TCR_Public/160124.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, January 24, 2016, Vol. 20, No. 24

                            Headlines

ALM XII: Fitch Affirms 'B-sf' Rating on Class E Debt
ALM XVII: Moody's Assigns 'Ba3' Rating on Class D Notes
ANSONIA CDO 2006-1: Moody's Affirms Caa3 Rating on Cl. A-FL Debt
APIDOS XXIII: Moody's Assigns Ba3(sf) Ratings to 2 Debt Tranches
AUGUSTA FUNDING VI: Moody's Raises Rating on Cl. A-4 Bonds to Ba1

BAYVIEW COMMERCIAL 2003-2: Moodys Cuts Cl. IO Debt Rating to B3
BEAR STEARNS 2002-TOP8: Fitch Raises Rating on Cl. M Certs to B
BLADE ENGINE 2006-1: S&P Raises Rating on 2 Tranches to BB
CAPITALSOURCE 2006-A: Moody's Hikes Cl. B Debt Rating to Ba3(sf)
CHASE MORTGAGE 2005-S1: Moody’s Hikes Cl. 1-A5 Debt Rating From B2

COMM 2016-CCRE28: DBRS Assigns B(low) Rating on Class H Debt
COMM 2016-CCRE28: Fitch to Rate Class G Certs 'B-sf'
CPS AUTO 2016-A: DBRS Assigns Prov. BB(low) Rating on Cl. E Debt
CPS AUTO 2016-A: S&P Assigns Prelim. BB- Rating on Class E Notes
CREST CDO 2004-1: Fitch Raises Rating on 2 Note Classes to CC

FIRST UNION 1999-C4: Fitch Affirms 'Dsf' Rating on Class M Certs
GSAMP TRUST 2007-SEA1: Moody's Raises Cl. A Debt Rating to Ba1
INSTITUTIONAL MORTGAGE 2013-3: Fitch Affirms B Rating on G Certs
JP MORGAN 2005-LDP1: Fitch Affirms 'Dsf' Rating on 6 Tranches
JP MORGAN 2007-CIBC20: Fitch Cuts Class F Debt Rating to Csf

JP MORGAN 2016-ATRM: Fitch to Rate Class E Debt 'BB-'
JP MORGAN 2016-ATRM: S&P Assigns Prelim. B- Rating on Cl. G Certs
LB-UBS COMMERCIAL 2006-C7: Fitch Cuts Rating on Cl. A-J Certs to D
LIGHTPOINT VII: Moody’s Hikes Class D Debt Rating to 'Ba3(sf)'
MASTR ALTERNATIVE: Moody's Hikes Cl. 1-A-3 Debt Rating to B2

MERRILL LYNCH 2004-MKB1: Fitch Raises Rating on Cl. L Certs to BB
MORGAN STANLEY 2013-C7: DBRS Confirms BB(high) Rating on Cl. E Debt
MORTGAGE EQUITY 2010-1: S&P's Class A Debt Rating on Watch Dev.
NEW YORK LAW SCHOOL: Moody's Confirms Ba1 Rating on 2006 Rev Bonds
NOMURA HOME 2005-FM1: Moody's Hikes Cl. I-A Debt Rating to Ba1(sf)

OCEAN TRAILS CLO II: S&P Raises Rating on Class D Notes to BB
OHA CREDIT XII: Moody's Assigns Ba3(sf) Rating to Cl. E Notes
ORBIT AIRCRAFT: S&P Withdraws Prelim. BB Rating on Cl. C-1 Notes
SLM PRIVATE 2007-A: Fitch Affirms 'BB+sf' Rating on Class C-1 Debt
UNITED AUTO 2016-1: DBRS Gives Prov. 'BB' Rating on Class E Debt

UNITED AUTO 2016-1: S&P Assigns Prelim. BB Rating on Cl. E Notes
VAUGHN COLLEGE: S&P Lowers Rating on 2006 Revenue Bonds to 'BB-'
WEBSTER PARK: Moody's Assigns Ba3(sf) Def. Rating on Cl. D Debt
WFRBS COMMERCIAL 2013-C11: Fitch Affirms B Rating on Cl. F Certs
[*] Moody's Hikes $53-Mil. of Subprime RMBS by Various Issuers

[*] Moody's Takes Action on $45.4MM of RMBS Issued 2005-2008
[*] Moody's Takes Action on $473MM Alt-A RMBS Issued 2004-2007
[*] S&P Puts 169 Ratings From 37 U.S. RMBS on CreditWatch Neg.
[*] S&P Reinstates Ratings on 73 Classes From 4 US RMBS Deals
[*] S&P Took Ratings Actions on 264 Classes From 126 US RMBS Deals


                            *********

ALM XII: Fitch Affirms 'B-sf' Rating on Class E Debt
----------------------------------------------------
Fitch Ratings has affirmed the class A-1 and class E notes issued
by ALM XII, Ltd./LLC (ALM XII) at 'AAAsf' and 'B-sf', respectively.
The Rating Outlooks remain Stable.

KEY RATING DRIVERS

The affirmations are based on the stable performance of the
underlying portfolio, the sufficient credit enhancement (CE)
available to the notes, and the cushions available in the CLO's
cash flow modeling results. As of the December 2015 trustee report,
all collateral quality tests, concentration limitations and
coverage tests are passing, and there are no defaulted assets in
the portfolio. Fitch's cash flow analysis also indicates each class
of notes is passing all nine interest rate and default timing
scenarios at or above their current rating levels with cushions.

The loan portfolio par amount plus principal cash is approximately
$774.6 million, compared to the target par balance of $770 million
at closing in February 2015, resulting in a marginal increase in
the CE levels. The weighted average spread (WAS) of the portfolio
is 4.6%, versus a minimum WAS trigger of 3.7%, as reported by the
trustee. The portfolio, excluding cash, is invested in 95.7% senior
secured loans and 4.3% second lien loans, with approximately 90.4%
of the portfolio having either strong recovery prospects or a
Fitch-assigned Recovery Rating of 'RR2' or higher.

The Stable Outlook for each class reflects the expectation that the
notes have sufficient levels of credit protection to withstand
potential deterioration in the credit quality of the portfolio.

RATING SENSITIVITIES

The ratings of the notes may be sensitive to the following: asset
defaults, significant negative credit migration, lower than
historically observed recoveries for defaulted assets, and breaches
of concentration limitations or portfolio quality covenants. Fitch
conducted rating sensitivity analysis on the closing date of ALM
XII, incorporating increased levels of defaults and reduced levels
of recovery rates, among other sensitivities. Initial Key Rating
Drivers and Rating Sensitivity are further described in the New
Issue Report published on Feb. 26, 2015.

ALM XII is an arbitrage cash flow collateralized loan obligation
(CLO) that is managed by Apollo Credit Management (CLO), LLC. The
transaction remains in its reinvestment period, which is scheduled
to end in April 2019.

This review was conducted under the framework described in the
report 'Global Rating Criteria for CLOs and Corporate CDOs' using
Fitch's Portfolio Credit Model (PCM) to project future default and
recovery levels for the underlying portfolio. These default and
recovery levels were then utilized in Fitch's cash flow model under
various combinations of default timing and interest rate stress
scenarios, as described in the report. The cash flow model was
customized to reflect the transaction's structural features.

DUE DILIGENCE USAGE

No third-party due diligence was reviewed in relation to this
rating action.

Fitch has affirmed the following ratings:

-- $492,750,000 class A-1 notes at 'AAAsf'; Outlook Stable;
-- $11,500,000 class E notes at 'B-sf'; Outlook Stable.

Fitch does not rate the class A-2a, A-2b B, C-1, C-2, D, and
subordinated notes.



ALM XVII: Moody's Assigns 'Ba3' Rating on Class D Notes
-------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to nine
classes of notes to be issued by ALM XVII, Ltd.

Moody's rating action is:

  $369,000,000 Class A-1L Senior Secured Floating Rate Notes due
   2028, Assigned (P)Aaa (sf)

  $18,000,000 Class A-1F Senior Secured Fixed Rate Notes due 2028,

   Assigned (P)Aaa (sf)

  $60,000,000 Class A-2L Senior Secured Floating Rate Notes due
   2028, Assigned (P)Aa2 (sf)

  $6,000,000 Class A-2H Senior Secured Notes due 2028, Assigned
   (P)Aa2 (sf)

  $24,500,000 Class B-1 Senior Secured Deferrable Floating Rate
   Notes due 2028, Assigned (P)A2 (sf)

  $7,000,000 Class B-2 Senior Secured Deferrable Notes due 2028,
   Assigned (P)A2 (sf)

  $11,000,000 Class C-1 Senior Secured Deferrable Floating Rate
   Notes due 2028, Assigned (P)Baa3 (sf)

  $27,400,000 Class C-2 Senior Secured Deferrable Floating Rate
   Notes due 2028, Assigned (P)Baa3 (sf)

  $29,400,000 Class D Secured Deferrable Floating Rate Notes due
   2028, Assigned (P)Ba3(sf)

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

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

RATINGS RATIONALE

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

ALM XVII, Ltd. is a managed cash flow CLO.  The issued notes will
be collateralized primarily by broadly syndicated first lien senior
secured corporate loans.  At least 90.0% of the portfolio must
consist of senior secured loans and eligible investments, and up to
10.0% of the portfolio may consist of second lien loans and
unsecured loans.  Moody's expects the portfolio to be approximately
100% ramped as of the closing date.

Apollo Credit Management (CLO), LLC 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 4.5-year reinvestment period.
Thereafter, the Manager may reinvest unscheduled principal payments
and proceeds from sales of credit risk assets, subject to certain
restrictions.

In addition to the Rated Notes, the Issuer will issue preferred
shares.  The Issuer and/or Co-Issuer will also issue (i) four
classes of delayed draw notes corresponding to each class of notes
issued, totaling 36 classes of delayed draw notes and (ii) four
classes of future funded preferred shares corresponding to the
preferred shares.  The delayed draw notes and future funded
preferred shares may be used to fund an additional issuance, a
re-pricing or a refinancing of the related class of notes or
preferred shares, as applicable.  Moody's has not assigned
provisional ratings to the delayed draw notes or the future funded
preferred shares.

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 December 2015.

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

Par amount: $600,000,000
Diversity Score: 55
Weighted Average Rating Factor (WARF): 2935
Weighted Average Spread (WAS): 3.75%
Weighted Average Coupon (WAC): 7.50%
Weighted Average Recovery Rate (WARR): 49.50%
Weighted Average Life (WAL): 8.5 years

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2015.

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 a 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 2935 to 3375)
Rating Impact in Rating Notches
Class A-1L Notes: 0
Class A-1F Notes: 0
Class A-2L Notes: -2
Class A-2H Notes: -2
Class B-1 Notes: -2
Class B-2 Notes: -2
Class C-1 Notes: -1
Class C-2 Notes: -1
Class D Notes: -1

Percentage Change in WARF -- increase of 30% (from 2935 to 3816)
Rating Impact in Rating Notches
Class A-1L Notes: -1
Class A-1F Notes: -1
Class A-2L Notes: -3
Class A-2H Notes: -3
Class B-1 Notes: -4
Class B-2 Notes: -4
Class C-1 Notes: -2
Class C-2 Notes: -2
Class D Notes: -2



ANSONIA CDO 2006-1: Moody's Affirms Caa3 Rating on Cl. A-FL Debt
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on the following
notes issued by Ansonia CDO 2006-1 Ltd.:

Cl. A-FL, Affirmed Caa3 (sf); previously on Mar 11, 2015 Affirmed
Caa3 (sf)

Cl. A-FX, Affirmed Caa3 (sf); previously on Mar 11, 2015 Affirmed
Caa3 (sf)

Cl. B, Affirmed C (sf); previously on Mar 11, 2015 Affirmed C (sf)

Cl. C, Affirmed C (sf); previously on Mar 11, 2015 Affirmed C (sf)

Cl. D, Affirmed C (sf); previously on Mar 11, 2015 Affirmed C (sf)

Cl. E, Affirmed C (sf); previously on Mar 11, 2015 Affirmed C (sf)

Cl. F, Affirmed C (sf); previously on Mar 11, 2015 Affirmed C (sf)

Cl. G, Affirmed C (sf); previously on Mar 11, 2015 Affirmed C (sf)

Cl. H, Affirmed C (sf); previously on Mar 11, 2015 Affirmed C (sf)

RATINGS RATIONALE

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

Ansonia CDO 2006-1 Ltd. is a static cash CRE CDO transaction backed
by a portfolio of: i) commercial mortgage backed securities (CMBS)
(96.7% of the collateral pool balance); and ii) real estate
investment trust (REIT) debt (3.3%). As of the December 29, 2015
payment date, the aggregate note balance of the transaction,
including preferred shares, has decreased to $626.8 million from
$806.7 million at issuance, with the pay-down now directed to the
senior most outstanding classes of notes, as a result of full and
partial amortization of the underlying collateral, and interest
proceeds being reclassified as principal proceeds on credit
impaired securities.

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

WARF is a primary measure of the credit quality of a CRE CDO pool.
Moody's has updated its assessments for the collateral it does not
rate. The rating agency modeled a bottom-dollar WARF of 5680,
compared to 6589 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follows: Aaa-Aa3 and 10.9% compared to 6.9% at
last review; A1-A3 and 0.0% compared to 1.4% at last review;
Baa1-Baa3 and 12.6% compared to 8.8% at last review; Ba1-Ba3 and
8.4% compared to 6.9% at last review; B1-B3 and 8.0% compared to
7.6% at last review; and Caa1-Ca/C and 60.1% compared to 68.4% at
last review.

Moody's modeled a WAL of 2.6 years, compared to 2.1 years at last
review. The WAL is based on assumptions about look-through loan
extensions on the underlying CMBS loan collateral.

Moody's modeled a fixed WARR of 1.5%, compared to 3.3% at last
review.

Moody's modeled a MAC of 11.3%, compared to 100.0% at last review.

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

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

Moody's Parameter Sensitivities: Changes to any one or more of the
key parameters could have rating implications for the rated notes,
although a change in one key parameter assumption could be offset
by a change in one or more of the other key parameter assumptions.
The rated notes are particularly sensitive to changes in the
recovery rate of the underlying collateral and credit assessments.
Holding all other key parameters static, reducing the recovery rate
to 0% would result in no modeled rating movement on the rated notes
(e.g. one notch down implies a rating movement from Baa3 to Ba1).
Increasing the recovery rate by 10% would result in no modeled
rating movement on the rated notes (e.g. one notch up implies a
rating movement from Baa3 to Baa2).

The primary sources of uncertainty in Moody's assumptions are the
extent of growth in the current macroeconomic environment given the
weak recovery and commercial real estate property markets.
Commercial real estate property values continue to improve
modestly, along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction and moderate job growth have aided this improvement.
However, sustained growth will not be possible until investment
increases steadily for a significant period, non-performing
properties are cleared from the pipeline and fears of a euro area
recession abate.



APIDOS XXIII: Moody's Assigns Ba3(sf) Ratings to 2 Debt Tranches
----------------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
notes issued by Apidos CLO XXIII (the "Issuer" or "Apidos XXIII").

Moody's rating action is as follows:

US$310,000,000 Class A-1 Senior Secured Floating Rate Notes due
2027 (the "Class A-1 Notes"), Definitive Rating Assigned Aaa (sf)

US$45,160,000 Class A-2A Senior Secured Floating Rate Notes due
2027 (the "Class A-2A Notes"), Definitive Rating Assigned Aa2 (sf)

US$21,840,000 Class A-2B Senior Secured Fixed Rate Notes due 2027
(the "Class A-2B Notes"), Definitive Rating Assigned Aa2 (sf)

US$28,900,000 Class B Mezzanine Deferrable Floating Rate Notes due
2027 (the "Class B Notes"), Definitive Rating Assigned A2 (sf)

US$31,300,000 Class C Mezzanine Deferrable Floating Rate Notes due
2027 (the "Class C Notes"), Definitive Rating Assigned Baa3 (sf)

US$6,110,000 Class D-1 Mezzanine Deferrable Floating Rate Notes due
2027 (the "Class D-1 Notes"), Definitive Rating Assigned Ba3 (sf)

US$16,690,000 Class D-2 Mezzanine Deferrable Floating Rate Notes
due 2027 (the "Class D-2 Notes"), Definitive Rating Assigned Ba3
(sf)

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

In addition, Moody's announced that it has assigned the following
rating to notes issued by Apidos CLO XXIII (Combination Note),
Ltd.:

US$102,771,250 Exchangeable Combination Notes (composed of
components representing US$1,900,000 of Class A-2A Notes,
US$27,455,000 of Class B Notes, US$29,735,000 of Class C Notes,
US$5,800,000 of Class D-1 Notes and US$37,881,250 of subordinated
notes (collectively, the "Underlying Components")) due January 2027
(the "Combination Notes"), Definitive Rating Assigned Baa3 (sf)
only with respect to the ultimate payment of the Exchangeable
Combination Note Balance (as that term is defined in the
transaction's documents).

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.

Moody's rating of the Combination Notes addresses only the ultimate
receipt of the Exchangeable Combination Note Balance by the holders
of the Combination Notes. Moody's rating of the Combination Notes
does not address any other payments or additional amounts that a
holder of the Combination Notes may receive pursuant to the
underlying documents.

Apidos CLO XXIII is a managed cash flow CLO. The issued notes will
be collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 96% of the portfolio must consist
of senior secured loans and eligible investments (including cash),
and up to 4% of the portfolio may consist of second lien loans and
unsecured loans. The portfolio is approximately 85% ramped as of
the closing date.

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

In addition to the Rated Notes, the Issuer will issue subordinated
notes.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1,
Section 3.4 and Appendix 14 of the "Moody's Global Approach to
Rating Collateralized Loan Obligations" rating methodology
published in December 2015.

