TCR_Public/140504.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

               Sunday, May 4, 2014, Vol. 18, No. 122

                            Headlines

ALESCO PREFERRED IV: S&P Raises Rating on 2 Note Classes to 'B-'
ALESCO PREFERRED VI: S&P Raises Rating on 2 Note Classes to 'BB+'
ALESCO PREFERRED XVI: S&P Raises Rating on Class A Notes to CCC+
ALESCO PREFERRED XVII: S&P Raises Rating on Class A-1 Notes to B+
ALESCO PREFERRED VIII: S&P Raises Rating on 2 Notes From 'BB+'

ANSONIA CDO 2006-1: Moody's Affirms Ratings on 9 Note Classes
APIDOS CLO XVII: Moody's Assigns B2 Rating on $11.5MM Cl. E Notes
ARES XII CLO: S&P Affirms 'BB' Rating on Class E Notes
ARES NF XIV: S&P Raises Rating on Class E Notes From BB
B&M CLO 2014-1: S&P Assigns Prelim. BB Rating on Class D Notes

BABSON CLO 2005-III: Moody's Affirms Ba2 Rating on Class E Notes
BABSON CLO 2013-II: S&P Affirms 'BB' Rating on Class D Notes
BANC OF AMERICA 2001-1: Moody's Cuts Rating on Cl. K Certs to 'C'
BANC OF AMERICA 2004-6: Fitch Lowers Rating on Class D Notes to BB
BAYVIEW 2014-9RPL: S&P Assigns Prelim. 'BB+' Rating on 3 Notes

BLUEMOUNTAIN CLO 2013-2: S&P Affirms 'BB' Rating on Class E Notes
CANYON CAPITAL 2014-1: Moody's Assigns Ba3 Rating on $16MM Notes
CATAMARAN CLO 2014-1: S&P Assigns Prelim. BB Rating on Cl. D Notes
CENT CDO 10: S&P Affirms 'BB+' Rating on Class E Notes
CHASE FUNDING 2004-OPT1: Moody's Cuts Cl. M-2 Debt Rating to B1

COLUMBUSNOVA 2006-II: S&P Raises Rating on Cl. E Notes From 'BB'
COMM 2005-FL10: Moody's Affirms 'C' Rating on 2 Cert. Classes
COMM 2014-CCRE17: Moody's Assigns (P)Ba2 Rating on Class E Certs
COMMERCIAL MORTGAGE 1998-C2: Fitch Cuts Cl. J Notes Rating to CC
CREDIT SUISSE 1997-C2: Fitch Affirms B+sf Rating on Class H Certs

CREDIT SUISSE 2001-CF2: Fitch Affirms Dsf Rating on Class J Certs
CREDIT SUISSE 2005-C4: Moody's Cuts Rating on Cl. G Certs to 'C'
CRF-18 LLC: S&P Affirms 'BB' Rating on Class D Notes
CSMC TRUST 2014-IVR2: S&P Assigns BB+ Rating on Class B-3 Notes
CWALT INC 2005-75CB: Moody's Cuts Rating on 3 Certs to 'Caa2'

CWCAPITAL COBALT: Moody's Affirms Ratings on 8 Note Classes
DLJ COMMERCIAL 1999-CG3: Moody's Affirms 'Caa3' Rating on S Certs
DRYDEN XVI: S&P Affirms 'BB+' Rating on Class D Notes
FIRST UNION 2001-C2: S&P Lowers Rating on 2 Note Classes to 'D'
FORE CLO 2007-1: S&P Raises Rating on Class D Notes to 'BB-'

FORTRESS CREDIT III: S&P Assigns 'BB' Rating on Class E Notes
GE BUSINESS 2003-2: S&P Raises Rating on Class C Notes to 'BB+'
GE CAPITAL 2000-1: Moody's Affirms 'Caa3' Rating on Cl. X Certs
GE CAPITAL 2001-1: Moody's Hikes Rating on Class H Certs to 'B2'
GE COMMERCIAL 2003-C1: Moody's Cuts Rating on Cl. M Secs. to 'Ca'

GMAC COMMERCIAL 1998-C2: Fitch Ups Rating on Cl. J Certs to 'BBsf'
GMAC COMMERCIAL 2002-C2: Moody's Cuts Cl. X-1 Certs Rating to Caa3
GOLDMAN SACHS 1998-C1: Fitch Affirms Dsf Rating on Class H Certs
GOLUB CAPITAL 19(B): Moody's Assigns Ba3 Rating on Cl. D Notes
GREENWICH CAPITAL 2002-C1: Moody's Affirms Rating on 4 Certs

GS MORTGAGE 2005-GG4: Moody's Cuts Rating on Class F Certs to 'C'
GS MORTGAGE 2012-GCJ7: Moody's Affirms B2 Rating on F Securities
GUGGENHEIM PDFNI: Fitch Assigns 'BBsf' Rating to Class B Notes
HALCYON LOAN 2014-2: Moody's Assigns Ba3 Rating on Class D Notes
HEDGED MUTUAL 2007-1: Moody's Cuts Citibank-Sponsored Notes to Ca

ICE 1: S&P Lowers Rating on Class D Notes to 'B'
JP MORGAN 1998-C6: Fitch Affirms 'Csf' Rating on Class G Certs
JP MORGAN 2004-C2: Moody's Lowers Rating on Cl. X Notes to 'B3'
JP MORGAN 2013-FL3: Fitch Affirms 'BB-sf' Rating on Cl. E Certs
JP MORGAN 2013-LC11: Moody's Affirms B2 Rating on Class F Notes

KINGSLAND V: Moody's Affirms Ba3 Rating on $14.9MM Cl. E Notes
LATITUDE CLO III: Moody's Raises Rating on Class F Notes to Ba1
MC FUNDING: S&P Raises Rating on Class E Notes to 'BB+'
MERRILL LYNCH 2005-CIP1: Fitch Affirms 'B-' Rating on Cl. C Certs
MORGAN STANLEY 2007-IQ14: Moody's Cuts Rating on X Certs to B2

MORGAN STANLEY 1998-HF2: Fitch Affirms BB Rating on Class K Certs
MORGAN STANLEY 2007-HE1: Moody's Cuts Rating on 2 Tranches to Ca
N-STAR REAL I: Moody's Affirms Ba3 Rating on 2 Note Classes
NOVASTAR MORTGAGE 2003-4: Moody's Ups Cl. M-3 Debt Rating to Caa2
PNC MORTGAGE 2001-C1: Moody's Affirms 'C' Rating on Class L Certs

SANDERS RE 2014-1: S&P Assigns Prelim. BB Rating on 2 Note Classes
SLM STUDENT 2003-10: Fitch Assigns 'BB' Rating on Class B Notes
TALMAGE STRUCTURED 2006-4: Moody's Ups Cl. C Notes Rating to Caa1
THL CREDIT 2014-1: Moody's Rates $33.5MM Class E Notes 'Ba3'
VENTURE VIII CDO: Moody's Raises Rating on Class E Notes to Ba3

VOYA CLO 2014-2: Moody's Assigns '(P)Ba3' Rating on Class D Notes
WACHOVIA BANK 2007-WHALE 8: Moody's Affirms 'C' Rating on 2 Certs
WFRBS COMMERCIAL 2013-C13: Fitch Affirms B Rating on Class F Certs

* Moody's Takes Action on $2.5BB RMBS Issued From 2005-2007
* Moody's Takes Action on $790MM RMBS Issued From 2004-2006
* Moody's Raises $774MM Subprime RMBS Issued by Various Trusts
* Moody's Raises Ratings on $97MM of RMBS Issued From 2002-2004
* S&P Raises 8 Rating on 4 U.S. Cash Flow CDO Transactions

* S&P Removes 90 Ratings From 20 RMBS Deals From Watch Negative
* S&P Withdraws Ratings on 45 Classes From 21 CDO Deals


                             *********


ALESCO PREFERRED IV: S&P Raises Rating on 2 Note Classes to 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A-1, A-2, and A-3 notes from ALESCO Preferred Funding IV Ltd., a
collateralized debt obligation transaction backed by trust-
preferred securities (TruPs) issued by financial institutions.  At
the same time, S&P removed these ratings from CreditWatch, where
it placed them with positive implications on Jan. 24, 2014.

The upgrades reflect approximately $8.49 million in paydowns to
the class A-1 notes, which reduced them to 59.07% of their
original balance, and the improved credit support available to the
notes since March 2013 when S&P last raised its rating on the
class A-1 notes.  The paydowns can be attributed to principal
proceeds, as well as interest proceeds captured because of the
transaction's failed coverage tests.

The upgrades also reflect the improved overcollateralization (O/C)
available to the notes, mainly due to the aforementioned paydowns,
since S&P's March 2013 rating action.  The trustee reported the
following increased O/C ratios in the March 2014 monthly report:

   -- The class A O/C ratio was 127.52%, compared with 115.94% in
      February 2013; and

   -- The class B O/C ratio was 75.29%, compared with 69.99% in
      February 2013.

The upgrades further reflect a decline in the amount of
nonperforming assets since S&P's previous rating action.
According to the March 2014 trustee report, there were $21.5
million in defaulted and deferring securities, down from the $35.5
million reported in February 2013.

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
further rating actions as it deems necessary.

RATINGS LIST

ALESCO Preferred Funding IV Ltd.

                     Rating      Rating
Class   Identifier   To          From
A-1     01448QAA8    BBB- (sf)   BB+ (sf)/Watch Pos
A-2     01448QAB6    B- (sf)     CCC- (sf)/Watch Pos
A-3     01448QAC4    B- (sf)     CCC- (sf)/Watch Pos


ALESCO PREFERRED VI: S&P Raises Rating on 2 Note Classes to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A-1, A-2, and A-3 notes from ALESCO Preferred Funding VI Ltd., a
collateralized debt obligation transaction backed by trust-
preferred securities (TruPs) issued by financial institutions, and
removed them from CreditWatch, where S&P placed them with positive
implications on Jan. 24, 2014.  At the same time, S&P affirmed its
ratings on the class B-1 and B-2 notes.

The upgrades reflect paydowns to the class A-1 notes and the
improved credit support available to the notes since May 2012,
when we last raised the rating on class A-1.  Since then, the
transaction has paid down the class A-1 notes by approximately
$45.6 million, leaving them at 59.68% of their original balance.
The paydowns came from principal proceeds as well as interest
proceeds captured because the transaction's coverage tests failed.

The upgrades also reflect the improved overcollateralization (O/C)
available to the notes, mainly due to the aforementioned paydowns,
since S&P's May 2012 rating actions.  The trustee reported the
following increased O/C ratios in the March 2014 monthly report:

   -- The class A O/C ratio was 136.19%, compared with the 107.81%
      in the March 2012 report, which we used for our May 2012
      rating actions; and

   -- The class B/C/D O/C ratio was 76.38%, compared with 65.80%
      in March 2012.

The upgrades further reflect a decline in the amount of
nonperforming assets since S&P's last rating actions.  According
the to the March 2014 trustee report, there were $57.70 million in
defaulted and deferring securities, down from the$117.70 million
cited in the March 2012 report.

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
further rating actions as it deems necessary.

RATINGS LIST

ALESCO Preferred Funding VI Ltd.

                    Rating      Rating
Class   CUSIP       To          From
A-1     01448XAA3   A- (sf)     BB+ (sf)/Watch Pos
A-2     01448XAB1   BB+ (sf)    CCC+ (sf)/Watch Pos
A-3     01448XAG0   BB+ (sf)    CCC+ (sf)/Watch Pos
B-1     01448XAC9   CCC- (sf)   CCC- (sf)
B-2     01448XAH8   CCC- (sf)   CCC- (sf)


ALESCO PREFERRED XVI: S&P Raises Rating on Class A Notes to CCC+
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating to 'CCC+
(sf)' from 'CCC- (sf)' on the class A notes from ALESCO Preferred
Funding XVI Ltd., a collateralized debt obligation transaction
backed by trust-preferred securities (TruPs) issued mainly by
financial institutions, and removed it from CreditWatch where it
wasplaced with positive implications on Jan. 24, 2014.

The upgrade reflects approximately $46.3 million in paydowns to
the class A notes, reducing them to 84.74% of their original
balance, and the improved credit support available to the notes
since S&P lowered its rating on the classA notes in July 2010.
The paydowns can be attributed to principal proceeds, as well as
the interest proceeds captured because of the transaction's failed
coverage tests.

The upgrade also reflects the improved overcollateralization (O/C)
available to the notes, mainly from the aforementioned paydowns
since S&P's July 2010 rating action.  The trustee reported the
following increased O/C ratios in the March 2014 monthly report:

   -- The class A O/C ratio was 118.04%, compared with 107.21% in
      March 2010;

   -- The class B O/C ratio was 109.38%, compared with 101.12% in
      March 2010;

   -- The class C O/C ratio was 85.19%, compared with 81.69% in
      March 2010; and

   -- The class D O/C ratio was 78.81%, compared with 76.54% in
      March 2010.

The upgrades further reflect a decline in the amount of
nonperforming assets since S&P's previous rating action.
According the to the March 2014 trustee report, there was $57.0
million in defaulted and deferring securities, down from the
$147.25 million reported in March 2010.

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
further rating actions as it deems necessary.

RATINGS LIST

ALESCO Preferred Funding XVI Ltd.

                     Rating
Class   Identifier   To          From
A       01450GAA5    CCC+ (sf)   CCC- (sf)/Watch Pos


ALESCO PREFERRED XVII: S&P Raises Rating on Class A-1 Notes to B+
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A-1 and A-2 notes from Alesco Preferred Funding XVII Ltd., a
collateralized debt obligation transaction backed by trust-
preferred securities (TruPs) issued by financial institutions,and
removed the rating on the class A-1 notes from CreditWatch, where
S&P placed it with positive implications on Jan. 24, 2014.

The upgrades reflect paydowns to the class A-1 notes and the
improved credit support available to the notes since S&P lowered
its ratings on the class A-1 and A-2 notes in July 2010.  Since
that time, the transaction has paid down theclass A-1 notes by
approximately $39.3 million, leaving them at 80.77% of their
original balance.  The paydowns came from principal proceeds as
well as interest proceeds captured because the transaction's
coverage tests failed.

The upgrades also reflect the improved overcollateralization (O/C)
available to the notes, mainly due to the aforementioned paydowns,
since S&P's July 2010 rating actions.  The trustee reported the
following increased O/C ratios in the March 2014 monthly report:

   -- The class A O/C ratio was 124.00%, compared with 109.93% in
      the May 2010 monthly report, which S&P used for its July
      2010 rating actions;

   -- The class B O/C ratio was 101.36%, compared with 93.10% in
      May 2010;

   -- The class C O/C ratio was 85.84%, compared with 81.06% in
      May 2010; and

   -- The class D O/C ratio was 75.64%, compared with 73.11% in
      May 2010.

The upgrades further reflect a decline in the amount of
nonperforming assets since the time of the last action.  According
the to the March 2014 trustee report, there were $74.45 million in
defaulted and deferring securities, down from the $145.0 million
cited in the May 2010 report.

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
further rating actions as it deems necessary.

RATINGS LIST

Alesco Preferred Funding XVII Ltd.

                    Rating     Rating
Class   CUSIP       To         From
A-1     01450NAA0   B+ (sf)    CCC- (sf)/Watch Pos
A-2     01450NAB8   B (sf)     CCC- (sf)


ALESCO PREFERRED VIII: S&P Raises Rating on 2 Notes From 'BB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A-1A and A-1B notes from ALESCO Preferred Funding VIII Ltd., a
collateralized debt obligation transaction backed by trust-
preferred securities (TruPS) issued mainly by financial
institutions.  At the same time, S&P removed these ratings from
CreditWatch, where it placed them with positive implications on
Jan. 24, 2014.

The upgrades reflect paydowns to the class A-1A and A-1B notes and
the improved credit support available to the notes since S&P's
upgrades in May 2012.  Since then, the transaction has paid down
the class A-1 notes by a combined amount of approximately $61.31
million, leaving them both at 67.70% of their original balances.
The paydowns can be attributed to principal proceeds and interest
proceeds captured because they failed the transaction's coverage
tests.

The upgrades also reflect the improved overcollateralization (O/C)
available to the notes, mainly due to the aforementioned paydowns,
since S&P's May 2012 rating actions.  The trustee reported the
following increased O/C ratios in the March 2014 monthly report:

   -- The class A O/C ratio was 132.53%, up from 111.87% in March
      2012.

   -- The class B/C/D/E O/C ratio was 80.01%, up from 73.16% in
      March 2012.

The upgrades further reflect the decline in the amount of
nonperforming assets since May 2012.  According the to the March
2014 trustee report, there were $54.2 million in defaulted and
deferring securities, down from the $92.5 million cited in the
March 2012 report.

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

RATINGS LIST

ALESCO Preferred Funding VIII Ltd
                     Rating
Class   Identifier   To          From
A-1A    01449CAA8    BBB+ (sf)   BB+ (sf)/Watch Pos
A-1B    01449CAB6    BBB+ (sf)   BB+ (sf)/Watch Pos


ANSONIA CDO 2006-1: Moody's Affirms Ratings on 9 Note Classes
-------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on the
following notes issued by Ansonia CDO 2006-1 Ltd.:

Cl. A-FL, Affirmed Caa3 (sf); previously on Jun 19, 2013 Affirmed
Caa3 (sf)

Cl. A-FX, Affirmed Caa3 (sf); previously on Jun 19, 2013 Affirmed
Caa3 (sf)

Cl. B, Affirmed C (sf); previously on Jun 19, 2013 Affirmed C (sf)

Cl. C, Affirmed C (sf); previously on Jun 19, 2013 Affirmed C (sf)

Cl. D, Affirmed C (sf); previously on Jun 19, 2013 Affirmed C (sf)

Cl. E, Affirmed C (sf); previously on Jun 19, 2013 Affirmed C (sf)

Cl. F, Affirmed C (sf); previously on Jun 19, 2013 Affirmed C (sf)

Cl. G, Affirmed C (sf); previously on Jun 19, 2013 Affirmed C (sf)

Cl. H, Affirmed C (sf); previously on Jun 19, 2013 Affirmed C (sf)

Ratings Rationale

Moody's has affirmed the ratings of nine classes because key
transaction metrics are commensurate with the existing ratings.
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.

Ansonia CDO 2006-1 Ltd. is a static cash CRE CDO transaction
backed by a portfolio of: i) commercial mortgage backed securities
(CMBS) (91.8% of the collateral pool balance); and ii) real estate
investment trust (REIT) debt (8.2%). As of the March 28, 2014 note
valuation report, the aggregate note balance of the transaction,
including preferred shares, has decreased to $715.1 million from
$806.7 million at issuance, with the paydown now directed to the
senior most outstanding classes of notes, as a result of full and
partial amortization of the underlying collateral, and interest
proceeds being reclassified as principal proceeds on credit
impaired securities.

Moody's has identified the following as key indicators of the
expected loss in CRE CDO transactions: the weighted average rating
factor (WARF), the weighted average life (WAL), the weighted
average recovery rate (WARR), and Moody's asset correlation (MAC).
Moody's typically models these 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 updated its assessments for the reference obligations
it does not rate. The rating agency modeled a bottom-dollar WARF
of 7727, compared to 8423 at last review. The current ratings on
the Moody's-rated reference obligations and the assessments of the
non-Moody's rated reference obligation follow: Aaa-Aa3 and 0.0%
compared to 0.3% at last review; A1-A3 and 0.3% compared to 0.2%
at last review; Baa1-Baa3 and 8.2% compared to 6.1% at last
review; Ba1-Ba3 and 3.9% compared to 0.9% at last review; B1-B3
and 9.5% compared to 8.9% at last review; and Caa1-Ca/C and 78.1%
compared to 83.6% at last review.

Moody's modeled a WAL of 3.2 years, compared to 3.9 years at last
review. The WAL is based on assumptions about extensions on the
underlying collateral.

Moody's modeled a fixed WARR of 3.7%, compared to 3.4% at last
review.

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

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's
Approach to Rating SF CDOs" published in March 2014.

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

The performance of the notes is subject to uncertainty, because it
is sensitive to the performance of the underlying portfolio, which
in turn depends on economic and credit conditions that are subject
to 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 to any one or more of the
key parameters could have rating implications for the rated notes,
although a change in one key parameter assumption could be offset
by a change in one or more of the other key parameter assumptions.
The rated notes are particularly sensitive to changes in the
recovery rate of the underlying collateral and credit assessments.
Reducing the recovery rate to 0% would result in no modeled rating
movement on the rated notes. Increasing the recovery rate by 10%
would result in modeled rating movement on the rated notes of zero
to one notch upward (e.g. one notch up implies a rating movement
from Ba1 to Baa3).

The primary sources of uncertainty in Moody's assumptions are the
extent of growth in the current macroeconomic environment given
the weak recovery and commercial real estate property markets.
Commercial real estate property values continue to improve
modestly, 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, sustained growth will not be possible until investment
increases steadily for a significant period, non-performing
properties are cleared from the pipeline and fears of a euro area
recession abate.


APIDOS CLO XVII: Moody's Assigns B2 Rating on $11.5MM Cl. E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to nine classes of
notes issued by Apidos CLO XVII:

$2,500,000 Class X Senior Secured Floating Rate Notes due 2026
(the "Class X Notes"), Assigned Aaa (sf)

$294,000,000 Class A-1A Senior Secured Floating Rate Notes due
2026 (the "Class A-1A Notes"), Assigned Aaa (sf)

$20,000,000 Class A-1B Senior Secured Fixed Rate Notes due 2026
(the "Class A-1B Notes"), Assigned Aaa (sf)

$47,500,000 Class A-2A Senior Secured Floating Rate Notes due
2026 (the "Class A-2A Notes"), Assigned Aa2 (sf)

$20,000,000 Class A-2B Senior Secured Fixed Rate Notes due 2026
(the "Class A-2B Notes"), Assigned Aa2 (sf)

$28,500,000 Class B Mezzanine Deferrable Floating Rate Notes due
2026 (the "Class B Notes"), Assigned A2 (sf)

$28,500,000 Class C Mezzanine Deferrable Floating Rate Notes due
2026 (the "Class C Notes"), Assigned Baa3 (sf)

$24,500,000 Class D Mezzanine Deferrable Floating Rate Notes due
2026 (the "Class D Notes"), Assigned Ba3 (sf)

$11,500,000 Class E Mezzanine Deferrable Floating Rate Notes due
2026 (the "Class E Notes"), Assigned B2 (sf)

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

Ratings Rationale

Moody's ratings of the Rated Notes address the expected losses
posed to noteholders. The 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.

Apidos CLO is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 90.0% of the portfolio must
consist of senior secured loans, cash, and eligible investments,
and up to 10.0% of the portfolio may consist of second lien loans
and unsecured loans. The Issuer's documents require the portfolio
to be at least 70% ramped as of the closing date.

CVC Credit Partners, 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 issued 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.


ARES XII CLO: S&P Affirms 'BB' Rating on Class E Notes
------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A and C notes from Ares XII CLO Ltd., a collateralized loan
obligation transaction managed by Ares Management LLC.  At the
same time, S&P affirmed its ratings on the class B, D, and E notes
from the same transaction.  In addition, S&P removed all five
ratings from CreditWatch with positive implications, where they
were placed on Jan. 22, 2014.

The transaction's reinvestment period ended in November 2012.
Today's upgrades reflect paydowns of $85.60 million to the class A
notes since that time, which helped create additional credit
support for the subordinate notes. The note paydowns have improved
the class A/B, C, D, and E overcollateralization ratios since
S&P's June 2012 rating actions.

The affirmations reflect sufficient credit support available to
the notes at its current rating level.  While the cash flows show
a lower rating in S&P's standard default runs, it gave qualitative
credit to the short weighted average life remaining in the deal
and no credit deterioration.

CAPITAL STRUCTURE AND KEY MODEL ASSUMPTIONS COMPARISON

Class                      May 2012                   March 2014
Notional balance (mil. $)
A                          479.50                     393.90
B                          52.50                      52.50
C                          42.00                      42.00
D                          35.00                      35.00
E                          26.27                      26.27

Coverage tests, WAS (%)
A/B O/C                    126.62                     132.00
C O/C                      117.35                     120.65
D O/C                      110.61                     112.58
E O/C                      106.04                     107.20
A/B I/C                    472.07                     534.46
C I/C                      403.51                     433.99
D I/C                      341.44                     348.80
E I/C                      286.29                     278.36
WAS                        3.25                       2.96

WAS-Weighted average spread.
O/C-Overcollateralization test.
I/C-Interest coverage test.

            RECOVERY RATE AND CORRELATION SENSITIVITY

In addition to S&P's base-case analysis, it generated additional
scenarios in which it made negative adjustments of 10% to the
current collateral pool's recovery rates relative to each
tranche's weighted average recovery rate

S&P also generated other scenarios by adjusting the intra- and
inter-industry correlations to assess the current portfolio's
sensitivity to different correlation assumptions assuming the
correlation scenarios outlined below.

RATINGS LIST

Ares XII CLO Ltd.

                     Rating      Rating
Class   Identifier   To          From
A       04012VAA7    AAA (sf)    AA+ (sf)/Watch Pos
B       04012VAC3    AA+ (sf)    AA+ (sf)/Watch Pos
C       04012VAD1    AA- (sf)    A (sf)/Watch Pos
D       04012VAE9    BBB- (sf)   BBB- (sf)/Watch Pos
E       04012UAA9    BB (sf)     BB (sf)/Watch Pos


ARES NF XIV: S&P Raises Rating on Class E Notes From BB
-------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A, B, C, D, and E notes from Ares NF CLO XIV Ltd., a
collateralized loan obligation transaction managed by Ares
Management Ltd., and removed them from CreditWatch with positive
implications, where they were placed on Jan. 22, 2014.

The transaction's reinvestment period ended in April 2013, and
since then, the class A notes have paid down over $63.73 million.
The upgrades reflect thepaydowns to class A, which helped create
additional support for the subordinate notes.  The improvements
are also evident in the increased class A/B, C, D, and E
overcollateralization ratios since S&P's February 2012 rating
actions.

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

(i)The cash flow cushion is the excess of the tranche break-even
default rate above the scenario default rate at the cash flow
implied rating for a given class of rated notes.

RATINGS LIST

Ares NF CLO XIV Ltd.
                    Rating
Class   CUSIP       To          From
A       63937HAA6   AAA (sf)    AA+ (sf)/Watch Pos
B       63937HAB4   AAA (sf)    AA+ (sf)/Watch Pos
C       63937HAC2   AA+ (sf)    A+ (sf)/Watch Pos
D       63937HAD0   A+ (sf)     BBB+ (sf)/Watch Pos
E       63937KAA9   BBB+ (sf)   BB (sf)/Watch Pos


B&M CLO 2014-1: S&P Assigns Prelim. BB Rating on Class D Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to B&M CLO 2014-1 Ltd./B&M CLO 2014-1 LLC's $379.25
million floating-rate notes.

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

The preliminary ratings are based on information as of April 28,
2014.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

The preliminary ratings reflect S&P's assessment 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 primarily
      comprises broadly syndicated speculative-grade senior
      secured term loans.

   -- The investment manager's experienced management team.

   -- The transaction's ability to pay timely interest and
      ultimate principal on the preliminary rated notes, which S&P
      assessed using its cash flow analysis and assumptions
      commensurate with the assigned preliminary ratings under
      various interest-rate scenarios, including LIBOR ranging
      from 0.2281%-12.7531%.

   -- The transaction's overcollateralization and interest
      coverage tests, a failure of which will lead to the
      diversion of interest and principal proceeds to reduce the
      balance of the preliminary 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 as principal
      proceeds to purchase additional collateral assets during the
      reinvestment period.

PRELIMINARY RATINGS ASSIGNED

B&M CLO 2014-1 Ltd./B&M CLO 2014-1 LLC

Class                   Rating                Amount
                                             (mil. $)
A-1                     AAA (sf)              250.00
A-2                     AA (sf)                48.50
B (deferrable)          A (sf)                 33.50
C (deferrable)          BBB (sf)               19.25
D (deferrable)          BB (sf)                17.75
E (deferrable)          B (sf)                 10.25
Subordinated notes      NR                     42.25

NR-Not rated.


BABSON CLO 2005-III: Moody's Affirms Ba2 Rating on Class E Notes
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Babson CLO Ltd. 2005-III:

  $38,500,000 Class C Deferrable Mezzanine Notes Due 2019,
  Upgraded to Aa3 (sf); previously on August 16, 2013 Upgraded to
  A3 (sf)

  $22,000,000 Class D Deferrable Mezzanine Notes Due 2019,
  Upgraded to Baa3 (sf); previously on August 16, 2013 Affirmed
  Ba1 (sf)

  $15,000,000 Class Q Combination Notes Due 2019 (current
  outstanding rated balance of $4,022,744), Upgraded to Aaa (sf);
  previously on August 16, 2013 Upgraded to Aa1 (sf)

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

  $425,000,000 Class A Senior Notes Due 2019 (current outstanding
  balance of $202,172,806), Affirmed Aaa (sf); previously on
  August 16, 2013 Affirmed Aaa (sf)

  $22,000,000 Class B Senior Notes Due 2019, Affirmed Aaa (sf);
  previously on August 16, 2013 Affirmed Aaa (sf)

  $12,500,000 Class E Deferrable Mezzanine Notes Due 2019
  (current outstanding balance of $10,479,221), Affirmed Ba2
  (sf); previously on August 16, 2013 Affirmed Ba2 (sf)

Babson CLO Ltd. 2005-III, issued in November 2005, is a
collateralized loan obligation (CLO) backed primarily by a
portfolio of senior secured loans. The transaction's reinvestment
period ended in November 2012.

Ratings Rationale

These rating actions are primarily a result of deleveraging of the
senior notes and an increase in the transaction's over-
collateralization ratios since September 2013. The Class A notes
have been paid down by approximately 26% or $69.5 million since
September 2013. Based on the trustee's March 2014 report, the
over-collateralization (OC) ratios for the Class A/B, Class C,
Class D and Class E notes are reported at 144.30%, 123.15%,
113.64% and 109.60%, respectively, versus September 2013 levels of
134.17%, 118.62%, 111.25% and 108.05%, respectively.

The rating actions also reflect the correction of an error in
Moody's previous modeling approach. According to Moody's, its
analysis during the August 2013 rating action assumed a shorter
weighted average life horizon to associate with the expected loss
(EL) calculated for the notes. This resulted in comparing the ELs
with more conservative maximum EL benchmarks. The error has now
been corrected, and the rating actions reflect this change.


BABSON CLO 2013-II: S&P Affirms 'BB' Rating on Class D Notes
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Babson
CLO Ltd. 2013-II/Babson CLO 2013-II LLC's $637.0 million fixed-
and floating-rate notes following the transaction's effective date
as of March 19, 2014.

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 that
the rating agencies that have issued ratings upon closing affirm
the ratings issued on the closing date after reviewing the
effective date portfolio (typically referred to as an "effective
date rating affirmation").

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

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

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

"In our published effective date report, we discuss our analysis
of the information provided by the transaction's trustee and
collateral manager in support of their request for effective date
rating affirmation.  In most instances, we intend to publish an
effective date report each time we issue an effective date rating
affirmation on a publicly rated U.S. cash flow CLO," S&P added.

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

RATINGS AFFIRMED

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

Class                      Rating                      Amount
                                                      (mil. $)
A-1                        AAA (sf)                    415.000
A-2                        AA (sf)                     97.000
B-1 (deferrable)           A (sf)                      32.000
B-2 (deferrable)           A (sf)                      16.000
C (deferrable)             BBB (sf)                    38.000
D (deferrable)             BB (sf)                     29.000
E (deferrable)             B (sf)                      10.000


BANC OF AMERICA 2001-1: Moody's Cuts Rating on Cl. K Certs to 'C'
-----------------------------------------------------------------
Moody's Investors Service affirmed the rating of one class and
downgraded one Class of Banc of America Commercial Mortgage Inc.
Commercial Mortgage Pass-Through Certificates, Series 2001-1 as
follows:

Cl. K, Downgraded to C (sf); previously on May 9, 2013 Affirmed Ca
(sf)

Cl. X, Affirmed Caa3 (sf); previously on May 9, 2013 Affirmed Caa3
(sf)

Ratings Rationale

The rating of Class K was downgraded due to higer realized and
anticipated losses and from specially serviced and troubled loans.
The rating of the IO Class, Class X, is consistent with the
expected credit performance of its referenced classes and is
affirmed.

Due to the payment priority of the IO class, Class K has not
received principal payments since the December 2012 remittance
date. In addition, as of the most recent remittance date, Class K
has experienced cumulative interest shortfalls totaling $2.5
million. Moody's anticipates that the pool will continue to
experience interest shortfalls caused by specially serviced loans.
Interest shortfalls are caused by special servicing fees,
including workout and liquidation fees, appraisal subordinate
entitlement reductions (ASERs), loan modifications, extraordinary
trust expenses and non-advancing by the master servicer based on a
determination of non-recoverability.

Moody's rating action reflects a base expected loss of 70.0% of
the current balance, the same as at last review. Moody's base
expected loss plus realized losses is 6.5% of the original pooled
balance, the same as at last review.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or
weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a
significant amount of loan pay downs or amortization, an increase
in the pool's share of defeasance or an improvement in pool
performance.

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the pool, loan concentration, an
increase in realized and expected losses from specially serviced
and troubled loans or interest shortfalls.

Methodology Underlying The Rating Action

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

Description of Models Used

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of two, the same as at last review.

When the Herf falls below 20, Moody's uses the excel-based Large
Loan Model v 8.7 and then reconciles and weights the results from
the conduit and large loan models in formulating a rating
recommendation. The large loan model derives credit enhancement
levels based on an aggregation of adjusted loan-level proceeds
derived from Moody's loan-level LTV ratios. Major adjustments to
determining proceeds include leverage, loan structure, property
type and sponsorship. Moody's also further adjusts these
aggregated proceeds for any pooling benefits associated with loan
level diversity and other concentrations and correlations.

However, since 97% of the pool is in special servicing, Moody's
also utilized a loss and recovery approach in this review. In this
approach, Moody's determines a probability of default for each
specially serviced loan and determines a most probable loss given
default based on a review of broker's opinions of value (if
available), other information from the special servicer and
available market data. The loss given default for each loan also
takes into consideration servicer advances to date and estimated
future advances and closing costs. Translating the probability of
default and loss given default into an expected loss estimate,
Moody's then applies the aggregate loss from specially serviced
loans to the most junior class(es) and the recovery as a pay down
of principal to the most senior class(es).

Deal Performance

As of the April 15, 2014 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $20.5
million from $948.1 million at securitization. The certificates
are collateralized by four mortgage loans ranging in size from 3%
to 68% of the pool with the largest loan constituting 68% of the
pool.

Fifty-four loans have been liquidated from the pool resulting in
an aggregate realized loss of $46.9 million (16% average loan loss
severity). There are no loans on the master servicer's watchlist.

There are three loans, representing 97% of the pool, in special
servicing. The largest specially serviced loan is the Waretech
Industrial Park Loan ($13.9 million -- 68% of the pool). The loan
is secured by a 673,000 square foot industrial facility built in
1955 and located in Grand Blanc, Michigan. The property was
formerly occupied by General Motors. The loan transferred to
special servicing in 2009 due to imminent monetary default and
became real estate owned (REO) in May 2011. The loan was deemed
non-recoverable by the master servicer in August 2011 and based on
the most recent remittance statement has accumulated approximately
$682,228 in cumulative advances and ASERs. The property has
experienced leasing activity increasing occupancy to 96% leased as
of March 2014, however most leasing has been on a short-term or
month-to-month basis. The largest tenant, representing 66% of the
net rentable are (NRA), has a lease expiration in June 2015. The
special servicer is currently formulating a disposition strategy
for this loan.

The second largest specially serviced loan is the Suburban Acres-
Rapid Estates Loan ($4.8 million -- 23.5% of the pool) which is
secured by two mobile home properties totaling 326 pads and
located in Lockport, New York. The loan transferred to special
servicing in April 2010 due to imminent default and a receiver was
appointed in 2012. The loan has been delinquent since May 2011 and
was deemed non-recoverable by the master servicer in August 2011.
As of March 2013, the property was 63% leased, which is the same
as last review. The special servicer foreclosed in July 2013.

The third largest specially serviced loan is the Flinn Springs
mobile home property Loan ($1.2 million -- 5.7% of the pool) which
is secured by a 50 pad mobile home property in Flinn Springs,
California. The loan transferred to special servicing in March
2011 due to a maturity default and the borrower declared
bankruptcy soon thereafter. The special servicer negotiated a term
extension through February 2016.

The master servicer has recognized an aggregate appraisal
reduction of $9.3 million on the three specially serviced loans.
Moody's estimates an aggregate $14.3 million loss for these
specially serviced loans (72% expected loss on average).

The sole performing loan in the pool is the Downtown Mini Storage
Loan ($646,462 -- 3.2% of the pool). The loan is secured by a
100,000 square foot self storage facility located near downtown
Los Angeles, California. Moody's was provided with full-year 2011
and 2012 operating results for this loan. The loan has been a
consistent strong performer. The loan is fully amortizing and
matures in February 2016. Moody's current LTV and stressed DSCR
are 7% and 14.5X, respectively, compared to 12% and 8.6X at last
review. Moody's actual DSCR is based on Moody's net cash flow
(NCF) and the loan's actual debt service. Moody's stressed DSCR is
based on Moody's NCF and a 9.25% stressed rate applied to the loan
balance.


BANC OF AMERICA 2004-6: Fitch Lowers Rating on Class D Notes to BB
------------------------------------------------------------------
Fitch Ratings has downgraded eight classes of Banc of America
Commercial Mortgage Inc., commercial mortgage pass-through
certificates series 2004-6.

KEY RATING DRIVERS

The downgrades are the result of an increase in Fitch's expected
losses on the pool including those on two mall properties that
collateralize the two largest loans in the pool (19.6% of the
pool).  Fitch modeled losses of 18% of the remaining pool;
expected losses on the original pool balance total 8.6%, including
$3.5 million (0.4% of the original pool balance) in realized
losses to date.  Fitch has designated 15 loans (40.7%) as Fitch
Loans of Concern, which includes three specially serviced assets
(10.8%).  Approximately 95% of the pool is scheduled to mature in
2014.

