TCR_Public/140608.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, June 8, 2014, Vol. 18, No. 157

                            Headlines

A10 TERM ASSET: DBRS Assigns 'BB' Rating to Class E Notes
ACIS CLO 2014-4: S&P Assigns 'BB' Rating on Class E Notes
AMERICREDIT AUTOMOBILE 2014-2: Moody's Rates Cl. E Notes '(P)Ba1'
BANC OF AMERICA 2007-5: S&P Cuts Rating on 3 Note Classes to 'D'
BLACK DIAMOND 2013-1: S&P Affirms 'BB' Rating on Class D Notes

BLUEMOUNTAIN CLO 2014-2: S&P Gives Prelim. BB Rating on E Notes
CAPITAL ONE: Fitch Affirms 'BBsf' Rating on Class 2002-1D Debt
CAPITALSOURCE 2006-A: Fitch Affirms BB Rating on Class A-1A Notes
CPS AUTO 2014-B: S&P Assigns Prelim. BB Rating on Class D Notes
CREDIT SUISSE 2007-TFL2: Fitch Affirms 'BBsf' Rating on Cl. A Debt

DLJ COMMERCIAL 2000-CF1: Fitch Cuts Cl. B-4 Notes Rating to 'CCC'
FIGUEROA CLO 2013-2: S&P Affirms 'BB' Rating on Class D Notes
GOLDMAN SACHS: Moody's Raises Rating on $16MM Cl. E Notes to Ba2
GREENWICH CAPITAL 2004-GG1: Moody's Cuts XC Debt Rating to Caa1
ING INVESTMENT: Moody's Affirms Ba3 Rating on $10MM Class D Notes

KINGSLAND VII: Fitch To Rate Class E Notes 'BB(sf)'
LB-UBS COMMERCIAL 2000-C3: Moody's Affirms C Rating on Cl. K Debt
LB-UBS COMMERCIAL 2004-C4: S&P Affirms BB Rating on Class H Notes
LIBERTAS PREFERRED: Fitch Cuts Rating on 4 Note Classes to 'D'
MORGAN STANLEY 2013-C10: Fitch Affirms BB+ Rating on Class F Notes

N-STAR REL VI: Fitch Affirms 'CCCsf' Rating on Class B Notes
N-STAR REL VIII: Fitch Affirms 'CC' Rating on 3 Note Classes
PALISADES CDO: Fitch Affirms 'Csf' Rating on 4 Note Classes
PALMER SQUARE CLO 2014-1: S&P Assigns BB Rating on Class D Notes
VOYA CLO 2014-2: Moody's Rates $28.4MM Class D Notes 'Ba3'

WACHOVIA BANK 2005-C22: S&P Affirms BB+ Rating on Class A-J Notes
WACHOVIA BANK 2007-C33: S&P Lowers Rating on Class A-J Notes to B-

* S&P Takes Various Rating Actions on 29 U.S. & APAC CDO Deals


                             *********

A10 TERM ASSET: DBRS Assigns 'BB' Rating to Class E Notes
---------------------------------------------------------
DBRS Inc. has assigned provisional ratings to the following
Commercial Mortgage Pass-Through Certificates, Series 2014-1 (the
Notes) issued by A10 Term Asset Financing 2014-1, LLC.  The trends
are Stable.

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class B at A (sf)
-- Class C at BBB (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (sf)
-- Class F at B (sf)

Class E and Class F are non-offered classes.

The collateral consists of 18 loans secured by commercial real
estate, all originated by A10 Capital, LLC (A10 Capital).  A10
Capital specializes in mini-perm loans, which typically have two-
to five-year terms and are used to finance properties until they
are fully stabilized.  The borrowers are often new equity sponsors
of fairly well-positioned assets within their respective markets.
A10 Capital's initial advance is the senior debt component,
typically for the purchase of a real estate owned acquisition or
discounted payoff.  Most loans are structured with three-year
terms and include built-in extensions at the lender's sole
discretion.

The pool was analyzed to determine the indicative ratings,
reflecting the probability of loan default within the term,
including the lender extension options and its liquidity at
maturity.

The ratings assigned by DBRS contemplate timely payments of
distributable interest and, in the case of senior subordinate
notes other than the Class A-1 and A-2 Notes, ultimate recovery of
Deferred Collateralized Note Interest Amounts (inclusive of
interest payable thereon at the applicable rate, to the extent
permitted by law).  Accordingly, DBRS will assign its Interest in
Arrears designation to any class of Offered Notes (other than the
Class A Notes) during any Interest Accrual Period when such class
accrues Deferred Collateralized Note Interest Amounts.

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


ACIS CLO 2014-4: S&P Assigns 'BB' Rating on Class E Notes
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to ACIS
CLO 2014-4 Ltd./ACIS CLO 2014-4 LLC's $454.00 million floating-
rate notes.

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

The ratings reflect S&P's views of:

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

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

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

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

   -- The collateral manager's experienced management team.

   -- The timely interest and ultimate principal payments on the
      rated notes projections, 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%-12.7531%.

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

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

RATINGS ASSIGNED

ACIS CLO 2014-4 Ltd./ACIS CLO 2014-4 LLC

                                            Amount
Class                  Rating             (mil. $)
X                      AAA (sf)               4.00
A                      AAA (sf)             296.00
B                      AA (sf)               68.00
C (deferrable)         A (sf)                33.00
D (deferrable)         BBB (sf)              28.50
E (deferrable)         BB (sf)               20.50
F (deferrable)         B+ (sf)                4.00
Combination notes(i)   AA (sf)              364.00
Subordinated notes     NR                    50.75

(i) The combination notes consist of $296.00 million of the class
    A notes and $68.00 million of the class B notes.
SDR-Scenario default rate.
BDR-Break-even default rate.
NR-Not rated.


AMERICREDIT AUTOMOBILE 2014-2: Moody's Rates Cl. E Notes '(P)Ba1'
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by AmeriCredit Automobile Receivables Trust
2014-2 (AMCAR 2014-2). This is the second public subprime
transaction of the year for AmeriCredit Financial Services, Inc.
(AmeriCredit).

The complete rating actions are as follows:

Issuer: AmeriCredit Automobile Receivables Trust 2014-2

Class A-1 Notes, Assigned (P)P-1 (sf)

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

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

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

Class B Notes, Assigned (P)Aa1 (sf)

Class C Notes, Assigned (P)Aa3 (sf)

Class D Notes, Assigned (P)Baa1 (sf)

Class E Notes, Assigned (P)Ba1 (sf)

Ratings Rationale

Moody's said the ratings are based on the quality of the
underlying auto loans and their expected performance, the strength
of the structure, the availability of excess spread over the life
of the transaction, and the experience and expertise of
AmeriCredit as servicer.

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

Moody's median cumulative net loss expectation for the AMCAR
2014-2 pool is 8.50% and total credit enhancement required to
achieve Aaa rating is 36.00%. The loss expectation was based on an
analysis of AmeriCredit's portfolio vintage performance as well as
performance of past securitizations, and current expectations for
future economic conditions.

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

Up

Levels of credit protection that are higher than necessary to
protect investors against current expectations of loss could drive
the ratings up. Losses could decline from Moody's original
expectations as a result of a lower number of obligor defaults or
appreciation in the value of the vehicles securing an obligor's
promise of payment.  Transaction performance also depends greatly
on the US job market and the market for used vehicles. Other
reasons for better-than-expected performance include changes to
servicing practices that enhance collections or refinancing
opportunities that result in prepayments.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could drive the
ratings down.  Losses could rise above Moody's original
expectations as a result of a higher number of obligor defaults or
deterioration in the value of the vehicles securing an obligor's
promise of payment. Transaction performance depends greatly on the
U.S. job market and the market for used vehicles. Other reasons
for worse-than-expected performance include poor servicing, error
on the part of transaction parties, inadequate transaction
governance and fraud.


BANC OF AMERICA 2007-5: S&P Cuts Rating on 3 Note Classes to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on three
classes of commercial mortgage pass-through certificates from Banc
of America Commercial Mortgage Trust 2007-5, a U.S. commercial
mortgage-backed securities (CMBS) transaction, to 'D (sf)' from
'CCC- (sf)'.  At the same time, S&P affirmed its ratings on 11
other classes from the same transaction.

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

S&P affirmed its ratings because it expects that the classes'
available credit enhancement will be within its estimate of the
necessary credit enhancement required for the current ratings.
The affirmations also reflect the credit characteristics and
performance of the remaining assets, as well as the transaction-
level changes.

S&P lowered its ratings on the class F, G, and H certificates to
'D (sf)' because it believes the accumulated interest shortfalls
will remain outstanding and will not repay in the near term.  As
of the May 12, 2014, trustee remittance report, the trust
experienced monthly interest shortfalls totaling $216,959,
primarily related to appraisal subordinate entitlement reduction
amounts of $172,398 on two ($66.6 million, 5.2%) of the seven
specially serviced loans ($146.5 million, 11.4%), special
servicing fees of $31,988, and workout fees of $12,542.  The
interest shortfalls affected all the classes subordinate to and
including class F.

S&P affirmed its 'AAA (sf)' rating on the class XW interest-only
(IO) certificates based on its criteria for rating IO securities.

Credit Enhancements Levels

As of the May 12, 2014, trustee remittance report

Class                          Credit enhancement level (%)
A-3                                     35.00
A-SB                                    35.00
A-4                                     35.00
A-1A                                    35.00
A-M                                     20.62
A-J                                     9.83
B                                       8.21
C                                       7.13
D                                       5.52
E                                       4.08
F                                       3.18
G                                       1.74
H                                       0.12
XW                                      N/A

N/A-Not applicable.

RATINGS LIST

Banc of America Commercial Mortgage Trust 2007-5
Commercial mortgage pass-through certificates series 2007-5

                               Rating           Rating
Class        Identifier        To               From
A-3          05952CAC4         AAA (sf)         AAA (sf)
A-SB         05952CAD2         AAA (sf)         AAA (sf)
A-4          05952CAE0         BBB+ (sf)        BBB+ (sf)
A-1A         05952CAF7         BBB+ (sf)        BBB+ (sf)
A-M          05952CAG5         B+ (sf)          B+ (sf)
A-J          05952CAH3         B- (sf)          B- (sf)
XW           05952CAJ9         AAA (sf)         AAA (sf)
B            05952CAL4         B- (sf)          B- (sf)
C            05952CAN0         CCC (sf)         CCC (sf)
D            05952CAQ3         CCC (sf)         CCC (sf)
E            05952CAS9         CCC- (sf)        CCC- (sf)
F            05952CAU4         D (sf)           CCC- (sf)
G            05952CAW0         D (sf)           CCC- (sf)
H            05952CAY6         D (sf)           CCC- (sf)


BLACK DIAMOND 2013-1: S&P Affirms 'BB' Rating on Class D Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Black
Diamond CLO 2013-1 Ltd./Black Diamond CLO 2013-1 LLC's $370.8
million floating-rate notes following the transaction's effective
date as of April 24, 2014.

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

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

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

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

"When we receive a request to issue an effective date rating
affirmation, we perform quantitative and qualitative analysis of
the transaction in accordance with our criteria to assess whether
the initial ratings remain consistent with the credit enhancement
based on the effective date collateral portfolio.  Our analysis
relies on the use of CDO Evaluator to estimate a scenario default
rate at each rating level based on the effective date portfolio,
full cash flow modeling to determine the appropriate percentile
break-even default rate at each rating level, the application of
our supplemental tests, and the analytical judgment of a rating
committee," S&P noted.

