TCR_Public/160508.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Sunday, May 8, 2016, Vol. 20, No. 129

                            Headlines

BLACK DIAMOND 2016-1: S&P Assigns Prelim. BB- Rating on Cl. D Debt
CANTOR COMMERCIAL 2016-C4: Fitch Expects to Rate Cl. F Cert. 'B-
CHEVY CHASE 2005-B: Moody's Hikes 3 Tranches Rating to Ca
CITIGROUP COMMERCIAL 2016-GC37: Fitch Rates Cl. E Certs 'BB-'
COMM 2013-CCRE8: Moody's Affirms Ba2(sf) Rating on Class E Debt

CRANBERRY RE LIMITED: Fitch Affirms B Rating on $300MM 2018 Notes
CREDIT SUISSE 2007-C3: Moody's Affirms Ba1 Rating on Cl. A-M Debt
CVS CREDIT: Moody's Affirms Ba1(sf) Rating on Cl. Series A-2 Debt
FRANKLIN CLO VI: Moody's Cuts Class E Debt Rating to B1(sf)
FREDDIE MAC 2016-DNA2: Moody's Gives (P)Ba2 Rating to Cl. M-3A Debt

GALAXY XIV CLO: S&P Affirms BB Rating on Class E Notes
GMAC COMMERCIAL 2003-C3: Moody's Affirms Ca Rating on Cl. L Debt
JP MORGAN 2003-C1: Moody's Hikes Class F Debt Rating to Ba1(sf)
JP MORGAN 2006-LDP9: Fitch Raises Rating on 2 Tranches to 'Bsf'
JPMBB COMMERCIAL 2013-C12: Moody's Affirms B2 Rating on Cl. F Debt

ML-CFC COMMERCIAL 2007-8: S&P Affirms BB Rating on AM Certificate
MORGAN STANLEY 2005-HE3: Moody's Hikes Cl. M-5 Debt Rating to B2
MORGAN STANLEY 2013-C10: Fitch Affirms BB- Rating on Cl. G Certs
NEUBERGER BERMAN XIII: S&P Affirms B+ Rating on Class F Notes
SDART 2016-2: Moody's Gives (P)Ba3 Rating on Class E Debt

WACHOVIA BANK 2006-C28: Moody's Hikes Cl. A-J Certs Rating to B1
WELLS FARGO 2013-LC12: Fitch Affirms 'Bsf' Rating on Cl. F Certs
WFRBS COMMERCIAL 2011-C4: Moody's Affirms Ba3 Rating on X-B Debt
WFRBS COMMERCIAL 2012-C7: Moody's Affirms B2 Rating on Cl. G Debt
[*] Institutional Loan Market Defaults Surpass $1BB, Fitch Says

[*] Moody's Takes Action on $9.6MM FHA/VA RMBS Issued 1999-2005
[*] S&P Takes Rating Actions on 20 RMBS & RMBS Re-REMIC Deals
[*] S&P Takes Rating Actions on 20 RMBS and RMBS Re-REMIC Deals
[*] S&P Takes Rating Actions on 63 U.S. RMBS 2nd Lien Deals

                            *********

BLACK DIAMOND 2016-1: S&P Assigns Prelim. BB- Rating on Cl. D Debt
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary ratings
to Black Diamond CLO 2016-1 Ltd./ Black Diamond CLO 2016-1 LLC's
$321.3 million fixed and floating-rate notes.  The note issuance is
a CLO securitization backed by a revolving pool consisting
primarily of broadly syndicated senior secured loans.

The preliminary ratings are based on information as of April 27,
2016.  Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

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

   -- The transaction's credit enhancement, which is sufficient
      to withstand the defaults applicable for the supplemental
      tests (not counting excess spread), and cash flow structure,

      which can withstand the default rate projected by Standard &

      Poor's CDO Evaluator model, as assessed by using the
      assumptions and methods outlined in Standard & Poor's
      corporate collateralized debt obligation (CDO) criteria.

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

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

   -- The collateral manager's experienced management team.

   -- S&P's projections regarding the timely interest and ultimate

      principal payments on the preliminary rated notes, which S&P

      assessed using its cash flow analysis and assumptions
      commensurate with the assigned preliminary ratings under
      various interest-rate scenarios, including LIBOR ranging
      from 0.3439%-12.8655%.  The transaction's
      overcollateralization and interest coverage tests, a
      failure of which will lead to the diversion of interest and
      principal proceeds to reduce the balance of the rated notes
      outstanding.

   -- The transaction's interest diversion test, a failure of
      which will lead to the reclassification of up to 50% of the
      excess interest proceeds that are available (before paying
      uncapped administrative expenses, the supplemental reserve
      account, subordinated and incentive collateral management
      fees, and subordinated note payments) as principal proceeds
      to purchase additional collateral obligations during the
      reinvestment period.

PRELIMINARY RATINGS ASSIGNED

Black Diamond CLO 2016-1 Ltd./Black Diamond CLO 2016-1 LLC

               Preliminary          Preliminary
Class          rating           amount (mil. $)

A-1A           AAA (sf)                  193.50
A-1B           AAA (sf)                   20.00
A-2            AA (sf)                    49.00
B              A (sf)                     27.50
C              BBB- (sf)                  15.40
D              BB- (sf)                   15.90
Sub notes      NR                         38.80

NR--Not rated.


CANTOR COMMERCIAL 2016-C4: Fitch Expects to Rate Cl. F Cert. 'B-
----------------------------------------------------------------
Fitch Ratings has issued a presale report on the Cantor Commercial
Real Estate CFCRE 2016-C4 Mortgage Trust Commercial Mortgage
pass-through certificates.  Fitch expects to rate the transaction
and assign Rating Outlooks as:

   -- $32,507,800 class A-1 'AAAsf'; Outlook Stable;
   -- $24,787,000 class A-2 'AAAsf'; Outlook Stable;
   -- $46,464,000 class A-SB 'AAAsf'; Outlook Stable;
   -- $200,000,000 class A-3 'AAAsf'; Outlook Stable;
   -- $230,220,000 class A-4 'AAAsf'; Outlook Stable;
   -- $54,000,000 class A-HR 'AAAsf'; Outlook Stable;
   -- $596,975,000b class X-A 'AAAsf'; Outlook Stable;
   -- $54,000,000b class X-HR 'AAAsf'; Outlook Stable;
   -- $37,799,000b class X-B 'AA-sf'; Outlook Stable;
   -- $37,799,000b class X-C 'A-sf'; Outlook Stable;
   -- $62,997,000 class A-M 'AAAsf'; Outlook Stable;
   -- $37,799,000 class B 'AA-sf'; Outlook Stable;
   -- $37,799,000 class C 'A-sf'; Outlook Stable;
   -- $45,148,000ab class X-D 'BBB-sf'; Outlook Stable;
   -- $20,999,000ab class X-E 'BB-sf'; Outlook Stable;
   -- $9,450,000ab class X-F 'B-sf'; Outlook Stable;
   -- $45,148,000a class D 'BBB-sf'; Outlook Stable;
   -- $20,999,000a class E 'BB-sf'; Outlook Stable;
   -- $9,450,000a class F 'B-sf'; Outlook Stable.

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

The expected ratings are based on information provided by the
issuer as of April 25, 2016.  Fitch does not expect to rate these
classes:

   -- $37,798,889 class X-G;
   -- $37,798,889 class G.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 50 loans secured by 154
commercial properties having an aggregate principal balance of
approximately $839.9 million as of the cutoff date.  The loans were
contributed to the trust by Cantor Commercial Real Estate Lending,
L.P., Societe Generale and Benefit Street Partners CRE Finance LLC.


Fitch reviewed a comprehensive sample of the transaction's
collateral including site inspections on 66.9% of the properties by
balance, cash flow analysis of 89.0%, and asset summary reviews on
89.0% of the pool.

                        KEY RATING DRIVERS

High Fitch Leverage: The pool has higher leverage statistics than
other recent Fitch-rated, fixed-rate multiborrower transactions.
The pool's Fitch DSCR of 1.12x is below the year-to-date (YTD) 2016
average of 1.17x and full-year 2015 average of 1.18x.  The pool's
Fitch LTV of 109.3% is above the YTD 2016 average of 107.9% and in
line with the full-year 2015 average of 109.3%.

Below-Average Amortization: The pool is scheduled to amortize by
11.6% of the initial pool balance prior to maturity, which is
better than recent fixed-rate transactions and slightly worse than
the 2015 average of 11.7%.  Nine loans (30.2%) are full-term
interest-only, and 12 loans (28.7%) are partial interest-only.
Fitch-rated transactions YTD 2016 have an average full-term
interest-only percentage of 31.3% and a partial interest-only
percentage of 41.0%.

Less Concentrated Pool: The largest 10 loans in the transaction
compose 47.8% of the pool by balance.  Compared to other
Fitch-rated U.S. multiborrower deals, the concentration in this
transaction is lower than the YTD 2016 and full-year 2015 average
concentrations of 55.8% and 49.3%, respectively.  The pool's
concentration results in a loan concentration index (LCI) of 348,
which is lower than the 2015 average of 367.

                       RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 15.8% 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 in potential rating actions
on the certificates.

Fitch evaluated the sensitivity of the ratings assigned to CFCRE
2016-C4 certificates and found that the transaction displays
average sensitivity to further declines in NCF.  In a scenario in
which NCF declined a further 20% from Fitch's NCF, a downgrade of
the junior 'AAAsf' certificates to 'BBB+sf' could result.  In a
more severe scenario, in which NCF declined a further 30% from
Fitch's NCF, a downgrade of the junior 'AAAsf' certificates to
'BBB-sf' could result.  The presale report includes a detailed
explanation of additional stresses and sensitivities on pages
12-13.

                        DUE DILIGENCE USAGE

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


CHEVY CHASE 2005-B: Moody's Hikes 3 Tranches Rating to Ca
---------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 8 tranches
from one transaction, backed by Option ARM loans, issued by Chevy
Chase.

Complete rating actions are:

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates,
Series 2005-B

  Cl. A-1, Upgraded to Baa1 (sf); previously on Oct. 31, 2013,
   Upgraded to Baa3 (sf)
  Underlying Rating: Upgraded to Baa1 (sf); previously on Oct. 31,

   2013, Upgraded to Baa3 (sf)
  Financial Guarantor: Ambac Assurance Corporation (Segregated
   Account - Unrated)
  Cl. A-1I, Upgraded to Baa1 (sf); previously on Oct. 31, 2013,
   Upgraded to Baa3 (sf)
  Underlying Rating: Upgraded to Baa1 (sf); previously on Oct. 31,

   2013, Upgraded to Baa3 (sf)
  Financial Guarantor: Ambac Assurance Corporation (Segregated
   Account - Unrated)
  Cl. A-2, Upgraded to Baa1 (sf); previously on Oct. 31, 2013,
   Upgraded to Baa3 (sf)
  Cl. A-2I, Upgraded to Baa1 (sf); previously on Oct. 31, 2013,
   Upgraded to Baa3 (sf)
  Cl. A-NA, Upgraded to Baa1 (sf); previously on Oct. 31, 2013,
   Upgraded to Baa3 (sf)
  Underlying Rating: Upgraded to Baa1 (sf); previously on Oct. 31,

   2013, Upgraded to Baa3 (sf)
  Financial Guarantor: Ambac Assurance Corporation (Segregated
   Account - Unrated)
  Cl. B-1, Upgraded to Ca (sf); previously on Jan. 19, 2011,
   Downgraded to C (sf)
  Cl. B-1I, Upgraded to Ca (sf); previously on Jan. 19, 2011,
   Downgraded to C (sf)
  Cl. B-1NA, Upgraded to Ca (sf); previously on Jan. 19, 2011,
   Downgraded to C (sf)

                        RATINGS RATIONALE

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

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 ratings:

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 5.0% in March 2016 from 5.5% in
March 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.

A list of these actions including CUSIP identifiers may be found
at:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF393237

A list of updated estimated transaction pool losses and bond
recoveries are being posted on an ongoing basis for the duration of
this review period and may be found at:

Excel:
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF225686



CITIGROUP COMMERCIAL 2016-GC37: Fitch Rates Cl. E Certs 'BB-'
-------------------------------------------------------------
Fitch Ratings has assigned these ratings and Rating Outlooks to
Citigroup Commercial Mortgage Trust (CGCMT) 2016-GC37 Commercial
Mortgage Pass-Through Certificates:

   -- $21,993,000 class A-1 'AAAsf'; Outlook Stable;
   -- $19,474,000 class A-2 'AAAsf'; Outlook Stable;
   -- $175,000,000 class A-3 'AAAsf'; Outlook Stable;
   -- $227,379,000 class A-4 'AAAsf'; Outlook Stable;
   -- $42,462,000 class A-AB 'AAAsf'; Outlook Stable;
   -- $526,255,000a class X-A 'AAAsf'; Outlook Stable;
   -- $33,868,000a class X-B 'AA-sf'; Outlook Stable;
   -- $39,947,000b class A-S 'AAAsf'; Outlook Stable;
   -- $33,868,000b class B 'AA-sf'; Outlook Stable;
   -- $106,814,000b class EC 'A-sf'; Outlook Stable;
   -- $32,999,000b class C 'A-sf'; Outlook Stable;
   -- $38,210,000c class D 'BBB-sf'; Outlook Stable;
   -- $38,210,000ac class X-D 'BBB-sf'; Outlook Stable;
   -- $19,105,000c class E 'BB-sf'; Outlook Stable;
   -- $7,816,000c class F 'B-sf'; Outlook Stable.

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

Fitch does not rate the $7,816,000 class G or the $28,657,724 class
H.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 54 loans secured by 64
commercial properties having an aggregate principal balance of
approximately $697.4 million as of the cut-off date.  The loans
were contributed to the trust by Citigroup Global Markets Realty
Corp., Rialto Mortgage Finance, LLC, The Bank of New York Mellon,
Goldman Sachs Mortgage Company and RAIT Funding, LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 76.4% of the properties
by balance, cash flow analysis of 87.6%, and asset summary reviews
on 100% of the pool.

                         KEY RATING DRIVERS

High Fitch Leverage: The pool has higher leverage statistics than
other recent Fitch-rated transactions.  The pool's weighted average
(WA) Fitch debt service coverage ratio of 1.04x is below both the
YTD 2016 average of 1.14x and the 2015 average of 1.18x. The pool's
weighted average (WA) Fitch LTV of 115.3% is above both the YTD
2016 average of 108.7% and the 2015 average of 109.3%.

High Pool Concentration: The largest 10 loans account for 56.1% of
the pool by balance.  This is in line with the YTD 2016 average of
56.2% and greater than the 2015 average of 49.3%.  The pool's
average concentration resulted in a loan concentration index (LCI)
of 419, which is comparable to the YTD 2016 average of 430, but
worse than the 2015 average of 367.

Good Primary Market Exposure: Seven out of the top 10 properties
totaling 39.7% of the pool are located in the central business
districts of primary markets including New York, Denver, Los
Angeles and Austin.

Above-Average Hotel Exposure: There are six loans, representing
16.2% of the pool, that consist of hotel properties, plus a
mixed-use building with a hotel component that makes up 5.7% of the
pool.  This is higher than the YTD 2016 average of 14.9% and the
2015 average hotel concentration of 17%.  Hotels have the highest
probability of default in Fitch's multiborrower CMBS model.

                         RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 8.8% 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-GC37 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 'BBB+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.

                        DUE DILIGENCE USAGE

Fitch was provided with third-party due diligence information from
Ernst & Young LLP.  The third-party due diligence information was
provided on Form ABS Due Diligence-15E and focused on a comparison
and re-computation of certain characteristics with respect to each
of the 54 mortgage loans.  Fitch considered this information in its
analysis and the findings did not have an impact on the analysis.


