TCR_Public/140511.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 11, 2014, Vol. 18, No. 129

                            Headlines

ACA ABS 2004-1: Moody's Hikes Rating on $47.3MM Sr. Notes to Caa3
ANCHORAGE CAPITAL 4: Moody's Assigns (P)Ba3 Rating on Cl. D Notes
ATHILON CAPITAL: S&P Affirms 'B' Sr. Subordinated Notes Rating
ATTENTUS CDO I: S&P Raises Rating on Class A1 Notes to 'BB+'
BABSON CLO 2014-I: Moody's Assigns (P)Ba3 Rating on Class D Notes

BAYVIEW OPPORTUNITY: S&P Withdraws 'BB+' Rating on 3 Note Classes
BLUEMOUNTAIN CLO 2014-1: S&P Assigns 'BB' Rating on Class E Notes
CBA COMMERCIAL 2006-1: Moody's Affirms C Rating on 3 Cert. Classes
CIFC FUNDING 2006-I: Moody's Raises Rating on B-2L Notes to Ba1
CIFC FUNDING 2014-II: Moody's Rates Class B-2L Notes 'Ba3'

CITIGROUP 2014-GC21: Fitch Rates Class F Certificates 'Bsf'
COMMERCIAL MORTGAGE 1999-C1: Moody's Affirms C Rating on M Secs
CREDIT SUISSE 1997-C1: Fitch Raises Rating on Class I Notes to BB
CREDIT SUISSE 2003-CK2: Fitch Affirms CCC Rating on Class L Certs
CREDIT SUISSE 2005-C1: Moody's Cuts Class H Certs Rating to 'C'

CREST 2001-1 LTD: Moody's Affirms Ca Rating on $30MM Cl. C Notes
CREST 2002-1 LTD: Moody's Affrims 'Caa2' Rating on 2 Note Classes
CREST 2003-2: Moody's Hikes Rating on 2 Note Classes to 'B3'
CSMC RE-REMIC 2010-RR1: Moody's Affirms Ba1 Rating on 1-B-B Certs
DRYDEN 33 SENIOR: S&P Assigns 'BB' Rating on Class E Notes

G-STAR 2003-3: Moody's Affirms 'Caa1' Rating on Cl. A-2 Notes
GE COMMERCIAL 2005-C2: Fitch Affirms 'BB' Rating to Class F Notes
GREEN TREE RECREATIONAL: S&P Affirms 'D' Ratings on 6 Trusts
JP MORGAN 2004-C3: Fitch Raises Rating on Class E Notes to BB
LANDMARK VII CDO: Moody's Raises Rating on $14MM Cl. Notes to Ba2

LEHMAN BROTHERS 2007-LLF C5: Fitch Affirms CCC Rating on H Secs.
LIBERTY CLO: Moody's Hikes Rating on Class B Notes to 'Ba1'
MERRILL LYNCH 2004-MKB1: Fitch Affirms CCC Rating on Class L Certs
MMCAPS FUNDING XVII: Moody's Ups Rating on 2 Note Classes to Caa1
MORGAN STANLEY 2000-LIFE2: Fitch Affirms 'D' Ratings to 3 Notes

MORGAN STANLEY 2004-IQ7: Fitch Raises Rating on Class J Note to BB
NORTHLAKE CDO I: Moody's Hikes Rating on $174MM Notes to 'Caa2'
OCTAGON INVESTMENT XII: S&P Withdraws BB- Rating on Class E Notes
PALMER SQUARE 2014-1: S&P Gives Class D Secs. Prelim BBsf Rating
PARTS PRIVATE 2007-CT1: Fitch Affirms CCC Rating on Class B Notes

PREFERRED TERM XI: S&P Raises Rating on Class A-2 Notes to 'BB+'
RAMP SERIES 2004-RZ3: Moody's Ups Cl. M-I-1 Debt Rating to 'Ba1'
SAGUARO ISSUER TRUST: Moody's Hikes Rating on 2 Units to 'Ba1'
SDART 2013-3: Fitch Affirms 'BB' Rating on Class E Notes
SENECA PARK: Moody's Assigns (P)Ba3 Rating on $40.5MM Cl. E Notes

SHACKLETON 2014-V: S&P Assigns 'BB-' Rating on Class E Notes
SIGNUM RATED II: Moody's Places B2 Rating on Review for Downgrade
SMALL BALANCE 2006-2: Moody's Affirms C Rating on 2 Cert. Classes
SYMPHONY CLO XIV: Moody's Assigns (P)Ba3 Rating on Class E Notes
TELOS CLO 2014-5: S&P Assigns 'BB' Rating on Class E Notes

TRINITAS CLO I: S&P Assigns 'BB' Rating on Class E Notes
TROPIC CDO IV: S&P Raises Rating on Class A-1L Notes to 'BB'
UNISON GROUND: Fitch Affirms 'BB' Rating on Class F Notes
VENTURE XVII: Moody's Assigns '(P)Ba2' Rating on Class E Notes
WACHOVIA BANK 2003-C3: Fitch Affirms 'D' Ratings to 4 Note Classes

WACHOVIA BANK 2005-C21: Moody's Affirms Ca Rating on Class K Certs
WACHOVIA BANK 2007-WHALE 8: Fitch Affirms 'CCC' Rating on B Secs.
WELLS FARGO 2012-C7: Fitch Affirms BB Rating on Class F Notes
WEST COAST FUNDING: Moody's Raises Class A-1a Notes Rating to 'B3'
WFRBS COMMERCIAL 2011-C3: Moody's Affirms B2 Rating on F Certs

* Fitch Takes Rating Actions on 9 Classes From 3 SF CDOs
* Moody's Takes Action on $282MM of RMBS Issued 2003 to 2005
* Moody's Takes Action on $347MM Subprime RMBS by Various Trusts
* Moody's Takes Actions on $111.42MM of Scratch and Dent RMBS
* Moody's Takes Action on $108MM 2nd Lien RMBS Issued 2001-2005

* Moody's Takes Action on $17.5MM of 2nd Lien RMBS Issued in 2005
* S&P Lowers 11 Ratings on 3 US RMBS Re-Remic Deals
* S&P Takes Various Rating Actions on 31 U.S. CDO Transactions
* S&P Raises 11 Ratings on 4 U.S. CDO Transactions


                             *********

ACA ABS 2004-1: Moody's Hikes Rating on $47.3MM Sr. Notes to Caa3
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on notes issued
by ACA ABS 2004-1, LIMITED:

$49,500,000 Class A-2 Senior Secured Floating Rate Notes Due
July 16, 2039 (current outstanding balance of $13,517,213.61),
Upgraded to Ba1 (sf); previously on March 6, 2014 Ba3 (sf)
Placed Under Review for Possible Upgrade;

$47,250,000 Class B Senior Secured Floating Rate Notes Due
July 16, 2039, Upgraded to Caa3 (sf); previously on June 6, 2013
  Affirmed Ca (sf).

ACA ABS 2004-1, LIMITED, issued in May 2004, is a collateralized
debt obligation backed primarily by a portfolio of RMBS and CMBS
originated in 2003 and 2004.

Ratings Rationale

These rating actions are due primarily to the deleveraging of the
senior notes and an increase in the transaction's over-
collateralization ratios since December 2013. The Class A-2 notes
have paid down by approximately 41.76%, or $9.3 million, since
December 2013. Based on the trustee's April 2014 report, Moody's
calculated Class A-2 overcollateralization ratio is 371.72% versus
245.41% in December 2013.

The deal also benefit from the updates to Moody's SF CDO
methodology described in "Moody's Approach to Rating SF CDOs"
published on March 6, 2014. These updates include: (i) lowering
the resecuritization stress factors for RMBS (US Prime, Subprime,
Manufactured Housing), CDOs exposed to investment grade corporate
assets, and ABS backed by franchise loans or by mutual fund fees;
(ii) using a common table of recovery rates for all structured
finance assets (except for CMBS and SF CDO); and (iii) providing
more guidance on the rating caps Moody's  apply to deals
experiencing event of default. In taking the foregoing actions,
Moody's also announced that it had concluded its review of its
rating on the issuer's Class A-2 notes announced on March 6, 2014.
At that time, Moody's said that it had placed the rating on review
for upgrade as a result of the aforementioned methodology updates.

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:

This transaction is subject to a number of factors and
circumstances that could lead to either an upgrade or downgrade of
the ratings, as described below:

1) Macroeconomic uncertainty: Primary causes of uncertainty about
assumptions are the extent of any slowdown in growth in the
current macroeconomic environment and in the commercial and
residential real estate property markets. Although the commercial
real estate property markets are gaining momentum, consistent
growth will be unlikely until the volume of transactions
increases, distressed properties are cleared from the pipeline and
job creation rebounds. The residential real estate property market
is subject to uncertainty about housing prices; the pace of
residential mortgage foreclosures, loan modifications and
refinancing; the unemployment rate; and interest rates.

2) Deleveraging: One source of uncertainty in this transaction is
whether deleveraging from unscheduled principal proceeds,
recoveries from defaulted assets, and excess interest proceeds
will continue and at what pace. Faster deleveraging than Moody's
expects could have a significant impact on the notes' ratings.

3) Recovery of defaulted assets: The amount of recoveries received
from defaulted assets reported by the trustee and those that
Moody's assumes as having defaulted as well as the timing of these
recoveries create additional uncertainty. Moody's analyzed
defaulted assets assuming no recoveries, and therefore,
realization of any recoveries in the future would positively
impact the notes' ratings.

Loss and Cash Flow Analysis:

Moody's applies a Monte Carlo simulation framework in Moody's
CDOROM to model the loss distribution for SF CDOs. The simulated
defaults and recoveries for each of the Monte Carlo scenarios
define the reference pool's loss distribution. Moody's then uses
the loss distribution as an input in the CDOEdge cash flow model.

In addition to the base case analysis, Moody's also conducted
sensitivity analyses to test the impact of a number of default
probabilities on the rated notes. Below is a summary of the impact
of different default probabilities (expressed in terms of WARF) on
all of the rated notes (by the difference in the number of notches
versus the current model output, for which a positive difference
corresponds to lower expected loss):

Caa ratings notched up by two rating notches (2307):

Class A-2: 0

Class B: 0

Class C-1: 0

Class C-2: 0

Caa ratings notched down by two notches (3608):

Class A-2: 0

Class B: 0

Class C-1: 0

Class C-2: 0


ANCHORAGE CAPITAL 4: Moody's Assigns (P)Ba3 Rating on Cl. D Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
seven classes of notes to be issued by Anchorage Capital CLO 4,
Ltd.:

Moody's rating action is as follows:

  $264,500,000 Class A-1A Senior Secured Floating Rate Notes due
  2026 (the "Class A-1A Notes"), Assigned (P)Aaa (sf)

  $100,000,000 Class A-1B Senior Secured Floating Rate Notes due
  2026 (the "Class A-1B Notes"), Assigned (P)Aaa (sf)

  $79,500,000 Class A-2 Senior Secured Floating Rate Notes due
  2026 (the "Class A-2 Notes"), Assigned (P)Aa2 (sf)

  $27,500,000 Class B Senior Secured Deferrable Floating Rate
  Notes due 2026 (the "Class B Notes"), Assigned (P)A2 (sf)

  $42,000,000 Class C Senior Secured Deferrable Floating Rate
  Notes due 2026 (the "Class C Notes"), Assigned (P)Baa3 (sf)

  $37,000,000 Class D Secured Deferrable Floating Rate Notes due
  2026 (the "Class D Notes"), Assigned (P)Ba3 (sf)

  $15,000,000 Class E Secured Deferrable Floating Rate Notes due
  2026 (the "Class E Notes"), Assigned (P)B3 (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."

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.

Anchorage 4 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 and eligible investments, and up
to 10.0% of the portfolio may consist of second lien loans, first
lien last out loans and unsecured loans. The underlying portfolio
is expected to be approximately 65% ramped as of the closing date.

Anchorage Capital Group, L.L.C. (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 purchase
additional collateral using principal proceeds from prepayments
and sales of credit risk obligations, subject to certain
conditions.

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.


ATHILON CAPITAL: S&P Affirms 'B' Sr. Subordinated Notes Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its issuer credit
ratings (ICRs) on Athilon Capital Corp. (ACC) and Athilon Asset
Acceptance Corp. (AAAC) (together referred to as Athilon) and
S&P's ratings on the senior subordinated and subordinated notes
issued by ACC.  S&P's outlooks on AAAC and ACC are stable.

AAAC and ACC are credit derivative product companies.  AAAC is the
entity that actually has sold credit protections on tranches
referencing primarily corporate entities in the form of credit
default swaps (CDS).  ACC, the parent of AAAC, issues debt and
guarantees all of AAAC's CDS obligations.  Approximately 99.9% of
the CDS' underlying reference entities are corporate, and the rest
are sovereign.

The affirmations on the ICRs primarily reflect S&P's views of the
seasoning credit of AAAC's tranche CDS portfolio and the CDS
portfolio's run-off status.  AAAC has not entered into new CDS
transactions since 2008, and its CDS portfolio has been in natural
amortization.  As of April 16, 2014, the underlying portfolio
comprised 17 tranche CDS with a $8.15 billion total notional
amount.  The tranche CDS' weighted average remaining maturity was
approximately 0.6 year, and the portfolio's last maturity is
June 20, 2016.  The tranche CDS portfolio's natural amortization,
the early termination of several tranche CDS, and the underlying
referenced corporate entities' stabilizing credit performance have
resulted in a significant reduction in S&P's projected loss;
therefore, quantitatively, the ICRs can pass its stress tests
commensurate with a rating higher than the current rating.
However, S&P has not upgraded the ICRs due to qualitative
considerations of the CDS portfolio's run-off status.

The rating affirmations on the senior subordinated and
subordinated notes reflect S&P's view that the credit enhancement
for the notes is still consistent with the notes' respective
rating levels.  Both tranches of notes are deferrable interest
notes.

Since 2011, ACC has invested its excess capital in other
investments.  According to the operating guidelines, the haircut
to these other investments is 100%.  Therefore, S&P did not give
credit to these other investments in its ICR and notes rating
analysis.

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

RATINGS AFFIRMED

Athilon Capital Corp.
Issuer credit rating          BBB+/Stable

Athilon Asset Acceptance Corp.
Issuer credit rating          BBB+/Stable

Athilon Capital Corp.
Issue                               Rating
Senior subordinated note issues     B
Subordinated note issues            CCC-


ATTENTUS CDO I: S&P Raises Rating on Class A1 Notes to 'BB+'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A1 and A2 notes from Attentus CDO I Ltd. and removed them from
CreditWatch, where they were placed with positive implications on
Feb. 27, 2014.  At the same time, S&P affirmed its ratings on the
class B, C1, C2A, C2B, D, and E notes from the same transaction.
Attentus CDO I Ltd. is a transaction collateralized mostly by
trust preferred securities issued by mortgage REITs and structured
finance assets; it closed in May 2006.

The upgrades primarily reflect the increased credit support due to
paydowns to the class A1 notes.  The class A1 notes have received
more than $80 million in paydowns since S&P reviewed the
transaction following the release of its bank trust preferred
securities criteria update in April of 2012.  The class A1 notes
have benefited from the excess interest that is being diverted to
principal due to the failure of the class A/B
overcollateralization test.

S&P's rating action on the class A2 notes reflects the application
of its largest obligor test, a supplemental stress test S&P
introduced as part of its corporate collateralized debt obligation
criteria update.

S&P's review of this transaction included a cash flow analysis,
based on the portfolio and transaction as reflected in the March
2014 trustee report, to estimate future performance.  In line with
S&P's criteria, its cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults and
recoveries upon default under various interest rate and
macroeconomic scenarios.  In addition, S&P's analysis considered
the transaction's ability to pay timely interest and/or ultimate
principal to each of the rated tranches.  In S&P's view, the cash
flow analysis results demonstrated that all of the rated
outstanding classes have adequate credit enhancement available at
the rating levels associated with these rating actions.

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

Tropic CDO IV Ltd.
                             Notional balance (Mil. $)
Class                    May 2012 (i)      March 2014 (ii)
A-1                            196.91               116.81
A-2                             20.00                20.00
B                               65.00                65.00
C-1                             11.04                11.34
C-2A                            39.05                40.30
C-2B                            38.03                39.24
D                               23.94                25.28
E                               21.43                23.65

Coverage Tests
A/B O/C                        107.43               108.45
C O/C                           83.30                74.77
D O/C                           80.84                71.26
E O/C                           74.72                64.07

(i) Trustee report used for our June 2012 review.
(ii) Trustee report used for S&P's April 2014 rating actions.
O/C-Overcollateralization test.

RATINGS RAISED AND REMOVED FROM CREDITWATCH

Attentus CDO I Ltd.

                   Rating
Class         To           From
A1            BB+ (sf)     B- (sf)/Watch Pos
A2            B+ (sf)      CCC+ (sf)/Watch Pos

RATINGS AFFIRMED

Attentus CDO I Ltd.

Class         Rating
B             CCC- (sf)
C1            CCC- (sf)
C2A           CC (sf)
C2B           CC (sf)
D             CC (sf)
E             CC (sf)


BABSON CLO 2014-I: 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 Babson CLO Ltd. 2014-I (the
"Issuer" or "Babson 2014-I").

Moody's rating action is as follows:

$279,000,000 Class A-1 Senior Secured Floating Rate Notes due
2026 (the "Class A-1 Notes"), Assigned (P)Aaa (sf)

$57,700,000 Class A-2 Senior Secured Floating Rate Notes due 2026
(the "Class A-2 Notes"), Assigned (P)Aa2 (sf)

$22,900,000 Class B Senior Secured Deferrable Floating Rate Notes
due 2026 (the "Class B Notes"), Assigned (P)A2 (sf)

$29,700,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2026 (the "Class C Notes"), Assigned (P)Baa3 (sf)

$26,200,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2026 (the "Class D Notes"), Assigned (P)Ba3 (sf)

$5,000,000 Class E Senior Secured 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.

Babson 2014-I is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 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 unsecured loans. The underlying portfolio is expected to be at
least 70% ramped as of the closing date.

Babson Capital 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.


BAYVIEW OPPORTUNITY: S&P Withdraws 'BB+' Rating on 3 Note Classes
-----------------------------------------------------------------
Standard & Poor's Ratings services withdrew its preliminary
ratings on eight classes from Bayview Opportunity Master Fund IIIa
Trust 2014-9RPL.  Following the April 28, 2014, Bayview
Opportunity Master Fund IIIa Trust 2014-9RPL presale publication,
S&P requested additional information pertaining to property
valuations and loss severity experience.  The issuer stated that
it intends to delay the offering beyond the expected close date of
May 12, 2014.  Therefore, S&P withdrew its preliminary ratings on
the transaction.

RATINGS WITHDRAWN

Bayview Opportunity Master Fund IIIa Trust 2014-9RPL
Mortgage-backed notes series 2014-9RPL
                                 Rating
Class      CUSIP         To                   From
A          07330JAA2     NR                   AAA (sf)
M1         07330JAB0     NR                   AA (sf)
M2         07330JAC8     NR                   A (sf)
M3         07330JAD6     NR                   BBB (sf)
B1         07330JAE4     NR                   BB+ (sf)
B2         07330JAF1     NR                   BB+ (sf)
B3         07330JAJ3     NR                   BB+ (sf)
B4         07330JAK0     NR                   BB (sf)

NR-Not rated.


BLUEMOUNTAIN CLO 2014-1: S&P Assigns 'BB' Rating on Class E Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to
BlueMountain CLO 2014-1 Ltd./BlueMountain CLO 2014-1 LLC's
$475.625 million fixed- and floating-rate notes.

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

The ratings reflect S&P's view of:

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

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

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

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

   -- The collateral manager's experienced management team.

   -- 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
      0.2356%-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 during the reinvestment period will lead to
      the reclassification of principal proceeds of up to 50% of
      the excess interest proceeds that are available before
      paying uncapped administrative expenses and fees, hedge
      payments, incentive management fees, and subordinate note
      payments.

RATINGS ASSIGNED

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

Class                Rating                Amount
                                         (mil. $)
A                    AAA (sf)             321.250
B-1                  AA (sf)               30.000
B-2                  AA (sf)               20.000
C (deferrable)       A (sf)                41.250
D (deferrable)       BBB (sf)              26.875
E (deferrable)       BB (sf)               21.250
F (deferrable)       B (sf)                15.000
Subordinated notes   NR                    37.600

NR-Not rated.


CBA COMMERCIAL 2006-1: Moody's Affirms C Rating on 3 Cert. Classes
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on three
classes in CBA Commercial Assets, Small Balance Commercial
Mortgage Pass-Through Certificates Series 2006-1 as follows:

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

Cl. M-1, Affirmed C (sf); previously on May 9, 2013 Affirmed C
(sf)

Cl. X-1, Affirmed C (sf); previously on May 9, 2013 Affirmed C
(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 24% of the
current balance compared to 18% at Moody's last review. Moody's
base expected loss plus realized losses is now 21.4% of the
original pooled balance compared to 20.2% 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.

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 60 compared to 68 at Moody's last review.

Deal Performance

As of the April 25, 2014 distribution date, the transaction's
aggregate certificate balance has decreased by 68% to $54 million
from $166 million at securitization. The certificates are
collateralized by 113 mortgage loans ranging in size from less
than 1% to 5% of the pool, with the top ten loans constituting 29%
of the pool.

Eight loans, constituting 6% 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.

Fifty-eight loans have been liquidated from the pool, resulting in
an aggregate realized loss of $22 million (for an average loss
severity of 80%). Thirty-five loans, constituting 24% of the pool,
are currently in special servicing. Moody's estimates an aggregate
$9 million loss for specially serviced loans (70% expected loss on
average).

Moody's has assumed a high default probability for 17 poorly
performing loans, constituting 18% of the pool, and has estimated
an aggregate loss of $3 million (a 35% expected loss based on a
50% probability default) from these troubled loans.

Moody's received full year 2011 operating results for 41% of the
pool and full or partial year 2012 operating results for 42% of
the pool. Moody's weighted average conduit LTV is 82% compared to
80% 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 14% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 10%.

Moody's actual and stressed conduit DSCRs are 1.37X and 1.46X,
respectively, compared to 1.29X and 2.04X 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.


CIFC FUNDING 2006-I: Moody's Raises Rating on B-2L Notes to Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by CIFC Funding 2006-I, Ltd.:

  $30,500,000 Class A-3L Floating Rate Notes Due 2020, Upgraded
  to Aaa (sf); previously on August 15, 2013 Upgraded to Aa2(sf);

  $20,000,000 Class B-1L Floating Rate Notes Due 2020, Upgraded
  to Aa3 (sf); previously on August 15, 2013 Upgraded to
  Baa1(sf);

  $23,000,000 Class B-2L Floating Rate Notes Due 2020 (current
  outstanding balance of $21,966,922), Upgraded to Ba1 (sf);
  previously on August 15, 2013 Affirmed Ba2 (sf).

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

U.S. $100,000,000 Class A-1LR Variable Funding Notes Due 2020
(current outstanding balance of $25,268,371), Affirmed Aaa (sf);
previously on August 15, 2013 Affirmed Aaa (sf);

U.S. $293,000,000 Class A-1L Floating Rate Notes Due 2020 (current
outstanding balance of $75,331,245), Affirmed Aaa (sf); previously
on August 15, 2013 Affirmed Aaa (sf);

U.S. $26,500,000 Class A-2L Floating Rate Notes Due 2020, Affirmed
Aaa (sf); previously on August 15, 2013 Affirmed Aaa (sf).

