TCR_Public/170730.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, July 30, 2017, Vol. 21, No. 210

                            Headlines

AMMC CLO XIII: Moody's Assigns B3(sf) Rating to Cl. B3L-R Notes
AMMC CLO XIV: Moody's Assigns Ba3(sf) Rating to 2 Tranches
ANGEL OAK I: DBRS Finalizes Bsf Rating on Class B-2 Certs
ARCAP 2004-1: Fitch Affirms 'Csf' Ratings on 4 Tranches
ATLAS SENIOR VIII: S&P Assigns B(sf) Rating on Class E Notes

BAIN CLO 2017-1: S&P Assigns B-(sf) Rating on Class F Notes
BAMLL 2015-200P: S&P Affirms BB-(sf) Rating on Class F Certs
BANK 2017-BNK6: DBRS Assigns BBsf Rating to Class F Debt
BANK 2017-BNK6: S&P Assigns B+(sf) Rating on Class F Certificates
BANK OF AMERICA 2015-HAUL: Fitch Affirms BBsf Rating on Cl. E Debt

BAYVIEW OPPORTUNITY 2017-RT2: Fitch to Rate Class B5 Notes 'Bsf'
BEAR STEARNS 2005-TOP18: Fitch Affirms BB Rating on Class G Debt
BEAR STEARNS 2006-TOP22: Fitch Affirms CCCsf Rating on Cl. G Notes
BEAR STEARNS 2007-PWR17: Fitch Hikes Class B Certs Rating to CCCsf
BENEFIT CLO III: S&P Assigns BB-(sf) Rating on Class D-R Notes

BLACK CLO 2013-1: S&P Affirms BB Rating on Class D Notes
BLC CAPITAL 2002-A: S&P Raises Class B Notes Rating to B-(sf)
BLUEMOUNTAIN CLO 2014-2: S&P Affirms 'B' Rating on Class E Notes
BX TRUST 2017-SLCT: S&P Assigns Prelim. B Rating on Class F Notes
CARLYLE GLOBAL 2014-1: S&P Withdraws CCC Rating on Sr. Notes

CARLYLE US 2017-3: S&P Gives Prelim BB-sf Rating on Class D Notes
CASTLELAKE AIRCRAFT 2017-1: S&P Gives 'BB' Rating on Class C Loans
CATHEDRAL LAKE II: S&P Affirms BB- Rating on Class E-2-R Notes
CATHEDRAL LAKE III: S&P Assigns BB- Rating on Class E-R Notes
CFCRE 2015-RUM: DBRS Confirms BB(high) Rating on Class E Debt

CITI HELD 2015-PM1: Moody's Hikes Class C Notes Rating to Ba2(sf)
CITIGROUP 2008-C7: Moody's Lowers Rating on Class B Debt to C(sf)
CITIGROUP COMMERCIAL 2012-GC8: Fitch Affirms BB Rating on E Certs
CITIGROUP COMMERCIAL 2013-GC15: DBRS Confirms BB Rating on E Debt
COMM 2007-C9: S&P Hikes Rating on Class K Certificates to CCC

COMM 2012-CCRE4: Moody's Lowers Rating on Class F Certs to B3(sf)
COMM 2012-CCRE5: Moody's Affirms B2(sf) Rating on Cl. G Certs.
COMM 2013-CCRE6: Moody's Affirms B2 Rating on Class F Certificates
COMM 2013-LC6: Moody's Affirms Caa1(sf) Rating on Class X-C Certs
COMM 2014-CCRE19: Fitch Affirms BB Rating on Class E Certs

CONNECTICUT AVE 2017-C05: Moody's Assigns B1 Ratings on 5 Tranches
CPS AUTO 2017-C: DBRS Assigns Prov. BB Rating to Class E Debt
CPS AUTO 2017-C: S&P Assigns BB-Rating on Class E Notes
CSFB MORTGAGE 2004-C4: Moody's Affirms 'C' Ratings on 2 Tranches
CSMC 2017-HL1: Fitch Corrects June 19 Release

CSMC 2017-HL1: Fitch Corrects June 29 Release
CVP CLO 2017-1: S&P Assigns BB-(sf) Rating on Class E Notes
DENALI CAPITAL XI: Moody's Affirms B2 Rating on Class E Notes
DRIVE AUTO 2017-2: S&P Gives Prelim. BB Rating on Class E Notes
DUNCANNON CRE CDO I: S&P Lowers Ratings on 4 Tranches to Dsf

ELEVATION CLO 2017-6: Moody's Assigns B3(sf) Rating to Cl. F Notes
FIRST INVESTORS 2017-2: S&P Assigns BB- Rating on Class E Notes
FIRST UNION 1999-C1: Moody's Affirms C Rating on Class IO-1 Certs
FLAGSTAR MORTGAGE 2017-1: Fitch to Rate Class B-5 Certs 'Bsf'
FLAGSTAR MORTGAGE 2017-1: Moody's Gives '(P)B3' Rating to B-5 Debt

FREDDIE MAC 2017-SC02: Moody's Assigns Ba3 Rating to Cl. M-2 Certs
GE COMMERCIAL 2002-2: Moody's Affirms Ca Rating on Cl. X-1 Certs
GE COMMERCIAL 2004-C2: Moody's Lowers Class M Certs Rating to Ba1
GMAC COMMERCIAL 1997-C1: Moody's Affirms Csf Rating on Cl. X Debt
GRAYSON CLO: Moody's Affirms B2(sf) Rating on Class D Notes

GREEN TREE 1998-3: S&P Lowers Class A-5 Notes Rating to 'D(sf)'
GREYWOLF CLO III: S&P Affirms B(sf) Rating on Class E Notes
GS MORTGAGE 2012-GCJ7: Moody's Cuts Rating on Class E Certs to Ba3
GS MORTGAGE 2013-KING: S&P Raises Class E Certs Rating to BB+
HEMPSTEAD II: Moody's Assigns (P)Ba3 Rating to Class D Notes

HPS LOAN 3-2014: S&P Rates Class E-R Notes 'B-(sf)'
IMT TRUST 2017-APTS: S&P Assigns B- Rating on 2 Tranches
JFIN CLO 2014-II: Moody's Affirms B2 Rating on Class E Notes
JP MORGAN 2007-C1: Moody's Lowers Rating on 2 Tranches to Csf
JP MORGAN 2013-C16: Fitch Affirms 'Bsf' Rating on Class F Certs

JP MORGAN 2014-C22: Fitch Affirms 'BB-sf' Rating on Class E Certs
JP MORGAN 2017-JP7: DBRS Assigns B(high) Rating to Class G-RR Debt
JP MORGAN 2017-MAUI: S&P Gives Prelim B Rating on Class F Certs
MAD MORTGAGE 2017-330M: S&P Rates Class E Certificates 'BBsf'
MADISON AVENUE 2013-650M: DBRS Confirms BB(low) Rating on E Certs

MAGNETITE LTD XIX: Moody's Assigns (P)B3 Rating to Class F Notes
MARINER CLO 2016-3: S&P Assigns BB(sf) Rating on Class E-R Notes
MCF CLO VI: S&P Rates Class E Notes 'BB-(sf)'
MERRILL LYNCH 2005-CIP1: Moody's Hikes Class D Debt Rating to Caa2
MERRILL LYNCH 2007-C1: S&P Affirms B- Rating on Class AM Certs

MJX VENTURE II: Moody's Assigns Ba1(sf) Rating to Cl. E Notes
MORGAN STANLEY 2006-HQ10: Moody's Affirms Ba2 Rating on A-J Debt
MORGAN STANLEY 2007-TOP27: Fitch Hikes Class C Certs Rating to CCC
MORGAN STANLEY 2012-C6: Fitch Affirms 'Bsf' Rating on Cl. H Certs
MORGAN STANLEY 2013-C12: Moody's Affirms B1 Rating on Cl. F Certs

MORGAN STANLEY 2013-C7: Moody's Affirms B2 Rating on Cl. G Certs
MORGAN STANLEY 2016-UBS11: Fitch Affirms B- Rating to Cl. F Certs
MP CLO IV: Moody's Assigns Ba3(sf) Rating to Class E-R Sr. Notes
NATIONAL COLLEGIATE 2005-GATE: Moody's Cuts B Debt Rating to Ba1
NEW RESIDENTIAL 2017-5: Moody's Gives (P)B1 Rating on 5 Tranches

OCP CLO 2016-11: S&P Gives Prelim. BB- Rating on Class D-R Notes
OCP CLO 2017-13: S&P Assigns BB-(sf) Rating on Class D Notes
OCTAGON INVESTMENT XV: S&P Assigns BB- Rating on Class E-R Notes
OFSI BSL VIII: S&P Assigns Prelim. BB(sf) Rating on Class E Notes
OFSI FUND VI: S&P Affirms B(sf) Rating on Class E Notes

OZLM FUNDING: S&P Assigns B(sf) Rating on Class E-R2 Notes
OZLM FUNDING: S&P Assigns Prelim. B(sf) on Class E-R2 Notes
PALMER SQUARE 2015-2: S&P Assigns B- Rating on Class E-R Notes
PREFERRED TERM XIX: Moody's Hikes Rating on Cl. C Notes to B2(sf)
PRUDENTIAL 2003-PWR1: Fitch Cuts Rating on Class F Certs to Csf

REALT 2014-1: Fitch Affirms 'Bsf' Rating on Class G Certificates
ROCKWELL CHARTER: S&P Rates 2017A/B School Bonds 'BB'
SILVER CREEK: Moody's Assigns Ba3sf Ratings on 2 Tranches
SLM STUDENT 2004-10: Moody's Puts Cl. B Debt's Ba1 Rating on Review
TABERNA PREFERRED II: Moody's Hikes Rating on Cl. A-1C Notes to B3

TCP WHITNEY: S&P Give Prelim. BB- Rating on Class D Notes
THL CREDIT 2013-1: S&P Assigns BB(sf) Rating on Class D-R Notes
TOWD POINT 2017-3: Fitch Assigns 'Bsf' Rating to Class B2 Notes
TOWD POINT 2017-3: Moody's Assigns B3(sf) Rating to Class B2 Notes
TRALEE CLO II: S&P Assigns Prelim B- Rating on Class F-R Notes

TRESTLES CLO 2017-1: Moody's Assigns Ba3(sf) Rating to Cl. D Notes
UBS COMMERCIAL 2017-C2: Fitch to Rate Class H-RR Debt 'B-sf'
UBS COMMERCIAL 2017-C2: S&P Gives Prelim B- Rating on G-RR Certs
VENTURE 28A: Moody's Assigns Prov. Ba3(sf) to Class E Notes
VENTURE CLO XXVIII: Moody's Assigns Ba3 Rating to Class E Notes

VERUS TRUST 2017-2: S&P Gives Prelim 'B+' Rating on Cl. B-3 Certs
VIBRANT CLO II: S&P Affirms B(sf) Rating on Class E Notes
VIBRANT CLO II: S&P Assigns Prelim B Rating on Class C-R Notes
WACHOVIA BANK 2005-C21: Moody's Lowers Rating on Class F Debt to B3
WASATCH CLO: Moody's Hikes Rating on Class C Notes From Ba1(sf)

WELLS FARGO 2011-C5: Fitch Affirms 'Bsf' Rating on Class G Certs
WELLS FARGO 2015-NXS2: DBRS Confirms B Rating on Class X-F Debt
WEST TOWN 2017-KNOX: S&P Assigns BB(sf) Rating on Class RR Certs
WHITEHORSE LTD VIII: Moody's Lowers Cl. F Notes Rating to Caa1(sf)
[*] Moody's Takes Action on $108.4MM Alt-A Loans Issued 2002-2004

[*] Moody's Takes Action on $60MM of RMBS Issued 2001-2005
[*] S&P Discontinues Ratings on 17 Classes From Five CDO Deals
[*] S&P Puts Ratings on 50 Classes From 12 CLO Deals on Watch Pos.
[*] S&P Puts Ratings on 73 Classes From 10 RMBS Deals on Watch Neg
[*] S&P Takes Various Actions on 56 Classes From 11 US RMBS Deals

[*] S&P Takes Various Actions on 85 Classes From 14 US RMBS Deals
[*] US CMBS Conduit Loan Delinquencies Up in June, Moody's Says

                            *********

AMMC CLO XIII: Moody's Assigns B3(sf) Rating to Cl. B3L-R Notes
---------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
following notes (the "Refinancing Notes") issued by AMMC CLO XIII,
Limited.:

US$3,800,000 Class X Amortizing Senior Secured Floating Rate Notes
due 2029 (the "Class X Notes"), Assigned Aaa (sf)

US$247,500,000 Class A1L-R Senior Secured Floating Rate Notes due
2029 (the "Class A1L-R Notes"), Assigned Aaa (sf)

US$50,000,000 Class A2L-R Senior Secured Floating Rate Notes due
2029 (the "Class A2L-R Notes"), Assigned Aa2 (sf)

US$20,500,000 Class A3L-R Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class A3L-R Notes"), Assigned A2 (sf)

US$24,500,000 Class B1L-R Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class B1L-R Notes"), Assigned Baa3 (sf)

US$10,500,000 Class B2L1-R Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class B2L1-R Notes"), Assigned Ba3 (sf)

US$10,500,000 Class B2L2-R Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class B2L2-R Notes"), Assigned Ba3 (sf)

US$10,500,000 Class B3L-R Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class B3L-R Notes"), Assigned B3 (sf)

The Class X Notes, Class A1L-R Notes, Class A2L-R Notes, Class
A3L-R Notes, Class B1L-R Notes, Class B2L1-R Notes, Class B2L2-R
Notes and Class B3L-R Notes are referenced to herein as the
"Refinancing Notes."

The Issuer is a managed cash flow collateralized loan obligation
(CLO). The issued notes are collateralized primarily by a portfolio
of senior secured, broadly syndicated corporate loans.

American Money Management Corporation (the "Manager") manages the
CLO. It directs the selection, acquisition, and disposition of
collateral on behalf of the Issuer.

RATINGS RATIONALE

Moody's ratings on the Refinancing 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.

The Issuer has issued the Refinancing Notes on July 24, 2017 (the
"Refinancing Date") in connection with the refinancing of all of
the secured notes (the "Refinanced Original Notes") previously
issued on December 19, 2013 (the "Original Closing Date"). On the
Refinancing Date, the Issuer used proceeds from the issuance of the
Refinancing Notes to redeem in full the Refinanced Original Notes.

In addition to the issuance of the Refinancing Notes, a variety of
other changes to transaction features will occur in connection with
the refinancing. These include: extension of the reinvestment
period; extensions of the stated maturity and non-call period;
extension of the weighted average life test; changes to the
collateral quality matrix; changes to comply with the Volcker Rule
and a variety of other changes to transaction features.

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 October 2016.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. For modeling
purposes, Moody's used the following base-case assumptions:

Performing par and principal proceeds balance: $393,169,931

Defaulted par: $3,449,809

Diversity Score: 80

Weighted Average Rating Factor (WARF): 3137

Weighted Average Spread (WAS): 3.85%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 8.25 years

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
October 2016.

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

The performance of the Refinancing Notes is subject to uncertainty.
The performance of the Refinancing 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 Refinancing 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 Refinancing 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 Refinancing
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% (3137 to 3608)

Rating Impact in Rating Notches

Class X Notes: 0

Class A1L-R Notes: 0

Class A2L-R Notes: -2

Class A3L-R Notes: -2

Class B1L-R Notes: -1

Class B2L1-R Notes: -1

Class B2L2-R Notes: -1

Class B3L-R Notes: -3

Percentage Change in WARF -- increase of 30% (3137 to 4078)

Rating Impact in Rating Notches

Class X Notes: 0

Class A1L-R Notes: -1

Class A2L-R Notes: -4

Class A3L-R Notes: -4

Class B1L-R Notes: -2

Class B2L1-R Notes: -1

Class B2L2-R Notes: -1

Class B3L-R Notes: -5


AMMC CLO XIV: Moody's Assigns Ba3(sf) Rating to 2 Tranches
----------------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
following notes (the "Refinancing Notes") issued by AMMC CLO XIV,
Limited:

US$5,800,000 Class X Amortizing Senior Secured Floating Rate Notes
due 2029 (the "Class X Notes"), Assigned Aaa (sf)

US$250,000,000 Class A1L-R Senior Secured Floating Rate Note due
2029 (the "Class A1L-R Notes"), Assigned Aaa (sf)

US$50,000,000 Class A2L-R Senior Secured Floating Rate Notes due
2029 (the "Class A2L-R Notes"), Assigned Aa2 (sf)

US$20,000,000 Class A3L-R Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class A3L-R Notes"), Assigned A2 (sf)

US$23,000,000 Class B1L-R Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class B1L-R Notes"), Assigned Baa3 (sf)

US$11,500,000 Class B2L1-R Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class B2L1-R Notes"), Assigned Ba3 (sf)

US$10,500,000 Class B2L2-R Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class B2L2-R Notes"), Assigned Ba3 (sf)

The Class X Notes, Class A1L-R Notes, Class A2L-R Notes, Class
A3L-R Notes, Class B1L-R Notes, Class B2L1-R Notes and Class B2L2-R
Notes are referenced to herein as the "Refinancing Notes."

The Issuer is a managed cash flow collateralized loan obligation
(CLO). The issued notes are collateralized primarily by a portfolio
of senior secured, broadly syndicated corporate loans.

American Money Management Corporation (the "Manager") manages the
CLO. It directs the selection, acquisition, and disposition of
collateral on behalf of the Issuer.

RATINGS RATIONALE

Moody's ratings on the Refinancing 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.

The Issuer has issued the Refinancing Notes on July 25, 2017 (the
"Refinancing Date") in connection with the refinancing of all of
the secured notes (the "Refinanced Original Notes") previously
issued on July 11, 2014 (the "Original Closing Date"). On the
Refinancing Date, the Issuer used proceeds from the issuance of the
Refinancing Notes to redeem in full the Refinanced Original Notes.

In addition to the issuance of the Refinancing Notes, a variety of
other changes to transaction features will occur in connection with
the refinancing. These include: extension of the reinvestment
period; extensions of the stated maturity and non-call period;
extension of the weighted average life test; changes to the
collateral quality matrix; changes to comply with the Volcker Rule
and a variety of other changes to transaction features.

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 October 2016.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. For modeling
purposes, Moody's used the following base-case assumptions:

Performing par and principal proceeds balance: $394,981,338

Defaulted par: $1,226,969

Diversity Score: 80

Weighted Average Rating Factor (WARF): 2905

Weighted Average Spread (WAS): 3.45%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 8.25 years

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
October 2016.

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

The performance of the Refinancing Notes is subject to uncertainty.
The performance of the Refinancing 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 Refinancing 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 Refinancing 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 Refinancing
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% (2905 to 3341)

Rating Impact in Rating Notches

Class X Notes: 0

Class A1L-R Notes: 0

Class A2L-R Notes: -2

Class A3L-R Notes: -2

Class B1L-R Notes: -1

Class B2L1-R Notes: -1

Class B2L2-R Notes: -1

Percentage Change in WARF -- increase of 30% (2905 to 3777)

Rating Impact in Rating Notches

Class X Notes: 0

Class A1L-R Notes: -1

Class A2L-R Notes: -4

Class A3L-R Notes: -4

Class B1L-R Notes: -2

Class B2L1-R Notes: -1

Class B2L2-R Notes: -1


ANGEL OAK I: DBRS Finalizes Bsf Rating on Class B-2 Certs
---------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the Mortgage-Backed
Certificates, Series 2017-2 (the Certificates) issued by Angel Oak
Mortgage Trust I, LLC 2017-2 (AOMT 2017-2 or the Trust):

-- $131.0 million Class A-1 at AAA (sf)
-- $15.7 million Class A-2 at AA (sf)
-- $22.7 million Class A-3 at A (sf)
-- $15.8 million Class M-1 at BBB (sf)
-- $10.5 million Class B-1 at BB (sf)
-- $7.9 million Class B-2 at B (sf)

The AAA (sf) ratings on the Certificates reflect the 37.75% of
credit enhancement provided by subordinated Certificates in the
pool. The AA (sf), A (sf), BBB (sf), BB (sf) and B (sf) ratings
reflect 30.30%, 19.50%, 12.00%, 7.00% and 3.25% of credit
enhancement, respectively.

Other than the specified classes above, DBRS does not rate any
other classes in this transaction.

This transaction is a securitization of a portfolio of fixed- and
adjustable-rate, non-prime, first-lien residential mortgages. The
Certificates are backed by 698 loans with a total principal balance
of $210,448,066 as of the Cut-Off Date (June 1, 2017).  

Angel Oak Mortgage Solutions LLC (AOMS), Angel Oak Home Loans LLC
(AOHL) and Angel Oak Prime Bridge LLC are the originators for
79.3%, 17.6% and 3.0% of the portfolio, respectively. The mortgages
were originated under the following six programs:

(1) Portfolio Select (67.6%) – Made to borrowers with near-prime
credit scores who are unable to obtain financing through
conventional or governmental channels because (a) they fail to
satisfy credit requirements; (b) they are self-employed and need an
alternate income calculation using 12 or 24 months of bank
statements to qualify; (c) they may have a credit score that is
lower than that required by government-sponsored entity
underwriting guidelines; or (d) they may have been subject to a
bankruptcy or foreclosure 24 or more months prior to origination.

(2) Non-Prime General (7.8%) – Made to borrowers who have not
sustained a housing event in the past 24 months, but whose credit
reports show multiple 30+ and/or 60+ day delinquencies on any
reported debt in the past 12 months.

(3) Non-Prime Recent Housing (6.9%) – Made to borrowers who have
completed or have had their properties subject to a short sale,
deed-in-lieu, notice of default or foreclosure. Borrowers who have
filed for bankruptcy 12 or more months prior to origination or have
experienced severe delinquencies may also be considered for this
program.

(4) Non-Prime Foreign National (6.1%) – Made to investment
property borrowers who are citizens of foreign countries and who do
not reside or work in the United States. Borrowers may use
alternative income and credit documentation. Income is typically
documented by the employer or accountant, and credit is verified by
letters from overseas credit holders.

(5) Non-Prime Investment Property (0.8%) – Made to real estate
investors who may have financed up to five mortgaged properties
with the originators (or 20 mortgaged properties overall).

(6) Investor Cash Flow (10.8%) – Made to real estate investors
who are experienced in purchasing, renting and managing investment
properties with an established five-year credit history and at
least 24 months of clean housing payment history, but who are
unable to obtain financing through conventional or governmental
channels because (a) they fail to satisfy the requirements of such
programs or (b) may be over the maximum number of properties
allowed. Loans originated under the Investor Cash Flow program are
considered business-purpose and are not covered by the
ability-to-repay (ATR) rules or TRID (TILA-RESPA Integrated
Disclosure) rule.

Select Portfolio Servicing Inc. (SPS) is the servicer for the
loans. Angel Oak Home Loans LLC will act as Servicing
Administrator, and Wells Fargo Bank, N.A. (Wells Fargo) will act as
the Master Servicer. U.S. Bank National Association will serve as
Trustee and Custodian.

Although the mortgage loans were originated to satisfy the Consumer
Financial Protection Bureau (CFPB) ATR rules, they were made to
borrowers who generally do not qualify for agency, government or
private label non-agency prime jumbo products for various reasons
described above. In accordance with the CFPB Qualified Mortgage
(QM) rules, none of the loans are designated as QM Safe Harbor,
1.0% as QM Rebuttable Presumption and 75.9% as non-QM.
Approximately 23.1% of the loans are for investment properties and
thus not subject to the QM rules.

The servicing administrator or servicer will generally fund
advances of delinquent principal and interest on any mortgage until
such loan becomes 180 days delinquent, and they are obligated to
make advances in respect of taxes, insurance premiums and
reasonable costs incurred in the course of servicing and disposing
of properties.

On or after the distribution date in July 2019, the Depositor has
the option to purchase all of the outstanding certificates at a
price equal to the outstanding class balance plus accrued and
unpaid interest, including any cap carryover amounts.

The transaction employs a sequential-pay cash flow structure with a
pro rata principal distribution among the senior tranches.
Principal proceeds can be used to cover interest shortfalls on the
Certificates as the outstanding senior Certificates are paid in
full. Further, excess spread can be used to cover realized losses
first before being allocated to unpaid cap carryover amounts up to
the Class B-1 Certificates.


ARCAP 2004-1: Fitch Affirms 'Csf' Ratings on 4 Tranches
-------------------------------------------------------
Fitch Ratings has upgraded three and affirmed six classes of ARCap
2004-1 Resecuritization, Inc. (ARCap 2004-1).

KEY RATING DRIVERS

The upgrades are the result of increased credit enhancement (CE)
from continued deleveraging and positive credit migration of the
underlying collateral since Fitch's last rating action.

Since the last rating action, the transaction has paid down by $25
million; principal paydowns since issuance total $87.5 million.
Over this period, 42.6% of the underlying collateral has been
upgraded a weighted average of 4.9 notches, while only 5.1% has
been downgraded a weighted average of 2.8 notches.

The portfolio has become increasingly more concentrated with 23
assets from seven obligors remaining. Currently, 70% of the
portfolio has a Fitch-derived rating below investment grade and
34.8% has a distressed rating in the 'CCCsf' category and below,
compared to 78.7% and 45.8%, respectively, at the last rating
action.

As of the June 22, 2017 payment date, the class B through D notes
are current on their interest payment, the class E notes are
deferring a portion of their interest payment and the class F
through K notes are deferring their full interest payment.

This transaction was analyzed under the framework described in the
reports, 'Global Structured Finance Rating Criteria' and
'Structured Finance CDOs Surveillance Rating Criteria'. Due to
portfolio concentration, the transaction was not analyzed within a
cash flow model framework and the Portfolio Credit Model was only
used as a reference point. A look-through analysis of the
underlying obligors and individual assets was performed to
determine collateral coverage of the remaining liabilities (see
'Structured Finance CDOs Surveillance Rating Criteria': Obligor
Concentrations). Based on this analysis, the class B through D
notes are covered by collateral with credit characteristics at
their assigned ratings.

For the class E through K notes, Fitch analyzed each class'
sensitivity to the default of the distressed assets ('CCCsf' and
below). Given the high probability of default of the underlying
assets and the expected limited recovery prospects upon default,
the class E and F notes have been affirmed at 'CCsf', indicating
that default is probable. Similarly, the class G through K notes
have been affirmed at 'Csf', indicating that default is
inevitable.

RATING SENSITIVITIES

The Stable Outlook on the class B, C, and D notes reflects Fitch's
view that the notes will continue to delever. However, negative
migration and defaults beyond those projected by the look-through
analysis as well as increasing concentration of weaker credit
quality assets could lead to downgrades. If recoveries are better
than expected and if there is additional positive credit migration
of the underlying portfolio, there could be additional upgrades.

Fitch has upgraded the following classes as indicated:

-- $220,981 class B notes to 'AAAsf' from 'BBBsf'; Outlook
    Stable;

-- $26,500,000 class C notes to 'Asf' from 'Bsf'; Outlook Stable;

-- $8,500,000 Class D Notes to 'Bsf' from 'CCCsf'; Outlook Stable

    Assigned.

Fitch has affirmed the following classes as indicated:

-- $30,700,000 Class E Notes at 'CCsf';
-- $13,600,000 Class F Notes at 'CCsf;
-- $36,000,000 Class G Notes at 'Csf';
-- $13,000,000 Class H Notes at 'Csf';
-- $31,500,000 Class J Notes at 'Csf';
-- $20,500,000 Class K Notes at 'Csf'.

Fitch does not rate the preference shares.


ATLAS SENIOR VIII: S&P Assigns B(sf) Rating on Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to Atlas Senior Secured
Loan Fund VIII Ltd./Atlas Senior Secured Loan Fund VIII LLC's
$375.30 million floating-rate notes.

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

The 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.

RATINGS ASSIGNED

  Atlas Senior Secured Loan Fund VIII Ltd./Atlas Senior Secured
  Loan Fund VIII LLC  

  Class                 Rating          Amount (mil. $)
  X                     AAA (sf)                   4.10
  A                     AAA (sf)                 246.00
  B                     AA (sf)                   53.80
  C (deferrable)        A (sf)                    26.50
  D (deferrable)        BBB (sf)                  20.30
  E (deferrable)        BB- (sf)                  17.70
  F (deferrable)        B (sf)                     6.90
  Subordinated notes    NR                        38.40

  NR--Not rated.


BAIN CLO 2017-1: S&P Assigns B-(sf) Rating on Class F Notes
-----------------------------------------------------------
S&P Global Ratings today assigned its ratings to Bain Capital
Credit CLO 2017-1 Ltd./Bain Capital Credit CLO 2017-1 Corp.'s
$452.30 million floating-rate notes.

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

The ratings reflect S&P's view of:

-- 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.

RATINGS ASSIGNED

  Bain Capital Credit CLO 2017-1 Ltd./Bain Capital Credit CLO
  2017-1 Corp.  

  Class                   Rating      Amount (mil. $)
  X                       AAA (sf)               5.00
  A-1                     AAA (sf)             298.00
  A-2                     NR                    19.50
  B                       AA (sf)               65.50
  C-1                     A (sf)               18.725
  C-2                     A (sf)                9.475
  D                       BBB- (sf)             28.00
  E                       BB- (sf)              20.60
  F                       B- (sf)                7.00
  Subordinated notes      NR                    38.50

  NR--Not rated.


BAMLL 2015-200P: S&P Affirms BB-(sf) Rating on Class F Certs
------------------------------------------------------------
S&P Global Ratings affirmed its ratings on eight classes of
commercial mortgage pass-through certificates from BAMLL Commercial
Mortgage Securities Trust 2015-200P, a U.S. commercial
mortgage-backed securities (CMBS) transaction.

S&P said, "The affirmations on the principal- and interest-paying
certificate classes follow our analysis of the transaction
primarily using our criteria for rating U.S. and Canadian CMBS
transactions. Our analysis included a review of the 3.0 million net
rentable sq. ft. office property in midtown Manhattan, which
secures the $1.4 billion fixed-rate interest-only (IO) mortgage
loan that serves as the transaction's collateral. We also
considered the deal structure and liquidity available to the trust.
The affirmations reflect subordination and liquidity that are
consistent with the current ratings.

"We affirmed our ratings on the class X-A and X-B IO certificates
based on our criteria for rating IO securities, in which the
ratings on the IO securities would not be higher than the lowest
rated reference class. The notional balance on classes X-A and X-B
references classes A and B, respectively.

"The analysis of stand-alone (single borrower) transactions is
predominantly a recovery-based approach that assumes a loan
default. Using this approach, our property-level analysis included
a revaluation of the office property that secures the mortgage loan
in the trust. We also considered the stable servicer-reported net
operating income (NOI) and occupancy for the past four years. We
then derived our sustainable in-place net cash flow (NCF), which we
divided by a 6.25% capitalization rate to determine our
expected-case value. This yielded an overall S&P Global Ratings
loan-to-value ratio and debt service coverage (DSC) of 79.7% and
2.14x, respectively, on the trust balance."

According to the July 14, 2017, trustee remittance report, the IO
mortgage loan has a trust and whole-loan balance of $1.4 billion,
pays an annual fixed interest rate of 3.60%, and matures on April
10, 2025. The transaction has no additional debt other than the
mortgage loan, and future debt is not permitted. According to the
transaction documents, the borrowers will pay the special servicing
fees, work-out fees, liquidation fees, and costs and expenses
incurred from appraisals and inspections the special servicer
conducts.

To date, the trust has not incurred any principal losses.

S&P said, "We based our analysis partly on a review of the
property's historical NOI for the years ended Dec. 31, 2016, 2015,
2014, and 2013, and the year-end 2016 rent roll provided by the
master servicer to determine our opinion of a sustainable cash flow
for the office property. The master servicer, Wells Fargo Bank
N.A., reported a DSC and occupancy of 1.79x and 99% for the year
ended Dec. 31, 2016. Based on the year-end 2016 rent roll, the five
largest tenants make up 54.8% of the collateral's total net
rentable area (NRA). In addition, 0.7% of the NRA have leases that
expire in 2017 and 2018, and 7.4% have leases that expire in
2019."

RATINGS LIST

BAMLL Commercial Mortgage Securities Trust 2015-200P
Commercial mortgage pass-through certificates series 2015-200P
                                      
                                         Rating                    
           
  Class        Identifier         To                 From          
   
  A            05526QAA4          AAA (sf)           AAA (sf)      
   
  X-A          05526QAC0          AAA (sf)           AAA (sf)      
   
  X-B          05526QAU0          AA- (sf)           AA- (sf)      
  
  B            05526QAE6          AA- (sf)           AA- (sf)      
   
  C            05526QAG1          A- (sf)            A- (sf)       
   
  D            05526QAJ5          BBB- (sf)          BBB- (sf)     
   
  E            05526QAL0          BBB- (sf)          BBB- (sf)     
   
  F            05526QAN6          BB- (sf)           BB- (sf


BANK 2017-BNK6: DBRS Assigns BBsf Rating to Class F Debt
--------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the followings classes
of Commercial Mortgage Pass-Through Certificates, Series 2017-BNK6
(the Certificates) to be issued by BANK 2017-BNK6:

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

All trends are Stable.

Classes X-D, X-E, X-F, X-G, D, E, F and G will be privately placed.
The X-A, X-B, X-D, X-E, X-F and X-G balances are notional.

The collateral consists of 72 fixed-rate loans secured by 189
commercial and multifamily properties. The transaction is a
sequential-pay pass-through structure. The conduit pool was
analyzed to determine the provisional ratings, reflecting the
long-term probability of loan default within the term and its
liquidity at maturity. When the cut-off loan balances were measured
against the DBRS Stabilized net cash flow (NCF) and their
respective actual constants, no loans had a DBRS Term debt service
coverage ratio (DSCR) below 1.15 times (x), a threshold indicative
of a higher likelihood of mid-term default. Additionally, to assess
refinance (refi) risk given the current low interest rate
environment, DBRS applied its refinance constants to the balloon
amounts. This resulted in 17 loans, representing 49.6% of the pool,
having refinance DSCRs below 1.00x and 11 loans, representing 34.4%
of the pool, having refinance DSCRs below 0.90x.

Three loans, representing 22.6% of the transaction balance, exhibit
credit characteristics consistent with an investment-grade shadow
rating: General Motors Building (AAA), Gateway Net Lease Portfolio
(BBB (high)) and Del Amo Fashion Center (A (low)). Both the pool's
term default risk and refinance risk are low as indicated by the
strong weighted-average (WA) DBRS Term and Refi DSCRs of 1.95x and
1.28x, respectively. In addition, 52 loans, representing 77.1% of
the pool, have a DBRS Term DSCR in excess of 1.50x and 34 loans,
totaling 77.1%, have a DBRS Refi DSCR in excess of 1.15x. Eleven of
the largest 15 loans in the pool meet both criteria. Even when
excluding the three loans shadow-rated investment grade and the 19
co-operative loans that are very low leverage, the deal exhibits
robust WA DBRS Term and Refi DSCRs of 1.73x and 1.13x,
respectively. Seven loans that comprise 36.8% of the DBRS sample
(28.3% of the pool) have favorable property quality based on
physical attributes and/or a desirable location within their
respective markets. One loan, representing 12.5% of the DBRS
sample, was considered to be of Excellent property quality and two
loans, totaling 11.9% of the DBRS sample, were considered to be
Above Average property quality. Another four loans, representing
12.4% of the DBRS sample, received Average (+) property quality.
Higher-quality properties are more likely to retain existing
tenants/guests and more easily attract new tenants/guests,
resulting in a more stable performance. No sampled loans were
considered to be Below Average or Poor quality and only one loan,
comprising 3.6% of the DBRS sample, was considered to be Average
(-) quality.

The pool has a relatively high concentration of loans secured by
non-traditional property types, such as self-storage, hospitality
and mobile home community (MHC) assets which, on a combined basis,
represent 24.0% of the pool across 17 loans. There are six loans
totaling 14.7% of the pool that are secured by hotels, nine loans
totaling 8.7% of the transaction balance secured by self-storage
properties and two loans comprising 0.7% of the pool secured by MHC
properties. Each of these asset types is vulnerable to high NCF
volatility because of the relatively short-term leases compared
with other commercial properties, which can cause NCF to quickly
deteriorate in a declining market; however, such loans exhibit a WA
DBRS Debt Yield and DBRS Exit Debt Yield of 11.5% and 13.0%,
respectively, which compare favorably with the overall deal. The
pool's interest-only (IO) concentration is elevated at 73.3%.
Fourteen loans, representing 43.9% of the pool, including seven of
the largest 15 loans, are structured with IO payments for the full
term and another 20 loans, representing 29.5% of the pool, have
partial-IO periods ranging from 12 months to 60 months. Four of the
full-term IO loans, representing 27.8% of the full-IO concentration
in the transaction, have excellent locations in super dense urban
markets that benefit from steep investor demand. Additionally, the
transaction's scheduled amortization by maturity is 9.4%, which is
generally in line with other recent conduit securitizations.

The DBRS sample included 30 of the 72 loans in the pool. Site
inspections were performed on 72 of the 189 properties in the
portfolio (66.8% of the pool by allocated loan balance). The DBRS
sample had an average NCF variance of -8.6% and ranged from -26.6%
(General Motors Building) to +5.0% (Amazon Lakeland).

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


BANK 2017-BNK6: S&P Assigns B+(sf) Rating on Class F Certificates
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to BANK 2017-BNK6's $933.3
million commercial mortgage pass-through certificates.

The certificate issuance is a commercial mortgage-backed securities
transaction backed by 72 commercial mortgage loans with an
aggregate principal balance of $933.3 million ($835.3 million of
offered certificates), secured by the fee and leasehold interests
in 189 properties across 33 states.

The ratings reflect S&P's view of the underlying collateral's
economics, the trustee-provided liquidity, the collateral pool's
relative diversity, and our overall qualitative assessment of the
transaction.

RATINGS ASSIGNED

  BANK 2017-BNK6
  Class                Rating(i)         Amount ($)
  A-1                  AAA (sf)          31,100,000
  A-2                  AAA (sf)          26,600,000
  A-SB                 AAA (sf)          39,900,000
  A-3                  AAA (sf)          58,200,000
  A-4                  AAA (sf)         225,000,000
  A-5                  AAA (sf)         239,812,000
  X-A                  AAA (sf)         620,612,000(ii)
  X-B                  A (sf)           172,885,000(ii)
  A-S                  AAA (sf)          97,525,000
  B                    AA (sf)           41,005,000
  C                    A (sf)            34,355,000
  X-D(iii)             BBB-(sf)          35,464,000(ii)
  X-E(iii)             BB- (sf)          19,948,000(ii)
  X-F(iii)             B+ (sf)            8,866,000(ii)
  X-G(iii)             NR                28,814,330(ii)
  D(iii)               BBB- (sf)         35,464,000
  E(iii)               BB- (sf)          19,948,000
  F(iii)               B+ (sf)            8,866,000
  G(iii)               NR                28,814,330
  RR interest(iii)     NR                46,662,596

(i)The certificates will be issued to qualified institutional
buyers according to Rule 144A of the Securities Act of 1933.
(ii)Notional balance.
(iii)Non-offered certificates.
NR--Not rated.


BANK OF AMERICA 2015-HAUL: Fitch Affirms BBsf Rating on Cl. E Debt
------------------------------------------------------------------
Fitch Ratings has affirmed all classes of Bank of America Merrill
Lynch BAMLL Commercial Mortgage Securities Trust 2015-HAUL (BAMLL
2015-HAUL).

KEY RATING DRIVERS

The affirmations reflect continued stable portfolio performance and
loan amortization as expected since issuance.

Stable Performance and Credit Metrics: The loan has a
Fitch-stressed debt service coverage ratio (DSCR) and loan-to-value
(LTV) of 1.45x and 65.8%, respectively, compared to 1.22x and 78.3%
at issuance, inclusive of an amortization factor of 75%.

The loan has amortized 5.9% since issuance. Both portfolio
occupancy and net cash flow (NCF) have improved since 2010.
Occupancy has increased from 77.5% in 2010 to 89.1% at year-end
(YE) 2016. NCF has experienced average year-over-year growth of
6.7% over the 2010 to 2016 period, with the 2016 NCF at nearly 47%
above the 2010 level. Between 2015 and 2016, the servicer-reported
NCF increased 8.9%. YE 2016 NCF DSCR was 1.62x, compared to 1.49x
in 2015.

Fully Amortizing Loan: The loan is structured with a 20-year
amortization schedule providing full amortization over the term of
the loan. The loan matures in July 2035.

Experienced Sponsorship and Management: The loan is sponsored by
Private Mini Storage, L.P. The sponsor is indirectly wholly owned
and controlled by Blackwater Investments, Inc., which is controlled
by Mark V. Shoen, the son of the original founders of U-Haul and a
significant shareholder in AMERCO, the holding company of U-Haul.
The portfolio is managed by U-Haul through management agreements
with U-Haul subsidiaries in each of the states where the portfolio
properties are located. U-Haul owns and operates approximately over
1,200 self-storage locations in the U.S. with over 450,000 units
and 42 million sf of space.

Granular Portfolio: The loan is secured by 60 cross-collateralized
self-storage properties located across six states. No single
property represents more than 3.2% of YE 2016 NCF.

Ground Leases: Fifty-six of the properties are owned fee simple and
four properties are held in leasehold. The four ground-leased
properties secure approximately 7% of the portfolio by loan
balance. The earliest fully extended ground lease maturity date is
Aug. 31, 2043, eight years beyond the loan's maturity date.

Competitive Industry: The self-storage industry is very fragmented
with the top 10 self-storage companies owning only 13% of total
facilities; the top 50 companies own approximately 17% of total
U.S. facilities.

RATING SENSITIVITIES

The Rating Outlook for all classes remains Stable. Fitch expects to
see several years of sustained improved performance prior to
upgrading. Should the loan's performance metrics decline
significantly, downgrades are possible.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

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

Fitch has affirmed the following classes:

-- $77.7 million(a) class A-1 at 'AAAsf'; Outlook Stable;
-- $65 million(a) class A-2 at 'AAAsf'; Outlook Stable;
-- $142.7 million(a)(b) class X-A at 'AAAsf'; Outlook Stable;
-- $31.8 million(a) class B at 'AA-sf'; Outlook Stable;
-- $23.9 million(a) class C at 'A-sf'; Outlook Stable;
-- $55.7 million(a)(b) class X-B at 'A-sf'; Outlook Stable;
-- $38.5 million(a) class D at 'BBB-sf'; Outlook Stable;
-- $21.4 million(a) class E at 'BBsf'; Outlook Stable.

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


BAYVIEW OPPORTUNITY 2017-RT2: Fitch to Rate Class B5 Notes 'Bsf'
----------------------------------------------------------------
Fitch Ratings expects to rate Bayview Opportunity Master Fund IVb
Trust 2017-RT2 (BOMFT 2017-RT2):

-- $77,192,000 class A notes 'AAAsf'; Outlook Stable;
-- $77,192,000 class A-IO notional notes 'AAAsf'; Outlook Stable;
-- $11,324,000 class B1 notes 'AAsf'; Outlook Stable;
-- $11,324,000 class B1-IO notional notes 'AAsf'; Outlook Stable;
-- $2,579,000 class B2 notes 'Asf'; Outlook Stable;
-- $2,579,000 class B2-IO notional notes 'Asf'; Outlook Stable;
-- $6,102,000 class B3 notes 'BBBsf'; Outlook Stable;
-- $6,102,000 class B3-IO notional notes 'BBBsf'; Outlook Stable;
-- $11,702,000 class B4 notes 'BBsf'; Outlook Stable;
-- $5,914,000 class B5 notes 'Bsf'; Outlook Stable.

The following classes will not be rated by Fitch:

-- $11,009,566 class B6 notes.

The notes are supported by a pool of 1,581 seasoned performing,
re-performing (RPL), and newly originated loans totaling $125.8
million, which excludes $5.2 million in non-interest-bearing
deferred principal amounts, as of the cutoff date. Of the total
interest-bearing pool balance, 49.2% are daily simple interest
mortgage loans. Distributions of principal and interest and loss
allocations are based on a sequential pay, senior subordinate
structure.

The 'AAAsf' rating on the class A, A-IO notes reflects the 38.65%
subordination provided by the 9.00% class B1, 2.05% class B2, 4.85%
class B3, 9.30% class B4, 4.70% class B5, and 8.75% class B6
notes.

Fitch's ratings on the notes reflect the credit attributes of the
underlying collateral, the quality of the servicer (Bayview Loan
Servicing, LLC, rated 'RSS2+'), the representation (rep) and
warranty framework, minimal due diligence findings, and the
sequential pay structure.

KEY RATING DRIVERS

Recent Delinquencies (Negative): Approximately 44% of the borrowers
in the pool have had a delinquency in the prior 24 months, with
29.3% occurring in the past 12 months. The majority of the pool
(65.9%) has received a modification due to performance issues.
Although the borrowers had prior delinquencies as recent as four
months ago and tend to be chronic late payers, the seasoning of
roughly 11 years indicates a willingness to stay in their home.

Low Property Values (Concern): Based on Fitch's analysis, the
average current property value of the pool is approximately
$140,000, which is lower than the average of other Fitch-rated RPL
transactions of over $150,000. Historical data from CoreLogic Loan
Performance indicate that recently observed loss severities (LS)
have been higher for very low property values than implied by
Fitch's loan loss model. For this reason, LS floors were applied to
loans with property values below $99,000, which increased the
'AAAsf' loss expectation by roughly 250 basis points (bps).

Tier I Representation Framework (Positive): Fitch considers the
transaction's representation, warranty and enforcement (RW&E)
mechanism framework to be consistent with Tier I quality. The
transaction benefits from life-of-loan representations and
warranties (R&Ws), as well as a backstop by Bayview Asset
Management (BAM) in the event the sponsor, Bayview Opportunity
Master Fund IVb, L.P., is liquidated or terminated.

Due Diligence Findings (Concern): A third-party review (TPR), which
was conducted on 100% of the pool, resulted in 13.7% (or 216 loans)
graded 'C' or 'D'. For 159 loans, the due diligence results showed
issues regarding high cost testing -- the loans were either missing
the final HUD1, used alternate documentation to test, or had
incomplete loan files -- and therefore a slight upward revision to
the model output LS was applied, as further described in the
Third-Party Due Diligence section beginning on page 6. In addition,
timelines were extended on 230 loans that were missing final
modification documents (excluding 50 loans that were already
adjusted for HUD1 issues).

Sequential-Pay Structure (Positive): The transaction's cash flow is
based on a sequential-pay structure, whereby the subordinate
classes do not receive principal until the senior classes are
repaid in full. Losses are allocated in reverse-sequential order.
In addition, 40bps from the interest remittance amount will be used
to pay down principal as well as any excess interest allocation
from the loan-level daily interest accrual calculation. The
provision to re-allocate principal to pay interest on the 'AAAsf'
and 'AAsf' rated notes prior to other principal distributions, as
well as the application of excess interest to the notes, is highly
supportive of timely interest payments to those classes, in the
absence of servicer advancing.

Potential Interest Deferrals (Mixed): Given that there is no
external P&I advancing mechanism, Fitch analyzed the collateral's
cash flows using its standard prepayment and default timing
assumptions to assess the cash flow stability of the high
investment-grade rated bonds. Fitch considered the borrower's pay
histories in comparison to its timing assumptions and found that
the subordination is expected to be sufficient to cover timely
payment of interest on the 'AAAsf' and 'AAsf' notes. In addition,
principal otherwise distributable to the notes may be used to pay
monthly interest, which also helps provide stability in the cash
flows. However, the lower-rated bonds may experience long periods
of interest deferral, and will generally not be repaid until the
note becomes the most senior outstanding.

No Servicer P&I Advances (Mixed): The servicer will not be
advancing delinquent monthly payments of P&I, which reduces
liquidity to the trust. However, as P&I advances made on behalf of
loans that become delinquent and eventually liquidate reduce
liquidation proceeds to the trust, the loan-level LS are less for
this transaction than for those where the servicer is obligated to
advance P&I. Structural provisions and cash flow priorities,
together with increased subordination, provide for timely payments
of interest to the 'AAAsf' and 'AAsf' rated classes

Solid Alignment of Interest (Positive): The sponsor, Bayview
Opportunity Master Fund IVb, L.P., will acquire and retain a 5%
vertical interest in each class of the securities to be issued. In
addition, the sponsor will also be the rep provider until at least
July 2021. If the fund is liquidated or terminated, BAM will be
obligated to provide a remedy for material breaches of R&Ws.

CRITERIA APPLICATION

Fitch's analysis incorporated one criteria variation from 'U.S.
RMBS Seasoned, Re-Performing and Non-Performing Loan Criteria,'
which is described below.

The variation is that 3% of the tax, title and lien review will be
conducted within 90 days after securitization. If there are any
issues found, the loan will be repurchased from the trust. Fitch
also considered the robust servicing and ongoing monitoring from
Bayview Loan Servicing, which is a high-touch servicing platform
that specializes in seasoned loans. Given the strength of the
servicer, Fitch considered the impact of slightly seasoned tax,
title and lien reviews to be nonmaterial.

RATING SENSITIVITIES

Fitch's analysis incorporates sensitivity analyses to demonstrate
how the ratings would react to steeper market value declines (MVDs)
than assumed at both the metropolitan statistical area (MSA) and
national levels. 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 be
considered in the surveillance of the transaction.

Fitch conducted sensitivity analysis determining 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 37.4% at 'AAAsf'. The analysis indicates 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'.


BEAR STEARNS 2005-TOP18: Fitch Affirms BB Rating on Class G Debt
----------------------------------------------------------------
Fitch Ratings has affirmed 10 classes of Bear Stearns Commercial
Mortgage Securities Trust commercial mortgage pass-through
certificates series 2005-TOP18 (BSCMSI 2005-TOP18).

KEY RATING DRIVERS

The affirmations reflect the concentrated nature of the pool and
the stable performance of the remaining loans. There have been
$24.7 million (2.2% of the original pool balance) in realized
losses to date. Fitch has designated three loans (24.9%) as Fitch
Loans of Concern; there are no loans are in special servicing. As
of the July 2017 distribution date, the pool's aggregate principal
balance has been reduced by 96.4% to $40.3 million from $1.12
billion at issuance. Per the servicer reporting, one loan (4% of
the pool) is defeased. Interest shortfalls are currently affecting
classes J through P.

Concentrated Pool: The pool is concentrated with only 14 loans
remaining, of which eight (30.3%) are fully amortizing and mature
in 2019 through 2026.

Due to the pool's concentrated nature, a sensitivity analysis was
performed that grouped and ranked the remaining loans by their
structural features, performance and estimated likelihood of
repayment.

Fitch Loans of Concern: There are two (24.9%) Fitch Loans of
Concern. The Summa Care Centre is the second largest loan (21.2%)
and is secured by an office property located in Akron, OH. The
property is 98% occupied by Summa Health System, whose lease
expires in November 2017. The loan is passed its ARD date and the
borrower is attempting to extend the lease as well as obtain
refinancing. The other Fitch Loan of Concern is secured by a single
tenant Best Buy located in Reynoldsburg, OH. The Best Buy lease
runs through January 2020. The borrower has been attempting to
further extend the lease and to secure refinancing.

RATING SENSITIVITIES

Rating Outlooks on classes E through G remain Stable. Although the
credit enhancement will increase with continued paydown, upgrades
are unlikely as Fitch has concerns with adverse selection. Fitch
does not foresee negative rating migration for these classes unless
there is material economic change to the remaining loans. The
distressed class H, however, is subject to a downgrade if the Summa
Care Centre loan is transferred to special servicing and unable to
secure financing.

DUE DILIGENCE USAGE PURSUANT TO SEC RULE 17G-10

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

Fitch affirms the following classes as indicated:

-- $10.4 million class E at 'AAAsf'; Outlook Stable;
-- $9.8 million class F at 'BBBsf'; Outlook Stable;
-- $9.8 million class G at 'BBsf'; Outlook Stable;
-- $8.4 million class H at 'CCCsf'; RE 90%;
-- $1.9 million class J at 'Dsf'; RE 0%;
-- $0 class K at 'Dsf'; RE 0%;
-- $0 class L at 'Dsf'; RE 0%;
-- $0 class M at 'Dsf'; RE 0%;
-- $0 class N at 'Dsf'; RE 0%;
-- $0 class O at 'Dsf'; RE 0%.

The class A-1, A-2, A-3, A-AB, A-4, A-4FL, A-J, B, C and D
certificates have paid in full. Fitch does not rate the class P
certificates. Fitch previously withdrew the rating on the
interest-only class X certificates.


BEAR STEARNS 2006-TOP22: Fitch Affirms CCCsf Rating on Cl. G Notes
------------------------------------------------------------------
Fitch Ratings affirms 13 classes of Bear Stearns Commercial
Mortgage Securities Inc. (BSCMSI), series 2006-TOP22 commercial
mortgage pass-through certificates.

KEY RATING DRIVERS

The affirmations reflect the stable performance expectations from
Fitch's last rating action, as well as the concentrated nature of
the pool. The pool has nineteen assets remaining, four of which
have been defeased (19.3% of pool balance). As of the July 2017
remittance report, the pool has been reduced by 93.1% to $118.2
million from $1.7 billion at issuance. There have been $31.8
million in realized losses, accounting for 1.9% of the original
pool balance.

Pool Concentration/Adverse Selection: The transaction is highly
concentrated with only 19 of the original 224 loans remaining. Of
the 19 remaining loans, one (2.2% of the pool balance) is
performing specially serviced and nine (44% of the pool balance)
are performing but on the master servicer's watchlist. Fitch has
designated four loans (18.7%) as Fitch Loans of Concern.

Due to the pool's concentrated nature, a sensitivity analysis was
performed which grouped and ranked the remaining loans by their
structural features, performance, estimated likelihood of
repayment, and estimated loss on the specially serviced asset.

Fitch Loans of Concern: There are currently four Fitch Loans of
Concern in this pool. The loans have been flagged due the loan
being in special servicing, to declined net operating income (NOI)
and debt service coverage ratio (DSCR), as well as impending lease
expirations that could have significant impacts on cash flow.

Specially Serviced Loan: Only one loan in this pool, Country Inn
and Suites by Carlson Scottsdale is in special servicing. This loan
is being monitored by the special servicer due to the borrower's
failure to renew a minimum 10-year franchise agreement, various
management and operational issues at the property, and pending
litigation between the borrower and landlord. Despite these issues,
the loan is current. As of year-end (YE) 2016, occupancy was 64%
and NOI DSCR was 2.52x. The DSCR has been improving since 2009.

Longer Term Loans: The remaining loans have maturity dates as
follows: 2017 (1.5% of pool balance), 2018 (13%), 2019 (3.8%), 2020
(48.7%), 2021 (30.1%), 2026 (2.2%), and 2029 (0.7%).

RATING SENSITIVITIES

The Rating Outlooks on classes B, C, D, E, and F remain Stable due
to increasing credit enhancement, defeasance, continued
amortization and relatively stable performance of the transaction.
Class B is fully covered by defeased collateral and class C is
partially covered by defeased collateral. Future upgrades are
likely to be limited due to the portfolio's concentration and
adverse selection. Downgrades could occur if losses are greater
than expected from the specially serviced loan, pool performance
deteriorates, or loans default at maturity. Distressed classes may
be subject to further downgrades if losses exceed Fitch's
expectations.

Fitch has affirmed the following ratings:

-- $18,131,724 class B notes at 'AAAsf'; outlook stable;
-- $12,785,000 class C notes at 'AAAsf'; outlook stable;
-- $25,570,000 class D notes at 'BBBsf'; outlook stable;
-- $14,917,000 class E notes at 'BBsf'; outlook stable;
-- $14,916,000 class F notes at 'Bsf'; outlook stable;
-- $14,916,000 class G notes at 'CCCsf'; RE 100%;
-- $8,523,000 class H notes at 'CCsf'; RE 60%;
-- $8,787,679 class J notes at 'Dsf'; RE 0%;
-- $0 class K notes at 'Dsf'; RE 0%;
-- $0 class L notes at 'Dsf'; RE 0%;
-- $0 class M notes at 'Dsf'; RE 0%;
-- $0 class N notes at 'Dsf'; RE 0%;
-- $0 class O notes at 'Dsf'; RE 0%.

Fitch does not rate the $0.0 million class P. Classes A-1, A-2,
A-3, A-AB, A-4, A-1A, A-M, and A-J have repaid in full. Classes K
through O and the unrated class P have been reduced to zero due to
losses realized on loans liquidated from the trust. Fitch
previously withdrew the rating on the interest-only class X.


BEAR STEARNS 2007-PWR17: Fitch Hikes Class B Certs Rating to CCCsf
------------------------------------------------------------------
Fitch Ratings has upgraded two classes and affirmed 16 classes of
Bear Stearns Commercial Mortgage Securities Trust, series
2007-PWR17 (BSCMS 2007-PWR17) commercial mortgage pass-through
certificates.

KEY RATING DRIVERS

The upgrades reflect the paydown and resulting increase in credit
enhancement from loans that have matured since January 2017. The
affirmations of the investment-grade classes are due to sufficient
credit enhancement to offset Fitch expected losses. Fitch modeled
losses of 17.3% of the remaining pool; expected losses on the
original pool balance total 11.4%, including $264.2 million (8.1%
of the original pool balance) in realized losses to date. Fitch has
designated 12 loans (52.8%) as Fitch Loans of Concern, which
includes nine specially serviced loans (12.8%).

As of the July 2017 distribution date, the pool's aggregate
principal balance has been reduced by 80.9% to $622.5 million from
$3.26 billion at issuance. Per the servicer reporting, one loan (2%
of the pool) is defeased. Interest shortfalls are currently
affecting classes C through S.

Continued Paydown: The transaction continues to delever with $500
million in paydown received in July 2017. There are 39 loans
remaining, down from 265 at issuance.

Near Term Maturities: 72.3% of the pool is set to mature by
September 2017.

Fitch Loans of Concern: Twelve loans totaling 52.8% of the pool
were considered Fitch Loans of Concern, including the largest loan,
Bank of America Center (37.3%). The loan is secured by a 56-story,
1.3 million square foot (sf) office property located in the Houston
CBD. Major tenants include ANR Pipeline Company, Bank of America
and Mayer Brown. Media reports indicate that Bank of America has
signed a lease for 210,000-sf in Capital Tower, which is currently
under construction and expected to be completed in 2019. The
interest-only loan is the largest contributor to expected losses
given the energy exposure and reports about the new Bank of America
location. The borrower has not provided any updates regarding the
September 2017 maturity.