COMM 2013-CCRE8: Moody's Affirms Ba2(sf) Rating on Class E Debt
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 16 classes in
COMM 2013-CCRE8 Mortgage Trust as follows:

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

Cl. A-2, Affirmed Aaa (sf); previously on May 1, 2015 Affirmed Aaa
(sf)

Cl. A-SBFL, Affirmed Aaa (sf); previously on May 1, 2015 Affirmed
Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on May 1, 2015 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on May 1, 2015 Affirmed Aaa
(sf)

Cl. A-5, Affirmed Aaa (sf); previously on May 1, 2015 Affirmed Aaa
(sf)

Cl. A-M, Affirmed Aaa (sf); previously on May 1, 2015 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa3 (sf); previously on May 1, 2015 Affirmed Aa3
(sf)

Cl. C, Affirmed A3 (sf); previously on May 1, 2015 Affirmed A3
(sf)

Cl. D, Affirmed Baa3 (sf); previously on May 1, 2015 Affirmed Baa3
(sf)

Cl. E, Affirmed Ba2 (sf); previously on May 1, 2015 Affirmed Ba2
(sf)

Cl. F, Affirmed B2 (sf); previously on May 1, 2015 Affirmed B2
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on May 1, 2015 Affirmed Aaa
(sf)

Cl. X-B, Affirmed Aa3 (sf); previously on May 1, 2015 Affirmed Aa3
(sf)

Cl. X-C, Affirmed B3 (sf); previously on May 1, 2015 Affirmed B3
(sf)

Cl. A-SBFX, Affirmed Aaa (sf); previously on May 1, 2015 Affirmed
Aaa (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 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 2.7% of the
current balance compared to 1.9% at Moody's last review. Moody's
base expected loss plus realized losses is now 2.7% of the original
pooled balance, compared to 1.9% 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.

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in these ratings were "Approach to Rating US
and Canadian Conduit/Fusion CMBS" published in December 2014, and
"Moody's Approach to Rating Large Loan and Single Asset/Single
Borrower CMBS" published in October 2015.

DESCRIPTION OF MODELS USED

Moody's review used the excel-based CMBS Conduit Model, which it
uses for both conduit and fusion transactions. Credit enhancement
levels for conduit loans are driven by property type, Moody's
actual and stressed DSCR, and Moody's property quality grade (which
reflects the capitalization rate Moody's uses to estimate Moody's
value). Moody's fuses the conduit results with the results of its
analysis of investment grade structured credit assessed loans and
any conduit loan that represents 10% or greater of the current pool
balance.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 19.

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

DEAL PERFORMANCE

As of the April 12, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 3% to $1.34 billion
from $1.38 billion at securitization. The certificates are
collateralized by 59 mortgage loans ranging in size from less than
1% to 16% of the pool, with the top ten loans (excluding
defeasance) constituting 58% of the pool. Two loans, constituting
20% of the pool, have investment-grade structured credit
assessments.

Five loans, constituting 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.

Two loans, constituting 1% of the pool, are currently in special
servicing. The largest specially serviced loan is the Georgetown
MHC Portfolio ($9.9 million), which is secured by a 502-pad
manufactured housing community in Georgetown, Kentucky, located
just outside the city of Lexington. The loan transferred to special
servicing in March 2014 due to delinquency. The property was 76%
occupied as of December 2015, down from 81% in December 2014 and
97% at securitization. The loan is currently in foreclosure. The
other loan in special servicing is a hotel property that is in a
market primarily for the petroleum industry. Moody's analysis
incorporates a modest loss for the specially serviced loans.

Moody's received full year 2014 operating results for 96% of the
pool, and full or partial year 2015 operating results for 67% of
the pool. Moody's weighted average conduit LTV is 101%, compared to
103% 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 5.6% to the most
recently available net operating income (NOI). Moody's value
reflects a weighted average capitalization rate of 9.5%.

Moody's actual and stressed conduit DSCRs are 1.59X and 1.03X,
respectively, compared to 1.59X and 1.01X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The largest loan with a structured credit assessment is the 375
Park Avenue Loan ($209 million -- 16% of the pool), which
represents a participation interest in a $418 million senior
mortgage loan. The loan is secured by the Seagram Building, a
trophy, landmark office tower located in Midtown Manhattan. The
property was 88% leased as of December 2015, the same as at last
review. Reported recent new leasing increases percentage leased to
96%. The loan is also encumbered by a $364.8 million B note and
$217.3 million of mezzanine debt. Moody's structured credit
assessment and stressed DSCR are aaa and 1.64X, respectively.

The second largest loan with a structured credit assessment is the
Paramount Building Loan ($55 million -- 4% of the pool), which
represents a participation interest in a $130 million mortgage
loan. The loan is secured by a 31-story, Class A office property in
the Times Square section of Midtown Manhattan. The property was
originally constructed in 1926 and received a major overhaul in
2006. The property incudes ground floor retail space leased to
national retail and restaurant tenants. Moody's structured credit
assessment and stressed DSCR are aaa and 1.67X.

The top three performing conduit loans represent 19% of the pool
balance. The largest loan is the Moffett Towers Phase II Loan ($115
million -- 9% of the pool), which is secured by three, eight-story,
Class A suburban office properties in Sunnyvale, California. The
properties were 100% occupied as of December 2015, the same as at
last review and compared to 91% at securitization. The two tenants
occupying the property are the Hewlett-Packard Company and a
subsidiary of Amazon.com, Inc. Moody's LTV and stressed DSCR are
107% and 0.94X, respectively, unchanged from the prior review.

The second largest loan is the 175 Park Avenue Loan ($73 million --
5% of the pool). The loan is secured by a 270,000 square foot,
Class A, suburban office property in Madison, New Jersey. The
property was originally built in 1971 and was extensively renovated
into the headquarters office for Realogy Holdings Corporation, the
real estate conglomerate. Realogy occupies 100% of the property
under a lease set to expire in March 2030, six years after
scheduled loan maturity. After an initial interest-only period, the
loan is now amortizing. Moody's LTV and stressed DSCR are 100% and
1.03X, respectively, compared to 103% and 1.00X at the last
review.

The third largest loan is the Westin San Diego Loan ($67 million --
5% of the pool). The loan is secured by a 27-story, 436-room, full
service hotel property in downtown San Diego, California. The hotel
property is part of a larger, mixed use development which contains
non-collateral components, including condominium residences and
offices. Moody's LTV and stressed DSCR are 94% and, 1.17X,
respectively, compared to 96% and 1.15X at the last review.


CRANBERRY RE LIMITED: Fitch Affirms B Rating on $300MM 2018 Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed at 'Bsf' the rating for the Principal
At-Risk Variable Rate Notes issued by Cranberry Re Limited, a
special purpose insurer vehicle in Bermuda as:

   -- $300,000,000 Principal At-Risk Variable Rate Notes;
      scheduled maturity July 6, 2018.

The Rating Outlook is Stable.

This affirmation is based on Fitch's annual surveillance review of
the notes and includes an updated evaluation of the natural
catastrophe risk, counterparty exposure, collateral assets and
structural performance

                        KEY RATING DRIVERS

The notes are exposed to insured property losses caused by 'named
storms', 'severe thunderstorms' and 'winter storms' on an annual
aggregate basis using an indemnity trigger, from Subject Business
written by the Massachusetts Property Insurance Underwriting
Association (MPIUA, also known as the MA FAIR Plan).  To date,
there have been no reported Covered Events exceeding the Attachment
Level of $300 million in the first Annual Risk Period of the
transaction that extends from July 1, 2015 through June 30, 2016.

On Feb. 1, 2016, AIR Worldwide (AIR), acting as the Reset Agent,
completed the Reset Report that indicated an annual attachment
probability of 3.152% for the second Annual Risk Period, July 1,
2016 through June 30, 2017.  This corresponds to an implied rating
of 'B' per the calibration table listed in Fitch's
"Insurance-Linked Securities Methodology." The updated attachment
probability reflects updated property exposures within the Subject
Business in the Covered Area that have been run through the
escrowed AIR model.  This is a small increase over the initial
attachment probability of 3.081%.

The Updated Attachment Level and Updated Exhaustion Level remain
unchanged from the prior levels at $300 million and $1.4 billion,
respectively.

Per a specified formula in the Indenture (Risk Spread Calculation),
the Updated Risk Interest Spread will be reset to 3.86% effective
July 1, 2016.  This is a slight increase from the initial risk
spread (3.80%) reflecting the increase in the Updated Modeled
Expected Loss of 1.407% versus the initial expected loss of
1.377%.

Hannover Rueck SE, a reinsurance company that acts as a
transformer, sits between MPIUA and Cranberry Re.  Hannover's Fitch
Issuer Default Rating (IDR) was downgraded to 'A+' with a Stable
Outlook on July 21, 2015.  Hannover had an IDR of 'AA-' on the
closing date of the notes.  This downgrade did not affect the
rating of the Cranberry Re Note as Fitch rates to the weakest link
which is currently the implied rating of the catastrophe event.

The collateral asset, the BlackRock Treasury Trust, meets Fitch's
criteria requirement for a highly-rated U.S. money market fund.

Fitch believes the notes and indirect counterparties are performing
as required.  There have been no reported early redemption notices
or events of default, and all agents remain in place.

                       RATING SENSITIVITIES

This rating is sensitive to the occurrence of a qualifying
event(s), MPIUA's election to reset the note's attachment level,
changes in the data quality or purpose of MPIUA, the counterparty
rating of Hannover Rueck SE and the rating on the assets held in
the collateral account.

If qualifying covered events occur that cause annual aggregate
losses to exceed the Updated Attachment Level ($300 million), Fitch
will downgrade the notes reflecting an effective default and issue
a Recovery Rating.

In the event of a reset election by MPIUA for the third and final
risk period, the rating would not change if the attachment
probability reached the Minimum Attachment Level of 4.00%. However,
if MPIUA elected to set the attachment probability closer to the
Maximum Attachment Level of 1.50%, the notes could be upgraded to
as high as 'BB-sf'.

To a lesser extent, the notes may be downgraded if the money market
funds should 'break the buck', Hannover Rueck SE fails to make
timely retrocession premium payments or MPIUA materially changes
its mission or operations.

The catastrophe risk element is highly model-driven and actual
losses may differ from the results of the simulation analysis.  The
escrow models may not reflect future methodology enhancements by
AIR which may have an adverse or beneficial effect on the implied
rating of the notes were such future methodology considered.

DUE DILIGENCE USAGE

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



CREDIT SUISSE 2007-C3: Moody's Affirms Ba1 Rating on Cl. A-M Debt
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on three classes
and affirmed the ratings on seven classes in Credit Suisse
Commercial Mortgage Trust 2007-C3 as follows:

Cl. A-AB, Affirmed Aaa (sf); previously on Apr 30, 2015 Affirmed
Aaa (sf)

Cl. A-1-A1, Upgraded to Aa1 (sf); previously on Apr 30, 2015
Affirmed Aa2 (sf)

Cl. A-1-A2, Upgraded to Aa1 (sf); previously on Apr 30, 2015
Affirmed Aa2 (sf)

Cl. A-4, Upgraded to Aa1 (sf); previously on Apr 30, 2015 Affirmed
Aa2 (sf)

Cl. A-M, Affirmed Ba1 (sf); previously on Apr 30, 2015 Affirmed Ba1
(sf)

Cl. A-J, Affirmed Caa2 (sf); previously on Apr 30, 2015 Affirmed
Caa2 (sf)

Cl. B, Affirmed Caa3 (sf); previously on Apr 30, 2015 Affirmed Caa3
(sf)

Cl. C, Affirmed C (sf); previously on Apr 30, 2015 Affirmed C (sf)

Cl. D, Affirmed C (sf); previously on Apr 30, 2015 Affirmed C (sf)

Cl. A-X, Affirmed B3 (sf); previously on Apr 30, 2015 Downgraded to
B3 (sf)

RATINGS RATIONALE

The ratings on the P&I classes A-1-A1, A-1-A2, and A-4 were
upgraded primarily due to an increase in defeasance since Moody's
last review, 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. Defeasance has
increased to 15.3% of the current pool balance from 2.8% at Moody's
last review. In addition, loans constituting 33% of the pool that
have debt yields exceeding10.0% are scheduled to mature within the
next 15 months.

The ratings on the P&I classes A-AB and A-M 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 A-J, B, C and D 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 9.6% of the
current balance, compared to 12.2% at Moody's last review. Moody's
base expected loss plus realized losses is now 15.3% of the
original pooled balance, compared to 16.6% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in these ratings was "Approach to
Rating US and Canadian Conduit/Fusion CMBS" published in December
2014.

DESCRIPTION OF MODELS USED

Moody's review used the excel-based CMBS Conduit Model, which it
uses for both conduit and fusion transactions. Credit enhancement
levels for conduit loans are driven by property type, Moody's
actual and stressed DSCR, and Moody's property quality grade (which
reflects the capitalization rate Moody's uses to estimate Moody's
value). Moody's fuses the conduit results with the results of its
analysis of investment grade structured credit assessed loans and
any conduit loan that represents 10% or greater of the current pool
balance.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 33, compared to 41 at Moody's last review.

DEAL PERFORMANCE

As of the April 15th, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 45% to $1.49 billion
from $2.68 billion at securitization. The certificates are
collateralized by 161 mortgage loans ranging in size from less than
1% to 11% of the pool, with the top ten loans constituting 35% of
the pool. Eighteen loans, constituting 15% of the pool, have
defeased and are secured by US government securities.

Forty-seven loans, constituting 33% 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.

Sixty-two loans have been liquidated from the pool, resulting in an
aggregate realized loss of $269 million (for an average loss
severity of 33%). Two loans, constituting 1% of the pool, are
currently in special servicing. Moody's estimates an aggregate $4.7
million loss for the specially serviced loans (35% expected loss on
average).

Moody's has assumed a high default probability for 23 poorly
performing loans, constituting 28% of the pool, and has estimated
an aggregate loss of $112 million (a 27% expected loss based on a
55% probability default) from these troubled loans.

Moody's received full year 2014 operating results for 94% of the
pool, and full or partial year 2015 operating results for 86% of
the pool. Moody's weighted average conduit LTV is 97%, compared to
105% 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 9% to the most
recently available net operating income (NOI). Moody's value
reflects a weighted average capitalization rate of 9.2%.

Moody's actual and stressed conduit DSCRs are 1.49X and 1.11X,
respectively, compared to 1.40X and 1.02X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 17.5% of the pool balance.
The largest loan is the Main Plaza Loan ($160.7 million -- 10.8% of
the pool), which is secured by a two Class A office buildings with
a total square footage of 583,000 located in Irvine, California. As
of January 2016, the buildings were 83% leased compared to 80% as
of January 2015. In July 2010 the loan was transferred into special
servicing for imminent default when the borrower requested a loan
modification. The borrower subsequently withdrew the modification
request and the loan returned to the master servicer in June 2011
and has remained current. Due to ongoing weak property performance,
Moody's has recognized this loan as a troubled loan.

The second largest loan is the Ardenwood Corporate Park Loan ($50.2
million -- 3.4% of the pool). The loan is secured by a research and
development property located in Fremont, California. The property
occupancy decreased from 100% to 52% as Logitech vacated their
space upon lease expiration in 2013. As of December 2015 the
property was 51% leased, essentially the same as at Moody's last
review. Moody's LTV and stressed DSCR are 129% and 0.8X,
respectively, compared to 117% and 0.88X at the last review.

The third largest loan is the Wedgewood South Loan ($50.0 million
-- 3.4% of the pool). The loan is secured by three office and
industrial buildings in Frederick, Maryland. As of December 2015,
the buildings were 100% leased , compared to 96% as of December
2014 and 87% as of December 2013. Moody's LTV and stressed DSCR are
128% and 0.72X, respectively, compared to 134% and 0.69X at the
last review.


CVS CREDIT: Moody's Affirms Ba1(sf) Rating on Cl. Series A-2 Debt
-----------------------------------------------------------------
Moody's Investors Service has affirmed the rating of CVS Credit
Lease Backed Pass-Through Certificates, Series A-1 and Series A-2
as follows:

Cl. Series A-2, Affirmed Ba1 (sf); previously on May 6, 2015
Affirmed Ba1 (sf)

RATINGS RATIONALE

The rating was affirmed based on the support of the long term
triple net lease guaranteed by CVS Health (Moody's senior unsecured
debt rating Baa1, stable outlook), as well as the residual value
insurance policies provided by the Royal Indemnity Company, which
is unrated by Moody's. The rating on the A-2 Certificate is lower
from CVS's rating due to the size of the loan balance at maturity
relative to the value of the collateral assuming the existing
tenant is no longer in occupancy (the dark value).