CIFC Funding 2006-I, Ltd., issued in August 2006, is a
collateralized loan obligation (CLO) backed primarily by a
portfolio of senior secured loans, with some exposure to middle
market loans. The transaction's reinvestment period ended in
October 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 (OC) ratios since last rating action in August
2013. The Class A-1 notes have been paid down by approximately 50%
or $102 million since last rating action. Based on the trustee's
April 10, 2014 report, the OC ratios for the Class A1/A2, Class A,
Class B1 and Class B2 notes are reported at 156.8%, 131.8%, 119.3%
and 108.1%, respectively, versus the July 2013 levels of 132.0%,
119.7%, 112.8% and 106.0%, respectively. Moody's notes that the
trustee reported OC ratios do not include the April 22, 2014
payment distribution when $33.8 million of principal proceeds were
used to pay down the Class A-1 notes.

Moody's also notes that securities rated Caa1 and below has
decreased by $15.4 million since the last rating action. According
to Moody's calculation, the amount of the securities rated Caa1
and below is $17.5 million as of April 2014, comparing to the
amount of $32.9 million in August 2013. Additionally, the deal has
benefited from an improvement in the credit quality of the
portfolio since the last rating action. Based on the trustee's
April 10, 2014 report, exposure to defaulted securities has
declined to $2.9 million from $8.3 million in July 2013, and the
weighted average rating factor (WARF) was reported at 2633
compared to 2823 in July 2013.


CIFC FUNDING 2014-II: Moody's Rates Class B-2L Notes 'Ba3'
----------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by CIFC Funding 2014-II, Ltd. (the "Issuer" or "CIFC
Funding II").

Moody's rating action is as follows:

$504,000,000 Class A-1L Senior Secured Floating Rate Notes due
2026 (the "Class A-1L Notes"), Definitive Rating Assigned Aaa (sf)

$73,200,000 Class A-2L Senior Secured Floating Rate Notes due
2026 (the "Class A-2L Notes"), Definitive Rating Assigned Aa2 (sf)

$10,000,000 Class A-2F Senior Secured Fixed Rate Notes due 2026
(the "Class A-2F Notes"), Definitive Rating Assigned Aa2 (sf)

$68,800,000 Class A-3L Senior Secured Deferrable Floating Rate
Notes due 2026 (the "Class A-3L Notes"), Definitive Rating
Assigned A2 (sf)

$40,000,000 Class B-1L Senior Secured Deferrable Floating Rate
Notes due 2026 (the "Class B-1L Notes"), Definitive Rating
Assigned Baa3 (sf)

$41,600,000 Class B-2L Senior Secured Deferrable Floating Rate
Notes due 2026 (the "Class B-2L Notes"), Definitive Rating
Assigned Ba3 (sf)

The Class A-1L Notes, the Class A-2L Notes, the Class A-2F Notes,
the Class A-3L Notes, the Class B-1L Notes and the Class B-2L
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.

CIFC Funding II 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 and eligible investments, and
up to 7.5% of the portfolio may consist of second lien loans and
unsecured loans. The Issuer's documents require the portfolio to
be at least 75% ramped as of the closing date.

CIFC 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, subject to certain conditions,
the Manager may reinvest in additional collateral obligations the
principal proceeds that are received in respect of the sale of
credit risk assets and unscheduled principal payments.


CITIGROUP 2014-GC21: Fitch Rates Class F Certificates 'Bsf'
-----------------------------------------------------------
Fitch Ratings has issued its presale report on Citigroup
Commercial Mortgage Trust 2014-GC21 Commercial Mortgage Pass-
Through Certificates.

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

-- $52,329,000 class A-1 'AAAsf'; Outlook Stable;
-- $63,220,000 class A-2 'AAAsf'; Outlook Stable;
-- $9,600,000 class A-3 'AAAsf'; Outlook Stable;
-- $240,000,000 class A-4 'AAAsf'; Outlook Stable;
-- $291,371,000 class A-5 'AAAsf'; Outlook Stable;
-- $71,630,000 class A-AB 'AAAsf'; Outlook Stable;
-- $786,663,000* class X-A 'AAAsf'; Outlook Stable;
-- $115,723,000* class X-B 'AA-sf'; Outlook Stable;
-- $58,513,000b class A-S 'AAAsf'; Outlook Stable;
-- $70,214,000b class B 'AA-sf'; Outlook Stable;
-- $174,236,000b class PEZ 'A-sf'; Outlook Stable;
-- $45,509,000b class C 'A-sf'; Outlook Stable;
-- $24,705,000*a class X-C 'BBsf'; Outlook Stable;
-- $50,711,000a class D 'BBB-sf'; Outlook Stable;
-- $24,705,000a class E 'BBsf'; Outlook Stable;
-- $13,003,000a class F 'Bsf'; Outlook Stable.

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

The expected ratings are based on information provided by the
issuer as of May 1, 2014. Fitch does not expect to rate the
$62,413,547*a class X-D, and the $49,410,547a class G
certificates.

The certificates represent the beneficial ownership in the trust,
primary assets of which are 70 loans secured by 111 commercial
properties having an aggregate principal balance of approximately
$1.04 billion as of the cutoff date.  The loans were contributed
to the trust by Citigroup Global Markets Realty Corp.; Goldman
Sachs Mortgage Company; GS Commercial Real Estate LP; MC-Five Mile
Commercial Mortgage Finance LLC; Redwood Commercial Mortgage
Corporation; Cantor Commercial Real Estate Lending, L.P.; and RAIT
Funding, LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 78.8% of the properties
by balance, cash flow analysis of 82.4%, and asset summary reviews
of 86% of the pool.

Key Rating Drivers

High Fitch Leverage: The pool's Fitch debt service coverage ratio
(DSCR) and loan to value (LTV) are 1.12x and 109.1%, respectively,
which are worse than the 2013 and 2012 averages of 1.29x and
101.6%, and 1.24x and 97.2%, respectively.

Limited Lodging Exposure: The pool's hotel concentration of 4.9%
is lower than the 2013 average hotel concentration of 14.7%. There
are no hotel properties within the top 25 loans.  Hotels have a
higher probability of default in Fitch's multiborrower model.

Property Type Diversity: The pool is more diverse by property type
than recent transactions with the largest property type in the
pool being retail properties at 29.8%, followed by multifamily at
20.4%, office at 12.8% and independent living at 9.9% of the pool.
No other property type comprises more than 7.8% of the pool.

Limited Amortization: The pool is scheduled to amortize by 12.8%
of the initial pool balance prior to maturity.  The pool's
concentration of partial interest loans (31.8%), which includes
four of the 10 largest loans, is slightly lower than the 2013
average (34%).  However, the pool's concentration of full-term
interest-only loans (20%), including two of the 10 largest loans,
is higher than the 2013 average (17.1%).

Rating Sensitivities

For this transaction, Fitch's net cash flow (NCF) was 4.4% below
the most recent net operating income (NOI) (for properties for
which historical NOI was provided, excluding properties that were
stabilizing during the most recent reporting period).

Unanticipated further declines in property-level NCF could result
in higher defaults and loss severity on defaulted loans, and could
result in potential rating actions on the certificates.  Fitch
evaluated the sensitivity of the ratings assigned to CGCMT 2014-
GC21 certificates and found that the transaction displays slightly
above-average sensitivity to further declines in NCF.  In a
scenario in which NCF declined a further 20% from Fitch's NCF, a
downgrade of the junior 'AAAsf' certificates to 'Asf' could
result.  In a more severe scenario, in which NCF declined a
further 30% from Fitch's NCF, a downgrade of the junior 'AAAsf'
certificates to 'BBBsf' could result.  The presale report includes
a detailed explanation of additional stresses and sensitivities on
pages 81 - 82.

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


COMMERCIAL MORTGAGE 1999-C1: Moody's Affirms C Rating on M Secs
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on two classes
and upgraded the rating on one class in Commercial Mortgage
Acceptance Corp. 1999-C1 as follows:

Cl. L, Upgraded to Baa3 (sf); previously on Jun 6, 2013 Upgraded
to B1 (sf)

Cl. M, Affirmed C (sf); previously on Jun 6, 2013 Affirmed C (sf)

Cl. X, Affirmed Caa3 (sf); previously on Jun 6, 2013 Affirmed Caa3
(sf)

Ratings Rationale

The rating on the P&I class M was affirmed because the ratings are
consistent with Moody's expected loss.

The rating on the P&I class L was upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 63% since Moody's last
review.

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 10% of the
current balance, compared to 11% at Moody's last review. Moody's
base expected loss plus realized losses is now 3.1% of the
original pooled balance, compared to 3.3% 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 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 one, compared to four 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 99% to $7 million
from $734 million at securitization. The certificates are
collateralized by six mortgage loans ranging in size from less
than 1% to 69% of the pool, with the top ten loans constituting
100% of the pool.

Two loans, constituting 11% 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.

237 loans have been liquidated from the pool, resulting in an
aggregate realized loss of $22 million (for an average loss
severity of 4%). One loan, constituting 69% of the pool, is
currently in special servicing. The largest specially serviced
loan is the Holiday Inn Express & Suites (for $4.8 million 68.8%
of the pool), which is secured by a 120 key limited-service hotel
located 18 miles south of Minneapolis. The loan transferred to
special servicing in May 2013 due to imminent default. The loan is
current and scheduled to mature next month. Their franchise with
Holiday Inn expires in July 2014 and the borrower intends to re-
flag as a Quality Inn and Suites.

Moody's estimates an aggregate $0.7 million loss for the specially
serviced loan (10% expected loss on average).

Moody's received full year 2012 operating results for 100% of the
pool, and full or partial year 2013 operating results for 50%.
Moody's weighted average conduit LTV is 11.4%, compared to 95.7%
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 9.6%.

Moody's actual and stressed conduit DSCRs are 0.88X and 9.99X,
respectively, compared to 0.96X and 2.01X 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 11% of the pool balance. The
largest loan is the Deon Square Shopping Center Loan ($.7 million
-- 10% of the pool), which is secured by a 76,000 SF retail
property located in Bristol, PA. As of April 2013, the property
was 91% leased compared to 100% in 2011. The loan is fully
amortizing. Moody's LTV and stressed DSCR are 12% and >4.00X,
respectively, compared to 22% and 4.58X at the last review.

The second largest loan is the Copperfield Landing Loan ($.045
million -- .07% of the pool), which is secured by unanchored
retail located in the suburbs of Houston. The loan is on the
servicer's watchlist due to upcoming maturity in July 2014.
Moody's LTV and stressed DSCR are 3.7% and >4.00X, respectively,
compared to 10.1% and 11.28X at the last review.


CREDIT SUISSE 1997-C1: Fitch Raises Rating on Class I Notes to BB
-----------------------------------------------------------------
Fitch Ratings has upgraded two classes and affirmed two classes of
Credit Suisse First Boston Mortgage Securities Corporation (CSFB)
commercial mortgage pass-through certificates series 1997-C1.

Key Rating Drivers

The upgrade to classes H reflects the expectation of full
repayment of the class from defeased collateral.  The upgrade to
class I reflects stable performance of the remaining pool and
continued expected paydown and increase in credit enhancement;
upgrades were limited to 'BBsf' due to the concentrations within
the pool including three loans with single tenant exposure.

There are seven loans remaining in the pool, including three
defeased loans (61.3%).  While there are no loans are in special
servicing, Fitch has designated one Loan of Concern (1.4%).  Fitch
modeled losses of 6.2% of the remaining pool; expected losses on
the original pool balance total 1.7%, including $19.7 million
(1.5% 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 95.4% to $62.7 million from
$1.36 billion at issuance.  Interest shortfalls are currently
affecting classes J through K.

RATING SENSITIVITY

Further upgrades to class I are not likely due to the highly
concentrated nature of the pool and concerns regarding single
tenant loans.

Fitch upgrades the following classes as indicated:

-- $27.1 million class H to 'AAAsf' from 'BBBsf'; Outlook Stable;

-- $17 million class I to 'BBsf' from 'Bsf'; Outlook to Stable
    from Negative.

Fitch affirms the following classes as indicated:

-- $11.1 million class G at 'AAAsf'; Outlook Stable;
-- $7.5 million class J at 'Dsf'; RE 40%.

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


CREDIT SUISSE 2003-CK2: Fitch Affirms CCC Rating on Class L Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed five classes of Credit Suisse First
Boston Mortgage Securities Corp.'s (CSFB) commercial mortgage
pass-through certificates, series 2003-CK2.

Key Rating Drivers

The affirmations are due to sufficient credit enhancement relative
to expected losses; despite high credit enhancement, the pool is
very concentrated.  Fitch modeled losses of 34.9% of the remaining
pool; expected losses on the original pool balance total 3.9%,
including $30.6 million (3.1% of the original pool balance) in
realized losses to date.

There are five assets remaining in the pool, three are specially
serviced (74.3% of the pool), no loans are defeased.  As of the
April 2014 distribution date, the pool's aggregate principal
balance has been reduced by 97.8% to $22.5 million from $1.01
billion at issuance.  Interest shortfalls are currently affecting
classes M through P.

The largest contributor to expected losses is a specially-serviced
asset (40.4% of the pool), a 109,586 square foot (sf) retail
property located in Alpharetta, GA (Atlanta MSA).  The loan
transferred to special servicing in August 2012 for maturity
default and foreclosure occurred in early March 2013.  The lease
for anchor tenant Publix (51% NRA) expires in February 2015 and
the special servicer expects to begin discussions regarding
renewal within the next few months.  Occupancy was at 85% as of
December 2013.  The servicer's current strategy is to stabilize
the asset and then market the property for sale.

The next largest contributor to expected losses is a specially-
serviced asset (14.8% of the pool), a 70,305 sf industrial
property located in Taunton, MA approximately 30 miles south of
Boston.  In 2012, the borrower indicated that they could no longer
pay the mortgage due to the loss of a major tenant.  The loan
transferred to special servicing in September 2012 and became REO
in March 2013.  Per the special servicer, the property is
currently 50% occupied and the current strategy is to continue
leasing efforts.

Rating Sensitivity

Although credit enhancement is high for class K, should losses on
the specially serviced assets be higher than expectations,
downgrades are possible.

Fitch affirms the following classes as indicated:

-- $6.2 million class K at 'BBsf'; Outlook Negative;
-- $4.9 million class L at 'CCCsf', RE 100%;
-- $11.4 million class M at 'Dsf', RE 30%;
-- $0 class N at 'Dsf', RE 0%;
-- $0 class O at 'Dsf', RE 0%.


CREDIT SUISSE 2005-C1: Moody's Cuts Class H Certs Rating to 'C'
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on seven
classes, upgraded the ratings on two classes, and downgraded the
ratings on two classes of Credit Suisse First Boston Mortgage
Securities Corp., Commercial Mortgage Pass-Through Certificates
2005-C1 as follows:

Cl. A-4, Affirmed Aaa (sf); previously on May 23, 2013 Affirmed
Aaa (sf)

Cl. A-J, Affirmed Aa2 (sf); previously on May 23, 2013 Confirmed
at Aa2 (sf)

Cl. A-X, Affirmed Ba3 (sf); previously on May 23, 2013 Confirmed
at Ba3 (sf)

Cl. B, Upgraded to A1 (sf); previously on May 23, 2013 Confirmed
at A3 (sf)

Cl. C, Upgraded to A3 (sf); previously on May 23, 2013 Confirmed
at Baa2 (sf)

Cl. D, Affirmed Ba1 (sf); previously on May 23, 2013 Confirmed at
Ba1 (sf)

Cl. E, Affirmed B2 (sf); previously on May 23, 2013 Affirmed B2
(sf)

Cl. F, Affirmed Caa1 (sf); previously on May 23, 2013 Affirmed
Caa1 (sf)

Cl. G, Downgraded to Caa3 (sf); previously on May 23, 2013
Affirmed Caa2 (sf)

Cl. H, Downgraded to C (sf); previously on May 23, 2013 Affirmed
Caa3 (sf)

Cl. J, Affirmed C (sf); previously on May 23, 2013 Affirmed C (sf)

Ratings Rationale

The ratings on the P&I classes A-4, A-J and D through E 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 P&I classes F and J was
affirmed because the ratings are consistent with Moody's expected
loss.

The ratings on the P&I classes B & C were upgraded based primarily
on an anticipated increase in credit support resulting from loan
paydowns and amortization. Approximately 95% of the deal is
scheduled to mature in the next 12 months.

The ratings on the P&I classes G & H were downgraded based on
increased realized losses and anticipated losses from loans in
special servicing and on the watchlist.

The ratings on the IO class A-X was affirmed based on the weighted
average rating factor of its referenced classes

Moody's rating action reflects a base expected loss of 5.5% of the
current balance compared to 6.6% at Moody's last review. Moody's
base expected loss plus realized losses is now 6.6% of the
original pooled balance compared 7.0% 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.

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 33 compared to 38 at Moody's last review.

Deal Performance

As of the April 17, 2014 distribution date, the transaction's
aggregate certificate balance has decreased by 44% to $845.3
million from $1.51 billion at securitization. The Certificates are
collateralized by 117 mortgage loans ranging in size from less
than 1% to 6% of the pool, with the top ten loans representing 40%
of the pool. Seventeen loans, representing 16% of the pool, have
been defeased and are collateralized with U.S. Government
Securities.

Thirty-two loans, representing 30% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's  ongoing monitoring of a transaction, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

Twenty-six loans have been liquidated at a loss from the pool,
resulting in an aggregate realized loss of $52.5 million (29%
average loss severity). Seven loans, representing 6% of the pool,
are currently in special servicing. The largest specially serviced
loan is the Yuba Sutter Mall Loan ($32.6 million -- 3.9% of the
pool), which is secured by a 306,000 square foot (SF) mall located
approximately 40 miles north of Sacramento in Yuba City,
California. The loan transferred to special servicing in March
2011 due to imminent default. The loan became real estate owned
(REO) on January 13, 2014. The remaining specially serviced loans
are secured by retail, industrial, office and multifamily
properties. Moody's has estimated a $20.6 million loss (43%
average loss severity) for the specially serviced loans.

Moody's has assumed a high default probability for six poorly
performing loans representing 4% of the pool and has estimated a
$6.7 million aggregate loss (22% expected loss based on a 50%
probability default) from these troubled loans.

Moody's was provided with full year 2012 and partial or full year
2013 operating results for 100% and 87% of the pool's loans,
respectively. Moody's weighted average conduit LTV is 90% compared
to 91% at Moody's prior review. The conduit portion of the pool
excludes specially serviced, troubled, and defeased loans. Moody's
net cash flow reflects a weighted average haircut of 8% to the
most recently available net operating income. Moody's value
reflects a weighted average capitalization rate of 9.1%.

Moody's actual and stressed conduit DSCRs are 1.45X and 1.22X,
respectively, compared to 1.49X and 1.22X at last review. Moody's
actual DSCR is based on Moody's net cash flow (NCF) and the loan's
actual debt service. Moody's stressed DSCR is based on Moody's NCF
and a 9.25% stressed rate applied to the loan balance.

The top three conduit loans represent 16% of the deal. The largest
loan is the One North Central Avenue Loan ($54.5 million -- 6.4%
of the pool), which is secured by a 410,000 SF class A office
building located in Phoenix, Arizona. The property is subject to a
50-year ground lease with the City of Phoenix. The property was
96% leased as of December 2013, the same as at last review. The
property was formerly known as Phelps Dodge Tower. Phelps Dodge,
previously the property's largest tenant, vacated the property in
May 2010 but paid rent through its 2011 year-end lease expiration.
Phoenix School of Law took over the vacated space and now occupies
half of the net rentable area (NRA) through August 2021. Phoenix
School of Law received a free rent period which expired in
December 2012. Moody's LTV and stressed DSCR are 93% and 1.05X,
respectively, compared to 78% and 1.24X, at last review.

The second largest conduit loan is the BP Multifamily Portfolio
Loan ($42.0 million -- 5.0% of the pool). The portfolio consists
of four cross collateralized and cross defaulted loans that are
secured by one class A and three class B garden style apartment
properties located 10-17 miles from downtown Dallas, Texas. The
weighted average occupancy for the portfolio was 88% as of
December 2013, the same as at last review. Three of the properties
are on the watchlist, but the loans are current and the overall
portfolio income is sufficient to cover the debt service payment.
Moody's LTV and stressed DSCR are 93% and 1.01X, respectively,
compared to 98% and 1.00X, at last review.

The third largest conduit loan is the 2001 M Street Loan ($41.7
million -- 4.9% of the pool). The loan is secured by a 210,000 SF
office property located in Washington, D.C. KPMG LLP previously
occupied approximately 85% of the net rentable area at the
property for 20+ years. The tenant vacated at its December 2011
lease expiration and moved to 1801 K Street, also in Washington,
D.C. The loan is currently on the watchlist due to low occupancy
and DSCR. The building is currently 100% vacant. A $50 million
redevelopment of the property is budgeted to begin in 2014.
Moody's valuation is based on a stabilized cash flow analysis.
Moody's LTV and stressed DSCR are 105% and 0.92X, respectively,
compared to 115% and 0.84X at last review.


CREST 2001-1 LTD: Moody's Affirms Ca Rating on $30MM Cl. C Notes
----------------------------------------------------------------
Moody's Investors Service has affirmed the rating on the following
note issued by Crest 2001-1, Ltd.:

US$30,000,000 Class C Third Priority Fixed Rate Term Notes, Due
2034, Affirmed Ca(sf); previously on Aug 8, 2013 Affirmed
Ca(sf)

Ratings Rationale

Moody's has affirmed the ratings on the transaction because its
key transaction metrics are commensurate with the existing
ratings. The deterioration in Moody's WARF and WARR has been
offset by the redirection of interest to pay principal on senior
notes and amortization as a result of the par value tests and
lower than expected defaults. The affirmation is the result of
Moody's on-going surveillance of commercial real estate
collateralized debt obligation (CRE CDO and Re-remic)
transactions.

Crest 2001-1 is a static cash transaction wholly backed by a
portfolio of commercial mortgage backed securities (CMBS) (100% of
the collateral pool balance). As of the trustee's March 31, 2014
report, the aggregate note balance of the transaction, including
preferred shares, is $40.9 million, compared to $500.0 million at
issuance.

The pool contains two assets totaling $17.8 million (72.9% of the
collateral pool balance) that are listed as defaulted securities
as of the trustee's March 31, 2014 report. Both of these assets
(100.0% of the defaulted balance) are CMBS. While there have been
limited realized losses on the underlying collateral to date,
Moody's does expect moderate losses to occur on the defaulted
securities.

Moody's has identified the following 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 7634,
compared to 6155 at last review. The current rating on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follow: Aaa-Aa3 (5.2% compared to 22.4% at last
review); A1-A3 (0.0%, the same as at last review); Baa1-Baa3
(18.3% compared to 15.0% at last review); Ba1-Ba3 (0.0%, the same
as at last review); B1-B3 (0.0%, the same as at last review);
Caa1-C (76.6% compared to 62.6% at last review).

Moody's modeled a WAL of 4.6 years, compared to 4.8 years at last
review. The WAL is based on assumptions about extensions on the
underlying collateral.

