TCR_Public/170910.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, September 10, 2017, Vol. 21, No. 252

                            Headlines

JER CRE 2005-1: Moody's Affirms C(sf) Ratings on 8 Tranches
JP MORGAN 2007-LDP11: Moody's Affirms C Ratings on 2 Tranches
JP MORGAN 2012-LC9: Moody's Affirms B2(sf) Rating on Cl. G Debt
JPMBB 2014-C23: Moody's Hikes Rating on Cl. UH5 Debt to Ba2
LB-UBS COMMERCIAL 2004-C8: Moody's Hikes Cl. H Debt Rating to Caa1

NATIONAL COLLEGIATE 2005-1: Fitch Affirms Csf Rating on Cl. C Debt
RMS TITANIC: Ended July With $584,771 Ending Cash Balance
WACHOVIA BANK 2007-C31: Moody's Hikes Class B Debt Rating to Ba2
WACHOVIA BANK 2007-C34: Moody's Hikes Class C Debt Rating to B2
[*] Moody's Takes Action on $305MM of Alt-A Debt Issued 2002-2007

[*] S&P Takes Various Actions on 24 Classes From 4 US RMBS Deals

                            *********

JER CRE 2005-1: Moody's Affirms C(sf) Ratings on 8 Tranches
-----------------------------------------------------------
Moody's Investors Service has affirmed the ratings on the following
notes issued by JER CRE CDO 2005-1, Limited.

Moody's rating action is:

Cl. A, Affirmed C (sf); previously on Sep 14, 2016 Affirmed C (sf)

Cl. B-1, Affirmed C (sf); previously on Sep 14, 2016 Affirmed C
(sf)

Cl. B-2, Affirmed C (sf); previously on Sep 14, 2016 Affirmed C
(sf)

Cl. C, Affirmed C (sf); previously on Sep 14, 2016 Affirmed C (sf)

Cl. D, Affirmed C (sf); previously on Sep 14, 2016 Affirmed C (sf)

Cl. E, Affirmed C (sf); previously on Sep 14, 2016 Affirmed C (sf)

Cl. F, Affirmed C (sf); previously on Sep 14, 2016 Affirmed C (sf)

Cl. G, Affirmed C (sf); previously on Sep 14, 2016 Affirmed C (sf)

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

RATINGS RATIONALE

Moody's has affirmed the ratings on eight classes of notes because
the key transaction metrics are commensurate with the existing
ratings. While the credit risk of the portfolio has increased as
evidenced by WARF and WARR, it did not affect the Rated Notes given
their current ratings level. The rating action is the result of
Moody's on-going surveillance of commercial real estate
collateralized debt obligation (CRE CDO and Re-REMIC)
transactions.

JER CRE CDO 2005-1, Limited is a static cash transaction wholly
backed by a portfolio of: i) commercial mortgage backed securities
(CMBS) (61.5% of collateral pool balance); and ii) CRE CDO bonds
(38.5%). As of the August 17, 2017 trustee report, the aggregate
note balance of the transaction, including preferred shares, has
decreased to $291.1 million from $416.0 million at issuance. This
was primarily due to: (i) implied losses allocable to the preferred
shares; (ii) recoveries on defaulted assets; (iii) interest
re-classified as principal on defaulted assets; and (iv) interest
re-classified as principal as a result of failing certain par value
triggers.

The pool contains eight assets totaling $30.4 million (95.7% of the
collateral pool balance) that are listed as defaulted as of the
trustee's August 17, 2017 report. Five of these assets (59.8% of
the defaulted balance) are CMBS and three of these assets (40.2%)
are CRE CDO bonds. Moody's does expect moderate/high losses to
occur on the defaulted securities.

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

WARF is a primary measure of the credit quality of a CRE CLO pool.
Moody's has updated its assessments for the collateral it does not
rate. The rating agency modeled a bottom-dollar WARF (excluding
defaulted assets) of 9247, compared to 8520 at last review. The
current distribution of Moody's rated collateral and assessments
for non-Moody's rated collateral is: A1-A3 and 4.3% compared to
0.0% at last review, Baa1-Baa3 and 0.0% compared to 7.8% at last
review, Caa1-Ca/C and 95.7% compared to 92.2% at last review.

Moody's modeled a WAL of 1.8 years, compared to 2.3 years at last
review. The WAL is based on assumptions about extensions on the
underlying look-through loan collateral.

Moody's modeled a fixed WARR of 0.4%, compared to 0.8% at last
review.

Moody's modeled a MAC of 100%, the same as at last review.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating SF CDOs" published in June 2017.

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

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

Moody's Parameter Sensitivities: Changes to any one or more of the
key parameters could have rating implications for some of the Rated
Notes, although a change in one key parameter assumption could be
offset by a change in one or more of the other key parameter
assumptions. The Rated Notes are particularly sensitive to changes
in the ratings of the underlying collateral and assessments.
Holding all other parameters constant, increasing the recovery rate
of 100% of the collateral pool by 10% would result in an average
modeled rating movement on the Rated Notes of zero notches upward
(e.g., one notch up implies a ratings movement of Baa3 to Baa2).

The primary sources of uncertainty in Moody's assumptions are the
extent of growth in the current macroeconomic environment.
Commercial real estate property values continue to improve
modestly, along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction and moderate job growth have aided this improvement.


JP MORGAN 2007-LDP11: Moody's Affirms C Ratings on 2 Tranches
-------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on four classes
in J.P. Morgan Chase Commercial Mortgage Securities Trust
2007-LDP11, Commercial Mortgage Pass-Through Certificates, Series
2007-LDP11:

Cl. A-M, Affirmed Ba2 (sf); previously on Mar 10, 2017 Affirmed Ba2
(sf)

Cl. A-J, Affirmed Caa3 (sf); previously on Mar 10, 2017 Affirmed
Caa3 (sf)

Cl. B, Affirmed C (sf); previously on Mar 10, 2017 Affirmed C (sf)

Cl. C, Affirmed C (sf); previously on Mar 10, 2017 Affirmed C (sf)

RATINGS RATIONALE

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

The ratings on Classes A-J, B and C were affirmed because the
ratings are consistent with Moody's expected loss.