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

The ratings of Credit Tenant Lease (CTL) deals are primarily based
on the senior unsecured debt rating (or the corporate family
rating) of the tenants leasing the real estate collateral
supporting the bonds. Other factors that are also considered are
Moody's dark value of the collateral (value based on the property
being vacant or dark), which is used to determine a recovery rate
upon a loan's default and the rating of the residual insurance
provider, if applicable. Factors that may cause an upgrade of the
ratings include an upgrade in the rating of the corporate tenant or
significant loan paydowns or amortization which results in a higher
dark loan to value. Factors that may cause a downgrade of the
ratings include a downgrade in the rating of the corporate tenant
or the residual insurance provider.

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in this rating was "Commercial Real
Estate Finance: Moody's Approach to Rating Credit Tenant Lease
Financings" published in May 2015.

No model was used in this review.

DEAL PERFORMANCE

The Certificate is supported by 96 single-tenant, stand-alone
retail buildings leased to CVS Health. Each building is subject to
a fully bondable triple net lease guaranteed by CVS Health. The
properties are located across 17 states. The rated final
distribution date is January 10, 2023.

During the term of the transaction, the A-2 Certificate is
supported by CVS Health lease obligations. The balloon payment is
insured under residual value insurance policies.

CVS Health, headquartered in Woonsocket, Rhode Island, is the only
fully integrated pharmacy health care company in the United States.
The company fills or manages more than 1 billion prescriptions
annually. It operates more than 9,500 retail pharmacy stores in the
US, Puerto Rico, and Brazil. In addition, it has a pharmacy
benefits management operation, a mail order and specialty pharmacy
division, an on-line pharmacy, more than 1,100 walk in clinics, and
a dedicated senior pharmacy care business.


FRANKLIN CLO VI: Moody's Cuts Class E Debt Rating to B1(sf)
-----------------------------------------------------------
Moody's Investors Service has downgraded the rating on the
following notes issued by Franklin CLO VI, Ltd.:

US$11,500,000 Class E Senior Secured Deferrable Floating Rate Notes
Due 2019 (current outstanding balance of $11,035,647.14),
Downgraded to B1 (sf); previously on July 11, 2014 Affirmed Ba2
(sf)

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

US$272,000,000 Class A Senior Secured Floating Rate Notes Due 2019
(current outstanding balance of $190,137,597.42), Affirmed Aaa
(sf); previously on July 11, 2014 Affirmed Aaa (sf)

US$38,000,000 Class B Senior Secured Floating Rate Notes Due 2019,
Affirmed Aa1 (sf); previously on July 11, 2014 Upgraded to Aa1
(sf)

US$18,000,000 Class C Senior Secured Deferrable Floating Rate Notes
Due 2019, Affirmed A3 (sf); previously on July 11, 2014 Upgraded to
A3 (sf)

US$15,000,000 Class D Senior Secured Deferrable Floating Rate Notes
Due 2019, Affirmed Ba1 (sf); previously on July 11, 2014 Affirmed
Ba1 (sf)

Franklin CLO VI, Ltd. issued in July 2007, is a collateralized loan
obligation (CLO) backed primarily by a portfolio of senior secured
loans. The transaction's reinvestment period ended in August 2013.

RATINGS RATIONALE

The rating downgrade on the Class E is primarily a result of
deterioration in credit quality of the portfolio and decrease in
the Class E OC. Based on the trustee's March 2016 report, the
weighted average rating factor is currently 2771 compared to 2532
in April 2015. Additionally, the Class E OC ratio is currently
103.93% compared to 106.00% in April 2015.

The portfolio includes a number of investments in securities that
mature after the notes do. Based on the trustee's March 2016
report, securities that mature after the notes do currently make up
approximately 21.2% of the portfolio compared to 16.5% in April
2015. These investments could expose the notes to market risk in
the event of liquidation when the notes mature.

Nevertheless, the transaction has benefitted from deleveraging of
the Class A notes and improvement in weighted average recovery rate
(WARR) assumption. The Class A notes have been paid down by
approximately 6% or $12.4 million since April 2015. Also, based on
the trustee's March 2016 report, the Moody's weighted averaged
recovery rate assumption has improved to 53.2% versus 51.8% in
April 2015.

Methodology Used for the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2015. Please see the Ratings Methodologies page on
www.moodys.com for a copy of this methodology.

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

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

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

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

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

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

5) Recovery of defaulted assets: Fluctuations in the market value
of defaulted assets reported by the trustee and those that Moody's
assumes as having defaulted could result in volatility in the
deal's OC levels. Further, the timing of recoveries and whether a
manager decides to work out or sell defaulted assets create
additional uncertainty.

6) Long-dated assets: The presence of assets that mature after the
CLO's legal maturity date exposes the deal to liquidation risk on
those assets. This risk is borne first by investors with the lowest
priority in the capital structure. Moody's assumes that the
terminal value of an asset upon liquidation at maturity will be
equal to the lower of an assumed liquidation value (depending on
the extent to which the asset's maturity lags that of the
liabilities) or the asset's current market value. In light of the
deal's sizable exposure to long-dated assets, which increases its
sensitivity to the liquidation assumptions in the rating analysis,
Moody's ran scenarios using a range of liquidation value
assumptions. However, actual long-dated asset exposures and
prevailing market prices and conditions at the CLO's maturity will
drive the deal's actual losses, if any, from long-dated assets.

7) Post-Reinvestment Period Trading: Subject to certain
requirements, the deal can reinvest certain proceeds after the end
of the reinvestment period, and as such the manager has the ability
to erode some of the collateral quality metrics to the covenant
levels. Such reinvestment could affect the transaction either
positively or negatively.

8) Higher-than-average exposure to assets with weak liquidity: The
presence of assets with the worst Moody's speculative grade
liquidity (SGL) rating, or SGL-4, exposes the notes to additional
risks if these assets default. The historical default rate is far
higher for companies with SGL-4 ratings than those with other SGL
ratings. Due to the deal's high exposure to SGL-4 rated assets,
which constitute around $14.1 million of par, Moody's ran a
sensitivity case defaulting those assets.

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

Moody's Adjusted WARF -- 20% (2269)

Class A: 0

Class B: +1

Class C: +1

Class D: +1

Class E: +1

Moody's Adjusted WARF + 20% (3403)

Class A: 0

Class B: -2

Class C: -2

Class D: -1

Class E: -1

Loss and Cash Flow Analysis:

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

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analyzed the collateral pool as having a performing par and
principal proceeds balance of $281.6 million, defaulted par of $4.6
million, a weighted average default probability of 15.52% (implying
a WARF of 2836), a weighted average recovery rate upon default of
52.30%, a diversity score of 40 and a weighted average spread of
3.27% (before accounting for LIBOR floors).

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


FREDDIE MAC 2016-DNA2: Moody's Gives (P)Ba2 Rating to Cl. M-3A Debt
-------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to nine
classes of notes on Freddie Mac STACR 2016-DNA2, a securitization
designed to provide credit protection to the Federal Home Loan
Mortgage Corporation (Freddie Mac) against the performance of
approximately $30.1 billion reference pool of mortgages. All of the
Notes in the transaction are direct, unsecured obligations of
Freddie Mac and as such investors are exposed to the credit risk of
Freddie Mac (currently Aaa Stable).

The complete rating action is as follows:

$187.0 million of Class M-1 notes, Assigned (P)Baa1 (sf)

$198.0 million of Class M-2 notes, Assigned (P)Baa3 (sf)

The Class M-2 noteholders can exchange their notes for the
following notes:

$198.0 million of Class M-2F exchangeable notes, Assigned (P)Baa3
(sf)

$198.0 million of Class M-2I exchangeable notes, Assigned (P)Baa3
(sf)

$247.5 million of Class M-3A notes, Assigned (P)Ba2 (sf)

The Class M-3A noteholders can exchange their notes for the
following notes:

$247.5 million of Class M-3AF exchangeable notes, Assigned (P)Ba2
(sf)

$247.5 million of Class M-3AI exchangeable notes, Assigned (P)Ba2
(sf)

$247.5 million of Class M-3B notes, Assigned (P)B3 (sf)

The Class M-3A and M-3B noteholders can exchange their notes for
the following notes:

$495.0 million of Class M-3 notes, Assigned (P)B1 (sf)

Freddie Mac STACR 2016-DNA2 is the fifth transaction in the DNA
series issued by Freddie Mac. Similar to Freddie Mac STACR
2016-DNA1, Freddie Mac STACR 2016-DNA2's note write-downs are
determined by actual realized losses and modification losses on the
loans in the reference pool, and not tied to a pre-set tiered
severity schedule. In addition, the interest amount paid to the
notes can be reduced by the amount of modification loss incurred on
the mortgage loans. Freddie Mac STACR 2016-DNA2 is also the eighth
transaction in the STACR series (including STACR-HQA) to have a
legal final maturity of 12.5 years, as compared to 10 years in
STACR-DN and STACR-HQ securitizations. Unlike typical RMBS
transactions, Freddie Mac STACR 2016-DNA2 noteholders are not
entitled to receive any cash from the mortgage loans in the
reference pool. Instead, the timing and amount of principal and
interest that Freddie Mac is obligated to pay on the notes are
linked to the performance of the mortgage loans in the reference
pool.

Moody's rating on the transaction is based on both quantitative and
qualitative analyses. This included a quantitative evaluation of
the credit quality of the reference pool and the impact of the
structural mechanisms on credit enhancement, as well as qualitative
assessments regarding the operational strength of Freddie Mac to
oversee its sellers and servicers.

Moody's base-case expected loss on for the reference pool is 1.10%
and is expected to reach 9.30% at a stress level consistent with a
Aaa rating.

The Notes

The M-1 notes are adjustable rate P&I notes with an interest rate
that adjusts relative to LIBOR.

The M-2 notes are adjustable rate P&I notes with an interest rate
that adjusts relative to LIBOR. The holders of the M-2 notes can
exchange those notes for an M-2I exchangeable note and an M-2F
exchangeable note. The M-2I exchangeable notes are fixed rate
interest only notes that have a notional balance that equals the
M-2 note balance. The M-2F notes are adjustable rate P&I notes that
have a balance that equals the M-2 note balance and an interest
rate that adjusts relative to LIBOR.

The M-3A notes are adjustable rate P&I notes with an interest rate
that adjusts relative to LIBOR. The holders of the M-3A notes can
exchange those notes for an M-3AI exchangeable note and an M-3AF
exchangeable note. The M-3AI exchangeable notes are fixed rate
interest only notes that have a notional balance that equals the
M-3A note balance. The M-3AF notes are adjustable rate P&I notes
that have a balance that equals the M-3A note balance and an
interest rate that adjusts relative to LIBOR.

The M-3B notes are adjustable rate P&I notes with an interest rate
that adjusts relative to LIBOR.

The M-3 notes are adjustable rate P&I notes with an interest rate
that adjusts relative to LIBOR. The holders of the M-3 notes can
exchange those notes for the M-3A and M-3B notes, and vice versa.
The M-3 exchangeable notes have a balance equal to the sum of the
M-3A and M-3B note balance, and a note rate based upon the exchange
portions of the related M-3A and M-3B notes, which is effectively
equal to the weighted average of M-3A and M-3B note rates.

Freddie Mac will only make principal payments on the notes based on
the scheduled and unscheduled principal payments that are actually
collected on the reference pool mortgages. Losses on the notes
occur as a result of credit events and modifications, and are
determined by actual realized and modification losses on loans in
the reference pool, and not tied to a pre-set loss severity
schedule. Freddie Mac is obligated to retire the notes in October
2028 if balances remain outstanding.

Credit events in Freddie Mac STACR 2016-DNA2 occur when a short
sale is settled, when a seriously delinquent mortgage note is sold
prior to foreclosure, when the mortgaged property that secured the
related mortgage note is sold to a third party at a foreclosure
sale, when an REO disposition occurs, or when the related mortgage
note is charged-off. This differs from STACR-DN and STACR-HQ
securitizations, where credit events occur as early as when a
reference obligation is 180 or more days delinquent.

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

As part of its analysis, Moody's considered historic Freddie Mac
performance and severity data, the eligibility criteria of loans in
the reference pool, and the high credit quality of the underlying
collateral. The reference pool consists of loans that Freddie Mac
acquired between July 1, 2015 and September 30, 2015, and have no
previous 30-day delinquencies since purchase. The loans in the
reference pool are to strong borrowers, as the weighted average
credit score of 752 indicates. The weighted average CLTV of 77% is
higher than recent private label prime jumbo deals, which typically
have CLTVs in the high 60's range, but is similar to the weighted
average CLTV of other STACR-DN and STACR-DNA transactions.

Structural considerations

We took structural features such as the principal payment waterfall
of the notes, a 12.5-year bullet maturity, performance triggers, as
well as the allocation of realized losses and modification losses
into consideration in our cash flow analysis. The final structure
for the transaction reflects consistent credit enhancement levels
available to the notes per the term sheet provided for the
provisional ratings.

For modification losses, we have taken into consideration the level
of rate modifications based on the projected defaults, the weighted
average coupon of the reference pool (4.18%), and compared that
with the available credit enhancement on the notes, the coupon and
the accrued interest amount of the most junior bonds. Class B and
Class B-H reference tranches represent 1.00% of the pool. The final
coupons on the notes will have an impact on the amount of interest
available to absorb modification losses from the reference pool.

The ratings are linked to Freddie Mac's rating. As an unsecured
general obligation of Freddie Mac, the rating on the notes will be
capped by the rating of Freddie Mac, which Moody's currently rates
Aaa (stable).

Collateral Analysis

The reference pool consists of approximately 127,400 loans that
meet specific eligibility criteria, which limits the pool to first
lien, fixed rate, fully amortizing loans with 30 year terms and
LTVs that range between 60% and 80% on one to four unit properties.
Overall, the reference pool is of prime quality. The credit
positive aspects of the pool include borrower, loan and geographic
diversification, and a high weighted average FICO of 752. There are
no interest-only (IO) loans in the reference pool and all of the
loans are underwritten to full documentation standards.

Methodology

The principal methodology used in these ratings was "Moody's
Approach to Rating US Prime RMBS," published in February 2015.

While assessing the ratings on this transaction, Moody's did not
deviate from its published methodology. The severities for this
transaction were estimated using the data on Freddie Mac's actual
loss severities.

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

Up

Levels of credit protection that are higher than necessary to
protect investors against current expectations of loss could drive
the ratings up. Losses could decline from Moody's original
expectations as a result of a lower number of obligor defaults or
appreciation in the value of the mortgaged property securing an
obligor's promise of payment. Transaction performance also depends
greatly on the US macro economy and housing market.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could drive the
ratings down. Losses could rise above Moody's original expectations
as a result of a higher number of obligor defaults or deterioration
in the value of the mortgaged property securing an obligor's
promise of payment. Transaction performance also depends greatly on
the US macro economy and housing market. Other reasons for
worse-than-expected performance include poor servicing, error on
the part of transaction parties, inadequate transaction governance
and fraud. As an unsecured general obligation of Freddie Mac, the
ratings on the notes depend on the rating of Freddie Mac, which
Moody's currently rates Aaa.


GALAXY XIV CLO: S&P Affirms BB Rating on Class E Notes
------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on the class B
notes from Galaxy XIV CLO Ltd., a U.S. collateralized loan
obligation (CLO) managed by PineBridge Investments LLC.  At the
same time, S&P' affirmed its ratings on the class A, C-1, C-2, D,
and E notes from the same transaction.

The rating actions follow S&P's review of the transaction's
performance using data from the March 15, 2016, trustee report.

Since S&P's review in May 2013, this transaction has exhibited
stable performance.  Overcollateralization (O/C) ratios have
increased since the effective date, with the senior O/C ratio
increasing to 135.85% from 135.01% as of the March 2013 trustee
report that was used for S&P's last rating actions.  The
portfolio's credit quality as also remained stable, with the 'CCC'
bucket at 2.27% of the portfolio and no defaults reported in the
March 2016 trustee report.  Additionally, there has been a notable
increase in diversification as the number of unique obligors has
about doubled.  Due to the improvement in the rating cushions as
well as the decline in the portfolio's weighted average life, S&P
raised its rating on the class B note and affirmed its rating on
the class A note.

