TCR_Public/171119.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, November 19, 2017, Vol. 21, No. 322

                            Headlines

ACCESS POINT 2017-A: S&P Gives Prelim B-(sf) Rating on Cl. D Notes
AMCAR 2017-4: Moody's Assigns Ba1 Rating to Class E Notes
AMMC CLO XII: S&P Assigns B-(sf) Rating on Class F-R Notes
APIDOS CLO XXVIII: S&P Gives Prelim BB-(sf) Rating on Cl. D Notes
ARCAP 2004-1: S&P Affirms CC(sf) Rating on Class E Notes

ATLAS SENIOR III: S&P Gives Prelim BB-(sf) Rating on Cl. E-R Notes
ATRIUM XII: S&P Assigns Prelim B(sf) Rating on Class F-R Notes
AUBURN CLO: Moody's Assigns B3(sf) Rating to Class E Notes
BANK 2017-BNK8: Fitch Assigns B- Final Rating to Class F Certs
BAYVIEW OPPORTUNITY 2017-RT5: Fitch Rates Class B5 Notes 'Bsf'

BBCMS MORTGAGE 2017-GLKS: Fitch to Rate Class F Certs 'B-sf'
BCC FUNDING XIII: Moody's Affirms B3 on Series 2016-1 Cl. F Notes
BENEFIT STREET VII: S&P Affirms BB(sf) Rating on Class D Notes
BX TRUST 2017-CQHP: Moody's Assigns (P)B3 Rating to Class F Certs
CANTOR COMMERCIAL 2016-C3: Fitch Affirms B- Ratings on 2 Tranches

CARLYLE GLOBAL 2013-3: S&P Gives Prelim B-(sf) Rating on E-R Notes
CFG INVESTMENTS 2017-1: S&P Assigns BB(sf) Rating on Class B Notes
CGBAM TRUST 2015-SMRT: S&P Raises Class E Certs Rating to B+(sf)
CHARLES RIVER CDO I: Fitch Affirms D Rating on 2 Tranches
CITIGROUP 2016-C3: Fitch Affirms 'B-sf' Rating on Class F Notes

CITIGROUP COMMERCIAL 2015-101A: Fitch Affirms B- Rating on F Certs
COMM 2012-LC4: Moody's Lowers Rating on Class F Debt to B3(sf)
COMM 2014-CCRE15: Moody's Affirms B2(sf) Rating on Class F Certs
COMM 2014-CCRE21: Fitch Affirms BB+ Rating on Class E Certs
COMMERCIAL MORTGAGE 2000-CMLB1: Moody's Affirms B3 on Cl. X Certs

CONNECTICUT AVE 2017-C07: Fitch to Rate 38 Note Classes 'Bsf'
CREDIT SUISSE 2004-C2: Fitch Affirms 'BBsf' Rating on Class L Certs
CREDIT SUISSE 2006-C3: Moody's Affirms Caa3 on Cl. A-J Certs.
CREDIT SUISSE 2015-C1: Fitch Affirms B Rating on Class X-F Certs
CSAIL 2017-CX10: Fitch to Rate Class F Certs 'B-sf'

CWABS INC 2003-S1: Moody's Lowers Rating on Cl. M-1 Certs to Caa1
DRYDEN 30: S&P Assigns B-(sf) Rating on Class F-R Notes
DRYDEN 30: S&P Assigns Prelim B-(sf) Rating on Class F-R Notes
DT AUTO 2017-4: S&P Assigns BB(sf) Rating on Class E Notes
ELLINGTON FINANCIAL 2017-1: S&P Assigns B(sf) Rating on B-2 Certs

ELLINGTON FINANCIAL 2017-1: S&P Gives Prelim B Rating on B-2 Certs
FIRST INVESTORS 2017-3: S&P Gives Prelim BB-(sf) Rating on E Notes
FLAGSHIP CREDIT 2017-4: S&P Gives Prelim BB-(sf) Rating on E Notes
FORTRESS CREDIT IV: S&P Assigns BB (sf) Rating on Class E Notes
FORTRESS CREDIT IX: S&P Assigns BB-(sf) Rating on Class E Notes

GE COMMERCIAL 2002-1: Moody's Affirms C Ratings on 2 Tranches
GMAC COMMERCIAL 2005-C1: Fitch Lowers Class A-J Debt Rating to C
GS MORTGAGE 2012-GC6: Moody's Affirms B2 Rating on Cl. F Certs
GS MORTGAGE 2016-GS4: Fitch Affirms 'B-sf' Rating on Class F Certs
GS MORTGAGE 2017-GS8: Fitch to Rate Class G-RR Debt 'B-sf'

HALCYON LOAN 2012-1: S&P Affirms BB(sf) Rating on Class D Notes
HARBOUR AIRCRAFT: S&P Assigns B(sf) Rating on Series C Loans
ICG US 2014-1: Moody's Assigns B3 Rating to Class E-R Notes
JER CRE 2006-2: Moody's Affirms C Ratings on 14 Tranches
JP MORGAN 2003-PM1: Fitch Affirms 'Bsf' Rating on Class G Certs

JP MORGAN 2006-LDP6: Moody's Hikes Class C Debt Rating to Ba1
JP MORGAN 2017-5: Fitch to Rate Class B-5 Certificates 'Bsf'
LB COMMERCIAL 1998-C1: Moody's Affirms C Rating on Class IO Certs
LNR CDO III: Moody's Affirms C(sf) Ratings on 8 Tranches
LONE STAR 2015-LSP: S&P Lowers Class F Certs Rating to B+(sf)

MCAP CMBS 2014-1: Fitch Affirms 'Bsf' Rating on Class G Certs
MERRILL LYNCH 1998-C3: Moody's Affirms C Rating on Class IO Certs
MERRILL LYNCH: S&P Raises Series 2006-10/11 Certs Ratings to 'BB+'
ML-CFC COMMERCIAL 2007-8: Fitch Affirms Bsf Ratings on 2 Tranches
MORGAN STANLEY 2015-UBS8: Fitch Affirms BB Rating on Cl. F Certs

MORGAN STANLEY 2017-ASHF: S&P Gives Prelim B-(sf) Rating on F Certs
MORGAN STANLEY 2017-CLS: Moody's Gives (P)B3 Rating to Cl. F Certs
MOUNTAIN VIEW III: S&P Affirms BB+(sf) Rating on Class E Notes
NATIONSLINK FUNDING 1999-LTL-1: Moody's Affirms B2 on Cl. X Debt
NEWCASTLE CDO V: S&P Raises Class III Ratings to BB+(sf)

OCP CLO 2015-9: S&P Affirms B(sf) Rating on Class E Notes
OCP CLO 2017-14: S&P Assigns Prelim BB-(sf) Rating on Cl. D Notes
OHA CREDIT XV: S&P Assigns Prelim BB-(sf) Rating on Class E Notes
PARK AVENUE 2017-1: S&P Assigns BB-(sf) Rating on Class D Notes
PRUDENTIAL SECURITIES 1999-NRF1: Moody's Affirms Ca on Cl. K Certs

RALI 2004-QR1: Moody's Hikes Rating on Class A-4 Debt to Ba2
SASCO 2002-AL1: Moody's Lowers Ratings on 3 Tranches to B3
SCF EQUIPMENT 2017-2: Moody's Assigns (P)B1 Rating to Cl. D Notes
SLM STUDENT 2003-2: Fitch Affirms 'Bsf' Ratings on 5 Tranches
SLM STUDENT 2012-7: Fitch Affirms 'Bsf' Rating on Class B Notes

SPRITE LTD 2017-1: S&P Assigns Prelim BB Rating on Class C Notes
STARWOOD RETAIL 2014-STAR: S&P Cuts Class F Certs Rating to B-(sf)
TOWD POINT 2017-6: Moody's Assigns (P)B3 Rating to Cl. B2 Notes
UBS COMMERCIAL 2017-C1: Fitch to Rate Class G-RR Certs 'B-sf'
VERUS SECURITIZATION 2017-SG1: S&P Rates Class B-3 Notes BB-(sf)

VERUS TRUST 2017-SG1: S&P Gives Prelim BB-(sf) Rating on B-3 Certs
WELLS FARGO 2017-C41: Fitch to Rate Class G-RR Debt 'Bsf'
WFRBS COMMERCIAL 2012-C7: Moody's Lowers Cl. G Debt Rating to Caa1
[*] Moody's Takes Action on $173MM of RMBS Issued 2004-2007
[*] Moody's Takes Action on $362.7MM of Alt-A Debt Issued 2003-3007

[*] S&P Discontinues Ratings on 55 Classes From 17 CDO Deals
[*] S&P Puts Various Ratings From 4 US CLO Deals on Watch Positive
[*] S&P Takes Various Action on 97 Classes From 12 US RMBS Deals
[*] S&P Takes Various Actions on 113 Classes From Seven Deals

                            *********

ACCESS POINT 2017-A: S&P Gives Prelim B-(sf) Rating on Cl. D Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Access Point
Funding I 2017-A LLC's $221.231 million asset-backed notes series
2017-A.

The note issuance is an asset-backed securities transaction backed
by a pool of furniture, fixtures, and equipment loans made
primarily to hotel franchisees.

The preliminary ratings are based on information as of Nov. 9,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The expected timely interest and ultimate principal payments on
the notes, which we assessed using our Standard & Poor's Cash Flow
Evaluator and assumptions commensurate with the assigned
preliminary ratings under various scenarios.

-- Credit enhancement in the form of overcollateralization and a
reserve account that will be funded at closing with an amount equal
to 1% of the initial collateral balance, in addition to
subordination for the class A, B, and C notes.

-- Prefunded collateral of approximately $35.9 million, which is
subject to certain eligibility criteria. The prefunding period will
conclude at the earlier of the April 2018 payment date and the
occurrence of an event of default.

-- The capitalized interest, which is used in part to pay interest
due on the notes during the prefunding period.

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

-- The diversified collateral portfolio, which consists primarily
of fixed-rate, secured loans to franchisees of nationwide and
independent hotel brands to support hotel capital expenditure
projects.

-- The experience of Access Point Financial's management
professionals, many of whom have more than 20 years of experience
in the sector.

  PRELIMINARY RATINGS ASSIGNED
  Access Point Funding I 2017-A LLC

  Class       Rating               Amount
                                 (mil. $)
  A           A- (sf)             168.977
  B           BBB- (sf)            21.048
  C           BB- (sf)             15.546
  D           B- (sf)              15.660


AMCAR 2017-4: Moody's Assigns Ba1 Rating to Class E Notes
---------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes issued by AmeriCredit Automobile Receivables Trust 2017-4
(AMCAR 2017-4). This is the fourth AMCAR auto loan transaction of
the year for AmeriCredit Financial Services, Inc. (AFS; Unrated).
The notes are backed by a pool of retail automobile loan contracts
originated by AFS, who is also the servicer and administrator for
the transaction.

The complete rating actions are as follows:

Issuer: AmeriCredit Automobile Receivables Trust 2017-4

$240,000,000, 1.45000%, Class A-1 Notes, Definitive Rating Assigned
P-1 (sf)

$333,780,000, 1.83%, Class A-2-A Notes, Definitive Rating Assigned
Aaa (sf)

$75,000,000, One-month LIBOR + 0.18%, Class A-2-B Notes, Definitive
Rating Assigned Aaa (sf)

$296,200,000, 2.04%, Class A-3 Notes, Definitive Rating Assigned
Aaa (sf)

$102,570,000, 2.36%, Class B Notes, Definitive Rating Assigned Aa1
(sf)

$127,320,000, 2.60%, Class C Notes, Definitive Rating Assigned Aa3
(sf)

$125,190,000, 3.08%, Class D Notes, Definitive Rating Assigned Baa1
(sf)

$33,250,000, 0.00%, Class E Notes, Definitive Rating Assigned Ba1
(sf)

RATINGS RATIONALE

Moody's median cumulative net loss expectation for the 2017-4 pool
is 9.5% and the Aaa level is 38.0%. The Aaa level is the level of
credit enhancement consistent with a Aaa (sf) rating. Moody's based
its cumulative net loss expectation and Aaa level on an analysis of
the credit quality of the underlying collateral; the historical
performance of similar collateral, including securitization
performance and managed portfolio performance; the ability of AFS
to perform the servicing and administration functions; and current
expectations for the macroeconomic environment during the life of
the transaction.

At closing, the Class A notes, Class B notes, Class C notes, Class
D, and Class E notes benefit from 35.20%, 27.95%, 18.95%, 10.10%,
and 7.75% of hard credit enhancement, respectively. Hard credit
enhancement for the notes consists of a combination of
overcollateralization, a non-declining reserve account, and
subordination. The notes may also benefit from excess spread.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
October 2016.

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

Up

Moody's could upgrade the subordinate notes if, given current
expectations of portfolio losses, levels of credit enhancement are
consistent with higher ratings. In sequential pay structures, such
as the one in this transaction, credit enhancement grows as a
percentage of the collateral balance as collections pay down senior
notes. Prepayments and interest collections directed toward note
principal payments will accelerate this build of enhancement.
Moody's expectation of pool losses could decline as a result of a
lower number of obligor defaults or appreciation in the value of
the vehicles securing an obligor's promise of payment. Portfolio
losses also depend greatly on the US job market, the market for
used vehicles, and changes in servicing practices.

Down

Moody's could downgrade the notes if, given current expectations of
portfolio losses, levels of credit enhancement are consistent with
lower ratings. Credit enhancement could decline if excess spread is
not sufficient to cover losses in a given month. Moody's
expectation of pool losses could rise as a result of a higher
number of obligor defaults or deterioration in the value of the
vehicles securing an obligor's promise of payment. Portfolio losses
also depend greatly on the US job market, the market for used
vehicles, and poor servicing. Other reasons for worse-than-expected
performance include error on the part of transaction parties,
inadequate transaction governance, and fraud. Additionally, Moody's
could downgrade the Class A-1 short-term rating following a
significant slowdown in principal collections that could result
from, among other things, high delinquencies or a servicer
disruption that impacts obligor's payments.


AMMC CLO XII: S&P Assigns B-(sf) Rating on Class F-R Notes
----------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R, B-R, C-R,
D-R, E-R, and F-R replacement notes and new class X notes from AMMC
CLO XII Ltd./AMMC CLO XII Corp., a collateralized loan obligation
(CLO) originally issued in 2013 that is managed by American Money
Management Corp. S&P withdrew its ratings on the original class A,
B, C, D-1, D-2, E, and F notes following payment in full on the
Nov. 10, 2017, refinancing date.

S&P said, "On the Nov. 10, 2017, refinancing date, the proceeds
from the class A-R, B-R, C-R, D-R, E-R, and F-R replacement notes
and new class X notes were used to redeem the original class A, B,
C, D-1, D-2, E, and F notes as outlined in the transaction document
provisions. Therefore, we withdrew our ratings on the original
notes in line with their full redemption, and we are assigning
ratings to the replacement class A-R, B-R, C-R, D-R, E-R, and F-R
notes and new class X notes.

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

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

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

  RATINGS ASSIGNED

  AMMC CLO XII Ltd.                                             
                                           Amount
  Replacement class         Rating        (mil $)
  A-R                       AAA (sf)       252.00
  B-R                       AA (sf)         46.50
  C-R                       A (sf)          31.50
  D-R                       BBB (sf)        20.00
  E-R                       BB- (sf)        20.00
  F-R                       B- (sf)          8.00

                                           Amount
  New class                 Rating        (mil $)
  X                         AAA (sf)         6.00

  RATINGS WITHDRAWN

  AMMC CLO XII Ltd.
                    Rating
  Class       To             From
  A           NR             AAA (sf)
  B           NR             AA+ (sf)
  C           NR             A+ (sf)
  D-1         NR             BBB+ (sf)
  D-2         NR             BBB+ (sf)
  E           NR             BB (sf)
  F           NR             B+ (sf)

  NR--Not rated.


APIDOS CLO XXVIII: S&P Gives Prelim BB-(sf) Rating on Cl. D Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Apidos CLO
XXVIII's $637.50 million floating-rate notes.

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

The preliminary ratings are based on information as of Nov. 15,
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 RATING ASSIGNED

  Apidos CLO XXVIII/Apidos CLO XXVIII LLC  
  Class                    Rating               Amount (mil. $)
  A-1A                     AAA (sf)                      435.00
  A-1B                     NR                             52.50
  A-2                      AA (sf)                        70.50
  B                        A (sf)                         51.00
  C                        BBB- (sf)                      51.00
  D                        BB- (sf)                       30.00
  Subordinated notes       NR                             78.35

  NR--Not rated.



ARCAP 2004-1: S&P Affirms CC(sf) Rating on Class E Notes
--------------------------------------------------------
S&P Global Ratings raised its ratings on the class C and D notes
from ARCap 2004-1 Resecuritization Trust (ARCap 2004-1), a
collateral debt obligation (CDO) of CMBS transaction that is backed
primarily by commercial mortgage-backed securities (CMBS)
collateral. S&P said, "Simultaneously, we raised the ratings on the
corresponding grantor trust certificate from the same series. We
also affirmed our ratings on the class E notes from the same
transaction and the corresponding grantor trust."

ARCap 2004-1 is a multi-tiered structure, which originally issued
10 individually rated notes and seven rated grantor trust
certificates at closing. The class A through G notes were each
repackaged into separate newly formed individual grantor trusts,
each of which issued certificates. Each note receives cash flow
from the underlying CMBS collateral, which is directly passed
through to the corresponding grantor trust certificates.
Accordingly, the ratings on the grantor trust certificates are
dependent on, and hence match, the ratings on the corresponding
notes.

S&P said, "The rating actions follow our review of the
transaction's performance using the data from the October 2017
trustee report.

"Since our July 2016 rating actions, the transaction has paid off
its class B notes and began paying down its class C notes.
Following the paydowns on the Oct. 23, 2017, payment date, the
class C note balance declined to 55.54% of its original balance
from 100% in July 2016. The paydowns increased the available credit
support to classes C and D, resulting in their rating upgrades.

"In addition to a higher recovery on some of the defaulted
positions that contributed to the paydowns, there has been a
significant positive rating migration in the underlying collateral.


"However, the transaction currently has less than 20 performing
CMBS as underlying collateral. For this analysis, we relied on the
supplemental test calculations and did not run cash flows due to
the small amount of obligors remaining in the underlying asset
pool. Though the supplemental tests indicated a higher rating for
the class D notes, our rating decision also considered the
concentration risk and the credit quality of the assets that back
the note.

"The affirmation of the class E notes reflects our belief that the
credit support available is commensurate with the current rating
levels. The class E notes continue to defer some of its current
interest and fail our top obligor test at the 'CCC' level.

"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 RAISED

  ARCap 2004-1 Resecuritization Trust Collateralized debt   
  obligations

                  Rating
  Class        To         From
  C            A+ (sf)    B (sf)
  D            BBB+ (sf)  CCC (sf)

  ARCap 2004-1 Resecuritization Trust Class C
  Grantor trust certificate

                  Rating
  Class        To         From
  C            A+ (sf)    B (sf)

  ARCap 2004-1 Resecuritization Trust Class D
  Grantor trust certificate

                  Rating
  Class        To         From
  D            BBB+ (sf)  CCC (sf)

  RATINGS AFFIRMED
  ARCap 2004-1 Resecuritization Trust Collateralized debt   
  obligations

  Class        Rating
  E            CC (sf)    

  ARCap 2004-1 Resecuritization Trust Class E Grantor trust
  certificate
  Class        Rating
  E            CC (sf)    


ATLAS SENIOR III: S&P Gives Prelim BB-(sf) Rating on Cl. E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-R, B-R, C-R, D-R, and E-R replacement notes, and the class X
notes from Atlas Senior Loan Fund III Ltd., a collateralized loan
obligation (CLO) originally issued in July 2013 that is managed by
Crescent Capital Group L.P. The replacement notes will be issued
via a proposed supplemental indenture.

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

The preliminary ratings are based on information as of Nov. 14,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Nov. 17, 2017, refinancing date, the proceeds from the
issuance of the replacement notes are expected to redeem the
original notes. S&P said, "At that time, we anticipate withdrawing
the ratings on the original notes and assigning ratings to the
replacement notes. However, if the refinancing doesn't occur, we
may affirm the ratings on the original notes and withdraw our
preliminary ratings on the replacement notes."

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

-- Extend the stated maturity, reinvestment period, and non-call
period; and

-- Update the S&P Global Ratings industry codes and recovery
rates, and incorporate the formula version of Standard & Poor's CDO
Monitor.

    Replacement Notes
  Class                Amount    Interest
                     (mil. $)    rate (%)          
  X                     4.200    Three-month LIBOR + 0.60
  A-R                 255.200    Three-month LIBOR + 0.83
  B-R                  48.000    Three-month LIBOR + 1.30   
  C-R (deferrable)     25.000    Three-month LIBOR + 1.75   
  D-R (deferrable)     24.000    Three-month LIBOR + 2.60
  E-R (deferrable)     17.900    Three-month LIBOR + 6.00
  Subordinated notes   53.530    N/A

  N/A--Not applicable.

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

  Atlas Senior Loan Fund III Ltd.
  Replacement class         Rating      Amount (mil. $)
  X                         AAA (sf)               4.20
  A-R                       AAA (sf)             255.20
  B-R                       AA (sf)               48.00
  C-R (deferrable)          A (sf)                25.00
  D-R (deferrable)          BBB- (sf)             24.00
  E-R (deferrable)          BB- (sf)              17.90
  Subordinated notes        NR                    53.53

  NR--Not rated.


ATRIUM XII: S&P Assigns Prelim B(sf) Rating on Class F-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-R, B-R, C-R, D-R, E-R, and F-R replacement notes from Atrium XII,
a collateralized loan obligation (CLO) originally issued in 2015
that is managed by Credit Suisse Asset Management LLC. The
replacement notes will be issued via a proposed supplemental
indenture.

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

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

On the Nov. 17, 2017, refinancing date, the proceeds from the
issuance of the replacement notes are expected to redeem the
original notes. S&P said, "At that time, we anticipate withdrawing
the ratings on the original notes and assigning ratings to the
replacement notes. However, if the refinancing doesn't occur, we
may affirm the ratings on the original notes and withdraw our
preliminary ratings on the replacement notes."

S&P 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

  Atrium XII/Atrium XII LLC
  Replacement class         Rating      Amount (mil. $)
  A-R                       AAA (sf)             522.00
  B-R                       AA (sf)               86.00
  C-R                       A (sf)                53.00
  D-R                       BBB- (sf)             64.00
  E-R                       BB- (sf)              22.00
  F-R                       B (sf)                 6.00
  Subordinated notes        NR                    66.25

  NR--Not rated.


AUBURN CLO: Moody's Assigns B3(sf) Rating to Class E Notes
----------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
notes issued by Auburn CLO, Ltd.

Moody's rating action is:

US$320,000,000 Class A-1 Senior Secured Floating Rate Notes due
2030 (the "Class A-1 Notes"), Assigned Aaa (sf)

US$44,460,000 Class A-2a Senior Secured Floating Rate Notes due
2030 (the "Class A-2a Notes"), Assigned Aa2 (sf)

US$10,540,000 Class A-2b Senior Secured Floating Rate Notes due
2030 (the "Class A-2b Notes"), Assigned Aa2 (sf)

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

US$35,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class C Notes"), Assigned Baa3 (sf)

US$20,000,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class D Notes"), Assigned Ba3 (sf)

US$5,000,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class E Notes"), Assigned B3 (sf)

The Class A-1 Notes, the Class A-2a Notes, the Class A-2b 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.

Auburn CLO is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 90% of the portfolio must consist
of senior secured loans, cash and eligible investments, and up to
10% of the portfolio may consist of second lien loans and unsecured
loans. The portfolio is approximately 75% ramped as of the closing
date.

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

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

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

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

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

Par amount: $500,000,000

Diversity Score: 55

Weighted Average Rating Factor (WARF): 2828

Weighted Average Spread (WAS): 3.30%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 48.5%

Weighted Average Life (WAL): 9.0 years.

Methodology Underlying the Rating Action:

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

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

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

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

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

Percentage Change in WARF -- increase of 15% (from 2828 to 3252)

Rating Impact in Rating Notches

Class A-1 Notes: 0

Class A-2a Notes: -2

Class A-2b Notes: -2

Class B Notes: -2

Class C Notes: -1

Class D Notes: 0

Class E Notes: 0

Percentage Change in WARF -- increase of 30% (from 2828 to 3676)

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-2a Notes: -3

Class A-2b Notes: -3

Class B Notes: -4

Class C Notes: -2

Class D Notes: -1

Class E Notes: -2


BANK 2017-BNK8: Fitch Assigns B- Final Rating to Class F Certs
--------------------------------------------------------------
Fitch Ratings has assigned the following ratings and Rating
Outlooks to BANK 2017-BNK8 Commercial Mortgage Pass-Through
Certificates, Series 2017-BNK8:

-- $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 'AA-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;
-- $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 rated:

-- $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
Nov. 15, 2017.

Since Fitch published its expected ratings on Oct. 23, 2017, the
following changes have occurred: classes X-F and X-G have been
removed by the issuer and withdrawn, and the rating for class X-B
changed from 'A-sf' to 'AA-sf' based on the final deal structure.
The classes above reflect the final ratings and deal structure.

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 YTD 2017 averages of 1.26x and 101.0%. 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%.

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%. 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.  


BAYVIEW OPPORTUNITY 2017-RT5: Fitch Rates Class B5 Notes 'Bsf'
--------------------------------------------------------------
Fitch Ratings has assigned the following ratings to Bayview
Opportunity Master Fund IVa Trust 2017-RT5 (BOMFT 2017-RT5):

-- $187,440,000 class A notes 'AAAsf'; Outlook Stable;
-- $187,440,000 class A-IOA notional notes 'AAAsf'; Outlook
    Stable;
-- $$187,440,000 class A-IOB notional notes 'AAAsf'; Outlook
    Stable;
-- $26,713,000 class B1 notes 'AAsf'; Outlook Stable;
-- $26,713,000 class B1-IOA notional notes 'AAsf'; Outlook
    Stable;
-- $26,713,000 class B1-IOB notional notes 'AAsf'; Outlook
    Stable;
-- $5,224,000 class B2 notes 'Asf'; Outlook Stable;
-- $5,224,000 class B2-IO notional notes 'Asf'; Outlook Stable;
-- $13,729,000 class B3 notes 'BBBsf'; Outlook Stable;
-- $13,729,000 class B3-IOA notional notes 'BBBsf'; Outlook
    Stable;
-- $13,729,000 class B3-IOB notional notes 'BBBsf'; Outlook
    Stable;
-- $25,221,000 class B4 notes 'BBsf'; Outlook Stable;
-- $12,238,000 class B5 notes 'Bsf'; Outlook Stable.

The following class will not be rated by Fitch:

-- $27,907,170 class B6 notes.

The notes are supported by a pool of 4,561 loans totaling $298.5
million (comprising 4,533 seasoned performing and re-performing
loans [RPLs] and 28 newly originated loans), including $12.3
million in non-interest-bearing deferred principal amounts, as of
the cut-off 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 37.20%
subordination provided by the 8.95% class B1, 1.75% class B2, 4.60%
class B3, 8.45% class B4, 4.10% class B5, and 9.35% 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 45.5% of the
borrowers in the pool have had a delinquency in the prior 24
months, with 35.2% occurring in the past 12 months. The majority of
the pool (61.1%) 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
$120,000, 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 210 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 (CE) 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
IVa, L.P., is liquidated or terminated.

Due Diligence Findings (Negative): A TPR conducted on 100% of the
pool resulted in 17.8% (or 811 loans) graded 'C' or 'D'. For 672
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 697 loans that were missing final modification documents
(excluding 166 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 IVa, 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 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 IVa, 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
January 2024. 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 $12.3 million (4.1%) of the unpaid
principal balance are outstanding on 2,164 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 1.14% of the tax, title and lien
review will be completed within 90 days of closing. 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 incomplete 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 38.2% 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 MORTGAGE 2017-GLKS: Fitch to Rate Class F Certs 'B-sf'
------------------------------------------------------------
Fitch Ratings has issued a presale report on BBCMS 2017-GLKS
Mortgage Trust Commercial Mortgage Pass-Through Certificates.

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

-- $171,950,000 class A 'AAAsf'; Outlook Stable;
-- $75,050,000 class B 'AAsf'; Outlook Stable;
-- $58,900,000 class C 'A-sf'; Outlook Stable;
-- $52,250,000 class D 'BBB-sf'; Outlook Stable;
-- $75,050,000 class E 'BB-sf'; Outlook Stable;
-- $79,800,000 class F 'B-sf'; Outlook Stable.
-- $171,950,000 class X-CP 'AAAsf'; Outlook Stable;
-- $171,950,000 class X-NCP 'AAAsf'; Outlook Stable.

The following class is not expected to be rated:

-- $27,000,000a class VRR.

(a)Vertical risk retention interest representing approximately 5.0%
of the pool balance (as of the closing date).

The expected ratings are based on information provided by the
issuer as of Nov. 9, 2017.

The certificates represent the beneficial interests in the $540.0
million, two-year, floating-rate, interest-only mortgage loan
securing the fee interest in The JW Marriott Grande Lakes and The
Ritz-Carlton Grande Lakes in Orlando, FL. Proceeds of the loan,
along with $90.0 million of mezzanine financing, were used to
refinance the existing debt encumbering the properties. The
certificates will follow a sequential-pay structure.

KEY RATING DRIVERS

Asset Quality: Fitch assigned JW and RC a property quality grade of
'A-'. The collateral is situated on 500 acres at the headwaters of
the Everglades. Property amenities include 263,210 square feet (sf)
of indoor and outdoor meeting and event facilities, an 18-hole golf
course designed by Greg Norman, 40,000-sf, full-service spa,
state-of-the-art fitness center, 13 food and beverage (F&B) venues,
three pools, including the Lazy River, as well as a biking trail,
tennis courts, bocce ball courts and a sand volleyball court.

Good Location Near Demand Generators: JW and RC are located within
Orlando's major entertainment district, within five to 15 minutes
of SeaWorld Orlando, Universal Orlando Resort and Walt Disney World
Resort. In addition, the property is 10 miles from the Orlando
International Airport and three miles from the Orange County
Convention Center (OCCC), the second largest convention center in
the U.S., with 2.1 million sf of exhibition space.

Stable Historical Performance and Improvement: Property occupancy,
revenues and expenses have shown a high degree of consistency since
at least 2013. Since Blackstone's 2015 acquisition, operating
performance has improved on both the revenue and expense side.
Total revenue grew 6.6% from 2014 to August 2017, and the
property's operating expense ratio decline from 48.0% in March 2015
to 42.9% in August 2017.

Capital Improvements: The property has benefited from $67.2 million
($42,533 per key) in capital improvements since 2011. Of that, the
sponsor has invested $37.0 million ($23,418 per key) since 2015.
Recent upgrades include renovation of JW's lobby/bar, repositioning
of several F&B outlets, improvements to the fitness center,
fairways, landscaping and other public spaces, conversion of
177,000sf of back-office space to revenue-generating meeting space
and an ongoing renovation of RC's lobby. Over the next three years,
the sponsor plans to invest $81.7 million in the property.
Guestroom upgrades are planned in 2018 for RC ($45,722 per key) and
in 2019 for JW ($33,697 per key).

RATING SENSITIVITIES

Fitch evaluated the sensitivity of the ratings for class A and
found that a 31% decline in Fitch's implied NCF would result in a
one-category downgrade, while a 52% decline would result in a
downgrade to below investment grade.


BCC FUNDING XIII: Moody's Affirms B3 on Series 2016-1 Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded three securities and
affirmed three securities from the securitization Balboa Capital
Corporation Funding XIII Equipment Contract Backed Notes, Series
2016-1 (BCC XIII 2016-1). The transaction is a securitization of
small and mid-ticket equipment leases serviced by Balboa Capital
Corp.

The complete rating actions are:

Issuer: BCC Funding XIII LLC

Equipment Contract Backed Notes, Series 2016 1, Class A-2, Affirmed
Aa2 (sf); previously on Sep 22, 2016 Definitive Rating Assigned Aa2
(sf)

Equipment Contract Backed Notes, Series 2016 1, Class B, Affirmed
A1 (sf); previously on Sep 22, 2016 Definitive Rating Assigned A1
(sf)

Equipment Contract Backed Notes, Series 2016 1, Class C, Upgraded
to A3 (sf); previously on Sep 22, 2016 Definitive Rating Assigned
Baa1 (sf)

Equipment Contract Backed Notes, Series 2016 1, Class D, Upgraded
to Baa3 (sf); previously on Sep 22, 2016 Definitive Rating Assigned
Ba1 (sf)

Equipment Contract Backed Notes, Series 2016 1, Class E, Upgraded
to B1 (sf); previously on Sep 22, 2016 Definitive Rating Assigned
B2 (sf)

Equipment Contract Backed Notes, Series 2016 1, Class F, Affirmed
B3 (sf); previously on Sep 22, 2016 Definitive Rating Assigned B3
(sf)

RATINGS RATIONALE

The actions were prompted by build-up of credit enhancement due to
the sequential payment structure, and non-declining reserve account
offsetting the increase in Moody's cumulative net loss expectation
for the asset pool backing the transaction.

Moody's has increased its cumulative net loss expectation to 4.0%
from 3.5% to take into account higher than anticipated pace of
cumulative net losses. Collateral losses are likely to subside once
recoveries flow through to the transaction, specifically on
charged-off contracts with personal guarantees because such
contracts typically take longer time to resolve claims after they
are charged off.

However, even assuming an estimated overall recovery of
approximately 60% on charged off contracts with balances greater
than $100,000, cumulative loss to liquidation to date would be
about 4.7%. Recoveries on the rest of the charged-off contracts
would likely further reduce this metric.

Below are key performance metrics (as of the October 2017
distribution date) and credit assumptions for each affected
transaction. Credit assumptions include Moody's expected lifetime
CNL expectation, which is expressed as a percentage of the original
pool balance; and Moody's remaining net loss expectation and
Moody's Aaa level, both expressed as a percentage of the current
pool balance. The Aaa level is the level of credit enhancement that
would be consistent with a Aaa (sf) rating for the given asset
pool. Performance metrics include pool factor (the ratio of the
current collateral balance to the original collateral balance at
closing); total hard credit enhancement (expressed as a percentage
of the outstanding collateral pool balance) which typically
consists of subordination, overcollateralization, reserve fund as
applicable.

Issuer - BCC Funding XIII LLC

Lifetime CNL expectation -- 4.0% ; Prior expectation (Sept 2016) --
3.5%

Remaining net loss expectation -- 2.5%

Aaa level -- 30.0%

Pool factor -- 63.6%

Total hard credit enhancement -- Equipment Contract Backed Notes,
Series 2016 1, Class A-2 40.4%, Equipment Contract Backed Notes,
Series 2016 1, Class B 29.9%, Equipment Contract Backed Notes,
Series 2016 1, Class C 24.6%, Equipment Contract Backed Notes,
Series 2016 1, Class D 17.6%, Equipment Contract Backed Notes,
Series 2016 1, Class E 13.3%, Equipment Contract Backed Notes,
Series 2016 1, Class F 9.9%

Excess spread per annum - Approximately - 0.7%

The principal methodology used in these ratings was "Moody's
Approach to Rating ABS Backed by Equipment Leases and Loans"
published in December 2015.

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

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
may be better than its original expectations because of lower
frequency of default by the underlying obligors. The US macro
economy and the equipment markets are primary drivers of
performance. Other reasons for better performance than Moody's
expected include changes in servicing practices to maximize
collections on the leases.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss may
be worse than its original expectations because of higher frequency
of default by the underlying obligors of the loans. The US macro
economy and the equipment markets are primary drivers of
performance. Other reasons for worse performance than Moody's
expected include poor servicing, error on the part of transaction
parties, lack of transactional governance and fraud.


BENEFIT STREET VII: S&P Affirms BB(sf) Rating on Class D Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1a-R,
A-1b-R, A-2-R, B-R, and C-R replacement notes from Benefit Street
Partners CLO VII Ltd., a U.S. collateralized loan obligation
originally issued in 2015 that is managed by Benefit Street
Partners LLC. S&P said, "We withdrew our ratings on the
transaction's original class A-1a, A-1b, A-2, B, and C notes
following payment in full on the Nov. 16, 2017, refinancing date.
At the same time, we affirmed our rating on the class D note, which
was not a part of the refinancing."

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

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 transaction remain consistent with the credit
enhancement available to support them, and we will take rating
actions as we deem necessary."

  RATINGS ASSIGNED

  Benefit Street Partners CLO VII Ltd.

  Replacement class    Rating           Amount (mil. $)
  A-1a-R               AAA (sf)                  294.10
  A-1b-R               AAA (sf)                   20.00
  A-2-R                AA (sf)                    60.90
  B-R                  A (sf)                     36.00
  C-R                  BBB (sf)                   25.70

  RATINGS WITHDRAWN

  Benefit Street Partners CLO VII Ltd.
                          Rating
  Original class      To          From
  A-1a                NR          AAA (sf)
  A-1b                NR          AAA (sf)
  A-2                 NR          AA (sf)
  B                   NR          A (sf)
  C                   NR          BBB (sf)

  RATING AFFIRMED

  Benefit Street Partners CLO VII Ltd.
  Class                Rating
  D                    BB (sf)

  OUTSTANDING CLASS

  Benefit Street Partners CLO VII Ltd.
  Class                Rating
  Subordinated notes   NR

  NR--Not rated.



BX TRUST 2017-CQHP: Moody's Assigns (P)B3 Rating to Class F Certs
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to eight
classes of CMBS securities, issued by BX Trust 2017-CQHP,
Commercial Mortgage Pass-Through Certificates, Series 2017-CQHP:

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

Cl. X-CP*, Assigned (P)Baa2 (sf)

Cl. X-EXT*, Assigned (P)Baa2 (sf)

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

Cl. C, Assigned (P)A3 (sf)

Cl. D, Assigned (P)Baa3 (sf)

Cl. E, Assigned (P)Ba3 (sf)

Cl. F, Assigned (P)B3 (sf)

* Reflects interest-only classes

RATINGS RATIONALE

The Certificates are collateralized by a single loan backed by a
first lien commercial mortgage related to four Club Quarters hotels
(the "Portfolio"). The ratings are based on the collateral and the
structure of the transaction.

The Portfolio is comprised of four Club Quarters Hotels, totaling
1,228 rooms, and includes the 346 room Club Quarters San Francisco,
the 429 room Club Quarters Chicago Central Loop, the 178 room Club
Quarters Boston, and the 275 room Club Quarters Philadelphia.

