBUBS Commercial Mortgage Trust 2011-LC1', dated February 2,
2011. As of the November 2013 distribution date, the pool's
aggregate principal balance has been reduced by 3.9% to $2.09
billion from $2.176 billion at issuance. One loan (1.4%) is
defeased.

The largest loan in the pool (10.6%) is secured by a 1.16 million
square foot (SF) regional mall in Cincinnati, OH. The property is
anchored by Dillard's, Macy's, and Nordstrom and features over 140
in-line tenants and kiosks. As of June 2013, the occupancy was
98.4%, compared to 96.4% at issuance. Macy's has renewed their
lease for an additional five-year term until September 2018. The
servicer reported 2nd quarter (2Q) 2013 Net Cash Flow (NCF) debt
service coverage ratio (DSCR) was 2.08x, compared to 1.96x at
underwriting.

The second largest loan (10.2%) is secured by a 1.18 million SF
class A office property in Chicago, IL. As of June 20, the
property occupancy improved to 89% from 79.6% at issuance. The
servicer reported 2Q13 NCF DSCR was 1.73x, compared to 1.46x at
underwriting.

The third largest loan (9.1%) is secured by a 1.07 million SF mall
in Tempe, AZ. The property is anchored by JCPenney, Sam's Club,
Harkins Theaters and Target (not part of the collateral). As of
September 2013, the property was 91.2% occupied, compared to 93.2%
at issuance. The servicer reported 2Q13 NCF DSCR was 1.22x,
compared to 1.36x at underwriting.

Fitch affirms the following classes:

-- $1,025 million Class A-1 at 'AAAsf'; Outlook Stable;
-- $182 million Class A-2 at 'AAAsf'; Outlook Stable;
-- $459.8 million Class A-3 at 'AAAsf'; Outlook Stable;
-- IO Class X-A at 'AAAsf'; Outlook Stable;
-- $70.7 million Class B at 'AAsf'; Outlook Stable;
-- $81.6 million Class C at 'Asf'; Outlook Stable
-- $49 million Class D at 'BBB+sf'; Outlook Stable;
-- $89.8 million Class E at 'BBB-sf'; Outlook Stable;
-- $24.5 million Class F at 'BBsf'; Outlook Stable;
-- $40.8 million Class G at 'Bsf'; Outlook Stable.

Fitch does not rate the interest-only class X-B or the $68 million
class H.


FORTRESS CREDIT: S&P Assigns 'BB' Rating on Class E Notes
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to
Fortress Credit BSL II Ltd./Fortress Credit BSL II LLC's
$363.25 million floating- and fixed-rate notes.

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

The ratings reflect S&P's view of:

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

   -- The transaction's credit enhancement, which is sufficient to
      withstand the defaults applicable for the supplemental tests
      (not counting excess spread), and cash flow structure, which
      can withstand the default rate projected by Standard &
      Poor's 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 portfolio 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 0.2386%-12.7531%.

   -- 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 excess
      interest proceeds that are available to principal proceeds
      for the purchase of additional collateral assets during the
      reinvestment period, and paid prior to paying uncapped
      administrative expenses and fees, subordinated hedge
      termination payments, and subordinated note payments.

RATINGS ASSIGNED

Fortress Credit BSL II Ltd./Fortress Credit BSL II LLC

Class                Rating                 Amount
                                           (mil. $)
A-1R                 AAA (sf)                69.00
A-1F                 AAA (sf)               162.50
B-1                  AA (sf)                 48.50
B-2                  AA (sf)                 10.00
C (deferrable)       A (sf)                  28.00
D (deferrable)       BBB (sf)                22.75
E (deferrable)       BB (sf)                 22.50
Subordinated notes   NR                      48.50

NR-Not rated.


FRASER SULLIVAN II: S&P Affirms 'BB+' Rating on Class D Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A-2, B, C, and E notes from Fraser Sullivan CLO II Ltd., a cash
flow collateralized loan obligation (CLO) transaction managed by
3i Debt Management U.S. LLC.  At the same time, S&P affirmed its
ratings on the class A-1A, A-1B, and D notes.  In addition, S&P
removed the ratings on classes A-2, B, C, E, and D from
CreditWatch, where they were placed with positive implications on
Sept. 5, 2013.

The affirmation of the rating on the class A-1 notes and the
upgrades reflect an increase in available credit support to the
transaction.  Since S&P's April 2012 upgrades, the transaction has
exited its reinvestment period and paid down the class A-1
noteholders by $137 million to 53% of their initial issuance
amounts.  As a result, the class A/B overcollateralization (O/C)
ratio has increased to 144% as of the October 2013 trustee report
from 128% in March 2012.

The affirmation of the class D note rating reflects the
availability of adequate credit support at the current rating
level.  Since the 2012 rating actions, there has been a decrease
in the exposure to assets rated 'B+' and higher.  In addition, the
transaction currently has exposure to non-performing assets and a
'CCC' rated asset with a negative outlook, for which S&P
considered different recovery and market value stresses.

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

RATING AND CREDITWATCH ACTIONS

Fraser Sullivan CLO II Ltd.

          Rating      Rating
Class     To          From
A-1A      AAA (sf)    AAA (sf)
A-1B      AAA (sf)    AAA (sf)
A-2       AAA (sf)    AA+ (sf)/Watch Pos
B         AA+ (sf)    AA (sf)/Watch Pos
C         A+ (sf)     A (sf)/Watch Pos
D         BB+ (sf)    BB+ (sf)/Watch Pos
E         B (sf)      CCC+ (sf)/Watch Pos


GALLATIN CLO 2013-2: Fitch to Rate $21.25MM Class E Notes 'BB'
--------------------------------------------------------------
Fitch Ratings expects to assign the following ratings to Gallatin
CLO VI 2013-2, LLC (Gallatin VI):

-- $3,750,000 class X notes 'AAAsf'; Outlook Stable;
-- $215,625,000 class A-1 notes 'AAAsf'; Outlook Stable;
-- $0 class A-2 notes 'AAAsf'; Outlook Stable;
-- $50,000,000 class A loans 'AAAsf'; Outlook Stable;
-- $57,375,000 class B notes 'AAsf'; Outlook Stable;
-- $19,650,000 class C notes 'Asf'; Outlook Stable;
-- $21,250,000 class D notes 'BBBsf'; Outlook Stable;
-- $21,250,000 class E notes 'BBsf'; Outlook Stable.

Rating Rationale:

Fitch's analysis focuses primarily on a Fitch-stressed portfolio,
which accounts for many of the worst-case portfolio concentrations
permitted by the indenture. Cash flow modeling of the Fitch-
stressed portfolio indicates performance in-line with the expected
ratings for each class in Fitch's standard cash flow scenarios.
The expected ratings are based on information provided to Fitch as
of Nov. 15, 2013.

Key Rating Drivers:

Sufficient Credit Enhancement: Credit enhancement (CE) of 37.5%
for the class A-1 and A-2 notes and the class A loans
(collectively, class A debt), in addition to excess spread, is
sufficient to protect against portfolio default and recovery rate
projections in an 'AAAsf' stress scenario. The level of CE for the
class A debt is in line with the average CE of notes with the same
priority in recent collateralized loan obligation (CLO) issuances.
The level of CE for the class B is below the average for notes
with the same priority, while CE levels for classes C, D and E are
above the average CE of notes with the same respective priorities
in recent CLO issuances. The class X notes are ultimately expected
to be paid in full from the application of interest proceeds via
the interest waterfall.

'B' Asset Quality: The average credit quality of the indicative
portfolio provided by the arranger (Guggenheim Securities, LLC) on
Nov. 15, 2013 to represent the intended ramped portfolio is at
'B', which represents slightly higher credit quality than most
recent CLOs. Issuers rated in the 'B' category denote a highly
speculative credit quality; however, the rated notes are unlikely
to be affected by the foreseeable level of defaults. The class X
notes and class A debt are robust against default rates of up to
100% and 61.7%, respectively. Class B notes are robust against
default rates of up to 54.8%, class C notes are robust against
default rates of up to 51.9%, class D notes are robust against
default rates of up to 45.5%, and class E notes are robust against
default rates of up to 37%.

Strong Recovery Expectations: The indicative portfolio consists of
99.5% first-lien senior secured loans, of which 96.9% have strong
recovery prospects or a Fitch-assigned Recovery Rating of 'RR2' or
higher. This is slightly better than the seniority profile of
recent vintage CLOs.

Consistent Portfolio Parameters: The concentration limitations and
collateral quality test levels presented to date are within the
range of limits set in the majority of recent CLOs. Exceptions
include allowances for the two largest obligor concentrations of
4% and 17.5% for the largest industry exposure (compared to an
average of 2.6% and 14.8%, respectively, in CLOs priced since July
1, 2013). Fitch addressed the impact of the most prominent risk-
presenting concentration allowances and targeted test levels in
its analysis.

Portfolio Concentrations:

Notable portfolio concentrations specified by the transaction
documents include:

-- Minimum 92.5% senior secured loans;
-- Maximum 5% high-yield bonds;
-- Maximum 7.5% second lien loans;
-- Maximum 5% assets paying less frequently than quarterly;
-- Maximum obligor concentrations: 4% for largest two obligors,
    3% for third- and fourth-largest obligors, and no others
    greater than 2%.
-- Maximum 7.5% assets rated 'CCC+' or below (by S&P) and 7.5%
    rated 'Caa1' or below (by Moody's);
-- Maximum 5% fixed-rate assets;
-- Maximum 40% cov-lite loans;
-- Maximum industry concentrations: 17.5% for one industry, 15%
    for second- and third-largest industries, and no others
    greater than 12.5%.

Fitch Analysis:

Analysis was conducted on a Fitch-stressed portfolio that was
created by Fitch and designed to address the impact of the most
prominent risk-presenting concentration allowances and targeted
test levels to ensure that the transaction's expected performance
is in-line with the ratings assigned. The Fitch-stressed portfolio
is assumed to be $425 million, of which 92.5% are senior secured
loans and 7.5% are other permitted security types with weak
recovery assumptions.

Maximum obligor concentrations are assumed for the top four senior
secured loans. Fitch also maximizes the permitted industry
concentrations for the three largest industries and assumes the
maximum permitted portfolio weighted average life of eight years
when creating the Fitch-stressed portfolio.

The allowable exposure to 'CCC' rated or lower collateral, as
defined by S&P and Moody's, is 7.5%. Fitch considers 2.4% of the
indicative portfolio to be rated in the 'CCC' category, and Fitch
adjusted this percentage in the Fitch-stressed analysis to the
maximum 7.5%. Fitch assumed 95% of the portfolio to be floating
rate and to pay a spread of 3.5% over LIBOR and 5% to be fixed
rate with 7% coupons, representing the initial minimum weighted
average spread and minimum weighted average coupon, respectively,
as represented to Fitch by the arranger.

Projected default and recovery statistics of the Fitch-stressed
portfolio were generated using Fitch's portfolio credit model
(PCM). The PCM default rate and recovery rate outputs are 62.5%
and 39.8%, respectively, at the 'AAAsf' rating level; 58.1% and
48.5%, respectively, at the 'AAsf' rating level; 51.7% and 53.2%,
respectively, at the 'Asf' rating level; 46.9% and 58.8%,
respectively, at the 'BBBsf' rating level; 39.4% and 67.8%,
respectively, at the 'BBsf' rating level. The PCM outputs were
used as inputs into Fitch's proprietary cash flow model, which was
customized to reflect Gallatin VI's specific transaction
structure.

Fitch's cash flow modeling considers 12 stress scenarios to
account for different combinations of four default timings and
three interest rate stresses, as described in Fitch's cash flow
analysis criteria. Fitch assumed the class X, A and B debt earn a
weighted average cost of funding of 1.5% over three-month LIBOR
and that the class C, D and E notes earn a fixed coupon of 3%,
3.5% and 6.4% respectively, based on information provided by the
arranger.

The cash flow analysis of the Fitch-stressed portfolio
demonstrates that the class X notes passed all 12 stress scenarios
at the 'AAAsf' rating level, with a minimum degree of cushion of
37.5% when comparing the breakeven default rate to the PCM default
hurdle rate. Class A debt passed 11 out of 12 stress scenarios at
the 'AAAsf' rating level, with a minimum degree of cushion of
(0.8%). Class B passed six out of 12 stress scenarios at the
'AAsf' rating level, with a minimum degree of cushion of (3.3%).
Each of the failures observed for class B maintained passing
levels within the 'AAsf' rating category. Class C passed all 12
stress scenarios at the 'Asf' rating level, with a minimum degree
of cushion of 0.2%. Class D passed eight out of 12 stress
scenarios at the 'BBBsf' rating level, with a minimum degree of
cushion of (1.4%). Each of the failures observed for class D
maintained passing levels within the 'BBBsf' rating category.
Class E passed eight out of 12 stress scenarios at the 'BBsf'
rating level, with a minimum degree of cushion of (2.4%). Each of
the failures observed for class E maintained passing levels within
the 'BBsf' rating category.

Fitch also analyzed the indicative portfolio, which consists of
128 loans from 122 obligors, including 15 unidentified assets with
assumed characteristics constituting 15% of the portfolio. The PCM
default rate and recovery rate of the indicative portfolio are
52.7% and 42.5%, respectively at the 'AAAsf' rating level; 49.1%
and 51.9%, respectively at the 'AAsf' rating level; 44% and 56.8%,
respectively at the 'Asf' rating level; 39.8% and 62.8%,
respectively at the 'BBBsf' rating level; 32.8% and 72%,
respectively at the 'BBsf' rating level. Cash flow analysis of
this portfolio indicates performance that compares favorably to
the Fitch-stressed portfolio analysis, as the minimum breakeven
cushion above the PCM default hurdle is 47.3% for class X, 11.1%
for class A debt, 9.8% for class B, 10.5% for class C, 8.1% for
class D and 8.1% for class E.

Rating Sensitivities:

In addition to Fitch's stated criteria, the agency analyzed the
structure's sensitivity to the potential variability of key model
assumptions including decreases in weighted average spread or
recovery rates and increases in default rates or correlation. The
class X notes and class A debt are expected to remain investment
grade, while classes B, C, D and E are generally expected to
remain within two rating categories, even under the most extreme
sensitivity scenarios. Results under these sensitivity scenarios
were 'AAAsf' for the class X notes and ranged between 'A-sf' and
'AAAsf' for the class A debt, between 'BB+sf' and 'BBBsf' for the
class B debt, between 'BBsf' and 'BB+sf' for the class C debt,
between 'B-sf' and 'BBsf' for the class D debt, between 'CCsf' and
'B-sf' for the class E debt.

Transaction Summary:

Gallatin VI is an arbitrage cash flow CLO that will be managed by
MP Senior Credit Partners L.P. (MPSCP). Net proceeds from the
issuance of the secured and subordinated debt will be used to
purchase a portfolio of approximately $425 million of primarily
leveraged loans. The CLO is expected to have a four-year
reinvestment period and two-year non-call period.

The class A loan will be issued at close and include an option to
be converted into class A-2 notes. Once the option is exercised,
the aggregate outstanding amount of the class A-2 notes shall be
increased by the principal amount of the class A loans and the
class A loans shall no longer be outstanding. The class A-2 note
balance will be $0 on the closing date. The conversion option may
be exercised only once and no class A-2 notes may be converted
into class A loans.

Collateral Manager:

Fitch's Fund and Asset Manager Ratings (FAM) team has evaluated
MPSCP and determined its capabilities to be acceptable for
purposes of managing this transaction.

The collateral manager will receive senior and subordinated
management fees of 17.5 bps and 40 bps per annum, respectively, as
well as an incentive management fee of 20% of remaining proceeds
once the subordinated notes achieve a 15% IRR. The senior
management fees in Gallatin VI are in line with the average 18bps
senior management fees in recently priced CLOs, while the
subordinated collateral management fees are slightly above the
recent average of 34bps in subordinated management fees.

Performance Analytics:

Fitch will monitor the transaction regularly and as warranted by
events with a review. Events that may trigger a review include,
but are not limited to, the following:

-- Asset defaults;
-- Portfolio migration;
-- OC or IC test breach;
-- Breach of concentration limitations or portfolio quality
   covenants;
-- Future changes to Fitch's rating criteria.

Surveillance analysis is conducted on the basis of the then-
current portfolio. Fitch's goal is to ensure that the assigned
ratings remain an appropriate reflection of the issued notes'
credit risk.


GCO EDUCATION II: Fitch Maintains 'Bsf' Rating on Class C-1L Notes
------------------------------------------------------------------
Fitch Ratings currently maintains ratings on student loan bonds
issued by GCO Education Loan Funding Master Trust II. Nelnet is
requesting a confirmation of the current ratings assigned to the
trust in connection with the proposed replacement of GCO Education
Loan Funding Corp. with National Education Loan Network, Inc., as
Administrator and Servicing Contractor, and the removal of
Greystone Servicing Corporation, Inc., as the Back Up Issuer
Administrator and Back up Servicing Contractor under the Back Up
Agreement. Consistent with its statements on policies regarding
rating confirmations in structured finance transactions (Jan. 13,
2009) and student loan confirms (May 8, 2009), Fitch is treating
this request as a notification.

Based on the information provided, Fitch has determined that the
Administrator and Servicer change, along with the removal of
Backup Servicer and Backup Administrator, will not have a material
impact on the existing ratings. This determination only addresses
the effect of the amendments on the current ratings assigned by
Fitch to the securities listed below. This determination does not
address whether this change is permitted by the terms of the
documents, nor does it address whether this change is in the best
interests of, or prejudicial to, some or all of the holders of the
securities listed.

Fitch's ratings on the above-mentioned trusts remain unchanged and
are listed below:

GCO Education Loan Funding Master Trust II Notes:

-- 2006-2 A-1AR 'AAAsf'; Rating Watch Negative;
-- 2006-2 A-1RRN 'AAAsf'; Rating Watch Negative;
-- 2006-2 A-2AR 'AAAsf'; Rating Watch Negative;
-- 2006-2 A-2L 'AAAsf'; Rating Watch Negative;
-- 2006-2 A-3AR 'AAAsf'; Rating Watch Negative;
-- 2006-2 A-3L 'AAAsf'; Rating Watch Negative;
-- 2006-2 A-4AR 'AAAsf'; Rating Watch Negative;
-- 2007-1 A-5AR 'AAAsf'; Rating Watch Negative;
-- 2007-1 A-5L 'AAAsf'; Rating Watch Negative;
-- 2007-1 A-6AR 'AAAsf'; Rating Watch Negative;
-- 2007-1 A-6L 'AAAsf'; Rating Watch Negative;
-- 2007-1 A-7AR 'AAAsf'; Rating Watch Negative;
-- 2007-1 A-7L 'AAAsf'; Rating Watch Negative;
-- 2006-2 B-2AR 'Asf'; Outlook Stable;
-- 2007-1 C-1L 'Bsf'; Outlook Stable.


GE COMMERCIAL: DBRS Confirms 'B' Rating on Class E Certificates
---------------------------------------------------------------
DBRS has upgraded the ratings of four classes of GE Commercial
Mortgage Corporation, Series 2005-C1, as follows:

-- Class A-J to A(high)(sf) from A(sf)
-- Class B to A(high)(sf) from A(sf)
-- Class C to A(high)(sf) from A(sf)
-- Class D to BBB(sf) from BBB(low)(sf)

DBRS has also confirmed the ratings on the remaining classes in
the transaction.  Trends of all rated classes are Stable, with the
exception of Class F and Class G, which have no trends.

The rating upgrades primarily reflect the repayment of interest
shortfalls to Class A-J and Class B, as well as the increased
credit enhancement to the transaction overall.  DBRS originally
downgraded Class A-J and Class B in January 2013 as a result of
interest shortfalls to these classes after the borrower for the
Washington Mutual Buildings loan (Prospectus ID#9) won its
countersuit against the Trust.  The Trust was forced to reimburse
the borrower's legal fees and other expenses, totaling over $5.1
million, which resulted in interest shortfalls reaching up to
Class A-J.  Correspondingly, DBRS downgraded Classes A-J and B,
given the lack of tolerance for interest shortfalls at each
class's respective rating at that time.

As the transaction began to repay the previously shorted interest
to those classes, DBRS placed the ratings Under Review with
Positive Implications.  With this rating action, DBRS has upgraded
these classes, as all previously shorted interest has been repaid
to the upgraded bond classes.  While the credit enhancement to
each class has increased since issuance, the ratings are
constrained at A (high) (sf), given the potential for future
interest shortfalls and the lack of tolerance for interest
shortfalls with respect to DBRS ratings above A (high) (sf).

As of the November 2013 remittance report, there has been
collateral reduction of approximately 46.7% since issuance, with
40 loans having paid out of the pool at maturity or liquidated
from the Trust.  There are currently 87 loans remaining in the
transaction.  The transaction benefits from defeasance collateral
as ten loans, representing 10.7% of the current pool balance, are
fully defeased.  The largest 15 loans in the transaction,
excluding defeasance, continue to exhibit stable performance, with
a weighted-average debt service coverage ratio and weighted-
average debt yield of 1.59 times (x) and 10.7%, respectively.  In
the next 12 months, 15 loans, representing 10.0% of the current
pool balance, are scheduled to mature.  Excluding defeasance,
these loans have a weighted-average exit debt yield of 14.2%.

As part of its review, DBRS analyzed the top 15 loans, loans
maturing in the next 12 months, loans in special servicing and
loans on the servicer's watchlist, comprising approximately 70.0%
of the current pool balance.  There are currently two loans in
special servicing and 15 loans on the servicer's watchlist, which
represent 2.1% and 19.1% of the current pool balance,
respectively.  DBRS considered the current performance of these
loans in its analysis, which included assigning an elevated
probability of default associated with the latest reported cash
flows to the extent it was warranted.

The largest loan in special servicing is Skytop Pavilion
(Prospectus ID#48), which is secured by a grocery-anchored retail
property in Cincinnati, Ohio.  The loan transferred to special
servicing in May 2012 due to imminent default. The special
servicer entered the foreclosure sale in September 2013.  As of
the July 2013 rent roll, the property was 65.3% occupied, with the
lease for the grocery anchor, Bigg's Grocer, not expiring until
February 2020; however, there remains a 27,000 sf vacancy that was
formerly leased by a local gym.  The property received an updated
appraisal in May 2013, which valued the property at $6.9 million.
While this value is approximately $600,000 greater than the June
2012 appraised value, it is well below the current loan balance of
$13.3 million.  DBRS expects a loss with the resolution of this
loan.

The largest loan on the servicer's watchlist is Lakeside Mall
(Prospectus ID#1), which is secured by 650,000 sf of a 1.5 million
sf regional mall in Sterling Heights, Michigan.  The collateral
consists of the in-line space at the mall, as well as the Macy's
Men's & Home anchor pad.  Other anchors at the mall include
Macy's, JC Penney, Lord & Taylor and Sears.  The loan is on the
servicer's watchlist for a low debt service coverage ratio, which
was 1.25x at YE2012.  This loan was previously modified when its
sponsor, General Growth Properties, Inc. (GGP), filed for
bankruptcy in 2009.  Terms of the modification included a maturity
extension until June 2016 and step increases in debt service.
Beginning in January 2013, annual debt service payments increased
by approximately $530,000 for three years, which places further
stress on cash flow. As of the June 2013 rent roll, the mall was
92.8% occupied, with collateral occupancy at 82.4%.  The mall
reported sales of $345 psf for in-line tenants occupying less than
10,000 sf and $265 psf for in-line tenants occupying greater than
10,000 sf, according to the trailing 12-month sales report as of
September 2013.  As a result of the loan previously being in
special servicing and its subsequent modification, the special
servicer is entitled to a workout fee totaling 1.0% of the loan
balance at the time of loan repayment.  The payment of this
workout fee will reduce funds available to the Trust.  Given the
loan's extended maturity date and the transaction's waterfall (per
transaction documents); this may result in a principal loss that
would be contained to a class where DBRS is already expecting
losses.  However, if the loan were to prepay in advance of its
extended maturity date, the fee would cause interest shortfalls up
the capital stack, likely impacting as high as the Class A-J
certificates, given the size of the loan.  Although it is likely
that any shorted interest to the Class A-J and Class B
certificates would be repaid within one remittance period, DBRS
has no tolerance for interest shortfalls above the A (high) (sf)
rating.

