TCR_Public/171203.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, December 3, 2017, Vol. 21, No. 336

                            Headlines

5180-2 CLO: Moody's Assigns Ba3(sf) Rating on Class D Notes
ACCESS POINT 2017-A: S&P Assigns B-(sf) Rating on Class D Notes
AJAX TWO: Moody's Affirms Caa2 Rating on Class C Notes
ATRIUM XIII: S&P Assigns BB-(sf) Rating on Class E Notes
BANK 2017-BNK9: Fitch to Rate Class F Certs 'B+sf'

CARLYLE GLOBAL: S&P Gives Prelim BB-(sf) Rating on Class E-R Notes
CHT 2017-COSMO: Moody's Assigns (P)B3 Rating to Class F Certs.
CSFB MORTGAGE 2005-C2: Moody's Affirms Ba1 Ratings on 2 Tranches
CSMC TRUST 2017-CALI: S&P Assigns B-(sf) Rating on Class F Certs
FIRST INVESTORS 2017-3: S&P Assigns BB-(sf) Rating on Cl. E Notes

FLAGSHIP CREDIT 2017-4: S&P Gives BB-(sf) Rating on Class E Notes
GMAC COMMERCIAL 2005-C1: S&P Cuts Class A-J Notes Rating to D(sf)
GOLDENTREE LOAN 2: Moody's Assigns B3(sf) Rating to Cl. F Notes
JP MORGAN 2005-CIBC11: Moody's Hikes Class G Debt Rating to B1
LONE STAR 2015-LSP: Fitch Affirms 'B-sf' Rating on Cl. F Certs

LONG POINT: Moody's Assigns Prov. Ba3 Ratings on 2 Tranches
MACH ONE 2004-1: S&P Affirms CCC-(sf) Rating on Class L Notes
MORGAN STANLEY 2017-JWDR: Fitch to Rate Class F Certs 'B-sf'
NORTHWOODS CAPITAL XVI: Moody's Assigns Ba3 Rating to Cl. E Notes
OCP CLO 2015-10: S&P Assigns Prelim BB(sf) Rating on Cl. D-R Notes

OZLM LTD XIX: Moody's Assigns Ba3 Rating to Class D Notes
SATURNS TRUST 2003-1: S&P Lowers $60.192MM Notes Rating to 'CCC'
SCF EQUIPMENT 2017-2: Moody's Assigns B1 Rating to Class D Notes
TCI-FLATIRON CLO 2017-1: Moody's Assigns Ba3 Rating to Cl. E Notes
UBS COMMERCIAL 2017-C6: Fitch to Rate Class F Notes 'B-sf'

WELLS FARGO 2011-C2: Fitch Affirms Bsf Rating on Class F Certs
[*] S&P Discontinues Ratings on 34 Classes from 12 CDO Deals
[*] S&P Lowers Ratings on Four Classes From Four U.S. RMBS Deals
[*] S&P Takes Various Actions on 45 Classes From 13 US RMBS Deals
[*] S&P Takes Various Actions on 96 Classes From 15 US RMBS Deals


                            *********

5180-2 CLO: Moody's Assigns Ba3(sf) Rating on Class D Notes
-----------------------------------------------------------
Moody's Investors Service has assigned the following rating to the
following notes (the "Refinancing Notes") issued by 5180-2 CLO LP:

US$603,600,000 Class A-1-R Senior Secured Floating Rate Notes due
2027 (the "Class A-1-R Notes"), Assigned Aaa (sf)

Additionally, Moody's has taken rating actions on the following
outstanding notes issued by the Issuer on the original issuance
date (the "Original Closing Date"):

US$84,600,000 Class A-2A Senior Secured Floating Rate Notes due
2027 (the "Class A-2A Notes"), Upgraded to Aa1 (sf); previously on
November 25, 2015 Assigned Aa2 (sf)

US$25,000,000 Class A-2B Senior Secured Floating Rate Notes due
2027 (the "Class A-2B Notes"), Upgraded to Aa1 (sf); previously on
November 25, 2015 Assigned Aa2 (sf)

US$53,300,000 Class B Mezzanine Secured Deferrable Floating Rate
Notes due 2027 (the "Class B Notes"), Upgraded to A1 (sf);
previously on November 25, 2015 Assigned A2 (sf)

US$68,400,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2027 (the "Class C Notes"), Affirmed Baa3 (sf);
previously on November 25, 2015 Assigned Baa3 (sf)

US$65,400,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2027 (the "Class D Notes"), Affirmed Ba3 (sf); previously
on November 25, 2015 Assigned Ba3 (sf)

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

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

RATINGS RATIONALE

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

The Issuer has issued the Refinancing Notes on November 27, 2017
(the "Refinancing Date") in connection with the refinancing of
certain classes of notes (the "Refinanced Original Notes")
previously issued on the Original Closing Date. On the Refinancing
Date, the Issuer used the proceeds from the issuance of the
Refinancing Notes to redeem in full the Refinanced Original Notes.

Moody's rating actions on the Class A-2A Notes, Class A-2B Notes,
Class B Notes, Class C Notes and Class D Notes is primarily a
result of the refinancing, which increases excess spread available
as credit enhancement to the rated notes. Additionally, Moody's
expects the Issuer to continue to benefit from a portfolio weighted
average recovery rate (WARR) level that is higher than the
covenanted test level.

Methodology Underlying the Rating Action:

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

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

The performance of each class of the Issuer's notes is subject to
uncertainty relating to certain factors and circumstances, and this
uncertainty could lead to either an upgrade or downgrade of Moody's
ratings:

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

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

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

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

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

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

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

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

Moody's Assumed WARF - 20% (2629)

Class A-1-R: 0

Class A-2A: +1

Class A-2B: +1

Class B: +3

Class C: +3

Class D: +2

Moody's Assumed WARF + 20% (3943)

Class A-1-R: 0

Class A-2A: -1

Class A-2B: -1

Class B: -2

Class C: -2

Class D: -1

Loss and Cash Flow Analysis:

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

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

Performing par and principal proceeds balance: $990,616,279

Defaulted par: $3,382,344

Diversity Score: 61

Weighted Average Rating Factor (WARF): 3286 (corresponding to a
weighted average default probability of 27.36%)

Weighted Average Spread (WAS): 3.74%

Weighted Average Recovery Rate (WARR): 49.81%

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

A proportion of the collateral pool includes debt obligations whose
credit quality Moody's assesses through credit estimates. Moody's
analysis reflects adjustments with respect to the default
probabilities associated with credit estimates. Specifically,
Moody's assumed an equivalent of Caa3 for assets with credit
estimates that have not been updated within the last 15 months.
Additionally, Moody's applied a two-notch equivalent assumed
downgrade for each credit estimates whose related exposure
constitutes more than 3% of the collateral pool.


ACCESS POINT 2017-A: S&P Assigns B-(sf) Rating on Class D Notes
---------------------------------------------------------------
S&P Global Ratings assigned 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 ratings reflect:

-- The expected timely interest and ultimate principal payments on
the notes, which S&P assessed using its Standard & Poor's Cash Flow
Evaluator, and assumptions commensurate with the assigned 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.

  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


AJAX TWO: Moody's Affirms Caa2 Rating on Class C Notes
------------------------------------------------------
Moody's Investors Service has affirmed the rating on the following
notes issued by Ajax Two Limited:

Cl. C Floating Rate Notes, Due 2032, Affirmed Caa3 (sf); previously
on Dec 1, 2016 Affirmed Caa3 (sf)

The Class C Floating Rate Notes are referred to herein as the
"Rated Notes."

RATINGS RATIONALE

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

Ajax Two Limited is static cash flow transaction wholly backed by a
portfolio of: i) asset backed securities (ABS) (70.8% of collateral
pool balance); and ii) commercial mortgage backed securities (CMBS)
(29.2%). As of the trustee's October 31, 2017 report, the aggregate
note balance of the transaction has decreased to $17.4 million from
$383.9 million at issuance, with the paydown directed to the senior
most outstanding class of notes, as a result of the combination of
regular amortization, recoveries on defaulted and high credit risk
assets, and interest proceeds re-diverted as principal due to
failure of certain par value tests.

The pool contains seven assets totaling $6.4 million (100.0% of the
collateral pool balance) that are listed as defaulted securities as
of the trustee's October 31, 2017 report. Six of these assets
(70.8% of the defaulted balance) are ABS, and one asset is CMBS
(29.2%). Moody's does expect significant/moderate losses to occur
on the 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 9366,
compared to 9777 at last review. The current distribution of
Moody's rated collateral and assessments for non-Moody's rated
collateral is: Caa1-Ca/C and 100.0%, the same as at last review.