Moody's modeled a fixed WARR of 23.4%, compared to 6.7% 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 note 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 note.

Moody's Parameter Sensitivities: Changes to any one or more of the
key parameters could have rating implications for the rated note,
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 note is particularly sensitive to changes in the
recovery rate of the underlying collateral and credit assessments.
Increasing the recovery rate of 100% of the collateral pool by
10.0% and 20.0% would result in an average modeled rating movement
on the rated note of zero notches and 1/2 notches, respectively.

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.


CREST 2002-1 LTD: Moody's Affrims 'Caa2' Rating on 2 Note Classes
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on the
following notes issued by Crest 2002-1, Ltd.:

  Class B-1 Second Priority Fixed Rate Term Notes, Affirmed Caa2
  (sf); previously on Aug 21, 2013 Affirmed Caa2 (sf)

  Class B-2 Second Priority Floating Rate Term Notes, Affirmed
  Caa2 (sf); previously on Aug 21, 2013 Affirmed Caa2 (sf)

Ratings Rationale

Moody's has affirmed the ratings on the transaction because its
key transaction metrics are commensurate with existing ratings.
The deterioration in Moody's WARF and WARR has been offset by the
redirection of interest to pay principal on senior notes and
amortization as a result of the par value tests and lower than
expected defaults. The affirmation is the result of Moody's on-
going surveillance of commercial real estate collateralized debt
obligations CRE CDO and Re-Remic transactions.

Crest 2002-1 is a static cash transaction backed by commercial
mortgage backed securities (CMBS) (98.7% of the collateral pool)
and real estate investment trust (REIT) debt (1.3% of the
collateral pool). As of the trustee's March 31, 2014 report, the
aggregate note balance of the transaction, including preferred
shares, is $120.8 million, compared to $500.0 million at issuance.

The pool contains five assets totaling $16.2 million (32.7% of the
collateral pool balance) that are listed as defaulted securities
as of the trustee's March 31, 2014 report. All of these assets
(100.0% of the defaulted balance) are CMBS. While there have been
limited realized losses on the underlying collateral to date,
Moody's does expect material losses to occur on the defaulted
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 5722,
compared to 5136 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follow: Aaa-Aa3 (1.9% compared to 2.1% at last
review); A1-A3 (3.7% compared to 2.1% at last review); Baa1-Baa3
(10.1% compared to 20.0% at last review); Ba1-Ba3 (14.7% compared
to 5.4% at last review); B1-B3 (20.9% compared to 15.0% at last
review); and Caa1-C (48.7% compared to 55.2% at last review).

Moody's modeled a WAL of 2.8 years, compared to 3.6 at last
review. The WAL is based on assumptions about extensions on the
underlying collateral.

Moody's modeled a fixed WARR of 4.2%, compared to 6.3% at last
review.

Moody's modeled a MAC of 16.4%, compared to 16.4% 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 are subject to uncertainty, because
they are 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 rates of the underlying collateral and credit
assessments. Increasing the recovery rates of the collateral pool
by 10.0% would result in an average modeled rating movement on the
rated notes of zero to one notches upward (e.g., one notch upward
implies a ratings movement of Caa2 to Caa1). Increasing the
recovery rate of the collateral pool by 20.0% would result in an
average modeled rating movement on the rated notes of zero to two
notches upward (e.g., two notches upward implies a ratings
movement of Caa2 to B3).

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.


CREST 2003-2: Moody's Hikes Rating on 2 Note Classes to 'B3'
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Crest 2003-2:

Cl. C-1, Upgraded to A3 (sf); previously on Jul 24, 2013 Upgraded
to Baa3 (sf)

Cl. C-2, Upgraded to A3 (sf); previously on Jul 24, 2013 Upgraded
to Baa3 (sf)

Cl. D-1, Upgraded to B3 (sf); previously on Jul 24, 2013 Affirmed
Caa1 (sf)

Cl. D-2, Upgraded to B3 (sf); previously on Jul 24, 2013 Affirmed
Caa1 (sf)

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

Cl. E-1, Affirmed Caa3 (sf); previously on Jul 24, 2013 Affirmed
Caa3 (sf)

Cl. E-2, Affirmed Caa3 (sf); previously on Jul 24, 2013 Affirmed
Caa3 (sf)

Ratings Rationale

Moody's has upgraded the ratings of four classes of notes due to
rapid amortization of senior classes resulting from the payoff of
high credit risk collateral, combined with an improved pool
weighted average rating factor (WARF) since last review on the
remaining assets. This has more than offset the reduction in
Moody's weighted average recovery rate (WARR) and slow-pay profile
weighted average life (WAL). Moody's has affirmed the ratings of
two classes of notes because the key transaction metrics are
commensurate with the existing ratings. The rating actions are the
result of Moody's on-going surveillance of commercial real estate
collateralized debt obligation (CRE CDO and Re-REMIC)
transactions.

Crest 2003-2 is a static cash transaction backed by a portfolio of
commercial mortgage backed securities (CMBS) (95.1% of the pool
balance) and commercial real estate CDOs (4.9%). As of the March
31, 2014 trustee report, the aggregate Note balance of the
transaction, including preferred shares was $139.3 million
compared to $325 million at issuance, as a result of regular
amortization of the collateral pool with the paydowns directed to
the senior most outstanding class of notes.

There are thirteen assets with a par balance of $36.9 million
(36.1% of the collateral pool balance) that are considered
defaulted securities as of the March 31, 2014 trustee report. All
of these assets are CMBS. Moody's does expect significant losses
to occur from these defaulted securities once they are realized.

Moody's has identified the following as key indicators of the
expected loss in CRE CDO transactions: the WARF, the WAL, the
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 3789,
compared to 4410 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follow: Aaa-Aa3 and 11.8% compared to 4.1% at
last review, A1-A3 and 9.4% compared to 2.5% at last review, Baa1-
Baa3 and 14.3% compared to 19.2% at last review, Ba1-Ba3 and 13.6%
compared to 13.4% at last review, B1-B3 and 12.7% compared to
18.2% at last review, Caa1-Ca/C and 38.2% compared to 42.6% at
last review.

Moody's modeled a WAL of 2.8 years, compared to 3.0 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 5.3%, compared to 11.7% at last
review.

Moody's modeled a MAC of 11.8%, compared to 9.3% 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. Increasing the recovery rates by 5% would
result in an average modeled rating movement on the rated notes of
zero to one notch (e.g., one notch up implies a ratings movement
of Ba1 to Baa3). Decreasing the recovery rates by 5% would result
in no modeled rating movement on the rated notes.

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.


CSMC RE-REMIC 2010-RR1: Moody's Affirms Ba1 Rating on 1-B-B Certs
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on the
following certificates issued by CSMC RE-REMIC Certificates,
Series 2010-RR1:

Cl. 1-A, Affirmed Aaa (sf); previously on May 30, 2013 Affirmed
Aaa (sf)

Cl. 1-A-A, Affirmed Aaa (sf); previously on May 30, 2013 Affirmed
Aaa (sf)

Cl. 1-A-B, Affirmed Aaa (sf); previously on May 30, 2013 Affirmed
Aaa (sf)

Cl. 1-B-A, Affirmed A1 (sf); previously on May 30, 2013 Affirmed
A1 (sf)

Cl. 1-B-B, Affirmed Ba1 (sf); previously on May 30, 2013 Affirmed
Ba1 (sf)

Cl. 1-B, Affirmed Baa3 (sf); previously on May 30, 2013 Affirmed
Baa3 (sf)

Ratings Rationale

Moody's has affirmed the ratings on the transaction because its
key transaction metrics are commensurate with the existing
ratings. The affirmation is the result of Moody's on-going
surveillance of commercial real estate resecuritization (CRE Non-
Pooled Re-REMIC) transactions.

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

On May 1, 2014, Moody's affirmed the ratings on the Group 1
Underlying Certificate. The affirmation reflected a cumulative
base expected loss of 12.8% of the current balance compared to
14.5% at its last review.

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

The performance of the certificates 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
certificates.

The WAL of the Group 1 Underlying Certificate is 2.88 years,
assuming a CDR of 0% and CPR of 0%. For delinquent loans (30-plus
days, REO, foreclosure, bankrupt), Moody's assumes a fixed WARR of
40%, and for current loans, 50%. Moody's also ran a sensitivity
analysis using a fixed WARR of 40% for current loans. This
resulted in a 0 to 3 notch downward adjustment to the ratings on
certificates (e.g., one notch down implies a ratings movement of
Baa3 to Ba1).

Because the credit quality of the resecuritization depends on that
of the underlying CMBS certificate, whose credit quality in turn
depends on the performance of the underlying commercial mortgage
pool, any change to the ratings on the Group 1 Underlying
Certificate could lead to a review of the ratings of the Group 1
Certificates.

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.


DRYDEN 33 SENIOR: S&P Assigns 'BB' Rating on Class E Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to Dryden
33 Senior Loan Fund/Dryden 33 Senior Loan Fund LLC's $734.40
million floating-rate notes.

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

The ratings reflect S&P's 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 including excess spread).

   -- The cash flow structure, which can withstand the default
      rate projected by Standard & Poor's CDO Evaluator model,
      assessed 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 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
      0.2281%-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
      rated notes' outstanding balance.

   -- The transaction's interest diversion test, a failure of
      which, during the reinvestment period, will lead to the
      reclassification of up to 50.00% of available excess
      interest proceeds (before paying certain uncapped
      administrative expenses, subordinate and incentive
      management fees, hedge amounts, supplemental reserve account
      deposits, and subordinated note payments) into principal
      proceeds to purchase additional collateral assets; or, after
      the end of the noncall period, to pay principal on the
      notes sequentially, at the option of the collateral manager.

RATINGS ASSIGNED

Dryden 33 Senior Loan Fund/Dryden 33 Senior Loan Fund LLC

Class                  Rating                 Amount
                                            (mil. $)
A                      AAA (sf)               504.00
B                      AA (sf)                 90.40
C (deferrable)         A (sf)                  64.00
D (deferrable)         BBB (sf)                40.80
E (deferrable)         BB (sf)                 35.20
Subordinated notes     NR                      77.35

NR--Not rated.


G-STAR 2003-3: Moody's Affirms 'Caa1' Rating on Cl. A-2 Notes
-------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
note issued by G-Star 2003-3, Ltd.

$340,000,000 Class A-1 Floating Rate Senior Notes Due 2038,
Upgraded to Aaa (sf); previously on Jul 24, 2013 Affirmed Aa1 (sf)

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

$48,000,000 Class A-2 Floating Rate Senior Notes Due 2038,
Affirmed Caa1 (sf); previously on Jul 24, 2013 Affirmed Caa1 (sf)

$18,000,000 Class A-3 Floating Rate Senior Notes Due 2038,
Affirmed Ca (sf); previously on Jul 24, 2013 Affirmed Ca (sf)

Ratings Rationale

Moody's has upgraded a rating on the transaction due to the
increase in overcollateralization to the senior-most class by
investment grade assets and cash. Moody's has affirmed the ratings
on the transaction because its key transaction metrics are
commensurate with existing ratings. The deterioration in Moody's
WARF and WARR is offset by the redirection of interest as
principal resulting from par value tests and lower than expected
defaults and losses. The actions are the result of Moody's on-
going surveillance of commercial real estate collateralized debt
obligation (CRE CDO and Re-REMIC) transactions.

G-Star 2003-3 is a static cash transaction backed by a portfolio
of: i) asset backed securities, primarily in the form of
residential subprime securities (ABS) (63.8% of the pool balance);
ii) commercial mortgage backed securities (CMBS) (33.8%); and iii)
real estate investment trust bonds (REIT) (2.4%). As of the April
14, 2014 trustee report, the aggregate note balance of the
transaction, including Preferred Shares is $119.4 million compared
to $450.0 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.

Ten assets with a par balance of $20.4 million (29.3% of the pool
balance) were listed as defaulted securities as of the April 14,
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 5484,
compared to 5058 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follow: Aaa-Aa3 (15.6% compared to 11.0% at last
review); A1-A3 (0.0% compared to 5.0% at last review); Baa1-Baa3
(7.4% compared to 8.9% at last review); Ba1-Ba3 (3.2% compared to
7.0% at last review); B1-B3 (14.3% compared to 14.0% at last
review); and Caa1-Ca/C (59.6% compared to 54.1% at last review).

Moody's modeled a WAL of 2.4 years, compared to 2.7 years at last
review. The current WAL is based on assumptions about extensions
on the underlying loans.

Moody's modeled a fixed WARR of 7.2%, compared to 16.1% at last
review.

Moody's modeled a MAC of 10.2%, compared to 100.0% last review.

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. However in the light of performance
indicators noted above, increasing the recovery rate assumption
from 7.2% to 12.2%, or decreasing it to 2.2% would not result in
any modeled rating movement on the rated notes.

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.


GE COMMERCIAL 2005-C2: Fitch Affirms 'BB' Rating to Class F Notes
-----------------------------------------------------------------
Fitch Ratings has upgraded three and affirmed 11 classes of GE
Commercial Mortgage Corporation (GECMC) commercial mortgage pass-
through certificates series 2005-C2.  A detailed list of rating
actions follows at the end of this press release.

Key Rating Drivers

The upgrades reflect actual and expected increases in credit
enhancement from amortization and defeased collateral (13.5% of
the pool), and the expectation that the transaction will continue
to delever as maturing loans repay.  The affirmations reflect the
sufficient credit enhancement for the balance of the classes and
the overall stable performance of the underlying loans.

Expected losses have declined since Fitch's last rating action due
to improved collateral performance across the pool, in addition to
higher appraised values and reduced exposure on the specially
serviced loans.  Fitch modeled losses of 4.9% of the remaining
pool; expected losses on the original pool balance total 4.6%,
including $40.3 million (2.2% of the original pool balance) in
realized losses to date. Fitch has designated 16 loans (15.9%) as
Fitch Loans of Concern, which includes six specially serviced
assets (7.2%).

As of the April 2014 distribution date, the pool's aggregate
principal balance has been reduced by 50% to $932.7 million from
$1.86 billion at issuance.  Interest shortfalls are currently
affecting classes K through Q.

RATING SENSITIVITIES

Outlooks remain stable as the classes will continue to benefit
from increasing credit enhancement and deleveraging from
amortization and repayment of maturing loans.  The distressed
classes (those rated below 'B') are subject to further downgrades
as losses are realized.

The largest contributor to expected losses is secured by a
portfolio of two New Jersey properties totaling 125,560 square
feet (sf) (1.5% of the pool).  The collateral includes a 74,400sf
industrial property in Lakewood, NJ and a 51,160sf office property
in Montvale, NJ.  The portfolio had experienced cash flow issues
due to occupancy declines at both properties in 2011.  Occupancy
for both properties declined to 53% as of September 2013, compared
to 70% in December 2011.  The loan transferred to special
servicing in February 2012 for payment default, and became lender
real estate owned (REO) in December 2013.

The next largest contributor to expected losses is the specially-
serviced Chatsworth Business Park loan (3.1% of the pool), which
is secured by a 231,770 square foot (sf) office property in
Chatsworth, CA.  The property is 100% leased by two tenants -
County of LA (71% NRA) through March 2016 and Sanyo North America
Corp. (29% NRA) through February 2017.  Sanyo North Amerca Corp.
has vacated the property, but continues to pay rent under its
lease obligations.  The loan, which matured in April 2010, had
transferred to special servicing in March 2010 for imminent
maturity default, followed shortly thereafter by the maturity of
the loan in April 2010.  The lender foreclosed on the property and
the asset has been REO since August 2012.  The asset was offered
for sale in an October 2013 auction, but did not sell.  The
servicer continues to work with a third property manager and
leasing agent to stabilize the property.  Total exposure on the
loan has been reduced to $25 million as of April 2014 from $35.7
million in 2013 through repayment of servicer advances and loan
principal from property excess cash flow.

The third largest contributor to expected losses is secured by a
64,849sf suburban office property in Newport Beach, CA (1.3%).
The loan had transferred to special servicing in February 2013 for
payment default.  The property had experienced cash flow issues
due to financial distress of its tenant (previously 100% of the
net rentable area) which had filed for bankruptcy and subsequently
rejected its lease in May 2013.  The lender had been dual tracking
foreclosure and workout negotiations; however, the borrower had
brought the loan current in December 2013.  The foreclosure sale
was cancelled and the receiver has been discharged.

Fitch upgrades the following classes:

-- $14 million class B to 'AAAsf' from 'AAsf'; Outlook Stable;
-- $16.3 million class D to 'Asf' from 'BBBsf'; Outlook Stable;
-- $25.6 million class E to 'BBB-sf' from 'BBsf'; Outlook Stable.

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

-- $440.9 million class A-4 at 'AAAsf'; Outlook Stable;
-- $159.3 million class A-1A at 'AAAsf'; Outlook Stable;
-- $149.1 million class A-J at 'AAAsf'; Outlook Stable;
-- $30.3 million class C at 'Asf'; Outlook to Positive from
   Stable;
-- $16.3 million class F at 'BBsf'; Outlook Stable;
-- $21 million class G at 'Bsf'; Outlook Stable;
-- $16.3 million class H at 'CCCsf'; RE 100%;
-- $21 million class J at 'CCsf'; RE 50%;
-- $9.3 million class K at 'Csf'; RE 0%;
-- $7 million class L at 'Csf'; RE 0%;
-- $6.3 million class M at 'Dsf'; RE 0%.

The class A-1, A-2, A-3 and A-AB certificates have paid in full.
Fitch does not rate the class N, O, P and Q certificates.  Fitch
previously withdrew the ratings on the interest-only class X-C and
X-P certificates.


GREEN TREE RECREATIONAL: S&P Affirms 'D' Ratings on 6 Trusts
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'D (sf)' ratings
on six Green Tree Recreational, Equipment & Consumer Trust
transactions.

The ratings are being affirmed to reflect the worse-than-expected
collateral performance, which has led to nonpayment of timely
interest and outstanding remaining unpaid interest carryover
shortfalls for select series.  In addition, S&P's expectation is
that each of the affirmed classes will not receive ultimate
principal at final maturity.  The outstanding note balances for
each class exceed the corresponding class's underlying outstanding
collateral balance.

Green Tree Financial Corp.
Servicer report: April 15, 2014, distribution date

              Collateral       Certificate
Series       balance ($)       balance ($)
1996-B          4,177.86      1,962,198.89
1996-C              0.00         51,844.98
1996-D         95,606.04        268,150.75
1997-D      1,028,091.00      1,481,530.54
1998-B        670,871.51      3,809,478.53
1998-C        761,599.25     25,367,409.23

S&P will continue to monitor the outstanding ratings.

RATINGS AFFIRMED

GreenTree Recreational, Equipment & Consumer Trust

Series                Class             Rating
1996-B                B                  D(sf)
1996-C                B                  D(sf)
1996-D                B                  D(sf)
1997-D                Certs              D(sf)
1998-B                B-2                D(sf)
1998-C                B-2                D(sf)


JP MORGAN 2004-C3: Fitch Raises Rating on Class E Notes to BB
-------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed 17 classes of JP
Morgan Chase Commercial Mortgage Securities Corp. (JPMCC)
commercial mortgage pass-through certificates series 2004-C3.

Key Rating Drivers

The upgrade is due to additional defeasance and paydown since
Fitch's last rating action.  The affirmations reflect the pool's
stable performance.

Fitch modeled losses of 3.3% of the remaining pool; expected
losses on the original pool balance total 6.3%, including $67.2
million (4.4% of the original pool balance) in realized losses to
date.  Fitch has designated 17 loans (19.4%) as Fitch Loans of
Concern.  Presently, there are no specially serviced loans in the
pool.

As of the April 2014 distribution date, the pool's aggregate
principal balance has been reduced by 42.3% to $875.5 million from
$1.52 billion at issuance.  Per the servicer reporting, 18 loans
(27.9% of the pool) are defeased.  Interest shortfalls are
currently affecting classes N through NR.

The largest contributor to expected losses is the Lakeshore Club
Apartments loan (3.1%), which is secured by a multifamily property
consisting of 613 units located in Tampa, FL.  The property is 96%
occupied as of January 2014 with an average rental rate of $635
per month.  The loan was modified in November 2012 and the
borrower continues to pay as agreed.  The loan is interest only
through the remaining term, which was extended to November 2015.

The next largest contributor to expected losses is the Crossroads
Shopping Center loan (6.6% of the pool), which is secured by a
310,753 square foot (sf) anchored retail center located in White
Plains, NY.  The largest tenants are KMART (32%), lease expiration
January 2017; HomeGoods (8%), expiration November 2018; and
Modell's (8%), which recently extended their lease thru 2024.  The
property's performance significantly declined in 2011 as a result
of A&P Supermarket (12%) vacating its space.  As of December 2013,
the property is 82.4% occupied; however two new leases were signed
with tenants DSW Shoe Warehouse and PetSmart for the vacant A&P
space in the 3rd quarter 2013.  Once the tenants are in place,
occupancy should increase to 96%.  There is minimal upcoming
rollover over the next two years.

The third largest contributor to expected losses is the Cambridge
Court Phase I & II loan (2.2%), which is secured by a 254,698 sf
medical office property located in Auburn Hills, MI.  As of
December 2012 the property was 55% occupied.  The tenant Genesy's
Regional Medical (5%) vacated the property at lease expiration in
March 2013; however, a related entity leased the space as of April
2013 at a rental rate of $17.75 sf through April 2016.

RATING SENSITIVITY

Rating Outlooks on classes A-1, A-4, A-5 and C thru D remain
Stable due to increasing credit enhancement and continued paydown.
The Positive outlook on class B reflects the future expected
paydown from loan maturities in 2014. In the current review,
approximately 49% of the pool was modeled to pay off at the
respective loan maturities, as these loans pass both refinance
tests.

Fitch upgrades the following classes as indicated:

-- $87.3 million class A-J to 'AAAsf' from 'AAsf'; Outlook Stable.

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

-- $43.6 million class B at 'Asf'; Outlook to Positive from
   Stable;

-- $15.2 million class E at 'BBsf'; Outlook to Stable from
   Negative;

-- $15.2 million class F at 'Bsf'; Outlook to Stable from
   Negative;

-- $19 million class G at 'CCCsf', RE 100%;

-- $15.2 million class H at 'CCCsf', RE 25%.

Fitch affirms the following classes as indicated:

-- $112.8 million class A-1A at 'AAAsf'; Outlook Stable;
-- $107.6 million class A-4 at 'AAAsf'; Outlook Stable;
-- $421.4 million class A-5 at 'AAAsf'; Outlook Stable;
-- $13.3 million class C at 'BBB-sf'; Outlook Stable;
-- $13.3 million class D at 'BBsf'; Outlook Stable;
-- $13.7 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%;
-- $0 class P at 'Dsf', RE 0%;
-- $0 class Q at 'Dsf', RE 0%.