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

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

RATINGS AFFIRMED

Black Diamond CLO 2013-1 Ltd./Black Diamond CLO 2013-1 LLC

Class                      Rating                      Amount
                                                     (mil. $)
X                          AAA (sf)                      2.10
A-1                        AAA (sf)                    246.90
A-2                        AA (sf)                      53.70
B (deferrable)             A (sf)                       29.30
C (deferrable)             BBB (sf)                     21.70
D (deferrable)             BB (sf)                      17.10


BLUEMOUNTAIN CLO 2014-2: S&P Gives Prelim. BB Rating on E Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to BlueMountain CLO 2014-2 Ltd./BlueMountain CLO 2014-2
LLC's $511.15 million floating- and fixed-rate notes.

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

The preliminary ratings are based on information as of June 4,
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 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 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 0.2228%-12.7531%.

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

   -- The transaction's reinvestment overcollateralization test, a
      failure of which 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.

PRELIMINARY RATINGS ASSIGNED

BlueMountain CLO 2014-2 Ltd./BlueMountain CLO 2014-2 LLC

Class                Rating                  Amount
                                           (mil. $)
A                    AAA (sf)                340.00
B-1                  AA (sf)                  43.05
B-2                  AA (sf)                  17.00
C (deferrable)       A (sf)                   45.25
D (deferrable)       BBB (sf)                 27.30
E (deferrable)       BB (sf)                  22.25
F (deferrable)       B (sf)                   16.30
Subordinated notes   NR                       43.60

NR-Not rated.


CAPITAL ONE: Fitch Affirms 'BBsf' Rating on Class 2002-1D Debt
--------------------------------------------------------------
Fitch Ratings has affirmed all classes and Rating Outlooks of
Capital One Multi-asset Execution Trust.

Key Rating Drivers:

The affirmations are based on continued positive trust
performance.  The current 12-month average gross yield is 22.90%
as of the April 2014 reporting period, slightly higher than the
12-month average of 22.88% at the April 2013 reporting period.

Monthly payment rate (MPR), a measure of how quickly consumers are
paying off their credit card debts, has improved over the past
year.  Currently, the 12-month average is 25.85%, higher than the
12-month average of 23.97% the previous year.

Gross charge-offs have experienced a slight decline over the past
year.  As of the April 2014 reporting period the 12-month average
is 4.76%, compared to 5.38% as of the April 2013 reporting period.
Twelve-month averages for 60+ day delinquencies also declined to
1.87% from 2.18% over the same period.

Fitch runs cash flow breakeven analysis by applying stress
scenarios to three-, six-, and 12-month performance averages to
evaluate the breakeven loss multiples at different rating levels.
The performance variables that Fitch stresses are the gross yield,
MPR, gross charge-off, and purchase rates.  Fitch's analysis
included a comparison of observed performance trends over the past
few months to Fitch's base case expectations for each outstanding
rating category.  As part of its ongoing surveillance efforts,
Fitch will continue to monitor the performance of these trusts.
For further information, please review the U.S. Credit Card ABS

The affirmations are based on the performance of the trust which
is line with expectations.  The Stable Outlook indicates that
Fitch expects the ratings will remain stable for the next one to
two years.

Rating Sensitivities:

Fitch models three different scenarios when evaluating the rating
sensitivity compared to expected performance for credit card
asset-backed securities transactions: 1) increased defaults; 2) a
reduction in purchase rate, and 3) a combination stress of higher
defaults and lower MPR.

Increasing defaults alone has the least impact on rating migration
even in the most severe scenario of a 75% increase in defaults.
The rating sensitivity to a reduction in purchase rate is slightly
more pronounced with a moderate stress of a 75% reduction, leading
to a possible downgrade on the class A notes.  The harshest
scenario assumes both stresses to defaults and MPR to occur
simultaneously.  The ratings would only be downgraded under the
severe stress of a 75% increase in defaults and 35% reduction in
MPR.  To date, the transactions have exhibited strong performance
with all performance metrics within Fitch's initial expectations.
For further discussion of sensitivity analysis, please see the new
issue report related to one of the transactions listed below.

Fitch has affirmed the following classes:

  -- 2005-9A at 'AAAsf'; Outlook Stable;
  -- 2006-3A at 'AAAsf'; Outlook Stable;
  -- 2006-11A at 'AAAsf'; Outlook Stable;
  -- 2007-1A at 'AAAsf'; Outlook Stable;
  -- 2007-2A at 'AAAsf'; Outlook Stable;
  -- 2007-5A at 'AAAsf'; Outlook Stable;
  -- 2007-7A at 'AAAsf'; Outlook Stable;
  -- 2013-1A at 'AAAsf'; Outlook Stable;
  -- 2013-2A at 'AAAsf'; Outlook Stable;
  -- 2013-3A at 'AAAsf'; Outlook Stable;
  -- 2014-1A at 'AAAsf'; Outlook Stable;
  -- 2014-2A at 'AAAsf'; Outlook Stable;
  -- 2014-3A at 'AAAsf'; Outlook Stable;
  -- 2004-3B at 'Asf'; Outlook Stable;
  -- 2004-7B at 'Asf'; Outlook Stable;
  -- 2004-7 Currency Swap at 'Asf'; Outlook Stable;
  -- 2005-1B at 'Asf'; Outlook Stable;
  -- 2005-3B at 'Asf'; Outlook Stable
  -- 2006-1B at 'Asf'; Outlook Stable;
  -- 2007-1B at 'Asf'; Outlook Stable;
  -- 2009-C (B) at 'Asf'; Outlook Stable;
  -- 2004-3C at 'BBBsf'; Outlook Stable;
  -- 2007-1C at 'BBBsf'; Outlook Stable;
  -- 2009-A (C) at 'BBBsf'; Outlook Stable;
  -- 2002-1D at 'BBsf'; Outlook Stable.


CAPITALSOURCE 2006-A: Fitch Affirms BB Rating on Class A-1A Notes
-----------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed 11 classes of
CapitalSource Real Estate Loan Trust 2006-A reflecting Fitch's
base case loss expectation of 33.5%.  Fitch's performance
expectation incorporates prospective views regarding commercial
real estate market value and cash flow declines.

Key Rating Drivers

The upgrade reflects an improvement in credit enhancement from
asset repayments and better recoveries on these assets than
previously expected at Fitch's last rating action.  Since the last
rating action and as of the April 2014 trustee report, principal
paydowns to classes A-1A, A-1R, and A-2A were $119.8 million.
Nine assets were repaid in full, two of which occurred after the
April 2014 trustee report according to the asset manager, and no
losses were realized.  The combined percentage of defaulted assets
and assets of concern has declined to 27.6% from 33.8% at the last
rating action.  As of the April 2014 trustee report, all
overcollateralization and interest coverage tests were in
compliance.

CapitalSource 2006-A is primarily collateralized by senior
commercial real estate (CRE) debt with 91.7% of the portfolio
consisting of whole loans or A-notes.  According to the April 2014
trustee report and per Fitch categorizations, the remaining
collateral consisted of B-notes (2.7%), commercial mortgage-backed
securities (CMBS: 1.3%), principal cash (1.8%), residential
mortgage-backed securities (RMBS: 1.6%), and a notes receivable
asset (0.9%).  The portfolio also comprises a high percentage of
non-traditional property types, including loans secured by
healthcare (21.7%), hotels (20.2%), and undeveloped land (15.4%).
The weighted average Fitch-derived rating of the rated securities
portion of the collateral is 'B-/CCC+'.

Under Fitch's surveillance methodology, approximately 80.2% of the
portfolio is modeled to default in the base case stress scenario,
defined as the 'B' stress.  In this scenario, the modeled average
cash flow decline is 6.9% from, generally, year-end (YE) 2013 cash
flows. Modeled recoveries are average at 58.2%.

The three largest contributors to modeled losses have remained the
same since Fitch's last rating action.

The largest contributor to modeled losses is a whole loan (11.8%
of portfolio) secured by a 331-key hotel property located in
Atlantic City, NJ.  The hotel does not have a gaming component.
Property cash flow has been negative and insufficient to support
debt service over the past few years due to continuing declines in
property performance.  As of YE 2013, occupancy and revenue per
available room was 44.6% and $64, respectively, compared to 49.5%
and $68, respectively, for 2012 as reported by the asset manager.
The overall casino industry in Atlantic City has also been
suffering from drops in casino revenues.  The loan matures in
October 2015.  Fitch modeled a term default with a significant
loss under its base case scenario.

The next largest contributor to modeled losses is an A-note (5.4%)
secured by over 2,000 acres of land located in the Pocono
Mountains of Pennsylvania.  The borrower's initial business plan
included the development of the site with retail and multifamily;
however, due to the economic downturn, the plan was not realized.
The borrower continues to proceed with obtaining subdivision
approval of the land parcels.  The asset manager indicated the
borrower satisfied the required conditions to release three of the
subdivided land parcels consisting of approximately 55 acres.  The
loan was recently extended in order to finalize this transaction.
Fitch modeled a term default with a significant loss under its
base case scenario.

The third largest contributor to modeled losses is an A-note
(6.3%) secured by over 6,000 acres of land located in Edgewater
and New Smyrna Beach, FL.  The borrower's initial business plan
was to develop single family homes and commercial space; however,
the market downturn put a halt to this plan.  The land is heavily
forested and comprised of wetlands; therefore only a portion of
the land is developable.  Debt service on this loan was previously
funded with revenue from timber operations at the property and
through timber reserves transferred as debt service reserves.
These reserves were depleted in 2012 and shortly afterwards, the
borrower agreed to transfer the property to the lender in lieu of
foreclosure.  A deed in lieu was completed in May 2013. The asset
manager has engaged an external firm to provide consulting
services in relation to the project and a market study is
underway.  The loan was extended until April 2016. Fitch modeled a
term default with a significant loss under its base case scenario.
This transaction was analyzed according to the 'Surveillance
Criteria for U.S. CREL CDOs and CMBS Large Loan Floating-Rate
Transactions', which applies stresses to property cash flows and
debt service coverage ratio tests to project future default levels
for the underlying portfolio.  Recoveries are based on stressed
cash flows and Fitch's long-term capitalization rates.  The
default levels were then compared to the breakeven levels
generated by Fitch's cash flow model of the collateralized debt
obligation (CDO) under the various default timing and interest
rate stress scenarios, as described in the report 'Global Rating
Criteria for Structured Finance CDOs'.  The breakeven rates for
classes A-1A, A-1R, A-2A, A-2B, and B are generally consistent
with the ratings assigned below.

The ratings for classes C through J are based upon a deterministic
analysis that considers Fitch's base case loss expectation for the
pool and the current percentage of defaulted assets and assets of
concern, factoring in anticipated recoveries relative to each
class' credit enhancement.

Rating Sensitivities

The Stable Rating Outlook on class A-2A reflects the class'
seniority.  The Positive Rating Outlooks on classes A-1A, A-1R,
and A-2B reflects improving credit enhancement and positive
cushion in Fitch's modeling.  The Stable Rating Outlook on class B
reflects sufficient credit enhancement and continued paydown.  The
junior classes are subject to downgrade as losses are realized or
if realized losses exceed Fitch's expectations.

CapitalSource 2006-A was initially issued as a $1.3 billion
revolving CRE CDO managed by CapitalSource Finance, LLC
(CapitalSource), a subsidiary of CapitalSource, Inc.  In the
fourth quarter of 2010, NS Advisors II, LLC (NS Advisors II)
became the delegated collateral manager for the CDO under the
delegation provisions of the Indenture.  All collateral manager
responsibilities and fees have been delegated to NS Advisors II.
In addition, an amendment to the servicing agreement replaced the
special servicer of the CDO with NS Servicing, LLC (NS Servicing).
NS Servicing assumed all rights, interests, duties, and
obligations as special servicer under the servicing agreement
previously held by CapitalSource.

Fitch has upgraded the following class:

  -- $71.9 million class A-2A to 'BBBsf' from 'BBsf'; Outlook
     Stable.

