TCR_Public/170917.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 17, 2017, Vol. 21, No. 259

                            Headlines

280 PARK AVENUE 2017-280P: Fitch to Rate Class HRR Certs 'B-sf'
ACCESS GROUP 2004-1: S&P Affirms CC(sf) Rating on 2 Tranches
ATLAS SENIOR II: S&P Raises Class E Notes Rating to BB+(sf)
BANC OF AMERICA 2004-2: Moody's Affirms C Rating on Cl. XC Certs
BANC OF AMERICA 2007-3: S&P Affirms CCC-(sf) Rating on Cl. F Certs

BANK 2017-BNK7: Fitch to Rate 2 Tranches 'B-sf'
BEAR STEARNS 2004-TOP16: Fitch Hikes Class K Debt Rating to Bsf
BEAR STEARNS 2005-TOP20: Moody's Cuts Ratings on 2 Tranches to Csf
BENEFIT STREET VI: S&P Assigns BB-(sf) Rating on Class D-R Notes
CANTOR COMMERCIAL 2011-C2: Fitch Affirms Bsf Rating on Cl. G Certs

CEDAR FUNDING VIII: S&P Assigns BB-(sf) Rating on Class E Notes
CG-CCRE 2014-FL1: S&P Affirms BB+ Rating on 2 Tranches
CIFC FUNDING 2013-IV: Moody's Affirms Ba3sf Rating on Cl. E Notes
CITIGROUP 2017-P8: S&P Assigns Prelim BB(sf) Rating on Cl. E Certs
CITIGROUP COMMERCIAL 2004-C2: Moody's Gives C Rating to Cl. L Certs

CITIGROUP COMMERCIAL 2017-P8: Fitch to Rate Two Note Classes 'B-'
COLT 2017-2: Fitch to Rate Class B-2 Certificates 'Bsf'
COMM 2015-LC23: Fitch Affirms 'B-sf' Rating on Class G Certs
COMM 2017-COR2: Fitch to Rate Class G-RR Debt 'B-sf'
COVENANT CREDIT III: Moody's Assigns B3 Rating to Class F Notes

CREDIT SUISSE 2008-C1: S&P Affirms B+(sf) Rating on Class A-J Certs
CSAIL 2017-CX9: Fitch to Rate Class F Certificates 'B-sf'
EXETER AUTOMOBILE 2017-3: S&P Gives Prelim BB Rating on Cl. D Notes
GALLATIN CLO IV 2012-1: S&P Hikes Class E Debt to BB+
GMAC COMMERCIAL 2003-C1: Moody's Affirms B3 Rating on Cl. N-2 Debt

GS MORTGAGE 2007-GG10: Moody's Lowers Rating on Cl. A-J Certs to C
HERTZ VEHICLE II 2015-2: Fitch Affirms BB Rating on Cl. D Notes
HERTZ VEHICLE II 2017-1: Fitch to Rate Class D Notes 'BBsf'
HILLMARK FUNDING: Moody's Hikes Rating on Class D Notes to Ba3
ICG US 2017-2: Moody's Assigns Ba3(sf) Rating to Class D Notes

JP MORGAN 2013-C15: Fitch Affirms 'Bsf' Rating on Cl. F Certs
JP MORGAN 2013-C17: Fitch Affirms 'Bsf' Rating on Class F Notes
JP MORGAN 2016-JP3: Fitch Affirms 'B-sf' Rating on Class F Certs
JP MORGAN 2016-WSP: Fitch Affirms 'B-sf' Rating on Class F Certs
LB-UBS COMMERCIAL 2005-C1: Moody's Affirms C Ratings on 2 Tranches

LB-UBS COMMERCIAL 2005-C5: S&P Affirms B- Rating on Cl. H Certs
LB-UBS COMMERCIAL 2008-C1: S&P Cuts Cl. A-M Certs Rating to B+(sf)
MADISON IV: S&P Assigns Prelim B-(sf) Rating on Class F-R Notes
MARATHON CLO X: S&P Assigns BB-(sf) Rating on Class D Notes
MARBLE POINT X: Moody's Assigns Ba3(sf) Rating to Class E Notes

MCF CLO VII: S&P Assigns BB-(sf) Rating on $263.75MM Class E Notes
MERRILL LYNCH 2008-C1: S&P Affirms B(sf) Rating on Class F Certs
ML-CFC COMMERCIAL 2007-7: S&P Hikes Rating on 2 Tranches to BB
MORGAN STANLEY 2006-HQ10: Fitch Cuts Rating on Cl. B Certs to CC
MORGAN STANLEY 2007-HQ13: Fitch Affirms CCC Rating on Cl. A-M Certs

MORGAN STANLEY 2014-C19: S&P Affirms BB- Rating on Cl. LNC-4 Debt
MORGAN STANLEY 2015-420: S&P Affirms BB+(sf) Rating on Cl. E Certs
MOTEL 6 2017-MTL6: S&P Gives Prelim 'B-(sf)' Rating on Cl. F Notes
NAVITAS EQUIPMENT 2016-1: Fitch Affirms B+sf Rating on Cl. D Debt
NEUBERGER BERMAN 25: Moody's Assigns Ba3(sf) Rating to Cl. E Notes

NEUBERGER BERMAN XV: S&P Gives Prelim B- Rating on Cl. F-R Notes
OFSI FUND VII: S&P Assigns Prelim BB(sf) Rating on Cl. E-R Notes
ONEMAIN FINANCIAL 2017-1: S&P Rates Class D Notes BB(sf)
OZLM FUNDING IV: S&P Gives Prelim B-(sf) Rating on Class E-R Notes
PRESTIGE AUTO 2016-1: S&P Affirms BB(sf) Rating on Class E Notes

REALT 2006-3: Moody's Hikes Class L Debt Rating to Ba3
ROCKFORD TOWER 2017-2: Moody's Assigns Ba3 Rating to Cl. E Notes
RR 2: S&P Gives Prelim. BB-(sf) Rating on $432.45MM Class D Notes
SDART 2017-3: Fitch to Rate $54.56MM Class E Notes 'BB'
SDART 2017-3: S&P Gives Prelim BB(sf) Rating on Cl. E Notes

SEQUOIA MORTGAGE 2017-CH1: Moody's Gives (P)Ba2 Rating to B-5 Notes
SHELLPOINT 2017-2: Moody's Assigns (P)Ba1 Rating to Cl. B-4 Notes
STONEMONT 2017-STONE: S&P Gives Prelim B-(sf) Rating to Cl. F Certs
STONEMONT PORTFOLIO: Fitch to Rate Class F Certs 'Bsf'
THL CREDIT 2017-3: Moody's Assigns Ba3(sf) Rating to Cl. E Notes

TRAPEZA CDO XIII: Moody's Hikes Rating on Class C-2 Debt to B2
TRIAXX PRIME 2006-1: Moody's Hikes Rating on Cl. A-1 Notes to Caa3
UBS COMMERCIAL 2017-C3: Fitch Assigns B- Rating to Class G-RR Certs
VENTURE CLO XXIX: Moody's Assigns Ba3(sf) Rating to Class E Notes
VENTURE XIII CLO: Moody's Assigns Ba3sf Rating to Class E-R Notes

WACHOVIA BANK 2006-C28: S&P Affirms B- Rating on Class C Certs
WACHOVIA BANK 2007-C32: S&P Raises Cl. A-J Certs Rating to B+(sf)
WFRBS COMMERCIAL 2013-C17: Fitch Affirms Bsf Rating on Cl. F Certs
[*] Moody's Takes Action on $157.7MM of RMBS Issued 2004-2007
[*] S&P Discontinues Ratings on 65 Classes From 15 CDO Deals

[*] S&P Takes Various Actions on 36 Classes From Six US RMBS Deals
[*] S&P Takes Various Actions on 59 Classes From 8 U.S. RMBS Deals
[*] S&P Takes Various Actions on Seven FCAT & Four CFCAT Deals
[*] U.S. CMBS Delinquencies Drop for 2nd Straight Month, Fitch Says

                            *********

280 PARK AVENUE 2017-280P: Fitch to Rate Class HRR Certs 'B-sf'
---------------------------------------------------------------
Fitch Ratings has issued a presale report on 280 Park Avenue
2017-280P Mortgage Trust Commercial Mortgage Pass-Through
Certificates.

Fitch expects to rate the transaction and assign Rating Outlooks:

-- $509,053,000a class A 'AAAsf'; Outlook Stable;
-- $43,360,000ab class X-CP 'AAAsf'; Outlook Stable;
-- $43,360,000ab class X-EXT 'AAAsf'; Outlook Stable;
-- $78,257,000a class B 'AA-sf'; Outlook Stable;
-- $80,865,000a class C 'A-sf'; Outlook Stable;
-- 106,825,000a class D 'BBB-sf'; Outlook Stable;
-- $151,000,000a class E 'BB-sf'; Outlook Stable;
-- $95,000,000a class F 'Bsf'; Outlook Stable;
-- $54,000,000ac class HRR 'B-sf'; Outlook Stable.

a)Privately placed pursuant to Rule 144A.
b)Notional amount and interest-only.
c)Horizontal credit risk retention interest representing 5% of the
loan balance (as of the closing date).

The expected ratings are based on information provided by the
issuer as of Aug. 29, 2017.

The certificates represent the beneficial interests in the mortgage
loan securing the fee interest in a 1,260,101-sf, 43-story office
tower located at 280 Park Avenue between 48th and 49th Streets in
New York City. Mortgage and mezzanine loan proceeds were used to
refinance the property's existing $900 million mortgage, pay
closing costs and return approximately $278 million of cash equity
to the sponsor. The certificates will follow a sequential-pay
structure.

KEY RATING DRIVERS

High-Quality Asset in Strong Location: 280 Park Avenue is a
43-story, class A office building located on Park Avenue between
48th and 49th Streets in the Grand Central office submarket of
Midtown Manhattan. Fitch has assigned it a property quality grade
of "A".

Capital Improvements. The sponsor acquired the property in 2011 and
has spent $142.5 million ($113psf) on the redevelopment of the
building. The redevelopment included a complete redesigning of the
lobby and exterior plaza, installing a new breezeway, redeveloping
the public plazas, repositioning the retail, upgrading the
elevators, electrical and plumbing systems, replacing the room and
installing a modern HVAC system.

High Overall Fitch Leverage: The $1.075 billion mortgage loan has a
Fitch DSCR and LTV of 0.84x and 104.7%, respectively, and debt of
$853psf. The capital stack also includes a $125 million mezzanine
loan. The total debt Fitch DSCR and LTV are 0.75x and 116.9%,
respectively, and the total debt is $952psf.

Creditworthy Tenancy: Approximately 20% of the NRA is leased to
creditworthy tenants including: Franklin Templeton (not rated by
Fitch), GIC (AAA/F1+), Orix USA (A-/F2), Wells Fargo Advisors
(parent rated AA-/F1+), Scottrade (BBB-/Positive) and Starbucks
(A/F1).

RATING SENSITIVITIES

Fitch evaluated the sensitivity of the ratings for class A and
found that a 10% decline in Fitch's implied NCF would result in a
one-category downgrade, while a 34% decline would result in a
downgrade to below investment grade.


ACCESS GROUP 2004-1: S&P Affirms CC(sf) Rating on 2 Tranches
------------------------------------------------------------
S&P Global Ratings affirmed its ratings on 13 classes from Access
Group Inc.'s series 2002-1, 2003-1, and 2004-1, which were issued
under the 2002 master indenture.

S&P said, "We considered the transactions' collateral performance,
changes in credit enhancement, and capital and payment structures
in our review. We also considered secondary credit factors, such as
credit stability, peer comparison, and issuer-specific analyses."

RATING ACTIONS AND RATIONALE

S&P said, "We affirmed our 'AA+ (sf)' ratings on the class A notes
because their credit enhancement levels can support the current
rating levels. The senior parity level for the trust has continued
to increase at a moderate pace, primarily due to the scheduled
principal paydown of the senior floating-rate notes (FRNs).  

"We have not differentiated the senior notes because the senior
auction-rate securities (ARS) will be paid from the remaining
principal distribution amount once the FRNs catch up to their
targeted amortization schedule, in which they are currently
behind.

"Based on the historical principal paydowns of the notes, the funds
available for distribution, and the transaction's structural
features, we expect the senior notes will be paid in full by their
respective legal final maturity dates.

"The class B notes have credit enhancement in line with the 'CC
(sf)' ratings. The class B notes are currently undercollateralized,
as evidenced by the subpar total parity level. There continues to
be insufficient excess spread in the trust to build total parity,
primarily attributable to the increased cost of funds on the ARS
and the low average yield on the Consolidation loans in the pool.
With the rising interest rate environment, we expect excess spread
will be further compressed.

"Although the trust currently has the capacity to meet its
obligations, it is unlikely the class B notes will receive their
principal balance in full by their respective final maturity dates
without a significant and consistent improvement in excess spread
(and corresponding build in total parity), which we believe is
highly unlikely to occur."

COLLATERAL

The master indenture mostly comprises Consolidation loans
originated through the U.S. Department of Education's (ED's)
Federal Family Education Loan Program (FFELP) that are supported by
a guarantee from the ED of at least 97% of a defaulted loan's
principal and interest, which has been serviced per FFELP
guidelines. Accordingly, net losses are expected to be minimal.

The amount of loans in nonpaying status (in school, grace period,
deferment, 30-plus-day delinquency, claims, and forbearance) has
declined since inception. Approximately only 8.4% of the loans are
in nonpaying status. The nonpaying loans (excluding delinquencies)
meet FFELP guidelines, which allow them to be placed in a loan
status that does not require the borrower to make its full payments
at this time. Generally, nonpaying loans will either return to
current status and make scheduled loan payments or will default and
receive the ED reimbursement of at least 97% of the loans'
principal and accrued interest.

PAYMENT STRUCTURE AND CREDIT ENHANCEMENT(i)

              Current     Note                   Reported          
                 
              balance   factor  Coupon Maturity  parity   Parity
Series/class     ($)   (%)(ii)  (%)     date    (%)(iii)   trend
2002-1 A-3  53,400,000  100.0   ARS  Sept. 2037 107.3   Increasing
2002-1 A-4  39,050,000   73.1   ARS  Sept. 2037 107.3   Increasing
2002-1 B    23,750,000  100.0   ARS  Sept. 2037  97.8   Decreasing

2003-1 A-3  40,850,000  100.0   ARS  Dec. 2035  107.3   Increasing
2003-1 A-4  40,850,000  100.0   ARS  Dec. 2035  107.3   Increasing
2003-1 A-5  40,850,000  100.0   ARS  Dec. 2035  107.3   Increasing
2003-1 A-6  40,800,000  100.0   ARS  Dec. 2035  107.3   Increasing
2003-1 B    19,700,000  100.0   ARS  Dec. 2035   97.8   Decreasing

2004-1 A-2 235,774,665  56.9 3ML+0.21 Sept. 2033 107.3  Increasing
2004-1 A-3  65,000,000  100.0   ARS  Dec. 2032  107.3   Increasing
2004-1 A-4  51,600,000   79.4   ARS  Dec. 2032  107.3   Increasing
2004-1 A-5  65,000,000  100.0   ARS  Dec. 2032  107.3   Increasing
2004-1 B    22,500,000  100.0   ARS  June 2037   97.8   Decreasing

(i)As of July 2017.
(ii)Note factor is the current notes' principal balance divided by
the original principal balance. (iii)Parity for the senior notes is
the pool balance plus accrued interest plus the fund accounts'
balances minus accrued interest on the senior notes divided by the
senior notes' balance. Parity for the subordinate notes is the pool
balance plus accrued interest plus the fund accounts' balance minus
accrued interest on the total notes divided by the total notes'
balance.
3ML--Three-month LIBOR.
ARS--Auction-rate securities.

The liabilities comprise approximately 32% and 68% of FRNs and ARS,
respectively. All of the class B notes are ARS. The FRNs pay
interest based on three-month LIBOR and are intended to pay down
their principal based on predetermined principal amortization
schedules.

Given the failed auctions, the trust documents stipulate that the
ARS pay interest at the maximum auction rate, based on either LIBOR
or the 91-day U.S. Treasury bill rate plus a rating-dependent
margin, which is capped at the net loan rate of the assets. The
auction rate notes' cost of funds has increased throughout the life
of the transaction. This increased cost of funds is mitigated to
some extent by the net loan rate cap, which helps minimize
potential negative excess spread. S&P views this definition more
favorably than the maximum auction rate definitions we have seen in
other structures, which contain a multiplier that allows for a high
escalation of the rate in a higher interest rate environment that
stresses excess spread.

Generally, this trust's payment priority on each quarterly
distribution date allocates principal first to the FRNs to maintain
the targeted amortization schedule, and the remaining principal
distribution amount would be used to pay down the ARS. The
subordinated ARS will not be allocated principal payments unless
senior parity is at 105.0% and total parity is 100.5%. Since the
total parity level has not reached the 100.5% threshold, principal
has only been paid to the class A notes.

Presently, the FRNs are behind in receiving their scheduled
principal payments because the trust assets do not generate enough
cash to meet the scheduled payments. This is primarily a result of
the high percentage of Consolidation loans (approximately 97% of
the pool as of July 2017 versus 23% at closing) that the trust
acquired via recycling during its revolving period, as well as the
increased cost of funds on the ARS. The collateral now consists of
longer-dated assets, which pay down principal on a slower
amortization schedule. Until the FRNs' targeted amortization
schedule is met, the ARS will not be receiving principal payments;
rather, all principal distribution amounts are used to pay down the
FRNs.

All notes within each series benefit from overcollateralization
(parity), subordination (for the senior notes), a capitalized
interest fund, and excess spread. The capitalized interest fund is
required to be maintained at the greater of 0.25% of the notes'
outstanding principal amount and 0.15% of the notes' principal
amount outstanding at issuance. The capitalized interest fund is
available to, among other things, cover any interest shortfalls if
amounts available in the collection fund are insufficient.

  RATINGS AFFIRMED

  Access Group Inc.

  Series     Class   CUSIP         Rating
  2002-1     A-3     00432CAM3     AA+ (sf)
  2002-1     A-4     00432CAN1     AA+ (sf)
  2002-1     B       00432CAP6     CC (sf)
  2003-1     A-3     00432CAZ4     AA+ (sf)
  2003-1     A-4     00432CBA8     AA+ (sf)
  2003-1     A-5     00432CBB6     AA+ (sf)
  2003-1     A-6     00432CBC4     AA+ (sf)
  2003-1     B       00432CBE0     CC (sf)
  2004-1     A-2     00432CBN0     AA+ (sf)
  2004-1     A-3     00432CBP5     AA+ (sf)
  2004-1     A-4     00432CBQ3     AA+ (sf)
  2004-1     A-5     00432CBR1     AA+ (sf)
  2004-1     B       00432CBT7     CC (sf)


ATLAS SENIOR II: S&P Raises Class E Notes Rating to BB+(sf)
-----------------------------------------------------------
S&P Global Ratings raised its ratings on the class B-R, C-R, D-R,
and E notes from Atlas Senior Loan Fund II Ltd. S&P said, "We also
removed these ratings from CreditWatch, where we placed them with
positive implications on July 18, 2017. At the same time, we
affirmed our 'AAA (sf)' rating on the class A-R notes from the same
transaction."

The rating actions follow S&P's review of the transaction's
performance using data from the July 2017 trustee report.

The upgrades reflect the transaction's $79.08 million in collective
paydowns to the class A-R notes since the July 2016 trustee report,
which S&P used for its previous September 2016 rating issuance.

These paydowns resulted in improved reported overcollateralization
(O/C) ratios:

-- The class A/B O/C ratio improved to 148.59% from 138.65%.
-- The class C O/C ratio improved to 125.88% from 121.42%.
-- The class D O/C ratio improved to 117.05% from 114.40%.
-- The class E O/C ratio improved to 110.62% from 109.18%.

S&P said, "The upgrades reflect the improved credit support at the
prior rating levels. The affirmation reflects our view that the
credit support available is commensurate with the current rating
level.

"On a standalone basis, the results of the cash flow analysis
indicated a higher rating on the class D-R notes. However, because
the transaction currently has some exposure to 'CCC' rated
collateral obligations, we limited the upgrade on some classes to
offset future potential credit migration in the underlying
collateral.

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

"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 RAISED AND REMOVED FROM CREDITWATCH POSITIVE

  Atlas Senior Loan Fund II Ltd.
                    Rating
  Class         To          From
  B-R           AAA (sf)    AA+ (sf)
  C-R           AA+ (sf)    A+ (sf)
  D-R           BBB+ (sf)   BBB (sf)
  E             BB+ (sf)    BB (sf)

  RATING AFFIRMED    
  Atlas Senior Loan Fund II Ltd.             
  Class         Rating
  A-R           AAA (sf)


BANC OF AMERICA 2004-2: Moody's Affirms C Rating on Cl. XC Certs
----------------------------------------------------------------
Moody's Investors Service has affirmed the rating on one interest
only (IO) class of Banc of America Commercial Mortgage Inc.
Commercial Mortgage Pass-Through Certificates, Series 2004-2:

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

RATINGS RATIONALE

The rating on the IO class XC was affirmed based on the credit
quality of the referenced class. The one remaining non-rated P&I
class, Class P, has already experienced a 74% realized loss as
result of previously liquidated loans. The IO class is the only
outstanding Moody's-rated class in this transaction.

Moody's rating action reflects a base expected loss of 0.0% of the
current balance, compared to 11.5% at Moody's last review. Moody's
base expected loss plus realized losses is now 1.1% 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.

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

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

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 July 2017.

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 August 10, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by almost 100% to
$205,000 from $1.139 billion at securitization. The Certificates
are collateralized by one remaining mortgage loan.

Three loans have been liquidated from the pool, resulting in an
aggregate realized loss of $13 million (71% loss severity on
average).

The only remaining loan is the Orchard on the Green Apartments Loan
($506 thousand), which is secured by a 198-unit multifamily complex
located in Port Orchard, Washington. As of December 2016, the
property was approximately 98% leased, unchanged since last review.
Property performance has been increasing since 2014 due to a
decrease in vacancy and repairs and maintenance expenses. Moody's
LTV and stressed DSCR are 8% and 4.00X, respectively, compared to
12% and 4.00X at the last review.


BANC OF AMERICA 2007-3: S&P Affirms CCC-(sf) Rating on Cl. F Certs
------------------------------------------------------------------
S&P Global Ratings raised its ratings on three classes of
commercial mortgage pass-through certificates from Banc of America
Commercial Mortgage Trust 2007-3, a U.S. commercial mortgage-backed
securities (CMBS) transaction. S&P said, "In addition, we affirmed
our ratings on three other classes and discontinued our rating on
class A-J from the same transaction."

S&P said, "Our rating actions 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.

"We raised our ratings on classes B, C, and D to reflect our
expectation of the available credit enhancement for these classes,
which we believe is greater than our most recent estimate of
necessary credit enhancement for the respective rating levels. The
upgrades also follow our views regarding the current and future
performance of the transaction's collateral and reduction in trust
balance. Though there are a large volume of assets currently in
special servicing (17 assets, $254.4 million, 88.7% of the pool
balance), our analysis included multiple scenarios that considered
the current performance of those assets and various assumptions on
their liquidation.

"As a result, while available credit enhancement levels suggest
further positive rating movements on these classes, we also
considered the susceptibility to reduced liquidity support from the
specially serviced assets.

"The affirmations reflect our expectation that these classes are
susceptible to
liquidity interruptions due to the volume of assets currently in
special servicing as well as their interest shortfall history and
repayment timing.

"Lastly, we discontinued our rating on class A-J following its full
repayment as noted in the Aug. 10, 2017, trustee remittance
report."

TRANSACTION SUMMARY

As of the Aug. 10, 2017, trustee remittance report, the collateral
pool balance was $265.5 million, which is 7.6% of the pool balance
at issuance. The pool currently includes 16 loans and four real
estate owned (REO) assets, down from 151 loans at issuance.
Seventeen of these assets are with the special servicer (C-III
Asset Management LLC [C-III]); one ($26.9 million, 10.2%) is on the
master servicer's watchlist and no loans are defeased. The master
servicer, KeyBank Real Estate Capital, reported financial
information for 100.0% of the remaining performing loans in the
pool, of which 24.5% was partial or year-end 2016 data, and the
remainder was year-end 2015 data.

Excluding the 17 specially serviced assets, S&P calculated a 0.87x
S&P Global Ratings' weighted average debt service coverage (DSC)
and 128.1% S&P Global Ratings' weighted average loan-to-value ratio
using a 7.77% S&P Global Ratings' weighted average capitalization
rate for the remaining performing loans. The top 10 assets have an
aggregate outstanding pool trust balance of $228.5 million (86.1%).
To date, the transaction has experienced $182.1 million in
principal losses, or 5.2% of the original pool trust balance. S&P
expects losses to reach approximately 8.2% 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
17 specially serviced assets.

CREDIT CONSIDERATIONS

Details of the two largest specially serviced assets, both of which
are top 10 assets, are as follows:

The JQH Hotel Portfolio (Rollup) loan ($100.0 million, 37.7%) is
the largest loan in the pool and has a total reported exposure of
$101.1 million. The loan is secured by portfolio of five hotel
properties totaling 1,160 keys located across Tenn., Texas, and Mo.
The loan, which has a nonperforming matured balloon payment status,
was transferred to the special servicer on July 7, 2016, when the
borrower filed for chapter 13 bankruptcy. The loan matured on May
6, 2017. C-III stated that the borrower is marketing the properties
for sale and the timing of resolution
is uncertain at this time. An appraisal reduction amount (ARA) of
$25.0 million is in effect against this loan. S&P expects a
moderate loss upon this loan's eventual resolution.

The Stonecrest Marketplace loan ($34.5 million, 13.0%), the
second-largest loan in the pool, has a total reported exposure of
$35.3 million. The loan is secured by a 264,644-sq.-ft. retail
property in Lithonia, Ga. The loan, which has a foreclosure in
process payment status, was transferred to the special servicer on
Feb. 28, 2017, due to imminent maturity default. The loan matured
on March 1, 2017. The master servicer has deemed this loan
nonrecoverable. Updated financials were not available for this
loan. An ARA of $18.3 million is in effect against this loan. S&P
expects a moderate loss upon this loan's eventual resolution.

The 15 remaining assets with the special servicer each have
individual balances that represent less than 6.7% of the total pool
trust balance. S&P estimated losses for the 17 specially serviced
assets, arriving at a weighted-average loss severity of 45.7%.

With respect to the specially serviced assets noted above, a
moderate loss is 26%-59%.

RATINGS LIST

Banc of America Commercial Mortgage Trust 2007-3
Commercial mortgage pass-throguh certificates series 2007-3
                                       Rating                      
          
  Class       Identifier        To                   From          
   
  A-J         059512AL7         NR                   BB- (sf)      
   
  B           059512AM5         BBB+ (sf)            B+ (sf)       
   
  C           059512AN3         BB+ (sf)             B- (sf)       
   
  D           059512AP8         B+ (sf)              B- (sf)       
   
  E           059512AS2         CCC (sf)             CCC (sf)      
   
  F           059512AT0         CCC- (sf)            CCC- (sf)     
   
  G           059512AU7         CCC- (sf)            CCC- (sf)     
   

  NR--Not rated


BANK 2017-BNK7: Fitch to Rate 2 Tranches 'B-sf'
-----------------------------------------------
Fitch Ratings has issued a presale report on the BANK 2017-BNK7
Commercial Mortgage Pass-Through Certificates, Series 2017-BNK7 and
expects to rate the transaction and assign Rating Outlooks as
follows:

-- $32,602,000 class A-1 'AAAsf'; Outlook Stable;
-- $35,234,000 class A-2 'AAAsf'; Outlook Stable;
-- $44,439,000 class A-3 'AAAsf'; Outlook Stable;
-- $50,058,000 class A-SB 'AAAsf'; Outlook Stable;
-- $310,000,000 class A-4 'AAAsf'; Outlook Stable;
-- $334,853,000 class A-5 'AAAsf'; Outlook Stable;
-- $807,186,000a class X-A 'AAAsf'; Outlook Stable;
-- $233,508,000a class X-B 'A-sf'; Outlook Stable;
-- $144,141,000 class A-S 'AAAsf'; Outlook Stable;
-- $50,449,000 class B 'AA-sf'; Outlook Stable;
-- $38,918,000 class C 'A-sf'; Outlook Stable;
-- $43,242,000ab class X-D 'BBB-sf'; Outlook Stable;
-- $23,063,000ab class X-E 'BB-sf'; Outlook Stable;
-- $11,531,000ab class X-F 'B-sf'; Outlook Stable;
-- $43,242,000b class D 'BBB-sf'; Outlook Stable;
-- $23,063,000b class E 'BB-sf'; Outlook Stable;
-- $11,531,000b class F 'B-sf'; Outlook Stable.

The following classes are not expected to be rated:

-- $34,594,180ab class X-G;
-- $34,594,180b class G;
-- $60,690,746.32bc RR Interest.

(a) Notional amount and interest-only.
(b) Privately placed and pursuant to Rule 144A.
(c) Vertical credit risk retention interest representing no less
than 5% of the estimated fair value of all classes of regular
certificates issued by the issuing entity as of the closing date.

The ratings are based on information provided by the issuer as of
Sept. 13, 2017.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 65 loans secured by 83
commercial properties having an aggregate principal balance of
$1,213,814,926 as of the cut-off date. The loans were contributed
to the trust by Wells Fargo Bank, National Association; Morgan
Stanley Mortgage Capital Holdings LLC; Bank of America, National
Association; and National Cooperative Bank, N.A.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 82.1% of the properties
by balance, cash flow analysis of 86.3%, and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

Lower Fitch Leverage than Recent Transactions: The pool's leverage
is lower than recent comparable Fitch-rated multiborrower
transactions. The Fitch DSCR and LTV for the pool are 1.53x and
90.9%, respectively, significantly better than the YTD 2017
averages of 1.25x and 101.4%. Excluding investment-grade credit
opinion and multifamily cooperative loans, the pool has a Fitch
DSCR and LTV of 1.22x and 106.7%, respectively, in line with the
YTD 2017 normalized averages of 1.20x and 106.7%.

Investment-Grade Credit Opinion Loans: Four loans, representing
21.4% of the pool, have investment-grade credit opinions. General
Motors Building (9.2% of the pool), Westin Building Exchange
(5.6%), The Churchill (4.0%), and Moffett Place B4 (2.6%) have
investment-grade credit opinions of 'AAAsf*', 'AAAsf*', 'AAAsf*'
and 'BBB-sf*', respectively, on a stand-alone basis. Combined, the
four loans have a weighted average (WA) Fitch DSCR and LTV of 1.80x
and 50.6%.

Above-Average Multifamily Concentration: Loans secured by
multifamily properties make up 22.2% of the pool, which is well
above the YTD 2017 average of 6.8% for other Fitch-rated
multiborrower transactions. Loans secured by multifamily properties
have a below-average probability of default in Fitch's
multiborrower model.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 15.8% below
the most recent year's net operating income (NOI) for properties
for which a full-year NOI was provided, excluding properties that
were stabilizing during this period. Unanticipated further declines
in property-level NCF could result in higher defaults and loss
severities on defaulted loans and in potential rating actions on
the certificates.

Fitch evaluated the sensitivity of the ratings assigned to the BANK
2017-BNK7 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 'BBBsf'
could result.


BEAR STEARNS 2004-TOP16: Fitch Hikes Class K Debt Rating to Bsf
---------------------------------------------------------------
Fitch Ratings has upgraded four and affirmed four classes of Bear
Stearns Commercial Mortgage Securities Trust (BSCMS), series
2004-TOP16, commercial mortgage pass-through certificates. A
detailed list of rating actions follows at the end of this
release.

KEY RATING DRIVERS

The upgrades reflect significant defeasance and increased credit
enhancement from two loan repayments since Fitch's last rating
action.

As of the August 2017 remittance report, the pool has been reduced
by 97.1% to $33.6 million from $1.2 billion at issuance. Realized
losses since issuance total $13.1 million (1.1% of original pool
balance). Cumulative interest shortfalls totaling $1.9 million are
currently affecting classes K through P.

Pool Concentration and Adverse Selection: The pool is highly
concentrated with only 15 of the original 123 loans remaining. With
the exception of three co-operative properties located in New York
(36.9% of the pool), eight properties (31.1%) are located in
secondary and tertiary markets. Due to the concentrated nature of
the pool, Fitch performed a sensitivity analysis which grouped the
remaining loans based on loan structural features, collateral
quality and performance, and ranked them by their perceived
likelihood of repayment. The ratings reflect this sensitivity
analysis.

Defeasance & Fully Amortizing Loans: Four loans (32% of pool) are
defeased. An additional six non-defeased loans in the pool (14.2%)
are fully amortizing.

Fitch Loans of Concern: Fitch has designated two loans (13.9% of
current pool) as Fitch Loans of Concern (FLOC), which includes one
specially serviced loan (12.7%).

The specially serviced loan, Walmart Carlyle Plaza, is secured by a
126,846 square foot single-tenant retail center located in
Belleville, IL. The loan was transferred to special servicing in
August 2013 for maturity default. The sole tenant, Wal-Mart,
vacated the property in 2010 and continued paying rent until their
2013 lease expiration, which was coterminous with the loan
maturity. According to the special servicer, foreclosure
proceedings are expected to continue once the ongoing environmental
concerns at the property are resolved.

The non-specially serviced FLOC is secured by an industrial
property located in Bakersfield, CA, which was flagged for
significant upcoming lease rollover. While new leases have been
signed at the property, the leases are short-term, with 90% of the
property square footage rolling by October 2018.

Maturity Schedule: Excluding the specially serviced loan, 41.5% of
the remaining pool matures in 2018, 34.8% in 2019 and 6.7% in 2024.
Another loan (4.3%) has passed its May 2011 anticipation repayment
date and has a final maturity in May 2029. The borrower may use
excess cash flow to pay down the balance of the loan.

RATING SENSITIVITIES

The Stable Rating Outlooks on classes G through J reflect increased
credit enhancement and expected continued pay downs from upcoming
loan maturities and scheduled amortization. Further upgrades may be
limited due increasing concentration and adverse selection of the
remaining pool. Downgrades, although not likely, could occur if
pool performance deteriorates significantly or loans default at
maturity.

Fitch has upgraded and assigned Rating Outlooks as indicated:

-- $10.5 million class G to 'AAAsf' from 'Asf'; Outlook Stable;
-- $10.1 million class H to 'Asf' from 'BBsf'; Outlook Stable;
-- $2.9 million class J to 'BBsf' from 'CCCsf'; Outlook Stable
    assigned;
-- $4.3 million class K to 'Bsf' from 'CCsf'; Outlook Stable
    assigned.

In addition, Fitch has affirmed the following ratings:

-- $5.7 million class L at 'Dsf'; RE 20%;
-- $0 class M at 'Dsf'; RE 0%;
-- $0 class N at 'Dsf'; RE 0%;
-- $0 class O at 'Dsf'; RE 0%.

Classes A-1, A-2, A-3, A-4, A-5, A-6, B, C, D, E, F, and X-2 have
been paid in full. Fitch does not rate the class P certificates.
Fitch previously withdrew the rating on the interest-only class X-1
certificates.


