TCR_Public/131215.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, December 15, 2013, Vol. 17, No. 347

                            Headlines

ACCESS GROUP 2002-A: Fitch Cuts Class B Notes Rating to Bsf
ARROYO CDO I: S&P Affirms 'CCC-' Rating on 2 Note Classes
ASHFORD CDO: Moody's Hikes Rating on Class B-1L Notes to 'Ba3'
AVERY POINT III: S&P Assigns 'BB' Rating on Class E Notes
BABCOCK & BROWN 2007-1: Moody's Cuts Class G-1 Notes Rating to Ba2

BANC OF AMERICA 2004-3: S&P Affirms 'B-' Rating on Class F Notes
BANC OF AMERICA 2006-2: Fitch Cuts Class E Notes Rating to Bsf
BANK OF AMERICA 2007-1: Fitch Rates $40MM Class A Notes 'BBsf'
BANC OF AMERICA 2007-3: S&P Affirms 'B-' Ratings on 4 Note Classes
BEAR STEARNS 2003-PWR2: S&P Lowers Rating on Class N Notes to 'D'

BEAR STEARNS 2006-PWR11: Fitch Affirms 'B' Rating on $37.2MM Notes
BENEFIT STREET III: S&P Assigns 'BB' Rating on Class D Notes
BLUE HILL: S&P Assigns 'BB-' Rating on Class E Notes
CDO REPACKAGING 2006-A: Moody's Hikes $62.3MM Notes Rating to B3
CHASE COMMERCIAL 1999-2: Fitch Affirms 'B-' Rating on $5.9MM Notes

CITIGROUP 2013-GC17: Fitch Rates $17.3MM Class E Notes 'BBsf'
CPS AUTO 2013-D: S&P Assigns Prelim. BB- Rating on Class E Notes
CREST 2003-2: S&P Raises Rating on 2 Note Classes to 'BB-'
CREST 2004-1: Moody's Raises Class A Notes Rating From 'Ba1(sf)'
CT CDO IV: S&P Lowers Rating on Class A-1 Notes to B-

GALLATIN CLO VI: Fitch Rates 'BB' Rating on $21.25MM Class E Notes
GMAC COMMERCIAL 2004-C1: S&P Affirms BB- Rating on Class E Notes
GOLUB CAPITAL: S&P Affirms 'BB' Rating on Class D Notes
GS MORTGAGE 2006-CC1: Moody's Affirms Ca Rating on Class A Notes
HIGH INCOME 2003-1: Moody's Raises $8.32MM Notes Rating to Caa3

HILDENE CLO I: Moody's Rates $14.5MM Class E Notes '(P)Ba3'
HILTON USA 2013-HLT: S&P Assigns 'BB' Rating on Class X-FL Notes
ING IM 2013-3: S&P Assigns 'BB' Rating on Class D Notes
JAMESTOWN CLO III: S&P Assigns 'BB-' Rating on Class D Notes
JP MORGAN 2013-C17: Fitch to Rate $21.6MM Class E Notes 'BB'

LB-UBS COMMERCIAL 2007-C1: Fitch Keeps 'CCC' Rating on 2 Notes
LEHMAN XS: Moody's Cuts Rating on Cl. 1-AIO Debt to 'Ca(sf)'
LNR CDO V: Moody's Affirms 'C' Ratings on 12 Note Classes
MARINE PARK: S&P Affirms 'BB-' Rating on Class D Notes
MERRILL LYNCH 2006-C2: S&P Lowers Rating on Class AJ Notes to 'B'

MM COMMUNITY: S&P Puts BB+ Rating on Class A-1 Notes on Watch Neg.
MORGAN STANLEY 2006-HQ8: S&P Cuts Rating on 2 Note Classes to CCC-
MORGAN STANLEY 2006-HQ10: Fitch Cuts Rating on Class F Notes to D
MORGAN STANLEY 2007-IQ15: Fitch Affirms D Rating on Class E Notes
MORGAN STANLEY 2007-TOP: S&P Lowers Class B Notes Rating to 'BB-'

MORGAN STANLEY 2011-C1: Fitch Affirms BB+ Rating on $13.5MM Notes
NATIONSTAR MORTGAGE 2013-A: S&P Rates Class B-4 Notes 'Bsf'
OZLM FUNDING V: S&P Assigns Prelim. 'BB' Rating on Class D Notes
PREFERRED TERM XXII: Moody's Hikes Rating on Cl. B-1 Notes to Caa1
RESIMAC BASTILLE 2013-1NC: S&P Assigns BB Rating on Class E Notes

RESOURCE REAL 2007-1: Moody's Affirms Caa2 Ratings on 4 Notes
SLM PRIVATE 2003-A: Fitch Affirms CCC Rating on Class C Notes
SONOMA VALLEY 2007-4: Moody's Affirms Caa3 Rating of 2 Trust Units
STONE TOWER IV: Moody's Raises $16MM Class D Notes Rating to 'Ba2'
SYMPHONY CLO XI: S&P Affirms 'BB' Rating on Class E Notes

TELOS CLO 2006-1: S&P Raises Rating on Class E Notes to 'BB'
TIAA REAL 2003-1: S&P Raises Rating on Class C-2 Notes to 'BB+'
TRADE MAPS 1: S&P Assigns 'BB' Rating on Class D Notes
UBS-BARCLAYS 2012-C4: Fitch Affirms BB Rating on Class E Notes
WFRBS 2013-C18: Fitch to Rate $19.46MM Class E Notes 'BB'

WFRBS 2013-C18: DBRS Assigns '(P)BB' Rating on Cl. E Certificates
WFRBS 2013-UBS1: S&P Assigns 'BB' Rating on Class E Notes

* Moody's Takes Action on $106MM of RMBS by Various Issuers
* S&P Puts 32 Ratings on 31 CDO Deals on CreditWatch Positive


                            *********

ACCESS GROUP 2002-A: Fitch Cuts Class B Notes Rating to Bsf
-----------------------------------------------------------
Fitch Ratings has downgraded the class A and B notes issued by
Access Group, Inc. 2002-A Private Trust, and the class B notes
issued by Access Group, Inc. 2005-A Indenture of Trust. Fitch
affirms the class A notes issued by Access Group, Inc. 2005-A
Indenture of Trust, 2005-B Indenture of Trust and Access Funding
2010-A LLC. Fitch's 'U.S. Private SL ABS Criteria' and 'Global
Structured Finance Rating Criteria' were used to review the
ratings. A complete list of rating actions follows at the end of
this release.

Key Rating Drivers:

The downgrade of the notes is based on loss coverage multiples
that are no longer sufficient to maintain the current ratings,
while the affirmation on the notes is based on sufficient credit
enhancement (CE) to provide loss coverage multiples commensurate
with the ratings.

Fitch has increased its projected cumulative default expectations
due to current performance in which delinquencies and defaults
have increased. Fitch projects remaining defaults, as a percentage
of current principal, to range 6%-8% for 2002-A trust, 9%-11% for
2005-A and 2005-B trusts and 11%-13% for 2010-A trust. A 20%-25%
recovery rate was used in the analysis for all trusts based on the
updated recovery data provided by Access.

For the 2002-A trust, the total parity has decreased to 101.90%
from 103.24% last year, as defaults continued to rise and the
trust is paying net loan rates to auction rate securities, leaving
no excess spread to build up parity. The class A notes that are
indexed to 3-Month LIBOR are paid in full, and principal payments
have been directed to pay class B auction rate notes first, which
is allowed by transaction documents as long as the senior parity
exceeds 110% and total parity exceeds 101.5%. As a result, the
senior parity decreased to 117.27% from 128.38% as of the
September 2013 servicer report. The Rating Outlook remains
Negative for both class A and class B notes, due to expected
future defaults and the deal structure that makes it challenging
to build up parity.

For Access Group 2005-A, the current senior and subordinate
parities are 122.94% and 101.70%, respectively. The Outlook
remains Negative for class A notes due to future expected defaults
and compressed loss coverage.

For Access Group 2005-B, the current senior and subordinate
parities are maintained at 130.13% and 103.00% (the release
level), respectively. The Outlook is revised to Stable due to
steady performance and healthy excess cash release.

For Access Group 2010-A, the senior parity has been increasing
since deal inception and is currently 202.36%. Fitch expects the
parity to stay at this level as it reaches its over-
collateralization target. The Stable Outlook is maintained due to
steady performance and an upward trend in parity since deal
inception.

Review of each Access Group private student loan trust listed
below is based on collateral performance data from August 2013 to
October 2013 for each trust.

The loss coverage multiples were determined by comparing the
projected net loss amount to available CE for the rating
categories of each trust. Fitch used data provided by Access Group
to form a loss timing curve. After giving credit to the seasoning
of loans in repayment, Fitch applied the trust's current
cumulative gross level to the loss timing curve to derive the
expected gross losses over the projected remaining life.

CE consists of excess spread and overcollateralization.
Furthermore, senior notes benefit from additional CE provided by
the subordinate note. Fitch assumed excess spread to be the lesser
of the average historical excess spread and the most recent 12-
month average excess spread. That same rate was applied over the
remaining life. The collateral securing the notes is 100% private
student loans and consists of loans originated by Access Group.

Rating Sensitivities:

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

Fitch will continue to monitor the performance of the trusts.

Fitch has downgraded the following ratings:

Access Group, Inc. 2002-A Private Trust:
-- Class A-2 to 'Asf' from 'AA-sf'; Outlook Negative;
-- Class B to 'Bsf' from 'BBsf'; Outlook Negative.

Access Group, Inc. 2005-A Indenture of Trust:
-- Class B to 'BBsf' from 'BBB+sf'; Outlook revised to Stable from
Negative.

Fitch has affirmed the following ratings:

Access Funding 2010-A LLC:
-- Class A at 'AAAsf'; Outlook Stable.

Access Group, Inc. 2005-A Indenture of Trust:
-- Class A-2 at 'AAAsf'; Outlook Negative;
-- Class A-3 at 'AAAsf'; Outlook Negative.

Access Group, Inc. 2005-B Indenture of Trust:
-- Class A-2 at 'AAAsf'; Outlook revised to Stable from Negative;
-- Class A-3 at 'AAAsf'; Outlook revised to Stable from Negative.


ARROYO CDO I: S&P Affirms 'CCC-' Rating on 2 Note Classes
---------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on the
class B note from Arroyo CDO I Ltd. to 'AA-(sf)' from 'BBB(sf)',
and removed it from CreditWatch, where S&P had placed it with
positive implications on Sept. 25, 2013.  At the same time, S&P
affirmed the 'CCC-(sf)' ratings on the class C-1 and C-2 ratings.

Arroyo CDO I is a cash flow collateralized debt obligation (CDO)
transaction backed primarily by various asset backed securities,
such as residential mortgage-backed securities (RMBS), corporate
debt, and commercial mortgage backed securities (CMBS).

The transaction continues to pay down the class B note due to the
failure of the class C overcollateralization (O/C) test.  The
current balance of the class B note as of the November 2013
monthly trustee report is $10.15 million, which is 26.25% of its
original balance.  This is down from $29.69 million in August 2012
(or 76.53% of its original balance), when S&P last affirmed the
class B note rating.

As a result of the reduced balance, the class B O/C ratio
increased.  The trustee reports the class B O/C ratio to be
347.46% as per the November 2013 monthly trustee report, up from
158.63% in the July 2012 monthly trustee report that S&P used for
its August 2012 analysis.  In addition, as per the November 2013
monthly trustee report, the transaction currently has $4.1 million
in principal cash, which is approximately 40% of the current class
B note balance.

Since the class B coverage tests are passing, class C receives its
current interest, but not any of its deferred interest.  However,
the class C O/C ratio continues to fail -- it is 89.50% as per the
November 2013 monthly trustee report, versus the minimum
requirement of 101.00%.  As long as this failure continues, all
available interest and principal proceeds after payment of the
class C interest will be used to pay down the class B note.

The rating on the class B note was raised following an increase in
its credit support at its prior rating.  The affirmations of the
class C-1 and C-2 note ratings reflect the availability of
adequate credit support at the current rating levels.

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

RATING RAISED

Arroyo CDO I Ltd.

                  Rating      Rating
Class             To          From

B                 AA- (sf)    BBB (sf)/Watch Pos

RATINGS AFFIRMED

Arroyo CDO I Ltd.

Class             Rating

C-1               CCC- (sf)
C-2               CCC- (sf)


ASHFORD CDO: Moody's Hikes Rating on Class B-1L Notes to 'Ba3'
--------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by Ashford CDO I, Ltd:

  U.S.$38,000,000 Class A-2L Notes Due December 11, 2040, Upgraded
  to A1 (sf); previously on June 21, 2013 Upgraded to A2 (sf)

  U.S.$20,000,000 Class B-1L Notes Due December 11, 2040 (current
  outstanding balance of $16,880,302), Upgraded to Ba3 (sf);
  previously on June 21, 2013 Upgraded to B2 (sf)

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

  U.S. $121,600,000 Class A-1LA Notes Due 2022 (current
  outstanding balance of $19,488,928), Affirmed Aaa (sf);
  previously on June 21, 2013 Upgraded to Aaa (sf)

  U.S.$30,400,000 Class A-1LB Notes Due 2040, Affirmed Aa1 (sf);
  previously on June 21, 2013 Upgraded to Aa1 (sf)

  U.S.$27,000,000 Class A-3L Notes Due 2040, Affirmed Baa3 (sf);
  previously on June 21, 2013 Upgraded to Baa3 (sf)

Ratings Rationale:

According to Moody's, the rating actions taken on the notes are
primarily a result of deleveraging of the senior notes and an
increase in the transaction's overcollateralization ratios since
June 2013. Moody's notes that the Class A-1LA Notes have been paid
down by approximately 36% or $11 million since that time. Based on
the trustee report dated November 2013, the Class A and Class B
overcollateralization ratios are reported at 128.82% and 108.2%,
respectively, versus June 2013 levels of 124.01% and 103.09%,
respectively.

Moody's also notes that the deal has benefited from an improvement
in the credit quality of the underlying portfolio since June 2013.
Based on the November 2013 trustee report, the weighted average
rating factor is currently 919 compared to 1419 in June 2013 .

Certain rating actions also reflect corrections to Moody's
modeling of the notes' interest and principal payments. For Class
A-3L, the model incorrectly assumed that interest payments are
funded from principal collections if interest alone is not enough
to cover the payments. For Class B-1L, the model incorrectly
failed to cap the amount of interest collections available to fund
principal payments. These errors have now been corrected, and
rating actions reflect these changes.

Ashford CDO I, Ltd., issued in December 2005, is a collateralized
debt obligation backed primarily by a portfolio of CLO tranches
originated from 2004 to 2007.

Factors That Would Lead to an Upgrade or Downgrade of the Rating

Moody's notes that in arriving at its ratings of SF CDOs backed by
CLOs, there exist a number of sources of uncertainty, operating
both on a macro level and on a transaction-specific level. These
uncertainties are evidenced by 1) uncertainties of credit
conditions in the general economy and 2) the large concentration
of upcoming speculative-grade debt maturities which may create
challenges for issuers to refinance. 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.

Loss and Cash Flow Analysis

Moody's applied the Monte Carlo simulation framework within
MOODY'S CDOROMv2.10-15(R) to model the loss distribution for SF
CDOs. Within this framework, defaults are generated so that they
occur with the frequency indicated by the adjusted default
probability pool (the default probability associated with the
current rating multiplied by the Resecuritization Stress) for each
credit in the reference pool. Specifically, correlated defaults
are simulated using a normal (or "Gaussian") copula model that
applies the asset correlation framework. Recovery rates for
defaulted credits are generated by applying within the simulation
the distributional assumptions, including correlation between
recovery values.

Together, the simulated defaults and recoveries across each of the
Monte Carlo scenarios define the loss distribution for the
reference pool.

Once the loss distribution for the collateral has been calculated,
each collateral loss scenario derived through the MOODY'S CDOROM
loss distribution is associated with the interest and principal
received by the rated liability classes via the a cash-flow model.
The cash flow model takes into account the following: collateral
cash flows, the transaction covenants, the priority of payments
(waterfall) for interest and principal proceeds received from
portfolio assets, reinvestment assumptions, the timing of
defaults, interest-rate scenarios and foreign exchange risk (if
present). The Expected Loss (EL) for each tranche is the weighted
average of losses to each tranche across all the scenarios, where
the weight is the likelihood of the scenario occurring. Moody's
defines the loss as the shortfall in the present value of cash
flows to the tranche relative to the present value of the promised
cash flows. The present values are calculated using the promised
tranche coupon rate as the discount rate. For floating rate
tranches, the discount rate is based on the promised spread over
Libor and the assumed Libor scenario.

Moody's rating action factors in a number of sensitivity analyses
and stress scenarios, discussed below. Results are shown in terms
of the number of notches' difference versus the current model
output, where a positive difference corresponds to lower expected
loss, assuming that all other factors are held equal:

Moody's Non-investment grade rated assets notched up by 2 rating
notches:

Class A-1LA: 0
Class A-1LB: 0
Class A-2L: +1
Class A-3L: +3
Class B-1L: +3

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

Class A-1LA: 0
Class A-1LB: 0
Class A-2L: -2
Class A-3L: -2
Class B-1L: -4


AVERY POINT III: S&P Assigns 'BB' Rating on Class E Notes
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to Avery
Point III CLO Ltd./Avery Point III CLO Corp.'s $464.50 million
fixed- and floating-rate notes.

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

The ratings reflect S&P's view of:

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

   -- The transaction's credit enhancement, which is sufficient to
      withstand the defaults applicable for the supplemental tests
      (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 0.2383%-12.5311%.

   -- 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 before paying uncapped
      administrative expenses and fees, subordinated hedge
      termination payments, portfolio manager incentive fees, and
      subordinated note payments to principal proceeds for the
      purchase of additional collateral assets during the
      reinvestment period.

RATINGS ASSIGNED

Avery Point III CLO Ltd./Avery Point III CLO Corp.

Class                  Rating                 Amount
                                            (mil. $)
X                      AAA (sf)                 3.50
A                      AAA (sf)               317.50
B-1                    AA (sf)                 27.50
B-2                    AA (sf)                 19.50
C (deferrable)         A- (sf)                 52.00
D (deferrable)         BBB (sf)                21.50
E (deferrable)         BB (sf)                 22.75
Subordinated notes     NR                      50.10

NR-Not rated.


BABCOCK & BROWN 2007-1: Moody's Cuts Class G-1 Notes Rating to Ba2
------------------------------------------------------------------
Moody's has downgraded the rating of the Series 2007-1 Class G-1
Notes issued by Babcock & Brown Air Funding I Limited. The
complete rating action is as follows:

Issuer: Babcock & Brown Air Funding I Limited, Series 2007-1

  Cl. G-1, Downgraded to Ba2 (sf); previously on Jul 30, 2013
  Downgraded to Baa3 (sf) and Placed Under Review for Possible
  Downgrade

Ratings Rationale:

The downgrade action reflects the continued high loan to aircraft
value (LTV) ratio and our expectation about the prospects for
future lease income and note amortization. The LTV for Class G-1
remains at above 90%. For the first five years of the deal's life,
payments to the bondholders were structurally limited. Since
September 2012, all cash available for amortization has been used
to pay the Class G-1 Notes. However, high expenses due to aircraft
repossessions and periods with off-lease aircraft have partially
offset the degree to which the bonds have benefitted from this
turbo feature, leaving the transaction in a weaker position than
originally expected.

In its analysis, Moody's considered future prospects for lease
income based on recent market lease rate trends and the deal's
fleet characteristics. Measured by average aircraft appraisal
values, the portfolio consists primarily of Boeing 737 new
generation and Airbus A320 aircraft (nearly one-third of the
portfolio for each), plus about 15% Boeing 757-200 aircraft, 15%
Airbus A319 aircraft, and one 767-300 and one 737-300 aircraft.
Aircraft age varies, with manufacture dates from 1991 to 2007 for
the current fleet of aircraft backing the transaction.

Moody's notes that Class G-1 in this transaction is wrapped by
Ambac Assurance Corporation (unrated) and the current rating
reflects Moody's policy of rating to the higher of the financial
guarantor rating and the underlying rating.

Factors that would lead to an upgrade or downgrade of the rating

-- Changes to lease rates or aircraft values that differ from
    historical trends.


BANC OF AMERICA 2004-3: S&P Affirms 'B-' Rating on Class F Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on 20
classes of commercial mortgage pass-through certificates from Banc
of America Commercial Mortgage Inc.'s series 2004-3, a U.S.
commercial mortgage-backed securities (CMBS) transaction.

The affirmations follow our analysis of the transaction, primarily
using S&P's criteria for rating U.S. and Canadian CMBS
transactions.  The affirmations reflect S&P's analysis of the
credit characteristics and performance of the remaining assets in
the pool, the transaction structure, and the liquidity available
to the trust," published Dec. 6, 2013.

While the available credit enhancement levels may suggest positive
rating movements on the pooled class D, E and F certificates,
S&P's affirmations reflect its analysis of the near-term maturity
profile of the remaining nondefeased, performing loans in the
pool, of which 38 loans ($379.5 million or 62.5% of pool trust
balance) mature in 2014, and the magnitude of the loans on the
master servicer's watchlist (14 loans, $159.8 million, 26.3% of
the pool trust balance).

S&P affirmed the ratings on the nine 'UH' raked certificate
classes based on its analysis of the U-Haul Portfolio (Roll Up)
loan.  The raked certificates derive 100% of their cash flow from
a subordinate nonpooled component of the loan.  S&P's adjusted
valuation, using an 8.0% capitalization rate, yielded an in-trust
stressed 47.5% loan-to-value (LTV) ratio.

