TCR_Public/180121.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, January 21, 2018, Vol. 22, No. 20

                            Headlines

BFNS 2017-1: Moody's Assigns B1 Rating to Class D Notes
COBALT CMBS 2007-C3: Fitch Affirms 'CCCsf' Rating on 2 Tranches
COLT 2018-1: Fitch to Rate Class B-2 Certificates 'Bsf'
COMM MORTGAGE 2000-C1: Fitch Lowers Class G Certs Rating to CCC
CREDIT SUISSE 2006-C1: Fitch Affirms CCC Rating on Class H Certs

DRYDEN 53: Moody's Assigns B3 Rating to $12MM Class F Notes
GS MORTGAGE II: Fitch Lowers Rating on Class C Debt to Csf
HVF II 2018-1: Fitch to Rate Class D Notes 'BBsf'
JP MORGAN 2012-C6: Fitch Affirms 'Bsf' Rating on Class H Certs
LB-UBS COMMERCIAL 2007-C7: Fitch Affirms CC Rating on Cl. C Notes

MORGAN STANLEY 2005-HQ5: Fitch Affirms BBsf Rating on Cl. F Certs
SDART 2018-1: Fitch to Rate Class E Notes 'BBsf'
SLM STUDENT 2007-4: Moody's Lowers Ratings on 2 Tranches to Ba1
SLM STUDENT 2012-2: Fitch Lowers Ratings on 2 Tranches to 'BBsf'
WELLS FARGO 2011-C3: Fitch Affirms 'Bsf' Rating on Class F Certs

[*] Fitch Reviews 143 US RMBS Re-REMIC Transactions
[*] Moody's Lowers $77.5MM of Alt-A RMBS Issued 2006-2007
[*] Moody's Takes Action on $203MM of Alt-A RMBS Issued 2003-2005

                            *********

BFNS 2017-1: Moody's Assigns B1 Rating to Class D Notes
-------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to five
classes of notes issued by BFNS 2017-1.

Moody's rating action is:

US$2,000,000 Class X Senior Secured Floating Rate Notes due 2029
(the "Class X Notes"), Assigned Aaa (sf)

US$104,250,000 Class A Senior Secured Fixed/Floating Rate Notes due
2029 (the "Class A Notes"), Assigned Aa2 (sf)

US$3,250,000 Class B Deferrable Mezzanine Secured Fixed/Floating
Rate Notes due 2029 (the "Class B Notes"), Assigned A3 (sf)

US$13,250,000 Class C Deferrable Mezzanine Secured Fixed/Floating
Rate Notes due 2029 (the "Class C Notes"), Assigned Baa3 (sf)

US$9,500,000 Class D Deferrable Subordinate Secured Fixed/Floating
Rate Notes due 2029 (the "Class D Notes"), Assigned B1 (sf)

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

RATINGS RATIONALE

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

BFNS 2017-1 is a static cash flow CDO. The issued notes will be
collateralized primarily by a portfolio of subordinated debt and
senior unsecured notes issued by US community banks and their
holding companies. The portfolio is 100% ramped as of the closing
date.

Buckhead One Financial Opportunities, LLC (the "Manager") has
directed the selection and acquisition and will direct the
disposition of the assets on behalf of the Issuer. The Manager will
direct the disposition of any defaulted securities or credit risk
securities. The transaction prohibits any asset purchases or
substitutions at any time.

In addition to the Rated Notes, the Issuer issued one class of
preferred shares.

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

The portfolio of this CDO consists of subordinated debt and senior
unsecured notes issued by 25 U.S. community banks or their holding
companies all of which Moody's does not rate. Moody's assesses the
default probability of bank obligors that do not have public
ratings through credit scores derived using RiskCalc(TM), an
econometric model developed by Moody's Analytics. Moody's
evaluation of the credit risk of the bank obligors in the pool
relies on FDIC Q3-2017 financial data. Moody's assumes a fixed
recovery rate of 10% for the bank obligations.

Moody's rating of the Rated Notes took into account a stress
scenario in which Moody's made adjustments for highly levered bank
holding company issuers where RiskCalc(TM) credit scores are
unavailable due to limited disclosure at the bank holding company
level. The adjustments take into account the liabilities of the
bank holding companies which are not reflected in the operating
banks' balance sheet. This stress scenario was an important factor
in the assigned ratings.

Moody's ratings of the Rated Notes also took into account the
concentrated nature of the portfolio. There are 21 issuers that
each make up over 3.0% of the portfolio par. In the base-case
scenario Moody's assumed a two-notch downgrade for up to 30% of the
portfolio par.

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

Par amount: $149,750,000

Weighted Average Rating Factor (WARF): 909

Weighted Average Spread (WAS) Hybrid Assets: L + 4.43%%

Weighted Average Coupon (WAC) Hybrid Assets: 6.34%

Weighted Average Coupon (WAC) Fixed Assets: 6.70%

Weighted Average Recovery Rate (WARR): 10.0%

Weighted Average Life (WAL): 9.45 years

In addition to the quantitative factors that Moody's explicitly
models, qualitative factors were part of the rating committee
consideration. Moody's considers the structural protections in the
transaction, the risk of an event of default, the legal environment
and specific documentation features. All information available to
rating committees, including macroeconomic forecasts, inputs from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transaction, influenced the final rating decision.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating TruPS CDOs" published in October 2016.

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

This transaction is subject to a number of factors and
circumstances that could lead to either an upgrade or downgrade of
the ratings, as described below:

1) Macroeconomic uncertainty: The transaction's performance could
be negatively affected by uncertainty about credit conditions in
the general economy. Moody's has a stable outlook on the US banking
sector.

2) Portfolio credit risk: Credit performance of the assets
collateralizing the transaction that is better than Moody's current
expectations could have a positive impact on the transaction's
performance. Conversely, asset credit performance weaker than
Moody's current expectations could have adverse consequences on the
transaction's performance.

3) Deleveraging: One source of uncertainty in this transaction is
whether deleveraging from unscheduled principal proceeds due to
redemptions will occur and at what pace. Note repayments that are
faster than Moody's current expectations could have an impact on
the notes' ratings.

4) Exposure to non-publicly rated assets: The portfolio consists
primarily of unrated assets whose default probability Moody's
assesses through credit scores derived using RiskCalc(TM) or credit
assessments. Because these are not public ratings, they are subject
to additional estimation uncertainty.

Loss and Cash Flow Analysis:

Moody's obtained a loss distribution for this CDO's portfolio by
simulating defaults using Moody's CDROM(TM), which used Moody's
assumptions for asset correlations and fixed recoveries in a Monte
Carlo simulation framework. Moody's then used the resulting loss
distribution, together with structural features of the CDO, as an
input in its CDOEdge(TM) cash flow model. Moody's CDROM(TM) is
available on www.moodys.com under Products and Solutions --
Analytical Models, upon receipt of a signed free license
agreement.

In addition to the base case analysis, Moody's also conducted
sensitivity analyses to test the impact of different default
probabilities on the Rated Notes relative to the base case modeling
results, which may be different from the ratings assigned to the
Rated Notes. 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 notch difference versus the base
case modeling results, whereby a negative difference corresponds to
higher expected losses), assuming that all other factors are held
equal:

Assuming a two-notch upgrade to assets with below-investment grade
rating estimates (WARF of 567)

Class X Notes: 0

Class A Notes: +1

Class B Notes: +2

Class C Notes: +2

Class D Notes: +3

Assuming a two-notch downgrade to assets with below-investment
grade rating estimates (WARF of 1457)

Class X Notes: 0

Class A Notes: 0

Class B Notes: -2

Class C Notes: -3

Class D Notes: -2


COBALT CMBS 2007-C3: Fitch Affirms 'CCCsf' Rating on 2 Tranches
---------------------------------------------------------------
Fitch Ratings has affirmed 14 classes of Cobalt CMBS Commercial
Mortgage Trust's (COBALT) commercial mortgage pass-through
certificates series 2007-C3.  