Each of the properties benefits from a city-center location near
numerous business and leisure demand drivers. Club Quarters San
Francisco is located across the street from the Embarcadero Center
and is a short walk away from Market Street, Chinatown, and
numerous parks, shops and restaurants. Club Quarters Boston is
located in the heart of the financial district, steps from many
corporate headquarters and tourist attractions. Club Quarters
Chicago Central Loop benefits from its proximity to Chicago's major
business and cultural destinations such as the Chicago Board of
Trade, Chicago Mercantile Exchange, and Willis Tower. Club Quarters
Philadelphia is located across the street from the Shops at Liberty
Place and is within walking distance to City Hall, Love Park, and
Rittenhouse Square.

The properties benefit from their affiliation with Club Quarters
which that has 17 city-center locations in major markets in the
U.S. and London. The company, which has existed since 1995, drives
corporate negotiated rate business through memberships with
corporate clients that commit to a minimum number of room nights at
a property annually. Club Quarters' membership is comprised of
numerous Fortune 100 companies, global banks, insurance companies,
technology, consulting, law firms, non-profit organizations and
universities. On weekends when corporate travel demand generally
decreases, the prime locations of the Club Quarters' properties
attract non-members and leisure travelers.

Moody's approach to rating this transaction involved the
application of both Moody's Large Loan and Single Asset/Single
Borrower CMBS methodology and Moody's IO Rating methodology. The
rating approach for securities backed by a single loan compares the
credit risk inherent in the underlying collateral with the credit
protection offered by the structure. The structure's credit
enhancement is quantified by the maximum deterioration in property
value that the securities are able to withstand under various
stress scenarios without causing an increase in the expected loss
for various rating levels. In assigning single borrower ratings,
Moody's also consider a range of qualitative issues as well as the
transaction's structural and legal aspects.

The credit risk of commercial real estate loans is determined
primarily by two factors: 1) the probability of default, which is
largely driven by the DSCR, and 2) and the severity of loss in the
event of default, which is largely driven by the LTV of the
underlying loan.

The Whole Loan first mortgage balance of $273,700,000 represents a
Moody's LTV of 121.0%. The Moody's Whole Loan First Mortgage Actual
DSCR is 2.77X and Moody's Whole Loan First Mortgage Stressed DSCR
is 1.00X.

Moody's also grades properties on a scale of 0 to 5 (best to worst)
and considers those grades when assessing the likelihood of debt
payment. The factors considered include property age, quality of
construction, location, market, and tenancy. The Portfolio's
weighted average property quality grade is 2.48.

Notable strengths of the transaction include: property locations,
strong operating performance and net cash flow margins, established
core business plan, strong sponsorship and invested cash equity.

Notable credit challenges of the transaction include: concentration
of a four property portfolio with a common business plan, property
type volatility, dependence on business travel, subordinate debt,
and the lack of loan amortization.

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

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

Moody's approach for single borrower and large loan multi-borrower
transactions evaluates credit enhancement levels based on an
aggregation of adjusted loan level proceeds derived from Moody's
Moody's loan level LTV ratios. Major adjustments to determining
proceeds include leverage, loan structure, and property type. These
aggregated proceeds are then further adjusted for any pooling
benefits associated with loan level diversity, other concentrations
and correlations.

Moody's approach for single borrower and large loan multi-borrower
transactions evaluates credit enhancement levels based on an
aggregation of adjusted loan level proceeds derived from Moody's
Moody's loan level LTV ratios. Major adjustments to determining
proceeds include leverage, loan structure, and property type. These
aggregated proceeds are then further adjusted for any pooling
benefits associated with loan level diversity, other concentrations
and correlations.

Moody's analysis considers the following inputs to calculate the
proposed IO rating based on the published methodology: original and
current bond ratings and credit estimates; original and current
bond balances grossed up for losses for all bonds the IO(s)
reference(s) within the transaction; and IO type corresponding to
an IO type as defined in the published methodology.

Moody's Parameter Sensitivities: If Moody's value of the collateral
used in determining the initial rating were decreased by 5.0%,
13.8%, and 22.0%, the model-indicated rating for the currently
rated (P) Aaa (sf) class would be Aa1 (sf), Aa3 (sf), and A1 (sf),
respectively. Parameter Sensitivities are not intended to measure
how the rating of the security might migrate over time; rather they
are designed to provide a quantitative calculation of how the
initial rating might change if key input parameters used in the
initial rating process differed. The analysis assumes that the deal
has not aged. Parameter Sensitivities only reflect the ratings
impact of each scenario from a quantitative/model-indicated
standpoint. Qualitative factors are also taken into consideration
in the ratings process, so the actual ratings that would be
assigned in each case could vary from the information presented in
the Parameter Sensitivity analysis.

These ratings: (a) are based solely on information in the public
domain and/or information communicated to Moody's by the issuer at
the date it was prepared and such information has not been
independently verified by Moody's; (b) must be construed solely as
a statement of opinion and not a statement of fact or an offer,
invitation, inducement or recommendation to purchase, sell or hold
any securities or otherwise act in relation to the issuer or any
other entity or in connection with any other matter. Moody's does
not guarantee or make any representation or warranty as to the
correctness of any information, rating or communication relating to
the issuer. Moody's shall not be liable in contract, tort,
statutory duty or otherwise to the issuer or any other third party
for any loss, injury or cost caused to the issuer or any other
third party, in whole or in part, including by any negligence (but
excluding fraud, dishonesty and/or willful misconduct or any other
type of liability that by law cannot be excluded) on the part of,
or any contingency beyond the control of Moody's, or any of its
employees or agents, including any losses arising from or in
connection with the procurement, compilation, analysis,
interpretation, communication, dissemination, or delivery of any
information or rating relating to the issuer.

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 may
indicate that the collateral's credit quality is stronger or weaker
than Moody's had previously anticipated. Factors that may cause an
upgrade of the ratings include significant loan pay downs or
amortization, an increase in the pool's share of defeasance or
overall improved pool performance. Factors that may cause a
downgrade of the ratings include a decline in overall performance
and Property income, increased expected losses from a specially
serviced and troubled loan or interest shortfalls.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed and may
have a significant effect on yield to investors.

The ratings do not represent any assessment of (i) the likelihood
or frequency of prepayment on the mortgage loans, (ii) the
allocation of net aggregate prepayment interest shortfalls, (iii)
whether or to what extent prepayment premiums might be received, or
(iv) in the case of any class of interest-only certificates, the
likelihood that the holders thereof might not fully recover their
investment in the event of a rapid rate of prepayment of the
mortgage loans.


CANTOR COMMERCIAL 2016-C3: Fitch Affirms B- Ratings on 2 Tranches
-----------------------------------------------------------------
Fitch Ratings has affirmed 18 classes of Cantor Commercial Real
Estate CFCRE 2016-C3 Mortgage Trust commercial mortgage
pass-through certificates.  

KEY RATING DRIVERS

Stable Performance: The affirmations are based on the stable
performance of the underlying collateral and no material changes to
the pools metrics since issuance. As of the October 2017
distribution date, the pool's aggregate principal balance has been
reduced by 1% to $696.4 million from $703.6 million at issuance. No
loans are delinquent, in special servicing, or defeased.

High Issuance Fitch Leverage: At issuance, the pool had higher
leverage statistics than other Fitch-rated fixed-rate multiborrower
transactions. The pool's Fitch debt service coverage ratio (DSCR)
of 1.12x was lower than the 2015 and 2014 averages of 1.18x and
1.19x, respectively. The pool's Fitch loan to value (LTV) of 109.5%
was higher than the 2015 and 2014 averages of 109.3%.

Retail Concentration: Loans backed by retail properties represent
34.4% of the pool, including five (24%) in the top 15. Two of the
retail loans are backed by regional malls, and one has exposure to
both JC Penney and Macy's.

Limited Amortization: Twelve loans totaling 36.3% of the pool are
full-term interest-only and nine loans representing 24% of the pool
are partial interest only. The pool is scheduled to amortize by
10.5% over the term of the loans, roughly consisted with the 2016
YTD average (10.4%) and lower than the 2014 and 2015 averages of
12.0% and 11.7%, respectively.

High Pool Concentration: The top 10 and top 20 loans comprise 56.2%
and 83.4% of the pool, respectively, higher than other 2016
transactions.

Hurricane & Wildfire Exposure: There is limited exposure to
properties located in areas affected by hurricanes or wildfires.

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:

-- $21.9 million class A-1 at 'AAAsf'; Outlook Stable;
-- $40.5 million class A-SB at 'AAAsf'; Outlook Stable;
-- $200 million class A-2 at 'AAAsf'; Outlook Stable;
-- $222.9 million class A-3 at 'AAAsf'; Outlook Stable;
-- $521 million class X-A at 'AAAsf'; Outlook Stable;
-- $36.1 million class A-M at 'AAAsf'; Outlook Stable;
-- $37.8 million class B at 'AA-sf'; Outlook Stable;
-- $37.8 million class X-B at 'AA-sf'; Outlook Stable;
-- $37, 8 million class C at 'A-sf'; Outlook Stable;
-- $41.3 million class D at 'BBB-sf'; Outlook Stable;
-- $41.3 million class X-D at 'BBB-sf'; Outlook Stable;
-- $10.6 million class E at 'BB+sf'; Outlook Stable;
-- $10.6 million class X-E at 'BB+sf'; Outlook Stable;
-- $8.8 million class F at 'BB-sf'; Outlook Stable;
-- $8.8 million class X-F at 'BB-sf'; Outlook Stable;
-- $7.9 million class G at 'B-sf'; Outlook Stable;
-- $7.9 million class X-G at 'B-sf'; Outlook Stable.

Fitch does not rate the class H certificates or the class X-H
certificates. The rating on class X-C was previously withdrawn.


CARLYLE GLOBAL 2013-3: S&P Gives Prelim B-(sf) Rating on E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1A-R, A-2-R, B-R, C-R, D-R, and E-R replacement notes from
Carlyle Global Market Strategies CLO 2013-3 Ltd., a collateralized
loan obligation (CLO) originally issued in 2013 that is managed by
Carlyle CLO Management LLC. The replacement notes will be issued
via a proposed supplemental indenture.

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

The replacement classes are all expected to be issued at floating
spreads, replacing the current fixed- and floating-rate notes.

The preliminary ratings are based on information as of Nov. 14,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Dec. 6, 2017, refinancing date, the proceeds from the
issuance of the replacement notes are expected to redeem the
original notes. S&P said, "At that time, we anticipate withdrawing
the ratings on the original notes and assigning ratings to the
replacement notes. However, if the refinancing doesn't occur, we
may affirm the ratings on the original notes and withdraw our
preliminary ratings on the replacement notes."

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

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

  PRELIMINARY RATINGS ASSIGNED

  Carlyle Global Market Strategies CLO 2013-3 Ltd.
  Replacement class         Rating      Amount (mil. $)
  A-1A-R                    AAA (sf)             297.50
  A-1B-R                    NR                    21.50
  A-2-R                     AA (sf)               62.50
  B-R (deferrable)          A (sf)                30.00
  C-R (deferrable)          BBB- (sf)             30.00
  D-R (deferrable)          BB- (sf)              18.50
  E-R (deferrable)          B- (sf)                9.00

  NR--Not rated.


CFG INVESTMENTS 2017-1: S&P Assigns BB(sf) Rating on Class B Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to CFG Investments Ltd.'s
$207.25 million notes series 2017-1.

The note issuance is an asset-backed securities (ABS) transaction
backed by unsecured personal loan receivables, or beneficial
interests therein, from four different jurisdictions: Aruba
(BBB+/Stable/A-2), Curaçao (A-/Stable/A-2), Bonaire (not rated),
and Panama (BBB/Stable/A-2).

The ratings reflect:

-- The characteristics of the pool being securitized, which
include loans from four different jurisdictions: Aruba, Curaçao,
Bonaire, and Panama.

-- The transaction has a two-year revolving period during which
the loan composition can change. As such, we considered the
worst-case pool allowed by the transaction's concentration limits.

-- The availability of approximately 32.69% and 18.83% credit
support to the class A and B notes, respectively, in the form of
subordination, overcollateralization, a reserve account, and excess
spread.

-- The credit support level is sufficient to withstand stresses
commensurate with the assigned ratings on the notes based on our
stressed cash flow scenarios.

The transaction's payment structure and mechanisms, which
incorporate performance-based early amortization triggers that are
linked to a monthly cumulative net loss percentage defined in the
transaction documents, and early amortization triggers that are
linked to a servicer default.

CFG Holdings' (CFG's) established management and its experience in
origination and servicing consumer loan products across all
jurisdictions, and our assessment of the operational risks
associated with CFG's decentralized business model across all
jurisdictions.

The transaction's exposure to the counterparty risk of the bank
account providers in each relevant jurisdiction, which have credit
quality consistent with the assigned ratings. Additionally, the
transaction's commingling risk, which we believe is mitigated by
the two-day transfer of funds, the existence of a reserve account,
and the small amount of exposure to this risk.

The transaction's legal structure, which includes a Cayman Islands
special-purpose vehicle issuing the notes and special-purpose
entities in each jurisdiction called borrowers, to which the
portfolio of loans, or beneficial interests therein, has been
transferred by the respective sellers.

Since S&P issued preliminary ratings, the following key changes
have occurred, among others:

-- The issuer's name was updated;
-- The revolving period was reduced to two years from three;
-- The statistical receivables pool characteristics were updated;
-- The final amounts and coupons for each class were updated,
changing the total credit enhancement available for each class (as
seen in the table below);

-- The first payment date for interest on the notes will now be
Dec. 15, 2017, and legal final maturity will be now be November
2026; and
-- The minimum overcollateralization is now equal to the target
overcollateralization amount during the transaction's life.

None of the changes outlined above affected any of the ratings.
Please see updated credit enhancement table below:

  CREDIT ENHANCEMENT SUMMARY
  Subordination (% of the initial target loan principal balance)
  Class A                                                13.86
  Class B                                                 0.00
  Class RR                                                0.00

  Reserve account (% of the initial target loan principal balance)
  Initial                                                 1.00
  Target                                                  1.00
  Floor                                                   1.00

  Overcollateralization (% of the initial target principal   
  balance)
  Initial (including the initial balance of class RR)    16.11
  Target                                                 16.11
  Floor                                                  16.11

  Total initial hard credit enhancement (% of the initial target
  loan principal balance)
  Class A                                                30.97
  Class B                                                17.11

  Total credit enhancement, including excess spread (% of the  
  initial target loan principal balance)(i)
  Class A                                                32.69
  Class B                                                18.83

  Initial target loan principal balance ($)     247,050,000.00
  Total securities issued ($)                   219,250,000.00

(i)Excess spread calculation is only an estimate for the first
month because the future excess spread will still need to be
realized and is unknown at the expected closing date.

  RATINGS ASSIGNED
  CFG Investments Ltd.
  Class     Rating         Type            Interest     Amount
                                           rate       (mil. $)
  A         BBB (sf)       Senior          7.87          173.0
  B         BB (sf)        Subordinate     9.42          34.25
  RR        NR             Subordinate     0.25           12.0

  NR--Not rated.


CGBAM TRUST 2015-SMRT: S&P Raises Class E Certs Rating to B+(sf)
----------------------------------------------------------------
S&P Global Ratings raised its ratings on six classes of commercial
mortgage pass-through certificates from CGBAM Commercial Mortgage
Trust 2015-SMRT, a U.S. commercial mortgage-backed securities
(CMBS) transaction. At the same time, S&P affirmed its rating on
the class A certificates from the same transaction.

For the affirmation and upgrades, S&P's expectation of credit
enhancement was in line with the affirmed or raised rating levels.

S&P said, "We raised our rating on the class X 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. Class X's notional
balance references classes A, B, C, and D.

"This is a stand-alone (single borrower) transaction backed by a
five-year fixed-rate IO mortgage loan secured by a portfolio of 66
self-storage properties (owned by StorageMart) located across the
U.S. Our property-level analysis included a re-evaluation of the
portfolio of self-storage properties that secures the mortgage loan
in the trust. We considered the increasing trend in the
servicer-reported net operating income and occupancy for the past
two years (year-end 2016 and trailing 12 months ended June 30,
2017) compared with historical performance in 2013, 2014, and
2015,. We then derived our sustainable in-place net cash flow,
which we divided by an 8.14% S&P Global Ratings 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 82.1%% and 2.61x, respectively, on the whole loan balance."

According to the Nov. 10, 2017, trustee remittance report, the
mortgage loan has a trust and whole loan balance of $312.6 million
and $412.5 million, respectively. It pays an annual fixed interest
rate of 3.80% and matures on April 6, 2020. The borrower's equity
interest in the whole loan also secures $102.5 million of mezzanine
financing. To date, the trust has not incurred any principal
losses.

The master servicer, Midland Loan Services, reported a DSC of 1.80x
on the loan balance (including mezzanine debt) for the 12 months
ended June 30, 2017.

S&P said, "Based on our calculations, the reported whole loan DSC
was 2.75x using servicer-reported figures. According to the June
30, 2017, rent roll, the overall occupancy for the portfolio was
91.9%. The portfolio benefits from diverse geographic location and
rental income. Based on our review of the June 2017 rent roll, no
property in the portfolio contributes more than 3.5% of the
in-place base rent for the portfolio.

"Our analysis considered the geographic diversity in the portfolio
while also considering that three of the eight Florida properties
(3.9% of the allocated loan balance) had experienced moderate to
major damage from Hurricane Irma. According to the master servicer,
the borrower plans to rebuild and re-leased the properties affected
by the hurricane."

RATINGS LIST

  CGBAM Commercial Mortgage Trust 2015-SMRT
  Commercial mortgage pass through certificates series 2015-SMRT
                                  Rating    
  Class    Identifier       To            From   
  A        12528RAA6        AAA (sf)      AAA (sf)  
  X        12528RAC2        BBB+ (sf)     BBB- (sf)
  B        12528RAE8        AA+ (sf)      AA- (sf)
  C        12528RAG3        A+ (sf)       A- (sf)
  D        12528RAJ7        BBB+ (sf)     BBB- (sf)
  E        12528RAL2        BB+ (sf)      BB- (sf)  
  F        12528RAN8        B+ (sf)       B- (sf)  


CHARLES RIVER CDO I: Fitch Affirms D Rating on 2 Tranches
---------------------------------------------------------
Fitch Ratings has taken the following rating actions on 44 tranches
from nine structured finance collateralized debt obligations (SF
CDOs) with exposure to various structured finance assets.

-- Affirmed 22 tranches;
-- Affirmed and withdrew 20 tranches;
-- Upgraded two tranches.

KEY RATING DRIVERS

Fitch affirmed 37 classes at 'Csf' that have credit enhancement
(CE) levels exceeded by the expected losses (EL) from the
distressed collateral (rated CCsf and lower) of each portfolio. For
these classes, the probability of default was evaluated without
factoring in potential losses from the performing assets. In the
absence of mitigating factors, default for these notes at or prior
to maturity continues to appear inevitable.

Fitch affirmed three non-deferrable classes that continue to
experience interest payment shortfalls at 'Dsf'.

The certificates issued by Blue Heron Funding VII, Ltd. are
affirmed at 'AAAsf'/Outlook Stable. The principal of the
certificates is protected by zero coupon bonds issued by the
Resolution Funding Corporation (REFCO), a U.S. government sponsored
agency, which are scheduled to mature in April 2030. According to
the transaction documents, no party other than the certificate
holders have claim against this protection asset.

Fitch affirmed the rating on the remaining class due to continued
stable performance.

The two upgrades to Orchard Park Ltd./Inc. are attributed to
significant deleveraging of the transaction's capital structure
which has resulted in increased CE for the notes. According to the
SF PCM analysis, this tranche is now able to withstand losses at a
higher rating stress compared to Fitch's previous review.

For the upgraded transaction, Fitch performed two additional
sensitivity scenarios. In the first, the assets' weighted average
lives were extended to half of their term to their legal
maturities. In the second, the ratings of obligors which made up
greater than 5% of the performing portfolio were lowered by one
rating category to account for potential performance volatility of
a concentrated portfolio. The results of the sensitivity analysis
support the upgrade. The Stable Outlooks reflect Fitch's view that
the notes have a sufficient level of protection to withstand
potential deterioration of the underlying collateral going
forward.

RATING SENSITIVITIES

Negative migration, defaults beyond those projected, and lower than
expected recoveries could lead to downgrades for classes analyzed
under the SF PCM. Classes already rated 'Csf' have limited
sensitivity to further negative migration given their highly
distressed rating levels. However, there is potential for
non-deferrable classes to be downgraded to 'Dsf' should they
experience any interest payment shortfalls.

This review was conducted under the framework described in the
reports 'Global Structured Finance Rating Criteria' and 'Structured
Finance and CDOs Surveillance Rating Criteria'.

A list of the Affected Ratings is available at:

                       http://bit.ly/2jjrnbL


CITIGROUP 2016-C3: Fitch Affirms 'B-sf' Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has affirmed all classes of Citigroup Commercial
Mortgage Trust 2016-C3 commercial mortgage pass-through
certificates.  

KEY RATING DRIVERS

Stable Performance: The affirmations are based on the stable
performance of the underlying collateral. There have been no
material changes to the pool since issuance; therefore, the
original rating analysis was considered in affirming the
transaction.

As of the October 2017 distribution date, the pool's aggregate
balance has been reduced by 0.62% to $751.7 million, from $756.5
million at issuance. There are no delinquent or specially serviced
loans. Two loans (1.8%) are on the servicer's watchlist, both of
which are considered Fitch loans of concern (FLOC).

The largest FLOC is secured by a 102-room hotel property located in
San Diego, CA (1.57% of the pool balance). The loan has been
flagged as a watch-listed loan by the servicer due to the low debt
service coverage ratio (DSCR), which has fallen below the springing
lock-box threshold of 1.15x, Per servicer updates, actual DSCR
reported at 0.75x as of YTD June 2017. The loan has remained
current since issuance.

Retail & Hotel Concentration: Retail properties account for 23% of
the pool, including two super regional malls (13.4%) in the top 15:
Briarwood Mall (8.7%; exposure to JC Penney, Macys, Sears) in Ann
Arbor, MI and Potomac Mills (4.7%; JC Penney) in Woodbridge, VA.
Both regional malls are sponsored by Simon Property Group, L.P.
(A/Stable]. Fitch continues to monitor this asset type in light of
changing consumer trends and continued store closures.

Loans backed by hotel properties represent 20.7% of the pool,
including four (13.1%) in the top 15. The pool's hotel
concentration is greater than the 2016 average of 16.0%. The
largest hotel loan is Marriott Hilton Head Resort & Spa (4.0%),
which has reported stable performance since issuance based on
servicer reported YTD June 2017 financials.

High Concentration of Interest-Only Loans: Based on the scheduled
balance at maturity, the pool will pay down just 9.75%. This is
lower than the 2016 average of 10.4% and the 2015 average of 11.7%.
Full-term interest-only loans compose 41.4% of the pool from 11
loans, and seven loans representing 16.5% of the pool are partial
interest-only. There are two - anticipated repayment date loans
representing 7.9% of the pool. The remainder of the pool consists
of 26 balloon loans representing 42.2%.

Hurricane Exposure: Three loans (3.8% of the pool) secured by five
properties have been identified by the servicer as properties that
may have been impacted by Hurricane Irma. The largest identified
loan (1.93%) is secured by three office properties totaling 161,606
sf located throughout Broward County, FL. No specified damages have
been reported to date; however, damage to infrastructure and
residential properties in these areas is likely to disrupt
commercial activity to some extent in the near term. Fitch is
closely monitoring these loans and awaiting updates from the master
servicer.

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 classes:

-- $26,475,417 class A-1 at 'AAAsf'; Outlook Stable;
-- $75,370,000 class A-2 at 'AAAsf'; Outlook Stable;
-- $180,000,000 class A-3 at 'AAAsf'; Outlook Stable;
-- $209,266,000 class A-4 at 'AAAsf'; Outlook Stable;
-- $33,711,000 class A-AB at 'AAAsf'; Outlook Stable;
-- $588,178,417* class X-A at 'AAAsf'; Outlook Stable;
-- $40,662,000* class X-B at 'AA-sf'; Outlook Stable;
-- $63,356,000 class A-S at 'AAAsf'; Outlook Stable;
-- $40,662,000 class B at 'AA-sf'; Outlook Stable;
-- $30,259,000 class C at 'A-sf'; Outlook Stable;
-- $39,716,000* class X-D at 'BBB-sf'; Outlook Stable;
-- $17,021,000* class X-E at 'BB-sf'; Outlook Stable;
-- $7,565,000* class X-F at 'B-sf'; Outlook Stable;
-- $39,716,000 class D at 'BBB-sf'; Outlook Stable;
-- $17,021,000 class E at 'BB-sf'; Outlook Stable;
-- $7,565,000 class F at 'B-sf'; Outlook Stable.

Fitch does not rate the $28,369,189* class X-G and the $28,369,189a
class G.

* Notional amount and interest-only.


CITIGROUP COMMERCIAL 2015-101A: Fitch Affirms B- Rating on F Certs
------------------------------------------------------------------
Fitch Ratings has affirmed eight classes of Citigroup Commercial
Mortgage Trust 2015-101A, commercial mortgage pass-through
certificates series 2015-101A.  

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 certificate balance remained at $200 million,
unchanged from issuance. The loan is interest only (annual interest
rate of 4.65%) for the entire 20-year term.

The certificates represent the beneficial ownership in the issuing
entity, the primary asset of which is one loan secured by the
leasehold interest in the 101 Avenue of the Americas office
property in New York, NY. The two largest tenants, NY Genome Center
(38.5% of total square footage) and Two Sigma (32.3%) occupy
approximately 71% of the property. Other major tenants include
Digital Ocean (10.3%) and REGUS (7.3%).

Stable Performance: Performance of the property is stable as
exhibited by strong occupancy and limited near-term rollover.
Occupancy has improved to 99.7% as of May 2017 from 94.5% at
issuance. As of year-end 2016, the net operating income (NOI) debt
service coverage ratio (DSCR) was 2.08x, compared with 2.05x at
issuance.

High-Quality Manhattan Asset: The 23-story, class A office building
is located within the South Broadway/Hudson Square submarket in
Manhattan. The property was gut renovated between 2011 and 2013
including upgraded building systems as well as a new lobby,
restrooms, and green roof terrace. The building is LEED Silver
certified.

Limited Near-Term Rollover: The property has no immediate rollover
until 2019 when 3.6% of leases expire. An additional 7.3% expires
in 2023. The majority of the building rollover is associated with
the two largest tenants which both roll prior to the loan's
maturity date in January 2035. The largest tenant (38.5%) has lease
expiration in 2033 and the second largest tenant (32.3%) expires in
2029.

Concentrated Tenancy: Tenancy in the building is concentrated with
the five largest tenants representing 94% of the gross leasable
area (GLA). The majority of the building is comprised of the two
largest tenants representing 71% of the GLA, both of which are on
long-term leases.

Leasehold Interest: The property is subject to a 99-year ground
lease that expires in December 2088. The loan is structured with
monthly reserves for all payments associated with the ground lease
and is recourse to the borrower and guarantor for termination of
the ground lease.

RATING SENSITIVITIES

The Rating Outlook for all classes remains Stable. No rating
actions are anticipated unless there are material changes in
property occupancy or cash flow. The property performance is
consistent with issuance.

Fitch has affirmed the following classes:

-- $96,000,000 class A at 'AAAsf'; Outlook Stable;
-- $96,000,000 class X-A* at 'AAAsf'; Outlook Stable;
-- $30,000,000 class X-B* at 'A-sf'; Outlook Stable;
-- $16,000,000 class B at 'AA-sf'; Outlook Stable;
-- $14,000,000 class C at 'A-sf'; Outlook Stable;
-- $20,000,000 class D at 'BBB-sf'; Outlook Stable;
-- $31,000,000 class E at 'BB-sf'; Outlook Stable;
-- $19,000,000 class F at 'B-sf'; Outlook Stable.

* Interest-only class X-A is equal to the notional balance of class
A. Interest-only class X-B is equal to the notional balance of
class B and class C. Fitch does not rate the class G certificates.


COMM 2012-LC4: Moody's Lowers Rating on Class F Debt to B3(sf)
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on seven classes
and downgraded the ratings on three classes in COMM 2012-LC4
Mortgage Trust

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

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

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

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

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

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

Cl. E, Downgraded to Ba3 (sf); previously on Dec 21, 2016 Affirmed
Ba2 (sf)

Cl. F, Downgraded to B3 (sf); previously on Dec 21, 2016 Affirmed
B2 (sf)

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

Cl. X-B, Downgraded to B1 (sf); previously on Dec 21, 2016 Affirmed
Ba3 (sf)

RATINGS RATIONALE

The ratings of two P&I classes were downgraded due to higher
anticipated losses on specially serviced and troubled loans.

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

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

The rating of the IO class X-B was downgraded because of the credit
quality of the referenced classes.

Moody's rating action reflects a base expected loss of 3.7% of the
current pooled balance, compared to 1.6% at Moody's last review.
Moody's base expected loss plus realized losses is now 3.1% of the
original pooled balance, compared to 1.4% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

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

DEAL PERFORMANCE

As of the 13 October, 2017 distribution date, the transaction's
aggregate pooled certificate balance has decreased by 17% to $781.8
million from $941.3 million at securitization. The certificates are
collateralized by 35 mortgage loans ranging in size from less than
1% to 12% of the pool, with the top ten loans (excluding
defeasance) constituting 66% of the pool. Two loans, constituting
11% of the pool, have investment-grade structured credit
assessments.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 19, the same as at Moody's last review.

Seven loans, constituting 13% of the pooled balance, are on the
master servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

One loan, constituting 0.8% of the pool, is currently in special
servicing. The largest specially serviced loan is the Wood Forest
Apartments ($6.0 million -- 0.8% of the pool), which is secured by
a 152-unit, Class-B, student housing community located in
Nacogdoches, Texas in close proximity to Stephen F Austin
University. The site is improved with 19 two-story garden-style
apartment buildings and a leasing office/clubhouse. The property
was transferred to the special servicer in July 2017 due to payment
default. The property was 88% leased as of December 2016.

Moody's estimates an aggregate $4.3 million loss for the specially
serviced loans (72% expected loss on average).

Moody's has also assumed a high default probability for one poorly
performing loan, constituting 3.3% of the pool, and has estimated
an aggregate loss of $7.6 million (a 30% expected loss based on a
75% probability default) from this troubled loan.

Moody's received full year 2016 operating results for 100% of the
pool, and full or partial year 2017 operating results for 86% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 83%, compared to 82% 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 9.7%.

Moody's actual and stressed conduit DSCRs are 1.58X and 1.32X,
respectively, compared to 1.58X and 1.31X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The loan with a structured credit assessment is the Union Square
Retail Loan ($75.0 million -- 9.6% of the pool), which is secured
by the leasehold interest in a 236,000 SF, Class A, mixed-use
property located in Union Square in Manhattan, New York. The
property is anchord by a 14-screen United Artists Theatre, Best
Buy, and Nordstrom Rack. The property was 94% leased as of June
2017. Moody's structured credit assessment and stressed DSCR are
aa1 (sca.pd) and 2.10X, respectively.

The loan with a structured credit assessment is the Johnstown
Galleria -- Ground Lease Loan ($13.6 million -- 1.7% of the pool),
which is secured by the fee interest in a 46 acre site in
Johnstown, Pennsylvania, which is improved with a 712,000 SF
two-story regional mall anchored by a Sears, JCPenney, Bon-Ton, and
Boscov's. The trust's collateral consists of a 99-year ground lease
encumbering a 355,000 SF component of the Johnstown Galleria, with
a final maturity date of June 2108. Moody's structured credit
assessment and stressed DSCR are aaa (sca.pd) and 1.26X,
respectively.

The top three conduit loans represent 25% of the pool balance. The
largest loan is the Square One Mall Loan ($91.6 million -- 11.7% of
the pool), which is secured by the fee interests in a 541,000 SF
component of a 929,000 SF super-regional mall located in Saugus,
Massacusetts, approximately 10 miles northeast of Boston. The
property is anchord by a Sears, Macy's, Dick's Sporting Goods, Best
Buy, BD's Furniture, and TJMaxx. Macy's and Sears own their own
boxes. The property was 94% leased as of June 2017. Moody's LTV and
stressed DSCR are 76% and 1.36X, respectively, compared to 68% and
1.47X at the last review.

The second largest loan is the Hartman Portfolio Loan ($47.0
million -- 6.0% of the pool), which was originally secured by 12
properties totaling 1.6 million SF of varying use located in
Houston (65% of NRA), Dallas (24%), and San Antonio (11%), Texas.
The portfolio was initially composed of nine Class B office
properties (80% of NRA), two retail properties (16% of NRA), and
one industrial property (5% of NRA). The portfolio was 73% leased
as of June 2017. The asset is also encumbered by a $8.3 million
non-pooled B-note, which is held within the trust and is collateral
for the Class HP (a non-pooled "Rake" bond) that is not rated by
Moody's. Moody's LTV and stressed DSCR are 88% and 1.19X,
respectively, compared to 74% and 1.43X at the last review.

The third largest loan is the Puerto Rico Retail Portfolio Loan
($53.4 million -- 6.8% of the pool), which is secured by the fee
interest in a 554,500 SF anchored-retail portfolio spanning four
properties located in Puerto Rico. The collateral consists of Plaza
Los Prados, in Caguas (163,500 SF; 29% of NRA), Juncos Plaza, in
Juncos (208,000 SF; 37.5%), Manati Centro Plaza, in Manati (118,000
SF; 21.3%), and University Plaza, in Mayaguez (65,000 SF; 11.7%).
The portfolio was 96% leased as of December 2016. The property was
impacted by Hurricane Maria. However, as of the most-recent
remittance report, the loan remains current. Moody's LTV and
stressed DSCR are 87% and 1.21X, respectively, compared to 84% and
1.26X at the last review.


COMM 2014-CCRE15: Moody's Affirms B2(sf) Rating on Class F Certs
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on 13 classes in
COMM 2014-CCRE15 Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2014-CCRE15:

Cl. A-2, Affirmed Aaa (sf); previously on Nov 22, 2016 Affirmed Aaa
(sf)

Cl. A-3, Affirmed Aaa (sf); previously on Nov 22, 2016 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on Nov 22, 2016 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Nov 22, 2016 Affirmed
Aaa (sf)

Cl. A-M*, Affirmed Aaa (sf); previously on Nov 22, 2016 Affirmed
Aaa (sf)

Cl. B*, Affirmed Aa3 (sf); previously on Nov 22, 2016 Affirmed Aa3
(sf)

Cl. C*, Affirmed A3 (sf); previously on Nov 22, 2016 Affirmed A3
(sf)

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

Cl. E, Affirmed Ba2 (sf); previously on Nov 22, 2016 Affirmed Ba2
(sf)

Cl. F, Affirmed B2 (sf); previously on Nov 22, 2016 Affirmed B2
(sf)

Cl. PEZ*, Affirmed A1 (sf); previously on Nov 22, 2016 Affirmed A1
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on Nov 22, 2016 Affirmed Aaa
(sf)

Cl. X-B, Affirmed Baa1 (sf); previously on Nov 22, 2016 Affirmed
Baa1 (sf)

* Reflects Exchangeable Class

RATINGS RATIONALE

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

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

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

Moody's rating action reflects a base expected loss of 4.4% of the
current pooled balance, compared to 3.7% at Moody's last review.
Moody's base expected loss plus realized losses is now 4.1% of the
original pooled balance, compared to 3.6% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

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

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

DEAL PERFORMANCE

As of the October 13, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 6% to $945 million
from $1.01 billion at securitization. The certificates are
collateralized by 45 mortgage loans ranging in size from less than
1% to 11.6% of the pool, with the top ten loans (excluding
defeasance) constituting 60.4% of the pool. One loan, constituting
9.0% of the pool, has an investment-grade structured credit
assessment. Four loans, constituting 4.5% 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 18, compared to 20 at Moody's last review.

Two loans, constituting 3.2% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

There have been no loans liquidated from the pool. Two loans,
constituting 2.4% of the pool, are currently in special servicing.
Both specially serviced loans are secured by multifamily complexes
located in North Dakota in proximity to the Bakken Shale Oil
Formation. Performance has significantly declined at both
properties since securitization. The largest specially serviced
loan is the Century Court Apartments loan ($12.1 million -- 1.3% of
the pool), which is secured by a 192 unit complex located in
Williston, North Dakota. The loan transferred to special servicing
in May 2016 due to imminent monetary default.

The other specially serviced loan is the Custer Crossing loan
($10.6 million -- 1.1% of the pool), which is secured by a 107 unit
complex located in Dickinson, North Dakota. The loan transferred to
special servicing in February 2016 due to imminent monetary
default.

Moody's estimates an aggregate $19.5 million loss for the specially
serviced loans (86% expected loss on average).

Moody's received full year 2016 operating results for 73% of the
pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 104%, compared to 109% at Moody's
last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 9.4% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.5%.

Moody's actual and stressed conduit DSCRs are 1.43X and 1.02X,
respectively, compared to 1.38X and 0.98X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The loan with a structured credit assessment is the 625 Madison
Avenue Loan ($85.0 million -- 9.0% of the pool), which represents a
pari passu portion of a $195.0 million mortgage loan. The loan is
also encumbered by $195.0 million of mezzanine debt. The loan is
secured by a ground lease at 625 Madison Avenue between 58th and
59th streets in New York City, with improvements consisting of a
17-story, mixed-use building. Initial rent payments are $4,612,500
until June 30, 2022 at which time the ground lease payments become
4.5% of fair market value. Moody's structured credit assessment is
aa2 (sca.pd), the same as at the prior review.

The top three conduit loans represent 28.3% of the pool balance.
The largest loan is the Google and Amazon Office Portfolio Loan
($110.0 million -- 11.6% of the pool), which represents a pari
passu portion of a $452.2 million mortgage loan. The loan is also
encumbered by $67.8 million of mezzanine debt. The loan is secured
by two office properties located in Sunnyvale, California. The
Moffett Towers Building D (Amazon Building) is an eight-story,
Class A office building containing 357,481 square feet (SF). It is
part of a seven building campus. The Google Campus is comprised of
four, four-story, Class A office buildings totaling 700,328 SF,
which is part of a six-building office campus known as Technology
Corners. Moody's LTV and stressed DSCR are 112% and 0.91X,
respectively, the same as at the last review.