As of the March 2014 distribution date, the pool's aggregate
principal balance has been reduced by 54.5% to $435.7 million from
$956.6 million at issuance.  Per the servicer reporting, two loans
(4.2% of the pool) are defeased.  Interest shortfalls totaling
$4.8 million are currently affecting classes H through P.

The largest contributor to expected losses is the specially-
serviced Upper Valley Mall (10.8% of the pool), which is secured
by approximately 496,895 square feet (sf) of a 750,377 sf regional
mall located in Springfield, OH.  The loan was previously
transferred to special servicing in June 2010 due to imminent
default.  In May 2011, the original $47 million loan was modified
and bifurcated into an A note ($27 million) and a B note ($20
million) and the maturity date was extended to July 2014.  The
loan returned to the master servicer in 2011 but transferred back
to the special servicer in March 2014, after the borrower, an
affiliate of Simon Property Group, gave notice that it will not be
able to repay the loan at maturity and it would not elect to
exercise the first of two extension options by paying an extension
fee.

Property performance has continued to deteriorate due to one of
the collateral anchor tenants and another major in-line tenant
vacating at the end of their lease terms in January 2013.  As of
year-end 2013, the servicer-reported DSCR based on the net
operating income (NOI) on the A-note was 1.47x, total mall
occupancy was 66.3% and inline occupancy was 63%.  The reported
DSCR based on the entire debt amount was 0.83x.  Fitch reviewed
the property's tenant sales report and noted the declining
comparable sales.  JCPenney executed a short-term extension
extending the lease maturity from September 2014 to September
2017.  Larger tenants Elder-Beerman, Old Navy and Charlotte Russe
closed their stores at the property in 2013.

The next largest contributor to expected losses is the Steeplegate
Mall loan (8.8%), which is secured by a 482,097 sf regional mall
located in Concord, NH.  The mall is anchored by Sears (106,731
sf), The Bon Ton (87,736 sf), and JCPenney (61,880 sf).  The loan
was previously transferred to special servicing in April 2009 due
to bankruptcy of the loan's sponsor, General Growth Properties.
The loan was restructured with maturity extended from 2009 to 2014
with a principal paydown.  The loan returned to the master
servicer in January 2010 and is current through the April 2014
remittance.

The mall is anchored by Sears (lease maturity July 2015), The Bon
Ton (lease extended from 2015 to 2020), and JCPenney (lease
maturity July 2015).  According to the December 2013 rent roll,
the property was 88.4% occupied, up from 87.4% at YE 2012, and
compared to 93% at issuance.  Property NOI has declined
significantly since issuance.  The YE 2013 NOI is 64% below
issuance, which is mainly attributed to lower base rents, lower
expense reimbursements, and lower percentage rents.

Fitch received the property's tenant sales report and noted the
declining sales of both the in-line and anchor tenants.  For YE
2013, the NOI DSCR was 0.61x compared to 0.83x, 0.69x, and 1.34x
at YE 2012, YE 2011, and at issuance, respectively.  The loan
matures in August 2014.

The third largest contributor to expected losses is the specially-
serviced Tustin Business Park and Self-Lock Mini Storage loan
(3.5%), which is secured by a 359,462 sf mixed use property,
constructed in 1974 and located in Tustin, CA.  The improvements
include a 15-building business park, a single tenant 60,000 sf
building and a 579-unit self-storage facility with 276 RV spaces.
The loan transferred to special servicing in December 2011 after
the borrower provided notice it would no longer be able to support
operating shortfalls.  A modification proposal submitted by the
borrower was rejected in 2012.  At Fitch's last review, the
property was under contract, but the potential buyer walked away
during the due diligence period.  The special servicer's current
disposition strategy is a note sale to a third party.  The note
has been marketed and an offer has been received, but a contract
has not been executed.

RATING SENSITIVITY

Rating Outlooks on classes A-4 through A-J remain Stable due to
increasing credit enhancement and continued expected paydown from
loan amortization and anticipated loan payoffs of stronger
performing or defeased loans that mature in 2014.  Rating Outlooks
on classes C through E are Negative due to the performance
declines and potential for increasing expected losses on the two
largest loans in the pool.  The Negative Outlooks further reflect
increasing concentrations and the potential for additional
interest shortfalls if there are additional loans that transfer to
special servicing or receive appraisal reductions.  These bonds
are susceptible to further downgrade if performance continues to
deteriorate, if loans do not refinance, or if losses exceed
Fitch's current expectations.  The distressed classes are subject
to further rating actions as losses are realized.

Fitch downgrades the following classes and assigns or revises

Recovery Estimates (REs) as indicated:

-- $19.1 million class B to 'Asf' from 'AAsf', Outlook to
    Negative from Stable;
-- $9.6 million class C to 'BBB-sf' from 'AA-sf', Outlook to
    Negative from Stable;
-- $17.9 million class D to 'BBsf' from 'Asf', Outlook Negative;
-- $9.6 million class E to 'B-sf' from 'BBB-sf', Outlook
    Negative;
-- $14.3 million class F to 'CCCsf' from 'Bsf', RE 0%;
-- $13.2 million class H to 'CCsf' from 'CCCsf', RE 0%;
-- $6 million class J to 'CCsf' from 'CCCsf', RE 0%;
-- $4.8 million class L to 'Csf' from 'CCsf', RE 0%.

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

-- $9.6 million class G at 'CCCsf', RE 0%.

Fitch affirms the following classes:

-- $10.3 million class A-4 at 'AAAsf', Outlook Stable;
-- $199,000 class A-AB at 'AAAsf', Outlook Stable;
-- $237.4 million class A-5 at 'AAAsf', Outlook Stable;
-- $56.2 million class A-J at 'AAAsf', Outlook Stable;
-- $4.8 million class K at 'CCsf', RE 0%;
-- $3.6 million class M at 'Csf', RE 0%;
-- $3.6 million class N at 'Csf', RE 0%;
-- $4.8 million class O at 'Csf', RE 0%.

Fitch does not rate the class P certificates. Fitch previously
withdrew the ratings on the interest-only class X-C and X-P
certificates.


BAYVIEW 2014-9RPL: S&P Assigns Prelim. 'BB+' Rating on 3 Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Bayview Opportunity Master Fund IIIa Trust 2014-9RPL's
$184.911 million mortgage-backed notes.

The note issuance is a residential mortgage-backed securities
transaction backed by seasoned first-lien, fixed- and adjustable-
rate residential mortgage loans secured by one- to four-family
residences, condominiums, and planned unit developments.

The preliminary ratings are based on information as of April 28,
2014.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

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

   -- The loan's characteristics that are, from a credit
      perspective, significantly more risky than its archetypical
      pool, as reflected in the collateral summary table and
      credit analysis.

   -- The credit enhancement provided by an excess interest cash
      flow structure and liquidity reserve account.

RATINGS LIST

Bayview Opportunity Master Fund IIIa Trust 2014-9RPL

                                     Preliminary     Preliminary
Class                                rating        amount (mil. $)
A                                     AAA (sf)        117.612
M1                                    AA (sf)          16.341
M2                                    A (sf)           15.158
M3                                    BBB (sf)          8.708
B1                                    BB+ (sf)         14.191
B2                                    BB+ (sf)          3.970
B3                                    BB+ (sf)          3.970
B4                                    BB (sf)           4.961
X1                                    NR                N/A
X2                                    NR               30.101

N/A-Not applicable.
NR-Not rated.


BLUEMOUNTAIN CLO 2013-2: S&P Affirms 'BB' Rating on Class E Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
BlueMountain CLO 2013-2 Ltd./BlueMountain CLO 2013-2 LLC's $394.4
million floating- and fixed-rate notes following the transaction's
effective date as of Aug. 21, 2013.

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

"An effective date rating affirmation reflects 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
reviewbased on the information presented to us," S&P said.

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

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 noted.

"In our published effective date report, we discuss our analysis
of the information provided by the transaction's trustee and
collateral manager in support of their request for effective date
rating affirmation.  In most instances, we intend to publish an
effective date report each time we issue an effective date rating
affirmation on a publicly rated U.S. cash flow CLO," S&P 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 S&P deems
necessary.

RATINGS LIST

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

                                      Rating             Rating
Class              Identifier         To                 From
A                  09626YAA8          AAA (sf)           AAA (sf)
B-1                09626YAC4          AA (sf)            AA (sf)
C                  09626YAE0          A (sf)             A (sf)
D                  09626YAG5          BBB (sf)           BBB (sf)
E                  09626XAA0          BB (sf)            BB (sf)
F                  09626XAC6          B (sf)             B (sf)
B-2                09626YAJ9          AA (sf)            AA (sf)


CANYON CAPITAL 2014-1: Moody's Assigns Ba3 Rating on $16MM Notes
----------------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by Canyon Capital CLO 2014-1, Ltd.:

Moody's rating action is as follows:

$260,000,000 Class A-1 Senior Secured Floating Rate Notes due
2025 (the "Class A-1 Notes"), Definitive Rating Assigned Aaa (sf)

$48,000,000 Class A-2 Senior Secured Floating Rate Notes due
2025 (the "Class A-2 Notes"), Definitive Rating Assigned Aa2
(sf)

$28,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2025 (the "Class B Notes"), Definitive Rating Assigned
A2 (sf)

$20,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2025 (the "Class C Notes"), Definitive Rating Assigned
Baa3 (sf)

$16,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2025 (the "Class D Notes"), Definitive Rating Assigned
Ba3 (sf)

$7,000,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2025 (the "Class E Notes"), Definitive Rating Assigned B2
(sf)

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

Ratings Rationale

Moody's ratings of the Rated Notes address the expected losses
posed to noteholders. The 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.

Canyon 2014-1 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 second lien loans
and unsecured loans. The Issuer's documents require the portfolio
to be at least 80% ramped as of the closing date.

Canyon Capital Advisors 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 50% of
unscheduled principal payments and proceeds from sales of credit
risk assets, subject to certain restrictions.


CATAMARAN CLO 2014-1: S&P Assigns Prelim. BB Rating on Cl. D Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Catamaran CLO 2014-1 Ltd./Catamaran CLO 2014-1 LLC's
$423.225 million floating-rate notes.

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

The preliminary ratings are based on information as of April 30,
2014.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

The preliminary ratings reflect S&P's assessment 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 comprises
      primarily broadly syndicated speculative-grade senior
      secured term loans.

   -- The collateral manager's experienced management team.

   -- The transaction's ability to make timely interest and
      ultimate principal payments on the preliminary rated notes,
      which S&P assessed using its cash flow analysis and
      assumptions commensurate with the assigned preliminary
      ratings under various interest-rate scenarios, including
      LIBOR ranging from 0.2281%-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 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, hedge termination
      payments, subordinated, deferred senior, and incentive
      management fees, and subordinated note payments to principal
      proceeds to purchase additional collateral assets during the
      reinvestment period.

PRELIMINARY RATINGS ASSIGNED

Catamaran CLO 2014-1 Ltd./Catamaran CLO 2014-1 LLC

Class                  Rating                 Amount
                                            (mil. $)
A-1                    AAA (sf)              272.800
A-2                    AA (sf)                70.300
B (deferrable)         A (sf)                 27.000
C (deferrable)         BBB (sf)               23.600
D (deferrable)         BB (sf)                19.400
E (deferrable)         B (sf)                 10.125
Subordinated notes     NR                     44.700

NR-Not rated.


CENT CDO 10: S&P Affirms 'BB+' Rating on Class E Notes
------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on the class
C notes from Cent CDO 10 Ltd. and affirmed its ratings on the
class A-1, B, D, and E notes from the same transaction.  At the
same time, S&P removed its ratings on the B, C, D, and E classes
of notes from CreditWatch, where they were placed with positive
implications on Jan. 22, 2014.  Cent CDO 10 Ltd. is a
collateralized loan obligation transaction managed by Columbia
Management Investment Advisers LLC.

The transaction's reinvestment period ended in December 2011, and
the deal is currently in its amortization phase.  Since S&P's
January 2013 rating actions, the class A-1 notes have paid down
$57.79 million and now have 76.29% of their original balance
outstanding.  The upgrade reflects the paydowns to the class A-1
notes, which helped create additional support for the subordinate
notes.  The improvements are also evident in the increased senior
and mezzanine overcollateralization ratios since January 2013,
when we last took a rating action on this transaction.

The affirmations reflect sufficient credit support available to
the notes at the current ratings.

S&P also noted that as of the April 7, 2014, trustee report, the
transaction had roughly 14.78% of long-dated assets that have a
maturity later than the legal final maturity of the transaction
(December 2017).  As a result, the transaction could be exposed to
market value risk at maturity.  S&P took this into account in this
rating action, which affected the rating outcome of the class D
and E notes.

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

CAPITAL STRUCTURE AND KEY MODEL ASSUMPTIONS COMPARISON

Class        Dec. 2012        April 2014
Notional balance (Mil.$)

A-1             222.57            164.78
B                31.50             31.50
C                17.00             17.00
D                17.00             17.00
E                 7.50              7.50

Coverage tests, WAS (%)

Sr O/C          127.82            135.23
Mezz O/C        113.10            115.27
Sr I/C          713.72            786.15
Mezz I/C        539.97            524.63
WAS               3.50              3.01

WAS-Weighted average spread.
O/C-Overcollateralization test.
I/C-Interest coverage test.

CASH FLOW RESULTS AND SENSITIVITY ANALYSIS

Cent CDO 10 Ltd.

                            Cash flow
       Previous             implied     Cash flow    Final
Class  rating               rating      cushion (i)  rating
A-1    AAA (sf)             AAA (sf)    24.29%       AAA (sf)
B      AA+ (sf)/Watch Pos   AAA (sf)    3.51%        AA+ (sf)
C      A+ (sf)/Watch Pos    AA+ (sf)    2.43%        AA- (sf)
D      BBB- (sf)/Watch Pos  A- (sf)     0.36%        BBB- (sf)
E      BB+ (sf)/Watch Pos   BBB- (sf)   1.27%        BB+ (sf)

(i) The cash flow cushion is the excess of the tranche break-even
     default rate above the scenario default rate at the cash flow
     implied rating for a given class of rated notes.

RECOVERY RATE AND CORRELATION SENSITIVITY

In addition to S&P's base-case analysis, it generated additional
scenarios in which it made negative adjustments of 10% to the
current collateral pool's recovery rates relative to each
tranche's weighted average recovery rate.  S&P also generated
other scenarios by adjusting the intra- and inter-industry
correlations to assess the current portfolio's sensitivity to
different correlation assumptions assuming the correlation
scenarios outlined below.

Correlation
Scenario        Within industry (%)  Between industries (%)
Below base case               15.0                     5.0
Base case                     20.0                     7.5
Above base case               25.0                    10.0

                  Recovery   Correlation Correlation
       Cash flow  decrease   increase    decrease
       implied    implied    implied     implied     Final
Class  rating     rating     rating      rating      rating
A-1    AAA (sf)   AAA (sf)   AAA (sf)    AAA (sf)    AAA (sf)
B      AAA (sf)   AA+ (sf)   AA+ (sf)    AAA (sf)    AA+ (sf)
C      AA+ (sf)   AA- (sf)   AA (sf)     AA+ (sf)    AA- (sf)
D      A- (sf)    BBB+ (sf)  BBB+ (sf)   A+ (sf)     BBB- (sf)
E      BBB- (sf)  BB+ (sf)   BB+ (sf)    BBB+ (sf)   BB+ (sf)

DEFAULT BIASING SENSITIVITY

To assess whether the current portfolio has sufficient diversity,
S&P biased defaults on the assets in the current collateral pool
with the highest spread and lowest base-case recoveries.

                    Spread        Recovery
       Cash flow    compression   compression
       implied      implied       implied       Final
Class  rating       rating        rating        rating
A-1    AAA (sf)     AAA (sf)      AAA (sf)      AAA (sf)
B      AAA (sf)     AAA (sf)      AA+ (sf)      AA+ (sf)
C      AA+ (sf)     AA+ (sf)      A+ (sf)       AA- (sf)
D      A- (sf)      A- (sf)       BB- (sf)      BBB- (sf)
E      BBB- (sf)    BBB- (sf)     CCC+ (sf)     BB+ (sf)

RATINGS AND CREDITWATCH ACTIONS

Cent CDO 10 Ltd.
              Rating       Rating
Class         To           From
A-1           AAA (sf)     AAA (sf)
B             AA+ (sf)     AA+ (sf)/Watch Pos
C             AA- (sf)     A+ (sf)/Watch Pos
D             BBB- (sf)    BBB- (sf)/Watch Pos
E             BB+ (sf)     BB+ (sf)/Watch Pos


CHASE FUNDING 2004-OPT1: Moody's Cuts Cl. M-2 Debt Rating to B1
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two
tranches from Chase Funding Loan Acquisition Trust 2004-OPT1
backed by Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: Chase Funding Loan Acquisition Trust 2004-OPT1

  Cl. M-1, Downgraded to A3 (sf); previously on Oct 21, 2013
  Downgraded to A1 (sf)

  Cl. M-2, Downgraded to B2 (sf); previously on Apr 23, 2012
  Downgraded to B1 (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 downgrades are a result of deteriorating
performance and/or structural features resulting in higher
expected losses for the bonds than previously anticipated.

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

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

The primary source of assumption uncertainty is the uncertainty in
Moody's central macroeconomic forecast and performance volatility
due to servicer-related issues. The unemployment rate fell from
7.5% in March 2013 to 6.7% in March 2014. Moody's forecasts an
unemployment central range of 6.5% to 7.5% for the 2014 year.
Moody's expects house prices to continue to rise in 2014.
Performance of RMBS continues to remain highly dependent on
servicer procedures. Any change resulting from servicing transfers
or other policy or regulatory change can impact the performance of
these transactions.


COLUMBUSNOVA 2006-II: S&P Raises Rating on Cl. E Notes From 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A, B, C, D, and E notes from ColumbusNova CLO Ltd. 2006-II, a
collateralized loan obligation.  At the same time, S&P removed
these ratings from CreditWatch, where they were placed with
positive implications on Jan. 22, 2014.

The transaction's reinvestment period ended in January 2013, and
the deal is currently in its amortization phase.  Since March
2012, when S&P last took a rating action on this transaction, the
class A notes have paid down $106.55 million and now have 70.93%
of their original balance outstanding.  The upgrades reflect the
paydowns to the class A notes, which helped create additional
support for the subordinate notes.  The improvements are also
evident in the increased senior and mezzanine
overcollateralization ratios since S&P's March 2012 rating
actions.

As of the March 31, 2014, trustee report, the transaction had
roughly $42.15 million in principal proceeds.  S&P took into
account sensitivity runs where a portion of the proceeds may be
used to reinvest.  This analysis is reflected in S&P's ratings on
the class B, C, D and E notes.

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.

CAPITAL STRUCTURE AND KEY MODEL ASSUMPTIONS COMPARISON

ColumbusNova CLO Ltd. 2006-II

Class           Feb. 2012        March 2014
Notional balance (Mil.$)

A                  372.54            265.99
B                   30.00             30.00
C                   22.00             22.00
D                   20.00             20.00
E                   15.00             15.00

Coverage tests, WAS (%)

Sr O/C             122.06            130.30
Mezz O/C           110.53            114.11
Sr I/C             455.70            584.68
Mezz I/C           395.04            476.41
WAS                  3.73              3.94

WAS-Weighted average spread.
O/C-Overcollateralization test.
I/C-Interest coverage test.

CASH FLOW RESULTS AND SENSITIVITY ANALYSIS

ColumbusNova CLO Ltd. 2006-II

                            Cash flow
       Previous             implied     Cash flow    Final
Class  rating               rating      cushion (i)  rating
A      AA+(sf)/Watch Pos    AAA (sf)    16.79%       AAA (sf)
B      AA (sf)/Watch Pos    AAA (sf)     3.54%       AA+ (sf)
C      A (sf)/Watch Pos     AA+ (sf)     1.36%       AA (sf)
D      BBB (sf)/Watch Pos   A+ (sf)      1.62%       A (sf)
E      BB (sf)/Watch Pos    BBB (sf)     0.53%       BBB- (sf)

(i) The cash flow cushion is the excess of the tranche break-even
    default rate above the scenario default rate at the cash flow
    implied rating for a given class of rated notes.

RECOVERY RATE AND CORRELATION SENSITIVITY

In addition to S&P's base-case analysis, it generated additional
scenarios in which it made negative adjustments of 10% to the
current collateral pool's recovery rates relative to each
tranche's weighted average recovery rate.  S&P also generated
other scenarios by adjusting the intra- and inter-industry
correlations to assess the current portfolio's sensitivity to
different correlation assumptions assuming the correlation
scenarios outlined below.

Correlation
Scenario        Within industry (%)  Between industries (%)
Below base case               15.0                     5.0
Base case                     20.0                     7.5
Above base case               25.0                    10.0

                  Recovery   Correlation Correlation
       Cash flow  decrease   increase    decrease
       implied    implied    implied     implied     Final
Class  rating     rating     rating      rating      rating
A      AAA (sf)   AAA (sf)   AAA (sf)    AAA (sf)    AAA (sf)
B      AAA (sf)   AA+ (sf)   AA+ (sf)    AAA (sf)    AA+ (sf)
C      AA+ (sf)   AA- (sf)   AA- (sf)    AA+ (sf)    AA (sf)
D      A+ (sf)    A- (sf)    A- (sf)     A+ (sf)     A (sf)
E      BBB (sf)   BB+ (sf)   BBB- (sf)   BBB+ (sf)   BBB- (sf)

DEFAULT BIASING SENSITIVITY

To assess whether the current portfolio has sufficient diversity,
S&P biased defaults on the assets in the current collateral pool
with the highest spread and lowest base-case recoveries.

                    Spread        Recovery
       Cash flow    compression   compression
       implied      implied       implied       Final
Class  rating       rating        rating        rating
A      AAA (sf)     AAA (sf)      AAA (sf)      AAA (sf)
B      AAA (sf)     AAA (sf)      AA+ (sf)      AA+ (sf)
C      AA+ (sf)     AA+ (sf)      A+ (sf)       AA (sf)
D      A+ (sf)      A (sf)        BBB- (sf)     A (sf)
E      BBB (sf)     BBB- (sf)     B+ (sf)       BBB- (sf)

RATINGS AND CREDITWATCH ACTIONS

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


COMM 2005-FL10: Moody's Affirms 'C' Rating on 2 Cert. Classes
-------------------------------------------------------------
Moody's Investors Service affirmed the ratings of two Interest
Only (IO) classes of COMM 2005-FL10, Commercial Mortgage Pass-
Through Certificates as follows:

Cl. X-2-DB, Affirmed C (sf); previously on Jul 31, 2013 Downgraded
to C (sf)

Cl. X-3-DB, Affirmed C (sf); previously on Jul 31, 2013 Downgraded
to C (sf)

Ratings Rationale

The ratings on the two IO classes (X-2-DB and X-3-DB) were
affirmed based on the credit assessment of the referenced loan,
the Berkshire Mall Loan. The loan transferred to special servicing
in January 2014, and the transaction's final rated maturity date
is in April 2017.

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

The rating of an IO class is based on the credit performance of
its referenced classes or referenced loans. An IO class may be
upgraded based on a lower weighted average rating factor or WARF
due to an overall improvement in the credit quality of its
reference classes. An IO class may be downgraded based on a higher
WARF due to a decline in the credit quality of its reference
classes, paydowns of higher quality reference classes or non-
payment of interest. Classes that have paid off through loan
paydowns or amortization are not included in the WARF calculation.
Classes that have experienced losses are grossed up for losses and
included in the WARF calculation, even if Moody's has withdrawn
the rating. IO classes that are tied to a single loan or a pool of
loans may be upgraded or downgraded based on the credit
performance of the referenced loan or loans.

Methodology Underlying The Rating Action

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

Description Of Models Used

Moody's review incorporated the use of the excel-based Large Loan
Model v 8.7. The large loan model derives credit enhancement
levels based on an aggregation of adjusted loan-level proceeds
derived from Moody's loan-level LTV ratios. Major adjustments to
determining proceeds include leverage, loan structure, property
type and sponsorship. Moody's also further adjusts these
aggregated proceeds for any pooling benefits associated with loan
level diversity and other concentrations and correlations.

Deal Performance

As of the April 15, 2014 Payment date, the transaction's aggregate
certificate balance remains effectively unchanged from last review
at $37 million. The Certificates are collateralized by one
floating rate whole loan, the Berkshire Mall Loan. Moody's does
not rate the outstanding P&I classes. The loan transferred to
special servicing in January 2014, and the transaction's final
rated maturity date is in April 2017.

The Berkshire Mall Loan ($37 million) is secured by a regional
mall located in Lanesborough, MA, in Berkshire County. It is the
only enclosed mall in Berkshire County and totals 589,490 square
feet (excluding Target). The property is anchored by Sears,
Macy's, J.C. Penney, Best Buy, and Regal Cinemas (10 screens). The
local manufacturing economy continues to erode, and the property's
performance was significantly impacted due to loss of multiple
junior anchors (Gap, Linens 'N Things, Steve & Barry's, Famous
Labels and Old Navy). As of January 2014, the property was 78%
leased which includes anchor owned space.

The property's Net Cash Flow for 2013 was $564,298 down from $1.0
million achieved during 2012. The historical NCFs are calculated
after the P&I payment of a Road Bond ($1.3 million for 2012 and
$1.4 million for 2013). The last P&I payment of the Road Bond is
due in June 2014; however, there will continue to be maintenance
fees payable going forward, which have not been finalized at this
time.

Moody's stabilized LTV is in excess of 100%, and Moody's credit
assessment of the loan is C. As of the current payment date, the
transaction has incurred cumulative bond loss totaling
approximately $7 million and outstanding interest shortfalls
totaling $135,550.


COMM 2014-CCRE17: Moody's Assigns (P)Ba2 Rating on Class E Certs
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
fourteen classes of CMBS securities, issued by COMM 2014-CCRE17
Mortgage Trust, Commercial Mortgage Pass-Through Certificates.

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

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

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

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

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

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

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

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

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

Cl. PEZ**, Assigned (P)A1 (sf)

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

Cl. X-B*, Assigned (P)Baa1 (sf)

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

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

* Reflects Interest-Only Class
** Reflects Exchangeable Class

Ratings Rationale

The Certificates are collateralized by 59 fixed-rate loans secured
by 86 properties. The ratings are based on the collateral and the
structure of the transaction.

Moody's CMBS ratings methodology combines both commercial real
estate and structured finance analysis. Based on commercial real
estate analysis, Moody's determines the credit quality of each
mortgage loan and calculates an expected loss on a loan specific
basis. Under structured finance, the credit enhancement for each
certificate typically depends on the expected frequency, severity,
and timing of future losses. Moody's also considers a range of
qualitative issues as well as the transaction's structural and
legal aspects.

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

The Moody's Actual DSCR of 1.54X is higher than the 2007
conduit/fusion transaction average of 1.31X. The Moody's Stressed
DSCR of 0.98X is higher than the 2007 conduit/fusion transaction
average of 0.92X.

Moody's Trust LTV ratio of 106.5% is lower than the 2007
conduit/fusion transaction average of 110.6% but higher than many
pools securitized during 2013.

Moody's also considers both loan level diversity and property
level diversity when selecting a ratings approach.

With respect to loan level diversity, the pool's loan level
(includes cross collateralized and cross defaulted loans)
Herfindahl Index is 21.2. The transaction's loan level diversity
is at the lower end of the band of Herfindahl scores found in most
multi-borrower transactions issued since 2009. With respect to
property level diversity, the pool's property level Herfindahl
Index is 22.7. The transaction's property diversity profile is
lower than the indices calculated in most multi-borrower
transactions issued since 2009.

Moody's also grades properties on a scale of 1 to 5 (best to
worst) and considers those grades when assessing the likelihood of
debt payment. The factors considered include property age, quality
of construction, location, market, and tenancy. The pool's
weighted average property quality grade is 2.16, which is stronger
than the indices calculated in most multi-borrower transactions
since 2009.

This deal has a super-senior Aaa class with 30% credit
enhancement. Although the additional enhancement offered to the
senior most certificate holders provides additional protection
against pool loss, the super-senior structure is credit negative
for the certificate that supports the super-senior class. If the
support certificate were to take a loss, the loss would have the
potential to be quite large on a percentage basis. Thin tranches
need more subordination to reduce the probability of default in
recognition that their loss-given default is higher. This
adjustment helps keep expected loss in balance and consistent
across deals. The transaction was structured with additional
subordination at class A-M to mitigate the potential increased
severity to class A-M.

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

Moody's analysis employs the excel-based CMBS Conduit Model v2.64
which derives credit enhancement levels based on an aggregation of
adjusted loan level proceeds derived from Moody's loan level DSCR
and LTV ratios. Major adjustments to determining proceeds include
loan structure, property type, sponsorship and diversity. Moody's
analysis also uses the CMBS IO calculator version 1.0 which
references the following inputs to calculate the proposed IO
rating based on the published methodology: original and current
bond ratings and credit estimates; original and current bond
balances grossed up for losses for all bonds the IO(s)
reference(s) within the transaction; and IO type corresponding to
an IO type as defined in the published methodology.

Moody's Parameter Sensitivities: If Moody's value of the
collateral used in determining the initial rating were decreased
by 5%, 15%, and 23%, the model-indicated rating for the currently
rated junior Aaa class would be Aa1, Aa2, Aa3, respectively.
Parameter Sensitivities are not intended to measure how the rating
of the security might migrate over time; rather they are designed
to provide a quantitative calculation of how the initial rating
might change if key input parameters used in the initial rating
process differed. The analysis assumes that the deal has not aged.
Parameter Sensitivities only reflect the ratings impact of each
scenario from a quantitative/model-indicated standpoint.
Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
Parameter Sensitivity analysis.

These ratings: (a) are based solely on information in the public
domain and/or information communicated to Moody's by the issuer at
the date it was prepared and such information has not been
independently verified by Moody's; (b) must be construed solely as
a statement of opinion and not a statement of fact or an offer,
invitation, inducement or recommendation to purchase, sell or hold
any securities or otherwise act in relation to the issuer or any
other entity or in connection with any other matter. Moody's does
not guarantee or make any representation or warranty as to the
correctness of any information, rating or communication relating
to the issuer. Moody's shall not be liable in contract, tort,
statutory duty or otherwise to the issuer or any other third party
for any loss, injury or cost caused to the issuer or any other
third party, in whole or in part, including by any negligence (but
excluding fraud, dishonesty and/or willful misconduct or any other
type of liability that by law cannot be excluded) on the part of,
or any contingency beyond the control of Moody's, or any of its
employees or agents, including any losses arising from or in
connection with the procurement, compilation, analysis,
interpretation, communication, dissemination, or delivery of any
information or rating relating to the issuer.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range may
indicate that the collateral's credit quality is stronger or
weaker than Moody's had previously anticipated. Factors that may
cause an upgrade of the ratings include significant loan paydowns
or amortization, an increase in the pool's share of defeasance or
overall improved pool performance. Factors that may cause a
downgrade of the ratings include a decline in the overall
performance of the pool, loan concentration, increased expected
losses from specially serviced and troubled loans or interest
shortfalls.


COMMERCIAL MORTGAGE 1998-C2: Fitch Cuts Cl. J Notes Rating to CC
----------------------------------------------------------------
Fitch Ratings has downgraded one class and affirmed two classes of
Commercial Mortgage Acceptance Corp. (CMAC) commercial mortgage
pass through certificates series 1998-C2.

Key Rating Drivers

The pool is concentrated with only 33 of the original 512 loans
remaining but has experienced stable performance and continued
paydown since Fitch's last rating action.  The downgrade to class
J is attributable to the likelihood that losses will occur.  Since
last review there have been 24 loans that have been disposed
including the largest remaining loan ($19.5 million) and the lone
specially serviced loan ($1 million).  There were no losses
experienced on any of the disposed loans.

Fitch has designated four loans (21.6%) as Fitch Loans of Concern,
which does not include any specially serviced loans.  As of the
April 2014 distribution date, the pool's aggregate principal
balance has been reduced by 97.9% to $60.2 million from $2.89
billion at issuance.  Per the servicer reporting, eight loans
(17.3% of the pool) are defeased.  Interest shortfalls are
currently affecting classes K through M.

The largest contributor to expected losses is a loan secured by a
92-unit extended care facility in Sudbury, MA.  The property
experienced a flood in 2010 rendering the first floor unusable
until the repairs were completed in 2012.  According to the
servicer, lease-up has been slow due to having to remarket the
facility to hospitals and discharge planners.  As of year-end 2012
the facility was 77% occupied and experienced a net operating loss
of 64,061. 2013 financials were not available.  Despite the
underperformance of the property the loan remains current.

RATING SENSITIVITY

Class J is expected to be downgraded upon the realization of
losses to the class.  Class K will remain at 'Dsf' as losses have
been realized.

Fitch downgrades the following classes as indicated:

-- $59.4 million class J to 'Csf' from 'CCsf', RE 95%.

Fitch affirms the following classes as indicated:

-- $763,342 class K at 'Dsf', RE 0%;
-- $0 class L at 'Dsf', RE 0%.

The class A-1, A-2, A-3, B, C, D, E, G and H certificates have
paid in full.  Fitch does not rate the class F and M certificates.
Fitch previously withdrew the rating on the interest-only class X
certificates.


CREDIT SUISSE 1997-C2: Fitch Affirms B+sf Rating on Class H Certs
-----------------------------------------------------------------
Fitch Ratings has upgraded two and affirmed two classes of Credit
Suisse First Boston Mortgage Securities Corp., commercial mortgage
pass-through certificates, series 1997-C2 (CSFB 1997-C2).

Key Rating Drivers

The upgrades and affirmations are the result of increasing credit
enhancement and continued paydown.  The pool is concentrated with
only 38 of the original 185 loans remaining.  Of the remaining
collateral pool, 28 loans (58%) are secured by Credit Tenant
Leases (CTL).  The overall pool performance has been stable since
Fitch's last rating action.

As of the March 2014 distribution date, the pool's aggregate
principal balance has been reduced by 96.1% to $56.5 million from
$1.47 billion at issuance.  Per the servicer reporting, eight
loans (32.1% of the pool) are defeased, which includes the largest
remaining loan (20.8% of the pool).  Interest shortfalls are
currently affecting classes I through J. Fitch has designated nine
loans (24.4%) as Fitch Loans of Concern, which includes two
specially serviced assets (13.4%).

The largest contributor to expected losses is a 142-unit
multifamily property located in Tulsa, OK.  The loan was
transferred to the special servicer in April 2011 and foreclosure
was completed in October 2013.  As of March 2014 the property was
82% occupied, an improvement from the foreclosure date which
reported occupancy of 72%.  The disposition strategy for the
property is still being assessed at this time.

Rating Sensitivity

The ratings on classes F, G, and H are expected to remain stable
given the high credit enhancement resulting from continued paydown
and defeasance but there are continuing concerns given the
increasing concentrations in the pool and the greater risk of
adverse selection.  Class I will remain at 'Dsf' as losses have
been realized.

Fitch upgrades the following classes as indicated:

   -- $5 million class F to 'AAAsf' from 'AA+sf', Outlook Stable;
   -- $14.7 million class G to 'AAsf' from 'A+sf', Outlook Stable.

Fitch affirms the following classes as indicated:

   -- $29.3 million class H at 'B+sf', Outlook Stable;
   -- $7.5 million class I at 'Dsf', RE 65%.

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


CREDIT SUISSE 2001-CF2: Fitch Affirms Dsf Rating on Class J Certs
-----------------------------------------------------------------
Fitch Ratings has upgraded one, downgraded one and affirmed five
classes of Credit Suisse First Boston Mortgage Securities Corp.
(CSFB) commercial mortgage pass-through certificates series
2001-CF2.

Key Rating Drivers

The upgrade to class G reflects the expectation of full repayment
of the class from defeased collateral (28.5% of the pool).
Upgrades were limited to 'Asf' due to the potential for this class
to be affected by future interest shortfalls.  The downgrade to
Class H reflects increased modeled losses on the pool since the
last rating action, primarily in connection with the largest loan
in the pool.

As of the April 2014 distribution date, the pool's aggregate
principal balance has been reduced by 97.7% to $25.9 million from
$1.13 billion at issuance.  The transaction is concentrated with
only eight loans remaining, two loans are in special servicing,
including the first (52.3%) and third largest loans (8.1%) in the
pool, the second largest loan is defeased (28.5%).  Interest
shortfalls are currently affecting classes H through O.  Fitch
modeled losses of 39.7% of the remaining pool; expected losses on
the original pool balance total 6%, including $57.9 million (5.1%
of the original pool balance) in realized losses to date.

The largest contributor to expected losses is a specially-serviced
loan (52.3% of the pool) secured by a 172,640 square foot (sf)
office property located in Jenkintown, PA. As of year- end 2013,
the property was 82% occupied with a servicer-reported debt
service coverage ratio (DSCR) of 0.70x. The special servicer is
currently pursuing foreclosure, which is expected to close next
quarter.

The next largest contributor to expected losses is a specially-
serviced loan (8.1% of the pool) secured by a 151-pad five
property manufactured housing community located in Vermont.  The
loan originally transferred to the special servicer in 2003 due to
a dispute over a partial release.  The special servicer is
currently pursuing foreclosure.  As of February 2014, average
occupancy and DSCR were a reported 72% and 0.67x, respectively.

The remaining pool consists of four retail properties (13.6%), all
of which are leased to Rite Aid (rated 'B' as of April 17, 2014 by
Fitch) and one multifamily property (1.0%), all in tertiary
locations.

Rating Sensitivity

Further upgrades to class G are not likely while larger loans
remain in special servicing due to the risk of potential interest
shortfalls.  Fitch will not assign or maintain 'AAAsf' or 'AAsf'
ratings for notes that it considers to have a high level of
vulnerability to interest shortfalls or deferrals.  The rating of
class H would move to 'Dsf' if losses are realized.

Fitch upgrades the following classes and assigns or revises Rating
Outlooks as indicated:

   -- $3 million class G to 'Asf' from 'BBB-sf', Outlook to Stable
     from Negative.

