TCR_Public/160403.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, April 3, 2016, Vol. 20, No. 94

                            Headlines

ACA CLO 2007-1: Moody's Affirms Ba3 Rating on Class E Debt
BEAR STEARNS 2006-TOP22: Moody's Hikes Class E Debt Rating to Ba3
BEAR STERNS 1999-WF2: Fitch Affirms D Rating on 2 Tranches
CITIGROUP 2016-P: Fitch to Rate $9.63-Mil. Class F Certs 'B'
CRESS LTD 2008-1: Moody's Hikes Class B Notes Rating to Ba3(sf)

DBUBS 2011-LC2: Moody's Affirms B3 Rating on 2 Tranches
GE COMMERCIAL 2004-C3: Moody's Affirms B3(sf) Rating on Cl. H Debt
GMAC COMMERCIAL 2004-C2: Moody’s Cuts Cl. B Debt Rating to Ca(sf)
GMAC COMMERCIAL 2006-C1: Fitch Affirms 'Dsf' Rating on 10 Certs
GREENWICH CAPITAL 2002-C1: Fitch Affirms 'Dsf' Rating on 4 Tranches

GS MORTGAGE 2012-GCJ7: DBRS Confirms BB(sf) Rating on Cl. E Debt
GS MORTGAGE 2016-ICE2: Moody's Assigns Ba3 Rating to Cl. E Debt
HOUSTON GALLERIA 2015-HGLR: DBRS Confirms BB Rating on Cl. E Debt
INSTITUTIONAL MORTGAGE 2013-4: DBRS Reviews B Rating on Cl. G Debt
JPMCC 2012-CIBX: DBRS Confirms BB(sf) Rating on Class F Debt

LB COMMERCIAL 2007-C3: Moody's Affirms B2 Rating on 2 Tranches
MERRILL LYNCH 2006-C2: Moody's Cuts Class B Debt Rating to Caa2
MERRILL LYNCH 2007-CA23: Moody's Affirms Ba1 Rating on Cl. F Debt
ML-CFC COMMERCIAL 2006-2: Moody's Cuts Cl. X Debt Rating to B2
MORGAN STANLEY 2006-IQ11: Fitch Lowers Rating on 3 Tranches to Csf

MORGAN STANLEY 2006-IQ12: S&P Lowers Rating on Cl. A-J Certs to B-
MORGAN STANLEY 2011-C2: Moody's Affirms Ba2 Rating on Cl. F Debt
MORGAN STANLEY: Moody's Hikes $204MM of RMBS Issued 2001-2004
NOMURA CRE 2007-2: Moody's Hikes Class A-2 Debt Rating to 'Ba1'
NORTHSTAR 2013-1: Moody's Hikes Class C Notes Rating to Ba3(sf)

ONEMAIN FINANCIAL 2016-2: DBRS Finalizes (P)BB Rating on Cl. D Debt
PARTS PRIVATE 2007-CT1: Fitch Cuts Cl. B Debt Rating to CC
PRESTIGE AUTO 2016-1: DBRS Finalizes (P)BB Rating on Cl. E Notes
SCHOONER TRUST 2006-5: DBRS Confirms BB Rating on Cl. J Debt
SOUND POINT CLO I: S&P Raises Rating on Class E Notes to BB+

UNISON GROUND 2010-2: Fitch Affirms 'BBsf' Rating on Class F Notes
WACHOVIA BANK 2006-C24: Moody's Cuts Ratings on 2 Tranches to Caa3
WELLS FARGO 2013-BTC: S&P Affirms BB Rating on Class E Certificate
WFRBS COMMERCIAL 2013-C11: Fitch Affirms 'Bsf' Rating on F Certs
WFRBS COMMERCIAL 2013-C13: Moody's Affirms Ba2 Rating on Cl. E Debt

WFRBS COMMERCIAL 2013-C14: Fitch Affirms B Rating on Cl. F Debt
[*] Fitch Takes Rating Actions on 12 SF CDOs Issued 2001-2005
[*] Moody's Hikes $244MM of Subprime RMBS Issued 2003-2004
[*] Moody's Hikes $64.1MM of Subprime RMBS Issued 2002-2004
[*] Moody's Hikes $67MM of Subprime RMBS by Various Issuers

[*] S&P Puts 8 Tranches on 5 Deals Related to JC Penny on Watch Pos

                            *********

ACA CLO 2007-1: Moody's Affirms Ba3 Rating on Class E Debt
----------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by ACA CLO 2007-1, Limited:

US$15,750,000 Class C Deferrable Floating Rate Notes due 2022,
Upgraded to Aa1 (sf); previously on October 12, 2015 Upgraded to
Aa3 (sf)

US$14,875,000 Class D Deferrable Floating Rate Notes due 2022,
Upgraded to Baa2 (sf); previously on October 12, 2015 Upgraded to
Baa3 (sf)

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

US$259,000,000 Class A Floating Rate Notes due 2022 (current
balance of $108,348,679.82), Affirmed Aaa (sf); previously on
October 12, 2015 Affirmed Aaa (sf)

US$19,250,000 Class B Floating Rate Notes due 2022, Affirmed Aaa
(sf); previously on October 12, 2015 Upgraded to Aaa (sf)

US$14,000,000 Class E Deferrable Floating Rate Notes due 2022
(current balance of $10,964,769.09), Affirmed Ba3 (sf); previously
on October 12, 2015 Upgraded to Ba3 (sf)

ACA CLO 2007-1, Limited, issued in June 2007, is a collateralized
loan obligation (CLO) backed primarily by a portfolio of senior
secured loans with exposure to structured finance assets. The
transaction's reinvestment period ended in July 2014.

RATINGS RATIONALE

These rating actions are primarily a result of deleveraging of the
senior notes and an increase in the transaction's
overcollateralization (OC) ratios since October 2015. The Class A
notes have been paid down by approximately 26.2% or $38.5 million
since then. Based on the trustee's February 2016 report, the OC
ratios for the Class A/B, Class C, Class D and Class E notes are
reported at 139.59%, 124.25%, 112.57% and 105.28%, respectively,
versus October 2015 levels of 131.14%, 119.79%, 110.73%, and
104.88%, respectively.

The deal has benefited from an improvement in the credit quality of
the portfolio since October 2015. Based on Moody's calculations,
the weighted average rating factor is currently 2279 compared to
2468 in October 2015.



BEAR STEARNS 2006-TOP22: Moody's Hikes Class E Debt Rating to Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on seven classes
and affirmed the ratings on five classes in Bear Stearns Commercial
Mortgage Securities Trust, Commercial Pass-Through Certificates,
Series 2006-TOP22 as follows:

Cl. A-J, Upgraded to Aaa (sf); previously on Jun 18, 2015 Upgraded
to Aa1 (sf)

Cl. B, Upgraded to Aa1 (sf); previously on Jun 18, 2015 Upgraded to
A1 (sf)

Cl. C, Upgraded to Aa2 (sf); previously on Jun 18, 2015 Upgraded to
A2 (sf)

Cl. D, Upgraded to Baa3 (sf); previously on Jun 18, 2015 Affirmed
Ba1 (sf)

Cl. E, Upgraded to Ba3 (sf); previously on Jun 18, 2015 Affirmed B1
(sf)

Cl. F, Upgraded to B1 (sf); previously on Jun 18, 2015 Affirmed B2
(sf)

Cl. G, Upgraded to B3 (sf); previously on Jun 18, 2015 Affirmed
Caa1 (sf)

Cl. H, Affirmed Caa2 (sf); previously on Jun 18, 2015 Affirmed Caa2
(sf)

Cl. J, Affirmed Caa3 (sf); previously on Jun 18, 2015 Affirmed Caa3
(sf)

Cl. K, Affirmed C (sf); previously on Jun 18, 2015 Affirmed C (sf)

Cl. L, Affirmed C (sf); previously on Jun 18, 2015 Affirmed C (sf)

Cl. X, Affirmed Ca (sf); previously on Jun 18, 2015 Affirmed Ca
(sf)

RATINGS RATIONALE

The ratings on seven P&I classes were upgraded primarily due to an
increase in credit support since Moody's last review, resulting
from paydowns and amortization, as well as Moody's expectation of
additional increases in credit support resulting from the payoff of
loans approaching maturity that are well positioned for refinance.
The pool has paid down by 81% since Moody's last review. In
addition, loans constituting 34% of the pool have either defeased
or have debt yields exceeding 10.0% and are scheduled to mature
within the next two months.

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

The rating on the IO class was affirmed because it is not, nor
expected to, receive interest payments; however, it can receive
prepayment penalties.

Moody's rating action reflects a base expected loss of 4.9% of the
current balance, compared to 3.5% at Moody's last review. Moody's
base expected loss plus realized losses is now 2.1% of the original
pooled balance, compared to 3.5% at the last review. Moody's
provides a current list of base expected losses for conduit and
fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

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

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

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

DEAL PERFORMANCE

As of the March 17, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 88% to $199.8
million from $1.7 billion at securitization. The certificates are
collateralized by 32 mortgage loans ranging in size from less than
1% to 9% of the pool, with the top ten loans constituting 58% of
the pool. Two loans, constituting 4% of the pool, have
investment-grade structured credit assessments. Six loans,
constituting 18% of the pool, have defeased and are secured by US
government securities.

Fourteen loans, constituting 34% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Twelve loans have been liquidated from the pool, resulting in an
aggregate realized loss of $25.8 million (for an average loss
severity of 44%). Three loans, constituting 7% of the pool, are
currently in special servicing. The largest loan is special
servicing is the Gateway Business Center Loan ($8.8 million -- 4.4%
of the pool). The loan is secured by a 117,000 square foot (SF)
office property located in Melbourne, Florida. The loan transferred
to special servicing in March 2014 and is now real estate owned
(REO). As of January 2016, the property was 53% leased. The other
two specially serviced loans are secured by a hotel and industrial
property.

Moody's estimates an aggregate $8 million loss for the specially
serviced loans (58% expected loss on average).

Moody's received full year 2014 operating results for 89% of the
pool and partial year 2015 for 67% of the pool. Moody's weighted
average conduit LTV is 74%, compared to 76% at Moody's last review.
Moody's conduit component excludes loans with structured credit
assessments, defeased and CTL loans, and specially serviced and
troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 11% to the most recently available net operating
income (NOI). Moody's value reflects a weighted average
capitalization rate of 9.0%.

Moody's actual and stressed conduit DSCRs are 1.39X and 1.40X,
respectively, compared to 1.69X and 1.43X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The two loans with a structured credit assessment ($8.6 million --
4.3% of the pool) are secured by multifamily co-op buildings
located in the New York City area. Moody's structured credit
assessment for each co-op loan is aaa (sca.pd).

The top three conduit loans represent 26% of the pool balance. The
largest loan is the Sunrise Plaza Loan ($18.9 million -- 9.4 % of
the pool), which is secured by a 119,200 SF retail property located
in San Jose, California. The property was 97% leased as of December
2015. The loan is on the Watchlist due to the largest tenant Sports
Authority (occupies 35% of the property with lease expiration in
January 2019) filing Chapter 11 Bankruptcy and announcing the
closure of 140 locations. The Sports Authority at this location is
not on the closure list. Moody's LTV and stressed DSCR are 81% and
1.27X, respectively, compared to 83% and 1.24X at the last review.

The second largest loan is the Hopewell Crossing Shopping Center
Loan ($17.9 million -- 9.0% of the pool), which is secured by a
109,000 SF grocery anchored shopping center located in Hopewell,
New Jersey. As of October 2015, the property was 100% leased.
Moody's LTV and stressed DSCR are 80% and 1.18X, respectively,
compared to 81% and 1.17X at the last review.

The third largest loan is the Kohl's-Newbury Park Loan ($14.2
million -- 7.1% of the pool), which is secured by a 100,900 SF
retail property located in Newbury Park, California within the
Thousand Oaks neighborhood in Ventura County. As of September 2015,
the property was 100% leased. The loan is on the Watchlist due to a
scheduled loan maturity on April 1st, 2016. The Servicer has
inquired about loan payoff but has not received any confirmation.
Moody's LTV and stressed DSCR are 90% and 1.02X, respectively,
compared to 92% and 1.00X at the last review.



BEAR STERNS 1999-WF2: Fitch Affirms D Rating on 2 Tranches
----------------------------------------------------------
Fitch Ratings has upgraded two classes and affirmed two classes of
Bear Sterns Commercial Mortgage Securities Trust (BSCMS) commercial
mortgage pass-through certificates series 1999-WF2.

                        KEY RATING DRIVERS

The upgrades reflect the increase in defeasance since Fitch's last
review.  Of the 25 loans remaining, 12 are defeased accounting for
67.4% of the pool balance.  Class I and 94% of class J are covered
by the defeased collateral.  The affirmations to class K and L
reflect realized losses.  Fitch has not designated any of the
non-defeased loans as Fitch Loans of Concern and no loans are in
special servicing.  All of the remaining loans are fully amortizing
with maturity dates in year 2018 (57.4%) and 2019 (36.3%).

The pool has experienced $18.7 million (1.7% of the original pool
balance) in realized losses to date.  As of the March 2016
distribution date, the pool's aggregate principal balance has been
reduced by 97.2% to $30.6 million from $1.08 billion at issuance.
Interest shortfalls are currently affecting classes K through M.

The largest non-defeased loan is secured by a 46,115-square foot
office property located in Mountain View, CA.  According to the
September 2015 rent roll, the property is 60% occupied after a GSA
tenant occupying 20% of the net rentable area vacated upon their
lease expiration in September 2015.  The debt service coverage
ratio as of year-end 2014 was reported to be 2.36x.  Despite the
low occupancy, the Fitch stressed loan-to-value (LTV) was
calculated to be less than 20% due to the loan being fully
amortizing.  The loan matures in December 2018.

                      RATING SENSITIVITIES

The Stable Outlook on the class I and J reflect Fitch's Outlook on
the rating of the U.S. government.  All of class I and 94% of class
J is fully covered by defeased collateral.  Fitch expects both
classes to remain at their current rating for the remaining life of
the deal unless there is a significant performance decline to any
of the non-defeased loans.

                       DUE DILIGENCE USAGE

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

Fitch upgrades these classes:

   -- $6.9 million class I to 'AAAsf' from 'Asf'; Outlook Stable;
   -- $9.5 million class J to 'AAAsf' from 'BBsf'; Outlook Stable.


Fitch affirms these classes:

   -- $7 million class K at 'Dsf'; RE 95%;
   -- $0 class L at 'Dsf'; RE 0%.

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


CITIGROUP 2016-P: Fitch to Rate $9.63-Mil. Class F Certs 'B'
------------------------------------------------------------
Fitch Ratings has issued a presale report for Citigroup Commercial
Mortgage Trust 2016-P3 Commercial Mortgage Pass-Through
Certificates.

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

   -- $13,614,000 class A-1 'AAAsf'; Outlook Stable;
   -- $98,127,000 class A-2 'AAAsf'; Outlook Stable;
   -- $175,000,000 class A-3 'AAAsf'; Outlook Stable;
   -- $221,743,000 class A-4 'AAAsf'; Outlook Stable;
   -- $31,196,000 class A-AB 'AAAsf'; Outlook Stable;
   -- $580,156,000b class X-A 'AAAsf'; Outlook Stable;
   -- $42,404,000b class X-B 'AA-sf'; Outlook Stable;
   -- $40,476,000c class A-S 'AAAsf'; Outlook Stable;
   -- $42,404,000c class B 'AA-sf'; Outlook Stable;
   -- $121,428,000c class EC 'A-sf'; Outlook Stable;
   -- $38,548,000c class C 'A-sf'; Outlook Stable;
   -- $44,331,000a class D 'BBB-sf'; Outlook Stable;
   -- $44,331,000ab class X-D 'BBB-sf'; Outlook Stable;
   -- $19,274,000a class E 'BBsf'; Outlook Stable;
   -- $9,637,000a class F 'Bsf'; Outlook Stable.

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

The expected ratings are based on information provided by the
issuer as of March 21, 2016.  Fitch does not expect to rate the
$36,622,163 class G.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 37 loans secured by 75
commercial properties having an aggregate principal balance of
approximately $771 million as of the cut-off date.  The loans were
contributed to the trust by Citigroup Global Markets Realty Corp.,
Natixis Real Estate Capital LLC, Societe Generale, Macquarie US
Trading LLC d/b/a Principal Commercial Capital, The Bank of New
York Mellon and Walker & Dunlop Commercial Property Funding I WF,
LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 79.5% of the properties
by balance, cash flow analysis of 90.8%, and asset summary reviews
on 100% of the pool.

                        KEY RATING DRIVERS

High Fitch Leverage: The pool demonstrates high leverage statistics
with a Fitch DSCR and LTV of 1.14x and 108.7%, respectively.
Excluding the credit-opinion 225 Liberty Street loan (5.3% of the
pool), the Fitch DSCR and LTV are 1.12x and 111.4%, respectively.
The 2015 and YTD 2016 average DSCRs were 1.18x and 1.14x,
respectively. The 2015 and YTD 2016 average Fitch LTVs were 109.3%
and 108.7%, respectively.

New York City Concentration: Ten loans (39.2% of the pool) are
secured by properties located in the New York MSA, including six of
the top 10.  Nyack College NYC, 600 Broadway, 79 Madison Avenue, 5
Penn Plaza and 225 Liberty Street are located in Manhattan. One
Court Square is located in Long Island City, Queens.

Below-Average Amortization: The pool is scheduled to amortize by
6.8% of the initial pool balance prior to maturity, significantly
worse than the 2015 and YTD 2016 averages of 11.7% and 10.0%,
respectively.  Twelve loans (47.4%) are full-term, interest-only,
and 13 loans (37.0%) are partial interest-only.  The remaining 12
loans (15.6%) are amortizing balloon loans with terms of five to 10
years.

                      RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 12% 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 CGCMT
2016-P3 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 senior '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 senior 'AAAsf' certificates to 'BBB+sf'
could result.  The presale report includes a detailed explanation
of additional stresses and sensitivities on page 10.

                        DUE DILIGENCE USAGE

Fitch was provided with third-party due diligence information from
Deloitte & Touche 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 37 mortgage loans.  Fitch considered this
information in its analysis and the findings did not have an impact
on the analysis.



CRESS LTD 2008-1: Moody's Hikes Class B Notes Rating to Ba3(sf)
---------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
note issued by Cress 2008-1, Ltd.:

  Class B Notes, Upgraded to Ba3 (sf); previously on
  Apr 1, 2015 Upgraded to B3 (sf)

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

Class C Notes, Affirmed Caa3 (sf); previously on
Apr 1, 2015 Affirmed Caa3 (sf)

Class D Notes, Affirmed Caa3 (sf); previously on
Apr 1, 2015 Affirmed Caa3 (sf)

Class E Notes, Affirmed Caa3 (sf); previously on
Apr 1, 2015 Affirmed Caa3 (sf)

RATINGS RATIONALE

Moody's upgraded the rating of one class of notes due to greater
than anticipated recoveries on high credit risk assets, the
redirection of interest to pay principal resulting from the failure
of certain par value tests, and stable credit profile of the
remaining assets. Moody's has affirmed the ratings on the
transaction because the key transaction metrics are commensurate
with existing ratings. The rating action is the result of Moody's
on-going surveillance of commercial real estate collateralized debt
obligation (CRE CDO CLO) transactions.

CRESS 2008-1, Ltd. is a static cash transaction backed by a
portfolio of: i) whole loans and senior-participations (72.1% of
the current pool balance); ii) b-notes (17.3%); and iii) commercial
mortgage-backed securities ("CMBS") (10.6%). As of the December 21,
2015 note valuation report, the aggregate note balance of the
transaction, including preferred shares, has decreased to $277.0
million, from $750.0 million at issuance, with the pay-down
currently directed to the senior most outstanding class of notes,
as a result of regular amortization, recoveries from defaulted
assets, and interest re-classified as principal due to the failure
of certain par value tests.

The pool contains one asset totaling $9.0 million (10.6% of the
collateral pool balance) that is listed as a defaulted security as
of the February 29, 2016 trustee report. While there have been
significant realized losses on the underlying collateral to date,
Moody's does expect significant losses to occur on the defaulted
security.

