TCR_Public/171029.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 29, 2017, Vol. 21, No. 301

                            Headlines

ALM LTD V: Moody's Assigns B3(sf) Rating to Class E-R3 Notes
AMERICAN CREDIT 2017-3: DBRS Finalizes BB Rating on Cl. E Debt
AMMC CLO 21: S&P Assigns BB-(sf) Rating on $18MM Class E Notes
ANCHORAGE CAPITAL 7: S&P Assigns BB(sf) Rating on Class E-R Notes
ASCENTIUM EQUIPMENT 2016-2: Fitch Affirms BB Rating on Cl. E Debt

B&M CLO 2014-1: S&P Affirms B(sf) Rating on Class E Notes
BANC OF AMERICA 2006-2: Fitch Corrects Oct. 18 Release
BANC OF AMERICA 2006-5: S&P Cuts Class A-J Certs Rating to 'D(sf)'
BANC OF AMERICA 2008-LS1: Moody's Cuts Cl. XW Certs Rating to C
BANK 2017-BNK8: Fitch to Rate Class F Certificates 'B-sf'

BARINGS CLO 2015-II: Moody's Assigns B3 Rating to Class F-R Notes
BAYVIEW MORTGAGE 2017-RT3: DBRS Finalizes B Rating on B3-IOA Notes
BAYVIEW OPPORTUNITY 2017-RT6: Fitch to Rate Class B5 Notes 'Bsf'
BBCMS 2017-DELC: DBRS Finalizes B Rating on Class HRR Certs
BEAR STEARNS 2004-PWR5: DBRS Lowers Class N Certs Rating to Dsf

BENEFIT STREET XII: Moody's Assigns Ba3 Rating to Class D Notes
BLACKROCK ISHARES: S&P Assigns 'B+f' FCQR
BLUEMOUNTAIN CLO 2013-2: S&P Rates Class F-R Notes 'B-(sf)'
BofA-FUNB 2001-3: Fitch Affirms Bsf Rating on Class M Debt
BX TRUST 2017-APPL: DBRS Finalizes BB(low) Rating on Cl. E Certs

CATHEDRAL LAKE 2013: S&P Assigns BB-(sf) Rating on Class D-R Notes
CD 2016-CD1: DBRS Confirms B Rating on Class F Certs
CGCMT 2010-RR2: Moody's Affirms Caa1 Rating on Cl. JP-A4B Certs
CIFC FUNDING 2013-II: S&P Assigns BB-(sf) Rating on B-2L-R Notes
CIFC FUNDING 2017-V: Moody's Assigns (P)Ba3 Rating on Cl. D Notes

CITIGROUP 2014-GC25: DBRS Confirms B Rating on Class F Certs
CITIGROUP 2016-C2: DBRS Confirms B Rating on Cl. G-1 Certs
CITIGROUP 2017-B1: DBRS Corrects August Rating Releases
CITIGROUP COMMERCIAL 2017-C4: Fitch to Rate Class H-RR Certs 'B-'
CLEAR CREEK: Moody's Assigns Ba3 Rating to $13.5MM Class E-R Notes

COLONY MORTGAGE 2015-FL3: DBRS Confirms B(low) Rating on F Notes
COLT 2017-2: DBRS Finalizes B Rating on Class B-2 Certs
COMM 2017-PANW: Fitch to Rate Class E Certificates 'BBsf'
CPS AUTO 2017-D: S&P Assigns BB-(sf) Rating on Class E Notes
CROWN POINT CLO II: S&P Affirms B(sf) Rating on Class B-3L Notes

CSMC TRUST 2015-DEAL: S&P Affirms B-(sf) Ratings on 4 Tranches
CSMC TRUST 2017-HL2: Fitch to Rate Class B-5 Certificates 'Bsf'
DBUBS 2017-BRBK: S&P Assigns B(sf) Rating on Class F Certs
DENALI CAPITAL X: S&P Assigns B-(sf) Rating on Class B-3L-R Notes
DEUTSCHE MORTGAGE 2004-5: Moody's Corrects October 3 Release

DLJ COMMERCIAL 1999-CG2: Fitch Affirms & Withdraws D Notes Rating
DRIVE AUTO 2017-3: S&P Assigns BB-(sf) Rating on Class E Notes
DRYDEN SENIOR 54: Moody's Assigns Ba3(sf) Rating to Class E Notes
DRYDEN SENIOR XXV: S&P Assigns BB-(sf) Rating on Class E-RR Notes
DT AUTO OWNER: DBRS Reviews 20 Ratings From 7 ABS Transactions

ELEVATION CLO 2014-2: Moody's Assigns B3 Rating to Class F-R Notes
EXETER AUTOMOBILE: DBRS Reviews 36 Ratings From 11 ABS Deals
FLAGSTAR MORTGAGE 2017-2: Moody's Gives (P)B3 Rating to B-R Debt
FORTRESS CREDIT IV: S&P Gives Prelim BB(sf) Rating on Cl. E Notes
FREDDIE MAC 2017-SPI1: Moody's Gives (P)B2 Rating to Cl. M-2 Debt

GALAXY CLO XV: S&P Assigns BB-(sf) Rating on Class E-R Notes
GILBERT PARK: Moody's Assigns Ba3(sf) Rating to Class E Notes
GOLDENTREE LOAN 2: Moody's Assigns (P)B3 Rating to Class F Notes
GREENWICH CAPITAL 2002-C1: Moody's Affirms C Rating on Cl. XC Certs
GREYWOLF CLO II: S&P Assigns BB- (sf) Rating on Class D-R Notes

GS MORTGAGE 2017-SLP: S&P Gives Prelim B-(sf) Rating on Cl. F Certs
GS MORTGAGE 2017-STAY: DBRS Finalizes B Rating on Cl. HRR Certs
HANA FINANCIAL I: DBRS Withdraws Ratings on Factoring Notes
HOUSTON GALLERIA 2015-HGLR: S&P Affirms BB+ Rating on Cl. E Certs
HPS LOAN 2013-2: S&P Assigns B-(sf) Rating on Class E-R Notes

HUNT COMMERCIAL 2017-FL1: DBRS Finalizes B(low) on Cl. E Notes
INDYMAC MANUFACTURED 1998-2: S&P Withdraws D Rating on A-3 Certs
JEFFERIES MILITARY 2010-XLII: DBRS Confirms B Rating on 2010A Debt
JFIN CLO 2014: S&P Affirms B(sf) Rating on Class F Notes
JP MORGAN 2004-C1: Moody's Hikes Ratings on 2 Tranches to Ca

JP MORGAN 2014-C25: Fitch Affirms 'B-sf' Rating on 2 Tranches
JP MORGAN 2016-JP2: DBRS Corrects July 28 Release
JP MORGAN 2017-4: Moody's Assigns (P)B2 Rating to Class B-5 Debt
JP MORGAN 2017-FL11: S&P Assigns Prelim B-(sf) Rating Cl. F Certs
JPMCC COMMERCIAL 2017-JP7: DBRS Corrects July Ratings Releases

JPMDB COMMERCIAL 2016-C4: Fitch Affirms B-sf Rating on Cl. F Certs
KCAP F3C: S&P Assigns BB-(sf) Rating on $260MM Class E Notes
KODIAK CDO II: Moody's Hikes Rating on 2 Tranches to B3
MAD MORTGAGE 2017-330M: DBRS Finalizes BB Rating on Cl. E Certs
MADISON PARK XVIII: S&P Assigns BB-(sf) Rating on Class E-R Notes

MARINER CLO 2017-4: S&P Assigns B-(sf) Rating on Class F Notes
MCF CLO IV: S&P Assigns BB-(sf) Rating on Class E-R Notes
MONROE CAPITAL 2017-1: Moody's Assigns (P)Ba3 Rating to Cl. E Debt
MORGAN STANLEY 1998-WF2: Fitch Affirms Dsf Rating on Class M Certs
MORGAN STANLEY 2005-HQ6: Fitch Hikes Class H Certs Rating to BBsf

MORGAN STANLEY 2005-RR6: Moody's Affirms C Ratings on 2 Tranches
MORGAN STANLEY 2011-C1: Fitch Affirms 'BB' Rating on Class G Certs
MORGAN STANLEY 2014-C18: DBRS Confirms B(low) Rating on Cl. F Cert
MORGAN STANLEY 2016-C31: Fitch Affirms B-sf Rating on Cl. F Certs
MORGAN STANLEY 2017-C34: Fitch Assigns B-sf Rating to Cl. F Certs

MP CLO III: Moody's Assigns Ba3 Rating to $21.3MM Class E-R Notes
MSC 2011-C3: DBRS Confirms B(high) Rating on Class G Certs
NATIONAL COLLEGIATE: Moody's Lowers 15 Classes in 15 Trusts
NELNET STUDENT 2006-2: Fitch Hikes Cl. B Debt Rating From 'BBsf'
NEUBERGER BERMAN 26: S&P Assigns Prelim BB-(sf) Rating on E Notes

NEUBERGER BERMAN XV: S&P Assigns B-(sf) Rating on Class F-R Notes
NXT CAPITAL 2017-2: S&P Assigns BB(sf) Rating on Class E Notes
OCP CLO 2014-6: S&P Assigns B-(sf) Rating on Class E-R Notes
OCP CLO 2014-7: S&P Affirms B(sf) Rating on Class E Notes
OCP CLO 2015-8: S&P Affirms B(sf) Rating on Class E Notes

ONEMAIN FINANCIAL 2017-1: DBRS Finalizes BB Rating on Cl. D Notes
PREFERRED TERM XVIII: Moody's Hikes Class C Notes Rating to B3
PREFERRED TERM XXVI: Moody's Hikes Ratings on 2 Tranches to Caa2
RBSCF TRUST 2009-RR1: Moody's Affirms Ba1 Rating on JPMCC-A3 Certs
REALT 2017: Fitch to Rate Class G Certificates 'Bsf'

RECETTE CLO: Moody's Hikes Class F Notes Rating to B2
RESIDENTIAL REINSURANCE 2017-II: S&P Rates Class 3 Notes '(P)B-'
RR LTD 2: S&P Assigns BB-(sf) Rating on $18.9MM Class D Notes
SHACKLETON CLO 2015-VIII: S&P Gives BB(sf) Rating on Cl. E-R Notes
STACR 2017-HQA3: Moody's Assigns Caa1 Ratings to 5 Tranches

THL CREDIT 2013-2: S&P Assigns BB-(sf) Rating on Class E-2-R Notes
THL CREDIT 2015-2: Moody's Assigns Ba3 Rating to Class E-R Notes
TRALEE CLO III: Moody's Assigns Ba3 Rating to Class E-R Notes
UBS COMMERCIAL 2017-C4: Fitch Assigns B-sf Rating to Class F Certs
UBS COMMERCIAL 2017-C4: S&P Assigns B-(sf) Rating on Class G Certs

UBS COMMERCIAL 2017-C5: Fitch to Rate Class G-RR Certs 'B-sf'
VENTURE CDO VIII: S&P Affirms BB+(sf) Rating on Class E Notes
VENTURE CLO XXI: S&P Affirms B(sf) Rating on Class F Notes
VENTURE XVIII CLO: Moody's Assigns Ba3 Rating to Class E-R Notes
VITALITY RE V: S&P Raises 2015 Class B Notes Rating to BB+(sf)

VOYA CLO 2013-1: S&P Assigns BB-(sf) Rating on Class D-R Notes
VOYA CLO 2017-4: S&P Assigns Prelim BB-(sf) Rating on Cl. E Notes
WACHOVIA BANK 2005-C16: Moody's Lowers Ratings on 2 Tranches to C
WELLFLEET LTD 2015-1: Moody's Assigns Ba2 Rating to Cl. E-R Notes
WELLS FARGO 2014-C24: Fitch Affirms 'B-sf' Rating on Class F Certs

WELLS FARGO 2015-C31: Fitch Affirms B-sf Rating on Cl. F Certs
WELLS FARGO 2016-C36: Fitch Affirms 'B-sf' Rating on 2 Tranches
WELLS FARGO 2017-C40: Fitch Assigns 'B-sf' Rating to Class G Certs
ZAIS CLO 7: Moody's Assigns Ba3 Rating to Class E Notes
[*] Fitch Takes Rating Actions on 5 US CMBS Transactions

[*] Moody's Takes Action on $71.3MM of Alt-A & Option ARM Loans
[*] S&P Takes Various Actions on 102 Classes From 9 US RMBS Deals
[*] S&P Takes Various Actions on 47 Classes From 14 US RMBS Deals
[*] S&P Takes Various Actions on 60 Classes From 14 US RMBS Deals
[*] S&P Takes Various Actions on 67 Classes From 17 US RMBS Deals

[*] S&P Takes Various Actions on 70 Classes From 9 US RMBS Deals

                            *********

ALM LTD V: Moody's Assigns B3(sf) Rating to Class E-R3 Notes
------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
following notes (the "Refinancing Notes") issued by ALM V, Ltd.:

US$308,500,000 Class A-1-R3 Senior Secured Floating Rate Notes due
2027 (the "Class A-1-R3 Notes"), Assigned Aaa (sf)

US$50,500,000 Class A-2-R3 Senior Secured Floating Rate Notes due
2027 (the "Class A-2-R3 Notes"), Assigned Aa2 (sf)

US$25,800,000 Class B-R3 Senior Secured Deferrable Floating Rate
Notes due 2027 (the "Class B-R3 Notes"), Assigned A2 (sf)

US$29,700,000 Class C-R3 Senior Secured Deferrable Floating Rate
Notes due 2027 (the "Class C-R3 Notes"), Assigned Baa3 (sf)

US$23,000,000 Class D-R3 Secured Deferrable Floating Rate Notes due
2027 (the "Class D-R3 Notes"), Assigned Ba3 (sf)

US$9,000,000 Class E-R3 Secured Deferrable Floating Rate Notes due
2027 (the "Class E-R3 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, broadly syndicated corporate loans.

Apollo Credit Management (CLO), LLC (the "Manager") manages the
CLO. It directs the selection, acquisition, and disposition of
collateral on behalf of the Issuer.

RATINGS RATIONALE

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

The Issuer has issued the Refinancing Notes on October 18, 2017
(the "Refinancing Date") in connection with the refinancing of
certain classes of notes (the "Refinanced Notes") previously issued
on the prior Closing Date. On the Refinancing Date, the Issuer used
the proceeds from the issuance of the Refinancing Notes to redeem
in full the Refinanced Notes.

Methodology Underlying the Rating Action:

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

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

The performance of each class of the Issuer's notes is subject to
uncertainty relating to certain factors and circumstances, and this
uncertainty could lead Moody's to change its ratings:

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

2) Collateral Manager: Performance can also be affected positively
or negatively by a) the Manager's investment strategy and behavior
and b) differences in the legal interpretation of CLO documentation
by the Manager or other transaction parties owing to embedded
ambiguities.

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

4) Deleveraging: During the amortization period, the pace of
deleveraging from unscheduled principal proceeds is an important
source of uncertainty. Deleveraging of the CLO could accelerate
owing to high prepayment levels in the loan market and/or
collateral sales by the Manager, which could have a significant
impact on the ratings. Note repayments that are faster than Moody's
current expectations will usually have a positive impact on CLO
notes, beginning with those notes having the highest payment
priority.

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

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

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

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

Moody's Assumed WARF - 20% (2554)

Class A-1-R3: 0

Class A-2-R3: +1

Class B-R3: +3

Class C-R3: +3

Class D-R3: +1

Class E-R3: +1

Moody's Assumed WARF + 20% (3830)

Class A-1-R3: 0

Class A-2-R3: -3

Class B-R3: -2

Class C-R3: -1

Class D-R3: -1

Class E-R3: -3

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in "Moody's Global
Approach to Rating Collateralized Loan Obligations."

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

Performing par and principal proceeds balance: $475,077,711

Defaulted par: $1,844,580

Diversity Score: 70

Weighted Average Rating Factor (WARF): 3192 (corresponding to a
weighted average default probability of 26.66%)

Weighted Average Spread (WAS): 3.71%

Weighted Average Recovery Rate (WARR): 46.5%

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


AMERICAN CREDIT 2017-3: DBRS Finalizes BB Rating on Cl. E Debt
--------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings of the following
classes issued by American Credit Acceptance Receivables Trust
2017-3 (ACAR 2017-3):

-- $98,640,000 Series 2017-3, Class A rated AAA (sf)
-- $27,490,000 Series 2017-3, Class B rated AA (sf)
-- $48,770,000 Series 2017-3, Class C rated A (sf)
-- $36,550,000 Series 2017-3, Class D rated BBB (sf)
-- $22,680,000 Series 2017-3, Class E rated BB (sf)

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

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

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

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

-- ACAR 2017-3 provides for Class A, B, C and D coverage multiples
slightly below the DBRS range of multiples set forth in the
criteria for this asset class. DBRS believes that this is
warranted, given the magnitude of expected loss and structural
features of the transaction.

-- The capabilities of American Credit Acceptance, LLC (ACA) with
regard to originations, underwriting and servicing.

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

-- The ACA senior management team has considerable experience,
with an average of 17 years in banking, finance and auto finance
companies, as well as an average of approximately 5 years of
company tenure.

-- ACA has completed 19 securitizations since 2011, including two
transactions thus far in 2017.

-- ACA maintains a strong corporate culture of compliance and a
robust compliance department.

-- The credit quality of the collateral and the consistent
performance of ACA's auto loan portfolio.

-- Considerable availability of historical performance data and a
history of consistent performance on the ACA portfolio.

The ratings also consider the statistical pool characteristics:

-- The pool is seasoned approximately 14 months and contains ACA
originations from Q1 2012 through Q3 2017.

-- The average remaining life of the collateral pool is
approximately 55 months.

-- The weighted-average (WA) FICO score of the pool is 548.

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

The ACAR 2017-3 transaction represents the 20th securitization
completed by ACA since 2011 and offers both senior and subordinate
rated securities. The receivables securitized in ACAR 2017-3 are
subprime automobile loan contracts secured primarily by used
automobiles, light-duty trucks, vans, motorcycles and minivans.

The rating on the Class A Note reflects the 65.58% of initial hard
credit enhancement provided by the subordinated notes in the pool,
the Reserve Fund (1.50%) and overcollateralization (14.75%). The
ratings on the Class B, Class C, Class D and Class E Notes reflect
55.57%, 37.81%, 24.50% and 16.25% of initial hard credit
enhancement, respectively. Additional credit support may be
provided from excess spread available in the structure.


AMMC CLO 21: S&P Assigns BB-(sf) Rating on $18MM Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to AMMC CLO 21 Ltd.'s $416
million floating-rate notes.

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

The ratings reflect:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term loans that
are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

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

  RATINGS ASSIGNED

  AMMC CLO 21 Ltd./AMMC CLO 21 LLC

  Class                  Rating          Amount
                                       (mil. $)
  X                      AAA (sf)          2.00
  A                      AAA (sf)        281.00
  B                      AA (sf)          61.00
  C (deferrable)         A (sf)           29.00
  D (deferrable)         BBB (sf)         25.00
  E (deferrable)         BB- (sf)         18.00
  Subordinated notes     NR               40.70

  NR--Not rated.


ANCHORAGE CAPITAL 7: S&P Assigns BB(sf) Rating on Class E-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R, B-1-R,
B-2-R, C-R, D-R, and E-R replacement notes from Anchorage Capital
CLO 7 Ltd., a collateralized loan obligation (CLO) originally
issued in 2015 that is managed by Anchorage Capital Group LLC. S&P
withdrew its ratings on the original class A loans and class A,
A-L, B-1, B-2, C, D, E-1, and E-2 notes following payment in full
on the Oct. 16, 2017, refinancing date.

On the Oct. 16, 2017, refinancing date, the proceeds from the class
A-R, B-1-R, B-2-R, C-R, D-R, and E-R replacement note issuances
were used to redeem the original class A loans and class A, A-L,
B-1, B-2, C, D, E-1, E-2, and F notes as outlined in the
transaction document provisions. S&P said, "Therefore, we withdrew
our ratings on the original rated notes in line with their full
redemption, and we assigned ratings to the replacement notes.

"Our review of this transaction included a cash flow analysis,
based on the portfolio and transaction as reflected in the trustee
report, to estimate future performance. In line with our criteria,
our cash flow scenarios applied forward-looking assumptions on the
expected timing and pattern of defaults, and recoveries upon
default, under various interest rate and macroeconomic scenarios.
In addition, our analysis considered the transaction's ability to
pay timely interest or ultimate principal, or both, to each of the
rated tranches."

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

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

  RATINGS ASSIGNED

  Anchorage Capital CLO 7 Ltd.
  Replacement class           Rating          Amount (mil. $)
  A-R                         AAA (sf)                 385.50
  B-1-R                       AA (sf)                   69.50
  B-2-R                       AA (sf)                   31.75
  C-R (deferrable)            A (sf)                    41.00
  D-R (deferrable)            BBB (sf)                  42.75
  E-R (deferrable)            BB (sf)                   25.25

  RATINGS WITHDRAWN

  Anchorage Capital CLO 7 Ltd.
                            Rating
  Original class       To           From
  A loans              NR           AAA (sf)
  A                    NR           AAA (sf)
  A-L                  NR           AAA (sf)
  B-1                  NR           AA (sf)
  B-2                  NR           AA (sf)
  C                    NR           A (sf)
  D                    NR           BBB- (sf)
  E-1                  NR           BB- (sf)
  E-2                  NR           BB- (sf)

  NR--Not rated.


ASCENTIUM EQUIPMENT 2016-2: Fitch Affirms BB Rating on Cl. E Debt
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings on Ascentium Equipment
Receivables Trust, Series 2016-2.  

KEY RATING DRIVERS

For 2016-2, the affirmation of all outstanding notes reflects the
growth in credit enhancement (CE) and loss coverage for this
transaction. The Stable Outlook for all classes reflects Fitch's
expectation for loss coverage and CE to continue to improve as the
transaction amortizes.

As of the October 2017 servicer report, current 60+ day
delinquencies are 79bps. Cumulative net losses to date are 8bps.
However, since inception, the majority of delinquent and defaulted
contracts have been substituted. Cumulative gross defaults (CGD)
inclusive of substituted collateral were 1.27% of the initial pool.
Fitch's analysis does not give credit to the substituted
collateral. Hard CE has increased to 37.43%, 28.02%, 20.23%,
16.41%, and 12.44% for classes A-2/A-3, B, C, D, and E
respectively.

Based on transaction-specific performance to date and limited
amortization, Fitch maintained the 4.40% loss proxy, which
translates to 4.64% of the remaining pool. Under the loss proxy for
the remaining pool, cash flow modeling was able to support
multiples in excess of 5x, 4x, 3x, 2x, and 1.5x for the respective
ratings. Current obligor concentrations have remained consistent
from initial levels; thus Fitch believes the transaction has
limited exposure to obligor concentration risk. As such, the
primary rating approach is the stressed loss approach.

RATING SENSITIVITIES

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

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

Fitch has affirmed the following ratings for Ascentium Equipment
Receivables Trust, Series 2016-2:

-- Class A-2 at 'AAAsf'; Outlook Stable;
-- Class A-3 at 'AAAsf'; Outlook Stable;
-- Class B at 'AA-sf'; Outlook Stable;
-- Class C at 'A-sf'; Outlook Stable;
-- Class D at 'BBBsf'; Outlook Stable;
-- Class E at 'BBsf'; Outlook Stable.


B&M CLO 2014-1: S&P Affirms B(sf) Rating on Class E Notes
---------------------------------------------------------
S&P Global Ratings affirmed its ratings on the class A-1, A-2, B,
C, D, and E notes from B&M CLO 2014-1 Ltd., a U.S. collateralized
loan obligation (CLO) transaction that closed in May 2014 and is
managed by Tortoise Credit Strategies LLC.

The rating actions follow S&P's review of the transaction's
performance using data from the Oct. 4, 2017, trustee report. The
transaction is scheduled to remain in its reinvestment period until
April 2018.

The affirmed ratings reflect S&P's belief that the credit support
available is commensurate with the current rating levels.

Since the transaction's effective date, the trustee-reported
collateral portfolio's weighted average life has decreased to 4.57
years from 5.60 years. This seasoning, combined with the improved
credit quality, as evident in the weighted average rating rising to
'B+' from 'B', has decreased the overall credit risk profile. In
addition, the number of obligors in the portfolio has increased
during this period, which contributed to the portfolio's increased
diversification.

S&P said, "That said, although our cash flow analysis indicated
higher ratings for the class A-2, B, and C notes, we affirmed these
ratings due to par losses witnessed in the underlying portfolio as
a result of the collateral manager's trading activity. These par
losses have contributed to declines in the overcollateralization
(O/C) ratios. For instance, the class A O/C ratio per the October
2017 trustee report was 131.98%, down from 134.36% based on the
August 2014 trustee report, which we used for our effective date
rating affirmations. Similarly, the class E O/C ratio was 103.88%
in October 2017, down from 105.75% in August 2014. Although the O/C
ratios have declined, all coverage tests are currently passing and
are above the minimum requirements.

"We also took into account that the portfolio's weighted average
spread declined to 3.40% in October 2017 from 4.71% in August 2014,
and the transaction has experienced increased exposure to both
defaults and 'CCC' rated assets. Specifically, the amount of
defaulted assets increased to $3.15 million (0.78% of the aggregate
principal balance) as of the October 2017 trustee report from zero
as of the August 2014 report. The level of 'CCC' rated assets
increased to $18.31 million (4.52% of the aggregate principal
balance) from $1.00 million over the same period.

"Although our cash flow results indicated lower ratings for the
class D and E notes, we considered the transaction's improvements
in terms of overall credit quality and seasoning, and we factored
in additional scenario analysis. However, continued par losses and
additional deterioration in the weighted average spread could lead
to potential negative rating actions on the 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 AFFIRMED

  B&M CLO 2014-1 Ltd.   
  Class         Rating
  A-1           AAA (sf)
  A-2           AA (sf)
  B             A (sf)
  C             BBB (sf)
  D             BB (sf)
  E             B (sf)



BANC OF AMERICA 2006-2: Fitch Corrects Oct. 18 Release
------------------------------------------------------
Fitch Ratings issued a correction to a release on Banc of America
Commercial Mortgage Inc. (BACM), commercial mortgage pass-through
certificates, published Oct. 18, 2017. It corrects the balance for
class E and includes a class F, which was omitted from the original
release.

The revised release is as follows:

Fitch Ratings has upgraded one class and affirmed 12 classes of
Banc of America Commercial Mortgage Inc. (BACM), commercial
mortgage pass-through certificates, series 2006-2. A detailed list
of rating actions follows at the end of this press release.

KEY RATING DRIVERS

High Credit Enhancement: The upgrade to class B is the result of
high credit enhancement and improved expectations of payoff since
the last rating action. The transaction has received over $90
million in paydown from amortization, loan payoffs and dispositions
since Fitch's last rating action.

As of the October 2017 distribution date, the transaction has paid
down 96% since issuance, to $105.4 million from $2.7 billion.
Interest shortfalls are currently impacting classes E and F.

Concentrated Pool: The pool is highly concentrated with only six
loans remaining. Due to the concentrated nature of the pool, Fitch
performed a sensitivity analysis which grouped the remaining loans
based on loan structural features, collateral quality and
performance which ranked them by their perceived likelihood of
repayment. This includes the two performing balloon loans and the
five specially serviced loans. The ratings reflect this sensitivity
analysis.

Specially Serviced Loans: Four of the remaining six loans are in
special servicing (62.2%). Of these loans, three are in foreclosure
(42.2%) and one is categorized as non performing matured (20%). The
distressed ratings on classes D through F reflect the expected
losses on the specially serviced loans.

The largest specially serviced loan is the Wichita Retail Portfolio
(22.2%), which is collateralized by three retail centers located in
Wichita, KS. One of the properties is in the process of a sale, and
the other two are in receivership and currently undergoing
environmental remediation as the result of former dry cleaners. The
three other specially serviced loans are unrelated retail
properties which were unable to refinance at maturity.

Performing Loans: There are two performing loans. The largest loan
in the transaction (37.5%) is collateralized by a grocery anchored
retail center in Lakewood, CO with major tenants King Soopers (29%
of the net rentable area [NRA], lease expiration in 2036); Ross
(11%, 2021); Michaels (8.5%, 2020); Petco (5.4%, 2021); Old Navy
(5.4%, 2018). As of June 2017, occupancy was 94% and the DSCR was
1.44x. The balloon loan matures in May 2018.

The other performing loan (0.4%) is a single tenant retail center
with a Santander Bank as tenant with a lease that expires at the
maturity date in April 2021.

RATING SENSITIVITIES

The upgrade and revision of the Rating Outlook on class C reflects
the high credit enhancement and additional certainty of payoff
given the upcoming maturity of the largest loan in the pool. If the
loan defaults at maturity, a downgrade to class C is possible.
Given the pool concentration, additional upgrades are not expected.
Further downgrades to the distressed classes are expected as losses
on the specially serviced loans are realized.

Fitch has upgraded the following class and revised the Rating
Outlook:

-- $15.1 million class C to 'BBsf' from 'Bsf'; Outlook to Stable
    from Negative.

Fitch has affirmed the following classes:

-- $40.5 million class D at 'CCsf'; RE 40%;
-- $26.9 million class E at 'Csf'; RE 0%;
-- $22.8 million class F at 'Dsf'; RE 0%;
-- $0 million class G at 'Dsf'; RE 0%;
-- $0 million class H at 'Dsf'; RE 0%;
-- $0 million class J at 'Dsf'; RE 0%;
-- $0 million class K at 'Dsf'; RE 0%;
-- $0 million class L at 'Dsf'; RE 0%;
-- $0 million class M at 'Dsf'; RE 0%;
-- $0 million class N at 'Dsf'; RE 0%;
-- $0 million class O at 'Dsf'; RE 0%.

Classes A-1 through B have all paid in full. Fitch does not rate
the class P certificates. Fitch previously withdrew the rating on
the interest-only class X-W certificates.


BANC OF AMERICA 2006-5: S&P Cuts Class A-J Certs Rating to 'D(sf)'
------------------------------------------------------------------
S&P Global Ratings lowered its rating to 'D (sf)' on the class A-J
commercial mortgage pass-through certificates from Banc of America
Commercial Mortgage Trust 2006-5, a U.S. commercial mortgage-backed
securities (CMBS) transaction. The downgrade reflects the principal
loss on the class, as detailed in the Oct. 10, 2017, trustee
remittance report.

The reported principal loss on class A-J was $5.9 million (3.3% of
its original class balance) and, per the October 2017 reporting
files, was primarily the result of recoupment of prior servicer
advances for each of the remaining assets. Consequently, class B,
which is not rated by S&P Global Ratings, experienced a 100% loss
of its beginning balance, with the remaining loss being allocated
to class A-J.

  RATINGS LIST

  Banc of America Commercial Mortgage Trust 2006-5
  Commercial mortgage pass-through certificates series 2006-5
                                         Rating
  Class        Identifier        To                 From
  A-J          05950XAJ5         D (sf)             CCC- (sf)


BANC OF AMERICA 2008-LS1: Moody's Cuts Cl. XW Certs Rating to C
---------------------------------------------------------------
Moody's Investors Service has upgraded the rating on one class,
affirmed the ratings on two classes, and downgraded the rating on
one class in Banc of America Commercial Mortgage Inc., Commercial
Mortgage Pass-Through Certificates, Series 2008-LS1

Cl. A-1A, Upgraded to Aaa (sf); previously on Nov 9, 2016 Affirmed
Aa1 (sf)

Cl. A-SM, Affirmed A2 (sf); previously on Nov 9, 2016 Affirmed A2
(sf)

Cl. A-M, Affirmed Caa3 (sf); previously on Nov 9, 2016 Downgraded
to Caa3 (sf)

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

RATINGS RATIONALE

The rating on Class A-1A was upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 71% since Moody's last
review.

The rating on Class A-SM 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 Class AM was affirmed because the ratings are consistent with
Moody's expected loss.

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

Moody's rating action reflects a base expected loss of 26.4% of the
current pooled balance, compared to 6.9% at Moody's last review.
Moody's base expected loss plus realized losses is now 24.4% of the
original pooled balance, compared to 24.0% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in these ratings were "Approach to Rating US
and Canadian Conduit/Fusion CMBS" published in July 2017, and
"Moody's Approach to Rating Large Loan and Single Asset/Single
Borrower CMBS" published in July 2017.

Additionally, the methodology used in rating Cl. XW 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 59% 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 certificate balance has decreased by 86% to $332.9
million from $2.35 billion at securitization. The certificates are
collateralized by 28 mortgage loans ranging in size from less than
1% to 19% of the pool, with the top ten loans (excluding
defeasance) constituting 79% of the pool.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 10, as compared to 54 at Moody's last review.

Nine loans, constituting 41% 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.

Seventy-five loans have been liquidated from the pool, resulting in
an aggregate realized loss of $483.5 million (for an average loss
severity of 57%). Eighteen loans, constituting 59% of the pool, are
currently in special servicing. The largest specially serviced loan
is The Hallmark Building Loan ($64.0 million -- 19.2% of the pool),
which is secured by a 305,000 square foot (SF) six-story office
building in Dulles, Virginia. The loan transferred to special
servicing in December 2016 due to imminent default and the loan has
passed its maturity date in June 2017. As of January 2017, the
property was 82% leased, compared to 80% in June 2016.

The second largest specially serviced loan is the Poplar Run Office
Building Loan ($28.0 million -- 8.4% of the pool), which is secured
by a 144,672 SF office building located in Alexandria, Virginia.
The loan transferred to special servicing in November 2016 due to
imminent default. As of December 2016, the property was 95% leased,
however, leases representing over 50% of the net rentable area
(NRA) expire by the end of 2019. The special servicer indicated
they are currently evaluating various workout strategies.

The third largest specially serviced loan is the Capital Square
Office Building -- A-1 Note ($23.0 million -- 6.9% of the pool),
which is secured by a 494,487 SF office building located in
downtown Columbus, Ohio. The original loan was modified in June
2017, which included a bifurcation of the original A note into an
A-1 ($23 million) and A-2 ($7 million) note. The existing B note
balance remained the same. As of December 2016, the property was
77% leased. Performance dropped in 2016 because of a decline in
revenue and occupancy.

The remaining specially serviced loans are secured by a mix of
property types. Moody's estimates an aggregate $78.6 million loss
for the specially serviced loans (40% expected loss on average).

Moody's received full year 2016 operating results for 100% of the
pool, and partial year 2017 operating results for 86% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 118%, compared to 99% 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 29% to the most recently available net operating
income (NOI). Moody's value reflects a weighted average
capitalization rate of 9.4%.

Moody's actual and stressed conduit DSCRs are 1.15X and 0.86X,
respectively, compared to 1.35X and 1.10X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 32% of the pool balance. The
largest performing loan is the Two Liberty Center Loan ($51.1
million -- 15.3% of the pool), which is secured by a 177,046 SF
nine-story office building with 13,200 SF of retail space located
in the Ballston section of Arlington, Virginia. As of June 2017,
the property was 100% leased, unchanged from the prior year. The
largest tenant, BAE Systems (46% of NRA), will vacate its space at
in January 2018. A portion of BAE's space has been backfilled. The
loan matures in December 2017 and Moody's LTV and stressed DSCR are
123% and 0.79X, respectively.

The second largest loan is the 255 Rockville Pike Loan ($39.7
million -- 11.9% of the pool), which is secured by a 145,281 SF
office property located in downtown Rockville, Maryland. As of June
2017, the property was 100% leased, unchanged from the prior year.
The largest tenant, Montgomery County (99% of NRA), has a lease
expiration in September 2022. The loan has passed its anticipated
repayment date in September 2017 and has a final maturity date in
2037. Due to the single tenant concentration, Moody's value of this
property utilized a lit/dark analysis. Moody's LTV and stressed
DSCR are 131% and 0.75X, respectively.

The third largest loan is the GE Transportation Systems Loan ($16.0
million -- 4.8% of the pool), which is secured by a 191,500 SF
office property located in Melbourne, Florida. The sole tenant
recently renewed its lease for another 10 years. Due to the single
tenant concentration, Moody's value of this property utilized a
lit/dark analysis. The loan matures in November 2017 and Moody's
LTV and stressed DSCR are 94% and 1.07X, respectively.


BANK 2017-BNK8: Fitch to Rate Class F Certificates 'B-sf'
---------------------------------------------------------
Fitch Ratings has issued a presale report on BANK 2017-BNK8
Commercial Mortgage Pass-Through Certificates, Series 2017-BNK8 and
expects to rate the transaction and assign Rating Outlooks as
follows:

-- $17,200,000 class A-1 'AAAsf'; Outlook Stable;
-- $11,400,000 class A-2 'AAAsf'; Outlook Stable;
-- $37,700,000 class A-SB 'AAAsf'; Outlook Stable;
-- $330,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $355,686,000 class A-4 'AAAsf'; Outlook Stable;
-- $751,986,000b class X-A 'AAAsf'; Outlook Stable;
-- $192,025,000b class X-B 'A-sf'; Outlook Stable;
-- $65,799,000 class A-S 'AAAsf'; Outlook Stable;
-- $77,884,000 class B 'AA-sf'; Outlook Stable;
-- $48,342,000 class C 'A-sf'; Outlook Stable;
-- $56,399,000ab class X-D 'BBB-sf'; Outlook Stable;
-- $28,200,000ab class X-E 'BB-sf'; Outlook Stable;
-- $10,743,000ab class X-F 'B-sf'; Outlook Stable;
-- $56,399,000a class D 'BBB-sf'; Outlook Stable;
-- $28,200,000a class E 'BB-sf'; Outlook Stable;
-- $10,743,000a class F 'B-sf'; Outlook Stable.

The following classes are not expected to be rated:

-- $34,913,677ab class X-G;
-- $34,913,677a class G;
-- $56,540,351ac RR Interest.

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

The ratings are based on information provided by the issuer as of
Oct. 19, 2017.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 50 loans secured by 83
commercial properties having an aggregate principal balance of
$1,130,807,029 as of the cut-off date. The loans were contributed
to the trust by Wells Fargo Bank, National Association, Bank of
America, National Association, Morgan Stanley Mortgage Capital
Holding LLC, and National Cooperative Bank, N.A.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 77.6% of the properties
by balance, cash flow analysis of 92.7%, and asset summary reviews
on 92.7% of the pool.

KEY RATING DRIVERS

Fitch Leverage in Line with Recent Transactions: The transaction
has leverage comparable to other recent Fitch-rated multiborrower
transactions. The pool's Fitch debt service coverage ratio (DSCR)
and loan to value (LTV) are 1.33x and 101.1%, respectively,
relative to the year-to-date (YTD) 2017 averages of 1.26x and
101.0%, respectively. Excluding investment-grade credit opinion and
multifamily cooperative loans, the pool has a Fitch DSCR and LTV of
1.23x and 103.0%, respectively, slightly better than the YTD 2017
normalized averages of 1.21x and 106.6%, respectively.

Highly Concentrated Pool: The top 10 loans represent 69.5% of the
pool by balance, which is significantly higher than the YTD 2017
average of 53.0%. The pool's loan concentration index (LCI) is 554,
which is well above the YTD 2017 average of 395. For this
transaction, the losses estimated by Fitch's deterministic test at
'AAAsf' exceeded the base model loss estimate.

Weak Amortization: Nineteen loans (65.6%) are full-term
interest-only and 14 loans (18.9%) are partial interest-only.
Fitch-rated transactions for YTD 2017 had an average full-term
interest-only component of 44.4% and a partial interest-only
component of 29.3%. Based on the scheduled balance at maturity, the
pool will pay down by only 5.1%, which is well below the YTD 2017
average of 8.2% and significantly below the 2016 average of 10.4%.

Investment-Grade Credit Opinion Loans: Two loans, representing
13.3% of the pool, have investment-grade credit opinions. Colorado
Center (7.1% of the pool) and 237 Park Avenue (6.1% of the pool)
have investment-grade credit opinions of 'Asf*' and 'AAsf*',
respectively. Combined, the two loans have a weighted-average (WA)
Fitch DSCR and LTV of 1.50x and 59.2%, respectively.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 12.9% below
the most recent year's net operating income (NOI) for properties
for which a full-year NOI was provided, excluding properties that
were stabilizing during this period. Unanticipated further declines
in property-level NCF could result in higher defaults and loss
severities on defaulted loans and in potential rating actions on
the certificates.

Fitch evaluated the sensitivity of the ratings assigned to the BANK
2017-BNK8 certificates and found that the transaction displays
average sensitivities to further declines in NCF. In a scenario in
which NCF declined a further 20% from Fitch's NCF, a downgrade of
the junior 'AAAsf' certificates to 'AA-sf' could result. In a more
severe scenario, in which NCF declined a further 30% from Fitch's
NCF, a downgrade of the junior 'AAAsf' certificates to 'A-sf' could
result.


BARINGS CLO 2015-II: 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") issued by Barings CLO
Ltd. 2015-II (the "Issuer"):

US$2,250,000 Class X-R Senior Secured Floating Rate Notes due 2030
(the "Class X-R Notes"), Assigned Aaa(sf)

US$320,000,000 Class A-R Senior Secured Floating Rate Notes due
2030 (the "Class A-R Notes"), Assigned Aaa(sf)

US$7,828,283 Class B-1-R Senior Secured Floating Rate Notes due
2030 (the "Class B-1-R Notes"), Assigned Aa2(sf)

US$49,671,718 Class B-2-R Senior Secured Floating Rate Notes due
2030 (the "Class B-2-R Notes"), Assigned Aa2(sf)

US$19,696,970 Class C-1-R Senior Secured Deferrable Floating Rate
Notes due 2030 (the "Class C-1-R Notes"), Assigned A2(sf)

US$5,303,031 Class C-2-R Senior Secured Deferrable Floating Rate
Notes due 2030 (the "Class C-2-R Notes"), Assigned A2(sf)

US$31,250,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2030 (the "Class D-R Notes"), Assigned Baa3(sf)

US$26,250,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2030 (the "Class E-R Notes"), Assigned Ba3(sf)

US$10,000,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2030 (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, broadly syndicated corporate loans.

Barings LLC (the "Manager") manages the CLO. It directs the
selection, acquisition, and disposition of collateral on behalf of
the Issuer.

RATINGS RATIONALE

Moody's ratings on the Refinancing Notes address the expected
losses posed to noteholders. The ratings reflects 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 20, 2017
(the "Refinancing Date") in connection with the refinancing of some
classes of the secured notes (the "Refinanced Original Notes")
previously issued on August 20, 2015 (the "Original Closing Date").
On the Refinancing Date, the Issuer used proceeds from the issuance
of the Refinancing Notes to redeem in full the Refinanced Original
Notes.

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in 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: $500,000,000

Defaulted Par: $0

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2964

Weighted Average Spread (WAS): 3.50%

Weighted Average Recovery Rate (WARR): 47.50%

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 a Downgrade of the
Ratings:

The performance of the Refinancing Notes is subject to uncertainty.
The performance of the Refinancing Notes is sensitive to the
performance of the underlying portfolio, which in turn depends on
economic and credit conditions that may change. The Manager's
investment decisions and management of the transaction will also
affect the performance of the Refinancing Notes.

Together with the set of modeling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a component
in determining the ratings assigned to the Refinancing Notes. This
sensitivity analysis includes increased default probability
relative to the base case.

Below is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the Refinancing
Notes (shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds to
higher expected losses), assuming that all other factors are held
equal:

Percentage Change in WARF -- increase of 15% (from 2964 to 3409)

Rating Impact in Rating Notches

Class X-R: 0

Class A-R: -1

Class B-1-R: -2

Class B-2-R: -2

Class C-1-R: -2

Class C-2-R: -2

Class D-R: -1

Class E-R: 0

Class F-R: -1

Percentage Change in WARF -- increase of 30% (from 2964 to 3853)

Rating Impact in Rating Notches

Class X-R: 0

Class A-R: -1

Class B-1-R: -4

Class B-2-R: -4

Class C-1-R: -4

Class C-2-R: -4

Class D-R: -2

Class E-R: -1

Class F-R: -4


BAYVIEW MORTGAGE 2017-RT3: DBRS Finalizes B Rating on B3-IOA Notes
------------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Mortgage-Backed Securities, Series 2017-RT3 (the Notes) issued by
Bayview Mortgage Fund IVc Trust 2017-RT3 (the Trust):

-- $153.5 million Class A at AAA (sf)
-- $153.5 million Class A-IOA at AAA (sf)
-- $153.5 million Class A-IOB at AAA (sf)
-- $11.6 million Class B1 at AA (sf)
-- $11.6 million Class B1-IOA at AA (sf)
-- $11.6 million Class B1-IOB at AA (sf)
-- $6.0 million Class B2 at A (sf)
-- $6.0 million Class B2-IO at A (sf)
-- $15.8 million Class B3 at BBB (sf)
-- $15.8 million Class B3-IOA at BBB (sf)
-- $15.8 million Class B3-IOB at BBB (sf)
-- $14.8 million Class B4 at BB (sf)
-- $7.8 million Class B5 at B (sf)

Classes A-IOA, A-IOB, B1-IOA, B1-IOB, B2-IO, B3-IOA and B3-IOB are
interest-only notes. The class balances represent notional
amounts.

The AAA (sf) ratings on the Notes reflect the 33.25% of credit
enhancement provided by subordinated Notes in the pool. The AA
(sf), A (sf), BBB (sf), BB (sf) and B (sf) ratings reflect 28.20%,
25.60%, 18.75%, 12.30% and 8.90% of credit enhancement,
respectively.

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

This transaction is a securitization of a portfolio of seasoned
performing and re-performing first-lien residential mortgages. The
Notes are backed by 3,732 loans with a total principal balance of
$229,997,136 as of the Cut-Off Date (July 31, 2017).

The loans are approximately 135 months seasoned, and all are
current as of the Cut-Off Date, including 2.3%
bankruptcy-performing loans. Approximately 80.6% of the mortgage
loans have been zero times 30 days delinquent (0x30) for the past
24 months under the Mortgage Bankers Association delinquency
methods. Approximately 83.5% of the pool has remained 0x30 for the
past 18 months and 87.5% for the past 12 months. Approximately
48.9% of the loans have been modified, 91.0% of which happened more
than two years ago.

Approximately 72.8% of the loans are daily simple interest loans.
Within the pool, 1,534 mortgages have non-interest-bearing deferred
amounts as of the Cut-Off date, which equates to 2.9% of the total
principal balance. Included in the deferred amounts are proprietary
principal forgiveness and HAMP principal reduction alternative
amounts (collectively, the PRA amounts), which comprise less than
0.1% of the total principal balance.

The loan-to-value (LTV) ratios are relatively stronger than other
re-performing portfolios reviewed by DBRS. The weighted-average
current LTV ratio of the pool is 67.4%, suggesting considerable
borrower equity for some of the mortgage properties in the pool.

The mortgage loans in this transaction were originated by various
originators. The mortgage loans were initially acquired by an
affiliate of MF IVc Depositor, LLC (the depositor) from various
third-party sellers, many of whom may not have originated or
modified the mortgage loans sold by them. As of the Cut-Off Date,
all of the loans are serviced by Bayview Loan Servicing, LLC.

There will not be any advancing of delinquent principal or interest
on any mortgages by the servicer or any other party to the
transaction; however, the servicer is obligated to make advances in
respect of taxes and insurance, reasonable costs and expenses
incurred in the course of servicing and disposing of properties.

The transaction employs a sequential-pay cash flow structure.
Principal proceeds can be used to cover interest shortfalls on the
Class A and Class B1 Notes (and the related interest-only bonds),
but such shortfalls on more subordinate bonds will not be paid from
principal. In addition, diverted interest from the mortgage loans
will be used to pay down principal on the Notes sequentially.

The lack of principal and interest advances on delinquent mortgages
may increase the possibility of periodic interest shortfalls to the
Noteholders; however, principal proceeds used to pay interest to
the Notes sequentially and subordination levels greater than
expected losses may provide for timely payment of interest to the
rated Notes.

The ratings reflect transactional strengths that include underlying
assets that have generally performed well through the crisis, an
experienced servicer and strong structural features. Additionally,
a third-party due diligence review was performed on the portfolio
with respect to regulatory compliance, payment history, data
capture and title and lien review. Updated property values were
provided for the mortgage loans.

The representations and warranties provided in this transaction
generally conform to the representations and warranties that DBRS
would expect to receive for an RMBS transaction with seasoned
collateral; however, the transaction employs a representations and
warranties framework that includes an unrated representation
provider (Mortgage Fund IVc, LP) with a backstop by an unrated
entity (Bayview Asset Management, LLC) and certain knowledge
qualifiers. Mitigating factors include (1) significant loan
seasoning and relatively clean performance history in recent years;
(2) third-party due diligence review; (3) a strong representations
and warranties enforcement mechanism, including a delinquency
review trigger; and (4) for representations and warranties with
knowledge qualifiers, even if the Sponsor did not have actual
knowledge of the breach, the Remedy Provider is still required to
remedy the breach in the same manner as if no knowledge qualifier
had been made.

The enforcement mechanism for breaches of representations includes
automatic breach reviews by a third-party reviewer for any
seriously delinquent loans or any loans that incur loss upon
liquidation. Resolution of disputes are ultimately subject to
determination in an arbitration proceeding.

The DBRS ratings of AAA (sf) and AA (sf) address the timely payment
of interest and full payment of principal by the legal final
maturity date in accordance with the terms and conditions of the
related Notes. The DBRS ratings of A (sf), BBB (sf), BB (sf) and B
(sf) address the ultimate payment of interest and full payment of
principal by the legal final maturity date in accordance with the
terms and conditions of the related Notes.


BAYVIEW OPPORTUNITY 2017-RT6: Fitch to Rate Class B5 Notes 'Bsf'
----------------------------------------------------------------
Fitch Ratings expects to rate Bayview Opportunity Master Fund IVb
Trust 2017-RT6 (BOMFT 2017-RT6):

-- $112,077,000 class A notes 'AAAsf'; Outlook Stable;
-- $112,077,000 class A-IOA notional notes 'AAAsf'; Outlook
    Stable;
-- $112,077,000 class A-IOB notional notes 'AAAsf'; Outlook
    Stable;
-- $14,382,000 class B1 notes 'AAsf'; Outlook Stable;
-- $14,382,000 class B1-IOA notional notes 'AAsf'; Outlook
    Stable;
-- $14,382,000 class B1-IOB notional notes 'AAsf'; Outlook
    Stable;
-- $3,234,000 class B2 notes 'Asf'; Outlook Stable;
-- $3,234,000 class B2-IO notional notes 'Asf'; Outlook Stable;
-- $9,191,000 class B3 notes 'BBBsf'; Outlook Stable;
-- $9,191,000 class B3-IOA notional notes 'BBBsf'; Outlook
    Stable;
-- $9,191,000 class B3-IOB notional notes 'BBBsf'; Outlook
    Stable;
-- $10,382,000 class B4 notes 'BBsf'; Outlook Stable;
-- $6,212,000 class B5 notes 'Bsf'; Outlook Stable.

The following class will not be rated by Fitch:

-- $14,723,144 class B6 notes.

The notes are supported by a pool of 2,745 loans totaling $170.2
million (comprising 2,725 seasoned performing and re-performing
loans [RPLs] and 20 newly originated loans), including $6.0 million
in non-interest-bearing deferred principal amounts, as of the
cutoff date. Distributions of principal and interest (P&I) and loss
allocations are based on a sequential-pay, senior-subordinate
structure.

The 'AAAsf' rating on the class A notes reflects the 34.15%
subordination provided by the 8.45% class B1, 1.90% class B2, 5.40%
class B3, 6.10% class B4, 3.65% class B5, and 8.65% class B6
notes.

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

KEY RATING DRIVERS

Recent Delinquencies (Negative): Approximately 38.4% of the
borrowers in the pool have had a delinquency in the prior 24
months, with 29.7% occurring in the past 12 months. The majority of
the pool (55.2%) has received a modification due to performance
issues. Although the borrowers had prior delinquencies as recent as
four months ago and tend to be chronic late payers, the seasoning
of roughly 11 years indicates a willingness to stay in their home.

Low Property Values (Negative): Based on Fitch's analysis, the
average current property value of the pool is approximately
$122,000, which is lower than the average of other Fitch-rated RPL
transactions of over $150,000. Historical data from CoreLogic Loan
Performance indicate that recently observed loss severities (LS)
have been higher for very low property values than implied by
Fitch's loan loss model. For this reason, LS floors were applied to
loans with property values below $100,000, which increased the
'AAAsf' loss expectation by roughly 205 basis points (bps).

Tier I Representation Framework (Positive): Fitch considers the
transaction's representation, warranty and enforcement (RW&E)
mechanism framework to be strong and consistent with a Tier I
framework. An automatic review of any loan that incurs a realized
loss or is 180 or more days delinquent will occur after cumulative
realized losses plus the 180+ delinquency bucket exceeds 50% of the
'Bsf' credit enhancement percentage as of the closing date. In
addition, any unaffiliated investor has the ability to cause a
third-party review (TPR) on any loans within 180 days of the loan
incurring a realized loss. Fitch believes the performance trigger
for causing an automatic review is sufficient for identifying
breaches before significant deterioration in pool performance
occurs.

The transaction benefits from life-of-loan representations and
warranties (R&Ws) as well as a backstop by Bayview Asset Management
(BAM) in the event the sponsor, Bayview Opportunity Master Fund
IVb, L.P., is liquidated or terminated.

Due Diligence Findings (Negative): A third-party review (TPR),
which was conducted on 100% of the pool, resulted in 15.4% (or 425
loans) graded 'C' or 'D'. For 363 loans, the due diligence results
showed issues regarding high cost testing -- the loans were either
missing the final HUD1, used alternate documentation to test, or
had incomplete loan files -- and therefore a slight upward revision
to the model output LS was applied, as further described in the
Third-Party Due Diligence section beginning on page 6. In addition,
timelines were extended on 409 loans that were missing final
modification documents (excluding 91 loans that were already
adjusted for HUD1 issues).

Recent Natural Disasters (Mixed): The full extent of damage from
Hurricane Harvey, Hurricane Irma and the California wildfires to
properties in the mortgage pool is not yet known. The servicer,
Bayview Loan Servicing, LLC (BLS), will be conducting inspections
on properties located in counties designated as major disaster
areas by the Federal Emergency Management Agency (FEMA) as a result
of Harvey and Irma.

The sponsor, Bayview Opportunity Master Fund IVb, L.P., is
obligated to repurchase loans that have incurred property damage
due to water, flood or hurricane prior to the transaction's closing
that materially and adversely affects the value of the property.
Fitch currently does not expect the effect of the storm damage to
have rating implications due to the repurchase obligation of the
sponsor and due to the limited exposure to affected areas relative
to the credit enhancement (CE) of the rated bonds.