KEY RATING DRIVERS

Pool Concentrations and Adverse Selection: The pool is highly
concentrated with only 11 of the original 126 loans remaining. The
top three loans account for 50% of the current pool balance. Due to
the concentrated nature of the pool, the ratings reflect a
sensitivity analysis which grouped the remaining loans based on
structural features, collateral quality and performance, as well as
by the perceived likelihood of repayment.

Fitch Loans of Concern: Fitch has designated 10 loans (92% of the
pool) as Fitch Loans of Concern (FLOC), which includes eight loans
in special servicing (71%). Of the specially serviced loans/assets,
three (35%) are real estate owned (REO) and five (36%) are
classified as in foreclosure.

Increased Credit Enhancement: Credit enhancement (CE) has improved
since Fitch's last rating action from loan payoffs, scheduled
amortization and the disposition of specially serviced loans with
better recoveries than previously modelled. Despite the significant
pay down, upgrades are not warranted at this time as repayment of
the remaining classes are dependent on the liquidation/disposition
of the specially serviced loans with uncertain timing of
resolutions.

As of the December 2017 distribution date, the pool's aggregate
principal balance has been reduced by 90.8% to $184.2 million from
$2 billion at issuance. The pool has paid down by $959.8 million
since the last rating action (81% of the outstanding balance at the
last rating action). Interest shortfalls totaling $6.5 million are
currently affecting classes D through P.

RATING SENSITIVITIES

All of the remaining classes are considered distressed, as their
repayment will rely on the proceeds from the disposition of
loans/assets in special servicing. The ultimate resolution of
loan/asset workouts and the timing of their disposition remain
uncertain. Upward rating migrations may be considered for class A-J
should expected losses on specially serviced loans improve and
timing of resolutions become more certain. Classes B through E may
be subject to downgrades as additional losses are realized.

Fitch has affirmed the following ratings:

-- $91.1 million class A-J at 'CCCsf'; RE 100%;
-- $40.3 million class B at 'CCCsf'; RE 85%;
-- $20.2 million class C at 'CCsf'; RE 0%;
-- $25.2 million class D at 'CCsf'; RE 0%;
-- $20.2 million class E at 'Csf'; RE 0%;
-- $19.4 million class F at 'Dsf'; RE 0%;
-- $0 million class G at 'Dsf'; RE 0%;
-- $0 million class H at 'Dsf'; RE 0%;
-- $0 million class J at 'Dsf'; RE 0%;
-- $0 million class K at 'Dsf'; RE 0%;
-- $0 million class L at 'Dsf'; RE 0%;
-- $0 million class M at 'Dsf'; RE 0%;
-- $0 million class N at 'Dsf'; RE 0%;
-- $0 million class O at 'Dsf'; RE 0%.

The class A-1, A-2, A-3, A-PB, A-4, A-1A, and A-M certificates have
paid in full. Fitch does not rate the class P certificates. Fitch
previously withdrew the rating on the interest-only class IO
certificates.


COLT 2018-1: Fitch to Rate Class B-2 Certificates 'Bsf'
-------------------------------------------------------
Fitch Ratings expects to rate COLT 2018-1 Mortgage Loan Trust (COLT
2018-1):

-- $264,599,000 class A-1 certificates 'AAAsf'; Outlook Stable;
-- $30,692,000 class A-2 certificates 'AAsf'; Outlook Stable;
-- $34,304,000 class A-3 certificates 'Asf'; Outlook Stable;
-- $22,869,000 class M-1 certificates 'BBBsf'; Outlook Stable;
-- $20,461,000 class B-1 certificates 'BBsf'; Outlook Stable;
-- $14,243,000 class B-2 certificates 'Bsf'; Outlook Stable.

Fitch will not be rating the following certificates:

-- $14,042,768 class B-3 certificates;

KEY RATING DRIVERS

Non-prime Credit Quality (Concern): The pool has a weighted average
model credit score of 700 and a WA combined loan to value ratio
(CLTV) of 80%. While all of the loans were underwritten to a full
documentation program, roughly 41% of the pool consists of
borrowers with prior credit events and 55% had a debt to income
(DTI) ratio of over 43%. Investor properties and loans to foreign
nationals account for 4% of the pool. Fitch applied default
penalties to account for these attributes and loss severity was
adjusted to reflect the increased risk of ATR challenges.

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

Full Documentation Loans (Positive): All loans in the mortgage pool
were underwritten to the comprehensive Appendix Q documentation
standards defined by ATR. While a due diligence review identified
roughly 20% of loans as having minor variations to Appendix Q,
Fitch views those differences as immaterial and all loans as having
full income documentation.


Alignment of Interests (Positive): The transaction benefits from an
alignment of interests between the issuer and investors. LSRMF
Acquisitions I, LLC (LSRMF), as sponsor and securitizer, or an
affiliate, will retain a horizontal interest in the transaction
equal to not less than 5% of the aggregate fair market value of all
certificates in the transaction. As part of its focus on investing
in residential mortgage credit, as of the closing date, LSRMF or an
affiliate will retain the class B-3 and X certificates, which
represent more than 5.00% of the fair market value of the
transaction. Lastly, the representations and warranties are
provided by Caliber, which is owned by LSRMF affiliates and,
therefore aligns the interest of the investors with those of LSRMF
to maintain high-quality origination standards and sound
performance, as Caliber will be obligated to repurchase loans due
to rep breaches.

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

R&W Framework (Concern): As originator, Caliber will be providing
loan-level representations and warranties to the trust. While the
reps for this transaction are substantively consistent with those
listed in Fitch's published criteria and provide a solid alignment
of interest, Fitch added approximately 375 bps to the projected
defaults at the 'AAAsf' rating category to reflect the
non-investment-grade counterparty risk of the provider and the lack
of an automatic review of defaulted loans. The lack of an automatic
review is mitigated by the ability of holders of 25% of the total
outstanding aggregate class balance to initiate a review.

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

Performance Triggers (Mixed): Credit enhancement, delinquency and
loan loss triggers convert principal distribution to a straight
sequential payment priority in the event of poor asset performance.
Similar to the prior transaction the Delinquency Trigger is based
only on the current month and not on a rolling six-month average

RATING SENSITIVITIES

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

This defined stress sensitivity analysis demonstrates how the
ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10%, 20% and 30%, in addition to the
model-projected 7.9%. The analysis indicates that there is some
potential rating migration with higher MVDs, compared with the
model projection.

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


COMM MORTGAGE 2000-C1: Fitch Lowers Class G Certs Rating to CCC
---------------------------------------------------------------
Fitch Ratings has downgraded one class and affirmed the remaining
classes of COMM Mortgage Trust commercial mortgage pass-through
certificates series 2000-C1.  

KEY RATING DRIVERS

One Remaining Loan: The downgrade is the result of maturity risk as
the single tenant's lease is co-terminus with the balloon loan's
maturity in 2024. In addition, the non-collateral adjacent mall has
two vacant anchors: both JC Penney and Macy's have left the
property.

As of the December 2017 distribution date, the transaction has paid
down 99% since issuance, to $8.2 million from $897.9 million.
Interest shortfalls totaling $4.7 million have impacted classes H
though O.

Concentrated Pool: The pool is highly concentrated with only one
loan remaining. Due to the concentrated nature of the pool, Fitch
performed a sensitivity analysis which determined the likelihood of
payoff of the one remaining loan. The ratings reflect this
sensitivity analysis.

Single Tenant Property: The collateral is a 147,000 square foot
retail property located in Bloomingdale, IL and is 100% leased to
Carson Pirie Scott, a subsidiary of Bon-Ton, on an absolute net
basis. The store is located within the Stratford Square Mall, which
has current anchor tenants including Sears, Kohl's, Burlington Coat
Factory and Round One. There are two vacant anchors formerly
occupied by Macy's and JC Penney, which left the property in 2017
and 2014, respectively. The Carson's lease expires in January 2024,
which is coterminous with the balloon loan's maturity. The debt
service coverage ratio remains at 1.0x as of September 2017.

RATING SENSITIVITIES

Further downgrades to class G are possible if the single tenant
vacates the property prior to or at loan maturity; or if the loan
defaults. Additionally, the ratings reflect concerns with a
potential tenant exit or continued deterioration in performance at
the non-collateral adjacent mall.