Moody's has identified the following as key indicators of the
expected loss in CRE 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 CLO pool.
Moody's has updated its assessments for the collateral it does not
rate. The rating agency modeled a bottom-dollar WARF of 5104,
compared to 5078 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follow: Aaa-Aa3 (1.9% compared to 1.8% at last
review); B1-B3 (0.0%, compared to 4.9% at last review); and
Caa1-Ca/C (98.1%, compared to 93.3% at last review).


DBUBS 2011-LC2: Moody's Affirms B3 Rating on 2 Tranches
-------------------------------------------------------
Moody's Investors Service has upgraded the ratings on two classes
and affirmed the ratings on thirteen classes in DBUBS 2011-LC2
Commercial Mortgage Trust, Commercial Mortgage Pass-Through
Certificates as follows:

Cl. A-1, Affirmed Aaa (sf); previously on Apr 16, 2015 Affirmed Aaa
(sf)

Cl. A-1C, Affirmed Aaa (sf); previously on Apr 16, 2015 Affirmed
Aaa (sf)

Cl. A-1FL, Affirmed Aaa (sf); previously on Apr 16, 2015 Affirmed
Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Apr 16, 2015 Affirmed Aaa
(sf)

Cl. A-3C, Affirmed Aaa (sf); previously on Apr 16, 2015 Affirmed
Aaa (sf)

Cl. A-3FL, Affirmed Aaa (sf); previously on Apr 16, 2015 Affirmed
Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Apr 16, 2015 Affirmed Aaa
(sf)

Cl. B, Upgraded to Aa1 (sf); previously on Apr 16, 2015 Affirmed
Aa2 (sf)

Cl. C, Upgraded to A1 (sf); previously on Apr 16, 2015 Affirmed A2
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Apr 16, 2015 Affirmed Baa3
(sf)

Cl. E, Affirmed Ba3 (sf); previously on Apr 16, 2015 Affirmed Ba3
(sf)

Cl. F, Affirmed B3 (sf); previously on Apr 16, 2015 Affirmed B3
(sf)

Cl. FX, Affirmed B3 (sf); previously on Apr 16, 2015 Affirmed B3
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on Apr 16, 2015 Affirmed Aaa
(sf)

Cl. X-B, Affirmed Ba3 (sf); previously on Apr 16, 2015 Affirmed Ba3
(sf)

RATINGS RATIONALE

The ratings on the P&I classes B and C were upgraded primarily due
to an increase in credit support since Moody's last review,
resulting from paydowns and amortization, as well as Moody's
expectation of additional increases in credit support resulting
from the payoff of loans approaching maturity that are well
positioned for refinance. The pool has paid down by 16% since
securitization. In addition, loans constituting 19% of the pool
that either have defeased or have debt yields exceeding 11.0% are
scheduled to mature within the next three months.

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

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

Moody's rating action reflects a base expected loss of 1.8% of the
current balance, compared to 2.4% at Moody's last review. The deal
has not experienced any realized losses and Moody's base expected
loss plus realized losses is now 1.5% of the original pooled
balance, compared to 2.1% at the last review. Moody's provides a
current list of base expected losses for conduit and fusion CMBS
transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

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

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

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


DEAL PERFORMANCE

As of the March 17th, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 16% to $1.79 billion
from $2.14 billion at securitization. The certificates are
collateralized by 58 mortgage loans ranging in size from less than
1% to 11% of the pool, with the top ten loans constituting 60% of
the pool. One loan, constituting 1.2% of the pool, has an
investment-grade structured credit assessment. Six loans,
constituting 6% of the pool, have defeased and are secured by US
government securities.

Eleven loans, constituting 15% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

No loans have been liquidated from the pool. One loan, constituting
0.5% of the pool, is currently in special servicing. The specially
serviced loan is the Montgomery Village Professional Center Loan
(for $8.9 million 0.5% of the pool), which is secured by an office
building built in 1971 located at Montgomery Village Ave in
Gaithersburg, Maryland. Moody's estimates a moderate loss for the
specially serviced loan.

Moody's received full year 2014 operating results for 100% of the
pool, and full or partial year 2015 operating results for 91% of
the pool. Moody's weighted average conduit LTV is 87%, the same at
Moody's last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 12% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.3%.

Moody's actual and stressed conduit DSCRs are 1.48X and 1.19X,
respectively, compared to 1.53X and 1.18X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The loan with a structured credit assessment is the Angelica
Portfolio Loan ($22.4 million -- 1.2% of the pool), which is
secured by 12 industrial facilities located in eight states and
100% occupied by Angelica Corporation under a 20-year lease which
expires in March 2030. The average age of the properties is 25
years. Performance has increased since securitization. Due to the
single tenant exposure, Moody's utilized a lit/dark analysis on
this portfolio. Moody's structured credit assessment and stressed
DSCR are a2 (sca.pd) and 1.58X, respectively, compared to baa1
(sca.pd) and 1.57X at last review.

The top three conduit loans represent 33% of the pool balance. The
largest conduit loan is the US Steel Tower Loan ($205.3 million --
11.4% of the pool), which is secured by a 64-story, Class A office
building located in downtown Pittsburgh, Pennsylvania. The property
serves as the headquarters for US Steel and the University of
Pittsburgh Medical Center (UPMC). The property was 92% leased as of
October 2015, the same as at Moody's last review. Financial
performance has improved since securitization. Moody's LTV and
stressed DSCR are 80% and 1.25X, respectively, compared to 81% and
1.23X at last review.

The second largest conduit loan is the Willowbrook Mall Loan
($199.0 million -- 11.1% of the pool), which is secured by the
400,466 square foot (SF) in-line component of a 1.4 million square
feet(SF) regional mall located in Houston, Texas. Anchors include
Dillard's, Macy's, Macy's Men and Furniture, Sears, and J.C.
Penney. All anchors own their own improvements and are not part of
the collateral. Total property occupancy was 94% as of December
2015, the same as at Moody's last review. Performance has been
steadily increasing since securitization. Moody's LTV and stressed
DSCR are 87% and 1.09X, respectively, compared to 91% and 1.04X at
the last review.

The third largest conduit loan is the 498 7th Avenue Loan ($194.8
million -- 10.9% of the pool), which is secured by a 25-story
office building located between 36th and 37th Street in the Garment
District of New York City. The properly was 98% as of September
2015. The largest tenants are GroupM Worldwide, 41% of the
property's net rentable area (NRA), and LN Holdings, 22% of the
NRA. Moody's LTV and stressed DSCR are 90% and 1.05X, respectively,
compared to 91% and 1.04X at last review.



GE COMMERCIAL 2004-C3: Moody's Affirms B3(sf) Rating on Cl. H Debt
------------------------------------------------------------------
Moody's Investors Service, on March 23, 2016, affirmed the ratings
on five classes in GE Commercial Mortgage Corporation, Commercial
Mortgage Pass-Through Certificates, Series 2004-C3 as follows:

Cl. H, Affirmed B3 (sf); previously on Mar 27, 2015 Affirmed B3
(sf)

Cl. J, Affirmed Caa2 (sf); previously on Mar 27, 2015 Affirmed Caa2
(sf)

Cl. K, Affirmed C (sf); previously on Mar 27, 2015 Downgraded to C
(sf)

Cl. L, Affirmed C (sf); previously on Mar 27, 2015 Downgraded to C
(sf)

Cl. X-1, Affirmed Caa3 (sf); previously on Mar 27, 2015 Downgraded
to Caa3 (sf)

RATINGS RATIONALE

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

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

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

Moody's rating action reflects a base expected loss of 25.4% of the
current balance, compared to 31.8% at Moody's last review. Moody's
base expected loss plus realized losses is now 3.4% of the original
pooled balance, compared to 3.5% at the last review.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

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

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

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

DEAL PERFORMANCE

As of the March 10, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 98.1% to $25.6
million from $1.4 billion at securitization. The certificates are
collateralized by 4 mortgage loans. There are no loans with
investment-grade structured credit assessments or that have
defeased from the pool.

Two loans, constituting 85% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Seventeen loans have been liquidated from the pool, resulting in an
aggregate realized loss of $39.9 million (for an average loss
severity of 23%). There are currently no loans special servicing.

Moody's received full year 2013 operating results for 100% of the
pool and full or partial year 2014 operating results for 100% of
the pool.

The top three loans represent 100% of the pool balance. The largest
loan is the Maspeth Industrial Center A Loan ($18 million -- 70.1%
of the pool), which is secured by a 670,000 square foot (SF)
industrial building located in Queens County. As per the November
2015 property inspection the property was 87% occupied, compared to
96% as of third quarter 2014. In 2011, the loan was modified into
an A/B note after the borrower injected approximately $2 million to
bring the loan current and lease up the space. The current balance
of the B-note is $3.8 million. Moody's has identified this loan as
a troubled loan.

The second largest loan is the Greens at Marion Phase II & III Loan
($3.2 million -- 12.8% of the pool), which is secured by a 216 unit
multifamily property located 12 miles outside of Memphis. As per
the December 2015 rent roll the property was 96% occupied, compared
to 100% occupied as in December 2014. Moody's LTV and stressed DSCR
are 34.2% and 2.68X, respectively, compared to 40.2% and 2.28X at
the last review.

The third largest loan is the Moberly Manor Phase II Loan ($0.6
million -- 2.1% of the pool), which is secured by a 72-unit
apartment complex in Bentonville, Arkansas. As per the December
2015 rent roll the property was 100% occupied, the same as in
September 2014. Moody's LTV and stressed DSCR are 21.3% and
>4.0X, respectively, compared to 25.6% and 3.59X at the last
review.


GMAC COMMERCIAL 2004-C2: Moody’s Cuts Cl. B Debt Rating to Ca(sf)
-------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on three classes
and downgraded the ratings on two classes in GMAC Commercial
Mortgage Securities, Inc., Series 2004-C2 as follows:

Cl. B, Downgraded to Ca (sf); previously on Apr 10, 2015 Downgraded
to Caa1 (sf)

Cl. C, Downgraded to C (sf); previously on Apr 10, 2015 Downgraded
to Caa3 (sf)

Cl. D, Affirmed C (sf); previously on Apr 10, 2015 Downgraded to C
(sf)

Cl. E, Affirmed C (sf); previously on Apr 10, 2015 Affirmed C (sf)

Cl. X-1, Affirmed Caa3 (sf); previously on Apr 10, 2015 Downgraded
to Caa3 (sf)

RATINGS RATIONALE

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

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

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

Moody's rating action reflects a base expected loss of 79.3% of the
current balance, compared to 55.7% at Moody's last review. Moody's
base expected loss plus realized losses is now 14.2% of the
original pooled balance, compared to 13.5% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

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

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

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

DEAL PERFORMANCE

As of the March 10, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 94% to $60.5 million
from $934 million at securitization. The certificates are
collateralized by three mortgage loans ranging in size from 2% to
86% of the pool.

One loan, constituting 11% of the pool, is on the master servicer's
watchlist. The watchlist includes loans that meet certain portfolio
review guidelines established as part of the CRE Finance Council
(CREFC) monthly reporting package. As part of Moody's ongoing
monitoring of a transaction, the agency reviews the watchlist to
assess which loans have material issues that could affect
performance.

Twelve loans have been liquidated from the pool, resulting in an
aggregate realized loss of $85 million (for an average loss
severity of 55%). One loan, constituting 86% of the pool, is
currently in special servicing. The largest specially serviced loan
is the Military Circle Mall loan ($52.3 million -- 86% of the
pool), which is secured by a regional mall located in Norfolk,
Virginia and anchored by Macy's, JC Penney's (dark) and Sears
(dark). The loan transferred to special servicing in August 2013
due to imminent default and became REO in September 2015. As of
December 2015, the property was 51% leased, the same as at last
review. A majority of the existing leases expire between 2016-2017.
Moody's estimates a significant loss on this loan.

Moody's received full year 2014 and full year 2015 operating
results for 100% of the pool. Moody's weighted average conduit LTV
is 78%, compared to 84% at Moody's last review. Moody's conduit
component excludes loans with structured credit assessments,
defeased and CTL loans, and specially serviced and troubled loans.
Moody's net cash flow (NCF) reflects a weighted average haircut of
12% to the most recently available net operating income (NOI).
Moody's value reflects a weighted average capitalization rate of
8.5%.

Moody's actual and stressed conduit DSCRs are 1.11X and 1.61X,
respectively, compared to 1.12X and 1.28X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top two conduit loans represent 14% of the pool balance. The
largest loan is the Willow Oaks Village Square Loan ($6.8 million
-- 11% of the pool). The loan is secured by a retail property
located in Hampton, Virginia, located approximately 180 miles
southeast of Washington, DC. The property is located on the
southeastern end of the Virginia Peninsula. As of December 2015,
the property was 60% leased compared to 62% at last review. The
loan is on the watchlist due to low occupancy. Moody's LTV and
stressed DSCR are 89% and 1.03X, respectively, compared to 94% and
0.97X at the last review.

The second largest loan is the Cove Terrace Shopping Center Loan
($1.4 million -- 2% of the pool). The loan is secured by a retail
shopping center located in Copperas Cove, Texas. As of September
2015, the property was 78% leased compared to 79% at last review.
The loan is fully amortizing. Moody's LTV and stressed DSCR are 21%
and 4.49X, respectively, compared to 27% and 3.49X at the last
review.



GMAC COMMERCIAL 2006-C1: Fitch Affirms 'Dsf' Rating on 10 Certs
---------------------------------------------------------------
Fitch Ratings affirms GMAC Commercial Mortgage Securities, Inc.
commercial mortgage pass-through certificates series 2006-C1.

                        KEY RATING DRIVERS

Although the credit enhancement to class A-M has improved due to
paydown since Fitch's last rating action, the affirmations reflect
the continued risks given the high concentration of specially
serviced loans (65% of the pool), increased concentration with only
12 of the original 120 loans remaining, as well as adverse
selection.  In addition, three of the remaining loans are secured
by single-tenanted properties which carry binary risk.

Fitch modeled losses of 58.9% of the remaining pool; expected
losses on the original pool balance total 16.7%, including $120.4
million (7% of the original pool balance) in realized losses to
date.  Fitch has designated eight loans (95.6%) as Fitch Loans of
Concern, which includes seven specially serviced assets (65.1%).
Five loans continue to perform, one of which is considered a Loan
of Concern.

As of the March 2016 distribution date, the pool's aggregate
principal balance has been reduced by 83.4% to $287.7 million from
$1.73 billion at issuance.  No loans are defeased.  Interest
shortfalls are currently affecting classes C through Q.

The largest contributor to expected losses is the Design Center of
the Americas loan (30.5% of the pool), which is secured by a
800,793 square foot (sf) showroom property located in Dania Beach,
FL.  The initial decline in performance began in the third quarter
2012 (3Q12) when occupancy declined 54% due to several tenants
totaling 423,466 sf vacating the property.  Per the master
servicer, rental income has increased due to a 16% increase in
occupancy as several new tenants (78,237 sf; 10.77% net rentable
area [NRA]) took occupancy throughout 2015.

Although the growth rate is slow, the borrower remains committed to
the building.  They continue to actively market the office space
and the former showroom space continues to be converted to office
space as the space is leased.  As of September 2015, the debt
service coverage ratio (DSCR) was reported to be 1.35x.  The
property is 65% occupied as of February 2016 with average rent $29
sf.  There is approximately 10% upcoming rollover in 2016 and 7% in
2017.  After the previous maturity was extended the loan now
matures in August 2017.

The loan is split into two pari passu notes, including the
fixed-rate A-2 note in this transaction and the fixed-rate A-1 note
($87.7 million) securitized in the GECMC 2005-C4 transaction (not
rated by Fitch).

The next largest contributor to expected losses is the
specially-serviced Newburgh Mall loan (10.1%), which is secured by
a regional mall anchored by The Bon Ton and Sears and includes two
junior anchor stores.  One of the junior anchor stores is occupied
by Office Depot and the other is partially occupied by Track 23.
The center also includes a 39,625 sf outparcel which is occupied by
Bed, Bath & Beyond and Flaming Grille & Buffet and a second
outparcel which is leased to McDonald's.  All of the anchor stores
are under the control of mall ownership and leased to the
respective retailers.  In total, the center contains 379,099 square
feet of gross leasable area on a 48.83-acre parcel of land. The
underlying land is owned by a third party and subject to a 118-year
ground lease which expires in December 2096.  The lender completed
the foreclosure and the property became real estate owned (REO) in
September 2014.  The property has a current overall occupancy of
85.8% and a mall shop occupancy of 73.9%.

The third largest contributor to expected losses is the
specially-serviced DDR Macquarie Mervyn's Portfolio loan (15.1%).
The loan has been in special servicing since October 2008 due to
tenant bankruptcy.  The loan was originally secured by 35
properties, 27 of which have been released, and eight became REO.
Mervyn's at Foothill Ranch Towne Centre, Mervyn's at Antelope
Valley Mall, Mervyn's at Fullerton have since been sold as REO.
There are five remaining REO properties.  Mervyn's at Redding is
currently under contract with an expected closing date in April
2016.  Mervyn's at Santa Rosa Plaza, Mervyn's at Santa Cruz Plaza,
and Mervyn's at Arbor Faire Shopping Center are scheduled to be in
an April 2016 auction.  Mervyn's at Folson Square is not currently
on the market for sale.  The REO portfolio is 77.1% leased as of
Dec. 31, 2015.

                      RATING SENSITIVITIES

The assignment of a Negative Outlook on class A-M reflects the
uncertainty regarding the disposition of the high concentration of
specially serviced assets in particular the larger REO assets.
Fitch remains concerned with the Design Center of America loan and
the borrower's ability to obtain refinancing given the property's
struggling performance.  Downgrades are possible with additional
declines in performance and/or lack of progress on the dispositions
of the specially serviced assets.

The distressed classes are subject to further downgrades should
additional losses be realized.

                          DUE DILIGENCE USAGE

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

Fitch has affirmed, and revised the Rating Outlook and REs as
indicated:

   -- $68.9 million class A-M at 'BBB-sf'; Outlook to Negative
      from Stable;
   -- $114.6 million class A-J at 'CCsf'; RE 40%.
   -- $36.1 million class B at 'CCsf'; RE 0%;
   -- $19.1 million class C at 'Csf'; RE 0%;
   -- $12.7 million class D at 'Csf'; RE 0%;
   -- $21.2 million class E at 'Csf'; RE 0%;
   -- $15.1 million 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 O at 'Dsf'; RE 0%;
   -- $0 class P at 'Dsf'; RE 0%.

The class A-1, A-1D, A-2, A-3, A-4, A-1A, FNB-1, FNB-2, FNB-3,
FNB-4, FNB-5 and FNB-6 certificates have paid in full.  Fitch does
not rate the class Q certificates.  Fitch previously withdrew the
ratings on the interest-only class XP and XC certificates.


GREENWICH CAPITAL 2002-C1: Fitch Affirms 'Dsf' Rating on 4 Tranches
-------------------------------------------------------------------
Fitch Ratings has affirmed five classes of Greenwich Capital
Commercial Funding Corporation Commercial Mortgage Trust, series
2002-C1, commercial mortgage pass-through certificates.

                        KEY RATING DRIVERS

The affirmations reflect the pool concentration and the uncertainty
about the ultimate resolution of the specially serviced asset.
There are three loans remaining in the pool: one in special
servicing (65.6%), one fully defeased (28.7%), and one fully
amortizing (5.7%).

The pool has experienced $45.6 million (3.9% of the original pool
balance) in realized losses to date.  As of the March 2016
distribution date, the pool's aggregate principal balance has been
reduced by 99.4% to $7.3 million from $1.18 billion at issuance.
Interest shortfalls are currently affecting classes M through Q.

The largest remaining loan is the specially-serviced Hope Hotel &
Conference Center (65.6% of the pool).  The real estate owned (REO)
asset is a 266-room limited service hotel located in Dayton, OH, on
the Wright-Patterson Air Force Base.  The loan transferred to
special servicing in November 2008 due to imminent default.  The
borrower filed for bankruptcy in June 2010 after the special
servicer initiated the foreclosure process.  The bankruptcy was
dismissed by the court and a receiver has been in place since
August 2012.  The property became REO in May 2014.  As of year-end
2015, occupancy was reported to be 44%.  For the same period, the
average daily rate (ADR) and revenue per available room (RevPAR)
were reported to be $80.17 and $35, respectively.  The special
servicer indicates they are working to add value and increase
occupancy prior to marketing the asset for sale.

The second largest remaining loan, Town Square Shopping Center
(28.7%) is fully defeased through its first open date in June 2017.