S&P notes this transaction does have some exposure to loans from
issuers that have negative rating outlooks, some of which are from
commodities-related industries with distressed prices.  S&P
affirmed its ratings on the other classes of notes to maintain
rating cushion as this deal continues to reinvest until November
2016.

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

CASH FLOW RESULTS AND SENSITIVITY ANALYSIS

Galaxy XIV CLO Ltd.

                    Cash flow   Cash flow
        Previous    implied       cushion    Final
Class   rating      rating(i)     (%)(ii)    rating
A       AAA (sf)    AAA (sf)        13.22    AAA (sf)
B       AA (sf)     AAA (sf)         0.50    AA+ (sf)
C-1     A (sf)      AA (sf)          0.11    A (sf)
C-2     A (sf)      AA (sf)          0.11    A (sf)
D       BBB (sf)    BBB+ (sf)        6.80    BBB (sf)
E       BB (sf)     BB+ (sf)         1.26    BB (sf)

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

RECOVERY RATE AND CORRELATION SENSITIVITY

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

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

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

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

RATING RAISED

Galaxy XIV CLO Ltd.
               Rating
Class     To          From
B         AA+ (sf)    AA (sf)

RATINGS AFFIRMED

Galaxy XIV CLO Ltd.
Class     Rating
A         AAA (sf)
C-1       A (sf)
C-2       A (sf)
D         BBB (sf)
E         BB (sf)


GMAC COMMERCIAL 2003-C3: Moody's Affirms Ca Rating on Cl. L Debt
----------------------------------------------------------------
Moody's Investors Service upgraded the ratings on two classes and
affirmed two classes of GMAC Commercial Mortgage Securities, Inc.,
Commercial Mortgage Pass-Through Certificates, Series 2003-C3 as
follows:

Cl. J, Upgraded to Aaa (sf); previously on Jun 4, 2015 Upgraded to
Aa3 (sf)

Cl. K, Upgraded to Baa3 (sf); previously on Jun 4, 2015 Upgraded to
Ba3 (sf)

Cl. L, Affirmed Ca (sf); previously on Jun 4, 2015 Upgraded to Ca
(sf)

Cl. X-1, Affirmed Caa3 (sf); previously on Jun 4, 2015 Affirmed
Caa3 (sf)

RATINGS RATIONALE

Classes J and K were upgraded due to an increase in credit support
from a 28% increase in defeasance and the benefits of amortization
because 72% of the pool's outstanding balance is fully amortizing.
The deal has also paid down 6% since Moody's last review.

Class L was affirmed because the ratings are consistent with
Moody's expected loss.

The rating of the IO Class, Class X-1, was affirmed based on the
credit performance (or the weighted average rating factor or WARF)
of its reference classes.

Moody's rating action reflects a base expected loss of 0% of the
current balance compared to 0.2% at last review. Moody's base
expected loss plus realized losses is now 3.3%, the same as at 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 pay downs or amortization, an increase
in the pool's share of defeasance or an improvement in pool
performance.

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in these ratings was "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in October 2015. Please see the Ratings
Methodologies page on www.moodys.com for a copy of this
methodology.

DESCRIPTION OF MODELS USED

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

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

DEAL PERFORMANCE

As of the April 11, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $19 million
from $1.3 billion at securitization. The certificates are
collateralized by five mortgage loans ranging in size from 6% to
45% of the pool. There are two defeased loans, constituting 42% of
the pool, which are backed by U.S. government securities.

There are no loans on the master servicer's watchlist or in special
servicing. Eight loans have been liquidated from the pool,
resulting in an aggregate realized loss of $44.3 million (for an
average loss severity of 30%).

Moody's received full year 2015 operating results for 58% of the
pool and full year 2014 operating results for 100% of the pool.
Moody's weighted average conduit LTV is 62%, compared to 69% 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 14.2% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.2%.

Moody's actual and stressed conduit DSCRs are 0.96X and 1.71X,
respectively, compared to 1.04X and 1.47X 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 58% of the pool balance. The
largest loan is the Shaw's Lewiston Loan ($8.5 million -- 45% of
the pool), which is secured by a 64,657 square foot (SF) Shaw's
grocery store in Lewiston, Maine, approximately 35 miles from
Portland, Maine. As of April 2016, the property was fully leased to
Shaw's through 2024. Moody's LTV and stressed DSCR are 70% and
1.47X, respectively, compared to 70% and 1.35X at the last review.

The second largest loan is the Walgreens Meridian Loan ($1.2
million -- 7% of the pool), which is secured by a 14,560 SF
single-tenant Walgreens property in Meridian, Mississippi. As of
April 2016, the property was fully leased to Walgreens until 2078.
Moody's LTV and stressed DSCR are 40% and 2.29X, respectively,
compared to 40% and 2.22X at the last review.

The third largest loan is the Walgreens Hattiesburg Loan ($1.1
million -- 6% of the pool), which is secured by a 13,659 SF
single-tenant Walgreens property in Hattiesburg, Mississippi. As of
April 2016, the property was fully leased to Walgreens until 2078.
Moody's LTV and stressed DSCR are 30% and 2.92X, respectively,
compared to 31% and 2.86X, respectively at last review.


JP MORGAN 2003-C1: Moody's Hikes Class F Debt Rating to Ba1(sf)
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on two classes
and affirmed the ratings on two classes in J.P. Morgan Chase
Commercial Mortgage Securities Corp. 2003-C1 as follows:

Cl. E, Upgraded to Aa2 (sf); previously on Nov 16, 2015 Affirmed
Baa1 (sf)

Cl. F, Upgraded to Ba1 (sf); previously on Nov 16, 2015 Affirmed B1
(sf)

Cl. G, Affirmed C (sf); previously on Nov 16, 2015 Downgraded to C
(sf)

Cl. X-1, Affirmed Caa3 (sf); previously on Nov 16, 2015 Affirmed
Caa3 (sf)

RATINGS RATIONALE

The ratings on two P&I classes were upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 36% since Moody's last
review.

The rating on one P&I class was affirmed because the ratings are
consistent with Moody's expected and realized 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 3.1% the
current balance. Moody's base expected loss plus realized losses is
now 8.6% of the original pooled balance. 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.

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in these ratings was "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in October 2015. Please see the Ratings
Methodologies page on www.moodys.com for a copy of this
methodology.

DESCRIPTION OF MODELS USED

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

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

DEAL PERFORMANCE

As of the April 12, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $25.2 million
from $1.07 billion at securitization. The certificates are
collateralized by seven mortgage loans ranging in size from 2% to
48% of the pool. Two loans, constituting 11% of the pool, have
defeased and are secured by US government securities.

Fifteen loans have been liquidated from the pool with a loss,
resulting in an aggregate realized certificate loss of $91.5
million (for an average loss severity of 69%). One loan,
constituting 11% of the pool, is currently in special servicing.
The specially serviced loan is the Blue Ash Corporate Center Loan
($2.7 million -- 10.6% of the pool), which is secured by a 57,000
square foot (SF) office property located in Blue Ash, Ohio. The
loan transferred to the Special Servicer in December 2012 for
payment default and then subsequently maturity default. A receiver
was appointed in September 2015. As of February 2016, the property
was 70% leased.

Moody's received full year 2014 operating results for 100% of the
pool and full or partial year 2015 operating results for 87% of the
pool. Moody's weighted average conduit LTV is 61%, compared to 63%
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 23% 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 1.00X and 1.73X,
respectively, compared to 0.97X and 1.64X 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 69% of the pool balance. All
top three conduit loans are fully amortizing loans with a January
2023 loan maturity. Each of the top three loans has amortized
between 50% and 51% since securitization. The largest loan is the
Mark IV Las Vegas Loan ($12.1 million -- 48.0% of the pool), which
is secured by three adjoining industrial properties totaling
451,000 SF. The collateral is located in Las Vegas, Nevada. The
collateral is 100% leased as of September 2015, compared to 84% in
2014. Moody's LTV and stressed DSCR are 61% and 1.68X,
respectively, compared to 64% and 1.60X at the last review.

The second largest loan is the Ocoee Crossing Shopping Center Loan
($2.8 million -- 11.3% of the pool), which is secured by a 63,000
SF grocery-anchored retail center located in Cleveland, Tennessee.
The property was 100% leased as of December 2015, compared to 97%
as of January 2014. Moody's LTV and stressed DSCR are 44% and
2.34X, respectively, compared to 50% and 2.07X at the last review.

The third largest loan is the Walgreens-Lyndon Lane Loan ($2.5
million -- 10.0% of the pool), which is secured by a 15,000 SF
retail property. Walgreens leases the entire property via a long
term triple net lease expiring in October 2061. Moody's LTV and
stressed DSCR are 51% and 2.00X, respectively, compared to 54% and
1.92X at the last review.


JP MORGAN 2006-LDP9: Fitch Raises Rating on 2 Tranches to 'Bsf'
---------------------------------------------------------------
Fitch Ratings has upgraded two and affirmed 26 classes of JP Morgan
Chase Commercial Mortgage Securities Corp., commercial mortgage
pass-through certificates, series 2006-LDP9 (JPMCC 2006-LDP).

                         KEY RATING DRIVERS

The upgrades reflect lower loss expectations, primarily as a result
of the defeasance of the Galleria Towers loan and better than
expected recoveries on the Bank of America Plaza real-estate owned
(REO) asset that was disposed of in January 2016.

Fitch modeled losses of 17.4% of the remaining pool; expected
losses on the original pool balance total 18.5%, including $408.7
million (8.4% of original pool balance) in realized losses to date.
Fitch has designated 44 loans (40.5% of current pool balance) as
Fitch Loans of Concern, which includes 23 specially serviced assets
(21.9%).  Eight of these specially serviced loans (2.5%) were
transferred to special servicing since Fitch's last rating action.
Over 6% of the pool is currently REO.

As of the April 2016 distribution date, the pool's aggregate
principal balance has been reduced by 41.3% to $2.87 billion from
$4.89 billion at issuance.  According to servicer reporting, 27
loans (17.7%) have been defeased, including the second largest loan
(Galleria Towers; 8.1%), representing an increase from 17 loans
(6%) at the last rating action pool balance).  Cumulative interest
shortfalls totaling $54.2 million are currently affecting classes
A-J/A-JS through NR.

A significant amount of the pool is scheduled to mature this year,
including 17.2% which has been defeased, 0.6% in the second
quarter, 0.2% in the third quarter, and 53.2% in the fourth
quarter.

The largest contributor to Fitch-modeled losses, which remains the
same since the last rating action, is the Americold Portfolio loan
(6.8% of current pool).  The interest-only loan, which matures in
December 2016, is secured by a portfolio of four cold storage
warehouse/distribution facilities totaling 3.3 million square feet
(sf) located across four states (MO, TX, KS, and MS).  The loan has
reported a low occupancy and low debt service coverage ratio (DSCR)
since 2010 due to the West Point, MS property ceasing physical
operations in 2010 as a result of minimal occupancy and in an
effort to reduce operating expenses.  Despite the property being
completely vacant, the borrower has continued to maintain the
warehouse.  However, the borrower has recently indicated that a new
broker has been engaged to try to lease up the vacant space at this
property.  As of year-end (YE) 2015, the underlying occupancies for
the three other properties were 42% (Garden City, KS), 74%
(Carthage, MO), and 92% (Fort Worth, TX).  YE 2015 DSCR, on a net
operating income (NOI) basis, was 1.02x, an improvement from 0.89x
in 2014, but still below the 1.85x reported at issuance.  The 2015
NOI improved 14.5% from 2014 primarily due to increased rents and
expense reimbursements, as well as slightly lower operating
expenses.  The sponsor has historically in the past covered debt
service shortfalls out of pocket.

The next largest contributor to Fitch-modeled losses is the
specially serviced Colony IV Portfolio loan (5%).  The loan is
secured by a cross-collateralized and cross-defaulted portfolio of
20 remaining properties comprised of 32 buildings totaling 1.8
million sf located across four states (IL, VA, MA, and NJ).  As of
the February 2016 rent roll, the overall portfolio occupancy was
56%, a decline from 68% in March 2015.  Nine of the properties are
leased to single tenants, one remains vacant (and has been since
2009 when IBM vacated), and the remaining 10 are multi-tenanted
properties.

The loan was transferred to special servicing in September 2014 for
imminent default when the borrower indicated to the master servicer
it was not able to abide by the paydown terms through the sale of
properties to qualify for the next extension option, according to
terms set forth in the loan modification from 2012. At the time of
the modification, the interest rate was lowered and scheduled
principal paydowns and minimum reserve levels through individual
property sales were established.  The borrower had reportedly been
coming out of pocket to cover debt service in 2014 and was
remitting any excess cash flow from the properties, but stated it
would no longer continue to fund the shortfalls.

The special servicer has indicated that receivership documentation
has been prepared and filed for each of the jurisdictions.  The
special servicer expects the courts to grant receivership over the
next few weeks.  Once the receivers are appointed, the special
servicer will evaluate each of the properties individually to
determine strategies.

The third largest contributor to Fitch-modeled losses is the
specially serviced 131 South Dearborn loan (8.2%).  The loan is
secured by a 1.5 million sf, 37-story office property located in
the Central Loop submarket of Chicago, IL.  As of the February 2016
rent roll, the property was 95.2% occupied, remaining relatively
unchanged from 95.6% one year earlier.

The loan, which matures in December 2016, was transferred to
special servicing in May 2014 due to the borrower requesting loan
modification discussions stemming from complex lease negotiations
with JP Morgan Chase, which wanted to downsize by over 50% of its
occupied space and extend its lease.  JPMorgan Chase had already
sublet nearly half of the space it leased to another tenant in the
building, Citadel, at substantially below-market rates until 2017.
The sublet was the result of excess office space the company had in
downtown Chicago after the JP Morgan Chase merger.  In addition,
another large tenant, Seyfarth Shaw LLP (20% of NRA), is
terminating its lease, vacating in 2017 ahead of its 2022 lease
expiration.

The special servicer expects debt service payments to remain
current for the foreseeable future; however, the property will face
significant leasing challenges in 2017 as property occupancy is
expected to drop to approximately 55%.  JPMorgan Chase extended its
lease on 17% of the NRA to December 2023 from December 2017, but
downsized from occupying over 35% of the NRA at issuance. Holland
and Knight (6.9% of NRA) signed a three-year extension to July
2019.  Leasing of the Seyfarth Shaw LLP space remains on-going and
discussions with Citadel on direct lease extension on its subleased
space are active.

The special servicer indicated a loan modification with the
borrower has been agreed upon and is currently being documented. In
exchange for the modification, the borrower will be contributing
$27 million of guaranteed new equity to re-tenant and stabilize the
property.  Terms of the modification include bifurcating the trust
component into a $200 million A-note and a $36 million B-note,
extending the maturity date for an additional five years to
December 2020, and lowering the current pay interest rate.

                        RATING SENSITIVITIES

The Stable Rating Outlooks on classes A-3, A-3SFL, A-3SFX, and A-1A
reflect these classes' seniority, increasing credit enhancement and
expected continued paydowns.  Upgrades were not considered for
these classes due to concerns of future potential interest
shortfalls, as well as the potential for increased losses from the
specially serviced loans.  Future upgrades may be possible as the
specially serviced loans are resolved.

Stable Rating Outlooks were assigned to classes A-M and A-MS to
reflect sufficient credit enhancement.  Further upgrades to classes
A-M and A-MA were limited based on significant upcoming maturities
and the potential for additional loan defaults.  Fitch had applied
additional stresses to maturing loans when considering the upgrade
to account for refinance risk.  Distressed classes (those rated
below 'Bsf') may be subject to further rating actions as losses are
realized.

                         DUE DILIGENCE USAGE

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

Fitch has upgraded these classes and assigned Rating Outlooks as
indicated:

   -- $364 million class A-M to 'Bsf' from 'CCCsf'; Outlook Stable

      assigned;

   -- $121.4 million class A-MS to 'Bsf' from 'CCCsf'; Outlook
      Stable assigned.