Fitch has affirmed and revised the Rating Outlooks on the
following classes as indicated:

  -- $22.2 million class A-1A at 'BBsf'; Outlook to Positive from
     Negative;

  -- $89.4 million class A-1R at 'BBsf'; Outlook to Positive from
     Negative;

  -- $125 million class A-2B at 'BBsf'; Outlook to Positive from
     Negative.

  -- $82.9 million class B at 'Bsf'; Outlook to Stable from
     Negative;

  -- $62.4 million class C at 'CCCsf'; RE 100%;

  -- $30.2 million class D at 'CCCsf'; RE 100%;

  -- $30.2 million class E at 'CCCsf'; RE 0%;

  -- $26.7 million class F at 'CCsf'; RE 0%;

  -- $33.2 million class G at 'CCsf'; RE 0%;

  -- $31.2 million class H at 'Csf'; RE 0%;

  -- $47.5 million class J at 'Csf'; RE 0%.


CPS AUTO 2014-B: S&P Assigns Prelim. BB Rating on Class D Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to CPS Auto Receivables Trust 2014-B's $202.5 million
asset-backed notes.

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

The preliminary ratings are based on information as of June 4,
2014.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

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

   -- The availability of approximately 44.6%, 36.1%, 29.8%,
      26.3%, and 24.6% of credit support for the class A, B, C, D,
      and E notes, respectively, based on stressed cash flow
      scenarios (including excess spread).  These credit support
      levels provide coverage of 2.80x, 2.30x, 1.75x, 1.50x, and
      1.17x S&P's 14.8%-15.2% expected cumulative net loss (CNL)
      range for the class A, B, C, D, and E notes, respectively.

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

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

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

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

PRELIMINARY RATINGS ASSIGNED

CPS Auto Receivables Trust 2014-B

Class     Rating       Type           Interest        Amount
                                      rate(i)       (mil. $)
A         AA- (sf)     Senior         Fixed           141.24
B         A  (sf)      Subordinate    Fixed            26.83
C         BBB (sf)     Subordinate    Fixed            18.73
D         BB (sf)      Subordinate    Fixed            10.13
E         B+ (sf)      Subordinate    Fixed             5.57

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


CREDIT SUISSE 2007-TFL2: Fitch Affirms 'BBsf' Rating on Cl. A Debt
------------------------------------------------------------------
Fitch Ratings has affirmed all classes of Credit Suisse First
Boston Mortgage Securities Corp., series 2007-TFL2.

Key Rating Drivers

As of the May 2014 remittance report, two loans remained in the
pool.

Planet Hollywood (59.5%), and Whitehall Seattle Portfolio (40.5%).
The servicer indicated that in late May the Planet Hollywood
Resort & Casino loan paid in full.  The repayment will be
reflected in the June 2014 remittance, which is published on or
around the 15th of the month.  Once the remittance report is
distributed, Fitch expects classes A-2 and A-3 will be paid in
full and class A-3 will receive a partial payment.

Based on Planet Hollywood's repayment, the last remaining loan in
the trust is Whitehall Seattle Portfolio, a loan secured by a
portfolio of 11 office buildings consisting of approximately 2.1
million square feet (sf).  The properties, which were built in the
1980s, are all located in and around Seattle, WA. Major tenants in
the portfolio include Symetra Financial Corporation (10.5% of net
rentable area [NRA]), Foster Pepper LLC (4.1%), and Drugstore.Com
(3.4%).  Leases for these three largest tenants expire in 2025,
2027, and 2023, respectively.

After a two-year stay in special servicing based on an inability
to refinance at the previous April 2012 maturity date, a loan
modification was executed in October 2013, which replaced the
operator with a new sponsor, Walton Street Capital.  Walton Street
provided a new capital contribution, and the loan was extended to
April 9, 2015.

Walton Street continues to invest in the properties and address
deferred maintenance, perform upgrades, and focus on raising
occupancy through concessions and a greater marketing effort.
Given the higher expenses associated with stabilizing the
portfolio, 2013 performance was down significantly from historical
performance.  Although cash flow remains low, recovery prospects
are strong based on the rated debt's low leverage and the
experience and commitment of the new sponsor.

RATING SENSITIVITIES

Ratings are expected to remain stable with continued efforts by
the sponsor to stabilize the portfolio's performance.  The
Negative Outlooks on classes A-3, B and C are the result of the
volatility in performance in recent years.  Should performance
continue to improve, the Negative Outlooks may be revised to
Stable.

The final rated maturity for the transaction is April 11, 2022.
Fitch affirms the following classes and revises the Outlooks as
indicated:

  -- $250.8 million class A-1 at 'Asf'; Outlook Stable;
  -- $100 million class A-2 at 'BBBsf'; Outlook Stable;
  -- $207 million class A-3 at 'BBsf'; Outlook to Negative from
     Stable;
  -- $45.7 million class B at 'Bsf'; Outlook to Negative from
     Stable;
  -- $42.6 million class C at 'Bsf'; Outlook to Negative from
     Stable;
  -- $3.4 million class E at 'Dsf'; RE 10%;
  -- $0 class F at 'Dsf'; RE 0%;
  -- $0 class G at 'Dsf'; RE 0%;
  -- $0 class H at 'Dsf'; RE 0%;
  -- $0 class J at 'Dsf'; RE 0%;
  -- $0 class K at 'Dsf'; RE 0%;
  -- $0 class L at 'Dsf' RE 0%.

In addition, Fitch downgrades the following class:

  -- $33.5 million class D to 'CCsf' from 'CCCsf'; RE 100%.


DLJ COMMERCIAL 2000-CF1: Fitch Cuts Cl. B-4 Notes Rating to 'CCC'
-----------------------------------------------------------------
Fitch Ratings downgrades three classes of DLJ Commercial Mortgage
Corp.'s commercial mortgage pass-through certificates, series
2000-CF1.

Key Rating Drivers

The downgrades are the result of lower expected recoveries for the
sole remaining asset in the transaction, which is real estate
owned (REO).  Fitch's expected losses take the most recent
servicer-provided appraisal value into account with additional
discounts for the recent tenant loss and total loan exposure.  The
servicer has stopped advancing principal and interest because
future advances have been deemed non-recoverable.

As of the May 2014 distribution date, the pool's collateral
balance has paid down approximately 98.5% to $13 million from
$886.2 million at issuance, including 3.9% in realized losses.
Cumulative interest shortfalls in the amount of $2.6 million are
affecting classes B-6 through D.

The remaining asset consists of office and warehouse space
totaling 332,689 square feet in two buildings located in Largo,
FL.  The property, which is currently 63.5% occupied, will lose
its second tenant at the end of the month due to lease expiration
(June 2014), dropping the effective occupancy to 42.9%.

Rating Sensitivities

Any sale proceeds, after recovery of fees, advances and the
repayment of prior interest shortfalls, would be applied to class
B-4 first.  However, losses to B-4 are possible as the remaining
proceeds might not be sufficient to pay off the total outstanding
balance.

Fitch downgrades the following classes as indicated:

  -- $904,371 class B-4 to 'CCCsf' from 'BBsf'; RE50%;
  -- $2.2 million class B-5 to 'CCsf' from 'CCCsf'; RE0%;
  -- $6.6 million class B-6 to 'Csf' from 'CCsf'; RE0%;

Fitch affirms the following class as indicated:

  -- $3.1 million class B-7 at 'Dsf'; RE0%.
  -- Class B-8 at 'Dsf'; RE0%.

Classes A-1A, A-1B, A-2, A-3, A-4, B-1, B-2, and B-3 have been
paid in full.  Fitch does not rate classes C and D.  Fitch has
previously withdrawn the rating on the interest-only classes S.


FIGUEROA CLO 2013-2: S&P Affirms 'BB' Rating on Class D Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its rating on Figueroa
CLO 2013-2 Ltd./Figueroa CLO 2013-2 LLC's $357.00 million
floating-rate notes following the transaction's effective date as
of April 17, 2014.

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

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

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

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

"When we receive a request to issue an effective date rating
affirmation, we perform quantitative and qualitative analysis of
the transaction in accordance with our criteria to assess whether
the initial ratings remain consistent with the credit enhancement
based on the effective date collateral portfolio.  Our analysis
relies on the use of CDO Evaluator to estimate a scenario default
rate at each rating level based on the effective date portfolio,
full cash-flow modeling to determine the appropriate percentile
break-even default rate at each rating level, the application of
our supplemental tests, and the analytical judgment of a rating
committee," S&P said.

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

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

RATINGS AFFIRMED

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

                                                        Amount
Class                      Rating                     (Mil. $)
A-1                        AAA (sf)                     245.00
A-2                        AA (sf)                       48.00
B (deferrable)             A (sf)                        25.50
C (deferrable)             BBB (sf)                      20.50
D (deferrable)             BB (sf)                       18.00


GOLDMAN SACHS: Moody's Raises Rating on $16MM Cl. E Notes to Ba2
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Goldman Sachs Asset Management CLO,
P.L.C.:

$28,600,000 Class A-2 Floating Rate Notes Due 2022, Upgraded to
Aaa (sf); previously on August 5, 2011 Upgraded to Aa1 (sf)

$27,000,000 Class B Floating Rate Notes Due 2022, Upgraded to Aa1
(sf); previously on August 5, 2011 Upgraded to A1 (sf)

$21,000,000 Class C Deferrable Floating Rate Notes Due 2022,
Upgraded to A2 (sf); previously on August 5, 2011 Upgraded to Baa1
(sf)

$18,000,000 Class D Deferrable Floating Rate Notes Due 2022,
Upgraded to Baa3 (sf); previously on August 5, 2011 Upgraded to
Ba1 (sf)

$16,000,000 Class E Deferrable Floating Rate Notes Due 2022
(current outstanding balance of $13,562,573.11), Upgraded to Ba2
(sf); previously on August 5, 2011 Upgraded to Ba3 (sf)

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

U.S. $257,400,000 Class A-1 Floating Rate Notes Due 2022 (current
outstanding balance of $248,464,041.01), Affirmed Aaa (sf);
previously on August 5, 2011 Upgraded to Aaa (sf)

Goldman Sachs Asset Management CLO, P.L.C., issued in July 2007,
is a collateralized loan obligation (CLO) backed primarily by a
portfolio of senior secured loans. The transaction's reinvestment
period will end in August 2014.

Ratings Rationale

These rating actions reflect the benefit of the short period of
time remaining before the end of the deal's reinvestment period in
July 2014. In light of the reinvestment restrictions during the
amortization period, and therefore the limited ability of the
manager to effect significant changes to the current collateral
pool, Moody's analyzed the deal assuming a higher likelihood that
the collateral pool characteristics will maintain a positive
buffer relative to certain covenant requirements. In particular,
Moody's assumed that the deal will benefit from lower WARF, higher
spread, and higher weighted average recovery rate levels compared
to their covenant levels. Moody's modeled a WARF of 2539 compared
to the covenant of 2913, a weighted average spread of 2.97%
compared to the covenant of 2.41%, and a weighted average recovery
rate of 52.86% compared to the covenant of 44.4%. Furthermore, the
transaction's reported collateral quality and OC ratios have been
stable since the last rating action.

Methodology Used for the Rating Action

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

1) Macroeconomic uncertainty: CLO performance is subject to a)
uncertainty about credit conditions in the general economy and b)
the large concentration of upcoming speculative-grade debt
maturities, which could make refinancing difficult for issuers.

2) Collateral Manager: Performance can also be affected positively
or negatively by a) the manager's investment strategy and behavior
and b) differences in the legal interpretation of CLO
documentation by different transactional parties owing to embedded
ambiguities.