Moody's modeled a WAL of 3.0 years, compared to 2.2 years at last
review. The WAL is based on assumptions about extensions on the
look-through underlying ABS and CMBS loan 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.

Methodology Underlying the Rating Action:

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

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

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 servicing decisions and
management of the transaction will also affect the performance of
the Rated Notes.

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

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


ATRIUM XIII: S&P Assigns BB-(sf) Rating on Class E Notes
--------------------------------------------------------
S&P Global Ratings assigned its ratings to Atrium XIII's $762.67
million floating-rate notes.

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

The ratings reflect:

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

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

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

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

  RATINGS ASSIGNED
  Atrium XIII/Atrium XIII LLC
  
  Class                Rating          Amount
                                     (mil. $)
  A-1                  AAA (sf)        517.28
  A-2                  NR               19.08
  B                    AA (sf)         108.12
  C                    A (sf)           53.53
  D                    BBB- (sf)        51.94
  E                    BB- (sf)         31.80
  Subordinated notes   NR               79.50

  NR--Not rated.


BANK 2017-BNK9: Fitch to Rate Class F Certs 'B+sf'
--------------------------------------------------
Fitch Ratings has issued a presale report on BANK 2017-BNK9
Commercial Mortgage Pass-Through Certificates, Series 2017-BNK9 and
expects to rate the transaction and assign Rating Outlooks:

-- $26,278,000 class A-1 'AAAsf'; Outlook Stable;
-- $27,104,000 class A-2 'AAAsf'; Outlook Stable;
-- $39,690,000 class A-SB 'AAAsf'; Outlook Stable;
-- $300,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $307,655,000 class A-4 'AAAsf'; Outlook Stable;
-- $700,727,000b class X-A 'AAAsf'; Outlook Stable;
-- $175,182,000b class X-B 'A-sf'; Outlook Stable;
-- $41,293,000 class A-S 'AAAsf'; Outlook Stable;
-- $82,586,000 class B 'AA-sf'; Outlook Stable;
-- $51,303,000 class C 'A-sf'; Outlook Stable;
-- $47,549,000ab class X-D 'BBB-sf'; Outlook Stable;
-- $21,273,000ab class X-E 'BB+sf'; Outlook Stable;
-- $15,015,000ab class X-F 'B+sf'; Outlook Stable;
-- $47,549,000a class D 'BBB-sf'; Outlook Stable;
-- $21,273,000a class E 'BB+sf'; Outlook Stable;
-- $15,015,000a class F 'B+sf'; Outlook Stable.

The following classes are not expected to be rated:

-- $41,293,526ab class X-G;
-- $41,293,526a class G;
-- $52,686,291ac 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. 28, 2017.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 45 loans secured by 89
commercial properties having an aggregate principal balance of
$1,053,725,818 as of the cut-off date. The loans were contributed
to the trust by Bank of America, National Association, Morgan
Stanley Mortgage Capital Holding LLC, and Wells Fargo Bank,
National Association.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 78.7% of the properties
by balance, cash flow analysis of 87.7%, and asset summary reviews
on 100.0% of the pool.

KEY RATING DRIVERS

Average Fitch Leverage: The pool has average leverage relative to
other recent Fitch-rated multiborrower transactions. The pool's
Fitch DSCR of 1.25x falls between the YTD 2017 average of 1.26x and
the 2016 average of 1.21x. The pool's Fitch LTV of 105.9% is higher
than the YTD 2017 average of 101.1% and in line with the 2016
average of 105.2%.

Highly Concentrated Pool: The pool is very concentrated with the
top 10 loans totaling 63.6% of the pool. This exceeds the YTD 2017
and 2016 averages of 52.9% and 54.8%, respectively. Additionally,
the loan concentration index (LCI) is 507, which also exceeds the
YTD 2017 and 2016 averages of 395 and 421, respectively.

Investment-Grade Credit Opinion Loan: The seventh largest loan,
Colorado Center (5.69% of the pool) has a credit opinion of 'A+sf*'
on a stand-alone basis; this is below the YTD 2017 average of 11.8%
credit opinion loans in other Fitch-rated multiborrower
transactions. Net of this loan, the Fitch DSCR and LTV are 1.23x
and 108.5%, respectively for this transaction.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 3.4% below
the most recent year's net operating income (NOI) for properties
for which a full-year NOI was provided, excluding properties that
were stabilizing during this period. Unanticipated further declines
in property-level NCF could result in higher defaults and loss
severities on defaulted loans and in potential rating actions on
the certificates.

Fitch evaluated the sensitivity of the ratings assigned to the BANK
2017-BNK9 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.



CARLYLE GLOBAL: S&P Gives Prelim BB-(sf) Rating on Class 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 notes replacement notes and new class
Y-R notes from Carlyle Global Market Strategies CLO 2013-2 Ltd., a
collateralized loan obligation (CLO) originally issued in 2013 that
is managed by Carlyle Investment Management LLC.

The replacement notes will be issued via a proposed supplemental
indenture, which outlines the terms of the replacement notes as
follows:  

-- The original class F are being redeemed and not refinanced. The
transaction will issue new class Y-R notes and collapse the class
C-1 and C-2 notes into the class C-R notes.

-- The replacement class B-R and D-R notes are expected to be
issued at lower spreads than the original notes. The replacement
class E-R notes are expected to be issued at a higher spread than
the original notes.

-- The reinvestment period, non-call period, and stated maturity
are being extended by 3.75 years.

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. 27,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Dec. 7, 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.

"To note, since our effective date ratings affirmations on the
original transaction, the original class X notes have paid down in
full, and the original class A-2 delayed draw notes were converted
in full to the class A-1 notes. Further, the original class P
securities are not being reset. The class P securities consist of
the $1,235,800 subordinated notes and the $5,000,000 face value of
zero-coupon U.S. Treasury securities due February 2025. We expect
to affirm our original rating on the class P securities on the Dec.
7, 2017, refinancing date.

"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

  Carlyle Global Market Strategies CLO 2013-2 Ltd.
  Class                Rating          Amount (mil. $)
  Y-R                  AAA (sf)                   8.00
  A-R                  AAA (sf)                 342.50
  B-R                  AA (sf)                   74.25
  C-R (deferrable)     A (sf)                    33.00
  D-R (deferrable)     BBB- (sf)                 30.00
  E-R (deferrable)     BB- (sf)                  26.25


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

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 classes

RATINGS RATIONALE

The Certificates are collateralized by a single loan backed by a
first lien commercial mortgage related to one property, The
Cosmopolitan of Las Vegas (the "Property"). The ratings are based
on the collateral and the structure of the transaction.

The Property is a full-service, luxury hotel and casino centrally
located on the Las Vegas Strip and one of the newest hotel and
casino properties in the market, opening in December 2010. Total
construction cost was approximately $3.8 billion, with the mortgage
loan representing 36.3% of construction cost. The Property features
3,027, condo-quality rooms and suites situated within two high-rise
towers, a 111,500 SF casino, more than 30 restaurants, lounges and
bars, a nightclub/dayclub, full-service spa, two fitness centers, a
live theater, approximately 23,500 square feet of retail, three
outdoor swimming pools, various public and private spa pools, two
rooftop tennis courts, business center, and approximately 250,000
SF of meeting/conference space. The Property has consistently
achieved some of the highest ADR and RevPAR levels in Las Vegas due
to the location, quality and amenities of the Property.

The Property is centrally located on the Las Vegas Strip between
The Bellagio and MGM's City Center and across the Strip from the
Planet Hollywood Resort & Casino. The Property maintains direct
frontage on Las Vegas Boulevard and benefits from the pedestrian
traffic on the Strip.

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 $1,380,000,000 represents a Moody's
LTV of 99.6%. The Moody's First Mortgage Actual DSCR is 3.64X and
Moody's First Mortgage Actual Stressed DSCR is 1.26X.

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 quality
grade is 1.50, reflecting the strong quality of the asset.

Notable strengths of the transaction include: asset quality,
property location, operating performance trends, and an experienced
and committed Sponsor.

Notable credit challenges of the transaction include: lack of
diversity for this single asset transaction, property type
volatility, dependence on tourism, 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 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 5.0%,
13.7%, and 21.7%, the model-indicated rating for the currently
rated (P) Aaa (sf) classes would be Aa1 (sf), Aa2 (sf), and Aa3
(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 the overall
performance of the pool, loan concentration, increased expected
losses from specially serviced and troubled loans 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.