S&P affirmed the ratings on the class SS-B and SS-C certificates
based on its analysis of the 17 State Street loan.  The raked
certificates derive 100% of their cash flow from a subordinate
nonpooled component of the loan.  S&P's adjusted valuation, using
a 6.25% capitalization rate, yielded an in-trust stressed 47.1%
LTV ratio.

The affirmation of S&P's 'AAA (sf)' rating on the class X interest
only IO) certificates reflects its current criteria for rating IO
securities.

RATINGS AFFIRMED

Banc of America Commercial Mortgage Inc.
Commercial mortgage pass-through certificates series 2004-3

Class         Rating          Credit enhancement (%)
A-5           AAA (sf)                         19.77
A-1A          AAA (sf)                         19.77
B             AA+ (sf)                         15.01
C             AA (sf)                          13.11
D             BBB+ (sf)                         9.07
E             BB+ (sf)                          7.16
F             B- (sf)                           4.55
G             CCC- (sf)                         2.64
X             AAA (sf)                           N/A
UH-A          AAA (sf)                           N/A
UH-B          AAA (sf)                           N/A
UH-C          AAA (sf)                           N/A
UH-D          AAA (sf)                           N/A
UH-E          AAA (sf)                           N/A
UH-F          AA+ (sf)                           N/A
UH-G          AA- (sf)                           N/A
UH-H          A (sf)                             N/A
UH-J          BB+ (sf)                           N/A
SS-B          BBB+ (sf)                          N/A
SS-C          BBB (sf)                           N/A

N/A-Not applicable.


BANC OF AMERICA 2006-2: Fitch Cuts Class E Notes Rating to Bsf
--------------------------------------------------------------
Fitch Ratings has downgraded five classes and affirmed 14 classes
of Banc of America Commercial Mortgage (BACM) Inc., commercial
mortgage pass-through certificates series 2006-2.

Key Rating Drivers:

The downgrades are due to an increase in expected losses for
specially serviced loans as well as several performing loans with
performance declines. Fitch modeled losses of 7.3% of the
remaining pool; expected losses on the original pool balance total
8.6%, including $62.1 million (2.3% of the original pool balance)
in realized losses to date. Fitch has designated 43 loans (26.1%)
as Fitch Loans of Concern, which includes 15 specially serviced
assets (7.5%).

As of the November 2013 distribution date, the pool's aggregate
principal balance has been reduced by 14.3% to $2.31 billion from
$2.7 billion at issuance. Per the servicer reporting, three loans
(5.6% of the pool) are defeased. Interest shortfalls are currently
affecting classes E through P.

The largest contributor to expected losses is secured by a 267,890
square feet (sf) retail property located in Glenview, IL (1.6% of
the pool). Major tenants include Dick's Sporting Goods, Van Maur,
and Regal Theaters. The property transferred to special servicing
in February 2009 after experiencing cash flow constraints from
lower than expected revenues and a significant increase in
expenses since issuance. The property became real estate owned
(REO) in June 2013, and the servicer has been marketing the asset
for sale.

The next largest contributor to expected losses is secured by a
103,400 sf office building located in Agoura Hills, CA. The
property experienced cash flow issues when its sole tenant, which
occupied 100% of the building, filed for bankruptcy and
subsequently vacated. The loan transferred to special servicing in
April 2013 for payment default. The servicer has executed a pre-
negotiation agreement with the borrower, and has also commenced
with a non-judicial foreclosure.

The third largest contributor to expected losses is the 55 & 215
West 125th Street loan (3.9%), which is secured by two office
buildings totaling 385,388 sf in Harlem, NY. The collateral has
experienced cash flow declines since 2011 due to vacancies, as
well as renewed leases at significantly lower rents. As of year to
date (YTD) June 2013, net operating income (NOI) debt service
coverage ratio (DSCR) reported at 0.89x, compared to 0.91x for
year-end (YE) 2012 and 1.12x for YE 2011. The servicer reports
consolidated occupancy for the two buildings at 80% as of June
2013. The loan is current as of the November 2013 payment date.

Rating Sensitivity:

Rating Outlooks on classes A-3 through A-J remain Stable due to
sufficient credit enhancement and continued paydown. Rating
Outlooks on classes B and C is Negative as further collateral
underperformance may lead to downgrades. Should cash flows
deteriorate further on the performing loans, or if realized losses
exceed current expectations on the specially serviced loans,
downgrades to these classes are possible.

Fitch downgrades the following classes and revises the Rating
Outlooks as indicated:

-- $215.9 million class A-J to 'BBBsf' from 'Asf', Outlook Stable;
-- $50.6 million class B to 'BBsf' from 'BBBsf', Outlook to
   Negative from Stable;
-- $27 million class C to 'Bsf' from 'BBsf', Outlook to Negative
   from Stable;
-- $40.5 million class D to 'CCCsf' from 'Bsf', RE 70%;
-- $27 million class E to 'CCsf' from 'CCCsf', RE 0%.

Fitch affirms the following classes as indicated:

-- $125.8 million class A-3 at 'AAAsf', Outlook Stable;
-- $51 million class A-AB at 'AAAsf', Outlook Stable;
-- $1.3 billion class A-4 at 'AAAsf', Outlook Stable;
-- $120 million class A-1A at 'AAAsf', Outlook Stable;
-- $269.9 million class A-M at 'AAAsf', Outlook Stable;
-- $30.4 million class F at 'CCsf', RE 0%.
-- $27 million class G at 'Csf', RE 0%;
-- $33.7 million class H at 'Csf', RE 0%;
-- $10.1 million class J at 'Csf', RE 0%;
-- $13.5 million class K at 'Csf', RE 0%;
-- $2.1 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%.

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


BANK OF AMERICA 2007-1: Fitch Rates $40MM Class A Notes 'BBsf'
--------------------------------------------------------------
Fitch Ratings assigns the following rating and Outlook to class A-
MFX2 of Banc of America Commercial Mortgage Trust (BACM), series
2007-1:

-- $40,000,000 class A-MFX2 'BBsf'; Outlook Negative.

Key Rating Drivers:

The creation of the A-MFX2 class is the result of the bifurcation
of the existing $100 million class A-MFL certificate. There has
been a partial termination of the swap agreement for class A-MFL
with $40 million of the certificate balance being re-allocated to
the new fixed-rate class A-MFX2 certificate. Class A-MFL remains
floating rate with a reduced certificate balance of $60 million.


BANC OF AMERICA 2007-3: S&P Affirms 'B-' Ratings on 4 Note Classes
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on 18
classes of commercial mortgage pass-through certificates,
including the class XW interest-only (IO) certificates, from Banc
of America Commercial Mortgage Trust 2007-3, a U.S. CMBS
transaction.

S&P's affirmations follow its 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 the remaining assets in the
pool, the transaction structure, and the liquidity available to
the trust.

The affirmations on the principal and interest certificates
reflect S&P's expectation that the available credit enhancement
for these classes will be within its estimate of the necessary
credit enhancement required for the current ratings.  The affirmed
ratings also reflect S&P's analysis of the credit characteristics
and performance of the remaining assets, transaction structure,
and liquidity support available to the classes.

The affirmation of S&P's 'AAA (sf)' rating on the class XW IO
certificates reflects its current criteria for rating IO
securities.

RATINGS AFFIRMED

Banc of America Commercial Mortgage Trust 2007-3
Commercial mortgage pass-through certificates

Class              Rating                       Credit
                                       enhancement (%)
A-2               AAA (sf)                       34.11
A-2FL             AAA (sf)                       34.11
A-3               AAA (sf)                       34.11
A-AB              AAA (sf)                       34.11
A-4               A (sf)                         34.11
A-5               A (sf)                         34.11
A-1A              A (sf)                         34.11
A-M               BB (sf)                        21.93
A-MF              BB (sf)                        21.93
A-MFL             BB (sf)                        21.93
A-J               B- (sf)                        13.57
B                 B- (sf)                        12.35
C                 B- (sf)                        10.67
D                 B- (sf)                         9.76
E                 CCC (sf)                        8.85
F                 CCC- (sf)                       7.63
G                 CCC- (sf)                       6.57
XW                AAA (sf)                         N/A

N/A-Not applicable.


BEAR STEARNS 2003-PWR2: S&P Lowers Rating on Class N Notes to 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
C through H commercial mortgage pass-through certificates from
Bear Stearns Commercial Mortgage Securities Trust 2003-PWR2, a
U.S. commercial mortgage-backed securities (CMBS) transaction.
Concurrently, S&P affirmed its ratings on the class J through M
certificates and lowered its rating on the class N certificates
from the same transaction.

S&P's rating actions follow its analysis of the transaction, using
primarily its criteria for rating U.S. and Canadian CMBS
transactions.  S&P's analysis included 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 C, D, E, F, G, and H certificates
reflect Standard & Poor's expected credit enhancement, which it
believes is greater than its most recent estimate of necessary
credit enhancement for the respective rating 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 paydown of the trust balance.

The lowered 'D (sf)' rating on the class N certificate primarily
reflects the interest shortfalls impacting the bond.  The bond has
had accumulated interest shortfalls outstanding for the past seven
consecutive months, and S&P expects these shortfalls to remain
outstanding for the foreseeable future.

As of the Nov. 12, 2013, trustee remittance report, the trust
experienced monthly net interest shortfalls totaling $53,195,
primarily related to appraisal subordinate entitlement reduction
amounts of $25,894, other expenses of $23,121 (which the trustee
and master servicer were unable to explain the nature of to S&P),
special servicing fees of $3,680, and workout fees of $500.  The
monthly interest shortfalls affected all classes subordinate to
and including class L. If the class L and M certificates continue
to experience interest shortfalls for an extended period of time,
S&P may lower its ratings on these classes to 'D (sf)'.

The affirmed ratings on the class J, K, L, and M certificates
reflect S&P's expectation that the available credit enhancement
for these classes will be within its estimate of the necessary
credit enhancement required for the current ratings.  The affirmed
ratings also reflect S&P's analysis of the credit characteristics
and performance of the remaining assets, liquidity support, and
transaction-level changes.

While the available credit enhancement level may suggest further
positive rating movement on the class F, G, H, J, K, and L
certificates, S&P's analysis also considered the deal structure
and the reduced liquidity support available to the trust from the
real estate-owned (REO) asset currently with the special servicer,
as well as reduced liquidity support from additional expenses
incurred by the trust.

Using servicer-provided financial information, S&P calculated an
adjusted Standard & Poor's debt service coverage (DSC) of 2.03x
and a loan-to-value (LTV) ratio of 23.0% for 10 of the 11
remaining loans in the pool, excluding the REO asset
($17.0 million, 16.5%).

As of the Nov. 12, 2013, trustee remittance report, the collateral
pool had an aggregate trust balance of $103.4 million, down from
$1.07 billion at issuance.  The pool comprises 10 loans and one
REO asset, down from 100 loans at issuance.  There is one REO
asset ($17.0 million, 16.5%) currently with the special servicer,
CWCapital Asset Management LLC (CWCapital), and one loan, the
Waterford Lakes Medical Building 2 loan ($2.9 million, 2.8%) is on
the master servicers' watchlist.  In addition, of the remaining
performing loans in the trust, five ($67.7 million, 65.5%) are
fully amortizing.  The master servicers, Wells Fargo Bank N.A.
(Wells Fargo) and Prudential Asset Resources Inc. (Prudential),
reported year-end 2012 financial data for 100.0% of the pool.  To
date, the transaction has experienced losses totaling
$6.6 million, or 0.6% of the transaction's original certificate
balance.

The largest asset in the pool is the 3 Times Square loan.  The
loan has a whole loan balance of $196.8 million, which consists of
a senior A note balance of $102.0 million and a subordinate
nontrust B note balance of $94.8 million.  The A note balance is
further divided into three pari passu pieces, of which
$60.0 million account for 58.0% of the pool trust balance.  A
$21.0 million pari passu piece is in Morgan Stanley Capital I
Trust 2003-IQ5, and a $21.0 million pari passu piece is in Morgan
Stanley Capital I Trust 2003-IQ6; both are U.S. CMBS transactions.
The whole loan is secured by a 30-story, 883,405-sq.-ft. class A
office building in New York City.  The master servicer reported a
1.65x DSC and 100% occupancy for year-end 2012.  The fully
amortizing loan matures on Oct. 14, 2021.

Details on the specially serviced asset and watchlist loan are as
follows:

The Motorola Office Building REO asset ($17.0 million, 16.5%) is
the second-largest asset in the pool and the sole asset with the
special servicer, CWCapital.  The total reported exposure was
$19.0 million.  The asset is an 119,829-sq.-ft. office building
built in 2001 in Farmington Hills, Mich., 20 miles northwest of
Detroit.  The asset secures an original loan that transferred to
special servicing on June 7, 2011, for imminent monetary default.
The property became REO on June 18, 2013, following a foreclosure
sale.  CWCapital stated that the property is currently 68.0%
leased and is currently working on leasing up the vacant space.
An appraisal reduction amount (ARA) of $5.6 million is in effect
against this asset.  S&P expects a moderate loss upon this asset's
eventual resolution.

The Waterford Lakes Medical Building 2 loan ($2.9 million, 2.8%)
is the sole loan on the master servicers' watchlist.  The loan is
secured by a 20,562-sf.-ft. medical office building in Orlando,
Fl.  The loan is on the watchlist due to its initial Sept. 1,
2013, maturity date.  The master servicer stated that it approved
the borrower's request for a 90-day maturity date extension of the
subject loan.  The master servicer commented that the borrower has
a potential buyer for the property and is in process of finalizing
the purchase.  In the event the sale does not materialize, the
borrower has lined up to refinance the loan with Old Florida
National Bank.

As it relates to asset resolutions, S&P considers a minimal loss
to be less than 25%, a moderate loss to be between 26% and 59%,
and a significant loss to be 60% or greater.

RATINGS RAISED

Bear Stearns Commercial Mortgage Securities Trust 2003-PWR2
Commercial mortgage pass-through certificates

                    Rating
Class          To          From       Credit enhancement (%)
C              AAA (sf)    A (sf)                      79.97
D              AAA (sf)    A- (sf)                     70.95
E              AAA (sf)    BBB+ (sf)                   59.35
F              AA (sf)     BBB (sf)                    49.03
G              A (sf)      BBB- (sf)                   40.00
H              BBB (sf)    BB+ (sf)                    27.11

RATING LOWERED

Bear Stearns Commercial Mortgage Securities Trust 2003-PWR2
Commercial mortgage pass-through certificates

                    Rating
Class          To          From       Credit enhancement (%)
N              D (sf)      CCC (sf)                     5.19

RATINGS AFFIRMED

Bear Stearns Commercial Mortgage Securities Trust 2003-PWR2
Commercial mortgage pass-through certificates

Class            Rating              Credit enhancement (%)
J                BB (sf)                              21.95
K                B+ (sf)                              16.79
L                B- (sf)                              12.93
M                CCC+ (sf)                             7.77


BEAR STEARNS 2006-PWR11: Fitch Affirms 'B' Rating on $37.2MM Notes
------------------------------------------------------------------
Fitch Ratings has affirmed all classes of commercial mortgage
pass-through certificates from Bear Stearns Commercial Mortgage
Securities Trust, series 2006-PWR11.

Key Rating Drivers:

The affirmations are due to stable performance since Fitch last
review. Fitch modeled losses of 6.5% of the remaining pool;
expected losses on the original pool balance total 8.8%, including
losses already incurred to date (3.5%). Fitch has identified 21
loans (18.8%) as Fitch Loans of Concern (LOC), which includes one
real estate owned (REO) asset (0.6%).

As of the November 2013 distribution date, the pool's aggregate
principal balance has been reduced by 19.2% to $1.5 billion from
$1.61 billion at issuance. Four loans (0.7% of the pool) are
defeased. Interest shortfalls in the amount of $2.9 million are
affecting classes H, L, O and P.

Rating Sensitivity:

The ratings on the 'AAA' rated classes are expected to remain
stable due to sufficient credit enhancement and continued paydown.
Although credit enhancement for class A-J remains high, upgrades
in the near future are unlikely due to the high concentration of
Fitch LOC, three of which (13.8%) are among the top 15 loans.
Future downgrades on class B are possible should the performance
of the collateral deteriorate. The distressed classes (rated below
'B') may be subject to further rating actions as losses are
realized.

The largest contributors to modeled losses, are the Investcorp
Retail Portfolio 1 loan (6.4% of the remaining pool balance) and
the Investcorp Retail Portfolio 2 loan (5.9%), which are cross-
collateralized and cross-defaulted retail portfolios. The
collateral consists of eight retail properties totaling
approximately 1.6 million square feet (sf), seven of which are
located in Ohio and one in Indiana. Anchor tenants are Wal-Mart,
Sam's Club, Kohl's, Hobby Lobby and Regal Cinema. Hobby Lobby,
which leases a total of 127,205 sf at two of the properties,
vacated one space in September 2012 but is still paying rent. The
lease expires in December 2014.

The combined occupancy as of June 30, 2013 for Investcorp Retail
Portfolio I was 86.4% from 86% at year-end (YE) 2012. The Second
quarter 2013 (2Q'13) servicer reported debt service coverage ratio
(DSCR) was 1.1x, compared to 1.14x at YE2012 and 1.03x at YE2011.
The combined occupancy for Investcorp Retail Portfolio 2 was 90.1%
at 2Q'13 from 88.3% at YE2012. The 2Q'13 servicer reported DSCR
was 1.12x , compared to 1.22x at YE2012 and 1.15x at YE2011. The
interest only loans are sponsored by Investcorp and Cast.

The next largest contributor to modeled losses (1.5%) is secured
by a 144,147 sf retail property in Athens, GA. Major tenants
include Bed, Bath & Beyond, Barnes & Noble and Chuck E. Cheese. As
of 3Q'13, the property was 70.6% occupied, compared to 85% at
YE2012 and 90% at YE2011. The steady decline in occupancy was
primarily due to the closing of Old Navy (15% of NRA) after lease
expiration in August 2013 and Rack Room Shoes (6% of NRA) that
vacated in September 2012 upon lease expiration. The property
faces significant near turn lease rollover risk. Leases
representing 27.5% of NRA are scheduled to expire within the next
12 months, including the Barnes & Noble lease (expiring September
2014). The servicer reported 2Q13 DSCR was 1.12x, compared to
1.22x at YE2012 and 1.19x at YE2011.

Fitch has affirmed the following classes as indicated:

-- $0.16 million class A-2 at 'AAAsf'; Outlook Stable;
-- $44.8 million class A-3 at 'AAAsf'; Outlook Stable;
-- $73.4 million class A-AB at 'AAAsf'; Outlook Stable;
-- $830.7 billion class A-4 at 'AAAsf'; Outlook Stable;
-- $104.6 million class A-1A at 'AAAsf'; Outlook Stable;
-- $185.9 million class A-M at 'AAAsf'; Outlook Stable;
-- $146.4 million class A-J at 'BB/sf'; Outlook Stable;
-- $37.2 million class B at 'B/sf'; Outlook Negative;
-- $23.2 million class C at 'CCCsf'; RE 50%;
-- $27.9 million class D at 'CCsf'; RE0%;
-- $18.9 million class E at 'CCsf'; RE0%;
-- $20.9 million class F at 'Csf'; RE0%';
-- $18.9 million class G at 'Csf''; RE0%;
-- $14 million class H at 'Dsf'; RE0%.

Classes J through O have been depleted due to realized losses and
remain at 'Dsf' RE 0%. Class A-1 has paid in full. Class P is not
rated by Fitch. Fitch has previously withdrawn the ratings of the
interest only class X.


BENEFIT STREET III: S&P Assigns 'BB' Rating on Class D Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 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 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 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 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 0.24%-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.

RATINGS ASSIGNED

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

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.


BLUE HILL: S&P Assigns 'BB-' Rating on Class E Notes
----------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to Blue
Hill CLO Ltd./Blue Hill CLO LLC's $464.75 fixed- and floating-rate
notes.

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

The ratings reflect S&P's view of:

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

   -- The transaction's credit enhancement, which is sufficient to
      withstand the defaults applicable for the supplemental tests
      (not counting excess spread), and cash flow structure, which
      can withstand the default rate projected by Standard &
      Poor's Ratings Services' CDO Evaluator model, as assessed by
      Standard & Poor's using the assumptions and methods outlined
      in its corporate collateralized debt obligation 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 0.24%-13.84%

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

   -- The transaction's reinvestment overcollateralization test, a
      failure of which will lead to the reclassification of 50% of
      excess interest proceeds that are available before paying
      uncapped administrative expenses and fees, subordinated
      hedge termination payments, portfolio manager incentive
      fees, and subordinated note payments to principal proceeds
      for the purchase of additional collateral assets during the
      reinvestment period.

RATINGS ASSIGNED

Blue Hill CLO Ltd./Blue Hill CLO LLC

Class                 Rating                 Amount
                                           (mil. $)
X                     AAA (sf)                 3.75
A                     AAA (sf)               307.50
B-1                   AA (sf)                 33.50
B-2                   AA (sf)                 20.00
C-1                   A (sf)                  41.00
C-2                   A (sf)                   5.00
D                     BBB- (sf)               32.00
E                     BB- (sf)                22.00
Subordinate notes     NR                      54.25

NR--Not rated.


CDO REPACKAGING 2006-A: Moody's Hikes $62.3MM Notes Rating to B3
----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
rating of the following notes issued by CDO Repackaging Trust
Securities ("CRTS"), Series 2006-A:

U.S. $62,300,000 Class 1 Units (current balance of $3,765,463),
Upgraded to B3 (sf); previously on March 12, 2009 Downgraded to
Caa2 (sf).

Ratings Rationale:

According to Moody's, the rating action taken on the notes is
primarily a result of deleveraging. The Class1 Units have been
paid down by approximately $8.6 million or 69.6% since December
2012.