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

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

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

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

Deferred Amounts (Negative): Non-interest-bearing principal
forbearance amounts totaling $6.1 million (3.6%) of the unpaid
principal balance are outstanding on 1,298 loans. Fitch included
the deferred amounts when calculating the borrower's LTV and sLTV
despite the lower payment and amounts not being owed during the
term of the loan. The inclusion resulted in higher PDs and LS than
if there were no deferrals. Fitch believes that borrower default
behavior for these loans will resemble that of the higher LTVs, as
exit strategies (that is, sale or refinancing) will be limited
relative to those borrowers with more equity in the property.

Servicing Fee Stress (Negative): Fitch determined that the
servicing fee may be insufficient to attract subsequent servicers
under a period of poor performance and high delinquencies. To
account for the potentially higher fee above what is allowed for
under the current transaction documents, Fitch's cash flow analysis
assumed a 100-bp servicing fee.

CRITERIA APPLICATION

Fitch analyzed the transaction in general accordance with its
criteria, as described in the report, "U.S. RMBS Rating Criteria."
This incorporates a review of the originators' lending platforms,
as well as an assessment of the transaction's R&Ws provided by the
originators and arranger, which were found to be consistent with
the ratings assigned to the certificates. Fitch's analysis
incorporated one criteria variation from "U.S. RMBS Loan Loss Model
Criteria," and one criteria variation from "U.S. RMBS Seasoned,
Re-Performing and Non-Performing Loan Rating Criteria," which are
described below.

The first variation relates to overriding the default assumption
for original DTI in Fitch's Loan Loss model. Based on a historical
data analysis of over 750,000 loans from Fannie Mae and Fitch's
rated RPL transactions, Fitch assumed an original debt-to-income
ratio (DTI) of 45% for all loans in the pool that did not have
original DTI data available (95% of the pool). The historical loan
data supports the DTI assumption of 45%. Prior to conducting the
historical analysis, Fitch had previously assumed 55% for loans
that were missing original DTI values.

The second variation is that 0.08% of the tax, title and lien
review was conducted more than six months prior to the cut-off
date. Fitch considers the robust servicing and ongoing monitoring
from Bayview Loan Servicing, which is a high-touch servicing
platform that specializes in seasoned loans, to be a positive.
Given the strength of the servicer, Fitch considered the impact of
a small percentage of outdated tax, title and lien reviews as of
the closing date to be nonmaterial.

RATING SENSITIVITIES

Fitch's analysis incorporates sensitivity analyses to demonstrate
how the ratings would react to steeper market value declines (MVDs)
than assumed at both the metropolitan statistical area (MSA) and
national levels. The implied rating sensitivities are only an
indication of some of the potential outcomes and do not consider
other risk factors that the transaction may become exposed to or be
considered in the surveillance of the transaction.

Fitch conducted sensitivity analysis determining how the ratings
would react to steeper MVDs at the national level. The analysis
assumes MVDs of 10%, 20%, and 30%, in addition to the
model-projected 37.6% at 'AAAsf'. The analysis indicates there is
some potential rating migration with higher MVDs, compared with the
model projection.

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


BBCMS 2017-DELC: DBRS Finalizes B Rating on Class HRR Certs
-----------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2017-DELC to be issued by BBCMS 2017-DELC Mortgage Trust. The
trends are Stable.

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

All classes have been privately placed.

The Class X-CP and X-NCP balances are notional.

The subject property is an iconic resort hotel that has been in
operation for nearly 130 years in an irreplaceable beachfront
location in Coronado, California. With its unique historic status
and highly desirable location with over 1,400 linear feet of ocean
frontage as well as a relatively substantial meeting and event
space footprint of over 135,000 square feet of indoor and outdoor
space, the hotel has no true direct competition in the vicinity or
even in the larger Southern California market overall. The sponsor,
The Blackstone Group L.P. (Blackstone), initially acquired a 60%
equity interest in the property in 2011 as part of a joint venture
(JV) with Strategic Hotel Funding, L.L.C. and later acquired the
full interest as part of its acquisition of the Strategic Hotels
and Resorts, Inc. REIT in late 2015. The sponsors' combined basis
in the property was approximately $642.6 million in 2013, and the
allocated acquisition price in 2015 was approximately $1.0 billion.
Debt on the property has been securitized several times, most
recently in the DEL 2013-HDC and DEL 2013-HDMZ transactions, which
represented $285 million in senior mortgage debt and $115 million
in senior mezzanine debt, respectively, issued as part of a $475
million whole loan that also included a $75 million junior
mezzanine loan. That CMBS debt was refinanced in early 2016, and
the subject transaction will refinance the debt that was placed on
the property at that time. The subject transaction represents
$507.6 million in senior mortgage debt, with a total of $204.4
million held across three mezzanine loans. The whole-loan proceeds
paid off $702.9 million of existing debt and paid closing costs,
while the sponsor contributed approximately $586,981 in cash equity
to close.

Property performance has historically been quite stable with
healthy year-over-year revenue per available room (RevPAR) growth
between 2010 and 2016. In 2014, hotel management shifted its rate
strategy away from a discount approach to a focus on maintaining
rate integrity for transient guests and achieving an increase in
event and group bookings for the hotel. As a result of this shift,
average daily rate (ADR) grew to $382.93 by 2016 and again to
$388.90 for the trailing 12 months (T-12) ending June 30, 2017,
from $330.75 in 2013. Transient ADR increased to $605.96 for the
T-12 period from $458.70 in 2013. Over that same period, occupancy
declined slightly in 2014 to 64.2%, down from 66.1% in 2013, but
recovered to 69.6% by 2015 and has since held relatively steady at
68.1% for 2016 and 67.5% for the T-12 period. RevPAR for 2016 and
the T-12 period was $260.88 and $262.48, respectively, up from
$218.61 in 2013, the year before the discount focus was scrapped.
As hotel management also sought to increase group demand and
increase food and beverage (F&B) revenue at the hotel, several
upgrades were completed in the last several years that include the
installation of artificial turf at the property's outdoor event
spaces and the expansion of the Sheerwater restaurant by 70 seats.
These and other efforts have contributed to an average increase of
21,000 group room nights over the last three years, with group
rooms sold for the T-12 period representing 56.0% of rooms sold, up
from 45.5% in 2013. It is noteworthy that group revenues are
forecast to be down by approximately $4.1 million for 2017 from
2016, a decline of approximately 2.9%. The sponsor and property
management attribute this trend to a record year for group bookings
in 2016 and lower group demand in the San Diego overall
metropolitan statistical area in 2017. In addition, this loss in
revenue has been offset by gains in transient room and F&B
revenues. Total revenue for the T-12 period represents an increase
of 2.4% over the YE2016 figure.

Although the total loan proceeds of $712.0 million ($507.6 million
of which is held in this trust) represent a substantial increase
over the previously issued CMBS mortgage and mezzanine debt in 2013
of $475.0 million, Blackstone and the previous JV interest holders
have spent over $20.0 million in upgrades and improvements to the
property since that time. The T-12 net cash flow (NCF) figure of
$51.5 million represents an increase of 31.8% over the Issuer's NCF
figure in 2013. The subject loan amount is generally in line with
the existing debt load of approximately $702.9 million and compares
well with the sponsor's allocated price of $1.0 billion for the
2015 acquisition. The low DBRS Refinance (Refi) debt service
coverage ratio (DSCR) of 0.94 times (x) on the senior mortgage debt
indicates that leverage is quite high for a hotel. Additionally,
although the DBRS Term DSCR of 1.63x -- assuming a 3.64% loan
margin that will contractually increase by 0.125% during the fourth
of five one-year extension options and a LIBOR of 2.41% based on
the DBRS "Unified Interest Rate Methodology" -- suggests relatively
low term default risk, the coverage drops substantially to 1.16x
when accounting for the full debt load.

The appraiser estimated an as-is value of $1.03 billion and an
as-stabilized value of $1.15 million. The DBRS value of $512.0
million represents a significant 50.5% discount to the as-is
appraised value. The appraiser's stabilized value estimate includes
projections for cash flow increases resulting from market
improvements and the new franchise agreement with Hilton Hotels &
Resorts (Hilton), to be achieved by 2019. DBRS gives little to no
consideration to any prospective revenue increases or expense
savings expected to be achieved with the Hilton affiliation in its
NCF assumptions. In addition, the DBRS cap rate of 9.75% is well
above the range of cap rates between 2.2% and 5.0% in the
appraiser's sales comparables and likely at least 400 basis points
above a current market cap rate for the subject. This allows
significant breathing room for market disruptions in the near term
that could result in cap rate expansion and lower trading activity.
The implied DBRS loan-to-value (LTV) ratio on the full $712.0
million debt load is very high at 139.1%, falling to a still-high
99.1% when based on the senior mortgage debt of $507.6 million;
however, the cumulative investment-grade-rated proceeds of $408.9
million reflect a more reasonable LTV of 79.9%, and the high
leverage on the whole loan is mitigated by the healthy DBRS Term
DSCR on the senior debt (which is based on a stressed interest
rate), the property's irreplaceable location and strong historical
performance as well as the sponsor's planned investment in room
upgrades and other property improvements to be completed over the
next four years at an estimated cost of approximately $48.0
million. Given these factors and the strong sponsorship in
Blackstone, DBRS expects the loan to perform well over the fully
extended seven-year term. The refinance profile is also expected to
be strong, given the iconic status and high desirability of the
asset for investors, which should provide an effective buffer
against potential market disruptions over the life of the loan.


BEAR STEARNS 2004-PWR5: DBRS Lowers Class N Certs Rating to Dsf
---------------------------------------------------------------
DBRS Limited downgraded the rating of the following class of
Commercial Mortgage Pass-Through Certificates, Series 2004-PWR5
issued by Bear Stearns Commercial Mortgage Securities Trust
2004-PWR5 (the Trust):

-- Class N to D (sf) from C (sf)

In addition to the downgrade, DBRS has removed the Interest in
Arrears designation on Class N.

The rating downgrade is the result of the most recent realized
losses to the Trust, which occurred after the Pottsburg Plaza
(Prospectus ID#69) was liquidated at a loss of $1.92 million with
the June 2017 remittance. The Pottsburg Plaza loan was secured by a
35,905-square foot Class C neighbourhood retail centre located in
Jacksonville, Florida, built in 1953. The loan transferred to
special servicing in May 2014 for maturity default, and the
property was foreclosed in August 2015. The last property valuation
obtained by the servicer, dated June 2016, valued the property at
$2.75 million, down from $3.75 million in July 2015 and from $6.24
million at issuance. The servicer reported proceeds of $1.4 million
with the property's sale, with a loss severity of 57.5%. The loss
wiped the remaining balance of Class P and reduced the principal
balance of Class N by 18.0%.

As of the August 2017 remittance, there are no loans remaining in
special servicing and two loans on the servicer's watchlist with a
cumulative outstanding principal balance of $0.7 million.


BENEFIT STREET XII: Moody's Assigns Ba3 Rating to Class D Notes
---------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by Benefit Street Partners CLO XII, Ltd.

Moody's rating action is:

US$451,500,000 Class A-1 Senior Secured Floating Rate Notes due
2030 (the "Class A-1 Notes"), Definitive Rating Assigned Aaa (sf)

US$80,500,000 Class A-2 Senior Secured Floating Rate Notes due 2030
(the "Class A-2 Notes"), Definitive Rating Assigned Aa2 (sf)

US$38,500,000 Class B Senior Secured Deferrable Floating Rate Notes
due 2030 (the "Class B Notes"), Definitive Rating Assigned A2 (sf)

US$42,000,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2030 (the "Class C Notes"), Definitive Rating Assigned Baa3
(sf)

US$31,500,000 Class D Secured Deferrable Floating Rate Notes due
2030 (the "Class D Notes"), Definitive Rating Assigned Ba3 (sf)

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

RATINGS RATIONALE

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

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

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

In addition to the Rated Notes, the Issuer has issued one class of
subordinated notes.

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017.

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

Par amount: $700,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2930

Weighted Average Spread (WAS): 3.55%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 9 years.

Methodology Underlying the Rating Action:

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

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

The performance of the Rated Notes is subject to uncertainty. The
performance of the Rated Notes is sensitive to the performance of
the underlying portfolio, which in turn depends on economic and
credit conditions that may change. The Manager's investment
decisions and management of the transaction will also affect the
performance of the Rated Notes.

Together with the set of modeling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a component
in determining the ratings assigned to the Rated Notes. This
sensitivity analysis includes increased default probability
relative to the base case.

Below is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the Rated Notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds to
higher expected losses), assuming that all other factors are held
equal:

Percentage Change in WARF -- increase of 15% (from 2930 to 3370)

Rating Impact in Rating Notches

Class A-1 Notes: 0

Class A-2 Notes: -2

Class B Notes: -2

Class C Notes: -1

Class D Notes: 0

Percentage Change in WARF -- increase of 30% (from 2930 to 3809)

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-2 Notes: -4

Class B Notes: -4

Class C Notes: -2

Class D Notes: -1


BLACKROCK ISHARES: S&P Assigns 'B+f' FCQR
-----------------------------------------
S&P Global Ratings said it assigned its 'B+f' fund credit quality
rating (FCQR) and 'S4' fund volatility rating (FVR) to the iShares
Broad USD High Yield Corporate Bond ETF. Given the fund is new and
expected to launch soon, S&P has assessed the fund's respective
index portfolio to determine the fund credit quality. The 'B+f'
FCQR signifies that the credit quality of the fund's portfolio
exposure is very weak.

The iShares Broad USD High Yield Corporate Bond ETF seeks to track
the investment results of an index composed of U.S.
dollar-denominated, high-yield corporate bonds. The fund seeks to
meet its investment objective generally by investing in individual
securities that satisfy the criteria of the BofA Merrill Lynch U.S.
High Yield Constrained Index. The components of the underlying
index, and the degree to which the components represent certain
industries, are likely to change over time. The underlying index
consists of U.S. dollar-denominated, high-yield corporate bonds for
sale in the U.S. that have at least $250 million of outstanding
face value.

S&P said, "We view the investment manager, BlackRock Fund Advisors
(BFA), as strong and the portfolio risk assessment as neutral. Our
portfolio risk assessment focused on counterparty risk,
concentration risk, liquidity, and the fund credit score cushion
(the proximity of the preliminary FCQR to a fund rating threshold).
The BofA Merrill Lynch U.S. High Yield Constrained Index exhibited
a preliminary FCQR in our matrix that was within 10% of the lower
fund rating threshold, leading to the application of our
sensitivity tests. The sensitivity tests resulted in no adjustment
to the intermediate rating of the iShares Broad USD High Yield
Corporate Bond ETF."

The 'S4' FVR signifies that the fund exhibits moderate to high
volatility of returns comparable to a portfolio of long-duration
government securities, typically maturing beyond 10 years and
denominated in the base currency of the fund.

S&P said, "We determined the preliminary FVR by assessing the
historical volatility and dispersion of the funds' respective index
portfolio returns relative to reference indices. Next, we evaluated
portfolio risk taking into account duration, credit exposures,
liquidity, derivatives, leverage, foreign currency, and investment
concentration. Given the determination that these portfolio risk
factors were consistent, there were no adjustments to the
preliminary FVR derived from our review of return volatility and
dispersion. We then used our strong qualitative assessment of
management to determine that no adjustment was
required to the FVR.

"In determining the FCQR and FVR, we performed a comparable rating
analysis on the new exchange-traded fund (ETF) with other funds
that have similar portfolio strategy and composition. We focused on
a holistic view of the fund's portfolio credit quality and
characteristics relative to its peers. The comparative rating
analyses resulted in no adjustments to the ratings.

The ratings reflect the credit quality of the fund's portfolio of
investments. By prospectus, the fund generally will invest at least
90% of its assets in the component securities of the underlying
index and may invest up to 10% of its assets in certain futures,
options and swap contracts, and cash and cash equivalents,
including shares of money market funds advised by BFA or its
affiliates as well as in securities not included in the underlying
index but that BFA believes will help the fund track the underlying
index. Similarly, S&P understand the ETF will invest at least 80%
of its respective assets in the component securities of the
underlying index and may invest up to 20% of its assets in certain
index futures, options, options on index futures, swap contracts or
other derivatives as related to the underlying index, cash and cash
equivalents, other investment companies, or in securities and other
instruments not included in the underlying index but that BFA
believes will help the funds track the underlying index.

The iShares trust was organized as a Delaware statutory trust on
Dec. 16, 1999, and is authorized to have multiple series or
portfolios. The trust is an open-end management investment company
registered under the Investment Company Act of 1940 as amended. The
offering of the trust's shares is registered under the Securities
Act of 1933 as amended. The shares of the trust are listed and
traded at market prices on national securities exchanges. BlackRock
Fund Advisors, the funds' investment adviser, is a subsidiary of
BlackRock Inc. As of Sept. 30, 2017, BlackRock's assets under
management totaled more than $5.97 trillion across equity, fixed
income, cash management, alternative investment, and advisory
strategies. iShares manages over 800 funds globally across multiple
asset classes and strategies, which represents more than $1.5
trillion in assets under management as of Sept. 30, 2017. State
Street Bank & Trust Co. is the administrator, custodian, and
transfer agent for the fund. BlackRock Investments LLC, a
subsidiary of BlackRock Inc., is the fund's distributor.

An FCQR, also known as a "bond fund rating," is a forward-looking
opinion about the overall credit quality of a fixed-income
investment fund. FCQRs, identified by the 'f' suffix, are assigned
to fixed-income funds, actively or passively managed, typically
exhibiting variable net asset values. The ratings reflect the
credit risks of the portfolio investments, the level of the fund's
counterparty risk, and the risk of the fund's management ability
and willingness to maintain current fund credit quality. Unlike
traditional credit ratings (e.g., issuer credit ratings), an FCQR
does not address a fund's ability to meet payment obligations and
is not a commentary on yield levels.

An FVR is a forward-looking opinion about a fixed-income investment
fund's volatility of returns relative to that of a "reference
index" denominated in the base currency of the fund. A reference
index is composed of government securities associated with the
fund's base currency. FVRs are not globally comparable. FVRs
reflect S&P's expectation of the fund's future volatility of
returns to remain consistent with its historical volatility of
returns. FVRs reflect S&P Global Ratings' view of the fund's
sensitivity to interest rate risk, credit risk, and liquidity risk,
as well as other factors that may affect returns such as use of
derivatives, use of leverage, exposure to foreign currency risk and
investment concentration and fund management. Different symbology
is used to distinguish FVRs from S&P Global Ratings' traditional
issue or issuer credit ratings. S&P does so because FVRs do not
reflect creditworthiness but rather our view of a fund's volatility
of returns.

S&P's review pertinent fund information and portfolio reports
monthly as part of its surveillance process of its FCQRs and FVRs.


BLUEMOUNTAIN CLO 2013-2: S&P Rates Class F-R Notes 'B-(sf)'
-----------------------------------------------------------
S&P Global Ratings assigned its 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, an affiliate of BlueMountain Fuji Management
LLC.

On the Oct. 23, 2017, refinancing date, the proceeds from the
issuance of the replacement notes were used to redeem the original
notes. Therefore, S&P withdrew its ratings on the original notes in
line with their full redemption and are assigning ratings to the
replacement notes.

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

-- Extend the stated maturity, reinvestment period, and non-call
period end date by 5.25, 5.25, and 4.25 years, respectively; and

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

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
  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

  RATINGS WITHDRAWN
  BlueMountain CLO 2013-2 Ltd./BlueMountain CLO 2013-2

                       Rating
  Original Class   To           From
  A                NR           AAA (sf)
  B-1              NR           AA+ (sf)
  B-2              NR           AA+ (sf)
  C                NR           A+ (sf)
  D                NR           BBB (sf)
  E                NR           BB (sf)
  F                NR           B sf)

  NR--Not rated.


BofA-FUNB 2001-3: Fitch Affirms Bsf Rating on Class M Debt
----------------------------------------------------------
Fitch Ratings has affirmed four classes of Bank of America, N.A. -
First Union National Bank Commercial Mortgage Trust's (BofA-FUNB)
commercial mortgage pass-through certificates series 2001-3.

KEY RATING DRIVERS

The affirmation of class M reflects sufficient credit enhancement,
due to a sizable subordinate class, and the relatively stable
performance of the two remaining loans. Class M is currently the
most senior class and will continue to receive principal paydown.
The remaining classes are affirmed at 'Dsf' due to realized
losses.

As of the October 2017 distribution date, the pool's aggregate
principal balance has been reduced by 99% to $11.9 million from
$1.14 billion at issuance. The pool has realized $45.5 million (4%
of the original pool balance) in losses to date. Interest
shortfalls are currently affecting classes N through Q.

Pool Concentration: The pool is concentrated with only two
remaining loans.

Remaining Collateral: The largest loan in the pool (69.2% of the
pool) is secured by a 98,344-square foot (sf) retail property
located in Las Vegas, NV. The property is roughly 2 miles from the
Las Vegas Strip and is shadow-anchored by Smith's, a grocery store
chain with 132 locations. The loan transferred to the special
servicer in August 2011 due to a balloon payment default. However,
after receiving a maturity date extension through November 2022,
the loan was returned to the master servicer in August 2013 and has
remained current. National tenants at the center include Chase Bank
(ground lease), Jack in the Box, and Supercuts, but the majority of
the tenants are local. Occupancy was reported to be 78% as of June
2017, which is a decline from the 91% reported at year-end (YE)
2016. The debt service coverage ratio (DSCR) was reported to be
1.73x at YE 2016.

The second remaining loan (30.9%) is secured by an 89,589-sf retail
property located in Menasha, WI, which is approximately 35 miles
southwest of Green Bay. This loan also received a maturity date
extension after transferring to the special servicer in February
2011 for maturity default. As a result of the loan modification,
the maturity date was extended to December 2018 and the loan was
returned to the master servicer in January 2014. Gold's Gym (42% of
net rentable area) occupies the anchor space, which was formerly
leased to a grocery store. The property is shadow-anchored by
ShopKo and features other national tenants including TCF Bank,
Edward Jones and National Cash Advance. Occupancy at the property
has been historically low, with an average of 63% since 2008. As of
June 2016, the occupancy and DSCR was reported to be 58% and 1.52x,
respectively.

RATING SENSITIVITIES

The Rating Outlook on class M remains Stable due to the class
seniority and continued paydown. Any losses to the remaining loans
should be absorbed by the subordinate N class. Given the pool
concentration and collateral quality, upgrades to class M are
unlikely.

Fitch affirms the following classes:

-- $3.4 million class M at 'Bsf'; Outlook Stable;
-- $8.5 million class N at 'Dsf'; RE 50%;
-- $0 class O at 'Dsf'; RE 0%;
-- $0 class P at 'Dsf'; RE 0%.

The class A-1, A-2, A-2F, B, C, D, E, F, G, H, J, K, L and XP
certificates have paid in full. Fitch does not rate the class Q
certificates or the subordinate component class V-1, V-2, V-3, V-4
and V-5 certificates. Fitch previously withdrew the rating on the
interest-only class XC certificates.



BX TRUST 2017-APPL: DBRS Finalizes BB(low) Rating on Cl. E Certs
----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2017-APPL (the Certificates) issued by BX 2017-APPL Mortgage
Trust:

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

All trends are Stable.

All classes have been privately placed. The Class X-CP and Class
X-EXT are notional.

The $800.0 million mortgage loan is secured by the fee simple
and/or leasehold interest in a portfolio of 51 limited-service,
extended-stay and full-service hotels totaling 6,154 keys, located
in 17 different states across the United States. The portfolio is
geographically diverse and relatively granular, as no single hotel
represents greater than 8.8% of the allocated loan balance, and no
property accounted for more than 8.8% of net operating income based
on the trailing 12-month period ending April 2017 (T-12 Period).
DBRS considered 43 of the properties -- approximately 91.0% of the
allocated loan amount -- to be located in suburban or urban
locations. The hotels operate under two international brands --
Marriott International, Inc. and Hilton Worldwide -- totaling ten
different flags. Hilton Garden Inn, covering 13 of the 51
properties, is the largest flag within the portfolio, as the flag
represents 27.7% of the portfolio by allocated mortgage loan
amount. The portfolio is managed by eight different national
hospitality management firms, with Inn Ventures managing the
largest number of keys at 1,493 and having the greatest total
allocated loan amount at 33.4%.

Since acquiring the portfolio in 2013, the sponsor, BSHH LLC., an
affiliate of Blackstone Real Estate Partners VII, L.P., has
invested roughly $122.2 million ($3,997 per key annually) of capex
across the collateral portfolio, $51.4 million ($8,370 per key) of
which was injected in 2015 alone. Additionally, the sponsor has
budgeted to spend $13.7 million on property improvement plan (PIP)
expenditures on six hotels over the next five years, which equals
approximately $19,062 per key at the six hotels. The loan is
structured with ongoing furniture, fixtures and equipment reserves
that will be collected at 4.0% of gross revenue on a monthly basis
and are available for planned maintenance throughout the term.
Because the loan was not structured with an upfront PIP reserve,
DBRS applied a net cash flow penalty based on straight-lining the
Year 1 and Year 2 budgeted PIP expenditures. Both recently
completed and remaining planned capital improvement programs will
upgrade public areas, guest rooms and guest amenities to meet brand
standards. The properties were built between 1985 and 2009, and the
portfolio's straight-line average year built is 2000. DBRS assessed
the overall portfolio quality to be Average based on the site
inspections, but individual property quality assessments ranged
from Above Average to Average (-). The properties inspected that
had undergone recent renovations were noted to be modern and
attractive but in line with the national-brand standard quality of
recently renovated Marriott and Hilton limited-service hotels.

The portfolio's performance has been generally stable over the past
few years, despite a few instances where significant declines were
reported, particularly in 2010. Revenue per available room (RevPAR)
bottomed out in 2009 at $71.76, which represented a 15.8% decrease
compared with the previous high of $85.24 in YE2008. Through the
T-12 period, RevPAR has fully recovered, and then some, to $103.38,
representing a 44.1% increase from the cyclical low. Additionally,
the portfolio has displayed a stable RevPAR since 2015. Based on
allocated loan amount, the portfolio's weighted-average penetration
index figures of 103.6% for occupancy, 109.8% for average daily
rate and 114.0% for RevPAR as of the T-12 period imply that the
portfolio's properties generally outperform their competitive set.
As of the April 2017 STR Reports, there were 41 properties,
representing 74.0% of the allocated loan balance, that exhibited
RevPAR penetration indexes above 100.0%, including 13 properties,
or 20.8% of the allocated loan amount, achieving strong RevPAR
penetration figures over 130.0%.

Loan proceeds of $800.0 million ($12,997 per key) were used to
refinance $734.2 million ($119,299 per key) of existing portfolio
debt, return $15.3 million of equity to the sponsor and cover
closing costs of approximately $13.6 million. The most recent prior
senior debt was securitized in the CDGJ Commercial Mortgage Trust
2014-BXCH securitization and encumbered all of the current
portfolio assets. The loan is a two-year floating-rate (one-month
LIBOR plus 2.15% per annum) interest-only mortgage loan with five
one-year extension options. The as-is portfolio appraised value of
$1.28 billion, assuming a bulk sale, and $1.16 billion, assuming
individual sales, equate to relatively moderate appraised
loan-to-value (LTV) ratios of 62.5% and 69.1%, respectively. The
DBRS value represents a 41.0% and 34.8% discount to the bulk sale
and individual sale valuation, respectively. The DBRS LTV of 105.9%
is indicative of high-leverage financing; however, the DBRS value
is based on a reversionary cap rate of 10.86%, which represents a
significant stress over current prevailing market cap rates.
Furthermore, the loan's DBRS Debt Yield and DBRS Term debt service
coverage ratio at 10.2% and 1.88 times, respectively, are moderate
considering the portfolio is primarily securitized by suburban
limited-service hotels.


CATHEDRAL LAKE 2013: S&P Assigns BB-(sf) Rating on Class D-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 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. S&P withdrew its ratings on the original
class A-1-R, A-2, B, C, and D notes following payment in full on
the Oct. 16, 2017, refinancing date.

On the Oct. 16, 2017, refinancing date, the proceeds from the
replacement class A-1RR, A-2-R, B-R, C-R, and D-R note issuances
were used to redeem the original class A-1-R, A-2, B, C, and D
notes as outlined in the transaction document provisions.
Therefore, S&P withdrew its ratings on the refinanced notes in line
with their full redemption, and it is assigning ratings to the
replacement notes.

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

-- Extend the stated maturity by 3.75 years;
-- Extend the reinvestment period by 4.75 years; and
-- Extend the non-call period by 3.50 years.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as presented to us
in connection with this review, to estimate future performance.

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

  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

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

                    Rating
  Class       To              From
  A-1-R       NR              AAA (sf)
  A-2         NR              AA (sf)
  B           NR              A (sf)
  C           NR              BBB (sf)
  D           NR              BB (sf)

  NR--Not rated.


CD 2016-CD1: DBRS Confirms B Rating on Class F Certs
----------------------------------------------------
DBRS Limited confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2016-CD1 issued by CD 2016-CD1
Mortgage Trust as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction. The collateral consists of 32 fixed-rate loans
secured by 58 commercial properties. As of the August 2017
remittance, there has been a collateral reduction of 0.6% as a
result of scheduled loan amortization. Five loans, representing
33.8% of the pool, including four of the largest 15 loans, are
structured with full-term interest-only (IO) payments. An
additional 11 loans, representing 34.9% of the pool, have partial
IO periods ranging from 12 to 48 months. As of the August 2017
remittance, these loans have remaining IO periods ranging from four
to 34 months. Loans representing 59.1% of the current pool balance
reported YE2016 cash flow figures. These loans reported a
weighted-average (WA) debt service coverage ratio (DSCR) and WA
debt yield of 1.78 times (x) and 9.2%, respectively, compared with
the DBRS WA DSCR and WA debt yield for the whole portfolio of 2.20x
and 11.1%, respectively, at issuance. The largest 15 loans in the
pool reported a WA DSCR and debt yield of 2.00x and 9.4%,
respectively.

As of the August 2017 remittance, there are no loans on the
servicer's watchlist.

At issuance, DBRS shadow-rated the following loans investment
grade: 10 Hudson Yards (Prospectus ID#1, 9.3% of the pool balance),
Westfield San Francisco Centre (Prospectus ID#3 – 8.6% of the
pool balance), Gas Company Tower & World Trade Center Parking
Garage (Prospectus ID#8 – 5.7% of the pool balance) and Vertex
Pharmaceuticals HQ (Prospectus ID#9 – 4.3% of the pool balance).
DBRS confirmed that the performance of these loans remains
consistent with investment-grade characteristics.

The rating assigned to Class F materially deviates from the higher
rating implied by the quantitative results. DBRS considers a
material deviation to be a rating differential of three or more
notches between the assigned rating and the rating implied by the
quantitative results that is a substantial component of a rating
methodology. The deviations are warranted because the
sustainability of loan performance trends was not demonstrated.


CGCMT 2010-RR2: Moody's Affirms Caa1 Rating on Cl. JP-A4B Certs
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on the following
certificates issued by CGCMT 2010-RR2 Trust, Resecuritization
Pass-Through Certificates, Series 2010-RR2:

Cl. JP-A4A, Affirmed Baa2 (sf); previously on Oct 28, 2016 Affirmed
Baa2 (sf)

Cl. JP-A4B, Affirmed Caa1 (sf); previously on Oct 28, 2016 Affirmed
Caa1 (sf)

The Class JP-A4A and Class JP-4AB are referred to herein as the
"Rated Certificates".

RATINGS RATIONALE

Moody's has affirmed the ratings on the transaction because the key
transaction metrics are commensurate with the existing rating. The
rating action is the result of Moody's on-going surveillance of
commercial real estate resecuritization (CRE Non-Pooled Re-Remic)
transactions.

CGCMT 2010-RR2 is a non-pooled Re-Remic pass through trust
("resecuritization") backed by two ring-fenced commercial mortgage
backed security (CMBS) certificates: 4.0% of the Class A-3 issued
by Credit Suisse Commercial Mortgage Trust Series 2006-C5,
Commercial Mortgage Pass-Through Certificates, Series 2006-C5 (the
"Group I Underlying Security"); and 8.5% of the Class A-4 issued by
J.P. Morgan Chase Commercial Mortgage Securities Trust 2008-C2
Commercial Mortgage Pass-Through Certificates, Series 2008-C2 (the
"Group II Underlying Security"). Both the Group I and Group II
Underlying Securities are backed by fixed-rate mortgage loans
secured by first liens on commercial and multifamily properties.

This rating action only covers the Group II Certificates only.

Moody's has affirmed the rating of the Group II Underlying
Security. The rating action reflected a cumulative base expected
loss of 12 .2% of the current balance, compared to 12.5% as of the
last review for the underlying transaction.

The Group I Underlying Security has fully amortized.

Updates to key parameters, including the constant default rate
(CDR), the constant prepayment rate (CPR), the weighted average
life (WAL), and the weighted average recovery rate (WARR),
materially reduced the expected loss estimate of certain
re-securitized classes leading to the upgrade.

The Underlying Certificate has a WAL of 0.2 years; assuming a CDR
of 0% and CPR of 0%. For delinquent loans (30+ days, REO,
foreclosure, bankrupt), Moody's assumes a fixed WARR of 40% and a
fixed WARR of 50% for current loans. Moody's also ran a sensitivity
analysis on the classes assuming a WARR of 40% for current loans.
This impacts the modeled ratings of the certificates by 0 notch
downward (e.g., one notch down implies a ratings movement of Baa3
to Ba1).

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating Resecuritizations" published in February 2014.

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

The performance of the certificates are subject to uncertainty,
because they are 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
Certificates.

Because the credit quality of the resecuritization depends on that
of the underlying CMBS certificates, whose credit quality in turn
depends on the performance of the underlying commercial mortgage
pool, any change to the rating on the Underlying Certificates could
lead to a review of the ratings of the certificates.

Primary sources of assumption uncertainty are the extent of growth
in the current macroeconomic environment. Commercial real estate
property values are continuing to move in a positive direction
along with a rise in investment activity and stabilization in core
property type performance. Limited new construction, moderate job
growth and the decreased cost of debt and equity capital have aided
this improvement.


CIFC FUNDING 2013-II: S&P Assigns BB-(sf) Rating on B-2L-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
A-1L-R, A-2L-R, A-3L-R, B-1L-R, B-2L-R, and B-3L-R notes and new
class X-R notes from CIFC Funding 2013-II Ltd., a U.S.
collateralized loan obligation (CLO) transaction managed by CIFC
Asset Management LLC. S&P withdrew its ratings on the original
class A-1L, A-2F, A-2L, A-3L, B-1L, B-2L, and B-3L notes following
payment in full on the Oct. 18, 2017, refinancing date.

On the Oct. 18, 2017, refinancing date, the proceeds from the
replacement note issuance were used to redeem the original class
A-1L, A-2F, A-2L, A-3L, B-1L, B-2L, and B-3L notes as outlined in
the transaction document provisions. Therefore, S&P is withdrawing
the ratings on the original class A-1L, A-2F, A-2L, A-3L, B-1L,
B-2L, and B-3L notes in line with their full redemption and
assigning ratings to the replacement notes.

The replacement notes are being issued via a supplemental indenture
and a restated indenture. In addition to outlining the terms of the
new and replacement notes, the restated indenture outlines the
following:

-- The transaction will have an updated capital structure with
updated coverage tests.

-- The non-call period, the reinvestment period, and the stated
maturity will be extended to October 2019, October 2022, and
October 2030, respectively. The weighted average life test has also
been extended.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the trustee report, to estimate future performance. In line with
our criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults, and
recoveries upon default, under various interest rate and
macroeconomic scenarios. In addition, our analysis considered the
transaction's ability to pay timely interest or ultimate principal,
or both, to each of the rated tranches.

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

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

  RATINGS ASSIGNED

  CIFC Funding 2013-II Ltd.
  Replacement class    Rating          Amount (mil $)
  X-R                  AAA (sf)           6.00
  A-1L-R               AAA (sf)         386.00
  A-2L-R               AA (sf)           76.00
  A-3L-R               A (sf)            53.50
  B-1L-R               BBB- (sf)         34.50
  B-2L-R               BB- (sf)          25.00
  B-3L-R               B- (sf)            9.50
  Subordinated notes   NR                71.50

  RATINGS WITHDRAWN

  CIFC Funding 2013-II Ltd.
                             Rating
  Original class       To              From
  A-1L                 NR              AAA (sf)
  A-2F                 NR              AA (sf)
  A-2L                 NR              AA (sf)
  A-3L                 NR              A (sf)
  B-1L                 NR              BBB (sf)
  B-2L                 NR              BB- (sf)
  B-3L                 NR              B (sf)

  NR--Not rated.


CIFC FUNDING 2017-V: Moody's Assigns (P)Ba3 Rating on Cl. D Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to five
classes of notes to be issued by CIFC Funding 2017-V, Ltd. (the
"Issuer" or "CIFC 2017-V").

Moody's rating action is:

US$455,000,000 Class A-1 Senior Secured Floating Rate Notes due
2030 (the "Class A-1 Notes"), Assigned (P)Aaa (sf)

US$77,000,000 Class A-2 Senior Secured Floating Rate Notes due 2030
(the "Class A-2 Notes"), Assigned (P)Aa2 (sf)

US$38,500,000 Class B Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class B Notes"), Assigned (P)A2 (sf)

US$42,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class C Notes"), Assigned (P)Baa3 (sf)

US$31,500,000 Class D Junior Secured Deferrable Floating Rate Notes
due 2030 (the "Class D Notes"), Assigned (P)Ba3 (sf)

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

Moody's issues provisional ratings in advance of the final sale of
financial instruments, but these ratings only represent Moody's
preliminary credit opinions. Upon a conclusive review of a
transaction and associated documentation, Moody's will endeavor to
assign definitive ratings. A definitive rating, if any, may differ
from a provisional rating.

RATINGS RATIONALE

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

CIFC 2017-V is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 92.5% of the portfolio must
consist of senior secured loans and eligible investments, and up to
7.5% of the portfolio may consist of second lien loans and
unsecured loans. Moody's expects the portfolio to be approximately
70% ramped as of the closing date.

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

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

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017.

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

Par amount: $700,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2850

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 9.0 years.

Methodology Underlying the Rating Action:

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

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

The performance of the Rated Notes is subject to uncertainty. The
performance of the Rated Notes is sensitive to the performance of
the underlying portfolio, which in turn depends on economic and
credit conditions that may change. The Manager's investment
decisions and management of the transaction will also affect the
performance of the Rated Notes.

Together with the set of modeling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a component
in determining the ratings assigned to the Rated Notes. This
sensitivity analysis includes increased default probability
relative to the base case.

Below is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the Rated Notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds to
higher expected losses), assuming that all other factors are held
equal:

Percentage Change in WARF -- increase of 15% (from 2850 to 3278)

Rating Impact in Rating Notches

Class A-1 Notes: 0

Class A-2 Notes: -2

Class B Notes: -2

Class C Notes: -1

Class D Notes: 0

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

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-2 Notes: -3

Class B Notes: -4

Class C Notes: -2

Class D Notes: -1


CITIGROUP 2014-GC25: DBRS Confirms B Rating on Class F Certs
------------------------------------------------------------
DBRS Limited confirmed the ratings of Commercial Mortgage
Pass-Through Certificates, Series 2014-GC25 (the Certificates),
issued by Citigroup Commercial Mortgage Trust 2014-GC25 as
follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance
exhibited since issuance. At issuance, the collateral consisted of
62 fixed-rate loans secured by 99 commercial properties. As of the
July 2017 remittance, 61 loans remain in the pool with an aggregate
principal balance of $824 million, representing a collateral
reduction of 2.1% due to the unscheduled repayment of one loan and
scheduled loan amortization. According to YE2016 reporting, the
transaction had a weighted-average (WA) debt service coverage ratio
(DSCR) and WA debt yield of 1.71x and 10.1%, respectively, compared
to the DBRS Term DSCR and debt yield of 1.40x and 8.3%,
respectively.

The pool is concentrated by property type, as eight loans,
representing 36.2% of the pool, are secured by office properties,
26 loans (25.6% of the pool) are secured by retail properties and
six loans (16.4% of the pool) are secured by multifamily
properties. The pool is also concentrated by loan size, as the Top
10 and Top 15 loans represent 55.5% and 66.9% of the pool,
respectively. Additionally, the largest loan, the Bank of America
Plaza, represents 13.3% of the pool. To date, 51 loans (77.3% of
the pool) reported partial-year 2017 net cash flow (NCF) figures,
while all 61 loans reported YE2016 NCF figures. Based on the most
recent cash flows available, the Top 15 loans reported a WA DSCR of
1.92x, compared to the WA DBRS Term DSCR of 1.41x, reflective of
32.6% NCF growth over the DBRS issuance figures.

As of the July 2017 remittance, there are two loans (3.5% of the
pool) on the servicer's watchlist. The larger of the two loans, the
Denver Merchandise Mart (Prospectus ID#14, 3.1% of the pool), was
flagged as the property experienced significant hail damage,
whereas the smaller loan, Stapleton Business Center (Prospectus
ID#53, 0.4% of the pool), was flagged due to near-term tenant
rollover.


CITIGROUP 2016-C2: DBRS Confirms B Rating on Cl. G-1 Certs
----------------------------------------------------------
DBRS Limited confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2016-C2 issued by Citigroup
Commercial Mortgage Trust 2016-C2 (CGCMT 2016-C2) as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction. The collateral consists of 44 fixed-rate loans
secured by 53 commercial properties. As of the August 2017
remittance, there has been a collateral reduction of 0.5% as a
result of scheduled loan amortization. Eleven loans, representing
32.3% of the pool, including four of the largest ten loans, are
structured with full-term interest-only (IO) payments. An
additional 11 loans, representing 34.9% of the pool, have partial
IO periods ranging from 12 to 60 months. As of the August 2017
remittance, thirty-eight loans, representing 81.6% of the current
pool balance, reported YE2016 cash flow figures. These loans
reported a weighted-average (WA) debt service coverage ratio (DSCR)
and WA debt yield of 2.35 times (x) and 11.1%, respectively,
compared with the DBRS WA Term DSCR and WA debt yield for the whole
transaction of 1.72x and 9.3%, respectively, at issuance. The
largest 15 loans in the pool reported a WA DSCR and debt yield of
2.05x and 9.1%, respectively.

As of the August 2017 remittance, there are no loans on the
servicer's watchlist.

At issuance, DBRS shadow-rated the Vertex Pharmaceuticals HQ loan
(Prospectus ID#1, 9.9% of the pool balance) as investment grade.
DBRS has confirmed that the performance of this loan remains
consistent with investment-grade characteristics.



CITIGROUP 2017-B1: DBRS Corrects August Rating Releases
-------------------------------------------------------
DBRS Inc. corrected an August 8, 2017, and an August 29, 2017,
press release that did not include language identifying the
material deviation for the rating actions taken on Citigroup
Commercial Mortgage Trust 2017-B1.

The corrected release is as follow:

DBRS, Inc. finalized its provisional ratings on the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2017-B1 (the Certificates) to be issued by Citigroup Commercial
Mortgage Trust 2017-B1:

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

All trends are Stable.

Classes X-D, X-E, X-F, D, E, F and G have been privately placed.
The Class X-A, X-B, X-D, X-E and X-F balances are notional.

The collateral consists of 48 fixed-rate loans secured by 69
commercial and multifamily properties. The transaction is a
sequential-pay pass-through structure. Trust assets contributed
from four loans, representing 23.9% of the pool, are shadow-rated
investment grade by DBRS. Proceeds for each shadow-rated loan are
floored at their respective ratings within the pool. When 23.9% of
the pool has no proceeds assigned below the rated floor, the
resulting pool subordination is diluted or reduced below the rated
floor. The conduit pool has been analyzed to determine the ratings,
reflecting the long-term probability of loan default within the
term and its liquidity at maturity. When the cut-off loan balances
were measured against the DBRS Stabilized net cash flow (NCF) and
their respective actual constants, only one loan, comprising 1.0%
of the pool balance, had a DBRS Term debt service coverage ratio
(DSCR) below 1.15 times (x), a threshold indicative of a higher
likelihood of mid-term default. Additionally, to assess refinance
risk given the current low interest rate environment, DBRS applied
its refinance constants to the balloon amounts. This resulted in 26
loans, representing 57.4% of the pool, having refinance DSCRs below
1.00x and 14 loans, representing 31.4% of the pool, having
refinance DSCRs below 0.90x.

Four loans, representing 23.9% of the transaction balance, exhibit
credit characteristics consistent with an investment-grade shadow
rating: General Motors Building, Lakeside Shopping Center, Two
Fordham Square and Del Amo Fashion Center. Term default risk is
low, as indicated by a strong weighted-average (WA) DBRS Term DSCR
of 1.95x. In addition, 30 loans, representing 70.9% of the pool,
have a DBRS Term DSCR in excess of 1.50x. Based on A-note balances
only, the DBRS Term DSCR increases substantially to a robust 2.10x.
Even when excluding the four loans shadow-rated investment grade,
the majority of which have large pieces of subordinate mortgage
debt held outside the trust, the deal continues to exhibit a strong
DBRS Term DSCR of 1.77x. Eight loans that comprise 47.3% of the
DBRS sample (37.8% of the pool) have favorable property quality
based on physical attributes and/or a desirable location within
their respective markets. One loan (General Motors Building),
representing 12.3% of the DBRS sample, was considered to be of
Excellent property quality, and three loans (Chateau Marmont Hotel,
327-331 East Houston Street and Del Amo Fashion Center), totaling
13.8% of the DBRS sample, were considered to be of Above Average
property quality. Four additional loans (Lakeside Shopping Center,
411 East Wisconsin Center and the McNeill Hotel Portfolio),
representing 21.1% of the DBRS sample, received Average (+)
property quality. Higher-quality properties are more likely to
retain existing tenants/guests and more easily attract new
tenants/guests, resulting in more stable performance.

The pool has a relatively high concentration of loans secured by
non-traditional property types, such as self-storage, hospitality
and manufactured housing community (MHC) assets, which, on a
combined basis, represent 30.0% of the pool across 17 loans. There
are five loans totaling 17.7% of the pool secured by hotels, ten
loans totaling 10.5% of the transaction balance secured by
self-storage properties and two loans comprising 1.7% of the pool
secured by MHC properties. Each of these asset types is vulnerable
to high NCF volatility because of their relatively short-term
leases compared with other commercial properties that can cause the
NCF to quickly deteriorate in a declining market. Four of the
largest 15 loans, comprising 16.6% of the pool balance, are secured
by hospitality or self-storage properties; however, such loans
exhibit a WA DBRS Debt Yield and DBRS Exit Debt Yield of 10.0% and
11.4%, respectively, which compare favorably with the overall deal.
Twenty loans, representing 58.8% of the pool, including ten of the
largest 15 loans, are structured with interest-only (IO) payments
for the full term. An additional 16 loans, representing 19.6% of
the pool, have partial IO periods ranging from 12 months to 60
months; however, ten of the full- or partial-term IO loans,
representing 49.7% of the IO concentration in the transaction, have
excellent locations in super-dense urban markets that benefit from
steep investor demand. The transaction's WA DBRS Refinance (Refi)
DSCR of 0.99x indicates higher refinance risk at an overall pool
level. There is an elevated concentration of loans that exhibit
refinance risk. Twenty-six loans, representing 57.4% of the pool,
have DBRS Refi DSCRs below 1.00x; however, these credit metrics are
based on whole-loan balances. Two of the loans with a DBRS Refi
DSCR below 1.00x (General Motors Building and Del Amo Fashion
Center), representing 12.0% of the pool, have large pieces of
subordinate mortgage debt outside the trust. Based on A-note
balances only, the deal's WA DBRS Refi DSCR increases to 1.05x and
the concentration of loans with DBRS Refi DSCRs below 1.00x and
0.90x reduces to 45.4% and 21.5%, respectively.

The DBRS sample included 24 of the 48 loans in the pool. Site
inspections were performed on 31 of the 69 properties in the
portfolio (61.6% of the pool by allocated loan balance). The DBRS
sample had an average NCF variance of -11.0% and ranged from -26.6%
(General Motors Building) to -0.9% (327-331 East Houston Street).

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

The rating assigned to Class F materially deviates from the higher
ratings implied by the quantitative results. DBRS considers a
material deviation to be a rating differential of three or more
notches between the assigned rating and the rating implied by the
quantitative results that is a substantial component of a rating
methodology. The deviations are warranted given the expected
dispersion of loan level cash flows post issuance.


CITIGROUP COMMERCIAL 2017-C4: Fitch to Rate Class H-RR Certs 'B-'
-----------------------------------------------------------------
Fitch Ratings has issued a presale report on Citigroup Commercial
Mortgage Trust 2017-C4 commercial mortgage pass-through
certificates.

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

-- $27,750,000 class A-1 'AAAsf'; Outlook Stable;
-- $103,900,000 class A-2 'AAAsf'; Outlook Stable;
-- $240,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $271,691,000 class A-4 'AAAsf'; Outlook Stable;
-- $40,600,000 class A-AB 'AAAsf'; Outlook Stable;
-- $757,221,000a class X-A 'AAAsf'; Outlook Stable;
-- $85,493,000a class X-B 'A-sf'; Outlook Stable;
-- $73,280,000 class A-S 'AAAsf'; Outlook Stable;
-- $45,189,000 class B 'AA-sf'; Outlook Stable;
-- $40,304,000 class C 'A-sf'; Outlook Stable;
-- $31,754,000ab class X-D 'BBB-sf'; Outlook Stable;
-- $31,754,000b class D 'BBB-sf'; Outlook Stable;
-- $19,541,000ab class E-RR 'BBB-sf'; Outlook Stable;
-- $12,214,000ab class F-RR 'BB+sf'; Outlook Stable;
-- $12,213,000b class G-RR 'BB-sf'; Outlook Stable;
-- $9,770,000b class H-RR 'B-sf'; Outlook Stable.

The following class is not expected to be rated:
-- $48,853,893b class J-RR.

(a) Notional amount and interest only.
(b) Privately placed and pursuant to Rule 144A.
(c) Horizontal credit risk retention interest representing at least
5% of the estimated fair value of all classes of regular
certificates issued by the issuing entity (as of the closing
date).

The expected ratings are based on information provided by the
issuer as of Oct. 16, 2017.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 57 loans secured by 95
commercial properties having an aggregate principal balance of
$977,059,894 as of the cut-off date. The loans were contributed to
the trust by Citi Real Estate Funding Inc., Cantor Commercial Real
Estate Lending, L.P., Ladder Capital Finance LLC, German American
Capital Corporation, and Rialto Mortgage Finance, LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 70.2% of the properties
by balance, cash flow analysis of 82.2%, and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

Higher Fitch Leverage than Recent Transactions: The pool's leverage
is slightly higher than recent comparable Fitch-rated multiborrower
transactions. The pool's Fitch DSCR and LTV are 1.19x and 108.3%,
as compared to the YTD 2017 averages of 1.27x and 100.8%,
respectively.

Diverse Pool: The top-10 loans comprise 44% of the pool by balance,
which is below the YTD 2017 average of 53.3% for comparable
Fitch-rated multiborrower transactions. The transaction's loan
concentration index of 309 and average loan size of $17.1 million
are both below the YTD 2017 averages of 399 and $20.4 million,
respectively.

Above-Average Hotel and Retail Concentration: Loans secured by
hotel properties make up 18.8% of the pool, which is above the YTD
2017 average of 15.9%. Hotels have the highest probability of
default in Fitch's multiborrower model. Loans secured by retail
properties, mixed-use properties that are predominantly retail, and
leased-fee assets improved with retail collateral make up 36.1% of
the pool. This is above the YTD 2017 average of 24%. Office
properties and mixed-use properties that are predominantly office
make up 30.9% of the pool. Retail and office properties have an
average probability of default in Fitch's multiborrower model, all
else equal.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 14.5% below
the most recent year's net operating income (NOI) for properties
for which a full-year NOI was provided, excluding properties that
were stabilizing during this period. Unanticipated further declines
in property-level NCF could result in higher defaults and loss
severities on defaulted loans and in potential rating actions on
the certificates.


CLEAR CREEK: Moody's Assigns Ba3 Rating to $13.5MM Class E-R Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
following notes (the "Refinancing Notes") issued by Clear Creek
CLO, Ltd.:

US$2,500,000 Class X Senior Secured Floating Rate Notes due 2030
(the "Class X Notes"), Assigned Aaa (sf)

US$195,000,000 Class A-R Senior Secured Floating Rate Notes due
2030 (the "Class A-R Notes"), Assigned Aaa (sf)

US$33,000,000 Class B-R Senior Secured Floating Rate Notes due 2030
(the "Class B-R Notes"), Assigned Aa2 (sf)

US$18,000,000 Class C-R Secured Deferrable Floating Rate Notes due
2030 (the "Class C-R Notes"), Assigned A2 (sf)

US$16,500,000 Class D-R Secured Deferrable Floating Rate Notes due
2030 (the "Class D-R Notes"), Assigned Baa3 (sf)

US$13,500,000 Class E-R Secured Deferrable Floating Rate Notes due
2030 (the "Class E-R Notes"), Assigned Ba3 (sf)

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

CreekSource LLC (the "Manager") manages the CLO. It directs the
selection, acquisition, and disposition of collateral on behalf of
the Issuer.

RATINGS RATIONALE

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

The Issuer has issued the Refinancing Notes on October 20, 2017
(the "Refinancing Date") in connection with the refinancing of all
classes of the secured notes (the "Refinanced Original Notes")
previously issued on March 10, 2015 (the "Original Closing Date").
On the Refinancing Date, the Issuer used proceeds from the issuance
of the Refinancing Notes to redeem in full the Refinanced Original
Notes.

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in 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: $300,000,000

Diversity Score: 75

Weighted Average Rating Factor (WARF): 2700

Weighted Average Spread (WAS): 3.20%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

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

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

The performance of the Refinancing Notes is subject to uncertainty.
The performance of the Refinancing Notes is sensitive to the
performance of the underlying portfolio, which in turn depends on
economic and credit conditions that may change. The Manager's
investment decisions and management of the transaction will also
affect the performance of the Refinancing Notes.

Together with the set of modeling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a component
in determining the ratings assigned to the Refinancing Notes. This
sensitivity analysis includes increased default probability
relative to the base case.