Fitch has affirmed these classes as indicated:

   -- $1.5 billion class A-3 at 'Asf'; Outlook Stable;
   -- $32.7 million class A-3SFL at 'Asf'; Outlook Stable;
   -- $15.8 million class A-3SFX at 'Asf'; Outlook Stable;
   -- $275.8 million class A-1A at 'Asf'; Outlook Stable;
   -- $318.5 million class A-J at 'CCsf'; RE 20%;
   -- $106.3 million class A-JS at 'CCsf'; RE 20%;
   -- $72.8 million class B at 'Csf'; RE 0%;
   -- $24.3 million class B-S at 'Csf'; RE 0%;
   -- $22.8 million class C at 'Csf'; RE 0%;
   -- $7.6 million class C-S at 'Csf'; RE 0%;
   -- $7.5 million class D at 'Dsf'; RE 0%;
   -- $2.5 million class D-S at 'Dsf'; RE 0%;
   -- $0 class E at 'Dsf'; RE 0%;
   -- $0 class E-S at 'Dsf'; RE 0%;
   -- $0 class F at 'Dsf'; RE 0%;
   -- $0 class F-S at 'Dsf'; RE 0%;
   -- $0 class G at 'Dsf'; RE 0%;
   -- $0 class G-S at 'Dsf'; RE 0%;
   -- $0 class H at 'Dsf'; RE 0%;
   -- $0 class H-S at 'Dsf'; RE 0%;
   -- $0 class J at 'Dsf'; RE 0%;
   -- $0 class K at 'Dsf'; RE 0%;
   -- $0 class L at 'Dsf'; RE 0%;
   -- $0 class M at 'Dsf'; RE 0%;
   -- $0 class N at 'Dsf'; RE 0%;
   -- $0 class P at 'Dsf'; RE 0%.

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


JPMBB COMMERCIAL 2013-C12: Moody's Affirms B2 Rating on Cl. F Debt
------------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 13 classes in
JPMBB Commercial Mortgage Securities Trust 2013-C12 as follows:

Cl. A-1, Affirmed Aaa (sf); previously on May 14, 2015 Affirmed Aaa
(sf)

Cl. A-2, Affirmed Aaa (sf); previously on May 14, 2015 Affirmed Aaa
(sf)

Cl. A-3, Affirmed Aaa (sf); previously on May 14, 2015 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on May 14, 2015 Affirmed Aaa
(sf)

Cl. A-5, Affirmed Aaa (sf); previously on May 14, 2015 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on May 14, 2015 Affirmed
Aaa (sf)

Cl. A-S, Affirmed Aaa (sf); previously on May 14, 2015 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa3 (sf); previously on May 14, 2015 Affirmed Aa3
(sf)

Cl. C, Affirmed A3 (sf); previously on May 14, 2015 Affirmed A3
(sf)

Cl. D, Affirmed Baa3 (sf); previously on May 14, 2015 Affirmed Baa3
(sf)

Cl. E, Affirmed Ba2 (sf); previously on May 14, 2015 Affirmed Ba2
(sf)

Cl. F, Affirmed B2 (sf); previously on May 14, 2015 Affirmed B2
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on May 14, 2015 Affirmed Aaa
(sf)

RATINGS RATIONALE

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

The rating on the IO class, Class X-A, 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 2.1% of the
current balance, compared to 2.0% at Moody's last review. Moody's
base expected loss plus realized losses is now 2.0% of the original
pooled balance, the same as at 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.

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in these ratings "Approach to Rating
US and Canadian Conduit/Fusion CMBS" published in December 2014.

DESCRIPTION OF MODELS USED

Moody's review used the excel-based CMBS Conduit Model, which it
uses for both conduit and fusion transactions. Credit enhancement
levels for conduit loans are driven by property type, Moody's
actual and stressed DSCR, and Moody's property quality grade (which
reflects the capitalization rate Moody's uses to estimate Moody's
value). Moody's fuses the conduit results with the results of its
analysis of investment grade structured credit assessed loans and
any conduit loan that represents 10% or greater of the current pool
balance.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 30, the same as at Moody's last review.

DEAL PERFORMANCE

As of the April 15, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 4% to $1.29 billion
from $1.34 billion at securitization. The certificates are
collateralized by 76 mortgage loans ranging in size from less than
1% to 9.7% of the pool, with the top ten loans constituting 45% of
the pool. One loan, constituting 8% of the pool, has an
investment-grade structured credit assessment. One loan,
constituting less than 1% of the pool, has defeased and is secured
by US government securities.

Nine loans, constituting 7% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

No loans have been liquidated from the pool. Two
cross-collateralized loans, constituting 3.5% of the pool, are
currently in special servicing. The specially serviced loans make
up the Colony Hills Portfolio Loans ($45.2 million -- 3.5% of the
pool) which are secured by three apartment properties located in
Mobile, Alabama. The loans were transferred to the Special Servicer
in September 2015, for non-monetary default due to an unauthorized
pledge of interest. As of July 2015, property occupancy exceeded
90% for all three properties

Moody's received full year 2014 operating results for 99% of the
pool, and full or partial year 2015 operating results for 74%.
Moody's weighted average conduit LTV is 96%, compared to 101% at
Moody's last review. Moody's conduit component excludes loans with
credit assessments, defeased and CTL loans, and specially serviced
and troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 13% 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 1.70X and 1.11X,
respectively, compared to 1.63X and 1.04X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The loan with a structured credit assessment is the Americold Cold
Storage Portfolio Loan ($102.1 million -- 7.9% of the pool), which
represents a participation interest in the senior component of a
$204.1 million mortgage loan. The loan is secured by a portfolio of
15 cold storage facilities located across nine U.S. states, with a
total storage capacity of 3.6 million square feet (77 million cubic
feet). The loan sponsor is Americold Realty Trust, the largest US
operator of cold storage facilities. The loan benefits from
amortization. The property is also encumbered by $102 million of
mezzanine debt. Moody's structured credit assessment and stressed
DSCR are baa1 (sca.pd) and 1.67X, respectively.

The top three performing conduit loans represent 20.3% of the pool
balance. The largest loan is the Legacy Place Loan ($125.0 million
-- 9.7% of the pool), which represents a participation interest in
the senior component of a $200 million mortgage loan. The loan is
secured by a 484,000 square foot lifestyle retail center in
Deedham, Massachusetts, a suburb of Boston. The property was
developed in 2009 and consists of six buildings and parking for
approximately 2,800 vehicles. The property was 97% leased as of
December 2015 compared to 96% leased at last review. Moody's LTV
and stressed DSCR are 103% and 0.86X, respectively, the same as at
last review.

The second largest loan is the IDS Center Loan ($88.6 million --
6.9% of the pool). The loan is a participation interest in the
senior portion of a $180 million mortgage loan. The loan is secured
by a 1.4 million square foot property in downtown Minneapolis,
which consists of a 57-story skyscraper office tower, plus an
eight-story annex building, a 100,000 square foot retail center,
and an underground garage. Nearly 100% of the leases are set to
expire during the loan's ten-year term. Nevertheless, the property
benefits from a diverse tenant base, with the largest tenant
occupying 9% of the net rentable area (NRA), which mitigates some
of the economic risk of rolling leases. The largest tenant, a law
firm, renewed their lease through May 2021. Moody's LTV and
stressed DSCR are 100% and 1.00X, respectively, compared to 103%
and 0.97X at last review.

The third largest loan is the Southridge Mall Loan ($49.3 million
-- 3.8% of the pool). The loan represents a participation interest
in a larger, $123.2 million senior loan, which is secured by a
550,000 square foot portion of a 1.1 million square foot regional
mall in Greendale, Wisconsin, a suburb of Milwaukee. The mall
underwent a $45 million renovation in 2012, during which a new
Macy's anchor opened on the site of a former Dillard's. Moody's LTV
and stressed DSCR are 106% and 0.91X, respectively, compared to
108% and 0.90X at last review.


ML-CFC COMMERCIAL 2007-8: S&P Affirms BB Rating on AM Certificate
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on five
classes of commercial mortgage pass-through certificates from
ML-CFC Commercial Mortgage Trust 2007-8, a U.S.commercial
mortgage-backed securities (CMBS) transaction.

S&P's affirmations on the principal- and interest-paying
certificates follow its analysis of the transaction, primarily
using its criteria for rating U.S. and Canadian CMBS transactions,
which included a review of the credit characteristics and
performance of the remaining assets in the pool, the transaction's
structure, and the liquidity available to the trust.  The
affirmations further reflect S&P's expectation that the available
credit enhancement for these classes will be within its estimate of
the necessary credit enhancement required for the current ratings
and S&P's views regarding the collateral's current and future
performance.

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

                         TRANSACTION SUMMARY

As of the April 14, 2016, trustee remittance report, the collateral
pool balance was $1.69 billion, which is 69.2% of the pool balance
at issuance.  The pool currently includes 168 loans and seven real
estate-owned (REO) assets (reflecting cross-collateralized and
cross-defaulted loans), down from 300 loans at issuance.  As of the
latest trustee remittance report date, 12 of these assets (with
Spring Gate A and B note treated as one
cross-collateralized/cross-defaulted loan)($482.2 million, 28.4%)
were with the special servicer, 22 ($129.5 million, 7.6%) were
defeased, and 42 ($204.8 million, 12.1%) were on the master
servicer's watchlist.  The master servicers,KeyBank N.A. and Wells
Fargo Bank N.A., reported financial information for 99.6% of the
nondefeased loans in the pool, of which 90.8% was partial- or
year-end 2015 data, and the remainder was partial- or year-end 2014
data.

S&P calculated a 1.24x Standard & Poor's weighted average debt
service coverage (DSC) and 101.8% Standard & Poor's weighted
average loan-to-value (LTV) ratio using a 7.76% Standard & Poor's
weighted average capitalization rate.  The DSC, LTV, and
capitalization rate calculations exclude the 12 specially serviced
assets, 22 defeased loans and one subordinate B hope note that was
created as part of a loan modification.  The top 10 assets have an
aggregate outstanding pool trust balance of $694.1 million (40.8%).
Using servicer-reported numbers, S&P calculated a Standard &
Poor's weighted average DSC and LTV of 0.93x and 157.6%,
respectively, for seven of the top 10 assets.  The three excluded
assets are specially serviced, one of which is discussed below.

To date, the transaction has experienced $117.1 million in
principal losses, or 4.8% of the original pool trust balance.  S&P
expects losses to reach approximately 7.1% of the original pool
trust balance in the near term, based on loss incurred to date and
additional losses S&P expects primarily from the eventual
resolution of the assets currently with the special servicer.

                       CREDIT CONSIDERATIONS

As of the April 14, 2016, trustee remittance reports, 12 assets in
the pool were with the special servicer, LNR Partners LLC (LNR).
Details of the two-largest specially serviced assets, both of which
are top 10 assets, are:

   -- The Spring Gate – A note and Spring Gate – B subordinate

      note loan ($316.9 million, 18.6%) is the largest loan in the

      pool and has a total reported exposure of $316.9 million.
      The loan is secured by 56 garden-style multifamily
      properties located across five states (Florida, Ohio,
      Indiana, Kentucky, and Pennsylvania).  The loan was
      transferred to the special servicer on Dec. 1, 2010, for
      imminent default.  The reported DSC and occupancy as of
      year-end 2014 were 0.46x and 85.0%, respectively.  The loan
      was modified following the assumption of the loan by another

      sponsor.  Some terms of the modifications include the
      creation of the B subordinate note, the addition of two one-
      year extension options to the loan's maturity in June 2017,
      as well as equity contribution from the new sponsor.

   -- The Towers at University Town Center REO asset ($49.1
      million, 2.9%) is the second-largest asset with the special
      servicer and the fourth largest asset in the pool with a
      total reported exposure of $59.6 million.  The asset is a
      high-rise student housing building totaling 244 units with
      910 beds in Hyattsville, Md.  The loan was transferred to
      the special servicer on July 23, 2010, because of delinquent

      payments and the property became REO on Oct. 24, 2012.  An
      appraisal reduction amount of $338,785 is in effect against
      this asset.  S&P expects a minimal loss upon this asset's
      eventual resolution, which S&P considers to be a loss of
      less than 25% of the loan's current balance.

The 10 remaining assets with the special servicer have individual
balances that represent less than 2.5% of the total pool trust
balance.  S&P estimated losses for 10 of the 12 specially serviced
assets, arriving at a weighted-average loss severity of 36.9%.

RATINGS LIST

ML-CFC Commercial Mortgage Trust 2007-8
Commercial mortgage pass-through certificates series 2007-8
                                         Rating
Class             Identifier             To          From
A-3               60688BAD0              AA (sf)     AA (sf)
AM                60688BAF5              BB (sf)     BB (sf)
A-1A              60688BAE8              AA (sf)     AA (sf)
AM-A              60688BAQ1              BB (sf)     BB (sf)
X                 60688BBD9              AAA (sf)    AAA (sf)


MORGAN STANLEY 2005-HE3: Moody's Hikes Cl. M-5 Debt Rating to B2
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 13 tranches
from ten transactions and downgraded the ratings of two tranches
from one transaction.  The transactions are backed by Subprime
mortgage loans and issued by Morgan Stanley.

Complete rating actions are:

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-HE3

  Cl. M-2, Downgraded to Baa3 (sf); previously on March 12, 2013,
   Downgraded to A3 (sf)
  Cl. M-4, Downgraded to B1 (sf); previously on Sept. 17, 2014,
   Upgraded to Ba3 (sf)
  Cl. M-5, Upgraded to B2 (sf); previously on June 25, 2015,
   Upgraded to Caa1 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-HE5

  Cl. M-3, Upgraded to Caa2 (sf); previously on Feb. 21, 2014,
   Upgraded to Ca (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-HE6

  Cl. A-2c, Upgraded to Aa2 (sf); previously on June 25, 2015,
   Upgraded to A1 (sf)
  Cl. M-2, Upgraded to B1 (sf); previously on June 25, 2015,
   Upgraded to B3 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-WMC3

  Cl. M-5, Upgraded to B2 (sf); previously on June 25, 2015,
   Upgraded to Caa2 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-WMC6

  Cl. M-4, Upgraded to B1 (sf); previously on June 25, 2015,
   Upgraded to B3 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2006-NC1

  Cl. A-4, Upgraded to Aa3 (sf); previously on June 25, 2015,
   Upgraded to A2 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2007-HE7

  Cl. A-2A, Upgraded to B1 (sf); previously on Dec. 20, 2013,
   Downgraded to Caa2 (sf)
  Cl. A-2B, Upgraded to Caa3 (sf); previously on July 15, 2010,
   Downgraded to Ca (sf)

Issuer: Morgan Stanley Capital I Inc. Trust 2006-NC2

  Cl. A-1, Upgraded to Ba1 (sf); previously on June 25, 2015,
   Upgraded to Ba3 (sf)

Issuer: Morgan Stanley Home Equity Loan Trust 2005-2

  Cl. M-5, Upgraded to B1 (sf); previously on June 25, 2015,
   Upgraded to Caa1 (sf)

Issuer: Morgan Stanley Home Equity Loan Trust 2006-1

  Cl. A-1, Upgraded to A1 (sf); previously on June 25, 2015,
   Upgraded to A3 (sf)
  Cl. A-2c, Upgraded to A3 (sf); previously on June 25, 2015,
   Upgraded to Baa2 (sf)

                         RATINGS RATIONALE

The rating actions are a result of the recent performance of the
underlying pools and reflects Moody's updated loss expectation on
these pools.  The ratings upgraded are due to the stronger
performance of the underlying collateral and the credit enhancement
available to the bonds.  The ratings downgraded are primarily due
to interest shortfalls that are unlikely to be recouped.

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 ratings:

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 5.0% in March 2016 from 5.5% in
March 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.


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

                        KEY RATING DRIVERS

The affirmations reflect overall stable performance of the pool.
Fitch has not designated any loans as Fitch Loans of Concern, and
no loans are in special servicing.  There is a notable hotel
exposure within the transaction; 16.5% of the pool is secured by
hotel properties, including three of the top 15 loans.