The second largest loan is the AMC Portfolio Pool I Loan ($87.5
million -- 9.3% of the pool), which is secured by seven
manufactured housing communities. The properties are located in
Dallas, Texas (3 properties); Austin, Texas (2 properties); and
Flint, Michigan (2 properties). The communities were built between
1968 and 1998 and contain approximately 2,000 pads in total. The
loan is still in its initial 47 month interest only period, after
which it will begin to amortize on a 360-month schedule. Moody's
LTV and stressed DSCR are 119% and 0.80X, respectively, the same as
at the last review.

The third largest loan is the 25 West 45th Street Loan ($70.0
million -- 7.4% of the pool), which is secured by a 17-story
Class-B office property on West 45th street of 5th Avenue in
Manhattan, New York. The improvements contain approximately 186,000
SF of which approximately 169,000 SF (91% of NRA) is represented by
office space and the remaining 16,500 (9% of NRA) consists of grade
level retail. As of December 2016, the property was 76% leased.
Moody's LTV and stressed DSCR are 122% and 0.80X, respectively, the
same as at the last review.


COMM 2014-CCRE21: Fitch Affirms BB+ Rating on Class E Certs
-----------------------------------------------------------
Fitch Ratings has affirmed 13 classes of Deutsche Bank Securities,
Inc.'s COMM 2014-CCRE21 Mortgage Trust pass-through certificates.

KEY RATING DRIVERS

Generally Stable Performance: The overall performance of the pool
has been generally stable since issuance. There are no loans
currently delinquent or in special servicing. As of the October
2017 remittance, the pool had paid down approximately 1.8%, to
$809.8 million from $824.8 million at issuance.

Hotel Performance Decline: Three hotel loans in the top 10 (15.9%
of the pool) have experienced notable performance declines. This
includes Loews Miami Beach Hotel (7.4%) and the James Hotel (4.3%),
which reflected year-end 2016 NOI that was 38.7% and 39% below bank
underwriting, respectively. The Hilton College Station exhibits a
smaller performance decline, with year-end 2016 NOI approximately
11.7% below bank underwriting.

Hurricane Damage: The collateral for two loans totaling 2.7% of the
pool has sustained major damage from Hurricanes Irma and Maria.
This includes the twelfth largest loan in the pool, Mercado
Portfolio. The ultimate payoff of these loans is heavily dependent
on insurance proceeds, given the extent of the damage. The servicer
is currently coordinating with the insurance companies to determine
a resolution.

Limited Amortization: The pool is scheduled to amortize only 10.3%
of the initial pool balance prior to maturity. At issuance, 10
loans (32.7%), including four of the top 10 loans, were full-term
interest-only (IO), and 21 loans (34.6%) were partial IO.

RATING SENSITIVITIES

Rating Outlooks for all classes remain Stable due to the overall
stable performance of the pool and continued amortization. Upgrades
may occur with improved pool performance and significant paydown or
defeasance. Downgrades are possible should the five loans flagged
as Fitch Loans of Concern continue to experience performance
declines or experience losses related to hurricane damage.

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:

-- $14.9 million class A-1 at 'AAAsf'; Outlook Stable;
-- $91.2 million class A-2 at 'AAAsf'; Outlook Stable;
-- $49.3 million class A-SB at 'AAAsf'; Outlook Stable;
-- $407 million class A-3 at 'AAAsf'; Outlook Stable;
-- $52.6 million class A-M at 'AAAsf'; Outlook Stable;
-- $46.4 million class B at 'AA-sf'; Outlook Stable;
-- $0 class PEZ at 'A-sf'; Outlook Stable;
-- $37.1 million class C at 'A-sf'; Outlook Stable;
-- $40.2 million class D at 'BBB-sf'; Outlook Stable;
-- $8.2 million class E at 'BB+sf'; Outlook Stable.
-- Interest Only class X-A at 'AAAsf'; Outlook Stable;
-- Interest Only class X-B 'AA-sf'; Outlook Stable;
-- Interest Only class X-C 'BBB-sf'; Outlook Stable.

Fitch does not rate the classes F, G, H and J, or Interest-Only
classes X-D, X-E and X-F certificates.


COMMERCIAL MORTGAGE 2000-CMLB1: Moody's Affirms B3 on Cl. X Certs
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on three classes
in Commercial Mortgage Leased-Backed Certificates 2000-CMLB1 (CMLBC
2001-CMLB1):

Cl. A-2, Affirmed Aaa (sf); previously on Nov 17, 2016 Affirmed Aaa
(sf)

Cl. A-3, Affirmed Aaa (sf); previously on Nov 17, 2016 Affirmed Aaa
(sf)

Cl. X, Affirmed B3 (sf); previously on Jun 9, 2017 Downgraded to B3
(sf)

RATINGS RATIONALE

The ratings on classes A-2 and A-3 were affirmed because the
transaction's key metric, the weighted average rating factor
(WARF), is within acceptable ranges.

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

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

The ratings of Credit Tenant Lease (CTL) deals are primarily based
on the senior unsecured debt rating (or the corporate family
rating) of the tenants leasing the real estate collateral
supporting the bonds. Other factors that are also considered are
Moody's dark value of the collateral (value based on the property
being vacant or dark), which is used to determine a recovery rate
upon a loan's default and the rating of the residual insurance
provider, if applicable. Factors that may cause an upgrade of the
ratings include an upgrade in the rating of the corporate tenant or
significant loan paydowns or amortization which results in a lower
loan to dark value ratio. Factors that may cause a downgrade of the
ratings include a downgrade in the rating of the corporate tenant
or the residual insurance provider.

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in these ratings was "Moody's
Approach to Rating Credit Tenant Lease and Comparable Lease
Financings" published in October 2016.

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

DEAL PERFORMANCE

As of the October 20, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 68% to $155 million
from $476 million at securitization. The certificates are
collateralized by 99 mortgage loans ranging in size from less than
1% to 7% of the pool. Seventy-seven of the loans are CTL loans
secured by properties leased to 18 corporate credit tenants.
Twenty-two loans, representing 19% of the pool, have defeased and
are collateralized with U.S. Government securities.

The CTL pool, excluding defeasance, consists of 77 loans secured by
properties leased to 18 tenants. The largest exposures are
AutoZone, Inc. ($24.6 million -- 15.9% of the pool; senior
unsecured rating: Baa1 -- Stable outlook) and SUPERVALU Inc. ($24.5
million -- 15.8% of the pool; senior unsecured rating: B3 -- Stable
outlook). Sixteen of the tenants (96.6% of the pool excluding
defeasance) have a Moody's rating. The bottom-dollar weighted
average rating factor (WARF) for this pool is 1543, compared to
1492 at the last review. WARF is a measure of the overall quality
of a pool of diverse credits. The bottom-dollar WARF is a measure
of default probability.


CONNECTICUT AVE 2017-C07: Fitch to Rate 38 Note Classes 'Bsf'
-------------------------------------------------------------
Fitch Ratings expects to assign the following ratings and Rating
Outlooks to Fannie Mae's risk transfer transaction, Connecticut
Avenue Securities, series 2017-C07:

-- $186,170,000 class 1M-1 notes 'BBB-sf'; Outlook Stable;
-- $133,258,000 class 1M-2A notes 'BBsf'; Outlook Stable;
-- $133,258,000 class 1M-2B notes 'BB-sf'; Outlook Stable;
-- $135,218,000 class 1M-2C notes 'Bsf'; Outlook Stable;
-- $401,734,000 class 1M-2 exchangeable notes 'Bsf'; Outlook
    Stable;
-- $133,258,000 class 1A-I1 exchangeable notional notes 'BBsf';
    Outlook Stable;
-- $133,258,000 class 1E-A1 exchangeable notes 'BBsf'; Outlook
    Stable;
-- $133,258,000 class 1A-I2 exchangeable notional notes 'BBsf';
    Outlook Stable;
-- $133,258,000 class 1E-A2 exchangeable notes 'BBsf'; Outlook
    Stable;
-- $133,258,000 class 1A-I3 exchangeable notional notes 'BBsf';
    Outlook Stable;
-- $133,258,000 class 1E-A3 exchangeable notes 'BBsf'; Outlook
    Stable;
-- $133,258,000 class 1A-I4 exchangeable notional notes 'BBsf';
    Outlook Stable;
-- $133,258,000 class 1E-A4 exchangeable notes 'BBsf'; Outlook
    Stable;
-- $133,258,000 class 1B-I1 exchangeable notional notes 'BB-sf';
    Outlook Stable;
-- $133,258,000 class 1E-B1 exchangeable notes 'BB-sf'; Outlook
    Stable;
-- $133,258,000 class 1B-I2 exchangeable notional notes 'BB-sf';
    Outlook Stable;
-- $133,258,000 class 1E-B2 exchangeable notes 'BB-sf'; Outlook
    Stable;
-- $133,258,000 class 1B-I3 exchangeable notional notes 'BB-sf';
    Outlook Stable;
-- $133,258,000 class 1E-B3 exchangeable notes 'BB-sf'; Outlook
    Stable;
-- $133,258,000 class 1B-I4 exchangeable notional notes 'BB-sf';
    Outlook Stable;
-- $133,258,000 class 1E-B4 exchangeable notes 'BB-sf'; Outlook
    Stable;
-- $135,218,000 class 1C-I1 exchangeable notional notes 'Bsf';
    Outlook Stable;
-- $135,218,000 class 1E-C1 exchangeable notes 'Bsf'; Outlook
    Stable;
-- $135,218,000 class 1C-I2 exchangeable notional notes 'Bsf';
    Outlook Stable;
-- $135,218,000 class 1E-C2 exchangeable notes 'Bsf'; Outlook
    Stable;
-- $135,218,000 class 1C-I3 exchangeable notional notes 'Bsf';
    Outlook Stable;
-- $135,218,000 class 1E-C3 exchangeable notes 'Bsf'; Outlook
    Stable;
-- $135,218,000 class 1C-I4 exchangeable notional notes 'Bsf';
    Outlook Stable;
-- $135,218,000 class 1E-C4 exchangeable notes 'Bsf'; Outlook  
    Stable;
-- $266,516,000 class 1E-D1 exchangeable notes 'BB-sf'; Outlook
    Stable;
-- $266,516,000 class 1E-D2 exchangeable notes 'BB-sf'; Outlook
    Stable;
-- $266,516,000 class 1E-D3 exchangeable notes 'BB-sf'; Outlook
    Stable;
-- $266,516,000 class 1E-D4 exchangeable notes 'BB-sf'; Outlook
    Stable;
-- $266,516,000 class 1E-D5 exchangeable notes 'BB-sf'; Outlook
    Stable;
-- $268,476,000 class 1E-F1 exchangeable notes 'Bsf'; Outlook
    Stable;
-- $268,476,000 class 1E-F2 exchangeable notes 'Bsf'; Outlook
    Stable;
-- $268,476,000 class 1E-F3 exchangeable notes 'Bsf'; Outlook
    Stable;
-- $268,476,000 class 1E-F4 exchangeable notes 'Bsf'; Outlook
    Stable;
-- $268,476,000 class 1E-F5 exchangeable notes 'Bsf'; Outlook
    Stable;
-- $266,516,000 class 1-X1 exchangeable notional notes 'BB-sf';
    Outlook Stable;
-- $266,516,000 class 1-X2 exchangeable notional notes 'BB-sf';
    Outlook Stable;
-- $266,516,000 class 1-X3 exchangeable notional notes 'BB-sf';
    Outlook Stable;
-- $266,516,000 class 1-X4 exchangeable notional notes 'BB-sf';
    Outlook Stable;
-- $268,476,000 class 1-Y1 exchangeable notional notes 'Bsf';
    Outlook Stable;
-- $268,476,000 class 1-Y2 exchangeable notional notes 'Bsf';
    Outlook Stable;
-- $268,476,000 class 1-Y3 exchangeable notional notes 'Bsf';
    Outlook Stable;
-- $268,476,000 class 1-Y4 exchangeable notional notes 'Bsf';
    Outlook Stable;
-- $107,666,000 class 2M-1 notes 'BBB-sf'; Outlook Stable;
-- $101,332,000 class 2M-2A notes 'BBsf'; Outlook Stable;
-- $101,332,000 class 2M-2B notes 'BB-sf'; Outlook Stable;
-- $101,332,000 class 2M-2C notes 'Bsf'; Outlook Stable;
-- $303,996,000 class 2M-2 exchangeable notes 'Bsf'; Outlook
    Stable;
-- $101,332,000 class 2A-I1 exchangeable notional notes 'BBsf';
    Outlook Stable;
-- $101,332,000 class 2E-A1 exchangeable notes 'BBsf'; Outlook
    Stable;
-- $101,332,000 class 2A-I2 exchangeable notional notes 'BBsf';
    Outlook Stable;
-- $101,332,000 class 2E-A2 exchangeable notes 'BBsf'; Outlook
    Stable;
-- $101,332,000 class 2A-I3 exchangeable notional notes 'BBsf';
    Outlook Stable;
-- $101,332,000 class 2E-A3 exchangeable notes 'BBsf'; Outlook
    Stable;
-- $101,332,000 class 2A-I4 exchangeable notional notes 'BBsf';
    Outlook Stable;
-- $101,332,000 class 2E-A4 exchangeable notes 'BBsf'; Outlook
    Stable;
-- $101,332,000 class 2B-I1 exchangeable notional notes 'BB-sf';
    Outlook Stable;
-- $101,332,000 class 2E-B1 exchangeable notes 'BB-sf'; Outlook
    Stable;
-- $101,332,000 class 2B-I2 exchangeable notional notes 'BB-sf';
    Outlook Stable;
-- $101,332,000 class 2E-B2 exchangeable notes 'BB-sf'; Outlook
    Stable;
-- $101,332,000 class 2B-I3 exchangeable notional notes 'BB-sf';
    Outlook Stable;
-- $101,332,000 class 2E-B3 exchangeable notes 'BB-sf'; Outlook
    Stable;
-- $101,332,000 class 2B-I4 exchangeable notional notes 'BB-sf';
    Outlook Stable;
-- $101,332,000 class 2E-B4 exchangeable notes 'BB-sf'; Outlook
    Stable;
-- $101,332,000 class 2C-I1 exchangeable notional notes 'Bsf';
    Outlook Stable;
-- $101,332,000 class 2E-C1 exchangeable notes 'Bsf'; Outlook
    Stable;
-- $101,332,000 class 2C-I2 exchangeable notional notes 'Bsf';
    Outlook Stable;
-- $101,332,000 class 2E-C2 exchangeable notes 'Bsf'; Outlook
    Stable;
-- $101,332,000 class 2C-I3 exchangeable notional notes 'Bsf';
    Outlook Stable;
-- $101,332,000 class 2E-C3 exchangeable notes 'Bsf'; Outlook
    Stable;
-- $101,332,000 class 2C-I4 exchangeable notional notes 'Bsf';
    Outlook Stable;
-- $101,332,000 class 2E-C4 exchangeable notes 'Bsf'; Outlook
    Stable;
-- $202,664,000 class 2E-D1 exchangeable notes 'BB-sf'; Outlook
    Stable;
-- $202,664,000 class 2E-D2 exchangeable notes 'BB-sf'; Outlook
    Stable;
-- $202,664,000 class 2E-D3 exchangeable notes 'BB-sf'; Outlook
    Stable;
-- $202,664,000 class 2E-D4 exchangeable notes 'BB-sf'; Outlook
    Stable;
-- $202,664,000 class 2E-D5 exchangeable notes 'BB-sf'; Outlook
    Stable;
-- $202,664,000 class 2E-F1 exchangeable notes 'Bsf'; Outlook
    Stable;
-- $202,664,000 class 2E-F2 exchangeable notes 'Bsf'; Outlook
    Stable;
-- $202,664,000 class 2E-F3 exchangeable notes 'Bsf'; Outlook
    Stable;
-- $202,664,000 class 2E-F4 exchangeable notes 'Bsf'; Outlook
    Stable;
-- $202,664,000 class 2E-F5 exchangeable notes 'Bsf'; Outlook
    Stable;
-- $202,664,000 class 2-X1 exchangeable notional notes 'BB-sf';
    Outlook Stable;
-- $202,664,000 class 2-X2 exchangeable notional notes 'BB-sf';
    Outlook Stable;
-- $202,664,000 class 2-X3 exchangeable notional notes 'BB-sf';
    Outlook Stable;
-- $202,664,000 class 2-X4 exchangeable notional notes 'BB-sf';
    Outlook Stable;
-- $202,664,000 class 2-Y1 exchangeable notional notes 'Bsf';  
    Outlook Stable;
-- $202,664,000 class 2-Y2 exchangeable notional notes 'Bsf';
    Outlook Stable;
-- $202,664,000 class 2-Y3 exchangeable notional notes 'Bsf';
    Outlook Stable;
-- $202,664,000 class 2-Y4 exchangeable notional notes 'Bsf';
    Outlook Stable.

The following classes will not be rated by Fitch:

-- $19,803,186,080 class 1A-H reference tranche;
-- $9,799,029 class 1M-1H reference tranche;
-- $7,014,568 class 1M-AH reference tranche;
-- $7,014,568 class 1M-BH reference tranche;
-- $7,117,400 class 1M-CH reference tranche;
-- $97,984,000 class 1B-1 notes;
-- $5,157,594 class 1B-1H reference tranche;
-- $103,141,594 class 1B-2H reference tranche;
-- $12,766,622,601 class 2A-H reference tranche;
-- $5,666,942 class 2M-1H reference tranche;
-- $5,334,298 class 2M-AH reference tranche;
-- $5,334,298 class 2M-BH reference tranche;
-- $5,334,298 class 2M-CH reference tranche;
-- $63,333,000 class 2B-1 notes;
-- $3,333,436 class 2B-1H reference tranche;
-- $66,666,437 class 2B-2H reference tranche.

The notes are general senior unsecured obligations of Fannie Mae
(rated 'AAA'/Outlook Stable) subject to the credit and principal
payment risk of the mortgage loan reference pools of certain
residential mortgage loans held in various Fannie Mae-guaranteed
MBS. The 'BBB-sf' rating for the 1M-1 notes reflects the 3.05%
subordination provided by the 0.68% class 1M-2A, the 0.68% class
1M-2B, the 0.69% class 1M-2C, the 0.50% class 1B-1 and their
corresponding reference tranches as well as the 0.50% 1B-2H
reference tranche. The 'BBB-sf' rating for the 2M-1 notes reflects
the 3.40% subordination provided by the 0.80% class 2M-2A, the
0.80% class 2M-2B, the 0.80% class 2M-2C, the 0.50% class 2B-1 and
their corresponding reference tranches as well as the 0.50% 2B-2H
reference tranche.

The CAS 2017-C07 transaction includes two separate loan groups. One
loan group will consist of loans with loan-to-value (LTV) ratios
greater than 60% and less than or equal to 80% (Group 1), and
another that consists of loans with LTVs greater than 80% and less
than or equal to 97% (Group 2). Fitch has assigned different
subordination levels to each group, as outlined above. The cash
flow waterfall structure is identical for both groups.

Connecticut Avenue Securities, series 2017-C07 (CAS 2017-C07) is
Fannie Mae's 23rd risk transfer transaction issued as part of the
Federal Housing Finance Agency's Conservatorship Strategic Plan for
2013 to 2017 for each of the government sponsored enterprises
(GSEs) to demonstrate the viability of multiple types of risk
transfer transactions involving single family mortgages.

The objective of the transaction is to transfer credit risk from
Fannie Mae to private investors with respect to a $34 billion pool
of mortgage loans currently held in previously issued MBS
guaranteed by Fannie Mae where principal repayment of the notes are
subject to the performance of a reference pool of mortgage loans.
As loans liquidate, are modified or other credit events occur, the
outstanding principal balance of the debt notes will be reduced by
the loan's actual loss severity percentage related to those credit
events.

While the transaction structure simulates the behavior and credit
risk of traditional RMBS mezzanine and subordinate securities,
Fannie Mae will be responsible for making monthly payments of
interest and principal to investors. Due to the counterparty
dependence on Fannie Mae, Fitch's expected rating on the 1M-1,
1M-2A, 1M-2B, 1M-2C, 2M-1, 2M-2A, 2M-2B and 2M-2C notes will be
based on the lower of: the quality of the mortgage loan reference
pool and credit enhancement (CE) available through subordination
and on Fannie Mae's Issuer Default Rating.

The notes will be issued as LIBOR-based floaters. In the event that
the one-month LIBOR rate falls below the applicable negative LIBOR
trigger value described in the offering memorandum, the interest
payment on the interest-only notes will be capped at the excess of
(i) the interest amount payable on the related class of
exchangeable notes for that payment date over (ii) the interest
amount payable on the class of floating rate related combinable and
recombinable (RCR) notes included in the same combination for that
payment date. If there are no floating rate classes in the related
exchange, then the interest payment on the interest-only notes will
be capped at the aggregate of the interest amounts payable on the
classes of RCR notes included in the same combination that were
exchanged for the specified class of interest-only RCR notes for
that payment date.

KEY RATING DRIVERS

High-Quality Mortgage Pool (Positive): The mortgage loan reference
pools consist of high-quality mortgage loans that were acquired by
Fannie Mae in the first and second quarters of 2017 (1Q17 and
2Q17). The group 1 reference pool will consist of loans with LTVs
greater than 60% and less than or equal to 80%, and Group 2 will
consist of loans with LTVs greater than 80% and less than or equal
to 97%. Overall, the reference pool's collateral characteristics
are similar to recent CAS transactions and reflect the strong
credit profile of post-crisis mortgage originations.

FEMA Exclusion Loans Removed (Positive): Fannie Mae will not
include FEMA Exclusion Loans in the pool. A mortgage loan is a FEMA
Exclusion Loan if it relates to a mortgage property that is
included in the Federal Emergency Management Agency (FEMA) Hazus
damage file for Hurricane Harvey or Hurricane Irma as of the
Cut-off Date or is determined by Fannie Mae to merit exclusion from
the Reference Pool due to the effects of natural disasters.

Higher HomeReady Exposure (Negative): Both groups contain loans
(1.1% Group 1 and 10.5% Group 2) originated to Fannie Mae's
HomeReady program, the highest percentages of any Fitch-rated
transaction to date. HomeReady is an affordability program that
allows LTVs up to 97% and can allow for nonstandard sources of
income and down payment for qualifying borrowers. The credit
profile of HomeReady borrowers is weaker on average than the
overall mortgage pool, which is reflected in increased credit
enhancement.

Mortgage Insurance Guaranteed by Fannie Mae (Positive): All of the
loans in Group 2 are covered either by borrower paid mortgage
insurance (BPMI) or lender paid mortgage insurance (LPMI). Fannie
Mae will be guaranteeing the MI coverage amount, which will
typically be the MI coverage percentage multiplied by the sum of
the unpaid principal balance as of the date of the default, up to
36 months of delinquent interest, taxes and maintenance expenses.
While the Fannie Mae guarantee allows for credit to be given to MI,
Fitch applied a haircut to the amount of BPMI available due to the
automatic termination provision as required by the Homeowners
Protection Act when the loan balance is first scheduled to reach
78%.

12.5-Year Hard Maturity (Positive): The notes benefit from a
12.5-year legal final maturity. Thus, any credit or modification
events on the reference pool that occur beyond year 12.5 are borne
by Fannie Mae and do not affect the transaction. Fitch accounted
for the 12.5-year hard maturity in its default analysis and applied
a reduction to its lifetime default expectations.

Limited Size/Scope of Third-Party Diligence (Neutral): Fitch
received third-party due diligence on a loan production basis, as
opposed to a transaction-specific review. Fitch believes that
regular, periodic third-party reviews (TPRs) conducted on a loan
production basis are sufficient for validating Fannie Mae's quality
control processes. Fitch views the results of the due diligence
review as consistent with its opinion of Fannie Mae as an
above-average aggregator; as a result, no adjustments were made to
Fitch's loss expectations based on due diligence. See Third-Party
Due Diligence for more details.

Solid Alignment of Interests (Positive): While the transaction is
designed to transfer credit risk to private investors, Fitch
believes that it benefits from a solid alignment of interests.
Fannie Mae will be retaining credit risk in the transaction by
holding the 1A-H and 2A-H senior reference tranches, which have an
initial loss protection of 4.00% and 4.25%, respectively, as well
as the first loss B-2H reference tranches, sized at 0.50% for each
group. Fannie Mae is also retaining an approximately 5% vertical
slice/interest in each group's Reference Tranches (M-1H, M-AH,
M-BH, M-CH, and B-1H).

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.

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

Fitch also conducted defined rating sensitivities which determine
the stresses to MVDs that would reduce a rating by one full
category, to non-investment grade, and to 'CCCsf'. For example,
additional MVDs of 12%, 12% and 37% would potentially reduce the
'BBBsf' Group 1 rated class down one rating category, to
non-investment grade, and to 'CCCsf', respectively. Additional MVDs
of 11%, 11% and 36% would potentially reduce the 'BBBsf' Group 2
rated class down one rating category, to non-investment grade, and
to 'CCCsf', respectively.


CREDIT SUISSE 2004-C2: Fitch Affirms 'BBsf' Rating on Class L Certs
-------------------------------------------------------------------
Fitch Ratings has affirmed eight classes of Credit Suisse First
Boston Mortgage Securities Corp., commercial mortgage pass-through
certificates series 2004-C2.  

KEY RATING DRIVERS

Defeasance and High Credit Enhancement: Classes E through J benefit
from high and increasing credit enhancement due to amortization and
defeasance. As of the November 2017 distribution date, the
transaction has paid down 94% since issuance, to $57.9 million from
$966.8 million at issuance. Two of the three remaining
non-specially serviced loans are defeased, totaling 94.9% of the
outstanding transaction balance.

Interest Shortfalls: Interest shortfalls are currently impacting
classes K through M and are primarily the result of a
non-recoverability determination on the REO asset, as well as
servicer fees and other expenses. Future upgrades to classes K and
L are dependent on the recovery of interest shortfalls, which may
occur once the specially serviced asset is resolved.

Concentrated Pool: The pool is highly concentrated with only four
loans remaining. 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 and ranked them by their perceived likelihood of
repayment. This includes defeased loans, fully amortizing loans and
the specially serviced REO asset. The ratings reflect this
sensitivity analysis.

REO Asset: The transaction's one specially serviced asset is a
retail center in Pallyup, WA that has been REO since 2014. As of
June 2017, occupancy was 61% and the net operating income debt
service coverage ratio was 0.93x. Per the special servicer, the
asset is not yet listed for sale.

Maturity Schedule: The largest loan is a defeased balloon loan that
matures in 2019 (94%). The remaining two non-specially serviced
loans are fully amortizing and mature in 2019 and 2024 (2%).

RATING SENSITIVITIES

The Rating Outlooks on classes E through H are Stable as the
classes are fully covered by defeasance and future affirmations are
expected. The Negative Outlook on class J reflects the potential
for a rating downgrade to 'Asf' if interest shortfalls increase and
impact this class. The Outlooks on classes K and L remain Stable,
as no rating changes are expected due to the continuing interest
shortfalls, as well as the expected losses on the REO asset. An
upgrade to K is possible if interest shortfalls are recovered.
Upgrades to class L are less likely, but possible once the REO
asset is resolved.

Fitch has affirmed the following classes:

-- $9.5 million class E at 'AAAsf', Outlook Stable;
-- $9.7 million class F at 'AAAsf', Outlook Stable;
-- $9.7 million class G at 'AAAsf', Outlook Stable;
-- $10.9 million class H at 'AAAsf', Outlook Stable;
-- $6 million class J at 'AAAsf', Outlook Negative;
-- $3.6 million class K at 'Asf', Outlook Stable;
-- $3.6 million class L at 'BBsf'; Outlook Stable;
-- $0 class N at 'Dsf', RE 0%;
-- $0 class O at 'Dsf''; RE 0%.

The class A-1, A-1-A, A-2, B, C and D certificates have paid in
full. Fitch does not rate the class M and P certificates. Fitch
previously withdrew the ratings on the interest-only class A-X and
A-SP certificates.


CREDIT SUISSE 2006-C3: Moody's Affirms Caa3 on Cl. A-J Certs.
-------------------------------------------------------------
Moody's Investors Service has affirmed the rating on one class in
Credit Suisse Commercial Mortgage Trust Commercial Mortgage
Pass-Through Certificates Series 2006-C3:

Cl. A-J, Affirmed Caa3 (sf); previously on Dec 2, 2016 Downgraded
to Caa3 (sf)

RATINGS RATIONALE

The rating of the Class A-J was affirmed because the rating is
consistent with Moody's expected loss plus realized losses.

Moody's rating action reflects a base expected loss of 54.0% of the
current pooled balance, compared to 51.5% at Moody's last review.
Moody's base expected loss plus realized losses is now 14.9% of the
original pooled balance, compared to 14.8% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

Factors that could lead to an upgrade of the 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 this rating was "Moody's Approach
to Rating Large Loan and Single Asset/Single Borrower CMBS"
published in July 2017.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 92% of the pool is in
special servicing and Moody's has identified additional troubled
loans representing 6% of the pool. In this approach, Moody's
determines a probability of default for each specially serviced and
troubled loan that it expects will generate a loss and estimates a
loss given default based on a review of broker's opinions of value
(if available), other information from the special servicer,
available market data and Moody's internal data. The loss given
default for each loan also takes into consideration repayment of
servicer advances to date, estimated future advances and closing
costs. Translating the probability of default and loss given
default into an expected loss estimate, Moody's then applies the
aggregate loss from specially serviced and troubled loans to the
most junior class and the recovery as a pay down of principal to
the most senior class.

DEAL PERFORMANCE

As of the 17 October, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $20.7 million
from $1.9 billion at securitization. The certificates are
collateralized by five mortgage loans ranging in size from less
than 2.6% to 54% of the pool.

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

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

Twenty-eight loans have been liquidated from the pool at a loss,
contributing to an aggregate realized loss of $277.8 million (for
an average loss severity of 71%). Three loans, constituting 92% of
the pool, are currently in special servicing. The largest specially
serviced loan is the Hennepin Business Center ($11.2 million --
54.0% of the pool), which is secured by a 140,000 SF office
property located in Minneapolis, Minnesota. The loan was
transferred to the special servicer in August 2016 due to maturity
default. The property was 82% leased as of September 2017.

The second largest specially serviced loan is the Manatee Village
Loan ($4.9 million -- 23.4% of the pool), which is secured by a
104,000 SF retail center located in Tarpon Springs, Florida,
approximately 30 miles northwest of the Tampa CBD. The loan
transferred to the special servicer in May 2016 due to maturity
default. The borrower was unable to refinance the loan due to the
former anchor, Winn-Dixie going dark in 2014 and subsequently
vacating the property at the end of their lease in October 2016.
The property was 18% leased as of July 2017.

The third largest specially serviced loan is the Pecos Trail Office
(Phase II) Loan ($3.0 million -- 14.4% of the pool), which is
secured by a 32,000 SF, two-building, Class B office complex
located in Santa Fe, New Mexico. The loan was transferred to the
special servicer in May 2016 due to maturity default. The property
was 75% leased as of July 2017.

Moody's estimates an aggregate $11.1 million loss for the specially
serviced loans (59% expected loss on average).

Moody's has also assumed a high default probability for one poorly
performing loans, constituting 5.7% of the pool, and has estimated
an aggregate loss of $0.1 million (a 9% expected loss based on a
75% probability default) from these troubled loans.

The top two performing loans represent 8.3% of the pool balance.
The largest loan is the Gardens at Duncan Apartment Loan ($1.2
million -- 5.7% of the pool), which is secured by a 90 unit, Class
B, garden-style multifamily property located in Duncan, Oklahoma
approximately 100 miles southwest of Oklahoma City. The property's
unit mix consists of one, two, and three-bedroom units. The
property was 82% leased as of July 2017. Moody's has identified
this as a troubled loan.

The second largest loan is the Poway Garden Self Storage Loan ($0.5
million -- 2.6% of the pool), which is secured by a 51,700 SF
self-storage facility located in Poway, California, approximately
20 miles northeast of the San Diego CBD. The loan is fully
amortizing and has paid down 67% since securitization. Moody's LTV
and stressed DSCR are 15% and 4.00X, respectively.


CREDIT SUISSE 2015-C1: Fitch Affirms B Rating on Class X-F Certs
----------------------------------------------------------------
Fitch Ratings has affirmed 16 classes of Credit Suisse USA CSAIL
2015-C1 Commercial Mortgage Pass-Through Certificates.

KEY RATING DRIVERS

Stable Performance: The pool is performing in line with Fitch's
expectations and there have been no material changes since
issuance.

Limited Amortization: Five loans (27.9% of the pool) are
interest-only for the full term. An additional 40 loans were
structured with partial interest-only periods at issuance.
Beginning in 2018, 15 of these partial interest-only loans (21.8%
of the pool) will have not yet begun amortizing. The pool is
scheduled to amortize 10.7% prior to maturity. Since issuance,
there has been 1.5% collateral reduction.

Retail Exposure: There are five loans (16.2% of the pool) within
the Top 15 secured by retail properties, three of which are
enclosed regional malls and one of which is an open-air outlet
center. The malls are operated by Westfield (10% of the pool) and
Rouse Properties (2% of the pool) and the outlet center is operated
by Simon Properties (2.2% of the pool). These assets are located
mainly in secondary and tertiary markets. Overall, the pool is not
considered highly concentrated by property type. Retail exposure
represents 25.7% of the pool.

Hurricane Exposure: Two loans are on the servicer's watchlist for
potential cash flow disruption following damages from Hurricane
Harvey. Combined, these loans represent 2.6% of the pool. An
additional eight loans (4.9% of the pool) are on the servicer's
Significant Insurance Event report for Hurricane Irma; however, no
updates on damage have been received for those underlying Florida
properties.

RATING SENSITIVITIES

The Rating Outlooks for all classes remain Stable. Fitch is
monitoring the two Top 15 loans secured by Westfield malls
(Westfield Trumbull, 6.5% of the pool and Westfield Wheaton, 3.6%
of the pool) for potential issues related to nearby competition and
new supply. A sensitivity stress indicated that classes E and F
could be downgraded in the event these loans are transferred to
special servicing. Fitch does not view either of these loans to be
at immediate risk of default, and does not foresee positive or
negative ratings migration until a material economic or asset-level
event changes the transaction's overall portfolio-level metrics.

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

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

Fitch has affirmed the following ratings:

-- $25.5 million class A-1 at 'AAAsf'; Outlook Stable;
-- $56.3 million class A-2 at 'AAAsf'; Outlook Stable;
-- $270 million class A-3 at 'AAAsf'; Outlook Stable;
-- $405.3 million class A-4 at 'AAAsf'; Outlook Stable;
-- $74.6 million class A-SB at 'AAAsf'; Outlook Stable;
-- $85 million class A-S at 'AAAsf'; Outlook Stable;
-- $916.7 million* class X-A at 'AAAsf'; Outlook Stable;
-- $66.7 million class B at 'AA-sf'; Outlook Stable;
-- $66.7 million* class X-B at 'AA-sf'; Outlook Stable;
-- $53.1 million class C at 'A-sf'; Outlook Stable;
-- $62.2 million class D at 'BBB-sf'; Outlook Stable;
-- $62.2 million* class X-D at 'BBB-sf'; Outlook Stable;
-- $24.3 million class E at 'BBsf'; Outlook Stable;
-- $24.3 million* class X-E at 'BBsf'; Outlook Stable;
-- $15.2 million class F at 'Bsf'; Outlook Stable;
-- $15.2 million* class X-F at 'Bsf'; Outlook Stable.

*Notional amount and interest-only.

Fitch does not rate the class NR or X-NR certificates. Fitch
previously withdrew the rating on the class X-C certificate.


CSAIL 2017-CX10: Fitch to Rate Class F Certs 'B-sf'
---------------------------------------------------
Fitch Ratings has issued a presale report on Credit Suisse CSAIL
2017-CX10 Commercial Mortgage Trust Commercial Mortgage
Pass-Through Certificates Series 2017-CX10.

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

-- $14,888,000 class A-1 'AAAsf'; Outlook Stable;
-- $81,680,000 class A-2 'AAAsf'; Outlook Stable;
-- $143,190,000 class A-3 'AAAsf'; Outlook Stable;
-- $135,893,000 class A-4 'AAAsf'; Outlook Stable;
-- $203,841,000 class A-5 'AAAsf'; Outlook Stable;
-- $19,217,000 class A-SB 'AAAsf'; Outlook Stable;
-- $691,723,000b class X-A 'AAAsf'; Outlook Stable;
-- $80,184,000b class X-B 'A-sf'; Outlook Stable;
-- $93,014,000 class A-S 'AAAsf'; Outlook Stable;
-- $49,180,000 class B 'AA-sf'; Outlook Stable;
-- $31,004,000 class C 'A-sf'; Outlook Stable;
-- $34,212,000a class D 'BBB-sf'; Outlook Stable;
-- $17,106,000ab class X-E 'BB-sf'; Outlook Stable;
-- $17,106,000a class E 'BB-sf'; Outlook Stable;
-- $8,553,000ac class F 'B-sf'; Outlook Stable.

The following class is not expected to be rated:

-- $23,521,491ac class NR.

(a) Privately placed and pursuant to Rule 144A.
(b) Notional amount and interest-only.
(c) Horizontal credit risk retention interest representing 0.9% of
the pool balance (as of the closing date).

VRR Interest - The amount of the VRR Interest is expected to
represent 4.1% 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 Nov. 7, 2017.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 31 loans secured by 76
commercial properties having an aggregate principal balance of
$855,299,491 as of the cut-off date. The loans were contributed to
the trust by: Column Financial, Inc., Natixis Real Estate Capital
LLC, and Benefit Street Partners CRE Finance LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 77.8% of the properties
by balance, cash flow analysis of 92.9%, and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

Lower Fitch Leverage Than Recent Transactions: The pool's leverage
is below recent comparable Fitch-rated multiborrower transactions.
The pool's Fitch debt service coverage ratio (DSCR) and loan to
value (LTV) are 1.35x and 91.8%, respectively, better than the
year-to-date (YTD) 2017 averages of 1.26x and 101.2%, respectively.
Excluding credit opinion loans, the pool's normalized Fitch DSCR
and LTV are 1.27x and 102.0%, respectively, compared to the YTD
averages of 1.21x and 106.7%.