Below is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the Refinancing
Notes (shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds to
higher expected losses), assuming that all other factors are held
equal:

Percentage Change in WARF -- increase of 15% (2700 to 3105)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-R Notes: 0

Class B-R Notes: -2

Class C-R Notes: -2

Class D-R Notes: -1

Class E-R Notes: 0

Percentage Change in WARF -- increase of 30% (2700 to 3510)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-R Notes: -1

Class B-R Notes: -3

Class C-R Notes: -4

Class D-R Notes: -2

Class E-R Notes: -1


COLONY MORTGAGE 2015-FL3: DBRS Confirms B(low) Rating on F Notes
----------------------------------------------------------------
DBRS Limited upgraded two classes of the Floating Rate Notes (the
Notes) issued by Colony Mortgage Capital Series 2015-FL3, Ltd., as
follows:

-- Class B to AA (sf) from AA (low) (sf)
-- Class C to A (sf) from A (low) (sf)

DBRS has also confirmed the following classes:

-- Class A at AAA (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (low) (sf)
-- Class F at B (low) (sf)

All trends are Stable. Classes E and F are part of the Non-Offered
Notes that were retained by an affiliate of the Issuer.

The rating upgrades reflect the increased credit support to the
bonds as a result of successful loan repayments and the improved
performance outlook for a portion of remaining loans in the pool.

At issuance, the transaction consisted of 20 interest-only
floating-rate loans, totaling approximately $477.6 million, secured
by 35 transitional commercial and multifamily properties. Three of
these loans, representing 31.2% of the issuance cut-off trust
balance, were structured with pari passu future funding notes
totaling $18.7 million (ranging from $1.4 million to $12.3 million)
to be used for renovations and future leasing costs to aid in
property stabilization; these notes were structured to remain
outside of the trust, held by a loan seller affiliate. Reserves
were also established for most loans to fund improvements and/or
leasing costs over the life of loans in accordance with their
respective stabilization plans.

As of the August 2017 remittance, the transaction consisted of ten
loans, with an aggregate principal balance of approximately $267.3
million, secured by 11 commercial and multifamily properties. To
date, ten loans have been fully repaid and one loan has been
partially repaid (Prospectus ID#10, 3.6% of the pool), contributing
to the $154.2 million paydown since issuance, representing a
collateral reduction of 44.0%. Two of the remaining loans,
representing 30.2% of the current cut-off trust balance, have pari
passu future finding notes totaling $13.7 million, of which $11.1
million has been funded to date, leaving $2.6 million to be drawn
upon as needed.

The pool is concentrated by loan size, as the largest two and
largest five loans represent 45.5% and 80.6% of the current cutoff
trust balance, respectively. The pool is also concentrated by
property type, as 45.4% of the pool is secured by office
properties, whereas 27.1% and 23.5% of the pool is secured by
multifamily and retail properties, respectively. All loans,
excluding two, which represent 16.0% of the pool, have initial
maturity dates scheduled for between April 2018 and August 2018.
These loans are all structured with two one-year extension options.
The Village at Nellie Gail Ranch (Prospectus ID#5, 12.4% of the
pool) and the Woodfield Office Portfolio (Prospectus ID#10, 3.8% of
the pool) loans have initial maturity dates scheduled for August
2017 and January 2018, respectively; however, the servicer has
confirmed that the Village at Nellie Gail Ranch will extend its
current loan by one year through August 2018, leaving both loans
with two one-year extension options available.

As of the August 2017 remittance, there are four loans,
representing 30.8% of the pool, on the servicer's watchlist. The
largest on the servicer's watchlist, Village at Nellie Gail Ranch,
was flagged due to near-term maturity, which is no longer
applicable given the pending loan extension. The remaining three
loans, representing 18.4% of the pool, were flagged due to
performance-related reasons. These three loans are current;
however, the properties are still in the process of stabilization.
Overall, the performance of the remaining underlying loans has been
stable, with select loans exhibiting performance improvement in
excess of DBRS expectations at issuance.

The largest loan in the pool, the Cleveland Office Portfolio
(Prospectus ID#1, 26.8% of the pool), is secured by two Class A
office buildings, One Cleveland Center (OCC) and the AECOM Center
(AECOM; formerly known as the Penton Media Building), located in
downtown Cleveland, Ohio. The buildings were originally constructed
in 1983 and 1972, respectively, and total 1.15 million square feet
(sf). The trust loan of $71.7 million ($63 per square foot (psf))
refinanced existing debt on the properties for the borrower, with
$3.5 million of equity contributed at close. The future funding
commitment for this loan is a $12.3 million pari passu note held
outside of the trust, bringing the fully-funded senior loan amount
to $84.0 million ($73 psf). The future funding serves primarily to
aid in new and renewal leasing costs. As of August 2017, the total
amount drawn on the future funding commitment was $9.7 million,
with $2.6 million remaining in addition to $1.3 million in
reserves.

At issuance, the portfolio had an occupancy rate of 62.6%, as the
borrower was beginning to implement a stabilization plan focused on
leasing the properties up to market levels of approximately 80.0%.
According to the June 2017 rent rolls, the portfolio was 75.3%
occupied with an average rental rate of $17.26 psf, above the
issuance rate of $16.67 psf. At this time, OCC and AECOM were 84.6%
and 64.8% occupied, respectively, compared with 71.2% and 67.5% at
issuance, respectively. According to CoStar, however, the
properties are currently 80.5% occupied, combined with asking
rental rates ranging between $18.00 psf and $22.00 psf, compared
with Class A properties within the Cleveland CBD submarket, which
reported an average vacancy and rental rate of 19.3% and $18.85 psf
as of Q2 2017, respectively. CoStar currently displays OCC and
AECOM as 88.6% and 75.3% occupied, respectively.

Within the last 12 months, a number of tenants have either renewed,
extended or signed new leases, totaling 124,799 sf (10.9% of the
portfolio's net rentable area (NRA)). The three largest lease
renewals include Baker & Hostetler (3.5% of the portfolio's NRA,
through November 2026), PR Newswire Association, LLC (2.5% of the
portfolio's NRA) and Buckingham Doolittle (2.4% of the portfolio's
NRA, through October 2028). Buckingham also expanded its space by
8,434 sf. The three largest tenants to sign new leases include
Meaden & Moore, LLP (1.7% of the portfolio's NRA, through March
2019), American Heart Association (1.0% of the portfolio's NRA,
through August 2027) and Hickman & Lowder Co., LPA (0.9 % of the
portfolio's NRA, through October 2021). Most tenants that renewed,
extended or signed new leases typically received between four and
12 months of rental abatements and tenant improvement allowances
ranging from $30.00 psf to $55.00 psf. Within the next 12 months,
21 tenants, combining to occupy 14.5% of the portfolio's NRA, will
have lease expirations. The largest of these tenants is HWH
Architects Engineering Planners (2.4% of the portfolio's NRA,
through October 2017), which has confirmed it will vacate at lease
expiration.

The loan most recently reported a T-12 net cash flow (NCF) of $5.0
million ending in December 2016, down from the T-12 NCF of $5.2
million ending in June 2016 and below the DBRS stabilized figure of
$6.3 million; however, DBRS expects that this figure is depressed,
as the reporting period does not recognize many of the newly signed
tenants and revenue is depressed, given the rental abatements in
place.

The ratings assigned to Class D materially deviate from the higher
rating implied by the quantitative results. DBRS considers a
material deviation to be a rating differential of three or more
notches between the assigned rating and the rating implied by the
quantitative results that is a substantial component of a rating
methodology. The deviations are warranted given the uncertain loan
level vent risk.


COLT 2017-2: DBRS Finalizes B Rating on Class B-2 Certs
-------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the COLT 2017-2
Mortgage Pass-Through Certificates, Series 2017-2 (the
Certificates) issued by COLT 2017-2 Mortgage Loan Trust (the Trust)
as follows:

-- $255.7 million Class A-1A at AAA (sf)
-- $255.7 million Class A-1XA at AAA (sf)
-- $255.7 million Class A-1XB at AAA (sf)
-- $255.7 million Class A-1B at AAA (sf)
-- $255.7 million Class A-1C at AAA (sf)
-- $48.4 million Class A-2A at AA (sf)
-- $48.4 million Class A-2XA at AA (sf)
-- $48.4 million Class A-2XB at AA (sf)
-- $48.4 million Class A-2B at AA (sf)
-- $48.4 million Class A-2C at AA (sf)
-- $52.6 million Class A-3A at A (sf)
-- $52.6 million Class A-3XA at A (sf)
-- $52.6 million Class A-3XB at A (sf)
-- $52.6 million Class A-3B at A (sf)
-- $52.6 million Class A-3C at A (sf)
-- $25.4 million Class M-1 at BBB (sf)
-- $20.2 million Class B-1 at BB (sf)
-- $12.6 million Class B-2 at B (sf)

Classes A-1XA, A-1XB, A-2XA A-2XB, A-3XA and A-3XB are
interest-only certificates. The class balances represent notional
amounts.

Classes A-1B, A-1C, A-2B, A-2C, A-3B and A-3C are exchangeable
certificates. These classes can be exchanged for a combination of
initial exchangeable certificates, as specified in the offering
documents.

The AAA (sf) ratings on the Certificates reflect the 40.00% of
credit enhancement provided by subordinated Certificates in the
pool. The AA (sf), A (sf), BBB (sf), BB (sf) and B (sf) ratings
reflect 28.65%, 16.30%, 10.35%, 5.60% and 2.65% of credit
enhancement, respectively.

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

This transaction is a securitization of a portfolio of fixed- and
adjustable-rate, prime and non-prime, first-lien residential
mortgages. The Certificates are backed by 920 loans with a total
principal balance of $426,183,740 as of the Cut-Off Date (September
1, 2017).

Caliber Home Loans, Inc. (Caliber) is the originator and servicer
for 100% of the portfolio. The Caliber mortgages were originated
under the following five programs:

(1) Premier Access (56.3%) – Generally made to borrowers with
unblemished credit seeking larger balance mortgages. These loans
may have interest-only features, higher debt-to-income (DTI) and
loan-to-value (LTV) ratios or lower credit scores compared with
those in traditional prime jumbo securitizations.

(2) Homeowner's Access (26.8%) – Made to borrowers who do not
qualify for agency or prime jumbo mortgages for various reasons,
such as loan size in excess of government limits, alternative or
insufficient credit or prior derogatory credit events that occurred
more than two years prior to origination.

(3) Fresh Start (13.0%) – Made to borrowers with lower credit and
significant recent credit events within the past 24 months.

(4) Investor (3.9%) – Made to borrowers who finance investor
properties where the mortgage loan would not meet agency or
government guidelines because of such factors as property type,
number of financed properties, lower borrower credit score or a
seasoned credit event.

(5) Foreign National (0.1%) – Made to non-resident borrowers
holding certain types of visas who may not have a credit score.

Wells Fargo Bank, N.A. (Wells Fargo) will act as the Master
Servicer, Securities Administrator and Certificate Registrar. U.S.
Bank National Association will serve as Trustee.

Although the mortgage loans were originated to satisfy the Consumer
Financial Protection Bureau (CFPB) ability-to-repay (ATR) rules,
they were made to borrowers who generally do not qualify for
agency, government or private label non-agency prime jumbo
products, for various reasons described above. In accordance with
the CFPB Qualified Mortgage (QM) rules, 1.1% of the loans are
designated as QM Safe Harbor, 32.0% as QM Rebuttable Presumption
and 63.0% as non-QM. Approximately 3.9% of the loans are not
subject to the QM rules.

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

On or after the earlier of (1) the two-year anniversary of the
Closing Date and (2) the date when the aggregate stated principal
balance of the mortgage loans is reduced to 30% of the Cut-Off Date
balance, the Depositor has the option to purchase all of the
outstanding certificates at a price equal to the outstanding class
balance plus accrued and unpaid interest, including any cap
carry-over amounts.

The transaction employs a sequential-pay cash flow structure with a
pro rata principal distribution among the senior tranches.
Principal proceeds can be used to cover interest shortfalls on the
Certificates as the outstanding senior Certificates are paid in
full.

Within the mortgage pool, 16 properties are located in areas that
may have been affected by Hurricane Harvey and 161 properties are
located in areas that may have been affected by Hurricane Irma.
DBRS did not receive any further information as to whether these
properties were damaged as a result of the hurricane. Nonetheless,
DBRS ran additional scenario analyses to stress these loans and
test that the rated bonds can withstand further property value
declines. In addition, Caliber provides a representation that
properties have no damage/condemnation that materially adversely
affects the value of the property and is expected to cure or
repurchase loans, which breach this representation.

The ratings reflect transactional strengths that include the
following:

(1) ATR Rules and Appendix Q Compliance: All of the mortgage loans
were underwritten in accordance with the eight underwriting factors
of the ATR rules. In addition, Caliber’s underwriting standards
comply with the Standards for Determining Monthly Debt and Income
as set forth in Appendix Q of Regulation Z with respect to income
verification and the calculation of DTI ratios.

(2) Strong Underwriting Standards: Whether for prime or non-prime
mortgages, underwriting standards have improved significantly from
the pre-crisis era. The Caliber loans were underwritten to a full
documentation standard with respect to verification of income
(generally through two years of W-2s or tax returns), employment
and asset. Generally, fully executed 4506-Ts are obtained and tax
returns are verified with IRS transcripts if applicable.

(3) Robust Loan Attributes and Pool Composition:

-- The mortgage loans in this portfolio generally have robust loan
attributes as reflected in combined LTV ratios, borrower household
income and liquid reserves, including the loans in Homeowner’s
Access and Fresh Start, the two programs with weaker borrower
credit.

-- The pool contains low proportions of cash-out and investor
properties.

-- As the programs move down the credit spectrum, certain
characteristics, such as lower LTVs or DTIs, suggest the
consideration of compensating factors for riskier pools.

-- The pool is composed of 36.2% fixed-rate mortgages, which have
the lowest default risk because of the stability of monthly
payments. The pool is composed of 63.8% hybrid adjustable-rate
mortgages with an initial fixed period of five to ten years,
allowing borrowers sufficient time to credit cure before rates
reset.

(4) Satisfactory Third-Party Due Diligence Review: A third-party
due diligence firm conducted property valuation, credit and
compliance reviews on 100% of the loans in the pool. Data integrity
checks were also performed on the pool.

(5) Satisfactory Loan Performance to Date (Albeit Short): Caliber
began originating loans under the five programs in Q4 2014. Since
the first transaction issued in November 2015, the historical
performance for the COLT shelf has been robust, albeit short. For
the five previous non-QM transactions issued from the COLT shelf,
as of August 2017, 60+ day delinquency rates ranged from 0.0% to
3.2%, and cumulative losses ranged from 0.00% to 0.05%. In
addition, voluntary prepayment rates have been relatively high, as
these borrowers tend to credit cure and refinance into lower-rate
mortgages.

The transaction also includes the following challenges and
mitigating factors:

(1) Representations and Warranties (R&W) Framework and Provider:
The R&W framework is considerably weaker compared with that of a
post-crisis prime jumbo securitization. Instead of an automatic
review when a loan becomes seriously delinquent, this transaction
employs an optional review only when realized losses occur (unless
the alleged breach relates to an ATR or TILA-RESPA integrated
disclosure violation). In addition, rather than engaging a
third-party due diligence firm to perform the R&W review, the
Controlling Holder (initially the Sponsor or a majority-owned
affiliate of the Sponsor) has the option to perform the review in
house or use a third-party reviewer. Finally, the R&W provider (the
originator) is an unrated entity, has limited performance history
of non-prime, non-QM securitizations and may potentially experience
financial stress that could result in the inability to fulfill
repurchase obligations. DBRS notes the following mitigating
factors:

-- The holders of Certificates representing 25% interest in the
Certificates may direct the Trustee to commence a separate review
of the related mortgage loan, to the extent they disagree with the
Controlling Holder's determination of a breach.

-- Third-party due diligence was conducted on 100% of the loans
included in the pool. A comprehensive due diligence review
mitigates the risk of future R&W violations.

-- DBRS conducted an on-site originator (and servicer) review of
Caliber and deems them to be operationally sound.

-- The Sponsor or an affiliate of the Sponsor will retain the
Class B-2, Class B-3 and Class X Certificates, which represent at
least 5% of the fair value of all the Certificates, aligning
Sponsor and investor interest in the capital structure.

-- Notwithstanding the above, DBRS adjusted the originator scores
downward to account for the potential inability to fulfill
repurchase obligations, the lack of performance history as well as
the weaker R&W framework. A lower originator score results in
increased default and loss assumptions and provides additional
cushions for the rated securities.

(2) Non-Prime, QM-Rebuttable Presumption or Non-QM Loans: As
compared with post-crisis prime jumbo transactions, this portfolio
contains some mortgages originated to borrowers with weaker credit
and prior derogatory credit events, as well as QM-rebuttable
presumption or non-QM loans.

-- All loans were originated to meet the eight underwriting
factors as required by the ATR rules and were also underwritten to
comply with the standards set forth in Appendix Q.

-- Underwriting standards have improved substantially since the
pre-crisis era.

-- DBRS RMBS Insight model incorporates loss severity penalties
for non-QM and QM Rebuttable Presumption loans, as explained
further in the Key Loss Severity Drivers section of the related
rating report.

-- For loans in this portfolio that were originated through the
Homeowner's Access and Fresh Start programs, borrower credit events
had generally happened, on average, 42 months and 22 months,
respectively, prior to origination. In its analysis, DBRS applies
additional penalties for borrowers with recent credit events within
the past two years.

(3) Servicer Advances of Delinquent Principal and Interest: The
servicer will advance scheduled principal and interest on
delinquent mortgages until such loans become 180 days delinquent.
This will likely result in lower loss severities to the transaction
because advanced principal and interest will not have to be
reimbursed from the trust upon the liquidation of the mortgages but
will increase the possibility of periodic interest shortfalls to
the Certificateholders. Mitigating factors include that principal
proceeds can be used to pay interest shortfalls to the Certificates
as the outstanding senior Certificates are paid in full, as well as
the fact that subordination levels are greater-than-expected
losses, which may provide for payment of interest to the
Certificates. DBRS ran cash flow scenarios that incorporated
principal and interest advancing up to 180 days for delinquent
loans; the cash flow scenarios are discussed in more detail in the
Cash Flow Analysis section of the related rating report.

(4) Servicer's Financial Capability: In this transaction, Caliber,
as the Servicer, is responsible for funding advances to the extent
required. The servicer is an unrated entity and may face financial
difficulties in fulfilling its servicing advance obligations in the
future. Consequently, the transaction employs Wells Fargo, rated AA
(high) by DBRS, as the Master Servicer. If the servicer fails in
its obligation to make advances, Wells Fargo will be obligated to
fund such servicing advances.

The DBRS ratings of AAA (sf) and AA (sf) address the timely payment
of interest and full payment of principal by the legal final
maturity date in accordance with the terms and conditions of the
related Certificates. The DBRS ratings of A (sf), BBB (sf), BB (sf)
and B (sf) address the ultimate payment of interest and full
payment of principal by the legal final maturity date in accordance
with the terms and conditions of the related Certificates.


COMM 2017-PANW: Fitch to Rate Class E Certificates 'BBsf'
---------------------------------------------------------
Fitch Ratings has issued a presale report on COMM 2017-PANW
Mortgage Trust Commercial Mortgage Pass-Through Certificates.

Fitch expects to rate the transaction and assign Rating Outlooks:

-- $163,875,000 class A 'AAAsf'; Outlook Stable;
-- $36,290,000 class B 'AA-sf'; Outlook Stable;
-- $24,890,000 class C 'A-sf'; Outlook Stable;
-- $35,245,000 class D 'BBB-sf'; Outlook Stable;
-- $34,200,000 class E 'BBsf'; Outlook Stable.

The following class is not expected to be rated:

-- $15,500,000a class VRR.

(a) Vertical credit risk retention interest representing 5% of the
loan balance (as of the closing date).

The expected ratings are based on information provided by the
issuer as of Oct. 16, 2017.

The certificates represent the beneficial interests in the $310.0
million, seven-year, fixed-rate, interest-only mortgage loan
securing the fee interest in The Campus @ 3333 Phase III, a
940,564-sf, four-building office campus located in Santa Clara, CA.
Proceeds of the loan, along with $304.2 million of cash equity and
$28.8 million of seller credit, were used to acquire the property
for $610.0 million, fund $31.0 million of upfront reserves and pay
closing costs. The certificates will follow a sequential-pay
structure.

KEY RATING DRIVERS

Fitch Leverage: The $310.0 million mortgage loan has a Fitch DSCR
and LTV of 1.13x and 79.1%, respectively, and debt of $330psf.

Creditworthy Tenancy: The property is 100% leased to Palo Alto
Networks, Inc. (PANW), which executed three, separate, absolute NNN
leases, which expire in July 2028, 3.9 years beyond the loan
maturity in October 2024. PANW provides security platform solutions
to enterprises, service providers and government entities
worldwide, and the company reported 2016 revenue of $1.38 billion.

Asset Quality and Strong Location: The property was built in 2017
and is certified LEED Silver. The property is centrally located in
Santa Clara, CA with easy access to Interstate 101 and Montague
Expressway, two major thoroughfares in Silicon Valley. The property
also has easy access to the Lawrence Street Caltrain station.

RATING SENSITIVITIES

Fitch evaluated the sensitivity of the ratings for class A and
found that a 10% decline in Fitch's implied NCF would result in a
one-category downgrade, while a 42% decline would result in a
downgrade to below investment grade.


CPS AUTO 2017-D: S&P Assigns BB-(sf) Rating on Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to CPS Auto Receivables
Trust 2017-D's $196.30 million asset-backed notes.

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

The ratings reflect:

-- The availability of approximately 57.74%, 49.25%, 40.54%,
31.84%, and 25.73% of credit support for the class A, B, C, D, and
E notes, respectively, based on stressed cash flow scenarios
(including excess spread). These credit support levels provide
coverage of approximately 3.10x, 2.60x, 2.10x, 1.60x, and 1.23x our
18.00-19.00% expected cumulative net loss range for the class A, B,
C, D, and E notes, respectively. Additionally, credit enhancement
including excess spread for classes A, B, C, D, and E covers
breakeven cumulative gross losses of approximately 93%, 79%, 67%,
52%, and 42%, respectively.

-- S&P's expectation that, under a moderate stress scenario of
1.60x our expected net loss level and all else equal, the ratings
on the class A, B, and C notes would remain within one rating
category while they are outstanding, and the rating on the class D
notes would not decline by more than two rating categories within
its life. The rating on the class E notes would remain within two
rating categories during the first year, but the class would
eventually default under the 'BBB' stress scenario after receiving
27%-51% of its principal. These rating migrations are consistent
with our credit stability criteria (see "Methodology: Credit
Stability Criteria," published May 3, 2010).

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

-- The timely interest and principal payments made to the rated
notes under our stressed cash flow modeling scenarios, which we
believe are appropriate for the assigned ratings.

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

  RATINGS ASSIGNED

  CPS Auto Receivables Trust 2017-D

  Class     Rating        Type           Interest         Amount
                                         rate(i)        (mil. $)
  A         AAA (sf)      Senior         Fixed             91.40
  B         AA (sf)       Subordinate    Fixed             32.50
  C         A (sf)        Subordinate    Fixed             27.90
  D         BBB (sf)      Subordinate    Fixed             23.80
  E         BB- (sf)      Subordinate    Fixed             20.70


CROWN POINT CLO II: S&P Affirms B(sf) Rating on Class B-3L Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1L-R,
A-2L-R, A-3L-R, and B-1L-R replacement notes from Crown Point CLO
II Ltd., a U.S. collateralized loan obligation (CLO) originally
issued in 2013 that is managed by Valcour Capital Management LLC.
Additionally, S&P withdrew its ratings on the transaction's
original class A-1L, A-2L, A-3L, B-1L, and combination notes
following payment in full on the Oct. 16, 2017, refinancing date.

S&P said, "We also raised and removed from CreditWatch positive our
rating on the original class B-2L notes and affirmed our rating on
the original class B-3L notes, which were not part of the
refinancing."  

On the Oct. 16, 2017, refinancing date, the proceeds from the class
A-1L-R, A-2L-R, A-3L-R, and B-1L-R replacement note issuances were
used to redeem the original class A-1L, A-2L, A-3L, and B-1L notes
as outlined in the transaction document provisions. Therefore, S&P
withdrew the ratings on the transaction's original notes in line
with their full redemption, and it assigned ratings to the
transaction's replacement notes.

Additionally, the combination notes were paid down in full and were
not refinanced; therefore, S&P withdrew its rating on this tranche
as well.

The upgrade on the class B-2L notes reflects increased credit
support following the transaction's $68.755 million in paydowns
since S&P's March 2017 rating actions. These paydowns resulted in
improved reported overcollateralization (O/C) ratios since the
February 2017 trustee report, which S&P used for its previous
rating actions:

-- The senior class A O/C ratio test improved to 161.38% from
138.11%.

-- The class A O/C ratio test improved to 136.73% from 124.33%.

-- The class B-1L O/C ratio test improved to 119.90% from
113.88%.
  
-- The class B-2L O/C ratio test improved to 111.67% from
108.42%.

-- The class B-3L O/C ratio test improved to 107.08% from
105.28%.

S&P said, "The collateral portfolio's credit quality has
deteriorated slightly since our last rating actions. The
concentration of trustee-reported collateral obligations with an
S&P Global Ratings' rating of 'CCC+' or below as a percentage of
the portfolio's aggregate par amount has increased, with 8.79%
reported as of the Sept. 5, 2017, trustee report, compared with
6.09% reported as of the Feb. 6, 2017, trustee report. Despite the
increase in 'CCC' rated collateral, the transaction has benefited
from the paydowns and drop in the weighted average life due to the
underlying collateral's seasoning.

"On a stand-alone basis, the results of the cash flow analysis
indicated a higher rating on the class B-2L and B-3L notes.
However, because of the reduction in the portfolio's weighted
average rating and increase in 'CCC' rated collateral obligations,
our rating actions consider additional sensitivity runs, and we
limited the upgrade on the B-2L notes and affirmed the rating on
the B-3L notes to offset future potential credit migration in the
underlying collateral.

"Our review of this transaction included a cash flow analysis,
based on the portfolio and transaction as reflected in the trustee
report, to estimate future performance. In line with our criteria,
our cash flow scenarios applied forward-looking assumptions on the
expected timing and pattern of defaults, and recoveries upon
default, under various interest rate and macroeconomic scenarios.
In addition, our analysis considered the transaction's ability to
pay timely interest or ultimate principal, or both, to each of the
rated tranches.

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

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

  RATINGS ASSIGNED

  Crown Point CLO II Ltd.
  Replacement class    Rating      Amount (mil. $)
  A-1L-R               AAA (sf)            72.019
  A-2L-R               AAA (sf)            20.800
  A-3L-R               AA+ (sf)            19.800
  B-1L-R               A+ (sf)             18.200

  RATINGS WITHDRAWN

  Crown Point CLO II Ltd.
                         Rating
  Original class       To          From
  A-1L                 NR          AAA (sf)
  A-2L                 NR          AA (sf)/Watch Pos
  A-3L                 NR          A (sf)/Watch Pos
  B-1L                 NR          BBB (sf)/Watch Pos
  Combination notes    NR          AA (sf)/Watch Pos

  RATING RAISED

  Crown Point CLO II Ltd.
                         Rating
  Class                To          From
  B-2L                 BB+ (sf)    BB- (sf)/Watch Pos

  RATING AFFIRMED

  Crown Point CLO II Ltd.
  Class                Rating
  B-3L                 B (sf)

  OUTSTANDING CLASS

  Crown Point CLO II Ltd.
  Class                Rating
  Subordinated notes   NR

  NR--Not rated.


CSMC TRUST 2015-DEAL: S&P Affirms B-(sf) Ratings on 4 Tranches
--------------------------------------------------------------
S&P Global Ratings raised its ratings on 11 classes of commercial
mortgage pass-through certificates from CSMC Trust 2015-DEAL, a
U.S. commercial mortgage-backed securities (CMBS) transaction. In
addition, S&P affirmed its ratings on 20 other classes from the
same transaction.

For the upgrades and affirmations on the principal-and
interest-paying certificates, S&P's expectation of credit
enhancement was in line with the raised or affirmed rating levels.

S&P raised its rating on the class X-EXT interest-only (IO)
certificates based on its criteria for rating IO securities, in
which the ratings on the IO securities would not be higher than
that of the lowest rated reference class. Class X-EXT's notional
balance references class C.

The class A, B, C, D, E, and F certificates are exchangeable for
certain combinations of principal- and interest-paying and IO
replacement certificate classes. The ratings on these replacement
certificates correspond to the ratings on the respective
exchangeable certificates.

S&P said, "In addition, we reviewed the transaction's insurance
provision and providers and determined that they are, for the most
part, consistent with our property insurance criteria and normal
market standards. However, upon review of the recent insurance
certificates the master servicer provided, we noted that one of the
insurers in the primary layer is not rated by S&P Global Ratings.
We generally expect insurance providers to be rated by S&P Global
Ratings no lower than two rating categories below the highest-rated
securities backed by the loan, with a floor of the 'BBB' rating
category. As such, we increased our minimum credit enhancement
levels at each rating category."

This is a single-borrower transaction backed by a floating-rate IO
mortgage loan that is currently secured by 22 hotel properties (14
full-service, three limited-service, and five select service)
totaling 5,786 guestrooms in 12 U.S.states and the District of
Columbia. S&P said, "Our property-level analysis included a
re-evaluation of the portfolio of hotel properties that secures the
mortgage loan in the trust and considered the upward trending but
volatile servicer-reported occupancy, average daily rate, and net
operating income for the past six years (from 2012 through the
trailing 12 months ended June 30, 2017). We then derived our
sustainable in-place net cash flow, which we divided by a 9.41% S&P
Global Ratings weighted average capitalization rate to determine
our expected-case value. This yielded an overall S&P Global Ratings
loan-to-value ratio and debt service coverage (DSC) of 92.0% and
1.83x (based on LIBOR cap rate plus a spread), respectively, on the
trust balance."

According to the Oct. 16, 2017, trustee remittance report, the IO
mortgage loan has a trust and whole loan balance of $703.4 million
and is secured by 22 hotels (following the release of two
full-service hotels in the first half of 2017), down from $775.0
million and 24 lodging properties totaling 6,530 keys at issuance.
The loan pays an annual floating interest rate of LIBOR plus a
3.014% LIBOR margin (weighted average). The loan currently matures
on April 9, 2018, and has three one-year extension options
remaining. The borrowers' equity interests in the whole loan also
secure four mezzanine loans totaling $268.3 million. In addition,
we confirmed that the two hotels in Florida incurred minor damages
from Hurricane Irma and the four hotels in Texas incurred minor, if
any, damages from Hurricane Harvey. The master servicer, KeyBank
Real Estate Capital, reported for the portfolio an overall
occupancy of 75.1% and DSC of 1.67x on the trust balance for the 12
months ended June 30, 2017. To date, the trust has not incurred any
principal losses.

RATINGS LIST

  CSMC Trust 2015-DEAL
  Commercial mortgage pass-through certificates series 2015-DEAL

                                 Rating              Rating
  Class       Identifier         To                  From
  A           12650DAA7          AAA (sf)            AAA (sf)
  B           12650DAC3          AA (sf)             AA- (sf)  
  C           US12650DAE94       A (sf)              A- (sf)
  X-EXT       12650DAJ8          A (sf)              A- (sf)  
  D           12650DAL3          BBB- (sf)           BBB- (sf)
  E           12650DAN9          BB- (sf)            BB- (sf)
  F           12650DAQ2          B- (sf)             B- (sf)
  A-1         12650DAS8          AAA (sf)            AAA (sf)
  AX-1        12650DBS7          AAA (sf)            AAA (sf)
  A-2         12650DBE8          AAA (sf)            AAA (sf)
  AX-2        12650DBU2          AAA (sf)            AAA (sf)
  B-1         12650DAU3          AA (sf)             AA- (sf)
  BX-1        12650DBW8          AA (sf)             AA- (sf)
  B-2         12650DBG3          AA (sf)             AA- (sf)
  BX-2        12650DBY4          AA (sf)             AA- (sf)
  C-1         12650DAW9          A (sf)              A- (sf)
  CX-1        12650DCA5          A (sf)              A- (sf)  
  C-2         12650DBJ7          A (sf)              A- (sf)
  CX-2        12650DCC1          A (sf)              A- (sf)
  D-1         12650DAY5          BBB- (sf)           BBB- (sf)
  DX-1        12650DCE7          BBB- (sf)           BBB- (sf)
  D-2         12650DBL2          BBB- (sf)           BBB- (sf)
  DX-2        12650DCG2          BBB- (sf)           BBB- (sf)
  E-1         12650DBA6          BB- (sf)            BB- (sf)
  EX-1        12650DCJ6          BB- (sf)            BB- (sf)
  E-2         12650DBN8          BB- (sf)            BB- (sf)  
  EX-2        12650DCL1          BB- (sf)            BB- (sf)
  F-1         12650DBC2          B- (sf)             B- (sf)
  FX-1        12650DCN7          B- (sf)             B- (sf)   
  F-2         12650DBQ1          B- (sf)             B- (sf)
  FX-2        12650DCQ0          B- (sf)             B- (sf)


CSMC TRUST 2017-HL2: Fitch to Rate Class B-5 Certificates 'Bsf'
---------------------------------------------------------------
Fitch Ratings expects to rate CSMC 2017-HL2 Trust (CSMC 2017-HL2):

-- $542,384,000 class A-1 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $542,384,000 class A-2 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $406,788,000 class A-3 certificates 'AAAsf'; Outlook Stable;
-- $406,788,000 class A-4 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $27,119,000 class A-5 certificates 'AAAsf'; Outlook Stable;
-- $27,119,000 class A-6 exchangeable certificates 'AAAsf';  
    Outlook Stable;
-- $108,477,000 class A-7 certificates 'AAAsf'; Outlook Stable;
-- $108,477,000 class A-8 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $57,429,000 class A-9 certificates 'AAAsf'; Outlook Stable;
-- $28,715,000 class A-9A exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $28,714,000 class A-9B exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $57,429,000 class A-10 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $28,715,000 class A-10A exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $28,714,000 class A-10B exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $433,907,000 class A-11 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $135,596,000 class A-12 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $433,907,000 class A-13 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $135,596,000 class A-14 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $599,813,000 class A-IO1 notional certificates 'AAAsf';
    Outlook Stable;
-- $542,384,000 class A-IO2 notional exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $406,788,000 class A-IO3 notional exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $27,119,000 class A-IO4 notional exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $108,477,000 class A-IO5 notional exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $57,429,000 class A-IO6 notional exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $13,081,000 class B-1 certificates 'AAsf'; Outlook Stable;
-- $10,529,000 class B-2 certificates 'Asf'; Outlook Stable;
-- $7,657,000 class B-3 certificates 'BBBsf'; Outlook Stable;
-- $3,190,000 class B-4 certificates 'BBsf'; Outlook Stable;
-- $1,915,000 class B-5 certificates 'Bsf'; Outlook Stable.

The following class will not be rated by Fitch:
-- $1,914,517 class B-6 certificates.

The notes are supported by one collateral group that consists of
1,029 prime fixed-rate mortgages (FRMs) acquired by subsidiaries of
American International Group, Inc. (AIG) from various mortgage
originators with a total balance of approximately $638.10 million
of the cut-off date.

The 'AAAsf' rating on the class A notes reflects the 6.00%
subordination provided by the 2.05% class B-1, 1.65% class B-2,
1.20% class B-3, 0.50% class B-4, 0.30% class B-5 and 0.30% class
B-6 notes.

KEY RATING DRIVERS

High-Quality Mortgage Pool (Positive): The pool consists of
high-quality 30-year fixed-rate fully amortizing Safe Harbor
Qualified Mortgage (SHQM) loans to borrowers with strong credit
profiles, relatively low leverage and large liquid reserves. The
loans are seasoned an average of six months.

The pool has a weighted average (WA) original FICO score of 775,
which is indicative of very high credit-quality borrowers.
Approximately 50% of the borrowers have original FICO scores at or
above 780. In addition, the original WA CLTV ratio of 74.0%
represents substantial borrower equity in the property and reduced
default probability.

AIG as Aggregator (Neutral): AIG is a global insurance corporation
that has issued one previous RMBS transaction to date. In 2013, AIG
established the Residential Mortgage Lending (RML) group to
establish relationships with mortgage originators and acquire prime
jumbo loans on behalf of funds owned by AIG. Fitch conducted a full
review of AIG's aggregation processes and believes that AIG meets
industry standards needed to aggregate mortgages for residential
mortgage-backed securitization. In addition to the satisfactory
operational assessment, a due diligence review was completed on
100% of the pool.

Third-Party Due Diligence Results (Positive): A third-party
loan-level due diligence review was conducted on 100% of the pool
in accordance with Fitch's criteria, and focused on credit,
compliance and property valuation. Based on the review, 26.5% of
the loans received an 'A' grade and the remainders were graded 'B'
(73.0%) and 'C' (0.5%). The loans graded 'B' and 'C' were due to
nonmaterial findings and contained compensating factors such as
large reserves, low LTV, low DTIs and high FICOs. In Fitch's view,
the results of the diligence indicate acceptable controls and
adherence to underwriting guidelines, and no adjustment was made to
the expected losses.

Top Tier Representation and Warranty Framework (Positive): Fitch
considers the transaction's representation, warranty and
enforcement (RW&E) mechanism framework to be consistent with Tier I
quality. As a result of the Tier I RW&E framework and the 'A'
Fitch-rated counterparty supporting the repurchase obligations of
the RW&E providers, the pool received a PD credit of 47 basis
points at the 'AAAsf' level (addressed in further detail on page
5).

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

CE Floor (Positive): To mitigate tail risk, which arises as the
pool seasons and fewer loans are outstanding, a subordination floor
of 0.75% of the original balance will be maintained for the
certificates. Additionally, there is no early stepdown test that
might allow principal prepayments to subordinate bondholders
earlier than the five-year lockout schedule.

Geographic Concentration (Neutral): Approximately 34.8% of the pool
is located in California, which is in line or slightly lower than
recent Fitch-rated transactions. In addition, the Metropolitan
Statistical Area (MSA) concentration is minimal, as the top three
MSAs account for only 27.7% of the pool. The largest MSA
concentration is in the Los Angeles MSA (11.7%) followed by the
Seattle MSA (8.2%) and the Atlanta MSA (7.8%). As a result, no
geographic concentration penalty was applied.

Extraordinary Expense Treatment (Neutral): The trust provides for
expenses, including indemnification amounts and costs of
arbitration, to be paid by the net WA coupon of the loans, which
does not affect the contractual interest due on the certificates.
Furthermore, the expenses to be paid from the trust are capped at
$300,000 per annum, which can be carried over each year, subject to
the cap until paid in full.

RATING SENSITIVITIES

Fitch's analysis incorporates sensitivity analyses to demonstrate
how the ratings would react to steeper market value declines (MVDs)
than assumed at both the metropolitan statistical area (MSA) and
national levels. The implied rating sensitivities are only an
indication of some of the potential outcomes and do not consider
other risk factors that the transaction may become exposed to or be
considered in the surveillance of the transaction.

Fitch conducted sensitivity analysis determining how the ratings
would react to steeper MVDs at the national level. The analysis
assumes MVDs of 10%, 20%, and 30%, in addition to the
model-projected 7.1%. The analysis indicates there is some
potential rating migration with higher MVDs, compared with the
model projection.

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


DBUBS 2017-BRBK: S&P Assigns B(sf) Rating on Class F Certs
----------------------------------------------------------
S&P Global Ratings assigned its ratings to DBUBS 2017-BRBK Mortgage
Trust's $530 million commercial mortgage pass-through certificates
series 2017-BRBK.

The issuance is a commercial mortgage-backed securities transaction
backed by the trust loan is a $530 million portion of a $660
million whole commercial mortgage loan, secured by a first-mortgage
lien on the borrower's fee simple interest in Burbank Media
Portfolio, four office properties totaling 2.1 million sq. ft.
located in the Burbank submarket of Los Angeles.

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

  RATINGS ASSIGNED

  DBUBS 2017-BRBK Mortgage Trust  
  Class         Rating(i)          Amount ($)
  A             AAA (sf)          205,267,000
  X             AAA (sf)          205,267,000 (ii)
  B             AA- (sf)           34,305,000
  C             A- (sf)            52,073,000
  D             BBB- (sf)          63,875,000
  E             BB- (sf)           86,789,000
  F             B (sf)             45,166,000
  HRR           B- (sf)            30,230,000

(i) The issuer will issue the certificates to qualified
institutional buyers in line with Rule 144A of the Securities Act
of 1933.
(ii) Notional balance. The notional amount of the class X
certificates equals the balance of the class A certificates.


DENALI CAPITAL X: S&P Assigns B-(sf) Rating on Class B-3L-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1L-R,
A-2L-R, A-3L-R, B-1L-R, B-2L-R, B-3L-R, and new class X notes from
Denali Capital CLO X Ltd., a collateralized loan obligation (CLO)
originally issued in March 2013 that is managed by Crestline Denali
Capital L.P. S&P withdrew its ratings on the original class A-1L,
A-2L, A-3L, B-1L, B-2L, and B-3L notes following payment in full on
the Oct. 26, 2017, refinancing date.  

On the Oct. 26, 2017, refinancing date, the proceeds from the
A-1L-R, A-2L-R, A-3L-R, B-1L-R, B-2L-R, and B-3L-R replacement and
new class X note issuances were used to redeem the original class
A-1L, A-2L, A-3L, B-1L, B-2L, and B-3L notes as outlined in the
transaction document provisions. Therefore, S&P withdrew its
ratings on the original notes in line with their full redemption,
and it is assigning ratings to the replacement notes.

S&P ssaid, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the trustee report, to estimate future performance. In line with
our criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults, and
recoveries upon default, under various interest rate and
macroeconomic scenarios. In addition, our analysis considered the
transaction's ability to pay timely interest or ultimate principal,
or both, to each of the rated tranches.

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

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

  RATINGS ASSIGNED

  Denali Capital CLO X Ltd./Denali Capital CLO X LLC

  Replacement class     Rating        Amount (mil $)
  X                     AAA (sf)               3.000
  A-1L-R                AAA (sf)             207.500
  A-2L-R                AA (sf)               50.300
  A-3L-R                A (sf)                22.800
  B-1L-R                BBB- (sf)             20.850
  B-2L-R                BB- (sf)              12.000
  B-3L-R                B- (sf)                4.000
  Y                     NR                     1.000(i)
  Subordinated notes    NR                    40.785

(i)The issuer also issued class Y notes on the refinancing date.
The class Y noteholders are not entitled to receive principal or
interest payments, but such holders will be entitled to receive on
each payment date certain amounts in accordance with the
application of funds.  The class Y notes will have a notional
balance of $1.000 million solely for purposes of allocating such
payments among class Y noteholders.  All such payments will be
subordinate to payments on the secured notes, but senior to
distributions on the subordinated notes. The class Y notes will
have a minimum denomination of $1.00.
NR--Not rated.

  RATINGS WITHDRAWN

  Denali Capital CLO X Ltd./Denali Capital CLO X LLC
                             Rating
  Original class       To              From
  A-1L                 NR              AAA (sf)
  A-2L                 NR              AA+ (sf)
  A-3L                 NR              A+ (sf)
  B-1L                 NR              BBB+ (sf)
  B-2L                 NR              BB- (sf)
  B-3L                 NR              B (sf)

  NR--Not rated.


DEUTSCHE MORTGAGE 2004-5: Moody's Corrects October 3 Release
------------------------------------------------------------
Moody's Investors Service issued a text correction to its ratings
release dated October 3, 2017, captioned Moody's takes action on
$259.7 million of Alt-A and Option ARM issued in 2004 to 2007.

In the corrected release, the rating the debt list, the rating for
Deutsche Mortgage Securities, Inc. Mortgage Loan Trust, Series
2004-5, Cl. A-4A, was corrected to 'Upgraded to Ba1 (sf)' from
'Current rating Ba3 (sf)' and the rating for the Deutsche Mortgage
Securities, Inc. Mortgage Loan Trust, Series 2004-5, Cl. A-5B was
corrected to 'Upgraded to Baa2 (sf)' from 'Current rating Ba1(sf)'

The corrected release is as follows:

Moody's Investors Service has upgraded ratings of 26 tranches from
five transactions backed by Alt-A and Option ARM mortgage loans,
issued by multiple issuers.

Complete rating actions are as follows:

Issuer: Bear Stearns Mortgage Funding Trust 2007-AR4

Cl. I-A-1, Upgraded to B2 (sf); previously on Feb 5, 2015 Upgraded
to Caa1 (sf)

Issuer: CSFB Adjustable Rate Mortgage Trust 2004-2

Cl. 2-A-1, Upgraded to Baa1 (sf); previously on Oct 28, 2016
Upgraded to Baa3 (sf)

Cl. 2-A-2, Upgraded to Baa1 (sf); previously on Oct 28, 2016
Upgraded to Baa3 (sf)

Cl. 2-A-X, Upgraded to Baa1 (sf); previously on Oct 28, 2016
Upgraded to Baa3 (sf)

Cl. 3-A-1, Upgraded to Baa3 (sf); previously on Oct 28, 2016
Upgraded to Ba1 (sf)

Cl. 3-A-X, Upgraded to Baa3 (sf); previously on Oct 28, 2016
Upgraded to Ba1 (sf)

Cl. 4-A-1, Upgraded to Baa1 (sf); previously on Oct 28, 2016
Upgraded to Baa3 (sf)

Cl. 4-A-3, Upgraded to Baa1 (sf); previously on Oct 28, 2016
Upgraded to Baa3 (sf)

Cl. 4-A-X, Upgraded to Baa1 (sf); previously on Oct 28, 2016
Upgraded to Baa3 (sf)

Cl. 5-A-1, Upgraded to Baa1 (sf); previously on Oct 28, 2016
Upgraded to Baa3 (sf)

Cl. 6-A-1, Upgraded to Baa1 (sf); previously on Oct 28, 2016
Upgraded to Baa3 (sf)

Cl. 7-M-1, Upgraded to Aa3 (sf); previously on Oct 28, 2016
Upgraded to A3 (sf)

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2004-18CB

Cl. 1-A-1, Upgraded to Baa3 (sf); previously on Oct 27, 2016
Upgraded to Ba1 (sf)

Cl. 2-A-8, Upgraded to Baa3 (sf); previously on Oct 27, 2016
Upgraded to Ba1 (sf)

Cl. 3-A-1, Upgraded to Baa1 (sf); previously on Oct 27, 2016
Upgraded to Baa2 (sf)

Cl. 4-A-1, Upgraded to Baa3 (sf); previously on Oct 27, 2016
Upgraded to Ba1 (sf)

Cl. 5-A-1, Upgraded to Baa3 (sf); previously on Oct 27, 2016
Upgraded to Ba1 (sf)

Cl. 5-A-2, Upgraded to Ba2 (sf); previously on Oct 27, 2016
Upgraded to Ba3 (sf)

Issuer: Deutsche Mortgage Securities, Inc. Mortgage Loan Trust,
Series 2004-5

Cl. A-4B, Upgraded to Ba1 (sf); previously on Oct 28, 2016 Upgraded
to Ba3 (sf)

Cl. A-4A, Upgraded to Ba1(sf), previously on October 28, 2016
Upgraded to Ba3 (sf)

Underlying Rating: Upgraded to Ba1 (sf); previously on Oct 28, 2016
Upgraded to Ba3 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn Mar 25, 2009)

Cl. A-5B, Upgraded to Baa2(sf), previously on October 28, 2016
Upgraded to Ba1 (sf)

Underlying Rating: Upgraded to Baa2 (sf); previously on Oct 28,
2016 Upgraded to Ba1 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn Mar 25, 2009)

Issuer: GSAA Home Equity Trust 2004-11

Cl. 1A1, Upgraded to Aaa (sf); previously on Oct 28, 2016 Upgraded
to Aa1 (sf)

Cl. 2A1, Upgraded to Aaa (sf); previously on Oct 28, 2016 Upgraded
to Aa1 (sf)

Cl. 2A2, Upgraded to Aaa (sf); previously on Oct 28, 2016 Upgraded
to Aa1 (sf)

Cl. 2A3, Upgraded to Aa1 (sf); previously on Oct 28, 2016 Upgraded
to Aa3 (sf)

Cl. M-1, Upgraded to Ba1 (sf); previously on Oct 28, 2016 Upgraded
to Ba3 (sf)

RATINGS RATIONALE

Today's rating actions reflect the recent performance of the
underlying pools and Moody's updated loss expectations on those
pools. Today's rating upgrades are primarily due to improvement of
credit enhancement available to the bonds and expected loss on the
collateral.

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in January 2017. Please see the
Rating Methodologies page on www.moodys.com for a copy of this
methodology.

Additionally, the methodology used in rating CSFB Adjustable Rate
Mortgage Trust 2004-2 Cl. 2-A-X, Cl. 3-A-X, and Cl. 4-A-X was
"Moody's Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017. Please see the Rating
Methodologies page on www.moodys.com for a copy of this
methodology.

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 4.4% in August 2017 from 4.9% in
August 2016. Moody's forecasts an unemployment central range of
4.5% to 5.5% for the 2017 year. Deviations from this central
scenario could lead to rating actions in the sector.

House prices are another key driver of US RMBS performance. Moody's
expects house prices to continue to rise in 2017. Lower increases
than Moody's expects or decreases could lead to negative rating
actions.

Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions.


DLJ COMMERCIAL 1999-CG2: Fitch Affirms & Withdraws D Notes Rating
-----------------------------------------------------------------
Fitch has affirmed three classes of DLJ Commercial Mortgage Corp.,
commercial mortgage pass-through certificates, series 1999-CG2 (DLJ
1999-CG2). In addition, Fitch has withdrawn these ratings as they
are no longer considered by Fitch to be relevant to the agency's
coverage.  

KEY RATING DRIVERS

The affirmations reflect realized losses to the remaining classes
in the transaction. These classes have either been partially or
fully written down.

RATING SENSITIVITIES

While the bonds that have defaulted are not expected to recover any
material amount of lost principal in the future, there is a limited
possibility this may happen. In this unlikely scenario, Fitch would
further review the affected classes.

Fitch has affirmed and withdrawn the following classes:

-- $16.9 million class B-6 at 'Dsf'; RE 100%;
-- $0 class B-7 at 'Dsf'; RE 0%;
-- $0 class B-8 at 'Dsf'; RE 0%.

The class A-1A, A-1B, A-2, A-3, A-4, B-1, B-2, B-3, B-4 and B-5
certificates have paid in full. Fitch does not rate the class C
certificates. Fitch previously withdrew the rating on the
interest-only class S certificates.


DRIVE AUTO 2017-3: S&P Assigns BB-(sf) Rating on Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to Drive Auto Receivables
Trust 2017-3's $1.248 billion automobile receivables-backed notes
series 2017-3.

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

The ratings reflect:

-- The availability of approximately 65.9%, 59.1%, 49.3%, 39.0%,
and 36.2% of credit support for the class A (consisting of classes
A-1, A-2, and A-3), B, C, D, and E notes, respectively, based on
stressed cash flow scenarios (including 90% credit to excess
spread), which provide coverage of approximately 2.35x, 2.10x,
1.70x, 1.32x, and 1.17x for our 27.00%-28.00% expected cumulative
net loss. These break-even scenarios cover total cumulative gross
defaults of 94%, 84%, 70%, 60%, and 56%, respectively.

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

-- S&P said, "The expectation that under a moderate ('BBB') stress
scenario (1.35x our expected loss level), all else being equal, our
ratings on the class A and B notes will remain at the assigned 'AAA
(sf)' and 'AA (sf)' ratings, respectively; our rating on the class
C notes  will remain within one category of the assigned 'A (sf)'
rating; and our rating on the class D notes will remain within two
rating categories of the assigned 'BBB- (sf)' rating while they are
outstanding. The class E notes will remain within two rating
categories of the assigned 'BB- (sf)' rating during the first year
but will eventually default under the 'BBB' stress scenario, after
having received 43% (under a front-loaded loss curve) and 93%
(under a back-loaded loss curve) of their principal. These rating
movements are within the limits specified by our credit stability
criteria (see "Methodology: Credit Stability Criteria," published
May 3, 2010)."

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

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

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

  RATINGS ASSIGNED
  Drive Auto Receivables Trust 2017-3

  Class       Rating      Type          Interest          Amount
                                        rate            (mil. $)
  A-1         A-1+ (sf)   Senior        Fixed             170.00
  A-2-A       AAA (sf)    Senior        Fixed             188.00
  A-2-B       AAA (sf)    Senior        Floating           80.00
  A-3         AAA (sf)    Senior        Fixed             109.91
  B           AA (sf)     Subordinate   Fixed             178.03
  C           A (sf)      Subordinate   Fixed             230.98
  D           BBB- (sf)   Subordinate   Fixed             224.07
  E           BB- (sf)    Subordinate   Fixed              66.76


DRYDEN SENIOR 54: Moody's Assigns Ba3(sf) Rating to Class E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by Dryden 54 Senior Loan Fund.

Moody's rating action is:

US$320,000,000 Class A Senior Secured Floating Rate Notes due 2029
(the "Class A Notes"), Assigned Aaa (sf)

US$60,000,000 Class B Senior Secured Floating Rate Notes due 2029
(the "Class B Notes"), Assigned Aa2 (sf)

US$30,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2029 (the "Class C Notes"), Assigned A2 (sf)

US$30,000,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2029 (the "Class D Notes"), Assigned Baa3 (sf)

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

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

RATINGS RATIONALE

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

Dryden 54 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 90.0% of the portfolio must
consist of senior secured loans and eligible investments, and up to
10.0% of the portfolio may consist, in the aggregate, of second
lien loans and unsecured loans. The portfolio is approximately 92%
ramped as of the closing date.

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

In addition to the Rated Notes, the Issuer issued one class of
subordinated notes.

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017.

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

Par amount: $500,000,000

Diversity Score: 80

Weighted Average Rating Factor (WARF): 2902

Weighted Average Spread (WAS): 3.35%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 48.5%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

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

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

The performance of the Rated Notes is subject to uncertainty. The
performance of the Rated Notes is sensitive to the performance of
the underlying portfolio, which in turn depends on economic and
credit conditions that may change. The Manager's investment
decisions and management of the transaction will also affect the
performance of the Rated Notes.

Together with the set of modeling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a component
in determining the ratings assigned to the Rated Notes. This
sensitivity analysis includes increased default probability
relative to the base case.