BEAR STEARNS 2005-TOP20: Moody's Cuts Ratings on 2 Tranches to Csf
------------------------------------------------------------------
Moody's Investors Service has downgraded four classes and affirmed
the ratings on three classes in Bear Stearns Commercial Mortgage
Securities Trust 2005-TOP20, Commercial Mortgage Pass-Through
Certificates, Series 2005-TOP20.:

Cl. C, Affirmed Aaa (sf); previously on Jan 20, 2017 Upgraded to
Aaa (sf)

Cl. D, Downgraded to A3 (sf); previously on Jan 20, 2017 Affirmed
A2 (sf)

Cl. E, Downgraded to Caa3 (sf); previously on Jan 20, 2017
Downgraded to B3 (sf)

Cl. F, Downgraded to C (sf); previously on Jan 20, 2017 Downgraded
to Caa2 (sf)

Cl. G, Downgraded to C (sf); previously on Jan 20, 2017 Downgraded
to Caa3 (sf)

Cl. H, Affirmed C (sf); previously on Jan 20, 2017 Affirmed C (sf)

Cl. J, Affirmed C (sf); previously on Jan 20, 2017 Affirmed C (sf)

RATINGS RATIONALE

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

The rating on the P&I class D was downgraded due to increased
potential interest shortfall risk.

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

Moody's rating action reflects a base expected loss of 68.8% of the
current pooled balance, compared to 63.4% at Moody's last review.
Moody's base expected loss plus realized losses is now 7.4% of the
original pooled balance, compared to 7.2% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

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.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 79% 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 14, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 95% to $112.4
million from $2.07 billion at securitization. The certificates are
collateralized by 11 mortgage loans ranging in size from less than
1% to 71% of the pool. One loan, constituting 3.4% 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 2, the same as at Moody's last review.

Fifteen loans have been liquidated from the pool, resulting in an
aggregate realized loss of $76.2 million (for an average loss
severity of 27%). Two loans, constituting 79% of the pool, are
currently in special servicing. The largest specially serviced loan
is the Lakeforest Mall -- A Note ($79.5 million -- 70.7% of the
pool), which is secured by a 345,000 SF interest in a
super-regional mall located in Gaithersburg, Maryland. The mall
anchors include Sears, Macy's, J.C. Penney, and Lord & Taylor. The
anchor space is not part of the collateral. The loan originally
transferred to special servicing in May 2011 for imminent maturity
default. The loan was modified in August 2012 into an A Note and B
Note. A purchaser assumed the A Note and retired the B Note. The
loan transferred back to special servicing in July 2016 after the
borrower submitted a hardship letter and the foreclosure sale
occurred in August 2017. As of July 2017, the collateral was 45%
leased while the property was 79% leased. Moody's reviewed a recent
tenant sales report - inline 2016 sales per square foot were lower
than 2015's figure. Moody's has assumed a large loss for this loan
and has increased its loss estimate slightly from last review.

The second specially serviced loan is the Mercado Fiesta Center
($8.9 million -- 7.9% of the pool), which is secured by a 71,157 SF
retail center located in Mesa, Arizona. The loan transferred to
special servicing in May 2015 due to imminent maturity default and
became real estate owned in July 2016. As of July 2017, the
property was 64% leased, 52% occupied, compared to 66% leased in
November 2016. Approximately 43% of the NRA is either
month-to-month or has a lease expiration prior to December 2018.
Moody's has assumed a large loss for this loan and has increased
its loss estimate slightly from last review.

Moody's received full year 2016 operating results for 100% of the
pool, and full or partial year 2017 operating results for 38% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 60%, compared to 64% 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 20% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 10.3%.

Moody's actual and stressed conduit DSCRs are 1.12X and 1.94X,
respectively, compared to 1.10X and 1.81X 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 13.6% of the pool balance.
The largest loan is the Hinckley Portfolio Loan ($9.7 million --
8.7% of the pool), which represents a 50% participation interest in
five properties totaling 473,975 SF located in Florida (1), Rhode
Island (1), and Maine (3). The sole tenant, Talaria Company, LLC,
has a lease expiration in April 2030, five years after loan
maturity of June 2025. The loan is fully amortizing. 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
62% and 1.65X, respectively, compared to 66% and 1.57X at the last
review.

The second largest loan is the Posthole Office Loan ($2.8 million
-- 2.5% of the pool), which is secured by a 40,650 SF property
located in Las Vegas, Nevada. As of 2017, the property was 100%
leased, unchanged from September 2016. The largest tenant, Lochsa
(52.4% of NRA and the owner of the property), has a lease
expiration in 2029. The loan is fully amortizing. Moody's LTV and
stressed DSCR are 64% and 1.74X, compared to 67% and 1.65X at the
last review.

The third largest loan is the Weaver Fields Apartments Loan ($2.8
million -- 2.5% of the pool), which is secured by a 108-unit
multifamily complex located in Memphis, Tennessee. As of June 2017,
the property was 93% leased, unchanged from September 2016.
Performance increased in 2016 due to revenue increasing and
expenses decreasing. The loan has amortized over 20% since
securitization. Moody's LTV and stressed DSCR are 87% and 1.09X,
respectively, compared to 89% and 1.07X at the last review.


BENEFIT STREET VI: S&P Assigns BB-(sf) Rating on Class D-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class X, A-1-R,
A-2-R, B-R, C-R, and D-R replacement notes from Benefit Street
Partners CLO VI Ltd., a collateralized loan obligation (CLO)
originally issued in April 2015 that is managed by Providence
Equity Partners. S&P withdrew its ratings on the original class
A-1a, A-1b, A-2, B, C, and D notes following payment in full on the
Sept. 14, 2017, refinancing date.

S&P said, "On the Sept. 14, 2017, refinancing date, the proceeds
from the issuance of the replacement notes redeemed the original
notes. Therefore, we withdrew our ratings on the original notes in
line with their full redemption and assigned 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 (see table). 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."

  RATINGS ASSIGNED

  Benefit Street Partners CLO VI Ltd./
  Benefit Street Partners CLO VI LLC

  Replacement class         Rating      Amount (mil. $)
  X                         AAA (sf)              2.800
  A-1-R                     AAA (sf)            399.220
  A-2-R                     AA (sf)              81.580
  B-R (deferrable)          A (sf)               40.530
  C-R (deferrable)          BBB (sf)             29.740
  D-R (deferrable)          BB- (sf)             31.320
  Subordinated notes        NR                   61.305

  RATINGS WITHDRAWN
                             Rating
  Original 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)

  NR--Not rated.


CANTOR COMMERCIAL 2011-C2: Fitch Affirms Bsf Rating on Cl. G Certs
------------------------------------------------------------------
Fitch Ratings has affirmed 11 classes of Cantor Commercial Real
Estate (CFCRE) Commercial Mortgage Trust 2011-C2 commercial
mortgage pass-through certificates.  

KEY RATING DRIVERS

Stable Overall Pool Performance: The transaction continues to
perform as expected. There are two specially serviced loans (4.7%)
and no realized losses to date. Fitch loans of concern comprise
9.4% of the pool and include two top 15 loans with upcoming tenant
rollover and/or deteriorating performance.

Retail Concentration: Retail properties represent 58.9% of the
pool; the largest loan is exposed to JC Penney, Macy's and Sears.
Additionally, the top 15 loans represent 77.6% of the pool.

Significant Paydown/ Improved Credit Enhancement: The transaction
has paid down 50.4% since issuance. All loans are amortizing and
mature in 2021.

RATING SENSITIVITIES

Rating Outlooks for all classes remain Stable due to overall stable
performance of the pool since issuance. Fitch's analysis considered
additional sensitivity tests to address the potential for upgrades
given the increased credit enhancement. The sensitivity tests
address the future rollover or anchor tenants in three top 15
loans, as well as concentration concerns. The top 15 loans
represent 77.6% of the pool and 58.9% of the pool I collateralized
by retail properties. Future upgrades are possible, but may be
limited due to tenant rollover and concentration concerns.
Additionally, limited paydown is expected in the near term as all
remaining loans mature in 2021. Rating downgrades are possible
should overall pool performance decline materially.

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:
-- $3.4 million class A-2 at 'AAAsf'; Outlook Stable;
-- $34.1 million class A-3 at 'AAAsf'; Outlook Stable;
-- $114 million class A-4 at 'AAAsf'; Outlook Stable;
-- $229.9 million class X-A* at 'AAAsf'; Outlook Stable;
-- $78.4 million class A-J at 'AAAsf'; Outlook Stable;
-- $28.1 million class B at 'AAsf'; Outlook Stable;
-- $31.9 million class C at 'Asf'; Outlook Stable;
-- $18.4 million class D at 'BBB+sf'; Outlook Stable;
-- $28.1 million class E at 'BBB-sf'; Outlook Stable;
-- $10.6 million class F at 'BBsf'; Outlook Stable;
-- $9.7 million class G at 'Bsf'; Outlook Stable.

*Notional amount and interest only.

Fitch does not rate the $27.1 million class NR certificates or the
$153.8 million X-B interest-only class. Class A-1 is paid in full.


CEDAR FUNDING VIII: S&P Assigns BB-(sf) Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to Cedar Funding VIII CLO
Ltd./Cedar Funding VIII CLO LLC's $441.00 million floating-rate
notes.

The note issuance is a collateralized loan obligation transaction
backed by primarily broadly syndicated speculative-grade senior
secured term loans that are governed by collateral quality tests.

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

  Cedar Funding VIII CLO Ltd./Cedar Funding VIII CLO LLC

  Class                  Rating            Amount
                                       (mil. $)
  A-1                    AAA (sf)          310.25
  A-2                    NR                 18.75
  B                      AA (sf)            51.25
  C (deferrable)         A (sf)             29.75
  D (deferrable)         BBB- (sf)          25.25
  E (deferrable)         BB- (sf)           24.50
  Subordinated notes     NR                 49.75

  NR--Not rated.


CG-CCRE 2014-FL1: S&P Affirms BB+ Rating on 2 Tranches
------------------------------------------------------
S&P Global Ratings raised its rating on the pooled class B
commercial mortgage pass-through certificates from CG-CCRE
Commercial Mortgage Trust 2014-FL1, a U.S. commercial
mortgage-backed securities (CMBS) transaction. S&P said, "In
addition, we affirmed our ratings on four other pooled classes and
three "YTC" nonpooled classes from the same transaction. Lastly, we
discontinued our rating on the class A certificates from the same
transaction."

S&P said, "The rating actions 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. This included a review of the collateral securing the
sole remaining Yorktown Center mortgage loan, which consists of
706,361 sq. ft. of a 1.35 million-sq.-ft. regional mall in Lombard,
Ill. We also considered the deal structure and liquidity available
to the trust.

"The upgrade on the class B certificates reflects our expectation
of the available credit enhancement for the class, which we believe
is greater than our most recent estimate of necessary credit
enhancement for the respective rating level and the trust balance's
significant reduction.

"The affirmations on the class C, D, and E certificates reflect our
expectation that the available credit enhancement for the classes
will be within our estimate of the necessary credit enhancement
required for the current ratings.

"While credit enhancement levels may suggest positive rating
movements on these classes, our analysis considered flattened
tenant sales, increased occupancy costs, and lowered occupancy
reported at the collateral's property.

"The affirmations on the class YTC1, YTC2, and YTC3 certificates
reflect our analysis of the Yorktown Center loan. These classes
derive 100% of their cash flow from a subordinate nonpooled portion
of the loan.

"We affirmed our rating on the class X-EXT interest-only (IO)
certificates based on our criteria for rating IO securities, in
which these ratings would not be higher than the lowest rated
reference class. The notional balance of class X-EXT references
classes A, B, C, D, and E.

"Lastly, we discontinued our rating on the class A certificates
following their full principal repayment as noted in the Aug. 15,
2017, trustee remittance report.

"The analysis of single borrower and large loan transactions is
predominantly a recovery-based approach that assumes a loan
default. Using this approach, our property-level analysis included
a re-evaluation of the retail property that secures the sole
remaining mortgage loan in the trust. We considered the relatively
stable servicer-reported net operating income (NOI) for the past
five years, but also noted that the collateral's reported 2017
occupancy and tenant sales have declined slightly from past years.
We then derived our sustainable in-place net cash flow (NCF), which
we divided by a 7.75% capitalization rate to determine our
expected-case value. This yielded a S&P Global Ratings'
loan-to-value ratio of 63.2% on the pool balance and 70.8% on the
trust balance, and a S&P Global Ratings' debt service coverage
(DSC) of 1.98x on the trust balance based on the LIBOR cap rate
plus loan gross margin."

The trust originally consisted of three floating-rate loans. As of
the Aug. 15, 2017, trustee remittance report, the trust consisted
of just the Yorktown Center floating-rate mortgage loan with a
pooled trust balance of $113.9 million and a trust balance of
$127.7 million, down from a $326.8 million pooled balance and a
$343.0 million trust balance at issuance. The loan is IO, pays
floating-rate interest indexed to one-month LIBOR plus gross margin
of 2.505%, and matures on March 9, 2018, with one 12-month
extension option remaining.

The Yorktown Center loan had an original pooled balance of $133.8
million and trust balance of $150.0 million. The loan was partially
paid down to its reported current balance following the release of
2,543 sq. ft. of convenience center space and 78,485 sq. ft. of the
AMC theater parcel. In addition, the borrower's equity interest in
the whole loan secures $30.4 million in mezzanine debt. According
to the transaction documents, the borrower must pay the special
servicing, workout, and liquidation fees, as well as costs and
expenses incurred in connection with any appraisals and inspections
that the special servicer may conduct. 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 December 31, 2016,
2015, 2014, 2013, and 2012, the June 30, 2017, rent roll and the
rolling 12 months July 2017 tenant sales report provided by the
master servicer to determine our opinion of a sustainable cash flow
for the property. The master servicer, KeyBank Real Estate Capital,
reported a DSC of 3.42x on the trust balance for year-end 2016, and
occupancy on the collateral property was 82.4% according to the
June 30, 2017, rent roll.

Based on the most recent rent roll provided by the master servicer,
the five largest collateral tenants make up 23.2% of the
collateral's total net rentable area (NRA). In addition, 1.9%,
16.1%, 3.5%, and 4.0% of the NRA has leases that expire in 2017,
2018, 2019, and 2020, respectively."

RATINGS LIST

  CG-CCRE Commercial Mortgage Trust 2014-FL1
  Commercial mortgage pass-through certificates series 2014-FL1
                                         Rating                    
              
  Class       Identifier            To             From            
   
  A           12528MAA7             NR             AAA (sf)        

  X-EXT       12528MAN9             BBB (sf)       BBB (sf)        

  B           12528MAC3             AAA (sf)       AA+ (sf)        
   
  C           12528MAE9             AA- (sf)       AA- (sf)        

  D           12528MAG4             BBB+ (sf)      BBB+ (sf)       

  E           12528MAJ8             BBB (sf)       BBB (sf)        

  YTC1        12528MAS8             BBB- (sf)      BBB- (sf)       

  YTC2        12528MAU3             BB+ (sf)       BB+ (sf)        

  YTC3        12528MAW9             BB+ (sf)       BB+ (sf)        


  NR--Not rated.


CIFC FUNDING 2013-IV: Moody's Affirms Ba3sf Rating on Cl. E Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by CIFC Funding 2013-IV, Ltd.:

U.S.$26,500,000 Class B-1R Senior Secured Floating Rate Notes due
2024 (the "Class B-1R Notes"), Upgraded to Aaa (sf); previously on
February 27, 2017 Assigned Aa1 (sf)

U.S.$15,000,000 Class B-2R Senior Secured Fixed Rate Notes due 2024
(the "Class B-2R Notes"), Upgraded to Aaa (sf); previously on
February 27, 2017 Assigned Aa1 (sf)

U.S.$16,500,000 Class C-1R Mezzanine Secured Deferrable Floating
Rate Notes due 2024 (the "Class C-1R Notes"), Upgraded to Aa2 (sf);
previously on February 27, 2017 Assigned A1 (sf)

U.S.$21,500,000 Class C-2R Mezzanine Secured Deferrable Floating
Rate Notes due 2024 (the "Class C-2R Notes"), Upgraded to Aa2 (sf);
previously on February 27, 2017 Assigned A1 (sf)

U.S.$5,000,000 Class C-3R Mezzanine Secured Deferrable Fixed Rate
Notes due 2024 (the "Class C-3R Notes"), Upgraded to Aa2 (sf);
previously on February 27, 2017 Assigned A1 (sf)

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

U.S.$299,000,000 Class A-1R Senior Secured Floating Rate Notes due
2024 (the "Class A-1R Notes"), Affirmed Aaa (sf); previously on
February 27, 2017 Assigned Aaa (sf)

U.S.$20,000,000 Class A-2R Senior Secured Fixed Rate Notes due 2024
(the "Class A-2R Notes"), Affirmed Aaa (sf); previously on February
27, 2017 Assigned Aaa (sf)

U.S.$28,000,000 Class D-R Mezzanine Secured Deferrable Floating
Rate Notes due 2024 (the "Class D-R Notes"), Affirmed Baa2 (sf);
previously on February 27, 2017 Assigned Baa2 (sf)

U.S.$33,500,000 Class E Junior Secured Deferrable Floating Rate
Notes due 2024 (the "Class E Notes"), Affirmed Ba3 (sf); previously
on November 14, 2013 Definitive Rating Assigned Ba3 (sf)

CIFC Funding 2013- IV, Ltd. issued in November 2013, is a
collateralized loan obligation (CLO) backed primarily by a
portfolio of senior secured loans. The transaction's reinvestment
period will end in November 2017.

RATINGS RATIONALE

These rating actions reflect the benefit of the short period of
time remaining before the end of the deal's reinvestment period in
November 2017. In light of the reinvestment restrictions during the
amortization period, and therefore the limited ability of the
manager to effect significant changes to the current collateral
pool, Moody's analyzed the deal assuming a higher likelihood that
the collateral pool characteristics will maintain a positive buffer
relative to certain covenant requirements. In particular, Moody's
assumed that the deal will benefit from lower WARF and higher WARR
levels compared to its covenants. Moody's modeled a WARF of 2778
compared to covenant of 2905 and a WARR of 49.2% compared to
covenant of 43.0%. Furthermore, the transaction's reported OC
ratios have been relatively stable since closing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
August 2017.

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 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.

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% (2222)

Class A-1R: 0

Class A-2R: 0

Class B-1R: 0

Class B-2R: 0

Class C-1R: +2

Class C-2R: +2

Class C-3R: +2

Class D-R: +3

Class E: +1

Moody's Adjusted WARF + 20% (3334)

Class A-1R: 0

Class A-2R: 0

Class B-1R: 0

Class B-2R: 0

Class C-1R:-2

Class C-2R: -2

Class C-3R: -2

Class D-R: -2

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 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 $500.5 million, defaulted par of $0.9
million, a weighted average default probability of 20.01% (implying
a WARF of 2778), a weighted average recovery rate upon default of
49.24%, a diversity score of 73 and a weighted average spread of
3.55% (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.


CITIGROUP 2017-P8: S&P Assigns Prelim BB(sf) Rating on Cl. E Certs
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Citigroup
Commercial Mortgage Trust 2017-P8's $917.9 million commercial
mortgage pass-through certificates series 2017-P8.

The certificate issuance is a commercial mortgage-backed securities
transaction backed by 53 commercial mortgage loans with an
aggregate principal balance of $1.087 billion ($917.9 million of
offered certificates), secured by the fee and leasehold interests
in 167 properties across 32 states.

The preliminary ratings are based on information as of Sept. 11,
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
  Citigroup Commercial Mortgage Trust 2017-P8

  Class       Rating             Amount ($)
  A-1         AAA (sf)           31,000,000
  A-2         AAA (sf)           40,600,000
  A-3         AAA (sf)          285,000,000
  A-4         AAA (sf)          317,631,000
  A-AB        AAA (sf)           48,700,000
  X-A         AAA (sf)          833,953,000(i)
  X-B         AA (sf)            41,310,000(i)
  X-C         A (sf)             42,601,000(i)
  A-S         AAA (sf)          111,022,000
  B           AA (sf)            41,310,000
  C           A (sf)             42,601,000
  X-D(ii)     BBB- (sf)          47,765,000(i)
  X-E(ii)     BB (sf)            20,655,000(i)
  X-F(ii)     BB- (sf)           10,328,000(i)
  X-G(ii)     NR                 36,147,149(ii)
  D(ii)       BBB- (sf)          47,765,000
  E(ii)       BB (sf)            20,655,000
  F(ii)       BB- (sf)           10,328,000
  G(ii)       NR                 36,147,149
  VRR(ii)     NR                 54,355,745

(i)Notional balance.
(ii)Non-offered certificates.
NR--Not rated.


CITIGROUP COMMERCIAL 2004-C2: Moody's Gives C Rating to Cl. L Certs
-------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on three classes
and affirmed the ratings on four classes in Citigroup Commercial
Mortgage Trust 2004-C2, Commercial Pass-Through Certificates,
Series 2004-C2. Moody's has also assigned a rating to one
previously withdrawn class:

Cl. E, Affirmed Aaa (sf); previously on May 10, 2017 Affirmed Aaa
(sf)

Cl. F, Affirmed Aaa (sf); previously on May 10, 2017 Upgraded to
Aaa (sf)

Cl. G, Upgraded to Aaa (sf); previously on May 10, 2017 Upgraded to
A1 (sf)

Cl. H, Upgraded to A3 (sf); previously on May 10, 2017 Upgraded to
Ba2 (sf)

Cl. J, Upgraded to Caa3 (sf); previously on May 10, 2017 Affirmed C
(sf)

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

Cl. L, Assigns to C (sf); previously on Feb 21, 2017 Withdrawn
(sf)

Cl. XC, Affirmed Ca (sf); previously on Jun 9, 2017 Downgraded to
Ca (sf)

RATINGS RATIONALE

The ratings on the Classes G and H were upgraded based primarily on
an increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 20% since Moody's last review.
The rating on Class J was upgraded due to anticipated losses and
realized losses from specially serviced and troubled loans that
were lower than Moody's had previously expected.

The ratings on Classes E and 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 Class K was affirmed because the rating
is consistent with Moody's expected loss plus realized losses.

The rating on the IO class, Class XC, was affirmed based on the
credit quality of its referenced classes.

Class L was assigned a rating of C (sf) following the reinstatement
of principal to the class as reflected in the trustee's report
dated August 17, 2017. Class L previously had a zero balance. Due
to the zero balance, in a prior action on February 21, 2017,
Moody's withdrew its rating for the Class. Prior to the withdrawal,
the Class had a rating of C (sf).

Moody's rating action reflects a base expected loss of 2.1% of the
current pooled balance, compared to 1.2% at Moody's last review.
Moody's base expected loss plus realized losses is now 3.4% of the
original pooled balance, compared to 3.6% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in these ratings was "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in July 2017.

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 August 17th, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 94% to $63 million
from $1.03 billion at securitization. The certificates are
collateralized by three mortgage loans, two of which have defeased
and are secured by US government securities.

Fifteen loans have been liquidated from the pool, resulting in an
aggregate realized loss of $34 million (for an average loss
severity of 34%). No loans are on the master servicer's watchlist
and no loans are currently in special servicing.

The sole non-defeased loan is the Desert Sky Esplanade Loan ($12.7
million -- 20% of the pool), which is secured by an anchored retail
center located in Phoenix, Arizona. The property is shadow anchored
by a WalMart Supercenter & Lowe's (not part of collateral). As of
December 2016, the property was 100% leased to 22 tenants,
unchanged since 2013. Approximately 47% of the net rentable area
(NRA) will expire prior to the loan maturity date. Moody's analysis
accounted for the tenant lease rollover risk. Moody's LTV and
stressed DSCR are 123% and 0.84X.


CITIGROUP COMMERCIAL 2017-P8: Fitch to Rate Two Note Classes 'B-'
-----------------------------------------------------------------
Fitch Ratings has issued a presale report on Citigroup Commercial
Mortgage Trust 2017-P8 commercial mortgage pass-through
certificates.

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

-- $31,000,000 class A-1 'AAAsf'; Outlook Stable;
-- $40,600,000 class A-2 'AAAsf'; Outlook Stable;
-- $285,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $317,631,000 class A-4 'AAAsf'; Outlook Stable;
-- $48,700,000 class A-AB 'AAAsf'; Outlook Stable;
-- $111,022,000 class A-S 'AAAsf'; Outlook Stable;
-- $833,953,000a class X-A 'AAAsf'; Outlook Stable;
-- $41,310,000 class B 'AA-sf'; Outlook Stable;
-- $41,310,000a class X-B 'AA-sf'; Outlook Stable;
-- $42,601,000 class C 'A-sf'; Outlook Stable;
-- $42,601,000a class X-C 'A-sf'; Outlook Stable;
-- $47,765,000b class D 'BBB-sf'; Outlook Stable;
-- $47,765,000ab class X-D 'BBB-sf'; Outlook Stable;
-- $20,655,000b class E 'BB-sf'; Outlook Stable;
-- $20,655,000ab class X-E 'BB-sf'; Outlook Stable;
-- $10,328,000b class F 'B-sf'; Outlook Stable;
-- $10,328,000ab class X-F 'B-sf'; Outlook Stable.

The following classes are not expected to be rated by Fitch:

-- $36,147,149b class G;
-- $36,147,149ab class X-G;
-- $54,355,745bc VRR Interest.

(a) Notional amount and interest-only.
(b) Privately placed and pursuant to Rule 144A.
(c) Vertical credit risk retention interest representing no less
than 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 Sept. 8, 2017.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 53 loans secured by 167
commercial properties having an aggregate principal balance of
$1,087,114,895 as of the cut-off date. The loans were contributed
to the trust by Citi Real Estate Funding Inc., Barclays Bank PLC,
Principal Commercial Capital, Starwood Mortgage Capital LLC and
Citigroup Global Markets Realty Corp.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 75% of the properties by
balance, cash flow analysis of 89.8%, and asset summary reviews on
100% of the pool.

KEY RATING DRIVERS

Fitch Leverage in Line with Recent Transactions: The pool has a
weighted average Fitch DSCR of 1.26x, which is slightly better than
the 2016 average of 1.21x and approximately in line with the YTD
2017 average of 1.25x for other recent Fitch-rated U.S.
multiborrower deals. Additionally, the pool's weighted average
Fitch LTV of 100% is slightly better than the 2016 and YTD 2017
averages of 105.2% and 101.4%, respectively.

Investment-Grade Credit Opinion Loans: Three loans representing
11.98% of the pool received an investment grade credit opinion on a
stand-alone basis including, 225 & 233 Park Avenue South (BBB-sf*),
General Motors Building (AAAsf*) and 245 Park (BBB-sf*). This is
higher than the 2016 and YTD 2017 averages of 8.36% and 11.33% for
other recent Fitch-rated U.S. multiborrower deals. Fitch's stressed
conduit DSCR and LTV, net of credit opinion loans, are 1.24x and
104.8%, respectively.

Diverse Pool: Top 10 loans comprise 43.5% of the pool by balance.
This is better than average when compared with the 2016 and YTD
2017 averages of 54.8% and 53.3%, respectively. As a result, the
pool's loan concentration index (LCI) of 301 is below the 2016 and
YTD 2017 averages of 422 and 399, respectively.

Higher Office and Lower Hotel Concentrations: The largest property
type in the pool is office at 43.4% of the pool by balance,
followed by retail at 32.4% and hotel at 10.1%. Office
concentration is significantly higher than the 2016 average of
28.7% and slightly higher than the YTD 2017 average of 41.3%.
Retail concentration is average compared to 31.4% for other
Fitch-rated deals in 2016 but higher than the YTD 2017 average of
24.3%. The pool's hotel concentration is lower than the 2016 and
YTD 2017 averages of 16% and 15.8%, respectively. Loans secured by
hotel properties have an above-average probability of default in
Fitch's multiborrower model, all else equal.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 9.6% 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 the
CGCMT 2017-P8 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.


COLT 2017-2: Fitch to Rate Class B-2 Certificates 'Bsf'
-------------------------------------------------------
Fitch Ratings expects to rate COLT 2017-2 Mortgage Loan Trust (COLT
2017-2):

-- $255,710,000 class A-1A initial exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $255,710,000 class A-1XA notional initial exchangeable
    certificates 'AAAsf'; Outlook Stable;
-- $255,710,000 class A-1XB notional initial exchangeable
    certificates 'AAAsf'; Outlook Stable;
-- $255,710,000 class A-1B subsequent exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $255,710,000 class A-1C subsequent exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $48,372,000 class A-2A initial exchangeable certificates
    'AAsf'; Outlook Stable;
-- $48,372,000 class A-2XA notional initial exchangeable
    certificates 'AAsf'; Outlook Stable;
-- $48,372,000 class A-2XB notional initial exchangeable
    certificates 'AAsf'; Outlook Stable;
-- $48,372,000 class A-2B subsequent exchangeable certificates
    'AAsf'; Outlook Stable;
-- $48,372,000 class A-2C subsequent exchangeable certificates
    'AAsf'; Outlook Stable;
-- $52,633,000 class A-3A initial exchangeable certificates
    'Asf'; Outlook Stable;
-- $52,633,000 class A-3XA notional initial exchangeable
    certificates 'Asf'; Outlook Stable;
-- $52,633,000 class A-3XB notional initial exchangeable
    certificates 'Asf'; Outlook Stable;
-- $52,633,000 class A-3B subsequent exchangeable certificates
    'Asf'; Outlook Stable;
-- $52,633,000 class A-3C subsequent exchangeable certificates
    'Asf'; Outlook Stable;
-- $25,358,000 class M-1 certificates 'BBBsf'; Outlook Stable;
-- $20,244,000 class B-1 certificates 'BBsf'; Outlook Stable;
-- $12,572,000 class B-2 certificates 'Bsf'; Outlook Stable.

Fitch will not be rating the following certificates:
-- $11,294,739 class B-3 certificates;

KEY RATING DRIVERS

Nonprime Credit Quality (Concern): The pool's weighted average
model credit score of 705 and a WA combined loan-to-value ratio
(CLTV) of 80%. While, all of the loans were underwritten to a full
documentation program, roughly 46% of the pool consists of
borrowers with prior credit events and 43% had a debt-to-income
(DTI) ratio of over 43%. Investor properties and loans to foreign
nationals account for 4% of the pool. Fitch applied default
penalties to account for these attributes and loss severity was
adjusted to reflect the increased risk of ability-to-repay (ATR)
challenges

Hurricane Harvey Impact (Neutral): As of the cut-off date, 14 loans
in the transaction are located in Hurricane Harvey-related
FEMA-designated disaster areas. Any potential damage to the
properties or loss to the transaction is mitigated by the
transaction's "No Damage/Condemnation" rep. To the extent that any
of the properties in the pool are damaged as of the closing date,
the loan will be repurchased by Caliber.

Full Documentation Loans (Positive): All loans in the mortgage pool
were underwritten to the comprehensive Appendix Q documentation
standards defined by ATR. While a due diligence review identified
roughly 10% of loans as having minor variations to Appendix Q,
Fitch views those differences as immaterial and all loans as having
full income documentation. This is a departure from the prior COLT
transaction that included a material percentage of loans
underwritten to bank statement programs.

Operational and Data Quality (Positive): Caliber has one of the
most established non-QM programs in this nascent sector. Fitch
views the visibility into the origination programs as a strength
relative to non-QM transactions with a high number of originators.
Fitch reviewed Caliber and Hudson's origination and acquisition
platforms and found them to have sound underwriting and operational
control environments, reflecting industry improvements following
the financial crisis that are expected to reduce risk related to
misrepresentation and data quality. All loans in the mortgage pool
were reviewed by a third-party due diligence firm and the results
indicated strong underwriting and property valuation controls.

Alignment of Interests (Positive): The transaction benefits from an
alignment of interests between the issuer and investors. LSRMF
Acquisitions I, LLC (LSRMF), as sponsor and securitizer, or an
affiliate that will retain a horizontal interest in the transaction
equal to not less than 5% of the aggregate fair market value of all
certificates in the transaction. As part of its focus on investing
in residential mortgage credit, as of the closing date, LSRMF or an
affiliate will retain the class B2, B3, and X certificates, which
represent more than 5.00% of the transaction. Lastly, the
representations and warranties are provided by Caliber, which is
owned by LSRMF affiliates and, therefore, also aligns the interest
of the investors with those of LSRMF to maintain high quality
origination standards and sound performance, as Caliber will be
obligated to repurchase loans due to rep breaches.

Modified Sequential Payment Structure (Mixed): The structure
distributes collected principal pro rata among the class A notes
while shutting out the subordinate bonds from principal until all
three classes have been reduced to zero. To the extent that either
the cumulative loss trigger event, the delinquency trigger event or
the credit enhancement (CE) trigger event occurs in a given period,
principal will be distributed sequentially to the class A-1, A-2,
and A-3 certificates until they are reduced to zero.

R&W Framework (Concern): As originator, Caliber will be providing
loan-level representations and warranties to the trust. While the
reps for this transaction are substantively consistent with those
listed in Fitch's published criteria and provide a solid alignment
of interest, Fitch added approximately 350bps to the projected
defaults at the 'AAAsf' rating category to reflect the
non-investment-grade counterparty risk of the provider and the lack
of an automatic review of defaulted loans. The lack of an automatic
review is mitigated by the ability of holders of 25% of the total
outstanding aggregate class balance to initiate a review.

Servicing and Master Servicer (Positive): Servicing will be
performed on 100% of the loans by Caliber. Fitch rates Caliber
'RPS2-'/Negative due to its fast-growing portfolio and regulatory
scrutiny. Wells Fargo Bank, N.A., rated 'RMS1'/Stable, will act as
master servicer and securities administrator. Advances required but
not paid by Caliber will be paid by Wells Fargo.

Performance Triggers (Mixed): CE, delinquency, and loan loss
triggers convert principal distribution to a straight sequential
payment priority in the event of poor asset performance. A
noticeable difference from the prior transaction is a Delinquency
Trigger that is based only on the current month and not on a
rolling six-month average. Fitch applied nonstandard sensitivity
scenarios that assumed a faster prepayment assumption and a delayed
failure of the delinquency trigger that redirected more principal
to more junior certificates when analyzing the A-1, A-2 and A-3
classes.

RATING SENSITIVITIES

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

This defined stress sensitivity analysis demonstrates how the
ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10%, 20% and 30%, in addition to the
model-projected 6.6%. The analysis indicates that there is some
potential rating migration with higher MVDs, compared with the
model projection.

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


COMM 2015-LC23: Fitch Affirms 'B-sf' Rating on Class G Certs
------------------------------------------------------------
Fitch Ratings has affirmed 17 classes of Deutsche Bank Securities,
Inc.'s COMM 2015-LC23 Mortgage Trust commercial mortgage
pass-through certificates.

KEY RATING DRIVERS

Stable Performance: Pool performance remains stable and in line
with issuance expectations. Although 10 loans (10.5%) are on the
watchlist for various reasons, only two of the loans (1%) were
considered a Fitch Loan of Concern (FLOC). No loans are in special
servicing.