                                               Rating
Issuer                  Debt Rated             Action    Rating
------                  ----------            ---------  ------
GE Commercial Mortgage  Commercial Mortgage   Confirmed  AAA(sf)
Corporation, Series     Pass-Through
2005-C1                 Certificates, Series
                        2005-C1, Class A-1A

GE Commercial Mortgage  Commercial Mortgage   Confirmed  AAA(sf)
Corporation, Series     Pass-Through
2005-C1                 Certificates, Series
                        2005-C1, Class A-3

GE Commercial Mortgage  Commercial Mortgage   Confirmed  AAA(sf)
Corporation, Series     Pass-Through
2005-C1                 Certificates, Series
                        2005-C1, Class A-4

GE Commercial Mortgage  Commercial Mortgage   Confirmed  AAA(sf)
Corporation, Series     Pass-Through
2005-C1                 Certificates, Series
                        2005-C1, Class A-5

GE Commercial Mortgage  Commercial Mortgage   Confirmed  AAA(sf)
Corporation, Series     Pass-Through
2005-C1                 Certificates, Series
                        2005-C1, Class A-AB

GE Commercial Mortgage  Commercial Mortgage   Confirmed  AAA(sf)
Corporation, Series     Pass-Through
2005-C1                 Certificates, Series
                        2005-C1, Class X-C

GE Commercial Mortgage  Commercial Mortgage   Upgraded   A(high)
Corporation, Series     Pass-Through                     (sf)
2005-C1                 Certificates, Series
                        2005-C1, Class A-J

GE Commercial Mortgage  Commercial Mortgage   Upgraded   A(high)
Corporation, Series     Pass-Through                     (sf)
2005-C1                 Certificates, Series
                        2005-C1, Class B

GE Commercial Mortgage  Commercial Mortgage   Upgraded   A(high)
Corporation, Series     Pass-Through                     (sf)
2005-C1                 Certificates, Series
                        2005-C1, Class C

GE Commercial Mortgage  Commercial Mortgage   Upgraded   BBB(sf)
Corporation, Series     Pass-Through
2005-C1                 Certificates, Series
                        2005-C1, Class D

GE Commercial Mortgage  Commercial Mortgage   Confirmed  B(sf)
Corporation, Series     Pass-Through
2005-C1                 Certificates, Series
                        2005-C1, Class E

GE Commercial Mortgage  Commercial Mortgage   Int. in    B(sf)
Corporation, Series     Pass-Through          Arrears
2005-C1                 Certificates, Series
                        2005-C1, Class E

GE Commercial Mortgage  Commercial Mortgage   Confirmed  C(sf)
Corporation, Series     Pass-Through
2005-C1                 Certificates, Series
                        2005-C1, Class F

GE Commercial Mortgage  Commercial Mortgage   Int. in    C(sf)
Corporation, Series     Pass-Through          Arrears
2005-C1                 Certificates, Series
                        2005-C1, Class F

GE Commercial Mortgage  Commercial Mortgage   Confirmed  C(sf)
Corporation, Series     Pass-Through
2005-C1                 Certificates, Series
                        2005-C1, Class G

GE Commercial Mortgage  Commercial Mortgage   Int. in    C(sf)
Corporation, Series     Pass-Through          Arrears
2005-C1                 Certificates, Series
                        2005-C1, Class G


GLOBAL TRADE 2013-1: Fitch Rates $16.61MM Class D Notes 'Bsf'
-------------------------------------------------------------
Fitch Ratings expects to rate the series 2013-1 notes issued by
Trade Maps 1 Limited as follows:

-- $874.44 million class A notes 'AAAsf(EXP)';
-- $77.61 million class B notes 'Asf(EXP)';
-- $31.34 million class C notes 'BBBsf(EXP)';
-- $16.61 million class D notes 'Bsf(EXP)'.

The Rating Outlook on the expected ratings is Stable.

Collateral on Series 2013-1 notes is comprised by Asset Purchase
Entity (APE) funding securities issued by local special purpose
vehicles (SPVs) established for each participating bank (PB):
Banco Santander, S.A. (Santander) and Citibank, N.A. (Citi) Each
APE funding security is backed by a portfolio of dollar-
denominated trade finance loan receivables originated by local
branches of each PB. Fitch's expected ratings address the timely
payment of interest on a monthly basis and ultimate payment of
principal at legal final maturity.

Key Rating Drivers:

The expected ratings assigned to the notes reflect: (i) the
favorable characteristics of trade finance assets (TFAs) that are
reflected in the indicative portfolio, (ii) the structure's
reasonable concentration limits and collateral quality tests that
limit the potential deterioration of the portfolio during the
revolving period; (ii) sufficient credit enhancement (CE) levels,
including the non-shared collateralized equity provided by each
PB; and (iii) structural features mitigating commingling and set-
off exposures.

Fitch favorably views the short tenors and low historical default
rates that are characteristic of TFAs. TFAs in the indicative
portfolio have a remaining term of 43 days with a weighted average
risk factor (WARF) equivalent to 'BBB-'/'BBB'. Since this is a
revolving transaction, the credit quality of the assets could
deteriorate; Fitch analyzed the worst possible portfolio allowed
by the transaction. This stressed portfolio would have an implicit
weighted average life (WAL) of no more than 150 days with a
maximum tenor of one-year (or 183 days for US obligors). Based on
the credit quality tests, the lowest WARF for the Trade Maps
portfolio would be equivalent to 'BB'.

CE of 16.01% for the Class A, 8.56% for the Class B, 5.55% for the
Class C and 3.95% for the Class D notes, in addition to excess
spread, is sufficient to cover multiples of historic defaults
commensurate with the ratings assigned to each of the notes. CE
includes collateralized equity provided by Santander and Citi in
the form of program subordinated notes (PSN). The amount of PSNs
issued by each bank is based on the associated portfolio credit
quality for such bank. PSNs will act as a first loss piece;
however, each bank's equity can only be used to cover losses to
the associated PB portfolio. At closing, Citi's and Santander's
equity will be 2.88% and 5.00% of their respective pool balance,
equivalent to 1.44% and 2.53% of the Trade Maps portfolio balance,
respectively.

At closing, each PB's local branch will originate and service its
own portfolio and transfer collections to the trust accounts.
Although commingling is allowed, both PBs are eligible indirect
support counterparties according to Fitch's Counterparty Criteria
for Structured Finance Transactions. Therefore Fitch considers
this risk immaterial.

The transaction benefits from a variety of tests and features that
protect investors from a deteriorating portfolio that could cause
a decrease in the available CE prior to the start of amortization.
For example, negative excess spread triggers, minimum CE levels,
rating downgrade triggers, increase in set-off exposure among
others mitigate this potential risk.

Rating Sensitivities:

Ratings of the Series 2013-1 notes are sensitive to decreases in
available CE as a result of higher default rates on the TFAs than
those assumed for Fitch's analysis; downgrade of Citi's and
Santander's ratings; an increase on the obligors or countries
concentrations of the Trade Maps portfolio; a breach of any
concentration limit or transaction test.

Fitch considers the securitization of trade loan receivables a new
structured finance asset class and has followed its internal
rating procedure for a new structured finance product. The purpose
of this transaction is to achieve funding and risk transfer for
the originator.


GMAC COMMERCIAL 2002-C1: Moody's Hikes Class K Notes Rating to B1
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of two classes and
affirmed two classes of GMAC Commercial Mortgage Securities, Inc.,
Series 2002-C1 as follows:

Cl. K, Upgraded to B1 (sf); previously on Jun 2, 2011 Downgraded
to Caa1 (sf)

Cl. L, Upgraded to B3 (sf); previously on Dec 9, 2011 Downgraded
to Caa3 (sf)

Cl. M, Affirmed C (sf); previously on Dec 7, 2012 Downgraded to C
(sf)

Cl. X-1, Affirmed Caa3 (sf); previously on Dec 7, 2012 Downgraded
to Caa3 (sf)

Ratings Rationale:

The upgrades of the P&I classes are due primarily to paydowns,
amortization and the resolution of three specially-serviced loans
which at Moody's last review represented the majority of the pool
and carried considerable downside risk.

The rating of Class M is consistent with Moody's expected loss and
thus is affirmed. The rating of the IO Class, Class X-1, is
consistent with the expected credit performance of its referenced
classes and thus is 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
approximately 7% of the current deal balance ($631,330). At last
review, Moody's base expected loss was approximately 32% of the
current balance ($6,956,822). Moody's base expected loss plus
realized loss is 4.2% of the original, securitized deal balance,
compared to 4.3% at Moody's 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.

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 underlying ratings is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
credit assessment of the loan which corresponds to a range of
credit enhancement levels. Actual fusion credit enhancement levels
are selected based on loan level diversity, pool leverage and
other concentrations and correlations within the pool. Negative
pooling, or adding credit enhancement at the underlying rating
level, is incorporated for loans with similar credit assessments
in the same transaction.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 3 compared to 5 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 December 7, 2012.

Deal Performance:

As of the October 15, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $9 million
from $710 million at securitization. The Certificates are
collateralized by four mortgage loans ranging in size from less
than 14% to 39% of the pool. The pool includes contains no loans
with investment-grade credit assessments and no defeased loans.
There are no loans on the master servicer's watchlist.

Twenty-four loans have liquidated from the pool, contributing to
an aggregate realized loss to the trust of $29 million. Loans that
were liquidated from the pool averaged a 29% loss severity. The
largest loan in the pool and the only loan in special servicing is
the Whispering Pines Apartments Loan ($3 million -- 39% of the
pool), which is secured by a 207-unit multifamily property in
Colorado Springs, Colorado. The loan transferred to special
servicing in November 2011 due to imminent default. The borrower
had requested a loan extension, however this was not granted.

Moody's was provided with full-year 2012 and partial year 2013
operating results for 100% of the performing pool. Moody's
weighted average conduit LTV is 70% compared to 75% at last full
review. Moody's net cash flow reflects a weighted average haircut
of 12% to the most recently available net operating income.
Moody's value reflects a weighted average capitalization rate of
10.0%.

Moody's actual and stressed conduit DSCRs are 0.95X and 1.65X,
respectively, compared to 0.94X and 1.51X at last review. Moody's
actual DSCR is based on Moody's net cash flow (NCF) and the loan's
actual debt service. Moody's stressed DSCR is based on Moody's NCF
and a 9.25% stressed rate applied to the loan balance.

The three performing conduit loans together represent 61% of the
pool. The largest loan is the Safeway Gaithersburg Loan ($2
million -- 29% of the pool), which is secured by a 9-acre ground
lease for "Goshen Oaks Center", a strip retail center in
Gaithersburg, Maryland, a suburb of Washington, DC. The property
is 100% leased to Safeway Inc. through September 2029. The
property has been 100% occupied since securitization. Performance
has been stable and the loan is fully-amortizing. Moody's current
LTV and stressed DSCR are 90% and 1.21X, respectively, compared to
94% and 1.16X at last review.

The second largest loan is the Walgreen Oklahoma City Loan ($2
million -- 17% of the pool). The loan is secured by a 15,000
square foot retail property located in Oklahoma City, Oklahoma.
The property is 100% leased to Walgreen Co. under a triple-net
lease through December 2020. Performance has been stable and the
loan is fully-amortizing. Moody's current LTV and stressed DSCR
are 54% and 1.99X, respectively, compared to 62% and 1.75X at last
review.

The third largest loan is the Walgreens Lafayette Loan ($1 million
-- 14% of the pool). The loan is secured by a 15,000 square foot
retail property located in downtown Lafayette, Louisiana. The
property is 100% leased to Walgreen Co. under a triple-net lease
through December 2020. Performance has been stable and the loan is
fully-amortizing. Moody's current LTV and stressed DSCR are 51%
and 2.12X respectively, compared to 56% and 1.92X at last review.


GREENWICH CAPITAL 2007-RR2: Moody's Affirms C Ratings on 4 Notes
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of four classes
of certificates issued by Greenwich Capital Commercial Mortgage
Trust 2007-RR2. 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 on-
going surveillance of commercial real estate collateralized debt
obligation (CRE CDO and Re-remic) transactions.

Moody's rating action is as follows:

Cl. A-1FL, Affirmed C (sf); previously on Jan 31, 2013 Affirmed C
(sf)

Cl. A-1FX, Affirmed C (sf); previously on Jan 31, 2013 Affirmed C
(sf)

Cl. A-2, Affirmed C (sf); previously on Jan 31, 2013 Affirmed C
(sf)

Cl. X, Affirmed C (sf); previously on Jan 31, 2013 Affirmed C (sf)

Ratings Rationale:

Greenwich Capital Commercial Mortgage Trust 2007-RR2 is a static
cash transaction backed by a portfolio of commercial mortgage
backed securities (CMBS) (100.0% of the pool balance). As of the
October 23, 2013 payment date, the aggregate certificate balance
of the transaction including preferred shares has decreased to
$351.1 million from $528.7 million at issuance as a result of
realized losses on the underlying collateral.

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

WARF is a primary measure of the credit quality of a CRE CDO pool.
Moody's has completed updated assessments for the non-Moody's
rated collateral. Moody's modeled a bottom-dollar WARF of 9,806
compared to 9,602 at last review. The current distribution of
Moody's rated collateral and assessments for non-Moody's rated
collateral is as follows: Caa1-Ca/C (100%, the same as that at
last review).

Moody's modeled to a WAL of 5.9 years compared to 5.8 years at
last review. The current WAL is based on assumptions about
extensions on the underlying collateral.

Moody's modeled a fixed WARR of 0.0%, the same as that at last
review.

Moody's modeled a MAC of 100% compared to 0% at last review. The
MAC reflects the high credit risk concentrated in a small number
of collateral names.

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 review also incorporated the CMBS IO calculator ver 1.1,
which uses the following inputs to calculate the proposed IO
rating based on the published methodology: original and current
bond ratings and credit estimates; original and current bond
balances grossed up for losses for all bonds the IO(s)
reference(s) within the transaction; and IO type corresponding to
an IO type as defined in the published methodology. The calculator
then returns a calculated IO rating based on both a target and
mid-point. For example, a target rating basis for a Baa3 (sf)
rating is a 610 rating factor. The midpoint rating basis for a
Baa3 (sf) rating is 775 (i.e. the simple average of a Baa3 (sf)
rating factor of 610 and a Ba1 (sf) rating factor of 940). If the
calculated IO rating factor is 700, the CMBS IO calculator ver1.1
would provide both a Baa3 (sf) and Ba1 (sf) IO indication for
consideration by the rating committee.

Moody's 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 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.


GREYROCK CDO: S&P Affirms 'BB+(sf)' Ratings on 2 Debt Classes
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on nine
classes of notes from three U.S. collateralized loan obligation
(CLO) transactions managed by Sound Harbor Partners LLC.  At the
same time, S&P affirmed its ratings on eight classes and removed
thirteen ratings from the same three CLOs from CreditWatch with
positive implications, where it placed them on Sept. 5, 2013.

Greyrock CDO Ltd. was rated in 2005, while Landmark VI CDO Ltd.
and Landmark VII CDO Ltd. are from the 2006 vintage.  All three
transactions have ended their reinvestment period and are
currently amortizing.  The upgrades mainly reflect paydowns to the
senior notes and a subsequent increase in the credit enhancement
available to support the notes since we upgraded some of the
classes in late 2012 and early 2013.

The three CLOs have paid down a combined amount of $312.5 million.
The class A-1L notes from Greyrock CDO Ltd. are about 9.5% of
their original notional balance, the class A notes from Landmark
VI CDO Ltd. are down to 39%, and the class A-1L notes from
Landmark VII CDO Ltd. are at about 30.5%.

The overcollateralization (O/C) available to support the notes has
increased significantly, primarily due to the aforementioned
paydowns.  The trustee reported the following O/C ratios for these
CLOs as of their October 2013 monthly report, compared with the
data used for the prior upgrades:

Greyrock CDO Ltd.
Class A-2L O/C: 259.09%, up from 137.19% in November 2012.
Class A-3L O/C: 167.00%, up from 121.79% in November 2012.
Class B-1L O/C: 130.43%, up from 111.89% in November 2012.
Class B-2L O/C: 111.86%, up from 105.70% in November 2012.

Landmark VI CDO Ltd.
Class B O/C: 148.40%, up from 130.77% in July 2012.
Class C O/C: 126.09%, up from 117.86% in July 2012.
Class D O/C: 112.71%, up from 109.34% in July 2012.
Class E O/C: 105.27%, up from 104.32% in July 2012.

Landmark VII CDO Ltd.
Class A-2L O/C: 154.70%, up from 126.51% in December 2012.
Class A-3L O/C: 127.72%, up from 114.90% in December 2012.
Class B-1L O/C: 115.46%, up from 108.82% in December 2012.
Class B-2L O/C: 106.12%, up from 103.81% in December 2012.

The affirmations reflect S&P's view that the credit support
available is adequate at the current rating levels.

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

RATING ACTIONS

Greyrock CDO Ltd.
                   Rating
Class         To           From
A-1L          AAA (sf)     AAA (sf)
A-2L          AAA (sf)     AAA (sf)
A-3L          AAA (sf)     AA+ (sf)/Watch Pos
B-1F          AA (sf)      A- (sf)/Watch Pos
B-1L          AA (sf)      A- (sf)/Watch Pos
B-2F          BB+ (sf)     BB+ (sf)/Watch Pos
B-2L          BB+ (sf)     BB+ (sf)/Watch Pos

Landmark VI CDO Ltd.
                   Rating
Class         To           From
A             AAA (sf)     AAA (sf)
B             AAA (sf)     AA+ (sf)/Watch Pos
C             AA+ (sf)     A+ (sf)/Watch Pos
D             A- (sf)      BBB+ (sf)/Watch Pos
E             BB- (sf)     B (sf)/Watch Pos

Landmark VII CDO Ltd.
                   Rating
Class         To           From
A-1L          AAA (sf)     AAA (sf)
A-2L          AAA (sf)     AA+ (sf)/Watch Pos
A-3L          AA+ (sf)     A+ (sf)/Watch Pos
B-1L          BBB+ (sf)    BBB+ (sf)/Watch Pos
B-2L          B+ (sf)      B+ (sf)/Watch Pos


HILTON USA 2013-HLT: S&P Assigns Prelim. BB Rating on X-FL Certs
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Hilton USA Trust 2013-HLT's $3.5 billion commercial
mortgage pass-through certificates.

The note issuance is a CMBS securitization backed by first
mortgage liens or deed of trust liens on the borrowers' fee and
leasehold interests in 23 full-service and limited-service hotels;
all furniture, fixtures, and equipment and personal property owned
by the borrowers used to operate the properties; and all reserves,
escrows, and deposit accounts maintained by each borrower.

The preliminary ratings are based on information as of Nov. 14,
2013.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

The preliminary ratings reflects S&P's view of the collateral's
historical and projected performance, the sponsors' and managers'
experience, the trustee-provided liquidity, the loan's terms, and
the transaction's structure.  S&P determined that the loan has a
beginning and ending loan-to-value (LTV) ratio of 80.2%, based on
its estimate of long-term sustainable value of the properties
backing the transaction.

PRELIMINARY RATINGS ASSIGNED

Hilton USA Trust 2013-HLT

Class       Preliminary     Preliminary
             rating(i)       amount ($)
A-FL        AAA (sf)        393,000,000
X-FL        BB (sf)         875,000,000 (ii)
B-FL        AA- (sf)        123,000,000
C-FL        A- (sf)          93,000,000
D-FL        BBB- (sf)        99,000,000
E-FL        BB (sf)         167,000,000
A-FX        AAA (sf)      1,179,000,000
X-1FX       A- (sf)       1,723,000,000 (ii)
X-2FX       A- (sf)       1,723,000,000 (ii)
B-FX        AA- (sf)        369,000,000
C-FX        A- (sf)         280,000,000
D-FX        BBB- (sf)       338,000,000
E-FX        BB (sf)         459,000,000

(i) The rating on each class of securities is preliminary and
     subject to change at any time.  The issuer will issue the
     certificates to qualified institutional buyers in line with
     Rule 144A of the Securities Act of 1933.

(ii) Notional balance.  The notional amount of the class X-FL
     certificates will be reduced by the aggregate amount of
     principal distributions and realized losses allocated to the
     floating rate certificates and the notional balance of the
     class X-1FX and class X-2FX certificates will be reduced by
     the aggregate amount of principal distributions and realized
     losses allocated to the class A-FX, B-FX-1, B-FX-2, and a
     portion of the C-FX class (C-FX-1).


ICE 3: S&P Affirms 'BB' Rating on Class E Notes
-----------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on ICE 3:
Global Credit CLO Ltd./ICE 3: Global Credit CLO Inc.'s
$655.75 million fixed- and floating-rate notes following the
transaction's effective date as of Sept. 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 (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.

RATINGS AFFIRMED

ICE 3: Global Credit CLO Ltd./ICE 3: Global Credit CLO Inc.

Class                      Rating                       Amount
                                                      (mil. $)
X                          AAA (sf)                      15.50
A-1                        AAA (sf)                     430.00
B-1                        AA (sf)                       44.50
B-2                        AA (sf)                       50.00
C-1 (deferrable)           A (sf)                        44.50
C-2 (deferrable)           A (sf)                        10.00
D (deferrable)             BBB (sf)                      33.75
E (deferrable)             BB (sf)                       27.50


JFIN REVOLVER CLO: S&P Assigns 'BB' Rating on Class E Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to JFIN Revolver CLO Ltd./JFIN Revolver CLO LLC's
$488.5 million floating-rate notes.

The note issuance is a collateralized loan obligation (CLO)
securitization backed by a revolving pool consisting primarily of
revolver and delayed-drawdown loans.

The preliminary ratings are based on information as of Nov. 20,
2013.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

   -- 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 credit enhancement, which is necessary to
      support the unfunded portion of the revolver and delayed
      draw collateral debt securities and sufficient to withstand
      a maximum expected market value loss commensurate with a
      'AAA' stress level in compliance with our market value
      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 revolver and delayed-draw corporate loans.

   -- The asset manager's experienced management team.

   -- S&P's projections regarding the timely interest and ultimate
      principal payments on the preliminary rated notes, which S&P
      assessed using its cash flow analysis and assumptions
      commensurate with the assigned preliminary ratings under
      various interest-rate scenarios, including LIBOR ranging
      from 0.2386%-13.8385%.

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

RATINGS LIST

JFIN Revolver CLO Ltd./ JFIN Revolver CLO LLC
$488.5 million floating-rate notes

Class            Prelim rating    Prelim amount (mil. $)

A                AAA (sf)         310.00
B                AA (sf)          72.00
C (deferrable)   A (sf)           48.00
D (deferrable)   BBB (sf)         31.50
E (deferrable)   BB (sf)          27.00
Sub notes        NR               135.00


JP MORGAN 2005-LDP3: S&P Lowers Rating on Cl. G Certs to 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
G commercial mortgage pass-through certificate from JPMorgan Chase
Commercial Mortgage Securities Corp.'s series 2005-LDP3, a U.S.
commercial mortgage-backed securities transaction, to 'D (sf)'
from 'CCC- (sf)'.

S&P lowered its rating to 'D (sf)' on the class G certificate
following principal losses totaling $9.3 million detailed in the
Nov. 15, 2013, trustee remittance report.  These losses resulted
from the liquidations of the $10.8 million LXP-Kraft Foods/Perkin
Elmer asset and the $3.0 million 1501 Mockingbird Lane asset, both
of which were with the special servicer, CWCapital Asset
Management LLC.  According to the November 2013 trustee remittance
report, the LXP-Kraft Foods/Perkin Elmer asset liquidated at a
loss severity of 76.0%, or $8.2 million in principal losses, while
the 1501 Mockingbird Lane asset liquidated at a loss severity of
35.4%, or $1.1 million in principal losses.  Consequently, class G
experienced a 16.9% loss to its $20.2 million original principal
balance, while class H lost 100% of its $5.8 million opening
balance.  S&P previously lowered its rating on class H to
'D (sf)'.


JP MORGAN 2013-C16: Fitch Rates $21.29MM Class E Notes 'BBsf'
-------------------------------------------------------------
Fitch Ratings has assigned the following ratings and Rating
Outlooks to the J.P. Morgan Chase Commercial Mortgage Securities
Trust, series 2013-C16 commercial mortgage pass-through
certificates.