3) Collateral credit risk: A shift towards collateral of better
credit quality, or better credit performance of assets
collateralizing the transaction than Moody's current expectations,
can lead to positive CLO performance. Conversely, a negative shift
in credit quality or performance of the collateral can have
adverse consequences for CLO performance.

4) Deleveraging: An important source of uncertainty in this
transaction is whether deleveraging from unscheduled principal
proceeds will commence and at what pace. Deleveraging of the CLO
could accelerate owing to high prepayment levels in the bond
market and collateral sales by the manager, which could have a
significant impact on the notes' ratings. Note repayments that are
faster than Moody's current expectations will usually have a
positive impact on CLO notes, beginning with those with the
highest payment priority.

5) Recovery of defaulted assets: Fluctuations in the market value
of defaulted assets reported by the trustee and those that Moody's
assumes as having defaulted could result in volatility in the
deal's OC levels. Further, the timing of recoveries and whether a
manager decides to work out or sell defaulted assets create
additional uncertainty. Moody's analyzed defaulted recoveries
assuming the lower of the market price and the recovery rate in
order to account for potential volatility in market prices.
Realization of higher than assumed recoveries would positively
impact the CLO.

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 relative to the base case
modeling results, which may be different from the current public
ratings of the 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):

Moody's Adjusted WARF -- 20% (2031)

Class A-1: 0

Class A-2: 0

Class B: +1

Class C: +3

Class D: +3

Class E: +1

Moody's Adjusted WARF + 20% (3047)

Class A-1: 0

Class A-2: 0

Class B: -1

Class C: -1

Class D: -1

Class E: -1

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations," published in February 2014.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the collateral pool as having a performing
par and principal proceeds balance of $377.9 million, defaulted
par of $0.2 million, a weighted average default probability of
15.35% (implying a WARF of 2539), a weighted average recovery rate
upon default of 52.86%, a diversity score of 50 and a weighted
average spread of 2.97%.

Moody's incorporates the default and recovery properties of the
collateral pool in cash flow model analysis where they are subject
to stresses as a function of the target rating on each CLO
liability reviewed. Moody's derives the default probability from
the credit quality of the collateral pool and Moody's expectation
of the remaining life of the collateral pool. The average recovery
rate for future defaults is based primarily on the seniority of
the assets in the collateral pool. Moody's generally applies
recovery rates for CLO securities as published in "Moody's
Approach to Rating SF CDOs". In some cases, alternative recovery
assumptions may be considered based on the specifics of the
analysis of the CLO transaction. In each case, historical and
market performance and the collateral manager's latitude for
trading the collateral are also factors.


GREENWICH CAPITAL 2004-GG1: Moody's Cuts XC Debt Rating to Caa1
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on ten classes
and downgraded the rating on one class in Greenwich Capital
Commercial Funding Corp., Commercial Mortgage Trust 2004-GG1 as
follows:

Cl. E, Affirmed A1 (sf); previously on Dec 5, 2013 Affirmed A1
(sf)

Cl. F, Affirmed Baa1 (sf); previously on Dec 5, 2013 Affirmed Baa1
(sf)

Cl. G, Affirmed Baa3 (sf); previously on Dec 5, 2013 Affirmed Baa3
(sf)

Cl. H, Affirmed B1 (sf); previously on Dec 5, 2013 Downgraded to
B1 (sf)

Cl. J, Affirmed B3 (sf); previously on Dec 5, 2013 Downgraded to
B3 (sf)

Cl. K, Affirmed Caa1 (sf); previously on Dec 5, 2013 Downgraded to
Caa1 (sf)

Cl. L, Affirmed Caa2 (sf); previously on Dec 5, 2013 Downgraded to
Caa2 (sf)

Cl. M, Affirmed Caa3 (sf); previously on Dec 5, 2013 Downgraded to
Caa3 (sf)

Cl. N, Affirmed C (sf); previously on Dec 5, 2013 Affirmed C (sf)

Cl. O, Affirmed C (sf); previously on Dec 5, 2013 Affirmed C (sf)

Cl. XC, Downgraded to Caa1 (sf); previously on Dec 5, 2013
Affirmed Ba3 (sf)

Ratings Rationale

The ratings on the P&I classes E though J were affirmed because
the transaction's key metrics, including Moody's loan-to-value
(LTV) ratio, Moody's stressed debt service coverage ratio (DSCR)
and the transaction's Herfindahl Index (Herf), are within
acceptable ranges. The ratings on the P&I Classes K through O were
affirmed because the ratings are consistent with Moody's expected
loss.

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

Moody's rating action reflects a base expected loss of 29.6% of
the current balance compared to 6.2% at Moody's last review.
Moody's base expected loss plus realized losses is now 3.6% of the
original pooled balance compared to 3.5% at last review.

Factors That Would Lead To An Upgrade Or Downgrade Of The Rating:

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

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

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

Methodology Underlying The Rating Action

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

Description of Models Used

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

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 4 compared to 15 at Moody's last review.

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

Deal Performance

As of the May 12, 2014 distribution date, the transaction's
aggregate certificate balance has decreased by 93% to $191.9
million from $2.6 billion at securitization. The certificates are
collateralized by 12 mortgage loans ranging in size from less than
1% to 43% of the pool, with the top ten loans constituting 99% of
the pool.

Three loans, constituting 46% 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.

Sixteen loans have been liquidated at a loss from the pool,
resulting in an aggregate realized loss of $37.1 million (for an
average loss severity of 25%). There are currently six loans in
special servicing, constituting 42% of the pool. The loans are
secured by a mix of property type and three of them are already
REO or in the process of foreclosure. The largest specially
serviced loan is the Severance Town Center Loan ($39.7 million --
20.7% of the pool), which is secured by a 644,501 square foot (SF)
retail property located in Cleveland Heights, Ohio. Economic
occupancy is 91% while physical occupancy is approximately 70% due
to large tenant (Walmart) vacating but continuing to pay rent per
lease obligation. The loan matured on April 1, 2014. The special
servicer is in the process of appointing receiver and filing for
foreclosure. Moody's estimates an aggregate $27.8 million loss for
specially serviced loans (34 % expected loss on average).

Moody's has assumed a high default probability for one poorly
performing loan and the B note associated with the Aegon Center
Loan, constituting 13% of the pool, and has estimated an aggregate
loss of $16.8 million (a 67% expected loss based on a 71%
probability default) from these troubled loans.

Moody's received full year 2012 operating results for 100% of the
pool, and full or partial year 2013 operating results for 97% of
the pool, excluding specially serviced loans. Moody's weighted
average conduit LTV is 112% compared to 88% at Moody's last
review. Moody's conduit component excludes defeased, 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 9.7%.

Moody's actual and stressed conduit DSCRs are 1.47X and 1.07X,
respectively, compared to 1.69X and 1.28X 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 56.8% of the deal. The
largest loan is the Aegon Center Loan ($103.1 million -- 53.7% of
the pool), which is secured by a 759,650 SF 34-story Class A
office located in Louisville, Kentucky. As of December 2013, the
property was 72% leased compared to 74% at last review. The loan
had been in special servicing for imminent monetary default due to
Aegon's lease expiring in December 2012. The loan was modified in
August 2013 and returned to the master servicer on November 7,
2013. The loan was modified into a 80/20 A/B note split, resulting
in an $82 million A-note and a $21.1 million B-note and the loan
maturity was extended to April 2019 from April 2014. The interest
rate on the A-note was reduced to 4% from 6.415% for three years.
This modification has caused significant interest shortfalls.
Although the loan is current, Moody's is concerned about the
refinancing risk given the property's depressed occupancy level
and the fact that leases for a significant portion of the building
expire around the time of the loan maturity. Moody's current LTV
and stressed DSCR on the A-note are 116% and 0.91X, respectively,
compared to 100% and 1.05X at last review.

The second largest loan is the Rockefeller Industrial Building
Loan ($3.8 million -- 2.0% of the pool). The loan is secured by a
130,916 SF industrial property located in Ceres, California. The
loan has returned to the master servicer from the special servicer
on March 11th 2014 after being modified. Although, occupancy
increased to 74% as of December 2013 from 39% in 2011, the loan is
still poorly performing. As of December 2013 reported DSCR was
only 0.12X. The loan has been recognized as a troubled loan.
Moody's LTV and stressed DSCR are 145% and 0.71X, respectively.

The third largest loan is the Bangor Plaza Loan ($2.2 million --
1.1% of the pool). The loan is secured by a 135,059 SF retail
property located in Pen Argyl, Pennsylvania. As of December 2013
the property was 91% leased compared to 55% in December 2012. In
2013, Lehigh Valley Hospital leased 37% of the premises with a
lease expiration on December 1, 2023. Moody's current LTV and
stressed DSCR are 51% and 0.77X, respectively, compared to 49% and
2.11X at last review.


ING INVESTMENT: Moody's Affirms Ba3 Rating on $10MM Class D Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by ING Investment Management CLO V, Ltd.:


  $80,000,000 Class A-1b Floating Rate Notes due 2022, Upgraded
  to Aaa (sf); previously on July 21, 2011 Confirmed at Aa1 (sf);

  $25,000,000 Class A-2 Floating Rate Notes due 2022, Upgraded to
  Aa2 (sf); previously on July 21, 2011 Upgraded to Aa3 (sf).

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

  $300,000,000 Class A-1a Floating Rate Notes due 2022, Affirmed
  Aaa (sf); previously on August 30, 2007 Assigned Aaa (sf);

  $26,000,000 Class B Deferrable Floating Rate Notes due 2022,
  Affirmed Baa1 (sf); previously on July 21, 2011 Upgraded to
  Baa1 (sf);

  $21,000,000 Class C Deferrable Floating Rate Notes due 2022,
  Affirmed Ba1 (sf); previously on July 21, 2011 Upgraded to Ba1
  (sf);

  $10,000,000 Class D Deferrable Floating Rate Notes due 2022,
  Affirmed Ba3 (sf); previously on July 21, 2011 Upgraded to Ba3
  (sf).

ING Investment Management CLO V, Ltd., issued in August 2007, is a
collateralized loan obligation (CLO) backed primarily by a
portfolio of senior secured loans. The transaction's reinvestment
period will end in August 2014.

Ratings Rationale

These rating actions reflect the benefit of the short period of
time remaining before the end of the deal's reinvestment period in
August 2014. In light of the reinvestment restrictions during the
amortization period, and therefore the limited ability of the
manager to effect significant changes to the current collateral
pool, Moody's analyzed the deal assuming a higher likelihood that
the collateral pool characteristics will maintain a positive
buffer relative to certain covenant requirements. In particular,
Moody's assumed that the deal will benefit from lower weighted
average rating factor (WARF) and higher weighted average spread
(WAS) compared to covenant values.

Methodology Used for the Rating Action

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

1) Macroeconomic uncertainty: CLO performance is subject to a)
uncertainty about credit conditions in the general economy and b)
the large concentration of upcoming speculative-grade debt
maturities, which could make refinancing difficult for issuers.

2) Collateral Manager: Performance can also be affected positively
or negatively by a) the manager's investment strategy and behavior
and b) differences in the legal interpretation of CLO
documentation by different transactional parties owing to embedded
ambiguities.

3) Collateral credit risk: A shift towards collateral of better
credit quality, or better credit performance of assets
collateralizing the transaction than Moody's current expectations,
can lead to positive CLO performance. Conversely, a negative shift
in credit quality or performance of the collateral can have
adverse consequences for CLO performance.

4) Deleveraging: An important source of uncertainty in this
transaction is whether deleveraging from unscheduled principal
proceeds will commence and at what pace. Deleveraging of the CLO
could accelerate owing to high prepayment levels in the loan
market and/or collateral sales by the manager, which could have a
significant impact on the notes' ratings. Note repayments that are
faster than Moody's current expectations will usually have a
positive impact on CLO notes, beginning with those with the
highest payment priority.