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

Par amount: $500,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2750

Weighted Average Spread (WAS): 3.85%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 8 years



AUGUSTA FUNDING VI: Moody's Raises Rating on Cl. A-4 Bonds to Ba1
-----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of these Bonds issued by Augusta Funding Limited VI:

  $155,534,478 7.85% Secured Guaranteed Class A-4 Bonds Due 2036,
   Upgraded to Ba1 (sf); previously on Dec. 22, 2010, Downgraded
   to Ba2 (sf)

  $75,876,857 7.75% Secured Guaranteed Class A-5 Bonds Due 2036,
   Upgraded to Ba1 (sf); previously on Dec. 22, 2010, Downgraded
   to Ba2 (sf)

RATINGS RATIONALE

The ratings assigned by Moody's to the Bonds are linked to several
factors, including, but not limited to, the ratings of various
series of perpetual and long-dated floating rate notes owned by the
Company ("FRNs") and the rating of JPMorgan Chase Bank, N.A. as
Swap Counterparty and will change upon changes in Moody's ratings
of these factors.  The Bonds also benefit from a financial
insurance agreement entered into between the Company and MBIA
Insurance Corporation, as a successor to Capital Markets Assurance
Corporation.  The actions reflect the improvement in the credit
quality of the FRNs.  The current expected loss of the portfolio is
consistent with the expected loss implied by a Ba1 rating.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating Repackaged Securities" published in June 2015.

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

The ratings will be sensitive to any change in the ratings of
various series of perpetual and long-dated floating rate notes
owned by the Company ("FRNs"), the rating of MBIA Insurance
Corporation as the financial insurance agreement counterparty, and
the rating of JPMorgan Chase Bank, N.A. as Swap Counterparty.

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

Ba1 and below ratings notched up by two rating notches (383):
Class A-4: +1
Class A-5: +1

Ba1 and below ratings notched down by two notches (565):
Class A-4: 0
Class A-5: 0



BAYVIEW COMMERCIAL 2003-2: Moodys Cuts Cl. IO Debt Rating to B3
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on twelve
tranches from five transactions, and downgraded the ratings on
fifty-three tranches from fifteen transactions of small business
loans issued by Bayview Commercial Asset Trusts and Bayview
Commercial Mortgage Pass-Through Trusts. The loans are secured
primarily by small commercial real estate properties in the U.S.
owned by small businesses and investors.

Complete rating actions as follow:

Issuer: Bayview Commercial Asset Trust 2003-2

Cl. A, Downgraded to Baa1 (sf); previously on May 31, 2012
Downgraded to A3 (sf)

Cl. IO, Downgraded to B3 (sf); previously on May 31, 2012
Downgraded to B2 (sf)

Issuer: BayView Commercial Asset Trust 2004-1

Cl. A, Upgraded to Aa1 (sf); previously on Jan 23, 2015 Upgraded to
Aa2 (sf)

Cl. M-1, Upgraded to Aa2 (sf); previously on Jan 23, 2015 Upgraded
to A1 (sf)

Cl. M-2, Upgraded to A2 (sf); previously on Jan 23, 2015 Upgraded
to A3 (sf)

Cl. B, Upgraded to Baa1 (sf); previously on Jan 23, 2015 Upgraded
to Baa3 (sf)

Issuer: BayView Commercial Asset Trust 2004-2

Cl. M-2, Upgraded to Baa1 (sf); previously on May 31, 2012
Confirmed at Baa2 (sf)

Cl. B-1, Upgraded to Ba1 (sf); previously on Jan 23, 2015 Upgraded
to Ba2 (sf)

Issuer: Bayview Commercial Asset Trust 2004-3

Cl. M-1, Upgraded to A1 (sf); previously on Jan 23, 2015 Upgraded
to A2 (sf)

Cl. M-2, Upgraded to A3 (sf); previously on May 31, 2012 Downgraded
to Baa1 (sf)

Cl. B-1, Upgraded to Baa3 (sf); previously on May 31, 2012
Downgraded to Ba1 (sf)

Issuer: BayView Commercial Asset Trust 2005-3

Cl. A-1, Downgraded to Baa1 (sf); previously on Jan 23, 2015
Downgraded to A3 (sf)

Cl. A-2, Downgraded to Baa1 (sf); previously on Jan 23, 2015
Downgraded to A3 (sf)

Cl. M-1, Downgraded to Baa3 (sf); previously on Jan 23, 2015
Downgraded to Baa2 (sf)

Cl. M-2, Downgraded to Ba1 (sf); previously on Jan 23, 2015
Downgraded to Baa3 (sf)

Cl. M-3, Downgraded to Ba2 (sf); previously on Jan 23, 2015
Downgraded to Ba1 (sf)

Issuer: BayView Commercial Asset Trust 2006-1

Cl. A-1, Downgraded to Baa2 (sf); previously on Jan 23, 2015
Downgraded to A3 (sf)

Cl. A-2, Downgraded to Baa2 (sf); previously on Jan 23, 2015
Downgraded to A3 (sf)

Cl. M-1, Downgraded to Ba1 (sf); previously on Jan 23, 2015
Downgraded to Baa3 (sf)

Cl. M-2, Downgraded to Ba2 (sf); previously on Jan 23, 2015
Downgraded to Ba1 (sf)

Cl. M-3, Downgraded to Ba3 (sf); previously on Jan 23, 2015
Downgraded to Ba2 (sf)

Cl. M-4, Downgraded to B1 (sf); previously on Jan 23, 2015
Downgraded to Ba3 (sf)

Cl. M-5, Downgraded to B2 (sf); previously on Jan 23, 2015
Downgraded to B1 (sf)

Cl. M-6, Downgraded to B3 (sf); previously on Jan 23, 2015
Downgraded to B2 (sf)

Cl. B-1, Downgraded to Caa1 (sf); previously on Jan 23, 2015
Downgraded to B3 (sf)

Cl. B-2, Downgraded to Caa2 (sf); previously on Jan 23, 2015
Downgraded to Caa1 (sf)

Issuer: Bayview Commercial Asset Trust 2006-3

Cl. M-1, Downgraded to B3 (sf); previously on May 31, 2012
Downgraded to B2 (sf)

Cl. M-2, Downgraded to Caa2 (sf); previously on May 31, 2012
Downgraded to B3 (sf)

Cl. M-3, Downgraded to Caa3 (sf); previously on May 31, 2012
Downgraded to Caa1 (sf)

Issuer: Bayview Commercial Asset Trust 2006-4

Cl. A-1, Downgraded to A3 (sf); previously on May 31, 2012
Downgraded to A1 (sf)

Cl. A-2, Downgraded to Ba3 (sf); previously on Jan 23, 2015
Downgraded to Ba2 (sf)

Cl. M-1, Downgraded to B3 (sf); previously on Sep 13, 2012
Downgraded to B2 (sf)

Cl. M-2, Downgraded to Caa2 (sf); previously on Jan 23, 2015
Downgraded to Caa1 (sf)

Cl. M-3, Downgraded to Caa3 (sf); previously on Jan 23, 2015
Downgraded to Caa2 (sf)

Issuer: Bayview Commercial Asset Trust 2007-2

Cl. A-2, Downgraded to B2 (sf); previously on May 31, 2012
Downgraded to B1 (sf)

Cl. M-1, Downgraded to Caa2 (sf); previously on Jan 23, 2015
Downgraded to Caa1 (sf)

Issuer: Bayview Commercial Asset Trust 2007-3

Cl. A-1, Downgraded to A3 (sf); previously on May 31, 2012
Downgraded to A1 (sf)

Issuer: Bayview Commercial Asset Trust 2007-4

Cl. A-1, Downgraded to B1 (sf); previously on Mar 28, 2014
Downgraded to Ba2 (sf)

Cl. A-2, Downgraded to Caa2 (sf); previously on Mar 28, 2014
Downgraded to B3 (sf)

Cl. M-1, Downgraded to C (sf); previously on Jan 23, 2015
Downgraded to Ca (sf)

Issuer: Bayview Commercial Asset Trust 2007-6

Cl. A-4B, Downgraded to C (sf); previously on Jan 23, 2015
Downgraded to Caa3 (sf)

Issuer: Bayview Commercial Asset Trust 2008-1

Cl. A-3, Upgraded to Aa2 (sf); previously on Oct 31, 2013
Downgraded to Baa1 (sf)

Cl. A-4, Downgraded to B2 (sf); previously on May 31, 2012
Downgraded to B1 (sf)

Cl. M-1, Downgraded to Caa1 (sf); previously on May 31, 2012
Downgraded to B3 (sf)

Cl. M-2, Downgraded to C (sf); previously on Oct 31, 2013
Downgraded to Caa2 (sf)

Issuer: Bayview Commercial Asset Trust 2008-2

Cl. A-4A, Downgraded to B1 (sf); previously on May 31, 2012
Downgraded to Ba2 (sf)

Cl. A-4B, Downgraded to B1 (sf); previously on May 31, 2012
Downgraded to Ba2 (sf)

Cl. M-1, Downgraded to Caa2 (sf); previously on Jan 23, 2015
Downgraded to B3 (sf)

Cl. M-2, Downgraded to C (sf); previously on Jan 23, 2015
Downgraded to Caa3 (sf)

Issuer: Bayview Commercial Asset Trust 2008-3

Cl. A-4, Downgraded to B1 (sf); previously on May 31, 2012
Downgraded to Ba2 (sf)

Cl. M-1, Downgraded to B3 (sf); previously on May 31, 2012
Downgraded to B1 (sf)

Cl. M-2, Downgraded to Caa2 (sf); previously on Oct 31, 2013
Downgraded to B3 (sf)

Cl. M-3, Downgraded to C (sf); previously on Jan 23, 2015
Downgraded to Caa3 (sf)

Issuer: Bayview Commercial Asset Trust 2008-4

Cl. M-1, Downgraded to Ba3 (sf); previously on May 31, 2012
Downgraded to Ba2 (sf)

Cl. M-2, Downgraded to B2 (sf); previously on May 31, 2012
Downgraded to B1 (sf)

Cl. M-3, Downgraded to B3 (sf); previously on May 31, 2012
Downgraded to B2 (sf)

Cl. M-4, Downgraded to Caa2 (sf); previously on May 31, 2012
Downgraded to B3 (sf)

Cl. M-5, Downgraded to Ca (sf); previously on Jan 23, 2015
Downgraded to Caa3 (sf)

Issuer: BayView Commercial Mortgage Pass-Through Trust 2006-SP1

Cl. M-1, Upgraded to Aaa (sf); previously on Mar 28, 2014 Upgraded
to Aa2 (sf)

Cl. M-2, Upgraded to Aa3 (sf); previously on Mar 28, 2014 Upgraded
to A2 (sf)

Cl. B-2, Downgraded to Caa1 (sf); previously on May 31, 2012
Downgraded to B3 (sf)

Issuer: Bayview Commercial Mortgage Pass-Through Trust 2006-SP2

Cl. A, Downgraded to Baa3 (sf); previously on Jan 23, 2015
Downgraded to Baa1 (sf)

Cl. M-1, Downgraded to Ba2 (sf); previously on Jan 23, 2015
Downgraded to Ba1 (sf)

Cl. M-2, Downgraded to B1 (sf); previously on Jan 23, 2015
Downgraded to Ba3 (sf)

Cl. M-3, Downgraded to B2 (sf); previously on Jan 23, 2015
Downgraded to B1 (sf)

RATINGS RATIONALE

The upgrades related to the 2004-1, 2004-2 and 2004-3 transactions
were primarily prompted by a build-up in credit enhancement due to
increasing reserve account balances relative to outstanding pool
balances, availability of excess spread and relatively stable
collateral performance. Available amounts in reserve accounts for
the 2004-1, 2004-2 and 2004-3 transactions increased to 30%, 22%
and 18% of outstanding pool balances, respectively, as of the
December 2015 distribution date from 23%, 17% and 15% of the
outstanding pool balance as of the December 2014 distribution date.
The Class M-1 and M-2 tranches from the 2006-SP1 transaction were
upgraded due to increasing credit enhancement, leading to improved
loss coverage. The upgrade of the 2008-1 Class A-3 tranche was due
to the repayment of accrued interest shortfall and the strong
coverage of expected pool losses by credit enhancement; as well as
Moody's expectation that no further interest shortfalls will be
accrued for this tranche.

The downgrades are primarily due to continued realized losses on
the underlying pools in combination with depleted credit
enhancement from overcollateralization and subordinate tranches.
For the 2007-6 transaction, the downgrade of the A-4B tranche is
largely driven by a correction to the credit enhancement to account
for the sequential payment of the A-4A and A-4B notes. Over the
past year, cumulative net losses for Bayview 2005-3, 2006-1,
2006-SP1, 2006-3, 2006-4, 2006-SP2, 2007-2, 2007-3, 2007-4, 2007-6,
2008-1, 2008-2, 2008-3 and 2008-4 increased to a range of 16% to
32% as of the December 2015 distribution date, from a range of 15%
to 30% as of the December 2014 distribution date, in each case as a
percent of the original pool balance. For Bayview 2003-2,
cumulative net losses have increased from 4 to 5% over the past
year. As a result of continuing losses, Moody's believes that a
full principal payment to lower subordinate tranches which have
been downgraded to Ca or C ratings is unlikely.

The rating actions on certain of these transactions also took into
account corrections to the computation of excess spread.
Previously, the computation of excess spread overstated the
lifetime excess spread available for the 2003-2, 2004-1, 2007-4,
2007-6, 2008-1, 2008-2, 2008-3, and 2008-4 transactions. These
computation errors were mainly due to the cash flows to the IO and
SIO notes being improperly accounted for in the excess spread
calculation. The correction of the error had a negative impact for
2004-1, but this was outweighed by the deal's increasing reserve
account balance relative to the outstanding pool balance, leading
to upgrades for the transaction. The previous rating action on the
2007-2 transaction was based on analysis that used an overstated
weighted average bond coupon, thereby understating the lifetime
spread available to that transaction. While the correction of this
error had a positive impact, this was overridden by the negative
effect of the continued realized losses for the 2007-2 transaction
as discussed above.

For the Bayview small business ABS collateral pools, excluding the
Canadian transaction, delinquencies of 60 days or more, including
loans in foreclosure and REO, have improved slightly with the
average deal experiencing a decrease in delinquencies of 0.7% over
the past 12 months. Delinquencies of 60 days or more ranged from
11% to 22% of the outstanding pool balances as of December 2015
distribution date, versus 10% to 26% as of December 2014
distribution date. Average severities are still high in the 70% to
80% range.

A key factor in Moody's loss projections is its evaluation and
treatment of modified loans. Bayview Loan Servicing has modified
approximately 41% to 69% of the loan balance classified as current
as of November 2015 in the deals affected by today's rating
actions. Most of these loans were delinquent before modification
and are therefore more likely to become delinquent than
non-modified loans in the future. Moody's evaluation of loan-level
data indicates that these current, modified loans are two to three
times as likely to become defaulted compared to current,
non-modified loans. Moody's accounted for this likelihood in its
loss projection methodology described in the "Methodology" section
below.

The current ratings reflect the likelihood of certificateholders
recovering outstanding credit risk shortfalls for the bonds on
which they exist. Even though available credit enhancement to a
certificate may be high, recovery of interest shortfalls may take
several years for rated notes with outstanding shortfalls.
Transactions with ratings that continue to be impacted by interest
shortfalls include Bayview 2007-4, 2007-5, 2007-6, 2008-2, 2008-3,
and 2008-4.



BEAR STEARNS 2002-TOP8: Fitch Raises Rating on Cl. M Certs to B
---------------------------------------------------------------
Fitch Ratings has upgraded five classes and affirmed one class of
Bear Stearns Commercial Mortgage Securities Trust (BSCMST)
commercial mortgage pass-through certificates series 2002-Top8.

KEY RATING DRIVERS

The upgrades reflect increased credit enhancement due to
amortization and loan payoffs, a high percentage of defeased loans,
and the pool's low leverage.  Fitch modeled losses of 2.2% of the
remaining pool; expected losses on the original pool balance total
1.2%, including $9.4 million (1.1% of the original pool balance) in
realized losses to date.  Fitch has designated one loan (5.7%) as a
Fitch Loan of Concern.

As of the December 2015 distribution date, eight loans remain and
the pool's aggregate principal balance has been reduced by 97.4% to
$22 million from $842.2 million at issuance.  Per the servicer
reporting, three loans (35.6% of the pool) are defeased.  Interest
shortfalls were previously affecting classes up to class H, but
have since been recovered and are unlikely to occur again.

The only Fitch Loan of Concern is secured by a four building
industrial complex located in East Boston, MA.  The complex,
totalling 84,540 square feet (sf), includes two properties with a
single-tenant, triple-net (NNN) lease in place and two properties
with multiple tenants.  The landlord has struggled in the past with
vacancy at the multi-tenant buildings; however, occupancy has
increased to 96% as of September 2015.  Per servicer reporting, the
portfolio-wide net operating income (NOI) debt service coverage
ratio (DSCR) increased to 0.90x as of year-end (YE) 2014 from 0.87x
YE 2013.  The NOI DSCR has been below 0.86x since 2010 but the loan
has never been delinquent.  The loan is fully amortizing and
matures in August of 2017.

The largest loan in the pool is secured by a 220,330 sf shopping
center located in Citrus Heights, CA.  Tenants include Marshalls
(15% of GLA), Sprouts Farmers Market (14% of GLA), and PetSmart
(10% of GLA).  As of the October 2015 rent roll, the center was 98%
occupied.  Per the servicer, the NOI DSCR was reported as 2.60x as
of September 2015.

RATING SENSITIVITIES

The Rating Outlooks on classes H through M are stable due to
increasing credit enhancement and overall stable collateral
performance.  Although the remaining rated classes have high credit
enhancement, additional upgrades are not likely in the near term
due to significant concentration risk with only eight loans
remaining.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action.