As of the April 2016 distribution date, the pool's aggregate
principal balance has been reduced by 4.3% to $1.42 billion from
$1.49 billion at issuance.  No loans are defeased.  Interest
shortfalls are currently affecting class J.

The largest loan (9.8% of the pool) is secured by a 1.1 million
square foot (sf) (506,914-sf collateral) regional mall located in
Tampa, FL.  The collateral is approximately 97% occupied as of
year-end (YE) 2015 and includes a 20-screen Regal Cinemas Theater,
several junior anchor spaces, and 287,872 sf of in-line space.  The
property, built in 1999, completed a $10 million renovation in 2007
that included the addition of a Dick's Sporting Goods.  The
servicer reported debt service coverage ratio (DSCR) was 1.96x as
of YE 2015 compared to 1.69x at issuance.

The next largest loan (7.7% of the pool) is secured by the leased
fee interest in a 19,862 sf parcel of land below a full-service
hotel in Manhattan.  The property is subject to a net lease, which
is supported by hotel operations, and has a term of 99 years.  The
recently renovated, 1,331-key hotel spans an entire city block and
is located in the theater district, one block west of Times Square.
The servicer reported DSCR as of June 2015 was 1.69x.

The third largest loan (7.4% of the pool) is secured by a
nine-story 232,521-sf office property located in Washington, D.C.
Built in 1965, the property underwent a complete renovation and
re-tenanting and is now leased to six tenants.  The property is
located in the Capital Hill submarket and has close proximity to
Union Station and the U.S. Capital Building.  Occupancy as of YE
2015 was reported to be 93%.  The DSCR at YE 2015 was reported to
be 2.30x compared to 2.08x at issuance.

                       RATING SENSITIVITIES

Rating Outlooks on classes A-1 through H remain Stable due to
overall stable collateral performance.  Fitch does not foresee
positive or negative ratings migration unless a material economic
or asset level event changes the underlying 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:

   -- $30.7 million class A-1 at 'AAAsf'; Outlook Stable;
   -- $34.2 million class A-2 at 'AAAsf'; Outlook Stable;
   -- $126.5 million class A-SB at 'AAAsf'; Outlook Stable;
   -- $200 million class A-3 at 'AAAsf'; Outlook Stable;
   -- $125 million class A-3FL at 'AAAsf'; Outlook Stable;
   -- $0 class A-3FX at 'AAAsf'; Outlook Stable;
   -- $516.4 million class X-A at 'AAAsf'; Outlook Stable;
   -- $359.5 million class A-4 at 'AAAsf'; Outlook Stable;
   -- $100 million class A-5 at 'AAAsf'; Outlook Stable;
   -- $111.4 million class A-S* at 'AAAsf'; Outlook Stable;
   -- $100.3 million class B* at 'AA-sf'; Outlook Stable;
   -- $52 million class C* at 'A-sf'; Outlook Stable;
   -- $0 class PST* at 'A-sf'; Outlook Stable;
   -- $53.9 million class D at 'BBB-sf'; Outlook Stable;
   -- $22.3 million class E at 'BBB-sf'; Outlook Stable;
   -- $16.7 million class F at 'BB+sf'; Outlook Stable;
   -- $20.4 million class G at 'BB-sf'; Outlook Stable;
   -- $16.7 million class H at 'Bsf'; Outlook Stable.

*Classes A-S, B, and C certificates may be exchanged for class PST
certificates, and class PST certificates may be exchanged for
classes A-S, B, and C certificates.

Fitch does not rate the class J certificates.


NEUBERGER BERMAN XIII: S&P Affirms B+ Rating on Class F Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on the
class A, B, C, D, E, and F notes from Neuberger Berman CLO XIII
Ltd., a U.S. collateralized loan obligation (CLO) that closed in
December 2012 and is managed by Neuberger Berman Fixed Income LLC.

The deal is currently in its reinvestment phase, which is scheduled
to end in January 2017.  Since the transaction's effective date,
the defaulted asset balance has increased to $2.00 million as of
the March 2016 trustee report.  Over the same period, the amount of
'CCC' rated assets has increased to $10.43 million.  Additional
investment-grade collateral, as well as the overall credit
seasoning, offsets the increase in defaults and 'CCC' rated assets.
Per the March 2016 trustee report, the weighted average life has
decreased to 3.96 years from 5.85 years as of the effective date,
which has led to lower scenario default rates and an increase in
the cash flow cushion for each class.  The total par for the
portfolio has decreased since the effective date, which has led to
a decrease of the overcollateralization (O/C) ratios.  The March
2016 trustee report indicated these O/C changes when compared to
the February 2013 report:

   -- The class A/B O/C decreased to 127.57% from 128.94%.
   -- The class C O/C ratio decreased to 118.14% from 119.41%.
   -- The class D O/C ratio decreased to 112.93% from 114.14%.
   -- The class E O/C ratio decreased to 106.74% from 107.89%.
   -- The class F O/C ratio decreased to 104.63% from 105.75%.

S&P's affirmations of the ratings on the class A, B, C, D, E and F
notes reflect the available credit support consistent with the
current rating levels.  Additionally, though S&P's cash flow
results indicated a lower rating, the class F notes were affirmed
at 'B+ (sf)' to account for credit seasoning of the collateral,
improved recovery rates, low exposure to distressed industries, and
the relative stability of the O/C levels over time.

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

             CASH FLOW RESULTS AND SENSITIVITY ANALYSIS

Neuberger Berman CLO XIII Ltd.
                   Cash flow     Cash flow
        Previous   implied       cushion   Final
Class   rating     rating(i)     (%)(ii)   rating
A      AAA (sf)    AAA (sf)      10.71%    AAA (sf)
B      AA (sf)     AA+ (sf)      8.73%     AA (sf)
C      A (sf)      A+ (sf)       6.88%     A (sf)
D      BBB (sf)    BBB+ (sf)     7.27%     BBB (sf)
E      BB (sf)     BB (sf)       0.53%     BB (sf)
F      B+ (sf)     CCC+ (sf)     2.32%     B+ (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)    AA+ (sf)    AA (sf)
C      A+ (sf)    A+ (sf)    A+ (sf)     AA (sf)     A (sf)
D      BBB+ (sf)  BBB (sf)   BBB+ (sf)   A (sf)      BBB (sf)
E      BB (sf)    B+ (sf)    BB- (sf)    BB+ (sf)    BB (sf)
F      CCC+ (sf)  CCC- (sf)  CCC+ (sf)   CCC+ (sf)   B+ (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)      AA+ (sf)      AAA (sf)
B      AA+ (sf)     AA+ (sf)      A+ (sf)       AA (sf)
C      A+ (sf)      A+ (sf)       BBB+ (sf)     A (sf)
D      BBB+ (sf)    BBB+ (sf)     BB+ (sf)      BBB (sf)
E      BB (sf)      B+ (sf)       CCC- (sf)     BB (sf)
F      CCC+ (sf)    CCC- (sf)     CC (sf)       B+ (sf)

RATINGS AFFIRMED

Neuberger Berman CLO XIII Ltd.
Class       Rating          
A           AAA (sf)
B           AA (sf)     
C           A (sf)
D           BBB (sf)
E           BB (sf)
F           B+ (sf)



SDART 2016-2: Moody's Gives (P)Ba3 Rating on Class E Debt
---------------------------------------------------------
Moody's Investors Service assigned provisional ratings to the notes
to be issued by Santander Drive Auto Receivables Trust 2016-2
(SDART 2016-2). This is the second SDART transaction of the year
for Santander Consumer USA Inc. (SC).

The complete rating actions are as follows:

Issuer: Santander Drive Auto Receivables Trust 2016-2

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

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

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

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

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

Class C Notes, Assigned (P)A1 (sf)

Class D Notes, Assigned (P)Baa2 (sf)

Class E Notes, Assigned (P)Ba3 (sf)

RATINGS RATIONALE

The ratings are based on the quality of the underlying auto loans
and their expected performance, the strength of the structure, the
availability of excess spread over the life of the transaction, and
the experience and expertise of SC (NR) as servicer.

Moody's median cumulative net loss expectation for the 2016-2 pool
is 17.0% and the Aaa level is 49.0%. The loss expectation was based
on an analysis of SC's portfolio vintage performance as well as
performance of past securitization pools, and current expectations
for future economic conditions.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
December 2015.

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

Up

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

Down

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

Additionally, Moody's could downgrade the Class A-1 short-term
rating following a significant slowdown in principal collections
that could result from, among other things, high delinquencies or a
servicer disruption that impacts obligor's payments.




WACHOVIA BANK 2006-C28: Moody's Hikes Cl. A-J Certs Rating to B1
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on nine classes
and upgraded the ratings on two classes in Wachovia Bank Commercial
Mortgage Securities Trust Commercial Mortgage Pass-Through
Certificates, Series 2006-C28 as follows:

Cl. A-1A Certificate, Affirmed Aaa (sf); previously on May 6, 2015
Affirmed Aaa (sf)

Cl. A-4 Certificate, Affirmed Aaa (sf); previously on May 6, 2015
Affirmed Aaa (sf)

Cl. A-4FL Certificate, Affirmed Aaa (sf); previously on May 6, 2015
Affirmed Aaa (sf)

Cl. A-M Certificate, Upgraded to A1 (sf); previously on May 6, 2015
Affirmed Baa2 (sf)

Cl. A-J Certificate, Upgraded to B1 (sf); previously on May 6, 2015
Affirmed B3 (sf)

Cl. B Certificate, Affirmed Caa1 (sf); previously on May 6, 2015
Affirmed Caa1 (sf)

Cl. C Certificate, Affirmed Caa2 (sf); previously on May 6, 2015
Affirmed Caa2 (sf)

Cl. D Certificate, Affirmed Caa3 (sf); previously on May 6, 2015
Affirmed Caa3 (sf)

Cl. E Certificate, Affirmed C (sf); previously on May 6, 2015
Affirmed C (sf)

Cl. F Certificate, Affirmed C (sf); previously on May 6, 2015
Affirmed C (sf)

Cl. IO Certificate, Affirmed B1 (sf); previously on May 6, 2015
Affirmed B1 (sf)

RATINGS RATIONALE

The ratings on three P&I classes, classes A-4, A-4FL & A-1A , 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 two P&I classes, classes A-M & A-J were upgraded
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
3.8% since Moody's last review. In addition, loans constituting
32.8% of the pool that have debt yields exceeding 12.0% are
scheduled to mature within the next 12 months.

The ratings on five P&I classes, classes B, C, D, E & F, 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 7.6% of the
current balance, compared to 8.4% at Moody's last review. Moody's
base expected loss plus realized losses is now 11.9% of the
original pooled balance, compared to 12.3% 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.

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in these ratings was "Approach to
Rating US and Canadian Conduit/Fusion CMBS" published in December
2014.

DESCRIPTION OF MODELS USED

Moody's review used the excel-based CMBS Conduit Model, which it
uses for both conduit and fusion transactions. Credit enhancement
levels for conduit loans are driven by property type, Moody's
actual and stressed DSCR, and Moody's property quality grade (which
reflects the capitalization rate Moody's uses to estimate Moody's
value). Moody's fuses the conduit results with the results of its
analysis of investment grade structured credit assessed loans and
any conduit loan that represents 10% or greater of the current pool
balance.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 23, compared to 28 at last review.

DEAL PERFORMANCE

As of the April 15, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 42% to $2.08 billion
from $3.6 billion at securitization. The certificates are
collateralized by 149 mortgage loans ranging in size from less than
1% to 11% of the pool, with the top ten loans constituting 46.6% of
the pool. 18 loans, constituting 10.1% of the pool, have defeased
and are secured by US government securities.

Forty-eight loans, constituting 33.4% 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.

Thirty-six loans have been liquidated from the pool with a loss,
resulting in an aggregate realized loss of $271 million (for an
average loss severity of 40%). Four loans, constituting 4.1% of the
pool, are currently in special servicing. The largest specially
serviced loan is the Westin -- Falls Church Loan ($59.6 million --
2.9% of the pool), which is secured by a 405-key full service
Westin located in Tysons Corner, Virginia, about 13 miles west of
Washington, DC. The loan transferred to special servicing in June
2014 for balloon/maturity default and became REO in June 2015. Over
the past couple of years, the property has suffered from a decrease
in income as a result of government budgetary challenges. The
February 2016 trailing twelve month occupancy was 63%, with an
$143.57 ADR and $90 RevPAR, compared to the December 2015 trailing
twelve month occupancy of 63.8%, with an $145.61 ADR and $92.89
RevPar. The special servicer indicated that their current strategy
is to complete current renovations by April 2016 and stabilize the
operation following completion.

The remaining three specially serviced loans are secured by a mix
of property types. Moody's estimates an aggregate $45.4 million
loss for the specially serviced loans (53.2% expected loss on
average).

Moody's has assumed a high default probability for 18 poorly
performing loans, constituting 24.1% of the pool, and has estimated
an aggregate loss of $85.7 million (a 17% expected loss on average)
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 95% of the
pool. Moody's weighted average conduit LTV is 96.6%, compared to
98.5% 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 11.7% 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 1.41X and 1.07X,
respectively, compared to 1.40X and 1.08X 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 26.5% of the pool balance.
The largest loan is the Gas Company Tower Loan ($229 million -- 11%
of the pool), which represents a pari passu interest in a $458.0
million first mortgage loan. The loan is secured by a 1.3 million
square foot (SF) Class A office building located in downtown Los
Angeles, California. The largest tenant, Southern California Gas
Company, lease expiration in October 2026, significantly reduced
both its space and base rent in November 2011. Additionally, a
tenant representing 8% of NRA vacated in November 2011 and Morrison
& Forrester LLP (which leased nearly 11% of the NRA) vacated in
September 2013. As per the January 2016 rent roll the property was
83.7% occupied, compared to 74% leased in December 2014 and 68% as
of March 2014. The loan is interest only for the entire term. The
sponsor is Brookfield Office Properties who acquired the property
from Maguire Properties in 2013. Although occupancy has improved,
performance is still significantly below that at securitization..
Moody's views this as a troubled loan.

The second largest loan is the 1180 Peachtree Street Loan ($193.9
million -- 9.3% of the pool), which is secured by a 41-story,
670,000 square foot (SF) Class A office building located in midtown
Atlanta, Georgia. The largest tenant is King & Spalding, which
leases 66% of the NRA through March 2021. As per the December 2015
rent roll, the property was 92% leased, compared to 93% leased in
March 2015. The loan is interest-only throughout its entire term
and matures in October 2016. Moody's LTV and stressed DSCR are
109.4% and 0.89X, respectively, compared to 114% and 0.85X at the
last review.

The third largest loan is the Newport Bluffs Loan ($132 million --
6.3% of the pool), which represents a pari passu interest in a
$264.0 million first mortgage loan. The loan is secured by a 1,052
unit multifamily property in Newport Beach, California. As per the
December 2015 rent roll the property was 93% leased, compared to
94% leased as of June 2014. Performance has improved over the past
three years due to rising rental revenue. The loan sponsor is The
Irvine Company. Moody's LTV and stressed DSCR are 99% and 0.90X,
respectively, compared to 112.1% and 0.8X at the last review.


WELLS FARGO 2013-LC12: Fitch Affirms 'Bsf' Rating on Cl. F Certs
----------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of Wells Fargo Commercial
Mortgage Trust 2013-LC12 certificates due to stable performance
since issuance.

                       KEY RATING DRIVERS

The affirmations are based on the stable performance of the
underlying collateral pool.  As of the April distribution, the
pool's aggregate principal balance has been paid down by 2.59% to
$1.37 billion from $1.41 billion at issuance.  Based on the
annualized and full year 2015 reported net operating income (NOI)
of the 98.8% of the pool that reported, the pool's overall NOI has
improved 10.1% since issuance and 5.3% higher than 2014 reported
NOI.

There are currently no delinquent or specially serviced loans and
eight loans on the servicer watchlist (10.2%).  No loans are
currently defeased.  Four of the properties on the watchlist are
encountering occupancy issues that were anticipated at issuance and
represent minimal asset risk.  The remaining four properties are on
the servicer watchlist for deferred maintenance issues that are
expected to be addressed by the respective sponsors.