CDO Repackaging Trust Securities, Series 2006-A is a repackaged
security whose liabilities' ratings are based primarily upon the
transaction's structure and the credit quality of the underlying
assets which are the Class A-1L Floating Rate Notes issued by Mid
Ocean CBO 2000-1 Ltd (the "Underlying Assets"). The Underlying
Assets are currently rated Caa3 by Moody's. The aggregate stated
principal amount of the Underlying Assets currently owned by CRTS
is $14,416,320.

Factors that would lead to an upgrade or downgrade of the rating

Moody's notes that in analyzing the Underlying Assets whose credit
performance directly drives the rating of the repackaged security,
there exist a number of sources of uncertainty, operating both on
a macro level and on a transaction-specific level. Primary sources
of assumption uncertainty are the extent of the slowdown in growth
in the current macroeconomic environment and the commercial and
residential real estate property markets. While commercial real
estate property markets are gaining momentum, a consistent upward
trend will not be evident until the volume of transactions
increases, distressed properties are cleared from the pipeline and
job creation rebounds. Among the uncertainties in the residential
real estate property market are those surrounding future housing
prices, pace of residential mortgage foreclosures, loan
modification and refinancing, unemployment rate and interest
rates.

Loss and Cash Flow Analysis:

Moody's analyzed CRTS by modeling the cashflows passed to the
repackaged security from the Underlying Assets. First, Moody's
derived the expected losses on the Underlying Assets by applying
the Monte Carlo simulation framework within Moody's CDOROM v2.10-
15 to model the loss distribution of the collateral backing the
Underlying Assets. Within this framework, defaults are generated
so that they occur with the frequency indicated by the adjusted
default probability pool (the default probability associated with
the current rating multiplied by the Resecuritization Stress) for
each credit in the reference. Specifically, correlated defaults
are simulated using a normal (or "Gaussian") copula model that
applies the asset correlation framework. Recovery rates for
defaulted credits are generated by applying within the simulation
the distributional assumptions, including correlation between
recovery values.

Together, the simulated defaults and recoveries across each of the
Monte Carlo scenarios define the loss distribution for the
reference pool.

Once the loss distribution for the collateral of the Underlying
Assets has been calculated, each collateral loss scenario derived
through the Moody's CDOROM loss distribution is associated with
the interest and principal received by the repackaged security via
a CDOEdge cash flow model. The cash flow model takes into account
the following: collateral cash flows, the transaction covenants,
the priority of payments (waterfall) for interest and principal
proceeds received from portfolio assets, reinvestment assumptions,
the timing of defaults, interest-rate scenarios and foreign
exchange risk (if present). The Expected Loss (EL) for each
tranche is the weighted average of losses to each tranche across
all the scenarios, where the weight is the likelihood of the
scenario occurring. Moody's defines the loss as the shortfall in
the present value of cash flows to the tranche relative to the
present value of the promised cash flows. The present values are
calculated using the promised tranche coupon rate as the discount
rate. For floating rate tranches, the discount rate is based on
the promised spread over Libor and the assumed Libor scenario.

Stress Scenarios:

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

Class 1 Units: +1

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

Class 1 Units: 0


CHASE COMMERCIAL 1999-2: Fitch Affirms 'B-' Rating on $5.9MM Notes
------------------------------------------------------------------
Fitch Ratings has affirmed two classes of Chase Commercial
Mortgage Securities Corporation (CMSC) commercial mortgage pass-
through certificates series 1999-2. A detailed list of rating
actions follows at the end of this press release.

Key Rating Drivers:

The affirmations reflect sufficient credit enhancement to offset
Fitch expected losses. Fitch modeled losses of 0.56% of the
remaining pool; expected losses on the original pool balance total
1.26%, including $9.77 million (1.25% of the original pool
balance) in realized losses to date. There are no specially
serviced loans as of the November 2013 distribution date.

As of the November 2013 distribution date, the pool's aggregate
principal balance has been reduced by 97.9% to $15.8 million from
$782.7 million at issuance. There are four of the original 92
loans remaining in the transaction, one of which is fully defeased
(32.9% of the pool balance). Interest shortfalls are currently
affecting class M.

Fitch has designated one loan (42% of the pool) as a Fitch Loan of
Concern. The subject loan, the largest in the pool, is secured by
a 62,042 square foot office property in Los Gatos, CA. Property
cash flow has struggled since 2004 due to reduced revenue from
decreased rental rates and increased expenses since issuance. The
loan remains current and the property is currently 100% occupied,
however, debt service coverage ratio (DSCR) remains low reporting
at 0.84x for year to date June 2013. The property also has lease
rollover concerns, with 26% of the net rentable area (NRA)
scheduled to rollover in 2014, and 34% NRA in 2015.

Rating Sensitivity:

The Rating Outlook on class K remains Stable. While the defeased
loan would repay the entire class, the rating has been capped at
'Asf' as the class was previously impacted by interest shortfalls.
According to Fitch's global criteria for rating caps, Fitch will
not assign or maintain 'AAAsf' or 'AAsf' ratings for notes that it
believes have a high level of vulnerability to interest shortfalls
or deferrals, even if permitted under the terms of the documents.
The Negative Outlook on class L reflects the concentrated nature
of the remaining pool and adverse selection as the remaining
properties are located in secondary or tertiary markets. The class
may be subject to further downgrade if expected losses increase.

Fitch affirms the following classes:

-- $5 million class K at 'Asf'; Outlook Stable
-- $5.9 million class L at 'B-sf'; Outlook Negative

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


CITIGROUP 2013-GC17: Fitch Rates $17.3MM Class E Notes 'BBsf'
-------------------------------------------------------------
Fitch Ratings assigns the following ratings and Outlooks to
Citigroup Commercial Mortgage Trust 2013-GC17 commercial mortgage
pass-through certificates:

-- $46,093,000 class A-1 'AAAsf'; Outlook Stable;
-- $192,952,000 class A-2 'AAAsf'; Outlook Stable;
-- $120,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $192,342,000 class A-4 'AAAsf'; Outlook Stable;
-- $55,534,000 class A-AB 'AAAsf'; Outlook Stable;
-- $676,284,000a class X-A 'AAAsf'; Outlook Stable;
-- $54,189,000a class X-B 'AA-sf'; Outlook Stable;
-- $17,341,000ab class X-C 'BBsf'; Outlook Stable;
-- $69,363,000 class A-S 'AAAsf'; Outlook Stable;
-- $54,189,000 class B 'AA-sf'; Outlook Stable;
-- $157,150,000c class PEZ 'A-sf'; Outlook Stable;
-- $33,598,000 class C 'A-sf'; Outlook Stable;
-- $42,267,000b class D 'BBB-sf'; Outlook Stable;
-- $17,341,000b class E 'BBsf'; Outlook Stable;
-- $8,670,000b class F 'Bsf'; Outlook Stable.

a Notional amount and interest-only.
b Privately placed pursuant to Rule 144A.
c Class A-S, B, and C certificates may be exchanged for class PEZ
  certificates, and class PEZ certificates may be exchanged for up
  to the full certificate principal amount of the class A-S, B
  and C certificates.

Fitch does not rate the $34,681,987 class G or the $43,351,987
interest-only class X-D.

The certificates represent the beneficial ownership in the trust,
primary assets of which are 65 loans secured by 70 commercial
properties having an aggregate principal balance of approximately
$867 million as of the cutoff date. The loans were contributed to
the trust by Citigroup Global Markets Realty Corp., Starwood
Mortgage Funding I LLC, Goldman Sachs Mortgage Company, Cantor
Commercial Real Estate Lending, L.P., and The Bancorp Bank.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 72.2% of the properties
by balance and cash flow analysis and asset summary reviews on
87.2% of the pool.

Key Rating Drivers:

Fitch Leverage: The pool's Fitch DSCR and LTV of 1.16x and 101.8%,
respectively, are slightly worse than the first half 2013 and 2012
averages of 1.36x and 99.8% and 1.24x and 97.2%, respectively.

Property Quality: Fitch assigned property quality grades of 'A' or
'A-' to four of the 10 largest loans in the pool, which represent
26.9% of the pool balance. Furthermore, property quality grades of
'B+' or better were assigned to 56.1% of the pool.

Retail Concentration: Retail properties represent the largest
concentration at 49.1% of the pool, including six of the top 10
loans. This is higher than the first half 2013 average retail
concentration of 31.6%. The next largest property type
concentrations are office (19.9%), and hotel (11.3%). The hotel
concentration is in line with the 2012 average pool concentration.

Limited Amortization: The pool is scheduled to amortize by 12.4%
of the initial pool balance prior to maturity. The pool's
concentration of partial-interest loans (39.9%), which includes
five of the 10 largest loans, is higher than the first-half 2013
average (30.7%). However, the pool's concentration of full-term
interest-only loans (15%) is slightly lower than the first-half
2013 average (19%).

Rating Sensitivities:

For this transaction, Fitch's net cash flow (NCF) was 9.7% below
the most recent net operating income (NOI) (for properties for
which most recent 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 potentially in rating actions on
the certificates. Fitch evaluated the sensitivity of the ratings
assigned to CGCMT 2013-GC17 certificates and found that the
transaction displays slightly above-average sensitivity to further
declines in NCF. In a scenario in which NCF declined a further 20%
from Fitch's NCF, a downgrade of the junior 'AAAsf' certificates
to 'BBB+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 'BBB-sf' could result.

The presale report includes a detailed explanation of additional
stresses and sensitivities in the Rating Sensitivity and Rating
Stresses sections of the presale.

The master servicer will be Wells Fargo Bank, N.A., rated 'CMS1-'
by Fitch. The special servicer will be LNR Partners LLC, rated
'CSS1-' by Fitch.


CPS AUTO 2013-D: S&P Assigns Prelim. BB- Rating on Class E Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to CPS Auto Receivables Trust 2013-D's $183 million asset-
backed notes.

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

The preliminary ratings are based on information as of Dec. 5,
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 42.2%, 34.3%, 30.0%,
      26.7%, and 25.1% of credit support for the class A, B, C, D,
      and E notes, respectively, based on stressed cash flow
      scenarios (including excess spread).  These credit support
      levels provide coverage of 2.8x, 2.3x, 1.75x, 1.66x, and
      1.33x S&P's 13.65%-14.15% expected cumulative net loss range
      for the class A, B, C, D, and E notes, respectively.

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

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

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

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

PRELIMINARY RATINGS ASSIGNED

CPS Auto Receivables Trust 2013-D

Class     Rating        Type          Interest          Amount
                                      rate(i)         (mil. $)
A         AA- (sf)      Senior        Fixed            136.330
B         A (sf)        Subordinate   Fixed             21.500
C         BBB (sf)      Subordinate   Fixed             10.980
D         BBB- (sf)     Subordinate   Fixed              9.150
E         BB- (sf)      Subordinate   Fixed              5.040

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


CREST 2003-2: S&P Raises Rating on 2 Note Classes to 'BB-'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
B and C notes from Crest 2003-2 Ltd., a static cash flow
collateralized debt obligation (CDO) of commercial mortgage-backed
securities transaction.  At the same time, S&P removed its ratings
on the class B notes from CreditWatch.  S&P also affirmed its
ratings on the class D and E notes.

The upgrades reflect the increased credit support available to the
class B and class C notes.  Since S&P's August 2012 rating actions
following the application of the revised CDO of structured finance
criteria, the transaction paid down the rated liabilities by
$102 million.  The three class A notes were paid in full and their
ratings were withdrawn, while the two class B notes were paid down
to 40% of their initial issuance amounts.  As a result, the class
A/B overcollateralization (O/C) ratio has increased to 452% as of
the October 2013 trustee report from 150% in June 2012.

Despite the increase in the class A/B O/C ratio, we did note that
the class D O/C ratio has has only increased slightly and the
class E O/C has decreased.  The class D and E O/C and interest
coverage tests are all failing.  As of the September 2013 payment,
both classes D and E had increases to their interest deferral
balances.  S&P's affirmations on these classes reflect the credit
support available to them.

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.

RATING AND CREDITWATCH ACTIONS

Crest 2003-2 Ltd.
              Rating
Class     To          From
B-1       BBB (sf)    BB+ (sf)/Watch Pos
B-2       BBB (sf)    BB+ (sf)/Watch Pos
C-1       BB- (sf)    B+ (sf)
C-2       BB- (sf)    B+ (sf)

RATINGS AFFIRMED

Crest 2003-2 Ltd.

Class     Rating
D-1       CCC- (sf)
D-2       CCC- (sf)
E-1       CCC- (sf)
E-2       CCC- (sf)


CREST 2004-1: Moody's Raises Class A Notes Rating From 'Ba1(sf)'
----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by Crest 2004-1, Ltd.:

  Cl. A, Upgraded to Baa2 (sf); previously on Jan 31, 2013
  Affirmed Ba1 (sf)

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

  Cl. B-1, Affirmed Caa1 (sf); previously on Jan 31, 2013 Affirmed
  Caa1 (sf)

  Cl. B-2, Affirmed Caa1 (sf); previously on Jan 31, 2013 Affirmed
  Caa1 (sf)

  Cl. C-1, Affirmed Caa3 (sf); previously on Jan 31, 2013 Affirmed
  Caa3 (sf)

  Cl. C-2, Affirmed Caa3 (sf); previously on Jan 31, 2013 Affirmed
  Caa3 (sf)

  Cl. D, Affirmed Ca (sf); previously on Jan 31, 2013 Affirmed Ca
  (sf)

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

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

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

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

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

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

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

Ratings Rationale:

The upgrades are due to rapid amortization of the underlying
collateral due to a combination of prepayments and greater than
expected recoveries on defaulted assets. 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.

Crest 2004-1 is a static cash transaction backed by a portfolio
of: i) commercial mortgage backed securities (CMBS) (98.1% of the
current pool balance); and ii) and CRE CDOs (1.9%). As of the
October 28, 2013 note valuation report, the aggregate note balance
of the transaction, including prefered shares, is $315.9 million
compared to $428.5, with paydown to the Class A notes as a result
of scheduled amortization as well as the failure of certain par
value tests.

The pool contains 39 one assets totaling $108.5 million (44.0% of
the collateral pool balance) that are listed as defaulted
securities as of the October 31, 2013 trustee report. While there
have been limited realized losses on the underlying collateral to
date, Moody's does expect moderate losses to occur on the
defaulted securities.

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

WARF is a primary measure of the credit quality of a CRE CDO pool.
Moody's has completed updated assessments for the non-Moody's
rated collateral. Moody's modeled a bottom-dollar WARF of 5,944
compared to 5,947 at last review. The current distribution of
Moody's rated collateral and assessments for non-Moody's rated
collateral is as follows: Aaa-Aa3 (6.7% compared to 5.2% at last
review), A1-A3 (4.1% compared to 0.0% at last review), Baa1-Baa3
(5.0% compared to 5.0% at last review), Ba1-Ba3 (8.9% compared to
11.6% at last review), B1-B3 (14.9% compared to 16.0% at last
review) and Caa1-Ca/C (60.4% compared to 62.2% at last review).

Moody's modeled a WAL of 1.8 years compared to 2.6 years at last
review.

Moody's modeled a fixed WARR of 6.8% compared to 6.2% at last
review.

Moody's modeled a MAC of 100.0%, compared to 18.4% at last review.

Factors that would lead to an upgrade or downgrade of the rating:

The performance of the notes is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The servicing decisions of the master and special
servicer and surveillance by the operating advisor with respect to
the collateral interests and oversight of the transaction will
also affect the performance of the rated notes.

Moody's Parameter Sensitivities: Changes in any one or combination
of the key parameters may have rating implications on certain
classes of rated notes. However, in many instances, a change in
key parameter assumptions in certain stress scenarios may be
offset by a change in one or more of the other key parameters.
Rated notes are particularly sensitive to changes in ratings
recovery rates of the underlying collateral and credit
assessments. Holding all other key parameters static, changing the
recovery rate assumption down from 6.8% to 1.8% or up to 11.8%
would result in a modeled rating movement on the rated tranches of
0 to 2 notches downward and 0 to 1 notch upward, respectively.

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


CT CDO IV: S&P Lowers Rating on Class A-1 Notes to B-
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
A-1 notes from CT CDO IV Ltd., a commercial real estate
collateralized debt obligation (CRE CDO) transaction, to 'B- (sf)'
from 'B+ (sf)'.  At the same time, S&P affirmed its 'CCC- (sf)'
ratings on 12 classes of notes from the same transaction.

The downgrade and affirmations reflect S&P's analysis of the
transaction's liability structure and the underlying credit
characteristics of the collateral using S&P's global CDOs of
pooled structured finance assets criteria, its rating methodology
and assumptions for U.S. and Canadian CMBS, and its commercial
mortgage-backed securities (CMBS) global property evaluation
methodology criteria.  The downgrade on the class A-1 notes also
reflects the results of S&P's largest obligor default test, which
is part of its supplemental stress test.  The largest obligor
default test assesses the ability of a rated CDO of pooled
structured finance liability tranche to withstand the default of a
minimum number of the largest credit or obligor exposures within
an asset pool, factoring in the underlying assets' credit quality.

S&P affirmed its 'CCC- (sf)' ratings on the class C, D-FL, D-FX,
E, F-FL, F-FX, G, H, J, K, L, and M notes from the same
transaction, because these classes can defer interest payments.
According to the Nov. 18, 2013, remittance report, the class A-2
notes and all of the classes subordinate to it did not receive
full interest.  S&P previously lowered its rating on the class A-2
and B notes, which are nondeferrable classes, to 'D (sf)'.

According to the Nov. 18, 2013, trustee report, the transaction's
collateral totaled $203.1 million, while its liabilities,
including capitalized interest, totaled $219.0 million.  This was
down from $488.6 million in liabilities at issuance.  The
transaction's current asset pool included the following:

   -- Eighteen CMBS tranches ($129.6 million, 63.8%);

   -- Eight CRE CDO tranches ($45.2 million, 22.3%); and

   -- Two subordinate loans ($28.3 million, 13.9%).

S&P believes that its rating actions are consistent with the
credit enhancement available to support the notes and reflect
S&P's analysis of the transaction's liability structure and the
underlying collateral's credit characteristics.

RATING LOWERED

CT CDO IV Ltd.

                  Rating
Class    To                 From
A-1      B- (sf)            B+ (sf)


RATINGS AFFIRMED

CT CDO IV Ltd.

Class       Rating
C           CCC- (sf)
D-FL        CCC- (sf)
D-FX        CCC- (sf)
E           CCC- (sf)
F-FL        CCC- (sf)
F-FX        CCC- (sf)
G           CCC- (sf)
H           CCC- (sf)
J           CCC- (sf)
K           CCC- (sf)
L           CCC- (sf)
M           CCC- (sf)


GALLATIN CLO VI: Fitch Rates 'BB' Rating on $21.25MM Class E Notes
------------------------------------------------------------------
Fitch Ratings assigns the following ratings to Gallatin CLO VI
2013-2, LLC:

-- $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 assigned
ratings for each class in Fitch's standard cash flow scenarios.

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
Dec. 4, 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 64%, respectively. Class B notes are robust against
default rates of up to 59.2%, class C notes are robust against
default rates of up to 54.8%, class D notes are robust against
default rates of up to 48.3%, and class E notes are robust against
default rates of up to 41.7%.

Strong Recovery Expectations: The indicative portfolio consists of
100% first-lien senior secured loans, of which 97.7% 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 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
14.7%, 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 5.7% of the
indicative portfolio to be rated in the 'CCC' category and
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 63.4%
and 39.7%, respectively, at the 'AAAsf' rating level; 58.7% and
48.7%, respectively, at the 'AAsf' rating level; 52.1% and 53.2%,
respectively, at the 'Asf' rating level; 47.3% and 59.4%,
respectively, at the 'BBBsf' rating level; 39.3% and 69%,
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 pricing 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
36.6% 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
(1.8%). Class B passed 10 out of 12 stress scenarios at the 'AAsf'
rating level, with a minimum degree of cushion of (1.3%). Each of
the failures observed for class B maintained passing levels within
the 'AAsf' rating category. Class C also passed 10 out of 12
stress scenarios at the 'Asf' rating level, with a minimum degree
of cushion of (0.1%). Class D passed eight out of 12 stress
scenarios at the 'BBBsf' rating level, with a minimum degree of
cushion of (1.2%). Each of the failures observed for class D
maintained passing levels within the 'BBBsf' rating category.
Class E passed 10 out of 12 stress scenarios at the 'BBsf' rating
level, with a minimum degree of cushion of (1.3%). 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
107 loans from 101 obligors, including 15 unidentified assets with
assumed characteristics constituting 16.5% of the portfolio. The
PCM default rate and recovery rate of the indicative portfolio are
52.6% and 43.3%, respectively at the 'AAAsf' rating level; 48.9%
and 53%, respectively at the 'AAsf' rating level; 44.1% and 57.6%,
respectively at the 'Asf' rating level; 40% and 63.8%,
respectively at the 'BBBsf' rating level; 33.1% and 73.4%,
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 47.4% for class X, 11.4%
for class A debt, 10.3% for class B, 10.7% for class C, 8.3% for
class D and 8.6% 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.
Fitch also analyzed two extreme points on the asset quality
matrix, which features various weighted average spread (WAS),
weighted average rating factor (WARF) and diversity score
combinations. The matrix points tested included the lowest credit
quality/highest WAS combination and the highest credit
quality/lowest WAS combination.

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 'AA-sf' for the class A debt, between
'BB+sf' and 'BBB+sf' for the class B debt, between 'BBsf' and
'BB+sf' for the class C debt, between 'Bsf' and 'BBsf' for the
class D debt, and between 'CCsf' and 'Bsf' for the class E debt.
The results of these scenarios remained consistent with the
assigned ratings.