Fitch upgrades these classes as indicated:

   -- $7.2 million class H to 'AAAsf' from 'Asf'; Outlook Stable;
   -- $3.2 million class J to 'AAAsf' from 'BBBsf'; Outlook
      Stable;
   -- $4.2 million class K to 'AAAsf' from 'BBsf'; Outlook Stable;
   -- $3.2 million class L to 'BBB-sf' from 'Bsf'; Outlook Stable;
   -- $3.2 million class M to 'Bsf' from 'CCCsf'; Outlook Stable
      Assigned.

Fitch affirms this class as indicated:

   -- $1.1 million class N at 'Dsf'; RE 100%.

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



BLADE ENGINE 2006-1: S&P Raises Rating on 2 Tranches to BB
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the class
A-1, A-2, and B notes from Blade Engine Securitization Ltd.'s
series 2006-1 and removed them from CreditWatch, where they were
placed with negative implications on Oct. 27, 2015.

The rating actions reflect the rated notes' increased loan-to-value
(LTV) ratios, the underlying engine portfolio's deteriorated rental
and residual cash-generating ability, that a significant number of
engines have been off-lease for more than six months, that the
class E certificate minimum distributions are payable before the
rated notes' scheduled principal payment (though after the rated
notes' minimum principal payment), hedge payments, and future
interest rate risk.  As a result, the rated notes' credit
enhancement can no longer support the prior rating levels.

The aircraft engine portfolio consisted of 40 engines as of
December 2015.  The majority of the engines are powered on
end-of-production aircraft, which typically diminishes the engines'
re-leasing and sale prospects.  With the lower of the mean and
median (LMM) of the updated maintenance-adjusted base values of the
portfolio as of June 2015 and with the adjustment made for several
non-serviceable engines and depreciation from June 2015 to December
2015 (which results in a $240 million adjusted engine value), the
LTV of the class A-1 and A-2 notes rose to about 86% and the LTV of
the class B notes rose to about 93% as of Dec. 15, 2015.

In recent payment periods, the class A-1 and A-2 notes had only
received minimum principal payments while the class B notes had not
received any minimum principal payments.  The class B notes'
interest had been covered by the junior cash reserve.  The last
class E certificate minimum distribution was made in June 2014.  As
of Dec. 15, 2015, the junior cash reserve had a balance of $3.11
million and the class B notes' interest was $52,495.

The class A-1 and B notes have floating-rate coupons.  The
transaction currently has an interest rate hedge, which causes a
cash flow drag to the deal ($516,730 as of the Dec. 15, 2015,
payment date).  In S&P's analysis, it considered both rising and
forward interest rate scenarios.

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

RATINGS LOWERED AND REMOVED FROM CREDITWATCH

Blade Engine Securitization Ltd.
Series 2006-1

                       Rating
Class       To                      From
A-1         BB (sf)                 BBB- (sf)/Watch Neg
A-2         BB (sf)                 BBB- (sf)/Watch Neg
B           B- (sf)                 BB- (sf)/Watch Neg



CAPITALSOURCE 2006-A: Moody's Hikes Cl. B Debt Rating to Ba3(sf)
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by CapitalSource Real Estate Loan Trust 2006-A.
("CapitalSource 2006-A"):

Cl. B, Upgraded to Ba3 (sf); previously on Feb 4, 2015 Affirmed B2
(sf)

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

Cl. A-1A, Affirmed A1 (sf); previously on Feb 4, 2015 Upgraded to
A1 (sf)

Cl. A-1R, Affirmed A1 (sf); previously on Feb 4, 2015 Upgraded to
A1 (sf)

Cl. A-2B, Affirmed A1 (sf); previously on Feb 4, 2015 Upgraded to
A1 (sf)

Cl. C, Affirmed Caa2 (sf); previously on Feb 4, 2015 Affirmed Caa2
(sf)

Cl. D, Affirmed Caa3 (sf); previously on Feb 4, 2015 Affirmed Caa3
(sf)

Cl. E, Affirmed Caa3 (sf); previously on Feb 4, 2015 Affirmed Caa3
(sf)

Cl. F, Affirmed Caa3 (sf); previously on Feb 4, 2015 Affirmed Caa3
(sf)

Cl. G, Affirmed Caa3 (sf); previously on Feb 4, 2015 Affirmed Caa3
(sf)

Cl. H, Affirmed Caa3 (sf); previously on Feb 4, 2015 Affirmed Caa3
(sf)

Cl. J, Affirmed Ca (sf); previously on Feb 4, 2015 Affirmed Ca
(sf)

RATINGS RATIONALE

Moody's upgraded the notes due to the full amortization of high
credit-risk assets, resulting in a material improvement in the
Class A/B overcollateralization ratio since last review. Moody's
has affirmed the ratings on the transaction because its key
transaction metrics are commensurate with existing ratings. The
affirmation is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation(CRE CDO CLO)
transactions.

CapitalSource 2006-A is a cash transaction whose reinvestment
period ended in January 2012. The transaction is backed by a
portfolio of: i) commercial real estate ("CRE") whole loans (97.1%
of the collateral pool balance); ii) asset-backed securities
("ABS") (2.5%); and iii) a CRE b-note (0.4%). As of the trustee's
24 December 2015 report, the aggregate note balance of the
transaction, including preferred shares, is $471.0 million,
compared to $1.3 billion at issuance, with paydowns directed to the
senior-most classes of notes, including certain pari-passu
classes.

The Issuer had its Real Estate Investment Trust (REIT) status
revoked on June 18, 2009, therefore federal and state income taxes
became payable pursuant to the transaction's Indenture. However,
NorthStar Realty Finance Corp. ("NorthStar") stated that in July
2010 it purchased classes J, K and Equity and became the collateral
manager delegate as well as special servicer delegate. NorthStar
subsequently was approved as the replacement special servicer for
the transaction. NorthStar is a qualified REIT and holder of the
transaction's equity, and has decided to no longer escrow for the
payment of such taxes as of October 2011. However, based on
documentation received to date, Moody's modeling continues to
assume income taxes are deducted in the cash flow waterfall. Since
all interest coverage tests are passing, the income taxes are
primarily absorbed by the non-rated equity classes.

No assets had defaulted as of the trustee's 24 December 2015
report.

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

WARF is a primary measure of the credit quality of a CRE CDO CLO
pool. Moody's has updated its assessments for the collateral it
does not rate. The rating agency modeled a bottom-dollar WARF of
7100, compared to 6877 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follow: Aaa-Aa3 (2.8%, compared to 0.6% at last
review); A1-A3 (1.0%, compared to 2.2% at last review); Baa1-Baa3
(1.2%, compared to 1.1% at last review); Ba1-Ba3 (2.1%, compared to
2.5% at last review); B1-B3 (0.0%, compared to 1.8% at last
review); and Caa1-Ca/C (92.8%, compared to 91.8% at last review).

Moody's modeled a WAL of 2.0 years, compared to 2.8 years at last
review. The WAL is based on assumptions about extensions on the
underlying collateral.

Moody's modeled a fixed WARR of 44.7%, compared to 46.3% at last
review.

Moody's modeled a MAC of 99.9%, the same as at last review.

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

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

Moody's Parameter Sensitivities: Changes to any one or more of the
key parameters could have rating implications for some of the rated
notes, although a change in one key parameter assumption could be
offset by a change in one or more of the other key parameter
assumptions. The rated notes are particularly sensitive to changes
in the recovery rates of the underlying collateral and credit
assessments. Reducing the recovery rates of the collateral pool by
10.0% would result in an average modeled rating movement on the
rated notes of zero to ten notches downward (e.g., one notch down
implies a ratings movement of Baa3 to Ba1). Increasing the recovery
rate of the collateral pool by 10.0% would result in an average
modeled rating movement on the rated notes of zero to twelve
notches upward (e.g., one notch upward implies a ratings movement
of Baa3 to Baa2).

The primary sources of uncertainty in Moody's assumptions are the
extent of growth in the current macroeconomic environment given the
weak recovery and certain commercial real estate property markets.
Commercial real estate property values continue to improve
modestly, along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction and moderate job growth have aided this improvement.
However, sustained growth will not be possible until investment
increases steadily for a significant period, non-performing
properties are cleared from the pipeline and fears of a euro area
recession abate.






CHASE MORTGAGE 2005-S1: Moody’s Hikes Cl. 1-A5 Debt Rating From B2
--------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two
tranches and upgraded the ratings of five tranches backed by Prime
Jumbo RMBS loans, issued by miscellaneous issuers.

Complete rating actions are as follows:

Issuer: Chase Mortgage Finance Trust, Series 2005-S1

Cl. 1-A5, Upgraded to Baa3 (sf); previously on Sep 11, 2012
Downgraded to B2 (sf)

Cl. 1-A7, Upgraded to Baa3 (sf); previously on Mar 18, 2015
Upgraded to Ba3 (sf)

Cl. 1-A9, Upgraded to Baa3 (sf); previously on Mar 18, 2015
Upgraded to Ba3 (sf)

Cl. 1-A10, Upgraded to Baa3 (sf); previously on Mar 18, 2015
Upgraded to Ba3 (sf)

Cl. 1-A18, Upgraded to Ba3 (sf); previously on Mar 18, 2015
Upgraded to Caa3 (sf)

Issuer: CSFB Mortgage-Backed Pass-Through Certificates, Series
2003-27

Cl. IV-P, Downgraded to Baa3 (sf); previously on Aug 20, 2013
Downgraded to Baa1 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2005-AR16 Trust

Cl. V-A-1, Downgraded to Ba2 (sf); previously on Jul 24, 2013
Upgraded to Baa3 (sf)

RATINGS RATIONALE

The actions are a result of the recent performance of the
underlying pools and reflect Moody's updated loss expectations on
the pools. The ratings downgraded are due to the weaker performance
of the underlying collateral and the erosion of enhancement
available to the bonds. The ratings upgraded are a result of
improving performance of the related pools and an increase in
credit enhancement available to the bonds.

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 5.0% in December 2015 from 5.6% in
December 2014. Moody's forecasts an unemployment central range of
4.5% to 5.5% for the 2016 year. Deviations from this central
scenario could lead to rating actions in the sector. House prices
are another key driver of US RMBS performance. Moody's expects
house prices to continue to rise in 2016. Lower increases than
Moody's expects or decreases could lead to negative rating actions.
Finally, performance of RMBS continues to remain highly dependent
on servicer procedures.

Any change resulting from servicing transfers or other policy or
regulatory change can impact the performance of these
transactions.



COMM 2016-CCRE28: DBRS Assigns B(low) Rating on Class H Debt
------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2016-CCRE28
(the Certificates) to be issued by COMM 2016-CCRE28 Mortgage Trust.
The trends are Stable.

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-HR at AAA (sf)
-- Class XP-A at AAA (sf)
-- Class XS-A at AAA (sf)
-- Class X-HR at AAA (sf)
-- Class A-M at AAA (sf)
-- Class X-B at AAA (sf)
-- Class X-C at AAA (sf)
-- Class X-D at AAA (sf)
-- Class X-E at AAA (sf)
-- Class X-F at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (sf)
-- Class D at BBB (high) (sf)
-- Class E at BBB (low) (sf)
-- Class F at BB (high) (sf)
-- Class G at BB (low) (sf)
-- Class H at B (low) (sf)

Classes X-B, X-C, X-D, X-E, X-F, E, F, G and H will be privately
placed.



COMM 2016-CCRE28: Fitch to Rate Class G Certs 'B-sf'
----------------------------------------------------
Fitch Ratings has issued a presale report on Deutsche Bank
Securities, Inc.'s COMM 2016-CCRE28 Mortgage Trust commercial
mortgage pass-through certificates.

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

   -- $21,720,000 class A-1 'AAAsf'; Outlook Stable;
   -- $82,786,000 class A-2 'AAAsf'; Outlook Stable;
   -- $47,975,000 class A-SB 'AAAsf'; Outlook Stable;
   -- $205,000,000 class A-3 'AAAsf'; Outlook Stable;
   -- $306,279,000 class A-4 'AAAsf'; Outlook Stable;
   -- $55,000,000 class A-HR 'AAAsf'; Outlook Stable;
   -- $703,549,000b class XP-A 'AAAsf'; Outlook Stable;
   -- $703,549,000b class XS-A 'AAAsf'; Outlook Stable;
   -- $55,000,000b class X-HR 'AAAsf'; Outlook Stable;
   -- $39,789,000 class A-M 'AAAsf'; Outlook Stable;
   -- $73,160,000 class B 'AA-sf'; Outlook Stable;
   -- $50,056,000 class C 'A-sf'; Outlook Stable;
   -- $33,371,000 class D 'BBBsf'; Outlook Stable;
   -- $123,216,000ab class X-B 'A-sf'; Outlook Stable;
   -- $59,041,000ab class X-C 'BBB-sf'; Outlook Stable;
   -- $26,954,000ab class X-D 'BB-sf'; Outlook Stable;
   -- $29,520,000ab class X-E 'NR'; Outlook Stable;
   -- $29,521,412ab class X-F 'NR'; Outlook Stable;
   -- $25,670,000a class E 'BBB-sf'; Outlook Stable;
   -- $26,954,000a class F 'BB-sf'; Outlook Stable;
   -- $11,551,000a class G 'B-sf'; Outlook Stable;
   -- $17,969,000a class H 'NR'; Outlook Stable;
   -- $29,521,412a class J 'NR'; Outlook Stable.

  (a) Privately placed and pursuant to Rule 144A.
  (b) Notional amount and interest-only.

The expected ratings are based on information provided by the
issuer as of Jan. 14, 2016.  Fitch does not expect to rate the
$29,520,000ab interest-only class X-E, $29,521,412ab interest-only
class X-F, $17,969,000a class H or the $29,521,412 class J.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 49 loans secured by 119
commercial properties having an aggregate principal balance of
approximately $1.027 billion as of the cut-off date.  The loans
were contributed to the trust by German American Capital
Corporation, Cantor Commercial Real Estate lending, L.P., Jeffries
LoanCore LLC, and Ladder Capital Finance LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 78% of the properties by
balance and asset summary reviews and cash flow analysis of 87.4%
of the pool.

KEY RATING DRIVERS

Fitch Leverage Higher than Recent Deals: Fitch Stressed DSCR on the
trust-specific debt is 1.10x which is worse than the 2014 and 2015
averages for other Fitch-rated U.S. multiborrower deals of 1.19x
and 1.18x, respectively.  Fitch Stressed LTV on the trust-specific
debt is 113.8%, which is higher than the 2014 and 2015 averages for
Fitch-rated deals of 106.2% and 109.3%, respectively.

High Proportion of Interest Only Loans: 40.5% of the loans within
the pool are full interest only, including seven of the top 10.
This is higher than the average for other Fitch-rated U.S.
multiborrower deals of 20.1% in 2014 and 23.3% in 2015. 43.8% of
the loans in the pool are partial interest only, which is in line
with the average for other Fitch-rated U.S. multiborrower deals of
42.8% in 2014 and 43.1% in 2015.  Likewise, the pool is scheduled
to pay down by 7.7%, which is less than average when compared to
other Fitch-rated U.S. multiborrower deals of 12% in 2014 and 11.7%
in 2015.

Strong Collateral Quality: Five loans totaling 25.2% of the pool
balance are secured by properties receiving a property quality
grade of 'A-' or better, including four the top 10 loans (Promenade
Gateway, 32 Avenue of the Americas, Netflix HQ 2, and FedEx
Brooklyn).

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 16.7% below
the most recent year's net operating income (NOI; for properties
for which a full year NOI was provided, excluding properties that
were stabilizing during this period).  Unanticipated further
declines in property-level NCF could result in higher defaults and
loss severities on defaulted loans, and could result in potential
rating actions on the certificates.

Fitch evaluated the sensitivity of the ratings assigned to COMM
2016-CCRE28 certificates and found that the transaction displays
average sensitivity to further declines in NCF.  In a scenario in
which NCF declined a further 20% from Fitch's NCF, a downgrade of
the junior 'AAAsf' certificates to 'A-sf' could result.  In a more
severe scenario, in which NCF declined a further 30% from Fitch's
NCF, a downgrade of the junior 'AAAsf' certificates to 'BBBsf'
could result.  The presale report includes a detailed explanation
of additional stresses and sensitivities on page 11.

DUE DILIGENCE USAGE

Fitch was provided with third-party due diligence information from
Ernst and Young LLP.  The third-party due diligence information was
provided on Form ABS Due Diligence-15E and focused on a comparison
and re-computation of certain characteristics with respect to each
of the 49 mortgage loans.  Fitch considered this information in its
analysis and the findings did not have an impact on our analysis.



CPS AUTO 2016-A: DBRS Assigns Prov. BB(low) Rating on Cl. E Debt
----------------------------------------------------------------
DBRS, Inc. has assigned provisional ratings to the following
classes issued by CPS Auto Receivables Trust 2016-A:

-- Series 2016-A, Class A rated AAA (sf)
-- Series 2016-A, Class B rated AA (sf)
-- Series 2016-A, Class C rated A (sf)
-- Series 2016-A, Class D rated BBB (low) (sf)
-- Series 2016-A, Class E rated BB (low) (sf)
-- Series 2016-A, Class F rated B (low) (sf)

The ratings are based on a review by DBRS of the following
analytical considerations:

-- Transaction capital structure, proposed ratings and form and
sufficiency of available credit enhancement.

-- Credit enhancement is in the form of overcollateralization,
subordination, amounts held in the reserve fund and excess spread.
Credit enhancement levels are sufficient to support the
DBRS-projected expected cumulative net loss assumption under
various stress scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms under which
they have invested. For this transaction, the rating addresses the
payment of timely interest on a monthly basis and the payment of
principal by the legal final maturity date.

-- The capabilities of Consumer Portfolio Services (CPS) with
regards to originations, underwriting and servicing.

-- DBRS has performed an operational review of CPS and considers
the entity to be an acceptable originator and servicer of subprime
automobile loan contracts with an acceptable backup servicer.

-- The CPS senior management team has considerable experience and
a successful track record within the auto finance industry, having
managed the company through multiple economic cycles.

