TCR_Public/160619.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Sunday, June 19, 2016, Vol. 20, No. 171

                            Headlines

BANC OF AMERICA 2004-5: Moody's Affirms Ba3 Rating on Cl. K Debt
BANK OF AMERICA 2003-2: Fitch Affirms 'Dsf' Rating on 4 Tranches
BANK OF AMERICA 2016-UBS10: Fitch Rates $10.95MM Cl. F Debt 'Bsf'
BLACKROCK 1997-R1: Moody's Cuts Class A-WAC Debt Rating to Ca
CARLYLE GLOBAL 20162: Moody's Assigns Ba3 Rating to Class D2 Notes

CAVALRY CLO II: S&P Affirms BB- Rating on Class E Debt
COLT 2016-1: Fitch to Rate $9.05MM Class M-1 Certs 'BBsf'
COMM 2013-CCRE9: Fitch Affirms 'Bsf' Rating on Cl. F Debt
COMM 2013-CCRE9: S&P Affirms BB- Rating on Class F Certificates
COMM 2015-PC1: DBRS Confirms B Rating on Class F Debt

COUNTRYWIDE 2007-MF1: Moody's Hikes Cl. A Debt Rating to Ba1
CREDIT SUISSE 2006-TFL2: Fitch Affirms 'Bsf' Rating on Cl. J Debt
CSFB MORTGAGE 2005-C1: Moody's Affirms Ba3 Rating on Cl. E Certs
DENALI CAPITAL CLO X: S&P Affirms B Rating on Cl. B-3L Notes
FIGUEROA CLO 2013-1: S&P Affirms 'BB' Rating on Class D Notes

GALAXY XXII: S&P Assigns Prelim. 'B-' Rating on Cl. F Notes
GALAXY XXII: S&P Assigns Prelim. B- Rating on Class F Notes
GMAC COMMERCIAL 2004-C3: S&P Raises Rating on Cl. C Certs to B+
GOLUB CAPITAL 2007-1: Moody's Hikes Class E Debt Rating From Ba1
GS MORTGAGE 2010-C1: Moody's Affirms Ba3 Rating on Cl. X Certs

GS MORTGAGE 2013-G1: Fitch Affirms 'BBsf' Rating on Cl. DM Debt
HERTZ VEHICLE 2016-3: Fitch Assigns BB Rating on Class D Notes
HIGHLAND PARK: Moody's Hikes Class A-2 Notes Rating to Caa1(sf)
HILLMARK FUNDING: Moody's Cuts Class D Notes Rating to B1(sf)
HPS LOAN: Moody's Assigns Definitive Ba3 Rating to Class D2 Debt

ICE 1: Moody's Lowers Rating on Class D Notes to 'Caa2(sf)'
JP MORGAN 2004-PNC1: Fitch Raises Rating on Class F Certs to 'B'
JP MORGAN 2005-OPT1: Moody's Hikes Cl. M-4 Debt Rating to Ba3(sf)
JP MORGAN 2006-LDP6: Moody's Cuts Cl. X-1 Debt Rating to Caa3(sf)
JP MORGAN 2006-LDP8: Moody's Affirms B2 Rating on Class D Certs

JP MORGAN 2011-C5: Moody's Affirms B3(sf) Rating on Class G Debt
JP MORGAN 2016-FL8: S&P Assigns B Rating on Class C Certificates
JP MORGAN 20161: Moody's Assigns (P)Ba3 Ratings to Cl. B4 Certs
JPMBB 2014-C22: Moody's Affirms Ba3 Rating on Class UHP Debt
LB-UBS COMMERCIAL 2004-C7: Moody's Hikes Cl. M Debt Rating to Caa2

MARATHON CLO V: S&P Affirms 'BB' Rating on Class D Notes
MARLBOROUGH STREET: Moody's Lowers Rating on Cl. E Notes to B2
MERRILL LYNCH 2005-MCP1: Moody's Hikes Cl. E Debt Rating to Ba1
MIDOCEAN CREDIT V: Moody's Assigns Ba3 Rating to Class E Notes
MORGAN STANLEY 1998-CF1: Moody's Affirms Caa1 Rating on Cl. G Debt

MORGAN STANLEY 2006-NC3: Moody's Hikes Cl. A-2d Debt Rating to B1
MORGAN STANLEY 2015-C23: DBRS Confirms BB(sf) Rating on Cl. E Debt
MORGAN STANLEY 2015-MS1: DBRS Confirms B Rating on Class F Certs
NEWFLEET CLO 2016-1: S&P Assigns 'BB-' Rating on Class E Notes
NSTAR VIII: Moody's Affirms 'Caa1(sf)' Rating on Class C Debt

OCEAN TRAILS VI: Moody's Assigns Ba3 Rating to Class E Notes
OCP CLO 2013-3: S&P Affirms 'BB' Rating on Class D Notes
OCTAGON INVESTMENT XV: S&P Affirms BB Rating on Class E Notes
ONEMAIN FINANCIAL 2016-3: DBRS Rates Class D Notes 'BBsf'
PAINE WEBBER 1999-C1: Moody's Affirms C Rating on Cl. H Debt

PALMER SQUARE 2016-2: S&P Assigns BB Rating on Class D Notes
RACE POINT VII: S&P Affirms 'BB-' Rating on Class E Notes
REALT 2007-2: Moody's Affirms 'Ba1(sf)' Rating on Class F Debt
RR TRUST 2014-1: DBRS Confirms B Rating on Class Certs
SALUS CLO 2012-1: DBRS Confirms BB Rating on Cl. E-X Notes

SEQUOIA MORTGAGE 20161: Moody's Assigns B1 Ratings to Cl. B4 Debt
STACR 2016-DNA3: DBRS Assigns BB Ratings to 2 Tranches
VIBRANT CLO IV: Moody's Assigns Ba3 Rating on Class E Notes
WACHOVIA BANK 2004-C15: DBRS Cuts Ratings on 2 Tranches to Dsf
WACHOVIA BANK 2004-C15: Moody's Cuts Cl. F Debt Rating to Caa1(sf)

WESTCOTT PARK: Moody's Assigns (P)Ba3 Rating to Class E Notes
WESTLAKE AUTOMOBILE 2015-2: DBRS Confirms BB Rating on Cl. E Secs.
WESTLAKE AUTOMOBILE 2016-2: DBRS Gives Prov. BB Rating to E Debt
YORK CLO-3: Moody's Assigns Ba3(sf) Def. Rating to Cl. E Notes
[*] Moody's Raises Ratings on $220.3MM of Securities

[*] S&P Takes Various Rating Actions on 8 RMBS Re-REMIC Deals

                            *********

BANC OF AMERICA 2004-5: Moody's Affirms Ba3 Rating on Cl. K Debt
----------------------------------------------------------------
Moody's Investors Service has upgraded two classes and affirmed
three classes in Banc of America Commercial Mortgage Inc.
Commercial Mortgage Pass-Through Certificates, Series 2004-5 as:

  Cl. H, Upgraded to Aa2 (sf); previously on Oct. 23, 2015,
   Upgraded to A1 (sf)
  Cl. J, Upgraded to Baa1 (sf); previously on Oct. 23, 2015,
   Upgraded to Baa3 (sf)
  Cl. K, Affirmed B3 (sf); previously on Oct. 23, 2015, Upgraded
   to B3 (sf)
  Cl. L, Affirmed Caa3 (sf); previously on Oct. 23, 2015, Upgraded

   to Caa3 (sf)
  Cl. XC, Affirmed Caa2 (sf); previously on Oct. 23, 2015,
   Affirmed Caa2 (sf)

                         RATINGS RATIONALE

The ratings on two IG P&I classes, Classes H and J, were upgraded
based on an increase in credit support from paydowns and
amortization.  The deal has paid down 16% since last review and 98%
since securitization.

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

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

Moody's rating action reflects a base expected loss of 0.0% of the
current balance compared to 7.5% at last review.  Moody's base plus
realized loss totals 1.9% compared to 2.1% 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

Moody's does not anticipate losses from the remaining collateral in
the current environment.  However, over the remaining life of the
transaction, losses may emerge from macro stresses to the
environment and changes in collateral performance.  Moody's ratings
reflect the potential for future losses under varying levels of
stress.

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.

                    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 2, the same as at last review.

                        DEAL PERFORMANCE

As of the May 10, 2016, distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $22.7 million
from $1.4 billion at securitization.  The certificates are
collateralized by two mortgage loans ranging in size from 22% to
78% of the pool.

There are no loans on the master servicer's watchlist.  The
watchlist includes loans that meet certain portfolio review
guidelines established as part of the CRE Finance Council (CREFC)
monthly reporting package.  As part of Moody's ongoing monitoring
of a transaction, the agency reviews the watchlist to assess which
loans have material issues that could affect performance.

Sixteen loans have been liquidated from the pool with ten of those
liquidated loans resulting in an aggregate realized loss of $26.5
million (for an average loss severity of 13%).  There are no loans
in special servicing at this time.

Moody's received full year 2014 and full year 2015 operating
results for 100% of the pool.  Moody's weighted average conduit LTV
is 81%, compared to 82% 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
32% to the most recently available net operating income (NOI).
Moody's value reflects a weighted average capitalization rate of
9.1%.

Moody's actual and stressed conduit DSCRs are 1.33X and 1.23X,
respectively, compared to 1.50X and 1.22X 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 performing loan is the L'Oreal Warehouse Loan ($17.7
million -- 78% of the pool), which is secured by a 649,250 SF
mixed-use office and warehouse building that is 100% leased to
L'Oreal through October 2019.  Built to suit in 2004 for L'Oreal,
the property has 51 overhead doors, 40 trailer parking spots and
has good access to major highways connecting to Cleveland,
Youngstown, Akron, Ohio and Pittsburgh, Pennsylvania.  Due to the
single tenant exposure, Moody's stressed the value of this property
utilizing a lit/dark analysis.  The L'Oreal lease is also
coterminous with the loan maturity date.  The loan has amortized
12% since securitization.  Moody's LTV and stressed DSCR are 84%
and 1.15X, respectively, compared to 85% and 1.14X at last review.

The second largest performing loan is the Country Club Ridge Loan
($5.0 million -- 22% of the pool), which is secured by a 247-unit
co-op property in Hartsdale, Westchester County, New York.  The
loan has amortized 10% since securitization.  Moody's LTV and
stressed DSCR are 67% and 1.52X, respectively, compared to 68% and
1.51X at last review.


BANK OF AMERICA 2003-2: Fitch Affirms 'Dsf' Rating on 4 Tranches
----------------------------------------------------------------
Fitch Ratings has upgraded three classes of Bank of America
Commercial Mortgage Inc. (BACM) commercial mortgage pass-through
certificates, series 2003-2.

                         KEY RATING DRIVERS

The upgrades are due to the increase in the number of defeased
loans (95.6% of the current balance) with classes H, J and K fully
covered by defeased collateral.

As of the May 2016 distribution date the pool's aggregate principal
balance has been reduced by 96.54% to $58 million from $1.77
billion at issuance.  Of the original 152 loans in the pool, six
remain.  All the remaining loans, with the exception of one
specially serviced asset (3.48%), are defeased and mature in 2018.
Interest shortfalls are currently affecting class L.

The specially serviced asset is the Rustic Pines (3.48%), a
131-unit manufactured housing community located in Thompson, OH.
The loan was originally transferred to the special servicer in
October 2013 due to maturity default after the borrower was unable
to refinance the loan.  The property has been real estate owned
(REO) since March 2015.  The special servicer has indicated that
the workout of this asset is near resolution as the property is
currently under contract.  The sale is anticipated to close later
this month.

                          RATING SENSITIVITIES

The Rating Outlooks on classes H, J and K remain Stable as the
collateral is defeased and therefore is a direct pass-through to
the rating of the U.S. government.

                         DUE DILIGENCE USAGE

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

Fitch upgrades these classes:

   -- $20.8 million class H to 'AAAsf' from 'Asf'; Outlook Stable;
   -- $18.9 million class J to 'AAAsf' from 'Asf'; Outlook Stable;
   -- $10.5 million class K to 'AAAsf' from 'Asf'; Outlook Stable.

Fitch affirms these classes as indicated:

   -- $7.9 million class L at 'Dsf'; RE 80%;
   -- $0 class M at 'Dsf'; RE 0%;
   -- $0 class N at 'Dsf'; RE 0%;
   -- $0 class O at 'Dsf'; RE 0%.

The class A-1, A-1A, A-2, A-3, A-4, B, C, D, E, F, G, and BW Rakes
certificates have paid in full.  Fitch does not rate the class P
and HS Rake certificates.

Fitch previously withdrew the ratings on the interest-only class XC
and XP certificates.


BANK OF AMERICA 2016-UBS10: Fitch Rates $10.95MM Cl. F Debt 'Bsf'
-----------------------------------------------------------------
Fitch Ratings has assigned the following ratings and Rating
Outlooks to Bank of America Merrill Lynch Commercial Mortgage Trust
2016-UBS10 Commercial Mortgage Pass-Through Certificates:

-- $31,300,000 class A-1 'AAAsf'; Outlook Stable;
-- $135,900,000 class A-2 'AAAsf'; Outlook Stable;
-- $49,500,000 class A-SB 'AAAsf'; Outlook Stable;
-- $175,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $221,682,000 class A-4 'AAAsf'; Outlook Stable;
-- $613,382,000b class X-A 'AAAsf'; Outlook Stable;
-- $89,816,000b class X-B 'AA-sf'; Outlook Stable;
-- $43,813,000 class A-S 'AAAsf'; Outlook Stable;
-- $46,003,000 class B 'AA-sf'; Outlook Stable;
-- $44,909,000 class C 'A-sf'; Outlook Stable;
-- $51,480,000ab class X-D 'BBB-sf'; Outlook Stable;
-- $21,906,000ab class X-E 'BBsf'; Outlook Stable;
-- $10,954,000ab class X-F 'Bsf'; Outlook Stable;
-- $51,480,000a class D 'BBB-sf'; Outlook Stable;
-- $21,906,000a class E 'BBsf'; Outlook Stable;
-- $10,954,000a class F 'Bsf'; Outlook Stable.

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

Fitch does not rate the $18,620,000ab class X-G, the $25,193,056ab
class X-H, the $18,620,000a class G, and the $25,193,056a class H.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 52 loans secured by 84
commercial properties having an aggregate principal balance of
approximately $876.3 million as of the cut-off date. The loans were
contributed to the trust by UBS Real Estate Securities, Inc.,
Barclays Bank PLC, Morgan Stanley Mortgage Capital Holdings, LLC,
and Bank of America, National Association.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 79.6% of the properties
by balance, cash flow analysis of 84.8%, and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

Higher Fitch Leverage: The transaction has higher leverage
statistics than other recent Fitch-rated transactions. The Fitch
debt service coverage ratio (DSCR) and loan to value (LTV) are
1.14x and 108.2%, respectively. This is worse than other
Fitch-rated fixed-rate multiborrower transactions; the year-to-date
(YTD) 2016 average Fitch DSCR is 1.17x and the YTD 2016 average
Fitch LTV is 107.9%.

High Concentration of Pari Passu Loans: Twelve loans representing
45.1% of the pool by balance are pari passu loans. Ten of the pari
passu loans (35.5% of the pool) have their controlling notes
securitized in other transactions. Two loans, In-Rel 8 (6.8% of the
pool) and Grove City Premium Outlets (2.7% of the pool) have their
controlling notes securitized in this transaction.

Less Concentrated Pool: The top 10 loans make up 51.5% of the pool,
which is below the YTD 2016 average of 54.8% for other Fitch-rated
fixed-rate multiborrower transactions. The pool's Loan
Concentration Index (LCI) of 359 is below the YTD 2016 average of
415.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 15.2% 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 BACM
2016-UBS10 certificates and found that the transaction displays
average sensitivity to further declines in NCF. In a scenario in
which NCF declined a further 20% from Fitch's NCF, a downgrade of
the junior 'AAAsf' certificates to 'A-sf' could result. In a more
severe scenario, in which NCF declined a further 30% from Fitch's
NCF, a downgrade of the junior 'AAAsf' certificates to 'BBBsf'
could result.

DUE DILIGENCE USAGE

Fitch was provided with third-party due diligence information from
KPMG 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 50 mortgage loans. Fitch considered this information in its
analysis and the findings did not have an impact on the analysis.


BLACKROCK 1997-R1: Moody's Cuts Class A-WAC Debt Rating to Ca
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two
tranches issued from two deals backed by small balance reperforming
"scratch and dent" RMBS loans.

Complete rating actions are as follows:

Issuer: BlackRock Capital Finance L.L.C. 1997-R1

WAC, Downgraded to Caa2 (sf); previously on Sep 2, 2014 Downgraded
to B2 (sf)

Issuer: BlackRock Capital Finance L.L.C. 1997-R3

A-WAC, Downgraded to Caa2 (sf); previously on Jul 30, 2015
Downgraded to B3 (sf)

RATINGS RATIONALE

The actions are a result of the recent performance of the
underlying pools and reflect Moody's updated loss expectations on
the pools. These tranches consist of a principal component, which
is tied to the arrearage balance, and an interest component. The
interest-only components are evaluated using the published
methodology "Moody's Approach to Rating Structured Finance
Interest-Only Securities" published in February 2012. The
downgrades reflect the increasing weight of this interest-only
component, as well as a historical under-collateralization of the
principal component.



CARLYLE GLOBAL 20162: Moody's Assigns Ba3 Rating to Class D2 Notes
------------------------------------------------------------------
Moody's Investors Service, Inc. has assigned ratings to the
following classes of notes issued by Carlyle Global Market
Strategies 20162, Ltd. (the "Issuer" or "CGMS 20162").

Moody's rating action is as follows:

U.S.$310,000,000 Class A1 Senior Secured Floating Rate Notes due
2027 (the "Class A1 Notes"), Definitive Rating Assigned Aaa (sf)

US$55,000,000 Class A2a Senior Secured Floating Rate Notes due 2027
(the "Class A2a Notes"), Definitive Rating Assigned Aa2 (sf)

US$15,000,000 Class A2b Senior Secured Fixed Rate Notes due 2027
(the "Class A2b Notes"), Definitive Rating Assigned Aa2 (sf)

US$31,000,000 Class B Senior Secured Deferrable Floating Rate Notes
due 2027 (the "Class B Notes"), Definitive Rating Assigned A2 (sf)

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

US$5,000,000 Class D1 Mezzanine Secured Deferrable Floating Rate
Notes due 2027 (the "Class D1 Notes"), Definitive Rating Assigned
Ba3 (sf)

US$16,000,000 Class D2 Mezzanine Secured Deferrable Floating Rate
Notes due 2027 (the "Class D2 Notes"), Definitive Rating Assigned
Ba3 (sf)

The Class A1 Notes, the Class A2a Notes, the Class A2b Notes, the
Class B Notes, the Class C Notes, the Class D1 Notes and the Class
D2 Notes are referred to herein, collectively, as the "Rated
Notes."

RATINGS RATIONALE

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

CGMS 20162 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. Subject to the covlite matrix, at least
92.5% of the portfolio must consist of senior secured loans and
eligible investments, and up to 7.5% of the portfolio may consist
of second lien loans and unsecured loans. The portfolio is
approximately 70% ramped as of the closing date.

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

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

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


CAVALRY CLO II: S&P Affirms BB- Rating on Class E Debt
------------------------------------------------------
S&P Global Ratings affirmed its ratings on the class A, B-1, B-2,
C, D, and E notes from Cavalry CLO II Ltd., a U.S. collateralized
loan obligation (CLO) transaction that closed in February 2013 and
is scheduled to reinvest until April 2017.  The deal is managed by
Sankaty Advisors LLC.

The rating actions follow S&P's review of the transaction's
performance using data from the April 25, 2016, trustee report.

The transaction has benefited from an increase in the level of
assets rated 'BB-' or higher since the May 2013 effective date.
Specifically, the percentage of assets in the collateral pool rated
'BB-' through 'BB+' has increased by nearly 10%, while assets rated
'B' and 'B-' have declined by over 15%.  Additionally, the
collateral portfolio's weighted average life has reduced to 4.42
from 5.47 over the same period, according to the trustee report.
Because time horizon weighs heavily into default probability, a
shorter weighted average life positively affects the
creditworthiness of the collateral pool.

Despite overall improvement in the credit quality of the performing
collateral portfolio, the transaction has experienced an increase
in both defaults and assets rated 'CCC+' and below since the May
2013 effective date.  Specifically, the amount of defaulted assets
increased to $6.86 million as of April 2016 from $1.50 million as
of the May 2013 effective date (1.61% and 0.35% of the aggregate
principal balance, respectively).  The level of assets rated 'CCC+'
and below increased to $26.04 million from $3.09 million (6.11% and
0.73% of the aggregate principal balance, respectively) over the
same period.  The increase in defaulted assets, as well as other
factors, has affected the level of credit support available to all
tranches, as seen by the decline in the overcollateralization (O/C)
ratios:

   -- The class A/B O/C decreased to 127.17% from 129.82%.
   -- The class C O/C decreased to 117.96% from 120.42%.
   -- The class D O/C decreased to 111.41% from 113.74%.
   -- The class E O/C decreased to 105.56% from 107.76%.

Even with the decline in credit support, all coverage tests are
currently passing and are above the minimum requirements.

Overall, the increase in defaulted assets has been largely offset
by the decline in the weighted average life and improved credit
quality of the collateral portfolio.  As such, the affirmed ratings
reflect S&P's belief that the credit support available is
commensurate with the current rating levels.  However, if assets
currently rated 'CCC+' or below deteriorate further, sensitivity
tests show that class E may be vulnerable and subject to
downgrade.

Although S&P's cash flow analysis points to higher ratings for
classes B-1, B-2, C, D, and E, S&P's rating actions take into
account the fact that the transaction is still in the reinvestment
phase, as well as additional sensitivities that capture any
potential changes in the underlying portfolio that may occur before
the notes begin to amortize.

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

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
         Previous          implied       Cash flow      Final
Class    rating            rating(i)   cushion(ii)      rating
A        AAA (sf)          AAA (sf)         12.32%      AAA (sf)
B-1      AA (sf)           AA+ (sf)         10.02%      AA (sf)
B-2      AA (sf)           AA+ (sf)         10.02%      AA (sf)
C        A (sf)            AA- (sf)          0.53%      A (sf)
D        BBB (sf)          BBB+ (sf)         7.41%      BBB (sf)
E        BB- (sf)          BB (sf)           1.33%      BB- (sf)

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

              RECOVERY RATE AND CORRELATION SENSITIVITY

In addition to S&P's base-case analysis, it generated additional
scenarios in which it made negative adjustments of 10% to the
current collateral pool's recovery rates relative to each tranche's
weighted average recovery rate.  S&P also generated other scenarios
by adjusting the intra- and inter-industry correlations to assess
the current portfolio's sensitivity to different correlation
assumptions, assuming the correlation scenarios outlined below.

Correlation
Scenario           Within industry (%)     Between industries (%)
Below base case             15.0                        5.0
Base case equals rating     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-1     AA+ (sf)    AA+ (sf)   AA+ (sf)     AA+ (sf)      AA (sf)
B-2     AA+ (sf)    AA+ (sf)   AA+ (sf)     AA+ (sf)      AA (sf)
C       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-1         AA+ (sf)    AA+ (sf)       AA- (sf)          AA (sf)
B-2         AA+ (sf)    AA+ (sf)       AA- (sf)          AA (sf)
C           AA- (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)

RATINGS AFFIRMED

Cavalry CLO II Ltd.

Class      Rating
A          AAA (sf)
B-1        AA (sf)
B-2        AA (sf)
C          A (sf)
D          BBB (sf)
E          BB- (sf)


COLT 2016-1: Fitch to Rate $9.05MM Class M-1 Certs 'BBsf'
---------------------------------------------------------
Fitch Ratings expects to rate COLT 2016-1 Mortgage Loan Trust (COLT
2016-1) as:

   -- $89,424,000 class A-1 certificates 'Asf'; Outlook Stable;
   -- $89,424,000 class A-1X certificates 'Asf'; Outlook Stable;
   -- $48,351,000 class A-2 certificates 'BBBsf'; Outlook Stable;
   -- $48,351,000 class A-2X certificates 'BBBsf'; Outlook Stable;
   -- $9,056,000 class M-1 certificates 'BBsf'; Outlook Stable.

Fitch will not be rating these certificates:

   -- $14,877,659 class M-2 certificates.

This is the first Fitch-rated RMBS transaction issued post-crisis
that consists primarily of newly originated, non-prime mortgage
loans.  All of the mortgage loans were originated by Caliber Home
Loans, Inc. (Caliber).  The transaction is collateralized with 51%
non-qualified (Non-QM) mortgages as defined by the Ability to Repay
(ATR) rule while 41% is designated as Higher Priced-QM and the
remainder either meets the criteria for Safe Harbor QM or ATR does
not apply.  Due to Caliber's limited performance history of
non-prime loans, Fitch capped the highest achievable rating at
'Asf'.

The certificates are supported by a pool of 368 mortgage loans with
credit scores (701) similar to legacy Alt-A collateral. However,
unlike legacy originations, the loans were underwritten to
comprehensive Appendix Q documentation standards and 100% due
diligence was performed confirming adherence to the guidelines.
Fitch also notes Caliber's sound operational controls, which are
expected to result in better loan performance than pre-crisis loans
with similar reported attributes.  The weighted average loan-to
value ratio is roughly 79% and many of the borrowers have
significant liquid reserves.  The transaction also benefits from an
alignment of interest as LSRMF Acquisitions I or a majority owned
affiliate, affiliates of Caliber, will be retaining a 5% vertical
interest in the offered certificates as part of risk retention
requirements.

Fitch applied a default penalty to 47% of the pool to account for
borrowers with a mortgage derogatory as recent as two years prior
to obtaining the new mortgage; increased its non-QM loss severity
penalty to account for potentially greater number of challenges to
the ATR Rule; and applied a loan concentration penalty due to the
large loan balances that make up 25% of the pool by dollar amount
but just 7% by count.

Initial credit enhancement for the class A-1 certificates of 44.7%
is substantially above Fitch's 'Asf' rating stress loss of 19.50%.
The additional initial credit enhancement is primarily driven by
the pro rata principal distribution between the A-1 and A-2
certificates, which will result in a significant reduction of the
class A-1 subordination over time through principal payments to the
A-2.  The certificate sizing also reflects the allocation of
collateral principal to pay only principal on the certificates and
collateral interest to pay only certificate interest.  Both of
these features resulted in higher initial subordination to ensure
that principal and ultimate interest (with interest accrued on
deferred amounts) are paid in full by maturity under each class's
respective rating stress scenario.

                          KEY RATING DRIVERS

New Asset Class (Concern): Due to the limited non-prime performance
to date of the asset manager, Hudson Americas L.P. (Hudson), and
originator of the loans, Caliber, Fitch capped the highest possible
initial rating at 'Asf'.  As more post-crisis non-prime performance
history is established while upholding appropriate underwriting and
operational controls, Fitch will consider a higher rating in the
future.

Non-Prime Credit Quality (Concern): The credit scores (on average,
701) resemble legacy Alt-A collateral and the pool was analyzed
using Fitch's Alt-A model with positive adjustments made to account
for the improved operational quality, due diligence review, and
presence of liquid reserves, and negative adjustments to reflect
the concentration of borrowers (47%) with recent credit events,
increased risk of ATR rule challenges and loans with TILA RESPA
Integrated Disclosure (TRID) exceptions.

Appendix Q Compliant (Positive): Although not required for Non-QM,
all loans in the mortgage pool were underwritten to the
comprehensive Appendix Q documentation standards defined by ATR.
While a due diligence review identified roughly 10% of loans as
having minor variations to Appendix Q and would therefore not meet
the documentation standards for QM, Fitch views those differences
as immaterial and all loans as having full income documentation.

Operational and Data Quality (Positive): Fitch reviewed Caliber's
and Hudson's origination and acquisition platforms and found them
to have sound underwriting and operational control environments,
reflecting industry improvements following the financial crisis
that are expected to reduce risk related to misrepresentation and
data quality.  All loans in the mortgage pool were reviewed by a
third party due diligence firm and the results indicated strong
underwriting and property valuation controls.