-- $56,761,000 class A-1 'AAAsf'; Outlook Stable;
-- $236,641,000 class A-2 'AAAsf'; Outlook Stable;
-- $145,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $276,236,000 class A-4 'AAAsf'; Outlook Stable;
-- $80,504,000 class A-SB 'AAAsf'; Outlook Stable;
-- $878,916,000a class X-A 'AAAsf'; Outlook Stable;
-- $73,835,000a class X-B 'AA-sf'; Outlook Stable;
-- $83,774,000 class A-S 'AAAsf'; Outlook Stable;
-- $73,835,000 class B 'AA-sf'; Outlook Stable;
-- $41,177,000 class C 'A-sf'; Outlook Stable;
-- $198,786,000b class EC 'A-sf'; Outlook Stable;
-- $56,795,000c class D 'BBB-sf'; Outlook Stable;
-- $21,299,000c class E 'BBsf'; Outlook Stable;
-- $11,359,000c class F 'Bsf'; Outlook Stable.

(a) Notional amount and interest only.
(b) Class A-S, class B and class C certificates may be exchanged
     for a related amount of class EC certificates, and class EC
     certificates may be exchanged for class A-S, class B and
     class C certificates.
(c) Privately placed pursuant to Rule 144A.

Fitch does not rate the $52,536,247 class NR or the $85,194,247
interest only class X-C.

The certificates represent the beneficial ownership in the trust,
primary assets of which are 60 loans secured by 113 commercial
properties having an aggregate principal balance of approximately
$1.136 billion as of the cutoff date. The loans were contributed
to the trust by JPMorgan Chase Bank, National Association; General
Electric Capital Corporation; Ladder Capital Finance LLC; and
Redwood Commercial Mortgage Corporation.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 74.4% of the properties
by balance, cash flow analysis of 85.1%, and asset summary reviews
on 85.1%.

The transaction has a Fitch stressed debt service coverage ratio
(DSCR) of 1.10x, a Fitch stressed loan-to-value (LTV) of 106.6%,
and a Fitch debt yield of 8.52%. Fitch's aggregate net cash flow
represents a variance of 8.73% to issuer cash flows.

Key Rating Drivers:

Fitch Leverage: This transaction has higher leverage than other
recent Fitch-rated fixed-rate deals. The pool's Fitch LTV of
106.6% is higher than the 2012 and first-half 2013 averages of
97.2% and 99.8%, respectively. However, excluding the two largest
loans which are secured by multifamily properties in New York City
and San Francisco, the pool's Fitch LTV is 103%.

Multifamily Concentration: The pool has a multifamily
concentration of 29.6%, which is significantly higher than the
first-half 2013 average concentration of 8.9%. The two largest
loans in the pool, The Aire (11.9%) and Veritas Multifamily
Portfolio (8.1%) are collateralized by multifamily properties
located in CBDs of primary markets.

Subordinate Debt: Seven loans, representing 33.7% of the pool
balance, have subordinate debt in place, including four of the
five largest loans in the pool (30.1%). The Aire has a $25 million
B-note and unsecured debt in place. The transaction has a Fitch
total debt stack LTV and DSCR of 118.9% and 1.01x, respectively.

Property Quality: Fitch assigned property quality grades of 'A' or
'A-' to three of the 15 largest loans in the pool, which represent
17.9% of the pool balance. Furthermore, property quality grades of
'B+' or better were assigned to 65.7% of the pool.

Rating Sensitivities:

Fitch performed two model-based break-even analyses to determine
the level of cash flow and value deterioration the pool could
withstand prior to $1 of loss being experienced by the 'BBB-sf'
and 'AAAsf' rated classes. Fitch found that the JPMCC 2013-C16
pool could withstand a 45.4% decline in value (based on appraised
values at issuance) and an approximately 13.3% decrease to the
most recent actual cash flow prior to experiencing a $1 of loss to
the 'BBB-sf' rated class. Additionally, Fitch found that the pool
could withstand a 54.3% decline in value and an approximately
27.5% decrease in the most recent actual cash flow prior to
experiencing $1 of loss to any 'AAAsf' rated class.

Key Rating Drivers and Rating Sensitivities are further described
in the accompanying presale report.

The master servicer will be Wells Fargo Bank, National
Association, rated 'CMS1-' by Fitch. The special servicer will be
Midland Loan Services, a Division of PNC Bank, National
Association, rated 'CSS1' by Fitch.


KVK CLO 2013-2: S&P Assigns 'BB' Rating on Class E Notes
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to KVK CLO
2013-2 Ltd./KVK CLO 2013-2 LLC's $372.6 million floating-rate
notes.

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

The ratings reflect S&P's view of:

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

   -- The transaction's credit enhancement, which is sufficient to
      withstand the defaults applicable for the supplemental tests
      (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 portfolio 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 0.2386% to 12.7531%.

   -- 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 up to
      50% of excess interest proceeds that are available prior to
      paying uncapped administrative expenses and fees,
      subordinated portfolio management fees, portfolio manager
      incentive fees, and payments to the subordinated notes to
      principal proceeds for the purchase of additional collateral
      assets during the reinvestment period.

RATINGS ASSIGNED

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

Class                 Rating            Amount
                                      (mil. $)
A                     AAA (sf)          253.20
B                     AA (sf)            44.80
C (deferrable)        A (sf)             36.40
D (deferrable)        BBB (sf)           20.40
E (deferrable)        BB (sf)            17.80
Subordinated notes    NR                 42.40

NR-Not rated.


LB-UBS 2000-C3: Fitch Hikes Rating on Class J Notes From 'BBsf'
---------------------------------------------------------------
Fitch Ratings has upgraded one class of LB-UBS Commercial Mortgage
Trust, series 2000-C3 commercial mortgage pass-through
certificates.

Key Rating Drivers:

The upgrade reflects the high concentration of defeased collateral
as three (70% of the pool) of the remaining six loans are
defeased. The three remaining non-defeased loans were originated
as credit tenant lease loans and are current. Two are fully
amortizing and each matures in 2020. The defeased loans are fully
amortizing and mature in 2020. At Fitch's previous review there
was one loan in special servicing; however, losses were lower than
expected.

As of the November 2013 distribution date, the pool's collateral
balance has paid down 99% to $13.9 million from $1.3 billion at
issuance. The pool has incurred 3.5% in losses to date. In
addition, there is $6 million in outstanding unpaid interest
shortfalls to classes K through P which Fitch believes are not
likely to be recoverable.

The remaining loans are collateralized by retail properties, one
with tenant Walgreens and two with CVS.

Rating Sensitivity:

Class J now has a Stable Outlook, reflecting Fitch's expectation
of future affirmations. The rating reflects the probability of
full principal payoff, as well as the class's previously incurred
interest shortfalls. See 'Criteria for Rating Caps and Limitations
in Global Structured Finance Transactions', dated June 12, 2013
for more details.

Fitch upgrades the following class:

-- $10.4 million class J to 'Asf' from 'BBsf'; Outlook to Stable
    from Negative.

Class K remains at 'Dsf'; RE90% due to losses already incurred.
Classes L through P are not rated by Fitch. Classes A-1 through H
have paid in full and class X was previously withdrawn.


LB-UBS 2002-C4: Fitch Affirms 'Dsf' Rating on $4.1MM Notes
----------------------------------------------------------
Fitch Ratings has affirmed eight classes of LB-UBS Commercial
Mortgage Trust, series 2002-C4, commercial mortgage pass-through
certificates.

Key Rating Drivers:

Fitch modeled losses of 7.8% of the remaining pool; expected
losses on the original pool balance total 2.7%, including $35.9
million (2.5% of the original pool balance) in realized losses to
date. Nine loans remain in the pool, three (15.2%) of which are
specially serviced and considered Fitch Loans of Concern.

As of the November 2013 distribution date, the pool's aggregate
principal balance has been reduced by 96.7% to $48.7 million from
$1.46 billion at issuance. No loans are defeased. Interest
shortfalls are currently affecting classes L through U.

The largest contributor to expected losses is a 28,092 square foot
(sf) retail property located in Orem, UT (4.5%). The property is
real estate owned (REO) with a reported occupancy of 69.7% as of
July 2013. Per the special servicer, the asset manager has decided
to delay marketing of the property while the 24% lease roll-over
risk scheduled in 2014 is being addressed.

The next largest contributor to expected losses is the specially-
serviced 12 multifamily apartment buildings (163 units; 5.7%) in
Waterbury, CT. The loan transferred to the special servicer in
March 2010 with a reported occupancy of 92.0% as of January 2013.
The special servicer continues to pursue foreclosure of the
assets.

Rating Sensitivity:

Rating Outlooks on classes J and K remain Stable due to expected
continued amortization of the classes. Rating Outlooks on classes
L and M remain Negative due to the concentrated nature of the
pool.

Fitch affirms the following classes as indicated:

-- $4.5 million class J at 'AAsf', Outlook Stable;
-- $12.7 million class K at 'Asf', Outlook Stable;
-- $20 million class L at 'BBB-sf', Outlook Negative;
-- $7.3 million class M at 'Bsf', Outlook Negative;
-- $4.1 million class N at 'Dsf', RE 30%;
-- $0 class Q at 'Dsf' ;
-- $0 class S at 'Dsf' ;
-- $0 class T at 'Dsf'.

Fitch does not rate the class P and U certificates. Fitch
previously withdrew the ratings on the interest-only class X-CL,
X-CP and X-VF certificates. Classes A through H notes have been
paid in full.


LEAF RECIEVABLES 7: Moody's Raises Class E-2 Notes Rating to 'Ba1'
------------------------------------------------------------------
Moody's has upgraded seven subordinate securities and confirmed or
affirmed seven securities from the LEAF Receivables Funding LLC,
Series 2011-2 and 2012-1. The transactions are securitizations of
small-ticket equipment leases originated and serviced by LEAF
Commercial Capital, Inc.

Complete rating actions are as follows:

Issuer: LEAF Receivables Funding 7, LLC, Series 2011-2

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

Cl. B, Confirmed at Aa2 (sf); previously on Aug 22, 2013 Aa2 (sf)
Placed Under Review for Possible Upgrade

Cl. C, Upgraded to Aa3 (sf); previously on Aug 22, 2013 A2 (sf)
Placed Under Review for Possible Upgrade

Cl. D, Upgraded to A2 (sf); previously on Aug 22, 2013 Baa2 (sf)
Placed Under Review for Possible Upgrade

Cl. E-1, Upgraded to Baa1 (sf); previously on Aug 22, 2013 Ba1
(sf) Placed Under Review for Possible Upgrade

Cl. E-2, Upgraded to Ba1 (sf); previously on Aug 22, 2013 B1 (sf)
Placed Under Review for Possible Upgrade

Issuer: Leaf Receivables Funding 8, LLC, Series 2012-1

Class A-2, Affirmed Aaa (sf); previously on Sep 25, 2012
Definitive Rating Assigned Aaa (sf)

Class A-3, Affirmed Aaa (sf); previously on Sep 25, 2012
Definitive Rating Assigned Aaa (sf)

Class A-4, Affirmed Aaa (sf); previously on Sep 25, 2012
Definitive Rating Assigned Aaa (sf)

Class B, Confirmed at Aa2 (sf); previously on Aug 22, 2013 Aa2
(sf) Placed Under Review for Possible Upgrade

Class C, Confirmed at A2 (sf); previously on Aug 22, 2013 A2 (sf)
Placed Under Review for Possible Upgrade

Class D, Upgraded to A3 (sf); previously on Aug 22, 2013 Baa2 (sf)
Placed Under Review for Possible Upgrade

Class E-1, Upgraded to Baa2 (sf); previously on Aug 22, 2013 Ba1
(sf) Placed Under Review for Possible Upgrade

Class E-2, Upgraded to Ba1 (sf); previously on Aug 22, 2013 Ba2
(sf) Placed Under Review for Possible Upgrade

Ratings Rationale:

The actions were prompted by a reduction in lifetime net loss
expectations for the underlying collateral pool as a result of
stronger performance than initially expected. Moody's lowered the
lifetime cumulative net losses to 2.00% and 2.75% of initial pool
balance for the 2011-2 and 2012-1 transactions respectively. This
is lower than the original expectation of 4.25% and 4.00% for the
2011-2 and the 2012-1 transactions respectively. The action is
also based on the buildup of credit enhancement due to the
sequential pay structure and non-declining reserve account. Credit
enhancement available to the securities includes
overcollateralization, non-declining reserve accounts and excess
spread.

Below are key performance metrics (as of October 2013 distribution
date) and credit assumptions for each affected transaction. The
credit assumptions include Moody's expected lifetime CNL
expectation which is expressed as a percentage of the original
pool balance. Performance metrics include pool factor which is the
ratio of the current collateral balance and the original
collateral balance at closing; total hard credit enhancement
(expressed as a percentage of the outstanding collateral pool
balance) which typically consists of subordination,
overcollateralization, reserve fund as applicable.

Issuer - LEAF Receivables Funding 7, LLC, Series 2011-2

Lifetime CNL expectation --2.00%; Prior expected range (August
2013) - 1.50% - 2.00%

Lifetime Remaining CNL expectation -- 3.29%

Aaa level -- 20.00%

Pool factor -- Approximately 44.38%

Total Hard credit enhancement -- Cl. A - 59.06%, Cl. B - 48.13%,
Cl. C - 34.16%, Cl. D - 27.85%, Cl. E-1 - 19.29%, Cl. E-2 - 12.53%

Issuer - Leaf Receivables Funding 8, LLC, Series 2012-1

Lifetime CNL expectation -- 2.75%; Prior expected range (August
2013) - 2.00% - 2.50%

Lifetime Remaining CNL expectation -- 3.12%

Aaa level -- 22.00%

Pool factor -- Approximately 69.14%

Total Hard credit enhancement -- Class A - 36.32%, Class B -
30.82%, Class C - 21.93%, Class D - 18.31%, Class E-1 - 13.32%,
Class E-2 - 9.42%

Ratings on the subordinate notes may be downgraded if the lifetime
CNL expectations are if the lifetime CNLs are higher by 40%.

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 primary source of
assumption uncertainty is the current macroeconomic environment.
Overall, Moody's expects overall a sluggish recovery in most of
the world's largest economies, returning to trend growth rate with
elevated fiscal deficits and persistent unemployment levels.


LONGFELLOW PLACE: S&P Affirms 'BB' Rating on Class E Notes
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Longfellow Place CLO Ltd./Longfellow Place CLO LLC's
$463.0 million floating-rate notes following the transaction's
effective date as of April 26, 2013.

Most U.S. cash flow collateralized debt 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 S&P's published effective date report, it discusses its
analysis of the information provided by the transaction's trustee
and collateral manager in support of their request for effective
date rating affirmation.  In most instances, S&P intends to
publish an effective date report each time it issues an effective
date rating affirmation on a publicly rated U.S. cash flow CLO.

On an ongoing basis after S&P issues an effective date rating
affirmation, it will periodically review whether, in its view, the
current ratings on the notes remain consistent with the credit
quality of the assets, the credit enhancement available to support
the notes, and other factors, and take rating actions as it deems
necessary.

RATINGS AFFIRMED

Longfellow Place CLO Ltd./Longfellow Place CLO LLC

Class                   Rating                 Amount
                                              (mil. $)
A                       AAA (sf)               325.00
B                       AA (sf)                 52.00
C (deferrable)          A (sf)                  41.00
D (deferrable)          BBB (sf)                23.00
E (deferrable)          BB (sf)                 22.00


MACH ONE 2004-1: Fitch Hikes $17.68MM Class J Notes Rating to BB
----------------------------------------------------------------
Fitch Ratings has upgraded six classes, downgraded one class, and
affirmed four classes of MACH ONE 2004-1, LLC (MACH ONE). Upgrades
and affirmations are a result of increased credit enhancement to
the notes from principal paydowns. The downgrade is based on
principal losses incurred since the last rating action. A complete
list of rating actions follows at the end of this release.

Key Rating Drivers:

Since the last rating action in November 2012, approximately 1.02%
of the collateral has been downgraded and 1.05% has been upgraded.
Currently, 53.6% of the portfolio has a Fitch derived rating below
investment grade and 19.7% has a rating in the 'CCC' category and
below, compared to 49.7% and 16.3%, respectively, at the last
rating action. Over this period, the transaction has received
$90.7 million for a total of $470.2 million in principal paydowns
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. Fitch also analyzed the
structure's sensitivity to the assets that are distressed,
experiencing interest shortfalls, and those with near-term
maturities. Additionally, a deterministic analysis was performed
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.
Based on these analyses, classes D through G pass at or above the
assigned rating below. The below ratings reflect these results as
well as the risk of adverse selection as the portfolio continues
to amortize.

For the class J through N notes, Fitch analyzed each class'
sensitivity to the default of the distressed assets ('CCC' and
below). Given the high probability of default of the underlying
assets and the expected limited recovery prospects upon default,
the class H notes have been affirmed at 'CCCsf' while the class J
and K notes have been upgraded to 'CCCsf', indicating that default
is possible. Similarly, the class L notes have been upgraded to
'CCsf', indicating that default is probable, and the M and N notes
have been affirmed at 'Csf', indicating default is inevitable. The
class D notes have been downgraded to 'Dsf' due to principal
losses (approximately $14 thousand) incurred since the last rating
action.

The Stable Outlook on the class D through F notes and Positive
Outlook on class G reflect Fitch's view that the transaction will
continue to delever.

Rating Sensitivity:

In addition to the sensitivities discussed above, additional
negative migration and defaults beyond those projected by SF PCM
as well as increasing concentration of weaker credit quality
assets could lead to downgrades for the more junior classes. The
senior notes are expected to continue to amortize as 63% of the
collateral are senior positions in their respective underlying
transactions.

MACH ONE is a static Re-REMIC backed by CMBS B-pieces that closed
July 28, 2004. The transaction is collateralized by 20 assets from
18 obligors from the 1997 through 2001 vintages.

Fitch has taken the following actions:

-- $18,637,400 class D notes upgraded to 'Asf' from 'BBBsf';
    Outlook remains Stable;

-- $7,236,000 class E notes upgraded to 'Asf' from 'BBsf';
    Outlook remains Stable;

-- $17,689,000 class F notes upgraded to 'BBsf' from 'Bsf';
    Outlook remains Stable;

-- $15,277,000 class G notes affirmed at 'Bsf'; Outlook revised
    to Positive from Stable;

-- $14,473,000 class H notes affirmed at 'CCCsf';

-- $17,689,000 class J notes upgraded to 'CCCsf' from 'CCsf';

-- $8,844,000 class K notes upgraded to 'CCCsf' from 'Csf';

-- $8,040,000 class L notes upgraded to 'CCsf' from 'Csf';

-- $8,844,000 class M notes affirmed at 'Csf';

-- $6,432,000 class N notes affirmed at 'Csf';

-- $6,418,009 class O notes downgraded to 'Dsf' from 'Csf'.


MADISON PARK: S&P Raises Ratings on Class E Notes From 'BB+'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
C, D, and E notes from Madison Park Funding I Ltd., a U.S.
collateralized loan obligation transaction managed by CSFB
Alternative Capital Inc., and removed them from CreditWatch with
positive implications.  At the same time, S&P affirmed its 'AAA
(sf)' ratings on the class A-T, A-VF, and B notes.

The upgrades on the class C, D, and E notes mainly reflect
paydowns to the class A-T and A-VF notes and a subsequent increase
in the overcollateralization (O/C) available to support all of the
notes since S&P's September 2012 rating actions.  Since then, the
transaction has paid down the class A-T and A-VF notes pro rata by
approximately $192.5 million.  These paydowns have left the class
A-T and A-VF notes at 13.98% of their original balances, after
accounting for the Nov. 10, 2013, distribution date.  S&P expects
the transaction to continue paying down the class A-T and A-VF
notes because it has been outside of its reinvestment period since
May 2011.

S&P's analysis accounts for Madison Park Funding I Ltd.'s
relatively large amount of long-dated assets (underlying
securities that mature after the transaction's stated maturity).
Based on the November 2013 trustee report, the long-dated assets
constituted 17.42% 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.

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

   -- The class A/B O/C ratio was 211.05%, compared with 140.55%
      in August 2012;

   -- The class C O/C ratio was 164.31%, compared with 127.42% in
      August 2012;

   -- The class D O/C ratio was 143.17%, compared with 119.95% in
      August 2012; and

   -- The class E O/C ratio was 128.85%, compared with 114.16% in
      August 2012.

S&P affirmed its ratings on the class A-T, A-VF, and B notes to
reflect the available credit support, which corresponds to 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.

RATING AND CREDITWATCH ACTIONS

Madison Park Funding I Ltd.

                   Rating
Class        To           From
A-T          AAA (sf)     AAA (sf)
A-VF         AAA (sf)     AAA (sf)
B            AAA (sf)     AAA (sf)
C            AAA (sf)     AA- (sf)/Watch Pos
D            AA (sf)      BBB+ (sf)/Watch Pos
E            BBB+ (sf)    BB+ (sf)/Watch Pos

TRANSACTION INFORMATION
Issuer:             Madison Park Funding I Ltd.
Co-issuer:          Madison Park Funding I Inc.
Collateral manager: CSFB Alternative Capital Inc.
Underwriter:        RBS Greenwich Capital
Trustee:            Bank of New York Mellon (The)
Transaction type:   Cash flow CDO

CDO-Collateralized debt obligation.


MERRILL LYNCH 1998-C2: S&P Affirms 'CCC' Rating on Class G Certs
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC(sf)' rating
on the class G commercial mortgage pass-through certificates from
Merrill Lynch Mortgage Investors Inc.'s series 1998-C2, a U.S.
commercial mortgage-backed securities (CMBS) transaction.

The affirmation reflects 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, the liquidity available to
the trust, and the transaction-level changes.

While available credit enhancement level may suggest positive
rating movement on the class G certificates, S&P's analysis also
considered the class' interest shortfall history, the liquidity
support available to this class, and the magnitude of nonreporting
loans (three; $1.5 million, 20.2%).  In addition, S&P also
considered in its analysis that two ($1.4 million, 17.9%) of the
four loans secured by lodging properties in the pool
($2.4 million, 32.4%) are on the master servicer's watchlist due
to a low reported debt service coverage (DSC).

As of the Oct. 17, 2013, trustee remittance report, the collateral
pool had a $7.6 million aggregate pooled trust balance, down from
$1.09 billion at issuance.  The pool includes 12 loans, down from
401 loans at issuance.  There are currently no loans reported with
the special servicer, and four loans ($2.1 million, 28.3%) are on
the master servicer's, (Wells Fargo Bank N.A.'s), watchlist.  To
date, the transaction has experienced $51.4 million in principal
losses (4.7% of the transaction's original pooled certificate
balance).

Using servicer-provided financial information, S&P calculated an
adjusted Standard & Poor's DSC ratio of 1.44x and a loan-to-value
(LTV) ratio of 37.9% for seven of the 12 remaining loans in the
pool, excluding the two fully defeased loans ($2.7 million, 36.3%)
and three nonreporting loans ($1.5 million, 20.2%.  Details on the
four loans on Wells Fargo's watchlist are as follows:

The Holiday Inn Express - Brownsburg loan ($968,694, 12.8%) is
secured by a 75-key lodging property in Brownsburg, Ind.  The loan
is on the master servicer's watchlist due to a low reported DSC.
The most recent master servicer-reported DSC was 1.19x for the
year ended Dec. 31, 2011.  According to the master servicer's
reported comments, the low DSC is the result of reduced revenue
due to lower occupancy combined with increased franchise fees.

The Plaza Terrace Apartments loan ($461,885, 6.1%) is secured by a
158-unit multifamily property in Charlotte, N.C.  The loan is on
Wells Fargo's watchlist due to a low reported DSC.  The most
recent master servicer-reported DSC was 0.22x for the year ended
Dec. 31, 2012, and the reported occupancy was 80.4% as of Aug. 31,
2012.  According to the master servicer's reported comments, the
low DSC is the result of increased real estate taxes, payroll and
benefits, property insurance, professional fees, and advertising
and marketing expenses.

The Days Inn-Lawrenceville loan ($387,347, 5.1%) is secured by a
57-key lodging property in Lawrenceville, Ga.  The loan is on the
master servicer's watchlist due to a low reported DSC.  The most
recent master servicer-reported DSC was 0.62x for the year ended
Dec. 31, 2011.  According to the master servicer's reported
comments, the low DSC is the result of reduced revenue due to
lower occupancy combined with declining average daily rate.