Below is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the Rated Notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds to
higher expected losses), assuming that all other factors are held
equal:

Percentage Change in WARF -- increase of 15% (from 2902 to 3,338)

Rating Impact in Rating Notches

Class A Notes: 0

Class B Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: 0

Percentage Change in WARF -- increase of 30% (from 2902 to 3,773)

Rating Impact in Rating Notches

Class A Notes: -1

Class B Notes: -3

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1


DRYDEN SENIOR XXV: S&P Assigns BB-(sf) Rating on Class E-RR Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-RR, B-RR,
C-RR, D-RR, and E-RR replacement notes from Dryden XXV Senior Loan
Fund/Dryden XXV Senior Loan Fund LLC, a collateralized loan
obligation (CLO) originally issued in December 2012 that is managed
by PGIM Inc. S&P withdrew its ratings on the class A-R, B-1-R,
B-2-R, C-R, D, and E notes following payment in full on the Oct.
16, 2017, refinancing date.

On the Oct. 16, 2017, refinancing date, the proceeds from the class
A-RR, B-RR, C-RR, D-RR, and E-RR replacement note issuances were
used to redeem the original class A-R, B-1-R, B-2-R, C-R, D, and E
notes as outlined in the transaction document provisions.
Therefore, S&P withdrew its ratings on the original notes in line
with their full redemption, and it is assigning ratings to 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, also:

-- Extends the stated maturity, reinvestment period, and non-call
period, and

-- Makes changes to maturity extension provisions and some
concentration limitations.

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."

  RATINGS ASSIGNED

  Dryden XXV Senior Loan Fund/Dryden XXV Senior Loan Fund LLC
  Replacement class         Rating        Amount (mil. $)
  A-RR                      AAA (sf)               451.00
  B-RR (deferrable)         AA (sf)                 80.60
  C-RR (deferrable)         A (sf)                  56.00
  D-RR (deferrable)         BBB- (sf)               34.35
  E-RR (deferrable)         BB- (sf)                29.25
  Subordinated notes        NR                      89.00

  RATINGS WITHDRAWN

  Dryden XXV Senior Loan Fund /Dryden XXV Senior Loan Fund LLC
                         Rating
  Original class     To           From
  A-R                NR           AAA (sf)
  B-1-R              NR           AA (sf)
  B-2-R              NR           AA (sf)
  C-R                NR           A (sf)
  D                  NR           BBB (sf)
  E                  NR           BB (sf)

  NR--Not rated.


DT AUTO OWNER: DBRS Reviews 20 Ratings From 7 ABS Transactions
--------------------------------------------------------------
DBRS, Inc. reviewed 20 ratings from seven DT Auto Owner Trust U.S.
structured finance asset-backed securities transactions. Of the 20
outstanding publicly rated classes reviewed, DBRS confirmed five
and upgraded 15. For the ratings that were confirmed, performance
trends are such that credit enhancement levels are sufficient to
cover DBRS's expected losses at their current respective rating
levels. For the ratings that were upgraded, performance trends are
such that credit enhancement levels are sufficient to cover DBRS's
expected losses at their new respective rating levels.

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

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

-- The transaction parties' capabilities with regard to
origination, underwriting and servicing.

-- The credit quality of the collateral pool and historical
performance.

The trusts affected are:

DT Auto Owner Trust 2014-1
DT Auto Owner Trust 2014-2
DT Auto Owner Trust 2015-1
DT Auto Owner Trust 2015-3
DT Auto Owner Trust 2016-2
DT Auto Owner Trust 2016-3
DT Auto Owner Trust 2016-4

A list of the Affected Ratings is available at
http://bit.ly/2yKqSwz


ELEVATION CLO 2014-2: Moody's Assigns B3 Rating to Class F-R Notes
------------------------------------------------------------------
Moody's Investors Service has assigned ratings to eight classes of
refinancing notes issued by Elevation CLO 2014-2, Ltd. (the
"Issuer" or "Elevation CLO 2014-2").

Moody's rating action is:

US$3,500,000 Class X Senior Secured Floating Rate Notes due 2029
(the "Class X Notes"), Assigned Aaa (sf)

US$320,000,000 Class A-1L-R Senior Secured Floating Rate Notes due
2029 (the "Class A-1L-R Notes"), Assigned Aaa (sf)

US$15,000,000 Class A-2L-R Senior Secured Floating Rate Notes due
2029 (the "Class A-2L-R Notes"), Assigned Aaa (sf)

US$45,000,000 Class B-R Senior Secured Floating Rate Notes due 2029
(the "Class B-R Notes"), Assigned Aa2 (sf)

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

US$30,000,000 Class D-R Secured Deferrable Floating Rate Notes due
2029 (the "Class D-R Notes"), Assigned Baa3 (sf)

US$23,000,000 Class E-R Secured Deferrable Floating Rate Notes due
2029 (the "Class E-R Notes"), Assigned Ba3 (sf)

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

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

The Issuer has issued the Refinancing Notes on October 19, 2017
(the "Refinancing Date") in connection with the refinancing of all
classes of the secured notes (the "Refinanced Original Notes")
previously issued on March 12, 2014 (the "Original Closing Date").
On the Refinancing Date, the Issuer used proceeds from the issuance
of the Refinancing Notes to redeem in full the Refinanced Original
Notes.

Moody's ratings of 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.

Elevation CLO 2014-2 is a managed cash flow CLO. The issued notes
will be collateralized primarily by broadly syndicated first lien
senior secured corporate loans. At least 90.0% of the portfolio
must consist of senior secured loans, cash, and eligible
investments, and up to 10.0% of the portfolio may consist of second
lien loans, unsecured loans and first-lien last-out loans . The
portfolio is approximately 85% ramped as of the closing date.

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

In addition to the Refinancing Notes, the Issuer issued additional
subordinated notes.

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017.

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

Par amount: $500,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2916

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 5.20%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 8.0 years.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
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 2916 to 3353)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1L-R Notes: -0

Class A-2L-R Notes: -1

Class B-R Notes: -2

Class C-R Notes: -2

Class D-R Notes: -1

Class E-R Notes: 0

Class F-R Notes: 0

Percentage Change in WARF -- increase of 30% (from 2916 to 3791)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1L-R Notes: -1

Class A-2L-R Notes: -3

Class B-R Notes: -4

Class C-R Notes: -4

Class D-R Notes: -2

Class E-R Notes: -1

Class F-R Notes: -3


EXETER AUTOMOBILE: DBRS Reviews 36 Ratings From 11 ABS Deals
------------------------------------------------------------
DBRS, Inc. reviewed 36 ratings from 11 U.S. structured finance
asset-backed securities transactions from Exeter Automotive
Receivables Trusts. Of the 36 outstanding publicly rated classes
reviewed, DBRS has confirmed 12 classes, upgraded 22 classes and
discontinued two classes due to repayment in mid-August 2017. For
the ratings that were confirmed, performance trends are such that
credit enhancement levels are sufficient to cover DBRS's expected
losses at their current respective rating levels. For the ratings
that were upgraded, performance trends are such that credit
enhancement levels are sufficient to cover DBRS's expected losses
at their new respective rating levels.

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

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

-- The transaction parties' capabilities with regard to
origination, underwriting and servicing.

-- The credit quality of the collateral pool and historical
performance.

The trusts affected by the review are:

Exeter Automobile Receivables Trust 2013-1
Exeter Automobile Receivables Trust 2013-2
Exeter Automobile Receivables Trust 2014-1
Exeter Automobile Receivables Trust 2014-2
Exeter Automobile Receivables Trust 2014-3
Exeter Automobile Receivables Trust 2015-1
Exeter Automobile Receivables Trust 2015-2
Exeter Automobile Receivables Trust 2015-3
Exeter Automobile Receivables Trust 2016-1
Exeter Automobile Receivables Trust 2016-2
Exeter Automobile Receivables Trust 2016-3

A list of the affected ratings is available at:

                          http://bit.ly/2xyW8j1


FLAGSTAR MORTGAGE 2017-2: Moody's Gives (P)B3 Rating to B-R Debt
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 19
classes of residential mortgage-backed securities (RMBS) issued by
Flagstar Mortgage Trust 2017-2 (FSMT 2017-2). The ratings range
from (P)Aaa (sf) to (P)B3 (sf).

The certificates are backed by a single pool of fixed rate non
agency jumbo mortgages (73.1% of the aggregate pool) and agency
eligible high balance conforming residential fixed rate mortgages
(26.9% of the aggregate pool), originated by Flagstar Bank, FSB,
with an aggregate stated principal balance of $576,441,992.

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

Servicing compensation in this transaction is based on a
fee-for-service incentive structure similar to the Flagstar
Mortgage Trust 2017-1 transaction. The fee-for-service incentive
structure includes an initial monthly base servicing fee of $20.5
for all performing loans (compared to the greater of (1) 4 basis
points of current principal balance and (2) $10.0 in FSMT 2017-1)
and increases according to certain delinquent and incentive fee
schedules. The Class B-6-C (NR) is first in line to absorb any
increase in servicing costs above the base servicing costs.
Moreover, the transaction does not have a servicing fee cap.

The complete rating actions are as follows:

Issuer: FLAGSTAR MORTGAGE TRUST 2017-2

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cl. B-1, Assigned (P)A1 (sf)

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

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

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

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

RATINGS RATIONALE

Summary credit analysis

We calculated losses on the pool using Moody's US Moody's
Individual Loan Analysis (MILAN) model based on the loan-level
collateral information as of the cut-off date. Loan-level
adjustments to the model results included adjustments to
probability of default for higher and lower borrower debt-to-income
ratios (DTIs), for borrowers with multiple mortgaged properties,
self-employed borrowers, and for the default risk of Homeownership
association (HOA) properties in super lien states. Moody's final
loss estimates also incorporate adjustments for originator
assessments and the financial strength of Representation & Warranty
(R&W) provider. Moody's expected loss for this pool in a base case
scenario is 0.40% and reach 4.90% at a stress level consistent with
Moody's Aaa (sf) scenario

Collateral description

The FSMT 2017-2 transaction is a securitization of 847 first lien
residential mortgage loans with an unpaid principal balance of
$576,441,992. This transaction has approximately 4 months seasoned
loans, and strong borrower characteristics. The non-zero weighted
average current FICO score is 762 and the weighted-average original
combined loan-to-value ratio (CLTV) is 67.2%. A large percentage of
the borrowers have more than 24 months' liquid reserves. There are
however a relatively high percentage of self-employed borrowers
(31.9%, by loan balance) in the aggregate pool.

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

Third-party review and representation & warranties

A third party review (TPR) firm verified the accuracy of the
loan-level information that the sponsor gave us. The firm conducted
detailed credit, collateral, and regulatory reviews on all loans in
the mortgage pool. The TPR results indicated compliance with the
originators' underwriting guidelines for the vast majority of loans
with no material compliance issues. Three (3) loans received a
valuation grade C because the value estimated by the TPR firm did
not support the appraisal and the remaining one loan did not have
two appraisals as required per the underwriting guidelines. The
loans with grade C represent approximately 0. 7% of the overall
pool. Moody's stressed the property values for these 4 loans and it
did not have a material impact on Moody's credit enhancement.

Flagstar Bank, FSB as the originator, makes the loan-level
representation and warranties (R&Ws) for the mortgage loans. The
loan-level R&Ws are strong and, in general, either meet or exceed
the baseline set of credit-neutral R&Ws Moody's has identified for
US RMBS. Further, R&W breaches are evaluated by an independent
third party using a set of objective criteria. Similar to JPMMT
transactions, the transaction contains a "prescriptive" R&W
framework. The originator makes comprehensive loan-level R&Ws and
an independent reviewer will perform detailed reviews to determine
whether any R&Ws were breached when (1) loans become 120 days
delinquent (2) the servicer stops advancing, (3) the loan is
liquidated at a loss or (4) the loan becomes between 30 days and
120 days delinquent and is modified by the servicer. These reviews
are prescriptive in that the transaction documents set forth
detailed tests for each R&W that the independent reviewer will
perform. Unlike FSMT 2017-1, should the reviewer observe evidence
of a breach of R&W during the regular course of performing a
test(s), such evidence may be considered, provided the sponsor has
the right to refute the claim or provide supporting documentation
or evidence. Moody's did however make an adjustment to Moody's loss
levels to incorporate the weaker financial strength of the R&W
provider.

Servicing arrangement

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

Servicing compensation for loans in this transaction is based on a
fee-for-service incentive structure. The fee-for-service incentive
structure includes an initial monthly base fee of $20.5 for all
performing loans and increases according to certain delinquent and
incentive fee schedules. In FSMT 2017-1, the monthly base servicing
fee was the greater of (1) 4 bps of outstanding principal balance
and (2) $10. While the initial base servicing fee for this
transaction is slightly lower compared to FSMT 2017-1, Moody's
believe the overall servicing fee arrangement is adequate. By
establishing a base servicing fee for performing loans that
increases with the delinquency of loans, the fee-for-service
structure aligns monetary incentives to the servicer with the costs
of the servicer. The fee-for-service compensation is reasonable and
adequate for this transaction. It also better aligns the servicer's
costs with the deal's performance and structure. The Class B-6-C
(NR) is first in line to absorb any increase in servicing costs
above the base servicing costs. Delinquency and incentive fees will
be deducted from the Class B-6-C interest payment amount first and
could result in interest shortfall to the certificates depending on
the magnitude of the delinquency and incentive fees.

Trustee and master servicer

The transaction trustee is Wilmington Trust, N.A. The custodian
functions will be performed by Wells Fargo Bank, N.A. The paying
agent and cash management functions will be performed by Wells
Fargo Bank, N.A., rather than the trustee. In addition, Wells
Fargo, as master servicer, is responsible for servicer oversight,
and termination of servicers and for the appointment of successor
servicers. In addition, Wells Fargo is obligated to make servicing
advances if the servicer is unable to do so.

Tail risk & subordination floor

This deal has a shifting-interest structure, with a subordination
floor to protect against losses that occur late in the life of the
pool when relatively few loans remain (tail risk). When the total
senior subordination is less than 1.0% of the original pool
balance, the subordinate bonds do not receive any principal and all
principal is then paid to the senior bonds. In addition, if the
subordinate percentage drops below 6.0% of current pool balance,
the senior distribution amount will include all principal
collections and the subordinate principal distribution amount will
be zero. The subordinate bonds themselves benefit from a floor.
When the total current balance of a given subordinate tranche plus
the aggregate balance of the subordinate tranches that are junior
to it amount to less than 0.7% of the original pool balance, those
tranches do not receive principal distributions. Principal those
tranches would have received are directed to pay more senior
subordinate bonds pro-rata.

Transaction structure

The securitization has a shifting interest structure that benefits
from a senior subordination floor and a subordinate floor. Funds
collected, including principal, are first used to make interest
payments and then principal payments to the senior bonds, and then
interest and principal payments to each subordinate bond. As in all
transactions with shifting interest structures, the senior bonds
benefit from a cash flow waterfall that allocates all prepayments
to the senior bond for a specified period of time, and increasing
amounts of prepayments to the subordinate bonds thereafter, but
only if loan performance satisfies delinquency and loss tests.

Of note, if certificate balance of subordinate certificates (up to
Class B-2) are written down to zero, then any amount that would
have been distributed to Class A-14 will instead be distributed to
Class A-6, Class A-10 , Class A-12 and Class A-14 sequentially,
until it is paid down to zero.

Similarly, on or prior to the accretion termination date (the
earlier of (1) the distribution date on which Class A-10 has been
reduced to zero and (2) the distribution date where the aggregate
balance of subordinate certificates has been reduced to zero), the
accretion-directed certificate (Class A-10) will be entitled to
receive as monthly principal distribution the accrued interest that
would otherwise be distributable to the accrual certificate (Class
A-12).

All certificates (except Class B-6-C) in this transaction are
subject to a net WAC cap. Class B-6-C, will accrue interest at the
net WAC minus the aggregate delinquent servicing and aggregate
incentive servicing fee. For any distribution date, net WAC will be
the greater of (1) zero and (2) the weighted average net mortgage
rates minus the capped extraordinary trust expense rate. Realized
losses are allocated reverse sequentially among the subordinate and
senior support certificates and on a pro-rata basis among the super
senior certificates.

Exposure to Extraordinary Expenses

Certain extraordinary trust expenses (such as fees paid to the
reviewer, servicing transfer costs) in the FSMT 2017-2 transaction
are deducted directly from the available distribution amount. The
remaining trust expenses (which have an annual cap of $300,000 per
year) are deducted from the net WAC. Moody's believe there is a
very low likelihood that the rated certificates in FSMT 2017-2 will
incur any losses from extraordinary expenses or indemnification
payments from potential future lawsuits against key deal parties.
First, the loans are prime quality, 100 percent qualified mortgages
and were originated under a regulatory environment that requires
tighter controls for originations than pre-crisis, which reduces
the likelihood that the loans have defects that could form the
basis of a lawsuit. Second, the transaction has reasonably well
defined processes in place to identify loans with defects on an
ongoing basis. In this transaction, an independent breach reviewer
(Inglet Blair, LLC), named at closing must review loans for
breaches of representations and warranties when certain clear
defined triggers have been breached, which reduces the likelihood
that parties will be sued for inaction. Furthermore, the issuer has
disclosed the results of a credit, compliance and valuation review
of all of the mortgage loans by an independent third party (Clayton
Services LLC). Unlike FSMT 2017-1, Moody's did not make an
adjustment for extraordinary expenses because most of the trust
expenses will reduce the Net WAC as opposed to the available
funds.

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

Down

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

Up

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

Methodology

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


FORTRESS CREDIT IV: S&P Gives Prelim BB(sf) Rating on Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Fortress
Credit BSL IV Ltd./Fortress Credit BSL IV LLC's $500.5 million
fixed- and floating-rate notes.

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

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

The preliminary ratings reflect:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term loans that
are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

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


  PRELIMINARY RATINGS ASSIGNED

  Fortress Credit BSL IV Ltd./Fortress Credit BSL IV LLC  

  Class                     Rating          Amount
                                           (mil. $)
  A                         AAA (sf)        326.70
  B-1                       AA (sf)          70.80
  B-2                       AA (sf)          15.00
  C (deferrable)            A (sf)           35.20
  D (deferrable)            BBB (sf)         30.80
  E (deferrable)            BB (sf)          22.00
  Subordinated notes        NR               62.50

  NR--Not rated.


FREDDIE MAC 2017-SPI1: Moody's Gives (P)B2 Rating to Cl. M-2 Debt
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to two
certificates of residential mortgage backed securities issued by
STACR Securitized Participation Interest (SPI) Trust, Series
2017-SPI1 (STACR 2017-SPI1). This is the inaugural issue of
STACR-SPI. The transaction will be backed by 3,231 first-lien,
conforming and super conforming, fixed-rate mortgages with current
principal of $1,252,221,957. Unlike any post crisis prime jumbo or
GSE sponsored securitizations, there will not be any pool level
performance triggers in this transaction. Instead, the performance
triggers are set at a loan level.

The complete rating actions are:

Issuer: Freddie Mac Structured Agency Credit Risk (STACR)
Securitized Participation Interests Trust, Series 2017-SPI1

Cl. M-1, Assigned (P)Baa3 (sf)

Cl. M-2, Assigned (P)B2 (sf)

RATINGS RATIONALE

Summary credit analysis

Moody's analyzed the underlying mortgage loans using Moody's
Individual Loan Analysis (MILAN) model. Moody's also compared the
collateral pool to other STACR securitizations. In addition,
Moody's adjusted Moody's expected losses based on other qualitative
attributes, including a slightly weaker R&W framework and lack of
TRID review by Freddie Mac and the independent third-party
diligence provider. Moody's expected losses are 0.91% in a base
case scenario, and reach 8.80% at a stress level consistent with
Moody's Aaa (sf) scenario.

Collateral description

The transaction will be backed by 3,231 first-lien, conforming and
super conforming, fixed-rate mortgages with current principal of
$1,252,221,957. All of the loans in the pool satisfy Freddie Mac's
underwriting requirements, are current and have never been 30 or
more days delinquent. The weighted average FICO score for the pool
is 757. The weighted average original LTV for the pool is 77.4%,
which is comparable to the loans in the STACR-DNA program. However,
a large portion (32.1%) of the pool have an original LTV greater
than 80% but are covered by mortgage insurance at origination. None
of the loans are located in FEMA designated disaster zone in which
FEMA has authorized individual assistance to homeowners in such
county as a result of Hurricane Harvey, Hurricane Irma or Hurricane
Maria. This pool also has high concentration in California (48.4%)
of which 15.3% are located in counties currently affected by the
wildfires in California. While it is too early for Freddie Mac to
determine the damages to the properties, Freddie Mac's
Seller/Servicing Guide has stringent requirements for homeowner's
insurance policy. Generally, wildfire is treated like any covered
loss in the homeowners insurance policy and the insurance limits
must at least equal the higher of (1) the unpaid principal balance
of the mortgage or (2) 80% of the full replacement cost of the
insurable improvements. As a result, Moody's has not made any
adjustments to Moody's expected loss estimates.

Structural considerations

The mortgage loans will be housed in a participation interest trust
(PI trust), which will issue two types of certificates for every
loan in the trust: (1) pass-through certificate (PC) participation
interests representing 96% beneficial interest in the loan and (2)
credit participation interests representing 4% beneficial interest
in the loan.

Freddie Mac will deposit the credit participation interest into the
SPI trust, which will issue the Class X, Class M-1, Class M-2,
Class B and Class R certificates. Freddie Mac will also deposit the
PC participation interest into one or more PC trust.

Unlike any post crisis prime jumbo or GSE sponsored
securitizations, there will not be any pool level performance
triggers in this transaction. Instead, the performance triggers are
set at a loan level. The PC trust agreement permits or requires
Freddie Mac to repurchase a PC participation interest from the
related PC trust due to, among other reasons, delinquency or
imminent default of the borrower on a loan backing the PC
participation interest.

The SPI trust will be obligated to acquire any PC participation
interest repurchased by Freddie Mac from the PC trusts. Collections
from the each mortgage loan will be allocated proportionate to the
participation interest held by the PC trusts and SPI trust.

On the closing date, Class X balance will be zero and will be
increased by the PC participation interest repurchased from the PC
trust. Class X certificate will accrue interest and will be senior
to other certificates issued by the SPI trust. All certificates
issued by the SPI trust will be paid principal sequentially and
realized losses will be allocated reverse sequentially.

The coupon on the subordinate certificates is equal to the weighted
average of net mortgage rate on the collateral for such
distribution date (without considering interest modification or
extraordinary expenses). If the interest accrued on the Class B
certificate is insufficient to absorb the reduction in interest
amount caused by modification and extraordinary expenses, and to
the extent that the Class B certificate is outstanding, the
transaction allows for certain principal payments to be re-directed
to cover interest shortfall to the rated certificates, with a
corresponding write-down of Class B principal balance. As a result,
before Classes M-1 or M-2 suffer any unrecoverable interest
shortfall, the Class B certificate balance has to be reduced to
zero. The Class B certificate represents 1% of the collateral.

Freddie Mac as the master servicer will make advances on delinquent
principal and interest for every loan until it becomes 60 days
delinquent (Stop advance loan). The master servicer will make
advances necessary to preserve the PI trust's interest in the
mortgages. The SPI trust will receive its proportionate share of
advances made by the master servicer. An advance will be
reimbursable to the master servicer from (1) subsequent mortgagor
payments or liquidation proceeds (2) principal payments on other
mortgage loans or (3) the termination price.

In analyzing the transaction's structure, Moody's coded the
waterfall through Moody's Wall Street Analytics software,
Structured Finance Workstation. Typically, Moody's stress the cash
flow in three different loss timing scenarios, each combined with
four different prepayment curves, for a total of 12 different
stress scenarios as described in the Moody's Approach to Rating US
Prime RMBS methodology. However, in this transaction, Moody's
supplemented the analysis with additional scenarios where Moody's
stressed Moody's liquidation timelines to test the sensitivity of
the rated certificates to the default timing.

Third party review (TPR)

Clayton (an independent third-party diligence provider) randomly
selected a sample of 311 loans from an original pool of 3,650
loans. Of the 311 loan sample, Clayton reviewed 244 loans for data
accuracy, credit, property valuation, and 67 loans for data
accuracy, credit, property valuation, and compliance. Freddie Mac
reviewed the same loans during the same time frame.

Moody's increased Moody's Aaa (sf)-stressed expected loss slightly
because all loans are subject to TRID but Freddie Mac and Clayton
did not conduct a loan review for compliance with TRID for any of
the loans in the pool. Loans with data integrity exceptions were
minor and did not pose a material risk. All other categories of
findings were clear and did not have any issues.

Representation and Warranties (R&W)

Freddie Mac is not providing direct loan-level R&Ws for this
transaction. Instead the transaction benefits indirectly from the
R&Ws made by the individual loan sellers/servicers to Freddie Mac.
Freddie Mac commands strong R&Ws from its seller/servicers
pertaining to all facets of the loan, including but not limited to
compliance with laws, compliance with all underwriting guidelines,
enforceability, good property condition and appraisal procedures.

Unlike the previous STACR transactions, the rated certificates do
not have a 12.5 year bullet maturity payment and are not the direct
obligation of Freddie Mac. As a result, the certificate holders are
exposed longer to any loans with defects. The risk is largely
mitigated by Freddie Mac's strong quality control process and their
alignment of interest with certificate-holders. Nevertheless,
Moody's increased Moody's expected loss slightly to account for
this weakness.

Trustee Indemnification

Moody's believe there is a very low likelihood that the rated
certificates in STACR 2017-SPI1 will incur any loss from
extraordinary expenses or indemnification payments owing to
potential future lawsuits against key deal parties. First, the
loans are prime quality and were originated under a regulatory
environment that requires tighter controls for originations than
pre-crisis, which reduces the likelihood that the loans have
defects that could form the basis of a lawsuit. Second, Freddie
Mac, who will retain a 5% vertical slice of the subordinate
certificates that are being issued to investors and also guarantee
the senior portion of the loans (i.e. the PC participation
interest), has a strong alignment of interest with investors, and
is incentivized to actively manage the pool to optimize
performance. Freddie Mac has strong oversight over the originators
and servicers in the transaction. Third, historical performance of
loans aggregated by Freddie Mac has been very strong to date, with
minimal losses on previously issued FWLS and STACR transactions.
Finally, the optional termination rights exist when the subordinate
notes are


GALAXY CLO XV: S&P Assigns BB-(sf) Rating on Class E-R Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R, B-R, C-R,
D-R, and E-R replacement and new class X notes from Galaxy XV CLO
Ltd., a collateralized loan obligation (CLO) originally issued in
March 2013 that is managed by PineBridge Investments LLC. S&P
withdrew its ratings on the original class A, B, C, D, and E notes
following payment in full on the Oct. 16, 2017, refinancing date.
  
On the Oct. 16, 2017, refinancing date, the proceeds from the class
A-R, B-R, C-R, D-R, and E-R replacement and new class X note
issuances were used to redeem the original class A, B, C, D, and E
notes as outlined in the transaction document provisions.
Therefore, S&P withdrew its ratings on the original notes in line
with their full redemption, and it is assigning ratings to the
replacement notes.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the trustee report, to estimate future performance. In line with
our criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults, and
recoveries upon default, under various interest rate and
macroeconomic scenarios. In addition, our analysis considered the
transaction's ability to pay timely interest or ultimate principal,
or both, to each of the rated tranches.

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

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

  RATINGS ASSIGNED

  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

  RATINGS WITHDRAWN

  Galaxy XV CLO Ltd./Galaxy XV CLO LLC                             

                             Rating
  Original class       To              From
  A                    NR              AAA (sf)
  B                    NR              AA+ (sf)
  C                    NR              A+ (sf)
  D                    NR              BBB (sf)
  E                    NR              BB (sf)

  NR--Not rated.


GILBERT PARK: Moody's Assigns Ba3(sf) Rating to Class E Notes
-------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by Gilbert Park CLO, Ltd.

Moody's rating action is:

US$650,000,000 Class A Senior Secured Floating Rate Notes due 2030
(the "Class A Notes"), Definitive Rating Assigned Aaa (sf)

US$105,000,000 Class B Senior Secured Floating Rate Notes due 2030
(the "Class B Notes"), Definitive Rating Assigned Aa2 (sf)

US$54,250,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class C Notes"), Definitive Rating Assigned A2
(sf)

US$60,750,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class D Notes"), Definitive Rating Assigned
Baa3 (sf)

US$50,000,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class E Notes"), Definitive Rating Assigned
Ba3 (sf)

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

RATINGS RATIONALE

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

Gilbert Park is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 90.0% of the portfolio must
consist of senior secured loans, cash, and eligible investments,
and up to 10.0% of the portfolio may consist of second lien loans
and unsecured loans. The portfolio is at least 87% ramped as of the
closing date.

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

In addition to the Rated Notes, the Issuer issued subordinated
notes.

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017.

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

Par amount: $1,000,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2892

Weighted Average Spread (WAS): 3.35%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 9.22 years.

Methodology Underlying the Rating Action:

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

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

The performance of the Rated Notes is subject to uncertainty. The
performance of the Rated Notes is sensitive to the performance of
the underlying portfolio, which in turn depends on economic and
credit conditions that may change. The Manager's investment
decisions and management of the transaction will also affect the
performance of the Rated Notes.

Together with the set of modeling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a component
in determining the ratings assigned to the Rated Notes. This
sensitivity analysis includes increased default probability
relative to the base case.

Below is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the Rated Notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds to
higher expected losses), assuming that all other factors are held
equal:

Percentage Change in WARF -- increase of 15% (from 2892 to 3326)

Rating Impact in Rating Notches

Class A Notes: -1

Class B Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: -1

Percentage Change in WARF -- increase of 30% (from 2892 to 3760)

Rating Impact in Rating Notches

Class A Notes: -1

Class B Notes: -4

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1


GOLDENTREE LOAN 2: Moody's Assigns (P)B3 Rating to Class F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to seven
classes of notes to be issued by GoldenTree Loan Management US CLO
2, Ltd.

Moody's rating action is:

US$4,000,000 Class X Senior Secured Floating Rate Notes due 2031
(the "Class X Notes"), Assigned (P)Aaa (sf)

US$390,000,000 Class A Senior Secured Floating Rate Notes due 2031
(the "Class A Notes"), Assigned (P)Aaa (sf)

US$47,000,000 Class B Senior Secured Floating Rate Notes due 2031
(the "Class B Notes"), Assigned (P)Aa2 (sf)

US$37,000,000 Class C Mezzanine Deferrable Floating Rate Notes due
2031 (the "Class C Notes"), Assigned (P)A2 (sf)

US$41,000,000 Class D Mezzanine Deferrable Floating Rate Notes due
2031 (the "Class D Notes"), Assigned (P)Baa3 (sf)

US$37,000,000 Class E Junior Deferrable Floating Rate Notes due
2031 (the "Class E Notes"), Assigned (P)Ba3 (sf)

US$12,000,000 Class F Junior Deferrable Floating Rate Notes due
2031 (the "Class F Notes"), Assigned (P)B3 (sf)

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

Moody's issues provisional ratings in advance of the final sale of
financial instruments, but these ratings only represent Moody's
preliminary credit opinions. Upon a conclusive review of a
transaction and associated documentation, Moody's will endeavor to
assign definitive ratings. A definitive rating, if any, may differ
from a provisional rating.

RATINGS RATIONALE

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

GoldenTree Loan Management US CLO 2, Ltd. is a managed cash flow
CLO. The issued notes will be collateralized primarily by broadly
syndicated first lien senior secured corporate loans. At least 90%
of the portfolio must consist of senior secured loans and eligible
investments, and up to 10% of the portfolio may consist of assets
that are second-lien loans, unsecured loans, and DIPs. Moody's
expects the portfolio to be approximately 95% ramped as of the
closing date.

GoldenTree Loan Management, LP (the "Manager") will direct the
selection, acquisition and disposition of the assets on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 5.1 year
reinvestment period. Thereafter, the Manager may reinvest
unscheduled principal payments and proceeds from sales of credit
risk assets, subject to certain restrictions.

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

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017.

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

Par amount: $600,000,000

Diversity Score: 52

Weighted Average Rating Factor (WARF): 3100

Weighted Average Spread (WAS): 3.25%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 49.0%

Weighted Average Life (WAL): 9.1 years

Methodology Underlying the Rating Action:

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

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

The performance of the Rated Notes is subject to uncertainty. The
performance of the Rated Notes is sensitive to the performance of
the underlying portfolio, which in turn depends on economic and
credit conditions that may change. The Manager's investment
decisions and management of the transaction will also affect the
performance of the Rated Notes.

Together with the set of modeling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a component
in determining the ratings assigned to the Rated Notes. This
sensitivity analysis includes increased default probability
relative to the base case.

Below is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the Rated Notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds to
higher expected losses), assuming that all other factors are held
equal:

Percentage Change in WARF -- increase of 15% (from 3100 to 3565)

Rating Impact in Rating Notches

Class X Notes: 0

Class A Notes: -1

Class B Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: -1

Class F Notes: -2

Percentage Change in WARF -- increase of 30% (from 3100 to 4030)

Rating Impact in Rating Notches

Class X Notes: 0

Class A Notes: -2

Class B Notes: -4

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1

Class F Notes: -4


GREENWICH CAPITAL 2002-C1: Moody's Affirms C Rating on Cl. XC Certs
-------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on two classes
in Greenwich Capital Commercial Funding Corp. Commercial Mortgage
Pass-Through Certificates, Series 2002-C1

Cl. M, Affirmed Ca (sf); previously on Oct 26, 2016 Affirmed Ca
(sf)

Cl. XC, 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 ratings are
consistent with Moody's expected loss plus realized losses. Class M
has already experienced a 23% realized loss as result of previously
liquidated loans.

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 22.4% of the
current pooled balance, compared to 37.1% at Moody's last review.
Moody's base expected loss plus realized losses is now 4.0% of the
original pooled balance, compared to 4.2% 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. XC 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 100% of the pool is in
special servicing. In this approach, Moody's determines a
probability of default for the specially serviced loan that it
expects will generate a loss and estimates a loss given default
based on a review of broker's opinions of value (if available),
other information from the special servicer, available market data
and Moody's internal data. The loss given default for each loan
also takes into consideration repayment of servicer advances to
date, estimated future advances and closing costs. Translating the
probability of default and loss given default into an expected loss
estimate, Moody's then applies the aggregate loss from specially
serviced 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 October 16, 2017 distribution date, the transaction's
aggregate pooled certificate balance has decreased by 99.8% to
$2.81 million from $1.16 billion at securitization. The two
remaining certificates are collateralized by one mortgage loan.

Twenty loans have been liquidated from the pool, contributing to an
aggregate realized loss of $45.6 million (for an average loss
severity of 3.9%).

The one remaining loan is the Hope Hotel & Conference Center Loan
($2.81 million -- 100% of the pool), which is secured by a 266-room
full-service independent hotel located on the Wright Patterson Air
Force Base, approximately 10 miles east of Dayton, Ohio. The loan
transferred to special servicing in November 2008 due to imminent
default and the borrower filed for Chapter 11 Bankruptcy in 2010.
The loan became REO in May 2014. The servicer has noted the
property is in need of an estimated $2.0 million in capital
improvements. As of the trailing twelve month period ending June
2017, the property reported an occupancy of 52% and RevPAR of $44.


GREYWOLF CLO II: S&P Assigns BB- (sf) Rating on Class D-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class X, A-1-R,
A-2-R, B-R, C-R, and D-R replacement notes from Greywolf CLO II
Ltd., a collateralized loan obligation (CLO) originally issued in
March 2013 that is managed by Greywolf Capital Management L.P. S&P
withdrew its ratings on the original class A-1, A-2, B, C, D, and E
notes following payment in full on the Oct. 16, 2017, refinancing
date.

On the Oct. 16, 2017, refinancing date, the proceeds from the
replacement note issuance were used to redeem the original class
A-1, A-2, B, C, D, and E notes as outlined in the transaction
document provisions. Therefore, S&P withdrew its ratings on the
original notes in line with their full redemption and are assigning
ratings to 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 a class X note.

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

-- 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. In line with
our criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults, and
recoveries upon default, under various interest rate and
macroeconomic scenarios.

"In addition, our analysis considered the transaction's ability to
pay timely interest or ultimate principal, or both, to each of the
rated tranches.

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

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

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

  RATINGS WITHDRAWN
  Greywolf CLO II Ltd.
  Original class             Rating
                         To           From
  A-1                    NR           AAA (sf)
  A-2                    NR           AA+ (sf)
  B                      NR           A+ (sf)
  C                      NR           BBB (sf)
  D                      NR           BB (sf)
  E                      NR           B (sf)

  NR—Not rated.


GS MORTGAGE 2017-SLP: S&P Gives Prelim B-(sf) Rating on Cl. F Certs
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S&P Global Ratings assigned its preliminary ratings to GS Mortgage
Securities Corp. Trust 2017-SLP's $688.750 million commercial
mortgage pass-through certificates.

The certificate issuance is a commercial mortgage-backed securities
transaction backed primarily by one senior promissory note and one
junior promissory note (collectively, the trust loan) issued by 136
special purpose entities (collectively, the borrowers), evidencing
a five-year, fixed-rate, interest-only mortgage loan and, together
with two pari passu senior promissory notes (collectively, the
companion loans, and together with the trust loan, the whole loan
totaling $800.0 million), secured by, among other things, a
first-mortgage lien on the borrowers' fee simple, ground leasehold
and other interests in 138 full-service, limited-service,
select-service, and extended stay and full-service hotel properties
(collectively, the properties) located in 27 states.

The preliminary ratings are based on information as of Oct. 16,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

  PRELIMINARY RATINGS ASSIGNED

  GS Mortgage Securities Corp. Trust 2017-SLP
  Class      Rating               Amount ($)
  A          AAA (sf)            182,358,000
  X-A        AAA (sf)            182,358,000(i)
  X-B        BBB- (sf)           201,563,000(i)
  B          AA- (sf)             62,443,000
  C          A- (sf)              59,929,000
  D          BBB- (sf)            79,191,000
  E          BB- (sf)            124,852,000
  F          B- (sf)             107,977,000
  G          NR                   72,000,000

(i)Notional balance. The notional amount of the class X-A
certificates will be reduced by the aggregate amount of principal
distributions and realized losses allocated to the class A
certificates. The notional amount of the X-B certificates will be
reduced by the aggregate amount of principal distributions and
realized losses allocated to the B, C, and D certificates. NR--Not
rated.


GS MORTGAGE 2017-STAY: DBRS Finalizes B Rating on Cl. HRR Certs
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DBRS, Inc. finalized its provisional ratings on the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2017-STAY (the Certificates) to be issued by GS Mortgage Securities
Corporation Trust 2017-STAY. The trends are Stable.

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

All classes have been privately placed.

The Class X-CP and X-NCP balances are notional.

The $200 million mortgage loan is secured by the fee interest in a
portfolio of 40 economy, extended-stay hotels totaling 5,195 keys,
located in 14 different states across the United States. The hotels
operate under one sole flag, InTown Suites. The brand is owned by
the loan sponsor, Starwood Capital Group Global LP (Starwood),
which has substantial experience in the hotel sector and maintains
considerable financial wherewithal. Starwood acquired the
collateral assets in 2013 when it purchased the InTown Suites
platform for $770.0 million from Kimco Realty Corporation. At that
time, there were 138 properties operating under the flag, which
ownership has expanded to 190 lodging properties totaling 24,161
keys since its acquisition of the platform. The assets are entirely
operated by affiliates of the loan sponsor and, as such, do not
incur management or franchise fees. Although there is a licensing
agreement in place, it does not stipulate a separate fee.

Since acquiring the portfolio in 2013, Starwood has invested
roughly $24.1 million ($4,639 per key) of capex across the
collateral portfolio, $17.8 million ($3,435 per key) of which was
injected in 2016 alone. This includes $16.2 million in capex
($8,122 per key) that served to fully refresh 15 specific
properties in the collateral portfolio, representing 38.3% of total
keys. The remaining assets have only received light updates. The
portfolio has an average age of 19 years, and many of the
properties inspected by DBRS were dated and exhibited deferred
maintenance, resulting in low curb appeal. Such results can be
attributed to the lack of investment across the portfolio as well
as the consistently high occupancies at which the properties have
operated. The collateral portfolio reports an average occupancy
rate of 84.2% dating back to 2007, only dropping below 82.5% to
78.5% in 2009, which was the trough of the Great Recession;
however, the collateral represents one of the lowest price points
in each respective market, offering value to its blue-collar guests
and local demographic. While such high occupancy is likely
unsustainable, many guests stay on site for several months as
evidenced by the average length of stay across the portfolio of 102
days; this provides some additional stability compared with
traditional limited- and full-service hotels. Ownership plans to
track revenue per available room (RevPAR) performance at the
renovated assets before undertaking additional value-add
renovations. Since the hotels are not subject to formal franchise
agreements, there will not be any required property improvement
plans during the loan term. This limits displacement risk as
Starwood invests in the assets on an ongoing basis as needed. The
fact that the sponsor is the sole owner of the brand gives it an
increased incentive to maintain the collateral. The loan is
structured with ongoing furniture, fixtures and equipment reserves
that will be collected at 5.0% of gross revenue on a monthly basis,
which are available for planned maintenance throughout the term.

As with the overall hotel market, average daily rate and occupancy
levels at the subject properties have been posting strong gains
over the past few years. The portfolio's RevPAR has increased each
year since 2009, but more recent periods have been increasing at a
declining rate. DBRS capped all occupancies at 82.5%, which is
below recent historicals for the majority of the portfolio. Dating
back to 2014, between 65.6% and 71.8% of the portfolio by allocated
loan balance reported occupancy rates in excess of 82.5%. The
capped occupancies account for new supply coming online over the
near term in each market as well as the fact that the current
environment could represent a very late phase of the lodging cycle.
As a whole, the portfolio's trailing 12 months (T-12) April 2017
RevPAR is 25.1% above its prior pre-recession peak of $25.09 in
2007, and 3.9% and 10.2% over the YE2016 and YE2015 levels,
respectively. Such an increase represents a decline from recent
year-over-year increases of 13.7% at YE2015 and 10.4% at YE2014.
The resulting DBRS portfolio RevPAR of $29.95 is approximately 3.6%
below the T-12 April 2017 level and directly in line with the
YE2016 level, given the modest rate increases achieved following
recent renovations. As of the April 2017 Smith Travel Research
Reports, the portfolio exhibited RevPAR penetration of only 93.7%;
however, such competitive sets capture a mix of mid-price and
economy extended-stay assets, which are of superior quality and do
not directly compete with the subject portfolio's low-price and
minimalistic product offering.

Loan proceeds of $200.0 million ($38,499 per key) were used to
refinance $174.5 million ($33,589 per key) of existing portfolio
debt, return $19.0 million of equity to the sponsor and cover
closing costs of approximately $6.5 million. The prior debt was
securitized in the GSMS 2007-GG10 securitization and encumbered 35
of the current portfolio assets. The remaining properties backed
other uncrossed mortgage loans that were paid off with equity in
March 2017. The loan is a three-year, floating-rate (one-month
LIBOR plus 2.87% per annum) interest-only mortgage loan with two
one-year extension options. The as-is portfolio appraised value is
$333.2 million, assuming a bulk sale, based on a weighted-average
applied cap rate of 9.2%, which equates to a relatively moderate
appraised loan-to-value (LTV) ratio of 60.1%. The DBRS-concluded
value of $213.0 million ($40,991 per key) represents a significant
36.1% discount to the appraised value but results in a DBRS LTV of
93.9%, which is indicative of high-leverage financing; however, the
DBRS value is based on a reversionary cap rate of 11.75%, which
represents a significant stress over current prevailing market cap
rates. Furthermore, the loan's DBRS Debt Yield is strong at 12.5%,
and the portfolio's insurable replacement cost of $201.0 million
just exceeds the mortgage loan amount.


HANA FINANCIAL I: DBRS Withdraws Ratings on Factoring Notes
-----------------------------------------------------------
DBRS, Inc. confirmed and withdrew all outstanding classes of
Factoring Contract Backed Notes issued by Hana Financial SPV I,
LLC.  Performance trends relating to the securities that were
confirmed and withdrawn were such that credit enhancement levels
were sufficient to cover DBRS's expected losses at their respective
rating levels. The ratings were withdrawn at the request of the
Issuer as a result of a refinancing of the facility.

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

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

-- The transaction parties' capabilities with regard to
origination, underwriting and servicing.

-- The credit quality of the collateral pool and historical
performance.

These ratings were confirmed and then withdrawn:

Issuer: Hana Financial SPV I, LLC
        Factoring Contract Backed Notes

     Class A-1        A(sf)
     Class A-2        A(sf)
     Class B-1        BBB(sf)
     Class B-2        BBB(sf)
     Class C-1        BB(sf)
     Class C-2        BB(sf)


HOUSTON GALLERIA 2015-HGLR: S&P Affirms BB+ Rating on Cl. E Certs
-----------------------------------------------------------------
S&P Global Ratings affirmed its ratings on eight classes of
commercial mortgage pass-through certificates from Houston Galleria
Mall Trust 2015-HGLR, a U.S. commercial mortgage-backed securities
(CMBS) transaction.

For the affirmations, S&P's expectation of credit enhancement was
in line with the affirmed rating levels.

S&P said, "We affirmed our ratings on the class X-CP and X-NCP
interest-only (IO) certificates based on our criteria for rating IO
securities, in which the ratings on the IO securities would not be
higher than that of the lowest-rated reference class. Classes X-CP
and X-NCP's notional balances reference classes A-1A1, A-1A2, B, C,
D, and E.

This is a single-borrower transaction backed by a fixed-rate IO
mortgage loan secured by the first mortgage lien on the borrowers'
fee interest in 1.61 million sq. ft. of the 2.12-million-sq.-ft.
Houston Galleria (1.21 million sq. ft. excluding the ground leased
anchors), a super-regional mall located in Houston. s&p SAID, "Our
property-level analysis included a re-evaluation of the retail
property that secures the mortgage loan in the trust and considered
the stable servicer-reported net operating income and occupancy for
the past four years. We then derived our sustainable in-place net
cash flow, which we divided by a 6.00% capitalization rate to
determine our expected-case value. This yielded an overall S&P
Global Ratings loan-to-value ratio and debt service coverage (DSC)
of 74.7% and 2.23x, respectively, on the whole balance."

According to the Oct. 5, 2017, trustee remittance report, the IO
mortgage loan has a $1.05 billion trust balance and a $1.2 billion
whole loan balance. The $150.0 million non-trust balance is pari
passu with the trust balance and is included in JPMBB Commercial
Mortgage Securities Trust 2015-C28, also a CMBS transaction. The
whole loan pays an annual fixed interest rate of 3.55% and matures
on March 1, 2025. To date, the trust has not incurred any principal
losses.

The master servicer, KeyBank Real Estate Capital (KeyBank),
confirmed that the property did not sustain any flood damage as a
result of Hurricane Harvey. KeyBank reported a 2.32x DSC on the
whole loan balance for year-end 2016, and occupancy was 94.1%
according to the March 31, 2017, rent roll. Based on the March 2017
rent roll, the five largest tenants make up 32.8% of the
collateral's 1.61 million sq. ft. net rentable area. In addition,
1.6%, 6.1%, and 20.5% have leases that expire in 2017, 2018, and
2019, respectively. The majority of the lease expiration in 2019 is
due to Neiman Marcus.

RATINGS LIST

  Houston Galleria Mall Trust 2015-HGLR
  Commercial mortgage pass through certificates series 2015-HGLR

                                    Rating            Rating
  Class       Identifier            To                From
  A-1A1       44217NAA4             AAA (sf)          AAA (sf)
  A-1A2       44217NAC0             AAA (sf)          AAA (sf)
  B           44217NAJ5             AA- (sf)          AA- (sf)   
  C           44217NAL0             A (sf)            A (sf)
  D           44217NAN6             BBB- (sf)         BBB- (sf)  
  E           44217NAQ9             BB+ (sf)          BB+ (sf)
  X-CP        44217NAE6             BB+ (sf)          BB+ (sf)
  X-NCP       44217NAG1             BB+ (sf)          BB+ (sf)


HPS LOAN 2013-2: S&P Assigns B-(sf) Rating on Class E-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1AR, A-2R,
B-R, C-R, D-R, and E-R replacement notes from HPS Loan Management
2013-2 Ltd./HPS Loan Management 2013-2 LLC, a collateralized loan
obligation (CLO) originally issued in 2013 that is managed by HPS
Investment Partners CLO (US) LLC. S&P withdrew its ratings on the
original class A-1, A-2, B-1, B-2, C, D, and E notes following
payment in full on the Oct. 20, 2017, refinance date.

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

On the Oct. 20, 2017, refinancing date, the proceeds from the
replacement note issuance redeemed the original notes.
Subsequently, S&P withdrew its ratings on the original notes and
assigned ratings to some of the replacement notes.

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

-- The issuers' names have changed to HPS Loan Management 2013-2
Ltd./HPS Loan Management 2013-2 LLC from Highbridge Loan Management
2013-2 Ltd./Highbridge Loan Management 2013-2 LLC.

-- The original class A-1 notes were broken out into two
sequentially paying class A-1AR and A-1BR replacement notes.  New
class X notes were issued.

-- The original class B-1 and B-2 fixed- and floating-rate notes
were collapsed into the class B-R floating-rate notes.

-- All replacement classes were issued at floating spreads.

-- The stated maturity and reinvestment period were both extended
five years.

-- The manager can use the formula-based Standard & Poor's CDO
Monitor.

-- The updated S&P Global Ratings industry categories and recovery
rates are used.

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."

  RATINGS ASSIGNED

  HPS Loan Management 2013-2 Ltd./HPS Loan Management 2013-2 LLC
  Class              Rating       Amount (mil. $)
  X                  NR                      4.00
  A-1AR              AAA (sf)              278.50
  A-1BR              NR                      8.50
  A-2R               AA (sf)                90.50
  B-R (deferrable)   A (sf)                 30.50
  C-R (deferrable)   BBB- (sf)              32.00
  D-R (deferrable)   BB- (sf)               17.50
  E-R (deferrable)   B- (sf)                11.00

  RATINGS WITHDRAWN

  HPS Loan Management 2013-2 Ltd./HPS Loan Management 2013-2 LLC
                             Rating
  Original class       To              From
  A-1                  NR              AAA (sf)
  A-2                  NR              AA (sf)
  B-1                  NR              A (sf)
  B-2                  NR              A (sf)
  C                    NR              BBB (sf)
  D                    NR              BB (sf)
  E                    NR              B (sf)

  NR--Not rated.


HUNT COMMERCIAL 2017-FL1: DBRS Finalizes B(low) on Cl. E Notes
--------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of secured Floating-Rate Notes (the Notes) to be issued by
Hunt Commercial Real Estate Notes 2017-FL1:

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

All trends are Stable.

With respect to the deferrable notes (Class C, Class D and Class
E), to the extent that interest proceeds are not sufficient on a
given payment date to pay accrued interest, interest will not be
due and payable on the payment date and will instead be deferred
and capitalized. The ratings assigned by DBRS contemplate the
timely payments of distributable interest and, in the case of
deferred interest notes, the ultimate recovery of deferred interest
(inclusive of interest payable thereon at the applicable rate, to
the extent permitted by law).

The initial collateral consists of 23 floating-rate mortgages
secured by 36 transitional properties totaling $279.4 million
(80.0% of total loan pool), excluding the $15.5 million of future
funding and additional ramp-up commitment, resulting in a total
Target Mortgage Asset Balance of $349.2 million. The loans are
secured by current cash flowing assets, most of which are in a
period of transition with plans to stabilize and improve the asset
value. The transaction has a ramp-up period during the first 180
days from the closing of the transaction and a Reinvestment Period
30 months from closing; after the expiration of the Reinvestment
Period, there will be no ability to add new loans. Both ramp-up and
reinvestment periods are subject to Acquisition Criteria, which
include rating agency conditions by DBRS.

The floating-rate mortgages were analyzed to determine the
probability of loan default over the term of the loan and its
refinance risk at maturity based on a fully extended loan term.
Because of the floating-rate nature of the loans, the index DBRS
used (one-month LIBOR) was the lower of a DBRS stressed rate that
corresponded to the remaining fully extended term of the loans or
the strike price of the interest rate cap with the respective
contractual loan spread added to determine a stressed interest rate
over the loan term. When the cut-off balances were measured against
the DBRS In-Place net cash flow (NCF) and their respective stressed
constants, there were 18 loans, representing 85.8% of the initial
pool balance, with term debt service coverage ratios (DSCRs) below
1.15 times (x), a threshold indicative of a higher likelihood of
term default. Additionally, to assess refinance risk, DBRS applied
its refinance constants to the balloon amounts, resulting in nine
loans, or 42.8% of the loans, having refinance DSCRs below 1.00x
relative to the DBRS Stabilized NCF. The properties are often
transitioning with potential upside in the cash flow; however, DBRS
does not give full credit to the stabilization if there are no
holdbacks or if other loan structural features in place were
insufficient to support such treatment. Furthermore, even with
structure provided, DBRS generally does not assume the assets to
stabilize above market levels.

The loans were all sourced by Hunt Mortgage Group (HMG), a
subsidiary of Hunt Companies, Inc. (Hunt Companies), a commercial
mortgage originator with strong origination practices and one of
the largest FHA, Freddie Mac and Fannie Mae multifamily loan
originators with an annual $2.0+ billion GSE multifamily lending.
HMG and its affiliates currently act as a servicer for a $12.5
billion loan portfolio, and HMG leverages Hunt Companies'
vertically integrated real estate program. Hunt will retain the
bottom 16.75% of the transaction balance.

The overall weighted-average (WA) DBRS Term and Refi DSCRs of 1.00x
and 1.11x, respectively, and corresponding DBRS Debt and Exit Debt
Yields of 7.3% and 9.6%, respectively, are considered high-leverage
financing. The DBRS Term and Refinance DSCRs are based on the DBRS
In-Place NCF and debt service calculated using a stressed interest
rate. The WA stressed rate used is 7.1%, which is greater than the
current WA interest rate of 5.2% (based on a WA mortgage spread and
an assumed 0.75% one-month LIBOR index). Regarding the refinance
risk indicated by the DBRS Refi DSCR of 1.11x, the credit
enhancement levels are reflective of the increased leverage, which
is substantially higher than in recent fixed-rate transactions. The
assets are generally well positioned to stabilize, and any realized
cash flow growth would help to offset a rise in interest rates and
also improve the overall debt yield of the loans. DBRS associates
its probability of default based on the assets' in-place cash flow,
which does not assume that the stabilization plan and cash flow
growth will ever materialize. The properties are primarily located
in core markets (4.2% urban and 61.4% suburban), which benefit from
greater liquidity. There are only six loans, representing 23.6% of
the initial pool balance, located in tertiary markets, and no
properties located in rural markets.