Alignment of Interests (Positive): The transaction benefits from an
alignment of interests between the issuer and investors.  LSRMF
Acquisition I, LLC as sponsor and securitizer will be retaining at
least a 5% vertical interest in each class of offered certificates.
In addition, the mezzanine certificates, representing 14.80% of
the transaction will be retained by LSRMF, or an affiliate, as part
of its focus on investing in residential mortgage credit.  Lastly,
the rep and warranties provided by Caliber, which is owned by LSRMF
affiliates, also aligns the interest of the investors with those of
LSRMF to maintain high quality origination standards and sound
performance, as Caliber will be obligated to repurchase loans due
to rep breaches.

Modified Sequential Payment Structure (Mixed): The structure
distributes collected principal pro rata among the class A
certificates while shutting out the subordinate certificates from
principal until both classes have been reduced to zero.  To the
extent that either the Cumulative Loss Trigger Event or the Credit
Enhancement Trigger Event fail in a given period, principal will be
distributed sequentially to the A-1 and A-2 bonds until they are
reduced to zero.

Servicing and Master Servicer (Positive): Servicing will be
performed by Caliber, which Fitch rates 'RPS2-', Outlook Negative,
due to its fast growing portfolio and regulatory scrutiny.  Wells
Fargo, rated 'RMS1', Outlook Stable, will act as master servicer
and securities administrator.  Advances required but not paid by
Caliber will be paid by Wells Fargo.

                        RATING SENSITIVITIES

Fitch's analysis incorporates a sensitivity analysis to demonstrate
how the ratings would react to steeper market value declines (MVDs)
than assumed at the MSA level.  The implied rating sensitivities
are only an indication of some of the potential outcomes and do not
consider other risk factors that the transaction may become exposed
to or may be considered in the surveillance of the transaction.
Two sets of sensitivity analyses were conducted at the state and
national levels to assess the effect of higher MVDs for the subject
pool.

This defined stress sensitivity analysis demonstrates how the
ratings would react to steeper MVDs at the national level.  The
analysis assumes MVDs of 10%, 20%, and 30%, in addition to the
model projected 7.2%.  The analysis indicates that there is some
potential rating migration with higher MVDs, compared with the
model projection.

Fitch also conducted sensitivities to determine the stresses to
MVDs that would reduce a rating by one full category, to
non-investment grade, and to 'CCCsf'.

                        DUE DILIGENCE USAGE

Fitch was provided with due diligence information from AMC
Diligence, LLC (AMC) on 100% of the loans in the collateral pool.
Fitch received certifications indicating that the loan-level due
diligence was conducted in accordance with its published standards
for reviewing loans and in accordance with the independence
standards outlined in its criteria.  The diligence results showed
minimal findings with some nonmaterial exceptions or waivers.  In
addition, AMC identified 50 loans as having TRID errors, 38 of
which were identified as potentially at risk for statutory damages.
Fitch increased its loss severity as described below in criteria
application to account for this risk.  All such findings were
sufficiently mitigated with compensating factors.  Fitch believes
the overall results of the review generally reflected strong
underwriting controls.

                        CRITERIA APPLICATION

A variation was made to Fitch's 'U.S. RMBS Loan Loss Model
Criteria' in regards to treatment of loans with prior credit
events.  Historical data suggests that borrowers with similar
credit scores as those in the pool are nearly 20% more likely to
default on a future mortgage, as compared to all outstanding
borrowers, if they had a prior mortgage related credit event.  This
adjustment was applied to the roughly 47% of the pool that had a
prior mortgage related credit event, resulting in nearly a 9%
increase to the pool's probability of default at each rating
category.

A variation was made to Fitch's 'U.S. RMBS master Rating Criteria'
for loans with potential TRID violations.  Under this approach
loans with TRID findings that are more likely to lead to statutory
damages received an additional $15,500 to their projected loss. Out
of the 50 loans with TRID errors, 38 received this adjustment
increasing the expected loss by 36 basis points (bps).

Due to the structural features of the transaction, Fitch analyzed
the collateral with customized versions of two of its standard
models.  Fitch's Alt-A Loan Loss Model was altered to include three
additional inputs; due diligence percentage, operational quality
and liquid reserves.  These variables were not common in legacy
Alt-A loans and were excluded in the derivation of Fitch's Alt-A
model.  Given the improvement in today's underwriting over legacy
standards, these aspects were taken into consideration and a net
credit was applied to the pool.  The second customized model was
based off of Fitch's Cash Flow Assumptions workbook.  The
customized version was used to account for the limited servicer
advancing.  The delinquency timing scenarios are consistent with
the pool's stressed projected default scenarios.


COMM 2013-CCRE9: Fitch Affirms 'Bsf' Rating on Cl. F Debt
---------------------------------------------------------
Fitch Ratings affirms 14 classes of Deutsche Bank Securities,
Inc.'s COMM 2013-CCRE9 commercial mortgage pass-through
certificates.

KEY RATING DRIVERS

The affirmations are based on relatively stable performance of the
underlying collateral pool since issuance. There have been no
delinquent loans since issuance. Fitch has designated two loans
(1%) as Fitch Loans of Concern, which includes one specially
serviced asset (.8%).

As of the May 2016 distribution date, the pool's aggregate
principal balance has been reduced by 5.8% to $1.22 billion from
$1.29 billion at issuance. Per the servicer reporting, two loans
(5.7% of the pool) are defeased. Interest shortfalls are currently
affecting class G.

The largest loan in the pool (6.5%), The Northridge Mall, is
secured by a one million square foot (sf; (587,484 sf collateral)
enclosed regional mall located in Salinas, CA. The property was
built in 1972 and renovated most recently in 2006. The mall
contains four anchor tenants including Macy's, Sears, JCPenney and
Forever 21. Additional large tenants at the property that are not
part of the collateral include Century Theaters, Toys R' Us, and
Big 5 Sporting Goods. The mall faces limited direct competition,
with the nearest enclosed regional mall located over 60 miles away
in San Jose, CA. Debt service coverage ratio (DSCR) was reported at
1.93x at YE 2015 down from 2.20x at YE 2014. Overall mall occupancy
was 93.2%, and collateral occupancy was 88.5% as of YE 2015 not
including Ulta and DSW, who recently took occupancy in the mall.

The second largest loan in the pool (6.2%), The Paramount Building,
is secured by a 31 story 694,134 sf office and retail property
located in the Times Square district of New York, NY. There is an
additional $55 million pari-passu note in COMM 2013-CCRE8. The
largest retail tenant is the Hard Rock Cafe (44,970 sf; 6.5% of net
rentable area [NRA]) located on the ground floor and the largest
office tenant is HQ Global Workplaces (39,854 sf; 5.7% of NRA). The
servicer-reported DSCR of 3.89x at YE 2015 compared to 3.54x at YE
2014. Occupancy was reported at 65% as of YE 2015 compared to 68%
as of YE 2014.

The third largest loan in the pool (5.3%), The Valley Hills Mall,
is a secured 936,682-sf regional mall (325,166 sf collateral)
located in Hickory, NC approximately 60 miles northwest of the
Charlotte CBD. The property is anchored by Belk, Sears, JCPenney,
and Dillard's, none of which are part of the collateral. The
subject is the only enclosed regional mall within a 35-mile radius
and is the primary shopping destination in the
Hickory-Lenoir-Morganton metropolitan statistical area. The
servicer-reported DSCR was 1.35x as of YE 2015 compared to 1.54x at
YE 2014. The overall mall occupancy is 95% as of December 2015.

The specially serviced loan (.8%) is secured by 200,000 sf
industrial property located in Los Angeles, California. The loan
transferred to the special servicer in August 2015 due to the
guarantor being forced into involuntary bankruptcy. The servicer is
trapping cashflow as a result of a trigger caused by the guarantor
bankruptcy. The loan remains current. The property has YE 2015 NOI
DSCR of 1.58x and is 100% occupied by Gruma Corporation until
October 2021.

RATING SENSITIVITIES

Rating Outlooks for all classes remain Stable as overall pool
performance has been stable since issuance. Fitch does not foresee
positive or negative ratings migration until a material economic or
asset-level event changes the transaction's portfolio-level
metrics. Additional information on rating sensitivity is available
in the report 'COMM 2013-CCRE9' (Jan. 16, 2014), available at
www.fitchratings.com.

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

Fitch has affirmed the following ratings:

-- $3.7 million class A-1 at 'AAAsf', Outlook Stable;
-- $78 million class A-2 at 'AAAsf', Outlook Stable;
-- $112.2 million class A-SB at 'AAAsf', Outlook Stable;
-- $100 million class A-3 at 'AAAsf', Outlook Stable;
-- $100 million class A-3FL at 'AAAsf', Outlook Stable;
-- $0 class A-3FX at 'AAAsf', Outlook Stable;
-- $436 million class A-4 at 'AAAsf', Outlook Stable;
-- $127.8 million class A-M at 'AAAsf', Outlook Stable;
-- $80.9 million class B at 'AA-sf', Outlook Stable;
-- $45.3 million class C at 'A-sf', Outlook Stable;
-- $50.1 million class D at 'BBB-sf', Outlook Stable;
-- $27.5 million class E at 'BBsf', Outlook Stable;
-- $12.9 million class F at 'Bsf', Outlook Stable;
-- $1 billion class X-A at 'AAAsf', Outlook Stable.

Fitch does not rate the class G or X-B certificates.


COMM 2013-CCRE9: S&P Affirms BB- Rating on Class F Certificates
---------------------------------------------------------------
S&P Global Ratings affirmed its ratings on 14 classes of commercial
mortgage pass-through certificates from COMM 2013-CCRE9 Mortgage
Trust, a U.S. commercial mortgage-backed securities (CMBS)
transaction.

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

S&P affirmed its 'AAA (sf)' rating on the class X-A interest-only
(IO) certificates based on S&P's criteria for rating IO securities,
in which the rating on the IO certificate would not be higher than
that of the lowest-rated reference class.  The notional balance on
class X-A references classes A-1, A-2, A-3,
A-4, A-3FL, A-3FX, A-SB, and A-M.

                       TRANSACTION SUMMARY

As of the May 12, 2016, trustee remittance report, the collateral
pool balance was $1.22 billion, which is 94.2% of the pool balance
at issuance.  The pool currently includes 78 loans (reflecting
cross-collateralized and cross-defaulted loans), down from 80 loans
at issuance.  One of these loans ($9.2 million, 0.8%) is with the
special servicer; two ($69.6 million, 5.7%) are defeased; and five
($53.9 million, 4.4%) are on the master servicer's watchlist.  The
master servicer, KeyBank Real Estate Capital, reported financial
information for 91.1% of the nondefeased loans in the pool, of
which 84.6% was partial or year-end 2015 data, and the remainder
6.5% is year-end 2014 data.

S&P calculated a 1.78x S&P Global Ratings' weighted average debt
service coverage (DSC) and 82.4% S&P Global Ratings' weighted
average loan-to-value (LTV) ratio using a 7.85% S&P Global Ratings'
weighted average capitalization rate.  The DSC, LTV, and
capitalization rate calculations exclude the specially serviced
loan and the two defeased loans.  The top 10 nondefeased loans have
an aggregate outstanding pool trust balance of $560.8 million
(46.0%).  Using servicer-reported numbers, S&P calculated a S&P
Global Ratings' weighted average DSC and LTV of 1.91x and 83.5%,
respectively, for the top 10 nondefeased loans.

To date, the transaction has not experienced any principal losses.
S&P expects losses to reach approximately 0.1% of the original pool
trust balance in the near term, based on losses S&P expects upon
the eventual resolution of the one specially serviced loan.

                       CREDIT CONSIDERATIONS

As of the May 12, 2016, trustee remittance report, the Commerce
Distribution Center loan ($9.2 million, 0.8%) was the sole loan
with the special servicer, Midland Loan Services.  The loan, which
has a total reported exposure of $9.2 million, is secured by a
200,000-sq.-ft. industrial property in Los Angeles, Calif. occupied
by a single tenant on a triple net lease.  The loan was transferred
to special servicing in August 2015 as a result of the guarantor
being forced into an involuntary bankruptcy.  The reported DSC as
of year-end 2015 was 1.53x.  S&P expects a minimal loss upon this
loan's eventual resolution, which S&P defines as a loss less than
25% of the loan's outstanding principal balance.

RATINGS LIST

COMM 2013-CCRE9 Mortgage Trust
Commercial mortgage pass-through certificates series 2013-CCRE9

                                 Rating        Rating
Class            Identifier      To            From
A-1              12625UAY9       AAA (sf)      AAA (sf)
A-2              12625UAZ6       AAA (sf)      AAA (sf)
A-SB             12625UBA0       AAA (sf)      AAA (sf)
A-3              12625UBB8       AAA (sf)      AAA (sf)
X-A              12625UBC6       AAA (sf)      AAA (sf)
A-M              12625UAC7       AAA (sf)      AAA (sf)
B                12625UAE3       AA- (sf)      AA- (sf)
C                12625UAG8       A- (sf)       A- (sf)
D                12625UAJ2       BBB- (sf)     BBB- (sf)
E                12625UAL7       BB (sf)       BB (sf)
F                12625UAN3       BB- (sf)      BB- (sf)
A-4              12625UBF9       AAA (sf)      AAA (sf)
A-3FL            12625UBE2       AAA (sf)      AAA (sf)
A-3FX            12625UBG7       AAA (sf)      AAA (sf)


COMM 2015-PC1: DBRS Confirms B Rating on Class F Debt
-----------------------------------------------------
DBRS Limited confirmed all classes of Commercial Pass-Through
Certificates, Series 2015-PC1 issued by COMM 2015-PC1 Mortgage
Trust as follows:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AAA (sf)
-- Class X-C at AAA (sf)
-- Class X-D at AAA (sf)
-- Class X-E at AAA (sf)
-- Class X-F at AAA (sf)
-- Class A-M at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (low) (sf)
-- Class F at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the current performance of the
pool, which has been stable from issuance. The collateral consists
of 80 loans secured by 147 commercial properties. As of the May
2016 remittance, the pool has experienced collateral reduction of
0.4% due to scheduled amortization, with all of the original 80
loans remaining in the pool. There are 55 loans, representing 68.7%
of the current pool balance, which are reporting YE2015 financials.
These loans report a weighted-average (WA) debt service coverage
ratio (DSCR) of 1.19 times (x) and a WA debt yield of 9.4%. At
issuance, the pool reported a WA DSCR and debt yield of 1.51x and
9.6%, respectively. DBRS believes reported cash flows are likely
artificially depressed for some of the loans showing YE2015
metrics, as first year reporting is often skewed as compared to
underwritten or historical figures, particularly when it comes to
expenses. As such, DBRS expects the WA DSCR for the pool will
improve with the 2016 reporting.

At the May 2016 remittance, there were two loans on the
servicer’s watchlist, Prospectus ID #37, The Hub Shopping Center
and Prospectus ID #72, Chapin Center, representing 1.0% and 0.33%
of the current pool balance, respectively. The Chapin Center loan
was flagged for upcoming tenant rollover and the Hub Shopping
Center loan was flagged for a decline in cash flow from the
Issuer’s underwritten figures. Both loans are reporting Q1 2016
figures and the servicer reports the cash flow decline for the
former loan is likely the result of annualized expenses.

The City Center at 735 Water Street loan (Prospectus ID#15, 1.8% of
the current pool balance) is secured by a 353,000 square foot (sf)
mixed-use, LEED-certified office and retail property in downtown
Milwaukee, Wisconsin, situated directly on the Milwaukee River.
According to the December 2015 rent roll, the property reported an
occupancy rate of 88.3%; however, the third-largest tenant,
Borgelt, Powell, Petersen & Frauen S.C. (Borgelt), appears to have
vacated at its lease expiration in March 2016, and as such,
occupancy may be as low as 80.0%. The second-largest tenant,
National Business Furniture, occupies 7.8% of the net rentable area
(NRA) with a lease expiring in April 2016 and one five-year renewal
option remaining. As of June 2016, the tenant is still located at
the subject property and DBRS has asked the servicer to verify the
tenant’s current status. According to CoStar, Class B office
properties larger than 100,000 sf within a 0.2-mile radius from the
subject reported an average vacancy rate and availability rate of
12.1% and 19.6%, respectively. With Borgelt’s departure, vacancy
at the subject property appears to be above the market vacancy, but
in line with the market availability rate. The 833 East Michigan
building, a 358,000 sf Class A office property recently completed
in March 2016 is a direct competitor to the subject. This property
is located less than a mile from the subject and offers similar
amenities. According to CoStar, 833 Michigan is 70.2% occupied with
asking rents ranging between $19.50 per square foot (psf) and
$23.50 psf. In comparison, the subject’s asking rents range
between $15.00 psf and $19.00 psf. Since the acquisition of the
property, the sponsor has invested $23.6 million of capital
improvements into the asset in order to maintain a competitive
presence in the market. The YE2015 financials reported a DSCR of
1.64x, which is well above the DBRS underwritten DSCR of 1.16x. At
issuance, DBRS underwrote an additional vacancy factor of 15.0% for
the month-to-month tenants in place at the property, contributing
to the variance from the Issuer’s net cash flow figure by -18.4%.


COUNTRYWIDE 2007-MF1: Moody's Hikes Cl. A Debt Rating to Ba1
------------------------------------------------------------
Moody's Investors Service has upgraded the rating on one class and
affirmed the ratings on seven classes in Countrywide Commercial
Mortgage Trust, Commercial Pass-Through Certificates, Series
2007-MF1 as:

  Cl. A, Upgraded to Ba1 (sf); previously on July 9, 2015,
   Upgraded to Ba2 (sf)
  Cl. B, Affirmed Caa1 (sf); previously on July 9, 2015, Affirmed
   Caa1 (sf)
  Cl. C, Affirmed Caa2 (sf); previously on July 9, 2015, Affirmed
   Caa2 (sf)
  Cl. D, Affirmed Caa3 (sf); previously on July 9, 2015, Affirmed
   Caa3 (sf)
  Cl. E, Affirmed C (sf); previously on July 9, 2015, Affirmed
   C (sf)
  Cl. F, Affirmed C (sf); previously on July 9, 2015, Affirmed
   C (sf)
  Cl. G, Affirmed C (sf); previously on July 9, 2015, Affirmed
   C (sf)
  Cl. H, Affirmed C (sf); previously on July 9, 2015, Affirmed
   C (sf)

                          RATINGS RATIONALE

The rating on Class A was upgraded primarily due to an increase in
defeasance and 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 4% since Moody's last review and
defeasance has increased to 22.3% of the current pool balance from
13.9% at the last review.  In addition, loans constituting 57% of
the pool that have debt yields exceeding 10.0% are scheduled to
mature within the next 18 months.

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

Moody's rating action reflects a base expected loss of 8.9% of the
current balance, compared to 8.4% at Moody's last review.  Moody's
base expected loss plus realized losses is now 9.7% of the original
pooled balance, compared to 9.6% at the last review. Moody's
provides a current list of base expected losses for conduit and
fusion CMBS transactions on moodys.com at:

   http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

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

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 27, the same as at Moody's last review.

                          DEAL PERFORMANCE

As of the May 13, 2016, distribution date, the transaction's
aggregate certificate balance has decreased by 61% to $250 million
from $640 million at securitization.  The certificates are
collateralized by 77 mortgage loans ranging in size from less than
1% to 9% of the pool, with the top ten loans constituting 38% of
the pool.  Four loans, constituting 22% of the pool, have defeased
and are secured by US government securities.

Fifteen loans, constituting 12% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package.  As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Twenty-seven loans have been liquidated from the pool, resulting in
an aggregate realized loss of $40 million (for an average loss
severity of 52%).  Five loans, constituting 13% of the pool, are
currently in special servicing.  The largest specially serviced
loan is the Carrington Park Apartments Homes Loan
($22.2 million -- 8.9% of the pool), which is secured by a 330-unit
multi-family property located Jonesboro, Georgia.  The loan was
transferred to special servicing in November 2011 due to monetary
default.  The loan went to auction in March 2014, however, it was
not sold because the reserve price was not met. The property was
93% leased as of December 2015 compared to 95% in April 2015 and
92% in December 2014.

The remaining four specially serviced loans are secured by
multi-family and mixed-use property types.  Moody's estimates an
aggregate $17.8 million loss for all specially serviced loans (55%
expected loss on average).

Moody's has assumed a high default probability for two poorly
performing loans, constituting 3% of the pool, and has estimated an
aggregate loss of $1.6 million (a 20% expected loss based on a 50%
probability of default) from these troubled loans.

As of the May 13, 2016, remittance statement cumulative interest
shortfalls were $2.5 million.  Moody's anticipates interest
shortfalls will continue because of the exposure to specially
serviced loans and modified loans.  Interest shortfalls are caused
by special servicing fees, including workout and liquidation fees,
appraisal entitlement reductions (ASERs), loan modifications and
extraordinary trust expenses.

Moody's received full year 2015 operating results for 90% of the
pool, and full or partial year 2016 operating results for 47% of
the pool.  Moody's weighted average conduit LTV is 78%, compared to
84% at Moody's last review.  Moody's conduit component excludes
loans with structured credit assessments, defeased and CTL loans,
and specially serviced and troubled loans.  Moody's net cash flow
(NCF) reflects a weighted average haircut of 10% to the most
recently available net operating income (NOI).  Moody's value
reflects a weighted average capitalization rate of 8.5%.

Moody's actual and stressed conduit DSCRs are 1.47X and 1.25X,
respectively, compared to 1.37X and 1.16X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service.  Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 14% of the pool balance.  The
largest loan is the Alliance Edgewater Loan ($13.0 million -- 5.2%
of the pool), which is secured by a 228 unit multi-family property
located in Lake Jackson, Texas.  The property was 96% leased as of
December 2015, compared to 98% in March 2014 and 94% in December
2013.  Moody's LTV and stressed DSCR are 57% and 1.62X,
respectively, compared to 61% and 1.52X at the last review.

The second largest loan is the Spring Pointe Apartments Loan ($11.8
million -- 4.7% of the pool), which is secured by a 208-unit
multifamily property in Richardson, Texas, about 20 miles northwest
of Dallas.  The property was 97% leased as of December 2015,
compared to 95% in March 2015.  Moody's LTV and stressed DSCR are
80% and 1.15X, respectively, compared to 82% and 1.12X at the last
review.

The third largest loan is the Grand Oaks Apartment Loan ($10.3
million -- 4.1% of the pool), which is secured by a 150-unit
multifamily property in Gurnee, Illinois, about 40 miles north of
Chicago.  The property was 98% leased as of December 2015, compared
to 99% as of March 2015.  Moody's LTV and stressed DSCR are 83% and
1.07X, respectively, compared to 87% and 1.03X at the last review.



CREDIT SUISSE 2006-TFL2: Fitch Affirms 'Bsf' Rating on Cl. J Debt
-----------------------------------------------------------------
Fitch Ratings has upgraded two and affirmed three classes of Credit
Suisse First Boston Mortgage Securities Corp., series 2006-TFL2.
Since issuance, the transaction has been reduced by nearly 98% from
paydown and dispositions. Only one loan, the JW Marriott Starr
Pass, remains.

                        KEY RATING DRIVERS

The upgrades are due to greater confidence in the recovery
prospects of the JW Marriott Starr Pass loan.  Since Fitch's last
rating action, the special servicer has made progress with open
legal cases, settling a key case surrounding land access and usage.
While this resolution is a positive development, open litigation
on other matters remains.  The outstanding judgements need to be
settled before the servicer can move forward with the foreclosure
process.

The JW Marriott Starr Pass consists of a 575-room full service
hotel and a 27-hole Arnold Palmer-designed championship golf
course, located in Tucson, AZ.  The hotel, which offers
88,000 square foot (sf) of meeting space, including a 20,000 sf
ballroom, was opened in 2005 and maintains high curb appeal with
well-kept landscaping and an attractive design.

In April 2010, the loan transferred to special servicing for
imminent default.  Performance did not meet expectations from
issuance, and the recession hit the Southwest, specifically the
Tucson market, particularity hard.  Resort performance improved as
the U.S. lodging market rebounded from recessionary lows, but
workout momentum has not been successfully maintained due to the
open legal disputes that have carried on for years.  The resort
remains well kept however and maintains high curb appeal.

                        RATING SENSITIVITIES

The ratings are expected to remain stable in the near term.  Future
upgrades are unlikely given the loan's defaulted status as well as
limited financial information available at the time of the review.
While recovery prospects have improved, further downgrades to the
already distressed classes are possible if workout negotiations
continue to stall.

                        DUE DILIGENCE USAGE

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

Fitch has upgraded these classes:

   -- $949,356 class G to 'Asf' from 'BBBsf'; Outlook Stable;
   -- $20 million class H to 'BBBsf' from 'BBsf'; Outlook Stable.

Fitch affirms these classes:

   -- $19 million class J at 'Bsf'; Outlook Stable;
   -- $22 million class K at 'CCCsf'; RE 60%;
   -- $16.1 million class L at 'Dsf'; RE 0%.


CSFB MORTGAGE 2005-C1: Moody's Affirms Ba3 Rating on Cl. E Certs
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on six classes
in CSFB Mortgage Securities Corp. Commercial Mtge Pass-Through
Ctfs. 2005-C1 as:

  Cl. E, Affirmed Ba3 (sf); previously on June 12, 2015, Upgraded
   to Ba3 (sf)
  Cl. F, Affirmed Caa1 (sf); previously on June 12, 2015, Affirmed

   Caa1 (sf)
  Cl. G, Affirmed Caa3 (sf); previously on June 12, 2015, Affirmed

   Caa3 (sf)
  Cl. H, Affirmed C (sf); previously on June 12, 2015, Affirmed
   C (sf)
  Cl. J, Affirmed C (sf); previously on June 12, 2015, Affirmed
   C (sf)
  Cl. A-X, Affirmed Caa3 (sf); previously on June 12, 2015,
   Downgraded to Caa3 (sf)

                        RATINGS RATIONALE

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

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

Moody's rating action reflects a base expected loss of 46.0% of the
current balance, compared to 36.2% at Moody's last review. Moody's
base expected loss plus realized losses is now 5.2% of the original
pooled balance, compared to 5.3% at the last review.

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

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.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 90% of the pool is in
special servicing and performing conduit loans only represent 10%
of the pool.  In this approach, Moody's determines a probability of
default for each specially serviced loan that it expects will
generate a loss and estimates a loss given default based on a
review of broker's opinions of value (if available), other
information from the special servicer, available market data and
Moody's internal data.  The loss given default for each loan also
takes into consideration repayment of servicer advances to date,
estimated future advances and closing costs.  Translating the
probability of default and loss given default into an expected loss
estimate, Moody's then applies the aggregate loss from specially
serviced loans to the most junior classes and the recovery as a pay
down of principal to the most senior classes.

                    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 3, compared to 5 at Moody's last review.

Moody's analysis used the excel-based Large Loan Model.  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 and property type.  Moody's also
further adjusts these aggregated proceeds for any pooling benefits
associated with loan level diversity and other concentrations and
correlations.

                        DEAL PERFORMANCE

As of the May 17, 2016, distribution date, the transaction's
aggregate certificate balance has decreased by 96% to $57 million
from $1.5 billion at securitization.  The certificates are
collateralized by thirteen mortgage loans ranging in size from 1%
to 55% of the pool, with the top ten loans constituting 97% of the
pool.

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

37 loans have been liquidated from the pool, resulting in an
aggregate realized loss of $53 million (for an average loss
severity of 20%).  Ten loans, constituting 90% of the pool, are
currently in special servicing.  The largest specially serviced
loan is The Mall at Yuba City Loan ($31 million -- 55% of the
pool), which is secured by a 306,000 square foot (SF) mall located
approximately 40 miles north of Sacramento in Yuba City,
California.  The property is now known as Yuba Sutter Mall.  The
loan transferred to special servicing in March 2011 due to imminent
default.  The loan became real estate owned (REO) on January 10,
2014.  The property is not currently on the market.  As of December
2015, the total mall was 89% leased with in-line space being 78%
leased compared to 90% and 77%, respectively, at last review.

The remaining nine specially serviced loans are secured by a mix of
property types.  Moody's estimates an aggregate $25.9 million loss
for the specially serviced loans (51% expected loss on average).

As of the May 17, 2016, remittance statement cumulative interest
shortfalls were $8.5 million.  Moody's anticipates interest
shortfalls will continue because of the exposure to specially
serviced loans and/or modified loans.  Interest shortfalls are
caused by special servicing fees, including workout and liquidation
fees, appraisal entitlement reductions (ASERs), loan modifications
and extraordinary trust expenses.