Asset Concentration: Retail and hotel properties represent 32.2%
and 19.9% of the pool. The transaction contains one mall, the
Springfield Mall located in Springfield Township, PA. Hotels have
one of the highest probabilities of default in Fitch's
multiborrower CMBS model. The transaction has minimal exposure to
Houston, recently impacted by Hurricane Harvey, with two properties
comprising 0.6%.

Below Average Amortization: The pool is scheduled to amortize by
10% of the initial pool balance prior to maturity, slightly worse
than the 2014 and YTD 2015 averages of 12% and 12.3%, respectively.
Fourteen loans (39.2%) are full-term interest only, and 15 loans
(22.1%) are partial interest only.

Low Mortgage Coupons: The pool's weighted average coupon is 4.67%,
well below historical averages.

RATING SENSITIVITIES

Rating Outlooks for all classes remain Stable due to the overall
stable performance of the pool and continued amortization. Rating
upgrades may be limited due to the high retail and hotel exposure
but may occur with improved pool performance and additional paydown
or defeasance. Rating downgrades to the classes are possible should
overall pool performance decline.

Fitch has affirmed the following ratings:

-- $27.7 million class A-1 at 'AAAsf'; Outlook Stable;
-- $210.2 million class A-2 at 'AAAsf'; Outlook Stable;
-- $125 million class A-3 at 'AAAsf'; Outlook Stable;
-- $245 million class A-4 at 'AAAsf'; Outlook Stable;
-- $53.4 million class A-SB at 'AAAsf'; Outlook Stable;
-- $61.3 million class A-M at 'AAAsf'; Outlook Stable;
-- $588.3 million XP-A* at 'AAAsf'; Outlook Stable;
-- $722.5 million XS-A* at 'AAAsf'; Outlook Stable;
-- $51.6 million class B at 'AA-sf'; Outlook Stable;
-- $94.9 million class X-B* at 'AA-sf'; Outlook Stable;
-- $43.2 million class C at 'A-sf'; Outlook Stable;
-- $28.8 million class D at 'BBBsf'; Outlook Stable;
-- $24 million class E at 'BBB-sf'; Outlook Stable;
-- $52.9 million class X-C* at 'BBB-sf'; Outlook Stable;
-- $22.8 million class F at 'BB-sf'; Outlook Stable;
-- $22.8 million class X-D* at 'BB-sf'; Outlook Stable;
-- $10.8 million class G at 'B-sf'; Outlook Stable.

*Notional amount and interest only.

Fitch does not rate the class H, J, X-E and X-F certificates.


COMM 2017-COR2: Fitch to Rate Class G-RR Debt 'B-sf'
----------------------------------------------------
Fitch Ratings has issued a presale report on COMM 2017-COR2
Mortgage Trust and expects to rate the transaction and assign
Rating Outlooks:

-- $23,905,000 class A-1 'AAAsf'; Outlook Stable;
-- $46,998,000 class A-SB 'AAAsf'; Outlook Stable;
-- $255,000,000 class A-2 'AAAsf'; Outlook Stable;
-- $315,633,000 class A-3 'AAAsf'; Outlook Stable;
-- $703,398,000 class X-A 'AAAsf'; Outlook Stable;
-- $61,862,000 class A-M 'AAAsf'; Outlook Stable;
-- $43,533,000 class B 'AA-sf'; Outlook Stable;
-- $44,678,000 class C 'A-sf'; Outlook Stable;
-- $43,533,000 class X-B 'AA-sf'; Outlook Stable;
-- $73,318,000 class X-C 'BBBsf'; Outlook Stable;
-- $28,640,000 class D 'BBBsf'; Outlook Stable;
-- $22,912,000 class E-RR 'BBB-sf'; Outlook Stable;
-- $20,621,000 class F-RR 'BBsf'; Outlook Stable;
-- $12,602,000 class G-RR 'B-sf'; Outlook Stable.

The following classes are not expected to be rated by Fitch:

-- $40,096,327 class H-RR.

KEY RATING DRIVERS
Higher Fitch Leverage Compared to Recent Transactions: The pool has
higher leverage than other recent Fitch-rated multiborrower
transactions. The pool's Fitch DSCR of 1.15x is lower than both the
YTD 2017 average of 1.25x and the 2016 average of 1.21x. The pool's
Fitch LTV of 109.8% is higher than both the YTD 2017 average of
101.6% and the 2016 average of 105.2%.

Limited Amortization: There are 14 loans (42.1% of the pool) that
are full-term interest-only and 17 loans (39.0%) that are partial
interest-only. Based on the scheduled balance at maturity, the pool
will pay down by 8.4%, which is below both the YTD 2017 average of
8.2% and the 2016 average of 10.4%.

Investment-Grade Credit Opinion Loan: The seventh largest loan,
Colorado Center (4.4% of the pool) has a credit opinion of 'A+sf*'
on a stand-alone basis; this is below the YTD 2017 average of 11.3%
credit opinion loans in other Fitch-rated multiborrower
transactions. Net of this loan, the Fitch DSCR and LTV are 1.14x
and 112.1%, respectively, for this transaction.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 7.2% below
the most recent year's net operating income (NOI) for properties
for which a full-year NOI was provided, excluding properties that
were stabilizing during this period. Unanticipated further declines
in property-level NCF could result in higher defaults and loss
severities on defaulted loans and in potential rating actions on
the certificates.

Fitch evaluated the sensitivity of the ratings assigned to the COMM
2017-COR2 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.


COVENANT CREDIT III: Moody's Assigns B3 Rating to Class F Notes
---------------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
notes issued by Covenant Credit Partners CLO III, Ltd.

Moody's rating action is:

US$256,500,000 Class A Senior Secured Floating Rate Notes due 2029
(the "Class A Notes"), Assigned Aaa (sf)

US$44,000,000 Class B Senior Secured Floating Rate Notes due 2029
(the "Class B Notes"), Assigned Aa2 (sf)

US$17,000,000 Class C-1 Mezzanine Secured Deferrable Floating Rate
Notes due 2029 (the "Class C-1 Notes"), Assigned A2 (sf)

US$8,000,000 Class C-2 Mezzanine Secured Deferrable Fixed Rate
Notes due 2029 (the "Class C-2 Notes"), Assigned A2 (sf)

US$23,500,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2029 (the "Class D Notes"), Assigned Baa3 (sf)

US$19,000,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2029 (the "Class E Notes"), Assigned Ba3 (sf)

US$8,000,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2029 (the "Class F Notes"), Assigned B3 (sf)

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

RATINGS RATIONALE

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

Covenant Credit Partners CLO III is a managed cash flow CLO. The
issued notes will be collateralized primarily by broadly syndicated
first lien senior secured corporate loans. At least 90.0% of the
portfolio must consist of senior secured loans and eligible
investments, and up to 10.0% of the portfolio may consist, in the
aggregate, of second lien loans, first lien-last out loans and
unsecured loans. The portfolio is approximately 85% ramped as of
the closing date.

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

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 August 2017.

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

Par amount: $400,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2850

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 8.1 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
August 2017.

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 2850 to 3278)

Rating Impact in Rating Notches

Class A Notes: 0

Class B Notes: -2

Class C-1 Notes: -2

Class C-2 Notes: -2

Class D Notes: -1

Class E Notes: 0

Class F Notes: -1

Percentage Change in WARF -- increase of 30% (from 2850 to 3705)

Rating Impact in Rating Notches

Class A Notes: -1

Class B Notes: -3

Class C-1 Notes: -4

Class C-2 Notes: -4

Class D Notes: -2

Class E Notes: -1

Class F Notes: -3


CREDIT SUISSE 2008-C1: S&P Affirms B+(sf) Rating on Class A-J Certs
-------------------------------------------------------------------
S&P Global Ratings raised its ratings on three classes of
commercial mortgage pass-through certificates from Credit Suisse
Commercial Mortgage Trust Series 2008-C1, a U.S. commercial
mortgage-backed securities (CMBS) transaction. In addition, S&P
lowered its ratings on two classes and affirmed its ratings on
three other classes from the same transaction.

S&P sid, "Our rating actions on the principal- and interest-paying
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.

"We raised our ratings on classes A-3, A-1-A, and A-M to reflect
our expectation of the available credit enhancement for these
classes, which we believe is greater than our most recent estimate
of necessary credit enhancement for the respective rating levels.
The upgrades also reflect the reduced trust balance.

"While available credit enhancement levels may suggest further
positive rating movement on class A-M, our analysis also considered
the susceptibility to reduced liquidity support from the three
specially serviced assets ($88.2 million, 24.5%).

"The downgrades on classes B and C reflect our views that these
classes are highly susceptible to liquidity interruptions and
credit support erosion that we anticipate will occur upon the
eventual resolution of the three specially serviced assets
(discussed below). In particular, our analysis considered the
potential for the updated appraisal value to be lower than the
trust exposure,
as well as resolution strategy and timing of the largest specially
serviced loan in the pool, the Killeen Mall loan ($82.0 million,
22.8%).

"The affirmations on classes A-J and D 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 as well as our views that class D is highly likely
to experience liquidity interruptions while class A-J is
susceptible to reduced liquidity support.

"We affirmed our 'AAA (sf)' rating on the class A-X interest-only
(IO) certificates based on our criteria for rating IO securities."

TRANSACTION SUMMARY

As of the Aug. 17, 2017, trustee remittance report, the collateral
pool balance was $359.0 million, which is 40.5% of the pool balance
at issuance. The pool currently includes 31 loans and one real
estate-owned (REO) asset, down from 60 loans at issuance. Three of
these assets are with the special servicer, eight ($63.0 million,
17.5%) are defeased, and seven ($73.7 million, 20.5%) are on the
master servicers' combined watchlist. Of the seven watchlist loans,
the master servicers, KeyBank Real Estate Capital and Berkadia
Commercial Mortgage LLC, informed S&P that two ($47.2 million,
13.2%) were paid off subsequent to the August 2017 trustee
remittance report, which it considered in its analysis. The master
servicers reported financial information for 99.0% of the
nondefeased loans in the pool, of which 15.5% was partial-year
2017, 83.3% was partial-year or year-end 2016, and the remainder
was year-end 2015 data.

S&P said, "We calculated a 1.22x S&P Global Ratings weighted
average debt service coverage (DSC) and 80.8% S&P Global Ratings
weighted average loan-to-value (LTV) ratio using a 8.59% S&P Global
Ratings weighted average capitalization rate. The DSC, LTV, and
capitalization rate calculations exclude the three specially
serviced assets, eight defeased loans, and the two watchlist loans
that were repaid. The top 10 nondefeased loans have an aggregate
outstanding pool trust balance of $248.7 million (69.3%). Using
adjusted servicer-reported numbers, we calculated an S&P Global
Ratings weighted average DSC and LTV of 1.26x and 84.5%,
respectively, for nine of the top 10 nondefeased loans. The
remaining loan is specially serviced and discussed below.

"To date, the transaction has experienced $75.1 million in
principal losses, or 8.5% 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
three specially serviced assets.

CREDIT CONSIDERATIONS

As of the Aug. 17, 2017, trustee remittance report, three assets in
the pool were with the special servicer, C-III Asset Management LLC
(C-III). Details on the largest specially serviced loan, which is
also a top 10 nondefeased loan, are as follows:

The Killeen Mall loan ($82.0 million, 22.8%) is the largest
nondefeased loan in the pool and has a total reported exposure of
$82.4 million. The loan, which has a foreclosure in process payment
status, is secured by a 386,759-sq.-ft. mall in Killeen, Texas. The
loan was transferred to the special servicer on June 14, 2017,
because of maturity default. The loan matured on July 11, 2017. The
reported DSC and occupancy for the three months ended March 31,
2017, were 1.22x and 86.3%, respectively. C-III stated that it is
working on foreclosure proceedings and has ordered third-party
reports. S&P expects a moderate loss upon this loan's eventual
resolution.

The remaining two assets each have individual balances that
represent less than 1.0% of the total pool trust balance. S&P
estimated losses for the three specially serviced assets, arriving
at a 33.5% weighted average loss severity.

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

  Credit Suisse Commercial Mortgage Trust Series 2008-C1
  Commercial mortgage pass-through certificates series 2008-C1
                                       Rating                      
          
  Class            Identifier          To             From         
   
  A-3              22546NAD6           AAA (sf)       AA+ (sf)     
      
  A-1-A            22546NAE4           AAA (sf)       AA+ (sf)     
    
  A-M              22546NAF1           A+ (sf)        BBB- (sf)    
    
  A-J              22546NAH7           B+ (sf)        B+ (sf)      
    
  B                22546NAK0           CCC (sf)       B (sf)       
    
  C                22546NAM6           CCC- (sf)      B- (sf)      
    
  D                22546NAP9           CCC- (sf)      CCC- (sf)    
     
  A-X              22546NBT0           AAA (sf)       AAA (sf)


CSAIL 2017-CX9: Fitch to Rate Class F Certificates 'B-sf'
---------------------------------------------------------
Fitch Ratings has issued a presale report on CSAIL 2017-CX9
Commercial Mortgage Trust Commercial Mortgage Pass-Through
Certificates Series 2017-CX9.

Fitch expects to rate the transaction and assign Rating Outlooks:

-- $21,973,000 class A-1 'AAAsf'; Outlook Stable;
-- $233,274,000 class A-2 'AAAsf'; Outlook Stable;
-- $97,756,000 class A-3 'AAAsf'; Outlook Stable;
-- $93,339,000 class A-4 'AAAsf'; Outlook Stable;
-- $140,010,000 class A-5 'AAAsf'; Outlook Stable;
-- $14,861,000 class A-SB 'AAAsf'; Outlook Stable;
-- $703,205,000b class X-A 'AAAsf'; Outlook Stable;
-- $73,004,000b class X-B 'A-sf'; Outlook Stable;
-- $101,992,000 class A-S 'AAAsf'; Outlook Stable;
-- $42,943,000 class B 'AA-sf'; Outlook Stable;
-- $30,061,000 class C 'A-sf'; Outlook Stable;
-- $31,134,000a class D 'BBB-sf'; Outlook Stable;
-- $18,252,000ab class X-E'BB-sf'; Outlook Stable;
-- $18,252,000a class E 'BB-sf'; Outlook Stable;
-- $8,588,000ac class F 'B-sf'; Outlook Stable.

The following class is not expected to be rated:
-- $24,693,504ac class NR.

(a) Privately placed and pursuant to Rule 144A.
(b) Notional amount and interest-only.
(c) Horizontal credit risk retention interest representing 3.88% of
the pool balance (as of the closing date).

VRR Interest - The amount of the VRR Interest is expected to
represent 4.25% ($36,507,504) of the pool balance, but may be
larger or smaller if necessary to satisfy U.S. risk retention
requirements at closing.

The expected ratings are based on information provided by the
issuer as of Sept. 8, 2017.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 31 loans secured by 70
commercial properties having an aggregate principal balance of
$858,876,504 as of the cut-off date. The loans were contributed to
the trust by: Column Financial, Inc., Natixis Real Estate Capital
LLC, and Benefit Street Partners CRE Finance LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 84.9% of the properties
by balance, cash flow analysis of 97.5%, and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

Lower Fitch Leverage than Recent Transactions: The pool's leverage
statistics are significantly lower than those of recent, comparable
Fitch-rated multiborrower transactions. The pool's Fitch DSCR of
1.55x is better than the 2017 YTD average of 1.25x and 2016 average
of 1.21x. The pool's Fitch LTV of 85.0% is better than the 2017 YTD
and 2016 averages of 101.4% and 105.2%, respectively. Excluding the
transaction's five credit opinion, the pool has a Fitch DSCR and
LTV of 1.53x and 95.7%.

Investment-Grade Credit Opinion Loans: Five loans, representing
29.3% of the pool, have investment-grade credit opinions. 245 Park
Avenue (6.3% of the pool) and 85 Broad Street (5.2%) both have
'BBB-sf*'credit opinions. West Town Mall (3.5%) has a 'BBBsf*'
credit opinion, while Two Independence Square (6.4%) and Building
Exchange (7.9%) have credit opinions of 'A-sf*' and 'AAAsf',
respectively.

Dark Value Adjustment: Fitch adjusted the 'AAA' proceeds assigned
to the Bob Evans portfolio loan to constrain the 'AAA' proceeds to
Fitch's calculated dark value for the portfolio of $11.6 million.
The loan, which is secured by 23 free-standing restaurants,
represents 2.8% of the pool.

Highly Concentrated Pool: The largest 10 loans compose 60.5% of the
pool, higher than the average top 10 concentration for 2017 YTD and
2016 of 53.3% and 54.8%, respectively. The pool's loan
concentration index (LCI) score is 491, indicating greater
concentration than the 2017 YTD average of 399 and 2016 average of
422.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 8.4% 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 the
CSAIL 2017-Cx9 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.  


EXETER AUTOMOBILE 2017-3: S&P Gives Prelim BB Rating on Cl. D Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Exeter
Automobile Receivables Trust 2017-3's $400.00 million automobile
receivables-backed notes.

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

The preliminary ratings are based on information as of Sept. 7,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The availability of approximately 52.4%, 43.9%, 35.6%, and
28.1% credit support for the class A, B, C, and D notes,
respectively, based on stressed cash flow scenarios (including
excess spread), which provide coverage of more than 2.50x, 2.05x,
1.55x, and 1.27x our expected cumulative net loss. These break-even
scenarios withstand cumulative gross losses of approximately 83.9%,
70.1%, 57.0%, and 44.9%, respectively.

-- The timely interest and principal payments that we believe will
be made to the preliminary rated notes under stressed cash flow
modeling scenarios that we believe are appropriate for the assigned
preliminary ratings.

-- The expectation that under a moderate ('BBB') stress scenario
(1.55x S&P's expected loss level), all else being equal, S&P's
ratings on the class A and B notes will remain within one rating
category of the assigned preliminary 'AA (sf)' and 'A (sf)'
ratings, respectively; the class C notes will remain within two
rating categories of the assigned preliminary 'BBB (sf)' rating;
and the class D notes will remain within two rating categories of
the assigned preliminary 'BB (sf)' rating during the first year,
but the class will eventually default under the 'BBB' stress
scenario, after having received 60% of its principal. These rating
movements are within the limits specified by S&P's credit stability
criteria (see "Methodology: Credit Stability Criteria," published
May 3, 2010).

-- The collateral characteristics of the subprime automobile loans
securitized in this transaction.

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

PRELIMINARY RATINGS ASSIGNED

Exeter Automobile Receivables Trust 2017-3

Class       Rating      Type            Interest         Amount
                                        rate(i)     (mil. $)(i)
A           AA (sf)     Senior          Fixed            246.32
B           A (sf)      Subordinate     Fixed             66.31
C           BBB (sf)    Subordinate     Fixed             54.74
D           BB (sf)     Subordinate     Fixed             32.63

(i)The interest rates and actual sizes of these tranches will be
determined on the pricing date.


GALLATIN CLO IV 2012-1: S&P Hikes Class E Debt to BB+
-----------------------------------------------------
S&P Global Ratings raised its ratings on the class B, C, D, and E
notes from Gallatin CLO IV 2012-1 Ltd. At the same time, S&P
affirmed its ratings on the class A and F notes from the same
transaction and removed its ratings on the class B, C, D, E, and F
notes from CreditWatch, where it placed them with positive
implications in July 2017.

The rating actions follow S&P's review of the transaction's
performance using data from the Aug. 1, 2017, trustee report.

The upgrades reflect the transaction's $146.62 million in paydowns
to the class A notes since S&P's May 2016 rating actions. These
paydowns resulted in improved reported overcollateralization (O/C)
ratios since the May 2016 trustee report, which we used for our
previous rating actions:

-- The class A/B O/C ratio improved to 182.00% from 132.40%.
-- The class C O/C ratio improved to 140.50% from 119.80%.
-- The class D O/C ratio improved to 126.20% from 114.40%.
-- The class E O/C ratio improved to 112.70% from 108.60%.

Although the credit support has increased for all classes, the
collateral portfolio's credit quality has deteriorated slightly
since S&P's last rating actions. The concentration of
trustee-reported 'CCC' rated obligations as a percentage of the
collateral principal amount has increased to 5.89% from 2.43% as of
the May 1, 2016, trustee report. Over the same period, defaulted
obligations increased to 4.65% from 0.00%. Despite these increases,
the transaction has benefited from the paydowns and a drop in the
weighted average life due to the underlying collateral's
seasoning.

The upgrades reflect the improved credit support at the prior
rating levels; the affirmation reflects S&P's view that the credit
support available is commensurate with the current rating level.

On a standalone basis, the results of the cash flow analysis
indicated higher ratings on the class D, E, and F notes. However,
because of the reduction in the portfolio's weighted average
rating, increased exposure to 'CCC' rated and defaulted collateral
obligations, and increasing concentration risk, S&P's rating
actions consider additional sensitivity runs. S&P also limited the
upgrades on these classes to offset future potential credit
migration in the underlying collateral.

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

"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 RAISED AND REMOVED FROM CREDITWATCH POSITIVE

  Gallatin CLO IV 2012-1 Ltd.                   
                    Rating
  Class         To          From
  B             AAA (sf)    AA (sf)/Watch Pos
  C             AA+ (sf)    A (sf)/Watch Pos
  D             A+ (sf)     BBB (sf)/Watch Pos
  E             BB+ (sf)    BB (sf)/Watch Pos

  RATING AFFIRMED AND REMOVED FROM CREDITWATCH POSITIVE

  Gallatin CLO IV 2012-1 Ltd.                  
                    Rating
  Class         To          From
  F             B (sf)      B (sf)/Watch Pos

  RATING AFFIRMED
  Gallatin CLO IV 2012-1 Ltd. Class         
                Rating
  A             AAA (sf)


GMAC COMMERCIAL 2003-C1: Moody's Affirms B3 Rating on Cl. N-2 Debt
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on five classes
in GMAC Commercial Mortgage Securities, Inc. Series 2003-C1

Cl. M, Affirmed Aaa (sf); previously on Sep 28, 2016 Upgraded to
Aaa (sf)

Cl. N-1, Affirmed Baa1 (sf); previously on Sep 28, 2016 Upgraded to
Baa1 (sf)

Cl. N-2, Affirmed B3 (sf); previously on Sep 28, 2016 Upgraded to
B3 (sf)

Cl. O, Affirmed C (sf); previously on Sep 28, 2016 Affirmed C (sf)

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

RATINGS RATIONALE

The ratings of the Classes M, N-1, and N-2 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 of the Class O was affirmed because the rating is
consistent with Moody's expected loss plus realied losses.

The rating of the IO class X-1 was affirmed because of the credit
quality of the referenced classes.

Moody's rating action reflects a base expected loss of 0.0% of the
current pooled balance, the same as Moody's last review. Moody's
base expected loss plus realized losses is now 2.0% of the original
pooled balance, the same as 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.

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

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE 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-1 was "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

DEAL PERFORMANCE

As of the 10 August, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $10.4 million
from $1.1 billion at securitization. The certificates are
collateralized by two mortgage loans ranging in size from 21% to
79% 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 one, compared to two at Moody's last review.

One loan, constituting 79% 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.

Eight loans have been liquidated from the pool at a loss,
contributing to an aggregate realized loss of $20.9 million (for an
average loss severity of 28.1%).

The two largest performing loans represent 100% of the pool
balance. The largest loan is the Hologic Facilities Loan ($8.2
million -- 79.0% of the pool), which is secured by two suburban
office buildings totaling 269,000 SF located in Bedford, MA and
Danbury, CT. The properties are 100% leased to Hologic, Inc.
through August 2022. The loan is fully amortizing and has paid down
56% since securitization. Moody's analysis incorporated a Lit/Dark
approach to account for the single-tenant exposure. Moody's LTV and
stressed DSCR are 30% and 3.56X, respectively, compared to 32% and
3.42X at the last review.

The second largest loan is the Copperfield Square II Apartments
Loan ($2.2 million -- 21.0% of the pool), which is secured by a
77-unit garden-style multifamily property located in Fairfax, VA,
approximately 20 miles west of Washington, DC. The loan is fully
amortizing and has paid down 58% since securitization. The property
was 88% leased as of December 2016. Moody's LTV and stressed DSCR
are 31% and 3.11X, respectively, compared to 38% and 2.54X at the
last review.


GS MORTGAGE 2007-GG10: Moody's Lowers Rating on Cl. A-J Certs to C
------------------------------------------------------------------
Moody's Investors Service downgraded the rating on one class and
affirmed the rating on one class in GS Mortgage Securities Trust
2007-GG10, Commercial Mortgage Pass-Through Certificates, Series
2007-GG10:

Cl. A-M, Affirmed B3 (sf); previously on Sep 8, 2016 Affirmed B3
(sf)

Cl. A-J, Downgraded to C (sf); previously on Sep 8, 2016 Affirmed
Caa3 (sf)

RATINGS RATIONALE

The rating on Class A-J was downgraded due to higher realized
losses. Seventy percent of the pool consists of loans in special
servicing, while an additional 15% of the pool consists of loans
which Moody's classifies as troubled.

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.

Moody's rating action reflects a base expected loss of 48% of the
current pooled balance, compared to 14% at Moody's last review.
Moody's base expected loss plus realized losses is now 18.2% of the
original pooled balance, compared to 20.9% 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 July 2017.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 70% of the pool is in
special servicing and Moody's has identified additional troubled
loans representing 15% 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 class and the recovery as a pay down of principal to
the most senior class.

DEAL PERFORMANCE

As of the August 11, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 90% to $763 million
from $7.56 billion at securitization. The certificates are
collateralized by 21 mortgage loans ranging in size from less than
1% to 35% of the pool, with the top ten loans constituting 85% of
the pool. The pool contains no loans with investment grade
structured credit assessments and no defeased loans.

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 6, compared to a Herf of 16 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.

Sixty-nine loans have been liquidated from the pool, contributing
to an aggregate realized loss of $1.01 billion (for an average loss
severity of 39%). Sixteen loans, constituting 70% of the pool, are
currently in special servicing. The largest specially serviced loan
is the 400 Atlantic Street Loan ($265 million -- 35% of the pool),
which is secured by a 527,000 square foot office property located
in downtown Stamford, Connecticut. The property was 99% leased as
of March 2017, however the property faces significant lease
rollover risk. The anchor tenant is UBS (50% of the net rentable
area (NRA)), which is not expected to renew its lease upon
expiration in September 2018. The loan transferred to special
servicing on May 16, 2017 for imminent default and the loan passed
its scheduled maturity date on June 6, 2017.

The second loan in special servicing is the Rosemont Commons Loan
($56 million -- 7% of the pool). The loan is secured by a 483,000
square foot retail property located in Fairlawn, Ohio, a suburb of
Akron. Tenants at the property include Sam's Club, Wal-Mart, Giant
Eagle, Bed Bath and Beyond, and Michael's. The loan transferred to
special servicing in April 2017 and the loan passed its scheduled
maturity date on June 6, 2017.

The third loan in special servicing is the One Financial Plaza Loan
($52 million -- 7% of the pool). The loan is secured by a 322,000
square foot office tower in Providence, Rhode Island. The loan
transferred to special servicing in January 2017 for imminent
default.

The remaining 14 specially serviced loans are secured by a mix of
property types. Moody's estimates an aggregate $279 million loss
for the specially serviced loans (52% expected loss on average).

Moody's has also assumed a high default probability for two poorly
performing loans, constituting 15% of the pool, and has estimated
an aggregate loss of $57 million (a 51% expected loss based on a
83% probability default) from these troubled loans.

As of the August 11, 2017 remittance statement, cumulative interest
shortfalls were $118 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 and partial year
2017 operating results for 100% of the pool (excluding specially
serviced loans). Moody's weighted average conduit LTV is 148%,
compared to 116% 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 25.2% to the most
recently available net operating income (NOI). Moody's value
reflects a weighted average capitalization rate of 8.9%.

Moody's actual and stressed conduit DSCRs are 1.03X and 0.67X,
respectively, compared to 1.41X 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 23% of the pool balance. The
largest loan is the State House Square Loan ($88 million -- 12% of
the pool), which is secured by the leasehold interest in an 837,000
square foot office tower in downtown Hartford, Connecticut. The
ground lease was originally 75 years and expires in May 2046. A
flat annual ground lease payment of $116,850 is due for the
remainder of the lease term. The property was 90% leased as of
March 2017. As of June 2017 the lead tenant at the property reduced
its space from approximately 50% of the property NRA to 31%.
Moody's LTV and stressed DSCR are 157% and 0.62X, respectively,
compared to 143% and 0.68X at the last review.

The second largest loan is the Franklin Mills -- A Note Loan ($75
million -- 9.9% of the pool), which is secured by participation
interest in a senior mortgage loan. The loan is secured by a 1.5
million square foot collateral portion of a super regional mall
located in Philadelphia, Pennsylvania. In September 2014 the loan
sponsor renamed the mall "Philadelphia Mills" from "Franklin
Mills". The loan was modified in 2012 and returned to the Master
Servicer in 2013 with a split A/B note, a maturity extension to
June 2019 and an interest rate reduction. A $90 million B Hope note
was created as part of the modification, of which $36 million is
held in the GSMS 2007-GG10 trust. As of March 2017 the inline space
at the property was 79% leased. The mall anchors include
Burlington, Marshalls, and AMC Theatres. Former anchor JC Penney
closed its store at the subject property earlier this year. Moody's
has identified this as a troubled loan.

The third largest loan is the Bethel Station Loan ($14 million --
2% of the pool), which is secured by a 130,000 square foot retail
center in Spanaway, Washington. The center was 97% leased as of
June 2017. Moody's LTV and stressed DSCR are 93% and 1.02X,
respectively, unchanged from the last review.


HERTZ VEHICLE II 2015-2: Fitch Affirms BB Rating on Cl. D Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the following outstanding rental car ABS
notes issued by Hertz Vehicle Financing II LP (HVF II), as a result
of its annual review of the trust series:

HVF II, Series 2015-2
-- $189,475,000 class A notes at 'AAAsf'; Outlook Stable;
-- $46,209,000 class B notes at 'Asf'; Outlook Stable;
-- $14,316,000 class C notes at 'BBBsf'; Outlook Stable;
-- $15,111,000 class D notes at 'BBsf'; Outlook Stable.

HVF II, Series 2015-3
-- $265,265,000 class A notes at 'AAAsf'; Outlook Stable;
-- $64,692,000 class B notes at 'Asf'; Outlook Stable;
-- $20,043,000 class C notes at 'BBBsf'; Outlook Stable;
-- $21,156,000 class D notes at 'BBsf'; Outlook Stable.

HVF II, Series 2016-1
-- $332,902,000 class A notes at 'AAAsf'; Outlook Stable;
-- $81,187,000 class B notes at 'Asf'; Outlook Stable;
-- $25,152,000 class C notes at 'BBBsf'; Outlook Stable;
-- $26,549,000 class D notes at 'BBsf'; Outlook Stable.

HVF II, Series 2016-2
-- $425,000,000 class A notes at 'AAAsf'; Outlook Stable;
-- $103,648,000 class B notes at 'Asf'; Outlook Stable;
-- $32,111,000 class C notes at 'BBBsf'; Outlook Stable;
-- $33,894,000 class D notes at 'BBsf'; Outlook Stable.

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

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

Depreciation for non-program vehicles (NPV) in The Hertz
Corporation's (Hertz) rental fleet continues to be volatile and
elevated over the past three years relative to overall historical
performance. Hertz's NPV fleet has averaged monthly depreciation of
just over 2% from 2009 through the second quarter of 2017. Over the
past two years, NPV monthly depreciation has largely fallen in the
2%-3% range, well above the historical average. Further, the
company had a 27% increase in net rental car (RAC) depreciation per
month on their total vehicle fleet during Q2 2017, compared to the
same period in 2016. This jump was driven by declining residual
values, accelerated vehicle disposition timing and composition of
the fleet.

The increase in depreciation over the past three years in the trust
fleet has been largely attributable to lower residuals and overall
wholesale vehicle values, including the car segment, which has
experienced notable values declines, especially for compact cars.
Compact cars have comprised a notable portion of the fleet and have
experienced higher value declines and depreciation in the last two
years. Program vehicles (PV) have exhibited lower and more
consistent depreciation experience during the past three years,
compared to NPV.

As a result of the volatility and higher depreciation since 2014,
Fitch increased the NPV depreciation rate assumption for the trust
fleet from 1.75% last utilized to 2.00% for this review, to be
reflective of current depreciation trends in the fleet.

Under the best fleet mix analysis, all outstanding classes of notes
have credit enhancement (CE) that covers Fitch's minimum expected
loss (EL) level. Under the worst fleet mix analysis, all class A
notes have CE that covers Fitch's maximum EL level.

The class B-D notes from each series have CE levels which fall
within range of or are slightly short of the Fitch's maximum EL
level. However, Fitch deems such shortfalls immaterial and has
affirmed the ratings and Outlooks given various factors.

These include, among others, the presence on ongoing mark-to-market
tests and minimum depreciation tests in the trust structure which
ensure asset values remain in parity with ongoing market values,
resulting in disposition proceeds in excess of net book values. The
current fleet mix is comprised of a high level of auto
manufacturers rated investment grade, and the fleet remains diverse
from an OEM, brand, model and geographic perspective. Lastly the
current fleet mix falls comfortably within Fitch's minimum and
maximum EL level range and thus not close to a worse-case fleet mix
or resulting required maximum CE level.

Should fleet depreciation rates continue to exhibit greater
volatility and higher depreciation for a sustained period of time,
Fitch may increase the depreciation rate assumption resulting in a
higher EL rate under both an assumed best and worst-case fleet mix
scenarios, and potentially resulting in changes in the notes'
Outlooks and ratings.

KEY RATING DRIVERS

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

Fluctuating Fleet Performance: Depreciation experience within
Hertz's fleet has been volatile since 2014 into mid-2017 for
non-program vehicles (NPV) and remains elevated due to higher
vehicle aging and lower residuals/wholesale values, particularly
for compact cars. Despite this, vehicle disposition losses have
been minimal for PV and NPV. Fitch has taken recent performance
into account for the review of these series and adjusted the NPV
depreciation assumption higher, from 1.75% to 2.00% (as stated
previously).

OEM Financial Stability: OEMs with program vehicle concentrations
in HVF II have all improved their financial position in recent
years and have positioned themselves well to meet their respective
repurchase agreement obligations. Fitch affirmed the Issuer Default
Rating (IDR) of Nissan Motor Co., Ltd., the largest OEM in HVF II,
at 'BBB+' in November 2016 and recently upgraded the IDR of GM (the
second-largest OEM) to 'BBB' in June 2017.

Enhancement Versus Fitch's Expected Loss (EL): Current CE for the
notes is dynamic and based on the HVF II fleet mix, with maximum
and minimum levels. The dynamic CE levels for the notes in each
series cover or are within range of Fitch's maximum and minimum
expected loss (EL) levels.

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

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

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

RATING SENSITIVITIES

In the initial analyses for all series, Fitch assumed longer
periods for the bankruptcy/liquidation timing scenario and also
considered a scenario whereby the disposition stresses were moved
to the higher end of the range. Finally, Fitch considered a
scenario in which both scenarios were combined, which would produce
the highest amount of stress for the notes. The notes showed
heavier sensitivity to the combined scenarios and could see
downgrades of one to two categories.