The Oak Forest Apartments loan ($326,744, 4.3%) is secured by a
12-unit multifamily property in Wyoming, Mich.  The loan is on the
master servicer's watchlist due to a low reported DSC.  The most
recent master servicer-reported DSC was 1.00x for the year ended
Dec. 31, 2012, and the reported occupancy was 91.7% as of Dec. 31,
2012.  According to the master servicer's reported comments, the
low DSC is due to increased repair and maintenance, payroll and
benefits, general and administrative, advertising and marketing
expenses.


MERRILL LYNCH 2006-1: Fitch Affirms CCC Rating on $17.9MM Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the two remaining classes of Merrill
Lynch Floating Trust pass-through certificates, series 2006-1. The
affirmations of the distressed ratings are due to continued credit
risk associated with the outstanding loan.

As of the November 2013 remittance, the pool has paid down by 98%
since issuance. One loan remains in the pool, secured by six full-
service hotels in Mexico. The properties are located within five
distinct tourist markets, including Cancun, Cozumel, Ixtapa,
Acapulco, and San Jose del Cabo.

Key Rating Drivers:

The loan has been in special servicing since February 2010 after
the borrower amended certain operating leases without lender
approval. The servicer continues to negotiate with all parties to
the loan, and the involvement of both the U.S. and Mexican legal
systems complicates the workout. According to the servicer,
litigation surrounding the workout may face a long horizon as the
borrower and principals continue to use their influence in Mexico
to delay foreclosure proceedings. Nevertheless, fairly recent
value estimates for the portfolio indicate strong recovery.

Fitch affirms the following classes:

-- $17.9 million class L at 'CCCsf'; RE 100%;
-- $47.1 million class M at 'Dsf'; RE 90%.


ML-CFC COMMERCIAL 2007-7: Moody's Cuts Rating on 2 Certs to 'Ca'
----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of five classes
and affirmed eight classes of ML-CFC Commercial Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series 2007-7 as
follows:

Cl. A-1A, Affirmed Aa3 (sf); previously on Dec 20, 2012 Downgraded
to Aa3 (sf)

Cl. A-3FL, Affirmed Aaa (sf); previously on Jun 20, 2007
Definitive Rating Assigned Aaa (sf)

Cl. A-4FL, Affirmed Aa3 (sf); previously on Dec 20, 2012
Downgraded to Aa3 (sf)

Cl. A-4, Affirmed Aa3 (sf); previously on Dec 20, 2012 Downgraded
to Aa3 (sf)

Cl. AM, Downgraded to B2 (sf); previously on Dec 20, 2012
Downgraded to Ba3 (sf)

Cl. AM-FL, Downgraded to B2 (sf); previously on Dec 20, 2012
Downgraded to Ba3 (sf)

Cl. AJ-FL, Downgraded to Ca (sf); previously on Dec 20, 2012
Downgraded to Caa3 (sf)

Cl. AJ, Downgraded to Ca (sf); previously on Dec 20, 2012
Downgraded to Caa3 (sf)

Cl. A-SB, Affirmed Aaa (sf); previously on May 26, 2010 Confirmed
at Aaa (sf)

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

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

Cl. D, Affirmed C (sf); previously on Jan 20, 2012 Downgraded to C
(sf)

Cl. X, Downgraded to Caa1 (sf); previously on Dec 20, 2012
Downgraded to B2 (sf)

Ratings Rationale:

The downgrades of four below investment grade P&I classes are due
to an increase in realized losses and higher anticipated losses
from specially serviced and troubled loans. The downgrade of the
IO Class, Class X, is a result of this WAC IO class failing to
consistently receive pro rata interest distributions due to
interest shortfalls.

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 the below investment grade P&I classes are consistent
with Moody's expected loss and thus are affirmed.

Based on Moody's current base expected loss, the credit
enhancement levels for the affirmed classes are sufficient to
maintain their current ratings. 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 12.9% of
the current balance. At last review, Moody's base expected loss
was 12.4%. Base plus realized losses now total 18.9% compared to
18.5% at last review. Moody's provides a current list of base
losses for conduit and fusion CMBS transactions on moodys.com at
http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.
Depending on the timing of loan payoffs and the severity and
timing of losses from specially serviced loans, the credit
enhancement level for investment grade classes could decline below
the current levels. If future performance materially declines, the
expected level of credit enhancement and the priority in the cash
flow waterfall may be insufficient for the current ratings of
these classes.

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

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 108 compared to 110 at last review.

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

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through a review
utilizing MOST(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 December 20, 2012.
Please see the ratings tab on the issuer / entity page on
moodys.com for the last rating action and the ratings history.

Deal Performance:

As of the October 15, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 23% to $2.1 billion
from $2.8 billion at securitization. The Certificates are
collateralized by 279 mortgage loans ranging in size from less
than 1% to 5% of the pool, with the top ten loans representing 20%
of the pool. Four loans, representing approximately 3% of the
pool, have defeased and are secured by U.S. Government securities.

Seventy-five loans, representing 25% of the pool, are on the
master servicer's watchlist. The watchlist includes loans which
meet certain portfolio review guidelines established as part of
the CRE Finance Council (CREFC) monthly reporting package. As part
of Moody's ongoing monitoring of a transaction, Moody's reviews
the watchlist to assess which loans have material issues that
could impact performance.

Forty-five loans have been liquidated from the pool, resulting in
an aggregate realized loss of $250.8 million (72% loss severity on
average). Twenty-nine loans, representing 15% of the pool, are
currently in special servicing. Moody's estimates an aggregate
$150.6 million loss for specially serviced loans (46% expected
loss on average).

Moody's has assumed a high default probability for 51 poorly
performing loans representing 20% of the pool and has estimated an
aggregate $79.7 million loss (19% expected loss on average) from
these troubled loans.

Moody's was provided with full year 2012 and partial year 2013
operating results for 90% and 58%, respectively, of the pool's
non-specially serviced loans. Excluding specially serviced and
troubled loans, Moody's weighted average LTV is 107% compared to
113% at Moody's prior review. Moody's net cash flow reflects a
weighted average haircut of 10.5% to the most recently available
net operating income. Moody's value reflects a weighted average
capitalization rate of 9.5%.

Excluding special serviced and troubled loans, Moody's actual and
stressed DSCRs are 1.33X and 1.02X, respectively, compared to
1.30X and 0.97X 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 8.2% of the pool
balance. The largest loan is the Commons at Calabasas Loan ($101.5
million -- 4.6% of the pool), which is secured by a 171,000 square
foot (SF) grocery anchored retail center located in Calabasas,
California. As of June 2013 the property was 97% leased, the same
as at last review. Tenants include Ralphs Grocery Co. (31% of the
net rentable area (NRA); lease expiration November 2023) and
Edwards Theaters (20% of the NRA; lease expiration December 2023).
The loan is interest-only throughout the entire term and matures
in June 2017. Moody's LTV and stressed DSCR are 123% and 0.73X,
respectively, essentially the same as at last review.

The second largest loan is the Millbridge Apartments Loan ($40.0
million -- 1.9% of the pool), which is secured by an 848-unit
garden style apartment complex located in Clemonton, New Jersey.
The property was 90% leased as of summer 2013, the same as at last
review. Property performance has declined slightly for this
interest-only loan. Moody's LTV and stressed DSCR are 117% and
0.79X, respectively, compared to 106% and 0.86X at last review.

The third largest loan is the Orlando Airport Industrial Loan
($35.0 million -- 1.6% of the pool), which is secured by a 493,000
SF industrial building built in 2001. The property is 100% leased
to Daimler Chrysler through September 2016. While property
performance has been stable, due to the single tenant occupancy,
Moody's stressed the cash flow using a dark / lit analysis.
Consequently, Moody's LTV and stressed DSCR are 142% and 0.65X,
respectively, the same as at last review.


MORGAN STANLEY 1999-FNV1: Fitch Hikes Class K Notes Rating From C
-----------------------------------------------------------------
Fitch Ratings upgrades one class of Morgan Stanley Capital I Inc.,
commercial mortgage pass-through certificates, series 1999-FNV1.

Key Rating Drivers:

The upgrade reflects the high concentration of defeased collateral
as two (87% of the pool) of the remaining three loans are
defeased. The remaining non-defeased loan and one defeased loan
(54%) mature in 2018. The other defeased loan (46%) has an
anticipated repayment date in 2018 and final maturity in 2023. At
Fitch's previous review there were Fitch loans of concern
approaching their maturity dates and losses were possible. All
loans of concern have since paid in full.

As of the November 2013 distribution date, the pool's collateral
balance has paid down 99% to $5.1 million from $632.1 million at
issuance. The pool has incurred 4.4% in losses to date. In
addition, there are $3.9 million in outstanding unpaid interest
shortfalls to classes L through O, which Fitch believes are not
likely to be recoverable.

The remaining loan is collateralized by a 249 pad mobile home park
in Houston, TX. The remaining loan per pad amount is approximately
$2,700.

Rating Sensitivity:

Class K has a stable outlook reflecting Fitch's expectation of
future affirmations. The rating reflects the probability of full
principal payoff, as well as the class's previously incurred
interest shortfalls. See 'Criteria for Rating Caps and Limitations
in Global Structured Finance Transactions', dated June 12, 2013
for more details.

Fitch upgrades the following class:

-- $4.4 million class K to 'Asf' from 'Csf' RE 90%; Rating
    Outlook Stable.

Classes L remains at 'Dsf' RE 90%. Classes M, and, N remain at
'Dsf' RE 0% due to losses already incurred. Classes A-1 through J
have paid in full and class X was previously withdrawn.


MORGAN STANLEY 2004-TOP15: S&P Lowers Rating on Cl. L. Certs to D
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
L commercial mortgage pass-through certificate from Morgan Stanley
Capital I Trust 2004-TOP15, a U.S. commercial mortgage-backed
securities  transaction, to 'D (sf)' from 'CCC+ (sf)'.

S&P lowered its rating to 'D (sf)' on the class L certificate
following principal losses detailed in the Nov. 13, 2013, trustee
remittance report.  These losses resulted from the liquidation of
the $7.4 million Aiken Exchange asset, which was with the special
servicer, C-III Asset Management LLC.  According to the November
2013 trustee remittance report, the asset liquidated at a loss
severity of 49.2%, or $3.6 million in principal losses.
Consequently, class L experienced a 76.5% loss to its $2.2 million
original principal balance, while class M lost 100% of its
$1.9 million opening balance.  S&P previously lowered its rating
on class M to 'D (sf)'.


MORGAN STANLEY 2013-C13: Fitch Rates $10.18MM Cl. G Notes 'B-sf'
----------------------------------------------------------------
Fitch Ratings has issued a presale report on Morgan Stanley Bank
of America Merrill Lynch Trust, series 2013-C13 commercial
mortgage trust pass-through certificates.

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

-- $50,600,000 class A-1 'AAAsf'; Outlook Stable;
-- $97,200,000 class A-2 'AAAsf'; Outlook Stable;
-- $77,200,000 class A-SB 'AAAsf'; Outlook Stable;
-- $200,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $287,623,000 class A-4 'AAAsf'; Outlook Stable;
-- $790,249,000* class X-A 'AAAsf'; Outlook Stable;
-- $57,264,000*b class X-B 'AA-sf'; Outlook Stable;
-- $77,626,000a class A-S 'AAAsf'; Outlook Stable;
-- $57,264,000a class B 'AA-sf'; Outlook Stable;
-- $180,702,000a class PST 'A-sf'; Outlook Stable;
-- $45,812,000a class C 'A-sf'; Outlook Stable;
-- $49,629,000b class D 'BBB-sf'; Outlook Stable;
-- $13,998,000b class E 'BB+sf'; Outlook Stable;
-- $11,453,000b class F 'BB-sf'; Outlook Stable;
-- $10,180,000b class G 'B-sf'; Outlook Stable.

(*) Notional amount and interest only.
(a) Class A-S, class B and class C certificates may be exchanged
     for class PST Certificates, and class PST Certificates may be
     exchanged for class A-S, class B and class C certificates.
(b) Privately placed pursuant to Rule 144A.

The expected ratings are based on information provided by the
issuer as of November 16, 2013. Fitch does not expect to rate the
$39,449,646 class H or the interest-only class X-C.

The certificates represent the beneficial ownership in the trust,
primary assets of which are 64 loans secured by 78 commercial
properties having an aggregate principal balance of approximately
$1.018 billion as of the cutoff date. The loans were contributed
to the trust by Morgan Stanley Mortgage Capital Holdings LLC; Bank
of America, National Association; and CIBC Inc.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 71.9% of the properties
by balance, cash flow analysis of 80.4%, and asset summary reviews
on 80.4% of the pool.

Key Rating Drivers:

Fitch Leverage: The Fitch stressed DSCR and LTV of 1.17x and
105.1%, represent increased leverage as compared to recent Fitch-
rated conduit transactions in 2013. Fitch-rated deals that closed
in first-half 2013 had average Fitch DSCR and LTV of 1.36x and
99.8%, respectively. The MSBAM 2013-C12 transaction (rated by
Fitch) had a Fitch DSCR and LTV of 1.19x and 103.2%, respectively.

Retail Concentration: Retail properties represent the largest
concentration at 55.4% of the pool, including eight of the top 15
loans. This is higher than the 2012 average retail concentration
of 35.9%. However, three of the retail properties in the top 10
(Stonestown Galleria, The Mall at Chestnut Hill, and 428-430 N.
Rodeo Drive), totaling 27.4% of the pool, are high-quality
properties in strong locations.

Collateral Quality: Three of the largest 10 loans (18.3% of the
pool) received property quality grades of 'A-' or 'A'. In total,
six of the top 10 loans received property quality grades of 'B+'
or better.

Rating Sensitivities:

For this transaction, Fitch's net cash flow (NCF) was 13.4% below
the most recent reported net operating income (NOI) (for
properties that NOI was provided, excluding properties that were
stabilizing during this period). Unanticipated further declines in
property-level NCF could result in higher defaults and loss
severity on defaulted loans and could result in potential rating
actions on the certificates. Fitch evaluated the sensitivity of
the ratings assigned to MSBAM 2013-C13 certificates and found that
the transaction displays average sensitivity to further declines
in NCF. In a scenario in which NCF declined a further 20% from
Fitch's NCF, a downgrade of the junior 'AAAsf' certificates to 'A-
sf' could result. In a more severe scenario, in which NCF declined
a further 30% from Fitch's NCF, a downgrade of the junior 'AAAsf'
certificates to 'BBBsf' could result. The presale report includes
a detailed explanation of additional stresses and sensitivities.

The master servicer will be Wells Fargo Bank, National
Association, rated 'CMS1-' by Fitch. The special servicer will be
Rialto Capital Advisors, LLC, rated 'CSS2-' by Fitch.


MOUNTAIN HAWK II: S&P Affirms 'BB' Rating on Class E Notes
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Mountain Hawk II CLO Ltd./Mountain Hawk II CLO LLC's
$471.00 million floating-rate notes following the transaction's
effective date as of Aug. 22, 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
zo 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 us by the
collateral manager, and may also reflect S&P's 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 S&P's published effective date report, it discusses its
analysis of the information provided by the transaction's trustee
and collateral manager in support of their request for effective
date rating affirmation.  In most instances, S&P intends to
publish an effective date report each time we issue an effective
date rating affirmation on a publicly rated U.S. cash flow CLO.

On an ongoing basis after S&P issues an effective date rating
affirmation, it will periodically review whether, in its view, the
current ratings on the notes remain consistent with the credit
quality of the assets, the credit enhancement available to support
the notes, and other factors, and take rating actions as it deems
necessary.

RATINGS AFFIRMED

Mountain Hawk II CLO Ltd./Mountain Hawk II CLO LLC

Class                      Rating                      Amount
                                                     (mil. $)
A-1                        AAA (sf)                     261.5
A-2                        AAA (sf)                      53.0
B                          AA (sf)                       76.0
C (deferrable)             A (sf)                        34.0
D (deferrable              BBB (sf)                      25.5
E (deferrable)             BB (sf)                       21.0


NORTEL NETWORKS 2001-1: Moody's Raises Certificates Rating to 'Ca'
------------------------------------------------------------------
Moody's Investors Service upgraded the rating of Nortel Networks
Lease Pass-Through Trust, Pass-Through Trust Certificates, Series
2001-1 lease obligations as follows:

  Certificates, Upgraded to Ca; previously on Apr 15, 2010
  Downgraded to C

Ratings Rationale:

The rating of the certificate was upgraded to Ca from C to reflect
the current expected recovery of principal and interest and to
align this expectation with Moody's general guideline for
securities in default. The certificate has incurred a $41.9
million principal loss in addition to $13.7 million in cumulative
interest shortfalls, which resulted in a total 40% severity. The
expected recovery between 35% and 65% is associated with a Ca
rating.

No model was used in this review. Moody's ratings are determined
by a committee process.

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities (CMBS) transactions. Moody's
prior full review is summarized in a press release dated December
13, 2012.

Deal Performance:

This Credit Tenant Lease (CTL) transaction was originally
supported by a mortgage on two mixed-use buildings situated in
Research Triangle Park, North Carolina, which were 100% leased to
Nortel Networks Inc. (Nortel) under two leases. Nortel filed
Chapter 11 bankruptcy protection on January 14, 2009 and rejected
one of two leases on March 31, 2010. The property associated with
the rejected lease -- Network Center -- was liquidated on October
28, 2011. The sale of the property resulted in a principal paydown
of $27.3 million after fees plus a write-down of approximately
$41.9 million. The remaining property -- Gateway Center --
continues to support the trust, and is subleased to seven tenants.
Payments to the trust are current based on the reduced principal.

The final distribution date of the Certificates is August 9, 2016.
Based on Nortel's scheduled lease payments during the initial
lease term, there was a $75 million balloon payment due at the
maturity of the Certificates. To mitigate this balloon risk, the
transaction was structured with a surety bond issued by ZC
Specialty Insurance Company. Following a merger, the surety bond
is now an obligation of Centre Reinsurance (US) Limited,
(financial strength rating A1).


OCTAGON INVESTMENT: S&P Assigns Prelim. BB Rating on Class D Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Octagon Investment Partners XVIII Ltd./Octagon
Investment Partners XVIII LLC's $657.05 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 preliminary ratings are based on information as of Nov. 21,
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 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 0.2386%-12.4569%.

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

   -- The transaction's interest diversion test, a failure of
      which will lead to the reclassification of up to 50% of the
      excess interest proceeds that are available before paying
      uncapped administrative expenses and fees, subordinated
      hedge termination payments, collateral manager subordinated
      and incentive fees, and subordinated note payments, to
      principal proceeds during the reinvestment period to
      purchase additional collateral assets and, after the
      reinvestment period, up to 70% of the excess interest
      proceeds to pay down the notes according to the note payment
      sequence.

PRELIMINARY RATINGS ASSIGNED

Octagon Investment Partners XVIII Ltd./
Octagon Investment Partners XVIII LLC

Class                  Rating                  Amount
                                             (mil. $)
A-1                    AAA (sf)                422.30
A-2A                   AA (sf)                  51.75
A-2B                   AA (sf)                  50.00
B (deferrable)         A (sf)                   47.25
C (deferrable)         BBB (sf)                 38.00
D (deferrable)         BB (sf)                  32.65
E (deferrable)         B (sf)                   15.10
Subordinated notes     NR                       56.00

NR-Not rated.


PPLUS TRUST RRD-1: S&P Lowers Rating on Class A & B Certs to 'BB-'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on PPLUS
Trust Series RRD-1's $60 million class A and B trust certificates
to 'BB-' from 'BB'.

S&P's rating on the class A and B trust certificates is based on
its rating on the underlying security, R.R. Donnelley & Sons Co.'s
6.625% debentures due April 15, 2029 (rated 'BB-').

The rating action reflects the Nov. 6, 2013 lowering of the
underlying security to 'BB-' from 'BB'.  S&P may take subsequent
rating actions on the trust certificates due to changes in its
rating on the underlying security.


PUTMAN STRUCTURED 2003-1: Moody's Affirms Ratings on 7 Notes
------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of seven
classes of notes issued by Putnam Structured Product Funding
2003-1. The affirmations are due to the key transaction parameters
performing within levels commensurate with the existing ratings
levels. While there has been negative credit migration to the
transaction as evidenced by the weighted average rating factor
(WARF) and weighted average recovery rate (WARR), this is offset
by performance estimates of the subprime RMBS collateral assets
within the transaction. The rating action is the result of Moody's
on-going surveillance of commercial real estate collateralized
debt obligation (CRE CDO and Re-remic) transactions.

Moody's rating action is as follows:

A-1LT-a, Affirmed Ba2 (sf); previously on Nov 30, 2012 Upgraded to
Ba2 (sf)

A-1LT-b, Affirmed Ba2 (sf); previously on Nov 30, 2012 Upgraded to
Ba2 (sf)

A-1LT-c, Affirmed Ba2 (sf); previously on Nov 30, 2012 Upgraded to
Ba2 (sf)

A-2, Affirmed Caa3 (sf); previously on Dec 3, 2010 Downgraded to
Caa3 (sf)

B, Affirmed Ca (sf); previously on Mar 20, 2009 Downgraded to Ca
(sf)

C, Affirmed C (sf); previously on Mar 20, 2009 Downgraded to C
(sf)

Equity, Affirmed C (sf); previously on Mar 20, 2009 Downgraded to
C (sf)

Ratings Rationale:

Putnam Structured Product Funding 2003-1 Ltd. is a static hybrid
(the reinvestment period ended in October, 2010) cash transaction
backed by a portfolio of: i) asset backed securities (ABS)(47.5%
of the pool balance) which are primarily in the form of subprime
Residential Mortgage Backed Securities (RMBS); ii) commercial
mortgage backed securities (CMBS) (31.3%); iii) CRE CDO bonds
(16.2%); and iv) real estate investment trust (REIT) debt (5%).
The current distribution between synthetic assets and cash assets
is 2.4% and 97.6% respectively. The synthetic assets are in the
form of CMBS reference obligations. As of the October 7, 2013 Note
Valuation report, the aggregate note balance of the transaction,
including preferred shares, has decreased to $296.7 million from
$561.0 million at issuance, as a result of the paydown directed to
the senior most outstanding class of notes due to a combination of
principal repayment of collateral and the failing of certain par
value tests.

There are 62 assets with a par balance of $96.9 million (33.5% of
the current pool balance) that are considered defaulted as of the
October 7, 2013 Trustee report. Moody's does expect moderate
losses to occur on the defaulted assets once they are realized.


SALOMON BROTHERS 2002-KEY2: Moody's Cuts 3 CMBS' Ratings to 'C'
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of three classes
of Salomon Brothers Mortgage Securities VII, Inc., Commercial
Mortgage Pass-Through Certificates, Series 2002-KEY2 as follows:

Cl. Q, Downgraded to C (sf); previously on Feb 16, 2011 Downgraded
to Caa1 (sf)

Cl. S, Downgraded to C (sf); previously on Feb 16, 2011 Downgraded
to Caa3 (sf)

Cl. X-1, Downgraded to C (sf); previously on Nov 15, 2012
Downgraded to Caa3 (sf)

Ratings Rationale:

The downgrades of the P&I classes are due to higher than expected
losses from the one remaining special servicing loan. This loan,
discussed below, has been delinquent since May 2011 and is
currently real estate owned (REO). The downgrade of the IO Class,
Class X-1, is a result of the class no longer receiving interest
payments.

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.

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

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

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through a review
utilizing MOST(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 15, 2012.

Deal Performance:

As of the October 18, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $8.0 million
from $932.8 million at securitization. The Certificates are
collateralized by one mortgage loan. Five loans have been
liquidated from the pool, resulting in an aggregate realized loss
of $7 million (28% loss severity on average).

The sole remaining loan in this pool, The Commons at Sauk Trail
Shopping Center Loan ($8.0 million), is in special servicing. The
loan is secured by a 97,000 square foot (SF) retail property
located in Saline, Michigan. The loan transferred to special
servicing in August 2010 following a payment default. The largest
tenant (Country Market supermarket; 56% of property NRA) has
ceased operations at the center, leaving the property 27% leased.
The borrower had submitted to the special servicer several
discounted payoff offers, all of which were been rejected. The
property is slated for inclusion in this month's REO auction. Due
to outstanding advances and cumulative ASERs, Moody's expects a
significant loss from this loan.