Moody's received full or partial year 2015 operating results for
100% of the pool, and full year 2014 operating results for 100% of
the pool.  Moody's weighted average conduit LTV is 66%, 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 17% to the most
recently available net operating income (NOI).  Moody's value
reflects a weighted average capitalization rate of 9.7%.

Moody's actual and stressed conduit DSCRs are 1.13X and 1.79X,
respectively, compared to 1.79X and 1.68X 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 three conduit loans represent 10% of the pool balance.  The
largest loan is the Walgreens (Auburn)) Loan ($2.6 million -- 4.6%
of the pool), which is secured by a 14,560 SF single-tenant
Walgreens located in Auburn, Washington (approximately 15 miles
east of Tacoma).  The Property is fully leased to Walgreens through
June 2029.  Moody's value is based on a lit/dark analysis. Moody's
LTV and stressed DSCR are 70% and 1.47X, respectively, compared to
74% and 1.39X at the last review.

The second largest loan is the Shops at Shawnee Ridge Loan
($1.8 million -- 3.1% of the pool), which is secured by a 18,360 SF
unanchored strip retail center located in Suwanee, Georgia (30
miles northeast of Atlanta).  The property was 100% leased as of
April 2016 compared to 92% at last review.  The loan has amortized
41% since securitization.  Moody's LTV and stressed DSCR are 83%
and 1.31X, respectively.

The third largest loan is the Montgomery Plaza Apartments Loan
($1.1 million -- 2.0% of the pool), which is secured by a 65 unit
multifamily complex located in Ardmore, Pennsylvania (approximately
10 miles northwest of the Philadelphia CBD).  The property was 98%
leased as of December 2015 compared to 100% at last review.
Moody's LTV and stressed DSCR are 31% and 3.27X, respectively,
compared to 29% and 3.52X at the last review.


DENALI CAPITAL CLO X: S&P Affirms B Rating on Cl. B-3L Notes
------------------------------------------------------------
S&P Global Ratings raised its ratings on the class A-2L, A-3L, and
B-1L notes from Denali Capital CLO X Ltd.  At the same time, S&P
affirmed its ratings on the class A-1L, B-2L, and B-3L notes from
the same transaction.  Denali Capital CLO X Ltd. is a U.S. CLO
transaction that closed in March 2013 and is managed by DC Funding
Partners LLC.

The deal is currently in its reinvestment phase, which is scheduled
to end in April 2017.  As of the May 2016 report used for this
analysis, the weighted average life of the portfolio has decreased
to 4.54 years from 5.63 years at effective date in July 2013 which
has positively affected the creditworthiness of the collateral
pool.  In addition, the number of obligors in the portfolio has
also increased during this period, which contributed to the
portfolio's improved diversification.

The portfolio's credit quality has improved as the assets rated
'BB-' or above have increased; there are no defaulted assets in the
portfolio.  The 'CCC' rated assets have increased to
$6.9 million (1.7%) from $0.9 million (0.2%) at the effective date;
however, this is offset by the collateral seasoning and
improvements in other portfolio parameters mentioned above.  The
transaction also has lower-than-average exposure to obligors in the
commodities sector.

The overcollateralization (O/C) ratios for all the classes have
also increased marginally, with the class A-1L/A-2L O/C ratio at
137.42%, up from 137.11% at the effective date.

The affirmed ratings reflect S&P's belief that the credit support
available is commensurate with the current rating levels.  Although
S&P's cash flow analysis pointed to higher ratings for all classes
except the class A-1L notes, it considered other stress tests to
allow for volatility in the underlying portfolio given that the
transaction is still in its reinvestment period.

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

Denali Capital CLO X Ltd.
                   Cash flow
        Previous   implied     Cash flow    Final
Class   rating     rating(i)   cushion(ii)  rating
A-1L    AAA (sf)   AAA (sf)    11.43%       AAA (sf)
A-2L    AA (sf)    AAA (sf)    0.25%        AA+ (sf)
A-3L    A (sf)     AA- (sf)    1.92%        A+ (sf)
B-1L    BBB (sf)   A- (sf)     1.88%        BBB+ (sf)
B-2L    BB- (sf)   BB+ (sf)    4.43%        BB- (sf)
B-3L    B (sf)     B+ (sf)     0.84%        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 (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 equals rating         20.0                      7.5
Above base case                 25.0                     10.0

                   10% Recovery  Correlation  Correlation
        Cash flow  decrease      increase     decrease
        implied    implied       implied      implied    Final
Class   rating     rating        rating       rating     rating
A-1L    AAA (sf)   AAA (sf)      AAA (sf)     AAA (sf)   AAA (sf)
A-2L    AAA (sf)   AA+ (sf)      AA+ (sf)     AAA (sf)   AA+ (sf)
A-3L    AA- (sf)   A+ (sf)       A+ (sf)      AA+ (sf)   A+ (sf)
B-1L    A- (sf)    BBB+ (sf)     BBB+ (sf)    A+ (sf)    BBB+ (sf)
B-2L    BB+ (sf)   BB- (sf)      BB+ (sf)     BB+ (sf)   BB- (sf)
B-3L    B+ (sf)    CCC+ (sf)     B+ (sf)      B+ (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-1L   AAA (sf)   AAA (sf)     AAA (sf)     AAA (sf)
A-2L   AAA (sf)   AA+ (sf)     AA+ (sf)     AA+ (sf)
A-3L   AA- (sf)   A+ (sf)      A- (sf)      A+ (sf)
B-1L   A- (sf)    BBB+ (sf)    BBB- (sf)    BBB+ (sf)
B-2L   BB+ (sf)   BB (sf)      B+ (sf)      BB- (sf)
B-3L   B+ (sf)    CCC+ (sf)    CCC- (sf)    B (sf)

RATINGS RAISED

Denali Capital CLO X Ltd.
                Rating
Class       To          From
A-2L        AA+ (sf)    AA (sf)
A-3L        A+ (sf)     A (sf)
B-1L        BBB+ (sf)   BBB (sf)

RATINGS AFFIRMED

Denali Capital CLO X Ltd.
Class       Rating
A-1L        AAA (sf)
B-2L        BB- (sf)
B-3L        B (sf)


FIGUEROA CLO 2013-1: S&P Affirms 'BB' Rating on Class D Notes
-------------------------------------------------------------
S&P Global Ratings affirmed its ratings on the class A-1, A-2, B,
C, and D notes from Figueroa CLO 2013-1 Ltd., a cash flow
collateralized loan obligation (CLO) transaction.

The rating affirmations on the classes reflect adequate credit
support at their current rating levels.  Although the cash flow
results show higher ratings for the class A-2, B, C, and D notes,
S&P considered the fact that the transaction is still in its
reinvestment period, which is scheduled to end in March 2017 and
has not yet paid down any principal to the rated notes.  Future
reinvestments could change some of the portfolio characteristics.


According to the May 2016 trustee report that S&P used for this
review, the overcollateralization (O/C) ratios for each class have
decreased slightly since S&P's August 2013 rating affirmations:

   -- The class A ratio was 130.08%, down from the 132.69%
      reported in May 2013, which S&P referenced for its August
      2013 rating actions.

   -- The class B ratio was 121.74%, down from the 124.19%
      reported in May 2013.

   -- The class C ratio was 114.76%, down from the 117.06%
      reported in May 2013.  The class D ratio was 106.70%, down
      from the 108.84% reported in May 2013.

In addition, there has been a modest increase in both the defaulted
assets and the assets rated in the 'CCC' category.

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

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 appropriate.

CASH FLOW RESULTS AND SENSITIVITY ANALYSIS

Figueroa CLO 2013-1 Ltd.

                   Cash flow
        Previous   implied     Cash flow     Final
Class   rating     rating(i)   cushion(ii)   rating
A-1     AAA (sf)   AAA (sf)    11.62%        AAA (sf)
A-2     AA (sf)    AA+ (sf)    14.66%        AA (sf)
B       A (sf)     AA+ (sf)    2.51%         A (sf)
C       BBB (sf)   A+ (sf)     3.61%         BBB (sf)
D       BB (sf)    BB+ (sf)    6.69%         BB (sf)

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

             RECOVERY RATE AND CORRELATION SENSITIVITY

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

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

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

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

                      DEFAULT BIASING SENSITIVITY

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

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

RATINGS AFFIRMED

Figueroa CLO 2013-1 Ltd.
Class        Rating
A-1          AAA (sf)
A-2          AA (sf)
B            A (sf)
C            BBB (sf)
D            BB (sf)


GALAXY XXII: S&P Assigns Prelim. 'B-' Rating on Cl. F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Galaxy XXII
CLO Ltd./Galaxy XXII CLO LLC's $394.00 million floating-rate notes
(including the combination notes).

The note issuance is a collateralized loan obligation transaction
backed by broadly syndicated speculative-grade senior secured term
loans.

The preliminary ratings are based on information as of June 9,
2016.  Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

   -- The diversified collateral pool, which consists primarily of

      broadly syndicated speculative-grade senior secured term
      loans that are governed by collateral quality tests.  The
      credit enhancement provided through the subordination of
      cash flows, excess spread, and overcollateralization.

   -- The collateral manager's experienced team, which can affect
      the performance of the rated notes through collateral
      selection, ongoing portfolio management, and trading.  The
      transaction's legal structure, which is expected to be
      bankruptcy remote.

PRELIMINARY RATINGS ASSIGNED

Galaxy XXII CLO Ltd./Galaxy XXII CLO LLC

Class                   Rating                  Amount
                                              (mil. $)
A                       AAA (sf)                256.40
B-1                     AA (sf)                  41.80
B-2                     AA (sf)                   3.00
C-1                     A (sf)                   14.60
C-2                     A (sf)                   13.00
D                       BBB (sf)                 19.20
E                       BB- (sf)                 20.00
F                       B- (sf)                   6.00
Subordination notes     NR                       26.00
Combination notes(i)    A-p (sf)                 20.00

(i) Combination note preliminary rating only addresses the ultimate
repayment of the notional amount of $20 million by the
transaction's legal final maturity.
p -- Principal only.
NR -- Not rated.


GALAXY XXII: S&P Assigns Prelim. B- Rating on Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Galaxy XXII
CLO Ltd./Galaxy XXII CLO LLC's $394.00 million floating-rate notes
(including the combination notes).

The note issuance is a collateralized loan obligation transaction
backed by broadly syndicated speculative-grade senior secured term
loans.

The preliminary ratings are based on information as of June 9,
2016.  Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

   -- The diversified collateral pool, which consists primarily of

      broadly syndicated speculative-grade senior secured term
      loans that are governed by collateral quality tests.  The
      credit enhancement provided through the subordination of
      cash flows, excess spread, and overcollateralization.

   -- The collateral manager's experienced team, which can affect
      the performance of the rated notes through collateral
      selection, ongoing portfolio management, and trading.  The
      transaction's legal structure, which is expected to be
      bankruptcy remote.

PRELIMINARY RATINGS ASSIGNED

Galaxy XXII CLO Ltd./Galaxy XXII CLO LLC

Class                   Rating                  Amount
                                              (mil. $)
A                       AAA (sf)                256.40
B-1                     AA (sf)                  41.80
B-2                     AA (sf)                   3.00
C-1                     A (sf)                   14.60
C-2                     A (sf)                   13.00
D                       BBB (sf)                 19.20
E                       BB- (sf)                 20.00
F                       B- (sf)                   6.00
Subordination notes     NR                       26.00
Combination notes(i)    A-p (sf)                 20.00

(i)Combination note preliminary rating only addresses the ultimate
repayment of the notional amount of $20 million by the
transaction's legal final maturity.
p -- Principal only.
NR -- Not Rated



GMAC COMMERCIAL 2004-C3: S&P Raises Rating on Cl. C Certs to B+
---------------------------------------------------------------
S&P Global Ratings raised its ratings on three classes of
commercial mortgage pass-through certificates from GMAC Commercial
Mortgage Securities, Inc.'s series 2004-C3, a U.S. commercial
mortgage-backed securities (CMBS) transaction.

S&P's upgrades follow its analysis of the transaction, primarily
using its criteria for rating U.S. and Canadian CMBS transactions,
which included a review of the credit characteristics and
performance of the remaining assets in the pool, the transaction's
structure, and the liquidity available to the trust.  The upgrades
also reflect S&P's expectation of the available credit enhancement
for these classes, which S&P believes is greater than its most
recent estimate of necessary credit enhancement for the respective
rating levels, S&P's views regarding the collateral's current and
future performance, and the reduced trust balance.

While available credit enhancement levels suggest further positive
rating movements on classes B, C, and D, S&P's analysis also
considered the classes' interest shortfall history, their
susceptibility to reduced liquidity support from the specially
serviced asset ($9.6 million, 14.3%), refinancing risk with the
largest loan in the pool, the Imperial Center Office loan
($42.8 million, 63.7%), and single tenancy exposure on two other
loans ($12.5 million, 18.6%).

Specifically, class D was previously lowered to 'D (sf)' due to
accumulated interest shortfalls that S&P expected to remain
outstanding for a prolonged period of time.  S&P raised its rating
on this class to 'B- (sf)' from 'D (sf)' because the interest
shortfalls have been repaid in full, and S&P do not believe, at
this time, a further default is virtually certain.

                        TRANSACTION SUMMARY

As of the May 10, 2016, trustee remittance report, the collateral
pool balance was $67.2 million, which is 5.4% of the pool balance
at issuance.  The pool currently includes four loans and one real
estate-owned (REO) asset, down from 92 loans at issuance.  One
asset is currently with the special servicer, C-III Asset
Management LLC (C-III) and no loans are defeased or on servicer
watchlists.  The master servicer, Berkadia Commercial Mortgage LLC,
reported financial information for 85.7% of the loans in the pool,
of which 82.5% was year-end 2015 data and the remainder was
year-end 2014 data.

For the four performing loans, S&P calculated a 1.31x S&P Global
Ratings weighted average debt service coverage (DSC) and 72.5% S&P
Global Ratings weighted average loan-to-value (LTV) ratio using a
7.72% S&P Global Ratings weighted average capitalization rate.

To date, the transaction has experienced $84.0 million in principal
losses, or 6.7% of the original pool trust balance.  S&P expects
losses to reach approximately 7.0% of the original pool trust
balance in the near term, based on loss incurred to date and
additional loss S&P expects upon the eventual resolution of the
specially serviced asset.

                      CREDIT CONSIDERATIONS

As of the May 10, 2016, trustee remittance report, one asset in the
pool was with the special servicer.  The Marketplace at Hillsboro
REO asset is the third-largest asset in the pool and has a reported
$12. 8 million in total exposure.  The asset is a 113,936-sq.-ft.
retail property in Coconut Creek, Fla.  The loan was transferred to
the special servicer on Aug. 8, 2011, because of imminent maturity
default, and the property became REO on
Jan. 28, 2014.  The master servicer has deemed the asset
nonrecoverable.  C-III stated that it is currently working on
selling the property.  No updated performance data was provided.
S&P expects a moderate loss upon this asset's eventual resolution,
which it considers to be a loss between 26% and 59% of the
outstanding asset balance.

RATINGS LIST

GMAC Commercial Mortgage Securities, Inc.
Commercial mortgage pass-through certificates series 2004-C3

                                       Rating         Rating
Class            Identifier            To             From
B                361849K43             BBB+ (sf)      B- (sf)
C                361849K50             B+ (sf)        CCC- (sf)
D                361849K68             B- (sf)        D (sf)


GOLUB CAPITAL 2007-1: Moody's Hikes Class E Debt Rating From Ba1
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Golub Capital Management CLO 2007-1, Ltd.:

US$19,750,000 Class D Deferrable Mezzanine Notes Due 2021, Upgraded
to Aa2 (sf); previously on January 8, 2016 Upgraded to Aa3 (sf)

US$20,250,000 Class E Deferrable Mezzanine Notes Due 2021, Upgraded
to Baa3 (sf); previously on January 8, 2016 Upgraded to Ba1 (sf)

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

US$369,000,000 Class A Senior Notes Due 2021 (current outstanding
$25,634,748), Affirmed Aaa (sf); previously on January 8, 2016
Affirmed Aaa (sf)

US$28,000,000 Class B Senior Notes Due 2021, Affirmed Aaa (sf);
previously on January 8, 2016 Affirmed Aaa (sf)

US$32,000,000 Class C Deferrable Mezzanine Notes Due 2021, Affirmed
Aaa (sf); previously on January 8, 2016 Upgraded to Aaa (sf)

Golub Capital Management CLO 2007-1, Ltd., issued in July 2007, is
a collateralized loan obligation (CLO) backed primarily by a
portfolio of senior secured loans with significant exposure to
middle market loans. The transaction's reinvestment period ended in
July 2013.

RATINGS RATIONALE

These rating actions are primarily a result of deleveraging of the
senior notes and an increase in the transaction's
over-collateralization (OC) ratios since January 2016. The Class A
notes have been paid down by approximately 30.8% or $23.8 million
since then. Based on the trustee's May 2016 report, the OC ratios
for the Class A/B, Class C, Class D and Class E notes are reported
at 277.2%, 173.6%, 141.1% and 118.4%, respectively, versus January
2016 levels of 227.9%, 161.3%, 136.6% and 118.1%, respectively.


GS MORTGAGE 2010-C1: Moody's Affirms Ba3 Rating on Cl. X Certs
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings of eight classes of
GS Mortgage Securities Corporation II Commercial Mortgages
Pass-Through Certificates Series 2010-C1 as follows:

Cl. A-1, Affirmed Aaa (sf); previously on Oct 30, 2015 Affirmed Aaa
(sf)

Cl. A-2, Affirmed Aaa (sf); previously on Oct 30, 2015 Affirmed Aaa
(sf)

Cl. B, Affirmed Aaa (sf); previously on Oct 30, 2015 Affirmed Aaa
(sf)

Cl. C, Affirmed Aa2 (sf); previously on Oct 30, 2015 Upgraded to
Aa2 (sf)

Cl. D, Affirmed A3 (sf); previously on Oct 30, 2015 Upgraded to A3
(sf)

Cl. E, Affirmed Baa2 (sf); previously on Oct 30, 2015 Upgraded to
Baa2 (sf)

Cl. F, Affirmed Ba1 (sf); previously on Oct 30, 2015 Upgraded to
Ba1 (sf)

Cl. X, Affirmed Ba3 (sf); previously on Oct 30, 2015 Affirmed Ba3
(sf)

RATINGS RATIONALE

The affirmations of seven principal and interest (P&I) classes are
due to key parameters, including Moody's loan to value (LTV) ratio
and Moody's stressed debt service coverage ratio (DSCR) remaining
within acceptable ranges.

The affirmation of interest-only (IO) Class X is consistent with
the weighted average rating factor or WARF of its referenced
classes and thus is affirmed.

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

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.


DEAL PERFORMANCE

As of the May 12, 2016 Payment Date, the transaction's certificate
balance has decreased 21% to $620.1 million from $788.5 million at
securitization due to the payoff of four loans and scheduled
amortization. The certificates are collateralized by 19 fixed-rate
mortgage loans, including three loans that have defeased
representing 17% of the trust balance. The defeased loans are The
Mall at Partridge Creek, Oliveira Plaza and Canyon Point Market
Place. The trust has not experienced losses or interest shortfalls
since securitization.

The largest loan in the pool is collateralized by 660 Madison
Avenue Retail ($87.9 million -- 14% of the pool balance), a 264,498
square foot retail property 100% leased to Barney's NY. The
property is located on Madison Avenue between East 60th Street and
East 61st Street in the Plaza District submarket of New York City.
The property serves as Barney's flagship store. Barney's lease
expires in January 2019. The loan maturity date is July 6, 2020.
Moody's current loan to value (LTV) ratio is 59%. Moody's current
structured credit assessment is a1 (sca.pd).

The Burnsville Center loan ($73.0 million -- 12%), the second
largest non-defeased loan, is secured by the 523,692 square foot
portion of a 1.1 million square foot regional mall located in
Burnsville, Minnesota. Although the mall is not the dominant mall
within its trade area, the property is the only regional mall
within the market south of the Minnesota River. The improvements
for the anchor stores, Macy's, Sears and JC Penney, are not part of
the loan collateral. Additional anchor stores are Dick's Sporting
Goods and Gormans. The property was 96% leased and the loan
collateral was 91% leased, as of May 2016. Moody's current LTV is
65%. Moody's structured credit assessment is a3 (sca.pd).

The Cole Portfolio loan ($62.9 million -- 10%), the third largest
non-defeased loan, is secured by 20 retail properties and one
office property containing a total of 530,826 square feet located
throughout 14 states. The largest property, Sunset Valley
Homestead, is a 138,757 square foot multi-tenanted office building
located in Sunset Valley, Texas. The property was 99% leased, as of
December 31, 2015. The remaining collateral consists of 18 single
tenant retail properties, and one single tenant office property
occupied by Cargill. Walgreens (Baa2 senior unsecured, ratings
under review for possible downgrade) is the largest single tenant
exposure accounting for 41% of the total leasable area of the
single-tenanted properties. Other single-tenant retail property
tenants include Kohl's, CVS, Advance Auto and Tractor Supply. The
single-tenant properties were all 100% leased, as of December 31,
2015. Moody's LTV is 63%. Moody's current structured credit
assessment is a1 (sca.pd).


GS MORTGAGE 2013-G1: Fitch Affirms 'BBsf' Rating on Cl. DM Debt
---------------------------------------------------------------
Fitch Ratings has upgraded three and affirmed four classes of
Goldman Sachs & Co. GS Mortgage Securities Trust series 2013-G1.

                         KEY RATING DRIVERS

The upgrades to classes B through D reflect the improved
performance of the assets in the pool.  Fitch reviewed the most
recently available rent rolls and financial performance of the
collateral.  Full-year 2015 performance data for all three malls
were provided.

As of the May 2016 distribution date, the pool's aggregate
certificate balance declined by 4.7% to $543.1 million from $569
million at issuance due to scheduled amortization.  The transaction
consists of three mortgage loans secured by the Great Lakes
Crossing Outlets (Great Lakes), located in Auburn Hills, MI;
Deptford Mall (Deptford) in Deptford, NJ; and Katy Mills Mall (Katy
Mills), in Katy, TX.  All three malls are sponsored by large
national real estate investment trusts focused on regional and
super-regional shopping centers.

Great Lakes (38.8% of the pool) is a 1.4 million square foot (sf)
super-regional mall/outlet center anchored by Outdoor World, AMC
Theater, Burlington Coat Factory, and The Sports Authority.
Collateral consists of 1.1 million sf, which excludes Outdoor World
and AMC Theater.  Fitch expects the Sports Authority space to
vacate.  The servicer reported occupancy for the collateral space
improved to 99.4% as of year-end (YE) 2015 from 94.1% at issuance.
Upcoming rollover for the collateral space includes 3.8% in 2016
and 6.3% in 2017.  Comparable sales increased to $356 psf at YE
2015 from $348 psf at YE 2014.  Fitch stressed net cash flow (NCF)
debt service coverage ratio (DSCR) improved to 1.42x as of YE 2015
compared to 1.34x at issuance.

Deptford (35.4%) is a 1 million sf regional mall anchored by
Macy's, JC Penney, Sears and Boscov's.  Collateral for the loan
consists of 343,910 sf of in-line space, which excludes the four
anchor tenants.  The servicer reported occupancy for the collateral
space declined to 83% during the first half of 2015 following the
loss and downsizing of several tenants.  Occupancy has since
improved to 96.6% as of YE 2015, in line with issuance (96.8%) due
to newly executed leases including a new H&M store (6.5% of
collateral space).  Comparable sales increased to $566 psf at YE
2015 from $561 psf at YE 2014.  Fitch stressed NCF DSCR improved to
1.25x as of YE 2015 compared to 1.13x at issuance. Upcoming
rollover for the collateral space includes 9.5% in 2016 and 5.7% in
2017.

Katy Mills (25.8% of the pool) is a 1.6 million sf regional,
mall/outlet center whose major tenants include the following: Bass
Pro Shops Outdoor, AMC Theaters, Marshalls, Burlington Coat
Factory, Bed Bath & Beyond, Marshalls and Off-Fifth Saks Fifth
Avenue.  Collateral consists of 1.2 million sf, which excludes
Wal-Mart and 12 additional outparcels.  The servicer reported
occupancy for the collateral space improved to 96.4% as of YE 2015
compared to 88.9% at issuance.  Upcoming tenant rollover for the
collateral includes 2.9% in 2016 and 5.3% in 2017.  Sales for
tenants of less than 10,000 sf were a reported $454 psf at YE 2015
compared to $445 psf as of YE 2014.  Fitch stressed NCF DSCR
improved to 1.62x as of YE 2015 compared to 1.43x at issuance.

                        RATING SENSITIVITIES

The Rating Outlook for all classes remains Stable.  Future upgrades
are possible should tenants with upcoming lease expirations renew
their leases and overall performance continue to improve.
Conversely, downgrades would be considered should property
performance or cash flow decline.

                        DUE DILIGENCE USAGE

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

Fitch has upgraded these classes:

   -- $76 million class B to 'AAsf' from 'AA-sf'; Outlook Stable;
   -- $49.7 million class C to 'Asf' from 'A-sf'; Outlook Stable;
   -- $38.3 million class D to 'BBBsf' from 'BBB-sf'; Outlook
      Stable.

Fitch has affirmed these classes:

   -- $59.8 million class A-1 at 'AAAsf'; Outlook Stable;
   -- $295.7 million class A-2 at 'AAAsf'; Outlook Stable;
   -- Interest-only class X-A at 'AAAsf'; Outlook Stable;
   -- $23.6 million class DM* at 'BBsf'; Outlook Stable.

*Class DM represents the interest solely in the subordinate note of
the Deptford Mall loan.


HERTZ VEHICLE 2016-3: Fitch Assigns BB Rating on Class D Notes
--------------------------------------------------------------
Fitch Ratings has assigned these ratings and Rating Outlooks to the
series 2016-3 and 2016-4 notes issued by Hertz Vehicle Financing II
LP (HVF II):

Series 2016-3
   -- $299,979,000 class A notes 'AAAsf'; Outlook Stable;
   -- $77,116,000 class B notes 'Asf'; Outlook Stable;
   -- $22,905,000 class C notes 'BBBsf'; Outlook Stable;
   -- $24,177,000 class D notes 'BBsf'; Outlook Stable.

Series 2016-4
   -- $299,979,000 class A notes 'AAAsf'; Outlook Stable;
   -- $77,116,000 class B notes 'Asf'; Outlook Stable;
   -- $22,905,000 class C notes 'BBBsf'; Outlook Stable;
   -- $24,177,000 class D notes 'BBsf'; Outlook Stable.

                        KEY RATING DRIVERS

Diverse Vehicle Fleet: HVF II is deemed diverse under Fitch's
criteria due to the high degree of manufacturer, model, segment,
and geographic diversification in Hertz and Dollar Thrifty's rental
fleets.  Concentration limits, based on a number of
characteristics, are present to help mitigate the risk of
individual original equipment manufacturer (OEM) bankruptcies or
failure to honor repurchase agreement obligations.

OEM Financial Stability: OEMs with program vehicle concentrations
in HVF II have all improved their financial position in recent
years and have positioned themselves well to meet their respective
repurchase agreement obligations.  Fitch affirmed the Issuer
Default Rating (IDR) of Fiat Chrysler Automobiles NV (FCA), the
largest OEM in HVF II, at 'BB-' in October 2015 and recently
upgraded the IDR of GM (third-largest) to 'BBB-' in June 2015.

Consistent Performance: Hertz's historical vehicle fleet
depreciation has been relatively stable, despite recent increases
in 2014-2015 for non-program vehicles due to higher aging within
the fleet.  Historical vehicle disposition losses have been minimal
for program vehicles (PV), while non-program vehicles (NPV) have
recorded mostly gains.  However, dispositions are expected to come
under pressure over the next two to three years from the increasing
vehicle supply in the U.S. wholesale market.

Enhancement Covers Fitch's Expected Loss: Initial credit
enhancement (CE) for the notes is dynamic and based on the HVF II
fleet mix, with maximum and minimum levels.  The dynamic CE levels
proposed for all class of notes of each series covers Fitch's
maximum and minimum expected loss (EL) levels for all classes under
the requested ratings.