Fitch has downgraded the following class and assigns a recovery
estimate:

-- $1.8 million class G to 'CCC' from 'Bsf'; RE 100%.

Fitch affirms the following classes:

-- $6.4 million class H at 'Dsf'; RE 60%;
-- $0 Class J at 'Dsf'; RE 0%;
-- $0 Class K at 'Dsf'; RE 0%;
-- $0 Class L at 'Dsf'; RE 0%;
-- $0 Class M at 'Dsf'; RE 0%;
-- $0 Class N at 'Dsf'; RE 0%.

Fitch does not rate the class O notes and previously withdrew the
ratings on the X notes. Classes A-1, A-2, B, C, D, E, and F notes
have paid in full.


CREDIT SUISSE 2006-C1: Fitch Affirms CCC Rating on Class H Certs
----------------------------------------------------------------
Fitch Ratings has upgraded one class, and affirmed nine classes of
Credit Suisse Commercial Mortgage Trust (CSMC) commercial mortgage
pass-through certificates, series 2006-C1.  

KEY RATING DRIVERS

The upgrade of class G reflects sufficient credit enhancement, and
the class is fully covered by loans secured by co-op properties and
defeased collateral. Since the last rating action in January 2017,
the pool has paid down by an additional $18 million with lower than
expected realized losses of only $892,000. As of the December 2017
remittance report, the pool has been reduced by 97% to $87.5
million from $3 billion at issuance. There have been $110.6 million
in realized losses to date, accounting for 3.7% of the original
pool balance. Cumulative interest shortfalls in the amount of $10.3
million are currently impacting classes J through S. There is one
defeased asset (1.7% of the pool).

Pool Concentration: The pool is very concentrated with only 27 loan
interests or REO assets remaining. Retail properties comprise the
largest percentage of remaining assets at 46.5% of the pool,
including the largest remaining loan in the pool, the specially
serviced Arrowhead Mall at 18%. Due to the concentrated nature of
the pool, Fitch performed a sensitivity analysis which grouped the
remaining loans based on loan structural features, collateral
quality and performance and ranked them by their perceived
likelihood of repayment. The ratings reflect this sensitivity
analysis.

Co-Op Loans: There are 12 loans (13.2%) secured by New York and New
Jersey located coop properties. These loans are lowly leveraged
with eight being fully amortizing.

High Percentage of LOCS and Specially Serviced Loans: Fitch LOCs
account for 82.2% of the pool including three specially serviced
loans/REO assets at 26.5%.

Largest Specially Serviced Asset: The real estate owned (REO)
Arrowhead Mall is a 439,224 sf regional mall located in Muskogee,
OK. The property's performance declined in 2015 after Sears (17.5%
of NRA) vacated upon its December 2014 lease expiration. The Sept.
2017 occupancy was reported at 66%. The mall is anchored by
Dillard's (16.9% of NRA through May 2019), JC Penney (11.6% of NRA
through September 2017), and B&B Theaters (7.4% of NRA through
January 2018). While a recent rent roll was not provided by the
servicer, all three anchors currently remain open for business per
their websites.

The loan transferred to special servicing in January 2016 due to
imminent maturity default. The borrower was unable to refinance the
loan or sell the property to pay off the loan at maturity in March
2016. Foreclosure was completed in March 2017. The property was
reported listed for sale by the servicer in December 2017. No
further update was received.

RATING SENSITIVITIES

Further upgrades to the senior class are expected to be limited due
to the concentrated nature of the transaction and high percentage
of Fitch Loans of Concern and specially serviced assets and the
potential for interest shortfalls. Class H could be subject to
future upgrade should resolutions be better than anticipated.

Fitch has upgraded the following ratings:

-- $10.4 million class G to 'Asf' from 'BBsf'; Outlook revised to

    Stable from Positive.

Fitch has affirmed the following ratings:

-- $33.8 million class H at 'CCCsf'; RE100%;

-- $30 million class J at 'Csf'; RE20%;
-- $13.4 million class K at 'Dsf'; RE 0%;
-- $0 class L at 'Dsf'; RE 0%;
-- $0 class M at 'Dsf'; RE 0%;
-- $0 class N at 'Dsf'; RE 0%;
-- $0 class O at 'Dsf'; RE 0%;
-- $0 class P at 'Dsf'; RE 0%;
-- $0 class Q at 'Dsf'; RE 0%.


DRYDEN 53: Moody's Assigns B3 Rating to $12MM Class F Notes
-----------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by Dryden 53 CLO, Ltd.

Moody's rating action is:

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

U.S.$66,000,000 Class B Senior Secured Floating Rate Notes due 2031
(the "Class B Notes"), Assigned Aa2 (sf)

U.S.$39,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class C Notes"), Assigned A2 (sf)

U.S.$34,500,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class D Notes"), Assigned Baa3 (sf)

U.S.$22,500,000 Class E Junior Secured Deferrable Floating Rate
Notes due 2031 (the "Class E Notes"), Assigned Ba3 (sf)

U.S.$12,000,000 Class F Junior Secured Deferrable Floating Rate
Notes due 2031 (the "Class F Notes"), Assigned B3 (sf)

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 are referred to
herein, collectively, as the "Rated Notes."

RATINGS RATIONALE

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

Dryden 53 CLO is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated 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, in the aggregate, of second
lien loans and unsecured loans. The portfolio is approximately 88%
ramped as of the closing date.

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

In addition to the Rated Notes, the Issuer issued 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: 80

Weighted Average Rating Factor (WARF): 2805

Weighted Average Spread (WAS): 3.20%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 47.25%

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 2805 to 3226)

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

Class F Notes: 0

Percentage Change in WARF -- increase of 30% (from 2805 to 3647)

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

Class F Notes: -2


GS MORTGAGE II: Fitch Lowers Rating on Class C Debt to Csf
----------------------------------------------------------
Fitch Ratings downgrades two classes and affirms 14 classes of GS
Mortgage Securities Corporation II (GSMSC II) commercial mortgage
pass-through certificates, series 2006-GG8.  

KEY RATING DRIVERS

The downgrades reflect increased loss expectations from the
specially serviced assets in the pool.

Concentrated Pool with Adverse Selection: The pool is highly
concentrated with only four of the original 169 loans remaining.
Three assets (50% of the pool balance) are currently in special
servicing including two (41.4%) real estate owned (REO). Due to the
concentrated nature of the pool, Fitch performed a sensitivity
analysis that grouped the remaining loans based on loan structural
features, collateral quality and performance and ranked them by
their perceived likelihood of repayment (or amount of liquidation
proceeds). The ratings reflect this sensitivity analysis.

Single Tenant Property: The largest loan in the pool (50% of the
pool balance) is secured by a 778,370sf suburban office building
located in Islandia, NY. The loan transferred to special servicing
in April 2016 for imminent maturity default and returned back to
the master servicer in May 2017 when the maturity date was extended
to October 2020 with an option to further extend to August 2021.
Computer Associates, an information technology management and
solutions provider occupies 100% of the NRA and is currently leased
through August 2021.

Specially Serviced Assets: Three assets are currently in special
servicing. The largest specially serviced asset is the REO, Fair
Lakes Office Park Portfolio (35.2% of the pool), which is secured
by seven suburban office buildings aggregating approximately 1
million sf located in Fairfax, VA. Two buildings previously in the
portfolio, Fair Lakes North & South totalling approximately
270,000sf, were sold in August 2017. The two remaining specially
serviced assets are secured by retail properties located in
Algonquin and Machesney Park, IL. The Gateway Mall has been REO
since September 2017 and the Algonquin Center is expected to
foreclose in the second-quarter 2018.

RATING SENSITIVITIES

The downgrade of classes B and C reflects the expectation that the
classes will be impacted by losses associated with the specially
serviced assets. Further downgrades on the distressed classes are
possible as losses are realized. Upgrades to class A-J, while not
expected, are possible if loans resolve for better recoveries than
currently anticipated.

Fitch has downgraded the following classes:

-- $26.5 million class B to 'CCsf' from 'CCCsf'; RE 100%;
-- $53 million class C to 'Csf' from 'CCsf'; RE 10%.