HERTZ VEHICLE II 2017-1: Fitch to Rate Class D Notes 'BBsf'
-----------------------------------------------------------
Fitch Ratings expects to assign the following ratings and Outlooks
to the series 2017-1 and 2017-2 ABS notes issued by Hertz Vehicle
Financing II LP (HVF II):

HVF II, Series 2017-1
-- $TBD class A notes at 'AAAsf'; Outlook Stable;
-- $TBD class B notes at 'Asf'; Outlook Stable;
-- $TBD class C notes at 'BBBsf'; Outlook Stable;
-- $TBD class D notes at 'BBsf'; Outlook Stable.

HVF II, Series 2017-2
-- $TBD class A notes at 'AAAsf'; Outlook Stable;
-- $TBD class B notes at 'Asf'; Outlook Stable;
-- $TBD class C notes at 'BBBsf'; Outlook Stable;
-- $TBD class D notes at 'BBsf'; Outlook Stable.

KEY RATING DRIVERS

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

Fluctuating Fleet Performance: Depreciation experience within
Hertz's fleet has been volatile since 2014 into mid-2017 for NPV
and remains elevated due to higher vehicle aging and lower
residuals/wholesale values, particularly for compact cars. Despite
this, vehicle disposition losses have been minimal for PV and NPV.
Fitch has taken recent performance into account for these series
and adjusted the NPV depreciation assumption higher to 2.0%.

OEM Financial Stability: OEMs with PV concentrations in HVF II have
all improved their financial position in recent years and have
positioned themselves well to meet their respective repurchase
agreement obligations. Fitch affirmed the Issuer Default Rating
(IDR) of Nissan Motor Co., Ltd., the largest OEM in HVF II, at
'BBB+' in November 2016 and recently upgraded the IDR of GM (the
second-largest OEM) to 'BBB' in June 2017.

Enhancement Versus Fitch's Expected Loss: Initial credit
enhancement (CE) for the notes is dynamic and based on the HVF II
fleet mix, with maximum and minimum levels. The dynamic CE levels
for the notes in each series cover or are well within range of
Fitch's maximum and minimum expected loss (EL) levels. Fitch's
expected loss levels for NPV have increased relative to prior
series due to the adjustment to the NPV depreciation assumptions.

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

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

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

RATING SENSITIVITIES

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

Fitch determined ratings by applying EL levels for various rating
categories until the enhancement proposed exceed the EL from the
sensitivity. Sensitivity scenarios were run on the 2017-2 five-year
maturity structure, as this series has a slightly higher interest
expense cost and, therefore, a slightly higher EL level than
2017-1. Fitch ran sensitivities on the structure according to the
aforementioned scenarios described above.

For all sensitivity scenarios, the notes show little sensitivity to
the class A notes under each of the scenarios with potential
downgrades only occurring under the combined stress scenario.
One-notch to one-level downgrades would occur to the subordinate
notes under each scenario with greater sensitivity to the
disposition stress scenario. Under the combined scenario, the
subordinate notes would be placed under greater stress and could
experience multiple-level downgrades.


HILLMARK FUNDING: Moody's Hikes Rating on Class D Notes to Ba3
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Hillmark Funding Ltd.:

US$25,000,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2021, Upgraded to Baa2 (sf); previously on March 6, 2017
Affirmed Baa3 (sf)

US$15,250,000 Class D Secured Deferrable Floating Rate Notes due
2021 (current outstanding balance of $9,334,571), Upgraded to Ba3
(sf); previously on March 6, 2017 Affirmed B1 (sf)

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

US$24,500,000 Class A-2 Senior Secured Floating Rate Notes due 2021
(current outstanding balance of $20,427,936), Affirmed Aaa (sf);
previously on March 6, 2017 Affirmed Aaa (sf)

US$28,000,000 Class B Senior Secured Deferrable Floating Rate Notes
due 2021, Affirmed Aa1 (sf); previously on March 6, 2017 Upgraded
to Aa1 (sf)

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

RATINGS RATIONALE

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 completely and the Class A-2 has been
paid down by approximately 16.6% or $4.1 million since that time.
Based on Moody's calculations, the OC ratios for the Class A, Class
B, Class C and Class D notes have improved to 462.9%, 195.2%,
128.8% and 114.2%, respectively, versus March 2017 levels of
191.4%, 141.6%, 114.9% and 107.4%, respectively.

Nevertheless, the credit quality of the portfolio has deteriorated
since March 2017. Based on Moody's calculations, the portfolio's
weighted average rating factor (WARF) worsened to 4386 from 3702 in
March 2017, and its exposure to assets with a corporate family
rating of Caa1 and below also increased to 44.1% from 33.3% over
the same period.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
August 2017.

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. Realization of higher than assumed
recoveries would positively impact the CLO.

6) Long-dated assets: The presence of assets that mature after the
CLO's legal maturity date exposes the deal to liquidation risk on
those assets. This risk is borne first by investors with the lowest
priority in the capital structure.

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. Due to the deal's exposure to
such assets, which constitute around $8.4 million of par, Moody's
ran a sensitivity case defaulting those assets.

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

Moody's Adjusted WARF - 20% (3509)

Class A-2: 0

Class B: +1

Class C: +2

Class D: +1

Moody's Adjusted WARF + 20% (5263)

Class A-2: 0

Class B: -1

Class C: -2

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 $93.8 million, defaulted par of $1.4
million, a weighted average default probability of 24.1% (implying
a WARF of 4386), a weighted average recovery rate upon default of
49.57%, a diversity score of 26 and a weighted average spread of
3.57% (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.



ICG US 2017-2: Moody's Assigns Ba3(sf) Rating to Class D Notes
--------------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by ICG US CLO 2017-2, Ltd.

Moody's rating action is:

US$4,000,000 Class X Senior Secured Floating Rate Notes Due 2029
(the "Class X Notes"), Assigned Aaa (sf)

US$318,750,000 Class A-1 Senior Secured Floating Rate Notes Due
2029 (the "Class A-1 Notes"), Assigned Aaa (sf)

US$60,000,000 Class A-2 Senior Secured Floating Rate Notes Due 2029
(the "Class A-2 Notes"), Assigned Aa2 (sf)

US$26,000,000 Class B Senior Secured Deferrable Floating Rate Notes
Due 2029 (the "Class B Notes"), Assigned A2 (sf)

US$32,250,000 Class C Senior Secured Deferrable Floating Rate Notes
Due 2029 (the "Class C Notes"), Assigned Baa3 (sf)

US$23,000,000 Class D Senior Secured Deferrable Floating Rate Notes
Due 2029 (the "Class D Notes"), Assigned 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."

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.

ICG CLO 2017-2 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 92.5% of the portfolio must
consist of senior secured loans and eligible investments, and up to
7.5% of the portfolio may consist of second-lien loans, senior
unsecured loans, and first-lien last out loans.

The portfolio is approximately 80% ramped as of the closing date.

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

In addition to the Rated Notes, the Issuer issued one other 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 August 2017.

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

Par amount: $500,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 3.65%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 8.5 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
August 2017.

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 2800 to 3220)

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: 0

Percentage Change in WARF -- increase of 30% (from 2800 to 3640)

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


JP MORGAN 2013-C15: Fitch Affirms 'Bsf' Rating on Cl. F Certs
-------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of J.P. Morgan Chase
Commercial Mortgage Securities Trust (JPMBB) commercial mortgage
pass-through certificates series 2013-C15.  

KEY RATING DRIVERS

Stable Performance: The affirmations are based on generally stable
performance of the underlying collateral pool. As of the August
2017 distribution date, the pool's aggregate principal balance has
paid down by 22.5% to $878.2 million from $1.19 billion at
issuance. Three loans are defeased (4.4% of the pool) and there are
no specially serviced loans. Eight loans are on the servicer's
watchlist (6.2% of the pool), two of which are considered Fitch
Loans of Concern (1.8% of the pool). The larger loan of concern
(1%) is collateralized by a hotel located in Vernal, UT; the NOI
DSCR has declined to 0.60x as of YE 2016 from 1.67x at YE 2014 due
to low occupancy, which is caused by the drop in oil prices making
drilling in the basin unprofitable.

High Retail and Office Concentration: Loans backed by retail
properties as defined by Fitch represent 35.5% of the pool,
including three (22.5%) in the top 15. Only one of the retail loans
are backed by a regional mall, the Hulen Mall, which is anchored by
Dillard's, Sears and Macy's. Loans backed by office properties
represent 30.2% of the pool, including four (24.4%) in the top 15.

Pool Concentration: The top 10 loans represent 54.9% of the total
pool balance, which is slightly higher than the average 2013 top 10
concentration of 54.5%. The transaction has minimal exposure to the
area that was affected by Hurricane Harvey with only three loans
located in Houston, Beaumont and Corpus Christi TX, comprising 2.9%
of the pool.

Maturity Concentration: Approximately 17% of the pool is scheduled
to mature in 2018, including the Hulen Mall (9.1%) which matures in
October 2018. Most of the remaining loans (81.1%) in the pool
mature in 2023.

Amortization: The pool is scheduled to amortize 11.3% prior to
maturity. Two loans (12.1%) are interest only, and 15 loans (33.7%)
are partial interest only. The remaining 47 loans (54.3%) are
balloon loans.

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. Approximately 17% of the pool matures in
2018. Rating downgrades to the classes are possible should a
material asset-level or economic event adversely affect pool
performance.

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

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

Fitch has affirmed the following ratings:

-- $125.4 million class A-2 at 'AAAsf'; Outlook Stable;
-- $21.4 million class A-3 at 'AAAsf'; Outlook Stable;
-- $110 million class A-4 at 'AAAsf'; Outlook Stable;
-- $206.9 million class A-5 at 'AAAsf'; Outlook Stable;
-- $67.7 million class A-SB at 'AAAsf'; Outlook Stable;
-- $35.2 million class A-2FL at 'AAAsf'; Outlook Stable;
-- $ class A-2FX at 'AAAsf'; Outlook Stable;
-- $93.9 million class A-S at 'AAAsf'; Outlook Stable;
-- $76 million class B at 'AA-sf'; Outlook Stable;
-- $44.7 million class C at 'A-sf'; Outlook Stable;
-- $59.6 million class D at 'BBB-sf'; Outlook Stable;
-- $23.9 million class E at 'BBsf'; Outlook Stable;
-- $11.9 million class F at 'Bsf'; Outlook Stable;
-- $660.5 million class X-A at 'AAAsf'; Outlook Stable;
-- $76 million class X-B at 'AA-sf'; Outlook Stable.

The class A-1 certificates have paid in full. Fitch does not rate
the class NR or the interest-only class X-C certificates.


JP MORGAN 2013-C17: Fitch Affirms 'Bsf' Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has affirmed 12 classes of JP Morgan Chase Commercial
Mortgage Securities Trust (JPMBB 2013-C17) commercial mortgage
pass-through certificates series 2013-C17. Fitch also revised the
Outlook to Negative on one class.  

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 JPMBB 2013-C17 transaction and
property-level performance of the related trust loans.

KEY RATING DRIVERS

The affirmations are due to the overall stable performance of the
pool. The Negative Outlook on class F reflects underperforming
loans and the high concentration of properties affected by
Hurricane Harvey with the potential for default. As of the August
2017 distribution date, the pool's aggregate principal balance has
been reduced by 7.9% to $1 billion from $1.08 billion at issuance.
Two loans (1.2%) are defeased.

Stable Performance: Overall pool performance remains stable from
issuance. There is one loan (1.1% of pool) secured by a hotel
property in special servicing. Nine loans (16.3%), including the
largest loan in the pool, are on the servicer watchlist due to low
DSCR and a major casualty event.

K-Mart Exposure and Store Closing: The pool has two properties
(7.5%) in the top 15 with exposure to K-Mart as a tenant. K-Mart
represents at least 20% of the NRA at each property. The K-Mart at
Springfield Plaza is scheduled to close in early October. Although
the Rivertowne Commons location was not listed on any recent
closing lists, the exposure remains a concern based on the credit
of the retailer and pattern of frequent store closures.

High Multifamily/Low Lodging Exposure: This pool has an
above-average concentration of multifamily properties (25.2%),
including seven student housing properties (2.1%). This is above
the average concentration of 12.2% for Fitch-rated transactions in
the 2013 vintage. Additionally, this transaction has a below
average concentration of hotel properties, which represents 8.8% of
the total pool balance; the 2013 vintage average hotel
concentration was 14.2%.

Hurricane Exposure: The pool has a concentration of properties
(9.4%) located in counties affected by Hurricane Harvey, including
two within the top 15. The affected properties include three office
properties (5%), three multifamily properties (3.2%) and one
industrial property (1.2%) primarily located in Houston and also in
San Antonio and Pasadena, TX. The properties located in hurricane
areas maintain windstorm coverage; however, Fitch is awaiting
updates from the servicer once preliminary damage estimates are
made.

RATING SENSITIVITIES

The Stable Outlooks on all classes except for class F are 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. The Negative
Outlook on class F reflects the potential for downgrade should
loans affected by Hurricane Harvey default, with sustained
underperformance of the office property in Houston, 801 Travis, and
continued deterioration of loans with exposure to K-Mart.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

Fitch affirms the following classes and revises Outlooks as
indicated:

-- $51 million class A-2 at 'AAAsf'; Outlook Stable;
-- $210 million class A-3 at 'AAAsf'; Outlook Stable;
-- $319.1 million class A-4 at 'AAAsf'; Outlook Stable;
-- $98.6 million class A-SB at 'AAAsf'; Outlook Stable;
-- $83.9 million** class A-S at 'AAAsf'; Outlook Stable;
-- $762.6 million* class X-A at 'AAAsf'; Outlook Stable;
-- $62.2 million** class B at 'AA-sf'; Outlook Stable;
-- $47.3 million** class C at 'A-sf'; Outlook Stable;
-- $193.4 million** class EC at 'A-sf'; Outlook Stable;
-- $48.7 million class D at 'BBB-sf'; Outlook Stable;
-- $21.6 million class E at 'BBsf'; Outlook Stable;
-- $12.2 million class F at 'Bsf'; Outlook to Negative from  
    Stable.

* Notional amount and interest-only.
** Class A-S, B and C certificates may be exchanged for a related
amount of class EC certificates, and class EC certificates may be
exchanged for class A-S, B and C certificates

Class A-1 has paid in full. Fitch does not rate the class NR and
X-C certificates. Fitch previously withdrew the rating on the
interest-only class X-B certificates.


JP MORGAN 2016-JP3: Fitch Affirms 'B-sf' Rating on Class F Certs
----------------------------------------------------------------
Fitch Ratings affirms 15 classes of J.P. Morgan Chase (JPMCC)
Commercial Mortgage Securities Trust 2016-JP3 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. There are no delinquent or specially serviced loans.
As of the August 2017 distribution date, the pool's aggregate
balance has been reduced by 0.46% to $1.21 billion, from $1.22
billion at issuance.

Credit Opinions Loans: At issuance, the largest loan in the pool
and the fourth largest loan in the pool, 9 West 57th Street (8.3%
of the pool) and Westfield San Francisco Centre (5% of the pool),
were assigned investment-grade credit opinions of 'AAAsf*' and
'Asf*', respectively, on a stand-alone basis. The assets both
continue to perform in line with expectations at issuance.

Above Average Property Quality: The pool's collateral quality is
considered better than other Fitch-rated transactions of similar
vintage. At issuance, approximately 61% of the properties inspected
by Fitch received a property quality grade of 'B+' or higher with
four of the top six loans received a grade of 'A-' or better.

Loan Concentration: The top 10 loans in the pool comprise 50% of
the pool, which is better than the average concentration for
similar vintage Fitch-rated transactions.

Below Average Amortization: Based on the scheduled balance at
maturity, the pool is expected to pay down by 8.6%, which is below
the average for similar vintage Fitch-rated transactions. Thirteen
loans representing 44.9% of the pool are full-term interest only,
and 14 loans representing 25.6% of the pool are partial interest
only. The remainder of the pool consists of 25 balloon loans
representing 29.4% of the pool, with loan terms of five to 10
years. No loan is scheduled to mature prior to 2021.

Hurricane Harvey Impact: While no loans appear on the servicer's
watchlist, Fitch considers two loans (3% of the pool), which are
secured by multifamily properties located in Houston, TX, to be
Fitch loans of concern. While updated servicer reporting on the
impact to the properties from Hurricane Harvey is not yet
available, Fitch will continue to monitor the situation at
Fountains at the Bayou (1.8% of the pool) and Shadow Creek
Apartments (1.2% of the pool).

RATING SENSITIVITIES

The Rating Outlooks on all classes remain Stable. 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.

Fitch has affirmed the following ratings:

-- $40,379,866 class A-1 at 'AAAsf'; Outlook Stable;
-- $97,274,000 class A-2 at 'AAAsf'; Outlook Stable;
-- $16,726,000 class A-3 at 'AAAsf'; Outlook Stable;
-- $300,000,000 class A-4 at 'AAAsf'; Outlook Stable;
-- $342,359,000 class A-5 at 'AAAsf'; Outlook Stable;
-- $49,955,000 class A-SB at 'AAAsf'; Outlook Stable;
-- $965,399,866* class X-A at 'AAAsf'; Outlook Stable;
-- $56,309,000* class X-B at 'AA-sf'; Outlook Stable;
-- $118,706,000 class A-S at 'AAAsf'; Outlook Stable;
-- $56,309,000 class B at 'AA-sf'; Outlook Stable;
-- $50,222,000 class C at 'A-sf'; Outlook Stable;
-- $105,009,000* class X-C at 'BBB-sf'; Outlook Stable;
-- $54,787,000 class D at 'BBB-sf'; Outlook Stable;
-- $22,828,000 class E at 'BBsf'; Outlook Stable;
-- $15,219,000 class F at 'B-sf'; Outlook Stable.

*Notional. Interest-Only.

Fitch does not rate class NR.


JP MORGAN 2016-WSP: Fitch Affirms 'B-sf' Rating on Class F Certs
----------------------------------------------------------------
Fitch Ratings has affirmed eight classes of J.P. Morgan Chase
Commercial Mortgage Securities Trust 2016-WSP, commercial mortgage
pass-through certificates, series 2016-WSP.

KEY RATING DRIVERS

The certificates represent the beneficial interest in a trust that
holds a two-year, floating-rate, interest-only $235 million
mortgage loan secured by the fee interests in 63 hotel properties
with a total of 7,557 rooms located in 20 states. The sponsor of
the loan is WoodSpring Hotels Holdings.

Stable Performance: Overall pool performance remains stable from
issuance. As of July 2017, the hotel portfolio's TTM weighted
average occupancy and RevPAR were 84.5% and $32.45, respectively.
The issuer's underwritten occupancy and RevPAR were 84.2% and
$30.20. On an overall portfolio basis, issuer net cash flow (NCF)
for the 63 hotels has increased approximately 6.8% since issuance.

Single-Borrower Hotel Concentration: The transaction is secured by
63 owned extended-stay hotels under the Value Place and WoodSpring
Suites brands with the majority of the Value Place brands being
rebranded to WoodSpring Suites. Hotel properties generally exhibit
the most volatile performance in the face of economic pressures due
to the lack of long-term leases and nightly repricing of rooms.

Hurricane Harvey Exposure: Of the eight hotels located in Texas,
only one hotel has reported damage from Hurricane Harvey. The hotel
is located in Beaumont, TX (85 miles east of Houston) along the
gulf. Five rooms were affected by a small roof leak and the sponsor
is assessing damage, but is not likely to file a claim as initial
estimates are below their deductible.

Rebranding: The sponsor is rebranding 54 of the 60 Value Place
hotels to WoodSpring Suites by the end of 2017. The total cost to
rebrand the portfolio is budgeted at $8.14 million
($143,000/hotel). The unspent costs associated with the rebranding
are reserved upfront. Other than basic adjustments to
interior/exterior signage, minor soft goods, new employee uniforms
and marketing expenditures, there will not be any material capital
expenditures or renovations associated with the rebranding.

Long Average Stay Length: The portfolio has a high average length
of stay (29 days). While the occupancy penetration as of TTM July
2017 was 142.4%, the RevPAR penetration (average 95.7%) is low due
to the lower weekly rate.

Additional Debt: The total debt package includes mezzanine
financing in the amount of $40 million that is not included in the
trust and included a return of approximately $68.8 million of
equity to the sponsor, after repayment of existing debt, reserves
for rebranding, and closing costs.

RATING SENSITIVITIES

All classes maintain Stable Outlooks. Due to the recent issuance of
the transaction and stable performance, Fitch does not foresee
positive or negative ratings migration until a material economic or
asset-level event changes the transaction's overall metrics.

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

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

Fitch has affirmed the following classes:

-- $86,300,000 class A 'AAAsf'; Outlook Stable;
-- $20,900,000 class B 'AA-sf'; Outlook Stable;
-- $19,600,000 class C 'A-sf'; Outlook Stable;
-- $23,200,000 class D 'BBB-sf'; Outlook Stable;
-- $150,000,000a class X-CP 'BBB-sf'; Outlook Stable;
-- $150,000,000a class X-NCP 'BBB-sf'; Outlook Stable;
-- $36,900,000 class E 'BB-sf'; Outlook Stable;
-- $48,100,000 class F 'B-sf'; Outlook Stable.

(a) Notional amount and interest-only.


LB-UBS COMMERCIAL 2005-C1: Moody's Affirms C Ratings on 2 Tranches
------------------------------------------------------------------
Moody's Investors Service has upgraded the rating on one class and
affirmed the ratings on three classes in LB-UBS Commercial Mortgage
Trust, Commercial Mortgage Pass-Through Certificates, Series
2005-C1:

Cl. G, Upgraded to Aa3 (sf); previously on Sep 15, 2016 Upgraded to
A3 (sf)

Cl. H, Affirmed Ba3 (sf); previously on Sep 15, 2016 Upgraded to
Ba3 (sf)

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

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

RATINGS RATIONALE

The rating on Class G was upgraded based primarily on an increase
in credit support resulting from loan paydowns and amortization.
The deal has paid down 9% since Moody's last review.

The ratings on Classes H and J were affirmed because the ratings
are consistent with Moody's expected loss plus realized losses. Two
loans, representing 37% of the pool by balance, have large
exposures to Kmart stores that were recently identified for
closure.

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

Moody's rating action reflects a base expected loss of 0.8% of the
current pooled balance, compared to 5.8% at Moody's last review.
Moody's base expected loss plus realized losses is now 3.6% of the
original pooled balance, compared to 3.9% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in these ratings were "Approach to Rating US
and Canadian Conduit/Fusion CMBS" published in 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. 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% to $35.6 million
from $1.525 billion at securitization. The certificates are
collateralized by ten mortgage loans ranging in size from 1% to 22%
of the pool. One loan, constituting 12.5% 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 five, the same as at Moody's last review.

Two loans, constituting 28% 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.

Eighteen loans have been liquidated from the pool, contributing to
an aggregate realized loss of $55.4 million (for an average loss
severity of 37%).

Moody's received full year 2016 operating results for 100% of the
pool, and full or partial year 2017 operating results for 44% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 82%, compared to 51% 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 19% 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 1.32X and 1.54X,
respectively, compared to 2.14X and 2.27X 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 59% of the pool balance. The
largest loan is the Route 30 Mall Loan ($7.8 million -- 21.8% of
the pool), which is secured by a 64,000 square foot (SF) retail
property located in Framingham, Massachusetts. The loan has been on
the watchlist since 2014 when Office Depot (66% of NRA) vacated the
property at lease expiration. In March 2017, a new lease with
AutoZone was executed to fill the vacant space. As of the June 2017
rent roll, the property was 100% leased to nine tenants, up from
36% at year-end 2016. The loan has an anticipated repayment date
(ARD) in November 2019 and a final maturity date in 2034. Moody's
LTV and stressed DSCR are 90% and 1.14X, respectively.

The second largest loan is the Bellflower Loan ($7.6 million --
21.3% of the pool), which is secured by a 154,000 SF anchored
retail property in Bellflower, California. The property is anchored
by Kmart (88% of NRA) on a lease through April 2025. However, in
August 2017, Sears identified this location for closure by November
2017. As of the June 2017 rent roll, the property was 97% leased to
four tenants. Moody's incorporated a "lit/dark" analysis to account
for the large Kmart exposure. The loan has an ARD in November 2019
and a final maturity date in 2034. Moody's LTV and stressed DSCR
are 113% and 0.91X, respectively.

The third largest loan is the Allentown Towne Center Loan ($5.6
million -- 15.8% of the pool), which is secured by a 161,000 SF
anchored retail property in Allentown, Pennsylvania. The property
is anchored by Kmart (73% of NRA) on a lease through January 2024.
However, in August 2017, Sears identified this location for closure
by November 2017. As of the June 2017 rent roll, the property was
96% leased to 16 tenants. Moody's incorporated a "lit/dark"
analysis to account for the large Kmart exposure. The loan has an
ARD in November 2019 and a final maturity date in 2034. Moody's LTV
and stressed DSCR are 76% and 1.36X, respectively.


LB-UBS COMMERCIAL 2005-C5: S&P Affirms B- Rating on Cl. H Certs
---------------------------------------------------------------
S&P Global Ratings raised its ratings on three classes of
commercial mortgage pass-through certificates from LB-UBS
Commercial Mortgage Trust 2005-C5, a U.S. commercial
mortgage-backed securities (CMBS) transaction. In addition, S&P
affirmed its rating on one other class 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.

"We raised our ratings on the class F, G, and J certificates to
reflect our expectation of the available credit enhancement for
these classes, which we believe is greater than our most recent
estimate of necessary credit enhancement for the respective rating
levels, our views regarding the current and future performance of
the transaction's collateral, and the trust's balance reduction.
The upgrade on class F also considered its interest shortfall
history.

"Class J was previously lowered to 'D (sf)' because of accumulated
interest shortfalls that we expected to remain outstanding for a
prolonged period of time. We raised our rating on class J from 'D
(sf)' because the accumulated interest shortfalls outstanding were
fully repaid and we do not believe a further default of this
certificate class is virtually certain at this time.

"The affirmation on the class H certificates reflects our
expectation that the available credit enhancement for this class
will be within our estimate of the necessary credit enhancement
required for the current rating and our views regarding the current
and future performance of the transaction's collateral.

"While available credit enhancement levels may suggest further
positive rating movements on classes G and J, and a positive rating
movement on class H, our analysis also considered the bonds'
susceptibility to reduced liquidity support from the specially
serviced asset, the Center at Lake in the Hills real estate owned
(REO) asset ($13.6 million, 11.6%), the two loans on the master
servicer's watchlist ($19.4 million, 16.6%), as well as the Star
Plaza loan ($9.0 million, 7.8%). It is our understanding from the
master servicer that the property securing the Star Plaza loan is
in Houston, and has been impacted by Hurricane Harvey. However, the
extent of the damage is not known and, at this time, we considered
qualitatively the impact, if any, on the trust."

TRANSACTION SUMMARY

As of the Aug. 17, 2017, trustee remittance report, the collateral
pool balance was $116.7 million, which is 5.0% of the pool balance
at issuance. As of the August 2017 trustee remittance report date,
the pool included nine loans and six specially serviced REO assets,
down from 115 loans at issuance. Two loans were reported on the
master servicer's watchlist, six assets ($30.9 million, 26.5%) were
with the special servicer and no loans were defeased. The master
servicer, Wells Fargo Bank N.A., reported year-end 2016 financial
information for 89.3% of the loans in the pool.

S&P said, "Excluding the six REO assets, we calculated a 1.14x S&P
Global Ratings' weighted-average debt service coverage (DSC) and
82.4% S&P Global Ratings' weighted-average loan-to-value (LTV)
ratio using a 7.30% S&P Global Ratings' weighted-average
capitalization rate for the remaining performing loans. The top 10
assets have an aggregate outstanding pool trust balance of $101.9
million (87.4%). Using adjusted servicer-reported numbers, we
calculated a S&P Global Ratings' weighted-average DSC and LTV of
1.13x and 83.4%, respectively, for eight of the top 10 assets. The
remaining assets are specially serviced and discussed below.

"To date, the transaction has experienced $48.9 million in
principal losses, or 2.1% of the original pool trust balance. We
expect losses to reach approximately 3.1% 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
six specially serviced assets."

CREDIT CONSIDERATIONS

As of the Aug. 17, 2017, trustee remittance report, six assets in
the pool were with the special servicer, LNR Partners LLC (LNR).
Details of the two largest specially serviced assets, both of which
are top 10 assets, are as follows:

The Centre at Lake in the Hills REO asset ($13.6 million, 11.6%) is
the second-largest asset in the pool and has a reported total
exposure of $16.5 million. The asset is a 99,451-sq.-ft. retail
property in Lake in the Hills, Ill. The loan was transferred to the
special servicer on May 18, 2011, for delinquent payments and the
property became REO on March 14, 2013. The reported DSC and
occupancy for the three months ended March 31, 2017, were 0.99x and
93.0%, respectively. An appraisal reduction amount (ARA) of $13.0
million is in effect against this asset. S&P expects a significant
loss upon this asset's eventual resolution.

The Lexington Commons REO asset ($4.9 million, 4.2%) has a reported
total exposure of $5.8 million. The asset is a 22,001-sq.-ft.
retail property in Glen Allen, Va. The loan was transferred to the
special servicer on July 29, 2015, due to imminent default because
of cash flow issues. The property became REO on May 23, 2016. LNR
stated that the property was under contract with a closing date of
Aug. 22, 2017. The reported DSC and occupancy for the three months
ended March 31, 2017, were 0.87x and 100.0%, respectively. An ARA
of $2.6 million is in effect against this asset. S&P expects a
moderate loss upon this asset's eventual resolution.

The four remaining assets with the special servicer have individual
balances that represent less than 4.0% of the total pool trust
balance. S&P estimated losses for the six specially serviced
assets, arriving at a weighted-average loss severity of 74.3%.

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

  LB-UBS Commercial Mortgage Trust 2005-C5
  Commercial mortgage pass-through certificates series 2005-C5

                                Rating          Rating             
         
  Class        Identifier       To              From              
  F            52108H7E8        AA+ (sf)        A (sf)            
  G            52108H7G3        BBB+ (sf)       BBB- (sf)         
  H            52108H7H1        B- (sf)         B- (sf)           
  J            52108H7J7        CCC- (sf)       D (sf)


LB-UBS COMMERCIAL 2008-C1: S&P Cuts Cl. A-M Certs Rating to B+(sf)
------------------------------------------------------------------
S&P Global Ratings lowered its rating on the class A-M commercial
mortgage pass-through certificates from LB-UBS Commercial Mortgage
Trust 2008-C1, a U.S. commercial mortgage-backed securities (CMBS)
transaction. In addition, S&P affirmed its 'AAA (sf)' ratings on
class A-2, A-2FL, and X from the same transaction.

S&P said, "Our rating actions on the principal- and interest-paying
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 loans in the pool, the transaction's
structure, and the liquidity available to the trust.

"We downgraded class A-M to reflect the credit support erosion that
we anticipate would occur upon the eventual resolution of the
specially serviced loans.

"The affirmations on classes A-2 and A-2FL reflect our expectation
that the available credit enhancement for these classes will
generally be within our estimate of the necessary credit
enhancement required for the current ratings, the classes' position
in the waterfall, and the deleveraging of the transaction. We
affirmed our 'AAA (sf)' rating on the class X interest-only (IO)
certificates based on our criteria for rating IO securities."

TRANSACTION SUMMARY

As of the Aug. 17, 2017, trustee remittance report, the collateral
pool balance was $544.1 million, which is 54.0% of the pool balance
at issuance. The pool currently includes 36 loans, down from 62
loans at issuance. As of the Aug. 17, 2017, trustee remittance
report, two loans ($86.6 million, 15.9%) were with the special
servicer, five ($26.6 million, 4.9%) were defeased, and 12 ($147.2
million, 27.1%) were on the master servicer's watchlist. Of the 12
loans on the master servicer's watchlist, three loans ($13.8
million, 2.5%) are also defeased, and it is our understanding from
the master servicer, Wells Fargo Bank N.A. (Wells Fargo), that the
Walgreens – North Andover loan ($13.4 million, 2.5%) was
transferred to special servicing subsequent to the Aug. 17, 2017,
trustee remittance report date due to maturity default. Wells Fargo
reported financial information for all of the nondefeased loans in
the pool, of which 93.6% was year-end 2016 data, with the remainder
reflecting year-end 2015 data.

S&P calculated a 1.35x S&P Global Ratings weighted average debt
service coverage (DSC) and 77.3% S&P Global Ratings weighted
average loan-to-value (LTV) ratio using a 7.67% S&P Global Ratings
weighted average capitalization rate. The DSC, LTV, and
capitalization rate calculations exclude the specially serviced and
defeased loans. The top 10 nondefeased loans have an aggregate
outstanding pool trust balance of $440.2 million (80.9%). Using
adjusted servicer-reported numbers, S&P calculated a S&P Global
Ratings weighted average DSC and LTV of 1.38x and 74.3%,
respectively, for nine of the top 10 nondefeased loans. The
remaining loan is specially serviced and discussed below.

To date, the transaction has experienced $145.4 million in
principal losses, or 14.4% of the original pool trust balance. S&P
expects losses to reach approximately 17.6% 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
specially serviced loans.

CREDIT CONSIDERATIONS

As of the Aug. 17, 2017, trustee remittance report, two loans in
the pool were with the special servicer, CWCapital Asset Management
LLC (CWCapital). As mentioned above, the Walgreens – North
Andover loan was transferred to CWCapital after the Aug. 17, 2017,
trustee remittance report date. Details of the three specially
serviced loans are as follows:


The Regions Harbert Plaza loan ($82.4 million, 15.1%) is the
second-largest nondefeased loan in the pool and has a reported
total exposure of $82.4 million. The loan, which has a current
payment status, is secured by a 613,764-sq.-ft. office property in
Birmingham, Ala. The loan was transferred to the special servicer
on May 17, 2017, due to imminent monetary default. The special
servicer stated that it is discussing leasing prospects with the
borrower because the largest tenant, Regions Bank, which occupies
approximately 35% of the net rentable area, indicated that it will
not renew its lease upon its year-end 2017 expiration. For the
three months ended March 31, 2017, reported DSC and occupancy were
1.54x and 93.8%, respectively. S&P expects a moderate loss upon
this loan's eventual resolution.

The Walgreens – North Andover loan ($13.4 million, 2.5%) is the
seventh-largest nondefeased loan in the pool and has a reported
total exposure of $13.4 million. The loan, which has a
nonperforming matured balloon payment status, is secured by a
25,745-sq.-ft. retail property, 100% occupied by Walgreens in North
Andover, Mass. The loan was transferred to special servicing after
the August 2017 trustee remittance report due to maturity default.
The loan matured on August 9, 2017. As of year-end 2016, reported
DSC was 1.28x. S&P expects a moderate loss upon this loan's
eventual resolution.