Limited Amortization: Of the remaining loans, 17.9% ($398 million)
are interest-only. None of the loans are fully amortizing.

RATING SENSITIVITIES

The Rating Outlooks on classes A-M and A-MFL have been revised to
Stable from Negative based on continued transaction paydown and the
senior positions within the capital structure. A Stable Outlook has
been assigned to class A-J to reflect the sufficient credit
enhancement. A further upgrade to this class may be warranted if
the Bank of America Center loan pays off at maturity. Conversely, a
downgrade may be possible if the loan is unable to refinance. The
distressed classes are subject to further downgrades as losses are
realized.

Fitch upgrades the following classes and assigns or revises Rating
Outlooks and REs as indicated:

-- $269 million class A-J to 'Bsf' from 'CCCsf'; Outlook Stable
    assigned;

-- $28.5 million class B to 'CCCsf' from 'CCsf'; RE 75%.

Fitch affirms the following classes and revises Rating Outlooks as
indicated:

-- $166.3 million class A-M at 'AAAsf'; Outlook to Stable from
    Negative;

-- $68.4 million class A-MFL at 'AAAsf'; Outlook to Stable from
    Negative.

Fitch affirms the following classes:

-- $44.8 million class C at 'CCsf'; RE0%;
-- $24.5 million class D at 'Csf'; RE 0%;
-- $20.4 million class E at 'Csf'; RE 0%;
-- $717,456 class F at 'Dsf'; RE 0%;
-- $0 class G at 'Dsf'; RE 0%;
-- $0 class H at 'Dsf'; RE 0%;
-- $0 class J at 'Dsf'; RE 0%;
-- $0 class K at 'Dsf'; RE 0%;
-- $0 class L at 'Dsf'; RE 0%;
-- $0 class M at 'Dsf'; RE 0%;
-- $0 class N at 'Dsf'; RE 0%;
-- $0 class O at 'Dsf'; RE 0%;
-- $0 class P at 'Dsf'; RE 0%;
-- $0 class Q at 'Dsf'; RE 0%.

The class A-1, A-2, A-3, A-AB, A-4 and A-1A certificates have paid
in full. Fitch does not rate the class S certificates. Fitch
previously withdrew the ratings on the interest-only class X-1 and
X-2 certificates.


BENEFIT CLO III: S&P Assigns BB-(sf) Rating on Class D-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the new
class X notes and replacement class A1-R, A2-R, B-R, C-R, and D-R
notes from Benefit Street Partners CLO III Ltd., a collateralized
loan obligation (CLO) originally issued in 2013 that is managed by
Benefit Street Partners LLC. The replacement notes will be issued
via a proposed redrafted indenture.

S&P said, "The preliminary ratings reflect our opinion that the
credit support available is commensurate with the associated rating
levels. Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

"On the July 20, 2017, refinancing date, the proceeds from the
issuance of the replacement notes are expected to redeem the
original notes. At that time, we anticipate withdrawing the ratings
on the original notes and assigning ratings to the replacement
notes. However, if the refinancing doesn't occur, we may affirm the
ratings on the original notes and withdraw our preliminary ratings
on the replacement notes."

The replacement notes are being issued via a proposed redrafted
indenture, which, in addition to outlining the terms of the
replacement notes, will also:

-- Extend the reinvestment period, legal final maturity, and
non-call period.
-- Increase the allowable covenant-lite obligations to 60% from
50%.
-- Include provisions intended to comply with risk retention
requirements.

REPLACEMENT AND ORIGINAL NOTE ISSUANCES

Replacement Notes
Class                Amount    Interest        
                    (mil. $)    rate (%)
X                     5.20     LIBOR + 0.85
A1-R                305.20     LIBOR + 1.25
A2-R                 70.00     LIBOR + 1.80
B-R                  35.30     LIBOR + 2.60
C-R                  29.00     LIBOR + 3.90
D-R                  23.00     LIBOR + 6.60

Original Notes
Class                Amount    Interest   
                    (mil. $)    rate (%)    
A-1a                 245.20    LIBOR + 1.35
A-1b                  60.00    3.539
A-2                   70.00    LIBOR + 1.75
B                     35.30    LIBOR + 2.50
C                     29.00    LIBOR + 3.25
D                     23.00    LIBOR + 4.50

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the 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
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,
or both, to each of the rated tranches.

"We will continue to review whether, in our view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them, and we will take further rating actions
as we deem necessary."

PRELIMINARY RATINGS ASSIGNED

Benefit Street Partners CLO III Ltd.
Replacement class         Rating      Amount (mil. $)
X                         AAA (sf)               5.20
A1-R                      AAA (sf)             305.20
A2-R                      AA (sf)               70.00
B-R                       A (sf)                35.30
C-R                       BBB- (sf)             29.00
D-R                       BB- (sf)              23.00


BLACK CLO 2013-1: S&P Affirms BB Rating on Class D Notes
--------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, A-2-R,
B-R, and C-R replacement notes from Black Diamond CLO 2013-1 Ltd.,
a U.S. collateralized loan obligation originally issued in 2014
that is managed by Black Diamond Capital Management LLC. S&P said,
"We withdrew our ratings on the transaction's original class A-1,
A-2, B, and C notes following payment in full on the July 17, 2017,
refinancing date. At the same time, we affirmed our rating on the
class D note, which was not a part of the refinancing.

"On the July 17, 2017, refinancing date, the proceeds from the
class A-1-R, A-2-R, B-R, and C-R replacement note issuances were
used to redeem the original class A-1, A-2, B, and C notes as
outlined in the transaction document provisions. Therefore, we
withdrew the ratings on the transaction's original notes in line
with their full redemption, and we assigned ratings to the
transaction's replacement notes.

"Our review of this transaction included a cash flow analysis,
based on the portfolio and transaction as reflected in the 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 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, or both, to each of the
rated tranches.

"The ratings reflect our opinion that the credit support available
is commensurate with the associated rating levels.

"We will continue to review whether, in our view, the ratings
assigned to the transaction remain consistent with the credit
enhancement available to support them, and we will take rating
actions as we deem necessary."

RATINGS ASSIGNED

  Black Diamond CLO 2013-1 Ltd.

  Replacement class    Rating          Amount (mil. $)
  A-1-R                AAA (sf)                 246.90
  A-2-R                AA (sf)                   53.70
  B-R                  A (sf)                    29.30
  C-R                  BBB (sf)                  21.70

RATINGS WITHDRAWN

  Black Diamond CLO 2013-1 Ltd.
                          Rating
  Original class      To          From
  A-1                 NR          AAA (sf)
  A-2                 NR          AA (sf)
  B                   NR          A (sf)
  C                   NR          BBB (sf)

RATING AFFIRMED

  Black Diamond CLO 2013-1 Ltd.
  Class                Rating
  D                    BB (sf)

OUTSTANDING CLASS

  Black Diamond CLO 2013-1 Ltd.
  Class                   Rating
  Subordinated notes      NR

  NR--Not rated.


BLC CAPITAL 2002-A: S&P Raises Class B Notes Rating to B-(sf)
-------------------------------------------------------------
S&P Global Ratings raised its rating on the class B notes and
affirmed its rating on the class A notes from BLC Capital Corp.
Series 2002-A.

The transaction is an asset-backed securities transaction
collateralized primarily by a pool of small business development
loans.

The raised rating primarily reflects the portfolio's stable
performance, fully funded reserve account with a current balance of
$2 million, and sufficient credit support at the higher rating
level.

The affirmed rating reflects the sufficient credit support at the
current rating level.

The rating actions also considered that the portfolio is very
concentrated. According to the May 25, 2017, payment date report,
the portfolio has only five outstanding obligors. Of which, the top
obligor makes up 38% of the current portfolio. The portfolio's
performance has been stable with no delinquent loans and low
cumulative net losses as of May 2017.

S&P said, "We will continue to review whether, in our view, the
ratings assigned to the notes remain consistent with the credit
enhancement available to support them, and we will take further
rating actions as we deem necessary."

RATING RAISED

  BLC Capital Corp. Series 2002-A

                 Rating
  Class      To         From
  B          B- (sf)    CCC+ (sf)

RATING AFFIRMED

  BLC Capital Corp. Series 2002-A

  Class          Rating      
  A              B- (sf)


BLUEMOUNTAIN CLO 2014-2: S&P Affirms 'B' Rating on Class E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R, B-1-R,
B-2-R, C-R, and D-R replacement notes from BlueMountain CLO 2014-2
Ltd., a U.S. collateralized loan obligation (CLO) originally issued
in 2014 that is managed by BlueMountain Capital Management L.P. S&P
said, "We withdrew our ratings on the transaction's original class
A, B-1, B-2, C, and D notes following payment in full on the July
20, 2017, refinancing date. At the same time, we affirmed our
ratings on the original class E and F notes, which were not a part
of the refinancing.

"On the July 20, 2017, refinancing date, the proceeds from the
class A-R, B-1-R, B-2-R, C-R, and D-R notes were used to redeem the
original class A, B-1, B-2, C, and D notes as outlined in the
transaction document provisions. Therefore, we withdrew the ratings
on the transaction's original notes in line with their full
redemption, and we assigned ratings to the transaction's
replacement notes.

"Our review of this transaction included a cash flow analysis,
based on the portfolio and transaction as reflected in the 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 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, or both, to each of the
rated tranches.

"The ratings reflect our opinion that the credit support available
is commensurate with the associated rating levels.

"We will continue to review whether, in our view, the ratings
assigned to the transaction remain consistent with the credit
enhancement available to support them, and we will take rating
actions as we deem necessary."

RATINGS ASSIGNED

  BlueMountain CLO 2014-2 Ltd.
  Replacement class  Rating     Amount (mil. $)
         A-R         AAA (sf)       340.00
        B-1-R        AA (sf)         43.05
        B-2-R        AA (sf)         17.00
         C-R         A (sf)          45.25
         D-R         BBB (sf)        27.30

RATINGS WITHDRAWN

  BlueMountain CLO 2014-2 Ltd.
              Rating
  Original class   To     From
        A          NR     AAA (sf)
       B-1         NR     AA (sf)
       B-2         NR     AA (sf)
        C          NR     A (sf)
        D          NR     BBB (sf)

RATINGS AFFIRMED

  BlueMountain CLO 2014-2 Ltd.
  Class        Rating
    E          BB (sf)
    F          B (sf)

OUTSTANDING CLASS

  BlueMountain CLO 2014-2 Ltd.
  Class                Rating
  Subordinated notes   NR

  NR--Not rated.


BX TRUST 2017-SLCT: S&P Assigns Prelim. B Rating on Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to BX Trust
2017-SLCT's $1.324 billion commercial mortgage pass-through
certificates.

The certificate issuance is a commercial mortgage-backed securities
transaction backed by one two-year, floating-rate commercial
mortgage loan totaling $1.393 billion ($1.324 billion securitized
balance, which excludes the risk retention class), with five
one-year extension options, secured by the fee simple and leasehold
interest in 55 extended-stay, 40 limited-service, and one
full-service hotel property.

The preliminary ratings are based on information as of July 20,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

PRELIMINARY RATINGS ASSIGNED
  BX Trust 2017-SLCT

  Class      Rating(i)      Amount ($)
    A        AAA (sf)       465,500,000
    X-CP     BBB- (sf)      375,487,500
    X-EXT    BBB- (sf)      441,750,000
    B        AA- (sf)       161,500,000
    C        A- (sf)        120,650,000
    D        BBB- (sf)      159,600,000
    E        BB- (sf)       250,800,000
    F        B (sf)         165,775,000
    RR       NR              69,675,000


CARLYLE GLOBAL 2014-1: S&P Withdraws CCC Rating on Sr. Notes
------------------------------------------------------------
S&P Global Ratings withdrew its rating on the senior notes issued
by Carlyle Global Market Strategies Commodities Funding 2014-1 Ltd.
and Carlyle Global Market Strategies Commodities Funding 2015-1
Ltd. at the issuer's request. S&P previously lowered the ratings on
these notes to 'CCC (sf)' in May 2017 due to concerns about the
remaining liquidity available to the rated notes following Lloyd's
rejection of the insurance claims filed in each transaction.

RATINGS WITHDRAWN

Carlyle Global Market Strategies Commodities Funding 2014-1 Ltd.

                       Rating
Class          To              From
Senior         NR              CCC (sf)

Carlyle Global Market Strategies Commodities Funding 2015-1 Ltd.

                       Rating
Class          To              From
Senior         NR              CCC (sf)

NR--Not rated.


CARLYLE US 2017-3: S&P Gives Prelim BB-sf Rating on Class D Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary rating to Carlyle US
CLO 2017-3 Ltd./Carlyle US CLO 2017-3 LLC's $10.00 million
combination notes. There is no impact to the preliminary ratings on
the other outstanding notes from the same transaction.

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

The preliminary rating is based on information as of July 13, 2017.
Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary rating reflects:

-- 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.

-- S&P's preliminary rating on the combination notes is based on
the ultimate payment of the notes' $10 million notional amount.

-- The underlying collateral consists of $8.00 million class B
notes and $2.00 million subordinate notes.

PRELIMINARY RATING ASSIGNED

  Carlyle US CLO 2017-3 Ltd./Carlyle US CLO 2017-3 LLC
  Class                 Rating          Amount
                                      (mil. $)
  Combination note      A-p (sf)         10.00

OTHER PRELIMINARY RATINGS OUTSTANDING
  
  Carlyle US CLO 2017-3 Ltd./Carlyle US CLO 2017-3 LLC
  Class                 Rating          Amount
                                      (mil. $)
  A-1a                  AAA (sf)        360.00
  A-1b                  NR               33.00
  A-2                   AA (sf)          63.00
  B (deferrable)        A (sf)           37.00
  C (deferrable)        BBB- (sf)        35.00
  D (deferrable)        BB- (sf)         24.00
  Subordinated notes    NR               61.00

p--Principal only.
NR--Not rated.


CASTLELAKE AIRCRAFT 2017-1: S&P Gives 'BB' Rating on Class C Loans
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Castlelake Aircraft
Structured Trust 2017-1's $785.5 million fixed-rate class A, B, and
C loans.

The issuance is backed by the aircraft-owning entity issuers'
series A, B, and C loans, which are in turn backed by
aircraft-related leases and shares or beneficial interests in
entities that directly and indirectly receive aircraft portfolio
lease and residual cash flows, among others.

The ratings reflect:

-- The likelihood of timely interest on the class A loans
(excluding the step-up amount) on each payment date, the timely
interest on the class B loans (excluding the step-up amount) when
they are the senior-most loans outstanding on each payment date,
and the ultimate interest and principal payment on the class A, B,
and C loans on the legal final maturity at the respective rating
stresses.

-- The 74.13% loan-to-value (LTV) ratio (based on the lower of the
mean and median [LMM] of the half-life base values and the
half-life current market values) on the class A loans, the 84.96%
LTV ratio on the class B loans, and the 94.52% LTV ratio on the
class C loans.

-- The initial asset portfolio, which comprises 39 narrow-body
passenger planes (30 A320 family, four B737-700, and five
B737-800), and four A330-300 wide-body passenger planes. The 43
assets have a weighted average age of approximately 13 years and
remaining average lease term of approximately 4.3 years. None of
the assets are currently out of production.

-- The age of the initial assets in the portfolio, which are in
mid-life, with a 13-year weighted average age (by value).
Currently, all 43 assets are on lease, with a 4.3-year weighted
average remaining maturity.

-- That some of the lessees are in emerging markets where the
commercial aviation market is growing.

-- The class A and B loans' 12-year amortization profile.

-- The class C loans follow a seven-year amortization profile.

-- That during the sixth and seventh year of the transaction, if
no rapid amortization event has occurred and is continuing, the
transaction will pay 50% of the available collections first to the
class A loans and second to the class B loans. Starting in the
eighth year after the initial closing date, the transaction will
pay 100% of the available collections first to the class A loans
and second to the class B loans. From the fourth to the seventh
year of the transaction, 30% of the available collections will be
paid to the class C loans. tarting in year eight the transaction
will pay 100% of the available collections to the class C loans.

-- That if a rapid amortization event (the debt service coverage
ratio or utilization triggers have been breached or eight years
after the initial losing date) has occurred and is continuing, the
transaction will pay the class A loans' outstanding principal
balance. A similar arrangement applies to the class B loans after
the class A loans are paid.

-- That a portion of the end-of-lease payments will be paid to the
class A,B, and C loans according to a percentage based on the LTV.

-- A liquidity facility that equals nine months of interest on the
class A and B loans.

-- Morten Beyer & Agnew's (MBA's) provision of a maintenance
analysis at closing. After closing, Castlelake will perform the
maintenance analysis, which will be confirmed for reasonableness
and achievability in an opinion letter from MBA. Maintenance
reserve accounts are required to keep a balance to meet the higher
of $1 million in the aggregate and the sum of forward-looking
maintenance expenses (up to 12
    months). The excess maintenance over the required maintenance
amount will be transferred to the payment waterfall.

-- The senior indemnification (capped at $10 million), which is
modeled to occur in the first 12 months.

-- The junior indemnification (uncapped), which is subordinated to
the rated classes' principal payment.

-- Castlelake, which is a private investment firm focusing on
distressed assets and the servicer for this transaction.
Castlelake's in-house aircraft assets and aviation finance team is
experienced in managing mid-life and older aircraft assets.

RATINGS ASSIGNED

  Castlelake Aircraft Structured Trust 2017-1

  Class         Rating          Interest           Amount
                              rate (%)         (mil. $)
  A loans(i)    A (sf)              3.97           616.00
  B loans(i)    BBB (sf)            5.93            90.00
  C loans       BB (sf)             6.90            79.50

(i)A portion of the class A and B loans are delayed-draw notes.
S&P's analysis assumes the entire balance of each loan ($616
million class A loans and $90 million class B loans) will be funded
at close.


CATHEDRAL LAKE II: S&P Affirms BB- Rating on Class E-2-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, A-X-R,
B-R, C-R, D-R, E-1-R, and E-2-R replacement notes from Cathedral
Lake II Ltd./Cathedral Lake II LLC, a collateralized loan
obligation (CLO) originally issued in 2015 that is managed by
Carlson CLO Advisers LLC. S&P said, "We withdrew our ratings on the
original class A-1, A-X, B, C, D, E-1, and E-2 notes following
payment in full on the July 17, 2017, refinancing date."

On the July 17, 2017, refinancing date, the proceeds from the class
A-1-R, A-X-R, B-R, C-R, D-R, E-1-R, and E-2-R replacement note
issuances were used to redeem the original class A-1, A-X, B, C, D,
E-1, and E-2 notes as outlined in the transaction document
provisions. S&P said, "Therefore, we withdrew our ratings on the
refinanced notes in line with their full redemption, and we are
assigning ratings to the replacement notes."

The replacement notes are being issued via an amended indenture,
which, in addition to outlining the terms of the replacement notes,
will also extend the stated maturity, reinvestment period, and
non-call period by two years.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the 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
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,
or both, to each of the rated tranches.

"The assigned ratings reflect our opinion that the credit support
available is commensurate with the associated rating levels.

"We will continue to review whether, in our view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them, and we will take rating actions as we
deem necessary."

RATINGS ASSIGNED

  Cathedral Lake II Ltd./Cathedral Lake II LLC
  Replacement class         Rating      Amount (mil. $)
  A-1-R                     AAA (sf)             257.00
  A-X-R                     AAA (sf)               2.50
  B-R                       AA (sf)               46.75
  C-R                       A (sf)                26.25
  D-R                       BBB (sf)              20.40
  E-1-R                     BB- (sf)              12.25
  E-2-R                     BB- (sf)               7.00

RATINGS WITHDRAWN

  Cathedral Lake II Ltd./Cathedral Lake II LLC
                    Rating
  Class       To              From
  A-1         NR              AAA (sf)
  A-X         NR              AAA (sf)
  B           NR              AA (sf)
  C           NR              A (sf)
  D           NR              BBB (sf)
  E-1         NR              BB (sf)
  E-2         NR              BB (sf)

  NR--Not rated.


CATHEDRAL LAKE III: S&P Assigns BB- Rating on Class E-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
A-1-R loans and class A-R, B-R, C-R, D-R, and E-R notes from
Cathedral Lake III Ltd./Cathedral Lake III LLC, a collateralized
loan obligation (CLO) originally issued in 2015 that is managed by
Carlson CLO Advisers LLC. S&P said, "We withdrew our ratings on the
original class A-1 loans and class A-1L, B, C, D, and E notes
following payment in full on the July 17, 2017, refinancing date.
In addition, we discontinued our rating on the class A-X notes,
which amortized fully on the refinancing date."

On the July 17, 2017, refinancing date, the proceeds from the
replacement class A-1-R loan and class A-R, B-R, C-R, D-R, and E-R
note issuances were used to redeem the original class A-1 loans and
class A-1L, B, C, D, and E notes as outlined in the transaction
document provisions. S&P said, "Therefore, we withdrew our ratings
on the refinanced notes in line with their full redemption, and we
are assigning ratings to the replacement notes."  

The replacement notes are being issued via an amended indenture,
which, in addition to outlining the terms of the replacement notes,
will also:

-- Extend the stated maturity by 3.5 years;
-- Extend the reinvestment period by four years; and
-- Extend the non-call period by 2.5 years.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the 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
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,
or both, to each of the rated tranches.

"The assigned ratings reflect our opinion that the credit support
available is commensurate with the associated rating levels.

"We will continue to review whether, in our view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them, and we will take rating actions as we
deem necessary."

RATINGS ASSIGNED

  Cathedral Lake III Ltd./Cathedral Lake III LLC

  Replacement class         Rating      Amount (mil. $)
  A-1-R loans               AAA (sf)             241.65
  A-R                       AAA (sf)              15.35
  B-R                       AA (sf)               46.00
  C-R                       A (sf)                24.00
  D-R                       BBB (sf)              21.00
  E-R                       BB- (sf)              20.00

RATINGS WITHDRAWN

  Cathedral Lake III Ltd./Cathedral Lake III LLC
  
                    Rating
  Class       To              From
  A-1 loans   NR              AAA (sf)
  A-1L        NR              AAA (sf)
  B           NR              AA (sf)
  C           NR              A (sf)
  D           NR              BBB (sf)
  E           NR              BB (sf)

RATING DISCONTINUED

  Cathedral Lake III Ltd./Cathedral Lake III LLC
                    Rating
  Class       To              From
  A-X         NR              AAA (sf)

  NR--Not rated.


CFCRE 2015-RUM: DBRS Confirms BB(high) Rating on Class E Debt
-------------------------------------------------------------
DBRS, Inc. confirmed all classes of Commercial Mortgage
Pass-Through Certificates issued by CFCRE 2015-RUM Mortgage Trust
as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which remains in line with DBRS's expectations at
issuance. The trust loan is secured by the Ritz-Carlton Grand
Cayman, a 300-room luxury hotel resort located along the renowned
Seven Mile Beach on Grand Cayman, the largest of the Cayman
Islands. The $140.0 million floating-rate, securitized mortgage
loan is supplemented by a subordinate $35.0 million interest-only
(IO) mezzanine loan. The transaction closed in July 2015 and is IO
for the initial two-year term as well as during the three
subsequent one-year extension options. According to the servicer,
the borrower has exercised its first one-year extension option
extending the loan until July 2018.

The collateral includes the leasehold interest in the hotel and
amenities, which include six restaurants and bars, a 20,000-square
foot (sf) spa, 59,032 sf of meeting space, 9,600 sf of retail
space, two pools and a children's waterpark, as well as a
five-court tennis center.

Improvements are situated on land owned by the government of the
Cayman Islands under a ground lease extending through November
2104, which has been prepaid for the entire term. The resort
includes 69 luxury residential condo units that do not serve as
collateral for the loan. There are also 24 hotel-condo units that
participate in the hotel's unit rental program and the
corresponding rental agreements serve as security for the loan. The
condo-hotel unit owners are allowed to split their units, yielding
a maximum of 65 keys for a total of 365 rooms across the subject
hotel at any given time. Since issuance, a further five condo-hotel
suites, divisible into up to ten units, have been constructed and
added to the pool of rental units, increasing the total room count
at the property to a maximum of 375 units.

The collateral's performance has remained healthy since issuance,
as the YE2016 debt service coverage ratio (DSCR) was 3.58 times (x)
compared with the YE2015 DSCR of 3.63x. Year-end cash flow
reporting continues to be in excess of the DBRS stressed Term DSCR
of 2.45x. While the year-end occupancy rate increased 1.0% between
YE2015 and YE2016, the average daily rate (ADR) over the same
period decreased by 3.7% to $658 from $683. The resulting revenue
per available room (RevPAR) decreased marginally by 2.1%, to $435
from $444. As of the April 2016 Smith Travel Research report, the
property continues to outperform its competitive set, with
occupancy, ADR and RevPAR penetration of 107.4%, 145.4% and 156.1%,
respectively.

The loan benefits from strong institutional sponsorship, as it is
majority owned by Five Mile Capital Partners, which has invested
over $23 million in improving the property since acquiring it in
2012, including a full renovation of all guestrooms at $32,500 per
key in 2013. The loan benefits from both a seasonality reserve and
an insurance reserve with current balances of $3.99 million and
$2.17 million, respectively, with contributions being made during
the high season each year from January to July in order to cover
debt service and operating expense shortfalls during the low
season.

The Kimpton Seafire Resort and Spa (Kimpton), a 266-key,
boutique-style, upscale resort located a mile and a half north of
the Ritz-Carlton, opened in November 2016, and represents the first
new development on Seven Mile Beach in ten years. While it is the
newest hotel in the market, DBRS expects the Kimpton to be only
slightly competitive to the Ritz-Carlton given its inferior
amenities and flag. Management's opinion mirrored that view and
they do not expect a big impact because of the different guest
profile expected at the Kimpton property. Additionally, the Grand
Hyatt Baha Mar, located in Nassau, the Bahamas that totals 2,200
rooms, opened in May 2017 after several delays of its original
scheduled grand opening. The resort will include a golf course, a
100,000 sf casino and a luxury spa among other amenities. It will
also include 160 rooms under the Rosewood flag that will be
directly competitive with the luxury brand of the Ritz-Carlton.


CITI HELD 2015-PM1: Moody's Hikes Class C Notes Rating to Ba2(sf)
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the Class B
Notes issued by Consumer Credit Origination Loan Trust (CCOLT)
2015-1, and the Class B and C Notes issued by Citi Held for Asset
Issuance (CHAI) 2015-PM1, 2015-PM2 and 2015-PM3. These transactions
are backed by pools of unsecured consumer installment loans
originated by Prosper Funding LLC (Prosper) in partnership with
WebBank, a Utah state-chartered industrial bank, and serviced
through the online platform operated by Prosper. First Associates
Loan Servicing LLC and Citibank, N.A. act as back-up servicer for
CCOLT and CHAI transactions respectively.

The complete rating actions are:

Issuer: Citi Held For Asset Issuance 2015-PM1

Class B Notes, Upgraded to A1 (sf); previously on Aug 6, 2015
Definitive Rating Assigned Baa3 (sf)

Class C Notes, Upgraded to Ba2 (sf); previously on Jul 14, 2016
Confirmed at Ba3 (sf)

Issuer: Citi Held For Asset Issuance 2015-PM2

Class B Notes, Upgraded to A1 (sf); previously on Oct 23, 2015
Definitive Rating Assigned Baa3 (sf)

Class C Notes, Upgraded to Ba2 (sf); previously on Jul 14, 2016
Confirmed at Ba3 (sf)

Issuer: Citi Held For Asset Issuance 2015-PM3

Class B Notes, Upgraded to A1 (sf); previously on Dec 18, 2015
Definitive Rating Assigned Baa3 (sf)

Class C Notes, Upgraded to Ba2 (sf); previously on Jul 14, 2016
Confirmed at Ba3 (sf)

Issuer: Consumer Credit Origination Loan Trust 2015-1

Class B Notes, Upgraded to A1 (sf); previously on Feb 11, 2016
Upgraded to Ba2 (sf)

RATINGS RATIONALE

The upgrades of Class B Notes were prompted by a fast buildup in
credit enhancement as the deal paid down and deleveraged. As of
July 17, 2017, the Class A Notes from all four transactions are
fully repaid and the credit enhancement on Class B from
overcollateralization, subordination, and reserve funds has
increased to approximately 54%-76% from 11%-27% at the
transactions' closing date. At the same time, Moody's maintains its
expected lifetime losses for the collateral pools backing these
transactions at 12%.

The upgrades of Class C Notes from CHAI transactions also reflects
the build-up of credit enhancement from overcollateralization and
reserve funds to 17.0%-17.7% as of July 17, 2017 from 16.2%-17.1%
as of June 15, 2016. However, after the transactions reached their
over-collateralization targets of 15.5%, 15.5%, and 16.5% of
outstanding pool balance, respectively, the build-up of Class C
Notes' credit enhancement is solely a result of non-declining
reserve accounts, until the transactions hit the
over-collateralization target floors of 2% of original pool
balance. In addition, if realized pool losses result in a
transaction breaching its trigger curve, the cash flow allocation
of the bonds will change to full sequential payment instead of
sequential payment only up to an over-collateralization target.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in September
2015.

On March 22, 2017, Moody's released a Request for Comment, in which
it has requested market feedback on potential revisions to its
"Approach to Assessing Counterparty Risks in Structured Finance".
If the revised Methodology is implemented as proposed, the Credit
Ratings on CCOLT and CHAI are not expected to be affected. Please
refer to Moody's Request for Comment, titled "Moody's Proposes
Revisions to Its Approach to Assessing Counterparty Risks in
Structured Finance," for further details regarding the implications
of the proposed Methodology revisions on certain Credit Ratings.

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

Up

Levels of credit protection that are higher than necessary to
offset current expectations of loss could drive the ratings up.
Losses could decline below Moody's expectations as a result of a
lower than expected cumulative charge-offs. Favorable regulatory
policies and legal actions could also move the ratings up.

Down

Levels of credit protection that are lower than necessary to offset
current expectations of loss could drive the ratings down. Losses
could increase above Moody's expectations as a result of higher
than expected cumulative charge-offs. Adverse regulatory and legal
risks, specifically legal issues stemming from the origination
model and whether interest rates charged on some loans could
violate usury laws, could also move the ratings down.


CITIGROUP 2008-C7: Moody's Lowers Rating on Class B Debt to C(sf)
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on six classes
and downgraded the ratings on six classes in Citigroup Commercial
Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2008-C7 as follow:

Cl. A-1A, Affirmed Aaa (sf); previously on Aug 5, 2016 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 5, 2016 Affirmed Aaa
(sf)

Cl. A-M, Downgraded to Baa1 (sf); previously on Aug 5, 2016
Affirmed A2 (sf)

Cl. A-MA, Downgraded to Baa1 (sf); previously on Aug 5, 2016
Affirmed A2 (sf)

Cl. A-J, Downgraded to Ca (sf); previously on Aug 5, 2016
Downgraded to Caa2 (sf)

Cl. A-JA, Downgraded to Ca (sf); previously on Aug 5, 2016
Downgraded to Caa2 (sf)

Cl. B, Downgraded to C (sf); previously on Aug 5, 2016 Downgraded
to Caa3 (sf)

Cl. C, Affirmed C (sf); previously on Aug 5, 2016 Downgraded to C
(sf)

Cl. D, Affirmed C (sf); previously on Aug 5, 2016 Downgraded to C
(sf)

Cl. E, Affirmed C (sf); previously on Aug 5, 2016 Affirmed C (sf)

Cl. F, Affirmed C (sf); previously on Aug 5, 2016 Affirmed C (sf)

Cl. X, Downgraded to Caa2 (sf); previously on Jun 9, 2017
Downgraded to Caa1 (sf)

RATINGS RATIONALE

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

The ratings on five P&I classes, Classes AM through B, were
downgraded due to anticipated losses from specially serviced and
troubled loans.

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

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

Moody's rating action reflects a base expected loss of 17.9% of the
current pooled balance, compared to 15% at Moody's last review.
Moody's base expected loss plus realized losses is now 16.3% of the
original pooled balance, compared to 16.6% 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 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.

Additionally, the methodology used in rating Cl. X was "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

DEAL PERFORMANCE

As of the July 12, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 54.9% to $833.7
million from $1.8 billion at securitization. The certificates are
collateralized by 49 mortgage loans ranging in size from less than
1% to 27.7% of the pool, with the top ten loans (excluding
defeasance) constituting 60.2% of the pool. Five loans,
constituting 5.7% of the pool, have defeased and are secured by US
government securities.

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 15 at Moody's last review.

Nineteen loans, constituting 46.9% 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.

Twenty-six loans have been liquidated from the pool at a loss,
resulting in an aggregate realized loss of $152.8 million (for an
average loss severity of 44%). Thirteen loans, constituting 29.6%
of the pool, are currently in special servicing. The largest
specially serviced loan is the Alexandria Mall ($46.5 million --
5.6% of the pool), which is secured by a 559,000 square foot (SF)
portion of an 837,176 square foot (SF) anchored mall located in
Alexandria, Louisiana. The collateral is encumbered by a $12
million B-Note. The loan transferred to special servicing in
October 2012 due to imminent monetary default. Major tenants
include JC Penney, Sears, Dillards, Burlington Coat Factory, with
only JC Penney as part of the collateral. As of December 2016,
total occupancy was 87%, up slightly from 82% in March 2015.

The second largest specially serviced loan is the Huntsville Office
Portfolio II Loan ($38.1 million -- 4.6% of the pool), which is
secured by three office buildings located in Huntsville, Alabama.
The properties include the Perimeter Center Corporate Park,
Progress Center and the Former DRS Building which measure
approximately 670,000 square feet (SF). The former largest tenant,
DRS, who occupied approximately 31% of the NRA vacated their space
in June 2015. The loan transferred to Special Servicing in June
2016 for imminent default due to cash flow issues. Per the Special
Servicer the Lender is currently seeking foreclosure.

The third largest specially serviced loan is the Cooper Beech
Townhomes II -- Columbia Loan ($31.1 million -- 3.7% of the pool),
which is secured by a 824 bed, student housing complex located in
Columbia, South Carolina. The property is located approximately 2.5
miles from the University of South Carolina and 1 mile from the
football stadium. The loan transferred to Special Servicing in
February 2016 for imminent default.

The remaining 10 specially serviced loans are secured by a mix of
property types. Moody's estimates an aggregate $112 million loss
for the specially serviced loans (45.5% expected loss on average).

Moody's has also assumed a high default probability for 8 poorly
performing loans, constituting 12.3% of the pool, and has estimated
an aggregate loss of $26.5 million (a 25.8% expected loss based on
a 60.3% probability default) from these troubled loans.
As of the July 12, 2017 remittance statement cumulative interest
shortfalls were $22.2 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 year 2016 operating results for 97% of the
pool, and full or partial year 2017 operating results for 14% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 103.4%, compared to 100.6% at
Moody's last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 5.3% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.42%.

Moody's actual and stressed conduit DSCRs are 1.14X and 0.99X,
respectively, compared to 1.3X and 1.07X 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 35.1% of the pool balance.
The largest loan is the One Liberty Plaza Loan ($230.6 million --
27.7% of the pool), which represents a pari-passu interest in a
$784.3 million mortgage loan. The collateral consists of a 2.19
million square foot (SF), class A, office building located in
Manhattan's financial district. As per the December 2016 rent roll
the property was 83.7% leased; compared to 80% leased as of
December 2015 and down from 99% leased in December 2013. The tenant
turnover that caused this decrease in occupancy included Bank of
Nova Scotia, vacated 220,000 square feet (SF) in May 2014 and
Goldman Sachs who vacated 240,000 square feet (SF) in April 2015.
Current major tenants include: Cleary, Gottlieb, Steen and Hamilton
(537,000 SF -- lease expiration December 2030), FINRA (255,000 SF
-- lease expiration February 2021), and Zurich American Insurance
Co. (252,000 SF -- lease expiration May 2017). Zurich American
Insurance Co. is reportedly moving their headquarters to 4 World
Trade Center. Moody's LTV and stressed DSCR are 110.3% and 0.86X,
respectively, compared to 112.1% and 0.84X at the last review.

The second largest loan is the Huntsville Office Portfolio III Loan
($32.1 million -- 3.8% of the pool), which is secured by three
suburban office properties located in Huntsville, Alabama. As per
the May 2017 rent roll the weighted average occupancy for the
portfolio was 82%; compared to 93% as of March 2016. Property
performance has reportedly declined due to the sluggish market.
Moody's LTV and stressed DSCR are 114.9% and 0.94X, respectively,
compared to 92.3% and 1.17X at the last review.

The third largest loan is the Huntsville Office Portfolio I Loan
($30.1 million -- 3.6% of the pool), which is secured by three
suburban office properties located in Huntsville, Alabama. As per
the December 2016 rent roll the weighted average occupancy for the
portfolio was 69.7%. The largest tenant Northrop Grumman (110,275
SF; 21% of NRA) has a lease that expires in February 2018. Property
performance has reportedly declined due to the sluggish market. Due
to declining property performance Moody's has recognized this as a
troubled loan.


CITIGROUP COMMERCIAL 2012-GC8: Fitch Affirms BB Rating on E Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 10 classes of Citigroup Commercial
Mortgage Trust 2012-GC8 (CGCMT 2012-GC8) commercial mortgage
pass-through certificates.  

KEY RATING DRIVERS

The affirmations are based on generally stable performance of the
underlying collateral pool. All values are as of the June 2017
distribution date with the exception of the class balances, which
are as of the July 2017 distribution date. The pool has no realized
losses to date and only one loan has ever been delinquent, and has
since been defeased.

Declining Loan-Level Performance: Four of the top five loans
totaling 41.8% of the pool are on the servicer watch list for
looming or demonstrated declines in performance. Additionally, 14
loans totaling 58.1% of the pool are on the servicer watch list.

Concentrated Pool: The top 10 loans in the pool account for
approximately 61.8% of the pool, with the top 15 accounting for
71.8% of the pool. Additionally, office and hotel properties
account for approximately 37.3% and 19.1% of the pool,
respectively, compared with 2012 averages of 28.2% and 13.3%,
respectively.

Hotel Performance: Five hotels totaling 15.7% of the pool reflect
net operating income (NOI) declines of approximately 25% or more,
relative to bank underwritten NOI.

Performing Loans: Despite multiple loans reflecting performance
declines, all loans have remained current and no loans have
transferred to special servicing.

Defeasance and Paydown: Nine loans totaling approximately 10% of
the pool are defeased. Additionally, the pool has paid down
approximately 21.6% since issuance.

RATING SENSITIVITIES

The Rating Outlook on class F has been revised to Negative from
Stable given declines in loan-level performance for several of the
largest loans in the pool. Ratings on all other classes remain
Stable given otherwise stable performance of the pool, additional
paydown and defeasance. Rating downgrades are possible in the event
the loan-level underperformance continues and in the event one or
more of these loans transfers to special servicing or exhibits
delinquency. Conversely, rating upgrades are possible with
substantial paydown or defeasance.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

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

Fitch has affirmed the following rating and revised Outlook to
Negative from Stable:

-- $19.5 million class F at 'Bsf'; Outlook to Negative from
    Stable.

Fitch has affirmed the following ratings:

-- $25.5 million class A-3 at 'AAAsf'; Outlook Stable;
-- $379.6 million class A-4 at 'AAAsf'; Outlook Stable;
-- $80.3 million class A-AB at 'AAAsf'; Outlook Stable;
-- $93.6 million class A-S at 'AAAsf'; Outlook Stable;
-- $61.1 million class B at 'AA-sf'; Outlook Stable;
-- $39 million class C at 'A-sf'; Outlook Stable;
-- $45.5 million class D at 'BBB-sf'; Outlook Stable;
-- $19.5 million class E at 'BBsf'; Outlook Stable;
-- $579.0 million* class X-A at 'AAAsf'; Outlook Stable.

Fitch does not rate the class G and X-B certificates. Classes A-1
and A-2 have paid in full.


CITIGROUP COMMERCIAL 2013-GC15: DBRS Confirms BB Rating on E Debt
-----------------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2013-GC15
issued by Citigroup Commercial Mortgage Trust 2013-GC15:

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

All trends are Stable.

The rating confirmations reflects the overall stable performance
exhibited since issuance in 2013. At issuance, the collateral
consisted of 92 fixed-rate loans secured by 129 commercial
properties. As of the June 2017 remittance, 90 loans remained in
the pool with an aggregate principal balance of $1.06 billion,
representing a collateral reduction of 5.1% as a result of loan
repayment and scheduled loan amortization. Five loans, representing
4.7% of the pool, are fully defeased.

The pool is concentrated by property type, as 39 loans,
representing 35.2% of the pool, are secured by retail properties,
18 loans (25.0% of the pool) are secured by multifamily properties,
12 loans (15.2% of the pool) are secured by office properties, and
ten loans (16.4% of the pool) are secured by hotel properties. By
loan size, the pool is diverse, as the Top 10 and Top 15 loans only
represent 39.5% and 48.5%, respectively. Five loans (22.7% of the
pool) are structured with full interest-only (IO) terms, while an
additional three loans (10.1% of the pool) have partial IO periods
remaining, ranging from 13 months to 15 months.

Excluding defeasance, 81 loans (91.8% of the pool) have reported Q1
2017 partial-year net cash flow (NCF) figures, with five loans
(4.7% of the pool) reporting YE2016 NCF figures most recently, and
two loans (3.5% of the pool) that show YE2015 NCF figures as the
most recently reported. As calculated on the most recent year-end
financials available (mostly YE2016), the transaction had a
weighted-average (WA) amortizing debt service coverage ratio (DSCR)
and WA debt yield of 1.61 times (x) and 10.7%, respectively,
compared with the DBRS issuance figures of 1.51x and 9.4%,
respectively. Throughout 2018, 14 loans (21.5% of the pool) are
scheduled to mature; two of these loans (2.2% of the pool) are
fully defeased. Excluding defeasance and calculated on the most
recent year-end financials available, the 12 non-defeased loans
scheduled to mature in 2018 (19.3% of the pool) had a WA amortizing
DSCR, WA DBRS Refi DSCR and exit debt yield of 1.79x, 1.07x and
10.3%, respectively. Based on the most recent NCF figures (both
partial-year and YE2016), the Top 15 loans reported a WA amortizing
DSCR of 1.79x compared with the DBRS issuance figure of 1.61x,
which reflects a WA NCF growth of 12.3%.

As of the June 2017 remittance, there is one loan (0.5% of the
pool) in special servicing and 14 loans (9.2% of the pool) on the
servicer's watchlist. The City Center Building loan (Prospectus
ID#34) was transferred to special servicing in December 2015 for
imminent default, with the servicer's foreclosure action currently
stalled by ongoing litigation initiated by the borrower. Of the 14
loans currently on the servicer's watchlist, five loans (5.6% of
the pool) were flagged for deferred maintenance, while eight loans
(2.9% of the pool) were flagged for tenant rollover. Based on the
most recent NCF figures (both partial-year and YE2016), these eight
loans reported a WA amortizing DSCR of 1.43x compared with the DBRS
issuance figure of 1.39x.


COMM 2007-C9: S&P Hikes Rating on Class K Certificates to CCC
-------------------------------------------------------------
S&P Global Ratings lowered its ratings on two classes of commercial
mortgage pass-through certificates from COMM 2007-C9, a U.S.
commercial mortgage-backed securities (CMBS) transaction. At the
same time, S&P affirmed its ratings on two classes and discontinued
its ratings on eight other classes from the same transaction.

S&P said, "Our rating actions on the certificates follow our
analysis of the transaction, primarily using our 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 as well as the Structured Finance Temporary
Interest Shortfall Methodology published Dec. 15, 2015.

"The downgrades on classes K and L reflect accumulated interest
shortfalls outstanding on the classes. Specifically, we lowered our
rating on class L to 'D (sf)' because we expect the accumulated
interest shortfalls to remain outstanding for the foreseeable
future."

According to the July 10, 2017, trustee remittance report, the
current monthly interest shortfalls totaled $113,433 and resulted
primarily from:

-- Interest not advanced totaling $57,442;
-- Appraisal subordinate entitlement reduction (ASER) amounts
totaling $41,549; and
-- Special servicing fees totaling $13,696.

The current interest shortfalls affected classes subordinate to and
including class K.

S&P said, "The affirmations on the class H and J certificates
reflect our expectation that the available credit enhancement for
these classes will be within our estimate of the necessary credit
enhancement required for the current ratings.

"We expect the accumulated interest shortfalls on class J, which
has been outstanding for three consecutive months, to be recovered
in full in the near-term.

"While available credit enhancement levels suggest positive rating
movements onclasses H and J, our analysis also considered their
susceptibility to reduced liquidity support from the six specially
serviced assets ($72.2 million, 61.6%) and the four loans on the
master servicers' combined watchlist ($45.0 million, 38.4%), as
well as the bonds' recent interest shortfalls.

"Finally, we discontinued our ratings on classes AJ, AJ-FL, B, C,
D, E, F, and G following their full principal repayment as noted in
the July 2017 trustee remittance report."

TRANSACTION SUMMARY

As of the July 10, 2017, trustee remittance report, the collateral
pool balance was $117.2 million, which is 4.1% of the pool balance
at issuance. The pool currently includes nine loans (adjusted for
subordinate B hope note) and one real estate owned (REO) asset,
down from 109 loans at issuance. Six (adjusted for subordinate B
hope note) of these assets are with the special servicer, and four
are on the master servicers' combined watchlist. The master
servicers, KeyBank Real Estate Capital and Berkadia Commercial
Mortgage LLC, reported financial information for 95.8% of the loans
in the pool, of which 7.9% was partial-year 2017 data, 78.5% was
year-end 2016, and the remainder was year-end 2015 data.

S&P said, "We calculated a S&P Global Ratings' weighted average
debt service coverage (DSC) of 1.50x and loan-to-value (LTV) ratio
of 82.3% using a S&P Global Ratings' weighted average
capitalization rate of 8.65%. The DSC, LTV, and capitalization rate
calculations exclude five ($47.3 million, 40.4%) of the six
specially serviced assets. While the Grants Pass Shopping Center
specially serviced loan is included in the DSC, LTV, and
capitalization rate calculations, we excluded the associated
subordinate B hope note balance ($4.9 million, 4.2%) from the
calculation.

"To date, the transaction has experienced $64.5 million in
principal losses, or 2.2% of the original pool trust balance. We
expect losses to reach approximately 2.9% of the original pool
trust balance in the near term, based on losses incurred to date
and additional losses we expect upon the eventual resolution of
five of the six specially serviced assets."

CREDIT CONSIDERATIONS

As of the July 10, 2017, trustee remittance report, six assets in
the pool were with the special servicer, Situs Holdings LLC
(Situs). Details of the twolargest specially serviced assets are:

The Grants Pass Shopping Center - A note and B note loan (aggregate
balance of $24.9 million, 21.2%) is the largest loan in the trust,
and the largest loan with the special servicer. The loan, which has
a reported current payment status, has a total reported exposure of
$24.9 million. The loan is secured by a retail property totaling
277,156 sq. ft. in Grants Pass, Ore. The loan was transferred to
the special servicer on April 6, 2017, due to imminent maturity
default. The loan matured on July 1, 2017. The reported DSC and
occupancy as of year-end 2016 were 1.62x and 81.8%, respectively.
According to the special servicer, due to JC Penney's recent
departure (lease expires in May 2019) from the property, occupancy
at the property as of June 2017 is about 68.0%. An appraisal
reduction amount (ARA) of $5.3 million is in effect against the
loan. Situs stated that a short-term extension has been agreed upon
for this loan.

The Intercontinental Center loan ($18.6 million, 15.8%) is the
second-largest loan in the trust and has a total reported exposure
of $18.8 million. The loan is secured by an office property
totaling 196,895 sq. ft. in Houston, Texas. The loan was
transferred to the special servicer on May 12, 2017, due to
imminent maturity default. The loan matured on June 1, 2017. The
reported DSC and occupancy as of year-end 2016 were 1.18x and
67.8%, respectively. The loan currently does not carry an ARA.
According to Situs, it is exploring various liquidation strategies.
S&P expects a moderate loss (26%-59%) upon the loan's eventual
resolution.

The four remaining assets with the special servicer each have
individual balances that represent less than 9.1% of the total pool
trust balance. S&P estimated losses for the five of the six
specially serviced assets, arriving at a weighted-average loss
severity of 37.8%.

RATINGS LIST

  COMM 2007-C9
  Commercial mortgage pass-though certificates series 2007-C9
                                     Rating                        
        
  Class          Identifier          To               From         
    
  A-J            20047RAH6           NR               BB+ (sf)     
    
  B              20047RAJ2           NR               BB (sf)      
    
  C              20047RAK9           NR               BB- (sf)     
    
  D              20047RAL7           NR               B+ (sf)      
    
  E              20047RAM5           NR               B+ (sf)      
    
  F              20047RAN3           NR               B (sf)       
    
  AJ-FL          20047RBK8           NR               BB+ (sf)     
    
  G              20047RAR4           NR               B (sf)       
    
  H              20047RAS2           B- (sf)          B- (sf)      
    
  J              20047RAT0           B- (sf)          B- (sf)      
    
  K              20047RAU7           CCC- (sf)        B- (sf)      
    
  L              20047RAV5           D (sf)           CCC+ (sf)    
    

  NR--Not rated


COMM 2012-CCRE4: Moody's Lowers Rating on Class F Certs to B3(sf)
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of nine classes
and downgraded the ratings of two classes in COMM 2012-CCRE4
Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2012-CCRE4:

Cl. A-2, Affirmed Aaa (sf); previously on Aug 4, 2016 Affirmed Aaa
(sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 4, 2016 Affirmed Aaa
(sf)

Cl. A-M, Affirmed Aaa (sf); previously on Aug 4, 2016 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Aug 4, 2016 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa3 (sf); previously on Aug 4, 2016 Affirmed Aa3
(sf)

Cl. C, Affirmed A3 (sf); previously on Aug 4, 2016 Affirmed A3
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Aug 4, 2016 Affirmed Baa3
(sf)

Cl. E, Downgraded to Ba3 (sf); previously on Aug 4, 2016 Affirmed
Ba2 (sf)

Cl. F, Downgraded to B3 (sf); previously on Aug 4, 2016 Affirmed B2
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on Aug 4, 2016 Affirmed Aaa
(sf)

Cl. X-B, Affirmed A2 (sf); previously on Aug 4, 2016 Affirmed A2
(sf)

RATINGS RATIONALE

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

The ratings on the IO classes were affirmed based on the credit
quality of the referenced classes.

Moody's rating action reflects a base expected loss of 4.3% of the
current pooled balance, compared to 3.3% at Moody's last review.
Moody's base expected loss plus realized losses is now 4.0% of the
original pooled balance, compared to 3.2% 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://v3.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.

Additionally, the methodology used in rating Cl. X-A and Cl. X-B
was "Moody's Approach to Rating Structured Finance Interest-Only
(IO) Securities" published in June 2017.

DEAL PERFORMANCE

As of the July 15, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 6% to $1.04 billion
from $1.11 billion at securitization. The certificates are
collateralized by forty-four mortgage loans ranging in size from
less than 1% to 12% of the pool, with the top ten loans
constituting 58% of the pool. Four loans, constituting 6.5% of the
pool, have defeased and are secured by US government securities.

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

Three loans have been liquidated from the pool, resulting in an
aggregate realized loss of $86,566 (for an average loss severity of
1.4%). One loan, making up 1.1% of the pool is in special
servicing. The loan in special servicing is the Towne Place Suites
Odessa Loan ($11.0 million -- 1.1% of the pool). The loan is
secured by a 108 unit lodging facility located in Odessa, Texas.
The property was built in 2009. Property performance has declined
due to a decrease in both occupancy and revenue per avaliable room
(RevPAR). The loan transferred to special servicing in April 2016
due to payment default and became REO in December 2016.

Moody's has also assumed a high default probability for one other
poorly performing loan, constituting 1.4% of the pool.

Moody's received full year 2016 operating results for 96% of the
pool, and full or partial year 2017 operating results for 72% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 90.6%, compared to 88.5% at Moody's
last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 12% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.9%.

Moody's actual and stressed conduit DSCRs are 1.92X and 1.25X,
respectively, compared to 1.94X and 1.26X 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 30% of the pool balance. The
largest loan is the Prince Building Loan ($125.0 million -- 12.0%
of the pool). The loan represents a pari-passu interest in a $200
million loan and is interest-only throughout the entire term. The
loan is secured by a mixed use (retail / office) building located
in Manhattan's SoHo District. The property's leasable area includes
276,400 square feet (SF) of office space, 69,300 SF of retail and
8,800 SF of storage space. As of December 2016, the retail
component was 100% leased to three tenants with Equinox (11% of the
total NRA, lease expiration November 2020) as the largest retail
tenant. The total property was 98.85% leased as of December 2016
compared to 98.5% at the last review. Moody's LTV and stressed DSCR
are 85% and 1.10X, respectively, the same as at the last review.

The second largest loan is the Eastview Mall and Commons Loan
($120.0 million -- 11.5% of the pool). The loan represents a
pari-passu interest in a $210.0 million loan and is interest-only
throughout the entire term. The loan is secured by the borrower's
interest in a 725,000 SF portion of a 1.4 million SF super regional
mall and a 86,000 SF portion of a 341,000 SF adjacent power center,
both located in Victor, New York, approximately 15 miles southeast
of Rochester. The mall's non-collateral anchors includes Macy's,
Von Maur, JC Penney, Lord & Taylor and Sears. The mall was 95%
leased as of January 2017 with 89% inline occupancy. Moody's LTV
and stressed DSCR are 110% and 0.88X, respectively, compared to 94%
and 0.98X at the last review.

The third largest loan is the Fashion Outlets of Las Vegas Loan
($67.3 million -- 6.5% of the pool), which is secured by a 375,700
SF outlet center located along Interstate 15 in Primm, Nevada. The
property is also encumbered with $32.0 million of mezzanine
financing. The property was built in 1998 and subsequently
renovated in 2004. Major tenants include H&M, Vanity Fair, Old
Navy, Williams Sonoma, and Nike. As of May 2017, the property was
74% leased, compared to 77% in March 2016 and 96% at securtization.
Moody's LTV and stressed DSCR are 105% and 0.97X, respectively,
compared to 100% and 1.03X at the last review.


COMM 2012-CCRE5: Moody's Affirms B2(sf) Rating on Cl. G Certs.
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on 14 classes in
COMM 2012-CCRE5 Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2012-CCRE5:

Cl. A-2, Affirmed Aaa (sf); previously on Jul 21, 2016 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Jul 21, 2016 Affirmed
Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Jul 21, 2016 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on Jul 21, 2016 Affirmed Aaa
(sf)

Cl. A-M, Affirmed Aaa (sf); previously on Jul 21, 2016 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa2 (sf); previously on Jul 21, 2016 Affirmed Aa2
(sf)

Cl. C, Affirmed A2 (sf); previously on Jul 21, 2016 Affirmed A2
(sf)

Cl. D, Affirmed Baa1 (sf); previously on Jul 21, 2016 Affirmed Baa1
(sf)

Cl. E, Affirmed Baa3 (sf); previously on Jul 21, 2016 Affirmed Baa3
(sf)

Cl. F, Affirmed Ba2 (sf); previously on Jul 21, 2016 Affirmed Ba2
(sf)

Cl. G, Affirmed B2 (sf); previously on Jul 21, 2016 Affirmed B2
(sf)

Cl. PEZ, Affirmed Aa3 (sf); previously on Jul 21, 2016 Affirmed Aa3
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on Jul 21, 2016 Affirmed Aaa
(sf)

Cl. X-B, Affirmed Aa2 (sf); previously on Jul 21, 2016 Affirmed Aa2
(sf)

RATINGS RATIONALE

The ratings on eleven P&I Classes (A-2, A-SB, A-3, A-4, A-M, B, C,
D, E, F & G) were affirmed due to the transaction's key metrics,
including Moody's loan-to-value (LTV) ratio, Moody's stressed debt
service coverage ratio (DSCR).

The rating on the PEZ Class was affirmed due to the weighted
average rating factor (WARF) of the exchangeable classes.

The ratings on IO Classes (X-A & X-B) were affirmed based on the
credit quality of the referenced classes.

Moody's rating action reflects a base expected loss of 3.9% of the
current balance, compared to 3.1% at Moody's last review. Moody's
base expected loss plus realized losses is now 3.4% of the original
pooled balance, compared to 2.8% at Moody's 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.

The methodology used in rating the exchangeable class, Cl. PEZ was
"Moody's Approach to Rating Repackaged Securities" published in
June 2015.

Additionally, the methodology used in rating Classes X-A and X-B
was "Moody's Approach to Rating Structured Finance Interest-Only
(IO) Securities" published in June 2017.

DEAL PERFORMANCE

As of the July 12, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 11% to $1.00 billion
from $1.13 billion at securitization. The certificates are
collateralized by 56 mortgage loans ranging in size from less than
1% to 9% of the pool, with the top ten loans constituting 52.5% of
the pool. Two loans, constituting 9.5% of the pool, have
investment-grade structured credit assessments. Nine loans,
constituting 11.7% of the pool, have defeased and are secured by US
government securities.

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

Moody's received full year 2015 operating results for 83% of the
pool, and full or partial year 2016 operating results for 99%.
Moody's weighted average conduit LTV is 96%, compared to 94% at
Moody's last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 9% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.4%.

Moody's actual and stressed conduit DSCRs are 1.61X and 1.12X,
respectively, compared to 1.66X and 1.14X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The largest loan with a structured credit assessment is the 200
Varick Street Loan ($63.6 million -- 6.3% of the pool), which is
secured by a 12-story, 430,000 square foot office property located
in lower Manhattan. As of May 2017, the property was over 99.5%
leased, unchanged from at securitization. Moody's structured credit
assessment and stressed DSCR are aa3 (sca.pd) and 1.66X,
respectively, compared to aa3 (sca.pd) and 1.62X at the last
review.

The second largest loan with a structured credit assessment is the
Ritz-Carlton South Beach Loan ($31.7 million -- 3.2% of the pool),
which is secured by a beachfront land parcel in Miami Beach,
Florida. The land is subject to a long-term ground lease which is
set to expire in 2028. The improvements include a 375-room luxury
hotel. While Moody's DSCR figures reflect the cash flow from the
ground lease, Moody's considered the value of the ground and the
improvements when assessing the risk of the loan. Moody's
structured credit assessment and stressed DSCR are aaa (sca.pd) and
0.99X, respectively, compared to aaa (sca.pd) and 0.96X at the last
review.