Fitch has affirmed the following classes:

-- $189.1 million class A-J at 'CCCsf'; RE 100%
-- $37.1 million class D at 'Csf'; RE 0%;
-- $25.8 million class E at 'Dsf'; RE 0%.

Classes F, G, H, J, K, L, M, N, O, P and Q are fully depleted and
are affirmed at 'Dsf', RE 0% due to realized losses.

The class A-1, A-2, A-3, A-AB, A-4 A-1A and A-M certificates have
paid in full. Fitch does not rate the fully depleted class S
certificates. Fitch previously withdrew the rating on the
interest-only class X certificates.


HVF II 2018-1: Fitch to Rate Class D Notes 'BBsf'
-------------------------------------------------
Fitch Ratings expects to assign the following ratings and Outlooks
to the series 2018-1 ABS notes issued by Hertz Vehicle Financing II
LP (HVF II):

HVF II, Series 2018-1
-- $TBD class A notes 'AAAsf'; Outlook Stable;
-- $TBD class B notes 'Asf'; Outlook Stable;
-- $TBD class C notes 'BBBsf'; Outlook Stable;
-- $TBD class D notes 'BBsf'; Outlook Stable;
-- $TBD class RR notes 'NRsf'.

KEY RATING DRIVERS

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

Fluctuating Fleet Performance: Hertz's fleet depreciation has been
volatile since 2014 for risk vehicles and remains elevated due to
weaker residual values, particularly for compact cars. Despite
this, vehicle disposition losses have been minimal. Fitch has taken
recent performance into account and adjusted the risk depreciation
assumption higher to 2.0%.

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

Enhancement Versus Expected Losses: Credit enhancement (CE) is
dynamic and based on the fleet mix, with maximum and minimum
required levels. Each series' levels cover or are well within range
of Fitch's maximum and minimum expected loss levels. Fitch's
expected losses for risk vehicles have increased due to the
adjustment to the risk vehicle depreciation assumptions.

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

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

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

RATING SENSITIVITIES

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

Fitch determined ratings by applying expected loss levels for
various rating scenarios until the proposed CE exceeded the
expected losses from the sensitivity. Expected loss levels outlined
in the tables below are representative of expected levels at the
requested ratings. For all sensitivity scenarios, the notes show
little sensitivity to the class A notes under each of the scenarios
with potential downgrades only occurring under the combined stress
scenario. One-notch to one-level downgrades would occur to the
subordinate notes under each scenario with greater sensitivity to
the disposition stress scenario. Under the combined scenario, the
subordinate notes would be placed under greater stress and could
experience multiple-level downgrades.


JP MORGAN 2012-C6: Fitch Affirms 'Bsf' Rating on Class H Certs
--------------------------------------------------------------
Fitch Ratings has affirmed 11 classes of J.P. Morgan Chase
Commercial Mortgage Securities Trust, commercial mortgage
pass-through certificates, series 2012-C6 (JPMCC 2012-C6).  

KEY RATING DRIVERS

Increasing Credit Enhancement; Paydowns: The majority of the
remaining pool continues to exhibit relatively stable performance
since issuance, with increased credit enhancement relative to
Fitch's loss expectations. As of year-end 2016, aggregate
pool-level net operating income improved 5.1% from 2015 for the 34
loans reporting full-year 2015 and 2016 financials. As of the
December 2017 distribution date, the pool's aggregate principal
balance has paid down by 24.5% to $852.8 million from $1.1 billion
at issuance. Since Fitch's last rating action, eight loans totaling
$163.2 million were repaid at or prior to their 2017 scheduled
maturity date. The pool has experienced $2.9 million (0.3% of
original pool balance) in realized losses since issuance from the
disposition of the 317 6th Avenue loan by discounted payoff in
February 2017. There are currently no specially serviced loans.

Fitch Loans of Concern: Fitch has designated four loans (19% of
current pool) as Fitch Loans of Concern (FLOCs), including two of
the top 15 loans (16%). The second largest loan (Arbor Place Mall;
13.1%) is secured by a regional mall located in Douglasville, GA
with Macy's and JCPenney reporting low and/or declining sales, and
JCPenney, a collateral anchor, having an upcoming lease rollover in
October 2018, which could potentially trigger co-tenancy clauses if
the tenant does not renew. The ninth largest loan (Continental
Executive Parke; 3%) experienced a significant occupancy decline
after the loss of a major tenant in February 2016 and the
downsizing of several existing tenants since issuance. Property
occupancy declined further to 63.1% as of March 2017 from a
previous low of 66.1% in September 2016 and 93.6% at issuance. The
other FLOCs outside of the top 15 (combined 3%) were flagged for
occupancy declines or the occurrence of a servicing trigger event.

Pool Concentrations: Loans secured by retail properties comprise
43.3% of the current pool balance and includes five of the top 15
loans (28.8%). Two of these top 15 loans (20.9%) are secured by
regional mall properties, Arbor Place Mall (13.1%) and Northwoods
Mall (7.8%), located in the secondary/tertiary markets of
Douglasville, GA and North Charleston, SC, respectively. Arbor
Place Mall has exposure to Sears and Macy's as non-collateral
tenants and JCPenney as a collateral tenant. The non-collateral
Sears at Northwoods Mall closed in June 2017 and the mall has
exposure to JCPenney as a collateral tenant. Loans secured by
office properties comprise 34.6% of the current pool balance,
including five of the top 15 loans (27.1%). Additionally, the
transaction has a high concentration of properties located in
secondary markets, with three of the top 15 loans (30.2%) located
in Ohio and Georgia, particularly the Cleveland and Atlanta metro
areas.

Hurricane and Wildfire Exposure: 17 properties (4.2% of pool) are
located in regions of Florida impacted by Hurricane Irma. According
to the master servicer's significant insurance event (SIE) report,
the Crosstown Plaza property (West Palm Beach, FL; 1.5%) and two
underlying properties (0.3%) securing the IPCC National Retail
Portfolio B loan (AT&T - Jacksonville, FL and Family Dollar -
Tampa) sustained minor damage from Hurricane Irma. Nine properties
(1.1%) securing the Sun Trust Bank Portfolio III loan, two
properties (0.4%) securing the IPCC National Retail Portfolio A
loan and two properties (0.4%) securing the IPCC National Retail
Portfolio B loan sustained no damage. The servicer is still
awaiting borrower updates on the Palm Ridge MHC property (Leesburg,
FL; 0.6%) for possible damage from Hurricane Irma.

Six properties (6% of pool) located in Houston, TX were impacted by
Hurricane Harvey. Per the servicer's SIE report and subsequent
servicer updates, the Shadow Creek Business Center property (1.3%)
sustained damage; however, according to the servicer, the insurance
team is currently working with the borrower and repairs were 80%
completed as of Nov. 30, 2017. The One Park Ten Plaza property
(1.5%) sustained minor damage. The 2200 West Loop (2.3%) property
and three smaller properties (0.9%) sustained no damage.

Exposure to the recent wildfires in California is limited to one
retail property, Ukiah Crossroads (1.1%), located in Ukiah, CA. Per
the servicer's SIE report, the property sustained no damage.

Pool Amortization: The majority of the pool (29 loans, 85.4% of
pool) is currently amortizing. Eight loans (14.7% of pool) are
full-term interest-only.

RATING SENSITIVITIES

The Negative Rating Outlooks on classes G and H reflect potential
downgrade concerns given the high concentration of FLOCs (19% of
pool), including a regional mall property located in a secondary
market with low and/or declining anchor sales and significant
near-term lease rollover of the largest tenants, as well as an
underperforming office property with declining occupancy and
limited leasing traction located in a suburban Chicago submarket
with a high vacancy rate. Additionally, the transaction's retail
concentration is high at 43%. Downgrades are possible if
performance of these loans continue to further decline. Fitch's
analysis included an additional sensitivity scenario to address the
potential for higher losses. The Rating Outlooks for all classes
A-3 through F remain Stable due to increasing credit enhancement
and expected continued paydown. Future upgrades will be limited due
to the high retail concentration, but may occur with improved pool
performance and additional paydown or defeasance.