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


LANDMARK VII CDO: Moody's Raises Rating on $14MM Cl. Notes to Ba2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Landmark VII CDO Ltd.:

  $14,000,000 Class B-1L Floating Rate Notes Due 2018, Upgraded to
  Aa3 (sf); previously on August 13, 2013 Upgraded to A2 (sf)

  $14,000,000 Class B-2L Floating Rate Notes Due 2018 (current
  outstanding balance of $12,780,861.58), Upgraded to Ba2 (sf);
  previously on August 13, 2013 Affirmed Ba3 (sf)

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

  $229,500,000 Class A-1L Floating Rate Notes Due 2018 (current
  outstanding balance of $37,513,914.45), Affirmed Aaa (sf);
  previously on August 13, 2013 Affirmed Aaa (sf)

  $20,500,000 Class A-2L Floating Rate Notes Due 2018, Affirmed
  Aaa (sf); previously on August 13, 2013 Affirmed Aaa (sf)

  $23,000,000 Class A-3L Floating Rate Notes Due 2018, Affirmed
  Aaa (sf); previously on August 13, 2013 Upgraded to Aaa (sf)

Landmark VII CDO Ltd., issued in April 2006, is a collateralized
loan obligation (CLO) backed primarily by a portfolio of senior
secured loans. The transaction's reinvestment period ended in July
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 August 2013. The Class A-1L notes
have been paid down by approximately 58% or $50.9 million since
August 2013. Based on the trustee's April 2014 report, the over-
collateralization (OC) ratios for the Senior Class A, Class A,
Class B-1L and Class B-2L notes are reported at 175.01%, 135.88%,
119.60% and 107.42%, respectively, versus August 2013 levels of
155.68%, 128.53%, 116.20% and 106.58%, respectively. Moody's notes
the reported April overcollateralization ratios do not reflect the
April 15, 2014 payment of $21.9 million to the Class A-1L notes.


LEHMAN BROTHERS 2007-LLF C5: Fitch Affirms CCC Rating on H Secs.
----------------------------------------------------------------
Fitch Ratings has upgraded three and affirmed two classes of
Lehman Brothers Floating Rate Commercial Mortgage Trust 2007-LLF
C5 (LB 2007-LLF C5).

Key Rating Drivers

The upgrades reflect the increased credit enhancement from the
deleveraging of the transaction due to four loan repayments
totaling $86 million since Fitch's last rating action.

Three loans remain in the transaction, two of which are in special
servicing (71% of pool).  All of the remaining loans have been
modified and extended beyond their original maturity dates.  One
loan (29%) has a final maturity in October 2014 and two loans
(71%) have fully extended maturities in June 2015.

The largest loan, the Normandy Office Portfolio (56.5% of pool),
is secured by a portfolio of eight office properties and two
industrial properties totaling 1.39 million square feet (sf)
located in Massachusetts and New Jersey.

The portfolio was first transferred to special servicing in
October 2011 due to imminent default.  The loan was modified in
December 2012 and returned to the master servicer in March 2013.
Terms of the modification included a maturity date extension to
June 9, 2014 with a one-year extension option subject to an 8.5%
debt yield, the contribution of $12 million in new equity by the
borrower, and the sweeping of excess cash flow into the leasing
and capital expenditures (capex) reserve account until it reaches
$10 million.

The loan transferred back to special servicing in December 2013
due to imminent default.  The loan continues to pay as agreed, but
the special servicer indicated there are insufficient funds in
escrow to cover tenant improvements and leasing commissions in
connection with the recent signing of several new leases.  As of
the March 2014 rent roll, the property was 75.2% occupied, an
improvement from 70.5% at year-end (YE) 2012, but still remaining
below the 89% reported at issuance.  According to REIS and as of
fourth quarter 2013, the underlying property submarkets reported
vacancies between 14.1% and 28.1%.  As of the March 2014 rent
roll, in-place base rents were approximately $19.36 per square
foot (psf) compared to underlying submarket asking rents in the
$20.60 psf to $29.55 psf range, according to REIS.

The borrower requested a modification and discussions are ongoing.
In early April 2014, one of the underlying properties in the
portfolio, the Westford Corporate Center, was released.  Proceeds
from the release of this property are expected to be applied on
the upcoming distribution date.  The special servicer indicated
the remainder of the portfolio is in the process of being listed
for sale.

The second largest loan, the Interstate North Office Park (29%),
is secured by a 975,999 sf office property located in Atlanta, GA.
The loan was previously in special servicing due to imminent
maturity default.  The loan was modified in April 2012 and was
subsequently returned to the master servicer. Terms of the
modification included a maturity date extension to Oct. 6, 2014, a
$3.5 million paydown of the loan by the borrower, the funding of a
$1.5 million leasing and capex reserve, and the sweeping of excess
cash flow into the leasing and capex reserve account until it
reaches $10 million.  In addition, subsequent to the closing of
the loan modification, the mezzanine lender took title to the
property in lieu of a mezzanine foreclosure.

As of the December 2013 rent roll, the property was 79% occupied
compared to 90.6% reported at issuance.  Approximately 6.2% of the
property square footage rolls during 2014 and 13.1% in 2015.  The
property's three largest tenants (comprising 35% of the property
square footage) all have lease expirations beyond the loan's
October 2014 maturity.  According to REIS and as of fourth quarter
2013, the Cumberland/1-75 office submarket reported a vacancy of
17.1%.

The third largest loan, the Sheraton Old San Juan (14%), is
secured by the leasehold interest in a 240-key hotel property
located in San Juan, Puerto Rico.

The loan was transferred to special servicing in November 2011 due
to imminent default. A loan modification closed in February 2013.
At the time of modification, the maturity date was extended to
June 9, 2013 with four additional six-month extension options. The
special servicer indicated the loan automatically extends as long
as the borrower certifies there is no Event of Default every six
months. The loan is currently on the second extension option until
June 9, 2014. The third extension option would push the maturity
date to Dec. 9, 2014 with the final and fully extended maturity
date on June 9, 2015.

According to the May 2013 Smith Travel Research (STR) report, the
property reported occupancy, average daily rate, and revenue per
available room (RevPAR) of 80.7%, $130.45, and $105.22,
respectively, for the trailing-12 months (TTM) ending May 2013.
The property performs below both its beachfront and non-beachfront
competitive set in terms of RevPAR penetration at 70.4% and 96%,
respectively, for the TTM May 2013 period, according to STR.
Property net operating income for 2013 of $1.37 million dropped
from $1.99 million in 2012 due to a decline in revenues and a
higher operating expense ratio.

RATING SENSITIVITIES

The rated classes are highly dependent upon the performance of the
remaining three loans.  Fitch analyzed each loan individually and
ran a scenario that assumed the loan maturing in 2014 would pay
off and two loans would be remaining in the pool.  The outcome of
this scenario and the impact to the trust was considered in
Fitch's rating recommendations.

The Rating Outlooks for classes E through G are expected to remain
Stable.  The distressed classes (those rated below 'B') are
expected to be subject to further downgrades as losses are
realized.

Fitch has upgraded the following classes as indicated:

--$4.2 million class E to 'AAAsf' from 'Asf'; Outlook Stable;
--$28.8 million class F to 'Asf' from 'BBsf'; Outlook Stable;
--$28.8 million class G to 'BBBsf' from 'Bsf'; Outlook Stable.

Fitch has affirmed the following classes as indicated:
--$51.8 million class H at 'CCCsf'; RE 100%;
--$57.5 million class J at 'Dsf'; RE 0%.

Classes A-1, A-2, A-3, B, C, D, and X-1 have paid in full. Fitch
does not rate classes CGC, CPE, CQR-1, CQR-2, DMC-1, DMC-2, FBS-1,
FBS-2, FTC-1, FTC-2, HAR-1, HAR-2, HRH, HSS, INO, JHC, LCC, MVR,
NOP-1, NOP-2, NOP-3, OCS, ONA, OWS-1, OWS-2, PHO, SBG, SFO-1, SFO-
2, SFO-3, SFO-4, SFO-5, TSS-1, TSS-2, UCP, VIS, and WHH. Fitch
previously withdrew the rating of the interest-only class X-2.


LIBERTY CLO: Moody's Hikes Rating on Class B Notes to 'Ba1'
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Liberty CLO, Ltd.:

  $43,000,000 Class A-4 Floating Rate Notes Due November 1, 2017,
  Upgraded to Aa1 (sf); previously on August 28, 2013 Upgraded to
  Aa3 (sf); and

  $49,000,000 Class B Floating Rate Notes Due November 1, 2017,
  Upgraded to Ba1 (sf); previously on August 28, 2013 Confirmed
  at Ba2 (sf).

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

  $50,000,000 Class A-1A Floating Rate Notes Due November 1, 2017
  (current outstanding balance of $12,422,125), Affirmed Aaa
  (sf); previously on August 28, 2013 Affirmed Aaa (sf);

  $50,000,000 Class A-1B Floating Rate Notes Due November 1, 2017
  (current outstanding balance of $12,422,125), Affirmed Aaa
  (sf); previously on August 28, 2013 Affirmed Aaa (sf);

  $446,000,000 Class A-1C Floating Rate Notes Due November 1,
  2017 (current outstanding balance of $110,805,355), Affirmed
  Aaa (sf); previously on August 28, 2013 Affirmed Aaa (sf);

  $68,500,000 Class A-2 Floating Rate Notes Due November 1, 2017,
  Affirmed Aaa (sf); previously on August 28, 2013 Affirmed Aaa
  (sf);

  $68,500,000 Class A-3 Floating Rate Notes Due November 1, 2017,
  Affirmed Aaa (sf); previously on August 28, 2013 Upgraded to
  Aaa (sf); and

  $52,000,000 Class C Floating Rate Notes Due November 1, 2017
  (current outstanding balance of $30,378,081), Affirmed B2 (sf);
  previously on August 28, 2013 Affirmed B2 (sf).

Liberty CLO, Ltd., issued in December 2005, is a collateralized
loan obligation backed primarily by a portfolio of senior secured
loans with significant exposure to CLO tranches. 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 the last rating action in August
2013. The Class A-1 Notes have been paid down by approximately 36%
or $74.7 million since August 2013. Based on the trustee's March
31, 2014 report, the over-collateralization (OC) ratios for the
Class A, Class B and Class C notes are reported at 132.2%, 114.4%
and 105.6%, respectively, versus July 2013 levels of 122.6%,
111.0% and 104.9%, respectively.

Nevertheless, the credit quality of the portfolio has deteriorated
since the last rating action. Based on the trustee's March 2014
report, the weighted average rating factor is currently 2705
compared to 2481 on July 22, 2013.

In addition, the portfolio includes a number of investments in
securities that mature after the transaction's maturity date.
Based on Moody's calculation, securities that mature after the
transaction currently make up approximately 15.9% of the
performing par. These investments could expose the notes to market
risk in the event of liquidation when the transaction matures.
Moody's notes that the rating on Class C notes is sensitive to the
liquidation value assumptions used in the rating analysis.


MERRILL LYNCH 2004-MKB1: Fitch Affirms CCC Rating on Class L Certs
------------------------------------------------------------------
Fitch Ratings has upgraded six classes and affirmed three classes
of Merrill Lynch Mortgage Trust (MLMT) 2004-MKB1 commercial
mortgage pass-through certificates.

Key Rating Drivers

The upgrades and affirmations reflect increasing credit
enhancement as a result of significant paydown since the last
rating action and stable projected performance.  Fitch modeled
losses of 18.8% of the remaining pool; expected losses on the
original pool balance total 2.1%, including $10.3 million (1.1% 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 94.3% to $56.3 million from
$980 million at issuance.  There are 12 loans remaining in the
pool, three are defeased (39.6% of pool), and two (23.5% of the
pool) are in special servicing.  The maturities of the non-
specially serviced assets are 13.3% in 2014, 43.7% in 2015, and
11.4% in 2019. Interest shortfalls are currently affecting classes
L through Q.

The largest contributor to expected losses is a specially-serviced
asset (14.2% of the pool), a 104,169 square foot (sf) office
property located in Columbus, OH.  The loan transferred to special
servicing in February 2012 for imminent default.  In May 2012 a
receiver was appointed to lease and manage the property.
Foreclosure was completed in September 2013.  Occupancy at Year-
End (YE) 2013 was 49% down from the previous 59% and 85% as of YE
2012 and YE 2011, respectively.  However, per the special
servicer, occupancy has recently rebounded to mid-60%. The special
servicer hopes to bring occupancy up to 80% and will look to
market the property for sale later this year.

The second largest contributor to expected losses is a specially-
serviced loan (9.3% of the pool), which is secured by a 244-unit
apartment community in Arlington, TX (Dallas-Ft Worth MSA).  The
loan transferred to special servicing in November 2013 for
imminent maturity default and matured in January 2014.  The
borrower previously requested a two-year loan extension (through
January 2016), but recently indicated that they are close to
finalizing a refinance of the loan.  A short-term forbearance is
currently in place, however per the special servicer, if the
borrower doesn't pay off the loan by June 2014 foreclosure action
will be initiated. Occupancy was 69% with a 0.59x NOI DSCR as of
YE 2013.

The third largest loan is a 71,031 sf medical office building (12%
of the pool) located in Indianapolis, IN.  The subject is 100%
leased to Clarian Health Partners(now known as Indiana University
(IU) Health, rated 'AA-' by Fitch) with an expiration in July
2018.  The loan had an anticipated repayment date of March 2014
with a final maturity of 2034.  NOI DSCR was 1.39x as of YE 2013,
however the single-tenant exposure presents binary risk should the
tenant not renew.

Rating Sensitivity

Upgrades to classes F through L are supported by increased credit
enhancement due to paydown from ten-year maturities and the
percentage of defeased loans in the remaining pool (39.6% of the
pool).  However, the upgrades to classes H through L are
constrained by pool concentration, limited near-term pay-down, and
potential for future downgrade should losses increase on the
specially serviced loans.  The distressed classes (those rated
below B) are expected to be subject to downgrades should realized
losses be greater than Fitch's expectations.

Fitch upgrades the following classes as indicated:

-- $5.3 million class F to 'AAAsf' from 'Asf'; Outlook Stable;
-- $12.2 million class G to 'AAAsf' from 'BBBsf'; Outlook Stable;
-- $11 million class H to 'AAsf' from 'BBsf'; Outlook Stable;
-- $3.7 million class J to 'Asf' from 'Bsf'; Outlook to Stable
    from Negative;
-- $4.9 million class K to 'BBsf' from 'Bsf'; Outlook to Stable
    from Negative;
-- $4.9 million class L to 'Bsf' from 'CCCsf'; Outlook Stable.

Fitch affirms the following classes as indicated:

-- $4.9 million class M at 'CCCsf', RE 90%;
-- $2.5 million class N at 'CCsf', RE 0%;
-- $3.7 million class P at 'Csf', RE 0%.

The class A-1, A-2, A-3, A-4, A-1A, B, C, D and E 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.


MMCAPS FUNDING XVII: Moody's Ups Rating on 2 Note Classes to Caa1
-----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
rating of the following notes issued by MMCAPS Funding XVII, Ltd.

  $162,000,000 Class A-1 Floating Rate Notes due 2035 (current
  outstanding balance of $69,486,521.23), Upgraded to Aa2 (sf);
  previously on May 8, 2013 Upgraded to Aa3 (sf)

  $19,500,000 Class A-2 Floating Rate Notes due 2035, Upgraded to
  Aa3 (sf); previously on May 8, 2013 Upgraded to A2 (sf)

  $33,000,000 Class B Floating Rate Notes due 2035, Upgraded to A1
  (sf); previously on May 8, 2013 Upgraded to A3 (sf)

  $35,475,000 Class C-1 Floating Rate Deferrable Interest Notes
  due 2035, Upgraded to Caa1 (sf); previously on May 8, 2013
  Affirmed Ca (sf)

  $35,475,000 Class C-2 Fixed Rate Deferrable Interest Notes due
  2035, Upgraded to Caa1 (sf); previously on May 8, 2013 Affirmed
  Ca (sf)

MMCAPS Funding XVII, Ltd., issued in September 2005, is a
collateralized debt obligation backed by a portfolio of bank and
insurance trust preferred securities.

Ratings Rationale

The rating actions are primarily a result of the deleveraging of
the Class A-1 notes due to underlying asset redemptions, an
increase in the transaction's over-collateralization ratios, and
an improvement in the collateral quality of the underlying
portfolio since the last rating action in May 2013.

The Class A-1 notes have paid down by approximately 15.5% of their
original principal amount, or $25.2 million since May 2013, using
principal proceeds from the redemption of underlying assets and
the diversion of excess interest proceeds. One asset with a par
value of $8.0 million redeemed in February 2014 and two assets
redeemed in August 2013, for a total of $23 million since the last
rating action. The Class A-1 and A-2 notes' par coverage has thus
improved to 269.12% and 210.14%, respectively, up from 213.43% and
176.97% in May 2013, by Moody's calculations. Based on the
trustee's 25 February 2014 report, the Class A/B
overcollateralization (OC) ratio was 150.58% (limit 125.00%),
versus 136.62% in February 2013, and the Class C OC ratio was
97.60% (limit 102.10%), versus 93.61% in February 2013.
Additionally, three assets with a par of $8.0 million cured their
deferrals in February 2014. Finally the Moody's modeled weighted
average rating factor has improved by over 250 points since the
last rating action. Due to the failure of the Class C OC test, the
Class A-1 notes will continue to benefit from the diversion of
excess interest and from proceeds of any redemptions of assets in
the collateral pool.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, and weighted average recovery
rate, are based on its methodology and could differ from the
trustee's reported numbers. In its base case, Moody's analyzed the
underlying collateral pool has having a performing par and
principal proceeds balance of $187.0 million, defaulted and
deferring par of $34.2 million, a weighted average default
probability of 17.48% (implying a WARF of 817), a Moody's Asset
Correlation of 22.56%, and a weighted average recovery rate upon
default of 9.73%. In addition to the quantitative factors Moody's
explicitly models, qualitative factors are part of rating
committee considerations. Moody's considers the structural
protections in the transaction, the risk of an event of default,
recent deal performance under current market conditions, the legal
environment and specific documentation features. All information
available to rating committees, including macroeconomic forecasts,
inputs from other Moody's analytical groups, market factors, and
judgments regarding the nature and severity of credit stress on
the transactions, can influence the final rating decision.


MORGAN STANLEY 2000-LIFE2: Fitch Affirms 'D' Ratings to 3 Notes
---------------------------------------------------------------
Fitch Ratings has upgraded three and affirmed four classes of
Morgan Stanley Dean Witter Capital I Trust's (MSDW) commercial
mortgage pass-through certificates, series 2000-LIFE2.

Key Rating Drivers

The upgrades to the selected classes reflect the quality and
anticipated pay-off of the one remaining loan in the pool. The
pool has experienced $17.9 million (2.3% 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 97.5% to $18.8 million from $765.3 million at issuance.
Interest shortfalls are currently affecting classes L through P.

The remaining loan is secured by a 165,335 square foot (sf) office
building located in Manhattan, New York, NY on 7th Avenue between
53rd & 54th Street.  Per the December 2013 rent roll, the property
is 100% occupied by one tenant, Young & Rubicam. Young & Rubicam
expanded into the former International Merchandising Corp. space
(19% net rentable area [NRA]) in December 2013; in connection with
the tenant's expansion, the effective rent for this portion of
space has increased to $66 per square foot (psf) from $37.36 psf.
Young & Rubicam's lease expires in April 2015, approximately six
months after the loan's October 2014 maturity.  Recently however,
the master servicer indicated the borrower intends to pay off the
loan prior to its maturity.  The net operating income (NOI) debt
service coverage ratio (DSCR) remains stable at 3.36x as of year-
end 2013.

Rating Sensitivity

The ratings for investment grade classes H, J, and K are expected
to remain stable.  Exposure from upcoming loan maturity and
single-tenant binary risk is mitigated by stable historical loan
performance with a low loan-to-value (LTV) and pending loan pay-
off.

Fitch upgrades the following classes as indicated:

-- $4.2 million class H to 'AAAsf' from 'Asf', Outlook Stable;
-- $9.2 million class J to 'AAAsf' from 'Asf', Outlook Stable;
-- $3.1 million class K to 'AAAsf' from 'Asf', Outlook Stable.

Fitch affirms the following classes as indicated:

-- $2.3 million class L at 'Dsf', RE 100%;
-- $0 class M at 'Dsf', RE 0%;
-- $0 class N at 'Dsf', RE 0%;
-- $0 class O at 'Dsf', RE 0%.

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


MORGAN STANLEY 2004-IQ7: Fitch Raises Rating on Class J Note to BB
------------------------------------------------------------------
Fitch Ratings has upgraded 10 classes and affirmed one class of
Morgan Stanley Capital I Trust (MSC 2004-IQ7) commercial mortgage
pass-through certificates series 2004-IQ7.  A detailed list of
rating actions follows at the end of this press release.

Key Rating Drivers

The upgrades reflect actual and expected increases in credit
enhancement from amortization, paydown from maturing loans, and
defeased collateral (21.7% of the pool).  The transaction
experienced significant paydown since Fitch's last rating action
as 60.1% of the pool liquidated or paid in full; realized losses
increased by less than 0.1% of the original pool balance.

Fitch modeled losses of 6.4% of the remaining pool; expected
losses on the original pool balance total 0.7%, including $1.8
million (0.2% of the original pool balance) in realized losses to
date.  Fitch has designated six loans (17.8%) as Fitch Loans of
Concern, which includes two specially serviced assets (4.1%).

As of the April 2014 distribution date, the pool's aggregate
principal balance has been reduced by 91.7% to $71.8 million from
$863 million at issuance.  There are 27 loans remaining out of the
original 128 loans at issuance.  Of the remaining loans, 17 loans
(33.9% of the pool) are secured by cooperative housing properties,
two of which are in special servicing.  Per the servicer
reporting, three loans (21.7%) are defeased. Interest shortfalls
are currently affecting class O.

The largest contributor to expected losses is secured by an 89
unit cooperative housing property (1.7% of the pool) located in
Inkster, MI.  The loan was unable to refinance at maturity and the
servicer is pursuing resolution options which include foreclosure
and a potential note sale.  Servicer reported occupancy as of
February 2014 was 65%.

The next largest contributor to expected losses is secured by a
105 unit cooperative housing property (2.4%) located in Middle
Island, NY.  The sponsor filed for Chapter 11 bankruptcy prior to
an imminent foreclosure action in 2011.  The bankruptcy
proceedings continue with a hearing for plan confirmation
scheduled in May 2014.  The servicer was successful in replacing
sponsor-related management with a third-party managing agent.  In
addition to the bankruptcy proceedings, alleged improprieties on
the part of the sponsor are being investigated.

RATING SENSITIVITY

Outlooks remain Stable as the classes benefit from increasing
credit enhancement, defeasance and continued delevering of the
transaction through amortization and repayment of maturing loans.
The distressed class may be subject to further rating actions as
losses are realized.

Fitch upgrades the following classes and revises Outlooks as
indicated:

-- $21.8 million class C to 'AAAsf' from 'Asf', Outlook Stable;
-- $6.8 million class D to 'AAAsf' from 'A-sf', Outlook Stable;
-- $9.4 million class E to 'AAsf' from 'BBB+sf', Outlook Stable;
-- $5.4 million class F to 'Asf' from 'BBBsf', Outlook Stable;
-- $4.3 million class G to 'Asf' from 'BBB-sf', Outlook to Stable
   from Negative;
-- $5.4 million class H to 'BBBsf' from 'BBsf', Outlook to Stable
   from Negative;
-- $4.3 million class J to 'BBsf' from 'Bsf', Outlook to Stable
   from Negative;
-- $2.2 million class K to 'BBsf' from 'B-sf', Outlook to Stable
   from Negative;
-- $2.2 million class L to 'Bsf' from 'CCCsf', Outlook Stable;
-- $2.2 million class M to 'Bsf' from 'CCCsf', Outlook Stable.