The Comfort Suites – Midland loan ($4.2 million, 0.8%) is the
smallest loan with the special servicer and has a $4.7 million
reported total exposure. The loan, which has a foreclosure in
process payment status, is secured by 63-room hotel in Midland,
Texas. For the three months ended March 31, 2016, the reported DSC
and occupancy were 0.56x and 63.7%, respectively. A $2.0 million
appraisal reduction amount is in effect against the loan. S&P
expects a moderate loss upon this loan's eventual resolution.

S&P estimated losses for the three specially serviced loans,
arriving at a weighted average loss severity of 32.1%.

With respect to the specially serviced loans 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

  LB-UBS Commercial Mortgage Trust 2008-C1
  Commercial mortgage pass-through certificates series 2008-C1
                                         Rating                    
          
  Class         Identifier          To             From            

  A-2           50180LAC4           AAA (sf)       AAA (sf)        

  A-M           50180LAD2           B+ (sf)        BB (sf)         

  A-2FL         50180LAF7           AAA (sf)       AAA (sf)        

  X             50180LAM2           AAA (sf)       AAA (sf)


MADISON IV: S&P Assigns Prelim B-(sf) 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 Madison
Park Funding IV Ltd., a collateralized loan obligation (CLO)
originally issued in February 2007 that is managed by Credit Suisse
Asset Management LLC. The replacement notes will be issued via a
proposed supplemental indenture. On the refinancing date, it is
anticipated that the issuer's legal name will change to Madison
Park Funding XXVI Ltd., and the co-issuer's legal name will change
to Madison Park Funding XXVI (Delaware) Corp.

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 Sept. 22, 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 supplemental
indenture, which, in addition to outlining the terms of the
replacement notes and changing the issuer and co-issuer name, will
also:

-- Upsize the rated par amount to $469.00 million.

-- Extend the reinvestment period to Oct. 29, 2022, from March 22,
2014.

-- Extend the non-call period to Oct. 29, 2019, from March 22,
2010.

-- Extend the weighted average life test to nine years from the
refinancing date from 9.5 years from the first payment date on
Sept. 22, 2007.

-- Extend the legal final maturity date on the rated notes to July
29, 2030, from March 22, 2021. In addition, the transaction will
also extend the legal final maturity date on the subordinated notes
to July 29, 2047, from March 22, 2021.

-- Adopt the use of the non-model version of CDO Monitor. During
the reinvestment period, the non-model version of CDO Monitor may
be used for this transaction to indicate whether changes to the
collateral portfolio are generally consistent with the transaction
parameters S&P assumed when initially assigning ratings to the
notes. The non-model CDO Monitor approach is built on a foundation
of six portfolio benchmarks intended to provide insight into the
characteristics that inform S&P's view of CLO collateral credit
quality. The benchmarks are meant to enhance transparency for
investors and other CLO market participants by allowing them to
compare metrics across CLO portfolios as well as assess changes
within a given portfolio over time (see "Standard & Poor's
Introduces Non-Model Version Of CDO Monitor," Dec. 8, 2014). The
transaction documents for this CLO are expected to indicate that
the trustee should report the six portfolio benchmarks on a monthly
basis along with the CDO Monitor Test results.

-- Change the required minimum thresholds for the coverage tests.

-- Incorporate the recovery rate methodology and updated industry
classifications outlined in our August 2016 CLO criteria update
(see "Global Methodologies And Assumptions For Corporate Cash Flow
And Synthetic CDOs," published Aug. 8, 2016).

REPLACEMENT AND ORIGINAL NOTE ISSUANCES

  Replacement Notes
  Class              Notional    Interest                          
            
                     (mil. $)    rate (%)        
  A-R                  305.00    LIBOR + 1.20
  B-R                   70.00    LIBOR + 1.60
  C-R                   35.00    LIBOR + 2.05
  D-R                   29.50    LIBOR + 3.00
  E-R                   20.50    LIBOR + 6.50
  F-R                   9.00     LIBOR + 7.95
  Subordinated notes    50.00    N/A

  Original Notes
  Class              Original     Current                      
                     notional    notional     Interest             
             
                     (mil. $)    (mil. $)     rate (%)
  A-1a                 200.00       81.04     LIBOR + 0.22
  A-1b                  50.00       50.00     LIBOR + 0.30
  A-2                  110.00       57.66     LIBOR + 0.23
  B                     31.25       31.25     LIBOR + 0.37
  C                     30.00       30.00     LIBOR + 0.65
  D                     20.00       20.00     LIBOR + 1.43
  E                     21.00       17.94     LIBOR + 3.60
  Subordinated notes    37.75       37.75     N/A

  N/A--Not applicable.

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

  Madison Park Funding IV Ltd.
  Replacement class         Rating      Amount (mil. $)
  A-R                       AAA (sf)             305.00
  B-R                       AA (sf)               70.00
  C-R                       A (sf)                35.00
  D-R                       BBB- (sf)             29.50
  E-R                       BB- (sf)              20.50
  F-R                       B- (sf)                9.00
  Subordinated notes        NR                    50.00

  NR--Not rated.


MARATHON CLO X: S&P Assigns BB-(sf) Rating on Class D Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to Marathon CLO X
Ltd./Marathon CLO X LLC's $482.6 million floating-rate notes.

The note issuance is a collateralized loan obligation transaction
backed primarily by broadly syndicated speculative-grade senior
secured term loans that are governed by collateral quality tests.

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
  Marathon CLO X Ltd./Marathon CLO X LLC

  Class                Rating          Amount
                                    (mil. $)
  A-1A                 AAA (sf)        317.60
  A-1B                 AAA (sf)          5.40
  A-2                  AA (sf)          67.60
  B                    A (sf)           40.20
  C                    BBB- (sf)        31.00
  D                    BB- (sf)         20.80
  Subordinated notes   NR               52.00

  NR--Not rated.


MARBLE POINT X: Moody's Assigns Ba3(sf) Rating to Class E Notes
---------------------------------------------------------------
Moody's Investors Service has assigned ratings to one class of
loans incurred and six classes of notes issued by Marble Point CLO
X Ltd.

Moody's rating action is:

US$100,000,000 Class A Loans maturing in 2030 (the "Class A
Loans"), Assigned Aaa (sf)

US$225,000,000 Class A Senior Floating Rate Notes due 2030 (the
"Class A Notes"), Assigned Aaa (sf)

Up to US$100,000,000 Class A-L Senior Floating Rate Notes due 2030
(the "Class A-L Notes"), Assigned Aaa (sf)

US$50,000,000 Class B Senior Floating Rate Notes due 2030 (the
"Class B Notes"), Assigned Aa2 (sf)

US$30,000,000 Class C Mezzanine Deferrable Floating Rate Notes due
2030 (the "Class C Notes"), Assigned A2 (sf)

US$30,000,000 Class D Mezzanine Deferrable Floating Rate Notes due
2030 (the "Class D Notes"), Assigned Baa3 (sf)

US$25,000,000 Class E Mezzanine Deferrable Floating Rate Notes due
2030 (the "Class E Notes"), Assigned Ba3 (sf)

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

At closing, the Class A Loans have a principal balance of
$100,000,000. At any time, the Class A Loans may be converted in
part or in whole to Class A-L Notes. Upon a conversion of the Class
A Loans to Class A-L Notes, the principal balance of the Class A
Loans will be reduced in an amount equal to the amount of Class A
Loans that converted to Class A-L Notes. The aggregate principal
balance of the Class A-L Notes following a conversion in whole of
the Class A-L Loans will not exceed $100,000,000.

RATINGS RATIONALE

Moody's ratings of the Rated Debt 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.

Marble Point X is a managed cash flow CLO. The issued debt will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 90.0% of the portfolio must
consist of senior secured loans and eligible investments, and up to
10.0% of the portfolio may consist of non-senior secured loans that
are not senior secured. The portfolio is approximately 90% ramped
as of the closing date.

Marble Point CLO 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 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 Debt, the Issuer issued subordinated
notes.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the 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 August 2017.

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

Par amount: $500,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2870

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 6.00%

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
August 2017.

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

The performance of the Rated Debt is subject to uncertainty. The
performance of the Rated Debt 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 Debt.

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 Debt. 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 Debt
(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 2870 to 3301)

Rating Impact in Rating Notches

Class A Loans: -1

Class A Notes: -1

Class A-L Notes: -1

Class B Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: -1

Percentage Change in WARF -- increase of 30% (from 2870 to 3731)

Rating Impact in Rating Notches

Class A Loans: -1

Class A Notes: -1

Class A-L Notes: -1

Class B Notes: -3

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1


MCF CLO VII: S&P Assigns BB-(sf) Rating on $263.75MM Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to MCF CLO VII LLC's
$263.75 million floating-rate notes (see list).

The note issuance is collateralized loan obligation securitization
backed primarily by middle market speculative-grade senior secured
term loans that are governed by collateral quality tests.

The ratings reflect S&P's view of:

-- 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 VII LLC
  Class                 Rating           Amount
                                     (mil. $)
  A                     AAA (sf)         175.00
  B                     AA (sf)           25.00
  C (deferrable)        A (sf)            23.50
  D (deferrable)        BBB- (sf)         18.00
  E (deferrable)        BB- (sf)          22.25
  Subordinate notes     NR                38.01

  NR--Not rated.


MERRILL LYNCH 2008-C1: S&P Affirms B(sf) Rating on Class F Certs
----------------------------------------------------------------
S&P Global Ratings raised its ratings on six classes of commercial
mortgage pass-through certificates from Merrill Lynch Mortgage
Trust 2008-C1, a U.S. commercial mortgage-backed securities (CMBS)
transaction. S&P said, "In addition, we lowered our rating on class
J and affirmed our ratings on nine other classes from the same
transaction.

"Our rating actions on the principal- and interest-paying
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.

"The upgrades on classes AM, AM-A, AJ, AJ-A, AJ-AF, and B reflect
our expectation of the available credit enhancement for these
classes, which we believe is greater than our most recent estimate
of necessary credit enhancement for the respective rating levels.
The upgrades also reflect the lower trust balance.

"The downgrade on class J reflects the credit support erosion that
we anticipate will occur upon the eventual resolution of the six
assets ($69.3 million, 23.4%) with the special servicer (discussed
below), as well as a potential reduction in liquidity support to
the class due to its exposure to these assets.

"The affirmations on the principal- and interest-paying
certificates reflect our expectation that the available credit
enhancement for these classes will be within our estimate of the
credit enhancement required for the current ratings.

"While available credit enhancement levels may suggest further
positive rating movement on classes AJ, AJ-A, AJ-AF, and B, and
positive rating movement on classes C through G, our analysis also
considered the bonds' susceptibility to reduced liquidity support
from the specially serviced assets and magnitude of nondefeased
performing loans (33 loans; $195.0 million, 65.8%) maturing in 2017
and early 2018.

"We affirmed our 'AAA (sf)' rating on the class X interest-only
(IO) certificates based on our criteria for rating IO securities."

TRANSACTION SUMMARY

As of the Aug. 14, 2017, trustee remittance report, the collateral
pool balance was $296.4 million, which is 31.2% of the pool balance
at issuance. The pool currently includes 45 loans and two real
estate-owned (REO) assets, down from 92 loans at issuance. Six of
these assets are with the special servicer, seven ($30.2 million,
10.2%) are defeased, and 10 ($58.0 million, 19.5%) are on the
master servicers' combined watchlist. The master servicers, Wells
Fargo Bank N.A., Midland Loan Services, and KeyBank Real Estate
Capital, reported financial information for 98.9% of the
nondefeased loans in the pool, of which 93.8% was year-end 2016
data, with the remainder reflecting year-end 2015 and partial-year
2017 data.

S&P said, "We calculated a 1.24x S&P Global Ratings weighted
average debt service coverage (DSC) and 82.0% S&P Global Ratings
weighted average loan-to-value (LTV) ratio using an 8.18% S&P
Global Ratings weighted average capitalization rate. The DSC, LTV,
and capitalization rate calculations exclude the six specially
serviced assets and seven defeased loans.

"The top 10 nondefeased assets have an aggregate outstanding pool
trust balance of $132.5 million (44.7%). Using adjusted
servicer-reported numbers, we calculated an S&P Global Ratings
weighted-average DSC and LTV of 1.17x and 89.9%, respectively, for
six of the top 10 nondefeased assets. The remaining four assets are
specially serviced and discussed below.

"To date, the transaction has experienced $35.3 million in
principal losses, or 3.7% of the original pool trust balance. We
expect losses to reach approximately 6.5% 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
specially serviced assets."

CREDIT CONSIDERATIONS

As of the Aug. 14, 2017, trustee remittance report, six assets in
the pool were with the special servicer, Midland Loan Services.
Appraisal reduction amounts (ARAs) totaling $20.1 million are in
effect against four of the assets. Details of the three largest
specially serviced assets are as follows:

The Fort Office Portfolio REO asset ($24.2 million, 8.2%) is the
largest asset with the special servicer, with a reported total
exposure of $24.2 million. At issuance, the loan was secured by
three office properties totaling 340,708 sq. ft. The loan
transferred to the special servicer on Nov. 9, 2016, for imminent
default. Two properties from the portfolio have since been sold by
the borrower, and the sales' proceeds have been applied to pay down
the loan. The Northbelt III & IV property, a 107,200-sq.-ft. office
in Houston, was foreclosed on April 5, 2017, and is the only
remaining property. According to the initial assessment from the
special servicer, there does not appear to be any significant
damage to the asset, nor is there any interior flooding, as a
result of Hurricane Harvey. An ARA of $15.9 million is in effect
against the asset, and S&P expects a significant loss upon its
eventual resolution.

The Landmark Towers loan ($16.0 million, 5.4%) is the
second-largest asset with the special servicer, and has a reported
total exposure of $16.1 million. The loan is secured by a
212,959-sq.-ft. office in St. Paul, Minn. The loan transferred to
the special servicer on June 6, 2017, due to imminent default. The
property's largest tenant has given notice of their intention to
vacate the property upon their December 2017 lease expiration,
which will result in the property's occupancy rate dropping to
about 33%. The borrower is working to backfill the vacant space and
is contemplating selling the asset. The reported DSC and occupancy
as of year-end 2016 were 1.48x and 93%, respectively. No ARA is in
effect against this loan, and S&P expects a minimal loss upon its
eventual resolution.

The Stony Brook South loan ($14.1 million, 4.8%) is the
third-largest loan with the special servicer, and has a reported
total exposure of $14.1 million. The loan is secured by a
144,632-sq.-ft. retail property in Louisville, Ky. The loan was
transferred to the special servicer on Aug. 4, 2017, due to
imminent maturity default. The loan matures on Oct. 12, 2017. The
reported DSC and occupancy as of year-end 2016 were 1.66x and
95.0%, respectively. No ARA is in effect against this loan, and S&P
expects a moderate loss upon its eventual resolution.

Each of the three remaining assets with the special servicer
represents less than 3.2% of the total pool trust balance. S&P
estimated losses for the specially serviced assets, arriving at a
weighted average loss severity of 37.6%.

For 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 2008-C1
  Commercial mortgage pass-through certificates series 2008-C1
                                       Rating                      
          
  Class        Identifier            To                From        
     
  A-4          59025WAE6             AAA (sf)          AAA (sf)    
     
  A-1A         59025WAF3             AAA (sf)          AAA (sf)    
     
  AM           59025WAL0             AA+ (sf)          AA (sf)     
     
  AM-A         59025WAM8             AA+ (sf)          AA (sf)     
     
  AJ           59025WAN6             A (sf)            BBB (sf)    
     
  AJ-A         59025WAP1             A (sf)            BBB (sf)    
     
  AJ-AF        59025WAK2             A (sf)            BBB (sf)    
     
  B            59025WAQ9             BBB (sf)          BBB- (sf)   
     
  C            59025WAR7             BB (sf)           BB (sf)     
     
  D            59025WAS5             BB- (sf)          BB- (sf)    
     
  E            59025WAT3             B+ (sf)           B+ (sf)     
     
  F            59025WAU0             B (sf)            B (sf)      
     
  G            59025WAV8             B- (sf)           B- (sf)     
     
  H            59025WAW6             CCC+ (sf)         CCC+ (sf)   
     
  J            59025WAX4             CCC- (sf)         CCC (sf)    
     
  X            59025WBG0             AAA (sf)          AAA (sf)


ML-CFC COMMERCIAL 2007-7: S&P Hikes Rating on 2 Tranches to BB
--------------------------------------------------------------
S&P Global Ratings raised its ratings on the class AM and AM-FL
commercial mortgage pass-through certificates from ML-CFC
Commercial Mortgage Trust 2007-7, a U.S. commercial mortgage-backed
securities (CMBS) transaction.

S&P said, "The upgrades 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.

"We raised our ratings on classes AM and AM-FL to reflect our
expectation of the available credit enhancement for these classes,
which we believe is greater than our most recent estimate of
necessary credit enhancement for the rating level. The upgrades
also reflect the lower trust balance.

"While available credit enhancement levels may suggest further
positive rating movement on classes AM and AM-FL, our analysis also
considered the certificates' susceptibility to reduced liquidity
support from the specially serviced assets in the transaction
($190.6 million, 81.3%). In addition, we considered that the
Radisson Fee Interest ground lease loan ($8.4 million, 3.6%) failed
to repay at its anticipated repayment date, and the Montgomery
Trace Shopping Center loan ($7.4 million, 3.2%) and Villa La Jolla
Building loan ($7.2 million, 3.1%) have both matured and are
currently operating under forbearance agreements. The Montgomery
Trace Shopping Center loan is secured by a 94,893-sq.-ft. retail
property in Montgomery, Texas, a northern suburb of
Houston. The property may have been affected by Hurricane Harvey,
but the extent of damage and flooding is currently unknown."

TRANSACTION SUMMARY

As of the Aug. 14, 2017, trustee remittance report, the collateral
pool balance was $234.5 million, which is 8.4% of the pool balance
at issuance. The pool currently includes 25 loans and four real
estate owned assets (reflecting two A/B hope note pairs as one loan
each), down from 323 loans at issuance. Nineteen assets ($190.6
million, 81.3%) are with the special servicer and five loans ($38.2
million, 16.3%) are on the master servicers' combined watchlist.
The master servicers, Wells Fargo Bank N.A. and Midland Loan
Services, reported financial information for 94.3% of the loans in
the pool, of which 84.5% was partial-year or year-end 2016 data,
with the remainder reflecting year-end 2015 data.

S&P said, "We calculated a 1.33x S&P Global Ratings weighted
average debt service coverage (DSC) and 64.4% S&P Global Ratings
weighted average loan-to-value (LTV) ratio using an 8.13% S&P
Global Ratings weighted-average capitalization rate. The DSC, LTV,
and capitalization rate calculations exclude the specially serviced
assets and the Radisson Fee Interest ground lease loan. The top 10
assets have an aggregate outstanding pool trust balance of $166.4
million (71.0%), with eight of the top 10 assets having defaulted.

"To date, the transaction has experienced $349.2 million in
principal losses, or 12.5% of the original pool trust balance. We
expect losses to reach approximately 15.4% 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
specially serviced assets.

CREDIT CONSIDERATIONS

As of the Aug. 14, 2017, trustee remittance report, 19 assets in
the pool were with the special servicer, LNR Partners LLC. Details
of the two largest specially serviced assets are as follows:

The Renaissance III Retail A/B notes (aggregate balance of $40.0
million, 17.1%) is the largest loan in the transaction and has a
reported total exposure of $41.1 million. The loan, which was
modified in 2011, is bifurcated into a $30.0 million A-note and a
$10.0 million B-note. The loan was transferred to the special
servicer on May 8, 2017, due to maturity default. The loan matured
on May 8, 2017. The loan is secured by a 225,973-sq.-ft. retail
property in Las Vegas. The most recent special servicer comments
indicate that the grocery anchor at the property, Ralph's (26.3% of
the total net rentable area), is physically vacant but will
continue to pay rent until its lease expires on Dec. 31, 2018. The
reported DSC and occupancy as of year-end 2016 were 1.07x and
80.0%, respectively. S&P expects a moderate loss (26%-59%) upon
this loan's eventual resolution.

The Scottsdale Center loan ($38.0 million, 16.2%) is the
second-largest loan in the pool and has a reported total exposure
of $38.7 million. The loan is secured by a 201,565-sq.-ft. retail
property in Rogers, Ark. The loan was transferred to the special
servicer on April 21, 2017, due to imminent maturity default. The
loan matured on May 8, 2017. The reported DSC and occupancy as of
year-end 2016 were 0.90x and 87.0%, respectively. Tenants at the
property include Ross, Barnes & Noble, Staples, and Petco.
Appraisal reduction amounts totaling $9.5 million are in effect
against this loan. S&P expects a moderate loss upon its eventual
resolution.

The remaining assets with the special servicer have individual
balances that represent less than 5.5% of the total pool trust
balance. S&P estimated losses for the specially serviced assets,
arriving at a weighted average loss severity of 41.6%.

  RATINGS LIST

  ML-CFC Commercial Mortgage Trust 2007-7
  Commercial mortgage pass-through certificates series 2007-7
                                         Rating                    
          
  Class        Identifier        To              From             
  A            55313KAG6         BB (sf)         B- (sf)          
  AM-FL        55313KAQ4         BB (sf)         B- (sf)  


MORGAN STANLEY 2006-HQ10: Fitch Cuts Rating on Cl. B Certs to CC
----------------------------------------------------------------
Fitch Ratings has downgraded two and affirmed 12 classes of Morgan
Stanley Capital I Trust series 2006-HQ10 commercial mortgage
pass-through certificates.  

KEY RATING DRIVERS

Special Servicing: Three loans representing 87.9% of the pool are
in special servicing. Two, which are also the two largest loans in
the pool, have a current workout strategy of Foreclosure and the
third asset is REO.

Concentration: The pool is very concentrated, with only six loan
groups remaining. Two of these loans are secured by more than one
property, which helps to diversify the underlying collateral;
however, both are in special servicing.

Limited Amortization: With 87.9% of the pool in special servicing,
the amount of principal collected on a monthly basis is minimal.
One loan, representing 2.8% of the pool, is scheduled to mature in
2018. The smallest loan, representing 2.5% of the pool, had an
initial anticipated repayment date of Oct. 1, 2016 and is now
hyperamortizing. A final expected payment date is not known. Full
recovery of the most senior class is reliant on proceeds received
from loans in special servicing, and the timing of those workouts
is also uncertain.

Houston Exposure: The largest performing loan, representing 6.8% of
the pool, is secured by a multifamily property located in Houston,
which has experienced historic flooding in the last week as a
result of Hurricane Harvey. It is unknown at this time whether or
not the property sustained any damage.

RATING SENSITIVITIES

Fitch has revised the Outlook for class A-J to Negative from Stable
given increased concentration and adverse selection. Loans
representing 87.9% of the pool are currently in special servicing.
Fitch's projected losses for those loans, as well as projected
losses for performing loans, are currently contained to classes B
and below. However, amortization to class A-J is limited as the
much of the pool is not paying principal or interest. Full recovery
of this class is reliant on proceeds from loans in special
servicing, and the timing of those workouts is uncertain. Should
appraised values for non-performing loans decline or additional
defaults occur, it is likely Fitch's projected losses would reach
this class. Additionally, the largest performing loan (6.8% of the
pool) is secured by a multifamily property located in Houston,
which has experienced historic flooding in the last week as a
result of Hurricane Harvey.

While unlikely, classes could be upgraded should the loans in
special servicing liquidate at recoveries much higher than Fitch
currently anticipates. Distressed classes may be subject to
downgrades as losses are realized.

Fitch has downgraded the following ratings:

-- $31.7 million class B to 'CCsf' from 'CCCsf'; RE revised to
    50% from 100%;
-- $16.8 million class C to 'Csf' from 'CCsf'; RE revised to 0%
    from 10%.

Fitch has also affirmed the following ratings and revised Outlooks
as indicated:

-- $61 million class A-J at 'Bsf'; Outlook revised to Negative
    from Stable;
-- $22.4 million class D at 'Csf'; RE 0%;
-- $16.8 million class E at 'Csf'; RE 0%;
-- $1.5 million class F at 'Dsf'; RE 0%;
-- $0 class G at 'Dsf'; RE 0%;
-- $0 class H at 'Dsf'; RE 0%;
-- $0 class J at 'Dsf'; RE 0%;
-- $0 class K at 'Dsf'; RE 0%;
-- $0 class L at 'Dsf'; RE 0%;
-- $0 class M at 'Dsf'; RE 0%;
-- $0 class N at 'Dsf'; RE 0%;
-- $0 class O at 'Dsf'; RE 0%.

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


MORGAN STANLEY 2007-HQ13: Fitch Affirms CCC Rating on Cl. A-M Certs
-------------------------------------------------------------------
Fitch Ratings has upgraded two classes and affirmed 12 classes of
Morgan Stanley Capital I Trust (MSCI) commercial mortgage
pass-through certificates series 2007-HQ13.

KEY RATING DRIVERS

Increased Credit Enhancement: The upgrades are the result of
increased credit enhancement (CE) due to collateral pay down and
better than expected recoveries on loans that paid off at or close
to their maturity dates. Since January 2017, 20 loans ($176.3
million) paid in full with no losses, and one loan ($2.4 million)
was liquidated with $562,556 in incurred losses. In addition three
of the top 15 loans totalling $19.8 million (6.7% of current pool)
recently paid in full, and will be reflected in the September 2017
remittance.

Increasing Pool Concentration/Adverse Selection: The transaction is
becoming increasingly concentrated with only 21 of the original 82
loans remaining. All of the remaining loans are scheduled to mature
over the next six months, through January 2018; this includes one
ARD loan (5.23% of the pool) and two defeased loans (2.5%). Of the
non-defeased loans, 45% are retail properties and 33% are office.

Fitch Loans of Concern: Fitch has designated four loans (39% of the
pool) as Fitch Loans of Concern (FLOCs) in this pool, including one
loan (6%) in special servicing. Risks associated with the
non-specially serviced FLOCs include low debt service coverage
ratio (DSCR), near term lease rollover, and secondary market
locations, coupled against the upcoming loan maturities.

RATING SENSITIVITIES

The Stable Rating Outlook on classes A-1A and A-3 reflect the
sufficient CE, and expected continued pay down to the classes from
maturing loans over the next six months. The distressed class A-M
is subject to further downgrade should more loans transfer to
special servicing and/or additional losses are realized. The class
could be upgraded should recoveries on the loans be better than
anticipated.

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 upgraded the following classes:

-- $24.6 million class A-1A to 'AAAsf' from 'AAsf'; Outlook
    Stable;
-- S128.3 million class A-3 to 'AAAsf' from 'AAsf; Outlook
    Stable.

Fitch has affirmed the following classes as indicated:

-- $103.9 million class A-M at 'CCCsf'; RE 95%;
-- $39.0 million class A-J at 'Dsf'; RE 0%;
-- $0 class B at 'Dsf'; RE 0%;
-- $0 class C at 'Dsf'; RE 0%;
-- $0 class D at 'Dsf'; RE 0%;
-- $0 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%.

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


MORGAN STANLEY 2014-C19: S&P Affirms BB- Rating on Cl. LNC-4 Debt
-----------------------------------------------------------------
S&P Global Ratings affirmed its ratings on five classes of
commercial mortgage pass-through certificates from Morgan Stanley
Bank of America Merrill Lynch Trust 2014-C19, a U.S. commercial
mortgage-backed securities (CMBS) transaction.

S&P said, "The affirmations on the principal- and interest- paying
certificates reflect our analysis of the transaction primarily
using our criteria for rating U.S. and Canadian CMBS transactions.
Our analysis included a revaluation of the multifamily property
that secures the subordinate component mortgage loan, which serves
as collateral for the nonpooled LNC certificates. In addition, our
analysis included a review of the transaction structure and the
liquidity available to the certificates.

"We affirmed our 'A- (sf)' rating on the class LNC-X interest-only
(IO) certificates based on our criteria for rating IO securities,
in which the rating would not be higher than that of the
lowest-rated reference class. The notional balance of class LNC-X
references classes LNC-1 and LNC-2.

"Our analysis of this transaction is predominantly a recovery-based
approach that assumes a loan default. Using this approach, our
property analysis included a revaluation of the Linc LIC
multifamily property. The property was constructed in 2013 and
consists of 709 residential units and approximately 14,000 sq. ft.
of ground floor retail space. The property also has a three-story,
202-space parking garage leased to Quik Park through February 2024.
The property was 95.9% leased as of the March 2017 rent roll.

"We based our analysis partly on the servicer-reported financial
performance for the years ended Dec. 31, 2015 and 2016, as well as
the March 2017 rent roll. The property also receives 421-a tax
benefit until 2027. To account for this benefit, we assumed an
unabated tax expense when deriving our cash flows and added the
abatement's discounted net present value to our value.

"Our adjusted valuation, using a 6.50% S&P Global Ratings
capitalization rate, yielded a whole loan loan-to-value ratio of
94.2%."

As of the Aug. 17, 2017, trustee remittance report, the subordinate
nonpooled component balance was $96.2 million, with a whole loan
balance of $239.0 million, down from $240.0 million at issuance.
The whole loan has a 10-year loan term and was interest-only for
the first three years. The interest rate on the loan is 4.76%, and
the maturity date is in December 2024. The borrower may incur
mezzanine debt subject to certain conditions. Based on confirmation
from the master servicer, no additional debt has been incurred to
date.

The master servicer, Wells Fargo Bank N.A., reported a 1.68x debt
service coverage for the 12 months ended Dec. 31, 2016. To date,
the trust has not incurred any principal losses.

RATINGS LIST

  Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19
  Commercial mortgage pass-through certificates series 2014-C19
                                       Rating                      
                
  Class          Identifier          To              From          
   
  LNC-1          61764PBA9           AA- (sf)        AA- (sf)      
   
  LNC-2          61764PBC5           A- (sf)         A- (sf)       
   
  LNC-3          61764PBE1           BBB- (sf)       BBB- (sf)     
   
  LNC-4          61764PBG6           BB- (sf)        BB- (sf)      
   
  LNC-X          61764PBN1           A- (sf)         A- (sf)


MORGAN STANLEY 2015-420: S&P Affirms BB+(sf) Rating on Cl. E Certs
------------------------------------------------------------------
S&P Global Ratings affirmed its ratings on six classes of
commercial mortgage pass-through certificates from Morgan Stanley
Capital I Trust 2015-420, 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 re-evaluation of the Graybar
Building, a 1.49 million-sq.-ft. 30-story class A office building
in the Grand Central submarket area of midtown Manhattan, which
secures the $245.0 million fixed-rate partial interest-only (IO)
mortgage loan that backs this stand-alone transaction. We also
considered the deal structure and liquidity available to the trust.
In addition, the affirmations reflect our expectations of the
available credit enhancement for the classes, which we believe is
greater than our most recent estimate of necessary credit
enhancement for the respective rating levels.

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

"The analysis of stand-alone (single borrower) transactions is
predominantly a recovery-based approach that assumes a loan
default. We considered the servicer-reported net operating income
(NOI) and occupancy for the past four years. Our analysis also
considered the new estimated ground rent payment (which is the
greater of 6% of the land's fair market value or $12.3 million)
under the new ground lease agreement, which will commence once the
current ground lease term expires on Dec. 31, 2029, as well as rent
steps associated with the Metro-North lease. We then derived our
sustainable in-place net cash flow, which we divided by a 6.25%
capitalization rate, and added the rent steps and ground rent
adjustments mentioned above to determine our expected-case value.
This yielded an overall S&P Global Ratings loan-to-value ratio of
71.4% on the trust balance.

According to the Aug. 14, 2017, trustee remittance report, the
partial IO mortgage loan has a trust and whole-loan balance of
$245.0 million and pays an annual fixed interest rate of 3.768367%
during the anticipated repayment date (ARD) term. The mortgage loan
is IO until Oct. 7, 2019, and then pays monthly principal and
interest of $1.4 million through its Oct. 7, 2024, ARD. The loan
has an Oct. 7, 2040, extended maturity date. According to the
transaction documents, the borrower will pay the special servicing,
work-out, and liquidation fees, as well as costs and expenses
incurred from appraisals and inspections conducted by the special
servicer. 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 June 30, 2017, 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 2.82x DSC on the trust balance for the three
months ended March 31, 2017, and occupancy was 95.8% according to
the June 30, 2017, rent roll. Based on the June 2017 rent roll, the
five largest tenants comprise 38.6% of the collateral's total net
rentable area (NRA). In addition, tenants reflecting 3.4%, 13.5%,
and 10.6% of the NRA have leases that expire in 2017, 2018, and
2019, respectively."

RATINGS LIST

Morgan Stanley Capital I Trust 2015-420
Commercial mortgage pass-through certificates series 2015-420
                                       Rating                      
            
  Class       Identifier            To              From           
    
  A          61765BAA0             AAA (sf)        AAA (sf)        

  X-A        61765BAC6             AAA (sf)        AAA (sf)        

  B          61765BAG7             AA- (sf)        AA- (sf)        

  C          61765BAJ1             A- (sf)         A- (sf)         

  D          61765BAL6             BBB- (sf)       BBB- (sf)       
  
  E          61765BAN2             BB+ (sf)        BB+ (sf)


MOTEL 6 2017-MTL6: S&P Gives Prelim 'B-(sf)' Rating on Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Motel 6 Trust
2017-MTL6's $2.075 billion commercial mortgage pass-through
certificates series 2017-MTL6.

The note issuance is a commercial mortgage-backed securities
transaction backed by a two-year, floating-rate commercial mortgage
loan totaling $2.075 billion, with five one-year extension options,
secured by the owned hotel portfolio; IP, including a borrower's
interests in the IP license agreements; the payment guarantor's
equity interests in the IP borrower and the franchisors; and the
pledged hotel portfolio.

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.

  PRELIMINARY RATINGS ASSIGNED
  Motel 6 Trust 2017-MTL6  

  Class                    Rating(i)             Amount ($)
  A                        AAA (sf)             641,820,000
  X-CP(ii)                 BBB- (sf)          1,005,328,000(iii)
  X-EXT(ii)                BBB- (sf)          1,256,660,000(iii)
  B                        AA- (sf)             226,670,000
  C                        A- (sf)              167,200,000
  D                        BBB- (sf)            220,970,000
  E                        BB- (sf)             348,460,000
  F                        B- (sf)              316,445,000
  G                        NR                    49,685,000
  RR interest(iv)          NR                    62,250,000
  RR(iv)                   NR                    41,500,000


NAVITAS EQUIPMENT 2016-1: Fitch Affirms B+sf Rating on Cl. D Debt
-----------------------------------------------------------------
Fitch Ratings has taken various rating actions on Navitas Equipment
Receivables LLC, Series 2016-1:

2016-1
-- Class A-2 at 'Asf'; Outlook Stable;
-- Class B at 'BBBsf'; Outlook Stable.
-- Class C at 'BB+sf'; Outlook Stable.
-- Class D at 'B+sf'; Outlook Stable.

KEY RATING DRIVERS

The ratings for 2016-1 were initially capped at 'Asf' at close,
given that this was the first Navitas ABS transaction rated by
Fitch, a relatively limited operating history of managed portfolio
performance through a full economic cycle, and no paid in full
(PIF) ABS transactions. While transaction performance to date has
been strong, due to limited amortization, the transaction remains
capped at 'Asf'.