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

-- $428.5 million class A-3 at 'AAAsf'; Outlook Stable;
-- $87 million class A-SB at 'AAAsf'; Outlook Stable;
-- $99.2 million class A-S at 'AAAsf'; Outlook Stable;
-- $614.7 million class X-A* at 'AAAsf'; Outlook Stable;
-- $56.7 million class B at 'AAsf'; Outlook Stable;
-- $25.5 million class C at 'A+sf'; Outlook Stable;
-- $28.3 million class D at 'A-sf'; Outlook Stable;
-- $55.3 million class E at 'BBB-sf'; Outlook Stable;
-- $1.4 million class F at 'BBB-sf'; Outlook Stable;
-- $15.6 million class G at 'BBsf'; Outlook to Negative from
    Stable;
-- $18.4 million class H at 'Bsf'; Outlook to Negative from
    Stable.

*Notional amount and interest-only.

The class A-1 and A-2 certificates have paid in full. Fitch does
not rate the interest-only class X-B or class NR certificates.


LB-UBS COMMERCIAL 2007-C7: Fitch Affirms CC Rating on Cl. C Notes
-----------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed 14 classes of LB-UBS
Commercial Mortgage Trust (LB-UBS) commercial mortgage pass-through
certificates, series 2007-C7.  

KEY RATING DRIVERS

Increased Credit Enhancement: The upgrade to class B is due to
increased credit enhancement as a result of amortization,
dispositions, and loan payoffs. Since Fitch's prior rating action,
loss expectations have lowered as a result of significantly better
recoveries on performing and specially serviced loans. As of the
December 2017 remittance report, the pool has been reduced by 96.7%
to $103.8 million from $3.17 billion at issuance. There have been
$221.2 million in realized losses, accounting for 6.98% of the
original pool balance. Cumulative interest shortfalls in the amount
of $41.5 million are currently impacting classes C through T.

Pool Concentration/Adverse Selection: The transaction is highly
concentrated with only 11 of the original 102 loans remaining. Due
to the pool's concentrated nature, a sensitivity analysis was
performed which grouped and ranked the remaining loans by their
structural features, performance, and estimated likelihood of
repayment. The ratings reflect this sensitivity analysis.

High Specially Serviced Loan Concentration: Of the remaining 11
loans, four loans (57.7%) are real estate owned (REO), three loans
(30.1%) are in foreclosure, three performing loans (10.1%) are on
the servicer's watchlist, and one loan (2.2%) is a non-performing
matured balloon loan. The largest remaining loan in the pool,
Fairfield Shopping Center, (25.8%) transferred to special servicing
in October 2017 due to maturity default. The collateral consists of
a 240,471 square foot shopping center built in 1977 and located in
Virginia Beach, VA. Per the servicer, the property was 93% occupied
as of June 2017 with a debt service coverage ratio of 1.11x.

Amortization/Maturity Schedule: The three performing loans have
maturity and amortization profiles: 0.8% in 2021 (fully amortizing
loan), 3.1% in 2022 (amortizing after partial interest only term),
and 6.2% in 2024 (balloon loan).

RATING SENSITIVITIES

The Rating Outlook on class B is Stable due to sufficient credit
enhancement and continued expected paydown. Further upgrades are
unlikely given the concentrated nature of the pool and the adverse
selection of the remaining collateral. The distressed classes are
subject to further downgrades as losses are realized.

Fitch has upgraded and assigned a Rating Outlook to the following
rating:

-- $7.5 million class B to 'Bsf' from 'CCCsf'; Outlook Stable
    assigned.

Fitch has affirmed the following ratings:

-- $35.7 million class C notes at 'CCsf' RE 70%;
-- $23.8 million class D notes at 'Csf' RE 0%;
-- $27.7 million class E notes at 'Csf' RE 0%;
-- $8.6 million class F notes at 'Dsf' RE 0%;
-- $0 class G notes at 'Dsf' RE 0%;
-- $0 class H notes at 'Dsf' RE 0%;
-- $0 class J notes at 'Dsf' RE 0%;
-- $0 class K notes at 'Dsf' RE 0%;
-- $0 class L notes at 'Dsf' RE 0%;
-- $0 class M notes at 'Dsf' RE 0%;
-- $0 class N notes at 'Dsf' RE 0%;
-- $0 class P notes at 'Dsf' RE 0%;
-- $0 class Q notes at 'Dsf' RE 0%;
-- $0 class S notes at 'Dsf' RE 0%.

The class A-1, A-2, A-AB, A-3, A-1A, A-M, and A-J certificates have
been paid in full. Fitch does not rate the class T certificates.
Fitch previously withdrew the ratings on the interest only class
X-CP, X-W, and X-CL certificates.


MORGAN STANLEY 2005-HQ5: Fitch Affirms BBsf Rating on Cl. F Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 10 classes of Morgan Stanley Capital I
Trust, Commercial Mortgage Trust Pass-Through Certificates, series
2005-HQ5 (MSCI 2005-HQ5).  

KEY RATING DRIVERS

The affirmations reflect pool concentration and the stable
performance of the remaining loans in the pool.

Pool Concentration: The pool is highly concentrated with only three
office loans from the same sponsor, Government Properties Trust,
remaining. All three loans mature in March 2020.

Single-Tenant Properties: Each of the three remaining loans is
secured by an office property occupied by a General Services
Administration (GSA) agency. The Charleston, South Carolina
property (comprising 69.9% of the pool) is occupied by the Federal
Court House on a lease through July 2019. The Baton Rouge,
Louisiana property (23.2%) is occupied by the Department of Veteran
Affairs - VA Clinic on a lease through June 2019. The Bakersfield,
California property (6.9%) is occupied by the Drug Enforcement
Agency on a lease through March 2021.

Tenant Rollover Concern: The single tenants at the Charleston and
Baton Rouge properties roll prior to loan maturity.

Balloon Loans: An additional 7.1% of the current pool balance is
scheduled to amortize by loan maturity.

RATING SENSITIVITIES

No rating changes are expected on class F. An upgrade is not likely
due to the binary risk associated with the GSA single-tenancy of
the remaining properties in the pool. A downgrade is not likely
unless occupancy or cash flow deteriorates significantly.

Fitch has affirmed the following classes:

-- $4.1 million class F at 'BBsf'; Outlook Stable;
-- $12.3 million class G at 'Dsf'; RE 75%;
-- $0 class H at 'Dsf'; RE 0%;
-- $0 class J at 'Dsf'; RE 0%;
-- $0 class K at 'Dsf'; RE 0%;
-- $0 class L at 'Dsf'; RE 0%;
-- $0 class M at 'Dsf'; RE 0%;
-- $0 class N at 'Dsf'; RE 0%;
-- $0 class O at 'Dsf'; RE 0%;
-- $0 class P at 'Dsf'; RE 0%.

The class A-1, A-2, A-3, A-AB, A-4, A-J, B, C, D, and E
certificates have paid in full. Fitch does not rate the class Q
certificates. Fitch had previously withdrawn the ratings on the
interest-only class X-1 and X-2 certificates.


SDART 2018-1: Fitch to Rate Class E Notes 'BBsf'
------------------------------------------------
Fitch Ratings expects to assign the following ratings and Outlooks
to the notes issued by Santander Drive Auto Receivables Trust
2018-1 (SDART 2018-1):

-- $239,000,000 class A-1 notes 'F1+sf';
-- $301,600,000 class A-2-A/A-2-B notes 'AAAsf'; Outlook Stable;
-- $118,980,000 class A-3 notes 'AAAsf'; Outlook Stable;
-- $182,180,000 class B notes 'AAsf'; Outlook Stable;
-- $169,550,000 class C notes 'Asf'; Outlook Stable;
-- $119,020,000 class D notes 'BBBsf'; Outlook Stable;
-- $93,090,000 class E notes 'BBsf'; Outlook Stable.

KEY RATING DRIVERS
Stable Credit Quality: 2018-1 is backed by collateral relatively
consistent with recent pools, with a weighted average (WA) FICO
score of 613 and internal WA loss forecast score (LFS) of 553.
Obligors with no FICO scores are down from peak levels but total
10.5%.