Fitch was comfortable assigning the ratings on the notes as
described above because the agency believes the tranches can
sustain robust levels of defaults and because of other qualitative
factors such as the credit enhancement (CE) afforded to each class
of notes compared to recent CLO issuance, the performance of each
class of notes in several sensitivity scenarios, the degree of
cushion in the performance of these notes when analyzing the
indicative portfolio, and the strong CLO track record of MP Senior
Credit Partners L.P. (MPSCP), the asset manager.

Each class of notes has been assigned a Stable Outlook due to
Fitch's expectation of steady performance through anticipated
levels of default and the various forms of CE available to the
notes. Fitch also notes the degree of cushion between the cash
flow model outputs on the Fitch-stressed portfolio as compared to
the cash flow model outputs from the indicative portfolio
analysis. The results of the sensitivity analysis also contributed
to Fitch's assignment of Stable Outlooks to each class of notes.

Transaction Summary:

Gallatin VI is an arbitrage cash flow CLO that will be managed by
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 33bps 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.


GMAC COMMERCIAL 2004-C1: S&P Affirms BB- Rating on Class E Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
B and C commercial mortgage pass-through certificates from GMAC
Commercial Mortgage Securities Inc.'s series 2004-C1, a U.S.
commercial mortgage-backed securities (CMBS) transaction.  At the
same time, S&P affirmed its ratings on seven classes from the same
transaction.

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

The upgrades reflect S&P's expectation of the available credit
enhancement for the class B and C certificates, which S&P believes
is greater than its most recent estimate of necessary credit
enhancement for the respective rating levels.  The upgrades also
reflect S&P's views regarding the current and future performance
of the transaction's collateral as well as the deleveraging of the
trust balance.

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

While available credit enhancement levels may suggest further
positive rating movements on certain classes, S&P's analysis also
considered the deal structure, the amount of liquidity available
to the trust, potential for additional interest shortfalls from
the two real estate-owned (REO) assets with the special servicer
($41.4 million, 13.7%), and the volume of nondefeased, non-
specially serviced assets scheduled to mature through April 2014
(28 loans, $163.5 million, 54.1%).

Using servicer-provided financial information, S&P calculated a
Standard & Poor's adjusted debt service coverage (DSC) of 1.58x
and a Standard & Poor's loan-to-value (LTV) ratio of 63.7% for 26
of the 38 remaining assets in the pool.  The DSC and LTV
calculations exclude seven loans ($87.7 million, 29.0%) that are
defeased, two REO assets ($41.4 million, 13.7%) that are with the
special servicer, one loan ($17.3 million, 5.7%) that was
transferred to the special servicer subsequent to the current
reporting period, and two loans ($2.7 million, 0.9%) that S&P
deemed to be credit impaired.

As of the Nov. 12, 2013, trustee remittance report, the collateral
pool had an aggregate trust balance of $302.5 million, down from
$721.4 million at issuance.  The pool comprises 36 loans and two
REO assets, down from 64 loans at issuance.  Seven ($87.7 million,
29.0%) of the 36 performing loans are fully defeased.  To date,
the transaction has experienced losses totaling $14.9 million, or
2.1% of the transaction's original certificate balance.  The
master servicer, Berkadia Commercial Mortgage LLC (Berkadia),
provided financial information for 98.3% of the nondefeased loans
in the pool, of which 87.9% represents full-year 2012 data and the
remainder was year-end 2011.  Three ($58.7, 16.3%) of the
remaining 38 assets are currently with the special servicer,
CWCapital Asset Management LLC (CWCapital), which S&P discuss
below.  Four ($18.9 million, 6.3%) of the 11 ($51.0 million,
16.9%) loans are reported on the master servicer's watchlist
because of impending 2013 and 2014 maturities.  Details of the two
largest watchlist loans are below:

The Smith Brothers Hardware Building loan ($13.6 million, 4.5%),
the fourth-largest nondefeased asset in the pool, is secured by a
190,015-sq.-ft. office property in Columbus, Ohio.   The loan is
on the master servicer's watchlist because of its Dec. 1, 2013,
maturity and low reported DSC.  The reported DSC and occupancy for
the six months ended June 30, 2013, were 0.87x and 83.2%,
respectively.  The borrower has indicated that they are working to
secure financing in order to pay off the loan at maturity.

The Courtyard by Marriot (Omaha) loan ($10.6 million, 3.5%), the
seventh-largest nondefeased asset in the pool, is secured by a
181-room limited service hotel in Omaha, Neb.  The loan is on the
master servicer's watchlist because of its upcoming Jan. 1, 2014,
maturity.  The reported DSC was 2.58x as of year-end 2012, and the
borrower intends to pay off the loan before or on its maturity
date.

        SPECIALLY SERVICED ASSETS AND CREDIT-IMPAIRED LOANS

As of the Nov. 12, 2013, trustee remittance report, there are two
REO assets,totaling $41.4 million (13.7%) with the special
servicer, CWCapital.  One loan ($17.3 million, 4.8%) was
transferred to the special servicer subsequent to the current
reporting period.  Appraisal reduction amounts (ARAs) totaling
$13.9 million are in effect against the two specially serviced REO
assets.  In addition, S&P deemed two loans ($2.7 million, 0.9%)
credit impaired due to imminent or high risks of default.  Details
of the specially serviced assets and three credit-impaired loans
are as follows:

The 600 & 601 Fort Washington Executive Center and 602 Fort
Washington Executive Center cross-collateralized and cross-
defaulted assets ($41.4 million, 13.7%) have a total reported
exposure of $49.2 million.  The assets comprise three connected
office buildings totaling 393,067 sq. ft.  They were built in 1988
and are located in Fort Washington, Pa., north of Philadelphia.
The loans were transferred to the special servicer on March 5,
2010, due to imminent monetary default and became REO on March 30,
2011.  According to CWCapital, their strategy is to reposition the
assets and lease the remaining vacant space before disposition.
We expect a moderate loss (between 26% and 59%) upon these assets'
eventual resolution.

The Orchard Ridge Office Building loan ($17.3 million, 5.7%), the
second-largest nondefeased loan in the pool, is secured by a
127,159 sq.-ft. office property located in Farmington Hills,
Mich., a suburb of Detroit.  According to Berkadia, this loan was
transferred to the special servicer on Nov. 1, 2013, subsequent to
the current reporting period after the borrower indicated that
they could not pay off the loan.  The reported DSC and occupancy
was 1.27x and 58.0%, respectively for the six months ended
June 30, 2013.  S&P deemed the loan credit impaired and expect a
moderate loss upon this asset's eventual resolution.

In addition to the specially serviced assets, S&P deemed two other
loans credit impaired.  S&P considers these loans to be at
increased risk of default and loss.  Details are as follows:

The Chelsea Clocktower loan ($1.4 million, 0.5%) is secured by a
25,079-sq.-ft. office property in Chelsea, Mich.  The loan is on
the master servicer's watchlist due to its upcoming Jan. 1, 2014,
maturity and low DSC.  The reported DSC and occupancy was 0.28x
and 61.0%, respectively, for the six months ended June 30, 2013.
Due to the significant decline in this property's performance, S&P
views this loan to be at a high risk of default.  S&P deemed the
loan credit impaired and expect a significant loss (60% or
greater) upon this asset's eventual resolution.

The Troywood Plaza loan ($1.3 million, 0.4%) is secured by a
14,712-sq.-ft. unanchored retail center in Troy, Mich.  The loan
is on the master servicer's watchlist due to its upcoming Dec. 1,
2013, maturity and low DSC of 0.79x for the six months ended
June 30, 2013.  As per the Sept. 30, 2013, rent roll, the property
is 63.0% occupied.  The borrower indicated that they do not expect
to pay off the loan at maturity.  S&P deemed the loan credit
impaired and expect a minimal loss (less than 25%) upon this
asset's eventual resolution.

RATINGS RAISED

GMAC Commercial Mortgage Securities Inc.
Commercial mortgage pass-through certificates series 2004-C1

                  Rating
Class        To         From        Credit enhancement (%)
B            AAA (sf)   AA- (sf)                     27.27
C            AA- (sf)   A- (sf)                      24.59

RATINGS AFFIRMED

GMAC Commercial Mortgage Securities Inc.
Commercial mortgage pass-through certificates series 2004-C1

Class      Rating      Credit enhancement (%)
A-4        AAA (sf)                     34.13
A-1A       AAA (sf)                     34.13
D          BBB- (sf)                    19.52
E          BB- (sf)                     16.84
F          B- sf)                       12.67
G          CCC- (sf)                     9.98
X-1        AAA (sf)                       N/A

N/A-Not applicable.


GOLUB CAPITAL: S&P Affirms 'BB' Rating on Class D Notes
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Golub
Capital Partners CLO 11 Ltd./Golub Capital Partners CLO 11 LLC's
$365.50 million floating-rate notes following the transaction's
effective date as of Sept. 27, 2012.

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 said.

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 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 noted.

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

Golub Capital Partners CLO 11 Ltd./Golub Capital Partners CLO 11
LLC

Class                      Rating                       Amount
                                                      (mil. $)
A-1                        AAA (sf)                     257.00
A-2                        AA (sf)                       35.50
B (deferrable)             A (sf)                        31.00
C (deferrable)             BBB (sf)                      21.00
D (deferrable)             BB (sf)                       21.00


GS MORTGAGE 2006-CC1: Moody's Affirms Ca Rating on Class A Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has affirmed the
ratings of the following notes issued by GS Mortgage Securities
Corporation II, Series 2006-CC1:

  Cl. A, Affirmed Ca (sf); previously on Feb 21, 2013 Affirmed
  Ca (sf)

  Cl. B, Affirmed C (sf); previously on Feb 21, 2013 Affirmed
  C (sf)

Ratings Rationale:

The affirmations are due to key transaction parameters performing
within levels commensurate with the existing ratings levels. The
rating action is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation (CRE CDO and
Re-REMIC) transactions.

GS Mortgage Securities Corporation II, Series 2006-CC1 is a static
cash transaction. The transaction is wholly backed by a portfolio
of commercial mortgage backed securities (CMBS). As of the
November 21, 2013 Trustee report, the aggregate note balance of
the transaction has decreased to $291.6 million from $406.2
million at issuance. The paydowns are due to amortization of the
underlying collateral and directed to the class A certificates.
Currently, classes B through M have been either partially or fully
written down 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 CLO 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 6335
compared to 5808 at last review. The current distribution of
Moody's rated collateral and assessments for non-Moody's rated
collateral is as follows: Aaa-Aa3 (0.6% compared to 1.6% at last
review), A1-A3 (2.3% compared to 1.6% at last review), Baa1-Baa3
(8.4% compared to 10.7% at last review), Ba1-Ba3 (9.5% compared to
12.4% at last review), B1-B3 (19.0% compared to 16.7% at last
review) and Caa1-Ca/C (60.2% compared to 56.9% at last review).

Moody's modeled a WAL of 2.8 years compared to 3.4 years at last
review. The current WAL is based on assumptions about extensions
on the underlying collateral.

Moody's modeled a fixed WARR of 4.4% compared to 5.5% at last
review.

Moody's modeled a MAC of 100.0% compared to 13.9% at last review.

Factors that would lead to an upgrade or downgrade of the rating

The performance of the notes is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The servicing decisions of the master and special
servicer and surveillance by the operating advisor with respect to
the collateral interests and oversight of the transaction will
also affect the performance of the rated notes.

Moody's Parameter Sensitivities: Changes in any one or combination
of the key parameters may have rating implications on certain
classes of rated notes. However, in many instances, a change in
key parameter assumptions in certain stress scenarios may be
offset by a change in one or more of the other key parameters.
Rated notes are particularly sensitive to changes in recovery
rates of the underlying collateral and credit assessments.
However, in light of the performance indicators noted above,
Moody's believes that it is unlikely that the ratings announced
are sensitive to any further changes.

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


HIGH INCOME 2003-1: Moody's Raises $8.32MM Notes Rating to Caa3
---------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
rating of the following notes issued by High Income Trust
Securities, Series 2003-1:

U.S. $8,320,000 Class B Floating Rate Notes due November 2036
(current outstanding balance of $7,509,131), Upgraded to Caa3
(sf); previously on May 8, 2009 Downgraded to C (sf)(sf).

Ratings Rationale:

According to Moody's, the rating action taken on the notes is
primarily a result of deleveraging. Since December 2012, the Class
A Notes have been paid down by approximately $13.1 million or
99.6%.

High Income trust Securities, Series 2003-1 is a repackaged
security whose liabilities' ratings are based primarily upon the
transaction's structure and the credit quality of the underlying
assets which are the Class A-1L Floating Rate Notes Due November
2036, issued by Mid Ocean CBO 2001-1 Ltd (the "Underlying
Assets"). The Underlying Assets are currently rated Caa3 by
Moody's. The outstanding principal balance of the Underlying
Assets currently owned by the repackaged security is $20,045,745.

Factors that would lead to an upgrade or downgrade of the rating

Moody's notes that in analyzing the Underlying Assets whose credit
performance directly drives the rating of the repackaged security,
there exist a number of sources of uncertainty, operating both on
a macro level and on a transaction-specific level. Primary sources
of assumption uncertainty are the extent of the slowdown in growth
in the current macroeconomic environment and the commercial and
residential real estate property markets. While commercial real
estate property markets are gaining momentum, a consistent upward
trend will not be evident until the volume of transactions
increases, distressed properties are cleared from the pipeline and
job creation rebounds. Among the uncertainties in the residential
real estate property market are those surrounding future housing
prices, pace of residential mortgage foreclosures, loan
modification and refinancing, unemployment rate and interest
rates.

Loss and Cash Flow Analysis

Moody's analyzed deal by modeling the cashflows passed to the
repackaged security from the Underlying Assets. First, Moody's
derived the expected losses on the Underlying Assets by applying
the Monte Carlo simulation framework within Moody's CDOROM v2.10-
15 to model the loss distribution of the collateral backing the
Underlying Assets. Within this framework, defaults are generated
so that they occur with the frequency indicated by the adjusted
default probability pool (the default probability associated with
the current rating multiplied by the Resecuritization Stress) for
each credit in the reference. Specifically, correlated defaults
are simulated using a normal (or "Gaussian") copula model that
applies the asset correlation framework. Recovery rates for
defaulted credits are generated by applying within the simulation
the distributional assumptions, including correlation between
recovery values.

Together, the simulated defaults and recoveries across each of the
Monte Carlo scenarios define the loss distribution for the
reference pool.

Once the loss distribution for the collateral of the Underlying
Assets has been calculated, each collateral loss scenario derived
through the Moody's CDOROM loss distribution is associated with
the interest and principal received by the repackaged security via
a CDOEdge cash flow model. The cash flow model takes into account
the following: collateral cash flows, the transaction covenants,
the priority of payments (waterfall) for interest and principal
proceeds received from portfolio assets, reinvestment assumptions,
the timing of defaults, interest-rate scenarios and foreign
exchange risk (if present). The Expected Loss (EL) for each
tranche is the weighted average of losses to each tranche across
all the scenarios, where the weight is the likelihood of the
scenario occurring. Moody's defines the loss as the shortfall in
the present value of cash flows to the tranche relative to the
present value of the promised cash flows. The present values are
calculated using the promised tranche coupon rate as the discount
rate. For floating rate tranches, the discount rate is based on
the promised spread over Libor and the assumed Libor scenario.

Stress Scenarios

Moody's rating action factors in a number of sensitivity analyses
and stress scenarios, discussed below. Results are shown in terms
of the number of notches' difference versus the current model
output, where a positive difference corresponds to lower expected
loss, assuming that all other factors are held equal:

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

Class A Notes: 0

Class B Notes: 0

Class C Notes: 0

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

Class A Notes: 0

Class B Notes: 0

Class C Notes: 0


HILDENE CLO I: Moody's Rates $14.5MM Class E Notes '(P)Ba3'
-----------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
seven classes of Notes to be issued by Hildene CLO I Ltd.

Moody's rating action is as follows:

U.S.$187,500,000 Class A Senior Secured Floating Rate Notes due
2026 (the "Class A Notes"), Assigned (P)Aaa (sf)

U.S.$28,500,000 Class B-1 Senior Secured Floating Rate Notes due
2026 (the "Class B-1 Notes"), Assigned (P)Aa2 (sf)

U.S.$10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2026
(the "Class B-2 Notes"), Assigned (P)Aa2 (sf)

U.S.$16,500,000 Class C Deferrable Mezzanine Floating Rate Notes
due 2026 (the "Class C Notes"), Assigned (P)A2 (sf)

U.S.$18,500,000 Class D Deferrable Mezzanine Floating Rate Notes
due 2026 (the "Class D Notes"), Assigned (P)Baa3 (sf)

U.S.$14,500,000 Class E Deferrable Mezzanine Floating Rate Notes
due 2026 (the "Class E Notes"), Assigned (P)Ba3 (sf)

U.S.$6,000,000 Class F Deferrable Mezzanine Floating Rate Notes
due 2026 (the "Class F Notes"), Assigned (P)B2 (sf)

The Class A Notes, the Class B-1 Notes, the Class B-2 Notes, the
Class C Notes, the Class D Notes, the Class E Notes and the Class
F 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
assets, the transaction's legal structure, and the characteristics
of the underlying assets.

Hildene CLO I is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 90% of the portfolio must
consist of senior secured loans, cash, and eligible investments,
and up to 10% of the portfolio may consist of senior secured
bonds, senior secured notes, high yield bonds, second lien loans
and senior, unsecured loans. The Issuer's documents require the
portfolio to be at least 70% ramped as of the closing date.

Hildene Leveraged Credit, LLC (the "Manager") will direct the
selection, acquisition and disposition of the assets 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
unscheduled principal payments and proceeds from sales of credit
risk assets, 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.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in November 2013.

For modeling purposes, Moody's used the following base-case
assumptions:

Par amount: $300,000,000

Diversity Score: 55

Weighted Average Rating Factor (WARF): 2340

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 43.0%

Weighted Average Life (WAL): 8 years.

Factors That Would Leade to an Upgrade or Downgrade of the Rating

The performance of the Rated Notes is subject to uncertainty. The
performance of the Rated Notes is sensitive to the performance of
the underlying portfolio, which in turn depends on economic and
credit conditions that may change. The Manager's investment
decisions and management of the transaction will also affect the
performance of the Rated Notes.

Together with the set of modeling assumptions above, Moody's
conducted an additional sensitivity analysis, which was an
important component in determining the ratings assigned to the
Rated Notes. This sensitivity analysis includes increased default
probability relative to the base case.

Below is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the Rated Notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds to
higher expected losses), assuming that all other factors are held
equal:

Percentage Change in WARF -- increase of 15% (from 2340 to 2875)

Rating Impact in Rating Notches

Class A Notes: 0

Class B-1 Notes: -1

Class B-2 Notes: -1

Class C Notes: -1

Class D Notes: -1

Class E Notes: 0

Class F Notes: 0

Percentage Change in WARF -- increase of 30% (from 2340 to 3250)

Rating Impact in Rating Notches

Class A Notes: -1

Class B-1 Notes: -3

Class B-2 Notes: -3

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1

Class F Notes: -3

The V Score for this transaction is Medium/High. This V Score has
been assigned in a manner similar to the Medium/High V Score
assigned for the global cash flow CLO sector.

The score for the "Experience of, Arrangements Among and Oversight
of the Transaction Parties," a sub-category of the V Score, is
Medium, which is higher than that of the benchmark CLO, which is
Low/Medium. The score of Medium reflects the fact that the
transaction will be the first CLO managed by the Manager. This
higher score for "Experience of, Arrangements Among and Oversight
of the Transaction Parties" does not, however, cause this
transaction's overall composite V Score of Medium/High to differ
from that of the CLO sector benchmark.

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.


HILTON USA 2013-HLT: S&P Assigns 'BB' Rating on Class X-FL Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 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 ratings are based on information as of Dec. 12, 2013.  The
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.

RATINGS ASSIGNED

Hilton USA Trust 2013-HLT

Class       Rating           Amount ($)
A-FL        AAA (sf)        393,000,000
X-FL        BB (sf)         875,000,000 (i)
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       AA- (sf)      1,428,426,000 (i)
X-2FX       AA- (sf)      1,428,426,000 (i)
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

The issuer will issue the certificates to qualified institutional
buyers in line with Rule 144A of the Securities Act of 1933.

(i) 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 class A-FX and a portion of the B-FX
     class (B-FX-1 and B-FX-2).


ING IM 2013-3: S&P Assigns 'BB' Rating on Class D Notes
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to ING IM
CLO 2013-3 Ltd./ING IM CLO 2013-3 LLC's $475.20 million floating-
rate notes.

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

The ratings reflect S&P's view of:

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

   -- The transaction's credit enhancement, which is sufficient to
      withstand the defaults applicable for the supplemental tests
      (not counting excess spread), and cash flow structure, which
      can withstand the default rate projected by Standard &
      Poor's 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  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 0.2419-13.8385.

   -- 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, subordinated and incentive
      management fees, and subordinated note payments into
      principal proceeds for additional collateral asset purchases
      during the reinvestment period.

RATINGS ASSIGNED

ING IM CLO 2013-3 Ltd./ING IM CLO 2013-3 LLC

Class                     Rating           Amount
                                         (mil. $)
A-1                       AAA (sf)         320.00
A-2                       AA (sf)           45.60
B (deferrable)            A (sf)            47.20
C (deferrable)            BBB (sf)          25.60
D (deferrable)            BB (sf)           22.80
E (deferrable)            B (sf)            14.00
Subordinated notes        NR                43.00

NR-Not rated.


JAMESTOWN CLO III: S&P Assigns 'BB-' Rating on Class D Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to
Jamestown CLO III Ltd./Jamestown CLO III Corp.'s $461.10 million
fixed- and floating-rate notes.