The third remaining loan, Tarry Town Center (5.7%) is secured by a
66,273 square foot (sf) mixed-use office and retail property in
Austin, TX.  According to the August 2015 rent roll, the property
is 95% occupied.  Per the servicer's OSAR, the property reported a
debt service coverage ratio of 3.28x for the year ending May 31,
2015.  The loan is fully amortizing and matures in April 2017.

                        RATING SENSITIVITIES

The Outlook for class L remains Stable as it expected to be paid in
full from amortization in approximately four months. Additionally,
the class is fully covered by defeased collateral.  A further
upgrade is not warranted at this time due to the pool concentration
and the uncertainty regarding the resolution of the specially
serviced asset.  Fitch expects class L to remain at its current
rating until it is paid in full in a few months. .

                       DUE DILIGENCE USAGE

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

Fitch affirms these classes as indicated:

   -- $548,474 class L at 'Asf'; Outlook Stable;
   -- $6.8 million class M at 'Dsf'; RE 60%;
   -- $0 class N at 'Dsf'; RE 0%;
   -- $0 class O at 'Dsf'; RE 0%;
   -- $0 class P at 'Dsf'; RE 0%.

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


GS MORTGAGE 2012-GCJ7: DBRS Confirms BB(sf) Rating on Cl. E Debt
----------------------------------------------------------------
DBRS, Inc. confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2012-GCJ7,
issued by GS Mortgage Securities Trust, 2012-GCJ7:

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

DBRS does not rate the first loss piece, Class G. All trends are
Stable.

The rating confirmations reflect the overall stable performance of
the pool since issuance, with all 79 of the original loans
remaining in the pool as of the March 2016 remittance and
collateral reduction since issuance of 5.0%. There are ten defeased
loans in the pool, representing 8.5% of the transaction balance.
Performance metrics are healthy, with a weighted-average in-place
debt service coverage ratio (DSCR) of 1.60x and a weighted-average
debt yield of 12.0%. Those figures compare with the issuance levels
of 1.50x and 10.7%, respectively. In addition, the DBRS
weighted-average term and refinance DSCR figures are considered
healthy, at 1.51x and 1.39x, respectively.

As of the March 2016 remittance, there are 13 loans on the
servicer’s watchlist, representing 19.4% of the pool balance, and
one loan in special servicing, representing 1.6% of the pool. The
majority of the loans on the watchlist are being monitored for
relatively minor deferred maintenance items, with some monitored
for cash flow declines. The loan in special servicing was
transferred in October 2014 and is now real estate owned (REO).

There are four loans scheduled to mature in the next 12 months,
representing 5.7% of the pool. One of those loans is defeased,
representing 1.4% of the pool. For the three non defeased loans,
the weighted-average DBRS refinance DSCR is healthy, at 1.65x, with
all three properties performing as expected since issuance. Two of
the loans are scheduled to mature in August 2016 and the third will
mature in November 2016. DBRS does not anticipate any of the loans
will have difficulty securing replacement financing, but will
monitor for developments through maturity.

There are two shopping malls in the Top 15, Prospectus ID #3,
Bellis Fair Mall (5.7% of the pool) and Prospectus ID #6, The
Outlet Shoppes at Oklahoma City (3.6% of the pool). Although both
are exhibiting healthy cash flow growth over the respective DBRS
underwritten figures, there is some concern in the declining sales
trends for each, particularly with Bellis Fair Mall.

Bellis Fair Mall is an enclosed mall owned and operated by General
Growth Properties (GGP), located in Bellingham, Washington,
approximately 20 miles south of the Canadian border. The mall is
anchored by collateral tenants Macy’s and Sports Authority (not
on the closing list) and non-collateral anchors are Target,
Kohl’s and JC Penney. The trailing twelve month (TTM) December
2015 tenant sales report shows tenants occupying less than 10,000
sf averaged sales of $305 psf, down from $349 psf for the prior
year and $442 psf at issuance. The only anchor reporting sales is
Macy’s, who reported sales of $239 psf, down from $272 psf in
2014 and $271 psf at issuance. The occupancy is relatively stable
from issuance, with the Q3 2015 rent roll showing the collateral
portion of the mall is 97.7% occupied, with the annualized NCF
figure showing growth of +46.3% over the DBRS UW figure. Some of
the cash flow growth can be attributed to a decline in reported
expenses for the property, which may be reported artificially low,
particularly with regard to management fees paid to an affiliate of
GGP. DBRS has requested information from the servicer on the sales
decline at the property and the response is pending as of the date
of this press release. Given the property’s proximity to the
Canadian border, DBRS noted at issuance that the property benefited
from cross-border shoppers coming to take advantage of lower
pricing in the United States, but as the value of the Canadian
currency has declined in recent years, that traffic has likely
slowed.

The Outlet Shoppes at Oklahoma City is an outlet mall located in
Oklahoma City, Oklahoma, in the western portion of the city
approximately seven miles from the CBD. The property was
constructed in 2011 and the largest tenants are Nike Factory
Outlet, Hanes Brands and Polo Ralph Lauren. Tenant departures over
the past few years include the former largest tenant, Saks Off
Fifth, which vacated in 2014 and has since been replaced with
Express Outlet, Torrid and Charlotte Russe. Other notable
departures include White House Black Market, BCBG Max Azria and
DKNY. As of the December 2015 rent roll, the property was 96.8%
occupied, with approximately 30.0% of the NRA scheduled to roll in
2016, as many of the original leases signed in 2011 were for
five-year terms. The December 2015 tenant sales report shows
overall sales are down by -2.0% from the prior year; DBRS expects
these trends are a combination of events, with the move-ins and
move-outs in recent years disrupting the occupancy rates for
periods of time and the general decline in the local economy
related to the drop in energy prices. The owner/operator is Horizon
Group Properties, L.P., who cosponsored the loan with CBL &
Associates Properties, Inc.

The largest loan on the servicer’s watchlist being monitored for
cash flow declines from issuance is Prospectus ID #9, 110 Plaza San
Diego (3.3% of the pool). The loan is on the watchlist for the Q3
2015 DSCR of 0.74x and occupancy rate of 33.9%. The occupancy rate
has fallen precipitously over the past few years, down from 85.4%
at issuance to 79.6% at YE2012, 76.7% at YE2013 and 71.2% at
YE2014. The sharp drop from YE2014 reflects the loss of the
Department of Justice (DOJ) at lease expiry in October 2015, which
had been at the property since 1992 and occupied 37.1% of the NRA.
The DOJ moved to a Class A property, One America Plaza (600 West
Broadway), a prominent building in downtown San Diego. CoStar
reports an average availability rate of 42.0% for Class B
properties of similar vintage in downtown San Diego, with a
five-year average availability rate of 28.7%. The servicer has
advised that the borrower is in negotiations with two tenants for
approximately 50.0% of the NRA at the property, but notes that
nothing has been signed to date. The loan is cosponsored by an
entity owned by Michael Eisner and the borrower retained $29.0
million in cash equity at closing for the subject loan, which
financed the acquisition of the property in 2012.

The loan in special servicing, Prospectus ID #16, Independence
Place (1.6% of the pool), is secured by a 264-unit multifamily
property located in Hinesville, Georgia, approximately 40 miles
southwest of Savannah. Fort Stewart, the largest Army instillation
east of the Mississippi, is located in Hinesville and the
property’s tenancy at issuance was approximately 70% military. In
2013, deployments, which gave tenants the right to terminate their
lease, caused occupancy declines at the property to 72%, down from
83% at issuance. The loan transferred to the special servicer in
October 2014 and has since become REO. The most recent cash flow
figures reported by the special servicer show a DSCR of 0.64x and
an occupancy rate of 80.0% as of Q2 2015. The initial value
obtained by the special servicer in December 2014 showed a value of
$23.8 million; however, an October 2015 value indicates a decline
to $21.1 million and the special servicer notes that the value is
based on a stabilized occupancy rate of 85%, higher than the
occupancy rate actually achieved by the property in the last 24
months. Given the trust’s exposure inclusive of outstanding
advances and the decline from the previous value and the
servicer’s commentary regarding the most recent figure, DBRS
expects the loss severity on this loan could be in excess of
40.0%.



GS MORTGAGE 2016-ICE2: Moody's Assigns Ba3 Rating to Cl. E Debt
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to five
classes of commercial mortgage backed securities, issued by GS
Mortgage Securities Corporation Trust 2016-ICE2, Commercial
Mortgage Pass-Through Certificates, Series 2016-ICE2:

Cl. A, Definitive Rating Assigned Aaa (sf)

Cl. B, Definitive Rating Assigned Aa3 (sf)

Cl. C, Definitive Rating Assigned A3 (sf)

Cl. D, Definitive Rating Assigned Baa3 (sf)

Cl. E, Definitive Rating Assigned Ba3 (sf)

Note: (1) As described in the Press Release dated March 16, 2016,
we were informed by the issuer that the Class X-CP note would not
be issued; as a result, we withdrew the provisional rating for this
class. (2) Moody's provisional ratings were based on a total trust
balance of $1.0 billion. Subsequent to the release of the
provisional ratings the Borrower prepaid the loan by $30.0 million,
reducing the trust balance to $970.0 million.

RATINGS RATIONALE

The Certificates are collateralized by a single loan backed by a
first lien commercial mortgage related to a portfolio of 43
temperature-controlled properties. The single borrower underlying
the mortgage is comprised of 17 special-purpose bankruptcy-remote
entities, each of which is indirectly wholly owned and controlled
by Lineage Logistics Holdings, LLC.

The ratings are based on the collateral and the structure of the
transaction.

Single Borrower Rating Approach: Moody's approach to rating this
transaction involved the application of both Moody's Single
Borrower methodology and Moody's IO Rating methodology. The rating
approach for securities backed by a single loan compares the credit
risk inherent in the underlying property with the credit protection
offered by the structure. The structure's credit enhancement is
quantified by the maximum deterioration in property value that the
securities are able to withstand under various stress scenarios
without causing an increase in the expected loss for various rating
levels. In assigning single borrower ratings, Moody's also
considers a range of qualitative issues as well as the
transaction's structural and legal aspects.

Loan collateral is comprised of the borrower's fee interest in 43
temperature-controlled properties located within 14 states,
including WA, CA, TX, GA, IL, NE, PA, NC, AL, KS, KY, OH, VA, and
CO. Construction dates range between 1950 and 2014 and reflect an
average age of 16.5 years.

Property subtypes include Distribution/Port (10 properties; 39.0%
of TTM NCF; 26.6% of total square footage), Production
Attached/Advantaged (12 properties; 31.9% of TTM NCF; 31.5% of
total square footage) and public warehouse (21 properties; 29.1% of
TTM NCF; 41.9% of total square footage).

Most of the facilities are well-suited for their use, exhibiting a
weighted average clear height of 32.0 feet with an average age of
16.5 years. As of December 31, 2015, the portfolio's weighted
average utilization rate was 74.9%.

Leverage and Debt Service Coverage: The credit risk of the loan is
determined primarily by two factors: 1) Moody's assessment of the
probability of default, which is largely driven by the DSCR, and 2)
Moody's assessment of the severity of loss in the event of default,
which is largely driven by the LTV of the underlying loan.

The first mortgage balance of $970,000,000 represents a Moody's LTV
of 88.3%. The Moody's First Mortgage Actual DSCR is 2.78X and
Moody's First Mortgage Actual Stressed DSCR is 1.25X.

Temperature Controlled Real Estate Analysis: Moody's analysis for
temperature controlled portfolios predominantly focuses on 5 main
factors. These include the assessment of (1) a facility's proximity
to a Global Gateway Industrial Market, agricultural and/or food
producers, (2) Building Size, (3) Functionality, (4) Property
Subtype, which is categorized into three distinct subgroups mainly
Public Warehouse, Production Attached/Advantaged, and
Distribution/Port Facilities, and (5) Utilization and Contracts
with food producers, pharmaceutical companies, manufactures and
farmers. With respect to the portfolio collateral, Moody's
assessment of the portfolio's value centers was positive with
respect to facility size, functionality metrics, and location.

Cross Collateralization: The collateral for the loan is comprised
of 43 cross-collateralized properties. Loans secured by multiple
properties benefit from lower cash flow volatility given that
excess cash flow from one property can be used to augment another's
cash flow to meet debt service requirements. The loan also benefit
from the pooling of equity from each underlying property.

Bankruptcy Remoteness: There are 17 borrowers which are all special
purpose entities that are 100% directly or indirectly owned by the
Sponsor, who is the non-recourse guarantor. The borrowers are all
special-purpose bankruptcy-remote entities each of which is
required to appoint one or more independent directors, managers or
other similar persons.




HOUSTON GALLERIA 2015-HGLR: DBRS Confirms BB Rating on Cl. E Debt
-----------------------------------------------------------------
DBRS Limited confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2015-HGLR issued by Houston
Galleria Mall Trust 2015-HGLR as follows:

-- Class A-1A1 at AAA (sf)
-- Class A-1A2 at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (sf)
-- Class X-CP at AAA (sf)
-- Class X-NCP at AAA (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since closing, which is in line with the DBRS
expectations at issuance. The transaction closed in March 2015 and
consists of a $1.05 billion loan secured by the fee interest in an
enclosed super-regional mall located in Houston, Texas. The fee
interest consists of a 1.2 million square feet (sf) portion of the
2.1 million sf mall, currently occupied by roughly 300 national and
regional tenants. The collateral is anchored by Macy’s,
Nordstrom, Neiman Marcus and Saks Fifth Avenue (Saks). Macy’s and
Nordstrom own their own sites and spaces, while Neiman Marcus and
Saks own their respective improvements and are subject to ground
leases. The property is owned by Simon Property Group (SPG) and
Institutional Mall Investors (IMI). The property is well located as
the 2015 population within a five-mile radius from the property was
484,631 and the average household income was $103,055.

This loan was placed on the servicer’s watchlist because of a
flood that occurred in May 2015, which resulted in major damage to
the property. The parking garage was filled with water up to nine
feet high with one wall of the garage displaced. Electrical rooms
and equipment were also damaged from being submerged. The servicer
advised that the estimated cost to repair was $1.5 million and the
borrower has to date received a $350,000 advance from the insurance
company. The borrower is currently covering all expenses out of
pocket until additional proceeds from the insurance company are
received. All deferred maintenance items associated with the flood
were expected to be completed by the end of 2015; however, there is
one item outstanding and DBRS has requested an update and time of
completion regarding that item. The costs associated with repairs
to date were approximately $784,000.

The mall has performed well historically, with occupancy, including
temporary tenants, averaging 95.5% since 2005. As of the October
2015 rent roll, collateral occupancy was 94.1%. The subject
reported an average rental rate of $55 per square foot (psf), which
is well above the Galleria/Uptown submarket average triple net rent
of $28 psf, as reported by CoStar. At issuance, it was known that
Saks will move to the western portion of the site in an anchor-like
location, replacing some former in-line space and a portion of the
old Macy’s space, all of which will not be included as collateral
for the loan. The new store is set to open in April 2016 while the
old Saks store will be reconfigured to accommodate smaller
retailers and restaurants by 2017. This space will serve as
collateral for the loan. According to the borrower, 50% of the
space has been committed by or leased to tenants. In addition,
other renovation projects to the luxury corridor in Galleria I and
a portion of Galleria II as well as the construction of an
outparcel for the Jewelry Box store is ongoing at the property.
DBRS has requested an update from the servicer regarding all
renovation work and the anticipated completion date. The aggregate
cost of all these developments and renovations is expected to total
approximately $250 million, according to the borrower. Also, the
February 2016 servicer site inspection noted that Neiman Marcus’
space will be renovated as well at the cost of the tenant.

The YE2015 tenant sales report showed a slight decline in overall
in-line sales performance for the property compared with the YE2014
figures, which may be attributed to the damage from the parking
garage that disrupted traffic to the property as well as potential
decreases in consumer confidence given Houston’s reliance on the
energy market and its relative weakness recently. Tenants occupying
less than 10,000 sf reported YE2015 sales of $842 psf, a 5.9%
decrease from the YE2014 sales of $895 psf, and tenants occupying
more than 10,000 sf reported YE2015 sales of $955 psf, a 1.0%
decrease from the YE2014 sales figures. Saks reported a YE2015
sales figure of $517 psf, which is a 5.5% decrease from YE2014 of
$545 psf. Despite the decline in sales, the property continues to
exhibit strong performance with an annualized Q3 2015 net cash flow
increase of 3.5% over the DBRS underwritten level. The Q3 2015
amortizing debt service coverage ratio (DSCR) was 2.40 times (x),
which is above the DBRS underwritten DSCR of 2.32x.



INSTITUTIONAL MORTGAGE 2013-4: DBRS Reviews B Rating on Cl. G Debt
------------------------------------------------------------------
DBRS Limited placed two classes of the the Commercial Mortgage
Pass-Through Certificates issued by Institutional Mortgage
Securities Canada Inc., Series 2013-4 Under Review with Negative
Implications as follows:

-- Class F at BB (sf), Under Review with Negative Implications
-- Class G at B (sf), Under Review with Negative Implications

There is no trend for these rating actions

DBRS has taken these actions because of concerns and uncertainty
surrounding the fourth-largest loan, Nelson Ridge, which was
recently transferred to the special servicer in February 2016
because of imminent default. The loan is one piece of a $31.0
million pari passu note with an issuance balance of $23.0 million
secured in this transaction and $8.0 million in the IMSCI 2014-5
transaction. The whole loan also includes subordinate debt of $4.5
million.

The Nelson Ridge loan (Prospectus ID#4) represents 7.0% of the
current pool balance as of the March 2016 remittance and is secured
by three four-storey apartment buildings consisting of 225
two-bedroom units located in Fort McMurray, Alberta. The servicer
advises that the property was 45.8% occupied as of January 2016,
which is a decrease from the YE2014 occupancy of 88.0%. As of March
2016, the property management and one of the sponsors, Shelter
Canadian Properties Limited (SCPL), listed an asking rental rate of
$1,300 per unit on its website, which is a significant decline from
the August 2013 rental rate of $2,300 per unit. According to Canada
Mortgage Housing Corporation, as of October 2015, the Wood Buffalo
Municipal Region reported an average vacancy rate for two-bedroom
units of 30.7%, which is an increase from the October 2014 rate of
10.6%. Also, the average rental rate for the Region was reported at
$1,841 per unit, a decrease from the October 2014 rate of $2,118
per unit. According to a January 2016 report published by the
Alberta government, 25,000 jobs were lost in Alberta’s oil and
gas sector between December 2014 and October 2015, while the
construction sector, a closely related industry in the province,
saw 18,000 jobs lost for the same period. The decline in market
performance was anticipated as the condition of the Canadian energy
sector has weakened in recent years.

According to Lansborough Real Estate Investment Trust’s (LREIT,
one of the three sponsors) YE2015 financial statements, LREIT
reported total assets of $278.5 million and total liabilities of
$281.4 million, resulting in a deficit of $2.9 million. In
addition, LREIT reported a loss before discontinued operations of
$96.0 million and a cash deficiency from operating activities of
$6.5 million. The cash flow difficulties have developed in a time
of low oil prices and the resulting declining economic environment
in Western Canada, where the firm’s real estate holdings are
heavily concentrated. LREIT published a March 2016 press release
stating that the YE2015 net operating income is not sufficient to
fund its debt service obligations; therefore, LREIT defaulted on
several mortgage loans not secured in this transaction, with an
outstanding balance of payments owing of approximately $1.3
million. LREIT is also deferring interest payments on the revolving
loan issued by 2668921 Manitoba Ltd. (Manitoba Ltd., one of the
three sponsors) amounting to approximately $200,000 and property
management payments owed to SCPL of approximately $100,000. With
regard to the revolving loan from Manitoba Ltd., the loan was
renewed in July 2015 for an additional three years with an
expiration of July 2018, and LREIT is able to borrow up to $18.0
million. SCPL has provided concessions pertaining to property
management and service fees to allow LREIT to temporarily reduce
operating costs. LREIT’s management has undertaken other
initiatives to improve its financial stability, including the sale
of two properties in 2015 totalling net cash proceeds of $30.8
million, the repayment of an interest-only mortgage loan of $7.5
million funded by advances from Manitoba Ltd.’s revolving loan,
the reduction of operating and capital expenditures, as well as the
deferral of discretionary expenditures to decrease long-term
liabilities. Manitoba Ltd. and SCPL have been cooperative and will
continue to provide financial support in hopes of aiding in the
stabilization of LREIT’s operations.