Investment-Grade Credit Opinion Loans: Four loans, representing
23.3% of the pool, have investment-grade credit opinions. Yorkshire
& Lexington Towers (7.0% of the pool) has an investment-grade
credit opinion of 'BBBsf*'. One California Plaza (5.8%) has an
'A-sf*' credit opinion, while The Standard Highline NYC (5.3%) and
Centre 425 Bellevue (5.1%) have credit opinions of 'Asf*' and
'BBB+sf*', respectively. Combined, the four loans have a
weighted-average (WA) Fitch DSCR and LTV of 1.63x and 58.1%,
respectively.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 4.5% 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.

Fitch evaluated the sensitivity of the ratings assigned to the
CSAIL 2017-CX10 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.


CWABS INC 2003-S1: Moody's Lowers Rating on Cl. M-1 Certs to Caa1
-----------------------------------------------------------------
Moody's Investors Service has downgraded the rating of Class M-1 of
CWABS, INC., Asset-Backed Certificates, Series 2003-S1. This
transaction is backed by second-lien RMBS loans.

Complete rating action is as follow:

Issuer: CWABS, INC., Asset-Backed Certificates, Series 2003-S1

Cl. M-1, Downgraded to Caa1 (sf); previously on Jul 29, 2016
Downgraded to B2 (sf)

RATINGS RATIONALE

The action reflects the recent performance of the underlying pool
and Moody's updated loss expectation on this pool. The rating
downgraded is primarily due to the increasing losses on Class M-1 -
as of Sep 2017, the bond has suffered 9.5% of cumulative write-down
(as a percentage of its original balance).

The principal methodology used in this rating was "US RMBS
Surveillance Methodology" published in January 2017.

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

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 4.1% in October 2017 from 4.8% in
October 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.


DRYDEN 30: S&P Assigns B-(sf) Rating on Class F-R Notes
-------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R, B-R, C-R,
D-R, E-R, and F-R replacement notes and class X notes from Dryden
30 Senior Loan Fund, a collateralized loan obligation (CLO)
originally issued in October 2013 that is managed by PGIM Inc.
(formerly known as Prudential Investment Management Inc.). In
addition, S&P withdrew its ratings on the original class A, B, C,
D, E, and F notes following payment in full on the Nov. 15, 2017
refinancing date.

On the Nov. 15, 2017, refinancing date, the proceeds from the
replacement note issuance, combined with the proceeds of the class
X and additional subordinated note issuances, 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 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:

Change the rated par amount and target initial par amount to
$473.75 million and $495.00 million, respectively, from $473.15
million and $500.00 million, respectively. Extend the reinvestment
period to Nov. 15, 2020, from Nov. 15, 2017.

Extend the non-call period to Nov. 15, 2018, from Nov. 15, 2015.
Extend the weighted average life test to seven years calculated
from the refinancing date, from eight years calculated from the
transactions original closing date in October 2013.

Extend the legal final maturity date on the rated notes to Nov. 15,
2028, from Nov. 15, 2025. Issue additional class X senior secured
floating-rate notes, which will be paid down using interest
proceeds in equal quarterly installments on the first eight payment
dates. The transaction will also issue additional subordinated
notes, increasing the subordinated notes' balance to $47.5265
million from $43.2500 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 we assumed when initially assigning ratings to the
notes. Change the required minimum thresholds for the coverage
tests.

Make the transaction U.S. risk retention compliant. Reduce the
additional collateral management fee percentage. Incorporate the
recovery rate methodology and updated industry classifications
outlined in our August 2016 CLO criteria update.

REPLACEMENT AND ORIGINAL NOTE ISSUANCES

  Replacement Notes
  Class                Amount      Interest                        
     
                      (mil. $)     rate (%)        
  X                       6.00     Three-month LIBOR + 0.60
  A-R                   322.00     Three-month LIBOR + 0.82
  B-R                    58.00     Three-month LIBOR + 1.25
  C-R (deferrable)       38.00     Three-month LIBOR + 1.70
  D-R (deferrable)       27.25     Three-month LIBOR + 2.60
  E-R (deferrable)       16.25     Three-month LIBOR + 5.75
  F-R (deferrable)        6.25     Three-month LIBOR + 7.25
  Subordinated notes     47.53     N/A

  Original Notes
  Class                Amount     Interest                         
   
                      (mil. $)     rate (%)        
  A                    312.15     Three-month LIBOR + 1.25
  B                     64.75     Three-month LIBOR + 1.75
  C (deferrable)        39.25     Three-month LIBOR + 2.85
  D (deferrable)        24.25     Three-month LIBOR + 3.20
  E (deferrable)        20.75     Three-month LIBOR + 5.00
  F (deferrable)        12.00     Three-month LIBOR + 5.50
  Subordinated notes    43.25     N/A

  N/A--Not applicable.

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

"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

  Dryden 30 Senior Loan Fund
  Replacement class         Rating        Amount (mil $)
  X                         AAA (sf)               6.00
  A-R                       AAA (sf)             322.00
  B-R                       AA (sf)               58.00
  C-R                       A (sf)                38.00
  D-R                       BBB- (sf)             27.25
  E-R                       BB- (sf)              16.25
  F-R                       B- (sf)                6.25
  Subordinated notes        NR                  47.5265

  RATINGS WITHDRAWN

  Dryden 30 Senior Loan Fund      
                           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)
  F                    NR              B (sf)



DRYDEN 30: S&P Assigns Prelim B-(sf) Rating on Class F-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-R, B-R, C-R, D-R, E-R, and F-R replacement notes from Dryden 30
Senior Loan Fund, a collateralized loan obligation (CLO) originally
issued in October 2013 that is managed by PGIM Inc. (formerly known
as Prudential Investment Management Inc.). In addition, S&P
assigned its preliminary ratings to the class X notes, which are
also expected to be issued on the Nov. 15, 2017, refinancing date.
The replacement notes will be issued via a proposed supplemental
indenture.

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

The preliminary ratings are based on information as of Nov. 14,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Nov. 15, 2017, refinancing date, the proceeds from the
issuance of the replacement notes, combined with the proceeds of
the issuance of the class X notes and additional subordinated
notes, are expected to redeem the original notes. S&P said, "At
that time, we anticipate withdrawing the ratings on the original
notes and assigning ratings to the replacement notes. However, if
the refinancing doesn't occur, we may affirm the ratings on the
original notes and withdraw our preliminary ratings on the
replacement notes."

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

-- Change the rated par amount and target initial par amount to
$473.75 million and $495.00 million, respectively, from $473.15
million and $500.00 million, respectively.

-- Extend the reinvestment period to Nov. 15, 2020, from Nov. 15,
2017.

-- Extend the non-call period to Nov. 15, 2018, from Nov. 15,
2015.

-- Extend the weighted average life test to seven years calculated
from the refinancing date, from eight years calculated from the
transactions original closing date in October 2013.

-- Extend the legal final maturity date on the rated notes to Nov.
15, 2028, from Nov. 15, 2025.  

-- Issue additional class X senior secured floating-rate notes,
which are expected to be paid down using interest proceeds in equal
quarterly installments on the first eight payment dates. The
transaction will also issue additional subordinated notes,
increasing the subordinated notes balance to $47.5265 million from
$43.2500 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 we assumed when initially assigning ratings to the
notes.  

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

-- Make the transaction U.S. risk retention compliant.

-- Reduce the additional collateral management fee percentage.

-- Incorporate the recovery rate methodology and updated industry
classifications outlined in S&P's 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                       6.00     Three-month LIBOR + 0.60
  A-R                   322.00     Three-month LIBOR + 0.82
  B-R                    58.00     Three-month LIBOR + 1.25
  C-R (deferrable)       38.00     Three-month LIBOR + 1.70
  D-R (deferrable)       27.25     Three-month LIBOR + 2.60
  E-R (deferrable)       16.25     Three-month LIBOR + 5.75
  F-R (deferrable)        6.25     Three-month LIBOR + 7.25
  Subordinated notes     47.53     N/A

  Original Notes
  Class                Amount     Interest                         
           
                     (mil. $)     rate (%)          
  A                    312.15     Three-month LIBOR + 1.25
  B                     64.75     Three-month LIBOR + 1.75
  C (deferrable)        39.25     Three-month LIBOR + 2.85
  D (deferrable)        24.25     Three-month LIBOR + 3.20
  E (deferrable)        20.75     Three-month LIBOR + 5.00
  F (deferrable)        12.00     Three-month LIBOR + 5.50
  Subordinated notes    43.25     N/A

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

  Dryden 30 Senior Loan Fund   
  Replacement class         Rating            Amount
                                              (mil. $)
  X                         AAA (sf)               6.00
  A-R                       AAA (sf)             322.00
  B-R                       AA (sf)               58.00
  C-R                       A (sf)                38.00
  D-R                       BBB- (sf)             27.25
  E-R                       BB- (sf)              16.25
  F-R                       B- (sf)                6.25
  Subordinated notes        NR                    47.53


DT AUTO 2017-4: S&P Assigns BB(sf) Rating on Class E Notes
----------------------------------------------------------
S&P Global Ratings assigned its ratings to DT Auto Owner Trust
2017-4's $564.63 million asset-backed notes series 2017-.

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

The ratings reflect:

-- The availability of approximately 67.6%, 64.4%, 55.9%, 45.2%,
and 38.7% credit support for the class A, B, C, D, and E notes,
respectively, based on stressed break-even cash flow scenarios
(including excess spread). These credit support levels provide
approximately 2.20x, 2.10x, 1.77x, 1.45x, and 1.20x coverage of our
expected net loss range of 29.50%-30.50% for the class A, B, C, D,
and E notes, respectively. Credit enhancement also covers
cumulative gross losses of approximately 96.6%, 92.0%, 79.9%,
64.6%, and 55.2%, respectively, assuming a 30% recovery rate.

-- The timely interest and principal payments by the legal final
maturity dates made under stressed cash flow modeling scenarios
that we deem appropriate for the assigned ratings.

-- S&P said, "Our expectation that under a moderate ('BBB') stress
scenario, the ratings on the class A, B, and C notes would likely
not be lowered, and the class D notes would likely remain within
one category of our 'BBB+ (sf)' rating, all else being equal. The
rating on class E would remain within two rating categories of our
'BB (sf)' rating during the first year, though it would ultimately
default in the moderate ('BBB') stress scenario with approximately
85% principal repayment. These potential rating movements are
consistent with our credit stability criteria (see "Methodology:
Credit Stability Criteria," published May 3, 2010)."

-- The collateral characteristics of the subprime pool being
securitized, including a high percentage (approximately 86%) of
obligors with higher payment frequencies (more than once a month),
which S&P expects will result in a somewhat faster paydown on the
pool.

-- The transaction's sequential-pay structure, which builds credit
enhancement (on a percentage-of-receivables basis) as the pool
amortizes.

  RATINGS ASSIGNED
  DT Auto Owner Trust 2017-4

  Class  Rating    Type       Interest     Amount   Legal final
                               rate (%)   (mil. $)   maturity
  A      AAA (sf)  Senior         1.85     239.97   Aug. 17, 2020
  B      AA+ (sf)  Subordinate    2.44      44.11   Jan. 15, 2021
  C      A+ (sf)   Subordinate    2.86     100.57   July 17, 2023
  D      BBB+ (sf) Subordinate    3.47     102.34   July 17, 2023
  E      BB (sf)   Subordinate    5.15      77.64   Nov. 15, 2024


ELLINGTON FINANCIAL 2017-1: S&P Assigns B(sf) Rating on B-2 Certs
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Ellington Financial
Mortgage Trust 2017-1's $140.669 million mortgage pass-through
certificates.

The certificate issuance is a residential mortgage-backed
securities (RMBS) transaction backed by U.S. residential mortgage
loans.

The ratings reflect:

-- The pool's collateral composition;
-- The credit enhancement provided for this transaction;
-- The transaction's associated structural mechanics;
-- The representation and warranty framework for this transaction;
and
-- The mortgage aggregator.

  RATINGS ASSIGNED
  Ellington Financial Mortgage Trust 2017-1
   Class       Rating(i)            Amount
                               (mil. $)
  A-1         AAA (sf)          96,957.00
  A-2         AA (sf)           12,146.00
  A-3         A (sf)            17,583.00
  M-1         BBB (sf)           6,568.00
  B-1         BB (sf)            5,296.00
  B-2         B (sf)             2,119.00
  B-3         NR                   564.45
  A-IO-S      NR                 Notional (ii)
  X           NR                 Notional (ii)
  R           NR                      N/A

(i) Interest can be deferred on the classes; the ratings assigned
to the classes address the ultimate payment of interest and
principal.
(ii)Notional amount is equal to the aggregate loans' stated
principal balance.
WAC--Weighted average coupon.
N/A--Not applicable.
NR--Not rated.



ELLINGTON FINANCIAL 2017-1: S&P Gives Prelim B Rating on B-2 Certs
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Ellington
Financial Mortgage Trust 2017-1's $140.669 million mortgage
pass-through certificates.

The certificate issuance is a residential mortgage-backed
securities (RMBS) transaction backed by U.S. residential mortgage
loans.

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

The preliminary ratings reflect:

-- The pool's collateral composition;
-- The credit enhancement provided for this transaction;
-- The transaction's associated structural mechanics;
-- The representation and warranty framework for this transaction;
and
-- The mortgage aggregator.

  PRELIMINARY RATINGS ASSIGNED
  Ellington Financial Mortgage Trust 2017-1
   Class       Rating(i)   Type        Interest      Amount
                                        Rate(ii)   (mil. $)
  A-1     AAA (sf)  Senior             Fixed      96,957.00
  A-2     AA (sf)   Senior             Fixed      12,146.00
  A-3     A (sf)    Senior             Fixed      17,583.00
  M-1     BBB (sf)  Mezzanine          Fixed       6,568.00
  B-1     BB (sf)   Subordinate        Fixed       5,296.00
  B-2     B (sf)    Subordinate        Net WAC     2,119.00
  B-3     NR        Subordinate        Net WAC       564.45
  A-IO-S  NR        Excess servicing   (iv)        Notional (iii)
  X       NR        Monthly excess     (v)         Notional (iii)
                    cash flow
  R       NR        Residual           N/A              N/A

(i)The collateral and structural information in this report reflect
information as of Nov. 8, 2017. Interest can be deferred on the
classes; the preliminary ratings assigned to the classes address
the ultimate payment of interest and principal.
(ii)Coupons are subject to the pool's net WAC rate. Coupons on
classes B-2 and B-3 equal the pool's net WAC rate.
(iii)Notional amount is equal to the aggregate loans' stated
principal balance.
(iv)Generally 50 bps less servicing fees, and servicing
administrator fees, among other variables.
(v)Certain excess amounts per the pooling and servicing agreement.

WAC--Weighted average coupon.
N/A--Not applicable.
NR--Not rated.



FIRST INVESTORS 2017-3: S&P Gives Prelim BB-(sf) Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to First
Investors Auto Owner Trust 2017-3's $167.37 million asset-backed
notes.

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

The preliminary ratings are based on information as of Nov. 9,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The availability of approximately 39.2%, 33.9%, 26.4%, 20.5%,
and 16.6% credit support for the class A, B, C, D, and E notes,
respectively, based on stressed cash flow scenarios (including
excess spread). These credit support levels provide approximately
3.50x, 3.00x, 2.30x, 1.75x, and 1.40x coverage of S&P's
10.75%-11.25% expected cumulative net loss (CNL) range for the
class A, B, C, D, and E notes, respectively.

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

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

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

--Prefunding will be used in this transaction in the amount of
$38.0 million, approximately 23% of the pool. The subsequent
receivables are expected to be transferred into the trust within
three months from the closing date.

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

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

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

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

  PRELIMINARY RATINGS ASSIGNED
  First Investors Auto Owner Trust 2017-3  
  Class   Rating     Type           Interest           Amount
                                    rate(i)       (mil. $)(i)
  A-1    AAA (sf)    Senior         Fixed               95.00
  A-2    AAA (sf)    Senior         Fixed               24.58
  B      AA (sf)     Subordinate    Fixed               11.97
  C      A (sf)      Subordinate    Fixed               15.73
  D      BBB (sf)    Subordinate    Fixed               13.39
  E      BB- (sf)    Subordinate    Fixed                6.70

(i)The actual coupons of the tranches will be determined on the
pricing date.


FLAGSHIP CREDIT 2017-4: S&P Gives Prelim BB-(sf) Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Flagship
Credit Auto Trust 2017-4's $263.08 million automobile
receivables-backed notes series 2017-4.

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

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

The preliminary ratings reflect S&P's view of:

-- The availability of approximately 47.5%, 40.5%, 31.7%, 24.9%,
and 20.0% credit support (including excess spread) for the class A,
B, C, D, and E notes, respectively, based on stressed cash flow
scenarios. These credit support levels provide coverage of
approximately 3.50x, 3.00x, 2.30x, 1.75x, and 1.40x our
12.75%-13.25% expected cumulative net loss (CNL) range for the
class A, B, C, D, and E notes, respectively (see the Cash Flow
Modeling section for details). These break-even scenarios cover
total cumulative gross defaults (using a recovery assumption of
40%) of approximately 79%, 67%, 53%, 41%, and 33%, respectively.

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

-- The expectation that under a moderate ('BBB') stress scenario,
all else being equal, our ratings on the class A and B notes would
not be lowered by more than one rating category from our
preliminary 'AAA (sf)' and 'AA (sf)' ratings throughout the
transaction's life, and our ratings on the class C and D notes
would not be lowered more than two rating categories from our
preliminary 'A (sf)' and 'BBB (sf)' ratings. The rating on the
class E notes would remain within two rating categories of our
preliminary 'BB- (sf)' rating within the first year, but the class
would eventually default under the 'BBB' stress scenario after
receiving 49%-60% of its principal. The above rating movements are
within the one-category rating tolerance for 'AAA' and 'AA' rated
securities during the first year and three-category tolerance over
three years; a two-category rating tolerance for 'A', 'BBB', and
'BB' rated securities during the first year; and a three-category
tolerance for 'A' and 'BBB' rated securities over three years. The
'BB' rated securities are permitted to default under a 'BBB' stress
scenario (see "Methodology: Credit Stability Criteria," published
May 3, 2010).

-- The credit enhancement in the form of subordination,
overcollateralization, a reserve account, and excess spread.

-- The characteristics of the collateral pool being securitized.

-- The transaction's payment and legal structures.

  PRELIMINARY RATINGS ASSIGNED

  Flagship Credit Auto Trust 2017-3  
  Class       Rating       Type            Interest      Amount
                                           rate(i)      (mil. $)
  A           AAA (sf)     Senior          Fixed         163.57
  B           AA (sf)      Subordinate     Fixed          27.94
  C           A (sf)       Subordinate     Fixed          31.36
  D           BBB (sf)     Subordinate     Fixed          25.21
  E           BB- (sf)     Subordinate     Fixed          15.00

(i)The actual coupons of these tranches will be determined on the
pricing date.



FORTRESS CREDIT IV: S&P Assigns BB (sf) Rating on Class 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 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

  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.


FORTRESS CREDIT IX: S&P Assigns BB-(sf) Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to Fortress Credit
Opportunities IX CLO Ltd.'s $1.198 billion floating rate notes.

The note issuance is a collateralized loan obligation (CLO)
transaction backed primarily by middle market speculative-grade
senior secured term loans.

The ratings reflect:

-- The diversified collateral pool, which consists primarily of
middle market speculative-grade senior secured term loans that are
governed by collateral quality tests. The credit enhancement
provided through the subordination of cash flows, excess spread,
and overcollateralization.

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

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

-- The rating requirements of Natixis as the class A-1R
noteholder, as well as rating requirements of any future class A-1R
noteholders

RATINGS ASSIGNED

Fortress Credit Opportunities IX CLO Ltd.

  Class          Rating     Interest      Amount
                            rate (%)     (mil. $)
  A-1R           AAA (sf)   CP+1.55(i)    137.50
  A-1T           AAA (sf)   3ML+1.55      451.90
  A-1L           AAA (sf)   3ML+1.55       30.00
  A-1F           AAA (sf)   3.65          100.00
  B              AA (sf)    3ML+1.95      198.50
  C (deferrable) A- (sf)    3ML+2.65      145.40
  D (deferrable) BBB- (sf)  3ML+3.75      104.60
  E (deferrable) BB- (sf)   3ML+7.25       30.10
  Sub. notes
   (deferrable)  NR               N/A     302.00

(i)CP is capped at Three-month LIBOR plus 0.25%.
3ML--Three-month LIBOR.
NR--Not rated.
N/A--Not applicable.



GE COMMERCIAL 2002-1: Moody's Affirms C Ratings on 2 Tranches
-------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on two classes
in GE Commercial Mortgage Corp., Commercial Mortgage Pass-Through
Certificates, Series 2002-1:

Cl. N, Affirmed C (sf); previously on Nov 10, 2016 Affirmed C (sf)

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

RATINGS RATIONALE

The rating on Class N was affirmed because the ratings are
consistent with Moody's expected loss plus realized losses, plus
the ongoing risk of interest shortfalls. Class N has already
experienced a 31% 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.

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.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 100% of the pool balance
is secured by a troubled loan. In this approach, Moody's determines
a probability of default for the troubled loan and estimates a loss
given default based on a review of broker's opinions of value (if
available), other information from the 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 loss from the troubled loan
to the most junior class(es) and the recovery as a pay down of
principal to the most senior class(es).

DEAL PERFORMANCE

As of the October 10, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by over 99% to $5
million from $1.04 billion at securitization. The certificates are
collateralized by one remaining mortgage loan.

Sixteen loans have been liquidated from the pool, contributing to
an aggregate realized loss of $24 million (for an average loss
severity of 19%).

As of the October 2017 remittance statement cumulative interest
shortfalls were $1.1 million. Moody's anticipates interest
shortfalls will continue because of the exposure to the modified
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 sole remaining loan in the pool is the Campus Executive Office
Park ($5 million), which is secured by a Class B office property
located in Sacramento, California. The loan is on watchlist for low
DSCR and low occupancy. The loan was previously in special
servicing and was returned the master servicer after a 2014
modification which included a seven-year maturity extension to
March 2019, an interest rate reduction and a conversion from
partial to full interest-only for the remainder of the loan term.
The property was only 15% leased as of March 2017. Due to the low
occupancy, Moody's has identified this as a troubled loan and
estimates a moderate loss for the loan in Moody's analysis.


GMAC COMMERCIAL 2005-C1: Fitch Lowers Class A-J Debt Rating to C
----------------------------------------------------------------
Fitch Ratings has downgraded one class and affirmed 12 classes of
GMAC Commercial Mortgage Securities, Inc. (GMACC 2005-C1)
commercial mortgage pass-through certificates series 2005-C1.  

KEY RATING DRIVERS

Concentrated Pool: The pool is highly concentrated with only four
properties 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. The ratings reflect this sensitivity analysis; class A-J
is expected to incur losses.

Resolution of the Largest Loan and Expected Losses: 3301 N. Buffalo
Drive (90.8%) was bifurcated into a $37.7 million A-Note and a
$19.8 million B-Note. The property was sold subsequent to the
October 2017 remittance report; losses will be reflected in the
November 2017 report. Sale proceeds were only sufficient enough to
repay the A-Note in full. Losses associated with the B-Note exceeds
the $12.6 million current balance for class B, and will be
partially absorbed by class A-J.

RATING SENSITIVITIES

The downgrade of class A-J to 'C' from 'CCC' reflects the
expectation that the class will be impacted by losses associated
with a Hope note.

Fitch has affirmed the following ratings:

-- $12.6 million class B at 'Dsf'; RE 0%;
-- $0 class C at 'Dsf'; RE 0%;
-- $0 class D at 'Dsf'; RE 0%.
-- $0 class E at 'Dsf'; RE 0%;
-- $0 class F at 'Dsf'; RE 0%;
-- $0 class G at 'Dsf'; RE 0%;
-- $0 class H at 'Dsf'; RE 0%;
-- $0 class J at 'Dsf'; RE 0%;
-- $0 class K at 'Dsf'; RE 0%;
-- $0 class L at 'Dsf'; RE 0%;
-- $0 class M at 'Dsf'; RE 0%;
-- $0 class N at 'Dsf'; RE 0%.

Fitch has downgraded the following rating:

-- $50.6 million class A-J to 'Csf' from 'CCCsf'; RE 80%.

Classes A-1 through AM were repaid in full. Fitch does not rate the
class P certificates. Fitch previously withdrew the ratings on
class O and the interest-only class X-1 and X-2 certificates.


GS MORTGAGE 2012-GC6: Moody's Affirms B2 Rating on Cl. F Certs
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on nine classes
in GS Mortgage Securities Trust 2012-GC6, Commercial Mortgage
Pass-Through Certificates, Series 2012-GC6:

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

Cl. A-AB, Affirmed Aaa (sf); previously on Dec 1, 2016 Affirmed Aaa
(sf)

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

Cl. B, Affirmed Aa3 (sf); previously on Dec 1, 2016 Affirmed Aa3
(sf)

Cl. C, Affirmed A3 (sf); previously on Dec 1, 2016 Affirmed A3
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Dec 1, 2016 Affirmed Baa3
(sf)

Cl. E, Affirmed Ba2 (sf); previously on Dec 1, 2016 Affirmed Ba2
(sf)

Cl. F, Affirmed B2 (sf); previously on Dec 1, 2016 Affirmed B2
(sf)

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

RATINGS RATIONALE

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

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

Moody's rating action reflects a base expected loss of 3.4% of the
current balance, compared to 3.1% at Moody's last review. Moody's
base expected loss plus realized losses is now 2.9% of the original
pooled balance, compared to 2.7% at the last review. Moody's
provides a current list of base expected losses for conduit and
fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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


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

DEAL PERFORMANCE

As of the October 13, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 14% to $989.2
million from $1.15 billion at securitization. The certificates are
collateralized by 67 mortgage loans ranging in size from less than
1% to 12% of the pool, with the top ten loans constituting 57% of
the pool. One loan, constituting just under 10% of the pool, has an
investment-grade structured credit assessment. Nine loans,
constituting 7% of the pool, have defeased and are secured by US
government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 20, compared to 21 at Moody's last review.

Fourteen loans, constituting 24% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

One loan has been liquidated from the pool, resulting in a minimal
realized loss of less than $50,000 (for a loss severity of 1.5%).
One loan, constituting less than 1% of the pool, is currently in
special servicing and is secured by a suburban office property in
Coral Springs, Florida.

Moody's received full year 2016 operating results for 98% of the
pool, and partial year 2017 operating results for 87% of the pool.
Moody's weighted average conduit LTV is 86%, compared to 87% at
Moody's last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 12% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.7%.

Moody's actual and stressed conduit DSCRs are 1.54X and 1.30X,
respectively, compared to 1.55X and 1.26X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The loan with a structured credit assessment is the ELS Portfolio
($93.8 million -- 9.5% of the pool), which consists of 12
cross-collateralized and cross-defaulted loans secured by
manufactured housing communities and recreational vehicle (RV)
parks. The properties are located across six states and consist of
a total of 5,530 pads. As of June 2017, the portfolio was
approximately 82% leased, compared to 86% as of June 2016 and 94%
at securitization. The loan's partial interest-only term has
expired and the loan has amortized 6% since securitization. Moody's
structured credit assessment and stressed DSCR are a2 (sca.pd) and
1.45X, respectively.

The top three conduit loans represent 23% of the pool balance. The
largest loan is the Meadowood Mall Loan ($114.8 million -- 11.6% of
the pool), which is secured by 405,000 square feet (SF) portion of
a 878,000 SF regional mall in Reno, Nevada. Mall anchors include
J.C. Penney, Sears, Macy's and Macy's Men's and Home store. As of
June 2017, the mall was 96% leased, compared to 91% at last review
and 86% at securitization. As of June 2017, in-line occupancy was
87%. Performance has been stable. The loan has amortized 8% since
securitization. Moody's LTV and stressed DSCR are 94% and 1.10X,
respectively, compared to 93% and 1.08X at the last review.

The second largest loan is the SunTrust International Center Loan
($57.8 million -- 5.8% of the pool), which is secured by a 31-story
office building in downtown Miami, Florida. As of June 2017, the
property was approximately 57% leased, compared to 46% at last
review and 83% at securitization. Occupancy declined after the
largest tenant at securitization, which represented 28% of the net
rentable area, vacated in January 2016. The loan is on the
servicer's watchlist due to low DSCR and occupancy. The property
was most recently renovated in 2015. The loan's partial term
interest-only period has expired and has amortized approximately 7%
since securitization. Moody's LTV and stressed DSCR are 126% and
0.86X, respectively, compared to 123% and 0.88X at the last
review.

The third largest loan is the LHG Hotel Portfolio Loan ($53.1
million -- 5.4% of the pool), which is secured by a portfolio of 12
limited service hotels located across six states and totaling 852
rooms. The hotel flags are Fairfield Inn, Fairfield Inn & Suites,
Courtyard by Marriot and Country Inn & Suites. Financial
performance has recently declined due to lower revenues but
performance is in line with Moody's expectations at securitization.
For the trailing twelve month period ending June 2017, the
occupancy was 75%, compared to 63% in December 2016 and 76% at
securitization. The loan benefits from amortization and has
amortized approximately 11% since securitization. Moody's LTV and
stressed DSCR are 85% and 1.44X, respectively, compared to 86% and
1.43X at the last review.


GS MORTGAGE 2016-GS4: Fitch Affirms 'B-sf' Rating on Class F Certs
------------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of GS Mortgage Securities
Trust (GSMS) commercial mortgage pass-through certificates, series
2016-GS4.

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 paid down by 0.4% to $1.02 billion, from
$1.03 billion at issuance. Two loans (1.4% of pool) are on the
servicer's watchlist due to deferred maintenance or an interim drop
in debt service coverage ratio (DSCR) stemming from the second
largest tenant's free rent period, neither of which are considered
Fitch Loans of Concern.

Pool and Loan Concentrations: The largest 10 loans in the
transaction represent 65.8% of the pool by balance, which is above
the 2015 and 2016 average concentrations of 49.3% and 54.8%,
respectively. Loans secured by office properties represent 49.7% of
the pool, including six loans (37.6%) in the top 15. Loans backed
by retail properties represent 26.1% of the pool, including five
(24%) loans in the top 15. The eighth largest loan (Hamilton Place;
4%) is secured by a regional mall anchored by Sears, JC Penney,
Dillards, Barnes & Noble and Belk, located in Chattanooga, TN. The
sixth largest loan (Simon Premium Outlets; 6.4%) is secured by a
portfolio of two outlet malls sponsored by Simon Property Group,
L.P.

Interest-Only Loans: Ten loans (56.3% of pool) are full-term
interest-only, which is higher than the respective 2015 and 2016
averages of 23.3% and 33.3%. In addition, 13 loans (21.1%) are
partial interest-only and have yet to begin amortizing. Overall,
the pool is scheduled to amortize by 8.1% of the initial pool
balance prior to maturity, compared with the 2015 and 2016 averages
of 11.7% and 10.4%, respectively.

Additional Debt: The four largest loans (34.2% of pool), including
AMA Plaza (9.7%), 225 Bush Street (9.7%), 540 West Madison (7.4%)
and U.S. Industrial Portfolio (7.3%), have additional debt in
place.

Hurricane and Wildfire Exposure: Seven properties (5.2% of pool)
are located in regions impacted by Hurricane Irma (5.1%) and
Hurricane Harvey (0.03%). Per the master servicer's significant
insurance event (SIE) report, the Holiday Inn Hollywood (1.6%)
property located in Hollywood, FL sustained minor damage from
Hurricane Irma, and the Center for the Medical Arts (located in
Coral Springs, FL; 2.2%) and Michaels Distribution Center (located
in Jacksonville, FL; 1.1%) properties sustained no damage from
Hurricane Irma. The servicer is still awaiting borrower updates on
four of the 39 properties securing the U.S. Industrial Portfolio
loan located in Florida (three properties, 3%) and Texas (one
property, 0.03%) for possible damage from Hurricanes Irma and
Harvey.

Five properties (5.9%) are located in areas that had exposure to
recent wildfires in California, including three of the 16
properties securing the Iron Mountain National Industrial portfolio
loan (1%) for which the servicer is still awaiting borrower
updates. According to the servicer's SIE report, the Alton
Corporate Plaza (located in Irvine, CA; 2.5%) and Skypark Plaza
Shopping Center (located in Chico, CA; 2.4%) properties sustained
no damage from the recent wildfires.

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.

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

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

Fitch has affirmed the following ratings:

-- $28.2 million class A-1 at 'AAAsf'; Outlook Stable;
-- $201.5 million class A-2 at 'AAAsf'; Outlook Stable;
-- $175 million class A-3 at 'AAAsf'; Outlook Stable;
-- $267 million class A-4 at 'AAAsf'; Outlook Stable;
-- $43.2 million class A-AB at 'AAAsf'; Outlook Stable;
-- $807.4 million class X-A* at 'AAAsf'; Outlook Stable;
-- $48.8 million class X-B* at 'AA-sf'; Outlook Stable
-- $92.4 million class A-S** at 'AAAsf'; Outlook Stable;
-- $48.8 million class B** at 'AA-sf'; Outlook Stable;
-- $184.8 million class PEZ** at 'A-sf'; Outlook Stable;
-- $43.6 million class C** at 'A-sf'; Outlook Stable;
-- $53.9 million class D at 'BBB-sf'; Outlook Stable;
-- $53.9 million class X-D* at 'BBB-sf'; Outlook Stable;
-- $21.8 million class E at 'BB-sf'; Outlook Stable;
-- $10.3 million class F at 'B-sf'; Outlook Stable.

*Notional amount and interest-only.
**Class A-S, B and C certificates may be exchanged for class PEZ
certificates, and class PEZ certificates may be exchanged for class
A-S, B and C certificates.
Fitch does not rate the class G certificates.


GS MORTGAGE 2017-GS8: Fitch to Rate Class G-RR Debt 'B-sf'
----------------------------------------------------------
Fitch Ratings has issued a presale report on GS Mortgage Securities
Trust 2017-GS8 commercial mortgage pass-through certificates. Fitch
expects to rate the transaction and assign Rating Outlooks:

-- $14,278,000 class A-1 'AAAsf'; Outlook Stable;
-- $72,424,000 class A-2 'AAAsf'; Outlook Stable;
-- $270,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $311,927,000 class A-4 'AAAsf'; Outlook Stable;
-- $35,645,000 class A-AB 'AAAsf'; Outlook Stable;
-- $10,000,000 class A-BP 'AAAsf'; Outlook Stable;
-- $774,426,000a class X-A 'AAAsf'; Outlook Stable;
-- $10,000,000a class X-BP 'AAAsf'; Outlook Stable;
-- $100,764,000a class X-B 'A-sf'; Outlook Stable;
-- $70,152,000 class A-S 'AAAsf'; Outlook Stable;
-- $44,642,000 class B 'AA-sf'; Outlook Stable;
-- $56,122,000 class C 'A-sf'; Outlook Stable;
-- $28,979,000b class D 'BBBsf'; Outlook Stable;
-- $28,979,000ab class X-D 'BBBsf'; Outlook Stable;
-- $27,142,000bc class E-RR 'BBB-sf'; Outlook Stable;
-- $26,786,000bc class F-RR 'BB-sf'; Outlook Stable;
-- $10,204,000bc class G-RR 'B-sf'; Outlook Stable.

The following class is not expected to be rated by Fitch:

-- $42,091,386bc class H-RR.

(a) Notional amount and interest-only.
(b) Privately placed and pursuant to Rule 144A.
(c) Horizontal credit-risk retention interest.

The expected ratings are based on information provided by the
issuer as of Nov. 7, 2017.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 36 loans secured by 200
commercial properties having an aggregate principal balance of
$1,020,392,386 as of the cut-off date. The loans were contributed
to the trust by Goldman Sachs Mortgage Company.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 74.6% of the properties
by balance, cash flow analysis of 90%, and asset summary reviews on
100% of the pool.

KEY RATING DRIVERS

Higher Fitch Leverage than Recent Transactions: The pool's leverage
is slightly greater than that of recent, comparable Fitch-rated
multiborrower transactions. The pool's Fitch DSCR and LTV are 1.24x
and 105.0%, respectively, which reflect slightly worse leverage
statistics compared to the YTD 2017 averages of 1.26x and 101.2%.
Excluding credit opinion loans, the pool has a Fitch DSCR and LTV
of 1.17x and 115.4%, respectively, compared with the YTD 2017
normalized averages of 1.21x and 106.7%.

Investment-Grade Credit Opinion Loans: Three loans received
investment grade credit opinions including Worldwide Plaza (9.8% of
pool), Starwood Lodging Hotel Portfolio (4.90% of pool) and Olympic
Tower (4.3% of pool). The pool's credit opinion loan concentration
of 19.01% is higher than the 2016 and YTD 2017 averages of 8.36%
and 11.65% for other recent Fitch-rated deals, respectively. Net of
the credit opinion loans, Fitch's DSCR and LTV are 1.17x and
115.4%, respectively.

Higher Pool Concentration: The pool is slightly more concentrated
than other recent Fitch-rated deals. Top 10 loans comprise 56.42%
of the pool by balance which is higher than the 2016 and YTD 2017
averages of 54.8% and 52.7%. This results in a loan concentration
index (LCI) score of 444, which is higher than the respective 2016
and YTD 2017 averages of 422 and 393. The largest loan in the pool
is Worldwide Plaza at 9.8% of the pool.

International Asset: One property, Esperanza (1.5% of pool), is
located in Mexico. The performance of this asset is exposed to
macroeconomic and event risks associated with the sovereign. Fitch
is addressing the country risk by limiting the highest achievable
rating for this asset to a maximum of 'A', reflecting a three-notch
uplift from Mexico's Local-Currency Issuer Default Rating, which is
consistent with Fitch's 'Structured Finance and Covered Bonds
Country Risk Rating Criteria' dated Sept. 18, 2017.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 15.1% 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 GSMS
2017-GS8 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 'A-sf' could
result.


HALCYON LOAN 2012-1: S&P Affirms BB(sf) Rating on Class D Notes
---------------------------------------------------------------
S&P Global Ratings raised its ratings on the class A-2, B, and C
notes from Halcyon Loan Advisors Funding 2012-1 Ltd. and removed
them from CreditWatch, where they were placed with positive
implications on Aug. 14, 2017. At the same time, S&P affirmed its
'AAA (sf)' rating on the class A-1 notes and its 'BB (sf)' rating
on the class D notes from the same transaction.

The rating actions follow S&P's review of the transaction's
performance using data from the Oct. 5, 2017, trustee report.

The upgrades reflect the transaction's $138.95 million in paydown
to the class A-1 notes since its Aug. 7, 2015, rating actions.