CSFB MORTGAGE 2005-C2: Moody's Affirms Ba1 Ratings on 2 Tranches
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on four classes
in CSFB Mortgage Securities Corp. Commercial Mortgage Pass-Through
Certificates, 2005-C2:

Cl. A-MFL, Affirmed Ba1 (sf); previously on Dec 1, 2016 Affirmed
Ba1 (sf)

Cl. A-MFX, Affirmed Ba1 (sf); previously on Dec 1, 2016 Affirmed
Ba1 (sf)

Cl. A-J, Affirmed Ca (sf); previously on Dec 1, 2016 Affirmed Ca
(sf)

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

RATINGS RATIONALE

The ratings on three P&I classes were affirmed because the ratings
are consistent with Moody's expected loss.

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

Moody's rating action reflects a base expected loss of 12.2% of the
current balance, compared to 11.9% at Moody's last review. Moody's
base expected loss plus realized losses is now 16.6% of the
original pooled balance, compared to 16.5% 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. A-X was "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

DEAL PERFORMANCE

As of the November 17, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 93% to $114.6
million from $1.61 billion at securitization. The certificates are
collateralized by six remaining mortgage loans. One loan,
constituting 2.1% of the pool, has defeased and is secured by US
government securities.

One loan, constituting 0.4% of the pool, is on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Twenty-five loans have been liquidated from the pool, resulting in
an aggregate realized loss of $253 million (for an average loss
severity of 79%). Three loans, constituting 96% of the pool, are
currently in special servicing. The largest specially serviced loan
is the 390 Park Avenue Loan ($85.9 million -- 74.9% of the pool),
which is secured by a leasehold interest in a 21-story, 260,000
square foot (SF) Class A office building located in Midtown
Manhattan. The loan transferred to special servicing in December
2014 due to imminent monetary default in regards to the inability
to refinance regarding a rent re-set of the underlying ground
lease. The loan has passed its original maturity date in March
2015. The loan is currently able to cover its debt service payments
and has continued to make principal and interest payments through
the most recent remittance report. However, the ground lease
contains a fair market value-based reset provision in 2023 that may
significantly increase the ground lease payments. As of May 2017,
the property was 87% leased, the same as of the last year.

The second largest specially serviced loan is the Southlake
Pavilion I & II Loan ($16.7 million -- 14.6% of the pool), which is
secured by 218,000 SF retail shopping center located south of
Atlanta in Morrow, Georgia. The property transferred to special
servicing in February 2014 due to imminent monetary default and
became real estate owned (REO) in September 2014. As of August
2017, the property was 74% leased, the same as at the last review.

The third largest specially serviced loan is the Alexandria Power
Center Loan ($7.6 million -- 6.6% of the pool), which is secured by
a 313,600 SF retail property located in Alexandria, Louisiana. The
loan transferred to special servicing in February 2014 due to
imminent monetary default and became REO in September 2015. As of
September 2017, the property was 64% leased, essentially the same
as at the last review. The special servicer indicated they plan to
stabilize the property prior to listing it for sale.

Moody's estimates an aggregate $13.9 million loss for the specially
serviced loans at this review.

The two performing non-defeased loans represent 1.7% of the pool
balance. The largest performing loan is the Plymouth Industrial
Center Loan ($1.5 million -- 1.3% of the pool), which is secured by
a 484,600 SF industrial building complex just west of Detroit in
Plymouth, Michigan. As of June 2017, the property was 70% leased,
compared to 73% as of December 2016. The loan is fully amortizing
and has amortized 80% since securitization. Moody's LTV and
stressed DSCR are 17.4% and > 4.00X, respectively.

The other performing loan is the Park Square Apartments Loan ($0.4
million -- 0.4% of the pool), which is secured by a 38-unit low
income multifamily property in Detroit, Michigan. The loan has been
on the watchlist since 2009 for low occupancy and DSCR. As of June
2017, the property was 84% leased, compared to 74% as of June 2016.
The loan has amortized 19% since securitization and matures in
October 2019. Moody's LTV and stressed DSCR are 137.4% and 0.75X,
respectively.


CSMC TRUST 2017-CALI: S&P Assigns B-(sf) Rating on Class F Certs
----------------------------------------------------------------
S&P Global Ratings today assigned its ratings to CSMC Trust
2017-CALI's $250.0 million commercial mortgage pass-through
certificates series 2017-CALI.

The certificate issuance is a commercial mortgage-backed securities
transaction backed by a $250.0 million trust mortgage loan, which
is part of a whole mortgage loan totaling $300.0 million, secured
by a first lien on the borrower's fee interest in One California
Plaza, a 42-story office building with a total of 1.05 million sq.
ft., located in Los Angeles' Greater Downtown submarket.

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

  RATINGS ASSIGNED
  CSMC Trust 2017-CALI
  Class      Rating             Amount ($)
  A          AAA (sf)           72,700,000
  X-A        AAA (sf)           72,700,000(i)
  X-B        A- (sf)            37,100,000(i)
  B          AA- (sf)           17,900,000
  C          A- (sf)            19,200,000
  D          BBB- (sf)          23,500,000
  E          BB- (sf)           32,000,000
  F          B- (sf)            30,900,000
  G          NR                 39,700,000
  HRR        NR                 14,100,000

(i)Notional balance. The notional amount of the class X-A
certificates will be equal to the total class A certificate
balance. The notional amount of the class X-B certificates will be
equal to the total class B and class C certificate balance.
NR--Not rated.


FIRST INVESTORS 2017-3: S&P Assigns BB-(sf) Rating on Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 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 ratings reflect:

-- The availability of approximately 39.4%, 34.1%, 26.7%, 20.8%,
and 16.7% 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 our 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 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 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.

-- 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 to 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.

  RATINGS ASSIGNED
  First Investors Auto Owner Trust 2017-3  
  Class   Rating     Type           Interest      Amount
                                    rate        (mil. $)
  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


FLAGSHIP CREDIT 2017-4: S&P Gives BB-(sf) Rating on Class E Notes
-----------------------------------------------------------------
S&P Global Ratings today assigned its 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 ratings reflect S&P's view of:

-- The availability of approximately 47.7%, 40.9%, 32.3%, 25.5%,
and 20.4% 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 range for the class A,
B, C, D, and E notes, respectively. These break-even scenarios
cover total cumulative gross defaults (using a recovery assumption
of 40%) of approximately 80%, 68%, 54%, 43%, and 34%,
respectively.

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

-- S&P said, "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 '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 'A (sf)' and 'BBB
(sf)' ratings. The rating on the class E notes would remain within
two rating categories of our '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.

  RATINGS ASSIGNED

  Flagship Credit Auto Trust 2017-3  
  Class     Rating      Type            Interest   Amount
                                        rate      (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


GMAC COMMERCIAL 2005-C1: S&P Cuts Class A-J Notes Rating to D(sf)
-----------------------------------------------------------------
S&P Global Ratings lowered its rating to 'D (sf)' from 'B- (sf)' on
the class A-J commercial mortgage pass-through certificates from
GMAC Commercial Mortgage Securities Inc.'s series 2005-C1, a U.S.
commercial mortgage-backed securities (CMBS) transaction. The
downgrade reflects the principal losses affecting the certificates,
as detailed in the Nov. 10, 2017, trustee remittance report.

The reported principal loss on class A-J was $7.1 million (5.6% of
its original class balance) and, per the November 2017 reporting
files, was primarily the result of the 3301 N. Buffalo Drive B-note
liquidating. Consequently, class B, which is not rated by S&P
Global Ratings, experienced a 100% loss of its beginning balance,
with the remaining loss being allocated to class A-J.


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

Moody's rating action is:

US$4,850,000 Class X Senior Secured Floating Rate Notes due 2030
(the "Class X Notes"), Definitive Rating Assigned Aaa (sf)

US$471,250,000 Class A Senior Secured Floating Rate Notes due 2030
(the "Class A Notes"), Definitive Rating Assigned Aaa (sf)

US$56,792,000 Class B Senior Secured Floating Rate Notes due 2030
(the "Class B Notes"), Definitive Rating Assigned Aa2 (sf)

US$44,708,000 Class C Mezzanine Deferrable Floating Rate Notes due
2030 (the "Class C Notes"), Definitive Rating Assigned A2 (sf)

US$49,542,000 Class D Mezzanine Deferrable Floating Rate Notes due
2030 (the "Class D Notes"), Definitive Rating Assigned Baa3 (sf)

US$44,708,000 Class E Junior Deferrable Floating Rate Notes due
2030 (the "Class E Notes"), Definitive Rating Assigned Ba3 (sf)

US$14,500,000 Class F Junior Deferrable Floating Rate Notes due
2030 (the "Class F Notes"), Definitive Rating Assigned B3 (sf)

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

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.