Structural Features Mitigate Risk: Vehicle market value/disposition
proceeds tests, amortization triggers and events of default all
mitigate risks stemming from ongoing vehicle value volatility and
weakness, ensuring parity between asset values and ongoing market
conditions, resulting in low historical fleet disposition losses
and stable depreciation rates.

Adequate Fleet Servicer and Fleet Management: Hertz is deemed an
adequate servicer and administrator, as evidenced by its historical
fleet management and securitization performance to date.  Fiserv is
the backup disposition agent, and Lord Securities the backup
administrator.

Legal Structure Integrity: The legal structure of the transaction
provides that a bankruptcy of Hertz would not impair the timeliness
of payments on the securities.

                       RATING SENSITIVITIES

Fitch's rating sensitivity analysis focuses on two scenarios
involving potentially extreme market disruptions that would force
the agency to redefine its stress assumptions.  The first examines
the effect of moving Fitch's bankruptcy/liquidation timing scenario
to eight months at 'AAAsf' with subsequent increases to each rating
level.  The second considers the effect of moving the disposition
stresses to the higher end of the range at each rating level for a
diverse fleet.  For example, at 'AAAsf', the stress would move from
24% to 28%.  Finally, the last scenario shows the impact of both
stresses on the structure.  The purpose of these stresses is to
demonstrate the potential rating impact on a transaction if one or
a combination of these scenarios occurs.

Fitch determined ratings by applying expected loss levels for
various rating categories until the enhancement proposed exceeded
the expected loss from the sensitivity.  Sensitivity scenarios were
run on the 2016-4 five-year maturity structure, as this series has
a slightly higher interest expense cost, and therefore, a slightly
higher EL level than 2016-3.

For all sensitivity scenarios, the class A notes show no
sensitivity to any of the above scenarios.  One-notch to one-level
downgrades would occur to the subordinate notes under each scenario
with greater sensitivity to the disposition stress scenario.  Under
the combined scenario, the subordinate notes would be placed under
greater stress.

                        DUE DILIGENCE USAGE

Fitch was provided with third-party due diligence information from
PricewaterhouseCoopers LLP (PwC).  The third-party due diligence
focused on a review of the procedures and related data for
approximately 59 vehicles in the pool for each series, including
these areas:

   -- Title, Lien and OEM;
   -- Capital Costs;
   -- Mark-to-Market and Disposition Proceeds.


HIGHLAND PARK: Moody's Hikes Class A-2 Notes Rating to Caa1(sf)
---------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
note issued by Highland Park CDO I:

Cl. A-2, Upgraded to Caa1 (sf); previously on Jul 23, 2015 Affirmed
Caa3 (sf)

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

Cl. B, Affirmed Ca (sf); previously on Jul 23, 2015 Affirmed Ca
(sf)

Cl. C, Affirmed C (sf); previously on Jul 23, 2015 Affirmed C (sf)

Cl. D, Affirmed C (sf); previously on Jul 23, 2015 Affirmed C (sf)

Cl. E, Affirmed C (sf); previously on Jul 23, 2015 Affirmed C (sf)

Cl. F, Affirmed C (sf); previously on Jul 23, 2015 Affirmed C (sf)

RATINGS RATIONALE

Moody's has upgraded the ratings on one class of notes due to
unexpected proceeds resulting from prepayments and the sale of
equity interests in the amount of $20.6 million (14.6% of the
collateral balance). Additionally, the credit quality of the
remaining pool is stable as evidenced by WARF and WARR. Moody's has
affirmed the ratings on the transaction because its key transaction
metrics are commensurate with existing ratings. The rating actions
are the result of Moody's on-going surveillance of commercial real
estate collateralized debt obligation (CRE CDO CLO) transactions.

Highland Park CDO I is a static cash CRE CDO transaction backed by
a portfolio of: i) CMBS securities (30.0% of the collateral pool
balance); ii) CRE CDOs (21.3%); iii) whole loans (27.4%); iv)
b-notes (10.0%); and v) senior secured corporate debt (11.3%). As
of the May 18, 2016 trustee report, the aggregate note balance of
the transaction, including preferred shares is $276.5 million
compared to $600.0 million at issuance, with the paydown directed
to the senior most outstanding notes. Please note, the collateral
balances reported herein exclude equities held in the form of
common stock and a $6.8 million whole loan which has repaid but is
still reported as an asset as of the May 18, 2016 trustee report.

The pool contains eighteen assets totaling $77.5 million (55.2% of
the collateral pool balance) that are listed as impaired interest
securities as of the trustee's May 18, 2016 report. Seven of these
assets (40.8% of the impaired balance) are CMBS, four assets are
CRE CDO (33.0%), three assets are commercial real estate whole
loans collateralized by land (9.0%), and four assets are commercial
real estate b-notes collateralized by land (17.2%). While there
have been limited realized losses on the underlying collateral to
date, Moody's does expect moderate to high losses to occur on the
impaired interest securities.


HILLMARK FUNDING: Moody's Cuts Class D Notes Rating to B1(sf)
-------------------------------------------------------------
Moody's Investors Service has downgraded the rating on the
following notes issued by Hillmark Funding Ltd.:

US$15,250,000 Class D Secured Deferrable Floating Rate Notes due
2021 (current outstanding balance of $9,334,570.94), Downgraded to
B1 (sf); previously on November 9, 2015 Affirmed Ba3 (sf)

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

US$368,000,000 Class A-1 Senior Secured Floating Rate Notes due
2021 (current outstanding balance of $126,422,946.47), Affirmed Aaa
(sf); previously on November 9, 2015 Affirmed Aaa (sf)

US$24,500,000 Class A-2 Senior Secured Floating Rate Notes due
2021, Affirmed Aaa (sf); previously on November 9, 2015 Affirmed
Aaa (sf)

US$28,000,000 Class B Senior Secured Deferrable Floating Rate Notes
due 2021, Affirmed Aa3 (sf); previously on November 9, 2015
Affirmed to Aa3 (sf)

US$25,000,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2021, Affirmed Baa3 (sf); previously on November 9, 2015
Upgraded to Baa3 (sf)

Hillmark Funding Ltd., issued in November 2006, is a collateralized
loan obligation (CLO) backed primarily by a portfolio of senior
secured loans. The transaction's reinvestment period ended in
November 2013.

RATINGS RATIONALE

The downgrade action on the rating of Class D notes is primarily a
result of decrease in the Class D over-collateralization (OC) ratio
and deterioration in the credit quality of the portfolio since
November 2015. Based on the trustee's May 2016 report, the OC ratio
for the Class D notes is reported at 102.66%, versus 105.48% in
November 2015. Additionally, Moody's notes the credit quality of
the portfolio has deteriorated since November 2015. Based on the
trustee's May 2016 report, the weighted average rating factor
(WARF) is currently 2937 compared to 2588 in November 2015.

The affirmations on the ratings of Class A-1, A-2, B and C notes
are primarily a result of deleveraging of the senior notes, whose
benefit was offset by the deterioration in the credit quality of
the portfolio since November 2015. The Class A-1 notes were paid
down by 33.4% or $63.4 million since that time. Based on the
trustee's May 2016 report, the OC ratios for the Class A, Class B,
and Class C notes are reported at 140.00%, 120.34% and 106.93%,
respectively, versus November 2015 levels of 136.15%, 120.42%,
109.16%, respectively.


HPS LOAN: Moody's Assigns Definitive Ba3 Rating to Class D2 Debt
----------------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by HPS Loan Management 92016, Ltd. (the "Issuer" or
"HPS Loan Management 92016").

Moody's rating action is as follows:

US$310,000,000 Class A1 Senior Secured Floating Rate Notes due 2027
(the "Class A1 Notes"), Definitive Rating Assigned Aaa (sf)

US$65,000,000 Class A2 Senior Secured Floating Rate Notes due 2027
(the "Class A2 Notes"), Definitive Rating Assigned Aa2 (sf)

US$30,000,000 Class B Mezzanine Secured Deferrable Floating Rate
Notes due 2027 (the "Class B Notes"), Definitive Rating Assigned A2
(sf)

US$29,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2027 (the "Class C Notes"), Definitive Rating Assigned
Baa3 (sf)

US$7,000,000 Class D1 Junior Secured Deferrable Floating Rate Notes
due 2027 (the "Class D1 Notes"), Definitive Rating Assigned Ba3
(sf)

US$19,000,000 Class D2 Junior Secured Deferrable Floating Rate
Notes due 2027 (the "Class D2 Notes"), Definitive Rating Assigned
Ba3 (sf)

The Class A1 Notes, Class A2 Notes, Class B Notes, Class C Notes,
Class D1 Notes and Class D2 Notes are referred to herein,
collectively, as the "Rated Notes."

RATINGS RATIONALE

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

HPS Loan Management 92016 is a managed cash flow CLO. The issued
notes will be collateralized primarily by broadly syndicated first
lien senior secured corporate loans. At least 96% of the portfolio
must be invested in senior secured loans or eligible investments
and up to 4% of the portfolio may consist of second lien loans and
unsecured loans. The portfolio is approximately 76% ramped as of
the closing date.

HPS Investment Partners, LLC (formerly known as Highbridge
Principal Strategies, LLC) (the "Manager") will direct the
selection, acquisition and disposition of the assets on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four and onehalf
year reinvestment period. Thereafter, the Manager may reinvest
collateral principal collections constituting (i) unscheduled
principal payments and (ii) the sale proceeds of credit risk
obligations in additional collateral debt obligations, subject to
certain restrictions.

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


ICE 1: Moody's Lowers Rating on Class D Notes to 'Caa2(sf)'
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings on the
following notes issued by ICE 1: EM CLO Ltd.:

US$38,000,000 Class C Floating Rate Subordinate Secured Term Notes
Due August 15, 2022, Downgraded to Ba3 (sf); previously on March
17, 2016 Ba2 (sf) Placed Under Review for Possible Downgrade

US$40,000,000 Class D Floating Rate Junior Subordinate Secured Term
Notes Due August 15, 2022 (current outstanding balance of
$35,901,461), Downgraded to Caa2 (sf); previously on March 17, 2016
Downgraded to B3 (sf) and Placed Under Review for Possible
Downgrade

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

US$184,000,000 Class A2 Floating Rate Senior Secured Term Notes Due
August 15, 2022 (current outstanding balance of $53,861,989),
Affirmed Aaa (sf); previously on Nov 12, 2015 Affirmed Aaa (sf)

US$95,000,000 Class A3 Floating Rate Senior Secured Term Notes Due
August 15, 2022, Affirmed Aa2 (sf); previously on Nov 12, 2015
Upgraded to Aa2 (sf)

US$51,000,000 Class B Floating Rate Senior Subordinate Secured Term
Notes Due August 15, 2022, Affirmed Baa2 (sf); previously on Nov
12, 2015 Upgraded to Baa2 (sf)

ICE 1: EM CLO Ltd., issued in August 2007, is a collateralized debt
obligation (CDO) backed primarily by a portfolio of senior
unsecured bonds, senior secured loans and nonsenior secured loans,
with significant exposure to emerging market corporate and
sovereign issuers. The transaction's reinvestment period ended in
August 2013.

RATINGS RATIONALE

Moody's said, "These rating actions are primarily a result of
credit quality deterioration in the portfolio and a decrease in the
transaction's overcollateralization (OC) ratios since March 2016.
Based on the trustee's May 2016 report, the weighted average rating
factor is currently 4030 compared to 3594 in March 2016. The OC
ratios for the notes have also decreased. The OC ratios for the
Class A, B, C and D notes are reported at 192.9%, 143.7%, 120.7%
and 96.4%, respectively, in May 2016, versus March 2016 levels of
196.9%, 146.7%, 123.2% and 97.6%, respectively. The Class D notes'
OC ratio continues to breach the 106.6% trigger, and we expect the
breach to continue in the near term."

In addition, 45% of the performing assets in the portfolio have
ratings with a negative outlook. A material proportion of these
assets, or 28% of performing par according to the May 2016 report,
are issued by a few large obligors whose ratings are Caa1 or lower.
The portfolio also has material exposure to the oil and gas, metals
and mining, banking and sovereign sectors in countries with low
speculative grade foreign currency ceilings including Venezuela,
Ukraine, Russia, Argentina and Azerbaijan, which represent
approximately 49% of performing par.

The deal also has a large, out-of-the-money interest rate swap,
which will continue to reduce excess interest in the deal until it
matures in August 2017. The notional of this swap, however, will
decrease substantially over the next year, leaving excess interest
available to deleverage the Class D notes as long as the Class D OC
test continues to fail and the other OC tests remain in compliance.


JP MORGAN 2004-PNC1: Fitch Raises Rating on Class F Certs to 'B'
----------------------------------------------------------------
Fitch Ratings has upgraded two and affirmed 12 classes of J.P.
Morgan Chase Commercial Mortgage Securities Corp., series 2004-PNC1
commercial mortgage pass-through certificates (JPMCC 2004-PNC1).
Fitch has also revised the Rating Outlook for class D to Positive
from Stable.

                         KEY RATING DRIVERS

The upgrades reflect an increase in credit enhancement due to three
loan payoffs since Fitch's previous rating action, as well as
continued amortization and paydown.  Fitch has applied additional
stresses in its base case scenario to reflect the increasing risk
of adverse selection as the pool becomes more concentrated.
Despite high credit enhancement, ratings for classes D and E are
capped at 'Asf' and 'BBBsf', respectively, due to concentration
risk, quality of the remaining collateral, the percentage of Fitch
Loans of Concern (FLOCs, 29.6%) and significant single-tenant
exposure (three loans, 48.1%).  These concerns increase the pool's
exposure to single event risk, which can cause a significant loss
or interest shortfall in the future.

Currently, there are only 13 loans remaining in the transaction,
compared to 101 at issuance.  Fitch modeled losses of 28.3% of the
remaining pool; expected losses on the original pool balance total
6.5%, including $49.6 million (4.5% of the original pool balance)
in realized losses to date.  Fitch has designated four loans as
FLOCs, including one specially serviced asset (12.2%).

As of the May 2016 distribution date, the pool's aggregate
principal balance has been reduced by 92.8% to $78.7 million from
$1.1 billion at issuance.  One loan (4.7%) is defeased.  Interest
shortfalls totaling $2.85 million are currently affecting classes
H, L, M, N, P and NR.

The largest contributor to expected losses is a 146,279 square foot
(sf) retail center (12.9%) located in Springdale, OH.  The property
is currently 57% occupied by two tenants.  The former largest
tenant, Dick's Sporting Goods, which occupied 43% of the property,
vacated upon lease expiration in October 2015.  The two remaining
tenants have extended their leases until March 2019 and January
2021, respectively, but are paying reduced rents due to co-tenancy
clauses with the former Dick's space.  Historically, the borrower
has been offering rent concessions in order to maintain occupancy,
which has impacted property revenues.  The loan has passed its
anticipated repayment date (ARD) of May 2014. The final loan
maturity date is May 1, 2034.  The servicer-reported first quarter
(1Q) 2016 debt service coverage ratio (DSCR) was 0.37x, compared to
0.94x at year-end (YE) 2015 and 1.52x at issuance.

The second largest contributor to Fitch's modeled losses is an
180,000 sf suburban office property (12.2%) located in Farmington
Hills, MI, a suburb of Detroit.  The property is 100% occupied by
the single tenant Jervis B. Webb Company, whose lease will expire
in September 2017.  The tenant is expected to vacate upon lease
expiration.  The loan transferred to the special servicer in
October 2013 due to imminent payment default after the borrower was
unable to secure refinancing proceeds prior to the April 2014
maturity date.  The property was foreclosed on and became real
estate owned (REO) in August 2015.  The special servicer is working
to identify replacement tenants.

                        RATING SENSITIVITIES

The Positive Outlook on class D indicates that future upgrades are
possible if the tenant of the largest loan in the pool exercises
its renewal option in December 2018.  Swiss Re Management (US)
Corp. occupies 100% of the ERC Overland Park property, a 320,198 sf
office property located in Overland Park, KS (43.1% of the pool).
Upgrades are also possible if this loan pays off on its Anticipated
Repayment Date (ARD) of May 2019, as the pool's binary risk profile
would decrease.

Fitch expects the ratings on the classes C, E and F to remain
stable, and does not anticipate any near-term rating actions at
this time.  Further upgrades to classes E and F may be limited due
to the concentrated nature of the pool.  In addition, the
distressed classes (rated below 'B') may be subject to further
rating actions as losses are realized.

                        DUE DILIGENCE USAGE

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

Fitch has upgraded these classes:

   -- $11 million class E to 'BBBsf' from 'Bsf'; Outlook Stable;
   -- $16.5 million class F to 'B' from 'CCCsf/RE100%'; Outlook
      Stable.

Fitch has affirmed these classes:

   -- $11.7 million class C at 'AAAsf'; Outlook Stable;
   -- $17.8 million class D at 'Asf'; Outlook to Positive from
      Stable;
   -- $11 million class G at 'CCsf'; RE 90%;
   -- $10.8 million class H at 'Dsf'; RE 0%;
   -- $0 class J at 'Dsf'; RE 0%;
   -- $0 class K at 'Dsf'; RE 0%;
   -- $0 class L at 'Dsf'; RE 0%;
   -- $0 class M at 'Dsf'; RE 0%;
   -- $0 class N at 'Dsf'; RE 0%;
   -- $0 class P at 'Dsf'; RE 0%.

The class A-1, A-2, A-3, A-4, A-1A and B notes have paid in full.
Fitch does not rate the class NR notes.  Fitch has previously
withdrawn the rating on the interest-only class X certificates.


JP MORGAN 2005-OPT1: Moody's Hikes Cl. M-4 Debt Rating to Ba3(sf)
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 14 tranches
from 7 deals issued by J.P. Morgan Mortgage Acquisition Corp.,
backed by Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: J.P. Morgan Mortgage Acquisition Corp. 2005-OPT1

Cl. M-4, Upgraded to Caa1 (sf); previously on Jul 6, 2015 Upgraded
to Caa3 (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp. 2006-ACC1

Cl. A-1, Upgraded to A3 (sf); previously on Jul 6, 2015 Upgraded to
Baa3 (sf)

Cl. A-4, Upgraded to A2 (sf); previously on Jul 6, 2015 Upgraded to
Baa2 (sf)

Cl. A-5, Upgraded to A3 (sf); previously on Jul 6, 2015 Upgraded to
Baa3 (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp. 2006-CW1

Cl. A-1B, Upgraded to Baa1 (sf); previously on Jul 6, 2015 Upgraded
to Ba1 (sf)

Cl. A-4, Upgraded to Baa1 (sf); previously on Jul 6, 2015 Upgraded
to Ba1 (sf)

Cl. A-5, Upgraded to Ba1 (sf); previously on Jul 6, 2015 Upgraded
to B1 (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp. 2006-FRE2

Cl. A-1, Upgraded to Baa1 (sf); previously on Jul 6, 2015 Upgraded
to Baa3 (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp. 2006-HE1,
Asset-Backed Pass-Through Certificates, Series 2006-HE1

Cl. A-1, Upgraded to Ba1 (sf); previously on Jul 6, 2015 Upgraded
to Ba3 (sf)

Issuer: J.P. Morgan Mortgage Acquisition Trust 2006-NC1

Cl. A-1, Upgraded to Ba1 (sf); previously on Jul 6, 2015 Upgraded
to Ba2 (sf)

Cl. A-4, Upgraded to Ba1 (sf); previously on Jul 6, 2015 Upgraded
to Ba3 (sf)

Cl. A-5, Upgraded to B1 (sf); previously on Jul 6, 2015 Upgraded to
B3 (sf)

Issuer: J.P. Morgan Mortgage Acquisition Trust 2006-NC2

Cl. A-4, Upgraded to Ba1 (sf); previously on Jul 31, 2015 Upgraded
to Ba3 (sf)

Cl. A-5, Upgraded to Ba3 (sf); previously on Jul 31, 2015 Upgraded
to B1 (sf)

RATINGS RATIONALE

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

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in November 2013. 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 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 4.7% in May 2016 from 5.5% in May
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.


JP MORGAN 2006-LDP6: Moody's Cuts Cl. X-1 Debt Rating to Caa3(sf)
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on two classes,
downgrade the rating on one class, and affirmed the rating on one
class in J.P. Morgan Chase Commercial Mortgage Securities Corp.,
Commercial Pass-Through Certificates, Series 2006-LDP6 as follows:

Cl. B, Upgraded to Baa1 (sf); previously on Jan 8, 2016 Upgraded to
Ba2 (sf)

Cl. C, Upgraded to B1 (sf); previously on Jan 8, 2016 Affirmed Caa2
(sf)

Cl. D, Affirmed C (sf); previously on Jan 8, 2016 Affirmed C (sf)

Cl. X-1, Downgraded to Caa3 (sf); previously on Jan 8, 2016
Downgraded to B2 (sf)

RATINGS RATIONALE

The ratings on Classes B and C were upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 90% since Moody's last
review.

The rating on Class D was affirmed because the ratings are
consistent with Moody's expected loss.

The rating on the IO Class, Class X-1, was downgraded due to the
decline in the credit performance of its reference classes
resulting from principal paydowns of higher quality reference
classes.

Moody's rating action reflects a base expected loss of 25.7% of the
current balance, compared to 4.5% at Moody's last review. Moody's
base expected loss plus realized losses is now 8.6% of the original
pooled balance, compared to 9.2% 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 RATINGS:

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

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

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

DEAL PERFORMANCE

As of the May 16, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 96% to $78.3 million
from $2.1 billion at securitization. The certificates are
collateralized by 10 mortgage loans ranging in size from less than
3% to 23% of the pool. One loan, constituting 9.1% of the pool, has
defeased and is secured by US government securities.

Two 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.

Thirty-eight loans have been liquidated with a loss from the pool,
resulting in an aggregate realized loss of $163.3 million (for an
average loss severity of 52%). Six loans, constituting 68% of the
pool, are currently in special servicing. The largest specially
serviced loan is the 71 Clinton Road Loan ($18.1 million -- 23.1%
of the pool), which is secured by a 180,000 square foot (SF)
industrial building in Garden City, New York. The loan transferred
to special servicing in February 2016 due to imminent maturity
default. The largest tenant, FedEx (63% of net rentable area),
recently renewed its lease for ten years.

The second largest special serviced loan is the Avis Centre XII
Loan ($11.3 million -- 14.5% of the pool), which is secured by a
89,000 square foot (SF) office building in Ann Arbor, Michigan. The
loan transferred to special servicing in February 2016 due to
imminent maturity default. The largest tenant, Metevante (35% of
net rentable area), recently renew its lease at a lower rental
rate. As of February 2016, the property was 95% leased, unchanged
since 2012. The special servicer indicated that the borrower is
currently marketing the asset for sale.

The remaining three specially serviced loans are secured by retail
properties. Moody's estimates an aggregate $15 million loss for the
specially serviced loans.

Moody's has assumed a high default probability for two poorly
performing loans, constituting 16% of the pool, and has estimated
an aggregate loss of $5.2 million (a 42% expected loss on average)
from these troubled loans.

Excluding the defeased, troubled and specially serviced loans, the
only remaining loan is the Arden's Run Apartment Loan ($5.5 million
-- 7.0% of the pool). The loan is secured by a 240-unit student
housing complex located less than a mile away from University of
Maryland Eastern Shore, located in Princess Anne, Maryland. As of
December 2015, the property was 94% leased, compared to 76% the
prior year. Expenses have increased over the past three years while
revenue has fluctuated. The university leases buildings C, D, and a
portion of B from the borrower. Moody's LTV and stressed DSCR are
80% and 1.14X, respectively, compared to 84% 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.


JP MORGAN 2006-LDP8: Moody's Affirms B2 Rating on Class D Certs
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on eight
classes, upgraded the ratings on three classes and downgraded the
rating on one class in J.P. Morgan Chase Commercial Mortgage
Securities Corp. Series 2006-LDP8, Commercial Mortgage Pass-Through
Certificates, Series 2006-LDP8 as:

  Cl. A-1A, Affirmed Aaa (sf); previously on Aug. 27, 2015,
   Affirmed Aaa (sf)
  Cl. A-4, Affirmed Aaa (sf); previously on Aug. 27, 2015,
   Affirmed Aaa (sf)
  Cl. A-M, Affirmed Aaa (sf); previously on Aug. 27, 2015,
   Affirmed Aaa (sf)
  Cl. A-J, Upgraded to Aa3 (sf); previously on Aug. 27, 2015,
   Affirmed Baa1 (sf)
  Cl. B, Upgraded to A3 (sf); previously on Aug. 27, 2015,
   Affirmed Ba1 (sf)
  Cl. C, Upgraded to Ba2 (sf); previously on Aug. 27, 2015,
   Affirmed Ba3 (sf)
  Cl. D, Affirmed B2 (sf); previously on Aug. 27, 2015, Affirmed
   B2 (sf)
  Cl. E, Affirmed B3 (sf); previously on Aug. 27, 2015, Affirmed
   B3 (sf)
  Cl. F, Affirmed Caa2 (sf); previously on Aug. 27, 2015, Affirmed

   Caa2 (sf)
  Cl. G, Affirmed Caa3 (sf); previously on Aug. 27, 2015, Affirmed

   Caa3 (sf)
  Cl. H, Affirmed C (sf); previously on Aug. 27, 2015, Affirmed
   C (sf)
  Cl. X, Downgraded to B1 (sf); previously on Aug. 27, 2015,
   Affirmed Ba3 (sf)

                         RATINGS RATIONALE

The ratings on the P&I classes A-1A, A-4 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 and C were upgraded primarily
due to an increase in credit support since Moody's last review,
resulting from paydowns and amortization, as well as Moody's
expectation of additional increases in credit support resulting
from the payoff of loans approaching maturity that are well
positioned for refinance.  The pool has paid down by 41% since
Moody's last review.  In addition, loans constituting 49% of the
pool that have debt yields exceeding 10.0% are scheduled to mature
within the next six months.

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

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

Moody's rating action reflects a base expected loss of 11.2% of the
current balance, compared to 10.4% at Moody's last review. Moody's
base expected loss plus realized losses is now 6.8% of the original
pooled balance, compared to 8.9% 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 RATINGS:

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 10, compared to 13 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 May 16, 2016, distribution date, the transaction's
aggregate certificate balance has decreased by 67% to $1.01 billion
from $3.07 billion at securitization.  The certificates are
collateralized by 83 mortgage loans ranging in size from less than
1% to 22.6% of the pool, with the top ten loans constituting 58% of
the pool.  Eleven loans, constituting 13% of the pool, have
defeased and are secured by US government securities.

Forty loans, constituting 61% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package.  As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Twenty-two loans have been liquidated from the pool, resulting in
an aggregate realized loss of $96.6 million (for an average loss
severity of 64.7%).  Six loans, constituting 13% of the pool, are
currently in special servicing.  The largest specially serviced
loan is the Foothills Mall loan (for $76.1 million 7.5% of the
pool), which is secured by an indoor regional shopping mall located
on the Northwest Side of Tucson, Arizona, in the community of Casas
Adobes.  The property is shadow anchored by a Walmart Supercenter.
Leasing at the property has struggled since the opening of Tucson
Premium Outlets, a Simon Premium Outlet property; major tenants
Saks Fifth Avenue's Off Fifth, Old Navy's Outlet, Hanes & Nike
Factory Store closed or rejected renewal options at the property to
relocate to the new outlet mall.

The remaining five specially serviced loans are secured by a mix of
property types.  Moody's estimates an aggregate $63 million loss
for the specially serviced loans (47% expected loss on average).

Moody's has assumed a high default probability for eight poorly
performing loans, constituting 26% of the pool, and has estimated
an aggregate loss of $42.4 million (a 16% expected loss based on a
50% probability default) from these troubled loans.

Moody's received full year 2014 operating results for 99% of the
pool, and full or partial year 2015 operating results for 90%.
Moody's weighted average conduit LTV is 86%, compared to 102% at
Moody's last review.  Moody's conduit component excludes loans with
credit assessments, defeased and CTL loans, and specially serviced
and troubled loans.  Moody's net cash flow (NCF) reflects a
weighted average haircut of 11% to the most recently available net
operating income (NOI).  Moody's value reflects a weighted average
capitalization rate of 9.1%.