Moody's rating action reflects a base expected loss of 39.4% of the
current pooled balance, compared to 18.5% at Moody's last review.
Moody's base expected loss plus realized losses is now 15.6% of the
original pooled balance, compared to 17.4% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE 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 July 2017, and
"Moody's Approach to Rating Large Loan and Single Asset/Single
Borrower CMBS" published in July 2017.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 25% of the pool is in
special servicing and Moody's has identified additional troubled
loans representing 35% of the pool. 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 and troubled 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 August 15, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 87% to $733 million
from $5.41 billion at securitization. The certificates are
collateralized by 33 mortgage loans ranging in size from less than
1% to 31% of the pool, with the top ten loans (excluding
defeasance) constituting 87% 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 7, compared to 23 at Moody's last review.

Five loans, constituting 55% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Fifty-three loans have been liquidated from the pool, resulting in
an aggregate realized loss of $556.6 million (for an average loss
severity of 46%). Twenty-three loans, constituting 25% of the pool,
are currently in special servicing. The largest specially serviced
loan is the JQH Hotel Portfolio Loan ($50.0 million -- 6.8% of the
pool), which represents a pari passu portion of a $150 million
senior mortgage. The loan is secured by a portfolio of three full
service hotels and two limited service hotels across three states
-- Missouri, Texas and Tennessee. The loan transferred to special
servicing in July 2016 due to a Chapter 13 bankruptcy filing. The
other pari passu portion is held in BACM 2007-3.

The second largest specially serviced loan is The Mill Loan ($38.95
million -- 5.3% of the pool), which is secured by a 112,000 square
foot (SF) mixed-use property located in Greenwich, Connecticut,
including office and retail spaces and 12 residential units. The
loan transferred to special servicing in May 2017 due to imminent
monetary default. Earlier this month, the property's largest tenant
vacated, causing occupancy to drop to 53%. The special servicer has
ordered third party reports.

The third largest specially serviced loan is the Venice Shoppes
Loan ($30.0 million -- 4.1% of the pool), which is secured by a
175,000 SF anchored retail center located in Venice, Florida. The
property is anchored by Publix Supermarkets, with a lease
expiration in September 2019. The loan transferred to special
servicing in March 2017 due to imminent monetary default. The
servicer has approved a loan extension, requiring a new infusion of
equity by the borrower and closing of the modification is expected
this month.

The remaining 20 specially serviced loans are secured by a mix of
property types. Moody's estimates an aggregate $62 million loss for
the specially serviced loans (34% expected loss on average).

Moody's has also assumed a high default probability for five poorly
performing loans, constituting 35% of the pool, and has estimated
an aggregate loss of $177 million (a 69% expected loss on average)
from these troubled loans.

Moody's received full year 2016 operating results for 99% of the
pool, and full or partial year 2017 operating results for 92% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 126%, compared to 113% 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 30% 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 1.22X and 0.82X,
respectively, compared to 1.28X and 0.91X 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 51% of the pool balance. The
largest loan is the GSA Portfolio -- A Note Loan ($225.0 million --
30.7% of the pool), which is secured by a portfolio of nine
cross-collateralized properties located in five states (Colorado,
New York, West Virginia, Kansas, and Pennsylvania). The loan has
transferred in and out of special servicing since 2012. The loan
most recently transferred back to the special servicer in February
2016 due to leasing concerns, and the loan was then modified for a
second time in March 2017. The loan has subsequently transferred
back to the master servicer. Per the most recent modification, the
loan maturity date was extended to May 2020 and the borrower was
required to contribute $20 million for TI/LC reserves as well as a
$1.5 million extension fee. The asset is also encumbered by a $34
million B Note, which was created as part of a previous
modification that closed in the first quarter of 2014. There is
also mezzanine debt associated with the property. The weighted
average occupancy for the portfolio was 95% as of July 2017.
Moody's identified the $34 million B Note as a troubled loan and
Moody's A Note LTV and stressed DSCR are 128% and 0.80X,
respectively, the same as at the last review.

The second largest loan is the Franklin Mills -- A Note Loan
($112.9 million -- 15.4% of the pool), which represents a pari
passu portion of a $188.2 million A Note. The loan is secured by a
super-regional mall located in Philadelphia, Pennsylvania, and has
been rebranded under the name "Philadelphia Mills." As of March
2017, the total property was 88% leased, and the in-line space was
79% leased. For the March 2017 trailing-twelve month period,
in-line sales per square foot were $258 (excluding jewelry and F&B
outlets), down approximately 2.6% from the prior year. In March
2017, JC Penney announced the closure of the 100,200 SF (6% of NRA)
store at this location. The loan was previously modified in
November 2012 with an A/B Note split. The B Note totals $90.0
million, $54 million of which is contributed to this trust. This
loan is pari passu with GSMS 2007-GG10. Moody's has identified this
as a troubled loan.

The third largest loan is the Healthnet Headquarters -- A Note Loan
($34.2 million -- 4.7% of the pool), which is secured by a 327,327
SF Class B suburban office building located in Shelton,
Connecticut. The property was previously 100% leased to Heathnet
Services through April 2017. During its lease term, Healthnet
Services vacated the property and subleased its space to Sikorsky
Aircraft (a subsidiary of Lockheed Martin). Sikorsky Aircraft has
since signed a lease extending through June 2022 with extension
options. The loan previously transferred to special servicing and
was modified in September 2016, creating a $33.7 million B Note and
extending the loan maturity to April 2027. Due to single tenant
exposure, Moody's value is based on a Lit/Dark analysis. Moody's
identified the $34 million B Note as a troubled loan and Moody's
LTV and stressed DSCR are 145% and 0.73X, respectively, compared to
123% and 0.86X at the last review.