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

The ratings reflect S&P's view of:

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

   -- The transaction's credit enhancement, which is sufficient to
      withstand the defaults applicable for the supplemental tests
      (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 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%-13.8385%.

   -- 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 and fees, subordinated collateral
      management fees, collateral manager incentive fees, and
      subordinated note payments into principal proceeds to
      purchase additional collateral assets during the
      reinvestment period.

RATINGS ASSIGNED

Jamestown CLO III Ltd./Jamestown CLO III Corp.

Class                  Rating                         Amount
                                                     (mil. $)
A-1A                   AAA (sf)                       287.70
A-1B                   AAA (sf)                        20.00
A-2A                   AA (sf)                         43.90
A-2B                   AA (sf)                         10.00
B (deferrable)         A (sf)                          45.10
C (deferrable)         BBB- (sf)                       33.00
D (deferrable)         BB- (sf)                        21.40
Subordinated notes     NR                              54.80

NR-Not rated.


JP MORGAN 2013-C17: Fitch to Rate $21.6MM Class E Notes 'BB'
------------------------------------------------------------
Fitch Ratings has issued a presale report on the J.P. Morgan Chase
Commercial Mortgage Securities Trust, Series 2013-C17 commercial
mortgage pass-through certificates.

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

-- $62,159,000 class A-1 'AAAsf'; Outlook Stable;
-- $67,592,000 class A-2 'AAAsf'; Outlook Stable;
-- $210,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $319,103,000 class A-4 'AAAsf'; Outlook Stable;
-- $98,635,000 class A-SB 'AAAsf'; Outlook Stable;
-- $841,354,000a class X-A 'AAAsf'; Outlook Stable;
-- $62,222,000a class X-B 'AA-sf'; Outlook Stable;
-- $83,865,000b class A-S 'AAAsf'; Outlook Stable;
-- $62,222,000b class B 'AA-sf'; Outlook Stable;
-- $47,343,000b class C 'A-sf'; Outlook Stable;
-- $193,430,000 class EC 'A-sf'; Outlook Stable;
-- $48,696,000c class D 'BBB-sf'; Outlook Stable;
-- $21,642,000c class E 'BBsf'; Outlook Stable;
-- $12,174,000c 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.

The expected ratings are based on information provided by the
issuer as of Dec. 6, 2013. Fitch does not expect to rate the
$48,695,815 non-rated class or the $82,511,815 interest-only class
X-C.

The certificates represent the beneficial ownership in the trust,
primary assets of which are 64 loans secured by 72 commercial
properties having an aggregate principal balance of approximately
$1.082 billion as of the cutoff date. The loans were contributed
to the trust by JPMorgan Chase Bank, National Association;
Barclays Bank PLC; General Electric Capital Corporation; Redwood
Commercial Mortgage Corporation; and RAIT Funding, LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 76.9% of the properties
by balance, cash flow analysis on 78.2%, and asset summary reviews
on 78.2% of the pool.

The transaction has a Fitch stressed debt service coverage ratio
(DSCR) of 1.11x, a Fitch stressed loan-to-value (LTV) of 106.7%,
and a Fitch debt yield of 8.7%. Fitch's aggregate net cash flow
represents a variance of 9.4% to issuer cash flows.

Key Rating Drivers:

Fitch Leverage: This transaction has higher leverage than other
recent Fitch-rated fixed-rate multiborrower deals. The pool's
Fitch LTV of 106.7% is higher than the 2012 and third-quarter 2013
averages of 97.2% and 102.1%, respectively. However, excluding the
third-largest loan secured by a multifamily property in New York
City, the pool's Fitch LTV is 104.6%.

High Multifamily / Low Lodging Exposure: This pool has an above-
average concentration of multifamily properties, which represent
25.5% of the total pool balance. This is above the average 2012
and third-quarter 2013 concentrations of 6.3% and 11.6%,
respectively. Additionally, this transaction has a below-average
concentration of hotel properties, which represent 8.6% of the
total pool balance; the 2012 and third-quarter 2013 average hotel
concentrations were 13.5% and 15.6%, respectively.

Increased Percentage of Partial IO Loans: This pool has a
significantly higher concentration of partial-interest loans
(56.1%) than other recent Fitch-rated fixed-rate multiborrower
deals. This is higher than the 2012 and third-quarter 2013
averages of 20.1% and 31.0%, respectively. However, full interest-
only loans represent only 1.5% of the pool balance, lower than the
2012 and third-quarter 2013 averages of 13.0% and 16.9%,
respectively. The pool is scheduled to amortize approximately
15.1% prior to maturity.

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 JPMBB 2013-C17
pool could withstand a 39.37% decline in value (based on appraised
values at issuance) and an approximately 14.99% 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 48.97% decline in value and an approximately
28.45% 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 pre-sale report.

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


LB-UBS COMMERCIAL 2007-C1: Fitch Keeps 'CCC' Rating on 2 Notes
--------------------------------------------------------------
Fitch Ratings has affirmed 17 classes of LB-UBS Commercial
Mortgage Trust Series 2007-C1 (LBUBS 2007-C1).

Key Rating Drivers:

Fitch modeled losses of 13.1% of the remaining pool; expected
losses on the original pool balance total 13.7%, including $153.2
million (4.1% of the original pool balance) in realized losses to
date. Fitch has designated 32 loans (19.6%) as Fitch Loans of
Concern, which includes 15 specially serviced assets (11.1%).

As of the November 2013 distribution date, the pool's aggregate
principal balance has been reduced by 26.4% to $2.76 billion from
$3.75 billion at issuance. No loans are defeased. Interest
shortfalls are currently affecting classes F through BMP.

The largest contributor to expected losses is the specially-
serviced Bethany Portfolio loan (6.2% of the pool), which was
originally secured by 16 multifamily properties located in Austin,
TX, Houston, TX, and Maryland. The loan was modified and assumed
in 2010; the loan transferred back to the special servicer in
February 2011 for imminent default and the loan was modified again
in February 2013. The terms of the modification included a split
into a $296,680,000 A-Note and $20,680,000 B-Note, the A-Tranche
and B-Tranche will have an interest rate of 4.94%, and the A-Note
will be interest only through maturity. In August and September
2013 the borrower exercised its option to refinance eight of the
properties and the balance of the A-Note paid down by
approximately $124,000,000. The servicer reported occupancy of all
the remaining properties is 91%

The next largest contributor to expected losses is the 1745
Broadway loan (12.3%), which is secured by 636,598 square foot
(sf) class A office in the midtown west submarket of New York, NY.
The building is 100% occupied by Random House, which uses this
location as its headquarters. Random House (parent company and
guarantor is Bertelsman AG [rated 'BBB+' by Fitch]) occupies its
space pursuant to a triple net lease expiring in June 2018. The
loan is scheduled to mature in November 2017 and Random House's
lease is significantly below market.

The third largest contributor to expected losses is the specially-
serviced Eastland Mall loan (1.5%), which is secured by 245,471
square feet and two pad sites ground leased by JC Penny and
Firestone Outlet of a 1,020,765 square foot enclosed mall located
in Columbus Ohio. The loan was transferred to the Special Servicer
in October 2012, because the borrower requested a modification.
The servicer reported occupancy as of July 2013 was 74.5% which
has resulted in low NOI debt service coverage ratio of (DSCR) 0.9x
as of year-end 2012.

Rating Sensitivity:

Rating Outlooks on classes A-AB through A-M remain Stable due to
increasing credit enhancement and continued paydown. As credit
enhancement continues to improve for class A-M, future upgrades
may be limited due to the large size of the super senior classes
above it, limited principal paydown in the near term, and
potential for interest shortfalls as the deal becomes more
concentrated. Additional downgrades to the distressed classes
(those rated below 'B') are expected as losses are realized on
specially serviced loans.

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

-- $10.4 million class A-AB at 'AAAsf', Outlook Stable;
-- $1.2 billion class A-4 at 'AAAsf', Outlook Stable;
-- $589.3 million class A-1A at 'AAAsf', Outlook Stable;
-- $371.3 million class A-M at 'Asf', Outlook Stable;
-- $315.6 million class A-J at 'CCCsf', RE 90%.
-- $27.8 million class B at 'CCCsf', RE 0%;
-- $55.7 million class C at 'CCsf', RE 0%;
-- $37.1 million class D at 'CCsf', RE 0%;
-- $18.6 million class E at 'CCsf', RE 0%;
-- $32.5 million class F at 'Csf', RE 0%;
-- $32.5 million class G at 'Csf', RE 0%;
-- $41.8 million class H at 'Csf', RE 0%;
-- $41.8 million class J at 'Csf', RE 0%;
-- $26.3 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%.

The class A-1, A-2 and A-3 certificates have paid in full. Fitch
previously withdrew the ratings on the interest-only class X-CP,
X-W and X-CL certificates.


LEHMAN XS: Moody's Cuts Rating on Cl. 1-AIO Debt to 'Ca(sf)'
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
tranches from two transactions backed by Alt-A loans, issued by
Lehman and IndyMac.

Complete rating actions are as follows:

Issuer: IndyMac INDX Mortgage Loan Trust 2006-AR33

Cl. 1-A-2-1, Downgraded to Caa2 (sf); previously on Dec 30, 2010
Downgraded to Caa1 (sf)

Cl. 2-A-1-1, Downgraded to Caa1 (sf); previously on Dec 30, 2010
Confirmed at B3 (sf)

Issuer: Lehman XS Trust 2006-17

Cl. 1-AIO, Downgraded to Ca (sf); previously on Feb 22, 2012
Downgraded to Caa2 (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 and tranches.

Factors that would lead to an upgrade or downgrade of the rating

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment
rate. The unemployment rate fell to 7.3% in October 2013 from 7.9%
in October 2012. Moody's forecasts an unemployment central range
of 6.5% to 7.5% for the 2014 year. Deviations from this central
scenario could lead to rating actions in the sector. House prices
are another key driver of US RMBS performance. Moody's expects
house prices to continue to rise in 2014. Lower increases than
Moody's expects or decreases could lead to negative rating
actions. Finally, 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.


LNR CDO V: Moody's Affirms 'C' Ratings on 12 Note Classes
---------------------------------------------------------
Moody's Investors Service announced that it has affirmed the
ratings of the following notes issued by LNR CDO V Ltd.:

Cl. A, Affirmed C (sf); previously on Feb 6, 2013 Affirmed C (sf)

Cl. B, Affirmed C (sf); previously on Feb 6, 2013 Affirmed C (sf)

Cl. C-FL, Affirmed C (sf); previously on Feb 6, 2013 Affirmed C
(sf)

Cl. C-FX, Affirmed C (sf); previously on Feb 6, 2013 Affirmed C
(sf)

Cl. D, Affirmed C (sf); previously on Feb 6, 2013 Affirmed C (sf)

Cl. E, Affirmed C (sf); previously on Feb 6, 2013 Affirmed C (sf)

Cl. F, Affirmed C (sf); previously on Feb 6, 2013 Affirmed C (sf)

Cl. G, Affirmed C (sf); previously on Feb 6, 2013 Affirmed C (sf)

Cl. H, Affirmed C (sf); previously on Feb 6, 2013 Affirmed C (sf)

Cl. J, Affirmed C (sf); previously on Feb 6, 2013 Affirmed C (sf)

Cl. K, Affirmed C (sf); previously on Feb 6, 2013 Affirmed C (sf)

Cl. L, Affirmed C (sf); previously on Feb 6, 2013 Affirmed C (sf)

Ratings Rationale:

The affirmations are due to key transaction parameters performing
within levels commensurate with the existing ratings levels. The
rating action is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation and re-remic
(CRE CDO and Re-Remic) transactions.

LNR CDO V Ltd. is a static cash transaction backed by a portfolio
of commercial mortgage backed securities (CMBS) (100.0% of the
pool balance). As of the November 26, 2013 payment date, the
collateral par amount is $61.5 million, representing a $699.7
million decrease since securitization primarily due to realized
losses to the collateral pool.

There are fourteen impaired securities as of the November 26, 2013
payment date.

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 10,000,
the same as last review. The current distribution of Moody's rated
collateral and assessments for non-Moody's rated collateral is as
follows: Ca-C (100.0%, the same as last review).

Moody's modeled to a WAL of 6.9 years compared to 5.9 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 last review.

Moody's modeled a MAC of 0%, the same as last review.

Factors that would lead to an upgrade or downgrade of the rating

The performance of the notes is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The servicing decisions of the master and special
servicer and surveillance by the operating advisor with respect to
the collateral interests and oversight of the transaction will
also affect the performance of the rated notes.

Moody's Parameter Sensitivities: Changes in any one or combination
of the key parameters may have rating implications on certain
classes of rated notes. However, in many instances, a change in
key parameter assumptions in certain stress scenarios may be
offset by a change in one or more of the other key parameters.
Rated notes are particularly sensitive to changes in recovery
rates of the underlying collateral and credit assessments.
However, in light of the performance indicators noted above,
Moody's believes that it is unlikely that the ratings announced
are sensitive to any further changes.

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


MARINE PARK: S&P Affirms 'BB-' Rating on Class D Notes
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on the
class A-1a, A-1b, A-2, B, C, and D notes from Marine Park CLO
Ltd., a U.S. collateralized loan obligation managed by
GSO/Blackstone Debt Funds Management.

The rating actions follow S&P's review of the transaction's
performance using data from the trustee report dated Nov. 5, 2013.

S&P affirmed the ratings to reflect its belief that the credit
support available is commensurate with the current rating levels.

S&P's review of this transaction included a cash flow analysis,
based on the portfolio and transaction as reflected in the
aforementioned trustee report, to estimate future performance.  In
line with S&P's criteria, its cash flow scenarios applied forward-
looking assumptions on the expected timing and pattern of
defaults, and recoveries upon default, under various interest rate
and macroeconomic scenarios.  In addition, S&P's analysis
considered the transaction's ability to pay timely interest 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.

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.

RATINGS AFFIRMED

Marine Park CLO Ltd./Marine Park CLO Corp.

Class                      Rating                       Amount
                                                       (mil. $)
A-1a                       AAA (sf)                     343.00
A-1b                       AAA (sf)                      10.00
A-2                        AA (sf)                       61.75
B (deferrable)             A (sf)                        41.75
C (deferrable)             BBB (sf)                      24.25
D (deferrable)             BB- (sf)                      26.25


MERRILL LYNCH 2006-C2: S&P Lowers Rating on Class AJ Notes to 'B'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on four
classes of commercial mortgage pass-through certificates from
Merrill Lynch Mortgage Trust 2006-C2, a U.S. commercial mortgage-
backed securities (CMBS) transaction.  Concurrently, S&P affirmed
its ratings on four classes from the same transaction.

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

The downgrades reflect credit support erosion that S&P anticipates
will occur upon the eventual resolution of the six ($44.3 million,
4.6%) assets currently with the special servicer, C-III Asset
Management LLC.  S&P also considered the monthly interest
shortfalls that are affecting the trust.  S&P lowered its rating
on the class D certificates to 'D (sf)' because of current
interest shortfalls, as well as its expectation that this class
will continue to experience interest shortfalls and that its
accumulated interest shortfalls outstanding will not be repaid in
the foreseeable future.  This class has experienced interest
shortfalls for five months.  S&P also lowered its ratings on
classes B and C to 'CCC (sf)' and 'CCC- (sf)', respectively,
because of interest shortfalls that we expect to continue.

As of the Nov. 12, 2013, trustee remittance report, the trust
experienced net monthly interest shortfalls totaling $47,731
(excluding the recovered $72,192 appraisal subordinate entitlement
reduction amount due on the bonds this month), reimbursed interest
advances of $6,297, and other refunds of $270.  The interest
shortfalls were primarily related to $12,398 in special servicing
and workout fees, and $35,333 from modified interest rate
reductions.

S&P affirmed its ratings on the principal and interest
certificates because it expects that the available credit
enhancement for these classes will be within its estimate of the
necessary credit enhancement required for the current outstanding
ratings.  S&P also affirmed the ratings to reflect the credit
characteristics and performance of the remaining loans, as well as
the transaction-level changes.

S&P affirmed its rating on the interest-only (IO) certificates to
reflect its current criteria for rating IO securities.

RATINGS LOWERED

Merrill Lynch Mortgage Trust 2006-C2
Commercial mortgage pass-through certificates

           Rating
Class   To         From       Credit enhancement (%)
AJ      B (sf)     BB- (sf)                     8.22
B       CCC (sf)   B (sf)                       4.99
C       CCC- (sf)  B- (sf)                      3.37
D       D (sf)     CCC- (sf)                    0.55

RATINGS AFFIRMED

Merrill Lynch Mortgage Trust 2006-C2
Commercial mortgage pass-through certificates

Class    Rating           Credit enhancement (%)
A-4      AAA (sf)                          35.87
A-1A     AAA (sf)                          35.87
AM       BBB+ (sf)                         19.72
X        AAA (sf)                            N/A

N/A-Not applicable.


MM COMMUNITY: S&P Puts BB+ Rating on Class A-1 Notes on Watch Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on the class
A-1 and A-2 notes from MM Community Funding IX Ltd., a U.S. cash
flow collateralized debt obligation (CDO) transaction backed by
trust-preferred securities issued by banks, on CreditWatch with
negative implications.

The transaction declared an event of default (EOD) on Aug. 7,
2013, due to a non-payment of interest to the class B-1 and B-2
notes.  Subsequently, S&P received notice from the trustee that
the collateral will be liquidated at the direction of the
requisite noteholders under the transaction documents' terms.

Though S&P generally caps the rating on the senior notes at 'BB'
following such notices of liquidation from transactions that hit
an EOD, its criteria does provide for maintaining ratings higher
than 'BB' on certain small-balance senior note classes.

For the class A-1 notes, S&P is comfortable that the existing
overcollateralization level supports the 'BB+' rating.  The
current outstanding balance of the class A-1 note, the most senior
class, is $34.1 million, which is about 27% of its original
balance.  According to the October 2013 monthly trustee report,
this note is backed by $118 million in performing assets, which
indicates an overcollateralization of 345%.

However, the pending liquidation of the collateral--mostly bank
trust-preferred securities--introduces market value risk and
uncertainty as to whether the sale proceeds will be sufficient to
pay the rated notes in full.  S&P's placement of the ratings on
CreditWatch with negative implications reflects this uncertainty.

S&P will take further rating actions as it deems necessary once it
receives subsequent notices from the trustee.

CREDITWATCH ACTIONS

MM Community Funding IX Ltd.

                       Rating
Class        To                     From
A-1          BB+ (sf)/Watch Neg     BB+ (sf)
A-2          CCC- (sf)/Watch Neg    CCC- (sf)


MORGAN STANLEY 2006-HQ8: S&P Cuts Rating on 2 Note Classes to CCC-
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on six
classes of commercial mortgage pass-through certificates from
Morgan Stanley Capital I Trust 2006-HQ8, a U.S. commercial
mortgage-backed securities (CMBS) transaction.  Concurrently, S&P
affirmed its ratings on eight classes from the same transaction.

S&P's rating actions follow its analysis of the transaction
primarily using its criteria for rating U.S and Canadian CMBS
transactions.  S&P's analysis included 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.

S&P downgraded classes D, E, F, and G to reflect the credit
support erosion that it anticipates will occur upon the eventual
resolution of the 14 assets ($187.7 million, 9.1%) currently with
the special servicer, LNR Partners LLC.  The downgrades also
reflect S&P's analysis of the current monthly interest shortfalls
affecting the trust as well as the potential for additional
interest shortfalls from the specially serviced assets or loans on
the master servicer's watchlist (50 loans; $515.6 million, 25.1%).

S&P lowered its ratings on classes H and J to 'D (sf)' because of
accumulated interest shortfalls that it expects to remain
outstanding in the foreseeable future.  Classes H and J have
accumulated interest shortfalls outstanding for nine and 13
months, respectively.

As of the Nov. 15, 2013, trustee remittance report, the trust
experienced monthly interest shortfalls totaling $307,409,
primarily related to appraisal subordinate entitlement reduction
amounts of $264,824 on seven ($139.2 million, 6.8%) of the 14
specially serviced assets, special servicing fees of $40,465, and
workout fees of $1,970.  The interest shortfalls affected all the
classes subordinate to and including class H.

S&P affirmed its ratings on the principal and interest paying
certificates because it expects that the available credit
enhancement for these classes will be within its estimate of the
necessary credit enhancement required for the current outstanding
ratings.  S&P also affirmed the ratings to reflect the credit
characteristics and performance of the remaining assets, as well
as the transaction-level changes.

S&P affirmed its rating on the class X interest-only (IO)
certificates to reflect its current criteria for rating IO
securities.

RATINGS LOWERED

Morgan Stanley Capital I Trust 2006-HQ8
Commercial mortgage pass-through certificates

            Rating
Class   To          From       Credit enhancement
                                     (%)
D       B- (sf)     B (sf)           6.44
E       CCC (sf)    B- (sf)          5.78
F       CCC- (sf)   CCC+ (sf)        4.61
G       CCC- (sf)   CCC (sf)         3.28
H       D (sf)      CCC (sf)         1.45
J       D (sf)      CCC- (sf)        0.12

RATINGS AFFIRMED

Morgan Stanley Capital I Trust 2006-HQ8
Commercial mortgage pass-through certificates

Class    Rating           Credit enhancement
                                (%)
A-AB     AAA (sf)               33.88
A-4      AAA (sf)               33.88
A-1A     AAA (sf)               33.88
A-M      A (sf)                 20.57
A-J      BB+ (sf)               10.93
B        BB (sf)                10.10
C        B+ (sf)                 8.10
X        AAA (sf)                N/A

N/A-Not applicable.


MORGAN STANLEY 2006-HQ10: Fitch Cuts Rating on Class F Notes to D
-----------------------------------------------------------------
Fitch Ratings has downgraded two classes, upgraded one class and
affirmed 16 classes of Morgan Stanley Capital I Trust, series
2006-HQ10 (MSCI 2006-HQ10), commercial mortgage pass-through
certificates.