High Extended-Term Concentration: The concentration of 75-month
loans is 10.3%, consistent with recent transactions; 61+ month
loans total 91.1% of the pool, towards the higher end of the range
for the platform. Consistent with prior Fitch-rated transactions,
an additional stress was applied to the 75-month loans in deriving
the loss proxy, as performance for these contracts has been
volatile.

Stable Portfolio/Securitization Performance: Recent managed
portfolio annual vintage losses are tracking higher. Loss frequency
has been driven higher by looser underwriting, while severity has
also increased due to weaker used vehicle values and early-stage
defaults on extended-term collateral. In response, Santander
Consumer USA Inc. (SC) has pulled back on originations and
tightened underwriting slightly, which has led to improved
performance in the 2016 vintage relative to 2014-2015. ABS
performance remains within Fitch expectations to date.

Sufficient Credit Enhancement: Initial hard credit enhancement (CE)
is lower versus the 2017 transactions and totals 51.40%, 37.70%,
24.95%, 16.00% and 9.00% for classes A, B, C, D and E,
respectively. Excess spread is expected to be 10.14% per annum.

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

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

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

RATING SENSITIVITIES

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

Fitch evaluated the sensitivity of the ratings assigned to 2018-1
to increased credit losses over the life of the transaction.
Fitch's analysis found that the transaction displays some
sensitivity to increased defaults and credit losses. This analysis
exhibited a potential downgrade of one or two categories under
Fitch's moderate (1.5x base case loss) scenario, and potentially
distressed ratings or defaults for the class E bonds. The notes
could experience downgrades of three or more rating categories,
potentially leading to distressed ratings (below Bsf) or possibly
default, under Fitch's severe (2x base case loss) scenario.


SLM STUDENT 2007-4: Moody's Lowers Ratings on 2 Tranches to Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded three classes, downgraded 26
classes and confirmed eight classes of notes from 12 student
loan-backed transactions backed by loans originated under the
Federal Family Education Loan Program (FFELP). The loans are
guaranteed by the US government for a minimum of 97% of defaulted
principal and accrued interest. 10 securitizations have outstanding
currency swaps and two securitizations have outstanding fixed
floating swaps.

The complete rating actions are:

Issuer: Education Loan Asset-Backed Trust I (2003 Trust Indenture)

Senior Ser. 2003-1A-2, Downgraded to Aa3 (sf); previously on Jul
26, 2017 Aa1 (sf) Placed Under Review for Possible Downgrade

Senior Ser. 2003-1A-7, Downgraded to Aa3 (sf); previously on Jul
26, 2017 Aa1 (sf) Placed Under Review for Possible Downgrade

Senior Ser. 2003-1A-8, Downgraded to Aa3 (sf); previously on Jul
26, 2017 Aa1 (sf) Placed Under Review for Possible Downgrade

Sr Ser. 03-1A10, Downgraded to Aa3 (sf); previously on Jul 26, 2017
Aa1 (sf) Placed Under Review for Possible Downgrade

Sr Ser. 03-1A11, Downgraded to Aa3 (sf); previously on Jul 26, 2017
Aa1 (sf) Placed Under Review for Possible Downgrade

2003-2A-1, Downgraded to Aa3 (sf); previously on Jul 26, 2017 Aa1
(sf) Placed Under Review for Possible Downgrade

2003-2A-2, Downgraded to Aa3 (sf); previously on Jul 26, 2017 Aa1
(sf) Placed Under Review for Possible Downgrade

2003-2A-3, Downgraded to Aa3 (sf); previously on Jul 26, 2017 Aa1
(sf) Placed Under Review for Possible Downgrade

2003-2A-5, Downgraded to Aa3 (sf); previously on Jul 26, 2017 Aa1
(sf) Placed Under Review for Possible Downgrade

2003-2A-8, Downgraded to Aa3 (sf); previously on Jul 26, 2017 Aa1
(sf) Placed Under Review for Possible Downgrade

2003-2A-11, Downgraded to Aa3 (sf); previously on Jul 26, 2017 Aa1
(sf) Placed Under Review for Possible Downgrade

2003-2A-13, Downgraded to Aa3 (sf); previously on Jul 26, 2017 Aa1
(sf) Placed Under Review for Possible Downgrade

Series 2013-1 A2 Senior Notes, Upgraded to Aaa (sf); previously on
Nov 10, 2016 Downgraded to Aa1 (sf)

Series 2013-1 B1 Sub. Notes, Upgraded to Aaa (sf); previously on
Nov 10, 2016 Confirmed at Aa1 (sf)

Issuer: Goal Capital Funding Trust 2006-1

Cl. A-5, Confirmed at Aa1 (sf); previously on Jul 26, 2017 Aa1 (sf)
Placed Under Review for Possible Downgrade

Cl. A-6, Downgraded to A1 (sf); previously on Jul 26, 2017 Aa2 (sf)
Placed Under Review for Possible Downgrade

Cl. B, Confirmed at A2 (sf); previously on Jul 26, 2017 A2 (sf)
Placed Under Review for Possible Downgrade

Issuer: SLC Student Loan Trust 2008-1

Cl. A-4A, Downgraded to Aa1 (sf); previously on Jul 26, 2017 Aaa
(sf) Placed Under Review for Possible Downgrade

Cl. A-4B, Downgraded to Aa1 (sf); previously on Jul 26, 2017 Aaa
(sf) Placed Under Review for Possible Downgrade

Cl. B, Downgraded to A3 (sf); previously on Jul 26, 2017 Aa2 (sf)
Placed Under Review for Possible Downgrade

Issuer: SLM Student Loan Trust 2003-10

Cl. A-4, Downgraded to A2 (sf); previously on Jul 26, 2017 A1 (sf)
Placed Under Review for Possible Upgrade

Issuer: SLM Student Loan Trust 2003-12

Cl. A-6, Downgraded to A1 (sf); previously on Jul 26, 2017 Aa2 (sf)
Placed Under Review for Possible Downgrade

Cl. B, Confirmed at Baa3 (sf); previously on Jul 26, 2017 Baa3 (sf)
Placed Under Review for Possible Downgrade

Issuer: SLM Student Loan Trust 2004-2

Cl. B, Confirmed at A3 (sf); previously on Jul 26, 2017 A3 (sf)
Placed Under Review for Possible Downgrade

Cl. A-5, Confirmed at Aaa (sf); previously on Jul 26, 2017 Aaa (sf)
Placed Under Review for Possible Downgrade

Cl. A-6, Downgraded to Aa3 (sf); previously on Jul 26, 2017 Aaa
(sf) Placed Under Review for Possible Downgrade

Issuer: SLM Student Loan Trust 2004-5

Cl. A-6, Confirmed at Aa3 (sf); previously on Jul 26, 2017 Aa3 (sf)
Placed Under Review for Possible Downgrade

Issuer: SLM Student Loan Trust 2004-10

Cl. B, Confirmed at Ba1 (sf); previously on Jul 26, 2017 Ba1 (sf)
Placed Under Review for Possible Downgrade

Issuer: SLM Student Loan Trust 2006-4

Cl. A-6, Downgraded to A1 (sf); previously on Jul 26, 2017 Aa1 (sf)
Placed Under Review for Possible Downgrade

Cl. B, Upgraded to A3 (sf); previously on Jul 26, 2017 Baa2 (sf)
Placed Under Review for Possible Upgrade

Issuer: SLM Student Loan Trust 2006-10

Cl. A-6, Downgraded to Aa3 (sf); previously on Jul 26, 2017 Aa1
(sf) Placed Under Review for Possible Downgrade

Cl. B, Downgraded to Baa1 (sf); previously on Jul 26, 2017 A3 (sf)
Placed Under Review for Possible Downgrade

Issuer: SLM Student Loan Trust 2007-4

Cl. A-5, Downgraded to A2 (sf); previously on Jul 26, 2017 A1 (sf)
Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to A2 (sf); previously on Jul 26, 2017 A1 (sf)
Placed Under Review for Possible Downgrade