The transaction has benefited from a drop in the weighted average
life due to the underlying collateral's seasoning, with 3.06 years
reported as of the October 2017 trustee report compared with 4.48
years reported at the time of our Aug. 7, 2015, rating actions.
This seasoning has decreased the overall credit risk profile,
which, in turn, has provided more cushion to the tranche ratings.

S&P said, "However, the collateral portfolio's credit quality has
slightly deteriorated since our last rating actions. Collateral
obligations with S&P Global Ratings' credit ratings in the 'CCC'
range have increased, with approximately $31.89 million
(representing approximately 15.7% of the underlying collateral)
reported as of the October 2017 trustee report compared with
approximately $8.10 million reported as of the July 2015 trustee
report. The balance of S&P Global Ratings' credit ratings in the
'CCC' range is above the maximum threshold in the transaction
documents, leading to haircuts on the calculation of the
overcollateralization (O/C) ratio numerators in the October 2017
trustee report. The transaction currently does not have any
exposure to defaulted obligations.

"In addition, since our last rating action, the class A-1 notes
have paid down $138.95 million and the combined balance of overall
collateral plus principal proceeds has decreased by $152.27
million, leaving the transaction with an approximate par loss in
overall collateral of $13.32 million."
Except for the class D O/C ratio, this paydown was the primary
driver for improved reported O/C ratios since the July 6, 2015,
trustee report, which S&P used for its previous rating actions:

-- The class A O/C ratio improved to 158.16% from 135.52%.
-- The class B O/C ratio improved to 127.16% from 121.59%.
-- The class C O/C ratio improved to 115.81% from 115.65%.
-- The class D O/C ratio fell to 106.32% from 110.26%.

As of October 2017, the coverage test ratios were all passing well
above their required minimum threshold values.

On a standalone basis, the results of the cash flow analysis
indicated a higher rating on the class B, C, and D notes. However,
as the transaction currently has a considerably large exposure to
'CCC' rated collateral obligations, a larger than average par
balance of underlying collateral obligations with a market value
less than 80% of par (S&P considers 80% the demarcation line for
the market's perception of an asset as distressed or
non-distressed), and sizable exposure to loans from companies in
the energy and commodities sectors (which have come under
significant pressure from falling oil and commodity prices in the
past year), S&P limited the upgrades on classes B and C and
affirmed our rating on class D to offset future potential credit
migration in the underlying collateral.

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

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

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

  RATINGS RAISED AND REMOVED FROM CREDITWATCH POSITIVE

  Halcyon Loan Advisors Funding 2012-1 Ltd.

                    Rating
  Class         To          From
  A-2           AAA (sf)    AA+ (sf)/Watch Pos
  B             AA- (sf)    A (sf)/Watch Pos
  C             BBB+ (sf)   BBB (sf)/Watch Pos

  RATINGS AFFIRMED

  Halcyon Loan Advisors Funding 2012-1 Ltd.   
  Class        Rating
  A-1          AAA (sf)   
  D            BB (sf)


HARBOUR AIRCRAFT: S&P Assigns B(sf) Rating on Series C Loans
------------------------------------------------------------
S&P Global Ratings assigned its ratings to Harbour Aircraft
Investments Ltd.'s $579.8 million fixed-rate series A, B, and C
loans.

The issuance is an asset-backed securities transaction backed by
the aircraft portfolio, aircraft-related leases, and shares or
beneficial interests in entities that directly and indirectly own
the aircraft and residual cash flows, among others.

The ratings reflect:

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

-- The 70.5% loan-to-value (LTV) ratio (based on the lower of the
mean and median of the half-life base values and the half-life
current market values) on the series A loans, the 81% LTV ratio on
the series B loans, and the 92% LTV ratio on the series C loans.

-- The initial asset portfolio, which comprises 30 narrow-body
passenger planes (20 A320 family, one B737-700, and nine B737-800).
None of the assets are currently out of production.

-- The age of the initial assets in the portfolio, which are in
mid-life, with a 12.4-year weighted average age (by value).
Currently, 27 of the 30 assets are on lease, with a 2.8-year
weighted average remaining maturity as of the cut-off date.

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

-- The existing and future lessees' estimated credit quality and
diversification. Of the 30 aircraft, 27 are currently leased to 18
airlines in 16 countries, many of the initial lessees have low
credit quality, and some of the lessees are domiciled in emerging
markets. Thirteen of the 30 aircraft are leased to flag carriers
internationally.

-- The subordination of series C principal and interest to the
series A and B interest and principal.

-- The series C interest reserve account, which will be funded at
closing with $2 million.

-- The series A and B loans' 12.5-year amortization profile. The
series C loans follow a seven-year amortization profile.

-- That during the fifth year of the transaction, if no rapid
amortization event has occurred and is continuing, the transaction
will pay 25% of the available collections first to the series A
loans and second to the series B loans, 50% in years six and seven,
and 100% thereafter.

-- That during years four to seven of the transaction, 30% of the
available collections will be paid to the series C loans. Starting
in year seven, the transaction will pay 100% of the available
collections to the series C loans.

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

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

-- A revolving credit facility that DVB Bank SE, London Branch
will provide, which is available to cover expenses, interest on the
series A loans, hedge counterparty payments, and interest on the
series B loans.

-- Morten Beyer & Agnew's (MBA's) provision of a maintenance
analysis at closing. After closing, the servicer will perform the
maintenance analysis, which will be confirmed for reasonableness
and achievability in an opinion letter from MBA.

-- Maintenance reserve accounts are required to keep a balance to
meet the higher of $1 million in the aggregate and the sum of
forward-looking maintenance expenses (up to six months). The excess
maintenance over the required maintenance amount will be
transferred to the payment waterfall.

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

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

-- Aergen's capability as the servicer for this transaction.

  RATINGS ASSIGNED
  Harbour Aircraft Investments Ltd.

  Series       Rating         Interest           Amount
                              rate (%)         (mil. $)
  A loans(i)   A (sf)             4.00            445.2
  B loans      BBB (sf)           5.68             68.3
  C loans      B (sf)             8.00             66.3

(i)The series A loans include $100 million in delayed-draw loans.
Our analysis assumes $100 million is fully drawn.


ICG US 2014-1: Moody's Assigns B3 Rating to Class E-R Notes
-----------------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
following notes (the "Refinancing Notes") issued by ICG US CLO
2014-1, Ltd. (the "Issuer"):

US$2,200,000 Class X Senior Secured Floating Rate Notes due 2030
(the "Class X Notes"), Assigned Aaa (sf)

US$224,000,000 Class A-1-R Senior Secured Floating Rate Notes due
2030 (the "Class A-1-R Notes"), Assigned Aaa (sf)

US$39,000,000 Class A-2-R Senior Secured Floating Rate Notes due
2030 (the "Class A-2-R Notes"), Assigned Aa2 (sf)

US$17,800,000 Class B-R Senior Secured Deferrable Floating Rate
Notes due 2030 (the "Class B-R Notes"), Assigned A2 (sf)

US$23,600,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2030 (the "Class C-R Notes"), Assigned Baa3 (sf)

US$17,550,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2030 (the "Class D-R Notes"), Assigned Ba3 (sf)

US$7,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2030 (the "Class E-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.

ICG Debt Advisors 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 November 15, 2017
(the "Refinancing Date") in connection with the refinancing of all
classes of the secured notes (the "Refinanced Original Notes")
previously issued on March 4, 2014 (the "Original Closing Date").
On the Refinancing Date, the Issuer used proceeds from the issuance
of the Refinancing Notes to redeem in full the Refinanced Original
Notes.

In addition to the issuance of the Refinancing Notes, a variety of
other changes to transaction features will occur in connection with
the refinancing. These include: extension of the reinvestment
period; extensions of the stated maturity and non-call period;
changes to certain collateral quality tests; 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: $350,000,000

Defaulted par: $0

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2901

Weighted Average Spread (WAS): 3.45%

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 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 2901 to 3336)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1-R Notes: 0

Class A-2-R Notes: -2

Class B-R Notes: -2

Class C-R Notes: -1

Class D-R Notes: -1

Class E-R Notes: -2

Percentage Change in WARF -- increase of 30% (from 2901 to 3771)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1-R Notes: -1

Class A-2-R Notes: -4

Class B-R Notes: -4

Class C-R Notes: -2

Class D-R Notes: -1

Class E-R Notes: -4


JER CRE 2006-2: Moody's Affirms C Ratings on 14 Tranches
--------------------------------------------------------
Moody's Investors Service has affirmed the ratings on the following
classes of notes issued by JER CRE CDO 2006-2, Limited:

Cl. A-FL, Affirmed C (sf); previously on Nov 23, 2016 Affirmed C
(sf)

Cl. B-FL, Affirmed C (sf); previously on Nov 23, 2016 Affirmed C
(sf)

Cl. C-FL, Affirmed C (sf); previously on Nov 23, 2016 Affirmed C
(sf)

Cl. C-FX, Affirmed C (sf); previously on Nov 23, 2016 Affirmed C
(sf)

Cl. D-FL, Affirmed C (sf); previously on Nov 23, 2016 Affirmed C
(sf)

Cl. D-FX, Affirmed C (sf); previously on Nov 23, 2016 Affirmed C
(sf)

Cl. E-FL, Affirmed C (sf); previously on Nov 23, 2016 Affirmed C
(sf)

Cl. E-FX, Affirmed C (sf); previously on Nov 23, 2016 Affirmed C
(sf)

Cl. F-FL, Affirmed C (sf); previously on Nov 23, 2016 Affirmed C
(sf)

Cl. G-FL, Affirmed C (sf); previously on Nov 23, 2016 Affirmed C
(sf)

Cl. H-FL, Affirmed C (sf); previously on Nov 23, 2016 Affirmed C
(sf)

Cl. J-FX, Affirmed C (sf); previously on Nov 23, 2016 Affirmed C
(sf)

Cl. K, Affirmed C (sf); previously on Nov 23, 2016 Affirmed C (sf)

Cl. L, Affirmed C (sf); previously on Nov 23, 2016 Affirmed C (sf)

The Class A-FL, Class B-FL, Class C-FL, Class C-FX, Class D-FL,
Class D-FX, Class E-FL, Class E-FX, Class F-FL, Class G-FL, Class
H-FL, Class J-FX, Class K, and Class L Notes are referred to herein
as the "Rated Notes".

RATINGS RATIONALE

Moody's has affirmed the Rated Notes because key transaction
metrics are commensurate with the existing ratings. The rating
action is the result of Moody's on-going surveillance of commercial
real estate collateralized debt obligation (CRE CDO and Re-Remic)
transactions.

JER CRE CDO 2006-2, Limited is a currently static (the
re-investment period ended in October 2011) cash transaction backed
by a portfolio of: i) CRE CDOs (93.3% of the collateral pool
balance), issued in 2015; and ii) commercial mortgage backed
securities (CMBS) (6.7%), issued between 1998 and 2007. As of the
October 25, 2017 note valuation report, the aggregate note balance
of the transaction, including Preferred Share, has decreased to
$1.0 billion from $1.2 billion at issuance. This decrease was
primarily due to a combination of full and partial amortization of
a portion of the underlying collateral and interest re-classified
as principal on defaulted assets.

The pool contains five assets totaling $36.2 million (98.5% of the
collateral pool balance) that are listed as defaulted securities as
of the trustee's October 25, 2017 report. There have been material
losses on the underlying collateral to date and Moody's does expect
significant losses to occur on the current defaulted securities.

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 9851,
compared to 9784 at last review. The current ratings on the
Moody's-rated reference obligations and the assessments of the
non-Moody's rated reference obligations follow: Aaa-Aa3 and 1.5%
compared to 2.2% at last review; and Caa1-Ca/C and 98.5% compared
to 97.8% at last review.

Moody's modeled a WAL of 2.9 years, compared to 2.4 year at last
review. The WAL is based on extension assumptions about the
look-through loans within the CMBS collateral.

Moody's modeled a fixed WARR of 1.0%, compared to 0.2% at last
review.

Moody's modeled a MAC of 100.0%, the same as at last review. The
high MAC is due to a small number of very high credit risk assets.

Methodology Underlying the Rating Action:

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

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

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

Moody's Parameter Sensitivities: Changes to any one or more of the
key parameters could have rating implications for the Rated Notes,
although a change in one key parameter assumption could be offset
by a change in one or more of the other key parameter assumptions.
The Rated Notes are particularly sensitive to changes in the
recovery rates of the underlying collateral and credit assessments.
However, in light of the performance indicators noted above,
Moody's believes that it is unlikely that the ratings announced are
subject to further changes.

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


JP MORGAN 2003-PM1: Fitch Affirms 'Bsf' Rating on Class G Certs
---------------------------------------------------------------
Fitch Ratings has affirmed eight classes of J.P. Morgan Chase
Commercial Mortgage Securities Corp. (JPMCC) commercial mortgage
pass-through certificates series 2003-PM1.  

KEY RATING DRIVERS

Stable Performance: Relatively stable performance of the underlying
collateral and increasing credit enhancement. The transaction has
been reduced by 98.5% to $17.6 million from $1.2 billion at
issuance (91.5% due to paydown).

Concentrated Pool: The pool is highly concentrated with only 13
loans remaining. 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, which ranked them by their perceived likelihood of
repayment. The ratings reflect this sensitivity analysis.

Defeasance & Fully Amortizing Loans: Six loans (35% of the pool)
are defeased; 24.4% are fully amortizing. An additional four
non-defeased loans in the pool (30.5%) are fully amortizing.

Maturity Schedule: 46.1% in 2018, 6% in 2019 and 47.9% in 2023.

RATING SENSITIVITIES

The Positive Outlook on class G reflects the potential for an
upgrade should 2018 maturing loans pay off as expected. Downgrades
would be considered should loans transfer to special servicing or
expected losses increase.

Fitch has affirmed the following ratings:

-- $12.9 million class G at 'Bsf'; Outlook Positive;
-- $4.8 million class H at 'Dsf'; RE 0%;
-- $0 class J at 'Dsf'; RE 0%;
-- $0 class K at 'Dsf'; RE 0%;
-- $0 class L at 'Dsf'; RE 0%;
-- $0 class M at 'Dsf'; RE 0%;
-- $0 class N at 'Dsf'; RE 0%;
-- $0 class P at 'Dsf'; RE 0%.

Classes A-1 through F were repaid in full. Class NR is not rated.


JP MORGAN 2006-LDP6: Moody's Hikes Class C Debt Rating to Ba1
-------------------------------------------------------------
Moody's Investors Service has upgraded the rating on one class and
affirmed the ratings on two classes in J.P. Morgan Chase Commercial
Mortgage Securities Corp., Commercial Pass-Through Certificates,
Series 2006-LDP6:

Cl. C, Upgraded to Ba1 (sf); previously on Nov 11, 2016 Affirmed B1
(sf)

Cl. D, Affirmed C (sf); previously on Nov 11, 2016 Affirmed C (sf)

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

RATINGS RATIONALE

The rating on Class C was upgraded based primarily on an increase
in credit support resulting from loan paydowns and amortization.
The deal has paid down 50% since Moody's last review.

The rating on Class D was affirmed because the ratings are
consistent with Moody's expected loss plus realized losses. Class D
has already experienced a 28% realized loss as result of previously
liquidated loans.

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

Moody's rating action reflects a base expected loss of 40.7% of the
current pooled balance, compared to 38.6% at Moody's last review.
Moody's base expected loss plus realized losses is now 8.6% of the
original pooled balance, compared to 8.7% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 65% of the pool is in
special servicing and Moody's has identified an additional troubled
loan representing 16% of the pool. In this approach, Moody's
determines a probability of default for each specially serviced and
troubled loan that it expects will generate a loss and estimates a
loss given default based on a review of broker's opinions of value
(if available), other information from the special servicer,
available market data and Moody's internal data. The loss given
default for each loan also takes into consideration repayment of
servicer advances to date, estimated future advances and closing
costs. Translating the probability of default and loss given
default into an expected loss estimate, Moody's then applies the
aggregate loss from specially serviced and troubled loans to the
most junior class(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 certificate balance has decreased by 99% to $28.0 million
from $2.14 billion at securitization. The certificates are
collateralized by four remaining mortgage loans.

Forty-one loans have been liquidated from the pool, contributing to
an aggregate realized loss of $173 million (for an average loss
severity of 54%). Two loans, constituting 65% of the pool, are
currently in special servicing. The largest specially serviced loan
is the Avis Centre XII Loan ($10.7 million -- 38.4% of the pool),
which is secured by a 89,000 square foot (SF) office property
located in Ann Arbor, Michigan. The loan transferred to special
servicing in February 2016 due to imminent maturity default and
became REO in October 2016. The property was 100% leased to three
tenants as of December 2016.

The second largest specially serviced loan is the Shaws Supermarket
Loan ($7.3 million -- 26.2% of the pool), which is secured by a
vacant retail property in Biddeford, Maine, approximately 18 miles
southwest of Portland. The loan was transferred to special
servicing in June 2016 due to imminent default after the sole
supermarket tenant vacated in July 2015.

As of the October 16, 2017 remittance statement cumulative interest
shortfalls were $7.7 million. Moody's anticipates interest
shortfalls will continue because of the exposure to specially
serviced loans and/or modified loans. Interest shortfalls are
caused by special servicing fees, including workout and liquidation
fees, appraisal entitlement reductions (ASERs), loan modifications
and extraordinary trust expenses.

The two performing loans represent 35.4% of the pool. The largest
performing loan is the Arden's Run Apartment Loan ($5.3 million --
19.1% of the pool), which is secured by a 240-unit student housing
complex located less than a mile away from University of Maryland
Eastern Shore, in Princess Anne, Maryland. A local university now
leases 52% of the property. Moody's LTV and stressed DSCR are 85%
and 1.07X, respectively, compared to 79% and 1.15X at the last
review.

The other performing loan is the 115 Erick Street Loan ($4.6
million -- 16.3% of the pool) which is secured by a vacant
industrial building in Crystal Lake, Illinois. The property has
been vacant since 2008 and the former tenant continued to pay rent
through its lease expiration date in 2016. The loan remains current
as of the October 2017, but is on the master servicer's watchlist.
Due to the vacancy, Moody's has identified this as a troubled loan.


JP MORGAN 2017-5: Fitch to Rate Class B-5 Certificates 'Bsf'
------------------------------------------------------------
Fitch Ratings expects to rate J.P. Morgan Mortgage Trust 2017-5:

-- $591,084,000 class A-1 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $443,313,000 class A-1-A certificates 'AAAsf'; Outlook Stable;
-- $147,771,000 class A-1-B certificates 'AAAsf'; Outlook Stable;
-- $36,607,000 class A-2 certificates 'AA+sf'; Outlook Stable;
-- $6,381,000 class B-1 certificates 'AA-sf'; Outlook Stable;
-- $13,769,000 class B-2 certificates 'Asf'; Outlook Stable;
-- $10,411,000 class B-3 certificates 'BBBsf'; Outlook Stable;
-- $6,381,000 class B-4 certificates 'BBsf'; Outlook Stable;
-- $3,359,000 class B-5 certificates 'Bsf'; Outlook Stable.

Fitch will not be rating the following certificates:

-- $3,694,642 class B-6 certificates;
-- $33,589,642 class RR exchangeable certificates;
-- $261,816,199 class A-IO-S certificates.

KEY RATING DRIVERS

High-Quality Mortgage Pool (Positive): The pool consists of high
quality prime loans to borrowers with strong credit profiles, low
leverage and substantial liquid reserves. 58.3% of the loans in the
pool were originated by FRB, which Fitch considers to be an
above-average originator of prime jumbo product. Roughly 18.3% of
the pool was originated by the Banc of California, which Fitch
reviewed and found to be an average originator. The pool has a
weighted average (WA) FICO score of 756, an original combined
loan-to-value (CLTV) ratio of 65.9% and liquid reserves averaging
approximately $1.4 million. The remaining loans were acquired from
various originators, including 0.7% from MAXEX Clearing, LLC.

Product Type (Negative): The collateral pool comprises 100%
adjustable-rate mortgage (ARM) loans with 47.47% of the loans in
the pool having an interest only term of 60-120 months. To account
for the increased risk of payment shock, the probability of default
(PD) was increased by a 1.6x multiple.

Non-QM Loans (Negative): While the loans exhibit a strong credit
profile, 54.5% do not qualify as Qualified Mortgages (QM) under the
Ability to Repay Rule (ATR). Of the non-QM portion of the pool,
approximately 68% (237 loans) are interest-only (IO) loans and
approximately 22% (77 loans) had minor documentation issues that
did not adhere to Appendix Q. This excludes an additional three
loans (1%) that relied on asset depletion to verify income. In
addition, 7% (25 loans) had debt-to-income (DTI) ratios in excess
of 43%. Seven loans (2%) exceeded the points and fees cap for
meeting non-QM. While the pool has strong credit attributes such as
low LTVs and large liquid reserves, Fitch increased its loss
severity for these 349 non-QM loans and applied a PD penalty to
those with limited income documentation.

Majority of Expenses Deducted from Net WAC (Neutral): Consistent
with the previous two JPMMT transactions, the majority of
extraordinary trust expenses (ETEs) are scheduled to reduce the net
WA available coupon (WAC). ETEs include arbitration expenses for
enforcement of the representations and warranties (R&Ws),
additional fees and expenses of the breach reviewer, Pentalpha
Surveillance LLC (Pentalpha), as well as amounts reimbursable to
the securities administrator, master servicer, custodian and
trustee. Expenses coming out of the net WAC are subject to an
annual cap of $550,000 ($200,000 for the trustee, $150,000 for
Wells Fargo Bank, N.A. and $200,000 for the breach reviewer), which
is higher compared to recent prime transactions.

Leakage from Reviewer Expenses (Negative): The trust is obligated
to reimburse Pentalpha each month for any reasonable out-of-pocket
expenses incurred if the company is requested to participate in any
arbitration, legal or regulatory actions, proceedings or hearings.
If Pentalpha's expenses exceed the annual cap of $200,000,
Pentalpha is able to be reimbursed up to an additional $100,000 per
year from the pool's available funds. This construct can result in
principal and interest shortfalls to the bonds, starting from the
bottom of the capital structure. To account for the risk of these
non-credit events reducing subordination, Fitch adjusted its loss
expectations upward by 11 bps at the 'AAAsf' level.

Tier 3 Representation and Warranty Framework (Negative): Fitch
believes the value of the rep and warranty framework is diluted by
the presence of qualifying and conditional language in conjunction
with sunset provisions, which reduces lender breach liability.
While Fitch believes the high credit-quality pool and clean
diligence results mitigate these risks, Fitch considered the weaker
framework in Fitch analysis.

Strong Due Diligence Results (Positive): Loan-level due diligence
was performed on 100% of the loans. All the reviewed loans received
a third-party 'A' or 'B' grade, indicating strong underwriting
practices and sound quality control procedures.

Seasoned loans (greater than 24 months) account for 10.3% of this
pool. Fitch typically expects an updated tax and title search to be
obtained (within the last six months) if seasoned loans make up
more than 10% of the pool, or else be covered by a rep from an IG
counterparty that addresses the period between search and deal
close. Fitch does not view the portion of seasoned loans without an
updated tax and title search as materially increasing the risk.

Geographic Concentration (Negative): The pool's primary
concentration is in California, representing approximately 60% of
the pool, with the San Francisco and Los Angeles metropolitan
statistical areas (MSAs) representing approximately 25% and 23% of
the pool, respectively. The increased geographic distribution
resulted in a minor probability of default (PD) penalty of 15%,
which is higher than what Fitch has observed in previous JPMMT
deals.

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

To mitigate tail risk, which arises as the pool seasons and fewer
loans are outstanding, a subordination floor of 1.50% of the
original balance will be maintained for the senior certificates.

Repurchase of Loans Impacted by Natural Disasters (Positive): JP
Morgan has ordered property inspections for the properties located
in areas affected by natural disasters. JP Morgan will drop or
repurchase the loans if there is damage to the home.

Solid Alignment of Interest (Positive): The sponsor, J.P. Morgan
Mortgage Acquisition Corp. (JPMMAC), intends to meet the risk
retention requirement by retaining (directly or through a
majority-owned affiliate) an eligible vertical interest in the
transaction consisting of a minimum five percent (5%) interest in
the initial class principal amount or class notional amount, as
applicable, of each of the class A-1-A, class A-1-B, class A-2,
class B-1, class B-2, class B-3, class B-4, class B-5, class B-6
and class A-IO-S certificates. Fitch believes that the risk
retention provides for a solid alignment of interest between the
sponsor and investors in the certificates.

CRITERIA APPLICATION

Fitch's analysis incorporated one criteria variation to the "U.S.
RMBS Rating Criteria." Fitch's U.S. RMBS Rating Criteria states
that Fitch expects an updated tax and title search to be obtained
if the amount of loans seasoned greater than 24 months exceeds 10%.
The criteria variation is that 10.3% of the loans in the pool are
seasoned more than 24 months and an updated tax and title search
was not performed.

Fitch is comfortable with not having an updated tax and title
search performed on the loans seasoned more than 24 months, since
all loans have been current since origination and the amount of
loans over the 10% threshold is not material.

RATING SENSITIVITIES

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

This defined stress sensitivity analysis demonstrates how the
ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10%, 20% and 30%, in addition to the
model-projected 4.6%. The analysis indicates that there is some
potential rating migration with higher MVDs, compared with the
model projection.

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


LB COMMERCIAL 1998-C1: Moody's Affirms C Rating on Class IO Certs
-----------------------------------------------------------------
Moody's Investors Service has affirmed the rating of one
interest-only (IO) class in LB Commercial Mortgage Trust 1998-C1,
Commercial Mortgage Pass-Through Certificates, Series 1998-C1:

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

RATINGS RATIONALE

The rating of the IO Class, Cl. IO, was affirmed based on the
credit quality of its referenced classes. The IO class is the only
outstanding Moody's-rated class in this transaction.

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

An IO class may be subject to ratings upgrades if there is an
improvement in the credit quality of its referenced classes,
subject to the limits and provisions of the updated IO
methodology.

An IO class may be subject to ratings downgrades if there is (i) a
decline in the credit quality of the reference classes and/or (ii)
paydowns of higher quality reference classes, subject to the limits
and provisions of the updated IO methodology.

METHODOLOGY UNDERLYING THE RATING ACTION

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

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

DEAL PERFORMANCE

As of the October 18, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by over 99% to $5.6
million from $1.73 billion at securitization. The Certificates are
collateralized by eight mortgage loans ranging in size from less
than 1% to 68% of the pool. Seven loans, representing 99% of the
pool have defeased and are secured by US Government securities.

The sole non-defeased loan is the Main Business Center Loan
($52,400 loan -- 0.9% of the pool). The loan is secured by a
117,540 square foot industrial property located in Carson,
California. The property was built in 1988 and was 96% leased as of
June 2017. The loan is fully amortizing and matures in December
2017. The loan has a Moody's LTV of less than 5%.


LNR CDO III: Moody's Affirms C(sf) Ratings on 8 Tranches
--------------------------------------------------------
Moody's Investors Service has affirmed the ratings on the following
classes of notes issued by LNR CDO III Ltd. Collateralized Debt
Obligations, Series 2005-1 ("LNR CDO III"):

Cl. A, Affirmed Caa3 (sf); previously on Nov 17, 2016 Affirmed Caa3
(sf)

Cl. B, Affirmed C (sf); previously on Nov 17, 2016 Downgraded to C
(sf)

Cl. C, Affirmed C (sf); previously on Nov 17, 2016 Affirmed C (sf)

Cl. D-FL, Affirmed C (sf); previously on Nov 17, 2016 Affirmed C
(sf)

Cl. E-FL, Affirmed C (sf); previously on Nov 17, 2016 Affirmed C
(sf)

Cl. E-FX, Affirmed C (sf); previously on Nov 17, 2016 Affirmed C
(sf)

Cl. F-FL, Affirmed C (sf); previously on Nov 17, 2016 Affirmed C
(sf)

Cl. F-FX, Affirmed C (sf); previously on Nov 17, 2016 Affirmed C
(sf)

Cl. G-FL, Affirmed C (sf); previously on Nov 17, 2016 Affirmed C
(sf)

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

RATINGS RATIONALE

Moody's has affirmed the Rated Notes because key transaction
metrics are commensurate with the existing ratings. The rating
action is the result of Moody's on-going surveillance of commercial
real estate collateralized debt obligation (CRE CDO and Re-Remic)
transactions.

LNR CDO III is a static cash CRE CDO transaction. The transaction
is solely backed by a portfolio of commercial mortgage backed
securities (CMBS), issued between 2000 and 2004. As of the
September 28, 2017 payment date, the aggregate note balance of the
transaction, excluding preferred shares, has decreased to $576.8
million from $986.3 million at issuance, as a result of the
principal paydown directed to the senior most outstanding class of
notes. The paydown was the result of the both full and partial
amortization of a portion of the underlying collateral. Currently,
the transaction has implied under-collateralization of $587.2
million, compared to $572.8 million at last review, primarily due
to implied losses on the collateral.

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 7002,
compared to 7053 at last review. The current ratings on the
Moody's-rated reference obligations and the assessments of the
non-Moody's rated reference obligations follow: Aaa-Aa3 and 11.2%
compared to 3.6% at last review; Baa1-Baa3 and 4.0% compared to
8.7% at last review; Ba1-Ba3 and 1.8% compared to 3.2% at last
review; B1-B3 and 7.2% compared to 16.2% at last review; and
Caa1-Ca/C and 75.8% compared to 68.3% at last review.

Moody's modeled a WAL of 1.5 years, compared to 2.1 year at last
review. The WAL is based on extension assumptions about the
look-through loans within the underlying CMBS collateral.

Moody's modeled a fixed WARR of 0.0%, the same as at last review.

Moody's modeled a MAC of 100.0%, the same as at last review. The
high MAC is due to a small number of very high risk collateral
names.

Methodology Underlying the Rating Action:

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

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

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

Moody's Parameter Sensitivities: Changes to any one or more of the
key parameters could have rating implications for the Rated Notes,
although a change in one key parameter assumption could be offset
by a change in one or more of the other key parameter assumptions.
The Rated Notes are particularly sensitive to changes in the
recovery rates of the underlying collateral and credit assessments.
Increasing the recovery rate of 100% of the collateral pool by
+10.0% would result in an average modeled rating movement on the
rated notes of zero notch upward (e.g., one notch up implies a
ratings movement of Baa3 to Baa2).

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


LONE STAR 2015-LSP: S&P Lowers Class F Certs Rating to B+(sf)
-------------------------------------------------------------
S&P Global Ratings lowered its rating on the class F commercial
mortgage pass-through certificates from Lone Star Portfolio Trust
2015-LSP, a U.S. commercial mortgage-backed securities (CMBS)
transaction. At the same time, S&P affirmed its ratings on eight
other classes from the same transaction.

For the downgrade and affirmations, S&P's expectation of credit
enhancement was more or less in line with the lowered or affirmed
rating levels.

S&P affirmed its ratings on the class X-CP and X-EXT interest-only
(IO) certificates based on it 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. The notional balances for
classes X-CP and X-EXT reference portions of the class A, B, C, and
D certificates.

This is a stand-alone (single borrower) transaction backed by a
floating rate IO mortgage loan currently secured by 68 properties
across 14 U.S. states. S&P said, "Our property-level analysis
included a re-evaluation of the portfolio of 68 office and
industrial properties totaling 7.9 million net rentable sq. ft.
that secures the mortgage loan in the trust and considered the
declining servicer-reported revenue and occupancy for the past
three years (2015 through year-to-date June 30, 2017). We then
derived our sustainable in-place net cash flow (NCF), which we
divided by an 8.07% 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 96.2% and 1.33x (based on the LIBOR cap
rate and a weighted average spread), respectively, on the trust
balance."

S&P said, "We based our analysis partly on a review of the
property's historical net operating income for the years ended Dec.
31, 2012, 2013, 2015, 2016, and six months ended June 30, 2017;
rent roll as of June 2017; and inspection reports the master
servicer provided to determine our opinion of a sustainable cash
flow for the lodging properties."

According to the Oct. 16, 2017, trustee remittance report, the IO
floating rate loan had a trust balance of $478.1 million and a
whole-loan balance of $493.0 million down from a $705.3 million
trust and whole-loan balance at issuance. The loan pays a per annum
floating interest rate of one month LIBOR plus a weighted average
4.17794% spread. The loan matures on Sept. 9, 2018, and has two
one-year extension options. The borrowers' equity interests in the
whole loan secure $126.5 million of mezzanine financing. In
addition, at issuance, the loan was structured with a future
funding component that has a maximum balance of$103.0 million, of
which $14.9 million has been drawn to date to fund tenant
improvements, leasing costs, and capital expenditures at the
properties. The future funding component ranks pari passu with the
trust balance and is senior to the mezzanine loan. It is S&P's
understanding from the master servicer that the borrowers are
prohibited from drawing down on the future funding component after
September 2017. To date, the trust has not incurred any principal
losses.

The master servicer, KeyBank Real Estate Capital, reported a DSC of
1.45x on the trust balance for the six months ended June 30, 2017,
and overall occupancy for the 68 properties was 70.9% according to
the June 30, 2017, rent rolls. Based on the June 2017 rent rolls,
the five largest tenants make up 15.7% of the collateral's total
net rentable area (NRA). In addition, 6.0%, 9.1%, and 8.9% of the
NRA have leases that expire in 2017, 2018, and 2019, respectively.

RATINGS LIST

  Lone Star Portfolio Trust 2015-LSP
  Commercial mortgage pass through certificates series 2015-LSP

                                         Rating   
  Class             Identifier        To             From    
  A-1A1             54230NAA6         AAA (sf)       AAA (sf)   
  A-1A2             54230NAC2         AAA (sf)       AAA (sf)   
  B                 54230NAJ7         AA+ (sf)       AA+ (sf)   
  C                 54230NAL2         AA- (sf)       AA- (sf)  
  D                 54230NAN8         A- (sf)        A- (sf)    
  E                 54230NAQ1         BB+ (sf)       BB+ (sf)   
  F                 54230NAS7         B+ (sf)        BB- (sf)  
  X-CP              54230NAE8         A- (sf)        A- (sf)   
  X-EXT             54230NAG3         A- (sf)        A- (sf)


MCAP CMBS 2014-1: Fitch Affirms 'Bsf' Rating on Class G Certs
-------------------------------------------------------------
Fitch Ratings has affirmed all classes of MCAP CMBS Issuer
Corporation's commercial mortgage pass-through certificates, series
2014-1, and has revised the Rating Outlook on one class to Negative
from Stable. All currencies are denominated in Canadian dollars
(CAD).

KEY RATING DRIVERS

Generally Stable Performance: The affirmations are based on the
relatively stable performance of the majority of the pool. With the
exception of the fourth and seventh largest loans, which have been
designated as Fitch Loans of Concern (FLOCs), the remainder of the
pool continues to perform within Fitch's expectations at issuance.
As of the October 2017 distribution date, the pool's aggregate
principal balance has paid down by 19% to $181.4 million from $224
million at issuance, with 28 loans remaining. Since the last rating
action, four loans totaling $26.1 million have been repaid at their
2017 scheduled maturity dates.

Fitch Loans of Concern: Fitch has designated two loans (12.7% of
pool) as FLOCs, one of which is currently in special servicing
(5.3%). Two other loans (4.2%) are on the servicer's watchlist for
upcoming loan maturity and unsatisfied insurance requirements, but
are not considered FLOCs.

The fourth largest loan, 1 & 20 Royal Gate Boulevard (7.4%), which
is secured by a 284,135 sf mixed-use industrial/office building
located in Vaughan, ON, was flagged as a FLOC due to the
significant decline in property occupancy since issuance. Occupancy
in 2016 declined to 63.3% from 84.2% in September 2015 after the
largest tenant, Silicor Materials (34% of the net rentable area
[NRA]), vacated upon its December 2015 lease expiration. The
increase in vacancy was partially offset by a new lease with Ideal
Warehouse (13.1% of NRA), which commenced in December 2015 and
expires June 2026; however, property occupancy as of March 2017
remains low at 64.2%.

The borrower had provided an upfront $1.95 million letter of credit
at origination to mitigate the imminent lease rollover during the
loan term. According to the servicer, the borrower continues to
market the vacant space, but there has been no leasing progress to
date. The servicer indicated that the lease-up of the vacant space
has taken much longer than anticipated due to the limited number of
loading docks, which make it ideal for a large single tenant, but
present a challenge for demising and leasing to multiple smaller
tenants. The loan, which is scheduled to mature in July 2019,
carries a partial recourse guarantee (50% of loan balance) from the
sponsor, Augend Investments Limited.

The specially serviced 1177 11 Avenue SW loan is secured by a
61,925 sf office building with ground level retail located in
Calgary, AB. The loan, which had matured in February 2017 and
received a six-month extension, was transferred to special
servicing in August 2017 for maturity default. The borrower was
subsequently granted forbearance through August 2019. The
forbearance agreement also provided for the accelerated repayment
of principal by shortening the remaining loan amortization from
19.5 years to 9.5 years.

Property occupancy had declined to 39.8% in 2016 after the largest
tenant, ThyssenKrupp Industrial Solutions (45% of NRA), vacated
upon its June 2016 lease expiration. The tenant had already
previously downsized from 60% of the NRA at issuance to 45% in
2015. Property occupancy, which was 37.6% as of October 2017, is
expected to further decline below 3%, as the current largest
tenant, Alberta Health Services (34.7% NRA), will be vacating at
its November 2017 lease expiration. The borrower continues to
market the vacancies, but has been unable to secure a major
replacement tenant. The loan carries a partial recourse guarantee
(50% of loan balance) from the sponsor, Riaz Mamdani.

Canadian Loan Attributes: The ratings reflect strong 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. Of
the remaining pool, 84.7% features full or partial recourse to the
borrowers and/or sponsors.

Significant Amortization: The pool has a weighted average
amortization term of 25.4 years, which represents faster
amortization than U.S. conduit loans. There are no partial are full
interest-only loans. The pool's scheduled maturity balance
represents a paydown of 6.3% of the October 2017 balance and 13.2%
of the balance at issuance (7.4% and 14.2%, respectively, when
considering the modified maturity balance of the specially serviced
loan per the terms of the forbearance agreement).

RATING SENSITIVITIES

The Stable Outlooks for classes A through F reflect the relatively
stable performance of the majority of the pool, increased credit
enhancement and expected continued paydowns. The Negative Outlook
on class G reflects the potential for downgrade should performance
of the FLOCs continue to deteriorate. Upgrades are possible with
improved performance and positive leasing momentum on the FLOCs or
as further paydowns from loans scheduled to mature in 2017 and 2018
occur.