5) Recovery of defaulted assets: Fluctuations in the market value
of defaulted assets reported by the trustee and those that Moody's
assumes as having defaulted could result in volatility in the
deal's OC levels. Further, the timing of recoveries and whether a
manager decides to work out or sell defaulted assets create
additional uncertainty. Moody's analyzed defaulted recoveries
assuming the lower of the market price and the recovery rate in
order to account for potential volatility in market prices.
Realization of higher than assumed recoveries would positively
impact the CLO.

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 relative to the base case
modeling results, which may be different from the current public
ratings of the 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):

Moody's Adjusted WARF -- 20% (2650)

Class A-1a: 0

Class A-1b: 0

Class A-2: +2

Class B: +2

Class C: +2

Class D: +2

Moody's Adjusted WARF + 20% (3180)

Class A-1a: 0

Class A-1b: -1

Class A-2: -2

Class B: -2

Class C: 0

Class D: 0

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations," published in February 2014.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the collateral pool as having a performing
par and principal proceeds balance of $482.6 million, defaulted
par of $6.9 million, a weighted average default probability of
19.06% (implying a WARF of 2650), a weighted average recovery rate
upon default of 50.24%, a diversity score of 74 and a weighted
average spread of 3.29%.

Moody's incorporates the default and recovery properties of the
collateral pool in cash flow model analysis where they are subject
to stresses as a function of the target rating on each CLO
liability reviewed. Moody's derives the default probability from
the credit quality of the collateral pool and Moody's expectation
of the remaining life of the collateral pool. The average recovery
rate for future defaults is based primarily on the seniority of
the assets in the collateral pool. In each case, historical and
market performance and the collateral manager's latitude for
trading the collateral are also factors.


KINGSLAND VII: Fitch To Rate Class E Notes 'BB(sf)'
---------------------------------------------------
Fitch Ratings expects to assign the following ratings and Rating
Outlooks to Kingsland VII:

  -- $297,000,000 class A notes 'AAAsf'; Outlook Stable;
  -- $48,500,000 class B notes 'AAsf'; Outlook Stable;
  -- $21,500,000 class C notes 'Asf'; Outlook Stable;
  -- $17,750,000 class D notes 'BBBsf'; Outlook Stable;
  -- $21,500,000 class E notes 'BBsf'; Outlook Stable.

Fitch does not expect to rate the subordinated notes.

Transaction Summary

Kingsland VII (the issuer) and Kingsland VII LLC (the co-issuer)
together comprise an arbitrage cash flow collateralized loan
obligation (CLO) that will be managed by Kingsland Capital
Management LLC.  Net proceeds from the issuance of the secured and
subordinated notes will be used to purchase a portfolio of
approximately $472 million of primarily senior secured leveraged
loans.  The CLO will have a four-year reinvestment period and a
two-year noncall period.

Key Rating Drivers

Sufficient Credit Enhancement: Credit enhancement (CE) available
to the notes, in addition to excess spread, is sufficient to
protect against portfolio default and recovery rate projections in
the respective rating stress scenarios.  The degree of CE
available to the class A notes is slightly below the average CE of
notes with the same priority in recent CLO issuances.  The degree
of CE for the class B, C, D, and E notes are all above the average
CE of notes in the same respective rating categories in recent CLO
issuances.

'B' Asset Quality: The average credit quality of the indicative
portfolio is approximately 'B', which is comparable to recent
CLOs.  Issuers rated in the 'B' rating category denote a highly
speculative credit quality; however, in Fitch's opinion, each
class of rated notes is projected to be sufficiently robust
against default rates commensurate with its applicable rating
stress.

Strong Recovery Expectations: The indicative portfolio consists of
97.0% first lien senior secured loans.  Approximately 91.5% of the
indicative portfolio has either strong recovery prospects or a
Fitch-assigned recovery rating of 'RR2' or higher.

Consistent Portfolio Parameters: The concentration limitations and
collateral quality test levels are within the range of limits set
in the majority of recent CLOs.  Fitch addressed the impact of the
most prominent risk-presenting concentration allowances in the
Fitch stressed portfolio analysis.

RATING SENSITIVITIES

Fitch evaluated the structure's sensitivity to the potential
variability of key model assumptions, including decreases in
recovery rates and increases in default rates or correlation.
Fitch expects the class A notes to remain investment grade, while
classes B, C, D and E are generally expected to remain within two
rating categories, even under the most extreme sensitivity
scenarios.  Results under these sensitivity scenarios ranged
between 'A+sf' and 'AAAsf' for the class A notes, between 'BB+sf'
and 'AA+sf' for the class B notes, between 'BBsf' and 'AA+sf' for
the class C notes, between 'Bsf' and 'AA-sf' for the class D
notes, and between a level below 'CCCsf' and 'BBB+sf' for the
class E notes.  The results of these scenarios remain consistent
with the assigned ratings.

The expected ratings are based on information provided to Fitch as
of June 3, 2014.  Sources of information used to assess these
ratings were provided by the arranger, GreensLedge Capital Markets
LLC, and the public domain.


LB-UBS COMMERCIAL 2000-C3: Moody's Affirms C Rating on Cl. K Debt
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on one class
and affirmed the ratings on two classes in LB-UBS Commercial
Mortgage Trust 2000-C3, Commercial Mortgage Pass-Through
Certificates, Series 2000-C3 as follows:

Cl. J, Upgraded to Aaa (sf); previously on Jul 12, 2013 Upgraded
to Ba1 (sf)

Cl. K, Affirmed C (sf); previously on Jul 12, 2013 Affirmed C (sf)

Cl. X, Affirmed Caa3 (sf); previously on Jul 12, 2013 Affirmed
Caa3 (sf)

Ratings Rationale

The rating on the P&I class J was upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization as well as an increase in defeasance as a percentage
of the current balance. The deal has paid down 24% since Moody's
last review. Defeasance has increased to 70% of the current
balance compared to 59% at last review.

The rating of the P&I class K was affirmed because the rating is
consistent with Moody's recovery rate for the security in default.
The Class K has the current principal loss of 64% of the original
balance.

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

At this review Moody's does not expect any further losses to the
pool, compared to 4.8% at Moody's last review. Moody's base
expected loss plus realized losses is now 3.5% of the original
pooled balance compared to 3.6% at last review

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

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

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

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

Methodology Underlying The Rating Action

The methodologies used in this rating were "Moody's Approach to
Rating CMBS Large Loan/Single Borrower Transactions" published in
July 2000 and "Commercial Real Estate Finance: Moody's Approach to
Rating Credit Tenant Lease Financings" published in November 2011.

Description of Models Used

Moody's used a Gaussian copula model, incorporated in its public
CDO rating model CDOROMv2.12-2, to generate a portfolio loss
distribution for the credit tenant leases (CTL).

Moody's also used the excel-based Large Loan Model v 8.7 and then
reconciled and weighted the results from the CDOROM 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 May 16, 2014 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $13.1
million from $1.3 billion at securitization. The Certificates are
collateralized by six mortgage loans. Three loans, representing
30% of the pool, are CTL loans secured by properties leased to two
corporate credits. The other three loans, representing 70% of the
pool, have defeased and are collateralized with U.S. Government
securities.

Thirty-four loans have been liquidated from the pool, resulting in
an aggregate realized loss of $45.4 million (for an average loss
severity of 23%). Due to realized losses, Classes P, N, M, and L
have been wiped out and Class K has experienced a 64% principal
loss.

There are no loans on the master servicer's watchlist or in
special servicing.

Excluding defeasance, the pool contains only a CTL component which
includes three loans secured by properties leased under bondable
leases. Moody's provides ratings for 100% of the CTL component.
The corporate exposures are CVS/Caremark Corp. (two loans 19% of
the pool; Moody's senior unsecured rating Baa1 -- stable outlook)
and Walgreen Co. (12% of the pool; Moody's senior unsecured rating
Baa1 -- stable outlook). Moody's was provided with full-year 2012
and 2013 operating results for 100% of the CTL loans. The bottom-
dollar WARF for the CTL component is 260 compared to 321 at the
last review. WARF is a measure of the overall quality of a pool of
diverse credits. The bottom-dollar WARF is a measure of default
probability. Since last review, CVS/Caremark Corp senior unsecured
rating has been upgraded to Baa1 from Baa2.


LB-UBS COMMERCIAL 2004-C4: S&P Affirms BB Rating on Class H Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
E, F, and G commercial mortgage pass-through certificates from
LB-UBS Commercial Mortgage Trust 2004-C4, a U.S. commercial
mortgage-backed securities (CMBS) transaction.  In addition, S&P
affirmed its ratings on three classes, including its 'AAA (sf)'
rating on the class X interest-only (IO) certificates, and
withdrew its ratings on five classes from the same transaction.

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

The upgrades on classes E, F, and G reflect S&P's expected
available credit enhancement for these classes, which S&P believes
is greater than its most recent estimate of necessary credit
enhancement for the respective rating levels.  The upgrades also
reflect S&P's view regarding the current and future performance of
the transaction's collateral, as well as the deleveraging of the
trust balance.

The affirmations on the principal- and interest-paying
certificates reflect S&P's expectation that the available credit
enhancement for these classes will be within S&P's estimate of the
necessary credit enhancement required for the current outstanding
ratings.  The affirmations also reflect S&P's view of the
available liquidity support, the transaction-level changes, and
the collateral's current and future performance.

While available credit enhancement levels may suggest further
positive rating movements on classes E, F, and G and positive
rating movements on classes H and J, S&P's analysis also
considered the historical interest shortfalls these classes
incurred, the refinancing risk on the five nondefeased performing
balloon loans ($33.2 million, 41.2%) maturing in 2014, and the
liquidity support available to these classes.

S&P affirmed its 'AAA (sf)' rating on the class X IO certificates
based on its criteria for rating IO securities.

S&P also withdrew its ratings on classes A-4, A-1b, B, C, and D
following the full repayment of the classes' principal balances,
as noted in the May 16, 2014, trustee remittance report.

TRANSACTION SUMMARY

As of the May 16, 2014, trustee remittance report, the collateral
pool had an $80.6 million aggregate pooled trust balance, down
from $1.4 billion at issuance.  The pool includes 16 loans, also
down from 97 at issuance.  Using servicer-reported numbers, S&P
calculated a 1.28x Standard & Poor's weighted average debt service
coverage (DSC) and a 59.5% Standard & Poor's weighted average loan
to value (LTV).  To date, the transaction has experienced losses
totaling $38.5 million (2.7% of the original pooled certificate
balance).

As of the May 2014 trustee remittance report, there were two loans
($4.7 million, 5.8%) with the special servicer, LNR Partners LLC
(LNR), and seven loans ($40.3 million, 49.9%) on the master
servicer's watchlist.  According to the master servicer, Wells
Fargo Bank N.A. (Wells Fargo), two loans on the watchlist ($12.9
million, 16.1%), 2200 Byberry Road ($9.2 million, 11.4%) and Shops
of Cooper City ($3.7 million, 4.7%), were transferred to the
special servicer subsequent to the May 2014 trustee remittance
report because of imminent maturity default.  In addition, one
other loan on the watchlist, the Village by the Parks II loan
($9.3 million, 11.5%), paid off in full.

Details on the pool's two largest non-specially serviced loans are
as follows:

   -- The Oakbrook Plaza loan ($12.0 million, 14.9%) is the
      largest loan remaining in the pool, and is secured by a
      258,758-sq.-ft. retail center in Clearwater, Fla.  The loan
      matured on May 11, 2014, and appears on the master
      servicer's watchlist because of maturity default.

   -- Wells Fargo reported that DSC and occupancy were 1.51x and
      65.3%, respectively, for the three months ended March 31,
      2013.