-- The quality and consistency of provided historical static pool
data for CPS originations and performance of the CPS auto loan
portfolio.

-- The May 29, 2014, settlement of the Federal Trade Commission
(FTC) inquiry relating to allegedly unfair trade practices.

-- CPS paid imposed penalties and restitution payments to
consumers.

-- CPS has made considerable improvements to the collections
process, including management changes, upgraded systems and
software, as well as implementation of new policies and procedures
focused on maintaining compliance.

-- CPS will be subject to ongoing monitoring of certain processes
by the FTC.

-- The legal structure and presence of legal opinions that address
the true sale of the assets to the Issuer, the non-consolidation of
the special-purpose vehicle with CPS, that the trust has a valid
first-priority security interest in the assets and the consistency
with DBRS’s Legal Criteria for U.S. Structured Finance
methodology.


CPS AUTO 2016-A: S&P Assigns Prelim. BB- Rating on Class E Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary ratings
to CPS Auto Receivables Trust 2016-A's $340.0 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 Jan. 14,
2015.  Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

   -- The availability of approximately 53.2%, 46.3%, 36.4%,
      28.8%, 24.8%, and 23.0% of credit support for the class A,
      B, C, D, E, and F notes, respectively, based on stressed
      cash flow scenarios (including excess spread).  These credit

      support levels provide coverage of approximately 3.25x,
      2.60x, 2.00x, 1.65x, 1.27x, and 1.00x its 16.0%-16.5%
      expected cumulative net loss range for the class A, B, C, D,

      E, and F notes, respectively.

   -- S&P's expectation that, under a moderate stress scenario of
      1.65x its expected net loss level, the preliminary ratings
      on the class A and B notes will not decline by more than one

      rating category during the first year, and the preliminary
      ratings on the class C through F notes will not decline by
      more than two rating categories during the first year, all
      else being equal, which is consistent with S&P's credit
      stability criteria.

   -- The preliminary rated notes' underlying credit enhancement
      in the form of subordination, overcollateralization (O/C), a

      reserve account, and excess spread for the class A, B, C, D,

      E, and F notes.

   -- The timely interest and principal payments made to the
      preliminary rated notes under S&P's stressed cash flow
      modeling scenarios, which it believes are 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 2016-A

Class    Rating       Type          Interest         Amount
                                    rate           (mil. $)
A        AAA (sf)     Senior        Fixed            177.65
B        AA- (sf)     Subordinate   Fixed             42.50
C        A- (sf)      Subordinate   Fixed             51.85
D        BBB (sf)     Subordinate   Fixed             36.55
E        BB- (sf)     Subordinate   Fixed             20.91
F        B (sf)       Subordinate   Fixed             10.54



CREST CDO 2004-1: Fitch Raises Rating on 2 Note Classes to CC
-------------------------------------------------------------
Fitch Ratings has upgraded three and affirmed six classes issued by
Crest CDO 2004-1 Ltd./Corp. (Crest 2004-1).

KEY RATING DRIVERS

The upgrades follow continued deleveraging of the transaction as
the underlying collateral continues to amortize.  Since the last
rating action, there has been approximately $61.9 million in
collateral paydown.  Of the remaining assets, 25.8% of the
underlying collateral has been upgraded and 11% has been downgraded
a weighted-average of 5.42 and 2.83 notches, respectively.  The
class A, B and C notes have all paid in full. The most senior note,
class D, is current on interest payments, while all other classes
are experiencing interest shortfalls due to the failure of the
class C/D interest coverage and over collateralization coverage
tests.  Hedge payments will expire in October of this year and the
pool has become increasingly concentrated with 31 assets and 16
obligors remaining.

This transaction was analysed under the framework described in
Fitch's 'Global Rating Criteria for Structured Finance CDOs' using
the Portfolio Credit Model (PCM) for projecting future default
levels for the underlying portfolio.  Fitch also analyzed the
structure's sensitivity to the assets that are distressed,
experiencing interest shortfalls, and those with near-term
maturities, and conducted a look-through analysis of the underlying
portfolio.  Based on this analysis, the class D notes were believed
to be sufficiently protected.

Fitch further analyzed each class' sensitivity to the default of
the distressed assets ('CCC' and below).  As noted above, the pool
has continued to deleverage and several of the underlying bonds are
first-pay pieces or fully covered by defeasance.  In addition to
the upgrade of the class D notes, the class E notes were upgraded
to 'CCsf' from 'Csf' to indicate that default is considered
probable, but not inevitable.  However, Fitch recognizes the high
probability of default for a number of the underlying assets and
the expected limited recovery upon default. For this reason, the
class F through H notes have been affirmed at 'Csf', indicating
that default is inevitable.

The rating of the preferred shares addresses the likelihood that
investors will receive the ultimate return of the aggregate
outstanding rated balance by the legal final maturity date.  The
assigned rating for the preferred shares indicates that default is
considered inevitable, as they are undercollateralized.

RATING SENSITIVITIES

The Stable Outlook on the class D notes reflects Fitch's view that
the transaction will continue to pay down.  Crest 2004-1 is a
static collateralized debt obligation (CDO) that closed on Nov. 18,
2004.  The current portfolio consists of 96.4% commercial mortgage
backed securities (CMBS) from the 1999 through 2004 vintages, and
3.6% structured finance CDOs.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation
to this rating action.

Fitch has upgraded these classes:

   -- $15,516,657 class D notes to 'BBsf' from 'CCsf'; assigned
      Stable Outlook;
   -- $14,185,564 class E-1 notes to 'CCsf' from 'Csf';
   -- $17,265,096 class E-2 notes to 'CCsf' from 'Csf';

Fitch has affirmed these classes:

   -- $7,131,561 class F notes at 'Csf';
   -- $2,414,168 class G-1 notes at 'Csf';
   -- $14,330,540 class G-2 notes at 'Csf';
   -- $9,393,815 class H-1 notes at 'Csf';
   -- $1,565,972 class H-2 notes at 'Csf';
   -- $96,412,500 preferred shares notes (principal-only) at
     'Csf'.



FIRST UNION 1999-C4: Fitch Affirms 'Dsf' Rating on Class M Certs
----------------------------------------------------------------
Fitch Ratings has affirmed three classes of First Union National
Bank Commercial Mortgage Trust (FUNB) commercial mortgage
pass-through certificates series 1999-C4.

KEY RATING DRIVERS

The affirmations are a result of continued paydown and stable
performance.  All remaining loans in the pool are fully defeased.
Approximately 78.7% of the defeased loans (six loans) mature in
June 2016, and the remaining loan (21.3%) matures in November 2019.


As of the November 2015 distribution date, the pool's aggregate
principal balance has been reduced by 98.7% to $11.6 million from
$885.7 million at issuance.  The pool has experienced $24.8 million
(2.8% of the original pool balance) in realized losses to date.
Interest shortfalls are currently affecting classes M through N.

RATING SENSITIVITIES

Rating Outlooks on classes K and L are Stable due to sufficient
credit enhancement and continued paydown from defeased collateral.
Class M has realized losses and will remain at 'D'.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation
to this rating action.

Fitch affirms these classes:

   -- $1 million class K at 'AAAsf', Outlook Stable.
   -- $8.9 million class L at 'AAAsf', Outlook Stable.
   -- $1.8 million class M at 'Dsf', RE 100%.

The class A-1, A-2, B, C, D, E, F, G, H, and J certificates have
paid in full.  Fitch does not rate the class N certificate, which
has been reduced to zero due to realized losses.  Fitch previously
withdrew the rating on the interest-only class IO certificates.



GSAMP TRUST 2007-SEA1: Moody's Raises Cl. A Debt Rating to Ba1
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of five tranches
from two deals backed by "scratch and dent" RMBS loans, issued by
GSAMP Trust 2007-SEA1 and GSRPM Mortgage Loan Trust 2006-1.

Complete rating actions are:

Issuer: GSAMP Trust 2007-SEA1

  Cl. A, Upgraded to Ba1 (sf); previously on May 24, 2013,
   Upgraded to Ba2 (sf)

  Cl. M-1, Upgraded to Caa3 (sf); previously on May 4, 2009,
   Downgraded to C (sf)

Issuer: GSRPM Mortgage Loan Trust 2006-1

  Cl. A-1, Upgraded to A1 (sf); previously on May 24, 2013,
   Upgraded to A3 (sf)

  Cl. A-3, Upgraded to A2 (sf); previously on May 24, 2013,
   Upgraded to Baa1 (sf)

  Cl. M-1, Upgraded to B3 (sf); previously on May 24, 2013,
   Upgraded to Caa1 (sf)

RATINGS RATIONALE

The actions are a result of the recent performance of the
underlying pools and reflect Moody's updated loss expectations on
the pools.  The ratings upgraded are a result of improving
performance of the related pools and an increase in credit
enhancement available to the bonds.

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

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 5% in December 2015 from 5.6% in
December 2014.  Moody's forecasts an unemployment central range of
4.5% to 5.5% for the 2016 year.  Deviations from this central
scenario could lead to rating actions in the sector.

House prices are another key driver of US RMBS performance. Moody's
expects house prices to continue to rise in 2016.  Lower increases
than Moody's expects or decreases could lead to negative rating
actions.

Finally, performance of RMBS continues to remain highly dependent
on servicer procedures.  Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions.


INSTITUTIONAL MORTGAGE 2013-3: Fitch Affirms B Rating on G Certs
----------------------------------------------------------------
Fitch Ratings has affirmed Institutional Mortgage Capital, LP's
(IMSCI) commercial mortgage pass-through certificates, series
2013-3.  All currencies are in Canadian dollars (CAD).

The certificates represent the beneficial ownership in the trust,
primary assets of which are 35 loans secured by 40 Canadian
commercial properties.  The loans were contributed to the trust by
Institutional Mortgage Capital, LP.

KEY RATING DRIVERS

The affirmations are based on the stable performance of the
underlying collateral pool since issuance.  As of the January 2016
remittance, the pool has had no delinquent or specially serviced
loans.  The pool's aggregate principal balance has been paid down
by approximately 10.5% since issuance.  There are no partial or
full-term interest-only loans in the pool.  Approximately 90.3% of
the pool has full or partial recourse to the loans' borrowers and
sponsors.

Given the current low price of oil and the dependence of Alberta on
the oil industry, Fitch is cognizant of the potential risks real
estate in Alberta may have.  The pool has seven loans located in
Alberta, representing 18.9% of the pool.  However, the six largest
of the seven loans have full or partial recourse to the guarantors
and/or sponsors; the other loan is part of a crossed U-Haul
self-storage portfolio.  The three Fort McMurray multifamily
properties (8.8% of the pool), which are not crossed, have
institutional REIT sponsorship.  The two Calgary office properties
have granular tenancy.

The largest loan of the pool (10.8% of the pool balance) is secured
by a 362,577 square foot (sf) enclosed shopping center located in
Dollard-des-Ormeaux (Montreal), Quebec.  The property is anchored
by Canadian Tire and Super C grocery.  The pari passu loan is full
recourse to the borrowing entity and its owner and is partial
recourse to the sponsor.

The second largest loan (9.1%) is secured by the Merivale Mall, a
225,082 square foot (sf) enclosed shopping center located in
Ottawa, Ontario.  The property, which was built in 1977 and
renovated in 1994, is anchored by Farm Boy and Sport Chek.  The
pari passu loan is full recourse to the borrowing entity and
partial recourse to the sponsor.  Discount retailer Marshalls
opened in 2015.

The third largest loan (8.8%) is the Shoppers Drug Mart Portfolio
which consists of eight cross-collateralized and cross-defaulted
loans.  Each loan is secured by a retail property fully leased by
Shoppers Drug Mart.  The portfolio consists of 141,093 sf and is
located across Ontario in Ottawa, London, and Windsor.  Lease
expirations for the portfolio range from 2021 to 2031.

RATING SENSITIVITIES

Although all rated classes maintain Stable Outlooks, Fitch will
continue to monitor the properties exposed to the energy sector in
addition to reviewing the year-end 2015 reporting when provided by
the servicer.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation
to this rating action.

Fitch has affirmed these ratings:

   -- $11.1 million class A-1 at 'AAAsf'; Outlook Stable;
   -- $96.4 million class A-2 at 'AAAsf'; Outlook Stable;
   -- $81.6 million class A-3 at 'AAAsf'; Outlook Stable;
   -- $5.3 million class B at 'AAsf'; Outlook Stable;
   -- $8.5 million class C at 'Asf'; Outlook Stable;
   -- $6.9 million class D at 'BBBsf'; Outlook Stable;
   -- $3.8 million class E at 'BBB-sf'; Outlook Stable;
   -- $3.1 million class F at 'BBsf'; Outlook Stable;
   -- $2.5 million class G at 'Bsf'; Outlook Stable.

Fitch does not rate the $5 million class H and the interest-only
class X.



JP MORGAN 2005-LDP1: Fitch Affirms 'Dsf' Rating on 6 Tranches
-------------------------------------------------------------
Fitch Ratings has upgraded one class and affirmed eight classes of
JP Morgan Chase Commercial Mortgage Securities Corp. series
2005-LDP1 (JPMCCM 2005-LDP1) commercial mortgage pass-through
certificates.

KEY RATING DRIVERS

The upgrade to class F reflects increased credit enhancement to the
class from loan payoffs as well as better than expected recoveries
on the resolved specially serviced assets.

Fitch modeled losses of 34% of the remaining pool; expected losses
on the original pool balance total 4%, including $86.6 million (3%
of the original pool balance) in realized losses to date.  The pool
is very concentrated with only 19 assets remaining; approximately
73% of which are backed by retail properties.  Fitch has designated
nine loans (53.7%) as Fitch Loans of Concern, which includes six
specially serviced assets (46.4%).

As of the December 2015 distribution date, the pool's aggregate
principal balance has been reduced by 97% to $86.8 million from
$2.88 billion at issuance.  Per the servicer reporting, one loan
(0.9% of the pool) is defeased.  Interest shortfalls are currently
affecting classes H through NR.

The largest contributor to expected losses is the real estate owned
(REO) Southbridge Mall (10.4% of the pool), a 223,000 sf mall
located in Mason City, IA, which is located near the Iowa,
Minnesota border, about halfway between Des Moines and Minneapolis.
Foreclosure was completed and title transferred in December 2012.
The mall is anchored by Younkers (22% of NRA through 2019).  As of
the July 2015 rent roll, the property was reported to be 52%
occupied after JC Penney (22% of the NRA) vacated in April 2015,
prior to its lease maturity.  Local officials are reportedly
working on a development plan, which would involve leasing and
re-purposing the former JC Penney space into a new
hockey/entertainment venue.  Any marketing of the property for sale
by the special servicer is not expected until at least second
quarter 2016.

The next largest contributor to expected losses is the REO Indian
River Office Building (11.5%), a 94,000 sf medical office property
located in Vero Beach, FL.  The loan transferred to special
servicing in January 2014 due to imminent default.  Foreclosure was
completed and title transferred in May 2015.  The property began
suffering occupancy declines in 2011 most likely due to increased
competition from newer properties in the area.  As of the November
2015 rent roll, the property was approximately 52% leased.
Property management is focused on cleaning up and leasing the
property.  The property is expected to be imminently marketed for
sale.

The third largest contributor to expected losses is the REO former
Harley Davidson Center (10.2%), a 104,000 sf retail property
located in Las Vegas, NV.  Foreclosure was completed and title
transferred in September 2015.  The loan was unable to repay at its
maturity after its largest tenant, Las Vegas Harley Davidson (64%
of NRA), vacated the property at lease expiration in January 2015.
The special servicer is attempting to lease up the vacant space
prior to marketing the property for sale.

RATING SENSITIVITIES

Class F was assigned a Stable Outlook.  Upgrades to the class were
limited due to the concentration of the pool with the majority
considered Fitch Loans of Concern, including six specially serviced
assets.  Further, 46% of the pool isn't scheduled to mature until
at least 2019.

Class G may be upgraded in the future should specially serviced
assets be resolved with limited losses. Class H may be subject to
further downgrade as additional losses are realized.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation
to this rating action.

Fitch has upgraded this:

   -- $15.1 million class F to 'BBBsf' from 'Bsf'; Outlook Stable.

Fitch has affirmed these classes as indicated:

   -- $28.8 million class G at 'CCCsf'; RE 100%;
   -- $32.4 million class H at 'Csf'; RE 45%.
   -- $10.6 million class J at 'Dsf'; RE 0%;
   -- $0 class K at 'Dsf'; RE 0%;
   -- $0 class L at 'Dsf'; RE 0%;
   -- $0 class M at 'Dsf'; RE 0%;
   -- $0 class N at 'Dsf'; RE 0%;
   -- $0 class P at 'Dsf'; RE 0%.

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



JP MORGAN 2007-CIBC20: Fitch Cuts Class F Debt Rating to Csf
------------------------------------------------------------
Fitch Ratings has downgraded two and affirmed 16 classes of J.P.
Morgan Chase Commercial Mortgage Securities Corp (JPMCC) commercial
mortgage pass through certificates series 2007-CIBC20.

KEY RATING DRIVERS

The affirmations of the majority of classes are due to overall
stable performance since Fitch's last rating action. Fitch modeled
losses of 8.4% of the remaining pool; expected losses on the
original pool balance total 12.8%, including $181.7 million (7.1%
of the original pool balance) in realized losses to date. Fitch has
designated 39 loans (42.7%) as Fitch Loans of Concern, which
includes three specially serviced assets (4.8%). The downgrades to
classes F and G are due to higher certainty of losses from the
specially serviced loans.

As of the December 2015 distribution date, the pool's aggregate
principal balance has been reduced by 32.2% to $1.72 billion from
$2.54 billion at issuance. Per the servicer reporting, one loan
(0.3% of the pool) is defeased. Interest shortfalls are currently
affecting classes F through NR.