SARANAC CLO I: Moody's Rates $18MM Class E Notes 'Ba3'
------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Saranac CLO
I Limited (the "Issuer"):

U.S.$160,500,000 Class A-1A Senior Secured Floating Rate Notes due
2024 (the "Class A-1A Notes"), Assigned (P)Aaa (sf)

U.S.$25,000,000 Class A-1F Senior Secured Fixed Rate Notes due
2024 (the "Class A-1F Notes"), Assigned (P)Aaa (sf)

U.S.$37,000,000 Class A-2 Senior Secured Floating Rate Notes due
2024 (the "Class A-2 Notes"), Assigned (P)Aaa (sf)

U.S.$27,500,000 Class B Senior Secured Floating Rate Notes due
2024 (the "Class B Notes"), Assigned (P)Aa2 (sf)

U.S.$27,000,000 Class C Secured Deferrable Floating Rate Notes due
2024 (the "Class C Notes"), Assigned (P)A2 (sf)

U.S.$20,000,000 Class D Secured Deferrable Floating Rate Notes due
2024 (the "Class D Notes"), Assigned (P)Baa3 (sf)

U.S.$18,000,000 Class E Secured Deferrable Floating Rate Notes due
2024 (the "Class E Notes"), Assigned (P)Ba3 (sf)

Moody's issues provisional ratings in advance of the final sale of
financial instruments, but these ratings only represent Moody's
preliminary credit opinions. Upon a conclusive review of a
transaction and associated documentation, Moody's will endeavor to
assign definitive ratings. A definitive rating (if any) may differ
from a provisional rating.

Ratings Rationale:

Moody's provisional ratings of the Class A-1A Notes, Class A-1F
Notes, Class A-2 Notes, Class B Notes, Class C Notes, Class D
Notes and Class E Notes (collectively, the "Notes") address the
expected losses posed to the noteholders. The provisional ratings
reflect the risks due to defaults on the underlying portfolio of
loans, the transaction's legal structure, and the characteristics
of the underlying assets.

Saranac CLO I Limited is a managed cash-flow CLO. The transaction
is collateralized primarily by broadly syndicated first-lien
senior secured corporate loans. At least 92.5% of the portfolio
must consist of senior secured loans and eligible investments, and
up to 7.5% of the portfolio may consist, in the aggregate, of
senior unsecured loans, bonds, second lien loans and first-lien
last-out obligations. At closing, the portfolio is expected to be
approximately 75% ramped and is expected to be 100% ramped within
four months thereafter.

Saranac Advisory Limited (the "Manager") will direct the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four-year
reinvestment period. Thereafter, unscheduled principal payments
and sale proceeds of credit risk assets and credit improved assets
can be used to purchase additional collateral obligations, subject
to certain conditions.

In addition to the Notes rated by Moody's, the Issuer will issue
two other tranches of notes, including income notes. The
transaction incorporates interest and par coverage tests which, if
triggered, divert interest and principal proceeds to pay down the
notes in order of seniority.


SCHOONER TRUST 2006-5: Moody's Affirms Ba1 Rating on Class F Notes
------------------------------------------------------------------
Moody's Investors Service upgraded the ratings of two classes and
affirmed 11 classes of Schooner Trust Commercial Mortgage Pass-
Through Certificates, Series 2006-5 as follows:

Cl. A-1, Affirmed Aaa (sf); previously on Feb 28, 2006 Definitive
Rating Assigned Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Feb 28, 2006 Definitive
Rating Assigned Aaa (sf)

Cl. B, Upgraded to Aa1 (sf); previously on Feb 28, 2006 Definitive
Rating Assigned Aa2 (sf)

Cl. C, Upgraded to A1 (sf); previously on Feb 28, 2006 Definitive
Rating Assigned A2 (sf)

Cl. D, Affirmed Baa2 (sf); previously on Feb 28, 2006 Definitive
Rating Assigned Baa2 (sf)

Cl. E, Affirmed Baa3 (sf); previously on Feb 28, 2006 Definitive
Rating Assigned Baa3 (sf)

Cl. F, Affirmed Ba1 (sf); previously on Feb 28, 2006 Definitive
Rating Assigned Ba1 (sf)

Cl. G, Affirmed Ba2 (sf); previously on Feb 28, 2006 Definitive
Rating Assigned Ba2 (sf)

Cl. H, Affirmed Ba3 (sf); previously on Feb 28, 2006 Definitive
Rating Assigned Ba3 (sf)

Cl. J, Affirmed B1 (sf); previously on Feb 28, 2006 Definitive
Rating Assigned B1 (sf)

Cl. K, Affirmed B2 (sf); previously on Feb 28, 2006 Definitive
Rating Assigned B2 (sf)

Cl. L, Affirmed B3 (sf); previously on Feb 28, 2006 Definitive
Rating Assigned B3 (sf)

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

Ratings Rationale:

The upgrades of the two classes are due to increased credit
support from paydowns and amortization and increased defeasance
since last review.

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

Moody's rating action reflects a base expected loss of 1.4% of the
current pooled balance compared to 2% at last review. Moody's base
expected loss plus realized losses is 1.0% of the original pooled
balance compared to 1.6% at last review.

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 33 compared to 38 at the prior review.

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through a review
utilizing MOST(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 20, 2012.

Deal Performance:

As of the October 15, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 28% to $348.7
million from $486.6 million at securitization. The Certificates
are collateralized by 74 mortgage loans ranging in size from less
than 1% to 7% of the pool, with the top ten loans representing 40%
of the pool. There are two loans with investment-grade credit
assessments, representing approximately 10% of the pool. There are
eight defeased loans, representing 11% of the pool, that are
secured by Canadian Government securities.

Three loans are on the master servicer's watchlist, representing
approximately 6% of the pool. The watchlist includes loans which
meet certain portfolio review guidelines established as part of
the CRE Finance Council (CREFC) monthly reporting package. As part
of Moody's ongoing monitoring of a transaction, Moody's reviews
the watchlist to assess which loans have material issues that
could impact performance. The pool has not experienced any losses
to date and there are no loans currently in special servicing.

Moody's was provided with full year 2012 operating results for 90%
of the pool balance. Moody's weighted average conduit LTV is 74%.
Moody's net cash flow reflects a weighted average haircut of 11%
to the most recently available net operating income. Moody's value
reflects a weighted average capitalization rate of 9.2%.

Moody's actual and stressed conduit DSCRs are 1.52X and 1.44X,
respectively. Moody's actual DSCR is based on Moody's net cash
flow (NCF) and the loan's actual debt service. Moody's stressed
DSCR is based on Moody's NCF and a 9.25% stressed rate applied to
the loan balance.

The largest loan with a credit assessment is the Briton House Loan
($25.2 million -- 7.2% of the pool), which is secured by a 220-
unit retirement home located in Toronto, Ontario. As of April
2012, the property was 95% leased compared to 100% at last review.
Performance has been stable and the loan is benefitting from
amortization. Moody's current credit assessment and stressed DSCR
are Baa2 and 1.52X, the same as at last review.

The second loan with a credit assessment is the Greenwood Beach
Retail Centre loan ($10.8 million -- 3.1% of the pool), which is
secured by three retail properties totaling 105,148 square feet
and located in Toronto, Ontario. Major tenants include Ontario
Jockey Club, Alliance Atlantis (movie theater), and Beach Fitness
Centre. As of April 2013, the complex was 94% leased compared to
93% at last review. The loan is amortizing on a 20-year schedule
and is 100% recourse to the borrower. The sponsor is EMM Financial
Corp. Moody's current credit assessment and stressed DSCR are A3
and 1.68X, essentially the same as at last review.

The top three performing conduit loans represent 14% of the pool
balance. The largest loan is the Lindsay Square loan ($17.3
million -- 5.0% of the pool), which is secured by 193,933 square
foot anchored retail mall located in Lindsay, Ontario. As of March
2013, the property was 97% leased, the same as at last review. The
loan is benefiting from amortization and is partial recourse to
the borrower. The sponsor is the Montez Retail Fund. Moody's LTV
and stressed DSCR are 88% and 1.11X, respectively, compared to 89%
and 1.1X at last review.

The second largest loan is the 380 & 400 Waterloo Avenue loan
($16.2 million -- 4.7% of the pool), which is secured by 262-unit
multifamily property located in Guelph, Ontario. As of January
2013, the property was 100% leased, the same as at last review.
However, the loan is on the watch list for deferred maintenance
issues. Per the master servicer, the borrower is in the process of
remedying the issues. The loan is benefiting from amortization and
is 100% recourse. The sponsor is Homestead Land Holdings. Moody's
LTV and stressed DSCR are 78% and 1.08X, respectively, compared to
85% and 0.99X, respectively at last review.

The third largest loan is the Springdale Square loan ($15.2
million -- 4.4% of the pool), which is secured by a 105,938 square
foot anchored retail property located in Brampton, Ontario. As of
March 2013, the property was 97% leased compared to 92% at last
review. The loan is benefiting from amortization and is 100%
recourse. The sponsor is Heritage Court Holdings. Moody's LTV and
stressed DSCR are 84% and 1.13X, respectively, compared to 94% and
1.01X at last review.


SDART 2013-5: Fitch Rates $87.38MM Class E Notes 'BBsf'
-------------------------------------------------------
Fitch Ratings has assigned the following ratings to the Santander
Drive Auto Receivables Trust 2013-5 (SDART 2013-5) notes:

-- $223,000,000 class A-1 notes 'F1+sf';
-- $252,000,000 class A-2A notes 'AAAsf'; Outlook Stable;
-- $252,000,000 class A-2B notes 'AAAsf'; Outlook Stable;
-- $226,580,000 class A-3 notes 'AAAsf'; Outlook Stable;
-- $201,920,000 class B notes 'AAsf'; Outlook Stable;
-- $204,470,000 class C notes 'Asf'; Outlook Stable;
-- $100,960,000 class D notes 'BBBsf'; Outlook Stable;
-- $87,380,000 class E notes 'BBsf'; Outlook Stable.

Key Rating Drivers:

Marginally Weaker Credit Quality: The credit quality of 2013-5 is
representative of subprime borrowers. While the weighted average
(WA) Fair Isaac Corp. (FICO) score (590) and internal loss
forecasting score (LFS; 563) are relatively consistent with the
prior three transactions, the 2013-5 pool has a higher
concentration in the weaker LFS score buckets.

Higher Credit Enhancement (CE): The cash flow distribution is a
sequential-pay structure. Initial hard CE totals 45.80% for the
class A up from 43% in 2013-4 (not rated by Fitch) and 2013-3, and
is higher for the class B, C and D notes, but unchanged for the
class E notes. The higher CE in 2013-5 compensates for the
marginally weaker pool, lower excess spread, and the incorporation
of the unhedged floating-rate class A-2B notes.

Stable Portfolio/Securitization Performance: Delinquencies and
losses on SCUSA's portfolio and 2010-2012 securitizations declined
from prior years, supported by the improving U.S. economy and
healthy used vehicle values elevating recovery rates.

Stable Corporate Health: SCUSA recorded solid financial results
recently and has been profitable since 2007. Fitch rates
Santander, majority owner of SCUSA, 'BBB+/F2' with a Negative
Outlook.

Consistent Origination/Underwriting/Servicing: SCUSA demonstrates
adequate abilities as originator, underwriter and servicer, as
evidenced by historical portfolio and securitizations' delinquency
and loss performance.

Legal Structure Integrity: The legal structure of the transaction
should provide that a bankruptcy of SCUSA would not impair the
timeliness of payments on the securities.

Rating Sensitivities:

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than the base case and could result in potential rating actions on
the notes. Fitch evaluated the sensitivity of the ratings assigned
to SDART 2013-5 to increased credit losses over the life of the
transaction. Fitch's analysis found that the transaction displays
some sensitivity to increased defaults and credit losses, showing
a potential downgrade of one or two categories under Fitch's
moderate (1.5x base case loss) scenario, especially for the
subordinate bonds. The notes could experience downgrades of up to
three or more rating categories, under Fitch's severe (2.5x base
case loss) scenario. For both scenarios, the senior tranche notes
do not display negative rating sensitivities.


SEAWALL 2006-4: Moody's Affirms 'C' Rating on Class A Notes
-----------------------------------------------------------
Moody's has affirmed the rating of one class of notes issued by
Seawall 2006-4, Ltd. The affirmation is due to key transaction
parameters performing within levels commensurate with the existing
ratings levels. The rating action is the result of Moody's on-
going surveillance of commercial real estate collateralized debt
obligation (CRE CDO Synthetic) transactions.

Moody's rating action is as follows:

Cl. A, Affirmed C (sf); previously on Feb 7, 2013 Affirmed C (sf)

Ratings Rationale:

Seawall 2006-4, Ltd. is a static synthetic transaction backed by a
portfolio of credit default swaps on commercial mortgage backed
securities (CMBS) (100% of the reference obligation balance). As
of the October 18, 2013 Trustee report, the notional balance of
the transaction has decreased to $229.3 million from $300.0
million at issuance.


SESTANTE FINANCE 3: Fitch Lowers Rating on Class B Notes to 'Bsf'
-----------------------------------------------------------------
Fitch Ratings has downgraded five tranches and affirmed 12
tranches of the Sestante Finance transactions, as follows:

Sestante Finance S.r.l. (Sestante 1):

- Class A1 (ISIN IT0003604789): affirmed at 'AA+sf'; Outlook
   Negative
- Class A2 (ISIN IT0003604813): affirmed at 'AA+sf'; Outlook
   Negative
- Class B (ISIN IT0003604839): affirmed at 'A+sf'; Outlook
   Negative
- Class C (ISIN IT0003604854): affirmed at 'BBB+sf'; Outlook
   Negative

Sestante Finance 2 S.r.l. - 2 (Sestante 2):

- Class A (ISIN IT0003760136): affirmed at 'AA+sf'; Outlook
   Negative
- Class B (ISIN IT0003760193): affirmed at 'BBB-sf'; Outlook
   Negative
- Class C1 (ISIN IT0003760227): affirmed at 'CCCsf'; Recovery
   Estimate (RE) of 0%
- Class C2 (ISIN IT0003760243): affirmed at 'CCsf'; RE of 0%

Sestante Finance S.r.l. - 3 (Sestante 3):

- Class A (ISIN IT0003937452): downgraded to 'Asf' from 'AAsf';
   Outlook Negative
- Class B (ISIN IT0003937486): downgraded to 'Bsf'; from 'BBsf';
   Outlook Negative
- Class C1 (ISIN IT0003937510): affirmed at 'CCsf'; RE of 0%
- Class C2 (ISIN IT0003937569): affirmed at 'CCsf'; RE of 0%

Sestante Finance S.r.l. - 4 (Sestante 4):

- Class A1 (ISIN IT0004158124): downgraded to 'BBsf' from
   'BBBsf'; Outlook Negative
- Class A2 (ISIN IT0004158157): downgraded to 'BBsf' from
   'BBBsf'; Outlook Negative
- Class B (ISIN IT0004158165): downgraded to 'CCsf' from 'CCCsf';
   RE of 0%
- Class C1 (ISIN IT0004158249): affirmed at 'CCsf'; RE of 0%
- Class C2 (ISIN IT0004158264): affirmed at 'CCsf'; RE of 0%

Key Rating Drivers:

Poor Asset Performance
The underlying assets have performed poorly across the
transactions. Sestante 2, 3 and 4 are characterised by large
pipelines of late stage arrears (arrears in excess of three months
are between 5.4% and 8% of the current pool balances) and
increasing gross cumulative defaults, defined as loan in arrears
by more than 12 months, (ranging between 7.75% and 13.2% of the
original pool balances), which do not yet show any signs of
stabilisation.

In addition, the income from recoveries remains limited with few
sales of foreclosed properties completed over the past quarter. As
a result, Fitch has applied more conservative assumptions on the
amount of recoveries and revised down the REs.

The combination of high defaults, reserve funds depleted since
2009 and low recovery flows has contributed to increase the
pipeline of unprovisioned defaults during the past year. In
Sestante 2 they have increased to EUR4.6m from EUR3.6m (+25.5%),
to EUR15.1m from EUR10.9m (+39%) in Sestante 3 and to EUR35.6m
from EUR27.9m (+28%) in Sestante 4.

As a consequence, the downgrades reflect that the current credit
enhancement available to the class A and B notes of Sestante 3 and
4 can no longer withstand the current rating stresses.

The affirmation of Sestante 2 reflects the sufficient credit
enhancement available to the rated notes despite the weak
performance. However, the Negative Outlook on the 'AA+sf' rated
tranches is due to the current performance, in addition to the
Outlook on the Italian sovereign.

Sestante 1 has also been affected by high defaults (6.5% of the
original pool balance) and significant late stage arrears (equal
to 4.6% of the current pool balance). Nonetheless, the affirmation
reflects the high credit enhancement available to the rated notes,
which is sufficient for the current ratings.

The current pool characteristics, based on a high proportion of
self-employed and non-Italian borrowers as well as loans with
increasing installments, combined with the current macroeconomic
scenario, appear to be the major drivers of the poor asset
performance.

Payment Interruption Mitigated

Sestante 2, 3 and 4 benefit from a fully collateralised
contingency liquidity facility (1.43% of the current note
balance), which is held at the account bank, Bank of New York
Mellon (AA-/Stable/F1+), to cover any potential payment
interruption. Sestante 1 is the only transaction with a reserve
fund still in place, amounting to EUR9.5m (48% of its target
balance).

In its analysis, Fitch considered these amounts were sufficient to
mitigate any potential liquidity shortfalls in case of servicing
disruption, even in a rising interest rate scenario.

Excess Spread Insufficient For Provisioning Despite Swap Agreement
The swaps in place generate annual gross excess spread levels
between 1.6% and 2.4%, which are available, albeit insufficient,
to cover defaults. However, excess spread in Sestante 1 is
providing sufficient funds to repay both the interest and the
scheduled principal on the interest-only class A2 notes.

Rating Sensitivities:

Continued deterioration of Italian macroeconomic fundamentals
could lead to negative rating actions on the sovereign, which
could result in a revision of the highest achievable rating for
the 'AA+sf'rated tranches.

Fitch is concerned that if the current macroeconomic stresses
continue and interest rates rise, borrowers' affordability might
be put under pressure, given the more adverse nature of the
underlying loans in these portfolios and the relatively weaker
borrowers of these portfolios compared with other Italian mortgage
lenders. The underlying assets include a significant portion of
loans granted to self-employed and non-Italian borrowers as well
as loans with increasing installments characteristics.


SEQUOIA MORTGAGE 2013-12: Fitch Rates $3.4MM Certs at 'BBsf'
------------------------------------------------------------
Fitch Ratings assigns the following ratings to Sequoia Mortgage
Trust 2013-12, mortgage pass-through certificates, series 2013-12
(SEMT 2013-12):

-- $297,848,000 class A-1 exchangeable certificate 'AAAsf';
    Outlook Stable;

-- $238,278,000 class A-2 certificate 'AAAsf'; Outlook Stable;

-- $59,570,000 class A-3 certificate 'AAAsf'; Outlook Stable;

-- $297,848,000 class A-4 exchangeable certificate 'AAAsf';
    Outlook Stable;

-- $297,848,000 class A-5 exchangeable certificate 'AAAsf';
    Outlook Stable;

-- $297,848,000 class A-6 exchangeable certificate 'AAAsf';
    Outlook Stable;

-- $148,924,000 class A-7 exchangeable certificate 'AAAsf';
    Outlook Stable;

-- $148,924,000 class A-8 exchangeable certificate 'AAAsf';
    Outlook Stable;

-- $148,924,000 class A-9 exchangeable certificate 'AAAsf';
    Outlook Stable;

-- $148,924,000 class A-10 exchangeable certificate 'AAAsf';
    Outlook Stable;

-- $238,278,000 class A-11 exchangeable certificate 'AAAsf';
    Outlook Stable;

-- $238,278,000 class A-12 exchangeable certificate 'AAAsf';
    Outlook Stable;

-- $238,278,000 class A-13 exchangeable certificate 'AAAsf';
    Outlook Stable;

-- $238,278,000 class A-14 exchangeable certificate 'AAAsf';
    Outlook Stable;

-- $297,848,000 class A-IO notional certificate 'AAAsf'; Outlook
    Stable;

-- $297,848,000 class A-IO1 notional certificate 'AAAsf'; Outlook
    Stable;

-- $297,848,000 class A-IO2 notional certificate 'AAAsf'; Outlook
    Stable;

-- $297,848,000 class A-IO3 notional certificate 'AAAsf'; Outlook
    Stable;

-- $238,278,000 class A-IO4 notional certificate 'AAAsf'; Outlook
    Stable;

-- $238,278,000 class A-IO5 notional certificate 'AAAsf'; Outlook
    Stable;

-- $238,278,000 class A-IO6 notional certificate 'AAAsf'; Outlook
    Stable;

-- $238,278,000 class A-IO7 notional certificate 'AAAsf'; Outlook
    Stable;

-- $9,587,000 class B-1 certificate 'AAsf'; Outlook Stable;

-- $6,337,000 class B-2 certificate 'Asf'; Outlook Stable;

-- $4,387,000 class B-3 certificate 'BBBsf'; Outlook Stable;

-- $3,412,000 non-offered class B-4 certificate 'BBsf'; Outlook
    Stable.

The 'AAAsf' rating on the senior certificates reflects the 8.35%
subordination provided by the 2.95% class B-1, 1.95% class B-2,
1.35% class B-3, 1.05% non-offered class B-4 and 1.05% non-offered
class B-5. The $3,413,226 non-offered class B-5 certificates will
not be rated by Fitch.

Fitch's ratings reflect the high quality of the underlying
collateral, the clear capital structure and the high percentage of
loans reviewed by third party underwriters. In addition,
CitiMortgage, Inc. will act as the master servicer, and Wilmington
Trust will act as the Trustee for the transaction. For federal
income tax purposes, elections will be made to treat the trust as
one or more real estate mortgage investment conduits (REMICs).

SEMT 2013-12 will be Redwood Residential Acquisition Corporation's
12th transaction of prime residential mortgages in 2013. The
certificates are supported by a pool of prime fixed rate mortgage
loans. All but 1.8% of the loans are fully amortizing. The
aggregate pool included loans originated from First Republic Bank
(18.5%) and PrimeLending (9.2%). The remainder of the mortgage
loans was originated by various mortgage lending institutions,
each of which contributed less than 5% to the transaction.

As of the cut-off date, the aggregate pool consisted of 410 loans
with a total balance of $324,984,227; an average balance of
$792,644; a weighted average original combined loan-to-value ratio
(CLTV) of 70.5%, and a weighted average coupon (WAC) of 4.7%.
Rate/term and cash out refinances account for 26.7% and 8.7% of
the loans, respectively. The weighted average original FICO credit
score of the pool is 766. Owner-occupied properties comprise 91.8%
of the loans. The states that represent the largest geographic
concentration are California (40%), Texas (7.8%) and New York
(7.1%).

Key Rating Drivers:

Sound Quality With Slight Drift: Sequoia transactions continue to
comprise high-quality collateral, but have been moving away from
the high-end of the credit spectrum. Recent deals exhibit slightly
higher LTV ratios with increasing concentrations in the higher LTV
bands partially due to rising percentages of purchase loans. This
transaction also has a slightly lower weighted average credit
score of 766, roughly six points below the post-crisis Sequoia
average. Despite the drift, the pool has strong credit attributes
with Fitch's loss expectations taking into account the lower
credit score and higher LTV.

Increasing Number of Originators: The number of lenders in Sequoia
transactions has consistently increased since 2011 from two to 78
for SEMT 2013-12. As with SEMT 2013-12 and other recent Sequoia
transactions, the majority of the loans were originated by lenders
with limited non-agency performance history. This risk is
mitigated by the 100% third-party diligence conducted on these
loans with immaterial findings as well as an upward adjustment
made to Fitch's loss expectations to account for potential
operational risk.

Geographically Diverse Pool: As with most Sequoia transactions,
the collateral pool is geographically diverse partly due to the
large number of lenders. Nearly 40% of the pool is concentrated in
California, one of the lowest percentages of post-crisis SEMT
transactions. The agency did not apply a default penalty to the
pool due to the low geographic concentration risk.

Transaction Provisions Enhance Deal Framework: The representation,
warranty and enforcement mechanism framework is viewed positively,
as it is consistent with Fitch criteria. As in other recent Fitch-
rated SEMT transactions, all loans that become 120 days or more
delinquent will be automatically reviewed for breaches of
representations and warranties.