JP MORGAN 2012-LC9: Moody's Affirms B2(sf) Rating on Cl. G Debt
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on 15 classes in
J.P. Morgan Chase Commercial Mortgage Securities Trust 2012-LC9:

Cl. A-2, Affirmed Aaa (sf); previously on Sep 1, 2016 Affirmed Aaa
(sf)

Cl. A-3, Affirmed Aaa (sf); previously on Sep 1, 2016 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on Sep 1, 2016 Affirmed Aaa
(sf)

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

Cl. A-S, Affirmed Aaa (sf); previously on Sep 1, 2016 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Sep 1, 2016 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa2 (sf); previously on Sep 1, 2016 Affirmed Aa2
(sf)

Cl. C, Affirmed A2 (sf); previously on Sep 1, 2016 Affirmed A2
(sf)

Cl. D, Affirmed Baa1 (sf); previously on Sep 1, 2016 Affirmed Baa1
(sf)

Cl. E, Affirmed Baa3 (sf); previously on Sep 1, 2016 Affirmed Baa3
(sf)

Cl. F, Affirmed Ba2 (sf); previously on Sep 1, 2016 Affirmed Ba2
(sf)

Cl. G, Affirmed B2 (sf); previously on Sep 1, 2016 Affirmed B2
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on Sep 1, 2016 Affirmed Aaa
(sf)

Cl. X-B, Affirmed A1 (sf); previously on Sep 1, 2016 Affirmed A1
(sf)

Cl. EC, Affirmed Aa3 (sf); previously on Sep 1, 2016 Affirmed Aa3
(sf)

RATINGS RATIONALE

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

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

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

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

Moody's rating action reflects a base expected loss of 2.8% of the
current pooled balance, compared to 1.9% at Moody's last review.
Moody's base expected loss plus realized losses is now 2.4% of the
original pooled balance, compared to 1.8% 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 methodologies used in these ratings were "Approach to Rating US
and Canadian Conduit/Fusion CMBS" published in July 2017, and
"Moody's Approach to Rating Large Loan and Single Asset/Single
Borrower CMBS" published in July 2017.

The methodology used in rating the exchangeable class, Cl. EC 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 August 17, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 14% to $925.9
million from $1.07 billion at securitization. The certificates are
collateralized by 41 mortgage loans ranging in size from less than
1% to 14% of the pool, with the top ten loans (excluding
defeasance) constituting 62% of the pool. Two loans, constituting
0.9% 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 18, compared to 20 at Moody's last review.

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

Moody's identified six properties, representing 5.5% of the pool
located in counties affected by Hurricane Harvey. While the full
extent of any damage is not yet known, Moody's will continue to
monitor potentially affected loans as more information becomes
available.

There haven't been any loans that have liquidated from the pool.

Moody's has also assumed a high default probability for two poorly
performing loans, constituting less than 4% of the pool, and has
estimated an aggregate loss of $7.8 million (a 22% expected loss
based on a 71% probability default).

Moody's received full year 2016 operating results for 85% of the
pool, and partial year 2017 operating results for 30% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 94%, compared to 93% at Moody's last review.
Moody's conduit component excludes loans with structured credit
assessments, defeased and CTL loans, and specially serviced and
troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 14% 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 1.76X and 1.11X,
respectively, compared to 1.80X 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 top three conduit loans represent 30% of the pool balance. The
largest loan is the West County Center Loan ($125.8 million --
13.6% of the pool), which represents a participation interest in a
$183.9 million mortgage loan. The loan is secured by a collateral
portion of a super-regional mall in Des Peres, Missouri, a suburb
of St. Louis. As of December 2016, the mall was 99% leased,
compared to 98% leased in March 2016 and 99% in December 2014.
Anchor tenants include: Macy's (non-collateral), JC Penney
(non-collateral), Dick's Sporting Goods, and Nordstrom. Other
notable tenants are: Barnes & Noble Booksellers, Forever 21, H&M,
and Apple. The loan's sponsor, CBL, classifys the mall as a tier 1
mall and reported 2016 sales to be $496 per square foot (PSF). At
securitization, inline sales for tenants less than 10K SF including
Apple (but excluding restaurants, jewelry, food court and kiosks)
were $492 PSF. Without the Apple store, inline sales were $358 PSF.
Moody's did not receive an updated tenant sales report for this
review. The loan benefits from amortization. Moody's LTV and
stressed DSCR are 84% and 1.13X, respectively, compared to 85% and
1.11X at prior review.

The second largest loan is The Waterfront Loan ($81.4 million --
8.8% of the pool), which is secured by the retail components of a
larger master planned development in Homestead, Pennsylvania, a
suburb of Pittsburgh. The collateral includes a power center
component, a big box component, as well as strip center and
restaurant pad space. As of December 2016, the properties were 94%
leased, with no one property having a vacany rate higher than
11.1%, compared to 97% in December 2015 and 95% in December 2014.
Property performance declined in 2016 due to expenses increasing
while revenue remained roughly flat. Moody's LTV and stressed DSCR
are 101% and 0.99X, respectively, compared to 98% and 1.03X at the
last review.

The third largest loan is the 360 North Crescent Loan ($65.0
million -- 7.0% of the pool), which is secured by two adjacent
office properties located in Beverly Hills, California. The
properties are 100% leased to Platinum Equity through October 22,
2027, and serve as the firm's global headquarters. Due to the
single tenant exposure, Moody's used a lit / dark analysis. Moody's
LTV and stressed DSCR are 105% and, 0.95X, respectively, unchanged
from the last review and securitization.


JPMBB 2014-C23: Moody's Hikes Rating on Cl. UH5 Debt to Ba2
-----------------------------------------------------------
Moody's Investors Service has upgraded the rating on one class and
affirmed the ratings on 11 classes in JPMBB Commercial Mortgage
Securities Trust 2014-C23:

Cl. A-1, Affirmed Aaa (sf); previously on Sep 9, 2016 Affirmed Aaa
(sf)

Cl. A-2, Affirmed Aaa (sf); previously on Sep 9, 2016 Affirmed Aaa
(sf)

Cl. A-3, Affirmed Aaa (sf); previously on Sep 9, 2016 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on Sep 9, 2016 Affirmed Aaa
(sf)

Cl. A-5, Affirmed Aaa (sf); previously on Sep 9, 2016 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Sep 9, 2016 Affirmed Aaa
(sf)

Cl. A-S, Affirmed Aa1 (sf); previously on Sep 9, 2016 Affirmed Aa1
(sf)

Cl. B, Affirmed Aa3 (sf); previously on Sep 9, 2016 Affirmed Aa3
(sf)

Cl. C, Affirmed A3 (sf); previously on Sep 9, 2016 Affirmed A3
(sf)

Cl. X-A, Affirmed Aa1 (sf); previously on Sep 9, 2016 Affirmed Aa1
(sf)

Cl. UH5, Upgraded to Ba2 (sf); previously on Sep 9, 2016 Upgraded
to Ba3 (sf)

Cl. EC, Affirmed A1 (sf); previously on Sep 9, 2016 Affirmed A1
(sf)

RATINGS RATIONALE

The ratings on nine 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 IO class, Class X-A, was affirmed based on the credit
quality of its referenced classes.