Key Rating Drivers:

The downgrades to classes F and G reflects realized losses since
Fitch's last rating action. The upgrade to class A-J reflects a
decrease in the overall expected losses for the pool since Fitch's
last rating action. Fitch modeled losses of 6.7% of the remaining
pool; expected losses on the original pool balance total 10.8%,
including $86.3 million (5.8% of the original pool balance) in
realized losses to date. This compares to Fitch modeled losses of
12.9% of the original pool balance at the last rating action.
Fitch has designated 32 loans (24.1%) as Fitch Loans of Concern,
which includes five specially serviced assets (7.7%).

As of the November 2013 distribution date, the pool's aggregate
principal balance has been reduced by 24.7% to $1.12 billion from
$1.49 billion at issuance. Two loans (6.8% of the pool), including
one of the top 15 loans, have been defeased. Interest shortfalls
are currently affecting classes H through P.

The largest contributors to modeled losses are three cross-
collateralized and cross-defaulted loans (6.4% of the pool)
secured by a portfolio of two retail properties and one office
property, totaling 335,653 square feet (sf), located in
Scottsdale, AZ. These loans were transferred to special servicing
in March 2012 for imminent default. According to the special
servicer, the loans are expected to be sent back to the master
servicer because the modification request has been withdrawn.

Portfolio cash flow has continually declined since issuance due to
an overall drop in portfolio occupancy. As of the August 2013 rent
roll, the combined portfolio occupancy was 76%, down from 79.9% in
September 2012 and 84.1% at issuance. Approximately 41% of the
total portfolio square footage rolls prior to the end of 2016; the
loan matures in October 2016. According to REIS, the Scottsdale
office submarket reported a vacancy rate of 27.1% as of third-
quarter 2013 (3Q'13). Additionally, the North Scottsdale-Paradise
Valley retail submarket reported a vacancy rate of 15.7%, also as
of 3Q'13.

The second largest contributor to modeled losses is a loan (6.4%)
secured by a 227,607 sf retail property located in Colorado
Springs, CO. As of the September 2013 rent roll, the property was
94.4% occupied compared to 97.7% at year-end (YE) 2012 and 98% at
issuance. Approximately 37% of the total property square footage
rolls prior to the end of 2016; the loan matures in July 2016.
According to REIS and as of 3Q'13, the Northeast retail submarket
of Colorado Springs had a vacancy rate of 17.3%. The YE 2012 debt
service coverage ratio (DSCR), on a net operating income (NOI)
basis, was 1.30 times (x), in-line with issuance.

The third largest contributor to modeled losses is a loan (1.7%)
secured by 66,830 sf of a 245,630 sf retail center located in West
Sacramento, CA. According to the YE 2012 rent roll, the collateral
square footage was 68.2% occupied. This represents a decline from
74.2% in September 2012 and 76% at issuance. Approximately 46% of
the collateral square footage rolls prior to 2016; the loan
matures in June 2016. The DSCR for the loan has remained below
1.0x during 2011 and 2012. The YE 2012 DSCR, on a NOI basis, was
0.94x, representing a decline from 1.49x at issuance. The
property's 2012 total operating expenses have increased by nearly
56% since issuance.

Rating Sensitivities:

Fitch expects the ratings on the investment grade classes to
remain stable due to sufficient credit enhancement and continued
paydown. Distressed classes (those rated below 'B') may be subject
to further downgrades as additional losses are realized.

Fitch downgrades the following classes:

-- $5 million class F to 'Dsf' from 'Csf'; RE 0%;
-- $0 class G to 'Dsf' from 'Csf'; RE 0%.

Fitch also upgrades and assigns Rating Outlook the following
class:

-- $119.3 million class A-J to 'Bsf' from 'CCCsf'; Outlook
    Stable.

Additionally, Fitch affirms the following classes:

-- $67.2 million class A-1A at 'AAAsf'; Outlook Stable;
-- $557.4 million class A-4 at 'AAAsf'; Outlook Stable;
-- $72.3 million class A-4FL at 'AAAsf'; Outlook Stable;
-- $64.8 million class A-4FX at 'AAAsf'; Outlook Stable;
-- $149.1 million class A-M at 'AAsf'; Outlook Stable;
-- $31.7 million class B at 'CCCsf'; RE 70%;
-- $16.8 million class C at 'CCCsf'; RE 0%;
-- $22.4 million class D at 'Csf'; RE 0%;
-- $16.8 million class E at 'Csf'; RE 0%;
-- $0 class H at 'Dsf'; RE 0%;
-- $0 class J at 'Dsf'; RE 0%;
-- $0 class K at 'Dsf'; RE 0%;
-- $0 class L at 'Dsf'; RE 0%;
-- $0 class M at 'Dsf'; RE 0%;
-- $0 class N at 'Dsf'; RE 0%;
-- $0 class O at 'Dsf'; RE 0%.

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


MORGAN STANLEY 2007-IQ15: Fitch Affirms D Rating on Class E Notes
-----------------------------------------------------------------
Fitch Ratings has downgraded three classes and affirmed 12 classes
of classes of Morgan Stanley Capital I Trust, series 2007-IQ15
(MSCI 2007-IQ15) commercial mortgage pass-through certificates due
to further deterioration of loan performance. A detailed list of
rating actions follows at the end of this press release.

Key Rating Drivers

Fitch modeled losses of 12.2% of the remaining pool; expected
losses on the original pool balance total 16.8%, including $162
million (7.9% of the original pool balance) in realized losses to
date. Fitch has designated 32 loans (42%) as Fitch Loans of
Concern, which includes five specially serviced assets (6.8%).

As of the November 2013 distribution date, the pool's aggregate
principal balance has been reduced by 27% to $1.5 billion from
$2.05 billion at issuance. No loans are defeased. Interest
shortfalls are currently affecting classes B through P.
The largest contributor to expected losses is the First Stamford
loan (16.4% of the pool), which is secured by a 790,000-sf
suburban office property located in Stamford, CT. Property
performance declined over the last year with the servicer
reporting the trailing 12 months (TTM) June 2013 DSCR at 0.94x.
The loan is substantially overleveraged.

The next largest contributor to expected losses is the real estate
owned (REO) Royal Centre property (5.1%), which consists of three
suburban office buildings, located approximately 27 miles north of
the Atlanta CBD in Alpharetta, GA. The loan transferred to special
servicing in November 2012 due to imminent default; the trust
obtained title to the property in November 2013. As of the June
2013 rent roll, occupancy was 79%. The servicer reported June 2013
annualized DSCR has improved to 1.09x from 0.73x for June 2012.

Rating Sensitivity:

Rating Outlooks on class A-3 remains Stable due to increasing
credit enhancement and continued paydown. Rating Outlook for
classes A-1A and A-4 is Negative due to the potential for interest
shortfalls to impact these classes due to the limited number of
subordinate classes remaining. The Rating Outlook on class A-M is
Negative due to the potential for further negative credit
migration of the underlying collateral.

Distressed classes (those rated below 'B') may be subject to
further downgrades as additional losses are realized.

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

-- $177.1 million class A-J to 'CCsf' from 'CCCsf', RE 40%;
-- $33.4 million class B to 'Csf' from 'CCsf', RE 0%;
-- $15.4 million class C to 'Csf' from 'CCsf', RE 0%.

Fitch affirms the following classes and revises the Rating Outlook
to Negative from Stable:

-- $228.5 million class A-1A at 'AAAsf';
-- $796.9 million class A-4 at 'AAAsf'.

Fitch affirms the following classes as indicated:

-- $19.1 million class A-3 at 'AAAsf'; Outlook Stable;
-- $205.4 million class A-M at 'BBBsf'; Outlook Negative;
-- $23.6 million class D at 'Dsf', RE 0%;
-- $0 class E at 'Dsf', RE 0%;
-- $0 class F at 'Dsf', RE 0%;
-- $0 class G at 'Dsf', RE 0%;
-- $0 class H at 'Dsf', RE 0%;
-- $0 class J at 'Dsf', RE 0%;
-- $0 class K at 'Dsf', RE 0%;
-- $0 class L at 'Dsf', RE 0%.

The class A-1 and A-2 certificates have paid in full. Fitch
previously withdrew the rating on the interest-only class X
certificates.


MORGAN STANLEY 2007-TOP: S&P Lowers Class B Notes Rating to 'BB-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on five
classes of commercial mortgage pass-through certificates from
Morgan Stanley Capital I Trust 2007-TOP27, a U.S. commercial
mortgage-backed securities transaction.  At the same time, S&P
affirmed its ratings on nine other classes from the same
transaction, including the class X interest-only (IO) certificate
and the class AW34 non-pooled raked certificate.

S&P's rating actions follow its 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 the remaining assets in the
pool, the transaction structure, and the liquidity available to
the trust.

The lowered ratings reflect S&P's expected credit enhancement,
which S&P believes is lower than its most recent estimate of
necessary credit enhancement for the respective ratings levels.
In addition, the lowered ratings consider potential additional
interest shortfalls and projected losses from the four assets
($87.8 million, 4.2%) with the special servicer, actual losses
incurred from the time of our last review, and the reduced
liquidity available to the trust.

As of the Nov. 14, 2013, trustee remittance report, the trust
experienced a one-time net interest shortfall recovery of
$293,960, related to the liquidated Borders Carmel loan, which
also resulted in a $3.7 million loss to the trust.  The G class
has accumulated interest shortfalls outstanding for 10 months,
which S&P expects to remain outstanding for the foreseeable
future.

The affirmations on the principal and interest certificates
reflect S&P's expectation that the available credit enhancement
for these classes will be within its estimate of the necessary
credit enhancement required for the current ratings.  The affirmed
ratings also reflect S&P's analysis of the credit characteristics
and performance of the remaining assets, transaction structure,
and liquidity support available to the classes.

The affirmation of our 'AAA (sf)' rating on the class X IO
certificate reflects S&P's current criteria for rating IO
securities.

The affirmed 'BB+ (sf)' rating on the AW34 nonpooled raked
certificate reflects S&P's analysis of the credit characteristics
of the 330 West 34th Street loan, which is the sole source of cash
flow for the certificate.  S&P's rating also reflects the
application of its criteria for rating U.S. and Canadian CMBS
transactions, which applies a credit enhancement minimum equal to
1% of the transaction or loan amount to address the potential for
unexpected trust expenses that may be incurred during the life of
the loan or transaction.  This loan is secured by the leased fee
interest in the land beneath a 638,982-sq.-ft. office and retail
building located at 330 West 34th Street in Manhattan.  The pool
balance and statistics do not include this loan.

RATINGS LOWERED - POOLED CERTIFICATES

Morgan Stanley Capital I Trust 2007-TOP27
Commercial mortgage pass-through certificates

                    Rating
Class          To           From                Credit
                                       enhancement (%)
B              BB- (sf)     BB+ (sf)              6.48
C              B (sf)       BB (sf)               5.00
D              B- (sf)      B+ (sf)               3.53
E              CCC- (sf)    B- (sf)               2.38
F              CCC- (sf)    CCC+ (sf)             1.23


RATINGS AFFIRMED - POOLED CERTIFICATES

Morgan Stanley Capital I Trust 2007-TOP27
Commercial mortgage pass-through certificates

Class              Rating                     Credit
                                     enhancement (%)
A-3                AAA (sf)                    31.39
A-AB               AAA (sf)                    31.39
A-4                AAA (sf)                    31.39
A-1A               AAA (sf)                    31.39
A-M                AA (sf)                     18.28
A-MFL              AA (sf)                     18.28
A-J                BBB+ (sf)                    9.10
X                  AAA (sf)                      N/A

N/A-Not applicable.

RATING AFFIRMED - NON-POOLED CERTIFICATE

Morgan Stanley Capital I Trust 2007-TOP27

Class              Rating
AW34               BB+ (sf)


MORGAN STANLEY 2011-C1: Fitch Affirms BB+ Rating on $13.5MM Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed 11 classes of Morgan Stanley Capital I
Trust (MSC) commercial mortgage pass-through certificates series
2011-C1 due to stable performance.

Key Rating Drivers:

Fitch modeled losses of 2.9% of the remaining pool; expected
losses on the original pool balance total 2.8%. The pool has
experienced no realized losses to date. Fitch has designated one
loan (3.6%) as a Fitch Loan of Concern. There are no specially
serviced loans within the pool.

As of the November 2013 distribution date, the pool's aggregate
principal balance has been reduced by 2.9% to $1.5 billion from
$1.55 billion at issuance. No loans are defeased. Nominal interest
shortfalls are currently affecting class M.

The Fitch Loan of Concern is the Murdock Plaza loan (3.6% of the
pool), which is secured by a 222,768-sf office building located in
the Westwood section of Los Angeles, CA. The property has seen a
decline in occupancy since issuance. The most recent servicer
reported occupancy is 54% as of September 2013, down from 70% at
year-end 2011 and 84.2% at issuance. Debt service coverage ratio
(DSCR) as of year-end 2012 was 0.86 times (x), down from 2.06x at
issuance. The borrower has made some progress in re-leasing the
vacant space and the June 30, 2013 financials indicate an
increased in DSCR to 1.11x. A reserve with a balance of $2.75
million is in place to fund a portion of the releasing costs.
Fitch will continue to closely monitor the loan.

The largest loan in the transaction (15.6%) is secured by a 1.1
million square foot mall (435,219 owned) located in Newark, DE.
The mall is anchored by Macy's, JC Penney, Target and Nordstrom.
Major tenants include Barnes & Noble (anchor owned), Forever 21
(2.5%) net rentable area (NRA), and H&M (1.8%) NRA. In-line
tenants include Express, Anthropologie, Apple, Victoria's Secret,
and Urban Outfitters. Total mall occupancy as of year-end 2012 was
98.4%, compared to 94% at issuance. The loan sponsors are Prime
Property Fund and General Growth Properties.

The second largest loan in the pool (11.6%) is secured by a 1.3
million-sf mall located in Honolulu, HI. The mall is anchored by
Sears (16%) NRA and Macy's (12.99%) NRA. Major tenants include
Bed, Bath, & Beyond (5.0%) NRA, Pearlridge Theatres (4.2%) NRA,
and Toys R Us (3.5%) NRA. Total mall occupancy as of year-end 2012
was 97.8%, compared to 99.5% at issuance. The loan sponsors are
Blackstone and Glimcher Realty Trust.

Rating Sensitivity:

Rating Outlooks on all classes remain Stable due to overall stable
pool performance, increasing credit enhancement and continued
paydown. No rating actions are anticipated assuming the current
performance trends continue. Initial Key Rating Drivers and Rating
Sensitivity are further described in the New Issue report "Morgan
Stanley Capital 1 Trust 2011-C1" published on Feb. 4, 2011.

Fitch affirms the following classes as indicated:

-- $43.6 million class A-1 at 'AAAsf', Outlook Stable;
-- $597.2 million class A-2 at 'AAAsf', Outlook Stable;
-- $105.1 million class A-3 at 'AAAsf', Outlook Stable;
-- $404.1 million class A-4 at 'AAAsf', Outlook Stable;
-- $1,194.2 million class X-A at 'AAAsf', Outlook Stable;
-- $60 million class B at 'AAsf', Outlook Stable;
-- $89 million class C at 'Asf', Outlook Stable;
-- $85.2 million class D at 'BBBsf', Outlook Stable;
-- $19.4 million class E at 'BBB-sf', Outlook Stable;
-- $13.5 million class F at 'BB+sf', Outlook Stable;
-- $15.5 million class G at 'BBsf', Outlook Stable.

Fitch does not rate classes H through M or interest only class X-
B.


NATIONSTAR MORTGAGE 2013-A: S&P Rates Class B-4 Notes 'Bsf'
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to
Nationstar Mortgage Loan Trust 2013-A's $154.328 million mortgage-
backed notes series 2013-A.

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

The ratings reflect S&P's view of:

   -- The loan's characteristics that are less risky than its
      archetypical pool, from a credit perspective.

   -- The representations and warranties provider's financial
      ability to meet potential repurchase claims in a 'AAA' or
      'AA' rating scenario.

   -- The credit enhancement provided, as well as the associated
      structural deal mechanics.

RATINGS ASSIGNED

Nationstar Mortgage Loan Trust 2013-A

Class          Rating                        Amount
                                            (mil. $)
A              AAA (sf)                      144.598
A-IO           AAA (sf)                     Notional
A-1            AAA (sf)                      144.598
B-1            AA (sf)                         0.791
B1-IO          AA (sf)                      Notional
B-2            A (sf)                          2.057
B2-IO          A (sf)                       Notional
B-3            BBB (sf)                        1.107
B-4            B (sf)                          5.775
B-5            NR                              3.876
B              NR                             13.606

NR-Not rated.


OZLM FUNDING V: S&P Assigns Prelim. 'BB' Rating on Class D Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to OZLM Funding V Ltd./OZLM Funding V LLC's
$455.00 million floating-rate notes.

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

The preliminary ratings are based on information as of Dec. 12,
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 it
      assessed using its cash flow analysis and assumptions
      commensurate with the assigned preliminary ratings under
      various interest-rate scenarios, including LIBOR ranging
      from 0.305%-12.813%.

   -- 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.

PRELIMINARY RATINGS ASSIGNED

OZLM Funding V Ltd./OZLM Funding V LLC

Class                 Rating            Amount
                                      (mil. $)
A-1                   AAA (sf)          290.50
A-2                   AA (sf)            65.25
B (deferrable)        A (sf)             36.75
C (deferrable)        BBB (sf)           26.25
D (deferrable)        BB (sf)            23.00
E (deferrable)        B (sf)             13.25
Subordinated notes    NR                 46.25

NR-Not rated.


PREFERRED TERM XXII: Moody's Hikes Rating on Cl. B-1 Notes to Caa1
------------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by Preferred Term Securities
XXII, Ltd.:

U.S. $762,500,000 Floating Rate Class A-1 Senior Notes Due
September 22, 2036 (current outstanding balance $530,407,818.00),
Upgraded to A1 (sf); previously on June 28, 2013 Upgraded to A2
(sf)

U.S. $201,800,000 Floating Rate Class A-2 Senior Notes Due
September 22, 2036 (current outstanding balance $196,866,697.09),
Upgraded to Baa1 (sf); previously on June 28, 2013 Upgraded to
Baa2 (sf)

U.S. $65,000,000 Floating Rate Class B-1 Mezzanine Notes Due 2036
(current balance of $68,549,385.42, including interest shortfall),
Upgraded to Caa1 (sf); previously on June 28, 2013 Upgraded to
Caa2 (sf)

U.S. $50,000,000 Fixed/Floating Rate Class B-2 Mezzanine Notes Due
2036 (current balance of $53,683,129.80, including interest
shortfall), Upgraded to Caa1 (sf); previously on June 28, 2013
Upgraded to Caa2 (sf)

U.S. $30,300,000 Fixed/Floating Rate Class B-3 Mezzanine Notes Due
2036 (current balance of $35,884,029.72, including interest
shortfall), Upgraded to Caa1 (sf); previously on June 28, 2013
Upgraded to Caa2 (sf)

Ratings Rationale:

According to Moody's, the rating actions taken on the notes are
primarily a result of improvements in the credit quality of the
underlying portfolio, as measured by its weighted average rating
factor ("WARF"), since the last rating action in June 2013. Based
on Moody's calculations, the WARF of the portfolio has improved to
936 from 1232 in June 2013.

Moody's also notes that the Class A-1 notes have been paid down by
approximately $4.3 million since the last payment date, due to the
diversion of excess interest proceeds. As a result of this
deleveraging, the Class A-1 notes' par coverage improved slightly
to 173.85% from 172.46% since the payment date in June 2013, as
calculated by Moody's. Based on the latest trustee report in
September 2013, the Senior Coverage, Class B Mezzanine Coverage
and Class C Mezzanine Coverage ratios are reported at 127.56%
(limit 128.00%), 105.21% (limit 115.00%) and 88.20% (limit
105.5%), respectively, versus June 2013 levels of 126.05%, 104.10%
and 87.39%, respectively. Going forward, the senior notes will
continue to benefit from the diversion of excess interest and the
proceeds from future redemptions of any assets in the collateral
pool.

In addition, Moody's notes that the Class B notes continue to
defer interest due to the failure of the Senior Coverage Test.
However, the test has shown gradual improvement over time and is
now close to passing; therefore there is an increasing likelihood
that the Class B notes will begin to receive both current and
deferred interest soon. The deal is required to pay both current
interest and cumulative deferred interest on the Class B notes if
it satisfies the Senior Coverage Test.

Preferred Term Securities XXII, Ltd., issued in June 2006, is a
collateralized debt obligation backed by a portfolio of bank and
insurance trust preferred securities.

Factors that Would Lead to an Upgrade or Downgrade of the Rating

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by uncertainties of credit
conditions in the general economy. However, Moody's outlook on the
banking sector has changed to stable from negative. Moody's
continues to have a stable outlook on the insurance sector, other
than the negative outlook on the U.S. life insurance industry. In
addition, Moody's notes that the following factors could lead to
either an upgrade or downgrade of the ratings:

1) Deleveraging: An uncertainty in this transaction is whether
deleveraging from unscheduled principal proceeds and excess
interest proceeds will continue and at what pace. A faster-than-
anticipated pace of deleveraging may have significant impact on
the ratings of the notes.

2) Resumption of interest payments by deferring assets: A number
of banks that had previously been deferring interest have resumed
interest payments on their TruPS. The timing and amount of
deferral cures may have significant positive impact on the
transaction's overcollateralization ratios and the ratings of the
notes.