Concentrations in the pool include 14.4% full-term interest-only
loans and 48.2% partial-term interest-only.  The transaction is
primarily composed of four real estate sectors encompassing retail
(40.2%), office (21.6%), manufactured housing (13.2%), and lodging
(11.7%).  The transaction's retail concentration includes five
retail loans in the top 15 (26.6%), four of which are regional
malls (24.6%).  Furthermore, significant sponsor concentration
exists with General Growth Properties and RHP Properties Inc.
comprising 30.4% of the pool.

The largest loan in the pool (7.3%) is secured by a portfolio of 13
suburban office properties, Innsbrook Office Portfolio, located in
the Richmond, VA MSA, 20 miles northwest of the central business
district.  The portfolio's rent roll is diversified with 96 unique
tenants.  Two tenants, The Hanover Insurance Company and Wells
Fargo which occupy 2.1% and 4.5% of the total NRA respectively,
recently exited their leasable space during the first quarter of
2016.  Two more tenants, Capital One and AT&T which occupy 13.6%
and 3.2% of the total NRA respectively, are scheduled to vacate
their premises during the second half of 2016. The resulting
expected portfolio occupancy is approximately 81%. The possible
tenant exits were contemplated at issuance and a leasing reserve of
$1.5 million, as well as ongoing leasing reserves, were established
to mitigate portfolio risk and fund leasing costs to backfill the
space.  Fitch's analysis was based on a stressed full year 2015 NOI
adjusted to reflect the tenant exits, as well as a stressed cap
rate.

The second largest loan, Carolina Place (6.6%), is a 1.2 million
square foot regional mall located 10 miles southwest of the
Charlotte CBD.  The loan is sponsored by a joint venture between
General Growth Properties and the New York State Common Retirement
Fund.  The mall has undergone two rounds of redevelopment in less
than 10 years and is the dominant property in the South
Charlotte/North Rock Hill trade area.  A newly constructed property
by Simon Properties and Taubman, Carolina Premium Outlets, opened
at the end of the July 2014.  This property is located 10 miles
from the subject on a site that is in close proximity to Interstate
485 and 77.  The opening of the center appears to have had limited
negative impact on Carolina Place's 2015 tenant sales.  A second
phase of development is projected to begin shortly that will add an
additional 50,000 sf of retail space.  Simon properties dominant
retail center in the Charlotte market, South Park Mall, is
currently expanding its footprint and is expected to open a new H&M
anchor in 2016.  Fitch will monitor the renewal activity at the
property along with any further negative impacts from the opening
of the Premium Outlet and South Park redevelopment.

Fitch is monitoring the performance of the sixth largest loan,
Rimrock Mall (5.6%), which is a 702,317-sf regional mall, located
in Billings, MT.  The loan is sponsored by Starwood Capital Group.
The property is anchored by JC Penney, Dillard's, and Dillard's Men
& Children.  As of December 2015, the servicer reported total mall
occupancy fell to 79% from full occupancy at year end 2013. Several
in-line tenants, including Wet Seal, Abercrombie and Fitch, Deb
Shop, Aeropostle, and Gap vacated in 2015.  The sponsor is looking
to backfill a significant portion of the vacancy with H&M and Lane
Bryant during the 2016 calendar year.  Fitch's analysis was based
on a stressed full year 2015 NOI which reflected the decrease in
occupancy and a stressed cap rate.  Fitch will continue to monitor
the loan's performance as the Billings, MT region's economic
activity is related to the oil and gas industry.

                       RATING SENSITIVITIES

Fitch used a deterministic stress in its analysis of the pool.  The
Rating Outlook for all classes remains Stable as overall
performance of the transaction is as expected.  Fitch will continue
to monitor the property type and sponsor concentrations as well as
the performance of the Fitch loans of concern.  If pool performance
deteriorates, negative rating implications are possible.

                        DUE DILIGENCE USAGE

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

Fitch affirms these classes:

   -- $94 million Class A-1 at 'AAAsf'; Outlook Stable;
   -- $80 million Class A-2 at 'AAAsf'; Outlook Stable;
   -- $160 million Class A-3 at 'AAAsf'; Outlook Stable;
   -- $363.1 million Class A-4 at 'AAAsf'; Outlook Stable;
   -- $149.9 million Class A-SB at 'AAAsf'; Outlook Stable;
   -- $103(#)(a) million Class A-3FL at 'AAAsf'; Outlook Stable;
   -- $0.0a million Class A-3FX at 'AAAsf'; Outlook Stable;
   -- $116.3(b) million Class A-S at 'AAAsf'; Outlook Stable;
   -- $88.1(b) million Class B at 'AA-sf'; Outlook Stable;
   -- $56.4(b) million Class C 'A-sf'; Outlook Stable;
   -- $260.7(b) million Class PEX at 'A-sf'; Outlook Stable;
   -- $976.8(*) million Class X-A at 'AAAsf'; Outlook Stable;
   -- $66.9(a) million Class D at 'BBB-sf'; Outlook Stable;
   -- $28.2(a) million Class E at 'BBsf'; Outlook Stable;
   -- $14.1(a) million Class F at 'Bsf'; Outlook Stable.

Fitch does not rate class G or the interest-only class X-B.  The
rating on class A-5 was withdrawn.

# 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.


WFRBS COMMERCIAL 2011-C4: Moody's Affirms Ba3 Rating on X-B Debt
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on thirteen
classes in WFRBS Commercial Mortgage Trust 2011-C4, Commercial
Mortgage Pass-Through Certificates, Series 2011-C4 as follows:

Cl. A-2, Affirmed Aaa (sf); previously on May 1, 2015 Affirmed Aaa
(sf)

Cl. A-3, Affirmed Aaa (sf); previously on May 1, 2015 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on May 1, 2015 Affirmed Aaa
(sf)

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

Cl. A-FX, Affirmed Aaa (sf); previously on May 1, 2015 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa2 (sf); previously on May 1, 2015 Affirmed Aa2
(sf)

Cl. C, Affirmed A2 (sf); previously on May 1, 2015 Affirmed A2
(sf)

Cl. D, Affirmed Baa1 (sf); previously on May 1, 2015 Affirmed Baa1
(sf)

Cl. E, Affirmed Baa3 (sf); previously on May 1, 2015 Affirmed Baa3
(sf)

Cl. F, Affirmed Ba2 (sf); previously on May 1, 2015 Affirmed Ba2
(sf)

Cl. G, Affirmed B2 (sf); previously on May 1, 2015 Affirmed B2
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on May 1, 2015 Affirmed Aaa
(sf)

Cl. X-B, Affirmed Ba3 (sf); previously on May 1, 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 two 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 1.9% at Moody's last review. Moody's
base expected loss plus realized losses is now 1.5% of the original
pooled balance, compared to 1.7% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in these ratings was "Approach to
Rating US and Canadian Conduit/Fusion CMBS" published in December
2014.

DESCRIPTION OF MODELS USED

Moody's review used the excel-based CMBS Conduit Model, which it
uses for both conduit and fusion transactions. Credit enhancement
levels for conduit loans are driven by property type, Moody's
actual and stressed DSCR, and Moody's property quality grade (which
reflects the capitalization rate Moody's uses to estimate Moody's
value). Moody's fuses the conduit results with the results of its
analysis of investment grade structured credit assessed loans and
any conduit loan that represents 10% or greater of the current pool
balance.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 22, compared to 26 at Moody's last review.

DEAL PERFORMANCE

As of the April 15, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 16% to $1.2 billion
from $1.5 billion at securitization. The certificates are
collateralized by 67 mortgage loans ranging in size from less than
1% to 12% of the pool, with the top ten loans constituting 45% of
the pool. Three loans, constituting 11% of the pool, have defeased
and are secured by US government securities.

Twelve loans, constituting 16% 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.

One loan, constituting less than 1% of the pool, is currently in
special servicing. This loan is the Park Place Student Housing Loan
($9.6 million -- 0.8% of the pool), which is secured by a 252 room
student housing complex in Fredonia, New York, approximately 50
miles south of Buffalo, close to Lake Erie. The property is
situated directly next to the State University of New York at
Fredonia. The loan transferred to special servicing in November
2014 due to imminent default and the loan is paid thru March 2016.

Moody's has also assumed a high default probability for two poorly
performing loans, constituting 1.5% of the pool, and has estimated
an aggregate loss of $4.2 million (a 15% expected loss on average)
from the specially serviced and troubled loans.

Moody's received full year 2014 operating results for 96% of the
pool, and full or partial year 2015 operating results for 99% of
the pool. Moody's weighted average conduit LTV is 73%, compared to
77% 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 9.5%.

Moody's actual and stressed conduit DSCRs are 1.90X and 1.54X,
respectively, compared to 1.84X and 1.48X 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 26% of the pool balance. The
largest loan is the Fox River Mall Loan ($151 million -- 12% of the
pool), which is secured by a 649,000 SF portion of a a 1.2 million
square foot (SF) super-regional mall in Appleton, Wisconsin. The
mall is anchored by Macy's, Target, Younkers and Scheel's. Scheel's
is the only anchor that is part of the collateral. The collateral
was 97% leased as of December 2015, compared to 96% at last review,
and 92% at securitization. Performance has remained stable. Moody's
LTV and stressed DSCR are 71% and 1.37X, respectively, the same as
at last review.

The second largest loan is the Preferred Freezer Portfolio Loan
($111 million -- 9% of the pool), which is secured by seven
industrial cold storage facilities. The portfolio is subject to a
25-year triple net lease through 2033 to Preferred Freezer
Operating, LLC. The lease provides for rent steps every five years.
Moody's LTV and stressed DSCR are 63% and 1.71X, respectively,
compared to 64% and 1.70X at the last review.

The third largest loan is the Cole Retail Portfolio ($60 million --
5% of the pool), which is secured by 13 single-tenant properties
and one anchored multi-tenanted property located across 11 states.
Tenants include CVS, Carmax, On the Border, and Bed Bath and
Beyond. As of September 2015, the portfolio was 100% leased
compared to 99% at last review. Moody's LTV and stressed DSCR are
89% and 1.12X, respectively, the same as at the last review.


WFRBS COMMERCIAL 2012-C7: Moody's Affirms B2 Rating on Cl. G Debt
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on thirteen
classes in WFRBS Commercial Mortgage Trust 2012-C7, Commercial
Mortgage Pass-Through Certificates, Series 2012-C7 as follows:

Cl. A-1, Affirmed Aaa (sf); previously on May 8, 2015 Affirmed Aaa
(sf)

Cl. A-2, Affirmed Aaa (sf); previously on May 8, 2015 Affirmed Aaa
(sf)

Cl. A-S, Affirmed Aaa (sf); previously on May 8, 2015 Affirmed Aaa
(sf)

Cl. A-FL, Affirmed Aaa (sf); previously on May 8, 2015 Affirmed Aaa
(sf)

Cl. A-FX, Affirmed Aaa (sf); previously on May 8, 2015 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa2 (sf); previously on May 8, 2015 Affirmed Aa2
(sf)

Cl. C, Affirmed A2 (sf); previously on May 8, 2015 Affirmed A2
(sf)

Cl. D, Affirmed Baa1 (sf); previously on May 8, 2015 Affirmed Baa1
(sf)

Cl. E, Affirmed Baa3 (sf); previously on May 8, 2015 Affirmed Baa3
(sf)

Cl. F, Affirmed Ba2 (sf); previously on May 8, 2015 Affirmed Ba2
(sf)

Cl. G, Affirmed B2 (sf); previously on May 8, 2015 Affirmed B2
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on May 8, 2015 Affirmed Aaa
(sf)

Cl. X-B, Affirmed Ba3 (sf); previously on May 8, 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 or WARF) of the
referenced classes.

Moody's rating action reflects a base expected loss of 1.7% of the
current balance, compared to 2.4% at Moody's last review. Moody's
base expected loss plus realized losses is now 1.6% of the original
pooled balance, compared to 2.3% 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.

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in these ratings were "Approach to Rating US
and Canadian Conduit/Fusion CMBS" published in December 2014, and
"Moody's Approach to Rating Large Loan and Single Asset/Single
Borrower CMBS" published in October 2015.

DESCRIPTION OF MODELS USED

Moody's review used the excel-based CMBS Conduit Model, which it
uses for both conduit and fusion transactions. Credit enhancement
levels for conduit loans are driven by property type, Moody's
actual and stressed DSCR, and Moody's property quality grade (which
reflects the capitalization rate Moody's uses to estimate Moody's
value). Moody's fuses the conduit results with the results of its
analysis of investment grade structured credit assessed loans and
any conduit loan that represents 10% or greater of the current pool
balance.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 16, the same as at Moody's last review.

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

DEAL PERFORMANCE

As of the April 15th, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 6.5% to $1.03
billion from $1.10 billion at securitization. The certificates are
collateralized by 60 mortgage loans ranging in size from less than
1% to 14% of the pool, with the top ten loans constituting 63% of
the pool. One loan, constituting 3% of the pool, has defeased and
is secured by US government securities.

Five loans, constituting 6% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

One loan has been liquidated from the pool with no realized loss.
Two loans, constituting 1.4% of the pool, are currently in special
servicing. Moody's estimates an aggregate $ 3.4 million loss for
specially serviced loans (23% expected loss on average).

Moody's has assumed a high default probability for one poorly
performing loan, constituting 0.3% of the pool, and has estimated a
modest loss from the troubled loan.

Moody's received full year 2014 operating results for 100% of the
pool, and full or partial year 2015 operating results for 95% of
the pool. Moody's weighted average conduit LTV is 90%, compared to
89% 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 15.8% 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 1.68X and 1.20X,
respectively, compared to 1.73X and 1.23X 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 Northridge Fashion Center Loan
($147.8 million -- 14.3% of the pool), which is secured by the
borrower's interest in a 644,000 square fee(SF) portion of a 1.5
million SF super regional mall in located in Northridge,
California. The loan represents a 63.7% pari-passu interest in a
$231.9 million loan. The property was originally built in 1971 then
rebuilt after the 1994 Northridge earthquake and expanded in 1998.
The property is anchored by Macy's, Macy's Men and Home, Sears and
JC Penney (none of which are part of the collateral). Major tenants
include Sports Authority, Pacific Theatres, and Forever 21. The
collateral was 97% leased as of year-end 2015, compared to 98% as
of year-end 2014. The loan is benefiting from amortization. Moody's
LTV and stressed DSCR are 93% and 1.04X, respectively, compared to
90% and 1.09X at the last review.

The second largest loan is the Town Center at Cobb Loan ($126.3
million -- 12.2% of the pool). The loan is secured by a 600,000 SF
portion of a 1.28 million SF super regional mall in Kennesaw,
Georgia, approximately 25 miles northwest of the Atlanta CBD. The
loan represents a 65.0% pari-passu interest in a $194.3 million
loan. The property was built in 1985 and most recently renovated in
2011. As of December 2015 the collateral was 88% leased compared to
90% as of December 2014. The property is anchored by Macy's, Macy's
Furniture, Belk, Sears and JC Penney. Only Belk and a 31,000 SF
portion of JC Penney are included in the collateral. Moody's LTV
and stressed DSCR are 93% and 1.02X, respectively, compared to 94%
and 1.00X at the last review.

The third largest loan is the Florence Mall Loan ($90.0 million --
8.7% of the pool), which is secured by the borrower's interest in a
384,000 SF portion of a 957,000 SF regional mall located in
Florence, Kentucky, approximately 12 miles southwest of the
Cincinnati CBD.The property is anchored by Macy's, Macy's Home,
Sears and JC Penney (none of which are part of the collateral). The
collateral was 84% leased as of December 2015, compared to 89%
leased as of December 2014. Moody's LTV and stressed DSCR are 79%
and 1.27X, respectively, the same as at the last review.


[*] Institutional Loan Market Defaults Surpass $1BB, Fitch Says
---------------------------------------------------------------
Three loan defaults pushed the trailing 12-month (TTM)
institutional leveraged loan default rate to 1.8% in April, up from
1.6% at end-March, according to Fitch Ratings.  Peabody Energy's
bankruptcy filing along with Vertellus Specialty's missed payment
and Stallion Oilfield's small distressed debt exchange added $1.7
billion to the default tally so far in April.