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

The rating on the non-pooled rake class, Class UH5, was upgraded
based on improvement in the loan's key metrics, including Moody's
loan-to-value (LTV) ratio and Moody's stressed debt service
coverage ratio (DSCR), as a result of paydowns from loan
amortization. The rake class is supported by the subordinate debt
associated with the U-Haul Self Storage Portfolio Loan.

Moody's rating action reflects a base expected loss of 4.6% of the
current pooled balance, compared to 4.4% at Moody's last review.
Moody's base expected loss plus realized losses is now 4.5% of the
original pooled balance, compared to 4.3% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE 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 July 2017.


The methodology used in rating the exchangeable class, Cl. EC 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 August 17, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 2% to 1.33 billion
from $1.36 billion at securitization. The certificates are
collateralized by 64 mortgage loans ranging in size from less than
1% to 8% of the pool, with the top ten loans (excluding defeasance)
constituting 51% of the pool. One loan, constituting less than 1%
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 26, compared to a Herf of 27 at Moody's last
review.

Eight loans, constituting 16% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Two loans, constituting less than 1% of the pool, are currently in
special servicing. Both specially serviced loans are secured by
multifamily properties located in Texas.

Moody's has also assumed a high default probability for two poorly
performing loans, constituting less than 1% of the pool. Moody's
has estimated an aggregate loss of $5.1 million (a 31% expected
loss on average) from these specially serviced and troubled loans.

Moody's received full year 2016 operating results for 95% of the
pool, and partial year 2017 operating results for 74% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 110%, 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%.

Moody's actual and stressed conduit DSCRs are 1.57X and 0.95X,
respectively, the same as 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 23% of the pool balance. The
largest loan is the 17 State Street Loan ($105.0 million -- 7.9% of
the pool), which represents a pari passu portion of a $180 million
mortgage loan. The loan is secured by a 42-story, Class-A office
tower located in downtown New York, New York. The tower contains
560,210 square feet (SF) of net rentable area and floor-to-ceiling
windows overlooking both Battery Park and the New York Harbor. As
of May 2017, the property was 93% leased, compared to 97% as of
June 2016. Moody's LTV and stressed DSCR are 119% and 0.79X,
respectively, the same as at the last review.

The second largest loan is the Columbus Square Portfolio ($103.75
million -- 7.8% of the pool), which represents a pari passu portion
of a $400 million mortgage loan. The loan is secured by five
mixed-use buildings containing approximately 500,000 SF and located
on the Upper West Side neighborhood of New York, New York. The
property contains 31 condominium units at 775, 795, 805, 808
Columbus Avenue and 801 Amsterdam Avenue. The retail component,
which contains approximately 276,000 SF is anchored by a Whole
Foods, TJ Maxx, and Michaels. All buildings were built between 2007
through 2008. As of March 2017, the property was 96% leased, the
same as at last review. Moody's LTV and stressed DSCR are 130% and
0.67X, respectively, the same as at the last review.

The third largest loan is the Wyvernwood Apartments Loan ($101.4
million -- 7.6% of the pool), which is secured by a Class C
residential property with the improvements developed in phases
during 1938 and 1965. The collateral structures primarily consists
of 151 two-story apartment buildings situated on approximately 61
acres of land. Amenities include fully equipped kitchens, computer
lab, laundry facilities, open landscaped grounds and a playground.
As of December 2016, the property was 99% leased, the same as at
last review. Moody's LTV and stressed DSCR are 111% and 0.86X,
respectively, compared to 120% and 0.79X at the last review.


LB-UBS COMMERCIAL 2004-C8: Moody's Hikes Cl. H Debt Rating to Caa1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on two classes
and affirmed the ratings on two classes in LB-UBS Commercial
Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2004-C8:

Cl. G, Upgraded to A3 (sf); previously on Sep 22, 2016 Upgraded to
Baa2 (sf)

Cl. H, Upgraded to Caa1 (sf); previously on Sep 22, 2016 Affirmed
Caa3 (sf)

Cl. J, Affirmed C (sf); previously on Sep 22, 2016 Affirmed C (sf)

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

RATINGS RATIONALE

The ratings on two P&I classes were upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 19.5% since Moody's last
review.

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

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 24.9% of the
current balance, compared to 25.6% at Moody's last review. Moody's
base expected loss plus realized losses is now 5.0% of the original
pooled balance, compared to 5.1% 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 July 2017.

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

DEAL PERFORMANCE

As of the August 17, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 98.3% to $22.67
million from $1.31 billion at securitization. The certificates are
collateralized by four mortgage loans ranging in size from less
than 13% to 37% 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 three, compared to five at Moody's last review.

One loan, constituting 13% 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.

Thirty-five loans have been liquidated from the pool, resulting in
an aggregate realized loss of $60.0 million (for an average loss
severity of 20%). One loan, constituting 31% of the pool, is
currently in special servicing. The specially serviced loan is the
Amelia Center Loan ($6.9 million -- 30.6% of the pool), which is
secured by a grocery-anchored retail center in Amelia, Ohio. The
loan transferred to special servicing in November 2014 for maturity
default and became REO in April 2015. The grocery anchor space was
occupied by Kroger, who vacated at their lease expiration in
November 2014. As of March 2017, the property was 27% leased,
compared to 25% at year-end 2016.

Moody's received full year 2016 operating results for 100% of the
pool, and partial year 2017 operating results for 66% of the pool.

The top three conduit loans represent 69.4% of the pool balance.
The largest loan is the 6th Avenue Place Loan ($8.4 million --
37.3% of the pool), which is secured by a flex office/warehouse
property located in the Denver suburb of Golden, Colorado. The
property is comprised of four, single story buildings and is able
to accommodate office, medical, technology, R&D, showroom and more.
As of the June 2017 rent roll, the property was 100% leased.
However, five tenants vacated as of July 2017 dropping the
occupancy to 91%. Moody's LTV and stressed DSCR are 77% and 1.33X,
respectively, compared to 76% and 1.36X at the last review.