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

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

Fitch has affirmed the following classes and revised Rating
Outlooks as indicated:

-- $146.7 million class A at 'AAAsf'; Outlook Stable;
-- $5.6 million class B at 'AAsf'; Outlook Stable;
-- $8.1 million class C at 'Asf'; Outlook Stable;
-- $7 million class D at 'BBBsf'; Outlook Stable;
-- $3.4 million class E at 'BBB-sf'; Outlook Stable;
-- $2.8 million class F at 'BBsf'; Outlook Stable;
-- $2.8 million class G at 'Bsf'; Outlook to Negative from
    Stable.

Fitch does not rate the interest-only class X or the non-offered
class H.


MERRILL LYNCH 1998-C3: Moody's Affirms C Rating on Class IO Certs
-----------------------------------------------------------------
Moody's Investors Service has affirmed the rating on one interest
only (IO) class in Merrill Lynch Mortgage Investors, Inc.,
Commercial Mortgage Pass Through Certificates, Series 1998-C3 as
follows:

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

RATINGS RATIONALE

The rating of the IO class, Class IO, was affirmed based on the
credit quality of its referenced classes. The IO class is the only
outstanding Moody's-rated class in this transaction.

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 4.7%
of the original pooled balance, the same as at last review. Moody's
provides a current list of base expected losses for conduit and
fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

An IO class may be subject to ratings upgrades if there is an
improvement in the credit quality of its referenced classes,
subject to the limits and provisions of the updated IO
methodology.

An IO class may be subject to ratings downgrades if there is (i) a
decline in the credit quality of the reference classes and/or (ii)
paydowns of higher quality reference classes, subject to the limits
and provisions of the updated IO methodology.

METHODOLOGY UNDERLYING THE RATING ACTION

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

Additionally, the methodology used in rating Cl. IO 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 certificate balance has decreased by 99% to $5.8 million
from $638.4 million at securitization. The Certificates are
collateralized by ten mortgage loans ranging in size from 2% to 17%
of the pool. Six loans, representing 60% of the pool have defeased
and are secured by US Government securities.

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

Eleven loans have been liquidated from the pool, resulting in an
aggregate realized loss of $30 million. Currently, there are no
loans in special servicing.

Excluding defeased loans, Moody's was provided with full year 2016
and partial year 2017 operating results for 100% of the pool.
Moody's weighted average conduit LTV is 47% compared to 33% at last
review. Moody's conduit component excludes loans with credit
assessments, defeased and CTL loans and specially serviced and
troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 28% 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 0.77X and 4.96X,
respectively, compared to 1.53X and 3.91X at prior 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%
stressed rate applied to the loan balance.

The top three conduit loans represent 39% of the pool balance. The
largest loan is the Eastgate Apartments Loan ($1.0 million -- 17.6%
of the pool), which is secured by a 25-unit apartment complex in
Dryden, New York. The property was 100% occupied as of June 2017,
rebounding after a decline in occupancy in 2016. Moody's LTV and
stressed DSCR are 85% and 1.21X, respectively.

The second largest loan is the Republic Beverage Building Loan
($999,136 -- 17.3% of the pool), which is secured by a 385,000
square foot (SF) industrial property located in Grand Prairie,
Texas. The property is 100% leased to Republic Beverage Co., which
is controlled by the borrower. The lease expires in November 2021.
The loan is fully amortizing and has amortized 91% since
securitization. Moody's LTV and stressed DSCR are 20% and greater
than 4.00X, respectively.

The third largest loan is the Walkers Ridge Loan ($224,563 or 3.9%
of the pool), which is secured by a 30-unit apartment complex
located in Columbia, Missouri. The property was 87% leased as of
June 2017, compared to 90% in December 2016. The loan is fully
amortizing and has amortized 89% since securitization. Moody's LTV
and stressed DSCR are 9% and greater than 4.00X, respectively.


MERRILL LYNCH: S&P Raises Series 2006-10/11 Certs Ratings to 'BB+'
------------------------------------------------------------------
S&P Global Ratings raised its long-term rating on Merrill Lynch
Auction Preferred Pass-Through Trust's series 2006-10 and 2006-11,
class A and B, certificates, related to Morgan Stanley's series A
floating-rate noncumulative preferred stock, to 'BB+' from 'BB'.

This rating action follows S&P Global Ratings' action on the
underlying bonds. S&P Global Ratings raised the long-term ratings
on Oct. 26, 2017. (Please see the article, titled "Morgan Stanley
Hybrid Ratings Raised By One Notch On Improved Capital; Issuer
Credit Ratings Affirmed," published Oct. 26, 2017, on
RatingsDirect.)

The ratings on the certificates reflect the ratings on the
underlying bonds, as well as S&P's expectation of the likelihood of
bondholders receiving interest and principal payments when due if
they do not exercise their put option.

Changes to the ratings on these bonds could result from, among
other things, changes to the ratings on the underlying bonds or
support provider, the expiration or termination of support
agreements, or the amendments to transaction terms.


ML-CFC COMMERCIAL 2007-8: Fitch Affirms Bsf Ratings on 2 Tranches
-----------------------------------------------------------------
Fitch Ratings has affirmed 19 classes of ML-CFC Commercial Mortgage
Trust, commercial mortgage pass-through certificates, series 2007-8
(ML-CFC 2007-8).  

KEY RATING DRIVERS

Although credit enhancement has improved since Fitch's last rating
action from loan payoffs and amortization, the affirmations reflect
the concentration and adverse selection of the remaining pool.

Since Fitch's last rating action, the pool has paid down by an
additional $1.1 billion (67% of the outstanding pool balance at the
last rating action) with better recoveries than previously
expected. As of the October 2017 distribution date, the pool's
aggregate principal balance has been reduced by 79% to $511.7
million from $2.44 billion at issuance.

Pool and Loan Concentration: The pool is highly concentrated with
only 20 of the original 304 loans remaining. The largest loan,
which was previously modified into A/B notes, comprises 58.2% 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, which ranked them by their perceived likelihood of
repayment. The ratings reflect this sensitivity analysis.

Adverse Selection; High Concentration of Specially Serviced
Loans/Assets: Sixteen loans/assets comprising 97.3% of the
remaining pool are in special servicing. Of the 16 loans/assets,
nine (28.9%) are real-estate owned, four (7.6%) are classified as
in foreclosure, one (2.1%) is a non-performing matured balloon
loan, one (0.5%) is a performing matured balloon loan and the
largest loan (58.2%) remains current under its modified terms. The
four other non-specially serviced loans (2.7%) are secured by
properties located in secondary and tertiary markets.

Spring Gate - A/B Notes: The largest loan (58.2% of pool), Spring
Gate - A/B Notes, is secured by a portfolio of 56 multifamily
properties totaling 5,416 units located across five states,
including Florida, Indiana, Kentucky, Ohio and Pennsylvania. The
loan, which currently remains in special servicing, was assumed in
2015 when the properties were purchased by a new sponsor. At that
time, the new sponsor contributed additional new equity and the
loan was modified into A/B notes and two additional one-year
extension options were added to the loan's original June 2017
maturity date. The borrower exercised its first extension option to
June 2018 and is reportedly in the process of securing refinancing.
Portfolio occupancy as of June 2017 has improved to 91% from 87% in
March 2016, 84% in April 2014 and 78% at year-end 2013.

RATING SENSITIVITIES

The Stable Outlook on classes AM and AM-A reflects increased credit
enhancement and expected continued paydowns. Future upgrades are
unlikely due to the concentrated nature of the pool. A downgrade is
possible should the performance of the largest loan deteriorate or
with prolonged workouts of the specially serviced loans/assets. The
distressed classes may be subject to further downgrades as
additional losses are realized.

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

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

Fitch has affirmed and revised Rating Outlooks for the following
classes:

-- $57.5 million class AM at 'Bsf'; Outlook to Stable from
    Negative;
-- $115.6 million class AM-A at 'Bsf'; Outlook to Stable from
    Negative;
-- $109.4 million class AJ at 'Csf'; RE 65%;
-- $100.6 million class AJ-A at 'Csf'; RE 65%;
-- $12.2 million class B at 'Csf' RE 0%;
-- $39.6 million class C at 'Csf' RE 0%;
-- $27.4 million class D at 'Csf' RE 0%;
-- $9.1 million class E at 'Csf' RE 0%;
-- $18.3 million class F at 'Csf' RE 0%;
-- $21.3 million class G at 'Csf' RE 0%;
-- $23.6 million class H at 'Dsf' RE 0%;
-- $0 class J at 'Dsf' RE 0%;
-- $0 class K at 'Dsf' RE 0%;
-- $0 class L at 'Dsf' RE 0%;
-- $0 class M at 'Dsf' RE 0%;
-- $0 class N at 'Dsf' RE 0%;
-- $0 class P at 'Dsf' RE 0%;
-- $0 class Q at 'Dsf' RE 0%;
-- $0 class S at 'Dsf' RE 0%.

The class A-1, A-1A, A-2, A-3 and A-SB certificates have paid in
full. Fitch does not rate class T. Fitch previously withdrew the
rating on the interest-only class X.


MORGAN STANLEY 2015-UBS8: Fitch Affirms BB Rating on Cl. F Certs
----------------------------------------------------------------
Fitch Ratings has affirmed 17 classes of Morgan Stanley & Co. LLC's
MSCI 2015-UBS8 Commercial Mortgage Pass-Through Certificates.

KEY RATING DRIVERS

Stable Performance: Overall performance of the pool has been
relatively stable since issuance. Only one loan, totaling 0.7% of
the pool, is delinquent and in special servicing. As of the October
2017 remittance, the pool has paid down 1.1%, to $796.1 million
from $805 million at issuance.

Retail Concentration: Approximately 43.2% of the loans in the pool
are secured by retail properties. This includes six properties in
the top 15 (24.6% of pool balance) that are collateralized by
properties with exposure to regional outlet centers or malls. This
includes two loans, Mall De Las Aguilas (3.1% of the pool) and WPC
Department Store Portfolio (2.5% of the pool) with direct or
indirect exposure to regional mall tenants such as Bon-Ton Stores,
Sears, Macy's, and JCPenney. The Sears store has closed at three of
six properties related to the WPC Department Store Portfolio loan.

Limited Amortization: Approximately 11.3% of the original pool
balance is scheduled to amortize prior to maturity. Eight loans
totaling 29.3% of original pool balance are full-term
interest-only.

Sponsor Concentration: Four of the top loans in the pool are
secured by outlet malls that have a related sponsor in Simon
Property Group. The parent, Simon Property Group, Inc. is rated
'A'/Stable Outlook.

RATING SENSITIVITIES

Rating Outlooks for Classes G and X-G have been revised to Negative
from Stable given the high concentration of retail properties
(43.1%), and several factors related to the WPC Department Store
Portfolio loan, including weak tenant credit profile, declines in
mall performance, and a lack of updated financial reporting. The
Outlooks for all other classes remain Stable given the overall
stable performance of the pool. Stable Outlooks on class G and X-G
are possible with improvements in loan-level performance related to
several of the retail properties, improvements in The Bon-Ton's
corporate credit profile, paydown, or defeasance. Downgrades are
possible with further declines in loan-level performance.

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

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

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

-- $10,481,000a class G at 'B-sf'; Outlook to Negative from
    Stable;
-- $10,481,000ab class X-G at 'B-sf'; Outlook to Negative from
    Stable.

Fitch has affirmed the following ratings:

-- $23,805,726 class A-1 at 'AAAsf'; Outlook Stable;
-- $6,300,000 class A-2 at 'AAAsf'; Outlook Stable;
-- $51,500,000 class A-SB at 'AAAsf'; Outlook Stable;
-- $160,000,000 class A-3 at 'AAAsf'; Outlook Stable;
-- $313,000,000 class A-4 at 'AAAsf'; Outlook Stable;
-- $554,605,726b class X-A at 'AAAsf'; Outlook Stable;
-- $48,300,000 class A-S at 'AAAsf'; Outlook Stable;
-- $53,331,000 class B at 'AA-sf'; Outlook Stable;
-- $37,231,000 class C at 'A-sf'; Outlook Stable;
-- $101,631,000ab class X-B at 'AA-sf'; Outlook Stable;
-- $43,269,000ab class X-D at 'BBB-sf'; Outlook Stable;
-- $18,700,000ab class X-F at 'BBsf'; Outlook Stable;
-- $25,156,000a class D at 'BBBsf'; Outlook Stable;
-- $18,113,000a class E at 'BBB-sf'; Outlook Stable;
-- $18,700,000a class F at 'BBsf'; Outlook Stable.

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

Fitch does not rate class H, class J, class X-H or class X-J.


MORGAN STANLEY 2017-ASHF: S&P Gives Prelim B-(sf) Rating on F Certs
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Morgan
Stanley Capital I Trust 2017-ASHF's $427.0 million commercial
mortgage pass-through certificates series 2017-ASHF.

The issuance is a commercial mortgage-backed securities transaction
backed by one two-year, floating-rate commercial mortgage loan with
five one-year extension options totaling $427.0 million, secured by
cross-collateralized and cross-defaulted mortgages on the
borrowers' fee interests in 17 full-service, limited-service, and
extended-stay hotels.

The preliminary ratings are based on information as of Nov. 14,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect our view of the collateral's
historic and projected performance, the sponsor's and managers'
experience, the trustee-provided liquidity, the loan's terms, and
the transaction's structure. We determined that the loan has a
beginning and ending loan-to-value (LTV) ratio of 110.8%, based on
S&P Global Ratings' value.

  PRELIMINARY RATINGS ASSIGNED

  Morgan Stanley Capital I Trust 2017-ASHF

   Class        Rating            Amount ($)
  A            AAA (sf)         129,100,000
  X-CP         A- (sf)           32,400,000(i)
  X-EXT        A- (sf)           32,400,000(i)
  B            AA- (sf)          43,500,000
  C            A- (sf)           32,400,000
  D            BBB- (sf)         42,800,000
  E            BB- (sf)          67,400,000
  F            B- (sf)           59,800,000

(i)Notional balance. The notional amount of the class X-CP and
class X-EXT certificates will be reduced by the aggregate amount of
principal distributions and realized losses allocated to the class
C certificates.


MORGAN STANLEY 2017-CLS: Moody's Gives (P)B3 Rating to Cl. F Certs
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to seven
classes of CMBS securities, issued by Morgan Stanley Capital I
Trust 2017-CLS, Commercial Mortgage Pass-Through Certificates,
Series 2017-CLS:

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

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

Cl. C, Assigned (P)A3 (sf)

Cl. D, Assigned (P)Baa3 (sf)

Cl. E, Assigned (P)Ba3 (sf)

Cl. F, Assigned (P)B3 (sf)

Cl. X-CP*, Assigned (P)Aaa (sf)

* Reflects interest-only class

RATINGS RATIONALE

The Certificates are collateralized by an interest-only,
floating-rate, first-lien loan with an outstanding Cut-off Date
principal balance of $700,000,000. The Loan will be secured by the
Borrower's fee simple interest in a 704,159 SF life science office
and laboratory property located at 3 Blackfan Circle, Boston, MA,
known as the Center for Life Science.

The Borrower, BMR-Blackfan Circle LLC, is a Delaware limited
liability company that is indirectly owned and controlled by
affiliates of the real estate fund commonly known as Blackstone
Real Estate Partners VIII L.P. The Borrower is a single purpose
entity whose primary business is the performance of the obligations
under the Loan Documents and the ownership and/or operation of the
Property. Blackstone Real Estate Partners VIII L.P. acts as the
Loan Sponsor.

The Center for Life Science is a 21-story 704,159 SF, office and
laboratory building constructed between 2004 and 2008. The Property
is located at 3 Blackfan Circle approximately one block from
Longwood Avenue within the Longwood Medical Area in Boston, MA.
Access is provided by the Longwood subway stop less than one-half a
mile away.

The Property received LEED Gold certification and has extensive
infrastructure capabilities to accommodate the laboratory uses
which account for approximately 65% of each floor plate. A
dedicated heating and cooling plant provides exclusive use of clean
and reliable steam and chilled water utilities. There are 14 air
handlers, six boilers, four chillers, three stand-by generators,
one life-safety generator and 250 utility sub-meters. Other
amenities at the Property include a 300 space garage, café and
floor to ceiling windows.

As of October 31st, 2017 the Property is 100.0% occupied. The
tenant base primarily consists of medical research institutions,
including Beth Israel (51.5% of NRA; the parent entity CareGroup,
Inc. A3, long term senior revenue underlying), Children's Hospital
Corp., MA (22.4% of NRA; Aa2, long term senior revenue underlying),
Dana-Farber Cancer Institute, MA (7.2% of NRA; A1, long term senior
revenue underlying), the Immune Disease Institute, Inc., a
subsidiary of Children's, (7.1% of NRA; Aa2, long term senior
revenue underlying) and Harvard College, MA (5.7% of NRA; Aaa, long
term senior revenue underlying).

Moody's approach to rating this transaction involved the
application of both Moody's Large Loan and Single Asset/Single
Borrower CMBS methodology and Moody's IO Rating methodology. The
rating approach for securities backed by a single loan compares the
credit risk inherent in the underlying collateral with the credit
protection offered by the structure. The structure's credit
enhancement is quantified by the maximum deterioration in property
value that the securities are able to withstand under various
stress scenarios without causing an increase in the expected loss
for various rating levels. In assigning single borrower ratings,
Moody's also consider a range of qualitative issues as well as the
transaction's structural and legal aspects.

The credit risk of commercial real estate loans is determined
primarily by two factors: 1) the probability of default, which is
largely driven by the DSCR, and 2) and the severity of loss in the
event of default, which is largely driven by the LTV of the
underlying loan.

The first mortgage balance of $700,000,000 represents a Moody's LTV
of 113.9%. The Moody's First Mortgage Actual DSCR is 2.78X and
Moody's First Mortgage Stressed DSCR is 0.78X.

Moody's also grades properties on a scale of 0 to 5 (best to worst)
and considers those grades when assessing the likelihood of debt
payment. The factors considered include property age, quality of
construction, location, market, and tenancy. The Property's
property quality grade is 0.75, reflecting the superior quality of
this asset.

Notable strengths of the transaction include: high quality asset,
strategic location, the submarket strength, credit tenant roster,
historical occupancy and an experienced Sponsor.

Notable credit challenges of the transaction include: lack of
diversity for this single asset transaction, tenant rollover risk,
sponsor cash out and the lack of loan amortization.

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

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

Moody's approach for single borrower and large loan multi-borrower
transactions evaluates credit enhancement levels based on an
aggregation of adjusted loan level proceeds derived from Moody's
Moody's loan level LTV ratios. Major adjustments to determining
proceeds include leverage, loan structure, and property type. These
aggregated proceeds are then further adjusted for any pooling
benefits associated with loan level diversity, other concentrations
and correlations.

Moody's analysis considers the following inputs to calculate the
proposed IO rating based on the published methodology: original and
current bond ratings and credit estimates; original and current
bond balances grossed up for losses for all bonds the IO(s)
reference(s) within the transaction; and IO type corresponding to
an IO type as defined in the published methodology.

Moody's Parameter Sensitivities: If Moody's value of the collateral
used in determining the initial rating were decreased by 5%, 15.1%,
and 24.2%, the model-indicated rating for i) the currently rated
(P)Aaa (sf) classes would be Aa1 (sf), A1 (sf), and A3 (sf),
respectively, ii) the currently rated (P)Aa3 (sf) classes would be
A2 (sf), Baa2 (sf), and Ba1 (sf), respectively, iii) the currently
rated (P)A3 (sf) classes would be Baa2 (sf), Ba2 (sf), and B1 (sf),
respectively, iv) the currently rated (P)Baa3 (sf) classes would be
Ba2 (sf), B2 (sf), and B3 (sf), respectively, v) the currently
rated (P)Ba3 (sf) classes would be B2 (sf), B3 (sf), and Caa2 (sf),
respectively, and vi) the currently rated (P)B3 (sf) classes would
be Caa1 (sf), Caa2 (sf), and Caa3 (sf), respectively. Parameter
Sensitivities are not intended to measure how the rating of the
security might migrate over time; rather they are designed to
provide a quantitative calculation of how the initial rating might
change if key input parameters used in the initial rating process
differed. The analysis assumes that the deal has not aged.
Parameter Sensitivities only reflect the ratings impact of each
scenario from a quantitative/model-indicated standpoint.
Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
Parameter Sensitivity analysis.

These ratings: (a) are based solely on information in the public
domain and/or information communicated to Moody's by the issuer at
the date it was prepared and such information has not been
independently verified by Moody's; (b) must be construed solely as
a statement of opinion and not a statement of fact or an offer,
invitation, inducement or recommendation to purchase, sell or hold
any securities or otherwise act in relation to the issuer or any
other entity or in connection with any other matter. Moody's does
not guarantee or make any representation or warranty as to the
correctness of any information, rating or communication relating to
the issuer. Moody's shall not be liable in contract, tort,
statutory duty or otherwise to the issuer or any other third party
for any loss, injury or cost caused to the issuer or any other
third party, in whole or in part, including by any negligence (but
excluding fraud, dishonesty and/or willful misconduct or any other
type of liability that by law cannot be excluded) on the part of,
or any contingency beyond the control of Moody's, or any of its
employees or agents, including any losses arising from or in
connection with the procurement, compilation, analysis,
interpretation, communication, dissemination, or delivery of any
information or rating relating to the issuer.

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 may
indicate that the collateral's credit quality is stronger or weaker
than Moody's had previously anticipated. Factors that may cause an
upgrade of the ratings include significant loan pay downs or
amortization, an increase in the pool's share of defeasance or
overall improved pool performance. Factors that may cause a
downgrade of the ratings include a decline in overall performance
and Property income, increased expected losses from a specially
serviced and troubled loan or interest shortfalls.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed and may
have a significant effect on yield to investors.

The ratings do not represent any assessment of (i) the likelihood
or frequency of prepayment on the mortgage loans, (ii) the
allocation of net aggregate prepayment interest shortfalls, (iii)
whether or to what extent prepayment premiums might be received, or
(iv) in the case of any class of interest-only certificates, the
likelihood that the holders thereof might not fully recover their
investment in the event of a rapid rate of prepayment of the
mortgage loans.


MOUNTAIN VIEW III: S&P Affirms BB+(sf) Rating on Class E Notes
--------------------------------------------------------------
S&P Global Ratings affirmed its ratings on the class D and E notes
from Mountain View CLO III Ltd. , U.S. collateralized loan
obligation (CLO) that closed in May 2007 and is managed by Seix
Investment Advisors LLC. S&P said, "We also removed our class D
rating from CreditWatch, where we placed it with positive
implications on Aug. 14, 2017. At the same time, we discontinued
and removed from CreditWatch positive our rating on the class C
notes as they were paid down in full in October 2017.  The rating
actions follow our review of the transaction's performance using
data from the October 2017 trustee report."

S&P said, "The transaction has witnessed $287.55 million in
collective paydowns to the notes since our April 2016 rating action
which utilized the February 2016 trustee report. These paydowns
resulted in an improved reported overcollateralization (O/C) ratio
since the February 2016 trustee report. The O/C ratio on the class
D notes improved to 198.51% from 105.23%.

"Despite the transaction benefiting from $287.55 million in
principal paydowns and improved O/Cs since our last rating action
in April 2016, the portfolio's exposure to long-dated assets (i.e.
assets that mature after the CLO's stated maturity) has increased.
Based on the October 2017 trustee report, we calculated that the
long dated exposure is about 34.86% of the remaining loan balance,
not including principal cash, up from zero during our last rating
action. Our analysis took into account the potential market value
risk and settlement-related risk arising from the possible
liquidation of the remaining securities on the transaction's legal
final maturity date."   

In addition, the collateral portfolio's credit quality has
deteriorated during this period. Collateral obligations with S&P
Global Ratings' credit ratings at purchase at or below 'CCC' has
increased, with 9.96% of remaining loan balance as of the October
2017 trustee report, compared with 2.40% reported as of the
February 2016 trustee report. Also, the defaulted collateral as a
percentage of the remaining loan balance increased to 19.06% from
2.98% during this period.

S&P said, "For this analysis we relied on the supplemental test
calculations and did not run cash flows due to the small amount of
obligors remaining in the underlying asset pool. Even though, on a
standalone basis, our supplemental test indicated a higher rating
on the class D notes, because of the increased exposure of the
long-dated assets, the reduction in the weighted average rating,
and the increased concentration of 'CCC' and 'D' rated collateral
obligations, we limited the upgrade on this class to offset future
potential credit migration and risk.

"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."

RATING AFFIRMED AND REMOVED FROM CREDITWATCH POSITIVE

  Deal Name
  Mountain View CLO III Ltd.
                     Rating
  Class         To          From
  D             BBB+ (sf)   BBB+ (sf)/Watch Pos

  RATING AFFIRMED

  Deal Name
  Mountain View CLO III Ltd.    
         
  Class         Rating
  E             BB+ (sf)

  RATING DISCONTINUED AND REMOVED FROM CREDITWATCH POSITIVE

  Deal Name
  Mountain View CLO III Ltd.
                     Rating
  Class         To          From
  C             NR          AA+ (sf)/Watch Pos


NATIONSLINK FUNDING 1999-LTL-1: Moody's Affirms B2 on Cl. X Debt
----------------------------------------------------------------
Moody's Investors Service has affirmed the rating on one interest
only (IO) class of NationsLink Funding Corporation 1999-LTL-1:

Cl. X, Affirmed B2 (sf); previously on June 9, 2017 Downgraded to
B2 (sf)

RATINGS RATIONALE

The rating on the IO class was affirmed based on the credit quality
of the referenced classes. The IO class is the only outstanding
Moody's-rated class in this transaction.

Moody's rating action reflects a base expected loss of 17.9% of the
current balance, compared to 5.2% at Moody's last review. Moody's
base expected loss plus realized losses is now 1.4% of the original
pooled balance, compared to 0.8% at the last review. Moody's
provides a current list of base expected losses for conduit and
fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

An IO class may be subject to ratings upgrades if there is an
improvement in the credit quality of its referenced classes,
subject to the limits and provisions of the updated IO
methodology.

An IO class may be subject to ratings downgrades if there is (i) a
decline in the credit quality of the reference classes and/or (ii)
paydowns of higher quality reference classes, subject to the limits
and provisions of the updated IO methodology.

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in this rating were "Moody's Approach to
Rating Large Loan and Single Asset/Single Borrower CMBS" published
in July 2017, and "Moody's Approach to Rating Credit Tenant Lease
and Comparable Lease Financings" published in October 2016.

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

DEAL PERFORMANCE

As of the October 23, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 93.8% to $30.5
million from $492.5 million at securitization. The Certificates are
collateralized by 44 mortgage loans ranging in size from less than
1% to 16% of the pool, with the top ten loans representing 81.2% of
the pool. The pool contains a Credit Tenant Lease (CTL) component
that includes 39 loans, representing 97.4% of the pool.

Twelve loans, representing 6.9% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

Two loans have been liquidated from the pool, resulting in an
aggregate realized loss of $1.2 million (21.9% loss severity on
average). There are no loans currently in special servicing.

Moody's was provided with full year 2016 and full or partial year
2017 operating results for 100% and 100% of the pool,
respectively.

The top conduit loans represent 2.6% of the pool balance. The
largest loan is the MHC Portfolio Loan ($431,492 -- 1.4% of the
pool), which is secured by the following four properties located in
Connecticut and New Hampshire: Beechwood Manufactured Housing
Community, Crestwood Manufactured Housing Community, Forest Hill
Manufactured Housing Community and Farmwood Manufactured Housing
Community. The loans are fully amortizing and have paid down over
95% since securitization. Moody's LTV and stressed DSCR are 3% and
>4.00X, respectively, compared to 6% and >4.00X at prior
review.

The second largest loan is the Plaza Galeria Loan ($357,869 -- 1.2%
of the pool), which is secured by a retail center located in the
historic old town plaza area of Santa Fe, New Mexico. As of June
2017, the property was 75% leased, compared to 73% the prior year.
Performance dropped in 2015 but as a number of new tenants signed
leases throughout 2016, performance is expected to rebound. The
loan is fully amortizing and has paid down over 93% since
securitization. Moody's LTV and stressed DSCR are 16% and
>4.00X, respectively, compared to 42% and 2.86X at prior
review.

The CTL component consists of 39 loans, totaling 97.4% of the pool,
secured by properties leased to 14 tenants. The largest exposures
are Delhaize America LLC ($4.9 million -- 15.9 % of the pool;
senior unsecured rating: Baa2 -- Positive outlook) and Rite Aid
Corporation ($4.8 million -- 15.9% of the pool; senior unsecured
rating: B3/Caa1 -- Stable outlook). Eleven of the tenants have a
Moody's rating and Moody's completed updated credit assessments for
the non-Moody's rated tenants. The bottom-dollar weighted average
rating factor (WARF) for this pool is 3,413 compared to 1,846 at
last review. WARF is a measure of the overall quality of a pool of
diverse credits. The bottom-dollar WARF is a measure of the default
probability within the pool.


NEWCASTLE CDO V: S&P Raises Class III Ratings to BB+(sf)
--------------------------------------------------------
S&P Global Ratings raised its rating on the class III notes from
Newcastle CDO V Ltd., a cash flow collateralized debt obligation
(CDO) transaction backed primarily by commercial mortgage-backed
securities (CMBS) collateral.

S&P" said, "The rating action follows our review of the
transaction's performance using data from the September 2017
trustee report. Since our May 2015 rating action, the class I and
class II notes have paid down in full, and we discontinued the
ratings on those two classes. On the June 26, 2017, payment date,
the class III notes received their entire past-accrued deferred
interest ($1.7 million) and a $15.1 million principal paydown that
reduced the class' balance to about 34% of its original balance."

The primary reason for this paydown was the sale of a $20 million
par defaulted position in April 2017 at a premium. (This defaulted
position was carried at a value of $4 million in the March 2017
trustee report for purpose of calculating the par value test.) In
addition, there were some improvements to the underlying assets
since S&P's last rating action, and the class III notes are
currently backed by higher-quality assets.

The paydowns and improvement in the credit quality of the assets
backing the class III note increased its credit support, resulting
in an upgrade.

For this analysis, S&P relied on the supplemental test calculations
and did not run cash flows due to the small amount of obligors
remaining in the underlying asset pool. Though the supplemental
tests indicated a higher rating for the class III notes, S&P's
rating decision considers the fact that since the class III
coverage tests are now passing, principal proceeds are currently
being used to partially pay the current interest of the class IV
notes.

Although the class IV-FL notes and class IV-FX notes are receiving
their current interest, the balance of the assets in the
transaction is less than the aggregate balance of the class III and
class IV notes (including the class IV's aggregate deferred
balance).

S&P will continue to review whether, in its view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them, and will take rating actions as S&P
deems necessary.

  RATING RAISED

  Newcastle CDO V Ltd.

                               Rating
                    To                      From
  Class III         BB+ (sf)                CC (sf)


OCP CLO 2015-9: S&P Affirms B(sf) Rating on Class E Notes
---------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, A-2-R,
B-R, and C-R replacement notes from OCP CLO 2015-9 Ltd., a
collateralized loan obligation (CLO) originally issued in 2015 that
is managed by Onex Credit Partners LLC. S&P said, "We withdrew our
ratings on the original class A-1, A-2, B, and C notes following
payment in full on the Nov. 9, 2017, refinancing date. At the same
time, we affirmed our ratings on the class D and E notes, which
were not part of this refinancing."

On the Nov. 9, 2017, refinancing date, the proceeds from the class
A-1-R, A-2-R, B-R, and C-R replacement note issuances were used to
redeem the original class A-1, A-2, B, and C notes as outlined in
the transaction document provisions. Therefore, 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

  OCP CLO 2015-9 Ltd.
  Replacement class     Rating         Amount
                                     (mil. $)
  A-1-R                 AAA (sf)       470.00
  A-2-R                 AA (sf)        101.50
  B-R                   A (sf)          46.00
  C-R                   BBB (sf)        37.00

  RATINGS AFFIRMED   
  OCP CLO 2015-9 Ltd.         
  Class                 Rating
  D                     BB (sf)
  E                     B (sf)

  RATINGS WITHDRAWN
  OCP CLO 2015-9 Ltd.
                       Rating
  Original class       To              From
  A-1                  NR              AAA (sf)
  A-2                  NR              AA (sf)
  B                    NR              A (sf)
  C                    NR              BBB (sf)

  NR--Not rated.


OCP CLO 2017-14: S&P Assigns Prelim BB-(sf) Rating on Cl. D Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to OCP CLO
2017-14 Ltd./OCP CLO 2017-14 LLC's $507.6 million floating-rate
notes. The note issuance is collateralized loan obligation
securitization backed by primarily broadly syndicated
speculative-grade senior secured term loans that are governed by
collateral quality tests.

The preliminary ratings are based on information as of Nov. 15,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect S&P's view of:

-- The 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

  OCP CLO 2017-14 Ltd./OCP CLO 2017-14 LLC

  Class                Rating          Amount
                                     (mil. $)
  A-1A                 AAA (sf)        345.60
  A-1B                 NR               44.40
  A-2                  AA (sf)          64.80
  B (deferrable)       A (sf)           33.60
  C (deferrable)       BBB- (sf)        39.60
  D (deferrable)       BB- (sf)         24.00
  Subordinated notes   NR               59.45

  NR--Not rated.


OHA CREDIT XV: S&P Assigns Prelim BB-(sf) Rating on Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to OHA Credit
Partners XV Ltd.'s $437.50 million floating-rate notes.

The note issuance is a collateralized loan obligation (CLO)
transaction backed by a diversified collateral pool, which consists
primarily of broadly syndicated speculative-grade senior secured
term loans that are governed by collateral quality tests.

The preliminary ratings are based on information as of Nov. 10,
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,
on-going portfolio management, and trading.

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

  PRELIMINARY RATINGS ASSIGNED
  OHA Credit Partners XV Ltd./OHA Credit Partners XV LLC

  Class            Rating      Interest                    Amount
                               rate                       (mil. $)
  A-1              AAA (sf)    Three-month LIBOR + 1.11    292.50
  A-2              NR          Three-month LIBOR + 1.35     22.50
  B                AA (sf)     Three-month LIBOR + 1.55     66.25
  C (deferrable)   A (sf)      Three-month LIBOR + 1.90     30.00
  D (deferrable)   BBB- (sf)   Three-month LIBOR + 2.80     30.25
  E (deferrable)   BB- (sf)    Three-month LIBOR + 6.35     18.50
  Subordinated notes  NR       N/A                          52.25

  NR--Not rated.
  N/A--Not applicable.


PARK AVENUE 2017-1: S&P Assigns BB-(sf) Rating on Class D Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to Park Avenue
Institutional Advisers CLO 2017-1 Ltd.'s $414 million floating-rate
notes.

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

The ratings reflect:

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

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization (O/C).

-- 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

  Park Avenue Institutional Advisers CLO Ltd. 2017-1/
  Park Avenue Institutional Advisers CLO LLC 2017-1  

  Class                    Rating          Amount (mil. $)
  A-1                      AAA (sf)                 274.50
  A-2                      AA (sf)                   51.90
  B (deferrable)           A (sf)                    41.10
  C (deferrable)           BBB- (sf)                 27.30
  D (deferrable)           BB- (sf)                  19.20
  Subordinated notes       NR                        41.90

  NR--Not rated.


PRUDENTIAL SECURITIES 1999-NRF1: Moody's Affirms Ca on Cl. K Certs
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on two classes
in Prudential Securities Secured Financing Corporation 1999-NRF1,
Commercial Mortgage Pass-Through Certificates, Series 1999-NRF1:

Cl. K, Affirmed Ca (sf); previously on Dec 9, 2016 Affirmed Ca
(sf)

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

RATINGS RATIONALE

The rating on Class K was affirmed because the ratings are
consistent with Moody's expected loss plus realized losses. Class K
has already experienced a 51% realized loss as result of previously
liquidated loans.

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

Moody's does not anticipate losses from the remaining collateral in
the current environment. However, over the remaining life of the
transaction, losses may emerge from macro stresses to the
environment and changes in collateral performance. Moody's ratings
reflect the potential for future losses under varying levels of
stress. Moody's base expected loss plus realized losses is now 3.2%
of the original pooled balance, unchanged from Moody's last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

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

DEAL PERFORMANCE

As of the October 17, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 99.9% to $1.2
million from $929 million at securitization. The certificates are
collateralized by one remaining mortgage loan.

Twenty-five loans have been liquidated from the pool, resulting in
an aggregate realized loss of $29.3 million (for an average loss
severity of 40%).

The sole remaining mortgage loan is the Westchester Gardens Loan
($1.24 million -- 100% of the pool), which is secured by two
single-story buildings that contain 120-beds, used for short and
long term rehabilitation care for the elderly located in Safety
Harbor, Florida. As of June 2017, the property was 93% leased. The
loan has benefitted from a 25-year amortization schedule and has
amortized over 57% since securitization. Moody's LTV and stressed
DSCR are 26% and greater than 4.00X, respectively.


RALI 2004-QR1: Moody's Hikes Rating on Class A-4 Debt to Ba2
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of Class A-3 and
Class A-4 from RALI Series 2004-QR1 Trust.

Complete rating actions are:

Issuer: RALI Series 2004-QR1 Trust

Cl. A-3, Upgraded to Baa2 (sf); previously on Jun 2, 2016 Upgraded
to Baa3 (sf)

Cl. A-4, Upgraded to Ba2 (sf); previously on Jun 2, 2016 Upgraded
to Ba3 (sf)

RATINGS RATIONALE

The rating upgrades are primarily due to the stable performance of
the underlying bond, Class A-1 from RALI Series 2004-QS14, that is
pledged to the resecuritization. In RALI Series 2004-QR1 Trust,
Class A-3 pays sequentially to Class A-4 prior to the credit
support depletion date when the certificate principal balances of
Class M and Class B in RALI 2004-QS14 have been reduced to 0.

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:

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 4.1% in October 2017 from 4.8% in
October 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.


SASCO 2002-AL1: Moody's Lowers Ratings on 3 Tranches to B3
----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of seven
tranches from two transactions issued by Structured Asset
Securities Corporation. The collateral backing these transactions
consists of loans originated by the Small Business Administration
to borrowers who have experienced property losses in disasters
recognized by the United States federal government. The loans are
primarily backed by single-family homes but are also backed by
commercial properties, manufactured homes, multi-family homes,
townhomes, land and developed lots, and prefabricated homes. The
vast majority of these loans are junior liens.