Fitch downgrades the following class as indicated:

   -- $16.4 million class H to 'Csf' from 'CCsf ', RE 0%.

Fitch affirms the following classes as indicated:

   -- $5.4 million class J at 'Dsf', RE 0%;
   -- $0 class K at 'Dsf', RE 0%;
   -- $0 class L at 'Dsf', RE 0%;
   -- $0 class M at 'Dsf', RE 0%;
   -- $0 class N at 'Dsf', RE 0%.

The class A-CP, A-1, A-2, A-3, A-4, B, C, D, E and F certificates
have paid in full. Fitch does not rate the class O, NM-1, NM-2 and
RA certificates. Fitch previously withdrew the rating on the
interest-only class A-X certificates.


CREDIT SUISSE 2005-C4: Moody's Cuts Rating on Cl. G Certs to 'C'
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on seven
classes, upgraded the ratings on three classes and downgraded the
ratings on two classes in Credit Suisse First Boston Mortgage
Securities Corp., Commercial Mortgage Pass-Through Certificates,
Series 2005-C4 as follows:

Cl. A-1-A, Affirmed Aaa (sf); previously on May 2, 2013 Affirmed
Aaa (sf)

Cl. A5, Affirmed Aaa (sf); previously on May 2, 2013 Affirmed Aaa
(sf)

Cl. A-5M, Affirmed Aaa (sf); previously on May 2, 2013 Affirmed
Aaa (sf)

Cl. A-J, Upgraded to A1 (sf); previously on May 2, 2013 Affirmed
A3 (sf)

Cl. A-X, Affirmed Ba3 (sf); previously on May 2, 2013 Affirmed Ba3
(sf)

Cl. B, Upgraded to A3 (sf); previously on May 2, 2013 Affirmed
Baa2 (sf)

Cl. C, Upgraded to Baa1 (sf); previously on May 2, 2013 Affirmed
Baa3 (sf)

Cl. D, Affirmed Ba3 (sf); previously on May 2, 2013 Affirmed Ba3
(sf)

Cl. E, Affirmed B2 (sf); previously on May 2, 2013 Affirmed B2
(sf)

Cl. F, Downgraded to Caa3 (sf); previously on May 2, 2013 Affirmed
Caa2 (sf)

Cl. G, Downgraded to C (sf); previously on May 2, 2013 Affirmed
Caa3 (sf)

Cl. H, Affirmed C (sf); previously on May 2, 2013 Downgraded to C
(sf)

Ratings Rationale

The ratings on the P&I classes were affirmed because the
transaction's key metrics, including Moody's loan-to-value (LTV)
ratio, Moody's stressed debt service coverage ratio (DSCR) and the
transaction's Herfindahl Index (Herf), are within acceptable
ranges. The rating on the IO class A-X was affirmed based on the
weighted average rating factor of its referenced classes.

The ratings on the P&I classes A-J, B and C were upgraded due to
increased credit support resulting from loan payoffs and
amortization, increased defeasance, and expected paydowns from
loans approaching maturity that are well positioned to refinance.
Approximately 23% of the current pool balance has defeased,
compared to 9% at the last review. Approximately 98% of the pool
is scheduled to mature within the next 24 months.

The ratings on the P&I classes F and G were downgraded based on
realized and anticipated losses from specially serviced and
troubled loans.

Moody's rating action reflects a base expected loss of 4.2% of the
current balance, compared to 5.2% at Moody's last review. Moody's
base expected loss plus realized losses is now 7.4% of the
original pooled balance compared 7.3% at the last review.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or
weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a
significant amount of loan paydowns or amortization, an increase
in the pool's share of defeasance or an improvement in pool
performance.

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the pool, loan concentration, an
increase in realized and expected losses from specially serviced
and troubled loans or interest shortfalls.

Methodology Underlying The Rating Action

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

Description of Models Used

Moody's review used the excel-based CMBS Conduit Model v 2.64,
which it uses for both conduit and fusion transactions. Conduit
model results at the Aa2 (sf) level are driven by property type,
Moody's actual and stressed DSCR, and Moody's property quality
grade (which reflects the capitalization rate Moody's uses to
estimate Moody's value). Conduit model results at the B2 (sf)
level are based on a paydown analysis using the individual loan-
level Moody's LTV ratio. Moody's may consider other concentrations
and correlations in its analysis. Based on the model pooled credit
enhancement levels of Aa2 (sf) and B2 (sf), the required credit
enhancement on the remaining conduit classes are either
interpolated between these two data points or determined based on
a multiple or ratio of either of these two data points. For fusion
deals, Moody's merges the credit enhancement for loans with
investment-grade credit assessments with the conduit model credit
enhancement for an overall model result. Moody's incorporates
negative pooling (adding credit enhancement at the credit
assessment level) for loans with similar credit assessments in the
same transaction.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 52 compared to 49 at Moody's last review.

Deal Performance

As of the April 17, 2014 distribution date, the transaction's
aggregate certificate balance has decreased by 35% to $858.1
million from $1.33 billion at securitization. The Certificates are
collateralized by 131 mortgage loans ranging in size from less
than 1% to 4% of the pool, with the top ten non-defeased loans
representing 28% of the pool. Eleven loans, constituting 23% of
the pool, have defeased and are secured by US government
securities.

Twenty-nine loans, representing 12% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of our
ongoing monitoring of a transaction, Moody's reviews the watchlist
to assess which loans have material issues that could impact
performance.

Seventeen loans have been liquidated from the pool, resulting in
an aggregate realized loss of $62.0 million (61.9% average loan
loss severity). Currently, four loans, representing 6% of the
pool, are in special servicing. The largest specially serviced
loan is the The Atrium at St. Francis loan ($27.3 million -- 3.2%
of the pool). The loan transferred to special servicing in January
2014 as the result of imminent payment default as the largest
tenant, Saint Francis Hospital filed for bankruptcy. The borrower
submitted a discounted payoff offer which is under consideration
while the special servicer awaits an updated appraisal. As of
January 2014, the property was 84% leased. The remaining specially
serviced loans are secured by a retail and office properties.
Moody's estimates an aggregate $18.4 million loss (overall 37%
expected loss) for the specially serviced loans.

Moody's has assumed a high default probability for nine poorly
performing loans representing 4% of the pool. Moody's analysis
attributes to these troubled loans an aggregate $6.4 million loss
(19% expected loss severity based on a 47% probability default).

Moody's was provided with full or partial year 2012 and 2013
operating results for 100% and 98% of the pool, respectively.
Moody's weighted average LTV is 87% compared to 92% at last
review. Moody's net cash flow reflects a weighted average haircut
of 10.9% to the most recently available net operating income.
Moody's value reflects a weighted average capitalization rate of
9.2%.

Moody's actual and stressed DSCRs are 1.47X and 1.21X,
respectively, compared to 1.44X and 1.13X at last review. Moody's
actual DSCR is based on Moody's net cash flow (NCF) and the loan's
actual debt service. Moody's stressed DSCR is based on Moody's NCF
and a 9.25% stressed rate applied to the loan balance.

The top three performing conduit loans represent 10% of the pool.
The largest conduit loan is the Exchange at Gainesville Apartments
loan ($33.1 million -- 3.9% of the pool), which is secured by a
396-unit luxury garden-style multi-family complex located in
Gainesville, Florida. As of December 2013, the property was 97%
leased compared to 99% at last review. Moody's LTV and stressed
DSCR are 84% and 1.10X, respectively, compared to 88% and 1.05X at
last review.

The second largest conduit loan is the Circle Park Apartments loan
($25.9 million -- 3.0% of the pool), which is secured by a 392-
unit garden-style multi-family complex located in the Loop
submarket of Chicago, Illinois. As of December 2013, the property
was 97% leased compared to 98% at last review. Financial
performance improved since last review and the loan is benefiting
from amortization. Moody's LTV and stressed DSCR are 84% and
1.13X, respectively, compared to 97% and 0.97X at last review.

The third largest conduit loan is the 301 Yamato Road loan ($25.6
million -- 3.0% of the pool), which is secured by a 206,447 square
foot office property located in Boca Raton, Florida. The largest
tenant is Client First Settlement Funding (24% of the net rentable
area; lease expiration in January 2018). As of January 2014, the
property was 96% leased, compared to 95% at last review.
Performance has improved since last review due to an increase in
base rents. Moody's LTV and stressed DSCR are 101% and 1.04X,
respectively, compared to 121% and 0.87X at last review.


CRF-18 LLC: S&P Affirms 'BB' Rating on Class D Notes
----------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A-3 and B notes from CRF-19 LLC and affirmed its ratings on
the class C, D, and E notes from the same transaction. We removed
the ratings on the class B, C, D, and E notes, as well as the
class A-3 notes, from CRF-19 from CreditWatch with negative
implications, where S&P placed them on Jan. 29, 2014, and
April 10, 2014, respectively.  At the same time, S&P affirmed its
ratings on the class C, D, and E notes from CRF-18 LLC (CRF-18),
and removed them from CreditWatch with positive implications,
where we placed them on April 10, 2014.

CRF-18 and CRF-19 are both asset-backed securities transaction
collateralized primarily by a pool of small-business development
loans that are not insured or guaranteed by any governmental
agency.  These loans are generally secured by owner-occupied,
multipurpose commercial real estate. About 70% of CRF-18's loan
portfolio and 82% of CRF-19's loan portfolio consist of second-
lien loans.  Both transactions distribute principal payments on a
sequential basis.

The downgrades reflect the related underlying loan portfolios'
rising delinquencies and cumulative net losses, as well as the
application of S&P's updated U.S. small-business loan
securitization criteria.

The affirmations reflect the adequate credit support available at
the current rating levels under S&P's updated U.S. small-business
loan securitization criteria.

CRF-18 LLC

Since S&P's last rating action in June 2013, the transaction has
paid down to approximately 19% of its original outstanding
balance.  The loan portfolio performance has been generally stable
since the last review.  As the transaction follows a sequential
principal payment, the class C notes (the most senior class still
outstanding currently) are the only class of notes that are
receiving principal payment.  S&P expects the class C notes will
continue to amortize fast.  No cumulative loss rate event has been
triggered in this transaction, and all the classes are receiving
interest payment.  The reserve account is fully top-up at the
required amount.

CRF-19 LLC

Since S&P's last rating action in July 2012, the transaction has
paid down to approximately 41% of its original outstanding
balance.  Between July 2012 and March 2014, the total delinquency
rate (as a percentage of the then-current pool balance) increased
to 45.93% from 27.40%, the 90-plus-day delinquency rate (as a
percentage of the then-current pool balance) increased to 41.6%
from 26.76%, and the cumulative net loss rate (as a percentage of
the original pool balance) increased to 7.32% from 5.75%.  As the
transaction follows a sequential principal payment, the class A-3
notes are the only class of notes that are currently receiving
principal payment.  A cumulative loss rate event has been
triggered for the class D, E, F, and G notes, respectively,
because the cumulative loss rate exceeded the thresholds for these
notes, as set in the transaction documents for the related payment
periods.  As a result of this event, according to the transaction
documents, the class D through G notes' interest payments have
been deferred, and the deferred interest will be carried forward.
The reserve account is fully top-up at the required amount.

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

RATING AND CREDITWATCH ACTIONS

CRF-18 LLC
                  Rating
Class      To            From
C          A (sf)        A (sf)/Watch Pos
D          BB (sf)       BB (sf)/Watch Pos
E          B (sf)        B (sf)/Watch Pos

CRF-19 LLC
                  Rating
Class      To            From
A-3        BBB+ (sf)     AAA (sf)/Watch Neg
B          BBB (sf)      A (sf)/Watch Neg
C          BB+ (sf)      BB+ (sf)/Watch Neg
D          B- (sf)       B- (sf)/Watch Neg
E          CCC- (sf)     CCC- (sf)/Watch Neg


CSMC TRUST 2014-IVR2: S&P Assigns BB+ Rating on Class B-3 Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to CSMC
Trust 2014-IVR2's $264.391 million mortgage pass-through
certificates series 2014-IVR2.

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

The ratings reflect S&P's view of:

   -- The pool's high-quality collateral.
   -- The credit enhancement and associated structural deal
      mechanics.

RATINGS ASSIGNED

CSMC Trust 2014-IVR2

Class            Rating             Amount (mil. $)
A-3              AAA (sf)                   230.968
A-6              AAA (sf)                    13.587
A-7              AAA (sf)                     7.608
A-X-1            AAA (sf)               Notional(i)
A-X-2            AAA (sf)              Notional(ii)
A-X-3            AAA (sf)             Notional(iii)
A-X-4            AAA (sf)               Notional(i)
A-X-5            AAA (sf)              Notional(ii)
A-X-6            AAA (sf)             Notional(iii)
B-1              A+ (sf)                      3.940
B-2              BBB (sf)                     3.940
B-3              BB+ (sf)                     4.348
B-4              NR                           2.989
B-5              NR                           4.347
A-1              AAA (sf)                   230.968
A-2              AAA (sf)                   244.555
A-4              AAA (sf)                   252.163
A-5              AAA (sf)                    21.195
A-8              AAA (sf)                   252.163
A-9              AAA (sf)                   230.968
A-10             AAA (sf)                   244.555
A-11             AAA (sf)                   252.163
A-12             AAA (sf)                   244.555
A-X-7            AAA (sf)              Notional(iv)
A-X-8            AAA (sf)              Notional(iv)
A-X-9            AAA (sf)               Notional(v)
A-X-10           AAA (sf)              Notional(iv)
A-X-11           AAA (sf)               Notional(v)
A-X-12           AAA (sf)               Notional(v)
A-X-13           AAA (sf)             Notional(iii)
A-IO-S           NR                    Notional(vi)

Note: The class A-X-1, A-X-2, A-X-3, A-X-4, A-X-5, A-X-6, A-X-7,
A-X-8, A-X-9, A-X-10, A-X-11, A-X-12, A-X-13, and A-IO-S
certificates are interest-only certificates; they will not be
entitled to principal distributions.  (i)The class A-X-1 and A-X-4
certificates will accrue interest on a notional amount equal to
the class A-3 certificates' principal amount.  (ii)The class A-X-2
and A-X-5 certificates will accrue interest on a notional amount
equal to the class A-6 certificates' principal amount.  (iii)The
class A-X-3, A-X-6, and A-X-13 certificates will accrue interest
on a notional amount equal to the class A-7 certificates'
principal amount.  (iv)The class A-X-7, A-X-8, and A-X-10
certificates will accrue interest on a notional amount equal to
the class A-3, A-6, and A-7 certificates' aggregate principal
amount.  (v)The class A-X-9, A-X-11, and A-X-12 certificates will
accrue interest on a notional amount equal to the class A-6 and A-
7 certificates' aggregate principal amount.  (vi) The class A-IO-S
certificates have a notional amount equal to the aggregate stated
principal balance of the mortgage loans serviced by Select
Portfolio Servicing Inc. as of the distribution date. NR--Not
rated.


CWALT INC 2005-75CB: Moody's Cuts Rating on 3 Certs to 'Caa2'
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
tranches from one RMBS transaction, backed by Alt-A RMBS loans
issued by CWALT, Inc. Mortgage Pass-Through Certificates,
Series 2005-75CB.

Complete rating actions are as follows:

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-75CB

Cl. A-1, Downgraded to Caa2 (sf); previously on Apr 12, 2010
Downgraded to Caa1 (sf)

Cl. A-2, Downgraded to Caa2 (sf); previously on Feb 22, 2012
Upgraded to Caa1 (sf)

Cl. X, Downgraded to Caa2 (sf); previously on Feb 22, 2012
Upgraded to Caa1 (sf)

Ratings Rationale

The rating action reflects recent performance of the underlying
pool and reflects Moody's updated loss expectations on the pool.
The rating action further reflects the depletion of credit support
provided to Class A-1 by Class A-4.

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

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 6.7% in March 2014 from 7.5%
in March 2013. 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.


CWCAPITAL COBALT: Moody's Affirms Ratings on 8 Note Classes
-----------------------------------------------------------
Moody's Investors Service has affirmed the ratings on the
following notes issued by CWCapital Cobalt Vr Ltd.:

CL. A-1, Affirmed Caa3 (sf); previously on Jul 17, 2013 Affirmed
Caa3 (sf)

CL. A-2, Affirmed C (sf); previously on Jul 17, 2013 Affirmed C
(sf)

CL. B, Affirmed C (sf); previously on Jul 17, 2013 Affirmed C (sf)

CL. C, Affirmed C (sf); previously on Jul 17, 2013 Affirmed C (sf)

CL. D, Affirmed C (sf); previously on Jul 17, 2013 Affirmed C (sf)

CL. E, Affirmed C (sf); previously on Jul 17, 2013 Affirmed C (sf)

CL. F, Affirmed C (sf); previously on Jul 17, 2013 Affirmed C (sf)

CL. G, Affirmed C (sf); previously on Jul 17, 2013 Affirmed C (sf)

Ratings Rationale

Moody's has affirmed the ratings on the transaction because its
key transaction metrics are commensurate with existing ratings.
The affirmation is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation (CRE CDO and
ReRemic) transactions.

CWCapital Vr is a static cash transaction wholly backed by a
portfolio of: i) commercial mortgage backed securities (CMBS)
(47.8% of the current pool balance) and ii) CRE CDOs (52.2%). As
of the April 28, 2014 trustee report, the aggregate note balance
of the transaction, including preferred shares, has reduced to
$3.08 billion from $3.45 billion at securitization as a result of
reclassification of interest proceeds received from impaired
securities as principal proceeds; as well as amortization of the
underlying collateral.

All of the assets with a total par balance of $1.43 billion are
considered impaired securities as of the April 28, 2014 trustee
report. There have been significant losses on the underlying
collateral to date, and Moody's expects this to continue on the
impaired securities.

Moody's has identified the following as key indicators of the
expected loss in CRE CDO transactions: the weighted average rating
factor (WARF), the weighted average life (WAL), the weighted
average recovery rate (WARR), and Moody's asset correlation (MAC).
Moody's typically models these 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 updated its assessments for the collateral it does not
rate. The rating agency modeled a bottom-dollar WARF of 9714,
compared to 9740 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follow: Baa1-Baa3 (0.1%, the same as that at last
review), Ba1-Ba3 (0.6%, the same as that last review), B1-B3
(1.0%, the same as that at last review), and Caa1-C (98.3%, the
same as that at last review).

Moody's modeled a WAL of 3.7 years compared to 5.1 years at last
review. The WAL is based on assumptions about extensions on the
underlying loans within the CMBS collateral.

Moody's modeled a fixed WARR of 0.0%, compared to 0.1% at last
review.

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

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's
Approach to Rating SF CDOs" published in March 2014.

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

The performance of the notes is subject to uncertainty, because it
is sensitive to the performance of the underlying portfolio, which
in turn depends on economic and credit conditions that are subject
to 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 to any one or more of the
key parameters could have rating implications for some of the
rated notes, although a change in one key parameter assumption
could be offset by a change in one or more of the other key
parameter assumptions. The rated notes are particularly sensitive
to changes in the recovery rates of the underlying collateral and
credit assessments. Holding all other parameters constant,
increasing the recovery rates of the collateral pool by 5% would
result in an average modeled rating movement on the rated notes of
0 to 4 notches upward (e.g., one notch up implies a ratings
movement of Baa3 to Baa2).

The primary sources of uncertainty in Moody's assumptions are the
extent of growth in the current macroeconomic environment given
the weak recovery and commercial real estate property markets.
Commercial real estate property values continue to improve
modestly, 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, sustained growth will not be possible until investment
increases steadily for a significant period, non-performing
properties are cleared from the pipeline and fears of a euro area
recession abate.


DLJ COMMERCIAL 1999-CG3: Moody's Affirms 'Caa3' Rating on S Certs
-----------------------------------------------------------------
Moody's Investors Service has upgraded the rating of one class and
affirmed one class of DLJ Commercial Mortgage Corp., Commercial
Mortgage Pass-Through Certificates, Series 1999-CG3 as follows:

Cl. B-4, Upgraded to Baa2 (sf); previously on Dec 5, 2013 Upgraded
to B2 (sf)

Cl. S, Affirmed Caa3 (sf); previously on Dec 5, 2013 Affirmed Caa3
(sf)

Ratings Rationale

The rating on the P&I class was upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 34% since Moody's last
review. The rating on the IO class, Class S, was affirmed based on
the credit performance of the referenced classes.

Moody's rating action reflects a base expected loss of 1.9% of the
current balance, compared to 5.4% at Moody's last review. Moody's
base expected loss plus realized losses is now 5.3% of the
original pooled balance, compared to 5.2% at the last review.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or
weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a
significant amount of loan paydowns or amortization, an increase
in the pool's share of defeasance or an improvement in pool
performance.

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the pool, loan concentration, an
increase in realized and expected losses from specially serviced
and troubled loans or interest shortfalls.

Methodology Underlying The Rating Action

The methodologies used in this rating were "Moody's Approach to
Rating U.S. CMBS Conduit Transactions" published in September 2000
and "Moody's Approach to Rating CMBS Large Loan/Single Borrower
Transactions" published in July 2000.

Description of Models Used

Moody's review used the excel-based CMBS Conduit Model v 2.64,
which it uses for both conduit and fusion transactions. Conduit
model results at the Aa2 (sf) level are driven by property type,
Moody's actual and stressed DSCR, and Moody's property quality
grade (which reflects the capitalization rate Moody's uses to
estimate Moody's value). Conduit model results at the B2 (sf)
level are based on a paydown analysis using the individual loan-
level Moody's LTV ratio. Moody's may consider other concentrations
and correlations in its analysis. Based on the model pooled credit
enhancement levels of Aa2 (sf) and B2 (sf), the required credit
enhancement on the remaining conduit classes are either
interpolated between these two data points or determined based on
a multiple or ratio of either of these two data points. For fusion
deals, Moody's merges the credit enhancement for loans with
investment-grade credit assessments with the conduit model credit
enhancement for an overall model result. Moody's incorporates
negative pooling (adding credit enhancement at the credit
assessment level) for loans with similar credit assessments in the
same transaction.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 2 compared to 3 at Moody's last review.

When the Herf falls below 20, Moody's uses the excel-based Large
Loan Model v 8.7 and then reconciles and weights the results from
the conduit and large loan models in formulating a rating
recommendation. The large loan model derives credit enhancement
levels based on an aggregation of adjusted loan-level proceeds
derived from Moody's loan-level LTV ratios. Major adjustments to
determining proceeds include leverage, loan structure, property
type and sponsorship. Moody's also further adjusts these
aggregated proceeds for any pooling benefits associated with loan
level diversity and other concentrations and correlations.

Deal Performance

As of the April 10, 2014 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $12.4
million from $899.3 million at securitization. The certificates
are collateralized by five mortgage loans ranging in size from
less than 1% to 53% of the pool. Two loans, constituting 33% of
the pool, have defeased and are secured by US government
securities. There are no loans that have investment-grade credit
assessments.

There are no loans on the master servicer's watchlist. Thirty-
seven loans have been liquidated from the pool, resulting in an
aggregate realized loss of $47.4 million (for an average loss
severity of 30%). The sole specially serviced loan is the
Whitefield Village Apartments ($710,197 -- 5.7% of the pool),
which is secured by 48-unit, seven building apartment complex
located in Sarasota, Florida. The loan was transferred to special
servicing in March 2012 due to monetary default. The borrower had
filed for Chapter 11 Bankruptcy and the special servicer is now
dealing with the courts in regards to the Bankruptcy plan. The
loan is fully amortizing and matures in July 2019. Moody's expects
no loss from this loan.

Moody's received full year 2012 and full or partial year 2013
operating results for 100% of the pool. Moody's weighted average
conduit LTV is 64% compared to 70% at Moody's last review. Moody's
conduit component excludes loans with credit assessments, defeased
and CTL loans, and specially serviced and troubled loans. Moody's
net cash flow (NCF) reflects a weighted average haircut of 19% to
the most recently available net operating income (NOI). Moody's
value reflects a weighted average capitalization rate of 9.0%.

Moody's actual and stressed conduit DSCRs are 1.20X and 1.62X,
respectively, compared to 1.10X and 1.96X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top two conduit loans represent 62% of the pool balance. The
largest loan is The Regency Apartments Loan ($6.5 million -- 52.7%
of the pool), which is secured by a 186-unit multifamily property
located in Fayetteville, North Carolina, just south of the Fort
Bragg military base. As of September 2013, the property was 89%
leased compared to 87% at last review. The property was formerly
on the master servicer's watchlist due to low DSCR resulting from
the drop in occupancy but was removed in September 2013. Property
performance is expected to improve due to the increase in
occupancy. Moody's LTV and stressed DSCR are 70% and 1.38X,
respectively, compared 82% and 1.19X at prior review.

The second largest conduit loan is the Manor Court Apartments Loan
($1.1 million -- 8.9% of the pool), which is secured by a 74-unit
apartment complex located in North Miami, Florida. As of November
2013, the property was 100% leased, the same as at prior review.
Performance has been stable. The loan is fully amortizing and
matures in August 2023. Moody's LTV and stressed DSCR are 35% and
2.80X, respectively, compared to 35% and 2.78X at prior review.


DRYDEN XVI: S&P Affirms 'BB+' Rating on Class D Notes
-----------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A-1, A-2, B, and C notes from Dryden XVI Leveraged Loan CDO 2006
(Dryden XVI), a collateralized loan obligation (CLO) transaction
managed by Prudential Investment Management.  At the same time,
S&P affirmed its rating on the class D notes from the same
transaction.  S&P also removed its ratings on all the classes from
CreditWatch, where it placed them with positive implications on
Jan. 22, 2014.

Dryden XVI ended its reinvestment period in January 2013.  The
upgrades mainly reflect paydowns to the class A-1 notes and the
resulting increased subordination available to all the notes.
Since our last upgrade action in January 2013, the A-1 notes have
paid down about $182.26 million to 46.92% of their original
notional balance.

The upgrades also reflect the improved credit quality available to
support the rated notes since January 2013.  As of the April 9,
2014, trustee report, the transaction had $4.01 million in
defaulted assets, down from the $7.69 million noted in the Nov. 9,
2012, trustee report, which S&P referenced for its January 2013
rating actions.

As a result of the increased credit enhancement available due to
the class A-1 note paydowns and credit improvements in the
transaction, the overcollateralization (O/C) available to support
the rated notes has increased.  The trustee reported the following
O/C ratios in the April 9, 2014, monthly report:

   -- The class A-2 O/C ratio was 140.82%, up from 123.99% in
      November 2012;

   -- The class B O/C ratio was 122.97%, up from 114.18% in
      November 2012;

   -- The class C O/C ratio was 115.64%, up from 109.83% in
      November 2012; and

   -- The class D O/C ratio was 108.67%, up from 105.51% in
      November 2012.

S&P affirmed its rating on the class D notes to reflect its
opinion that there is sufficient credit support at the current
rating level.

CASH FLOW RESULTS AND SENSITIVITY ANALYSIS

Dryden XVI Leveraged Loan CDO 2006

                            Cash flow
       Previous             implied       Cash flow   Final
Class  rating               rating   cushion (%)(i)   rating
A-1    AA+ (sf)/Watch Pos   AAA (sf)          18.41   AAA (sf)
A-2    AA+ (sf)/Watch Pos   AAA (sf)           6.22   AAA (sf)
B      A+ (sf)/Watch Pos    AA+ (sf)           4.00   AA+ (sf)
C      BBB+ (sf)/Watch Pos  A (sf)             2.13   A- (sf)
D      BB+ (sf)/Watch Pos   BB+ (sf)           7.36   BB+ (sf)

(i) The cash flow cushion is the excess of the tranche break-even
     default rate above the scenario default rate at the cash flow
     implied rating for a given class of rated notes.

RECOVERY RATE AND CORRELATION SENSITIVITY

In addition to S&P's base-case analysis, it generated additional
scenarios in which it made negative adjustments of 10% to the
current collateral pool's recovery rates relative to each
tranche's weighted average recovery rate.

S&P also generated other scenarios by adjusting the intra- and
inter-industry correlations to assess the current portfolio's
sensitivity to different correlation assumptions, assuming the
correlation scenarios outlined below.

Correlation
Scenario         Within industry (%)  Between industries (%)
Below base case                 15.0                     5.0
Base case                       20.0                     7.5
Above base case                 25.0                    10.0

                  Recovery   Correlation  Correlation
       Cash flow  decrease   increase     decrease
       implied    implied    implied      implied     Final
Class  rating     rating     rating       rating      rating
A-1    AAA (sf)   AAA (sf)   AAA (sf)     AAA (sf)    AAA (sf)
A-2    AAA (sf)   AAA (sf)   AAA (sf)     AAA (sf)    AAA (sf)
B      AA+ (sf)   AA (sf)    AA (sf)      AA+ (sf)    AA+ (sf)
C      A (sf)     A- (sf)    A- (sf)      A (sf)      A- (sf)
D      BB+ (sf)   BB+ (sf)   BB+ (sf)     BB+ (sf)    BB+ (sf)

DEFAULT BIASING SENSITIVITY

To assess whether the current portfolio has sufficient diversity,
S&P biased defaults on the assets in the current collateral pool
with the highest spread and lowest base-case recoveries.

                    Spread        Recovery
       Cash flow    compression   compression
       implied      implied       implied       Final
Class  rating       rating        rating        rating
A-1    AAA (sf)     AAA (sf)      AAA (sf)      AAA (sf)
A-2    AAA (sf)     AAA (sf)      AA+ (sf)      AAA (sf)
B      AA+ (sf)     AA+ (sf)      A (sf)        AA+ (sf)
C      A (sf)       A- (sf)       BB+ (sf)      A- (sf)
D      BB+ (sf)     BB (sf        B- (sf)       BB+ (sf)

RATING AND CREDITWATCH ACTIONS

Dryden XVI Leveraged Loan CDO 2006
                  Rating
Class         To          From
A-1           AAA (sf)    AA+ (sf)/Watch Pos
A-2           AAA (sf)    AA+ (sf)/Watch Pos
B             AA+ (sf)    A+ (sf)/Watch Pos
C             A- (sf)     BBB+ (sf)/Watch Pos
D             BB+ (sf)    BB+ (sf)/Watch Pos

TRANSACTION INFORMATION

Issuer              Dryden XVI Leveraged Loan CDO 2006
Co-issuer           Dryden XVI Leveraged Loan CDO 2006 Corp.
Collateral manager  Prudential Investment Management
Underwriter         UBS Investment Bank
Trustee             The Bank of New York Mellon
Transaction type    Cash flow CLO


FIRST UNION 2001-C2: S&P Lowers Rating on 2 Note Classes to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class N and O commercial mortgage pass-through certificates from
First Union National Bank Commercial Mortgage Trust's series 2001-
C2, a U.S. commercial mortgage-backed securities transaction, to
'D (sf)'.

S&P lowered its ratings to 'D (sf)' on classes N and O to reflect
accumulated interest shortfalls outstanding for 10 and 14
consecutive months, respectively.  Based on S&P's analysis, it
believes the accumulated interest shortfalls on classes N and O
will remain outstanding in the near term.

As of the April 14, 2014, trustee remittance report, the trust
incurred net monthly interest shortfalls totaling $158,619, of
which $135,553 were reported as interest shortfalls and the
remainder were reported as principal losses to class Q (not
rated).  This month's interest shortfalls were primarily due to
$61,173 in interest not advanced and $105,660 to reimburse the
master servicer's advances for the Bayshore Palms loan ($4.6
million, 21.6%) and the TownePlace Suites - Tallahassee real
estate owned (REO) asset ($4.1 million, 19.2%) and $4,419 in
special servicing fees on the four assets ($21.2 million) with the
special servicer, LNR Partners LLC.  The interest shortfalls this
period were offset by net appraisal subordinate entitlement
reduction recoveries of $12,633.  The reported interest shortfalls
affected all of the outstanding pool certificate classes.

The pool trust balance is $21.2 million, down from $1.0 billion at
issuance, according to the April 2014 trustee remittance report.
The pool currently has one loan and three REO assets, all of which
are currently with the special servicer, down from 107 loans at
issuance.  To date, the transaction has experienced principal
losses totaling $13.0 million (1.3% of the transaction's original
pool trust balance).

Details on the four remaining pool assets are as follows:

   -- The 610 Weddell REO asset ($7.6 million, 35.8%), the largest
      asset in the pool, has a total reported exposure of $10.0
      million.  The asset consists of a 63,072-sq.-ft. flex
      industrial property in Sunnyvale, Calif.  The loan was
      transferred to the special servicer, LNR, on June 10, 2010,
      and the property became REO on Aug. 29, 2011.  LNR stated
      that the property has been under contract for sale since
      2013, with an anticipated closing in November 2014.

   -- The Regency Pointe Shopping Center REO asset ($4.9 million,
      23.4%), the second-largest asset in the pool, has a total
      reported exposure of $5.5 million.  The asset consists of a
      67,063-sq.-ft. retail property in Jacksonville, Fla.  The
      loan was transferred to LNR on April 5, 2011, and the
      property became REO on May 15, 2012. LNR stated that it is
      pursuing a value-added strategy by leasing up the property.

   -- An appraisal reduction amount of $1.1 million is in effect
      against this asset.

   -- The Bayshore Palms loan ($4.6 million, 21.6%), the third-
      largest asset in the pool, has a total reported exposure of
      $5.6 million.  The loan, securedby a 200-unit multifamily
      apartment complex in Safety Harbor, Fla., was transferred to
      LNR on Jan. 7, 2009, due to imminent default.  LNR stated
      that it is pursuing foreclosure. The master servicer, Wells
      Fargo Bank N.A., deemed this loan nonrecoverable.

   -- The TownePlace Suites - Tallahassee REO asset ($4.1 million,
      19.2%), the smallest asset in the pool, has a total reported
      exposure of $5.1 million.

   -- The asset consists of a 95-room extended stay hotel in
      Tallahassee, Fla.

   -- The loan was transferred to LNR on Nov. 10, 2010, and the
      property became REO on Oct. 16, 2012.  LNR stated that it is
      undertaking the necessary improvement plans to stabilize the
      property.  Wells Fargo has deemed this asset nonrecoverable.

RATINGS LIST

First Union National Bank Commercial Mortgage Trust
Commercial mortgage pass-through certificates series 2001-C2
                              Rating
Class        CUSIP            To              From
N            33736XCM9        D (sf)          B- (sf)
O            33736XCN7        D (sf)          CCC- (sf)


FORE CLO 2007-1: S&P Raises Rating on Class D Notes to 'BB-'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A-1a, A-1b, A-2, B, C, and D notes from Fore CLO Ltd. 2007-1, a
cash flow collateralized loan obligation (CLO) transaction, and
removed them from CreditWatch, where they were placed with
positive implications on Jan. 22, 2014.

The transaction has a provision to pay down the class D notes from
the interest portion of the payment waterfall.  In the last
payment period ending in January 2014, they were paid down by
$209,000 with 10% of the interest available at the bottom of the
payment waterfall, reducing their balance to $22.79 million or
77.29% of the initial rated balance.

The upgrades largely reflect $192.76 million in paydowns to the
class A-1a and A-1b notes since S&P's March 2012 rating actions.
In addition, the excess interest proceeds have paid down the class
D notes by $3.01 million over the same period.  Because of this,
the overcollateralization (O/C) ratios increased for each class of
notes since January 2012:

   -- The class A/B O/C increased to 138.58% from 120.50%;

   -- The class C O/C ratio increased to 120.51% from 111.82%; and

   -- The class D O/C ratio increased to 109.96% from 105.49%.

S&P's ratings on the class C and D notes are limited by its
largest obligor default test, which intends to address the
potentially concentrated obligor exposure in the transaction's
portfolio.  Because the collateral pool is relatively diverse
(with exposure to more than 65 obligors) and considering the
overall performance improvements, S&P raised its rating on the
class D notes one notch higher than the largest obligor test had
indicated.

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

CASH FLOW RESULTS AND SENSITIVITY ANALYSIS

                           Cash flow
       Previous            implied     Cash flow   Final
Class  rating              rating     cushion(i)   rating
A-1A   AA+ (sf)/Watch Pos  AAA (sf)       29.93%   AAA (sf)
A-1B   AA+ (sf)/Watch Pos  AAA (sf)       29.93%   AAA (sf)
A-2    AA+ (sf)/Watch Pos  AAA (sf)       15.89%   AAA (sf)
B      AA (sf)/Watch Pos   AAA (sf)        6.15%   AAA (sf)
C      BBB+ (sf)/Watch Pos AA- (sf)        2.35%   A+ (sf)
D      B+ (sf)/Watch Pos   BBB- (sf)       2.59%   BB- (sf)

(i)The cash flow cushion is the excess of the tranche break-even
default rate above the scenario default rate at the cash flow
implied rating for a given class of rated notes.

RECOVERY RATE AND CORRELATION SENSITIVITY

In addition to S&P's base-case analysis, it generated additional
scenarios in which it made negative adjustments of 10% to the
current collateral pool's recovery rates relative to each
tranche's weighted average recovery rate.

S&P also generated other scenarios by adjusting the intra- and
inter-industry correlations to assess the current portfolio's
sensitivity to different correlation assumptions assuming the
correlation scenarios outlined below.

Correlation

Scenario        Within industry (%)  Between industries (%)
Below base case               15.0                     5.0
Base case                     20.0                     7.5
Above base case               25.0                    10.0

                  Recovery  Correlation  Correlation
       Cash flow  decrease  increase     decrease
       implied    implied   implied      implied   Final
Class  rating     rating    rating       rating    rating
A-1A   AAA (sf)   AAA (sf)  AAA (sf)     AAA (sf)  AAA (sf)
A-1B   AAA (sf)   AAA (sf)  AAA (sf)     AAA (sf)  AAA (sf)
A-2    AAA (sf)   AAA (sf)  AAA (sf)     AAA (sf)  AAA (sf)
B      AAA (sf)   AAA (sf)  AAA (sf)     AAA (sf)  AAA (sf)
C      AA- (sf)   A+ (sf)   A+ (sf)      AA+ (sf)  A+ (sf)
D      BBB- (sf)  BB+ (sf)  BBB- (sf)    BBB+ (sf) BB- (sf)

DEFAULT BIASING SENSITIVITY

To assess whether the current portfolio has sufficient diversity,
S&P biased defaults on the assets in the current collateral pool
with the highest spread and lowest base-case recoveries.