Moody's actual and stressed conduit DSCRs are 1.38X and 1.20X,
respectively, compared to 1.29X and 0.99X 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 37% of the pool balance.  The
largest loan is the Gas Company Tower Loan ($229 million -- 22.6%
of the pool), which represents a pari passu interest in a $458
million first mortgage loan.  The loan is secured by a 1.3 million
SF Class A office building located in downtown Los Angeles,
California.  The loan is on the watchlist due to declining
occupancy and base rent.  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.  Although occupancy has improved,
performance is still significantly below that at securitization.
The property was sold to Brookfield Office Properties in October
2013 for approximately $430 million.  The loan is interest only for
the entire term.  Moody's views this loan as a troubled loan.
Moody's LTV and stressed DSCR are 145% and 0.65X, respectively, the
same as at last review.

The second largest loan is the CNL/Welsh Portfolio Loan ($103.6
million -- 10.2% of the pool), which is secured by 10 industrial
properties and 3 office buildings located across 10 states.  As of
June 2015, the portfolio is 93% leased; eleven properties are fully
leased, one is 91% leased and another is 100% vacant.  The largest
tenant, Bluestern Brand Inc., leases 39% of the total space through
2023.  Moody's LTV and stressed DSCR are 87% and 1.10X,
respectively, compared to 88% and 1.09X at the last review.

The third largest loan is the 1800-1880 John F Kennedy Boulevard
Loan ($41.6 million -- 4.1% of the pool), which is secured by a
twin-tower Class-A Office complex located in Center City,
Philadelphia's major business district.  As of March 2016, the two
buildings are 98% occupied, compared to 94% at Year-End 2014.
Moody's LTV and stressed DSCR are 84% and 1.16X, respectively,
compared to 96% and 1.01X at the last review.



JP MORGAN 2011-C5: Moody's Affirms B3(sf) Rating on Class G Debt
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on twelve
classes in J.P. Morgan Chase Commercial Mortgage Securities Trust
2011-C5, Commercial Mortgage Pass-Through Certificates, Series
2011-C5 as follows:

Cl. A-2, Affirmed Aaa (sf); previously on Jun 22, 2015 Affirmed Aaa
(sf)

Cl. A-3, Affirmed Aaa (sf); previously on Jun 22, 2015 Affirmed Aaa
(sf)

Cl. A-S, Affirmed Aaa (sf); previously on Jun 22, 2015 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Jun 22, 2015 Affirmed
Aaa (sf)

Cl. B, Affirmed Aa2 (sf); previously on Jun 22, 2015 Affirmed Aa2
(sf)

Cl. C, Affirmed A2 (sf); previously on Jun 22, 2015 Affirmed A2
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Jun 22, 2015 Affirmed Baa3
(sf)

Cl. E, Affirmed Ba2 (sf); previously on Jun 22, 2015 Affirmed Ba2
(sf)

Cl. F, Affirmed B1 (sf); previously on Jun 22, 2015 Affirmed B1
(sf)

Cl. G, Affirmed B3 (sf); previously on Jun 22, 2015 Affirmed B3
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on Jun 22, 2015 Affirmed Aaa
(sf)

Cl. X-B, Affirmed Ba3 (sf); previously on Jun 22, 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 (Class X-A and X-B) were affirmed
based on the credit performance (or the weighted average rating
factor or WARF) of the referenced classes.

Moody's rating action reflects a base expected loss of 2.5% of the
current balance, compared to 2.2% at Moody's last review. Moody's
base expected loss plus realized losses is now 2.2% of the original
pooled balance, compared to 2.1% at the last review.

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

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

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

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

DEAL PERFORMANCE

As of the May 17, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 13% to $893 million
from $1 billion at securitization. The certificates are
collateralized by 39 mortgage loans ranging in size from less than
1% to 16% of the pool, with the top ten loans constituting 65% of
the pool.

Eight loans, constituting 13% 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, The Cove at Southern ($6 million), has been liquidated
from the pool, resulting in a realized loss of less than a 1% of
the loan balance. No loans are currently in special servicing.

Moody's received full or partial year 2015 operating results for
90% of the pool. Moody's weighted average conduit LTV is 85%,
compared to 86% at Moody's last review. Moody's conduit component
excludes loans with structured credit assessments, defeased and CTL
loans, and specially serviced and troubled loans. Moody's net cash
flow (NCF) reflects a weighted average haircut of 12% to the most
recently available net operating income (NOI). Moody's value
reflects a weighted average capitalization rate of 9.5%.

Moody's actual and stressed conduit DSCRs are 1.75X and 1.26X,
respectively, compared to 1.72X and 1.22X 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 35% of the pool balance. The
largest loan is the InterContinental Hotel Chicago Loan ($140
million -- 15.7% of the pool), which is secured by a 792-key
full-service hotel located on North Michigan Avenue in Chicago,
Illinois. The property includes over 25,000 square feet (SF) of
meeting space, a Michael Jordan's steakhouse restaurant, full
service spa and an indoor junior Olympic size pool. The property
saw a decline in performance in 2015. For the trailing-twelve month
period ending December 2015, the property had a RevPAR penetration
of 95.5% compared to its competitive set. The RevPAR penetration is
down from the prior three years which were all in excess of 102%.
Moody's LTV and stressed DSCR are 106% and 1.04X, respectively,
compared to 91% and 1.22X at the last review.

The second largest loan is the SunTrust Bank Portfolio I Loan ($100
million -- 11.2% of the pool). The loan is secured by 119 bank
branches and two single-tenant office buildings. The properties are
100% leased to SunTrust Bank (Moody's senior unsecured rating Baa1,
stable outlook) as part of a master lease agreement. The properties
are located in nine Eastern states, from Maryland to Florida.
Moody's LTV and stressed DSCR are 66% and 1.48X, respectively,
compared to 66% and 1.47X at the last review.

The third largest loan is the Asheville Mall Loan ($71 million --
7.9% of the pool). The loan is secured by a 324,000 square foot
component of a 974,000 square foot regional mall located in
Asheville, North Carolina. The mall anchors include Dillard's,
Sears, JC Penney, Belk, and Barnes and Noble. The total mall was
99% leased as of December 2015 compared to 97% at last review and
in-line space was 98% leased. The mall has reported occupancy above
94% since at least 2008. The loan sponsor is CBL & Associates
Properties, Inc., a retail REIT based in Chattanooga, Tennessee.
Moody's LTV and stressed DSCR are 74% and 1.36X, respectively,
compared to 75% and 1.33X at the last review.


JP MORGAN 2016-FL8: S&P Assigns B Rating on Class C Certificates
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to J.P. Morgan Chase
Commercial Mortgage Securities Trust 2016-FL8's $337.0 million
commercial mortgage pass-through certificates series 2016-FL8.

The note issuance is a commercial mortgage-backed securities
transaction backed by five floating-rate loans secured by the fee
interest in an office property called Riverfront Plaza, by the fee
and leasehold interest in the DoubleTree Suites Santa Monica, the
fee interest in five retail properties called the Devonshire Retail
Portfolio, the fee interest in five suburban office and
industrial-flex properties called the Normandy Portfolio, and the
fee interest in three suburban office and industrial-flex
properties called the Jacksonville Office Portfolio.

The ratings reflect S&P's view of the collateral's historical and
projected performance, the sponsors' and managers' experience, the
trustee-provided liquidity, the loans' terms, and the transaction's
structure.

RATINGS ASSIGNED

J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-FL8

Class       Rating (i)          Amount ($)
A           BBB- (sf)          271,400,000
X           BBB- (sf)          136,595,620 (ii)
B           BB- (sf)            54,200,000
C           B (sf)              11,400,000

(i) The certificates will be issued to qualified institutional
buyers according to Rule 144A of the Securities Act of 1933.
(ii) Notional balance.


JP MORGAN 20161: Moody's Assigns (P)Ba3 Ratings to Cl. B4 Certs
---------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 26
classes of residential mortgagebacked securities (RMBS) issued by
J.P. Morgan Mortgage Trust 20161 (JPMMT 20161). The ratings range
from (P)Aaa (sf)(P)Ba3 (sf).

The certificates are backed by one pool of prime quality, fixed
rate, firstlien mortgage loans, originated by various originators.
Wells Fargo Bank, N.A. is the master servicer and U.S. Bank Trust
National Association will serve as the trustee.

The complete rating actions are as follows:

Issuer: J.P. Morgan Mortgage Trust 20161

Cl. A1 Certificate, Assigned (P)Aaa (sf)

Cl. A2 Certificate, Assigned (P)Aaa (sf)

Cl. A3 Certificate, Assigned (P)Aaa (sf)

Cl. A4 Certificate, Assigned (P)Aaa (sf)

Cl. A5 Certificate, Assigned (P)Aaa (sf)

Cl. A6 Certificate, Assigned (P)Aaa (sf)

Cl. A7 Certificate, Assigned (P)Aaa (sf)

Cl. A8 Certificate, Assigned (P)Aaa (sf)

Cl. A9 Certificate, Assigned (P)Aaa (sf)

Cl. A10 Certificate, Assigned (P)Aaa (sf)

Cl. A11 Certificate, Assigned (P)Aaa (sf)

Cl. A12 Certificate, Assigned (P)Aaa (sf)

Cl. A13 Certificate, Assigned (P)Aa1 (sf)

Cl. A14 Certificate, Assigned (P)Aa1 (sf)

Cl. AX1 Certificate, Assigned (P)Aaa (sf)

Cl. AX2 Certificate, Assigned (P)Aaa (sf)

Cl. AX3 Certificate, Assigned (P)Aaa (sf)

Cl. AX4 Certificate, Assigned (P)Aaa (sf)

Cl. AX5 Certificate, Assigned (P)Aaa (sf)

Cl. AX6 Certificate, Assigned (P)Aaa (sf)

Cl. AX7 Certificate, Assigned (P)Aaa (sf)

Cl. AX8 Certificate, Assigned (P)Aa1 (sf)

Cl. B1 Certificate, Assigned (P)Aa3 (sf)

Cl. B2 Certificate, Assigned (P)A2 (sf)

Cl. B3 Certificate, Assigned (P)Baa3 (sf)

Cl. B4 Certificate, Assigned (P)Ba3 (sf)

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected cumulative net loss on the aggregate pool is 0.50%
in a base scenario and reaches 5.25% at a stress level consistent
with the Aaa ratings.

The collateral quality for this transaction, by itself, is
consistent with other prime transactions that Moody's recently
rated. The Aaa Moody's Individual Loan Analysis (MILAN) credit
enhancement (CE), inclusive of concentration adjustments, for this
pool is 4.51%. Moody's increased MILAN model's CE by 0.74% for
qualitative factors and adjustments not factored in the model. Loan
level adjustments included: adjustments to borrower probability of
default for higher and lower borrower DTIs, channel of
originations, selfemployed borrowers, and at a pool level, for the
default risk of HOA properties in super lien states. The adjustment
to Moody's Aaa stress loss above the model output also includes
adjustments related to servicers and originators assessments, and
representations and warranties framework. Moody's based the MILAN
model on stressed trajectories of home prices, unemployment rates
and interest rates, at a monthly frequency over a 10-year period.

Collateral Description

The JPMMT 20161 transaction is a securitization of 581 first lien
residential mortgage loans with an unpaid principal balance of
$412,661,428. This transactions has a comparatively high seasoning
(12 months), low percentage of loans with prepayment penalty
(1.6%), and diversified geographical concentration. There are 15
originators in the transaction. The largest originators in the pool
by balance are New Penn Financial, LLC (19.69%), Primary Capital
Mortgage, LLC (13.00%), Homestreet Bank (11.13%), PHH Mortgage
Corporation( 10.55%) and Everbank (10.31%). No other single
originator was responsible for 10% or more of the aggregate pool
balance. There are 15 servicers that own the servicing rights of
the loans in the transaction: by principal balance, New Penn
Financial, LLC (19.69%), Primary Capital Mortgage (13.00%),
Homestreet Bank (11.13%), PHH Mortgage Corporation (10.55%) and
EverBank (10.31%). No other single servicer was responsible for 10%
or more of the aggregate pool balance.

Third party Review and Reps & Warranties

Three third party due diligence firms verified the accuracy of the
loanlevel information that the sponsor gave us. These firms
conducted detailed credit, collateral, and regulatory reviews on
100% of the mortgage pool. The TPR results indicated compliance
with the originators' underwriting guidelines for the vast majority
of loans, no material compliance issues (except for a few
TRID-related issues), and no appraisal defects. The loans that had
exceptions to the originators' underwriting guidelines had good
compensating factors and senior credit signoff. The originators and
the sellers have provided unambiguous representations and
warranties (R&Ws) including an unqualified fraud R&W. There is
provision for binding arbitration in the event of dispute between
investors and the R&W provider concerning R&W breaches.

Although the TPR report identified compliance related exceptions
relating to the TILARESPA Integrated Disclosure (TRID) rule,Moody's
does not believe the majority to be material because either the
sponsor or originator corrected the errors or the errors are of a
type that would not likely lead to damages for the RMBS trust.
However, we found a few loans where the TRIDrelated exception may
lead to damages for the RMBS trust. For 3 loans where the TPR firm
found a tolerance fee violation, the originator did not provide the
borrower with a corrected closing disclosure, letter of explanation
and refund within 60 days of consummation. Due to the small number
of affected loans and amount of potential damages ($4,000 statutory
damages per loan plus attorney fees), Moody's adjustment had a
minimal impact on our credit enhancement levels.

Trustee and Master Servicer

The transaction trustee is U.S. Bank National Association. The
custodians functions will be performed by Wells Fargo Bank, N.A.
The paying agent and cash management functions will be performed by
Wells Fargo Bank, N.A., rather than the trustee. In addition, Wells
Fargo, as Master Servicer, is responsible for servicer oversight,
and termination of servicers and for the appointment of successor
servicers. In addition, Wells Fargo is committed to act as
successor if no other successor servicer can be found.

Tail Risk & Subordination Floor

The transaction cash flows follow a shifting interest structure
that allows subordinated bonds to receive principal payments under
certain defined scenarios. Because a shifting interest structure
allows subordinated bonds to pay down over time as the loan pool
shrinks, senior bonds are exposed to increased performance
volatility, known as tail risk. The transaction provides for a
credit enhancement floor of 1.25 % of the closing pool balance,
which mitigates tail risk by protecting the senior bonds from
eroding credit enhancement over time.

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

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
worsethanexpected performance include poor servicing, error on the
part of transaction parties, inadequate transaction governance and
fraud.

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.


JPMBB 2014-C22: Moody's Affirms Ba3 Rating on Class UHP Debt
------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on seven classes
in JPMBB Commercial Mortgage Securities Trust 2014-C22 as follows:

Cl. A-1, Affirmed Aaa (sf); previously on Jun 12, 2015 Affirmed Aaa
(sf)

Cl. A-2, Affirmed Aaa (sf); previously on Jun 12, 2015 Affirmed Aaa
(sf)

Cl. A-3A1, Affirmed Aaa (sf); previously on Jun 12, 2015 Affirmed
Aaa (sf)

Cl. A-3A2, Affirmed Aaa (sf); previously on Jun 12, 2015 Affirmed
Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Jun 12, 2015 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Jun 12, 2015 Affirmed
Aaa (sf)

Cl. UHP, Affirmed Ba3 (sf); previously on Jun 12, 2015 Affirmed Ba3
(sf)

RATINGS RATIONALE

The ratings on six 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 one non-pooled rake class, Class UHP, was affirmed
due to the stable performance of the underlying collateral: the
U-Haul Self-Storage Portfolio.

Moody's rating action reflects a base expected loss of 4.1% of the
current pooled balance, compared to 5.0% at Moody's last review.
The deal has not experienced any realized losses and Moody's base
expected loss plus realized losses is now 4.1% of the original
pooled balance, compared to 5.0% at Moody's last review. il

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

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

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

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

DEAL PERFORMANCE

As of the May 17th, 2016 distribution date, the transaction's
aggregate pooled certificate balance has decreased by 1.1% to $1.11
billion from $1.12 billion at securitization. The certificates are
collateralized by 76 mortgage loans ranging in size from less than
1% to 8% of the pool, with the top ten loans constituting 47% of
the pool.

Nine loans, constituting 9% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

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

Moody's received full or partial year 2015 operating results for
98% of the pool. Moody's weighted average conduit LTV is 114%,
essentially the same as 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
16% to the most recently available net operating income (NOI).
Moody's value reflects a weighted average capitalization rate of
9.8%.

Moody's actual and stressed conduit DSCRs are 1.45X and 0.95X,
respectively, compared to 1.45X and 0.94X 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 22% of the pool balance. The
largest loan is the Queens Atrium Loan ($90 million -- 8% of the
pool), which represents a pari-passu interest in a $180 million
loan. The loan is secured by two office properties in Long Island
City, New York containing 1.0 million square feet (SF). The two
buildings were 100% leased as of November 2015, of which 99% was
leased by New York City agencies. The property benefits from three
tax abatements that will fully expire in 2033. The loan is pari
passu with WFRBS 2014-C21. Moody's LTV and stressed DSCR are 117%
and 0.86X, respectively, the same as at Moody's last review.

The second largest loan is the One Met Center Loan ($76 million --
7% of the pool), which is secured by a 15-story, Class A office
property located in East Rutherford, New Jersey. The property was
built in 1986, and is located across from Metlife Stadium. As of
March 2016, the property was 92.5% leased, compared to 100% leased
as of May 2014. Moody's LTV and stressed DSCR are 113% and 0.91X,
respectively, the same as at Moody's last review.

The third largest loan is the Las Catalinas Mall Loan ($75 million
-- 7% of the pool), which represents a pari-passu interest in a
$130 million loan. The loan is secured by a 355,385 SF component of
a 494,071 SF enclosed regional mall located in Caguas, Puerto Rico.
The mall was built in 1997 and is anchored by Sears and Kmart.
Sears is not part of the collateral. As of December 2015, the total
mall was 95% occupied, compared to 96% in May 2014. Moody's LTV and
stressed DSCR are 95% and 1.05X, respectively, the same as at
Moody's last review.


LB-UBS COMMERCIAL 2004-C7: Moody's Hikes Cl. M Debt Rating to Caa2
------------------------------------------------------------------
Moody's Investors Service has upgraded three and affirmed four
classes of LB-UBS Commercial Mortgage Trust 2004-C7 as:

  Cl. J, Affirmed Aaa (sf); previously on Aug. 28, 2015, Upgraded
   to Aaa (sf)

  Cl. K, Upgraded to Aaa (sf); previously on Aug. 28, 2015,
   Upgraded to Aa3 (sf)

  Cl. L, Upgraded to Aa3 (sf); previously on Aug. 28, 2015,
   Upgraded to Ba1 (sf)

  Cl. M, Upgraded to Caa2 (sf); previously on Aug. 28, 2015,
   Affirmed Ca (sf)

  Cl. N, Affirmed C (sf); previously on Aug. 28, 2015, Affirmed
   C (sf)

  Cl. X-CL, Affirmed Caa1 (sf); previously on Aug. 28, 2015,
   Affirmed Caa1 (sf)

  Cl. X-OL, Affirmed Aaa (sf); previously on Aug. 28, 2015,
   Affirmed Aaa (sf)

                         RATINGS RATIONALE

The ratings on two IG P&I classes, Classes K and L, were upgraded
based on an increase in credit support from paydowns and
amortization.  The deal has paid down 30% since last review and 98%
since securitization.

The rating on one non-IG P&I class, Class M, was upgraded due to an
increase in credit support from paydowns and amortization and lower
anticipated losses from troubled loans.

The ratings on two P&I classes, classes J and N, 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 IO classes, Classes X-CL and X-OL, were affirmed
based on the credit performance (or the weighted average rating
factor or WARF) of their referenced class.

Moody's rating action reflects a base expected loss of 1.4% of the
current balance compared to 1.7% at last review.  Moody's base plus
realized loss totals 1.8%, 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 RATINGS:

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.

                    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 2, the same as at last review.

                         DEAL PERFORMANCE

As of the May 17, 2016, distribution date, the transaction's
aggregate certificate balance has decreased by 97% to $34.9 million
from $1.4 billion at securitization.  The certificates are
collateralized by three mortgage loans ranging in size from 6% to
86% of the pool.  The largest loan in the pool, One Lincoln Street,
constituting 86% of the pool, has defeased and is secured by US
government securities.

Two loans, constituting 14% 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.

Fifteen loans have been liquidated from the pool of which eleven of
those liquidated loans resulted in an aggregate realized loss of
$24.9 million (for an average loss severity of 44%).  There are no
loans in special servicing.

Moody's has assumed a high default probability for one poorly
performing loan.  Moody's estimates an aggregate $500,000 loss for
the troubled loan (25% expected loss on average).

Moody's received full year 2014 and full year 2015 operating
results for 100% of the pool (excluding defeasance).  Moody's
weighted average conduit LTV is 94%, compared to 102% at last
review.  Moody's conduit component excludes loans with structured
credit assessments, defeased and CTL loans, and specially serviced
and troubled loans.  Moody's net cash flow (NCF) reflects a
weighted average haircut of 12% to the most recently available net
operating income (NOI).  Moody's value reflects a weighted average
capitalization rate of 9.5%.

Moody's actual and stressed conduit DSCRs are 1.05X and 1.03X,
respectively, compared to 1.11X and 0.96X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service.  Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The two conduit loans represent 14% of the pool balance.  The
largest loan is the Garrison Ridge Loan ($2.8 million -- 8.2% of
the pool), which is secured by an 18,200 strip retail center shadow
anchored by Lowe's located in Marietta, Georgia.  As of December
2015, the property was 66% leased compared to 74% at last review.
Despite lower occupancy, property performance improved due to
expense management and leasing efforts.  The loan has also
amortized 9% since securitization.  Moody's LTV and stressed DSCR
are 94% and 1.03X, respectively, compared 102% and 0.96X at the
last review.

The second largest loan is the Pecan Creek Loan ($2.0 million --
5.7% of the pool), which is secured by 11,372 SF strip retail
center located in Southlake, Texas.  As of December 2015, the
property was 68% leased, the same as at last review.  The loan has
amortized 8% since securitization.  Moody's has identified this
loan as a troubled loan.


MARATHON CLO V: S&P Affirms 'BB' Rating on Class D Notes
--------------------------------------------------------
S&P Global Ratings affirmed its ratings on the class A-1, A-2a,
A-2b, B-1, B-2, C, and D notes from Marathon CLO V Ltd., a U.S.
collateralized loan obligation (CLO) that closed in February 2013
and is managed by Marathon Asset Management LLC.

The deal is currently in its reinvestment phase, which is scheduled
to end in February 2017.  Per the May 2016 trustee report, the
weighted average life has decreased to 4.48 years from 5.34 years
as of the May 2013 effective date.  Because time horizon factors
heavily into default probability, a shorter weighted average life
positively affects the creditworthiness of the collateral pool.
There has also been an increase in collateral with an S&P Global
Ratings credit rating of 'BB-' or higher within the transaction's
portfolio and overall credit seasoning through the same period.

However, these improvements have mainly been offset by other
factors.  Since the transaction's effective date, the defaulted
asset balance has increased to 2.1% of the collateral balance as of
the May 2016 trustee report from zero.  Over the same period, the
amount of 'CCC' rated assets has increased to 10.4% from 4.2% of
the collateral balance.  Furthermore, although all coverage tests
are passing with a good cushion, the total par for the portfolio
has decreased since the effective date, which has led to decreased
overcollateralization (O/C) ratios.  The May 2016 trustee report
indicated these O/C changes compared with the May 2013 report:

   -- The class A O/C decreased to 137.69% from 140.72%.
   -- The class B O/C ratio decreased to 121.22% from 123.88%.
   -- The class C O/C ratio decreased to 113.94% from 116.44%.
   -- The class D O/C ratio decreased to 107.55% from 109.91%.

S&P's affirmations of the ratings also reflect the available credit
support consistent with the current rating levels. Additionally,
although the cash flow results showed higher ratings for the class
A-2a, A-2b, B-1, B-2, C, and D notes, S&P took into account that
the transaction is still in its reinvestment period, the decline of
the O/C levels over time, exposure to distressed industries, and
other sensitivity analyses to allow for volatility in the
underlying portfolio.

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

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

Marathon CLO V Ltd.
                   Cash flow     Cash flow
        Previous   implied         cushion     Final
Class   rating     rating(i)       (%)(ii)     rating
A-1     AAA (sf)   AAA (sf)         10.93%     AAA (sf)
A-2a    AA (sf)    AA+ (sf)         14.76%     AA (sf)
A-2b    AA (sf)    AA+ (sf)         14.76%     AA (sf)
B-1     A (sf)     AA- (sf)          1.10%     A (sf)
B-2     A (sf)     AA- (sf)          1.10%     A (sf)
C       BBB (sf)   A- (sf)           0.72%     BBB (sf)
D       BB (sf)    BB+ (sf)          5.12%     BB (sf)

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

               RECOVERY RATE AND CORRELATION SENSITIVITY

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

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

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

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

                  DEFAULT BIASING SENSITIVITY

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

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

RATINGS AFFIRMED

Marathon CLO V Ltd.
Class       Rating
A-1         AAA (sf)
A-2a        AA (sf)
A-2b        AA (sf)
B-1         A (sf)
B-2         A (sf)
C           BBB (sf)
D           BB (sf)


MARLBOROUGH STREET: Moody's Lowers Rating on Cl. E Notes to B2
--------------------------------------------------------------
Moody's Investors Service has downgraded the rating on these notes
issued by Marlborough Street CLO, Ltd.:

  $9,000,000 Class E Secured Deferrable Floating Rate Notes Due
   April 18, 2019, Downgraded to B2 (sf); previously on Nov. 4,
   2015, Affirmed Ba3 (sf)

In addition, Moody's also affirmed the ratings on these notes:

  $93,000,000 Class A-1 Senior Secured Floating Rate Notes Due
   April 18, 2019, (current outstanding balance of $1,490,462),
   Affirmed Aaa (sf); previously on Nov. 4, 2015, Affirmed
   Aaa (sf)

  $14,000,000 Class A-2B Senior Secured Floating Rate Notes Due
   April 18, 2019, (current outstanding balance of $2,243,707),
   Affirmed Aaa (sf); previously on Nov. 4, 2015, Affirmed
   Aaa (sf)

  $13,000,000 Class B Senior Secured Floating Rate Notes Due
   April 18, 2019, Affirmed Aaa (sf); previously on Nov. 4, 2015,
   Affirmed Aaa (sf)

  $15,000,000 Class C Secured Deferrable Floating Rate Notes Due
   April 18, 2019, Affirmed Aaa (sf); previously on Nov. 4, 2015,
   Affirmed Aaa (sf)

  $15,000,000 Class D Secured Deferrable Floating Rate Notes Due
   April 18, 2019, Affirmed A1 (sf); previously on Nov. 4, 2015,
   Upgraded to A1 (sf)

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

                        RATINGS RATIONALE

The rating downgrade on the Class E notes reflects a decrease in
the Class E OC ratio and deterioration in the credit quality of the
underlying collateral portfolio.  Based on the trustee's May 2016
report, the Class E OC ratio is at 104.86%, versus the October 2015
level of 105.60%.  The erosion of the Class E OC ratio is a result
of exposure to a new defaulted security with poor recovery
prospects since November 2015.  Additionally, the trustee's
reported weighted average rating factor for May 2016 is 2901
compared to 2741 in October 2015, attributable in part to a sharp
increase in exposures to collateral securities rated Caa1 or
lower.

The rating affirmations on the Class A-1, A-2B, B and C notes are
primarily a result of deleveraging of the senior notes and an
increase in the transaction's Class B, C and D
over-collateralization (OC) ratios since November 2015.  The Class
A-1 and Class A-2B notes have been paid down by approximately 74.3%
or $10.7 million since then.  Based on the trustee's May 2016
report, the OC ratios for the Class B, C and D notes are reported
at 349.26%, 184.17%and 125.06%, respectively, versus October 2015
levels of 219.73%, 155.21%, 119.98%, respectively.

The portfolio includes a number of investments in securities that
mature after the notes do.  Based on Moody's calculation,
securities that mature after the notes do currently make up
approximately 8.3% of the portfolio.  These investments could
expose the notes to market risk in the event of liquidation when
the notes mature.

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.

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

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.

  7) 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
     $3.3 million of par, Moody's ran a sensitivity case
     defaulting those assets.

  8) Limited portfolio granularity: The performance of the
     portfolio will depends to a material extent on a few large
     obligors Moody's rates Caa1 or lower.  Based on Moody's
     analysis, the collateral portfolio consists of seven
     securities rated Caa1 or lower comprising 22% in aggregate of

     the collateral.  A jump to default by one or more of such
     securities could result in a notable reduction in the
     collateral par coverage, especially for the Class E notes.