Complete rating actions are as follows:

Issuer: Structured Asset Securities Corp. (SASCO) Pass-Through
Certificates, Series 2002-AL1

Cl. APO, Downgraded to B3 (sf); previously on Dec 20, 2016
Downgraded to B1 (sf)

Cl. A2, Downgraded to B3 (sf); previously on Dec 20, 2016
Downgraded to B1 (sf)

Cl. A3, Downgraded to B3 (sf); previously on Dec 20, 2016
Downgraded to B1 (sf)

Cl. B1, Downgraded to Caa3 (sf); previously on Dec 20, 2016
Downgraded to Caa1 (sf)

Cl. B2, Downgraded to Ca (sf); previously on Dec 20, 2016
Downgraded to Caa2 (sf)

Cl. B3, Downgraded to C (sf); previously on Jan 26, 2016 Downgraded
to Caa3 (sf)

Issuer: Structured Asset Securities Corporation (SASCO) 2001-SB1

Cl. B1, Downgraded to Caa3 (sf); previously on Jan 26, 2016
Downgraded to Caa1 (sf)

RATINGS RATIONALE

The rating actions are a result of the recent performance of the
underlying collateral and reflect Moody's updated loss expectations
on the pools. The ratings downgraded are primarily due to the
deterioration of credit enhancement resulting from realized losses
and amortization of the subordinate tranches since principal is
allocated pro-rata to all bond holders.

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 4.1% in October 2017 from 4.8% in
October 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.



SCF EQUIPMENT 2017-2: Moody's Assigns (P)B1 Rating to Cl. D Notes
-----------------------------------------------------------------
Moody's has assigned provisional ratings to the Equipment Contract
Backed Notes, Series 2017-2, Class A, Class B, Class C and Class D
(Series 2017-2 notes or the notes) to be issued by SCF Equipment
Leasing 2017-2 LLC. The transaction is a securitization of
equipment loans and leases sponsored by Stonebriar Commercial
Finance, LLC (Unrated; Stonebriar), which will also act as the
servicer. The issuer is a wholly-owned, limited purpose subsidiary
of Stonebriar. Stonebriar originated the equipment loans and
leases, which are backed primarily by corporate aircraft,
manufacturing and assembly equipment, marine vessels and railcars.

The complete rating action is:

Issuer: SCF Equipment Leasing 2017-2 LLC

$301,848,000, Class A Equipment Contract Backed Notes, Assigned
(P)A2 (sf)

$16,264,000, Class B Equipment Contract Backed Notes, Assigned
(P)Baa3 (sf)

$18,200,000, Class C Equipment Contract Backed Notes, Assigned
(P)Ba2 (sf)

$24,977,000, Class D Equipment Contract Backed Notes, Assigned
(P)B1 (sf)

RATINGS RATIONALE

The Series 2017-2 transaction is the third securitization sponsored
by Stonebriar, which was founded in 2015 and is led by a management
team with an average of over 25 years of experience in equipment
financing.

The provisional ratings that Moody's assigned to the notes are
primarily based on Moody's assessment of:

(1) the experience of Stonebriar's management team;

(2) the weak credit quality and small number of obligors backing
the loans and leases in the pool;

(3) the assessed value of the collateral backing the loans and
leases in the pool;

(4) the credit enhancement, including overcollateralization,
subordination, excess spread and a non-declining reserve account;

(5) the sequential pay structure;

(6) the experience and expertise of Stonebriar as the servicer;
and

(7) U.S. Bank National Association (rated long-term deposits Aa1/
long-term CR assessment Aa2(cr), short-term deposit P-1, BCA aa3)
as backup servicer for contracts.

Credit enhancement to the notes includes (i) initial
overcollateralization of 3.50%, which is expected to grow to a
target of 5.50%, (ii) excess spread, (iii) a non-declining reserve
account funded at 1.5% of the initial collateral balance, and (iv)
subordination in the case of the Class A, Class B, Class C and
Class D notes (22.05%, 17.85%, 13.15% and 6.70%, respectively).

The obligors of the equipment loans and leases backing the notes
are primarily middle market companies. The loans and leases are
secured by various types of equipment including corporate aircraft
(32.16%), manufacturing and assembly equipment (15.22%), marine
vessels (15.04%), railcars (13.37%) and a chemical plant (5.86%).

The pool consists of 83 contracts with 48 unique obligors and an
initial securitization value of $387,233,867. The average
securitization value per contract is $4,665,468. The weighted
average original and remaining terms to maturity are 67 and 62
months, respectively. The largest obligor accounts for 11.0% of the
initial securitization value and the top five obligors account for
38.7%. Nearly all of the contracts in this deal are fixed interest
rate and monthly pay.


SLM STUDENT 2003-2: Fitch Affirms 'Bsf' Ratings on 5 Tranches
-------------------------------------------------------------
Fitch Ratings has taken the following rating actions:

SLM Student Loan Trust 2003-2 (SLM 2003-2)
-- Class A-5 affirmed at 'AAAsf'; Outlook Stable;
-- Class A-6 affirmed at 'Bsf'; Outlook Stable;
-- Class A-7 affirmed at 'Bsf'; Outlook Stable;
-- Class A-8 affirmed at 'Bsf'; Outlook Stable;
-- Class A-9 affirmed at 'Bsf'; Outlook Stable;
-- Class B affirmed at 'Bsf'; Outlook Stable.

SLM Student Loan Trust 2003-5 (SLM 2003-5)
-- Class A-5 affirmed at 'AAAsf'; Outlook Stable;
-- Class A-6 affirmed at 'BBsf'; Outlook Stable;
-- Class A-7 affirmed at 'BBsf'; Outlook Stable;
-- Class A-8 affirmed at 'BBsf'; Outlook Stable;
-- Class A-9 affirmed at 'BBsf'; Outlook Stable;
-- Class B downgraded to 'Bsf' from 'BBsf'; Outlook Stable.

For both transactions, modelling for the A-5 notes supports 'AAAsf'
under both credit and maturity stresses. The A-6 to A-9 notes of
SLM 2003-5 miss their legal final maturity date marginally under
Fitch's base case scenarios and they're affirmed at 'BBsf'. With
the long time horizon to maturity, slight changes in future
economic environment could result in full repayment of bonds by
maturity dates.

The A-6 to A-9 notes of SLM 2003-2 miss their legal final maturity
date more significantly under Fitch's base case scenarios. They're
affirmed at 'Bsf' with consideration to long time horizon to
maturity, the revolving credit agreement with Navient for the
benefit of the noteholders, and the eventual full payment of
principal.

For both transactions, the class B notes experience a principal
shortfall under the base case stresses, as auction-rate securities
will absorb all the excess spread when the LIBOR-indexed bonds are
paid in full and leave the transactions with little cushion for
default risk. Despite failing the base case, the SLM 2003-2 class B
notes are rated 'Bsf' due to the long time horizon to maturity and
presence of the revolving credit agreement with Navient. The class
B notes for SLM 2003-5 are downgraded to 'Bsf' from 'BBsf' due to
the increased default assumption.

The trusts have entered into a revolving credit agreement with
Navient by which it may borrow funds at maturity in order to pay
off the notes. Since Navient has the option but not the obligation
to lend to the trust, Fitch cannot give full quantitative credit to
this agreement. However, the agreement does provide qualitative
comfort that Navient is committed to limiting investors' exposure
to maturity risk.

KEY RATING DRIVERS

U.S. Sovereign Risk: The trust collateral comprises 100% 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 for SLM 2003-2: Fitch assumes a default rate
of 21.75% and 65.25% default rate under the 'AAA' credit stress
scenario. Fitch assumes a sustainable constant default rate of
3.3%, and a constant prepayment rate of 10% is used as the
sustainable rate in cash flow modelling. Fitch applies the standard
default timing curve in its credit stress cash flow analysis. The
claim reject rate is assumed to be 0.5% in the base case and 3.0%
in the 'AAA' case. The trailing 12 months (TTM) levels of
deferment, forbearance, and income-based repayment (prior to
adjustment) are 4.5%, 10.4%, and 21.1%, respectively, and are used
as the starting point in cash flow modelling. Subsequent declines
or increases are modelled as per criteria. The borrower benefit is
assumed to be approximately 0.04%, based on information provided by
the sponsor.

Collateral Performance for SLM 2003-5: Fitch assumes a default rate
of 16.75% and 50.25% default rate under the 'AAA' credit stress
scenario. Fitch assumes a sustainable constant default rate of
2.7%, and a constant prepayment rate of 10% is used as the
sustainable rate in cash flow modelling. Fitch applies the standard
default timing curve in its credit stress cash flow analysis. The
claim reject rate is assumed to be 0.5% in the base case and 3.0%
in the 'AAA' case. The TTM levels of deferment, forbearance, and
income-based repayment (prior to adjustment) are 3.8%, 9.0%, and
18.1%, respectively, and are used as the starting point in cash
flow modelling. Subsequent declines or increases are modelled as
per criteria. The borrower benefit is assumed to be approximately
0.13%, based on information provided by the sponsor.

Basis and Interest Rate Risk: Basis risk for these transactions
arises from any rate and reset frequency mismatch between interest
rate indices for SAP and the securities. As of September 2017, 12%
and 13% of the student loans are indexed to three-month T-Bill and
88% and 87% are indexed to one-month LIBOR for SLM 2003-2 and SLM
2003-5, respectively. Fitch applies its standard basis and interest
rate stresses to this transaction as per criteria.

Payment Structure: Credit enhancement (CE) is provided by excess
spread, overcollateralization, and for the class A notes,
subordination. As of September 2017, for SLM 2003-2 and SLM 2003-5,
respectively, senior effective parity ratios (including the
reserve) were 112.61% (11.20% CE) and 112.52% (11.12% CE). Current
total parity for SLM 2003-2 and SLM 2003-5 is at 100.36% (0.36%
CE). Liquidity support is provided by a reserve currently sized at
$2,005,060 and $2,251,218 for both transactions, respectively. The
transactions will continue to release cash as long as the target
total parity of 100% is maintained.

Maturity Risk: For both SLM 2003-2 and 2003-5, Fitch's student loan
ABS cash flow model (SLABS) indicates that the A-5 notes are paid
in full prior to the legal final maturity dates under all rating
scenarios. The A-6, A-7, A-8, A-9, and B notes do not pay off
before their maturity date in Fitch's modelling scenarios,
including the base cases. If the breach of the senior classes'
maturity date triggers an event of default, interest payments will
be diverted away from the class B notes, causing them to fail the
base cases as well.

Operational Capabilities: Day-to-day servicing is provided by
Navient Solutions, LLC. (formerly known as Sallie Mae, Inc.). Fitch
believes Navient to be an acceptable servicer, due to its extensive
track record as the largest servicer of 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. Additionally, the
results do not take into account any rating-cap considerations.

SLM 2003-2
Credit Stress Rating Sensitivity
-- Default increase 25%: class A 'CCCsf'; class B 'CCCsf';
-- Default increase 50%: class A 'CCCsf'; class B 'CCCsf';
-- Basis Spread increase 0.25%: class A 'CCCsf'; class B 'CCCsf';
-- Basis Spread increase 0.5%: class A 'CCCsf'; class B 'CCCsf'.

Maturity Stress Rating Sensitivity
-- CPR decrease 50%: class A 'CCCsf'; class B 'CCCsf';
-- CPR increase 100%: class A 'Asf'; class B 'BBsf';
-- IBR Usage decrease 50%: class A 'CCCsf'; class B 'CCCsf';
-- IBR Usage increase 100%: class A 'CCCsf'; class B 'CCCsf'.

SLM 2003-5
Credit Stress Rating Sensitivity
-- Default increase 25%: class A 'CCCsf'; class B 'CCCsf';
-- Default increase 50%: class A 'Asf'; class B 'CCCsf';
-- Basis Spread increase 0.25%: class A 'CCCsf'; class B 'CCCsf';
-- Basis Spread increase 0.5%: class A 'CCCsf'; class B 'CCCsf'.

Maturity Stress Rating Sensitivity
-- CPR decrease 50%: class A 'CCCsf'; class B 'CCCsf';
-- CPR increase 100%: class A 'AAAsf'; class B 'CCCsf';
-- IBR Usage decrease 50%: class A 'BBsf'; class B 'CCCsf';
-- IBR Usage increase 100%: class A 'CCCsf'; class B 'CCCsf'.

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.


SLM STUDENT 2012-7: Fitch Affirms 'Bsf' Rating on Class B Notes
---------------------------------------------------------------
Fitch Ratings has affirmed SLM Student Loan Trust 2012-7 as
follows:

-- Class A-2 notes at 'AAAsf';
-- Class A-3 notes at 'Bsf';
-- Class B notes at 'Bsf'.

The Rating Outlook remains Stable for all notes.

The class A-3 notes miss their legal final maturity date under both
Fitch's credit and maturity base cases. This technical default
would result in interest payments being diverted away from class B,
which would cause that note to default as well. In affirming the
notes at 'Bsf' rather than downgrading to 'CCCsf' or below, Fitch
has considered qualitative factors such as Navient's ability to
call the notes upon reaching 10% pool factor, the revolving credit
agreement in place for the benefit of the noteholders, and the
eventual full payment of principal in modelling.

The trust has entered into a revolving credit agreement with
Navient by which it may borrow funds at maturity in order to pay
the off notes. Because Navient has the option but not the
obligation to lend to the trust, Fitch cannot give full
quantitative credit to this agreement. However, the agreement does
provide qualitative comfort that Navient is committed to limiting
investors' exposure to maturity risk.

KEY RATING DRIVERS

U.S. Sovereign Risk: The trust collateral comprises 100% 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 default rate of
22% and a 66% default rate under the 'AAA' credit stress scenario.
Fitch assumed a sustainable constant default rate of 4.1% (assuming
a weighted average life of 5.3 years) and a sustainable constant
prepayment rate (voluntary and involuntary) of 12% based on data
provided by the issuer. Fitch applies the standard default timing
curve in its credit stress cash flow analysis. The claim reject
rate is assumed to be 0.5% in the base case and 3.0% in the 'AAA'
case. The trailing-12-month (TTM) levels of deferment, forbearance
and income-based repayment (prior to adjustment) are approximately
9.3%, 16.7%, and 18.6%, respectively, and are used as the starting
point in cash flow modelling. Subsequent declines or increases are
modelled as per criteria. The borrower benefit is assumed to be
0.06%.

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 September 2017,
0.20% of the trust student loans are indexed to 91-day T-Bill and
99.8% to 1-month LIBOR. All notes are indexed to one-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 excess
spread and for the class A notes, subordination. As of September
2017, total and senior effective parity ratio (including the
reserve) are 101.01% (1% CE) and 107.28 (6.79% CE), respectively.
Liquidity support is provided by a reserve account currently sized
at $1,616,098.87 (0.25% of the pool balance) with a floor of
$1,248,784. The trust will continue to release cash as long as the
target overcollateralization amount (the greater of 1% of the
adjusted pool balance or $1,300,000) is maintained.

Maturity Risk: The class A-2 notes pass all of Fitch's maturity
stresses. Fitch's student loan ABS cash flow model indicates that
the class A-3 notes fail all maturity stresses, including the base
case. If the beach of the class A-3 maturity date triggers an event
of default, interest payments will be diverted away from the class
B notes, causing them to fail the base cases as well.

Operational Capabilities: Day-to-day servicing is provided by
Navient Solutions. Fitch believes Navient to be an acceptable
servicer, due to its extensive track record as the largest servicer
of 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. Additionally, the
results do not take into account any rating cap considerations.

Credit Stress Rating Sensitivity

-- Default increase 25%: class A 'CCCsf'; class B 'CCCsf'
-- Default increase 50%: class A 'CCCsf'; class B 'CCCsf'
-- Basis Spread increase 0.25%: class A 'CCCsf'; class B 'CCCsf'
-- Basis Spread increase 0.50%: class A 'CCCsf'; class B 'CCCsf'

Maturity Stress Rating Sensitivity

-- CPR decrease 50%: class A 'CCCsf'; class B 'CCCsf'
-- CPR increase 100%: class A 'Bsf'; class B 'Bsf'
-- IBR Usage increase 100%: class A 'CCCsf'; class B 'CCCsf'
-- IBR Usage decrease 50%: class A 'CCCsf'; class B 'CCCsf'

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.


SPRITE LTD 2017-1: S&P Assigns Prelim BB Rating on Class C Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Sprite
2017-1 Ltd./Sprite 2017-1 US LLC's $585 million fixed-rate series
A, B, and C notes.

The note issuance is an asset-backed securities (ABS) transaction
backed by the 21 aircraft and the related leases, and shares or
beneficial interests in entities that directly and indirectly
receive aircraft portfolio lease rental and residual cash flows,
among others.

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

The preliminary ratings reflect:

-- The likelihood of timely interest on Sprite 2017-1's series A
notes (excluding step-up interest) on each payment date, the timely
interest on the series B notes (excluding step-up interest) when
the series A notes are no longer outstanding on each payment date,
and the ultimate interest and principal payment on the A, B, and C
notes on or prior to the legal final maturity at the respective
rating stress.

-- The 66.07% loan-to-value (LTV) ratio (based on S&P Global
Ratings' adjusted lower of the mean and median [LMM] of the
half-life base value and the half-life market value on the A notes;
the 78.79% LTV on the B notes; and the 84.57% LTV on the C notes.

-- The portfolio comprises 18 narrow-body passenger planes (eight
A320 family and 10 B737-800s), and three wide-body passenger planes
(one A330-300 and two B777-300ERs). The 21 assets have a weighted
average age of approximately 8.9 years and a remaining average
lease term of approximately 3.8 years. Of the 21 assets, 0.0% by
value is out-of-production.

-- Many of the lessees (68% by LMM) are in emerging markets where
the commercial aviation market is growing.

-- The initial weighted average lease term is 3.8 years, which is
similar to many other rated aircraft ABS transactions.

-- The A and B notes follow a 13-year amortization profile for the
first seven years and a four-year amortization profile thereafter,
and the C notes follow a seven-year amortization profile. If a
rapid or early amortization event has occurred and is continuing,
the A, B, and C notes will be paid up to their full outstanding
principal balances.

-- The end-of-lease payment will be paid to the A, B, and C notes
according to a percentage equal to each then-current LTV ratio.

-- There is a revolving credit facility, which is sized as nine
months' interest on the series A notes and B notes.

-- The maintenance analysis provided by Alton Aviation Consultancy
LLC (Alton) at closing. After closing, World Star will perform the
maintenance analysis, which will be confirmed for reasonableness
and achievability by Alton.

-- The maintenance reserve account, which is required to keep a
balance to meet the higher of $1 million and the sum of the
forward-looking maintenance expenses. The excess maintenance over
the required maintenance amount will be transferred to the payment
waterfall.

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

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

-- The servicer's in-house aircraft assets and aviation finance
team's experience in managing mid- to late-life aircraft assets.

  PRELIMINARY RATINGS ASSIGNED
  Sprite 2017-1 Ltd./Sprite 2017-1 US LLC

  Class       Rating           Amount
                             (mil. $)
  A           A (sf)             457
  B           BBB (sf)            88
  C           BB (sf)             40



STARWOOD RETAIL 2014-STAR: S&P Cuts Class F Certs Rating to B-(sf)
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on five classes of
commercial mortgage pass-through certificates from Starwood Retail
Property Trust 2014-STAR, a U.S. commercial mortgage-backed
securities (CMBS) transaction. In addition, S&P affirmed its
rating on one other class from the same transaction.

For the downgrades and affirmation, S&P's expectation of credit
enhancement was more or less in line with the lowered or affirmed
ratings.

S&P said, "While available credit enhancement levels suggested
negative rating movement on class A and further negative rating
movements on classes B, C, and D, our analysis also considered an
upcoming partial principal paydown, which is a condition of the
recent loan modification, as well as the borrowers' plans for
additional tenant improvements, leasing costs, and capital
expenditures over the next two years to improve the underlying
collateral performance."

This is a stand-alone (single-borrower) transaction backed by a
floating-rate, interest-only (IO) mortgage loan secured by a
first-mortgage lien on the borrowers' fee simple interest in three
regional malls: The Mall at Wellington Green, 719,978 sq. ft. of a
1.26 million-sq.-ft. mall in Wellington, Fla.; Northlake Mall,
539,813 sq. ft. of a 1.07-million-sq.-ft. mall in Charlotte, N.C.;
and The Mall at Partridge Creek, 369,910 sq. ft. of a
626,162-sq.-ft. mall in Clinton Township, Mich., as well as the
borrowers' leasehold interest in MacArthur Center, 514,078 sq. ft.
of a 927,692-sq.-ft. mall in Norfolk, Va. S&P said, "Our
property-level analysis included a re-evaluation of the retail
properties that secure the mortgage loan in the trust and
considered the overall declining servicer-reported net operating
income and occupancy for the past three years (2014 through the
trailing 12 months ended March 31, 2017). We then derived our
sustainable in-place net cash flow, which we divided by a 7.32% S&P
Global Ratings weighted average capitalization rate to determine
our expected-case value for the retail portfolio. This yielded an
overall S&P Global Ratings loan-to-value ratio and debt service
coverage (DSC) of 107.8% and 1.55x (using a 2.00% LIBOR cap and
weighted average spread of 2.3%), respectively, for the trust
balance."

According to the Oct. 16, 2017, trustee remittance report, the IO
loan has a $725.0 million trust and whole loan balance and pays an
annual floating interest rate of LIBOR plus an initial weighted
average spread of 2.05%. The loan was set to mature on Nov. 8,
2017. It is S&P's understanding from the master servicer, Wells
Fargo Bank N.A., that in connection with the borrowers' request to
exercise one of their two extension options, among other items, the
loan agreement was amended and $25.0 million was provided by the
borrower to pay down principal. In addition, excess cash flows from
the properties will be used going forward ($800,000 monthly) to
reduce the loan balance. All excess cash flow will be trapped but
some will be made available to the borrower's planned tenant
improvements, leasing costs, and capital expenditures to improve
the collateral's performance. The loan currently matures on Nov. 8,
2018, and the weighted average spread increased by 0.25% to 2.30%.
To date, the trust has not incurred any principal losses.

Wells Fargo reported an overall DSC and occupancy of 2.73x and
95.9%, respectively, on the trust balance for the six months ended
June 30, 2017, down from a DSC of 3.25x as of year-end 2016. Based
on the April 2017 rent rolls, 5.6%, 11.6%, and 12.1% of the net
rentable area have leases that expire in 2017, 2018, and 2019,
respectively for the retail portfolio.

  RATINGS LIST

  Starwood Retail Property Trust 2014-STAR
  Commercial mortgage pass-through certificates series 2014-STAR

                                         Rating     
  Class        Identifier            To              From
  A            85571XAA5             AAA (sf)        AAA (sf)
  B            85571XAL1             A- (sf)         AA- (sf)
  C            85571XAN7             BBB- (sf)       A- (sf)   
  D            85571XAQ0             BB- (sf)        BBB- (sf)  
  E            85571XAS6             B- (sf)         BB- (sf)
  F            85571XAU1             B- (sf)         B+ (sf)   


TOWD POINT 2017-6: Moody's Assigns (P)B3 Rating to Cl. B2 Notes
---------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to eight
classes of notes issued by Towd Point Mortgage Trust 2017-6.

The notes are backed by one pool of seasoned, performing and
re-performing residential mortgage loans. The collateral pool is
comprised of 10,713 first and junior lien, balloon, adjustable,
fixed and step rate mortgage loans, and has a non-zero updated
weighted average FICO score of 686 and a weighted average current
LTV of 86.9% (for junior lien loans, LTV is calculated based on
junior lien balance over current valuation) as of September 30,
2017 (the "Statistical Calculation Date"). Approximately 81.8% of
the loans, as of the Statistical Calculation Date, in the
collateral pool have been previously modified. Select Portfolio
Servicing, Inc. and Cohen Financial Services (DE), LLC, are the
servicers for the loans in the pool. FirstKey Mortgage, LLC will be
the asset manager for the transaction.

The complete rating actions are:

Issuer: Towd Point Mortgage Trust 2017-6

Cl. A1, Assigned (P)Aaa (sf)

Cl. A2, Assigned (P)Aa2 (sf)

Cl. A3, Assigned (P)Aa2 (sf)

Cl. A4, Assigned (P)A1 (sf)

Cl. B1, Assigned (P)Ba3 (sf)

Cl. B2, Assigned (P)B3 (sf)

Cl. M1, Assigned (P)A3 (sf)

Cl. M2, Assigned (P)Baa3 (sf)

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected losses on TPMT 2017-6's collateral pool is 12.15%
in Moody's base case scenario. Moody's loss estimates take into
account the historical performance of the loans that have similar
collateral characteristics as the loans in the pool, and also
incorporate an expectation of a continued strong credit environment
for RMBS, supported by improving home prices over the next two to
three years.

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

Collateral Description

TPMT 2017-6's collateral pool is primarily comprised of seasoned,
performing and re-performing mortgage loans. Approximately 81.8% of
the loans (as of the Statistical Calculation Date) in the
collateral pool have been previously modified. The majority of the
loans underlying this transaction exhibit collateral
characteristics similar to that of seasoned Alt-A mortgages.

Moody's based Moody's expected losses on the pool on Moody's
estimates of 1) the default rate on the remaining balance of the
loans and 2) the principal recovery rate on the defaulted balances.
The two factors that most strongly influence a re-performing
mortgage loan's likelihood of re-default are the length of time
that the loan has performed since modification, and the amount of
the reduction in monthly mortgage payments as a result of
modification. The longer a borrower has been current on a
re-performing loan, the less likely they are to re-default. As of
the Statistical Calculation Date, approximately 65.5% of the
borrowers of the loans in the collateral pool have been current on
their payments for the past 24 months.

Moody's estimated expected losses using two approaches -- (1)
pool-level approach, and (2) re-performing loan level analysis. In
the pool-level approach, Moody's estimated losses on the pool by
applying Moody's assumptions on expected future delinquencies,
default rates, loss severities and prepayments as observed on
similar seasoned collateral. Moody's projected future annual
delinquencies for eight years by applying an initial annual default
rate assumption adjusted for future years through delinquency
burnout factors. The delinquency burnout factors reflect Moody's
future expectations of the economy and the U.S. housing market.
Based on the loan characteristics of the pool and the demonstrated
pay histories, Moody's applied an initial expected annual
delinquency rate of 12.0% for the pool for year one. Moody's then
calculated future delinquencies using default burnout and voluntary
conditional prepayment rate (CPR) assumptions. Moody's aggregated
the delinquencies and converted them to losses by applying pool
specific lifetime default frequency and loss severity assumptions.
Moody's CPR and loss severity assumptions are based on actual
observed performance of seasoned loans and prior TPMT deals. In
applying Moody's loss severity assumptions, Moody's accounted for
the lack of principal and interest advancing in this transaction.

Moody's also conducted a loan level analysis on TPMT 2017-6's
collateral pool. Moody's applied loan-level baseline lifetime
propensity to default assumptions, and considered the historical
performance of seasoned loans with similar collateral
characteristics and payment histories. Moody's then adjusted this
base default propensity up for (1) adjustable-rate loans, (2) loans
that have the risk of coupon step-ups and (3) loans with high
updated loan to value ratios (LTVs). Moody's applied a higher
baseline lifetime default propensity for interest-only loans, using
the same adjustments. To calculate the final expected loss for the
pool, Moody's applied a loan-level loss severity assumption based
on the loans' updated estimated LTVs. Moody's further adjusted the
loss severity assumption upwards for loans in states that give
super-priority status to homeowner association (HOA) liens, to
account for potential risk of HOA liens trumping a mortgage.

For loans with deferred balances, Moody's assumed that 100% of the
remaining PRA amount and approximately 29% of the non-PRA deferred
principal balance on modified loans would be forgiven and not
recovered. The deferred balance in this transaction is
$206,949,159, representing approximately 11% of the total unpaid
principal balance (as of the Statistical Calculation Date). Loans
that have HAMP and proprietary remaining principal reduction amount
(PRA) totaled $4,426,041, representing approximately 2.1% of total
deferred balance. Although 4.0% of the loans in the pool are junior
lien by balance (as of the Statistical Calculation Date), these
loans represent 21.8% of the pool by loan count. Junior lien loans
have higher default risk relative to first lien loans and are
likely to experience high severity in the event of default. In
Moody's default analysis, Moody's assume these loans would
experience 100% severity. In addition, 2,144 loans, representing
20.0% of the pool by loan count, use a third party home data index
(HDI) to derive current property valuation. Moody's ran different
sensitivity scenarios and account for this in Moody's severity
analysis. The final expected loss for the collateral pool reflects
the due diligence findings of four independent third party review
(TPR) firms as well as Moody's assessment of TPMT 2017-6's
representations & warranties (R&Ws) framework.

Transaction Structure

TPMT 2017-6 has a sequential priority of payments structure, in
which a given class of notes can only receive principal payments
when all the classes of notes above it have been paid off.
Similarly, losses will be applied in the reverse order of priority.
The Class A1, A2, M1 and M2 notes carry a fixed-rate coupon subject
to the collateral adjusted net WAC and applicable available funds
cap. The Class A3 and A4 are variable rate notes where the coupon
is equal to the weighted average of the note rates of the related
exchange notes. The Class B1, B2, B3, B4 and B5 are variable rate
notes where the coupon is equal to the lesser of adjusted net WAC
and applicable available funds cap. There are no performance
triggers in this transaction. Additionally, the servicers will not
advance any principal or interest on delinquent loans.

Moreover, the monthly excess cash flow in this transaction will be
fully captured to pay the principal balance of the bonds
sequentially, allowing for a faster paydown of the bonds.

Moody's coded TPMT 2017-6's cashflows using SFW®, a cashflow tool
developed by Moody's Analytics. To assess the final rating on the
notes, Moody's ran 96 different loss and prepayment scenarios
through SFW. The scenarios encompass six loss levels, four loss
timing curves, and four prepayment curves. The structure allows for
timely payment of interest and ultimate payment of principal with
respect to the notes by the legal final maturity.

Third Party Review

Four independent third party review (TPR) firms -- JCIII &
Associates, Inc. (subsequently acquired by American Mortgage
Consultants), Clayton Services, LLC, AMC Diligence, LLC, and
Westcor Land Title Insurance Company -- conducted due diligence for
the transaction. Due diligence was performed on 84.0% of the loans
by count in TPMT 2017-6's collateral pool for compliance, 84.0% for
data capture, 83.1% for pay string history, and 79.4% for title and
tax review. The TPR firms reviewed compliance, data integrity and
key documents to verify that loans were originated in accordance
with federal, state and local anti-predatory laws. The TPR firms
conducted audits of designated data fields to ensure the accuracy
of the collateral tape.

Based on Moody's analysis of the third-party review reports,
Moody's determined that a portion of the loans had legal or
compliance exceptions that could cause future losses to the trust.
Moody's incorporated an additional hit to Moody's expected losses
for these loans to account for this risk. Moody's loss estimate
also took into account that 16.0% of the loans in the pool were not
reviewed for compliance. FirstKey Mortgage, LLC, retained Westcor
to review the title and tax reports for the loans in the pool, and
will oversee Westcor and monitor the loan sellers in the completion
of the assignment of mortgage chains. In addition, FirstKey expects
a significant number of the assignment and endorsement exceptions
to be cleared within the first twelve months following the closing
date of the transaction.

Representations & Warranties

Moody's ratings reflect TPMT 2017-6's weak representations and
warranties (R&Ws) framework. The representation provider, FirstKey
Mortgage, LLC is unrated by Moody's. Moreover, FirstKey's
obligations will be in effect for only thirteen months (until the
payment date in December 2018). The R&Ws themselves are weak
because they contain many knowledge qualifiers and the regulatory
compliance R&W does not cover monetary damages that arise from TILA
violations whose right of rescission has expired. While the
transaction provides a Breach Reserve Account to cover for any
breaches of R&Ws after the sunset date, the size of the account is
small relative to TPMT 2017-6's aggregate collateral pool ($1.87
billion). An initial deposit of $4,000,000 will be remitted to the
Breach Reserve Account on the closing date, with an initial Breach
Reserve Account target amount of $6,605,134.

Transaction Parties

The transaction benefits from a strong servicing arrangement.
Select Portfolio Servicing, Inc. and Cohen Financial Services (DE),
LLC, will service 100% of TPMT 2017-6's collateral pool. Moody's
assess SPS higher compared to its peers. Moody's have no assessment
of Cohen Financial Services. Moody's made no adjustment for Cohen
Financial Services given that less than 3.0% of the loans in the
pool is serviced by this servicer. Furthermore, FirstKey Mortgage,
LLC, the asset manager, will oversee the servicers, which
strengthens the overall servicing framework in the transaction.
Moody's expected loss includes a positive adjustment for the
servicing quality of the pool. Wells Fargo Bank, N.A. and U.S. Bank
National Association are the Custodians of the transaction. The
Delaware Trustee for TPMT 2017-6 is Wilmington Trust, National
Association. TPMT 2017-6's Indenture Trustee is U.S. Bank National
Association.

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

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


UBS COMMERCIAL 2017-C1: Fitch to Rate Class G-RR Certs 'B-sf'
-------------------------------------------------------------
Fitch Ratings has issued a presale report on UBS Commercial
Mortgage Securitization Corp.'s CCUBS Commercial Mortgage Trust
2017-C1 commercial mortgage pass-through certificates.

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

-- $10,150,000 class A-1 'AAAsf'; Outlook Stable;
-- $118,871,000 class A-2 'AAAsf'; Outlook Stable;
-- $15,396,000 class A-SB 'AAAsf'; Outlook Stable;
-- $161,354,000 class A-3 'AAAsf'; Outlook Stable;
-- $181,951,000 class A-4 'AAAsf'; Outlook Stable;
-- $487,722,000b class X-A 'AAAsf'; Outlook Stable;
-- $120,188,000b class X-B 'A-sf'; Outlook Stable;
-- $57,481,000 class A-S 'AAAsf'; Outlook Stable;
-- $29,612,000 class B 'AA-sf'; Outlook Stable;
-- $33,095,000 class C 'A-sf'; Outlook Stable;
-- $15,754,000a class D 'BBBsf'; Outlook Stable;
-- $21,697,000ac class D-RR 'BBB-sf'; Outlook Stable;
-- $8,709,000ac class E-RR 'BB+sf'; Outlook Stable;
-- $7,838,000ac class F-RR 'BB-sf'; Outlook Stable;
-- $8,710,000ac class G-RR 'B-sf'; Outlook Stable.

The following class is not expected to be rated:

-- $26,128,121ac 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 Nov. 10, 2017.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 37 loans secured by 98
commercial properties having an aggregate principal balance of
$696,746,122 as of the cut-off date. The loans were contributed to
the trust by Cantor Commercial Real Estate Lending, L.P., Citi Real
Estate Funding Inc., and UBS AG.

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 89.8%, and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

Higher Fitch Leverage than Recent Transactions: The pool's leverage
is higher than that of recent, comparable Fitch-rated multiborrower
transactions. The pool's Fitch DSCR and LTV are 1.19x and 105.6%,
respectively, which reflect worse leverage statistics compared to
the YTD 2017 averages of 1.26x and 101.2%. Excluding credit opinion
loans, the pool has a Fitch DSCR and LTV of 1.15x and 110.9%,
respectively, compared with the YTD 2017 normalized averages of
1.21x and 106.7%.

Investment-Grade Credit Opinion Loans: Two loans, General Motors
Building (6.8% of pool) and Yorkshire & Lexington Towers (3.6% of
pool), received an investment-grade credit. The pool's credit
opinion loan concentration of 10.4% is in between the 2016 and YTD
2017 averages of 8.4% and 11.7% for other recent Fitch-rated deals,
respectively. Net of the credit opinion loans, Fitch's DSCR and LTV
are 1.15x and 110.9%, respectively.

Very Low Amortization: Twenty-one loans (71.5%) are full-term
interest-only, which is significantly higher than the 2016 and YTD
2017 averages of 33.3% and 44.5%, respectively. Six additional
loans (12.6%) are partial interest-only. Based on the scheduled
balance at maturity, the pool will pay down by only 4.1%, which is
significantly lower than the 2016 and YTD 2017 averages of 10.4%
and 8.2%.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 6.8% below
the most recent year's net operating income (NOI) for properties
for which a full-year NOI was provided, excluding properties that
were stabilizing during this period. Unanticipated further declines
in property-level NCF could result in higher defaults and loss
severities on defaulted loans and in potential rating actions on
the certificates.

Fitch evaluated the sensitivity of the ratings assigned to the
CCUBS 2017-C1 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.


VERUS SECURITIZATION 2017-SG1: S&P Rates Class B-3 Notes BB-(sf)
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Verus Securitization
Trust 2017-SG1's $247.511 million mortgage pass-through
certificates.

The certificate issuance is a residential mortgage-backed
securities (RMBS) transaction backed by first-lien, fixed- and
adjustable-rate fully amortizing, and interest-only residential
mortgage loans, secured by single-family residential properties,
planned-unit developments, condominiums, and two- to-four-family
residential properties to both prime and nonprime borrowers.

The ratings reflect:

-- The pool's collateral composition;
-- The credit enhancement provided for this transaction;
-- The transaction's associated structural mechanics;
-- The representation and warranty framework for this transaction;
and
-- The mortgage aggregator, Invictus Capital Partners.

  RATINGS ASSIGNED

  Verus Securitization Trust 2017-SG1  

  Class        Rating(i)          Amount ($)
  A-1          AAA (sf)          161,970,000
  A-2          AA (sf)            17,969,000
  A-3          A (sf)             33,406,000
  B-1          BBB- (sf)          24,549,000
  B-2          BB+ (sf)            2,531,000
  B-3          BB- (sf)            7,086,000
  B-4          NR                  5,568,101
  A-IO-S       NR                   Notional(ii)
  XS           NR                   Notional(iii)
  P            NR                        100
  R            NR                        N/A

(i)The ratings assigned to the classes address the ultimate payment
of interest and principal.
(ii)Notional amount equals the loans' stated principal balance.
(iii)Notional amount equals the aggregate balance of the class A-1,
A-2, A-3, B-1, B-2, B-3, B-4, and P certificates.
NR--Not rated.
N/A--Not applicable.



VERUS TRUST 2017-SG1: S&P Gives Prelim BB-(sf) Rating on B-3 Certs
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Verus
Securitization Trust 2017-SG1's $247.511 million mortgage
pass-through certificates.