The second largest loan is the Parkersburg Towne Center Loan ($4.4
million -- 19.3% of the pool), which is secured by a 102,000 square
foot (SF) retail center located in Parkersburg, West Virginia. The
property is located directly across the street from the regional
Grand Central Mall and neighbors Grand Central Plaza shopping
center. Moody's incorporated a lit/dark analysis to account for the
single tenant nature of the property. Moody's LTV and stressed DSCR
are 109% and 0.86X, respectively, compared to 111% and 0.85X at the
last review.

The third largest loan is the Louetta Loan ($2.9 million -- 12.8%
of the pool), which is secured by an unanchored retail center in
Cypress, Texas approximately 35 miles northwest of Houston. As of
June 2017 the property was 83% occupied compared to 95% at year-end
2016. Due to low DSCR due to declining occupancy and an increase in
expenses the Loan is on the watchlist. The loan benefits from
amortization and has paid down 9.9% since securitization. Moody's
LTV and stressed DSCR are 110% and 0.99X, respectively, compared to
82% and 1.32X at the last review.


NATIONAL COLLEGIATE 2005-1: Fitch Affirms Csf Rating on Cl. C Debt
------------------------------------------------------------------
Fitch Ratings has taken the following rating actions on the
National Collegiate Student Loan Trust (NCSLT) 2005-1, 2005-2 and
2005-3.

NCSLT 2005-1
Class A-5-1 and A-5-2 upgraded to 'BBsf' from 'Bsf'/Outlook revised
to Stable from Negative;
Class B upgraded to 'CCsf' from 'Csf', RE 80%;
Class C affirmed at 'Csf', RE 0%.

NCSLT 2005-2
Class A-4 upgraded to 'BBBsf' from Csf'; removed from Rating Watch
Positive, assigned Stable Outlook;
Class A-5-1 and A-5-2 upgraded to 'CCCsf' from 'Csf', RE 90%;
Class B affirmed at 'Csf', RE 20%;
Class C affirmed at 'Csf', RE 0%.

NCSLT 2005-3
Class A-5-1 and A-5-2 upgraded to 'Bsf' from 'CCsf'/Outlook Stable
assigned;
Class B affirmed at 'Csf', RE 30%;
Class C affirmed at 'Csf', RE 0%.

KEY RATING DRIVERS

Legal uncertainty: There are a number of pending litigations
between transaction parties where the outcome is uncertain. As
such, rating upgrades are capped at 'BBBsf' due to the litigation
uncertainty and additional expenses associated with the lawsuits,
even though the model may imply a higher rating.

Collateral Performance: The NCSLT trusts are collateralized by
approximately $197.3 million, $140.4 million and $440.1 million for
2005-1, 2005-2, and 2005-3, respectively, of private student loans
originated by First Marblehead Corporation. At deal inception, all
loans were guaranteed by The Education Resources Institute (TERI);
however, no credit is given to the TERI guaranty, since TERI filed
for bankruptcy on April 7, 2008. Fitch assumes a base case
remaining default rate of approximately 13%, 13.7%, and 14.1% for
2005-1, 2005-2, and 2005-3, respectively, which implies a
sustainable constant default rate of 3.5%. Recovery rate is assumed
to be 0% in light of recent lawsuit uncertainty between the trusts
and defaulted borrowers.

Payment Structure: All trusts are under-collateralized as total
parity is less than 100%. Senior parity as of July 31, 2017 is
123.7% for 2005-1, 102.3% for 2005-2 and 107.8% for 2005-3. Senior
notes benefit from subordination provided by the junior notes. All
trusts benefit from reserve accounts that are at their floors of
$4.75 million for 2005-1, $3.1 million for 2005-2, and $8.4 million
for 2005-3, with specified requirements of the greater of 1.25% of
the outstanding notes and the floor for each trust. All
transactions are in turbo where principal payments are made to the
top senior class A notes. The class C notes of 2005-1, the class
B&C notes of 2005-2 and the class c notes of 2005-3 are not
receiving interest payments due to trigger breach.

Servicing Capabilities: PHEAA services between 96%-100% of the
three trusts, with Conduent Education Services LLC (formerly ACS
Education Services), Great Lakes Educational Loan Services Inc.,
and Firstmark Services LLC servicing the remaining loans. Fitch
believes all servicers are acceptable servicers of private student
loans.

RATING SENSITIVITIES

NCSLT 2005-1
Expected impact on the note rating of increased defaults (class
A-5):
Current Ratings: 'BBsf'
Increase base case defaults by 10%: 'BBsf'
Increase base case defaults by 25%: 'BB-sf'
Increase base case defaults by 50%: 'Bsf'

NCSLT 2005-2
Expected impact on the note rating of increased defaults (class
A-4):
Current Ratings: 'BBBsf
Increase base case defaults by 10%: 'BBBsf'
Increase base case defaults by 25%: 'BBBsf'
Increase base case defaults by 50%: 'BBsf'

NCSLT 2005-3
Expected impact on the note rating of increased defaults (class
A-5):
Current Ratings: 'Bsf'
Increase base case defaults by 10%: 'Bsf'
Increase base case defaults by 25%: 'CCCsf'
Increase base case defaults by 50%: 'CCsf'


RMS TITANIC: Ended July With $584,771 Ending Cash Balance
---------------------------------------------------------
RMS Titanic, Inc., filed with the U.S. Securities and Exchange
Commission its monthly operating report for July 2017.

In its schedule of receipts and disbursements, RMS Titanic had
$584,671 in bank funds at July 1, 2017.  It also posted $99 in
total receipts and no disbursements for the month.  Thus, at
July 31, 2017, the RMS Titanic had a $584,771 ending cash balance.

A copy of the monthly operating report is available at the SEC at:

                    https://is.gd/A5Y4Gf   

                About About RMS Titanic, Inc.

Premier Exhibitions, Inc. (Nasdaq: PRXI), located in Atlanta,
Georgia, is a presenter of museum quality exhibitions throughout
the world.  Premier -- http://www.PremierExhibitions.com/--  
develops and displays unique exhibitions for education and
entertainment including Titanic: The Artifact Exhibition, BODIES.
The Exhibition, Tutankhamun: The Golden King and the Great
Pharaohs, Pompeii The Exhibition, Extreme Dinosaurs and Real
Pirates in partnership with National Geographic.  The success of
Premier Exhibitions lies in its ability to produce, manage, and
market exhibitions.