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% (2552)
Class A-1: 0
Class A-2A: 0
Class A-2B: 0
Class B: 0
Class C: 0
Class D: +1
Class E: +2

Moody's Adjusted WARF + 20% (3828)
Class A-1: 0
Class A-2A: 0
Class A-2B: 0
Class B: 0
Class C: 0
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 $45.7 million, defaulted par
of 8.2 million, a weighted average default probability of 15.48%
(implying a WARF of 3190), a weighted average recovery rate upon
default of 54.69%, a diversity score of 19 and a weighted average
spread of 2.92% (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.


MERRILL LYNCH 2005-MCP1: Moody's Hikes Cl. E Debt Rating to Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded one rating and affirmed the
ratings on four classes in Merrill Lynch Mortgage Trust 2005-MCP1,
Commercial Mortgage Pass-Through Certificates, Series 2005-MCP1
as:

  Cl. E, Upgraded to Ba1 (sf); previously on June 26, 2015,
   Affirmed B2 (sf)

  Cl. F, Affirmed Caa1 (sf); previously on June 26, 2015, Affirmed

   Caa1 (sf)

  Cl. G, Affirmed Caa3 (sf); previously on June 26, 2015, Affirmed

   Caa3 (sf)

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

  Cl. XC, Affirmed Caa3 (sf); previously on June 26, 2015,
   Downgraded to Caa3 (sf)

                       RATINGS RATIONALE

The rating on the P&I class was upgraded primarily due to an
increase in credit support since Moody's last review, resulting
from paydowns and amortization.  The pool has paid down by 61%
since Moody's last review.

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

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

Moody's rating action reflects a base expected loss of 15.1% of the
current balance, compared to 15.3% at Moody's last review. Moody's
base expected loss plus realized losses is now 4.6% of the original
pooled balance, compared to 6.1% at the last review. Moody's
provides a current list of base expected losses for conduit and
fusion CMBS transactions on moodys.com at:

   http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

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

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.

                     DESCRIPTION OF MODELS USED

Moody's analysis used the excel-based Large Loan Model.  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 and property type.  Moody's also
further adjusts these aggregated proceeds for any pooling benefits
associated with loan level diversity and other concentrations and
correlations.

                       DEAL PERFORMANCE

As of the May 12, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 61% to $59 million
from $1.7 billion at securitization.  The certificates are
collateralized by 6 mortgage loans ranging in size from 3% to 52%
of the pool, with the top three loans constituting 87% of the
pool.

Three loans, constituting 38% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package.  As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Seventeen loans have been liquidated from the pool, resulting in an
aggregate realized loss of $71.1 million (for an average loss
severity of 22.3%).  Two loans, constituting 58% of the pool, are
currently in special servicing.  The largest specially serviced
loan and largest loan in the pool is the Prium Office Portfolio II
(for $30.6 million 52% of the pool), which is secured by a
portfolio of nine class B suburban office buildings located
throughout the state of Washington.  As of May 2016, the portfolio
was 78% leased.  Most buildings in the portfolio are single tenant
or two tenant offices leased to State of Washington agencies on
five year leases.

The remaining specially serviced loan is secured by a retail
property in Indianapolis, Indiana constituting 6.4% of the pool.
The property was 76% leased as of April 2016.  The receiver is
continuing to lease up the space to a stabilized occupancy after a
major tenant vacated the property in 2012.

Moody's estimates an aggregate $6.3 million loss for the specially
serviced loans (18.4% expected loss on average).

Moody's has assumed a high default probability for one poorly
performing loan, constituting 16.3% of the pool, and has estimated
an aggregate loss of $1.4 million (a 15% expected loss based on a
50% probability default) from this troubled loan.

Moody's estimates an aggregate $7.7 million loss for the specially
serviced and troubled loans (18% expected loss on average).

Moody's received full or partial year 2015 operating results for
98% of the pool.  Moody's weighted average conduit LTV is 102.6%,
compared to 93.7%, 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
17% to the most recently available net operating income (NOI).
Moody's value reflects a weighted average capitalization rate of
9.8%.

Moody's actual and stressed conduit DSCRs are 1.46X and 1.29X,
respectively, compared to 1.38X and 1.29X, 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 25% of the pool balance.  The
largest loan is the 844 Front Street Loan ($11.1 million -- 19% of
the pool), which is secured by a 12,000 SF retail center located on
the island of Maui in Lahaina, Hawaii.  As of December 2015, the
property was 95% leased.  The loan matured on May 2015 and the
borrower has requested a two year term extension.  Moody's LTV and
stressed DSCR are 123% and 0.88X, respectively.

The second largest loan is the Madison Meadows Apartments Loan
($2.3 million -- 3.9% of the pool), which is secured by a 120 unit
multifamily apartment complex located in Statesboro, Georgia
approximately one hour northwest of Savannah, GA.  As of September
2015 the property was 93% leased.  Moody's LTV and stressed DSCR
are 54% and 1.76X, respectively, compared to 54% and 1.74X, at last
review.

The third largest loan is the Linden Professional Tower Loan
($1.6 million -- 2.7% of the pool), which is secured by an office
tower located in Linden, New Jersey approximately 9 miles southwest
of Newark Airport.  The property is occupied by primarily medical
tenants and was 100% occupied at securitization. Moody's LTV and
stressed DSCR are 31% and 3.51X, respectively, compared to 37% and
2.95X, at last review.


MIDOCEAN CREDIT V: Moody's Assigns Ba3 Rating to Class E Notes
--------------------------------------------------------------
Moody's Investors Service, Inc. has assigned ratings to the
following classes of notes issued by MidOcean Credit CLO V.

Moody's rating action is as follows:

US$256,000,000 Class A Floating Rate Notes Due 2028 (the "Class A
Notes"), Assigned Aaa (sf)

US$40,000,000 Class B-1 Floating Rate Notes Due 2028 (the "Class
B-1 Notes"), Assigned Aa2 (sf)

US$1,000,000 Class B-2 Floating Rate Notes Due 2028 (the "Class B-2
Notes"), Assigned Aa2 (sf)

US$31,000,000 Class C Deferrable Floating Rate Notes Due 2028 (the
"Class C Notes"), Assigned A3 (sf)

US$16,750,000 Class D Deferrable Floating Rate Notes Due 2028 (the
"Class D Notes"), Assigned Baa3 (sf)

US$23,250,000 Class E Deferrable Floating Rate Notes Due 2028 (the
"Class E Notes"), Assigned Ba3 (sf)

US$8,000,000 Class F Deferrable Floating Rate Notes Due 2028 (the
"Class F Notes"), Assigned B3 (sf)

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

RATINGS RATIONALE

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

MidOcean V is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 90.0% of the portfolio must
consist of senior secured loans and eligible investments, and up to
10% of the portfolio may consist of second lien loans and unsecured
loans. The portfolio is approximately 90% ramped as of the closing
date.

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

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

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


MORGAN STANLEY 1998-CF1: Moody's Affirms Caa1 Rating on Cl. G Debt
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on two classes
in Morgan Stanley Capital I Inc. 1998-CF1, Commercial Mortgage
Pass-Through Certificates, Series 1998-CF1 as:

  Cl. G, Affirmed Caa1 (sf); previously on June 12, 2015, Upgraded

   to Caa1 (sf)

  Cl. X, Affirmed Caa3 (sf); previously on June 12, 2015, Affirmed

   Caa3 (sf)

                       RATINGS RATIONALE

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

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

Moody's rating action reflects a base expected loss of 0.7% of the
current balance compared to 1.0% at last review.  Moody's base plus
realized loss totals 7.2%, 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 RATINGS:

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.

                   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 4, the same as at last review.

                         DEAL PERFORMANCE

As of the May 16, 2016, distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $26.8 million
from $1.11 billion at securitization.  The certificates are
collateralized by 12 mortgage loans ranging in size from 1% to 29%
of the pool.  Five loans, constituting 28% of the pool, have
defeased and are secured by US government securities.

Three loans, constituting 29% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package.  As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Fifty-six loans have been liquidated from the pool, resulting in an
aggregate realized loss of $79.7 million (for an average loss
severity of 46%).

Moody's received full year 2014 operating results for 100% of the
pool and full or partial year 2015 operating results for 99% of the
pool.  Moody's weighted average conduit LTV is 43%, compared to 48%
at Moody's last review.  Moody's conduit component excludes loans
with structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans.  Moody's net cash flow (NCF)
reflects a weighted average haircut of 12% to the most recently
available net operating income (NOI).  Moody's value reflects a
weighted average capitalization rate of 10%.

Moody's actual and stressed conduit DSCRs are 1.69X and 2.99X,
respectively, compared to 1.63X and 3.05X 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 63% of the pool balance. The
largest loan is the Bristol Marketplace Loan ($7.7 million -- 29%
of the pool), which is secured by a 99,256 square foot (SF) retail
center located in Santa Ana, California.  As of December 2015, the
property was 95% leased compared to 94% at last review.  Overall,
the property financial performance has improved and the loan has
amortized 33% since securitization.  Moody's LTV and stressed DSCR
are 46% and 2.23X, respectively, compared to 47% and 2.17X at last
review.

The second largest loan is the Van Dorn Station Loan ($5.8 million

   -- 22% of the pool), which is secured by a 74,464 SF retail
center located in Alexandria, Virginia.  Occupancy was 68% as of
December 2015, the same as at last review.  The loan has amortized
34% since securitization.  Moody's LTV and stressed DSCR are 38%
and 3.01X, respectively, compared to 43% and 2.63X at last review.

The third largest loan is the Gardenside Shopping Center Loan ($3.4
million -- 13% of the pool), which is secured by a 187,866 SF
anchored retail center located in Henderson, Kentucky.  The
property was 77% occupied as of December 2015, the same as at last
review.  Kmart and Goody's occupy 58% of the NRA.  The loan has
amortized 52% since securitization.  Moody's LTV and stressed DSCR
are 59% and 1.92X, respectively, compared to 66% and 1.71X at last
review.


MORGAN STANLEY 2006-NC3: Moody's Hikes Cl. A-2d Debt Rating to B1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four tranches
from three transactions backed by Subprime RMBS loans, and issued
by Morgan Stanley.

Complete rating actions are:

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2006-NC3

  Cl. A-2d, Upgraded to B1 (sf); previously on Nov. 4, 2015,
   Upgraded to B2 (sf)

Issuer: Morgan Stanley Capital I Inc. Trust 2006-HE1
  Cl. A-4, Upgraded to B1 (sf); previously on Nov. 4, 2015,
   Upgraded to B2 (sf)

Issuer: Morgan Stanley Structured Trust I 2007-1
  Cl. A-1, Upgraded to A1 (sf); previously on Sept. 12, 2012,
   Upgraded to Baa1 (sf)
  Cl. A-2, Upgraded to Baa1 (sf); previously on Aug. 6, 2015,
   Upgraded to Baa2 (sf)

                         RATINGS RATIONALE

The ratings upgraded are due to the total credit enhancement
available to the bonds.  The rating actions reflect the recent
performance of the underlying pools and Moody's updated loss
expectation on these 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 4.7% in May 2016 from 5.5% in May
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 2015-C23: DBRS Confirms BB(sf) Rating on Cl. E Debt
------------------------------------------------------------------
DBRS Limited confirmed all classes of Commercial Mortgage
Pass-Through Certificates, Series 2015-C23 issued by Morgan Stanley
Bank of America Merrill Lynch Trust 2015-C23 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since issuance. The collateral consists of 75 loans
secured by 151 commercial properties. As of the May 2016
remittance, the pool has experienced collateral reduction of 0.5%
as a result of scheduled amortization, with all of the original 75
loans remaining in the pool. There are 68 loans, representing 85.3%
of the current pool balance, that are reporting YE2015 financials.
These loans report a weighted-average (WA) debt service coverage
ratio (DSCR) of 1.62 times (x) and a WA debt yield of 8.9%. At
issuance, the pool reported a WA DSCR and debt yield of 1.64x and
8.6%, respectively. DBRS believes reported cash flows are likely
artificially depressed for some of the loans showing YE2015
metrics, as first year reporting is often skewed compared with
underwritten or historical figures, particularly when it comes to
expenses. As such, DBRS expects the WA DSCR for the pool will
improve with the 2016 reporting. At issuance, DBRS shadow-rated two
loans investment grade, and with this review, DBRS confirms the
performance of the loans to be consistent with investment-grade
loan characteristics.

At the May 2016 remittance, there were three loans on the
servicer’s watchlist, representing 3.5% of the current pool
balance. One loan, Snowcreek Crossing (Prospectus ID #26, 1.05% of
the pool), was flagged for upcoming tenant rollover, and the
remaining two loans were flagged for performance declines. These
two loans are detailed below.

The Aviare Place Apartments loan (Prospectus ID#16, 2.0% of the
current pool balance) is secured by a 266-unit multifamily property
located in Midland, Texas, a city highly dependent on the oil
industry. This loan was placed on the watchlist because of the low
YE2015 DSCR of 1.09x, a decrease from the DBRS underwritten DSCR of
1.51x. Property cash flows have declined despite a strong YE2015
occupancy rate of 95.1%, which compares well with the in-place
occupancy level at issuance of 93.2%. The decline in net cash flow
was primarily driven by a 35.4% increase in operating expenses from
the DBRS underwritten figure, with increases concentrated in
utilities, repairs and maintenance and general and administrative
expenses. In addition, effective gross income decreased slightly by
4.6% as a result of a decrease in base rental revenue, driven by
lower rents at the property since issuance. According to the
December 2015 rent roll, the average rental rate was $915 per unit,
a decrease from the in-place average rental rate at issuance of
$1,142 per unit, but in line with the Odessa-Midland submarket of
$919 per unit for properties of similar vintage. According to Reis,
the submarket has experienced declining performance trends since
issuance. As of the issuance data, the average rental rate and
vacancy rate for properties of similar vintage was $1,089 per unit
and 6.8%, respectively, compared with the Q1 2016 figures showing
an average rental rate and vacancy rate of $919 per unit and 12.4%,
respectively. Although the subject’s average rental rate is in
line with the submarket, the subject's vacancy rate of 4.9% is
significantly lower than the submarket. At issuance, the DBRS
underwritten net cash flow figure represented a variance of -8.5%
from the issuer’s underwritten figure, driven by a higher vacancy
rate and operating expenses underwritten by DBRS.

The Country Corners Shopping Center loan (Prospectus ID#52, 0.5% of
the current pool balance) is secured by a 70,000-square foot (sf)
retail property in Howell, Michigan, which is approximately 30
miles northwest of Ann Arbor. This loan was placed on the watchlist
because of a depressed occupancy level, which was 63.1% as of
YE2015, down from 84.1% at issuance. The former largest tenant,
Total Fitness Now, occupied 18.2% of the net rentable area and
vacated the property in December 2015 after renewal discussions for
the September 2015 lease expiry fell through. DBRS has requested a
leasing update from the servicer and is currently awaiting a
response as of the date of this press release; there are no known
co-tenancy clauses with the remaining tenants in relation to the
loss of Total Fitness Now, which was paying a rental rate of $7.00
psf. At issuance, the loan had an upfront tenant reserve of
$150,000 with ongoing collections to a ceiling of $200,000. As of
May 2016, the balance of the reserve was $191,500. According to the
YE2015 financials, the DSCR was reported at 1.36x; DBRS estimates
the DSCR will fall to approximately 1.15x with the loss of Total
Fitness Now, and modeled the loan with an increased probability of
default given the projected decline in coverage.


MORGAN STANLEY 2015-MS1: DBRS Confirms B Rating on Class F Certs
----------------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2015-MS1
issued by Morgan Stanley Capital I Trust 2015-MS1:

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

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

The rating confirmations reflect that the performance of the
transaction has remained stable since issuance in July 2015. The
collateral consists of 54 fixed-rate loans secured by 59 commercial
and multifamily properties. As of the May 2016 remittance, the pool
has experienced a collateral reduction of 0.5% since issuance as a
result of loan amortization, with all of the original 54 loans
remaining in the pool. Approximately 43 loans, representing 69.4%
of the current pool balance, are reporting partial or year-end 2015
financials. These loans reported a weighted-average (WA) debt
service coverage ratio (DSCR) of 1.92 times (x) and a WA debt yield
of 9.3%. At issuance, the pool reported a WA DSCR and debt yield of
1.75x and 8.7%, respectively. There are no loans on the
servicer’s watchlist or in special servicing.

The Premier Apartments loan (Prospectus ID#9, 3.8% of the pool
balance) is secured by a 160-unit, Class A apartment complex in
Silver Spring, Maryland. Built in 2014, the improvements consist of
a 14-story apartment building with 2,635 square feet (sf) of
ground-level commercial space. The YE2015 DSCR of 0.88x represents
a decline from the DBRS UW (underwritten) DSCR of 1.08x. The net
cash flow (NCF) decline of 17.6% was attributable to a 32.0%
increase in operating expenses, while effective gross income was in
line with expectations at issuance. The large increase in operating
expense was due to elevated general & administrative expenses,
which was reported at over six times the UW amount. DBRS expects
the operating expenses to more closely align with expectations as
full-year performance and financials become available. According to
the March 2016 rent roll, the residential space was 92.5% occupied,
compared with 95.6% at issuance. Additionally, the commercial space
is occupied by Wells Fargo on a ten-year lease. According to Reis,
the property is a part of the Silver Spring submarket. While the
vacancy rate for similar class properties in the submarket is
slightly lower compared to the subject at 6.4%, the average rental
rate at the property is higher, at $1,837 per unit compared to
$1,620 in the submarket, and has increased by 2.4% since issuance.


At issuance, DBRS shadow-rated three loans investment-grade: 32 Old
Slip Fee (Prospectus ID#3, 6.8% of the current pool), 841-853
Broadway (Prospectus ID#6, 5.7% of the current pool) and Alderwood
Mall (Prospectus ID#5, 5.6% of the current pool). DBRS confirms
with this review that the performance of these loans remain
consistent with investment-grade loan characteristics.


NEWFLEET CLO 2016-1: S&P Assigns 'BB-' Rating on Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to Newfleet CLO 2016-1
Ltd./Newfleet CLO 2016-1 LLC's $320.00 million floating-rate
notes.

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

The ratings reflect S&P's view of:

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

   -- The transaction's credit enhancement, which is sufficient to

      withstand the defaults applicable for the supplemental tests

      (not counting excess spread), and cash flow structure, which

      can withstand the default rate projected by S&P Global
      Ratings' CDO Evaluator model, as assessed by S&P using the
      assumptions and methods outlined in its corporate
      collateralized debt obligation (CDO) criteria.

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

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

   -- The collateral manager's experienced management team.

   -- The transaction's timely interest and ultimate principal
      payments on the rated notes, which S&P assessed using its
      cash flow analysis and assumptions commensurate with the
      assigned rating under various interest rate scenarios,
      including LIBOR ranging from 0.3439% to 12.8133%.

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

   -- During the reinvestment period, the transaction will benefit

      from an interest diversion test, a failure of which would
      lead to the reclassification of up to 50.0% of the excess
      interest proceeds that are available before paying
      subordinated management fees, uncapped administrative
      expenses, incentive management fees, and subordinate note
      payments, as principal proceeds to purchase additional
      collateral obligations.

RATINGS ASSIGNED

Newfleet CLO 2016-1 Ltd./Newfleet CLO 2016-1 LLC
                                     Amount
Class                Rating        (mil. $)
X                    AAA (sf)          0.50
A                    AAA (sf)        227.50
B                    AA (sf)          38.50
C (deferrable)       A (sf)           21.00
D (deferrable)       BBB (sf)         17.50
E (deferrable)       BB- (sf)         15.00
Subordinated notes   NR               36.30

NR--Not rated.


NSTAR VIII: Moody's Affirms 'Caa1(sf)' Rating on Class C Debt
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by NStar REL CDO VIII, Ltd:

Cl. A1, Upgraded to Aa3 (sf); previously on Jul 30, 2015 Affirmed
A3 (sf)

Cl. A2, Upgraded to Baa3 (sf); previously on Jul 30, 2015 Affirmed
B1 (sf)

Cl. AR, Upgraded to Aa3 (sf); previously on Jul 30, 2015 Affirmed
A3 (sf)

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

Cl. B, Affirmed B3 (sf); previously on Jul 30, 2015 Affirmed B3
(sf)

Cl. C, Affirmed Caa1 (sf); previously on Jul 30, 2015 Affirmed Caa1
(sf)

Cl. D, Affirmed Caa2 (sf); previously on Jul 30, 2015 Affirmed Caa2
(sf)

Cl. E, Affirmed Caa3 (sf); previously on Jul 30, 2015 Affirmed Caa3
(sf)

Cl. F, Affirmed Ca (sf); previously on Jul 30, 2015 Affirmed Ca
(sf)

Cl. G, Affirmed Ca (sf); previously on Jul 30, 2015 Affirmed Ca
(sf)

Cl. H, Affirmed Ca (sf); previously on Jul 30, 2015 Affirmed Ca
(sf)

Cl. J, Affirmed Ca (sf); previously on Jul 30, 2015 Affirmed Ca
(sf)

Cl. K, Affirmed Ca (sf); previously on Jul 30, 2015 Affirmed Ca
(sf)

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

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

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

RATINGS RATIONALE

Moody's has upgraded the ratings on the transaction due to higher
than anticipated recoveries on very high creditrisk collateral
including certain commercial real estate whole loans and one CRE
CDO; resulting in the amortization of approximately 17% of the
collateral balance as of last review. Additionally, the credit
quality of the remaining collateral pool has remained stable, as
evidenced by WARF and WARR. Moody's has affirmed the ratings on the
transaction because its key transaction metrics are commensurate
with existing ratings. The affirmation is the result of Moody's
ongoing surveillance of commercial real estate collateralized debt
obligation (CRE CDO CLO) transactions.

NStar REL CDO VIII is a static cash transaction, with a
reinvestment period that ended in February 2012, and is backed by a
portfolio of: i) CRE CDOs (6.1% of the collateral pool balance),
ii) whole loans and seniorparticipations (52.3%); and iii)
mezzanine interests (41.6%). As of the trustee's 17 April, 2016
report, the aggregate note balance of the transaction, including
preferred shares, is $598.0 million, compared to $900.0 million at
issuance, with paydowns directed to the seniormost outstanding
class of notes and resulting from regular amortization and
recoveries on defaulted assets. The reduction in note balance is
also due to prior partial junior note cancellations of Class G and
J, which occurred prior to this review. In general, holding all key
parameters static, the junior note cancellations result in slightly
higher expected losses and longer weighted average lives on the
senior notes, while producing slightly lower expected losses on the
mezzanine and junior notes. However, this does not cause, in and of
itself, a downgrade or upgrade on any outstanding class of notes.


OCEAN TRAILS VI: Moody's Assigns Ba3 Rating to Class E Notes
------------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
notes issued by Ocean Trails CLO VI (the "Issuer" or "Ocean Trails
VI").

Moody's rating action is as follows:

US$130,480,000 Class A-1 Floating Rate Notes due 2028 (the "Class
A-1 Notes"), Assigned Aaa (sf)

US$52,640,000 Class A-2A Floating Rate Notes due 2028 (the "Class
A-2A Notes"), Assigned Aaa (sf)

US$6,880,000 Class A-2B Floating Rate Notes due 2028 (the "Class
A-2B Notes"), Assigned Aaa (sf)

US$41,500,000 Class B Floating Rate Notes due 2028 (the "Class B
Notes"), Assigned Aa2 (sf)

US$10,500,000 Class C Deferrable Floating Rate Notes due 2028 (the
"Class C Notes"), Assigned A2 (sf)

US$17,000,000 Class D Deferrable Floating Rate Notes due 2028 (the
"Class D Notes"), Assigned Baa3 (sf)

US$16,500,000 Class E Deferrable Floating Rate Notes due 2028 (the
"Class E Notes"), Assigned Ba3 (sf)

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

RATINGS RATIONALE

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

Ocean Trails VI is a managed cash flow CLO. The issued notes will
be collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 92.5% of the portfolio must
consist of senior secured loans and eligible investments, and up to
7.5% of the portfolio may consist of second lien loans and
unsecured loans. The portfolio is approximately 88% ramped as of
the closing date.

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


OCP CLO 2013-3: S&P Affirms 'BB' Rating on Class D Notes
--------------------------------------------------------
S&P Global Ratings raised its ratings on the class A-2, B, and C
notes from OCP CLO 2013-3 Ltd.  At the same time, S&P affirmed its
ratings on the class A-1 and D notes.  OCP CLO 2013-3 Ltd. is a
U.S. collateralized loan obligation (CLO) transaction that closed
in March 2013 and is managed by Onex Credit Partners LLC.

The rating actions follow S&P's review of the transaction's
performance using data from the May 6, 2016, trustee report.  The
transaction remains in its reinvestment period until January 2017.

Since S&P's effective date rating affirmations in September 2013,
the transaction's credit quality has improved significantly, as
collateral with an S&P Global Ratings' credit rating of 'BB-' or
higher has nearly doubled to 26.94% from 14.22% in the June 2013
effective date report used in S&P's previous affirmations.  The
purchasing of this higher-rated collateral has resulted in a drop
in reported weighted average spread to 3.95% from 4.40%, and a
corresponding increase in the weighted average S&P Global Ratings
recovery rate.  Defaulted collateral remains low at only 1.39% of
the aggregate principal balance.

This improvement has also caused the reported overcollateralization
(O/C) ratios to decrease by approximately 1.50% at each test level,
as the manager moved out of lower-priced positions and purchased
loans with a market value closer to par. All of the coverage tests
are currently passing and S&P do not perceive any coverage test
failures as likely in the near future.

The transaction has also benefited from the collateral's seasoning,
with the reported weighted average life decreasing to 4.43 years
from 5.59 years in June 2013.  This seasoning, combined with the
improvement in credit quality, has decreased the transaction's
overall credit risk profile, which in turn provided more cushion to
the tranche ratings.

The cash flow analysis pointed to multiple-notch upgrades for
several of the tranches; however, S&P also considered a sensitivity
run to allow for volatility in the underlying portfolio given that
the transaction is still in its reinvestment period.

The affirmations of the class A-1 and D notes reflect S&P's belief
that the credit support available is commensurate with the current
rating levels.

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

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 ANALYSIS

OCP CLO 2013-3 Ltd.
                          Cash flow
           Previous       implied       Cash flow    Final
Class      rating(i)      rating(ii)      cushion    rating
A-1        AAA (sf)       AAA (sf)         16.36%    AAA (sf)
A-2        AA (sf)        AAA (sf)          2.42%    AA+ (sf)
B          A (sf          AA+ (sf)          1.27%    A+ (sf)
C          BBB (sf)       A+ (sf)           0.65%    BBB+ (sf)
D          BB (sf)        BB+ (sf)          7.12%    BB (sf)

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

            RECOVERY RATE AND CORRELATION SENSITIVITY

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

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

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

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

                   DEFAULT BIASING SENSITIVITY

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

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

RATINGS RAISED

OCP CLO 2013-3 Ltd.
                 Rating
Class       To          From
A-2         AA+ (sf)    AA (sf)
B           A+ (sf)     A (sf)
C           BBB+ (sf)   BBB (sf)

RATINGS AFFIRMED

OCP CLO 2013-3 Ltd.
Class       Rating
A-1         AAA (sf)
D           BB (sf)


OCTAGON INVESTMENT XV: S&P Affirms BB Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings raised its ratings on the class B-1, B-2, and C
notes from Octagon Investment Partners XV Ltd., U.S. collateralized
loan obligation (CLO) that closed in February 2013 and is managed
by Octagon Credit Investors LLC.  At the same time, S&P affirmed
its ratings on the class A, 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 May 27, 2016, trustee report.  The
transaction remains in its reinvestment period until January 2017.

The upgrades mainly reflect the stable performance and the
underlying collateral pool's overall credit seasoning.  According
to the May 2016 trustee report, the overcollateralization (O/C)
ratios are above the required minimums, though they have decreased
marginally since the effective date.  For instance, the class A/B
ratio was 131.57% per the May 2016 monthly report, down from
132.28% in April 2013 (when transaction became effective), and the
class E ratio is 108.10%, down from 108.69%.