For 2016-1, the affirmation of all outstanding notes reflects the
growth in credit enhancement (CE) and loss coverage for this
transaction. The Stable Outlook for all classes reflects Fitch's
expectation for loss coverage and CE to continue to improve as the
transaction amortizes.

As of the August 2017 servicer report, current 60+ day
delinquencies are 65bps. Cumulative net losses (CNL) were 32bps.
Performance for the transaction is within the initial base case
loss proxy of 3.60%. CE has increased to 33.45%, 17.59%, 10.81%,
and 8.52% for classes A-2, B, C, and D, respectively.

Based on transaction specific performance to date and high pool
factor, Fitch maintained the 3.60% loss proxy, which translates to
3.28% of the remaining pool. Under the loss proxy for the remaining
pool, cash flow modeling was able to support multiples in excess of
3x, 2x, 1.5x, and 1.25x for the respective ratings. Current obligor
concentrations have remained consistent from initial levels; thus
Fitch believes the transaction has limited exposure to obligor
concentration risk. As such, the primary rating approach is the
stressed loss approach.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity could produce loss levels higher than the current
projected base case loss proxy and impact available loss coverage
and multiples levels for the transaction. Lower loss coverage could
impact ratings and Rating Outlooks, depending on the extent of the
decline in coverage.

In Fitch's initial review of the transaction, the notes were found
to have limited sensitivity to a 1.5x and 2.5x increase of Fitch's
base case loss expectation. To date, the transaction has exhibited
strong performance with losses within Fitch's initial expectations
with rising loss coverage and multiple levels. As such, a material
deterioration in performance would have to occur within the asset
collateral to have potential negative impact on the outstanding
ratings.


NEUBERGER BERMAN 25: Moody's Assigns Ba3(sf) Rating to Cl. E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by Neuberger Berman Loan Advisers CLO 25, Ltd.

Moody's rating action is:

US$300,000,000 Class A-1 Senior Secured Floating Rate Notes Due
2029 (the "Class A-1 Notes"), Definitive Rating Assigned Aaa (sf)

US$35,000,000 Class A-2 Senior Secured Floating Rate Notes Due 2029
(the "Class A-2 Notes"), Definitive Rating Assigned Aaa (sf)

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

US$31,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes Due 2029 (the "Class C Notes"), Definitive Rating Assigned A2
(sf)

US$31,000,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes Due 2029 (the "Class D Notes"), Definitive Rating Assigned
Baa3 (sf)

US$23,000,000 Class E Junior Secured Deferrable Floating Rate Notes
Due 2029 (the "Class E Notes"), Definitive Rating Assigned Ba3
(sf)

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

RATINGS RATIONALE

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

Neuberger Berman CLO 25 is a managed cash flow CLO. The issued
notes will be collateralized primarily by broadly syndicated first
lien senior secured corporate loans. At least 90.0% of the
portfolio must consist of senior secured loans, cash, and eligible
investments, and up to 10.0% of the portfolio may consist of second
lien loans and unsecured loans. The portfolio is approximately 99%
ramped as of the closing date.

Neuberger Berman Loan Advisers 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 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 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 August 2017.

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

Par amount: $500,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2885

Weighted Average Spread (WAS): 3.30%

Weighted Average Coupon (WAC): 7.00%

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
August 2017.

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 2885 to 3318)

Rating Impact in Rating Notches

Class A-1 Notes: 0

Class A-2 Notes: -1

Class B Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: 0

Percentage Change in WARF -- increase of 30% (from 2885 to 3751)

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


NEUBERGER BERMAN XV: S&P Gives Prelim B- Rating on Cl. F-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
X-R, A-1-R, A-2-R, B-R, C-R, D-R, E-R, and F-R replacement notes
from Neuberger Berman CLO XV Ltd., a collateralized loan obligation
originally issued in 2013 that is managed by Neuberger Berman
Investment Advisers LLC (see list). 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 Sept. 7,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Oct. 16, 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: The replacement class X-R, A-1-R,
A-2-R, B-R, and C-R notes are expected to be issued at a lower
spread than the original notes.

The other replacement classes are expected to have a higher spread.
The stated maturity, reinvestment period, and non-call period will
be extended four, five, and four years, respectively. Updated S&P
industry classification and recoveries are used.

Covenant-lite Matrix was added with an allowable range of 40%-90%
of covenant-lite loans in the portfolio depending on various
conditions.

S&P said, "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."

  PRELIMINARY RATINGS ASSIGNED
  Neuberger Berman CLO XV Ltd./Neuberger Berman CLO XV LLC

  Replacement class         Rating      Amount (mil. $)
  X-R                       AAA (sf)               4.00
  A-1-R                     AAA (sf)             237.20
  A-2-R                     NR                    16.90
  B-R                       AA (sf)               42.60
  C-R                       A (sf)                28.80
  D-R                       BBB-(sf)              23.80
  E-R                       BB- (sf)              14.90
  F-R                       B- (sf)                8.00
  Subordinated notes        NR                    40.17

  NR--Not rated.


OFSI FUND VII: S&P Assigns Prelim BB(sf) Rating on Cl. E-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-R, B-R, C-R, D-R, and E-R replacement notes from OFSI Fund VII
Ltd., a collateralized loan obligation (CLO) originally issued in
2014 that is managed by OFS Capital Management. The replacement
notes will be issued via a proposed supplemental indenture. The
currently outstanding class X and F notes are unaffected by this
proposed amendment.

S&P said, "The preliminary ratings on the proposed refinancing
notes reflect our opinion that the credit support available is
commensurate with the associated rating levels. On the Oct. 3,
2017, refinancing date, the proceeds from the issuance of the
replacement notes are expected to redeem the original class A, B,
C, D, E, and the combination notes. (The combination note consists
of the class A and B notes). At that time, we anticipate
withdrawing the ratings on the original refinanced notes, assigning
ratings to the new replacement notes, and affirming our ratings on
the unaffected 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

  OFSI Fund VII Ltd.
  Replacement class         Rating      Amount (mil. $)
  A-R                       AAA (sf)             238.80
  B-R                       AA (sf)               59.00
  C-R                       A (sf)                28.80
  D-R                       BBB (sf)              20.60
  E-R                       BB (sf)               17.00

  OUTSTANDING RATINGS
  OFSI Fund VII Ltd.
  Class                   Rating
  A                       AAA (sf)
  B                       AA (sf)
  C                       A (sf)
  D                       BBB (sf)
  E                       BB (sf)
  F                       B (sf)
  X                       AAA (sf)
  Combination notes       AA (sf)
  Subordination           NR

  NR--Not rated.


ONEMAIN FINANCIAL 2017-1: S&P Rates Class D Notes BB(sf)
--------------------------------------------------------
S&P Global Ratings assigned its ratings to OneMain Financial
Issuance Trust 2017-1's $947.37 million personal consumer
loan-backed notes.

The note issuance is an asset-backed securities transaction backed
by personal consumer loan receivables.

The ratings reflect:

-- The availability of approximately 47.0%, 42.2%, 36.9%, and
28.3% credit support to the class A (A-1 and A-2), B, C, and D
notes, respectively, in the form of subordination,
overcollateralization, a reserve account, and excess spread (see
the Credit Enhancement Summary table above for more information).
These credit support levels are sufficient to withstand stresses
commensurate with the ratings on the notes based on our stressed
cash flow scenarios.

-- S&P said, "Our expectation that under a moderate ('BBB') stress
scenario, all else being equal, our 'AA (sf)' rating on the class A
notes will remain within one rating category of the assigned rating
in the next 12 months, and our 'A (sf)', 'BBB (sf)', and 'BB (sf)'
ratings on the class B, C, and D notes, respectively, will remain
within two rating categories of the assigned ratings in the next 12
months, based on our credit stability criteria (see "Methodology:
Credit Stability Criteria," May 3, 2010)."

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

-- The characteristics of the pool being securitized and
receivables expected to be purchased during the revolving period.

-- The operational risks associated with OneMain Holding Inc.'s
(OneMain's) hybrid business model.

-- The relatively limited time since Springleaf Finance Corp. and
OneMain Financial Holdings LLC (OMFH) integrated their platforms.
On Nov. 15, 2015, OneMain, through its wholly owned subsidiary,
Independence Holdings LLC, completed the acquisition of OMFH from
CitiFinancial Credit Co. for $4.5 billion in cash. OneMain and its
subsidiaries (other than OMFH) are referred to as "Springleaf."

-- The transaction's payment and legal structures.

  RATINGS ASSIGNED
  OneMain Financial Issuance Trust 2017-1

  Class   Rating      Type          Interest         Amount
                                    rate            (mil. $)
  A-1     AA (sf)     Senior        Fixed            607.680(i)
  A-2     AA (sf)     Senior        Floating(iii)     126.32
  B       A (sf)      Subordinate   Fixed              58.28
  C       BBB (sf)    Subordinate   Fixed              63.72
  D       BB (sf)     Subordinate   Fixed              91.37

(i)If the sum of LIBOR plus 0.80% is less than 0.00% for any
interest period, then the interest rate for the class A-2 notes for
such interest period will equal 0.00%.


OZLM FUNDING IV: S&P Gives Prelim B-(sf) Rating on Class E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1-R, A-2-R, B-R, C-R, D-1-R, D-2-R, and E-R replacement notes
from OZLM Funding IV Ltd., a collateralized loan obligation (CLO)
originally issued in 2013 that is managed by OZ CLO Management LLC.
S&P also assigned a rating to the new class X notes, which were
created in connection with the refinancing. 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 Aug. 31,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Sept. 15, 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

  OZLM Funding IV Ltd.
  Replacement class         Rating       Amount (mil. $)
  A-1-R                     AAA (sf)             348.500
  A-2-R                     AA (sf)               85.000
  B-R                       A (sf)                41.000
  C-R                       BBB (sf)              31.000
  D-1-R                     BB- (sf)              13.368
  D-2-R                     BB- (sf)              13.382
  E-R                       B- (sf)               12.000

  New Class                 Rating       Amount (mil. $)
  X                         AAA (sf)               4.400


PRESTIGE AUTO 2016-1: S&P Affirms BB(sf) Rating on Class E Notes
----------------------------------------------------------------
S&P Global Ratings raised its ratings on eight classes from
Prestige Auto Receivables Trust series 2014-1, 2015-1, and 2016-1
transactions. At the same time, S&P affirmed its ratings on six
classes from PART series 2014-1, 2015-1, and 2016-1.

S&P said, "The rating actions reflect the transactions' collateral
performance to date, our views regarding future collateral
performance, the transactions' structures, and the credit
enhancement available. Additionally, we incorporated secondary
credit factors, including credit stability, payment priorities
under various scenarios, and sector- and issuer-specific analyses.
Considering all these factors, we believe the creditworthiness of
the notes is consistent with the raised and affirmed ratings.

"Series 2014-1 and 2015-1 have been performing in line with our
prior revised loss expectations. Series 2016-1 has been performing
worse than we initially expected. As a result, we raised our loss
expectations for series 2016-1 because of higher-than-expected
losses and our view of future collateral performance."

  Table 1
  Collateral Performance (%)
  As of the August 2017 distribution date

                      Pool     Current    60-plus days
  Series     Mo.    factor         CNL      delinquent

  2014-1     41      21.04       12.02            4.49
  2015-1     29      38.84        8.88            4.19
  2016-1     17      64.00        5.00            3.69

  Mo.--Month.
  CNL--cumulative net loss.

  Table 2
  CNL Expectations (%)

               Original            Prior              Revised
               lifetime         lifetime             lifetime
  Series       CNL exp.      CNL exp.(i)             CNL exp.
                                            (As of July 2017)

  2014-1      8.50-9.00      13.00-13.75          13.00-13.50
  2015-1    11.25-11.75      13.00-13.75          13.00-13.75
  2016-1    12.25-12.75              N/A          13.50-14.25

(i)Revised October 2016.
CNL exp.--Cumulative net loss expectations.
N/A--Not applicable.

Each transaction contains a sequential principal payment structure
in which the notes are paid principal by seniority. The sequential
payment structure increases subordination as a percentage of the
amortizing pool for all of the classes except the lowest-rated
subordinate class. Each transaction also has credit enhancement in
the form of a non-amortizing reserve account,
overcollateralization, and excess spread. As of the August 2017
distribution date, the overcollateralization for series 2014-1,
2015-1, and 2016-1 were at their targets of 7.8%, 8.5%, and 13.15%
of current receivables, respectively. The reserve accounts for all
deals are at their floor of 1% of initial receivables, which
increases as a percentage of the pool as the pool amortizes.

S&P believes the total credit support as a percentage of each
outstanding pool's balance, compared with its current loss
expectations, is adequate for the raised and affirmed ratings.

  Table 3
  Hard Credit Support (%)
  As of the August 2017 distribution date

                             Total hard    Current total hard
                         credit support        credit support
  Series      Class      at issuance(i)     (% of current)(i)

  2014-1      B                   16.21                 77.11
  2014-1      C                    8.66                 41.32
  2014-1      D                    2.61                 12.55
  2015-1      A-3                 33.00                 84.45
  2015-1      B                   26.00                 66.42
  2015-1      C                   15.50                 39.39
  2015-1      D                    6.50                 16.22
  2015-1      E                    4.50                 11.07
  2016-1      A-2                 36.20                 62.68
  2016-1      A-3                 36.20                 62.68
  2016-1      B                   28.40                 50.49
  2016-1      C                   16.90                 32.52
  2016-1      D                    9.10                 20.34
  2016-1      E                    5.50                 14.71

(i)Consists of overcollateralization and a reserve account, as well
as subordination for the higher tranches, and excludes excess
spread that can also provide additional enhancement.

S&P said, "We incorporated a cash flow analysis to assess the loss
coverage level, giving credit to excess spread for series 2014-1,
2015-1, and 2016-1. Our various cash flow scenarios included
forward-looking assumptions on recoveries, timing of losses, and
voluntary absolute prepayment speeds that we believe are
appropriate given each transaction's performance to date. Aside
from our break-even cash flow analysis, we also conducted
sensitivity analyses for these series to determine the impact that
a moderate ('BBB') stress scenario would have on our ratings if
losses began trending higher than our revised base-case loss
expectation.

"In our view, the results demonstrated that all of the classes have
adequate credit enhancement at the upgraded or affirmed rating
levels. We will continue to monitor the performance of all of the
outstanding transactions to ensure that the credit enhancement
remains sufficient to cover our cumulative net loss expectations
under our stress scenarios for each of the rated classes.

"Our surveillance also considered what we believe to be the effects
of Hurricane Harvey on the three transactions, which were modest
relative to the loss expectations and the credit enhancement
levels."
  
  RATINGS RAISED
  Prestige Auto Receivables Trust

                                  Rating
  Series      Class          To            From
  
  2014-1      C              AAA (sf)      AA (sf)
  2014-1      D              A+ (sf)       BBB (sf)
  2015-1      C              AAA (sf)      A+ (sf)
  2015-1      D              A- (sf)       BBB (sf)
  2015-1      E              BBB- (sf)     BB (sf)
  2016-1      B              AA+ (sf)      AA (sf)
  2016-1      C              AA- (sf)      A (sf)
  2016-1      D              BBB+ (sf)     BBB (sf)

  RATINGS AFFIRMED
  Prestige Auto Receivables Trust

  Series      Class          Rating
  2014-1      B              AAA (sf)
  2015-1      A-3            AAA (sf)
  2015-1      B              AAA (sf)
  2016-1      A-2            AAA (sf)
  2016-1      A-3            AAA (sf)
  2016-1      E              BB (sf)


REALT 2006-3: Moody's Hikes Class L Debt Rating to Ba3
------------------------------------------------------
Moody's Investors Service has upgraded the ratings on eight classes
and affirmed the ratings on four classes in Real Estate Asset
Liquidity Trust (REALT), Commercial Mortgage Pass-Through
Certificates, Series 2006-3:

Cl. D-1, Affirmed Aaa (sf); previously on Jan 19, 2017 Upgraded to
Aaa (sf)

Cl. D-2, Affirmed Aaa (sf); previously on Jan 19, 2017 Upgraded to
Aaa (sf)

Cl. E-1, Upgraded to Aaa (sf); previously on Jan 19, 2017 Upgraded
to Aa1 (sf)

Cl. E-2, Upgraded to Aaa (sf); previously on Jan 19, 2017 Upgraded
to Aa1 (sf)

Cl. F, Upgraded to Aa2 (sf); previously on Jan 19, 2017 Upgraded to
A1 (sf)

Cl. G, Upgraded to A2 (sf); previously on Jan 19, 2017 Upgraded to
Baa1 (sf)

Cl. H, Upgraded to Baa1 (sf); previously on Jan 19, 2017 Upgraded
to Baa3 (sf)

Cl. J, Upgraded to Ba1 (sf); previously on Jan 19, 2017 Upgraded to
Ba3 (sf)

Cl. K, Upgraded to Ba2 (sf); previously on Jan 19, 2017 Upgraded to
B1 (sf)

Cl. L, Upgraded to Ba3 (sf); previously on Jan 19, 2017 Upgraded to
B2 (sf)

Cl. XC-1, Affirmed B1 (sf); previously on Jun 9, 2017 Downgraded to
B1 (sf)

Cl. XC-2, Affirmed B1 (sf); previously on Jun 9, 2017 Downgraded to
B1 (sf)

RATINGS RATIONALE

The ratings on Classes D-1 and D-2 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 eight P&I classes, E-1 through L, were upgraded
based primarily on an increase in credit support resulting from
loan paydowns and amortization. The deal has paid down 40% since
Moody's last review and 96% since securitization.

The ratings on the IO classes, XC-1 and XC-2, were affirmed based
on the credit quality of its referenced classes.

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 0.2%
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 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. XC-1 and Cl. XC-2
was "Moody's Approach to Rating Structured Finance Interest-Only
(IO) Securities" published in June 2017.

DEAL PERFORMANCE

As of the August 14, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 96% to $15.5 million
from $426.0 million at securitization. The certificates are
collateralized by one remaining mortgage loan.

One loan has been liquidated from the pool, resulting in an
aggregate realized loss of $656,400 (for an average loss severity
of 23%).

The sole remaining loan is the Park Lane Mall & Terraces Loan
($15.5 million -- 100.0% of the pool), which is secured by a
265,000 SF, seven-story mixed use office and retail property
located in Halifax, Nova Scotia. As of March 2017, the property was
93% leased. The loan benefits from amortization and matures in
April 2018 and is 100% recourse to the borrower. Moody's LTV and
stressed DSCR are 53% and 1.84X, respectively, compared to 57% and
1.69X at the last review.


ROCKFORD TOWER 2017-2: Moody's Assigns Ba3 Rating to Cl. E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by Rockford Tower CLO 2017-2, Ltd.

Moody's rating action is:

US$319,800,000 Class A Senior Secured Floating Rate Notes due 2029
(the "Class A Notes"), Assigned Aaa (sf)

US$55,500,000 Class B Senior Secured Floating Rate Notes due 2029
(the "Class B Notes"), Assigned Aa2 (sf)

US$24,500,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2029 (the "Class C Notes"), Assigned A2 (sf)

US$33,500,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2029 (the "Class D Notes"), Assigned Baa3 (sf)

US$26,500,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2029 (the "Class E Notes"), Assigned Ba3 (sf)

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

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.

Rockford Tower 2017-2 is a managed cash flow CLO. The issued notes
will be collateralized primarily by broadly syndicated first lien
senior secured corporate loans. At least 90.0% of the portfolio
must consist of senior secured loans and eligible investments, and
up to 10.0% of the portfolio may consist, in the aggregate, of
second lien loans and unsecured loans. The portfolio is
approximately 90% ramped as of the closing date.

Rockford Tower Capital Management, L.L.C. (the "Manager") will
direct the selection, acquisition and disposition of the assets on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four-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 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 August 2017.

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

Par amount: $500,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 3.45%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 47.75%

Weighted Average Life (WAL): 8.1 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
August 2017.

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 2800 to 3220)

Rating Impact in Rating Notches

Class A Notes: 0

Class B Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: -1

Percentage Change in WARF -- increase of 30% (from 2800 to 3640)

Rating Impact in Rating Notches

Class A Notes: -1

Class B Notes: -3

Class C Notes: -3

Class D Notes: -2

Class E Notes: -1


RR 2: S&P Gives Prelim. BB-(sf) Rating on $432.45MM Class D Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to RR 2 Ltd./RR
2 LLC's $432.45 million floating-rate notes.

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

The preliminary ratings are based on information as of Sept. 7,
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
  RR 2 Ltd./RR 2 LLC

  Class                   Rating           Amount
                                       (mil. $)
  A-1a                    AAA (sf)         277.00
  A-1b                    NR                20.30
  A-2                     AA (sf)           61.00
  B                       A (sf)            41.90
  C                       BBB- (sf)         33.65
  D                       BB- (sf)          18.90
  Subordinated notes      NR                49.00

  NR--Not rated.


SDART 2017-3: Fitch to Rate $54.56MM Class E Notes 'BB'
-------------------------------------------------------
Fitch Ratings expects to assign the following ratings and Outlooks
to the notes issued by Santander Drive Auto Receivables Trust
(SDART) 2017-3:

-- $156,000,000 class A-1 notes 'F1+sf';
-- $233,000,000 class A-2-A/A-2-B notes 'AAAsf'; Outlook Stable;
-- $144,600,000 class A-3 notes 'AAAsf'; Outlook Stable;
-- $118,390,000 class B notes 'AAsf'; Outlook Stable;
-- $144,580,000 class C notes 'Asf'; Outlook Stable;
-- $109,120,000 class D notes 'BBBsf'; Outlook Stable;
-- $54,560,000 class E notes 'BBsf'; Outlook Stable.

KEY RATING DRIVERS

Stable Credit Quality: 2017-3 is backed by collateral relatively
consistent with the 2014-2017 pools, with a weighted-average (WA)
FICO score of 608 and internal WA loss forecast score (LFS) of 552.
Obligors with no FICO scores are down from peak levels but still
total 10.2%.

Increased Extended-Term Contracts: The concentration of 73 month-75
month loans is up to 10.3% from 7.7% in 2017-2, and 61+ month loans
total 92.2% of the pool, which is toward the higher end of the
range historically for the platform. Consistent with prior
Fitch-rated transactions, an additional stress was applied to the
73-75 month loans in deriving the loss proxy.

Weakening Performance: Although in range of the 2010-2012
performance, recent 2013-2016 managed portfolio losses are tracking
higher. Loss frequency has been driven higher by looser
underwriting, while loss severity has risen due to weaker wholesale
vehicle values and early stage defaults on extended term
collateral. Fitch expects the 2015-2016 vintages to perform
relatively in line with 2013-2014, if not weaker.

Sufficient Credit Enhancement: Initial hard credit enhancement (CE)
unchanged from 2017-2 and totals 52.10%, 41.25%, 28.00%, 18.00%,
and 13.00% for classes A, B, C, D and E, respectively. Excess
spread is expected to be 9.82% per annum.

Stable Corporate Health: Santander Consumer USA's (SC) recent
financial results have been weaker due to higher losses on the
managed portfolio. However, the company has been profitable since
2007, and Fitch currently rates Santander, SC's majority owner,
'A-'/'F2'/Stable.

Consistent Origination/Underwriting/Servicing: SC demonstrates
adequate abilities as originator, underwriter and servicer, as
evidenced by historical portfolio and securitization performance.
Fitch deems SC capable to service this transaction.

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

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than the base case. This in turn could result in Fitch taking
negative rating actions on the notes.

Fitch evaluated the sensitivity of the ratings assigned to 2017-3
to increased credit losses over the life of the transaction.
Fitch's analysis found that the transaction displays some
sensitivity to increased defaults and credit losses. This shows a
potential downgrade of one or two categories under Fitch's moderate
(1.5x base case loss) scenario, especially for the subordinate
bonds. The notes could experience downgrades of three or more
rating categories, potentially leading to distressed ratings (below
'Bsf') or possibly default, under Fitch's severe (2x base case
loss) scenario.


SDART 2017-3: S&P Gives Prelim BB(sf) Rating on Cl. E Notes
-----------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Santander
Drive Auto Receivables Trust (SDART) 2017-3's $960.25 billion
automobile receivables-backed notes.

The note issuance is ABS transaction backed by subprime auto loan
receivables.

The preliminary ratings are based on information as of Sept. 8,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect: The availability of 53.91%,
47.16%, 37.77%, 30.59%, and 25.84% of credit support for the class
A (A-1, A-2-A, A-2-B, A-3), B, C, D, and E notes, respectively,
based on stressed cash flow scenarios (including excess spread),
which provide coverage of approximately 3.30x, 2.85x, 2.25x, 1.70x,
and 1.50x our 15.75%-16.50% expected cumulative net loss (CNL; see
the Cash Flow Modeling section for more information).
The timely interest and principal payments made under stressed cash
flow modeling scenarios appropriate to the assigned preliminary
ratings.

S&P said, "Our expectation that under a moderate ('BBB') stress
scenario (1.7x our expected loss level), all else being equal, our
ratings on the class A, B, and C notes ('AAA (sf)', 'AA (sf)', and
'A (sf)', respectively) will remain within one rating category, and
our ratings on the class D notes ('BBB (sf)') will remain within
two rating categories of the assigned preliminary ratings while
they are outstanding. These rating movements are within the outer
bounds specified by our credit stability criteria. These criteria
indicate that we would not assign 'AAA' and 'AA' ratings if, under
moderate stress conditions, the ratings would be lowered by more
than one rating category within the first year and by more than
three rating categories over a three-year period. The criteria also
specify that we would not assign 'A' and 'BBB' ratings if such
ratings would fall by more than two categories in one year or three
categories over three years. 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 82%-92%of their
principal."

Santander Consumer USA Inc.'s (SC's; originator/servicer's) long
history of originating and servicing subprime auto loan
receivables. S&P's analysis of 10 years of origination static pool
data on SC's lending programs.

Seven years of performance on SC's securitizations since it
re-entered the asset-backed securities market in 2010. The
transaction's payment/credit enhancement and legal structures.

  PRELIMINARY RATINGS ASSIGNED
  Santander Drive Auto Receivables Trust 2017-3

                                       Interest                 
  Class     Rating      Type           rate(i)     Amount ($)(i)
  A-1       A-1+ (sf)   Senior         Fixed         156,000,000
  A-2-A     AAA (sf)    Senior         Fixed         116,500,000
  A-2-B     AAA (sf)    Senior         Float         116,500,000
  A-3       AAA (sf)    Senior         Fixed         144,600,000
  B         AA (sf)     Subordinate    Fixed         118,390,000
  C         A (sf)      Subordinate    Fixed         144,580,000
  D         BBB (sf)    Subordinate    Fixed         109,120,000
  E         BB (sf)     Subordinate    Fixed          54,560,000

(i)The interest rates and the actual size of all these tranches
will be determined on the pricing date.


SEQUOIA MORTGAGE 2017-CH1: Moody's Gives (P)Ba2 Rating to B-5 Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
classes of residential mortgage-backed securities (RMBS) issued by
Sequoia Mortgage Trust (SEMT) 2017-CH1, except for the
interest-only classes. The certificates are backed by one pool of
prime quality, first-lien mortgage loans.

SEMT 2017-CH1 is the first securitization that includes loans
acquired by Redwood Residential Acquisition Corporation ("Redwood"
or "Seller"), a subsidiary of Redwood Trust, Inc., under its
expanded credit prime loan program called "Redwood Choice".
Redwood's Choice program is a prime program with credit parameters
outside of Redwood's traditional prime jumbo program, "Redwood
Select." The Choice program expands the low end of Redwood's FICO
range to 661 from 700, while increasing the high end of eligible
loan-to-value ratios from 85% to 90%. The pool also includes loans
with non-QM characteristics (28.2%), such as debt-to-income ratios
up to 49.9%. Non-QM loans were acquired by Redwood under each of
the Select and Choice programs.

The assets of the trust consist of 421 fixed rate mortgage loans,
all of which are fully amortizing, except for two mortgage loans
that have an interest-only term. The mortgage loans have an
original term to maturity of 30 years except for one loan which has
an original term to maturity of 20 years. The loans were sourced
from multiple originators and acquired by Redwood. All of the loans
conform to the Seller's guidelines, except for loans originated by
First Republic Bank, which were originated to conform with First
Republic Bank's guidelines.

The transaction benefits from nearly 100% due diligence of data
integrity, credit, property valuation, and compliance conducted by
an independent third-party firm.

CitiMortgage, Inc. will act as the master servicer of the loans in
this transaction. Shellpoint Mortgage Servicing and First Republic
Bank will be primary servicers on the deal.

The complete rating actions are as follows:

Issuer: Sequoia Mortgage Trust 2017-CH1

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

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

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

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

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

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

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

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

Cl. A-9, Assigned (P)Aaa (sf)

Cl. A-10, Assigned (P)Aaa (sf)

Cl. A-11, Assigned (P)Aaa (sf)

Cl. A-12, Assigned (P)Aaa (sf)

Cl. A-13, Assigned (P)Aa1 (sf)

Cl. A-14, Assigned (P)Aa1 (sf)

Cl. A-15, Assigned (P)Aaa (sf)

Cl. A-16, Assigned (P)Aaa (sf)

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

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

Cl. B-2A, Assigned (P)A1 (sf)

Cl. B-2B, Assigned (P)A1 (sf)

Cl. B-3, Assigned (P)A2 (sf)

Cl. B-4, Assigned (P)Baa1 (sf)

Cl. B-5, Assigned (P)Ba2 (sf)

RATINGS RATIONALE

Summary Credit Analysis

Moody's expected cumulative net loss on the aggregate pool is 0.85%
in a base scenario and reaches 9.90% at a stress level consistent
with the Aaa ratings. Our loss estimates are based on a
loan-by-loan assessment of the securitized collateral pool using
Moody's Individual Loan Level Analysis (MILAN) model. Loan-level
adjustments to the model included: adjustments to borrower
probability of default for higher and lower borrower DTIs,
borrowers with multiple mortgaged properties, self-employed
borrowers, origination channels and at a pool level, for the
default risk of HOA properties in super lien states. The adjustment
to our Aaa stress loss above the model output also includes
adjustments related to aggregator and originators assessments. The
model combines loan-level characteristics with economic drivers to
determine the probability of default for each loan, and hence for
the portfolio as a whole. Severity is also calculated on a
loan-level basis. The pool loss level is then adjusted for
borrower, zip code, and MSA level concentrations.

Collateral Description

The SEMT 2017-CH1 transaction is a securitization of 421 first lien
residential mortgage loans, with an aggregate unpaid principal
balance of $316,491,455. There are more than 100 originators in
this pool, including PrimeLending (6.88%), Fairway (6.76%),
Homestreet Bank (5.46%), and Homebridge Financial Services Inc.
(5.26%). The remaining contributed less than 5% or more of the
principal balance of the loans in the pool. The loan-level third
party due diligence review (TPR) encompassed credit underwriting,
property value and regulatory compliance. In addition, Redwood has
agreed to backstop the rep and warranty repurchase obligation of
all originators other than First Republic Bank.

SEMT 2017-CH1 includes loans acquired by Redwood under its Choice
program. Although from a FICO and LTV perspective, the borrowers in
SEMT 2017-CH1 are not the super prime borrowers included in
traditional SEMT transactions, these borrowers are prime borrowers
with a demonstrated ability to manage household finance. On
average, borrowers in this pool have made a 25.5% down payment on a
mortgage loan of $760,371. In addition, the majority of borrowers
have more than 24 months of liquid cash reserves or enough money to
pay the mortgage for two years should there be an interruption to
the borrower's cash flow. Moreover, the borrowers on average have a
monthly residual income of $12,070. The WA FICO is 744, which is
lower than traditional SEMT transactions, which has averaged 769 in
2017 SEMT transactions. The lower WA FICO for SEMT 2017-CH1 may
reflect recent mortgage lates (0x30x3, 1x30x12, 2x30x24) which are
allowed under the Choice program, but not under Redwood's
traditional product, Redwood Select (0x30x24). While the WA FICO
may be lower for this transaction, Moody's does not believes that
the limited mortgage lates demonstrates a history of financial
mismanagement.

Moody's also note that SEMT 2017-CH1 is the first SEMT transaction
to include a significant number of non-QM loans (116) compared to
previous SEMT transactions, where the number of non-QM loans was
limited. Previously, SEMT 2015-3 had the largest number of non-QM
loans at 26 loans out of 460 loans.

Redwood's Choice program is in its early stages, having been
launched by Redwood in April 2016. In contrast to Redwood's
traditional program, Select, Redwood's Choice program allows for
higher LTVs, lower FICOs, non-occupant co-borrowers,
non-warrantable condos, limited loans with adverse credit events,
among other loan attributes. Under both Select and Choice, Redwood
also allows for loans with non-QM features, such as interest-only,
DTIs greater than 43%, asset depletion, among other loan
attributes.

However, Moody's note that Redwood historically has been on average
stronger than its peers as an aggregator of prime jumbo loans,
including a limited number of non-QM loans in previous SEMT
transactions. As of the July 2017 remittance report, there have
been no losses on Redwood-aggregated transactions that Moody's has
rated to date, and delinquencies to date have also been very low.
While in traditional SEMT transactions, Moody's has factored this
qualitative strength into our analysis, in SEMT 2017-CH1, Moody's
has a neutral assessment of the Choice Program until Moody's is
able to review a longer performance history of Choice mortgage
loans.

Structural considerations

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

Moody's believe there is a low likelihood that the rated securities
of SEMT 2017-CH1 will incur any losses 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, Redwood (or a majority-owned affiliate
of the sponosor), who will retain credit risk in accordance with
the U.S. Risk Retention Rules and provides a back-stop to the
representations and warranties of all the originators except for
First Republic Bank, has a strong alignment of interest with
investors, and is incentivized to actively manage the pool to
optimize performance. 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.

Tail Risk & Subordination Floor

The transaction cash flows follow a shifting interest structure
that allows subordinated bonds to receive principal payments under
certain defined scenarios. Because a shifting interest structure
allows subordinated bonds to pay down over time as the loan pool
shrinks, senior bonds are exposed to increased performance
volatility, known as tail risk. The transaction provides for a
subordination floor of 1.90% ($6,013,338) of the closing pool
balance, which mitigates tail risk by protecting the senior bonds
from eroding credit enhancement over time.

Third-party Review and Reps & Warranties

One TPR firm conducted a due diligence review of 100% of the
mortgage loans in the pool. For 417 loans, the TPR firm conducted a
review for credit, property valuation, compliance and data
integrity ("full review") and limited review for 4 First Republic
loans. For the 4 loans, Redwood Trust elected to conduct a limited
review, which did not include a TPR firm check for TRID
compliance.

For the full review loans, the third party review found that the
majority of reviewed loans were compliant with Redwood's
underwriting guidelines and had no valuation or regulatory defects.
Most of the loans that were not compliant with Redwood's
underwriting guidelines had strong compensating factors.
Additionally, the third party review didn't identify material
compliance-related exceptions relating to the TILA-RESPA Integrated
Disclosure (TRID) rule for the full review loans.