   -- The Red Bird Shopping Center loan ($11.7 million, 14.6%) is
      second-largest loan in the pool and it is secured by 95,089-
      sq.-ft. retail shopping center in Miami.  Wells Fargo
      reported that DSC and occupancy were 2.03x and 96.3%,
      respectively, for the year ended Dec. 31, 2013.

Details for the two assets in special servicing as of the May 16,
2014, trustee remittance report are as follows:

   -- The Mercury Plaza loan ($2.7 million, 3.3%) is the largest
      specially serviced loan in the pool and has a $2.7 million
      reported total exposure.  The loan is secured by a 38,622-
      sq.-ft. retail center in Detroit.  The reported occupancy
      and DSC were 100% and 1.11x, respectively, for the nine
      months ended Sept. 30, 2013.  This loan is a nonperforming
      matured balloon loan and was transferred to LNR on March 20,
      2014, because of imminent maturity default, and matured on
      April 11, 2014.  S&P expects a minimal loss upon this loan's
      resolution.

   -- The Shopper's Fair loan ($2.0 million; 2.5%) is the smallest
      loan with the special servicer.  The loan is secured by a
      67,069-sq.-ft. retail center located in Lincoln, Neb.  The
      reported occupancy and DSC were 87.8% and 1.17x,
      respectively, as of the year ended Dec. 31, 2013.  This loan
      was transferred to LNR on May 7, 2014, because of imminent
      maturity default, and matured on May 11, 2014.  S&P expects
      a minimal loss upon this loan's resolution.

Credit Enhancement Levels

As of the May 16, 2014, trustee remittance report

Class                                   Credit enhancement (%)
E                                       96.78
F                                       81.45
G                                       48.61
H                                       33.29
J                                       13.58
X                                       N/A

N/A-Not applicable.

RATINGS LIST

LB-UBS Commercial Mortgage Trust 2004-C4
Commercial mortgage pass-through certificates series 2004-C4
                               Rating
Class        Identifier        To               From
A-4          52108HE42         NR               AAA (sf)
B            52108HE59         NR               AA+ (sf)
C            52108HE67         NR               AA (sf)
D            52108HE75         NR               AA- (sf)
E            52108HE83         AA+ (sf)         A+ (sf)
F            52108HE91         AA (sf)          A (sf)
G            52108HF41         BBB+ (sf)        BBB- (sf)
A-1b         52108HF25         NR               AAA (sf)
X            52108HJ21         AAA (sf)         AAA (sf)
H            52108HF66         BB (sf)          BB (sf)
J            52108HF82         CCC+ (sf)        CCC+ (sf)

NR-Not rated.


LIBERTAS PREFERRED: Fitch Cuts Rating on 4 Note Classes to 'D'
--------------------------------------------------------------
Fitch Ratings has taken the following actions on eight classes
from Libertas Preferred Funding I Ltd./LLC.

  -- $302,151,246 class A-1 notes downgraded to 'Dsf' from 'Csf'
     and withdrawn;

  -- $66,030,928 class A-2 notes downgraded to 'Dsf' from 'Csf'
     and withdrawn;

  -- $32,418,459 class B notes downgraded to 'Dsf' from 'Csf' and
     withdrawn;

  -- $5,403,454 class C notes downgraded to 'Dsf' from 'Csf' and
     withdrawn;

  -- $26,664,193 class D notes affirmed at 'Csf' and withdrawn;

  -- $16,397,825 class E notes affirmed at 'Csf' and withdrawn;

  -- $15,212,414 class F notes affirmed at 'Csf' and withdrawn;

  -- $12,632,387 class G notes affirmed at 'Csf' and withdrawn.

Fitch does not rate the Preference Shares.

KEY RATING DRIVERS

The downgrade of the A-1, A-2, B, and C notes follows the interest
payment default of all four non-deferrable classes on the May 5,
2014 payment date.  Libertas subsequently entered an Event of
Default.

The deferrable class D, E, F, and G notes are expected to continue
deferring their interest payments until default is achieved under
the terms of the transaction.

Previously, in March 2014, all of the debt securities remaining in
the portfolio were sold.  Although the notes will remain
outstanding until the deal's legal maturity or liquidation in
accordance with the Indenture, the ratings are withdrawn as they
are no longer considered analytically meaningful.


MORGAN STANLEY 2013-C10: Fitch Affirms BB+ Rating on Class F Notes
------------------------------------------------------------------
Fitch Ratings has affirmed 18 classes of Morgan Stanley Bank of
America Merrill Lynch Trust (MSBAM) commercial mortgage pass-
through certificates series 2013-C10.

Key Rating Drivers

The affirmations reflect the overall stable performance of the
pool.  The pool has experienced no realized losses to date.  Fitch
has not designated any loans as Fitch Loans of Concern, and no
loans are in special servicing. Loans representing 50.4% of the
pool reported year-end (YE) 2013 financial information.  For these
loans, the net operating income increased by 3.7% from issuance.
As of the May 2013 distribution date, the pool's aggregate
principal balance has been reduced by 0.9% to $1.47 billion from
$1.49 billion at issuance.  No loans are defeased. Interest
shortfalls are currently affecting class J.

The largest loan (9.8% of the pool) is secured by a 1.1 million
square foot (sf) (506,914-sf collateral) regional mall located in
Tampa, FL.  The collateral is approximately 91% occupied and
includes a 20-screen Regal Cinemas theater, several junior anchor
spaces, and 287,872 sf of in-line space.  The property, built in
1999, completed a $10 million renovation in 2007 that included the
addition of a Dick's Sporting Goods.  The servicer reported debt
service coverage ratio (DSCR) was 1.88x for YE 2013 compared to
1.69x at issuance.  Occupancy was reported to be 91% at YE 2013.
The next largest loan (7.5% of the pool) is secured by the leased
fee interest in a 19,862 sf parcel of land below a full-service
hotel in Manhattan.  The property is subject to a net lease, which
is supported by hotel operations, and has a term of 99 years.  The
recently renovated, 1,331 key hotel spans an entire city block and
is located in the theater district, one block west of Times
Square.  The servicer reported DSCR for YE 2013 was 1.63x.
The third largest loan (7.1% of the pool) is secured by a nine-
story 232,521-sf office property located in Washington, D.C. Built
in 1965, the property underwent a complete renovation and
retenanting in 2012 and is now leased to four tenants.  The
property is located in the Capital Hill submarket and has close
proximity to Union Station and the U.S. Capital Building.
Occupancy as of YE 2013 was reported to be 85%.  The DSCR at
issuance was reported to be 2.08x.

RATING SENSITIVITY

Rating Outlooks on classes A-1 through H remain Stable due to
overall stable collateral performance.  No rating changes are
expected in the next few years unless there is a material
deterioration in occupancy or cash flow at any of the properties.

Fitch affirms the following classes as indicated:

  -- $81.4 million class A-1 at 'AAAsf', Outlook Stable;
  -- $34.2 million class A-2 at 'AAAsf', Outlook Stable;
  -- $126.5 million class A-SB at 'AAAsf', Outlook Stable;
  -- $200 million class A-3 at 'AAAsf', Outlook Stable;
  -- $125 million class A-3FL at 'AAAsf', Outlook Stable;
  -- $0 class A-3FX at 'AAAsf', Outlook Stable;
  -- $567.1 million class X-A at 'AAAsf', Outlook Stable;
  -- $359.5 million class A-4 at 'AAAsf', Outlook Stable;
  -- $100 million class A-5 at 'AAAsf', Outlook Stable;
  -- $55.7 million class A-S* at 'AAAsf', Outlook Stable;
  -- $50.1 million class B* at 'AA-sf', Outlook Stable;
  -- $26 million class C* at 'A-sf', Outlook Stable;
  -- $131.9 million class PST* at 'A-sf', Outlook Stable;
  -- $53.9 million class D at 'BBB-sf', Outlook Stable;
  -- $22.3 million class E at 'BBB-sf', Outlook Stable;
  -- $16.7 million class F at 'BB+sf', Outlook Stable;
  -- $20.4 million class G at 'BB-sf', Outlook Stable;
  -- $16.7 million class H at 'Bsf', Outlook Stable.

* Class A-S, class B, and class C certificates may be exchanged
  for class PST certificates, and class PST certificates may be
  exchanged for class A-S, class B, and class C certificates.
  Class A-S, class B, and class C certificate balances reflect
  their current balance.

Fitch does not rate the class J certificates.


N-STAR REL VI: Fitch Affirms 'CCCsf' Rating on Class B Notes
------------------------------------------------------------
Fitch Ratings has affirmed all classes of N-Star REL CDO VI,
Ltd./LLC (N-Star VI) reflecting Fitch's base case loss expectation
of 50.1%.  Fitch's performance expectation incorporates
prospective views regarding commercial real estate market value
and cash flow declines.

Key Rating Drivers

The affirmations reflect the relatively stable performance of the
portfolio and modeled losses remaining in-line with Fitch's
expectations since the last rating action.  Since the last rating
action and as of the April 2014 trustee report, principal paydowns
to classes A-1 and A-R were $19.9 million.  One asset was repaid
in full, while another asset realized a full loss totaling $15
million.  As of the April 2014 trustee report, all
overcollateralization and interest coverage tests were in
compliance.

N-Star VI is collateralized by commercial real estate (CRE) loans,
consisting of both senior and subordinate debt positions, and
rated securities, consisting of CRE collateralized debt obligation
(CDO) and commercial mortgage-backed securities (CMBS) bonds.  As
of the April 2014 trustee report and per Fitch categorization, the
CDO was substantially invested as follows: whole loans/A-notes
(41.8%), B-notes (15.6%), CRE mezzanine debt (12.7%), CRE CDOs
(12.4%), preferred equity (11.7%), CMBS (5.6%), and principal cash
(0.2%).  The combined percentage of defaulted assets and assets of
concern has increased to 44% from 29.5% at the last rating action.

Under Fitch's methodology, approximately 88.5% of the portfolio is
modeled to default in the base case stress scenario, defined as
the 'B' stress.  In this scenario, the modeled average cash flow
decline is 5.9% from, generally, year-end (YE) 2013 cash flows.
Modeled recoveries are average at 43.4%.

The three largest contributors to modeled losses have remained the
same since Fitch's last rating action.

The largest contributor to modeled losses is a mezzanine loan
(7.8% of portfolio) secured by an interest in a 400-unit
multifamily property located in Ventura, CA.  The property
previously had approximately 20% of its unit encumbered by a 20-
year below-market-rate affordability restriction that expired in
January 2007.  The initial business plan was to create value
through renovating and leasing these units at higher market rates,
but due to the economic downturn, the business plan was stalled.
The asset manager took a deed-in-lieu of foreclosure in February
2013.  As of March 2014, the property was 94.5% occupied with
average rents of approximately $1,400 per unit.  There is
approximately $62 million of debt senior to the CDO's position.
Fitch considers the CDO's position to be highly leveraged and
modeled a full loss in its base case scenario.

The second largest contributor to modeled losses is a mezzanine
loan (7.8%) secured by an interest in a 1,504-key hotel property
located off the strip in Las Vegas, NV.  Both occupancy and
property-level cash flow have continued to decline over the past
three years.  YE 2013 net operating income (NOI) declined by
approximately 8% from 2012 and 19% from 2011.  In 2012, the
sponsor acquired its own gaming license and terminated the casino
lease with a third-party operator.  The sponsor also expanded and
renovated the casino area, added additional restaurants, and
reconfigured existing floor plans.  There is approximately $890
million of debt senior to the CDO's position with total
outstanding debt of $1.2 billion.  Fitch considers the CDO's
position to be highly leveraged and modeled a full loss in its
base case scenario.

The third largest contributor to modeled losses is the rated-
securities portion of the collateral. The weighted average Fitch-
derived rating of the rated securities has remained at 'B-/CCC+'
since the last rating action.