The special servicer has not received an updated appraisal for the
property to date; DBRS has requested the file be forwarded as
received. The appraised value at issuance was $68.8 million;
however, DBRS expects the value to have declined significantly
given the general economic decline in the area. DBRS does note that
the loan benefits from full recourse to three entities, including
Manitoba Ltd. and SCPL; however, DBRS also acknowledges the
increased risks associated with the declining energy market that
could minimize the ability of those entities to cover any shortfall
that is likely in the event of a disposition in the near term.


JPMCC 2012-CIBX: DBRS Confirms BB(sf) Rating on Class F Debt
------------------------------------------------------------
DBRS Inc. upgraded two classes of JPMCC 2012-CIBX Mortgage Trust as
follows:

-- Class B to AA (high) (sf) from AA (sf)
-- Class C to A (high) (sf) from A (sf)

Additionally, DBRS has confirmed the ratings on the remaining
classes in the transaction as follows:

-- Classes A-3, A-4, A-4FL, A-4FX, A-S, X-A and X-B at AAA (sf)
-- Class D at BBB (high) (sf)
-- Class E at BBB (low) (sf)
-- Class F at BB (sf)
-- Class G at B (sf)

DBRS does not rate Class NR, the first loss piece. All trends are
Stable with the exception of Class D, which has had its trend
changed from Stable to Positive.

The rating upgrades and trend change to Class D reflect the
increased credit support to the transaction from the repayment of
two loans and the overall stability of the pool’s performance. As
of the March 2016 remittance, the pool consists of 47 loans out the
original loan count of 49. Since issuance, the transaction has
experienced a collateral reduction of 21.3% as a result of
scheduled loan amortization and the repayment of two loans.
According to the most recently reported year-end financials, the
transaction had a weighted-average (WA) debt service coverage ratio
(DSCR) and a WA debt yield of 1.62 times (x) and 11.6%,
respectively. In the next 12 months, two loans representing 5.2% of
the current pool balance are scheduled to mature. Based on
annualized 2015 reporting, these loans have a debt yield of 9.9%
and 17.9%, respectively.

As of the March 2016 remittance, there are eight loans on the
servicer’s watchlist, representing 17.9% of the current pool
balance. The loans have been flagged by the servicer for a variety
of reasons, including low a DSCR and occupancy, upcoming major
tenant rollover risk and deferred maintenance. The largest loan on
the servicer’s watchlist is highlighted below.

The 100 West Putnam loan (Prospectus ID#3, 7.4% of the current pool
balance) is secured by a Class A office building in Greenwich,
Connecticut. The whole loan consists of a $75.4 million A-note and
a $15.0 million B-note. The loan was originally added to the
servicer’s watchlist in November 2015 for the upcoming lease
expirations of two tenants, which combined to lease 45.8% of the
net rentable area (NRA). According to YE2015 reporting, however,
loan performance has decreased, as the YE2015 DSCR (whole loan)
declined to 0.78x compared with the YE2014 DSCR of 1.18x. According
to the servicer, the decrease in performance is due to rental
abatement periods given to new tenants, with the total abatements
for four tenants totaling $2.8 million. DBRS has confirmed that all
abatement periods ended in early 2016.

As of the YE2015 rent roll, the property was 89.3% occupied with
average in-place rents of approximately $80 per square foot (psf)
gross. The largest tenants include AXA Investment (20.7% of the
NRA), Alinda Capital (18.3% of the NRA) and Strategic Value
Partners (17.6% of the NRA), which have lease expirations in
November 2023, September 2018 and June 2023, respectively. Of its
total space, AXA Investment recently assumed 10.2% of the NRA,
paying a rental rate of $90 psf gross. Strategic Value Partners
recently extended its lease to June 2023, paying a rental rate of
$97.50 psf; however, it gave back a portion of its space that was
assumed by AXA Investment. In the next two months, two tenants
occupying a combined 17.6% of the NRA have lease expirations. If
both tenants vacate, the vacancy rate could potentially increase to
28.2%. According to the servicer, the borrower has a leasing
reserve of approximately $650,000, mitigating the rollover risk.
According to the YE2015 Reis report, Class A office properties
reported an average vacancy rate of 4.9%, with average rental rates
of $71.68 gross. The subject compares favorably in terms of the
average rental rate but unfavorably in terms of vacancy, which may
increase in the near future. Despite upcoming rollover risk, DBRS
expects property performance to stabilize, as all rental abatement
periods have ended.


LB COMMERCIAL 2007-C3: Moody's Affirms B2 Rating on 2 Tranches
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of nineteen
classes in LB Commercial Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series 2007-C3 as follows:

CL. A-1A, Affirmed Aaa (sf); previously on Mar 26, 2015 Affirmed
Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Mar 26, 2015 Affirmed Aaa
(sf)

Cl. A-4B, Affirmed Aaa (sf); previously on Mar 26, 2015 Affirmed
Aaa (sf)

Cl. A-4FL, Affirmed Aaa (sf); previously on Mar 26, 2015 Affirmed
Aaa (sf)

Cl. A-M, Affirmed A1 (sf); previously on Mar 26, 2015 Affirmed A1
(sf)

Cl. A-MB, Affirmed A1 (sf); previously on Mar 26, 2015 Affirmed A1
(sf)

Cl. A-MFL, Affirmed A1 (sf); previously on Mar 26, 2015 Affirmed A1
(sf)

Cl. A-J, Affirmed B2 (sf); previously on Mar 26, 2015 Affirmed B2
(sf)

Cl. A-JFL, Affirmed B2 (sf); previously on Mar 26, 2015 Affirmed B2
(sf)

Cl. B, Affirmed B3 (sf); previously on Mar 26, 2015 Affirmed B3
(sf)

Cl. C, Affirmed Caa1 (sf); previously on Mar 26, 2015 Affirmed Caa1
(sf)

Cl. D, Affirmed Caa2 (sf); previously on Mar 26, 2015 Affirmed Caa2
(sf)

Cl. E, Affirmed Caa3 (sf); previously on Mar 26, 2015 Affirmed Caa3
(sf)

Cl. F, Affirmed C (sf); previously on Mar 26, 2015 Affirmed C (sf)

Cl. G, Affirmed C (sf); previously on Mar 26, 2015 Affirmed C (sf)

Cl. H, Affirmed C (sf); previously on Mar 26, 2015 Affirmed C (sf)

Cl. J, Affirmed C (sf); previously on Mar 26, 2015 Affirmed C (sf)

Cl. K, Affirmed C (sf); previously on Mar 26, 2015 Affirmed C (sf)

Cl. X, Affirmed Ba3 (sf); previously on Mar 26, 2015 Affirmed Ba3
(sf)

RATINGS RATIONALE

The ratings on seven investment grade P&I classes, Classes A-1A
through A-MFL, were affirmed because the transaction's key metrics,
including Moody's loan-to-value (LTV) ratio, Moody's stressed debt
service coverage ratio (DSCR) and the transaction's Herfindahl
Index (Herf), are within acceptable ranges.

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

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

Moody's rating action reflects a base expected loss of 10.8% of the
current balance, compared to 11.9% at Moody's last review. Moody's
base expected loss plus realized losses is now 11% of the original
pooled balance, compared to 11.8% at the last review. Moody's
provides a current list of base expected losses for conduit and
fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

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

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

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

DEAL PERFORMANCE

As of the March 17, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 31% to $2.23 billion
from $3.23 billion at securitization. The certificates are
collateralized by 87 mortgage loans ranging in size from less than
1% to 19% of the pool, with the top ten loans (excluding
defeasance) constituting 62% of the pool. The pool contains two
loans, representing 3% of the pool, that have investment grade
structured credit assessments. Three loans, representing 2% of the
pool, have defeased and are secured by US Government securities.

Thirty-one loans, constituting 46% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Seventeen loans have been liquidated from the pool, resulting in an
aggregate realized loss of $114 million (39% loss severity on
average). Nineteen loans, representing 9% of the pool, are in
special servicing. The largest specially serviced loan is the
University Mall Loan (92 million -- 4.1% of the pool), which is
secured by a 612,000 SF enclosed mall located in South Burlington,
Vermont. The mall's anchors include Sears, Kohl's and JC Penney and
was 98% leased as of July 2015. The loan transferred to special
servicing in July 2015 due to imminent default.

The remaining 18 specially serviced loans are secured by a mix of
property types. Moody's estimates an aggregate $66.8 million loss
for the specially serviced loans (48% expected loss on average).

Moody's has assumed a high default probability for twelve poorly
performing loans, constituting 12% of the pool, and has estimated
an aggregate loss of $75 million (a 29% expected loss on average)
from these troubled loans.

Moody's received full year 2014 operating results for 95% of the
pool, and full or partial year 2015 operating results for 96% of
the pool (excluding defeased and specially serviced loans). Moody's
weighted average conduit LTV is 97%, compared to 92% at previous
review. Moody's conduit component excludes loans with structured
credit assessments, defeased and CTL loans, and specially serviced
and troubled loans. Moody's value reflects a weighted average
capitalization rate of 8.9%.

Moody's actual and stressed conduit DSCRs are 1.59X and 1.06X,
respectively, compared to 1.65X and 1.09X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The largest loan with a structured credit assessment is the 315
Hudson Street Loan ($35 million -- 1.6% of the pool), which is
secured by a 10-story, 446,967 square foot (SF) Class B office
property located in the Hudson Square office submarket in lower
Manhattan. Occupancy was 96% as of December 2015 compared to 95% as
of September 2014. Revenue has steadily increased over the past
three years, however, higher real estate taxes have offset some of
those gains. Moody's structured credit assessment and stressed DSCR
are aaa (sca.pd) and 2.43X, respectively, the same as at last
review.

The second loan with a structured credit assessment is the 133 East
58th Street Loan ($25 million -- 1.1% of the pool), which is
secured by a 14-story, 120,737 SF Class B office property with
ground-floor- retail located on East 58th Street and Lexington
Avenue in New York City. The ground floor retail at the property is
leased to Victoria's Secret through February 2023. Moody's
structured credit assessment and stressed DSCR are aaa (sca.pd) and
2.43X, respectively, the same as at last review.

The top three performing conduit loans represent 38.4% of the pool
balance. The largest loan is the 237 Park Avenue Loan ($419.6
million -- 18.8% of the pool), which is secured by a 1.2 million SF
office building located in the Grand Central office submarket of
Midtown Manhattan. At securitization the loan was also encumbered
by a $255.4 million B-Note and $225.0 million in Mezzanine debt.
The loan prevously transferred to special servicing on January 15,
2010 due to imminent default, returned to the master servicer in
2012 and is now current. The B-Note is held outside of the trust.
The current loan sponsors are RXR Realty and Walton Street Capital.
The property was 64% leased as of December 2015 compared to 81%
leased in September 2014. Occupancy dropped due to several tenants
vacating the property upon or prior to lease expiration dates.
Vacant space is currently being marketed. The two largest tenants,
J. Walter Thompson and JP Morgan Chase, each lease approximately
22% of the net rentable area (NRA). Moody's LTV and stressed DSCR
are 79% and 1.17X, respectively, the same as at last review.

The second largest loan is the Rosslyn Portfolio Loan ($310.0
million -- 13.9% of the pool), which is secured by two Class A
office properties, totaling 1.4 million SF, located on Wilson
Boulevard in the Rosslyn/Ballston office submarket of Arlington,
Virginia. The loan is also encumbered by a $257.7 million B-Note.
The loan sponsor is Monday Properties. Collective occupancy dropped
to 66% in February 2016, compared to 72% in December 2014, due to
Arlington County (16% GLA) vacating one of the properties. The
largest tenant in the portfolio is the General Services
Administration (GSA), which leases approximately 16% of the
collective NRA. Moody's LTV and stressed DSCR are 106% and 0.89X,
respectively, the same as at the last review.

The third largest loan is the 300 West 6th Street Loan ($127
million -- 5.7% of the pool), which is secured by a 23-story class
A LEED-certified office building in Austin, Texas. The property was
99% leased as of September 2015 compared to 92% leased at last
review. The property's largest tenant is Facebook, which leases 16%
of the NRA, and has recently extended its lease through November
2023. Financial performance and occupancy has improved over the
past several years. Moody's LTV and stressed DSCR are 124% and
0.81X, respectively, compared to 138% and 0.72X, at last review.



MERRILL LYNCH 2006-C2: Moody's Cuts Class B Debt Rating to Caa2
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of two classes and
affirmed six classes in Merrill Lynch Mortgage Trust Commercial
Mortgage Pass-through Certificates, Series 2006-C2 as follows:

Cl. A-1A, Affirmed Aaa (sf); previously on Apr 17, 2015 Affirmed
Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Apr 17, 2015 Affirmed Aaa
(sf)

Cl. AM, Affirmed A2 (sf); previously on Apr 17, 2015 Affirmed A2
(sf)

Cl. AJ, Affirmed Ba3 (sf); previously on Apr 17, 2015 Affirmed Ba3
(sf)

Cl. B, Downgraded to Caa2 (sf); previously on Apr 17, 2015 Affirmed
Caa1 (sf)

Cl. C, Downgraded to C (sf); previously on Apr 17, 2015 Affirmed
Caa3 (sf)

Cl. D, Affirmed C (sf); previously on Apr 17, 2015 Affirmed C (sf)

Cl. X, Affirmed B1 (sf); previously on Apr 17, 2015 Affirmed B1
(sf)

RATINGS RATIONALE

The ratings on two P&I classes were downgraded due to anticipated
losses from specially serviced and troubled loans as well as higher
realized losses.

The ratings on the P&I Classes A-1A through AJ were affirmed
because the transaction's key metrics, including Moody's
loan-to-value (LTV) ratio, Moody's stressed debt service coverage
ratio (DSCR) and the transaction's Herfindahl Index (Herf), are
within acceptable ranges.

The rating on the P&I Class D was affirmed because the rating is
consistent with Moody's expected loss.

The rating on the IO class was affirmed because the credit
performance of the referenced classes is consistent with Moody's
expectations.

Moody's rating action reflects a base expected loss of 4.8% of the
current balance compared to 5.3% at Moody's last review. Moody's
base expected loss plus realized losses is now 12.1% of the
original pooled balance, compared to 12.4% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

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

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

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

DEAL PERFORMANCE

As of the March 14, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 47% to $815 million
from $1.54 billion at securitization. The certificates are
collateralized by 90 mortgage loans ranging in size from less than
1% to 12% of the pool, with the top ten loans (excluding
defeasance) constituting 37% of the pool. The pool contains no
loans with investment-grade structured credit assessments. Eighteen
loans, constituting 27% of the pool, have defeased and are secured
by US government securities.

Thirty-one loans, constituting 31% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Twenty-six loans have been liquidated from the pool, contributing
to an aggregate realized loss of $147 million (for an average loss
severity of 54%). Two loans, constituting less than 1% of the pool,
are currently in special servicing.

Moody's estimates an aggregate $4 million loss for the specially
serviced loans (51% expected loss on average).

Moody's has assumed a high default probability for 15 poorly
performing loans, constituting 9.5% of the pool, and has estimated
an aggregate loss of $22 million (a 28% expected loss an average)
from these troubled loans.

Moody's received full year 2014 operating results for 96% of the
pool, and full or partial year 2015 operating results for 86% of
the pool. Moody's weighted average conduit LTV is 92%, compared to
94% at Moody's last review. Moody's conduit component excludes
loans with structured credit assessments, defeased and CTL loans,
and specially serviced and troubled loans. Moody's net cash flow
(NCF) reflects a weighted average haircut of 14.9% to the most
recently available net operating income (NOI). Moody's value
reflects a weighted average capitalization rate of 9.7%.

Moody's actual and stressed conduit DSCRs are 1.33X and 1.19X,
respectively, compared to 1.30X and 1.16X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three performing conduit loans represent 24% of the pool
balance. The largest loan is the California Market Center Loan ($96
million -- 12% of the pool), which is secured by a 1.9 million
square-foot commercial property in downtown Los Angeles,
California. The property includes extensive showroom and exhibition
space and is heavily oriented toward the design and fashion
industries. The property was 59% occupied as of September 2015.
Moody's LTV and stressed DSCR are 94% and 1.15X, respectively,
compared to 87% and 1.24X at prior review.

The second largest loan is the Embassy Suites - San Diego Loan ($63
million -- 8% of the pool). The loan is secured by a 337-key hotel
property in downtown San Diego, California. Property performance
has improved steadily in recent years, with increases in both
occupancy and average daily room rate. Hotel occupancy in 2015 was
89%, up from 87% the prior year and 81% at securitization. Moody's
LTV and stressed DSCR are 88% and 1.35X, respectively, compared to
93% and 1.28X at the last review.

The third largest loan is the Promenade of Westlake Loan ($36
million -- 4% of the pool). The loan is secured by a 258,000 square
foot, grocery-anchored retail center in Westlake, Ohio. The
property was 100% leased as of September 2015, unchanged from the
prior year and up from 88% reported at year-end 2012. Moody's LTV
and stressed DSCR are 84% and, 1.15X, respectively, compared to
101% and 0.97X at the last review.


MERRILL LYNCH 2007-CA23: Moody's Affirms Ba1 Rating on Cl. F Debt
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of 16 CMBS
classes in Merrill Lynch Financial Assets Inc. Series 2007-Canada
23 as follows:

Cl. A-2, Affirmed Aaa (sf); previously on Apr 2, 2015 Affirmed Aaa
(sf)

Cl. A-3, Affirmed Aaa (sf); previously on Apr 2, 2015 Affirmed Aaa
(sf)

Cl. A-J, Affirmed Aaa (sf); previously on Apr 2, 2015 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa1 (sf); previously on Apr 2, 2015 Upgraded to Aa1
(sf)

Cl. C, Affirmed A1 (sf); previously on Apr 2, 2015 Upgraded to A1
(sf)

Cl. D-1, Affirmed Baa1 (sf); previously on Apr 2, 2015 Upgraded to
Baa1 (sf)

Cl. D-2, Affirmed Baa1 (sf); previously on Apr 2, 2015 Upgraded to
Baa1 (sf)

Cl. E-1, Affirmed Baa3 (sf); previously on Apr 2, 2015 Affirmed
Baa3 (sf)

Cl. E-2, Affirmed Baa3 (sf); previously on Apr 2, 2015 Affirmed
Baa3 (sf)

Cl. F, Affirmed Ba1 (sf); previously on Apr 2, 2015 Affirmed Ba1
(sf)

Cl. G, Affirmed Ba2 (sf); previously on Apr 2, 2015 Affirmed Ba2
(sf)

Cl. H, Affirmed B1 (sf); previously on Apr 2, 2015 Affirmed B1
(sf)

Cl. J, Affirmed B3 (sf); previously on Apr 2, 2015 Affirmed B3
(sf)

Cl. K, Affirmed Caa1 (sf); previously on Apr 2, 2015 Affirmed Caa1
(sf)

Cl. L, Affirmed Caa2 (sf); previously on Apr 2, 2015 Affirmed Caa2
(sf)

Cl. XC, Affirmed Ba3 (sf); previously on Apr 2, 2015 Affirmed Ba3
(sf)

RATINGS RATIONALE

The ratings on the P&I classes A-2 through J were affirmed because
the transaction's key metrics, including Moody's loan-to-value
(LTV) ratio, Moody's stressed debt service coverage ratio (DSCR)
and the transaction's Herfindahl Index (Herf), are within
acceptable ranges.

The ratings on the P&I Classes K and L were affirmed because the
ratings are consistent with Moody's expected loss.

The rating on the IO class was affirmed because the credit
performance (or the weighted average rating factor or WARF) of the
referenced classes is consistent with Moody's expectations.

Moody's rating action reflects a base expected loss of 2.0% of the
current balance compared to 2.7% at Moody's last review. Moody's
base expected loss plus realized losses is now 1.2% of the original
pooled balance.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

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

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

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

DEAL PERFORMANCE

As of the March 14, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 39% to $260 million
from $424.7 million at securitization. The certificates are
collateralized by 37 mortgage loans ranging in size from less than
1% to 13% of the pool, with the top ten loans (excluding
defeasance) constituting 66% of the pool. The pool contains no
loans with investment-grade structured credit assessments. Six
loans, constituting 20% of the pool, have defeased and are secured
by Canadian government securities.