Rating Sensitivities:

After Fitch determines credit ratings through a rating stress
scenario analysis, additional sensitivity analyses are considered.
The analyses provide a defined stress sensitivity to demonstrate
how the ratings would react to steeper market value declines
(MVDs) than that assumed at issuance as well as a defined
sensitivity that demonstrates the stress assumptions required to
reduce a rating by one full category, to non-investment grade, and
to 'CCCsf'.

Fitch's defined stress sensitivity determined how the ratings
would react to steeper MVDs at the national level. The analysis
assumes MVDs of 10%, 20%, and 30%, in addition to the model-
projected 16.8% for this pool. The analysis indicates there is
some potential rating migration with higher MVDs, compared with
the model projection.

The defined rating sensitivities determine the stresses to the MVD
that would reduce a rating by one full category, to non-investment
grade, and to 'CCCsf'. For this transaction, Fitch determined that
the MVD would need to be approximately 15% greater than Fitch's
current estimate to result in a full rating category downgrade of
the rated classes in the future. Further details of Fitch's rating
stress scenarios and rating sensitivity analysis are provided in
the new issue report.

Model Usage:

Fitch analyzed the credit characteristics of the underlying
collateral to determine base case and rating stress loss
expectations using its prime residential mortgage loss model,
which is fully described in its August 2013 criteria report, 'U.S.
RMBS Loan Loss Model Criteria.' In addition, Fitch considered the
results relative to the previous version of the mortgage loss
model, as described in its August 2012 criteria report, 'U.S. RMBS
Loan Loss Model Criteria - Effective August 10, 2012 to Aug. 7,
2013.'

Also, Fitch simulated transaction cash flow scenarios using
various cash flow modeling assumptions, as described in its April
2013 criteria report, 'U.S. RMBS Cash Flow Analysis Criteria.'


STUDENT LOAN 2007-1: S&P Affirms 'B-' Rating on 2 Cert. Classes
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' ratings on
Student Loan ABS Repackaging Trust Series 2007-1's class 6-A-1 and
6-A-IO certificates and removed them from CreditWatch, where they
were placed with negative implications on Aug. 9, 2013.

The ratings on the class 6-A-1 and 6-A-IO certificates are
dependent on the lower of the ratings on the underlying security,
transferable custody receipts relating to NCF Grantor Trust 2005-
3's series 2005-GT3 due 2033 class A-5-1 ('B- (sf)'), and the
rating on the interest rate swap counterparty, Deutsche Bank AG,
New York Branch ('A/A-1').

The rating actions follow the Nov. 1, 2013, affirmation of its
'B- (sf)' rating on the underlying securities and their subsequent
removal from CreditWatch with negative implications.  S&P may take
subsequent rating actions on the certificates due to changes in
its rating on the underlying security or swap counterparty.


SUMMIT LAKE: S&P Affirms 'B+' Rating on Class B-2L Notes
--------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on the class
A-3L notes from Summit Lake CLO Ltd., a U.S. collateralized loan
obligation (CLO) transaction managed by Babson Capital Management
LLC.  At the same time, S&P affirmed its ratings on the class A-
1LB, A-1LR, A-2L, B-1L, and B-2L notes.  Additionally, S&P removed
its ratings on the class A-3L, B-1L, and B-2L notes from
CreditWatch with positive implications, where S&P placed them on
Sept. 5, 2013.

The upgrade mainly reflects paydowns to the class A-1LA, A-1LB,
and A-1LR notes and a subsequent improvement in the credit support
available to the notes since January 2013, when S&P last upgraded
some of the notes.  Since that time, the transaction has paid down
the class A-1LA, A-1LB, and A-1LR notes by $79.1 million,
$0.8 million, and $20.0 million respectively.  These paydowns have
left the class A-1LA, A-1LB, and A-1LR notes at 0.0%, 97.7%, and
19.3% of their original balances, respectively.

The upgrade also reflects an improvement in the
overcollateralization (O/C) available to support the notes,
primarily as a result of the aforementioned paydowns.  The trustee
reported the following O/C ratios in the October 2013 monthly
report:

   -- The class A-2L O/C ratio was 196.75%, compared with a
      reported ratio of 137.16% in December 2012;

   -- The class A-3L O/C ratio was 151.28%, compared with a
      reported ratio of 123.27% in December 2012;

   -- The class B-1L O/C ratio was 126.17%, compared with a
      reported ratio of 113.39% in December 2012; and

   -- The class B-2L O/C ratio was 109.78%, compared with a
      reported ratio of 105.75% in December 2012.

S&P affirmed its ratings on the class A-1LB, A-1LR, A-2L, B-1L,
and B-2L notes to reflect the availability of credit support at
the current rating levels.  Furthermore, S&P's ratings on the
class B-1L and B-2L notes were driven by its application of the
largest obligor default test, a supplemental stress test S&P
introduced as part of its 2009 corporate criteria update.

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

RATING AND CREDITWATCH ACTIONS

Summit Lake CLO Ltd.

              Rating       Rating
Class         To           From
A-3L          AAA (sf)     AA+ (sf)/Watch Pos
B-1L          BBB+ (sf)    BBB+ (sf)/Watch Pos
B-2L          B+ (sf)      B+ (sf)/Watch Pos

RATINGS AFFIRMED

Summit Lake CLO Ltd.

Class         Rating
A-1LB         AAA (sf)
A-1LR         AAA (sf)
A-2L          AAA (sf)


THL CREDIT 2013-2: S&P Assigns 'BB' Rating on Class E Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to THL
Credit Wind River 2013-2 CLO Ltd./THL Credit Wind River 2013-2 CLO
LLC's $405.13 million fixed- and floating-rate notes.

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

The ratings reflect S&P's view of:

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

   -- The transaction's credit enhancement, which is sufficient to
      withstand the defaults applicable for the supplemental tests
      (not counting excess spread), and cash flow structure, which
      can withstand the default rate projected by Standard &
      Poor's 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 investment manager's experienced management team.

   -- S&P's projections for 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 0.2383%-12.8430%.

   -- 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 diversion test, a failure of
      which during the reinvestment period will lead to the
      reclassification of up to 50% of available excess interest
      proceeds (before paying certain uncapped administrative
      expenses, subordinate and incentive management fees, hedge
      amounts, deposits to the supplemental reserve account, and
      subordinated note payments) into principal proceeds to
      purchase additional collateral assets.

RATINGS ASSIGNED

THL Credit Wind River 2013-2 CLO Ltd./
THL Credit Wind River 2013-2 CLO LLC

Class                 Rating                   Amount
                                             (mil. $)
A-1                   AAA (sf)                 93.735
A-2a                  AAA (sf)                147.500
A-2b                  AAA (sf)                  7.765
A-3                   AAA (sf)                 20.000
B-1                   AA (sf)                  25.850
B-2                   AA (sf)                  33.570
C (deferrable)        A (sf)                   30.250
D (deferrable)        BBB (sf)                 21.340
E (deferrable)        BB (sf)                  18.640
F (deferrable)        B (sf)                    6.480
M (deferrable)        NR                        3.00
Subordinated notes    NR                       41.970

NR-Not rated.


TRITON AVIATION: S&P Lowers Rating on Class A-1 Notes to 'CCC'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Triton
Aviation Finance's class A-1 notes to 'CCC (sf)' from 'B- (sf)'
and removed it from CreditWatch, where S&P had placed it with
negative implications on Aug. 20, 2013.  The notes are
collateralized primarily by the lease revenue and sales proceeds
from a portfolio of commercial aircraft.

The downgrade reflects S&P's view of:

   -- The remaining 21 aircrafts' deteriorating value and quality
      (as of Nov. 15, 2013), and diminishing lease-rental-
      generating ability;

   -- The available credit enhancement, which is insufficient to
      withstand S&P's 'B-' rating level stress test; and

   -- The relatively low credit profile of the lessees;

As of Nov. 15, 2013, the aircraft portfolio consisted of 21
operating aircraft.  The fleet, with a significant concentration
of aircraft manufactured in the 1980s and early 1990s, has a
weighted average age of approximately 23 years.  The older
aircraft has become less favorable and, thus, less able to
generate future lease revenue.  As of Nov. 15, 2013, there were
seven operating aircraft off lease.

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


VENTURE XV CLO: Moody's Rates $34.2MM Class E Notes at 'Ba3'
------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Venture XV
CLO, Limited (the "Issuer" or "Venture XV"):

U.S.$374,000,000 Class A Senior Secured Floating Rate Notes due
2025 (the "Class A Notes"), Assigned (P)Aaa (sf)

U.S.$47,500,000 Class B-1 Senior Secured Floating Rate Notes due
2025 (the "Class B-1 Notes"), Assigned (P)Aa2 (sf)

U.S.$10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2025
(the "Class B-2 Notes"), Assigned (P)Aa2 (sf)

U.S.$52,500,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2025 (the "Class C Notes"), Assigned (P)A2 (sf)

U.S.$35,300,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2025 (the "Class D Notes"), Assigned (P)Baa3 (sf)

U.S.$34,200,000 Class E Junior Secured Deferrable Floating Rate
Notes due 2025 (the "Class E Notes"), Assigned (P)Ba3 (sf)

The Class A Notes, Class B-1 Notes, Class B-2 Notes, Class C
Notes, Class D Notes and Class E Notes are referred to herein,
collectively, as the "Rated Notes."

Moody's issues provisional ratings in advance of the final sale of
financial instruments, but these ratings only represent Moody's
preliminary credit opinions. Upon a conclusive review of a
transaction and associated documentation, Moody's will endeavor to
assign definitive ratings. A definitive rating (if any) may differ
from a provisional rating.

Ratings Rationale:

Moody's provisional ratings of the Rated Notes address the
expected losses posed to noteholders. The provisional ratings
reflect the risks due to defaults on the underlying portfolio of
loans, the transaction's legal structure, and the characteristics
of the underlying assets.

Venture XV is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate debt. At least 92.5% of the portfolio must
consist of senior secured loans, cash, and eligible investments,
and up to 7.5% of the portfolio may consist of second lien loans,
unsecured loans and bonds. The underlying collateral pool is
required to be at least 50% ramped as of the closing date.

MJX Asset Management LLC (the "Manager") will direct the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four year
reinvestment period. Thereafter, the Manager may reinvest up to
75% of unscheduled principal payments and proceeds from sales of
credit risk obligations, subject to certain restrictions.

In addition to the Rated Notes, the Issuer will issue subordinated
notes. The transaction incorporates interest and par coverage
tests which, if triggered, divert interest and principal proceeds
to pay down the notes in order of seniority.


VITESSE CLO: S&P Affirms 'B+' Rating on Class B2L Notes
-------------------------------------------------------
Standard & Poor's Ratings Services raised and removed from
CreditWatch with positive implications its ratings on the class
A2L, A3L, and B1L notes from Vitesse CLO Ltd., a cash flow
collateralized loan obligation transaction managed by Crescent
Capital Group LP.  At the same time, S&P affirmed its 'AAA (sf)'
ratings on the class A1L and A1LR notes.  S&P also affirmed and
removed from CreditWatch positive its rating on the B2L notes.

"We affirmed our ratings on the class A1L and A1LR notes and
raised our ratings on the class A2L, A3L, and B1L notes to reflect
an increase in available credit support.  Since our February 2013
rating actions, the transaction has exited its reinvestment period
and paid down the class A1L and A1LR noteholders by $168 million
to 57% of their initial issuance amounts.  As a result, the class
A overcollateralization ratio has increased to 120% from 113% in
January 2013, according to the October 2013 trustee report," S&P
said.

Despite the paydowns, S&P affirmed and removed from CreditWatch
its rating on the class B2L notes.  S&P did note that there is
some concentration risk because the three largest obligors each
have greater than $10 million exposure.  The largest obligor test
continues to constrain the rating on the class B2L notes to the
current rating.  In addition, the transaction currently is exposed
to non-performing and 'CCC (sf)' rated collateral on CreditWatch
with negative implications, for which we considered different
recovery and market value stresses.

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.

RATINGS RAISED AND REMOVED FROM CREDITWATCH

Vitesse CLO Ltd.

          Rating      Rating
Class     To          From
A2L       AAA (sf)    AA (sf)/Watch Pos
A3L       AA- (sf)    A (sf)/Watch Pos
B1L       BBB+ (sf)   BBB- (sf)/Watch Pos

RATING AFFIRMED AND REMOVED FROM CREDITWATCH

Vitesse CLO Ltd.

          Rating      Rating
Class     To          From
B2L       B+ (sf)     B+ (sf)/Watch Pos

RATINGS AFFIRMED
Vitesse CLO Ltd.

Class     Rating
A1L       AAA (sf)
A1LR      AAA (sf)


WACHOVIA BANK 2005-C20: Loan Defeasance No Effect on Ratings
------------------------------------------------------------
Moody's Investors Service was informed that AmericasMart Real
Estate, LLC, the Borrower for the AmericasMart LLC mortgage loan,
has elected to defease the loan with U.S. Government Securities.
The proposed defeasance will become effective upon satisfaction of
the conditions precedent set forth in the governing documents.

Moody's has reviewed the defeasance transaction. Moody's has
determined that this proposed defeasance 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 Wachovia Bank Commercial Mortgage Trust 2005-C20.

Moody's opinion only addresses the credit impact associated with
the proposed defeasance. Moody's is not expressing any opinion as
to whether this change has, or could have, other noncredit related
effects that may have a detrimental impact on the interests of
note holders and/or counterparties.

The last rating action for Wachovia Bank Commercial Mortgage Trust
2005-C20 was taken on February 28, 2013.


WACHOVIA BANK 2006-C26: Moody's Cuts Rating on 2 Certs to 'Ba3'
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of seven classes
and affirmed 14 classes of Wachovia Bank Commercial Mortgage
Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-
C26 as follows:

Cl. A-1A, Affirmed Aaa (sf); previously on Jul 12, 2006 Definitive
Rating Assigned Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Jul 12, 2006 Definitive
Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Jul 12, 2006 Definitive
Rating Assigned Aaa (sf)

Cl. A-3FL, Affirmed Aaa (sf); previously on Jul 12, 2006 Assigned
Aaa (sf)

Cl. A-J, Downgraded to Ba3 (sf); previously on Nov 29, 2012
Downgraded to Ba1 (sf)

Cl. A-M, Affirmed Aa2 (sf); previously on Nov 29, 2012 Downgraded
to Aa2 (sf)

Cl. A-PB, Affirmed Aaa (sf); previously on Jul 12, 2006 Definitive
Rating Assigned Aaa (sf)

Cl. B, Downgraded to B3 (sf); previously on Nov 29, 2012
Downgraded to B1 (sf)

Cl. C, Downgraded to Caa1 (sf); previously on Nov 29, 2012
Downgraded to B2 (sf)

Cl. D, Downgraded to Caa3 (sf); previously on Nov 29, 2012
Downgraded to Caa1 (sf)

Cl. E, Downgraded to Ca (sf); previously on Nov 29, 2012
Downgraded to Caa2 (sf)

Cl. F, Downgraded to C (sf); previously on Nov 29, 2012 Downgraded
to Caa3 (sf)

Cl. G, Downgraded to C (sf); previously on Nov 29, 2012 Downgraded
to Ca (sf)

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

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

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

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

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

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

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

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

Ratings Rationale:

The downgrades are due to higher expected losses from specially
serviced and troubled loans.

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 Classes H through O are consistent with Moody's expected
loss and thus are affirmed. The rating of the IO Class, Class X-C,
is consistent with the expected credit performance of its
referenced classes and thus is 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
approximately 14% of the current deal balance. At last review,
Moody's base expected loss was approximately 11%. Moody's base
expected loss plus realized loss is 11.8% of the original,
securitized deal balance, compared to 9.7% at Moody's 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.

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 underlying ratings is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
credit assessment of the loan which corresponds to a range of
credit enhancement levels. Actual fusion credit enhancement levels
are selected based on loan level diversity, pool leverage and
other concentrations and correlations within the pool. Negative
pooling, or adding credit enhancement at the underlying rating
level, is incorporated for loans with similar credit assessments
in the same transaction.

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 36 compared to 37 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 29, 2012.

Deal Performance:

As of the September 18, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 20% to $1.39
billion from $1.73 billion at securitization. The Certificates are
collateralized by 102 mortgage loans ranging in size from less
than 1% to 10% of the pool, with the top ten loans representing
40% of the pool. The pool contains no loans with investment-grade
credit assessments. Four loans, representing approximately 3% of
the pool, are defeased and are collateralized by U.S. Government
securities.

Thirty loans, representing 38% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

Eight loans have liquidated from the pool, contributing to an
aggregate realized loss of $15 million. Loans that were liquidated
from the pool averaged a 34% loss severity. Currently, 14 loans,
representing 15% of the pool, are in special servicing. The
largest specially serviced loan is the Tan-Tar-A Resort Loan ($45
million -- 3% of the pool), which is secured by a 497-key resort
property located on Lake of the Ozarks in Osage Beach, Missouri.
The property consists of buildings constructed between 1960 and
2002, and includes a water park, marina, health club and
conference facilities. The loan transferred to special servicing
in April 2012 for imminent monetary default. A receiver was
appointed in September 2012. The resort is currently undergoing
partial renovations. Trailing-twelve month reported occupancy has
been weak for several years, holding steady in the 45-49% range
since at least 2011. The special servicer is currently pursuing
foreclosure.

The remaining 13 specially serviced loans are secured by a mix of
commercial, retail and hotel property types. Moody's estimates an
aggregate $114 million loss (56% expected loss) for all specially
serviced loans.

Moody's has assumed a high default probability for 12 poorly-
performing loans representing 18% of the pool. Moody's analysis
attributes to these troubled loans an aggregate $58 million loss
(23% expected loss severity based on a 52% probability default).

Moody's was provided with full-year 2012 and partial year 2013
operating results for 94% and 89% of the performing pool,
respectively. Excluding troubled and specially-serviced loans,
Moody's weighted average LTV is 96% compared to 99% at last full
review. Moody's net cash flow reflects a weighted average haircut
of 12% to the most recently available net operating income.
Moody's value reflects a weighted average capitalization rate of
9.3%.

Excluding troubled and specially-serviced loans, Moody's actual
and stressed DSCRs are 1.35X and 1.10X, respectively, compared to
1.33X and 1.06X at last review. Moody's actual DSCR is based on
Moody's net cash flow (NCF) and the loan's actual debt service.
Moody's stressed DSCR is based on Moody's NCF and a 9.25% stressed
rate applied to the loan balance.

The top three performing conduit loans represent 19% of the pool.
The largest loan is the Prime Outlets Pool II Loan ($138 million -
- 10% of the pool), which represents a participation interest in a
$278 million loan. The loan is secured by three outlet centers
located in Birch Run, Michigan, Williamsburg, Virginia, and
Hagerstown, Maryland. The properties are also encumbered by a B-
Note which is held outside the trust. Property financial
performance has improved strongly since securitization. As of June
2013, the properties overall occupancy was 96% compared to 93% at
Moody's last review. The loan sponsor is Simon Property Group.
Moody's current LTV and stressed DSCR are 78% and 1.24X,
respectively, compared to 85% and 1.15X at last review.

The second largest loan is the Eastern Shore Centre Loan ($70
million -- 5% of the pool). The loan is secured by a lifestyle
center in Spanish Fort, Alabama, which is part of the Mobile
metropolitan area. Anchors include Dillard's and Belk, though
Dillard's is not part of the loan collateral. Other large
retailers include Bed Bath and Beyond, Barnes and Noble, a Publix
supermarket, and a cinema. The loan was returned from special
servicing in February 2011 following a loan modification which
included an interest rate reduction. The loan is currently on the
watchlist for low DSCR. Property NOI DSCR has improved
dramatically from a low of 0.64X in 2009 to a current level near
1.00X. Despite this improvement, the property faces substantial
headwinds in the form of significant lease rollover at year-end
2014 and 2015, as the loan nears its scheduled Q2 2016 maturity.
Moody's has identified this as a troubled loan with high default
probability.

The third largest loan is the Chemed Center Leasehold Loan ($59
million -- 4% of the pool). The loan is secured by a leasehold
interest in a 551,000 square foot, Class A office tower in
downtown Cincinnati, Ohio. The ground lease term is 99 years and
expires in April 2105. The loan matures in May 2016. As of June
2013, the property was 97% leased, unchanged from Moody's last
review. While the property has proven a strong performer
historically, risks include significant lease rollover before
maturity and a weak market for office space in downtown
Cincinnati. Hines is the property manager. Moody's current LTV and
stressed DSCR are 85% and 1.28X, respectively, compared to 79% and
1.37X at last review.


WACHOVIA BANK 2006-WHALE7: S&P Cuts Rating on Class WA Notes to D
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
F and G commercial mortgage pass-through certificates from
Wachovia Bank Commercial Mortgage Trust's series 2006-WHALE7, a
U.S. commercial mortgage-backed securities (CMBS) transaction.
Concurrently, S&P affirmed its ratings on four pooled certificate
classes and the nonpooled class CM raked certificates from the
same transaction.  Furthermore, S&P lowered its rating on the non-
pooled class WA raked certificates to 'D (sf)' and removed it from
CreditWatch with negative implications.

The raised and affirmed ratings on the pooled certificate classes
reflect S&P's analysis of the transaction primarily using its
criteria for rating U.S. and Canadian CMBS transactions.  S&P's
analysis includes a review of the credit characteristics and
performance of the remaining assets in the pool, the transaction
structure, and the liquidity available to the trust.  The raised
ratings on the class F and G certificates reflect S&P's expected
credit enhancement, which S&P believes is greater than its most
recent estimate of necessary credit enhancement for the respective
ratings levels.  The raised ratings also reflect S&P's views
regarding available liquidity support, the current and future
performance of the transaction's collateral, and the continued
reduction of the trust balance.

The affirmations 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 as well as S&P's views regarding available
liquidity support and the collateral's current and future
performance.

In addition, S&P's rating actions on the pool certificate classes
considered the potential for additional interest shortfalls on
these classes because the second-largest asset (36.0% of the pool
trust balance) is with the special servicer and the smallest loan
in the pool (11.5% of the pool trust balance) reported declining
net operating income (NOI) for the past three years.  Excluding
the Westin Aruba Resort & Spa real estate owned (REO) asset, S&P's
stressed loan-to-value (LTV) ratio on the two remaining loans was
101.5% on the $173.2 million trust balance.

S&P affirmed its 'CCC- (sf)' rating on the class CM raked
certificates based on its analysis of the Colonial Mall Myrtle
Beach loan.  The raked certificate class derives 100% of its cash
flow from a subordinate nonpooled component of the loan.  S&P
derived a stressed LTV ratio of 168.3% on the trust balance.

S&P previously placed the rating on the nonpooled class WA raked
certificates on CreditWatch with negative implications in October
2013 in connection with the de minimis shortfall threshold
guidelines in our revised criteria for rating debt issues based on
imputed promises.  The de minimis shortfalls threshold is now 1
basis point (bp).

S&P lowered the rating on the nonpooled class WA raked
certificates to 'D (sf)' and removed it from CreditWatch with
negative implications because the accumulated interest shortfalls
of $28,109 reported in the Oct. 18, 2013, trustee remittance
report exceeded the 1 bp de minimis threshold at 0.85% of the
original certificate class balance and have been outstanding for
nine consecutive months.

As of the Oct. 18, 2013, trustee remittance report, the collateral
pool had an aggregate pool trust balance of $268.9 million, down
from $2.92 billion at issuance.  The pool comprises two floating-
rate loans indexed to one-month LIBOR and one REO asset, down from
19 loans at issuance.  The one-month LIBOR was 0.1823% according
to the October 2013 trustee remittance report.  To date, the
transaction has not experienced any principal losses.  Two assets
($237.9 million, 88.5%) are with the special servicer, and the
remaining loan ($31.0 million, 11.5%) is on the master servicer's
(Wells Fargo Bank N.A.'s) watchlist, as detailed.

The Jameson Inns Pool loan ($141.2 million, 52.5% of pool trust
balance) is the largest loan remaining in the pool and with the
special servicer, also Wells Fargo.  In addition, the equity
interests in the borrower of the whole loan secured mezzanine debt
totaling $160.0 million.  The loan is secured by 103 limited
service hotels, totaling 6,610 rooms, in various U.S. states.  The
loan was transferred to the special servicer on July 28, 2011, due
to imminent maturity default.  The loan matured on Aug. 9, 2011.
According to Wells Fargo, the borrower is currently performing
under a forbearance agreement that closed on Dec. 18, 2012.  The
forbearance terms included extending the loan's maturity to
December 2014, with a one-year extension option subject to a debt-
yield test and an interest rate increase.  Wells Fargo indicated
that the special servicing and workout fees are currently paid by
the borrower.