The top three conduit loans represent 21.7% of the pool balance.
The largest loan is the Eastview Mall and Commons Loan ($90.0
million -- 8.9% of the pool), which represents a participation
interest in a mortgage loan which is secured by a 725,000 SF
portion of a 1.4 million super-regional mall and an 86,000 SF
portion of a 341,000 SF adjacent retail power center located in
Victor, New York, approximately 15 miles southeast of Rochester.
The malls non-collateral anchors includes Macy's, Von Maur, JC
Penney, Lord & Taylor and Sears. The mall was 95% leased as of
January 2017 with 89% inline occupancy. Moody's LTV and stressed
DSCR are 110% and 0.88X, respectively, compared to 94% and 0.98X at
the last review.

The second largest loan is the Harmon Corner Loan ($68.7 million --
6.8% of the pool), which is secured by a 66,000 SF portion of a
110,000 SF retail property located on the Las Vegas Strip at the
intersection of Harmon Avenue. The Property was constructed between
2010 and 2012 as part of the larger Harmon Center retail
development. As of December 2016, the property was 100% leased
compared to 94% in December 2015, 81% in December 2014 and 100% at
securitization. Moody's LTV and stressed DSCR are 88% and 0.99X,
respectively, compared to 89% and 0.97X at the last review.

The third largest loan is the Metroplex Loan ($59.3 million -- 5.9%
of the pool), by an 18 story, 404,000 SF office property in the
Mid-Wilshire office submarket of Los Angeles, California. The
property was 91% leased as of March 2017, compared to 88% in
December 2015, 80% in December 2014 and 86% at securitization.
Moody's LTV and stressed DSCR are 112% and 0.89X, respectively
compared to 114% and 0.87X at the last review.


COMM 2013-CCRE6: Moody's Affirms B2 Rating on Class F Certificates
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on 14 classes in
COMM 2013-CCRE6 Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2013-CCRE6:

Cl. A-2, Affirmed Aaa (sf); previously on Jul 21, 2016 Affirmed Aaa
(sf)

Cl. A-3FL, Affirmed Aaa (sf); previously on Jul 21, 2016 Affirmed
Aaa (sf)

Cl. A-3FX, Affirmed Aaa (sf); previously on Jul 21, 2016 Affirmed
Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Jul 21, 2016 Affirmed Aaa
(sf)

Cl. A-M, Affirmed Aaa (sf); previously on Jul 21, 2016 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Jul 21, 2016 Affirmed
Aaa (sf)

Cl. B, Affirmed Aa3 (sf); previously on Jul 21, 2016 Affirmed Aa3
(sf)

Cl. C, Affirmed A3 (sf); previously on Jul 21, 2016 Affirmed A3
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Jul 21, 2016 Affirmed Baa3
(sf)

Cl. F, Affirmed B2 (sf); previously on Jul 21, 2016 Affirmed B2
(sf)

Cl. PEZ, Affirmed A1 (sf); previously on Jul 21, 2016 Affirmed A1
(sf)

Cl. E, Affirmed Ba2 (sf); previously on Jul 21, 2016 Affirmed Ba2
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on Jul 21, 2016 Affirmed Aaa
(sf)

Cl. X-B, Affirmed A2 (sf); previously on Jul 21, 2016 Affirmed A2
(sf)

RATINGS RATIONALE

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

The ratings on the IO classes were affirmed based on the credit
quality of the referenced classes.

The ratings on class PEZ was affirmed due to the weighted average
rating factor (WARF) of the exchangeable classes.

Moody's rating action reflects a base expected loss of 2.6% of the
current pooled balance, the same as at Moody's last review. Moody's
base expected loss plus realized losses is now 2.4% of the original
pooled balance, compared to 2.6% 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 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.

The methodology used in rating the exchangeable class, Cl. PEZ was
"Moody's Approach to Rating Repackaged Securities" published in
June 2015.

Additionally, the methodology used in rating Cl. X-A and Cl. X-B
was "Moody's Approach to Rating Structured Finance Interest-Only
(IO) Securities" published in June 2017.

DEAL PERFORMANCE

As of the July 12th, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 10% to $1.35 Billion
from $1.49 Billion at securitization. The certificates are
collateralized by 46 mortgage loans ranging in size from less than
1% to 10% of the pool, with the top ten loans (excluding
defeasance) constituting 64% of the pool. One loan, constituting
9.6% of the pool, has an investment-grade structured credit
assessment. One loan, constituting 7.4% of the pool, has defeased
and is secured by US government securities.

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 18, compared to 20 at Moody's last review.

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

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

Moody's received full or partial year 2016 operating results for
100% of the pool, and partial year 2017 operating results for 51%
of the pool (excluding specially serviced and defeased loans).
Moody's weighted average conduit LTV is 91%, 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 16% 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 1.92X and 1.20X, respectively, compared
to 2.04X and 1.25X 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 Federal Center
Plaza Loan ($130.0 million -- 9.6% of the pool), which is secured
by two adjacent office buildings totaling 725,000 square feet (SF)
in Washington, DC. Well-located between the US Capitol and
Washington Monument, two blocks from two separate metro stations
(Federal Center SW and L'Enfant Plaza), the property was 94% leased
as of December 2016, compared to 100% leased at last review, with
federal government agencies as the largest tenants. Moody's
structured credit assessment and stressed DSCR are a3 (sca.pd) and
1.49X, respectively, compared to a2 (sca.pd) and 1.51X at Moody's
last review.

The top three conduit loans represent 25% of the pool balance. The
largest loan is the Moffett Towers Loan ($117.0 million -- 8.7% of
the pool), which represents a pari passu portion of a $326.5
million senior mortgage loan. The loan is secured by three
eight-story Class A office buildings totaling 950,000 SF located in
Sunnyvale, California. Each building is LEED Gold certified and the
properties have 2,881 parking spaces as well as shared amenities.
As of December 2016, the property was 100% leased, up from 96% at
December 2015 and 89% at securitization. All tenants at the
property are on triple net leases. Moody's LTV and stressed DSCR
are 101% and 0.96X, respectively, compared to 103% and 0.95X at the
last review.

The second largest loan is the Rochester Hotel Portfolio ($104.1
million A note and $9.5 million B note -- the A note is 7.7% of the
pool), which is secured by one limited-service, one extended stay
and two full-service hotels located in Rochester, Minnesota. The
four Interstate Hotels & Resorts-managed hotels total 1,230 keys
and are each connected to the Mayo Clinic via climate controlled
pedestrian tunnels. Moody's A note LTV and stressed DSCR are 93%
and 1.31X, respectively, compared to 86% and 1.41X at the last
review.

The third largest loan is The Avenues Loan ($110.0 million -- 8.2%
of the pool), which is secured by a 599,000 SF retail component of
a 1.1M SF super-regional mall in Jacksonville, Florida. The
property was 92% leased as of December 2016 compared to 90% leased
as of December 2015. The sponsor is Simon Property Group. Moody's
LTV and stressed DSCR are 75% and 1.40X, respectively, compared to
67% and 1.50X at the last review.


COMM 2013-LC6: Moody's Affirms Caa1(sf) Rating on Class X-C Certs
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on thirteen
classes in COMM 2013-LC6 Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series 2013-LC6:

Cl. A-2, Affirmed Aaa (sf); previously on Aug 31, 2016 Affirmed Aaa
(sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 31, 2016 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 31, 2016 Affirmed Aaa
(sf)

Cl. A-M, Affirmed Aaa (sf); previously on Aug 31, 2016 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Aug 31, 2016 Affirmed
Aaa (sf)

Cl. B, Affirmed Aa3 (sf); previously on Aug 31, 2016 Affirmed Aa3
(sf)

Cl. C, Affirmed A3 (sf); previously on Aug 31, 2016 Affirmed A3
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Aug 31, 2016 Affirmed Baa3
(sf)

Cl. E, Affirmed Ba2 (sf); previously on Aug 31, 2016 Affirmed Ba2
(sf)

Cl. F, Affirmed B2 (sf); previously on Aug 31, 2016 Affirmed B2
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on Aug 31, 2016 Affirmed Aaa
(sf)

Cl. X-B, Affirmed A2 (sf); previously on Aug 31, 2016 Affirmed A2
(sf)

Cl. X-C, Affirmed Caa1 (sf); previously on Jun 9, 2017 Downgraded
to Caa1 (sf)

RATINGS RATIONALE

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

The ratings on the IO classes were affirmed based on the credit
quality of the referenced classes.

Moody's rating action reflects a base expected loss of 2.8% of the
current pooled balance, compared to 3.1% at Moody's last review.
Moody's base expected loss plus realized losses is now 2.6% of the
original pooled balance, compared to 3.0% 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.

Additionally, the methodology used in rating Cl. X-A, Cl. X-B, and
Cl. X-C was "Moody's Approach to Rating Structured Finance
Interest-Only (IO) Securities" published in June 2017.

DEAL PERFORMANCE

As of the July 12, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 6.6% to $1.39
billion from $1.49 billion at securitization. The certificates are
collateralized by 69 mortgage loans ranging in size from less than
1% to 12% of the pool, with the top ten loans (excluding
defeasance) constituting 44% of the pool. One loan, constituting 2%
of the pool, has an investment-grade structured credit assessment.
Six loans, constituting 14% of the pool, have defeased and are
secured by US government securities.

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

One loan, constituting 2% 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.

One loan has been liquidated from the pool, resulting in an
aggregate realized loss of $170,049 (for an average loss severity
of 1.4%). One loans, constituting 1% of the pool, is currently in
special servicing. The specially serviced loan is the Campus Pointe
& Campus Manor Apartments loan ($16.8 million -- 1.2% of the pool),
which is secured by a 356 unit student housing property located in
Macomb, Illinois. The property has been affected by state budget
cuts to higher education, which has reduced enrollment to nearby
western Illinois universities. As of April 2017, occupancy was 78%.
Moody's estimates a modest loss for the specially serviced loan.

Moody's has also assumed a high default probability for one poorly
performing loan, constituting 0.4% of the pool, and has estimated
an aggregate loss of $981,051 (a 20% expected loss based on a 50%
probability default) from this troubled loan.

Moody's received full year 2015 operating results for 100% of the
pool, and full or partial year 2016 operating results for 99% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 91%, 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 15% to the most recently available net operating
income (NOI). Moody's value reflects a weighted average
capitalization rate of 9.6%.

Moody's actual and stressed conduit DSCRs are 1.73X and 1.18X,
respectively, compared to 1.84X and 1.18X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The loan with a structured credit assessment is the Glades Plaza
and Commons at Town Center Loan ($27 million -- 1.9% of the pool),
which is secured by a Class A retail property in Boca Raton,
Florida. The property was built in the 1970s but was extensively
renovated in 2011. Property performance has stabilized following
post-renovation lease up of the property. The property was 81%
leased as of May 2017, compared to 87% leased in December 2015.
Moody's structured credit assessment and stressed DSCR are a1
(sca.pd) and 1.65X, respectively.

The top three conduit loans represent 25% of the pool balance. The
largest loan is the Moffett Towers Loan ($171 million -- 12.2% of
the pool), which represents a participation interest in a $327
million senior mortgage loan. The loan is secured by a Class A
office property in Sunnyvale, California. The loan collateral
consists of three, eight-story, LEED Gold certified buildings with
nearly 1 million square feet of net rentable area (NRA). The
property was 100% leased as of December 2016, the same as at the
prior review. Top tenants include Google Inc, Microsoft Corp, and
Rambus Inc. Moody's LTV and stressed DSCR are 101% and 0.96X,
respectively, compared to 104% and 0.93X at the last review.

The second largest loan is the Coastland Center Loan ($118 million
-- 8.5% of the pool). The loan is secured by a portion of a 926,000
square foot regional mall located in Naples, Florida. The mall's
anchors include Dillards, JC Penney, Sears, and Macys. JC Penney is
the sole collateral anchor. The mall was 98% leased as of December
2016, compared to 96% at last review. The loan sponsor is GGP.
Moody's LTV and stressed DSCR are 88% and 1.13X, respectively,
compared to 86% and 1.13X at the last review.

The third largest loan is the Innisfree Pensacola Beach Hotel
Portfolio Loan ($64 million -- 4.6% of the pool), which is secured
by two adjacent hotel properties located in Pensacola Beach,
Florida. The Hilton is a 275 key, 17 story resort and conference
center built in 2003. The Holiday Inn is a 206 key, 11 story resort
built in 2011. As of Q1 2017, the Hilton had occupancy, ADR and
RevPAR of 77%, $209 and $161, respectively. As of Q1 2017, the
Holiday Inn had occupancy, ADR and RevPAR of 82%, $201 and $165,
respectively. Moody's LTV and stressed DSCR are 73.6% and 1.54X,
respectively, compared to 68.3% and 1.66X at the last review.


COMM 2014-CCRE19: Fitch Affirms BB Rating on Class E Certs
----------------------------------------------------------
Fitch Ratings has affirmed 14 classes of Deutsche Bank Securities,
Inc.'s COMM 2014-CCRE19 Commercial Mortgage Trust Pass-Through
Certificates.

KEY RATING DRIVERS

Stable Performance: As of the July 2017 distribution date, the
pool's aggregate principal balance had been paid down by 3.1% to
$1.138 billion from $1.174 billion at issuance. There is currently
one specially serviced Fitch Loan of Concern (0.4% of the pool),
collateralized by an apartment community located in the Bakken
Shale region of North Dakota; Fitch has assigned a high loss
severity to this loan. Seven loans are on the servicer's watchlist
(7.9% of the pool) and three (2.7% of the pool) have collateral
with potential or pending major tenant departures; however, each of
these loans is current to date.

Pool Diversity: The pool is diverse by loan size compared to
similar transactions of the same vintage. The fifth and 10th
largest loan exposures represent 26.6% and 42.7% of the total pool
balance, respectively.

High Hotel Concentration: Hotel properties account for 20.7% of the
pool, which is greater than the respective 2014, 2015 and 2016
averages of 14.2%, 17% and 16%. Potential volatility is a concern
with hotel properties.

Interest-Only Loan Periods: Approximately 51.3% of the pool has an
interest-only (IO) component; 11% is fully IO and 40.3% has a
partial IO component. The majority of the partial IO periods
expired in 2015 and 2016 (23.9% of the pool). However, 9.2% of the
pool has a partial IO term that expires in 2017; approximately 7.2%
of the pool has an IO period that expires in 2018 and 2019.

RATING SENSITIVITIES

The ratings are expected to remain stable. Rating upgrades may
occur with significant paydown and defeasance. Rating downgrades
are possible should overall pool performance decline.

Fitch has affirmed the following ratings:

-- $49.3 million class A-1 at 'AAAsf'; Outlook Stable;
-- $168.7 million class A-2 at 'AAAsf'; Outlook Stable;
-- $15.8 million class A-3 at 'AAAsf'; Outlook Stable;
-- $94.3 million class A-SB at 'AAAsf'; Outlook Stable;
-- $190 million class A-4 at 'AAAsf'; Outlook Stable;
-- $283.1 million class A-5 at 'AAAsf'; Outlook Stable;
-- $875,017,827a class X-A 'AAAsf'; Outlook Stable;
-- $108,610,000a class X-B 'AA-sf'; Outlook Stable;
-- $89.5b million class A-M at 'AAAsf'; Outlook Stable;
-- $55.8b million class B at 'AA-sf'; Outlook Stable;
-- $52.8b million class C at 'A-sf'; Outlook Stable;
-- $198.1b million class PEZ at 'A-sf'; Outlook Stable;
-- $64.6 million class D at 'BBB-sf'; Outlook Stable;
-- $23.5 million class E at 'BBsf'; Outlook Stable.

a Notional amount and interest only.
b Class A-M, B and C certificates may be exchanged for class PEZ
certificates, and class PEZ certificates may be exchanged for class
A-M, B, and C certificates.

Fitch does not rate the class F, G, and H certificates or the
interest-only X-C and X-D certificates.


CONNECTICUT AVE 2017-C05: Moody's Assigns B1 Ratings on 5 Tranches
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to twenty
nine classes of notes on Connecticut Avenue Securities, Series
2017-C05, a securitization designed to provide credit protection to
the Federal National Mortgage Association (Fannie Mae) against the
performance of a reference pool of mortgages totaling approximately
$43.8 billion. All of the Notes in the transaction are direct,
unsecured obligations of Fannie Mae, and as such investors are
exposed to the credit risk of Fannie Mae (Aaa stable).

CAS 2017-C05 is the twenty first transaction in the Connecticut
Avenue Securities series issued by Fannie Mae. CAS 2017-C05 is also
the thirteenth transaction in the CAS series to have a legal final
maturity of 12.5 years, as compared to 10 years in previous fixed
severity CAS securitizations. Unlike a typical RMBS transaction,
noteholders are not entitled to receive any cash from the mortgage
loans in the reference pool. Instead, the timing and amount of
principal and interest that Fannie Mae is obligated to pay on the
Notes is linked to the performance of the mortgage loans in the
reference pool. CAS 2017-C05's note write-downs are determined by
actual realized losses and modification losses on the loans in the
reference pool, and not tied to pre-set tiered severity schedules.
In addition, the interest and principal amount paid to the notes
can be reduced by the amount of modification loss incurred on the
mortgage loans. Fannie Mae is obligated to retire the Notes in
January 2030 if balances remain outstanding.

Credit events in CAS 2017-C05 occur when a short sale is settled,
when a mortgage note that is 12 or more months delinquent is sold
prior to foreclosure, when the mortgaged property that secured the
related mortgage note is sold to a third party at a foreclosure
sale, when an REO disposition occurs, or when the related mortgage
note is charged-off. This differs from previous CAS fixed severity
securitizations, where credit events occur as early as when a
reference obligation is 180 or more days delinquent.

The complete rating action is:

Issuer: Connecticut Avenue Securities, Series 2017-C05

$353.3 million of Class 1M-1 notes, Definitive Rating Assigned Baa3
(sf)

$789.7 million of Class 1M-2 notes, Definitive Rating Assigned B3
(sf)

Class 1M-2 note holders can exchange their notes for the following
notes:

$249.4 million of Class 1M-2A exchangeable notes, Definitive Rating
Assigned Ba3 (sf)

$249.4 million of Class 1M-2B exchangeable notes, Definitive Rating
Assigned B2 (sf)

$290.9 million of Class 1M-2C exchangeable notes, Not Rated

The Class 1M-2A note holders can exchange their notes for the
following notes:

$249.4 million of Class 1E-A1 exchangeable notes, Definitive Rating
Assigned Ba3 (sf)

$249.4 million of Class 1A-I1 exchangeable notes, Definitive Rating
Assigned Ba3 (sf)

$249.4 million of Class 1E-A2 exchangeable notes, Definitive Rating
Assigned Ba3 (sf)

$249.4 million of Class 1A-I2 exchangeable notes, Definitive Rating
Assigned Ba3 (sf)

$249.4 million of Class 1E-A3 exchangeable notes, Definitive Rating
Assigned Ba3 (sf)

$249.4 million of Class 1A-I3 exchangeable notes, Definitive Rating
Assigned Ba3 (sf)

$249.4 million of Class 1E-A4 exchangeable notes, Definitive Rating
Assigned Ba3 (sf)

$249.4 million of Class 1A-I4 exchangeable notes, Definitive Rating
Assigned Ba3 (sf)

The Class 1M-2B note holders can exchange their notes for the
following notes:

$249.4 million of Class 1E-B1 exchangeable notes, Definitive Rating
Assigned B2 (sf)

$249.4 million of Class 1B-I1 exchangeable notes, Definitive Rating
Assigned B2 (sf)

$249.4 million of Class 1E-B2 exchangeable notes, Definitive Rating
Assigned B2 (sf)

$249.4 million of Class 1B-I2 exchangeable notes, Definitive Rating
Assigned B2 (sf)

$249.4 million of Class 1E-B3 exchangeable notes, Definitive Rating
Assigned B2 (sf)

$249.4 million of Class 1B-I3 exchangeable notes, Definitive Rating
Assigned B2 (sf)

$249.4 million of Class 1E-B4 exchangeable notes, Definitive Rating
Assigned B2 (sf)

$249.4 million of Class 1B-I4 exchangeable notes, Definitive Rating
Assigned B2 (sf)

The Class 1E-A1 and 1E-B1 note holders can exchange their notes for
the following notes:

$498.8 million of Class 1E-D1 exchangeable notes, Definitive Rating
Assigned B1 (sf)

The Class 1E-A2 and 1E-B2 note holders can exchange their notes for
the following notes:

$498.8 million of Class 1E-D2 exchangeable notes, Definitive Rating
Assigned B1 (sf)

The Class 1E-A3 and 1E-B3 note holders can exchange their notes for
the following notes:

$498.8 million of Class 1E-D3 exchangeable notes, Definitive Rating
Assigned B1 (sf)

The Class 1E-A4 and 1E-B4 note holders can exchange their notes for
the following notes:

$498.8 million of Class 1E-D4 exchangeable notes, Definitive Rating
Assigned B1 (sf)

The Class 1M-2A and 1M-2B note holders can exchange their notes for
the following notes:

$498.8 million of Class 1E-D5 exchangeable notes, Definitive Rating
Assigned B1 (sf)

The Class 1A-I1 and 1B-I1 note holders can exchange their notes for
the following notes:

$498.8 million of Class 1-X1 exchangeable notes, Definitive Rating
Assigned B2 (sf)

The Class 1A-I2 and 1B-I2 note holders can exchange their notes for
the following notes:

$498.8 million of Class 1-X2 exchangeable notes, Definitive Rating
Assigned B2 (sf)

The Class 1A-I3 and 1B-I3 note holders can exchange their notes for
the following notes:

$498.8 million of Class 1-X3 exchangeable notes, Definitive Rating
Assigned B2 (sf)

The Class 1A-I4 and 1B-I4 note holders can exchange their notes for
the following notes:

$498.8 million of Class 1-X4 exchangeable notes, Definitive Rating
Assigned B2 (sf)

Below is a summary description of the transaction and Moody's
rating rationale. More details on this transaction can be found in
Moody's presale report.

The Notes

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

The 1M-2 notes are adjustable rate P&I notes with an interest rate
that adjusts relative to One Month LIBOR. The holders of the 1M-2
notes can exchange those notes for 1M-2A, 1M-2B and 1M-2C
exchangeable notes (together referred as the "Exchangeable
Notes").

The 1M-2A notes are adjustable rate P&I notes with an interest rate
that adjusts relative to One Month LIBOR. The holders of the 1M-2A
notes can exchange those notes for 1E-A1, 1A-I1, 1E-A2, 1A-I2,
1E-A3, 1A-I3, 1E-A4 and 1A-I4 exchangeable notes (together referred
as the "Exchangeable Notes").

The 1M-2B notes are adjustable rate P&I notes with an interest rate
that adjusts relative to One Month LIBOR. The holders of the 1M-2B
notes can exchange those notes for 1E-B1, 1B-I1, 1E-B2, 1B-I2,
1E-B3, 1B-I3, 1E-B4 and 1B-I4 exchangeable notes (together referred
as the "Exchangeable Notes").

The 1E-A1 and 1E-B1 notes are adjustable rate P&I notes with an
interest rate that adjusts relative to One Month LIBOR. The holders
of the 1E-A1 and 1E-B1 notes can exchange those notes for 1E-D1
exchangeable note (together referred as the "Exchangeable Notes").

The 1E-A2 and 1E-B2 notes are adjustable rate P&I notes with an
interest rate that adjusts relative to One Month LIBOR. The holders
of the 1E-A2 and 1E-B2 notes can exchange those notes for 1E-D2
exchangeable note (together referred as the "Exchangeable Notes").

The 1E-A3 and 1E-B3 notes are adjustable rate P&I notes with an
interest rate that adjusts relative to One Month LIBOR. The holders
of the 1E-A3 and 1E-B3 notes can exchange those notes for 1E-D3
exchangeable note (together referred as the "Exchangeable Notes").

The 1E-A4 and 1E-B4 notes are adjustable rate P&I notes with an
interest rate that adjusts relative to One Month LIBOR. The holders
of the 1E-A4 and 1E-B4 notes can exchange those notes for 1E-D4
exchangeable note (together referred as the "Exchangeable Notes").

The 1M-2A and 1M-2B notes are adjustable rate P&I notes with an
interest rate that adjusts relative to One Month LIBOR. The holders
of the 1M-2A and 1M-2B notes can exchange those notes for 1E-D5
exchangeable note (together referred as the "Exchangeable Notes").

The 1A-I1 and 1B-I1 notes are fixed rate interest only notes. The
holders of the 1A-I1 and 1B-I1 notes can exchange those notes for
1-X1 exchangeable note (together referred as the "Exchangeable
Notes").

The 1A-I2 and 1B-I2 notes are fixed rate interest only notes. The
holders of the 1A-I2 and 1B-I2 notes can exchange those notes for
1-X2 exchangeable note (together referred as the "Exchangeable
Notes").

The 1A-I3 and 1B-I3 notes are fixed rate interest only notes. The
holders of the 1A-I3 and 1B-I3 notes can exchange those notes for
1-X3 exchangeable note (together referred as the "Exchangeable
Notes").

The 1A-I4 and 1B-I4 notes are fixed rate interest only notes. The
holders of the 1A-I4 and 1B-I4 notes can exchange those notes for
1-X4 exchangeable note (together referred as the "Exchangeable
Notes").

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

The reference pool consists of loans that Fannie Mae acquired
between October 1, 2016 and December 31, 2016, and have no previous
30-day delinquencies. The loans in the reference pool are to strong
borrowers, as the weighted average credit scores of 752 indicate.
The weighted average CLTV of 75.3% is higher than recent private
label prime jumbo deals, which typically have CLTVs in the high
60's range, but is similar to the weighted average CLTVs of other
CAS transactions.

Moody's rating on the transaction is based on both quantitative and
qualitative analyses. This included a quantitative evaluation of
the credit quality of the reference pool and the impact of the
structural mechanisms on credit enhancement.

Moody's expects the reference pool to incur 1.25% of losses in a
base-case scenario, and 9.80% losses in a stress scenario
consistent with Moody's Aaa (sf) rating. Moody's arrived at these
expected losses using Moody's MILAN model.

The MILAN model provides default probabilities and expected loss
given default rates for each loan in a portfolio and for the
portfolio as a whole under a severe recession scenario (the Aaa
Scenario) similar to the unprecedented events of 2007-09. In this
scenario, Moody's stress home prices at two different levels.
Moody's assume that national home prices will decline 30% over a
30-month period, remain flat at their respective trough for the
next 30 months and then increase back to the levels at the time of
analysis by month 180. Moody's also assume that local home prices
will decline between 30% and 60%, depending on the geographic
concentrations, and then follow the same path as the national
prices. Moody's further assume a 5% linear increase in the
unemployment rate over 30 months, remaining at the elevated level
for next 30 months and then dropping back to the unemployment rate
at the time of analysis by month 180. Interest rates remain flat,
which is a stress scenario in a severe home price decline and
increasing unemployment.

The interest rate that a lender charges a borrower is a strong
indicator of risk; lenders generally charge a risk premium
consistent with a borrower's credit risk. Historically, the spread
between a borrower's mortgage rate and the prevailing interest rate
charged to borrowers is statistically as predictive of a borrower's
relative probability of default (PD) as is the FICO score. Hence,
in addition to other loan characteristics (such as the FICO score,
loan-to-value (LTV) ratio, loan term, documentation, occupancy,
property type, loan purpose, interest and principal payment term,
seasoning, property value, prepayment penalty term and mortgage
rate), Moody's US MILAN model is also sensitive to the credit
spread at lock-in and credit spread on the first payment date. A
higher credit spread at the time the mortgage rate was locked in
signals an increase in the borrower's PD. A higher credit spread on
the first payment date increases the propensity to prepay, and
hence reduces the borrower's default risk.

Although the collateral in this transaction has consistent overall
characteristics to the mortgage loans in CAS 2017-C03, Moody's loss
expectation is higher. The main driver for the increase in loss
expectation is the credit spread at the first payment date. 33% of
the mortgage loans in the CAS 2017-C05 transaction had a first
payment date in January and February 2017. The mortgage rate hike
that occurred in January 2017 increased the PDs for the loans with
first payment dates in January and February 2017 because there is a
decrease in the propensity of prepay.

Collateral Analysis

The reference pool consists of 174,672 loans that meet specific
eligibility criteria, which limits the pool to first lien, fixed
rate, fully amortizing loans with an original term of 241-360
months and LTVs that range between 60% and 80% on one to four unit
properties, PUDs, Condos, Co-ops and manufactured housing. Overall,
the reference pool is of prime quality. The credit positive aspects
of the pool include borrower, loan and geographic diversification,
and a high weighted average FICO of 752. There are no interest-only
(IO) loans in the reference pool and all of the loans are
underwritten to full documentation standards.

Structural Considerations

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

For modification losses, Moody's has taken into consideration the
level of rate modifications based on the projected defaults, the
weighted average coupon of the reference pool (3.76%), and compared
that with the available credit enhancement on the notes, the coupon
and the accrued interest amount of the most junior bonds. The Class
1B-1, Class 1B-1H and Class 1B-2H reference tranches collectively
represent 1.00% of the pool.

The notes are direct, unsecured obligations of Fannie Mae, and as
such investors are exposed to the credit risk of Fannie Mae (Aaa
stable). The notes are not guaranteed by, nor are they obligations
of the United States Government. The terms of the transaction
obligate Fannie Mae to retire the notes in January 2030 if any
balances remain outstanding.

Note holders are not entitled to receive any cash from the mortgage
loans in the reference pool. The funds used to make monthly
payments on the CAS notes come from Fannie Mae's general corporate
funds. As a result, there is no trustee or trust account in CAS
transactions. The timing and amount of principal and interest that
Fannie Mae is obligated to pay on the notes reflects the
performance of the mortgage loans in the reference pool. Fannie Mae
will only make principal payments on the original notes based on
the scheduled and unscheduled principal payments that it actually
collects on the reference pool mortgages.

Losses are similarly allocated based on the performance of loans in
the reference pool. Unlike previous CAS transactions rated by
Moody's, write-downs allocated to the notes in CAS 2017-C05 are
directly tied to the actual realized and modification losses on
loans in the reference pool, and not determined by a pre-set loss
severity schedule.

Furthermore, credit events in CAS 2017-C05 occur when a short sale
is settled, when the related mortgaged property is sold to a third
party during the foreclosure process, when an REO disposition
occurs, when a mortgage note sale is executed on a seriously
delinquent loan prior to foreclosure or when the related mortgage
note is charged-off. This differs from CAS 2015-C03 and earlier
securitizations, where credit events occur as early as when a
reference obligation is 180 or more days delinquent.

The transaction is not exposed to losses from extraordinary
expenses or indemnification costs of the key transaction parties.
This is because any indemnification expenses incurred by the global
agent/exchange administrator are obligations of Fannie Mae only and
will not reduce the CAS notes. There is no trustee or trust
accounts in the transaction because the notes are direct, unsecured
obligation of Fannie Mae.

Methodology

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

Additionally, the methodology used in rating Cl. 1A-I1, Cl. 1A-I2,
Cl. 1A-I3, Cl. 1A-I4, Cl. 1B-I1, Cl. 1B-I2, Cl. 1B-I3, Cl. 1B-I4,
Cl. 1-X1 Cl. 1-X2, Cl. 1-X3, and Cl. 1-X4, was "Moody's Approach to
Rating Structured Finance Interest-Only (IO) Securities" published
in June 2017.

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

In addition, Moody's publishes a weekly summary of structured
finance credit ratings and methodologies, available to all
registered users of Moody's website, www.moodys.com/SFQuickCheck.

Reps and Warranties

Fannie Mae is not providing loan level reps and warranties (RWs)
for this transaction because the notes are a direct obligation of
Fannie Mae. Fannie Mae commands robust RWs from its
seller/servicers pertaining to all facets of the loan, including
but not limited to compliance with laws, compliance with all
underwriting guidelines, enforceability, good property condition
and appraisal procedures. To the extent that a lender repurchases a
loan or indemnifies Fannie Mae discovers as a result of an
confirmed underwriting eligibility defect in the reference pool,
prior months' credit events will be reversed. Moody's expected
credit event rate takes into consideration historic repurchase
rates.

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

Up

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

Down

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


CPS AUTO 2017-C: DBRS Assigns Prov. BB Rating to Class E Debt
-------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes
issued by CPS Auto Receivables Trust 2017-C (CPS 2017-C):

-- $105,800,000 Series 2017-C, Class A rated AAA (sf)
-- $35,075,000 Series 2017-C, Class B rated AA (sf)
-- $31,050,000 Series 2017-C, Class C rated A (sf)
-- $27,600,000 Series 2017-C, Class D rated BBB (sf)
-- $25,300,000 Series 2017-C, Class E rated BB (sf)

The ratings are based on DBRS's review of the following analytical
considerations:

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

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

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

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

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

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

-- The CPS senior management team has considerable experience and

    a successful track record within the auto finance industry,
    having managed the company through multiple economic cycles.

-- The quality and consistency of provided historical static pool

    data for CPS originations and performance of the CPS auto loan

    portfolio.

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

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

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

-- CPS will be subject to ongoing monitoring of certain processes

    by the FTC.

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

The CPS 2017-C transaction represents the 26th securitization
completed by CPS since 2010 and will offer both senior and
subordinate rated securities. The receivables securitized in CPS
2017-C will be subprime automobile loan contracts secured primarily
by used automobiles, light-duty trucks, vans and minivans.

The rating on the Class A Note reflects the 55.00% of initial hard
credit enhancement provided by the subordinated notes in the pool
(51.75%), the Reserve Account (1.00%) and overcollateralization
(2.25%). The ratings on the Class B, Class C, Class D and Class E
Notes reflect 39.75%, 26.25%, 14.25% and 3.25% of initial hard
credit enhancement, respectively. Additional credit support may be
provided from excess spread available in the structure.


CPS AUTO 2017-C: S&P Assigns BB-Rating on Class E Notes
-------------------------------------------------------
S&P Global Ratings assigned its ratings to CPS Auto Receivables
Trust 2017-C's $224.825 million asset-backed notes.

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

The ratings reflect:

-- The availability of approximately 57.54%, 49.36%, 40.7 31.76%,
and 25.22% of credit support for the class A, B, C, D, and E notes,
respectively, based on st1%, ressed cash flow scenarios (including
excess spread). These credit support levels provide coverage of
approximately 3.10x, 2.60x, 2.10x, 1.60x, and 1.23x our
18.00-19.00% expected cumulative net loss range for the class A, B,
C, D, and E notes, respectively. Additionally, credit enhancement
including excess spread for classes A, B, C, D, and E covers
breakeven cumulative gross losses of approximately 93%, 80%, 68%,
53%, and 42%, respectively.

-- S&P said, "Our expectation that, under a moderate stress
scenario of 1.60x our expected net loss level and all else equal,
the ratings on the class A, B, and C notes would remain within one
rating category while they are outstanding, and the rating on the
class D notes would not decline by more than two rating categories
within its life. The rating on the class E notes would remain
within two rating categories during the first year, but the class
would eventually default under the 'BBB' stress scenario after
receiving 35%-56% of its  principal. These rating migrations are
consistent with our credit stability criteria (see "Methodology:
Credit Stability Criteria," published May 3, 2010)."

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

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

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

RATINGS ASSIGNED

  CPS Auto Receivables Trust 2017-C  
  Class   Rating      Type           Interest           Amount
                                     rate             (mil. $)
  A       AAA (sf)    Senior         Fixed             105.800
  B       AA (sf)     Subordinate    Fixed              35.075
  C       A (sf)      Subordinate    Fixed              31.050
  D       BBB (sf)    Subordinate    Fixed              27.600
  E       BB- (sf)    Subordinate    Fixed              25.300


CSFB MORTGAGE 2004-C4: Moody's Affirms 'C' Ratings on 2 Tranches
----------------------------------------------------------------
Moody's Investors Service upgraded the ratings on one class and
affirmed the ratings on four classes in CSFB Mortgage Securities
Corp. Commercial Mtge Pass-Through Ctfs. 2004-C4:

Cl. E, Affirmed Aaa (sf); previously on Sep 15, 2016 Upgraded to
Aaa (sf)

Cl. F, Upgraded to Baa3 (sf); previously on Sep 15, 2016 Affirmed
B1 (sf)

Cl. G, Affirmed C (sf); previously on Sep 15, 2016 Affirmed C (sf)

Cl. A-X, Affirmed C (sf); previously on Jun 9, 2017 Downgraded to C
(sf)

Cl. A-Y, Affirmed Aaa (sf); previously on Sep 15, 2016 Affirmed Aaa
(sf)

RATINGS RATIONALE

The rating on P&I 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 rating on P&I class F was upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 22% since Moody's last
review.

The rating on P&I class G was affirmed because the ratings are
consistent with Moody's expected loss plus realized losses. Class G
has already experienced a 39% realized loss as a result of
previously liquidated loans.

The rating on IO class A-X was affirmed based on the credit quality
of the referenced classes.

The rating on IO class A-Y was affirmed based on the credit quality
of the referenced loans.

Moody's rating action reflects a base expected loss of 0.0% of the
current pooled balance, unchanged from Moody's last review. 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. Moody's base expected loss plus realized losses is now 3.9%
of the original pooled balance, unchanged from 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.

Additionally, the methodology used in rating Cl. A-X and Cl. A-Y
was "Moody's Approach to Rating Structured Finance Interest-Only
(IO) Securities" published in June 2017.

DEAL PERFORMANCE

As of the July 15, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $24.9 million
from $1.14 billion at securitization. The certificates are
collateralized by 15 mortgage loans ranging in size from less than
1% to 29% of the pool. Ten residential cooperative (co-op) loans,
constituting 29% of the pool, have aaa (sca.pd) structured credit
assessments. Nine of the properties are located in New York and one
is located in New Jersey. Two loans, constituting 56% of the pool,
have defeased and are secured by US government securities.

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

Four loans, constituting 5% 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.

Fourteen loans have been liquidated from the pool, contributing to
an aggregate realized loss of $44 million (for an average loss
severity of 25%).

Moody's weighted average conduit LTV is 55%, compared to 46% 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 39% 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 1.29X and 4.08X,
respectively, compared to 1.44X and 3.62X 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 15% of the pool balance. The
largest loan is the ATYS Industrial Building Loan ($2.6 million --
10.6% of the pool), which is secured by a 98,000 square foot (SF)
industrial building located in Centerville, Tennessee. The property
is 100% leased to Agrana Fruit US, Inc. through February 2019 on a
triple net lease. Due to the single tenant exposure, Moody's
stressed the value of this property utilizing a lit/dark analysis.
Moody's LTV and stressed DSCR are 74% and 1.31X, respectively,
compared to 65% and 1.50X at the last review.

The second largest loan is the Diamond Bar Plaza Loan ($639,071 --
2.6% of the pool), which is secured by a 36,000 SF retail center
located in Diamond Bar, California. The property was 95% leased at
year-end 2016. Moody's LTV and stressed DSCR are 12% and 8.44X,
respectively, compared to 18% and 5.78X at the last review.

The third largest loan is The Village Apartments Loan ($525,192 --
2.1% of the pool), which is secured by a 240-unit multifamilty
property located in Bartlesville, Oklahoma. The property was 98%
leased as of December 2016. Moody's LTV and stressed DSCR are 7.6%
and 12.64X, respectively, compared to 11% and 8.74X at the last
review.


CSMC 2017-HL1: Fitch Corrects June 19 Release
---------------------------------------------
Fitch Ratings issued a correction of a press release originally
published on June 19, 2017. It includes reference to Fitch's
criteria report 'US RMBS Loan Loss Model Criteria'. This
transaction was originally rated in accordance with this criteria.

The revised press release is as follows:

Fitch Ratings expects to rate CSMC 2017-HL1 Trust (CSMC 2017-HL1):

-- $435,178,000 class A-1 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $435,178,000 class A-2 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $326,383,000 class A-3 certificates 'AAAsf'; Outlook Stable;
-- $326,383,000 class A-4 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $21,758,000 class A-5 certificates 'AAAsf'; Outlook Stable;
-- $21,758,000 class A-6 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $87,037,000 class A-7 certificates 'AAAsf'; Outlook Stable;
-- $87,037,000 class A-8 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $49,406,000 class A-9 certificates 'AAAsf'; Outlook Stable;
-- $49,406,000 class A-10 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $348,141,000 class A-11 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $108,795,000 class A-12 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $348,141,000 class A-13 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $108,795,000 class A-14 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $484,584,000 class A-IO1 notional certificates 'AAAsf';
    Outlook Stable;
-- $435,178,000 class A-IO2 notional exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $326,383,000 class A-IO3 notional exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $21,758,000 class A-IO4 notional exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $87,037,000 class A-IO5 notional exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $49,406,000 class A-IO6 notional exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $7,936,000 class B-1 certificates 'AAsf'; Outlook Stable;
-- $8,960,000 class B-2 certificates 'Asf'; Outlook Stable;
-- $5,119,000 class B-3 certificates 'BBBsf'; Outlook Stable;
-- $2,304,000 class B-4 certificates 'BBsf'; Outlook Stable;
-- $1,741,000 class B-5 certificates 'Bsf'; Outlook Stable.

The following class will not be rated by Fitch:

-- $1,331,048 class B-6 certificates.

The notes are supported by one collateral group that consists of
850 prime fixed-rate mortgages (FRMs) acquired by subsidiaries of
American International Group, Inc. (AIG) from various mortgage
originators with a total balance of approximately $511.98 million
of the cut-off date.

The 'AAAsf' rating on the class A notes reflects the 5.35%
subordination provided by the 1.55% class B-1, 1.75% class B-2,
1.00% class B-3, 0.45% class B-4, 0.34% class B-5 and 0.26% class
B-6 notes.

KEY RATING DRIVERS

High-Quality Mortgage Pool (Positive): The collateral attributes
are among the strongest of those rated by Fitch. The pool consists
of 30-year fixed-rate fully amortizing Safe Harbor Qualified
Mortgage (SHQM) loans to borrowers with strong credit profiles,
relatively low leverage and large liquid reserves. The loans are
seasoned an average of 15 months.

The pool has a weighted average (WA) original FICO score of 779
which is higher than any transaction rated by Fitch post crisis and
is indicative of very high credit-quality borrowers. Approximately
53% of the borrowers have original FICO scores at or above 780. In
addition, the original WA CLTV ratio of 73.8% represents
substantial borrower equity in the property and reduced default
probability.

New Aggregator (Neutral): AIG is a global insurance corporation
that previously has not participated in the issuance of RMBS. In
2013, AIG established the Residential Mortgage Lending (RML) group
to establish relationships with mortgage originators and acquire
prime jumbo loans on behalf of funds owned by AIG. Fitch conducted
a full review of AIG's aggregation processes and believes that AIG
meets industry standards needed to aggregate mortgages for
residential mortgage-backed securitization. In addition to the
satisfactory operational assessment, a due diligence review was
completed on 100% of the pool.

Third-Party Due Diligence Results (Positive): A loan-level due
diligence reviews was conducted on 100% of the pool in accordance
with Fitch's criteria, and focused on credit, compliance and
property valuation. 22% of the loans received an 'A' grade, and the
remainder were graded 'B' (77.3%) and 'C' (0.7%). The loans that
were graded 'B' and 'C' were due to nonmaterial findings and
contained compensating factors such as large reserves, low LTV, low
DTIs and high FICOs. In Fitch's view, the results of the diligence
indicate acceptable controls and adherence to underwriting
guidelines, and no adjustment was made to the expected losses.

Top Tier Representation and Warranty Framework (Positive): Fitch
considers the transaction's representation, warranty and
enforcement (RW&E) mechanism framework to be consistent with Tier I
quality. As a result of the Tier I RW&E framework and the 'A'
Fitch-rated counterparty supporting the repurchase obligations of
the RW&E providers, the pool received a PD credit of 43 basis
points at the 'AAAsf' level.

Straightforward Deal Structure (Positive): The mortgage cash flow
and loss allocation are based on a senior-subordinate,
shifting-interest structure, whereby the subordinate classes
receive only scheduled principal and are locked out from receiving
unscheduled principal or prepayments for five years. The lockout
feature helps maintain subordination for a longer period should
losses occur later in the life of the deal. The applicable credit
support percentage feature redirects subordinate principal to
classes of higher seniority if specified credit enhancement (CE)
levels are not maintained.

CE Floor (Positive): To mitigate tail risk, which arises as the
pool seasons and fewer loans are outstanding, a subordination floor
of 1.00% of the original balance will be maintained for the
certificates. Additionally, there is no early stepdown test that
might allow principal prepayments to subordinate bondholders
earlier than the five-year lockout schedule.

Geographic Concentration (Neutral): Approximately 36.7% of the pool
is located in California, which is in line or slightly lower than
recent Fitch rated transactions. In addition, the Metropolitan
Statistical Area (MSA) concentration is minimal, as the top three
MSAs account for only 28% of the pool. As a result, no geographic
concentration penalty was applied.

RATING SENSITIVITIES

Fitch's analysis incorporates sensitivity analyses to demonstrate
how the ratings would react to steeper market value declines (MVDs)
than assumed at both the metropolitan statistical area (MSA) and
national levels. 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 be
considered in the surveillance of the transaction.

Fitch conducted sensitivity analysis determining 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 5.8%. The analysis indicates 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'.


CSMC 2017-HL1: Fitch Corrects June 29 Release
---------------------------------------------
Fitch Ratings issued a correction of a press release originally
published on June 29, 2017. It includes reference to Fitch's
criteria report 'US RMBS Surveillance and Re-REMIC Criteria.' This
transaction was originally rated in accordance with this criteria.

The corrected press release is as follows:

Fitch Ratings rates CSMC 2017-HL1 Trust (CSMC 2017-HL1):

-- $429,742,000 class A-1 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $429,742,000 class A-2 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $322,306,000 class A-3 certificates 'AAAsf'; Outlook Stable;
-- $322,306,000 class A-4 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $21,487,000 class A-5 certificates 'AAAsf'; Outlook Stable;
-- $21,487,000 class A-6 exchangeable certificates 'AAAsf';  
    Outlook Stable;
-- $85,949,000 class A-7 certificates 'AAAsf'; Outlook Stable;
-- $85,949,000 class A-8 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $48,788,000 class A-9 certificates 'AAAsf'; Outlook Stable;
-- $48,788,000 class A-10 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $343,793,000 class A-11 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $107,436,000 class A-12 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $343,793,000 class A-13 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $107,436,000 class A-14 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $478,530,000 class A-IO1 notional certificates 'AAAsf';
    Outlook Stable;
-- $429,742,000 class A-IO2 notional exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $322,306,000 class A-IO3 notional exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $21,487,000 class A-IO4 notional exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $85,949,000 class A-IO5 notional exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $48,788,000 class A-IO6 notional exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $7,837,000 class B-1 certificates 'AAsf'; Outlook Stable;
-- $8,848,000 class B-2 certificates 'Asf'; Outlook Stable;
-- $5,055,000 class B-3 certificates 'BBBsf'; Outlook Stable;
-- $2,276,000 class B-4 certificates 'BBsf'; Outlook Stable;
-- $1,718,000 class B-5 certificates 'Bsf'; Outlook Stable.

The following class will not be rated by Fitch:

-- $1,314,999 class B-6 certificates.

The certificates are supported by one collateral group that
consists of 839 prime fixed-rate mortgages (FRMs) acquired by
subsidiaries of American International Group, Inc. (AIG) from
various mortgage originators with a total balance of approximately
$505.58 million of the cut-off date.

The 'AAAsf' rating on the class A certificates reflects the 5.35%
subordination provided by the 1.55% class B-1, 1.75% class B-2,
1.00% class B-3, 0.45% class B-4, 0.34% class B-5 and 0.26% class
B-6 certificates.

KEY RATING DRIVERS

High-Quality Mortgage Pool (Positive): The collateral attributes
are among the strongest of those rated by Fitch. The pool consists
of 30-year fixed-rate fully amortizing Safe Harbor Qualified
Mortgage (SHQM) loans to borrowers with strong credit profiles,
relatively low leverage and large liquid reserves. The loans are
seasoned an average of 15 months.

The pool has a weighted average (WA) original FICO score of 779
which is higher than any transaction rated by Fitch post crisis and
is indicative of very high credit-quality borrowers. Approximately
53% of the borrowers have original FICO scores at or above 780. In
addition, the original WA CLTV ratio of 74.0% represents
substantial borrower equity in the property and reduced default
probability.

New Aggregator (Neutral): AIG is a global insurance corporation
that previously has not participated in the issuance of RMBS. In
2013, AIG established the Residential Mortgage Lending (RML) group
to establish relationships with mortgage originators and acquire
prime jumbo loans on behalf of funds owned by AIG. Fitch conducted
a full review of AIG's aggregation processes and believes that AIG
meets industry standards needed to aggregate mortgages for
residential mortgage-backed securitization. In addition to the
satisfactory operational assessment, a due diligence review was
completed on 100% of the pool.

Third-Party Due Diligence Results (Positive): A loan-level due
diligence reviews was conducted on 100% of the pool in accordance
with Fitch's criteria, and focused on credit, compliance and
property valuation. 21.9% of the loans received an 'A' grade, and
the remainder were graded 'B' (77.4%) and 'C' (0.7%). The loans
that were graded 'B' and 'C' were due to nonmaterial findings and
contained compensating factors such as large reserves, low LTV, low
DTIs and high FICOs. In Fitch's view, the results of the diligence
indicate acceptable controls and adherence to underwriting
guidelines, and no adjustment was made to the expected losses.

Top Tier Representation and Warranty Framework (Positive): Fitch
considers the transaction's representation, warranty and
enforcement (RW&E) mechanism framework to be consistent with Tier I
quality. As a result of the Tier I RW&E framework and the 'A'
Fitch-rated counterparty supporting the repurchase obligations of
the RW&E providers, the pool received a PD credit of 41 basis
points at the 'AAAsf' level.

Straightforward Deal Structure (Positive): The mortgage cash flow
and loss allocation are based on a senior-subordinate,
shifting-interest structure, whereby the subordinate classes
receive only scheduled principal and are locked out from receiving
unscheduled principal or prepayments for five years. The lockout
feature helps maintain subordination for a longer period should
losses occur later in the life of the deal. The applicable credit
support percentage feature redirects subordinate principal to
classes of higher seniority if specified credit enhancement (CE)
levels are not maintained.

CE Floor (Positive): To mitigate tail risk, which arises as the
pool seasons and fewer loans are outstanding, a subordination floor
of 1.00% of the original balance will be maintained for the
certificates. Additionally, there is no early stepdown test that
might allow principal prepayments to subordinate bondholders
earlier than the five-year lockout schedule.

Geographic Concentration (Neutral): Approximately 36.5% of the pool
is located in California, which is in line or slightly lower than
recent Fitch rated transactions. In addition, the Metropolitan
Statistical Area (MSA) concentration is minimal, as the top three
MSAs account for only 28% of the pool. As a result, no geographic
concentration penalty was applied.

RATING SENSITIVITIES

Fitch's analysis incorporates sensitivity analyses to demonstrate
how the ratings would react to steeper market value declines (MVDs)
than assumed at both the metropolitan statistical area (MSA) and
national levels. 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 be
considered in the surveillance of the transaction.

Fitch conducted sensitivity analysis determining 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 5.8%. The analysis indicates 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'.


CVP CLO 2017-1: S&P Assigns BB-(sf) Rating on Class E Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to CVP CLO 2017-1 Ltd./CVP
CLO 2017-1 LLC's $335.75 million floating-rate notes.

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

The 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.

RATINGS ASSIGNED

  CVP CLO 2017-1 Ltd./CVP CLO 2017-1 LLC

  Class                Rating    Amount (mil. $)
   A                   AAA (sf)      222.50
   B                   AA (sf)       58.25
   C (deferrable)      A (sf)        18.50
   D (deferrable)      BBB (sf)      18.00
   E (deferrable)      BB- (sf)      18.50
   Subordinate notes   NR            36.25

   NR--Not rated.


DENALI CAPITAL XI: Moody's Affirms B2 Rating on Class E Notes
-------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
following notes (the "Refinancing Notes") issued by Denali Capital
CLO XI, Ltd.:

US$253,500,000 Class A-1-R Senior Secured Floating Rate Notes Due
2027 (the "Class A-1-R Notes"), Assigned Aaa (sf)

US$41,220,000 Class A-2-R Senior Secured Floating Rate Notes Due
2027 (the "Class A-2-R Notes"), Assigned Aa1 (sf)

US$27,410,000 Class B-R Senior Secured Deferrable Floating Rate
Notes Due 2027 (the "Class B-R Notes"), Assigned A1 (sf)

Additionally, Moody's has taken rating actions on the following
outstanding notes issued by the Issuer on the original issuance
date (the "Original Closing Date"):

US$24,600,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2027 (the "Class C Notes"), Upgraded to Baa2 (sf); previously
on March 25, 2015 Definitive Rating Assigned Baa3 (sf)

US$21,960,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2027 (the "Class D Notes"), Affirmed Ba3 (sf); previously on
March 25, 2015 Definitive Rating Assigned Ba3 (sf)

US$7,910,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2027 (the "Class E Notes"), Affirmed B2 (sf); previously on
March 25, 2015 Definitive Rating Assigned B2 (sf)

The Issuer is a managed cash flow collateralized loan obligation
(CLO). The issued notes are collateralized primarily by a portfolio
of senior secured, broadly syndicated corporate loans.

Crestline Denali Capital, L.P. (the "Manager") manages the CLO. It
directs the selection, acquisition, and disposition of collateral
on behalf of the Issuer.

RATINGS RATIONALE

Moody's ratings on the Refinancing Notes address the expected loss
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.

The Issuer has issued the Refinancing Notes on July 20, 2017 (the
"Refinancing Date") in connection with the refinancing of certain
classes of notes (the "Refinanced Original Notes") previously
issued on the Original Closing Date. On the Refinancing Date, the
Issuer used the proceeds from the issuance of the Refinancing Notes
to redeem in full the Refinanced Original Notes.

Moody's rating actions on the Class C Notes, Class D Notes, and
Class E Notes are primarily a result of the refinancing, which
increases excess spread available as credit enhancement to the
rated notes. Additionally, Moody's expects the Issuer to continue
to benefit from a portfolio weighted average recovery rate (WARR)
level that is higher than the covenanted test level.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
October 2016.

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

The performance of each class of the Issuer's notes is subject to
uncertainty relating to certain factors and circumstances, and this
uncertainty could lead to either an upgrade or downgrade of Moody's
ratings:

1) Macroeconomic uncertainty: CLO performance is subject to
uncertainty about credit conditions in the general economy.

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 the Manager or other transaction parties owing to embedded
ambiguities.

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

4) Deleveraging: During the amortization period, the pace of
deleveraging from unscheduled principal proceeds is an important
source of uncertainty. 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 ratings. Note repayments that are faster than Moody's
current expectations will usually have a positive impact on CLO
notes, beginning with those notes having the highest payment
priority.

5) Recovery of defaulted assets: Fluctuations in the market value
of defaulted assets could result in volatility in the deal's
overcollateralization levels. Further, the timing of recovery
realization and whether the Manager decides to work out or sell
defaulted assets create additional uncertainty. Realization of
recoveries that are either materially higher or lower than assumed
in Moody's analysis would impact the CLO positively or negatively,
respectively.

6) Weighted average life (WAL): The notes' ratings can be sensitive
to the weighted average life assumption of the portfolio, which
could lengthen owing to any decision by the Manager to reinvest
into new issue loans or loans with longer maturities, or
participate in amend-to-extend offerings. Life extension can
increase the default risk horizon and assumed cumulative default
probability of CLO collateral.

7) Weighted Average Spread (WAS): CLO performance can be sensitive
to WAS, which is a key factor driving the amount of excess spread
available as credit enhancement when a deal fails its
over-collateralization or interest coverage tests. A decrease in
excess spread, including as a result of losing the net interest
benefit of LIBOR floors, or because market conditions make it
difficult for the deal to source assets of appropriate credit
quality in order to maintain its WAS target, would reduce the
effective credit enhancement available for the notes.

Together with the set of modeling assumptions described below,
Moody's conducted additional sensitivity analyses, which were
considered in determining the ratings assigned to the rated notes.
In particular, in addition to the base case analysis, Moody's
conducted sensitivity analyses to test the impact of a number of
default probabilities on the rated notes relative to the base case
modeling results. Below is a summary of the impact of different
default probabilities, expressed in terms of WARF level, on the
rated notes (shown in terms of the number of notches difference
versus the base case model output, where a positive difference
corresponds to a lower expected loss):

Moody's Assumed WARF - 20% (2362)

Class A-1-R: 0

Class A-2-R: 0

Class B-R: +2

Class C: +3

Class D: +1

Class E: +1

Moody's Assumed WARF + 20% (3544)

Class A-1-R: 0

Class A-2-R: -1

Class B-R: -2

Class C: -1

Class D: -1

Class E: -3

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, weighted average
recovery rate, and weighted average spread, are based on its
published methodology and could differ from the trustee's reported
numbers. For modeling purposes, Moody's used the following
base-case assumptions

Performing par and principal proceeds balance: $399,128,926

Defaulted par: $0

Diversity Score: 72

Weighted Average Rating Factor (WARF): 2953 (corresponding to a
weighted average default probability of 24.14%)

Weighted Average Spread (WAS): 3.85%

Weighted Average Recovery Rate (WARR): 49.74%

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



DRIVE AUTO 2017-2: S&P Gives Prelim. BB Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Drive Auto
Receivables Trust 2017-2's $947.89 million automobile
receivables-backed notes series 2017-2).

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

The preliminary ratings are based on information as of July 20,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The availability of 65.9%, 59.3%, 48.9%, 39.1% and 36.4% of
credit support for the class A (consisting of classes A-1, A-2, and
A-3), B, C, D, and E notes, respectively, based on stressed cash
flow scenarios (including excess spread), which provide coverage of
more than 2.35x, 2.10x, 1.70x, 1.35x, and 1.25x for our
27.00%-28.00% expected cumulative net loss (CNL). These break-even
scenarios cover total cumulative gross defaults of 94%, 85%, 70%,
60% and 56%, respectively.

-- The timely interest and principal payments made under stressed
cash flow modeling scenarios are appropriate to the assigned
preliminary ratings.