                    Spread        Recovery
       Cash flow    compression   compression
       implied      implied       implied       Final
Class  rating       rating        rating        rating
A-1A   AAA (sf)     AAA (sf)      AAA (sf)      AAA (sf)
A-1B   AAA (sf)     AAA (sf)      AAA (sf)      AAA (sf)
A-2    AAA (sf)     AAA (sf)      AAA (sf)      AAA (sf)
B      AAA (sf)     AAA (sf)      AA+ (sf)      AAA (sf)
C      AA- (sf)     A+ (sf)       A+ (sf)       A+ (sf)
D      BBB- (sf)    BB+ (sf)      BB (sf)       BB- (sf)

RATINGS RAISED AND REMOVED FROM CREDITWATCH

Fore CLO Ltd. 2007-1

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


FORTRESS CREDIT III: S&P Assigns 'BB' Rating on Class E Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to
Fortress Credit Opportunities III CLO L.P.'s $624 million
floating- and fixed-rate notes.

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

The ratings reflect S&P's assessment 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.

   -- The transaction's ability to make timely interest and
      ultimate principal payments on the rated notes, which S&P
      assessed using its cash flow analysis and assumptions
      commensurate with the assigned ratings under various
      interest-rate scenarios, including LIBOR ranging from
      0.2386%-12.8177%.

   -- 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
      available excess interest as principal proceeds to purchase
      additional collateral assets during the reinvestment period,
      before paying uncapped administrative expenses and fees,
      subordinated hedge termination payments, and payments on the
      partnership interests.

RATINGS ASSIGNED

Fortress Credit Opportunities III CLO L.P.

Class                   Rating                       Amount
                                                    (mil. $)
A-1R(i)                 AAA (sf)                     100.00
A-1T                    AAA (sf)                     228.00
A-2T                    AAA (sf)                      40.00
B-1                     AA (sf)                       20.00
B-2                     AA (sf)                       68.00
C (deferrable)          A (sf)                        64.00
D (deferrable)          BBB (sf)                      56.00
E (deferrable)          BB (sf)                       48.00
Partnership interests   NR                           176.00

(i) The class A-1R notes are revolving notes that may be drawn
     and repaid throughout the commitment period.
  NR-Not rated.


GE BUSINESS 2003-2: S&P Raises Rating on Class C Notes to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A, B, and C notes from GE Business Loan Trust 2003-2 and the
class B notes from GE Business Loan Trust 2004-2.  At the same
time, S&P affirmed its ratings on the class A, C, and D notes from
GE Business Loan Trust 2004-2.  S&P also removed these seven
ratings from CreditWatch, where it had placed them with negative
implications on Jan. 29, 2014.

GE Business Loan Trust 2003-2 and GE Business Loan Trust 2004-2
are asset-backed securitizations backed by payments from small
business loans that are primarily collateralized by first liens on
commercial real estate.  The transactions distribute principal
payments pro rata to the rated classes based on set percentages.

The downgrades reflect the application of the largest obligor
default test, a supplemental test we adopted in our 2014 U.S.
small business loan securitization criteria update.

The affirmations of the class A, C, and D notes from GE Business
Loan Trust 2004-2 reflect the adequate credit support available to
the notes at their current rating levels.

GE BUSINESS LOAN TRUST 2003-2

Since S&P's previous rating actions in January 2012, the
transaction has paid down approximately 13% of its original
outstanding balance.  The obligor concentration in the pool has
increased and according to the April 2014 servicer report, there
were only 46 loans left in the pool.  The largest five loans
composed 39.7% of the pool and the largest 10 loans composed 58.7%
of the pool.  The reserve account's current balance is $12.5
million, which does not reach the $14.5 million current requisite
amount.

GE BUSINESS LOAN TRUST 2004-2

Since S&P's January 2012 rating actions, the transaction has paid
down to approximately 26% of its original outstanding balance.
According to the April 2014 servicer report, there were 131 loans
left in the pool.  The largest five loans composed 18.6% of the
pool and largest 10 loans composed 32.6% of the pool.  The reserve
account's current balance is $20.2 million, which does not reach
the $30.2 million current requisite amount.

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

RATING AND CREDITWATCH ACTIONS

GE Business Loan Trust 2003-2
                Rating
Class      To            From
A          BBB+ (sf)     AA+ (sf)/Watch Neg
B          BBB+ (sf)     A (sf)/Watch Neg
C          BB+ (sf)      BBB (sf)/Watch Neg

GE Business Loan Trust 2004-2
                Rating
Class      To            From
A          AA- (sf)      AA- (sf)/Watch Neg
B          BBB+ (sf)     A (sf)/Watch Neg
C          BBB (sf)      BBB (sf)/Watch Neg
D          BB (sf)       BB (sf)/Watch Neg


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

Cl. X, Affirmed Caa3 (sf); previously on May 23, 2013 Affirmed
Caa3 (sf)

Ratings Rationale

The rating on the IO class was affirmed based on the credit
performance of its reference classes.

Moody's rating action reflects a base expected loss of 43.3% of
the current balance, compared to 19.5% at Moody's last review.
While the percentage difference is substantial, the deal has paid
down an additional 9% since last review. Moody's base expected
loss plus realized losses is now 8.4% of the original pooled
balance, the same as at last review.

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

The rating of an IO class is based on the credit performance of
its referenced classes. An IO class may be upgraded based on a
lower weighted average rating factor or WARF due to an overall
improvement in the credit quality of its reference classes. An IO
class may be downgraded based on a higher WARF due to a decline in
the credit quality of its reference classes, paydowns of higher
quality reference classes or non-payment of interest. Classes that
have paid off through loan paydowns or amortization are not
included in the WARF calculation. Classes that have experienced
losses are grossed up for losses and included in the WARF
calculation, even if Moody's has withdrawn the rating.

Methodology Underlying The Rating Action

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

Description Of Models Used

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of two, the same as at last review.

When the Herf falls below 20, Moody's uses the excel-based Large
Loan Model v 8.7 and then reconciles and weights the results from
the conduit and large loan models in formulating a rating
recommendation. The large loan model derives credit enhancement
levels based on an aggregation of adjusted loan-level proceeds
derived from Moody's loan-level LTV ratios. Major adjustments to
determining proceeds include leverage, loan structure, property
type and sponsorship. Moody's also further adjusts these
aggregated proceeds for any pooling benefits associated with loan
level diversity and other concentrations and correlations.

Since 61% of the pool is in special servicing, Moody's also
utilized a loss and recovery approach in determining an internal
credit assessment for the non-rated P&I class, which in turn was
used to determine the rating the IO Class. In this approach,
Moody's determines a probability of default for each specially
serviced loan and determines a most probable loss given default
based on a review of broker's opinions of value (if available),
other information from the special servicer and available market
data. The loss given default for each loan also takes into
consideration servicer advances to date and estimated future
advances and closing costs. Translating the probability of default
and loss given default into an expected loss estimate, Moody's
then applies the aggregate loss from specially serviced loans to
the most junior class(es) and the recovery as a pay down of
principal to the most senior class(es).

Deal Performance

As of the April 17, 2014 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $10.3
million from $707.3 million at securitization. The certificates
are collateralized by six mortgage loans ranging in size from 6%
to 10% of the pool with the largest loan constituting 61% of the
pool. There is one defeased loan, representing 7% of the pool,
which is secured by U.S. government securities.

There are no loans currently on the master servicer's watchlist.
Seventeen loans have been liquidated from the pool resulting in an
aggregate realized loss of $55.1 million (47% average loan loss
severity). Currently, one loan, representing 61% of the pool, is
in special servicing. The specially serviced loan is the River
Pointe Office Buildings Loan ($6.3 million -- 61% of the pool),
which is secured by five office properties in Des Moines, Iowa.
The loan transferred to special servicing in November 2010 due to
maturity default. The loan was performing under a forbearance
agreement through February 2012, however the borrower was unable
to pay off the loan at the end of the forbearance period. The
property was 88% occupied as of year-end 2013 but has since
dropped to only 28% leased. Wells Fargo vacated the property in
2013. Moody's analysis incorporates a loss for this loan.

The remainder of the pool consists of four performing CTL loans,
which together represent $3.3 million of outstanding loan balance,
or 32% of the pool. The loans are secured by properties leased
under bondable leases to CVS / Caremark.


GE CAPITAL 2001-1: Moody's Hikes Rating on Class H Certs to 'B2'
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of one class
and affirmed two classes in GE Capital Commercial Mortgage
Corporation, Commercial Mortgage Pass-Through Certificates, Series
2001-1 as follows as follows:

Cl. H, Upgraded to B2 (sf); previously on Jul 18, 2013 Affirmed
Caa1 (sf)

Cl. I, Affirmed C (sf); previously on Jul 18, 2013 Affirmed C (sf)

Cl. X-1, Affirmed Caa3 (sf); previously on Jul 18, 2013 Affirmed
Caa3 (sf)

Ratings Rationale

The rating on P&I class H was upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 56% since Moody's last
review.

The rating on P&I class I was affirmed because the rating is
consistent with Moody's expected loss. The rating on the IO Class
was affirmed based on the credit performance of the referenced
classes.

Moody's rating action reflects a base expected loss of 8.4% of the
current balance compared to 38.4% at Moody's prior review. Moody's
base expected loss plus realized losses is now 6.1% of the
original pooled balance, the same as at the prior review.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range may
indicate that the collateral's credit quality is stronger or
weaker than Moody's had previously anticipated. Factors that may
cause an upgrade of the ratings include significant loan paydowns
or amortization, an increase in the pool's share of defeasance or
overall improved pool performance. Factors that may cause a
downgrade of the ratings include a decline in the overall
performance of the pool, loan concentration, increased expected
losses from specially serviced and troubled loans or interest
shortfalls.

Methodology Underlying The Rating Action

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

Description of Models Used

Moody's review incorporated the use of the excel-based Large Loan
Model v 8.7. The large loan model derives credit enhancement
levels based on an aggregation of adjusted loan-level proceeds
derived from Moody's loan-level LTV ratios. Major adjustments to
determining proceeds include leverage, loan structure, property
type and sponsorship. Moody's also further adjusts these
aggregated proceeds for any pooling benefits associated with loan
level diversity and other concentrations and correlations.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 3 compared to 4 at Moody's last review.

Deal Performance

As of the April 15, 2014 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $18.7
million from $1.1 billion at securitization. The Certificates are
collateralized by four mortgage loans ranging in size from
approximately 7% to 39% of the pool. There are no loans with
investment grade credit assessments and no defeased loans.

One loan, representing 27% of the pool, is on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of our
ongoing monitoring of a transaction, Moody's reviews the watchlist
to assess which loans have material issues that could impact
performance.

Thirty loans have been liquidated from the pool, resulting in an
aggregate realized loss of $67.7 million (45% loss severity on
average). There are no loans currently in special servicing.

Moody's received full-year 2012 and partial or full-year 2013
operating results for 100% of the pool. Moody's net cash flow
(NCF) reflects a weighted average haircut of 13% to the most
recently available net operating income (NOI). Moody's value
reflects a weighted average capitalization rate of 10.5%.

Moody's actual and stressed conduit DSCRs are 1.20X and 1.91X,
respectively, compared to 1.10X and 1.82X at the last review.
Moody's actual DSCR is based on Moody's net cash flow (NCF) and
the loan's actual debt service. Moody's stressed DSCR is based on
Moody's NCF and a 9.25% stressed rate applied to the loan balance.

The top three performing conduit loans represent 93% of the pool
balance. The largest loan is the Roswell Corners Shopping Center
Loan ($7.2 million -- 39% of the pool), which is secured by
approximately 137,000 square feet (SF) of a retail center in
suburban Atlanta, Georgia. The property is shadow anchored by
Target. Major tenants include TJ Maxx and Staples. Occupancy was
100% as of September 2013, the same as at last review. Moody's LTV
and stressed DSCR are 40% and 2.59X, respectively, compared to 43%
and 2.40X at the last review.

The second largest loan is the 524 Lamar Loan ($5.1 million -- 27%
of the pool), which is secured by a 36,000 SF office property
located in downtown Austin, Texas. The property is 100% leased to
ten tenants, essentially the same as last review. Moody's LTV and
stressed DSCR are 61% and 1.85X, respectively, compared to 63% and
1.81X at the last review.

The third largest conduit loan is the Courtyard by Marriott -
Manchester Loan ($5 million -- 12.3% of the pool), which is
secured by a 90 room limited-service hotel located in Manchester,
Connecticut. The property's 2013 revenue per available room
(RevPAR) increased by 19% to $82 from $69 in 2012. Moody's LTV and
stressed DSCR are 125% and 1.04X, respectively, compared to 129%
and 1.01X at the last review.


GE COMMERCIAL 2003-C1: Moody's Cuts Rating on Cl. M Secs. to 'Ca'
-----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of four classes and
downgraded the ratings of four classes of GE Commercial Mortgage
Corporation 2003-C1 as follows:

Cl. H, Affirmed Aaa (sf); previously on Oct 31, 2013 Affirmed Aaa
(sf)

Cl. J, Affirmed Ba1 (sf); previously on Oct 31, 2013 Affirmed Ba1
(sf)

Cl. K, Downgraded to B1 (sf); previously on Oct 31, 2013 Affirmed
Ba2 (sf)

Cl. L, Downgraded to Caa3 (sf); previously on Oct 31, 2013
Affirmed Caa1 (sf)

Cl. M, Downgraded to Ca (sf); previously on Oct 31, 2013 Affirmed
Caa2 (sf)

Cl. N, Affirmed C (sf); previously on Oct 31, 2013 Affirmed C (sf)

Cl. O, Affirmed C (sf); previously on Oct 31, 2013 Affirmed C (sf)

Cl. X-1, Downgraded to Caa2 (sf); previously on Oct 31, 2013
Affirmed Caa1 (sf)

Ratings Rationale

The ratings on classes H and J were affirmed because the
transaction's key metrics, including Moody's loan-to-value (LTV)
ratio, Moody's stressed debt service coverage ratio (DSCR) and the
transaction's Herfindahl Index (Herf), are within acceptable
ranges. The ratings on classes N and O were affirmed since their
ratings are consistent with Moody's expected loss for those
classes.

The ratings on classes K through M were downgraded due to timing
of Moody's expected losses from specially serviced and troubled
loans.

The rating on the IO Class (Class X-1) was downgraded due to a
decline in the credit performance (or the weighted average rating
factor or WARF) of its referenced classes.

Moody's rating action reflects a base expected loss of 34.4% of
the current balance, compared to 34.3% at Moody's last review.
Moody's base expected loss plus realized losses is now 4.0% of the
original pooled balance, same as at the last review.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or
weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a
significant amount of loan paydowns or amortization, an increase
in the pool's share of defeasance or an improvement in pool
performance.

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the pool, loan concentration, an
increase in realized and expected losses from specially serviced
and troubled loans or interest shortfalls.

Methodology Underlying The Rating Action

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

Moody's analysis also incorporated a loss and recovery approach
since 65% of the pool is in special servicing and the single
performing conduit loan only represents 11% of the pool. In this
approach, Moody's determines a probability of default for each
specially serviced loan that it expects will generate a loss and
estimates a loss given default based on a review of broker's
opinions of value (if available), other information from the
special servicer, available market data and Moody's internal data.
The loss given default for each loan also takes into consideration
repayment of servicer advances to date, estimated future advances
and closing costs. Translating the probability of default and loss
given default into an expected loss estimate, Moody's then applies
the aggregate loss from specially serviced loans to the most
junior class(es) and the recovery as a pay down of principal to
the most senior class(es).

Description of Models Used

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 2, the same as at Moody's last review.

When the Herf falls below 20, Moody's uses the excel-based Large
Loan Model v 8.7 and then reconciles and weights the results from
the conduit and large loan models in formulating a rating
recommendation. The large loan model derives credit enhancement
levels based on an aggregation of adjusted loan-level proceeds
derived from Moody's loan-level LTV ratios. Major adjustments to
determining proceeds include leverage, loan structure, property
type and sponsorship. Moody's also further adjusts these
aggregated proceeds for any pooling benefits associated with loan
level diversity and other concentrations and correlations.

Deal Performance

As of the April 10, 2014 distribution date, the transaction's
aggregate certificate balance has decreased by 94% to $74 million
from $1.2 billion at securitization. The certificates are
collateralized by six mortgage loans ranging in size from less
than 1% to 49% of the pool.

No loans are on the master servicer's watchlist. Eighteen loans
have been liquidated from the pool, resulting in an aggregate
realized loss of $21.7 million (for an average loss severity of
23%). Four loans, constituting 65% of the pool, are currently in
special servicing. The largest specially serviced loan is the 801
Market Street Loan ($36.4 million -- 49% of the pool), which is
secured by a 370,000 square foot (SF) office condominium situated
within a 1.0 million SF office building in downtown Philadelphia,
Pennsylvania. The condominium includes part of the basement,
ground floor and all of floors seven through 13. The office
building was built in 1928 and renovated in 2002. The building is
located in the Market Street East office market of Center City
Philadelphia. This loan transferred to Special Servicing due to
the borrower being unable to pay off the loan at the February 1,
2013 maturity date. The largest tenant is the U.S. GSA, occupying
41% of the NRA, which has a lease expiration on December 15, 2014.
Citizens Bank of Pennsylvania, occupying 23% of the NRA vacated
the property in December 2013.

The remaining three specially serviced loans are secured by a mix
of property types. Moody's estimates an aggregate $25.0 million
loss for the specially serviced loans (52% expected loss on
average).

The single conduit loan is the Shiloh Apartments Loan ($8.4MM --
11.4% of the pool). The loan is secured by a 240-unit multifamily
property located in Fayettville, Arkansas. Moody's was provided
with full year 2013 operating results for this loan. The property
was 100% leased as of December 2013. Performance has improved
significantly over the past three years due to an increase in
occupancy. Moody's LTV and stressed DSCR are 90% and 1.05X,
respectively, compared to 96% and 0.98X at last review. Moody's
stressed DSCR is based on Moody's NCF and a 9.25% stressed rate
applied to the loan balance.


GMAC COMMERCIAL 1998-C2: Fitch Ups Rating on Cl. J Certs to 'BBsf'
------------------------------------------------------------------
Fitch Ratings has upgraded one class of GMAC Commercial Mortgage
Securities, Inc.'s mortgage pass-through certificates, series
1998-C2 (GMAC 1998-C2) and affirmed the remaining class ratings.

Key Rating Drivers

The upgrade was due to the improved performance of the underlying
collateral, large percentage of defeased loans (22.6%), and
anticipated paydown from maturing loans in the next 12 months.
Fitch modeled losses of 7.7% of the remaining pool; expected
losses of the original pool are at 4.3% including losses already
incurred to date.  Fitch has designated five loans (12.9%) as
Fitch Loans of Concern of which two (9.3%) are specially serviced.

Ratings Sensitivity

The upgrade reflects a decrease in the pool's leverage from
amortization and loans that paid off at maturity.  Further
upgrades will be limited by adverse selection of the remaining
collateral and asset concentration, especially exposure to single-
tenant and self-storage properties.  The ratings are expected to
remain stable for the remaining life of the deal.
As of the April 2014 distribution date, the pool's aggregate
principal balance has been paid down by 97% to $75.3 million from
$2.53 billion at issuance.

The largest contributor to modeled losses, Georgetown Plaza
Shopping Center (6.65% of the pool), is secured by a 109,800
square foot (sf) retail center in Indianapolis, IN.  The borrower
was unable to refinance partly due to environmental issues
relating to a former tenant at the site.  The special servicer has
worked with the borrower and insurance company to complete
remediation activities at the site.  A plan has been approved and
the clean-up has been ongoing.  The special servicer is awaiting
court ruling on a number of legal issues before determining next
steps in resolving the loan's default.

The second largest contributor to modeled losses, Bayhead Mobile
Home Park, is a 238-pad manufactured housing community (2% of the
pool) located in Tallahassee, FL.  The community is located in a
declining market that is in a state of transition.  There have
been multiple closings of mobile home communities that are in the
market along with increased construction of multifamily
properties.  The property's occupancy rate decreased to 33% in the
fourth quarter of 2013 after 166 units were vacated on the
property.  The sponsor changed the property manager and started an
aggressive marketing plan to re-stabilize the property.  Major
rent concessions could offset an immediate increase in occupancy
in the near term and lead to continued performance volatility
during 2014.

The second specially serviced loan, Stratford House, is 149,410 sf
healthcare facility located in Chattanooga, TN.  The loan
transferred to the special servicer in Nov. 2013 for payment
default.  The 197-bed center has historically performed well with
occupancy consistently around 95% and the debt service coverage
ratio at 3.0x.  The sponsor indicates that negotiations with the
operator are on-going to renew the lease and the loan will be
brought current once a new agreement is executed.

Fitch upgrades the following class:

   -- $19 million class H to 'AAsf' from 'Asf'; Outlook Stable.

Fitch affirms the following classes as indicated:

   -- $18.6 million class G at 'AAAsf'; Outlook Stable;
   -- $19 million class J at 'BBsf'; Outlook Stable;
   -- $18.8 million class K at 'Dsf' RE 75;
   -- $0 million class L at 'Dsf'; RE 0;
   -- $0 million class M at 'Dsf'; RE 0.

Fitch does not rate class N. Classes A-1, A-2, B, C, D, E, and F
have paid in full. Class X was previously withdrawn.


GMAC COMMERCIAL 2002-C2: Moody's Cuts Cl. X-1 Certs Rating to Caa3
------------------------------------------------------------------
Moody's Investors Service upgraded the ratings on two classes,
affirmed one class and downgraded one class GMAC Commercial
Mortgage Securities, Inc. Series 2002-C2 Mortgage Pass-Through
Certificates as follows:

Cl. M, Upgraded to Aaa (sf); previously on May 9, 2013 Upgraded to
Ba1 (sf)

Cl. N, Upgraded to Baa1 (sf); previously on May 9, 2013 Upgraded
to B3 (sf)

Cl. O, Affirmed C (sf); previously on May 9, 2013 Affirmed C (sf)

Cl. X-1, Downgraded to Caa3 (sf); previously on May 9, 2013
Downgraded to Caa2 (sf)

Ratings Rationale

The ratings on two P&I classes were upgraded due to an increase in
credit support resulting from loan pay downs and amortization. The
deal has paid down 32% since last review. The rating on one P&I
class was affirmed because the rating is consistent with Moody's
expected loss. The rating on the IO class was downgraded due to a
decline in the credit performance of its reference classes
resulting from principal pay downs of higher quality reference
classes.

Moody's rating action reflects a base expected loss of 10.4% of
the current balance compared to 14.2% at Moody's last review.
Moody's base expected loss plus realized losses is 2.1% of the
original pooled balance, the same as at last review.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or
weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a
significant amount of loan pay downs or amortization, an increase
in the pool's share of defeasance or an improvement in pool
performance.

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the pool, loan concentration, an
increase in realized and expected losses from specially serviced
and troubled loans or interest shortfalls.

Methodology Underlying The Rating Action

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

Description of Models Used

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 3 compared to 4 at last review.

When the Herf falls below 20, Moody's uses the excel-based Large
Loan Model v 8.7 and then reconciles and weights the results from
the conduit and large loan models in formulating a rating
recommendation. The large loan model derives credit enhancement
levels based on an aggregation of adjusted loan-level proceeds
derived from Moody's loan-level LTV ratios. Major adjustments to
determining proceeds include leverage, loan structure, property
type and sponsorship. Moody's also further adjusts these
aggregated proceeds for any pooling benefits associated with loan
level diversity and other concentrations and correlations.

Deal Performance

As of the April 15, 2014 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $14.2
million from $737.7 million at securitization. The certificates
are collateralized by three mortgage loans ranging in size from
14% to 47% of the pool.

There are currently no loans on the master servicer's watchlist.
Twelve loans have been liquidated from the pool resulting in an
aggregate realized loss of $15.7 million (29% average loan loss
severity). One loan, Parkway Centre North, representing 14% of the
pool, is currently in special servicing. The loan is secured by a
19,779 square foot (SF) office building in Highlands Ranch,
Colorado that is 70% occupied. The trust took title to the
property at a March 2013 foreclosure sale. Moody's expects a
significant loss upon the liquidation of this loan.

Moody's received full year 2012 and partial year 2013 operating
results for 100% of the pool. Moody's weighted average conduit LTV
is 36% compared to 44% at Moody's last review. Moody's conduit
component excludes loans with credit assessments, defeased and CTL
loans, and specially serviced and troubled loans. Moody's net cash
flow (NCF) reflects a weighted average haircut of 17.9% to the
most recently available net operating income (NOI). Moody's value
reflects a weighted average capitalization rate of 10.4%.

Moody's actual and stressed conduit DSCRs are 2.18X and 3.11X,
respectively, compared to 1.96X and 2.63X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The two performing loans represent 86% of the pool balance. The
largest loan is the Landsdowne Centre Loan ($6.7 million -- 46.8%
of the pool), which is secured by an 87,068 SF shopping center
located in Alexandria, Virginia. The Fairfax County Public Library
and CVS anchor this retail center with long-term leases in place.
As of September 2013, the property was 93% leased compared to 97%
at last review. This fully amortizing loan has amortized 41% since
securitization. Moody's LTV and stressed DSCR are 39% and 2.96X,
respectively, compared to 49% and 2.37X at last review.

The second loan is the 20 Horseneck Lane Loan ($5.5 million --
38.9% of the pool), which is secured by a 44,830 SF office
building located in Greenwich, Connecticut. As of December 2013,
the property was 100% leased, the same as at last review. The loan
matures in November 2014, with 100% lease rollover in October
2014. An existing subtenant has released the property for a ten-
year term commencing November 2014. Moody's stressed the cash flow
to reflect unknown lease renewal rental rate terms and the looming
loan maturity date. Moody's LTV and stressed DSCR are 33% and
3.29X, respectively, compared to 37% and 2.96X at last review.


GOLDMAN SACHS 1998-C1: Fitch Affirms Dsf Rating on Class H Certs
----------------------------------------------------------------
Fitch Ratings has affirmed three classes of Goldman Sachs Mortgage
Securities Corporation II 1998-C1 commercial mortgage pass-through
certificates series.

Key Rating Drivers

The affirmation of class G is due to stable performance of the
underlying collateral and sufficient credit enhancement.  There
are 34 loans remaining, eleven of which are defeased (16.5%) and
one is in special servicing (20.1%).  The remaining performing
loans (63.4%) are low leveraged and fully amortizing.  Despite
high credit enhancement, a further upgrade is limited given the
increasing concentration and adverse selection of the pool.

Fitch modeled losses of 21.6% of the remaining pool; expected
losses on the original pool balance total 5.1%, including $80
million (4.3% of the original pool balance) in realized losses to
date.  As of the April 2014 distribution date, the pool's
aggregate principal balance has been reduced by 96.5% to $65.8
million from $1.86 billion at issuance.  Fitch has designated
seven loans (36.9%) as Fitch Loans of Concern, which includes the
one specially serviced asset.

The largest contributor to expected losses is the specially-
serviced Home Mortgage Plaza asset (20.1% of the pool), which is
secured by a 211,089 square foot (SF) office building located in
San Juan, PR. The loan transferred to special servicing in
February 2011 for imminent default and became real estate owned in
October 2013. The special servicer reports that it is pursuing
foreclosure and the current occupancy is 64%.

The next largest contributor to expected losses is the Days Inn
and Suites Galleria/Westchase loan (1.3%), which is secured by an
89 room limited-service hotel located in Houston, TX.  The
property's has been suffering from poor performance over the last
several years, but has remained current since issuance.  The
servicer reports the poor performance is a result low occupancy,
which was at 19% as of year-end 2012.

A Fitch Loan of Concern is the Willow Run Business Center (10.5%),
which is secured by a 1,751,430 SF industrial building in
Ypsilanti, MI.  The largest tenant, General Motors Corp., which
occupies 91% of the net rentable area has a lease expiration of
August 2015.  The servicer-reported DSCR was 1.92x as of second-
quarter 2013 and occupancy was 99% as of year-end 2013.

Another Fitch Loan of Concern is the Dexter Ridge Shopping Center
(1.4%), a 45,351 SF unanchored retail center located in Cordova,
TN. The property has suffered from poor performance due to high
concessions and delinquent tenants.  As of the year-end 2013 rent
roll, 5 tenants (41.5% of the NRA) were delinquent 30 days or more
on rent payments.  As of year-end 2013, the servicer-reported
occupancy and DSCR was 85.7% and 1.09x, respectively.

Rating Sensitivity

The Rating Outlook on class G has been revised to Stable from
Negative due to increasing credit enhancement and continued
paydown. Fitch does not expect further rating changes unless
losses increase due to deterioration of cash flows from the
underlying collateral.

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

   -- $23.3 million class G at 'BBBsf'; Outlook to Stable from
      Negative;
   -- $36.4 million class H at 'Dsf'; RE 65%;
   -- $0 class J at 'Dsf'; RE 0%.

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


GOLUB CAPITAL 19(B): Moody's Assigns Ba3 Rating on Cl. D Notes
--------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to seven
classes of notes issued by Golub Capital Partners CLO 19(B), Ltd.:

U.S.$131,500,000 Class A-1A Senior Secured Floating Rate Notes due
April 2026 (the "Class A-1A Notes"), Definitive Rating Assigned
Aaa (sf)

U.S.$124,000,000 Class A-1B Senior Secured Floating Rate Notes due
April 2026 (the "Class A-1B Notes"), Definitive Rating Assigned
Aaa (sf)

U.S.$49,000,000 Class A-2 Senior Secured Floating Rate Notes due
April 2026 (the "Class A-2 Notes"), Definitive Rating Assigned Aa2
(sf)

U.S.$18,750,000 Class B Secured Deferrable Floating Rate Notes due
April 2026 (the "Class B Notes"), Definitive Rating Assigned A2
(sf)

U.S.$22,800,000 Class C Secured Deferrable Floating Rate Notes due
April 2026 (the "Class C Notes"), Definitive Rating Assigned Baa3
(sf)

U.S.$22,000,000 Class D Secured Deferrable Floating Rate Notes due
April 2026 (the "Class D Notes"), Definitive Rating Assigned Ba3
(sf)

U.S.$4,800,000 Class E Secured Deferrable Floating Rate Notes due
April 2026 (the "Class E Notes"), Definitive Rating Assigned B2
(sf)

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

Ratings Rationale

Moody's ratings of the Rated Notes address the expected losses
posed to noteholders. The 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.

Golub 19(B) is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 92.5% of the portfolio must
consist of senior secured loans, cash, and eligible investments,
and up to 7.5% of the portfolio may consist of second lien loans
and senior unsecured loans. The portfolio is approximately 50%
ramped as of the closing date.

GC Investment Management 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. After the end of the reinvestment period, for
a period of 18 months, the Manager may reinvest unscheduled
principal payments and proceeds from sales of credit risk assets,
subject to certain restrictions.


GREENWICH CAPITAL 2002-C1: Moody's Affirms Rating on 4 Certs
------------------------------------------------------------
Moody's Investors Service affirmed the ratings on four classes in
Greenwich Capital Commercial Funding Corp. Commercial Mortgage
Pass-Through Certificates, Series 2002-C1 as follows:

Cl. L, Affirmed Caa1 (sf); previously on May 9, 2013 Affirmed Caa1
(sf)

Cl. M, Affirmed Ca (sf); previously on May 9, 2013 Downgraded to
Ca (sf)

Cl. N, Affirmed C (sf); previously on May 9, 2013 Affirmed C (sf)

Cl. XC, Affirmed Caa3 (sf); previously on May 9, 2013 Downgraded
to Caa3 (sf)

Ratings Rationale

The ratings on the P&I classes were affirmed because the ratings
are consistent with Moody's expected loss.

The rating on the IO class was affirmed based on the credit
performance (or the weighted average rating factor or WARF) of the
referenced classes.

Moody's rating action reflects a base expected loss of 46.5% of
the current balance compared to 35.8% at Moody's last review.
Moody's base expected loss plus realized losses is now 4.2% of the
original pooled balance, the same as at last review.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or
weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a
significant amount of loan paydowns or amortization, an increase
in the pool's share of defeasance or an improvement in pool
performance.

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the pool, loan concentration, an
increase in realized and expected losses from specially serviced
and troubled loans or interest shortfalls.

Methodology Underlying The Rating Action

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

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 74% of the pool is in
special servicing and the sole performing conduit loan only
represents 5% of the pool. In this approach, Moody's determines a
probability of default for each specially serviced loan that it
expects will generate a loss and estimates a loss given default
based on a review of broker's opinions of value (if available),
other information from the special servicer, available market data
and Moody's internal data. The loss given default for each loan
also takes into consideration repayment of servicer advances to
date, estimated future advances and closing costs. Translating the
probability of default and loss given default into an expected
loss estimate, Moody's then applies the aggregate loss from
specially serviced loans to the most junior class(es) and the
recovery as a pay down of principal to the most senior class(es).

Description of Models Used

Moody's review incorporated the use of the excel-based Large Loan
Model v 8.6. The large loan model derives credit enhancement
levels based on an aggregation of adjusted loan level proceeds
derived from Moody's loan level LTV ratios. Major adjustments to
determining proceeds include leverage, loan structure, property
type, and sponsorship. These aggregated proceeds are then further
adjusted for any pooling benefits associated with loan level
diversity, other concentrations and correlations.

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

Deal Performance

As of the April 11, 2014 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $18.9
million from $1.2 billion at securitization. The certificates are
collateralized by five mortgage loans ranging in size from 5% to
30% of the pool, with the top three loans constituting 77% of the
pool. One loan, constituting 21% of the pool, has defeased and is
secured by US government securities.

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

Seventeen loans have been liquidated from the pool, resulting in
an aggregate realized loss of $40.5 million (for an average loss
severity of 34%). Three loans, constituting 74% of the pool, are
currently in special servicing. The largest specially serviced
loan is the Hope Hotel & Conference Center Loan ($5.7 million --
30.2% of the pool), which is secured by a 266-key full service
hotel located by the Wright Patterson Air Force Base in Dayton,
Ohio. The loan transferred to special servicing in November 2008
due to imminent default and the borrower filed for Chapter 11
Bankruptcy in 2010. As of March 2014, the trailing-12 month
occupancy and revenue per available room (RevPAR) was 38.4% and
$29.45, respectively, compared to 54.8% and $39.71 in the prior
year. Based on the most recent remittance report the loan has
experienced a total of approximately $1.5 million in outstanding
advances and cumulative ASERs. The special servicer indicated that
they are currently pursuing foreclosure.

The second largest specially serviced loan is the Arapahoe Station
III Loan ($4.9 million -- 25.9% of the pool), which is secured by
49,000 square foot (SF) mixed-use property in Greenwood Village,
Colorado. The property was 68% leased as of March 2014, compared
to 74% in February 2013. The loan transferred to special servicing
in August 2012 due to imminent maturity default and the Borrower's
request for a loan modification. The property became REO and the
special servicer indicated it is trying to lease up the vacant
space.

The third largest specially serviced loan is the Commodore Plaza
Shopping Center Loan ($3.4 million -- 18.1% of the pool), which is
secured by a 51,000 SF retail center in Gulfport, Mississippi. The
property is currently totally vacant, compared to 97% leased and
58% occupied as of September 2012. The property is shadow anchored
by Wal-Mart (not part of the collateral). The loan became REO in
March 2014. The special servicer is evaluating lease-up and
disposition strategies.

Moody's estimates an aggregate $8.8 million loss for specially
serviced loans (63 % expected loss on average).

The sole performing loan in the pool is the Tarry Town Center Loan
($965 thousand -- 5.1% of the pool), which is secured by a 66,000
retail center in Austin, Texas. The loan is fully amortizing and
has a maturity date in April 2017. Moody's current LTV and
stressed DSCR are 13% and 8.99X, respectively, compared to 16% and
7.46X at last review. Moody's actual DSCR is based on Moody's net
cash flow (NCF) and the loan's actual debt service. Moody's
stressed DSCR is based on Moody's NCF and a 9.25% stressed rate
applied to the loan balance.


GS MORTGAGE 2005-GG4: Moody's Cuts Rating on Class F Certs to 'C'
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on three class,
downgraded two classes and affirmed nine classes of GS Mortgage
Securities Corporation II, Commercial Mortgage Pass-Through
Certificates, Series 2005-GG4 as follows:

Cl. A-1A, Upgraded to Aaa (sf); previously on May 24, 2013
Affirmed Aa1 (sf)

Cl. A-4, Upgraded to Aaa (sf); previously on May 24, 2013 Affirmed
Aa1 (sf)

Cl. A-4A, Affirmed Aaa (sf); previously on May 24, 2013 Affirmed
Aaa (sf)

Cl. A-4B, Upgraded to Aaa (sf); previously on May 24, 2013
Affirmed Aa1 (sf)

Cl. A-J, Affirmed Ba1 (sf); previously on May 24, 2013 Affirmed
Ba1 (sf)

Cl. B, Affirmed Ba3 (sf); previously on May 24, 2013 Affirmed Ba3
(sf)

Cl. C, Affirmed B1 (sf); previously on May 24, 2013 Affirmed B1
(sf)

Cl. D, Affirmed Caa1 (sf); previously on May 24, 2013 Affirmed
Caa1 (sf)

Cl. E, Downgraded to Caa3 (sf); previously on May 24, 2013
Affirmed Caa2 (sf)

Cl. F, Downgraded to C (sf); previously on May 24, 2013 Affirmed
Caa3 (sf)

Cl. G, Affirmed C (sf); previously on May 24, 2013 Affirmed C (sf)

Cl. H, Affirmed C (sf); previously on May 24, 2013 Affirmed C (sf)

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

Cl. X-C, Affirmed Ba3 (sf); previously on May 24, 2013 Affirmed
Ba3 (sf)

Ratings Rationale

The ratings on the P&I classes A-4, A-4B and A-1A were upgraded
due increased credit support resultng from paydowns and
amortization, increased defeasance, currently 18.9% of the current
pool compared to 8.6% at the last review, as well as Moody's
expectation of additional increases in credit support resulting
from the payoffs of loans approaching maturity that are well
positioned for refinance. Loans constituting 31% of the pool that
have debt yields exceeding 10.0% are scheduled to mature within
the next 24 months.

