TCR_Public/171022.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, October 22, 2017, Vol. 21, No. 294

                            Headlines

AIRLIE CLO 2006-II: Moody's Lowers Class D Notes Rating to Caa2
ANCHORAGE CAPITAL 2013-1: Moody's Gives Ba3 Rating to Cl. D-R Notes
ARES CLO XXVI: S&P Affirms BB(sf) Rating on Class E Notes
BLUEMOUNTAIN CLO 2013-2: S&P Gives Prelim B- Rating on F-R Notes
CAPMARK VII-CRE: Fitch Cuts & Withdraws D Ratings on 4 Tranches

CATHEDRAL LAKE 2013: S&P Gives Prelim BB-(sf) Rating on D-R Notes
COMM 2005-LP5: Moody's Lowers Class H Debt Rating to C
COMM 2014-CCRE20: Fitch Affirms 'B-sf' Rating on Class F Certs
COMM 2015-CCRE27: Fitch Affirms 'B-sf' Rating on Class F Certs
DIAMOND RESORTS 2017-1: S&P Assigns BB(sf) Rating on Class C Notes

FREMF MORTGAGE 2011-K12: Moody's Affirms Ba3 Rating on X-2 Certs
GALAXY CLO XV: S&P Assigns Prelim BB- Rating on Class E-R Notes
GERMAN AMERICAN 2016-COR1: Fitch Affirms B- Rating on Cl. F Certs
GREAT LAKES 2014-1: Moody's Assigns B3 Rating to Class F-R Notes
GREYWOLF CLO II: S&P Gives Prelim BB- Rating on Class D-R Notes

HALCYON LOAN 2012-2: S&P Affirms BB(sf) Rating on Class E Notes
HILTON USA 2016-HHV: Moody's Affirms B3 Rating on Class F Certs
HILTON USA 2016-SFP: Moody's Affirms B3 Ratings on 2 Tranches
JP MORGAN 2006-CIBC17: Moody's Affirms C Rating on Class X Debt
MADISON PARK XVIII: S&P Gives Prelim BB-(sf) Rating on E-R Notes

MERRILL LYNCH 2004-KEY2: Moody's Cuts Class F Debt Rating to C
MORGAN STANLEY 2005-HQ7: Moody's Hikes Class E Debt Rating to B1
MORGAN STANLEY 2013-C13: Fitch Affirms B- Rating on Class G Certs
MSJP COMMERCIAL 2015-HAUL: Fitch Affirms BB Rating on Cl. E Notes
NEW RESIDENTIAL 2017-6: Moody's Assigns B1 Rating to Cl. B7 Debt

OMI TRUST 2001-C: S&P Lowers Class A-2 Notes Rating to 'D(sf)'
RAIT CRE I: Fitch Affirms 'CCCsf' Rating on 3 Tranches
RDL LLC: Sale of Little Falls Property for $850K Approved
RFT ISSUER 2015-FL1: Moody's Affirms B2 Rating on Class C Notes
ROSEDALE CLO: Moody's Lowers Rating on Class E Notes to Caa2

SHACKLETON CLO 2015-VIII: S&P Gives Prelim BB Rating on E-R Notes
STEWART DUDLEY: Trustee's Sale of Vehicle Collection for $2M Okayed
WFRBS COMMERCIAL 2012-C10: Moody's Lowers Cl. F Debt Rating to B3
[*] S&P Discontinues 50 Classes From 10 CDO Deals on Note Paydowns

                            *********

AIRLIE CLO 2006-II: Moody's Lowers Class D Notes Rating to Caa2
---------------------------------------------------------------
Moody's Investors Service has downgraded the rating on the
following notes issued by Airlie CLO 2006-II Ltd.:

US$19,000,000 Class D Secured Deferrable Floating Rate Notes, due
December 20, 2020, Downgraded to Caa2 (sf); previously on January
19, 2017 Downgraded to B2 (sf)

Airlie CLO 2006-II Ltd., issued in December 2006, is a
collateralized loan obligation (CLO) backed primarily by a
portfolio of senior secured loans. The transaction's reinvestment
period ended in January 2014.

RATINGS RATIONALE

The downgrade rating action results primarily from a cumulative
decrease in the current collateral coverage for the Class D Notes,
and the risk of additional collateral coverage losses realized
during a liquidation of collateral assets relating to an optional
redemption of the outstanding Class C Notes, Class D Notes, and
Subordinated Notes on October 20, 2017.

According to a Notice of Optional Redemption dated October 4, 2017
delivered by the trustee, a majority of the holders of the
Subordinated Notes have directed a redemption of the notes without
requiring repayment of 100% of the aggregate outstanding amount of,
and accrued interest due on, the Class D Notes. To-date, a material
proportion of the underlying collateral has been sold at below par
prices, which has resulted in a decrease in the
over-collateralization (OC) ratio for the Class D Notes since the
last rating action in January 2017. Based on the trustee's
September 2017 report, this ratio is reported at 93.17%, versus the
January 2017 level of 99.49%.

Moody's analyzed the collateral pool as having a performing par of
$8.7 million and principal proceeds of $15.9 million. Based on the
expected net principal proceeds from liquidating the remaining
collateral assets, Moody's estimates that the Class D Notes will
suffer a principal loss of more than 10% of the outstanding
principal amount.

Methodology Underlying the Rating Action:

The principal methodology used in this rating 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 Rating

1) Liquidation of the remaining collateral assets: The liquidation
of the remaining collateral entails potential market value and
execution risks. Net cash proceeds from selling the collateral that
are significantly higher or lower than expected will affect the
ultimate amount paid to, and losses realized on, the Class D
Notes.

Loss and Cash Flow Analysis

Moody's did not model the transaction, and instead, evaluated the
likelihood that the rated notes will be repaid in full, and also
estimated the magnitude of potential losses on any rated notes not
expected to be repaid in full, based on the available collateral
and expected proceeds from their sale.


ANCHORAGE CAPITAL 2013-1: Moody's Gives Ba3 Rating to Cl. D-R Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
following notes (the "Refinancing Notes") issued by Anchorage
Capital CLO 2013-1, Ltd.:

US$3,300,000 Class X Senior Secured Floating Rate Notes due 2030
(the "Class X Notes"), Assigned Aaa (sf)

US$346,500,000 Class A-1-R Senior Secured Floating Rate Notes due
2030 (the "Class A-1-R Notes"), Assigned Aaa (sf)

US$50,300,000 Class A-2-R Senior Secured Floating Rate Notes due
2030 (the "Class A-2-R Notes"), Assigned Aa2 (sf)

US$30,300,000 Class B-R Senior Secured Deferrable Floating Rate
Notes due 2030 (the "Class B-R Notes"), Assigned A2 (sf)

US$41,800,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2030 (the "Class C-R Notes"), Assigned Baa3 (sf)

US$33,000,000 Class D-R Secured Deferrable Floating Rate Notes due
2030 (the "Class D-R Notes"), Assigned Ba3 (sf)

The Class X Notes, Class A-1-R, Class A-2-R, Class B-R, Class C-R,
and Class D-R Notes are referenced to herein as the "Refinancing
Notes".

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

Anchorage Capital Group, L.L.C. (the "Manager") manages the CLO. It
directs the selection, acquisition, and disposition of collateral
on behalf of the Issuer.

RATINGS RATIONALE

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

The Issuer has issued the Refinancing Notes on October 13, 2017
(the "Refinancing Date") in connection with the refinancing of all
of the secured notes (the "Refinanced Original Notes") previously
issued on June 27, 2013 (the "Original Closing Date"). On the
Refinancing Date, the Issuer used proceeds from the issuance of the
Refinancing Notes to redeem in full the Refinanced Original Notes.

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

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: $550,000,000

Defaulted par: $0

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3130

Weighted Average Spread (WAS): 3.45%

Weighted Average Recovery Rate (WARR): 48.5%

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 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% (3130 to 3600)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1-R Notes: -1

Class A-2-R Notes: -2

Class B-R Notes: -2

Class C-R Notes: -1

Class D-R Notes: -1

Percentage Change in WARF -- increase of 30% (3130 to 4069)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1-R Notes: -1

Class A-2-R Notes: -3

Class B-R Notes: -3

Class C-R Notes: -2

Class D-R Notes: -1


ARES CLO XXVI: S&P Affirms BB(sf) Rating on Class E Notes
---------------------------------------------------------
S&P Global Ratings raised its ratings on the class B and C notes
from Ares XXVI CLO Ltd. S&P said, "We also removed these ratings
from CreditWatch, where we placed them with positive implications
on Aug. 14, 2017. At the same time, we affirmed our ratings on the
class A, D, and E notes, and removed the class D and E ratings from
CreditWatch positive."

The rating actions follow S&P's review of the transaction's
performance using data from the Sept. 11, 2017, trustee report.

The upgrades reflect the transaction's $135.62 million in paydowns
to the class A notes since S&P's July 14, 2016, rating actions.

These paydowns resulted in improved reported overcollateralization
(O/C) ratios since the June 2016 trustee report, which S&P used for
its previous rating actions:

-- The class A/B O/C ratio improved to 132.77% from 126.80%.
-- The class C O/C ratio improved to 119.97% from 116.76%.
-- The class D O/C ratio improved to 112.80% from 110.37%.
-- The class E O/C ratio improved to 106.14% from 105.47%.

S&P said, "The affirmations on the class A, D, and E notes reflect
our belief that the credit support available is commensurate with
the current rating levels.

"On a standalone basis, the results of the cash flow analysis
pointed to a higher rating on the class D notes than today's rating
action suggests. However, we affirmed the rating due to some par
loss in the underlying portfolio, as well as a decline in the
reported weighted average spread to 3.27% from 3.99%. We also took
into account that although the transaction exited its reinvestment
period in April 2017, the collateral manager has continued to
reinvest a portion of the available principal proceeds, as allowed
in the transaction documents.

"Although the cash flow results indicated a lower rating on the
class E notes, we affirmed the rating after considering the
decreased exposure to 'CCC' rated and defaulted collateral
obligations, as well as the increased O/C ratio. The transaction
has benefited from prepayments that have occurred on the underlying
collateral, with the majority being used to pay down the class A
notes on the July 2017 payment date. We expect the transaction will
continue to delever and increase the O/C ratios. However, any
additional deterioration in credit quality or weighted average
spread and/or continued par losses could lead to potential negative
rating action on the class E notes in the future.

"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 WATCH POSITIVE

  Ares XXVI CLO Ltd.        Rating
  Class         To          From
  B             AA+ (sf)    AA (sf)/Watch Pos
  C             A+ (sf)     A (sf)/Watch Pos

  RATINGS AFFIRMED AND REMOVED FROM WATCH POSITIVE

  Ares XXVI CLO Ltd.        Rating
  Class         To          From
  D             BBB (sf)    BBB (sf)/Watch Pos
  E             BB (sf)     BB (sf)/Watch Pos

  RATINGS AFFIRMED

  Ares XXVI CLO Ltd. Class      Rating
  A                             AAA (sf)


BLUEMOUNTAIN CLO 2013-2: S&P Gives Prelim B- Rating on F-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class X,
A-1-R, A-2-R, B-R, C-R, D-R, E-R and F-R replacement notes from
BlueMountain CLO 2013-2 Ltd., a collateralized loan obligation
(CLO) transaction, originally issued in July 2013 that is managed
by BlueMountain A, a subsidiary of BlueMountain Fuji Management
LLC. The replacement notes will be issued via a proposed
supplemental indenture.

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

On the Oct. 23, 2017, refinancing date, the proceeds from the
issuance of the replacement notes are expected to redeem the
original notes. At that time, S&P anticipates withdrawing the
ratings on the original notes and assigning ratings to the
replacement notes. However, if the refinancing doesn't occur, S&P
may affirm the ratings on the original notes and withdraw its
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 A-1-R, A-2-R, B-R, C-R, and D-R notes are
expected to be issued at a lower spread than the original notes.

-- The stated maturity, reinvestment period, and non-call period
end date will be extended 5.25, 5.25, and 4.25 years,
respectively.

-- The ability of the manager to use the formula-based S&P CDO
Monitor.

-- The use of updated S&P industry categories and recoveries.

-- 95.09% of the underlying collateral obligations have credit
ratings assigned by S&P Global Ratings.

-- 95.43% of the underlying collateral obligations have recovery
ratings issued by S&P Global Ratings.

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

  BlueMountain CLO 2013-2 Ltd./BlueMountain CLO 2013-2 LLC  

  Replacement Class     Rating        Amount (mil. $)
  X                     AAA (sf)                 5.00
  A-1-R                 AAA (sf)               248.75
  A-2-R                 NR                      15.00
  B-R                   AA (sf)                 47.50
  C-R                   A (sf)                  26.75
  D-R                   BBB- (sf)               26.60
  E-R                   BB- (sf)                16.00
  F-R                   B- (sf)                  8.25
  Subordinated notes    NR                      36.20

  NR--Not rated.


CAPMARK VII-CRE: Fitch Cuts & Withdraws D Ratings on 4 Tranches
---------------------------------------------------------------
Fitch Ratings has downgraded and withdrawn four distressed classes
of Capmark VII-CRE, Ltd./Corp. (Capmark VII).  

KEY RATING DRIVERS

The downgrades to 'Dsf' of classes E through H follow the
resolution of the last asset held by the CDO. No assets remain in
the transaction. Since the last rating action, the final asset was
sold for $14.3 million resulting in the full payoff of classes C
and D and partial payoff of class E. Per the trustee, the CDO has
been discharged without full repayment of classes E and below.

RATING SENSITIVITIES

Ratings sensitivities are not applicable as the ratings on the
transaction are being withdrawn. The ratings are no longer
considered relevant.

Fitch has downgraded and withdrawn the following ratings:

-- $3.3 million class E to 'Dsf' from 'Csf'; RE 0%;
-- $36.3 million class F to 'Dsf' from 'Csf'; RE 0%;
-- $14.2 million class G to 'Dsf' from 'Csf'; RE 0%;
-- $11.6 million class H to 'Dsf' from 'Csf'; RE 0%.