-- The expectation that under a moderate ('BBB') stress scenario
(1.35x our expected loss level), all else being equal, our ratings
on the class A and B notes ('AAA (sf)' and 'AA (sf)', respectively)
will remain at the assigned preliminary ratings, our rating on the
class C notes ('A (sf)') will remain within one category of the
assigned preliminary rating, and our rating on the class D notes
('BBB (sf)') will remain within two rating categories of the
assigned preliminary rating while they are outstanding. The class E
'BB (sf)' rated notes will remain within two rating categories of
the assigned preliminary rating during the first year, but will
eventually default under the 'BBB' stress scenario, after having
received 46%-90% of their principal. These rating movements are
within the limits specified by our credit stability criteria (see
"Methodology: Credit Stability Criteria," published May 3, 2010).

-- The originator/servicer's history in the subprime/specialty
auto finance business.

-- S&P’s analysis of 10 years of static pool data on Santander
Consumer USA Inc.'s (SC's) lending programs.

-- The transaction's payment/credit enhancement and legal
structures.

PRELIMINARY RATINGS ASSIGNED

  Drive Auto Receivables Trust 2017-2

  Class   Rating       Type     Interest    Amount
                                 rate     (mil. $)
   A-1    A-1+ (sf)    Senior    Fixed      118.00
  A-2-A   AAA (sf)     Senior    Fixed      103.00
  A-2-B   AAA (sf)     Senior    Float      103.00
   A-3    AAA (sf)     Senior    Fixed       96.79
    B     AA (sf)   Subordinate  Fixed      135.76
    C     A (sf)    Subordinate  Fixed      177.07
    D     BBB (sf)  Subordinate  Fixed      159.96
    E     BB (sf)   Subordinate  Fixed       54.31


DUNCANNON CRE CDO I: S&P Lowers Ratings on 4 Tranches to Dsf
------------------------------------------------------------
S&P Global Ratings lowered to 'D (sf)' its credit ratings on
Duncannon CRE CDO I PLC's class D2 Def, D3 Def, E1 Def, and E2 Def
notes. S&P has subsequently withdrawn, effective in 30 days' time,
its ratings on these classes of notes.

On the June 2017 interest payment date, principal losses were
applied to the class D2 Def, D3 Def, E1 Def, and E2 Def notes. This
follows an extraordinary resolution passed by the noteholders of
the controlling class in May 2017, to terminate the transaction.

Principal losses have been applied to the class D2 Def, D3 Def, E1
Def, and E2 Def notes. S&P said, "We have therefore lowered to 'D
(sf)' from 'CCC (sf)' our ratings on the class D2 Def and D3 Def
notes, and to 'D (sf)' from 'CCC- (sf)' our ratings on the class E1
Def and E2 Def notes. This is in line with our criteria (see
"Timeliness Of Payments: Grace Periods, Guarantees, And Use Of 'D'
And 'SD' Ratings," published on Oct. 24, 2013).

"We have subsequently withdrawn, effective in 30 days' time, our
ratings on all remaining classes of notes."

Duncannon CRE CDO I is a commercial real estate collateralized debt
obligation (CDO) transaction that closed in 2007.

RATINGS LIST

  Duncannon CRE CDO I PLC
  EUR810 mil senior and mezzanine deferrable-interest floating-
  rate notes
                               Rating              
  Class       Identifier       To          From       
  D2 Def       265082AH0       D (sf)      CCC (sf)    
  D3 Def       265082AJ6       D (sf)      CCC (sf)   
  E1 Def       265082AK3       D (sf)      CCC- (sf)  
  E2 Def       265082AL1       D (sf)      CCC- (sf)     


ELEVATION CLO 2017-6: Moody's Assigns B3(sf) Rating to Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
notes issued by Elevation CLO 2017-6, Ltd.

Moody's rating action is:

US$288,000,000 Class A-1 Senior Secured Floating Rate Notes due
2029 (the "Class A-1 Notes"), Definitive Rating Assigned Aaa (sf)

US$13,500,000 Class A-2 Senior Secured Floating Rate Notes due 2029
(the "Class A-2 Notes"), Definitive Rating Assigned Aaa (sf)

US$40,500,000 Class B Senior Secured Floating Rate Notes due 2029
(the "Class B Notes"), Definitive Rating Assigned Aa2 (sf)

US$27,000,000 Class C Secured Deferrable Floating Rate Notes due
2029 (the "Class C Notes"), Definitive Rating Assigned A2 (sf)

US$24,750,000 Class D Secured Deferrable Floating Rate Notes due
2029 (the "Class D Notes"), Definitive Rating Assigned Baa3 (sf)

US$20,250,000 Class E Secured Deferrable Floating Rate Notes due
2029 (the "Class E Notes"), Definitive Rating Assigned Ba3 (sf)

US$9,000,000 Class F Secured Deferrable Floating Rate Notes due
2029 (the "Class F Notes"), Definitive Rating Assigned B3 (sf)

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

Elevation CLO 2017-6 is a managed cash flow CLO. The issued notes
will be collateralized primarily by broadly syndicated first lien
senior secured corporate loans. At least 90% of the portfolio must
consist of senior secured loans and eligible investments purchased
with principal proceeds, and up to 10% of the portfolio may consist
of senior unsecured loans, second lien loans, and first-lien
last-out loans. The portfolio is approximately 80% ramped as of the
closing date.

325 Fillmore 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.

In addition to the Rated Notes, the Issuer will issue one class of
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 October 2016.

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

Par amount: $450,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2774

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 8.2 years.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
October 2016.

Factors That Would Lead to 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 2774 to 3190)

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

Class F Notes: -1

Percentage Change in WARF -- increase of 30% (from 2774 to 3606)

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-2 Notes: -3

Class B Notes: -3

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1

Class F Notes: -3


FIRST INVESTORS 2017-2: S&P Assigns BB- Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to First Investors Auto
Owner Trust 2017-2's $226.43 million asset-backed notes.

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

The ratings reflect:

-- The availability of approximately 38.3%, 33.6%, 26.3%, 20.5%,
and 15.9% credit support for the class A, B, C, D, and E notes,
respectively, based on stressed cash flow scenarios (including
excess spread). These credit support levels provide approximately
3.50x, 3.00x, 2.30x, 1.75x, and 1.40x coverage of our 10.25%-10.75%
expected cumulative net loss (CNL) range for the class A, B, C, D,
and E notes, respectively.

-- The timely interest and principal payments made under stressed
cash flow modeling scenarios that are appropriate for the ratings.

-- S&P's expectation that under a moderate ('BBB') stress
scenario, all else being equal, the ratings on the class A, B, and
C notes would not drop by more than one rating category, and the
rating on the class D notes would not drop by more than two rating
categories within the first year. These potential rating movements
are consistent with our rating stability criteria (see
"Methodology: Credit Stability Criteria," published May 3, 2010).

-- The collateral characteristics of the pool being securitized
with direct loans accounting for approximately 23% of the cut-off
pool. These loans historically have lower losses than the
indirect-originated loans.

-- Prefunding will be used in this transaction in the amount of
$25.0 million, which is approximately 11% of the pool. The
subsequent receivables, which amount to approximately 17%-23% of
the company's 2016 quarterly origination volume, are expected to be
transferred into the trust within three months from the closing
date.

-- First Investors Financial Services Inc.'s (First Investors')
28-year history of originating and underwriting auto loans, and
17-year history of self-servicing auto loans, as well as its track
record of securitizing auto loans since 2000.

-- First Investors' 13 years of origination static pool data,
segmented by direct and indirect loans.

-- Wells Fargo Bank N.A.'s experience as the committed back-up
servicer.

-- The transaction's sequential payment structure, which builds
credit enhancement based on a percentage of receivables as the pool
amortizes.

RATINGS ASSIGNED
  
  First Investors Auto Owner Trust 2017-2
  Class    Rating    Type       Interest      Amount
                                  rate       (mil. $)
    A-1    AAA (sf)  Senior       Fixed       130.00
    A-2    AAA (sf)  Senior       Fixed        33.44
     B     AA (sf)   Subordinate  Fixed        14.10
     C     A (sf)    Subordinate  Fixed        20.40
     D     BBB (sf)  Subordinate  Fixed        16.50
     E     BB- (sf)  Subordinate  Fixed        11.99


FIRST UNION 1999-C1: Moody's Affirms C Rating on Class IO-1 Certs
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on two classes
in First Union Commercial Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series 1999-C1:.

Cl. G, Affirmed Caa1 (sf); previously on Sep 8, 2016 Upgraded to
Caa1 (sf)

Cl. IO-1, Affirmed C (sf); previously on Jun 9, 2017 Downgraded to
C (sf)

RATINGS RATIONALE

The rating on the P&I class G 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 rating on the IO class, IO-1 was affirmed based on the credit
quality of the referenced classes.

Moody's rating action reflects a base expected loss of 15.2% of the
current pooled balance, the same as at Moody's last review. Moody's
base expected loss plus realized losses is now 3.6% of the original
pooled balance, compared to 3.7% 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 "Moody's Approach to Rating Credit Tenant
Lease and Comparable Lease Financings" published in October 2016.

Additionally, the methodology used in rating Cl. IO-1 was "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

DEAL PERFORMANCE

As of the July 17, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $29 million
from $1.16 billion at securitization. The certificates are
collateralized by 25 mortgage loans ranging in size from less than
1% to 15% of the pool, with the top ten loans (excluding
defeasance) constituting 59% of the pool. Five loans, constituting
29% of the pool, have defeased and are secured by US government
securities. The pool contains a Credit Tenant Lease (CTL) component
that includes 18 loans, representing 60% of the pool.

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 11, compared to 14 at Moody's last review.

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

Thirty loans have been liquidated from the pool, resulting in an
aggregate realized loss of $38 million (for an average loss
severity of 35%). One loan, the Comcast Data Center loan ($318,207
-- 1.1% of the pool), is currently in special servicing. The loan
is fully amortizing and is secured by an office property in East
Goshen, Pennsylvania. The property is fully leased to Comcast for
the remainder of the loan tem. The loan transferred to special
servicing in May 2016 for delinquent payments.

Moody's received full year 2016 operating results for 100% of the
pool, and full or partial year 2017 operating results for 90% of
the pool (excluding specially serviced and defeased loans).

The top performing loan represents 10% of the pool balance. The
loan is the Ridgewood Apartments Loan ($2.9 million -- 10% of the
pool), which is secured by a 160-unit multifamily property in
Carrboro, North Carolina. The property was 89% occupied as of March
2017, compared to 90% at the prior review. The loan is fully
amortizing and has paid down 33% since origination. Moody's LTV and
stressed DSCR are 67% and 1.45X, respectively, compared to 61% and
1.59X at prior review.

The non-defeased CTL component consists of 18 loans, totaling 60%
of the pool, secured by properties leased to six tenants. The
largest exposure is Rite Aid Corporation ($9.2 million -- 32% of
the pool; senior unsecured rating: B3/Caa1 -- under review --
direction uncertain). Four of the tenants have a Moody's rating and
represent 77% of the CTL component balance. The majority (86%) of
the CTL loans are not fully amortizing. The bottom-dollar weighted
average rating factor (WARF) for this pool is 4133 compared to 3883
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.


FLAGSTAR MORTGAGE 2017-1: Fitch to Rate Class B-5 Certs 'Bsf'
-------------------------------------------------------------
Fitch Ratings expects to rate Flagstar Mortgage Trust 2017-1 (FSMT
2017-1) as follows:

-- $365,858,000 class 1-A-1 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $365,858,000 class 1-A-2 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $343,419,000 class 1-A-3 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $343,419,000 class 1-A-4 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $257,564,000 class 1-A-5 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $257,564,000class 1-A-6 certificates 'AAAsf'; Outlook Stable;
-- $85,855,000 class 1-A-7 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $85,855,000 class 1-A-8 certificates 'AAAsf'; Outlook Stable;
-- $22,439,000 class 1-A-9 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $22,439,000 class 1-A-10 certificates 'AAAsf'; Outlook Stable;
-- $365,858,000 class 1-A-X-1 notional certificates 'AAAsf';
    Outlook Stable;
-- $365,858,000 class 1-A-X-2 notional exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $343,419,000 class 1-A-X-3 notional exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $257,564,000 class 1-A-X-4 notional certificates 'AAAsf';
    Outlook Stable;
-- $85,855,000 class 1-A-X-5 notional certificates 'AAAsf';
    Outlook Stable;
-- $22,439,000 class 1-A-X-6 notional certificates 'AAAsf';
    Outlook Stable;
-- $50,195,000 class 2-A-1 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $47,116,000 class 2-A-2 certificates 'AAAsf'; Outlook Stable;
-- $3,079,000 class 2-A-3 certificates 'AAAsf'; Outlook Stable;
-- $50,195,000 class 2-A-X-1 notional certificates 'AAAsf';
    Outlook Stable;
-- $9,098,000 class B-1 certificates 'AAsf'; Outlook Stable;
-- $7,766,000 class B-2 certificates 'Asf'; Outlook Stable;
-- $5,326,000 class B-3 certificates 'BBBsf'; Outlook Stable;
-- $2,441,000 class B-4 certificates 'BBsf'; Outlook Stable;
-- $1,109,000 class B-5 certificates 'Bsf'; Outlook Stable.

The following class will not be rated by Fitch:

-- $1,997,711 class B-6-C certificates.

The notes are supported by two cross collateralized groups that
consists of 668 jumbo prime and high-balance conforming, fixed-rate
mortgages (FRMs) originated by Flagstar Bank, FSB with a total
balance of approximately $443.8 million as of the cut-off date.

The 'AAAsf' rating on the class A notes reflects the 6.25%
subordination provided by the 2.05% class B-1, 1.75% class B-2,
1.20% class B-3, 0.55% class B-4, 0.25% class B-5 and 0.45% class
B-6-C notes.

KEY RATING DRIVERS

High-Quality Mortgage Pool (Positive): The collateral pool consists
of high-quality 30-year and 15-year, fully amortizing high balance
conforming and jumbo fixed-rate Safe Harbor Qualified Mortgage
(SHQM) loans to borrowers with strong credit profiles and low
leverage. The pool has a weighted average (WA) FICO score of 771
and an original combined loan-to-value (CLTV) ratio of 63.5%. The
collateral attributes of the pool are generally consistent with
recent prime transactions.

Tier 3 Representation and Warranty Framework (Concern): Fitch
believes the value of the representation and warranty (R&W)
framework is diluted by the presence of qualifying and conditional
language in conjunction with a prescriptive testing construct,
which reduces lender breach liability. While Fitch believes the
high-credit-quality pool and clean diligence results mitigate these
risks, the weaker framework was considered in the analysis. As a
result of the Tier 3 representation, warranty and enforcement
(RW&E) framework and financial condition of the R&W provider, the
pool received an 84 basis points (bps) probability of default (PD)
adjustment at the 'AAAsf' level.

'Average' Originator (Neutral): Based on its review of Flagstar's
origination platform, Fitch believes the bank has adequate
processes and procedures in place, and views Flagstar's ability to
originate and acquire prime loans as 'average.' Approximately 7% of
the pool was originated through Flagstar's retail channel, while
the remaining loans were originated through brokers (27.1%) and
correspondents (66.1%). Fitch believes that Flagstar has robust
risk management in place to mitigate any increased risk of loans
originated through non-retail channels. In addition, all broker
loans and a majority of correspondent loans are non-delegated and
underwritten by Flagstar.

High Geographic Concentration (Concern): The pool's primary
concentration is in California, representing approximately 60% of
the pool. Approximately 47.5% of the pool is located in the top
three metropolitan statistical areas (MSAs) (Los Angeles, San
Francisco and San Jose), with 27.5% located in Los Angeles. Given
the pool's high regional concentration, an additional penalty of
approximately 8% was applied to the pool's lifetime default
expectations.

Strong Due Diligence Results (Positive): A loan-level due diligence
review was conducted on 100% of the pool in accordance with Fitch's
criteria, and focused on credit, compliance and property valuation.
All the reviewed loans received a grade of 'A' or 'B', indicating
strong underwriting practices and sound quality control procedures.
The majority of the 'B' graded loans were due to nonmaterial
compliance issues related to TILA-RESPA Integrated Disclosure
(TRID) findings, which have all been corrected or
cleared/canceled.

Straightforward Deal Structure (Positive): The mortgage cash flow
and loss allocation are based on a senior-subordinate,
shifting-interest structure, whereby the subordinate classes
receive only scheduled principal and are locked out from receiving
unscheduled principal or prepayments for five years. The lockout
feature helps maintain subordination for a longer period should
losses occur later in the life of the deal. The applicable credit
support percentage feature redirects subordinate principal to
classes of higher seniority if specified credit enhancement (CE)
levels are not maintained.

To mitigate tail risk, which arises as the pool seasons and fewer
loans are outstanding, a subordination floor of 1.00% of the
original balance will be maintained for the senior certificates and
0.70% for the subordinate certificates.

Leakage from Reviewer Expenses (Concern): The trust is obligated to
reimburse the breach reviewer, Inglet Blair, LLC (Inglet Blair),
each month for any reasonable out-of-pocket expenses incurred if
the company is requested to participate in any arbitration, legal
or regulatory actions, proceedings or hearings. These expenses
include Inglet Blair's legal fees and other expenses incurred
outside its reviewer fee and are not subject to a cap or
certificateholder approval.

While Fitch accounted for the potential additional costs by
upwardly adjusting its loss estimation for the pool, Fitch views
this construct as adding potentially more ratings volatility than
those that do not have this type of provision.

Extraordinary Expense Adjustment (Concern): Extraordinary expenses,
which include loan file review costs, arbitration expenses for
enforcement of the reps and additional fees of the breach reviewer,
will be taken out of available funds and not accounted for in the
contractual interest owed to the bondholders. This construct can
result in principal and interest shortfalls to the bonds, starting
from the bottom of the capital structure. To account for the risk
of these noncredit events reducing subordination, Fitch adjusted
its loss expectations upward by 35 bps at the 'AAAsf' level.

RATING SENSITIVITIES

Fitch's analysis incorporates sensitivity analyses to demonstrate
how the ratings would react to steeper market value declines (MVDs)
than assumed at both the metropolitan statistical area (MSA) and
national levels. 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 be
considered in the surveillance of the transaction.

Fitch conducted sensitivity analysis determining 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 6.1%. The analysis indicates 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'.


FLAGSTAR MORTGAGE 2017-1: Moody's Gives '(P)B3' Rating to B-5 Debt
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 25
classes of residential mortgage-backed securities (RMBS) issued by
Flagstar Mortgage Trust 2017-1 (FSMT 2017-1). The ratings range
from (P)Aaa (sf)-(P)B3 (sf).

The certificates are backed by two pools of fixed rate non agency
jumbo mortgages (75% of the aggregate pool) and agency eligible
high balance conforming residential fixed rate mortgages (25% of
the aggregate pool), originated by Flagstar Bank, FSB. Group 1
consists of agency eligible high balance mortgages and non-agency
jumbo loans with terms of greater then 15 years. Group 2 consists
of 15 year term agency eligible high balance mortgages and
non-agency jumbo loans.

Flagstar Bank, FSB ("Flagstar") is the servicer of the pool, Wells
Fargo Bank, N.A. ("Well Fargo") is the master servicer and
Wilmington Trust N.A. will serve as the trustee.

Servicing compensation in this transaction is based on a
fee-for-service incentive structure similar to the Chase Mortgage
Trust 2016-2 transaction. The fee-for-service incentive structure
includes an initial base servicing fee of 4 basis points for all
performing loans and increases according to certain delinquent and
incentive fee schedules. The Class B-6-C (NR) is first in line to
absorb any increase in servicing costs above the base servicing
costs. Moreover, the transaction does not have a servicing fee
cap.

The complete rating actions are:

Issuer: FLAGSTAR MORTGAGE TRUST 2017-1

Cl. 1-A-1, Assigned (P)Aaa (sf)

Cl. 1-A-2, Assigned (P)Aaa (sf)

Cl. 1-A-3, Assigned (P)Aaa (sf)

Cl. 1-A-4, Assigned (P)Aaa (sf)

Cl. 1-A-5, Assigned (P)Aaa (sf)

Cl. 1-A-6, Assigned (P)Aaa (sf)

Cl. 1-A-7, Assigned (P)Aaa (sf)

Cl. 1-A-8, Assigned (P)Aaa (sf)

Cl. 1-A-9, Assigned (P)Aa1 (sf)

Cl. 1-A-10, Assigned (P)Aa1 (sf)

Cl. 1-A-X-1, Assigned (P)Aaa (sf)

Cl. 1-A-X-2, Assigned (P)Aaa (sf)

Cl. 1-A-X-3, Assigned (P)Aaa (sf)

Cl. 1-A-X-4, Assigned (P)Aaa (sf)

Cl. 1-A-X-5, Assigned (P)Aaa (sf)

Cl. 1-A-X-6, Assigned (P)Aa1 (sf)

Cl. 2-A-1, Assigned (P)Aaa (sf)

Cl. 2-A-2, Assigned (P)Aaa (sf)

Cl. 2-A-3, Assigned (P)Aa1 (sf)

Cl. 2-A-X-1, Assigned (P)Aaa (sf)

Cl. B-1, Assigned (P)Aa3 (sf)

Cl. B-2, Assigned (P)A3 (sf)

Cl. B-3, Assigned (P)Baa3 (sf)

Cl. B-4, Assigned (P)Ba3 (sf)

Cl. B-5, Assigned (P)B3 (sf)

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Expected cumulative net losses on Group 1 are 0.40% and reach 4.9%
at a stress level consistent with Aaa ratings. Expected cumulative
net losses for Group 2 are 0.20% and reach 1.5% at a stress level
consistent with Aaa ratings.

The collateral quality for this transaction, by itself, is
consistent with other prime transactions that Moody's has recently
rated. The Aaa Moody's Individual Loan Analysis (MILAN) credit
enhancement (CE), inclusive of concentration adjustments, is 4.9%
for Group 1 and 1.5% for Group 2. Loan-level adjustments included:
adjustments to borrower probability of default for higher and lower
borrower DTIs, channel of originations, self-employed borrowers,
and at a pool level, for the default risk of HOA properties in
super lien states. 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 FSMT 2017-1 transaction is a securitization of 668 first lien
residential mortgage loans with an unpaid principal balance of
$443,790,711. This transaction has approximately 8 months seasoned
loans, and strong borrower characteristics. The weighted average
current FICO score is 775 and the weighted-average combined
loan-to-value ratio (CLTV) is 63.4%. 94.2% of the borrowers have
more than 24 months' liquid reserves. There are however a
relatively high percentage of self-employed borrowers (28%) in the
aggregate pool.

Flagstar Bank, FSB originated and will service the loans in the
transaction. Moody's considers Flagstar an adequate originator and
servicer of prime jumbo and conforming mortgages and Moody's loss
estimates did not include an adjustment for originator or servicer
quality.

Third-party Review and Reps & Warranties

A third party review (TPR) firms verified the accuracy of the
loan-level information that the sponsor gave us. The firm 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, and no appraisal defects.

Flagstar Bank, FSB as the originator, makes the loan-level R&Ws for
the mortgage loans. The loan-level R&Ws are strong and, in general,
either meet or exceed the baseline set of credit-neutral R&Ws
Moody's has identified for US RMBS. Further, R&W breaches are
evaluated by an independent third party using a set of objective
criteria. Similar to JPMMT transactions, the transaction contains a
"prescriptive" R&W framework. The originator makes comprehensive
loan-level R&Ws and an independent reviewer will perform detailed
reviews to determine whether any R&Ws were breached when loans
become 120 days delinquent or the property is liquidated at a loss
above a certain threshold. These reviews are prescriptive in that
the transaction documents set forth detailed tests for each R&W
that the independent reviewer will perform. Moody's did however
make an adjustment to Moody's loss levels to incorporate the weaker
financial strength of the R&W provider.

Servicing Arrangement

We consider the overall servicing arrangement for this pool to be
adequate.

Servicing compensation for loans in this transaction is based on a
fee-for-service incentive structure. The fee-for-service incentive
structure includes an initial base fee of 0.04% per annum for all
performing loans and increases according to certain delinquent and
incentive fee schedules. By establishing a base servicing fee for
performing loans that increases with the delinquency of loans, the
fee-for-service structure aligns monetary incentives to the
servicer with the costs of the servicer. The fee-for-service
compensation is reasonable and adequate for this transaction. It
also better aligns the servicer's costs with the deal's performance
and structure. The Class B-6-C (NR) is first in line to absorb any
increase in servicing costs above the base servicing costs.
Delinquency and incentive fees will be deducted from the Class
B-6-C interest payment amount first and could result in interest
shortfall to the certificates depending on the magnitude of the
delinquency and incentive fees.

Trustee and Master Servicer

The transaction trustee is Wilmington Trust, N.A. The custodian
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 obligated to make servicing
advances if the servicer is unable to do so. Moody's assess Wells
Fargo as an SQ1 (strong) master servicer of residential loans.

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 1.0% of the closing pool balance, which
mitigates tail risk by protecting the senior bonds from eroding
credit enhancement over time.

Y-Structure with Structural Updates

The transaction is structured as a two-group Y-structure similar to
certain JPMMT transactions but with certain structural differences
relative to previous JPMMT Y-structure transactions. Compared to
previous JPMMT Y-structures, the size of the senior credit
enhancement floor (1.0%) is substantially lower than previous deals
- JPMMT 2016-2 had a senior credit enhancement floor of 2.50% and
JPMMT 2016-4 had a senior credit enhancement floor of 2.00%. Lower
floors provide less protection against potential tail risk.

Exposure to Extraordinary Expenses

Extraordinary trust expenses in the FSMT 2017-1 transaction are
deducted directly from the available distribution amount. Although
some of the expenses are capped ($300,000 per year, out of which
amount the Trustee may only be reimbursed in an aggregate amount of
$150,000), the unpaid amount will carry forward and constitute
trust expenses on all future distribution dates until they are paid
in full. Moody's believes there is a very low likelihood that the
rated certificates in FSMT 2017-1 will incur any losses from
extraordinary expenses or indemnification payments from potential
future lawsuits against key deal parties. First, the loans are
prime quality, 100 percent Qualified Mortgages and were originated
under a regulatory environment that requires tighter controls for
originations than pre-crisis, which reduces the likelihood that the
loans have defects that could form the basis of a lawsuit. Second,
the transaction has reasonably well defined processes in place to
identify loans with defects on an ongoing basis. In this
transaction, an independent breach reviewer (Inglet Blair, LLC),
named at closing must review loans for breaches of representations
and warranties when certain clearly defined triggers have been
breached which reduces the likelihood that parties will be sued for
inaction. Furthermore, the issuer has disclosed the results of a
credit, compliance and valuation review of all of the mortgage
loans by an independent third party (Clayton Services LLC) .
Finally, Moody's sized Moody's credit enhancement assuming some
losses on the collateral owing to extraordinary expenses.

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.

Methodology

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

Additionally, the methodology used in rating Cl. 1-A-X-1, Cl.
1-A-X-2, Cl. 1-A-X-3, Cl. 1-A-X-4, Cl. 1-A-X-5, Cl. 1-A-X-6, Cl.
2-A-X-1 was "Moody's Approach to Rating Structured Finance
Interest-Only (IO) Securities" published in June 2017.


FREDDIE MAC 2017-SC02: Moody's Assigns Ba3 Rating to Cl. M-2 Certs
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to two
classes of residential mortgage-backed securities (RMBS) issued by
Freddie Mac Whole Loan Securities Trust, Series 2017-SC02 (FWLS
2017-SC02). The ratings range from Baa2 (sf) to Ba3 (sf). The
certificates are backed by two pools of fixed-rate super conforming
prime residential mortgage loans. The collateral pools consist of
loans acquired by Freddie Mac from three sellers (Caliber Home
Loans Inc. (93.9%), Wells Fargo Bank, N.A. (3.9%), and Fremont Bank
(2.2%)), pursuant to the terms of the Freddie Mac Single-Family
Seller/Servicer Guide. Freddie Mac will serve in a number of
capacities with respect to the Trust. Freddie Mac will be the
Guarantor of the Senior Certificates, Seller, Master Servicer,
Master Document Custodian and Trustee.

The complete rating actions are:

Issuer: Freddie Mac Whole Loan Securities Trust, Series 2017-SC02

Cl. M-1, Definitive Rating Assigned Baa2 (sf)

Cl. M-2, Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected loss on pool 1 average 0.60% in a base-case
scenario and reach 8.55% at a stress level consistent with Aaa
rating on the senior classes. Moody's expected losses on pool 2
average 0.70% in a base-case scenario and reach 9.20% at a stress
level consistent with Aaa rating on the senior classes. Moody's
arrived at these expected losses using Moody's MILAN model. Moody's
Aaa stress loss for pool 1 is consistent with prime jumbo
transactions Moody's has recently rated. The lower FICO scores and
higher CLTV on pool 2 contributed to the higher loss expectations
on the pool. In Moody's analysis, Moody's considered the observed
loss severity trends on Freddie Mac loans. Moody's did not make any
adjustments related to servicers and originators' assessments.
However, Moody's decreased Moody's base case and Aaa loss
expectation by 5% due to the strong representation and warranties
provider (Freddie Mac).

Collateral Description

The FWLS 2017-SC02 transaction is backed by a total of 1,079
fixed-rate super conforming prime residential mortgage loans with a
balance of $571,216,035. Pool 1 is backed by 369 loans with a
balance of $192,737,311 and pool 2 is backed by 710 loans with a
balance of $378,478,723. The collateral pools consist of loans
acquired by Freddie Mac from multiple sellers pursuant to the terms
of the Freddie Mac Single-Family Seller/Servicer Guide. The
weighted average CLTV is 77.8% for the aggregate pool, and 76.1%
and 78.7% for pool 1 and pool 2 loans respectively. The weighted
average FICO for the aggregate pool is 749, and 752 and 747 for
pool 1 and pool 2 loans respectively.

Third-Party Review(TPR)

Digital Risk, LLC conducted a review of credit, property
valuations, regulatory compliance (regulatory compliance was
conducted only for loans in the sample which were in states with
assignee liability laws and or regulations) and data accuracy
checks for 279 mortgage loans (from an initial pool of 1,111
loans). Moody's reviewed the TPR reports and there were no
exceptions for credit, property valuations, and regulatory
compliance. The data accuracy exceptions were minor and did not
pose a material risk.

Representations & Warranties (R&Ws)

Freddie Mac will make certain representations and warranties with
respect to the mortgage loans and will be the only party from which
the trust may seek repurchase of a mortgage loan as a result of any
material breach that provides for repurchase as a remedy. Freddie
Mac's Aaa senior ratings are underpinned by strong government
support. Moody's believes that the US Government will stand behind
obligations of the government-sponsored enterprises (GSEs).The
loan-level R&Ws are strong and, in general, meet the baseline set
of credit-neutral R&Ws Moody's has identified for US RMBS.

Structural considerations

The securitization has a two-pool 'Y' structure that distributes
principal on a pro rata basis between the senior and subordinate
classes subject to performance triggers, and sequentially amongst
the senior and subordinate certificates. The transaction has two
distinct features: recoupment of unpaid interest on stop advance
loans and shifting certain principal payments, subject to limits,
to cover interest shortfalls to the rated subordinate bonds due to
interest rate modifications and extra-ordinary expenses.

In this transaction, Freddie Mac will stop advancing principal and
interest on any real-estate owned (REO) property or loans that are
180 days or more delinquent. This will decrease the amount of
interest remitted to the trust and could result in interest
shortfalls to the bonds. However, interest accrued but not paid on
the stop advance loans will be recovered from the liquidation
proceeds (for liquidated loans), borrower payments, modification or
repurchases and added to the interest remittance amount. This will
result in subsequent recoveries of any interest shortfalls on
subordinates bonds in the order of their payment priority.

Also, in this transaction, the certificates are exposed to interest
shortfalls due to interest rate modifications and extra-ordinary
expenses. If the interest accrued on the Class B certificate is
insufficient to absorb the reduction in interest amount caused by
modification and extra-ordinary expenses, and to the extent that
the Class B certificate is outstanding, the transaction allows for
certain principal payments (up to subordinate percentage of
scheduled principal) to be re-directed to cover interest shortfall
to the rated bonds, with a corresponding write-down of Class B
principal balance. As a result, before Classes M-1 or M-2 suffer
any unrecoverable interest shortfall, the Class B certificate
balance has to be reduced to zero. The Class B certificate
represents 1% of the collateral.

Other Considerations

Moody's believe there is a very low likelihood that the rated
certificates in FWLS 2017-SC02 will incur any loss from
extraordinary expenses or indemnification payments owing to
potential future lawsuits against key deal parties. First, the
loans are prime quality and were originated under a regulatory
environment that requires tighter controls for originations than
pre-crisis, which reduces the likelihood that the loans have
defects that could form the basis of a lawsuit. Second, Freddie
Mac, who guarantees the senior classes and initially retains a 5%
vertical slice of the subordinate classes, has a strong alignment
of interest with investors, and is incentivized to actively manage
the pool to optimize performance. Freddie Mac has strong oversight
over the originators and servicers in the transaction. Third,
historical performance of loans aggregated by Freddie Mac has been
very strong to date, with minimal losses on previously issued FWLS
transactions. Fourth, the transaction has reasonably well defined
processes in place to identify loans with defects on an ongoing
basis. In this transaction, an independent breach reviewer must
review loans for breaches of representations and warranties when a
loan becomes 180 days delinquent, which reduces the likelihood that
parties will be sued for inaction. Furthermore, Freddie Mac is
obligated to buy back the first five loans that the reviewer
determines have breached the representations and warranties without
disagreeing with the findings. Finally, the optional termination
rights exist when the collateral balance has paid down to 1% of the
original balance, which reduces the likelihood that any significant
holdbacks for reserves will occur prior to actually incurring
reimbursable expenses.

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

Downgrade

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.

Upgrade

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.

Methodology

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


GE COMMERCIAL 2002-2: Moody's Affirms Ca Rating on Cl. X-1 Certs
----------------------------------------------------------------
Moody's Investors Service has affirmed the rating on one
interest-only class in GE Commercial Mortgage Pass-Through
Certificates, Series 2002-2:

Cl. X-1, Affirmed Ca (sf); previously on Jun 9, 2017 Upgraded to Ca
(sf)

RATINGS RATIONALE

The rating on the IO class X-1 was affirmed based on the credit
quality of the referenced class.

Moody's rating action reflects a base expected loss of 58.9% of the
current pooled balance. Moody's base expected loss plus realized
losses is now 1.2% of the original pooled balance. Moody's provides
a current list of base expected losses for conduit and fusion CMBS
transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in this rating was "Moody's Approach
to Rating Large Loan and Single Asset/Single Borrower CMBS"
published in October 2015.

Additionally, the methodology used in rating Cl. X-1 was "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

Moody's analysis incorporated a loss and recovery approach in
analyzing the P&I class in this deal since 100% of the pool is in
special servicing. In this approach, Moody's determines a
probability of default for each specially serviced and troubled
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 class and the
recovery as a pay down of principal to the most senior class.

DEAL PERFORMANCE

As of the 11 July, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 99.6% to $4.0
million from $971.8 million at securitization. The certificates are
collateralized by one mortgage loan.

Six loans have been liquidated from the pool at a loss,
contributing to an aggregate realized loss of $9.1 million (for an
average loss severity of 13.6%). One loan, constituting 100% of the
pool, is currently in special servicing. The specially serviced
loan is the Oakwood Shopping Center Loan, which is secured by a
103,000 SF anchored retail center located in Rocky Mount, North
Carolina approximately 60 miles east of Raleigh. The property,
which was built in 1975 and renovated in 1995, is anchored by a
Food Lion with a lease that extends through May 2025. The loan
transferred to the special servicer in July 2012 due to imminent
maturity default and became REO in April 2014. The property was 61%
leased as of December 2016. Moody's estimates an aggregate $2.4
million loss for this loan (59% expected loss).


GE COMMERCIAL 2004-C2: Moody's Lowers Class M Certs Rating to Ba1
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on two classes
and downgraded the ratings on two classes in GE Commercial Mortgage
Corporation, Commercial Mortgage Pass-Through Certificates, Series
2004-C2:

Cl. M, Downgraded to Ba1 (sf); previously on Sep 16, 2016 Upgraded
to Baa1 (sf)

Cl. N, Downgraded to Caa1 (sf); previously on Sep 16, 2016 Upgraded
to B3 (sf)

Cl. O, Affirmed C (sf); previously on Sep 16, 2016 Affirmed C (sf)

Cl. X-1, Affirmed C (sf); previously on Jun 9, 2017 Downgraded to C
(sf)

RATINGS RATIONALE

The ratings on the P&I classes M and N were downgraded due to the
deteriorating performance of the pool's two largest loans,
Continental Center A-note ($17.5 million -- 64.6% of the pool) and
Continental Center B-note ($5.6 million -- 20.8% of the pool) and
the risk of interest shortfalls.

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

The rating on the IO Class X-1 was affirmed based on the credit
quality of the referenced classes.

Moody's rating action reflects a base expected loss of 63.1% of the
current pooled balance, compared to 42.2% at Moody's last review.
Moody's base expected loss plus realized losses is now 1.4% of the
original pooled balance, compared to 1.1% 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.

Additionally, the methodology used in rating Cl. X-1 was "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 96% of the pool is in
special servicing. In this approach, Moody's determines a
probability of default for each specially serviced and troubled
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 class(es) and the
recovery as a pay down of principal to the most senior class(es).

DEAL PERFORMANCE

As of the 10 July, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $27.1 million
from $1.38 billion at securitization. The certificates are
collateralized by five mortgage loans ranging in size from 1% to
65% of the pool. Two loans, constituting 4.2% of the pool, have
defeased and are secured by US government securities.

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 two, compared to three at Moody's last review.

Ten loans have been liquidated from the pool, resulting in an
aggregate realized loss of $2.3 million (for an average loss
severity of 4.8%). Three loans, constituting 96% of the pool, are
currently in special servicing. The largest specially serviced loan
is the Continental Center -- A note ($17.5 million -- 64.6% of the
pool) and the second largest specially serviced loan is the
Continental Center -- B note ($5.6 million -- 20.8% of the pool),
which are both secured by 477,000 SF, 26-story, Class A office
building located in downtown Columbus, Ohio. The property was
initially transferred to the special servicer in December 2012 due
to imminent monetary default and was subsequently modified via an
A-note/B-note split in February 2014. The loan was transferred back
to the special servicer in May 2017 due to imminent default due to
tenancy issues. The largest tenant, SBC Ameritech (AT&T) plans to
downsized significantly at the property and the property's
third-largest tenant, Miami Jacobs Career College is planning to
close their location. The downsizing and departure of these two
tenants will result in an increase in vacancy by approximately 38%
of NRA. The property was 79% leased as of December 2016.

The third largest specially serviced loan is the Bayshore Plaza
($2.8 million -- 10.4% of the pool), which is secured by a 28,000
SF multi-tenant strip center that is part of a larger neighborhood
center. The collateral is shadow anchored by an Ace Hardware and
Desert Fitness. The loan transferred to the special servicer in
December 2012 for payment default and became REO in September 2013.
The property was 88% leased as of March 2017.

Moody's estimates an aggregate $17.1 million loss for the specially
serviced loans (66% expected loss on average).


GMAC COMMERCIAL 1997-C1: Moody's Affirms Csf Rating on Cl. X Debt
-----------------------------------------------------------------
Moody's Investors Service has affirmed the rating on one interest
only (IO) class of GMAC Commercial Mortgage Securities, Inc.
1997-C1:

Cl. X, Affirmed C (sf); previously on Jun 9, 2017 Downgraded to C
(sf)

RATINGS RATIONALE

The rating on the IO class X was affirmed based on the credit
quality of the referenced classes. The IO class is the only
outstanding Moody's-rated class in this transaction.

Moody's rating action reflects a base expected loss of 0.2% of the
current balance, compared to 0.1% at Moody's last review. Moody's
base expected loss plus realized losses is now 3.9% of the original
pooled balance, compared to 4.6% at the last review. Moody's
provides a current list of base expected losses for conduit and
fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

An IO class may be subject to ratings upgrades if there is an
improvement in the credit quality of its referenced classes,
subject to the limits and provisions of the updated IO
methodology.

An IO class may be subject to ratings downgrades if there is (i) a
decline in the credit quality of the reference classes and/or (ii)
paydowns of higher quality reference classes, subject to the limits
and provisions of the updated IO methodology.

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in this rating was "Moody's Approach
to Rating Large Loan and Single Asset/Single Borrower CMBS"
published in October 2015.

Additionally, the methodology used in rating Cl. X was "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

DEAL PERFORMANCE

As of the July 17, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $21.3 million
from $1.7 billion at securitization. The Certificates are
collateralized by eight mortgage loans ranging in size from 4% to
41% of the pool. Three loans, representing 57% of the pool have
defeased and are secured by US Government securities.

Three loans, representing 31% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which 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, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

Twenty-seven loans have been liquidated from the pool, resulting in
an aggregate realized loss of $65 million (57% loss severity on
average). There are no loans currently in special servicing.

Moody's received full year 2015 operating results for 82% of the
pool, and full year 2016 operating results for 82% of the pool
(excluding specially serviced and defeased loans).

The top three performing loans represent 32% of the pool balance.
The largest loan is the Morris Heights Apartments Loan ($2.9
million -- 13.3% of the pool), which is secured by a 158 unit
multi-family property located in the Bronx, New York. Reported
September 2016 occupancy was 99% compared to 97% at the prior
review. The loan is fully amortizing and has paid down 38% since
securitization. Moody's LTV and stressed DSCR are 22% and
>4.00X, respectively, compared to 23% and >4.00X at prior
review.

The second largest loan is the Medford Center Loan ($2.4 million --
11.2% of the pool), which is secured by a retail center which is
located in Medford, Wisconsin. The property was 96% occupied as of
March 2017, the same as at the prior review. The largest tenant,
K-Mart which occupies 55% of the GLA announced that this location
will be closing by September 2017. Moody's LTV and stressed DSCR
are 115% and 0.94X, respectively, compared to 59% and 1.84X at the
prior review.

The third largest loan is the CarMax Loan ($1.7 million -- 7.9% of
the pool), which is secured by a single tenant retail store in
Southeast Houston, Texas. The property is 100% occupied by CarMax.
The loan is fully amortizing and has paid down 82% since
securitization. Moody's LTV and stressed DSCR are 64% and 1.85X,
respectively, compared to 45% and 2.67X at the prior review.


GRAYSON CLO: Moody's Affirms B2(sf) Rating on Class D Notes
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Grayson CLO, Ltd.:

US$72,000,000 Class B Floating Rate Senior Secured Deferrable
Interest Extendable Notes Due 2021, Upgraded to Aaa (sf);
previously on April 06, 2017 Upgraded to Aa2 (sf)

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

US$111,500,000 Class A-1b Floating Rate Senior Secured Extendable
Notes Due 2021 (current outstanding balance of $37,131,165.51),
Affirmed Aaa (sf); previously on April 06, 2017 Affirmed Aaa (sf)

US$68,000,000 Class A-2 Floating Rate Senior Secured Extendable
Notes Due 2021, Affirmed Aaa (sf); previously on April 06, 2017
Affirmed Aaa (sf)

US$75,000,000 Class C Floating Rate Senior Secured Deferrable
Interest Extendable Notes Due 2021, Affirmed Ba2 (sf); previously
on April 06, 2017 Affirmed Ba2 (sf)

US$31,000,000 Class D Floating Rate Senior Secured Deferrable
Interest Extendable Notes Due 2021 (current outstanding balance of
$18,075,525.63), Affirmed B2 (sf); previously on April 06, 2017
Downgraded to B2 (sf)

Grayson CLO, Ltd., issued in November 2006, 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 November 2013.

RATINGS RATIONALE

These rating actions are primarily a result of deleveraging of the
senior notes and an increase in most of the transaction's
over-collateralization (OC) ratios since February 2017. The Class
A-1a notes have been paid down completely, by $100.6 million, and
the Class A-1b notes have been paid down by approximately 67% or
$74.4 million since that time. Based on the trustee's June report,
the OC ratios for the Class A, Class B, Class C and Class D notes
are reported at 236.12%, 156.17%, 109.71% and 102.37%,
respectively, versus February 2017 levels of 162.97%, 129.74%,
107.01% and 102.67%, respectively.

Nevertheless, the credit quality of the portfolio has deteriorated.
Based on Moody's calculations, the weighted average rating factor
is currently 3361 compared to 2972 in February 2017. Additionally,
Moody's notes the transaction contains a number of thinly traded or
untraded loans, whose lack of liquidity may pose additional risks
relating to the issuer's ultimate ability or inclination to pursue
a liquidation of such assets, especially if the sales can be
transacted only at heavily discounted price levels.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
October 2016.

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. Moody's analyzed defaulted recoveries
assuming the lower of the market price and the recovery rate in
order to account for potential volatility in market prices.
Realization of higher than assumed recoveries would positively
impact the CLO.

6) Exposure to credit estimates: The deal contains a large number
of securities whose default probabilities Moody's has assessed
through credit estimates. Moody's normally updates such estimates
at least once annually, but if such updates do not occur, the
transaction could be negatively affected by any default probability
adjustments Moody's assumes in lieu of updated credit estimates.

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% (2689)

Class A-1b: 0

Class A-2: 0

Class B: 0

Class C: +1

Class D: +2

Moody's Adjusted WARF + 20% (4033)

Class A-1b: 0

Class A-2: 0

Class B: -1

Class C: 0

Class D: -1

Loss and Cash Flow Analysis:

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

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analyzed the collateral pool as having a performing par and
principal proceeds balance of $276.9 million, defaulted par of
$52.4 million, a weighted average default probability of 21.68%
(implying a WARF of 3361), a weighted average recovery rate upon
default of 46.31%, a diversity score of 17 and a weighted average
spread of 3.16% (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. In each case, historical and market
performance and the collateral manager's latitude for trading the
collateral are also factors.

A material proportion of the collateral pool includes debt
obligations whose credit quality Moody's assesses through credit
estimates. Moody's analysis reflects adjustments with respect to
the default probabilities associated with credit estimates.
Specifically, Moody's assumed an equivalent of Caa3 for assets that
either do not have credit estimates or those with credit estimates
that have not been updated within the last 15 months, which
represent approximately 9.37% of the collateral pool.


GREEN TREE 1998-3: S&P Lowers Class A-5 Notes Rating to 'D(sf)'
---------------------------------------------------------------
S&P Global Ratings lowered its rating to 'D (sf)' from 'CC (sf)' on
the class A-5 notes from Green Tree Financial Corp. Manufactured
Housing Trust 1998-3, an asset-backed securities transaction backed
by manufactured housing loans. S&P subsequently withdrew the
rating.

The downgrade reflects that this transaction did not make its full
principal payment on class A-5 on its final maturity date in July
2017.

RATING LOWERED

  Green Tree Financial Corp. Manufactured Housing Trust 1998-3

         Rating
  Class   To    From
   A-5    D (sf)  CC (sf)

RATING WITHDRAWN

  Green Tree Financial Corp. Manufactured Housing Trust 1998-3

         Rating
  Class   To    From
   A-5    NR    D (sf)

  NR--Not rated.


GREYWOLF CLO III: S&P Affirms B(sf) Rating on Class E Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, A-2-R,
B-R, and C-R replacement notes from Greywolf CLO III Ltd., a U.S.
collateralized loan obligation (CLO) originally issued in 2014 that
is managed by Greywolf Capital Management L.P. S&P withdrew its
ratings on the original class A-1, A-2, B, and C notes following
payment in full on the July 24, 2017, refinancing date. At the same
time, S&P affirmed its ratings on the original class D and E notes,
which were not a part of the refinancing.

S&P said, "On the July 24, 2017, refinancing date, the proceeds
from the class A-1-R, A-2-R, B-R, and C-R notes were used to redeem
the original class A-1, A-2, B, and C notes as outlined in the
transaction document provisions. Therefore, we withdrew the ratings
on the transaction's original notes in line with their full
redemption, and we assigned ratings to the transaction's
replacement notes.

"Our review of this transaction included a cash flow analysis,
based on the portfolio and transaction as reflected in the 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 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, or both, to each of the
rated tranches.

"The ratings reflect our opinion that the credit support available
is commensurate with the associated rating levels.

"We will continue to review whether, in our view, the ratings
assigned to the transaction remain consistent with the credit
enhancement available to support them, and we will take rating
actions as we deem necessary."

RATINGS ASSIGNED

  Greywolf CLO III Ltd.

  Replacement class    Rating           Amount (mil. $)
  A-1-R                AAA (sf)                 385.250
  A-2-R                AA (sf)                   66.000
  B-R                  A (sf)                    54.375
  C-R                  BBB (sf)                  33.125

RATINGS WITHDRAWN

  Greywolf CLO III Ltd.
                          Rating
  Original class      To          From
  A-1                 NR          AAA (sf)
  A-2                 NR          AA (sf)
  B                   NR          A (sf)
  C                   NR          BBB (sf)

RATINGS AFFIRMED

  Greywolf CLO III Ltd.
  Class                Rating
  D                    BB (sf)
  E                    B (sf)

OUTSTANDING CLASS

  Greywolf CLO III Ltd.
  Class                   Rating
  Subordinated notes      NR

  NR--Not rated.


GS MORTGAGE 2012-GCJ7: Moody's Cuts Rating on Class E Certs to Ba3
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on eight classes
and downgraded the ratings on two classes in GS Mortgage Securities
Trust 2012-GCJ7, Commercial Mortgage Pass-Through Certificates,
Series 2012-GCJ7:

Cl. A-4, Affirmed Aaa (sf); previously on Jan 27, 2017 Affirmed Aaa
(sf)

Cl. A-AB, Affirmed Aaa (sf); previously on Jan 27, 2017 Affirmed
Aaa (sf)

Cl. A-S, Affirmed Aaa (sf); previously on Jan 27, 2017 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa3 (sf); previously on Jan 27, 2017 Affirmed Aa3
(sf)

Cl. C, Affirmed A3 (sf); previously on Jan 27, 2017 Affirmed A3
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Jan 27, 2017 Affirmed Baa3
(sf)

Cl. E, Downgraded to Ba3 (sf); previously on Jan 27, 2017 Affirmed
Ba2 (sf)

Cl. F, Downgraded to Caa1 (sf); previously on Jan 27, 2017 Affirmed
B2 (sf)

Cl. X-A, Affirmed Aaa (sf); previously on Jan 27, 2017 Affirmed Aaa
(sf)

Cl. X-B, Affirmed B1 (sf); previously on Jun 9, 2017 Downgraded to
B1 (sf)

RATINGS RATIONALE

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

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

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

Moody's rating action reflects a base expected loss of 4.9% of the
current balance, compared to 4.1% at Moody's last review. Moody's
base expected loss plus realized losses is now 4.2% of the original
pooled balance, compared to 3.5% at the last review. Moody's
provides a current list of base expected losses for conduit and
fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE 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.

Additionally, the methodology used in rating Cl. X-A and Cl. X-B
was "Moody's Approach to Rating Structured Finance Interest-Only
(IO) Securities" published in June 2017.

DEAL PERFORMANCE

As of the July 10, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 25% to $1.221
billion from $1.623 billion at securitization. The certificates are
collateralized by 65 mortgage loans ranging in size from less than
1% to 10% of the pool, with the top ten loans (excluding
defeasance) constituting 53% of the pool. Six loans, constituting
8% of the pool, have defeased and are secured by US government
securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 23, compared to 26 at Moody's last review.

Twelve loans, constituting 18% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

One loan has been liquidated from the pool, resulting in a realized
loss of $8.4 million (for a loss severity of 36%). Two loans,
constituting 4% of the pool, are currently in special servicing.
The largest specially serviced loan is the 545 Long Warf Drive Loan
($28.6 million -- 2.3% of the pool), which is secured by a 9-story,
Class A office building located in New Haven, Connecticut,
overlooking the New Haven Harbor and Long Island Sound. The loan
transferred to special servicing in May 2017 due to imminent
monetary default. The property's largest tenant, AT&T (71% of the
net rental area), vacated at lease-end in April 2017, and this
space is currently being advertised for lease.

The second largest specially serviced loan is the Fifth Third
Center Loan ($16.1 million -- 1.3% of the pool), which is secured
by an office tower located in the Central Business District (CBD)
of Dayton, Ohio. The loan transferred to special servicing in April
2017 due to maturity default. As of June 2017, the property was 56%
occupied, compared to 62% in December 2016, and 80% at
securitization.

Moody's estimates an aggregate $22 million loss for specially
serviced loans (48% expected loss on average).

Moody's has assumed a high default probability for six poorly
performing loans, constituting 7% of the pool, and has estimated an
aggregate loss of $16 million (a 20% expected loss based on a 50%
probability default) from these troubled loans.

Moody's received full year 2016 operating results for 93% of the
pool, and partial year 2017 operating results for 77% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 85%, compared to 88% 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 9.7%.

Moody's actual and stressed conduit DSCRs are 1.60X and 1.31X,
respectively, compared to 1.54X and 1.26X 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 24% of the pool balance. The
largest loan is the 1155 F Street Loan ($123.0 million -- 10.1% of
the pool), which is secured by a Class A, trophy office and retail
building located in Washington, D.C. The collateral is also
encumbered by $19.9 million of mezzanine debt. As of March 2017,
the property was 97% leased, compared to 96% in September 2016. The
property's largest tenants include three law firms that make up 63%
of the net rentable area (NRA). Moody's LTV and stressed DSCR are
94% and 1.03X, respectively compared to 95% and 1.02X at the last
review.

The second largest loan is the Columbia Business Center Loan ($86.9
million -- 7.1% of the pool), which is secured by the fee and
leasehold interests in an industrial park consisting of 26
buildings, totaling 4.66 million square feet (SF), located along
the Columbia River in Vancouver, Washington. Approximately 9% of
the NRA is allocated to office use with the remainder used for
warehouse and manufacturing purposes. The property was 99% leased
as of March 2017, compared to 97% in September 2016. Moody's LTV
and stressed DSCR are 92% and 1.36X, respectively, compared to 94%
and 1.34X at the last review.

The third largest loan is the Bellis Fair Mall Loan ($85.7 million
-- 7.0% of the pool), which is secured by a 538,226 SF component of
a 776,136 SF single-story, enclosed regional mall located in
Bellingham, Washington. The property is approximately 90 miles
north of Seattle and 20 miles south of the border with Canada. The
mall is anchored by Macy's, Target, Kohl's, J.C. Penney, and Dick's
Sporting Goods, with only Macy's and Dick's Sporting Goods being
part of the loan collateral. The property is the dominant mall
within its trade area and the only enclosed regional mall within
the Bellingham and Northwest Washington markets. The closest
regional mall competition is 28 miles south of the subject. As of
March 2017, the inline space was 66% leased, compared to 67% in
December 2016, and 92% in December 2015. Inline sales per square
foot (PSF) were $253 for the March 2017 trailing-twelve-month
period. Moody's LTV and stressed DSCR are 117% and 0.97X,
respectively.


GS MORTGAGE 2013-KING: S&P Raises Class E Certs Rating to BB+
-------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of commercial
mortgage pass-through certificates from GS Mortgage Securities
Corporation Trust 2013-KING, a U.S. commercial mortgage-backed
securities (CMBS) transaction. S&P said, "At the same time, we
affirmed our ratings on two other classes from the same
transaction."

S&P related, "The rating actions follow our analysis of the
transaction primarily using our criteria for rating U.S. and
Canadian CMBS transactions. Our analysis included a review of the
credit characteristics and current and future performance of the
retail collateral securing the loan in the pool, the transaction's
structure, and the liquidity available to the trust.

"The upgrades on classes B, C, D, and E reflect our expectation
that the available credit enhancement for these classes is greater
than our most recent estimate of necessary credit enhancement for
the respective rating levels, as well as the reduction in trust
balance.

"The affirmed rating on class A reflects our expectation that the
available credit enhancement for the class will be generally within
our estimate of the necessary credit enhancement required for the
current rating.

"We raised our rating on the class X-B interest-only (IO)
certificates and affirmed our rating on the class X-A IO
certificates based on our criteria for rating IO securities, under
which the ratings on the IO securities would not be higher than
their respective lowest-rated reference classes. The class X-B
certificates reference the class B certificates, and the class X-A
certificates reference the class A certificates.

"Our analysis of stand-alone transactions is primarily a
recovery-based approach that assumes a loan default. Using this
approach, our property-level analysis included a re-valuation of
the 1.2 million-sq.-ft. two-story superregional shopping mall, the
Kings Plaza Mall, in Brooklyn, N.Y., that secures the mortgage loan
in the trust. Of the total mall square footage, 872,741 sq. ft.
serves as the loan's collateral. We also considered the
servicer-reported net operating income (NOI) and occupancy for the
past four years ending 2013, 2014, 2015, and 2016 for the retail
property. Our expected-case value, using a 6.25% capitalization
rate, yielded a 77.0% loan-to-value ratio and a 1.39x debt service
coverage on the trust balance, based on a 30-year amortization
schedule."

According to the July 12, 2017, trustee remittance report, the loan
has a$453.8 million trust principal balance, down from $498.5
million at issuance. The loan has a seven-year term and is
scheduled to mature on Dec. 3, 2019. The mortgage loan amortizes on
a 30-year amortization schedule and pays a per annum interest rate
equal to 3.44122%. In addition, the loan has a reported current
payment status, and the transaction has not incurred any principal
losses to date.

According to the transaction documents, the borrower is responsible
for the special servicing fees, work-out fees, liquidation fees,
and costs and expenses incurred from appraisals and inspections
conducted by the special servicer.

S&P said, "We based our analysis partly on a review of the
property's historical NOI for the years ended Dec. 31, 2016, 2015,
2014, 2013, 2012, and 2011, and the most recent rent rolls provided
by the master servicer to determine our opinion of a sustainable
cash flow for the retail property.

"Based on the June 30, 2017, rent roll, the collateral space was
94.7% occupied, and the five largest tenants -- Lowe's, Best Buy,
H&M, Forever 21, and Old Navy -- accounted for 44.2% of the
collateral's total net rentable area as calculated by S&P Global
Ratings. The occupancy does not include 325,000 sq.ft. of
collateral space that is currently under redevelopment, primarily
due to the vacancy of the Sears anchor collateral space (289,215
sq. ft.) after Sears vacated the property in September 2016. The
master servicer said it expects the redevelopment to be completed
by mid-2018. We also understand that a portion of this space has
already been leased by various tenants, including Primark and Zara.
We have considered these leases in our analysis."