GLM CLO 2 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 90% of the portfolio must consist
of senior secured loans and eligible investments, and up to 10% of
the portfolio may consist of assets that are second-lien loans,
unsecured loans, and DIPs. Moody's expect the portfolio to be
approximately 80% ramped as of the closing date.

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

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

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

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

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

Par amount: $725,000,000

Diversity Score: 52

Weighted Average Rating Factor (WARF): 3100

Weighted Average Spread (WAS): 3.25%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 49.0%

Weighted Average Life (WAL): 9.14 years

Methodology Underlying the Rating Action:

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

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

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

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

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

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

Rating Impact in Rating Notches

Class X Notes: 0

Class A Notes: -1

Class B Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: -1

Class F Notes: -2

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

Rating Impact in Rating Notches

Class X Notes: 0

Class A Notes: -2

Class B Notes: -4

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1

Class F Notes: -4


JP MORGAN 2005-CIBC11: Moody's Hikes Class G Debt Rating to B1
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four classes
and affirmed the ratings on six classes in J.P. Morgan Chase
Commercial Mortgage Securities Corp. Series 2005-CIBC11:

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

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

Cl. D, Upgraded to Aaa (sf); previously on Dec 1, 2016 Affirmed Aa1
(sf)

Cl. E, Upgraded to Aa1 (sf); previously on Dec 1, 2016 Affirmed Aa3
(sf)

Cl. F, Upgraded to A3 (sf); previously on Dec 1, 2016 Affirmed Baa2
(sf)

Cl. G, Upgraded to B1 (sf); previously on Dec 1, 2016 Affirmed B2
(sf)

Cl. H, Affirmed Caa2 (sf); previously on Dec 1, 2016 Affirmed Caa2
(sf)

Cl. J, Affirmed C (sf); previously on Dec 1, 2016 Downgraded to C
(sf)

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

Cl. X-1, Affirmed Caa2 (sf); previously on Jun 9, 2017 Downgraded
to Caa2 (sf)

RATINGS RATIONALE

The ratings on four P&I classes, Classes D, E, F and G, were
upgraded due to a significant increase in defeasance, to 65% of the
current pool balance from 3% at the last review.

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

The rating on the IO class, Class X-1, was affirmed based on the
credit quality of its referenced classes.

Moody's rating action reflects a base expected loss of 6.6% of the
current balance, the same as at Moody's last review. Moody's base
expected loss plus realized losses is now 3.6% of the original
pooled balance, the same as at the last review. Moody's provides a
current list of base expected losses for conduit and fusion CMBS
transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The 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-1 was "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

DEAL PERFORMANCE

As of the November 13, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 90% to $170.1
million from $1.8 billion at securitization. The certificates are
collateralized by 17 mortgage loans. Four loans, constituting 65%
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 7 (excluding defeasance), compared to 3 at
Moody's last review.

Five loans, constituting 14.8% 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.

Twenty-five loans have been liquidated from the pool, resulting in
an aggregate realized loss of $51.5 million (for an average loss
severity of 41%). Two loans, constituting 13.8% of the pool, are
currently in special servicing. The largest specially serviced loan
is the Shoppes at IV Loan ($15.5 million -- 9.1% of the pool),
which is secured by a 134,000 square foot (SF) retail center in
Paramus, New Jersey. The property is anchored by Macy's Furniture
with a lease expiration in January 2021. As per the September 2016
rent roll the property was 88% leased. The loan transferred to
special servicing in February 2015 for maturity default.

The other loan in specially servicing is the Waterside Center Loan
($7.9 million -- 4.6% of the pool), which is secured by a 52,000 SF
multi-tenant retail center located in Naperville, Illinois. The
loan transferred to special servicing in March 2009 due to the
downsizing of major tenants. A modification agreement allowing 24
months of interest only payments was closed in May 2010 and the
loan subsequently transferred back to the master servicer. However,
the loan transferred back to special servicing in August 2014 for
imminent balloon payment/maturity default. Title transferred to the
trust in January 2016 and the asset is now real estate owned
("REO").

Moody's estimates an aggregate $6.9 million loss for the specially
serviced loans (29% expected loss on average).

Moody's received full year 2016 operating results for 100% of the
pool, and partial year 2017 operating results for 59% of the pool's
performing loans. Moody's weighted average conduit LTV is 83.6%,
compared to 65.8% at Moody's last review. Moody's conduit component
excludes loans with structured credit assessments, defeased and CTL
loans, and specially serviced and troubled loans. Moody's net cash
flow (NCF) reflects a weighted average haircut of 15.8% to the most
recently available net operating income (NOI). Moody's value
reflects a weighted average capitalization rate of 9.4%.

Moody's actual and stressed conduit DSCRs are 1.32X and 1.70X,
respectively, compared to 1.53X and 1.51X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three performing loans represent 11.7% of the pool balance.
The largest loan is the Doctors Pavillion -- A Note Loan ($11.0
million -- 6.5% of the pool), which is secured by a two-story
medical office building in Las Vegas, Nevada. Occupancy
deteriorated in 2013 due to the Veterans Administration
(approximately 40% of the NRA); vacating upon lease expiration. The
original loan transferred into special servicing in December 2014
due to imminent default. A loan modification was executed in
January 2016 that included a note split into a $11 million A-Note
and a $2.2 million B-Note. The maturity date was also extended
until October 2018. The loan returned from special servicing in
April 2016 and is performing under the modified terms. Moody's has
assumed a full loss on the B-Note in the analysis. Moody's A Note
LTV and stressed DSCR are 137.7% and 0.75X, respectively.

The second largest loan is the Stone Oak Shopping Center Loan ($4.6
million -- 2.7% of the pool), which is secured by a 35,000 SF
retail property located in San Antonio, Texas. As of December 2016
the property was 83% leased, compared to 85% as of December 2015.
Performance has been stable, however, the loan is on the servicer's
watchlist due to insufficient insurance coverage. Moody's LTV and
stressed DSCR are 86.6% and 1.22X, respectively.

The third largest loan is the 1075 Northfield Court Loan ($4.3
million -- 2.5% of the pool), which is secured by a 152,000 SF
industrial property located in Roswell, Georgia. As of March
December 2016, the property was 100% leased. There is significant
lease rollover risk in 2018, as the largest tenant's lease
(approximately 65% of the net rentable area) expires and the loan
is on the servicer's watchlist due to near term lease expiration.
The loan has amortized approximately 21% since securitization and
Moody's LTV and stressed DSCR are 67.3% and 1.45X, respectively.


LONE STAR 2015-LSP: Fitch Affirms 'B-sf' Rating on Cl. F Certs
--------------------------------------------------------------
Fitch Ratings affirms nine classes of Lone Star Portfolio Trust
2015-LSP Commercial Mortgage Pass-Through Certificates, Series
2015-LSP.  

The certificates represent the beneficial interest in a trust that
holds a three-year, floating-rate, interest-only initial term loan
in the original amount of $708 million and an outstanding balance
of $478.1 million as of November 2017. The mortgage loan is secured
by the fee interests in the remaining 65 office and three
industrial properties. The loan is sponsored by Lone Star Real
Estate Fund IV (U.S.), L.P. (Lone Star).

KEY RATING DRIVERS

Fitch Leverage: The $478.1 million trust loan has a Fitch DSCR,
debt yield (DY), and LTV of 0.91x, 8.9% and 101.2%, respectively,
totaling $62 of debt per sf (psf). The issuer DY is approximately
9.7% and is 8.3% inclusive of the mezzanine debt. The trust has
paid down 32.2% since issuance. The weighted average occupancy of
the remaining 68 properties is 71.5% as of second-quarter 2017,
compared with approximately 76% at issuance.

Geographically Diverse and Granular Pool: The loan is secured by 65
office and three industrial assets located in 14 states in
generally suburban locations. The three states with the greatest
concentration are Minnesota (20 properties), Illinois (eight
properties) and Massachusetts (six properties).

Future Funding: The financing includes a future funding mortgage
loan of up to $103 million, which will be available to reimburse
the sponsor (up to 80%) for capital expenditures, and tenant
improvements and leasing commissions associated with accretive
growth in NOI. The budgeted amount totals $25.4 million for capex
and $101.8 for leasing costs. The reimbursement will be subject to,
among others, the debt yield following the draw being equal to or
greater than the debt yield at closing of 12.8%. The balance of
future funding advances is $14.9 million as of November 2017. No
additional future funding is available after September 2017.

Sponsorship: The loan is sponsored by Lone Star. Lone Star is a
global private equity firm that invests in real estate, equity,
credit and other financial assets. Since the establishment of its
first fund in 1995, Lone Star has organized 15 private equity funds
with aggregate capital commitments totaling approximately $60
billion. Hudson Advisors, Lone Star's asset management affiliate,
will serve as asset manager of the portfolio and has a track record
in repositioning capital-starved and/or mismanaged commercial
assets.