INDYMAC MANUFACTURED 1998-2: S&P Withdraws D Rating on A-3 Certs
----------------------------------------------------------------
S&P Global Ratings lowered its rating to 'D (sf)' from 'CC (sf)' on
the class A-3 notes from IndyMac Manufactured Housing Contract
Pass-Through Certificates Series 1998-2, 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-3 on its final maturity date on Sept.
25, 2017.

IndyMac Manufactured Housing Contract Pass-Through Certificates
Series 1998-2 is an ABS transaction backed by manufactured housing
loans originated by IndyMac Inc. and currently serviced by Ocwen
Loan Servicing LLC.

RATING LOWERED

  IndyMac Manufactured Housing Contract Pass-Through Certificates

  Series 1998-2
               Rating
  Class     To        From
  A-3       D (sf)    CC (sf)

  RATING WITHDRAWN

  IndyMac Manufactured Housing Contract Pass-Through Certificates
  Series 1998-2
               Rating
  Class     To        From
  A-3       NR        D (sf)

  NR--Not rated.


JEFFERIES MILITARY 2010-XLII: DBRS Confirms B Rating on 2010A Debt
------------------------------------------------------------------
DBRS Limited confirmed the following class of Jefferies Military
Housing Trust, Series 2010-XLII, with a Stable trend:

  -- Pass-Through Certificates, Series 2010-XLII, HUNTER
     Project Certificates Series 2010A at B (sf)

This transaction consists of one $90 million loan collateralized by
the residual cash flow interests from 12 U.S. military housing
projects located on 11 bases in ten states (the original
collateral). The sponsor, Hunt Companies (Hunt), also pledged
collateral in distribution rights and/or development fees for an
additional 15 projects as collateral for the loan after DBRS's
initial review of the transaction. The loan was originated in 2010,
with scheduled maturity in October 2030 and final maturity in
October 2045. Following an initial interest-only (IO) period of
five years, the loan began amortizing in November 2015. As of the
July 2017 remittance, the loan had an outstanding balance of $89.5
million.

The rating confirmation reflects the stable performance of the
transaction, with a trailing 12 months (TTM) average DSCR of 1.89
times (x) for the trust debt at July 2017. Over the past year, the
TTM average DSCR has hovered between 1.74x and 1.89x, with cash
flows holding relatively steady for the last year. These figures
compare well with the 1.29x DSCR analyzed by DBRS at issuance,
based on the cash flow assumptions in a base case scenario that
included a 1.0% annual growth rate for expenses and basic allowance
for housing (BAH) income over the life of the loan. DBRS received
updated BAH figures for nine of the 12 projects in the original
collateral set. For those nine projects, the weighted-average BAH
per unit figure was $1,405, comparing well with the
weighted-average of $1,241 for those nine projects at issuance and
implying annual growth well above that in the DBRS base case
scenario. As of the July 2017 rent rolls received for those nine
properties, the weighted-average occupancy rate was healthy, at
94.5% with a range of 90.0% and 97.3%.


JFIN CLO 2014: S&P Affirms B(sf) Rating on Class F Notes
--------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R, B-1-R,
B-2-R, and C-R replacement notes from JFIN CLO 2014 Ltd., a
collateralized loan obligation (CLO) originally issued in 2014. S&P
said, "We withdrew our ratings on the original class A, B-1, B-2,
and C notes following payment in full on the Oct. 20, 2017,
refinancing date. At the same time, we affirmed our ratings on the
original class D, E, and F notes, which were not part of this
refinancing."

On the Oct. 20, 2017, refinancing date, the proceeds from the A-R,
B-1-R, B-2-R, and C-R replacement note issuances were used to
redeem the original class A, B-1, B-2, and C notes as outlined in
the transaction document provisions. Therefore, S&P withdrew its
ratings on the original notes in line with their full redemption,
and it assigned ratings to the replacement notes. The replacement
notes were issued via a supplemental indenture, which included no
other substantial changes to the transaction.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the trustee report, to estimate future performance. In line with
our criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults, and
recoveries upon default, under various interest rate and
macroeconomic scenarios. In addition, our analysis considered the
transaction's ability to pay timely interest or ultimate principal,
or both, to each of the rated tranches.

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

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

  RATINGS ASSIGNED

  JFIN CLO 2014 Ltd.
  Replacement class         Rating      Amount (mil. $)
  A-R                       AAA (sf)            304.50
  B-1-R                     AA (sf)              48.25
  B-2-R                     AA (sf)               5.00
  C-R                       A (sf)               51.50

  RATINGS AFFIRMED

  JFIN CLO 2014 Ltd.
  Original class            Rating
  D                         BBB (sf)
  E                         BB (sf)
  F                         B (sf)

  RATINGS WITHDRAWN

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

  NR--Not rated.


JP MORGAN 2004-C1: Moody's Hikes Ratings on 2 Tranches to Ca
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
and affirmed the rating on one class in J.P. Morgan Chase
Commercial Mortgage Securities Corp., Commercial Pass-Through
Certificates, Series 2004-C1

Cl. K, Affirmed Aaa (sf); previously on Apr 6, 2017 Affirmed Aaa
(sf)

Cl. L, Upgraded to Aaa (sf); previously on Apr 6, 2017 Upgraded to
Aa1 (sf)

Cl. M, Upgraded to A2 (sf); previously on Apr 6, 2017 Upgraded to
Baa1 (sf)

Cl. N, Upgraded to Ba2 (sf); previously on Apr 6, 2017 Upgraded to
B1 (sf)

Cl. P, Upgraded to Ca (sf); previously on Apr 6, 2017 Affirmed C
(sf)

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

RATINGS RATIONALE

The rating on Class K 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 four P&I classes, Classes L, M , N and P were
upgraded primarily due to an increase in credit support and
defeasance since Moody's last review, as well as Moody's
expectation of additional increases in credit support resulting
from the payoff of loans approaching maturity that are well
positioned for refinance. The pool has paid down by 7% since
Moody's last review and defeasance comprises approximately 41% of
the pool compared to 31% at the last review. In addition, loans
constituting 44% of the pool have debt yields exceeding 14% are
scheduled to mature within the next 24 months.

The rating on the IO class, Class X-1, was upgraded due to the
improved credit quality of its referenced classes.

Moody's does not anticipate losses from the remaining collateral in
the current environment. However, over the remaining life of the
transaction, losses may emerge from macro stresses to the
environment and changes in collateral performance. Moody's ratings
reflect the potential for future losses under varying levels of
stress. Moody's base expected loss plus realized losses is now 1.5%
of the original pooled balance, the same as at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

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

DEAL PERFORMANCE

As of the October 16, 2017 distribution date, the transaction's
aggregate pooled certificate balance has decreased by 98% to $16.5
million from $1.04 billion at securitization. The certificates are
collateralized by 12 mortgage loans ranging in size from less than
1% to 24.4% of the pool. Seven loans, constituting 41.5% of the
pool, have defeased and are secured by US government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 3, compared to 5 at Moody's last review.

One loan, constituting 17.3% of the pool, is on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Eight loans have been liquidated from the pool, resulting in an
aggregate realized loss of $15.4 million (for an average loss
severity of 42%). There are no loans that are currently in special
servicing.

Moody's received full year 2016 operating results and partial year
2017 operating results for 100% of the pool (excluding specially
serviced and defeased loans). Moody's weighted average conduit LTV
is 48%, compared to 50% at Moody's last review. Moody's conduit
component excludes loans with structured credit assessments,
defeased and CTL loans, and specially serviced and troubled loans.
Moody's net cash flow (NCF) reflects a weighted average haircut of
17% to the most recently available net operating income (NOI).
Moody's value reflects a weighted average capitalization rate of
8.7%.

Moody's actual and stressed conduit DSCRs are 1.20X and 2.33X,
respectively, compared to 1.16X and 2.27X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three non-defeased loans represent 50% of the pool balance.
The largest loan is the McKinleyville Apartments Loan ($4.0 million
-- 24.4% of the pool), which is secured by a 164-unit multifamily
apartment complex located in McKinleyville, California. As of June
2017 the property was 95% leased compared to 99% in December 2016.
The loan benefits from amortization and matures in November 2018.
Moody's LTV and stressed DSCR are 49.9% and 1.84X, respectively,
compared to 51.0% and 1.80X at the last review.

The second largest loan is the Centennial Valley II Apartments Loan
($2.8 million -- 17.3% of the pool), which is secured by a 144-unit
multifamily property located in Conway, Arkansas. As of September
2017 the property was 94% leased, compared to 96% in December 2016.
The property amenities include a swimming pool, sundeck, tennis
court, and clubhouse. The loan benefits from amortization and
matures in December 2018. The loan is on the servicer's watchlist
due to the low actual net cash flow DSCR. Moody's LTV and stressed
DSCR are 57.2% and 1.61X, respectively, compared to 60.7% and 1.51X
at the last review.

The third largest loan is the Eureka Office Loan ($1.4 million --
8.7% of the pool), which is secured by a 35,000 square foot (SF)
office property located in Eureka, California. As of June 2017, the
property was 100% leased, unchanged since 2014. The loan is fully
amortizing, has amortized 54% since securitization and matures in
December 2023. There is significant lease rollover risk in 2018
from the expiration date of the largest tenant's lease
(approximately 78% of the net rentable area). Due to the
significant tenant concentration, Moody's valuation reflects a
lit/dark analysis. Moody's LTV and stressed DSCR are 52.9% and
1.94X, respectively, compared to 43.6% and 2.36X at the last
review.


JP MORGAN 2014-C25: Fitch Affirms 'B-sf' Rating on 2 Tranches
-------------------------------------------------------------
Fitch Ratings has affirmed 19 classes of J.P. Morgan Chase
Commercial Mortgage Securities Trust (JPMBB) commercial mortgage
pass-through certificates series 2014-C25.

KEY RATING DRIVERS

The affirmations are based on the stable performance of the
underlying collateral pool. As of the October 2017 distribution
date, the pool's aggregate principal balance has been reduced by
1.9% to $1.16 billion from $1.194 billion at issuance. The pool has
experienced no losses to date, and interest shortfalls are
currently affecting the non-rated class NR.

Overall Stable Performance: The pool has had relatively stable
performance, with no material changes to pool metrics since
issuance. Property-level performance remains generally in-line with
issuance expectations, with the most recent servicer-reported
full-year aggregate pool-level NOI approximately 1% above the
issuer's underwritten NOI. The weighted average NOI debt service
coverage ratio (DSCR) was approximately 2.24x, per the servicer
full-year 2016 reporting. One loan (2.6% of the pool balance) is
fully defeased.

Fitch Loans of Concern: Four loans (5.7% of the pool balance) have
been identified as Fitch Loans of Concern (FLOC), three of which
are hotel properties (5.1%) including one specially serviced loan
(0.43%). The largest FLOC is the Hilton Houston Post Oak loan
(3.9%) which is secured by a 448-room full-service hotel located in
Houston, TX. Property performance declined significantly in 2016,
which, according to servicer updates, is a result of the overall
downturn for the Houston energy sector. Performance has improved
slightly in 2017, but remains under issuance levels. Per the
servicer, the property sustained minor damage due to Hurricane
Harvey but has remained open. (For additional details on this loan,
see page 14 of the "JPMBB 2015-C25 Focus Report" published,
available by clicking on the link above.)

The specially serviced loan (0.43%) is secured by a 131-room
limited-service hotel in Dayton, OH. The loan transferred to
special servicing in April 2017 due to termination of an existing
franchise agreement (with Fairfield Inn) without lender consent.
Performance under a new flag, Red Lion Inn & Suites, is much lower
in comparison. Occupancy has declined to 62% as of YTD March 2017
compared to 68% at YE 2016 and 79% at YE 2015, and NOI DSCR fell to
0.53x as of YTD March 2017 from 1.62x at YE 2016 and 2.05x at YE
2015. The loan has been in payment default since July 2017. Per
servicer updates, the lender and borrower are engaged in settlement
discussions.

Hurricane Exposure: Nine loans (12.9% of the pool) are secured by
properties located in regions affected by Hurricane Irma in Florida
(five loans; 3.1%) and Hurricane Harvey in the greater Houston, TX
area (four loans; 9.8%). According to initial servicer feedback,
for borrowers that have so far provided updates, zero to minor
hurricane-related damage has been reported; however, not all
borrowers have been able to respond to servicer inquiries.
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: Eighteen loans (27.7% of the pool) are
secured by retail properties, including two regional malls (12%).
The Grapevine Mills loan (6.3%) is secured by a 1.6 million-sf
regional shopping center located in Grapevine, TX anchored by Bass
Pro Shops and Burlington Coat Factory. The Mall at Barnes Crossing
& Market Center Tupelo loan (5.8%) is secured by is a 732,386-sf
regional mall and strip shopping center located in Tupelo, MS,
anchored by Belk, JC Penney and Sears. Performance at these malls
has been relatively in-line with issuance expectations. Fitch
continues to monitor this asset type in light of changing consumer
trends and continued store closures.

Limited Amortization: As of October 2017, the pool has only paid
down 1.9%. The pool is scheduled to amortize 10.6% of the initial
pool balance prior to maturity. Eight loans (25.0%) are full-term
interest-only while an additional 31 loans (54.7%) have a partial
interest-only period. There has been very limited improvement in
credit enhancement (CE) given the high interest-only concentration.
CE for each bond level remains consistent with issuance levels.

RATING SENSITIVITIES

The Rating Outlooks on all classes remain Stable. Fitch does not
foresee positive or negative ratings migration until a material
economic or asset-level event changes the transaction's overall
portfolio-level metrics.

Fitch has affirmed the following ratings:

-- $16 million class A-1 at 'AAAsf'; Outlook Stable;
-- $109.5 million class A-2 at 'AAAsf'; Outlook Stable;
-- $14.4 million class A-3 at 'AAAsf'; Outlook Stable;
-- $190 million class A-4A1 at 'AAAsf'; Outlook Stable;
-- $85 million class A-4A2 at 'AAAsf'; Outlook Stable;
-- $307.9 million class A-5 at 'AAAsf'; Outlook Stable;
-- $84.2 million class A-SB at 'AAAsf'; Outlook Stable;
-- $90.3 million class A-S at 'AAAsf'; Outlook Stable;
-- $51.8 million class B at 'AA-sf'; Outlook Stable;
-- $42.9 million class C at 'A-sf'; Outlook Stable;
-- $185 million class EC at 'A-sf'; Outlook Stable;
-- $78.5 million class D at 'BBB-sf'; Outlook Stable;
-- $28.1 million class E at 'BB-sf'; Outlook Stable;
-- $11.8 million class F at 'B-sf'; Outlook Stable;
-- $897.2 million* class X-A at 'AAAsf'; Outlook Stable;
-- $51.8 million* class X-B 'AA-sf'; Outlook Stable;
-- $78.5 million* class X-D at 'BBB-sf'; Outlook Stable;
-- $28.1 million class X-E at 'BB-sf'; Outlook Stable;
-- $11.8 million class X-F at 'B-sf'; Outlook Stable.

* Notional amount and interest-only.

Class A-S, B, and C certificates may be exchanged for class EC
certificates, and class EC certificates may be exchanged for up to
the full certificate principal amount of the class A-S, B and C
certificates.

The rating on the interest-only class X-C was previously withdrawn.
Fitch does not rate the $51.8 million interest-only class X-NR, or
the $51.8 class NR. Fitch also does not rate the $10 million rake
class BNB, which will only receive distributions from, and will
only incur losses with respect to, the non-pooled component of the
BankNote Building mortgage loan.


JP MORGAN 2016-JP2: DBRS Corrects July 28 Release
-------------------------------------------------
DBRS Limited corrected a July 28, 2017, press release that
incorrectly identified Prospectus ID#1 - Opry Mills (8.5% of the
pool balance) as shadow rated investment grade. Although the loan
carries a shadow rating, it is below investment grade. The shadow
rated investment grade loan should have been identified as
Prospectus ID#6 – The Shops at Crystals (5.3% of the pool
balance).

The corrected ratings release is:

On July 28, 2017, DBRS confirmed the ratings on the JPMCC
Commercial Mortgage Securities Trust 2016-JP2 issued by JPMCC
Commercial Mortgage Trust 2016-JP2 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has remained in line with DBRS's
expectations since issuance. The collateral for this transaction
consists of 47 fixed-rate loans secured by 78 commercial and
multifamily properties. As of the July 2017 remittance, there has
been a collateral reduction of 0.4% as a result of scheduled loan
amortization. Loans representing 97.9% of the current pool balance
reported YE2016 cash flow figures. Those loans reported a
weighted-average (WA) debt service coverage ratio (DSCR) and WA
debt yield of 1.70 times (x) and 9.6%, respectively, compared with
the DBRS WA DSCR and WA debt yield of 1.80x and 10.0%,
respectively, at issuance. The largest 15 loans in the pool
reported a WA DSCR and debt yield of 1.80x and 9.5%, respectively,
reflective of a WA net cash flow growth of 14.7% over the DBRS
issuance figures.

As of the July 2017 remittance, there were four loans, representing
4.8% of the current pool balance, on the servicer's watchlist. Two
of these loans are being monitored for a low DSCR, and one loan is
being monitored for low occupancy. The last loan is being monitored
for damages sustained from Hurricane Matthew; however, insurance
proceeds were received, and all repairs have been completed. There
are no loans in special servicing.

At issuance, DBRS shadow-rated The Shops at Crystals loan
(Prospectus ID#6, 5.3% of the pool balance) as investment grade.
DBRS has confirmed that the performance of this loan remains
consistent with investment-grade characteristics.


JP MORGAN 2017-4: Moody's Assigns (P)B2 Rating to Class B-5 Debt
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 19
classes of residential mortgage-backed securities (RMBS) issued by
J.P. Morgan Mortgage Trust 2017-4. The ratings range from (P)Aaa
(sf) to (P)B2 (sf).

The certificates are backed by 1,461 primarily 30-year,
fully-amortizing fixed rate mortgage loans with a total balance of
$911,012,968 as of October 1, 2017 cut-off date. Similar to prior
JPMMT transactions, JPMMT 2017-4 includes conforming fixed-rate
mortgage loans originated by JPMorgan Chase Bank, N. A. (Chase) and
loanDepot.com, LLC, and underwritten to the government sponsored
enterprises (GSE) guidelines in addition to prime jumbo
non-conforming mortgages purchased by JPMMAC from various
originators and aggregators. JPMorgan Chase Bank, N.A. and
Shellpoint Mortgage Servicing will be the servicers on the
conforming loans originated by JPMorgan Chase and loanDepot.com,
LLC, respectively, while Shellpoint Mortgage Servicing, USAA
Federal Savings Bank ("USAA"), PHH Mortgage Corporation, Guaranteed
Rate, Inc., Johnson Bank and Bank of Oklahoma will be the servicers
on the prime jumbo loans. Wells Fargo Bank, N.A. will be the master
servicer and securities administrator. U.S. Bank Trust National
Association will be the trustee. Pentalpha Surveillance LLC will be
the representations and warranties breach reviewer. Distributions
of principal and interest and loss allocations are based on a
typical shifting-interest structure that benefits from and a senior
and subordination floor.

The complete rating actions are:

Issuer: J.P. Morgan Mortgage Trust 2017-4

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cl. B-2, Assigned (P)A2 (sf)

Cl. B-3, Assigned (P)Baa2 (sf)

Cl. B-4, Assigned (P)Ba2 (sf)

Cl. B-5, Assigned (P)B2 (sf)

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected cumulative net loss on the aggregate pool average
0.45% in a base scenario and reaches 5.40% at a stress level
consistent with the Aaa ratings.

Moody's calculated losses on the pool using Moody's US Moody's
Individual Loan Analysis (MILAN) model based on the loan-level
collateral information as of the cut-off date. Loan-level
adjustments to the model results included adjustments to
probability of default for higher and lower borrower debt-to-income
ratios (DTIs), for borrowers with multiple mortgaged properties,
self-employed borrowers, and for the default risk of Homeownership
association (HOA) properties in super lien states. Moody's final
loss estimates also incorporate adjustments for originator
assessments and the financial strength of Representation & Warranty
(R&W) providers.

Moody's base Moody's provisional ratings on the certificates on the
credit quality of the mortgage loans, the structural features of
the transaction, Moody's assessments of the aggregators,
originators and servicers, the strength of the third party due
diligence and the representations and warranties (R&W) framework of
the transaction.

Collateral Description

JPMMT 2017-4 is a securitization of a pool of 1,461 primarily
30-year, fully-amortizing mortgage loans with a total balance of
$911,012,968 as of the cut-off date, with a weighted average (WA)
remaining term to maturity of 357 months, and a WA seasoning of 3
months. The borrowers in this transaction have high FICO scores and
sizeable equity in their properties. The WA current FICO score is
769 and the WA original combined loan-to-value ratio (CLTV) is
72.8%. The characteristics of the loans underlying the pool are
generally comparable to other JPMMT transactions backed by 30-year
mortgage loans that Moody's has rated.

In this transaction, 42.8% of the pool by loan balance was
underwritten by Chase to Fannie Mae's and Freddie Mac's guidelines
(conforming loans). Moreover, the conforming loans in this
transaction have a high average current loan balance at $540,078.
The higher conforming loan balance of loans in JPMMT 2017-4 is
attributable to the greater amount of properties located in
high-cost areas, such as the metro areas of New York City and San
Francisco. United Shore Financial Services, LLC contributes
approximately 11.4% of the mortgage loans in the pool. The
remaining originators each account for less than 10% of the
principal balance of the loans in the pool and provide R&W to the
transaction.

Third-party Review and Reps & Warranties

Four third party review (TPR) firms verified the accuracy of the
loan-level information that the sponsor gave us. These firms
conducted detailed credit, collateral, and regulatory reviews on
100% of the mortgage pool. The TPR results indicated compliance
with the originators' underwriting guidelines for the vast majority
of loans, no material compliance issues, and no appraisal defects.
The loans that had exceptions to the originators' underwriting
guidelines had strong documented compensating factors such as low
DTIs, low LTVs, high reserves, high FICOs, or clean payment
histories. The TPR firms also identified minor compliance
exceptions for reasons such as inadequate RESPA disclosures (which
do not have assignee liability) and TILA/RESPA Integrated
Disclosure (TRID) violations related to fees that were out of
variance but then cured and disclosed. Moody's did not make any
adjustments to Moody's expected or Aaa loss levels due to the TPR
results.

JPMMT 2017-4's R&W framework is in line with other JPMMT
transactions where an independent reviewer is named at closing, and
costs and manner of review are clearly outlined at issuance.
Moody's reviews of the R&W framework takes into account the
financial strength of the R&W providers, scope of R&Ws (including
qualifiers and sunsets) and enforcement mechanisms.

The R&W providers vary in financial strength. JPMorgan Chase Bank,
National Association (rated Aa2), who is the R&W provider for
approximately 42.8% (by loan balance) of the loans, is the
strongest R&W provider. Moody's has made no adjustments on the
Chase loans in the pool, as well as loans originated by PHH
Mortgage Corporation. In contrast, the rest of the R&W providers
are unrated and/or financially weaker entities. Moreover, JPMMAC
will not backstop any R&W providers who may become financially
incapable of repurchasing mortgage loans. Moody's made an
adjustment for these loans in Moody's analysis to account for this
risk.

For loans that JPMMAC acquired via the MAXEX platform, Central
Clearing and Settlement LLC, (CCS) MAXEX's subsidiary and seller
under the assignment, assumption and recognition agreement with
JPMMAC, will make the R&Ws. The R&Ws provided by CCS to JPMMAC and
assigned to the trust are in line with the R&Ws found in the JPMMT
transactions. MAXEX backstops all validated R&W violations through
a combination of enforcement and insolvency guarantees.

Trustee and Master Servicer

The transaction trustee is U.S. Bank National Association. The
custodians functions will be performed by Wells Fargo Bank, N.A.
The paying agent and cash management functions will be performed by
Wells Fargo Bank, N.A., rather than the trustee. In addition, Wells
Fargo, as Master Servicer, is responsible for servicer oversight,
and termination of servicers and for the appointment of successor
servicers. In addition, Wells Fargo is committed to act as
successor if no other successor servicer can be found. Moody's
assess Wells Fargo as an SQ1- (strong) master servicer of
residential loans.

Tail Risk & Subordination Floor

This deal has a standard shifting-interest structure, with a
subordination floor to protect against losses that occur late in
the life of the pool when relatively few loans remain (tail risk).
When the total senior subordination is less than 0.70% of the
original pool balance, the subordinate bonds do not receive any
principal and all principal is then paid to the senior bonds. In
addition, if the subordinate percentage drops below 6.00% of
current pool balance, the senior distribution amount will include
all principal collections and the subordinate principal
distribution amount will be zero. The subordinate bonds themselves
benefit from a floor. When the total current balance of a given
subordinate tranche plus the aggregate balance of the subordinate
tranches that are junior to it amount to less than 0.50% of the
original pool balance, those tranches do not receive principal
distributions. Principal those tranches would have received are
directed to pay more senior subordinate bonds pro-rata.

Transaction Structure

The transaction uses the shifting interest structure in which the
senior bonds benefit from a number of protections. Funds collected,
including principal, are first used to make interest payments to
the senior bonds. Next, principal payments are made to the senior
bonds. Next, available distribution amounts are used to reimburse
realized losses and certificate writedown amounts for the senior
bonds (after subordinate bond have been reduced to zero I.e. the
credit support depletion date). Finally, interest and then
principal payments are paid to the subordinate bonds in sequential
order.

Realized losses are allocated in a reverse sequential order, first
to the lowest subordinate bond. After the balance of the
subordinate bonds is written off, losses from the pool begin to
write off the principal balance of the senior support bond, and
finally losses are allocated to the super senior bonds.

In addition, the pass-through rate on the bonds is based on the net
WAC in each pool as reduced by the sum of (i) the reviewer annual
fee rate and (ii) the capped trust expense rate. In the event that
there is a small number of loans remaining, the last outstanding
bonds' rate can be reduced to zero.

Other Considerations

Similar to JPMMT 2017-3 transaction, extraordinary trust expenses
in the JPMMT 2017-4 transaction are deducted from Net Wac as
opposed to available distribution amount. Moody's believes there is
a very low likelihood that the rated certificates in JPMMT 2017-4
will incur any losses from extraordinary expenses or
indemnification payments from potential future lawsuits against key
deal parties. First, the loans are prime quality, 100% Qualified
Mortgages and were originated under a regulatory environment that
requires tighter controls for originations than pre-crisis, which
reduces the likelihood that the loans have defects that could form
the basis of a lawsuit. Second, the transaction has reasonably well
defined processes in place to identify loans with defects on an
ongoing basis. In this transaction, an independent breach reviewer
(Pentalpha Surveillance, LLC), named at closing must review loans
for breaches of representations and warranties when certain clearly
defined triggers have been breached which reduces the likelihood
that parties will be sued for inaction. Third, the issuer has
disclosed the results of a credit, compliance and valuation review
of 100% of the mortgage loans by independent third parties (AMC,
Inglet Blair, Opus and Clayton Services LLC). Finally, the
performance of past JPMMT transactions have been well within
expectation.

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

Down

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

Up

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

Methodology

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


JP MORGAN 2017-FL11: S&P Assigns Prelim B-(sf) Rating Cl. F Certs
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to J.P. Morgan
Chase Commercial Mortgage Securities Trust 2017-FL11's $493.1
million commercial mortgage pass-through certificates.

The certificate issuance is backed by two pools of mortgage loans:
a pool of six floating-rate commercial mortgage loans (the pooled
trust) with an aggregate principal balance of $496.6 million, and
then one non-pooled $22.5 million subordinate interest in the
floating-rate mortgage loan secured by the Park Hyatt Beaver Creek,
which is part of a split loan structure whereby the loan's $45.0
million senior companion note will not be an asset of the trust.
All of the pool-level statistics in the presale report are based on
the pooled trust loans only, unless otherwise noted.

The preliminary ratings are based on information as of Oct. 25,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect the credit support provided by the
transaction structure, our view of the underlying collateral's
economics, the trustee-provided liquidity, the collateral pool's
relative diversity, and our overall qualitative assessment of the
transaction.

  PRELIMINARY RATINGS ASSIGNED

  J.P. Morgan Chase Commercial Mortgage Securities Trust 2017-FL11

  Class                      Rating(i)          Amount ($)
  A                          AAA (sf)          208,525,000
  X-CP                       B- (sf)           471,770,000(ii)
  X-EXT                      B- (sf)           471,770,000(ii)
  B                          AA- (sf)           60,230,000
  C                          A- (sf)            45,695,000
  D                          BBB- (sf)          56,240,000
  E                          BB- (sf)           80,750,000
  F                          B- (sf)            20,330,000
  VRR interest(iv)           NR                 24,830,000
  BC(iii)                    NR                 21,375,000
  BC VRR interest(iii)(iv)   NR                  1,125,000

(i)The certificates will be issued to qualified institutional
buyers according to Rule 144A of the Securities Act of 1933.
(ii)Notional balance.
(iii)Non-pooled certificates.
(iv)Non-offered certificates. The VRR and BC VRR interests provide
credit support only if losses are incurred on the underlying
mortgage loans, as such losses are allocated between the risk
retention interest and the non-retained certificates, pro rata,
according to their respective percentage allocation entitlements.

NR--Not rated.



JPMCC COMMERCIAL 2017-JP7: DBRS Corrects July Ratings Releases
--------------------------------------------------------------
DBRS Inc. corrected a July 14, 2017, and a July 31, 2017, press
release that did not include language identifying the material
deviation for the rating actions taken on JPMCC Commercial Mortgage
Securities Trust 2017-JP7.

The corrected release is as follows:

DBRS, Inc. finalized its provisional ratings on the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2017-JP7 (the Certificates) to be issued by JPMCC Commercial
Mortgage Securities Trust 2017-JP7:

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

All trends are Stable.

Classes D, E-RR, F-RR and G-RR have been privately placed. The X-A
and X-B balances are notional.

The collateral consists of 37 fixed-rate loans secured by 168
commercial and multifamily properties. The transaction is a
sequential-pay pass-through structure. The conduit pool was
analyzed to determine the ratings, reflecting the long-term
probability of loan default within the term and its liquidity at
maturity. When the cut-off loan balances were measured against the
DBRS Stabilized Net Cash Flow (NCF) and their respective actual
constants, two loans (4.6% of the pool balance) had a DBRS Term
Debt Service Coverage Ratio (DSCR) below 1.15 times (x), a
threshold indicative of a higher likelihood of mid-term default.
Additionally, to assess refinance risk given the current low
interest rate environment, DBRS applied its refinance constants to
the balloon amounts. This resulted in 17 loans, representing 54.0%
of the pool, having refinance DSCRs below 1.00x and seven loans,
representing 38.2% of the pool, having refinance DSCRs below
0.90x.

Four of the top ten loans, representing 27.1% of the pool, have
Strong sponsorship. Furthermore, DBRS identified only five loans,
which combined represent just 8.1% of the pool, that have
sponsorship and/or loan collateral associated with a voluntary
bankruptcy filing, a prior discounted payoff, a loan default,
limited net worth and/or liquidity, a historical negative credit
event and/or an inadequate commercial real estate experience. Two
of the top ten loans, Gateway Net Lease Portfolio and West Town
Mall, representing 12.3% of the pool, exhibit credit
characteristics consistent with investment-grade shadow ratings.
The Gateway Net Lease Portfolio received a BBB (high) shadow
rating, while West Town Mall was shadow rated A (low). Term default
risk is low, as indicated by a strong weighted-average (WA) DBRS
Term DSCR of 1.77x. In addition, 16 loans, representing 62.6% of
the pool, have a DBRS Term DSCR in excess of 1.50x, including nine
of the top 15 loans. Only three loans, totaling 10.6% of the
transaction balance, are secured by properties that are fully
leased to a single tenant. The vast majority of this concentration,
or 81.4%, is attributed to two loans in the top ten, 211 Main
Street and Torre Plaza, which are fully occupied by
investment-grade-rated tenants that have substantial capital
invested into the buildings. The 211 Main Street property is fully
leased to Charles Schwab & Co., while Torre Plaza is occupied by
Amazon.

The pool is concentrated based on loan size, with a concentration
profile equivalent to that of a pool of 21 equal-sized loans. The
largest five and ten loans total 40.7% and 59.5% of the pool,
respectively. As a result, a concentration penalty was applied
given the pool's lack of diversity, which increases each loan's
POD. The transaction's WA DBRS Refinance (Refi) DSCR is 0.98x,
indicating higher refinance risk on an overall pool level.
Seventeen loans, representing 54.0% of the pool, have DBRS Refi
DSCRs below 1.00x, including seven of the top 15 loans.
Additionally, seven of these loans, comprising 38.2% of the pool,
have DBRS Refi DSCRs less than 0.90x, including six of the top ten
loans. The DBRS Refi DSCRs for these loans are based on a WA
stressed refinance constant of 9.81%, which implies an interest
rate of 9.18% amortizing on a 30-year schedule. This represents a
significant stress of 4.76% over the WA contractual interest rate
of the loans in the pool. The pool's interest-only (IO)
concentration is elevated at 81.2%. Eight loans, representing 50.2%
of the pool, including seven top ten loans, are structured with
full-term IO payments. An additional 19 loans, comprising 31.0% of
the pool, have partial IO periods ranging from 12 months to 60
months. As a result, the transaction's scheduled amortization by
maturity is only 7.4%, which is generally below other recent
conduit securitizations.

The DBRS sample included 25 of the 37 loans in the pool. Site
inspections were performed on 58 of the 168 properties in the
portfolio (61.6% of the pool by allocated loan balance). The DBRS
sample had an average NCF variance of -10.3% and ranged from -20.4%
(Courtyard San Antonio Lackland) to +1.7% (211 Main Street).

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

The rating assigned to Class G-RR materially deviates from the
higher rating implied by the quantitative results. DBRS considers a
material deviation to be a rating differential of three or more
notches between the assigned rating and the rating implied by the
quantitative results that is a substantial component of a rating
methodology. The deviations are warranted given the expected
dispersion of loan level cash flows post issuance.


JPMDB COMMERCIAL 2016-C4: Fitch Affirms B-sf Rating on Cl. F Certs
------------------------------------------------------------------
Fitch Ratings has affirmed 13 classes of JPMDB Commercial Mortgage
Securities Trust 2016-C4 commercial mortgage pass-through
certificates.

KEY RATING DRIVERS

The affirmations are the result of stable performance since
issuance. As of the October 2017 distribution date, the pool's
aggregate principal balance has been reduced by 0.3% to $1.12
billion from $1.12 billion at issuance. No loans are defeased.
There are two loans on the master servicer's watchlist (2.8%) due
to lease rollover risk and minor deferred maintenance. Both
watchlist loans have remained current and Fitch has not designated
any loans as Fitch Loans of Concern.

Stable Performance: All loans in the pool continue to perform as of
the October 2017 distribution, with property level performance
generally in line with issuance expectations and no material
changes to pool metrics.

Interest-Only Loans: Eight loans (37.4%) are full-term
interest-only and 15 loans (41.2%) are partial interest-only.
Fitch-rated transactions in 2016 had an average full-term
interest-only percentage of 33% and a partial interest-only
percentage of 33%.

Office Concentration: The pool has an above-average concentration
of office properties accounting for 52.4% of loans. Fitch-rated
transactions in 2016 had an average concentration of 28.7%.

RATING SENSITIVITIES

The Rating Outlook for all classes remains Stable due to stable
collateral performance. Fitch does not foresee positive or negative
ratings migration until a material economic or asset-level event
changes the transaction's portfolio-level metrics.

Fitch affirms the following classes:

-- $34.7 million class A-1 at 'AAAsf'; Outlook Stable;
-- $300 million class A-2 at 'AAAsf'; Outlook Stable;
-- $381.3 million class A-3 at 'AAAsf'; Outlook Stable;
-- $67.4 million class A-SB at 'AAAsf'; Outlook Stable;
-- $876.2 million* class X-A 'AAAsf'; Outlook Stable;
-- $61.8 million* class X-B 'AA-sf'; Outlook Stable;
-- $92.8 million class A-S at 'AAAsf'; Outlook Stable;
-- $61.8 million class B at 'AA-sf'; Outlook Stable;
-- $47.8 million class C at 'A-sf'; Outlook Stable;
-- $101.2 million* class X-C 'BBB-sf'; Outlook Stable;
-- $53.4 million class D at 'BBB-sf'; Outlook Stable;
-- $22.5 million class E at 'BB-sf'; Outlook Stable;
-- $11.2 million class F at 'B-sf'; Outlook Stable.

*Notional and interest-only.

Fitch does not rate the class NR certificates.


KCAP F3C: S&P Assigns BB-(sf) Rating on $260MM Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to KCAP F3C Senior Funding
LLC's $260.00 million floating-rate notes.

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

The ratings reflect:

-- The diversified collateral pool, which consists primarily of
middle-market speculative-grade senior secured term loans that are
governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

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

  RATINGS ASSIGNED
  KCAP F3C Senior Funding LLC  
  Class                   Rating          Amount (mil. $)
  A                       AAA (sf)                 162.00
  B                       AA (sf)                   42.50
  C (deferrable)          A (sf)                    20.00
  D (deferrable)          BBB- (sf)                 18.00
  E (deferrable)          BB- (sf)                  17.50
  Subordinate notes       NR                        41.20

  NR--Not rated.


KODIAK CDO II: Moody's Hikes Rating on 2 Tranches to B3
-------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Kodiak CDO II, Ltd.:

US$338,000,000 Class A-1 Senior Secured Floating Rate Notes Due
2042 (current balance of $17,730,896.96), Upgraded to Aa2 (sf);
previously on June 1, 2017 Upgraded to A3 (sf)

US$53,000,000 Class A-2 Senior Secured Floating Rate Notes Due
2042, Upgraded to A1 (sf); previously on June 1, 2017 Upgraded to
Baa1 (sf)

US$80,000,000 Class A-3 Senior Secured Floating Rate Notes Due
2042, Upgraded to Baa1 (sf); previously on June 1, 2017 Upgraded to
Ba1 (sf)

US$81,000,000 Class B-1 Senior Secured Floating Rate Notes Due
2042, Upgraded to B3 (sf); previously on June 1, 2017 Upgraded to
Caa2 (sf)

US$5,000,000 Class B-2 Senior Secured Fixed/Floating Rate Notes Due
2042, Upgraded to B3 (sf); previously on June 1, 2017 Upgraded to
Caa2 (sf)

Kodiak CDO II, Ltd., issued in June 2007, is a collateralized debt
obligation (CDO) backed mainly by a portfolio of REIT trust
preferred securities (TruPS) with small exposure to insurance
TruPS, corporate bonds, and CMBS, CRE CDO, and TruPS CDO
securities.

RATINGS RATIONALE

The rating actions are primarily a result of the deleveraging of
the Class A-1 notes, an increase in the transaction's
overcollateralization (OC) ratios, and the improvement in the
credit quality of the underlying portfolio since the last rating
action June 2017.

The Class A-1 notes have paid down by approximately 63% or $30.1
million since June 2017, using principal proceeds from the
redemption of the underlying assets and the diversion of excess
interest proceeds. Since June 2017, one REIT asset with a total par
of $28.1 million has redeemed at par. Based on Moody's
calculations, the OC ratios for the Class A-1, Class A-2, Class
A-3, and Class B-2 notes have improved to 1768.28%, 443.28%,
208.01%, and 132.44%, respectively, from June 2017 levels of
713.55%, 338.61%, 188.83%, and 127.98%, respectively. Due to the
failure of the Class C OC test (reported at 107.24% on the
September 2017 trustee report, compared to a test level of
116.00%), excess interest will continue to be diverted to pay down
the Class A-1 notes until the Class C OC test is cured.

The deal has also benefited from improvement in the credit quality
of the underlying portfolio. According to Moody's calculations, the
weighted average rating factor (WARF) improved to 4057 from 4422 in
June 2017.

Methodology Used for the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating TruPS CDOs" published in October 2016.

Factors that Would Lead to an Upgrade or Downgrade of the Rating

This transaction is subject to a number of factors and
circumstances that could lead to either an upgrade or downgrade of
the ratings, as described below:

1) Macroeconomic uncertainty: TruPS CDOs performance could be
negatively affected by uncertainty about credit conditions in the
general economy. Moody's maintains its stable outlook on the US
insurance sector.

2) Portfolio credit risk: Credit performance of the assets
collateralizing the transaction that is better than Moody's current
expectations could have a positive impact on the transaction's
performance. Conversely, asset credit performance weaker than
Moody's current expectations could have adverse consequences on the
transaction's performance.

3) Deleveraging: One source of uncertainty in this transaction is
whether deleveraging from unscheduled principal proceeds and excess
interest proceeds will continue and at what pace. Note repayments
that are faster than Moody's current expectations could have a
positive impact on the notes' ratings, beginning with the notes
with the highest payment priority.

4) Exposure to non-publicly rated assets: The deal contains a large
number of securities whose default probability Moody's assesses
through credit estimates. Because these are not public ratings,
they are subject to additional uncertainties.

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

Assuming a two-notch upgrade to assets with below-investment grade
ratings or rating estimates (WARF of 2370)

Class A-1: +0

Class A-2: +0

Class A-3: +1

Class B-1: +3

Class B-2: +3

Assuming a two-notch downgrade to assets with below-investment
grade ratings or rating estimates (WARF of 4603)

Class A-1: -1

Class A-2: -1

Class A-3: -1

Class B-1: -2

Class B-2: -2

Loss and Cash Flow Analysis

Moody's applied a Monte Carlo simulation framework in Moody's
CDROM(TM) to model the loss distribution for TruPS CDOs. The
simulated defaults and recoveries for each of the Monte Carlo
scenarios defined the reference pool's loss distribution. Moody's
then used the loss distribution as an input in its CDOEdge(TM) cash
flow model. CDROM(TM) is available on www.moodys.com under Products
and Solutions -- Analytical models, upon receipt of a signed free
license agreement.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, and weighted average recovery rate,
are based on its methodology and could differ from the trustee's
reported numbers. In its base case, Moody's analyzed the underlying
collateral pool as having a performing par and principal proceeds
balance of $313.5 million, defaulted par of $79.6 million, a
weighted average default probability of 55.56% (implying a WARF of
4057), and a weighted average recovery rate upon default of
13.33%.

In addition to the quantitative factors Moody's explicitly models,
qualitative factors are part of rating committee considerations.
Moody's considers the structural protections in the transaction,
the risk of an event of default, recent deal performance under
current market conditions, the legal environment and specific
documentation features. All information available to rating
committees, including macroeconomic forecasts, inputs from other
Moody's analytical groups, market factors, and judgments regarding
the nature and severity of credit stress on the transactions, can
influence the final rating decision.

The portfolio of this CDO contains TruPS issued by REIT companies
that Moody's does not rate publicly. For REIT TruPS that do not
have public ratings, Moody's REIT group assesses their credit
quality using the REIT firms' annual financials.


MAD MORTGAGE 2017-330M: DBRS Finalizes BB Rating on Cl. E Certs
---------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2017-330M (the Certificates) to be issued by MAD Mortgage Trust
2017-330M:

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

All trends are Stable.

The subject loan is secured by a Class A LEED Gold office building
that enjoys a prominent location at the corner of Madison Avenue
and 42nd Street in Midtown Manhattan. The property benefits from
having full-block frontage along Madison Avenue from 42nd Street to
43rd Street, directly between Bryant Park, just two blocks west,
and Grand Central Station, one block east of the subject.
Additionally, with Grand Central Station nearby, the property has
great access to multiple subway, train and bus lines. The property
features a progressive tiered floor design that allows some units
to have terraces, which is a highly desirable amenity in the
market. At 39 stories tall and the slightly lower profile of many
of the neighboring properties, the subject offers commanding views
of the city from the terraces and higher floors as well as good
light penetration throughout. However, a brand new mixed-use office
development, One Vanderbilt, is currently under construction
directly across the street from the subject. Besides adding 1.7
million square feet (sf) of inventory to the submarket, which will
put pressure on occupancy rates, the new property will have a
substantial impact on the views from the subject property and
reduce the abundant natural light that currently penetrates the
floorplates. DBRS believes the benefits of the new development
should far outweigh any negatives.

The property greatly benefits from the sponsor's recent $121.0
million renovation and repositioning that occurred in 2014.
Post-renovation, the sponsor executed over 600,000 sf of new and
renewal leases. The renovations have allowed the property to
compete well with other Class A office product in the market and
even led to the property's winning the Pinnacle Award for best
lobby redevelopment in Manhattan. The largest and most notable new
tenant to lease space at the subject post-renovation was
Guggenheim, which relocated its headquarters to the subject.
Guggenheim occupies 28.2% of the net rentable area at an average
in-place rent of $66.38 per square foot (psf) and a lease
expiration that extends four years beyond the loan term. The
overall DBRS weighted-average Base Rent of $71.81 psf is slightly
below the appraiser's $75.00 psf average asking rent for Class A
office space in the Grand Central submarket, but recent leases are
generally in line with market.

The sponsor, a joint venture between affiliates of Chadison (a
wholly owned subsidiary of ADIA) and Vornado, has owned the
property in one respect or another since 1979. While the
acquisition price and the sponsor's total cost basis in the
property are unknown, the sponsor's long-term ownership and recent
large investment into the subject reaffirms its long-term
commitment to the property. Vornado is one of the largest publicly
traded real estate investment trusts in the United States with
interests in approximately 24 million sf of commercial space within
Manhattan alone.

Loan proceeds refinanced prior existing debt of $150.0 million,
resulting in a large $330.7 million equity distribution to the
borrower. CBRE, Inc. has determined the as-is value of the property
to be $950,000,000 ($1,124.00 psf) using a 4.5% cap rate. The DBRS
concluded value of $538.4 million ($634.00 psf) equates to a 43.3%
discount to the appraiser's value and is based on a 7.25% cap rate.
The resulting DBRS loan-to-value (LTV) ratio of 92.9% is indicative
of higher leverage financing; however, the DBRS Debt Yield of 7.8%
is considered to be moderate and the subject's appraised value of
$1,124.00 psf is well supported by recent property sales in the
area that range from $887.00 psf to $1,243.00 psf. Furthermore, the
cumulative investment-grade-rated proceeds of $447.9 million
reflect an extremely attractive basis of only $527.00 psf and the
corresponding DBRS LTV on such proceeds is much lower at 83.2%. The
seven-year loan is interest-only throughout the term.


MADISON PARK XVIII: S&P Assigns BB-(sf) Rating on Class E-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, B-R,
C-R, D-R, and E-R replacement notes from Madison Park Funding XVIII
Ltd., a collateralized loan obligation (CLO) originally issued in
2015 that is managed by Credit Suisse Asset Management LLC. S&P
withdrew its ratings on the original class A and B-1 notes
following payment in full on the Oct. 23, 2017, refinancing date.

On the Oct. 23, 2017, refinancing date, the proceeds from the
replacement notes were used to redeem the original class A, B-1,
B-2, C, D-1, D-2, E-1, and E-2 notes as outlined in the transaction
document provisions. Therefore, S&P withdrew its ratings on the
original notes in line with their full redemption and are assigning
ratings to the replacement notes.

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.

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

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

  RATINGS ASSIGNED

  Madison Park Funding XVIII Ltd.
  New 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

  RATINGS WITHDRAWN

  Madison Park Funding XVIII Ltd.
                             Rating
  Original class       To              From
  A                    NR              AAA (sf)
  B-1                  NR              AA (sf)

  OTHER RATINGS

  Madison Park Funding XVIII Ltd.
  Class                  Rating
  B-2                    NR
  C                      NR
  D-1                    NR
  D-2                    NR
  E-1                    NR
  E-2                    NR
  Subordinate notes      NR

  NR--Not rated.



MARINER CLO 2017-4: S&P Assigns B-(sf) Rating on Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to Mariner CLO 2017-4
Ltd./Mariner CLO 2017-4 LLC's $561.8 million floating-rate notes.

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

The ratings reflect S&P's view of:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term loans that
are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

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

  RATINGS ASSIGNED
  Mariner CLO 2017-4 Ltd./Mariner CLO 2017-4 LLC
  Class                Rating          Amount
                                     (mil. $)
  A                    AAA (sf)        369.90
  B                    AA (sf)          72.00
  C (deferrable)       A (sf)           50.10
  D (deferrable)       BBB- (sf)        34.00
  E (deferrable)       BB- (sf)         25.00
  F (deferrable)       B- (sf)          10.80
  Subordinated notes   NR               46.20

  NR--Not rated.


MCF CLO IV: S&P Assigns BB-(sf) Rating on Class E-R Notes
---------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R, B-R, C-R,
D-R, and E-R replacement notes from MCF CLO IV LLC, a
collateralized loan obligation (CLO) originally issued in November
2014 that is managed by Madison Capital Funding LLC. S&P withdrew
its ratings on the original class A, B, C, D, and E notes following
payment in full on the Oct. 16, 2017, refinancing date.

On the Oct. 16, 2017, refinancing date, the proceeds from the class
A-R, B-R, C-R, D-R, and E-R replacement note issuances were used to
redeem the original class A, B, C, D, and E notes as outlined in
the transaction document provisions. Therefore, S&P withdrew its
ratings on the original notes in line with their full redemption,
and we are assigning ratings to the replacement notes.

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

-- Extends the stated maturity, reinvestment period, and non-call
period and

-- Updates the S&P Global Ratings industry codes and recovery
rates and incorporates the formula version of Standard & Poor's CDO
Monitor.

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."

  RATINGS ASSIGNED

  MCF CLO IV LLC
  Replacement class         Rating      Amount (mil. $)
  A-R                       AAA (sf)             262.25
  B-R (deferrable)          AA (sf)               37.50
  C-R (deferrable)          A (sf)                35.50
  D-R (deferrable)          BBB- (sf)             30.50
  E-R (deferrable)          BB- (sf)              30.00
  Subordinated notes        NR                    61.85

  RATINGS WITHDRAWN

  MCF CLO IV LLC                        Rating
  Original class     To           From
  A                  NR           AAA (sf)
  B                  NR           AA (sf)
  C                  NR           A (sf)
  D                  NR           BBB- (sf)
  E                  NR           BB (sf)

  NR--Not rated.


MONROE CAPITAL 2017-1: Moody's Assigns (P)Ba3 Rating to Cl. E Debt
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to five
classes of notes to be issued by Monroe Capital MML CLO 2017-1,
Ltd. (the "Issuer" or "Monroe Capital 2017-1").

Moody's rating action is:

US$224,000,000 Class A Senior Floating Rate Notes Due 2029 (the
"Class A Notes"), Assigned (P)Aaa (sf)

US$41,000,000 Class B Floating Rate Notes Due 2029 (the "Class B
Notes"), Assigned (P)Aa2 (sf)

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

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

US$30,000,000 Class E Deferrable Mezzanine Floating Rate Notes Due
2029 (the "Class E Notes"), Assigned (P)Ba3 (sf)

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

Moody's issues provisional ratings in advance of the final sale of
financial instruments, but these ratings only represent Moody's
preliminary credit opinions. Upon a conclusive review of a
transaction and associated documentation, Moody's will endeavor to
assign definitive ratings. A definitive rating, if any, may differ
from a provisional rating.

RATINGS RATIONALE

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

Monroe Capital 2017-1 is a managed cash flow SME CLO. The issued
notes will be collateralized primarily by small and medium
enterprise loans. At least 95% of the portfolio must consist of
senior secured loans and eligible investments, and up to 5% of the
portfolio may consist of second lien loans and senior unsecured
loans. Moody's expect the portfolio to be approximately 78% ramped
as of the closing date.

Monroe Capital Management LLC (the "Manager") will direct the
selection, acquisition and disposition of the assets on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four year
reinvestment period. After the reinvestment period, the Manager may
not reinvest in new assets and all principal proceeds, including
sale proceeds, will be used to amortize the notes in accordance
with the priority of payments.

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

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017.

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

Par amount: $400,000,000

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3300

Weighted Average Spread (WAS): 5.00%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 43.0%

Weighted Average Life (WAL): 8 years.

Methodology Underlying the Rating Action:

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

The CLO permits the manager to determine RiskCalc-derived rating
factors, based on modifications to certain pre-qualifying
conditions applicable to the use of RiskCalc, for obligors
temporarily ineligible to receive Moody's credit estimates. Such
determination is limited to a small portion of the portfolio and
permits certain modifications for a limited time. Moody's rating
analysis included a stress scenario in which Moody's assumed a
rating factor commensurate with a Caa2 rating for such obligors.

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

The performance of the Rated Notes is subject to uncertainty. The
performance of the Rated Notes is sensitive to the performance of
the underlying portfolio, which in turn depends on economic and
credit conditions that may change. The Manager's investment
decisions and management of the transaction will also affect the
performance of the Rated Notes.

Together with the set of modeling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a component
in determining the ratings assigned to the Rated Notes. This
sensitivity analysis includes increased default probability
relative to the base case.

Below is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the Rated Notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds to
higher expected losses), assuming that all other factors are held
equal:

Percentage Change in WARF -- increase of 15% (from 3300 to 3795)

Rating Impact in Rating Notches

Class A Notes: 0

Class B Notes: -1

Class C Notes: 0

Class D Notes: 0

Class E Notes: 0

Percentage Change in WARF -- increase of 30% (from 3300 to 4290)

Rating Impact in Rating Notches

Class A Notes: -1

Class B Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: 0


MORGAN STANLEY 1998-WF2: Fitch Affirms Dsf Rating on Class M Certs
------------------------------------------------------------------
Fitch Ratings upgrades one class and affirms three classes of
Morgan Stanley Capital I Trust commercial mortgage pass-through
certificates, series 1998-WF2 (MSCI 1998-WF2).  

KEY RATING DRIVERS

The upgrade of class J to 'AAAsf' reflects defeased collateral in
excess of the class's outstanding balance. The affirmations of the
remaining senior classes reflect the low leverage of the remaining
collateral, which includes five fully amortizing loans (84.5% of
the pool).

Concentrated Pool: The pool is very concentrated with only eight
loans remaining in the transaction; the largest loan comprises
77.3% of the pool. Due to the concentrated nature of the pool,
Fitch performed a sensitivity analysis that grouped the remaining
loans based on loan structural features, collateral quality, and
performance, then ranked them by the perceived likelihood of
repayment. The ratings reflect this sensitivity analysis.

Low Leverage: Including the largest loan, five loans are fully
amortizing (84.5% of the pool).

Fitch Loan of Concern; 1201 Pennsylvania Avenue: The largest loan
in the transaction (77.3% of the pool) is secured by a 437,961sf
office building located in the East End sub-market of Washington
D.C., proximate to the White House. As of the June 2017 rent roll,
occupancy was 23.5%. The property has struggled following the loss
of its largest tenant, Covington and Burling (59% of NRA), at lease
expiration in mid-2016. Per the servicer, the borrower is making
continued efforts to lease the property back up to levels seen a
few years ago.