Fitch affirms the following class as indicated:

-- $2.2 million class N at 'CCCsf', RE 100%.

Classes A-1, A-2, A-3, A-4 and B certificates have paid in full.
Fitch does not rate the class O certificates.  Fitch previously
withdrew the ratings on the interest-only class X-1 and X-Y
certificates.


NORTHLAKE CDO I: Moody's Hikes Rating on $174MM Notes to 'Caa2'
---------------------------------------------------------------
Moody's Investors Service has upgraded the rating on notes issued
by NorthLake CDO I, Limited:

  US$174,000,000 Class I-MM Floating Rate Notes Due 2033 (current
  outstanding balance of $35,031,672), Upgraded to Caa2 (sf);
  previously on March 6, 2014 Caa3 (sf) Placed Under Review for
  Possible Upgrade

NorthLake CDO I, Limited, issued in February 2003, is a
collateralized debt obligation backed primarily by a portfolio of
RMBS and CMBS, originated between 2000 and 2006.

Ratings Rationale

The rating action is due primarily to the deleveraging of the
senior notes and an increase in the transaction's Class I-MM over-
collateralization (OC) ratio since April 2013. The Class I-MM
notes have paid down by approximately 29%, or $14.4 million since
April 2013. Based on Moody's calculation, the current OC ratio of
the Class I-MM is 114.1%, compared to 95.2% in April 2013. In
addition, the transaction benefited from interest and principal
proceeds received from defaulted assets that were used to pay down
the Class I-MM Notes.

The deal also benefit from the updates to Moody's SF CDO
methodology described in "Moody's Approach to Rating SF CDOs"
published on March 6, 2014. These updates include: (i) lowering
the resecuritization stress factors for RMBS (US Prime, Subprime,
Manufactured Housing), CDOs exposed to investment grade corporate
assets, and ABS backed by franchise loans or by mutual fund fees;
(ii) using a common table of recovery rates for all structured
finance assets (except for CMBS and SF CDO); and (iii) providing
more guidance on the rating caps Moody's  apply to deals
experiencing event of default. In taking the foregoing actions,
Moody's also announced that it had concluded its review of its
rating on the issuer's Class I-MM Notes announced on March 6,
2014. At that time, Moody's said that it had placed the rating on
review for upgrade as a result of the aforementioned methodology
updates.

Factors That Would Lead To an Upgrade or Downgrade of the Rating:

This transaction is subject to a number of factors and
circumstances that could lead to either an upgrade or downgrade of
the ratings, as described below:

1) Macroeconomic uncertainty: Primary causes of uncertainty about
assumptions are the extent of any slowdown in growth in the
current macroeconomic environment and in the commercial and
residential real estate property markets. Although the commercial
real estate property markets are gaining momentum, consistent
growth will be unlikely until the volume of transactions
increases, distressed properties are cleared from the pipeline and
job creation rebounds. The residential real estate property market
is subject to uncertainty about housing prices; the pace of
residential mortgage foreclosures, loan modifications and
refinancing; the unemployment rate; and interest rates.

2) Deleveraging: One source of uncertainty in this transaction is
whether deleveraging from unscheduled principal proceeds,
recoveries from defaulted assets, and excess interest proceeds
will continue and at what pace. Faster deleveraging than Moody's
expects could have a significant impact on the notes' ratings.

3) Recovery of defaulted assets: The amount of recoveries received
from defaulted assets reported by the trustee and those that
Moody's assumes as having defaulted as well as the timing of these
recoveries create additional uncertainty. Moody's analyzed
defaulted assets assuming no recoveries, and therefore,
realization of any recoveries in the future would positively
impact the notes' ratings.


OCTAGON INVESTMENT XII: S&P Withdraws BB- Rating on Class E Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on the
original class A, B-1, B-2, C, D, and E notes from Octagon
Investment Partners XII Ltd./Octagon Investment Partners XII LLC,
a collateralized loan obligation (CLO) transaction managed by
Octagon Credit Investors LLC, after the notes were redeemed in
full.  At the same time, S&P assigned ratings to the replacement
class A-R, B-1-R, B-2-R, C-R, D-R, and E-R notes.

The replacement notes were issued according to a supplemental
indenture.  All of the proceeds from the replacement notes were
used to redeem the original notes, as outlined in the transaction
documents.  The class B-2-R and C-R replacements notes are now
floating-rate liabilities.  The other replacement notes were
issued at a lower spread over LIBOR than the original notes.

S&P's full cash flow analysis resulted in higher cushions for all
rated notes after the refinancing when compared with the cushions
as of the effective date (see table).

Current date after refinancing
Class      Amount   Interest          BDR      SDR    Cushion
         (mil. $)   rate (%)          (%)      (%)        (%)
A-R        223.00   LIBOR + 1.27    65.92    61.56       4.36
B-1-R       22.00   LIBOR + 1.90    62.32    53.73       8.59
B-2-R       22.00   LIBOR + 1.90    62.32    53.73       8.59
C-R         18.50   LIBOR + 2.80    57.70    47.82       9.88
D-R         17.50   LIBOR + 3.80    51.59    42.03       9.56
E-R         18.00   LIBOR + 5.50    41.93    33.08       8.85

Effective date
Class     Amount    Interest          BDR      SDR    Cushion
        (mil. $)    rate(%)           (%)      (%)        (%)
A         223.00    LIBOR + 1.46    64.89    63.62       1.27
B-1        22.00    LIBOR + 2.50    59.56    55.61       3.95
B-2        22.00    4.05            59.56    55.61       3.95
C          18.50    5.25            56.61    49.55       7.06
D          17.50    LIBOR + 4.60    50.99    43.34       7.65
E          18.00    LIBOR + 5.75    42.75    34.03       8.72

BDR-Break-even default rate.
SDR-Scenario default rate.

The supplemental indenture did not make any other substantive
changes to the transaction.

RATINGS WITHDRAWN

Octagon Investment Partners XII Ltd./
Octagon Investment Partners XII LLC

Original class         Rating
                   To           From
A                  NR           AAA (sf)
B-1                NR           AA (sf)
B-2                NR           AA (sf)
C                  NR           A (sf)
D                  NR           BBB (sf)
E                  NR           BB- (sf)
NR-Not rated.

RATINGS ASSIGNED
Replacement class               Rating
A-R                             AAA (sf)
B-1-R                           AA (sf)
B-2-R                           AA (sf)
C-R                             A (sf)
D-R                             BBB (sf)
E-R                             BB- (sf)

TRANSACTION INFORMATION
Issuer:               Octagon Investment Partners XII Ltd.
Co-issuer:            Octagon Investment Partners XII LLC
Collateral manager:   Octagon Credit Investors LLC
Refinancing arranger: Citigroup Global Markets Inc.
Trustee:              Citibank N.A.
Transaction type:     Cash flow CLO


PALMER SQUARE 2014-1: S&P Gives Class D Secs. Prelim BBsf Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Palmer Square CLO 2014-1 Ltd./Palmer Square CLO 2014-1
LLC's $412.25 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 May 1,
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 (CDO) criteria.

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

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

   -- The 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 0.228%-13.839%.

   -- 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 benefit of a reinvestment overcollateralization test, a
      failure of which will lead to the reclassification of
      principal proceeds of up to 50% of the excess interest
      proceeds that are available before paying uncapped
      administrative expenses and fees, hedge payments, reserve
      account deposits, incentive management fees, and subordinate
      note payments, during the reinvestment period.  However,
      since the test's priority is junior to the cumulative
      uncapped subordinated manager fees, S&P's stress scenarios
      did not give credit to this feature.

PRELIMINARY RATINGS ASSIGNED

Palmer Square CLO 2014-1 Ltd./Palmer Square CLO 2014-1 LLC

Class                Rating                  Amount
                                           (mil. $)
A-1                  AAA (sf)                288.00
A-2                  AA (sf)                  49.50
B (deferrable)       A (sf)                   36.00
C (deferrable)       BBB (sf)                 22.50
D (deferrable)       BB (sf)                  16.25
Subordinated notes   NR                       44.75

NR-Not rated.


PARTS PRIVATE 2007-CT1: Fitch Affirms CCC Rating on Class B Notes
-----------------------------------------------------------------
Fitch Ratings affirms three classes from PARTS Private Student
Loan Trust Series 2007-CT1.

Key Rating Drivers

Collateral Quality: The trust is collateralized by approximately
$51.8 million of private student loans as of February 2014 that
were originated according to either TERI or LEARN underwriting
guidelines.  The projected remaining defaults are expected to
range between 15%-20%.  A recovery rate of 0% was applied as the
data provided indicates a minimal recovery rate.

Credit Enhancement (CE): CE is provided by excess spread. Senior
notes, benefiting from subordination provided by junior bonds, are
seeing higher parity, while subordinate notes and junior
subordinates continue to be under-collateralized.  Senior,
subordinate and junior subordinate parity ratios are currently
149.67%, 98.72% and 86.15% respectively.  The outlook revision for
the senior notes reflects improving parity and sufficient CE to
absorb expected losses.  The Recovery Estimate (RE) for the class
B notes is approximately RE 90% and for the class C note is RE 0%.
Liquidity Support: Liquidity support is provided by a reserve fund
at $1,000,000.

Satisfactory Servicing Capabilities: Day-to-day servicing is
provided by Pennsylvania Higher Education Assistance Agency.
Fitch believes the servicing operations are acceptable at this
time.

Rating Sensitivities

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

Fitch affirms the following ratings:

PARTS Private Student Loan Trust Series 2007-CT1

-- Class A affirmed at 'Asf', Outlook revised to Stable from
   Negative;
-- Class B affirmed at 'CCCsf', RE 90%;
-- Class C affirmed at 'Csf', RE 0%.


PREFERRED TERM XI: S&P Raises Rating on Class A-2 Notes to 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A-1 and A-2 notes from Preferred Term Securities XI Ltd. and the
class A-1, A-2, A-3, and A-4 notes from Preferred Term Securities
XII Ltd.  At the same time, S&P removed the ratings from
CreditWatch with positive implications.  Preferred Term Securities
XI Ltd. and Preferred Term Securities XII Ltd. are transactions
backed by trust preferred securities issued by banks and insurance
companies; they closed in September 2003 and December 2003,
respectively.

The upgrades mainly reflect the improved principal coverage ratios
due to paydowns on the senior tranches.  In addition to the
redemption of the underlying trust preferred securities, the
transactions' class A-1 notes have benefitted from the diversion
of excess spread due to prior-period failures of the principal
coverage test, leading to further paydowns of 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 principal coverage ratios in both transactions are now
passing, and as a result, the subordinate unrated class B-1, B-2,
and B-3 notes in each transaction have cured their previous
interest shortfall amounts.  Furthermore, the Preferred Term
Securities XI Ltd. transaction has received additional credit
support due in part to a few bank trust-preferred securities in
the collateralized portfolio curing their deferrals and becoming
current.

S&P's review of these transactions included a cash-flow analysis,
based on the portfolio and transactions as reflected in the March
2014 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.  In S&P's view,
the cash flow analysis results demonstrated that all of the rated
outstanding classes have adequate credit enhancement available at
the rating levels associated with these rating actions.

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

CAPITAL STRUCTURE AND KEY METRICS COMPARISON

Preferred Term Securities XI Ltd.

                                Notional balance (Mil. $)
Class                      March 2012 (i)       March 2014 (ii)
A-1                            240.22               211.61
A-2                             70.00                70.00
B-1                            127.94               124.50
B-2                             13.36                13.00
B-3                             67.31                65.50

Coverage Tests
Senior (A) O/C                 127.18               142.61

(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 XII Ltd.

                              Notional balance (Mil. $)
Class                   December 2012 (i)       March 2014 (ii)
A-1                            230.71               205.20
A-2                             64.00                64.00
A-3                             10.00                10.00
A-3                             17.00                17.00
B-1                            211.11               204.40
B-2                             21.17                20.50
B-3                             38.93                37.70

Coverage Tests
Senior (A) O/C                 134.35               148.55

(i) Trustee report used for our February 2013 rating actions.
(ii) After applying proceeds on the March 2014 payment date.
O/C-Overcollateralization test.

RATINGS RAISED AND REMOVED FROM CREDITWATCH POSITIVE

Preferred Term Securities XI Ltd.

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

Preferred Term Securities XII Ltd.

              Rating       Rating
Class         To           From
A-1           A- (sf)      BBB+ (sf)/Watch Pos
A-2           BBB (sf)     BB+ (sf)/Watch Pos
A-3           BBB (sf)     BB+ (sf)/Watch Pos
A-4           BBB (sf)     BB+ (sf)/Watch Pos


RAMP SERIES 2004-RZ3: Moody's Ups Cl. M-I-1 Debt Rating to 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two
tranches and upgraded the ratings of two tranches from three
transactions issued by various trusts, backed by Subprime mortgage
loans.

Complete rating actions are as follows:

Issuer: Bear Stearns Asset Backed Securities I Trust 2004-HE9

Cl. M-1, Upgraded to Baa3 (sf); previously on Apr 9, 2012
Confirmed at Ba1 (sf)

Issuer: RAMP Series 2003-RS10 Trust

Cl. A-I-6, Downgraded to Baa2 (sf); previously on Apr 17, 2012
Downgraded to Baa1 (sf)

Cl. A-I-7, Downgraded to Baa1 (sf); previously on Apr 17, 2012
Downgraded to A3 (sf)

Issuer: RAMP Series 2004-RZ3 Trust

Cl. M-I-1, Upgraded to Ba1 (sf); previously on Nov 13, 2013
Upgraded to Ba3 (sf)

Ratings Rationale

The actions are a result of the recent performance of the
underlying pools and reflect Moody's updated loss expectations on
the pools. The upgrades are a result of improving performance of
the related pools and/or faster pay-down of the bonds due to high
prepayments/faster liquidations. The downgrades on Classes A-I-6
and A-I-7 issued by RAMP 2003-RS10 are due to deteriorating
performance on the pools backing the transaction.

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.


SAGUARO ISSUER TRUST: Moody's Hikes Rating on 2 Units to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service announced that it has upgraded its
ratings of the following units issued by Saguaro Issuer Trust:

  US$20,000,000 aggregate face amount of Principal Units, Series
  F, Upgraded to Baa3; previously on June 22, 2012 Upgraded to Ba1

  US$20,000,000 aggregate face amount of Principal Units, Series
  G, Upgraded to Baa3; previously on June 22, 2012 Upgraded to Ba1

Ratings Rationale

The ratings of the Series F and G units are based on the credit
quality of the underlying securities and the legal structure of
the transaction. The rating actions result from rating changes on
the underlying securities.

The Series F Principal Units are related to the Principal
Certificates, Series F issued by IIG Funding Trust, which are, in
turn, related to the U.S. $20,000,000 face amount of Primary
Capital Undated Floating Rate Notes of Lloyds Bank PLC, whose
rating was upgraded to Baa3 (hyb) on May 2, 2014.

The Series G Principal Units are related to the Principal
Certificates, Series G issued by IIG Funding Trust, which are, in
turn, related to the U.S. $20,000,000 face amount of Undated
Capital Floating Rate Notes, Series 2 of Lloyds Bank PLC, whose
rating was upgraded to Baa3 (hyb) on May 2, 2014.

Methodology Underlying the Rating Action

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

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

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


SDART 2013-3: Fitch Affirms 'BB' Rating on Class E Notes
--------------------------------------------------------
As part of its ongoing surveillance, Fitch Ratings has affirmed
six classes of the Santander Drive Auto Receivables Trust 2013-3
transaction as follows:

-- Class A-2 at 'AAAsf'; Outlook Stable;
-- Class A-3 at 'AAAsf'; Outlook Stable;
-- Class B at 'AAsf'; Outlook Stable;
-- Class C at 'Asf'; Outlook Stable;
-- Class D at 'BBBsf'; Outlook Stable;
-- Class E at 'BBsf'; Outlook Stable.

Key Rating Drivers

The rating affirmations are based on available credit enhancement
and loss performance.  The collateral pool continues to perform
within Fitch's expectations.  Under the credit enhancement
structure, the securities are able to withstand stress scenarios
consistent with the current rating and make full payments to
investors in accordance with the terms of the documents.

The ratings reflect the quality of Santander Consumer USA, Inc.'s
retail auto loan originations, the strength of its servicing
capabilities, and the sound financial and legal structure of the
transaction.

Rating Sensitivity

Unanticipated increases in the frequency of defaults and loss
severity could produce loss levels higher than the current
projected base case loss proxy and impact available loss coverage
and multiples levels for the transaction.  Lower loss coverage
could impact ratings and Rating Outlooks, depending on the extent
of the decline in coverage.

In Fitch's initial review of the transaction, the notes were found
to have limited sensitivity to a 1.5x and 2.5x increase of Fitch's
base case loss expectation.  To date, the transaction has
exhibited strong performance with losses within Fitch's initial
expectations with rising loss coverage and multiple levels
consistent with the current ratings.  A material deterioration in
performance would have to occur within the asset pool to have
potential negative impact on the outstanding ratings.

Fitch's analysis of the Representation and Warranties (R&W) of
this transaction can be found in Santander Drive Auto Receivables
Trust 2013-3 -- Appendix.  These R&W are compared to those of
typical R&W for the asset class as detailed in the special report
'Representations, Warranties, and Enforcement Mechanisms in the
Global Structured Finance Transactions' dated April 17, 2012.


SENECA PARK: Moody's Assigns (P)Ba3 Rating on $40.5MM Cl. E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
seven classes of notes to be issued by Seneca Park CLO, Ltd.:

Moody's rating action is as follows:

$429,750,000 Class A Senior Secured Floating Rate Notes due 2026
(the "Class A Notes"), Assigned (P)Aaa (sf)

$64,500,000 Class B-1 Senior Secured Floating Rate Notes due 2026
(the "Class B-1 Notes"), Assigned (P)Aa2 (sf)

$25,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2026
(the "Class B-2 Notes"), Assigned (P)Aa2 (sf)

$42,000,000 Class C Secured Deferrable Floating Rate Notes due
2026 (the "Class C Notes"), Assigned (P)A2 (sf)

$43,750,000 Class D Secured Deferrable Floating Rate Notes due
2026 (the "Class D Notes"), Assigned (P)Baa3 (sf)

$40,500,000 Class E Secured Deferrable Floating Rate Notes due
2026 (the "Class E Notes"), Assigned (P)Ba3 (sf)

$8,000,000 Class F Secured Deferrable Floating Rate Notes due
2026 (the "Class F Notes"), Assigned (P)B2 (sf)

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

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

Ratings Rationale

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

Seneca Park is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90% of the portfolio must consist of
first lien senior secured loans, cash and eligible investments,
and up to 10% of the portfolio may consist of second lien loans
and unsecured loans. The portfolio is expected to be approximately
75% ramped as of the closing date.

GSO/Blackstone Debt Funds 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.


SHACKLETON 2014-V: S&P Assigns 'BB-' Rating on Class E Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to
Shackleton 2014-V CLO Ltd./Shackleton 2014-V CLO LLC's $572.50
million fixed- and floating-rate notes.

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

The 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 including excess spread).

   -- The cash flow structure, which can withstand the default
      rate projected by Standard & Poor's CDO Evaluator model, as
      assessed by Standard & Poor's using the assumptions and
      methods outlined in its corporate collateralized debt
      obligation (CDO) criteria.

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

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

   -- The collateral manager's experienced management team.

   -- The 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
      0.2228%-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 interest diversion test, a failure of
      which during the reinvestment period will lead to the
      reclassification of up to 50% of available excess interest
      proceeds (before paying uncapped administrative expenses,
      subordinate and incentive management fees, refinancing and
      additional securities issuance expenses, expense reserve
      account top-up, hedge amounts, and subordinated note
      payments) as principal proceeds to purchase additional
      collateral assets or to pay principal on the notes
      sequentially, at the collateral manager's option.

RATINGS ASSIGNED

Shackleton 2014-V CLO Ltd./Shackleton 2014-V CLO LLC

Class                   Rating            Amount (mil. $)
X                       AAA (sf)                     4.00
A                       AAA (sf)                   366.00
B-1                     AA (sf)                     71.00
B-2                     AA (sf)                      7.00
C-1 (deferrable)        A (sf)                      42.00
C-2 (deferrable)        A (sf)                       9.00
D (deferrable)          BBB- (sf)                   33.00
E (deferrable)          BB- (sf)                    24.00
F-1 (deferrable)        B (sf)                       9.50
F-2 (deferrable)        B (sf)                       7.00
Subordinated notes      NR                          54.50

NR-Not rated.


SIGNUM RATED II: Moody's Places B2 Rating on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the rating on the HFR Gap Notes 2005-01 issued by Signum
Rated II Limited, a hedge fund collateralized fund obligation:

Series HFR Hedge Fund Gap Notes 2005-01 Coast USD 20,000,000
Floating Rate Secured Notes due 2015, Ba2 (sf) Placed Under Review
for Possible Downgrade; previously on September 22, 2009 Confirmed
at Ba2 (sf).

Ratings Rationale

The rating action is the result of the updates to the methodology
that Moody's uses to rate transactions backed by portfolios of
hedge fund investments. The updates include: (1) changing to a
multivariate t-distribution from a Gaussian distribution to
simulate the underlying fund returns; (2) updating Moody's
volatility and correlation assumptions for underlying fund returns
to account for the observed high levels during the 2008-2009
financial crisis; and (3) increasing the frequency of total loss
scenarios and making them state-dependent.

Moody's has assessed the impact on all of its transactions backed
by hedge fund investments, including hedge fund collateralized
fund obligations (HF CFOs) and hedge fund variable funding notes
(HF VFNs). Moody's has determined that the gap risk notes issued
by Signum Rated II Limited will be affected by the updates to the
methodology. Moody's will resolve its review of the tranche
shortly.


SMALL BALANCE 2006-2: Moody's Affirms C Rating on 2 Cert. Classes
-----------------------------------------------------------------
Moody's Investors Service CBA Commercial Assets, Small Balance
Commercial Mortgage Pass-Through Certificates Series 2006-2 as
follows:

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

Cl. X-1, Affirmed C (sf); previously on May 9, 2013 Affirmed C
(sf)

Ratings Rationale

The rating on the P&I class was 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.

This transaction is classified as a small balance CMBS
transaction. Small balance transactions, which represent less than
1% of the Moody's rated conduit/fusion universe, have generally
experienced higher defaults and losses than traditional conduit
and fusion transactions.

Moody's rating action reflects a base expected loss of 31% of the
current balance, compared to 29% at Moody's last review. Moody's
base expected loss plus realized losses is now 32% of the original
pooled balance, compared to 32% 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.

Due to limited financial performance data of the collateral,
Moody's analysis also incorporated a loss and recovery approach in
rating the P&I classes in this deal since 34% of the pool is in
special servicing and performing conduit loans only represent 54%
of the pool. In this approach, Moody's determines a probability of
default for each specially serviced and troubled 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. For the conduit loans without the
current financial data, Moody's took into consideration the
current market condition, the values of the collateral and overall
market trends. Given dated property level financials, Moody's also
considered the past performance of the pool with respect to
defaults and losses.