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

No loans have been liquidated from the pool, and there are no loans
in special servicing. Moody's received full year 2014 operating
results for 64% of the pool, and full or partial year 2014
operating results for 28% of the pool. Moody's weighted average
conduit LTV is 79%, compared to 84% at Moody's last review. Moody's
conduit component excludes loans with structured credit
assessments, defeased and CTL loans, and specially serviced and
troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 12% to the most recently available net operating
income (NOI). Moody's value reflects a weighted average
capitalization rate of 9%.

Moody's actual and stressed conduit DSCRs are 1.51X and 1.38X,
respectively, compared to 1.48X and 1.34X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three performing conduit loans represent 35% of the pool
balance. The largest loan is the Kennedy Commons Loan ($34 million
-- 13% of the pool), which is secured by a retail power center in
the Scarborough section of Toronto, Ontario. The property was 97%
leased as of year-end 2015, compared to 83% the prior year. The
sponsor has overseen a remerchandising effort which included the
replacement of a former AMC Theaters anchor space with new anchors
LA Fitness and Michael's. The loan sponsor is RioCan, the large
Canadian real estate investment trust. Moody's LTV and stressed
DSCR are 87% and 1.06X, respectively, compared to 92% and 1.00X at
prior review.

The second largest loan is the U-Haul Self-Storage Portfolio ($29
million -- 11% of the pool). The loan is secured by five
cross-collateralized self-storage properties located in British
Columbia and Quebec. Financial performance has been stable since
securitization. The loan benefits from amortization and is full
recourse to the sponsor. Moody's LTV and stressed DSCR are 91% and
1.07X, respectively, compared to 94% and 1.04X at the last review.

The third largest loan is the Holloway Hotel Portfolio ($28 million
-- 11% of the pool). The loan is secured by a portfolio of five
limited service hotels containing a total of 526 rooms. Four of the
properties are located in Alberta and one is located in British
Columbia. Moody's LTV and stressed DSCR are 64% and, 1.88X,
respectively, compared to 60% and 2.06X at the last review.


ML-CFC COMMERCIAL 2006-2: Moody's Cuts Cl. X Debt Rating to B2
--------------------------------------------------------------
Moody's Investors Service, has affirmed the ratings on seven
classes, upgraded the rating on one class and downgraded the rating
on one class in ML-CFC Commercial Mortgage Trust 2006-2 as
follows:

Cl. A-1A, Affirmed Aaa (sf); previously on Mar 27, 2015 Affirmed
Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Mar 27, 2015 Affirmed Aaa
(sf)

Cl. AM, Affirmed Aaa (sf); previously on Mar 27, 2015 Upgraded to
Aaa (sf)

Cl. AJ, Upgraded to Baa1 (sf); previously on Mar 27, 2015 Affirmed
Baa3 (sf)

Cl. B, Affirmed Ba2 (sf); previously on Mar 27, 2015 Affirmed Ba2
(sf)

Cl. C, Affirmed B2 (sf); previously on Mar 27, 2015 Affirmed B2
(sf)

Cl. D, Affirmed C (sf); previously on Mar 27, 2015 Affirmed C (sf)

Cl. E, Affirmed C (sf); previously on Mar 27, 2015 Affirmed C (sf)

Cl. X, Downgraded to B2 (sf); previously on Mar 27, 2015 Affirmed
Ba3 (sf)

RATINGS RATIONALE

The ratings on three P&I classes, classes A-4, A-1A and AM, were
affirmed because the transaction's key metrics, including Moody's
loan-to-value (LTV) ratio, Moody's stressed debt service coverage
ratio (DSCR) and the transaction's Herfindahl Index (Herf), are
within acceptable ranges.

The rating on one P&I class, class AJ, was upgraded primarily due
to an increase in credit support since Moody's last review,
resulting from paydowns and amortization, as well as Moody's
expectation of additional increases in credit support resulting
from the payoff of loans approaching maturity that are well
positioned for refinance. The pool has paid down by 56.1% since
Moody's last review. In addition, loans constituting 49.3% of the
pool that have debt yields exceeding 12.0% are scheduled to mature
within the next 24 months.

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

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

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

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

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

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

DEAL PERFORMANCE

As of the March 14, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 68% to $592.3
million from $1.8 billion at securitization. The certificates are
collateralized by 88 mortgage loans ranging in size from less than
1% to 3.6% of the pool, with the top ten loans constituting 29.6%
of the pool. Three loans, constituting 9.1% of the pool, have
defeased and are secured by US government securities. There are no
loans that have investment-grade structured credit assessments.

Seventy-three loans, constituting 77.4% of the pool, are on the
master servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Twenty-eight loans have been liquidated from the pool, resulting in
an aggregate realized loss of $133.9 million (for an average loss
severity of 53.5%). Nine loans, constituting 9.8% of the pool, are
currently in special servicing. The largest specially serviced loan
is the Marketplace of Matteson Shopping Center (for $16.8 million
2.8% of the pool), which is secured by a 299,198 square foot (SF)
retail center located in Matteson, Illinois which is approximately
32 miles South West of downtown Chicago. The loan transferred to
special servicing in October 2013 due to imminent monetary default
and was foreclosed upon in March 2014. As per the December 2015
rent roll the property was 84% leased. The occupancy and market
absorption has declined, mainly due to the nearby mall closing.
Lincoln Mall, located down the street from the subject, was forced
to close in January 2015. The current resolution strategy is to
lease up the asset and then market it for sale.

The remaining eight specially serviced loans are secured by a mix
of property types. Moody's estimates an aggregate $32.4 million
loss for the specially serviced loans (55.9% expected loss on
average).

Moody's has assumed a high default probability for 9 poorly
performing loans, constituting 6.1% of the pool, and has estimated
an aggregate loss of $5.4 million (a 15% expected loss based on a
50% probability default) from these troubled loans.

Moody's received full year 2014 operating results for 92% of the
pool and full or partial year 2015 operating results for 91% of the
pool. Moody's weighted average conduit LTV is 88.5%, compared to
88.3% at Moody's last review. Moody's conduit component excludes
loans with structured credit assessments, defeased and CTL loans,
and specially serviced and troubled loans. Moody's net cash flow
(NCF) reflects a weighted average haircut of 11.4% to the most
recently available net operating income (NOI). Moody's value
reflects a weighted average capitalization rate of 9.9%.

Moody's actual and stressed conduit DSCRs are 1.44X and 1.29X,
respectively, compared to 1.54X and 1.35X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 10.7% of the pool balance.
The largest loan is the Oak Hill Apartments Loan ($21.4 million --
3.6% of the pool), which is secured by a 220 unit multifamily
property spanning over 16 buildings. The property is located in
North Greenbush, New York which is approximately a ten-minute drive
to downtown Albany. As per the September 2015 rent roll the
property was 89% occupied, compared to 86% leased in December 2014.
Moody's LTV and stressed DSCR are 111.7% and 0.85X, respectively,
compared to 115% and 0.82X at the last review.

The second largest loan is the Terra Nova Plaza Loan ($21 million
-- 3.5% of the pool), which is secured by a 87,058 square foot (SF)
retail property located in the south bay area of San Diego in a
suburban neighborhood called Chula Vista. The center is anchored by
large tenants such as Haggen, Sports Authority, and Bed Bath &
Beyond (not a part of the collateral). Per the December 2015 rent
roll the property was 96.4% occupied. The loan is interest only for
the full term. Moody's LTV and stressed DSCR are 68.7% and 1.42X,
respectively, compared to 75.7% and 1.29X at the last review.

The third largest loan is the North Park Apartments Loan ($20.7
million -- 3.5% of the pool), which is secured by a 462 unit
multifamily complex located in Fresno, California which is within a
three-hour drive to both Los Angeles and San Francisco. As per the
December 2015 rent roll the property was 95% leased. Moody's LTV
and stressed DSCR are 115.7% and 0.89X, respectively, compared to
129.7% and 0.79X at the last review.


MORGAN STANLEY 2006-IQ11: Fitch Lowers Rating on 3 Tranches to Csf
------------------------------------------------------------------
Fitch Ratings has downgraded five classes and affirmed seven
classes of Morgan Stanley Capital I Trust (MSC 2006-IQ11)
commercial mortgage pass-through certificates series 2006-IQ11.

                        KEY RATING DRIVERS

The downgrades reflect increased credit risk in the pool
specifically related to the largest loan in the transaction, the
Merritt Square Mall, which is in special servicing.  The mall,
which represents 13.7% of the pool balance, is expected to be
returned to the lender as the borrower was unable to refinance at
maturity.  Additionally, the pool has become increasingly
concentrated with a high percentage of REO assets in special
servicing with limited progress toward resolution.

As of the March 2016 distribution date, the pool's aggregate
principal balance has been reduced by 76.3% to $382.8 million from
$1.62 billion at issuance.  Fitch has designated 28 Fitch Loans of
Concern (49.8%), which includes 12 assets in special servicing
(36.2%).  Of the assets in special servicing, eight assets are REO
representing 20.3% of the pool balance.  Two loans are defeased
(6.1%) and 19 loans are cooperative properties (14.3%).
Approximately 79.5% of the pool is scheduled to mature in 2016
primarily in the first half of the year.

The largest contributor to expected losses is a 416,443 sf office
complex (9.8%) located in Jacksonville, FL.  The asset transferred
to special servicing in November 2012 for imminent default and
subsequently became REO in March 2014.  Occupancy has declined
substantially as the largest tenant vacated 36% of the property at
lease expiration in 2015 bringing total occupancy down to 59.6% as
of March 2016.  The servicer continues to renew expiring tenants
and has indicated that there is interest from the market on the
vacant space.

The second largest contributor to expected losses is the Merritt
Square Mall, a 811,410 sq ft. regional enclosed mall (13.7% of the
pool) located on Merritt Island, FL.  Collateral includes 478,040
square feet (sf), of which 241,868 sf is in-line space and 236,172
sf as anchor space.  The loan transferred to special servicing in
August 2015 for imminent default as the borrower was unable to pay
off the loan at maturity.  The sponsor recently announced their
intentions to return the mall to the lender.  As of September 2015,
occupancy for the mall was 98% with NOI DSCR of 1.49x compared with
occupancy of 97% and NOI DSCR of 1.29x at YE 2014. Despite the high
occupancy, challenges remain as the mall generates relatively weak
sales with multiple tenants on percentage rent lease structures and
declining population trends in the immediate trade area.

The third largest contributor to expected losses is an asset in
special servicing (3.6%), secured by a 212,000 sf office building
in downtown Lancaster, PA.  The asset transferred to the special
servicer in April 2008 due to the single tenant, L3 Communications,
vacating the space and discontinuing payment of rent.  Foreclosure
of the property was hindered by litigation surrounding the mortgage
and sponsor.  Litigation has since been resolved and the asset is
REO as of September 2015.  The city of Lancaster, which previously
had evaluated taking the asset via eminent domain, is no longer
pursuing this action.  The asset is under contract for sale and is
expected to close by the end of May.  Fitch anticipates significant
losses upon disposition of the asset.

                        RATING SENSITIVITIES

Rating Outlook on class A-M remains Stable due to increasing credit
enhancement and continued paydown of the class.  The Negative
Outlook reflects the potential for downgrade should performance of
the Merritt Square Mall deteriorate further and expected losses of
assets in special servicing increase.  Upgrades are unlikely due to
the uncertainty surrounding the resolution of REO assets, including
Merritt Square Mall, and susceptibility to adverse selection as the
pool pays down.  The distressed classes (those rated below 'B-sf')
are subject to further downgrades as losses are realized.

                         DUE DILIGENCE USAGE

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

Fitch downgrades these classes and revises the Rating Outlook as
indicated:

   -- $147.5 million class A-J to 'BBsf' from 'BBBsf'; Outlook to
      Negative from Stable;
   -- $30.3 million class B to 'CCCsf' from 'BBsf'; RE 85%;
   -- $12.1 million class C to 'Csf' from 'Bsf'; RE 0%;
   -- $22.2 million class D to 'Csf' from 'CCCsf'; RE 0%;
   -- $16.2 million class E to 'Csf' from 'CCsf'; RE 0%.

Fitch affirms these classes:

   -- $104.2 million class A-M at 'AAAsf'; Outlook Stable;
   -- $14.1 million class F at 'Csf'; RE 0%;
   -- $18.2 million class G at 'Csf'; RE 0%;
   -- $14.1 million class H at 'Csf'; RE 0%;
   -- $3.8 million class J at 'Dsf'; RE 0%;
   -- $0 class K at 'Dsf'; RE 0%;
   -- $0 class L at 'Dsf'; RE 0%.

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


MORGAN STANLEY 2006-IQ12: S&P Lowers Rating on Cl. A-J Certs to B-
------------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on two
classes of commercial mortgage pass-through certificates from
Morgan Stanley Capital I Trust 2006-IQ12, a U.S. commercial
mortgage-backed securities (CMBS) transaction.  In addition, S&P
lowered its ratings on two other classes from the same transaction
and affirmed its ratings on four.

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

S&P raised its ratings on classes A-M and A-MFX to reflect S&P's
expectation of the available credit enhancement for these classes,
which S&P believes is greater than its most recent estimate of
necessary credit enhancement for the respective rating levels.  The
upgrades also follow S&P's views regarding the current and future
performance of the transaction's collateral, the available
liquidity support, and the reduced trust balance.

The two downgrades reflect the credit support erosion that S&P
anticipates will occur upon the eventual resolution of the seven
assets ($49.4 million, 3.0%) with the special servicer as well as
the susceptibility to reduced liquidity support due to ongoing
interest shortfalls and the potential for additional interest
shortfalls should the loans with near-term maturities fail to
refinance.  Excluding the specially serviced assets, approximately
$1.6 billion (94.3%) of the collateral pool matures in 2016.

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

S&P affirmed its 'AAA (sf)' ratings on the class X-1 and X-W
interest-only (IO) certificates based on S&P's criteria for rating
IO securities.

                        TRANSACTION SUMMARY

As of the March 15, 2016, trustee remittance report, the collateral
pool balance was $1.67 billion, which is 61.1% of the pool balance
at issuance.  The pool currently includes 180 loans and two real
estate owned (REO) assets (reflecting cross-collateralized and
cross-defaulted loans), down from 269 loans at issuance.  Seven of
these assets are with the special servicer, 13 ($297.4 million,
17.8%) are defeased, and 64 ($491.1 million, 29.4%) are on the
master servicers' combined watchlist.  The master
servicers--Berkadia Commercial Mortgage LLC and Prudential Asset
Resources--reported financial information for 96.5% of the
nondefeased loans in the pool, of which 78.9% was partial-year or
year-end 2015 data and the remainder was partial-year or year-end
2014 data.

S&P calculated a 1.31x Standard & Poor's weighted average debt
service coverage (DSC) and 88.9% Standard & Poor’s weighted
average loan-to-value (LTV) ratio using a 7.89% Standard & Poor's
weighted average capitalization rate.  The DSC, LTV, and
capitalization rate calculations exclude the seven specially
serviced assets and 13 defeased loans.  The top 10 nondefeased
loans have an aggregate outstanding pool trust balance of $594.2
million (35.6%).  Using servicer-reported numbers, S&P calculated a
Standard & Poor's weighted average DSC and LTV of 1.33x and 96.0%,
respectively, for the top 10 nondefeased loans.

To date, the transaction has experienced $261.4 million in
principal losses (9.6% of the original pool trust balance).  S&P
expects losses to reach approximately 10.1% of the original pool
trust balance in the near term, based on losses incurred to date
and additional losses S&P expects upon the eventual resolution of
the seven specially serviced assets.

                      CREDIT CONSIDERATIONS

As of the March 15, 2016, trustee remittance report, seven assets
in the pool were with the special servicer, C-III Asset Management
LLC (C-III).  Details of the three largest specially serviced
assets are:

   -- The Prium Portfolio loan ($16.6 million, 1.0%) has a total
      reported exposure of $16.7 million.  The loan is secured by
      five suburban office and one medical office properties
      totaling 155,666 sq. ft. in various cities in Washington.
      The loan, which has a late but less than one month
      delinquent payment status, was transferred to the special
      servicer on Aug.29, 2014, due to bankruptcy of the
      borrower's managing member and loan guarantors.  C-III
      indicated that it is pursuing various strategies, including
      a loan payoff. No updated performance data is available.  
      S&P anticipates a minimal loss upon the loan's eventual
      resolution.

   -- The Lansdowne Medical Office Pavilion REO asset ($12.8
      million, 0.8%) has a total reported exposure of $15.9
      million.  The asset is a 66,875-sq.-ft. medical office
      property in Lansdowne, Va.  The loan was transferred to the
      special servicer on Feb. 15, 2013, due to imminent default,
      and the property became REO on Jan. 17, 2014.  An ARA of
      $6.2 million is in place against this asset, and S&P
      anticipates a moderate loss upon its eventual resolution.

   -- The 880 Technology Drive loan ($10.5 million, 0.6%) has a
      total reported exposure of $10.9 million.  The loan is
      secured by an 85,833-sq.-ft. suburban office property in Ann

      Arbor, Mich.  The loan, which has a 90-plus days delinquent
      payment status, was transferred to the special servicer on
      Sept. 9, 2015, due to payment default.  According to C-III,
      the property is currently 42.0% occupied, and it is
      evaluating various liquidation strategies.  S&P expects a
      moderate loss upon the loan’s eventual resolution.

The four remaining assets with the special servicer have individual
balances that represent less than 0.2% of the total pool trust
balance.  S&P estimated losses for the seven specially serviced
assets, arriving at a weighted average loss severity of 31.4%.

With respect to the specially serviced assets noted above, a
minimal loss is less than 25%, a moderate loss is 26%-59%, and a
significant loss is 60% or greater.

RATINGS LIST

Morgan Stanley Capital I Trust 2006-IQ12
Commercial mortgage pass-through certificates series 2006-IQ12
                                        Rating
Class             Identifier            To          From
A-1A              61750WAS2             AAA (sf)    AAA (sf)
A-4               61750WAX1             AAA (sf)    AAA (sf)
A-M               61750WAY9             A (sf)      BBB (sf)
A-MFX             61750WBG7             A (sf)      BBB (sf)
A-J               61750WAZ6             B- (sf)     B+ (sf)
B                 61750WBA0             CCC (sf)    CCC+ (sf)
X-1               61750WAA1             AAA (sf)    AAA (sf)
X-W               61750WAC7             AAA (sf)    AAA (sf)


MORGAN STANLEY 2011-C2: Moody's Affirms Ba2 Rating on Cl. F Debt
----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of ten classes of
Morgan Stanley Capital I Trust 2011-C2 as follows:

Cl. A-2, Affirmed Aaa (sf); previously on Apr 3, 2015 Affirmed Aaa
(sf)

Cl. A-3, Affirmed Aaa (sf); previously on Apr 3, 2015 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on Apr 3, 2015 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa2 (sf); previously on Apr 3, 2015 Affirmed Aa2
(sf)

Cl. C, Affirmed A2 (sf); previously on Apr 3, 2015 Affirmed A2
(sf)

Cl. D, Affirmed Baa2 (sf); previously on Apr 3, 2015 Affirmed Baa2
(sf)

Cl. E, Affirmed Baa3 (sf); previously on Apr 3, 2015 Affirmed Baa3
(sf)

Cl. F, Affirmed Ba2 (sf); previously on Apr 3, 2015 Affirmed Ba2
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on Apr 3, 2015 Affirmed Aaa
(sf)

Cl. X-B, Affirmed Ba3 (sf); previously on Apr 3, 2015 Affirmed Ba3
(sf)

RATINGS RATIONALE

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

The ratings on the IO classes were affirmed based on the credit
performance (or the weighted average rating factor) of the
referenced classes.

Moody's rating action reflects a base expected loss of 2.7% of the
current balance, compared to 2.8% at Moody's last review. Moody's
base expected loss plus realized losses is now 1.9% of the original
pooled balance, compared to 2.6% at the last review. Moody's
provides a current list of base expected losses for conduit and
fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

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

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

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

DEAL PERFORMANCE

As of the March 17, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 30% to $848 million
from $1.2 billion at securitization. The certificates are
collateralized by 45 mortgage loans ranging in size from less than
1% to 17% of the pool, with the top ten loans constituting 64% of
the pool. One loan, constituting 2% of the pool, has an
investment-grade structured credit assessment. Two loans,
constituting 1% of the pool, have defeased and are secured by US
government securities.