The metals/mining sector rate rose to 29%, up from 25% at
end-March, while the coal subsector rate rose to 57% with the
addition of Peabody's $1.2 billion term loan.  The loan default
rates for energy and the E&P subsector will likely close April at
11% and 20%, respectively.  Together, energy and metals/mining
account for 65% of TTM volumes.

"With six consecutive months of defaults totaling $1 billion or
more now under its belt, the institutional leveraged loan universe
is experiencing the highest consecutive monthly default volumes
since 2009-2010," said Eric Rosenthal, Senior Director of Leveraged
Finance.

April is also the 12th consecutive month the institutional
leveraged loan universe recorded a default from the energy or
metals/mining sectors -- a trend that should continue as Seventy
Seven Energy's restructuring support agreement, finalized on
April 19, paves the way for a bankruptcy filing before May 26.
Fitch expects the institutional leveraged loan default rate will
end 2016 at 2.5%, with energy and metals/mining contributing the
most, in terms of both defaulted issuers and volume.

Despite the heightened defaults, CLO portfolio exposure to
defaulted obligors remains largely manageable.  Peabody Energy,
April's largest default, was held by 29 of the 233 Fitch-rated
CLOs, averaging 0.6% exposure.



[*] Moody's Takes Action on $9.6MM FHA/VA RMBS Issued 1999-2005
---------------------------------------------------------------
Moody's Investors Service, on April 28, 2016, downgraded the
ratings of three tranches and upgraded the ratings of two tranches
from three transactions issued by GSMPS Mortgage Loan Trust
2005-LT1, RBSGC Mortgage Loan Trust 2005-RP1 and SACO I Trust
1999-5.

The collateral backing these deals consists of first-lien fixed and
adjustable rate mortgage loans insured by the Federal Housing
Administration (FHA) an agency of the U.S. Department of Urban
Development (HUD) or guaranteed by the Veterans Administration
(VA).

Complete rating actions are as follows:

Issuer: GSMPS Mortgage Loan Trust 2005-LT1

Cl. A-1, Upgraded to Aa3 (sf); previously on Jun 1, 2015 Upgraded
to A1 (sf)

Cl. M-1, Upgraded to A2 (sf); previously on Jun 1, 2015 Upgraded to
A3 (sf)

Issuer: RBSGC Mortgage Loan Trust 2005-RP1

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

Cl. I-B-2, Downgraded to Ca (sf); previously on Sep 30, 2011
Downgraded to Caa3 (sf)

Issuer: SACO I Trust 1999-5

Cl. A, Downgraded to Ba3 (sf); previously on Jun 1, 2015 Downgraded
to Ba2 (sf)

RATINGS RATIONALE

The rating actions are a result of the recent performance of the
FHA-VA portfolio and reflect Moody's updated loss expectations on
these pools and the structural nuances of the transactions. The
tranches downgraded are primarily due to the erosion of credit
enhancement supporting these bonds, as a result of the amortization
of the subordinate bonds and losses incurred by the subordinate
bonds. The tranches upgraded are primarily due to the buildup of
credit enhancement on the bonds.

A FHA guarantee covers 100% of a loan's outstanding principal and a
large portion of its outstanding interest and foreclosure-related
expenses in the event that the loan defaults. A VA guarantee covers
only a portion of the principal based on the lesser of either the
sum of the current loan amount, accrued and unpaid interest, and
foreclosure expenses, or the original loan amount. HUD usually pays
claims on defaulted FHA loans when servicers submit the claims, but
can impose significant penalties on servicers if it finds
irregularities in the claim process later during the servicer
audits. This can prompt servicers to push more expenses to the
trust that they deem reasonably incurred than submit them to HUD
and face significant penalty.

The rating actions consider the portion of a defaulted loan
normally not covered by the FHA or VA guarantee and other servicer
expenses they deemed reasonably incurred and passed on to the
trust.

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

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 5.0% in March 2016 from 5.5% in March
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.


[*] S&P Takes Rating Actions on 20 RMBS & RMBS Re-REMIC Deals
-------------------------------------------------------------
Standard & Poor's Ratings Services, on April 27, 2016, took various
rating actions on 109 classes from 20 U.S. residential
mortgage-backed securities (RMBS) and RMBS resecuritized real
estate mortgage investment conduit (re-REMIC) transactions.  S&P
raised 13 ratings, lowered 11 ratings, affirmed 61 ratings,
discontinued six ratings, and withdrew two ratings.  Sixteen
ratings remain on CreditWatch negative.

All of the transactions in this review were issued between 1997 and
2009 and are supported by a mix of fixed- and adjustable-rate
alternative-A, first-lien high loan-to-value (LTV), negative
amortization, subprime, and prime jumbo mortgage loan collateral.

Subordination, overcollateralization (where available), excess
interest, as applicable, and bond insurance, provide credit
enhancement for the transactions in this review.  Where the bond
insurer is rated lower than what S&P would rate the respective
class, S&P relied solely on the underlying collateral's credit
quality and the transaction structure to derive the rating.  In
addition, the re-REMICs' capital structures contain subordination.

                     ANALYTICAL CONSIDERATIONS

S&P routinely incorporates various considerations into its
decisions to raise, lower, or affirm ratings when reviewing the
indicative ratings suggested by S&P's projected cash flows.  These
considerations are based on specific performance or structural
characteristics, or both, and their potential effects on certain
classes.

UPGRADES

S&P raised its ratings on 13 classes.  The projected credit support
for the affected classes is sufficient to cover S&P's projected
losses at these rating levels.  The upgrades reflect one or more
of:

   -- Improved collateral performance/delinquency trends;
   -- Increased credit support; and
   -- Expected short duration.

DOWNGRADES

S&P lowered its ratings on 11 classes due to deteriorating
collateral performance and/or the erosion of credit support.

AFFIRMATIONS

For certain transactions, S&P considered specific performance
characteristics that, in its view, could add volatility to its loss
assumptions and, in turn, to the ratings suggested by S&P's cash
flow projections.  In these circumstances, S&P affirmed, rather
than raised, its ratings on those classes to promote ratings
stability.  In general, the bonds that were affected reflect one or
more of:

   -- Delinquency trends;
   -- Historical interest shortfalls;
   -- Significant growth in observed loss severities;
   -- A low priority of principal payments;
   -- A high proportion of re-performing loans in the pool; and
   -- Low subordination or overcollateralization, or both.

S&P affirmed 39 ratings in the 'AAA' through 'B' categories.  These
affirmations reflect S&P's opinion that its projected credit
support is sufficient to cover its projected losses in those rating
scenarios.

S&P also affirmed 22 'CCC (sf)' and 'CC (sf)' ratings.  S&P
believes that its projected credit support will remain insufficient
to cover S&P's projected losses to these classes.  As defined in
"Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' ratings,"
published Oct. 1, 2012, the 'CCC (sf)' affirmations indicate that
S&P believes these classes are still vulnerable to default, and the
'CC (sf)' affirmations reflect S&P's belief that these classes
remain virtually certain to default.

DISCONTINUANCES

S&P discontinued its ratings on six classes because these classes
have has been paid in full or were redeemed in December 2015.

WITHDRAWALS

Two of the reviewed classes have received bond insurance payments
from insurers that S&P no longer rates.  Such payments were made in
anticipation of an expected payment default.  S&P withdrew the
ratings on these classes because S&P no longer have sufficient
information about the insurers' creditworthiness to form the basis
of an insurer-dependent rating.  Before S&P's withdrawals, the
ratings were on CreditWatch negative due a lack of information
necessary to apply S&P's loan modification criteria.

CREDITWATCH NEGATIVE PLACEMENTS

Sixteen ratings remain on CreditWatch negative to reflect the lack
of information necessary to apply our loan modification criteria.

ECONOMIC OUTLOOK

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

   -- An overall unemployment rate of 4.8% in 2016;
   -- Real GDP growth of 2.3% for 2016;
   -- The inflation rate will be 1.8% in 2016; and
   -- The 30-year fixed mortgage rate will average about 4.1% in
      2016.

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

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

   -- Total unemployment will tick up to 5.1% for 2016;
   -- Downward pressure causes GDP growth to fall to 1.3% in 2016;
   -- Home price momentum slows as potential buyers are not able
      to purchase property; and
   -- While the 30-year fixed mortgage rate remains a low 3.7% in
      2016, limited access to credit and pressure on home prices
      will largely prevent consumers from capitalizing on these
      rates.

A list of the Affected Ratings is available at:

                     http://is.gd/YZ5psE



[*] S&P Takes Rating Actions on 20 RMBS and RMBS Re-REMIC Deals
---------------------------------------------------------------
Standard & Poor's Ratings Services, on April 27, 2016, took various
rating actions on 109 classes from 20 U.S. residential
mortgage-backed securities (RMBS) and RMBS resecuritized real
estate mortgage investment conduit (re-REMIC) transactions.  S&P
raised 13 ratings, lowered 11 ratings, affirmed 61 ratings,
discontinued six ratings, and withdrew two ratings.  Sixteen
ratings remain on CreditWatch negative.

All of the transactions in this review were issued between 1997 and
2009 and are supported by a mix of fixed- and adjustable-rate
alternative-A, first-lien high loan-to-value (LTV), negative
amortization, subprime, and prime jumbo mortgage loan collateral.

Subordination, overcollateralization (where available), excess
interest, as applicable, and bond insurance, provide credit
enhancement for the transactions in this review.  Where the bond
insurer is rated lower than what S&P would rate the respective
class, it relied solely on the underlying collateral's credit
quality and the transaction structure to derive the rating.  In
addition, the re-REMICs' capital structures contain subordination.

ANALYTICAL CONSIDERATIONS

S&P routinely incorporate various considerations into its decisions
to raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by S&P's projected cash flows.  These
considerations are based on specific performance or structural
characteristics, or both, and their potential effects on certain
classes.

UPGRADES

S&P raised its ratings on 13 classes.  The projected credit support
for the affected classes is sufficient to cover S&P's projected
losses at these rating levels.  The upgrades reflect one or more
of:

   -- Improved collateral performance/delinquency trends;
   -- Increased credit support; and
   -- Expected short duration.

DOWNGRADES

S&P lowered its ratings on 11 classes due to deteriorating
collateral performance and/or the erosion of credit support.

AFFIRMATIONS

For certain transactions, S&P considered specific performance
characteristics that, in its view, could add volatility to its loss
assumptions and, in turn, to the ratings suggested by S&P's cash
flow projections.  In these circumstances, S&P affirmed, rather
than raised, its ratings on those classes to promote ratings
stability.  In general, the bonds that were affected reflect one or
more of:

   -- Delinquency trends;
   -- Historical interest shortfalls;
   -- Significant growth in observed loss severities;
   -- A low priority of principal payments;
   -- A high proportion of re-performing loans in the pool; and
   -- Low subordination or overcollateralization, or both.

S&P affirmed 39 ratings in the 'AAA' through 'B' categories.  These
affirmations reflect S&P's opinion that its projected credit
support is sufficient to cover its projected losses in those rating
scenarios.

S&P also affirmed 22 'CCC (sf)' and 'CC (sf)' ratings.  S&P
believes that its projected credit support will remain insufficient
to cover its projected losses to these classes.  As defined in
"Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings,"
published Oct. 1, 2012, the 'CCC (sf)' affirmations indicate that
S&P believes these classes are still vulnerable to default, and the
'CC (sf)' affirmations reflect S&P's belief that these classes
remain virtually certain to default.

DISCONTINUANCES

S&P discontinued its ratings on six classes because these classes
have has been paid in full or were redeemed in December 2015.

WITHDRAWALS

Two of the reviewed classes have received bond insurance payments
from insurers that S&P no longer rates.  Such payments were made in
anticipation of an expected payment default.  S&P withdrew the
ratings on these classes because it no longer has sufficient
information about the insurers' creditworthiness to form the basis
of an insurer-dependent rating.  Before S&P's withdrawals, the
ratings were on CreditWatch negative due a lack of information
necessary to apply its loan modification criteria.

CREDITWATCH NEGATIVE PLACEMENTS

Sixteen ratings remain on CreditWatch negative to reflect the lack
of information necessary to apply S&P's loan modification
criteria.

ECONOMIC OUTLOOK

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

   -- An overall unemployment rate of 4.8% in 2016;
   -- Real GDP growth of 2.3% for 2016;
   -- The inflation rate will be 1.8% in 2016; and
   -- The 30-year fixed mortgage rate will average about 4.1% in
      2016.

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

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

   -- Total unemployment will tick up to 5.1% for 2016;
   -- Downward pressure causes GDP growth to fall to 1.3% in 2016;
   -- Home price momentum slows as potential buyers are not able
      to purchase property; and
   -- While the 30-year fixed mortgage rate remains a low 3.7% in
      2016, limited access to credit and pressure on home prices
      will largely prevent consumers from capitalizing on these
      rates.

A list of the Affected Ratings is available at:

                   http://bit.ly/1TNGmCK


[*] S&P Takes Rating Actions on 63 U.S. RMBS 2nd Lien Deals
-----------------------------------------------------------
Standard & Poor's Ratings Services, on April 27, 2016, took various
rating actions on 99 classes from 63 U.S. residential
mortgage-backed securities (RMBS) second-lien transactions.  S&P
lowered seven ratings, affirmed 69 ratings, and withdrew 23
ratings.  All of the classes within this review were rated 'CCC
(sf)', 'CC (sf)', or 'D (sf)' before this review, and none of the
ratings are rated higher than 'CCC (sf)' following this review.

All of the reviewed transactions were issued between 2001 and 2007
and are backed by a mix of adjustable- and fixed-rate second-lien
mortgage loans.

Subordination, overcollateralization (when available), excess
interest, pool policies (as applicable), and bond insurance (as
applicable) provide credit enhancement for the reviewed
transactions.  Where the bond insurer is no longer rated, S&P
relied solely on the underlying collateral's credit quality and the
transaction structure to derive the rating.

                      ANALYTICAL CONSIDERATIONS

S&P routinely incorporates various considerations into its
decisions to raise, lower, and/or affirm ratings when reviewing the
indicative ratings suggested by S&P's projected cash flows. These
considerations are based on specific performance or structural
characteristics, or both and their potential effects on certain
classes.

For ratings below the indicative ratings suggested by S&P's cash
flow projections, the negative characteristics include:

   -- Deteriorating credit performance trends;

   -- Anticipated volatility or instability in the break-even cash

      flow scenarios;

   -- Observed interest shortfalls; and/or

   -- Insufficient credit enhancement relative to S&P's projected
      losses.

DOWNGRADES

The seven downgrades primarily reflect deteriorated collateral
performance, principal write-downs, and/or interest shortfalls.

AFFIRMATIONS

S&P affirmed 69 'CCC (sf)' or 'CC (sf)' ratings.  S&P believes that
its projected credit support will remain insufficient to cover
S&P's projected losses to these classes.  As defined in S&P's
criteria, the 'CCC (sf)' affirmations indicate that it believes
these classes are still vulnerable to default, and the 'CC (sf)'
affirmations reflect S&P's belief that these classes remain
virtually certain to default.

WITHDRAWALS

Twenty-three of the reviewed classes have received bond insurance
payments from insurers that S&P no longer rates.  Such payments
were made in anticipation of an expected payment default.  S&P
withdrew the ratings on these classes because it no longer have
sufficient information about the insurers' creditworthiness to form
the basis of an insurer-dependent rating.

                         ECONOMIC OUTLOOK

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

   -- An overall unemployment rate of 4.8% in 2016;
   -- Real GDP growth of 2.3% for 2016;
   -- An inflation rate of 1.8% in 2016; and
   -- The 30-year fixed mortgage rate will average about 4.1% in
      2016.

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

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

   -- Total unemployment will tick up to 5.1% for 2016;
   -- Downward pressure causes GDP growth to fall to 1.3% in 2016;
   -- Home price momentum slows as potential buyers are not able
      to purchase property; and
   -- While the 30-year fixed mortgage rate remains a low 3.7% in
      2016, limited access to credit and pressure on home prices
      will largely prevent consumers from capitalizing on these
      rates.

A list of the Affected Ratings is available at:

                        http://is.gd/BZohHu


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