3) Exposure to non-publicly rated assets: The deal is exposed to a
large number of securities whose default probabilities are
assessed through credit scores derived using the RiskCalc model or
credit estimates. Moody's evaluates the sensitivity of the ratings
of the notes to the volatility of these credit assessments.

Loss and Cash Flow Analysis

The transaction's portfolio was modeled using CDOROM v.2.10.15 to
develop the default distribution from which the Moody's Asset
Correlation parameter was obtained. This parameter was then used
as an input in a cash flow model using CDOEdge.

The portfolio of this CDO is mainly comprised of trust preferred
securities (TruPS) issued by small to medium sized U.S. community
banks and insurance companies that are generally not publicly
rated by Moody's. To evaluate the credit quality of bank TruPS
without public ratings, Moody's uses RiskCalc model, an
econometric model developed by Moody's KMV, to derive their credit
scores. Moody's evaluation of the credit risk for a majority of
bank obligors in the pool relies on FDIC financial data received
as of Q2-2013 For insurance TruPS without public ratings, Moody's
relies on the insurance team and the underlying insurance firms'
annual financial reporting to assess their credit quality.

Moody's performed a number of sensitivity analyses of the results
to certain key factors driving the ratings. Moody's analyzed the
sensitivity of the model results to changes in the portfolio WARF
(representing an improvement or a deterioration in the credit
quality of the collateral pool), assuming that all other factors
are held equal. If the WARF is increased by 121 points from the
base case of 979, the model-implied rating of the Class A-1 notes
is one notch worse than the base case result. Similarly, if the
WARF is decreased by 259 points, the model-implied rating of the
Class A-1 notes is one notch better than the base case result.

In addition, Moody's also performed two additional sensitivity
analyses as described in the Special Comment "Sensitivity Analyses
on Deferral Cures and Default Timing for Monitoring TruPS CDOs"
published in August 2012. In the first, Moody's gave par credit to
banks that are deferring interest on their TruPS but satisfy
specific credit criteria and thus have a strong likelihood of
resuming interest payments. In this sensitivity analysis, Moody's
gave par credit to $53.5 million of bank TruPS. In the second
sensitivity analysis, Moody's ran alternative default-timing
profile scenarios to reflect the lower likelihood of a large spike
in defaults. Below is a summary of the impact on all rated notes
(shown in terms of the number of notches' difference versus the
current model output, where a positive difference corresponds to
lower expected loss), assuming that all other factors are held
equal:

Sensitivity Analysis 1: Par Credit Given to Deferring Banks

Class A-1: 0

Class A-2: +1

Class B-1: +2

Class B-2: +2

Class B-3: +2

Sensitivity Analysis 2: Alternative Default Timing Profile

Class A-1: 0

Class A-2: +1

Class B-1: +1

Class B-2: +1

Class B-3: +1


RESIMAC BASTILLE 2013-1NC: S&P Assigns BB Rating on Class E Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to seven
of the eight classes of residential mortgage-backed securities
(RMBS) issued by Perpetual Trustee Co. Ltd. as trustee of RESIMAC
Bastille Trust in respect of RESIMAC Series 2013-1NC.  RESIMAC
Series 2013-1NC is a securitization of a pool of nonconforming and
prime residential mortgages originated by RESIMAC Ltd.

The ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including principal draws
      and an amortizing liquidity facility equal to 1.8% of the
      initial invested amount of all notes, subject to a floor of
      A$630,000 are sufficient under S&P's stress assumptions to
      support timely payment of interest on the rated notes.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises mortgage insurance for 42.6% of the portfolio,
      which covers 100% of the face value of those loans, their
      accrued interest, and reasonable costs of enforcement; and
      note subordination for the class A1, A2, B, C, D, E, and F
      notes.

   -- The benefit of a fixed-to-floating interest-rate swap
      provided by NationalAustralia Bank Ltd. to hedge the
      mismatch between receipts from any fixed-rate mortgage loans
      and the variable-rate RMBS.

   -- The availability of a retention amount, up to a limit of
      A$1,750,000, built from excess spread and that will be
      applied monthly to repay the class F notes.  An equal amount
      of unrated class G notes will be issued at the same time to
      maintain the level of credit support available to the rated
      notes.

   -- The availability of an amortization amount built from excess
      spread, starting two months after the call date onward, to
      absorb any mortgage losses.

The issuer has informed Standard & Poor's (Australia) Pty Limited
that the issuer will be publically disclosing all relevant
information about the structured finance instruments that are
subject to this press release.

RATINGS ASSIGNED

Class      Rating        Amount (mil. A$)
A1         AAA (sf)      245.00
A2         AAA (sf)       53.55
B          AA (sf)        19.60
C          A (sf)         12.60
D          BBB (sf)        8.05
E          BB (sf)         4.90
F          B (sf)          3.15
G          N.R.            3.15

N.R.-Not rated.


RESOURCE REAL 2007-1: Moody's Affirms Caa2 Ratings on 4 Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has affirmed the
ratings of the following notes issued by Resource Real Estate
Funding 2007-1, Ltd.:

Cl. A-1, Affirmed Aaa (sf); previously on Apr 20, 2009 Confirmed
at Aaa (sf)

Cl. A-2, Affirmed Aa3 (sf); previously on Dec 15, 2010 Downgraded
to Aa3 (sf)

Cl. B, Affirmed Baa3 (sf); previously on Dec 15, 2010 Downgraded
to Baa3 (sf)

Cl. C, Affirmed Ba2 (sf); previously on Dec 15, 2010 Downgraded to
Ba2 (sf)

Cl. D, Affirmed B2 (sf); previously on Dec 15, 2010 Downgraded to
B2 (sf)

Cl. E, Affirmed Caa1 (sf); previously on Dec 15, 2010 Downgraded
to Caa1 (sf)

Cl. F, Affirmed Caa1 (sf); previously on Dec 15, 2010 Downgraded
to Caa1 (sf)

Cl. G, Affirmed Caa2 (sf); previously on Dec 15, 2010 Downgraded
to Caa2 (sf)

Cl. H, Affirmed Caa2 (sf); previously on Dec 15, 2010 Downgraded
to Caa2 (sf)

Cl. J, Affirmed Caa3 (sf); previously on Dec 15, 2010 Downgraded
to Caa3 (sf)

Cl. K, Affirmed Caa3 (sf); previously on Dec 15, 2010 Downgraded
to Caa3 (sf)

Cl. L, Affirmed Caa3 (sf); previously on Dec 15, 2010 Downgraded
to Caa3 (sf)

Cl. M, Affirmed Caa3 (sf); previously on Dec 15, 2010 Downgraded
to Caa3 (sf)

Ratings Rationale:

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
CLO) transactions.

Resource Real Estate Funding 2007-1, Ltd. is a cash transaction
with a reinvestment period that ended in June 2012. The
transaction is backed by a portfolio of: i) whole loans (75.5% of
the current pool balance); ii) commercial mortgage backed
securities (CMBS) (20.0%); and iii) mezzanine debt (4.5%). As of
the November 19, 2013 Trustee report, the aggregate note balance
of the transaction, including prefered share, is $356.5 million,
from $500.0 million at issuance.

The pool contains three assets totaling $26.7 million (8.8% of the
collateral pool balance) that are listed as defaulted securities
as of the November 19, 2013 trustee report. Two of these assets
(21.3% of the defaulted balance) are CMBS, and one asset is a
whole loan (78.7%). While there have been limited realized losses
on the underlying collateral to date, Moody's does expect moderate
losses to occur on the defaulted securities.

Moody's has identified the following parameters as key indicators
of the expected loss within CRE CLO 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 6,705
compared to 6,642 at last review. The current distribution of
Moody's rated collateral and assessments for non-Moody's rated
collateral is as follows: A1-A3 (5.7% compared to 3.2% at last
review), Baa1-Baa3 (4.9% compared to 10.2% at last review), Ba1-
Ba3 (4.5% compared to 1.9% at last review), B1-B3 (7.5% compared
to 2% at last review) and Caa1-Ca/C (77.4% compared to 82.8% at
last review).

Moody's modeled a WAL of 5.1 years, compared to 3.3 at last
review. The current WAL is based on assumptions about extensions
on the underlying collateral.

Moody's modeled a fixed WARR of 43.7%, compared to 42.5% at last
review.

Moody's modeled a MAC of 100%, same as last review.

Factors that would lead to an upgrade or downgrade of the rating

The performance of the notes is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The servicing decisions of the master and special
servicer and surveillance by the operating advisor with respect to
the collateral interests and oversight of the transaction will
also affect the performance of the rated notes.

Moody's Parameter Sensitivities: Changes in any one or combination
of the key parameters may have rating implications on certain
classes of rated notes. However, in many instances, a change in
key parameter assumptions in certain stress scenarios may be
offset by a change in one or more of the other key parameters.
Rated notes are particularly sensitive to changes in recovery
rates of the underlying collateral and credit assessments. Holding
all other key parameters static, changing the recovery rate
assumption down from 43.7% to 33.7% or up to 53.7% would result in
a modeled rating movement on the rated tranches of 0 to 4 notches
downward and 0 to 6 notches upward, respectively.

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


SLM PRIVATE 2003-A: Fitch Affirms CCC Rating on Class C Notes
-------------------------------------------------------------
Fitch Ratings affirms all the outstanding student loan notes
issued by SLM Private Credit Student Loan Trust 2003-A (2003-A) at
their current ratings. The Rating Outlook remains Negative. A
detailed list of rating actions follows at the end of this press
release.

Fitch's Global Structured Finance Rating Criteria and Private
Student Loan Asset-Backed Securities (ABS) Criteria were used to
review the transaction.

The affirmation of the student loan notes reflects sufficient loss
coverage multiples to support their existing ratings. The Negative
Outlook reflects future expected defaults and compressed loss
coverage.

Key Rating Drivers:

Adequate Collateral Quality:
The trust is collateralized by approximately $335.94 million of
SLM's Signature Education Loan Program, LAWLOANS program, MBALoans
program, and MEDLOANS program, as of Aug. 2013. The private
student loans are intended to assist individuals in financing
their undergraduate or graduate education beyond FFELP limits.

Sufficient Credit Enhancement (CE):
Transaction CE is provided by excess spread and subordination to
support the loss coverage for the class A, B, and C notes at their
respective rating category. The senior parity, subordinate parity
and junior sub-parity ratios for SLM 2003-A are 118.53%, 111.65%
and 98.97% as of August 2013. Based on the trust's performance,
Fitch estimates remaining defaults to be 7%-9% of current
principal balance. Recovery is assumed to be 10% in Fitch's
analysis.

Adequate Liquidity Support:
Liquidity support is provided by a reserve account sized at
approximately $5.21 million.

Satisfactory Servicing Capabilities:
Day-to-day servicing is provided by Sallie Mae Servicing, L.P.
Sallie Mae Servicing, L.P has demonstrated satisfactory servicing
capabilities.

Loss coverage multiples were derived based on the latest
performance data. The projected net loss amounts were compared to
available CE to determine the loss multiples appropriate for each
rating category.

Fitch has affirmed the following ratings:

SLM Private Credit Student Loan Trust 2003-A:

-- Class A-2 at 'Asf'; Outlook Negative;
-- Class A-3 at 'Asf'; Outlook Negative;
-- Class A-4 at 'Asf'; Outlook Negative;
-- Class B at 'BBBsf'; Outlook Negative;
-- Class C at 'CCCsf'; RE45%.


SONOMA VALLEY 2007-4: Moody's Affirms Caa3 Rating of 2 Trust Units
------------------------------------------------------------------
Moody's Investors Service announced that it has affirmed the
ratings of the following trust units issued by Sonoma Valley 2007-
4 Synthetic CDO of CMBS Variable Rate Notes Due 2051.

Series 115/2007, Affirmed Caa3 (sf); previously on Jan 31, 2013
Downgraded to Caa3 (sf)

Series 114/2007, Affirmed Caa3 (sf); previously on Jan 31, 2013
Downgraded to Caa3 (sf)

Ratings Rationale:

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.

Sonoma Valley 2007-4 Synthetic CDO of CMBS Variable Rate Notes Due
2051 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 2006 (45.2%) and 2007 (54.8%). Currently, all of
the reference obligations are publicly rated by Moody's.

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 270 compared to 252 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 (18.3%
compared to 21.7% at last review), Aa1-Aa3 (28.7%, the same as at
last review), A1-A3 (24.2% compared to 20.9% at last review),
Baa1-Baa3 (14.8% compared to 16.5% at last review), Ba1-Ba3 (12.2%
compared to 10.4% at last review), and B1-B3 (1.8%, the same as at
last review).

Moody's modeled to a WAL of 3.1 years compared to 3.9 years at
last review. The current WAL is based on assumptions about
extensions on the underlying collateral.

Moody's modeled a variable WARR with a mean of 51.0%, compared to
a mean of 54.0% at last review.

Moody's modeled a MAC of 30.7%, compared to 35.9% at last review.

Factors that would lead to an upgrade or downgrade of the rating

The performance of the notes is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The servicing decisions of the master and special
servicer and surveillance by the operating advisor with respect to
the collateral interests and oversight of the transaction will
also affect the performance of the rated notes.

Moody's Parameter Sensitivities: Changes in any one or combination
of the key parameters may have rating implications on certain
classes of rated notes. However, in many instances, a change in
key parameter assumptions in certain stress scenarios may be
offset by a change in one or more of the other key parameters.
Rated notes are particularly sensitive to changes in ratings of
the reference obligations and credit assessments. Holding all
other key parameters static, notching down the reference
obligations by -1 notches would result in the average modeled
rating movement on the rated notes of one notch downward (eg. 1
notch downward implies Baa3 to Ba1). Holding all other key
parameters static, notching up the reference obligations by +1
notches would result in 0 notches rating movement.

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


STONE TOWER IV: Moody's Raises $16MM Class D Notes Rating to 'Ba2'
------------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by Stone Tower CLO IV Ltd.:

U.S. $29,000,000 Class C-1 Floating Rate Notes Due March 16, 2018,
Upgraded to A3 (sf); previously on August 2, 2013 Confirmed Baa2
(sf);

U.S. $2,000,000 Class C-2 Fixed Rate Notes Due March 16, 2018,
Upgraded to A3 (sf); previously on August 2, 2013 Confirmed Baa2
(sf);

U.S. $16,000,000 Class D Floating Rate Notes Due March 16, 2018,
Upgraded to Ba2 (sf); previously on August 2, 2013 Confirmed Ba3
(sf).

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

U.S. $567,000,000 Class A-1 Floating Rate Notes Due March 16, 2018
(current outstanding balance of $111,731,374), Affirmed Aaa (sf);
previously on August 2, 2013 Affirmed Aaa (sf);

U.S. $42,500,000 Class A-2 Floating Rate Notes Due March 16, 2018,
Affirmed Aaa (sf); previously on August 2, 2013 Affirmed Aaa (sf);

U.S.$33,500,000 Class B Deferrable Floating Rate Notes Due March
16, 2018, Affirmed Aa1 (sf); previously on August 2, 2013 Upgraded
to Aa1 (sf).

Ratings Rationale:

According to Moody's, the rating actions taken on the notes are
primarily a result of deleveraging of the senior notes and an
increase in the transaction's overcollateralization ratios since
July 2013. Moody's notes that the Class A-1 Notes have been paid
down by approximately 27.8% or $29.3 million since July 2013.
Based on the latest trustee report dated November 2013, the Class
A, Class B, Class C, and Class D overcollateralization ratios are
reported at 170.20%, 139.83%, 120.01% and 111.83%, respectively,
versus July 2013 levels of 138.44%, 123.79%, 112.74%, and 107.78%,
respectively.

Moody's notes that the underlying portfolio includes a number of
investments in securities that mature after the maturity date of
the notes. Based on the November 2013 trustee report, securities
that mature after the maturity date of the notes currently make up
approximately 7.59% of the underlying portfolio. These investments
potentially expose the notes to market risk in the event of
liquidation at the time of the notes' maturity.

Stone Tower CLO IV Ltd., issued in March 2006, is a collateralized
loan obligation backed primarily by a portfolio of senior secured
loans.

Factors that would lead to an upgrade or downgrade of the rating

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.

Loss and Cash Flow Analysis

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

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 $261.7 million, defaulted par of $3.7 million,
a weighted average default probability of 15.00% (implying a WARF
of 2534), a weighted average recovery rate upon default of 51.84%,
and a diversity score of 27. 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.

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% (2027)

Class A-1: 0

Class A-2: 0

Class B: +1

Class C-1: +2

Class C-2: +2

Class D: +1

Moody's Adjusted WARF + 20% (3041)

Class A-1: 0

Class A-2: 0

Class B: 0

Class C-1: -2

Class C-2: -1

Class D: -1


SYMPHONY CLO XI: S&P Affirms 'BB' Rating on Class E Notes
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Symphony CLO XI L.P./Symphony CLO XI LLC's $737.0 million fixed
and floating rate notes following the transaction's effective date
as of April 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 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 said.

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

For a CLO that has not purchased its full target level of
portfolio collateral by the closing date, S&P's ratings on the
closing date and prior to its effective date review are generally
based on the application of S&P's criteria to a combination of
purchased collateral, collateral committed to be purchased, and
the indicative portfolio of assets provided to S&P by the
collateral manager, and may also reflect its assumptions about the
transaction's investment guidelines.  This is because not all
assets in the portfolio have been purchased.

"When 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 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 noted.

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

Symphony CLO XI L.P./Symphony CLO XI LLC

Class                      Rating                       Amount
                                                       (mil. $)
A                          AAA (sf)                     494.50
B-1                        AA (sf)                       72.00
B-2                        AA (sf)                       24.00
C (deferrable)             A (sf)                        64.00
D (deferrable)             BBB (sf)                      42.50
E (deferrable)             BB (sf)                       40.00


TELOS CLO 2006-1: S&P Raises Rating on Class E Notes to 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A-2, B, C, D, and E notes from Telos CLO 2006-1 Ltd., a U.S.
collateralized loan obligation (CLO) transaction managed by Telos
Asset Management LLC, and removed them from CreditWatch with
positive implications, where S&P had placed them on Sept. 5, 2013.
At the same time, S&P affirmed its 'AAA (sf)' rating on the class
A-1D, A-1R, and A-1T notes from the same transaction.

Telos CLO 2006-1 Ltd. ended its reinvestment period in January
2013.

The upgrades mainly reflect paydowns to the class A-1D, A-1R, and
A-1T notes.  Since S&P's last rating actions in April 2012, the
transaction has paid down about $112 million, collectively, to the
A-1L notes.  These notes are now about 49% of their original
notional balance at issuance.

The upgrades also reflect an improvement in the
overcollateralization (O/C) available to support the notes,
primarily due to the paydowns.  As per the trustee report dated
Oct. 31, 2013, the class B O/C ratio, the senior O/C, was 146.59%,
up from the 129.66% noted in the March 29, 2012, report that S&P
used for its April 2012 rating actions.  All of the other O/C
ratios have improved, as well.

As per the trustee report dated Oct. 31, 2013, the transaction
currently has about $15.97 million in defaulted assets--lower than
the $19.19 million noted in the March 29, 2012, report S&P used
for its rating action in April 2012.  Additionally, as reported by
the trustee, the CCC-basket obligations are currently
$24.21 million, compared with over $42.14 million at the time of
S&P's April 2012 rating actions.

S&P's rating affirmations on the class A-1D, A-1R, and A-1T notes
reflect its view that the credit support available at the current
rating level is adequate.

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

RATING AND CREDITWATCH ACTIONS

Telos CLO 2006-1 Ltd.
                    Rating
Class         To            From
A-2           AAA (sf)      AA+ (sf)/Watch Pos
B             AA+ (sf)      A+ (sf)/Watch Pos
C             AA- (sf)      A- (sf)/Watch Pos
D             BBB+ (sf)     BBB- (sf)/Watch Pos
E             BB (sf)       BB- (sf)/Watch Pos

RATINGS AFFIRMED

Telos CLO 2006-1 Ltd.
Class         Rating
A-1D          AAA (sf)
A-1R          AAA (sf)
A-1T          AAA (sf)

TRANSACTION INFORMATION
Issuer:              Telos CLO 2006-1 Ltd.
Co-issuer:           Telos CLO 2006-1 Inc.
Collateral manager:  Telos Asset Management LLC
Underwriter:         RBS Greenwich Capital
Trustee:             The Bank of New York Mellon
Transaction type:    Cash flow CDO

CDO-Collateralized debt obligation.


TIAA REAL 2003-1: S&P Raises Rating on Class C-2 Notes to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
C-1 and C-2 notes from TIAA Real Estate CDO 2003-1 Ltd., a static
cash flow collateralized debt obligation (CDO) of commercial
mortgage-backed securities transaction.  At the same time, S&P
affirmed its ratings on the class D and E notes from the same
transaction.

The upgrades reflect an increase in the credit support available
to the two class C notes.  Since S&P's August 2012 rating action,
the transaction paid down the rated liabilities by $117 million.
The class A-1MM and the two class B notes were paid in full and
had their ratings withdrawn, while the two class C notes have been
paid down to 80% of their issuance amounts.  As a result, the
class C overcollateralization (O/C) ratio has increased to 182% as
of the October 2013 trustee report from 113% in July 2012.

While class D's O/C ratio increased, its interest coverage (I/C)
ratio has been decreasing.  As the class C notes continue to pay
down, S&P expects the interest generated by the transaction's
underlying collateral to decrease.  Both the class E O/C and I/C
tests continue to fail.  S&P's rating affirmations to the class D
and E notes reflect the credit support available to these notes.

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

RATINGS RAISED

TIAA Real Estate CDO 2003-1 Ltd.
              Rating
Class     To          From
C-1       BB+ (sf)    B- (sf)
C-2       BB+ (sf)    B- (sf)

RATINGS AFFIRMED

TIAA Real Estate CDO 2003-1 Ltd.