S&P based its analysis of the Jameson Inns Pool loan, in part, on
its review of the borrower's operating statements for the 12-
months ended May 31, 2013, and years ended Dec. 31, 2012, 2011,
and 2010.  According to the year-end Dec. 31, 2012, operating
statements provided by Wells Fargo, the hotels had a combined
reported year-end occupancy of 53.8%, average daily rate (ADR) of
$59.61, and revenue per available room (RevPAR) of $32.04.  Wells
Fargo reported a debt service coverage (DSC) of 10.15x on the
trust balance for year-end 2011.  Wells Fargo stated that the
borrower has reflagged a majority of the collateral hotels under
the Choice Hotels International Inc. and Wyndham Hotel Group
brands.  S&P's adjusted valuation, using a 10.0% capitalization
rate, yielded an in-trust stressed 87.6% LTV ratio.

The Westin Aruba Resort & Spa REO asset is the second-largest
asset in the pool, and it is with the special servicer.  The asset
has a pooled trust balance of $96.7 million (36.0% of pool trust
balance) and a nonpooled junior subordinate component balance of
$3.3 million that supports the class WA raked certificates.  In
addition, there is a $130.0 million junior participation interest
that is held outside of the trust, resulting in a whole loan
balance of $230.0 million.  The total reported exposure for the
trust on this asset is $138.6 million.  The asset consists of the
leasehold interest in a 478-room full-service hotel resort in Palm
Beach, Aruba, built in 1975 and renovated in 2006.  The fee
interest in the land is owned by the government of Aruba, and the
subject ground lease expires in 2066.  The original loan
transferred to the special servicer on Nov. 19, 2008, because of
payment default; subsequently, the property became REO in May
2009.  According to Wells Fargo, ADR and occupancy for the
property were $154.21 and 75.1%, respectively, as of Aug. 31,
2013.  Wells Fargo reported that cash flow at the property is
insufficient to cover debt service as of year-end 2012.  Wells
Fargo stated that it is actively marketing the property for sale.
S&P expects a moderate loss upon this asset's eventual resolution,
which is considered to be a loss between 26% and 59% of the
outstanding trust principal balance.

The Colonial Mall Myrtle Beach loan, the smallest loan in the
pool, has a pooled trust loan balance of $31.0 million (11.5% of
pool trust balance) and a nonpooled subordinate junior component
balance of $1.1 million that supports the class CM raked
certificates.  In addition, a subordinate B note totaling
$14.0 million is held outside the trust.  The loan is secured by a
524,218-sq.-ft. enclosed mall built in 1986, in Myrtle Beach, S.C.
The loan is on the master servicer's watchlist because the loan
was originally transferred to the special servicer for imminent
maturity default.  The loan originally matured on Dec. 11, 2010.
According to Wells Fargo, the borrower is performing under a
forbearance agreement and has received numerous forbearance
extensions; the latest extension ends on Dec. 11, 2013. As part of
the forbearance agreement, the borrower is paying the special
servicing and workout fees on this loan.

S&P based its analysis on the Colonial Mall Myrtle Beach loan, in
part, on the borrower's year-to-date Sept. 30, 2013, and years-
ended 2012, 2011, and 2010, operating statements and Sept. 30,
2013, rent roll.  According to a Sept. 30, 2013, rent roll
provided by Wells Fargo, the overall mall was 76.9% leased and
occupied, of which the inline space was 32.0% occupied.  Of the
vacant space, 21.1% is related to inline space (totaling 161,596
sq. ft.), and the remaining vacancy is related to a 10,650-sq.-ft.
junior-anchor space.  The borrower has reported declining NOI for
the past three years.  Wells Fargo reported a DSC of 5.06x for
year-end 2012.  S&P's adjusted valuation, using an 8.25%
capitalization rate, yielded an in-trust stressed 168.3% LTV ratio
on the trust balance.

RATINGS RAISED

Wachovia Bank Commercial Mortgage Trust
Commercial mortgage pass-through certificates series 2006-WHALE7

                    Rating
Class          To          From     Credit enhancement (%)
F              A (sf)      B+ (sf)                   78.94
G              BBB (sf)    B (sf)                    52.23

RATINGS AFFIRMED

Wachovia Bank Commercial Mortgage Trust
Commercial mortgage pass-through certificates series 2006-WHALE7

Class               Rating          Credit enhancement (%)
H                   B- (sf)                          28.11
J                   CCC+ (sf)                        19.97
K                   CCC (sf)                         10.53
L                   CCC- (sf)                         0.00
CM                  CCC- (sf)                          N/A

RATING LOWERED AND REMOVED FROM CREDITWATCH NEGATIVE

Wachovia Bank Commercial Mortgage Trust
Commercial mortgage pass-through certificates series 2006-WHALE7

             Rating
Class     To       From                             Credit
                                           enhancement (%)
WA        D (sf)   CCC- (sf)/Watch Neg                 N/A

N/A-Not Applicable


WFRBS COMMERCIAL 2012-C10: Moody's Ba2 Rating on Class E Notes
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 14 classes of
WFRBS Commercial Mortgage Trust, Series 2012-C10 as follows:

Cl. A-1, Affirmed Aaa (sf); previously on Dec 21, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Dec 21, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Dec 21, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-FL, Affirmed Aaa (sf); previously on Dec 21, 2012 Assigned
Aaa (sf)

Cl. A-FX, Affirmed Aaa (sf); previously on Dec 21, 2012 Assigned
Aaa (sf)

Cl. A-S, Affirmed Aaa (sf); previously on Dec 21, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Dec 21, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aa3 (sf); previously on Dec 21, 2012 Definitive
Rating Assigned Aa3 (sf)

Cl. C, Affirmed A3 (sf); previously on Dec 21, 2012 Definitive
Rating Assigned A3 (sf)

Cl. D, Affirmed Baa3 (sf); previously on Dec 21, 2012 Definitive
Rating Assigned Baa3 (sf)

Cl. E, Affirmed Ba2 (sf); previously on Dec 21, 2012 Definitive
Rating Assigned Ba2 (sf)

Cl. F, Affirmed B2 (sf); previously on Dec 21, 2012 Definitive
Rating Assigned B2 (sf)

Cl. X-A, Affirmed Aaa (sf); previously on Dec 21, 2012 Definitive
Rating Assigned Aaa (sf)

Cl. X-B, Affirmed A2 (sf); previously on Dec 21, 2012 Definitive
Rating Assigned A2 (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 interest
only classes are consistent with the credit quality of their
referenced classes and are 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. 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 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 underlying ratings is
melded with the conduit model credit enhancement into an overall
model result. Fusion loan credit enhancement is based on the
credit assessment of the loan which corresponds to a range of
credit enhancement levels. Actual fusion credit enhancement levels
are selected based on loan level diversity, pool leverage and
other concentrations and correlations within the pool. Negative
pooling, or adding credit enhancement at the underlying rating
level, is incorporated for loans with similar credit assessments
in the same transaction.

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, 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 press release dated December 21, 2012.

Deal Performance:

As of the October 18, 2013 payment date, the transaction's
aggregate certificate balance has decreased by 1% to $1.29 billion
from $1.3 billion at securitization. The Certificates are
collateralized by 85 mortgage loans ranging in size from less than
1% to 10% of the pool, with the top ten loans representing 49% of
the pool. The pool includes one loan with an investment-grade
credit assessment, representing 9% of the pool.

Two loans, representing 2% 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. Currently, there no loans are in special
servicing.

Moody's was provided with partial year 2013 operating results for
88% of the pool. Moody's weighted average conduit LTV is 100%
compared to 101% at securitization. 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 9.43%.

Moody's actual and stressed conduit DSCRs are 1.61X and 1.10X,
respectively, 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 loan with a credit assessment is the Concord Mills Loan ($110
million -- 9% of the pool), which represents a participation
interest in the senior component of a $234 million dollar mortgage
loan. The loan is secured by a 1.28 million square foot (SF) super
regional mall located in Concord, North Carolina. Major tenants
include Bass Pro Shops Outdoor, Burlington Coat Factory and AMC
Corporation. The mall was 97% leased as of June 2013 compared to
98% at securitization. Moody's credit assessment and stressed DSCR
are Baa3 and 1.31X, respectively, the same as at securitization.

The top three conduit loans represent 21% of the pool. The largest
loan is the Republic Plaza Loan ($125 million -- 10% of the pool),
which represents a participation interest in a $277 million dollar
loan. The loan is secured by a 56-story Class A trophy office
tower and a separate 12-story parking garage in Denver, Colorado.
Major tenants include Encana Oil & Gas, DCP Midstream, LP and
Wheeler Trigg O'Donnell LLP. As of June 2013, the office tower was
95% leased, the same as at securitization. Moody's current LTV and
stressed DSCR are 107% and 0.91X, respectively, the same as at
securitization.

The second largest loan is Dayton Mall Loan ($82 million -- 6% of
the pool). The loan is secured by a 778,487 SF, two story regional
mall located in Dayton, Ohio. The mall's major tenants include
Macy's, Elder Beerman and Sears. As of June 2013, the mall was 92%
leased, the same as at securitization. Moody's current LTV and
stressed DSCR are 95% and 1.17X, respectively, the same at
securitization.

The third largest loan is the STAG REIT Portfolio Loan ($67
million -- 5% of the pool). The loan is secured by 3.6 million
square feet in 28 industrial buildings located in eight states.
The properties were 95% leased as of June 2013. Moody's current
LTV and stressed DSCR are 86% and 1.28X respectively, the same as
at securitization.


WFRBS COMMERCIAL 2013-C17: Fitch Rates $9MM Class E Notes 'Bsf'
---------------------------------------------------------------
Fitch Ratings assigns the following ratings and Rating Outlooks to
WFRBS Commercial Mortgage Trust 2013-C17 pass-through
certificates:

-- $48,455,000 class A-1 'AAAsf'; Outlook Stable;
-- $166,900,000 class A-2 'AAAsf'; Outlook Stable;
-- $125,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $236,856,000 class A-4 'AAAsf'; Outlook Stable;
-- $55,837,000 class A-SB 'AAAsf'; Outlook Stable;
-- $73,478,000 class A-S 'AAAsf'; Outlook Stable;
-- $58,784,000 class B 'AA-sf'; Outlook Stable;
-- $31,652,000 class C 'A-sf'; Outlook Stable;
-- $706,526,000a class X-A 'AAAsf'; Outlook Stable;
-- $47,479,000b class D 'BBB-sf'; Outlook Stable;
-- $15,826,000b class E 'BBsf'; Outlook Stable;
-- $9,043,000b class F 'Bsf'; Outlook Stable;
-- $58,784,000ab class X-B 'AA-'; Outlook Stable.

a Notional amount and interest-only.
b Privately placed pursuant to Rule 144A, Reg D and Reg S.

Fitch does not rate the $35,044,517 class G or the $59,913,517
interest-only class X-C.

The classes above reflect the final ratings and deal structure.
The certificates represent the beneficial ownership in the trust,
primary assets of which are 84 loans secured by 134 commercial
properties having an aggregate principal balance of approximately
$904,354,517 as of the cutoff date. The loans were contributed to
the trust by The Royal Bank of Scotland; Wells Fargo Bank, N.A.;
Rialto Mortgage Finance; Liberty Island Group I LLC; C-III
Commercial Mortgage LLC; and Basis Real Estate Capital II, LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 70% of the properties by
balance, cash flow analysis of 77%, and asset summary reviews on
77% of the pool.

Key Rating Drivers:

Fitch Leverage: This transaction has leverage metrics in line with
other recent Fitch-rated fixed-rate deals. The pool's Fitch debt
service coverage ratio (DSCR) and loan to value (LTV) are 1.23x
and 98.2%, respectively, compared with the first-half of 2013
(1H'13) averages of 1.36x and 99.8%.

Hotel and Nontraditional Property Type Concentration: The pool has
a 22.2% 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. In
addition, 11.5% of the pool is secured by manufactured housing
communities, and 10.5% is secured by self-storage properties.

Less Amortization: The pool has five interest-only loans (19.4%),
including the first and third largest loans, and 14 partial
interest loans (25.4%). The pool is scheduled to amortize 13%
prior to maturity.

Credit Opinion Loans: The largest loan in the pool, Hilton
Sandestin Beach & Spa Resort (8.3%), has a Fitch credit opinion of
'BBB-sf' on a stand-alone basis. The loan is secured by a 598-room
full-service hotel in Destin, FL. The third largest loan in the
pool (6.1%) has a Fitch credit opinion of 'BBBsf' on a stand-alone
basis. The loan is secured by Westfield Mission Valley, a 1.6
million-sf (997,549 sf of loan collateral) regional mall and
retail 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 (PSA) of this transaction.

Rating Sensitivities:

For this transaction, Fitch's net cash flow (NCF) was 12.13% below
the full-year 2012 net operating income (NOI) (for properties for
which 2012 NOI was provided, excluding properties that were
stabilizing during this period). Unanticipated further declines in
property-level NCF could result in higher defaults and loss
severity on defaulted loans, and could result in potential rating
actions on the certificates. Fitch evaluated the sensitivity of
the ratings assigned to WFRBS 2013-C17 certificates and found that
the transaction displays average sensitivity to further declines
in NCF. In a scenario in which NCF declined a further 20% from
Fitch's NCF, a downgrade of the '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 in
the Rating Sensitivity section.

The Master Servicer will be Wells Fargo Bank, N.A., rated 'CMS2'
by Fitch. The Special Servicer will be Rialto Capital Management
LLC rated 'CSS2-' by Fitch.


WFRBS COMMERCIAL 2013-UBS1: S&P Gives Prelim. BB Rating on E Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to WFRBS Commercial Mortgage Trust 2013-UBS1's
$726.6 million commercial mortgage pass-through certificates
series 2013-UBS1.

The certificate issuance is a commercial mortgage-backed
securities (CMBS) transaction backed by 57 commercial mortgage
loans with an aggregate principal balance of $726.6 million,
secured by the fee and leasehold interests in 103 properties
across 27 states.

The preliminary ratings are based on information as of Nov. 19,
2013.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

The preliminary ratings reflect the credit support that the
transaction structure provides, 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.

PRELIMINARY RATINGS ASSIGNED

WFRBS Commercial Mortgage Trust 2013-UBS1

Class            Rating                 Amount
                                   (mil. $)(i)
A-1              AAA (sf)           27,667,000
A-2              AAA (sf)          158,816,000
A-3              AAA (sf)          130,000,000
A-4              AAA (sf)          154,507,000
A-SB             AAA (sf)           37,660,000
A-S              AAA (sf)           47,232,000
X-A              AAA (sf)       555,882,000(i)
X-B              AA- (sf)        49,957,000(i)
X-C              NR              33,607,594(i)
B                AA-(sf)            49,957,000
C                A- (sf)            36,332,000
D                BBB- (sf)          33,607,000
E                BB (sf)            17,258,000
F                B+ (sf)            11,808,000
G                NR                 21,799,594

(i)Notional balance.
NR-Not rated.


* Fitch Takes Rating Actions on 99 Classes from 21 SF CDOs
-----------------------------------------------------------
Fitch Ratings has upgraded 15 classes and affirmed 84 classes from
21 structured finance collateralized debt obligations (SF CDOs)
with exposure to various structured finance assets.

Key Rating Drivers:

The upgrade of 15 classes from 21 transactions is attributed to a
significant deleveraging of their respective capital structures.
The resulting increase in the credit enhancement (CE) levels for
these classes have offset increased concentration and modest
rating deterioration in the underlying portfolios, indicating that
these notes are now able to withstand losses at higher rating
stresses.

For Lakeside CDO I, Ltd. and Mercury CDO 2004-1, Ltd., the benefit
of deleveraging over the last year was negated, primarily by the
continued writedowns in the underlying portfolio and diminishing
excess spread. Consequently, the current CE levels show limited or
no improvement in these transactions. As such, four classes from
these two transactions were affirmed below the passing ratings
indicated by the Structured Finance Portfolio Credit Model (SF
PCM) rating loss rate (RLR).

For notes with CE levels already exceeded by the expected losses
from distressed assets (assets rated 'CCsf' and lower), Fitch
believes that the probability of default can be evaluated without
factoring potential losses from the performing portion of the
portfolios. In the absence of mitigating factors, default for
these notes at or prior to maturity appears inevitable. As such,
these classes were affirmed at 'Csf'.

Finally, the eight classes affirmed at 'Dsf' are non-deferrable
classes that have experienced and are expected to continue
experiencing interest payment shortfalls.

Rating Sensitivities:

These transactions have limited sensitivity to further negative
migration given the distressed ratings of most of the notes.
However, there is potential for non-deferrable classes to be
downgraded to 'Dsf' should they experience any interest payment
shortfalls.

This review was conducted under the framework described in the
reports 'Global Structured Finance Rating Criteria' and 'Global
Rating Criteria for Structured Finance CDOs'. None of the
transactions have been analyzed within a cash flow model
framework, as the impact of structural features and excess spread
available to amortize the notes were determined to be minimal.
Instead, Fitch compared the CE level of each class to the expected
losses from the distressed and defaulted assets in the portfolio
(rated 'CCsf' or lower). For 11 transactions where expected losses
from distressed assets did not exceed the CE levels of the senior
class of notes, Fitch used the SF PCM to project future losses
from the transaction's entire portfolio and compared the RLR to
the CE levels of the notes.


* Fitch Takes Rating Actions on 10 RMBS Alt-A Transactions
----------------------------------------------------------
Fitch Ratings has taken various rating actions on 10 U.S. RMBS Re-
REMIC transactions. All of the transactions reviewed contained at
least one class on Rating Watch Negative. The Re-REMIC
transactions were issued in 2008 and 2009 and are primarily
collateralized with Alt-A RMBS securitized between 2005 and 2007.

Fitch reviewed 81 classes, 55 of which were on Rating Watch
Negative. Of the 26 classes not on Watch Negative, Fitch affirmed
22, upgraded 1 and marked 3 paid in full. Of the 55 classes on
Watch Negative, Fitch affirmed 37 and downgraded 18. All classes
were removed from Rating Watch Negative. All but one of the
classes downgraded held non-investment grade ratings prior to the
downgrade.

A spreadsheet detailing the actions can be found on Fitch's
website at http://is.gd/9rZYGh

Key Rating Drivers:

Although the delinquency rates of the underlying Alt-A mortgage
loans have continued to improve at a stable rate, the bond credit
risk has increased for the downgraded Re-REMIC classes.

High rates of loan modifications have reduced the interest
cashflow available to pay the underlying RMBS, resulting in the
redirection of principal collections to pay interest due. The
redirection or principal has resulted in accelerated principal
writedowns on the underlying RMBS, increasing credit risk for the
Re-REMIC classes. All of the RMBS bonds collateralizing the
downgraded Re-REMIC classes have defaulted and are currently
incurring principal writedowns.

Rating Sensitivities:

Fitch's analysis includes rating stress scenarios from 'CCCsf' to
'AAAsf'. The 'CCCsf' scenario is intended to be the most-likely
base-case scenario. Rating scenarios above 'CCCsf' are
increasingly more stressful and less-likely to occur. Although
many variables are adjusted in the stress scenarios, the primary
driver of the loss scenarios is the home price forecast
assumption. In the 'Bsf' scenario, Fitch assumes home prices
decline 10% below their long-term sustainable level. The home
price decline assumption is increased by 5% at each higher rating
category up to a 35% decline in the 'AAAsf' scenario.

In addition to increasing mortgage pool losses at each rating
category to reflect increasingly stressful economic scenarios,
Fitch analyzes various loss-timing, prepayment, loan modification,
servicer advancing, and interest rate scenarios as part of the
cash flow analysis. Each class is analyzed with 43 different
combinations of loss, prepayment and interest rate projections.

Classes currently rated below 'Bsf' are at-risk to default at some
point in the future. As default becomes more imminent, bonds
currently rated 'CCCsf' and 'CCsf' will migrate towards 'Csf' and
eventually 'Dsf'.

The ratings of bonds currently rated 'Bsf' or higher will be
sensitive to future mortgage borrower behavior, which historically
has been strongly correlated with home price movements. Despite
recent positive trends, Fitch currently expects home prices to
decline further in some regions before reaching a sustainable
level. While Fitch's ratings reflect this home price view, the
ratings of outstanding classes may be subject to revision to the
extent actual home price and mortgage performance trends differ
from those currently projected by Fitch.

Ratings on Re-REMIC classes are also sensitive to changes in
servicer behavior. Unexpected changes in servicer advancing,
liquidation strategy or modification practices may result in
rating changes.


* Moody's Takes Action on $891MM of RMBS by Various Issuers
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 38 tranches
and downgraded the ratings of 4 tranches from 18 transactions
issued by various trusts, backed by Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: ABFC Asset-Backed Certificates, Series 2005-HE2

Cl. M-3, Upgraded to B3 (sf); previously on Mar 6, 2013 Upgraded
to Caa3 (sf)

Issuer: ABFC Asset-Backed Certificates, Series 2005-WMC1

Cl. M-2, Upgraded to Ba1 (sf); previously on Feb 26, 2013 Upgraded
to B1 (sf)

Cl. M-3, Upgraded to Caa3 (sf); previously on Feb 26, 2013
Affirmed C (sf)

Issuer: Asset Backed Funding Corporation Asset-Backed
Certificates, Series 2006-OPT3

Cl. A-1, Downgraded to Caa3 (sf); previously on Jun 3, 2010
Downgraded to Caa2 (sf)

Cl. A-2, Downgraded to Caa3 (sf); previously on Jun 3, 2010
Downgraded to Caa2 (sf)

Cl. A-3B, Downgraded to Ca (sf); previously on Jun 3, 2010
Downgraded to Caa3 (sf)

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-AQ1

Cl. M-2, Upgraded to B3 (sf); previously on Mar 12, 2013 Affirmed
Caa2 (sf)

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2007-CB2

Cl. A2-B, Downgraded to Ca (sf); previously on Apr 12, 2010
Downgraded to Caa3 (sf)

Issuer: C-BASS Mortgage Loan Trust, Series 2005-CB4

Cl. M-3, Upgraded to B2 (sf); previously on Mar 4, 2013 Upgraded
to Caa2 (sf)

Cl. M-4, Upgraded to Caa1 (sf); previously on Mar 4, 2013 Upgraded
to Ca (sf)

Issuer: Long Beach Mortgage Loan Trust 2004-1

Cl. M-2, Upgraded to Ba1 (sf); previously on Mar 8, 2011
Downgraded to Ba2 (sf)

Cl. M-3, Upgraded to B1 (sf); previously on May 2, 2012 Downgraded
to B3 (sf)

Cl. M-4, Upgraded to B3 (sf); previously on May 2, 2012 Confirmed
at Caa2 (sf)

Cl. M-5, Upgraded to Caa2 (sf); previously on Mar 8, 2011
Downgraded to Ca (sf)

Issuer: Long Beach Mortgage Loan Trust 2005-1

Cl. M-3, Upgraded to B2 (sf); previously on Feb 26, 2013 Upgraded
to Caa2 (sf)

Cl. M-2, Upgraded to Baa1 (sf); previously on Feb 26, 2013
Upgraded to Baa3 (sf)

Issuer: RASC Series 2005-EMX4 Trust

Cl. M-1, Upgraded to Baa3 (sf); previously on Mar 5, 2013 Upgraded
to Ba3 (sf)

Cl. M-2, Upgraded to Caa1 (sf); previously on Mar 5, 2013 Upgraded
to Caa3 (sf)

Issuer: RASC Series 2007-KS1 Trust

Cl. A-2, Upgraded to B3 (sf); previously on Jul 15, 2011
Downgraded to Caa2 (sf)

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2007-CB4

Cl. A-2B, Upgraded to B2 (sf); previously on Mar 4, 2013 Upgraded
to Caa2 (sf)

Issuer: RAMP Series 2004-RS2 Trust

Cl. A-I-4, Upgraded to Baa3 (sf); previously on Apr 30, 2012
Reinstated to Ba2 (sf)

Cl. A-I-5, Upgraded to Baa2 (sf); previously on Apr 30, 2012
Upgraded to Ba1 (sf)

Cl. M-I-1, Upgraded to B2 (sf); previously on Apr 30, 2012
Upgraded to Caa2 (sf)

Cl. M-II-1, Upgraded to Ba1 (sf); previously on Apr 30, 2012
Upgraded to Ba3 (sf)

Issuer: RAMP Series 2004-RS8 Trust

Cl. A-I-5, Upgraded to Baa2 (sf); previously on Apr 17, 2012
Upgraded to Ba1 (sf)

Cl. A-I-6, Upgraded to Baa1 (sf); previously on Apr 17, 2012
Upgraded to Baa3 (sf)

Cl. M-II-1, Upgraded to Ba3 (sf); previously on Mar 30, 2011
Downgraded to B1 (sf)

Issuer: RAMP Series 2004-RZ3 Trust

Cl. A-I-4, Upgraded to Baa1 (sf); previously on Apr 4, 2012
Confirmed at Ba1 (sf)

Cl. A-I-5, Upgraded to Baa3 (sf); previously on Apr 4, 2012
Confirmed at Ba2 (sf)

Cl. A-I-6, Upgraded to Baa2 (sf); previously on Apr 4, 2012
Confirmed at Ba1 (sf)

Cl. M-I-1, Upgraded to Ba3 (sf); previously on Apr 4, 2012
Upgraded to B3 (sf)

Cl. M-I-2, Upgraded to Caa3 (sf); previously on Apr 5, 2011
Downgraded to C (sf)

Issuer: RASC Series 2003-KS11 Trust

Cl. M-II-1, Upgraded to B2 (sf); previously on Apr 9, 2012
Confirmed at Caa2 (sf)

Issuer: RASC Series 2005-KS3 Trust

Cl. M-4, Upgraded to Baa1 (sf); previously on Mar 5, 2013 Upgraded
to Ba1 (sf)

Cl. M-5, Upgraded to B1 (sf); previously on Mar 5, 2013 Upgraded
to Caa1 (sf)

Cl. M-6, Upgraded to Caa2 (sf); previously on Mar 5, 2013 Upgraded
to Ca (sf)

Issuer: RASC Series 2005-KS4 Trust

Cl. M-2, Upgraded to Ba3 (sf); previously on Mar 5, 2013 Upgraded
to B3 (sf)

Cl. M-3, Upgraded to Caa1 (sf); previously on Mar 5, 2013 Upgraded
to Caa3 (sf)

Issuer: RASC Series 2005-KS5 Trust

Cl. M-3, Upgraded to A2 (sf); previously on Mar 5, 2013 Upgraded
to Baa1 (sf)

Cl. M-4, Upgraded to Baa2 (sf); previously on Mar 5, 2013 Upgraded
to Ba2 (sf)

Cl. M-5, Upgraded to B1 (sf); previously on Mar 5, 2013 Upgraded
to Caa1 (sf)

Cl. M-6, Upgraded to Caa1 (sf); previously on Mar 5, 2013 Upgraded
to Ca (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 and/or faster pay-down of the bonds due to high
prepayments/faster liquidations. The downgrades are a result of
deteriorating performance and/or structural features resulting in
higher expected losses for the bonds than previously anticipated.