RATINGS LIST

GS Mortgage Securities Corporation Trust 2013-KING
Commercial mortgage pass-through certificates series 2013-KING

                                 Rating                            
    
  Class       Identifier          To                From           
  
  A           36193AAA6           AAA (sf)          AAA (sf)       
  
  X-A         36193AAC2           AAA (sf)          AAA (sf)       
  
  X-B         36193AAE8           AA+ (sf)          AA- (sf)       
  
  B           36193AAG3           AA+ (sf)          AA- (sf)       
  
  C           36193AAJ7           AA- (sf)          A- (sf)        
  
  D           36193AAL2           BBB+ (sf)         BBB- (sf)      
  
  E           36193AAN8           BB+ (sf)          BB- (sf)  


HEMPSTEAD II: Moody's Assigns (P)Ba3 Rating to Class D Notes
------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to six
classes of notes to be issued by Hempstead II CLO Ltd.

Moody's rating action is:

US$5,000,000 Class X Senior Secured Floating Rate Notes due 2029
(the "Class X Notes"), Assigned (P)Aaa (sf)

US$378,000,000 Class A-1 Senior Secured Floating Rate Notes due
2029 (the "Class A-1 Notes"), Assigned (P)Aaa (sf)

US$61,500,000 Class A-2 Senior Secured Floating Rate Notes due 2029
(the "Class A-2 Notes"), Assigned (P)Aa2 (sf)

US$37,500,000 Class B Mezzanine Secured Deferrable Floating Rate
Notes due 2029 (the "Class B Notes"), Assigned (P)A2 (sf)

US$38,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2029 (the "Class C Notes"), Assigned (P)Baa3 (sf)

US$35,000,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2029 (the "Class D Notes"), Assigned (P)Ba3 (sf)

The Class X Notes, the Class A-1 Notes, the Class A-2 Notes, the
Class B Notes, the Class C Notes, and the Class D Notes are
referred to herein 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.

Hempstead II is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 90% of the portfolio must consist
of senior secured loans, cash, and eligible investments, and up to
10% of the portfolio may consist of second lien loans and unsecured
loans. Moody's expects the portfolio to be approximately 95% ramped
as of the closing date.

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

In addition to the Rated Notes, the Issuer will issue one class of
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 October 2016.

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

Par amount: $600,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 3150

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 48.5%

Weighted Average Life (WAL): 8 years.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
October 2016.

Factors That Would Lead to 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 3150 to 3623)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1 Notes: 0

Class A-2 Notes: -2

Class B Notes: -2

Class C Notes: -1

Class D Notes: -1

Percentage Change in WARF -- increase of 30% (from 3150 to 4095)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1 Notes: -1

Class A-2 Notes: -3

Class B Notes: -4

Class C Notes: -2

Class D Notes: -1


HPS LOAN 3-2014: S&P Rates Class E-R Notes 'B-(sf)'
---------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1R, A-2R,
B-R, C-R, D-R, and E-R replacement notes from HPS Loan Management
3-2014 Ltd., a collateralized loan obligation (CLO) originally
issued in 2014 that is managed by HPS Investment Partners CLO (US)
LLC (see list). S&P said, "We withdrew our ratings on the original
class A-1, A-2, B, C, D, and E notes following payment in full on
the July 18, 2017, refinancing date. The replacement notes are
being issued via a supplemental indenture and a restated indenture
that is also issuing unrated class X notes."

S&P related, "On the July 18, 2017, refinancing date, the proceeds
from the replacement note issuance were used to redeem the original
class A-1, A-2, B, C, D, and E notes as outlined in the transaction
document provisions; therefore, we are withdrawing the ratings on
the original class A-1, A-2, B, C, D, and E notes in line with
their full redemption and are assigning final ratings to the
replacement notes.

"Our review of this transaction included a cash flow analysis,
based on the portfolio and transaction as presented to us in
connection with this review, 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 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, or both, 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 preliminary rating levels associated with these
rating actions.

"The ratings reflect our opinion that the credit support available
is commensurate with the associated rating levels.

"We will continue to review whether, in our view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them, and we will take rating actions as we
deem necessary."

RATINGS ASSIGNED

HPS Loan Management 3-2014 Ltd./HPS Loan Management 3-2014 LLC
Replacement class         Rating      Amount (mil. $)
X                         NR                     4.00
A-1R                      AAA (sf)             310.00
A-2R                      AA (sf)               68.00
B-R                       A (sf)                32.00
C-R                       BBB (sf)              30.00
D-R                       BB (sf)               20.00
E-R                       B- (sf)                6.00

RATINGS WITHDRAWN

HPS Loan Management 3-2014 Ltd./HPS Loan Management 3-2014 LLC
                              Rating
Class                 To               From
A-1                   NR               AAA (sf)
A-2                   NR               AA (sf)
B                     NR               A (sf)
C                     NR               BBB (sf)
D                     NR               BB (sf)
E                     NR               B (sf)

NR--Not rated.


IMT TRUST 2017-APTS: S&P Assigns B- Rating on 2 Tranches
--------------------------------------------------------
S&P Global Ratings assigned its ratings to IMT Trust 2017-APTS'
$536.0 million commercial mortgage pass-through certificates. S&P
withdrew its preliminary rating on the non-offered class XFX-B
certificates.

The certificate issuance is a commercial mortgage-backed securities
transaction backed by one $536.0 million commercial mortgage loan
split into two pari passu components: a $268.0 million
floating-rate component with an initial term of two years and a
fully extended maturity of five years, and a $268.0 million
seven-year fixed-rate component. This loan is secured by the
cross-collateralized and cross-defaulted first liens on the
borrowers' fee simple interests in 11 multifamily properties
located in Texas, Florida, and California.

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

RATINGS ASSIGNED

IMT Trust 2017-APTS  

Class           Rating(i)                Amount ($)
A-FL            AAA (sf)                117,540,000
XFL-CP(iii)     BBB- (sf)               205,315,000(ii)
XFL-NCP(iii)    BBB- (sf)              205,315,000 (ii)
B-FL            AA- (sf)                 41,728,000
C-FL            A- (sf)                  22,752,500
D-FL            BBB- (sf)                23,294,500
E-FL            BB- (sf)                 27,086,000
F-FL            B- (sf)                  19,249,000
A-FX            AAA (sf)                117,540,000
XFX-A(iii)      AAA (sf)                117,540,000(ii)
B-FX            AA- (sf)                 41,728,000
C-FX            A- (sf)                  22,752,500
D-FX            BBB- (sf)                23,294,500
E-FX            BB- (sf)                 27,086,000
F-FX            B- (sf)                    19,249,000
HRR(iv)         NR                         32,700,000

(i)The rating on each class of securities is preliminary and
subject to change at any time. The issuer will issue the
certificates to qualified institutional buyers in line with Rule
144A of the Securities Act of 1933.

(ii)Notional balance. The notional amount of the class XFL-CP and
XFL-NCP certificates will be reduced by the aggregate amount of
principal distributions and realized losses allocated to the class
A-FL, B-FL, C-FL, and D-FL certificates; and the notional amount of
the class XFX-A certificates will be reduced by the aggregate
amount of principal distributions and realized losses allocated to
the class A-FX certificates.

(iii)Interest only.

(iv)Non-offered eligible horizontal interest.

NR--Not rated.


JFIN CLO 2014-II: Moody's Affirms B2 Rating on Class E Notes
------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
following notes (the "Refinancing Notes") issued by JFIN CLO
2014-II Ltd.:

US$312,000,000 Class A-1A-R Senior Secured Floating Rate Notes Due
2026 (the "Class A-1A-R Notes"), Assigned Aaa (sf)

US$31,750,000 Class A-1B-R Senior Secured Fixed Rate Notes Due 2026
(the "Class A-1B-R Notes"), Assigned Aaa (sf)

US$52,700,000 Class A-2A-R Senior Secured Floating Rate Notes Due
2026 (the "Class A-2A-R Notes"), Assigned Aa1 (sf)

US$10,000,000 Class A-2B-R Senior Secured Fixed Rate Notes Due 2026
(the "Class A-2B-R Notes"), Assigned Aa1 (sf)

US$25,000,000 Class B-1-R Senior Secured Deferrable Floating Rate
Notes Due 2026 (the "Class B-1-R Notes"), Assigned A1 (sf)

US$2,500,000 Class B-2-R Senior Secured Deferrable Fixed Rate Notes
Due 2026 (the "Class B-2-R Notes"), Assigned A1 (sf)

Additionally, Moody's has taken rating actions on the following
outstanding notes issued by the Issuer on the original issuance
date (the "Original Closing Date"):

US $34,800,000 Class C Senior Secured Deferrable Floating Rate
Notes Due 2026 (the "Class C Notes"), Upgraded to Baa2 (sf);
previously on July 17, 2014 Definitive Rating Assigned Baa3 (sf)

US $33,900,000 Class D Senior Secured Deferrable Floating Rate
Notes Due 2026 (the "Class D Notes"), Affirmed Ba3 (sf); previously
on July 17, 2014 Definitive Rating Assigned Ba3 (sf)

US $4,600,000 Class E Senior Secured Deferrable Floating Rate Notes
Due 2026 (the "Class E Notes"), Affirmed B2 (sf); previously on
July 17, 2014 Definitive Rating Assigned B2 (sf)

The Issuer is a managed cash flow collateralized loan obligation
(CLO). The issued notes are collateralized primarily by a portfolio
of senior secured, broadly syndicated corporate loans.

Apex Credit Partners LLC (the "Manager") manages the CLO. It
directs the selection, acquisition, and disposition of collateral
on behalf of the Issuer.

RATINGS RATIONALE

Moody's ratings on the Refinancing Notes address the expected loss
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.

The Issuer has issued the Refinancing Notes on July 20, 2017 (the
"Refinancing Date") in connection with the refinancing of certain
classes of notes (the "Refinanced Original Notes") previously
issued on July 17, 2014, the Original Closing Date. On the
Refinancing Date, the Issuer used the proceeds from the issuance of
the Refinancing Notes to redeem in full the Refinanced Original
Notes.

Moody's rating actions on the Class C Notes, Class D Notes, and
Class E Notes are primarily a result of the refinancing, which
increases excess spread available as credit enhancement to the
rated notes. Additionally, Moody's expects the Issuer to continue
to benefit from a portfolio weighted average recovery rate (WARR)
level that is higher than the covenanted test level.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
October 2016.

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

The performance of each class of the Issuer's notes is subject to
uncertainty relating to certain factors and circumstances, and this
uncertainty could lead to either an upgrade or downgrade of Moody's
rating(s):

1) Macroeconomic uncertainty: CLO performance is subject to
uncertainty about credit conditions in the general economy.

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 the Manager or other transaction parties owing to embedded
ambiguities.

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

4) Deleveraging: During the amortization period, the pace of
deleveraging from unscheduled principal proceeds is an important
source of uncertainty. 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 ratings. Note repayments that are faster than Moody's
current expectations will usually have a positive impact on CLO
notes, beginning with those notes having the highest payment
priority.

5) Recovery of defaulted assets: Fluctuations in the market value
of defaulted assets could result in volatility in the deal's
overcollateralization levels. Further, the timing of recovery
realization and whether the Manager decides to work out or sell
defaulted assets create additional uncertainty. Realization of
recoveries that are either materially higher or lower than assumed
in Moody's analysis would impact the CLO positively or negatively,
respectively.

6) Weighted average life (WAL): The notes' ratings can be sensitive
to the weighted average life assumption of the portfolio, which
could lengthen owing to any decision by the Manager to reinvest
into new issue loans or loans with longer maturities, or
participate in amend-to-extend offerings. Life extension can
increase the default risk horizon and assumed cumulative default
probability of CLO collateral.

7) Weighted Average Spread (WAS): CLO performance can be sensitive
to WAS, which is a key factor driving the amount of excess spread
available as credit enhancement when a deal fails its
over-collateralization or interest coverage tests. A decrease in
excess spread, including as a result of losing the net interest
benefit of LIBOR floors, or because market conditions make it
difficult for the deal to source assets of appropriate credit
quality in order to maintain its WAS target, would reduce the
effective credit enhancement available for the notes.

8) Exposure to assets with low credit quality and weak liquidity:
The historical default rate of assets rated Caa3 with a negative
outlook, Caa2 or Caa3 on review for downgrade or the worst Moody's
speculative grade liquidity (SGL) rating, SGL-4, is higher than the
average. Exposure to such assets subject the notes to additional
risks if these assets default.

Together with the set of modeling assumptions described below,
Moody's conducted additional sensitivity analyses, which were
considered in determining the rating(s) assigned to the rated
notes. In particular, in addition to the base case analysis,
Moody's conducted sensitivity analyses to test the impact of a
number of default probabilities on the rated notes relative to the
base case modeling results. Below is a summary of the impact of
different default probabilities, expressed in terms of WARF level,
on the rated notes (shown in terms of the number of notches
difference versus the base case model output, where a positive
difference corresponds to a lower expected loss):

Moody's Assumed WARF - 20% (2400)

Class A-1A-R: 0

Class A-1B-R: 0

Class A-2A-R: 0

Class A-2B-R: 0

Class B-1-R: +3

Class B-2-R: +3

Class C: +3

Class D: +1

Class E: +2

Moody's Assumed WARF + 20% (3600)

Class A-1A-R: 0

Class A-1B-R: 0

Class A-2A-R: -1

Class A-2B-R: -1

Class B-1-R: -2

Class B-2-R: -2

Class C: -2

Class D: -1

Class E: -2

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, weighted average
recovery rate, and weighted average spread, are based on its
published methodology and could differ from the trustee's reported
numbers. For modeling purposes, Moody's used the following
base-case assumptions

Performing par and principal proceeds balance: $539,950,471

Defaulted par: $13,327,164

Diversity Score: 70

Weighted Average Rating Factor (WARF): 3000 (corresponding to a
weighted average default probability of 22.84%)

Weighted Average Spread (WAS): 4.00%

Weighted Average Recovery Rate (WARR): 47.83%

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


JP MORGAN 2007-C1: Moody's Lowers Rating on 2 Tranches to Csf
-------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on eleven
classes and downgraded the ratings on four classes in J.P. Morgan
Chase Commercial Mortgage Securities Trust 2007-C1, Commercial
Pass-Through Certificates, Series 2007-C1:

Cl. A-4, Affirmed Aa2 (sf); previously on Jul 29, 2016 Affirmed Aa2
(sf)

Cl. A-M, Affirmed Ba1 (sf); previously on Jul 29, 2016 Affirmed Ba1
(sf)

Cl. A-J, Affirmed B3 (sf); previously on Jul 29, 2016 Affirmed B3
(sf)

Cl. B, Affirmed Caa1 (sf); previously on Jul 29, 2016 Affirmed Caa1
(sf)

Cl. C, Downgraded to Ca (sf); previously on Jul 29, 2016 Affirmed
Caa2 (sf)

Cl. D, Downgraded to C (sf); previously on Jul 29, 2016 Affirmed
Caa3 (sf)

Cl. E, Downgraded to C (sf); previously on Jul 29, 2016 Affirmed Ca
(sf)

Cl. F, Affirmed C (sf); previously on Jul 29, 2016 Affirmed C (sf)

Cl. G, Affirmed C (sf); previously on Jul 29, 2016 Affirmed C (sf)

Cl. H, Affirmed C (sf); previously on Jul 29, 2016 Affirmed C (sf)

Cl. J, Affirmed C (sf); previously on Jul 29, 2016 Affirmed C (sf)

Cl. K, Affirmed C (sf); previously on Jul 29, 2016 Affirmed C (sf)

Cl. L, Affirmed C (sf); previously on Jul 29, 2016 Affirmed C (sf)

Cl. M, Affirmed C (sf); previously on Jul 29, 2016 Affirmed C (sf)

Cl. X-1, Downgraded to Caa2 (sf); previously on Jun 9, 2017
Downgraded to Caa1 (sf)

RATINGS RATIONALE

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

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

The rating on the X-1 IO class was downgraded due to a decline in
the credit quality of its referenced classes.

Moody's rating action reflects a base expected loss of 21.2% of the
current balance, compared to 15.8% at Moody's last review. Moody's
base expected loss plus realized losses is now 13.9% of the
original pooled balance, compared to 15.0% 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.

Additionally, the methodology used in rating Cl. X-1 and Cl. X-B
was "Moody's Approach to Rating Structured Finance Interest-Only
(IO) Securities" published in June 2017.

DEAL PERFORMANCE

As of the July 17, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 53% to $551.91
million from $1.18 billion at securitization. The certificates are
collateralized by 38 mortgage loans ranging in size from less than
1% to 20% of the pool, with the top ten loans constituting 71% of
the pool. Five loans, constituting 5% of the pool, have defeased
and are secured by US government securities.

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 11, compared to 14 at Moody's last review.

Nine loans, constituting 19% 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.

Eleven loans been liquidated from the pool, resulting in an
aggregate realized loss of $46.4 million (for an average loss
severity of 43%). Eight loans, constituting 48% of the pool, are
currently in special servicing. The largest specially serviced loan
is the Westin Portfolio Loan (for $108.1 million -- 20% of the
pool), which is secured by two Westin Hotels -- the Westin La
Paloma, a 487-key full-service hotel in Tucson, Arizona and the
Westin Hilton Head, a 412-key full-service ocean-front hotel in
Hilton Head, South Carolina. The loan represents an approximately
50% pari-passu interest in a $215 million loan. The loan was
transferred to special servicing in October 2008 due to imminent
default. The borrower filed for Chapter 11 Bankruptcy in November
2010. A bankruptcy court in Arizona modified the loan in May 2012
with the loan term extended and loan made principal-only for 21
years of $500,000 monthly payments split pro rata between the two
pari passu notes. Various fees, interest, and other expenses were
capitalized into the loan balance as a part of the loan
modification.

The remaining seven specially serviced loans are secured by a mix
of property types. Moody's estimates an aggregate $111.2 million
loss for the specially serviced loans (42% expected loss on
average).

Moody's has assumed a high default probability for two poorly
performing loans, constituting 5% of the pool, and has estimated an
aggregate loss of $3.7 million (a 15% expected loss based on a 50%
probability default) from these troubled loans.

Moody's received full year 2015 operating results for 100% of the
pool and full year 2016 operating results for 83% of the pool.
Moody's weighted average conduit LTV is 89%, compared to 100% 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 9.8%.

Moody's actual and stressed conduit DSCRs are 1.32X and 1.26X,
respectively, compared to 1.28X and 1.10X 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 20% of the pool balance. The
largest loan is The Outlet Shoppes at El Paso Loan ($61.7 million
-- 11% of the pool), which is secured by a 378,000 SF outlet retail
center. As of June 2017 the property was 96% leased, compared to
98% leased in March 2017. The outlet's major tenants include: Old
Navy, Nike, and Gap. Performance declined in 2014 due to an
increase in real estate taxes, however in 2015 taxes were
reassessed and NOI was rightsized. The loan is scheduled to mature
in December 2017. Moody's LTV and stressed DSCR are 79% and 1.33X,
respectively, compared to 80% and 1.32X at the last review.

The second largest loan is the Brandywine Regency Warehouse Loan
($34.6 million -- 6% of the pool), which is secured by a 624,502 SF
warehouse and distribution facility in Brandywine, Maryland
approximately 27 miles southeast of Washington, D.C. The property
is one of the largest warehouse and distribution facilities in the
Washington, D.C. area. The property was 100% to leased to two
tenants as of March 2017. Performance has been stable. The loan is
scheduled to mature in September 2017. Moody's LTV and stressed
DSCR are 65% and 1.59X, respectively, compared to 74% and 1.39X at
the last review.

The third largest loan is the Ashland Hanover Shopping Center Loan
($13.9 million -- 3% of the pool), which is secured by a 227,158 SF
grocery-anchored shopping center in Ashland, Virginia approximately
20 miles north of Richmond. The centers major tenants include Giant
Foods, Pebbles, Ace Hardware and Petco. The property was 92% leased
as of March 2017. Performance has been stable. The loan is
scheduled to mature in October 2017. Moody's LTV and stressed DSCR
are 105% and 0.98X, respectively, compared to 135% and 0.76X at the
last review.



JP MORGAN 2013-C16: Fitch Affirms 'Bsf' Rating on Class F Certs
---------------------------------------------------------------
Fitch Ratings has affirmed 13 classes of J.P. Morgan Chase
Commercial Mortgage Securities Trust (JPMCC) commercial mortgage
pass-through certificates series 2013-C16.

Fitch has issued a focus report on this transaction. The report
provides a detailed and up-to-date perspective on key credit
characteristics of the JPMCC 2013-C16 transaction and
property-level performance of the related trust loans.

KEY RATING DRIVERS

The affirmations reflect the overall stable performance of the
pool. As of the July 2017 distribution date, the pool's aggregate
principal balance has been reduced by 11.7% to $1 billion from
$1.14 billion at issuance. Three loans (3.3%) are defeased.

Stable Performance: Overall pool performance remains stable from
issuance. As of YE16, aggregate pool-level NOI improved 2.9% from
issuance. There is one loan (0.5% of pool) secured by a hotel
property in special servicing. Six loans (21.8%), including the
largest loan in the pool, are on the servicer watchlist due to a
low DSCR.

High Multifamily Concentration: The pool has a multifamily
concentration of 23.8%, which is significantly higher than the 2013
average concentration of 12.2%. The second-largest loan in the
pool, Veritas Multifamily Portfolio (8.1%), paid off in January
2016.

Subordinate Debt: Six loans, representing 28.0% of the pool
balance, have subordinate debt in place, including three of the
four largest loans in the pool (24.1%). The Aire has a $25 million
B-note and unsecured debt in place.

Below-Average Retail Concentration: Loans backed by retail
properties represent 17% of the pool, including three within the
top 15. This compares with the average retail concentration of
33.8% for Fitch-rated transactions in 2013. One loan (3.7%) is
secured by a regional enclosed mall in Fort Worth, TX anchored by a
Macy's, Sears and Dillards.

Maturity Concentration: Approximately 15% of the pool is scheduled
to mature in 2018, including the Hulen Mall (3.7%), which matures
in October. The remaining loans in the pool mature in 2023.

RATING SENSITIVITIES

Rating Outlooks for all classes remain Stable due to the overall
stable performance of the pool and continued amortization. Rating
upgrades may occur with improved pool performance and additional
paydown or defeasance. Rating downgrades to the classes are
possible should a material asset-level or economic event adversely
affect pool performance.

Fitch affirms the following classes:

-- $160.9 million class A-2 at 'AAAsf'; Outlook Stable;
-- $145 million class A-3 at 'AAAsf'; Outlook Stable;
-- $276.2 million class A-4 at 'AAAsf'; Outlook Stable;
-- $80.5 million class A-SB at 'AAAsf'; Outlook Stable;
-- $83.8 million class A-S at 'AAAsf'; Outlook Stable;
-- $73.8 million class B at 'AA-sf'; Outlook Stable;
-- $41.2 million class C at 'A-sf'; Outlook Stable;
-- $56.8 million class D at 'BBB-sf'; Outlook Stable;
-- $21.3 million class E at 'BBsf'; Outlook Stable;
-- $11.4 million class F at 'Bsf'; Outlook Stable;
-- $198.8 million class EC* at 'A-sf'; Outlook Stable;
-- $746.4 million class X-A at 'AAAsf'; Outlook Stable;
-- $73.8 million class X-B at 'AA-sf'; Outlook Stable.

* Class A-S, class B and class C certificates may be exchanged for
a related amount of class EC certificates, and class EC
certificates may be exchanged for class A-S, class B and class C
certificates.

Class A-1 has paid in full. Fitch does not rate the class NR
certificates or the interest only class X-C.


JP MORGAN 2014-C22: Fitch Affirms 'BB-sf' Rating on Class E Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 14 classes of J.P. Morgan Chase
Commercial Mortgage Securities Trust commercial mortgage
pass-through certificates series 2014-C22 (JPMBB 2014-C22).

KEY RATING DRIVERS

Stable Performance: Overall pool performance remains stable and in
line with issuance expectations. Although nine loans (11.5%) are on
the watchlist for various reasons, four loans (4.8%) were
considered Fitch Loans of Concern (FLOC). While not on the
servicer's watchlist, the 13th largest loan was flagged as a FLOC
due to declining performance. No loans are in special servicing.

Geographic Concentration: Two of the top 10 loans are secured by
properties located in tertiary locations. Las Catalinas Mall (6.8%)
is located in Caguas, Puerto Rico, and the Plazacorp Portfolio
(4.6%) has a large concentration of properties located in the
Kalamazoo, MI MSA. The largest state concentrations are New York
(17.1%), California (14%) and Texas (9.5%).

High Office Concentration: Office properties comprise 38.0% of the
pool, including five of the top 10 loans. The pool's office
composition is greater than the first-half 2014 and 2013 averages
of 18.4% and 19.6%, respectively. Other property type
concentrations include retail (23.4%), mixed-use (11.3%) and
hospitality (9.5%).

Limited Amortization: 13% of the pool is full-term interest-only,
59.2% of the pool is partial term interest-only, and 4.3% of the
pool is fully amortizing. The remainder of the pool (31 loans,
23.4%) consists of amortizing balloon loans with loan terms of five
to 10 years. Based on the scheduled balance at maturity, the pool
will have paid down 14.9%.
Low Mortgage Coupons: The pool's weighted average coupon is 4.58%,
which is considered lower than average based on recent historical
trends.

RATING SENSITIVITIES

Rating Outlooks for classes A-1 through D remain Stable due to the
overall stable performance of the pool and continued amortization.
Rating upgrades may be limited due to the high office exposure but
may occur with improved pool performance and additional paydown or
defeasance. The Negative Outlook for class E reflects the pool's
retail concentration (23.4%), of which 15.6% is collateralized by
four loans in the top 15; two regional malls are exposed to Sears
and/or JCPenney and have reported declining anchor sales.
Additionally, two non- retail properties within the top 15 (5%),
are considered Fitch Loans of Concern due to a significant decline
in performance due to the loss of large tenants. Rating downgrades
to the classes are possible should overall pool performance
decline.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

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

Fitch has affirmed the following ratings and revised Outlooks as
indicated:
-- $22 million class A-1 at 'AAAsf'; Outlook Stable;
-- $29.2 million class A-2 at 'AAAsf'; Outlook Stable;
-- $175 million class A-3A1 at 'AAAsf'; Outlook Stable;
-- $75 million class A-3A2 at 'AAAsf'; Outlook Stable;
-- $355.4 million class A-4 at 'AAAsf'; Outlook Stable;
-- $102.6 million class A-SB at 'AAAsf'; Outlook Stable;
-- $78.4 million class A-S* at 'AAAsf'; Outlook Stable;
-- $58.8 million class B* at 'AA-sf'; Outlook Stable;
-- $47.6 million class C* at 'A-sf'; Outlook Stable;
-- $184.9 million class EC* at 'A-sf'; Outlook Stable;
-- $837.6 million class X-A** at 'AAAsf'; Outlook Stable;
-- $28 million class X-C** at 'BB-sf'; Outlook to Negative from
    Stable;
-- $61.6 million class D at 'BBB-sf'; Outlook Stable;
-- $28 million class E at 'BB-sf'; Outlook to Negative from
    Stable.

*The class A-S, class B and class C certificates may be exchanged
for class EC certificates, and class EC certificates may be
exchanged for the class A-S, class B and class C certificates.

**Notional amount and interest only.

Fitch does not rate the class NR, UHP, X-D, X-E, F G certificates.


JP MORGAN 2017-JP7: DBRS Assigns B(high) Rating to Class G-RR Debt
------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the followings classes
of Commercial Mortgage Pass-Through Certificates, Series 2017-JP7
(the Certificates) to be issued by JPMCC 2017-JP7 Mortgage Trust:

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

All trends are Stable.

Classes D, E-RR, F-RR and G-RR will be privately placed. The X-A
and X-B balances are notional.

The collateral consists of 37 fixed-rate loans secured by 168
commercial and multifamily properties. The transaction is a
sequential-pay pass-through structure. The conduit pool was
analyzed to determine the provisional ratings, reflecting the
long-term probability of loan default within the term and its
liquidity at maturity. When the cut-off loan balances were measured
against the DBRS Stabilized Net Cash Flow (NCF) and their
respective actual constants, two loans (4.6% of the pool balance)
had a DBRS Term Debt Service Coverage Ratio (DSCR) below 1.15 times
(x), a threshold indicative of a higher likelihood of mid-term
default. Additionally, to assess refinance risk given the current
low interest rate environment, DBRS applied its refinance constants
to the balloon amounts. This resulted in 17 loans, representing
54.0% of the pool, having refinance DSCRs below 1.00x and seven
loans, representing 38.2% of the pool, having refinance DSCRs below
0.90x.

Four of the top ten loans, representing 27.1% of the pool, have
Strong sponsorship. Furthermore, DBRS identified only five loans,
which combined represent just 8.1% of the pool, that have
sponsorship and/or loan collateral associated with a voluntary
bankruptcy filing, a prior discounted payoff, a loan default,
limited net worth and/or liquidity, a historical negative credit
event and/or an inadequate commercial real estate experience. Two
of the top ten loans, Gateway Net Lease Portfolio and West Town
Mall, representing 12.3% of the pool, exhibit credit
characteristics consistent with investment-grade shadow ratings.
The Gateway Net Lease Portfolio received a BBB (high) shadow
rating, while West Town Mall was shadow rated A (low). Term default
risk is low, as indicated by a strong weighted-average (WA) DBRS
Term DSCR of 1.77x. In addition, 16 loans, representing 62.6% of
the pool, have a DBRS Term DSCR in excess of 1.50x, including nine
of the top 15 loans. Only three loans, totaling 10.6% of the
transaction balance, are secured by properties that are fully
leased to a single tenant. The vast majority of this concentration,
or 81.4%, is attributed to two loans in the top ten, 211 Main
Street and Torre Plaza, which are fully occupied by
investment-grade-rated tenants that have substantial capital
invested into the buildings. The 211 Main Street property is fully
leased to Charles Schwab & Co., while Torre Plaza is occupied by
Amazon.

The pool is concentrated based on loan size, with a concentration
profile equivalent to that of a pool of 21 equal-sized loans. The
largest five and ten loans total 40.7% and 59.5% of the pool,
respectively. As a result, a concentration penalty was applied
given the pool's lack of diversity, which increases each loan's
POD. The transaction's WA DBRS Refinance (Refi) DSCR is 0.98x,
indicating higher refinance risk on an overall pool level.
Seventeen loans, representing 54.0% of the pool, have DBRS Refi
DSCRs below 1.00x, including seven of the top 15 loans.
Additionally, seven of these loans, comprising 38.2% of the pool,
have DBRS Refi DSCRs less than 0.90x, including six of the top ten
loans. The DBRS Refi DSCRs for these loans are based on a WA
stressed refinance constant of 9.81%, which implies an interest
rate of 9.18% amortizing on a 30-year schedule. This represents a
significant stress of 4.76% over the WA contractual interest rate
of the loans in the pool. The pool's interest-only (IO)
concentration is elevated at 81.2%. Eight loans, representing 50.2%
of the pool, including seven top ten loans, are structured with
full-term IO payments. An additional 19 loans, comprising 31.0% of
the pool, have partial IO periods ranging from 12 months to 60
months. As a result, the transaction's scheduled amortization by
maturity is only 7.4%, which is generally below other recent
conduit securitizations.

The DBRS sample included 25 of the 37 loans in the pool. Site
inspections were performed on 58 of the 168 properties in the
portfolio (61.6% of the pool by allocated loan balance). The DBRS
sample had an average NCF variance of -10.3% and ranged from -20.4%
(Courtyard San Antonio Lackland) to +1.7% (211 Main Street).


JP MORGAN 2017-MAUI: S&P Gives Prelim B Rating on Class F Certs
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to J.P. Morgan
Chase Commercial Mortgage Securities Trust 2017-MAUI's $469.0
million commercial mortgage pass-through certificates.

The issuance is a commercial mortgage-backed securities (CMBS)
transaction backed by one two-year, floating-rate commercial
mortgage loan totaling $469.0 million that is secured by a
first-priority mortgage on the Four Seasons Resort Maui at Wailea,
including the borrower's fee simple interest in the property and
all furniture, fixtures, equipment, and personal property used to
operate the property and owned by the borrower.

The preliminary ratings are based on information as of July 21,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect our view of the collateral's
historical and projected performance, the sponsors' and manager's
experience, the trustee-provided liquidity, the loan's terms, and
the transaction's structure.

PRELIMINARY RATINGS ASSIGNED

  J.P. Morgan Chase Commercial Mortgage Securities Trust 2017-MAUI

  Class       Rating            Amount
                              (mil. $)
  A           AAA (sf)          150.00
  X           BBB- (sf)      304.00(i)
  B           AA- (sf)           56.50
  C           A- (sf)            42.00
  D           BBB- (sf)          55.50
  E           BB- (sf)           87.50
  F           B (sf)             54.00
  HRR         B- (sf)            23.50

(i)Notional balance. The notional amount of the class X
certificates will be reduced by the aggregate amount of principal
distributions and realized losses allocated to the class A, B, C,
and D certificates.


MAD MORTGAGE 2017-330M: S&P Rates Class E Certificates 'BBsf'
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to MAD Mortgage Trust
2017-330M's $500.0 million commercial mortgage pass-through
certificates series 2017-330M.

The certificate issuance is a CMBS transaction backed by a
seven-year, fixed-rate commercial mortgage loan totaling $500
million, secured by a first lien on the borrower's fee interest in
330 Madison Avenue, a 39-story office building totaling 849,372 sq.
ft. located within Midtown Manhattan's Grand Central office
submarket.
  
The ratings reflect S&P's view of the collateral's historical and
projected performance, the sponsor's and manager's experience, the
trustee-provided liquidity, the loan's terms, and the transaction's
structure.

RATINGS ASSIGNED

  MAD Mortgage Trust 2017-330M

  Class       Rating                 Amount ($)
  A           AAA (sf)              267,045,000
  X-A(i)      AAA (sf)              267,045,000
  B           AA- (sf)               59,375,000
  C           A- (sf)                44,460,000
  D           BBB- (sf)              54,625,000
  E           BB (sf)                49,495,000
  RR(ii)      NR                     25,000,000

(i)Notional balance. The notional amount of the class X-A
certificates will be reduced by the aggregate amount of realized
losses allocated to the class A certificates. (ii)Nonoffered
vertical risk retention class.


MADISON AVENUE 2013-650M: DBRS Confirms BB(low) Rating on E Certs
-----------------------------------------------------------------
DBRS Limited on July 12 confirmed all classes of Commercial
Mortgage Pass-Through Certificates Series 2013-650M issued by
Madison Avenue Trust 2013-650M as follows:

-- Class A at AAA (sf)
-- Class X-A 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)

All trends are Stable.

The confirmations reflect the stable performance of the property
securing the underlying loan in the transaction, which remains in
line with DBRS expectations at issuance. The transaction consists
of a $675 million fixed-rate loan secured by 650 Madison Avenue, a
27-storey Class A office and retail tower consisting of 523,608
square feet (sf) of office and 70,862 sf of retail space for a
total of 594,470 sf. Constructed in 1957, the property is
considered one of the premier office towers in the Plaza District
because of its unobstructed views of Central Park starting at the
15th floor and its 200 feet of ground-floor retail frontage along
Madison Avenue. The loan sponsor is a joint venture between Vornado
Realty L.P., OP USA Debt Holdings L.P. and other institutional
investors.

As of the April 2017 rent roll, the property was 87.4% occupied,
remaining unchanged from June 2016 and slightly below the issuance
level of 91.3%, due to the loss of the former third-largest tenant,
Crate and Barrel (C&B), in August 2015. While C&B's departure
pushed the retail occupancy at the subject down to 36.2% from
100.0% at issuance, the office space is 94.0% occupied as of April
2017, an increase from 90.5% at issuance. The largest tenants at
the property are Ralph Lauren Corporation (46.5% of the net
rentable area (NRA)) and Memorial Sloan Kettering Cancer Center
(16.9% of the NRA). Both tenants are investment grade and have
long-term leases expiring in December 2024 and July 2023,
respectively.

The sponsor executed leases with Moncler USA, Inc. (Moncler) and
Bottega Veneta for a portion of the former C&B space, and both
tenants are now paying rent as their respective free rent periods
of 14 months and six months have burned off. Moncler signed a
ten-year lease commencing in February 2016, paying a rental rate of
$668 per sf (psf), and Bottega Veneta signed a lease at $703 psf
commencing in August 2015 and expiring in February 2018. In March
2017, Bottega Veneta's annual rent increased to $1,206 psf,
resulting in an overall annual rent increase from $3.5 million to
$6.0 million for its retail space. Combined, the two tenants
account for only 29.0% of the former C&B space and 3.0% of the NRA,
but their combined annual rents of $12.0 million exceed the $7.5
million previously paid for the entire space by C&B. The remainder
of the retail space is anticipated to be filled by similar luxury
retailers at rental rates comparable to market. The sponsor has
estimated that this retail space will be able to generate between
$25.0 million and $30.0 million in rental revenue annually.

At issuance, a reserve in the amount of $55.8 million was
established to fund the difference between the C&B rental rate and
the market rental rate through the original lease expiry in 2019.
As of the June 2017 remittance, that reserve had a balance of $15.2
million. In addition, a leasing reserve was funded with monthly
contributions required through the loan term; as of the June 2017
remittance, that reserve had a balance of $5.5 million. The sponsor
also provided a guaranty to fund the $7.5 million shortfall between
Moncler's rent and C&B's rent during Moncler's free rent period,
which burned off in March 2017, and paid an additional $6.8 million
to fund C&B's outstanding leasing costs, Moncler's tenant
improvement/leasing costs and the cost of demolishing the remaining
C&B space. Finally, a guaranty was also provided to fund all
leasing costs incurred in connection with future re-letting of any
space previously leased by C&B.

The office portion of the subject, which amounted for 63.3% of the
rental income at issuance, reported an occupancy rate of 94.0% as
of April 2017, an increase from 90.3% at issuance. Since August
2016, one tenant expanded its existing space and three office
tenants signed leases at the property, totalling 22,301 sf (3.8% of
the NRA) on leases ranging from five to ten years, at a
weighted-average (WA) rental rate of $83.23 psf. The resulting
in-place WA office rental rate is $92.55 psf, which is a modest
increase over $91.89 psf at issuance and compares favourably with
the $72.54 psf average asking rent for Class A properties in the
Plaza District office submarket, according to CoStar, while the
vacancy level at the subject is also lower than the 10.0% vacancy
in the submarket. The remaining office space is being marketed by
the sponsor to high-net-worth private financial companies and
individuals at market rents.

According to the YE2016 financials, the loan reported a debt
service coverage ratio (DSCR) of 1.17 times; however, this figure
is not reflective of the distributions provisioned by the C&B Rent
Restructuring Reserve and the sponsor guarantee to cover rental
shortfalls for the former C&B space. In the analysis for this
review, DBRS applied an adjusted net cash flow figure to factor
current occupancy and rents at the property, with expenses based on
the YE2016 figures reported by the servicer. The resulting term and
refinance DSCR figures are in line with issuance figures and are
expected to increase over the near term as cash flows are expected
to continue to improve with the recent leasing activity and
potential income for the vacant retail space.


MAGNETITE LTD XIX: Moody's Assigns (P)B3 Rating to Class F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to six
classes of notes to be issued by Magnetite XIX, Limited.

Moody's rating action is:

US$320,000,000 Class A Senior Secured Floating Rate Notes due 2030
(the "Class A Notes"), Assigned (P)Aaa (sf)

US$55,000,000 Class B Senior Secured Floating Rate Notes due 2030
(the "Class B Notes"), Assigned (P)Aa2 (sf)

US$28,750,000 Class C Deferrable Mezzanine Floating Rate Notes due
2030 (the "Class C Notes"), Assigned (P)A2 (sf)

US$30,000,000 Class D Deferrable Mezzanine Floating Rate Notes due
2030 (the "Class D Notes"), Assigned (P)Baa3 (sf)

US$26,250,000 Class E Deferrable Mezzanine Floating Rate Notes due
2030 (the "Class E Notes"), Assigned (P)Ba3 (sf)

US$7,500,000 Class F Deferrable Mezzanine Floating Rate Notes due
2030 (the "Class F Notes"), Assigned (P)B3 (sf)

The Class A Notes, the Class B Notes, the Class C Notes, the Class
D Notes, the Class E Notes, and the Class F Notes are referred to
herein 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.

Magnetite XIX is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 90% of the portfolio must consist
of senior secured loans, and up to 10% of the portfolio may consist
of collateral obligations that are second lien loans and unsecured
loans. Moody's expects the portfolio to be approximately 75% ramped
as of the closing date.

BlackRock Financial Management, Inc. (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 five-year
reinvestment period. Thereafter, the Manager may reinvest
unscheduled principal payments and proceeds from sales of credit
risk assets, subject to certain restrictions.

In addition to the Rated Notes, the Issuer will issue one class of
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 October 2016.

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

Par amount: $500,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 3015

Weighted Average Spread (WAS): 3.45%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 9 years.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
October 2016.

Factors That Would Lead to 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 3015 to 3467)

Rating Impact in Rating Notches

Class A Notes: -1

Class B Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: -1

Class F Notes: -1

Percentage Change in WARF -- increase of 30% (from 3015 to 3920)

Rating Impact in Rating Notches

Class A Notes: -1

Class B Notes: -4

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1

Class F Notes: -4


MARINER CLO 2016-3: S&P Assigns BB(sf) Rating on Class E-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
A-R, B-R, C-R, D-R, and E-R notes from Mariner CLO 2016-3 Ltd., a
U.S. collateralized loan obligation (CLO) transaction managed by
Mariner Investment Group LLC. We withdrew our ratings on the
original class A, B, C, D, and E notes following payment in full on
the July 24, 2017, refinancing date.

On the July 24, 2017, refinancing date, the proceeds from the
replacement note issuance were used to redeem the original class A,
B, C, D, and E notes as outlined in the transaction document
provisions. Therefore, we are withdrawing the ratings on the
original class A, B, C, D, and E notes in line with their full
redemption and assigning ratings to the replacement notes.

The replacement notes are being issued via a supplemental indenture
and a restated indenture. In addition to outlining the terms of the
new notes, the restated indenture outlines the following:

-- The transaction will have an updated capital structure with
updated coverage tests.
-- The non-call period, the reinvestment period, and the stated
maturity will be extended to July 2019, July 2021, and July 2029,
respectively.
-- The weighted average life test has also been extended.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the 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
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,
or both, to each of the rated tranches.

"The assigned ratings reflect our opinion that the credit support
available is commensurate with the associated rating levels.

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

RATINGS ASSIGNED

  Mariner CLO 2016-3 Ltd.

  Replacement class    Rating           Amount (mil $)
  A-R                  AAA (sf)                315.000
  B-R                  AA (sf)                  63.000
  C-R                  A (sf)                   37.000
  D-R                  BBB (sf)                 25.000
  E-R                  BB (sf)                  20.000
  Subordinated notes   NR                       43.400

RATINGS WITHDRAWN

  Mariner CLO 2016-3 Ltd.

                             Rating
  Original class       To              From
  A                    NR              AAA (sf)
  B                    NR              AA (sf)
  C                    NR              A (sf)
  D                    NR              BBB (sf)
  E                    NR              BB (sf)

  NR--Not rated.


MCF CLO VI: S&P Rates Class E Notes 'BB-(sf)'
---------------------------------------------
S&P Global Ratings assigned its ratings to MCF CLO VI LLC's
$400.585 million floating-rate notes.

The note issuance is a collateralized loan obligation transaction
backed primarily by middle-market speculative-grade senior secured
term loans.

The ratings reflect:

-- The diversified collateral pool, which consists primarily of
middle-market 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.

RATINGS ASSIGNED

  MCF CLO VI LLC

  Class                 Rating           Amount (mil. $)
  A                     AAA (sf)                188.000
  B                     AA (sf)                  27.000
  C (deferrable)        A (sf)                   25.500
  D (deferrable)        BBB- (sf)                19.500
  E (deferrable)        BB- (sf)                 24.100
  Subordinated notes    NR                       40.770
  Combination notes     BBB-p (sf)              116.485

  NR--Not rated.
  p--Principal only.


MERRILL LYNCH 2005-CIP1: Moody's Hikes Class D Debt Rating to Caa2
------------------------------------------------------------------
Moody's Investors Service has affirmed the rating on one class and
upgraded the rating on one class in Merrill Lynch Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series 2005-CIP1:

Cl. D, Upgraded to Caa2 (sf); previously on Sep 21, 2016 Affirmed
Caa3 (sf)

Cl. XC, Affirmed C (sf); previously on Jun 9, 2017 Downgraded to C
(sf)

RATINGS RATIONALE

The rating on the P&I class, Class D, was upgraded based primarily
on loan paydowns and amortization. The deal has paid down 67.2%
since Moody's last review.

The rating on the IO class was affirmed based on the credit quality
of the referenced classes.

Moody's rating action reflects a base expected loss of 0% of the
current pooled balance, compared to 49.9% at Moody's last review.
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. Moody's base expected loss plus realized losses is now 8.4%
of the original pooled balance, compared to 8.7% 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.

Additionally, the methodology used in rating Cl. XC was "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

DEAL PERFORMANCE

As of the July 12, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 98.6% to $29.2
million from $2.06 billion at securitization. The certificates are
collateralized by 4 mortgage loans ranging in size from less than
1% to 66.8% of the pool. One loan, constituting 7.8% of the pool,
has defeased and is secured by US government securities.

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, compared to 4 at Moody's last review.

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.

Twenty-nine loans have been liquidated with a loss from the pool,
resulting in an aggregate realized loss of $173.7 million (for an
average loss severity of 44%). There are currently no loans in
special servicing.

As of the July 12, 2017 remittance statement cumulative interest
shortfalls were $14.6 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 year 2015 operating results for 100% of the
pool, and full or partial year 2016 operating results for 100% of
the pool (excluding specially serviced and defeased loans). Moody's
net cash flow (NCF) reflects a weighted average haircut of 19.8% to
the most recently available net operating income (NOI). Moody's
value reflects a weighted average capitalization rate of 8.95%.

Moody's actual and stressed conduit DSCRs are 2.06X and 1.58X,
respectively, compared to 1.89X and 1.45X 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 92.2% of the pool balance.
The largest loan is the Malibu Country Mart -- 3835 Loan ($19.5
million -- 66.8% of the pool), which is secured by an outdoor
lifestyle center located in Malibu, California. As per the April
2017 rent roll the property was 100% occupied, compared to 93%
leased as of July 2015. Moody's LTV and stressed DSCR are 58.8% and
1.65X, respectively, compared to 62.3% and 1.56X at the last
review.

The second largest loan is the Malibu Country Mart - 3900 Loan
($6.8 million -- 23.4% of the pool), which is secured by an outdoor
lifestyle center located in Malibu, California. As per the April
2017 rent roll, the property was 93% leased, compared to 100%
leased as of July 2015. Moody's LTV and stressed DSCR are 69.5% and
1.4X, respectively, compared to 74.6% and 1.3X at the last review.

The third largest loan is the El Dorado Homes Phase III Loan ($.60
million -- 2.1% of the pool), which is secured by a 19 unit
low-income housing project located in El Dorado, Arkansas. As per
the March 2017 rent roll the property was 100% occupied. Moody's
LTV and stressed DSCR are 67.1% and 1.37X, respectively, compared
to 63.3% and 1.4X at the last review.


MERRILL LYNCH 2007-C1: S&P Affirms B- Rating on Class AM Certs
--------------------------------------------------------------
S&P Global Ratings affirmed its ratings on the class A-1A and AM
commercial mortgage pass-through certificates from Merrill Lynch
Mortgage Trust 2007-C1, a U.S. commercial mortgage-backed
securities (CMBS) transaction.

S&P said, "Our affirmations follow our analysis of the transaction,
primarily using our 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,
as well as our views regarding the collateral's current and future
performance. The affirmations on classes A-1A and AM also reflect
our expectation that the available credit enhancement for these
classes will be within our estimate of the necessary credit
enhancement required for the current ratings.

"While available credit enhancement levels suggest positive rating
movements on classes A-1A and AM, our analysis also considered
refinancing risks with some of the performing loans and the
susceptibility to reduced liquidity support from the 13 specially
serviced assets ($163.6 million, 16.4%), the 14 loans on the master
servicers' combined watchlist ($300.1 million, 30.0%), including
the corrected DRA/Colonial Office Portfolio loan ($74.4 million,
7.4%), as well as two other corrected mortgage loans, the Empirian
Multifamily Portfolio Pool 1 ($293.1 million, 29.3%) and the
Empirian Multifamily Portfolio Pool 3 ($240.0 million, 24.0%)
loans. In addition, our analysis also considered class AM's recent
interest shortfall."

TRANSACTION SUMMARY

As of the July 14, 2017, trustee remittance report, the collateral
pool balance was $1.0 billion, which is 24.7% of the pool balance
at issuance. The pool currently includes 27 loans and three real
estate owned assets (adjusting for subordinate B hope notes), down
from 265 loans at issuance. Thirteen assets are with the special
servicer, 14 loans are on the master servicers' combined watchlist,
and one loan ($3.8 million, 0.4%) is defeased. The master
servicers, Wells Fargo Bank N.A. and KeyBank Real Estate Capital,
reported financial information for 73.2% of the nondefeased loans
in the pool, of which 82.5% was partial-year or year-end 2016 data,
and the remainder was partial-year 2015, year-end 2015, or
partial-year 2017 data.

S&P said, "We calculated a 0.86x S&P Global Ratings weighted
average debt service coverage (DSC) and 103.9% S&P Global Ratings
weighted average loan-to-value (LTV) ratio using a 7.72% S&P Global
Ratings weighted average capitalization rate. The DSC, LTV, and
capitalization rate calculations exclude the defeased loan, 13
specially serviced assets, two subordinate B hope notes ($214.5
million, 21.4%), and two loans on the master servicers' combined
watchlist ($8.0 million, 0.8%) that the master servicers informed
us were recently transferred or are in the process of being
transferred to special servicing. The top 10 loans have an
aggregate outstanding pool trust balance of $914.2 million (91.4%).
Using adjusted servicer-reported numbers, we calculated an S&P
Global Ratings weighted average DSC and LTV ratio of 0.80x and
107.9%, respectively, for six of the top 10 loans. The remaining
loans are specially serviced and discussed below.

"To date, the transaction has experienced $390.9 million in
principal losses, or 9.7% of the original pool trust balance. We
expect losses to reach approximately 11.8% of the original pool
trust balance in the near term, based on losses incurred to date
and additional losses we expect upon the eventual resolution of the
13 specially serviced assets and the two aforementioned loans on
the master servicers' combined watchlist."

CREDIT CONSIDERATIONS

As of the July 14, 2017, trustee remittance report, 13 loans in the
pool were with the special servicer, C-III Asset Management LLC
(C-III). C-III indicated that the Empirian Multifamily Portfolio
Pool 1 and 3 loans (aggregating $533.1 million, 53.3%) were
returned back to the master servicer on June 12, 2017, as corrected
mortgage loans without any modifications. In addition, the master
servicers indicated that two loans on the master servicers'
combined watchlist were transferred or in the process of being
transferred to special servicing. Details on the two largest
specially serviced assets, both of which are top 10 nondefeased
loans, are below.

The OfficeMax Headquarters loan ($49.0 million, 4.9%), the
sixth-largest nondefeased loan in the pool, has a reported $49.0
million total exposure. The loan, which has a reported foreclosure
in process payment status, is secured by a 354,098-sq.-ft. suburban
office property in Naperville, Ill. The loan was transferred to
special servicing on Dec. 20, 2016, due to imminent default. The
loan matured on July 1, 2017, and the borrower was unable to pay
off the loan. According to C-III, the single tenant occupying 100%
of the roperty's space vacated upon its May 31, 2017, lease
expiration and the property is currently 100% vacant. C-III stated
that it is exploring various liquidation strategies. There is
currently no appraisal reduction mount (ARA) in effect against the
loan; however, based on the updated 2017 appraisal value, S&P
expects a significant loss upon its eventual resolution.

The Jefferson Crossing Shopping Center loan ($28.3 million, 2.8%),
the seventh-largest nondefeased loan in the pool, has a reported
$28.7 million total exposure. The loan, which has a reported
nonperforming matured balloon payment status, was transferred to
special servicing on May 9, 2017, due to maturity default. The loan
matured on May 1, 2017. The loan is secured by a 159,206-sq.-ft.
grocery-anchored retail property in Charles Town, W.Va. C-III
indicated that it is exploring various liquidation strategies. As
of year-end 2016, the reported DSC and occupancy were 1.01x and
84.6%, respectively. An ARA of $7.1 million is in effect against
the loan and S&P expects a moderate loss upon its eventual
resolution.

The 13 remaining assets with the special servicer or expected to be
in special servicing, each have individual balances that represent
less than 2.3% of the total pool trust balance. S&P estimated
losses for the 15 specially serviced assets, arriving at a weighted
average loss severity of 51.3%.

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

RATINGS LIST

Merrill Lynch Mortgage Trust 2007-C1
Commercial mortgage pass-through certificates series 2007-C1
                                    Rating                         
       
  Class          Identifier         To                From         
    
  A-1A           59025KAF9          BBB+ (sf)         BBB+ (sf)    
   
  AM             59025KAG7          B- (sf)           B- (sf)  


MJX VENTURE II: Moody's Assigns Ba1(sf) Rating to Cl. E Notes
-------------------------------------------------------------
Moody's Investors Service has assigned ratings to eight classes of
notes issued by MJX Venture Management II LLC.

Moody's rating action is:

US$7,421,053 Series B/Class A-1 Notes due 2030 (the "Class A-1
Notes"), Assigned Aaa (sf)

US$11,042,948 Series B/Class A-2 Notes due 2030 (the "Class A-2
Notes"), Assigned Aaa (sf)

US$1,868,422 Series B/Class B-1 Notes due 2030 (the "Class B-1
Notes"), Assigned Aa1 (sf)

US$1,387,500 Series B/Class B-F Notes due 2030 (the "Class B-F
Notes"), Assigned Aa1 (sf)

US$657,895 Series B/Class C-1 Notes due 2030 (the "Class C-1
Notes"), Assigned Aa3 (sf)

US$1,150,000 Series B/Class C-F Notes due 2030 (the "Class C-F
Notes"), Assigned Aa3 (sf)

US$1,592,381 Series B/Class D Notes due 2030 (the "Class D Notes"),
Assigned A3 (sf)

US$1,395,000 Series B/Class E Notes due 2030 (the "Class E Notes"),
Assigned Ba1 (sf)

The Class A-1 Notes, the Class A-2 Notes, the Class B-1 Notes, the
Class B-F Notes, the Class C-1 Notes, the Class C-F Notes, the
Class D Notes, and the Class E Notes are referred to herein as the
"Rated Notes," and together with five unrated supplemental payment
notes, are the "Series B Notes." The Series B Notes are the second
series of issuance in a program of financing for CLOs to be managed
by the Issuer.

RATINGS RATIONALE

Moody's ratings of the Rated Notes address the expected losses
posed to noteholders. The ratings reflect the credit risks of the
collateral assets securing the notes, the Issuer's legal structure,
and the characteristics of the Issuer's assets.

MJX VM II is the collateral manager of Venture XXVIII CLO, Limited
(the "Underlying CLO"). The proceeds from the issuance of the Rated
Notes will be used to finance the purchase of a 5% vertical slice
of all the CLO tranches (the "Underlying CLO Notes") issued by the
Underlying CLO, in order for the Issuer to comply with the
retention requirements of both the US and EU Risk Retention Rules.

MJX VM II also acts as "originator" (as defined in the EU Risk
Retention Rules) of a part of the assets of the Underlying CLO (the
"Originated Assets"). As a result, MJX VM II is exposed to
potential credit and market value risk of the Originated Assets
during a holding period from the time the Issuer purchases the
Originated Assets in the market by until the Originated Assets are
sold from the Issuer to the Underlying CLO. To mitigate these
risks, the Issuer incorporates (i) a substantial cash reserve in an
escrow account to cover any potential losses during the holding
period and until the Originated Assets settle into the CLO and (ii)
minimum industry diversity and rating requirements for the
Originated Assets.

The Rated Notes are collateralized primarily by the Underlying CLO
Notes. In addition, the Rated Notes benefit from additional credit
enhancement provided by (i) 50% of the senior management fees from
the Underlying CLO (the "Pledged Management Fee"), (ii) an
unconditional guaranty provided by MJX Asset Management LLC, the
indirect parent of the Issuer, up to 10% of the initial aggregate
principal amount of the Series B Notes, and, (iii) in the event the
Rated Notes experience a default, certain excess collections from
other, non-defaulted Series of notes issued by the Issuer.

On each payment date, each class of Rated Notes will receive an
interest payment equal to 5% of the interest payment paid to the
entire class of the related Underlying CLO Notes. In the event of a
permitted refinancing or re-pricing, the respective interest amount
each class of Rated Notes receives will be reduced by the amount
the respective refinancing or re-pricing reduced the interest rates
on the Underlying CLO Notes.

The Issuer's priority of payments includes an interest trapping
mechanism following the occurrence of certain events (the
"Cash-Trap Events"). Upon a Cash-Trap Event, after payment of
interest on the Rated Notes, all remaining interest proceeds from
the Underlying CLO Notes and the Pledged Management Fee will be
trapped in a cash-trap account. Cash-Trap Events include, but are
not limited to, failure of an overcollateralization test, deferral
of interest on certain Underlying CLO Notes, and certain collateral
manager-related events. Unless the Cash-Trap Event is cured,
amounts in the cash-trap account will be applied to repay the Rated
Notes at maturity or redemption.

Although the Rated Notes constitute full recourse indebtedness of
the Issuer, the holders of the Rated Notes have no right to
foreclose upon the assets of the Issuer's other Series and have
limited rights to assets constituting excess collections from other
Series. Holders of other Series of Debt of the Issuer are likewise
precluded from foreclosing on the assets of the Series B Notes and
are limited in their rights to excess collections from the Series B
Notes.

In addition to a variety of other factors, Moody's analysis of the
Issuer's bankruptcy remoteness took into account a substantive
consolidation legal opinion. The opinion provided comfort that the
Issuer's structure and separateness features minimize the risk that
a bankruptcy court would order the consolidation of the assets and
liabilities of Issuer's parent or the guarantor and the Issuer.