The ratings on P&I classes E and F were downgraded due to realized
and anticipated losses from specially serviced and troubled loans
that were higher than Moody's had previously expected.

The ratings on P&I classes A-4A, A-J, B and C were affirmed
because the transaction's key metrics, including Moody's loan-to-
value (LTV) ratio, Moody's stressed debt service coverage ratio
(DSCR) and the transaction's Herfindahl Index (Herf), are within
acceptable ranges. The ratings on P&I classes D, G, H and J were
affirmed because the ratings are consistent with Moody's expected
loss.

The rating on the IO class was affirmed based on the credit
performance of the referenced classes.

Moody's rating action reflects a base expected loss of 10.8% of
the current balance compared to 9.3% at Moody's last review.
Moody's base expected loss plus realized losses is now 10.0% of
the original pooled balance, compared to 9.5% at the last review.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or
weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a
significant amount of loan paydowns or amortization, an increase
in the pool's share of defeasance or an improvement in pool
performance.

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the pool, loan concentration, an
increase in realized and expected losses from specially serviced
and troubled loans or interest shortfalls.

Methodology Underlying The Rating Action

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

Description of Models Used

Moody's review used the excel-based CMBS Conduit Model v 2.64,
which it uses for both conduit and fusion transactions. Conduit
model results at the Aa2 (sf) level are driven by property type,
Moody's actual and stressed DSCR, and Moody's property quality
grade (which reflects the capitalization rate Moody's uses to
estimate Moody's value). Conduit model results at the B2 (sf)
level are based on a paydown analysis using the individual loan-
level Moody's LTV ratio. Moody's may consider other concentrations
and correlations in its analysis. Based on the model pooled credit
enhancement levels of Aa2 (sf) and B2 (sf), the required credit
enhancement on the remaining conduit classes are either
interpolated between these two data points or determined based on
a multiple or ratio of either of these two data points. For fusion
deals, Moody's merges the credit enhancement for loans with
investment-grade credit assessments with the conduit model credit
enhancement for an overall model result. Moody's incorporates
negative pooling (adding credit enhancement at the credit
assessment level) for loans with similar credit assessments in the
same transaction.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 32 compared to 42 at Moody's last review.

Deal Performance

As of the April 11, 2014 distribution date, the transaction's
aggregate certificate balance has decreased by 36% to $2.5 billion
from $4.0 billion at securitization. The certificates are
collateralized by 142 mortgage loans ranging in size from less
than 1% to 8% of the pool, with the top ten loans constituting 35%
of the pool. Twenty-three loans, constituting 19% of the pool,
have defeased and are secured by US government securities. There
are no loans that have investment-grade credit assessments.

Twenty-eight loans, constituting 17% of the pool, are on the
master servicer's watchlist. The watchlist includes loans that
meet certain portfolio review guidelines established as part of
the CRE Finance Council (CREFC) monthly reporting package. As part
of Moody's ongoing monitoring of a transaction, the agency reviews
the watchlist to assess which loans have material issues that
could affect performance.

Twenty-nine loans have been liquidated from the pool, resulting in
an aggregate realized loss of $125.9 million (for an average loss
severity of 22%). Eighteen loans, constituting 15% of the pool,
are currently in special servicing. The largest specially serviced
loan is the Century Centre Office Loan ($90.0 million -- 3.5% of
the pool), which is secured by two, 1986-vintage office buildings
totaling 448,000 square feet (SF) in Irvine, California. The loan
transferred to special servicing in August 2010 for non-monetary
default. Foreclosure proceedings were initiated in July 2011, but
the foreclosure was later halted through mutual agreement between
the borrower and servicer. In May 2013, an arbitrator ruled,
awarding nothing to the lender. The loan is no longer in default
status. As of October 2013, the property was 87% leased compared
to 84% as of March 2012 and has some near-term rollover risk.

The second largest specially serviced loan is the 1 Seneca Street
Loan ($74.0 million -- 2.9% of the pool), which is secured by a
852,000 SF, 40-story office building located in Buffalo, New York.
Formerly known as One HSBC Center, the property is now known as
One Seneca Tower after HSBC vacated (77% NRA) at the end of its
expiration of October 2013. Along with HSBC, Phillips Lytle LLC,
which occupied 10% NRA, vacated in December 2013. A receiver was
appointed in January 2014 after the borrower submitted a hardship
letter stating it was no longer able to cover debt service
shortfalls. As of January 2014, the property was 14% leased, with
81% of the occupied space rolling in 2014.

The remaining 16 specially serviced loans are secured by a mix of
property types. Moody's estimates an aggregate $182.1 million loss
for the specially serviced loans (51% expected loss on average).

Moody's has assumed a high default probability for nine poorly
performing loans, constituting 5% of the pool, and has estimated
an aggregate loss of $21.5 million (a 16% expected loss based on a
50% probability default) from these troubled loans.

Moody's received full year 2012 operating results for 96% of the
pool, and full or partial year 2013 operating results for 90% of
the pool. Moody's weighted average conduit LTV is 98% compared to
96% at Moody's last review. Moody's conduit component excludes
loans with credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 11% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.1%.

Moody's actual and stressed conduit DSCRs are 1.45X and 1.07X,
respectively, compared to 1.47X and 1.09X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three performing conduit loans represent 19% of the pool.
The largest loan is the Wells Fargo Center Loan ($200.0 million --
7.8% of the pool), which represents a participation interest in a
$276.0 million mortgage loan. The loan is secured by a 1.2 million
SF 52-story, Class A office tower in Denver, Colorado. The
property was purchased by the investment firm Beacon Capital in
April 2012. As of December 2013, the property was 82% leased
compared to 87% as of year-end 2012 reporting. Moody's current LTV
and stressed DSCR are 127% and 0.75X, respectively, compared to
122% and 0.77X at last review.

The second largest loan is the Mall at Wellington Green Loan
($200.0 million -- 7.8% of the pool). The loan is secured by a
605,000 SF portion of a 1.3 million SF regional mall in
Wellington, Florida. Mall anchors include Dillard's, JC Penney,
Nordstrom, none of which are part of the loan collateral. Property
financial performance has been stable. As of February 2014, the
overall property was 96% leased. Moody's current LTV and stressed
DSCR are 106% and 0.87X, respectively, the same as at last review.

The third largest loan is the Hyatt Regency Dallas Loan ($90.0
million -- 3.5% of the pool), which is secured by a 1,122-room
full service hotel in downtown Dallas, Texas. Property financial
performance declined in 2012, largely a result of a major
renovation at the hotel which lasted from Q2 2012 through Q1 2013.
Year-end 2013 returned to normalized levels. Moody's current LTV
and stressed DSCR are 80% and, 1.49X respectively, compared to 81%
and 1.48X at last review.


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

Cl. A-1, Affirmed Aaa (sf); previously on May 9, 2013 Affirmed Aaa
(sf)

Cl. A-2, Affirmed Aaa (sf); previously on May 9, 2013 Affirmed Aaa
(sf)

Cl. A-3, Affirmed Aaa (sf); previously on May 9, 2013 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on May 9, 2013 Affirmed Aaa
(sf)

Cl. A-AB, Affirmed Aaa (sf); previously on May 9, 2013 Affirmed
Aaa (sf)

Cl. A-S, Affirmed Aaa (sf); previously on May 9, 2013 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa3 (sf); previously on May 9, 2013 Affirmed Aa3
(sf)

Cl. C, Affirmed A3 (sf); previously on May 9, 2013 Affirmed A3
(sf)

Cl. D, Affirmed Baa3 (sf); previously on May 9, 2013 Affirmed Baa3
(sf)

Cl. E, Affirmed Ba2 (sf); previously on May 9, 2013 Affirmed Ba2
(sf)

Cl. F, Affirmed B2 (sf); previously on May 9, 2013 Affirmed B2
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on May 9, 2013 Affirmed Aaa
(sf)

Cl. X-B, Affirmed Ba3 (sf); previously on May 9, 2013 Affirmed Ba3
(sf)

Ratings Rationale

The affirmations of the P&I classes are due to key parameters,
including Moody's loan to value (LTV) ratio, Moody's stressed debt
service coverage ratio (DSCR) and the Herfindahl Index (Herf),
remaining within acceptable ranges.

The ratings of the IO Classes, Class X-A and Class X-B, were
affirmed based on the credit performance of their referenced
classes.

Moody's rating action reflects a base expected loss of 2.2% of the
current balance compared to 2.4% at last review. Moody's base
expected loss plus realized losses is 2.2% of the original pooled
balance compared to 2.3% at last review.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or
weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a
significant amount of loan pay downs or amortization, an increase
in the pool's share of defeasance or an improvement in pool
performance.

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the pool, loan concentration, an
increase in realized and expected losses from specially serviced
and troubled loans or interest shortfalls.

Methodology Underlying The Rating Action

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

Description Of Models Used

Moody's review used the excel-based CMBS Conduit Model v 2.64,
which it uses for both conduit and fusion transactions. Conduit
model results at the Aa2 (sf) level are driven by property type,
Moody's actual and stressed DSCR, and Moody's property quality
grade (which reflects the capitalization rate Moody's uses to
estimate Moody's value). Conduit model results at the B2 (sf)
level are based on a paydown analysis using the individual loan-
level Moody's LTV ratio. Moody's may consider other concentrations
and correlations in its analysis. Based on the model pooled credit
enhancement levels of Aa2 (sf) and B2 (sf), the required credit
enhancement on the remaining conduit classes are either
interpolated between these two data points or determined based on
a multiple or ratio of either of these two data points. For fusion
deals, Moody's merges the credit enhancement for loans with
investment-grade credit assessments with the conduit model credit
enhancement for an overall model result. Moody's incorporates
negative pooling (adding credit enhancement at the credit
assessment level) for loans with similar credit assessments in the
same transaction.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 34, the same as at last review.

Deal Performance

As of the April 11, 2014 distribution date, the transaction's
aggregate certificate balance has decreased by 2% to $1.59 billion
from $1.62 billion at securitization. The certificates are
collateralized by 79 mortgage loans ranging in size from 1% to 8%
of the pool with the largest loan constituting 8% of the pool. The
pool does not contain any credit assessments or defeased loans.

Five loans, representing 12% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of our
ongoing monitoring of a transaction, Moody's reviews the watchlist
to assess which loans have material issues that could impact
performance.

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

Moody's was provided with full year 2012 and partial/full year
2013 operating results for 100% and 94% of the performing pool,
respectively. Moody's weighted average LTV is 90% compared to 96%
at last review. Moody's net cash flow reflects a weighted average
haircut of 11% to the most recently available net operating
income. Moody's value reflects a weighted average capitalization
rate of 9.8%.

Moody's actual and stressed DSCRs are 1.54X and 1.22X,
respectively, compared to 1.46X and 1.12X, respectively, at
securitization. Moody's actual DSCR is based on Moody's net cash
flow (NCF) and the loan's actual debt service. Moody's stressed
DSCR is based on Moody's NCF and a 9.25% stressed rate applied to
the loan balance.

The top three loans represent 20% of the pool balance. The largest
loan is the 1155 F Street Loan ($128.8 million -- 8.1% of the
pool), which is secured by a class A+ trophy office and retail
building located in Washington, DC. This property is also
encumbered by $19.9 million of mezzanine debt. As of September
2013, the office and retail space had occupancy of 100% and 24%,
respectively, with an overall occupancy of 89%, the same as at
last review. The property is anchored by three law firms that make
up 59% of the NRA. Retail tenants consists of Guess, Pret A
Manger, Crumbs Bake Shop and Andrew's Ties. Moody's LTV and
stressed DSCR are 106% and 0.92X, respectively, compared to 108%
at 0.9X at last review.

The second largest loan is the Columbia Business Center Loan
($96.1 million -- 6.1% of the pool), which is secured by the fee
and leasehold interest in an industrial park consisting of 26
buildings located along the Columbia River in Vancouver,
Washington. Approximately 9% of the NRA is allocated to office use
with the remainder used for warehouse and manufacturing purposes.
The property was 95% leased as of December 2013 compared to 93% as
of September 2012. Moody's LTV and stressed DSCR are 104% and
1.2X, respectively, compared to 108% and 1.61X at last review.

The third largest loan is the Bellis Fair Mall Loan (90.7 million
-- 5.7% of the pool), which is secured by a 538,226 SF component
of a 776,136 SF single-story, enclosed regional mall located in
Bellingham, Washington. The property is approximately 90 miles
north of Seattle and 20 miles south of the international border
with Canada. This mall is anchored by Macy's Target, Kohl's and
J.C. Penney, with only Macy's being part of the collateral. The
property is the dominant mall within its trade area and the only
enclosed regional mall within the Bellingham and NW Washington
markets. The closest competition is 28 miles south of the subject.
The property was 99% leased as of September 2013; the same as at
last review. Moody's LTV and stressed DSCR are 76% and 1.32X,
respectively, compared to 84% and 1.17X at last review.


GUGGENHEIM PDFNI: Fitch Assigns 'BBsf' Rating to Class B Notes
--------------------------------------------------------------
Fitch Ratings has assigned the following ratings, effective
April 23, 2014, to Guggenheim Private Debt Fund Note Issuer, LLC
(Guggenheim PDFNI):

   -- $77,407,894 class A notes, series A-4, 'Asf', Outlook
      Stable;
   -- $12,901,316 class B notes, series B-4, 'BBBsf', Outlook
      Stable;
   -- $15,911,623 class C notes, series C-4, 'BBsf', Outlook
      Stable;
   -- $10,751,096 class D notes, series D-4, 'Bsf', Outlook
      Stable.

Subsequently, Fitch has affirmed the ratings, effective April 24,
2014, on the following classes:

   -- $292,499,994 class A notes, series A-1, at 'Asf', Outlook
      Stable;
   -- $48,749,993 class B notes, series B-1, at 'BBBsf', Outlook
      Stable;
   -- $60,124,994 class C notes, series C-1, at 'BBsf', Outlook
      Stable;
   -- $40,624,994 class D notes, series D-1, at 'Bsf', Outlook
      Stable;
   -- $44,999,995 class A notes, series A-2, at 'Asf', Outlook
      Stable;
   -- $7,499,995 class B notes, series B-2, at 'BBBsf', Outlook
      Stable;
   -- $9,249,995 class C notes, series C-2, at 'BBsf', Outlook
      Stable;
   -- $6,249,996 class D notes, series D-2, at 'Bsf', Outlook
      Stable;
   -- $90,900,011 class A notes, series A-3, at 'Asf', Outlook
      Stable;
   -- $15,150,012 class B notes, series B-3, at 'BBBsf', Outlook
      Stable;
   -- $18,685,011 class C notes, series C-3, at 'BBsf', Outlook
      Stable;
   -- $12,625,010 class D notes, series D-3, at 'Bsf', Outlook
      Stable.

Guggenheim PDFNI (the issuer) is a collateralized loan obligation
(CLO) transaction that closed in July 2012 and had its first,
second and third funding dates in July 2012, October 2012 and
March 2013, respectively.  The transaction is managed by
Guggenheim Partners Investment Management, LLC (GPIM). Fitch
assigned ratings to the new notes issued commensurate with the
fourth funding that occurred on April 23, 2014 and also affirmed
its ratings on the notes that were issued pursuant to the previous
funding dates.

Pursuant to the fourth funding date, the issuer has drawn
approximately $172 million of cash from investors and has issued a
commensurate $141 million of new notes, each designated as 'series
4', including approximately $24 million of first-loss notes that
are not rated by Fitch. In addition, approximately $31 million was
issued in the form of LLC interests, which are also not rated by
Fitch.  The notes and LLC interests were issued in the same
proportion as the initial capital structure, as was contemplated
at the transaction's closing.  All notes from 'series 1,' 'series
2,' 'series 3,' and 'series 4' are cross-collateralized by the
entire collateral portfolio, which currently consists of
approximately $1.2 billion of broadly syndicated loans and private
debt investments (PDIs) as well as approximately $48.7 million of
cash.  The fourth funding does not draw on all outstanding
commitments, as approximately $113 million of commitments remain
undrawn. Total commitments made to the transaction to date totals
$1.237 billion.

Key Rating Drivers
In conjunction with the fourth funding date Fitch analyzed the
current portfolio which includes two additional assets purchased
with the proceeds from the fourth funding, as represented to Fitch
by GPIM, as well as a 'Fitch-Stressed' portfolio that accounted
for the worst-case portfolio concentrations permitted by the
indenture (which is further detailed in Fitch's press release
'Fitch Rates Guggenheim Private Debt Fund Note Issuer, LLC' dated
July 12, 2012).  Fitch's cash flow modeling analysis of both
portfolios indicated that each class of notes performs in line
with the ratings assigned or affirmed, as applicable.  Fitch
therefore assigned the ratings to the 'series 4' notes as
indicated above.

Fitch has affirmed the existing 'series 1,' 'series 2,' and
'series 3' notes based on the analysis described above as well as
the stable performance of the transaction thus far.  The April 4,
2014 trustee report indicated that all collateral quality tests,
concentration limitations, and coverage tests were in compliance.
All rated notes received their full interest and commitment fees
on the April payment date.  Also on this payment date,
approximately $7.5 million of excess spread was redirected to the
principal collection account for investment in future collateral,
increasing the degree of collateral coverage for the notes.

Rating Sensitivities

Standard sensitivity analysis was conducted on the Fitch-stressed
portfolio at close in July 2012, as described in Fitch's corporate
CDO criteria.  The transaction performed within the expectations
of each respective rating in these scenarios.

Given the stable portfolio performance since closing date and the
unchanged investment guidelines of the portfolio, Fitch determined
that the results of the initial sensitivity analysis are
sufficient for the transaction following the fourth funding and
therefore did not update the initial sensitivity analysis.
Initial Key Rating Drivers and Rating Sensitivity are further
described in the commentary published on July 12, 2012. A
comparison of the transaction's Representations, Warranties, and
Enforcement Mechanisms (RW&Es) to those of typical RW&Es for that
asset class is also available by accessing the reports and links
indicated below.


HALCYON LOAN 2014-2: Moody's Assigns Ba3 Rating on Class D Notes
----------------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
notes issued by Halcyon Loan Advisors Funding 2014-2 Ltd.:

  $220,000,000 Class A-1A Senior Secured Floating Rate Notes due
  2025 (the "Class A-1A Notes"), Definitive Rating Assigned Aaa
  (sf)

  $110,000,000 Class A-1B Senior Secured Floating Rate Notes due
  2025 (the "Class A-1B Notes"), Definitive Rating Assigned Aaa
  (sf)

  $82,500,000 Class A-2 Senior Secured Floating Rate Notes due
  2025 (the "Class A-2 Notes"), Definitive Rating Assigned Aa2
  (sf)

  $38,500,000 Class B Senior Secured Deferrable Floating Rate
  Notes due 2025 (the "Class B Notes"), Definitive Rating
  Assigned A2 (sf)

  $33,000,000 Class C Senior Secured Deferrable Floating Rate
  Notes due 2025 (the "Class C Notes"), Definitive Rating
  Assigned Baa3 (sf)

  $27,500,000 Class D Senior Secured Deferrable Floating Rate
  Notes due 2025 (the "Class D Notes"), Definitive Rating
  Assigned Ba3 (sf)

  $5,500,000 Class E Senior Secured Deferrable Floating Rate
  Notes due 2025 (the "Class E Notes"), Definitive Rating
  Assigned B2 (sf)

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

Ratings Rationale

Moody's ratings of the Rated Notes address the expected losses
posed to noteholders. The 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.

Halcyon 2014-2 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 second lien loans
and unsecured loans. The Issuer's documents require the portfolio
to be at least 78% ramped as of the closing date.

Halcyon Loan Advisors 2014-2 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 has issued 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.


HEDGED MUTUAL 2007-1: Moody's Cuts Citibank-Sponsored Notes to Ca
-----------------------------------------------------------------
Moody's Investors Service has downgraded notes issued by Hedged
Mutual Fund Fee Trust 2007-1. The transaction represents
securitization of 12(b)1 fees and contingent deferred sales
charges generated by a pool of mutual fund shares commonly known
as Class "B" shares. Citibank, N.A. is the sponsor of this
transaction.

Issuer: Hedged Mutual Fund Fee Trust 2007-1

Ser. 2007-1, Downgraded to Ca (sf); previously on Jun 21, 2013
Downgraded to Caa3 (sf)

Underlying Rating: Downgraded to Ca (sf); previously on Jun 21,
2013 Downgraded to Caa3 (sf)

Ratings Rationale

The rating action is based on a review of modeling results which
indicate weakened performance for the transaction. Even if there
were a multi-fold increase of the NAV in the coming year, the
notes would not be expected to pay in full. Moody's expected loss
is approximately 50% of the outstanding note balance as of the
April 4, 2014, remittance date.

Methodology

In analyzing transaction performance, Moody's analysis was driven
by the impact of potential fluctuation in equity and bond markets
on the NAV of the underlying mutual fund shares and consequently
the ability of the underlying shares to generate fee income to pay
down the notes. NAV in the transactions is also impacted by
various other factors that relate to share holding dynamics such
as conversion features (conversion of Class B shares to another
class of shares approximately eight years after purchase),
redemption rates, reinvestment rates and waived fees. Moody's
generally held these shareholding factors constant to historical
projections, and focused Moody's analysis on the impact of change
in NAV due to a change in the equity and bond markets. Changes in
resulting cash flows from the 12(b)1 fees and contingent deferred
sales charges generated by the assets were compared to the note
balance in each transaction.

In projecting the cash flows Moody's also looked at the breakeven
constant rate of change in NAV due to market fluctuation that
would allow the notes to be paid in full. Parameters relating to
share dynamics (such as conversion features, redemption rates,
reinvestment rates, and waived fees) were estimated based on
historic experience. The expected cash flows were applied towards
note interest and principal payments, and the expected loss and
frequency of default on the notes were calculated under each NAV
path. The expected loss and frequency of default were then
compared to standard tables to obtain rating estimates.

Equity and Bond market volatility or a shift in shareholding
pattern from historical experience might cause future rating
volatility.

The transactions listed above are wrapped by a financial
guarantor. The current ratings on the securities are consistent
with Moody's practice of rating insured securities at the higher
of (1) the guarantor's insurance financial strength rating and (2)
the underlying rating, based on Moody's modified approach to
rating structured finance securities wrapped by financial
guarantors.

As part of evaluating the current rating for the security, Moody's
Investors Service also reviewed the underlying rating. The
underlying rating reflects the intrinsic credit quality of the
security in the absence of the guarantee.

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

Change in expected loss as a percentage of the outstanding
principal balance


ICE 1: S&P Lowers Rating on Class D Notes to 'B'
------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
D tranche from ICE 1: EM CLO Ltd. (ICE 1), a collateralized loan
obligation transaction backed primarily by loans and bonds to
emerging markets issuers and managed by ICE Canyon LLC, and
removed it from CreditWatch with negative implications.  At the
same time, S&P affirmed its ratings on the class A-1 D, A-1R, A-2,
A-3, B, and C notes and removed the class C rating from
CreditWatch with negative implications.

The class C and D ratings were placed on CreditWatch on April 16,
2014, following the decline in the overcollateralization levels
since our April 2011 rating actions.  S&P's CreditWatch actions
were based on the March 2014 monthly trustee report and it
indicated that the manager is currently selling some of the
defaulted positions and that the coverage ratios might improve if
the sales are at prices higher than the covenanted recovery rates.

The rating actions follow S&P's review of the transaction's
performance using data from the April 5, 2014, trustee report,
which reflects the sale of some of the defaulted positions.  The
par balance of defaults decreased to $79.4 million per the April
2014 monthly report from $115.4 million in March 2014.  Since the
defaulted positions were sold at prices higher than the covenanted
recovery rates, the overcollateralization levels improved for all
of the tranches.  The class D principal coverage test is now
passing at 107.8%, up from 106.3% in March 2014 (versus the
minimum requirement of 106.6%) but down from 116.3% in the March
2011 report, which S&P used for its April 2011 rating actions.
The current balance of the defaults as a percentage of the total
collateral (excluding cash) is around 10%, up from 0.5% in March
2011.

Though the defaults increased, the transaction has begun paying
down its class A-1 notes, which are currently at about 75% of
their original balance.  This deleveraging mitigated the impact of
the increase in defaults for the other classes.

S&P lowered the rating on the class D notes due to the decline in
its credit support.  S&P's affirmations on the class A-1 D, A-1-R,
A-2, A-3, B, and C notes reflect the availability of adequate
credit support at 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, our analysis considered
the transaction's ability to pay timely interest and/or ultimate
principal to each of the rated tranches.  The results of the cash
flow analysis demonstrated, in S&P's view, that all of the rated
outstanding classes have adequate credit enhancement available at
the current rating levels.

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

RATING AND CREDITWATCH ACTIONS

ICE 1: EM CLO

                            Rating
Class               To                  From
C                   BB+ (sf)            BB+ (sf)/Watch Neg
D                   B (sf)              BB (sf)/Watch Neg

RATINGS AFFIRMED
ICE 1: EM CLO

Class               Rating
A-1 D               AAA (sf)
A-1R                AAA (sf)
A-2                 AA (sf)
A-3                 A (sf)
B                   BBB+ (sf)


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

Key Rating Drivers

The affirmations reflect the sufficient credit enhancement on the
remaining classes from amortization as well as the pending
resolution of the one specially serviced asset.  The performance
on the six non-specially serviced loans has been stable since
Fitch's last rating action.  Expected losses on the original pool
balance total 4.1%, including $17.5 million (2.2% of the original
pool balance) in realized losses to date.  Fitch has designated
two loans (71.5%) as Fitch Loans of Concern, which includes one
specially serviced asset (70.4%).

As of the March 2014 distribution date, the pool's aggregate
principal balance has been reduced by 96.1% to $31.1 million from
$796.4 million at issuance.  No loans are defeased. Interest
shortfalls are currently affecting classes G through H.

The specially serviced asset, The Court at Deptford (70.4% of the
pool), is a 361,000 square foot retail center in Deptford, NJ.
The property has experienced cash flow issues from occupancy
declines.  The property was previously anchored by a Sam's Club
(33% of the property's net rentable area (NRA)), Sports Authority
(11% NRA) and Circuit City (9% NRA); all three vacated at or prior
to the individual lease expirations between 2008 and 2010.
Occupancy as of January 2014 was reported at 35%, unchanged from
March 2012, with the three anchor spaces still vacant.

The loan transferred to special servicing in February 2009 for
imminent default.  A receiver was appointed in April 2010 and the
asset has been real estate owned (REO) since May 2012.  The asset
is under contract with closing scheduled to occur in May 2014.
The projected sales proceeds should result in better recoveries
than previously expected.

Rating Sensitivity

Rating Outlook on class F is revised to Stable from Negative due
to sufficient credit enhancement and continued paydown.  Further
upgrades are not projected due to the concentration of the
remaining pool and losses affecting the subordinate classes.

Fitch affirms the following class and revises Rating Outlook as
indicated:

-- $8.9 million class F at 'BBB-sf', Outlook to Stable from
   Negative.

Fitch affirms the following class but revises REs as indicated:

-- $19.9 million class G at 'Csf', RE 40%.

Fitch affirms the following class as indicated:

-- $2.4 million class H at 'Dsf', RE 0%.

The class A1, A2, A3, B, C, D and E certificates have paid in
full.  Fitch does not rate the class NR certificates. Fitch
previously withdrew the rating on the interest-only class X
certificates.


JP MORGAN 2004-C2: Moody's Lowers Rating on Cl. X Notes to 'B3'
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four
classes, affirmed nine classes, and downgraded one class in J.P.
Morgan Chase Commercial Mortgage Securities Corp., Commercial
Mortgage Pass-Through Certificates, Series 2004-C2 as follows:

Cl. B, Upgraded to Aaa (sf); previously on Jun 20, 2013 Affirmed
Aa2 (sf)

Cl. C, Upgraded to Aa1 (sf); previously on Jun 20, 2013 Affirmed
Aa3 (sf)

Cl. D, Upgraded to A1 (sf); previously on Jun 20, 2013 Affirmed A3
(sf)

Cl. E, Upgraded to A2 (sf); previously on Jun 20, 2013 Affirmed
Baa1 (sf)

Cl. F, Affirmed Ba1 (sf); previously on Jun 20, 2013 Affirmed Ba1
(sf)

Cl. G, Affirmed Ba3 (sf); previously on Jun 20, 2013 Affirmed Ba3
(sf)

Cl. H, Affirmed B3 (sf); previously on Jun 20, 2013 Affirmed B3
(sf)

Cl. J, Affirmed Caa2 (sf); previously on Jun 20, 2013 Affirmed
Caa2 (sf)

Cl. K, Affirmed Caa3 (sf); previously on Jun 20, 2013 Affirmed
Caa3 (sf)

Cl. L, Affirmed Ca (sf); previously on Jun 20, 2013 Affirmed Ca
(sf)

Cl. M, Affirmed C (sf); previously on Jun 20, 2013 Affirmed C (sf)

Cl. N, Affirmed C (sf); previously on Jun 20, 2013 Affirmed C (sf)

Cl. P, Affirmed C (sf); previously on Jun 20, 2013 Affirmed C (sf)

Cl. X, Downgraded to B3 (sf); previously on Jun 20, 2013 Affirmed
Ba3 (sf)

Ratings Rationale

The ratings on the P&I classes were upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 86% since Moody's last
review. Tranche D was upgraded despite current interest shortfalls
because Moody's anticipates that the temporary interest shortfall
caused by the payoff of a $41.5 million loan will be cured by the
end of the next month. Tranche E was upgraded similarly, with
Moody's anticipating temporary interest shortfalls to be cured
within the next two months.

The ratings on the nine below investment grade P&I classes were
affirmed because the ratings are consistent with Moody's expected
loss.

The rating on the IO Class (Class X) was downgraded due to the
decline in the credit performance of its reference classes
resulting from principal paydowns of higher quality reference
classes.

Moody's rating action reflects a base expected loss of 8.8% of the
current balance compared to 4.0% at Moody's prior review. Moody's
base expected loss plus realized losses is now 2.0% of the
original pooled balance compared to 4.1% at the prior review.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range may
indicate that the collateral's credit quality is stronger or
weaker than Moody's had previously anticipated. Factors that may
cause an upgrade of the ratings include significant loan paydowns
or amortization, an increase in the pool's share of defeasance or
overall improved pool performance. Factors that may cause a
downgrade of the ratings include a decline in the overall
performance of the pool, loan concentration, increased expected
losses from specially serviced and troubled loans or interest
shortfalls.

Methodology Underlying The Rating Action

The methodologies used in this rating were "Moody's Approach to
Rating U.S. CMBS Conduit Transactions" published in September
2000, and "Moody's Approach to Rating CMBS Large Loan/Single
Borrower Transactions" published in July 2000.

Description Of Models Used

Moody's review used the excel-based CMBS Conduit Model v 2.64,
which it uses for both conduit and fusion transactions. Conduit
model results at the Aa2 (sf) level are driven by property type,
Moody's actual and stressed DSCR, and Moody's property quality
grade (which reflects the capitalization rate Moody's uses to
estimate Moody's value). Conduit model results at the B2 (sf)
level are based on a paydown analysis using the individual loan-
level Moody's LTV ratio. Moody's may consider other concentrations
and correlations in its analysis. Based on the model pooled credit
enhancement levels of Aa2 (sf) and B2 (sf), the required credit
enhancement on the remaining conduit classes are either
interpolated between these two data points or determined based on
a multiple or ratio of either of these two data points. For fusion
deals, Moody's merges the credit enhancement for loans with
investment-grade credit assessments with the conduit model credit
enhancement for an overall model result. Moody's incorporates
negative pooling (adding credit enhancement at the credit
assessment level) for loans with similar credit assessments in the
same transaction.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 10, compared to 15 at Moody's last review.

When the Herf falls below 20, Moody's uses the excel-based Large
Loan Model v 8.7 and then reconciles and weights the results from
the conduit and large loan models in formulating a rating
recommendation. The large loan model derives credit enhancement
levels based on an aggregation of adjusted loan-level proceeds
derived from Moody's loan-level LTV ratios. Major adjustments to
determining proceeds include leverage, loan structure, property
type and sponsorship. Moody's also further adjusts these
aggregated proceeds for any pooling benefits associated with loan
level diversity and other concentrations and correlations.

Deal Performance

As of the April 15, 2014 distribution date, the transaction's
aggregate certificate balance has decreased by 90% to $108 million
from $1.1 billion at securitization. The Certificates are
collateralized by 26 mortgage loans ranging in size from less than
1% to 17% of the pool, with the top ten loans (excluding
defeasance) representing 73% of the pool. Three loans,
representing 7% of the pool, have defeased and are secured by US
Government securities.

Seven loans, representing 15% of the pool, are on the master
servicer's watchlist. After the distribution date, two of the
watchlisted loans went into special servicing. As a result, five
loans (representing 10% of the pool) are on the master servicer's
watchlist. The watchlist includes loans which meet certain
portfolio review guidelines established as part of the CRE Finance
Council (CREFC) monthly reporting package. As part of our ongoing
monitoring of a transaction, Moody's reviews the watchlist to
assess which loans have material issues that could impact
performance.

Ten loans have been liquidated from the pool, resulting in an
aggregate realized loss of $12.1 million (31% loss severity on
average). Five loans, representing 19% of the pool, are in special
servicing. After the distribution date, another three loans went
into special servicing, resulting in eight loans (representing 35%
of the pool) being in special servicing. The largest specially
serviced loan is the Slidell Center Loan ($12 million -- 11% of
the pool), which is secured by 139,000 squared feet (SF) of a
331,000 SF community retail center in Slidell, Louisiana. The
property was 79% leased as of December 2013 compared to 82% as of
December 2012. Moody's does not currently anticipate a loss on
this loan.

The remaining seven specially serviced loans are secured by a mix
of property types. Moody's estimates an aggregate $7.9 million
loss for the specially serviced loans (51% expected loss on
average).

Moody's has assumed a high default probability for one poorly-
performing loans representing 2.7% of the pool and has estimated
an minimal loss for this loan.

Moody's received full-year 2012 operating results for 95% of the
pool and full or partial year 2013 operating results for 100%.
Moody's weighted average conduit LTV is 72% compared to 86% at
Moody's last review. Moody's conduit component excludes loans with
credit assessments, defeased and CTL loans and specially serviced
and troubled loans. Moody's net cash flow (NCF) reflects a
weighted average haircut of 12% to the most recently available net
operating income (NOI). Moody's value reflects a weighted average
capitalization rate of 9.2%.

Moody's actual and stressed conduit DSCRs are 1.49X and 1.43X,
respectively, compared to 1.41X and 1.25X at the last review.
Moody's actual DSCR is based on Moody's net cash flow (NCF) and
the loan's actual debt service. Moody's stressed DSCR is based on
Moody's NCF and a 9.25% stressed rate applied to the loan balance.

The top three performing conduit loans represent 36% of the pool
balance. The largest loan is the Eastlake Village Marketplace Loan
($19 million -- 17% of the pool), which is secured by a 77,000 SF
retail center in Chula Vista, California, approximately fifteen
miles southeast of the San Diego CBD. Major tenants include Office
Depot, Prudential California Realty, and BevMo. Occupancy was 100%
as of December 2013, the same as at last review. Moody's LTV and
stressed DSCR are 58% and 1.72X, respectively, compared to 60% and
1.68X at the last review.

The second largest loan is the Employers Reinsurance Corporation
II Loan ($17 million -- 16% of the pool). The loan is secured by a
three-story Class B office building with a total net rentable area
of 155,925 SF in Kansas City, Missouri. The property is fully
leased by Swiss Re American Holding Corporation. Moody's LTV and
stressed DSCR are 75% and 1.30X, respectively, compared to 76% and
1.28X at the last review.

The third largest loan is the Alta Decatur Shopping Center Loan
($4 million -- 4% of the pool). The loan is secured a shopping
center in Las Vegas, Nevada. The property was 100% leased as of
October 2013, with Las Cal Corporation, Walgreen Company, and
McDonald's as its top tenants. Moody's LTV and stressed DSCR are
79% and 1.23X, respectively.


JP MORGAN 2013-FL3: Fitch Affirms 'BB-sf' Rating on Cl. E Certs
---------------------------------------------------------------
Fitch Ratings has affirmed nine classes of J.P. Morgan Chase
Commercial Mortgage Securities Trust(JPMCC) commercial mortgage
pass through certificates, series 2013-FL3.

Key Rating Drivers

The affirmations and Stable Outlooks reflect the stable to
improving performance of the underlying pool. The certificates,
which follow a sequential-pay structure, represent the beneficial
interest in a pool of four commercial mortgage floating-rate loans
backed by 82 properties.  The pool is concentrated by property
type with two of the loans backed by hotel properties (64.2% of
the pool), while the remaining two loans are secured by a
portfolio of office properties and retail bank branches, and an
office property.  Trust-level leverage remains low with weighted
average pooled Fitch's stressed LTV and DSCR of 66.70% and 1.60x,
respectively, compared to 69.90% and 1.44x at issuance.  All of
the loans have additional debt in the form of mezzanine debt
and/or a B-note, with positions that are fully subordinate and
subject to standard inter-creditor agreements.

The largest loan in the pool is the Eagle Hospitality Portfolio
(52.5%), which is collateralized by 13 full-service hotel
properties located across nine states and Puerto Rico.  The hotels
are all flagged with national brands including Embassy Suites,
Marriot, Hilton, and Hyatt.  As of year-end (YE) December 2013
occupancy reported at 75.3%, average daily rate (ADR) at $134.24,
and revenue per available room (RevPAR) at $101.  This compares to
YE December 2012 at 74.5% occupancy, $130.09 ADR, and $96.90
RevPAR.  The portfolio net operating income for YE 2013 was
relatively flat, with approximately a 1% increase over YE 2012.
Total portfolio reserves reported at $19.8 million as of April
2014.

Rating Sensitivities

The Rating Outlook for all classes remains Stable.  No rating
actions are anticipated unless there are material changes in
property performance or cash flow.  The collateral performance has
remained stable and is performing as expected at issuance.