CATHEDRAL LAKE 2013: S&P Gives Prelim BB-(sf) Rating on D-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1RR, A-2-R, B-R, C-R, and D-R replacement notes from Cathedral
Lake CLO 2013 Ltd./Cathedral Lake CLO 2013 Corp., a collateralized
loan obligation (CLO) originally issued in 2014 that is managed by
Carlson CLO Advisers LLC. The replacement notes will be issued via
a proposed amended 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 Oct. 12,
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."

S&P added, "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

  Cathedral Lake CLO 2013 Ltd./Cathedral Lake CLO 2013 Corp.

  Replacement class         Rating      Amount (mil. $)
  A-1RR                     AAA (sf)           282.50
  A-2-R                     AA (sf)             51.75
  B-R                       A (sf)              36.00
  C-R                       BBB- (sf)           25.75
  D-R                       BB- (sf)            21.00
  Subordinated notes        NR                  66.00

  NR--Not rated.


COMM 2005-LP5: Moody's Lowers Class H Debt Rating to C
------------------------------------------------------
Moody's Investors Service has affirmed the ratings on six classes
and downgraded the ratings on three classes in COMM 2005-LP5
Commercial Mortgage Pass-Through Certificates:

Cl. E, Affirmed Aaa (sf); previously on Jan 27, 2017 Affirmed Aaa
(sf)

Cl. F, Downgraded to B1 (sf); previously on Jan 27, 2017 Downgraded
to Ba1 (sf)

Cl. G, Downgraded to Caa1 (sf); previously on Jan 27, 2017
Downgraded to Ba3 (sf)

Cl. H, Downgraded to C (sf); previously on Jan 27, 2017 Downgraded
to Caa3 (sf)

Cl. J, Affirmed C (sf); previously on Jan 27, 2017 Downgraded to C
(sf)

Cl. K, Affirmed C (sf); previously on Jan 27, 2017 Downgraded to C
(sf)

Cl. L, Affirmed C (sf); previously on Jan 27, 2017 Affirmed C (sf)

Cl. M, Affirmed C (sf); previously on Jan 27, 2017 Affirmed C (sf)

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

RATINGS RATIONALE

The rating on Class E was affirmed because the transaction's key
metrics, including Moody's loan-to-value (LTV) ratio, Moody's
stressed debt service coverage ratio (DSCR) and the transaction's
Herfindahl Index (Herf), are within acceptable ranges. The ratings
on Classes J, K, L and M were affirmed because the ratings are
consistent with Moody's expected loss.

The rating on Class F was downgraded due to ongoing concerns about
current and future interest shortfalls and expected losses from the
loan in specially servicing. The ratings on Classes G and H were
downgraded due to the anticipated losses from the loan in special
servicing. The specially serviced loan, representing 80.4% of the
pool balance, is already real estate owned ("REO").

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

Moody's rating action reflects a base expected loss of 69.3% of the
current pooled balance, compared to 57.3% at Moody's last review.
Moody's base expected loss plus realized losses is now 5.2% of the
original pooled balance, compared to 4.8% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

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

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 80.6% 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 October 10, 2017 distribution date, the transaction's
aggregate pooled certificate balance has decreased by 95.2% to
$82.2 million from $1.7 billion at securitization. The certificates
are collateralized by 15 mortgage loans ranging in size from less
than 1% to 80.6% of the pool, with the top ten loans (excluding
defeasance) constituting 98.7% of the pool.

Three loans, constituting 3.1% 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, resulting in an
aggregate realized loss of $31.5 million (for an average loss
severity of 15%). One loan, the Lakeside Mall ($66.2 million --
80.6% of the pool), is currently in special servicing. The loan
represents a pari-passu portion of a $132.4 million senior mortgage
loan. The loan transferred to special servicing in May 2016 per the
borrower's request, as the loan failed to pay off at its June 1,
2016 maturity date. The deed in lieu of foreclosure closed on June
30, 2017 and the asset is now REO. The loan is secured by a 643,000
square foot (SF) portion of a 1.5 million square foot (SF) regional
mall located in Sterling Heights, Michigan. The mall's anchors
include Sears, JC Penney, Macy's, Lord & Taylor and Macy's Mens &
Home. Macy's Mens and Home is the only anchor tenant that is part
of the collateral. As of March 2017 the collateral was 82% leased.
The April 2017 running twelve month total inline sales less than
10,000 SF were $302 per square foot (PSF), compared to $263 PSF in
September 2016. Competition in the area is deemed high as there are
three competing retail properties in the area. Moody's anticipates
a significant loss on this loan.

As of the October 10, 2017 remittance statement cumulative interest
shortfalls were $3.4 million. Moody's anticipates interest
shortfalls will continue because of the exposure to specially
serviced loans and/or modified loans. Interest shortfalls are
caused by special servicing fees, including workout and liquidation
fees, appraisal entitlement reductions (ASERs), loan modifications
and extraordinary trust expenses.

Moody's received full year 2016 operating results for 93% of the
pool, and partial year 2017 operating results for 29% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 30.7%, compared to 27.8% at Moody's last
review. Moody's conduit component excludes loans with structured
credit assessments, defeased and CTL loans, and specially serviced
and troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 11.1% to the most recently available net
operating income (NOI). Moody's value reflects a weighted average
capitalization rate of 11.9%.

Moody's actual and stressed conduit DSCRs are 3.56X and 4.59X,
respectively, compared to 3.39X and 4.17X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three performing loans represent 12.5% of the pool balance.
The largest loan is the 30 East 65th Street Loan ($6 million --
7.3% of the pool), which is secured by a 64-unit co-operative
building, located on 65th Street and Madison Avenue in Manhattan.
The building is located one block from the Central Park zoo.
Moody's LTV is 18.8%, the same as at the last review.

The second largest loan is the Pacific American Fish Company Loan
($2.7 million -- 3.4% of the pool), which is secured by a 106,000
square foot (SF) industrial building located in Vernon, California.
The building's sole tenant, Pacific American Fish Co. lease expires
on March 31, 2020. The loan is a fully amortizing loan and
performance has remained steady. Due to the single tenant exposure,
Moody's value incorporates a lit / dark analysis. Moody's LTV and
stressed DSCR are 12.9% and >4.00X, respectively, compared to
16.1% and >4.00X at the last review.

The third largest loan is the Hunters Chase Apartments Loan ($1.5
million -- 1.8% of the pool), which is secured by a 112-unit
multifamily property located in Thomasville, Georgia. As per the
June 2017 rent roll the property was 98% leased, unchanged from
September 2016. The loan benefits from amortization as it has
amortized 17.6% since securitization. Moody's LTV and stressed DSCR
are 46.8% and 1.92X, respectively, compared to 38.1% and 2.35X at
the last review.


COMM 2014-CCRE20: Fitch Affirms 'B-sf' Rating on Class F Certs
--------------------------------------------------------------
Fitch Ratings has upgraded one interest-only (IO) class, and
affirmed the remaining 14 classes of Deutsche Bank Securities,
Inc.'s COMM 2014-CCRE20 commercial mortgage trust pass-through
certificates.  

KEY RATING DRIVERS

The upgrade to class X-B is a result of the update to Fitch's
"Global Structured Finance Rating Criteria," published May 3, 2017,
which now states that IO bond ratings will be capped at the rating
of the lowest referenced tranche that contributes cash flow to the
IO. Class X-B is a "strip" IO bond that references class B and C
certificates, with the fixed-rate class B contributing cash flow to
the IO; class C has a weighted average coupon (WAC) pass-through
rate and does not contribute cash flow to the IO bond.

The affirmations of the remaining classes are based on the
relatively stable performance of the pool since issuance. As of the
September 2017 distribution date, the pool's aggregate principal
balance has been paid down by 2.4% to $1.15 billion from $1.18
billion at issuance. The pool has experienced no losses to date. De
minimis interest shortfalls are currently affecting the non-rated
class H.

Overall Stable Performance: The pool has had relatively stable
performance, with no material changes to pool metrics since
issuance. As of September 2017, all loans were current, and no
loans were in special servicing. Property-level performance remains
generally in line with issuance expectations, with the most recent
servicer-reported full-year aggregate pool level net operating
income (NOI) approximately 9% above the issuer's underwritten NOI.
The weighted average NOI debt service coverage ratio (DSCR) was
approximately 2.34x, per the servicer's full-year 2016 reporting.
Four loans (2.4% of the pool balance) are fully defeased.

Fitch Loans of Concern: Three of the top 15 loans have been
identified as Fitch Loans of Concern (FLOCs) due to declining NOI.
The Harwood Center loan (5.2% of the pool) is secured by a Dallas,
TX office building where NOI has declined since issuance due to
increased expenses; the property also faces significant rollover
risks and high submarket vacancy concerns. The remaining two FLOCs
are secured by hotel properties that have had NOI declines
primarily due to increased supply/competition in their respective
submarkets: Crowne Plaza Houston Katey Freeway (2.73% of the pool;
Houston, TX) and Doubletree Beachwood (2.32%; Beachwood, OH).

Hurricane Exposure: Eleven loans (19.6% of the pool) are secured by
properties located in regions impacted by Hurricanes Irma in
Florida (10 loans; 16.8%) and Hurricane Harvey in the greater
Houston, TX area (one loan; 2.73%). The servicer has not yet
reported hurricane related damages directly affecting any of the
properties' operations, but Fitch will continue to monitor the
situation and provide further specifications as received.

Limited Amortization: As of September 2017, the pool had only paid
down 2.4%. The pool is scheduled to amortize by 13.5% of the
initial pool balance prior to maturity. Eight loans (32.9%),
including four of the top 10, are full-term IO, and 25 loans
(24.8%) are partial IO.

Pool Concentration: The 10 largest loans represent 54.3% of the
total pool balance, and the top three loans represent 27.4% of the
total pool balance. In addition, nine loans secured by hotel
properties account for 27.8% of the pool.

Collateral Quality: As a percentage of the Fitch-inspected
properties at issuance, 47.2% of the pool received a property
quality grade of "A-" or higher, while only 5.0% received a grade
below "B-". The largest loan in the pool, Gateway Brooklyn Phase
II, received a property quality grade of "A-".

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 upgraded the following ratings:

-- $136 million interest-only class X-B to 'AA+' from 'AA-sf';
Outlook Stable.

Fitch has affirmed the following ratings:

-- $28.3 million class A-1 at 'AAAsf'; Outlook Stable;
-- $99 million class A-2 at 'AAAsf'; Outlook Stable;
-- $79.1 million class A-SB at 'AAAsf'; Outlook Stable;
-- $275 million class A-3 at 'AAAsf'; Outlook Stable;
-- $317.7 million class A-4 at 'AAAsf'; Outlook Stable;
-- $862.6 million interest-only class X-A at 'AAAsf'; Outlook
    Stable;
-- $63.6 million class A-M at 'AAAsf'; Outlook Stable;
-- $57.7 million class B at 'AA+sf'; Outlook Stable;
-- $78.3 million class C at 'A-sf'; Outlook Stable;
-- $199.6 million class PEZ at 'A-sf'; Outlook Stable;
-- $60.6 million class D at 'BBB-sf'; Outlook Stable;
-- $60.6 million interest-only class X-C at 'BBB-sf'; Outlook
    Stable;
-- $26.6 million class E at 'BB-sf'; Outlook Stable;
-- $11.8 million class F at 'B-sf'; Outlook Stable.

Fitch does not rate the class G, class H, IO class X-D, IO class
X-E, IO class X-F and the IO class X-G certificates.

Class A-M, B and C certificates may be exchanged for class PEZ
certificates, and class PEZ certificates may be exchanged for class
A-M, B, and C certificates.


COMM 2015-CCRE27: Fitch Affirms 'B-sf' Rating on Class F Certs
--------------------------------------------------------------
Fitch Ratings has affirmed 14 classes of Deutsche Bank Securities,
Inc.'s COMM 2015-CCRE27 commercial mortgage trust pass-through
certificates.  

KEY RATING DRIVERS

Stable Performance: The affirmations are based on the relatively
stable performance of the underlying collateral and minimal change
to credit enhancement. As of the September 2017 distribution date,
the pool's aggregate principal balance has been reduced by 1.1% to
$921.1 million from $931.6 million at issuance. There are no
specially serviced or delinquent loans. Two loans (1.9% of the
current balance) are currently on the servicer's watchlist and no
loans are considered a Fitch loan of concern.

Multifamily Concentration: The pool has a high percentage of
multifamily loans (36.7% of the current balance), followed by
retail (19.4%), and Office (18.2%). Four (23.3%) of the top five
loans in the pool are multifamily loans.

Below Average Amortization: Eight loans, representing 20.9% of the
pool, are full-term interest-only, and 30 loans representing 45.9%
of the pool are partial interest-only. The remainder of the pool
consists of 27 balloon loans representing 33.2% of the pool, with
loan terms of five to 10 years. There are also two ARD loans (2.2%
of the pool). Based on the scheduled balance at maturity, the pool
will pay down 11.3%.

Limited Upcoming Maturities: Only 8% of the pool is scheduled to
mature in 2020. The majority of the pool matures in 2025 (92%).

Hurricane Exposure: The transaction's exposure to areas impacted by
Hurricane Harvey includes four loans (9.2%). The largest impacted
loan (6.6%), Sandalwood Portfolio, has one property located in
Corpus Christi that sustained damage to over 60% of the roofs but
the property has wind insurance and a claim is pending. Eight loans
representing 12.5% of the pool are secured by properties located in
Florida that may have been impacted by Hurricane Irma but the
master servicer has not noted any significant damage to the
properties that have reported.

RATING SENSITIVITIES

Rating Outlooks for all classes remain Stable due to the overall
stable performance of the pool and continued amortization. Rating
upgrades may occur with improved pool performance and additional
paydown or defeasance. Rating downgrades to the classes are
possible should a material asset-level or economic event adversely
affect pool performance.