Modified Pro Rata: The transaction has a pro-rata pay schedule for
the initial 15% of release paydown. As a result, the most senior
certificates will not de-lever as quickly as in a traditional
sequential-pay structure where all principal is allocated to the
most senior class. However, the transaction is structured with
release price premiums of 120% of the funded mortgage debt and
minimum debt yield tests. Since 68 of the 103 properties remain,
the transaction is now paying sequential.

RATING SENSITIVITIES

The Outlook on the senior and interest-only classes remains Stable;
paydown through property releases are now directed in sequential
order to de-lever the trust. The Negative Outlook on classes E and
F reflects the lower portfolio occupancy and in-place cash flow in
addition to the risk of adverse selection as the loan approaches
its first scheduled maturity date in September 2018. However, the
loan remains current and has extension options, and the sponsor has
substantial reserves to continue its asset-specific re-tenanting
and capital improvement plans.

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

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

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

-- $41 million class A-1A1 at 'AAAsf'; Outlook Stable;
-- $120.2 million class A-1A2 at 'AAAsf'; Outlook Stable;
-- Interest-only class X-CP at 'BBB-sf'; Outlook Stable;
-- Interest-only class X-EXT at 'BBB-sf'; Outlook Stable;
-- $58.9 million class B at 'AA-sf'; Outlook Stable;
-- $40.1 million class C at 'A-sf'; Outlook Stable;
-- $56.3 million class D at 'BBB-sf'; Outlook Stable;
-- $97.3 million class E at 'BB-sf'; Outlook to Negative from
    Stable;
-- $64.3 million class F at 'B-sf'; Outlook to Negative from
    Stable.


LONG POINT: Moody's Assigns Prov. Ba3 Ratings on 2 Tranches
-----------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to seven
classes of notes to be issued by Long Point Park CLO, Ltd.

Moody's rating action is:

US$367,500,000 Class A-1a Senior Secured Floating Rate Notes due
2030 (the "Class A-1a Notes"), Assigned (P)Aaa (sf)

US$25,500,000 Class A-1b Senior Secured Floating Rate Notes due
2030 (the "Class A-1b Notes"), Assigned (P)Aaa (sf)

US$54,750,000 Class A-2 Senior Secured Floating Rate Notes due 2030
(the "Class A-2 Notes"), Assigned (P)Aa2 (sf)

US$43,750,000 Class B Secured Deferrable Floating Rate Notes due
2030 (the "Class B Notes"), Assigned (P)A2 (sf)

US$37,500,000 Class C Secured Deferrable Floating Rate Notes due
2030 (the "Class C Notes"), Assigned (P)Baa3 (sf)

US$11,500,000 Class D-1 Secured Deferrable Floating Rate Notes due
2030 (the "Class D-1 Notes"), Assigned (P)Ba3 (sf)

US$11,500,000 Class D-2 Secured Deferrable Floating Rate Notes due
2030 (the "Class D-2 Notes"), Assigned (P)Ba3 (sf)

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

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

RATINGS RATIONALE

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

Long Point Park 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 96% of the portfolio must
consist of senior secured loans, cash, and eligible investments,
and up to 4% of the portfolio may consist of second lien loans and
unsecured loans. Moody's expect the portfolio to be approximately
80% ramped as of the closing date.

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

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

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

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

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

Par amount: $600,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2850

Weighted Average Spread (WAS): 3.35%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 9 years.

Methodology Underlying the Rating Action:

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

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

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

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

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

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

Rating Impact in Rating Notches

Class A-1a Notes: 0

Class A-1b Notes: -1

Class A-2 Notes: -1

Class B Notes: -2

Class C Notes: -1

Class D-1 Notes: 0

Class D-2 Notes: 0

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

Rating Impact in Rating Notches

Class A-1a Notes: -1

Class A-1b Notes: -3

Class A-2 Notes: -3

Class B Notes: -4

Class C Notes: -2

Class D-1 Notes: 0

Class D-2 Notes: -1


MACH ONE 2004-1: S&P Affirms CCC-(sf) Rating on Class L Notes
-------------------------------------------------------------
S&P Global Ratings raised its ratings on the class J and K notes
from Mach One 2004-1 LLC, a collateralized debt obligation (CDO)
backed by commercial mortgage-backed securities (CMBS) collateral.
At the same time, S&P affirmed its ratings on the class L and M
notes from the same transaction.

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

Since S&P's November 2014 rating actions, the class F, G, and H
notes have paid down completely, and the class J notes have begun
to pay down. Following the paydowns on the Oct. 30, 2017, payment
date, the class J notes' balance has been reduced to 11.22% of
their original outstanding balance. They paydowns increased the
available credit support to the class J and K notes, resulting in
their upgrades.

In addition to the paydowns, the transaction has seen significant
positive rating migration among the remaining underlying collateral
since our last actions.

However, the transaction currently has fewer than 20 performing
CMBS as underlying collateral. S&P said, "For this analysis, we
relied on the supplemental test calculations and did not perform
cash flow analysis due to the small amount of obligors remaining in
the underlying asset pool. Our rating decisions considered the
concentration risk and the credit quality of the assets that back
the class J and K notes, as the results of our supplemental tests
constrained the potential upgrade to these notes despite higher
rated collateral backing each note respectively."

S&P said, "The affirmations of the ratings on the class L and M
notes reflect our belief that the credit support available is
commensurate with the current rating levels. The class L and M
notes 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 will take rating actions as we deem
necessary."

  RATINGS RAISED Mach One 2004-1 LLC  
                   Rating
  Class         To          From
  J             A+ (sf)     CCC (sf)
  K             BBB+ (sf)   CCC- (sf)
  
  RATINGS AFFIRMED
  
  Mach One 2004-1 LLC
  Class         Rating
  L             CCC- (sf)
  M             CC (sf)


MORGAN STANLEY 2017-JWDR: Fitch to Rate Class F Certs 'B-sf'
------------------------------------------------------------
Fitch Ratings has issued a presale report on Morgan Stanley Capital
I Trust 2017-JWDR, Commercial Mortgage Pass-Through Certificates
series 2017-JWDR.

Fitch expects to rate the transaction and assign Rating Outlooks:

-- $115,200,000a class A 'AAAsf'; Outlook Stable;
-- $115,200,000ab class X-CP 'AAAsf'; Outlook Stable;
-- $115,200,000ab class X-EXT 'AAAsf'; Outlook Stable;
-- $49,500,000a class B 'AAsf'; Outlook Stable;
-- $27,300,000a class C 'A-sf'; Outlook Stable;
-- $31,000,000a class D 'BBB-sf'; Outlook Stable;
-- $48,000,000a class E 'BB-sf'; Outlook Stable;
-- $55,000,000a class F 'B-sf'; Outlook Stable.

Fitch does not expect to rate the following classes:

-- $20,300,000a class G;
-- $18,700,000ac class HRR.

(a) Privately placed pursuant to Rule 144A.
(b) Notional amount and interest-only.
(c) Horizontal credit risk retention interest representing 5.12% of
the loan balance (as of the closing date).

The expected ratings are based on information provided by the
issuer as of Nov. 28, 2017.

The certificates represent the beneficial interests in the $365.0
million, two-year, floating-rate, interest-only mortgage loan
securing the fee interest in The JW Marriott Desert Ridge in
Phoenix, AZ. Proceeds of the loan, along with $50.0 million of
mezzanine financing, were used to refinance the existing debt
encumbering the property. The certificates will follow a
sequential-pay structure.

KEY RATING DRIVERS

Asset Quality: The subject is a high quality resort hotel situated
on approximately 393 acres in the Sonoran Desert in Arizona.
Property amenities include approximately 233,000 sf of indoor and
outdoor meeting and event facilities, two 18-hole golf courses
designed by Nick Faldo and Arnold Palmer, a 28,000-sf, full-service
spa, two fitness centers, seven food and beverage (F&B) venues,
four pools, including a lazy river, as well as tennis courts,
hiking/biking trails and pickle ball courts. Fitch assigned JWDR a
property quality grade of 'A'.

Capital Improvements: The property has benefited from $27.4 million
($28,832 per key) in capital improvements since 2015. Recent
upgrades include facade renovation/waterproofing/paint, spa/fitness
center renovation, guestroom shower reconstruction, and expansion
of the Meritage restaurant. Over the next three years the sponsor
plans to invest $53.1 million in the property. Of that, $42.4
million ($44,632 per key) is allocated for guestroom upgrades in
2018.