Fitch has affirmed the following classes:

-- $63,000,000 class A-1 at 'AAAsf'; Outlook Stable;
-- $217,300,000 class A-2 at 'AAAsf'; Outlook Stable;
-- $63,000,000* class X-A at 'AAAsf'; Outlook Stable;
-- $442,000,000* class X-CP at 'BB-sf'; Outlook Stable;
-- $442,000,000* class X-EXT at 'BB-sf'; Outlook Stable;
-- $86,300,000 class B at 'AA-sf'; Outlook Stable;
-- $60,500,000 class C at 'A-sf'; Outlook Stable;
-- $44,900,000 class D at 'BBB-sf'; Outlook Stable;
-- $33,000,000 class E at 'BB-sf'; Outlook Stable.

*Interest-only class


JP MORGAN 2013-LC11: Moody's Affirms B2 Rating on Class F Notes
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on 14 classes
of securities, issued by J. P. Morgan Chase Commercial Mortgage
Securities Trust 2013-LC11 as follows:

Cl. A-1, Affirmed Aaa (sf); previously on May 15, 2013 Definitive
Rating Assigned Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on May 15, 2013 Definitive
Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on May 15, 2013 Definitive
Rating Assigned Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on May 15, 2013 Definitive
Rating Assigned Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on May 15, 2013 Definitive
Rating Assigned Aaa (sf)

Cl. A-S, Affirmed Aaa (sf); previously on May 15, 2013 Definitive
Rating Assigned Aaa (sf)

Cl. A-SB, Affirmed Aaa (sf); previously on May 15, 2013 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aa3 (sf); previously on May 15, 2013 Definitive
Rating Assigned Aa3 (sf)

Cl. C, Affirmed A3 (sf); previously on May 15, 2013 Definitive
Rating Assigned A3 (sf)

Cl. D, Affirmed Baa3 (sf); previously on May 15, 2013 Definitive
Rating Assigned Baa3 (sf)

Cl. E, Affirmed Ba2 (sf); previously on May 15, 2013 Definitive
Rating Assigned Ba2 (sf)

Cl. F, Affirmed B2 (sf); previously on May 15, 2013 Definitive
Rating Assigned B2 (sf)

Cl. X-A, Affirmed Aaa (sf); previously on May 15, 2013 Definitive
Rating Assigned Aaa (sf)

Cl. X-B, Affirmed A2 (sf); previously on May 15, 2013 Definitive
Rating Assigned A2 (sf)

Ratings Rationale

The ratings on the P&I classes were affirmed because the
transaction's key metrics, including Moody's loan-to-value (LTV)
ratio, Moody's stressed debt service coverage ratio (DSCR) and the
transaction's Herfindahl Index (Herf), are within acceptable
ranges.

The rating on the IO classes, Class X-A and X-B, were affirmed
because the credit performance (or the weighted average rating
factor or WARF) of the referenced classes are consistent with
Moody's expectations.

Moody's rating action reflects a base expected loss of 3.2% of the
current balance.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or
weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a
significant amount of loan paydowns or amortization, an increase
in the pool's share of defeasance or an improvement in pool
performance.

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the pool, loan concentration, an
increase in realized and expected losses from specially serviced
and troubled loans or interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

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

Description Of Models Used

Moody's review used the excel-based CMBS Conduit Model v 2.64,
which it uses for both conduit and fusion transactions. Conduit
model results at the Aa2 (sf) level are driven by property type,
Moody's actual and stressed DSCR, and Moody's property quality
grade (which reflects the capitalization rate Moody's uses to
estimate Moody's value). Conduit model results at the B2 (sf)
level are based on a paydown analysis using the individual loan-
level Moody's LTV ratio. Moody's may consider other concentrations
and correlations in its analysis. Based on the model pooled credit
enhancement levels of Aa2 (sf) and B2 (sf), the required credit
enhancement on the remaining conduit classes are either
interpolated between these two data points or determined based on
a multiple or ratio of either of these two data points. For fusion
deals, Moody's merges the credit enhancement for loans with
investment-grade credit assessments with the conduit model credit
enhancement for an overall model result. Moody's incorporates
negative pooling (adding credit enhancement at the credit
assessment level) for loans with similar credit assessments in the
same transaction.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 22, the same as at securitization.

Deal Performance

As of the April 17, 2014 distribution date, the transaction's
aggregate certificate balance has decreased by 1% to $1.31 billion
from $1.32 billion at securitization. The certificates are
collateralized by 50 mortgage loans ranging in size from less than
1% to 9% of the pool, with the top ten loans constituting 59% of
the pool.

No loans are on the master servicer's watchlist. No loans have
been liquidated from the pool, and no loans are currently in
special servicing.

Moody's received full or partial year 2013 operating results for
29% of the pool. Moody's weighted average conduit LTV is 98%
compared to 100% at securitization. Moody's conduit component
excludes loans with credit assessments, defeased and CTL loans,
and specially serviced and troubled loans. Moody's net cash flow
(NCF) reflects a weighted average haircut of 5% to the most
recently available net operating income (NOI). Moody's value
reflects a weighted average capitalization rate of 9.4%.

Moody's actual and stressed conduit DSCRs are 1.70X and 1.05X,
respectively, compared to 1.67X and 1.02X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 25% of the pool balance. The
largest loan is the Grand Prairie Premium Outlets Loan ($120
million -- 9.2% of the pool), which is secured by a 417,423 square
foot (SF) outlet center located in Grand Prairie, Texas, 20 miles
south of Dallas. The property opened in August 2012 and was 100%
leased as of December 2013. Moody's LTV and stressed DSCR are 90%
and 1.05X, respectively, same as at securitization.

The second largest loan is the World Trade Center I & II Loan
($114.4 million -- 8.7% of the pool), which is secured by two
adjacent 28-story and 29-story Class A office buildings located in
the CBD of Denver, Colorado totaling 770,221 SF. The property is
also encumbered with $17.6 million of additional mezzanine
financing held outside of the trust. The property was 91% leased
as of December 2013, the same as at securitization. Moody's LTV
and stressed DSCR are 103% and 0.94X, respectively, the same as at
securitization.

The third largest loan is the Pecanland Mall Loan ($90 million --
6.9% of the pool), which is secured by a 433,200 SF component of a
965,238 SF super-regional mall in Monroe, Louisiana. Five tenants
anchor the subject including Dillard's (165,930 SF), J.C. Penney
(138,426 SF), Sears (122,032 SF), Belk (105,650 SF) and Burlington
Coat Factory (63,436 SF). As of September 2013 the property was
99% leased compared to 95% at securitization. Moody's LTV and
stressed DSCR are 107% and 0.96X, respectively, the same as at
securitization.


KINGSLAND V: Moody's Affirms Ba3 Rating on $14.9MM Cl. E Notes
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Kingsland V, Ltd.:

  $295,975,000 Class A-1 Senior Secured Floating Rate Notes Due
  2021 (current outstanding balance of $292,288,115), Upgraded to
  Aaa (sf); previously on September 15, 2011 Upgraded to Aa1 (sf)

  $12,125,000 Class A-2B Senior Secured Floating Rate Notes Due
  2021, Upgraded to Aaa (sf); previously on September 15, 2011
  Upgraded to Aa2 (sf)

  $22,900,000 Class B Senior Secured Floating Rate Notes Due
  2021, Upgraded to Aa1 (sf); previously on September 15, 2011
  Upgraded to A1 (sf)

  $25,000,000 Class C Senior Secured Deferrable Floating Rate
  Notes Due 2021, Upgraded to A3 (sf); previously on Sept. 15,
  2011 Upgraded to Baa2 (sf)

  $15,330,000 Composite Notes Due 2021 (current rated balance of
  $12,283,886), Upgraded to Baa2 (sf); previously on Sept. 15,
  2011 Upgraded to Ba1 (sf)

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

  $60,000,000 Class A-2R Secured Revolving Floating Rate Notes
  Due 2021 (current outstanding balance of $59,101,557), Affirmed
  Aaa (sf); previously on September 15, 2011 Upgraded to Aaa (sf)

  $13,000,000 Class D-1 Senior Secured Deferrable Floating Rate
  Notes Due 2021, Affirmed Ba1 (sf); previously on September 15,
  2011 Upgraded to Ba1 (sf)

  $5,000,000 Class D-2 Senior Secured Deferrable Fixed Rate Notes
  Due 2021, Affirmed Ba1 (sf); previously on September 15, 2011
  Upgraded to Ba1 (sf)

  $14,900,000 Class E Secured Deferrable Floating Rate Notes Due
  2021, Affirmed Ba3 (sf); previously on September 15, 2011
  Upgraded to Ba3 (sf)

Kingsland V, Ltd., issued on May 24, 2007, is a collateralized
loan obligation backed primarily by a portfolio of senior secured
loans. The transaction's reinvestment period will end in July
2014.

Ratings Rationale

These rating actions reflect the benefit of the short period of
time remaining before the end of the deal's reinvestment period in
July 2014. In light of the reinvestment restrictions during the
amortization period, and therefore the limited ability of the
manager to effect significant changes to the current collateral
pool, Moody's analyzed the deal assuming a higher likelihood that
the collateral pool characteristics will maintain a positive
buffer relative to certain covenant requirements. In particular,
Moody's assumed that the deal will benefit from higher spread and
diversity levels compared to the levels during the last review.
Moody's modeled a WAS of 3.21% versus a covenant of 2.40% and a
diversity score of 64 versus a covenant of 50. The
overcollateralization ratios of the rated notes have also improved
since the last review.

The rating actions also reflect the correction of errors in
Moody's previous modeling approach. According to Moody's, the
denominators of the Overcollateralization Ratios were overstated
in the analysis underlying the September 2011 rating action. The
lag in recoveries for future defaults and the assumed liquidation
of long-dated assets at maturity of the deal were also modeled
incorrectly. These errors have now been corrected, and the
rating actions reflect these changes.


LATITUDE CLO III: Moody's Raises Rating on Class F Notes to Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Latitude CLO III Ltd.:

$16,000,000 Class C Mezzanine Floating Rate Notes Due
2021,Upgraded to Aaa (sf); previously on March 18, 2013 Upgraded
to Aa1 (sf)

$15,000,000 Class D Deferrable Mezzanine Floating Rate Notes Due
2021, Upgraded to Aa1 (sf); previously on March 18, 2013 Upgraded
to A1 (sf)

$14,000,000 Class E Deferrable Mezzanine Floating Rate Notes Due
2021, Upgraded to A3 (sf); previously on March 18, 2013 Upgraded
to Baa2 (sf)

$8,000,000 Class F Deferrable Mezzanine Floating Rate Notes Due
2021, Upgraded to Ba1 (sf); previously on March 18, 2013 Upgraded
to Ba2 (sf)

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

$202,500,000 Class A Senior Floating Rate Notes Due 2021 (current
outstanding balance of U.S. $101,339,276), Affirmed Aaa (sf);
previously on March 18, 2013 Affirmed Aaa (sf)

$22,500,000 Class B Second Senior Floating Rate Notes Due 2021,
Affirmed Aaa (sf); previously on March 18, 2013 Upgraded to Aaa
(sf)

Latitude CLO III Ltd., issued in April 2007, is a collateralized
loan obligation (CLO) backed primarily by a portfolio of senior
secured loans. The transaction's reinvestment period ended in
April 2013.

Ratings Rationale

These rating actions are primarily a result of deleveraging of the
senior notes and an increase in the transaction's over-
collateralization ratios since January 2014. The Class A notes
have been paid down by approximately 36.7% or $74.4 million since
January 2014. Based on the trustee's April 2014 report, the over-
collateralization (OC) ratios for the Class A/B , Class C, Class
D, Class E and Class F notes are reported at 163.84%, 145.20%,
131.21%, 120.38% and 114.96%, respectively, compared to January
2014 levels of 140.25%, 129.77%, 121.28%, 114.30% and 110.66%,
respectively.

Nevertheless, Moody's also notes that the credit quality of the
portfolio has slightly deteriorated. Based on the April 2014
trustee report, the weighted average rating factor is currently
2525 compared to 2472 in January 2014.

The rating actions also reflect the correction of errors in
Moody's modeling approach. In the March 2013 rating action,
Moody's analysis assumed a shorter weighted average life horizon
to associate with the expected loss (EL) calculated for the notes,
with the result of comparing such ELs with more conservative
maximum EL benchmarks. The use of principal proceeds to pay unpaid
and deferred interest to the deferrable mezzanine notes was also
modeled incorrectly. The errors have now been corrected, and the
rating actions reflect these changes.


MC FUNDING: 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 and affirmed its ratings on the class A-
1 notes from MC Funding Ltd., a U.S. collateralized loan
obligation (CLO) managed by Monroe Capital Management LLC.  At the
same time, S&P removed these ratings from CreditWatch, where they
were placed with positive implications on Jan. 22, 2014.

The upgrades reflect paydowns to the class A-1 notes since May
2012, when S&P raised its ratings on three classes.  Since S&P's
May 2012 rating actions, the class A-1 notes have paid down $115.5
million, reducing the notes to 36.2% of their original balance and
increasing credit support for the subordinate notes.

As of the April 2012 trustee report, the transaction had $17.1
million (5.4%) of assets from obligors in the 'CCC' rated
category.  This was down from the $28.4 million (7.3%) S&P
referenced in its May 2012 rating action report.  S&P observed
$7.8 million (2.8%) defaulted assets compared with $20.6 million
(5.2%) that it observed for its May 2012 rating action.

S&P's affirmation of the class A-1 notes reflects the availability
of adequate credit support at the current rating.

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

CASH FLOW RESULTS AND SENSITIVITY ANALYSIS

MC Funding Ltd.

                            Cash flow
       Previous             implied     Cash flow    Final
Class  rating               rating      cushion (i)  rating
A-1    AAA (sf)             AAA (sf)    26.53%       AAA (sf)
A-2    AA+ (sf)/Watch Pos   AAA (sf)    26.53%       AAA (sf)
B      AA+ (sf)/Watch Pos   AAA (sf)    12.29%       AAA (sf)
C      A- (sf)/Watch Pos    AA+ (sf)    1.73%        AA+ (sf)
D      BBB- (sf)/Watch Pos  A+ (sf)     1.05%        A (sf)
E      B+ (sf)/Watch Pos    BB+ (sf)    7.30%        BB+ (sf)

(i) The cash flow cushion is the excess of the tranche break-even
    default rate above the scenario default rate at the cash flow
    implied rating for a given class of rated notes.

RECOVERY RATE AND CORRELATION SENSITIVITY

In addition to S&P's base-case analysis, it generated additional
scenarios in which it made negative adjustments of 10% to the
current collateral pool's recovery rates relative to each
tranche's weighted average recovery rate.  S&P also generated
other scenarios by adjusting the intra- and inter-industry
correlations to assess the current portfolio's sensitivity to
different correlation assumptions assuming the correlation
scenarios outlined below.

Correlation
Scenario        Within industry (%)  Between industries (%)
Below base case                15.0                     5.0
Base case                      20.0                     7.5
Above base case                25.0                    10.0

                  Recovery   Correlation  Correlation
       Cash flow  decrease   increase     decrease
       implied    implied    implied      implied     Final
Class  rating     rating     rating       rating      rating
A-1    AAA (sf)   AAA (sf)   AAA (sf)     AAA (sf)    AAA (sf)
A-2    AAA (sf)   AAA (sf)   AAA (sf)     AAA (sf)    AAA (sf)
B      AAA (sf)   AAA (sf)   AAA (sf)     AAA (sf)    AAA (sf)
C      AA+ (sf)   AA- (sf)   AA- (sf)     AA+ (sf)    AA+ (sf)
D      A+ (sf)    A- (sf)    A- (sf)      A+ (sf)     A (sf)
E      BB+ (sf)   BB+ (sf)   BB+ (sf)     BB+ (sf)    BB+ (sf)

DEFAULT BIASING SENSITIVITY

To assess whether the current portfolio has sufficient diversity,
S&P biased defaults on the assets in the current collateral pool
with the highest spread and lowest base-case recoveries.

                    Spread        Recovery
       Cash flow    compression   compression
       implied      implied       implied       Final
Class  rating       rating        rating        rating
A-1    AAA (sf)     AAA (sf)      AAA (sf)      AAA (sf)
A-2    AAA (sf)     AAA (sf)      AAA (sf)      AAA (sf)
B      AAA (sf)     AAA (sf)      AAA (sf)      AAA (sf)
C      AA+ (sf)     AA (sf)       A+ (sf)       AA+ (sf)
D      A+ (sf)      A- (sf)       BBB (sf)      A (sf)
E      BB+ (sf)     BB+ (sf)      B+ (sf)       BB+ (sf)

RATINGS RAISED AND REMOVED FROM CREDITWATCH

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

RATING AFFIRMED

MC Funding Ltd.

Class           Rating
A-1           AAA (sf)


MERRILL LYNCH 2005-CIP1: Fitch Affirms 'B-' Rating on Cl. C Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 20 classes of Merrill Lynch Mortgage
Trust (MLMT) commercial mortgage pass-through certificates series
2005-CIP1.

Key Rating Drivers

The affirmations reflect the pool's consistent overall expected
losses. Expected losses on the original pool balance total 9.8%,
including $54.9 million (2.7% of the original pool balance) in
realized losses to date.  Fitch has designated 26 loans (28.8%) as
Fitch Loans of Concern, which includes nine specially serviced
assets (17.5%).

As of the April 2014 distribution date, the pool's aggregate
principal balance has been reduced by 33.8% to $1.36 billion from
$2.06 billion at issuance.  Per the servicer reporting, three
loans (3.9% of the pool) are defeased.  Interest shortfalls are
currently affecting classes F through Q.

The largest contributor to expected losses is attributed to the
Highwoods Portfolio (10% of the pool).  The loan was originally
secured by 31 cross-collateralized office properties in Charlotte,
NC (18 properties) and Tampa, FL (13 properties).  The original
$160 million loan, which matured in August 2010, had transferred
to special servicing in March 2010 for imminent default.  The loan
was modified in March 2011 while in special servicing.  Terms of
the modification included an extension to the original loan term
and bifurcation of the loan into a senior ($100 million) and
junior ($60 million) component.  The senior A-note has since paid
down to $75.5 million due to principal repayment from the sale
proceeds of nine properties, leaving 22 properties remaining in
the portfolio as of April 2014.  The special servicer has
indicated that the loan is expected to be paid off at the May 2014
maturity, but Fitch was not able to confirm if the B note will be
included in the pay off.

The next largest contributor to expected losses (2.7%) is a loan
collateralized by three manufactured housing recreational vehicle
parks with two located in upstate New York and one located in New
Hampshire.  The properties have struggled since issuance.  The
servicer has reported that the subject properties experience
seasonal peaks and are out of season until April or May each year.
The combined servicer reported year to date (YTD) September 2013
and year end (YE) 2012 debt service coverage ratio (DSCR) was
0.66x and 0.58x, respectively. The servicer reported occupancy at
84% as of September 2013.

The third largest contributor to expected losses is a specially-
serviced loan (1.2%) which is secured by a three story, 124,000
square foot office building located in Kirkwood, MO.  The loan was
transferred to special servicing in May 2011 due to the borrower's
inability to meet debt service obligations and requests for a loan
modification.  A foreclosure sale was eventually completed in
April 2013.  The property is currently under contract and is
expected to close soon.

Rating Sensitivity

Rating Outlooks on classes A-2 through AM remain Stable due to
increasing credit enhancement and continued paydown.  Rating
Outlooks on classes AJ through C are revised to Stable from
Negative due to sufficient credit enhancement and lower than
expected losses on liquidated loans.

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

-- $138.8 million class AJ at 'BBBsf'; Outlook to Stable from
   Negative;
-- $43.7 million class B at 'Bsf'; Outlook to Stable from
   Negative;
-- $18 million class C at 'B-sf'; Outlook to Stable from Negative;
-- $38.6 million class D at 'CCCsf'; RE 40%.

Fitch affirms the following classes as indicated:

-- $57.6 million class A-2 at 'AAAsf'; Outlook Stable;
-- $157.9 million class A-3A at 'AAAsf'; Outlook Stable;
-- $50 million class A-3B at 'AAAsf'; Outlook Stable;
-- $23 million class A-SB at 'AAAsf'; Outlook Stable;
-- $510.3 million class A-4 at 'AAAsf'; Outlook Stable;
-- $205.7 million class AM at 'AAAsf'; Outlook Stable;
-- $25.7 million class E at 'CCsf'; RE 0%;
-- $33.4 million class F at 'Csf'; RE 0%;
-- $20.6 million class G at 'Csf'; RE 0%;
-- $25.7 million class H at 'Csf'; RE 0%;
-- $10.3 million class J at 'Csf'; RE 0%;
-- $1.6 million class K at 'Dsf'; RE 0%
-- $0 class L at 'Dsf'; RE 0%;
-- $0 class M at 'Dsf'; RE 0%;
-- $0 class N at 'Dsf'; RE 0%;
-- $0 class P at 'Dsf'; RE 0%.

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


MORGAN STANLEY 2007-IQ14: Moody's Cuts Rating on X Certs to B2
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 18 classes and
downgraded the ratings of one class of Morgan Stanley Capital I
Trust, Commercial Mortgage Pass-Through Certificates, Series 2007-
IQ14 as follows:

Cl. A-2, Affirmed Aaa (sf); previously on May 23, 2013 Affirmed
Aaa (sf)

Cl. A-2FL, Affirmed Aaa (sf); previously on May 23, 2013 Affirmed
Aaa (sf)

Cl. A-2FX, Affirmed Aaa (sf); previously on May 23, 2013 Affirmed
Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on May 23, 2013 Affirmed
Aaa (sf)

Cl. A-AB, Affirmed Aaa (sf); previously on May 23, 2013 Affirmed
Aaa (sf)

Cl. A-1A, Affirmed A3 (sf); previously on May 23, 2013 Affirmed A3
(sf)

Cl. A-4, Affirmed A3 (sf); previously on May 23, 2013 Affirmed A3
(sf)

Cl. A-5, Affirmed A3 (sf); previously on May 23, 2013 Affirmed A3
(sf)

Cl. A-M, Affirmed Ba2 (sf); previously on May 23, 2013 Affirmed
Ba2 (sf)

Cl. A-MFX, Affirmed Ba2 (sf); previously on May 23, 2013 Affirmed
Ba2 (sf)

Cl. A-J, Affirmed Caa2 (sf); previously on May 23, 2013 Affirmed
Caa2 (sf)

Cl. A-JFX, Affirmed Caa2 (sf); previously on May 23, 2013 Affirmed
Caa2 (sf)

Cl. B, Affirmed Ca (sf); previously on May 23, 2013 Affirmed Ca
(sf)

Cl. C, Affirmed Ca (sf); previously on May 23, 2013 Affirmed Ca
(sf)

Cl. D, Affirmed C (sf); previously on May 23, 2013 Affirmed C (sf)

Cl. E, Affirmed C (sf); previously on May 23, 2013 Affirmed C (sf)

Cl. F, Affirmed C (sf); previously on May 23, 2013 Affirmed C (sf)

Cl. G, Affirmed C (sf); previously on May 23, 2013 Affirmed C (sf)

Cl. X, Downgraded to B2 (sf); previously on May 23, 2013 Affirmed
B1 (sf)

Ratings Rationale

The ratings on P&I classes A-2 through A-MFXwere affirmed because
the transaction's key metrics, including Moody's loan-to-value
(LTV) ratio, Moody's stressed debt service coverage ratio (DSCR)
and the transaction's Herfindahl Index (Herf), are within
acceptable ranges. The ratings P&I classes A-J through G were
affirmed because the ratings are consistent with Moody's expected
loss.

The rating on the IO Class (Class X) was downgraded due to the
decline in the credit performance of its reference classes
resulting from principal paydowns of higher quality reference
classes. The deal has paid down 14% since Moody's prior review.

Moody's rating action reflects a base expected loss of 12.8% of
the current balance, compared to 14.5% at Moody's last review.
Moody's base expected loss plus realized losses is now 15.8% of
the original pooled balance, compared to 16.3% at the last review.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or
weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a
significant amount of loan paydowns or amortization, an increase
in the pool's share of defeasance or an improvement in pool
performance.

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the pool, loan concentration, an
increase in realized and expected losses from specially serviced
and troubled loans or interest shortfalls.

Methodology Underlying The Rating Action

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

Description of Models Used

Moody's review used the excel-based CMBS Conduit Model v 2.64,
which it uses for both conduit and fusion transactions. Conduit
model results at the Aa2 (sf) level are driven by property type,
Moody's actual and stressed DSCR, and Moody's property quality
grade (which reflects the capitalization rate Moody's uses to
estimate Moody's value). Conduit model results at the B2 (sf)
level are based on a paydown analysis using the individual loan-
level Moody's LTV ratio. Moody's may consider other concentrations
and correlations in its analysis. Based on the model pooled credit
enhancement levels of Aa2 (sf) and B2 (sf), the required credit
enhancement on the remaining conduit classes are either
interpolated between these two data points or determined based on
a multiple or ratio of either of these two data points. For fusion
deals, Moody's merges the credit enhancement for loans with
investment-grade credit assessments with the conduit model credit
enhancement for an overall model result. Moody's incorporates
negative pooling (adding credit enhancement at the credit
assessment level) for loans with similar credit assessments in the
same transaction.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 42 compared to 38 at Moody's last review.

Deal Performance

As of the April 15, 2014 distribution date, the transaction's
aggregate certificate balance has decreased by 36% to $3.1 billion
from $4.9 billion at securitization. The certificates are
collateralized by 331 mortgage loans ranging in size from less
than 1% to 11% of the pool, with the top ten loans constituting
35% of the pool. Six loans, constituting 1% of the pool, have
defeased and are secured by US government securities.

Seventy-eight loans, constituting 27% of the pool, are on the
master servicer's watchlist. The watchlist includes loans that
meet certain portfolio review guidelines established as part of
the CRE Finance Council (CREFC) monthly reporting package. As part
of Moody's ongoing monitoring of a transaction, the agency reviews
the watchlist to assess which loans have material issues that
could affect performance.

Seventy loans have been liquidated from the pool, resulting in an
aggregate realized loss of $371.3 million (for an average loss
severity of 33%). Twenty-one loans, constituting 8% of the pool,
are currently in special servicing. The largest specially serviced
loan is the City View Center Loan ($81.0 million -- 2.6% of the
pool), which is secured by a 506,000 square foot retail center
located in Garfield Heights, Ohio. The loan was transferred to
special servicing on November 12, 2008 due to imminent monetary
default. The largest tenant, Wal-Mart, leased 29% of the GLA
through 2027, but vacated in September 2008 because of concerns
about environmental issues at the property. Since then, Home
Depot, J.C. Penney, PetSmart, Bed Bath and Beyond and Dick's
Sporting Goods have all vacated the property, leaving it 22%
leased as of September 2013. The property had previously been
utilized as a quarry and later as a landfill that ceased
operations in the 1970's. The landfill was subsequently capped and
a gas extraction system was installed. The special servicer, on
behalf of the trust, has filed claim against the Mortgage Loan
Originator, Morgan Stanley, based on the non-representation of the
extent of the environmental issues at the property. In February
2014 the Trust requested oral arguments, and has yet to hear back.
There is no indication of when the court will make a decision.

The remaining twenty specially serviced loans are secured by a mix
of property types. Moody's estimates an aggregate $164.7 million
loss for the specially serviced loans (66% expected loss on
average).

Moody's has assumed a high default probability for 36 poorly
performing loans, constituting 17% of the pool, and has estimated
an aggregate loss of $143.5 million (a 27% expected loss based on
a 60% probability default) from these troubled loans.

Moody's received full year 2012 operating results for 88% of the
pool, and full or partial year 2013 operating results for 77% of
the pool. Moody's weighted average conduit LTV is 106% compared to
114% at Moody's last review. Moody's conduit component excludes
loans with credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's value reflects a
weighted average capitalization rate of 9.3%.

Moody's actual and stressed conduit DSCRs are 1.30X and 1.00X,
respectively, compared to 1.31X and 0.94X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 21% of the pool balance. The
largest loan is the Beacon Seattle and DC Portfolio Loan ($338
million -- 10.8 % of the pool). The loan represents a
participation interest in a $1.2 billion loan secured by a
portfolio of 11 office properties in Seattle, Washington,
Washington, DC, and Northern Virginia. The loan is pari passu with
five other securitizations and was originally collateralized by 17
properties and excess cash flow pledges on three additional
properties. The portfolio is also encumbered by a B-Note, which
exists outside the trust. The borrower, Beacon Capital Partners,
is actively marketing the remaining properties for sale. The most
recent property sold out of the portfolio was Plaza Center and US
Bank Tower, which sold for $186.5 million in first-quarter 2014.
Occupancy for the remaining nine properties was 77% as of December
2013. The loan was previously in special servicing but was
modified in December 2010 and returned to the master servicer in
May 2012. The loan modification included a five-year extension, a
coupon reduction along with an unpaid interest accrual feature and
a waiver of yield maintenance to facilitate property sales.
Moody's LTV and stressed DSCR are 145% and 0.71X, respectively.

The second largest loan is the PDG Portfolio Loan ($211 million --
6.7% of the pool). The loan is secured by a portfolio of 11 cross-
collateralized and cross-defaulted retail properties located in
suburban Phoenix, Arizona. The loan had been transferred to
special servicing in October 2010 due to imminent monetary
default. It was modified in November 2011, whereby the interest
rate was lowered from 5.8% to 4.25% through January 2013, at which
point the interest rate increased to 4.5% until loan maturity in
May 2017. The loan modification also included several capital
event provisions which allow for partial forgiveness of loan
principal if certain conditions are met. Performance has improved
since last review. As of December 2013 the portfolio was 70%
leased compared to 63% at last review. The loan is on the master
servicer's watchlist. Moody's LTV and stressed DSCR are 184% and
0.56X, respectively, compared to 185% and 0.56X at last review.
Moody's identified this as a troubled loan, and assumed a high
default probability.

The third largest loan is the New Crow Industrial Portfolio Loan
($97 million -- 3.1% of the pool). The loan is a portfolio of nine
cross-collateralized and cross-defaulted loans secured by nine
adjacent industrial properties located in Commerce, California, a
prominent industrial district ten miles southeast of downtown Los
Angeles. The properties are well-located near Interstate 5 and
Interstate 710. As of December 2013, the portfolio was 97% leased
compared to 91% at last review. Moody's LTV and stressed DSCR are
114% and 0.83X respectively, compared to 125% and 0.76X at last
review.


MORGAN STANLEY 1998-HF2: Fitch Affirms BB Rating on Class K Certs
-----------------------------------------------------------------
Fitch Ratings has upgraded one class and affirmed three classes of
Morgan Stanley Capital I Trust's commercial mortgage pass-through
certificates, series 1998-HF2.

Key Rating Drivers

The upgrade reflects increased credit enhancement from paydown and
defeasance.  Fitch modeled losses of 2.9% of the original pool
balance, including $27.9 million (2.6% of the original pool
balance) in realized losses to date.

As of the April 2014 distribution date, the pool's aggregate
principal balance has been reduced by 96.5% to $36.7 million from
$1.06 billion at issuance.  There are 17 loans remaining in the
pool, three of which are defeased (18% of the pool) and one is in
special servicing (2.2% of the pool).  Interest shortfalls are
currently affecting classes L through N.

The largest loan in the pool is a retail center in Pleasant Hill,
CA.  The property has been 100% occupied for the last several
years and is anchored by Staples (lease expiration Oct. 2016) and
Rite Aid (lease expiration Nov. 2016).  The year-end (YE) 2013
debt service coverage ratio (DSCR) was 1.67x and the loan is
scheduled to mature in 2018.

The largest contributor to expected losses is the specially-
serviced asset, a 9,974 square foot (sf) retail property in York,
PA.  The property was formerly occupied by a Pier 1 store and is
now fully vacant.  The special servicer is putting the note up for
auction and anticipates a sale to occur in the second quarter of
2014.

Seven of the remaining 17 loans (25.5% of the pool) are
represented by a single-tenanted property.  The second largest
loan (13.4% of the pool) is secured by a Walmart located in
Augusta, GA. Although the loan is amortizing, the lease is co-
terminous with the loan's maturity.  The remaining single-tenant
exposure consists of six drug store assets (12.1% of the pool)
including two Walgreens and four CVS stores, all located in
secondary or tertiary markets.

Rating Sensitivity

Classes J and K are expected to remain stable due to high credit
enhancement and continued expected paydown. In addition, class L,
which has previously taken losses, should be sufficient to absorb
upcoming expected losses.

Fitch upgrades the following class:

-- $17 million class J to 'AAAsf' from 'Asf', Outlook Stable.

Fitch affirms the following classes:

-- $10.6 million class K at 'BBsf', Outlook Stable;
-- $9.2 million class L at 'Dsf', RE 90%.
-- $0 class M at 'Dsf', RE 0%.

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


MORGAN STANLEY 2007-HE1: Moody's Cuts Rating on 2 Tranches to Ca
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two
tranches from Morgan Stanley ABS Capital I Inc. Trust 2007-HE1,
backed by Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2007-HE1

Cl. A-2b, Downgraded to Ca (sf); previously on Jul 15, 2010
Downgraded to Caa3 (sf)

Cl. A-2fpt, Downgraded to Ca (sf); previously on Jul 15, 2010
Downgraded to Caa3 (sf)

Ratings Rationale

The downgrades are a result of the change in principal priority
for the group 2 senior bonds from sequential-pay to pro-rata pay
upon the recent depletion of the mezzanine classes. These actions
reflect Moody's updated loss expectations on the pools.

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

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

The primary source of assumption uncertainty is the uncertainty in
Moody's central macroeconomic forecast and performance volatility
due to servicer-related issues. The unemployment rate fell from
7.5% in March 2013 to 6.7% in March 2014. Moody's forecasts an
unemployment central range of 6.5% to 7.5% for the 2014 year.
Moody's expects house prices to continue to rise in 2014.
Performance of RMBS continues to remain highly dependent on
servicer procedures. Any change resulting from servicing transfers
or other policy or regulatory change can impact the performance of
these transactions.


N-STAR REAL I: Moody's Affirms Ba3 Rating on 2 Note Classes
-----------------------------------------------------------
Moody's Investors Service has affirmed the ratings on the
following notes issued by N-Star Real Estate CDO I, Ltd.:

  $10,000,000 Class B-2 Floating Rate Senior Notes due 2038,
  Affirmed Baa1 (sf); previously on Jun 26, 2013 Downgraded to
  Baa1 (sf)

  $5,000,000 Class C-1A Floating Rate Subordinate Notes due 2038,
  Affirmed Ba3 (sf); previously on Jun 26, 2013 Downgraded to Ba3
  (sf)

  $5,000,000 Class C-1B Fixed Rate Subordinate Notes due 2038,
  Affirmed Ba3 (sf); previously on Jun 26, 2013 Downgraded to Ba3
  (sf)

Ratings Rationale

Moody's has affirmed the ratings on the transaction because its
key transaction metrics are commensurate with existing ratings.
The affirmation is the result of Moody's on-going surveillance of
commercial real estate (CRE CDO and ReRemic) transactions.

N-Star Real Estate CDO I, Ltd. is a static cash transaction backed
by a portfolio of: commercial mortgage backed securities (CMBS)
(57.3%); ii) CRE CDOs (30.5%); and iii) real estate investment
trust debt (REIT) (12.2%). As of the trustee's March 31, 2014
report, the aggregate note balance of the transaction, including
preferred shares, is $81.5 million, compared to $402 million at
issuance.

The pool contains six assets totaling $28.6 million (43.7% of the
collateral pool balance) that are listed as defaulted securities
as of the trustee's March 31, 2014 report. Four of these assets
(52% of the defaulted balance) are CMBS, two assets are CRE CDO
(48%). 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.


NOVASTAR MORTGAGE 2003-4: Moody's Ups Cl. M-3 Debt Rating to Caa2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of three
tranches from NovaStar Mortgage Funding Trust, Series 2003-4,
which is backed by Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: NovaStar Mortgage Funding Trust, Series 2003-4

Cl. M-1, Upgraded to Ba1 (sf); previously on Jun 20, 2013 Upgraded
to Ba3 (sf)

Cl. M-2, Upgraded to B3 (sf); previously on Jun 20, 2013 Upgraded
to Caa2 (sf)

Cl. M-3, Upgraded to Caa2 (sf); previously on Mar 10, 2011
Downgraded to Ca (sf)
Ratings Rationale

The upgrade actions 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 actions reflect Moody's
updated loss expectations on those pools.

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

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

The primary source of assumption uncertainty is the uncertainty in
Moody's central macroeconomic forecast and performance volatility
due to servicer-related issues. The unemployment rate fell from
7.5% in March 2013 to 6.7% in March 2014. Moody's forecasts an
unemployment central range of 6.5% to 7.5% for the 2014 year.
Moody's expects house prices to continue to rise in 2014.
Performance of RMBS continues to remain highly dependent on
servicer procedures. Any change resulting from servicing transfers
or other policy or regulatory change can impact the performance of
these transactions.


PNC MORTGAGE 2001-C1: Moody's Affirms 'C' Rating on Class L Certs
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on two classes
and affirmed the ratings on four class in PNC Mortgage Acceptance
Corp. Commercial Mortgage Pass-Through Certificates, Series 2001-
C1 as follows:

Cl. H, Upgraded to Aaa (sf); previously on Jan 10, 2014 Upgraded
to A1 (sf)

Cl. J, Upgraded to Baa3 (sf); previously on Jan 10, 2014 Upgraded
to B3 (sf)

Cl. K, Affirmed Caa3 (sf); previously on Jan 10, 2014 Upgraded to
Caa3 (sf)

Cl. L, Affirmed C (sf); previously on Jan 10, 2014 Affirmed C (sf)

Cl. X, Affirmed Caa3 (sf); previously on Jan 10, 2014 Downgraded
to Caa3 (sf)

Cl. X-1, Affirmed Caa3 (sf); previously on Jan 10, 2014 Downgraded
to Caa3 (sf)

Ratings Rationale

The ratings on two P&I classes were upgraded primarily due to
increased credit support resulting from paydowns and amortization,
as well as Moody's expectation of additional increases in credit
support resulting from the payoff of loans approaching maturity
that are well positioned for refinance. The pool has paid down by
23% since Moody's last review. In addition, loans constituting 56%
of the pool that have debt yields exceeding 10% are scheduled to
mature within the next 24 months.