Cl. B-2A, Downgraded to Ba1 (sf); previously on Jul 26, 2017 Baa3
(sf) Placed Under Review for Possible Downgrade

Cl. B-2B, Downgraded to Ba1 (sf); previously on Jul 26, 2017 Baa3
(sf) Placed Under Review for Possible Downgrade

Issuer: New Mexico Educational Assistance Foundation - Education
Loan Bonds (2010 Indenture)

Series 2010-1 A-3, Confirmed at Aaa; previously on Jul 26, 2017 Aaa
Placed Under Review for Possible Downgrade

RATINGS RATIONALE

The primary rationale for the rating action is the update to
Moody's structured finance rating methodologies with respect to
assessing exposure to swap counterparties, Moody's Approach to
Assessing Counterparty Risks in Structured Finance, published on
July 26, 2017. Moody's reduced the value of certain notching
uplifts in connection with swaps that would become subject to
margining requirements upon counterparty replacement. Under new
swap margin rules, certain structured finance swaps entered into or
transferred after 1 March 2017 must include collateral posting
obligations for both parties (two-way posting). The requirement for
two-way posting reduces the likelihood of counterparty replacement
for existing structured finance swaps, and therefore increases the
probability that affected securitization issuers will become
unhedged following counterparty default. Consequently, Moody's
generally apply no notching uplifts relating to (1) any transfer
trigger or collateral provisions; or (2) the issuer's ability to
replace a defaulting out-the-money swap.

On 27 October 2017, the US Commodity Futures Trading Commission
(CFTC) announced a no-action position with respect to variation
margin requirements applicable to legacy swaps with special purpose
vehicles (SPVs). Although it increases the likelihood that a
downgraded counterparty will procure a novation to a replacement
counterparty, in Moody's view, it does not materially increase the
likelihood that, if a counterparty defaults, the SPV will enter
into a new swap with a replacement counterparty. Moreover, the
relief does not affect initial margin requirements.

As a result, in action Moody's applied notching uplifts for the
swap transfer triggers benefiting Education Loan Asset-Backed Trust
I (2003 Trust Indenture), Goal Capital Funding Trust 2006-1 and New
Mexico Educational Assistance Foundation - Education Loan Bonds
(2010 Indenture), as they together with their affiliates do not
have material swap exposure thus they are not affected by the
initial margin requirement. However, for other securitizations
sponsored or owned by Navient, Moody's assumed initial margin
requirement apply and provided no notching uplifts for transfer
triggers because Navient and its affiliates will likely to have
certain derivative exposures in excess of $8 billion on 1 September
2020. For each of the securitizations in action, Moody's applied no
notching uplifts relating to (1) any swap collateral provisions; or
(2) the issuer's ability to replace a defaulting out-the-money
swap.

The upgrades and confirmations are the result of Moody's analysis
that indicates that the negative impact from reducing notching
uplifts in connection with swaps subject to margining requirements
did not outweigh the maturity extension for Class B in SLM Student
Loan Trust 2006-4 and the performance of other affected tranches.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings "Moody's Approach
to Rating Securities Backed by FFELP Student Loans" published in
August 2016.

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

Up

Moody's could upgrade the ratings if the paydown speed of the loan
pool increases as a result of declining borrower usage of
deferment, forbearance and IBR, increasing voluntary prepayment
rates, or prepayments with proceeds from sponsor repurchases of
student loan collateral. Moody's could also upgrade the rating
owing to a build-up in credit enhancement and upgrades of ratings
or CR Assessments on the swap counterparties. In addition, Moody's
could upgrade the ratings if CFTC extends the scope of its no
action relief to swaps executed in response to counterparty
default, or Moody's receives new information showing that new swaps
executed by Navient's SPVs will not be subject to initial margin
requirements.

Down

Moody's could downgrade the ratings if the paydown speed of the
loan pool declines as a result of low voluntary prepayments, and
high deferment, forbearance and IBR rates, which would threaten
full repayment of the classes by their final maturity dates. In
addition, because the US Department of Education guarantees at
least 97% of principal and accrued interest on defaulted loans,
Moody's could downgrade the ratings of the notes if it were to
downgrade the rating on the United States government. Moody's could
also downgrade the rating owing to downgrades of ratings or CR
Assessments on the swap counterparties.


SLM STUDENT 2012-2: Fitch Lowers Ratings on 2 Tranches to 'BBsf'
----------------------------------------------------------------
Fitch Ratings has downgraded SLM Student Loan Trust 2012-2 as
follows:

-- Class A to 'BBsf' from 'BBBsf'; Outlook Stable;
-- Class B to 'BBsf' from 'BBBsf'; Outlook Stable.

The downgrade is mainly driven by the extension of weighted average
remaining terms compared to last year. With 101.3% total parity,
the final payoff of the bonds will be closely tied with the last
paying loans of the trust. Extension of the terms further acerbates
the tail-end maturity risk, causing the class A notes to miss their
legal final maturity date under Fitch's 'B' cases. This technical
default of class A notes would result in interest payments being
diverted away from class B, which would cause that note to default
as well. As the notes fail Fitch's 'Bsf' cash flow scenarios
marginally in maturity, meaning the model indicated that notes are
paid shortly after their maturity date without principal or
interest shortfall and they have a long time horizon to maturity,
Fitch leaves the notes at 'BBsf', as a slight change in the future
economic environment could result in full repayment of bonds by
maturity dates.

KEY RATING DRIVERS

U.S. Sovereign Risk: The trust collateral comprises 100% Federal
Family Education Loan Program (FFELP) loans, with guaranties
provided by eligible guarantors and reinsurance provided by the
U.S. Department of Education (ED) for at least 97% of principal and
accrued interest. The U.S. sovereign rating is currently
'AAA'/Outlook Stable.

Collateral Performance: Fitch assumes a base case default rate of
21.3% and a 63.8% default rate under the 'AAA' credit stress
scenario. Fitch assumes a sustainable constant default rate of 3.9%
and a sustainable constant prepayment rate (voluntary and
involuntary) of 12% based on data provided by the issuer. Fitch
applies the standard default timing curve in its credit stress cash
flow analysis. The claim reject rate is assumed to be 0.5% in the
base case and 3.0% in the 'AAA' case. The trailing 12 months (TTM)
levels of deferment, forbearance and income-based repayment (prior
to adjustment) are 10%, 16.9% and 19.1%, which are used as the
starting point in cash flow modelling. Subsequent declines or
increases are modelled as per criteria. The borrower benefit is
assumed to be 0.04%.

Basis and Interest Rate Risk: Basis risk for this transaction
arises from any rate and reset frequency mismatch between interest
rate indices for SAP and the securities. As of December 2017, all
trust student loans and notes are indexed to one-month LIBOR. Fitch
applies its standard basis and interest rate stresses to this
transaction as per criteria.

Payment Structure: Credit enhancement (CE) is provided by
overcollateralization (OC), excess spread and for the class A
notes, subordination. As of December 2017, senior and total
effective parity ratios (including reserve account) are 108.5%
(7.9% CE) and 101.3% (1.3% CE), respectively. Liquidity support is
provided by a reserve account sized at 0.25% of the outstanding
pool balance with a floor of $821,986. The transactions will
continue to release cash as long as the target OC amount of the
greater of 1.25% and outstanding adjusted pool balance and $2
million is maintained.

Maturity Risk: Fitch's student loan ABS cash flow model indicates
that the class A notes do not pay off before their maturity date in
the 'B' stress cases of Fitch's modelling scenarios. If the breach
of the class A maturity date triggers an event of default, interest
payments will be diverted away from the class B notes, causing them
to fail the 'B' stress cases as well.

Operational Capabilities: Day-to-day servicing is provided by
Navient Solutions. Fitch believes Navient to be an acceptable
servicer, due to its extensive track record as the largest servicer
of FFELP loans.

RATING SENSITIVITIES

'AAAsf' rated tranches of most FFELP securitizations will likely
move in tandem with the U.S. sovereign rating, given the strong
linkage to the U.S. sovereign by nature of the reinsurance and SAP
provided by ED. Sovereign risks are not addressed in Fitch's
sensitivity analysis.