Stable Historical Performance and Improvement: Property occupancy,
RevPAR growth, revenues and expenses have shown a high degree of
consistency since at least 2011. Since Blackstone's 2015
acquisition, operating performance has improved on both the revenue
and expense side. Total revenue grew 12.7% from 2014 to August
2017, and the property's operating expense ratio declined from
45.4% in 2014 to 40.5% in August 2017.

Good Location Near Demand Generators: The property's Valley of the
Sun location is characterized by numerous golf courses and known
for its warm climate. Downtown Phoenix and Scottsdale, the Phoenix
Convention Center, Camelback Mountain, and the Phoenix Sky Harbor
International Airport are all located within 20-miles. The Mayo
Clinic Hospital lies two miles south of the subject.

RATING SENSITIVITIES

Fitch evaluated the sensitivity of the ratings for class A and
found that a 25% decline in Fitch's implied NCF would result in a
one-category downgrade, while a 48% decline would result in a
downgrade to below investment grade.


NORTHWOODS CAPITAL XVI: Moody's Assigns Ba3 Rating to Cl. E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to five
classes of notes issued by Northwoods Capital XVI, Limited.

Moody's rating action is:

US$317,500,000 Class A Senior Secured Floating Rate Notes due 2030
(the "Class A Notes"), Definitive Rating Assigned Aaa (sf)

US$60,000,000 Class B Senior Secured Floating Rate Notes due 2030
(the "Class B Notes"), Definitive Rating Assigned Aa2 (sf)

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

US$27,500,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class D Notes"), Definitive Rating Assigned
Baa3 (sf)

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

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

Northwoods Capital XVI is a managed cash flow CLO. The issued notes
will be collateralized primarily by broadly syndicated first lien
senior secured corporate loans. At least 92.5% of the portfolio
must consist of senior secured loans and up to 7.5%% of the
portfolio may consist of assets that are second lien loans or
unsecured loans. Moody's expect the portfolio to be approximately
88% ramped as of the closing date.

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

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

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

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

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

Par amount: $500,000,000

Diversity Score: 55

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 46.5%

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 2800 to 3220)

Rating Impact in Rating Notches

Class A Notes: 0

Class B Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: 0

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

Rating Impact in Rating Notches

Class A Notes: -1

Class B Notes: -3

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1


OCP CLO 2015-10: S&P Assigns Prelim BB(sf) Rating on Cl. D-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1-R, A-2a-R, A-2b-R, B-R, C-R, and D-R replacement notes from OCP
CLO 2015-10 Ltd., a collateralized loan obligation (CLO) originally
issued in 2015 that is managed by Onex Credit Partners LLC. Based
on a proposed supplemental indenture, this transaction is expected
to refinance its class A-1, A-2A, A-2B, B, C and D notes on
December 6, 2017 through an optional redemption and replacement
note issuance. The currently outstanding class E notes are
unaffected by this proposed amendment.

S&P said, "The preliminary ratings on the notes reflect our opinion
that the credit support available is commensurate with the
associated rating level. On the Dec. 6, 2017, refinancing date, the
proceeds from the replacement notes are expected to redeem the
original notes. At that time, we anticipate withdrawing our ratings
on the original refinanced notes, assigning ratings to the
replacement notes, and affirming our rating on the class E 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."

  CASH FLOW ANALYSIS RESULTS
  Current date after proposed   refinancing
  Class     Amount   Interest           BDR     SDR   Cushion
          (mil. $)   rate(%)            (%)     (%)       (%)
  A-1-R     315.00   L + 0.80         70.94   61.58      9.36
  A-2a-R     38.00   L + 1.35         67.03   54.17     12.87
  A-2b-R     27.00   L + 1.35         67.03   54.17     12.87
  B-R        32.00   L + 1.75         60.28   48.29     12.00
  C-R        25.00   L + 2.60         55.92   42.58     13.34
  D-R        23.00   L + 5.50         47.26   35.86     11.40

BDR--Break-even default rate.
SDR--Scenario default rate.
L--LIBOR.

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 rating
assigned to the note remains consistent with the credit enhancement
available to support it, and we will take further rating action as
we deem necessary."

  PRELIMINARY RATINGS ASSIGNED

  OCP CLO 2015-10 Ltd.
  Replacement class         Rating      Amount (mil. $)
  A-1-R                     AAA (sf)             315.00
  A-2a-R                    AA (sf)               38.00
  A-2b-R                    AA (sf)               27.00
  B-R                       A (sf)                32.00
  C-R                       BBB (sf)              25.00
  D-R                       BB (sf)               23.00

  OTHER OUTSTANDING RATINGS
  OCP CLO 2015-10 Ltd.
  Class                     Rating
  A-1                     AAA (sf)
  A-2A                    AA (sf)
  A-2B                    AA (sf)
  B                       A (sf)
  C                       BBB (sf)
  D                       BB (sf)
  E                       B (sf)
  Sub                     NR

  NR--Not Rated.


OZLM LTD XIX: Moody's Assigns Ba3 Rating to Class D Notes
---------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by OZLM XIX, Ltd.

Moody's rating action is:

US$384,000,000 Class A-1 Senior Secured Floating Rate Notes due
2030 (the "Class A-1 Notes"), Assigned Aaa (sf)

US$69,600,000 Class A-2 Senior Secured Floating Rate Notes due 2030
(the "Class A-2 Notes"), Assigned Aa2 (sf)

US$32,400,000 Class B Senior Secured Deferrable Floating Rate Notes
due 2030 (the "Class B Notes"), Assigned A2 (sf)

US$39,000,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2030 (the "Class C Notes"), Assigned Baa3 (sf)

US$27,000,000 Class D Secured Deferrable Floating Rate Notes due
2030 (the "Class D Notes"), Assigned Ba3 (sf)

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

RATINGS RATIONALE

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

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

OZ CLO Management LLC (the "Manager") will direct the selection,
acquisition and disposition of the assets on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's five year reinvestment period.
Thereafter, the Manager may reinvest unscheduled principal payments
and proceeds from sales of credit risk and credit improved 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: $600,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2825

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 46.5%

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 2825 to 3249)

Rating Impact in Rating Notches

Class A-1 Notes: 0

Class A-2 Notes: -2

Class B Notes: -2

Class C Notes: -1

Class D Notes: 0

Percentage Change in WARF -- increase of 30% (from 2825 to 3673)

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-2 Notes: -3

Class B Notes: -4

Class C Notes: -2

Class D Notes: -1


SATURNS TRUST 2003-1: S&P Lowers $60.192MM Notes Rating to 'CCC'
----------------------------------------------------------------
S&P Global Ratings lowered its rating on Structured Asset Trust
Unit Repackagings (SATURNS) Trust No. 2003-1's $60.192 million
units to 'CCC' from 'CCC+'.

S&P's rating on the units is dependent on its rating on the
underlying security, Sears Roebuck Acceptance Corp.'s 7.00% notes
due June 1, 2032.

The rating action reflects the Oct. 27, 2017, lowering of S&P's
rating on the underlying security to 'CCC' from 'CCC+'.

S&P may take subsequent rating actions on this transaction due to
changes in its rating assigned to the underlying security.


SCF EQUIPMENT 2017-2: Moody's Assigns B1 Rating to Class D Notes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive 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) 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
also acts 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 actions are as follow:

Issuer: SCF Equipment Leasing 2017-2 LLC

$301,848,000, Class A Equipment Contract Backed Notes, Definitive
Rating Assigned A2 (sf)

$16,264,000, Class B Equipment Contract Backed Notes, Definitive
Rating Assigned Baa3 (sf)

$18,200,000, Class C Equipment Contract Backed Notes, Definitive
Rating Assigned Ba2 (sf)

$24,977,000, Class D Equipment Contract Backed Notes, Definitive
Rating Assigned B1 (sf)

RATINGS RATIONALE

The Series 2017-2 transaction is the third equipment 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 ratings 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 over-collateralization,
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 (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.


TCI-FLATIRON CLO 2017-1: Moody's Assigns Ba3 Rating to Cl. E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by TCI-Flatiron CLO 2017-1 Ltd. (the "Issuer" or
"TCI-Flatiron 2017-1").

Moody's rating action is:

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

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

US$60,000,000 Class B Senior Secured Floating Rate Notes due 2030
(the "Class B Notes"), Assigned Aa2 (sf)

US$26,000,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2030 (the "Class C Notes"), Assigned A2 (sf)

US$31,500,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2030 (the "Class D Notes"), Assigned Baa3 (sf)

US$22,500,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2030 (the "Class E Notes"), Assigned Ba3 (sf)

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

RATINGS RATIONALE

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

TCI-Flatiron 2017-1 is a managed cash flow CLO. The issued notes
will be collateralized primarily by broadly syndicated first lien
senior secured corporate loans. At least 90.0% of the portfolio
must consist of senior secured loans, cash, and eligible
investments, and up to 10.0% of the portfolio may consist of second
lien loans and unsecured loans. The portfolio is approximately 80%
ramped as of the closing date.