The rating on P&I classes K and L were affirmed because the
ratings are consistent with Moody's expected loss. The ratings on
the IO Classes, Classes X-1 and X, were affirmed based on the
credit performance of their referenced classes.

Moody's rating action reflects a base expected loss of 5.9% of the
current balance, compared to 13.1% at Moody's last review. Moody's
base expected loss plus realized losses is now 3.4% of the
original pooled balance, compared to 3.6% at the last review.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or
weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a
significant amount of loan paydowns or amortization, an increase
in the pool's share of defeasance or an improvement in pool
performance.

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the pool, loan concentration, an
increase in realized and expected losses from specially serviced
and troubled loans or interest shortfalls.

Methodology Underlying The Rating Action

The methodologies used in this rating were "Moody's Approach to
Rating U.S. CMBS Conduit Transactions" published in September 2000
and "Moody's Approach to Rating CMBS Large Loan/Single Borrower
Transactions" published in July 2000.

Description Of Models Used

Moody's review used the excel-based CMBS Conduit Model v 2.64,
which it uses for both conduit and fusion transactions. Conduit
model results at the Aa2 (sf) level are driven by property type,
Moody's actual and stressed DSCR, and Moody's property quality
grade (which reflects the capitalization rate Moody's uses to
estimate Moody's value). Conduit model results at the B2 (sf)
level are based on a paydown analysis using the individual loan-
level Moody's LTV ratio. Moody's may consider other concentrations
and correlations in its analysis. Based on the model pooled credit
enhancement levels of Aa2 (sf) and B2 (sf), the required credit
enhancement on the remaining conduit classes are either
interpolated between these two data points or determined based on
a multiple or ratio of either of these two data points. For fusion
deals, Moody's merges the credit enhancement for loans with
investment-grade credit assessments with the conduit model credit
enhancement for an overall model result. Moody's incorporates
negative pooling (adding credit enhancement at the credit
assessment level) for loans with similar credit assessments in the
same transaction.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 4 compared to 5 at Moody's last review.

When the Herf falls below 20, Moody's uses the excel-based Large
Loan Model v 8.7 and then reconciles and weights the results from
the conduit and large loan models in formulating a rating
recommendation. The large loan model derives credit enhancement
levels based on an aggregation of adjusted loan-level proceeds
derived from Moody's loan-level LTV ratios. Major adjustments to
determining proceeds include leverage, loan structure, property
type and sponsorship. Moody's also further adjusts these
aggregated proceeds for any pooling benefits associated with loan
level diversity and other concentrations and correlations.

Deal Performance

As of the April 14, 2014 distribution date, the transaction's
aggregate certificate balance has decreased by 97% to $24.6
million from $881.6 million at securitization. The certificates
are collateralized by seven mortgage loans ranging in size from
less than 1% to 26% of the pool. One loan, constituting 18% of the
pool, has defeased and is secured by US government securities.
There are no loans that have investment-grade credit assessments.

One loan, constituting 21% of the pool, is on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews
the watchlist to assess which loans have material issues that
could affect performance.

Sixteen loans have been liquidated from the pool, resulting in an
aggregate realized loss of $28.9 million (for an average loss
severity of 29%). There are currently no loans in special
servicing.

Moody's has assumed a high default probability for one poorly
performing loans and has estimated an modest loss from this
troubled loan.

Moody's received full year 2012 operating results for 83% of the
pool, and full or partial year 2013 operating results for 67% of
the pool. Moody's weighted average conduit LTV is 71% compared to
73% at Moody's last review. Moody's conduit component excludes
loans with credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 11% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.5%.

Moody's actual and stressed conduit DSCRs are 1.15X and 1.55X,
respectively, compared to 1.17X and 1.60X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 62% of the pool balance. The
largest loan is The Tuscany at Goldmark Apartments Loan ($6.3
million -- 25.5% of the pool), which is secured by a 152-unit
apartment complex located in Dallas, Texas. As of February 2014,
the property was 97% leased compared to 99% as of October 2013.
Property performance remains stable. Moody's LTV and stressed DSCR
are 74% and 1.40X, respectively, compared to 74% and 1.38X at last
review.

The second largest loan is the Barry Town Center Loan ($5.3
million -- 21.4% of the pool), which is secured by a 138,000
square foot (SF) retail center located in Kansas City, Missouri.
As of September 2013, the property was 57% leased, however it is
only 22% occupied (Babies R Us). Dicks Sporting Good's, which
leases the 35% of the NRA (January 2015 lease expiration), has
vacated the center but has indicated its intention to pay rent
through its lease term. The loan is on the master servicers
watchlist due to low occupancy. Moody's has identified this as a
troubled loan. Moody's LTV and stressed DSCR are 153% and 0.67X,
respectively, compared to 158% and 0.65X at last review.

The third largest loan is the Best Buy Loan ($3.7 million -- 14.9%
of the pool), which is secured by a freestanding Best Buy store
totaling 50,000 SF located in Roanoke, Virginia. The Best Buy
lease expires five years after the loan matures. Moody's value is
based on a dark-lit analysis. Moody's LTV and stressed DSCR are
80% and 1.28X, respectively, compared to 98% and 1.05X at last
review.


SANDERS RE 2014-1: S&P Assigns Prelim. BB Rating on 2 Note Classes
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
'BB+(sf)' preliminary rating to the Series 2014-1 Class A notes
and Class B notes and its 'BB(sf)' preliminary rating to the
Series 2014-1 class C and Class D notes to be issued by Sanders Re
Ltd.  The notes cover losses in the covered area from named storms
and earthquakes (including fire following) on a per-occurrence
basis.  S&P understands from Sanders Re the Class A notes are
currently not being marketed, though they may be in the future.
Whether or not they are issued has no impact on S&P's ratings on
the Class B, C, and D notes.

The preliminary rating is based on the lower of the rating on the
catastrophe risk ('BB+' for the Class A and Class B notes, 'BB'
for the Class C and Class D notes); the rating on the assets in
the reinsurance trust account ('AAAm'); and the risk of nonpayment
by the ceding company, Allstate Insurance Co. and various
affiliates.

The probability of attachment used to determine the nat-cat risk
factor combined the warm-sea surface temperature for hurricanes
and the time-independent analysis for earthquakes.  An additional
stress was included in the calculation of this curve, increasing
the original modeled results.  In addition, for each reset, S&P
assumed the maximum probability of attachment as permitted by the
variable reset feature.  This feature was not included in the
Sanders Re 2013-1 notes and may result in differing nat-cat risk
factors between issuances with similar attachment levels.

The Class A notes will cover a percentage of losses between the
initial attachment level of $4.18 billion and the initial
exhaustion level of $4.33 billion.  The Class B notes will cover a
percentage of losses between the initial attachment level of $3.83
billion and the initial exhaustion level of $4.18 billion.  The
Class C notes will cover a percentage of losses between the
initial attachment level of $3.499 billion and the initial
exhaustion level of $3.83 billion.  The Class D notes will cover a
percentage of losses between the initial attachment level of
$2.954 billion and the initial exhaustion level of $3.436 billion.

RATINGS LIST

Sanders Re Ltd.
Series 2014-I Notes
  Class A                              BB+(sf) (prelim)
  Class B                              BB+(sf) (prelim)
  Class C                              BB(sf) (prelim)
  Class D                              BB(sf) (prelim)


SLM STUDENT 2003-10: Fitch Assigns 'BB' Rating on Class B Notes
---------------------------------------------------------------
Fitch Ratings affirms both the senior and subordinate student loan
notes at 'AAAsf' issued by SLM Student Loan Trust 2003-10.  The
Rating Outlook remains Stable for both classes.

Key Rating Drivers

High Collateral Quality: The trust collateral consists of 100% of
Federal Family Education Loan Program (FFELP) loans.  The credit
quality of the trust collateral is high, in Fitch's opinion, based
on the guarantees provided by the transaction's eligible
guarantors and reinsurance provided by the U.S. Department of
Education (ED) for at least 97% of principal and accrued interest.
On March 24, 2014, Fitch affirmed the U.S. sovereign rating at
'AAA' and assigned a Stable Outlook.

Sufficient Credit Enhancement (CE): The trust has relatively high
expenses due to the notes being either auction rate or reset rate
notes.  While both the senior and subordinate notes will benefit
from future excess spread, the senior notes also benefit from
subordination provided by the class B note.  As of February 2014,
total parity is 100.00% and senior parity is 104.11% (3.94% CE).
Cash is being released from the trust given that the 100% total
parity is maintained.

Adequate Liquidity Support: Liquidity support is provided by a
reserve account.  The reserve is sized equal to the greater of
0.25% of the pool balance, and $3,012,925.

Acceptable Servicing Capabilities: Sallie Mae Inc., as servicer,
is responsible for servicing the trust.  Fitch believes Sallie Mae
is an acceptable servicer of FFELP student loans.

Rating Sensitivities

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

Fitch takes the following rating actions as indicated:

SLM Student Loan Trust 2003-10:

-- Class A-1A affirmed at 'AAAsf'; Outlook Stable;
-- Class A-1B affirmed at 'AAAsf'; Outlook Stable;
-- Class A-1C affirmed at 'AAAsf'; Outlook Stable;
-- Class A-1D affirmed at 'AAAsf'; Outlook Stable;
-- Class A-1E affirmed at 'AAAsf'; Outlook Stable;
-- Class A-1F affirmed at 'AAAsf'; Outlook Stable;
-- Class A-1G affirmed at 'AAAsf'; Outlook Stable;
-- Class A-1H affirmed at 'AAAsf'; Outlook Stable;
-- Class A-2 affirmed at 'AAAsf'; Outlook Stable;
-- Class A-3 affirmed at 'AAAsf'; Outlook Stable;
-- Class A-4 affirmed at 'AAAsf'; Outlook Stable;
-- Class B affirmed at 'BBsf'; Outlook Stable.


TALMAGE STRUCTURED 2006-4: Moody's Ups Cl. C Notes Rating to Caa1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Talmage Structured Real Estate Funding
2006-4, Ltd.

Cl. A-2, Upgraded to Baa3 (sf); previously on Jul 10, 2013
Affirmed B3 (sf)

Cl. B, Upgraded to Ba2 (sf); previously on Jul 10, 2013 Affirmed
Caa3 (sf)

Cl. C, Upgraded to Caa1 (sf); previously on Jul 10, 2013 Affirmed
C (sf)

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

Cl. D, Affirmed C (sf); previously on Jul 10, 2013 Affirmed C (sf)

Cl. E, Affirmed C (sf); previously on Jul 10, 2013 Affirmed C (sf)

Cl. F, Affirmed C (sf); previously on Jul 10, 2013 Affirmed C (sf)

Cl. G, Affirmed C (sf); previously on Jul 10, 2013 Affirmed C (sf)

Cl. H, Affirmed C (sf); previously on Jul 10, 2013 Affirmed C (sf)

Cl. J, Affirmed C (sf); previously on Jul 10, 2013 Affirmed C (sf)

Cl. K, Affirmed C (sf); previously on Jul 10, 2013 Affirmed C (sf)

Ratings Rationale

Moody's has upgraded the ratings on the transaction due to the
rapid amortisation of a material percentage of high credit risk
collateral, since last review. Moody's has affirmed the ratings on
the transaction because its key transaction metrics are
commensurate with existing ratings. The actions are the result of
Moody's on-going surveillance of commercial real estate
collateralized debt obligation (CRE CDO CLO) transactions.

Talmage Structured Real Estate Funding 2006-4, Ltd. is a currently
static (the re-investment period ended in February, 2012) cash
transaction backed by a portfolio of: i) b-notes and rake bonds
(34.9% of the pool balance, including rake bonds); ii) CRE CDOs
(25.6%) ii) whole loans (24.0%); and iii) asset backed securities
(ABS) (15.5%). As of the March 25, 2014 trustee report, the
aggregate note balance of the transaction is $209.3 million
compared to $506.0 million at issuance; due to a combination of
pre-payments and regular amortisation, recoveries from defaulted
collateral, and principal proceeds resulting from the failure of
certain par value and interest coverage tests.

Nine assets with a par balance of $127.1 million (65.6% of the
pool balance) were listed as impaired securities as of the March
25, 2014 Trustee Report. Moody's expects moderate/high losses to
occur on these assets once they are realized.

Moody's has identified the following as key indicators of the
expected loss in CRE CDO transactions: the weighted average rating
factor (WARF), the weighted average life (WAL), the weighted
average recovery rate (WARR), and Moody's asset correlation (MAC).
Moody's typically models these 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 updated its assessments for the collateral it does not
rate. The rating agency modeled a bottom-dollar WARF of 7068,
compared to 7096 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follow: B1-B3 (31.8% compared to 27.6% at last
review); and Caa1-Ca/C (68.2% compared to 72.4% at last review).

Moody's modeled a WAL of 1.4 years, compared to 1.9 years at last
review. The current WAL is based on assumptions about extensions
on the underlying loans.

Moody's modeled a fixed WARR of 16.6%, compared to 14.9% at last
review.

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

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's
Approach to Rating SF CDOs" published in March 2014.

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

The performance of the notes is subject to uncertainty, because it
is sensitive to the performance of the underlying portfolio, which
in turn depends on economic and credit conditions that are subject
to 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 to any one or more of the
key parameters could have rating implications for some of the
rated notes, although a change in one key parameter assumption
could be offset by a change in one or more of the other key
parameter assumptions. The rated notes are particularly sensitive
to changes in the recovery rates of the underlying collateral and
credit assessments. In addition, the rated notes are sensitive to
changes in collateral coupon. Increasing the recovery rates of
collateral pool by 10.0% to 26.6% would result in an average
modeled rating movement on the rated notes of zero to four notches
upward (e.g., one notch upward implies a ratings movement of Ba1
to Baa3). Decreasing the recovery rates by 10.0% to 6.6% would
result in an average modeled rating movement on the rated notes of
0 to 2 notches downward (e.g., one notch downward implies a rating
movement of Baa3 to Ba1).

The primary sources of uncertainty in Moody's assumptions are the
extent of growth in the current macroeconomic environment given
the weak recovery and commercial real estate property markets.
Commercial real estate property values continue to improve
modestly, 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, sustained growth will not be possible until investment
increases steadily for a significant period, non-performing
properties are cleared from the pipeline and fears of a euro area
recession abate.


THL CREDIT 2014-1: Moody's Rates $33.5MM Class E Notes 'Ba3'
------------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by THL Credit Wind River 2014-1 CLO Ltd.:

$369,250,000 Class A Senior Secured Floating Rate Notes due 2026
(the "Class A Notes"), Definitive Rating Assigned Aaa (sf)

$55,500,000 Class B-1 Senior Secured Floating Rate Notes due 2026
(the "Class B-1 Notes"), Definitive Rating Assigned Aa2 (sf)

$15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2026
(the "Class B-2 Notes"), Definitive Rating Assigned Aa2 (sf)

$54,000,000 Class C Secured Deferrable Floating Rate Notes due
2026 (the "Class C Notes"), Definitive Rating Assigned A2 (sf)

$31,500,000 Class D Secured Deferrable Floating Rate Notes due
2026 (the "Class D Notes"), Definitive Rating Assigned Baa3 (sf)

$33,500,000 Class E Secured Deferrable Floating Rate Notes due
2026 (the "Class E Notes"), Definitive Rating Assigned Ba3 (sf)

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

Ratings Rationale

Moody's ratings of the Rated Notes address the expected losses
posed to noteholders. The 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.

THL Credit Wind River 2014-1 is a managed cash flow CLO. The
issued notes will be collateralized primarily by broadly
syndicated first lien senior secured corporate loans. At least
90.0% of the portfolio must consist of senior secured loans, cash,
and eligible investments, and up to 10.0% of the portfolio may
consist, in the aggregate, of senior secured notes, bonds, second
lien loans and senior unsecured loans. The underlying portfolio is
expected to be approximately 60% ramped as of the closing date.

THL Credit Senior Loan Strategies 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.


VENTURE VIII CDO: Moody's Raises Rating on Class E Notes to Ba3
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Venture VIII CDO, Limited:

$4,500,000 Class A-1B Senior Notes Due 2021, Upgraded to Aaa
(sf); previously on September 13, 2011 Upgraded to Aa1 (sf);

$47,675,000 Class A-2B Senior Notes Due 2021, Upgraded to Aaa
(sf); previously on September 13, 2011 Upgraded to Aa1 (sf);

$50,000,000 Class A-3 Senior Notes Due 2021, Upgraded to Aaa
(sf); previously on September 13, 2011 Confirmed at Aa1 (sf);

$46,500,000 Class B Senior Notes Due 2021, Upgraded to Aa2 (sf);
previously on September 13, 2011 Upgraded to A1 (sf);

$50,000,000 Class C Deferrable Mezzanine Notes Due 2021, Upgraded
to Baa1 (sf); previously on September 13, 2011 Upgraded to Baa2
(sf);

$24,000,000 Class E Deferrable Junior Notes Due 2021, Upgraded to
Ba3 (sf); previously on September 13, 2011 Upgraded to B1 (sf).

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

$106,250,000 Class A-1A Senior Revolving Notes Due 2021, Affirmed
Aaa (sf); previously on June 28, 2007 Assigned Aaa (sf);

$429,075,000 Class A-2A Senior Notes Due 2021, Affirmed Aaa (sf);
previously on June 28, 2007 Assigned Aaa (sf);

$32,500,000 Class D Deferrable Mezzanine Notes Due 2021, Affirmed
Ba2 (sf); previously on September 13, 2011 Upgraded to Ba2 (sf).

Venture VIII CDO, Limited, issued in June 2007, is a
collateralized loan obligation (CLO) backed primarily by a
portfolio of senior secured loans. The transaction's reinvestment
period will end in July 2014.

Ratings Rationale

These rating actions reflect the benefit of the short period of
time remaining before the end of the deal's reinvestment period in
July 2014. In light of the reinvestment restrictions during the
amortization period, and therefore the limited ability of the
manager to effect significant changes to the current collateral
pool, Moody's analyzed the deal assuming a higher likelihood that
the collateral pool characteristics will maintain a positive
buffer relative to certain covenant requirements. In particular,
Moody's assumed that the deal will benefit from higher spread and
diversity score compared to covenant levels. Moody's modeled a
weighted average spread of 4.14% compared to a covenant of 1.85%
and diversity score of 109 compared to a covenant of 85.
Furthermore, the transaction's reported OC ratios have been
stable.


VOYA CLO 2014-2: Moody's Assigns '(P)Ba3' Rating on Class D Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to six
classes of notes to be issued by Voya CLO 2014-2, Ltd.:

$320,000,000 Class A-1 Floating Rate Notes due 2026 (the "Class
A-1 Notes"), Assigned (P)Aaa (sf)

$57,250,000 Class A-2 Floating Rate Notes due 2026 (the "Class A-
2 Notes"), Assigned (P)Aa2 (sf)

$25,000,000 Class B Deferrable Floating Rate Notes due 2026 (the
"Class B Notes"), Assigned (P)A2 (sf)

$32,750,000 Class C Deferrable Floating Rate Notes due 2026 (the
"Class C Notes"), Assigned (P)Baa3 (sf)

$28,375,000 Class D Deferrable Floating Rate Notes due 2026 (the
"Class D Notes"), Assigned (P)Ba3 (sf)

$5,000,000 Class E Deferrable Floating Rate Notes due 2026 (the
"Class E Notes"), Assigned (P)B2 (sf)

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

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

Ratings Rationale

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

Voya 2014-2 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 and eligible investments, and up
to 10% of the portfolio may consist of second lien loans. The
underlying portfolio is expected to be at least 80% ramped as of
the closing date.

Voya Alternative Asset Management 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.


WACHOVIA BANK 2007-WHALE 8: Moody's Affirms 'C' Rating on 2 Certs
-----------------------------------------------------------------
Moody's Investors Service affirmed the ratings on nine classes of
Wachovia Bank Commercial Trust, Commercial Mortgage Pass-Through
Certificates, Series 2007-Whale 8.

Cl. A-1, Affirmed Aaa (sf); previously on Jun 13, 2013 Affirmed
Aaa (sf)

Cl. A-2, Affirmed Baa1 (sf); previously on Jun 13, 2013 Affirmed
Baa1 (sf)

Cl. B, Affirmed Ba1 (sf); previously on Jun 13, 2013 Downgraded to
Ba1 (sf)

Cl. FSN-1, Affirmed C (sf); previously on Jun 13, 2013 Affirmed C
(sf)

Cl. FSN-2, Affirmed C (sf); previously on Jun 13, 2013 Affirmed C
(sf)

Cl. LXR-1, Affirmed Caa1 (sf); previously on Jun 13, 2013 Affirmed
Caa1 (sf)

Cl. LXR-2, Affirmed Caa3 (sf); previously on Jun 13, 2013 Affirmed
Caa3 (sf)

Cl. LP-3, Affirmed Caa3 (sf); previously on Jun 13, 2013 Affirmed
Caa3 (sf)

Cl. X-1B, Affirmed Ba3 (sf); previously on Jun 13, 2013 Affirmed
Ba3 (sf)

Ratings Rationale

The ratings on the three pooled P&I classes (Classes A-1, A-2, and
B) were affirmed because the transaction's key metrics, including
Moody's loan-to-value (LTV) ratio and Moody's stressed debt
service coverage ratio (DSCR), are within acceptable ranges.

The ratings on the five rake bond classes (Classes FSN-1, FSN-2,
LXR-1, LXR-2, and LP-3) were affirmed because the ratings are
consistent with Moody's expected loss.

The rating on the interest only (IO) class was affirmed based on
the calculation of the weighted average rating factor or WARF of
the referenced classes. Moody's does not rate pooled classes C, D,
E, F, G, H, J, K, and L, which provide additional credit support
for the pool.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or
weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a
significant amount of loan paydowns or amortization, an increase
in defeasance in the pool or an improvement in pool performance.

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the pool, an increase in loan
concentration, an increase in expected losses from specially
serviced and troubled loans or interest shortfalls.

Methodology Underlying The Rating Action

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

Description Of Models Used

Moody's review incorporated the use of the excel-based Large Loan
Model v 8.7. The large loan model derives credit enhancement
levels based on an aggregation of adjusted loan-level proceeds
derived from Moody's loan-level LTV ratios. Major adjustments to
determining proceeds include leverage, loan structure, property
type and sponsorship. Moody's also further adjusts these
aggregated proceeds for any pooling benefits associated with loan
level diversity and other concentrations and correlations.

Deal Performance

As of the April 17, 2014 Payment Date, the transaction's aggregate
certificate balance decreased by approximately 18% from last
review to $1.03 billion. The Certificates are collateralized by
five floating rate whole loans and senior interests in whole
loans. The loans range in size from 5% to 68% of the pooled
balance. All of the loans have additional debt in the form of a
non-pooled or rake bond within the trust, B note or mezzanine debt
outside of the trust. The pool's Herfindahl Index is 2.0.

Moody's weighted average pooled LTV ratio is 95% and Moody's
weighted average DSCR for the pooled trust debt is 0.91X. Moody's
weighted average LTV for the trust, including the rake bonds, is
110% and Moody's weighted average stressed debt service coverage
ratio (DSCR) for the trust, including the rake bonds, is 0.78X.
Pooled Classes F, G, H, J, K, and L, as well as rake Classes FSN-1
and FSN-2 have incurred interest shortfalls totaling approximately
$1.9 million as of the current Payment date. Various rake classes
have suffered losses totaling $516,380 as of the same Payment
Period.

The largest loan in the pool is secured by fee interests in LXR
Hospitality Pool Loan ($599 million, or 68% of the pooled balance
plus $124 million of non-pooled, or rake bonds within the trust).
The remaining hotels include eight properties located in Arizona,
Florida, Puerto Rico, and Jamaica. The Park Shore Waikiki, HI,
Golden Door Spa in San Marcos, CA, Miami Beach Resort & Spa, FL,
Wyndham Garden LaGuardia, NY, and The London West Hollywood, CA
have been released to date. The sponsor is The Blackstone Group.
There is additional debt in the form of non-trust junior component
and mezzanine debt outside the trust.

The previous special servicer (Bank of America, N.A.) completed a
Forbearance Extension and Property Disposition Cooperation
Agreement in September 2012. The plan provides for principal pay
down from sale or refinance in the total amount of $447.45 million
by May 9, 2014, and full repayment of the mortgage debt on
September 9, 2014. The borrower has requested an additional time
and modification to the existing forbearance agreement at this
time. The current special servicer (Key Bank, National
Association) is in discussions with the borrower.

The remaining portfolio's EBITDA after management fee but before
FF&E for year-end 2013 was $72.9 million, up from $64.4 million
achieved in 2012. The El Conquistador Golf Resort & Casino and The
Boulders Resort properties showed the two biggest increases
whereas The Buena Vista Palace and the El San Juan Hotel & Casino
hotels registered declines between 2012 and 2013. Moody's LTV for
the pooled portion is 87%, and including rakes is 105%.

The Longhouse Hospitality Pool Loan ($137 million, or 15% of
pooled balance plus $15 million of rake bonds within the trust) is
secured by cross-collateralized and cross-defaulted 42 extended-
hotel properties totaling 5,600 guestrooms. The sponsors are
Westmont Hospitality Group and Mount Kellett Capital Management
LP. The loan was transferred to special servicing in May 2012, and
the forbearance period has been extended through June 9, 2014. The
borrower has requested additional time and a modification to the
existing forbearance agreement at this time. The current special
servicer (Wells Fargo) is in discussions with the borrower.

The portfolio's NCF for the trailing 12-month period ending
February 2014 was $12.3 million, up from $9.6 million achieved
during the trailing 12-month period ending April 2013. Moody's LTV
for the pooled portion is 108%, including rakes is 120%.

The Four Seasons Nevis Loan ($51 million, 6% of the pooled
balance) was transferred to special servicing in October 2008 when
it was damaged by Hurricane Omar. The trust foreclosed on the
property on May 27, 2010, and the property's status is REO. The
outstanding advances on this loan are approximately $46 million
including renovation dollars, operating shortfalls and other
expenses.


WFRBS COMMERCIAL 2013-C13: Fitch Affirms B Rating on Class F Certs
------------------------------------------------------------------
Fitch Ratings has affirmed 13 classes of WFRBS Commercial Mortgage
Trust commercial mortgage pass-through certificates series 2013-
C13.

Key Rating Drivers

Fitch's affirmations are based on the stable performance of the
underlying collateral pool.  There have been no delinquent or
specially serviced loans since issuance.  Fitch reviewed the most
recently available quarterly financial performance of the pool as
well as updated rent rolls for the top 15 loans, which represent
53.3% of the transaction.

As of the April 2014 distribution date, the pool's aggregate
principal balance has been reduced by 0.9% to $868.9 million from
$876.7 million at issuance.

The largest loan in the pool (10%) is secured by two office
buildings located in San Francisco, CA.  As of Dec. 31, 2013,
average occupancy and debt service coverage ratio (DSCR) were a
reported 96.8% and 1.71x respectively.  Amazon is the largest
tenant, occupying approximately 40% of NRA.

The second largest loan in the pool (9.8%) is secured by an
188,646-sf, 42-story office tower located in Charlotte, NC.  The
property now serves as the East Coast headquarters of Wells Fargo
Bank (69.5% of NRA; lease expires Dec. 31, 2021).  As of June
2013, occupancy and DSCR were a reported 97.6% and 1.87x
respectively.

Rating Sensitivity

The Rating Outlooks remain Stable for all classes.  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.

Fitch affirms the following classes:

-- $48.3 million class A-1 at 'AAAsf', Outlook Stable;
-- $79.5 million class A-2 at 'AAAsf', Outlook Stable;
-- $200 million class A-3 at 'AAAsf', Outlook Stable;
-- $206.5 million class A-4 at 'AAAsf', Outlook Stable;
-- $71.5 million class A-SB at 'AAAsf', Outlook Stable;
-- $91 million class A-S at 'AAAsf', Outlook Stable;
-- $51.5 million class B at 'AA-sf', Outlook Stable;
-- $29.6 million class C at 'A-sf', Outlook Stable;
-- $696.8 million interest only class X-A at 'AAAsf'; Outlook
   Stable;
-- $81.1 million interest only class X-B at 'A-sf'; Outlook
   Stable;
-- $32.9 million class D at 'BBB-sf', Outlook Stable;
-- $15.3 million class E at 'BBsf', Outlook Stable;
-- $16.4 million class F at 'Bsf', Outlook Stable.

Fitch does not rate the class G or the interest only class X-C
certificates.


* Moody's Takes Action on $2.5BB RMBS Issued From 2005-2007
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 78 tranches
and downgraded the ratings of two tranches from 22 subprime RMBS
transactions, which are all backed by Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: Aegis Asset Backed Securities Trust 2005-4

Cl. IA4, Upgraded to A3 (sf); previously on Jul 18, 2011
Downgraded to Baa1 (sf)

Cl. IIA, Upgraded to A3 (sf); previously on Jul 18, 2011
Downgraded to Baa1 (sf)

Cl. M1, Upgraded to B1 (sf); previously on Jul 18, 2011 Downgraded
to Caa1 (sf)

Cl. M2, Upgraded to Caa2 (sf); previously on Sep 19, 2012
Downgraded to Ca (sf)

Issuer: Asset Backed Securities Corporation Home Equity Loan Trust
2005-HE4

Cl. M5, Upgraded to B1 (sf); previously on Mar 14, 2013 Upgraded
to B3 (sf)

Cl. M6, Upgraded to Caa2 (sf); previously on Mar 14, 2013 Upgraded
to Ca (sf)

Issuer: Asset Backed Securities Corporation Home Equity Loan Trust
2005-HE6

Cl. M4, Upgraded to Ba2 (sf); previously on Feb 26, 2013 Upgraded
to Ba3 (sf)

Cl. M5, Upgraded to B3 (sf); previously on Feb 26, 2013 Affirmed
Caa2 (sf)

Issuer: Asset Backed Securities Corporation Home Equity Loan Trust
2006-HE4

Cl. A1A, Upgraded to Baa2 (sf); previously on Jul 11, 2013
Upgraded to Baa3 (sf)

Cl. A2, Upgraded to Baa2 (sf); previously on Aug 14, 2012 Upgraded
to Ba1 (sf)

Cl. A5, Upgraded to Ba1 (sf); previously on Jul 11, 2013 Upgraded
to Ba3 (sf)

Cl. A6, Upgraded to Ba3 (sf); previously on Jul 11, 2013 Upgraded
to B2 (sf)

Issuer: Asset Backed Securities Corporation Home Equity Loan Trust
NC 2005-HE8

M1, Upgraded to Baa3 (sf); previously on Jul 11, 2013 Upgraded to
Ba1 (sf)

M2, Upgraded to B3 (sf); previously on Jul 11, 2013 Upgraded to
Caa2 (sf)

M3, Upgraded to Caa3 (sf); previously on Dec 3, 2010 Downgraded to
C (sf)

Issuer: GSAMP Trust 2007-HSBC1

Cl. M-1, Upgraded to Ba1 (sf); previously on Nov 4, 2013 Upgraded
to Ba3 (sf)

Cl. M-2, Upgraded to Ba3 (sf); previously on Nov 4, 2013 Upgraded
to B3 (sf)

Cl. M-3, Upgraded to B2 (sf); previously on Nov 4, 2013 Upgraded
to Caa2 (sf)

Cl. M-4, Upgraded to Caa2 (sf); previously on Nov 4, 2013 Upgraded
to Ca (sf)

Cl. M-5, Upgraded to Ca (sf); previously on Jun 21, 2010
Downgraded to C (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp. 2005-FRE1

Cl. AI, Upgraded to Ba1 (sf); previously on Aug 9, 2012 Confirmed
at Ba3 (sf)

Cl. AII-F-3, Upgraded to Ba2 (sf); previously on Jul 14, 2010
Downgraded to B1 (sf)

Cl. AII-F-4, Upgraded to Ba2 (sf); previously on Jul 14, 2010
Downgraded to B1 (sf)

Cl. AII-V-3, Upgraded to B1 (sf); previously on Aug 9, 2012
Confirmed at B3 (sf)

Cl. M-1, Upgraded to Caa3 (sf); previously on Aug 9, 2012
Confirmed at C (sf)

Issuer: J.P. Morgan Mortgage Acquisition Trust 2006-CH1

Cl. A-1, Upgraded to Baa3 (sf); previously on Jul 11, 2013
Upgraded to Ba2 (sf)

Cl. A-4, Upgraded to Baa1 (sf); previously on Jul 11, 2013
Upgraded to Baa2 (sf)

Cl. A-5, Upgraded to Baa3 (sf); previously on Jul 11, 2013
Upgraded to Ba2 (sf)

Cl. M-1, Upgraded to B1 (sf); previously on Jul 11, 2013 Upgraded
to Caa1 (sf)

Cl. M-2, Upgraded to Caa2 (sf); previously on Jul 11, 2013
Upgraded to Ca (sf)

Cl. M-3, Upgraded to Caa3 (sf); previously on Jul 14, 2010
Downgraded to C (sf)

Cl. M-4, Upgraded to Ca (sf); previously on Jul 14, 2010
Downgraded to C (sf)

Issuer: J.P. Morgan Mortgage Acquisition Trust 2007-CH1, Asset-
Backed Pass-Through Certificates, Series 2007-CH1

Cl. MV-1, Upgraded to Baa3 (sf); previously on Jul 11, 2013
Upgraded to Ba1 (sf)

Cl. MV-2, Upgraded to Ba2 (sf); previously on Jul 11, 2013
Upgraded to B2 (sf)

Cl. MV-3, Upgraded to B1 (sf); previously on Jul 11, 2013 Upgraded
to Caa1 (sf)

Cl. MV-4, Upgraded to Caa1 (sf); previously on Jul 11, 2013
Upgraded to Caa3 (sf)

Cl. MV-5, Upgraded to Caa2 (sf); previously on Jul 14, 2010
Downgraded to C (sf)

Cl. MV-6, Upgraded to Caa3 (sf); previously on Jul 14, 2010
Downgraded to C (sf)

Cl. MV-7, Upgraded to Caa3 (sf); previously on Jun 12, 2009
Downgraded to C (sf)

Issuer: J.P. Morgan Mortgage Acquisition Trust 2007-CH2, Asset-
Backed Pass-Through Certificates, Series 2007-CH2

Cl. AF-2, Downgraded to Ca (sf); previously on Jul 14, 2010
Downgraded to Caa3 (sf)

Cl. AF-6, Downgraded to Ca (sf); previously on Jul 14, 2010
Downgraded to Caa3 (sf)

Cl. AV-1, Upgraded to Ba1 (sf); previously on Jul 11, 2013
Upgraded to B1 (sf)

Cl. AV-3, Upgraded to B1 (sf); previously on Jul 11, 2013 Upgraded
to B3 (sf)

Cl. AV-4, Upgraded to Caa1 (sf); previously on Jul 11, 2013
Upgraded to Caa2 (sf)

Cl. AV-5, Upgraded to Caa1 (sf); previously on Jul 11, 2013
Upgraded to Caa2 (sf)

Cl. MV-1, Upgraded to Ca (sf); previously on Jul 14, 2010
Downgraded to C (sf)

Issuer: Merrill Lynch Mortgage Investors Trust 2006-FF1

Cl. M-1, Upgraded to Baa2 (sf); previously on Jul 31, 2013
Upgraded to Ba2 (sf)

Cl. M-2, Upgraded to Ba1 (sf); previously on Jul 31, 2013 Upgraded
to B1 (sf)

Cl. M-3, Upgraded to Ba3 (sf); previously on Jul 31, 2013 Upgraded
to B3 (sf)

Cl. M-4, Upgraded to B2 (sf); previously on Jul 31, 2013 Upgraded
to Caa1 (sf)

Cl. M-5, Upgraded to Caa1 (sf); previously on Jul 31, 2013
Upgraded to Caa3 (sf)

Cl. M-6, Upgraded to Ca (sf); previously on Mar 17, 2009
Downgraded to C (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-HE1

Cl. M-2, Upgraded to B2 (sf); previously on Jul 15, 2010
Downgraded to Caa1 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2006-HE3

Cl. A-1, Upgraded to B3 (sf); previously on Sep 12, 2012 Confirmed
at Caa2 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2006-NC3

Cl. A-1, Upgraded to B2 (sf); previously on Dec 28, 2010 Upgraded
to Caa1 (sf)

Cl. A-2c, Upgraded to B3 (sf); previously on Dec 28, 2010 Upgraded
to Caa1 (sf)

Cl. A-2d, Upgraded to Caa2 (sf); previously on Jul 15, 2010
Downgraded to Ca (sf)

Issuer: Morgan Stanley Capital I Inc. Trust 2006-HE1

Cl. A-3, Upgraded to Ba3 (sf); previously on Dec 28, 2010 Upgraded
to B3 (sf)

Cl. A-4, Upgraded to Caa2 (sf); previously on Jul 15, 2010
Downgraded to Ca (sf)

Issuer: New Century Home Equity Loan Trust 2005-3

Cl. M-3, Upgraded to Ba2 (sf); previously on Aug 2, 2013 Upgraded
to B1 (sf)

Cl. M-4, Upgraded to B3 (sf); previously on Aug 2, 2013 Upgraded
to Caa2 (sf)

Cl. M-5, Upgraded to Caa3 (sf); previously on Jun 1, 2010
Downgraded to C (sf)

Issuer: NovaStar Mortgage Funding Trust 2005-3

Cl. M-1, Upgraded to Baa2 (sf); previously on Jul 31, 2013
Upgraded to Ba2 (sf)

Cl. M-2, Upgraded to B1 (sf); previously on Jul 31, 2013 Upgraded
to Caa1 (sf)

Cl. M-3, Upgraded to Caa3 (sf); previously on Aug 20, 2012
Confirmed at C (sf)

Issuer: NovaStar Mortgage Funding Trust, Series 2005-1

Cl. M-4, Upgraded to Baa2 (sf); previously on Jul 11, 2013
Upgraded to Ba1 (sf)

Cl. M-5, Upgraded to B2 (sf); previously on Jul 11, 2013 Upgraded
to Caa1 (sf)

Cl. M-6, Upgraded to Caa3 (sf); previously on Aug 20, 2012
Confirmed at C (sf)

Issuer: NovaStar Mortgage Funding Trust, Series 2005-4

Cl. A-2D, Upgraded to Baa2 (sf); previously on Jul 11, 2013
Upgraded to Ba1 (sf)

Cl. M-1, Upgraded to B1 (sf); previously on Jul 11, 2013 Upgraded
to Caa1 (sf)

Cl. M-2, Upgraded to Caa3 (sf); previously on Jul 14, 2010
Downgraded to C (sf)

Issuer: Soundview Home Loan Trust 2006-2

Cl. A-4, Upgraded to A3 (sf); previously on Jul 11, 2013 Upgraded
to Baa2 (sf)

Cl. M-1, Upgraded to Ba3 (sf); previously on Jul 11, 2013 Upgraded
to B2 (sf)

Cl. M-2, Upgraded to Caa2 (sf); previously on Jul 11, 2013
Upgraded to Ca (sf)

Issuer: Structured Asset Investment Loan Trust 2005-10

Cl. A1, Upgraded to B3 (sf); previously on Aug 21, 2013 Upgraded
to Caa1 (sf)

Cl. A2, Upgraded to Caa1 (sf); previously on Apr 12, 2010
Downgraded to Caa2 (sf)

Cl. A6, Upgraded to B3 (sf); previously on Aug 21, 2013 Upgraded
to Caa1 (sf)

Issuer: Terwin Mortgage Trust, Series TMTS 2005-6HE

Cl. M-3, Upgraded to A3 (sf); previously on Jul 15, 2011
Downgraded to Baa1 (sf)

Cl. M-4, Upgraded to Ba3 (sf); previously on Jul 15, 2011
Downgraded to B3 (sf)

Cl. M-5, Upgraded to Ca (sf); previously on Jul 15, 2011
Downgraded to C (sf)

Ratings Rationale

The upgrade actions 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 downgrade actions of Cl. AF-2
and AF-6 from J.P. Morgan Mortgage Acquisition Trust 2007-CH2 are
primarily a result of the change in principal priority for the
group 1 senior bonds from sequential-pay to pro-rata pay upon the
recent depletion of the group 1 mezzanine classes. The actions
reflect Moody's updated loss expectations on those pools.