RMS Titanic and seven of its subsidiaries filed voluntary petitions
for reorganization under Chapter 11 of the Bankruptcy Code (Bankr.
M.D. Fla. Lead Case No. 16-02230) on June 14, 2016.  Former Chief
Financial Officer and Chief Operating Officer Michael J. Little
signed the petitions.  The Chapter 11 cases are assigned to Judge
Paul M. Glenn.

The Debtors estimated both assets and liabilities of $10 million to
$50 million.

The Debtors are represented by Daniel F. Blanks, Esq. and Lee D.
Wedekind, III, Esq. at Nelson Mullins Riley & Scarborough LLP.  The
Debtors employ Brian A. Wainger, Esq. at Kaleo Legal as special
litigation counsel, outside general counsel, securities counsel,
and conflicts counsel; Robert W. McFarland, Esq. at McGuireWoods
LLP as special litigation counsel; Steven L. Berson, Esq. at
Dentons US LLP and Dentons Canada LLP as outside general counsel
and securities counsel; Oscar N. Pinkas, Esq. at Dentons LLP as
outside general counsel and securities counsel.

The Debtors also employed Ronald L. Glass as Chief Restructuring
Officer and GlassRatner Advisory & Capital Group, LLC, as financial
advisors.

Guy Gebhardt, acting U.S. trustee for Region 21, on Aug. 24, 2016,
appointed three creditors to serve on the official committee of
unsecured creditors of RMS Titanic, Inc., and its affiliates. The
Committee hired Avery Samet, Esq. and Jeffrey Chubak, Esq. at
Storch Amini & Munves PC, and Richard R. Thames, Esq. and Robert A.
Heekin, Jr., Esq. at Thames Markey & Heekin, P.A. as counsel.

The official committee of equity security holders of Premier
Exhibitions Inc. retained Peter J. Gurfein, Esq. at Landau
Gottfried & Berger LLP as counsel; Jacob A. Brown, Esq. and
Katherine C. Fackler, Esq. at Akerman LLP as Co-Counsel; and Teneo
Securities LLC as financial advisor.


WACHOVIA BANK 2007-C31: Moody's Hikes Class B Debt Rating to Ba2
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on two classes,
downgraded the ratings on one class, and affirmed the ratings on
nine classes in Wachovia Bank Commercial Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2007-C31:

Cl. A-J, Upgraded to Baa2 (sf); previously on Jan 13, 2017 Upgraded
to Ba1 (sf)

Cl. B, Upgraded to Ba2 (sf); previously on Jan 13, 2017 Affirmed B1
(sf)

Cl. C, Affirmed B3 (sf); previously on Jan 13, 2017 Affirmed B3
(sf)

Cl. D, Affirmed Caa2 (sf); previously on Jan 13, 2017 Affirmed Caa2
(sf)

Cl. E, Affirmed Caa3 (sf); previously on Jan 13, 2017 Affirmed Caa3
(sf)

Cl. F, Affirmed C (sf); previously on Jan 13, 2017 Affirmed C (sf)

Cl. G, Affirmed C (sf); previously on Jan 13, 2017 Affirmed C (sf)

Cl. H, Affirmed C (sf); previously on Jan 13, 2017 Affirmed C (sf)

Cl. J, Affirmed C (sf); previously on Jan 13, 2017 Affirmed C (sf)

Cl. K, Affirmed C (sf); previously on Jan 13, 2017 Affirmed C (sf)

Cl. L, Affirmed C (sf); previously on Jan 13, 2017 Affirmed C (sf)

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

RATINGS RATIONALE

The ratings on Classes A-J and B were upgraded based primarily on
an increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 77% since Moody's last
review.

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

The ratings on Classes D through L were affirmed because the
ratings are consistent with Moody's expected loss plus ongoing
exposure to current and potential interest shortfalls.

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

Moody's rating action reflects a base expected loss of 31% of the
current pooled balance, compared to 10% at Moody's last review.
Moody's base expected loss plus realized losses is now 7.5% of the
original pooled balance, compared to 9.4% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE 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 July 2017.

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

DEAL PERFORMANCE

As of the August 17, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 86% to $829 million
from $5.85 billion at securitization. The certificates are
collateralized by 27 mortgage loans ranging in size from less than
1% to 44% of the pool, with the top ten loans constituting 78% of
the pool. The pool contains no loans with investment-grade
structured credit assessments and no defeased loans.

We identified one loan secured by collateral located in a county
affected by Hurricane Harvey. The FMC Technologies Loan represents
5% of the pool and is discussed in greater detail below.

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 5, compared to a Herf of 17 at Moody's last
review.

Two 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.

Forty-three loans have been liquidated from the pool, contributing
to an aggregate realized loss of $181 million. Twenty-one loans,
constituting 45% of the pool, are currently in special servicing.
The largest specially serviced loan is the Corporate Plaza Loan
($43 million -- 5% of the pool), which is secured by a 278,000
square foot office property located in downtown Wilmington,
Delaware. The loan transferred to special servicing in November
2014 for imminent default due to tenancy issues, including lease
rollover. Property occupancy as of March 2017 was 70%, down from
94% as recently as December 2014.

The second largest specially serviced loan is the Saint Louis
Marriott West Loan ($37 million -- 5% of the pool), which is
secured by a 300-key, full-service hotel located in St. Louis,
Missouri. The hotel was 66% occupied for the year ended March 2017,
similar to the occupancy at securitization. The loan transferred to
special servicing in February 2017 for imminent default and the
loan passed its scheduled maturity date in March 2017.

The third largest specially serviced loan is the Toll Brothers
Corporate Headquarters Loan ($35 million -- 4% of the pool), which
is secured by a 203,000 square foot suburban office property in
Horsham, Pennsylvania. The property is 100% leased to Toll Brothers
through October 2019. The tenant is not yet required to notify the
landlord of its future intentions. The loan passed its scheduled
maturity date in March 2017.

The remaining 18 specially serviced loans are secured by a mix of
property types. Moody's estimates an aggregate $174 million loss
for the specially serviced loans (47% expected loss on average).

Moody's has also assumed a high default probability for one poorly
performing loan, constituting 5% of the pool, and has estimated a
high loss severity for the loan.

Moody's received full year 2016 operating results for 100% of the
pool. Moody's weighted average conduit LTV is 133%. Moody's conduit
component excludes specially serviced and troubled loans. Moody's
net cash flow (NCF) reflects a weighted average benefit of 44% to
the most recently available net operating income (NOI). Moody's
value reflects a weighted average capitalization rate of 8.0%.