While the YE 2016 servicer reported NOI DSCR is only 0.64x; the
loan remains current. The 25-year loan is fully amortizing
(maturity 2023); and the debt per square foot has been reduced to
approximately $52 psf. Fitch continues to monitor this loan.

Single-tenant Properties: Two loans, representing 7.9% of the pool,
are secured by single-tenant assets. The largest of these loans is
secured by a retail property located in Provo, Utah. The sole
tenant is Bed, Bath & Beyond, which recently extended its lease
through 2028, per the 2Q 2017 rent roll. The other single-tenant
property is occupied by Walgreens on a long-term lease that extends
far beyond the loan's maturity.

RATING SENSITIVITIES

Class J is expected to pay in full over the next several months.
The Stable Outlook on class K reflects the low leverage on the
remaining loans in the pool. The Negative Outlook on class L
reflects the transaction's concentration and uncertainty regarding
the largest loan in the pool, 1201 Pennsylvania Avenue. While the
loan remains current, the property is having significant
performance issues and is currently not generating cash flow
sufficient to cover debt service.

Upgrades to classes K and L are possible should 1201 Pennsylvania
Avenue's performance stabilize prior to its maturity.

Fitch has upgraded the following rating:
-- $1.5 million class J to 'AAAsf' from 'Asf'; Outlook Stable;

Fitch has affirmed the following ratings:
-- $8 million class K at 'BBBsf'; Outlook Stable;
-- $15.9 million class L at 'BBsf'; Outlook Negative;
-- $4.1 million class M at 'Dsf'; RE 100%.

The class A-1, A-2, B, C, D, E, F, G and H certificates have paid
in full. Fitch does not rate the class N certificate. Fitch
previously withdrew the rating on the interest-only class X
certificate.


MORGAN STANLEY 2005-HQ6: Fitch Hikes Class H Certs Rating to BBsf
-----------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed eight classes of Morgan
Stanley Capital I Trust, commercial mortgage pass-through
certificates, series 2005-HQ6 (MSCI 2005-HQ6).

KEY RATING DRIVERS

The upgrade of class H reflects stable pool performance and the
additional certainty of class payoff given the upcoming loan
maturities.

Concentrated Pool and Adverse Selection: The pool is highly
concentrated with only three loans remaining, all of which are
secured by properties located in secondary and tertiary markets.
The two largest loans (84.5% of current pool) are secured by
multifamily properties that have a related sponsor. The smallest
loan (15.5%) is secured by a grocery-anchored retail shopping
center.

The largest loan, The Mission Bay Apartments, is secured by a
360-unit multifamily property located in Viera, FL, approximately
50 miles southeast of Orlando. As of the June 2017 rent roll, the
property was 97.5% occupied, compared to 97% one year earlier. The
second largest loan, Hunters Run Apartments, is secured by a
304-unit multifamily property located in Middleburg, FL,
approximately 30 miles southwest of Jacksonville, FL. As of the
June 2017 rent roll, the property was 97% occupied, compared to
95.7% one year earlier. Both of these loans have a
servicer-reported net operating income debt service coverage ratio
of 1.66x.

The smallest loan, The Old Bakery Place Shopping Center, is secured
by a 68,627 square foot retail property located in Bristol, VA. The
property was 96.7% occupied as of the October 2017 rent roll and is
anchored by K-V-A-T Food Stores (operating as a Food City; 71.5% of
net rentable area) with a lease expiring in March 2030.

Hurricane Irma Exposure: According to the servicer's latest
significant insurance event (SIE) report, the Mission Bay
Apartments property sustained only minor damages. For the Hunters
Run Apartments property, the servicer has contacted the borrower
and is still awaiting a response on any possible damages. Per
servicer reporting, both of these Florida properties are located in
Flood Zone N and have wind/hail storm insurance coverage.

Upcoming Loan Maturities: The two Florida-multifamily loans mature
in April 2018 (84.5% of pool) and the one retail loan matures in
March 2020 (15.5%).

As of the October 2017 distribution date, the pool's aggregate
principal balance has been reduced by 99% to $28.8 million from
$2.75 billion at issuance. Total realized losses are 5.7% of the
original pool balance. Cumulative interest shortfalls totaling
$11.7 million are currently impacting classes K through S.

RATING SENSITIVITIES

The Stable Rating Outlook on class H reflects the expected class
payoff in the near term from upcoming loan maturities in the pool.
Given the pool concentration, additional upgrades are not expected.
Downgrades are not likely as any future losses would be absorbed by
class J.

Fitch has upgraded the following class:

-- $10.3 million class H to 'BBsf' from 'Bsf'; Outlook Stable.

In addition, Fitch has affirmed the following classes:

-- $18.5 million class J at 'Dsf'; RE 35%;
-- $0 class K at 'Dsf'; RE 0%;
-- $0 class L at 'Dsf'; RE 0%;
-- $0 class M at 'Dsf'; RE 0%;
-- $0 class N at 'Dsf'; RE 0%;
-- $0 class O at 'Dsf'; RE 0%;
-- $0 class P at 'Dsf'; RE 0%;
-- $0 class Q at 'Dsf'; RE 0%.

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


MORGAN STANLEY 2005-RR6: Moody's Affirms C Ratings on 2 Tranches
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on the following
certificates issued by Morgan Stanley Capital I Inc. 2005-RR6:

Cl. C, Affirmed C (sf); previously on Nov 3, 2016 Affirmed C (sf)

Cl. X*, Affirmed C (sf); previously on Nov 3, 2016 Affirmed C (sf)

* Interest Only

The Class B Certificates and Class X Certificates are referred to
herein as the "Rated Certificates."

RATINGS RATIONALE

Moody's has affirmed the ratings on the Rated Certificates because
the key transaction metrics are commensurate with the existing
ratings. The affirmation is the result of Moody's on-going
surveillance of commercial real estate collateralized debt
obligation (CRE CDO and Re-remic) transactions.

MSC 2005-RR6 is a static cash transaction wholly backed by a
portfolio of commercial mortgage backed securities (CMBS) (100% of
the current pool balance). As of the September 25, 2017 trustee
report, the aggregate certificate balance of the transaction has
decreased to $2.9 million from $564.1 million at issuance as a
result of pay downs and realized losses on the underlying
collateral. Classes A-1 through B are fully amortized. Classes D
through N have full realized losses and Class C has partial
realized losses.

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

WARF is a primary measure of the credit quality of a CRE CDO pool.
Moody's has updated its assessments for the collateral it does not
rate. The rating agency modeled a bottom-dollar WARF of 6269,
compared to 5172 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follow: Aaa-Aa3 (32.1% compared to 7.8% at last
review), A1-A3 (0.0% compared to 14.8% at last review), Ba1-Ba3
(0.0% compared to 18.3% at last review), B1-B3 (0.0% compared to
12.7% at last review) and Caa1-Ca/C (67.9% compared to 46.4% at
last review).

Moody's modeled a WAL of 0.8 years, compared to 2.0 years at last
review. The WAL is based on assumptions about extensions on the
look-through underlying CMBS loan collateral.

Moody's modeled a fixed WARR of 0.0%, compared to 1.6% at last
review.

Moody's modeled a MAC of 99.9%, compared to 6.1% 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.

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

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

The performance of the Rated Certificates 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
Certificates.

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

Primary sources of assumption uncertainty are the extent of growth
in the current macroeconomic environment. Commercial real estate
property values are continuing to move in a positive direction
along with a rise in investment activity and stabilization in core
property type performance. Limited new construction, moderate job
growth and the decreased cost of debt and equity capital have aided
this improvement.


MORGAN STANLEY 2011-C1: Fitch Affirms 'BB' Rating on Class G Certs
------------------------------------------------------------------
Fitch Ratings has affirmed all classes of Morgan Stanley Capital I
Inc. Commercial Mortgage Trust, Series 2011-C1 pass-through
certificates. The Rating Outlooks remain Stable.

KEY RATING DRIVERS

Stable Performance: The affirmations reflect the overall stable
performance of the remaining pool. Fitch modeled losses of 2.2% of
the remaining pool; expected losses based on the original pool
balance are 1.1%. The pool has experienced no realized losses to
date and has not had any specially serviced loans since issuance.
As of October 2017 remittance reporting, the pool has paid down
50.6% to $765.0 million from $1.55 billion at issuance. Three loans
(4.9% of current pool) have been defeased. Although credit
enhancement has increased since Fitch's last rating action from
scheduled loan amortization and the prepayment of two loans,
Station Place and Promenade on Providence, with yield maintenance
penalties, the pool has become increasingly more concentrated.

Pool and Loan Concentrations: The pool is concentrated with 23 of
the original 41 loans remaining. The largest loan represents 29.8%
of the current pool; the top three loans, 54.2%; the top 10 loans,
83.3%; and the top 15 loans, 93.7%.

High Retail Concentration: The retail concentration consists of 10
loans in the pool, representing 45.6% of the current pool balance.
The regional mall exposure consists of the largest loan, The
Christiana Mall located in Newark, DE, comprising 29.8% of the
pool.

Loan Maturities: Loan maturities are concentrated in 2020 (45.5% of
current pool) and 2021 (51.5%). One loan (3%) matures in 2019. The
entire pool is currently amortizing.

RATING SENSITIVITIES

The Rating Outlooks on all classes remain Stable due to increasing
credit enhancement and expected continued amortization and
paydowns. Fitch's analysis included a sensitivity scenario relating
to the largest loan in the pool, which is backed by a regional mall
with more recently constructed competition nearby. Upgrades,
although expected to be limited due to increasing pool
concentration and the high regional mall exposure, may occur with
additional paydown or defeasance. Downgrades are possible should
overall pool performance decline significantly or if a negative
economic or asset-level event changes the transaction's overall
portfolio-level metrics.

Fitch has affirmed the following ratings:

-- $6.7 million class A-3 at 'AAAsf'; Outlook Stable;
-- $404.1 million class A-4 at 'AAAsf'; Outlook Stable;
-- $60 million class B at 'AAAsf'; Outlook Stable;
-- $410.8 million class X-A* at 'AAAsf'; Outlook Stable;
-- $89 million class C at 'AAsf'; Outlook Stable;
-- $85.2 million class D at 'Asf'; Outlook Stable.;
-- $19.4 million class E at 'BBBsf'; Outlook Stable;
-- $13.5 million class F at 'BB+sf'; Outlook Stable;
-- $15.5 million class G at 'BBsf'; Outlook Stable.

*Notional amount and interest only.

The class A-1 and A-2 certificates have all paid in full. Fitch
does not rate the class H, J, K, L, M, and X-B certificates.


MORGAN STANLEY 2014-C18: DBRS Confirms B(low) Rating on Cl. F Cert
------------------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2014-C18
issued by Morgan Stanley Bank of America Merrill Lynch Trust
2014-C18 (the Trust) as follows:

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

DBRS does not rate Class G, the first-loss piece. The Class A-S,
Class B, and Class C certificates may be exchanged for the Class
PST certificates (and vice versa). All trends are Stable.

The rating confirmations reflect the pool's overall stable
performance. Since issuance, the pool has experienced collateral
reduction of 2.6% as a result of scheduled amortization and the
full repayment of one loan. There are 64 loans remaining of the
original 65 loans in the pool at issuance. Based on the servicer's
analysis for the 96.8% of the pool that reported YE2016 figures,
the transaction reported a weighted-average (WA) debt service
coverage ratio (DSCR) of 1.75 times (x) and a WA debt yield of
10.1%. This compares with the YE2015 WA DSCR and debt yield of
1.75x and 10.0%, respectively. The largest 15 loans in the pool
represent 65.6% of the current pool balance and reported a WA net
cash flow growth of 15.7% over the DBRS issuance figures, with a WA
DSCR of 1.72x and WA debt yield of 8.9%.

As of the July 2017 remittance, there was one loan in special
servicing, representing 1.7% of the current pool balance, and six
loans on the servicer's watchlist, representing 5.0% of the current
pool balance. The loan in special servicing, Prospectus ID #14,
Value Place Williston (1.7% of the pool) is secured by a
limited-service hotel located in Williston, North Dakota. The loan
transferred to special servicing in October 2015 for payment
default. The loans on the servicer's watchlist reported WA DSCR of
1.42x and a WA debt yield of 9.4%.

At issuance, DBRS shadow-rated Prospectus ID#2 300 North LaSalle,
representing 9.9% of the current pool balance, as investment grade.
DBRS has confirmed that the performance of this loan remains
consistent with investment-grade loan characteristics.

The ratings assigned to Classes C and PST notes materially deviate
from the higher ratings implied by the quantitative results. DBRS
considers a material deviation to be a rating differential of three
or more notches between the assigned rating and the rating implied
by the quantitative results that is a substantial component of a
rating methodology. The deviations are warranted, given the
sustainability of loan performance trends not yet demonstrated.


MORGAN STANLEY 2016-C31: Fitch Affirms B-sf Rating on Cl. F Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 17 classes of Morgan Stanley Bank of
America Merrill Lynch Trust Series 2016-C31 (MSBAM 2016-C31)
commercial mortgage pass-through certificates.  

KEY RATING DRIVERS

Stable Performance: The overall pool performance remains stable
from issuance. As of the October 2017 distribution date, the pool's
aggregate balance has been reduced by 0.7% to $946.8 million, from
$953.2 million at issuance. Three loans (1.2% of pool) are on the
servicer's watchlist, one of which is considered a Fitch Loan of
Concern (FLOC). The FLOC (0.5%), which is secured by an industrial
property located in Albuquerque, NM, was 30 days delinquent as of
October 2017.

Pool and Loan Concentrations: Loans secured by office properties
represent 40.2% of the pool, including eight loans (33.8%) in the
top 15. Loans backed by retail properties represent 34.5% of the
pool, including four (16.5%) loans in the top 15. None of the
retail loans are secured by regional malls; however, the sixth
largest loan (4.4%) is secured by a portfolio of three outlet malls
sponsored by Simon Property Group, L.P.

Hurricane and Wildfire Exposure: Nine properties (18.5% of pool)
are located in regions impacted by Hurricane Irma (11.2%) and
Hurricane Harvey (7.3%). Per the master servicer's significant
insurance event (SIE) report, the third largest loan, Hyatt Regency
Sarasota (5.6% of pool), which is secured by a full-service hotel
located in Sarasota, FL, and the 10th largest loan, Coconut Point
(3.2%), which is secured by a regional mall located in Estero, FL,
both sustained minor damage from Hurricane Irma. The servicer is
still awaiting borrower updates on four other smaller loans (2.4%)
secured by properties located in Florida for possible damage from
Hurricane Irma. Per the master servicer's SIE report, Vintage Park
(4.8%), a multifamily property located in Houston, TX, and Clarion
Inn Lake Jackson (0.7%), a hotel property located in Lake Jackson,
TX, sustained no damage from Hurricane Harvey. The servicer is
still awaiting borrower updates for the Myriad Apartments (1.9%), a
multifamily property located in Houston, TX.

Six properties (1.1%) are located in areas that may have been
impacted by recent wildfires in California, including five of the
29 properties securing the SSTII Self Storage Portfolio loan
(0.7%). Fitch is closely monitoring these loans and is awaiting
updates from the master servicer.

Amortization: The pool is scheduled to amortize by 13.9% of the
initial pool balance prior to maturity. Five loans (10.9% of pool)
are full-term interest-only and 18 loans (45.9%) still have a
partial interest-only component during their remaining loan term,
compared with 46.9% of the original pool at issuance.

RATING SENSITIVITIES

The Rating Outlooks on all classes remain Stable. Fitch does not
foresee positive or negative ratings migration until a material
economic or asset-level event changes the transaction's overall
portfolio-level metrics.

Fitch has affirmed the following ratings:

-- $43.8 million class A-1 at 'AAAsf'; Outlook Stable;
-- $27.6 million class A-2 at 'AAAsf'; Outlook Stable;
-- $69.7 million class A-SB at 'AAAsf'; Outlook Stable;
-- $17.8 million class A-3 at 'AAAsf'; Outlook Stable;
-- $210 million class A-4 at 'AAAsf'; Outlook Stable;
-- $292 million class A-5 at 'AAAsf'; Outlook Stable;
-- $660.9 million class X-A* at 'AAAsf'; Outlook Stable;
-- $110.8 million class X-B* at 'AA-sf'; Outlook Stable;
-- $65.5 million class A-S at 'AAAsf'; Outlook Stable;
-- $45.3 million class B at 'AA-sf'; Outlook Stable;
-- $44.1 million class C at 'A-sf'; Outlook Stable;
-- $52.4 million class X-D* at 'BBB-sf'; Outlook Stable;
-- $25 million class X-E* at 'BB-sf'; Outlook Stable;
-- $10.7 million class X-F* at 'B-sf'; Outlook Stable;
-- $52.4 million class D at 'BBB-sf'; Outlook Stable;
-- $25 million class E at 'BB-sf'; Outlook Stable;
-- $10.7 million class F at 'B-sf'; Outlook Stable.

*Notional amount and interest-only.

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


MORGAN STANLEY 2017-C34: Fitch Assigns B-sf Rating to Cl. F Certs
-----------------------------------------------------------------
Fitch Ratings has assigned the following ratings and Rating
Outlooks to Morgan Stanley Bank of America Merrill Lynch Trust
2017-C34 commercial mortgage pass-through certificates:

-- $25,285,000 class A-1 'AAAsf'; Outlook Stable;
-- $47,024,000 class A-2 'AAAsf'; Outlook Stable;
-- $61,577,000 class A-SB 'AAAsf'; Outlook Stable;
-- $250,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $313,447,000 class A-4 'AAAsf'; Outlook Stable;
-- $697,333,000a class X-A 'AAAsf'; Outlook Stable;
-- $171,843,000a class X-B 'A-sf'; Outlook Stable;
-- $77,205,000 class A-S 'AAAsf'; Outlook Stable;
-- $48,564,000 class B 'AA-sf'; Outlook Stable;
-- $46,074,000 class C 'A-sf'; Outlook Stable;
-- $56,036,000ab class X-D 'BBB-sf'; Outlook Stable;
-- $24,905,000ab class X-E 'BB-sf'; Outlook Stable;
-- $11,207,000ab class X-F 'B-sf'; Outlook Stable;
-- $56,036,000b class D 'BBB-sf'; Outlook Stable;
-- $24,905,000b class E 'BB-sf'; Outlook Stable;
-- $11,207,000b class F 'B-sf'; Outlook Stable.

The following classes are not rated by Fitch:

-- $34,867,004b class G;
-- $34,867,004ab class X-G;
-- $52,431,105.50b class VRR Interest.

Since Fitch published its expected ratings on Oct. 2, 2017, the
class A-3 balance increased from $200,000,000 to $250,000,000 and
the class A-4 balance decreased from $363,447,000 to $313,447,000.

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

The ratings are based on information provided by the issuer as of
Oct. 18, 2017.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 50 loans secured by 179
commercial properties having an aggregate principal balance of
$1,048,622,110 as of the cut-off date. The loans were contributed
to the trust by Bank of America, National Association, Morgan
Stanley Mortgage Capital Holdings LLC, Starwood Mortgage Funding
III LLC and KeyBank National Association.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 77.2% of the properties
by balance, cash flow analysis of 84.5%, and asset summary reviews
on 84.5% of the pool.

KEY RATING DRIVERS

Higher Fitch Leverage than Recent Transactions: The pool's leverage
is slightly higher than recent Fitch-rated multiborrower
transactions. The pool's Fitch debt service coverage ratio (DSCR)
and loan to value (LTV) are 1.20x and 105.7%, respectively, which
reflect slightly worse leverage statistics compared to the
year-to-date (YTD) 2017 averages of 1.25x and 101.4%, respectively.
Excluding credit opinion loans, the pool has a Fitch DSCR and LTV
of 1.18x and 109.1%, respectively, compared with the YTD 2017
normalized averages of 1.20x and 109.9%.

Weak Amortization: Thirteen loans representing 42.5% of the pool
are full interest-only loans, which is slightly below the YTD 2017
average of 44.2% but greater than the 2016 average of 33.3% for
other Fitch-rated multiborrower transactions. Additionally, there
are 16 loans representing 32.5% of the pool that are partial
interest-only loans. Based on the scheduled balance at maturity,
the pool is scheduled to pay down by 8.7%, which is slightly above
the YTD 2017 average of 8.2% but below the 2016 average of 10.4%.

Below-Average Hotel Exposure: Hotel properties represent 9.5% of
the pool by balance, which is lower than the YTD 2017 average of
15.8% and 2016 average of 16.0%. Loans secured by hotel properties
have an above-average probability of default in Fitch's
multiborrower model, all else equal.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 3.4% below
the most recent year's net operating income (NOI) for properties
for which a full-year NOI was provided, excluding properties that
were stabilizing during this period. Unanticipated further declines
in property-level NCF could result in higher defaults and loss
severities on defaulted loans and in potential rating actions on
the certificates.

Fitch evaluated the sensitivity of the ratings assigned to the
MSBAM 2017-C34 certificates and found that the transaction displays
average sensitivities to further declines in NCF. In a scenario in
which NCF declined a further 20% from Fitch's NCF, a downgrade of
the junior 'AAAsf' certificates to 'A-sf' could result. In a more
severe scenario, in which NCF declined a further 30% from Fitch's
NCF, a downgrade of the junior 'AAAsf' certificates to 'BBBsf'
could result.


MP CLO III: Moody's Assigns Ba3 Rating to $21.3MM Class E-R Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
following notes (the "Refinancing Notes") issued by MP CLO III,
Ltd.:

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

US$260,000,000 Class A-R Senior Secured Floating Rate Notes due
2030 (the "Class A-R Notes"), Assigned Aaa (sf)

US$40,000,000 Class B-R Senior Secured Floating Rate Notes due 2030
(the "Class B-R Notes"), Assigned Aa2 (sf)

US$21,100,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2030 (the "Class C-R Notes"), Assigned A2 (sf)

US$25,600,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2030 (the "Class D-R Notes"), Assigned Baa3 (sf)

US$21,300,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2030 (the "Class E-R Notes"), Assigned Ba3 (sf)

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

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

RATINGS RATIONALE

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

The Issuer has issued the Refinancing Notes on October 20, 2017
(the "Refinancing Date") in connection with the refinancing of all
classes of the secured notes (the "Refinanced Original Notes")
previously issued on March 25, 2013 (the "Original Closing Date").
On the Refinancing Date, the Issuer used proceeds from the issuance
of the Refinancing Notes to redeem in full the Refinanced Original
Notes. The portfolio is approximately 75% ramped as of the
Refinancing Date.

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

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: $400,000,000

Defaulted Par: $0

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2965

Weighted Average Spread (WAS): 3.45%

Weighted Average Recovery Rate (WARR): 47.7%

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 a Downgrade of the
Ratings:

The performance of the Refinancing Notes is subject to uncertainty.
The performance of the Refinancing Notes is sensitive to the
performance of the underlying portfolio, which in turn depends on
economic and credit conditions that may change. The Manager's
investment decisions and management of the transaction will also
affect the performance of the Refinancing Notes.

Together with the set of modeling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a component
in determining the ratings assigned to the Refinancing Notes. This
sensitivity analysis includes increased default probability
relative to the base case.

Below is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the Refinancing
Notes (shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds to
higher expected losses), assuming that all other factors are held
equal:

Percentage Change in WARF -- increase of 15% (from 2965 to 3410)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-R Notes: -1

Class B-R Notes: -2

Class C-R Notes: -2

Class D-R Notes: -1

Class E-R Notes: -1

Percentage Change in WARF -- increase of 30% (from 2965 to 3855)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-R Notes: -1

Class B-R Notes: -4

Class C-R Notes: -4

Class D-R Notes: -2

Class E-R Notes: -1


MSC 2011-C3: DBRS Confirms B(high) Rating on Class G Certs
----------------------------------------------------------
DBRS Limited upgraded the rating of the following class in the
Commercial Mortgage Pass-Through Certificates, Series 2011-C3
issued by MSC 2011-C3 Mortgage Trust:

-- Class C to AA (sf) from AA (low) (sf)

Additionally, DBRS has confirmed the following classes:

-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-J at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AAA (sf)
-- Class D at A (sf)
-- Class E at BBB (sf)
-- Class F at BBB (low) (sf)
-- Class X-B at BB (low) (sf)
-- Class G at B (high) (sf)

All trends are Stable. DBRS has removed the positive trends on
Class F and Class G due to uncertainty surrounding the recent
transfer of the Forum at Central loan (Prospectus ID#51 – 0.6% of
the pool balance) to special servicing. In addition, there are
currently five loans representing 10.3% of the pool balance that
are located in Houston, Texas, that have potentially been affected
by Hurricane Harvey. DBRS continues to monitor these loans for
further developments and will provide updated loan level commentary
on the CMBS IReports platform as information becomes available.

The rating upgrade to Class C reflects the increased credit support
to the bonds as a result of significant principal repayment and
overall strong performance of the transaction since issuance. The
transaction originally consisted of 63 fixed-rate loans secured by
76 properties. As of the August 2017 remittance, 45 loans remain in
the pool, with 18 loans repaid since issuance, resulting in a
collateral reduction of 37.9% and a current outstanding trust
balance of $926.1 million. Thirty-seven loans, representing 91.3%
of the pool balance, are reporting Q1 or Q2 2017 financials, and 40
loans, representing 95.8% of the pool balance, have reported
year-end (YE) 2016 figures. These loans reported a weighted-average
(WA) debt service coverage ratio (DSCR) and WA Debt Yield of 1.80
times (x) and 12.6%, respectively. This is an improvement from the
DBRS WA Term DSCR and WA Debt Yield at issuance of 1.70x and 10.8%,
respectively. The Top 15 loans reported a WA DSCR and WA Debt Yield
of 1.85x and 12.9%, respectively, reflective of a 21.7% improvement
in cash flows over the DBRS cash flows at issuance.

As of the August 2017 remittance, six loans, representing 12.0% of
the pool balance, are being monitored on the servicer's watchlist.
Two loans are being monitored for not reporting YE2016 financials
(both of which have reported healthy metrics historically), with
the remaining four loans monitored for occupancy-related issues.
There is one loan, representing 0.6% of the pool balance, in
special servicing.

At issuance, DBRS shadow-rated three loans investment grade. These
loans include Park City Center (Prospectus ID#1 – 15.2% of the
pool balance), Washington Tower (Prospectus ID#13 – 4.3% of the
pool balance) and 420 East 72nd Street Coop (Prospectus ID#33 –
1.2% of the pool balance). DBRS has confirmed that the performance
of these loans remains consistent with investment-grade
characteristics.

The ratings assigned to Classes D, E, F and G materially deviate
from the higher ratings implied by the quantitative results. DBRS
considers a material deviation to be a rating differential of three
or more notches between the assigned rating and the rating implied
by the quantitative results that is a substantial component of a
rating methodology. The deviations are warranted due to uncertain
loan level event risk associated with the recent transfer of the
Forum at Central loan (Prospectus ID#51 – 0.6% of the pool
balance) and the uncertainty surrounding the impact of Hurricane
Harvey in Texas.


NATIONAL COLLEGIATE: Moody's Lowers 15 Classes in 15 Trusts
-----------------------------------------------------------
Moody's Investors Service, on Oct. 18, 2017, has placed on review
for downgrade 27 classes of notes in 15 National Collegiate Student
Loan Trusts (NCSLT). The securitizations are backed by private
student loans that are not guaranteed by the US Department of
Education. The loans are primarily serviced by the Pennsylvania
Higher Education Assistance Agency (PHEAA) with U.S. Bank National
Association acting as the special servicer. GSS Data Services, Inc
is the Administrator for all the securitizations. Moody's has also
placed on review for downgrade six classes of certificates in
Student Loan ABS Repackaging Trust, Series 2007-1 (SLART 2007-1)
and one class of certificate in Student Loan ABS Repackaging Trust,
Series 2007-2 (SLART 2007-2. Deutsche Bank Trust Company Americas
is the administrator and indenture trustee for both SLART
transactions.

Issuer: The National Collegiate Master Student Loan Trust I (2001
Indenture)

NCT-2003AR-12, Caa3 (sf) Placed Under Review for Possible
Downgrade; previously on Feb 28, 2017 Upgraded to Caa3 (sf)

Issuer: National Collegiate Student Loan Trust 2003-1 (The)

Cl. A-7, Caa2 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 3, 2013 Downgraded to Caa2 (sf)

Cl. IO, Caa2 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 3, 2013 Downgraded to Caa2 (sf)

Issuer: National Collegiate Student Loan Trust 2004-1

Cl. A-3, B1 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 3, 2013 Downgraded to B1 (sf)

Issuer: National Collegiate Student Loan Trust 2004-2

Cl. B, B1 (sf) Placed Under Review for Possible Downgrade;
previously on Jan 24, 2017 Confirmed at B1 (sf)

Issuer: National Collegiate Student Loan Trust 2005-1

Cl. A-5-1, Baa3 (sf) Placed Under Review for Possible Downgrade;
previously on Jan 24, 2017 Confirmed at Baa3 (sf)

Cl. A-5-2, Baa3 (sf) Placed Under Review for Possible Downgrade;
previously on Jan 24, 2017 Confirmed at Baa3 (sf)

Cl. B, Caa3 (sf) Placed Under Review for Possible Downgrade;
previously on Jan 24, 2017 Upgraded to Caa3 (sf)

Issuer: National Collegiate Student Loan Trust 2005-2

Cl. A-5-1, Caa1 (sf) Placed Under Review for Possible Downgrade;
previously on Jan 24, 2017 Upgraded to Caa1 (sf)

Cl. A-5-2, Caa1 (sf) Placed Under Review for Possible Downgrade;
previously on Jan 24, 2017 Upgraded to Caa1 (sf)

Issuer: National Collegiate Student Loan Trust 2005-3

Cl. A-5-1, B1 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 3, 2013 Downgraded to B1 (sf)

Cl. A-5-2, B1 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 3, 2013 Downgraded to B1 (sf)

Cl. B, Ca (sf) Placed Under Review for Possible Downgrade;
previously on Jan 24, 2017 Upgraded to Ca (sf)

Issuer: National Collegiate Student Loan Trust 2006-1

Cl. A-5, B1 (sf) Placed Under Review for Possible Downgrade;
previously on Feb 28, 2017 Upgraded to B1 (sf)

Issuer: National Collegiate Student Loan Trust 2006-2

Cl. A-3, Aaa (sf) Placed Under Review for Possible Downgrade;
previously on Feb 28, 2017 Upgraded to Aaa (sf)

Cl. A-4, Caa3 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 3, 2013 Downgraded to Caa3 (sf)

Issuer: National Collegiate Student Loan Trust 2006-3

Cl. A-4, Aaa (sf) Placed Under Review for Possible Downgrade;
previously on Feb 28, 2017 Upgraded to Aaa (sf)

Cl. A-5, Ba1 (sf) Placed Under Review for Possible Downgrade;
previously on Feb 28, 2017 Upgraded to Ba1 (sf)

Issuer: National Collegiate Student Loan Trust 2006-4

Cl. A-3, Aa1 (sf) Placed Under Review for Possible Downgrade;
previously on Feb 28, 2017 Upgraded to Aa1 (sf)

Cl. A-4, B1 (sf) Placed Under Review for Possible Downgrade;
previously on Feb 28, 2017 Upgraded to B1 (sf)

Issuer: National Collegiate Student Loan Trust 2007-1

Cl. A-3, A2 (sf) Placed Under Review for Possible Downgrade;
previously on Feb 28, 2017 Upgraded to A2 (sf)

Cl. A-4, Caa1 (sf) Placed Under Review for Possible Downgrade;
previously on Feb 28, 2017 Upgraded to Caa1 (sf)

Issuer: Student Loan ABS Repackaging Trust, Series 2007-1

Cl. 3-A-1, Caa2 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 6, 2013 Downgraded to Caa2 (sf)

Cl. 3-A-IO, Caa2 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 6, 2013 Downgraded to Caa2 (sf)

Cl. 5-A-1, Baa3 (sf) Placed Under Review for Possible Downgrade;
previously on Jan 24, 2017 Confirmed at Baa3 (sf)

Cl. 5-A-IO, Baa3 (sf) Placed Under Review for Possible Downgrade;
previously on Jan 24, 2017 Confirmed at Baa3 (sf)

Cl. 6-A-1, B1 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 6, 2013 Downgraded to B1 (sf)

Cl. 6-A-IO, B1 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 6, 2013 Downgraded to B1 (sf)

Issuer: National Collegiate Student Loan Trust 2007-2

Cl. A-3, Aa3 (sf) Placed Under Review for Possible Downgrade;
previously on Feb 28, 2017 Upgraded to Aa3 (sf)

Cl. A-4, Caa1 (sf) Placed Under Review for Possible Downgrade;
previously on Feb 28, 2017 Upgraded to Caa1 (sf)

Issuer: Student Loan ABS Repackaging Trust, Series 2007-2

Cl. IO, Caa1 (sf) Placed Under Review for Possible Downgrade;
previously on Jan 24, 2017 Affirmed Caa1 (sf)

Issuer: National Collegiate Student Loan Trust 2007-3

Cl. A-3-AR-2, Caa3 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 20, 2014 Downgraded to Caa3 (sf)

Issuer: National Collegiate Student Loan Trust 2007-4

Cl. A-3-AR-2, Caa3 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 20, 2014 Downgraded to Caa3 (sf)

Issuer: NCF Grantor Trust 2004-2

Cl. A-5-1, Baa2 (sf) Placed Under Review for Possible Downgrade;
previously on Jan 24, 2017 Confirmed at Baa2 (sf)

RATINGS RATIONALE

The primary rationale for the rating actions is the potential
increase in transaction expense and operational risk related to a
litigation CFPB has filed against the NCSLT transactions for
alleged improper underlying loan documentation and collection
practice.

CFPB and the beneficial owners of NCSLT have agreed to a settlement
of the claims, as reflected in a proposed consent judgment filed on
September 14, 2017, but not yet approved by the Court. Since the
proposed consent judgment was filed, however, multiple other
interested parties have moved to intervene in the litigation in
order to object to terms of settlement forth in the proposed
consent judgment. The Court has not yet ruled on the pending
motions to intervene or any of the objections to the settlement
terms raised by the intervening parties. Accordingly, it is
currently unclear to what extent, if at all, the Court will approve
the terms of the settlement agreement between CFPB and NCSLT.

Nonetheless, while the ultimate outcome of the litigation is
unclear, Moody's notes that the terms of the proposed settlement,
if approved, could create significant uncertainty by adversely
impacting cash flow, which, in turn, could lead to insufficient
credit enhancement to support the affected tranches at their
current rating level. Among the proposed settlement terms which
could adversely impact cash flow are provisions which: (i) impose
monetary penalties, disgorgement and restitution charges in the
aggregate sum of at least $19 million; (ii) require NCSLT to
discontinue actions to collect on defaulted debt where the claim is
time-barred or based on insufficient and/or inaccurate
documentation; (iii) prevent NCSLT from enforcing judgments where
the underlying claim was time-barred and/or based on insufficient
or inaccurate documentation; and (iv) bar or significantly restrict
NCSLT's ongoing ability to enforce debt obligations in situations
where collection of the debt would be time barred or where NCSLT
has insufficient documentation to prove the existence and/or
ownership of the loan.

Certain certificates in repackaged transactions were also placed on
review as a result of the review for downgrade of the NCSLT notes
underlying the repacking trusts. Ratings of the SLART 2007-1, Class
3-A-1, Class 3-A-IO, Class 5-A-1, Class 5-A-IO, Class 6-A-1, and
Class 6-A-IO certificates are based on the ratings of the
underlying securities in the NCSLT transactions. The rating of the
Student Loan ABS Repackaging Trust 2007-2, Class IO certificate is
based on the ratings of the underlying IO certificates in the SLART
2007-1 transaction.

During the review period, Moody's will further evaluate impact of
the CFPB lawsuit to the NCSLT transactions and monitor ongoing
legal developments.

The principal methodology used in rating NCSLT Trusts was "Moody's
Approach to Rating U.S. Private Student Loan-Backed Securities"
published in January 2010. The principal methodology used in rating
SLART 2007-1 and SLART 2007-2 was "Moody's Approach to Rating
Repackaged Securities" published in June 2015.

Additionally, the methodology used in rating NCSLT 2003-1, NCSLT
2004-1, and SLART 2007-1 was "Moody's Approach to Rating Structured
Finance Interest-Only (IO) Securities" published in June 2017.

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

Up

Among the factors that could drive the ratings up are lower
defaults and net losses on the underlying student loan pools than
Moody's expects.

Down

Among the factors that could drive the ratings down are higher
defaults and net losses on the underlying student loan pools than
Moody's expects.


NELNET STUDENT 2006-2: Fitch Hikes Cl. B Debt Rating From 'BBsf'
----------------------------------------------------------------
Fitch Ratings has taken the following actions on Nelnet Student
Loan Trust 2006-2 upon the successful remarketing of the A-7
Euro-denominated note to a U.S. denominated note:

-- Class A-5 affirmed at 'AAAsf'; Outlook Stable assigned
    (removed from Rating Watch Negative);

-- Class A-6 affirmed at 'AAAsf'; Outlook Stable assigned
    (removed from Rating Watch Negative);

-- Class A-7 paid-in-full;

-- Class A-7 Remarketed assigned 'Asf'; Outlook Stable;

-- Class B upgraded to 'BBBsf' from 'BBsf'; Outlook Stable.

Class A-5 and A-6 were on Rating Watch Negative due to the
decreased likelihood of counterparty replacement following the
two-way margin posting requirements on U.S. SPVs for the swap that
was in place for the class A-7 note between Nelnet and Deutsche
Bank. Due to the successful remarketing of the A-7 and termination
of the swap between Nelnet and Deutsche Bank, there is no longer a
concern regarding counterparty replacement and the Watch is
resolved.

Although the cash flows indicated a higher rating, the class B is
not upgraded to a level higher than 'BBBsf' due to the high
sensitivity to changes in defaults and basis spread.

KEY RATING DRIVERS

U.S. Sovereign Risk: The trust collateral comprises Federal Family
Education Loan Program (FFELP) loans with guaranties provided by
eligible guarantors and reinsurance provided by the U.S. Department
of Education (ED) for at least 97% of principal and accrued
interest. The U.S. sovereign rating is currently 'AAA'/Outlook
Stable.

Collateral Performance: Fitch assumes a base case cumulative
default rate of 14.75% and a 44.25% default rate under the 'AAA'
credit stress scenario. The base case implies a sustainable
constant default rate (sCDR) of 2.37% (assuming a base case
weighted average life of 6.22 years). The TTM constant prepayment
rate (voluntary and involuntary) is 9.80% and was used as the
sustainable rate in cash flow modeling. Fitch applies the standard
default timing curve. The claim reject rate is assumed to be 0.25%
in the base case and 2.0% in the 'AAA' case.

The TTM averages of deferment, forbearance, and income-based
repayment (prior to adjustment) are 5.8%, 6.0%, and 14.6%,
respectively, and are used as the starting point in cash flow
modeling. Subsequent declines or increases are modeled as per
criteria. The borrower benefit is assumed to be approximately
0.23%, based on information provided by the sponsor.

Basis and Interest Rate Risk: Basis risk for this transaction
arises from any rate and reset frequency mismatch between interest
rate indices for SAP and the securities. As of the June 2017
collection period, 99.8% of the trust student loans are indexed to
one-month LIBOR and 0.2% of the assets are indexed to three-month
T-Bill. All notes pay three-month LIBOR (the class A-7 notes pay
three-month EURIBOR, but are swapped to three-month LIBOR). Fitch
applies its standard basis and interest rate stresses to this
transaction as per criteria.

Payment Structure: Credit enhancement (CE) is provided by
overcollateralization, excess spread and, for the class A notes,
subordination. As of the June 2017 collection period, total and
senior effective parity ratios (which includes the reserve account)
are, respectively, 105.05% (4.81% CE) and 100.24% (0.24% CE).
Liquidity support is provided by a reserve account sized at the
greater of 0.25% of the pool balance, and $3,055,686, currently
sized at the floor. Excess cash is released from the trust as long
as 100% total parity (excluding the reserve) is maintained. The
transaction will turbo upon the earlier of pool factor reaching 10%
and the January 2023 payment date.

Maturity Risk: Fitch's student loan ABS (SLABS) cash flow model
indicates that the notes are paid in full on or prior to the legal
final maturity dates under the commensurate rating scenario.

Operational Capabilities: Day-to-day servicing is provided by
Nelnet, Inc. Fitch believes Nelnet to be an acceptable servicer,
due to its extensive track record of servicing FFELP loans.

RATING SENSITIVITIES

'AAAsf' rated tranches of most FFELP securitizations will likely
move in tandem with the U.S. sovereign rating, given the strong
linkage to the U.S. sovereign by nature of the reinsurance and SAP
provided by ED. Sovereign risks are not addressed in Fitch's
sensitivity analysis.

Fitch conducted a CE sensitivity analysis by stressing both the
related lifetime default rate and basis spread assumptions. In
addition, Fitch conducted a maturity sensitivity analysis by
running different assumptions for the IBR usage and prepayment
rate. The results below should only be considered as one potential
model-implied outcome, as the transaction is exposed to multiple
risk factors that are all dynamic variables.

Credit Stress Rating Sensitivity
-- Default increase 25%: class A 'Asf'; class B 'BBBsf';
-- Default increase 50%: class A 'Asf'; class B 'BBBsf';
-- Basis Spread increase 0.25%: class A 'Asf'; class B 'BBsf';
-- Basis Spread increase 0.50%: class A 'BBsf'; class B 'CCCsf'.

Maturity Stress Rating Sensitivity
-- CPR decrease 50%: class A 'AAAsf'; class B 'Asf';
-- CPR increase 100%: class A 'AAAsf'; class B 'AAsf';
-- IBR Usage increase 100%: class A 'AAAsf'; class B 'AAsf';
-- IBR Usage decrease 50%: class A 'AAAsf'; class B 'AAsf.

Stresses are intended to provide an indication of the rating
sensitivity of the notes to unexpected deterioration in trust
performance. Rating sensitivity should not be used as an indicator
of future rating performance.


NEUBERGER BERMAN 26: S&P Assigns Prelim BB-(sf) Rating on E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Neuberger
Berman Loan Advisers CLO 26 Ltd./Neuberger Berman Loan Advisers CLO
26 LLC's $506.0 million floating-rate notes.

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

The preliminary ratings are based on information as of Oct. 25,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term loans that
are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

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

  PRELIMINARY RATINGS ASSIGNED

  Neuberger Berman Loan Advisers CLO 26 Ltd./Neuberger Berman Loan

  Advisers CLO 26 LLC  
  Class                      Rating          Amount (mil. $)
  A                          AAA (sf)                338.250
  B                          AA (sf)                  74.250
  C (deferrable)             A (sf)                   39.875
  D (deferrable)             BBB- (sf)                30.250
  E (deferrable)             BB- (sf)                 23.375
  Subordinated notes         NR                       55.300

  NR--Not rated.


NEUBERGER BERMAN XV: S&P Assigns B-(sf) Rating on Class F-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class X-R, A-1-R,
A-2-R, B-R, C-R, D-R, E-R, and F-R replacement notes from Neuberger
Berman CLO XV Ltd., a collateralized loan obligation originally
issued in 2013 that is managed by Neuberger Berman Investment
Advisers LLC. S&P withdrew its ratings on the original class A-1,
A-2, B-1, B-2, C, D, E, and F notes following payment in full on
the Oct. 16, 2017, refinancing date.

On the Oct. 16, 2017, refinancing date, the proceeds from the
issuance of the replacement notes were used to redeem the original
notes as outlined in the transaction document provisions.

Therefore, S&P withdrew its ratings on the original notes in line
with their full redemption, and it is assigning ratings to the
replacement notes.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as presented to us
in connection with this review, to estimate future performance.

"In line with our criteria, our cash flow scenarios applied
forward-looking assumptions on the expected timing and pattern of
defaults, and recoveries upon default, under various interest rate
and macroeconomic scenarios. In addition, our analysis considered
the transaction's ability to pay timely interest or ultimate
principal, or both, to each of the rated tranches. The results of
the cash flow analysis demonstrated, in our view, that all of the
rated outstanding classes have adequate credit enhancement
available at the preliminary rating levels associated with these
rating actions."

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

  Replacement class         Rating      Amount
                                       (mil. $)
  X-R                       AAA (sf)      4.00
  A-1-R                     AAA (sf)    237.20
  A-2-R                     NR           16.90
  B-R                       AA (sf)      42.60
  C-R                       A (sf)       28.80
  D-R                       BBB-(sf)     23.80
  E-R                       BB- (sf)     14.90
  F-R                       B- (sf)       8.00
  Subordinated notes        NR          39.665

  RATINGS WITHDRAWN
  Neuberger Berman CLO XV Ltd./Neuberger Berman CLO XV LLC

                          Rating
  Original class     To           From
  A-1                NR           AAA (sf)
  A-2                NR           AAA (sf)
  B-1                NR           AA (sf)
  B-2                NR           AA (sf)
  C                  NR           A (sf)
  D                  NR           BBB (sf)
  E                  NR           BB (sf)
  F                  NR           B (sf)

  NR--Not rated.


NXT CAPITAL 2017-2: S&P Assigns BB(sf) Rating on Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to NXT Capital CLO 2017-2
LLC's $352.00 million floating-rate notes.

The note issuance is a collateralized loan obligation (CLO)
transaction backed primarily by middle-market, speculative-grade,
senior secured term loans that are governed by collateral quality
tests.

The ratings reflect:

-- The diversified collateral pool, which consists primarily of
middle-market, speculative-grade, senior secured term loans that
are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

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

  RATINGS ASSIGNED
  NXT Capital CLO 2017-2 LLC

  Class                Rating             Amount
                                      (mil. $)
  A                    AAA (sf)           228.00
  B                    AA (sf)             40.00
  C (deferrable)       A (sf)              32.00
  D (deferrable)       BBB- (sf)           26.00
  E (deferrable)       BB (sf)             26.00
  Subordinated notes   NR                  54.98

  NR--Not rated.


OCP CLO 2014-6: S&P Assigns B-(sf) Rating on Class E-R Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, A-2-R,
B-R, C-R, D-R, and E-R replacement notes and the new class X notes
from OCP CLO 2014-6 Ltd., a collateralized loan obligation (CLO)
originally issued in June 2014 that is managed by Onex Credit
Partners LLC. S&P withdrew its ratings on the original class A-1A,
A-1B, A-1L, A-2A, A-2B, B, C, D, and E notes following payment in
full on the Oct. 17, 2017, refinancing date.

On the Oct. 17, 2017, refinancing date, the proceeds from the
issuance of the replacement notes combined with the proceeds from
the issuance of additional preference shares and were used to
redeem the original class A-1A, A-1B, A-1L, A-2A, A-2B, B, C, D,
and E notes as outlined in the transaction document provisions.
Therefore, S&P withdrew its ratings on the original notes in line
with their full redemption, and we are assigning ratings to the
replacement notes.

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

-- Downsize the rated par amount and target initial par amount to
$909.50 million and $960.00 million, respectively, from $909.75
million and $970.00 million.

-- Extend the reinvestment period to Oct. 17, 2022, from July 17,
2018.

-- Extend the non-call period to Oct. 17, 2019, from July 17,
2016.

-- Extend the weighted average life test to Oct. 17, 2026, from
June 26, 2022.

-- Extend the legal final maturity date on the rated notes to Oct.
17, 2030, from July 17, 2026.

-- Issue additional class X senior secured floating-rate notes,
which will be paid using interest proceeds in equal quarterly
installments on the first eight payment dates. In addition, the
transaction issued an additional $23.40 million in preference
shares, increasing the combined preference shares and subordinated
notes balance to $115.40 million from $92.00 million

-- Adopt the use of the non-model version of CDO Monitor. During
the reinvestment period, the non-model version of CDO Monitor may
be used for this transaction to indicate whether changes to the
collateral portfolio are generally consistent with the transaction
parameters S&P assumed when initially assigning ratings to the
notes. Change the required minimum thresholds for the coverage
tests.

-- Make the transaction E.U. and U.S. risk retention compliant.
Incorporate the recovery rate methodology and updated industry
classifications outlined in our August 2016 CLO criteria update
(see "Global Methodologies And Assumptions For Corporate Cash Flow
And Synthetic CDOs," published Aug. 8, 2016).
  
  REPLACEMENT AND ORIGINAL NOTE ISSUANCES

  Replacement notes
  Class                    Amount    Interest                      
        
                          (mil. $)    rate (%)        
  X                          9.50    LIBOR + 0.70
  A-1-R                    595.20    LIBOR + 1.26
  A-2-R                    124.80    LIBOR + 1.72
  B-R                       67.20    LIBOR + 2.15
  C-R                       55.20    LIBOR + 3.20
  D-R                       40.80    LIBOR + 6.52
  E-R                       16.80    LIBOR + 8.06
  Preference shares        108.40    N/A
  Subordinated notes         7.00    N/A

  Original notes
  Class               Rating          Amount      Interest         
                                
                                     (mil. $)      rate (%)       

  A-1A                AAA (sf)        365.50      LIBOR + 1.45
  A-1B                AAA (sf)        193.00      LIBOR + 1.45
  A-1L                AAA (sf)         50.00      LIBOR + 1.35
  A-2A                AA (sf)          63.75      LIBOR + 2.05
  A-2B                AA (sf)          48.50      4.16
  B                   A (sf)           68.50      LIBOR + 3.10
  C                   BBB (sf)         52.75      LIBOR + 3.65
  D                   BB (sf)          47.00      LIBOR + 4.95
  E                   B (sf)           20.75      LIBOR + 5.60
  Preference shares   NR               85.00      N/A
  Subordinated notes  NR                7.00      N/A

  N/A--Not applicable. NR--Not rated.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the trustee report, to estimate future performance. In line with
our criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults, and
recoveries upon default, under various interest rate and
macroeconomic scenarios. In addition, our analysis considered the
transaction's ability to pay timely interest or ultimate principal,
or both, to each of the rated tranches.

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

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

  RATINGS ASSIGNED

  OCP CLO 2014-6 Ltd.
  Replacement class         Rating      Amount (mil. $)
  X                         AAA (sf)               9.50
  A-1-R                     AAA (sf)             595.20
  A-2-R                     AA (sf)              124.80
  B-R                       A (sf)                67.20
  C-R                       BBB- (sf)             55.20
  D-R                       BB- (sf)              40.80
  E-R                       B- (sf)               16.80
  Preference shares         NR                   108.40
  Subordinated notes        NR                     7.00

  RATINGS WITHDRAWN

  OCP CLO 2014-6 Ltd.                            
                           Rating
  Original class       To              From
  A-1A                 NR              AAA (sf)
  A-1B                 NR              AAA (sf)
  A-1L                 NR              AAA (sf)
  A-2A                 NR              AA (sf)
  A-2B                 NR              AA (sf)
  B                    NR              A (sf)
  C                    NR              BBB (sf)
  D                    NR              BB (sf)
  E                    NR              B (sf)

  NR--Not rated.


OCP CLO 2014-7: S&P Affirms B(sf) Rating on Class E Notes
---------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1A-R,
A-1B-R, A-2A-R, A-2B-R, B-1-R, and B-2-R replacement notes from OCP
CLO 2014-7 Ltd., a collateralized loan obligation (CLO) originally
issued in 2014 that is managed by Onex Credit Partners LLC. S&P
said, "We withdrew our ratings on the original class A-1A, A-1B,
A-2A, A-2B, B-1, and B-2 notes following payment in full on the
Oct. 20, 2017, refinancing date. At the same time, we affirmed our
ratings on the class C, D, and E notes."

On the Oct. 20, 2017, refinancing date, the proceeds from the
replacement note issuances were used to redeem the original class
A-1A, A-1B, A-2A, A-2B, B-1, and B-2 notes as outlined in the
transaction document provisions. Therefore, S&P withdrew its
ratings on the original notes in line with their full redemption,
and it is assigning ratings to the replacement notes.

S&P said, "The affirmed ratings on the class C, D, and E notes
reflect our opinion that the credit support available is
commensurate with the current rating level and that the
transaction's performance has not significantly changed since our
last rating actions in March 2015.

"Our review of this transaction included a cash flow analysis,
based on the portfolio and transaction as reflected in the trustee
report, to estimate future performance. In line with our criteria,
our cash flow scenarios applied forward-looking assumptions on the
expected timing and pattern of defaults, and recoveries upon
default, under various interest rate and macroeconomic scenarios.
In addition, our analysis considered the transaction's ability to
pay timely interest or ultimate principal, or both, to each of the
rated tranches.

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

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

  RATINGS ASSIGNED

  OCP CLO 2014-7 Ltd.
  Replacement class          Rating        Amount (mil $)
  A-1A-R                     AAA (sf)              285.00
  A-1B-R                     AAA (sf)               25.00
  A-2A-R                     AA (sf)                67.50
  A-2B-R                     AA (sf)                 3.00
  B-1-R                      A (sf)                 22.00
  B-2-R                      A (sf)                 10.00

  RATINGS AFFIRMED

  OCP CLO 2014-7 Ltd.
  Class                      Rating
  C                          BBB (sf)
  D                          BB (sf)
  E                          B (sf)

  RATINGS WITHDRAWN

  OCP CLO 2014-7 Ltd.
                             Rating
  Original class       To              From
  A-1A                 NR              AAA (sf)
  A-1B                 NR              AAA (sf)
  A-2A                 NR              AA (sf)
  A-2B                 NR              AA (sf)
  B-1                  NR              A (sf)
  B-2                  NR              A (sf)

  NR--Not rated.


OCP CLO 2015-8: S&P Affirms B(sf) Rating on Class E Notes
---------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, A-2a-R,
A-2b-R, B-R, and C-R replacement notes from OCP CLO 2015-8 Ltd., a
collateralized loan obligation (CLO) originally issued in 2015 that
is managed by Onex Credit Partners LLC. S&P withdrew its ratings on
the original class A-1, A-2a, A-2b, B, and C notes following
payment in full on the Oct. 26, 2017, refinancing date. At the same
time, S&P affirmed its ratings on the class D and E notes, which
were not part of this refinancing.

On the Oct. 26, 2017, refinancing date, the proceeds from the class
A-1-R, A-2a-R, A-2b-R, B-R, and C-R replacement note issuances were
used to redeem the original class A-1, A-2a, A-2b, B, and C notes
as outlined in the transaction document provisions. Therefore, S&P
withdrew its ratings on the original class A-1, A-2a, A-2b, B, and
C notes in line with their full redemption, and it is assigning
ratings to the replacement notes.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the trustee report, to estimate future performance. In line with
our criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults, and
recoveries upon default, under various interest rate and
macroeconomic scenarios. In addition, our analysis considered the
transaction's ability to pay timely interest or ultimate principal,
or both, to each of the rated tranches.