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

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

The primary source of assumption uncertainty is the uncertainty in
our central macroeconomic forecast and performance volatility due
to servicer-related issues. The unemployment rate fell from 7.5%
in March 2013 to 6.7% in March 2014. Moody's forecasts an
unemployment central range of 6.5% to 7.5% for the 2014 year.
Moody's expects house prices to continue to rise in 2014.
Performance of RMBS continues to remain highly dependent on
servicer procedures. Any change resulting from servicing transfers
or other policy or regulatory change can impact the performance of
these transactions.


* Moody's Takes Action on $790MM RMBS Issued From 2004-2006
-----------------------------------------------------------
Moody's Investors Service has downgraded the rating of one tranche
and upgraded the ratings of 24 tranches from 13 subprime
transactions backed by Subprime mortgage loans.

Complete rating action is as follows:

Issuer: Ameriquest Mortgage Securities Inc., Series 2005-R1

Cl. M-3, Upgraded to B1 (sf); previously on Mar 14, 2013 Affirmed
B3 (sf)

Issuer: Bravo Mortgage Asset Trust 2006-1

Cl. M-1, Downgraded to Caa2 (sf); previously on Aug 1, 2013
Downgraded to Caa1 (sf)

Issuer: CPT Asset-Backed Certificates Trust 2004-EC1

Cl. M-2, Upgraded to B1 (sf); previously on May 13, 2013 Upgraded
to B3 (sf)

Cl. M-3, Upgraded to Caa3 (sf); previously on Mar 14, 2011
Downgraded to C (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2005-AB1

Cl. A-3, Upgraded to Ba3 (sf); previously on Apr 14, 2010
Downgraded to B2 (sf)

Issuer: First Franklin Mortgage Loan Trust 2005-FF2

Cl. M-4, Upgraded to B1 (sf); previously on Aug 5, 2013 Upgraded
to B3 (sf)

Cl. M-5, Upgraded to Caa3 (sf); previously on Apr 6, 2010
Downgraded to C (sf)

Issuer: First Franklin Mortgage Loan Trust 2005-FF7

Cl. M-2, Upgraded to Ba2 (sf); previously on Aug 5, 2013 Upgraded
to B1 (sf)

Cl. M-3, Upgraded to Caa1 (sf); previously on Aug 5, 2013 Upgraded
to Caa3 (sf)

Issuer: First Franklin Mortgage Loan Trust 2005-FF8

Cl. M-2, Upgraded to Caa3 (sf); previously on Apr 6, 2010
Downgraded to C (sf)

Cl. M-1, Upgraded to Ba3 (sf); previously on Aug 5, 2013 Upgraded
to B2 (sf)

Issuer: First Franklin Mortgage Loan Trust 2005-FFH1

Cl. M-2, Upgraded to Ca (sf); previously on Apr 6, 2010 Downgraded
to C (sf)

Cl. M-1, Upgraded to Ba3 (sf); previously on Aug 5, 2013 Upgraded
to B2 (sf)

Issuer: First Franklin Mortgage Loan Trust 2005-FFH2

Cl. M2, Upgraded to Ba3 (sf); previously on Mar 12, 2013 Upgraded
to B2 (sf)

Cl. M3, Upgraded to Caa3 (sf); previously on Mar 12, 2013 Affirmed
C (sf)

Issuer: First Franklin Mortgage Loan Trust 2006-FF3

Cl. A-1, Upgraded to Ba2 (sf); previously on Aug 5, 2013 Upgraded
to B1 (sf)

Cl. A-2B, Upgraded to B2 (sf); previously on Sep 4, 2012
Downgraded to Caa1 (sf)

Cl. A-2C, Upgraded to B3 (sf); previously on Apr 6, 2010
Downgraded to Caa2 (sf)

Issuer: First Franklin Mortgage Loan Trust 2006-FFH1

Cl. A-4, Upgraded to Baa3 (sf); previously on Aug 5, 2013 Upgraded
to Ba2 (sf)

Cl. M-1, Upgraded to Caa2 (sf); previously on Aug 5, 2013 Upgraded
to Ca (sf)

Issuer: MASTR Asset Backed Securities Trust 2005-HE1

Cl. M-4, Upgraded to Ba3 (sf); previously on Feb 26, 2013 Upgraded
to B2 (sf)

Cl. M-5, Upgraded to Caa2 (sf); previously on Feb 26, 2013
Upgraded to Ca (sf)

Issuer: MASTR Asset Backed Securities Trust 2006-NC1

Cl. A-3, Upgraded to Ba1 (sf); previously on Jul 15, 2013 Upgraded
to Ba3 (sf)

Cl. A-4, Upgraded to Ba3 (sf); previously on Jul 15, 2013 Upgraded
to B3 (sf)

Cl. M-1, Upgraded to Caa3 (sf); previously on May 5, 2010
Downgraded to C (sf)

Ratings Rationale

The actions reflect recent performance of the undelrying pools and
Moody's updated loss expectations on the pools. The upgrade
actions 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 downgrade action on Class M-1 issued by Bravo
Mortgage Asset Trust 2006-1 is due to the low credit enhancement
available to the bond and higher than previously expected losses
on the bond.

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

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 6.7% in March 2014 from 7.5%
in March 2013 . 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.


* Moody's Raises $774MM Subprime RMBS Issued by Various Trusts
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 32 tranches
from 15 transactions issued by various trusts, backed by Subprime
mortgage loans.

Complete rating actions are as follows:

Issuer: ABFC 2003-OPT1 Trust

Cl. A-1, Upgraded to Baa3 (sf); previously on Apr 16, 2013
Downgraded to Ba2 (sf)

Cl. A-1A, Upgraded to Ba2 (sf); previously on Sep 18, 2013
Confirmed at Ba3 (sf)

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE1

Cl. I-M-1, Upgraded to Ba1 (sf); previously on Aug 7, 2013
Upgraded to Ba3 (sf)

Cl. I-M-2, Upgraded to Caa1 (sf); previously on Aug 7, 2013
Upgraded to Caa3 (sf)

Cl. II-M-2, Upgraded to Caa1 (sf); previously on Aug 7, 2013
Upgraded to Caa3 (sf)

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE2

Cl. I-A-3, Upgraded to Ba2 (sf); previously on Aug 7, 2013
Upgraded to Ba3 (sf)

Cl. II-A, Upgraded to Ba1 (sf); previously on Aug 7, 2013
Confirmed at Ba3 (sf)

Cl. M-1, Upgraded to Ca (sf); previously on May 21, 2010
Downgraded to C (sf)

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2005-CB7

Cl. M-1, Upgraded to Ba2 (sf); previously on Jul 17, 2013 Upgraded
to B1 (sf)

Cl. M-2, Upgraded to Ca (sf); previously on Apr 12, 2010
Downgraded to C (sf)

Issuer: RASC Series 2005-EMX2 Trust

Cl. M-2, Upgraded to Baa2 (sf); previously on Aug 7, 2013 Upgraded
to Ba1 (sf)

Cl. M-3, Upgraded to B1 (sf); previously on Aug 7, 2013 Upgraded
to B3 (sf)

Cl. M-4, Upgraded to Caa3 (sf); previously on Apr 6, 2010
Downgraded to C (sf)

Issuer: RASC Series 2005-EMX3 Trust

Cl. M-2, Upgraded to Baa2 (sf); previously on Jul 17, 2013
Upgraded to Ba1 (sf)

Cl. M-3, Upgraded to B1 (sf); previously on Jul 17, 2013 Upgraded
to B3 (sf)

Cl. M-4, Upgraded to Caa3 (sf); previously on Apr 6, 2010
Downgraded to C (sf)

Issuer: RASC Series 2005-EMX4 Trust

Cl. M-1, Upgraded to Baa1 (sf); previously on Nov 13, 2013
Upgraded to Baa3 (sf)

Cl. M-2, Upgraded to B2 (sf); previously on Nov 13, 2013 Upgraded
to Caa1 (sf)

Issuer: RASC Series 2006-EMX2 Trust

Cl. A-2, Upgraded to Ba3 (sf); previously on Apr 6, 2010
Downgraded to B2 (sf)

Cl. A-3, Upgraded to B3 (sf); previously on Jan 9, 2013 Upgraded
to Caa2 (sf)

Issuer: Structured Asset Securities Corp 2006-W1

Cl. A4, Upgraded to B3 (sf); previously on Aug 20, 2012 Confirmed
at Caa2 (sf)

Issuer: Structured Asset Securities Corp Trust 2005-NC1

Cl. M2, Upgraded to Baa3 (sf); previously on Jul 30, 2013 Upgraded
to Ba2 (sf)

Cl. M3, Upgraded to B2 (sf); previously on Jul 30, 2013 Upgraded
to Caa1 (sf)

Issuer: Structured Asset Securities Corp Trust 2005-NC2

Cl. M3, Upgraded to Baa1 (sf); previously on Jul 22, 2013 Upgraded
to Baa3 (sf)

Cl. M4, Upgraded to Ba3 (sf); previously on Jul 22, 2013 Upgraded
to B3 (sf)

Cl. M5, Upgraded to Caa2 (sf); previously on Jul 22, 2013 Upgraded
to Ca (sf)

Issuer: Structured Asset Securities Corp Trust 2006-BC1

Cl. A5, Upgraded to Baa3 (sf); previously on Jan 9, 2013 Upgraded
to Ba2 (sf)

Issuer: Structured Asset Securities Corp Trust 2006-EQ1

Cl. A1, Upgraded to B3 (sf); previously on Apr 12, 2010 Downgraded
to Caa2 (sf)

Cl. A4, Upgraded to Ba2 (sf); previously on Apr 12, 2010
Downgraded to B2 (sf)

Issuer: Structured Asset Securities Corp Trust 2006-NC1

Cl. A4, Upgraded to B2 (sf); previously on Aug 20, 2012 Confirmed
at Caa1 (sf)

Issuer: Structured Asset Securities Corp Trust 2006-WF1

Cl. M2, Upgraded to Ba3 (sf); previously on Jul 22, 2013 Upgraded
to B3 (sf)

Cl. M3, Upgraded to Caa1 (sf); previously on Jul 22, 2013 Upgraded
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 principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in November 2013.

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 6.7% in March 2014 from 7.5%
in March 2013. 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.


* Moody's Raises Ratings on $97MM of RMBS Issued From 2002-2004
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of eight
tranches from six subprime transactions backed by Subprime
mortgage loans.

Complete rating action is as follows:

Issuer: Aames Mortgage Trust 2002-1

Cl. A-3, Upgraded to Ba3 (sf); previously on Sep 3, 2013 Upgraded
to B2 (sf)

Issuer: Ameriquest Mortgage Securities Inc., Series 2003-12

Cl. M-1, Upgraded to Ba3 (sf); previously on May 4, 2012
Downgraded to B1 (sf)

Issuer: Ameriquest Mortgage Securities Inc., Series 2004-R2

Cl. A-1A, Upgraded to Baa1 (sf); previously on Mar 29, 2011
Downgraded to Baa2 (sf)

Cl. A-1B, Upgraded to Baa2 (sf); previously on Mar 29, 2011
Downgraded to Baa3 (sf)

Issuer: CWABS, Inc., Asset-Backed Certificates, Series 2004-BC3

Cl. M-2, Upgraded to Ba2 (sf); previously on Dec 4, 2012
Downgraded to B1 (sf)

Issuer: Option One Mortgage Loan Trust 2002-3

Cl. A-1, Upgraded to Ba3 (sf); previously on Sep 4, 2013 Confirmed
at B1 (sf)

Cl. A-2, Upgraded to Baa3 (sf); previously on Sep 4, 2013
Confirmed at Ba2 (sf)

Issuer: Specialty Underwriting and Residential Finance Trust,
Series 2004-BC2

Cl. M-1, Upgraded to Ba2 (sf); previously on Apr 9, 2012
Downgraded to B1 (sf)

Ratings Rationale

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

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 6.7% in March 2014 from 7.5%
in March 2013 . 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.


* S&P Raises 8 Rating on 4 U.S. Cash Flow CDO Transactions
----------------------------------------------------------
Standard & Poor's Ratings Services raised and removed from
CreditWatch with positive implications its ratings on eight
classes from four U.S. cash flow trust-preferred collateralized
debt obligation (CDO) transactions.

The upgrades mainly reflect the improved principal coverage ratios
due to paydowns on the senior tranches.  The paydowns have
generally accelerated over the past year because more of the
underlying trust-preferred securities have been redeemed.  In
addition, most of the transactions' senior notes have also
benefitted from the excess spread that was captured because of
overcollateralization (O/C) ratio failures, leading to further
paydowns to the senior notes.  The upgrades also reflect the
slightly improved credit quality of the underlying collateral
pools of trust-preferred securities, which are mainly issued by
banks.

The rating actions follow S&P's review of the transactions'
performance using data from the March 24, 2014, trustee reports.

Since S&P's last rating actions, the number of defaulted
obligations in each of the four transactions decreased primarily
because a number of the bank trust-preferred securities in the
collateral portfolios that were deferring payments cured their
deferrals and have become current.  Each transaction's defaulted
obligations decreased as follows:

   -- Preferred Term Securities XVII Ltd.'s defaulted obligations
      dropped by $41.26 million;

   -- Preferred Term Securities XXI Ltd.'s defaulted obligations
      dropped by $71.89 million;

   -- Preferred Term Securities XXVII Ltd.'s defaulted obligations
      decreased by $18.00 million; and

   -- Preferred Term Securities XXVIII Ltd.'s defaulted
      obligations fell by $28.00 million.

Preferred Term Securities XVII Ltd. continues to divert excess
interest proceeds to pay down the class A-1 notes because the
transaction is still failing the senior principal coverage test.
Following the March 2014 payment date, the senior principal
coverage test reported a ratio of 127.32% compared with its
required minimum of 128.00%. If the senior principal coverage test
is cured and the interest and deferred interest on the class B
notes are fully paid, the transaction documents allow for
available interest proceeds to redeem the class A-1, A-2, and B
notes, pro rata, based on the cure sequence on the class B
mezzanine principal coverage test.

Preferred Term Securities XXI Ltd. continues to divert excess
interest proceeds to pay deferred interest on the class B-1 and B-
z notes, pro rata.  Following the complete payment of the
previously unpaid interest, the transaction documents allow for
available interest proceeds to redeem the class A-1, A-2, B-1, and
B-2 notes, pro rata, after it failed the class B mezzanine
coverage test.  Following the March 2014 payment date, the
transaction is still failing the class B mezzanine coverage test,
reporting a ratio of 111.77% compared with its required minimum of
115.00%.

Preferred Term Securities XXVII Ltd. and Preferred Term Securities
XXVIII Ltd. continue to divert excess interest proceeds to redeem
their class A-1, A-2, and B notes, pro rata, after they failed
their respective class B mezzanine coverage tests.  Following the
March 2014 payment date, the transactions still haven't passed the
class B mezzanine coverage tests, with Preferred Term Securities
XXVII Ltd. reporting a ratio of 109.86%, compared with its
required minimum of 115.00%, and Preferred Term Securities XXVIII
Ltd. reporting a ratio of 114.05%, compared with its required
minimum of 115.00%.

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

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 further
rating actions as it deems necessary.

CAPITAL STRUCTURE AND KEY METRICS COMPARISON

Preferred Term Securities XVII Ltd.
                             Notional balance (mil. $)
Class                   March 2012(i)       March 2014(ii)
A-1                            232.87               190.64
A-2                             62.00                62.00
B                               58.16                59.72
C                               67.11                69.86
D                               36.59                38.78

Coverage Tests
Senior (A) O/C                 102.69               127.32
B O/C                           85.77               102.98
C O/C                           72.07                84.16
D O/C                           66.30                76.41

  (i) Trustee report used for our June 2012 rating actions.
(ii) After applying proceeds on the March 2014 payment date.
  O/C-Overcollateralization test.

Preferred Term Securities XXI Ltd.
                             Notional balance (mil. $)
Class                   March 2012(i)       March 2014(ii)
A-1                            358.96               294.52
A-2                            103.51               103.51
B-1                             46.92                46.45
B-2                             40.27                37.90
C-1                             50.44                52.21
C-2                             32.51                33.65
D                               63.10                66.74

Coverage Tests
Senior (A) O/C                 111.04               135.45
B O/C                           93.43               111.77
C O/C                           81.18                94.88
D O/C                           73.81                84.91

(i) Trustee report used for our July 2012 rating actions.
(ii) After applying proceeds on the March 2014 payment date.
O/C-Overcollateralization test.

Preferred Term Securities XXVII Ltd.
                             Notional balance (mil. $)
Class                   March 2012(i)       March 2014(ii)
A-1                            161.68               139.52
A-2                             39.55                39.05
B                               41.02                39.54
C-1                             24.75                25.47
C-2                             20.91                22.21
D                               26.52                27.83

Coverage Tests
Senior (A) O/C                 116.94               134.19
B O/C                           97.14               109.86
C O/C                           81.74                90.15
D O/C                           74.84                81.61

(i) Trustee report used for our May 2012 rating actions.
(ii) After applying proceeds on the March 2014 payment date.
O/C--Overcollateralization test.

Preferred Term Securities XXVIII Ltd.
                             Notional balance (mil. $)
Class                   March 2012(i)       March 2014(ii)
A-1                            178.84               153.20
A-2                             44.43                43.75
B                               43.89                42.50
C-1                             36.60                37.66
C-2                              9.03                 9.58
D                               28.75                30.16

Coverage Tests
Senior (A) O/C                 118.62               138.66
B O/C                           99.14               114.05
C O/C                           84.68                95.25
D O/C                           77.55                86.19

(i) Trustee report used for our June 2012 rating actions.
(ii)After applying proceeds on the March 2014 payment date.
O/C-Overcollateralization test.

RATINGS RAISED AND REMOVED FROM CREDITWATCH

Preferred Term Securities XVII Ltd.

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

Preferred Term Securities XXI Ltd.

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

Preferred Term Securities XXVII Ltd.

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

Preferred Term Securities XXVIII Ltd.

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


* S&P Removes 90 Ratings From 20 RMBS Deals From Watch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services removed 90 ratings on 20 U.S.
residential mortgage-backed securities (RMBS) servicer advance
transactions from CreditWatch with negative implications following
recent amendments to the applicable transaction documents in
conjunction with S&P's imputed promises criteria.

Based on S&P's imputed promises criteria, its ratings now
incorporate subordinated interest distribution amounts as part of
the credit-based and measurable promise, where the failure to pay
those amounts will lead to an event of default.  As such, S&P
determined that these payments do not constitute "supplemental
payments" (or the like), which can be excluded from the ratable
promise.  Because of this, on April 3, 2014, 96 ratings from the
affected transactions were placed on CreditWatch negative.

Since the CreditWatch negative placements, amendments have been
made to the transaction documents for the affected transactions
stating that the failure to pay subordinated distribution amounts
will no longer result in an event of default.  As such, S&P has
determined that these payments can be excluded from the ratable
promise.

Classes E-T1 and F-T1 from Nationstar Mortgage Advance Receivables
Trust's series 2013-VF1, classes E-T2 and F-T2 from series 2013-
VF2, and classes E-T3 and F-T3 from series 2013-VF3 were recently
redeemed and are no longer rated, so they were not included in
this CreditWatch resolution.

While the transactions' amendments addressed the initial
CreditWatch negative placements, Standard & Poor's has also
published an Advance Notice of Proposed Criteria Change outlining
several collateral and structural elements of transactions backed
by servicer advance receivables that S&P is currently reviewing.

RATINGS REMOVED FROM CREDITWATCH

HLSS Servicer Advance Receivables Trust
Series 2013-MM1
                               Rating
Class      CUSIP       To                   From
A-MM1 Draw             AAA (sf)             AAA (sf)/Watch Neg
B-MM1 Term 404225AC8   AA (sf)              AA (sf)/Watch Neg

HLSS Servicer Advance Receivables Trust
Series 2012-VF1
                               Rating
Class      CUSIP       To                   From
A-VF1 VFN              AAA (sf)             AAA (sf)/Watch Neg
B-VF1 VFN              AA (sf)              AA (sf)/Watch Neg
C-VF1 VFN              A (sf)               A (sf)/Watch Neg
D-VF1 VFN              BBB (sf)             BBB (sf)/Watch Neg

HLSS Servicer Advance Receivables Trust
Series 2012-T2
                               Rating
Class      CUSIP       To                   From
A-2-T2 Ter 404225AE4   AAA (sf)             AAA (sf)/Watch Neg
B-2-T2 Ter 404225AG9   AA (sf)              AA (sf)/Watch Neg
C-2-T2 Ter 404225AJ3   A (sf)               A (sf)/Watch Neg
D-2-T2 Ter 404225AL8   BBB (sf)             BBB (sf)/Watch Neg

HLSS Servicer Advance Receivables Trust
Series 2012-VF2
                               Rating
Class      CUSIP       To                   From
A-VF2 VFN              AAA (sf)             AAA (sf)/Watch Neg
B-VF2 VFN              AA (sf)              AA (sf)/Watch Neg
C-VF2 VFN              A (sf)               A (sf)/Watch Neg
D-VF2 VFN              BBB (sf)             BBB (sf)/Watch Neg

HLSS Servicer Advance Receivables Trust
Series 2012-VF3
                               Rating
Class      CUSIP       To                   From
A-VF3 VFN              AAA (sf)             AAA (sf)/Watch Neg
B-VF3 VFN              AA (sf)              AA (sf)/Watch Neg
C-VF3 VFN              A (sf)               A (sf)/Watch Neg
D-VF3 VFN              BBB (sf)             BBB (sf)/Watch Neg

HLSS Servicer Advance Receivables Trust
Series 2013-T1
                               Rating
Class      CUSIP       To                   From
A-2-T1     404225AN4   AAA (sf)             AAA (sf)/Watch Neg
B-2-T1     404225AQ7   AA (sf)              AA (sf)/Watch Neg
C-2-T1     404225AS3   A (sf)               A (sf)/Watch Neg
D-2-T1     404225AU8   BBB (sf)             BBB (sf)/Watch Neg
A-3-T1     404225AV6   AAA (sf)             AAA (sf)/Watch Neg
B-3-T1     404225AW4   AA (sf)              AA (sf)/Watch Neg
C-3-T1     404225AX2   A (sf)               A (sf)/Watch Neg
D-3-T1     404225AY0   BBB (sf)             BBB (sf)/Watch Neg

HLSS Servicer Advance Receivables Trust
Series 2013-T3
                               Rating
Class      CUSIP       To                   From
A-T3       404225BD5   AAA (sf)             AAA (sf)/Watch Neg
B-T3       404225BE3   AA (sf)              AA (sf)/Watch Neg
C-T3       404225BF0   A (sf)               A (sf)/Watch Neg
D-T3       404225BG8   BBB (sf)             BBB (sf)/Watch Neg

HLSS Servicer Advance Receivables Trust
Series 2013-T2
                               Rating
Class      CUSIP       To                   From
A-T2       404225AZ7   AAA (sf)             AAA (sf)/Watch Neg
B-T2       404225BA1   AA (sf)              AA (sf)/Watch Neg
C-T2       404225BB9   A (sf)               A (sf)/Watch Neg
D-T2       404225BC7   BBB (sf)             BBB (sf)/Watch Neg

HLSS Servicer Advance Receivables Trust
Series 2013-T4
                               Rating
Class      CUSIP       To                   From
A-T4       404225BH6   AAA (sf)             AAA (sf)/Watch Neg
B-T4       404225BJ2   AA (sf)              AA (sf)/Watch Neg
C-T4       404225BK9   A (sf)               A (sf)/Watch Neg
D-T4       404225BL7   BBB (sf)             BBB (sf)/Watch Neg

HLSS Servicer Advance Receivables Trust
Series 2013-T5
                               Rating
Class      CUSIP       To                   From
A-T5       404225BM5   AAA (sf)             AAA (sf)/Watch Neg
B-T5       404225BN3   AA (sf)              AA (sf)/Watch Neg
C-T5       404225BP8   A (sf)               A (sf)/Watch Neg
D-T5       404225BQ6   BBB (sf)             BBB (sf)/Watch Neg

HLSS Servicer Advance Receivables Trust
Series 2013-T6
                               Rating
Class      CUSIP       To                   From
A-T6       404225BR4   AAA (sf)             AAA (sf)/Watch Neg
B-T6       404225BS2   AA (sf)              AA (sf)/Watch Neg
C-T6       404225BT0   A (sf)               A (sf)/Watch Neg
D-T6       404225BU7   BBB (sf)             BBB (sf)/Watch Neg

HLSS Servicer Advance Receivables Trust
Series 2013-T7
                               Rating
Class      CUSIP       To                   From
A-T7       404225BX1   AAA (sf)             AAA (sf)/Watch Neg
B-T7       404225BY9   AA (sf)              AA (sf)/Watch Neg
C-T7       404225BZ6   A (sf)               A (sf)/Watch Neg
D-T7       404225CA0   BBB (sf)             BBB (sf)/Watch Neg

Nationstar Agency Advance Funding Trust
Series 2013-T2
                               Rating
Class      CUSIP       To                   From
A-T2       63861DAE7   AAA (sf)             AAA (sf)/Watch Neg
B-T2       63861DAF4   AA (sf)              AA (sf)/Watch Neg
C-T2       63861DAG2   A (sf)               A (sf)/Watch Neg
D-T2       63861DAH0   BBB (sf)             BBB (sf)/Watch Neg
E-T2       63861DAL1   BB (sf)              BB (sf)/Watch Neg
F-T2       63861DAQ0   B (sf)               B (sf)/Watch Neg

Nationstar Agency Advance Funding Trust
Series 2013-T1
                               Rating
Class      CUSIP       To                   From
A-T1       63861DAA5   AAA (sf)             AAA (sf)/Watch Neg
B-T1       63861DAB3   AA (sf)              AA (sf)/Watch Neg
C-T1       63861DAC1   A (sf)               A (sf)/Watch Neg
D-T1       63861DAD9   BBB (sf)             BBB (sf)/Watch Neg
E-T1       63861DAJ6   BB (sf)              BB (sf)/Watch Neg
F-T1       63861DAN7   B (sf)               B (sf)/Watch Neg

Nationstar Agency Advance Funding Trust
Series 2013-VF1
                               Rating
Class      CUSIP       To                   From
A-VF1                  AAA (sf)             AAA (sf)/Watch Neg
B-VF1                  AA (sf)              AA (sf)/Watch Neg
C-VF1                  A (sf)               A (sf)/Watch Neg
D-VF1                  BBB (sf)             BBB (sf)/Watch Neg

Nationstar Mortgage Advance Receivables Trust
Series 2013-VF1
                               Rating
Class      CUSIP       To                   From
A-VF1      63861GAX8   AAA (sf)             AAA (sf)/Watch Neg
B-VF1      63861GAZ3   AA (sf)              AA (sf)/Watch Neg
C-VF1      63861GBA7   A (sf)               A (sf)/Watch Neg
D-VF1      63861GBB5   BBB (sf)             BBB (sf)/Watch Neg

Nationstar Mortgage Advance Receivables Trust
Series 2013-VF2
                               Rating
Class      CUSIP       To                   From
A-VF2                  AAA (sf)             AAA (sf)/Watch Neg
B-VF2                  AA (sf)              AA (sf)/Watch Neg
C-VF2                  A (sf)               A (sf)/Watch Neg
D-VF2                  BBB (sf)             BBB (sf)/Watch Neg

Nationstar Mortgage Advance Receivables Trust
Series 2013-VF3
                               Rating
Class      CUSIP       To                   From
A-VF3      63861GAY6   AAA (sf)             AAA (sf)/Watch Neg
B-VF3      63861GBE9   AA (sf)              AA (sf)/Watch Neg
C-VF3      63861GBF6   A (sf)               A (sf)/Watch Neg
D-VF3      63861GBG4   BBB (sf)             BBB (sf)/Watch Neg

Nationstar Mortgage Advance Receivables Trust
Series 2013-T2
                               Rating
Class      CUSIP       To                   From
A-T2 Term  63861GAG5   AAA (sf)             AAA (sf)/Watch Neg
B-T2 Term  63861GAH3   AA (sf)              AA (sf)/Watch Neg
C-T2 Term  63861GAJ9   A (sf)               A (sf)/Watch Neg
D-T2 Term  63861GAK6   BBB (sf)             BBB (sf)/Watch Neg
E-T2 Term  63861GAL4   BB (sf)              BB (sf)/Watch Neg
F-T2 Term  63861GAM2   B (sf)               B (sf)/Watch Neg

Nationstar Mortgage Advance Receivables Trust
Series 2013-T3
                               Rating
Class      CUSIP       To                   From
A-T3 Term  63861GAN0   AAA (sf)             AAA (sf)/Watch Neg
B-T3 Term  63861GAP5   AA (sf)              AA (sf)/Watch Neg
C-T3 Term  63861GAQ3   A (sf)               A (sf)/Watch Neg
D-T3 Term  63861GAR1   BBB (sf)             BBB (sf)/Watch Neg
E-T3 Term  63861GAS9   BB (sf)              BB (sf)/Watch Neg
F-T3 Term  63861GAT7   B (sf)               B (sf)/Watch Neg


* S&P Withdraws Ratings on 45 Classes From 21 CDO Deals
-------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on 36
classes from 14 cash flow (CF) collateralized loan obligation
(CLO) transactions, two classes from one CF collateralized debt
obligation (CDO) of CDOs, two classes from one CF CDO backed by
commercial mortgage-backed securities (CMBS), three classes from
three CF CDO transactions backed by mezzanine structured finance
(SF) assets, and two classes from two CDO retranche transactions.

The withdrawals follow the complete paydown of the notes, as
reflected in the most recent trustee-issued note payment reports:

   -- CBO Holdings III Ltd. (CF CDO retranche): last remaining
      rated tranche paid down

   -- Coast Investment Grade 2001-1 Ltd. (CF CDO of CDOs): last
      remaining rated tranche paid down

   -- Columbus Park CDO Ltd. (CF CLO): optional redemption in
      April 2014

   -- Crest 2003-2 Ltd. (CF CDO of CMBS): senior-most tranche paid
      down, other rated tranches still outstanding

   -- Dryden XXI Leveraged Loan CDO LLC (CF CLO): optional
      redemption in April 2014

   -- E*Trade ABS CDO I Ltd. (CF mezzanine SF CDO): senior-most
      tranche paid down, other rated tranches still outstanding

   -- E*Trade ABS CDO III Ltd. (CF mezzanine SF CDO): senior-most
      tranche paid down, other rated tranches still outstanding

   -- Gale Force 1 CLO Ltd. (CF CLO): senior-most tranche paid
      down, other rated tranches still outstanding

   -- Halcyon Loan Advisors Funding 2012-2 Ltd. (CF CLO):
      combination note unwound

   -- Independence I CDO Ltd. (CF mezzanine SF CDO): last
      remaining rated tranche paid down

   -- ING IM CLO 2012-4 Ltd. (CF CLO): combination note unwound

   -- Kennecott Funding Ltd. (CF CLO): senior-most tranche paid
      down, other rated tranches still outstanding

   -- LCM IV Ltd. (CF CLO): senior-most tranche paid down, other
      rated tranches still outstanding

   -- Marquette Park CLO Ltd. (CF CLO): optional redemption in
      April 2014

   -- MT Wilson CLO Ltd. (CF CLO): optional redemption in April
      2014

   -- OHA Credit Partners IX Ltd. (CF CLO): class X notes(i) paid
      down, other rated tranches still outstanding

   -- Sagamore CLO Ltd. (CF CLO): optional redemption in April
      2014

   -- Sands Point Funding Ltd. (CF CLO): draw period of notes
      expired at the end of reinvestment period

   -- Senior ABS Repack Trust (CF CDO retranche): last remaining
      rated tranche paid down

   -- Spring Road CLO 2007-1 Ltd. (CF CLO): senior-most tranche
      paid down, other rated tranches still outstanding

   -- Stone Tower CLO IV Ltd. (CF CLO): optional redemption in
      April 2014

(i) An "X note" within a CLO is generally a note with a principal
     balance intended to be repaid early in the CLO's life using
     interest proceeds from the CLO's waterfall.

RATINGS WITHDRAWN

CBO Holdings III Ltd.
                            Rating
Class               To                  From
A                   NR                  BB (sf)

Coast Investment Grade 2001-1 Ltd.
                            Rating
Class               To                  From
C-1                 NR                  CC (sf)
C-2                 NR                  CC (sf)

Columbus Park CDO Ltd.
                            Rating
Class               To                  From
A-1                 NR                  AAA (sf)
A-2                 NR                  AAA (sf)
B                   NR                  AA+ (sf)
C                   NR                  AA (sf)
D                   NR                  A+ (sf)

Crest 2003-2 Ltd.
                            Rating
Class               To                  From
B-1                 NR                  BBB (sf)
B-2                 NR                  BBB (sf)

Dryden XXI Leveraged Loan CDO LLC
                            Rating
Class               To                  From
A                   NR                  AA+ (sf)
B                   NR                  AA (sf)
C                   NR                  A+ (sf)
D                   NR                  BBB+ (sf)

E*Trade ABS CDO I Ltd.
                            Rating
Class               To                  From
A-2                 NR                  B (sf)

E*Trade ABS CDO III Ltd.
                            Rating
Class               To                  From
A1                  NR                  B- (sf)

Gale Force 1 CLO Ltd.
                            Rating
Class               To                  From
C                   NR                  AAA (sf)

Halcyon Loan Advisors Funding 2012-2 Ltd.
                            Rating
Class               To                  From
Combo               NR                  A- (sf)

Independence I CDO Ltd.
                            Rating
Class               To                  From
A                   NR                  BB+ (sf)

ING IM CLO 2012-4 Ltd.
                            Rating
Class               To                  From
Combo Note          NR                  A- (sf)

Kennecott Funding Ltd.
                            Rating
Class               To                  From
A-1                 NR                  AAA (sf)
A-2B                NR                  AAA (sf)

LCM IV Ltd.
                            Rating
Class               To                  From
B                   NR                  AAA (sf)

Marquette Park CLO Ltd.
                            Rating
Class               To                  From
A                   NR                  AAA (sf)
B                   NR                  AA+ (sf)/Watch Pos
C                   NR                  AA- (sf)/Watch Pos
D                   NR                  BBB- (sf)/Watch Pos

MT Wilson CLO Ltd.
                            Rating
Class               To                  From
A                   NR                  AAA (sf)
B                   NR                  AAA (sf)
C                   NR                  AA+ (sf)
D                   NR                  BBB- (sf)
E                   NR                  B+ (sf)

OHA Credit Partners IX Ltd.
                            Rating
Class               To                  From
X                   NR                  AAA (sf)

Sagamore CLO Ltd.
                            Rating
Class               To                  From
C-1                 NR                  A (sf)
C-2                 NR                  A (sf)

Sands Point Funding Ltd.
                            Rating
Class               To                  From
A-2 LossTh          NR                  AAA (sf)

Senior ABS Repack Trust
                            Rating
Class               To                  From
A-2                 NR                  B (sf)

Spring Road CLO 2007-1 Ltd.
                            Rating
Class               To                  From
A-1                 NR                  AAA (sf)
A-2                 NR                  AAA (sf)

Stone Tower CLO IV Ltd.
                            Rating
Class               To                  From
A-1                 NR                  AAA (sf)
A-2                 NR                  AAA (sf)
B                   NR                  AA+ (sf)
C-1                 NR                  BBB+ (sf)
C-2                 NR                  BBB+ (sf)
D                   NR                  B+ (sf)

NR-Not rated.



                             *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
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 by e-mail.

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 the nation's bankruptcy courts.  The
list includes links to freely downloadable of these small-dollar
petitions in Acrobat PDF documents.

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.

                           *********

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, 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 2014.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-241-8200.


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