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 64 at Moody's last review.

Deal Performance

As of the April 25, 2014 distribution date, the transaction's
aggregate certificate balance has decreased by 62% to $49.2
million from $130.5 million at securitization. The certificates
are collateralized by 129 mortgage loans ranging in size from less
than 1% to 6% of the pool, with the top ten loans constituting 36%
of the pool.

Twelve loans, constituting 11% 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-three loans have been liquidated from the pool, resulting
in an aggregate realized loss of $26 million (for an average loss
severity of 72%). 40 loans, constituting 34% of the pool, are
currently in special servicing. Moody's estimates an aggregate
$11.5 million loss for the specially serviced loans (23% expected
loss on average).

Moody's has assumed a high default probability for 15 poorly
performing loans, constituting 12% of the pool, and has estimated
an aggregate loss of $2 million (a 35% expected loss based on a
50% probability default) from these troubled loans.


SYMPHONY CLO XIV: Moody's Assigns (P)Ba3 Rating on Class E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 12
classes of notes to be issued by Symphony CLO XIV, Ltd.:

$5,000,000 Class X Senior Floating Rate Notes due 2026 (the
"Class X Notes"), Assigned (P)Aaa (sf)

$250,000,000 Class A-1 Senior Floating Rate Notes due 2026 (the
"Class A-1 Notes"), Assigned (P)Aaa (sf)

$236,000,000 Class A-2 Senior Floating Rate Notes due 2026 (the
"Class A-2 Notes"), Assigned (P)Aaa (sf)

$10,000,000 Class A-3 Senior Fixed Rate Notes due 2026 (the
"Class A-3 Notes"), Assigned (P)Aaa (sf)

$73,000,000 Class B-1 Senior Floating Rate Notes due 2026 (the
"Class B-1 Notes"), Assigned (P)Aa2 (sf)

$35,000,000 Class B-2 Senior Fixed Rate Notes due 2026 (the
"Class B-2 Notes"), Assigned (P)Aa2 (sf)

$25,000,000 Class C-1 Deferrable Mezzanine Floating Rate Notes
due 2026 (the "Class C-1 Notes"), Assigned (P)A2 (sf)

$15,000,000 Class C-2 Deferrable Mezzanine Fixed Rate Notes due
2026 (the "Class C-2 Notes"), Assigned (P)A2 (sf)

$26,000,000 Class D-1 Deferrable Mezzanine Floating Rate Notes
due 2026 (the "Class D-1 Notes"), Assigned (P)Baa3 (sf)

$26,000,000 Class D-2 Deferrable Mezzanine Floating Rate Notes
due 2026 (the "Class D-2 Notes"), Assigned (P)Baa3 (sf)

$48,000,000 Class E Deferrable Mezzanine Floating Rate Notes due
2026 (the "Class E Notes"), Assigned (P)Ba3 (sf)

$16,000,000 Class F Deferrable Mezzanine Floating Rate Notes due
2026 (the "Class F Notes"), Assigned (P)B3 (sf)

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

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

RATINGS RATIONALE

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

Symphony XIV is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90% of the portfolio must consist of
first lien senior secured loans (including participations with
respect to senior secured loans) and eligible investments and up
to 10% of the portfolio may consist of second lien loans and
unsecured loans. The portfolio is expected to be approximately 60%
ramped as of the closing date.

Symphony 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 and credit improved assets, subject to certain restrictions.

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in February 2014.


TELOS CLO 2014-5: S&P Assigns 'BB' Rating on Class E Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to TELOS
CLO 2014-5 Ltd./TELOS CLO 2014-5 LLC's 376.75 million fixed- and
floating-rate notes.

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

The ratings reflect:

   -- 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 S&P expects to be
      bankruptcy remote.

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

   -- The collateral servicer'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
      0.23%-12.58%.

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

   -- The transaction's interest diversion test, a failure of
      which will lead to the reclassification of excess interest
      proceeds that are available before paying uncapped
      administrative expenses and fees, collateral servicer
      subordinated and incentive fees, and subordinated note
      payments into principal proceeds to purchase additional
      collateral assets during the reinvestment period.

RATINGS ASSIGNED

TELOS CLO 2014-5 Ltd./TELOS CLO 2014-5 LLC

Class                  Rating                  Amount
                                             (mil. $)
A                      AAA (sf)                252.00
B-1                    AA (sf)                  39.00
B-2                    AA (sf)                   7.50
C (deferrable)         A (sf)                   32.75
D (deferrable)         BBB (sf)                 19.75
E (deferrable)         BB (sf)                  18.00
F (deferrable)         B (sf)                    7.75
Subordinated notes     NR                       35.60

NR-Not rated.


TRINITAS CLO I: S&P Assigns 'BB' Rating on Class E Notes
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to
Trinitas CLO I Ltd./Trinitas CLO I LLC's $364.25 million fixed-
and floating-rate notes.

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

The 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 asset manager's and designated successor manager's
      experienced management teams.

   -- 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
      0.2356%-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 a
      certain amount of excess interest proceeds available before
      paying uncapped administrative expenses and fees;
      subordinated hedge termination payments; subordinated
      management fees; asset manager incentive fees; and
      subordinated note payments; as principal proceeds to
      purchase additional collateral assets during the
      reinvestment period.

RATINGS ASSIGNED

Trinitas CLO I Ltd./Trinitas CLO I LLC

Class                   Rating            Amount (mil. $)
X                       AAA (sf)                     5.00
A-1                     AAA (sf)                   230.00
A-2                     AAA (sf)                    10.00
B-1                     AA (sf)                     51.50
B-2                     AA (sf)                     10.00
C (deferrable)          A (sf)                      22.75
D (deferrable)          BBB (sf)                    18.75
E (deferrable)          BB (sf)                     16.25
Subordinated notes      NR                          35.75

NR-Not rated.


TROPIC CDO IV: S&P Raises Rating on Class A-1L Notes to 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A-1L and A-2L notes from Tropic CDO IV Ltd. and removed them from
CreditWatch with positive implications.  At the same time, S&P
affirmed its rating on the class A-3L notes from the same
transaction.  Tropic CDO IV Ltd. is a transaction backed by trust
preferred securities issued by banks; it closed in November 2004.

The upgrades mainly reflect the improved principal coverage ratios
due to paydowns to the class A-1L notes.  Since S&P's May 2012
rating action, the senior principal coverage ratio has improved to
129.59% from 104.52%.  However, despite improvements, the
principal coverage ratio is still below the threshold of 140%.
Therefore, the A-1L notes are benefiting from the excess interest
that is being diverted to pay principal until the test is cured.
Overall, the class A-1L notes have received more than $30 million
in paydowns since S&P's May 2012 rating action.

S&P's review of this transaction included a cash flow analysis,
based on the portfolio and transaction as reflected in the April
2014 trustee report, to estimate future performance.  In line with
S&P's criteria, its cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults and
recoveries upon default under various interest rate and
macroeconomic scenarios.  In addition, S&P's analysis considered
the transaction's ability to pay timely interest and/or ultimate
principal to each of the rated tranches.  In S&P's view, the cash
flow analysis results demonstrated that all of the rated
outstanding classes have adequate credit enhancement available at
the rating levels associated with these rating actions.

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

CAPITAL STRUCTURE AND KEY METRICS COMPARISON

Tropic CDO IV Ltd.
                                 Notional balance (Mil. $)
Class                       April 2012 (i)         April 2014 (ii)
A-1L                            134.39                  93.73
A-2L                             40.00                  40.00
A-3L                             39.16                  40.22

Coverage Tests
Senior O/C                     104.52               129.59
A-3 O/C                         86.07               101.38
B O/C                           62.32                68.96

(i) Trustee report used for our May 2012 rating actions.
(ii) After applying proceeds on the April 2014 payment date.
O/C-Overcollateralization test.

RATINGS RAISED AND REMOVED FROM CREDITWATCH

Tropic CDO IV Ltd.

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

RATING AFFIRMED

Tropic CDO IV Ltd.

Class         Rating
A-3L          CC (sf)


UNISON GROUND: Fitch Affirms 'BB' Rating on Class F Notes
---------------------------------------------------------
Fitch Ratings has affirmed the ratings for Unison Ground Lease
Funding, LLC Secured Cellular Site Revenue Notes, series 2010-1
and 2010-2 as follows:

-- $67,000,000 Series 2010-1, Class C at 'Asf'; Outlook Stable;
-- $87,500,000 Series 2010-2, Class C at 'Asf'; Outlook Stable;
-- $41,500,000 Series 2010-2, Class F at 'BBsf'; Outlook Stable.

KEY RATING DRIVERS

The affirmations are due to stable performance and continued cash
flow growth since issuance.  The Stable Outlooks reflect the
limited prospect for upgrades given the provision to issue
additional notes.

RATING SENSITIVITIES

Ratings on the classes are expected to remain stable based on
continued cash flow growth due to annual rent escalations and
automatic renewal clauses resulting in higher debt service
coverage ratios since issuance.  The ratings have been capped at
'A' due to the specialized nature of the collateral and the
potential for changes in technology to affect long-term demand for
wireless tower space.

The certificates represent beneficial ownership interest in the
trust, primary assets of which are 1,433 wireless communication
sites securing one fixed-rate loan.  As of the March 2014
distribution date, the aggregate principal balance of the notes
remains unchanged at $196 million since issuance.  The notes are
interest only for the entire seven-year period for Series 2010-1,
Class C and 10 years for classes C and F of Series 2010-2.

The ownership interest in the cellular sites consists primarily of
perpetual and limited long-term easements of land, rooftops, or
other structures on which site space is allocated to wireless
service providers (WSP) and independent tower operators.  Thus,
unlike typical cell tower securitizations in which the towers
serve as collateral, the collateral for this securitization
generally consists of easements and the revenue stream from the
payments the owner of the tower and/or tenants of the site pay to
Unison.

As part of its review, Fitch analyzed the collateral data and site
information provided by the master servicer, Midland Loan
Services.  As of March 31, 2014, aggregate TTM run rate net cash
flow increased 17.9% since issuance to $28.1 million.  The Fitch
stressed DSCR increased from 1.27x at issuance to 1.47x as a
result of the increase in net cash flow.

The portfolio of sites are composed of ground easements, rooftops
and structures which represent 54.6%, 34.9% and 10.5% of revenue
respectively. Site concentrations are in-line with percentages of
revenue at issuance.

The ownership interests in the sites consist of 69.1% of revenue
in perpetual easements and 28.8% in limited term easements.  The
limited term easements are generally long term with an average
remaining term in excess of 40 years.


VENTURE XVII: Moody's Assigns '(P)Ba2' Rating on Class E Notes
--------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to six
classes of notes to be issued by Venture XVII CLO, Limited:

Moody's rating action is as follows:

$432,000,000 Class A Senior Secured Floating Rate Notes due 2026
(the "Class A Notes"), Assigned (P)Aaa (sf)

$33,000,000 Class B-1 Senior Secured Floating Rate Notes due 2026
(the "Class B-1 Notes"), Assigned (P)Aa2 (sf)

$31,500,000 Class B-2 Senior Secured Floating Rate Notes due 2026
(the "Class B-2 Notes"), Assigned (P)Aa2 (sf)

$74,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2026 (the "Class C Notes"), Assigned (P)A2 (sf)

$40,500,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2026 (the "Class D Notes"), Assigned (P)Baa3 (sf)

$34,000,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2026 (the "Class E Notes"), Assigned (P)Ba2 (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."

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.

Venture XVII 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. Moody's expect the portfolio to be at least
60% ramped as of the closing date.

MJX 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.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in February 2014.


WACHOVIA BANK 2003-C3: Fitch Affirms 'D' Ratings to 4 Note Classes
------------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed five classes of
Wachovia Bank Commercial Mortgage Trust, series 2003-C3 commercial
pass-through certificates.

Key Rating Drivers

The upgrade is due to the improved recovery prospects for the most
senior class.  Credit enhancement has improved since last review
due to payoffs from the underlying pool.  The upgrade was limited
due to concerns for concentration risk with six loans remaining.
The two largest loans (80.9% of the pool) both became real estate
owned (REO) in March 2014. Fitch modeled losses of 29.9% of the
remaining pool; expected losses on the original pool balance total
4.9%, including losses already incurred.  The pool has experienced
$40 million (4.3% of the original pool balance) in realized losses
to date.  Fitch has designated three loans (82%) as Fitch Loans of
Concern, which includes two specially serviced assets.

As of the April 2014 distribution date, the pool's aggregate
principal balance has been reduced by 97.9% to $19.6 million from
$937.3 million at issuance.  Per the servicer reporting, one loan
(3%) is defeased.  Interest shortfalls are currently affecting
classes K through P.

The largest contributor to Fitch's modeled losses is an 189,000
square foot (sf) office property (51.5%) located in Scranton, PA.
The loan transferred to the special servicer in February 2013 due
to cash flow issues and delinquent payments.  Occupancy at the
property dropped to 50% in March 2013.  The servicer continues to
market the vacant space.

The second-largest contributor to expected losses is a 176-unit
multifamily property (29.4%) located in Sumter, SC.  The loan
transferred to the special servicer in January 2013 due to a
maturity default.  The servicer is performing necessary capital
expenditures at the property.

Rating Sensitivities

The rating on the class J notes is expected to be stable.  The
rating on the class K notes may be subject to further downgrades
as losses are realized.

Fitch has upgraded the following class as indicated:

-- $5.8 million class J notes to 'Bsf' from 'CCCsf'; assigned
   Outlook Stable.

Fitch has affirmed the following classes as indicated:

--$9.4 million class K notes at 'CCsf'; RE 85%;
--$4.5 million class L notes at 'Dsf'; RE 0%;
--Class M notes at 'Dsf'; RE 0%;
--Class N notes at 'Dsf'; RE 0%;
--Class O notes at 'Dsf'; RE 0%.

Classes A-1, A-2, B, C, D, E, F, G, H, and IO-II have repaid in
full.  Fitch does not rate class P.  The class IO-I notes were
previously withdrawn.


WACHOVIA BANK 2005-C21: Moody's Affirms Ca Rating on Class K Certs
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on 14 classes
in Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series 2005-C21 as follows:

Cl. A-1A, Affirmed Aaa (sf); previously on May 16, 2013 Affirmed
Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on May 16, 2013 Affirmed
Aaa (sf)

Cl. A-M, Affirmed Aaa (sf); previously on May 16, 2013 Affirmed
Aaa (sf)

Cl. A-J, Affirmed Aa2 (sf); previously on May 16, 2013 Affirmed
Aa2 (sf)

Cl. B, Affirmed A1 (sf); previously on May 16, 2013 Affirmed A1
(sf)

Cl. C, Affirmed A3 (sf); previously on May 16, 2013 Affirmed A3
(sf)

Cl. D, Affirmed Baa3 (sf); previously on May 16, 2013 Affirmed
Baa3 (sf)

Cl. E, Affirmed Ba2 (sf); previously on May 16, 2013 Affirmed Ba2
(sf)

Cl. F, Affirmed B1 (sf); previously on May 16, 2013 Affirmed B1
(sf)

Cl. G, Affirmed Caa1 (sf); previously on May 16, 2013 Affirmed
Caa1 (sf)

Cl. H, Affirmed Caa3 (sf); previously on May 16, 2013 Affirmed
Caa3 (sf)

Cl. J, Affirmed Caa3 (sf); previously on May 16, 2013 Affirmed
Caa3 (sf)

Cl. K, Affirmed Ca (sf); previously on May 16, 2013 Affirmed Ca
(sf)

Cl. IO, Affirmed Ba3 (sf); previously on May 16, 2013 Affirmed Ba3
(sf)

Ratings Rationale

The ratings on P&I classes A-1A through F 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 G through K 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 its
referenced classes.

Moody's rating action reflects a base expected loss of 7.5% of the
current balance compared to 6.2% at Moody's last review. Moody's
base expected loss plus realized losses is now 6.3% of the
original pooled balance compared to 5.6% 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 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 28, as compared to 30 at Moody's last review.

DEAL PERFORMANCE

As of the April 17, 2014 distribution date, the transaction's
aggregate certificate balance has decreased by 41% to $1.9 billion
from $ 3.3 billion at securitization. The certificates are
collateralized by 190 mortgage loans ranging in size from less
than 1% to 10% of the pool, with the top ten loans constituting
47% of the pool. Thirteen loans, constituting 7% of the pool, have
defeased and are secured by US government securities.

Fifty-two loans, constituting 35% 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.

Thirteen loans have been liquidated from the pool, resulting in an
aggregate realized loss of $60 million (for an average loss
severity of 56%). Six loans, constituting 9% of the pool, are
currently in special servicing. The largest specially serviced
loan is the 6116 Executive Boulevard Loan (for $54 million - 3% of
the pool), which is secured by an approximately 207,000 SF office
building in Rockville, Maryland.

The remaining five specially serviced loans are secured by a mix
of property types. Moody's estimates an aggregate $53 million loss
for the specially serviced loans (36% expected loss on average).

Moody's has assumed a high default probability for six poorly
performing loans, constituting 3% of the pool, and has estimated
an aggregate loss of $7 million (a 15% expected loss based on a
50% probability default) from these troubled loans.

Moody's received full year 2012 and partial or full year 2013
operating results for 96% of the pool. Moody's weighted average
conduit LTV is 101% compared to 102% 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
10% to the most recently available net operating income (NOI).
Moody's value reflects a weighted average capitalization rate of
9%.

Moody's actual and stressed conduit DSCRs are 1.37X and 1.05X,
respectively, compared to 1.34X 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 23% of the pool balance. The
largest loan is the NGP Rubicon GSA Pool(1) Loan ($184 million --
10% of the pool), which represents a 50% pari passu interest in a
$368 million first mortgage. The loan is secured by a portfolio of
13 office properties and one distribution center, located in ten
U.S. states plus the District of Columbia. The portfolio was 94%
leased as of December 2013 compared to 100% at Moody's last
review. Over 90% of the occupied space is leased to the General
Services Administration. Moody's current LTV and stressed DSCR are
104% and 0.90X, respectively, compared to 102% and 0.91X at last
review.

The second largest loan is the Abbey Pool Loan ($135 million -- 7%
of the pool), which is secured by the fee and leasehold interests
in a portfolio of 20 retail, office, industrial and mixed use
properties located in Southern California. The portfolio was 73%
leased as of year-end 2013 compared to 63% at last review.
Performance has declined due lower revenues caused by the reduced
rents across the portfolio and higher vacancy. Moody's LTV and
stressed DSCR are 127% and 0.79X, respectively, compared to 129%
and 0.77X at last review.

The third largest loan is the Metropolitan Square Loan ($124
million -- 6% of the pool), which is secured by a 42-story Class A
office tower located in the central business district of Saint
Louis, Missouri. The collateral is also encumbered by a $25.5
million B-note held outside the trust. The property was 85% leased
as of December 2013 compared to 80% as of December 2012.
Performance has been stable. The loan was modified and returned to
master servicer in March 2013. Moody's LTV and stressed DSCR are
131% and 0.74X, respectively, compared to 136% and 0.71X at last
review.


WACHOVIA BANK 2007-WHALE 8: Fitch Affirms 'CCC' Rating on B Secs.
-----------------------------------------------------------------
Fitch Ratings has affirmed all classes of Wachovia Bank Commercial
Mortgage Trust (WBCMT) series 2007-WHALE 8.

Key Rating Drivers

The affirmations reflect the relatively stable performance of the
pool in line with Fitch expectations since its last rating action.
The pool remains highly concentrated, with the largest loan
comprising 68% of the pooled balance, and hotels accounting for
93.9% of the pool.  As of the April 2014 distribution date, the
pools aggregate principal balance has been reduced by 49.6% to
$887 million from $1.76 billion at issuance, of which $232.6
million was repaid over the past year as a result of expected
collateral releases in the LXR Hospitality Pool (LXR Pool).

The transaction is collateralized by five loans, including four
secured by hotels (93.9% of the pool balance) and one (6.1%) is
secured by a portfolio of multifamily properties.  The four hotel
loans are specially serviced; three transferred due to imminent
maturity and one is real estate owned (REO) (5.8%).  The four non-
REO loans in the pool have forbearance agreements in place or
otherwise scheduled to mature in 2014 or 2015. The final rated
maturity for the transaction is June, 2020.  All of the loans have
additional debt in the form of non-pooled rake bonds within the
trust, and/or subordinate B-Note or mezzanine debt outside of the
transaction.

To determine a sustainable Fitch cash flow and stressed value,
Fitch analyzed servicer-reported operating statements (year end
2013), STR reports, and updated property valuations.  Fitch took
additional adjustments to cash flow and values to account for
foreign sovereign exposure, though minimal relative to loan size
and transaction size in the cases of Rose Hall Resort & Country
Club in the LXR Pool, and Four Seasons Nevis.  Additional
information regarding sovereign risk and structured bonds can
found in Fitch's 'Criteria for Sovereign Risk in Developed Markets
for Structured Finance and Covered Bonds', published April 11,
2014.

Rating Sensitivities

Ratings are expected to remain stable as continued de-levering of
the LXR Loan (68% of the pool) through property releases will
offset risks from the increasing concentration.  The Stable Rating
Outlook for classes A-1 and A-2 reflects the deleveraging that has
already occurred on this loan.

The largest loan, LXR Hospitality Pool (68%), is collateralized by
eight luxury resorts and hotels consisting of 3,826 keys located
in beachfront and waterfront locations, including Puerto Rico,
Jamaica, Florida, and Arizona.  All of the properties are under
management and affiliation agreements with various Hilton brands
under Blackstone's LXR platform.  Three of the hotels within the
portfolio are located in Puerto Rico and contain a casino/gaming
component: El Conquistador Golf Resort and Casino, El San Juan
Hotel and Casino, and Condado Plaza Hotel and Casino.

Performance overall is significantly below issuance expectations
and the loan transferred to the special servicer in April 2012 in
advance of its June 2012 maturity.  In September 2012 the special
servicer entered into a Forbearance Extension and Property
Disposition Agreement with the Borrower.  The plan requires
certain properties to be sold or refinanced by specific dates to
repay principal, and requires the special servicer to trap all
excess cash flow generated from the properties for further
principal reduction.  The loan de-levered since Fitch's last
rating action with the sale of the two properties and additional
principal paydown from trapped excess cash flow.  Four properties
(out of the original 12 at issuance) have been sold to date.  The
Fitch adjusted net operating income (NOI) year-ended (YE) 2013 for
the eight remaining properties has improved from YE 2012 by over
24%. The current NOI remains significantly lower than that at
issuance.

The next largest loan is the Longhouse Hospitality Portfolio
(15.4%).  The loan is secured by 42 extended stay lodging
properties (approximately 5,600 keys) located throughout 11 states
and 21 distinct metropolitan statistical areas (MSAs).  Major
markets include Atlanta, New Orleans, Orlando, Houston and Dallas.
The loan transferred to the special servicer in May 2012 in
advance of its June 2012 maturity.  A forbearance agreement was
reached in December 2012.  As of trailing twelve month (TTM)
February 2014, occupancy reported at 62.6%, ADR at $36.16, and
RevPAR at $22.64 compared to YE 2011 at 54.8% occupancy, $37.04
ADR, and $20.30 RevPAR.