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

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

  RATINGS ASSIGNED

  OCP CLO 2015-8 Ltd.
  Replacement class          Rating        Amount (mil $)
  A-1-R                      AAA (sf)              472.50
  A-2a-R                     AA (sf)                77.50
  A-2b-R                     AA (sf)                20.00
  B-R                        A (sf)                 48.00
  C-R                        BBB (sf)               37.50

  RATINGS AFFIRMED
  OCP CLO 2015-8 Ltd.
  Class                      Rating          
  D                          BB (sf)         
  E                          B (sf)   
     
  RATINGS WITHDRAWN
  OCP CLO 2015-8 Ltd.
                             Rating
  Original class       To              From
  A-1                  NR              AAA (sf)
  A-2a                 NR              AA (sf)
  A-2b                 NR              AA (sf)
  B                    NR              A (sf)
  C                    NR              BBB (sf)

  NR--Not rated.


ONEMAIN FINANCIAL 2017-1: DBRS Finalizes BB Rating on Cl. D Notes
-----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Series 2017-1 Notes issued by OneMain Financial Issuance Trust
2017-1:

-- $607,680,000, Class A-1 rated AA (sf)
-- $126,320,000, Class A-2 rated AA (sf)
-- $58,280,000, Class B rated A (sf)
-- $63,720,000, Class C rated BBB (sf)
-- $91,370,000, Class D rated BB (sf)

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

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

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

-- OneMain's capabilities with regards to originations,
underwriting and servicing.

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

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

The Series 2017-1 transaction represents the ninth securitization
of a portfolio of non-prime and subprime personal loans originated
through OneMain's branch network.

Credit enhancement in the transaction consists of
overcollateralization (OC), subordination, excess spread and a
reserve account. The rating on the Class A-1 Notes reflects the
63.35% of initial hard credit enhancement provided by the
subordinated notes in the pool, the Reserve Account (0.50%) and
overcollateralization (4.10%). The rating on the Class A-2 Notes
reflects the 26.20% of initial hard credit enhancement provided by
the subordinated notes in the pool, the Reserve Account (0.50%) and
overcollateralization (4.10%).The rating on the Class B Notes
reflects the 20.30% of initial hard credit enhancement provided by
the subordinated notes in the pool, the Reserve Account (0.50%) and
overcollateralization (4.10%). The rating on the Class C Notes
reflects the 13.85% of initial hard credit enhancement provided by
the subordinated notes in the pool, the Reserve Account (0.50%) and
overcollateralization (4.10%). The rating on the Class D Notes
reflects the 4.60% of initial hard credit enhancement provided by
the subordinated notes in the pool, the Reserve Account (0.50%) and
overcollateralization (4.10%). Additional credit support may be
provided from excess spread available in the structure.


PREFERRED TERM XVIII: Moody's Hikes Class C Notes Rating to B3
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Preferred Term Securities XVIII, Ltd.:

US$372,100,000 Class A-1 Senior Notes Due 2035 (current outstanding
balance of $75,793,030), Upgraded to Aaa (sf); previously on
February 25, 2016 Affirmed Aa1 (sf)

US$87,900,000 Class A-2 Senior Notes Due 2035 (current outstanding
balance of $84,134,540), Upgraded to Aa1 (sf); previously on
February 25, 2016 Upgraded to Aa2 (sf)

US$78,800,000 Class B Mezzanine Notes Due 2035 (current outstanding
balance of $75,424,366), Upgraded to A3 (sf); previously on
February 25, 2016 Upgraded to Baa2 (sf)

US$80,000,000 Class C Mezzanine Notes Due 2035 (current outstanding
balance of $78,329,955), Upgraded to B3 (sf); previously on
February 25, 2016 Upgraded to Caa1 (sf)

Moody's also upgraded the rating on the following notes issued by
PreTSL Combination Certificates:

US$7,715,000 PreTSL Combination Series P XVIII-3 Certificates due
September 23, 2035 (current rated balance of $3,879,757, as
calculated by Moody's), Upgraded to Baa1 (sf); previously on March
15, 2016 Upgraded to B2 (sf)

Preferred Term Securities XVIII, Ltd., issued in June 2005, is a
collateralized debt obligation (CDO) backed primarily by a
portfolio of bank and insurance trust preferred securities
(TruPS).

PreTSL Combination Certificates, Series P XVIII-3, a combination
security, was issued in July 2006 and at closing comprised $3.5
million of Class B notes and $4.215 million of Subordinated Income
Notes issued by Preferred Term Securities XVIII, Ltd., a TruPS CDO
(the underlying deal).

RATINGS RATIONALE

The rating actions are primarily a result of the deleveraging of
the Class A-1 notes, an increase in the transaction's
over-collateralization (OC) ratios and the full repayment of the
Class C deferred interest balance since October 2016.

The Class A-1 notes have been paid down by approximately 42.2% or
$55.2 million since October 2016, using principal proceeds from the
redemption of the underlying assets and the diversion of excess
interest proceeds. Based on Moody's calculations, the OC ratios for
the Class A-1, Class A-2, Class B and Class C notes have improved
to 411.01%, 194.79%, 132.36% and 99.31%, respectively, from October
2016 levels of 279.05%, 169.34%, 125.21% and 97.34%, respectively.

Additionally, the deferred interest balance on the Class C notes
was paid in full in March 2017. Since then, the Class A-1, Class
A-2, Class B, and Class C notes have been receiving excess interest
on a pro-rata basis due to Class C OC failure (currently reported
by the trustee at 99.09% compared to a trigger level of 107.00%).
The Class A-1, Class A-2, Class B, and Class C notes notes will
continue to benefit from the diversion of excess interest as long
as the Class C OC test continues to fail.

The upgrade action on the PreTSL Combination Certificates, Series P
XVIII-3 reflects the increasing coverage from the underlying
components and an improvement in the credit quality of the Class B
component. Currently, the combination certificates' rated balance
of $3.9 million is backed by $3.4 million of Class B notes and
$4.215 million of Subordinated Income Notes.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating TruPS CDOs" published in October 2016.

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

This transaction is subject to a number of factors and
circumstances that could lead to either an upgrade or downgrade of
the ratings, as described below:

1) Macroeconomic uncertainty: TruPS CDOs performance could be
negatively affected by uncertainty about credit conditions in the
general economy. Moody's has a stable outlook on the US banking
sector. Moody's maintains its stable outlook on the US insurance
sector.

2) Portfolio credit risk: Credit performance of the assets
collateralizing the transaction that is better than Moody's current
expectations could have a positive impact on the transaction's
performance. Conversely, asset credit performance weaker than
Moody's current expectations could have adverse consequences on the
transaction's performance.

3) Deleveraging: One source of uncertainty in this transaction is
whether deleveraging from unscheduled principal proceeds and excess
interest proceeds will continue and at what pace. Note repayments
that are faster than Moody's current expectations could have a
positive impact on the notes' ratings, beginning with the notes
with the highest payment priority.

4) Exposure to non-publicly rated assets: The deal contains a large
number of securities whose default probability Moody's assesses
through credit scores derived using RiskCalc(TM) or credit
estimates. Because these are not public ratings, they are subject
to additional uncertainties.

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

Assuming a two-notch upgrade to assets with below-investment grade
ratings or rating estimates (WARF of 538)

Class A-1: 0

Class A-2: 0

Class B: +3

Class C: +3

Series P XVIII-3: +2

Assuming a two-notch downgrade to assets with below-investment
grade ratings or rating estimates (WARF of 1284)

Class A-1: -1

Class A-2: -1

Class B: -2

Class C: -1

Series P XVIII-3: -2

Loss and Cash Flow Analysis:

Moody's applied a Monte Carlo simulation framework in Moody's
CDROM(TM) to model the loss distribution for TruPS CDOs. The
simulated defaults and recoveries for each of the Monte Carlo
scenarios defined the reference pool's loss distribution. Moody's
then used the loss distribution as an input in its CDOEdge(TM) cash
flow model. CDROM(TM) is available on www.moodys.com under Products
and Solutions -- Analytical models, upon receipt of a signed free
license agreement.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, and weighted average recovery rate,
are based on its methodology and could differ from the trustee's
reported numbers. In its base case, Moody's analyzed the underlying
collateral pool has having a performing par of $311.5 million,
defaulted and deferring par of $100.3 million, a weighted average
default probability of 9.07% (implying a WARF of 844), and a
weighted average recovery rate upon default of 10.0%.

In addition to the quantitative factors Moody's explicitly models,
qualitative factors are part of rating committee considerations.
Moody's considers the structural protections in the transaction,
the risk of an event of default, recent deal performance under
current market conditions, the legal environment and specific
documentation features. All information available to rating
committees, including macroeconomic forecasts, inputs from other
Moody's analytical groups, market factors, and judgments regarding
the nature and severity of credit stress on the transactions, can
influence the final rating decision.

The portfolio of this CDO contains mainly TruPS issued by small to
medium sized U.S. community banks and insurance companies that
Moody's does not rate publicly. To evaluate the credit quality of
bank TruPS that do not have public ratings, Moody's uses
RiskCalc(TM), an econometric model developed by Moody's Analytics,
to derive credit scores. Moody's evaluation of the credit risk of
most of the bank obligors in the pool relies on the latest FDIC
financial data. For insurance TruPS that do not have public
ratings, Moody's relies on the assessment of its Insurance team,
based on the credit analysis of the underlying insurance firms'
annual statutory financial reports.


PREFERRED TERM XXVI: Moody's Hikes Ratings on 2 Tranches to Caa2
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Preferred Term Securities XXVI, Ltd.:

US$530,250,000 Floating Rate Class A-1 Senior Notes Due September
22, 2037 (current balance of $312,781,067), Upgraded to Aa2 (sf);
previously on May 11, 2015 Upgraded to Aa3 (sf)

US$140,250,000 Floating Rate Class A-2 Senior Notes Due September
22, 2037 (current balance of $134,755,087), Upgraded to A1 (sf);
previously on May 11, 2015 Upgraded to A3 (sf)

US$59,900,000 Floating Rate Class B-1 Mezzanine Notes Due September
22, 2037 (current balance of $57,553,153), Upgraded to Ba1 (sf);
previously on May 11, 2015 Upgraded to Ba3 (sf)

US$37,500,000 Fixed/Floating Rate Class B-2 Mezzanine Notes Due
September 22, 2037 (current balance of $36,030,772), Upgraded to
Ba1 (sf); previously on May 11, 2015 Upgraded to Ba3 (sf)

US$71,500,000 Floating Rate Class C-1 Mezzanine Notes Due September
22, 2037 (current balance of $69,519,830), Upgraded to Caa2 (sf);
previously on May 11, 2015 Upgraded to Caa3 (sf)

US$39,500,000 Fixed/Floating Rate Class C-2 Mezzanine Notes Due
September 22, 2037 (current balance of $38,406,060), Upgraded to
Caa2 (sf); previously on May 11, 2015 Upgraded to Caa3 (sf)

Moody's also affirmed the rating on the following notes issued by
PreTSL Combination Series P XXVI Trust:

PreTSL US$500,000 Combination Series P XXVI-1 Certificates Due
September 22, 2037 (current rated balance of $340,775), Affirmed
Aa1 (sf); previously on May 11, 2015 Upgraded to Aa1 (sf)

Preferred Term Securities XXVI, Ltd., issued in June 2007, is a
collateralized debt obligation (CDO) backed mainly by a portfolio
of bank and insurance trust preferred securities (TruPS).

PreTSL US$500,000 Combination Series P XXVI-1 Certificates, a
combination security, was issued in June 2007 and comprises
US$250,000 of Class A-1 Notes and US$200,000 of Subordinate Income
Notes issued by Preferred Term Securities XXVI, Ltd., and
US$185,000 of a treasury strip.

RATINGS RATIONALE

The rating actions are primarily a result of the deleveraging of
the Class A-1 notes, an increase in the transaction's
over-collateralization (OC) ratios, the resumption of interest
payments of previously deferring assets, and the full repayment of
the Class C deferred interest balance since October 2016.

The Class A-1 notes have been paid down by approximately 5.5% or
$18.2 million since October 2016, using principal proceeds from the
redemption of the underlying assets and the diversion of excess
interest proceeds. Based on Moody's calculations, the OC ratios for
the Class A-1, Class A-2, Class B and Class C notes have improved
to 205.2%, 143.4%, 118.6% and 98.9%, respectively, from October
2016 levels of 196.9%, 139.4%, 115.9% and 96.4%, respectively. Two
previously deferring banks with a total par of $8.5 million have
resumed making interest payments on their TruPS.

Additionally, the deferred interest balance on the Class C notes
was paid in full in December 2016. Since then, the Class A-1, Class
A-2, Class B-1, Class B-2, Class C-1 and Class C-2 notes have been
receiving excess interest on a pro-rata basis due to Class C OC
failure (current trustee reported level of 98.9% compared to a test
level of 105.4%), and will continue to benefit from the diversion
of excess interest as long as the Class C OC test continues to
fail.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating TruPS CDOs," published in October 2016.

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

This transaction is subject to a number of factors and
circumstances that could lead to either an upgrade or downgrade of
the ratings, as described below:

1) Macroeconomic uncertainty: TruPS CDOs performance could be
negatively affected by uncertainty about credit conditions in the
general economy. Moody's has a stable outlook on the US banking
sector. Moody's maintains its stable outlook on the US insurance
sector.

2) Portfolio credit risk: Credit performance of the assets
collateralizing the transaction that is better than Moody's current
expectations could have a positive impact on the transaction's
performance. Conversely, asset credit performance weaker than
Moody's current expectations could have adverse consequences on the
transaction's performance.

3) Deleveraging: One source of uncertainty in this transaction is
whether deleveraging from unscheduled principal proceeds and excess
interest proceeds will continue and at what pace. Note repayments
that are faster than Moody's current expectations could have a
positive impact on the notes' ratings, beginning with the notes
with the highest payment priority.

4) Exposure to non-publicly rated assets: The deal contains a large
number of securities whose default probability Moody's assesses
through credit scores derived using RiskCalc(TM) or credit
estimates. Because these are not public ratings, they are subject
to additional uncertainties.

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

Assuming a two-notch upgrade to assets with below-investment grade
ratings or rating estimates (WARF of 651)

Class A-1: +1

Class A-2: +1

Class B-1: +3

Class B-2: +3

Class C-1: +3

Class C-2: +3

Series P XXVI-1: 0

Assuming a two-notch downgrade to assets with below-investment
grade ratings or rating estimates (WARF of 1657)

Class A-1: -1

Class A-2: -2

Class B-1: -2

Class B-2: -2

Class C-1: -2

Class C-2: -2

Series P XXVI-1: -1

Loss and Cash Flow Analysis:

Moody's applied a Monte Carlo simulation framework in Moody's
CDROM(TM) to model the loss distribution for TruPS CDOs. The
simulated defaults and recoveries for each of the Monte Carlo
scenarios defined the reference pool's loss distribution. Moody's
then used the loss distribution as an input in its CDOEdge(TM) cash
flow model. CDROM(TM) is available on www.moodys.com under Products
and Solutions -- Analytical models, upon receipt of a signed free
license agreement.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, and weighted average recovery rate,
are based on its methodology and could differ from the trustee's
reported numbers. In its base case, Moody's analyzed the underlying
collateral pool has having a performing par of $641.8 million,
defaulted par of $143.0 million, a weighted average default
probability of 11.18% (implying a WARF of 1030), and a weighted
average recovery rate upon default of 10.0%.

In addition to the quantitative factors Moody's explicitly models,
qualitative factors are part of rating committee considerations.
Moody's considers the structural protections in the transaction,
the risk of an event of default, recent deal performance under
current market conditions, the legal environment and specific
documentation features. All information available to rating
committees, including macroeconomic forecasts, inputs from other
Moody's analytical groups, market factors, and judgments regarding
the nature and severity of credit stress on the transactions, can
influence the final rating decision.

The portfolio of this CDO contains mainly TruPS issued by small to
medium sized U.S. community banks and insurance companies that
Moody's does not rate publicly. To evaluate the credit quality of
bank TruPS that do not have public ratings, Moody's uses
RiskCalc(TM), an econometric model developed by Moody's Analytics,
to derive credit scores. Moody's evaluation of the credit risk of
most of the bank obligors in the pool relies on the latest FDIC
financial data. For insurance TruPS that do not have public
ratings, Moody's relies on the assessment of its Insurance team,
based on the credit analysis of the underlying insurance firms'
annual statutory financial reports.


RBSCF TRUST 2009-RR1: Moody's Affirms Ba1 Rating on JPMCC-A3 Certs
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on the following
certificates issued by RBSCF Trust 2009-RR1:

Cl. JPMCC-A, Affirmed Baa2 (sf); previously on Oct 28, 2016
Affirmed Baa2 (sf)

Cl. JPMCC-A1*, Affirmed A2 (sf); previously on Oct 28, 2016
Affirmed A2 (sf)

Cl. JPMCC-A2*, Affirmed A2 (sf); previously on Oct 28, 2016
Affirmed A2 (sf)

Cl. JPMCC-A3*, Affirmed Ba1 (sf); previously on Oct 28, 2016
Affirmed Ba1 (sf)

Cl. JPMCC-A4*, Affirmed A2 (sf); previously on Oct 28, 2016
Affirmed A2 (sf)

Cl. JPMCC-A5*, Affirmed Baa3 (sf); previously on Oct 28, 2016
Affirmed Baa3 (sf)

The Class JPMCC-A, Class JPMCC-A1*, Class JPMCC-A2*, Class
JPMCC-A3*, Class JPMCC-A4*, Class JPMCC-A5* are referred to herein
as the "Rated Certificates".

*Exchangeable certificates

RATINGS RATIONALE

Moody's has affirmed the ratings on the transaction because the key
transaction metrics are commensurate with the existing rating. The
rating action is the result of Moody's on-going surveillance of
commercial real estate resecuritization (CRE Non-Pooled Re-Remic)
transactions.

RBSCF 2009-RR1 is a non-pooled Re-Remic pass through trust
("resecuritization") initially backed by two ring-fenced commercial
mortgage backed security (CMBS) certificates: 25.7% of the Class
A-3 issued by Credit Suisse Commercial Mortgage Trust Series
2007-C4 Commercial Mortgage Pass-Through Certificates, Series
2007-C4 (the "Underlying CSMC Securities"); and 15.6% of the Class
A-4 issued by J.P. Morgan Chase Commercial Mortgage Securities
Trust 2008-C2 Commercial Mortgage Pass-Through Certificates, Series
2008-C2 (the "Underlying JPMCC Securities"). Both the Group CSMC
certificates and the Group JPMCC certificates are backed by
fixed-rate mortgage loans secured by first liens on commercial and
multifamily properties.

This rating action only covers the Group JPMCC Certificates only.

Moody's has affirmed the rating of the Underlying JPMCC Securities.
The rating action reflected a cumulative base expected loss of 12
.2% of the current balance, compared to 12.5% as of the last review
for the underlying transaction.

The Underlying CSMC Securities have fully amortized.

Updates to key parameters, including the constant default rate
(CDR), the constant prepayment rate (CPR), the weighted average
life (WAL), and the weighted average recovery rate (WARR),
materially reduced the expected loss estimate of certain
re-securitized classes leading to the upgrade.

The Underlying Certificate has a WAL of 0.2 years; assuming a CDR
of 0% and CPR of 0%. For delinquent loans (30+ days, REO,
foreclosure, bankrupt), Moody's assumes a fixed WARR of 40% and a
fixed WARR of 50% for current loans. Moody's also ran a sensitivity
analysis on the classes assuming a WARR of 40% for current loans.
This impacts the modeled ratings of the certificates by 0 to 1
notches downward (e.g., one notch down implies a ratings movement
of Baa3 to Ba1).

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating Resecuritizations" published in February 2014.

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

The performance of the certificates are subject to uncertainty,
because they are 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
Certificates.

Because the credit quality of the resecuritization depends on that
of the underlying CMBS certificates, whose credit quality in turn
depends on the performance of the underlying commercial mortgage
pool, any change to the rating on the Underlying Certificates could
lead to a review of the ratings of the certificates.

Primary sources of assumption uncertainty are the extent of growth
in the current macroeconomic environment. Commercial real estate
property values are continuing to move in a positive direction
along with a rise in investment activity and stabilization in core
property type performance. Limited new construction, moderate job
growth and the decreased cost of debt and equity capital have aided
this improvement.


REALT 2017: Fitch to Rate Class G Certificates 'Bsf'
----------------------------------------------------
Fitch Ratings expects to rate the following classes of Real Estate
Asset Liquidity Trust (REAL-T) commercial mortgage pass-through
certificates series 2017:

-- $114,961,000 class A-1 'AAAsf'; Outlook Stable;
-- $233,834,000 class A-2 'AAAsf'; Outlook Stable;
-- $12,203,000 class B 'AAsf'; Outlook Stable;
-- $12,203,000 class C 'Asf'; Outlook Stable;
-- $3,718,000 class D-1 'BBBsf'; Outlook Stable;
-- $8,993,000bc class D-2 'BBBsf'; Outlook Stable;
-- $4,068,000bc class E 'BBB-sf'; Outlook Stable;
-- $4,068,000bc class F 'BBsf'; Outlook Stable;
-- $4,576,000bc class G 'Bsf'; Outlook Stable.

All currencies are in Canadian dollars (CAD).

The following classes are not expected to be rated:

-- $373,201,000a class X;
-- $8,134,444bc class H.

(a) Notional amount and interest only.
(b) Privately placed and pursuant to Rule 144A.
(c) Horizontal credit risk retention interest.

HRR Interest - The amount of the HRR Interest is expected to
represent 7.34% ($29,839,444) of the pool balance but may be larger
or smaller if necessary to satisfy U.S. risk retention requirements
at closing.

The expected ratings are based on information provided by the
issuer as of Oct. 17, 2017.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 71 loans secured by 111
commercial properties having an aggregate principal balance of
$406,758,444 as of the cut-off date. The loans will be sold to
REAL-T by Royal Bank of Canada on the closing date, which is
expected to be Oct. 31, 2017.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 67.2% of the properties
by balance, cash flow analysis of 96.8%, and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

High Fitch Leverage: The transaction has higher leverage than other
recent Fitch-rated Canadian multiborrower deals. The pool's Fitch
DSCR of 1.11x is below both the 2016 and 2015 Canadian averages of
1.15x and 1.18x, respectively. The pool's Fitch LTV of 109.4% is
above both the 2016 and 2015 averages of 106.0% and 102.6%,
respectively.

Favorable Property Type Concentrations: While the pool's largest
property type concentration is retail at 29.5% (split between
anchored shopping centers at 20.9% and unanchored shopping centers
at 8.6%), the pool's second largest property type is multifamily at
27.2%, which is significantly greater than the 2016 and 2015
averages for Canadian multiborrower transactions of 13.8% and
10.6%, respectively. In Fitch's multiborrower model, multifamily
properties have a below-average likelihood of default, all else
equal. Additionally, the pool does not contain any loans backed by
hotel properties, which demonstrate more performance volatility
and, therefore, have higher default probabilities.

Canadian Loan Attributes and Historical Performance: The ratings
reflect strong historical Canadian commercial real estate loan
performance, including a low delinquency rate and low historical
losses of less than 0.1%, as well as positive loan attributes, such
as short amortization schedules, recourse to the borrower and
additional guarantors. For more information on prior Canadian CMBS
securitizations, see "Canadian CMBS Default and Loss Study," dated
Oct. 10, 2013 and available at www.fitchratings.com.

Favorable Geographic Concentration: Properties in Ontario represent
57.1% of the pool, which reflects a higher concentration than
previous Canadian deals. Ontario is the country's most populous
province and accounts for approximately 40% of the country's
population and GDP. The properties are spread throughout the
province as the top 10 loans include collateral located in Thunder
Bay, Barrie, Windsor, London, and Keswick. Other significant
province concentrations include Saskatchewan (20.8% of the pool)
and British Columbia (9.5%). Three loans accounting for 1.7% of the
pool are located in the more energy-dependent province of Alberta.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 17.2% below
the most recent year's net operating income (NOI) for properties
for which a full-year NOI was provided, excluding properties that
were stabilizing during this period). Unanticipated further
declines in property-level NCF could result in higher defaults and
loss severities on defaulted loans and in potential rating actions
on the certificates.

Fitch evaluated the sensitivity of the ratings assigned to REAL-T
2017 certificates and found that the transaction displays average
sensitivities to further declines in NCF. In a scenario in which
NCF declined a further 20% from Fitch's NCF, a downgrade of the
junior 'AAAsf' certificates to 'A+sf' could result. In a more
severe scenario, in which NCF declined a further 30% from Fitch's
NCF, a downgrade of the junior 'AAAsf' certificates to 'BBB+sf'
could result.


RECETTE CLO: Moody's Hikes Class F Notes Rating to B2
-----------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
following notes (the "Refinancing Notes") issued by Recette CLO,
Ltd.:

US$325,000,000 Class A-R Senior Secured Floating Rate Notes Due
2027 (the "Class A-R Notes"), Assigned Aaa (sf)

US$55,000,000 Class B-R Senior Secured Floating Rate Notes Due 2027
(the "Class B-R Notes"), Assigned Aa1 (sf)

US$27,500,000 Class C-R Deferrable Mezzanine Secured Floating Rate
Notes Due 2027 (the "Class C-R Notes"), Assigned A1 (sf)

US$27,500,000 Class D-R Deferrable Mezzanine Secured Floating Rate
Notes Due 2027 (the "Class D-R Notes"), Assigned Baa2 (sf)

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

US$25,000,000 Class E Deferrable Junior Secured Floating Rate Notes
Due 2027 (the "Class E Notes"), Upgraded to Ba2 (sf); previously on
September 16, 2015 Assigned Ba3 (sf)

US$10,000,000 Class F Deferrable Junior Secured Floating Rate Notes
Due 2027 (the "Class F Notes"), Upgraded to B2 (sf); previously on
September 16, 2015 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, broadly syndicated corporate loans.

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

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

Methodology Underlying the Rating Action:

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

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

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

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

2) Collateral Manager: Performance can also be affected positively
or negatively by a) the Manager's investment strategy and behavior
and b) differences in the legal interpretation of CLO documentation
by the Manager or other transaction parties owing to embedded
ambiguities.

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

4) Deleveraging: During the amortization period, the pace of
deleveraging from unscheduled principal proceeds is an important
source of uncertainty. Deleveraging of the CLO could accelerate
owing to high prepayment levels in the loan market and/or
collateral sales by the Manager, which could have a significant
impact on the ratings. Note repayments that are faster than Moody's
current expectations will usually have a positive impact on CLO
notes, beginning with those notes having the highest payment
priority.

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

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

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

Moody's Assumed WARF - 20% (2271)

Class A-R: 0

Class B-R: 0

Class C-R: +2

Class D-R: +3

Class E: +2

Class F: +2

Moody's Assumed WARF + 20% (3407)

Class A-R: 0

Class B-R: -2

Class C-R: -3

Class D-R: -2

Class E: -1

Class F: -1

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in "Moody's Global
Approach to Rating Collateralized Loan Obligations."

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

Performing par and principal proceeds balance: $500,000,000

Diversity Score: 82

Weighted Average Rating Factor (WARF): 2839 (corresponding to a
weighted average default probability of 23.66%)

Weighted Average Spread (WAS): 3.32%

Weighted Average Recovery Rate (WARR): 49.0%

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


RESIDENTIAL REINSURANCE 2017-II: S&P Rates Class 3 Notes '(P)B-'
----------------------------------------------------------------
S&P Global Ratings said it has assigned a preliminary rating of
'B-(sf)' to the Series 2017-II Class 3 notes to be issued by
Residential Reinsurance 2017 Ltd. (Res Re 2017). The notes cover
losses in all 50 states and the District of Columbia from tropical
cyclones (including flood coverage for renters' policies),
earthquake (including fire following and flood coverage for
renters' policies), severe thunderstorm, winter storm, wildfire,
volcanic eruption, meteorite impact, and other perils on a
per-occurrence basis.

The ratings are based on the lowest of the natural-catastrophe
(nat-cat) risk factor ('b-'), the rating on the assets in the
Regulation 114 trust account ('AAAm'), and the rating on the ceding
insurer, various operating companies in the United Services
Automobile Association group (all currently rated AA+/Stable/--).

The base-case one-year probability of attachment, expected loss,
and probability of exhaustion are 4.04%, 2.84%, and 2.06%,
respectively. Using the warm-sea surface temperature results, these
percentages are 4.61%, 3.24%, and 2.33%, respectively.
Additionally, this issuance has a variable reset. Beginning with
the initial reset in June 2018, the attachment probability and
expected loss can be reset to maximum of 5.54% and 3.34%,
respectively. This maximum attachment probability was used as the
baseline to determine the nat-cat risk factor for the remaining
risk periods.

Based on AIR's analysis, on a historical basis, there would be 61%
principal reduction to Class 3 from the 1938 Great New England
hurricane.

RATINGS LIST

  New Rating
  Residential Reinsurance 2017 Ltd.
   Series 2017-II Class 3 notes                 B-(sf)(Prelim)


RR LTD 2: S&P Assigns BB-(sf) Rating on $18.9MM Class D Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to RR 2 Ltd./RR 2 LM LLC's
$432.45 million floating-rate notes.

The note issuance is a collateralized loan obligation transaction
backed by broadly syndicated speculative-grade senior secured term
loans. Since S&P issued preliminary ratings on Sept. 7, 2017, the
co-issuer name has changed to RR 2 LM LLC from RR 2 LLC.

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

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

  RATINGS ASSIGNED

  RR 2 Ltd./RR 2 LM LLC

  Class                   Rating            Amount
                                          (mil. $)
  A-1a                    AAA (sf)         277.000
  A-1b                    NR                20.305
  A-2                     AA (sf)           61.000
  B                       A (sf)            41.900
  C                       BBB- (sf)         33.650
  D                       BB- (sf)          18.900
  Subordinated notes      NR                48.825

  NR--Not rated.


SHACKLETON CLO 2015-VIII: S&P Gives BB(sf) Rating on Cl. E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 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. S&P withdrew its
ratings on the original class A-1, A-2, B, C, D, and E notes
following payment in full on the Oct. 20, 2017, refinancing date.
At the same time, S&P affirmed its rating on the class F notes.

On the Oct. 20, 2017, refinancing date, the proceeds from the
replacement note issuances were used to redeem the original class
A-1, A-2, B, C, D, and E notes as outlined in the transaction
document provisions. Therefore, S&P withdrew its ratings on the
original notes in line with their full redemption, and S&P is
assigning ratings to the replacement notes.

The replacement notes are being issued via a supplemental
indenture, which, in addition to outlining the terms of the
replacement notes, will also include an extension of the weighted
average life test to 9.67 years from 8.00 years. There is no
proposed change to the reinvestment period duration, which ends in
October 2019, or the notes' legal final maturity date, set for
October 2027.

The affirmed rating on the class F notes reflects S&P's opinion
that the credit support available is commensurate with the current
rating level.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the trustee report, to estimate future performance. In line with
our criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults, and
recoveries upon default, under various interest rate and
macroeconomic scenarios. In addition, our analysis considered the
transaction's ability to pay timely interest or ultimate principal,
or both, to each of the rated tranches.

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

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

  RATINGS ASSIGNED

  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

  RATING AFFIRMED

  Shackleton 2015-VIII CLO Ltd.
  Class          Rating F              B (sf)

  RATINGS WITHDRAWN

  Shackleton 2015-VIII CLO Ltd.
                             Rating
  Original class       To              From
  A-1                  NR              AAA (sf)
  A-2                  NR              AAA (sf)
  B                    NR              AA (sf)
  C                    NR              A (sf)
  D                    NR              BBB (sf)
  E                    NR              BB (sf)

  NR--Not rated.


STACR 2017-HQA3: Moody's Assigns Caa1 Ratings to 5 Tranches
-----------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
nineteen classes of notes on STACR 2017-HQA3, a securitization
designed to provide credit protection to the Federal Home Loan
Mortgage Corporation (Freddie Mac) against the performance of
approximately $21.6 billion reference pool of mortgages. All of the
Notes in the transaction are direct, unsecured obligations of
Freddie Mac and as such investors are exposed to the credit risk of
Freddie Mac (currently Aaa Stable).

The complete rating action is:

Issuer: Structured Agency Credit Risk (STACR) Debt Notes, Series
2017-HQA3

$120.0 million of Class M-1 notes, Definitive Rating Assigned Baa3
(sf)

$202.5 million of Class M-2A notes, Definitive Rating Assigned Ba3
(sf)

$202.5 million of Class M-2B notes, Definitive Rating Assigned
Caa1 (sf)

The Class M-2A and Class M-2B noteholders can exchange their notes
for:

$405.0 million of Class M-2 exchangeable notes, Definitive Rating
Assigned B2 (sf)

The Class M-2 noteholders can exchange their notes for the
following notes:

$405.0million of Class M-2R exchangeable notes, Definitive Rating
Assigned B2 (sf)

$405.0 million of Class M-2S exchangeable notes, Definitive Rating
Assigned B2 (sf)

$405.0 million of Class M-2T exchangeable notes, Definitive Rating
Assigned B2 (sf)

$405.0 million of Class M-2U exchangeable notes, Definitive Rating
Assigned B2 (sf)

$405.0 million of Class M-2I exchangeable notes, Definitive Rating
Assigned B2 (sf)

The Class M-2A noteholders can exchange their notes for the
following notes:

$202.5 million of Class M-2AR exchangeable notes, Definitive
Rating Assigned Ba3 (sf)

$202.5 million of Class M-2AS exchangeable notes, Definitive
Rating Assigned Ba3 (sf)

$202.5 million of Class M-2AT exchangeable notes, Definitive
Rating Assigned Ba3 (sf)

$202.5 million of Class M-2AU exchangeable notes, Definitive
Rating Assigned Ba3 (sf)

$202.5 million of Class M-2AI exchangeable notes, Definitive
Rating Assigned Ba3 (sf)

The Class M-2B noteholders can exchange their notes for the
following notes:

$202.5 million of Class M-2BR exchangeable notes, Definitive
Rating Assigned Caa1 (sf)

$202.5 million of Class M-2BS exchangeable notes, Definitive
Rating Assigned Caa1 (sf)

$202.5 million of Class M-2BT exchangeable notes, Definitive
Rating Assigned Caa1 (sf)

$202.5 million of Class M-2BU exchangeable notes, Definitive
Rating Assigned Caa1 (sf)

$202.5 million of Class M-2BI exchangeable notes, Definitive
Rating Assigned Caa1 (sf)

STACR 2017-HQA3 is the ninth transaction in the HQA series issued
by Freddie Mac. Similar to STACR 2017-HQA1, STACR 2017-HQA3's note
write-downs are determined by actual realized losses and
modification losses on the loans in the reference pool, and are not
tied to a pre-set tiered severity schedule. In addition, the
interest amount paid to the notes can be reduced by the amount of
modification loss incurred on the mortgage loans. STACR 2017-HQA3
is also the nineteenth transaction in the STACR series (including
STACR-DNA) to have a legal final maturity of 12.5 years, as
compared to 10 years in STACR-DN and STACR-HQ securitizations.
Unlike typical RMBS transactions, STACR 2017-HQA3 note holders are
not entitled to receive any cash from the mortgage loans in the
reference pool. Instead, the timing and amount of principal and
interest that Freddie Mac is obligated to pay on the notes are
linked to the performance of the mortgage loans in the reference
pool. Each of the mortgages in the reference pool had a
loan-to-value (LTV) ratio at origination that was greater than 80%
and equal to or less than 97%.

Moody's rating on the transaction is based on both quantitative and
qualitative analyses. This included a quantitative evaluation of
the credit quality of the reference pool and the impact of the
structural mechanisms on credit enhancement, as well as qualitative
assessments regarding the operational strength of Freddie Mac to
oversee its sellers and servicers.

Moody's base-case expected loss on for the reference pool is 1.40%
and is expected to reach 13.00% at a stress level consistent with a
Aaa rating.

Moody's didn't adjust the loss levels for hurricane exposure
because Freddie Mac has excluded from the reference pool of all
mortgage loans that were located in one of the 98 counties that the
Federal Emergency Management Agency (FEMA) designated as major
disaster areas and in which FEMA has authorized individual
assistance to assist homeowners as a result of Hurricane Harvey or
Hurricane Irma as of September 19, 2017 and will remove loans from
the pool if the related mortgaged property is located within a
county declared by FEMA at any time from and after September 20,
2017 and through and including November 2, 2017, to be a major
disaster area and in which FEMA has authorized individual
assistance to homeowners in such a county as a result of Hurricane
Harvey or Hurricane Irma.

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

The Notes

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

The M-2A and M-2B notes are adjustable rate P&I notes with an
interest rate that adjusts relative to LIBOR. The holders of the
M-2A and M-2B notes can exchange those notes for the M-2
exchangeable notes. M-2 notes can also be exchanged for M-2R, M-2S,
M-2T, M-2U and M-2I exchangeable notes. The M-2I exchangeable notes
are fixed rate interest only notes that have a notional balance
that equals the M-2 note balance. The M-2R, M-2S, M-2T and M-2U
notes are adjustable rate P&I notes that have a balance that equals
the M-2 note balance and an interest rate that adjusts relative to
LIBOR.

The M-2A notes are adjustable rate P&I notes with an interest rate
that adjusts relative to LIBOR. The holders of the M-2A notes can
exchange those notes for M-2AR, M-2AS, M-2AT, M-2AU and M-2AI
exchangeable notes. The M-2AI exchangeable notes are fixed rate
interest only notes that have a notional balance that equals the
M-2A note balance. The M-2AR, M-2AS, M-2AT and M-2AU notes are
adjustable rate P&I notes that have a balance that equals the M-2A
note balance and an interest rate that adjusts relative to LIBOR.

The M-2B notes are adjustable rate P&I notes with an interest rate
that adjusts relative to LIBOR. The holders of the M-2B notes can
exchange those notes for M-2BR, M-2BS, M-2BT, M-2BU and M-2BI
exchangeable notes. The M-2BI exchangeable notes are fixed rate
interest only notes that have a notional balance that equals the
M-2B note balance. The M-2BR, M-2BS, M-2BT and M-2BU notes are
adjustable rate P&I notes that have a balance that equals the M-2B
note balance and an interest rate that adjusts relative to LIBOR.

The B-1 note is adjustable rate P&I note with an interest rate that
adjusts relative to LIBOR.

In the event the ICE Benchmark Administration Limited (ICE) ceases
to set or publish a rate for LIBOR, Freddie Mac will select an
alternative index. If, prior to the time that ICE may cease to set
or publish a rate for LIBOR, a new industry standard index is
adopted, Freddie Mac may elect, in its sole discretion, to use such
standard index in lieu of LIBOR.

Freddie Mac will only make principal payments on the notes based on
the scheduled and unscheduled principal payments that are actually
collected on the reference pool mortgages. Losses on the notes
occur as a result of credit events and modifications, and are
determined by actual realized and modification losses on loans in
the reference pool, and not tied to a pre-set loss severity
schedule. Freddie Mac is obligated to retire the notes in April
2030 if balances remain outstanding.

Credit events in STACR 2017-HQA3 occur when a short sale is
settled, when a seriously delinquent mortgage note is sold prior to
foreclosure, when the mortgaged property that secured the related
mortgage note is sold to a third party at a foreclosure sale, when
an REO disposition occurs, or when the related mortgage note is
charged-off. This differs from STACR-DN and STACR-HQ
securitizations, where credit events occur as early as when a
reference obligation is 180 or more days delinquent.

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

As part of its analysis, Moody's considered historic Freddie Mac
performance and severity data, the eligibility criteria of loans in
the reference pool, and the high credit quality of the underlying
collateral. The reference pool consists of loans that Freddie Mac
acquired between December 1, 2016 and March 31, 2017, and have no
previous 30-day delinquencies since purchase. The loans in the
reference pool are to strong borrowers, as the weighted average
credit score of 747 indicates. The weighted average CLTV of 91.8%
is far higher than that of recent private label prime jumbo deals,
which typically have CLTVs in the high 60's range, but is similar
to the weighted average CLTV of other STACR-HQA and STACR-HQ
transactions. 99.8% of loans in the pool were covered by mortgage
insurance at origination with 81.3% covered by borrower provided
mortgage insurance (BPMI) and 18.5% covered by lender provided
mortgage insurance (LPMI). Freddie Mac will backstop the mortgage
insurance in this transaction.

Structural considerations

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

For modification losses, Moody's has taken into consideration the
level of rate modifications based on the projected defaults, the
weighted average coupon of the reference pool (4.06%), and compared
that with the available credit enhancement on the notes, the coupon
and the accrued interest amount of the most junior bonds. Class
B-2H reference tranche represents 0.50% of the pool. In Moody's
analysis, Moody's considered the coupon on the Class B-2H of one
month libor +13.00% which Moody's believes is sufficient to absorb
the modification losses before the notes are written down.

The ratings are linked to Freddie Mac's rating. As an unsecured
general obligation of Freddie Mac, the rating on the notes will be
capped by the rating of Freddie Mac, which Moody's currently rates
Aaa (stable).

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

Collateral Analysis

The reference pool consists of 88,375 loans that meet specific
eligibility criteria, which limits the pool to first lien, fixed
rate, fully amortizing loans with 220-359 month terms and original
LTV ratios that range between 80% and equal to or less than 97% on
one to four unit properties. The credit positive aspects of the
pool include borrower, loan and geographic diversification, and a
high weighted average FICO of 747. There are no interest-only (IO)
loans in the reference pool and all of the loans are underwritten
to full documentation standards.

Methodology

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

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

Moody's made loan-level adjustments to loss severities to account
for the presence of mortgage insurance backed by Freddie Mac. For
loans with LPMI, Moody's reduced loss severities by the mortgage
insurance coverage percentage. For loans with BPMI, Moody's reduced
loss severities by only a fraction of the mortgage insurance
coverage percentage because BPMI can be cancelled in certain
situations such as when the LTV ratio (based on the original sales
price or appraisal value) falls below 80%. To determine the
appropriate coverage haircut for each loan with BPMI, Moody's
estimated the percentage of each loan's life that mortgage
insurance would likely be in effect. Given that Freddie Mac (Aaa
stable) is backing the mortgage insurance in this transaction,
Moody's did not adjust the mortgage insurance benefit to account
for the risk of a mortgage insurer bankruptcy.

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

Reps and Warranties

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

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

Up

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

Down

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


THL CREDIT 2013-2: S&P Assigns BB-(sf) Rating on Class E-2-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R, B-R, C-R,
D-R, E-1-R, and E-2-R replacement notes from THL Credit Wind River
2013-2 CLO Ltd., a collateralized loan obligation (CLO) originally
issued in 2013 that is managed by THL Credit Advisors LLC. S&P
withdrew its ratings on the original class A-1, A-2a, A-2b, A-3,
B-1, B-2, C, D, E, and F notes following payment in full on the
Oct. 18, 2017, refinancing date.

On the Oct. 18, 2017, refinancing date, the proceeds from the class
A-R, B-R, C-R, D-R, E-1-R, and E-2-R replacement note issuances
were used to redeem the original class A-1, A-2a, A-2b, A-3, B-1,
B-2, C, D, E, and F notes as outlined in the transaction document
provisions. Therefore, S&P withdrew its ratings on the original
notes in line with their full redemption, and we assigned ratings
to the replacement notes.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the trustee report, to estimate future performance. In line with
our criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults, and
recoveries upon default, under various interest rate and
macroeconomic scenarios. In addition, our analysis considered the
transaction's ability to pay timely interest or ultimate principal,
or both, to each of the rated tranches.

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

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

  RATINGS ASSIGNED

  THL Credit Wind River 2013-2 CLO Ltd.

  Replacement class         Rating      Amount (mil. $)
  A-R                       AAA (sf)        320.00
  B-R                       AA (sf)          53.75
  C-R (deferrable)          A (sf)           38.75
  D-R (deferrable)          BBB- (sf)        27.50
  E-1-R (deferrable)        BB- (sf)         15.00
  E-2-R (deferrable)        BB- (sf)          5.00

  RATINGS WITHDRAWN

  THL Credit Wind River 2013-2 CLO Ltd.
                            Rating
  Original class       To           From
  A-1                  NR           AAA (sf)
  A-2a                 NR           AAA (sf)
  A-2b                 NR           AAA (sf)
  A-3                  NR           AAA (sf)
  B-1                  NR           AA+ (sf)
  B-2                  NR           AA+ (sf)
  C                    NR           A+ (sf)
  D                    NR           BBB+ (sf)
  E                    NR           BB (sf)
  F                    NR           B (sf)

  NR--Not rated.


THL CREDIT 2015-2: Moody's Assigns Ba3 Rating to Class E-R Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
following notes (the "Refinancing Notes") issued by THL Credit Wind
River 2015-2 CLO Ltd.:

US$230,400,000 Class A-1-R Senior Secured Floating Rate Notes due
2027 (the "Class A-1-R Notes"), Assigned Aaa (sf)

US$47,350,000 Class A-2-R Senior Secured Floating Rate Notes due
2027 (the "Class A-2-R Notes"), Assigned Aaa (sf)

US$52,250,000 Class B-R Senior Secured Floating Rate Notes due 2027
(the "Class B-R Notes"), Assigned Aa2 (sf)

US$26,750,000 Class C-R Secured Deferrable Floating Rate Notes due
2027 (the "Class C-R Notes"), Assigned A2 (sf)

US$23,000,000 Class D-R Secured Deferrable Floating Rate Notes due
2027 (the "Class D-R Notes"), Assigned Baa3 (sf)

US$20,500,000 Class E-R Secured Deferrable Floating Rate Notes due
2027 (the "Class E-R Notes"), Assigned Ba3 (sf)

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

THL Credit Senior Loan Strategies LLC (the "Manager") manages the
CLO. It directs the selection, acquisition, and disposition of
collateral on behalf of the Issuer.

RATINGS RATIONALE

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

The Issuer has issued the Refinancing Notes on October 24, 2017
(the "Refinancing Date") in connection with the refinancing of
certain classes of notes (the "Refinanced Original Notes")
previously issued on October 15, 2015, the Original Closing Date.
On the Refinancing Date, the Issuer used the proceeds from the
issuance of the Refinancing Notes to redeem in full the Refinanced
Original Notes.

Methodology Used for the Rating Action:

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

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

The performance of each class of the Issuer's notes is subject to
uncertainty relating to certain factors and circumstances, and this
uncertainty could lead Moody's to change its ratings:

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

2) Collateral Manager: Performance can also be affected positively
or negatively by a) the Manager's investment strategy and behavior
and b) differences in the legal interpretation of CLO documentation
by the Manager or other transaction parties owing to embedded
ambiguities.

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

4) Deleveraging: During the amortization period, the pace of
deleveraging from unscheduled principal proceeds is an important
source of uncertainty. Deleveraging of the CLO could accelerate
owing to high prepayment levels in the loan market and/or
collateral sales by the Manager, which could have a significant
impact on the ratings. Note repayments that are faster than Moody's
current expectations will usually have a positive impact on CLO
notes, beginning with those notes having the highest payment
priority.

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

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

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

Moody's Assumed WARF - 20% (2593)

Class A-1-R: 0

Class A-2-R: 0

Class B-R: +1

Class C-R: +2

Class D-R: +3

Class E-R: +1

Moody's Assumed WARF + 20% (3889)

Class A-1-R: 0

Class A-2-R: 0

Class B-R: -3

Class C-R: -3

Class D-R: -1

Class E-R: -2

Loss and Cash Flow Analysis

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in "Moody's Global
Approach to Rating Collateralized Loan Obligations."

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

Performing par and principal proceeds balance: $435,000,000

Defaulted par: $0

Diversity Score: 65

Weighted Average Rating Factor (WARF): 3241 (corresponding to a
weighted average default probability of 27.09%)

Weighted Average Spread (WAS): 3.77%

Weighted Average Recovery Rate (WARR): 48.83%

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


TRALEE CLO III: Moody's Assigns Ba3 Rating to Class E-R Notes
-------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by Tralee CLO III, Ltd.

Moody's rating actions are:

US$278,000,000 Class A-R Senior Secured Floating Rate Notes Due
2027 (the "Class A-R Notes"), Assigned Aaa (sf)

US$64,000,000 Class B-RR Senior Secured Floating Rate Notes Due
2027 (the "Class B-RR Notes"), Assigned Aa1 (sf)

US$29,000,000 Class C-RR Secured Deferrable Floating Rate Notes Due
2027 (the "Class C-RR Notes"), Assigned A2 (sf)

US$24,000,000 Class D-R Secured Deferrable Floating Rate Notes Due
2027 (the "Class D-R Notes"), Assigned Baa3 (sf)

US$19,750,000 Class E-R Secured Deferrable Floating Rate Notes Due
2027 (the "Class E-R Notes"), Assigned Ba3 (sf)

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

RATINGS RATIONALE

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

The Issuer issued the Refinancing Notes on October 20, 2017 (the
"Refinancing Date") in connection with 1) the refinancing of the
Class A-1-R, Class B-R, Class C-R and Class D-2-R of secured notes
(the "Existing Notes"), previously issued on November 18, 2016 (the
"Amendment Date") and 2) the refinancing of the Class A-2, Class
D-1 and Class E secured notes (the "Original Notes"), previously
issued on August 7, 2014 (the "Original Closing Date"). Proceeds
from the issuance of the Refinancing Notes, redeemed in full the
Existing Notes and Original Notes. On the Original Closing Date,
the Issuer also issued one class of subordinated notes that will
remain outstanding.

In addition to the issuance of the Refinancing Notes, a variety of
other changes to transaction features occurred in connection with
the refinancing. These changes include: extensions of the
reinvestment period, stated maturity and non-call period; changes
to certain portfolio quality tests; changes to the minimum
diversity score/maximum rating/minimum spread matrix; and a variety
of other changes to transaction features.

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. At least 90%
of the portfolio must consist of senior secured loans and eligible
investments, and up to 10% of the portfolio may consist of second
lien loans and unsecured loans.

Par-Four Investment Management, LLC (the "Manager") manages the
CLO. It directs the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
two-year reinvestment period. Thereafter, unscheduled principal
payments and sale proceeds of credit risk assets may be used to
purchase additional collateral obligations, subject to certain
conditions.

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017.

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: $450,000,000

Defaulted par: $0

Diversity Score: 58

Weighted Average Rating Factor (WARF): 2900

Weighted Average Spread (WAS): 3.95%

Weighted Average Recovery Rate (WARR): 48.5%

Weighted Average Life (WAL): 6 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 rating 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 2900 to 3335)

Rating Impact in Rating Notches

Class A-R Notes: 0

Class B-RR Notes: -2

Class C-RR Notes: -1

Class D-R Notes: -1

Class E-R Notes: 0

Percentage Change in WARF -- increase of 30% (from 2900 to 3770)

Rating Impact in Rating Notches

Class A-R Notes: 0

Class B-RR Notes: -3

Class C-RR Notes: -3

Class D-R Notes: -1

Class E-R Notes: -1


UBS COMMERCIAL 2017-C4: Fitch Assigns B-sf Rating to Class F Certs
------------------------------------------------------------------
Fitch Ratings has assigned the following ratings and Ratings
Outlooks to UBS Commercial Mortgage Trust 2017-C4 Commercial
Mortgage Pass-Through Certificates:

-- $29,700,000 class A-1 'AAAsf'; Outlook Stable;
-- $59,394,000 class A-2 'AAAsf'; Outlook Stable;
-- $40,741,000 class A-SB 'AAAsf'; Outlook Stable;
-- $198,022,000 class A-3 'AAAsf'; Outlook Stable;
-- $244,980,000 class A-4 'AAAsf'; Outlook Stable;
-- $572,837,000a class X-A 'AAAsf'; Outlook Stable;
-- $149,347,000a class X-B 'AA-sf'; Outlook Stable;
-- $85,926,000 class A-S 'AAAsf'; Outlook Stable;
-- $31,711,000 class B 'AA-sf'; Outlook Stable;
-- $31,710,000 class C 'A-sf'; Outlook Stable;
-- $37,848,000ab class X-D 'BBB-sf'; Outlook Stable;
-- $16,367,000ab class X-E 'BB-sf'; Outlook Stable;
-- $8,184,000ab class X-F 'B-sf'; Outlook Stable;
-- $37,848,000b class D 'BBB-sf'; Outlook Stable;
-- $16,367,000b class E 'BB-sf'; Outlook Stable;
-- $8,184,000b class F 'B-sf'; Outlook Stable.

The following classes are not rated by Fitch:

-- $20,458,000ab class X-G;
-- $13,298,557ab class X-NR;
-- $20,458,000b class G;
-- $13,298,557b class NR.

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

VRR Interest - The amount of the VRR Interest represents 5.00%
($40,923,557) of the pool balance necessary to satisfy U.S. risk
retention requirements.

Since Fitch published its expected ratings on Sept. 22, 2017, the
expected 'A-sf' rating on the interest-only X-B class has been
revised to 'AA-sf' based on the final deal structure.

The final ratings are based on information provided by the issuer
as of Oct. 18, 2017.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 50 loans secured by 85
commercial properties having an aggregate principal balance of
$818,339,557 as of the cut-off date. The loans were contributed to
the trust by UBS AG, Societe Generale, Ladder Capital Finance, LLC,
Rialto Mortgage Finance, LLC, CIBC, Inc, and Natixis Real Estate
Capital LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 79.6% of the properties
by balance, cash flow analysis of 81.0%, and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

Investment-Grade Credit Opinion Loans: Four loans, representing
15.4% of the pool, have investment-grade credit opinions: 237 Park
Avenue (6.1% of pool), Park West Village (4.9% of pool), 245 Park
Avenue (3.8% of pool), and Del Amo Fashion Center (0.6% of pool).
Combined, the four credit opinion loans have a weighted average
(WA) Fitch debt service coverage ratio (DSCR) and loan to value
(LTV) of 1.33x and 67.3%, respectively.

Higher Fitch Leverage than Recent Transactions: The pool's leverage
is slightly higher than recent comparable Fitch-rated multiborrower
transactions. The pool's Fitch DSCR and LTV are 1.20x and 101.8%,
as compared to the YTD 2017 averages of 1.25x and 101.4%,
respectively. Excluding credit opinion loans, the pool's normalized
Fitch DSCR and LTV are 1.18x and 108.1%, compared to the YTD
averages of 1.20x and 106.7%, respectively.