For the full review loans, the TPR report identified one grade "C"
compliance-related condition relating to the TILA-RESPA Integrated
Disclosure (TRID) rule. The TPR firm assigned a "C" grade for a
loan that closed within the 3-day waiting period under TRID.
However, Moody's did not believes that this condition was material
because the mortgage file contains a letter from the borrower
acknowledging that the borrower waives the right to not receiving
the closing disclosure at least 3 days prior to consummation and
the borrower has provided reasoning for closing prior to the end of
the waiting period.

No TRID compliance reviews were performed by the TPR firm on the
limited review loans. Therefore, there is a possibility that some
of these loans could have unresolved TRID issues. We, however
reviewed the initial compliance findings of loans from First
Republic Bank where a full review was conducted and there were no
material compliance findings. As a result, Moody's did not increase
our Aaa loss for the limited review loans originated by First
Republic Bank.

The property valuation review conducted by the TPR firm consisted
of (i) a review of all of the appraisals for full review loans,
checking for issues with the comparables selected in the appraisal
and (ii) a value supported analysis for all loans. After a review
of the TPR appraisal findings, Moody's found the exceptions to be
minor in nature and did not pose a material increase in the risk of
loan loss. The TPR report identified one grade "C" condition where
the TPR firm was still reviewing a property valuation as of the
date of the TPR report. Moody's expects to receive the final
finding before closing.

Moody's has received the results of the inspection report for all
the mortagage loans secured by properties in the areas affected by
Hurricane Harvey except for one loan. The results indicate that the
properties did not receive any damage due to Hurrricane Harvey. In
regard to the final loan, it is our understanding that should the
third-party inspection find material damage to the property backing
the mortgage loan that Redwood will remove the loan from the pool.
In the event that the remaining inspection is not completed before
closing, it is our understanding that the loan will be repurchased
from the trust if the inspection results indicate material damage
to the property. SEMT 2017-CH1 includes a representation that the
pool does not include properties with material damage that would
adversely affect the value of the mortgaged property.

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

Trustee & Master Servicer

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

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

Down

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

Up

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

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

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

Significant weight was put on judgment taking into account the
results of the modeling tools as well as the aggregate impact of
the third-party review and the quality of the servicers and
originators.


SHELLPOINT 2017-2: Moody's Assigns (P)Ba1 Rating to Cl. B-4 Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 28
classes of residential mortgage-backed securities (RMBS) issued by
Shellpoint Co-Originator Trust 2017-2 (SCOT 2017-2). The ratings
range from (P)Aaa (sf) to (P)Ba1 (sf).

The certificates are backed by one pool of prime quality, 30-year
first-lien mortgage loans originated by various originators. The
loans are primarily fixed rate (99.6%); two loans have an
adjustable mortgage rate. Shellpoint Mortgage Servicing is the
primary servicer, Wells Fargo Bank, N.A. is the master servicer and
Wilmington Savings Fund Society, FSB, is the trustee.

The complete rating actions are:

Issuer: Shellpoint Co-Originator Trust 2017-2

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

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

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

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

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

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

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

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

Cl. A-9, Assigned (P)Aaa (sf)

Cl. A-10, Assigned (P)Aaa (sf)

Cl. A-11, Assigned (P)Aaa (sf)

Cl. A-12, Assigned (P)Aaa (sf)

Cl. A-13, Assigned (P)Aaa (sf)

Cl. A-14, Assigned (P)Aaa (sf)

Cl. A-15, Assigned (P)Aaa (sf)

Cl. A-16, Assigned (P)Aaa (sf)

Cl. A-17, Assigned (P)Aaa (sf)

Cl. A-18, Assigned (P)Aaa (sf)

Cl. A-19, Assigned (P)Aa1 (sf)

Cl. A-20, Assigned (P)Aa1 (sf)

Cl. A-21, Assigned (P)Aa1 (sf)

Cl. A-22, Assigned (P)Aaa (sf)

Cl. A-23, Assigned (P)Aaa (sf)

Cl. A-24, Assigned (P)Aaa (sf)

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

Cl. B-2, Assigned (P)A1 (sf)

Cl. B-3, Assigned (P)Baa1 (sf)

Cl. B-4, Assigned (P)Ba1 (sf)

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected cumulative net loss on the aggregate pool is 0.35%
in a base scenario and reaches 4.30% at a stress level consistent
with the Aaa ratings. Moody's loss estimates are based on a
loan-by-loan assessment of the securitized collateral pool using
Moody's Individual Loan Level Analysis (MILAN) model. Loan-level
adjustments to the model included: adjustments to borrower
probability of default for higher and lower borrower DTIs,
borrowers with multiple mortgaged properties, self-employed
borrowers, origination channels and at a pool level, for the
default risk of HOA properties in super lien states. The adjustment
to Moody's Aaa stress loss above the model output also includes
adjustments related to aggregator and originators assessments. The
model combines loan-level characteristics with economic drivers to
determine the probability of default for each loan, and hence for
the portfolio as a whole. Severity is also calculated on a
loan-level basis. The pool loss level is then adjusted for
borrower, zip code, and MSA level concentrations.

Collateral Description

The SCOT 2017-2 transaction is a securitization of 459 first lien
residential mortgage loans with an unpaid principal balance of
$323,377,050. The loans in this transaction have strong borrower
characteristics with a weighted average original FICO score of 773
and a weighted-average original combined loan-to-value ratio (CLTV)
of 70.2%. In addition, 21.4% of the borrowers are self-employed and
refinance loans comprise 30.6% of the aggregate pool. The pool has
a high geographic concentration with 41.1% of the aggregate pool
located in California and 11.7% located in the Los Angeles-Long
Beach-Anaheim MSA. Loans located in Texas and Florida comprise
10.7% of the pool. The transaction has minimal exposure to the
areas affected by the recent hurricanes in Texas and Florida.

Out of total of 459 loans in this transaction, 7 loans (1.16% of
stated principal balance) were originated or acquired by New Penn
Financial, LLC ("New Penn"). The remaining 452 loans (98.84% of
stated principal balance) were aggregated by Bank of America
National Association (BANA) through its jumbo whole loan purchase
program. There are 17 originators in the transaction. The largest
originators in the pool with more than 5% by balance are Guild
Mortgage Company (23.04%), New Penn Financial, LLC (15.50%),
Guaranteed Rate Inc. (13.65%), PrimeLending (9.65%), JMAC Lending,
Inc. (8.88%), Loandepot.com, LLC (8.63%), Home Point Financial
Corporation (7.40%), Stearns Lending, LLC (6.55%).

Moody's reviewed the underwriting guidelines of BANA's jumbo whole
loan purchase program. All the loans aggregated by BANA were
underwritten to BANA's guidelines except for Quicken and Caliber.
However, given that Moody's has limited performance information on
the majority of the originators, Moody's increased Moody's base
case and Aaa loss expectations for the loans aggregated by BANA
with the exception of PrimeLending and Caliber Home Loans Inc. both
of which Moody's views as stronger than their peers. Moody's also
views New Penn Financial, LLC as an above average originator of
prime jumbo residential mortgage loans. Moody's decreased Moody's
base case and Aaa loss expectations for loans originated by New
Penn Financial LLC and Caliber Home Loans Inc.

All of the mortgage loans in SCOT 2017-2 will be serviced by
Shellpoint Mortgage Servicing (SMS). Moody's views SMS to be an
above average primary servicer of residential mortgage loans with
adequate collection abilities, loss mitigation efforts, foreclosure
and REO timeline management, and loan administration. Wells Fargo
Bank, N.A. will serve as the master servicer.

Third Party Review and Reps & Warranties (R&W)

Three third party review (TPR) firms verified the accuracy of the
loan-level information that the sponsor gave us. These firms
conducted detailed credit, property valuation, data integrity and
regulatory reviews on 100% of the mortgage pool. The TPR results
indicate that the majority of reviewed loans were in compliance
with originators' and aggregators' underwriting guidelines, no
material compliance or data issues, and no appraisal defects.

New Penn and each originator of a loan acquired by Bank of America
and New Penn will provide comprehensive loan level R&W for their
respective loans. For Bank of America aggregated loans, the bank
will assign each originator's R&W to New Penn, who will assign to
the depositor, which will assign to the trust. To mitigate the
potential concerns regarding Bank of America originators' ability
to meet their respective R&W obligations, New Penn will backstop
the R&Ws for all originators' loans acquired by the bank as well as
originators' loans acquired by New Penn. New Penn's obligation to
backstop third party R&Ws will terminate 5 years after the closing
date. While Moody's acknowledge New Penn's relatively weak
financial strength, the collateral pool benefits from the diversity
of the originators that sourced the loans. In addition, Shellpoint
Partners LLC will act as guarantor for New Penn in the event that
New Penn has insufficient funds to fulfill its repurchase
obligation. Moody's note, however, that Shellpoint Partners'
financial strength is also weak.

Trustee and Master Servicer

The transaction trustee is Wilmington Savings Fund Society, FSB.
The custodian and securities administrator functions will be
performed by Wells Fargo Bank, N.A. In addition, Wells Fargo is the
master servicer and is responsible for servicer oversight,
termination of servicers and for the appointment of successor
servicers. As master servicer, Wells Fargo is also committed to act
as successor if no other successor servicer can be found. Moody's
assess Wells Fargo as a strong master servicer of residential
loans.

Other Considerations

Similar to prior SCOT transactions, extraordinary trust expenses in
the SCOT 2017-2 transaction are deducted from Net WAC as opposed to
available distribution amount. Moody's believes there is a very low
likelihood that the rated certificates in SCOT 2017-2 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% 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 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. Third, the
issuer has disclosed the results of a credit, compliance and
valuation review of all of the mortgage loans by an independent
third parties (AMC, Opus and Clayton Services LLC): 100% of the
mortgage loans were included in the due diligence performed on the
pool. Finally, the performance of past SCOT transactions have been
well within expectation.

Tail Risk & Subordination Floor

The transaction has 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 senior subordination
floor of 1.80% of the closing pool balance, which mitigates tail
risk by protecting the senior bonds from eroding credit enhancement
over time. Additionally there is a subordination lock-out amount
which is 1.35% of the closing pool balance.

Transaction Structure

The transaction is structured as a one pool shifting interest
structure in which the senior bonds benefit from a senior floor and
a subordination floor. Funds collected, including principal, are
first used to make interest payments to the senior bonds. Next
principal payments are made to the senior bonds and then interest
and principal payments are paid to the subordinate bonds in
sequential order, subject to the subordinate class percentage of
the subordinate principal distribution amounts.

Realized losses are allocated in a reverse sequential order, first
to the lowest subordinate bond. After the balances of the
subordinate bonds are written off, losses from the pool begin to
write off the principal balances of the senior support bonds until
their principal balances are reduced to zero. Next realized losses
are allocated to the super senior bonds until their principal
balances are written off.

As in all transactions with shifting-interest structures, the
senior bonds benefit from a cash flow waterfall that allocates all
prepayments to the senior bonds for a specified period of time, and
allocates increasing amounts of prepayments to the subordinate
bonds thereafter only if loan performance satisfies both
delinquency and loss tests.

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.


STONEMONT 2017-STONE: S&P Gives Prelim B-(sf) Rating to Cl. F Certs
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Stonemont
Portfolio Trust 2017-STONE's $800.0 million commercial mortgage
pass-through certificates series 2017-STONE.

The certificate issuance is a commercial mortgage-backed securities
transaction backed by a two-year, floating-rate commercial mortgage
loan totaling $800 million, with three, one-year extension options,
secured by a first lien on the borrowers' fee interests (or in one
case, leasehold interest) in a portfolio of 95 office, industrial,
and retail properties totaling 6.8 million sq. ft. The properties
are located across 20 states.

The preliminary ratings are based on information as of Sept. 8,
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 sponsor's and managers'
experience, the trustee-provided liquidity, the loan's terms, and
the transaction's structure.

  PRELIMINARY RATINGS ASSIGNED
  Stonemont Portfolio Trust 2017-STONE  

  Class              Rating(i)               Amount ($)
  A                  AAA (sf)               344,850,000
  X-CP               BBB- (sf)              468,350,000(ii)
  X-EXT              BBB- (sf)              551,000,000(ii)
  B                  AA- (sf)                76,950,000
  C                  A- (sf)                 53,200,000
  D                  BBB- (sf)               76,000,000
  E                  BB- (sf)               115,900,000
  F                  B- (sf)                 93,100,000
  RR(iii)            NR                      16,000,000
  RR interest        NR                      24,000,000

(i)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 X-CP
certificates will equal the aggregate of the portion balances of
the class A portion 2, class B portion 2, class C portion 2, and
class D portion 2. The notional amount of the class X-CP
certificates will equal the aggregate of the certificate balances
of the class A, B, C, and D certificates.
(iii)Non-offered vertical interest components.
NR--Not rated.


STONEMONT PORTFOLIO: Fitch to Rate Class F Certs 'Bsf'
------------------------------------------------------
Fitch Ratings has issued a presale report on Stonemont Portfolio
Trust 2017-STONE commercial mortgage pass-through certificates and
expects to rate the transaction and assign Rating Outlooks:

-- $344,850,000 class A 'AAAsf'; Outlook Stable;
-- $76,950,000 class B 'AA-sf'; Outlook Stable;
-- $53,200,000 class C; 'A-sf'; Outlook Stable;
-- $76,000,000 class D; 'BBB-sf'; Outlook Stable;
-- $115,900,000 class E; 'BB-sf'; Outlook Stable;
-- $93,100,000 class F; 'Bsf'; Outlook Stable;
-- $468,350,000a class X-CP; 'BBB-'; Outlook Stable;
-- $551,000,000a class X-EXT; 'BBB-'; Outlook Stable.

The following classes are not expected to be rated:

-- $24,000,000b RR Interest;
-- $16,000,000b class RR.

a) Notional amount and interest-only.
b) Vertical credit risk retention interest.

The Stonemont Portfolio Trust 2017-STONE Mortgage Trust commercial
mortgage pass-through certificates represent the beneficial
interests in a trust that holds a two-year, floating-rate,
interest-only $800 million mortgage loan securing the fee simple
interest in 94 properties and a leasehold interest in one property
in a portfolio totaling 6,846,154 sf. The portfolio consists of
office, industrial, retail and bank branch property types
distributed across 20 states.

Proceeds of the loan, along with mezzanine loans totaling $274.1
million, were combined with $181 million of preferred equity and
$72.5 million of sponsor equity to acquire the portfolio for $1.294
billion and pay closing costs. The certificates will follow a
sequential-pay structure; however, so long as there is no event of
default, any voluntary prepayments (up to the first 15% of the
loan), including property releases, will be applied to the loan
components on a pro rata basis.

KEY RATING DRIVERS

High Aggregate Leverage: The trust amount of $800 million
represents 61.8% of the purchase price. The total capitalization of
$1.074 billion (not including $181 million of preferred equity)
represents a loan-to-cost of 82.9%. Fitch's LTV on the trust is
99.3%, while Fitch's LTV on the total outstanding debt is 155.7%.
Fitch's stressed DSCR on the trust is 0.91x. Approximately 90.7% by
allocated loan amount is leased to long-term, investment-grade
tenants.

Long-Term Investment-Grade Tenancy: Investment-grade tenants
account for approximately 90.7% of the allocated loan amount (ALA).
All of the tenants are considered long term with lease expirations
more than three years beyond the initial loan term. The weighted
average term remaining on the leases is 11.2 years. The tenants are
distributed across 12 different industries including biotech,
financial services, healthcare, manufacturing, and
pharmaceuticals.

Diverse and Granular Pool: The loan is secured by 95 commercial
properties including 18 office (66.2% of ALA), 8 industrial assets
(19.4% of ALA), 51 bank branches (12.6% of ALA) and 18 retail
properties (1.7% of the ALA). The properties are located in 20
states and are occupied by 16 unique tenants across 12 different
industries. No state represents more than 32.9% of the trust amount
and only two represent more than 10% of the total portfolio value.

RATING SENSITIVITIES

For this transaction, Fitch's NCF was 5.3% below the current
budgeted contractual cash flow (inclusive of a 3% management fee).
Included in Fitch's presale report are numerous Rating
Sensitivities that describe the potential impact given further NCF
declines below Fitch's NCF. Fitch evaluated the sensitivity of the
ratings for class A and found that a 30% decline would result in a
downgrade to 'BBB+sf'.



THL CREDIT 2017-3: Moody's Assigns Ba3(sf) Rating to Cl. E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by THL Credit Wind River 2017-3 CLO Ltd. (the "Issuer"
or "THL Credit Wind River 2017-3 CLO")

Moody's rating action is:

US$384,000,000 Class A Senior Secured Floating Rate Notes due 2030
(the "Class A Notes"), Assigned Aaa (sf)

US$72,000,000 Class B Senior Secured Floating Rate Notes due 2030
(the "Class B Notes"), Assigned Aa2 (sf)

US$31,800,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class C Notes"), Assigned A2 (sf)

US$37,200,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class D Notes"), Assigned Baa3 (sf)

US$27,000,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2030 (the "Class E Notes"), Assigned Ba3 (sf)

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

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.

THL Credit Wind River 2017-3 CLO 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 representing prinicipal proceeds, and up to 10% of the
portfolio may consist of second lien loans and unsecured loans. The
portfolio is approximately 70% ramped as of the closing date.

THL Credit Advisors LLC (the "Manager") will direct the selection,
acquisition and disposition of the assets on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's 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 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 August 2017.

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

Par amount: $600,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2837

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 47.5%

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
August 2017.

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 2837 to 3263)

Rating Impact in Rating Notches

Class A Notes: 0

Class B Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: -1

Percentage Change in WARF -- increase of 30% (from 2837 to 3688)

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


TRAPEZA CDO XIII: Moody's Hikes Rating on Class C-2 Debt to B2
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Trapeza CDO XIII, Ltd.:

US$375,000,000 Class A-1 Senior Secured Floating Rate Notes Due
2042 (current balance of $274,709,823), Upgraded to Aa2 (sf);
previously on August 4, 2015 Upgraded to A1 (sf)

US$97,000,000 Class A-2a Senior Secured Floating Rate Notes Due
2042, Upgraded to Aa3 (sf); previously on August 4, 2015 Upgraded
to A3 (sf)

US$5,000,000 Class A-2b Senior Secured Fixed/Floating Rate Notes
Due 2042, Upgraded to Aa3 (sf); previously on August 4, 2015
Upgraded to A3 (sf)

US$21,000,000 Class A-3 Senior Secured Floating Rate Notes Due
2042, Upgraded to A1 (sf); previously on August 4, 2015 Upgraded to
Baa1 (sf)

US$65,000,000 Class B Secured Deferrable Floating Rate Notes Due
2042, Upgraded to Baa2 (sf); previously on August 4, 2015 Upgraded
to Ba2 (sf)

US$58,000,000 Class C-1 Secured Deferrable Floating Rate Notes Due
2042 (current balance of $63,284,372 including cumulative deferred
interest balance), Upgraded to B2 (sf); previously on August 4,
2015 Upgraded to Caa1 (sf)

US$5,000,000 Class C-2 Secured Deferrable Fixed/Floating Rate Notes
Due 2042 (current balance of $7,435,952 including cumulative
deferred interest balance), Upgraded to B2 (sf); previously on
August 4, 2015 Upgraded to Caa1 (sf)

Trapeza CDO XIII, Ltd., issued in August 2007, 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 the deleveraging of
the Class A-1 notes and an increase in the transaction's
over-collateralization ratios (OC) since September 2016, and the
upcoming maturity of the interest rate swaps in November 2017.

The Class A-1 notes have paid down by approximately 2.5% or $7.0
million since September 2016, using diversion of excess interest
proceeds and sale proceeds from defaulted assets. Based on Moody's
calculations, the OC ratios for the Class A-1, Class A-2, Class
A-3, Class B and Class C notes have improved to 211.9%, 154.5%,
146.3%, 125.8% and 109.1%, respectively, from September 2016 levels
of 206.6%, 151.7%, 143.8, 123.9% and 107.8%, respectively. On the
August 2017 payment date, $1.6 million of excess interest proceeds
were diverted to pay down the Class A-1 notes due to COC test
failure (current test level of 109.2% compared to a trigger of
113.5%). The Class A-1 notes will continue to benefit from the
diversion of excess interest.

In addition, the notes are expected to benefit from credit
enhancement available in the form of excess spread, because two of
out-of-money interest rate swaps, with a total notional of $35
million, are scheduled to mature in November 2017.

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) 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(TM) 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 515)

Class A-1: +1

Class A-2a: +1

Class A-2b: +1

Class A-3: +1

Class B: +2

Class C-1: +3

Class C-2 +3

Assuming a two-notch downgrade to assets with below-investment
grade ratings or rating estimates (WARF of 1181)

Class A-1: 0

Class A-2a: -1

Class A-2b: -1

Class A-3: -2

Class B: -1

Class C-1: -2

Class C-2: -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.

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 of $582 million,
defaulted par of $34 million, a weighted average default
probability of 8.88% (implying a WARF of 788), 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.


TRIAXX PRIME 2006-1: Moody's Hikes Rating on Cl. A-1 Notes to Caa3
------------------------------------------------------------------
Moody's Investors Service has upgraded the rating on notes issued
by Triaxx Prime CDO 2006-1 Ltd.:

US$2,400,000,000 Class A-1 First Priority Senior Secured Floating
Rate Notes due March 2039 (current outstanding balance of
$48,197,135.06), Upgraded to Caa3 (sf); previously on July 13, 2010
Downgraded to Ca (sf)

Triaxx Prime CDO 2006-1 Ltd., issued in September 2006, is a
collateralized debt obligation backed primarily by a portfolio of
Residential Mortgage-Backed Securities (RMBS) originated between
2004 and 2007.

RATINGS RATIONALE

This rating action is due primarily to the deleveraging of the
Class A-1 Notes and an increase in the transaction's
over-collateralization ratios since November 2016. The Class A-1
notes have paid down by approximately 41.8%, or $34.5 million,
since November 2016. Based on Moody's calculation, the
over-collateralization ratio for the Class A-1 is currently 188.9%
versus 158.9% in November 2016. The paydown of the Class A-1 notes
is partially the result of interest and principal collections from
certain assets treated as defaulted by the trustee in amounts
materially exceeding expectations. Accordingly, Moody's has assumed
the deal will continue to benefit from potential recoveries on
defaulted securities.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's Approach
to Rating SF CDOs," published in June 2017.

Factors That Would Lead To an Upgrade or Downgrade of the Rating:

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

1) Macroeconomic uncertainty: Primary causes of uncertainty about
assumptions are the extent of any deterioration in either consumer
or commercial credit conditions and in the residential real estate
property markets. The residential real estate property market's
uncertainties include housing prices; the pace of residential
mortgage foreclosures, loan modifications and refinancing; the
unemployment rate; and interest rates.

2) Deleveraging: One source of uncertainty in this transaction is
whether deleveraging from principal proceeds, recoveries from
defaulted assets, and excess interest proceeds will continue and at
what pace. Faster than expected deleveraging could have a
significantly positive impact on the notes' ratings.

3) Recovery of defaulted assets: The amount of recoveries received
from defaulted assets reported by the trustee and those that
Moody's assumes as having defaulted as well as the timing of these
recoveries create additional uncertainty. Moody's analyzed
defaulted assets assuming limited recoveries, and therefore,
realization of any recoveries exceeding Moody's expectation in the
future would positively impact the notes' ratings.

Loss and Cash Flow Analysis:

Owing to the deal's low credit quality, Moody's did not use a cash
flow model to analyze the default and recovery properties of the
collateral pool. Instead, Moody's analyzed the transaction by
assessing the ratings impact of, and the deal's sensitivity to, the
market value of the assets that are treated as defaulted by the
trustee.

The deal's ratings are not expected to be sensitive to the typical
range of changes (plus or minus two rating notches on Caa-rated
assets) in the rating quality of the collateral that Moody's tests,
and no sensitivity analysis was performed.


UBS COMMERCIAL 2017-C3: Fitch Assigns B- Rating to Class G-RR Certs
-------------------------------------------------------------------
Fitch Ratings has assigned the following ratings and Ratings
Outlooks to UBS Commercial Mortgage Trust 2017-C3 Commercial
Mortgage Pass-Through Certificates

-- $24,572,000 class A-1 'AAAsf'; Outlook Stable;
-- $97,843,000 class A-2 'AAAsf'; Outlook Stable;
-- $45,701,000 class A-SB 'AAAsf'; Outlook Stable;
-- $146,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $181,922,000 class A-4 'AAAsf'; Outlook Stable;
-- $496,038,000b class X-A 'AAAsf'; Outlook Stable;
-- $135,525,000b class X-B 'AA-sf'; Outlook Stable;
-- $74,406,000 class A-S 'AAAsf'; Outlook Stable;
-- $32,774,000 class B 'AA-sf'; Outlook Stable;
-- $28,345,000 class C 'A-sf'; Outlook Stable;
-- $17,715,000ac class D-RR 'BBBsf'; Outlook Stable;
-- $13,287,000ac class E-RR 'BBB-sf'; Outlook Stable;
-- $10,629,000ac class F-RR 'BBsf'; Outlook Stable;
-- $10,630,000ac class G-RR 'B-sf'; Outlook Stable.

Fitch does not rate the following class:

-- $24,802,195ac 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.

Since Fitch published its expected ratings on Aug. 8, 2017, the
expected 'A-sf' rating on the interest-only X-B class has been
revised to 'AA-sf' based on the final deal structure.

The final ratings are based on information provided by the issuer
as of Aug. 31, 2017.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 42 loans secured by 64
commercial properties having an aggregate principal balance of
$708,626,196 as of the cut-off date. The loans were contributed to
the trust by UBS AG, Societe Generale, KeyBank National
Association, Natixis Real Estate Capital LLC, and Rialto Mortgage
Finance, LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 72.8% of the properties
by balance, cash flow analysis of 87.9%, and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

Lower Fitch Leverage Than Recent Transactions: The pool's leverage
is below recent comparable Fitch-rated multiborrower transactions.
The pool's Fitch debt service coverage ratio (DSCR) and loan to
value (LTV) are 1.30x and 95.7%, respectively, better than the
year-to-date (YTD) 2017 averages of 1.25x and 101.7%, respectively.
Excluding credit opinion loans, the pool's normalized Fitch DSCR
and LTV are 1.31x and 101.0%, compared to the YTD averages of 1.20x
and 106.6%, respectively.

Above-Average Concentrated Pool: The transaction is slightly more
concentrated than other Fitch-rated multiborrower transactions. The
top 10 loans comprise 55.6% of the pool, above the YTD 2017 average
of 53.4%. The transaction's loan concentration index of 419 is also
slightly above the YTD 2017 average of 400.

Investment-Grade Credit Opinion Loans: Three loans, representing
16.7% of the pool, have investment-grade credit opinions: Del Amo
Fashion Center (7.1% of the pool), 245 Park Avenue (5.4% of the
pool) and Park West Village (4.2% of the pool). Combined, the three
credit opinion loans have a weighted average (WA) Fitch DSCR and
LTV of 1.28x and 69.2%, respectively.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 12.4% 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-C3 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 'BBBsf'
could result.


VENTURE CLO XXIX: Moody's Assigns Ba3(sf) Rating to Class E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by Venture XXIX CLO, Limited.

Moody's rating action is:

US$2,500,000 Class X Senior Secured Floating Rate Notes due 2030
(the "Class X Notes"), Assigned Aaa (sf)

US$336,000,000 Class A Senior Secured Floating Rate Notes due 2030
(the "Class A Notes"), Aaa (sf)

US$59,500,000 Class B Senior Secured Floating Rate Notes due 2030
(the "Class B Notes"), Assigned Aa2 (sf)

US$30,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class C Notes"), Assigned A2 (sf)

US$31,500,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class D Notes"), Assigned Baa3 (sf)

US$26,000,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2030 (the "Class E Notes"), Assigned Ba3 (sf)

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

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 XXIX 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 required to be at least 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 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 August 2017.

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

Par amount: $525,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2945

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 7.00%

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
August 2017.

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 2945 to 3387)

Rating Impact in Rating Notches

Class X Notes: 0

Class A Notes: 0

Class B Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: -1

Percentage Change in WARF -- increase of 30% (from 2945 to 3829)

Rating Impact in Rating Notches

Class X Notes: 0

Class A Notes: -1

Class B Notes: -3

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1


VENTURE XIII CLO: Moody's Assigns Ba3sf Rating to Class E-R Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
following notes (the "Refinancing Notes") issued by Venture XIII
CLO, Limited:

US$362,500,000 Class A-R Senior Secured Floating Rate Notes due
2029 (the "Class A-R Notes Notes"), Assigned Aaa (sf)

US$61,000,000 Class B-R Senior Secured Floating Rate Notes due 2029
(the "Class B-R Notes Notes"), Assigned Aa1 (sf)

US$34,000,000 Class C-R Mezzanine Secured Deferrable Floating Rate
Notes due 2029 (the "Class C-R Notes Notes"), Assigned A1 (sf)

US$34,000,000 Class D-R Mezzanine Secured Deferrable Floating Rate
Notes due 2029 (the "Class D-R Notes Notes"), Assigned Baa2 (sf)

US$39,500,000 Class E-R Junior Secured Deferrable Floating Rate
Notes due 2029 (the "Class E-R Notes 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.

MJX Venture 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 has issued the Refinancing Notes on September 11, 2017
(the "Amendment Date") in connection with the refinancing of all
classes of the secured notes (the "Refinanced Original Notes")
previously issued on March 25, 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: reinstatement and extension of the
reinvestment period; extensions of the stated maturity and non-call
period; and changes to certain collateral quality tests.

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 August 2017.

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: $569,499,957

Defaulted Par: $10,532,225

Diversity Score: 90

Weighted Average Rating Factor (WARF): 3010

Weighted Average Spread (WAS): 3.70%

Weighted Average Recovery Rate (WARR): 48.0%

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
August 2017.

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 3010 to 3462)

Rating Impact in Rating Notches

Class A-R Notes: 0

Class B-R Notes: -1

Class C-R Notes: -2

Class D-R Notes: -1

Class E-R Notes: 0

Percentage Change in WARF -- increase of 30% (from 3010 to 3913)

Rating Impact in Rating Notches

Class A-R Notes: 0

Class B-R Notes: -3

Class C-R Notes: -3

Class D-R Notes: -2

Class E-R Notes: -1


WACHOVIA BANK 2006-C28: S&P Affirms B- Rating on Class C Certs
--------------------------------------------------------------
S&P Global Ratings raised its rating on the class A-J commercial
mortgage pass-through certificates from Wachovia Bank Commercial
Mortgage Trust's series 2006-C28, a U.S. commercial mortgage-backed
securities (CMBS) transaction. In addition, we affirmed our ratings
on two other classes from the same transaction.

S&P said, "Our rating actions 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.

"We raised our rating on class A-J to reflect our expectation of
the available credit enhancement for the class, which we believe is
greater than our most recent estimate of necessary credit
enhancement for the rating level as well as the trust balance's
reduction.

"The affirmations on classes B and C reflect our expectation that
the available credit enhancement for the classes will be within our
estimate of the necessary credit enhancement required for the
current ratings.

"While available credit enhancement levels suggest further positive
rating movement on class A-J and positive rating movements on
classes B and C, our analysis also considered the recent interest
shortfalls on classes B and C and their full repayment timing. In
addition, we considered the susceptibility of the three classes to
reduced liquidity support from the six specially serviced assets
($110.6 million, 36.4% of the asset balance) and the four loans on
the master servicer's watchlist ($166.4 million, 54.7%). Of the
four loans on the master servicer's watchlist, the 500-512 Seventh
Avenue loan ($96.2 million, 31.6%) and the 135 Crossways Park Drive
loan ($27.5 million, 9.0%) are corrected mortgage loans, while the
ITC Crossing South Shopping Center loan ($40.2 million, 13.2%) and
the Walgreens - Lake Charles, LA loan did not repay upon their 2016
anticipated repayment dates."

TRANSACTION SUMMARY

As of the Aug. 17, 2017, trustee remittance report, the collateral
pool balance was $308.7 million, which is 8.6% of the pool balance
at issuance. The transaction is undercollateralized as the asset
balance was $304.1 million for the same reporting period. The pool
currently includes 10 loans and five real estate-owned (REO) assets
(reflecting the A and B notes as one loan), down from 207 loans at
issuance. Six of these assets are with the special servicer, four
loans are on the master servicer's watchlist, and one loan ($5.8
million, 1.9% of the asset balance) is defeased. The master
servicer, Wells Fargo Bank N.A., reported financial information for
96.8% of the nondefeased loans in the pool, of which 72.9% was
year-end 2016 data, and the remainder was partial-year 2016,
partial-year 2015, or year-end 2015 data.

S&P said, "We calculated a 1.02x S&P Global Ratings weighted
average debt service coverage (DSC) and 83.2% S&P Global Ratings
weighted average loan-to-value (LTV) ratio using a 7.33% S&P Global
Ratings weighted average capitalization rate. The DSC, LTV, and
capitalization rate calculations exclude the six specially serviced
assets, one defeased loan, and one subordinate B note ($9.5
million, 3.1%). The top 10 nondefeased assets have an aggregate
outstanding pool trust balance of $290.7 million (95.6%). Using
adjusted servicer-reported numbers, we calculated an S&P Global
Ratings weighted average DSC and LTV of 1.04x and 84.4%,
respectively, for four of the top 10 nondefeased assets. The
remaining assets are specially serviced and discussed below.

"To date, the pool transaction has experienced $264.4 million in
principal losses, or 7.4% of the original pool trust balance. We
expect losses to reach approximately 8.2% 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
six specially serviced assets."

CREDIT CONSIDERATIONS

As of the Aug. 17, 2017, trustee remittance report, six assets in
the pool were with the special servicer, CWCapital Asset Management
LLC (CWCapital). Details of the three largest specially serviced
assets, all of which are top 10 nondefeased assets, are as
follows:

The Westin – Falls Church, VA REO asset ($57.7 million, 19.0%),
the second-largest nondefeased asset in the pool, has a total
reported exposure of $66.0 million. The asset is a 405-key
full-service hotel flagged as a Westin in Falls Church, Va. The
loan was transferred to special servicing on June 20, 2014, and the
property became REO on June 8, 2015. CWCapital stated that it is
currently working on stabilizing the property before marketing it
for sale later this year. The reported DSC and occupancy for the
nine months ended Sept. 30, 2016, were 1.29x and 67.5%,
respectively. A $10.9 million appraisal reduction amount (ARA) is
in effect against the asset, and we expect a minimal loss upon its
eventual resolution.

The Market at Mill Run REO asset ($17.9 million, 5.9%), the
fifth-largest nondefeased asset in the pool, has a $19.6 million
total reported exposure. The asset is a 148,640-sq.-ft. retail
property in Hilliard, Ohio. The loan was transferred to special
servicing on April 26, 2016, and the property became REO on June
15, 2017. The reported DSC and occupancy for the nine months ended
Sept. 30, 2016 were 1.20x and 96.4%, respectively. CWCapital stated
that it is working on finalizing the resolution strategy for the
asset. A $5.1 million ARA is in effect against the asset, and we
expect a moderate loss upon its eventual resolution.