Moody's actual and stressed conduit DSCRs are 1.30X and 0.66X,
respectively. Moody's actual DSCR is based on Moody's NCF and the
loan's actual debt service. Moody's stressed DSCR is based on
Moody's NCF and a 9.25% stress rate the agency applied to the loan
balance.

The three conduit loans represent 51% of the pool balance. The
largest loan is the 666 Fifth Avenue -- A Note Loan ($358 million
-- 44% of the pool), which is secured by the fee simple interest in
a 39-story, 1.5 million SF office tower occupying a full city block
on Fifth Avenue between 52nd and 53rd streets in Midtown Manhattan.
In December 2011, as part of a modification, the original total
loan was bifurcated into $1.1 billion A Note and a $115 million B
Note. The modification also included a commitment of fresh sponsor
equity and reduced the interest rate on the A-note. Occupancy at
the property has declined to 70% as of March 2017, compared to 91%
in 2014 before the departure of several large tenants. Moody's
considers the B Note ($37 million) a troubled loan. Moody's A-Note
LTV and stressed DSCR are 138% and 0.63X, respectively, the same as
at Moody's last review.

The second largest loan is the FMC Technologies Loan ($39 million
-- 5% of the pool) which is secured by a 462,000 square foot
industrial property located in Houston, Texas. The loan passed its
anticipated repayment date (ARD) on April 11, 2017. The property is
100% leased to a single tenant through March 2022. Moody's
incorporated a lit/dark analysis to account for the single tenant
lease rollover risk. The property is located in an area affected by
Hurricane Harvey. The full extent of any potential damage to the
property is not yet known, At securitization, the property was
located in FEMA's Zone X (unshaded), an area considered to be of
minimal flood hazard. The loan documents require the borrower to
obtain and maintain flood insurance if any of the improvements fall
within a Special Flood Hazard Area. Zone X (unshaded) is not
considered to be a Special Flood Hazard Area. Moody's LTV and
stressed DSCR are 105% and 0.85X, respectively.

The third largest loan is the Marquis at Quarry Apartments Loan
($16 million -- 2% of the pool) which is secured by a 224 unit
multifamily property located in San Antonio, Texas. The loan passed
its anticipated repayment date (ARD) on April 11, 2017. The
property was 89% occupied as of June 2017, compared to 90% at
Moody's last review and 96% at securitization. Moody's LTV and
stressed DSCR are 108% and 0.81X, respectively, compared to 91% and
0.96X at the last review.


WACHOVIA BANK 2007-C34: Moody's Hikes Class C Debt Rating to B2
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four classes,
affirmed the ratings on eleven classes, and downgraded the rating
on one class in Wachovia Bank Commercial Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2007-C34:

Cl. A-1A, Affirmed Aaa (sf); previously on Sep 8, 2016 Affirmed Aaa
(sf)

Cl. A-M, Upgraded to Aa1 (sf); previously on Sep 8, 2016 Upgraded
to Aa3 (sf)

Cl. A-J, Upgraded to Baa3 (sf); previously on Sep 8, 2016 Upgraded
to Ba2 (sf)

Cl. B, Upgraded to Ba2 (sf); previously on Sep 8, 2016 Upgraded to
B1 (sf)

Cl. C, Upgraded to B2 (sf); previously on Sep 8, 2016 Affirmed B3
(sf)

Cl. D, Affirmed Caa2 (sf); previously on Sep 8, 2016 Affirmed Caa2
(sf)

Cl. E, Affirmed Caa3 (sf); previously on Sep 8, 2016 Affirmed Caa3
(sf)

Cl. F, Affirmed Ca (sf); previously on Sep 8, 2016 Affirmed Ca
(sf)

Cl. G, Affirmed C (sf); previously on Sep 8, 2016 Affirmed C (sf)

Cl. H, Affirmed C (sf); previously on Sep 8, 2016 Affirmed C (sf)

Cl. J, Affirmed C (sf); previously on Sep 8, 2016 Affirmed C (sf)

Cl. K, Affirmed C (sf); previously on Sep 8, 2016 Affirmed C (sf)

Cl. L, Affirmed C (sf); previously on Sep 8, 2016 Affirmed C (sf)

Cl. M, Affirmed C (sf); previously on Sep 8, 2016 Affirmed C (sf)

Cl. N, Affirmed C (sf); previously on Sep 8, 2016 Affirmed C (sf)

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

RATINGS RATIONALE

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

The ratings on the P&I classes, D, E, F, G, H, J, K, L, M, and N
were affirmed because the ratings are consistent with Moody's
expected loss.

The ratings on the P&I classes, A-M, A-J, B, and C, were upgraded
based primarily on an increase in credit support resulting from
loan paydowns and amortization. The deal has paid down 60% since
Moody's last review.

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

Moody's rating action reflects a base expected loss of 22.6% of the
current pooled balance, compared to 12.2% at Moody's last review.
Moody's base expected loss plus realized losses is now 9.4% of the
original pooled balance, compared to 11.1% 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 methodologies used in these ratings were "Approach to Rating US
and Canadian Conduit/Fusion CMBS" published in July 2017, and
"Moody's Approach to Rating Large Loan and Single Asset/Single
Borrower CMBS" published in July 2017.

Additionally, the methodology used in rating Cl. IO 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 45% 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 August 17, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 70% to $437.7
million from $1.48 billion at securitization. The certificates are
collateralized by 45 mortgage loans ranging in size from less than
1% to 15% of the pool, with the top ten loans (excluding
defeasance) constituting 61% of the pool. One loan, constituting
0.7% 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 23 at Moody's last review.

Twenty-nine loans, constituting 48% 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.

We identified 1 property, within the Cole Portfolio loan, that has
exposure to a county affected by Hurricane Harvey. The allocated
loan amount for that property was $1.02 million, representing less
than 1% of the pool. While the full extent of any damage is not yet
known, Moody's will continue to monitor this as more information
becomes available.