Five loans, constituting 10% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

No loans have been liquidated from the pool. There is currently one
loan in special servicing. The specially serviced loan is the
Georgetown Center Loan ($46.5 million, 5.5% of the pool), which is
secured by two mid-rise office buildings totaling 282,497 SF and
located in Washington, DC. The loan transferred to special
servicing in January 2016 for imminent maturity default. As of the
September 2015 rent roll, tenants totaling approximately 124,000 SF
(44% of the NRA) have leases that expire by year end 2016. These
expring leases include Fannie Mae (representing 29% of the NRA).
Fannie Mae has previously announced its intention to consolidate
staff from five Washington, D.C. area offices into a single, leased
office building located in downtown Washington, D.C. The special
servicer has indicated that the borrower has requested a six-month
loan maturity extension.

Moody's received full year 2014 operating results for 98% of the
pool, and full or partial year 2015 operating results for 98% of
the pool. Moody's weighted average conduit LTV is 88%, compared to
90% at Moody's last review. Moody's conduit component excludes
loans with structured credit assessments, defeased and CTL loans,
and non-performing specially serviced and troubled loans. Moody's
net cash flow (NCF) reflects a weighted average haircut of 16% to
the most recently available net operating income (NOI). Moody's
value reflects a weighted average capitalization rate of 9.3%.

Moody's actual and stressed conduit DSCRs are 1.51X and 1.19X,
respectively, compared to 1.53X and 1.19X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The loan with a structured credit assessment is the FedEx
Distribution Center Loan ($17.8 million -- 2.1% of the pool), which
is secured by a 117,000 SF single tenant industrial property
located in East Elmhurst, New York. The property is leased to FedEx
Corporation (senior unsecured rating of Baa1, stable outlook) on a
triple net lease expiring in 2023, with rent bumps every five
years. The loan had an original term of ten years and is amortizing
on a 15 year schedule. The loan has an anticipated repayment date
(ARD) of December 2020 and a final maturity in December 2022. Due
to the single tenant nature of this building, Moody's has
incorporated a lit/dark analysis into this review. Moody's current
structured credit assessment and stressed DSCR are aa3 (sca.pd) and
1.50X, respectively.

The top three conduit loans represent 38.6% of the pool balance.
The largest conduit loan is the Deerbrook Mall Loan ($142.8 million
-- 16.8% of the pool), which is secured by a 554,500 SF portion of
a 1.2 million SF regional mall located in Humble, Texas. The
property is anchored by Dillards, Macys, Sears, and JC Penney, all
of which are owned by their respective tenants and not included as
collateral for the loan. AMC Theater is the only borrower-owned
anchor. Inline occupancy was 83% as September 2015. The loan had an
original term of ten years and is now amortizing on a 30 year
schedule, maturing in April 2021. For the twelve months ending
September 2015, comparable sales (tenants


MORGAN STANLEY: Moody's Hikes $204MM of RMBS Issued 2001-2004
-------------------------------------------------------------
Moody's Investors Service, on March 25, 2015, upgraded the ratings
of 22 tranches and downgraded the rating of 1 tranche, from 15
transactions issued by Morgan Stanley, backed by Subprime mortgage
loans.

Complete rating actions are:

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2003-NC7
  Cl. M-2, Upgraded to Caa1 (sf); previously on April 10, 2012,
   Downgraded to Ca (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2004-HE4
  Cl. M-1, Upgraded to Ba2 (sf); previously on June 26, 2014,
   Upgraded to B1 (sf)
  Cl. M-2, Upgraded to Caa1 (sf); previously on March 15, 2011,
   Downgraded to Ca (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2004-NC2
  Cl. M-2, Upgraded to Caa2 (sf); previously on April 10, 2012,
   Downgraded to C (sf)
  Cl. M-1, Upgraded to Ba2 (sf); previously on June 26, 2014,
   Upgraded to B1 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2004-NC5
  Cl. M-1, Upgraded to B1 (sf); previously on June 26, 2014,
   Upgraded to B2 (sf)
  Cl. B-2, Downgraded to C (sf); previously on April 27, 2011,
   Confirmed at Ca (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2004-WMC2
  Cl. M-2, Upgraded to B2 (sf); previously on June 26, 2014,
   Upgraded to Caa1 (sf)
  Cl. M-3, Upgraded to Caa2 (sf); previously on June 26, 2014,
   Upgraded to Ca (sf)

Issuer: Morgan Stanley Dean Witter Capital I Inc. Mortgage
Pass-Through Certificates, Series 2001-NC3
  Cl. M-2, Upgraded to Caa2 (sf); previously on Dec. 14, 2012,
   Downgraded to C (sf)

Issuer: Morgan Stanley Dean Witter Capital I Inc. Trust 2002-AM1
  Cl. M-1, Upgraded to B1 (sf); previously on April 10, 2012,
   Confirmed at B3 (sf)

Issuer: Morgan Stanley Dean Witter Capital I Inc. Trust 2002-AM2
  Cl. M-1, Upgraded to Ba1 (sf); previously on April 22, 2015,
   Upgraded to Ba2 (sf)

Issuer: Morgan Stanley Dean Witter Capital I Inc. Trust 2002-HE1
  Cl. M-1, Upgraded to Ba2 (sf); previously on June 9, 2014,
   Upgraded to Ba3 (sf)
  Cl. M-2, Upgraded to Caa3 (sf); previously on June 9, 2014,
   Upgraded to Ca (sf)

Issuer: Morgan Stanley Dean Witter Capital I Inc. Trust 2002-NC1
  Cl. M-1, Upgraded to B1 (sf); previously on April 10, 2012,
   Confirmed at B3 (sf)

Issuer: Morgan Stanley Dean Witter Capital I Inc. Trust 2002-NC4
  Cl. M-2, Upgraded to B3 (sf); previously on April 27, 2015,
   Upgraded to Caa2 (sf)

Issuer: Morgan Stanley Dean Witter Capital I Inc. Trust 2002-NC5
  Cl. M-1, Upgraded to B1 (sf); previously on March 15, 2011,
   Downgraded to B3 (sf)

Issuer: Morgan Stanley Dean Witter Capital I Inc. Trust 2002-OP1
  Cl. M-1, Upgraded to B1 (sf); previously on April 10, 2012,
   Confirmed at Caa1 (sf)

Issuer: Morgan Stanley Dean Witter Capital I Inc. Trust 2003-NC2
  Cl. M-1, Upgraded to Ba2 (sf); previously on Dec. 12, 2012,
   Upgraded to Ba3 (sf)
  Cl. M-2, Upgraded to Caa1 (sf); previously on March 15, 2011,
   Downgraded to Ca (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Mortgage Loan
Asset-Backed Certificates, Series 2001-WF1
  Cl. M-1, Upgraded to Ba2 (sf); previously on April 22, 2015,
   Upgraded to B2 (sf)
  Cl. M-2, Upgraded to B3 (sf); previously on June 26, 2014,
   Upgraded to Caa3 (sf)
  Cl. B-1, Upgraded to Caa2 (sf); previously on Feb. 11, 2009,
   Downgraded to C (sf)

                         RATINGS RATIONALE

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

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

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

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 4.9% in February 2016 from 5.5% in
February 2015.  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.


NOMURA CRE 2007-2: Moody's Hikes Class A-2 Debt Rating to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Nomura CRE CDO 2007-2, Ltd. ("Nomura 2007-2"):

Cl. A-2, Upgraded to Ba1 (sf); previously on Apr 9, 2015 Affirmed
B2 (sf)

Cl. B, Upgraded to B3 (sf); previously on Apr 9, 2015 Affirmed Caa2
(sf)

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

Cl. C, Affirmed Caa3 (sf); previously on Apr 9, 2015 Affirmed Caa3
(sf)

Cl. D, Affirmed Ca (sf); previously on Apr 9, 2015 Affirmed Ca
(sf)

Cl. E, Affirmed Ca (sf); previously on Apr 9, 2015 Affirmed Ca
(sf)

Cl. F, Affirmed Ca (sf); previously on Apr 9, 2015 Affirmed Ca
(sf)

Cl. G, Affirmed C (sf); previously on Apr 9, 2015 Downgraded to C
(sf)

Cl. H, Affirmed C (sf); previously on Apr 9, 2015 Affirmed C (sf)

Cl. J, Affirmed C (sf); previously on Apr 9, 2015 Affirmed C (sf)

Cl. K, Affirmed C (sf); previously on Apr 9, 2015 Affirmed C (sf)

Cl. L, Affirmed C (sf); previously on Apr 9, 2015 Affirmed C (sf)

Cl. M, Affirmed C (sf); previously on Apr 9, 2015 Affirmed C (sf)

Cl. N, Affirmed C (sf); previously on Apr 9, 2015 Affirmed C (sf)

Cl. O, Affirmed C (sf); previously on Apr 9, 2015 Affirmed C (sf)

RATINGS RATIONALE

Moody's upgraded the ratings on two classes of notes due to full
repayment of high credit risk assets, the re-direction of interest
to pay principal resulting from the failure of certain par value
tests, and stable to improving credit profile of the remaining
assets as evidenced by the WARF. Moody's has affirmed the ratings
on the transaction because its key transaction metrics are
commensurate with existing ratings. The rating action is the result
of Moody's on-going surveillance of commercial real estate
collateralized debt obligation (CRE CDO CLO) transactions.

Nomura 2007-2 is a currently static cash transaction whose
reinvestment period ended in February 2013. The transaction is
backed by a portfolio of: i) whole loans (54.1% of the collateral
pool balance); ii) b-notes (28.9%); and iii) CRE CDOs (17.0%). As
of the February 25, 2016 note valuation report, the aggregate note
balance of the transaction, including preferred shares, has
decreased to $397.9 million, from $950.0 million at issuance with
the paydown directed to the senior most outstanding class of notes.
This is the result of regular amortization, recoveries on defaulted
assets and the redirection of interest as principal as result of
the failure of certain par value tests.

The pool contains three assets totaling $81.9 million (42.3% of the
collateral pool balance) that are listed as defaulted securities as
of the February 29, 2016 trustee report. While there have been
limited realized losses on the underlying collateral to date,
Moody's does expect significant losses to occur on the defaulted
securities.

Moody's has identified the following as key indicators of the
expected loss in CRE 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 CLO pool.
Moody's has updated its assessments for the collateral it does not
rate. The rating agency modeled a bottom-dollar WARF of 5081,
compared to 5619 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follow: Baa1-Baa3 (1.5% compared to 0.0% at last
review); Ba1-Ba3 (3.0% compared to 0.0% at last review); B1-B3
(3.2% compared to 4.0% at last review); Caa1-Ca/C (92.3% compared
to 96.0% at last review).

Moody's modeled a WAL of 2.0 years, compared to 2.1 years at last
review. The WAL is based on assumptions about extensions on the
underlying loan collateral.

Moody's modeled a fixed WARR of 27.4%, compared to 29.4% at last
review.

Moody's modeled a MAC of 28.7%, compared to 31.0% 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. Holding all other parameters constant, reducing the
recovery rates of 100% of the collateral pool by 10% would result
in an average modeled rating movement on the rated notes of 0 to 1
notch downward (e.g., one notch down implies a ratings movement of
Baa3 to Ba1). Increasing the recovery rate of 100% of the
collateral pool by 10% would result in an average modeled rating
movement on the rated notes of 0 to 2 notches upward (e.g., one
notch up implies a ratings movement of Baa3 to Baa2).

The primary sources of uncertainty in Moody's assumptions are the
extent of growth in the current macroeconomic environment given the
weak recovery and 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.


NORTHSTAR 2013-1: Moody's Hikes Class C Notes Rating to Ba3(sf)
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by NorthStar 2013-1:

Cl. B Notes, Upgraded to A3 (sf); previously on May 7, 2015
Affirmed Baa3 (sf)

Cl. C Notes, Upgraded to Ba3 (sf); previously on May 7, 2015
Affirmed B3 (sf)

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

Cl. A Notes, Affirmed Aaa (sf); previously on May 7, 2015 Affirmed
Aaa (sf)

RATINGS RATIONALE

Moody's has upgraded the ratings on two classes of notes due to the
rapid amortization and prepayment of the underlying collateral, and
material improvement of the interest-coverage and
overcollateralization tests, offsetting an increase in the weighted
average rating factor (WARF). Moody's has affirmed the ratings on
one class of notes because the key transaction metrics are
commensurate with existing ratings. The rating action is the result
of Moody's on-going surveillance of commercial real estate
collateralized debt obligation (CRE CDO CLO) transactions.

NorthStar 2013-1 is a static cash transaction that is wholly backed
by a portfolio of whole loans and senior-participations secured by
commercial real estate (100% of the collateral pool balance). As of
the trustee's 19 February, 2016 report, the aggregate note balance
of the transaction, including preferred shares, is $334.2 million,
compared to $531.5 million at issuance.

No assets had defaulted as of the trustee's February 19, 2016
report.

Moody's has identified the following as key indicators of the
expected loss in CRE CLO transactions: the 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 CLO pool.
Moody's has updated its assessments for the collateral it does not
rate. The rating agency modeled a bottom-dollar WARF of 4041,
compared to 3060 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follow: Baa1-Baa3 (24.7%, compared to 23.0% at
last review); Ba1-Ba3 (0.0%, compared to 9.2% at last review);
B1-B3 (27.2%, compared to 28.6% at last review; Caa1-Ca/C (48.0%,
compared to 39.2% at last review).

Moody's modeled a WAL of 4.0 years, compared to 4.9 years at last
review. The WAL is based on assumptions about extensions on the
underlying collateral.

Moody's modeled a fixed WARR of 53.9%, compared to 54.8% at last
review.

Moody's modeled a MAC of 35.8%, compared to 37.9% at last review.

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

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

Moody's Parameter Sensitivities: Changes to any one or more of the
key parameters could have rating implications for some of the rated
notes, although a change in one key parameter assumption could be
offset by a change in one or more of the other key parameter
assumptions. The rated notes are particularly sensitive to changes
in the recovery rates of the underlying collateral and credit
assessments. Holding all other parameters constant, reducing the
recovery rates of the collateral pool by 5.0% would result in an
average modeled rating movement on the rated notes of zero to two
notches downward (e.g., one notch down implies a ratings movement
of Baa3 to Ba1). Increasing the recovery rate of the collateral
pool by 5.0% would result in an average modeled rating movement on
the rated notes of zero to three 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.


ONEMAIN FINANCIAL 2016-2: DBRS Finalizes (P)BB Rating on Cl. D Debt
-------------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following notes
issued by OneMain Financial Issuance Trust 2016-2 (OneMain):

-- Series 2016-2 Notes, Class A rated AA (sf)
-- Series 2016-2 Notes, Class B rated A (sf)
-- Series 2016-2 Notes, Class C rated BBB (sf)
-- Series 2016-2 Notes, Class D rated BB (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.

-- 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 principal by the legal final maturity date.

-- OneMain's capabilities with regard to originations,
    underwriting and servicing.

-- Acquisition of OneMain by Springleaf Holdings, Inc.

-- The credit quality of the collateral and performance of
    OneMain’s consumer loan portfolio. DBRS has used a hybrid
    approach in analyzing the OneMain portfolio that incorporates
    elements of static pool analysis, employed for assets such as
    consumer loans, and revolving asset analysis, employed for
    such assets as credit card master trusts.

-- 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 OneMain and
    that the trust has a valid first-priority security interest in

    the assets and is consistent with DBRS's "Legal Criteria for
    U.S. Structured Finance" methodology.


PARTS PRIVATE 2007-CT1: Fitch Cuts Cl. B Debt Rating to CC
----------------------------------------------------------
Fitch Ratings has taken these rating actions on the notes issued by
PARTS Private Student Loan Trust Series 2007-CT1:

   -- Class A affirmed at 'Asf', Outlook Stable;
   -- Class B downgraded to 'CCsf' from 'CCCsf', RE 50%;
   -- Class C affirmed at 'Csf', RE 0%.

                         KEY RATING DRIVERS

Collateral Quality: The trust is collateralized by approximately
$43.5 million of private student loans as of November 2015 that
were originated according to either TERI or LEARN underwriting
guidelines.  The projected remaining defaults are expected to range
between 33%-36%.  A recovery rate of 0% was applied as the data
provided indicates a minimal recovery rate.

Credit Enhancement (CE): CE is provided by excess spread.  Senior
notes, benefiting from subordination provided by junior bonds, are
seeing higher parity, while subordinate notes and junior
subordinates continue to be under-collateralized.  As of November
2015, senior, subordinate and junior subordinate parity ratios were
164.91% (CE 39.36%), 98.50% and 84.00% respectively.  The Stable
Outlook for the senior notes reflects improving parity and
sufficient credit enhancement to absorb expected losses.  The
Recovery Estimate (RE) for the class B notes is approximately RE
50% and for the class C notes is RE 0%.

Given the most recent projected lifetime defaults and decrease in
excess spread, PARTS 2007-CT1 has experienced a decrease in the
loss coverage multiples for the subordinate and junior subordinate
notes.  The loss coverage multiples have decreased for subordinate
class B notes such that these notes have been downgraded to
'CCsf'.

Liquidity Support: Liquidity support is provided by a reserve fund
sized at $1,000,000.

Servicing Capabilities: Day-to-day servicing is provided by
American Education Services (AES), a wholly-owned subsidiary of
Pennsylvania Higher Education Assistance Agency (PHEAA).  Fitch
believes the servicing operations of AES are acceptable at this
time.

                       RATING SENSITIVITIES

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


PRESTIGE AUTO 2016-1: DBRS Finalizes (P)BB Rating on Cl. E Notes
----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes issued by Prestige Auto Receivables Trust 2016-1:

-- Class A-1 Notes rated R-1 (high) (sf)
-- Class A-2 Notes rated AAA (sf)
-- Class A-3 Notes rated AAA (sf)
-- Class B Notes rated AA (sf)
-- Class C Notes rated A (sf)
-- Class D Notes rated BBB (sf)
-- Class E Notes rated BB (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.

-- 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 principal by the legal final maturity date.

-- The transaction parties’ capabilities with regards to
    originations, underwriting and servicing.

-- The credit quality of the collateral and performance of
    Prestige's auto loan portfolio.

-- 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 Prestige,
    and that the trust has a valid first-priority security
    interest in the assets and the consistency with the DBRS
    methodology "Legal Criteria for U.S. Structured Finance."



SCHOONER TRUST 2006-5: DBRS Confirms BB Rating on Cl. J Debt
------------------------------------------------------------
DBRS Limited upgraded the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2006-5 issued by Schooner Trust
as follows:

-- Class C upgraded to AAA (sf) from AA (high) (sf)
-- Class D upgraded to AAA (sf) from A (high) (sf)

DBRS has also confirmed the ratings on the following classes:

-- Class E at A (sf)
-- Classes F at BBB (high) (sf)
-- Classes G at BBB (sf)
-- Class H at BB (high) (sf)
-- Class J at BB (sf)
-- Class K at B (high) (sf)
-- Class L at B (low) (sf)
-- Class X-C at AAA (sf)

All trends are Stable.

The rating upgrades reflect the increased credit support to the
bonds as a result of loan amortization and successful loan
repayment. Since issuance, the pool has experienced a collateral
reduction of 93.1%, with five of the original 91 loans outstanding
as of the March 2016 remittance report. Since the last DBRS rating
action in March 2015, 67 loans refinanced out of the Trust,
contributing to a principal paydown of approximately $271 million,
leaving an aggregate outstanding principal balance of $33.5
million. There is one defeased loan, representing 11.5% of the pool
balance, and all loans are expected to pay out by April 2016. All
loans are reporting YE2014 financials, and based on these figures
(excluding the defeased loan), the pool reported a weighted-average
(WA) amortizing debt service coverage ratio (DSCR) of 1.42 times
(x), a WA DBRS refinance DSCR of 1.41x, a WA debt yield of 13.7%
and a WA exit debt yield of 13.9%. All loans are on the
servicer’s watchlist due to upcoming loan maturity. The two
largest loans are highlighted below.