The largest contributor to expected losses is the North Hills Mall
loan (8.2% of the pool), which is secured by a 577,383 square foot
(sf) regional lifestyle center located in Raleigh, NC within the
Research Triangle. The property is anchored by J.C. Penney, Regal
Entertainment, REI, and Fitness Connection with lease expirations
in March 2018, May 2020, November 2020, and December 2019,
respectively. The anchor tenant Target is not part of the
collateral. In addition to the retail component, there is a 101,423
sf office component, which is part of the collateral, and a
200-room Renaissance Hotel which is not part of the collateral. JC
Penney is not listed on the recently published store closure list
and reported trailing 12-month September 2015 sales of $83 per sf.
The mall is 98.4% occupied as of September 2015. There is
approximately 7% lease rollover in 2016 and 8% in 2017. Per Reis,
as of third quarter 2015 (3Q15), the Raleigh-Durham retail market
had a vacancy rate of 7.8%.

The next largest contributor to expected losses is the
specially-serviced Clark Tower loan (3.5%), which is secured by a
Class B, 671,577 sf office property located in Memphis, TN. The
largest tenants are Concorde Career Colleges, Inc. (10%),
expiration August 2021; CB Richard Ellis/Trammell Crow (8%),
expiration March 2016, Thompson Dunavant (4%), expiration March
2019, and Wade Hartfield Enterprises (3%), expiration September
2020. No update was provided on a CB Richard Ellis/Trammell Crow
lease renewal. The loan has been in special servicing since
September 2013 when occupancy declined to 66% mainly due to the
tenant, FDIC, vacating its space in 2012. The loan was modified in
July 2015: the modification terms include balance split into an A
note $43.5 million and B-Note $16.9 million (Hope Note), a borrower
contribution of $5.7 million in new equity, interest rate
reduction, and two one-year maturity extension options. As of
December 2015, the property remains 67% occupied with average rent
$17 per sf. There is approximately 16% upcoming rollover in 2016.
Per Reis, as of 3Q15, the East Memphis/Germantown retail submarket
vacancy is 11.9% with average asking rent $16.63 per sf. The
special servicer continues to monitor the master servicer's
boarding of the new/modified loan terms and cash management
waterfall and the loan is expected to return to the master servicer
in late January 2016.

The third largest contributor to expected losses is The Milburn
Hotel loan (1.5%), which is secured by a hotel property consisting
of 121 units located on the upper west side in New York City on
West 76th street. The most recent STR report available from the
master servicer is as of June 2014, when the property was 78%
occupied with ADR and RevPAR of $256 and $201 respectively. The
loan is on the master servicer's watchlist due to declines in room
revenue and high operating expenses. A more recent STR report was
requested but was not available. While the Fitch value based on
current reported cash flow and a stressed cap rate indicates losses
are possible, given the location and asset quality, losses are
unlikely to be incurred.

RATING SENSITIVITIES

Rating Outlooks on classes A-4 through A-J remain Stable due to
increasing credit enhancement and continued paydown. Although the
credit enhancement is increasing for the A-M classes, the
transaction has a large concentration of retail properties, higher
loan to value (LTVs) on the larger top 15 loans, and large
concentration of 2017 loan maturities. Distressed classes may be
subject to further downgrades should losses exceed Fitch's
expectations or additional assets transfer to special servicing.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation
to this rating action.

Fitch downgraded the following ratings:

-- $22.3 million class F to 'Csf' from 'CCsf'; RE 0%;
-- $25.4 million class G to 'Csf' from 'CCsf'; RE 0%.

Fitch also affirmed the following classes and revised REs as
indicated:
-- $876.3 million class A-4 at 'AAAsf'; Outlook Stable;
-- $19.4 million class A-SB at 'AAAsf'; Outlook Stable;
-- $246.7 million class A-1A at 'AAAsf'; Outlook Stable;
-- $219.3 million class A-M at 'Asf'; Outlook Stable;
-- $35 million class A-MFX at 'Asf'; Outlook Stable;
-- $152.6 million class A-J at 'Bsf'; Outlook Stable;
-- $31.8 million class B at 'CCCsf'; RE 85%;
-- $25.4 million class C at 'CCCsf'; RE 0%.
-- $28.6 million class D at 'CCsf'; RE 0%;
-- $22.3 million class E at 'CCsf'; RE 0%;
-- $18.6 million class H at 'Dsf'; RE 0%;
-- $0 class J at 'Dsf'; RE 0%;
-- $0 class K at 'Dsf'; RE 0%;
-- $0 class L at 'Dsf'; RE 0%;
-- $0 class M at 'Dsf'; RE 0%;
-- $0 class N at 'Dsf'; RE 0%.

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





JP MORGAN 2016-ATRM: Fitch to Rate Class E Debt 'BB-'
-----------------------------------------------------
Fitch Ratings has issued a presale report on J.P. Morgan Chase
Commercial Mortgage Securities Trust 2016-ATRM commercial mortgage
pass-through certificates series 2016-ATRM.

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

-- $191,600,000 class A 'AAAsf'; Outlook Stable;
-- $67,400,000 class B 'AA-sf'; Outlook Stable;
-- $35,000,000 class C 'A-sf'; Outlook Stable;
-- $53,000,000 class D 'BBB-sf'; Outlook Stable;
-- $347,000,000a class X-CP 'BBB-sf'; Outlook Stable;
-- $347,000,000a class X-NCP 'BBB-sf'; Outlook Stable;
-- $98,000,000 class E 'BB-sf'; Outlook Stable;
-- $81,700,000 class F 'B-sf'; Outlook Stable.

(a) Notional amount and interest-only.

The expected ratings are based on information provided by the
issuer as of Jan. 14, 2016. Fitch does not expect to rate the
$58,300,000 class G.

The certificates represent the beneficial interest in a trust that
holds a five-year, fixed rate, interest-only $585 million mortgage
loan secured by the fee and leasehold interests in 30 hotel
properties with a total of 7,236 rooms located in 16 states. The
sponsor of the loan is Atrium Holding Company. The loan was
originated by JPMorgan Chase Bank, National Association (rated
'A+'/'F1'/Stable Outlook).

KEY RATING DRIVERS

Diverse Portfolio: The portfolio exhibits geographic diversity,
with 30 properties located across 16 states; no state represents
more than 15.2% of portfolio cash flow. The top 10 properties
account for approximately 54.0% of the portfolio cash flow and
39.0% of the total keys.

Asset Quality and Age: The thirty properties comprising the
portfolio have an average age of 23.5 years (built from 1979-2000)
which is considered an older vintage. The portfolio's assets are
well maintained, with $258.9 million ($35,785 per key) of capital
improvements spent from 2005 through November 2015. In addition,
$125.2 million ($17,300 per key) in capital improvements are
budgeted through 2020.

High Trust Leverage: Fitch's stressed DSCR and loan-to-value (LTV)
ratios for the trust component of the debt are 1.04x and 103.0%,
respectively.

National Franchise Flags: Twenty nine of the 30 hotels are
franchised with Hilton, Marriott, Intercontinental Hotel Group
(IHG), Carlson Rezidor, and Starwood and benefit from their
respective loyalty point and reservations systems. The Embassy
Suites by Hilton represents the largest brand, with 34.5% of the
portfolio's total keys and 47.1% of the portfolio's TTM November
2015 net cash flow (NCF). The remaining brands include Marriott,
Renaissance, Holiday Inn, Hilton, Sheraton, Homewood Suites,
Hampton Inn & Suites, Crowne Plaza, Radisson and one independently
operated hotel.

RATING SENSITIVITIES

Fitch found that the 'AAAsf' class could withstand an approximate
72.5% decrease to the most recent actual net cash flow (NCF) prior
to experiencing $1 of loss to the 'AAAsf' rated class. Fitch
performed several stress scenarios in which the Fitch NCF was
stressed. Fitch determined that a 68.0% reduction in Fitch's
implied NCF would cause the notes to break even at a 1.0x debt
service coverage ratio (DSCR), based on the actual debt service.

Fitch evaluated the sensitivity of the ratings for class A and
found that a 15% decline in Fitch's implied NCF would result in a
one-category downgrade, while a 45% decline would result in a
downgrade to below investment grade.

The Rating Sensitivity section in the presale report includes a
detailed explanation of additional stresses and sensitivities. Key
Rating Drivers and Rating Sensitivities are further described in
the accompanying presale report.

DUE DILIGENCE USAGE

Fitch was provided with third-party due diligence information from
Ernst and Young, LLP. The third-party due diligence information was
provided on ABS Due Diligence Form-15E and focused on a comparison
and re-computation of certain characteristics with respect to the
mortgage loan and related mortgaged properties in the data file.
Fitch considered this information in its analysis, and the findings
did not have an impact on Fitch's analysis.



JP MORGAN 2016-ATRM: S&P Assigns Prelim. B- Rating on Cl. G Certs
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary ratings
to J.P. Morgan Chase Commercial Mortgage Securities Trust
2016-ATRM's $585.0 million commercial mortgage pass-through
certificates series 2016-ATRM.

The certificate issuance is a commercial mortgage-backed securities
transaction backed by one five-year, fixed-rate commercial mortgage
loan totaling $585.0 million, secured by cross-collateralized and
cross-defaulted mortgages and deeds of trust on the borrowers' fee
and leasehold interests in 30 full-service, limited-service, and
extended-stay hotels and by a first-lien mortgage encumbering all
of the operating lessees' rights in the properties.

The preliminary ratings are based on information as of Jan. 19,
2016.  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 collateral's
historic and projected performance, the sponsor's and manager's
experience, the trustee-provided liquidity, the loan's terms, and
the transaction's structure.  S&P determined that the loan has a
beginning and ending loan-to-value (LTV) ratio of 94.6%, based on
Standard & Poor's value.

PRELIMINARY RATINGS ASSIGNED

J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-ATRM  

Class     Rating(i)         Amount ($)
A         AAA (sf)         191,600,000
X-CP      BBB- (sf)       347,000,000(ii)
X-NCP     BBB- (sf)       347,000,000(ii)
B         AA- (sf)          67,400,000
C         A (sf)            35,000,000
D         BBB- (sf)         53,000,000
E         BB (sf)           98,000,000
F         B+ (sf)           81,700,000
G         B- (sf)           58,300,000

   (i) The issuer will issue the certificates to qualified
institutional buyers in line with Rule 144A of the Securities Act
of 1933.  
  (ii) Notional balance.  The notional amount of the class X-CP and
X-NCP certificates will be reduced by the aggregate amount of
principal distributions and realized losses allocated to the class
A, class B, class C, and class D certificates.



LB-UBS COMMERCIAL 2006-C7: Fitch Cuts Rating on Cl. A-J Certs to D
------------------------------------------------------------------
Fitch Ratings has upgraded one, affirmed 17 and downgraded two
distressed classes of LB-UBS Commercial Mortgage Trust (LBUBS)
commercial mortgage pass-through certificates series 2006-C7.

KEY RATING DRIVERS

The upgrade reflects the overall improved performance of the
transaction and high concentration of defeasance (44% of the
transaction).  The downgrades are due to incurred losses on the
distressed classes.  Fitch modeled losses of 5.1% of the remaining
pool; expected losses on the original pool balance total 13.8%,
including $316.5 million (10.5% of the original pool balance) in
realized losses to date.  Fitch has designated 18 loans (8.4%) as
Fitch Loans of Concern, which includes four specially serviced
assets (1.9%).

There are 126 loans (98.3% of the pool) scheduled to mature by the
end of 2016.  The bulk of the maturities (95.1%) are concentrated
in the last four months of the year.  This includes 12 loans
(44.2%) which are fully defeased.

As of the December 2015 distribution date, the pool's aggregate
principal balance has been reduced by 35.8% to $1.94 billion from
$3.02 billion at issuance.  Interest shortfalls are currently
affecting class A-J.

The largest contributor to expected losses is the
specially-serviced Triangle Town Center - Subordinate Tranche loan
(1.3% of the pool).  The B-note contributed to the trust is
subordinate to a $108.4 million A-note in the LBUBS 2006-C1
transaction.  The loan is secured by a mall and lifestyle center in
Raleigh, North Carolina.  It is owned and operated by CBL &
Associates Properties and the non-collateral anchor tenants include
Dillard's, Belk, Macy's, Saks Fifth Avenue and Sears.  The loan,
which was originally scheduled to mature in December 2015,
transferred to special servicing in September 2015 for imminent
default and is now delinquent.  As of June 2015, net operating
income debt service coverage ratio (NOI DSCR) for the combined A
and B note was 0.75x. As of the September 2015 rent roll, occupancy
declined to 86% from 97% at year-end 2014.  The mall continues to
face competition from a nearby mall approximately 10 miles away,
contributing to leasing challenges within the lifestyle component
of the mall.

The next largest contributor to expected losses is a portfolio of
10 mobile home parks (2.3%) totaling 1,649 pads located in
Michigan, Florida and Ohio.  Fitch has identified this loan as a
Fitch Loan of Concern.  The portfolio has historically
underperformed underwriting at issuance.  As of June 2015 portfolio
occupancy was 78% with NOI DSCR of 0.87x, as compared to 85%
occupancy and NOI DSCR of 1.27x at issuance.  Of the 10 mobile home
parks, seven of the properties have NOI insufficient to cover debt
service, including three properties with NOI DSCR below 0.65x as of
June 2015.  The loan shares the same sponsor as the third largest
contributor to losses.  The loan remains current as of the December
2015 remittance and has not been delinquent during the life of the
loan.

The third largest contributor to expected losses is a portfolio of
three mobile home parks (1.1%) totaling 1,150 pads located in
western Michigan.  Fitch has identified this loan as a Fitch Loan
of Concern.  Performance of the portfolio continues to deteriorate
since issuance.  As of June 2015 portfolio occupancy declined to
63% with NOI DSCR of 0.89x as compared to occupancy of 68% and NOI
DSCR of 1.27x at issuance.  The loan shares the same sponsor as the
second largest contributor to losses.  The loan remains current as
of the December 2015 remittance and has not been delinquent during
the life of the loan.

RATING SENSITIVITIES

Rating Outlooks remain Stable due to increasing credit enhancement
and continued delevering of the transaction through amortization
and repayment of maturing loans.  Fitch applied various NOI stress
scenarios when considering the upgrade to account for refinance
risk related to loans maturing this year.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation
to this rating action.

Fitch upgrades this class as indicated:

   -- $302 million class A-M to 'AAsf' from 'Asf'; Outlook Stable.


Fitch affirms these classes as indicated:

   -- $90.8 million class A-2 at 'AAAsf'; Outlook Stable;
   -- $968.1 million class A-3 at 'AAAsf'; Outlook Stable;
   -- $290 million class A-1A at 'AAAsf'; Outlook Stable;
   -- $0 class C at 'Dsf'; RE 0%;
   -- $0 class D at 'Dsf'; RE 0%;
   -- $0 class E at 'Dsf'; RE 0%;
   -- $0 class F at 'Dsf'; RE 0%;
   -- $0 class G at 'Dsf'; RE 0%;
   -- $0 class H at 'Dsf'; RE 0%;
   -- $0 class J at 'Dsf'; RE 0%;
   -- $0 class K at 'Dsf'; RE 0%;
   -- $0 class L at 'Dsf'; RE 0%;
   -- $0 class M at 'Dsf'; RE 0%;
   -- $0 class N at 'Dsf'; RE 0%;
   -- $0 class P at 'Dsf'; RE 0%;
   -- $0 class Q at 'Dsf'; RE 0%;
   -- $0 class S at 'Dsf'; RE 0%.

Fitch downgrades these classes due to realized losses:

   -- $287.6 million class A-J to 'Dsf' from 'CCCsf'; RE 65%;
   -- $0 class B to 'Dsf' from 'CCCsf'; RE 0% .

Classes A-1 and A-AB have paid in full.  Fitch does not rate the
class T certificates.  Fitch previously withdrew the ratings on the
interest-only class X-CP, X-CL and X-W certificates.


LIGHTPOINT VII: Moody’s Hikes Class D Debt Rating to 'Ba3(sf)'
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by LightPoint CLO VII, Ltd.:

US$25,000,000 Class B Deferrable Floating Rate Notes Due 2021,
Upgraded to Aa2 (sf); previously on June 26, 2015 Upgraded to A1
(sf)

US$18,000,000 Class C Deferrable Floating Rate Notes Due 2021,
Upgraded to Baa2 (sf); previously on June 26, 2015 Upgraded to Baa3
(sf)

US$17,000,000 Class D Deferrable Floating Rate Notes Due 2021,
Upgraded to Ba3 (sf); previously on June 26, 2015 Affirmed B1 (sf)

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

US$335,250,000 Class A-1 Floating Rate Notes Due 2021 (current
outstanding balance of $175,051,172), Affirmed Aaa (sf); previously
on June 26, 2015 Affirmed Aaa (sf)

US$21,250,000 Class A-2 Floating Rate Notes Due 2021, Affirmed Aaa
(sf); previously on June 26, 2015 Upgraded to Aaa (sf)

LightPoint CLO VII, Ltd., issued in May 2007, is a collateralized
loan obligation (CLO) backed primarily by a portfolio of senior
secured loans. The transaction's reinvestment period ended in May
2014.

RATINGS RATIONALE

These rating actions are primarily a result of deleveraging of the
senior notes and an increase in the transaction's
over-collateralization (OC) ratios since June 2015. The Class A-1
notes have been paid down by approximately 21.0% or $46.5 million
since then. Based on the trustee's December 2015 report, the OC
ratios for the Class A, B, C and D notes are reported at 134.9%,
119.7%, 110.7% and 103.3%, respectively, versus June 2015 levels of
128.2%, 116.3%, 108.9% and 102.8%, respectively.

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 continue 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.

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% (1863)

Class A-1: 0

Class A-2: 0

Class B: +2

Class C: +2

Class D: +1

Moody's Adjusted WARF + 20% (2795)

Class A-1: 0

Class A-2: 0

Class B: -1

Class C: -2

Class D: -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 "Moody's Global
Approach to Rating Collateralized Loan Obligations."