The Marketplace Retail & Office Center REO asset ($12.9 million,
4.2%), the seventh-largest nondefeased asset in the pool, has a
reported $16.9 million total exposure. The asset is a
121,512-sq.-ft. mixed use (retail and office) property in Waite
Park, Minn. The loan was transferred to special servicing on March
16, 2010, and the property became REO on Jan. 18, 2017. The
reported DSC and occupancy were 0.37x and 66.4%, respectively, for
year-end 2016. The master servicer has deemed the asset
nonrecoverable, and we expect a significant loss upon its eventual
resolution.

The three remaining assets with the special servicer each have
individual balances that represent less than 3.5% of the total pool
trust balance. S&P estimated losses for the six specially serviced
assets, arriving at a weighted average loss severity of 28.2%.

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

  Wachovia Bank Commercial Mortgage Trust
  Commercial mortgage pass-through certificates series 2006-C28
                                          Rating                   
            
  Class        Identifier          To               From           

  A-J          92978MAJ5           BBB- (sf)        BB+ (sf)       

  B            92978MAK2           B (sf)           B (sf)         

  C            92978MAL0           B- (sf)          B- (sf)        



WACHOVIA BANK 2007-C32: S&P Raises Cl. A-J Certs Rating to B+(sf)
-----------------------------------------------------------------
S&P Global Ratings raised its rating on the class A-J commercial
mortgage pass-through certificates from Wachovia Bank Commercial
Mortgage Trust's series 2007-C32, a U.S. commercial mortgage-backed
securities (CMBS) transaction. In addition, S&P affirmed its
ratings on three other classes from the same transaction.

S&P said, "Our rating actions 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.

"We raised our rating on class A-J to reflect our expectation of
the available credit enhancement for the class, which we believe is
greater than our most recent estimate of necessary credit
enhancement for the rating level, and the significant reduction in
the trust balance.

"While the available credit enhancement level may suggest a further
positive rating movement on class A-J, our analysis also considered
that all of the remaining 22 assets in the pool are with the
special servicer, the class's susceptibility to reduced liquidity
support from these specially serviced assets, and the potential for
further credit support erosion to occur upon the eventual
resolution of the specially serviced assets.

"The affirmations on classes B, C, and D reflect credit support
erosion that we anticipate will occur upon the eventual resolution
of the specially serviced assets, as well as our view that these
classes are highly likely to experience liquidity interruptions
from these assets."

TRANSACTION SUMMARY

As of the Aug. 17, 2017, trustee remittance report, the pool
balance was $413.7 million, which is 10.8% of the pool balance at
issuance. However, the transaction is undercollateralized as the
asset balance is $409.1 million. The pool currently includes 13
loans (reflecting the A/B hope notes as one loan) and nine
real-estate owned (REO) assets, down from 142 fixed-rate mortgage
loans at issuance. All of the remaining assets in the pool are with
the special servicer, CWCapital Asset Management LLC (CWCapital).
The master servicer, Wells Fargo Bank N.A., reported year-end 2015,
partial-year 2016, or year-end 2016 financial information for 82.0%
of the loans in the pool.

To date, the transaction has experienced $253.1 million in
principal losses, or 6.6% of the original pool trust balance. S&P
expects losses to reach approximately 12.2% 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
specially serviced assets.

CREDIT CONSIDERATIONS

As of the Aug. 17, 2017, trustee remittance report, all 22 assets
in the pool were with the special servicer, CWCapital. Details of
the two largest specially serviced assets are as follows:

-- The Rockvale Square REO asset ($92.4 million, 22.6%) has a
total reported exposure of $95.0 million. The asset is a
539,661-sq.-ft. retail property located in Lancaster, Penn. The
loan was transferred to the special servicer on July 25, 2016, due
to imminent monetary default, and the property became REO on June
13, 2017. CWCapital stated that the property is being marketed for
sale and is expected to be sold in fourth-quarter 2017. The
reported DSC and occupancy as of Dec. 31, 2016, were 0.10x and
85.8%, respectively. S&P expects a significant loss upon this
asset's eventual resolution.

-- The Stadium Crossings REO asset ($47.0 million, 11.5%) has a
total reported exposure of $55.1 million. The asset is a
165,662-sq.-ft. mixed-use (office/retail) property in Anaheim,
Cali. The loan was transferred to the special servicer on Feb. 16,
2012, due to monetary default, and the property became REO on May
2, 2013. CWCapital stated that the asset is expected to be sold in
fourth-quarter 2017. The reported DSC and occupancy as of Dec. 31,
2016, were 0.50x and 91.2%, respectively. An appraisal reduction
amount of $9.2 million is in effect against this asset. S&P expects
a moderate loss upon this asset's eventual resolution.

The 20 remaining assets with the special servicer each have
individual balances that represent less than 10.3% of the total
pool trust balance. S&P estimated losses for the 22 specially
serviced assets, arriving at a weighted average loss severity of
52.3%.

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

RATINGS LIST

  Wachovia Bank Commercial Mortgage Trust
  Commercial mortgage pass-through certificates series 2007-C32
                                       Rating                      
          
  Class            Identifier          To              From        
     
  A-J              92978YAH3           B+ (sf)         B- (sf)     
     
  B                92978YAJ9           CCC+ (sf)       CCC+ (sf)   
     
  C                92978YAK6           CCC- (sf)       CCC- (sf)   
     
  D                92978YAL4           CCC- (sf)       CCC- (sf)


WFRBS COMMERCIAL 2013-C17: Fitch Affirms Bsf Rating on Cl. F Certs
------------------------------------------------------------------
Fitch Ratings has affirmed 13 classes of WFRBS Commercial Mortgage
Trust 2013-C17 pass-through certificates.  

KEY RATING DRIVERS

The affirmations are based on the stable performance of the
underlying collateral. As of the August 2017 distribution date, the
pool's aggregate balance has been reduced by 4.1% to $867.2
million, from $904.4 million at issuance.

Stable Performance: The overall performance of the pool has been
stable since issuance. Two loans totaling 1.9% of the pool are in
special servicing. One of these loans transferred due to a
technical default, and the other reflects a monetary default
despite the collateral property generating adequate cash flow to
make all debt service payments. The sponsor is attempting to sell
the property that collateralizes the latter loan.

Paydown and Defeasance: Five loans totaling 14.1% of the pool are
defeased. Additionally, the pool has paid down approximately 4.1%
since issuance. Notably, the defeasance has reduced the pool-level
exposure to non-traditional properties such as mixed-use,
self-storage, and manufactured housing communities, which was noted
as a key rating driver at issuance. Manufactured housing
communities currently collateralize 4.9% of loans in the pool
versus 11.5% at issuance. Mixed-use properties collateralize 2% of
loans compared to 4.1% at issuance.

Property Type Concentrations: Excluding the defeased loans, retail,
hotel, and self-storage properties secure approximately 32.7%,
26.1%, and 10.3% of the loans in the pool, respectively. One retail
loan, Westfield Mission Valley (6.3%), reflects exposure to a mall
property with exposure to a Macy's related tenant and includes two
spaces previously occupied by Macy's, which have since closed. The
pool reflects minimal exposure to Hurricane Harvey with
approximately six loans reflecting approximately 3.4% of total loan
exposure potentially affected.

Maturity Concentration: Eight loans totaling approximately 19.1% of
the pool are scheduled to mature in 2018, with the remaining 78
loans (80.9% of the pool) scheduled to mature in 2023. Three loans
scheduled to mature in 2018 (11.5% of the pool) are already
defeased.

RATING SENSITIVITIES

Ratings on all classes remain stable due to the overall stable
performance of the pool since issuance and limited upcoming paydown
beyond what is currently defeased. Upgrades are possible with
further paydown and defeasance. Downgrades are possible should
overall pool performance decline.

Fitch has affirmed the following ratings:

-- $11.3 million class A-1 at 'AAAsf', Outlook Stable;
-- $166.9 million class A-2 at 'AAAsf', Outlook Stable;
-- $125 million class A-3 at 'AAAsf', Outlook Stable;
-- $236.9 million class A-4 at 'AAAsf', Outlook Stable;
-- $55.8 million class A-SB at 'AAAsf', Outlook Stable;
-- $73.5 million class A-S at 'AAAsf', Outlook Stable;
-- $58.8 million class B at 'AA-sf', Outlook Stable;
-- $31.6 million class C at 'A-sf', Outlook Stable;
-- $47.5 million class D at 'BBB-sf', Outlook Stable;
-- $15.8 million class E at 'BBsf', Outlook Stable;
-- $9 million class F at 'Bsf', Outlook Stable;
-- Interest-Only class X-A at 'AAAsf'; Outlook Stable
-- Interest-Only class X-B at 'AA-sf'; Outlook Stable.

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


[*] Moody's Takes Action on $157.7MM of RMBS Issued 2004-2007
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of twenty
tranches and downgraded the ratings of fourteen tranches from seven
transactions backed by Prime Jumbo RMBS loans, issued by
miscellaneous issuers.

The complete rating actions are:

Issuer: CHL Mortgage Pass-Through Trust 2004-HYB7

Cl. 1-A-1, Upgraded to Baa1 (sf); previously on Sep 30, 2016
Upgraded to Baa2 (sf)

Cl. 1-A-2, Upgraded to Baa1 (sf); previously on Sep 30, 2016
Upgraded to Baa2 (sf)

Cl. 1-A-3, Upgraded to Baa3 (sf); previously on Sep 30, 2016
Upgraded to Ba1 (sf)

Cl. 2-A, Upgraded to Baa1 (sf); previously on Sep 30, 2016 Upgraded
to Baa2 (sf)

Cl. 3-A, Upgraded to Baa1 (sf); previously on Sep 30, 2016 Upgraded
to Baa2 (sf)

Cl. 4-A, Upgraded to Baa1 (sf); previously on Sep 30, 2016 Upgraded
to Baa2 (sf)

Cl. 4-A-IO, Upgraded to Baa1 (sf); previously on Sep 30, 2016
Upgraded to Baa2 (sf)

Cl. 5-A, Upgraded to Baa1 (sf); previously on Sep 30, 2016 Upgraded
to Baa2 (sf)

Cl. 5-A-IO, Upgraded to Baa1 (sf); previously on Sep 30, 2016
Upgraded to Baa2 (sf)

Cl. M, Upgraded to Caa2 (sf); previously on Sep 30, 2016 Confirmed
at Ca (sf)

Issuer: Citicorp Mortgage Securities Trust, Series 2007-2

Cl. IA-3, Downgraded to Caa2 (sf); previously on Sep 10, 2015
Downgraded to B3 (sf)

Issuer: Citicorp Mortgage Securities Trust, Series 2007-3

Cl. A-PO, Downgraded to Caa3 (sf); previously on Jun 4, 2010
Downgraded to Caa1 (sf)

Cl. IA-1, Downgraded to Caa3 (sf); previously on Feb 23, 2015
Downgraded to Caa1 (sf)

Cl. IA-11, Downgraded to Caa3 (sf); previously on Jun 4, 2010
Downgraded to Caa1 (sf)

Issuer: Citicorp Mortgage Securities Trust, Series 2007-8

Cl. A-PO, Upgraded to Ba3 (sf); previously on Jun 4, 2010
Downgraded to B3 (sf)

Cl. IA-1, Upgraded to Ba3 (sf); previously on Jun 4, 2010
Downgraded to B3 (sf)

Cl. IA-2, Upgraded to Ba2 (sf); previously on Jun 4, 2010
Downgraded to B2 (sf)

Cl. IA-3, Upgraded to Ba2 (sf); previously on Jun 4, 2010
Downgraded to B2 (sf)

Cl. IA-4, Upgraded to Caa1 (sf); previously on Jun 4, 2010
Downgraded to Ca (sf)

Cl. IIIA-1, Upgraded to Ba1 (sf); previously on Feb 14, 2012
Upgraded to Ba3 (sf)

Issuer: Citicorp Mortgage Securities, Inc. 2005-5

Cl. IIA-PO, Upgraded to Ba1 (sf); previously on May 19, 2010
Downgraded to B1 (sf)

Cl. IIIA-1, Upgraded to Ba3 (sf); previously on Sep 21, 2012
Downgraded to B3 (sf)

Issuer: MASTR Asset Securitization Trust 2004-1

Cl. 1-A-10, Downgraded to Ba2 (sf); previously on May 26, 2015
Downgraded to Baa3 (sf)

Cl. 1-A-11, Downgraded to Ba2 (sf); previously on May 26, 2015
Downgraded to Baa3 (sf)

Cl. 3-A-6, Downgraded to B2 (sf); previously on Nov 19, 2015
Downgraded to Ba2 (sf)

Cl. 3-A-7, Downgraded to B2 (sf); previously on Nov 19, 2015
Downgraded to Ba2 (sf)

Cl. 3-A-8, Downgraded to B3 (sf); previously on Nov 19, 2015
Downgraded to Ba3 (sf)

Cl. 5-A-4, Downgraded to Ba3 (sf); previously on May 26, 2015
Downgraded to Baa3 (sf)

Cl. 5-A-8, Downgraded to Ba3 (sf); previously on May 26, 2015
Downgraded to Baa3 (sf)

Cl. 5-A-13, Downgraded to Ba3 (sf); previously on May 26, 2015
Downgraded to Baa3 (sf)

Cl. 5-A-19, Downgraded to Ba3 (sf); previously on May 26, 2015
Downgraded to Baa3 (sf)

Cl. 30-PO, Downgraded to Ba3 (sf); previously on May 26, 2015
Downgraded to Baa3 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2005-AR9 Trust

Cl. III-A-1, Upgraded to Baa2 (sf); previously on Sep 16, 2016
Confirmed at Ba3 (sf)

Cl. III-A-2, Upgraded to B2 (sf); previously on Sep 16, 2016
Confirmed at Caa1 (sf)

RATINGS RATIONALE

The upgrades for Citicorp Mortgage Securities Trust, Series 2007-8
and Citicorp Mortgage Securities, Inc. 2005-5 are due to an
increase in credit enhancement available to the bonds. Class M of
CHL Mortgage Pass-Through Trust 2004-HYB7 is upgraded due to
increase in the expected recovery rate and Classes 1-A-1, 1-A-2,
2-A, 3-A, 4-A, 5-A, 1-A-3 are upgraded due to an increase in credit
enhancement available to the bonds. Classes Cl. III-A-1 and Cl.
III-A-2 backed by collateral group III underlying Wells Fargo
Mortgage Backed Securities 2005-AR9 Trust are upgraded due to the
credit enhancement available to the bonds at the group level.

The downgrades for Citicorp Mortgage Securities Trust, Series
2007-2 and Citicorp Mortgage Securities Trust, Series 2007-3 are
due to the decline in expected recoveries on the bonds. The
downgrades for MASTR Asset Securitization Trust 2004-1 are due to
an expected decline in credit enhancement available to the bonds as
the transaction is expected to eventually pass step-down trigger.
The actions are a result of the recent performance of the
underlying pools and reflect Moody's updated loss expectations on
the pools.

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in January 2017.

Additionally, the methodology used in rating CHL Mortgage
Pass-Through Trust 2004-HYB7 Cl. 4-A-IO and Cl. 5-A-IO was "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 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 August 2017 from 4.9% in
August 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 65 Classes From 15 CDO Deals
------------------------------------------------------------
S&P Global Ratings, on Sept. 12, 2017, discontinued its ratings on
60 classes from 13 cash flow (CF) collateralized loan obligation
(CLO) transactions, one class from one CF collateral debt
obligations (CDO) backed by commercial mortgage-backed securities
(CMBS), and four classes from one CF collateralized debt obligation
(CDO) transaction.

The discontinuances follow the complete paydown of the notes as
reflected in the most recent trustee-issued note payment reports
for each transaction:

-- ACAS CLO 2013-2 Ltd. (CF CLO): optional redemption in July
2017.

-- Babson CLO Ltd. 2012-II (CF CLO): optional redemption in June
2017.

-- Black Diamond CLO 2006-1 (Luxembourg) S.A. (CF CLO): optional
redemption in July 2017.

-- California Street CLO II Ltd. (CF CLO): senior-most tranche
paid down; other rated tranches still outstanding.

-- California Street CLO III Ltd. (CF CLO): senior-most tranche
paid down; other rated tranches still outstanding.

-- Capmark VII-CRE Ltd. (CF CDO of CMBS): last remaining rated
tranche paid down.

-- Cedar Creek CLO Ltd. (CF CLO): optional redemption in July
2017.

-- Cedar Funding III CLO Ltd. (CF CLO): optional redemption in
August 2017.

-- Cent CDO 15 Ltd. (CF CLO): optional redemption in July 2017.

-- ECP CLO 2012-4 Ltd. (CF CLO): optional redemption in August
2017.

-- Hillmark Funding Ltd. (CF CLO): senior-most tranche paid down;
other rated tranches still outstanding.

-- ICE 1: EM CLO Ltd. (CF Emerging Market CDO): all rated tranches
paid down.

-- LCM XII L.P. (CF CLO): optional redemption in August 2017.

-- Marine Park CLO Ltd. (CF CLO): optional redemption in August
2017.

-- TICC CLO 2012-1 LLC (CF CLO): optional redemption in August
2017.

  RATINGS DISCONTINUED

  ACAS CLO 2013-2 Ltd.
                            Rating
  Class               To                  From
  A-1A                NR                  AAA (sf)
  A-1B-R              NR                  AAA (sf)
  A-1C-R              NR                  AAA (sf)
  A-2A                NR                  AA (sf)
  A-2B-R              NR                  AA (sf)
  B                   NR                  A (sf)
  C                   NR                  BBB (sf)
  D                   NR                  BB (sf)
  E                   NR                  B (sf)
   Babson CLO Ltd. 2012-II
                            Rating
  Class               To                  From
  A-1R                NR                  AAA sf)
  A-2R                NR                  AA (sf)
  B-R                 NR                  A (sf)
  C-R                 NR                  BBB (sf)
  D-R                 NR                  BB (sf)
   Black Diamond CLO 2006-1 (Luxembourg) S.A.
                            Rating
  Class               To                  From
  D                   NR                  AA+ (sf)
  E                   NR                  A+ (sf)
   California Street CLO II Ltd.
                            Rating
  Class               To                  From
  A-2a                NR                  AAA (sf)
   California Street CLO III Ltd.
                            Rating
  Class               To                  From
  D                   NR                  BBB+ (sf)
   Capmark VII-CRE Ltd.
                            Rating
  Class               To                  From
  C                   NR                  CCC- (sf)
   Cedar Creek CLO Ltd.
                            Rating
  Class               To                  From
  A                   NR                  AAA (sf)
  B                   NR                  AA (sf)
  C                   NR                  A (sf)
  D                   NR                  BBB (sf)
  E                   NR                  BB (sf)
  F                   NR                  B- (sf)
   Cedar Funding III CLO Ltd.
                            Rating
  Class               To                  From
  A-1                 NR                  AAA (sf)
  A-F                 NR                  AAA (sf)
  B-1                 NR                  AA (sf)
  B-F                 NR                  AA (sf)
  C                   NR                  A (sf)
  D                   NR                  BBB (sf)
  E                   NR                  BB (sf)
   Cent CDO 15 Ltd.
                            Rating
  Class               To                  From
  A-1                 NR                  AAA (sf)
  A-2a                NR                  AAA (sf)
  A-2b                NR                  AAA (sf)
  A-3                 NR                  AA+ (sf)
  B                   NR                  AA- (sf)
  C                   NR                  BBB+ (sf)
  D                   NR                  BB (sf)
   ECP CLO 2012-4 Ltd.
                            Rating
  Class               To                  From
  A-1                 NR                  AAA (sf)
  A-2                 NR                  AA+ (sf)
  B-1                 NR                  A+ (sf)
  B-2                 NR                  A+ (sf)
  C                   NR                  BBB+ (sf)
  D                   NR                  BB (sf)
   Hillmark Funding Ltd.
                            Rating
  Class               To                  From
  A-1                 NR                  AAA (sf)
   ICE 1: EM CLO Ltd.
                            Rating
  Class               To                  From
  A-3                 NR                  A (sf)
  B                   NR                  BBB- (sf)
  C                   NR                  B+ (sf)
  D                   NR                  CCC (sf)
   LCM XII L.P.
                            Rating
  Class               To                  From
  A-R                 NR                  AAA (sf)
  B-R                 NR                  AA (sf)/Watch Pos
  C-R                 NR                  A (sf)/Watch Pos
  D-R                 NR                  BBB (sf)/Watch Pos
  E                   NR                  BB (sf)/Watch Pos
   Marine Park CLO Ltd.
                            Rating
  Class               To                  From
  A-1a-R              NR                  AAA (sf)
  A-1b-R              NR                  AAA (sf)
  A-2-R               NR                  AA (sf)/Watch Pos
  B-R                 NR                  A (sf)/Watch Pos
  C-R                 NR                  BBB (sf)/Watch Pos
  D-R                 NR                  BB- (sf)/Watch Pos
   TICC CLO 2012-1 LLC
                            Rating
  Class               To                  From
  A-1                 NR                  AAA (sf)
  B-1                 NR                  AAA (sf)
  C-1                 NR                  AA+ (sf)
  D-1                 NR                  A+ (sf)

  NR--Not rated.


[*] S&P Takes Various Actions on 36 Classes From Six US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings, on Sept. 8, 2017, completed its review of 36
classes from six U.S. residential mortgage-backed securities (RMBS)
transactions issued between 2003 and 2005. All of these
transactions are backed by prime jumbo collateral. The review
yielded four upgrades, six downgrades (one removed from CreditWatch
negative), and 26 affirmations.

Analytical Considerations

S&P incorporates various considerations into its 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;
-- Historical interest shortfalls;
-- Erosion of credit support;
-- Interest-only (IO) criteria;
-- Principal-only (PO) criteria;
-- Loan modifications;
-- Tail risk; and
-- Available subordination and/or overcollateralization.

Rating Actions

Please see the ratings list for the rationales for classes with
rating transitions. The affirmations of ratings reflect S&P's
opinion that its projected credit support and collateral
performance on these classes has remained relatively consistent
with S&P's prior projections.

S&P said, "We lowered our rating on class I-1-A to 'D (sf)' from 'B
(sf)' from Bear Stearns ARM Trust 2004-2 and removed it from
CreditWatch negative after we received information to assess the
impact of interest shortfalls on that class. We had placed the
rating on CreditWatch negative on Aug. 1, 2017. Based on our
assessment, the current rating on this class reflects the impact of
the interest shortfalls incurred by it."

A list of the Affected Ratings is available at:

          http://bit.ly/2wkAyJS


[*] S&P Takes Various Actions on 59 Classes From 8 U.S. RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 59 classes from eight
U.S. residential mortgage-backed securities (RMBS) transactions
issued between 2001 and 2007. All of these transactions are backed
by mixed collateral. The review yielded 10 upgrades, 10 downgrades,
20 affirmations, and 19 discontinuances.

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;
-- Historical interest shortfalls;
-- Loan modification criteria; and
-- Available support from subordination and/or
overcollateralization.

Rating Actions

Please see the ratings list for the rationales for classes with
rating transitions. The affirmations of ratings reflect S&P's
opinion that its projected credit support and collateral
performance on these classes has remained relatively consistent
with our prior projections.

S&P said, "We raised our ratings on classes 2-A-1 and 3-A-1 from
Alternative Loan Trust 2004-J7 as the credit support for the
classes increased to 81.01% and 60.07%, respectively, in August
2017 from 43.05% and 36.18%, respectively, in October 2015.

"We lowered our rating on class II-A-1 from First Horizon
Alternative Mortgage Securities Trust 2005-FA4 as credit support
for this class has eroded to 2.90% in August 2017 from 4.70% in
November 2016. Further, all subordination in the structure has been
depleted, and the only form of support remaining is group- directed
overcollateralization."

A list of the Affected Ratings is available at:

           http://bit.ly/2xFXt7s


[*] S&P Takes Various Actions on Seven FCAT & Four CFCAT Deals
--------------------------------------------------------------
S&P Global Ratings raised its ratings on 31 classes and affirmed
its ratings on 14 classes from seven Flagship Credit Auto Trust
(FCAT) transactions and four CarFinance Capital Auto Trust (CFCAT)
transactions.

S&P said, "The rating actions reflect collateral performance to
date and our expectations regarding future collateral performance,
as well as each transaction's structure and credit enhancement.
Additionally, we incorporated secondary credit factors, including
credit stability, payment priorities under various scenarios, and
sector- and issuer-specific analysis. Considering all these
factors, we believe the creditworthiness of the notes remains
consistent with the raised and affirmed ratings."

FCAT's series 2013-2, 2014-1, and 2014-2 and CFCAT's series 2013-2
are performing better than we had initially expected. As a result,
we lowered our loss expectations on these transactions. FCAT's
series 2015-1, 2015-2, 2015-3, and 2016-1 and CFCAT's series
2014-1, 2014-2, and 2015-1 are performing worse than we had
initially expected. As a result, we raised our loss expectations on
these transactions.

  Table 1
  Collateral Performance (%)
  As of the August 2017 distribution date

                              Pool    Current    60+ day
  Series                Mo.   factor      CNL    delinq.
  FCAT 2013-2           46    14.85     10.52       5.73
  FCAT 2014-1           40    22.18      9.64       4.49
  FCAT 2014-2           34    30.24      8.92       4.69
  FCAT 2015-1           29    39.49      8.15       4.87
  FCAT 2015-2           24    47.83      6.87       4.00
  FCAT 2015-3           21    54.53      6.11       3.77
  FCAT 2016-1           18    61.08      4.96       3.82
  CFCAT 2013-2          46    12.46     10.87       6.01
  CFCAT 2014-1          41    19.23     11.57       5.65
  CFCAT 2014-2          36    25.98     11.09       6.36
  CFCAT 2015-1          30    34.67     10.52       5.85

  (i) Mo.--Month.
  CNL--cumulative net loss.

  Table 2
  CNL Expectations (%)

                   Original           Former          Revised
                   lifetime         lifetime         lifetime
  Series           CNL exp.         CNL exp.         CNL exp.
                                 (Nov. 2016)      (Aug. 2017)
  FCAT 2013-2   12.50-13.00      11.25-11.75      11.25-11.75
  FCAT 2014-1   12.75-13.25      11.50-12.00      11.50-12.00
  FCAT 2014-2   12.50-13.00      11.75-12.25      12.00-12.50
  FCAT 2015-1   12.50-13.00      12.50-13.00      12.75-13.25
  FCAT 2015-2   11.25-11.75              N/A      12.75-13.25
  FCAT 2015-3   11.25-11.75              N/A      12.75-13.25
  FCAT 2016-1   11.75-12.25              N/A      12.75-13.25
  CFCAT 2013-2  12.00-12.50      11.50-12.00      11.00-11.50
  CFCAT 2014-1  11.00-12.00      12.75-13.25      13.00-13.50
  CFCAT 2014-2  11.00-12.00      13.00-13.50      13.75-14.25
  CFCAT 2015-1  11.00-12.00      13.25-13.75      15.00-15.50

  CNL exp. -- Cumulative net loss expectations.
  N/A -- Not applicable.

Each transaction contains a sequential principal payment structure
in which the notes are paid principal by seniority. Each also has
credit enhancement in the form of a non-amortizing reserve account,
overcollateralization, subordination for the higher-rated tranches,
and excess spread. Each transaction's reserve amount and
overcollateralization are at the specified target or floor except
CFCAT's series 2013-2 and 2014-1.

In addition, since the transactions closed, the credit support for
each series has increased as a percentage of the amortizing pool
balance (see table 3). The raised and affirmed ratings reflect our
view that the total credit support as a percentage of the
amortizing pool balance, compared with S&P's expected remaining
losses, is commensurate with each raised or affirmed rating.

  Table 3
  Hard Credit Support (%)
  As of the August 2017 distribution date

                            Total hard    Current total hard
                        credit support        credit support
  Series       Class    at issuance(i)     (% of current)(i)
  FCAT 2013-2        C               9.13                   54.88
  FCAT 2013-2        D               4.25                   21.97

  FCAT 2014-1        B              18.82                   83.35
  FCAT 2014-1        C              10.07                   43.88
  FCAT 2014-1        D               6.73                   28.80
  FCAT 2014-1        E               4.00                   16.52

  FCAT 2014-2        A              29.75                  100.15
  FCAT 2014-2        B              18.25                   62.12
  FCAT 2014-2        C               8.75                   30.71
  FCAT 2014-2        D               5.00                   18.31
  FCAT 2014-2        E               3.50                   13.36

  FCAT 2015-1        A              29.75                   78.29
  FCAT 2015-1        B              18.25                   49.16
  FCAT 2015-1        C               8.75                   25.10
  FCAT 2015-1        D               5.00                   15.60
  FCAT 2015-1        E               3.50                   11.81

  FCAT 2015-2        A              27.50                   62.16
  FCAT 2015-2        B              17.75                   41.77
  FCAT 2015-2        C               8.90                   23.27
  FCAT 2015-2        D               2.50                    9.89
  
  FCAT 2015-3        A              28.50                   56.76
  FCAT 2015-3        B              18.75                   38.88
  FCAT 2015-3        C               9.90                   22.66
  FCAT 2015-3        D               3.50                   10.92

  FCAT 2016-1        A              30.75                   54.33
  FCAT 2016-1        B              19.85                   36.49
  FCAT 2016-1        C               9.95                   20.28
  FCAT 2016-1        D               4.75                   11.77

  CFCAT 2013-2       C              11.50                   83.92
  CFCAT 2013-2       D               8.00                   55.83
  CFCAT 2013-2       E               4.00                   23.74

  CFCAT 2014-1       B              16.00                   79.80
  CFCAT 2014-1       C              10.45                   50.94
  CFCAT 2014-1       D               6.25                   29.09
  CFCAT 2014-1       E               4.00                   17.39

  CFCAT 2014-2       A              19.99                   78.24
  CFCAT 2014-2       B              13.49                   53.21
  CFCAT 2014-2       C               9.49                   37.81
  CFCAT 2014-2       D               6.24                   25.29
  CFCAT 2014-2       E               3.49                   14.70

  CFCAT 2015-1       A              20.00                   60.34
  CFCAT 2015-1       B              13.50                   41.60
  CFCAT 2015-1       C               9.50                   30.06
  CFCAT 2015-1       D               6.25                   20.69
  CFCAT 2015-1       E               3.50                   12.77

(i)Calculated as a percentage of the total gross receivable pool
balance, consisting of a reserve account, overcollateralization
and, if applicable, subordination.

S&P said, "We incorporated a cash flow analysis to assess the loss
coverage level, giving credit to excess spread. Our various
cash-flow scenarios included forward-looking assumptions on
recoveries, timing of losses, and voluntary absolute prepayment
speeds that we believe are appropriate given each transaction's
performance to date.

"Aside from our break-even cash flow analysis, we also conducted
sensitivity analyses for these series to determine the impact that
a moderate ('BBB') stress scenario would have on our ratings if
losses began trending higher than our revised base-case loss
expectation. In our view, the results demonstrated that all of the
classes have adequate credit enhancement at the raised or affirmed
rating levels.

"We will continue to monitor the performance of all of the
outstanding transactions to ensure that the credit enhancement
remains sufficient, in our view, to cover our cumulative net loss
expectations under our stress scenarios for each of the rated
classes."

  RATINGS RAISED

  Flagship Credit Auto Trust
                                  Rating

  Series      Class          To            From
  2013-2      C              AAA (sf)      AA+ (sf)
  2013-2      D              AA (sf)       BBB+ (sf)

  2014-1      C              AAA (sf)      A+ (sf)
  2014-1      D              AA (sf)       BBB+ (sf)
  2014-1      E              A- (sf)       BBB- (sf)

  2014-2      C              AA (sf)       A- (sf)
  2014-2      D              A- (sf)       BBB (sf)
  2014-2      E              BBB (sf)      BB+ (sf)

  2015-1      B              AAA (sf)      AA (sf)
  2015-1      C              A (sf)        BBB+ (sf)
  2015-1      D              BBB (sf)      BBB- (sf)
  2015-1      E              BB (sf)       BB- (sf)

  2015-2      A              AAA (sf)      AA (sf)
  2015-2      B              AA+ (sf)      A (sf)
  2015-2      C              A- (sf)       BBB (sf)

  2015-3      A              AAA (sf)      AA (sf)
  2015-3      B              AA+ (sf)      A (sf)
  2015-3      C              A- (sf)       BBB (sf)

  2016-1      A              AAA (sf)      AA (sf)
  2016-1      B              AA (sf)       A (sf)

  CarFinance Capital Auto Trust
                                Rating
  Series      Class          To            From
  2013-2      D              AAA (sf)      AA (sf)
  2013-2      E              AAA (sf)      BBB (sf)

  2014-1      C              AAA (sf)      AA (sf)
  2014-1      D              AA (sf)       A- (sf)
  2014-1      E              BBB+ (sf)     BBB (sf)

  2014-2      B              AAA (sf)      AA+ (sf)
  2014-2      C              AA+ (sf)      A+ (sf)
  2014-2      D              A+ (sf)       BBB+ (sf)
  2014-2      E              BBB (sf)      BBB- (sf)

  2015-1      B              AA (sf)       AA- (sf)
  2015-1      C              A+ (sf)       A (sf)

  RATINGS AFFIRMED

  Flagship Credit Auto Trust

  Series      Class          Rating
  2014-1      B              AAA (sf)

  2014-2      A              AAA (sf)
  2014-2      B              AAA (sf)

  2015-1      A              AAA (sf)

  2015-2      D              BB- (sf)

  2015-3      D              BB- (sf)

  2016-1      C              BBB (sf)
  2016-1      D              BB- (sf)

  CarFinance Capital Auto Trust
                                
  Series      Class          Rating
  2013-2      C              AAA (sf)

  2014-1      B              AAA (sf)

  2014-2      A              AAA (sf)

  2015-1      A              AAA (sf)
  2015-1      D              BBB+ (sf)
  2015-1      E              BB (sf)


[*] U.S. CMBS Delinquencies Drop for 2nd Straight Month, Fitch Says
-------------------------------------------------------------------
U.S. CMBS delinquencies declined for a second straight month,
according to Fitch Ratings in its latest U.S. CMBS weekly
newsletter.

Loan delinquencies declined one basis point to 3.59% in August from
3.60% a month earlier. Resolutions of $649 million and new
delinquencies of $623 million last month were both well below their
year-to-date monthly averages of $699 million and $788 million,
respectively.

The largest new delinquency last month was the $124 million
Metropolitan Square loan (WBCMT 2005-C21). Meanwhile, the largest
resolution for August was the $150 million City Place loan (CSMC
2007-C1), which is secured by a 698,472 sf mixed-use property
located in West Palm Beach, FL.

Current and previous delinquency rates by property type are as
follows:

-- Retail: 6.17% (from 6.18% in July);
-- Office: 6.06% (from 5.82%);
-- Industrial: 3.93% (from 4.27%);
-- Mixed Use: 3.38% (from 4.20%);
-- Hotel: 2.87% (from 2.78%);
-- Multifamily: 0.69% (from 0.69%);
-- Other: 0.80% (from 0.81%).


                            *********

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