Moody's modeled the Rated Notes 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 October 2016.

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

Par amount: $574,500,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2775

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 45.0%

Weighted Average Life (WAL): 9.0 years.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
October 2016.

Factors That Would Lead to 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
Underlying CLO, which in turn depends on economic and credit
conditions that may change. The Manager's investment decisions and
management of the Underlying CLO 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 2775 to 3191)

Rating Impact in Rating Notches

Class A-1 Notes: 0

Class A-2 Notes: 0

Class B-1 Notes: 0

Class B-F Notes: 0

Class C-1 Notes: -1

Class C-F Notes: -1

Class D Notes: -2

Class E Notes: 0

Percentage Change in WARF -- increase of 30% (from 2775 to 3608)

Rating Impact in Rating Notches

Class A-1 Notes: 0

Class A-2 Notes: 0

Class B-1 Notes: -2

Class B-F Notes: -2

Class C-1 Notes: -3

Class C-F Notes: -3

Class D Notes: -3

Class E Notes: -1


MORGAN STANLEY 2006-HQ10: Moody's Affirms Ba2 Rating on A-J Debt
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on five classes
and downgraded the ratings on two classes in Morgan Stanley Capital
I Trust 2006-HQ10:

Class A-J, Affirmed Ba2 (sf); previously on December 1, 2016
Affirmed Ba2 (sf)

Class B, Downgraded to Caa2 (sf); previously on December 1, 2016
Affirmed Caa1 (sf)

Class C, Downgraded to C (sf); previously on December 1, 2016
Affirmed Caa3 (sf)

Class D, Affirmed C (sf); previously on December 1, 2016 Affirmed C
(sf)

Class E, Affirmed C (sf); previously on December 1, 2016 Affirmed C
(sf)

Class F, Affirmed C (sf); previously on December 1, 2016 Affirmed C
(sf)

Class X-1, Affirmed C (sf); previously on June 9, 2017 Downgraded
to C (sf)

RATINGS RATIONALE

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

The rating on the IO class was affirmed based on the credit quality
of the referenced classes.

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

Moody's rating action reflects a base expected loss of 36.4% of the
current pooled balance, compared to 27.1% at Moody's last review.
Moody's base expected loss plus realized losses is now 9.5% 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 principal methodology used in these ratings was "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in October 2015.

Additionally, the methodology used in rating Cl. X-1 was "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 87.9% of the pool is in
special servicing. In this approach, Moody's determines a
probability of default for each specially serviced and troubled
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 to the most junior classes and the recovery
as a pay down of principal to the most senior classes.

DEAL PERFORMANCE

As of the July 14, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 89.9% to $150.1
million from $1,491.0 million at securitization. The certificates
are collateralized by 12 mortgage loans ranging in size from less
than 1% to 64% of the pool.

One loan, constituting 2.8% 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.

Twenty nine loans have been liquidated from the pool, resulting in
an aggregate realized loss of $87.2 million (for an average loss
severity of 36.7%). Nine loans, constituting 87.9% of the pool, are
currently in special servicing. The largest specially serviced loan
is the PPG Portfolio ($95.6 million -- 64.3% of the pool), which is
secured by seven medical office properties located in Arizona,
Colorado and Indiana, totaling 435,000 square feet. The loan
transferred to special servicing in May 2016 due to imminent
maturity default. The loan was scheduled to mature in October 2016
and the foreclosure process is ongoing. The properties face
significant tenant rollover in 2017, which impeded the borrower's
ability to refinance. The eight remaining loans in special
servicing represent 29% of the pool.

Moody's estimates an aggregate $53.9 million loss for the specially
serviced loans (41% expected loss on average).

Moody's received full year 2016 operating results for 100% of the
pool, and full or partial year 2017 operating results for 77% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 79.6%, compared to 80.3% at Moody's
last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 23.7% 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 1.61X and 1.53X,
respectively, compared to 1.35X and 1.30X 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 12.1% of the pool balance.
The largest loan is the Copperwood Apartments Loan ($10.2 million
-- 6.8% of the pool). The loan is secured by a 300-unit apartment
complex located in The Woodlands, Texas. Built in 1982 and
renovated in 2000, this property has enjoyed sustained occupancy at
or above 99% since securitization. This loan has amortized 11%
since securitization. Moody's LTV and stressed DSCR are 45.9% and
2.06X, respectively, versus 62.7% and 1.51X at the time the of the
last review.

The second largest loan is the 8 Progress Drive Loan ($4.2 million
-- 2.8% of the pool), which is secured by a 63,500 square foot
office property located in Shelton, Connecticut. The property was
74% occupied as of December 2016, compared to 83% at last review.
The loan has amortized 16% since securitization. Moody's LTV and
stressed DSCR are 128.2% and 0.84X, respectively, relative to 86.6%
and 1.22X at the time of the last review.

The third largest loan is the Dick's Sporting Goods loan ($3.8
million -- 2.5% of the pool), which is secured by a freestanding
store in Akron, Ohio. The loan was originally scheduled to mature
in October 2016 at its anticipated repayment date. The loan remains
current with a final maturity date of October 2036. Given the
single tenant exposure for this loan, a lit/dark approach was
applied to Moody's net cash flow determination. Moody's LTV and
stressed DSCR are 116.6% and 0.88X, respectively.


MORGAN STANLEY 2007-TOP27: Fitch Hikes Class C Certs Rating to CCC
------------------------------------------------------------------
Fitch Ratings has upgraded three classes and affirmed 11 classes of
Morgan Stanley Capital I Trust, commercial mortgage pass-through
certificates, series 2007-TOP27 (MSCI 2007-TOP27).

KEY RATING DRIVERS

Significant Paydown and Increased Credit Enhancement: The
transaction has paid down an additional 58% since Fitch's last
rating action, or approximately $1.56 billion. Most of this paydown
has occurred in recent months as loans paid off at maturity. In
addition, the transaction experienced better than expected
recoveries on several of the maturing loans.

Since issuance, the transaction has paid down 89.2%, to $293
million from $2.7 billion.

Pool Concentration/Adverse Selection: The transaction is highly
concentrated with only eight of the original 234 loans remaining.
Of the eight remaining loans, four (20.4% of the pool balance) are
specially serviced and two (3.5% of the pool balance) are
performing but on the master servicer's watchlist. Fitch loans of
concern comprise 21.5% of the pool.

Due to the pool's concentrated nature, a sensitivity analysis was
performed that grouped and ranked the remaining loans by their
structural features, performance, estimated likelihood of
repayment, and estimated losses on the specially serviced assets.

Specially Serviced Assets: The specially serviced loans account for
20.4% of the pool. Town Square Mall is an REO asset (8.0%) that is
located in Owensboro, Kentucky and has a dark anchor space from
Sears vacating in December 2014. The Residence Inn - Herndon (9.1%)
located in Herndon, VA transferred to the special servicer in June
2017 due to maturity default and Marriott is requiring $3 million
in PIP expenditures to maintain the Marriott flag through 2023 when
the agreement expires.

Longer Term Loans: Two of the remaining loans, 360 Park Avenue
South and Broadmoor Mini Storage, which consist of 75.5% of the
pool, mature in 2022. As of year-end 2016, 360 Park Avenue South
had a 1.97x NOI DSCR and is 100% occupied by Reed Elsevier (now
known as RELX) until December 2021.

RATING SENSITIVITIES

The Rating Outlooks on classes A-J and B are Stable due to
increasing credit enhancement, continued amortization and expected
continued paydown of the pool. The class A-J and B balances are
covered by the largest loan in the pool, 360 Park Avenue South.
Further upgrades are unlikely considering 360 Park Avenue South's
long term loan maturity and Reed Elsevier's (RELX is rated
'BBB+'/'F2' by Fitch) lease expiring in December 2021, which
precedes the loan's maturity in March 2022. Downgrades, although
unlikely, could occur if the performance 360 Park Avenue South
deteriorates. Distressed classes may be subject to further
downgrades as additional losses are realized or if losses exceed
Fitch's expectations.

Fitch has upgraded the following classes and revised Outlooks as
indicated:

-- $156.6 million class A-J to 'BBBsf' from 'BBsf'; Outlook to
    Stable from Negative;

-- $54.5 million class B to 'BBBsf' from 'CCCsf'; Outlook Stable
    assigned;

-- $30.6 million class C to 'CCCsf' from 'CCsf'; RE 100%.

In addition, Fitch has affirmed the following classes:

-- $30.6 million class D at 'Csf'; RE 15%;
-- $20.7 million class E at 'Dsf'; RE 0%;
-- $0 class F at 'Dsf'; RE 0%;
-- $0 class G at 'Dsf'; RE 0%;
-- $0 class H at 'Dsf'; RE 0%;
-- $0 class J at 'Dsf'; RE 0%;
-- $0 class K at 'Dsf'; RE 0%;
-- $0 class L at 'Dsf'; RE 0%;
-- $0 class M at 'Dsf'; RE 0%;
-- $0 class N at 'Dsf'; RE 0%;
-- $0 class O at 'Dsf'; RE 0%;
-- $50.2 million class AW34 at 'AAAsf'; Outlook Stable.

The class A-1, A-2, A-3, A-AB, A-4. A-1A, A-M, and A-MFL
certificates have paid in full. Fitch does not rate the class P
certificates. Fitch previously withdrew the rating on the
interest-only class X certificates.


MORGAN STANLEY 2012-C6: Fitch Affirms 'Bsf' Rating on Cl. H Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 14 classes from Morgan Stanley Capital
I, Inc. MSBAM 2012-C6 commercial mortgage pass-through
certificates.

KEY RATING DRIVERS

Stable Performance: The affirmations are based on generally stable
performance of the underlying collateral pool. As of the July 2017
distribution date, the pool's aggregate principal balance has paid
down by 21.8% to $878.2 million from $1.12 billion at issuance.
Since Fitch's last rating action, six loans totaling $173 million
were repaid at or prior to their scheduled maturity dates. Fitch
modelled losses of 2.8% of the remaining pool; expected losses
based on the original pool balance are 2.2%. The pool has
experienced no realized losses to date and there are currently no
specially serviced loans. One loan (4.6% of current pool) has been
defeased.

Pool and Loan Concentrations: The pool is becoming increasingly
concentrated with 51 of the original 61 loans remaining as of July
2017. The largest loan represents 14.2% of the current pool and the
largest 15 loans represent 70.4% of the pool. Seven loans (38.3%)
are secured by properties located in New York and New Jersey, with
five of the top 15 loans (32.5% of pool) secured by properties
located in Manhattan, NY.

High Retail Concentration: Loans secured by retail properties
represent 41.4% of the current pool by balance and include four of
the top 15 loans (28.9%). There are also two regional malls in the
top 5 loans. Greenwood Mall, located in Bowling Green, KY, has had
declining inline sales and has exposure to Sears and JCPenney and
is currently in the process of replacing a Macy's with Belk.
Cumberland Mall, located in Vineland NJ, has had declining net
operating income (NOI) since issuance and recently replaced
JCPenney who vacated in April 2016 with Dick's Sporting Goods.

Maturities: The pool has four loans (9.3% of the current pool) that
mature in August, September, or October and all other loans mature
in 2022.

Amortization: The top two loans in the pool (22.8%) are full time
interest only while all other loans are currently amortizing,
except for two loans that the interest only period expires in the
next couple of months.

RATING SENSITIVITIES

Rating Outlooks for all classes remain Stable due to overall stable
pool performance and expected continued paydown. Future upgrades
may be limited due to increasing concentrations and exposure to two
regional malls in the top five loans. Fitch's ratings incorporated
additional sensitivity stresses on the two malls. Downgrades,
although not likely in the near term, may be possible should
overall performance decline significantly.

Fitch has affirmed the following classes as indicated:

-- $57.7 million class A-2 at 'AAAsf'; Outlook Stable;
-- $72 million class A-3 at 'AAAsf'; Outlook Stable;
-- $411.4 million class A-4 at 'AAAsf'; Outlook Stable;
-- $98.3 million class A-S at 'AAAsf'; Outlook Stable;
-- $50.6 million class B at 'AAsf'; Outlook Stable;
-- $43.5 million class C at 'Asf'; Outlook Stable;
-- $0 class PST (Exchangeable) at 'Asf'; Outlook Stable;
-- $21.1 million class D at 'BBB+sf'; Outlook Stable;
-- $40.7 million class E at 'BBB-sf'; Outlook Stable;
-- $9.8 million class F at 'BBB-sf'; Outlook Stable;
-- $19.7 million class G at 'BBsf'; Outlook Stable;
-- $12.6 million class H at 'Bsf'; Outlook Stable;
-- $639.4 million class X-A at 'AAAsf'; Outlook Stable;
-- $94.1 million class X-B at 'Asf'; Outlook Stable.

The class PST certificates are exchangeable for the class A-S,
class B, and class C certificates.

Class A-1 has paid in full. Fitch does not rate the class J and X-C
certificates.


MORGAN STANLEY 2013-C12: Moody's Affirms B1 Rating on Cl. F Certs
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on 13 classes in
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12,
Commercial Mortgage Pass-Through Certificates:

Cl. A-1, Affirmed Aaa (sf); previously on Aug 18, 2016 Affirmed Aaa
(sf)

Cl. A-2, Affirmed Aaa (sf); previously on Aug 18, 2016 Affirmed Aaa
(sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 18, 2016 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 18, 2016 Affirmed Aaa
(sf)

Cl. A-S, Affirmed Aaa (sf); previously on Aug 18, 2016 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Aug 18, 2016 Affirmed
Aaa (sf)

Cl. B, Affirmed Aa3 (sf); previously on Aug 18, 2016 Affirmed Aa3
(sf)

Cl. C, Affirmed A3 (sf); previously on Aug 18, 2016 Affirmed A3
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Aug 18, 2016 Affirmed Baa3
(sf)

Cl. E, Affirmed Ba2 (sf); previously on Aug 18, 2016 Affirmed Ba2
(sf)

Cl. F, Affirmed B1 (sf); previously on Aug 18, 2016 Affirmed B1
(sf)

Cl. PST, Affirmed A1 (sf); previously on Aug 18, 2016 Affirmed A1
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on Aug 18, 2016 Affirmed Aaa
(sf)

RATINGS RATIONALE

The ratings on eleven 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 class PST was affirmed due to the weighted average
rating factor (WARF) of the exchangeable classes.

The rating on the IO class was affirmed based on the credit quality
of the referenced classes.

Moody's rating action reflects a base expected loss of 2.0% of the
current pooled balance, compared to 2.6% at Moody's last review.
Moody's base expected loss plus realized losses is now 1.9% of the
original pooled balance, compared to 2.5% 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 principal methodology used in these ratings was "Approach to
Rating US and Canadian Conduit/Fusion CMBS" published in December
2014.

The methodology used in rating the exchangeable class, Cl. PST was
"Moody's Approach to Rating Repackaged Securities" published in
June 2015.

Additionally, the methodology used in rating Cl. X-A was "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

DEAL PERFORMANCE

As of the July 15, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 4.6% to $1.22
billion from $1.28 billion at securitization. The certificates are
collateralized by 72 mortgage loans ranging in size from less than
1% to 10.3% of the pool, with the top ten loans (excluding
defeasance) constituting 49% of the pool. Two loans, constituting
1.2% of the pool, have defeased and are secured by US government
securities.

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

Nine loans, constituting 8.3% 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. There are currently no loans in special
servicing.

Moody's received full year 2016 operating results for 100% of the
pool, and partial year 2017 operating results for 96% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 91%, compared to 95% at Moody's last review.
Moody's conduit component excludes loans with structured credit
assessments, defeased and CTL loans, and specially serviced and
troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 16% 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 1.64X and 1.16X,
respectively, compared to 1.60X and 1.11X 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 24% of the pool balance. The
largest loan is the Merrimack Premium Outlets Loan ($125.3 million
-- 10.3% of the pool), which is secured by a 408,996 square foot
(SF) outlet center located in Merrimack, New Hampshire. The outlet
center is situated immediately off the Everett Turnpike within the
Southern New Hampshire section of the greater Boston market area,
approximately ten miles north of the Massachusetts/New Hampshire
border. The property was developed by Simon Property Group, L.P.
and opened in June 2012. As of March 2017, the property was 99%
leased to roughly 100 tenants. Moody's LTV and stressed DSCR are
93% and 1.05X respectively, compared to 98% and 0.99X at the last
review.

The second largest loan is the 15 MetroTech Center Loan ($83
million -- 6.8% of the pool), which is secured by a 19-story, Class
A office building containing 649,492 SF of net rentable area
located in Brooklyn, New York. The loan represents a pari-passu
interest in a $156.8 million mortgage loan. It is one of seven
Class A buildings situated within the MetroTech Center, all of
which are owned by the sponsor. The property was built in 2003 and
contains a two-level below-grade parking garage offering 113
spaces. As of March 2017, the building was 100% leased by three
credit tenants who signed leases prior to the building's
completion. One of the tenants, WellPoint Inc. currently subleases
92% of their space to seven subtenants. The WellPoint Inc. lease
represents 60% of the building's net rentable area (NRA) and is
scheduled to expire on June 30, 2020. Moody's LTV and stressed DSCR
are 84% and 1.15X, respectively, compared to 86% and 1.13X at the
last review.

The third largest loan is the City Creek Center Loan ($79.4 million
-- 6.5% of the pool), which is secured by 348,537 SF of net
rentable area contained within a 628,934 SF regional mall located
in Salt Lake City, Utah. City Creek Center opened in March 2012 as
part of a $1.5 billion mixed-used redevelopment of downtown Salt
Lake City that started in 2006. In addition to the subject
property, the development contains 2.1 million SF of office space,
800 multi-family units and a 4,000-space subterranean garage. The
center is anchored by Macy's and Nordstrom. Both anchor units are
owned by their respective tenants and are not contributed as
collateral for the loan. The borrower owns a leasehold interest in
the majority of the collateral and a fee interest in three
restaurants (27,685 SF). The ground-lease is with the Church of
Latter-day Saints with an initial term of 30 years through March
21, 2042 and four additional 10-year options. As of March 2017, the
collateral property was 98% leased, compared to 97% at
securitization. Moody's LTV and stressed DSCR are 75% and 1.23X,
respectively, compared to 76% and 1.21X at the last review.


MORGAN STANLEY 2013-C7: Moody's Affirms B2 Rating on Cl. G Certs
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Moody's Investors Service has affirmed the ratings on 14 classes in
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7,
Commercial Mortgage Pass-Through Certificates:

Cl. A-2, Affirmed Aaa (sf); previously on Jul 21, 2016 Affirmed Aaa
(sf)

Cl. A-AB, Affirmed Aaa (sf); previously on Jul 21, 2016 Affirmed
Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Jul 21, 2016 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on Jul 21, 2016 Affirmed Aaa
(sf)

Cl. A-S, Affirmed Aaa (sf); previously on Jul 21, 2016 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa3 (sf); previously on Jul 21, 2016 Affirmed Aa3
(sf)

Cl. PST, Affirmed A1 (sf); previously on Jul 21, 2016 Affirmed A1
(sf)

Cl. C, Affirmed A3 (sf); previously on Jul 21, 2016 Affirmed A3
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Jul 21, 2016 Affirmed Baa3
(sf)

Cl. E, Affirmed Ba2 (sf); previously on Jul 21, 2016 Affirmed Ba2
(sf)

Cl. F, Affirmed Ba3 (sf); previously on Jul 21, 2016 Affirmed Ba3
(sf)

Cl. G, Affirmed B2 (sf); previously on Jul 21, 2016 Affirmed B2
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on Jul 21, 2016 Affirmed Aaa
(sf)

Cl. X-B, Affirmed A2 (sf); previously on Jul 21, 2016 Affirmed A2
(sf)

RATINGS RATIONALE

The ratings on eleven 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 transaction contains a group of exchangeable certificates.
Classes A-S, B and C may be exchanged for Class PST certificates
and Class PST may be exchanged for the Classes A-S, B and C. The
PST certificates will be entitled to receive the sum of interest
and principal distributable on the Classes A-S, B and C
certificates that are exchanged for such PST certificates. The
rating on the PST class was affirmed based on the weighted average
rating factor (or WARF) of its exchangeable classes.

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

Moody's rating action reflects a base expected loss of 2.0% of the
current balance, compared to 2.2% at Moody's last review. Moody's
base expected loss plus realized losses is now 2.0% of the original
pooled balance, the same as at 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.

The methodology used in rating the exchangeable class, Cl. PST was
"Moody's Approach to Rating Repackaged Securities" published in
June 2015.

Additionally, the methodology used in rating Cl. X-A and Cl. X-B
was "Moody's Approach to Rating Structured Finance Interest-Only
(IO) Securities" published in June 2017.

DEAL PERFORMANCE

As of the July 17, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 12.1% to $1.23
billion from $1.39 billion at securitization. The certificates are
collateralized by 57 mortgage loans ranging in size from less than
1% to 14% of the pool, with the top ten loans constituting 59.1% of
the pool. One loan, constituting 1.8% of the pool, has an
investment-grade structured credit assessment.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 19, compared to 21 at Moody's last review.

Three loans, constituting 17.4% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

One loans have been liquidated from the pool, resulting in an
aggregate realized loss of $2.8 million (for an average loss
severity of 17.8%). No loans are currently in special servicing.

Moody's has assumed a high default probability for three poorly
performing loan, constituting 1.3% of the pool, and has estimated
an aggregate loss of $2.4 million (a 15% expected loss based on a
50% probability default) from these troubled loans.

Moody's received full year 2015 operating results for 100% of the
pool, and full year 2016 operating results for 97% of the pool.
Moody's weighted average conduit LTV is 97%, compared to 95% at
Moody's last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 9% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.4%.

Moody's actual and stressed conduit DSCRs are 1.74X and 1.10X,
respectively, compared to 1.73X and 1.09X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The loan with a structured credit assessment is the Sunvalley
Shopping Center Fee Loan ($21.8 million -- 1.8% of the pool), which
is secured by the leased fee interest associated with six parcels
of land totaling 68.4 acres located in Concord, California. The
parcels generate revenue through a ground lease to a 1.4 million
square foot regional mall which is operated by an affiliate of
Taubman Centers Inc. The mall anchors are JC Penney, Macy's and
Sears. Moody's structured credit assessment is aaa (sca.pd), the
same as at Moody's last review.

The top three conduit loans represent 30% of the pool balance. The
largest loan is the Chrysler East Building Loan ($165 million --
13.5% of the pool), which is secured by a 32-story, 745,000 SF
multi-tenant office building within the Grand Central office market
of New York, New York. The loan sponsor is Tishman Speyer
Properties. Several leases expired in 2014 and 2015 including the
two largest tenants at securitization, Credit Agricole (19% of the
NRA) and Grant Thorton (8% of the NRA). Both tenants vacated the
property, however, Credit Aricole was already subleasing its space
and the majority of its original space has been re-leased. Property
performance has declined since securitization and the property was
83% leased as of March 2017 compared to 96% at securitization.
Moody's LTV and stressed DSCR are 123% and 0.75X, respectively, the
same as at Moody's last review.

The second largest loan is the Millennium Boston Retail Loan
($101.3 million -- 8.3% of the pool), which is secured by nine
commercial condominium units contained within three buildings,
totaling 282,000 SF of mixed use space in the Midtown/Theater
District area of downtown Boston, Massachusetts. The properties are
100% leased to nine tenants, including Loews Theater, The Sports
Club/LA, and CVS. Moody's LTV and stressed DSCR are 82% and 1.05X,
respectively, compared to 84% and 1.03X at the last review.

The third largest loan is the Solomon Pond Mall Loan ($100.6
million -- 8.2% of the pool), which is secured by a 399,000 SF
component of a 885,000 SF regional mall located in Marlborough,
Massachusetts (approximately 27 miles west of Boston). The property
is anchored by Macy's, JC Penney, and Sears, none of which are part
of the loan collateral. The largest collateral tenants are Regal
Cinema (17% of the NRA) and Tilt Arcade (7% of the NRA). As of
March 2017, the total property was 96% occupied and inline
occupancy was 89% occupied. Moody's LTV and stressed DSCR are 92%
and 1.15X, respectively, compared to 90% and 1.17X at the last
review.


MORGAN STANLEY 2016-UBS11: Fitch Affirms B- Rating to Cl. F Certs
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Fitch Ratings has affirmed 16 classes of Morgan Stanley Capital l
Trust 2016-UBS11 Commercial Mortgage Pass-Through Certificates.

KEY RATING DRIVERS

Stable Performance: The affirmations are based on the stable
performance of the underlying collateral. There have been no
material changes to the pool since issuance, and therefore the
original rating analysis was considered in affirming the
transaction.

As of the July, 2017 distribution date, the pool's aggregate
balance has been reduced by 1% to $712.5 million, from $719.8
million at issuance. All loans are current and there have been no
specially serviced loans. One loan, Irish Hills Plaza & Broadway
Plaza (7.8% of the pool), is on the servicer's watchlist. The loan
is secured by two anchored retail properties totalling 311,816
square feet, located in San Luis Obispo, CA (Irish Hills) and Santa
Maria, CA (Broadway). The loan has been placed on the servicers
watchlist due to the largest tenant (23.4% of the combined net
rentable area [NRA]; 42% of Broadway Plaza NRA) failing to renew
their lease within the 18-month notice period (ended April 2017). A
lockbox has been activated, and there are currently no renewal
updates for the tenants leases which expire in July 2018 and
October 2018.

High Lodging Exposure: Approximately 36.0% of the pool by balance,
including eight of the top 20 loans, consists of hotel properties.
Hotel concentration in the pool is greater than the 2016 and 2015
averages of 16.0% and 17.0%, respectively. Two of the top 10 loans,
132 West 27th Street (9.4% of the pool) and Fairfield Inn Times
Square Fee (6.9%), are classified as hotels but are collateralized
by a net lease and leased fee interest, respectively. Excluding
these two loans, the hotel concentration is 19.6%, which is higher
than the 2016 and 2015 averages, respectively.

High Pool Concentration: The top 10 loans comprise 65.7% of the
pool, which is greater than the 2016 average of 54.8% and the 2015
average of 49.3%. At issuance, the pool's loan concentration index
(LCI) was 553, which is greater than the 2016 and 2015 averages of
422 and 367, respectively.

Above-Average Amortization: The pool is scheduled to amortize by
14.9%, there are four loans representing 24.0% of the pool that are
full-term interest only and six loans representing 16.3% of the
pool that are partial interest-only.

Additional Debt: Three loans (22.1% of the pool) have non-pooled
subordinate debt held outside the trust. At issuance, the Fitch
stressed DSCR and LTV for the pool on the total debt are 1.22x and
104.8%, respectively.

RATING SENSITIVITIES

The Rating Outlook on all classes remains Stable given the
relatively stable performance of the transaction since issuance.
Fitch does not foresee positive or negative ratings migration until
a material economic or asset-level event changes the transaction's
overall portfolio level metrics.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

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

Fitch has affirmed the following classes:

-- $34.8 million class A-1 at 'AAAsf'; Outlook Stable;
-- $60.3 million class A-2 ' at AAAsf'; Outlook Stable;
-- $55.9 million class A-SB at 'AAAsf'; Outlook Stable;
-- $170 million class A-3 at 'AAAsf'; Outlook Stable;
-- $175.5 million class A-4 at 'AAAsf'; Outlook Stable;
-- $496.5* million class X-A at 'AAAsf'; Outlook Stable;
-- $128.7 million* class X-B at 'A-sf'; Outlook Stable;
-- $60.3 million class A-S at 'AAAsf'; Outlook Stable;
-- $34.2 million class B at 'AA-sf'; Outlook Stable;
-- $34.2 million class C at 'A-sf'; Outlook Stable;
-- $36.9* million class X-D at 'BBB-sf'; Outlook Stable;
-- $18* million class X-E at 'BB-sf'; Outlook Stable;
-- $7.2* million class X-F at 'B-sf'; Outlook Stable;
-- $36.9 million class D at 'BBB-sf'; Outlook Stable;
-- $18 million class E at 'BB-sf'; Outlook Stable;
-- $7.2 million class F at 'B-sf'; Outlook Stable.

* Notional amount and interest-only.

Fitch does not rate class G or class XG certificates.


MP CLO IV: Moody's Assigns Ba3(sf) Rating to Class E-R Sr. Notes
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Moody's Investors Service has assigned the following ratings to the
following notes (the "Refinancing Notes") issued by MP CLO IV,
Ltd.:

US$4,000,000 Class X Amortizing Senior Secured Floating Rate Notes
due 2029 (the "Class X Notes"), Definitive Rating Assigned Aaa
(sf)

US$258,000,000 Class A-R Senior Secured Floating Rate Notes Due
2029 (the "Class A-R Notes"), Definitive Rating Assigned Aaa (sf)

US$42,000,000 Class B-R Senior Secured Floating Rate Notes due 2029
(the "Class B-R Notes"), Definitive Rating Assigned Aa2 (sf)

US$19,400,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class C-R Notes"), Definitive Rating Assigned
A2 (sf)

US$24,600,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class D-R Notes"), Definitive Rating Assigned
Baa3 (sf)

US$24,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes Due 2029 (the "Class E-R Notes"), Definitive Rating Assigned
Ba3 (sf)

The Issuer is a managed cash flow collateralized loan obligation
(CLO). The issued notes are collateralized primarily by a portfolio
of senior secured, broadly syndicated corporate loans.

MP CLO Management LLC (the "Manager") manages the CLO. It directs
the selection, acquisition, and disposition of collateral on behalf
of the Issuer.

RATINGS RATIONALE

Moody's ratings on the Refinancing 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.

The Issuer issued the Refinancing Notes in connection with the
refinancing of all classes of the secured notes (the "Refinanced
Original Notes") previously issued on September 25, 2013.

In addition to the issuance of the Refinancing Notes, a variety of
other changes to transaction features that occurred in connection
with the refinancing: extension of the reinvestment period;
extensions of the stated maturity and non-call period; changes to
certain collateral quality tests; changes to the
overcollateralization test levels.

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 October 2016.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. For modeling
purposes, Moody's used the following base-case assumptions:

Performing par and principal proceeds balance: $399,519,377

Defaulted par: $733,596

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2950

Weighted Average Spread (WAS): 3.45%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 47.75%

Weighted Average Life (WAL): 8 years

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
October 2016.

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

The performance of the Refinancing Notes is subject to uncertainty.
The performance of the Refinancing 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 Refinancing Notes.

Together with the set of modeling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a component
in determining the rating(s) assigned to the Refinancing 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 Refinancing
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% (3393)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-R Notes: -1

Class B-R Notes: -2

Class C-R Notes: -2

Class D-R Notes: -1

Class E-R Notes: -1

Percentage Change in WARF -- increase of 30% (3835)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-R Notes: -1

Class B-R Notes: -4

Class C-R Notes: -4

Class D-R Notes: -2

Class E-R Notes: -2


NATIONAL COLLEGIATE 2005-GATE: Moody's Cuts B Debt Rating to Ba1
----------------------------------------------------------------
Moody's Investors Service downgraded three tranches and confirmed
the rating on another tranche in three transactions, The National
Collegiate Trust 2005-GATE, National Collegiate Trust 2006-A ("NCT
2006-A") and National Collegiate Trust 2007-A ("NCT 2007-A"). The
underlying collateral for these transactions includes private
student loans, which are not guaranteed by the US government.

The complete rating actions are as follow:

Issuer: The National Collegiate Trust 2005-GATE

Class B, Downgraded to B1 (sf); previously on Jul 28, 2016
Downgraded to Ba1 (sf)

Issuer: National Collegiate Trust 2006-A

Cl. B, Confirmed at A3 (sf); previously on May 4, 2017 A3 (sf)
Placed Under Review for Possible Upgrade

Issuer: National Collegiate Trust 2007-A

Cl. B, Downgraded to A3 (sf); previously on May 4, 2017 A1 (sf)
Placed Under Review for Possible Downgrade

Cl. C, Downgraded to Baa3 (sf); previously on May 4, 2017 Baa2 (sf)
Placed Under Review for Possible Downgrade

RATINGS RATIONALE

The downgrade on the class B notes in NCT 2005-GATE reflects the
high probability of the tranche to not pay off by the final
maturity date in April 2023. Moody's expects an event of default to
be triggered at maturity that could allow the use of amount then
standing on the reserve account to partially cover up the principal
in default at maturity. Currently, the reserve account is at a
floor of $1 million. Moody's assessed a high probability that the
remaining principal then due on class B will be paid off as the
collateral runs off past the legal final maturity of the tranche.

The rating actions on class B of NCT 2006-A and Class B and C of
NCT 2007-A, are a result of detailed cash flow analysis of the
transactions under various scenarios using additional information
provided by the administrator of the issuers. Moody's further
assessed the benefit of additional credit enhancement provided by
the funded and unfunded guarantee pledges from participating
schools on their student loan repayment as well as the limited
guarantee provided by Bank of America NA on the repayment of
another portion of the pool. In particular, Moody's modeled the
allocation of projected loan defaults according to various
scenarios using past performance of loans broken down by school.

The rating action on NCT 2007-A Class B and C also accounts for the
correction disclosed in the rating action taken on May 4, 2017, of
a model error in the coding of the waterfall which was triggering
an undue turbo payment of the capital structure benefiting the
transaction.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating U.S. Private Student Loan-Backed Securities"
published in January 2010.

On March 22, 2017, Moody's released a Request for Comment, in which
it has requested market feedback on potential revisions to its
Methodology for "Approach to Assessing Counterparty Risks in
Structured Finance". If the revised Methodology is implemented as
proposed, the Credit Rating on National Collegiate Trust 2005-GATE,
2006-A and 2007-A are not expected to be affected. Please refer to
Moody's Request for Comment, titled " Moody's Proposes Revisions to
Its Approach to Assessing Counterparty Risks in Structured
Finance," for further details regarding the implications of the
proposed Methodology revisions on certain Credit Ratings."

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

Up

Among the factors that could drive the ratings up are lower net
losses on the underlying assets or higher benefit from the
guarantee than Moody's expectation.

Down

Among the factors that could drive the ratings down are higher net
losses on the underlying assets or lower benefit from the guarantee
than Moody's expectation.


NEW RESIDENTIAL 2017-5: Moody's Gives (P)B1 Rating on 5 Tranches
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 32
classes of notes issued by New Residential Mortgage Loan Trust
2017-5. The NRMLT 2017-5 transaction is a securitization of $336.2
million of first lien, seasoned performing and re-performing
mortgage loans with weighted average seasoning of 163 months,
weighted average updated LTV ratio of 43.5% and weighted average
updated FICO score of 722. Based on the OTS methodology, 94.3% of
the loans by scheduled balance have been current every month in the
past 24 months. 11.2% of the loans in the pool were previously
modified. Nationstar Mortgage LLC (Nationstar Mortgage) and Ocwen
Loan Servicing, LLC (Ocwen), will act as primary servicers and
Nationstar Mortgage will act as master servicer, successor servicer
and special servicer.

The complete rating action is:

Issuer: New Residential Mortgage Loan Trust 2017-5

Cl. A-1, Assigned (P)Aaa (sf)

Cl. A-2, Assigned (P)Aa1 (sf)

Cl. A-3, Assigned (P)A1 (sf)

Cl. A-4, Assigned (P)Aaa (sf)

Cl. A-5, Assigned (P)Aa1 (sf)

Cl. A-6, Assigned (P)A1 (sf)

Cl. A-IO, Assigned (P)Aaa (sf)

Cl. B-1, Assigned (P)Aa2 (sf)

Cl. B-1A, Assigned (P)Aa2 (sf)

Cl. B1-IO, Assigned (P)Aa2 (sf)

Cl. B-2, Assigned (P)A2 (sf)

Cl. B-2A, Assigned (P)A2 (sf)

Cl. B2-IO, Assigned (P)A2 (sf)

Cl. B-3, Assigned (P)Baa2 (sf)

Cl. B-3A, Assigned (P)Baa2 (sf)

Cl. B-3B, Assigned (P)Baa2 (sf)

Cl. B-3C, Assigned (P)Baa2 (sf)

Cl. B3-IOA, Assigned (P)Baa2 (sf)

Cl. B3-IOB, Assigned (P)Baa2 (sf)

Cl. B3-IOC, Assigned (P)Baa2 (sf)

Cl. B-4, Assigned (P)Ba2 (sf)

Cl. B-4A, Assigned (P)Ba2 (sf)

Cl. B-4B, Assigned (P)Ba2 (sf)

Cl. B4-IOA, Assigned (P)Ba2 (sf)

Cl. B4-IOB, Assigned (P)Ba2 (sf)

Cl. B-5, Assigned (P)B1 (sf)

Cl. B-5A, Assigned (P)B1 (sf)

Cl. B-5B, Assigned (P)B1 (sf)

Cl. B5-IOA, Assigned (P)B1 (sf)

Cl. B5-IOB, Assigned (P)B1 (sf)

Cl. B-IO, Assigned (P)A1 (sf)

Cl. IO, Assigned (P)Aa1 (sf)

RATINGS RATIONALE

Our losses on the collateral pool average 1.40% in an expected
scenario and reach 8.95% at a stress level consistent with the Aaa
ratings on the senior classes. Moody's based Moody's expected
losses on the pool on Moody's estimates of (1) the default rate on
the remaining balance of the loans and (2) the principal recovery
rate on the defaulted balances. The final expected losses for the
pool reflect the third party review (TPR) findings and Moody's
assessment of the representations and warranties (R&Ws) framework
for this transaction.

To estimate the losses on the pool, Moody's used an approach
similar to Moody's surveillance approach. Under this approach,
Moody's apply expected annual delinquency rates, conditional
prepayment rates (CPRs), loss severity rates and other variables to
estimate future losses on the pool. Moody's assumptions on these
variables are based on the observed rate of delinquency on seasoned
modified and non-modified loans, the collateral attributes of the
pool including the percentage of loans that were delinquent in the
past 24 months, and the observed performance of recent New
Residential Mortgage Loan Trust issuances rated by Moody's. The
pool has a significant percentage of adjustable rate mortgages
(ARMs) and, in Moody's analysis, Moody's incorporated the effect of
rising interest rates on the probability of default for ARMs. For
this pool, Moody's used default burnout and voluntary CPR
assumptions similar to those detailed in Moody's "US RMBS
Surveillance Methodology" for Alt-A loans originated before 2005.
Moody's then aggregated the delinquencies and converted them to
losses by applying pool-specific lifetime default frequency and
loss severity assumptions.

Collateral Description

NRMLT 2017-5 is a securitization of seasoned performing and
re-performing residential mortgage loans which the seller, NRZ
Sponsor VII LLC, has previously purchased in connection with the
termination of various securitization trusts. The transaction is
comprised of 1,312 loans of which 90.3% by principal balance are
ARMs. 88.8% of the loans in this pool by balance have never been
modified and have been performing while 11.2% of the loans were
previously modified but are now current and cash flowing. The
weighted average seasoning on the collateral is 163 months.

Property values were updated using home data index (HDI) values or
broker price opinions (BPOs). HDIs were obtained for 1,295 out of
the 1,312 properties contained within the securitization. In
addition, updated BPOs were obtained from a third party BPO
provider for 303 properties.

Third-Party Review ("TPR") and Representations & Warranties
("R&W")

A third party due diligence provider, AMC, conducted a compliance
review on a sample of 337 mortgage loans for the securitization
pool. The regulatory compliance review consisted of a review of
compliance with the federal Truth in Lending Act (TILA) as
implemented by Regulation Z, the federal Real Estate Settlement
Procedures Act (RESPA) as implemented by Regulation X, the
disclosure requirements and prohibitions of Section 50(a)(6),
Article XVI of the Texas Constitution, federal, state and local
anti-predatory regulations, federal and state specific late charge
and prepayment penalty regulations, and document review. The TPR
identified 303 loans with compliance exceptions, 47 of which were
considered to have rating agency grade C or D level exceptions.
These C or D level exceptions broadly fell into three categories:
missing final HUD-1 Settlement Statements/HUD errors, (TX50(a)(6))
Texas cash-out loan violations, and missing documents or missing
information. Moody's applied a small adjustment to Moody's loss
severities to account for the C or D level missing final HUD-1
Settlement Statement and HUD errors. For these types of issues,
borrowers can raise legal claims in defense against foreclosure as
a set off or recoupment and win damages that can reduce the amount
of the foreclosure proceeds. Such damages can include up to $4,000
in statutory damages, borrowers' legal fees and other actual
damages. Moody's considered but did not apply an adjustment for
TX(a)(6) violations due to the small percentage of exceptions and
the R&Ws in place to prevent losses to the trust. Moody's did not
apply an adjustment for missing documents or missing information
identified by the Diligence Provider in part because Moody's
separately received and assessed a title report and a custodial
report for the mortgage loans in the pool.

The third party due diligence provider also conducted reviews of
data integrity, pay history, and title/lien on selected samples to
confirm that certain information in the mortgage loan files matched
the information supplied by the servicers and that the loans in the
sample were in first lien position. The pay history and data
integrity analysis largely confirmed the accuracy of information
provided in the data tape. The TPR also confirmed the first lien
position for 277 out of 282 loans subject to the title/lien review.
For the five remaining loans, proof of first lien position could
only be confirmed using the final title policy as of loan
origination.

The seller, NRZ Sponsor VII LLC, is providing a representation and
warranty for missing mortgage files. To the extent that the
indenture trustee, master servicer, related servicer, depositor or
custodian has actual knowledge of a defective or missing mortgage
loan document or a breach of a representation or warranty regarding
the completeness of the mortgage file or the accuracy of the
mortgage loan documents, and such missing document, defect or
breach is preventing or materially delaying the (a) realization
against the related mortgaged property through foreclosure or
similar loss mitigation activity or (b) processing of any title
claim under the related title insurance policy, the party with such
actual knowledge will give written notice of such breach, defect or
missing document, as applicable, to the related seller, indenture
trustee, depositor, master servicer, related servicer and
custodian. Upon notification of a missing or defective mortgage
loan file, the related seller will have 120 days from the date it
receives such notification to deliver the missing document or
otherwise cure the defect or breach. If it is unable to do so, the
related seller will be obligated to replace or repurchase the
mortgage loan.

Despite this provision, Moody's increased Moody's loss severities
to account for loans with note instrument issues. This adjustment
was based on both the results of the TPR review and because the R&W
provider is an unrated entity and weak from a credit perspective.
In Moody's analysis Moody's assumed that a small percentage of the
projected defaults (calculated based upon the TPR results) will
have missing document breaches that will not be remedied and result
in higher than expected loss severities.

Trustee, Custodian, Paying Agent, Servicers, Master Servicer,
Successor Servicer and Special Servicer

The transaction indenture trustee is Wilmington Trust, National
Association. The custodian functions will be performed by Wells
Fargo Bank, N.A. The paying agent and cash management functions
will be performed by Citibank, N.A. In addition, Nationstar
Mortgage, as master servicer, is responsible for servicer
oversight, termination of servicers, and the appointment of
successor servicers. Having Nationstar Mortgage as a master
servicer mitigates servicing-related risk due to the performance
oversight that it will provide. Moody's assess Nationstar
Mortgage's servicing quality assessment at SQ2- (Above Average) as
a master servicer of residential mortgage loans. Nationstar
Mortgage is the named successor servicer for the transaction and
will also serve as the special servicer. As the special servicer,
it will be responsible for servicing mortgage loans that become 60
or more days delinquent.

Nationstar Mortgage will service 76.8% of the loans in the pool by
principal balance (895 loans) and Ocwen will service 23.2% of the
loans in the pool by principal balance (417 loans). On April 20,
2017, the Consumer Financial Protection Bureau's (CFPB) announced
that it had filed suit against Ocwen and a consortium of state
mortgage regulators filed cease and desist orders against Ocwen due
to alleged violations of state and federal laws. These regulatory
actions could adversely impact Ocwen's servicing operations and
could result in monetary penalties, judgments, and reputational
damage. These potential adverse consequences would in turn increase
the probability of an Ocwen bankruptcy. In NRMLT 2017-5, these
risks are mitigated by Nationstar Mortgage's roles as master
servicer, special servicer, and designated successor servicer.

Transaction Structure

The transaction cash flows follow a shifting interest structure
that allows subordinated bonds to increasingly receive principal
prepayments after an initial lock-out period of five years,
provided two performance tests are met. To pass the first test, the
delinquent and recently modified loan balance cannot exceed 50% of
the subordinate bonds outstanding. To pass the second test,
cumulative losses cannot exceed certain thresholds that gradually
increase over time.

Because a shifting interest structure allows subordinated bonds to
pay down over time as the loan pool shrinks, senior bonds are
exposed to tail risk, i.e., risk of back-ended losses when fewer
loans remain in the pool. The transaction provides for a
subordination floor that helps to reduce this tail risk.
Specifically, the subordination floor prevents subordinate bonds
from receiving any principal if the amount of subordinate bonds
outstanding falls below 1.50% of the closing principal balance.
There is also a provision that prevents subordinate bonds from
receiving principal if the credit enhancement for the Class A-1
Note falls below its percentage at closing, 10.00%. These
provisions mitigate tail risk by protecting the senior bonds from
eroding credit enhancement over time.

Other Considerations

When analyzing the transaction, Moody's reviewed the transaction's
exposure to large potential indemnification payments owed to
transaction parties due to potential lawsuits. In particular,
Moody's assessed the risk that the indenture trustee would be
subject to lawsuits from investors for a failure to adequately
enforce the R&Ws against the Seller. Moody's believes that NRMLT
2017-5 is adequately protected against such risk primarily because
all of the loans in this transaction are more than 11 years
seasoned and the weighted average seasoning is approximately 14
years. Although some loans in the pool were previously delinquent
and modified, the loans all have a substantial history of payment
performance. This includes payment performance during the recent
recession. As such, if loans in the pool were materially defective,
such issues would likely have been discovered prior to the
securitization. Furthermore, third party due diligence was
conducted on a significant random sample of the loans for issues
such as data integrity, compliance, and title. As such, Moody's did
not apply adjustments in this transaction to account for
indemnification payment risk.

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

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. Other reasons
for better-than-expected performance include changes to servicing
practices that enhance collections or refinancing opportunities
that result in prepayments.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could drive the
ratings down. Losses could rise above Moody's original expectations
as a result of a higher number of obligor defaults or deterioration
in the value of the 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.

The methodologies used in these ratings were "Moody's Approach to
Rating Securitisations Backed by Non-Performing and Re-Performing
Loans" published in August 2016, and "US RMBS Surveillance
Methodology" published in January 2017.

Additionally, the methodology used in rating Cl. A-IO, Cl. B1-IO,
Cl. B2-IO, Cl. IO, Cl. B3-IOA, Cl. B3-IOB, Cl. B3-IOC, Cl. B4-IOA,
Cl. B4-IOB, Cl. B5-IOA, Cl. B5-IOB, Cl. BIO was "Moody's Approach
to Rating Structured Finance Interest-Only (IO) Securities"
published in June 2017.


OCP CLO 2016-11: S&P Gives Prelim. BB- Rating on Class D-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1L-R, A-1a-R, A-1b-R, A-2-R, B-R, C-R, and D-R replacement notes
from OCP CLO 2016-11 Ltd., a collateralized loan obligation (CLO)
originally issued in 2016 that is managed by Onex Credit Partners
LLC. The replacement notes will be issued via a proposed
supplemental indenture.

The preliminary ratings reflect S&P's opinion that the credit
support available is commensurate with the associated rating
levels.

The preliminary ratings are based on information as of July 25,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Aug. 10, 2017, refinancing date, the proceeds from the
replacement note issuance are expected to redeem the original
notes. S&P said, "At that time, we anticipate withdrawing the
ratings on the original notes and assigning ratings to the
replacement notes. However, if the refinancing doesn't occur, we
may affirm the ratings on the original notes and withdraw our
preliminary ratings on the replacement notes.

"Our review of this transaction included a cash flow analysis,
based on the portfolio and transaction as presented to us in
connection with this review, 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 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, or both, to each of the rated tranches.

"We will continue to review whether, in our view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them, and we will take further rating actions
as we deem necessary."

PRELIMINARY RATINGS ASSIGNED

  OCP CLO 2016-11 Ltd./OCP CLO 2016-11 LLC
  Replacement class         Rating      Amount (mil. $)
  A-1L-R(i)                 AAA (sf)             207.00
  A-1a-R                    AAA (sf)              95.50
  A-1b-R(i)                 AAA (sf)               0.00
  A-2-R                     AA (sf)               75.50
  B-R                       A (sf)                32.00
  C-R                       BBB (sf)              30.00
  D-R                       BB- (sf)              17.30

(i)Includes $207 million aggregate outstanding amount of class
A-1L-R loans that may be converted into class A-1b-R notes if a
conversion option has been exercised.


OCP CLO 2017-13: S&P Assigns BB-(sf) Rating on Class D Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to OCP CLO 2017-13 Ltd./OCP
CLO 2017-13 LLC's $516.00 million fixed- and floating-rate notes.

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

The 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.

RATINGS ASSIGNED

  OCP CLO 2017-13 Ltd./OCP CLO 2017-13 LLC  

  Class                        Rating          Amount (mil. $)
  A-1a                         AAA (sf)                 366.00
  A-1b                         NR                        36.00
  A-2a                         AA (sf)                   38.50
  A-2b                         AA (sf)                   12.50
  B (deferrable)               A (sf)                    42.00
  C (deferrable)               BBB- (sf)                 33.00
  D (deferrable)               BB- (sf)                  24.00
  Subordinate notes            NR                        57.90

  NR--Not rated.


OCTAGON INVESTMENT XV: S&P Assigns BB- Rating on Class E-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class X-R, A-1A-R,
A-1B-R, B-R, C-R, D-R, and E-R replacement notes from Octagon
Investment Partners XV Ltd., a collateralized loan obligation
originally issued in 2013 that is managed by Octagon Credit
Investors LLC. S&P said, "We withdrew our ratings on the original
class A, B-1, B-2, C, D, and E notes following payment in full on
the July 19, 2017, refinancing date. We did not rate the refinanced
class A-2 notes."

On the July 19, 2017, refinancing date, the proceeds from the class
X-R,A-1A-R, A-1B-R, B-R, C-R, D-R, and E-R replacement note
issuances were used to redeem the original class A, B-1, B-2, C, D,
and E notes as outlined in the transaction document provisions. S&P
said, "Therefore, we withdrew our ratings on the original notes in
line with their full redemption, and we are assigning ratings to
the replacement notes.

The replacement notes are being issued via a supplemental
indenture, which, in addition to outlining the terms of the
replacement notes, will also:

-- Extend the stated maturity, reinvestment period, and weighted
average life test date by five years, while the non-call period
will be extended by two years.
-- Prohibit the purchase of bonds or letter of credit obligations,
changes the overcollateralization test levels, updates S&P Global
Ratings' industry codes and recovery rates to conform to current
criteria, and incorporates the non-model version of S&P CDO
Monitor.
-- Increase the allowable 'CCC' and covenant-lite limits to 7.5%
and 60.0%, respectively, from 5.0% and 40%.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the 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
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,
or both, to each of the rated tranches.

"The assigned ratings reflect our opinion that the credit support
available is commensurate with the associated rating levels.

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

"We will continue to review whether, in our view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them, and we will take rating actions as we
deem necessary."

RATINGS ASSIGNED

  Octagon Investment Partners XV Ltd.
  Replacement class          Rating        Amount (mil $)
  X-R                        AAA (sf)               5.00
  A-1A-R                     AAA (sf)             278.00
  A-1B-R                     AAA (sf)              18.00
  B-R                        AA (sf)               47.00
  C-R                        A (sf)                30.00
  D-R                        BBB- (sf)             29.00
  E-R                        BB- (sf)              16.80

RATINGS WITHDRAWN

  Octagon Investment Partners XV Ltd.
                             Rating
  Original class       To              From
  A                    NR              AAA (sf)             
  B-1                  NR              AA+ (sf)             
  B-2                  NR              AA+ (sf)           
  C                    NR              A+ (sf)             
  D                    NR              BBB (sf)              
  E                    NR              BB (sf)              

  NR--Not rated.


OFSI BSL VIII: S&P Assigns Prelim. BB(sf) Rating on Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to OFSI BSL
VIII Ltd./OFSI BSL VIII LLC's $371 million floating-rate notes.

The note issuance is a collateralized loan obligation transaction
backed by broadly syndicated speculative-grade senior secured term
loans that are governed by collateral quality tests.

The preliminary ratings are based on information as of July 18,
2017. 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

  OFSI BSL VIII Ltd./OFSI BSL VIII LLC
  Class                   Rating          Amount
                                        (mil. $)
  X                       AAA (sf)          3.00
  A                       AAA (sf)        252.00
  B                       AA (sf)          56.00
  C (deferrable)          A (sf)           20.00
  D (deferrable)          BBB (sf)         20.00
  E (deferrable)          BB (sf)          20.00
  Subordinate notes
  (deferrable)            NR               37.00

  NR--Not rated.


OFSI FUND VI: S&P Affirms B(sf) Rating on Class E Notes
-------------------------------------------------------
S&P Global Ratings affirmed its ratings on seven classes from OFSI
Fund VI Ltd., a U.S. collateralized loan obligation (CLO)
transaction that closed in March 2014 and is managed by OFS Capital
Management LLC. The transaction is scheduled to remain in its
reinvestment period until April 2018.

S&P said, "The rating actions follow our review of the
transaction's performance using data from the July 2017 trustee
report. Since the June 2014 trustee report, the amount of 'CCC'
rated assets has increased to $15 million from $0, though there are
currently zero defaults in the portfolio. There has also been a
slight decline in the overcollateralization (O/C) ratios during
this time."

The July 2017 trustee report indicated the following O/C changes
compared with the June 2014 report:

-- The class A O/C ratio decreased to 132.09% from 133.22%.
-- The class B O/C ratio decreased to 119.43% from 120.45%.
-- The class C O/C ratio decreased to 112.09% from 113.05%.
-- The class D O/C ratio decreased to 107.57% from 108.49%.
-- The class E O/C ratio decreased to 104.13% from 105.02%.

S&P said, "Every class is passing our cash flow stresses with
cushion. (The combination notes comprise up to $232 million of the
class A-1 and $51 million of the class A-2 notes.) We affirmed our
ratings on these classes to maintain the rating cushion because
this transaction will continue reinvesting until April 2018 and
also to reflect our belief that the credit support available is
commensurate with the current rating levels. We will continue to
review whether, in our view, the ratings assigned to the notes
remain consistent with the credit enhancement available to support
them, and will take rating actions as we deem necessary."

RATINGS AFFIRMED

  OFSI Fund VI Ltd.
  Class                          Rating
  A-1                            AAA (sf)
  A-2                            AA (sf)
  B                              A (sf)
  C                              BBB (sf)
  D                              BB (sf)
  E                              B (sf)
  Combination notes              AA (sf)


OZLM FUNDING: S&P Assigns B(sf) Rating on Class E-R2 Notes
----------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R2,
A-2-R2, B-R2, C-R2, and D-R2 notes as well as the new class E-R2
and X notes from OZLM Funding Ltd., a collateralized loan
obligation (CLO) originally issued in 2012 that is managed by OZ
CLO Management LLC. S&P said, "We withdrew our ratings on the
originally refinanced class A-1-R, A-2-R, B-R, C-R, and D-R notes
following payment in full on the July 24, 2017, refinancing date."

S&P said, "On the July 24, 2017 refinancing date, the proceeds from
the class A-1-R2, A-2-R2, B-R2, C-R2, D-R2, E-R2, and X note
issuances were used to redeem the originally refinanced class
A-1-R, A-2-R, B-R, C-R, and D-R notes as outlined in the
transaction document provisions. Therefore, we withdrew our ratings
on the original notes in line with their full redemption, and we
are assigning ratings to the replacement notes."

The replacement notes are being issued via a redrafted indenture,
which, in addition to outlining the terms of the replacement notes,
will also:

-- Extend the stated maturity, reinvestment period, weighted
average life test date, and non-call period by two years.

-- Change the overcollateralization test levels, update the S&P
Global Ratings industry codes and recovery rates to conform to
current criteria, and incorporate the non-model version of Standard
& Poor's CDO Monitor.

-- Increase the allowable covenant-lite limit to 70% from 60%.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the 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
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,
or both, to each of the rated tranches.

"The assigned ratings reflect our opinion that the credit support
available is commensurate with the associated rating levels.

"We will continue to review whether, in our view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them, and we will take rating actions as we
deem necessary."

RATINGS ASSIGNED

  OZLM Funding Ltd.
  Replacement class          Rating        Amount (mil $)
  X                          AAA (sf)               3.00
  A-1-R2                     AAA (sf)             313.00
  A-2-R2                     AA (sf)               63.00
  B-R2                       A (sf)                27.00
  C-R2                       BBB (sf)              29.50
  D-R2                       BB (sf)               24.00
  E-R2                       B (sf)                10.00

RATINGS WITHDRAWN

  OZLM Funding Ltd.
                             Rating
  Original class       To              From
  A-1-R                NR              AAA (sf)
  A-2-R                NR              AA (sf)
  B-R                  NR              A (sf)
  C-R                  NR              BBB (sf)
  D-R                  NR              BB (sf)

  NR--Not rated.


OZLM FUNDING: S&P Assigns Prelim. B(sf) on Class E-R2 Notes
-----------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1-R2, A-2-R2, B-R2, C-R2, and D-R2 replacement notes and class X
and E-R2 notes from OZLM Funding Ltd., a collateralized loan
obligation (CLO) originally issued in July 2012 that is managed by
OZ CLO Management LLC. The replacement notes will be issued via a
proposed amended and restated indenture.

S&P said, "The preliminary ratings reflect our opinion that the
credit support available is commensurate with the associated rating
levels. The refinanced notes are expected to be issued with lower
spreads than the original notes.

"The preliminary ratings are based on information as of July 21,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

"On the July 24, 2017, refinancing date, the proceeds from the
replacement note issuance are expected to redeem the previously
refinanced notes. At that time, we anticipate withdrawing the
ratings on those notes and assigning ratings to the replacement
notes. However, if the refinancing doesn't occur, we may affirm the
ratings on the previously refinanced notes and withdraw our
preliminary ratings on the replacement notes."

The replacement notes are being issued via a proposed supplemental
indenture, which, in addition to outlining the terms of the
replacement notes, will also:

-- Extend the stated maturity, reinvestment period, weighted
average life test date, and non-call period by two years.