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

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

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

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

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

Par amount: $500,000,000

Diversity Score: 62

Weighted Average Rating Factor (WARF): 2960

Weighted Average Spread (WAS): 3.55%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 9 years.

Methodology Underlying the Rating Action:

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

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

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

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

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

Percentage Change in WARF -- increase of 15% (from 2960 to 3404)

Rating Impact in Rating Notches

Class X Notes: 0

Class A Notes: -1

Class B Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: 0

Percentage Change in WARF -- increase of 30% (from 2960 to 3848)

Rating Impact in Rating Notches

Class X Notes: 0

Class A Notes: -1

Class B Notes: -4

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1


UBS COMMERCIAL 2017-C6: Fitch to Rate Class F Notes 'B-sf'
----------------------------------------------------------
Fitch Ratings has issued a presale report on UBS Commercial
Mortgage Trust 2017-C6 commercial mortgage pass-through
certificates.

Fitch expects to rate the transaction and assign Rating Outlooks:

-- $21,136,000 class A-1 'AAAsf'; Outlook Stable;
-- $63,519,000 class A-2 'AAAsf'; Outlook Stable;
-- $32,627,000 class A-SB 'AAAsf'; Outlook Stable;
-- $40,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $148,878,000 class A-4 'AAAsf'; Outlook Stable;
-- $165,633,000 class A-5 'AAAsf'; Outlook Stable;
-- $7,500,000 class A-BP 'AAAsf'; Outlook Stable;
-- $471,793,000a class X-A 'AAAsf'; Outlook Stable;
-- $7,500,000a class X-BP 'AAAsf'; Outlook Stable;
-- $133,518,000a class X-B 'A-sf'; Outlook Stable;
-- $76,174,000 class A-S 'AAAsf'; Outlook Stable;
-- $30,811,000 class B 'AA-sf'; Outlook Stable;
-- $26,533,000 class C 'A-sf'; Outlook Stable;
-- $29,596,000ab class X-D 'BBB-sf'; Outlook Stable;
-- $13,694,000ab class X-E 'BB-sf'; Outlook Stable;
-- $6,847,000ab class X-F 'B-sf'; Outlook Stable;
-- $29,596,000b class D 'BBB-sf'; Outlook Stable;
-- $13,694,000b class E 'BB-sf'; Outlook Stable;
-- $6,847,000b class F 'B-sf'; Outlook Stable.

The following classes are not expected to be rated:

-- $21,397,267b class NR.
-- $21,397,267ab class X-NR.

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

VRR Interest: The amount of the VRR Interest is expected to
represent 5.00% ($34,235,263) 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. 27, 2017.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 39 loans secured by 124
commercial properties having an aggregate principal balance of
$684,705,268 as of the cut-off date. The loans were contributed to
the trust by UBS AG, Rialto Mortgage Finance, LLC, Ladder Capital
Finance, LLC, Cantor Commercial Real Estate Lending, L.P, KeyBank,
National Association, and Natixis Real Estate Capital LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 71.4% of the properties
by balance, cash flow analysis of 86.6%, and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

Higher Fitch Leverage Than Recent Transactions: The pool's leverage
is slightly higher than recent comparable Fitch-rated multiborrower
transactions. The pool's Fitch DSCR and LTV are 1.20x and 101.2%,
as compared to the YTD 2017 averages of 1.26x and 101.1%,
respectively. Excluding credit opinion loans, the pool's normalized
Fitch DSCR and LTV are 1.15x and 108.9%, compared to the YTD 2017
averages of 1.21x and 106.7%, respectively.

Investment-Grade Credit Opinion Loans: Three loans, representing
16.1% of the pool, have investment-grade credit opinions. Burbank
Media Portfolio (5.8% of pool) and 111 West Jackson (4.4% of pool)
have investment-grade credit opinions of 'BBB+sf*'. Yorkshire &
Lexington Towers (5.8% of the pool) has an investment-grade credit
opinion of 'BBBsf*'.

Lower Hotel Exposure: Loans secured by hotel properties represent
only 8.4% of the pool by balance, which is significantly lower than
the YTD 2017 and 2016 average of 16.0% for Fitch-rated
transactions. Hotels have the highest probability of default in
Fitch's multiborrower model, all else equal. Loans secured by
office properties and mixed-use properties that are predominantly
office make up 36.6% of the pool. Loans secured by retail
properties and mixed-use properties that are predominately retail
make up 34.1% of the pool. Office and retail properties have an
average probability of default in Fitch's multiborrower model, all
else equal.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 9.8% below
the most recent year's net operating income (NOI) for properties
for which a full-year NOI was provided, excluding properties that
were stabilizing during this period). Unanticipated further
declines in property-level NCF could result in higher defaults and
loss severities on defaulted loans and in potential rating actions
on the certificates.

Fitch evaluated the sensitivity of the ratings assigned to UBS
2017-C6 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.


WELLS FARGO 2011-C2: Fitch Affirms Bsf Rating on Class F Certs
--------------------------------------------------------------
Fitch Ratings has upgraded three classes and affirmed five classes
of Wells Fargo Bank, N.A. (WFRBS) Commercial Mortgage Trust 2011-C2
commercial mortgage pass-through certificates.  

KEY RATING DRIVERS

Stable Performance: Performance of the pool has been stable since
issuance with no loans currently delinquent or in special
servicing. One loan, Campus South and Oakbrook (1.2% of the pool),
has been in special servicing. This loan has since transferred back
to the master servicer, though it is currently on the servicer
watch list related to loan-level performance metrics.

Substantial Paydown: As of the October 2017 remittance, the pool
has paid down approximately 41.3% of the original pool balance.
This includes the payoff of 12 loans, which accounted for 35.3% of
the original pool balance, with the remainder coming from
amortization. Of the loans that paid off, seven loans, totaling
31.6% of original balance, were in the top 20 at issuance. The pool
is receiving $1.34 million per month in scheduled amortization.

Defeasance Collateral: Nine loans totaling approximately 22.5% of
the remaining pool are defeased. This includes three of the
original top 20 loans (18.2% of the pool). In total 54.5% of the
original pool has paid down or is defeased.

Retail Concentration: Approximately 55.3% of the remaining pool
balance consists of loans secured by retail properties. This
includes two regional mall properties, Port Charlotte Town Center
and Aviation Mall (2.9%). Both malls reflect direct or indirect
exposure to regional mall tenants such as Bon-Ton Stores, Sears,
Macy's, and JCPenney. Additionally, the Aviation Mall (4.7%)
remains a Fitch Loan of Concern, given overall mall occupancy and
cash flow have trended downward from issuance levels.

Concentrated Pool: The top ten and 15 loans in the pool account for
approximately 63.2% and 76.9% of pool balances, respectively.

RATING SENSITIVITIES

Ratings remain stable after upgrades to two of the classes that
were previously on Positive Outlook. These upgrades are the result
of further paydown, and defeasance. Downgrades to the lower classes
are possible with further deterioration in loan-level performance,
particularly the Aviation Mall, Port Charlotte Town Center and
Campus South & Oakbrook loans or in the event Bellevue Galleria
fails to pay off at maturity. Additional upgrades are possible with
further paydown and defeasance.

Fitch has upgraded the ratings and revised Outlooks on the
following classes:

-- $39 million class B to 'AAAsf' from 'AAsf'; Outlook to Stable
    from Positive;

-- $68.2 million class D to 'BBBsf' from 'BBB-sf'; Outlook to
    Stable from Positive.

Fitch has affirmed the following classes:

-- $46.9 million class A-3 at 'AAAsf'; Outlook Stable;
-- $493.2 million class A-4 at 'AAAsf'; Outlook Stable;
-- $541.5 million* class X-A at 'AAAsf'; Outlook Stable;
-- $21.1 million class E at 'BBsf'; Outlook Stable;
-- $14.6 million class F at 'Bsf'; Outlook Stable.

Fitch has affirmed the ratings and revised the Outlook on the
following class:

-- $43.9 million class C at 'Asf'; Outlook to Stable from
    Positive.

*Notional amount and interest-only.

Classes A-1 and A-2 have paid in full. Fitch does not rate the
class G and X-B certificates.


[*] S&P Discontinues Ratings on 34 Classes from 12 CDO Deals
------------------------------------------------------------
S&P Global Ratings discontinued its ratings on one class from one
cash flow (CF) collateral debt obligation (CDO) backed by
commercial mortgage-backed securities (CMBS), 32 classes from 10 CF
collateralized loan obligation (CLO) transactions, and one class
from one CF mezzanine structured finance (SF) CDO transaction.