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 $264.8 million, no defaulted par, a
weighted average default probability of 12.96% (implying a WARF of
2329), a weighted average recovery rate upon default of 51.21%, a
diversity score of 37 and a weighted average spread of 2.91%
(before accounting for LIBOR floors).

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.



MASTR ALTERNATIVE: Moody's Hikes Cl. 1-A-3 Debt Rating to B2
------------------------------------------------------------
Moody's Investors Service has upgraded the rating of Class 1-A-3
from MASTR Alternative Loan Trust 2005-2.

Complete rating actions are as follows:

Issuer: MASTR Alternative Loan Trust 2005-2

Cl. 1-A-3, Upgraded to B2 (sf); previously on Apr 15, 2010
Downgraded to B3 (sf)

RATINGS RATIONALE

The rating upgraded is a result of the improving performance of the
related pool and reflects Moody's updated loss expectation on the
pool.



MERRILL LYNCH 2004-MKB1: Fitch Raises Rating on Cl. L Certs to BB
-----------------------------------------------------------------
Fitch Ratings upgrades one class, downgrades one class, and affirms
two classes of Merrill Lynch Mortgage Trust (MLMT) 2004-MKB1
commercial mortgage pass-through certificates.

KEY RATING DRIVERS

The upgrade reflects increased credit enhancement from scheduled
paydown.  The downgrade is due to realized losses.  Fitch modeled
losses of 5% of the remaining pool; expected losses on the original
pool balance total 1.7%, including $16.1 million (1.6% of the
original pool balance) in realized losses to date.

As of the January 2016 distribution date, the pool's aggregate
principal balance has been reduced by 98.67% to $13 million from
$980 million at issuance.  Since the last rating action, one
specially serviced loan has liquidated with better than expected
recoveries.  There are five loans remaining, four of which (34.2%)
are fully amortizing.  Interest shortfalls are currently affecting
class Q.

The largest loan in the pool, Georgetown Medical Plaza (46%), is a
71,031 square foot (sf) office building located in Indianapolis,
IN.  The loan reached its anticipated repayment date (ARD) in March
2014, and is being cash managed and accruing 2% deferred interest.
The loan's final maturity date is in 2034.  The loan's debt service
coverage ratio (DSCR) was 1.39x as of December 2014 and occupancy
has been 100% since issuance by a single tenant.  The lease
expiration is July 2018.

The second largest loan in the pool (20%) is a 20,987 sf office
property in Malibu, CA.  DSCR was 2.42x as of December 2014 and
occupancy was 100% as of September 2015.

RATING SENSITIVITIES

The Rating Outlook on class L is Stable, reflecting Fitch's
expectation of future affirmations.  The distressed classes (those
rated below 'B') may be subject to downgrades in the event loan
performance deteriorates, as the transaction is becoming
increasingly concentrated.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation
to this rating action.

Fitch upgrades this class as indicated:

   -- $4.6 million class L to 'BBsf' from 'Bsf'; Outlook Stable.

Fitch downgrades this class and revises REs as indicated:

   -- $3.7 million class P to 'Dsf' from 'Csf', RE 100%.

Fitch affirms these classes and REs as indicated:

   -- $4.9 million class M at 'CCCsf', RE 100%;
   -- $2.5 million class N at 'CCsf', RE 100%.

The class A-1, A-2, A-3, A-4, A-1A, B, C, D, E, F, G, H, J and K
certificates have paid in full.  Fitch does not rate the class Q
certificates.  Fitch previously withdrew the ratings on the
interest-only class XC and XP certificates.



MORGAN STANLEY 2013-C7: DBRS Confirms BB(high) Rating on Cl. E Debt
-------------------------------------------------------------------
DBRS, Inc. confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2013-C7 (the
Certificates) issued by Morgan Stanley Bank of America Merrill
Lynch Trust 2013-C7 as listed below:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (sf)
-- Class PST at A (sf)
-- Class D at BBB (sf)
-- Class E at BB (high) (sf)
-- Class F at BB (sf)
-- Class G at B (sf)

All trends are Stable.

DBRS does not rate the first loss piece, Class H. The Class PST
certificates are exchangeable for the Class A-S, B and C
certificates (and vice versa).

This transaction consists of 63 fixed-rate loans secured by 122
commercial properties. There has been one loan repaid since
issuance, Prospectus ID #45, Walgreens – Austin, Texas, with
total collateral reduction of 4.3% since issuance as of the
December 2015 remittance report. The pool is concentrated by loan
size as the Top Five and Top Ten loans make up 39.6% and 55.6% of
the pool, respectively, and there are 17 loans (12.1% of the pool)
secured by single-tenant properties. Hotels also represent a
relatively significant portion of the pool at seven loans for 15.8%
of the transaction balance, with four of those loans in the Top 15.


YE2014 or newer figures were available for all loans in the pool
except Prospectus ID #17, Sunvalley Shopping Center Fee (1.7% of
the pool), which shows a most recent debt service coverage ratio
(DSCR) of 1.50x as of YE2013. There are ten loans in the Top 15 for
which no 2015 financial reporting is pulling to the servicer’s
reporting files. DBRS has requested information from the servicer
on the status of those statements and is awaiting a response. The
YE2014 weighted-average (WA) DSCR for the pool was 1.90 times (x),
with a WA debt yield of 10.9% based on the YE2014 net cash flow
(NCF) figures and the outstanding loan balance as of the December
2015 remittance. These figures compare with the DBRS underwritten
WA DSCR and WA debt yield at issuance of 1.80x and 10.2%,
respectively.

There were six loans on the watchlist, comprising 17.6% of the pool
balance, and one loan in special servicing, representing 1.2% of
the pool, as of the December 2015 remittance report. Two of the
watchlisted loans are in the Top 15, including the largest loan in
the pool. Four of the six loans on the watchlist are reporting
healthy DSCR and occupancy figures and are being monitored for
upcoming tenant rollover or relatively minor deferred maintenance
issues.

The largest loan on the watchlist, Prospectus ID #1, Chrysler East
Building (12.4% of the pool), is secured by a 745,000 square foot
(sf) Class A office property located in Midtown Manhattan at 666
East 3rd Avenue. The property benefits from direct access to the
Grand Central Terminal and strong sponsorship in Tishman Speyer
Properties (Tishman Speyer). At closing, Tishman Speyer retained a
20% equity interest in the property with institutional investors
contributing nearly $200 million in cash equity. This is a pari
passu loan, with the A-2 piece placed in the MSBAM 2013-C8
transaction. The loan is on the servicer’s watchlist for a low
DSCR, which was 1.03x at Q3 2015, down from 1.92x at YE2014. The
decline in NCF is the result of declining occupancy at the property
as the Q3 2015 reporting showed 81.0% occupancy, down from 96.0% at
issuance. The property has historically held occupancy at or above
95.0% and, according to CoStar, the subject’s Grand Central
submarket showed a Class A vacancy rate of 11.0% at January 2016.
DBRS has requested a leasing strategy update from the servicer and
is awaiting the response. Given the property’s history of strong
occupancy rates and the healthy submarket, DBRS expects that the
current vacancy will be successfully recovered in the near term.

The second-largest loan on the watchlist is Prospectus ID #15,
Concorde Green Retail (1.9% of the pool). This loan is being
monitored for a low DSCR at YE2014 and Q2 2015 of 1.04x and 1.00x,
respectively, driven by occupancy declines at the property over the
past two years to 78.0% as of the September 2015 rent roll from the
issuance level of 90.0%. The loan is secured by a grocery-anchored
retail center comprising 200,000 sf in Glendale Heights, Illinois,
a western Chicago suburb. The grocery anchor is Valli Produce,
which represents 48.0% of the NRA on a lease through 2038. The
property is well located along North Avenue, a heavily trafficked
thoroughfare for this and surrounding suburbs. The servicer reports
that the borrower is actively marketing the vacant space for lease,
with no rental concessions being offered as of December 2015. DBRS
will continue to monitor the loan for developments.

There is one loan in special servicing, Prospectus ID #25, Oakridge
Office Park (1.2% of the pool). The loan is secured by a 316,000 sf
office and data center complex located in Orlando, Florida. The
park was built in phases between 1966 and 1983, with renovations
most recently completed in 2005. The loan transferred to special
servicing in June 2014 when the borrower stopped making payments
following a space reduction for the property’s largest tenant,
AT&T, which occupied approximately 34.0% of the NRA and reduced its
space by half. The property also lost a tenant, which previously
occupied approximately 9.5% of the NRA, to bankruptcy. According to
CoStar, Class B properties in the subject’s Orlando Central Park
submarket have hovered between 20.0% and 25.0% vacancy since 2011,
with vacancy at 17.2% as of January 2015. The special servicer
reports an occupancy rate of 48.0% for the property as of August
2015.

A January 2015 appraisal valued the property at $16.0 million, down
from the issuance value of $24.0 million. The January 2015
appraisal implies value just over the outstanding trust exposure as
of December 2015 but, given the slow leasing activity at the
property within a relatively stable submarket, DBRS believes that
the property could be slow to trade, which could increase the
likelihood of a loss to the trust. The special servicer reports
that a deed-in-lieu is in escrow, with the workout strategy being
dual tracked between marketing the property for sale through the
receiver (which has been in place since February 2015) and
foreclosure as of the December 2015 remittance report. DBRS will
monitor the situation closely for developments.



MORTGAGE EQUITY 2010-1: S&P's Class A Debt Rating on Watch Dev.
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on six
home equity conversion mortgage (HECM) reverse mortgage
transactions and two Re-REMIC transactions remain on CreditWatch
with developing implications.  The ratings from these transactions
were initially placed on CreditWatch with developing implications
on Oct. 16, 2015.

The continued CreditWatch listings reflect S&P's ongoing review of
the performance of certain models used to estimate collateral cash
flows for U.S. residential mortgage-backed securities (RMBS) backed
by HECM reverse mortgage loans.  Since the initial CreditWatch
placement, S&P has confirmed that one or more errors exist in the
coding or documentation for these models.  S&P has yet to determine
the materiality of these errors or the extent to which they will
result in any change to the current ratings.  Based on S&P's
findings from the review, it will raise, lower, affirm, or withdraw
the ratings as it deems appropriate.

RATINGS REMAINING ON CREDITWATCH DEVELOPING

Mortgage Equity Conversion Asset Trust 2007-FF2
Class                Rating
A                    AA+ (sf)/Watch Dev   

Mortgage Equity Conversion Asset Trust 2010-1
Class                Rating
A                    CCC (sf)/Watch Dev  

Reverse Mortgage Loan Trust Series REV 2007-2
Class                Rating
A                    B- (sf)/Watch Dev    

Riverview HECM Trust 2007-1
Class                Rating
A                    A- (sf)/Watch Dev

Riverview Mortgage Loan Trust 2007-2
Class                Rating
A-1                  AA+ (sf)/Watch Dev  
A-2                  A- (sf)/Watch Dev   

Riverview Mortgage Loan Trust 2007-3
Class                Rating
A-1                  A- (sf)/Watch Dev   
FR                   A- (sf)/Watch Dev   

Riverview HECM Pass-Through Certificates Series 2007-4
Class                Rating
A                    A- (sf)/Watch Dev   

Riverview HECM Pass-Through Certificates Series 2008-1
Class                Rating
A-5                  AA+ (sf)/Watch Dev    



NEW YORK LAW SCHOOL: Moody's Confirms Ba1 Rating on 2006 Rev Bonds
------------------------------------------------------------------
SUMMARY RATING RATIONALE

Moody's Investors Service confirmed the Ba1 rating on New York Law
School's existing $126 million of Series 2006A and 2006B Revenue
Bonds, for which redemption notices were issued on January 13,
2016. Today's action concludes the review for downgrade initiated
on October 30, 2015.

The confirmation reflects the recent pricing, and expected closing,
of the Series 2015 Revenue Refunding Bonds (Baa3 negative) that
will be used to fully refund the Series 2006A and 2006B bonds. The
rated Series 2015 bonds had a legal name change to Revenue
Refunding Bonds, Series 2016.

Subsequent to the redemption of the Series 2006A and 2006B Bonds,
which is expected to occur by the end of January 2016, the Ba1
rating will be withdrawn in accordance with Moody's Policy for
Withdrawal of Credit Ratings.

RATING OUTLOOK

The negative outlook reflects significant instability in the
school's operating environment that could result in larger deficits
than currently anticipated. The school's significant financial
reserves are the fundamental underpinning for the rating, so a
material market correction could also result in rating pressures.



NOMURA HOME 2005-FM1: Moody's Hikes Cl. I-A Debt Rating to Ba1(sf)
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of six tranches
from three transactions, backed by Subprime loans, issued by Morgan
Stanley and Nomura.

Complete rating actions are as follows:

Issuer: Morgan Stanley Home Equity Loan Trust 2005-4

Cl. A-1, Upgraded to Aa2 (sf); previously on Aug 21, 2013 Upgraded
to A1 (sf)

Cl. A-2c, Upgraded to A2 (sf); previously on Aug 21, 2013 Upgraded
to Baa1 (sf)

Issuer: Nomura Home Equity Loan Trust 2005-FM1

Cl. M-2, Upgraded to Baa3 (sf); previously on Feb 3, 2015 Upgraded
to Ba3 (sf)

Cl. M-3, Upgraded to Caa3 (sf); previously on Jun 17, 2014 Upgraded
to Ca (sf)

Issuer: Nomura Home Equity Loan Trust 2006-FM1

Cl. I-A, Upgraded to Ba1 (sf); previously on Feb 3, 2015 Upgraded
to Ba2 (sf)

Cl. II-A-3, Upgraded to B1 (sf); previously on Aug 13, 2010
Downgraded to Caa2 (sf)

RATINGS RATIONALE

The ratings upgraded are a result of the improving performance of
the related pools and an increase in credit enhancement available
to the bonds. The rating actions reflect the recent performance of
the underlying pools and Moody's updated loss expectation on the
pools.

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 5.0% in December 2015 from 5.6% in
December 2014. Moody's forecasts an unemployment central range of
4.5% to 5.5% for the 2016 year. Deviations from this central
scenario could lead to rating actions in the sector.

House prices are another key driver of US RMBS performance. Moody's
expects house prices to continue to rise in 2016. Lower increases
than Moody's expects or decreases could lead to negative rating
actions.

Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions.



OCEAN TRAILS CLO II: S&P Raises Rating on Class D Notes to BB
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on each of
the seven classes of notes from Ocean Trails CLO II, a
collateralized loan obligation (CLO) transaction managed by West
Gate Horizons Advisors LLC.

The class A-1 (voting) and A-1 (nonvoting) notes are identical in
terms of payment priority and credit support, so S&P rates the
classes equally.  Previously, the class A-1 notes assigned their
voting rights to another party, which created the second class of
notes.

The rating actions follow S&P's review of the transaction's
performance, using data from the December 2015 trustee report, as
well as the application of S&P's updated corporate collateralized
debt obligation (CDO) criteria.

The upgrades reflect the increased credit support available to the
rated notes due to the paydown of $93.54 million to the class A-1
notes since S&P's January 2013 rating actions.  Primarily due to
these paydowns, the transaction's credit support has improved via
higher overcollateralization (O/C) ratios (except for class D)
since the January 2013 trustee report, which S&P reviewed before
taking its January 2013 actions.

The December 2015 trustee report stated these O/C ratios:

   -- The class A O/C ratio was 126.74%, compared with 119.96% in
      January 2013;

   -- The class B O/C ratio was 114.47%, compared with 111.53% in
      January 2013;

   -- The class C O/C ratio was 108.36%, compared with 107.13% in
      January 2013; and

   -- The class D O/C ratio was 103.55%, compared with 103.59% in
      January 2013.

S&P's January 2013 rating actions were driven by the application of
the largest-obligor default test, a supplemental test included in
its criteria for rating corporate cash flow CDOs.  Excess spread is
incorporated into the calculation of the largest-obligor default
test, as per the Sept. 17, 2015 update to S&P's criteria. The test
was applied as part of this review, and the rating action on the
class D notes is no longer driven by the application of the
largest-obligor default test.

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

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

CASH FLOW RESULTS AND SENSITIVITY ANALYSIS

Ocean Trails CLO II

                        Cash flow
         Previous       implied     Cash flow     Final
Class    rating         rating (i)  cushion (ii)  rating
A-1      AA+ (sf)       AAA (sf)    11.75%        AAA (sf)
A-1 (NV) AA+ (sf)       AAA (sf)    11.75%        AAA (sf)
A-2      AA+ (sf)       AAA (sf)    6.43%         AAA (sf)
A-3      AA- (sf)       AA+ (sf)    10.66%        AA+ (sf)
B        A- (sf)        AA- (sf)    0.42%         AA- (sf)
C        BBB- (sf)      BBB+ (sf)   1.58%         BBB+ (sf)
D        B+ (sf)        BB (sf)     0.30%         BB (sf)

(i) The cash flow implied rating considers the actual spread,
coupon, and recovery of the underlying collateral.

(ii) The cash flow cushion is the excess of the tranche break-even
default rate (BDR) above the scenario default rate (SDR) at the
assigned rating for a given class of rated notes using the actual
spread, coupon, and recovery.