In addition, there has been a modest increase in both defaulted
assets and assets rated in the 'CCC' category.  However, these
factors are offset by the underlying collateral pool's seasoning.
The portfolio's weighted average life per the May 2016 trustee
report was 4.64 years, down from 5.68 years in April 2013.  There
was also an increase in assets rated 'BB-' or higher over this
period.  Both the decline in weighted average life and the increase
in assets rated 'BB-' or higher lowered the portfolio's credit risk
profile.

Although the cash flow results indicated a higher rating for all
tranches other than the class A tranche, S&P's analysis and final
ratings reflect additional sensitivities that capture any potential
changes in the underlying portfolio until the notes begin to
amortize.  The affirmations of the class A, D, and E notes reflect
S&P's belief that the credit support available is commensurate with
the current rating levels.

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

S&P's review of the transaction relied in part upon a criteria
interpretation with respect to S&P's May 8, 2014, criteria, "CDOs:
Mapping A Third Party's Internal Credit Scoring System To Standard
& Poor's Global Rating Scale," which allows S&P to use a limited
number of public ratings from other NRSROs to assess the credit
quality of assets S&P do not rate.  The criteria provide specific
guidance for the treatment of corporate assets not rated by S&P,
while the interpretation outlines the treatment of securitized
assets.

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

CASH FLOW RESULTS AND SENSITIVITY ANALYSIS

Octagon Investment Partners XV Ltd.

                        Cash flow
       Previous         implied    Cash flow     Final
Class  rating           rating     cushion(i)    rating
A      AAA (sf)         AAA (sf)   12.56%        AAA (sf)
B-1    AA (sf)          AA+ (sf)   10.46%        AA+ (sf)
B-2    AA (sf)          AA+ (sf)   10.46%        AA+ (sf)
C      A (sf)           A+ (sf)    6.35%         A+ (sf)
D      BBB (sf)         BBB+ (sf)  5.92%         BBB (sf)
E      BB (sf)          BB+ (sf)   2.25%         BB (sf)

(i)The cash flow cushion is the excess of the tranche break-even
default rate above the scenario default rate at the cash flow
implied rating for a given class of rated notes.

              RECOVERY RATE AND CORRELATION SENSITIVITY

In addition to S&P's base-case analysis, it generated 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.

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-1    AA+ (sf)   AA+ (sf)   AA+ (sf)     AAA (sf)   AA+ (sf)
B-2    AA+ (sf)   AA+ (sf)   AA+ (sf)     AAA (sf)   AA+ (sf)
C      A+ (sf)    A+ (sf)    A+ (sf)      AA (sf)    A+ (sf)
D      BBB+ (sf)  BBB (sf)   BBB+ (sf)    A- (sf)    BBB (sf)
E      BB+ (sf)   BB- (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-1    AA+ (sf)     A+ (sf)       AA- (sf)      AA+ (sf)
B-2    AA+ (sf)     A+ (sf)       AA- (sf)      AA+ (sf)
C      A+ (sf)      BB+ (sf)      BBB+ (sf)     A+ (sf)
D      BBB+ (sf)    B- (sf)       BB+ (sf)      BBB (sf)
E      BB+ (sf)     CC (sf)       CCC+ (sf)     BB (sf)

RATINGS RAISED

Octagon Investment Partners XV Ltd.
               Rating
Class     To          From
B-1       AA+ (sf)    AA (sf)
B-2       AA+ (sf)    AA (sf)
C         A+ (sf)     A (sf)

RATINGS AFFIRMED

Octagon Investment Partners XV Ltd.

Class     Rating
A         AAA (sf)
D         BBB (sf)
E         BB (sf)


ONEMAIN FINANCIAL 2016-3: DBRS Rates Class D Notes 'BBsf'
---------------------------------------------------------
DBRS, Inc. assigned ratings to the following notes issued by
OneMain Financial Issuance Trust 2016-3 (Series 2016-3):

-- $248,700,000 Series 2016-3 Notes, Class A rated AA (sf)
-- $38,710,000 Series 2016-3 Notes, Class B rated A (sf)
-- $29,530,000 Series 2016-3 Notes, Class C rated BBB (sf)
-- $33,060,000 Series 2016-3 Notes, Class D rated BB (sf)

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

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

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

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

-- OneMain Financial, Inc.’s (OneMain) capabilities with regard

    to originations, underwriting and servicing.

-- Acquisition of OneMain by Springleaf Holdings, Inc.

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

-- The legal structure and presence of legal opinions which   
    address the true sale of the assets to the Issuer, the non-
    consolidation of the special-purpose vehicle with OneMain and
    that the trust has a valid first-priority security interest in

    the assets and is consistent with DBRS’s “Legal Criteria
for
    U.S. Structured Finance” methodology.

DBRS has assigned ratings to Series 2016-3. The Series 2016-3
transaction represents the eighth securitization of a portfolio of
non-prime and subprime personal loans originated through
OneMain’s branch network.

Credit enhancement in the transaction consists of
overcollateralization, subordination, excess spread and a reserve
account. The rating on the Class A Note reflects the 37.40% of
initial hard credit enhancement provided by the subordinated notes
in the pool, the Reserve Account (1.00%), and overcollateralization
(10.49%). The ratings on the Class B, Class C and Class D Notes
reflect 27.50%, 19.95% and 11.49% of initial hard credit
enhancement, respectively. Additional credit support may be
provided from excess spread available in the structure.


PAINE WEBBER 1999-C1: Moody's Affirms C Rating on Cl. H Debt
------------------------------------------------------------
Moody's Investors Service has upgraded the rating on one class and
affirmed the ratings on two classes in Paine Webber Mortgage
Acceptance Corporation V 1999-C1 as:

  Cl. G, Upgraded to A1 (sf); previously on July 24, 2015,
   Upgraded to A3 (sf)
  Cl. H, Affirmed C (sf); previously on July 24, 2015, Affirmed
   C (sf)
  Cl. X, Affirmed Caa1 (sf); previously on July 24, 2015, Affirmed

   Caa1 (sf)

                        RATINGS RATIONALE

The rating on the P&I Class G was upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization.  The deal has paid down 13% since Moody's last
review.

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

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

Moody's rating action reflects a base expected loss of 13.1% of the
current balance, compared to 12.9% at Moody's last review.  
Moody's base expected loss plus realized losses is now 2.4% of the
original pooled balance, compared to 2.5% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at:

  http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

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

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 "Moody's Approach to
Rating Large Loan and Single Asset/Single Borrower CMBS" published
in October 2015, and "Commercial Real Estate Finance: Moody's
Approach to Rating Credit Tenant Lease Financings" published in May
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 4, compared to 5 at Moody's last review.

Moody's analysis used the excel-based Large Loan Model.  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 and property type.  Moody's also
further adjusts these aggregated proceeds for any pooling benefits
associated with loan level diversity and other concentrations and
correlations.

In evaluating the Credit Tenant Lease (CTL) component, Moody's used
a Gaussian copula model, incorporated in its public CDO rating
model CDOROM to generate a portfolio loss distribution to assess
the ratings.

                        DEAL PERFORMANCE

As of the May 16, 2016, distribution date, the transaction's
aggregate certificate balance has decreased by 96.6% to $24 million
from $705 million at securitization.  The certificates are
collateralized by xx mortgage loans ranging in size from 1.3% to
28.9% of the pool, with the top ten loans constituting 80.5% of the
pool.  Four loans, constituting 19.5% of the pool, have defeased
and are secured by US government securities.

Three loans, constituting 6.3% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package.  As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Thirteen loans have been liquidated from the pool, resulting in an
aggregate realized loss of $13.8 million (for an average loss
severity of 36%).  There are currently no loans in special
servicing.

Moody's received full year 2014 operating results for 100% of the
pool, and full year 2015 operating results for 61% of the pool.
Moody's weighted average conduit LTV is 30%, compared to 36% 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 16.5% to the most recently
available net operating income (NOI).  Moody's value reflects a
weighted average capitalization rate of 11.0%.

Moody's actual and stressed conduit DSCRs are 1.51X and 4.76X,
respectively, compared to 1.43X and 3.93X 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 11.5% of the pool balance.
The largest loan is the Post Haste Plaza Loan ($1.5 million -- 6.4%
of the pool), which is secured by a 35,890 square foot (SF) retail
property located in Hollywood, Florida.  As of December 2015, the
property was 100% leased.  The loan is fully amortizing and has
amortized by 45% since securitization.  The loan matures in October
2023.  Moody's LTV and stressed DSCR are 27% and greater than
4.00X, respectively, compared to 30% and greater than 4.00X at last
review.

The second largest loan is the Best Western Regent Inn Loan
($676,050 -- 2.8% of the pool), which is secured by an 88-room
limited service hotel located in Mansfield Center, Connecticut. The
loan is fully amortizing and has amortized by 75% since
securitization.  The loan matures in September 2018.  The loan is
on the servicer's watchlist due to low DSCR.  Moody's LTV and
stressed DSCR are 44% and 2.96X, respectively, compared to 52% and
2.49X at last review.

The third largest loan is the Hard Rock Cafe Loan ($531,043 -- 2.2%
of the pool), which is secured by a 15,650 SF retail property in
San Diego's Gaslamp Quarter.  As of March 2016, the property was
100% leased; major tenants include the Hard Rock Café and the
Allure Restaurant.  Moody's LTV and stressed DSCR are 15% and
greater than 4.00X, respectively, compared to 20% and greater than
4.00X at the last review.

The CTL component consists of four loans, totaling 62% of the pool,
secured by properties leased to four tenants.  The two largest
exposures are Beckman Coulter, Inc. ($6.9 million -- 28.9% of the
pool; Beckman was acquired by Danaher Corporation) and Regal
Cinemas Corporation, ($6.1 million -- 25.2% of the pool; Regal
Entertainment Group).  The bottom-dollar weighted average rating
factor (WARF) for the CTL component is 2,310 compared to 2,423 at
last review.  WARF is a measure of the overall quality of a pool of
diverse credits.  The bottom-dollar WARF is a measure of the
default probability within the pool.


PALMER SQUARE 2016-2: S&P Assigns BB Rating on Class D Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to Palmer Square Loan
Funding 2016-2 Ltd./Palmer Square Loan Funding 2016-2 LLC's $185.00
million floating-rate notes.

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

The ratings reflect:

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

   -- The transaction's credit enhancement, which is sufficient to

      withstand the defaults applicable for the supplemental tests

      (not counting excess spread), and cash flow structure, which

      can withstand the default rate projected by Standard &
      Poor's CDO Evaluator model, as assessed by S&P Global
      Ratings using the assumptions and methods outlined in its
      corporate collateralized debt obligation criteria.

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

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

   -- The collateral servicer's experienced management team.

   -- The transaction's ability to make timely interest and
      ultimate principal payments on the rated notes, which S&P
      assessed using its cash flow analysis and assumptions
      commensurate with the assigned ratings under various
      interest rate scenarios, including LIBOR ranging from
      0.3439%-11.6654%.

   -- 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.

RATINGS ASSIGNED

Palmer Square Loan Funding 2016-2 Ltd./Palmer Square Loan Funding
2016-2 LLC

Class                 Rating              Amount
                                        (mil. $)
A-1                   AAA (sf)           135.000
A-2                   AA (sf)             18.400
B (deferrable)        A (sf)              16.900
C (deferrable)        BBB (sf)             7.650
D (deferrable)        BB (sf)              7.050
Subordinated notes    NR                  15.775

NR--Not rated.


RACE POINT VII: S&P Affirms 'BB-' Rating on Class E Notes
---------------------------------------------------------
S&P Global Ratings affirmed its ratings on the class A, B, C, D,
and E notes from Race Point VII CLO Ltd.  Race Point VII CLO Ltd.
is a U.S. CLO transaction that closed in November 2012 and is
managed by Sankaty Advisors LLC.

The deal is currently in its reinvestment phase, which is scheduled
to end in November 2016.  Since the transaction's effective date,
the weighted average life of the collateral portfolio has decreased
to 4.57 years from 5.43 years, which positively affected the
creditworthiness of the collateral pool. In addition, the number of
obligors in the portfolio has also increased during this period,
which contributed to the portfolio's diversification.  Though the
amount of 'CCC' rated and defaulted assets have increased to $14.2
million and $9.7 million, respectively, from none at the effective
date, these negative factors were offset mostly by the overall
credit seasoning of the portfolio.

Furthermore, the increase in defaults has led to a drop in the
overcollateralization (O/C) ratios.  The April 2016 trustee report
indicated these O/C changes when compared to the January 2013
report:

   -- Class A/B O/C decreased to 130.91% from 133.51%.
   -- Class C O/C decreased to 119.08% from 121.44%.
   -- Class D O/C decreased to 112.32% from 114.54%.
   -- Class E O/C decreased to 106.57% from 108.68%.

The cash flow results showed higher ratings for the class B, C, and
D notes, but S&P took into account that the transaction has
experienced par loss as well as deterioration in the portfolio's
credit quality since the effective date, and considered to maintain
additional cushion to allow for further volatility in the
underlying portfolio.

Although the cash flow results indicated a lower rating for the
class E notes, S&P affirmed its rating on the tranche to account
for the class' relatively stable O/C level and collateral
seasoning.  However, any increase in defaults and/or par losses
could lead to potential negative rating actions on the class E
notes in the future.

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

Race Point VII CLO Ltd.
                  Cash flow
        Previous   implied     Cash flow     Final
Class   rating     rating(i)   cushion(ii)   rating
A       AAA (sf)   AAA (sf)    6.88%         AAA (sf)
B       AA (sf)    AA+ (sf)    8.08%         AA (sf)
C       A (sf)     A+ (sf)     4.08%         A (sf)
D       BBB (sf)   BBB+ (sf)   2.07%         BBB (sf)
E       BB- (sf)   B+ (sf)     4.57%         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 equals rating     20.0                       7.5
Above base case             25.0                      10.0

                  10% 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)     BBB+ (sf)    BBB (sf)
E      B+ (sf)    B (sf)        B+ (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)      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      B+ (sf)     B (sf)        CC (sf)       BB- (sf)

RATINGS AFFIRMED

Race Point VII CLO Ltd.
Class             Rating
A                 AAA (sf)
B                 AA (sf)
C                 A (sf)
D                 BBB (sf)
E                 BB- (sf)


REALT 2007-2: Moody's Affirms 'Ba1(sf)' Rating on Class F Debt
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings on 17 classes of
Real Estate Asset Liquidity Trust 2007-2, Commercial Mortgage
Pass-Through Certificates, Series 2007-2 as follows:

Cl. A-1, Affirmed Aaa (sf); previously on Jun 24, 2015 Affirmed Aaa
(sf)

Cl. A-2, Affirmed Aaa (sf); previously on Jun 24, 2015 Affirmed Aaa
(sf)

Cl. A-J, Affirmed Aaa (sf); previously on Jun 24, 2015 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa2 (sf); previously on Jun 24, 2015 Affirmed Aa2
(sf)

Cl. C, Affirmed A2 (sf); previously on Jun 24, 2015 Affirmed A2
(sf)

Cl. D-1, Affirmed Baa2 (sf); previously on Jun 24, 2015 Affirmed
Baa2 (sf)

Cl. D-2, Affirmed Baa2 (sf); previously on Jun 24, 2015 Affirmed
Baa2 (sf)

Cl. E-1, Affirmed Baa3 (sf); previously on Jun 24, 2015 Affirmed
Baa3 (sf)

Cl. E-2, Affirmed Baa3 (sf); previously on Jun 24, 2015 Affirmed
Baa3 (sf)

Cl. F, Affirmed Ba1 (sf); previously on Jun 24, 2015 Affirmed Ba1
(sf)

Cl. G, Affirmed Ba3 (sf); previously on Jun 24, 2015 Affirmed Ba3
(sf)

Cl. H, Affirmed B2 (sf); previously on Jun 24, 2015 Affirmed B2
(sf)

Cl. J, Affirmed B3 (sf); previously on Jun 24, 2015 Affirmed B3
(sf)

Cl. K, Affirmed Caa1 (sf); previously on Jun 24, 2015 Affirmed Caa1
(sf)

Cl. L, Affirmed Caa2 (sf); previously on Jun 24, 2015 Affirmed Caa2
(sf)

Cl. XC-1, Affirmed Ba3 (sf); previously on Jun 24, 2015 Affirmed
Ba3 (sf)

Cl. XC-2, Affirmed Ba3 (sf); previously on Jun 24, 2015 Affirmed
Ba3 (sf)

RATINGS RATIONALE

The ratings on elevan P&I classes, Class A-1 through G, 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 four P&I classes, Class H, J, K, and L, were
affirmed because the ratings are consistent with Moody's expected
loss.

The ratings on the IO classes, XC-1 and XC-2, were affirmed based
on the credit performance (or the weighted average rating factor)
of the referenced classes.

Moody's rating action reflects a base expected loss of 3.2% of the
current balance compared to 2.5% at Moody's last review. Moody's
base expected loss plus realized losses is now 2.2% of the original
pooled balance, compared to 1.8% at the last review.

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

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.

DEAL PERFORMANCE

As of the May 12, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 35% to $246.8
million from $377.3 million at securitization. The certificates are
collateralized by 31 mortgage loans ranging in size from less than
1% to 15% of the pool, with the top ten loans constituting 72.5% of
the pool. One loan, constituting 15% of the pool, has an
investment-grade structured credit assessment. One loan,
constituting 2% of the pool, has defeased and is secured by
Canadian Government securities.

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

The pool has experienced a $486,897 realized loss to date due to
one loan modification. There are currently no loans in special
servicing. Moody's has assumed a high default probability for two
poorly performing loans, constituting 16.1% of the pool, and has
estimated an aggregate loss of $5.4 million (a 14% expected loss on
average).

Moody's received full or partial year 2014 operating results for
100% of the pool and full or partial year 2015 operating results
for 62% of the pool. Moody's weighted average conduit LTV is 77%
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 13% to the most
recently available net operating income (NOI). Moody's value
reflects a weighted average capitalization rate of 9.0%.

Moody's actual and stressed conduit DSCRs are 1.46X and 1.39X,
respectively, compared to 1.32X and 1.21X 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 Atrium Pooled
Interest Loan ($37.4 million -- 15.2% of the pool), which
represents a participation interest in the senior component of a
$186 million mortgage loan. There is a subordinate B Note held
outside the trust. The loan is secured by a 1 million square foot
(SF) retail and office complex located in the Downtown North
submarket of Toronto, Ontario. The property is directly above a TTC
subway stop, Toronto's mass transit subway system. The loan's
sponsor is H&R REIT. Moody's structured credit assessment and
stressed DSCR are aa1 (sca.pd) and 1.89X, respectively.

The top three conduit loans represent 23.2% of the pool balance.
The largest loan is the Sundance Pooled Interest Loan ($23.3
million -- 9.4% of the pool), which represents a 50% participation
interest in a $46.5 million loan. The loan is secured by an 176,000
SF office building located in Calgary, Alberta. Flour Canada Ltd.
is the lead tenant at the property, occupying approximately 25% of
the net rentable area through October 2016. As of April 2016, the
property was 35% leased compared to 53% in April 2015 and 100% in
March 2014. Due to the low occupancy, Moody's has identified this
as a troubled loan. Moody's LTV and stressed DSCR are 148% and
0.64X, respectively, compared to 110% and 0.86X at the last
review.

The second largest loan is the 55 St. Clair Pooled Interest Loan
($17.3 million -- 7.0% of the pool), which represents a
participation interest in a $34.7 million loan. The loan is secured
by a 250,000 SF office building located in downtown Toronto,
Ontario. This loan is full recourse to the borrower, Incore
Equities, Inc. and Slate Toronto Core Office, Inc. As of December
2015 the property was 85% leased compared to 91% in December 2014
and 87% as of December 2013. Moody's LTV and stressed DSCR are 96%
and 1.02X, respectively, compared to 104% and 0.94X at the last
review.

The third largest loan is the Dominion Centre Loan ($16.7 million
-- 6.8% of the pool), which is secured by a 99,000 SF office
located in downtown Calgary, Alberta. The property was 100% leased
as of December 2015, compared to 92% a year earlier in December
2014. This loan is recourse to the borrower and is scheduled to
mature in June 2017. Moody's LTV and stressed DSCR are 104% and
0.94X, respectively, compared to 117% and 0.83X at the last review.


RR TRUST 2014-1: DBRS Confirms B Rating on Class Certs
------------------------------------------------------
DBRS, Inc. confirmed ratings on the following classes of Commercial
Mortgage Pass-Through Certificates, Series RR issued by Series RR
2014-1 Trust. The trends are Stable.

-- Class A at A (sf)
-- Class B at BBB (sf)
-- Class AB at BBB (sf)
-- Class C at BBB (low) (sf)
-- Class AC at BBB (low) (sf)
-- Class D at BB (sf)
-- Class E at B (sf)

This transaction is a resecuritization collateralized by the
beneficial interest in one CMBS pass-through certificate from one
deal issued in 2014. The ratings are dependent on the performance
of the underlying transaction.


SALUS CLO 2012-1: DBRS Confirms BB Rating on Cl. E-X Notes
----------------------------------------------------------
DBRS, Inc. confirmed the notes issued by Salus CLO 2012-1, Ltd.,
pursuant to the Salus CLO 2012-1, Ltd. Second Amended and Restated
Indenture dated as of June 3, 2015.

The ratings on the Class A-2-X Notes and the Class B Notes address
the timely payment of interest and the ultimate payment of
principal on or before their respective Stated Maturity (as defined
in the Indenture). The ratings on the Class C-X Notes, the Class
D-X Notes and the Class E-X Notes address the ultimate payment of
interest and the ultimate payment of principal on or before their
respective Stated Maturity (as defined in the Indenture).

The notes issued by Salus CLO 2012-1, Ltd. are collateralized by a
portfolio of primarily senior secured middle-market loans
originated by Salus Capital Partners, LLC (Salus), a subsidiary of
Harbinger Group, Inc. Salus Capital Partners II, LLC, a subsidiary
of Salus, acts as the collateral manager for Salus CLO 2012-1 Ltd.

The ability of the transaction to pay the current interest on the
Class A-2-X Notes and Class B Notes depends on the sustainability
of interest payments from the performing loans and the timing of
recoveries on previously defaulted loans. While DBRS does not
currently foresee a disruption in the payment of timely interest to
these notes, further deterioration of the remaining collateral or
significantly delayed recovery realization could affect timely
interest payments on the Class A-2-X and Class B Notes going
forward. DBRS will continue to monitor the performance of the
portfolio and the realization of recoveries as compared with
expectations.

The affected debt classes are:

Debt Rated        Action       Rating
----------        ------       ------
Class A-2-X Notes Confirmed AAA (sf)
Class B-X Notes   Confirmed AA (sf)
Class C-X Notes   Confirmed A (sf)
Class D-X Notes   Confirmed BBB (sf)
Class E-X Notes   Confirmed BB (sf)


SEQUOIA MORTGAGE 20161: Moody's Assigns B1 Ratings to Cl. B4 Debt
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to 53
classes of residential mortgage-backed securities (RMBS) issued by
Sequoia Mortgage Trust 20161. The certificates are backed by one
pool of prime quality, first lien mortgage loans. The assets of the
trust consist of 493 fully amortizing, fixed rate mortgage loans,
substantially all of which have an original term to maturity of 30
years. The borrowers in the pool have high FICO scores, significant
equity in their properties and liquid cash reserves.

The complete rating actions are as follows:

Issuer: Sequoia Mortgage Trust 20161

Cl. A1, Definitive Rating Assigned Aaa (sf)

Cl. A2, Definitive Rating Assigned Aaa (sf)

Cl. A3, Definitive Rating Assigned Aaa (sf)

Cl. A4, Definitive Rating Assigned Aaa (sf)

Cl. A5, Definitive Rating Assigned Aaa (sf)

Cl. A6, Definitive Rating Assigned Aaa (sf)

Cl. A7, Definitive Rating Assigned Aaa (sf)

Cl. A8, Definitive Rating Assigned Aaa (sf)

Cl. A9, Definitive Rating Assigned Aaa (sf)

Cl. A10, Definitive Rating Assigned Aaa (sf)

Cl. A11, Definitive Rating Assigned Aaa (sf)

Cl. A12, Definitive Rating Assigned Aaa (sf)

Cl. A13, Definitive Rating Assigned Aaa (sf)

Cl. A14, Definitive Rating Assigned Aaa (sf)

Cl. A15, Definitive Rating Assigned Aaa (sf)

Cl. A16, Definitive Rating Assigned Aaa (sf)

Cl. A17, Definitive Rating Assigned Aaa (sf)

Cl. A18, Definitive Rating Assigned Aaa (sf)

Cl. A19, Definitive Rating Assigned Aa1 (sf)

Cl. A20, Definitive Rating Assigned Aa1 (sf)

Cl. A21, Definitive Rating Assigned Aa1 (sf)

Cl. A22, Definitive Rating Assigned Aaa (sf)

Cl. A23, Definitive Rating Assigned Aaa (sf)

Cl. A24, Definitive Rating Assigned Aaa (sf)

Cl. AIO1, Definitive Rating Assigned Aaa (sf)

Cl. AIO2, Definitive Rating Assigned Aaa (sf)

Cl. AIO3, Definitive Rating Assigned Aaa (sf)

Cl. AIO4, Definitive Rating Assigned Aaa (sf)

Cl. AIO5, Definitive Rating Assigned Aaa (sf)

Cl. AIO6, Definitive Rating Assigned Aaa (sf)

Cl. AIO7, Definitive Rating Assigned Aaa (sf)

Cl. AIO8, Definitive Rating Assigned Aaa (sf)

Cl. AIO9, Definitive Rating Assigned Aaa (sf)

Cl. AIO10, Definitive Rating Assigned Aaa (sf)

Cl. AIO11, Definitive Rating Assigned Aaa (sf)

Cl. AIO12, Definitive Rating Assigned Aaa (sf)

Cl. AIO13, Definitive Rating Assigned Aaa (sf)

Cl. AIO14, Definitive Rating Assigned Aaa (sf)

Cl. AIO15, Definitive Rating Assigned Aaa (sf)

Cl. AIO16, Definitive Rating Assigned Aaa (sf)

Cl. AIO17, Definitive Rating Assigned Aaa (sf)

Cl. AIO18, Definitive Rating Assigned Aaa (sf)

Cl. AIO19, Definitive Rating Assigned Aaa (sf)

Cl. AIO20, Definitive Rating Assigned Aa1 (sf)

Cl. AIO21, Definitive Rating Assigned Aa1 (sf)

Cl. AIO22, Definitive Rating Assigned Aa1 (sf)

Cl. AIO23, Definitive Rating Assigned Aaa (sf)

Cl. AIO24, Definitive Rating Assigned Aaa (sf)

Cl. AIO25, Definitive Rating Assigned Aaa (sf)

Cl. B1, Definitive Rating Assigned A1 (sf)

Cl. B2, Definitive Rating Assigned Baa1 (sf)

Cl. B3, Definitive Rating Assigned Ba1 (sf)

Cl. B4, Definitive Rating Assigned B1 (sf)

RATINGS RATIONALE

Summary Credit Analysis

Moody's expected cumulative net loss on the aggregate pool is
0.35%. Aaa (sf) subordination for this transaction is 5.00%, which
is 0.75% higher than Moody's Aaa stress loss on the collateral of
4.25%.

The Aaa MILAN CE, inclusive of concentration adjustments, for this
pool is 4.25%. Loan level adjustments included: adjustments to
borrower probability of default for higher and lower borrower DTIs,
borrowers with multiple mortgaged properties, self employed
borrowers, and at a pool level, for the default risk of HOA
properties in super lien states. The MILAN model is based on
stressed trajectories of HPA, unemployment rates and interest
rates, at a monthly frequency over a ten year period. The model
combines loan level characteristics with economic drivers to
determine the probability of default for each loan, and hence for a
portfolio as a whole. Severity is also calculated on a loan level
basis. The pool loss level is then adjusted for borrower, zip code,
and MSA level concentrations.

Collateral Description

The Sequoia Mortgage Trust 20161 transaction is a securitization of
493 first lien residential mortgage loans, with an aggregate unpaid
principal balance of $ $344,889,837. There are 109 originators in
the transaction including Quicken Loans, Inc. representing 16.4% of
the outstanding principal balance of the loans, First Republic Bank
representing 6.4% of the outstanding principal balance of the loans
and PrimeLending, a PlainsCapital Company representing 5.3% of the
outstanding principal balance of the mortgage loans. The remaining
originators each account for less than 5.0% of the principal
balance of the loans in the pool. The loan level review encompassed
credit underwriting, property value and regulatory compliance. In
addition, Redwood has agreed to backstop the rep and warranty
repurchase obligation of all originators other than First Republic
Bank.