The REO property is the Four Seasons Nevis (5.8%).  The collateral
consists of a 196-key hotel located in Charlestown, Nevis.  The
hotel, which was built in 1991, is the largest full-service luxury
resort on the island of Nevis in the West Indies.  The property
sits on 346 acres and provides amenities such as a private beach,
two swimming pools, five food and beverage outlets, 5,600 square
feet (sf) of flexible meeting and ballroom space, 10 tennis
courts, an 18-hole golf course, and 14,000 sf of health club
facilities.  The property suffered hurricane damage and was
subsequently closed in October 2008. The special servicer
foreclosed on the property in May 2010.  The property has since
been repaired and re-opened for business in December 2010. The
property is currently not being marketed for sale.  Fitch modeled
a significant loss based on a haircut to the current appraised
value and accounting for significant servicer advances which are
in excess of $40 million.

Fitch has affirmed the following classes as indicated:

-- $163.2 million class A-1 at 'AAsf'; Outlook Stable;
-- $345.4 million class A-2 at 'Bsf'; Outlook Stable;
-- $61.6 million class B at 'CCCsf' RE 50%;
-- $47.5 million class C at 'CCCsf' RE 0%;
-- $71.2 million class D at 'CCCsf' RE 0%;
-- $46.6 million class E at 'CCCsf' RE 0%;
-- $46.6 million class F at 'CCCsf' RE 0%;
-- $46.6 million class G at 'CCsf' RE 0%;
-- $30.5 million class H at 'CCsf' RE 0%;
-- $10.1 million class J at 'Csf' RE 0%;
-- $5.2 million class K at 'Csf' RE 0%;
-- $12.5 million class L at 'Csf' RE 0%;
-- $53 million class LXR-1 at 'Csf' RE 0%;
-- $70.7 million class LXR-2 at 'Csf' RE 0%;
-- $3.8 million class LP-1 at 'Csf' RE 0%;
-- $9.1 million class LP-2 at 'Csf' RE 0%;
-- $2.1 million class LP-3 at 'Csf' RE 0%;
-- $3.3 million class FSN-1 at 'Csf' RE 0%;


WELLS FARGO 2012-C7: Fitch Affirms BB Rating on Class F Notes
-------------------------------------------------------------
Fitch Ratings has affirmed 12 classes of Wells Fargo Bank, N.A.
WFRBS 2012-C7 commercial mortgage pass-through certificates.

KEY RATING DRIVERS

Affirmations are due to stable pool performance since issuance. As
of the April 2014 distribution date, the pool's aggregate
principal balance has been reduced by 2.1% to $1.081 billion from
$1.104 billion at issuance.  The servicer has placed three loans
(0.8% of the pool) on the watchlist.  Additionally, there is one
specially serviced loan (1.6%).

The specially serviced asset is the Bear Creek Meadows Phase I
loan (1.6%), a three-property portfolio located in Petoskey, MI.
Two of the properties in the portfolio are multifamily housing and
the remaining is a retail center.  The loan transferred to the
special servicer in February 2014 after a payment default despite
a year-end net operating income debt service coverage ratio (DSCR)
of 1.83x.  The lender is actively working to resolve the loan. The
property was 98.8% occupied as of year-end 2013.

The largest loan in the pool is Northridge Fashion Center (14.2%),
which is collateralized by 643,564 square feet (sf) of a 1.52
million sf regional mall located in Northridge, CA.  The property
is anchored by JC Penney, Macy's, Macy's Men's & Home, and Sears.
The performance of the loan remains strong with occupancy of 92.3%
and DSCR of 1.66x as of September 2013.

The second largest loan in the pool is Town Center at Cobb (12%),
which is secured by 559,940 sf of a 1.28 million sf regional mall
located in Kennesaw, GA. Anchors at the property include Belk, JC
Penney, Macy's Furniture, and Sears.  The property is 90.8%
occupied and had a DSCR of 2.17x as of year-end 2013.  There is
minimal rollover at the property over the next few years.

RATINGS SENSITIVITY

All classes maintain Stable Outlooks. Additional information on
rating sensitivity is available in the report 'WFRBS Commercial
Mortgage Trust 2012-C7' (Aug. 17, 2012), available at
www.fitchratings.com.

Fitch affirms the following classes:

-- $166.8 million class A-1 notes at 'AAAsf'; Outlook Stable;
-- $418.0 million class A-2 notes at 'AAAsf'; Outlook Stable;
-- $165.3 million class A-FL notes at 'AAAsf'; Outlook Stable;
-- $0 class A-FX notes at 'AAAsf'; Outlook Stable;
-- $82.8 million class A-S notes at 'AAAsf'; Outlook Stable;
-- $58 million class B notes at 'AAsf'; Outlook Stable;
-- $41.4 million class C notes at 'Asf'; Outlook Stable;
-- $27.6 million class D notes at 'BBB+sf'; Outlook Stable;
-- $48.3 million class E notes at 'BBB-sf'; Outlook Stable;
-- $19.3 million class F notes at 'BBsf'; Outlook Stable;
-- $19.3 million class G notes at 'Bsf'; Outlook Stable;
-- $832.9 million* class X-A notes at 'AAAsf'; Outlook Stable.

* Notional amount and interest only.

Fitch does not rate the $248.4 million class X-B or the $34.5
million class H.  The aggregate balance of class A-FL may be
adjusted as a result of the exchange of all or a portion of the
class A-FL certificates for the non-offered class A-FX
certificates.


WEST COAST FUNDING: Moody's Raises Class A-1a Notes Rating to 'B3'
------------------------------------------------------------------
Moody's Investors Service has upgraded the rating on notes issued
by West Coast Funding I, Ltd.:

  $1,187,950,000 Class A-1a Floating Rate Notes Due 2041 (current
  outstanding balance of $70,862,575), Upgraded to B3 (sf);
  previously on March 6, 2014 Caa3 (sf) Placed Under Review for
  Possible Upgrade

West Coast Funding I, Ltd., issued in July 2006, is a
collateralized debt obligation backed primarily by a portfolio of
RMBS originated from 2003 to 2007.

Ratings Rationale

The rating action is due primarily to the deleveraging of the
senior notes and an increase in the transaction's senior over-
collateralization (OC) ratio since September 2013. The Class A-1a
notes have been paid down by approximately 48%, or $65 million
since September 2013. Based on Moody's calculation, the current OC
ratio of the Class A-1a notes is 272%, versus 185% in September
2013. Additionally, Moody's notes that during each monthly payment
period, a certain portion of the principal proceeds was generated
from the prepayment of the defaulted assets. According to Moody's
calculation, the defaulted assets have generated approximately $2
million in the previous payment period, which was used to pay down
the notes.

The deal also benefits from the updates to Moody's SF CDO
methodology described in "Moody's Approach to Rating SF CDOs"
published on March 6, 2014. These updates include: (i) lowering
the resecuritization stress factors for RMBS (US Prime, Subprime,
Manufactured Housing), CDOs exposed to investment grade corporate
assets, and ABS backed by franchise loans or by mutual fund fees;
(ii) using a common table of recovery rates for all structured
finance assets (except for CMBS and SF CDO); and (iii) providing
more guidance on the rating caps Moody's apply to deals
experiencing event of default. In taking the foregoing actions,
Moody's also announced that it had concluded its review of its
rating(s) on the issuer's Class A-1a Notes announced on March 6,
2014. At that time, Moody's said that it had placed the rating(s)
on review for upgrade as a result of the aforementioned
methodology updates.

Notwithstanding the foregoing, Moody's notes that the issuer will
continue to make significant payments on an interest rate swap
transaction that is currently deep out of the money. Based on
Moody's calculation, the total payment due and paid to the
interest rate swap counterparty has been $5.3 million since
September 2013.

Factors That Would Lead To an Upgrade or Downgrade of the Rating:

This transaction is subject to a number of factors and
circumstances that could lead to either an upgrade or downgrade of
the ratings, as described below:

1) Macroeconomic uncertainty: Primary causes of uncertainty about
assumptions are the extent of any slowdown in growth in the
current macroeconomic environment and in the residential real
estate property market. The residential real estate property
market is subject to uncertainty about housing prices; the pace of
residential mortgage foreclosures, loan modifications and
refinancing; the unemployment rate; and interest rates.

2) Deleveraging: One source of uncertainty in this transaction is
whether deleveraging from unscheduled principal proceeds,
recoveries from defaulted assets, and excess interest proceeds
will continue and at what pace. Faster deleveraging than Moody's
expects could have a significant impact on the notes' ratings.

3) Recovery of defaulted assets: The amount of recoveries received
from defaulted assets reported by the trustee and those that
Moody's assumes as having defaulted as well as the timing of these
recoveries create additional uncertainty. Moody's analyzed
defaulted assets assuming no recoveries, and therefore,
realization of any recoveries in the future would positively
impact the notes' ratings.

Loss and Cash Flow Analysis:

Moody's applies a Monte Carlo simulation framework in Moody's
CDOROM to model the loss distribution for SF CDOs. The simulated
defaults and recoveries for each of the Monte Carlo scenarios
define the reference pool's loss distribution. Moody's then uses
the loss distribution as an input in the CDOEdge cash flow model.

In addition to the base case analysis, Moody's also conducted
sensitivity analyses to test the impact of a number of default
probabilities on the rated notes. Below is a summary of the impact
of different default probabilities (expressed in terms of WARF) on
all of the rated notes (by the difference in the number of notches
versus the current model output, for which a positive difference
corresponds to lower expected loss):

Caa1 and below ratings notched up by two rating notches (3423):

Class A-1a: 0

Caa1 and below ratings notched down by two notches (2684):

Class A-1a: -1


WFRBS COMMERCIAL 2011-C3: Moody's Affirms B2 Rating on F Certs
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on twelve
classes in WFRBS Commercial Mortgage Trust 2011-C3, Commercial
Mortgage Pass-Through Certificates, Series 2011-C3 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-3FL, 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. B, Affirmed Aa2 (sf); previously on May 9, 2013 Affirmed Aa2
(sf)

Cl. C, Affirmed A2 (sf); previously on May 9, 2013 Affirmed A2
(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 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 ratings on the IO classes were 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 2.2% of the
current balance, compared to 1.9% at Moody's last review. Moody's
base expected loss plus realized losses is now 2.1% of the
original pooled balance, compared to 1.9% 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 Fusion U.S. CMBS Transactions" published in
April 2005.

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 25, compared to 26 Moody's last review.

Deal Performance

As of the April 17, 2013 distribution date, the transaction's
aggregate certificate balance has decreased by 5% to $1.37 billion
from $1.45 billion at securitization. The certificates are
collateralized by 72 mortgage loans ranging in size from less than
1% to 13% of the pool, with the top ten loans constituting 50% of
the pool. One loan, constituting 3% of the pool, has investment-
grade credit assessments.

Six loans, constituting 5% 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.

No loans have been liquidated from the pool. Two loans,
constituting 3% of the pool, are currently in special servicing.
Moody's does not anticipate any losses from the specially serviced
loans at this time.

Moody's received full year 2012 operating results for 100% of the
pool, and full or partial year 2013 operating results for 100%.
Moody's weighted average conduit LTV is 85%, compared to 87% 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 14% 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 1.58X and 1.22X,
respectively, compared to 1.55X and 1.18X 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 loan with a credit assessment is the ConEdison Brooklyn-Queens
HQs Loan ($41.0 million -- 3.0% of the pool), which is secured by
a seven-story, Class B office building containing approximately
232 thousand SF. The property is located in downtown Brooklyn, New
York. The property is 100% leased to the Consolidated Edison
Company of New York (Moody's senior unsecured rating of A2) and
has served as the corporate headquarter since 1972. The tenant is
on a net lease through October 2027. The property is subject to a
ground lease with the City of New York through 2041 with renewal
options that could extend the lease through 2071. At
securitization, the loan was structured with an anticipated
repayment date (ARD) in April 2018 and a 16-month interest-only
period. The interest-only period has expired and the loan is
currently benefitting from a 30-year amortization schedule.
Moody's credit assessment and stressed DSCR are Baa2 and 0.86X,
respectively, compared to Baa2 and 0.85X at last review.

The top three conduit loans represent 27% of the pool balance. The
largest loan is the Village of Merrick Park Loan ($177.9 million -
- 13.0% of the pool), which is secured by an 858 thousand SF
mixed-use property located in Coral Gables, Florida. The property
consists of a three-story, 756 thousand SF open-air lifestyle
center and a separate 101 thousand SF five-story office building.
Constructed in 2002 and renovated in 2008, the property is subject
to a ground lease with City of Coral Gables that expires in April
2099. The total property was 91.9% occupied as of the third
quarter 2013, the same at last review. The mall's in-line space
was 89% leased. The retail anchors are Nordstrom (23% of the gross
leasable area (GLA); lease expiration in 2023) and Neiman Marcus
(15% of the GLA; lease expiration in 2023). For the office
component, the largest tenant is Bayview Financial Trading Group
(9% of the GLA; lease expiration in 2017. Moody's LTV and stressed
DSCR are 85% and 1.04X, respectively, compared to 88% and 1.02X at
last review.

The second largest loan is the Hilton Minneapolis Loan ($94.3
million -- 6.9% of the pool), which is secured by an 821-room, 25-
story full-service hotel located in Minneapolis, Minnesota. The
property is directly connected to the Minneapolis Convention
Center via the Skyway. The property is subject to a ground lease
with the City of Minneapolis that expires in October 2091. The
borrower/sponsor, Diamond Rock Hospitality, entered into a pay-in-
lieu of taxes (PILOT) program, which includes taxes and ground
rent through 2019. For the remainder of the lease term no ground
rent will be due, only regular taxes. As of December 2013, the
occupancy and revenue per available room (RevPAR), were 72% and
$105.21, respectively, compared to 72% and $103.99 at last review.
The loan is structured on a 25-year amortization schedule. Moody's
LTV and stressed DSCR are 92% and 1.27X, respectively, compared to
94% and 1.24X at last review.

The third largest loan is the Park Plaza Loan ($93.2 million --
6.8% of the pool), which is secured by a three-story 283 thousand
SF, enclosed regional mall located in Little Rock, Arkansas. The
shadow anchor is Dillard's, which is not part of the collateral.
The collateral's largest tenants are Forever 21 (9% of the GLA;
lease expiration in 2018), The Gap (9% of the GLA; lease
expiration in 2017) and Abercrombie & Fitch (5% of the GLA; lease
expiration in 2017). As of December 2013, the mall was 99% leased,
compared to 100% at last review. The loan is structured on a 25-
year amortization schedule. Moody's LTV and stressed DSCR are 86%
and 1.13X, respectively, compared to 93% and 1.05X at last review.


* Fitch Takes Rating Actions on 9 Classes From 3 SF CDOs
--------------------------------------------------------
Fitch Ratings has taken the following actions on nine classes from
three structured finance collateralized debt obligations (SF
CDOs):

ACA ABS 2004-1, Limited/L.L.C:

-- $13,517,214 class A-2 notes upgraded to 'BBBsf' from 'Bsf';
   Outlook remains Positive;
-- $47,250,000 class B notes upgraded to 'CCsf' from 'Csf';
-- $18,600,281 class C-1 notes affirmed at 'Csf';
-- $3,726,010 class C-2 notes affirmed at 'Csf'.

Vermeer Funding, Ltd./Inc.:

-- $10,966,636 Class A-2 notes upgraded to 'BBBsf' from 'Bsf';
   Outlook revised to Positive from Stable;
-- $37,625,000 Class B notes affirmed at 'Csf';
-- $17,616,224 Class C notes affirmed at 'Csf'.

Phoenix CDO II Ltd.:

-- $12,020,689 Class C-1 notes downgraded to 'Dsf' from 'Csf' and
   withdrawn;
-- $11,124,162 Class C-2 notes downgraded to 'Dsf' from 'Csf' and
   withdrawn.

Key Rating Drivers

The upgrade of three classes issued by ACA ABS 2004-1,
Limited/L.L.C (ACA 2004-1) and Vermeer Funding, Ltd./Inc. (Vermeer
Funding) are the result of increased credit enhancement (CE) that
follows continued deleveraging of each capital structure. Since
Fitch's last review, the class A-2 notes of ACA 2004-1 have
amortized by $26.7 million, or 66.4% of their previous balance,
while Vermeer Funding's A-2 notes have amortized by $23.9 million,
or 68.5% of their previous balance.

According to Fitch's cash flow analysis, the class A-2 notes of
both transactions are now able to withstand losses at the 'BBBsf'
rating stress in most of the modeling scenarios. The Positive
Outlook reflects the anticipation of continued deleveraging to
offset the potential for deterioration of each underlying
portfolio.

The CE available to the other five classes issued by ACA 2004-1
and Vermeer Funding is already exceeded by expected losses from
each portfolio's distressed collateral ('CCsf' and below). In
absence of mitigating factors, these classes were affirmed at
'Csf'. For the class B notes issued by ACA 2004-1, the pace of
amortization and excess spread indicates that the notes are likely
to begin amortizing within the next year.

The downgrade of the class C-1 and C-2 (collectively, class C)
notes issued by Phoenix CDO II Ltd (Phoenix II) follows the
transaction's liquidation. Phoenix II entered an Event of Default
in August 2003. The Controlling Class voted to accelerate the
structure on Nov. 19, 2003. Following direction from the
Controlling Class, the underlying portfolio was liquidated, with
the final distribution occurring on Apr. 22, 2014.

The auction proceeds were only sufficient to cover interest and a
partial repayment of principal to the class C notes. Following
this distribution, there are no funds available for additional
payments to the notes.

This review was conducted under the framework described in the
report 'Global Rating Criteria for Structured Finance CDOs' using
Fitch's Structured Finance Portfolio Credit Model (SF PCM) to
project future default levels for the underlying portfolio. These
default levels were then compared to the transaction's breakeven
levels generated by Fitch's cash flow model under various default
timing and interest rate stress scenarios.

Rating Sensitivities

The class A-2 notes of ACA 2004-1 and Vermeer Funding have limited
rating sensitivity given their CE levels and the likelihood for
both classes to fully amortize within the next year.

The other five classes have limited sensitivity to negative
migration given their highly distressed rating levels.


* Moody's Takes Action on $282MM of RMBS Issued 2003 to 2005
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of eleven
tranches and downgraded the ratings of eleven tranches issued by
various issuers. The tranches are backed by Prime Jumbo RMBS loans
issued between 2003 and 2005.

Complete rating actions are as follows:

Issuer: J.P. Morgan Mortgage Trust 2005-A4

Cl. 1-A-1, Upgraded to Baa3 (sf); previously on Aug 29, 2012
Confirmed at Ba1 (sf)

Cl. 2-A-1, Upgraded to Baa3 (sf); previously on Aug 29, 2012
Confirmed at Ba1 (sf)

Cl. 3-A-1, Upgraded to Baa3 (sf); previously on Aug 29, 2012
Confirmed at Ba1 (sf)

Cl. 3-A-4, Upgraded to Baa3 (sf); previously on Aug 29, 2012
Confirmed at Ba1 (sf)

Cl. 4-A-2, Upgraded to Baa3 (sf); previously on Aug 29, 2012
Confirmed at Ba1 (sf)

Issuer: MASTR Asset Securitization Trust 2003-4

Cl. 6-A-17, Downgraded to Baa3 (sf); previously on Jun 28, 2013
Downgraded to Baa1 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2003-J Trust

Cl. I-A-5, Downgraded to Ba1 (sf); previously on Feb 19, 2013
Downgraded to Baa3 (sf)

Cl. I-A-9, Downgraded to Ba1 (sf); previously on Feb 19, 2013
Downgraded to Baa3 (sf)

Cl. I-A-10, Downgraded to Ba1 (sf); previously on Feb 19, 2013
Downgraded to Baa3 (sf)

Cl. I-A-12, Downgraded to B2 (sf); previously on Feb 19, 2013
Downgraded to Ba3 (sf)

Cl. II-A-1, Downgraded to Baa2 (sf); previously on Feb 19, 2013
Downgraded to Baa1 (sf)

Cl. II-A-3, Downgraded to Ba1 (sf); previously on Feb 19, 2013
Affirmed Baa2 (sf)

Cl. II-A-7, Downgraded to Baa2 (sf); previously on Jul 24, 2013
Downgraded to Baa1 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2003-N Trust

Cl. II-A-1, Downgraded to Ba1 (sf); previously on Feb 19, 2013
Downgraded to Baa3 (sf)

Cl. II-A-4, Downgraded to Ba3 (sf); previously on Feb 19, 2013
Downgraded to Ba2 (sf)

Cl. III-A-2, Downgraded to Ba1 (sf); previously on Aug 30, 2013
Downgraded to Baa2 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2005-6 Trust

Cl. A-8, Upgraded to Ba1 (sf); previously on Aug 23, 2012 Upgraded
to Ba3 (sf)

Cl. A-9, Upgraded to Ba2 (sf); previously on Apr 12, 2010
Downgraded to B1 (sf)

Cl. A-10, Upgraded to Ba2 (sf); previously on Apr 12, 2010
Downgraded to B1 (sf)

Cl. A-14, Upgraded to Ba2 (sf); previously on Apr 12, 2010
Downgraded to B1 (sf)

Cl. A-15, Upgraded to Ba2 (sf); previously on Apr 12, 2010
Downgraded to B1 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2005-AR8 Trust

Cl. I-A-1, Upgraded to Baa2 (sf); previously on Jun 3, 2013
Upgraded to Ba1 (sf)

Ratings Rationale

The rating actions reflect the recent performance of the
underlying pools and Moody's updated loss expectations on the
pools. The ratings upgraded are a result of improving performance
of the related pools and/or rapid buildup of credit enhancement
available to the senior bonds. The ratings downgraded are a result
of deteriorating performance and structural features resulting in
higher expected losses for the bonds than previously anticipated.
The rating actions for J.P. Morgan Mortgage Trust 2005-A4, MASTR
Asset Securitization Trust 2003-4, Wells Fargo Mortgage Backed
Securities 2003-J Trust and Wells Fargo Mortgage Backed Securities
2003-N Trust reflect updates and corrections to the cash-flow
models used by Moody's in rating these transactions. For all of
these deals the changes pertain to the calculations of the senior
percentage post subordination depletion and the loss allocation
amounts. The cash-flow model for MASTR Asset Securitization Trust
2003-4 also reflects corrected calculations of distributions to
the interest-only and principal-only bonds.