Fitch has affirmed the following ratings:

-- $28.2 million class A-1 at 'AAAsf'; Outlook Stable;
-- $72.5 million class A-2 at 'AAAsf'; Outlook Stable;
-- $62.5 million class A-SB at 'AAAsf'; Outlook Stable;
-- $200 million class A-3 at 'AAAsf'; Outlook Stable;
-- $278.3 million class A-4 at 'AAAsf'; Outlook Stable;
-- $53.6 million class A-M at 'AAAsf'; Outlook Stable;
-- $695.2 million* class X-A at 'AAAsf'; Outlook Stable;
-- $54.7 million class B at 'AA-sf'; Outlook Stable;
-- $97.8 million* class X-B at 'AA-sf'; Outlook Stable;
-- $43.1 million class C at 'A-sf'; Outlook Stable;
-- $51.2 million class D at 'BBB-sf'; Outlook Stable;
-- $51.2 million* class X-C at 'BBB-sf'; Outlook Stable;
-- $24.5 million class E at 'BB-sf'; Outlook Stable;
-- $9.3 million class F at 'B-sf'; Outlook Stable.

* Notional amount and interest only.

Fitch does not rate the class G, H, X-D, X-E, or X-F certificates.


DIAMOND RESORTS 2017-1: S&P Assigns BB(sf) Rating on Class C Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Diamond Resorts Owner
Trust 2017-1's $258.20 million timeshare loan-backed notes series
2017-1.

The note issuance is an asset-backed securities transaction backed
by vacation ownership interval (timeshare) loans.

The ratings reflect S&P's view of the transaction's credit
enhancement that is available in the form of subordination,
overcollateralization, a reserve account, and available excess
spread.

  RATINGS ASSIGNED

  Diamond Resorts Owner Trust 2017-1

  Class       Rating            Amount
                               (mil. $)
  A           A (sf)            205.20
  B           BBB (sf)           44.85
  C           BB (sf)             8.15



FREMF MORTGAGE 2011-K12: Moody's Affirms Ba3 Rating on X-2 Certs
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on two classes
in FREMF Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2011-K12:

Cl. B, Affirmed Aa3 (sf); previously on Jul 27, 2017 Upgraded to
Aa3 (sf)

Cl. X-2, Affirmed Ba3 (sf); previously on Jul 27, 2017 Affirmed Ba3
(sf)

RATINGS RATIONALE

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

The rating on the IO class, Class X-2, was affirmed based on the
credit quality of the referenced classes.

Moody's rating action reflects a base expected loss of 0.9% of the
current pooled balance, the same as at last review. Moody's base
expected loss plus realized losses is now 1.0% of the original
pooled balance, the same as at last review. Moody's provides a
current list of base expected losses for conduit and fusion CMBS
transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in these ratings was "Approach to
Rating US and Canadian Conduit/Fusion CMBS" published in July 2017.


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

DEAL PERFORMANCE

As of the September 25, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 11% to $1.08 billion
from $1.21 billion at securitization. The certificates are
collateralized by 67 mortgage loans ranging in size from less than
1% to 9% of the pool, with the top ten loans (excluding defeasance)
constituting 38% of the pool. Seventeen loans, constituting 28% of
the pool, have defeased and are secured by US government
securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 21, the same as at Moody's last review.

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

One loan has been liquidated from the pool, resulting in an
aggregate realized loss of $2.8 million (for an average loss
severity of 55%). There are no loans currently in special
servicing.

Moody's received full year 2016 operating results for 98% of the
pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 70%, the same as at Moody's last
review. Moody's conduit component excludes loans with structured
credit assessments, defeased and CTL loans, and specially serviced
and troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 12% to the most recently available net operating
income (NOI). Moody's value reflects a weighted average
capitalization rate of 8.6%.

Moody's actual and stressed conduit DSCRs are 1.86X and 1.45X,
respectively, compared to 1.86X and 1.44X 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
8.75% stress rate the agency applied to the loan balance.

The top three conduit loans represent 22% of the pool balance. The
largest loan is the 200 Water Street Loan ($96.7 million -- 9.0% of
the pool), which is secured by a 576-unit multifamily high-rise
located in the Financial District of Lower Manhattan, New York
City. The property was 91% leased as of December 2016, the same as
at December 2015. This property was damaged during Hurricane Sandy,
but is now fully operational. Moody's LTV and stressed DSCR are 76%
and 1.13X, respectively, the same as at the prior review.

The second largest loan is the Mid-America Portfolio ($77.8 million
-- 7.2% of the pool), which is secured by four cross-collateralized
and cross-defaulted multifamily loans located in Tennessee, Florida
and South Carolina. The portfolio contains 1,312 units in the
aggregate, represented by one, two and three-bedroom floor plans.
The portfolio was 97% leased as of December 2016, the same as at
the prior review. Moody's LTV and stressed DSCR are 64% and 1.55X,
respectively, compared to 65% and 1.54X at the last review.

The third largest loan is the Summer House Apartments Loan ($64.8
million -- 6.0% of the pool), which is secured by a 615-unit
garden-style multifamily property located in Alameda, California.
The property was 97% occupied as of December 2016, compared to 95%
at December 2015. Moody's LTV and stressed DSCR are 53% and 1.85X,
respectively, compared to 53% and 1.84X at the last review.


GALAXY CLO XV: S&P Assigns Prelim BB- Rating on Class E-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class X,
A-R, B-R, C-R, D-R, and E-R replacement notes from Galaxy XV CLO
Ltd., a collateralized loan obligation (CLO) originally issued in
March 2013 that is managed by PineBridge Investments 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 Oct. 12,
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
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."

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

-- Issue the replacement class A-R, B-R, C-R, and D-R notes at a
lower spread than the original notes.

-- Extend the stated maturity 5.5 years, the reinvestment period
5.5 years, and the non-call period 4.5 years.

-- Amend the overcollateralization ratio thresholds, minimum
weighted average spread covenant, and minimum weighted average
recovery rate covenant.

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

  Galaxy XV CLO Ltd./Galaxy XV CLO LLC
  Replacement class         Rating      Amount (mil. $)
  X                         AAA (sf)              2.300
  A-R                       AAA (sf)            358.400
  B-R                       AA (sf)              61.600
  C-R                       A (sf)               39.200
  D-R                       BBB- (sf)            30.800
  E-R                       BB- (sf)             25.200
  Subordinated notes        NR                   69.575

  NR--Not rated.


GERMAN AMERICAN 2016-COR1: Fitch Affirms B- Rating on Cl. F Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed German American Capital Corp.'s COMM
Mortgage Securities Trust 2016-COR1 commercial mortgage
pass-through certificates.  

KEY RATING DRIVERS

Stable Performance: The overall pool performance remains stable
from issuance. There is one delinquent and specially serviced loan
(0.5%). As of the September 2017 distribution date, the pool's
aggregate balance has been reduced by 0.4% to $886.8 million, from
$890.7 million at issuance. One loan (1.6%) is on the servicer's
watchlist due to the second largest tenant's (hhgregg) bankruptcy
and closure. Both the specially serviced loan and the watchlist
loan (2.1%) are considered Fitch Loans of Concern.

Concentration: Loans backed by properties located in California
represent 40% of the transaction. The largest concentrations by
property type are office (33%), retail (27%) and hotels (14.4%).
Three loans backed by retail properties totaling 10.5% of the pool
are in the top 15, the largest of which (6.3%) is an anchored
retail center with large tenants that include Ralphs, Nordstrom and
Ross Dress for Less. There is one regional mall, the pari passu
Westfield San Francisco Centre (2.6%) with anchors Bloomingdales
and Nordstrom.

Specially Serviced Loan: One loan is in special servicing, the
Comfort Inn Jamestown (0.5%), a hotel located in Jamestown, NY. Per
servicer reporting, the hotel lost market share due to new
competition and a receiver has been appointed. The loan is 30 days
delinquent. The most recent servicer-reported NOI DSCR was 0.20x as
of June 2017 compared to 1.37x as of YE 2016.

Limited Hurricane Exposure: Approximately 3.7% of the pool is
located in the Houston MSA and 5.4% located in Florida. The 15th
largest loan in the transaction, Adobe Springs (2.3%) is
collateralized by a multifamily property located in northwest
Houston. Per the master servicer's significant insurance event
report, the borrower reported no damage. The ninth largest loan
(3.4%) is collateralized by a multifamily property located in
Jacksonville, FL. Per the master servicer's report, the borrower
reported no damage.

Limited Amortization: Fifteen loans, 52% of the pool, are full
interest only with 14 loans, 24% of the pool having partial
interest only terms. This is higher than the average 2016 vintage
transactions. The deal is expected to pay down only 9.4%.

RATING SENSITIVITIES

Rating Outlooks for all classes remain Stable due to the overall
stable performance of the pool and continued amortization. Rating
upgrades, while unlikely in the near term, may occur with improved
pool performance and additional paydown or defeasance. If the
specially serviced loan deteriorates further and if additional
loans transfer to special servicing, rating downgrades are
possible.

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:

-- $25.9 million class A-1 at 'AAAsf'; Outlook Stable;
-- $64.9 million class A-2 at 'AAAsf'; Outlook Stable;
-- $48 million class A-SB at 'AAAsf'; Outlook Stable;
-- $215 million class A-3 at 'AAAsf'; Outlook Stable;
-- $265.4 million class A-4 at 'AAAsf'; Outlook Stable;
-- $676.9 million(b) class X-A at 'AAAsf'; Outlook Stable;
-- $53.4 million class A-M at 'AAAsf'; Outlook Stable;
-- $54.5 million class B at 'AA-sf'; Outlook Stable;
-- $41.2 million class C at 'A-sf'; Outlook Stable;
-- $54.5 million(ab) class X-B at 'AA-sf'; Outlook Stable;
-- $46.8 million(ab*) class X-C at 'BBB-sf'; Outlook Stable;
-- $22.3 million(ab) class X-E at ' BB-sf'; Outlook Stable;
-- $10 million(ab) class X-F at ' B-sf'; Outlook Stable;
-- $46.8 million(a) class D at 'BBB-sf'; Outlook Stable;
-- $22.3 million(a) class E at 'BB-sf'; Outlook Stable;
-- $10 million(a) class F at 'B-sf'; Outlook Stable.

The following classes are not rated:

-- $38,967,985ab class X-G;
-- $38,967,985a class G.

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


GREAT LAKES 2014-1: Moody's Assigns B3 Rating to Class F-R Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
following notes (the "Refinancing Notes") to be issued by Great
Lakes CLO 2014-1, Ltd.:

US$208,200,000 Class A-R Senior Floating Rate Notes due 2029 (the
"Class A-R Notes"), Assigned Aaa (sf)

US$42,700,000 Class B-R Floating Rate Notes due 2029 (the "Class
B-R Notes"), Assigned Aa2 (sf)

US$34,600,000 Class C-R Deferrable Mezzanine Floating Rate Notes
due 2029 (the "Class C-R Notes"), Assigned A2 (sf)

US$21,900,000 Class D-R Deferrable Mezzanine Floating Rate Notes
due 2029 (the "Class D-R Notes"), Assigned Baa2 (sf)

US$28,500,000 Class E-R Deferrable Mezzanine Floating Rate Notes
due 2029 (the "Class E-R Notes"), Assigned Ba2 (sf)

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

The Issuer is a managed cash flow collateralized loan obligation
(CLO). The issued notes are collateralized primarily by a portfolio
of senior secured, small and medium enterprise loans.

BMO Asset Management Corp. (the "Manager") will manage the CLO. It
will direct 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 October 16, 2017
(the "Refinancing Date") in connection with the refinancing of all
of the secured notes (the "Refinanced Original Notes") previously
issued on April 25, 2014 (the "Original Closing Date"). On the
Refinancing Date, the Issuer will use proceeds from the issuance of
the Refinancing Notes and additional subordinated notes to redeem
in full the Refinanced Original Notes.

In addition to the issuance of the Refinancing Notes and additional
subordinated notes, a variety of other changes to transaction
features will occur in connection with the refinancing. These
include: extensions of the reinvestment period, non-call period and
the notes' stated maturity; changes to certain collateral quality
tests; changes to the overcollateralization test levels; and
changes to certain concentration limits.

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:

Portfolio par: $374,247,940

Defaulted par: $7,104,120

Diversity Score: 40

Weighted Average Rating Factor (WARF): 3611

Weighted Average Spread (WAS): 4.65%

Weighted Average Recovery Rate (WARR): 49.00%

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 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 3611 to 4153)

Rating Impact in Rating Notches

Class A-R Notes: 0

Class B-R Notes: 0

Class C-R Notes: -1

Class D-R Notes: -1

Class E-R Notes: -1

Class F-R Notes: 0

Percentage Change in WARF - increase of 30% (from 3611 to 4694)

Rating Impact in Rating Notches

Class A-R Notes: 0

Class B-R Notes: -1

Class C-R Notes: -3

Class D-R Notes: -2

Class E-R Notes: -2

Class F-R Notes: -2


GREYWOLF CLO II: S&P Gives Prelim BB- Rating on Class D-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class X,
A-1-R, A-2-R, B-R, C-R, and D-R replacement notes from Greywolf CLO
II Ltd., a collateralized loan obligation (CLO) originally issued
in March 2013 that is managed by Greywolf Capital Management L.P.
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 replacement class A-1-R and D-R notes are expected to
be issued at higher spreads than the original notes. The
replacement class A-2-R, B-R, and C-R notes are expected to be
issued at lower spreads than the original notes.

The preliminary ratings are based on information as of Oct. 13,
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:

-- A class X note will also be issued.

-- The stated maturity, reinvestment period, and non-call period
will be extended 4.5 years, respectively.

-- 98.97% of the underlying collateral obligations have credit
ratings assigned by S&P Global Ratings.

-- 97.42 % of the underlying collateral obligations have recovery
ratings issued by S&P Global Ratings.

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 (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."

  PRELIMINARY RATINGS ASSIGNED

  Greywolf CLO II Ltd.

  Replacement class               Rating      Amount (mil. $)
  X                               AAA (sf)               3.50
  A-1-R                           AAA (sf)             248.00
  A-2-R                           AA (sf)               46.50
  B-R (deferrable)                A (sf)                33.30
  C-R (deferrable)                BBB- (sf)             21.80
  D-R (deferrable)                BB- (sf)              18.40
  Subordinated notes (class A)    NR                     0.00
  Subordinated notes (class B)    NR                    53.50


HALCYON LOAN 2012-2: S&P Affirms BB(sf) Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings raised its ratings on the class B and C notes
from Halcyon Loan Advisors Funding 2012-2 Ltd. At the same time,
S&P affirmed its ratings on the class A, D, and E notes from the
same transaction and removed its ratings on class B, C, and D notes
from CreditWatch, where it placed them with positive implications
on Aug. 14, 2017.