This transaction was analyzed according to the 'Surveillance
Criteria for U.S. CREL CDOs and CMBS Large Loan Floating-Rate
Transactions', which applies stresses to property cash flows and
debt service coverage ratio tests to project future default levels
for the underlying portfolio.  Recoveries are based on stressed
cash flows and Fitch's long-term capitalization rates.  The
default levels were then compared to the breakeven levels
generated by Fitch's cash flow model of the CDO under the various
default timing and interest rate stress scenarios, as described in
the report 'Global Rating Criteria for Structured Finance CDOs'.
The breakeven rates for classes A-1, A-R, and A-2 are generally
consistent with the ratings assigned below.

The 'CCCsf' ratings for classes B through H are based upon a
deterministic analysis that considers Fitch's base case loss
expectation for the pool and the current percentage of defaulted
assets and assets of concern, factoring in anticipated recoveries
relative to each class' credit enhancement.

RATING SENSITIVITIES

The Negative Outlooks on classes A-1, A-R, and A-2 reflect the
potential for future downgrades if there is deterioration of loan
performance or if the ratings of the underlying rated securities
migrate downward.  The junior classes are subject to downgrade as
losses are realized or if realized losses exceed Fitch's
expectations.

N-Star VI was initially issued as a $450 million CRE CDO managed
by NS Advisors, LLC.  The transaction had a five-year reinvestment
period during which principal proceeds may be used to invest in
substitute collateral that ended in June 2011.  In November 2009,
$8 million of notes were surrendered to the trustee for
cancellation.

Fitch has affirmed the following classes as indicated:

  -- $125.7 million A-1 at 'BBsf'; Outlook Negative;
  -- $50.3 million class A-R at 'BBsf'; Outlook Negative;
  -- $27.2 million class A-2 at 'Bsf'; Outlook Negative;
  -- $21.8 million class B at 'CCCsf'; RE 0%;
  -- $11.8 million class C at 'CCCsf'; RE 0%;
  -- $10 million class D at 'CCCsf'; RE 0%;
  -- $10.1 million class E at 'CCCsf'; RE 0%;
  -- $7.7 million class F at 'CCCsf'; RE 0%;
  -- $6.9 million class G at 'CCCsf'; RE 0%;
  -- $6.1 million class H at 'CCCsf'; RE 0%.


N-STAR REL VIII: Fitch Affirms 'CC' Rating on 3 Note Classes
------------------------------------------------------------
Fitch Ratings has affirmed all classes of N-Star REL CDO VIII,
Ltd./LLC (N-Star VIII) reflecting Fitch's base case loss
expectation of 62%.  Fitch's performance expectation incorporates
prospective views regarding commercial real estate market value
and cash flow declines.

KEY RATING DRIVERS

The affirmations reflect the relatively stable performance of the
portfolio and modeled losses remaining in-line with Fitch's
expectations since the last rating action.  Since the last rating
action and as of the May 2014 trustee report, principal paydowns
to classes A-1 and A-R were $20.7 million.  Two assets were repaid
in full, while three other assets realized full losses totaling
$39.5 million.  As of the May 2014 trustee report, all
overcollateralization and interest coverage tests were in
compliance.

N-Star VIII is collateralized by commercial real estate (CRE)
loans, consisting of both senior and subordinate debt positions,
and CRE collateralized debt obligation (CDO) bonds.  As of the May
2014 trustee report and per Fitch categorization, the CDO was
substantially invested as follows: whole loans/A-notes (45.4%),
CRE mezzanine debt (24.5%), preferred equity (21.8%), CRE CDOs
(6.7%), and B-notes (1.6%).  The portfolio also comprises a high
percentage of non-traditional property types, including loans
secured by construction (12.5%), hotels (11.4%), healthcare
(9.9%), and undeveloped land (7.3%).  Defaulted assets and Loans
of Concern comprised 0.7% and 49.3% of the portfolio,
respectively, compared to 3.1% and 51.4% at the last rating
action.  The weighted average Fitch-derived rating of the rated
securities portion of the collateral is 'CCC/CCC-'.

Under Fitch's methodology, approximately 95.8% of the portfolio is
modeled to default in the base case stress scenario, defined as
the 'B' stress.  In this scenario, the modeled average cash flow
decline is 6.6% from, generally, year-end (YE) 2013 cash flows.
Modeled recoveries are low at 35.3%.

The largest contributor to modeled losses is preferred equity
(12.5% of portfolio) on a construction project of a super-regional
mall and retail/entertainment facility located in East Rutherford,
New Jersey.  The project's original business plan was stalled due
to the economic downturn and multiple delays and cost overruns.  A
replacement developer has been selected and negotiations to secure
minimum financing to continue the construction of the project
remain in progress.  The original loan was recently restructured
whereby the existing lender debt was subordinated to additional
debt from new construction financing and new equity contributions
by the replacement developer.

The next largest contributor to modeled losses is preferred equity
(8.6%) secured by an interest in a portfolio of 94 healthcare
properties, including skilled nursing facilities, assisted living
facilities, and independent living facilities, located throughout
the U.S.  Occupancy has remained flat in the 83% to 84% range as
of YE 2013.  Property net operating income was down 6% from 2012
and 18% from 2011.  There is currently approximately $435 million
of senior debt.  Fitch modeled a full loss on this overleveraged
position under the base case stress scenario.

The third largest contributor to modeled losses is a mezzanine
loan (6.9%) secured by an interest in a 2.2 million square foot
office complex located in Chicago, IL.  The senior debt was
securitized in two CMBS transactions and was modified into A/B
notes in June 2013.  The most recently reported appraisal
indicates a valuation below the senior debt amount.  Fitch modeled
a full loss on this overleveraged mezzanine position under its
base case stress scenario.

This transaction was analyzed according to the 'Surveillance
Criteria for U.S. CREL CDOs and CMBS Large Loan Floating-Rate
Transactions', which applies stresses to property cash flows and
debt service coverage ratio tests to project future default levels
for the underlying portfolio. Recoveries are based on stressed
cash flows and Fitch's long-term capitalization rates.  The
default levels were then compared to the breakeven levels
generated by Fitch's cash flow model of the CDO under the various
default timing and interest rate stress scenarios, as described in
the report 'Global Rating Criteria for Structured Finance CDOs'.
The breakeven rates for classes A-1, A-R, A-2, and B are generally
consistent with the ratings assigned below.

The ratings for classes C through N are based upon a deterministic
analysis that considers Fitch's base case loss expectation for the
pool and the current percentage of defaulted assets and assets of
concern, factoring in anticipated recoveries relative to each
class' credit enhancement.

RATING SENSITIVITIES

The Negative Rating Outlooks on classes A-1, A-R, A-2, and B
reflect the potential for future downgrades if there is
deterioration of loan performance or if the ratings of the
underlying rated securities migrate downward.  The junior classes
are subject to downgrade as losses are realized or if realized
losses exceed Fitch's expectations.

N-Star VIII was initially issued as a $900 million CRE CDO managed
by NS Advisors, LLC.  The transaction had a five-year reinvestment
period during which principal proceeds may be used to invest in
substitute collateral which ended in February 2012.  In November
2009, $31.1 million of notes were surrendered to the trustee for
cancellation.

Fitch has affirmed the following classes as indicated:

  -- $92.8 million class A-1 at 'BBsf'; Outlook Negative;
  -- $241.3 million class A-R at 'BBsf'; Outlook Negative;
  -- $103.1 million class A-2 at 'Bsf'; Outlook Negative;
  -- $60.3 million class B at 'Bsf'; Outlook Negative;
  -- $24.3 million class C at 'CCCsf'; RE 0%;
  -- $17.1 million class D at 'CCCsf'; RE 0%;
  -- $22.1 million class E at 'CCCsf'; RE 0%;
  -- $25.2 million class F at 'CCCsf'; RE 0%;
  -- $9.1 million class G at 'CCCsf'; RE 0%;
  -- $20.7 million class H at 'CCCsf'; RE 0%;
  -- $12 million class J at 'CCCsf'; RE 0%;
  -- $18.9 million class K at 'CCCsf'; RE 0%;
  -- $22.1 million class L at 'CCsf'; RE 0%;
  -- $14.9 million class M at 'CCsf'; RE 0%;
  -- $22.5 million class N at 'CCsf'; RE 0%.


PALISADES CDO: Fitch Affirms 'Csf' Rating on 4 Note Classes
-----------------------------------------------------------
Fitch Ratings has upgraded three and affirmed four classes of
notes issued by Palisades CDO, Ltd., as follows:

  -- $39,189,029 class A-1A notes upgraded to 'BBBsf' from 'Bsf';
     Outlook remains Stable;

  -- $642,443 class A-1B notes upgraded to 'BBBsf' from 'Bsf';
     Outlook remains Stable;

  -- $88,500,000 class A-2 notes upgraded to 'CCsf' from 'Csf';

  -- $78,000,000 class B-1 notes affirmed at 'Csf';

  -- $6,000,000 class B-2 notes affirmed at 'Csf';

  -- $12,844,000 class C-1 notes affirmed at 'Csf';

  -- $13,266,501 class C-2 notes affirmed at 'Csf'.

Fitch does not rate the subordinate interests.

KEY RATING DRIVERS

The upgrade of three classes is attributed to the increased credit
enhancement (CE) available following the transaction's
deleveraging over the last year.

The class A-1A and A-1B (collectively, class A-1) notes have
received approximately $47.2 million since the transaction's last
annual review.  The CE available to both classes has subsequently
increased to 80.2%.  According to Fitch's cash flow model (CFM)
analysis, the class A-1 notes are now able pass the 'BBBsf' rating
stress in most of the modeling scenarios.  Although the notes fail
to maintain this threshold under rising interest rate assumptions,
the risk of any shortfall is limited by the classes' short
expected remaining life.

The Outlook reflects Fitch's expectation of stable performance
until the notes are paid in full.

The class A-2 notes have also benefited from amortization of the
capital structure over the last year.  The CE available to the
class has increased to 36.2% and now exceeds expected losses from
the portfolio's distressed collateral ('CCsf' and below).

The CE available to the B-1, B-2, C-1, and C-2 notes is still
exceeded by expected losses.  For these four classes, Fitch
continues to view default as inevitable.

RATING SENSITIVITIES

The potential rating sensitivity for the A-1 notes is limited by
the classes' short expected remaining life.  The other five
classes also have limited sensitivity given their already
distressed rating levels.

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.


PALMER SQUARE CLO 2014-1: S&P Assigns BB Rating on Class D Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 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 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 investment manager's experienced management team.

   -- The transaction's ability to pay timely interest and
      ultimate principal 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 0.228%-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, our stress scenarios did
      not give credit to this feature.

RATINGS LIST

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                        A (sf)                       36.00
C                        BBB (sf)                     22.50
D                        BB (sf)                      16.25
Subordinated notes       NR                           44.75

NR-Not rated.


VOYA CLO 2014-2: Moody's Rates $28.4MM Class D Notes 'Ba3'
----------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by Voya CLO 2014-2, Ltd.

Moody's rating action is as follows:

  $320,000,000 Class A-1 Floating Rate Notes due 2026 (the "Class
  A-1 Notes"), Definitive Rating Assigned Aaa (sf)

  $57,250,000 Class A-2 Floating Rate Notes due 2026 (the "Class
  A-2 Notes"), Definitive Rating Assigned Aa2 (sf)

  $25,000,000 Class B Deferrable Floating Rate Notes due 2026
  (the "Class B Notes"), Definitive Rating Assigned A2 (sf)

  $32,750,000 Class C Deferrable Floating Rate Notes due 2026
  (the "Class C Notes"), Definitive Rating Assigned Baa3 (sf)

  $28,375,000 Class D Deferrable Floating Rate Notes due 2026
  (the "Class D Notes"), Definitive Rating Assigned Ba3 (sf)

  $5,000,000 Class E Deferrable Floating Rate Notes due 2026 (the
  "Class E Notes"), Definitive Rating Assigned B2 (sf)

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

Ratings Rationale

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

Voya 2014-2 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 90% of the portfolio must
consist of senior secured loans and eligible investments, and up
to 10% of the portfolio may consist of second lien loans. The
Issuer's documents require the portfolio to be at least 79.6%
ramped as of the closing date.