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 6.3% in April 2014 down from
7.5% in April 2013. Moody's forecasts an unemployment central
range of 6.0% to 7.0% 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 Takes Action on $347MM Subprime RMBS by Various Trusts
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of seven
tranches from three transactions and downgraded the ratings of 19
tranches from nine transactions backed by Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: Chase Funding Trust, Series 2002-3

Cl. IA-5, Downgraded to Baa3 (sf); previously on Apr 23, 2012
Downgraded to Baa1 (sf)

Issuer: Chase Funding Trust, Series 2002-4

Cl. IA-5, Downgraded to Ba1 (sf); previously on Apr 23, 2012
Upgraded to Baa3 (sf)

Cl. IM-1, Downgraded to B3 (sf); previously on Apr 23, 2012
Upgraded to B1 (sf)

Cl. IIM-1, Downgraded to Ba1 (sf); previously on Apr 23, 2012
Confirmed at Baa3 (sf)

Issuer: Chase Funding Trust, Series 2003-2

Ser. 2003-2 Cl. IA-5, Downgraded to Ba1 (sf); previously on Apr
10, 2012 Downgraded to Baa3 (sf)

Issuer: Chase Funding Trust, Series 2003-3

Cl. IA-5, Downgraded to Ba1 (sf); previously on Apr 10, 2012
Downgraded to Baa3 (sf)

Issuer: Chase Funding Trust, Series 2003-6

Cl. IA-5, Downgraded to Ba1 (sf); previously on Apr 23, 2012
Confirmed at Baa2 (sf)

Cl. IA-7, Downgraded to Ba1 (sf); previously on Apr 23, 2012
Confirmed at Baa2 (sf)

Cl. IIA-2, Downgraded to A3 (sf); previously on Apr 23, 2012
Downgraded to A1 (sf)

Cl. IM-1, Downgraded to Caa2 (sf); previously on Oct 21, 2013
Downgraded to B3 (sf)

Issuer: Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-4

Cl. M-2, Upgraded to Ba2 (sf); previously on Mar 15, 2011
Downgraded to Ba3 (sf)

Cl. M-3, Upgraded to Caa1 (sf); previously on Mar 15, 2011
Downgraded to Caa3 (sf)

Cl. M-4, Upgraded to Caa2 (sf); previously on Mar 15, 2011
Downgraded to Ca (sf)

Issuer: CS First Boston Mortgage Securities Corp 2001-HE25

Cl. M-1, Downgraded to B1 (sf); previously on Apr 9, 2012
Confirmed at Ba3 (sf)

Issuer: Equifirst Mortgage Loan Trust 2003-1

Cl. M-1, Downgraded to Baa1 (sf); previously on Mar 15, 2013
Affirmed A3 (sf)

Cl. M-2, Downgraded to Ba3 (sf); previously on Mar 15, 2013
Affirmed Ba1 (sf)

Issuer: Equifirst Mortgage Loan Trust 2004-1

Cl. M-4, Upgraded to Ba3 (sf); previously on Apr 19, 2012
Confirmed at B1 (sf)

Cl. M-5, Upgraded to B1 (sf); previously on Apr 19, 2012 Confirmed
at B3 (sf)

Cl. M-6, Upgraded to B3 (sf); previously on Apr 19, 2012 Upgraded
to Caa1 (sf)

Issuer: Fremont Home Loan Trust 2004-C

Cl. M-2, Upgraded to Caa3 (sf); previously on Apr 18, 2012
Downgraded to Ca (sf)

Issuer: Wells Fargo Home Equity Asset-Backed Securities 2004-2
Trust

Cl. M-3, Downgraded to Ba3 (sf); previously on May 4, 2012
Downgraded to Ba1 (sf)

Cl. M-4, Downgraded to B1 (sf); previously on Jul 18, 2013
Confirmed at Ba2 (sf)

Cl. M-5, Downgraded to B3 (sf); previously on Jul 18, 2013
Confirmed at B1 (sf)

Cl. M-6, Downgraded to Caa2 (sf); previously on Jul 18, 2013
Confirmed at B3 (sf)

Issuer: Wells Fargo Home Equity Trust 2004-1

Cl. M1, Downgraded to Ba3 (sf); previously on Mar 13, 2011
Downgraded to Ba2 (sf)

Cl. M2, Downgraded to B3 (sf); previously on Mar 13, 2011
Downgraded to B2 (sf)

Ratings Rationale

The actions are a result of the recent performance of the
underlying pools and reflect Moody's updated loss expectations on
the pools. The upgrades are a result of improving performance of
the related pools and/or faster pay-down of the bonds due to high
prepayments/faster liquidations. The downgrades are a result of
deteriorating performance and/or structural features resulting in
higher expected losses for the bonds than previously anticipated.

The 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.


* Moody's Takes Actions on $111.42MM of Scratch and Dent RMBS
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of seven
tranches and downgraded the rating of one tranche issued by
multiple RMBS issuers. The tranches are backed by Scratch & Dent
RMBS loans issued from 2004 to 2006.

Complete rating actions are as follows:

Issuer: Bear Stearns Asset Backed Securities Trust 2006-1

Cl. M-1, Upgraded to Ba2 (sf); previously on Jul 5, 2012
Downgraded to B1 (sf)

Issuer: Bear Stearns Asset-Backed Securities Trust 2004-SD1

Cl. M-2, Downgraded to B2 (sf); previously on Jul 5, 2012
Downgraded to Ba3 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2004-SD3

Cl. M-2, Upgraded to B1 (sf); previously on Jun 21, 2012 Confirmed
at B3 (sf)

Issuer: RAAC Series 2005-RP1 Trust

Cl. M-3, Upgraded to Ba3 (sf); previously on May 24, 2013 Upgraded
to B2 (sf)

Cl. M-4, Upgraded to Caa2 (sf); previously on May 4, 2009
Downgraded to C (sf)

Cl. M-5, Upgraded to Caa3 (sf); previously on May 4, 2009
Downgraded to C (sf)

Issuer: RAAC Series 2006-RP1 Trust

Cl. M-2, Upgraded to B2 (sf); previously on May 24, 2013 Upgraded
to Caa1 (sf)

Issuer: RAAC Series 2006-RP4 Trust

Cl. A, Upgraded to Baa3 (sf); previously on May 24, 2013 Upgraded
to Ba1 (sf)

Ratings Rationale

The rating actions are a result of the recent performance of the
underlying pools and reflect Moody's updated loss expectations on
the pools. The ratings upgraded are primarily due to a buildup in
credit enhancement due to sequential pay structure, non-amortizing
subordinate bonds and availability of excess spread. The rating
downgraded is the result of deteriorating performance leading to
faster depletion of credit support for the tranche 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:

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 Takes Action on $108MM 2nd Lien RMBS Issued 2001-2005
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 12 tranches
issued by seven RMBS transactions. The collateral backing these
deals primarily consists of closed end second lien and home equity
line of credit loans.

Complete rating action is as follows:

Issuer: CSFB Home Equity Mortgage Trust 2005-HF1

Cl. A-1, Upgraded to Ba1 (sf); previously on Jun 30, 2010
Downgraded to B1 (sf)

Cl. A-2B, Upgraded to Ba1 (sf); previously on Jun 30, 2010
Downgraded to B1 (sf)

Cl. A-3B, Upgraded to Ba1 (sf); previously on Jun 30, 2010
Downgraded to B1 (sf)

Issuer: GMACM Home Equity Loan Trust 2002-HE4

Cl. A-2, Upgraded to Ba2 (sf); previously on May 21, 2010
Downgraded to B1 (sf)

Underlying Rating: Upgraded to Ba2 (sf); previously on May 21,
2010 Downgraded to B1 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn Mar 25, 2009)

Issuer: GMACM Home Loan Trust 2001-HLTV1

Cl. A-I-7, Upgraded to Ba2 (sf); previously on Jul 22, 2011
Downgraded to B2 (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated
Account - Unrated)

Issuer: Greenpoint Mortgage Funding Trust 2005-HE4

Cl. IA-1, Upgraded to Baa3 (sf); previously on Jun 12, 2013
Upgraded to Ba3 (sf)

Cl. IIA-1a, Upgraded to Baa3 (sf); previously on Jun 12, 2013
Upgraded to Ba3 (sf)

Cl. IIA-4c, Upgraded to Baa3 (sf); previously on Jun 12, 2013
Upgraded to Ba3 (sf)

Cl. M-1, Upgraded to B3 (sf); previously on Nov 4, 2010 Downgraded
to Caa3 (sf)

Issuer: Home Equity Mortgage Trust 2005-1

Cl. M-6, Upgraded to Ba3 (sf); previously on Jun 30, 2010
Confirmed at B3 (sf)

Issuer: Nomura Asset Acceptance Corporation, Alternative Loan
Trust, Series 2005-S2

Cl. M-1, Upgraded to Ba1 (sf); previously on Oct 28, 2010
Confirmed at B1 (sf)

Issuer: RFMSII Home Loan Trust 2002-HI1

Cl. A-7, Upgraded to Ba2 (sf); previously on Apr 21, 2010
Downgraded to B1 (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated
Account-Unrated)

Ratings Rationale

The rating actions are a result of the recent performance of
second lien loans backed pools and reflect Moody's updated loss
expectations on these pools. The ratings upgraded are primarily
due to the build-up in credit enhancement due to sequential pay
structure, non-amortizing subordinate bond, overcollateralization,
and availability of excess spread. Performance has remained
generally stable from our last review.

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 6.3% in April 2014 from 7.5%
in April 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 Takes Action on $17.5MM of 2nd Lien RMBS Issued in 2005
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of seven
tranches issued by two RMBS transactions. The collateral backing
these deals primarily consists of closed end second lien loans.

Complete rating action is as follows:

Issuer: Irwin Whole Loan Home Equity Trust 2005-C

Cl. 1B-2, Upgraded to Ca (sf); previously on Jun 30, 2010
Downgraded to C (sf)

Cl. 2M-3, Upgraded to Ba1 (sf); previously on Jun 10, 2013
Upgraded to Ba3 (sf)

Cl. 2M-4, Upgraded to Ba2 (sf); previously on Jun 10, 2013
Upgraded to B1 (sf)

Issuer: SACO I Trust 2005-5

Cl. II-M-2, Upgraded to Baa2 (sf); previously on Sep 2, 2010
Downgraded to Ba1 (sf)

Cl. II-M-3, Upgraded to Ba3 (sf); previously on Sep 2, 2010
Confirmed at B2 (sf)

Cl. II-M-4, Upgraded to B3 (sf); previously on Sep 2, 2010
Confirmed at Caa2 (sf)

Cl. II-M-5, Upgraded to Caa3 (sf); previously on Oct 30, 2008
Downgraded to C (sf)

Ratings Rationale

The rating actions are a result of the recent performance of
second lien loans backed pools and reflect Moody's updated loss
expectations on these pools. The ratings upgraded are primarily
due to the build-up in credit enhancement due to sequential pay
structure, non-amortizing subordinate bond, overcollateralization,
and availability of excess spread. Performance has remained
generally stable from Moody's last review.

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 Lowers 11 Ratings on 3 US RMBS Re-Remic Deals
---------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 11
classes from three U.S. residential mortgage-backed securities
(RMBS) resecuritized real estate mortgage investment conduit (re-
REMIC) transactions.  S&P also affirmed its ratings on 172 classes
from four transactions.

The transactions in this review were issued between 2005 and 2010
and are supported by underlying RMBS backed by an assortment of
different collateral types, including prime, Alternative-A and
subprime mortgage loans.  Subordination, overcollateralization
(when available), and applicable excess interest generally provide
credit support for the underlying securities of the re-REMIC
transactions.  In addition, in most transactions, there is
subordination within the capital structures of the re-REMICs
themselves.

The downgrades were generally due to the deteriorated performance
of the mortgage pool supporting the underlying classes, including
higher delinquencies.  This increased the projected loss to the
pool and the underlying classes.

S&P reviewed the interest and principal amounts due on the
underlying securities, which are then passed through to the
applicable re-REMIC classes.  S&P applied its loss projections to
the underlying collateral to identify the magnitude of losses that
S&P believes the underlying securities could pass through to the
applicable re-REMIC classes.  In addition, S&P stressed its loss
projections at various rating categories to assess whether the re-
REMIC classes could continue to pay the interest and principal due
if they were to experience such losses.

The affirmations of the ratings above 'CCC (sf)' reflect S&P's
assessment that the re-REMIC classes will likely receive timely
interest and the ultimate principal payments under the applicable
stressed assumptions.

ECONOMIC OUTLOOK

When determining a U.S. RMBS collateral pool's relative credit
quality, S&P's loss expectations stem, to a certain extent, from
its view of how the loans will behave under various economic
conditions.  Standard & Poor's baseline macroeconomic outlook
assumptions for variables that it believes could affect
residential mortgage performance are as follows:

   -- The unemployment rate will fall to 6.4% for 2014 from 7.4%
      in 2013.

   -- Home prices will increase 6% in 2014, using the 20-city
      Standard & Poor's/Case-Shiller Home Price Index.

   -- Real GDP growth will be 2.6% in 2014; while this rate has
      been revised downward once again, it is still up from 1.9%
       in 2013.

   -- The 30-year mortgage rate will average 4.6% for 2014.

   -- The inflation rate will be 1.9% in 2014--an increase from
      1.5% in 2013.

S&P's outlook for RMBS is stable.  Although S&P's view overall
housing fundamentals positively, it believes RMBS fundamentals
still hinge on additional factors, such as the ultimate fate of
modified loans, the propensity of servicers to advance on
delinquent loans, and liquidation timelines.

Under S&P's baseline economic assumptions, it expects RMBS
collateral quality to improve mildly.  However, if the U.S.
economy became stressed in line with Standard & Poor's downside
forecast, it believes that U.S. RMBS credit quality would weaken.
S&P's downside scenario incorporates the following key
assumptions:

   -- Home prices once again decline as a result of higher
      defaults, additional shadow inventory, and less purchase
      activity.

   -- Total unemployment rises to 7.0% in 2014, and job growth
      slows to almost zero.

   -- Downward pressure causes 1.2% GDP growth in 2014, fueled by
      increased unemployment levels.

   -- The 30-year fixed mortgage rate falls back to 4.4% in 2014,
      but limited access to credit and pressure on home prices
      largely prevents consumers from capitalizing on such lower
      rates.


* S&P Takes Various Rating Actions on 31 U.S. CDO Transactions
--------------------------------------------------------------
Standard & Poor's Ratings Services took the following rating
actions on 32 tranches from 31 synthetic collateralized debt
obligation (CDO) transactions:

   -- It raised its ratings on four tranches from four corporate-
      backed synthetic CDO transactions and removed these ratings
      from CreditWatch, where S&P had placed them with positive
      implications.

   -- S&P raised its ratings on four tranches from four synthetic
      CDO transactions that are weak-linked to one corporate-
      backed synthetic CDO transaction.  In addition, S&P removed
      these ratings from CreditWatch with positive implications.

   -- S&P raised its ratings on four tranches from four loss-based
      leveraged super senior (LSS) transactions.

   -- S&P placed its ratings on 20 tranches from 20 corporate-
      backed synthetic CDO transactions on CreditWatch with
      positive implications.

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

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

RATING AND CREDITWATCH ACTIONS

Capstan Master Trust
Series 1
                            Rating
Class               To                      From
Tranche             B (sf)                  B- (sf)/Watch Pos

Capstan Master Trust
Series 2
                            Rating
Class               To                      From
Tranche             B (sf)                  B- (sf)/Watch Pos

Capstan Master Trust
Series 3
                            Rating
Class               To                      From
Tranche             B (sf)                  B- (sf)/Watch Pos

Capstan Master Trust
Series 4
                            Rating
Class               To                      From
Tranche             B (sf)                  B- (sf)/Watch Pos

Credit Default Swap
Series SDB506494096
                            Rating
Class               To                      From
Nts                 BBBsrp (sf)/Watch Pos   BBBsrp (sf)

Credit Default Swap
Series SDB506550851
                            Rating
Class               To                      From
Nts                 BBBsrp (sf)/Watch Pos   BBBsrp (sf)

Credit Default Swap
Series SDB506551383
                            Rating
Class               To                      From
Nts                 BBBsrp (sf)/Watch Pos   BBBsrp (sf)

Credit Default Swap
Series SDB506551403
                            Rating
Class               To                      From
Nts                 BBBsrp (sf)/Watch Pos   BBBsrp (sf)

Credit Default Swap
Series SDB506551406
                            Rating
Class               To                      From
Nts                 BBBsrp (sf)/Watch Pos   BBBsrp (sf)

Credit Default Swap
Series SDB506551414
                            Rating
Class               To                      From
Nts                 BBBsrp (sf)/Watch Pos   BBBsrp (sf)

Credit Default Swap
Series SDB506551423
                            Rating
Class               To                      From
Nts                 BBBsrp (sf)/Watch Pos   BBBsrp (sf)

Credit Default Swap
Series SDB506551435
                            Rating
Class               To                      From
Nts                 BBBsrp (sf)/Watch Pos   BBBsrp (sf)

Credit Default Swap
Series SDB506551442
                            Rating
Class               To                      From
Nts                 BBBsrp (sf)/Watch Pos   BBBsrp (sf)

Credit Default Swap
Series SDB506551445
                            Rating
Class               To                      From
Nts                 BBBsrp (sf)/Watch Pos   BBBsrp (sf)

Galena CDO II (Ireland) PLC
Series A-1U10-B
                            Rating
Class               To                      From
A-1U10-B            BB- (sf)/Watch Pos      BB- (sf)

Infinity SPC Ltd.
Series 2007-1
                            Rating
Class               To                      From
B                   BB (sf)                 BB- (sf)/Watch Pos

Khamsin Credit Products (Netherlands) II B.V.
Series 26
                            Rating
Class               To                      From
Tranche             BBB+ (sf)               BBB- (sf)

Khamsin Credit Products (Netherlands) II B.V.
Series 27
                            Rating
Class               To                      From
Tranche             BBB+ (sf)               BBB- (sf)

Khamsin Credit Products (Netherlands) II B.V.
Series 29
                            Rating
Class               To                      From
Tranche             BBB+ (sf)               BBB- (sf)

Khamsin Credit Products (Netherlands) II B.V.
Series 30
                            Rating
Class               To                      From
Tranche             BBB+ (sf)               BBB- (sf)

Morgan Stanley ACES SPC
Series 2007-8
                            Rating
Class               To                      From
Senior              BBB- (sf)               BB+ (sf)/Watch Pos

Newport Waves CDO
Series 8
                            Rating
Class               To                      From
A3-ELS              BB (sf)/Watch Pos       BB (sf)

PARCS Master Trust
Series 2007-10
                            Rating
Class               To                      From
Trust Unit          BBB+ (sf)/Watch Pos     BBB+ (sf)

REVE SPC
Series 34, 36, 37, 38, 39, & 40
                            Rating
Class               To                      From
Series 34           CCC+ (sf)/Watch Pos     CCC+ (sf)
Series 40           B+ (sf)                 B (sf)/Watch Pos

Rutland Rated Investments
Series DRYDEN06-2
                            Rating
Class               To                      From
A1-$LS              A- (sf)/Watch Pos       A- (sf)

STARTS (Cayman) Ltd.
Series 2007-9
                            Rating
Class               To                      From
Nts                 BBB- (sf)/Watch Pos     BBB- (sf)

STARTS (Ireland) PLC
Series 2007-31
                            Rating
Class               To                      From
A2-D2               BBB+ (sf)/Watch Pos     BBB+ (sf)

Strata 2005-19, Limited Floating Rate Notes
Series 2005-19
                            Rating
Class               To                      From
FRN                 B (sf)                  B- (sf)/Watch Pos

Strata Trust, Series 2007-3
Series 2007-3
                            Rating
Class               To                      From
Nts                 CCC- (sf)/Watch Pos     CCC- (sf)

Strata Trust, Series 2007-4
Series 2007-4
                            Rating
Class               To                      From
Nts                 CCC- (sf)/Watch Pos     CCC- (sf)

Terra CDO SPC Ltd.
Series 2008-1
                            Rating
Class               To                      From
A-1                 BBB+ (sf)/Watch Pos     BBB+ (sf)


* S&P Raises 11 Ratings on 4 U.S. CDO Transactions
--------------------------------------------------
Standard & Poor's Ratings Services raised and removed from
CreditWatch with positive implications its ratings on 11 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 XIII Ltd.'s defaulted obligations
      dropped by $45.00 million;

   -- Preferred Term Securities XIV Ltd.'s defaulted obligations
      dropped by $40.25 million;

   -- Preferred Term Securities XV Ltd.'s defaulted obligations
      decreased by $65.10 million; and

   -- Preferred Term Securities XIX Ltd.'s defaulted obligations
      fell by $57.50 million.

Preferred Term Securities XIII Ltd. continues to divert excess
interest proceeds to pay deferred interest on the class B-1, B-2,
and B-3 notes, pro rata.  Following the March 2014 payment date,
the senior principal coverage test reported a ratio of 139.23%
compared with its required minimum of 128.00%.

Preferred Term Securities XIV Ltd. diverted excess interest
proceeds to pay down the class A-1 notes on the March 2014 payment
date because the transaction was failing the senior principal
coverage test.  Following the March 2014 payment date, the senior
principal coverage test is now passing and reported a ratio of
128.33% compared with its required minimum of 128.00%.

Preferred Term Securities XV Ltd. continues to divert excess
interest proceeds to pay deferred interest on the class B-1, B-2,
and B-3 notes, pro rata.  Following the March 2014 payment date,
the senior principal coverage test reported a ratio of 128.21%
compared with its required minimum of 128.00%.

Preferred Term Securities XIX 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 125.92% compared with its
required minimum of 128.00%.

"Our 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 our criteria, our 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 cash flow analysis
results demonstrated, in our view, that all of the rated
outstanding classes have adequate credit enhancement available at
the rating levels associated with these rating actions," S&P
noted.

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 XIII Ltd.
                             Notional balance (mil. $)
Class                   March 2012(i)       March 2014(ii)
A-1                            213.11               174.27
A-2                             27.00                27.00
A-3                              7.75                 7.75
A-4                             21.50                21.50
B-1                            101.80                99.36
B-2                             22.20                21.67
B-3                             45.54                44.45

Coverage Tests
Senior (A) O/C                 112.34               139.23

  (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 XIV Ltd.
                             Notional balance (mil. $)
Class                   March 2012(i)       March 2014(ii)
A-1                            222.68               178.23
A-2                             62.00                62.00
B-1                            122.58               127.03
B-2                             11.31                11.73
B-3                             13.62                14.11
C                                4.41                 4.66

Coverage Tests
Senior (A) O/C                 103.63               128.33
B O/C                           68.26                78.42

  (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 XV Ltd.
                               Notional balance (mil. $)
Class                      March 2012(i)        March 2014(ii)
A-1                            285.31               246.88
A-2                             63.40                63.40
A-3                             15.00                15.00
B-1                            121.27               123.03
B-2                             23.30                23.64
B-3                             38.54                39.01
C                               11.36                12.02

Coverage Tests
Senior (A) O/C                 106.54               128.21
B O/C                           70.86                81.62

(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 XIX Ltd.
                                Notional balance (mil. $)
Class                      March 2012(i)        March 2014(ii)
A-1                            350.89               285.17
A-2                             95.89                95.89
B                               87.96                89.65
C                               86.61                89.36
D                               32.84                34.58

Coverage Tests
Senior (A) O/C                 106.06               125.92
B O/C                           88.61               101.94
C O/C                           76.26                85.68
D O/C                           72.43                80.69

(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 XIII Ltd.

                   Rating
Class         To           From
A-1           BBB- (sf)    BB+ (sf)/Watch Pos
A-2           B+ (sf)      CCC+ (sf)/Watch Pos
A-3           B+ (sf)      CCC+ (sf)/Watch Pos
A-4           B+ (sf)      CCC+ (sf)/Watch Pos

Preferred Term Securities XIV Ltd.

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

Preferred Term Securities XV Ltd.

                   Rating
Class         To           From
A-1           BB+ (sf)     BB- (sf)/Watch Pos
A-2           CCC+ (sf)    CCC (sf)/Watch Pos
A-3           CCC+ (sf)    CCC (sf)/Watch Pos

Preferred Term Securities XIX Ltd.

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





                             *********

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.

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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
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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