Eleven loans have been liquidated from the pool, resulting in an
aggregate realized loss of $40.7 million (for an average loss
severity of 29%). Ten loans, constituting 45% of the pool, are
currently in special servicing. The largest specially serviced loan
is the Sheraton Park Hotel -- Anaheim, CA ($65.0 million -- 14.9%
of the pool), which is secured by a 486-room full service hotel
located in Anaheim, California, approximately one block to Disney
Land and the Anaheim Concention Center. The loan transferred to
special servicing in February 2012 due to imminent monetary default
and became real estate owned (REO) in June 2013. The property
underwent renovations throughout 2014. The property is also subject
to an unsubordinated ground lease with the City of Anaheim through
2068. The special servicer is still stabilizing the asset, with an
expected disposition timeframe in late 2018.

The second largest specially serviced loan is Glenbrooke at Palm
Bay ($27.1 million -- 6.2% of the pool), which is secured by a
170-unit senior housing multifamily property located in Palm Bay,
Florida. The loan transferred to special servicing in April 2012
and became REO in July 2013. As of June 2017, the property was 97%
leased, compared to 94% in August 2016. The special servicer is
stabilizing the asset, expecting to sell it in 2018. Performance
has improved at the property since 2014, due to revenue increasing
while expenses have remained roughly flat. Over that time period,
the expense ratio has decreased from 70% to 63.5%.

The remaining eight specially serviced loans are secured by a mix
of property types. Moody's estimates an aggregate $85.7 million
loss for the specially serviced loans (43% expected loss on
average).

Moody's received full year 2016 operating results for 70% of the
pool, and full year 2015 operating results for 100% of the pool
(excluding specially serviced and defeased loans). 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 14% 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 1.35X,
respectively, compared to 1.49X 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 top three conduit loans represent 17% of the pool balance. The
largest loan is the One & Two Riverwood Loan ($25.3 million -- 5.8%
of the pool), which is secured by two office buildings located in
Pewaukee, Wisconsin. The loan is on the watch-list due to an
upcoming maturity. The largest tenants in both buildings, Bluecross
Blue Shield of WI (11% of NRA) and Humana Wisconsin Health
Organization (21% of NRA), have lease expiration dates in August
2020 and February 2020, respectively. As of May 2017, the property
was 79% leased. Over the next two and a half years, through 2019,
24% of the NRA leases expire. The master servicer indicated this
loan is expected to payoff at maturity. Moody's LTV and stressed
DSCR are 161% and 0.65X, respectively, compared to 219% and 0.48X
at the last review.

The second largest loan is the Cole Portfolio Loan ($25.1 million
-- 5.7% of the pool), which is secured by 10 cross-collaterilized
and cross-defaulted loans located across six states. Each property
has one tenant, which is either Walgreens, CVS, Wal-mart, or
Logan's Roadhouse. Logan Roadhouse entered chapter 11 bankruptcy
and announced it will close 21 of its 250 US stores. The tenant has
since vacanted the Logan's Roadhouse -- Houston, TX location. These
loans past their ARD earlier in 2017. Moody's LTV and stressed DSCR
are 96% and 1.05X, respectively, compared to 84% and 1.13X at the
last review.

The third largest loan is The Preserve at the Fort Apartments Loan
($24.5 million -- 5.6% of the pool), which is secured by a 313-unit
apartment complex located in Fort Collins, Colorado. The loan is on
the watch-list due to the upcoming maturity. As of December 2016,
the property was 97% leased, compared to 96% in December 2015.
Moody's LTV and stressed DSCR are 59% and 1.57X, respectively,
compared to 60% and 1.54X at the last review.


[*] Moody's Takes Action on $305MM of Alt-A Debt Issued 2002-2007
-----------------------------------------------------------------
Moody's Investors Service has upgraded ratings of five tranches and
downgraded the ratings of five tranches from seven transactions
backed by Alt-A and Option ARM mortgage loans, issued by multiple
issuers.

Complete rating actions are:

Issuer: CSFB Mortgage-Backed Pass-Through Certificates, Series
2002-18

Cl. II-A-1, Downgraded to B2 (sf); previously on Jun 12, 2014
Downgraded to Ba3 (sf)

Cl. II-B-1, Downgraded to C (sf); previously on Aug 28, 2013
Downgraded to Ca (sf)

Cl. II-P, Downgraded to B2 (sf); previously on Jun 12, 2014
Downgraded to Ba3 (sf)

Cl. II-PP, Downgraded to B2 (sf); previously on Jun 12, 2014
Downgraded to Ba3 (sf)

Issuer: CSFB Mortgage-Backed Pass-Through Certificates, Series
2002-29

Cl. I-B-2, Downgraded to Caa3 (sf); previously on Jun 27, 2013
Downgraded to Caa1 (sf)

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-24

Cl. 4-A-1, Upgraded to Ba1 (sf); previously on Sep 19, 2016
Upgraded to B1 (sf)

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2006-HY12

Cl. A-5, Upgraded to Ba2 (sf); previously on Sep 27, 2016 Upgraded
to B1 (sf)

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2006-OA16

Cl. A-1C, Upgraded to Ba1 (sf); previously on Sep 27, 2016 Upgraded
to Ba3 (sf)

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2006-OA22

Cl. A-1, Upgraded to B2 (sf); previously on Sep 22, 2016 Upgraded
to Caa1 (sf)

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2007-HY8C

Cl. A-1, Upgraded to B2 (sf); previously on Sep 19, 2016 Upgraded
to Caa1 (sf)

RATINGS RATIONALE

The rating upgrades are primarily due to overall credit enhancement
available to the bonds. The upgrade on CWALT, Inc. Mortgage
Pass-Through Certificates, Series 2005-24 CL.4-A-1 also reflects a
decrease in delinquencies and lower estimated collateral loss for
the related pool. The rating downgrades are primarily due to a
reduction in credit enhancement available to the tranches. The
rating actions reflect the recent performance of the underlying
pools and Moody's updated loss expectations on those 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 4.3% in July 2017 from 4.9% in July
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 Takes Various Actions on 24 Classes From 4 US RMBS Deals
----------------------------------------------------------------
S&P Global Ratings  completed its review of 24 classes from one
U.S. RMBS transaction and three
U.S. RMBS resecuritized real estate mortgage investment conduit
(re-REMIC) transactions issued between 2002 and 2009. All of these
transactions are backed by prime jumbo collateral. The review
yielded four downgrades, nine affirmations, and 11 withdrawals.

Analytical Considerations

S&P incorporates various considerations into our decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by its 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; and
-- Available subordination and/or overcollateralization.

A list of the Affected Ratings is available at:

          http://bit.ly/2gvex8G


                            *********

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