The rating actions follow S&P's review of the transaction's
performance using data from the Sept. 6, 2017, trustee report.

The upgrades reflect the transaction's $136.48 million in paydowns
to the class A notes since our Jan. 26, 2016, rating action. These
paydowns resulted in improved reported overcollateralization (O/C)
ratios for higher classes since the Dec. 7, 2015, trustee report,
which we used for our January 2016 rating actions:

-- The class A/B O/C ratio increased to 142.78% from 135.14%.
-- The class C O/C ratio increased to 122.14% from 120.61%.
-- The class D O/C ratio decreased to 113.76% from 114.35%.
-- The class E O/C ratio decreased to 106.90% from 109.04%.

S&P said, "The collateral portfolio's credit quality has
deteriorated since our last rating actions. Collateral obligations
with ratings in the 'CCC' category have increased, with $38.21
million reported as of the Sept. 6, 2017, trustee report, compared
with zero reported as of the Dec. 7, 2015, trustee report. In
addition, the residual portfolio now has increased exposure to
project finance issuers as well as some energy related issuers.

"On a standalone basis, the results of the cash flow analysis
indicated a higher rating on the class C, D, and E notes. However,
because the transaction now has greater exposure to 'CCC' rated,
project finance and energy related issuers, we limited the upgrade
on these classes to maintain rating cushion as this transaction
continues to amortize.

"The upgrades reflect the improved credit support at the prior
rating levels; the affirmations reflect our view that the credit
support available is commensurate with the current rating levels.

"Our review of this transaction included a cash flow analysis,
based on the portfolio and transaction as reflected in the
aforementioned trustee report, to estimate future performance. In
line with our criteria, our cash flow scenarios applied
forward-looking assumptions on the expected timing and pattern of
defaults, and 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

  Halcyon Loan Advisors Funding 2012-2 Ltd.

  Class         To          From
  B             AAA (sf)    AA (sf)/Watch Pos
  C             AA- (sf)    A  (sf)/Watch Pos

  RATING AFFIRMED AND REMOVED FROM CREDITWATCH POSITIVE

  Halcyon Loan Advisors Funding 2012-2 Ltd.

  Class         To          From
  D             BBB (sf)    BBB (sf)/Watch Pos

  RATINGS AFFIRMED

  Halcyon Loan Advisors Funding 2012-2 Ltd.

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


HILTON USA 2016-HHV: Moody's Affirms B3 Rating on Class F Certs
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings on seven classes of
Hilton USA Trust 2016-HHV, Commercial Mortgage Pass-Through
Certificates, Series 2016-HHV.

Moody's rating actions are:

Cl. A, Affirmed Aaa (sf); previously on Nov 28, 2016 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aa3 (sf); previously on Nov 28, 2016 Definitive
Rating Assigned Aa3 (sf)

Cl. C, Affirmed A3 (sf); previously on Nov 28, 2016 Definitive
Rating Assigned A3 (sf)

Cl. D, Affirmed Baa3 (sf); previously on Nov 28, 2016 Definitive
Rating Assigned Baa3 (sf)

Cl. E, Affirmed Ba3 (sf); previously on Nov 28, 2016 Definitive
Rating Assigned Ba3 (sf)

Cl. F, Affirmed B3 (sf); previously on Nov 28, 2016 Definitive
Rating Assigned B3 (sf)

Cl. X-A, Affirmed Aaa (sf); previously on Nov 28, 2016 Definitive
Rating Assigned Aaa (sf)

RATINGS RATIONALE

Moody's has affirmed the ratings on six P&I classes due to the
transaction's key metrics, including Moody's loan-to-value (LTV)
ratio and Moody's stressed debt service coverage ratio (DSCR),
being within acceptable ranges. The rating on the IO class, Class
X-A, is affirmed based on the credit quality of its reference
class.

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, an increase in defeasance or
an improvement in loan performance.

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the loan 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-A was "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

DEAL PERFORMANCE

As of the September 8, 2017 Payment Date, the transaction's
aggregate certificate balance remains unchanged at $750.0 Million.
The securitization is backed by a single fixed rate loan
collateralized by The Hilton Hawaiian Village Waikiki Beach Resort.
The whole loan of $1.275 Billion has a split structure of trust
loan component of $750 Million and Companion Loan components
totaling $525.0 Million. The trust comprise of Trust A Notes
($171.6 Million) and B Notes ($578.4 million). The Trust A Notes of
$171.6 Million and Companion Loans of $525.0 Million are pari
passu. The Companion Loans are securitized in JPMCC 2016-JP4, JPMCC
2017-JP5, JPMDB 2017-C5, CD 2017-CD3, CD 2017-CD4, CFCRE 2016-C7,
MSBAM 2016-C32 and WFCM 2016-C37 transactions. The interest only
loan's final maturity date is in November 2026.

The Hilton Hawaiian Village is situated on twenty-two beachfront
acres overlooking Waikiki Beach in Hawaii. The resort features
2,860 guest rooms spread across five towers, 20 food and beverage
outlets, 150,000 SF of indoor and outdoor function space, three
conference centers, five swimming pools, a saltwater lagoon, spa
grottos, the Mandara Spa and Fitness Center, two chapels and
approximately 130,500 SF of leased retail and restaurant space.

The property's Net Cash Flow (NCF) for the trailing twelve month
period ending March 2017 was $133.0 million. Moody's stabilized NCF
is $116.1 million, the same as securitization. Moody's stressed LTV
and stressed DSCR for the First Mortgage are 109% and 0.98X,
respectively. The trust has not incurred any losses or interest
shortfalls as of the current Payment Date.


HILTON USA 2016-SFP: Moody's Affirms B3 Ratings on 2 Tranches
-------------------------------------------------------------
Moody's Investors Service affirmed the ratings on eight classes of
Hilton USA Trust 2016-SFP, Commercial Mortgage Pass-Through
Certificates, Series 2016-SFP.

Moody's rating actions are:

Cl. A, Affirmed Aaa (sf); previously on Nov 22, 2016 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aa3 (sf); previously on Nov 22, 2016 Definitive
Rating Assigned Aa3 (sf)

Cl. C, Affirmed A3 (sf); previously on Nov 22, 2016 Definitive
Rating Assigned A3 (sf)

Cl. D, Affirmed Baa3 (sf); previously on Nov 22, 2016 Definitive
Rating Assigned Baa3 (sf)

Cl. E, Affirmed Ba3 (sf); previously on Nov 22, 2016 Definitive
Rating Assigned Ba3 (sf)

Cl. F, Affirmed B3 (sf); previously on Nov 22, 2016 Definitive
Rating Assigned B3 (sf)

Cl. X-CP, Affirmed A2 (sf); previously on Nov 22, 2016 Definitive
Rating Assigned A2 (sf)

Cl. X-E, Affirmed B3 (sf); previously on Nov 22, 2016 Definitive
Rating Assigned B3 (sf)

RATINGS RATIONALE

Moody's has affirmed the ratings on six P&I classes due to the
transaction's key metrics, including Moody's loan-to-value (LTV)
ratio and Moody's stressed debt service coverage ratio (DSCR),
being within acceptable ranges. The ratings on the two IO classes,
Class X-CP and Class X-E, are affirmed based on the credit quality
of the reference classes. Moody's does not rate Class X-NCP.

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, an increase in defeasance or
an improvement in loan performance.

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the loan 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-CP and Cl. X-E
was "Moody's Approach to Rating Structured Finance Interest-Only
(IO) Securities" published in June 2017.

DEAL PERFORMANCE

As of the September 8, 2017 Payment Date, the transaction's
aggregate certificate balance remains unchanged at $725.0 Million.
The securitization is backed by a 7-year, single fixed rate loan
collateralized by two adjacent full-service hotels, The Hilton San
Francisco Union Square and the Hilton Parc 55 San Francisco,
totaling 2.943 guestrooms. The interest only loan's final maturity
date is in November 2023.

The Hilton San Francisco Union Square was constructed in 1964 and
features 1,919 guestrooms in four interconnected buildings. The
property offers approximately 130,000 SF of meeting space, a
swimming pool, fitness center, 505 parking spaces, and two food &
beverage outlets. The Hilton Parc 55 San Francisco, constructed in
1984, is located adjacent to the Hilton San Francisco Union Square.
The property provides 1,024 guestrooms, approximately 27,500 SF of
meeting space, fitness center, a leased parking garage and three
food & beverage outlets.

The portfolio's Net Cash Flow (NCF) for the trailing twelve month
period ending March 2017 was $81.9 Million compared to $84.0
Million at securitization. The Moscone Convention Center is
currently undergoing significant renovation and expansion, and as
such, Moody's anticipated decline in convention activity in 2017
and 2018. Moody's stabilized NCF is $68.1 Million, the same as
securitization. Moody's stressed LTV and stressed DSCR are 107% and
1.01X, respectively. The trust has not incurred any losses or
interest shortfalls as of the current Payment Date.


JP MORGAN 2006-CIBC17: Moody's Affirms C Rating on Class X Debt
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on two classes
in J.P. Morgan Chase Commercial Mortgage Securities Corporation,
Series 2006-CIBC17:

Cl. A-J, Affirmed Ca (sf); previously on Oct 19, 2016 Downgraded to
Ca (sf)

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

RATINGS RATIONALE

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

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

Moody's rating action reflects a base expected loss of 19.5% of the
current pooled balance, compared to 20.0% at Moody's last review.
Moody's base expected loss plus realized losses is now 16.1% of the
original pooled balance, compared to 16.2% 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.

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

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 61% 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 class and the recovery
as a pay down of principal to the most senior class.

DEAL PERFORMANCE

As of the September 12, 2016 distribution date, the transaction's
aggregate certificate balance has decreased by 81% to $86 million
from $2.54 billion at securitization. The certificates are
collateralized by seven mortgage loans ranging in size from 3.5% to
33.5% of the pool.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 4, compared to 9 at Moody's last review.

Thirty-two loans have been liquidated from the pool, resulting in
an aggregate realized loss of $392.6 million (for an average loss
severity of 54%). Five loans, constituting 60.1% of the pool, are
currently in special servicing. The largest specially serviced loan
is the Lutherville Station loan ($23.0 million -- 26.6% of the
pool), which is secured by a 270,472 squarefoot (SF) retail center
located in Lutherville, Maryland, roughly 10 miles north of
Baltimore and 40 miles northeast of Washington DC. The property was
81% leased, but only 51% occupied as of August 2017. The largest
tenant, Food-A-Rama, vacated prior to their lease expiration. The
loan transferred to the Special Servicer in August 2016 due to
imminent maturity default.

The second largest specially serviced loan is the 99 Founders Plaza
loan ($15.1 million -- 17.4% of the pool), which is secured by a
148,000 SF single tenant office building located in East Hartford,
Connecticut. The property is 100% leased to a single tenant, Bank
of America, with a lease expiration in January 2020. The loan
matured in October 2016 but was unable to secure refinancing due to
Bank of America's upcoming lease expiration. Due to the single
tenant exposure, Moody's used a lit-dark analysis at this review.

The third largest specially serviced loan is the Glendale Shopping
Center loan ($6.4 million -- 7.4% of the pool), which is secured by
an 89,631 SF grocery-anchored retail center located in Glendale
Heights, Illionis. The property was 66% leased as of August 2017.
The loan transferred to Special Servicing on October 3, 2016.
Tenants at the property include the grocery-anchor and a beauty
school.

The remaining two specially serviced loans are secured by a mix of
property types. Moody's estimates an aggregate $16.8 million loss
for the specially serviced loans (32% expected loss on average).

Moody's received full year 2016 operating results for 100% of the
pool, and partial year 2017 operating results for 100% of the pool
(excluding specially serviced and defeased loans). Moody's net cash
flow (NCF) reflects a weighted average haircut of 15% to the most
recently available net operating income (NOI). Moody's value
reflects a weighted average capitalization rate of 9.0%.

The largest performing loan is the Hawaii Kai Shopping Center Loan
($28.9 million -- 33.5% of the pool), which is secured by a 140,000
SF retail center in Honolulu, Hawaii, ten miles southeast of the
downtown area. It is located adjacent to a marina and was 79%
leased as of July 2017. Moody's LTV and stressed DSCR are 96% and
1.01X, respectively, compared to 99% and 0.98X at the last review.

The second performing loan is the Center at Monocacy Loan ($5.0
million -- 5.8% of the pool), which is secured by a 74,000 SF
indusitrial property located in Frederick, Maryland. The subject is
located 40 miles northwest of Washington DC and 50 miles west of
Baltimore, Maryland. As of June 2017, the property was 93% leased
to eleven tenants, compared to 97% as of December 2016. Moody's LTV
and stressed DSCR are 80% and 1.24X, respectively, compared to 77%
and 1.28X at the last review.


MADISON PARK XVIII: S&P Gives Prelim BB-(sf) Rating on E-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1-R, B-R, C-R, D-R, and E-R replacement notes from Madison Park
Funding XVIII Ltd./Madison Park Funding XVIII LLC, a collateralized
loan obligation (CLO) originally issued in 2015 that is managed by
Credit Suisse Asset Management LLC. The replacement notes will be
issued via a proposed supplemental indenture.

The preliminary ratings reflect S&P's opinion that the credit
support available is commensurate with the associated rating
levels.

The preliminary ratings are based on information as of Oct. 12,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Oct. 23, 2017, refinancing date, the proceeds from the
issuance of the replacement notes are expected to redeem the
original notes. At that time, S&P anticipates withdrawing the
ratings on the original notes and assigning ratings to the
replacement notes. However, if the refinancing doesn't occur, S&P
may affirm the ratings on the original notes and withdraw its
preliminary ratings on the replacement notes.