Class     Rating
D         CCC- (sf)
E         CC (sf)


TRADE MAPS 1: S&P Assigns 'BB' Rating on Class D Notes
------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to Trade
MAPS 1 Ltd.'s $1.00 billion floating-rate notes series 2013-1.

The note issuance is backed by a revolving pool consisting
primarily of trade finance assets related to import or export
finance.

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
      program subordinated notes.

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

   -- The transaction's legal structure, which S&P expects to
      comply with its bankruptcy-remoteness criteria.  S&P also
      expects to receive a number of legal opinions addressing
      certain structural aspects, including true sale opinions
      that indicate the assets sold to the issuer by each
      participating bank, both at the transaction's closing and
      thereafter, will not be consolidated back to either seller
      upon their default or insolvency.

   -- The diversified collateral portfolio, which consists
      primarily of loans and other forms of financing, extended to
      different corporate entities ("borrowers") to facilitate the
      import and export of goods ("trade finance assets," or
      "assets.")  The risks inherent to each trade finance asset
      are heterogeneous:  The credit profile and industry of the
      borrowers may differ, the number of countries where they are
      domiciled is diverse and the likelihood that those countries
      may restrict payments to service debt in a foreign country
      varies, and the principal balance and tenor of the trade
      finance assets--although generally less than six months--is
      not the same.  Furthermore, S&P expects the pool of assets
      to change significantly over time when trade finance assets
      are repaid and the issuer uses the proceeds to buy new ones.
      The issuer's ability to acquire trade finance assets is
      subject to certain concentration limitations and collateral
      quality tests.

   -- The participating banks' long histories and experience
      originating and managing trade finance assets.

   -- The transaction's structural features, which are expected to
      protect the credit quality of the rated notes when the trade
      finance assets default.

RATINGS ASSIGNED

Trade MAPS 1 Ltd. (Series 2013-1)

Class                          Rating                   Amount
                                                      (mil. $)
A                              AAA (sf)                 874.44
B                              A (sf)                    77.61
C                              BBB (sf)                  31.34
D                              BB (sf)                   16.61
Program subordinated notes     NR                        41.14

NR-Not rated.


UBS-BARCLAYS 2012-C4: Fitch Affirms BB Rating on Class E Notes
--------------------------------------------------------------
Fitch Ratings has affirmed all classes of UBS-Barclays Commercial
Mortgage Trust 2012-C4 commercial mortgage pass-through
certificates, series 2012-C4.

Key Ratings Drivers:

The affirmations are based on overall stable performance of the
underlying collateral pool. As of the November 2013 remittance,
the pool's aggregate principal balance has been paid down by 0.8%
to $1.444 billion from $1.456 billion at issuance. Fourteen of the
top 15 loans (93% of the pool) reported partial year 2013
financials. The pool's overall net operating income has been
stable with a 6.6% increase since issuance for loan's that
reported information. There are no delinquent or specially
serviced loans. Five loans were recently added to the servicer
watchlist, however, the properties are performing in line with
expectations.

Ratings Sensitivity:

All classes maintain Stable Outlooks. Due to the recent issuance
of the transaction and stable performance, Fitch does not foresee
positive or negative ratings migration until a material economic
or asset level event changes the transaction's portfolio-level
metrics.

The largest loan of the pool (9.69%) is secured by, Marcourt Net
Lease Hotel Portfolio, a portfolio of select service hotels
diversified across nine states. The individual properties have a
net lease agreement with Marriott International which is
responsible for the maintenance and operation for each asset until
the lease expiration date of January 2023. The hotels are located
near major national and international airports and several
locations have radius restrictions limiting future Courtyard
properties from opening in close proximity to the collateral.

The second largest loan (8.88%) is secured by, KBR Tower, a
1,064,080 square foot (sf) class B office property located in the
Houston, TX CBD. The majority of the building is leased to Kellogg
Brown & Root Inc. on a long-term lease that does not expire until
2030. The tower benefits from being part of the Cullen Center
Complex, which is a master-planned development consisting of
office space, hotel rooms, parking, and public space. The complex
is located in the primary employment center of Houston's CBD with
convenient access to major freeways. The property is managed by
Brookfield Office Properties, a diversified commercial real estate
corporation with a significant presence in the Houston market.

The third largest loan (5.12%) is secured by, Visalia Mall, a
437,954 sf regional mall located in Visalia, CA, approximately 40
miles south of Fresno. The retail center benefits from limited
competition and has a large trade area that encompasses a 25 mile
radius. The limited competition has led to the mall's tenants
experiencing 10% yearly sales growth for the past couple of years
and management ability to increase the center's occupancy to 95%
as of June 2013.

Fitch has affirmed the following classes as indicated:

UBS-Barclays Commercial Mortgage Pass-Through Certificates, Series
2012-C4

-- $72.1 million class A-1 at 'AAAsf'; Outlook Stable;
-- $73.3 million class A-2 at 'AAAsf'; Outlook Stable;
-- $132 million class A-3 at 'AAAsf'; Outlook Stable;
-- $150 million class A-4 at 'AAAsf'; Outlook Stable;
-- $476 million class A-5 at 'AAAsf'; Outlook Stable;
-- $104 million class A-AB 'AAAsf'; Outlook Stable;
-- $145.6 million class A-S at 'AAAsf'; Outlook Stable;
-- $1.152 billion* class X-A at 'AAAsf'; Outlook Stable;
-- $134.7 million* class X-B at 'A-sf'; Outlook Stable;
-- $69.1 million class B at 'AA-sf'; Outlook Stable;
-- $65.5 million class C at 'A-sf'; Outlook Stable;
-- $61.9 million class D at 'BBB-sf'; Outlook Stable;
-- $25.5 million class E at 'BBsf'; Outlook Stable;
-- $18.2 million class F at 'Bsf'; Outlook Stable.

*Notional amount and interest only

Fitch does not rate the $51 million class G.


WFRBS 2013-C18: Fitch to Rate $19.46MM Class E Notes 'BB'
---------------------------------------------------------
Fitch Ratings has issued a presale report on WFRBS Commercial
Mortgage Trust 2013-C18 Pass-Through Certificates.

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

-- $48,516,000 Class A-1 'AAAsf'; Outlook Stable;
-- $103,340,000 Class A-2 'AAAsf'; Outlook Stable;
-- $140,000,000 Class A-3 'AAAsf'; Outlook Stable;
-- $170,000,000 Class A-4 'AAAsf'; Outlook Stable;
-- $201,014,000 Class A-5 'AAAsf'; Outlook Stable;
-- $63,699,000 Class A-SB 'AAAsf'; Outlook Stable;
-- $70,062,000b Class A-S 'AAAsf'; Outlook Stable;
-- $796,631,000* Class X-A 'AAAsf'; Outlook Stable;
-- $72,657,000b Class B 'AA-sf'; Outlook Stable;
-- $36,329,000b Class C 'A-sf'; Outlook Stable;
-- $179,048,000b Class PEX 'A-sf'; Outlook Stable;
-- $66,169,000a Class D 'BBB-sf'; Outlook Stable;
-- $19,462,000a Class E 'BBsf'; Outlook Stable;
-- $7,785,000a Class F 'Bsf'; Outlook Stable.

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

The expected ratings are based on information provided by the
issuer as of Dec. 5, 2013. Fitch does not expect to rate the
$38,923,637 class G.

The certificates represent the beneficial ownership in the trust,
primary assets of which are 67 loans secured by 73 commercial
properties having an aggregate principal balance of approximately
$1.038 billion as of the cutoff date. The loans were contributed
to the trust by Wells Fargo Bank, National Association; The Royal
Bank of Scotland; Liberty Island Group I LLC; Basis Real Estate
Capital II LLC; NCB, FSB; UBS Real Estate Securities Inc.; and C-
III Commercial Mortgage LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 79.4% of the properties
by balance, cash flow analysis of 87.9%, and asset summary reviews
on 90.9% of the pool.

Key Rating Drivers:

Fitch Leverage: This transaction has leverage metrics that are
stronger than other recent Fitch-rated fixed-rate deals. The
pool's Fitch DSCR and LTV are 1.50x and 88.1%, respectively,
compared with the first-half (1H) 2013 averages of 1.36x and
99.8%. Excluding the 15 loans collateralized by cooperative
housing (co-op) properties, which comprise 4.2% of the pool, the
Fitch DSCR and LTV are 1.34x and 90.8%, respectively.

Concentrated Loan Size: The pool is highly concentrated by loan
size and sponsor, greater than the average transactions in 1H
2013. The top 10 loans represent 67.0% of the pool, which is
greater than the 1H'13 average concentration of 54.3%. The pool
has a loan concentration index (LCI) and sponsor concentration
index (SCI) of 711 and 741, respectively, which represents one of
the most concentrated transactions in 2013.

Credit Opinion Loans: The largest loan in the pool, Garden State
Plaza (14.5%), has a Fitch credit opinion of 'AAAsf*' on a stand-
alone basis. The loan is secured by a 2.2 million-sf regional mall
in Paramus, NJ. This loan is a pari passu portion of a larger loan
with the controlling interest held outside the trust. The third
largest loan in the pool (13.5%) has a Fitch credit opinion of
'BBB-sf*' on a stand-alone basis. The loan is secured by The
Outlet Collection | Jersey Gardens, a 1.3 million-sf outlet mall
located in Elizabeth, NJ. This loan has a pari passu participation
held outside the trust, though 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 8.5% below
the most recent net operating income (NOI) (for properties for
which historical NOI was provided, excluding properties that were
stabilizing during the most recent reporting period).
Unanticipated further declines in property-level NCF could result
in higher defaults and loss severity on defaulted loans, and could
result in potential rating actions on the certificates. Fitch
evaluated the sensitivity of the ratings assigned to WFRBS 2013-
C18 certificates and found that the transaction displays better
than average sensitivity to further declines in NCF. In a scenario
in which NCF declined a further 20% from Fitch's NCF, a downgrade
of the junior 'AAAsf' certificates to 'AA+sf' could result. In a
more severe scenario, in which NCF declined a further 30% from
Fitch's NCF, a downgrade of the junior 'AAAsf' certificates to
'A+sf' could result. The presale report includes a detailed
explanation of additional stresses and sensitivities on pages 79-
80.

The master servicers will be Wells Fargo Bank, National
Association and NCB, FSB, rated 'CMS1-' and 'CMS2-', respectively,
by Fitch. The special servicers will be Midland Loan Services, a
division of PNC Bank National Association, and NCB, FSB rated
'CSS1' and 'CSS3+', respectively, by Fitch.


WFRBS 2013-C18: DBRS Assigns '(P)BB' Rating on Cl. E Certificates
-----------------------------------------------------------------
DBRS Inc. has assigned provisional ratings to the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2013-C18 (the Certificates), to be issued by WFRBS Commercial
Mortgage Trust 2013-C18.  The trends are Stable.

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class PEX at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (sf)
-- Class F at B (sf)

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

The Class X-A balance is notional.  DBRS ratings on interest-only
certificates address the likelihood of receiving interest based on
the notional amount outstanding.  DBRS considers the interest-only
certicates' position within the transaction payment waterfall when
determining the appropriate rating.

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

The collateral consists of 67 fixed-rate loans secured by 73
commercial and multifamily properties.  The transaction has a
balance of $1,037,956,638.  The pool consists of relatively low-
leverage financing, with a DBRS weighted-average refinance debt
service coverage ratio of 1.35 times, based on a weighted-average
stressed refinance constant of 9.84%.  The DBRS sample included 24
loans, representing 78.9% of the pool.  Of the sampled loans,
properties securing two loans (both in the top ten loans) were
given Above Average property quality, and five loans were given
Below Average property quality.  DBRS considers the pool to be
concentrated based on loan size, with a concentration profile
equivalent to a pool of 14 equal-sized loans.  The pool
concentration is counterbalanced by two of the largest three
loans, representing 27.9% of the pool, being shadow-rated
investment grade.

Thirteen hotel properties secure 21.3% of the allocated loan
balance of the pool, a relatively high concentration, three of
which are in the top ten.  Hotel properties have higher cash flow
volatility than traditional property types, as their income, which
is derived from daily contracts rather than multi-year leases, and
their expenses, which are often mostly fixed, are quite high as a
percentage of revenue.  These two factors cause revenue to fall
swiftly during a downturn and cash flow to fall even faster,
because of the high operating leverage.

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


WFRBS 2013-UBS1: S&P Assigns 'BB' Rating on Class E Notes
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 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.  Since S&P assigned its preliminary ratings, the
class X-B certificates have been removed and the unrated class X-C
certificates were renamed class X-B.

The 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 its overall qualitative assessment of the
transaction.

RATINGS ASSIGNED

WFRBS Commercial Mortgage Trust 2013-UBS1

Class            Rating                 Amount
                                      (mil. $)
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              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.


* Moody's Takes Action on $106MM of RMBS by Various Issuers
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of five
tranches and downgraded the ratings of four tranches from five
transactions issued by various trusts, backed by Subprime mortgage
loans.

Complete rating actions are as follows:

Issuer: RASC Series 2004-KS3 Trust

Cl. A-I-5, Downgraded to Ba2 (sf); previously on Apr 9, 2012
Downgraded to Ba1 (sf)

Cl. A-I-6, Downgraded to Ba1 (sf); previously on Apr 9, 2012
Downgraded to Baa3 (sf)

Cl. M-I-1, Downgraded to Ca (sf); previously on Apr 9, 2012
Downgraded to Caa3 (sf)

Issuer: RASC Series 2004-KS6 Trust

Cl. A-I-4, Upgraded to Baa3 (sf); previously on Apr 9, 2012
Confirmed at Ba2 (sf)

Cl. M-II-1, Upgraded to Caa1 (sf); previously on Apr 5, 2011
Downgraded to Caa3 (sf)

Issuer: Structured Asset Securities Corp 2002-HF1

Cl. A, Downgraded to A3 (sf); previously on May 3, 2012 Downgraded
to A1 (sf)

Issuer: Structured Asset Securities Corp 2003-BC3

Cl. M2, Upgraded to B3 (sf); previously on May 3, 2012 Confirmed
at Caa3 (sf)

Cl. M3, Upgraded to Caa3 (sf); previously on Mar 7, 2011
Downgraded to C (sf)

Issuer: Structured Asset Securities Corp Trust 2007-OSI

Cl. A-3, Upgraded to Caa1 (sf); previously on Jul 15, 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. The downgrades are a result of
deteriorating performance and/or structural features resulting in
higher expected losses for the bonds than previously anticipated.


* S&P Puts 32 Ratings on 31 CDO Deals on CreditWatch Positive
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 32
tranches from 31 synthetic collateralized debt obligation (CDO)
transactions on CreditWatch positive.

The rating actions followed S&P's monthly review of synthetic CDO
transactions.

The CreditWatch positive placements reflect the seasoning of the
transactions, the rating stability of the obligors in the
underlying reference portfolios over the past few months, and the
synthetic rated overcollateralization ratios that had risen above
100% at the next-highest rating level.

RATINGS PLACED ON CREDITWATCH POSITIVE

Credit Default Swap
US$10 mil swap risk rating-protection buyer,
CDS reference #CA1119131
                    Rating                 Rating
Class               To                     From
Trnch               Asrb (sf)/Watch Pos    Asrb (sf)

Credit Default Swap
US$10.891 bil swap risk rating - portfolio CDS ref no.
SDB506494096
                    Rating                 Rating
Class               To                     From
Nts                 BB+srp (sf)/Watch Pos  BB+srp (sf)

Credit Default Swap
US$10.891 bil swap risk rating - portfolio CDS ref no.
SDB506551445
                    Rating                 Rating
Class               To                     From
Nts                 BB+srp (sf)/Watch Pos  BB+srp (sf)

Credit Default Swap
US$10.892 bil swap risk rating - portfolio CDS ref no.
SDB506551406
                    Rating                 Rating
Class               To                     From
Nts                 BB+srp (sf)/Watch Pos  BB+srp (sf)

Credit Default Swap
US$10.892 bil swap risk rating - portfolio CDS ref no.
SDB506551414

                    Rating                 Rating
Class               To                     From
Nts                 BB+srp (sf)/Watch Pos  BB+srp (sf)

Credit Default Swap
US$10.892 bil swap risk rating - portfolio CDS ref no.
SDB506551423
                    Rating                 Rating
Class               To                     From
Nts                 BB+srp (sf)/Watch Pos  BB+srp (sf)

Credit Default Swap
US$10.893 bil swap risk rating - portfolio CDS ref no.
SDB506546950
                    Rating                 Rating
Class               To                     From
Nts                 A-srp (sf)/Watch Pos   A-srp (sf)

Credit Default Swap
US$10.893 bil swap risk rating - portfolio CDS ref no.
SDB506546955
                    Rating                 Rating
Class               To                     From
Nts                 A-srp (sf)/Watch Pos   A-srp (sf)

Credit Default Swap
US$10.893 bil swap risk rating - portfolio CDS ref no.
SDB506547004
                    Rating                 Rating
Class               To                     From
Nts                 A-srp (sf)/Watch Pos   A-srp (sf)

Credit Default Swap
US$10.893 bil swap risk rating - portfolio CDS ref no.
SDB506551442
                    Rating                 Rating
Class               To                     From
Nts                 BB+srp (sf)/Watch Pos  BB+srp (sf)

Credit Default Swap
US$10.894 bil swap risk rating - portfolio CDS ref no.
SDB506551435
                    Rating                 Rating
Class               To                     From
Nts                 BB+srp (sf)/Watch Pos  BB+srp (sf)

Credit Default Swap
US$10.895 bil swap risk rating - portfolio CDS ref no.
SDB506551383
                    Rating                 Rating
Class               To                     From
Nts                 BB+srp (sf)/Watch Pos  BB+srp (sf)

Credit Default Swap
US$10.895 bil swap risk rating - portfolio CDS ref no SDB506494104
                    Rating                 Rating
Class               To                     From
Nts                 A-srp (sf)/Watch Pos   A-srp (sf)

Credit Default Swap
US$10.895 bil swap risk rating - portfolio CDS ref no.
SDB506546935
                    Rating                 Rating
Class               To                     From
Nts                 A-srp (sf)/Watch Pos   A-srp (sf)

Credit Default Swap
US$10.895 bil Swap risk rating - portfolio CDS ref no.
SDB506546943
                    Rating                 Rating
Class               To                     From
Nts                 A-srp (sf)/Watch Pos   A-srp (sf)

Credit Default Swap
US$10.895 bil swap risk rating - portfolio CDS ref no.
SDB506550851
                    Rating                 Rating
Class               To                     From
Nts                 BB+srp (sf)/Watch Pos  BB+srp (sf)

Credit Default Swap
US$10.895 bil swap risk rating - portfolio CDS ref. no.
SDB506551403
                    Rating                 Rating
Class               To                     From
Nts                 BB+srp (sf)/Watch Pos  BB+srp (sf)

Credit Default Swap
US$10.896 bil swap risk rating - portfolio CDS ref no.
SDB506546906
                    Rating                 Rating
Class               To                     From
Nts                 A-srp (sf)/Watch Pos   A-srp (sf)

Credit Default Swap
US$300 mil Morgan Stanley Capital Services Inc. - ESP Funding I
Ltd.
REF: NGNGX
                    Rating                 Rating
Class               To                     From
Trnch               A+srb (sf)/Watch Pos   A+srb (sf)

Morgan Stanley ACES SPC JPY1 bil, 2007-6
                    Rating                 Rating
Class               To                   From
IIA                 A (sf)/Watch Pos     A (sf)

Morgan Stanley ACES SPC 2007-6
NF8BK
                    Rating                 Rating
Class               To                     From
Nts                 AA+srp (sf)/Watch Pos  AA+srp (sf)

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

Morgan Stanley ACES SPC SPC 2007-6
NF8BM
                    Rating                 Rating
Class               To                     From
Nts                 AA+srp (sf)/Watch Pos  AA+srp (sf)

Morgan Stanley ACES SPC 2007-6
NF8T1
                    Rating                 Rating
Class               To                     From
Nts                 AA+srp (sf)/Watch Pos  AA+srp (sf)

Morgan Stanley ACES SPC 2007-6
NF8T4
                    Rating                 Rating
Class               To                     From
Nts                 AA+srp (sf)/Watch Pos  AA+srp (sf)

NOAJ CDO Ltd.
                    Rating                 Rating
Class               To                   From
Series 1            BB+ (sf)/Watch Pos   BB+ (sf)

PARCS Master Trust
US$300 mil PARCS master trust class 2007-10 CDX7 10Y 10-15
(floating recovery)
units
                    Rating                 Rating
Class               To                   From
Trust Unit          BBB (sf)/Watch Pos   BBB (sf)

PARCS Master Trust
US$4 mil PARCS master trust class 2007-5 Calvados (fixed recovery)
units
2007-5 CALVADOS
                    Rating                 Rating
Class               To                   From
Trust Unit          BB+ (sf)/Watch Pos   BB+ (sf)

REVE SPC EUR15 mil
3 bil, US$81 mil REVE SPC segregated portfolio of Dryden XVII
notes
34, 36, 37, 38, 39, and 40
                    Rating                 Rating
Class               To                   From
Series 36           B (sf)/Watch Pos     B (sf)
Series 37           CCC+ (sf)/Watch Pos  CCC+ (sf)

Rutland Rated Investments
US$105 mil Dryden XII - IG Synthetic CDO 2006-2
DRYDEN06-2
                    Rating                 Rating
Class               To                   From
A1-$LS              BBB+ (sf)/Watch Pos  BBB+ (sf)

STARTS (Ireland) PLC
US$50 mil Maple Hill II Managed Synthetic CDO series 2007-31
                    Rating                 Rating
Class               To                   From
A2-D2               BBB (sf)/Watch Pos   BBB (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.


                  *** End of Transmission ***