Diverse Pool: The top 10 loans comprise 44.2% of the pool by
balance. This is better than average when compared to the YTD 2017
and 2016 averages of 53.3% and 54.8%, respectively. The
transaction's LCI of 305 is also below the YTD 2017 and 2016
averages of 399 and 422, respectively. The average loan size is
$16.4 million, compared to the YTD 2017 average of $20.1 million.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 8.8% below
the most recent year's net operating income (NOI) for properties
for which a full-year NOI was provided, excluding properties that
were stabilizing during this period). Unanticipated further
declines in property-level NCF could result in higher defaults and
loss severities on defaulted loans and in potential rating actions
on the certificates.

Fitch evaluated the sensitivity of the ratings assigned to UBS
2017-C4 certificates and found that the transaction displays
average sensitivities to further declines in NCF. In a scenario in
which NCF declined a further 20% from Fitch's NCF, a downgrade of
the junior 'AAAsf' certificates to 'BBB+sf' could result. In a more
severe scenario, in which NCF declined a further 30% from Fitch's
NCF, a downgrade of the junior 'AAAsf' certificates to 'BBB-sf'
could result.


UBS COMMERCIAL 2017-C4: S&P Assigns B-(sf) Rating on Class G Certs
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to UBS Commercial Mortgage
Trust 2017-C4's $818.3 million commercial mortgage pass-through
certificates series 2017-C4.

The certificate issuance is a commercial mortgage-backed securities
transaction backed by 50 commercial mortgage loans with an
aggregate principal balance of $818.3 million ($722.184 million of
offered certificates), secured by the fee and leasehold interests
in 85 properties across 21 states.

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

  RATINGS ASSIGNED

  UBS Commercial Mortgage Trust 2017-C4

  Class       Rating(i)        Amount ($)
  A-1         AAA (sf)        29,700,000
  A-2         AAA (sf)        59,394,000
  A-SB        AAA (sf)        40,741,000
  A-3         AAA (sf)       198,022,000
  A-4         AAA (sf)       244,980,000
  X-A         AAA (sf)       572,837,000
  X-B         A- (sf)        149,347,000
  A-S         AA+ (sf)        85,926,000
  B           AA- (sf)        31,711,000
  C           A- (sf)         31,710,000
  X-D(ii)     NR              37,848,000
  X-E(ii)     BB- (sf)        16,367,000
  X-F(ii)     BB- (sf)         8,184,000
  X-G(ii)     B- (sf)         20,458,000
  X-NR(ii)    NR              13,298,557
  D(ii)       NR              37,848,000
  E(ii)       BB- (sf)        16,367,000
  F(ii)       BB- (sf)         8,184,000
  G(ii)       B- (sf)         20,458,000
  NR(ii)      NR              13,298,557

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


UBS COMMERCIAL 2017-C5: Fitch to Rate Class G-RR Certs 'B-sf'
-------------------------------------------------------------
Fitch Ratings has issued a presale report on UBS Commercial
Mortgage Trust 2017-C5 commercial mortgage pass-through
certificates.

Fitch expects to rate the transaction and assign Rating Outlooks:

-- $20,482,000 class A-1 'AAAsf'; Outlook Stable;
-- $100,407,000 class A-2 'AAAsf'; Outlook Stable;
-- $33,878,000 class A-SB 'AAAsf'; Outlook Stable;
-- $40,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $153,039,000 class A-4 'AAAsf'; Outlook Stable;
-- $172,576,000 class A-5 'AAAsf'; Outlook Stable;
-- $520,382,000b class X-A 'AAAsf'; Outlook Stable;
-- $133,813,000b class X-B 'A-sf'; Outlook Stable;
-- $81,774,000 class A-S 'AAAsf'; Outlook Stable;
-- $29,737,000,000 class B 'AA-sf'; Outlook Stable;
-- $22,302,000 class C 'A-sf'; Outlook Stable;
-- $11,216,000 class D 'BBB+sf'; Outlook Stable;
-- $14,803,000ac class D-RR 'BBBsf'; Outlook Stable;
-- $14,868,000ac class E-RR 'BBB-sf'; Outlook Stable;
-- $15,797,000ac class F-RR 'BB-sf'; Outlook Stable;
-- $7,434,000ac class G-RR 'B-sf'; Outlook Stable.

The following class is not expected to be rated:

-- $25,090,651ac class NR-RR.

(a) Privately placed and pursuant to Rule 144A.
(b) Notional amount and interest only.
(c) Horizontal credit risk retention interest representing at least
5% of the estimated fair value of all classes of regular
certificates issued by the issuing entity (as of the closing
date).

The expected ratings are based on information provided by the
issuer as of Oct. 24, 2017.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 49 loans secured by 131
commercial properties having an aggregate principal balance of
$743,403,651 as of the cut-off date. The loans were contributed to
the trust by UBS AG, Cantor Commercial Real Estate Lending, L.P.,
Ladder Capital Finance LLC, Natixis Real Estate Capital LLC Societe
Generale and Rialto Mortgage Finance, LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 63.7% of the properties
by balance, cash flow analysis of 82.7%, and asset summary reviews
on 82.7% of the pool.

KEY RATING DRIVERS

Lower Fitch Leverage Than Recent Transactions: The pool's leverage
is below recent comparable Fitch-rated multiborrower transactions.
The pool's Fitch DSCR and LTV are 1.27x and 97.8%, respectively,
better than the YTD 2017 averages of 1.26x and 101.0%,
respectively. Excluding credit opinion loans, the pool's normalized
Fitch DSCR and LTV are 1.22x and 106.8%, compared to the YTD
averages of 1.21x and 106.6%, respectively.

Investment-Grade Credit Opinion Loans: Four loans, representing
19.6% of the pool, have investment-grade credit opinions. Burbank
Office Portfolio (5.4% of the pool), Centre 425 Bellevue (5.4% of
the pool) and 237 Park Avenue (3.4% of the pool) have
investment-grade credit opinions of 'BBB+sf*'. Yorkshire &
Lexington Towers (5.4% of the pool) has an investment-grade credit
opinion of 'BBBsf'.

Diverse Pool: The largest 10 loans account for 45.1% of the pool.
This is better than average when compared with the 2016 and YTD
2017 averages of 54.8% and 53.0%, respectively for fixed-rate
transactions. As a result, the pool's loan concentration index
(LCI) of 316 is below the 2016 and YTD 2017 averages of 422 and
395, respectively.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 13.4% below
the most recent year's net operating income (NOI) for properties
for which a full-year NOI was provided, excluding properties that
were stabilizing during this period). Unanticipated further
declines in property-level NCF could result in higher defaults and
loss severities on defaulted loans and in potential rating actions
on the certificates.

Fitch evaluated the sensitivity of the ratings assigned to UBS
2017-C5 certificates and found that the transaction displays
average sensitivities to further declines in NCF. In a scenario in
which NCF declined a further 20% from Fitch's NCF, a downgrade of
the junior 'AAAsf' certificates to 'A-sf' could result. In a more
severe scenario, in which NCF declined a further 30% from Fitch's
NCF, a downgrade of the junior 'AAAsf' certificates to 'BBB-sf'
could result.


VENTURE CDO VIII: S&P Affirms BB+(sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings raised its ratings on the class B, C, and D
notes from Venture VIII CDO Ltd. S&P also removed these ratings
from CreditWatch, where it placed them with positive implications
on Aug. 14, 2017.

At the same time, S&P affirmed its ratings on the class A-1A, A-1B,
A-2A, A-2B, A-3, and E notes from the same transaction.

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

The upgrades reflect the transaction's $312.57 million in
collective paydowns to the class A-1A, A-2A, and A-3 notes since
our March 17, 2016, rating actions. These paydowns resulted in
improved reported overcollateralization (O/C) ratios since the
February 2016 trustee report, which S&P used for its previous
rating actions:

-- The class A/B O/C ratio improved to 191.85% from 130.21%.
-- The class C O/C ratio improved to 142.43% from 117.36%.
-- The class D O/C ratio improved to 122.00% from 110.28%.
-- The class E deferrable junior notes' direct pay test improved
to 110.32% from 105.58%.

S&P said, "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.

"According to the September 2017 trustee report, the balance of
collateral with a maturity date after the transaction's stated
maturity totaled $10.3 million (3.50% of the portfolio). We also
note that the proportion of 'CCC' rated assets (some of which are
loans to energy-related issuers) is now greater as the 'CCC' bucket
has increased to 11.3% of the portfolio from 4.9% as of February
2016 trustee report. On a standalone basis, the results of the cash
flow analysis indicated higher ratings on the class C and D notes.
However, because of the 'CCC' rated collateral obligations and the
long-dated assets (i.e., assets that mature after the
collateralized loan obligation's stated maturity), we limited the
upgrades on the class C and D notes to maintain rating cushion as
the transaction continues to amortize.

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

  Venture VIII CDO Ltd.                   
                    Rating
  Class         To          From
  B             AAA (sf)    AA+ (sf)/ Watch Pos
  C             AA (sf)     A+ (sf)/ Watch Pos
  D             A (sf)      BBB- (sf)/ Watch Pos

  RATINGS AFFIRMED    
  Venture VIII CDO Ltd.   
  Class         Rating
  A-1A          AAA (sf)
  A-1B          AAA (sf)
  A-2A          AAA (sf)
  A-2B          AAA (sf)
  A-3           AAA (sf)
  E             BB+ (sf)


VENTURE CLO XXI: S&P Affirms B(sf) Rating on Class F Notes
----------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R, B-R, C-R,
and D-R replacement notes from Venture XXI CLO Ltd., a
collateralized loan obligation (CLO) originally issued in 2015 that
is managed by MJX Venture Asset Management LLC. S&P said, "We
withdrew our ratings on the original class A, B, C, and D notes
following payment in full on the Oct. 16, 2017, refinancing date.
At the same time, we affirmed our ratings on the original class E
and F notes, which were not part of this refinancing."

On the Oct. 16, 2017, refinancing date, the proceeds from the A-R,
B-R, C-R, and D-R replacement note issuances were used to redeem
the original class A, B, C, and D notes as outlined in the
transaction document provisions. Therefore, S&P withdrew its
ratings on the original notes in line with their full redemption,
and it assigned ratings to the replacement notes. The replacement
notes were issued via a supplemental indenture, which included no
other substantial changes to the transaction.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the trustee report, to estimate future performance. In line with
our criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults, and
recoveries upon default, under various interest rate and
macroeconomic scenarios. In addition, our analysis considered the
transaction's ability to pay timely interest or ultimate principal,
or both, to each of the rated tranches.

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

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

  RATINGS ASSIGNED
  Venture XXI CLO Ltd.
  Replacement class         Rating      Amount (mil. $)
  A-R                       AAA (sf)             436.25
  B-R                       AA (sf)               84.00
  C-R                       A (sf)                55.50
  D-R                       BBB (sf)              36.75

  RATINGS AFFIRMED
  Venture XXI CLO Ltd.
  Original class            Rating
  E                         BB (sf)
  F                         B (sf)

  RATINGS WITHDRAWN
  Venture XXI CLO Ltd.
                                Rating
  Original class            To         From
  A                         NR         AAA (sf)
  B                         NR         AA (sf)
  C                         NR         A (sf)
  D                         NR         BBB (sf)

  NR--Not rated.


VENTURE XVIII CLO: Moody's Assigns Ba3 Rating to Class E-R Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
following notes (the "Refinancing Notes") issued by Venture XVIII
CLO, Limited (the "Issuer"):

US$371,000,000 Class A-R Senior Secured Floating Rate Notes Due
2029 (the "Class A-R Notes"), Assigned Aaa (sf)

US$67,000,000 Class B-R Senior Secured Floating Rate Notes Due 2029
(the "Class B-R Notes"), Assigned Aa1 (sf)

US$53,000,000 Class C-R Mezzanine Secured Deferrable Floating Rate
Notes Due 2029 (the "Class C-R Notes"), Assigned A2 (sf)

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

US$29,000,000 Class E-R Junior Secured Deferrable Floating Rate
Notes Due 2029 (the "Class E-R Notes"), Assigned Ba3 (sf)

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

MJX Venture Management II LLC (the "Manager") manages the CLO. It
directs the selection, acquisition, and disposition of collateral
on behalf of the Issuer.

RATINGS RATIONALE

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

The Issuer has issued the Refinancing Notes on October 16, 2017
(the "Refinancing Date") in connection with the refinancing of all
classes of the secured notes (the "Refinanced Original Notes")
previously issued on August 27, 2014 (the "Original Closing Date").
On the Refinancing Date, the Issuer used proceeds from the issuance
of the Refinancing Notes to redeem in full the Refinanced Original
Notes.

In addition to the issuance of the Refinancing Notes, a variety of
other changes to transaction features will occur in connection with
the refinancing. These include: extension of the reinvestment
period; extensions of the stated maturity and non-call period; and
changes to certain collateral quality tests.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017.

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

Performing par and principal proceeds balance: $598,025,722

Defaulted par: $4,442,895

Diversity Score: 95

Weighted Average Rating Factor (WARF): 2935

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 47.5%

Weighted Average Life (WAL): 8 years

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
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 2935 to 3375)

Rating Impact in Rating Notches

Class A-R Notes: 0

Class B-R Notes: 0

Class C-R Notes: -2

Class D-R Notes: -1

Class E-R Notes: 0

Percentage Change in WARF -- increase of 30% (from 2935 to 3816)

Rating Impact in Rating Notches

Class A-R Notes: 0

Class B-R Notes: -3

Class C-R Notes: -3

Class D-R Notes: -2

Class E-R Notes: -1


VITALITY RE V: S&P Raises 2015 Class B Notes Rating to BB+(sf)
--------------------------------------------------------------
S&P Global Ratings said it raised its rating on Vitality Re V Ltd.
Series 2014 Class A notes by two notches to 'BBB+(sf)' from
'BBB-(sf)' and its rating on the Class B notes by one notch to
'BB+(sf)' from 'BB(sf)'. S&P simultaneously raised its ratings on
Vitality Re VI Ltd. Series 2015 Class A notes by two notches to
'BBB+(sf)' from 'BBB-(sf)' and on the Class B notes by two notches
to 'BB+(sf)' from 'BB-(sf)'.

On Jan. 27, 2016, S&P had lowered the rating on each of the notes
referenced above. That rating action reflected updated information
we had received from Milliman Inc. and Aetna Life Insurance Co.
related to the Vitality Re VII Ltd. issuance that closed in January
2016 (see "Vitality Re V Ltd., Vitality Re VI Ltd. Notes
Downgraded," published Jan. 27, 2016, on RatingsDirect).  The
Vitality Re 2014-I Class B notes were subsequently upgraded by one
notch (see "Rating on Vitality Re V Ltd. Series 2014 Class B Notes
Raised To 'BB(sf)'," published Jan. 20, 2017).

The primary driver of the increase in the attachment probabilities
of the affected notes was the suspension of the health insurer fee
(HIF). On Dec. 18, 2015, the Consolidated Appropriations Act, 2016
(CAA) was signed into law. The CAA amends certain provisions in the
Affordable Care Act, including suspension of the industry-wide HIF
for 2017. The impact of the suspension is embedded in the modeling
for Vitality Re VII.

Although the assumptions behind the downgrade in 2016 are
essentially the same and the covered exposures have changed
somewhat, the primary driver for the current upgrades is that the
impact from HIF does not appear to be as significant as
anticipated. The medical benefits ratio (MBR) through June 2017 was
82.25%, which is well below the attachment levels.
Additionally, the modeling assumes a 2% probability of a pandemic,
of which there is no evidence to date, and for which there are no
major concerns at the present. Therefore, S&P looked to the most
recent reset reports, including the related stress tests, and did
not factor in any additional impact from HIF.

The ratings are now at the same levels as assigned in 2014 and
2015. S&P does not anticipate taking any additional rating actions
unless there is adverse development in the reported MBRs.

  RATINGS LIST

  Upgraded                              To             From
  Vitality Re V Ltd.
   Series 2014 Class A Notes            BBB+(sf)       BBB-(sf)
   Series 2014 Class B Notes            BB+(sf)        BB(sf)

  Vitality Re VI Ltd.
   Series 2015 Class A Notes            BBB+(sf)       BBB-(sf)
   Series 2015 Class B Notes            BB+(sf)        BB-(sf)


VOYA CLO 2013-1: S&P Assigns BB-(sf) Rating on Class D-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1AR, A-2R,
B-R, C-R, and D-R replacement notes from Voya CLO 2013-1 Ltd./Voya
CLO 2013-1 LLC, a collateralized loan obligation (CLO) originally
issued in 2013 that is managed by Voya Alternative Asset Management
LLC. S&P also assigned a rating to the new class X-R notes.

On the Oct. 16, 2017, refinancing date, the proceeds from the
issuance of the replacement notes were used to redeem the original
notes as outlined in the transaction document provisions.
Therefore, we are withdrawing the ratings on the original class
A-1, A-2, B, C, and D notes in line with their full redemption and
are assigning final ratings to the replacement notes.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction snapshot provided
by the transaction's arranger, 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."

RATINGS ASSIGNED

  Voya CLO 2013-1 Ltd./Voya CLO 2013-1 LLC
  Replacement class         Rating      Amount (mil. $)
  X-R                       AAA (sf)               6.00
  A-1AR                     AAA (sf)             362.50
  A-1BR                     NR                    35.00
  A-2R                      AA (sf)               58.50
  B-R (deferrable)          A (sf)                38.00
  C-R (deferrable)          BBB- (sf)             34.00
  D-R (deferrable)          BB- (sf)              25.00
  Income notes              NR                    68.85

  RATINGS WITHDRAWN

  Voya CLO 2013-1 Ltd./Voya CLO 2013-1 LLC
  Original class            Rating          Amount (mil. $)
  A-1                     AAA (sf)             292.108759
  A-2                     AA+ (sf)              66.750000
  B (deferrable)          A+ (sf)               42.750000
  C (deferrable)          BBB (sf)              29.250000
  D (deferrable)          BB (sf)               24.750000

  NR--Not rated.


VOYA CLO 2017-4: S&P Assigns Prelim BB-(sf) Rating on Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Voya CLO
2017-4 Ltd.'s $525.00 million floating rate class A-1, B, C, D, and
E notes. The class A-2 notes are not rated by S&P Global Ratings.

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

The preliminary ratings are based on information as of Oct. 26,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term loans that
are governed by collateral quality tests.

-- The credit enhancement provided through excess spread,
overcollateralization, and subordination.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

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

  PRELIMINARY RATINGS ASSIGNED
  Voya CLO 2017-4 Ltd.
  Class                 Rating        Interest           Amount
                                      rate(%)          (mil. $)
  A-1                   AAA (sf)      LIBOR + 1.16       357.00
  A-2                   NR            LIBOR + 1.30        27.00
  B                     AA (sf)       LIBOR + 1.50        72.00
  C                     A (sf)        LIBOR + 1.80        37.20
  D                     BBB- (sf)     LIBOR + 2.95        31.80
  E                     BB- (sf)      LIBOR + 6.30        27.00
  Subordinated notes    NR            N/A                 57.00

  NR--Not rated.
  N/A--Not applicable



WACHOVIA BANK 2005-C16: Moody's Lowers Ratings on 2 Tranches to C
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on four classes
and downgraded the ratings on four classes in Wachovia Bank
Commercial Mortgage Trust, Series 2005-C16

Cl. H, Downgraded to Ba1 (sf); previously on Apr 21, 2017
Downgraded to Baa1 (sf)

Cl. J, Downgraded to Caa1 (sf); previously on Apr 21, 2017
Downgraded to Ba3 (sf)

Cl. K, Downgraded to C (sf); previously on Apr 21, 2017 Downgraded
to Caa2 (sf)

Cl. L, Downgraded to C (sf); previously on Apr 21, 2017 Downgraded
to Ca (sf)

Cl. M, Affirmed C (sf); previously on Apr 21, 2017 Downgraded to C
(sf)

Cl. N, Affirmed C (sf); previously on Apr 21, 2017 Downgraded to C
(sf)

Cl. O, Affirmed C (sf); previously on Apr 21, 2017 Downgraded to C
(sf)

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

RATINGS RATIONALE

The rating of Classes H, J, K, and L was downgraded due to higher
anticipated losses on the pool's largest loan, the AON Office
Building (93% of the pool), and concerns of future interest
shortfalls.

The ratings on the Classes M, N, and O were affirmed due to the
ratings being consistent with Moody's expected loss.

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

Moody's rating action reflects a base expected loss of 76.8% of the
current pooled balance, compared to 60.7% at Moody's last review.
Moody's base expected loss plus realized losses is now 3.2% of the
original pooled balance, compared to 2.9% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

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 93% 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 17, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $44.3 million
from $2.1 billion at securitization. The certificates are
collateralized by six mortgage loans ranging in size from less than
1% to 92.5% of the pool. Two loans, constituting 1.9% of the pool,
have defeased and are secured by US government securities.

Twelve loans have been liquidated from the pool at a loss,
contributing to an aggregate realized loss of $31.2 million (for an
average loss severity of 56%). The largest remaining loan, the AON
Office Building Loan ($41.1 million -- 92.6% of the pool), is
currently in special servicing. The loan is secured by a vacant
Class B office building located in Glenview, Illinois,
approximately 20 miles northwest of the Chicago CBD. The loan had
an anticipated repayment date (ARD) in November 2014 and has paid
down 36% since securitization. The property was previously 98%
leased with AON Corporation leasing approximately 93% of the total
NRA. AON had previously vacated the property but was subleasing
their space until their lease ended in April 2017. The loan was
transferred to the special servicer in November 2016 due to
imminent default stemming from the upcoming departure of AON. The
loan became REO in August 2017.

As of the October 2017 the specially serviced loan has taken a
large appraisal reduction amount, however, there were no reported
appraisal entitlement reductions (ASERs). Moody's anticipates
interest shortfalls may increase due to the exposure to specially
serviced loan. Interest shortfalls are caused by special servicing
fees, including workout and liquidation fees, appraisal entitlement
reductions (ASERs), loan modifications and extraordinary trust
expenses.

The top three performing loans represent 5.5% of the pool balance.
The remaining performing loans are secured by three
fully-amortizing retail properties all with current Moody's LTV
below 75%.


WELLFLEET LTD 2015-1: Moody's Assigns Ba2 Rating to Cl. E-R Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
following notes (the "Refinancing Notes") issued by Wellfleet
2015-1, Ltd.:

US$43,000,000 Class B-R Senior Secured Floating Rate Notes Due 2027
(the "Class B-R Notes"), Assigned Aa1 (sf)

US$20,000,000 Class C-R Mezzanine Secured Deferrable Floating Rate
Notes Due 2027 (the "Class C-R Notes"), Assigned A2 (sf)

US$19,250,000 Class D-R Mezzanine Secured Deferrable Floating Rate
Notes Due 2027 (the "Class D-R Notes"), Assigned Baa3 (sf)

US$15,750,000 Class E-R Junior Secured Deferrable Floating Rate
Notes Due 2027 (the "Class E-R Notes"), Assigned Ba2 (sf)

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

US$215,000,000 Class A-1 Senior Secured Floating Rate Notes Due
2027 (the "Class A-1 Notes"), Affirmed Aaa (sf); previously on
September 24, 2015 Assigned Aaa (sf)

US$9,000,000 Class A-2 Senior Secured Fixed Rate Notes Due 2027
(the "Class A-2 Notes"), Affirmed Aaa (sf); previously on September
24, 2015 Assigned Aaa (sf)

US$7,000,000 Class F Junior Secured Deferrable Floating Rate Notes
Due 2027 (the "Class F Notes"), Upgraded to B2 (sf); previously on
September 24, 2015 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, broadly syndicated corporate loans.

WellFleet Credit Partners, LLC (the "Manager") manages the CLO. It
directs the selection, acquisition, and disposition of collateral
on behalf of the Issuer.

RATINGS RATIONALE

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

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

Moody's rating actions on the Class A-1, Class A-2 and Class F
Notes are primarily a result of the refinancing, which increases
excess spread available as credit enhancement to the rated notes.
Additionally, Moody's expects the Issuer to continue to benefit
from a portfolio weighted average recovery rate (WARR) level that
is higher than the covenanted test level.

Methodology Underlying the Rating Action:

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

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

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

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

2) Collateral Manager: Performance can also be affected positively
or negatively by a) the Manager's investment strategy and behavior
and b) differences in the legal interpretation of CLO documentation
by the Manager or other transaction parties owing to embedded
ambiguities.

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

4) Deleveraging: During the amortization period, the pace of
deleveraging from unscheduled principal proceeds is an important
source of uncertainty. Deleveraging of the CLO could accelerate
owing to high prepayment levels in the loan market and/or
collateral sales by the Manager, which could have a significant
impact on the ratings. Note repayments that are faster than Moody's
current expectations will usually have a positive impact on CLO
notes, beginning with those notes having the highest payment
priority.

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

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

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

Moody's Assumed WARF - 20% (2201)

Class A-1: 0

Class A-2: 0

Class B-R: +1

Class C-R: +3

Class D-R: +3

Class E-R: +2

Class F: +2

Moody's Assumed WARF + 20% (3301)

Class A-1: 0

Class A-2: 0

Class B-R: -2

Class C-R: -2

Class D-R: -2

Class E-R: -1

Class F: -1

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in "Moody's Global
Approach to Rating Collateralized Loan Obligations."

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

Performing par and principal proceeds balance: $350,000,000

Defaulted par: $0

Diversity Score: 66

Weighted Average Rating Factor (WARF): 2751 (corresponding to a
weighted average default probability of 22.91%)

Weighted Average Spread (WAS): 3.98%

Weighted Average Recovery Rate (WARR): 47.73%

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


WELLS FARGO 2014-C24: Fitch Affirms 'B-sf' Rating on Class F Certs
------------------------------------------------------------------
Fitch Ratings affirms 16 classes of Wells Fargo Commercial Mortgage
Securities, Inc.'s WFRBS Commercial Mortgage Trust Series 2014-C24
commercial mortgage pass-through certificates and Revises Rating
Outlooks on Classes F and X-D.

KEY RATING DRIVERS

The affirmations are due to generally overall stable performance.
As of the September 2017 distribution date, the pool's aggregate
principal balance has been reduced by 1.2% to $1.22 billion from
$1.23 billion at issuance. No loans have been defeased and interest
shortfalls are currently affecting class G.

Overall Stable Performance: The overall pool performance is
generally stable since issuance with the exception of three loans
in special servicing (1.4%). The transaction has paid down less
than 2% since issuance with minimal increased credit support.

Specially Serviced Loans/Loans of Concern: Fitch has designated
eight loans of concern (12.2%) including three specially serviced
loans (1.4%) and the second largest loan, Two Westlake Park
(8.5%).

Very Limited amortization: The pool is scheduled to amortize by
only 9.3% of the initial pool balance prior to maturity.
Approximately 38% of the pool is full term interest only, 41% of
the pool is partial interest only and 19.9% of the pool consists of
amortizing balloon loans.

Pool Concentration: The largest loan represents 9.7% of the pool
and the top 10 loans represent 46.7%, which is lower than the
average top 10 concentrations for Fitch rated 2013 and 2014 conduit
transactions. Twenty-one loans (40.9%), seven of which (32.1%) are
within the top 15 loans in the pool, are comprised of retail
properties. Fourteen loans (22.5%) including three in the top 15
are located in distinct markets throughout 15 counties in both
northern and southern Florida.

Hurricane Exposure: Eight loans (28.1% of the pool) are secured by
properties located in regions impacted by Hurricanes Irma in
Florida (four loans; 15.6%) and Hurricane Harvey in the greater
Houston, TX area (four loans; 12.5%). The servicer has reported no
damage for two Houston properties, minor damage for one, and the
servicer has contacted the borrower for the remaining property but
has not received a response. Three of the four Florida properties
were reported to have minor damage.

RATING SENSITIVITIES

Rating Outlooks on classes A-1 through E remain Stable due to
overall stable performance of the pool and minimal paydown.
Upgrades may occur with improved pool performance and significant
paydown or defeasance. The Negative Rating Outlooks on Classes F
and X-D reflects the potential for future downgrades if performance
continues to deteriorate on the specially serviced loans or the
largest Fitch Loan of Concern. Further negative actions may occur
should the Two Westlake Park loan not successfully lease up prior
to its amortization period.

Fitch has affirmed and revised Rating Outlooks on the following
ratings:
-- $18.9 million class A-1 at 'AAAsf'; Outlook Stable;
-- $55.3 million class A-2 at 'AAAsf'; Outlook Stable;
-- $86.3 million class A-3 at 'AAAsf'; Outlook Stable;
-- $240 million class A-4 at 'AAAsf'; Outlook Stable;
-- $286.3 million class A-5 at 'AAAsf'; Outlook Stable;
-- $59.2 million class A-SB at 'AAAsf'; Outlook Stable;
-- $99.2 million class A-S* at 'AAAsf'; Outlook Stable;
-- Interest-only X-A class at 'AAAsf'; Outlook Stable;
-- $44.9 million class B* at 'AA-sf'; Outlook Stable;
-- $32.6 million class C* at 'A-sf'; Outlook Stable;
-- $176.7 class PEX* at 'A-sf'; Outlook Stable;
-- $72 million class D at 'BBB-sf'; Outlook Stable;
-- Interest-only class X-C at 'BB-sf; Outlook Stable:
-- $25.8 million class E at 'BB-sf'; Outlook Stable;
-- Interest-only class X-D at 'B-sf'; Outlook revised to Negative
    from Stable;
-- $10.9 million class F at 'B-sf'; Outlook revised to Negative
    from Stable.

*The class A-S, class B and class C certificates may be exchanged
for class PEX certificates, and class PEX certificates may be
exchanged for the class A-S, class B and class C certificates.

Fitch does not rate the class X-B, X-E, G, SJ-A, SJ-B, SJ-C and
SJ-D certificates.


WELLS FARGO 2015-C31: Fitch Affirms B-sf Rating on Cl. F Certs
--------------------------------------------------------------
Fitch Ratings has affirmed all classes of Wells Fargo Commercial
Mortgage Trust, Series 2015-C31 pass-through certificates, and has
revised the Outlook on two classes to Negative. A detailed list of
rating actions is provided at the end of this release.

KEY RATING DRIVERS

The affirmations are based on the stable performance of the
underlying collateral. As of the October 2017 distribution date,
the pool's aggregate principal balance has been reduced by 1.2% to
$976.8 million from $988.5 million at issuance.

Stable Performance: The overall performance of the pool has been
relatively stable since issuance. One loan representing 0.6% of the
pool is in special servicing. Six loans (7.1%) are on the servicer
watchlist, three of which have been identified as Fitch Loans of
Concern (FLOCs; 5.0%).

Retail and Regional Mall Exposure: The retail concentration in the
pool is 27.3%, which is slightly higher than the average of 26.7%
for Fitch-rated transactions in 2015. The pool has exposure to two
regional enclosed malls in the top 15 including The Palouse Mall
(2.4%) located in Moscow, ID, which was identified as a FLOC
because of a dark Macy's. The other mall, Patrick Henry Mall
(2.6%), located in Newport News, VA, has exposure to Macy's and
JCPenney.

High Hotel Concentration: Loans collateralized by hotel properties
make up 20.6% of the pool, including three within the top 15. The
largest hotel in the pool, the Sheraton Lincoln Harbor Hotel, had a
5% decline in RevPar since issuance and also a decrease in
penetration rate. The pool's hotel concentration is greater than
the 2015 and 2014 vintage averages of 17% and 14.2%, respectively.
For loans secured by hotel assets, Fitch applied an additional
stress to the most recently reported full-year NOIs to reflect the
peaking performance outlook of the sector.

Below-Average Amortization: Four of the 10 largest loans,
representing 17.4% of the pool, are full-term interest-only loans.
In total there are nine full-term I/O loans, representing 20.8% of
the pool. Since issuance, of the 42 partial I/O loans (45.9%), nine
(8.2%) have commenced amortization. Based on the scheduled balance
at maturity, the pool will pay down 11.4%, which is lower than the
2015 and 2014 averages of 12.3% and 12.0%, respectively.

Pool Diversity: The top-10 loans represent 37.6% of the pool by
balance. This is well below the year-to-date 2015 average of 48.5%
and the 2014 average of 50.5%. The pool loan concentration index at
issuance was 229, which is below the 2015 and 2014 averages of 367
and 387, respectively. There was no significant sponsor
concentration (SCI) at issuance, with an SCI score of 237. The 2015
and 2014 SCI averages were 410 and 419, respectively.

RATING SENSITIVITIES

Stable Outlooks are due to the overall stable performance of the
pool since issuance. The Negative Outlooks reflect the exposure to
regional enclosed malls with slowing sales, one of which has a dark
Macy's. Downgrades to the classes are possible should the
performance of the regional malls in the pool deteriorate further.
Upgrades may occur with improved pool performance and significant
paydown or defeasance.

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

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

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

-- $26.6 million class A-1 at 'AAAsf'; Outlook Stable;
-- $20.3 million class A-2 at 'AAAsf'; Outlook Stable;
-- $200 million class A-3 at 'AAAsf'; Outlook Stable;
-- $366.1 million class at A-4 'AAAsf'; Outlook Stable;
-- $67.3 million class A-SB at 'AAAsf'; Outlook Stable;
-- $49.4 million class A-S at 'AAAsf'; Outlook Stable;
-- Interest-Only class X-A at 'AAAsf'; Outlook Stable;
-- Interest-Only class X-B at 'AA-sf'; Outlook Stable;
-- Interest-Only class X-D at 'BBB-sf'; Outlook Stable;
-- $60.5 million class B at 'AA-sf'; Outlook Stable;
-- $47 million class C at 'A-sf'; Outlook Stable;
-- Class PEX exchangeable certificates at 'A-sf'; Outlook Stable;
-- $56.8 million class D at 'BBB-sf'; Outlook Stable;
-- $24.7 million class E at 'BB-sf'; Outlook to Negative from
    Stable;
-- $11.1 million class F at 'B-sf'; Outlook to Negative from
    Stable.

Fitch does not rate the class G certificates.


WELLS FARGO 2016-C36: Fitch Affirms 'B-sf' Rating on 2 Tranches
---------------------------------------------------------------
Fitch Ratings affirms 17 classes of Wells Fargo Commercial Mortgage
Trust 2016-C36 (WFCM 2016-C36) commercial mortgage pass-through
certificates.  

KEY RATING DRIVERS

Stable Performance: The affirmations are based on the overall
stable performance of the underlying collateral with no material
changes to pool metrics since issuance. All loans in the pool are
current as of the September 2017 remittance with property level
performance generally in line with issuance expectations. The
pool's aggregate principal balance has been reduced by 0.8% to
$851.5 million from $858.2 million at issuance. Fitch has
identified no Loans of Concern at this time.

Property Type Concentrations: Loans secured by retail properties
comprise the largest percentage in the pool at 30.6%, including
four of the top 10 loans. The next highest concentrations are
office at 23.9% and hotel at 15.9%. There are 10 loans (8.4%)
secured by coop properties in the pool.

Amortization: The pool is scheduled to amortize by 12.7% of the
initial pool balance prior to maturity. 12 loans (30.9%) are
full-term interest-only while 12 loans (12.6%) are partial
interest-only.

Pool Concentration: The top 10 loans comprise 50.9% of the pool,
which is below the average for similar vintage Fitch rated
transactions.

Hurricane Impact: Fitch has identified 13 loans secured by
properties located in areas of Texas and Florida impacted by
Hurricanes Harvey and Irma. The servicer has noted minor to no
damage at 11 of the properties, and it has not yet provided updates
on the remaining two. Recent Fitch inquiries found the properties
to have tenants open for business.

RATING SENSITIVITIES

The Rating Outlooks on all classes remain Stable. Fitch does not
foresee positive or negative ratings migration until a material
economic or asset-level event changes the transaction's overall
portfolio-level metrics.

Fitch has affirmed the following ratings:

-- $35,573,366 class A-1 at 'AAAsf'; Outlook Stable;
-- $39,657,000 class A-2 at 'AAAsf'; Outlook Stable;
-- $220,000,000 class A-3 at 'AAAsf'; Outlook Stable;
-- $250,203,000 class A-4 at 'AAAsf'; Outlook Stable;
-- $48,917,000 class A-SB at 'AAAsf'; Outlook Stable;
-- $77,236,000 class A-S at 'AAAsf'; Outlook Stable;
-- $595,350,366 class X-A at 'AAAsf'; Outlook Stable;
-- $120,145,000 class X-B at 'AA-sf'; Outlook Stable;
-- $42,909,000 class B at 'AA-sf'; Outlook Stable;
-- $36,473,000 class C at 'A-sf'; Outlook Stable;
-- $41,836,000a class X-D at 'BBB-sf'; Outlook Stable;
-- $41,836,000a class D at 'BBB-sf'; Outlook Stable;
-- $9,118,000ab class E-1 at 'BB+sf'; Outlook Stable;
-- $9,118,000ab class E-2 at 'BB-sf'; Outlook Stable;
-- $18,236,000ab class E at 'BB-sf'; Outlook Stable;
-- $8,582,000ab class F at 'B-sf'; Outlook Stable;
-- $26,818,000ac class EF at 'B-sf'; Outlook Stable.

a) Notional amount and interest-only.
b) The class E-1 and E-2 certificates may be exchanged for a
related amount of class E certificates, and the class E
certificates may be exchanged for a ratable portion of class E-1
and E-2 certificates. Additionally, a holder of class E-1, E-2, F-1
and F-2 certificates may exchange such classes of certificates (on
an aggregate basis) for a related amount of class EF certificates,
and a holder of class EF certificates may exchange that class EF
for a ratable portion of each class of the class E-1, E-2, F-1 and
F-2 certificates. A holder of class E-1, E-2, F-1, F-2, G-1 and G-2
certificates may exchange such classes of certificates (on an
aggregate basis) for a related amount of class EFG certificates,
and a holder of class EFG certificates may exchange that class EFG
for a ratable portion of each class of the class E-1, E-2, F-1,
F-2, G-1 and G-2 certificates.

Fitch does not rate classes F-1, F-2, G-1, G-2, G, EFG, H-1, H-2,
and H.


WELLS FARGO 2017-C40: Fitch Assigns 'B-sf' Rating to Class G Certs
------------------------------------------------------------------
Fitch Ratings has assigned the following final ratings and Rating
Outlooks to Wells Fargo Commercial Mortgage Trust 2017-C40
commercial mortgage pass-through certificates:

-- $23,786,000 class A-1 'AAAsf'; Outlook Stable;
-- $23,626,000 class A-2 'AAAsf'; Outlook Stable;
-- $32,869,000 class A-SB 'AAAsf'; Outlook Stable;
-- $185,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $203,796,000 class A-4 'AAAsf'; Outlook Stable;
-- $469,077,000a class X-A 'AAAsf'; Outlook Stable;
-- $88,790,000a class X-B 'AA-sf'; Outlook Stable;
-- $56,122,000 class A-S 'AAAsf'; Outlook Stable;
-- $32,668,000 class B 'AA-sf'; Outlook Stable;
-- $30,154,000 class C 'A-sf'; Outlook Stable;
-- $34,344,000ab class X-D 'BBB-sf'; Outlook Stable;
-- $34,344,000b class D 'BBB-sf'; Outlook Stable;
-- $6,701,000b class E 'BB+sf'; Outlook Stable;
-- $9,214,000b class F 'BB-sf'; Outlook Stable;
-- $6,701,000b class G 'B-sf'; Outlook Stable.

The following classes are not rated by Fitch:

-- $3,350,000b class H;
-- $21,779,541b class J;
-- $35,268,976bc class RR Interest.

(a) Notional amount and interest-only.
(b) Privately placed and pursuant to Rule 144A.
(c) Vertical credit risk retention interest.

Since Fitch published its expected ratings on Sept. 28, 2017, the
class X-B rating changed from an expected rating of 'A-sf' to
'AA-sf' based on the final deal structure.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 65 loans secured by 150
commercial properties having an aggregate principal balance of
$705,379,517 as of the cut-off date. The loans were contributed to
the trust by Wells Fargo Bank, National Association, Barclays Bank
PLC, Rialto Mortgage Finance LLC and C-III Commercial Mortgage
LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 74.8% of the properties
by balance, cash flow analysis of 81.1%, and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

Fitch Leverage in Line with Recent Transactions: The pool a
weighted average Fitch DSCR of 1.23x, which is in line with the
2016 average of 1.21x and the YTD 2017 average of 1.25x for other
recent Fitch-rated U.S. multiborrower deals. Additionally, the
pool's weighted average Fitch LTV of 102.0% is in line with the YTD
2017 level of 101.4%.

Credit Opinion Loans: Two loans in the pool, representing 12.1%,
have an investment-grade credit opinion. 225 & 233 Park Avenue
South (8.5%) has an investment-grade credit opinion of 'BBB-sf*' on
a stand-alone basis, and Del Amo Fashion Center (3.5%) has an
investment-grade credit opinion of 'BBBsf*' on a stand-alone
basis.

Below-Average Pool Concentration: The largest 10 loans account for
49.2% of the pool, which is below the 2017 average of 53.3% for
fixed-rate transactions. The pool exhibits below-average pool
concentration, with a loan concentration index (LCI) of 342, which
is below the 2017 average of 399.

Retail Concentration: The pool's largest property type is retail at
37.9%, followed by office at 22.2% and hotel at 16.7% of the pool.
No other property type representing more than 10.0% of the pool.
The pool's retail concentration is higher than the 2017 average of
24.3%, and the hotel concentration is also higher than the 2017
average of 15.8%. The pool's office concentration is below the 2017
average of 41.3%. Loans secured by office and retail properties
have an average probability of default in Fitch's multiborrower
model, loans secured by hotel properties have the highest
probability of default, and multifamily properties have a lower
probability of default.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 10.9% below
the most recent year's net operating income (NOI) for properties
for which a full-year NOI was provided, excluding properties that
were stabilizing during this period. Unanticipated further declines
in property-level NCF could result in higher defaults and loss
severities on defaulted loans and in potential rating actions on
the certificates.

Fitch evaluated the sensitivity of the ratings assigned to the WFCM
2017-C40 certificates and found that the transaction displays
average sensitivities to further declines in NCF. In a scenario in
which NCF declined a further 20% from Fitch's NCF, a downgrade of
the junior 'AAAsf' certificates to 'A-sf' could result. In a more
severe scenario, in which NCF declined a further 30% from Fitch's
NCF, a downgrade of the junior 'AAAsf' certificates to 'BBBsf'
could result.


ZAIS CLO 7: Moody's Assigns Ba3 Rating to Class E Notes
-------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by ZAIS CLO 7, Limited.

Moody's rating action is:

US$352,000,000 Class A Senior Secured Floating Rate Notes due 2030
(the "Class A Notes"), Assigned Aaa (sf)

US$66,000,000 Class B Senior Secured Floating Rate Notes due 2030
(the "Class B Notes"), Assigned Aa2 (sf)

US$33,000,000 Class C Deferrable Mezzanine Floating Rate Notes due
2030 (the "Class C Notes"), Assigned A2 (sf)

US$30,250,000 Class D Deferrable Mezzanine Floating Rate Notes due
2030 (the "Class D Notes"), Assigned Baa3 (sf)

US$24,750,000 Class E Deferrable Mezzanine Floating Rate Notes due
2030 (the "Class E Notes"), Assigned Ba3 (sf)

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

RATINGS RATIONALE

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

Zais CLO 7 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 92.5% of the portfolio must
consist of senior secured loans, cash, and eligible investments,
and up to 7.5% of the portfolio may consist, in the aggregate, of
second lien loans and unsecured loans. The portfolio is expected to
be close to 100% ramped as of the closing date.

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

In addition to the Rated Notes, the Issuer issued one class of
subordinated notes.

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017.

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

Par amount: $550,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2840

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 8.5 years

Methodology Underlying the Rating Action:

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

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

The performance of the Rated Notes is subject to uncertainty. The
performance of the Rated Notes is sensitive to the performance of
the underlying portfolio, which in turn depends on economic and
credit conditions that may change. The Manager's investment
decisions and management of the transaction will also affect the
performance of the Rated Notes.

Together with the set of modeling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a component
in determining the ratings assigned to the Rated Notes. This
sensitivity analysis includes increased default probability
relative to the base case.

Below is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the Rated Notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds to
higher expected losses), assuming that all other factors are held
equal:

Percentage Change in WARF -- increase of 15% (from 2840 to 3266)

Rating Impact in Rating Notches

Class A Notes: -1

Class B Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: 0

Percentage Change in WARF -- increase of 30% (from 2840 to 3692)

Rating Impact in Rating Notches

Class A Notes: -1

Class B Notes: -3

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1


[*] Fitch Takes Rating Actions on 5 US CMBS Transactions
--------------------------------------------------------
Fitch Ratings has taken various rating actions on already
distressed U.S. commercial mortgage-backed securities (CMBS) bonds.
Fitch downgraded three bonds in three transactions to 'D', as the
bonds have incurred a principal write-down. The bonds were all
previously rated 'C', which indicates that losses were inevitable.

Fitch has also affirmed two classes at 'D' and withdrawn the rating
on these two classes, as a result of previous realized losses. The
trust balance has been reduced to $0 and is no longer considered by
Fitch to be relevant to the agency's coverage.

KEY RATING DRIVERS

The downgrades are limited to just the bonds with write-downs. Any
remaining bonds in these transactions have not been analyzed as
part of this review.

RATING SENSITIVITIES

While the bonds that have defaulted are not expected to recover any
material amount of lost principal in the future, there is a limited
possibility this may happen. In this unlikely scenario, Fitch would
further review the affected classes.

The Affected Ratings are:

Bear Stearns Commercial Mortgage Securities Trust 2002-TOP8
Class N Debt - Affirmed Dsf rating, Subsequently withdrawn

LB-UBS Commercial Mortgage Trust 2005-C5
Class L Debt - Downgraded Csf rating to Dsf

Merrill Lynch Mortgage Trust 2004-KEY2
Class F Debt - Downgraded Csf rating to Dsf

Morgan Stanley Capital I Trust 2004-KEY2
Class F Debt - Downgraded Csf rating to Dsf

Washington Mutual Asset Securities Corp. WAMU 2005-C1
Class N Debt - Withdrew Dsf rating


[*] Moody's Takes Action on $71.3MM of Alt-A & Option ARM Loans
---------------------------------------------------------------
Moody's Investors Service has upgraded ratings of three tranches
from two transactions backed by Alt-A mortgage and Option ARM
loans, issued by multiple issuers.

Complete rating actions are as follows:

Issuer: DSLA Mortgage Loan Trust 2005-AR6

Cl. 2A-1A, Upgraded to Ba1 (sf); previously on Dec 18, 2015
Upgraded to Ba2 (sf)

Issuer: Structured Asset Securities Corp Trust 2005-4XS

Cl. 3-A5, Upgraded to A2 (sf); previously on Nov 10, 2016 Upgraded
to Baa1 (sf)

Underlying Rating: Upgraded to A2 (sf); previously on Nov 10, 2016
Upgraded to Baa1 (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated
Account - Unrated)

Cl. 3-M1, Upgraded to B2 (sf); previously on Nov 10, 2016 Upgraded
to Caa1 (sf)

RATINGS RATIONALE

The rating actions reflect the recent performance of the underlying
pools and Moody's updated loss expectations on those pools. Today's
rating upgrades are primarily due to improvement of credit
enhancement available to the bonds and expected loss on the
collateral.

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in January 2017.

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 4.2% in September 2017 from 4.9% in
September 2016. Moody's forecasts an unemployment central range of
4.5% to 5.5% for the 2017 year. Deviations from this central
scenario could lead to rating actions in the sector.

House prices are another key driver of US RMBS performance. Moody's
expects house prices to continue to rise in 2017. Lower increases
than Moody's expects or decreases could lead to negative rating
actions.

Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions.


[*] S&P Takes Various Actions on 102 Classes From 9 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings, on Oct. 19, 2017, completed its review of 102
classes from nine U.S. residential mortgage-backed securities
(RMBS) transactions issued between 2000 and 2005. All of these
transactions are backed by prime jumbo collateral. The review
yielded three upgrades, eight downgrades, 64 affirmations, and 27
discontinuances.

Analytical Considerations

S&P incorporates various considerations into our decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by its projected cash flows. These considerations
are based on transaction-specific performance or structural
characteristics (or both) and their potential effects on certain
classes. Some of these considerations include:

-- Collateral performance/delinquency trends;
-- Historical interest shortfalls;
-- Proportion of reperforming loans in the pool; and
-- Available subordination and/or overcollateralization.

Rating Actions

Please see the ratings list for the rationales for classes with
rating transitions. The affirmations of ratings reflect S&P's
opinion that its projected credit support and collateral
performance on these classes has remained relatively consistent
with our prior projections.

A list of Affected Ratings can be viewed at:

           http://bit.ly/2yzIARN


[*] S&P Takes Various Actions on 47 Classes From 14 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 47 classes from 14 U.S.
residential mortgage-backed securities (RMBS) transactions issued
between 2003 and 2007. All of these transactions are backed by
subprime collateral. The review yielded seven upgrades, two
downgrades, 33 affirmations, and five discontinuances.

Analytical Considerations

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by our projected cash flows. These considerations
are based on transaction-specific performance or structural
characteristics (or both) and their potential effects on certain
classes. Some of these considerations include:

-- Collateral performance/delinquency trends;
-- Historical interest shortfalls/missed interest payments;
-- Priority of principal payments;  
-- Loan modifications;
-- Expected short duration; and
-- Available subordination and/or overcollateralization.

Rating Actions

S&P said, "Please see the ratings list for the rationales for
classes with rating transitions. The affirmations of ratings
reflect our opinion that our projected credit support and
collateral performance on these classes has remained relatively
consistent with our prior projections.

"We raised our rating on class IIM-1 from Chase Funding Trust
Series 2003-1 to 'BBB (sf)' from 'B- (sf)' and our rating on class
AF-4 from Centex Home Equity Loan Trust 2004-C to 'AA (sf)' from
'BB+ (sf)' to reflect an increase in credit support and the
classes' ability to withstand a higher level of projected losses
than previously anticipated. Credit support for class IIM-1
increased to 31.17% in September 2017 from 21.30% in May 2015.
Credit support for class AF-4 increased to 87.07% in September 2017
from 82.57% in May 2015.

"We raised our rating on class AF-6 from Centex Home Equity Loan
Trust 2004-C to 'AA (sf)' from 'BB+ (sf)' due to its expected
shorter duration because we anticipate the class to be paid down
within the next 12 months."

A list of the Affected Ratings is available at:

           http://bit.ly/2hgQqZ1


[*] S&P Takes Various Actions on 60 Classes From 14 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 60 classes from 14 U.S.
residential mortgage-backed securities (RMBS) transactions issued
between 2002 and 2005. All of these transactions are backed by
subprime collateral. The review yielded six upgrades, four
downgrades, 44 affirmations, and six discontinuances.

Analytical Considerations

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by its projected cash flows. These considerations
are based on transaction-specific performance or structural
characteristics (or both) and their potential effects on certain
classes.
Some of these considerations include:

-- Collateral performance/delinquency trends;
-- Erosion of/increase in credit support;
-- Expected short duration;
-- Default no longer virtually certain; and
-- Interest-only criteria.

Rating Actions

Please see the ratings list for the rationales for classes with
rating transitions. The affirmations of ratings reflect S&P's
opinion that our projected credit support and collateral
performance on these classes has remained relatively consistent
with its prior projections.

A list of affected ratings can be viewed at:

           http://bit.ly/2i3oqaO


[*] S&P Takes Various Actions on 67 Classes From 17 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 67 classes from 17 U.S.
residential mortgage-backed securities (RMBS) transactions issued
between 2001 and 2007. All of these transactions are backed by
reperforming collateral. The review yielded 30 upgrades and 37
affirmations.

Analytical Considerations

S&P incorporates various considerations into its decisions to raise
or affirm ratings when reviewing the indicative ratings suggested
by its projected cash flows. These considerations are based on
transaction-specific performance or structural characteristics (or
both) and their potential effects on certain classes. Some of these
considerations include:

-- Collateral performance/delinquency trends;
-- Principal payment priority; and
-- Available subordination and/or overcollateralization.

Rating Actions

S&P said, "Please see the ratings list for the rationales for
classes with rating transitions. The affirmations of ratings
reflect our opinion that our projected credit support and
collateral performance on these classes has remained relatively
consistent with our prior projections.

"The ratings on classes A-1 and A-2 from EMC Mortgage Loan Trust
2003-B were both raised to 'AA+ (sf)' from 'BB+ (sf)' due to
increased credit support. Additionally, we expect the cumulative
loss trigger to fail in the near term and cause the outstanding
classes to be paid sequentially, resulting in classes A-1 and A-2
being paid down. The credit support for classes A-1 and A-2 of
95.91% and 94.89% of the remaining collateral balance,
respectively, is sufficient to maintain our loss projections at the
recommended rating stress scenario."

A list of the Affected Ratings is available at:

          http://bit.ly/2ljSmo9


[*] S&P Takes Various Actions on 70 Classes From 9 US RMBS Deals
----------------------------------------------------------------
S&P Global Ratings completed its review of 70 classes from nine
U.S. residential mortgage-backed securities (RMBS) transactions
issued between 2003 and 2006. All of these transactions are backed
by alternative-a collateral. The review yielded 21 upgrades, one
downgrade, 35 affirmations, and 13 discontinuances.

Analytical Considerations

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by its projected cash flows. These considerations
are based on transaction-specific performance or structural
characteristics (or both) and their potential effects on certain
classes. Some of these considerations include:

-- Collateral performance/delinquency trends;
-- Historical interest shortfalls;
-- Priority of principal payments;
-- Proportion of reperforming loans in the pool;
-- Tail risk; and
-- Available subordination and/or overcollateralization.

Rating Actions

S&P said, "Please see the ratings list for the rationales for
classes with rating transitions. The affirmations of ratings
reflect our opinion that our projected credit support and
collateral performance on these classes has remained relatively
consistent with our prior projections.

"We raised our rating on class 3-A-1 from Alternative Loan Trust
2004-J3 to 'B (sf)' from 'D (sf)' because this class was determined
to no longer be in default under the relevant criteria. Previously
we lowered the rating on this class to 'D (sf)' due to interest
shortfalls that have since been reimbursed. The class has never
experienced any writedowns, and it is not projected to experience
writedowns or unreimbursed interest shortfalls under the current
rating scenario."

A list of Affected Ratings can be viewed at:

          http://bit.ly/2ywMx9E


                            *********

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
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Monthly Operating Reports are summarized in every Saturday edition
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then-ending.

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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
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Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
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Editors.

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                   *** End of Transmission ***