The replacement class A-1-R, B-R, C-R, D-R, and E-R notes are
expected to be issued at lower spreads than the original notes. The
replacement notes are being issued via a proposed supplemental
indenture, which, in addition to outlining the terms of the
replacement notes, will also extend the stated maturity by four
years, the reinvestment period by three years, and the non-call
period dates by two years.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the trustee report, to estimate future performance (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."

  PRELIMINARY RATINGS ASSIGNED

  Madison Park Funding XVIII Ltd./Madison Park Funding XVIII LLC
      
  Replacement class          Rating          Amount
                                             (mil. $)
  A-1-R                      AAA (sf)         457.50
  A-2-R                      NR                27.00
  B-R                        AA (sf)           75.00
  C-R (deferrable)           A (sf)            55.50
  D-R (deferrable)           BBB- (sf)         47.00
  E-R (deferrable)           BB- (sf)          28.00

  NR--Not rated.


MERRILL LYNCH 2004-KEY2: Moody's Cuts Class F Debt Rating to C
--------------------------------------------------------------
Moody's Investors Service has upgraded the rating on one class,
affirmed the rating on one class and downgraded the ratings on two
classes in Merrill Lynch Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series 2004-KEY2:

Cl. D, Upgraded to A1 (sf); previously on Oct 21, 2016 Affirmed A3
(sf)

Cl. E, Downgraded to Caa1 (sf); previously on Oct 21, 2016 Affirmed
B3 (sf)

Cl. F, Downgraded to C (sf); previously on Oct 21, 2016 Downgraded
to Caa3 (sf)

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

RATINGS RATIONALE

The rating on one P&I class was upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 53% since Moody's last
review.

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

The rating on one IO Class was affirmed based on the credit
performance of its referenced classes.

Moody's rating action reflects a base expected loss of 23.4% of the
current pooled balance, compared to 40.1% at Moody's last review.
Moody's base expected loss plus realized losses is now 7.6% of the
original pooled balance, compared to 7.1% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in these ratings was "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in 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 September 12, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 97% to $30.4 million
from $1.11 billion at securitization. The certificates are
collateralized by 11 mortgage loans ranging in size from 1% to 37%
of the pool. Three loans, constituting 9% of the pool, have
defeased and are secured by US government securities.

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

Four loans, constituting 23% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Twenty-two loans have been liquidated from the pool, resulting in
or contributing to an aggregate realized loss of $78 million (for
an average loss severity of 44%). One loan, constituting 37% of the
pool, is currently in special servicing. The specially serviced
loan is the Grove Shopping Center Loan ($11.1 million -- 36.6% of
the pool), which is secured by a 204,800 square foot (SF) retail
shopping center located in Downers Grove, Illinois. The loan
transferred to special servicing in April 2014 due to imminent
maturity default. Two tenants, representing approximately 18% of
the NRA, vacated in 2014 and the Borrower was unable to refinance
at loan maturity. Foreclosure occurred through a sheriff sale in
November 2015 and the property became REO in December 2015.

Moody's has also assumed a high default probability for one poorly
performing loan constituting 37% of the pool.

Moody's received full year 2016 operating results for 100% of the
pool and partial year 2017 operating results for 78% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 53%, compared to 54% at Moody's last review.
Moody's conduit component excludes loans with structured credit
assessments, defeased and CTL loans, and specially serviced and
troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 10% to the most recently available net operating
income (NOI). Moody's value reflects a weighted average
capitalization rate of 9%.

Moody's actual and stressed conduit DSCRs are 1.37X and 2.39X,
respectively, compared to 1.41X and 2.29X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 34% of the pool balance. The
largest loan is the Quarry Creek Loan ($3.8 million -- 12.5% of the
pool), which is secured by a 29,700 SF retail property located in
Oceanside, California. The property was 100% leased as of June 2016
and has been above 95% leased since securitization. The largest
tenant at the property is PetSmart (74% of the net rentable area;
lease expiration in June 2019). Moody's LTV and stressed DSCR are
76% and 1.29X, respectively, compared to 73% and 1.34X at the last
review.

The second largest loan is the Windhaven SC Loan ($3.8 million --
12.5% of the pool), which is secured by a 66,700 SF retail property
located in Plano, Texas. As of July 2017, the property was 94%
leased, up from 78% leased as of July 2016. The loan is fully
amortizing and matures in August 2024. Moody's LTV and stressed
DSCR are 36% and 2.67X, respectively, compared to 41% and 2.38X at
the last review.

The third largest loan is the Deerbrook Apartments Loan ($2.8
million -- 9.1% of the pool), which is secured by a 161-unit
garden-style multifamily property located in Knob Noster, Missouri.
As of June 2017, the property was 93% leased, compared to 88%
leased as of March 2016. The property is also encumbered by a
$410,000 B-Note that supports the non-pooled or "rake" bond, Class
DA (which is not rated by Moody's). Moody's LTV and stressed DSCR
are 60% and 1.55X, respectively, compared to 59% and 1.57X at the
last review.


MORGAN STANLEY 2005-HQ7: Moody's Hikes Class E Debt Rating to B1
----------------------------------------------------------------
Moody's Investors Service has upgraded the rating on one class and
affirmed the rating on two classes in Morgan Stanley Capital I
Trust, Commercial Mortgage Pass-Through Certificates, Series
2005-HQ7:

Cl. E, Upgraded to B1 (sf); previously on Oct 13, 2016 Affirmed B3
(sf)

Cl. F, Affirmed Caa3 (sf); previously on Oct 13, 2016 Downgraded to
Caa3 (sf)

Cl. G, Affirmed C (sf); previously on Oct 13, 2016 Downgraded to C
(sf)

RATINGS RATIONALE

The rating on one P&I class was upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 60% since Moody's last
review.

The ratings on two P&I classes were affirmed because the ratings
are consistent with Moody's expected loss plus realized losses.
Class G has already experienced a 24% realized loss as a result of
previously liquidated loans.

Moody's rating action reflects a base expected loss of 11.8% of the
current pooled balance, compared to 65.7% at Moody's last review.
Moody's base expected loss plus realized losses is now 7.5% of the
original pooled balance, compared to 8.4% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since Moody's has identified a
troubled loan representing 73% 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 troubled loan to the most junior class(es)
and the recovery as a pay down of principal to the most senior
class(es).

DEAL PERFORMANCE

As of the September 14, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $45.6 million
from $1.96 billion at securitization. The certificates are
collateralized by 13 mortgage loans ranging in size from 3% to 73%
of the pool. One loan, constituting 1% of the pool, has defeased
and are secured by US government securities.

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

Five loans, constituting 80% 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.

Fourty-eight loans have been liquidated from the pool, resulting in
or contributing to an aggregate realized loss of $142 million (for
an average loss severity of 52%).

Moody's has assumed a high default probability for one poorly
performing loan constituting 73% of the pool.

Moody's received full year 2016 operating results for 100% of the
pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 48%, 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 14% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 10%.

Moody's actual and stressed conduit DSCRs are 1.39X and 2.64X,
respectively, compared to 1.40X and 2.38X 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 loans represent 87% of the pool balance. The largest
loan is the Crown Ridge at Fair Oaks Loan ($33.2 million -- 72.8%
of the pool), which is secured by a 191,200 square foot (SF) eight
story multi-tenant office property located in Fairfax, Virginia.
The loan was modified as of July 2016 and the term was extended,
the principal balance was paid down by 10%, and the loan is now
interest-only throughout the remaining term. The largest tenant at
securitization, American Management Systems, Inc. (over 84% of the
NRA), vacated in 2011. As of December 2016, the property was 86%
leased, the same as of September 2014 and up from 69% in 2012. Due
to decreased performance from securitization and low DSCR, Moody's
has identified this loan as a troubled loan.

The second largest loan is the Boston Post Portfolio -- Equinox (B)
Loan ($3.9 million -- 8.5% of the pool), which is secured by a
25,314 SF retail property in Mamaroneck, New York. The property is
100% occupied by Equinox with a lease expiration of June 2030. Due
to the single tenant nature, Moody's review incorporated a Lit/Dark
analysis. Moody's LTV and stressed DSCR are 69% and 1.56X,
respectively, compared to 73% and 1.49X at the last review.

The third largest loan is the Holly Hill Self Storage Loan ($2.4
million -- 5.3% of the pool), which is secured by an
eight-building, two story, 51,555 SF self-storage facility located
in Alexandria, Virginia. As of December 2016, the property was 91%
leased, the same as at the last review. Moody's LTV and stressed
DSCR are 45% and 2.39X, respectively, compared to 46% and 2.37X at
the last review.


MORGAN STANLEY 2013-C13: Fitch Affirms B- Rating on Class G Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed all classes of Morgan Stanley Bank of
America Merrill Lynch Trust, Series 2013-C13 pass-through
certificates. The Rating Outlooks for all classes remain Stable.  


KEY RATING DRIVERS

Stable Performance: The pool has exhibited stable performance
overall, with no material changes to Fitch's loss expectations
since issuance. The pool's weighted-average DSCR and debt yield are
2.00x and 11.4%, respectively, compared to 1.58x and 9.7% at
issuance. While the transaction credit metrics indicate
improvement, there are some asset-level performance concerns that
offset this movement.

Hurricane Exposure: Fitch identified 15 loans representing 18% of
the pool with collateral located in areas affected by the recent
hurricanes in Florida and Texas. According to initial servicer
feedback, for borrowers that have so far provided updates, there
have been no reports of damage related to the storms thus far.
However, not all borrowers have been able to respond to servicer
inquiries, indicating the possibility of some property damage.
Additionally, damage to infrastructure and residential properties
in these areas is likely to disrupt commercial activity to some
extent in the near term.

Retail Concentration: The pool is concentrated by property type, as
retail accounts for 55.9% of the underlying collateral. This
includes the two largest loans, which are secured by regional
malls. Although both are considered high quality assets in primary
markets backed by institutional sponsors, Fitch continues to
monitor this asset type in light of changing consumer trends and
continued store closures.

RATING SENSITIVITIES

Rating Outlooks for all classes remain Stable due to overall stable
performance of the pool and continued amortization. Fitch's
analysis included a sensitivity scenario related to the second
largest loan in the pool, backed by a regional mall with declining
sales and nearby market competition. There are four loans scheduled
to mature in 2018. The successful refinance of these loans could
result in upgrades following significant paydown; however, such an
event would further concentrate the pool, making future upgrades
less likely. Downgrades to the classes are possible should there be
a material decline in pool performance.

Fitch has affirmed the following ratings:

-- $6.5 million class A-1 at 'AAAsf'; Outlook Stable;
-- $75.6 million class A-2 at 'AAAsf'; Outlook Stable;
-- $77.2 million class A-SB at 'AAAsf'; Outlook Stable;
-- $220 million class A-3 at 'AAAsf'; Outlook Stable;
-- $274.4 million class A-4 at 'AAAsf'; Outlook Stable;
-- $75.9 million class A-S at 'AAAsf'; Outlook Stable;
-- $729.6 million* class X-A at 'AAAsf'; Outlook Stable;
-- $56 million class B at 'AA-sf'; Outlook Stable;
-- $56 million* class X-B at 'AA-sf'; Outlook Stable;
-- $44.8 million class C at 'A-sf'; Outlook Stable;
-- $0 class PST at 'A-sf'; Outlook Stable;
-- $48.5 million class D at 'BBB-sf'; Outlook Stable;
-- $13.7 million class E at 'BB+sf'; Outlook Stable;
-- $11.2 million class F at 'BB-sf'; Outlook Stable;
-- $9.9 million class G at 'B-sf'; Outlook Stable.

*Notional amount and interest only

Fitch does not rate the class H or X-C certificates.


MSJP COMMERCIAL 2015-HAUL: Fitch Affirms BB Rating on Cl. E Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed all classes of MSJP Commercial Mortgage
Securities Trust 2015-HAUL.  

KEY RATING DRIVERS

Collateral Performance: Overall performance has been relatively
stable and the loan continues to amortize as expected since
issuance. However, the master servicer's reported financial
information included income and related expenses from U-Haul's
moving businesses which Fitch excluded from its original cash flow.
In addition, certain expense items, such as Payroll & Benefits,
Property Insurance and Utilities have increased 187% to 420% each.
Fitch has inquired about these discrepancies, but has yet to
receive a response.

At issuance, the portfolio exhibited year-over-year growth in both
occupancy and NCF since 2010 with average year-over-year NCF growth
of 4.7%. Occupancy was 89% as of March 2017 compared with 77.5%
since issuance. Although, the Fitch trailing-twelve-month March
2017 NCF is 13% below the Fitch NCF at issuance largely due to a
significant increase in expenses, Fitch's analysis is based on
certain expense line-item assumptions, using both issuance levels
and reported increases. The affirmations are the result of stable
to improved occupancy and gross potential rent, as well as the
continued amortization of the loan.

Fully Amortizing Loan: The loan is structured with a 20-year
amortization schedule providing full amortization over the term of
the loan. The loan has a Fitch LTV of 83.2% and a Fitch DSCR of
1.15x, inclusive of an amortization factor of 75%.

Experienced Sponsorship and Management: AMERCO (NASDAQ: UHAL), the
parent company of U-Haul is the nation's leading do-it-yourself
moving company with a network of over 17,400 locations across North
America. Founded by L.S. Shoen in 1945 as U-Haul Trailer Rental
Company, the industry giant has one of the largest rental fleets in
the world, with over 135,000 trucks, 107,000 trailers, and 38,000
towing devices. The portfolio is managed by U-Haul through
management agreements with U-Haul subsidiaries in each of the
states where the portfolio properties are located. U-Haul owns and
operates approximately 1,280 self-storage locations in the U.S.
totaling roughly 491,000 units and 44.2 million sf of space.

Granular Portfolio: The loan is secured by 105 cross-collateralized
self-storage properties located across thirty-five states. No
single property represents more than 5.8% of NOI.

Competitive Industry: The self-storage industry is very fragmented
with the top 10 self-storage companies owning only 13.1% of total
facilities; the top 50 companies own approximately 17.1% of total
U.S. facilities.