-- Change the overcollateralization test levels, update the S&P
Global Ratings industry codes and recovery rates to conform to
current criteria, and incorporate the non-model version of Standard
& Poor's CDO Monitor.

-- Increase the allowable covenant-lite limit to 70% from 60%.

REPLACEMENT AND ORIGINAL NOTE ISSUANCES

  Replacement notes
  Class               Amount     Interest        
                    (mil. $)     rate (%)    
  X                     3.00     LIBOR + 0.90
  A-1-R2              313.00     LIBOR + 1.23
  A-2-R2               63.00     LIBOR + 1.85
  B-R2                 27.00     LIBOR + 2.30
  C-R2                 29.50     LIBOR + 3.60
  D-R2                 24.00     LIBOR + 6.67
  E-R2                 10.00     LIBOR + 7.05

  Original notes
  Class               Amount     Interest  
                    (mil. $)     rate (%)    
  A-1-R               322.80     LIBOR + 1.52
  A-2-R                58.00     LIBOR + 2.35
  B-R                  37.50     LIBOR + 3.00
  C-R                  19.10     LIBOR + 4.30
  D-R                  21.60     LIBOR + 6.70
      
S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the 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
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,
or both, to each of the rated tranches.

"We will continue to review whether, in our view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them, and we will take further rating actions
as we deem necessary."

PRELIMINARY RATINGS ASSIGNED

  OZLM Funding Ltd.
  Replacement class         Rating      Amount
                                       (mil. $)
  X                         AAA (sf)        3.00
  A-1-R2                    AAA (sf)      313.00
  A-2-R2                    AA (sf)        63.00
  B-R2                      A (sf)         27.00
  C-R2                      BBB (sf)       29.50
  D-R2                      BB (sf)        24.00
  E-R2                      B (sf)         10.00


PALMER SQUARE 2015-2: S&P Assigns B- Rating on Class E-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1A-R, A-2-R,
B-R, C-R, D-R, and E-R replacement notes from Palmer Square CLO
2015-2 Ltd., a collateralized loan obligation (CLO) originally
issued in 2015 that is managed by Palmer Square Capital Management
LLC. S&P withdrew its ratings on the class A-1A, A-1B, A-2, B, C,
D, and E notes following payment in full on the July 20, 2017,
refinancing date.

On the July 20, 2017, refinancing date, the proceeds from the class
A-1A-R, A-1B-R A-2-R, B-R, C-R, D-R, and E-R replacement note
issuances were used to redeem the class A-1A, A-1B, A-2, B, C, D,
and E notes as outlined in the transaction document provisions. S&P
said, "Therefore, we withdrew our rating on the original notes in
line with their full redemption, and we are assigning a rating to
the replacement notes."

The replacement notes are being issued via an amended indenture,
which, in addition to outlining the terms of the replacement notes,
will also:

-- Extend the reinvestment period end date and stated maturity by
three years.
-- Upsize the transaction to a target par balance of $550
million.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the 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
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,
or both, to each of the rated tranches.

"The assigned ratings reflect our opinion that the credit support
available is commensurate with the associated rating levels.

"We will continue to review whether, in our view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them, and we will take rating actions as we
deem necessary."

RATINGS ASSIGNED

  Palmer Square CLO 2015-2 Ltd.                    
                                  Amount
  Replacement class     Rating    (mil $)
    A-1A-R             AAA (sf)   330.00
    A-1B-R             NR          20.50
    A-2-R              AA (sf)     68.90
    B-R                A (sf)      31.50
    C-R                BBB- (sf)   33.00
    D-R                BB- (sf)    19.25
    E-R                B- (sf)      8.25

RATINGS WITHDRAWN

  Palmer Square CLO 2015-2 Ltd.
                Rating
  Class    To       From
  A-1A     NR       AAA (sf)
  A-1B     NR       AAA (sf)
  A-2      NR       AA (sf)
  B        NR       A (sf)
  C        NR       BBB (sf)
  D        NR       BB (sf)
  E        NR       B (sf)

  NR--Not rated.


PREFERRED TERM XIX: Moody's Hikes Rating on Cl. C Notes to B2(sf)
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Preferred Term Securities XIX, Ltd. and PreTSL
Combination Certificates:

Issuer: Preferred Term Securities XIX, Ltd.:

US $385,300,000 Floating Rate Class A-1 Senior Notes Due 2035
(current balance of $242,992,402), Upgraded to Aa1 (sf); previously
on March 4, 2016 Upgraded to Aa2 (sf)

US$98,100,000 Floating Rate Class A-2 Senior Notes Due 2035
(current balance of $91,542,851), Upgraded to Aa3 (sf); previously
on March 4, 2016 Upgraded to A1 (sf)

US$87,600,000 Floating Rate Class B Mezzanine Notes Due 2035
(current balance of $81,744,867), Upgraded to Baa2 (sf); previously
on March 4, 2016 Upgraded to Baa3 (sf)

US$82,800,000 Floating Rate Class C Mezzanine Notes Due 2035
(current balance of $81,050,972), Upgraded to B2 (sf); previously
on May 9, 2016 Downgraded to Caa1 (sf)

Issuer: PreTSL Combination Certificates:

US$9,000,000 Combination Certificates, Series P XIX-4 (composed of
components representing US$4,000,000 of Class B Notes and
US$5,000,000 of Subordinate Income Notes issued by Preferred Term
Securities XIX, Ltd.) due December 22, 2035 (current rated balance
of $5,106,941), Upgraded to B3 (sf); previously on August 5, 2014
Upgraded to Caa2 (sf)

Moody's also affirmed the rating on the following notes issued by
PreTSL Combination Trust I:

US$15,200,000 Combination Certificates, Series P XIX-1 (composed of
components representing US$7,600,000 of Class A-1 Notes and
US$6,300,000 of Subordinate Income Notes issued by Preferred Term
Securities XIX, Ltd., and US$4,180,000 of FNMA strip) due December
22, 2035 (current rated balance of $7,462,710), Affirmed Aaa (sf);
previously on March 4, 2016 Affirmed Aaa (sf)

Preferred Term Securities XIX, Ltd., issued in September 2005, is a
collateralized debt obligation (CDO) backed mainly by a portfolio
of bank and insurance trust preferred securities (TruPS).

RATINGS RATIONALE

The rating actions are primarily a result of an increase in the
transaction's over-collateralization (OC) ratios, the resumption of
interest payments of previously deferring assets, and full
repayment of the Class C notes' deferred interest balance since
June 2016.

Based on Moody's calculations, the OC ratios for the Class A-1,
Class A-2, Class B and Class C notes have improved to 217.5%,
158.0%, 127.0% and 106.3%, respectively, from June 2016 levels of
200.5%, 146.3%, 117.9% and 97.5%, respectively. Since June 2016,
one previously deferring asset has resumed making interest payments
on its TruPS, totaling $27 million in par. Additionally, because
the deal has cured its breach of the Class B OC trigger, $7.9
million of excess interest was used to pay the Class C notes'
deferred interest balance, which was paid in full in March 2017.
Based on the trustee report in June 2017, the Class C OC ratio of
103.13% continued to fail its trigger of 105.40%, and because of a
structural feature excess interest is and will continue to pay down
the Class A-1, A-2, B and C notes on a pro rata basis until the
Class C OC breach is cured.

The rating action on PreTSL Combination Certificates, Series P
XIX-4 also reflects the correction of a prior error. In previous
rating actions, the outstanding amount of the rated balance of the
combination notes was miscalculated due to an input error. This
error has now been corrected, and action reflects this change.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating TruPS CDOs" published in October 2016.

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, as described below:

1) Macroeconomic uncertainty: TruPS CDOs performance could be
negatively affected by uncertainty about credit conditions in the
general economy. Moody's has a stable outlook on the US banking
sector. Moody's maintains its stable outlook on the US insurance
sector.

2) Portfolio credit risk: Credit performance of the assets
collateralizing the transaction that is better than Moody's current
expectations could have a positive impact on the transaction's
performance. Conversely, asset credit performance weaker than
Moody's current expectations could have adverse consequences on the
transaction's performance.

3) Deleveraging: One source of uncertainty in this transaction is
whether deleveraging from unscheduled principal proceeds and excess
interest proceeds will continue and at what pace. Note repayments
that are faster than Moody's current expectations could have a
positive impact on the notes' ratings, beginning with the notes
with the highest payment priority.

4) Resumption of interest payments by deferring assets: A number of
banks have resumed making interest payments on their TruPS. The
timing and amount of deferral cures could have significant positive
impact on the transaction's over-collateralization ratios and the
ratings on the notes.

5) Exposure to non-publicly rated assets: The deal contains a large
number of securities whose default probability Moody's assesses
through credit scores derived using RiskCalc™ or credit
estimates. Because these are not public ratings, they are subject
to additional uncertainties.

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):

Assuming a two-notch upgrade to assets with below-investment grade
ratings or rating estimates (WARF of 586)

Class A-1: 0

Class A-2: +2

Class B: +3

Class C: +4

Series P XIX-1: 0

Series P XIX-4: +2

Assuming a two-notch downgrade to assets with below-investment
grade ratings or rating estimates (WARF of 1508)

Class A-1: -1

Class A-2: -2

Class B: -2

Class C: -2

Series P XIX-1: 0

Series P XIX-4: -2

Loss and Cash Flow Analysis:

Moody's applied a Monte Carlo simulation framework in Moody's
CDROM(TM) to model the loss distribution for TruPS CDOs. The
simulated defaults and recoveries for each of the Monte Carlo
scenarios defined the reference pool's loss distribution. Moody's
then used the loss distribution as an input in its CDOEdge(TM) cash
flow model. CDROM(TM) is available on www.moodys.com under Products
and Solutions -- Analytical models, upon receipt of a signed free
license agreement.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, and weighted average recovery rate,
are based on its methodology and could differ from the trustee's
reported numbers. In its base case, Moody's analyzed the underlying
collateral pool has having a performing par and (after treating
deferring securities as performing if they meet certain criteria)
of $528.6 million, defaulted/deferring par of $24 million, a
weighted average default probability of 10.23% (implying a WARF of
949), and a weighted average recovery rate upon default of 10%.

In addition to the quantitative factors Moody's explicitly models,
qualitative factors are part of rating committee considerations.
Moody's considers the structural protections in the transaction,
the risk of an event of default, recent deal performance under
current market conditions, the legal environment and specific
documentation features. All information available to rating
committees, including macroeconomic forecasts, inputs from other
Moody's analytical groups, market factors, and judgments regarding
the nature and severity of credit stress on the transactions, can
influence the final rating decision.

The portfolio of this CDO contains mainly TruPS issued by small to
medium sized U.S. community banks and insurance companies that
Moody's does not rate publicly. To evaluate the credit quality of
bank TruPS that do not have public ratings, Moody's uses
RiskCalc(TM), an econometric model developed by Moody's Analytics,
to derive credit scores. Moody's evaluation of the credit risk of
most of the bank obligors in the pool relies on the latest FDIC
financial data. For insurance TruPS that do not have public
ratings, Moody's relies on the assessment of its Insurance team,
based on the credit analysis of the underlying insurance firms'
annual statutory financial reports.


PRUDENTIAL 2003-PWR1: Fitch Cuts Rating on Class F Certs to Csf
---------------------------------------------------------------
Fitch Ratings has downgraded one and affirmed seven classes of
Prudential Commercial Mortgage Trust 2003-PWR1 (PCMT 2003-PWR1)
commercial mortgage pass-through certificates.

KEY RATING DRIVERS

The downgrade to class F is due to continued uncertainty of losses
surrounding the sole remaining loan in the transaction, Brandywine
Office Building & Garage, which re-transferred to special servicing
in February 2017. The property securing the loan is a 443,632 sf,
18-story office building located in Wilmington, DE. The subject
experienced a sharp decline in performance at the height of the
great recession, with occupancy falling to as low as 34% in 2011.
The loan has had lengthy stays in special servicing, once modified
in 2011 and again modified in 2016. The loan was returned to the
master servicer in June 2016; however, it re-defaulted in February
of this year after the borrower indicated cash flow was
insufficient to cover an interest rate increase.

Based on numerous unsuccessful attempts to correct and stabilize
the loan, and given the loan's performance remains below market
(property occupancy was 43% as of March 2017), Fitch feels there is
a high level of uncertainty in the property's market value. In
addition, with the loan's recent return to special servicing, there
is potential for workout-related expenses to increase.

RATING SENSITIVITIES

The ratings are expected to remain distressed given the final
outstanding loan in the pool is underperforming and in special
servicing. Downgrades are expected when losses impact classes F and
G.

Fitch downgrades the following class:

-- $8.8 million class F to 'Csf' from 'CCCsf'; RE 25%.

Fitch affirms the following classes:

-- $12 million class G at 'Csf'; RE 0%;
-- $8.2 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%.


REALT 2014-1: Fitch Affirms 'Bsf' Rating on Class G Certificates
----------------------------------------------------------------
Fitch Ratings has affirmed seven classes of Real Estate Asset
Liquidity Trust's (REALT) commercial mortgage pass-through
certificates, series 2014-1. All currencies are in Canadian dollars
(CAD).

KEY RATING DRIVERS

Stable Loss Projections: Fitch's modeled loss estimates are
unchanged since the last review and pool performance remains in
line with expectations.

Lodging Concerns: Fitch continues to monitor two loans in the top
15 which are secured by hotels and have experienced performance
declines since issuance. One of these two loans is full recourse to
the sponsor, while the other has no recourse.

Recourse: Over 90% of the pool features full or partial recourse to
the borrower and/or sponsor.

Amortization: The pool has a weighted-average amortization term of
26.7 years. There are no partial or full interest-only loans. Since
issuance, the pool has experienced 6.3% collateral reduction.

RATING SENSITIVITIES

The Negative Outlook on class G reflects declining performance of
the hotel assets within the pool coupled with slow growth forecasts
for the hotel sector. Stable Outlooks reflect overall stable loss
projections and continued amortization. Upgrades may occur with
improved pool performance and significant paydown or defeasance,
though would be unlikely without timely and robust servicer
reporting. Downgrades to the classes are possible should pool
performance decline and loss projections increase.

Fitch has affirmed the following ratings:

-- $223.9 million class A at 'AAAsf', Outlook Stable;
-- $7.0 million class B at 'AAsf', Outlook Stable;
-- $9.1 million class C at 'Asf', Outlook Stable;
-- $7.7 million class D at 'BBBsf', Outlook Stable;
-- $3.5 million class E at 'BBB-sf', Outlook Stable;
-- $3.2 million class F at 'BBsf', Outlook Stable;
-- $2.8 million class G at 'Bsf', Outlook Negative.

All currencies are in Canadian dollars (CAD).

Fitch does not rate the interest-only class X or the non-offered
$5.6 million class H certificate.


ROCKWELL CHARTER: S&P Rates 2017A/B School Bonds 'BB'
-----------------------------------------------------
S&P Global Ratings has assigned its 'BB' rating to the Utah Charter
School Finance Authority's series 2017A and 2017B charter school
revenue bonds issued for Rockwell Charter High School (RCHS), Utah.
The outlook is stable.

S&P said, "We have assessed RCHS' enterprise profile as adequate,
characterized by weak demand with thin enrollment levels, a stable
board, and an experienced management team. RCHS' financial profile
is vulnerable in our view, with a small operating base and a high
debt burden, but with solid liquidity."

"While RCHS has modest enrollment levels compared with peers and is
also highly leveraged, management's tenured-and-stable team coupled
with its support from Red Apple Financial to manage business
functions within a supportive charter school state, should allow
for enterprise and financial profiles in line with the recommended
rating level," said S&P Global Ratings credit analyst Brian
Marshall. S&P said, "We believe that, combined, these credit
factors lead to an indicative stand-alone credit profile of 'bb'
and a final rating of 'BB'.

The 'BB' rating reflects S&P's view of the school's:

-- Modest enrollment levels with no historical waitlist;

-- Highly leveraged position;

-- Risk, as with other charter schools, that the charter could be
revoked (although Utah's charter authorizations are evergreen).

Partly offsetting the above credit limitations, in S&P's view, are
RCHS':

-- Healthy liquidity position and acceptable pro forma maximum
annual debt service (MADS) coverage at fiscal year-end 2016;

-- Stable board and tenured management team, coupled with the
business management and back-office support of Red Apple Financial;
and

-- Limited additional debt plans, with no intent of expanding over
the outlook horizon.

S&P said, "The stable outlook reflects our expectation that, over
our one-year outlook horizon, the charter school will maintain a
steady financial profile by continuing to generate positive revenue
over expenses, keep its MADS and debt service coverage at current
rating-category medians, and maintain its stable cash position. We
anticipate the school's demand profile will continue to support
stable enrollment trends and good retention levels.

"We could lower the rating if enrollment materially declines,
operations produce deficits, MADS coverage weakens, the school
incurs additional debt plans, or cash on hand decreases
significantly.

"A positive rating action is unlikely over the outlook period,
given the school's modest demand and competition profile and high
debt burden. However, we could raise the rating if the school's
debt burden moderates to levels more in line with those of
higher-rated peers, while maintaining stable enrollment trends,
satisfactory MADS coverage, and healthy liquidity.


SILVER CREEK: Moody's Assigns Ba3sf Ratings on 2 Tranches
---------------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
following notes (the "Refinancing Notes") issued by Silver Creek
CLO, Ltd.:

US$3,000,000 Class X Senior Secured Floating Rate Notes due 2030
(the "Class X Notes"), Assigned Aaa (sf)

US$225,400,000 Class A-R Senior Secured Floating Rate Notes due
2030 (the "Class A-R Notes"), Assigned Aaa (sf)

US$36,600,000 Class B-R Senior Secured Floating Rate Notes due 2030
(the "Class B-R Notes"), Assigned Aa2 (sf)

US$17,600,000 Class C-R Secured Deferrable Floating Rate Notes due
2030 (the "Class C-R Notes"), Assigned A2 (sf)

US$21,600,000 Class D-R Secured Deferrable Floating Rate Notes due
2030 (the "Class D-R Notes"), Assigned Baa3 (sf)

US$7,800,000 Class E-1R Secured Deferrable Floating Rate Notes due
2030 (the "Class E-1R Notes"), Assigned Ba3 (sf)

US$10,000,000 Class E-2R Secured Deferrable Floating Rate Notes due
2030 (the "Class E-2R Notes"), Assigned Ba3 (sf)

The Issuer is a managed cash flow collateralized loan obligation
(CLO). The issued notes are collateralized primarily by a portfolio
of senior secured, broadly syndicated corporate loans.

CreekSource LLC (the "Manager") manages the CLO. It directs the
selection, acquisition, and disposition of collateral on behalf of
the Issuer.

RATINGS RATIONALE

Moody's ratings on the Refinancing 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.

The Issuer has issued the Refinancing Notes on July 20, 2017 (the
"Refinancing Date") in connection with the refinancing of all
classes of the secured notes (the "Refinanced Original Notes")
previously issued on July 18, 2014 (the "Original Closing Date").
On the Refinancing Date, the Issuer used proceeds from the issuance
of the Refinancing Notes to redeem in full the Refinanced Original
Notes.

In addition to the issuance of the Refinancing Notes, a variety of
other changes to transaction features will occur in connection with
the refinancing. These include: extension of the reinvestment
period; extensions of the stated maturity and non-call period;
changes to certain collateral quality tests; and changes to the
overcollateralization test levels.

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 October 2016.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. For modeling
purposes, Moody's used the following base-case assumptions:

Performing par and principal proceeds balance: $346,815,465

Defaulted par: $0

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2777

Weighted Average Spread (WAS): 3.20%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
October 2016.

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

The performance of the Refinancing Notes is subject to uncertainty.
The performance of the Refinancing 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 Refinancing 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 Refinancing 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 Refinancing
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 2777 to 3194)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-R Notes: 0

Class B-R Notes: -2

Class C-R Notes: -2

Class D-R Notes: -1

Class E-1R Notes: -1

Class E-2R Notes: -1

Percentage Change in WARF -- increase of 30% (from 2777 to 3610)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-R Notes: -1

Class B-R Notes: -3

Class C-R Notes: -4

Class D-R Notes: -2

Class E-1R Notes: -1

Class E-2R Notes: -1


SLM STUDENT 2004-10: Moody's Puts Cl. B Debt's Ba1 Rating on Review
-------------------------------------------------------------------
Moody's Investors Service has placed 38 tranches on review for
downgrade and 2 tranches on review for upgrade in 14 asset-backed
securities (ABS) securitizations after the rating agency revised
its approach to assessing counterparty risks in structured
finance.
All 14 securitizations are backed by student loans made under the
Federal Family Education Loan Program (FFELP) that are guaranteed
by US government for a minimum of 97% of defaulted principal and
accrued interest. 12 securitizations have outstanding currency
swaps and two securitization have outstanding fixed floating
swaps.

The complete rating actions are:

Issuer: Education Loan Asset-Backed Trust I (2003 Trust Indenture)

2003-2A-2, Aa1 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 10, 2016 Downgraded to Aa1 (sf)

2003-2A-3, Aa1 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 10, 2016 Downgraded to Aa1 (sf)

2003-2A-5, Aa1 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 10, 2016 Downgraded to Aa1 (sf)

2003-2A-1, Aa1 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 10, 2016 Downgraded to Aa1 (sf)

2003-2A-8, Aa1 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 10, 2016 Downgraded to Aa1 (sf)

2003-2A-11, Aa1 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 10, 2016 Downgraded to Aa1 (sf)

2003-2A-13, Aa1 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 10, 2016 Downgraded to Aa1 (sf)

Sr Ser. 03-1A10, Aa1 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 10, 2016 Downgraded to Aa1 (sf)

Sr Ser. 03-1A11, Aa1 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 10, 2016 Downgraded to Aa1 (sf)

Senior Ser. 2003-1A-7, Aa1 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 10, 2016 Downgraded to Aa1 (sf)

Senior Ser. 2003-1A-8, Aa1 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 10, 2016 Downgraded to Aa1 (sf)

Senior Ser. 2003-1A-2, Aa1 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 10, 2016 Downgraded to Aa1 (sf)

Issuer: Goal Capital Funding Trust 2006-1

Cl. A-5, Aa1 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 10, 2016 Confirmed at Aa1 (sf)

Cl. A-6, Aa2 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 10, 2016 Confirmed at Aa2 (sf)

Cl. B, A2 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 10, 2016 Upgraded to A2 (sf)

Issuer: Nelnet Student Loan Trust 2006-2

Cl. A-7, A3 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 15, 2016 Downgraded to A3 (sf)

Cl. B, Baa3 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 15, 2016 Downgraded to Baa3 (sf)

Issuer: New Mexico Educational Assistance Foundation - Education
Loan Bonds (2010 Indenture)

Series 2010-1 A-3, Aaa Placed Under Review for Possible Downgrade;
previously on Nov 22, 2016 Upgraded to Aaa

Issuer: SLC Student Loan Trust 2008-1

Cl. A-4A, Aaa (sf) Placed Under Review for Possible Downgrade;
previously on May 5, 2014 Affirmed Aaa (sf)

Cl. A-4B, Aaa (sf) Placed Under Review for Possible Downgrade;
previously on May 5, 2014 Affirmed Aaa (sf)

Cl. B, Aa2 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 18, 2016 Confirmed at Aa2 (sf)

Issuer: SLM Student Loan Trust 2003-10

Cl. A-4, A1 (sf) Placed Under Review for Possible Upgrade;
previously on Nov 18, 2016 Downgraded to A1 (sf)

Issuer: SLM Student Loan Trust 2003-12

Cl. A-6, Aa2 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 18, 2016 Confirmed at Aa2 (sf)

Cl. B, Baa3 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 18, 2016 Downgraded to Baa3 (sf)

Issuer: SLM Student Loan Trust 2004-10

Cl. B, Ba1 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 18, 2016 Upgraded to Ba1 (sf)

Issuer: SLM Student Loan Trust 2004-2

Cl. A-5, Aaa (sf) Placed Under Review for Possible Downgrade;
previously on May 5, 2014 Affirmed Aaa (sf)

Cl. A-6, Aaa (sf) Placed Under Review for Possible Downgrade;
previously on Nov 18, 2016 Confirmed at Aaa (sf)

Cl. B, A3 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 18, 2016 Downgraded to A3 (sf)

Issuer: SLM Student Loan Trust 2004-5

Cl. A-6, Aa3 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 18, 2016 Downgraded to Aa3 (sf)

Issuer: SLM Student Loan Trust 2005-9

Cl. A-7a, Aa3 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 18, 2016 Confirmed at Aa3 (sf)

Cl. A-7b, Aa3 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 18, 2016 Confirmed at Aa3 (sf)

Cl. B, Baa2 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 18, 2016 Downgraded to Baa2 (sf)

Issuer: SLM Student Loan Trust 2006-10

Cl. A-6, Aa1 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 18, 2016 Downgraded to Aa1 (sf)

Cl. B, A3 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 18, 2016 Downgraded to A3 (sf)

Issuer: SLM Student Loan Trust 2006-4

Cl. A-6, Aa1 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 18, 2016 Upgraded to Aa1 (sf)

Cl. B, Baa2 (sf) Placed Under Review for Possible Upgrade;
previously on Nov 18, 2016 Downgraded to Baa2 (sf)

Issuer: SLM Student Loan Trust 2007-4

Cl. A-5, A1 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 18, 2016 Downgraded to A1 (sf)

Cl. B-1, A1 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 18, 2016 Downgraded to A1 (sf)

Cl. B-2A, Baa3 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 18, 2016 Downgraded to Baa3 (sf)

Cl. B-2B, Baa3 (sf) Placed Under Review for Possible Downgrade;
previously on Nov 18, 2016 Downgraded to Baa3 (sf)

RATINGS RATIONALE

The rating actions reflect the updates to Moody's structured
finance rating methodologies with respect to assessing exposure to
swap counterparties. Moody's reduced the value of certain notching
uplifts in connection with swaps subject to margining requirements.
Under new swap margin rules, certain structured finance swaps
entered into or transferred after March 1, 2017 must include
collateral posting obligations for both parties (two-way posting).
The requirement for two-way posting reduces the likelihood of
counterparty replacement for existing structured finance swaps, and
therefore an increased probability of securitizations' swaps to
become unhedged. Since US law provides that, should the swap be
replaced, the replacement counterparty must collect margin from the
issuer, Moody's will generally apply no notching uplifts relating
to (1) any transfer trigger or collateral provisions in the swap;
or (2) the issuer's ability to replace a defaulting out-the-money
swap.

The review for downgrade on 12 tranches in Education Loan
Asset-Backed Trust I (2003 Trust Indenture) also reflects the
correction of an error. In prior rating actions too much benefit
was given to the swap. This error has now been corrected, and
rating actions reflect this change.

The review for upgrade on Class A-4 in SLM Student Loan Trust
2003-10 was due to the successful remarketing of Class A3 in the
same securitization and the review for upgrade on Class B in SLM
Student Loan Trust 2006-4 was a result of the maturity extension on
the tranche. The benefit of both actions is likely to outweigh the
negative impact from reducing notching uplifts in connection with
swap subject to margining requirements.

Moody's expects to conclude Moody's reviews of the affected ratings
within six months from the date of publication of the updated
approach to assessing counterparty risks in structured finance.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating Securities Backed by FFELP Student Loans"
published August 2016.

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

Up

Moody's could upgrade the ratings if the paydown speed of the loan
pool increases as a result of declining borrower usage of
deferment, forbearance and IBR, increasing voluntary prepayment
rates, or prepayments with proceeds from sponsor repurchases of
student loan collateral. Moody's could also upgrade the rating
owing to a build-up in credit enhancement and upgrades of ratings
or CR Assessments on the swap counterparties.

Down

Moody's could downgrade the ratings if the paydown speed of the
loan pool declines as a result of low voluntary prepayments, and
high deferment, forbearance and IBR rates, which would threaten
full repayment of the classes by their final maturity dates. In
addition, because the US Department of Education guarantees at
least 97% of principal and accrued interest on defaulted loans,
Moody's could downgrade the ratings of the notes if it were to
downgrade the rating on the United States government. Moody's could
also downgrade the rating owing to downgrades of ratings or CR
Assessments on the swap counterparties.


TABERNA PREFERRED II: Moody's Hikes Rating on Cl. A-1C Notes to B3
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Taberna Preferred Funding II, Ltd.:

US$400,000,000 Class A-1A First Priority Delayed Draw Senior
Secured Floating Rate Notes Due 2035 (current balance of
$170,564,182), Upgraded to B3 (sf); previously on December 8, 2010
Downgraded to Caa1 (sf);

US$106,500,000 Class A-1B First Priority Senior Secured Floating
Rate Notes Due 2035 (current balance of $45,412,712), Upgraded to
B3 (sf); previously on December 8, 2010 Downgraded to Caa1 (sf);

US$10,000,000 Class A-1C First Priority Senior Secured
Fixed/Floating Rate Notes Due 2035 (current balance of $4,264,105),
Upgraded to B3 (sf); previously on December 8, 2010 Downgraded to
Caa1 (sf);

Taberna Preferred Funding II, Ltd., issued in June 2005, is a
collateralized debt obligation (CDO) backed mainly by a portfolio
of REIT trust preferred securities (TruPS), with exposure to CMBS
and CRE CDO tranches.

RATINGS RATIONALE

The rating actions are primarily a result of the deleveraging of
the Class A-1A, A-1B and A-1C notes and an increase in the
transaction's over-collateralization (OC) ratios.

The Class A-1A, A-1B and A-1C notes have paid down collectively by
approximately 20.7% or $57.6 million since July 2016, using
principal proceeds from redemptions and recoveries of the
underlying assets, as well as the diversion of excess interest
proceeds. Based on Moody's calculations, the OC ratios for the
Class A-1 notes have improved to 151.2% from 133.2% in July 2016.

The rating actions also took into consideration an Event of Default
(EoD) and subsequent acceleration of the transaction in 2009. The
transaction declared an EoD because of missed interest payments on
the Class A-1, A-2 and B notes, according to Section 5.1(a) of the
indenture. Additionally, two pay-fixed receive-floating interest
rate swaps matured in 2015, freeing up excess interest to repay the
Class A-1 notes' principal.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating TruPS CDOs," published in October 2016.

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, as described below:

1) Macroeconomic uncertainty: TruPS CDOs performance could be
negatively affected by uncertainty about credit conditions in the
general economy. Moody's has a stable outlook on the US REIT
sector.

2) Portfolio credit risk: Credit performance of the assets
collateralizing the transaction that is better than Moody's current
expectations could have a positive impact on the transaction's
performance. Conversely, asset credit performance weaker than
Moody's current expectations could have adverse consequences on the
transaction's performance.

3) Deleveraging: One source of uncertainty in this transaction is
whether deleveraging from unscheduled principal proceeds and excess
interest proceeds will continue and at what pace. Note repayments
that are faster than Moody's current expectations could have a
positive impact on the notes' ratings, beginning with the notes
with the highest payment priority.

4) Exposure to non-publicly rated assets: The deal contains a large
number of securities whose default probability Moody's assesses
through credit scores derived using credit estimates. Because these
are not public ratings, they are subject to additional
uncertainties.

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):

Assuming a two-notch upgrade to assets with below-investment grade
ratings or rating estimates (WARF of 2763)

Class A-1A: +3

Class A-1B: +3

Class A-1C: +3

Class B: 0

Assuming a two-notch downgrade to assets with below-investment
grade ratings or rating estimates (WARF of 5676)

Class A-1A: -2

Class A-1B: -2

Class A-1C: -2

Class B: 0

Loss and Cash Flow Analysis:

Moody's applied a Monte Carlo simulation framework in Moody's
CDOROM to model the loss distribution for TruPS CDOs. The simulated
defaults and recoveries for each of the Monte Carlo scenarios
defined the reference pool's loss distribution. Moody's then used
the loss distribution as an input in its CDOEdge cash flow model.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, and weighted average recovery rate,
are based on its methodology and could differ from the trustee's
reported numbers. In its base case, Moody's analyzed the underlying
collateral pool has having a performing par and principal proceeds
of $333.1 million, defaulted and deferring par of $181.6 million, a
weighted average default probability of 59.56% (implying a WARF of
4750), and a weighted average recovery rate upon default of 9.77%.

In addition to the quantitative factors Moody's explicitly models,
qualitative factors are part of rating committee considerations.
Moody's considers the structural protections in the transaction,
the risk of an event of default, recent deal performance under
current market conditions, the legal environment and specific
documentation features. All information available to rating
committees, including macroeconomic forecasts, inputs from other
Moody's analytical groups, market factors, and judgments regarding
the nature and severity of credit stress on the transactions, can
influence the final rating decision.

The portfolio of this CDO contains mainly TruPS issued by small to
medium sized REIT companies that Moody's does not rate publicly. To
evaluate the credit quality of REIT companies that do not have
public ratings, Moody's REIT group assesses their credit quality
using the REIT firms' annual financials.


TCP WHITNEY: S&P Give Prelim. BB- Rating on Class D Notes
---------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to TCP Whitney
CLO Ltd./TCP Whitney CLO LLC's $329.550 million floating-rate and
combination notes.

The note issuance is a collateralized loan obligation (CLO)
transaction backed by primarily middle-market, speculative-grade,
senior secured term loans.

The preliminary ratings are based on information as of July 27,
2017. 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
middle-market, 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.

S&P said, "Our rating on the combination notes, which consist of
the $8.5 million class B notes, $4.0 million class C notes, $7.5
million class D notes, and $5.55 million subordinate notes, takes
into account our cash flow analysis, assuming paydowns to the
combination notes from interest payments, equity distributions, or
principal payments on the underlying notes."

PRELIMINARY RATINGS ASSIGNED

  TCP Whitney CLO Ltd./TCP Whitney CLO LLC

  Class                 Rating           Amount
                                        (mil. $)
  A-1                   AAA (sf)         195.00
  A-2                   AA (sf)           37.00
  B                     A- (sf)           28.00
  C                     BBB (sf)          24.00
  D                     BB- (sf)          20.00
  Subordinate notes     NR                46.85
  Combination notes     BBB-p (sf)        25.55


THL CREDIT 2013-1: S&P Assigns BB(sf) Rating on Class D-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
A-1R, A-2R, B-R, C-R, and D-R notes from THL Credit Wind River
2013-1 CLO Ltd., a U.S. collateralized loan obligation (CLO)
transaction managed by THL Credit Senior Loan Strategies LLC. S&P
withdrew its ratings on the original class A-1, A-2A, A-2B, B, C,
and D notes following payment in full on the July 20, 2017,
refinancing date.

On the July 20, 2017, refinancing date, the proceeds from the class
A-1R, A-2R, B-R, C-R, and D-R notes replacement note issuances were
used to redeem the original class A-1, A-2A, A-2B, B, C, and D
notes as outlined in the transaction document provisions;
therefore, we are withdrawing the rating on the original class A-1,
A-2A, A-2B, B, C, and D notes in line with its full redemption, and
assigning final ratings to the replacement notes.

The replacement notes are being issued via a supplemental indenture
and a restated indenture. In addition to outlining the terms of the
replacement notes, the restated indenture outlines the following:

-- The transaction will have an updated capital structure with
updated coverage tests.
-- The non-call period, the reinvestment period, and the stated
maturity will be extended to July 2019, July 2022, and July 2030,
respectively. The weighted average life test has also been
extended.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the 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
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,
or both, to each of the rated tranches.

"The assigned ratings reflect our opinion that the credit support
available is commensurate with the associated rating levels.

"We will continue to review whether, in our view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them and take rating actions as we deem
necessary."

RATINGS ASSIGNED

  THL Credit Wind River 2013-1 CLO Ltd.

  Replacement class  Rating      Amount (mil $)
        A-1R         AAA (sf)       289.300
        A-2R         AA (sf)         52.000
        B-R          A (sf)          29.400
        C-R          BBB (sf)        24.800
        D-R          BB (sf)         20.200
        Sub Notes      NR            51.500

RATINGS WITHDRAWN

  THL Credit Wind River 2013-1 CLO Ltd.

                   Rating
  Original class   To       From
       A-1         NR       AAA (sf)
      A-2A         NR       AA+ (sf)
      A-2B         NR       AA+ (sf)
         B         NR       A+ (sf)
         C         NR       BBB+ (sf)
         D         NR       BB+ (sf)

   NR--Not rated.


TOWD POINT 2017-3: Fitch Assigns 'Bsf' Rating to Class B2 Notes
---------------------------------------------------------------
Fitch Ratings rates Towd Point Mortgage Trust 2017-3 (TPMT
2017-3):

-- $514,270,000 class A1 notes 'AAAsf'; Outlook Stable;
-- $49,293,000 class A2 notes 'AAsf'; Outlook Stable;
-- $563,563,000 class A3 exchangeable notes 'AAsf'; Outlook
    Stable;
-- $610,914,000 class A4 exchangeable notes 'Asf'; Outlook
    Stable;
-- $47,351,000 class M1 notes 'Asf'; Outlook Stable;
-- $37,261,000 class M2 notes 'BBBsf'; Outlook Stable;
-- $30,274,000 class B1 notes 'BBsf'; Outlook Stable;
-- $22,511,000 class B2 notes 'Bsf'; Outlook Stable.

The following classes will not be rated by Fitch:

-- $24,841,000 class B3 notes;
-- $24,840,000 class B4 notes;
-- $25,616,838 class B5 notes.

The notes are supported by one collateral group that consists of
4,936 seasoned performing and re-performing mortgages with a total
balance of approximately $784.33 million (which includes $43.6
million, or 5.6%, of the aggregate pool balance in
non-interest-bearing deferred principal amounts) as of the
statistical calculation date.

The 'AAAsf' rating on the class A1 notes reflects the 33.75%
subordination provided by the 6.35% class A2, 6.10% class M1, 4.80%
class M2, 3.90% class B1, 2.90% class B2, 3.20% class B3, 3.20%
class B4 and 3.30% class B5 notes.

Fitch's ratings on the class notes reflect the credit attributes of
the underlying collateral, the quality of the servicer, Select
Portfolio Servicing, Inc. (SPS, rated 'RPS1-'), and the
representation (rep) and warranty framework, minimal due diligence
findings and the sequential pay structure.

KEY RATING DRIVERS

Distressed Performance History (Concern): The collateral pool
consists primarily of peak-vintage seasoned re-performing loans
(RPLs), including loans that have been paying for the past 24
months, which Fitch identifies as "clean current" (73.2%) and loans
that are current but have recent delinquencies or incomplete
paystrings, identified as "dirty current" (26.8%). All loans were
current as of the cutoff date, and 85.2% of the loans have received
modifications.

Third-Party Due Diligence (Mixed): A third-party due diligence
review was conducted and focused on regulatory compliance, pay
history and a tax and title lien search. The third-party review
(TPR) firm's due diligence review resulted in approximately 6.9%
'C' and 'D' graded loans, meaning the loans had material violations
or lacked documentation to confirm regulatory compliance. The
percentage of 'C' and 'D' graded loans is the lowest seen in any
TPMT transaction and is below the average of approximately 13% seen
in other recently rated RPL transactions. See the third-party due
diligence section of the pre-sale report for additional details.

No Servicer P&I Advances (Mixed): The servicer will not be
advancing delinquent monthly payments of P&I, which reduces
liquidity to the trust. However, as P&I advances made on behalf of
loans that become delinquent and eventually liquidate reduce
liquidation proceeds to the trust, the loan-level loss severity
(LS) are less for this transaction than for those where the
servicer is obligated to advance P&I. Structural provisions and
cash flow priorities, together with increased subordination,
provide for timely payments of interest to the 'AAAsf' and 'AAsf'
rated classes.

Sequential-Pay Structure (Positive): The transaction's cash flow is
based on a sequential-pay structure whereby the subordinate classes
do not receive principal until the senior classes are repaid in
full. Losses are allocated in reverse-sequential order.
Furthermore, the provision to re-allocate principal to pay interest
on the 'AAAsf' and 'AAsf' rated notes prior to other principal
distributions is highly supportive of timely interest payments to
those classes in the absence of servicer advancing.

Inclusion of Investor Property Loans (Mixed): Approximately 1.0% of
the loans were originated as investment property loans by an
affiliate of the seller. While the loan to value (LTV) and credit
score profile for these loans is strong, the program is geared
toward real estate investors who are qualified on a cash flow ratio
basis, rather than a DTI. Fitch assumed a 55% borrower DTI and
nonfull documentation for these loans.

Limited Life of Rep Provider (Concern): FirstKey Mortgage, LLC
(FirstKey), as rep provider, will only be obligated to repurchase a
loan due to breaches prior to the payment date in August 2018.
Thereafter, a reserve fund will be available to cover amounts due
to noteholders for loans identified as having rep breaches. Amounts
on deposit in the reserve fund, as well as the increased level of
subordination, will be available to cover additional defaults and
losses resulting from rep weaknesses or breaches occurring on or
after the payment date in August 2018.

Representation Framework (Concern): Fitch considers the
representation, warranty, and enforcement (RW&E) mechanism
construct for this transaction to generally be consistent with what
it views as a Tier 2 framework, due to the inclusion of knowledge
qualifiers and the exclusion of loans from certain reps as a result
of third-party due diligence findings. For 50 loans that are
seasoned less than 24 months, Fitch viewed the framework as a Tier
3 because the reps related to the origination and underwriting of
the loan, which are typically expected for newly originated loans,
were not included. Thus, Fitch increased its 'AAAsf' PD
expectations by roughly 410 basis points (bps) to account for a
potential increase in defaults and losses arising from weaknesses
in the reps.

Timing of Recordation and Document Remediation (Neutral): An
updated title and tax search, as well as a review to confirm that
the mortgage and subsequent assignments were recorded in the
relevant local jurisdiction, was also performed. Per the
representations provided in the transaction documents, all loans
have either all been recorded in the appropriate jurisdiction, are
in the process of being recorded, or will be sent for recordation
within 12 months of the closing date.

While the expected timelines for recordation and remediation are
viewed by Fitch as reasonable, Fitch believes that FirstKey's
oversight for completion of these activities serves as a strong
mitigant to potential delays. In addition, the obligation of
FirstKey to repurchase loans, for which assignments are not
recorded and endorsements are not completed by the payment date in
August 2018, aligns the issuer's interests regarding completing the
recordation process with those of noteholders.

Deferred Amounts (Negative): Non-interest-bearing principal
forbearance amounts totaling $43.6 million (5.6%) of the unpaid
principal balance) are outstanding on 972 loans. Fitch included the
deferred amounts when calculating the borrower's LTV and sLTV
despite the lower payment and amounts not being owed during the
term of the loan. The inclusion resulted in higher PDs and LS than
if there were no deferrals. Fitch believes that borrower default
behavior for these loans will resemble that of the higher LTVs, as
exit strategies (that is, sale or refinancing) will be limited
relative to those borrowers with more equity in the property.

Servicing Fee Stress (Negative): Fitch determined that the
aggregate servicing fee of 30bps may be insufficient to attract
subsequent servicers under a period of poor performance and high
delinquencies. To account for the potentially higher fee above what
is allowed for under the current transaction documents, Fitch's
cash flow analysis assumed a 50-bp servicing fee in the 'AAAsf,'
'AAsf,' and 'Asf' rating stresses.

CRITERIA APPLICATION

Fitch's analysis incorporated two variations from its "U.S. RMBS
Seasoned, Re-Performing and Non-Performing Loan Rating Criteria."
The first variation from this criteria is related to the 2.4% of
loans for which a compliance and data integrity review was not
completed. Fitch expects a compliance and data integrity review to
be completed on 100% of loans in re-performing and non-performing
pools. These loans were not subject to federal, state, and local
high cost testing, not subject to QM/ATR, and are seasoned beyond
the SOL for an affirmative action under TILA. Due to the loan
characteristics of these loans that did not receive a compliance
and data integrity review, such as the high WAVG updated FICO of
746, and low WAVG CLTV of 70.2%, Fitch was comfortable with the
97.6% due diligence performed on the remainder of the pool. In
addition, none of these loans have been modified.

The second variation is related to the tax and title review for
approximately 2% of the loans, which was completed outside of the
six-month timeframe expected in Fitch's criteria. These loans had
tax and title searches performed at acquisition, which was outside
of Fitch's six-month tolerance. However, Fitch does not view the
lack of an updated tax and title review as a material risk given
that the review conducted at acquisition is aged just slightly more
than six months as stated in Fitch's criteria.

Additionally, Fitch considers the robust servicing of SPS, which is
a high-touch servicing platform that specializes in seasoned loans,
to be a mitigant to the slightly aged tax and title search. SPS
uses industry accepted tools to identify new liens on a regular
basis, and Fitch feels confident that they are appropriately
monitoring any additional liens. Given the strength of the
servicer, Fitch considers the impact of slightly seasoned tax,
title and lien reviews to be nonmaterial.

Fitch's analysis also incorporated one criteria variation from its
"U.S. RMBS Rating Criteria." There are 50 loans (approximately
1.36% by balance) in the pool which are seasoned slightly less than
Fitch's threshold for seasoned loans, which is 24 months. On
average these loans are approximately 21 months seasoned. The due
diligence scope for these loans was not consistent with Fitch's
scope for newly originated loans. Fitch is comfortable with the due
diligence that was completed on these loans as it is a small
percentage of pool and the scope was consistent with Fitch's
criteria for seasoned and re-performing loans. In addition Fitch
received updated values for these loans and conservative
assumptions were made on the collateral analysis.

RATING SENSITIVITIES

Fitch's analysis incorporates sensitivity analyses to demonstrate
how the ratings would react to steeper market value declines (MVDs)
than assumed at both the metropolitan statistical area (MSA) and
national levels. 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 be
considered in the surveillance of the transaction.

Fitch conducted sensitivity analysis determining 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 37.5% at 'AAAsf'. The analysis indicates 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'.


TOWD POINT 2017-3: Moody's Assigns B3(sf) Rating to Class B2 Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to eight
classes of notes issued by Towd Point Mortgage Trust 2017-3.

The notes are backed by one pool of seasoned, performing and
re-performing residential mortgage loans. The collateral pool is
comprised of 4,936 first lien, fixed-rate and adjustable rate
mortgage loans as of the statistical calculation date, and has a
non-zero updated weighted average FICO score of 680 and a weighted
average current LTV of 83.5%. Approximately 85.2% of the loans in
the collateral pool have been previously modified. Select Portfolio
Servicing, Inc. is the servicer for the loans in the pool. FirstKey
Mortgage, LLC will be the asset manager for the transaction.

The complete rating actions are:

Issuer: Towd Point Mortgage Trust 2017-3

Cl. A1, Definitive Rating Assigned Aaa (sf)

Cl. A2, Definitive Rating Assigned Aa2 (sf)

Cl. A3, Definitive Rating Assigned Aa1 (sf)

Cl. A4, Definitive Rating Assigned A1 (sf)

Cl. M1, Definitive Rating Assigned A3 (sf)

Cl. M2, Definitive Rating Assigned Baa3 (sf)

Cl. B1, Definitive Rating Assigned Ba2 (sf)

Cl. B2, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected losses on TPMT 2017-3's collateral pool is 10.0%
in Moody's base case scenario. Moody's loss estimates take into
account the historical performance of the loans that have similar
collateral characteristics as the loans in the pool, and also
incorporate an expectation of a continued strong credit environment
for RMBS, supported by improving home prices over the next two to
three years.

The methodologies used in these ratings were "Moody's Approach to
Rating Securitisations Backed by Non-Performing and Re-Performing
Loans" published in August 2016 and "US RMBS Surveillance
Methodology" published in January 2017.

Collateral Description

TPMT 2017-3's collateral pool is primarily comprised of seasoned,
re-performing mortgage loans. Approximately 85.2% of the loans in
the collateral pool have been previously modified. The majority of
the loans underlying this transaction exhibit collateral
characteristics similar to that of seasoned Alt-A mortgages.

Moody's expected losses on the pool on Moody's estimates of 1) the
default rate on the remaining balance of the loans and 2) the
principal recovery rate on the defaulted balances. The two factors
that most strongly influence a re-performing mortgage loan's
likelihood of re-default are the length of time that the loan has
performed since modification, and the amount of the reduction in
monthly mortgage payments as a result of modification. The longer a
borrower has been current on a re-performing loan, the less likely
they are to re-default. Approximately 71.3% of the borrowers of the
loans in the collateral pool have been current on their payments
for the past 24 months.

Moody's estimated expected losses using two approaches -- (1)
pool-level approach, and (2) re-performing loan level analysis. In
the pool-level approach, Moody's estimated losses on the pool by
applying Moody's assumptions on expected future delinquencies,
default rates, loss severities and prepayments as observed on
similar seasoned collateral. Moody's projected future annual
delinquencies for eight years by applying an initial annual default
rate assumption adjusted for future years through delinquency
burnout factors. The delinquency burnout factors reflect Moody's
future expectations of the economy and the U.S. housing market.
Based on the loan characteristics of the pool and the demonstrated
pay histories, Moody's applied an initial expected annual
delinquency rate of 11.0% for the pool for year one. Moody's then
calculated future delinquencies using default burnout and voluntary
conditional prepayment rate (CPR) assumptions. Moody's aggregated
the delinquencies and converted them to losses by applying pool
specific lifetime default frequency and loss severity assumptions.
Moody's CPR and loss severity assumptions are based on actual
observed performance of seasoned loans and prior TPMT deals. In
applying Moody's loss severity assumptions, Moody's accounted for
the lack of principal and interest advancing in this transaction.

Moody's also conducted a loan level analysis on TPMT 2017-3's
collateral pool. Moody's applied loan-level baseline lifetime
propensity to default assumptions, and considered the historical
performance of seasoned loans with similar collateral
characteristics and payment histories. Moody's then adjusted this
base default propensity up for (1) adjustable-rate loans, (2) loans
that have the risk of coupon step-ups and (3) loans with high
updated loan to value ratios (LTVs). Moody's applied a higher
baseline lifetime default propensity for interest-only loans, using
the same adjustments. To calculate the final expected loss for the
pool, Moody's applied a loan-level loss severity assumption based
on the loans' updated estimated LTVs. Moody's further adjusted the
loss severity assumption upwards for loans in states that give
super-priority status to homeowner association (HOA) liens, to
account for potential risk of HOA liens trumping a mortgage.

For loans with deferred balances, Moody's assumed that 100% of the
remaining PRA amount and a portion of the non-PRA deferred
principal balance on modified loans would be forgiven and not
recovered. The deferred balance in this transaction is $43,563,795,
representing approximately 5.6% of the total unpaid principal
balance. Loans that have HAMP and proprietary remaining principal
reduction amount (PRA) totaled $715,219, representing approximately
1.6% of total deferred balance. The final expected loss for the
collateral pool reflects the due diligence findings of four
independent third party review (TPR) firms as well as Moody's
assessment of TPMT 2017-3's representations & warranties (R&Ws)
framework.

Although all of the mortgage loans were contractually current under
both the MBA and OTS method as of the statistical calculation date,
approximately 4.5% of the mortgage loans were more than 29 days
delinquent under the MBA method as of the cut-off date. FirstKey
believes such delinquency is attributed in part to the recent
servicing transfer of the acquired loans.

Transaction Structure

TPMT 2017-3 has a sequential priority of payments structure, in
which a given class of notes can only receive principal payments
when all the classes of notes above it have been paid off.
Similarly, losses will be applied in the reverse order of priority.
The Class A1, A2, M1 and M2 notes carry a fixed-rate coupon subject
to the collateral adjusted net WAC and applicable available funds
cap. The Class A3 and A4 are variable Rate Notes where the coupon
is equal to the weighted average of the note rates of the related
exchange notes. The Class B1, B2, B3, B4 and B5 are Variable Rate
Notes where the coupon is equal to the lesser of adjusted net WAC
and applicable available funds cap. There are no performance
triggers in this transaction. Additionally, the servicer will not
advance any principal or interest on delinquent loans.

Moreover, the monthly excess cash flow in this transaction, after
payment of such expenses, if any, will be fully captured to pay the
principal balance of the bonds sequentially, allowing for a faster
paydown of the bonds.

Moody's coded TPMT 2017-3's cashflows using SFW(R), a cashflow tool
developed by Moody's Analytics. To assess the final rating on the
notes, Moody's ran 96 different loss and prepayment scenarios
through SFW. The scenarios encompass six loss levels, four loss
timing curves, and four prepayment curves. The structure allows for
timely payment of interest and ultimate payment of principal with
respect to the notes by the legal final maturity.

Other Considerations

Moody's believes there is a very low likelihood that the rated
notes in TPMT 2017-3 will incur any loss from extraordinary
expenses or indemnification payments owing to potential future
lawsuits against key deal parties. First, majority of the loans are
seasoned with demonstrated payment history, reducing the likelihood
of a lawsuit on the basis that the loans have underwriting defects.
Second, historical performance of loans aggregated by FirstKey to
date has been within expectation, with minimal losses on previously
issued TPMT transactions. Third, the transaction has reasonably
well defined processes in place to identify loans with defects on
an ongoing basis. In this transaction, an independent breach
reviewer must review loans for breaches of representations and
warranties when a loan becomes 120 days delinquent, which reduces
the likelihood that parties will be sued for inaction. Furthermore,
the issuer has performed nearly 100% due diligence by independent
third parties with respect to compliance and payment history and
has disclosed the results of the review.

Third Party Review

Four independent third party review (TPR) firms -- JCIII &
Associates, Inc. (subsequently acquired by American Mortgage
Consultants), Clayton Services, LLC, AMC Diligence, LLC, and
Westcor Land Title Insurance Company -- conducted due diligence for
the transaction. Due diligence was performed on 97.6% of the loans
in TPMT 2017-3's collateral pool for compliance and data capture,
96.7% for pay string history, and 100% for title and tax review.
The TPR firms reviewed compliance, data integrity and key documents
to verify that loans were originated in accordance with federal,
state and local anti-predatory laws. The TPR firms conducted audits
of designated data fields to ensure the accuracy of the collateral
tape.

Based on Moody's analysis of the third-party review reports,
Moody's determined that a portion of the loans had legal or
compliance exceptions that could cause future losses to the trust.
Moody's incorporated an additional hit to the loss severities for
these loans to account for this risk. FirstKey Mortgage, LLC,
retained Westcor to review the title and tax reports for the loans
in the pool, and will oversee Westcor and monitor the loan sellers
in the completion of the assignment of mortgage chains. 100% of the
loans are in first lien position, subject in some cases to certain
liens as described in the R&Ws. In addition, FirstKey expects a
significant number of the assignment and endorsement exceptions to
be cleared within the first twelve months following the closing
date of the transaction. The representation provider has deposited
collateral of $0.5 million in Assignment Reserve Account to ensure
that the asset manager completes the clearing of these exceptions.

Representations & Warranties

Moody's ratings reflect TPMT 2017-3's weak representations and
warranties (R&Ws) framework. The representation provider, FirstKey
Mortgage, LLC is unrated by Moody's. Moreover, FirstKey's
obligations will be in effect for only thirteen months (until the
payment date in August 2018). The R&Ws themselves are weak because
they contain many knowledge qualifiers and the regulatory
compliance R&W does not cover monetary damages that arise from TILA
violations whose right of rescission has expired. While the
transaction provides a Breach Reserve Account to cover for any
breaches of R&Ws, the size of the account is small relative to TPMT
2017-3's aggregate collateral pool ($776 million) as of the cut-off
date. An initial deposit of $1,700,000 will be remitted to the
Breach Reserve Account on the closing date, with an initial Breach
Reserve Account target amount of $2,921,153.

Transaction Parties

The transaction benefits from a strong servicing arrangement.
Select Portfolio Servicing, Inc. will service 100% of TPMT 2017-3's
collateral pool. Moody's assess SPS higher compared to its peers.
Furthermore, FirstKey Mortgage, LLC, the asset manager, will
oversee the servicer, which strengthens the overall servicing
framework in the transaction. Wells Fargo Bank NA and U.S. Bank
National Association are the Custodians of the transaction. The
Delaware Trustee for TPMT 2017-3 is Wilmington Trust, National
Association. TPMT 2017-3's Indenture Trustee is U.S. Bank National
Association.

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

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 obligors defaulting 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.


TRALEE CLO II: S&P Assigns Prelim B- Rating on Class F-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-R, B-R, C-R, D-R, E-R, and F-R replacement notes from Tralee CLO
II Ltd., a collateralized loan obligation (CLO) originally issued
in 2013 that is managed by Par-Four Investment Management LLC. The
replacement notes will be issued via a proposed supplemental
indenture.

The preliminary ratings reflect S&P's opinion that the credit
support available is commensurate with the associated rating
levels.

The preliminary ratings are based on information as of July 20,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Aug. 8, 2017, refinancing date, the proceeds from the
issuance of the replacement notes are expected to redeem the
original notes. S&P said, "At that time, we anticipate withdrawing
the ratings on the original notes and assigning ratings to the
replacement notes. However, if the refinancing doesn't occur, we
may affirm the ratings on the original notes and withdraw our
preliminary ratings on the replacement notes."

The replacement notes are being issued via a proposed supplemental
indenture, which, in addition to outlining the terms of the
replacement notes, will also make the following changes: The
replacement class A-R, B-R, D-R, E-R, and F-R notes are expected to
be issued at higher spreads than the original notes.

The replacement class B-R notes are expected to be issued at a
floating spread, replacing the current class B-1 floating-rate and
B-2 fixed-rate notes. The stated maturity, reinvestment period,
non-call period, and weighted average life test date will be
extended 4.3 years.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the 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
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,
or both, to each of the rated tranches.

"We will continue to review whether, in our view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them, and we will take further rating actions
as we deem necessary."

PRELIMINARY RATINGS ASSIGNED

  Tralee CLO II Ltd. /Tralee CLO II LLC Replacement

  Class        Rating     Amount (mil. $)
  A-R          AAA (sf)       257.50
  B-R          AA (sf)         48.00
  C-R          A (sf)          25.50
  D-R          BBB (sf)        20.00
  E-R          BB (sf)         17.00
  F-R          B- (sf)          8.50


TRESTLES CLO 2017-1: Moody's Assigns Ba3(sf) Rating to Cl. D Notes
------------------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by Trestles CLO 2017-1, Ltd. (the "Issuer" or
"Trestles 2017-1").