RECOVERY RATE AND CORRELATION SENSITIVITY

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

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

Correlation

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

                   Recovery   Correlation Correlation
        Cash flow  decrease   increase    decrease
        implied    implied    implied     implied     Final
Class   rating     rating     rating      rating      rating
A-1     AAA (sf)   AAA (sf)   AAA (sf)    AAA (sf)    AAA (sf)
A-1(NV) AAA (sf)   AAA (sf)   AAA (sf)    AAA (sf)    AAA (sf)
A-2     AAA (sf)   AAA (sf)   AAA (sf)    AAA (sf)    AAA (sf)
A-3     AA+ (sf)   AA+ (sf)   AA+ (sf)    AAA (sf)    AA+ (sf)
B       AA- (sf)   A+ (sf)    A+ (sf)     AA+ (sf)    AA- (sf)
C       BBB+ (sf)  BBB- (sf)  BBB (sf)    BBB+ (sf)   BBB+ (sf)
D       BB (sf)    B+ (sf)    BB- (sf)    BB+ (sf)    BB (sf)

DEFAULT BIASING SENSITIVITY

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

                     Spread        Recovery     
        Cash flow    compression   compression       
        implied      implied       implied       Final     
Class   rating       rating        rating        rating      
A-1     AAA (sf)     AAA (sf)      AAA (sf)      AAA (sf)
A-1(NV) AAA (sf)     AAA (sf)      AAA (sf)      AAA (sf)  
A-2     AAA (sf)     AAA (sf)      AA+ (sf)      AAA (sf)
A-3     AA+ (sf)     AA+ (sf)      AA- (sf)      AA+ (sf)
B       AA- (sf)     A+ (sf)       BBB+ (sf)     AA- (sf)
C       BBB+ (sf)    BBB (sf)      B+ (sf)       BBB+ (sf)
D       BB (sf)      B+ (sf)       CC (sf)       BB (sf)

RATING AND CREDITWATCH ACTIONS

Ocean Trails CLO II

                       Rating
Class              To              From        

A-1 (voting)       AAA (sf)        AA+ (sf)
A-1 (nonvoting)    AAA (sf)        AA+ (sf)
A-2                AAA (sf)        AA+ (sf)
A-3                AA+ (sf)        AA- (sf)
B                  AA- (sf)        A-(sf)
C                  BBB+ (sf)       BBB- (sf)
D                  BB (sf)         B+ (sf)



OHA CREDIT XII: Moody's Assigns Ba3(sf) Rating to Cl. E Notes
-------------------------------------------------------------
Moody's Investors Service, Inc. has assigned definitive ratings to
the following classes of notes issued by OHA Credit Partners XII,
Ltd. (the "Issuer" or "OHA Ltd."):

Moody's rating action is as follows:

  US$357,000,000 Class A-1 Senior Secured Floating Rate Notes due
  2027 (the "Class A-1 Notes"), Definitive rating assigned Aaa(sf)

  US$27,600,000 Class A-2 Senior Secured Floating Rate Notes due
  2027 (the "Class A-2 Notes"), Definitive rating assigned Aaa(sf)

  US$60,000,000 Class B Senior Secured Floating Rate Notes due
  2027 (the "Class B Notes"), Definitive rating assigned Aa2(sf)

  US$23,000,000 Class C-1 Mezzanine Secured Deferrable Fixed Rate
  Notes due 2027 (the "Class C-1 Notes"), Definitive rating
  assigned A2(sf)

  US$10,000,000 Class C-2 Mezzanine Secured Deferrable Floating
  Rate Notes due 2027 (the "Class C-2 Notes"), Definitive rating
  assigned A2(sf)

  US$17,400,000 Class D-1 Mezzanine Secured Deferrable Floating
  Rate Notes due 2027 (the "Class D-1 Notes"), Definitive rating
  assigned Baa3(sf)

  US$24,000,000 Class D-2 Mezzanine Secured Deferrable Floating
  Rate Notes due 2027 (the "Class D-2 Notes"), Definitive rating
  assigned Baa3(sf)

  US$33,000,000 Class E Junior Secured Deferrable Floating Rate
  Notes due 2027 (the "Class E Notes"), Definitive rating assigned

  Ba3(sf)

  US$12,000,000 Class F Junior Secured Deferrable Floating Rate
  Notes due 2027 (the "Class F Notes"), Definitive rating assigned

  B3(sf)

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

OHA Credit Partners XII, Ltd. is a managed cash flow CLO. The
issued notes will be collateralized primarily by broadly syndicated
first lien senior secured corporate loans. At least 96% of the
portfolio must be invested in senior secured loans and up to 4% of
the portfolio may consist of second lien loans. The underlying
collateral pool is approximately 80% ramped as of the closing
date.

Oak Hill Advisors, L.P. (the "Manager") will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's five year reinvestment period.
Thereafter, the Manager may reinvest unscheduled principal payments
and proceeds from sales of credit risk assets, subject to certain
restrictions.

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

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 December 2015.

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

Par amount: $600,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3035

Weighted Average Spread (WAS): 4.25%

Weighted Average Recovery Rate (WARR): 48.50%

Weighted Average Life (WAL): 8.0 years

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2015.

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 a 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 all other factors are held
equal:

Percentage Change in WARF -- increase of 15% (from 3035 to 3490)

Rating Impact in Rating Notches

Class A-1 Notes: 0

Class A-2 Notes: -1

Class B Notes: -2

Class C-1 Notes: -2

Class C-2 Notes: -2

Class D-1 Notes: -1

Class D-2 Notes: -1

Class E Notes: 0

Class F Notes: -1

Percentage Change in WARF -- increase of 30% (from 3035 to 3946)

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-2 Notes: -3

Class B Notes: -3

Class C-1 Notes: -3

Class C-2 Notes: -3

Class D-1 Notes: -2

Class D-2 Notes: -2

Class E Notes: -1

Class F Notes: -2



ORBIT AIRCRAFT: S&P Withdraws Prelim. BB Rating on Cl. C-1 Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its preliminary credit
ratings on Orbit Aircraft Leasing Ltd./Orbit Aircraft Leasing USA
LLC's (Orbit) $671.925 million fixed-rate notes class A-1, B-1, and
C-1.

S&P withdrew the preliminary ratings because SMBC Aviation Capital
Ltd., the seller and servicer for Orbit, has withdrawn the
transaction from the market.

PRELIMINARY RATINGS WITHDRAWN

Orbit Aircraft Leasing Ltd./Orbit Aircraft Leasing USA LLC

Class             To                       From

A-1               NR                       A- (sf)
B-1               NR                       BBB (sf)
C-1               NR                       BB (sf)

NR--Not rated.



SLM PRIVATE 2007-A: Fitch Affirms 'BB+sf' Rating on Class C-1 Debt
------------------------------------------------------------------
Fitch Ratings upgrades the ratings of the class B notes of the SLM
Private Credit Student Loan Trust 2007-A to 'A-sf'. The class A and
C notes are affirmed at 'AA-sf' and 'BB+sf', respectively. The
Rating Outlook remains Stable for all of the notes.

KEY RATING DRIVERS

Collateral Quality: The trust is collateralized by approximately
$1.25 billion of private student loans. The loans were originated
by Navient Corp (fka SLM Corp) under the Signature Education Loan
Program, LAWLOANS program, MBA Loans program, and MEDLOANS program.
The projected remaining defaults are expected to range between
10%-15%. A recovery rate of 11% was applied, which was determined
to be appropriate based on data provided by the issuer.

Credit Enhancement: Transaction credit enhancement is sufficient to
provide loss coverage for the Class A, B, and C notes at each
respective rating category. CE is provided by a combination of
overcollateralization (the excess of the trust's asset balance over
the bond balance), excess spread, and subordination. The reported
total parity ratio as of the most recent distribution is 104.13%.

Adequate Liquidity Support: Liquidity support is provided by a
reserve account sized at approximately $5 million.

Servicing Capabilities: Day-to-day servicing is provided by Navient
Solutions Inc., which has demonstrated satisfactoryservicing
capabilities.

RATING SENSITIVITIES

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

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action.

Fitch has taken the following rating actions:

SLM Private Credit Student Loan Trust 2007-A:

-- Class A-2 affirmed at 'AA-sf'; outlook Stable;
-- Class A-3 affirmed at 'AA-sf'; outlook Stable;
-- Class A-4 affirmed at 'AA-sf'; outlook Stable;
-- Class B upgraded to 'A-sf' from 'BBB+sf'; outlook Stable;
-- Class C-1 affirmed at 'BB+sf'; Outlook Stable.
-- Class C-2 affirmed at 'BB+sf'; Outlook Stable.




UNITED AUTO 2016-1: DBRS Gives Prov. 'BB' Rating on Class E Debt
----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes
issued by United Auto Credit Securitization Trust 2016-1:

-- Series 2016-1 Notes, Class A at AAA (sf)
-- Series 2016-1 Notes, Class B at AA (sf)
-- Series 2016-1 Notes, Class C at A (sf)
-- Series 2016-1 Notes, Class D at BBB (sf)
-- Series 2016-1 Notes, Class E at BB (sf)

The provisional ratings are based on a review by DBRS of the
following analytical considerations:

-- Transaction capital structure, proposed ratings and form and
    sufficiency of available credit enhancement.

-- Credit enhancement is in the form of overcollateralization,
    subordination, amounts held in the reserve fund and excess
    spread. Credit enhancement levels are sufficient to support
    DBRS-projected expected cumulative net loss assumptions under
    various stress scenarios.

-- The ability of the transaction to withstand stressed cash flow

    assumptions and repay investors according to the terms in
    which they have invested. For this transaction, the ratings
    address the payment of timely interest on a monthly basis and
    principal by the legal final maturity date.

-- The transaction parties’ capabilities with regard to
    originations, underwriting and servicing and the existence of
    an experienced and capable backup servicer.

-- DBRS has performed an operational risk review of United Auto
    Credit Corporation (UACC) and considers the entity to be an
    acceptable originator and servicer of subprime automobile loan

    contracts with an acceptable backup servicer.

-- The UACC senior management team has considerable experience
    and a successful track record within the auto finance
    industry.

-- The Company successfully consolidated its business into a
    centralized servicing platform and has consolidated
    originations to two regional buying centers. UACC retained
    experienced managers and staff at the servicing center and
    buying centers, most of whom were associated with the Company
    prior to the reorganization.

-- UACC has tightened its underwriting standards and has
    implemented a risk management system, centralized oversight of

    all underwriting and improved its technology system to provide

    daily metrics on all originations, servicing and collections
    of loans.

-- The credit quality of the collateral and performance of
UACC’s
    auto loan portfolio.

-- UACC’s origination of collateral, which has a shorter term,
    higher down payment, lower book value and higher income
    requirements.

-- The legal structure and presence of legal opinions, which
    address the true sale of the assets to the Issuer, the non-
    consolidation of the special-purpose vehicle with UACC, that
    the trust has a valid first-priority security interest in the
    assets and consistency with the "DBRS Legal Criteria for U.S.
    Structured Finance" methodology.


UNITED AUTO 2016-1: S&P Assigns Prelim. BB Rating on Cl. E Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary ratings
to United Auto Credit Securitization Trust 2016-1's $161.75 million
notes series 2016-1.

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

The preliminary ratings are based on information as of Jan. 14,
2016.  Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

   -- The availability of approximately 61.5%, 53.2%, 43.3%,
      33.1%, and 27.6% credit support for the class A, B, C, D,
      and E notes, respectively, based on stressed break-even cash

      flow scenarios (including excess spread).  These credit
      support levels provide coverage of approximately 2.90x,
      2.50x, 2.05x, 1.55x, and 1.27x our expected net loss range
      of 20.00%-21.00% for the class A, B, C, D, and E notes,
      respectively.

   -- The likelihood of timely interest and principal payments by
      the assumed legal final maturity dates under stressed cash
      flow modeling scenarios that are appropriate for the
      assigned preliminary ratings.

   -- S&P's expectation that under a moderate ('BBB') stress
      scenario, the ratings on the class A, B, and C notes would
      not decline by more than one rating category and on the
      class D would not decline by more than two rating
      categories.  Under this scenario, the preliminary 'BB (sf)'
      rated class E notes would not decline by more than two
      rating categories in the first year, but would ultimately
      default in a 'BBB' stress scenario, as expected.  These
      potential rating movements are consistent with S&P's credit
      stability criteria, which outline the outer bound of credit
      deterioration as a one-category downgrade within the first
      year for 'AAA (sf)' and 'AA (sf)' rated securities, a two-
      category downgrade within the first year for 'A (sf)'
      through 'BB (sf)' rated securities under moderate stress
      conditions, and default for 'BB (sf)' rated securities over
      a three year period.

   -- The credit enhancement in the form of subordination,
      overcollateralization, a reserve account, and excess spread.

   -- The collateral characteristics of the subprime pool being
      securitized.  It is approximately five-months seasoned, with

      a weighted average original term of approximately 41 months
      and an average remaining term of about 36 months.
      Approximately 17.21% of the loans have an original term of
      49-60 months, and as a result, S&P expects the pool will pay

      down more quickly than many other subprime pools with longer

      loan terms.

   -- S&P's analysis of six years of static pool data following
      the credit crisis and after United Auto Credit Corp. (UACC)
      centralized its operations and shifted toward shorter loan
      terms.  S&P also reviewed the performance of UACC's two
      outstanding securitizations and its paid-off transactions
      (2012-1 and 2013-1).

   -- UACC's 19-plus-year history of originating, underwriting,
      and servicing subprime auto loans.

   -- The transaction's payment and legal structures.

RATINGS LIST

United Auto Credit Securitization Trust 2016-1
Automobile receivables-backed notes series 2016-1

                                                Preliminary
                                                   amount
Class       Preliminary rating                   (mil. $)
A           AAA (sf)                               73.14
B           AA (sf)                                24.38
C           A (sf)                                 24.20
D           BBB (sf)                               24.38
E           BB (sf)                                15.65



VAUGHN COLLEGE: S&P Lowers Rating on 2006 Revenue Bonds to 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating to
'BB-' from 'BB' on the New York City Industrial Development
Agency's series 2006 revenue bonds, issued on behalf of Vaughn
College of Aeronautics and Technology (VCAT).  The outlook is
stable.

The downgrade is based on S&P's revised criteria, "Methodology:
Not-For-Profit Public And Private Colleges And Universities",
published Jan. 6, 2016.

"We assessed VCAT's enterprise profile as adequate, characterized
by historically stable enrollment that has declined over the past
three years, a limited demand profile with declining applications,
and weakened matriculation for the rating," said Standard & Poor's
credit analyst Ashley Ramchandani.

"We assessed VCAT's financial profile as vulnerable, with weak
operating performance despite supplemental endowment draws to
support operations, high student dependence, and above-average debt
burden.  Combined, we believe these credit factors lead to an
indicative stand-alone credit profile of 'bb'.  As our criteria
indicate, the final rating can be within one notch of the
indicative credit level.  In our opinion, the 'BB-' rating on the
college's bonds better reflect VCAT's status as a specialty school
with niche programming, as well as the effect of what we believe
are historically high unsustainable endowment draws above the
college's spending policy of 5%.  These draws are projected to
continue through fiscal 2019," S&P said.

"In our view, the supplemental endowment draw has historically
limited growth in available resources which are, in our view, only
adequate for the rating level.  While we understand that management
has budgeted to return to an endowment draw of approximately 5% to
5.1% in fiscal 2016 and beyond, it is our opinion that the college
could potentially continue to rely on supplemental draws in the
longer term to offset budget pressures. Such reliance could further
limit growth in available resources," S&P noted.



WEBSTER PARK: Moody's Assigns Ba3(sf) Def. Rating on Cl. D Debt
---------------------------------------------------------------
Moody's Investors Service, has assigned ratings to six classes of
notes issued by Webster Park CLO, Ltd.

Moody's rating action is as follows:

US$300,800,000 Class A-1 Senior Secured Floating Rate Notes due
2027 (the "Class A-1 Notes"), Definitive Rating Assigned Aaa (sf)

US$59,200,000 Class A-2 Senior Secured Floating Rate Notes due 2027
(the "Class A-2 Notes"), Definitive Rating Assigned Aa1 (sf)

US$20,000,000 Class B-1 Secured Deferrable Floating Rate Notes due
2027 (the "Class B-1 Notes"), Definitive Rating Assigned A2 (sf)

US$21,300,000 Class B-2 Secured Deferrable Fixed Rate Notes due
2027 (the "Class B-2 Notes"), Definitive Rating Assigned A2 (sf)

US$28,800,000 Class C Secured Deferrable Floating Rate Notes due
2027 (the "Class C Notes"), Definitive Rating Assigned Baa3 (sf)

US$30,000,000 Class D Secured Deferrable Floating Rate Notes due
2027 (the "Class D Notes"), Definitive Rating Assigned Ba3 (sf)

The Class A-1 Notes, the Class A-2 Notes, the Class B-1 Notes, the
Class B-2 Notes, the Class C Notes and the Class D 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.

Webster Park CLO, Ltd. is a managed cash flow CLO. The issued notes
will be collateralized primarily by broadly syndicated first lien
senior secured corporate loans. At least 96% of the portfolio must
consist of senior secured loans and eligible investments, and up to
4% of the portfolio may consist of loans that are not senior
secured loans.  "We expect the portfolio to be approximately 80%
ramped as of the closing date."

GSO/Blackstone Debt Funds Management LLC (the "Manager") will
direct the selection, acquisition and disposition of the assets on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.75-year
reinvestment period. Thereafter, the Manager may reinvest
unscheduled principal payments and proceeds from sales of credit
risk assets, subject to certain restrictions.

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

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 December 2015.

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

Par amount: $500,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2850

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 8 years

Methodology Underlying the Rating Action

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 a 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 2850 to 3278)

Rating Impact in Rating Notches

Class A-1 Notes: 0

Class A-2 Notes: -1

Class B-1 Notes: -2

Class B-2 Notes: -2

Class C Notes: -1

Class D Notes: -1

Percentage Change in WARF -- increase of 30% (from 2850 to 3705)

Rating Impact in Rating Notches

Class A-1 Notes: 0

Class A-2 Notes: -3

Class B-1 Notes: -3

Class B-2 Notes: -3

Class C Notes: -2

Class D Notes: -1



WFRBS COMMERCIAL 2013-C11: Fitch Affirms B Rating on Cl. F Certs
----------------------------------------------------------------
Fitch Ratings has affirmed 14 classes of WFRBS Commercial Mortgage
Trust 2013-C11 certificates due to stable performance since
issuance.