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

-- 1776 CLO I Ltd. (CF CLO): optional redemption in November
2017.
-- Black Diamond CLO 2012-1 Ltd. (CF CLO): last remaining rated
tranches paid down.
-- Brentwood CLO Ltd. (CF CLO): senior-most tranches paid down;
other rated tranches still outstanding.
-- Catamaran CLO 2014-1 Ltd. (CF CLO): optional redemption in
October 2017.
-- CIFC Funding 2012-III Ltd. (CF CLO): optional redemption in
October 2017.
-- Elevation CLO 2014-2 Ltd. (CF CLO): optional redemption in
November 2017.
-- Franklin CLO VI Ltd. (CF CLO): optional redemption in November
2017.
-- Gramercy Real Estate CDO 2005-1 Ltd. (CDO of CMBS): senior-most
tranches paid down; other rated tranche still outstanding.
-- Grayson CLO Ltd. (CF CLO): senior-most tranches paid down;
other rated tranches still outstanding.
-- NXT Capital CLO 2013-1 LLC (CF CLO): optional redemption in
October 2017.
-- Westchester CLO Ltd. (CF CLO): senior-most tranches paid down;
other rated tranches still outstanding.
-- Zais Investment Grade Ltd. IX (CF mezzanine SF CDO): last
remaining rated tranche paid down.

  RATINGS DISCONTINUED

  1776 CLO I Ltd.
                              Rating
  Class               To                  From
  D                   NR                  BBB (sf)
  E                   NR                  B+ (sf)

   Black Diamond CLO 2012-1 Ltd.
                              Rating
  Class               To                  From
  B                   NR                  A+ (sf)
  C                   NR                  BBB+ (sf)
  D                   NR                  BB (sf)

   Brentwood CLO Ltd.
                              Rating
  Class               To                  From
  A-2                 NR                  AAA (sf)

   Catamaran CLO 2014-1 Ltd.
                              Rating
  Class               To                  From
  A-1                 NR                  AAA (sf)
  A-2                 NR                  AA (sf)
  B                   NR                  A (sf)
  C                   NR                  BBB (sf)
  D                   NR                  BB (sf)
  E                   NR                  B (sf)

  CIFC Funding 2012-III Ltd.
                              Rating
  Class               To                  From
  A-1R                NR                  AAA (sf)
  A-2R                NR                  AA+ (sf)
  A-3R                NR                  A+ (sf)
  B-1R                NR                  BBB+ (sf)
  B-2L                NR                  BB-(sf)
  B-3L                NR                  B (sf)

   Elevation CLO 2014-2 Ltd.
                              Rating
  Class               To                  From
  A-1F                NR                  AAA (sf)
  A-1L                NR                  AAA (sf)
  B                   NR                  AA (sf)
  C                   NR                  A (sf)
  D                   NR                  BBB (sf)
  E                   NR                  BB-(sf)
  F                   NR                  B (sf)

  Franklin CLO VI Ltd.
                              Rating
  Class               To                  From
  B                   NR                  AAA (sf)
  C                   NR                  AA+ (sf)
  D                   NR                  BBB+ (sf)
  E                   NR                  B+ (sf)

   Gramercy Real Estate CDO 2005-1 Ltd.                            
  
                                Rating
  Class               To                  From
  F                   NR                  CCC-(sf)
   Grayson CLO Ltd.
                              Rating
  Class               To                  From
  A-1b                NR                  AAA (sf)
   NXT Capital CLO 2013-1 LLC
                              Rating
  Class               To                  From
  A                   NR                  AAA (sf)
   Westchester CLO Ltd.
                              Rating
  Class               To                  From
  A-1-B               NR                  AAA (sf)
   Zais Investment Grade Ltd. IX
                              Rating
  Class               To                  From
  B                   NR                  A (sf)

  NR--Not rated.


[*] S&P Lowers Ratings on Four Classes From Four U.S. RMBS Deals
----------------------------------------------------------------
S&P Global Ratings completed its review of four classes from four
U.S. residential mortgage-backed securities (RMBS) transactions
issued between 2004 and 2005. S&P lowered all four ratings based on
the application of its interest shortfall criteria. All of these
transactions are supported by a mix of prime jumbo, Federal Housing
Administration/Veterans Affairs, and reperforming collateral.  

APPLICATION OF INTEREST SHORTFALL CRITERIA

S&P said, "In reviewing these ratings, we applied our interest
shortfall criteria as stated in "Structured Finance Temporary
Interest Shortfall Methodology," published Dec. 15, 2015, which
impose a maximum rating threshold on classes that have incurred
interest shortfalls resulting from credit or liquidity erosion. In
applying the criteria, we looked to see if the applicable class
received additional compensation beyond the imputed interest due as
direct economic compensation for the delay in interest payment. In
instances where the class did not receive additional compensation
for outstanding missed interest payments, we used the maximum
length of time until full interest is reimbursed as part of our
analysis to assign the rating on the class.  

"The rating actions resolve the Oct. 10, 2017, CreditWatch negative
placement on class M-1 from Bayview Financial Mortgage Pass Through
Trust 2005-C (see "Various Rating Actions Taken On 13 Classes From
11 U.S. RMBS Transactions," published Oct. 10, 2017) due to
potential interest shortfalls reported in recent remittance
periods. Pursuant to our criteria, we lowered the rating to 'AA+
(sf) ' from 'AAA (sf) ' on the class after we received information
to verify the interest shortfalls."

  RATING LOWERED AND REMOVED FROM WATCH NEG

  Bayview Financial Mortgage Pass Through Trust 2005-C
                                     Rating
  Series     Class   CUSIP       To         From
  2005-C     M-1     07325NBP6   AA+ (sf)   AAA (sf)/Watch Neg

  RATINGS LOWERED

  JPMorgan Mortgage Trust 2004-A4
                                     Rating
  Series     Class   CUSIP       To         From
  2004-A4    B-2     466247ED1   D (sf)     CCC (sf)

  GSMPS Mortgage Loan Trust 2005-RP3
                                     Rating
  Series     Class   CUSIP       To         From
  2005-RP3   B1      362341LT4   D (sf)     CC (sf)

  CWABS Asset-Backed Notes Trust 2005-SD2
                                     Rating
  Series     Class   CUSIP       To         From
  2005-SD2   M-3     1266734Y5   D (sf)     B (sf)


[*] S&P Takes Various Actions on 45 Classes From 13 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 45 classes from 13 U.S.
residential mortgage-backed securities (RMBS) transactions issued
between 2002 and 2005. All of these transactions are backed by
mixed collateral. The review yielded 12 upgrades, one downgrade, 27
affirmations and five discontinuances.

Analytical Considerations

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by its projected cash flows. These considerations
are based on transaction-specific performance or structural
characteristics (or both) and their potential effects on certain
classes. Some of these considerations include:

-- Collateral performance/delinquency trends;
-- Historical interest shortfalls;
-- Missed interest payments;
-- Priority of principal payments;
-- Proportion of reperforming loans in the pool;
-- Tail risk; and
-- Available subordination and/or overcollateralization.

Rating Actions

Please see the ratings list for the rationales for classes with
rating transitions. The affirmations of ratings reflect S&P's
opinion that its projected credit support and collateral
performance on these classes has remained relatively consistent
with our prior projections.

A list of Affected Ratings can be viewed at:

          http://bit.ly/2iHrf2z


[*] S&P Takes Various Actions on 96 Classes From 15 US RMBS Deals
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S&P Global Ratings completed its review of 96 classes from 15 U.S.
residential mortgage-backed securities (RMBS) transactions issued
between 2001 and 2005. All of these transactions are backed by
prime, subprime, outside-the-guidelines, and reperforming
collateral. The review yielded six upgrades, 23 downgrades, 63
affirmations, and four discontinuances.

Analytical Considerations

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by its projected cash flows. These considerations
are based on transaction-specific performance or structural
characteristics (or both) and their potential effects on certain
classes. Some of these considerations include:

-- Collateral performance/delinquency trends;
-- Erosion of/increase in credit support;
-- Imputed promises criteria;
-- Proportion of reperforming loans in the pool;
-- Tail risk; and
-- Principal writedowns.

Rating Actions

Please see the ratings list for the rationales for classes with
rating transitions. The affirmations of ratings reflect S&P's
opinion that its projected credit support and collateral
performance on these classes has remained relatively consistent
with its prior projections.

A list of Affected Ratings can be viewed at:

          http://bit.ly/2iIRKEQ


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