Voya Alternative Asset Management LLC (the "Manager") will direct
the selection, acquisition and disposition of the assets on behalf
of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four year
reinvestment period. Thereafter, the Manager may reinvest
unscheduled principal payments and proceeds from sales of credit
risk and credit improved assets, subject to certain restrictions.

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

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.

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

Par amount: $500,000,000

Diversity Score: 55

Weighted Average Rating Factor (WARF): 2650

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 46.0%

Weighted Average Life (WAL): 8 years.

Methodology Underlying the Rating Action

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.

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

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

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

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

Percentage Change in WARF -- increase of 15% (from 2650 to 3048)

Rating Impact in Rating Notches

Class A-1 Notes: 0

Class A-2 Notes: -1

Class B Notes: -2

Class C Notes: -1

Class D Notes: -1

Class E Notes: 0

Percentage Change in WARF -- increase of 30% (from 2650 to 3445)

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-2 Notes: -3

Class B Notes: -3

Class C Notes: -2

Class D Notes: -1

Class E Notes: -3

The V Score for this transaction is Medium/High. This V Score has
been assigned in a manner similar to the Medium/High V Score
assigned for the global cash flow CLO sector, as described in the
special report titled "V Scores and Parameter Sensitivities in the
Global Cash Flow CLO Sector," dated July 6, 2009 and available on
www.moodys.com.

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


WACHOVIA BANK 2005-C22: S&P Affirms BB+ Rating on Class A-J Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on one class
of commercial mortgage pass-through certificates from Wachovia
Bank Commercial Mortgage Trust's series 2005-C22, a U.S.
commercial mortgage-backed securities (CMBS) transaction.  At the
same time, S&P affirmed its ratings on eight other classes,
including its 'AAA (sf)'rating on the class IO interest-only (IO)
certificates, from the same transaction.

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

The raised rating on the class A-M certificates to 'AA- (sf)' from
'A (sf)' reflects S&P's expectation that the available credit
enhancement for this class will exceed its most recent estimate
for the necessary credit enhancement for the rating level, S&P's
views of the current and future performance of the transaction's
collateral, and the reduced trust balance.

The affirmations of the principal- and interest-paying
certificates reflect S&P's expectation that the available credit
enhancement for these classes will be within its estimate of the
necessary credit enhancement required for the current outstanding
ratings.  The affirmations also reflect S&P's views of the
available liquidity support, transaction-level changes, and the
collateral's current and future performance.  In addition, S&P's
analysis also considered the magnitude of nondefeased performing
loans maturing in 2015 (108 loans; $1.441 billion, 74.6% of the
pool).

S&P affirmed its 'AAA (sf)' rating on the class IO certificates
based on its criteria for rating IO securities.

Credit Enhancement Levels
As of the May 16, 2014, trustee remittance report

Class                            Credit enhancement
                                 level (%)
A-PB                             32.97
A-4                              32.97
A-1A                             32.97
A-M                              19.85
A-J                              11.98
B                                10.83
C                                9.19
D                                7.88
IO                               N/A

N/A-Not applicable.

RATINGS LIST

Wachovia Bank Commercial Mortgage Trust
Commercial mortgage pass-through certificates series 2005-C22

                                 Rating           Rating
Class         Identifier         To               From
A-PB          92976BBM3          AAA (sf)         AAA (sf)
A-4           92976BBN1          AAA (sf)         AAA (sf)
A-1A          92976BBP6          AAA (sf)         AAA (sf)
A-M           92976BBQ4          AA- (sf)         A (sf)
A-J           92976BBR2          BB+ (sf)         BB+ (sf)
B             92976BBS0          BB (sf)          BB (sf)
C             92976BBT8          B+ (sf)          B+ (sf)
D             92976BBU5          B- (sf)          B- (sf)
IO            92976BCS9          AAA (sf)         AAA (sf)


WACHOVIA BANK 2007-C33: S&P Lowers Rating on Class A-J Notes to B-
------------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on four
classes of commercial mortgage pass-through certificates from
Wachovia Bank Commercial Mortgage Trust's series 2007-C33, a U.S.
commercial mortgage-backed securities (CMBS) transaction.
Concurrently, S&P lowered its ratings on two classes and affirmed
its ratings on three classes, including our 'AAA (sf)' rating on
the class IO interest-only certificates, from the same
transaction.

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

The upgrades reflect S&P's expectation of available credit
enhancement for these classes, which S&P believes exceeds its most
recent estimate of necessary credit enhancement for the rating
levels.  The upgrades also reflect S&P's views regarding available
liquidity support and the current and future performance of the
transaction's collateral.

The upgrades on classes A-4, A-5, A-1A, and A-M also reflect the
reduction in the trust balance, including the full repayment of
the Sawgrass Mills loan ($265.3 million original trust balance)
and better-than-expected recoveries on the liquidation of the
Three Borough portfolio.

S&P lowered its ratings on classes A-J and B to reflect the credit
support erosion that it anticipates will occur upon the eventual
resolution of the 16 assets ($303.3 million, 12.1%) currently with
the special servicer, LNR Partners LLC.  In addition, S&P
considered the 37 loans ($818.6 million, 32.5%) in the pool that
are on the master servicers' combined watchlist, primarily because
of low reported debt service coverage, occupancy, or both.

The affirmations on the principal- and interest-paying
certificates reflect S&P's expectation that the available credit
enhancement for these classes will be within its estimate of the
necessary credit enhancement required for the current outstanding
ratings.  The affirmations also reflect S&P's views of the
available liquidity support, the transaction-level changes, and
its view on the collateral's current and future performance.

S&P affirmed its 'AAA (sf)' rating on the class IO interest-only
certificates based on its criteria for rating interest-only
securities.

Credit Enhancement Levels
As of the May 16, 2014, trustee remittance report

Class                                   Credit enhancement (%)
A-PB                                    39.85
A-4                                     39.85
A-5                                     39.85
A-1A                                    39.85
A-M                                     25.57
A-J                                     15.75
B                                       14.32
C                                       12.71
IO                                      N/A

IO-Interest only class.
N/A-Not applicable.

RATINGS LIST

Wachovia Bank Commercial Mortgage Trust

                     Rating     Rating
Class   Identifier   To         From
A-PB    92978NAD6    AAA (sf)   AAA (sf)
A-4     92978NAE4    AAA (sf)   BBB (sf)
A-5     92978NAF1    AAA (sf)   BBB (sf)
A-1A    92978NAG9    AA+ (sf)   BBB (sf)
A-M     92978NAJ3    BB+ (sf)   BB (sf)
A-J     92978NAK0    B- (sf)    B+ (sf)
B       92978NAL8    B- (sf)    B (sf)
C       92978NAM6    CCC (sf)   CCC (sf)
IO      92978NAH7    AAA (sf)   AAA (sf)


* S&P Takes Various Rating Actions on 29 U.S. & APAC CDO Deals
--------------------------------------------------------------
Standard & Poor's Ratings Services, on June 3, 2014, took various
rating actions on 29 tranches from 29 synthetic U.S. and Asia
Pacific (APAC) collateralized debt obligation (CDO) transactions.

   -- S&P raised its ratings on 20 tranches from 20 corporate-
      backed synthetic CDO transactions and removed them 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 directly linked to one corporate-
      backed synthetic CDO transaction.

   -- S&P placed its ratings on four tranches from four corporate-
      backed U.S. synthetic CDO transactions and one tranche from
      one corporate-backed APAC synthetic CDO transaction on
      CreditWatch positive.

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

The CreditWatch positive placements and ratings upgrades reflect
the seasoning of the transactions, the rating stability of the
obligors in the underlying reference portfolios over the past few
months, and the synthetic rated overcollateralization ratios,
which rose to more than 100% at the next highest rating level.

RATING AND CREDITWATCH ACTIONS

Credit Default Swap

SDB506494096

                           Rating
Class               To                   From
Nts                 A (sf)               BBB (sf)/Watch Pos

Credit Default Swap

SDB506551383

                           Rating
Class               To                   From
Nts                 A (sf)               BBB (sf)/Watch Pos

Credit Default Swap

SDB506551403

                           Rating
Class               To                   From
Nts                 A (sf)               BBB (sf)/Watch Pos

Credit Default Swap
SDB506551406
                            Rating
Class               To                   From
Nts                 A (sf)               BBB (sf)/Watch Pos

Credit Default Swap
SDB506551414
                            Rating
Class               To                   From
Nts                 A (sf)               BBB (sf)/Watch Pos

Credit Default Swap
SDB506551423

                            Rating
Class               To                   From
Nts                 A (sf)               BBB (sf)/Watch Pos

Credit Default Swap
SDB506551435

                            Rating
Class               To                   From
Nts                 A (sf)               BBB (sf)/Watch Pos

Credit Default Swap
SDB506551442

                            Rating
Class               To                   From
Nts                 A (sf)               BBB (sf)/Watch Pos

Credit Default Swap
SDB506551445

Nts                 A (sf)               BBB (sf)/Watch Pos

Credit Default Swap
SDB506550851

Nts                 A (sf)               BBB (sf)/Watch Pos

Galena CDO II (Ireland) PLC

                            Rating
Class               To                  From
A-1U10-B           BB (sf)              BB- (sf)/Watch Pos

Newport Waves CDO
8

                            Rating
Class               To                   From
A3-ELS              BB+ (sf)             BB (sf)/Watch Pos

PARCS Master Trust

2007-10

                            Rating
Class               To                   From
Trust Unit          A- (sf)              BBB+ (sf)/Watch Pos

Pivot Master Trust

                            Rating
Class               To                   From
Series 5           B (sf)               B- (sf)
Series 6            B (sf)               B- (sf)
Series 7            B (sf)               B- (sf)
Series 8            B (sf)               B- (sf)

REVE SPC

                            Rating
Class               To                   From
Series 34           B- (sf)              CCC+ (sf)/Watch Pos

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

STARTS (Cayman) Ltd.

2007-9
                            Rating
Class               To                   From
Nts                 BBB (sf)             BBB- (sf)/Watch Pos

STARTS (Ireland) PLC
2007-31

                            Rating
Class               To                   From
A2-D2               A- (sf)              BBB+ (sf)/Watch Pos

Strata Trust, Series 2007-3

                            Rating
Class               To                   From
Nts                 BBB+ (sf)            CCC- (sf)/Watch Pos

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

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

RATINGS PLACED ON CREDITWATCH POSITIVE

Strata 2005-19 Ltd.

Floating-rate notes
                            Rating
Class               To                  From
FRN                 B (sf)/Watch Pos    B (sf)

Morgan Stanley ACES SPC

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

Morgan Stanley ACES SPC

                            Rating
Class               To                   From
I                   BB- (sf)/Watch Pos   BB- (sf)

Athenee CDO Plc

                            Rating
Class               To                   From
B                   BB- (sf)/Watch Pos   BB- (sf)

Strata Trust, Series 2007-7

                            Rating
Class               To                   From
Nts                 A- (sf)/Watch Pos    A- (sf)



                             *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
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public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
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Don't be fooled.  Assets, for example, reported at historical cost
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The Sunday TCR delivers securitization rating news from the week
then-ending.

                           *********

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

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
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Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Ivy B. Magdadaro, Carlo Fernandez,
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                  *** End of Transmission ***