Structural Features: Loan documents do not permit individual
property releases. Additionally, the loan may not be prepaid in
whole or in part prior to maturity, except on or after the payment
date three months prior to maturity. At that point, the loan may be
paid in whole, but not in part.

The transaction certificates represent the beneficial interests in
a 20-year, fixed-rate, fully amortizing mortgage loan secured by
105 self-storage properties located across 35 states. All of the
properties are owned fee simple. Loan proceeds were used to return
cash to the borrower, fund up-front reserves and pay closing costs.
The loan's sponsor is AMERCO, a Nevada corporation, which is the
holding company that owns 100% of U-Haul International, Inc., a
Nevada corporation. The portfolio is managed by U-Haul through
management agreements with U-Haul subsidiaries in each of the
states where the portfolio properties are located. The loan matures
in September 2035.

RATING SENSITIVITIES

Rating Outlook for all classes remains Stable. Fitch does not
foresee positive or negative ratings migration until a material
economic or asset-level event changes the loan's performance
metrics. Fitch will continue to request financial details from the
servicer and may review the transaction when additional information
is reported. However, given the stable occupancy and rent, changes
to the ratings are not expected.

Fitch has affirmed the following ratings:

-- $59,000,000a class A notes at 'AAAsf'; Outlook Stable;
-- $59,000,000ab class X-A notes at 'AAAsf'; Outlook Stable;
-- $31,700,000ab class X-B notes at 'AA-sf'; Outlook Stable;
-- $31,700,000a class B notes at 'AA-sf'; Outlook Stable;
-- $24,300,000a class C notes at 'A-sf; Outlook Stable;
-- $32,000,000a class D notes at 'BBB-sf'; Outlook Stable;
-- $23,000,000a class E notes at 'BBsf'; Outlook Stable.

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


NEW RESIDENTIAL 2017-6: Moody's Assigns B1 Rating to Cl. B7 Debt
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to 28
classes of notes issued by New Residential Mortgage Loan Trust
2017-6. The NRMLT 2017-6 transaction is a $592.8 million
securitization of first lien, seasoned performing and re-performing
mortgage loans with weighted average seasoning of 162 months, a
weighted average updated LTV ratio of 61.3% and a weighted average
updated FICO score of 679. Based on the OTS methodology, 79.5% of
the loans by scheduled balance have been current every month in the
past 24 months. Additionally, 38.5% of the loans in the pool have
been previously modified. Nationstar Mortgage LLC (Nationstar
Mortgage), Ocwen Loan Servicing, LLC (Ocwen), and PNC Mortgage will
act as primary servicers and Nationstar Mortgage will act as master
servicer, successor servicer and special servicer.

The complete rating action is:

Issuer: New Residential Mortgage Loan Trust 2017-6

Class A-1, Definitive Rating Assigned Aaa (sf)

Class A-1A, Definitive Rating Assigned Aaa (sf)

Class A-1B, Definitive Rating Assigned Aaa (sf)

Class A-1C, Definitive Rating Assigned Aaa (sf)

Class A, Definitive Rating Assigned Aaa (sf)

Class A-2, Definitive Rating Assigned Aa1 (sf)

Class B-1, Definitive Rating Assigned Aa2 (sf)

Class B-1A, Definitive Rating Assigned Aa2 (sf)

Class B-1B, Definitive Rating Assigned Aa2 (sf)

Class B-1C, Definitive Rating Assigned Aa2 (sf)

Class B-2, Definitive Rating Assigned A2 (sf)

Class B-2A, Definitive Rating Assigned A2 (sf)

Class B-2B, Definitive Rating Assigned A2 (sf)

Class B-2C, Definitive Rating Assigned A2 (sf)

Class B-3, Definitive Rating Assigned Baa2 (sf)

Class B-3A, Definitive Rating Assigned Baa2 (sf)

Class B-3B, Definitive Rating Assigned Baa2 (sf)

Class B-3C, Definitive Rating Assigned Baa2 (sf)

Class B-4, Definitive Rating Assigned Ba2 (sf)

Class B-4A, Definitive Rating Assigned Ba2 (sf)

Class B-4B, Definitive Rating Assigned Ba2 (sf)

Class B-4C, Definitive Rating Assigned Ba2 (sf)

Class B-5, Definitive Rating Assigned B2 (sf)

Class B-5A, Definitive Rating Assigned B2 (sf)

Class B-5B, Definitive Rating Assigned B2 (sf)

Class B-5C, Definitive Rating Assigned B2 (sf)

Class B-5D, Definitive Rating Assigned B2 (sf)

Class B-7, Definitive Rating Assigned B1 (sf)

RATINGS RATIONALE

Moody's' losses on the collateral pool equal 4.65% in an expected
scenario and reach 22.70% at a stress level consistent with the Aaa
ratings on the senior classes. Moody's based Moody's expected
losses for the pool on Moody's estimates of (1) the default rate on
the remaining balance of the loans and (2) the principal recovery
rate on the defaulted balances. The final expected losses for the
pool reflect the third party review (TPR) findings and Moody's
assessment of the representations and warranties (R&Ws) framework
for this transaction.

To estimate the losses on the pool, Moody's used an approach
similar to Moody's surveillance approach. Under this approach,
Moody's apply expected annual delinquency rates, conditional
prepayment rates (CPRs), loss severity rates and other variables to
estimate future losses on the pool. Moody's assumptions on these
variables are based on the observed rate of delinquency on seasoned
modified and non-modified loans, the collateral attributes of the
pool including the percentage of loans that were delinquent in the
past 24 months, and the observed performance of recent New
Residential Mortgage Loan Trust issuances rated by Moody's. The
pool has a significant percentage of adjustable rate mortgages
(ARMs) and, in Moody's analysis, Moody's incorporated the effect of
rising interest rates on the probability of default for ARMs. For
this pool, Moody's used default burnout and voluntary CPR
assumptions similar to those detailed in Moody's "US RMBS
Surveillance Methodology" for Alt-A loans originated before 2005.
Moody's then aggregated the delinquencies and converted them to
losses by applying pool-specific lifetime default frequency and
loss severity assumptions. Moody's also applied a small upward
adjustment to Moody's loss estimates due to Hurricane Harvey and
Hurricane Irma.

Collateral Description

NRMLT 2017-6 is a securitization of seasoned performing and
re-performing residential mortgage loans which the seller, NRZ
Sponsor VI LLC, has previously purchased in connection with the
termination of various securitization trusts. The transaction is
comprised of 5,096 loans of which 20.0% by principal balance are
ARMs. For the loans in the pool, 61.5% by balance have never been
modified and have been performing while 38.5% of the loans were
previously modified but are now current and cash flowing. In the
transaction, 2.6% of the properties are in zip codes that were
designated by the Federal Emergency Management Agency (FEMA) as
impacted by Harvey and 2.7% of the properties are in zip codes that
were designated by FEMA as impacted by Hurricane Irma. The seller
provides a representation that, to its knowledge, none of the
mortgaged properties in the pool are materially adversely impacted
by hurricane damage.

Property values were updated using home data index (HDI) values or
broker price opinions (BPOs). HDIs were obtained for 5,069 out of
the 5,096 properties contained within the securitization. In
addition, updated BPOs were obtained from a third party BPO
provider for 1,084 properties.

Third-Party Review ("TPR") and Representations & Warranties
("R&W")

A third party due diligence provider, AMC, conducted a compliance
review on a sample of 1,893 mortgage loans for the securitization
pool. The regulatory compliance review consisted of a review of
compliance with the federal Truth in Lending Act (TILA) as
implemented by Regulation Z, the federal Real Estate Settlement
Procedures Act (RESPA) as implemented by Regulation X, the
disclosure requirements and prohibitions of Section 50(a)(6),
Article XVI of the Texas Constitution, federal, state and local
anti-predatory regulations, federal and state specific late charge
and prepayment penalty regulations, and document review. The TPR
identified 1,665 loans with compliance exceptions, 373 of which
were considered to have rating agency grade C or D level
exceptions. These C or D level exceptions broadly fell into five
categories: missing final HUD-1 settlement statements/HUD errors,
Texas (TX50(a)(6)) cash-out loan violations, North Carolina CHL
Tangible Net Benefit violations, other state compliance exceptions,
and missing documents or missing information. Moody's applied a
small adjustment to Moody's loss severities to account for the C or
D level missing final HUD-1 settlement statement and HUD errors.
For these types of issues, borrowers can raise legal claims in
defense against foreclosure as a set off or recoupment and win
damages that can reduce the amount of the foreclosure proceeds.
Such damages can include up to $4,000 in statutory damages,
borrowers' legal fees and other actual damages. Moody's also
applied small adjustments to loss severities for TX50(a)(6)
violations, North Carolina CHL Tangible Net Benefit exceptions, and
other state law compliance exceptions. Moody's did not apply an
adjustment for missing documents or missing information identified
by the diligence provider in part because Moody's separately
received and assessed a title report and a custodial report for the
mortgage loans in the pool.

The third party due diligence provider also conducted reviews of
data integrity, pay history, and title/lien on selected samples to
confirm that certain information in the mortgage loan files matched
the information supplied by the servicers and that the loans in the
sample were in first lien position. The pay history and data
integrity analysis largely confirmed the accuracy of information
provided in the data tape. The TPR also confirmed the first lien
position for 979 out of 1,034 loans subject to the title/lien
review. For the 55 remaining loans, proof of first lien position
could only be confirmed using the final title policy as of loan
origination.

The seller, NRZ Sponsor VI LLC, is providing a representation and
warranty for missing mortgage files. To the extent that the
indenture trustee, master servicer, related servicer or depositor
has actual knowledge of a defective or missing mortgage loan
document or a breach of a representation or warranty regarding the
completeness of the mortgage file or the accuracy of the mortgage
loan documents, and such missing document, defect or breach is
preventing or materially delaying the (a) realization against the
related mortgaged property through foreclosure or similar loss
mitigation activity or (b) processing of any title claim under the
related title insurance policy, the party with such actual
knowledge will give written notice of such breach, defect or
missing document, as applicable, to the related seller, indenture
trustee, depositor, master servicer and related servicer. Upon
notification of a missing or defective mortgage loan file, the
related seller will have 120 days from the date it receives such
notification to deliver the missing document or otherwise cure the
defect or breach. If it is unable to do so, the related seller will
be obligated to replace or repurchase the mortgage loan.

Despite this provision, Moody's increased Moody's loss severities
to account for loans with note instrument issues. This adjustment
was based on both the results of the TPR review and because the R&W
provider is an unrated entity and weak from a credit perspective.
In Moody's analysis Moody's assumed that a small percentage of the
projected defaults (calculated based upon the TPR results) will
have missing document breaches that will not be remedied and result
in higher than expected loss severities.

Trustee, Custodian, Paying Agent, Servicers, Master Servicer,
Successor Servicer and Special Servicer

The transaction indenture trustee is Wilmington Trust, National
Association. The custodian functions will be performed by Wells
Fargo Bank, N.A., The Bank of New York Mellon Trust Company, N.A.,
and U.S. Bank National Association. The paying agent and cash
management functions will be performed by Citibank, N.A. In
addition, Nationstar Mortgage, as master servicer, is responsible
for servicer oversight, termination of servicers, and the
appointment of successor servicers. Having Nationstar Mortgage as a
master servicer mitigates servicing-related risk due to the
performance oversight that it will provide. Nationstar Mortgage is
the named successor servicer for the transaction and will also
serve as the special servicer. As the special servicer, it will be
responsible for servicing mortgage loans that become 60 or more
days delinquent.

Nationstar Mortgage (55.7%), Ocwen (37.4%) and PNC Mortgage (3.4%)
will act as the primary servicers for the collateral pool. In
addition, 2.7% of the collateral pool will transfer to Nationstar
Mortgage or Ocwen by December 1, 2017 and 0.8% of the collateral
pool will be serviced by Nationstar Mortgage, in its capacity as
master servicer, with assistance from certain subservicers. On
April 20, 2017, the Consumer Financial Protection Bureau's (CFPB)
announced that it had filed suit against Ocwen and a consortium of
state mortgage regulators filed cease and desist orders against
Ocwen due to alleged violations of state and federal laws. These
regulatory actions could adversely impact Ocwen's servicing
operations and could result in monetary penalties, judgments, and
reputational damage. These potential adverse consequences would in
turn increase the probability of an Ocwen bankruptcy. In NRMLT
2017-6, these risks are mitigated by Nationstar Mortgage's roles as
master servicer, special servicer, and designated successor
servicer.

Transaction Structure

The transaction cash flows follow a shifting interest structure
that allows subordinated bonds to increasingly receive principal
prepayments after an initial lock-out period of five years,
provided two performance tests are met. To pass the first test, the
delinquent and recently modified loan balance cannot exceed 50% of
the subordinate bonds outstanding. To pass the second test,
cumulative losses cannot exceed certain thresholds that gradually
increase over time.

Because a shifting interest structure allows subordinated bonds to
pay down over time as the loan pool shrinks, senior bonds are
exposed to tail risk, i.e., risk of back-ended losses when fewer
loans remain in the pool. The transaction provides for a
subordination floor that helps to reduce this tail risk.
Specifically, the subordination floor prevents subordinate bonds
from receiving any principal if the amount of subordinate bonds
outstanding falls below 5.85% of the closing principal balance.
There is also a provision that prevents subordinate bonds from
receiving principal if the credit enhancement for the Class A-1
Note falls below its percentage at closing, 24.5%. These provisions
mitigate tail risk by protecting the senior bonds from eroding
credit enhancement over time.

Other Considerations

When analyzing the transaction, Moody's reviewed the transaction's
exposure to large potential indemnification payments owed to
transaction parties due to potential lawsuits. In particular,
Moody's assessed the risk that the indenture trustee would be
subject to lawsuits from investors for a failure to adequately
enforce the R&Ws against the seller. Moody's believes that NRMLT
2017-6 is adequately protected against such risk primarily because
all of the loans in this transaction are more than 10 years
seasoned and the weighted average seasoning is approximately 14
years. Although some loans in the pool were previously delinquent
and modified, the loans all have a substantial history of payment
performance. This includes payment performance during the recent
recession. As such, if loans in the pool were materially defective,
such issues would likely have been discovered prior to the
securitization. Furthermore, third party due diligence was
conducted on a significant random sample of the loans for issues
such as data integrity, compliance, and title. As such, Moody's did
not apply adjustments in this transaction to account for
indemnification payment risk.