The loans were all aggregated by Redwood Residential Acquisition
Corporation (Redwood), which Moody's has assessed as an Above
Average aggregator of prime jumbo residential mortgages. There have
been no losses on Redwood-aggregated transactions that closed in
2010 and later, and delinquencies to date have also been very low.

Structural considerations

Similar to recent rated Sequoia transactions, in this transaction,
Redwood is adding a feature prohibiting the servicer, or securities
administrator, from advancing principal and interest to loans that
are 120 days or more delinquent. These loans on which principal and
interest advances are not made are called the Stop Advance Mortgage
Loans ("SAML"). The balance of the SAML will be removed from the
principal and interest distribution amounts calculations. Moody's
views the SAML concept as something that strengthens the integrity
of senior and subordination relationships in the structure. Yet, in
certain scenarios the SAML concept, as implemented in this
transaction, can lead to a reduction in interest payment to certain
tranches even when more subordinated tranches are outstanding. The
senior/subordination relationship between tranches is strengthened
as the removal SAML in the calculation of the senior percentage
amount, directs more principal to the senior bonds and less to the
subordinate bonds. Further, this feature limits the amount of
servicer advances that could increase the loss severity on the
liquidated loans and preserves the subordination amount for the
most senior bonds. On the other hand, this feature can cause a
reduction in the interest distribution amount paid to the bonds;
and if that were to happen such a reduction in interest payment is
unlikely to be recovered. The final ratings on the bonds, which are
expected loss ratings, take into consideration our expected losses
on the collateral and the potential reduction in interest
distributions to the bonds. Furthermore, the likelihood that in
particular the subordinate tranches could potentially permanently
lose some interest as a result of this feature was considered.

Tail Risk & Subordination Floor

The transaction cash flows follow a shifting interest structure
that allows subordinated bonds to receive principal payments under
certain defined scenarios. Because a shifting interest structure
allows subordinated bonds to pay down over time as the loan pool
shrinks, senior bonds are exposed to increased performance
volatility, known as tail risk. The transaction provides for a
subordination floor of 1.70% of the closing pool balance, which
mitigates tail risk by protecting the senior bonds from eroding
credit enhancement over time.

Thirdparty Review and Reps & Warranties

Third party due diligence firms verified the accuracy of the loan
level information the sponsor provided us.

One TPR firm reviewed 100% of the mortgage loans for credit,
property valuation, compliance and data integrity. Two other TPR
firms reviewed a sample of mortgage loans for property valuation
and data integrity. The custodian reviewed the mortgage files and
did not find any exceptions.

The review found that the majority of reviewed loans were compliant
with Redwood's underwriting guidelines and had no valuation or
regulatory defects. Most of the loans that were not compliant with
Redwood's underwriting guidelines had strong compensating factors.

Moody's said, "although the TPR report identified compliancerelated
exceptions relating to the TILARESPA Integrated Disclosure (TRID)
rule, we did not believe these to be material because either the
sponsor or originator corrected the errors or the errors are of a
type that would not likely lead to damages for the RMBS trust."

The originators and the seller have provided unambiguous
representations and warranties (R&Ws) including an unqualified
fraud R&W. There is provision for binding arbitration in the event
of dispute between investors and the R&W provider concerning R&W
breaches.

Trustee & Master Servicer

The transaction trustee is Wilmington Trust, National Association.
The paying agent and cash management functions will be performed by
Citibank, N.A. and the custodian functions will be performed by
Wells Fargo, N.A., rather than the trustee. In addition,
CitiMortgage, as Master Servicer, is responsible for servicer
oversight, and termination of servicers and for the appointment of
successor servicers. In addition, CitiMortgage is committed to act
as successor if no other successor servicer can be found.

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

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.

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.





STACR 2016-DNA3: DBRS Assigns BB Ratings to 2 Tranches
------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Structured Agency Credit Risk Debt Notes, Series 2016-DNA3 (STACR
2016-DNA3) notes (the Notes) issued by Freddie Mac (the Issuer):

-- $190.0 million Class M-1 at A (low) (sf)
-- $180.5 million Class M-2 at BBB (sf)
-- $180.5 million Class M-2F at BBB (sf)
-- $180.5 million Class M-2I at BBB (sf)
-- $190.0 million Class M-3A at BB (sf)
-- $190.0 million Class M-3AF at BB (sf)
-- $190.0 million Class M-3AI at BB (sf)

Classes M-2F, M-2I, M-3AF and M-3AI are Modifiable and Combinable
STACR Notes (MAC Notes). Holders of the Class M-2 or M-3A notes can
exchange all or part of such classes for the related classes of MAC
Notes and vice versa. Classes M-2I and M-3AI are interest-only MAC
Notes.

The A (low) (sf), BBB (sf) and BB (sf) ratings reflect 4.00%, 3.05%
and 2.05% of credit enhancement, respectively. Other than the
specified classes above, DBRS does not rate any other classes in
this transaction.

The Notes represent unsecured general obligations of Freddie Mac,
the Issuer. The Notes are subject to the credit and principal
payment risk of a certain reference pool (the Reference Pool) of
residential mortgage loans held in various Freddie Mac-guaranteed
mortgage-backed securities.

The Reference Pool consists of 114,903 30-year fully amortizing
first-lien fixed-rate mortgage loans underwritten to a full
documentation standard with original loan to-value (LTV) ratios
greater than 60% and less than or equal to 80%. Payments to the
Notes will be determined by the credit performance of the Reference
Pool.

Cash flow from the Reference Pool will not be used to make any
payment to the STACR 2016-DNA3 noteholders; instead, Freddie Mac
will be responsible for making monthly interest payments at the
note rate and periodic principal payments on the Notes in
accordance with the actual principal payments it collects from the
Reference Pool.

STACR 2016-DNA3 is the sixth below 80% LTV transaction in the STACR
series where note writedowns are based on actual realized losses
and not on a predetermined set of loss severities. The maturity
date for this transaction have been extended to 12.5 years compared
with a ten-year maturity in prior STACR transactions with a
predetermined set of loss severities.

The originators for the Reference Pool are Wells Fargo Bank, N.A.
(Wells Fargo, 12.2%), US Bank, N.A. (US Bank, 6.1%), Quicken Loan,
Inc. (Quicken Loan, 5.1%) and various other originators, each
comprising less than 5.0% of the Reference Pool.

The loans in the Reference Pool will be serviced by Wells Fargo
(12.2%), US Bank (6.1%), Quicken Loan (5.1%) and various other
servicers, each comprising less than 5.0% of the Reference Pool.
U.S. Bank National Association will act as the Global Agent.
Freddie Mac will act as the Master Servicer.

DBRS notes the following strengths and challenges for this
transaction:

Strengths:
-- Seller (or Lender)/Servicer approval process and quality
    control platform
-- Well-diversified Reference Pool
-- Strong alignment of interest
-- Strong structural protections
-- Extensive performance history

Challenges:
-- Unsecured obligation of Freddie Mac
-- Representation and warranties framework
-- Limited third-party due diligence


VIBRANT CLO IV: Moody's Assigns Ba3 Rating on Class E Notes
-----------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by Vibrant CLO IV, Ltd.

Moody's rating action is:

  $236,000,000 Class A-1 Senior Secured Floating Rate Notes due
   2028, Assigned Aaa (sf)
  $24,000,000 Class A-2 Senior Secured Floating Rate Notes due
   2028, Assigned Aaa (sf)
  $42,000,000 Class B Senior Secured Floating Rate Notes due 2028,

   Assigned Aa2 (sf)
  $21,600,000 Class C Secured Deferrable Floating Rate Notes due
   2028, Assigned A2 (sf)
  $22,400,000 Class D Secured Deferrable Floating Rate Notes due
   2028, Assigned Baa3 (sf)
  $20,000,000 Class E Secured Deferrable Floating Rate Notes due
   2028, Assigned Ba3 (sf)

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

                        RATINGS RATIONALE

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

Vibrant IV is a managed cash flow CLO.  The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans.  At least 95% of the portfolio must
consist of senior secured loans, cash and eligible investments, and
up to 5% of the portfolio may consist of second lien loans and
unsecured loans.  The portfolio is approximately 78% ramped as of
the closing date.

DFG Investment Advisers, Inc. will direct the selection,
acquisition and disposition of the assets on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four year reinvestment period.
Thereafter, the Manager may reinvest unscheduled principal payments
and proceeds from sales of credit risk assets, subject to certain
restrictions.

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

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

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

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

Par amount: $400,000,000
Diversity Score: 53
Weighted Average Rating Factor (WARF): 2700
Weighted Average Spread (WAS): 3.85%
Weighted Average Coupon (WAC): 7.0%
Weighted Average Recovery Rate (WARR): 47.0%
Weighted Average Life (WAL): 8 years.

Methodology Underlying the Rating Action:

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

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

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

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

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

Percentage Change in WARF -- increase of 15% (from 2700 to 3105)
Rating Impact in Rating Notches
Class A-1 Notes: 0
Class A-2 Notes: -1
Class B Notes: -2
Class C Notes: -2
Class D Notes: -1
Class E Notes: 0

Percentage Change in WARF -- increase of 30% (from 2700 to 3510)
Rating Impact in Rating Notches
Class A-1 Notes: 0
Class A-2 Notes: -2
Class B Notes: -3
Class C Notes: -4
Class D Notes: -2
Class E Notes: -1


WACHOVIA BANK 2004-C15: DBRS Cuts Ratings on 2 Tranches to Dsf
--------------------------------------------------------------
DBRS Limited downgraded the rating of the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2004-C15 (the
Certificates) issued by Wachovia Bank Commercial Mortgage Trust,
Series 2004-C15 (WBCMT 2004-C15 or the Trust):

-- Class H to D (sf) from C (sf)
-- Class J to D (sf) from C (sf)

In addition to the rating actions above, DBRS has removed the
Interest in Arrears designation on Class H and Class J.

The rating downgrades are the result of the most recent realized
losses to the trust, which occurred after one of the few remaining
loans in the pool, the Gale Office Pool (Prospectus ID#4) loan, was
liquidated from the trust at a loss of $10.8 million, with the May
2016 remittance. The Gale Office Pool loan was secured by four
office properties throughout northern New Jersey and the loan
transferred to special servicing for maturity default in August
2014. The lender dual tracked foreclosure, along with alternative
workout strategies that included a potential discounted payoff, but
it is not clear how the loan was ultimately resolved. The last
reported property valuation dated December 2015 valued the pool at
$57.2 million, down from $89.6 million at issuance. With the May
2016 remittance, the loan showed principal repayment of $52.0
million, resulting in a loss severity of 17.2% at disposition from
the trust. The trust loss wiped the remaining balance on Class K
and Class J and reduced the principal balance on Class H by 15.2%.
As of the May 2016 remittance, three of the remaining six loans are
in special servicing, with a cumulative outstanding principal
balance of $40.0 million.


WACHOVIA BANK 2004-C15: Moody's Cuts Cl. F Debt Rating to Caa1(sf)
------------------------------------------------------------------
Moody's Investors Service has upgraded one class, affirmed one
class, and downgraded four classes in Wachovia Bank Commercial
Mortgage Trust 2004-C15, Commercial Mortgage Pass-Through
Certificates, Series 2004-C15 as follows:

Cl. D, Upgraded to Aa2 (sf); previously on Jun 26, 2015 Affirmed A2
(sf)

Cl. E, Affirmed Baa2 (sf); previously on Jun 26, 2015 Affirmed Baa2
(sf)

Cl. F, Downgraded to Caa1 (sf); previously on Jun 26, 2015 Affirmed
Ba1 (sf)

Cl. G, Downgraded to C (sf); previously on Jun 26, 2015 Downgraded
to B3 (sf)

Cl. H, Downgraded to C (sf); previously on Jun 26, 2015 Affirmed
Caa3 (sf)

Cl. X-C, Downgraded to Caa3 (sf); previously on Jun 26, 2015
Downgraded to Caa1 (sf)

RATINGS RATIONALE

The rating on Class D was upgraded based primarily on an increase
in credit support resulting from loan paydowns and amortization.
The deal has paid down 56% since Moody's last review.

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

The ratings on Classes F, G, and H were downgraded due to realized
and anticipated losses from specially serviced and troubled loans
that were higher than Moody's had previously expected.

The rating on the IO Class (Class X-C) was downgraded due to a
decline in the credit performance (or the weighted average rating
factor or WARF) of its referenced classes.

Moody's rating action reflects a base expected loss of 55.7% of the
current balance compared to 29.6% at Moody's prior review. Moody's
base expected loss plus realized losses is now 6.2% of the original
pooled balance compared to 5.8% at the prior 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 RATINGS:

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

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

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

DEAL PERFORMANCE

As of the May 17, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 96% to $51.4 million
from $1.15 billion at securitization. The Certificates are
collateralized by six mortgage loans ranging in size from less than
4% to 31% of the pool. One loan, representing 8.9% of the pool, has
defeased and is secured by US Government securities. The pool is
currently undercollateralized by approximately $6.1 million (11.9%
of the pool balance) due to non-recoverable advances that were
reimbursed to the master servicer.

Ten loans have been liquidated from the pool, resulting in an
aggregate realized loss of $42.8 million (41% loss severity on
average). Three loans, representing 78% of the pool, are in special
servicing.

The largest specially serviced loan is the 10 Independence
Boulevard Loan ($15.9 million -- 30.9% of the pool), which is
secured by a 121,000 square foot SF office building located in
Warren, New Jersey. The loan transferred to special servicing in
October 2013 due to imminent default. The property was 98.5% leased
as of March 2016.

The second largest specially serviced loan is the 4 Sylvan Way Loan
($13.7 million -- 26.7% of the pool), which is secured by a 105,140
SF office building located in Parsippany, New Jersey. As of
February 2016, the property was 100% leased to T-Mobile through May
2017. The loan transferred to the special servicing in August 2014
due to imminent maturity default. The property has been REO since
September 2015. A November 2015 appraisal valued the property at
$7.3 million.

The third largest specially serviced loan is the 10 East Baltimore
Street Loan ($10.5 million -- 20.4% of the pool), which is secured
by a 168,400 SF office building in Baltimore, Maryland's central
business district. As of April 2016, the property was 60% leased.
The property transferred to special servicing in March 2013 due to
imminent default the property became REO in August 2014.

Moody's estimates an aggregate $22.5 million loss for the specially
serviced loans (56% expected loss on average).

The two performing conduit loans represent 13.2% of the pool
balance. The largest loan is the Peter Jefferson V Loan ($4.9
million -- 9.6% of the pool), which is secured by a 74,000 SF
office property located in Charlottesville, Virginia. As of March
2016, the property was 95% leased. The loan matures in August 2019.
Moody's LTV and stressed DSCR are 42% and 2.46X, respectively,
compared to 43% and 2.42X at the last review. Moody's actual DSCR
is based on Moody's net cash flow (NCF) and the loan's actual debt
service. Moody's stressed DSCR is based on Moody's NCF and a 9.25%
stressed rate applied to the loan balance.

The second largest loan is the CVS-Cedar, Park Texas Loan ($1.8
million -- 3.6% of the pool), which is secured by a former single
tenant CVS property that has since been sublet to Goodwill. The
property is located in Cedar Park Texas. The loan matures in
September 2024 and is fully amortizing. Moody's LTV and stressed
DSCR are 61% and 1.60X, respectively, compared to 56% and 1.65X at
the last review.


WESTCOTT PARK: Moody's Assigns (P)Ba3 Rating to Class E Notes
-------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to five
classes of notes to be issued by Westcott Park CLO, Ltd. (the
"Issuer" or "Westcott Park").

Moody's rating action is as follows:

US$413,440,000 Class A Senior Secured Floating Rate Notes due 2028
(the "Class A Notes"), Assigned (P)Aaa (sf)

US$70,400,000 Class B Senior Secured Floating Rate Notes due 2028
(the "Class B Notes"), Assigned (P)Aa2 (sf)

US$34,560,000 Class C Secured Deferrable Floating Rate Notes due
2028 (the "Class C Notes"), Assigned (P)A2 (sf)

US$38,400,000 Class D Secured Deferrable Floating Rate Notes due
2028 (the "Class D Notes"), Assigned (P)Baa3 (sf)

US$32,000,000 Class E Secured Deferrable Floating Rate Notes due
2028 (the "Class E Notes"), Assigned (P)Ba3 (sf)

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

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

RATINGS RATIONALE

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

Moody's said, "Westcott Park is a managed cash flow CLO. The issued
notes will be collateralized primarily by broadly syndicated first
lien senior secured corporate loans. At least 92.5% of the
portfolio must consist of senior secured loans (excluding any
second lien loans), cash and eligible investments, and up to 7.5%
of the portfolio may consist of collateral obligations that are not
senior secured loans, cash or eligible investments. We expect the
portfolio to be approximately 85% ramped as of the closing date."

GSO / Blackstone Debt Funds Management LLC (the "Manager") will
direct the selection, acquisition and disposition of the assets on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.8 year
reinvestment period. Thereafter, the Manager may reinvest
unscheduled principal payments and proceeds from sales of credit
risk assets, subject to certain restrictions.


WESTLAKE AUTOMOBILE 2015-2: DBRS Confirms BB Rating on Cl. E Secs.
------------------------------------------------------------------
DBRS, Inc., on June 6, 2016, conducted a review of three publicly
rated U.S. structured finance asset-backed securities with 15
outstanding publicly rated classes. The 15 publicly rated classes
reviewed were confirmed as credit enhancement levels are sufficient
to cover DBRS’s expected losses at their current respective
rating levels.

The following public transactions were reviewed:

-- SNAAC Auto Receivables Trust 2013-1
-- CPS Auto Receivables Trust 2015-B
-- Westlake Automobile Receivables Trust 2015-2

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

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

-- The transaction parties' capabilities with regard to  
    origination, underwriting and servicing.

-- Credit quality of the collateral pool and historical
    performance.

The confirmation of the outstanding ratings of SNAAC Auto
Receivables Trust 2013-1 reflects 84.84% of current credit
enhancement provided by subordination, the Reserve Account (24.29%)
and overcollateralization (6.50%). As of the May 2016 payment date,
the total delinquency ratio was 6.22%. The cumulative net loss
ratio was 11.83% of the original collateral balance.

The confirmation of the outstanding ratings of CPS Auto Receivables
Trust 2015-B reflects 46.45% of current credit enhancement provided
by subordination, the Reserve Account (1.24%) and
overcollateralization (4.00%). As of the May 2016 payment date, the
total delinquency ratio was 7.97%. The cumulative net loss ratio
was 2.40% of the original collateral balance.
The confirmation of the outstanding ratings of Westlake Automobile
Receivables Trust 2015-2 reflects 60.04% of current credit
enhancement provided by subordination, the Reserve Account (1.61%)
and overcollateralization (7.40%). As of the May 2016 payment date,
the total delinquency ratio was 7.14%. The cumulative net loss
ratio was 5.67% of the original collateral balance.
SNAAC Auto Receivables Trust 2013-1

Debt       Action       Rating
Rated
Class C Confirmed  A (sf)
Class D Confirmed  BB (sf)
Class B Disc.-Repaid Discontinued

CPS Auto Receivables Trust 2015-B  

Debt       Action       Rating
Rated
Class A Confirmed AAA (sf)
Class B Confirmed A (sf)
Class C Confirmed BBB (sf)
Class D Confirmed BB (sf)
Class E Confirmed B (sf)

Westlake Automobile Receivables Trust 2015-2

Debt       Action       Rating
Rated
Class A-1 Disc.-Repaid
Class A-2A Confirmed AAA (sf)
Class A-2B Confirmed AAA (sf)
Class B Confirmed AA (sf)
Class C Confirmed A (sf)
Class D Confirmed BBB (sf)
Class E Confirmed BB (sf)


WESTLAKE AUTOMOBILE 2016-2: DBRS Gives Prov. BB Rating to E Debt
----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes
issued by Westlake Automobile Receivables Trust 2016-2:

-- $149,000,000 Class A-1 rated R-1 (high) (sf)
-- Class A-2-A rated AAA (sf)*
-- Class A-2-B rated AAA (sf)*
-- $42,000,000 Class B rated AA (sf)
-- $60,800,000 Class C rated A (sf)
-- $50,660,000 Class D rated BBB (sf)
-- $28,540,000 Class E rated BB (sf)

* The combination of Classes A-2-A and A-2-B is expected to equal
$219 million.

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

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

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

    assumptions and repay investors according to the terms under
    which they have invested. For this transaction, the rating
    addresses the payment of timely interest on a monthly basis
    and principal by the legal final maturity date for each class.


-- The credit quality of the collateral and performance of the
    auto loan portfolio by origination channels.

-- The capabilities of Westlake Services, LLC (Westlake) with
    regard to originations, underwriting and servicing.

-- The quality and consistency of provided historical static pool

    data for Westlake originations and performance of the Westlake

    auto loan portfolio.

-- Wells Fargo Bank, N.A. (rated AA (high)/R-1 (high)/Stable by
    DBRS) has served as a backup servicer for Westlake since 2003,

    when a conduit facility was put in place.

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

The collateral securing the notes consists primarily of a pool of
retail automobile contracts secured by predominantly used vehicles
that typically have high mileage. The loans are primarily made to
obligors that are categorized as subprime, largely because of their
credit history and credit scores.


YORK CLO-3: Moody's Assigns Ba3(sf) Def. Rating to Cl. E Notes
--------------------------------------------------------------
Moody's Investors Service has assigned ratings to ten classes of
debt issued by York CLO-3 Ltd..

Moody's rating action is as follows:

US$1,500,000 Class X Floating Rate Notes due 2025 (the "Class X
Notes"), Definitive Rating Assigned Aaa (sf)

US$200,000,000 Class A Floating Rate Notes due 2025 (the "Class A
Notes"), Definitive Rating Assigned Aaa (sf)

Up to US$68,000,000 Class AL Floating Rate Notes due 2025 (the
"Class AL Notes"), Definitive Rating Assigned Aaa (sf)

US$68,000,000 Class A Loans maturing in 2025 (the "Class A Loans"),
Definitive Rating Assigned Aaa (sf)

US$23,000,000 Class B-1 Floating Rate Notes due 2025 (the "Class
B-1 Notes"), Definitive Rating Assigned Aa2 (sf)

US$18,000,000 Class B-2 Fixed Rate Notes due 2025 (the "Class B-2
Notes"), Definitive Rating Assigned Aa2 (sf)

US$19,500,000 Class C Deferrable Floating Rate Notes due 2025 (the
"Class C Notes"), Definitive Rating Assigned A2 (sf)

US$11,000,000 Class D-1 Deferrable Floating Rate Notes due 2025
(the "Class D-1 Notes"), Definitive Rating Assigned Baa3 (sf)

US$10,500,000 Class D-2 Deferrable Floating Rate Notes due 2025
(the "Class D-2 Notes"), Definitive Rating Assigned Baa3 (sf)

US$20,000,000 Class E Deferrable Floating Rate Notes due 2025 (the
"Class E Notes"), Definitive Rating Assigned Ba3 (sf)

At closing, the Class AL Notes will have a zero principal balance.
However, the Class AL Notes' principal balance may be increased up
to $68,000,000 upon the exercise of a conversion option, and the
conversion of the Class A Loans into an equivalent principal amount
of Class AL Notes.

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

RATINGS RATIONALE

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

York CLO-3 is a managed cash flow CLO. The issued debt will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 92.5% of the portfolio must
consist of senior secured loans, cash, and eligible investments,
and up to 7.5% of the portfolio may consist of second lien loans
and unsecured loans. The portfolio is approximately 75% ramped as
of the closing date.

York CLO Managed Holdings, LLC (the "Manager") will direct the
selection, acquisition and disposition of the assets on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's two year
reinvestment period. Thereafter, reinvestment is prohibited.

In addition to the Rated Debt, the Issuer issued subordinated
notes.

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


[*] Moody's Raises Ratings on $220.3MM of Securities
----------------------------------------------------
Moody's Investors Service, on June 10, 2016, upgraded the ratings
of 13 tranches in six transactions issued from 1999 to 2002.  The
collateral backing these transactions consists primarily of
manufactured housing units.

Complete rating action:

Issuer: CSFB ABS Trust Manufactured Housing Pass-Through
Certificates 2001-MH29

  Cl. M-1, Upgraded to Aa3 (sf); previously on Aug. 7, 2015,
   Upgraded to A2 (sf)
  Cl. M-2, Upgraded to Baa3 (sf); previously on Aug. 7, 2015,
   Upgraded to Ba2 (sf)

Issuer: CSFB Manufactured Housing Pass-Through Certificates, Series
2002-MH3

  Cl. M-1, Upgraded to Ba1 (sf); previously on Aug. 7, 2015,
   Upgraded to Ba2 (sf)

Issuer: Lehman ABS Manufactured Housing Contract Trust 2002-A

  Cl. A, Upgraded to Aa3 (sf); previously on July 24, 2015,
   Upgraded to A1 (sf)
  Cl. B-2, Upgraded to A3 (sf); previously on July 24, 2015,
   Upgraded to Baa1 (sf)
  Cl. M-1, Upgraded to A1 (sf); previously on July 24, 2015,
   Upgraded to A2 (sf)
  Cl. M-2, Upgraded to A2 (sf); previously on July 24, 2015,
   Upgraded to A3 (sf)

Issuer: Madison Avenue Manufactured Housing Contract Trust 2002-A

  Cl. B-1, Upgraded to A3 (sf); previously on July 24, 2015,
   Upgraded to Baa2 (sf)
  Cl. B-2, Upgraded to Caa2 (sf); previously on July 24, 2015,
   Upgraded to Caa3 (sf)

Issuer: MERIT Securities Corp Series 12

  Cl. 1-A-3, Upgraded to Aa2 (sf); previously on July 24, 2015,
   Upgraded to A1 (sf)
  Cl. 1-M1, Upgraded to B1 (sf); previously on July 24, 2015,
   Upgraded to B2 (sf)

Issuer: MERIT Securities Corp Series 13

  Cl. A4, Upgraded to Aa2 (sf); previously on July 24, 2015,
   Upgraded to A1 (sf)
  Cl. M1, Upgraded to Caa1 (sf); previously on July 24, 2015,
   Upgraded to Caa3 (sf)

                         RATINGS RATIONALE

The actions are a result of the recent performance of manufactured
housing loans backed pools and reflect Moody's updated loss
expectations on the pools.  The tranches upgraded are primarily due
to the build-up in credit enhancement.

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 4.7% in May 2016 from 5.5% in May
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 Various Rating Actions on 8 RMBS Re-REMIC Deals
-------------------------------------------------------------
S&P Global Ratings, on June 8, 2016, took various actions on 18
classes from eight U.S. residential mortgage-backed securities
(RMBS) resecuritized real estate mortgage investment conduit
(re-REMIC) transactions. S&P raised four ratings and affirmed 13
ratings.  In addition, one rating remains on CreditWatch negative.

All of the transactions in this review were issued in 2008 and 2009
and are supported by underlying classes backed by a mix of various
mortgage loan collateral types.

Subordination, overcollateralization (where available), and excess
interest, as applicable, provide credit support for the re-REMIC
transactions' underlying securities.  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 four classes because the projected credit
support for these classes is sufficient to cover S&P's projected
losses at these rating levels.  The upgrades reflect increased
credit support to these classes.

                            AFFIRMATIONS

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

S&P also affirmed nine 'CCC (sf)' ratings.  S&P believes that its
projected credit support will remain insufficient to cover S&P's
projected losses to these classes.

            RATING REMAINING ON CREDITWATCH NEGATIVE

S&P's rating on class 3-A-1 from Citigroup Mortgage Loan Trust
2009-10 remains on CreditWatch negative as S&P investigates the
weighted average coupon deterioration in the affected pools in
accordance with our loan modification criteria to determine what
effect such deterioration may have on S&P's 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.  S&P Global Ratings' baseline macroeconomic outlook
assumptions for variables that S&P 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
   -- An average 30-year fixed mortgage rate of 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 S&P Global Ratings' downside
forecast, S&P 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.


                            *********

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

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

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

                            *********

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

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.

                   *** End of Transmission ***