KEY RATING DRIVERS

The affirmations are based on the stable performance of the
underlying collateral pool.  As of the January 2016 distribution,
the pool's aggregate principal balance has been paid down by 2.2%
to $1.41 billion from $1.44 billion at issuance.  100% of the loans
reported full year 2014 financials and 95% of the pool report
partial year 2015 financials.  Based on the annualized 2015
financials, the pool's overall net operating income (NOI) has
increased 8.2% over the reported portfolio NOI at issuance.

There are six loans (9.81%) on the servicer watchlist, four (1.23%)
of which are on the watchlist due to concerns with increasing
vacancy rate at the properties and the lack of information from the
sponsors regarding progress on leasing activity.  The remaining two
loans (8.58%) are on the servicer list for a lack of information or
response to the servicer loan inquiries.  None of the loans on the
watchlist are considered Fitch Loans of Concern.  One loan (1%) is
in special servicing.

The specially serviced loan, Minot Hotel Portfolio, is
collateralized by two hotels, the Holiday Inn Riverside and Holiday
Inn Express, comprising of 238 rooms located in the town of Minot,
ND which is 110 miles north of the state capital of Bismarck.  At
issuance, the portfolio was performing well with occupancy at 67%
and a debt service coverage ratio (DSCR) of 2.77 times (x).
Performance decreased significantly during 2015 as the market
expanded with 12 new hotels opening during the preceding 12 months
as well as decline in demand due to dropping oil prices. The
sponsor commenced with a large property improvement plan and a
number of units were decommissioned during the renovation.
Performance may improve in 2016 as work is completed; however,
Fitch will monitor the loan as the sponsor updates the servicer on
the portfolio's operation during the first half of 2016.  Fitch
losses are based on current cashflow and a stressed cap rate.

The largest loan is collateralized by a 56-story, 1,302,107 square
foot (sf) Republic Plaza, a class A, LEED EB Gold certified urban
office property located in Denver, CO (11%).  The property is
located within the central business district approximately two
blocks from the city's primary mass transit stations and minutes
from the city's major freeways.  The sponsor of the property is
Brookfield Properties Investor Corporation, a wholly owned entity
of Brookfield Office Properties, Inc.  The property serves as the
headquarters for three major corporate entities, Encana (35% of
NRA, lease expiration April 2019), DCP Midstream (12% of NRA, lease
expiration May 2016), and Wheeler Trigg O'Donnell (6% of NRA, lease
expiration January 2023).  The subject commands some of the highest
rates in the submarket and a number of tenant leases are scheduled
to roll during the term of the loan.  During the past 12 months,
more than one million square feet of office space has been
completed in the market which has placed downward pressure on
rental rates.  Fitch will monitor the loan as the sponsor works to
renew a number of tenants, including DCP Midstream, in a
competitive leasing environment.

Fitch continues to monitor the performance of the Community
Corporate Center, the fifteenth largest loan in the pool (1.1%).
The loan is collateralized by 255,371 sf office property located in
suburban Columbus, OH.  The subject has a diverse rent roll of 25
distinct tenants with the top five comprising only 45.9% of the net
rentable area (NRA).  However, tenant rollover at the property is
concentrated over the next 36 months with 24.1% and 11.2% of the
NRA rolling in 2016 and 2018, respectively.  A leasing reserve was
established at issuance to mitigate the risk and costs associated
with renewing the existing tenants in a highly competitive market
environment.

RATING SENSITIVITIES

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

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation
to this rating action.

Fitch affirms these classes:

   -- $34.1 million class A-1 at 'AAAsf'; Outlook Stable;
   -- $278.5 million class A-2 at 'AAAsf'; Outlook Stable;
   -- $46.8 million class A-3 at 'AAAsf'; Outlook Stable;
   -- $100 million class A-4 at 'AAAsf'; Outlook Stable;
   -- $417.8 million class A-5 at 'AAAsf'; Outlook Stable;
   -- $97.3 million class A-SB at 'AAAsf'; Outlook Stable;
   -- $134.7 million class A-S at 'AAAsf'; Outlook Stable;
   -- $1.1 billion class X-A at 'AAAsf'; Outlook Stable;
   -- $152.6 million class X-B at 'A-sf'; Outlook Stable;
   -- $93.4 million class B at 'AA-sf'; Outlook Stable;
   -- $59.2 million class C at 'A-sf'; Outlook Stable;
   -- $46.7 million class D at 'BBB-sf'; Outlook Stable;
   -- $32.2 million class E at 'BBsf'; Outlook Stable;
   -- $25.1 million class F at 'Bsf'; Outlook Stable.

Fitch does not rate the class G certificate.


[*] Moody's Hikes $53-Mil. of Subprime RMBS by Various Issuers
--------------------------------------------------------------
Moody's Investors Service, on Jan. 16, 2016, upgraded the ratings
of 10 tranches from 4 deals issued by various issuers, backed by
Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: Finance America Mortgage Loan Trust 2004-2

Cl. M-2, Upgraded to Baa3 (sf); previously on Mar 24, 2011
Downgraded to Ba2 (sf)

Cl. M-3, Upgraded to Ba2 (sf); previously on Apr 19, 2012
Downgraded to B3 (sf)

Cl. M-4, Upgraded to Ba3 (sf); previously on Apr 19, 2012 Upgraded
to Caa1 (sf)

Cl. M-5, Upgraded to Caa1 (sf); previously on Apr 19, 2012
Downgraded to C (sf)

Cl. M-6, Upgraded to Caa3 (sf); previously on Apr 19, 2012
Downgraded to C (sf)

Issuer: GSAMP Trust 2004-NC1

Cl. M-2, Upgraded to B3 (sf); previously on Mar 17, 2011 Downgraded
to Ca (sf)

Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust, SPMD
2004-C

Cl. M-3, Upgraded to Caa1 (sf); previously on Mar 7, 2011
Downgraded to Caa3 (sf)

Cl. M-4, Upgraded to Caa3 (sf); previously on Mar 7, 2011
Downgraded to C (sf)

Issuer: Securitized Asset Backed Receivables LLC Trust 2004-OP2

Cl. M-1, Upgraded to B1 (sf); previously on May 2, 2012 Confirmed
at B2 (sf)

Cl. M-2, Upgraded to Ca (sf); previously on Mar 3, 2014 Downgraded
to C (sf)

RATINGS RATIONALE

The upgrades are a result of improving performance of the related
pools and/or build-up in credit enhancement of the tranches. The
actions reflect the recent performance of the underlying pools and
Moody's updated loss expectations on the pools.

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 5.0% in December 2015 from 5.6% in
December 2014. Moody's forecasts an unemployment central range of
4.5% to 5.5% for the 2016 year. Deviations from this central
scenario could lead to rating actions in the sector. House prices
are another key driver of US RMBS performance. Moody's expects
house prices to continue to rise in 2016. Lower increases than
Moody's expects or decreases could lead to negative rating actions.
Finally, performance of RMBS continues to remain highly dependent
on servicer procedures.



[*] Moody's Takes Action on $45.4MM of RMBS Issued 2005-2008
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
tranches and upgraded the ratings of three tranches backed by Prime
Jumbo RMBS loans, issued by miscellaneous issuers.

Complete rating actions are as follows:

Issuer: Bear Stearns ARM Trust 2005-2

Cl. A-4, Downgraded to B3 (sf); previously on Jul 22, 2011
Downgraded to B1 (sf)

Issuer: Structured Adjustable Rate Mortgage Loan Trust, Series
2008-1

Cl. A1, Downgraded to B3 (sf); previously on Aug 31, 2012 Upgraded
to B1 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2005-3 Trust

Cl. A-12, Upgraded to Baa1 (sf); previously on Apr 21, 2015
Upgraded to Ba1 (sf)

Cl. A-14, Upgraded to Baa3 (sf); previously on Apr 21, 2015
Upgraded to Ba3 (sf)

Cl. A-15, Downgraded to B3 (sf); previously on Aug 23, 2012
Upgraded to B1 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2006-10 Trust

Cl. A-14, Upgraded to Ba2 (sf); previously on Apr 12, 2010
Downgraded to B2 (sf)

RATINGS RATIONALE

The actions are a result of the recent performance of the
underlying pools and reflect Moody's updated loss expectations on
the pools. The ratings downgraded are due to the weaker performance
of the underlying collateral and the erosion of enhancement
available to the bonds. The ratings upgraded are a result of the
improving performance of the related pools and the benefit provided
by support classes that absorb losses otherwise allocable to the
upgraded bonds.

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 5.0% in December 2015 from 5.6% in
December 2014. Moody's forecasts an unemployment central range of
4.5% to 5.5% for the 2016 year. Deviations from this central
scenario could lead to rating actions in the sector.

House prices are another key driver of US RMBS performance. Moody's
expects house prices to continue to rise in 2016. Lower increases
than Moody's expects or decreases could lead to negative rating
actions.

Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions.



[*] Moody's Takes Action on $473MM Alt-A RMBS Issued 2004-2007
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 26 tranches
from four transactions and upgraded the ratings of 6 tranches from
three transactions backed by Alt-A RMBS loans.

Complete rating actions are:

Issuer: Banc of America Funding 2006-H Trust

  Cl. 5-A-1, Downgraded to Ca (sf); previously on Nov. 5, 2010,
   Confirmed at Caa3 (sf)

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-AC2

  Cl. I-A-1, Downgraded to Ca (sf); previously on Oct. 20, 2010,
   Downgraded to Caa3 (sf)
  Cl. I-A-2, Downgraded to Ca (sf); previously on Oct. 20, 2010,
   Downgraded to Caa3 (sf)

Issuer: CSFB Adjustable Rate Mortgage Trust 2007-2

  Cl. 2-A-1, Upgraded to Caa2 (sf); previously on Sept. 16, 2010,
   Downgraded to Caa3 (sf)

Issuer: CSFB Mortgage-Backed Pass-Through Certificates, Series
2005-10

  Cl. A-P, Downgraded to Caa3 (sf); previously on July 13, 2010,
   Downgraded to Caa2 (sf)
  Cl. A-X, Downgraded to Caa3 (sf); previously on May 2, 2013,
   Downgraded to Caa2 (sf)
  Cl. C-X, Downgraded to B3 (sf); previously on July 13, 2010,
   Downgraded to B2 (sf)
  Cl. D-X-1, Downgraded to Caa2 (sf); previously on July 13, 2010,

   Downgraded to Caa1 (sf)
  Cl. III-A-1, Downgraded to Caa2 (sf); previously on July 13,
   2010, Downgraded to Caa1 (sf)
  Cl. III-A-2, Downgraded to Caa2 (sf); previously on July 13,
   2010, Downgraded to Caa1 (sf)
  Cl. IV-A-1, Downgraded to C (sf); previously on July 13, 2010,
   Downgraded to Ca (sf)
  Cl. VI-A-1, Downgraded to Caa3 (sf); previously on July 13,
   2010, Downgraded to Caa2 (sf)
  Cl. VI-A-2, Downgraded to Caa3 (sf); previously on July 13,
   2010, Downgraded to Caa2 (sf)
  Cl. VI-A-3, Downgraded to Caa3 (sf); previously on July 13,
   2010, Downgraded to Caa2 (sf)
  Cl. VI-A-4, Downgraded to Caa3 (sf); previously on July 13,
   2010, Downgraded to Caa2 (sf)
  Cl. VI-A-7, Downgraded to Caa3 (sf); previously on July 13,
   2010, Downgraded to Caa2 (sf)
  Cl. VI-A-8, Downgraded to Caa3 (sf); previously on July 13,
   2010, Downgraded to Caa2 (sf)
  Cl. VI-A-9, Downgraded to Caa3 (sf); previously on July 13,
   2010, Downgraded to Caa2 (sf)
  Cl. VI-A-5, Downgraded to Caa3 (sf); previously on July 13,
   2010, Downgraded to Caa2 (sf)
  Cl. VI-A-10, Downgraded to Caa3 (sf); previously on July 13,
   2010, Downgraded to Caa2 (sf)
  Cl. VI-A-11, Downgraded to Caa3 (sf); previously on July 13,
   2010, Downgraded to Caa2 (sf)
  Cl. VI-A-12, Downgraded to Caa3 (sf); previously on July 13,
   2010, Downgraded to Caa2 (sf)
  Cl. VI-A-13, Downgraded to Caa3 (sf); previously on July 13,
   2010, Downgraded to Caa2 (sf)
  Cl. VI-A-14, Downgraded to Caa3 (sf); previously on May 2, 2013,

   Downgraded to Caa2 (sf)
  Cl. XI-A-1, Downgraded to Caa2 (sf); previously on July 13,
   2010, Downgraded to Caa1 (sf)
  Cl. XII-A-1, Downgraded to Caa2 (sf); previously on July 13,
   2010, Downgraded to Caa1 (sf)

Issuer: IndyMac INDX Mortgage Loan Trust 2005-AR17

  Cl. 4-A-1, Upgraded to Caa1 (sf); previously on April 30, 2010,
   Downgraded to Caa2 (sf)
  Cl. 6-A-1, Downgraded to Caa2 (sf); previously on April 30,
   2010, Downgraded to Caa1 (sf)

Issuer: RALI Series 2004-QA1 Trust

  Cl. A-I, Upgraded to A1 (sf); previously on March 30, 2011,
   Downgraded to Baa1 (sf)
  Cl. A-II, Upgraded to A1 (sf); previously on March 30, 2011,
   Downgraded to Baa1 (sf)
  Cl. M-1, Upgraded to Baa3 (sf); previously on March 4, 2015,
   Upgraded to Ba1 (sf)
  Cl. M-2, Upgraded to B3 (sf); previously on March 4, 2015,
   Upgraded to Caa3 (sf)

RATINGS RATIONALE

The rating actions are a result of the recent performance of the
underlying pools and reflects Moody's updated loss expectation on
these pools.  The ratings upgraded are due to the stronger
performance of the underlying collateral and the credit enhancement
available to the bonds.  The ratings downgraded are due to the
weaker performance of the underlying collateral and the depletion
of credit enhancement available to the bonds.

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

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 5.0% in December 2015 from 5.6% in
December 2014.  Moody's forecasts an unemployment central range of
4.5% to 5.5% for the 2016 year.  Deviations from this central
scenario could lead to rating actions in the sector.

House prices are another key driver of US RMBS performance. Moody's
expects house prices to continue to rise in 2016.  Lower increases
than Moody's expects or decreases could lead to negative rating
actions.

Finally, performance of RMBS continues to remain highly dependent
on servicer procedures.  Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions.


[*] S&P Puts 169 Ratings From 37 U.S. RMBS on CreditWatch Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services, on Jan. 20, 2016, placed its
ratings on 169 classes from 37 U.S. residential mortgage-backed
securities (RMBS) transactions on CreditWatch with negative
implications.  All of the rating actions concern the application of
S&P's loan modification and imputed promises criteria.

The CreditWatch placements reflect the likely application of S&P's
loan modification criteria.  S&P needs to further investigate the
weighted average coupon deterioration in the affected pools before
determining what effect such deterioration may have on S&P's
ratings on those classes.

A list of the Affected Ratings is available at:

           http://is.gd/lz9Yoo


[*] S&P Reinstates Ratings on 73 Classes From 4 US RMBS Deals
-------------------------------------------------------------
Standard & Poor's Ratings Services corrected by reinstating its
ratings on 73 classes from four U.S. residential mortgage-backed
securities (RMBS) resecuritized real estate mortgage investment
conduit (re-REMIC) transactions.  These ratings were inadvertently
discontinued on Jan. 7, 2016, when S&P discontinued the ratings on
certain other classes from the same transactions pursuant to its
policies and procedures.  S&P has reinstated the ratings on the 73
classes that were incorrectly discontinued at that time.

A list of the Affected Ratings is available at http://is.gd/FRM0n2



[*] S&P Took Ratings Actions on 264 Classes From 126 US RMBS Deals
------------------------------------------------------------------
Standard & Poor's Ratings Services, on Jan. 20, 2016, took various
rating actions on 264 classes from 126 U.S. residential
mortgage-backed securities (RMBS) transactions.  S&P placed its
ratings on 204 classes on CreditWatch with negative implications.
S&P lowered its ratings on 52 classes.  In addition, S&P affirmed
its ratings on eight classes and removed them from CreditWatch
Negative.

All of the rating actions concern the application of S&P's loan
modification and imputed promises criteria.

CREDITWATCH PLACEMENTS

S&P placed its ratings on 204 classes on CreditWatch with negative
implications.

Of these CreditWatch placements, 187 reflect S&P's lack of
information necessary to apply its loan modification criteria after
it made multiple requests to the applicable trustees or servicers
for such information.

Per "S&P's Steps For Obtaining Necessary Information To Apply
Recently Effective U.S. RMBS Criteria," published on Aug. 24, 2015,
which describes our process for requesting information related to
loan modifications and the potential outcomes if S&P was unable to
collect that information, Standard & Poor's may consider
withdrawing the ratings placed on CreditWatch if it does not
receive the information it requested in order to apply S&P's
applicable criteria within 30 days of the CreditWatch placement.

The remaining 17 CreditWatch placements reflect the likely
application of S&P's loan modification criteria.  S&P needs to
further investigate the weighted average coupon deterioration in
the affected pools before determining what effect such
deterioration may have on S&P's ratings for those classes.

DOWNGRADES

S&P lowered its ratings on 52 classes from U.S. RMBS transactions.
The downgrades reflect the application of S&P's imputed promises
criteria.

Eighteen of S&P's ratings on these classes were lowered even though
they are insurance-wrapped RMBS.  Although the insurer may have
made full interest payments under the insurance policy terms, the
interest payments to the bondholders have been reduced due to loan
modifications or other credit related events.

AFFIRMATIONS

S&P affirmed its ratings on eight classes and removed them from
CreditWatch with negative implications.  The affirmations reflect
the application of S&P's imputed promises criteria.

A list of the Affected Ratings is available at:

            http://is.gd/h8YEnt


                            *********

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
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Each Tuesday edition of the TCR contains a list of companies with
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The Sunday TCR delivers securitization rating news from the week
then-ending.

                            *********

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