Moody's rating action is:

US$317,500,000 Class A-1a Senior Floating Rate Notes due 2029 (the
"Class A-1a Notes"), Assigned Aaa(sf)

US$22,500,000 Class A-1b Senior Floating Rate Notes due 2029 (the
"Class A-1b Notes"), Assigned Aaa(sf)

US$32,500,000 Class A-2 Senior Floating Rate Notes due 2029 (the
"Class A-2 Notes"), Assigned Aa2(sf)

US$32,500,000 Class B Mezzanine Deferrable Floating Rate Notes due
2029 (the "Class B Notes"), Assigned A2(sf)

US$28,750,000 Class C Mezzanine Deferrable Floating Rate Notes due
2029 (the "Class C Notes"), Assigned Baa3(sf)

US$26,250,000 Class D Junior Deferrable Floating Rate Notes due
2029 (the "Class D Notes"), Assigned Ba3(sf)

The Class A-1a Notes, the Class A-1b Notes, the Class A-2 Notes,
the Class B Notes, the Class C Notes, and the Class D Notes are
referred to herein 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.

Trestles 2017-1 is a managed cash flow CLO. The issued notes will
be collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 90% of the portfolio must consist
of senior secured loans and eligible investments, and up to 10% of
the portfolio may consist of second-lien loans, first-lien last-out
loans, and unsecured loans. The portfolio is approximately 90%
ramped as of the closing date.

Pacific Life Fund Advisors LLC, doing business as Pacific Asset
Management (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.
This is the Manager's first CLO.

In addition to the Rated Notes, the Issuer issued one class of
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 October 2016.

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

Par amount: $500,000,000

Diversity Score: 55

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 3.20%

Weighted Average Coupon (WAC): 7.0%

Weighted Average Recovery Rate (WARR): 49.0%

Weighted Average Life (WAL): 8.0 years.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
October 2016.

Factors That Would Lead to 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 2800 to 3220)

Rating Impact in Rating Notches

Class A-1a Notes: 0

Class A-1b Notes: -1

Class A-2 Notes: -1

Class B Notes: -2

Class C Notes: -1

Class D Notes: -1

Percentage Change in WARF -- increase of 30% (from 2800 to 3640)

Rating Impact in Rating Notches

Class A-1a Notes: -1

Class A-1b Notes: -3

Class A-2 Notes: -3

Class B Notes: -3

Class C Notes: -2

Class D Notes: -1


UBS COMMERCIAL 2017-C2: Fitch to Rate Class H-RR Debt 'B-sf'
------------------------------------------------------------
Fitch Ratings has issued a presale report on UBS Commercial
Mortgage Trust 2017-C2 commercial mortgage pass-through
certificates.

Fitch expects to rate the transaction and assign Rating Outlooks:

-- $34,851,000 class A-1 'AAAsf'; Outlook Stable;
-- $77,613,000 class A-2 'AAAsf'; Outlook Stable;
-- $46,089,000 class A-SB 'AAAsf'; Outlook Stable;
-- $210,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $260,524,000 class A-4 'AAAsf'; Outlook Stable;
-- $629,077,000b class X-A 'AAAsf'; Outlook Stable;
-- $175,063,000b class X-B 'A-sf'; Outlook Stable;
-- $103,348,000 class A-S 'AAAsf'; Outlook Stable;
-- $39,317,000 class B 'AA-sf'; Outlook Stable;
-- $32,398,000 class C 'A-sf'; Outlook Stable;
-- $14,783,000ac class D-RR 'BBB+sf'; Outlook Stable;
-- $8,987,000ac class E-RR 'BBBsf'; Outlook Stable;
-- $16,850,000ac class F-RR 'BBB-sf'; Outlook Stable;
-- $16,850,000ac class G-RR 'BB-sf'; Outlook Stable;
-- $8,987,000ac class H-RR 'B-sf'; Outlook Stable.

The following class is not expected to be rated:

-- $28,084,591ac class NR-RR.

(a) Privately placed and pursuant to Rule 144A.
(b) Notional amount and interest only.
(c) Horizontal credit risk retention interest representing at least
5% of the estimated fair value of all classes of regular
certificates issued by the issuing entity (as of the closing
date).

The expected ratings are based on information provided by the
issuer as of July 25, 2017.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 59 loans secured by 204
commercial properties having an aggregate principal balance of
$898,681,592 as of the cut-off date. The loans were contributed to
the trust by UBS AG, Societe Generale, German American Capital
Corporation, Natixis Real Estate Capital LLC, Rialto Mortgage
Finance, LLC and CIBC Inc.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 59.7% of the properties
by balance, cash flow analysis of 76.5%, and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

Investment-Grade Credit Opinion Loans: Five loans, representing
23.5% of the pool, have investment-grade credit opinions. General
Motors Building (5.6% of the pool), Park West Village (5.6% of the
pool), Del Amo Fashion Center (5.0% of the pool), 85 Broad Street
(3.8% of the pool) and 245 Park Avenue (3.6% of the pool) have
investment grade credit opinions. Combined, the five credit opinion
loans have a weighted average (WA) Fitch debt service coverage
ratio (DSCR) and loan to value (LTV) of 1.44x and 65.7%,
respectively.

High Pool Diversity: The largest 10 loans account for 44.4% of the
pool, which is well below the year-to-date (YTD) 2017 average of
53.3% for fixed-rate multiborrower transactions. The transaction
exhibits very low pool concentration, with a loan concentration
index (LCI) of 290, compared to the YTD 2017 average of 399. The
average loan size for this transaction is $15.2 million compared to
the YTD 2017 average of $20.3 million.

Lower Fitch Leverage Than Recent Transactions: The pool's leverage
is lower than recent comparable Fitch-rated multiborrower
transactions. The pool's Fitch DSCR and LTV are 1.23x and 97.2%,
respectively, which are comparable to the YTD 2017 averages of
1.22x and 104.3%. Excluding investment-grade credit opinion loans,
the pool has a Fitch DSCR and LTV of 1.21x and 104.8%,
respectively, better than the YTD 2017 normalized averages of 1.18x
and 107.4%.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 12.6% below
the most recent year's net operating income (NOI) for properties
for which a full-year NOI was provided, excluding properties that
were stabilizing during this period). Unanticipated further
declines in property-level NCF could result in higher defaults and
loss severities on defaulted loans and in potential rating actions
on the certificates.

Fitch evaluated the sensitivity of the ratings assigned to UBS
2017-C2 certificates and found that the transaction displays
average sensitivities 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 'BBB-sf'
could result.


UBS COMMERCIAL 2017-C2: S&P Gives Prelim B- Rating on G-RR Certs
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to UBS
Commercial Mortgage Trust 2017-C2's $898.7 million commercial
mortgage pass-through certificates series 2017-C2.

The certificate issuance is a commercial mortgage-backed securities
transaction backed by 59 commercial mortgage loans with an
aggregate principal balance of $898.7 million ($804.1 million of
offered certificates), secured by the fee and leasehold interests
in 204 properties across 28 states.

The preliminary ratings are based on information as of July 25,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect the credit support provided by the
transaction structure, our view of the underlying collateral's
economics, the trustee-provided liquidity, the collateral pool's
relative diversity, and our overall qualitative assessment of the
transaction.

PRELIMINARY RATINGS ASSIGNED

  UBS Commercial Mortgage Trust 2017-C2

  Class              Rating(i)       Amount ($)
  A-1                AAA (sf)        34,851,000
  A-2                AAA (sf)        77,613,000
  A-SB               AAA (sf)        46,089,000
  A-3                AAA (sf)       210,000,000
  A-4                AAA (sf)       260,524,000
  X-A                AAA (sf)       629,077,000
  X-B                A- (sf)        175,063,000
  A-S                AA+ (sf)       103,348,000
  B                  AA- (sf)        39,317,000
  C                  A- (sf)         32,398,000
  D-RR(ii)           BBB+ (sf)       14,783,000
  E-RR(ii)           BBB (sf)         8,987,000
  F-RR(ii)           NR              16,850,000
  G-RR(ii)           BB- (sf)        16,850,000
  H-RR(ii)           B+ (sf)          8,987,000
  NR-RR              NR              28,084,591

(i)The certificates will be issued to qualified institutional
buyers according to Rule 144A of the Securities Act of 1933.
(ii)Notional balance.
(ii)Non-offered certificates. NR--Not rated.


VENTURE 28A: Moody's Assigns Prov. Ba3(sf) to Class E Notes
-----------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to eight
classes of notes to be issued by Venture 28A CLO, Limited.

Moody's rating action is:

US$164,736,000 Class A-1 Senior Secured Floating Rate Notes due
2029 (the "Class A-1 Notes"), Assigned (P)Aaa (sf)

US$105,264,000 Class A-2 Senior Secured Floating Rate Notes due
2029 (the "Class A-2 Notes"), Assigned (P)Aaa (sf)

US$5,264,000 Class B-1 Senior Secured Floating Rate Notes due 2029
(the "Class B-1 Notes"), Assigned (P)Aa2 (sf)

US$42,536,000 Class B-F Senior Secured Fixed Rate Notes due 2029
(the "Class B-F Notes"), Assigned (P)Aa2 (sf)

US$13,868,000 Class C-1 Mezzanine Secured Deferrable Floating Rate
Notes due 2029 (the "Class C-1 Notes"), Assigned (P)A2 (sf)

US$12,632,000 Class C-F Mezzanine Secured Deferrable Fixed Rate
Notes due 2029 (the "Class C-F Notes"), Assigned (P)A2 (sf)

US$23,300,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2029 (the "Class D Notes"), Assigned (P)Baa3 (sf)

US$20,500,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2029 (the "Class E Notes"), Assigned (P)Ba3 (sf)

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

Venture 28A is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 90% of the portfolio must consist
of senior secured loans, cash, and eligible investments, and up to
10% of the portfolio may consist of second lien loans and unsecured
loans. Moody's expects the portfolio to be approximately 80% ramped
as of the closing date.

MJX Venture Management II LLC (the "Manager"), a relying adviser on
MJX Asset Management LLC, will direct the selection, acquisition
and disposition of the assets on behalf of the Issuer and may
engage in trading activity, including discretionary trading, during
the transaction's 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 October 2016.

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

Par amount: $422,000,000

Diversity Score: 75

Weighted Average Rating Factor (WARF): 2750

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 45.0%

Weighted Average Life (WAL): 8.25 years.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
October 2016.

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 2750 to 3163)

Rating Impact in Rating Notches

Class A-1 Notes: 0

Class A-2 Notes: 0

Class B-1 Notes: -1

Class B-F Notes: -1

Class C-1 Notes: -2

Class C-F Notes: -2

Class D Notes: -1

Class E Notes: 0

Percentage Change in WARF -- increase of 30% (from 2750 to 3575)

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-2 Notes: -1

Class B-1 Notes: -3

Class B-F Notes: -3

Class C-1 Notes: -4

Class C-F Notes: -4

Class D Notes: -2

Class E Notes: -1


VENTURE CLO XXVIII: Moody's Assigns Ba3 Rating to Class E Notes
---------------------------------------------------------------
Moody's Investors Service has assigned ratings to eight classes of
notes issued by Venture XXVIII CLO, Limited.

Moody's rating action is:

US$148,421,053 Class A-1 Senior Secured Floating Rate Notes due
2030 (the "Class A-1 Notes"), Definitive Rating Assigned Aaa (sf)

US$219,242,948 Class A-2 Senior Secured Floating Rate Notes due
2030 (the "Class A-2 Notes"), Definitive Rating Assigned Aaa (sf)

US$37,368,422 Class B-1 Senior Secured Floating Rate Notes due 2030
(the "Class B-1 Notes"), Definitive Rating Assigned Aa2 (sf)

US$27,750,000 Class B-F Senior Secured Fixed Rate Notes due 2030
(the "Class B-F Notes"), Definitive Rating Assigned Aa2 (sf)

US$13,157,895 Class C-1 Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class C-1 Notes"), Definitive Rating Assigned
A2 (sf)

US$22,950,000 Class C-F Mezzanine Secured Deferrable Fixed Rate
Notes due 2030 (the "Class C-F Notes"), Definitive Rating Assigned
A2 (sf)

US$31,742,381 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class D Notes"), Definitive Rating Assigned
Baa3 (sf)

US$27,900,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2030 (the "Class E Notes"), Definitive Rating Assigned Ba3
(sf)

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

Venture XXVIII is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 90% of the portfolio must consist
of senior secured loans, cash, 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.

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

In addition to the Rated Notes, the Issuer has issued subordinated
notes.

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in October 2016.

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

Par amount: $574,500,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2775

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 45.0%

Weighted Average Life (WAL): 9 years.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
October 2016.

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 2775 to 3191)

Rating Impact in Rating Notches

Class A-1 Notes: 0

Class A-2 Notes: 0

Class B-1 Notes: -1

Class B-F Notes: -1

Class C-1 Notes: -2

Class C-F Notes: -2

Class D Notes: -1

Class E Notes: 0

Percentage Change in WARF -- increase of 30% (from 2775 to 3608)

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-2 Notes: -1

Class B-1 Notes: -3

Class B-F Notes: -3

Class C-1 Notes: -4

Class C-F Notes: -4

Class D Notes: -2

Class E Notes: -1


VERUS TRUST 2017-2: S&P Gives Prelim 'B+' Rating on Cl. B-3 Certs
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Verus
Securitization Trust 2017-2's $236.056 million mortgage
pass-through certificates.

The certificate issuance is a residential mortgage-backed
securities transaction backed by first-lien, fixed- and
adjustable-rate fully amortizing and interest-only residential
mortgage loans, as well as some five-year balloon loans, secured by
single-family residential properties, planned-unit developments,
condominiums, and two- to four-family residential properties to
both prime and nonprime borrowers. The pool has 592 loans, which
are primarily non-qualified mortgage loans.

The preliminary ratings are based on information as of July 19
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The pool's collateral composition;
-- The credit enhancement provided for this transaction;
-- The transaction's associated structural mechanics;
-- The representation and warranty framework for this
    transaction; and
-- The mortgage aggregator.

PRELIMINARY RATINGS ASSIGNED

  Verus Securitization Trust 2017-2

  Class       Rating(i)       Interest        Amount
                              rate(ii)           ($)
  A-1         AAA (sf)        Fixed     153,756,000
  A-2         AA (sf)         Fixed      15,062,000
  A-3         A (sf)          Fixed      32,896,000
  B-1         BBB-(sf)        Fixed      22,413,000
  B-2         BB (sf)         Fixed       5,061,000
  B-3         B+ (sf)         Net WAC     6,868,000
  B-4         NR              Net WAC     4,941,003
  A-IO-S      NR              (v)         Notional (iii)
  XS          NR              (vi)        Notional (iv)
  P           NR              (vii)            100
  R           NR              N/A              N/A

(i)Interest can be deferred on the classes; the preliminary ratings
assigned to the classes address the ultimate payment of interest
and principal.

(ii)Coupons are subject to the pool's net WAC rate. Coupons on
classes B-3 and B-4 equal the pool's net WAC rate.

(iii)Notional amount is equal to the loans'stated principal
balance.

(iv)Notional amount equals the aggregate balance of the class A-1,
A-2, A-3, B-1, B-2, B-3, B-4, and P certificates.

(v)Excess servicing strip plus excess prepayment strip minus
compensating interest.

(vi)Certain excess amounts per the pooling and servicing
agreement.

(vii)Prepayment premiums during the related prepayment period.  

WAC--Weighted average coupon.

N/A--Not applicable.

NR--Not rated.


VIBRANT CLO II: S&P Affirms B(sf) Rating on Class E Notes
---------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1b-R,
A-2a-R, A-2b-R, B-R, and C-R replacement notes from Vibrant CLO II
Ltd., a collateralized loan obligation (CLO) originally issued in
2013 that is managed by DFG Investment Advisors Inc. S&P said, "We
withdrew our ratings on the original class A-1, A-2a, A-2b, B, and
C notes following payment in full on the July 24, 2017, refinancing
date. At the same time, we affirmed our ratings on the class D and
E notes which were not part of this refinancing."

S&P related, "On the July 24, 2017, refinancing date, the proceeds
from the class A-1b-R, A-2a-R, A-2b-R, B-R, and C-R replacement
note issuances were used to redeem the original class A-1, A-2a,
A-2b, B, and C notes as outlined in the transaction document
provisions. Therefore, we withdrew our ratings on the original
class A-1, A-2a, A-2b, B, and C notes in line with their full
redemption, and we are assigning ratings to the replacement notes.


"Our review of this transaction included a cash flow analysis,
based on the portfolio and transaction as reflected in the 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 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, or both, to each of the
rated tranches. The assigned ratings reflect our opinion that the
credit support available is commensurate with the associated rating
levels.

"We will continue to review whether, in our view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them, and we will take rating actions as we
deem necessary."

  RATINGS ASSIGNED

  Vibrant CLO II Ltd.
  Replacement class          Rating        Amount
                                          (mil $)
  A-1b-R                     AAA (sf)      214.80
  A-2a-R                     AA (sf)        35.10
  A-2b-R                     AA (sf)        10.00
  B-R                        A (sf)         28.90
  C-R                        BBB (sf)       18.80

  RATINGS AFFIRMED

  Class                      Rating
  D                          BB (sf)
  E                          B (sf)

  RATINGS WITHDRAWN

  Vibrant CLO II Ltd.
                             Rating
  Original class       To              From
  A-1                  NR              AAA (sf)
  A-2a                 NR              AA+ (sf)
  A-2b                 NR              AA+ (sf)
  B                    NR              A+ (sf)
  C                    NR              BBB+ (sf)

  NR--Not rated.


VIBRANT CLO II: S&P Assigns Prelim B Rating on Class C-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1b-R, A-2a-R, A-2b-R, C-R, and D-R replacement notes from Vibrant
CLO II Ltd., a collateralized loan obligation originally issued in
2013 that is managed by DFG Investment Advisors Inc. The
replacement notes will be issued via a proposed supplemental
indenture. The class D and E notes are not part of this
refinancing.

S&P said, "The preliminary ratings reflect our opinion that the
credit support available is commensurate with the associated rating
levels."

The preliminary ratings are based on information as of July 20,
2017.

Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the July 24, 2017, refinancing date, the proceeds from the
issuance of the replacement notes are expected to redeem the
original notes. S&P said, "At that time, we anticipate withdrawing
the ratings on the original notes and assigning ratings to the
replacement notes. However, if the refinancing doesn't occur, we
may affirm the ratings on the original notes and withdraw our
preliminary ratings on the replacement notes.

"Our review of this transaction included a cash flow analysis,
based on the portfolio and transaction as reflected in the 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 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, or both, to each of the
rated tranches.

"We will continue to review whether, in our view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them, and we will take further rating actions
as we deem necessary."

PRELIMINARY RATINGS ASSIGNED

  Vibrant CLO II Ltd. Replacement
  class       Rating   Amount (mil. $)
  A-1b-R      AAA (sf)  214.80
  A-2a-R       AA (sf)   35.10
  A-2b-R       AA (sf)   10.00
  B-R           A (sf)   28.90
  C-R           B (sf)   18.80

  OTHER OUTSTANDING RATINGS
  Vibrant CLO II Ltd.
  Class         Rating
  D             BB (sf)
  E             B (sf)


WACHOVIA BANK 2005-C21: Moody's Lowers Rating on Class F Debt to B3
-------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on four classes
and downgraded the ratings on five classes in Wachovia Bank
Commercial Mortgage Trust 2005-C21, Commercial Mortgage
Pass-Through Certificates, Series 2005-C21:

Cl. B, Affirmed Aa2 (sf); previously on Jul 29, 2016 Upgraded to
Aa2 (sf)

Cl. C, Affirmed A1 (sf); previously on Jul 29, 2016 Upgraded to A1
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Jul 29, 2016 Affirmed Baa3
(sf)

Cl. E, Downgraded to Ba3 (sf); previously on Jul 29, 2016 Affirmed
Ba2 (sf)

Cl. F, Downgraded to B3 (sf); previously on Jul 29, 2016 Affirmed
B1 (sf)

Cl. G, Downgraded to Caa3 (sf); previously on Jul 29, 2016 Affirmed
Caa1 (sf)

Cl. H, Downgraded to C (sf); previously on Jul 29, 2016 Affirmed
Caa3 (sf)

Cl. J, Affirmed C (sf); previously on Jul 29, 2016 Affirmed C (sf)

Cl. IO, Downgraded to Ca (sf); previously on Jun 9, 2017 Downgraded
to Caa3 (sf)

RATINGS RATIONALE

The ratings on the P&I classes, B, C, and D 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 class, J, was affirmed because the rating is
consistent with Moody's expected loss.

The rating on the IO class was downgraded due to a decline in the
credit quality of its referenced classes.

The ratings on the P&I classes, E, F, G, and H, were downgraded due
to anticipated losses from specially serviced and troubled loans.

Moody's rating action reflects a base expected loss of 40.3% of the
current pooled balance, compared to 32.8% at Moody's last review.
Moody's base expected loss plus realized losses is now 7.4% of the
original pooled balance, compared to 5.8 % at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE 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.

Additionally, the methodology used in rating Cl. IO was "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" methodology published in June 2017.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 84% of the pool is in
special servicing. In this approach, Moody's determines a
probability of default for each specially serviced and troubled
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.

DEAL PERFORMANCE

As of the July 17, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 90% to $318.2
million from $3.2 billion at securitization. The certificates are
collateralized by 11 mortgage loans ranging in size from less than
1% to 39% of the pool.

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 Moody's last review.

One loan, constituting less than 1% 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.

Twenty-one loans have been liquidated from the pool, resulting in
an aggregate realized loss of $111.6 million (for an average loss
severity of 35%). Five loans, constituting 84% of the pool, are
currently in special servicing. The largest specially serviced loan
is the Metropolitan Square ($124.1 million -- 39.0% of the pool),
which is secured by a 43-story office tower located in the central
business district of Saint Louis, Missouri. The collateral is also
encumbered by a $25.5 million B-note held outside the trust. The
property was 76% leased as of June 2017, compared to 77% in March
2016. The loan originally transferred to special servicing back in
August 2012 due to cash flow issues, and was modified and returned
to the master servicer. The loan recently transferred back to
special servicing in July 2017 due to imminent maturity default.
The submarket's vacancy rate is 14.3% as of the second-quarter
2017. The largest tenant, which is 23.6% of the NRA, has a lease
expiration in June 2022. The second largest tenant, 4.8% of the
NRA, has a lease expiration in December 2021.

The second largest specially serviced loan is NGP Rubicon GSA Pool
($58.9 million -- 18.5% of the pool), which represents a 50%
participation interest in a mortgage loan originally secured by 2.2
million square foot portfolio of fourteen office and distribution
centers. The seven properties that remain are office properties
with a weighted average occupancy of 80%. The largest property,
Suffolk VA, has single tenant exposure whose lease expires in May
2018. The portfolio transferred to special servicing in April 2015
for imminent monetary default. Moody's value per square foot did
not change from last review.

The third largest specially serviced loan is Park Place II ($44.6
million -- 14.0% of the pool), which is secured by a second phase
of an anchored power center located in Sacramento, California. The
loan transferred to special servicing in January 2012 due to cash
flow issues and became REO (real estate owned) in April 2013. The
asset is not currently for sale. As of March 2017, the property was
74% occupied, compared to 68% in May 2016. The largest tenant,
Kohl's, has a lease expiration in January 2025. The second largest
tenant, Marshall's, has a lease expiration in August 2019. Moody's
did not receive tenant sales information.

The fourth largest specially serviced loan is Taurus Pool ($31.3
million -- 9.8% of the pool), which was originally secured by six
properties located in six states. Three properties have been sold.
Two of the three remaining properties are REO. Moody's has
increased its loss estimate from last review.

The remaining specially serviced loan is secured by a retail
property. Moody's estimates an aggregate $123.1 million loss for
the specially serviced loans (46% expected loss on average).

Moody's received full year 2016 operating results for 100% of the
pool, and full or partial year 2017 operating results for 57% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 115%, compared to 117% at Moody's
last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 23% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.0 %.

Moody's actual and stressed conduit DSCRs are 1.45X and 1.14X,
respectively, compared to 1.44X and 1.10X 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 conduit loan is the Phillips Lighting Loan ($37.5
million -- 11.8% of the pool), which is secured by a 199,900 SF
suburban office building located in Franklin Township, New Jersey.
This ARD loan had an initial maturity date of September 15, 2015
but is continuing to pay subject to additional 2.0% interest with a
final maturity date of September 2035. Phillips Electronics
occupies the entire building through 2021. Moody's used a lit /
dark analysis given the single tenant lease exposure. Moody's LTV
and stressed DSCR are 129% and 0.82X, respectively, compared to
131% and 0.81X, at the last review.

The second largest conduit loan is the Maywood Village Loan ($6.3
million -- 2.0% of the pool), which is secured by a 48,000 SF
retail center in Maywood, CA. The property was built in 1991 and is
located five miles southeast of the Los Angeles central business
district. As of December 2016, the property was 81% leased compared
to 90% in March 2016. The second largest tenant, CSK Auto, whose
lease expires in 2026, downsized when it renewed its lease. Moody's
LTV and stressed DSCR are 83% and 1.08X, respectively, compared to
87% and 1.03X at the last review.


WASATCH CLO: Moody's Hikes Rating on Class C Notes From Ba1(sf)
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Wasatch CLO Ltd.:

US$42,500,000 Class B Senior Secured Deferrable Floating Rate Notes
due 2022, Upgraded to Aa1 (sf); previously on March 30, 2017
Upgraded to A1 (sf)

US$29,000,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2022, Upgraded to Baa1 (sf); previously on March 30, 2017
Affirmed Ba1 (sf)

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

US$60,000,000 Class A-1a Senior Secured Floating Rate Notes due
2022 (current outstanding balance of $24,458,024.36), Affirmed Aaa
(sf); previously on March 30, 2017 Affirmed Aaa (sf)

US$429,000,000 Class A-1b Senior Secured Floating Rate Notes due
2022 (current outstanding balance of $174,874,874.30), Affirmed Aaa
(sf); previously on March 30, 2017 Affirmed Aaa (sf)

US$24,500,000 Class A-2 Senior Secured Floating Rate Notes due
2022, Affirmed Aaa (sf); previously on March 30, 2017 Upgraded to
Aaa (sf)

Wasatch CLO 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

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 March 2017. The Class A-1
notes have been paid down by approximately 30.6% or $87.9 million
since March 2017. Based on the trustee's July 2017 report, the OC
ratios for the Class A, Class B and Class C notes are reported at
150.74%, 126.69% and 114.25%, respectively, versus March 2017
levels of 137.36%, 120.88% and 111.74%, respectively.

The deal has also benefited from an improvement in the credit
quality of the portfolio since March 2017. Based on the trustee's
July 2017 report, the weighted average rating factor is currently
2495 compared to 2575 in March 2017.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
October 2016.

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. Moody's notes that the
transaction held a large amount of cash in its principal account,
of $30.8 million based on the July 2017 trustee report, and as such
the manager's decision to reinvest in additional collateral versus
releasing the unscheduled principal proceeds to repay the notes
could impact the speed of note repayment, and thus the notes'
ratings. In addition, deleveraging of the CLO could accelerate
owing to high prepayment levels in the loan market and collateral
sales by the manager, which could have a significant impact on the
notes' ratings. Note repayments that are faster than Moody's
current expectations will usually have a positive impact on CLO
notes, beginning with those with the highest payment priority.

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

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

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% (2113)

Class A-1a: 0

Class A-1b: 0

Class A-2: 0

Class B: +1

Class C: +2

Moody's Adjusted WARF + 20% (3169)

Class A-1a: 0

Class A-1b: 0

Class A-2: 0

Class B: -2

Class C: -2

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 $333.6 million, defaulted par of $8.9
million, a weighted average default probability of 17.08% (implying
a WARF of 2641), a weighted average recovery rate upon default of
47.06%, a diversity score of 57 and a weighted average spread of
3.08% (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.


WELLS FARGO 2011-C5: Fitch Affirms 'Bsf' Rating on Class G Certs
----------------------------------------------------------------
Fitch Ratings has affirmed 10 classes of Wells Fargo Bank, N.A.
Commercial Mortgage Trust commercial mortgage pass-through
certificates series 2011-C5 (WFRBS 2011-C5).

KEY RATING DRIVERS

Stable Loss Expectations: Overall loss expectations remain
generally in line with issuance expectations. As of the July 2017
distribution date, the pool's aggregate principal balance has paid
down by 18.1% to $893.8 million from $1.09 billion at issuance.
Since Fitch's last rating action, five loans totaling $32.3 million
were repaid at or prior to their 2016 scheduled maturity date. The
pool has experienced no realized losses to date and there are
currently no specially serviced loans. Eight loans (6.1% of current
pool) have been defeased.

High Retail Concentration: Loans secured by retail properties
represent 50.2% of the current pool by balance and include five of
the top 15 loans (42.3%). The largest loan in the pool is secured
by The Domain (21.3%), a lifestyle center comprising retail and
office space located in Austin, TX. Macy's is a non-collateral
anchor tenant at the property and this store location is not
reported to be on any recent store closing lists.

Fitch Loans of Concern: Eight loans (14.6% of current pool) were
designated as Fitch Loans of Concern (FLOCs), including four loans
in the top 15 (10.9%). The FLOCs include three underperforming
office properties (919 Congress, Torrance Plaza East and 8301
Professional Place; 6.7% of pool) with recent occupancy declines
and two retail properties (Madonna Plaza and Wolflin Village
Shopping Center; 5.7%) with low occupancy or vacating anchor
tenants. The other FLOCs outside of the top 15 include two hotel
loans with recent performance declines related to oil and gas
industry exposure and a multifamily loan affected by significant
flood damage.

Pool and Loan Concentrations: The pool is becoming increasingly
concentrated with 59 of the original 75 loans remaining as of July
2017. The largest loan represents 21.3% of the current pool and the
largest 15 loans represent 74.2% of the pool. Ten loans (37.3%) are
secured by properties located in Texas, with three of the top 10
loans (28.5% of pool) secured by properties located in Austin, TX.

Amortization: The majority of the pool (58 loans, 99%) is currently
amortizing. Only one loan (1%) is full-term interest-only.

RATING SENSITIVITIES

The Stable Outlooks for all classes reflect increasing credit
enhancement, low leverage of the remaining loans in the pool and
expected continued paydown. Future upgrades may be limited due to
overall pool concentrations and the designated Fitch Loans of
Concern. The ratings reflect an additional sensitivity test whereby
the loss expectations for two underperforming office loans were
increased. Downgrades, although not likely in the near term, may be
possible should overall performance decline significantly.

Fitch has affirmed the following ratings:
-- $95.5 million class A-3 at 'AAAsf'; Outlook Stable;
-- $471 million class A-4 at 'AAAsf'; Outlook Stable;
-- $85.9 million class A-S at 'AAAsf'; Outlook Stable;
-- $652.4 million class X-A* at 'AAAsf'; Outlook Stable;
-- $54.6 million class B at 'AAsf'; Outlook Stable;
-- $40.9 million class C at 'Asf'; Outlook Stable;
-- $25.9 million class D at 'BBB+sf'; Outlook Stable;
-- $49.1 million class E at 'BBB-sf'; Outlook Stable;
-- $17.7 million class F at 'BBsf'; Outlook Stable;
-- $16.4 million class G at 'Bsf'; Outlook Stable.

*Notional amount and interest-only.

Classes A-1 and A-2 have paid in full. Fitch does not rate the
class H and interest-only class X-B certificates.


WELLS FARGO 2015-NXS2: DBRS Confirms B Rating on Class X-F Debt
---------------------------------------------------------------
DBRS Limited confirmed all classes of Commercial Pass-Through
Certificates, Series 2015-NXS2 (the Certificates) issued by WFCM
2015-NXS2 as follows:

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

All trends are Stable. The Class A-S, Class B and Class C
Certificates may be exchanged for the Class PEX Certificates (and
vice versa).

The rating confirmations reflect the overall stable performance of
the transaction since issuance. The transaction consists of 63
fixed-rate loans secured by 77 commercial and multifamily
properties. According to the June 2017 remittance, the pool has
experienced a collateral reduction of 1.0% since issuance as a
result of scheduled loan amortization, with all loans remaining in
the pool. The transaction has an aggregate outstanding principal
balance of $904.9 million. There are 54 loans, representing 89.3%
of the current pool balance, that are reporting YE2016 financials.
These loans exhibited a WA debt service coverage ratio (DSCR) and
debt yield of 1.80 times (x) and 9.4%, respectively, compared with
1.70x and 8.9% at issuance. The top 15 loans reported a WA DSCR and
debt yield of 1.71x and 8.3%, respectively. The pool has a healthy
concentration of 14 properties, representing 28.1% of the pool
balance, located in urban markets, while loans secured by
properties located in tertiary and rural markets represent only
5.9% of the pool balance, none of which are in the top 15.

As of the June 2017 remittance, there are no loans in special
servicing and three loans, representing 1.7% of the pool balance,
are on the servicer's watchlist.

At issuance, DBRS shadow-rated the Patriots Park loan (Prospectus
ID#1) representing 9.9% of the current pool balance, as
investment-grade. DBRS has today confirmed that the performance of
this loan remains consistent with investment-grade characteristics.


WEST TOWN 2017-KNOX: S&P Assigns BB(sf) Rating on Class RR Certs
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to West Town Mall Trust
2017-KNOX's $150.0 million commercial mortgage pass-through
certificates series 2017-KNOX.

The issuance is a commercial mortgage-backed securities transaction
backed by a $150.0 million portion of a $210.0 million commercial
mortgage loan encumbering the borrower's fee-simple and leasehold
interest in West Town Mall, an approximately 1.34 million-sq.-ft.
(772,503 sq. ft. serve as the collateral) super-regional mall in
Knoxville, Tenn.

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

RATINGS ASSIGNED

  West Town Mall Trust 2017-KNOX  
  Class          Rating                 Amount ($)
  A              AAA (sf)               60,705,000
  X(i)           AA- (sf)               86,165,000(i)
  B              AA- (sf)               25,460,000
  C              A- (sf)                19,095,000
  D              BBB- (sf)              23,465,000
  E              BB (sf)                13,775,000
  RR(ii)         BB (sf)                 7,500,000

(i)Notional balance. The notional amount of the class X
certificates will be equal to the balance of the class A and B
certificates.
(ii)Non-offered certificates, expected to be held by JPMorgan Chase
Bank N.A., to satisfy its U.S. risk retention requirements with
respect to this securitization transaction.


WHITEHORSE LTD VIII: Moody's Lowers Cl. F Notes Rating to Caa1(sf)
------------------------------------------------------------------
Moody's Investors Service has downgraded the rating on the
following notes issued by Whitehorse VIII, Ltd.:

US$12,250,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2026, Downgraded to Caa1 (sf); previously on May 9, 2014
Assigned B2 (sf)

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

US$341,000,000 Class A Senior Secured Floating Rate Notes due 2026,
Affirmed Aaa (sf); previously on May 9, 2014 Assigned Aaa (sf)

US$74,250,000 Class B Senior Secured Floating Rate Notes due 2026,
Affirmed Aa2 (sf); previously on May 9, 2014 Assigned Aa2 (sf)

US$33,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2026, Affirmed A2 (sf); previously on May 9, 2014
Assigned A2 (sf)

US$31,500,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2026, Affirmed Baa3 (sf); previously on May 9, 2014
Assigned Baa3 (sf)

US$26,250,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2026, Affirmed Ba3 (sf); previously on May 9, 2014 Assigned Ba3
(sf)

Whitehorse VIII, Ltd., issued in May 2014, is a collateralized loan
obligation (CLO) backed primarily by a portfolio of senior secured
loans. The transaction's reinvestment period will end in May 2018.

RATINGS RATIONALE

The rating downgrade on the Class F notes reflects the credit
deterioration in the underlying CLO portfolio and increased
expected losses on the notes. Based on the trustee's June 2017
report, the transaction had a portfolio weighted average rating
factor (WARF) of 3061, which was failing the covenant of 3040.
Based on Moody's calculations, assets that have a corporate family
rating equivalent to Caa1 or lower (after applicable adjustments
for negative outlook or review for downgrade) represent
approximately 17.4% of the performing portfolio. Furthermore, as a
result of defaults and net trading losses, the interest
reinvestment test ratio has decreased to 102.48% in June 2017, from
104.73% in October 2016, and is now failing the 103.10% trigger
level.

The weighted average spread (WAS) of the portfolio has also
declined, to 4.0% in June 2017 from 4.5% in October 2016, reducing
excess spread available to support the Class F notes in case of a
coverage test failure.

The rating actions also reflect corrections to Moody's modelling.
In the May 2014 rating action, the trigger level for the Class E
Par Coverage Test and certain fees were not modelled correctly.
These errors have been corrected, and rating actions reflect these
changes.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
October 2016.

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 commence and at what pace. Deleveraging of the CLO
could accelerate owing to high prepayment levels in the loan market
and/or collateral sales by the manager, which could have a
significant impact on the notes' ratings. Note repayments that are
faster than Moody's current expectations will usually have a
positive impact on CLO notes, beginning with those with the highest
payment priority.

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

6) Weighted Average Spread (WAS): CLO performance can be sensitive
to WAS, which is a key factor driving the amount of excess spread
available as credit enhancement when a deal fails its
over-collateralization or interest coverage tests. A decrease in
excess spread, including as a result of losing the net interest
benefit of LIBOR floors, or because market conditions make it
difficult for the deal to source assets of appropriate credit
quality in order to maintain its WAS target, would reduce the
effective credit enhancement available for the notes.

7) Exposure to assets with low credit quality and weak liquidity:
The presence of assets rated Caa3 with a negative outlook, Caa2 or
Caa3 on review for downgrade or the worst Moody's speculative grade
liquidity (SGL) rating, SGL-4, exposes the notes to additional
risks if these assets default. The historical default rate is
higher than average for these assets.

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

Moody's Adjusted WARF -- 20% (2534)

Class A: 0

Class B: +1

Class C: +2

Class D: +2

Class E: +2

Class F: +3

Moody's Adjusted WARF + 20% (3802)

Class A: 0

Class B: -2

Class C: -2

Class D: -1

Class E: 0

Class F: -2

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 $530.4 million, defaulted par of
$15.2 million, a weighted average default probability of 24.16%
(implying a WARF of 3168), a weighted average recovery rate upon
default of 48.60%, a diversity score of 71 and a weighted average
spread of 4.0% (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. In each case, historical and market
performance and the collateral manager's latitude for trading the
collateral are also factors.


[*] Moody's Takes Action on $108.4MM Alt-A Loans Issued 2002-2004
-----------------------------------------------------------------
Moody's Investors Service has upgraded ratings of 19 tranches and
downgraded the ratings of four tranches from eight transactions
backed by Alt-A mortgage loans, issued by multiple issuers.

Complete rating actions are:

Issuer: American Home Mortgage Investment Trust 2004-3

Cl. VI-A1, Downgraded to Baa3 (sf); previously on Aug 23, 2016
Upgraded to Baa2 (sf)

Cl. VI-A5, Downgraded to Ba3 (sf); previously on Aug 23, 2016
Upgraded to Ba1 (sf)

Issuer: Banc of America Funding 2004-C Trust

Cl. 4-A-1, Upgraded to A3 (sf); previously on Aug 23, 2016 Upgraded
to Baa2 (sf)

Cl. 4-A-3A, Upgraded to Baa2 (sf); previously on Aug 23, 2016
Upgraded to Ba1 (sf)

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2004-12CB

Cl. 1-A-1, Upgraded to A3 (sf); previously on Aug 22, 2016 Upgraded
to Baa2 (sf)

Cl. 1-A-3, Upgraded to A3 (sf); previously on Aug 22, 2016 Upgraded
to Baa2 (sf)

Cl. 2-A-1, Upgraded to Baa1 (sf); previously on Aug 22, 2016
Upgraded to Baa3 (sf)

Cl. 2-A-2, Upgraded to Baa1 (sf); previously on Aug 22, 2016
Upgraded to Baa3 (sf)

Cl. 3-A-1, Upgraded to Baa3 (sf); previously on Aug 22, 2016
Upgraded to Ba1 (sf)

Issuer: Deutsche Mortgage Securities, Inc. Mortgage Loan Loan
Trust, Series 2004-1

Cl. III-A-5, Upgraded to A2 (sf); previously on Oct 7, 2015
Upgraded to Baa1 (sf)

Cl. III-A-6, Upgraded to A1 (sf); previously on May 4, 2012
Upgraded to A3 (sf)

Cl. III-M-1, Upgraded to Caa3 (sf); previously on Mar 3, 2011
Downgraded to Ca (sf)

Issuer: FNBA Mortgage Loan Trust 2004-AR1

Cl. A-1, Upgraded to Aa2 (sf); previously on Aug 31, 2016 Upgraded
to Aa3 (sf)

Cl. A-2, Upgraded to Aa1 (sf); previously on Aug 31, 2016 Upgraded
to Aa2 (sf)

Cl. A-3, Upgraded to Aa3 (sf); previously on Aug 31, 2016 Upgraded
to A1 (sf)

Cl. M-2, Upgraded to B1 (sf); previously on Aug 31, 2016 Upgraded
to B3 (sf)

Issuer: Impac CMB Trust Series 2002-9F

Cl. A-1, Upgraded to Aa2 (sf); previously on Aug 23, 2016 Upgraded
to Aa3 (sf)

Cl. B, Upgraded to Baa1 (sf); previously on Aug 23, 2016 Upgraded
to Baa2 (sf)

Cl. M-1, Upgraded to A1 (sf); previously on Aug 23, 2016 Upgraded
to A2 (sf)

Cl. M-2, Upgraded to A2 (sf); previously on Aug 23, 2016 Upgraded
to A3 (sf)

Issuer: Impac CMB Trust Series 2003-2F

Cl. B, Upgraded to B1 (sf); previously on Aug 23, 2016 Upgraded to
B3 (sf)

Issuer: Structured Asset Mortgage Investments II Trust 2004-AR2

Cl. II-A, Downgraded to Ba3 (sf); previously on Aug 22, 2016
Confirmed at Baa3 (sf)

Cl. III-A, Downgraded to Ba3 (sf); previously on Aug 22, 2016
Confirmed at Baa3 (sf)

RATINGS RATIONALE

The rating actions reflect the recent performance of the underlying
pools and Moody's updated loss expectations on those pools. The
rating upgrades are due to buildup in bond-specific credit
enhancement. The rating downgrades are primarily due to erosion of
credit enhancement relative to the expected loss on the
collateral.

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in January 2017.

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 4.4% in June 2017 from 4.9% in June
2016. Moody's forecasts an unemployment central range of 4.5% to
5.5% for the 2017 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 2017. Lower increases
than Moody's expects or decreases could lead to negative rating
actions.

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


[*] Moody's Takes Action on $60MM of RMBS Issued 2001-2005
----------------------------------------------------------
Moody's Investors Service, on July 18, 2017, upgraded the ratings
of 11 tranches and downgraded the rating of one tranche from 9
transactions, issued by various issuers, backed by subprime
mortgage loans.

Complete rating actions are:

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series
2003-FM1

Cl. M-2, Upgraded to B3 (sf); previously on Mar 15, 2011 Downgraded
to Ca (sf)

Cl. M-3, Upgraded to Caa2 (sf); previously on Mar 15, 2011
Downgraded to C (sf)

Issuer: Asset Backed Securities Corporation Home Equity Loan Trust
2005-HE6

Cl. M6, Upgraded to Caa1 (sf); previously on Feb 16, 2016 Upgraded
to Caa3 (sf)

Issuer: C-BASS 2002-CB2 Trust

Cl. A-1, Upgraded to Ba1 (sf); previously on May 4, 2012 Confirmed
at Ba3 (sf)

Cl. A-2, Upgraded to Ba3 (sf); previously on May 4, 2012 Confirmed
at B2 (sf)

Cl. M-1, Upgraded to Caa3 (sf); previously on May 4, 2012 Confirmed
at Ca (sf)

Issuer: Citigroup Home Equity Loan Trust, Series 2003-HE1

Cl. M-1, Upgraded to Baa3 (sf); previously on Nov 4, 2013 Upgraded
to Ba1 (sf)

Issuer: CWABS, Inc. Asset-Backed Certificates, Series 2002-6

Cl. AV-1, Upgraded to Ba1 (sf); previously on Apr 16, 2012
Downgraded to B2 (sf)

Issuer: Equity One Mortgage Pass-Through Trust 2003-3

AF-4, Upgraded to Aa3 (sf); previously on Aug 24, 2015 Upgraded to
A2 (sf)

Issuer: Fremont Home Loan Trust 2003-A

Cl. M-2, Upgraded to Caa1 (sf); previously on Apr 18, 2012
Downgraded to Ca (sf)

Issuer: Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD
2001-C

Cl. M-2, Downgraded to Ca (sf); previously on Aug 14, 2013
Confirmed at Caa2 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2002-HE3

Cl. M-1, Upgraded to B1 (sf); previously on Jun 26, 2014 Upgraded
to B3 (sf)

RATINGS RATIONALE

The rating upgrades and the downgrade are primarily due to the
total credit enhancement available to the bonds. In addition, the
upgrades from C-BASS 2002-CB2 Trust, Equity One Mortgage
Pass-Through Trust 2003-3, Fremont Home Loan Trust 2003-A, and ACE
Securities Corp. Home Equity Loan Trust 2003-FM1 are also due to
increase in credit enhancement available to the bonds. The
downgrade on Cl. M-2 from Home Equity Mortgage Loan Asset-Backed
Trust, Series SPMD 2001-C is due to the decrease in credit
enhancement available to the bond. The 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 January 2017.

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 4.4% in June 2017 from 4.9% in June
2016. Moody's forecasts an unemployment central range of 4.5% to
5.5% for the 2017 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 2017. 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 Discontinues Ratings on 17 Classes From Five CDO Deals
--------------------------------------------------------------
S&P Global Ratings, on July 19, 2017, discontinued its ratings on
six classes from three cash flow (CF)collateralized loan obligation
(CLO) transactions, one class from one CF collateral debt
obligation (CDO) backed by commercial mortgage-backed securities
(CMBS), and 10 classes from one CF CDO backed by high-grade
structured finance (SF) collateral.

The discontinuances follow the complete pay down of the notes as
reflected in the most recent trustee-issued note payment reports
for each transaction:

  ACIS CLO 2013-2 Ltd. (CF CLO): senior-most tranche paid
  down, other rated tranches still outstanding.

  Battalion CLO 2007-1 Ltd. (CF CLO): optional redemption
  in July 2017.

  CRIIMI MAE Commercial Mortgage Trust (CF CDO of CMBS):
  last remaining rated tranche paid down.

  Kingsland V Ltd. (CF CLO): senior-most tranche paid
  down, other rated tranches still outstanding.

  Putnam Structured Product CDO 2002-1 Ltd. (CF High-Grade
SF CDO): optional redemption in July 2017.

RATINGS DISCONTINUED

ACIS CLO 2013-2 Ltd.
                             Rating
Class               To                  From
B-R                 NR                  AAA (sf)

Battalion CLO 2007-1 Ltd.
                             Rating
Class               To                  From
B                   NR                  AAA (sf)
C                   NR                  AAA (sf)
D                   NR                  AA+ (sf)
E                   NR                  BBB- (sf)

CRIIMI MAE Commercial Mortgage Trust
                             Rating
Class               To                  From
G                   NR                  B- (sf)

Kingsland V Ltd.
                             Rating
Class               To                  From
A-2R                NR                  AAA (sf)

Putnam Structured Product CDO 2002-1 Ltd.
                             Rating
Class               To                  From
A-1LT-a             NR                  BB- (sf)
A-1LT-b             NR                  BB- (sf)
A-1LT-c             NR                  BB- (sf)
A-1LT-d             NR                  BB- (sf)
A-1LT-f             NR                  BB- (sf)
A-1LT-g             NR                  BB- (sf)
A-1LT-h             NR                  BB- (sf)
A-1LT-i             NR                  BB- (sf)
A-1LT-j             NR                  BB- (sf)
A2                  NR                  CCC+ (sf)

NR--Not rated.


[*] S&P Puts Ratings on 50 Classes From 12 CLO Deals on Watch Pos.
------------------------------------------------------------------
S&P Global Ratings placed its ratings on 50 tranches from 12 U.S.
collateralized loan obligation (CLO) transactions on CreditWatch
with positive implications. S&P said, "Today's CreditWatch
placements follow our surveillance review of U.S. cash flow
collateralized debt obligation (CDO) transactions. The affected
tranches had an original issuance amount of $1.50 billion."

The CreditWatch positive placements resulted from enhanced
overcollateralization due to paydowns to the senior tranches of
these CLO transactions. All of the transactions have exited their
reinvestment periods.

The table below reflects the year of issuance for the 12
transactions whose ratings were placed on CreditWatch.

Year of issuance    No. of deals
2012                9
2013                3

S&P said, "We expect to resolve today's CreditWatch placements
within 90 days after we complete a comprehensive cash flow analysis
and committee review for each of the affected transactions. We will
continue to monitor the CDO transactions we rate and take rating
actions, including CreditWatch placements, as we deem
appropriate."

RATINGS PLACED ON CREDITWATCH POSITIVE

Apidos CLO X
                      Rating
Class       To                    From
B-1         AA (sf)/Watch Pos     AA (sf)
B-2         AA (sf)/Watch Pos     AA (sf)
C           A (sf)/Watch Pos      A (sf)
D           BBB (sf)/Watch Pos    BBB (sf)
E           BB (sf)/Watch Pos     BB (sf)

Atlas Senior Loan Fund II Ltd.
                     Rating
Class       To                    From
B-R         AA+ (sf)/Watch Pos    AA+ (sf)
C-R         A+ (sf)/Watch Pos     A+ (sf)
D-R         BBB (sf)/Watch Pos    BBB (sf)
E           BB (sf)/Watch Pos     BB (sf)

BlueMountain CLO 2012-1 Ltd.
                     Rating
Class       To                    From
B           AA+ (sf)/Watch Pos    AA+ (sf)
C           A+ (sf)/Watch Pos     BBB- (sf)
D           BBB+ (sf)/Watch Pos   BB- (sf)
E           BB (sf)/Watch Pos     B (sf)

Finn Square CLO Ltd.
                      Rating
Class       To                    From
A-2-R       AA (sf)/Watch Pos     AA (sf)
B-1-R       A (sf)/Watch Pos      A (sf)
B-2-R       A (sf)/Watch Pos      A (sf)
C           BBB (sf)/Watch Pos    BBB (sf)

Gallatin CLO IV 2012-1 Ltd.
                      Rating
Class       To                    From
B           AA (sf)/Watch Pos     AA (sf)
C           A (sf)/Watch Pos      A (sf)
D           BBB (sf)/Watch Pos    BBB (sf)
E           BB (sf)/Watch Pos     BB (sf)
F           B (sf)/Watch Pos      B (sf)

Golub Capital Partners CLO 15 Ltd.
                      Rating
Class       To                    From
A-2         AA+ (sf)/Watch Pos    AA (sf)
B           A+ (sf)/Watch Pos     A (sf)
C           BBB (sf)/Watch Pos    BBB (sf)
D           BB (sf)/Watch Pos     BB (sf)

Jamestown CLO II Ltd.
                      Rating
Class       To                    From
A-2A        AA (sf)/Watch Pos     AA (sf)
A-2B        AA (sf)/Watch Pos     AA (sf)
B           A (sf)/Watch Pos      A (sf)
C           BBB (sf)/Watch Pos    BBB (sf)

LCM XII L.P.
                      Rating
Class       To                    From
B-R         AA (sf)/Watch Pos     AA (sf)
C-R         A (sf)/Watch Pos      A (sf)
D-R         BBB (sf)/Watch Pos    BBB (sf)
E           BB (sf)/Watch Pos     BB (sf)

Marine Park CLO Ltd.
                      Rating
Class       To                    From
A-2-R       AA (sf)/Watch Pos     AA (sf)
B-R         A (sf)/Watch Pos      A (sf)
C-R         BBB (sf)/Watch Pos    BBB (sf)
D-R         BB- (sf)/Watch Pos    BB- (sf)

Neuberger Berman CLO XIII Ltd.
                      Rating
Class       To                    From
B           AA (sf)/Watch Pos     AA (sf)
C           A (sf)/Watch Pos      A (sf)
D           BBB (sf)/Watch Pos    BB- (sf)

Northwoods Capital IX Ltd.
                      Rating
Class       To                    From
B-1         AA (sf)/Watch Pos     AA (sf)
B-2         AA (sf)/Watch Pos     AA (sf)
C-1         A (sf)/Watch Pos      A (sf)
C-2         A (sf)/Watch Pos      A (sf)
D           BBB (sf)/Watch Pos    BBB (sf)
E           BB- (sf)/Watch Pos    BB- (sf)

Vibrant CLO Ltd.
                      Rating
Class       To                    From
A-2R        AA (sf)/Watch Pos     AA (sf)
B-R         A (sf)/Watch Pos      A (sf)
C-R         BBB (sf)/Watch Pos    BBB (sf)


[*] S&P Puts Ratings on 73 Classes From 10 RMBS Deals on Watch Neg
------------------------------------------------------------------
S&P Global Ratings placed its ratings on 73 classes from 10 U.S.
residential mortgage-backed securities (RMBS) transactions on
CreditWatch with negative implications. S&P said, "We also
discontinued our ratings on 49 other classes that were paid in
full. The transactions were issued in 2004 and 2005 and are backed
by prime jumbo and Alternative-A collateral."

According to the June trustee remittance reports for these 10
transactions, $53.57 million in total payments have been withheld
by the trustee, Wells Fargo Bank N.A. Due to these payment
withholdings, reported amounts owed on the affected classes remain
unpaid. As we currently understand, in reaction to clean-up calls
on the loans underlying these transactions, Wells Fargo has held
back these payments to cover its legal expenses in pending
litigation concerning its performance as trustee. S&P said, "While
other circumstances involving a payment delay may cause us to lower
our ratings to 'D (sf)' and subsequently withdraw our ratings, we
are placing our ratings on these classes on CreditWatch negative
because the withheld funds could be released to make the payments
owed on the classes. We are further investigating the situation to
develop a better understanding as to whether such payments may be
made. We will continue to monitor these transactions and will take
the rating actions that we consider appropriate under the
circumstances.

"We also discontinued our ratings on 49 other classes from these
transactions that were paid in full.

"A number of other legacy RMBS transactions are subject to similar
trustee litigation, and, in our view, the trustees in those
transactions could also hold back securities payments to cover the
trustees' legal expenses in reaction to clean-up calls on the
underlying collateral. We have not, however, observed any payment
holdbacks in these transactions that would warrant rating actions,
and the potential for any such holdbacks in these transactions is
currently uncertain, in our view. We will continue to monitor the
performance of these transactions and will take ratings actions, if
any, that we consider appropriate under the circumstances."

A list of the Affected Ratings is available at:

          http://bit.ly/2vCfheE


[*] S&P Takes Various Actions on 56 Classes From 11 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 56 classes from 11 U.S.
residential mortgage-backed securities (RMBS) transactions issued
between 2001 and 2005. All of these transactions are backed by
subprime collateral. The review yielded two upgrades, 14
downgrades, 39 affirmations, and one discontinuance.

Analytical Considerations

S&P said, "We incorporate various considerations into our decisions
to raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by our projected cash flows. These considerations
are based on transaction-specific performance or structural
characteristics (or both) and their potential effects on certain
classes."

Some of these considerations include:

-- Collateral performance/delinquency trends;
-- Historical interest shortfalls;
-- Loss severity trends;
-- Proportion of reperforming loans in the pool; and
-- Available subordination and/or overcollateralization.

A list of the Affected Ratings is available at:

          http://bit.ly/2ugUhfF


[*] S&P Takes Various Actions on 85 Classes From 14 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 85 classes from 14 U.S.
residential mortgage-backed securities (RMBS) transactions issued
between 2002 and 2005. All of these transactions are backed by
prime jumbo collateral. The review yielded six upgrades, 36
downgrades, 42 affirmations, and one withdrawal.

Analytical Considerations

S&P said, "We incorporate various considerations into our decisions
to raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by our projected cash flows. These considerations
are based on transaction-specific performance or structural
characteristics (or both) and their potential effects on certain
classes."

Some of these considerations include:

-- Collateral performance/delinquency trends;
-- Expected duration of the bond;
-- Priority of principal payments;
-- Erosion of credit support;
-- Tail risk; Interest-only criteria; Principal-only criteria;
and
-- Available subordination and/or overcollateralization.

Rating Actions

Please see the ratings list for the rationales for classes with
rating transitions. S&P said, "The affirmations of ratings reflect
our opinion that our projected credit support and collateral
performance on these classes has remained relatively consistent
with our prior projections.

A list of the Affected Ratings is available at:

                http://bit.ly/2w30Ct2


[*] US CMBS Conduit Loan Delinquencies Up in June, Moody's Says
---------------------------------------------------------------
Moody's Delinquency Tracker rose to 7.07% in June from 6.97% in
May, due largely to newly delinquent loans from the 2007 vintage,
the rating agency says in a just-published, monthly report on US
CMBS conduit loan delinquencies. Among property types,
delinquencies rose for multifamily, hotel, industrial and retail,
while they fell for the office sector.

Moody's Delinquency Tracker follows the delinquency rate of US CMBS
conduit/fusion loans across six commercial property types --
apartment, core commercial, retail, industrial, office -- CBD and
office - suburban -- by amount outstanding, market and vintage.

"Among property types, the multifamily sector saw the largest
increase in the delinquency rate last month, rising to 4.10% from
2.77% in May," said Vice President -- Senior Analyst, Kevin Fagan.
"The difference was due mainly to two newly delinquent loans, both
multifamily portfolios in the MLMT 2007-C1 transaction. Assuming
these loans were current, the multifamily delinquency rate for June
would be 2.57%."

Other findings from this month's Moody's Delinquency Tracker
include:

- The delinquency rate for the multifamily sector rose 133 basis
points in June, with the difference attributable to two newly
delinquent loans, Empirian Multifamily Portfolio Pool 1 ($293
million) and the Empirian Multifamily Portfolio Pool 3 ($240
million), last month's largest and third-largest new delinquencies,
respectively.

- The multifamily sector had an outstanding conduit CMBS balance
of $34.64 billion in June, with the sector's overall delinquency
rate affected particularly by the delinquency status of large
loans.

- Among property types, the industrial sector had the highest
delinquency rate last month, rising to 9.41% from 9.11% in May.

Moody's new report lists current delinquency rates by property
type, vintage, state and metropolitan statistical area, as well as
the largest loans entering and exiting delinquency or special
servicing.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
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