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

Up

Levels of credit protection that are higher than necessary to
protect investors against current expectations of loss could drive
the ratings up. Losses could decline from Moody's original
expectations as a result of a lower number of obligor defaults or
appreciation in the value of the mortgaged property securing an
obligor's promise of payment. Transaction performance also depends
greatly on the US macro economy and housing market. Other reasons
for better-than-expected performance include changes to servicing
practices that enhance collections or refinancing opportunities
that result in prepayments.

Down

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

The methodologies used in these ratings were "Moody's Approach to
Rating Securitisations Backed by Non-Performing and Re-Performing
Loans" published in August 2016 and "US RMBS Surveillance
Methodology" published in January 2017.


OMI TRUST 2001-C: S&P Lowers Class A-2 Notes Rating to 'D(sf)'
--------------------------------------------------------------
S&P Global Ratings lowered its rating to 'D (sf)' from 'CC (sf)' on
the class A-2 notes from OMI Trust 2001-C, an asset-backed
securities transaction backed by fixed-rate manufactured housing
loans. S&P subsequently withdrew the rating.

The downgrade reflects that this transaction did not make its full
principal payment on class A-2 on its final maturity date on Sept.
15, 2017.

RATING LOWERED

  OMI Trust 2001-C
  Senior/subordinated pass-through certificated series 2001-C

                              Rating
  Class      Identifier       To            From
  A-2        67087TCK5        D (sf)        CC (sf)

  RATING WITHDRAWN

  OMI Trust 2001-C
  Senior/subordinated pass-through certificates series 2001-C

                              Rating
  Class      Identifier       To            From
  A-2        67087TCK5        NR            D (sf)

  NR--Not rated.


RAIT CRE I: Fitch Affirms 'CCCsf' Rating on 3 Tranches
------------------------------------------------------
Fitch Ratings has affirmed 11 classes of RAIT CRE CDO I Ltd. (RAIT
CRE CDO I).

KEY RATING DRIVERS

The affirmations to the senior classes reflect the classes'
significant credit enhancement relative to expected losses on the
collateral. Since the last rating action in June 2017, the senior
classes have received $16 million in pay down from scheduled
amortization, a partial release and corresponding paydown, and the
full payoff of three loans.

The remaining pool consists of interests from approximately 41
different assets. Approximately 28.4% of the pool are defaulted or
have their final extended maturity date within the next year. The
current percentage of defaulted assets and Loans of Concern (LOCs)
is 11.6% and 74.9%, respectively. Many of the remaining loans have
been modified, including maturity extensions, since origination.
Further, RAIT affiliates now have ownership interests in 19 of the
CDO assets, totaling approximately $368 million (72%).

As of the September 2017 trustee report, and per Fitch
categorization, the CDO is substantially invested as follows: whole
loans/A-notes (78.7%), mezzanine debt (9.8%), and preferred equity
(11.4%). Fitch expects significant losses upon default for many of
the loan positions as they are significantly overleveraged. All
overcollateralization and interest coverage tests were in
compliance.

Fitch's base case loss expectation is 65.8%. Under Fitch's
methodology, 100% of the portfolio is modeled to default in the
base case stress scenario, defined as the 'B' stress. In this
scenario, the modeled average cash flow decline is 18.7% from,
generally, trailing 12 month first-quarter 2016 or year-end (YE)
2016. Modeled recoveries are 34.2%.

The largest contributor to Fitch's base case loss expectation is an
A-note (7.6% of the pool) secured by a poorly performing regional
mall located in Houston, TX. The mall has not seen notable
improvement since a repositioning in 2010/2011. The YE 2016
reported occupancy was 61% and cash flow has been insufficient to
cover debt service. The most recent servicer reported debt service
coverage ratio (DSCR) was 0.15x. Fitch modeled a substantial loss
on this loan in its base case.

The next largest component of Fitch's base case loss expectation is
a whole loan (5.9%) secured by a leasehold interest in a poorly
performing regional mall located near Myrtle Beach, South Carolina.
As of YE 2016, occupancy remained low at 33% after the movie
theater/bowling alley closed suddenly in May 2016. The sponsor has
been covering debt service shortfalls. The most recent servicer
reported DSCR was 0.05x. Fitch modeled a substantial loss in its
base case scenario on this loan.

The third largest contributor to Fitch's base case loss expectation
is a whole loan (7.8%) secured by a 128,000-sf office property
located in Scottsdale, AZ, approximately 15 miles northeast of the
Phoenix CBD. The YE 2016 occupancy was reported at 99%; however,
the largest tenant (72% of the net rentable area [NRA]) was
expected to vacate the majority of its space (50% of the NRA) at
its July 2017 lease maturity to relocate to a larger property. The
remaining 22% of the tenant's space matures in 2020. The most
recent servicer reported DSCR was 0.78x. Fitch modeled a
substantial loss in its base case scenario on this loan.

This transaction was analyzed according to Fitch's 'Surveillance
Criteria for U.S. CREL CDOs', which applies stresses to property
cash flows and DSCR tests to project future default levels for the
underlying portfolio. Recoveries are based on stressed cash flows
and Fitch's long-term capitalization rates. Cash flow modeling was
not performed as it was not expected to provide any additional
analytical value.

The 'CCCsf' and below ratings for classes B through J are based on
a deterministic analysis that considers Fitch's base case loss
expectation for the pool and the current percentage of defaulted
assets and Fitch Loans of Concern, factoring in anticipated
recoveries relative to each class's credit enhancement.

RAIT CRE CDO I is managed by RAIT Partnership, L.P., a subsidiary
of RAIT Financial Trust. The investment grade ratings assigned to
the senior pari passu classes, A-1A and A-1B, reflect a variance
from surveillance criteria. According to the 'Surveillance Criteria
for U.S CREL CDOs', unless Fitch's CMBS operational risk team
provides a standardized assessment of the commercial mortgage
capabilities of the collateral asset manager, CREL CDO ratings will
be limited to below investment grade. While Fitch's CMBS
operational risk team has not conducted a standardized assessment
of RAITs capabilities as an asset manager, Fitch has conducted an
originator review of parent company RAIT Financial Trust; and based
on Fitch's knowledge of RAIT's capabilities combined with the
classes' credit enhancement of 96.3%, affirmed the classes at
'BBBsf'

RATING SENSITIVITIES

The Stable Outlooks for classes A-1A and A-1B reflect these
classes' high credit enhancement and expectation of continued
payoff. Further upgrades to these classes are unlikely due to the
portfolio's concentration, adverse selection and significant
percentage of Fitch Loans of Concern.

The Negative Outlook on class A-2 reflects the potential for
further negative credit migration of the underlying pool and the
lower cushion in Fitch's modeling. Further, the class requires
timely payment of interest, and should a significant percentage of
the underlying loans default, the payment of interest to that class
could be disrupted, causing the class to default.

The distressed classes are subject to further downgrade should
realized losses exceed Fitch's expectations.

Fitch affirms the following classes:

-- $8 million class A-1A notes at 'BBBsf'; Outlook Stable;
-- $11 million class A-1B notes 'BBBsf'; Outlook Stable;
-- $90 million class A-2 notes at 'Bsf'; Outlook Negative;
-- $110 million class B notes at 'CCCsf'; RE 55%;
-- $41.5 million class C notes at 'CCCsf'; RE 0%;
-- $22.5 million class D notes at 'CCCsf'; RE 0%;
-- $16 million class E notes at 'CCsf'; RE 0%;
-- $500,000 class F notes at 'CCsf'; RE 0%;
-- $12.5 million class G notes at 'CCsf'; RE 0%.
-- $17.5 million class H notes at 'CCsf'; RE 0%;
-- $35 million class J notes at 'CCsf'; RE 0%.

Fitch does not rate class PS (the preferred shares).


RDL LLC: Sale of Little Falls Property for $850K Approved
---------------------------------------------------------
Judge Stacey L. Meisel of the U.S. Bankruptcy Court for the
District of New Jersey authorized RDL, LLC's sale of real property
located in Lot 89, Block 5.02 in the Township of Little Falls, New
Jersey, and commonly known as 151 Paterson Avenue, Little Falls,
New Jersey to Germaniso and Zobeida Santana, or a new entity to be
formed by them, for $850,000.

A hearing on the Motion was held on Oct. 17, 2017 at 11:00 a.m.

The sale of the Property is "as is, where is" without any
representations or warranties, pursuant to the terms of the Santana
Contract, free and clear of all liens, claims, interests and
encumbrances, with valid liens and security interests to attach to
the sale proceeds in the same order of priority as they existed
before the sale.

The within sale is a sale by a DIP in a bankruptcy proceeding and
is therefore exempt from the realty transfer tax set forth in
N.J.S.A. 46:15-5, et. seq. and the New Jersey Bulk Sales Act set
forth in N.J.S.A. 54:50-38.

The Debtor is authorized to pay (i) the Debtor's real estate
broker, Evergreen Commercial Real Estate, Inc., a commission of 5%
of the sale price at the time of the closing of the sale of the
Property; (ii) all allowed outstanding real estate taxes and tax
liens at the closing of the sale of the Property; and (iii) the
allowed secured claim of Noah Bank, or any undisputed portion
thereof, at the time of the closing of the sale of the Property.

The 14-day stay provisions of Federal Bankruptcy Rule 6004(h) are
waived.

                        About RDL, LLC

RDL, LLC, filed a voluntary Chapter 11 bankruptcy petition (Bankr.
D.N.J. Case No. 17-25573) on Aug. 1, 2017.  The Hon. Stacey L.
Meisel oversees the case.  John P. Di Iorio, Esq., at Shapiro
Croland Reiser Apfel & Di Iorio, LLP, serves as Chapter 11 counsel.
Evergreen Commercial Real Estate, Inc., has been hired as the
Debtor's realtor.


RFT ISSUER 2015-FL1: Moody's Affirms B2 Rating on Class C Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
notes issued by RFT 2015-FL1 Issuer, Ltd.:

Cl. B, Upgraded to Baa2 (sf); previously on Oct 20, 2016 Affirmed
Baa3 (sf)

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

Cl. A, Affirmed Aaa (sf); previously on Oct 20, 2016 Affirmed Aaa
(sf)

Cl. C, Affirmed B2 (sf); previously on Oct 20, 2016 Affirmed B2
(sf)

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

RATINGS RATIONALE

Moody's has upgraded the rating on the Class B Notes due to greater
than anticipated prepayment speed of the collateral pool, which
more than offsets the decrease in credit quality of the remaining
pool as evidenced by the weighted average rating factor (WARF) and
the weighted average recovery rate (WARR). Moody's has also
affirmed the ratings on the Class A and Class C Notes because the
key transaction metrics are commensurate with the existing ratings.
The rating action is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation (CRE CDO CLO)
transactions.

RFT 2015-FL1 Issuer, Ltd. is a static cash transaction wholly
backed by a portfolio of commercial real estate loans. As of the
September 8, 2017 trustee report, the aggregate note balance of the
transaction, including preferred shares, has decreased to $321.8
million from $428.4 million at issuance, primarily due to
prepayments of the underlying collateral.

No assets had defaulted as of the trustee's September 8, 2017
report.

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

WARF is a primary measure of the credit quality of a CRE CLO pool.
Moody's has updated its assessments for the collateral it does not
rate. The rating agency modeled a bottom-dollar WARF of 4996,
compared to 4725 at last review. The current distribution of
Moody's rated collateral and assessments for non-Moody's rated
collateral is: B1-B3 and 7.5% compared to 8.8% at last review,
Caa1-Ca/C and 92.5% compared to 91.2% at last review.

Moody's modeled a WAL of 2.5 years, compared to 3.5 years at last
review. The WAL is based on assumptions about extensions on the
underlying loan collateral.

Moody's modeled a fixed WARR of 56.0%, compared to 56.8% at last
review.

Moody's modeled a MAC of 35.2%, compared to 30.7% at last review.

Methodology Underlying the Rating Action:

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

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

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

Moody's Parameter Sensitivities: Changes to any one or more of the
key parameters could have rating implications for some of the Rated
Notes, although a change in one key parameter assumption could be
offset by a change in one or more of the other key parameter
assumptions. The Rated Notes are particularly sensitive to changes
in the ratings of the underlying collateral and assessments.
Holding all other parameters constant, reducing the recovery rates
of 100% of the collateral pool by 10% would result in an average
modeled rating movement on the Rated Notes of zero to seven notches
downward (e.g., one notch down implies a ratings movement of Baa3
to Ba1). Increasing the recovery rate of 100% of the collateral
pool by 10% would result in an average modeled rating movement on
the Rated Notes of zero to two notches upward (e.g., one notch up
implies a ratings movement of Baa3 to Baa2).

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


ROSEDALE CLO: Moody's Lowers Rating on Class E Notes to Caa2
------------------------------------------------------------
Moody's Investors Service has downgraded the rating on the
following notes issued by Rosedale CLO Ltd.:

US$9,000,000 Class E Fifth Priority Mezzanine Deferrable Floating
Rate Notes Due 2021 (current outstanding balance of $5,172,480),
Downgraded to Caa2 (sf); previously on March 2, 2017 Downgraded to
B2 (sf)

Rosedale CLO Ltd., issued in June 2006, is a collateralized loan
obligation (CLO) backed primarily by a portfolio of senior secured
loans. The transaction's reinvestment period ended in July 2011.

RATINGS RATIONALE

The downgrade rating action results primarily from a cumulative
decrease in the current collateral coverage for the Class E Notes,
and the risk of additional collateral coverage losses realized
during a liquidation of collateral assets relating to a scheduled
call redemption of the outstanding Class E Notes and the Preference
Shares on October 24, 2017.