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
7.9% in October 2012 to 7.3% in October 2013. Moody's forecasts an
unemployment central range of 6.5% to 7.5% for the 2014 year.
Moody's expects house prices to continue to rise in 2014.
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 $163MM Alt-A RMBS Issued 2006-2007
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 14
tranches backed by Alt-A RMBS loans, issued by three RMBS
transactions.

Complete rating actions are as follows:

Issuer: Lehman Mortgage Trust 2006-3

Cl. 1-A1, Downgraded to Ca (sf); previously on Dec 22, 2010
Downgraded to Caa3 (sf)

Cl. 1-A2, Downgraded to Ca (sf); previously on Dec 22, 2010
Downgraded to Caa3 (sf)

Cl. 1-A4, Downgraded to Ca (sf); previously on Dec 22, 2010
Downgraded to Caa3 (sf)

Cl. 1-A8, Downgraded to Ca (sf); previously on Dec 22, 2010
Downgraded to Caa3 (sf)

Cl. 1-A9, Downgraded to Ca (sf); previously on Dec 22, 2010
Downgraded to Caa3 (sf)

Cl. 1-A10, Downgraded to Ca (sf); previously on Dec 22, 2010
Downgraded to Caa3 (sf)

Cl. 1-A12, Downgraded to Ca (sf); previously on Dec 22, 2010
Downgraded to Caa3 (sf)

Cl. 3-A1, Downgraded to Ca (sf); previously on Dec 22, 2010
Downgraded to Caa3 (sf)

Cl. AX, Downgraded to Ca (sf); previously on Dec 22, 2010
Downgraded to Caa3 (sf)

Cl. AP, Downgraded to Ca (sf); previously on Jan 14, 2011
Downgraded to Caa3 (sf)

Issuer: WaMu Mortgage Pass-Through Certificates, WMALT 2007-4

Cl. 1-A-5, Downgraded to Ca (sf); previously on Sep 1, 2010
Downgraded to Caa2 (sf)

Issuer: Washington Mutual Mortgage Pass-Through Certificates,
WMALT Series 2007-5 Trust

Cl. A-3, Downgraded to Ca (sf); previously on Sep 1, 2010
Downgraded to Caa3 (sf)

Cl. A-25, Downgraded to Ca (sf); previously on Sep 1, 2010
Downgraded to Caa3 (sf)

Cl. A-26, Downgraded to Ca (sf); previously on Sep 1, 2010
Downgraded to Caa3 (sf)

Ratings Rationale:

These actions reflect recent performance of the underlying pools
and Moody's updated loss expectations on the pools. The actions on
Lehman Mortgage Trust 2006-3 primarily are a result of change in
principal and loss waterfall subsequent to subordination
depletion, whereby losses and principal payments are generally
allocated pro-rata amongst the remaining bonds.

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
7.9% in October 2012 to 7.3% in October 2013. Moody's forecasts an
unemployment central range of 7.0% to 8.0% for the 2013 year.
Moody's forecasts an unemployment central range of 6.5% to 7.5%
for the year 2014. Moody's expects house prices to continue to
rise in 2014. Performance of RMBS continues to remain highly
dependent on servicer procedures. Any change resulting from
servicing transfers or other policy or regulatory change can
impact the performance of these transactions.


* Moody's Raises Ratings on $242MM of RMBS Issued 2002 to 2005
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of eight
tranches issued by five RMBS trusts, backed by Subprime loans.

Complete rating actions are as follows:

Issuer: Ameriquest Mortgage Securities Inc., Series 2003-8

Cl. M-1, Upgraded to B1 (sf); previously on Mar 29, 2011
Downgraded to B3 (sf)

Issuer: Fieldstone Mortgage Investment Trust, 2005-3

Cl. 1-A, Upgraded to Ba2 (sf); previously on Aug 6, 2010
Downgraded to B1 (sf)

Cl. 2-A2, Upgraded to B1 (sf); previously on Aug 6, 2010
Downgraded to B3 (sf)

Cl. 2-A3, Upgraded to Caa1 (sf); previously on Aug 6, 2010
Downgraded to Caa3 (sf)

Issuer: First Franklin Mortgage Loan Trust 2004-FF11

Cl. M-2, Upgraded to Ba2 (sf); previously on Apr 9, 2012 Upgraded
to B1 (sf)

Issuer: First Franklin Mortgage Loan Trust 2004-FFH3

Cl. M-2, Upgraded to B1 (sf); previously on Apr 9, 2012 Upgraded
to B3 (sf)

Cl. M-3, Upgraded to Caa3 (sf); previously on Apr 9, 2012 Upgraded
to Ca (sf)

Issuer: Option One Woodbridge Loan Trust 2002-1

Cl. M-2, Upgraded to Caa1 (sf); previously on Mar 18, 2011
Downgraded to Caa3 (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 and/or faster pay-down of the bonds due to high
prepayments/faster liquidations.


* S&P Puts 174 Ratings on 44 US CLO Transactions on Watch Positive
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 174
tranches from 44 U.S. collateralized loan obligation (CLO)
transactions on CreditWatch with positive implications.

The affected tranches are from CLO transactions backed by
securities issued by corporate obligors.  These tranches had an
original issuance amount of $ 10.39 billion.

The CreditWatch placements are driven by a remarkable increase in
the pace of senior note pay downs that S&P has observed recently.
The spike in the levels of pay downs has provided additional
credit support through increased levels of collateralization
across the capital structure for many of the transactions.

Out of the 44 transactions, 42 with ratings placed on CreditWatch
continue to benefit from deleveraging.  One transaction is static
while all others have exited their reinvestment period, and the
notes have begun to pay down.

The remaining two transactions, which are still reinvesting,
experienced improved performance in their underlying asset
portfolio and will exit their reinvestment period by mid-2014.

S&P will resolve the CreditWatch placements after it completes a
comprehensive cash flow analysis and committee review for each of
the affected transactions.  S&P expects to resolve these
CreditWatch placements within 90 days.  S&P will continue to
monitor the CDO transactions it rate and take rating actions,
including CreditWatch placements, as it deems appropriate.

RATINGS PLACED ON CREDITWATCH POSITIVE

AIMCO CLO, Series 2006-A
                    Rating              Rating
Class               To                  From
A-1 notes           AA+ (sf)/Watch Pos  AA+ (sf)
A-2 notes           AA (sf)/Watch Pos   AA (sf)

ALM Loan Funding 2010-3 Ltd.
                    Rating              Rating
Class               To                  From
B notes             AA+ (sf)/Watch Pos  AA+ (sf)
C notes             A+ (sf)/Watch Pos   A+ (sf)
D notes             BBB+ (sf)/Watch Pos BBB+ (sf)

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

Apidos CDO IV
                    Rating              Rating
Class               To                  From
A-1 notes           AA+ (sf)/Watch Pos  AA+ (sf)
A-2 notes           AA+ (sf)/Watch Pos  AA+ (sf)
B notes             AA- (sf)/Watch Pos  AA- (sf)
C notes             A- (sf)/Watch Pos   A- (sf)
D notes             BBB- (sf)/Watch Pos BBB- (sf)
E notes             BB (sf)/Watch Pos   BB (sf)

Avenue CLO Fund Ltd.
                    Rating              Rating
Class               To                  From
B-1L notes          BB+ (sf)/Watch Pos  BB+ (sf)

Babson Mid-Market CLO Ltd 2007-II
                    Rating              Rating
Class               To                  From
A-1 notes           AA+ (sf)/Watch Pos  AA+ (sf)
A-2B notes          AA+ (sf)/Watch Pos  AA+ (sf)
B notes             AA (sf)/Watch Pos   AA (sf)
C notes             A+ (sf)/Watch Pos   A+ (sf)
D notes             BBB+ (sf)/Watch Pos BBB+ (sf)
E notes             BB+ (sf)/Watch Pos  BB+ (sf)

Ballyrock CLO 2006-1 Ltd
                    Rating              Rating
Class               To                  From
C notes             AA+ (sf)/Watch Pos  AA+ (sf)
D notes             BBB+ (sf)/Watch Pos BBB+ (sf)
E notes             BB+ (sf)/Watch Pos  BB+ (sf)

Black Diamond CLO 2005-2 Ltd
                            Rating
Class               To                  From
B notes             AA+ (sf)/Watch Pos  AA+ (sf)
C notes             A+ (sf)/Watch Pos   A+ (sf)
D notes             BB+ (sf)/Watch Pos  BB+ (sf)
E-1 notes           B- (sf)/Watch Pos   B- (sf)
E-2 notes           B- (sf)/Watch Pos   B- (sf)

Bristol Bay Funding Ltd.
                            Rating
Class               To                  From
A-2 notes           AA+ (sf)/Watch Pos  AA+ (sf)
B notes             B+ (sf)/Watch Pos   B+ (sf)

Callidus Debt Partners CLO Fund VII Ltd
                            Rating
Class               To                  From
B notes             AA+ (sf)/Watch Pos  AA+ (sf)
C notes             A+ (sf)/Watch Pos   A+ (sf)
D notes             BBB (sf)/Watch Pos  BBB (sf)
E notes             BB (sf)/Watch Pos   BB (sf)

CIT CLO 2012-1 Ltd.
                    Rating              Rating
Class               To                  From
B notes             AA (sf)/Watch Pos   AA (sf)
C notes             A (sf)/Watch Pos    A (sf)

Columbus Park CDO Ltd.
                    Rating              Rating
Class               To                  From
A-1 notes           AA+ (sf)/Watch Pos  AA+ (sf)
A-2 notes           AA (sf)/Watch Pos   AA (sf)
B notes             A+ (sf)/Watch Pos   A+ (sf)
C notes             A- (sf)/Watch Pos   A- (sf)
D notes             BBB- (sf)/Watch Pos BBB- (sf)

ColumbusNova CLO Ltd 2007-I
                    Rating              Rating
Class               To                  From
A-1 notes           AA+ (sf)/Watch Pos  AA+ (sf)
B notes             AA (sf)/Watch Pos   AA (sf)
C notes             A (sf)/Watch Pos    A (sf)
D notes             BBB (sf)/Watch Pos  BBB (sf)
E notes             BB (sf)/Watch Pos   BB (sf)

Eaton Vance CDO IX Ltd
                    Rating              Rating
Class               To                  From
B notes             AA+ (sf)/Watch Pos  AA+ (sf)
C notes             A+ (sf)/Watch Pos   A+ (sf)
D notes             BBB+ (sf)/Watch Pos BBB+ (sf)

Essex Park CDO Ltd
                    Rating              Rating
Class               To                  From
D notes             BBB+ (sf)/Watch Pos BBB+ (sf)

Flagship CLO IV
                    Rating              Rating
Class               To                  From
B notes             AA+ (sf)/Watch Pos  AA+ (sf)
C notes             BBB (sf)/Watch Pos  BBB (sf)
D notes             B+ (sf)/Watch Pos   B+ (sf)

Gallatin CLO III 2007-1 Ltd
                    Rating              Rating
Class               To                  From
A-1L notes          AA+ (sf)/Watch Pos  AA+ (sf)
A-1LR notes         AA+ (sf)/Watch Pos  AA+ (sf)

Golden Knight II CLO Ltd
                    Rating              Rating
Class               To                  From
A notes             AA+ (sf)/Watch Pos  AA+ (sf)
B notes             AA- (sf)/Watch Pos  AA- (sf)
C notes             A- (sf)/Watch Pos   A- (sf)
D notes             BBB (sf)/Watch Pos  BBB (sf)
E notes             B+ (sf)/Watch Pos   B+ (sf)

Golub Capital Partners Funding 2007-1 Ltd
                    Rating              Rating
Class               To                  From
B notes             AA+ (sf)/Watch Pos  AA+ (sf)
C notes             A (sf)/Watch Pos    A (sf)
D notes             BBB+ (sf)/Watch Pos BBB+ (sf)

GSC Capital Corp Loan Funding 2005-1
                    Rating              Rating
Class               To                  From
C notes             AA+ (sf)/Watch Pos  AA+ (sf)
D notes             AA (sf)/Watch Pos   AA (sf)

Gulf Stream-Compass CLO 2005-1 Ltd.
                    Rating              Rating
Class               To                  From
C notes             AA+ (sf)/Watch Pos  AA+ (sf)
D notes             A- (sf)/Watch Pos   A- (sf)

Hewett's Island CLO VI Ltd.
                    Rating              Rating
Class               To                  From
A-R notes           AA+ (sf)/Watch Pos  AA+ (sf)
A-T notes           AA+ (sf)/Watch Pos  AA+ (sf)
B notes             AA- (sf)/Watch Pos  AA- (sf)
C notes             A (sf)/Watch Pos    A (sf)
D notes             BBB (sf)/Watch Pos  BBB (sf)
E notes             CCC- (sf)/Watch Pos CCC- (sf)

Katonah VII CLO Ltd
                    Rating              Rating
Class               To                  From
B notes             AA+ (sf)/Watch Pos  AA+ (sf)
C notes             BBB+ (sf)/Watch Pos BBB+ (sf)
D notes             B+ (sf)/Watch Pos   B+ (sf)

Kingsland IV Ltd
                    Rating              Rating
Class               To                  From
A-1 notes           AA (sf)/Watch Pos   AA (sf)
A-1R notes          AA (sf)/Watch Pos   AA (sf)
B notes             A+ (sf)/Watch Pos   A+ (sf)
C notes             BBB+ (sf)/Watch Pos BBB+ (sf)
D notes             BB+ (sf)/Watch Pos  BB+ (sf)
E notes             BB (sf)/Watch Pos   BB (sf)

Kingsland V Ltd
                    Rating              Rating
Class               To                  From
A-1 notes           AA (sf)/Watch Pos   AA (sf)
A-2B notes          AA (sf)/Watch Pos   AA (sf)
A-2R notes          AA+ (sf)/Watch Pos  AA+ (sf)
B notes             A+ (sf)/Watch Pos   A+ (sf)
C notes             BBB+ (sf)/Watch Pos BBB+ (sf)
D-1 notes           BB+ (sf)/Watch Pos  BB+ (sf)
D-2 notes           BB+ (sf)/Watch Pos  BB+ (sf)
E notes             B (sf)/Watch Pos    B (sf)

KKR Financial CLO 2007-A Ltd
                    Rating              Rating
Class               To                  From
B notes             AA+ (sf)/Watch Pos  AA+ (sf)
C notes             A+ (sf)/Watch Pos   A+ (sf)
D notes             BBB+ (sf)/Watch Pos BBB+ (sf)
E notes             BBB- (sf)/Watch Pos BBB- (sf)
F notes             BB+ (sf)/Watch Pos  BB+ (sf)

Landmark VIII CLO Ltd
                    Rating              Rating
Class               To                  From
B notes             AA+ (sf)/Watch Pos  AA+ (sf)
C notes             A+ (sf)/Watch Pos   A+ (sf)
D notes             BBB+ (sf)/Watch Pos BBB+ (sf)
E notes             BB (sf)/Watch Pos   BB (sf)

Latitude CLO III Ltd.
                    Rating              Rating
Class               To                  From
B notes             AA+ (sf)/Watch Pos  AA+ (sf)
C notes             AA (sf)/Watch Pos   AA (sf)
D notes             A (sf)/Watch Pos    A (sf)
E notes             BBB (sf)/Watch Pos  BBB (sf)
F notes             BB (sf)/Watch Pos   BB (sf)

LightPoint CLO V Ltd
                    Rating              Rating
Class               To                  From
A-1 notes           AA+ (sf)/Watch Pos  AA+ (sf)
A-2 notes           AA (sf)/Watch Pos   AA (sf)
B notes             A (sf)/Watch Pos    A (sf)

Marathon CLO I Ltd.
                    Rating              Rating
Class               To                  From
D notes             A+ (sf)/Watch Pos   A+ (sf)

Morgan Stanley Investment Management Croton Ltd.
                    Rating              Rating
Class               To                  From
B (Fltg) notes      AA+ (sf)/Watch Pos  AA+ (sf)
B (Fxd) notes       AA+ (sf)/Watch Pos  AA+ (sf)
C notes             BBB+ (sf)/Watch Pos BBB+ (sf)
D notes             B+ (sf)/Watch Pos   B+ (sf)
E notes             CCC- (sf)/Watch Pos CCC- (sf)

Nautique Funding Ltd
                    Rating              Rating
Class               To                  From
A-1A notes          AA+ (sf)/Watch Pos  AA+ (sf)
A-1B notes          AA+ (sf)/Watch Pos  AA+ (sf)
A-2A notes          AA+ (sf)/Watch Pos  AA+ (sf)
A-2B notes          AA+ (sf)/Watch Pos  AA+ (sf)
A-3 notes           AA (sf)/Watch Pos   AA (sf)
B-1 notes           A (sf)/Watch Pos    A (sf)
B-2 notes           A (sf)/Watch Pos    A (sf)
C notes             BB+ (sf)/Watch Pos  BB+ (sf)
D notes             BB- (sf)/Watch Pos  BB- (sf)

NewStar Commercial Loan Trust 2006-1
                    Rating              Rating
Class               To                  From
A-1 notes           AA+ (sf)/Watch Pos  AA+ (sf)
A-2 notes           AA+ (sf)/Watch Pos  AA+ (sf)
B notes             AA (sf)/Watch Pos   AA (sf)
C notes             BBB+ (sf)/Watch Pos BBB+ (sf)
D notes             B+ (sf)/Watch Pos   B+ (sf)
E notes             CCC+ (sf)/Watch Pos CCC+ (sf)

NewStar Commercial Loan Trust 2007-1
                    Rating              Rating
Class               To                  From
A-1 notes           AA+ (sf)/Watch Pos  AA+ (sf)
A-2 notes           AA+ (sf)/Watch Pos  AA+ (sf)
B notes             AA (sf)/Watch Pos   AA (sf)
C notes             BBB+ (sf)/Watch Pos BBB+ (sf)
D notes             BB- (sf)/Watch Pos  BB- (sf)
E notes             CCC- (sf)/Watch Pos CCC- (sf)

Northwoods Capital VI Ltd.
                    Rating              Rating
Class               To                  From
A-1 notes           AA+ (sf)/Watch Pos  AA+ (sf)
A-2 notes           AA (sf)/Watch Pos   AA (sf)
B notes             A (sf)/Watch Pos    A (sf)
C notes             BB (sf)/Watch Pos   BB (sf)

Octagon Investment Partners IX Ltd.
                    Rating              Rating
Class               To                  From
A-1 notes           AA+ (sf)/Watch Pos  AA+ (sf)
A-2 notes           AA (sf)/Watch Pos   AA (sf)
B notes             A (sf)/Watch Pos    A (sf)
C notes             BBB (sf)/Watch Pos  BBB (sf)

Octagon Investment Partners V Ltd.
                    Rating              Rating
Class               To                  From
B notes             AA (sf)/Watch Pos   AA (sf)
C-1 notes           BBB (sf)/Watch Pos  BBB (sf)
C-2 notes           BBB (sf)/Watch Pos  BBB (sf)
D notes             BB+ (sf)/Watch Pos  BB+ (sf)

OFSI Fund III Ltd.
                    Rating              Rating
Class               To                  From
B notes             AA+ (sf)/Watch Pos  AA+ (sf)
C notes             A+ (sf)/Watch Pos   A+ (sf)
D notes             BBB+ (sf)/Watch Pos BBB+ (sf)
E-1 notes           CCC+ (sf)/Watch Pos CCC+ (sf)
E-2 notes           CCC+ (sf)/Watch Pos CCC+ (sf)

One Wall Street CLO II Ltd.
                    Rating              Rating
Class               To                  From
A-1 notes           AA+ (sf)/Watch Pos  AA+ (sf)
A-2 notes           AA+ (sf)/Watch Pos  AA+ (sf)
B notes             A+ (sf)/Watch Pos   A+ (sf)
C notes             BBB+ (sf)/Watch Pos BBB+ (sf)
D notes             BB+ (sf)/Watch Pos  BB+ (sf)
E notes             CCC+ (sf)/Watch Pos CCC+ (sf)

Plymouth Rock CLO Ltd.
                    Rating              Rating
Class               To                  From
B notes             A+ (sf)/Watch Pos   A+ (sf)

Red River CLO Ltd
                    Rating              Rating
Class               To                  From
A notes             AA+ (sf)/Watch Pos  AA+ (sf)
B notes             AA (sf)/Watch Pos   AA (sf)
C notes             A (sf)/Watch Pos    A (sf)
D notes             BB+ (sf)/Watch Pos  BB+ (sf)

Silverado CLO 2006-I Ltd.
                    Rating              Rating
Class               To                  From
A-1 notes           AA+ (sf)/Watch Pos  AA+ (sf)
A-1-J notes         AA+ (sf)/Watch Pos  AA+ (sf)
A-2 notes           AA (sf)/Watch Pos   AA (sf)
B notes             A (sf)/Watch Pos    A (sf)
C notes             BBB (sf)/Watch Pos  BBB (sf)

SPF CDO I Ltd.
                    Rating              Rating
Class               To                  From
A-1 notes           AA+ (sf)/Watch Pos  AA+ (sf)
A-2 notes           AA+ (sf)/Watch Pos  AA+ (sf)
B notes             AA (sf)/Watch Pos   AA (sf)
C notes             A (sf)/Watch Pos    A (sf)
D notes             BBB (sf)/Watch Pos  BBB (sf)

Venture II CDO 2002 Ltd.
                    Rating              Rating
Class               To                  From
C notes             CCC- (sf)/Watch Pos CCC- (sf)


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 2013.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-241-8200.


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