The Lindsay Square loan (Prospectus ID#2, 46.9% of the current pool
balance) is secured by a community mall in Kawartha Lakes, Ontario,
originally built in 1990 and renovated in 2005. This loan was
originally placed on the watchlist after the former largest tenant,
Target (51.3% of the net rentable area (NRA)), left the property in
May 2015 following its announcement to exit the Canadian market. As
a result, occupancy was at 44.7% as of the July 2015 rent roll. The
servicer advises that three potential tenants have shown interest
in occupying the majority of Target’s former space, with space
requirements ranging between 16,000 sf and 44,000 sf. A variety
store tenant has confirmed that it will execute a lease and will be
occupying approximately 43,650 sf of space and paying a percentage
rent of gross sales on a fifteen-year term. A major fashion tenant
and a fitness center tenant provided a letter of interest and the
borrower is working to finalize the leases. The leases are expected
to extend for ten years, with triple net rents ranging from $8 psf
to $13 psf. If all potential tenants successfully execute a lease,
occupancy could increase to approximately 85%. According to the
July 2015 rent roll, tenants occupying 20.6% of the NRA have leases
that expire or will be expiring in 2016, including the
second-largest tenant, Pharma Plus (5.3% of NRA), but the tenant
executed a renewal for five years with a new lease expiration of
December 2020. This loan was scheduled to mature in January 2016,
but was recently granted an extension to April 2016 to allow the
borrower time to finalize its refinance plans. According to the
YE2014 financials, the DSCR was 1.25x, which is an increase from
YE2013 of 1.14x. The DBRS Refi DSCR and exit debt yield for the
loan are 1.26x and 11.9%, respectively. This loan was modelled with
a lower cash flow to reflect the loss of Target’s rental revenue,
which results in an elevated probability of default for the loan.

The Bank of Hamilton loan (Prospectus ID#14, 24.1% of the current
pool balance) is secured by an office property in downtown Winnipeg
within the Exchange District. The property was built in 1918,
renovated in 2001 and is fully occupied by the City of Winnipeg on
a long-term lease expiring in December 2036. According to the
YE2014 financials, the DSCR was 1.65x, which is an increase from
the YE2013 DSCR of 1.43x. The DBRS Refi DSCR and exit debt yield
for the loan were 1.32x and 13.1%, respectively.


SOUND POINT CLO I: S&P Raises Rating on Class E Notes to BB+
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
B, C, D, and E notes from Sound Point CLO I Ltd., a U.S.
collateralized loan obligation (CLO) managed by Sound Point Capital
Management L.P.  In addition, S&P affirmed its 'AAA (sf)' rating on
the class A notes.

The transaction closed in October 2012 and went effective in
January 2013.  It ended its reinvestment period in October 2015 and
has commenced paying down the class A notes, which are now
currently at 94.35% of their original balance.

Per the February 2016 monthly trustee report, the weighted average
life of the portfolio has decreased to 3.5 years from its initial
5.5 years.  This decreased the portfolio's scenario default rates,
which in turn increased the credit cushion available to the notes
at their prior ratings, resulting in the upgrades.

Although the amount of 'CCC'-rated assets in the portfolio has
increased since the effective date and the portfolio currently has
a defaulted position (which is about 1% of the total portfolio),
the collateral seasoning and the note paydowns more than offset
these credit deteriorations.

S&P affirmed its rating on the class A notes to reflect the
available credit support consistent with the current rating
levels.

S&P's review of this transaction included a cash flow analysis,
based on the February 2016 trustee report, which S&P used to
estimate future performance.  In line with S&P's criteria, its cash
flow scenarios applied forward-looking assumptions on the expected
timing and pattern of defaults, and recoveries in the event of
default, under various interest rate and macroeconomic scenarios.
In addition, S&P's analysis considered the transaction's ability to
pay timely interest and/or ultimate principal to each of the rated
tranches.  The results of the cash flow analysis demonstrated, in
S&P's view, that all of the rated outstanding classes have adequate
credit enhancement available at the rating levels associated with
these rating actions.

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

CASH FLOW RESULTS AND SENSITIVITY ANALYSIS

Sound Point CLO I Ltd.

                    Cash flow
       Previous     implied     Cash flow      Final
Class  rating       rating(i)   cushion(ii)    rating
A      AAA (sf)     AAA (sf)    13.93%         AAA (sf)
B      AA (sf)      AA+ (sf)    13.98%         AA+ (sf)
C      A (sf)       A+ (sf)     6.88%          A+ (sf)
D      BBB (sf)     BBB+ (sf)   3.72%          BBB+ (sf)
E      BB (sf)      BB+ (sf)    1.93%          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 above the scenario default rate 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      AAA (sf)   AAA (sf)   AAA (sf)    AAA (sf)    AAA (sf)
B      AA+ (sf)   AA+ (sf)   AA+ (sf)    AAA (sf)    AA+ (sf)
C      A+ (sf)    A+ (sf)    A+ (sf)     AA (sf)     A+ (sf)
D      BBB+ (sf)  BBB- (sf)  BBB+ (sf)   BBB+ (sf)   BBB+ (sf)
E      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      AAA (sf)     AAA (sf)      AAA (sf)      AAA (sf)
B      AA+ (sf)     AA+ (sf)      AA (sf)       AA+ (sf)
C      A+ (sf)      A+ (sf)       BBB+ (sf)     A+ (sf)
D      BBB+ (sf)    BBB- (sf)     BB- (sf)      BBB+ (sf)
E      BB+ (sf)     BB- (sf)      CCC+ (sf)     BB+ (sf)

RATINGS RAISED
Sound Point CLO I Ltd.

                Rating
Class       To          From
B           AA+ (sf)    AA (sf)
C           A+ (sf)     A (sf)
D           BBB+ (sf)   BBB (sf)
E           BB+ (sf)    BB (sf)

RATINGS AFFIRMED
Sound Point CLO I Ltd.
Class       Rating
A           AAA (sf)



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

                         KEY RATING DRIVERS

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

The certificates represent beneficial ownership interest in the
trust, primary assets of which are 1,502 wireless communication
sites securing one fixed-rate loan.  As of the March 2016
distribution date, the aggregate principal balance of the notes
remains unchanged at $196 million since issuance.  The notes are
interest only for the entire seven-year period for series 2010-1,
Class C and 10 years for classes C and F of series 2010-2.

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

As part of its review, Fitch analyzed the collateral data and site
information provided by the master servicer, Midland Loan Services.
As of March 2016, aggregate TTM run rate net cash flow increased
19% since issuance to $28.3 million.  The Fitch stressed DSCR
increased from 1.27x at issuance to 1.50x as a result of the
increase in net cash flow.

The portfolio of sites are composed of ground easements, rooftops
and structures which represent 55.5%, 36.1% and 8.5% of revenue
respectively.  Site concentrations are in-line with percentages of
revenue at issuance.

The ownership interests in the sites consist of 68.2% of revenue in
perpetual easements and 28% in limited term easements.  The limited
term easements are generally long term with an average remaining
term in excess of 40 years.

                        RATING SENSITIVITIES

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

                       DUE DILIGENCE USAGE

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

Fitch has affirmed these ratings:

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


WACHOVIA BANK 2006-C24: Moody's Cuts Ratings on 2 Tranches to Caa3
------------------------------------------------------------------
Moody's Investors Service has upgraded the rating on one class,
affirmed the ratings on three classes, and downgraded the ratings
on two classes in Wachovia Bank Commercial Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series 2006-C24 as
follows:

Cl. A-J, Upgraded to Baa3 (sf); previously on Jun 4, 2015 Upgraded
to Ba1 (sf)

Cl. B, Affirmed B2 (sf); previously on Jun 4, 2015 Affirmed B2
(sf)

Cl. C, Affirmed B3 (sf); previously on Jun 4, 2015 Affirmed B3
(sf)

Cl. D, Downgraded to Caa3 (sf); previously on Jun 4, 2015 Affirmed
Caa2 (sf)

Cl. E, Affirmed C (sf); previously on Jun 4, 2015 Affirmed C (sf)

Cl. X-C, Downgraded to Caa3 (sf); previously on Jun 4, 2015
Downgraded to B1 (sf)

RATINGS RATIONALE

The ratings on the P&I class A-J was upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 92% since Moody's last
review.

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

The rating on the P&I class D was downgraded due to timing of
anticipated losses from specially serviced and troubled loans.
Three loans, representing 28% of the pool, are currently in special
servicing and two of the non-specially serviced loans, representing
64% of the pool, are identified as troubled loans.

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

Moody's rating action reflects a base expected loss of 26.8% of the
current balance, compared to 8.9% at Moody's last review. Moody's
base expected loss plus realized losses is now 10.7% of the
original pooled balance, compared to 11.2% at the last review.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

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

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

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

DEAL PERFORMANCE

As of the March 17, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 96% to $82 million
from $2.0 billion at securitization. The certificates are
collateralized by seven mortgage loans ranging in size from 4% to
60% of the pool.

Four loans, constituting 72% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Twenty-four loans have been liquidated from the pool, resulting in
an aggregate realized loss of $189 million (for an average loss
severity of 48%). Three loans, constituting 28% of the pool, are
currently in special servicing. The largest specially serviced loan
is the Oxford Marketplace Loan (for $10.3 million 12.5% of the
pool), which is secured by a shadow anchored retail center located
in Oxford, Lafayette County, Mississippi. Borrower was unable to
pay off the loan by the maturity date of February 11th, 2016 and
the loan was transferred to SS on February 19th, 2016.The remaining
two specially serviced loans are secured by a mix of property
types. Moody's estimates an aggregate $10.5 million loss for the
specially serviced loans (45% expected loss on average).

Moody's has assumed a high default probability for two poorly
performing loans, constituting 64% of the pool, and has estimated
an aggregate loss of $11.5 million (a 22% expected loss based on a
50% probability default) from these troubled loans.

Moody's received full year 2014 operating results for 100% of the
pool, and full or partial year 2015 operating results for 100% of
the pool. Moody's weighted average pool LTV is 91%, compared to 90%
at Moody's last review. Moody's pool component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 19% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 8.8%.

Moody's actual and stressed conduit DSCRs are 1.20X and 1.19X,
respectively, compared to 1.40X and 1.18X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three non-specially serviced loans represent 68% of the
pool balance. The largest loan is the Bank of America - Pasadena,
CA Loan ($49.6 million -- 60% of the pool), which is secured by a
346,000 square feet(SF) office building in Pasadena, California.
The property operates on a triple net basis and is 100% occupied by
Bank of America through October 31st, 2019. The Borrower could not
pay off the loan on the anticipated repayment date (ARD) of
September 11th, 2015. Effective with the October 11th, 2015, the
loan enters into a hyper-amortization period through December 11,
2019. Moody's LTV and stressed DSCR are 181% and 0.55X,
respectively, compared to 169% and 0.59X at the last review.
Moody's identified this loan as a troubled loan.

The second largest loan is the St. Laurent Warehouses Pool Loan
($3.4million -- 4.1% of the pool), which is secured by a portfolio
of five flex industrial buildings constructed in various years
between 1973 to 2003. As of September 2015, the occupancy was 82%,
compared to 100% as of December 2014 and 68% as of December 2013.
The fully-amortizing loan has amortized 35% since securitization.
Moody's LTV and stressed DSCR are 60% and 1.6X, respectively,
compared to 63% and 1.51X at the last review.

The third largest loan is the Walgreens - Sumter, SC Loan ($3.2
million -- 3.8% of the pool), which is secured by a 14,820 SF
single tenant retail building constructed in 2005 located in
Sumter, South Carolina. The Property is fully occupied by Walgreens
through August 31, 2030. The loan passed ARD with balloon balance
due on December 11, 2015, and the loan maturity date is December
11, 2025.


WELLS FARGO 2013-BTC: S&P Affirms BB Rating on Class E Certificate
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on seven
classes of commercial mortgage pass-through certificates from Wells
Fargo Commercial Mortgage Trust 2013-BTC, a stand-alone
(single-borrower) U.S. commercial mortgage-backed securities (CMBS)
transaction.

The affirmations follow S&P's analysis of the transaction,
primarily using its criteria for rating U.S. and Canadian CMBS
transactions.  S&P's analysis included a review of the fee interest
in a 1.0 million-sq.-ft. regional mall and outlet center in
Paramus, N.J., which secures the $300.0 million fixed-rate,
interest-only (IO) mortgage loan that serves as collateral for the
stand-alone transaction.  S&P also considered the deal structure
and liquidity available to the trust.  The affirmations reflect
subordination and liquidity that are consistent with the
outstanding ratings.

S&P affirmed its ratings on the class X-A IO certificate based on
its criteria for rating IO securities, in which the ratings on the
IO securities would not be higher than the lowest-rated reference
class.  The notional balance on class X-A references class A.

The analysis of stand-alone (single-borrower) transactions is
predominantly a recovery-based approach that assumes a loan
default.  Using this approach, S&P's property-level analysis
included a revaluation of the retail property that secures the
mortgage loan in the trust.  S&P also considered the stable
servicer-reported net operating income (NOI) and occupancy for the
full years ending in 2013 and 2014 and the nine months ending
September 2015.  S&P then derived its sustainable in-place net cash
flow (NCF), which it divided by a 6.78% Standard & Poor's
capitalization rate to determine our expected-case value.  This
yielded an overall Standard & Poor's loan-to-value ratio and debt
service coverage (DSC) of 84.2% and 2.22x, respectively, on the
trust balance.

According to the March 17, 2016, trustee remittance report, the IO
mortgage loan has a trust and whole-loan balance of $300.0 million
and pays an annual fixed interest rate of 3.56%.  The mortgage loan
pays interest only through its April 18, 2023, maturity. According
to the transaction documents, the borrowers will pay the special
servicing fees, work-out fees, liquidation fees, and costs and
expenses incurred from appraisals and inspections the special
servicer conducts.  To date, the trust has not incurred any
principal losses.

S&P based its analysis partly on a review of the property's
historical NOI for the years ended Dec. 31, 2014, 2013, 2012, and
on the Sept. 30, 2015, rent roll provided by the master servicer,
Wells Fargo Bank N.A., to determine S&P's opinion of a sustainable
cash flow for the retail property.  The master servicer reported
DSCs of 2.47x and 2.34x on the trust balance for the nine months
ended Sept. 30, 2015, and the year ended 2014, respectively, and
collateral occupancy was 94.5% according to the Sept. 30, 2015,
rent roll.  Based on the September 2015 rent roll, the five largest
collateral tenants make up 50.2% of the collateral's total net
rentable area (NRA).  In addition, per the rent roll, 5.2% of the
NRA is scheduled to expire in 2016, 1.3% is scheduled to expire in
2017, and 0.8% is scheduled to expire in 2018.

RATINGS LIST

Wells Fargo Commercial Mortgage Trust 2013-BTC
US$300 mil commercial mortgage pass-through certificates, series
2013-BTC
                                       Rating
Class      Identifier            To                   From
A          94988MAA8             AAA (sf)             AAA (sf)
X-A        94988MAN0             AAA (sf)             AAA (sf)
B          94988MAC4             AA- (sf)             AA- (sf)
C          94988MAE0             A- (sf)              A- (sf)
D          94988MAG5             BBB- (sf)            BBB- (sf)
E          94988MAJ9             BB (sf)              BB (sf)
F          94988MAL4             BB- (sf)             BB- (sf)


WFRBS COMMERCIAL 2013-C11: Fitch Affirms 'Bsf' Rating on F Certs
----------------------------------------------------------------
Fitch Ratings has affirmed 14 classes and revised the Rating
Outlook to Negative from Stable on two classes of WFRBS Commercial
Mortgage Trust 2013-C11 certificates.

                         KEY RATING DRIVERS

The affirmations are based on the stable performance of the
underlying collateral pool.  The Outlook revisions are due to the
significant decline in performance and recent transfer to special
servicing of the seventeenth-largest loan in the pool ($14 million,
1.0% of the pool) as well as two large loans with significant
exposure to the energy industry.  As of the March 2016
distribution, the pool's aggregate principal balance has been paid
down by 2.5% to $1.40 billion from $1.44 billion at issuance. 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 nine loans (11.09%) on the servicer watchlist, six
(2.28%) 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 three loans (8.58%) are on the servicer
list for minor deferred maintenance issues and failure to respond
to outstanding servicer loan inquiries.  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, consisting of 238 rooms located in the town of Minot,
ND, which is 110 miles north of the state capital of Bismarck.
Fitch analysts recently visited the area to assess the market
conditions and demand for lodging.  Fitch visited the properties
and confirmed that demand has decreased in the market. At issuance,
the portfolio was performing well with occupancy at 67% and a debt
service coverage ratio (DSCR) of 2.77x.  Performance decreased
significantly during 2015 as the market expanded; with 12 new
hotels opening during the preceding 12 months, demand declined due
to dropping oil prices.  Fitch will monitor the loan as the sponsor
updates the servicer on the portfolio's operation during the first
half of 2016.

The largest loan is collateralized by the 56-story, 1,302,107
square foot (sf) Republic Plaza, a class A, LEED EB Gold certified
urban office property located in Denver, CO (11.0%).  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 net
rentable area [NRA], lease expiration 4/2019), DCP Midstream (12%
of NRA, lease expiration May 2016), and Wheeler Trigg O'Donnell (6%
of NRA, lease expiration January 2023).  The building could
experience some performance volatility due to 60% of the NRA being
leased to companies in the oil and gas industry. A current tenant,
Samson Resources Company, filed for bankruptcy during the fourth
quarter of 2015 and have not outlined a post-bankruptcy business
plan.  Another tenant, NorthShore Energy, recently announced the
relocation of their office at the EOS building in the Broomfield
market.  During the past 12 months, more than one million sf 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 in a competitive
leasing environment.

The seventh largest loan in the pool, Encana Oil & Gas (4.66%), a
318,582-sf suburban office building located in Plano, TX, is 100%
leased by Encana through June 2027.  Per media reports, Encana
vacated the building during 2014 in an effort to consolidate
business operations in Denver and Calgary, but continues to
sublease space.  The servicer, through the 17g5 website, confirmed
that Encana expects to honor the lease through the term.  Encana
has received several unsolicited bids on the building but continues
to market the space with the expectation of subleasing at higher
rates than the master lease.  Fitch will continue to monitor the
status of subleasing at the property.

                        RATING SENSITIVITIES

The Rating Outlook revisions to classes E and F indicate the
potential for a negative rating action in the next 1-2 years should
overall pool performance decline or should the Minot Hotel
Portfolio experience outsized losses.  The Rating Outlook for the
remaining classes at Stable reflects stable performance for the
pool since issuance.  Upgrades, while not likely in the near term
are possible in the future as the transaction delevers.

                         DUE DILIGENCE USAGE

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

Fitch affirms these classes:

   -- $29.7 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 to Negative from
      Stable;
   -- $25.1 million class F at 'Bsf'; Outlook Negative from
      Stable.

Fitch does not rate the class G certificate.


WFRBS COMMERCIAL 2013-C13: Moody's Affirms Ba2 Rating on Cl. E Debt
-------------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 13 classes in
WFRBS Commercial Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2013-C13 as follows:

Cl. A-1, Affirmed Aaa (sf); previously on Mar 27, 2015 Affirmed Aaa
(sf)

Cl. A-2, Affirmed Aaa (sf); previously on Mar 27, 2015 Affirmed Aaa
(sf)

Cl. A-3, Affirmed Aaa (sf); previously on Mar 27, 2015 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on Mar 27, 2015 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Mar 27, 2015 Affirmed
Aaa (sf)

Cl. A-S, Affirmed Aaa (sf); previously on Mar 27, 2015 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa3 (sf); previously on Mar 27, 2015 Affirmed Aa3
(sf)

Cl. C, Affirmed A3 (sf); previously on Mar 27, 2015 Affirmed A3
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Mar 27, 2015 Affirmed Baa3
(sf)

Cl. E, Affirmed Ba2 (sf); previously on Mar 27, 2015 Affirmed Ba2
(sf)

Cl. F, Affirmed B2 (sf); previously on Mar 27, 2015 Affirmed B2
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on Mar 27, 2015 Affirmed Aaa
(sf)

Cl. X-B, Affirmed A2 (sf); previously on Mar 27, 2015 Affirmed A2
(sf)

RATINGS RATIONALE

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

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

Moody's rating action reflects a base expected loss of 1.9% of the
current balance, compared to 2.4% at Moody's last review. Moody's
base expected loss plus realized losses is now 1.8% of the original
pooled balance, compared to 2.4% at the last review. Moody's
provides a current list of base expected losses for conduit and
fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

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

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

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

DEAL PERFORMANCE

As of the March 17, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 3% to $847 million
from $877 million at securitization. The certificates are
collateralized by 95 mortgage loans ranging in size from less than
1% to 10% of the pool, with the top ten loans constituting 49% of
the pool. Twenty-one loans, constituting 7% of the pool, have
investment-grade structured credit assessments. One loans,
constituting 1% of the pool, has defeased and is secured by US
government securities.