The certificate issuance is a residential mortgage-backed
securities transaction backed by first-lien, fixed- and
adjustable-rate fully amortizing and interest-only residential
mortgage loans, secured by single-family residential properties,
planned-unit developments, condominiums, and two- to-four-family
residential properties to both prime and nonprime borrowers.

The preliminary ratings are based on information as of Nov. 9,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The pool's collateral composition;
-- The credit enhancement provided for this transaction;
-- The transaction's associated structural mechanics;
-- The representation and warranty framework for this transaction;
and
-- The mortgage aggregator, Invictus Capital Partners.

  PRELIMINARY RATINGS ASSIGNED

  Verus Securitization Trust 2017-SG1  
  Class        Rating(i)          Amount ($)
  A-1          AAA (sf)          161,970,000
  A-2          AA (sf)            17,969,000
  A-3          A (sf)             33,406,000
  B-1          BBB- (sf)          24,549,000
  B-2          BB+ (sf)            2,531,000
  B-3          BB- (sf)            7,086,000
  B-4          NR                  5,568,101
  A-IO-S       NR                   Notional(ii)
  XS           NR                   Notional(iii)
  P            NR                        100
  R            NR                        N/A

(i)The collateral and structural information in this report reflect
the preliminary private placement memorandum dated Nov. 9, 2017;
the preliminary ratings assigned to the classes address the
ultimate payment of interest and principal.
(ii)Notional amount equals the loans' stated principal balance.
(iii)Notional amount equals the aggregate balance of the class A-1,
A-2, A-3, B-1, B-2, B-3, B-4, and P certificates.
NR--Not rated.
N/A--Not applicable.



WELLS FARGO 2017-C41: Fitch to Rate Class G-RR Debt 'Bsf'
---------------------------------------------------------
Fitch Ratings has issued a presale report on Wells Fargo Commercial
Mortgage Trust 2017-C41, Series 2017-C41.

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

-- $30,952,000 class A-1 'AAAsf'; Outlook Stable;
-- $14,675,000 class A-2 'AAAsf'; Outlook Stable;
-- $44,401,000 class A-SB 'AAAsf'; Outlook Stable;
-- $215,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $245,117,000 class A-4 'AAAsf'; Outlook Stable;
-- $550,145,000a class X-A 'AAAsf'; Outlook Stable;
-- $140,484,000a class X-B 'A-sf'; Outlook Stable;
-- $69,751,000 class A-S 'AAAsf'; Outlook Stable;
-- $38,313,000 class B 'AA-sf'; Outlook Stable;
-- $32,420,000 class C 'A-sf'; Outlook Stable;
-- $12,771,000ab class X-D 'BBB+sf'; Outlook Stable;
-- $12,771,000b class D 'BBB+sf'; Outlook Stable;
-- $22,595,000bc class E-RR 'BBB-sf'; Outlook Stable;
-- $13,754,000bc class F-RR 'BB+sf'; Outlook Stable;
-- $12,771,000bc class G-RR 'Bsf'; Outlook Stable.

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

-- $33,402,177bc class H-RR;

(a) Notional amount and interest-only.
(b) Privately placed and pursuant to Rule 144A.
(c) Horizontal credit risk retention interest.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 52 loans secured by 97
commercial properties having an aggregate principal balance of
$785,922,177 as of the cut-off date. The loans were contributed to
the trust by Barclays Bank PLC, Argentic Real Estate Finance LLC,
Ladder Capital Finance LLC and Wells Fargo Bank, National
Association.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 66.6% of the properties
by balance, cash flow analysis of 76.7%, and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

Higher Fitch Leverage Than Recent Transactions: The pool's leverage
is greater than that of recent, comparable Fitch-rated
multiborrower transactions. The pool has a weighted average Fitch
DSCR of 1.19x, which is below the YTD 2017 average of 1.26x for
other recent Fitch-rated U.S. multiborrower deals. The pool's
weighted average Fitch LTV of 108.2% is higher than the YTD 2017
level of 101.2%.

Diversified Pool: The largest 10 loans account for 41.9% of the
pool, which is well below the YTD 2017 average of 52.7% for
fixed-rate transactions. The pool exhibits low pool concentration,
with a loan concentration index (LCI) of 292, which is below the
YTD 2017 average of 393. The average loan size for this transaction
is $15.1 million compared to the 2017 YTD average of $20.1
million.

Above-Average Amortization: The pool is scheduled to amortize by
10.6%, which is above the YTD 2017 average of 8.2% for fixed-rate
transactions and also above the 2016 average of 10.4%. Nineteen
loans, representing 32.6% of the pool, are full-term interest-only,
which is below the YTD 2017 average of 44.5%.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 14.4% 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 WFCM
2017-C41 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.


WFRBS COMMERCIAL 2012-C7: Moody's Lowers Cl. G Debt Rating to Caa1
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on nine classes
and downgraded the ratings on four classes in WFRBS Commercial
Mortgage Trust 2012-C7:

Cl. A-1, Affirmed Aaa (sf); previously on Mar 24, 2017 Affirmed Aaa
(sf)

Cl. A-2, Affirmed Aaa (sf); previously on Mar 24, 2017 Affirmed Aaa
(sf)

Cl. A-FL, Affirmed Aaa (sf); previously on Mar 24, 2017 Affirmed
Aaa (sf)

Cl. A-FX, Affirmed Aaa (sf); previously on Mar 24, 2017 Affirmed
Aaa (sf)

Cl. A-S, Affirmed Aaa (sf); previously on Mar 24, 2017 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa2 (sf); previously on Mar 24, 2017 Affirmed Aa2
(sf)

Cl. C, Affirmed A2 (sf); previously on Mar 24, 2017 Affirmed A2
(sf)

Cl. D, Affirmed Baa1 (sf); previously on Mar 24, 2017 Affirmed Baa1
(sf)

Cl. E, Downgraded to Ba1 (sf); previously on Mar 24, 2017 Affirmed
Baa3 (sf)

Cl. F, Downgraded to B1 (sf); previously on Mar 24, 2017 Affirmed
Ba2 (sf)

Cl. G, Downgraded to Caa1 (sf); previously on Mar 24, 2017 Affirmed
B2 (sf)

Cl. X-A, Affirmed Aaa (sf); previously on Mar 24, 2017 Affirmed Aaa
(sf)

Cl. X-B, Downgraded to B1 (sf); previously on Mar 24, 2017 Affirmed
Ba3 (sf)

RATINGS RATIONALE

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

The ratings of three P&I classes were downgraded due to higher
anticipated losses from troubled loans and a decline in performance
of two of the three-largest loans.

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

The rating of the IO class X-B was downgraded because of the credit
quality of the referenced classes.

Moody's rating action reflects a base expected loss of 3.3% of the
current pooled balance, compared to 1.8% at Moody's last review.
Moody's base expected loss plus realized losses is now 3.4% of the
original pooled balance, compared to 1.9% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

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

DEAL PERFORMANCE

As of the October 17, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 11% to $983.6
million from $1.1 billion at securitization. The certificates are
collateralized by 57 mortgage loans ranging in size from less than
1% to 15% of the pool, with the top ten loans (excluding
defeasance) constituting 65% of the pool. Four loans, constituting
5.2% of the pool, have defeased and are secured by US government
securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 15, the same as at Moody's last review.

Seven loans, constituting 7.8% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Two loans have been liquidated from the pool at a loss,
contributing to an aggregate realized loss of $5.2 million (for an
average loss severity of 16%).

Moody's has also assumed a high default probability for three
poorly performing loans, constituting 5.1% of the pool, and has
estimated an aggregate loss of $16.6 million (a 33% expected loss
based on a 61% probability default) from these troubled loans. The
largest troubled loan is secured by a regional mall located in
Saginaw Township, MI.

Moody's received full year 2016 operating results for 100% of the
pool, and full or partial year 2017 operating results for 99% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 91%, compared to 90% 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 9.8%.

Moody's actual and stressed conduit DSCRs are 1.66X and 1.21X,
respectively, compared to 1.67X and 1.20X 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 36% of the pool balance. The
largest loan is the Northridge Fashion Center Loan ($143.5 million
-- 14.6% of the pool), which is secured by a participation interest
in a $225.1 million first-mortgage loan encumbering a 644,000 SF
component of a 1.5 million SF, two-story, super-regional mall
located in Northridge, California. The property, which is owned by
General Growth Properties (GGP), is anchored by a Macy's, Macy's
Home, JCPenney, and Sears. All of the anchor tenants own their own
boxes. In addition, the property has an outparcel hosuing a
10-screen Pacific Theatres. Property performance has remained
stable since securitization. The property was 96% leased as of July
2017, with inline and occupancy standing at 89%. Moody's LTV and
stressed DSCR are 90% and 1.08X, respectively.

The second largest loan is the Town Center at Cobb Loan ($123.1
million -- 12.5% of the pool), which is secured by a participation
interest in a $189.4 million first-mortgage loan encumbering a
560,000 SF component of a 1.3 million SF super-regional mall
located in Kennesaw, Georgia. The property, which is owned by Simon
Properties, opened in 1985, was expanded in 1996, and renovated in
2009-2011. The property is anchored by a Macy's, Macy's Furniture,
JCPenney, Sears, and Belk. All of the anchors own their own boxes,
with the exception of Belk and a portion of the JCPenney space.
Property performance has declined modestly over the past two years.
The occupancy rate of the collateral component of the property
stands at 86% as of June 2017, compared to 85% as of December 2016.
Moody's LTV and stressed DSCR are 109% and 0.94X, respectively.

The third largest loan is the Florence Mall Loan ($90.0 million --
9.1% of the pool), which is secured by 384,000 SF component of a
957,000 SF regional mall located in Florence, Kentucy,
approximately 12 miles from the Cincinnati CBD. The property, which
is owned by GGP, is anchored by Macy's, Macy's Home Store,
JCPenney, Sears, and Rave Theatres. With the exception of 14-screen
Rave Theatres, all of the anchor boxes are not part of the loan
collateral. NOI and inline sales at the propery have been declined
in recent years. As of June 2017, the collateral component of the
property was 91% leased, with inline occupancy standing at 74%.
Including the non-collateral anchors, the property is 95% leased.
Moody's LTV and stressed DSCR are 100% and 1.10X, respectively.


[*] Moody's Takes Action on $173MM of RMBS Issued 2004-2007
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four bonds,
downgraded the ratings of five bonds, and confirmed the ratings of
four Interest-Only (IO) bonds from six RMBS transactions. These IO
bonds were among those placed on review August 29, 2017 in
connection with a reassessment of Moody's internal linkage of
certain IO bonds to their reference bond(s) or pool(s).

Complete rating actions are:

Issuer: Bear Stearns Alt-A Trust 2006-8

Cl. III-A-1, Downgraded to Baa3 (sf); previously on Aug 17, 2015
Confirmed at Baa1 (sf)

Cl. III-X-1, Confirmed at Caa2 (sf); previously on Aug 29, 2017
Caa2 (sf) Placed Under Review Direction Uncertain

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2004-J8

Cl. M-IO, Confirmed at C (sf); previously on Aug 29, 2017 C (sf)
Placed Under Review for Possible Upgrade

Issuer: Lehman XS Trust Series 2007-15N

Cl. 1C-A1, Upgraded to B2 (sf); previously on Dec 22, 2016 Upgraded
to Caa1 (sf)

Cl. 3-AX, Confirmed at C (sf); previously on Aug 29, 2017 C (sf)
Placed Under Review for Possible Upgrade

Cl. 4-AX, Confirmed at C (sf); previously on Aug 29, 2017 C (sf)
Placed Under Review for Possible Upgrade

Issuer: MASTR Seasoned Securitization Trust 2005-2

Cl. 1-A-1, Upgraded to B2 (sf); previously on Apr 10, 2013
Downgraded to Caa1 (sf)

Cl. 1-A-2, Upgraded to B2 (sf); previously on Apr 10, 2013
Downgraded to Caa1 (sf)

Issuer: Merrill Lynch Mortgage Investors Trust 2006-AF2

Cl. AF-1, Downgraded to Ca (sf); previously on Jan 27, 2015
Downgraded to Caa2 (sf)

Cl. AF-2, Downgraded to Ca (sf); previously on Jan 27, 2015
Downgraded to Caa2 (sf)

Cl. AV-1, Downgraded to Ca (sf); previously on Oct 1, 2010
Downgraded to Caa3 (sf)

Cl. PO, Downgraded to Ca (sf); previously on Oct 1, 2010 Downgraded
to Caa2 (sf)

Issuer: Structured Asset Mortgage Investments II Trust 2005-AR2

Cl. II-A-1, Upgraded to B3 (sf); previously on Apr 1, 2015 Upgraded
to Caa2 (sf)

RATINGS RATIONALE

The rating upgrades are primarily due to the total credit
enhancement available to the bonds. The rating downgrades are due
to the erosion of credit enhancement available to the bonds. The
actions reflect the recent performance of the underlying pools and
Moody's updated loss expectation on these pools.

The action resolves the review of four IO bonds which were among
those placed on watch in connection with a reassessment of the IO
bond linkages captured in Moody's internal database. The factors
that Moody's considers in rating an IO bond depend on the type of
referenced securities or assets to which the IO bond is linked.
Following the linkage reassessment, Moody's determined that the
ratings of these four IO bonds correctly reflect the linkage of the
bonds to their referenced securities or asset pools, as well as the
performance of the respective transactions, and have therefore
confirmed these ratings. The rating on Class III-X-1 from Bear
Stearns Alt-A Trust 2006-8 has been confirmed at Caa2(sf)
notwithstanding downgrade of one of its referenced securities.
Class III-X-1 notional balance is linked to the balance of Class
III-A-1, Class III-A-2, Class III-B-1, Class III-B-2, and Class
III-B-3. The rating of an IO bond referencing multiple bonds is
based on the weighted average current rating of all referenced
bonds based on the current balance. For this reason, the rating
downgrade on Class III-A-1 did not result in a change in the rating
of Class III-X-1. The ratings of the referenced tranches for IO
bonds Class 3-AX and Class 4-AX from Lehman XS Trust Series
2007-15N remain unchanged. As such the ratings on the Class 3-AX
and Class 4-AX were confirmed.

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in January 2017.

Additionally, the methodology used in rating Bear Stearns Alt-A
Trust 2006-8 Cl. III-X-1, CWALT, Inc. Mortgage Pass-Through
Certificates, Series 2004-J8 Cl. M-IO, Lehman XS Trust Series
2007-15N Cl. 3-AX and Cl. 4-AX, MASTR Seasoned Securitization Trust
2005-2 Cl. 1-A-2 was "Moody's Approach to Rating Structured Finance
Interest-Only (IO) Securities" published in June 2017.

Factors that can 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 4.1% in October 2017 from 4.8% in
October 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.

An IO bond may be upgraded or downgraded, within the constraints
and provisions of the IO methodology, based on lower or higher
realized and expected loss due to an overall improvement or decline
in the credit quality of the reference bonds and/or pools.


[*] Moody's Takes Action on $362.7MM of Alt-A Debt Issued 2003-3007
-------------------------------------------------------------------
Moody's Investors Service has upgraded ratings of 26 tranches and
downgraded ten tranches from 11 transactions backed by Alt-A and
Subprime mortgage loans, issued by multiple issuers.

Complete rating actions are:

Issuer: Chase Funding Loan Acquisition Trust 2003-C2

Cl. B-1, Downgraded to Caa2 (sf); previously on Jun 20, 2013
Downgraded to B3 (sf)

Cl. B-2, Downgraded to Ca (sf); previously on Jun 20, 2013
Downgraded to Caa1 (sf)

Cl. B-3, Downgraded to C (sf); previously on Mar 7, 2011 Downgraded
to Ca (sf)

Cl. IIA, Downgraded to B1 (sf); previously on Feb 6, 2015
Downgraded to Ba1 (sf)

Cl. IIA-P, Downgraded to B1 (sf); previously on Feb 6, 2015
Downgraded to Ba1 (sf)

Issuer: CSFB Mortgage-Backed Pass-Through Certificates, Series
2004-AR3

Cl. C-B-1, Upgraded to Ba3 (sf); previously on Jan 29, 2016
Upgraded to B3 (sf)

Cl. VI-M-2, Upgraded to A3 (sf); previously on Nov 22, 2016
Upgraded to Baa3 (sf)

Issuer: Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series
2003-2XS

Cl. A-5, Upgraded to Baa2 (sf); previously on Feb 23, 2016 Upgraded
to Ba2 (sf)

Cl. A-6, Upgraded to A3 (sf); previously on Mar 3, 2015 Downgraded
to Baa3 (sf)

Issuer: First Horizon Alternative Mortgage Securities Trust
2007-FA4

Cl. I-A-1, Downgraded to C (sf); previously on Sep 16, 2010
Downgraded to Caa3 (sf)

Cl. I-A-4, Downgraded to C (sf); previously on Sep 16, 2010
Downgraded to Caa3 (sf)

Cl. I-A-7, Downgraded to C (sf); previously on Sep 16, 2010
Downgraded to Caa3 (sf)

Cl. I-A-8, Downgraded to C (sf); previously on Sep 16, 2010
Downgraded to Caa3 (sf)

Cl. I-A-10, Downgraded to C (sf); previously on Sep 16, 2010
Downgraded to Caa3 (sf)

Issuer: GSAA Home Equity Trust 2007-8

Cl. A2, Upgraded to B1 (sf); previously on Feb 23, 2016 Upgraded to
B3 (sf)

Cl. A3, Upgraded to B1 (sf); previously on Feb 23, 2016 Upgraded to
B3 (sf)

Issuer: Homebanc Mortgage Trust 2006-2

Cl. A-1, Upgraded to Ba3 (sf); previously on Feb 23, 2016 Upgraded
to B3 (sf)

Cl. A-2, Upgraded to Ba3 (sf); previously on Feb 23, 2016 Upgraded
to B3 (sf)

Issuer: Lehman XS Trust Series 2005-1

Cl. 1-A3, Upgraded to Aaa (sf); previously on Dec 2, 2016 Upgraded
to Aa2 (sf)

Cl. 1-A4, Upgraded to Aaa (sf); previously on Dec 2, 2016 Upgraded
to Aa3 (sf)

Cl. 2-A1, Upgraded to Aaa (sf); previously on Dec 2, 2016 Upgraded
to Aa3 (sf)

Cl. 2-A2, Upgraded to Aaa (sf); previously on Dec 2, 2016 Upgraded
to A1 (sf)

Issuer: Lehman XS Trust Series 2005-3

Cl. 1-A3, Upgraded to Aaa (sf); previously on Dec 2, 2016 Upgraded
to Aa2 (sf)

Cl. 1-A4, Upgraded to Aaa (sf); previously on Dec 2, 2016 Upgraded
to A1 (sf)

Issuer: Lehman XS Trust Series 2006-1

Cl. 1-A1, Upgraded to Aaa (sf); previously on Dec 5, 2016 Upgraded
to A1 (sf)

Cl. 1-A2, Upgraded to Aaa (sf); previously on Dec 5, 2016 Upgraded
to A1 (sf)

Cl. 1-M1, Upgraded to Baa3 (sf); previously on Dec 5, 2016 Upgraded
to Ba3 (sf)

Issuer: Morgan Stanley Mortgage Loan Trust 2005-6AR

Cl. 1-A-1, Upgraded to Aaa (sf); previously on Dec 5, 2016 Upgraded
to Aa3 (sf)

Cl. 1-A-4, Upgraded to Aaa (sf); previously on Dec 5, 2016 Upgraded
to A1 (sf)

Cl. 1-M-4, Upgraded to Ba1 (sf); previously on Dec 5, 2016 Upgraded
to Ba2 (sf)

Cl. 1-M-5, Upgraded to Ba1 (sf); previously on Dec 5, 2016 Upgraded
to Ba3 (sf)

Cl. 1-M-6, Upgraded to Ba2 (sf); previously on Dec 5, 2016 Upgraded
to B1 (sf)

Cl. 1-B-1, Upgraded to Ba3 (sf); previously on Dec 5, 2016 Upgraded
to B3 (sf)

Cl. 1-B-2, Upgraded to B2 (sf); previously on Dec 5, 2016 Upgraded
to Caa3 (sf)

Cl. 1-B-3, Upgraded to Caa2 (sf); previously on Feb 4, 2009
Downgraded to C (sf)

Issuer: Structured Adjustable Rate Mortgage Loan Trust 2005-6XS

Cl. M1, Upgraded to Aa3 (sf); previously on Dec 2, 2016 Upgraded to
A3 (sf)

RATINGS RATIONALE

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

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 macroeconomic
uncertainty, and in particular the unemployment rate. The
unemployment rate fell to 4.1% in October 2017 from 4.8% in October
2016. Moody's forecasts an unemployment central range of 4.5% to
5.5% for the 2017 year. Deviations from this central scenario could
lead to rating actions in the sector. House prices are another key
driver of US RMBS performance. Moody's expects house prices to
continue to rise in 2017. Lower increases than Moody's expects or
decreases could lead to negative rating actions. Finally,
performance of RMBS continues to remain highly dependent on
servicer procedures. Any change resulting from servicing transfers
or other policy or regulatory change can impact the performance of
these transactions.


[*] S&P Discontinues Ratings on 55 Classes From 17 CDO Deals
------------------------------------------------------------
S&P Global Ratings discontinued its ratings on 55 classes from 17
cash flow (CF) collateralized loan obligation (CLO) transactions.

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

-- ACAS CLO 2013-1 Ltd. (CF CLO): optional redemption in October
2017.

-- Benefit Street Partners CLO I Ltd. (CF CLO): optional
redemption in October 2017.

-- Flatiron CLO 2007-1 Ltd. (CF CLO): senior-most tranches paid
down; other rated tranches still outstanding.

-- Fortress Credit BSL Ltd. (CF CLO): optional redemption in
October 2017.

-- Fortress Credit Investments IV Ltd. (CF CLO): optional
redemption in October 2017.

-- Great Lakes CLO 2012-1 Ltd. (CF CLO): optional redemption in
October 2017.

-- JFIN CLO 2012 Ltd. (CF CLO): senior-most tranches paid down;
other rated tranches still outstanding.

-- JFIN Revolver CLO 2015-II Ltd. (CF CLO): senior-most tranches
paid down; other rated tranches still outstanding.

-- JFIN Revolver CLO Ltd. (CF CLO): all rated tranches paid down.

-- Katonah 2007-I CLO Ltd. (CF CLO): senior-most tranches paid
down; other rated tranches still outstanding.

-- Kingsland V Ltd. (CF CLO): senior-most tranches paid down; one
rated tranche still outstanding.

-- NewStar Commercial Loan Funding 2012-2 LLC (CF CLO): optional
redemption in October 2017.

-- NXT Capital CLO 2012-1 LLC (CF CLO): optional redemption in
October 2017.

-- Octagon Investment Partners X Ltd. (CF CLO): optional
redemption in October 2017.

-- PPM Grayhawk CLO Ltd. (CF CLO): optional redemption in October
2017.

-- Stoney Lane Funding I Ltd. (CF CLO): senior-most tranches paid
down; other rated tranches still outstanding.

-- Waterfront CLO 2007-1 Ltd. (CF CLO): optional redemption in
October 2017.

  RATINGS DISCONTINUED
                                     ACAS CLO 2013-1 Ltd.
                              Rating
  Class               To                  From
  A                   NR                  AAA (sf)
  B-1                 NR                  AA (sf)/Watch Pos
  B-2                 NR                  AA (sf)/Watch Pos
  C                   NR                  A (sf)/Watch Pos
  D                   NR                  BBB (sf)/Watch Pos
  E                   NR                  BB (sf)/Watch Pos
  F                   NR                  B (sf)/Watch Pos
   Benefit Street Partners CLO I Ltd.
                              Rating
  Class               To                  From
  A-1R                NR                  AAA (sf)
  A-2R                NR                  AA (sf)
  B-R                 NR                  A (sf)
  C-R                 NR                  BBB (sf)
  D-R                 NR                  BB (sf)
   Flatiron CLO 2007-1 Ltd.
                              Rating
  Class               To                  From
  B                   NR                  AAA (sf)
   Fortress Credit BSL Ltd.
                              Rating
  Class               To                  From
  A                   NR                  AAA (sf)
  B                   NR                  AA+ (sf)
  C                   NR                  A+ (sf)
  D                   NR                  BBB+ (sf)
  E                   NR                  BB (sf)
   Fortress Credit Investments IV Ltd.
                              Rating
  Class               To                  From
  A                   NR                  AAA (sf)
  B                   NR                  AAA (sf)
  C                   NR                  AA+ (sf)
  D                   NR                  BBB+ (sf)
  E                   NR                  BB (sf)
   Great Lakes CLO 2012-1 Ltd.
                              Rating
  Class               To                  From
  A                   NR                  AAA (sf)
  B                   NR                  AAA (sf)
  C                   NR                  AA- (sf)
  D                   NR                  BBB+ (sf)
  E                   NR                  BB (sf)
   JFIN CLO 2012 Ltd.
                              Rating
  Class               To                  From
  A-1                 NR                  AAA (sf)
   JFIN Revolver CLO 2015-II Ltd.
                              Rating
  Class               To                  From
  A                   NR                  AAA (sf)
   JFIN Revolver CLO Ltd.
                              Rating
  Class               To                  From
  C                   NR                  AA+ (sf)
  D                   NR                  A+ (sf)
  E                   NR                  BB+ (sf)

  Katonah 2007-I CLO Ltd.
                              Rating
  Class               To                  From
  A-1L                NR                  AAA (sf)
   Kingsland V Ltd.
                              Rating
  Class               To                  From
  A-1                 NR                  AAA (sf)
  A-2B                NR                  AAA (sf)
  B                   NR                  AAA (sf)
  C                   NR                  AA+ (sf)
  D-1                 NR                  A- (sf)
  D-2                 NR                  A- (sf)
   NewStar Commercial Loan Funding 2012-2 LLC
                              Rating
  Class               To                  From
  A                   NR                  AAA (sf)
    NXT Capital CLO 2012-1 LLC
                              Rating
  Class               To                  From
  A                   NR                  AAA (sf)
  B                   NR                  AAA (sf)
  C                   NR                  AA+ (sf)
  D                   NR                  A+ (sf)
  E                   NR                  BBB+ (sf)
   Octagon Investment Partners X Ltd.
                              Rating
  Class               To                  From
  E                   NR                  BBB- (sf)
   PPM Grayhawk CLO Ltd.
                              Rating
  Class               To                  From
  C                   NR                  A+ (sf)
  D                   NR                  BB (sf)

  Stoney Lane Funding I Ltd.
                              Rating
  Class               To                  From
  A-1                 NR                  AAA (sf)
   Waterfront CLO 2007-1 Ltd.
                              Rating
  Class               To                  From
  A-2                 NR                  AAA (sf)
  A-3                 NR                  AAA (sf)
  B                   NR                  AA (sf)
  C                   NR                  BBB (sf)
  D                   NR                  BB (sf)

  NR--Not rated.


[*] S&P Puts Various Ratings From 4 US CLO Deals on Watch Positive
------------------------------------------------------------------
S&P Global Ratings placed its ratings on 16 tranches from four U.S.
collateralized loan obligation (CLO) transactions on CreditWatch
with positive implications. The CreditWatch placements follow S&P's
surveillance review of U.S. cash flow collateralized debt
obligation (CDO) transactions. The affected tranches had an
original issuance amount of $697.78 million.

The CreditWatch positive placements resulted from enhanced
overcollateralization due to paydowns to the senior tranches of
these CLO transactions. All of the transactions have exited their
reinvestment periods.

The table below reflects the year of issuance for the four
transactions whose ratings were placed on CreditWatch.

  Year of issuance    No. of deals
  2006                1
  2013                3

S&P said, "We expect to resolve today's CreditWatch placements
within 90 days after we complete a comprehensive cash flow analysis
and committee review for each of the affected transactions. We will
continue to monitor the CDO transactions we rate and take rating
actions, including CreditWatch placements, as we deem
appropriate."

  RATINGS PLACED ON CREDITWATCH POSITIVE

  ACIS CLO 2013-1 Ltd.
                     Rating
  Class       To                    From
  B           AA (sf)/Watch Pos     AA (sf)
  C           A (sf)/Watch Pos      A (sf)
  D           BBB (sf)/Watch Pos    BBB (sf)
  Combo       A (sf)/Watch Pos      A (sf)

  California Street CLO II Ltd.
                     Rating
  Class       To                    From
  B           AA+ (sf)/Watch Pos    AA+ (sf)
  C           A- (sf)/Watch Pos     A- (sf)
  D           BB+ (sf)/Watch Pos    BB+ (sf)

  JFIN CLO 2013 Ltd.
                     Rating
  Class       To                    From
  A-2         AA (sf)/Watch Pos     AA
  B           A (sf)/Watch Pos      A (sf)
  C           BBB (sf)/Watch Pos    BBB (sf)
  D           BB (sf)/Watch Pos     BB (sf)

  Shackleton 2013-III CLO Ltd.
                     Rating
  Class       To                    From
  B-1         AA (sf)/Watch Pos     AA (sf)
  B-2         AA (sf)/Watch Pos     AA (sf)
  C-1         A (sf)/Watch Pos      A (sf)
  C-2         A (sf)/Watch Pos      A (sf)
  D           BBB (sf)/Watch Pos    BBB (sf)


[*] S&P Takes Various Action on 97 Classes From 12 US RMBS Deals
----------------------------------------------------------------
S&P Global Ratings completed its review of 97 classes from 11 U.S.
residential mortgage-backed securities (RMBS) and one resecuritized
real estate mortgage investment conduit (re-REMIC) transactions
issued between 2003 and 2009. All of these transactions are backed
by a mix of collateral. The review yielded three upgrades, seven
downgrades, 72 affirmations, seven withdrawals, and eight
discontinuances.

Analytical Considerations

S&P incorporate 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;
-- Underlying collateral performance;
-- Expected short duration;
-- Loan modification criteria;
-- Tail risk; and
-- Available subordination and/or overcollateralization.

Rating Actions

Please see the ratings list for the rationales for classes with
rating transitions. The affirmations of ratings reflect S&P opinion
that its projected credit support and collateral performance on
these classes has remained relatively consistent with our prior
projections.

S&P said, "We lowered our ratings on classes 1-A2 and 1-A4 from
RBSSP Resecuritization Trust 2009-12  to 'CCC (sf)' from 'A (sf)'
and to 'BB (sf)' from 'AA+ (sf)', respectively. These downgrades
reflect the application of our loan modification criteria,
"Methodology For Incorporating Loan Modifications And Extraordinary
Expenses Into U.S. RMBS Ratings," April 17, 2015, and "Principles
For Rating Debt Issues Based On Imputed Promises," Dec. 19, 2014,
which resulted in a maximum potential rating (MPR) lower than the
previous rating on these classes. Based on our loan modification
criteria, we apply a MPR cap to those classes of securities that
are affected by reduced interest payments over time due to loan
modifications and/or other credit-related events. The 50-basis
point increase to their contractual coupon rate and the class
factors of 100% of the original balance contribute to these
re-REMIC classes' interest losses. Additionally, as per our
criteria, our methodology considers the weighted average life of
the re-REMIC security in determining the cumulative interest rate
reductions, which are caused by existing loan modifications and
related extraordinary expenses, and projected future loan
modifications and related extraordinary expenses that may arise.
Class 1-A2 has a longer weighted average life than that of the
underlying class and, as such, pursuant to the application of our
criteria, we project more reductions to the interest amounts due on
the securities over time."

A list of Affected Ratings can be viewd at:

           http://bit.ly/2hmoIxh


[*] S&P Takes Various Actions on 113 Classes From Seven Deals
-------------------------------------------------------------
S&P Global Ratings took various rating actions on 113 classes from
Erie Tobacco Asset Securitization Corp., Nassau County Tobacco
Settlement Corp., New York Counties Tobacco Trust I, II, III, IV,
and VI, Rockland Tobacco Asset Securitization Corp., Suffolk
Tobacco Asset Securitization Corp., TSASC Inc. (2017), and
Westchester Tobacco Asset Securitization Corp. (2016) (four have
been paid off since May 2017).

These were all previously placed on CreditWatch with negative
implications on May 16, 2017, to reflect the lower-than-expected
settlement payments as a result of a higher tribal NPM credit,
which is based on the 2015 Native American cigarette sales volume
determined by the independent investigator, Nardello and Co.
Following S&P's analysis of updated cash flows for these
transactions, 17 ratings were raised, 13 were lowered, and 83 were
affirmed, and all were removed from CreditWatch negative. All of
these transactions are asset-backed securities (ABS) transactions
backed by tobacco settlement revenues resulting from master
settlement agreement payments.

Background of New York State NPM adjustments

In October 2015, New York State negotiated its own agreement to
address the master settlement agreement (MSA) NPM adjustments. The
two remaining original participating manufacturers (OPMs), and a
majority of the subsequent participating manufacturers (SPMs),
executed the New York NPM Settlement, in which more than $690
million was released to New York State from the MSA disputed
payment account in the 2016 payment. This agreement also stipulated
that New York will no longer be subject to the NPM adjustments,
except in rare circumstances. The settlement resolved the NPM
adjustment disputes relating to calendar years 2004 through 2014.
Most of the settlement payments have occurred for these years,
except for an annual $90 million OPM credit plus a proportionate
SPM credit and prime interest rate, which will be applied to the
payments made in 2018 and 2019.

For 2015 and later, the New York NPM Settlement established two PM
credits against future payments to the state. The first is the
Non-Compliant SET-Paid NPM Sales Credit tax, which is applied if
there is greater noncompliance with the NPM escrow deposit
requirement. As reported by the New York Attorney General's office,
the rate of noncompliance has been within the safe harbor created
under the settlement and they expect to continue to be protected
under the safe harbor. The payment made in June 2017 did not
include an adjustment for this credit. The second is the Tribal NPM
Packs credit described below.

Tribal NPM Packs credit

As a result of the New York NPM Settlement, the tobacco companies
are entitled to a tribal credit towards their payments to New York
State.

The Tribal NPM Packs credit is based on the number of NPM cigarette
packs (including NPM packs manufactured on reservations) that are
sold to non-Native American state consumers on or from Native
American reservations in the state, and on which state cigarette
excise tax is not paid. Because these sales are not reported to the
state, a third-party investigator provides an estimate every two
years. In January 2017, Nardello and Co. was appointed as the
independent investigator called for by the New York State
settlement agreement. They were to determine the number of tribal
cigarette packs that were sold to New York State consumers for
which New York State did not collect excise tax in 2015. The number
of packs determined for 2015 is used to calculate the June 2017 and
2018 Tribal NPM Packs payments.

S&P said, "Our rating analysis in 2017 considered a 54 million
tribal pack estimation provided by IHS Global Inc. IHS Global
Inc.'s estimate took into account an approximation of the cigarette
demand in New York, the population's proximity to a reservation's
retail outlet, and the general tribal cigarette demand. These
results were compared with "empty pack" studies, as well as the
increase in various state excise taxes, to estimate intrastate
smuggling brought on by the disparities in state excise taxes.
Based on IHS Global Inc.'s estimation, we assessed a reasonable
base-case expectation of the tribal pack adjustment for 2015, and
then stressed that expectation by a multiple for each rating
category. For example, the 'BBB' assumption was 87 million packs
and the 'A' assumption was 97 million packs.

"In April 2017, Nardello and Co. determined a 2015 volume of 175
million untaxed Native American cigarette packs in comparison to
our initial assumption of 97 million packs under an 'A' scenario
based on IHS Global Inc.'s estimation. This resulted in a
difference in the 2017 payment to New York State of over $60
million. We expect a similar difference in the 2018 payment year as
the 175 million packs is applied for two years. As Nardello and Co.
is appointed under the New York State settlement agreement, its
tribal pack determination is binding and cannot be contested. The
tenor of the independent investigator is four years and it cannot
be removed for dissatisfaction with the outcome."

Cash Flow Assumptions

S&P said, "Based on the information above, we applied an NPM
adjustment of 15% with no recoveries across the rating categories.
For deals that were rated before the execution of the New York NPM
Settlement we applied an NPM adjustment of 15% with a 50%-75%
recovery (determined by rating level). For transactions rated after
October 2015, the NPM adjustment was backed into by calculating the
number of projected tribal pack estimate for each rating category;
the effect of which, was about half of the final tribal pack
estimate. Besides the updated NPM assumption, the rest of our
analysis remained the same. We ran each series through our cash
flow model assuming a ratings-appropriate PM bankruptcy, which
means that a 'BBB' category bond doesn't have to pass the
bankruptcy of a 'A' rated PM. We also adjusted the rating of the
'A' bonds by one notch for maturities over 10 years and another
notch for maturities over 20 years. 'BBB (sf)' rated bonds are
restricted to one notch as they reach 'BBB (sf)' rating floor,
which is based on the strength of the tobacco industry."

Results

As previously stated, S&P's review of these transactions yielded 17
upgrades, 13 downgrades, and 83 affirmations (four bonds were paid
off).

S&P said, "The result of the NPM modeling assumption update was
mixed, which we expected. We certainly expected downgrades due to
the fact that the actual 2016 tribal estimate was about two times
more severe than both the post-NYS NPM Agreement assumptions and
the pre-NYS NPM Agreement assumptions." The upgrades have come
from: 1) higher than anticipated principal payments compared to
when the notes were last analyzed in 2015; and 2) movement of the
bonds into other maturity buckets for notching over time (for
example, a bond that previously had 21 years until maturity now has
19 years, and therefore, only has a one-notch adjustment). Of
course, each deal has different levels of underlying excess credit
support and different cash flow waterfalls that affect the final
rating recommendations.

"There was only one other adjustment made to two TSASC subordinate
serial bonds, maturing in 2018 and 2019. Both of these bonds could
pass all of the 'A' runs; however, they are structurally
subordinate to the 'A (sf)' rated A bonds, so they were notched
down under S&P's criteria to 'A- (sf)'.

Also, the 2005-A2 bonds from the NYCTT IV transaction ('BBB+ (sf)')
matures in 2026 and "the 2005-B bonds ('A (sf)') matures in 2027.
The two bonds have two separate cash flow sources because each one
is supported by collateral pledged from different New York
counties, and the bonds are not cross-defaulted, which lead to the
difference in the final ratings."

A list of Affected Ratings can be viewed at:

          http://bit.ly/2j3F6PV


                            *********

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

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

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

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

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

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

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

                            *********

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

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

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

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

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

                   *** End of Transmission ***