According to a Notice of Clean-Up Call Redemption dated October 10,
2017 delivered by the trustee, the Collateral Manager directed a
Clean-Up Call Redemption of the notes at a redemption price less
than 100% of the aggregate outstanding amount of, and accrued
interest due on, the Class E Notes. To-date, a material proportion
of the underlying collateral has been sold at below par prices,
which has resulted in a decrease in the over-collateralization (OC)
ratio for the Class E Notes since the last rating action in March
2017. Based on the trustee's September 2017 report, this ratio is
reported at 95.57%, versus the March 2017 level of 99.83%.

Moody's analyzed the collateral pool as having a performing par of
$3.7 million, defaulted par of $2.5 million and principal proceeds
of $4.0 million. Based on the expected principal proceeds from
liquidating the remaining collateral assets, Moody's estimates that
the Class E Notes will suffer a principal loss of more than 10% of
the outstanding principal amount.

Methodology Underlying the Rating Action:

The principal methodology used in this rating 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 Rating:

1) Liquidation of the remaining collateral assets: The liquidation
of the remaining collateral entails potential market value and
execution risks. Net cash proceeds from selling the collateral that
are significantly higher or lower than expected will affect the
ultimate amount paid to, and losses realized on, the Class E
Notes.

Loss and Cash Flow Analysis:

Moody's did not model the transaction, and instead, evaluated the
likelihood that the rated notes will be repaid in full, and
estimated the magnitude of potential losses on any rated notes not
expected to be repaid in full, based on the available collateral
and expected proceeds from their sale.


SHACKLETON CLO 2015-VIII: S&P Gives Prelim BB Rating on 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-R, and E-R replacement notes from
Shackleton 2015-VIII CLO Ltd., a collateralized loan obligation
(CLO) originally issued in 2015 that is managed by Alcentra NY LLC.
The replacement notes will be issued via a proposed supplemental
indenture. The class F notes are not included in this refinancing.

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 Oct. 13,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Oct. 20, 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 include an extension of the weighted
average life test from eight years to 9.67 years. There is no
proposed change to the reinvestment period duration, which ends in
October 2019, or the legal final maturity date of the notes, set
for October 2027.

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 (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."

  PRELIMINARY RATINGS ASSIGNED

  Shackleton 2015-VIII CLO Ltd.

  Replacement class         Rating      Amount
                                         (mil. $)
  A-1-R                     AAA (sf)     246.15
  A-2-R                     AAA (sf)      25.00
  B-R                       AA (sf)       50.80
  C-R                       A (sf)        30.65
  D-R                       BBB (sf)      21.50
  E-R                       BB (sf)       21.50


STEWART DUDLEY: Trustee's Sale of Vehicle Collection for $2M Okayed
-------------------------------------------------------------------
Judge Tamara O. Mitchell of the U.S. Bankruptcy Court for the
Northern District of Alabama authorized Jeffery J. Hartley, the
Chapter 11 Trustee for Stewart Dudley, to sell all of the Debtor's
Old Car Heaven Vehicle Collection to Red Rock for $2,130,000.

The sale is free and clear of all liens, pledges, claims, security
interests, encumbrances and interests of any kind.

                   About Stewart Ray Dudley

Stewart Ray Dudley filed a Chapter 11 petition (Bankr. N.D. Ala.
Case No. 16-01842) on May 5, 2016, and is represented by R. Scott
Williams, Esq. from Rumberger, Kirk & Caldwell, P.C.

In January 2017, Buffalo Rock Company and James C. Lee, III,
creditors of Stewart Ray Dudley, filed a motion for order directing
the appointment of Peter W. Colmer as Chapter 11 Trustee for the
Debtor's bankruptcy estate.  They claimed that continuously acting
against the best interest of his estate, the Debtor caused numerous
assets to be transferred to Magnify Industries, LLC, including an
automobile collection previously valued at over $5,500,000; 100% of
his interest of an updated warehouse and event space commonly
referred to as Old Car Heaven previously valued at over $1,534,000;
and 17 beach front condominiums.

Buffalo Rock is represented by Burr & Forman LLP.  James C. Lee,
III, is represented by Bradley Arant Boult Cummings LLP.

The Court appointed Jeffery J. Hartley as Chapter 11 Trustee on
Feb. 24, 2017.

The Trustee:

          Mr. Jeffery Hartley
          P.O. Box 2767
          Mobile, AL 36652
          E-mail: jjh@helmsinglaw.com

The Trustee is represented by:

          Ogden S. Deaton, Esq.
          GRAHAM & CO.
          110 Office Park Drive
          Suite 200
          Birmingham, AL 35223
          E-mail: ogdend@grahamcompany.com


WFRBS COMMERCIAL 2012-C10: Moody's Lowers Cl. F Debt Rating to B3
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on ten classes
and downgraded the ratings on two classes in WFRBS Commercial
Mortgage Trust 2012-C10:

Cl. A-3, Affirmed Aaa (sf); previously on Oct 13, 2016 Affirmed Aaa
(sf)

Cl. A-FL, Affirmed Aaa (sf); previously on Oct 13, 2016 Affirmed
Aaa (sf)

Cl. A-FX, Affirmed Aaa (sf); previously on Oct 13, 2016 Affirmed
Aaa (sf)

Cl. A-S, Affirmed Aaa (sf); previously on Oct 13, 2016 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Oct 13, 2016 Affirmed
Aaa (sf)

Cl. B, Affirmed Aa3 (sf); previously on Oct 13, 2016 Affirmed Aa3
(sf)

Cl. C, Affirmed A3 (sf); previously on Oct 13, 2016 Affirmed A3
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Oct 13, 2016 Affirmed Baa3
(sf)

Cl. E, Downgraded to Ba3 (sf); previously on Oct 13, 2016 Affirmed
Ba2 (sf)

Cl. F, Downgraded to B3 (sf); previously on Oct 13, 2016 Affirmed
B2 (sf)

Cl. X-A, Affirmed Aaa (sf); previously on Oct 13, 2016 Affirmed Aaa
(sf)

Cl. X-B, Affirmed A2 (sf); previously on Oct 13, 2016 Affirmed A2
(sf)

RATINGS RATIONALE

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

The ratings on two P&I classes were downgraded due to an increase
in expected losses due primarily to a decline in performance of two
of the three largest loans in the pool.

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

Moody's rating action reflects a base expected loss of 3.5% of the
current pooled balance, compared to 1.8% at Moody's last review.
Moody's base expected loss plus realized losses is now 3.0% of the
original pooled balance, compared to 1.7% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in these ratings was "Approach to
Rating US and Canadian Conduit/Fusion CMBS" published in July 2017.


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

DEAL PERFORMANCE

As of the September 15, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 13% to $1.13 billion
from $1.31 billion at securitization. The certificates are
collateralized by 79 mortgage loans ranging in size from less than
1% to 11% of the pool, with the top ten loans (excluding
defeasance) constituting 54% of the pool. One loan, constituting
10% of the pool, has an investment-grade structured credit
assessment. Three loans have defeased and one portfolio has
partially defeased. The defeased portions are secured by US
government securities and constitute 2% 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 24, compared to a Herf of 26 at Moody's last
review.

Ten loans, constituting 14% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Moody's received full year 2016 operating results for 98% of the
pool, and partial year 2017 operating results for 98% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 94%, compared to 88% at Moody's last review.
Moody's conduit component excludes loans with structured credit
assessments, defeased and CTL loans, and specially serviced and
troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 15% to the most recently available net operating
income (NOI). Moody's value reflects a weighted average
capitalization rate of 10%.

Moody's actual and stressed conduit DSCRs are 1.70X and 1.24X,
respectively, compared to 1.78X and 1.29X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The loan with a structured credit assessment is the Concord Mills
Loan ($110.0 million -- 9.7% of the pool), which is secured by a
participation interest in the senior component of a $235 million
mortgage loan. The loan is secured by a 1.28 million square foot
(SF) super-regional mall located in Concord, North Carolina. Major
tenants include Bass Pro Shops Outdoor, Burlington Coat Factory and
AMC Corporation. As of June 2016, total mall occupancy was 96%
compared to 99% as of year-end 2015. While occupancy declined
slightly, financial performance has steadily increased since
securitization. Moody's structured credit assessment and stressed
DSCR are a2 (sca.pd) and 1.34X, respectively, the same as at last
review.

The top three conduit loans represent 23% of the pool balance. The
largest loan is the Republic Plaza Loan ($121.4 million -- 10.7% of
the pool), which represents a participation interest in a $278
million loan. The loan is secured by a 56-story Class-A trophy
office tower and a separate 12-story parking garage located in
Denver, Colorado. Major tenants include Encana Oil & Gas, DCP
Midstream, LP and Wheeler Trigg O'Donnell LLP. The largest tenant
has a 2019 lease rollover date. As of June 2016, the office tower
was 99% leased compared to 90% as of June 2015. Moody's LTV and
stressed DSCR are 117% and 0.83X, respectively, compared to 106%
and 0.92X at the last review.

The second largest loan is the Dayton Mall Loan ($82.0 million --
7.2% of the pool), which is secured by a 778,500 SF, two-story
regional mall located in Dayton, Ohio. The mall's anchor tenants
include Macy's, Elder Beerman and Sears, which are borrower-owned
and are not contributed as collateral for the loan; the other
anchor tenants are JC Penney and Dick's Sporting Goods, which are
contributed as collateral for the loan. The mall has nearby
competition with The Greene Town Center (10 miles away) and The
Mall at Fairfield Commons (18 miles away). As of June 2017, total
mall occupancy was 93%, down from 96% as of June 2016 and 99% as of
December 2015. Moody's LTV and stressed DSCR are 124% and 1.02X,
respectively, compared to 96% and 1.15X at the last review.

The third largest loan is the STAG REIT Portfolio ($55.5 million --
4.9% of the pool), which is secured by 24 (originally 28)
industrial buildings totaling 3.4 million SF, located throughout
eight states. As of June 2017, the portfolio was 93% leased,
compared to 82% leased as of December 2015. Four properties from
this portfolio have defeased. Moody's LTV and stressed DSCR are 71%
and 1.49X, respectively, compared to 67% and 1.58X at the last
review.


[*] S&P Discontinues 50 Classes From 10 CDO Deals on Note Paydowns
------------------------------------------------------------------
S&P Global Ratings, on Oct. 12, 2017, discontinued its ratings on
50 classes from 10 cash flow (CF) collateralized loan obligation
(CLO) transactions.

The discontinuances follow the complete paydown of the notes as
reflected in the most recent trustee-issued note payment reports
for each transaction:

-- Apidos CLO XIV: optional redemption in September 2017.

-- Ares Enhanced Loan Investment Strategy IR Ltd. (CF CLO):
optional redemption in September 2017.

-- BlueMountain CLO III Ltd.: last remaining rated tranche paid
down.

-- Bridgeport CLO II Ltd.: optional redemption in September 2017.

-- Canaras Summit CLO Ltd.: all rated tranches paid down.

-- Fortress Credit Opportunities I L.P.: all rated tranches paid
down.

-- Golub Capital Partners CLO 14 Ltd.: optional redemption in
August 2017.

-- Golub Capital Partners CLO 15 Ltd.: optional redemption in
August 2017.

-- KKR Financial CLO 2012-1 Ltd.: optional redemption in September
2017.

-- Nomad CLO Ltd.: optional redemption in September 2017.

RATINGS DISCONTINED                                        
  Apidos CLO XIV
                              Rating
  Class               To                  From
  A                   NR                  AAA (sf)
  B-1                 NR                  AA+ (sf)
  B-2                 NR                  AA+ (sf)
  C-1                 NR                  A+ (sf)
  C-2                 NR                  A+ (sf)
  D                   NR                  BBB (sf)
  E                   NR                  BB (sf)
  F                   NR                  B (sf)
   Ares Enhanced Loan Investment Strategy IR Ltd.
                             Rating
  Class               To                  From
  A-1A                NR                  AAA (sf)
  A-1B-R              NR                  AAA (sf)
  A-2A                NR                  AA (sf)
  A-2B-R              NR                  AA (sf)
  B-R                 NR                  A (sf)
  C                   NR                  BBB (sf)
  D                   NR                  BB (sf)
   BlueMountain CLO III Ltd.
                              Rating
  Class               To                  From
  E                   NR                  BB- (sf)
   Bridgeport CLO II Ltd.
                              Rating
  Class               To                  From
  A-2                 NR                  AAA (sf)
  B                   NR                  AAA (sf)
  C                   NR                  AA (sf)
  D                   NR                  BBB (sf)
   Canaras Summit CLO Ltd.
                              Rating
  Class               To                  From
  B                   NR                  AAA (sf)
  C                   NR                  AAA (sf)
  D                   NR                  AA+ (sf)
  E                   NR                  A (sf)
   Fortress Credit Opportunities I L.P.
                              Rating
  Class               To                  From
  A-1 New             NR                  AAA (sf)
  A-1 Orig            NR                  AAA (sf)
  A-2 Aug07           NR                  AAA (sf)
  A-2 Dec05           NR                  AAA (sf)
  A-2 New             NR                  AAA (sf)
  A-2 Orig            NR                  AAA (sf)
  A-3                 NR                  AAA (sf)
   Golub Capital Partners CLO 14 Ltd.
                              Rating
  Class               To                  From
  B                   NR                  AA+ (sf)
  C                   NR                  AA- (sf)
  D                   NR                  BBB+ (sf)
  E                   NR                  BB (sf)
   Golub Capital Partners CLO 15 Ltd.
                              Rating
  Class               To                  From
  A-2                 NR                  AA+ (sf)
  B                   NR                  A+ (sf)
  C                   NR                  BBB (sf)
  D                   NR                  BB (sf)
   KKR Financial CLO 2012-1 Ltd.
                              Rating
  Class               To                  From
  A-1A                NR                  AAA (sf)
  A-1B                NR                  AAA (sf)
  A-2                 NR                  AA+ (sf)
  B                   NR                  A+ (sf)
  C                   NR                  BBB+ (sf)
  D                   NR                  BB (sf)
   Nomad CLO Ltd.
                              Rating
  Class               To                  From
  A-1                 NR                  AAA (sf)
  A-2                 NR                  AA+ (sf)
  B                   NR                  A+ (sf)
  C                   NR                  BBB (sf)
  D                   NR                  BB (sf)

  NR--Not rated.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 2017.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.

                   *** End of Transmission ***