Seven loans, constituting 3% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

No loans have been liquidated from the pool and no loans are
currently in special servicing.

Moody's has assumed a high default probability for three poorly
performing loans, constituting 2% of the pool, and has estimated an
aggregate loss of $3.5 million (20% expected loss based on a 50%
probability default) from these troubled loans.

Moody's received full year 2014 operating results for 99% of the
pool, and full or partial year 2015 operating results for 89% of
the pool. Moody's weighted average conduit LTV is 90%, compared to
95% at Moody's last review. Moody's conduit component excludes
loans with structured credit assessments, defeased and CTL loans,
and specially serviced and troubled loans. Moody's net cash flow
(NCF) reflects a weighted average haircut of 11% to the most
recently available net operating income (NOI). Moody's value
reflects a weighted average capitalization rate of 9.6%.

Moody's actual and stressed conduit DSCRs are 1.87X and 1.21X,
respectively, compared to 1.80X and 1.12X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

There are 21 credit-assessed loans ($59 million -- 7% of the pool)
that are secured by multifamily co-op properties located in New
Jersey and New York.

The top three conduit loans represent 26% of the pool balance. The
largest loan is the 188 Spear Street and 208 Utah Street Loan ($85
million -- 10% of the pool), which is secured by two office
buildings located approximately two miles away from each other in
San Francisco, California. Major tenants include Amazon, New Relic,
and Warner Brothers Entertainment. As of September 2015, occupancy
in 188 Spear Street and 208 Utah Street were both at 100%, compared
to 96% and 100%, respectively, at last review. Moody's LTV and
stressed DSCR are 95% and 1.01X, respectively, compared to 96% and
0.99X at last review and securitization.

The second largest loan is the 301 South College Street Loan ($85
million -- 10% of the pool). The loan is secured by a 988,646
square foot Class A office tower located in the central business
district of Charlotte, North Carolina. The property's major tenants
include Wells Fargo, Womble Carlyle, and YMCA. Moody's LTV and
stressed DSCR are 102% and 1.00X, respectively, the same as at last
review.

The third largest loan is the General Services Administration (GSA)
Portfolio Loan ($50 million -- 6% of the pool). The loan is secured
by 14 cross-collateralized, cross-defaulted office and flex
warehouse buildings totaling 341,000 SF located throughout 11
states. The loan sponsor is GSA Realty Holdings, Inc. The
properties are a combined 98% leased to GSA under 14 long-term
leases. Moody's LTV and stressed DSCR are 91% and 1.10X,
respectively, the same as at last review.


WFRBS COMMERCIAL 2013-C14: Fitch Affirms B Rating on Cl. F Debt
---------------------------------------------------------------
Fitch Ratings has affirmed 19 classes of WFRBS Commercial Mortgage
Trust Pass-Through Certificates Series 2013 C14 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 March distribution, the
pool's aggregate principal balance has been paid down by 1.8% to
$1.44 billion from $1.47 billion at issuance.  Based on the full
year and annualized 2015 reported net operating income (NOI) of the
98.6% of loans, the pool's overall NOI was 8.4% greater than at
issuance.

There are currently two specially serviced loans (1.8%) and one
additional Fitch Loan of Concern (0.25%).  There are six loans on
the servicer watchlist, five of which are encountering occupancy
and upcoming lease expirations issues that represent minimal risk
of property-level cashflow not covering debt service.

Concentrations in the pool include 30.5% full-term interest-only
loans and 39.7% partial-term interest-only.  The transaction is
primarily composed of four real estate sectors encompassing retail
(35.9%), office (27.8%), manufactured housing (17.0%), and lodging
(12.6%).  Given the headline risks to broader economy, Fitch is
closely monitoring the performance of retail and hotel properties
due to concerns about the health of the US consumer and widespread
store consolidation within the retail industry.  One loan (0.8%)
located in Permian shale basin of central Texas, will be monitored
due its dependence on the oil and gas industry.

The largest specially serviced loan, 540 Atlantic Avenue (1.0% of
the pool), is a 68,932 square foot office building located
Brooklyn, NY.  The loan was transferred to the special servicer in
December 2014 after underperforming since issuance due to a tenant
not taking possession of a first floor restaurant space.  The
physical occupancy of the building reached an occupancy low of 61%
with a debt service coverage ratio of .83x during early 2014.  The
sponsor secured two tenants during the second-half of 2014 which
raised the economic occupancy to 78% as of December 2014.  The
sponsor has worked with the servicer to finalize an affiliated
lease that would backfill the remaining vacant suite. Additionally,
proposals are being reviewed by both parties to cure a number of
technical defaults that exist at the property.  Fitch will continue
the monitor the loan as the special servicer secures more
property-level information and resolves the remaining outstanding
issues.

The second specially serviced loan, BSG Texas Hotel Portfolio
(0.8%), is a portfolio of two properties located in Big Spring and
Graham, TX.  The loan transferred to the special servicer in early
March for imminent monetary default.  The larger lodging property
consists of 73 units branded as a La Quinta Inn and Suites.  The
second property consists of 71 units branded as a Holiday Inn
Express.  The hotels are located in the Permian Basin shale region
and performance has dipped with the contraction of the energy
industry due to lower oil prices.  The portfolio's servicer
provided 2015 year-end debt-service cost ratio (DSCR) was 1.32x
versus 1.83x at issuance and occupancy decreased to 64% as of Dec.
2015, from 78% at issuance.

The Fitch loan of concern is the Crystal Lake Plaza (0.26%), an
anchored retail property located in Orlando, FL.  The property was
fully occupied as of December 2013 with a debt service coverage
ratio of 1.75x.  A tenant exercised a 2014 lease termination and
vacated during the fourth quarter.  The sponsor managed to secure a
new tenant for the space in 2015 and occupancy rebounded to 100%
with a DSCR of 1.19x as of Dec. 2015.  Servicer commentary
indicates that the sponsor is self-managing the property without
lender consent.  The servicer is trying to obtain information on
the status of tenants and evaluate property performance.  Fitch's
analysis was based on a stressed full year 2015 NOI and cap rate.

                       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:

   -- $34.2 million Class A-1 at 'AAAsf'; Outlook Stable;
   -- $48.2 million Class A-2 at 'AAAsf'; Outlook Stable;
   -- $55.0 million Class A-3 at 'AAAsf'; Outlook Stable;
   -- $160.0 million Class A-4 at 'AAAsf'; Outlook Stable;
   -- $437.7 million Class A-5 at 'AAAsf'; Outlook Stable;
   -- $55.0 million#, a Class A-3FL at 'AAAsf'; Outlook Stable;
   -- $0.0a million Class A-3FX 'AAAsf'; Outlook Stable;
   -- $160.0 million#, a Class A-4FL at 'AAAsf'; Outlook Stable;
   -- $0.0a million Class A-4FX 'AAAsf'; Outlook Stable;
   -- $116.2 million Class A-SB at 'AAAsf'; Outlook Stable;
   -- $108.4b million Class A-S at 'AAAsf'; Outlook Stable;
   -- $1.1* billion Class X-A at 'AAAsf'; Outlook Stable;
   -- $102.9* million Class X-B at 'AA-sf'; Outlook Stable;
   -- $102.9b million Class B at 'AA-sf'; Outlook Stable;
   -- $53.3b million Class C at 'A-sf'; Outlook Stable;
   -- $264.5b million Class PEX at 'A-sf'; Outlook Stable;
   -- $77.2a million Class D at 'BBB-sf'; Outlook Stable;
   -- $25.7a million Class E at 'BBsf'; Outlook Stable;
   -- $16.5 million Class F at 'Bsf'; Outlook Stable.

Fitch does not rate class G or the interest-only class X-C.

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



[*] Fitch Takes Rating Actions on 12 SF CDOs Issued 2001-2005
-------------------------------------------------------------
Fitch Ratings, on March 23, 2016, affirmed 60, downgraded one, and
upgraded seven tranches from 12 structured finance collateralized
debt obligations (SF CDOs) with exposure to various structured
finance assets.

                        KEY RATING DRIVERS

Fifty-two classes affirmed at 'Csf' have credit enhancement (CE)
levels that are exceeded by the expected losses (EL) from the
distressed collateral (rated 'CCsf' and lower) of each portfolio.
For these classes, the probability of default was evaluated without
factoring potential losses from the performing assets.  In the
absence of mitigating factors, default for these notes at or prior
to maturity continues to appear inevitable.

One class has been affirmed at 'CCsf' as default remains probable.
The class' current CE levels exceed the EL; however, their CE is
lower than the losses projected at the 'CCCsf' rating stress under
Fitch's Structured Finance Portfolio Credit Model (SF PCM)
analysis.

The upgrade of the class B notes issued by Putnam Structured
Product CDO 2001-1, Ltd. is attributed to the principal paydown of
these notes, as well as the coverage of the notes' balance by
highly rated collateral.  Since the last review, the class B notes
received approximately $16 million from principal redemptions and
excess spread.  According to the SF PCM analysis, the class is now
able to withstand losses at the 'AAAsf' rating stress. Furthermore,
the current notes' balance of $7.9 million is supported by
approximately $44.9 million of collateral, of which close to $6.3
million is 'AAA' rated government backed agency debt.  The
principal collections are expected to remain in line with the
average principal collections since the last review and the notes
to be paid in full within the next year.  Fitch believes the notes'
short expected life, steady amortization, and high coverage are in
line with an 'AAAsf' rating.  The Stable Outlook reflects Fitch's
expectation of a sufficient cushion available to protect the notes
against any portfolio deterioration until the notes are fully paid
down.

The upgrades of the class A-1A and A-1B (together, class A-1) notes
issued by Palisades CDO, Ltd. to 'AAAsf' from 'Asf' are attributed
to significant deleveraging of the transaction's capital structure.
The combined balance of both notes is now fully supported by the
cash available in the principal collection account.  Fitch expects
the class A-1 notes to be paid in full on the next payment date in
May 2016.  The Stable Outlook reflects Fitch's expectation of a
stable performance until the notes are fully paid down.

The upgrade of the class C-1 and class C-2 (together, class C)
notes issued by Putnam Structured Product CDO 2001-1, Ltd. to 'Bsf'
from 'CCsf' are attributed to significant deleveraging of the
transaction's capital structure, which has resulted in increased CE
available to the notes.  According to the SF PCM analysis, the
class C notes are now able to withstand losses at the 'Bsf' rating
stress.  The Stable Outlook reflects Fitch's view that the
transaction will continue to delever and that there is sufficient
CE to offset potential deterioration of the underlying collateral
going forward.

The upgrade of the class A-2 notes issued by RFC CDO II Ltd. to
'CCsf' from 'Csf' is attributed to the class' increased CE due to
principal paydowns of these notes.  Since the last review, the
class A-1 notes paid in full and the class A-2 notes became the
senior most class in the capital structure and have deleveraged by
approximately $5.5 million.  The CE available to these notes now
exceeds the EL; however, is lower than the losses projected at the
'CCCsf' rating stress under Fitch's SF PCM analysis.

The upgrade of the class A-2 notes of Glacier Funding CDO II, Ltd.
to 'Csf' from 'Dsf' is attributed to the notes' renewed receipt of
interest.  The class A-2 notes had not been receiving their timely
interest since the transaction accelerated in July 2011.  The full
redemption of the senior class A-1 notes in November 2014 has
allowed the class A-2 notes to receive timely interest on the past
five payment periods and the notes are projected to receive timely
interest going forward.

The downgrade to 'Dsf' from 'Csf' of the class B notes of E*Trade
ABS CDO IV, Ltd. is attributed to the notes failure to receive
timely interest payment on March 7, 2016 due to insufficient
interest and principal proceeds.

Seven classes, affirmed at 'Dsf', are non-deferrable classes that
continue to experience interest payment shortfalls.

                       RATING SENSITIVITIES

Negative migration, defaults beyond those projected, and lower than
expected recoveries could lead to downgrades for classes analyzed
under the SF PCM.  Classes already rated 'Csf' have limited
sensitivity to further negative migration given their highly
distressed rating levels.  However, there is potential for
non-deferrable classes to be downgraded to 'Dsf' should they
experience any interest payment shortfalls.

This review was conducted under the framework described in the
reports 'Global Structured Finance Rating Criteria' and 'Global
Surveillance Criteria for Structured Finance CDOs'.  None of the
transactions have been analysed under a cash flow model framework,
as the effect of structural features and excess spread available to
amortize the notes were determined to be minimal.

                        DUE DILIGENCE USAGE

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


[*] Moody's Hikes $244MM of Subprime RMBS Issued 2003-2004
----------------------------------------------------------
Moody's Investors Service, on March 23, 2016, upgraded the ratings
of 9 tranches from 5 deals issued by various issuers, backed by
Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: Option One Mortgage Loan Trust 2003-1

Cl. A-1, Upgraded to Baa2 (sf); previously on Apr 23, 2012 Upgraded
to Ba1 (sf)

Cl. A-2, Upgraded to Baa2 (sf); previously on Jul 2, 2014 Upgraded
to Ba1 (sf)

Cl. M-1, Upgraded to B3 (sf); previously on Jul 2, 2014 Upgraded to
Caa2 (sf)

Issuer: Option One Mortgage Loan Trust 2003-4

Cl. A-1, Upgraded to Baa2 (sf); previously on Apr 27, 2015 Upgraded
to Baa3 (sf)

Cl. A-2, Upgraded to Baa2 (sf); previously on Jul 2, 2014 Upgraded
to Baa3 (sf)

Issuer: Option One Mortgage Loan Trust 2003-6

Cl. M-1, Upgraded to B1 (sf); previously on Sep 4, 2013 Downgraded
to B2 (sf)

Issuer: Park Place Securities, Inc., Asset-Backed Pass-Through
Certificates, Series 2004-MHQ1

Cl. M-4, Upgraded to B1 (sf); previously on Jun 24, 2014 Upgraded
to Caa2 (sf)

Cl. M-5, Upgraded to Caa3 (sf); previously on Feb 28, 2013 Affirmed
C (sf)

Issuer: Park Place Securities, Inc., Asset-Backed Pass-Through
Certificates, Series 2004-WHQ2

Cl. M-4, Upgraded to B1 (sf); previously on Apr 10, 2015 Upgraded
to B2 (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 4.9% in February 2016 from 5.5% in
February 2015. 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 Hikes $64.1MM of Subprime RMBS Issued 2002-2004
-----------------------------------------------------------
Moody's Investors Service, on March 16, 2016, upgraded the ratings
of fourteen tranches from six transactions backed by Subprime
mortgage loans.

Complete rating actions are as follows:

Issuer: First Franklin Mortgage Loan Trust 2004-FFH1

Cl. M-2, Upgraded to Ba1 (sf); previously on Jul 2, 2014 Upgraded
to Ba2 (sf)

Cl. M-3, Upgraded to B1 (sf); previously on Jul 2, 2014 Upgraded to
B2 (sf)

Issuer: Fremont Home Loan Trust 2004-1

Cl. M-2, Upgraded to Ba1 (sf); previously on Mar 18, 2013 Affirmed
B1 (sf)

Cl. M-3, Upgraded to Ba2 (sf); previously on Nov 4, 2013 Upgraded
to B2 (sf)

Cl. M-4, Upgraded to B1 (sf); previously on Jun 24, 2014 Upgraded
to Caa1 (sf)

Cl. M-5, Upgraded to B3 (sf); previously on Jun 24, 2014 Upgraded
to Caa3 (sf)

Cl. M-6, Upgraded to Caa1 (sf); previously on Mar 18, 2013 Affirmed
C (sf)

Issuer: Fremont Home Loan Trust 2004-2

Cl. M-3, Upgraded to B2 (sf); previously on Jun 24, 2014 Upgraded
to Caa1 (sf)

Cl. M-4, Upgraded to Caa1 (sf); previously on Jun 24, 2014 Upgraded
to Caa3 (sf)

Cl. M-5, Upgraded to Caa3 (sf); previously on Apr 18, 2012
Downgraded to C (sf)

Issuer: GSAMP Trust 2002-WF

Cl. M-1, Upgraded to Ba1 (sf); previously on Jun 26, 2014 Upgraded
to Ba3 (sf)

Cl. M-2, Upgraded to B1 (sf); previously on Apr 10, 2015 Upgraded
to B3 (sf)

Issuer: GSAMP Trust 2003-HE1

Cl. M-1, Upgraded to B1 (sf); previously on Jul 11, 2014 Upgraded
to B2 (sf)

Issuer: GSAMP Trust 2004-OPT

Cl. M-1, Upgraded to B1 (sf); previously on Mar 17, 2011 Downgraded
to B2 (sf)


[*] Moody's Hikes $67MM of Subprime RMBS by Various Issuers
-----------------------------------------------------------
Moody's Investors Service, on March 24, 2016, upgraded the ratings
of 8 tranches from 4 deals issued by various issuers, backed by
Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: Structured Asset Investment Loan Trust 2003-BC4

Cl. M1, Upgraded to Ba1 (sf); previously on Apr 15, 2015 Upgraded
to Ba3 (sf)

Cl. M2, Upgraded to Caa3 (sf); previously on Mar 4, 2011 Downgraded
to Ca (sf)

Issuer: Structured Asset Investment Loan Trust 2003-BC6

Cl. M1, Upgraded to Ba3 (sf); previously on Apr 15, 2015 Upgraded
to B3 (sf)

Issuer: Terwin Mortgage Trust, Series TMTS 2003-8HE

Cl. M-1, Upgraded to Ba2 (sf); previously on May 3, 2012 Downgraded
to B1 (sf)

Issuer: RASC Series 2003-KS5 Trust

Cl. A-I-5, Upgraded to Caa1 (sf); previously on Apr 5, 2011
Downgraded to Caa2 (sf)

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

Cl. A-I-6, Upgraded to B3 (sf); previously on Apr 5, 2011
Downgraded to Caa1 (sf)

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

Cl. A-II-A, Upgraded to B1 (sf); previously on Apr 20, 2015
Upgraded to B3 (sf)

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

Cl. A-II-B, Upgraded to B1 (sf); previously on Apr 20, 2015
Upgraded to B3 (sf)

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

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 4.9% in February 2016 from 5.5% in
February 2015. 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.


[*] S&P Puts 8 Tranches on 5 Deals Related to JC Penny on Watch Pos
-------------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'CCC-' ratings on
eight classes of certificates on five transactions related to J.C.
Penney Co. Inc. debentures on CreditWatch with positive
implications.

S&P's ratings on the eight classes are dependent on its rating on
the underlying security, J.C. Penney Co. Inc.'s 7.625% debentures
due March 1, 2097 ('CCC-/Watch Pos').

The rating actions reflect the Feb. 26, 2016, placement of S&P's
'CCC-' rating on the underlying security on CreditWatch with
positive implications.  S&P may take additional rating actions on
these transactions due to subsequent changes in its rating assigned
to the underlying security.

RATINGS PLACED ON CREDITWATCH POSITIVE

CABCO Trust for JC Penney Debentures
$52.65 mil ser: trust certificates due 03/01/2097
                           Rating
Class            To                     From
Certs            CCC-/Watch Pos         CCC-

                           Rating
CorTS Trust For J.C. Penney Debentures
$100 mil corporate-backed trust securities (CorTS) certificates
Class            To                     From
Certs            CCC-/Watch Pos         CCC-

Corporate-Backed Callable Trust Certificates J C Penney
Debenture-Backed
Series 2006-1
$27.5 mil series 2006-1
                            Rating
Class             To                    From
A-1               CCC-/Watch Pos        CCC-
A-2               CCC-/Watch POS        CCC-

Corporate-Backed Callable Trust Certificates J.C. Penney
Debenture-Backed
Series 2007-1 Trust
$55 mil corporate backed callable trust certificates J.C. Penney
debentures-backed series 2007-1
                            Rating
Class             To                    From
A-1               CCC-/Watch Pos        CCC-
A-2               CCC-/Watch Pos        CCC-

Structured Asset Trust Unit Repackaging (SATURNS) J.C. Penny Co.
$54.5 mil units series 2007-1
                            Rating
Class             To                    From
A                 CCC-/Watch Pos        CCC-
B                 CCC-/Watch Pos        CCC-


                            *********

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
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The Sunday TCR delivers securitization rating news from the week
then-ending.

                            *********

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

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
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Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 2016.  All rights reserved.  ISSN: 1520-9474.

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