Fitch conducted a CE sensitivity analysis by stressing both the
related lifetime default rate and basis spread assumptions. In
addition, Fitch conducted a maturity sensitivity analysis by
running different assumptions for the IBR usage and prepayment
rate. The results below should only be considered as one potential
model-implied outcome, as the transaction is exposed to multiple
risk factors that are all dynamic variables. Additionally, the
results do not take into account any rating cap considerations.

Credit Stress Rating Sensitivity

-- Default increase 25%: class A 'CCCsf'; class B 'CCCsf';
-- Default increase 50%: class A 'CCCsf'; class B 'CCCsf';
-- Basis Spread increase 0.25%: class A 'CCCsf'; class B 'CCCsf';
-- Basis Spread increase 0.5%: class A 'CCCsf'; class B 'CCCsf'.

Maturity Stress Rating Sensitivity

-- CPR decrease 50%: class A 'CCCsf'; class B 'CCCsf';
-- CPR increase 100%: class A 'AAsf'; class B 'AAsf';
-- IBR Usage decrease 50%: class A 'CCCsf'; class B 'CCCsf';
-- IBR Usage increase 100%: class A 'CCCsf'; class B 'CCCsf'.

Stresses are intended to provide an indication of the rating
sensitivity of the notes to unexpected deterioration in trust
performance. Rating sensitivity should not be used as an indicator
of future rating performance.


WELLS FARGO 2011-C3: Fitch Affirms 'Bsf' Rating on Class F Certs
----------------------------------------------------------------
Fitch Ratings has affirmed all classes of Wells Fargo Bank, N.A.
Commercial Mortgage Trust, commercial mortgage pass-through
certificates, series 2011-C3 (WFRBS 2011-C3).  

KEY RATING DRIVERS

Improved Credit Enhancement; Paydown and Defeasance: The
affirmations are based on the relatively stable performance for the
majority of the pool and increased credit enhancement relative to
Fitch's loss expectations. As of the December 2017 distribution
date, the pool's aggregate principal balance has paid down by 32.5%
to $976.8 million from $1.45 billion at issuance. Seven loans
(12.4% of current pool) are fully defeased. There are currently no
specially-serviced loans. Realized losses to date have been minimal
(0.04% of original pool balance). Interest shortfalls are currently
affecting class G.

Fitch Loans of Concern: Fitch has designated four loans (11.5% of
pool) as Fitch Loans of Concern (FLOCs), three of which are in the
top 15. The fourth largest loan, Oakdale Mall located in Johnson
City, NY (5.2%), has experienced two non-collateral anchor store
closures that have triggered co-tenancy clauses, as well as a
collateral anchor tenant being provided a rent reduction. Macy's
and Sears closed in March and September 2017, respectively, and
Bon-Ton was provided a rent reduction during the fourth quarter
2017 to prevent an additional anchor closure. The seventh largest
loan, Clay Development Portfolio I (3.5%), has reported declining
occupancy as four of the underlying properties in the portfolio are
either vacant or dark. The fifteenth largest loan, 1600 Terrell
Mill Road located in Marietta, GA (1.9%), has experienced a
significant drop in physical occupancy due to the largest tenant,
Quintiles, ceasing operations at the property and Corinthian
Colleges vacating prior to lease expiration. The twenty-fifth
largest loan, Belleview Regional Shopping Center located in
Belleview, FL (0.9%), will suffer a large occupancy drop as the
largest tenant, Kmart, which occupies nearly 41% of the square
footage, will vacate in March/April 2018, following Sears Holdings
recent store closure announcement earlier this month.

High Retail and Regional Mall Concentration: Loans secured by
retail properties represent 56.2% of the pool, including four loans
(33.2%) in the top 15 secured by regional mall properties: Village
of Merrick Park (17.1%) located in Coral Gables, FL; Park Plaza
(8.6%) located in Little Rock, AR; Oakdale Mall (5.2%) located in
Johnson City, NY and Hampshire Mall (2.2%) located in Hadley, MA.

Hurricane & Wildfire Exposure: Four loans (20.9% of pool) are
secured by or have underlying exposure to properties in areas of
Florida impacted by Hurricane Irma. According to the master
servicer's most recent significant insurance event (SIE) reporting,
minor damage was sustained at the Village of Merrick Park property
in Coral Gables (17.1%) and the Jupiter West Plaza property in
Jupiter (0.9%). No damage was sustained at the AT&T Services Office
property in Plantation (1.0%), the CVS property in Auburndale
(0.2%), an underlying property in the CCPT II 11 Portfolio or the
Belleview Regional Shopping Center property in Belleview (0.9%).
The borrower was contacted and the servicer is still awaiting a
response on the Del Mar Office Park property in Boca Raton (0.8%).

Two loans (4.0%) are secured by or have underlying exposure to
properties located in areas of Texas impacted by Hurricane Harvey.
The most recent SIE reporting indicated major damage to the First
Colony Self Storage property in Sugarland (0.5%); however, on-site
management has indicated property is fully operating. No damage was
sustained at any of the underlying properties in the Clay
Development Portfolio I (3.5%).

Exposure to the recent California wildfires is limited to the
Laguna Woods Self Storage property in Laguna Woods (0.6%). The
borrower was contacted and the servicer is awaiting a response.

Loan Maturities: Loan maturities consist of 12.3% of the pool in
2018, 1.6% in 2020 and 86.0% in 2021.

RATING SENSITIVITIES

The Negative Rating Outlook on classes E and F reflects potential
downgrade due to performance concerns surrounding the FLOCs.
Downgrades are possible if performance of these loans continues to
further decline. Fitch ran an additional sensitivity scenario to
reflect the potential for higher losses. Additionally, the
transaction's retail concentration is high at 56%. The Stable
Rating Outlooks on classes A-3 to D reflect increased credit
enhancement and expected continued amortization. Due to the FLOCs
and pool concentrations, future upgrades are unlikely, but possible
with additional paydown and/or defeasance and stable to improved
performance.

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

-- $94.6 million class A-3 at 'AAAsf'; Outlook Stable;
-- $78.1 million class A-3FL at 'AAAsf'; Outlook Stable;
-- $557 million class A-4 at 'AAAsf'; Outlook Stable;
-- $41.6 million class B at 'AAsf'; Outlook Stable;
-- $47.0 million class C at 'Asf'; Outlook Stable;
-- $79.5 million class D at 'BBB-sf'; Outlook Stable;
-- $21.7 million class E at 'BBsf'; Outlook to Negative from
    Stable;
-- $19.9 million class F at 'Bsf'; Outlook to Negative from
    Stable;
-- $729.7 million* class X-A at 'AAAsf'; Outlook Stable.

*Notional and interest-only

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



[*] Fitch Reviews 143 US RMBS Re-REMIC Transactions
---------------------------------------------------
Fitch Ratings has taken various rating actions on 646 classes in
143 legacy RMBS resecuritized real estate mortgage investment
conduit (Re-REMIC) transactions. The majority of the transactions
under review in this committee are resecuritizations of Prime and
Alt-A transactions issued between 2000 and 2007.

Rating Action Summary:
-- 417 classes affirmed;
-- 202 classes upgraded;
-- 27 classes downgraded.

In addition, 11 classes were marked "paid in full", and the ratings
of 14 classes were withdrawn. The reason for the rating withdrawals
was the lack of sufficient information to maintain the ratings.

Additionally, 175 classes have a Positive Outlook, 243 classes have
a Stable Outlook, and 99 classes have a Negative Outlook. A
spreadsheet detailing Fitch's rating actions can be found at
www.fitchratings.com by performing a title search for "U.S. RMBS
Rating Actions for Jan. 11, 2017," or by using the link provided.
In addition a summary of the mortgage pool and bond analysis can be
found by performing a title search for "RMBS Loss Metrics."

KEY RATING DRIVERS

The underlying collateral has improved moderately since the last
review in 2017. On average, the percentage of loans 60 or more days
delinquent in the underlying transactions has declined by roughly
0.6% since the last review. Roughly 95% of all classes were either
affirmed or upgraded.

A high percentage of upgrades for this review are driven by the
continued home price growth and the improvement in observed
delinquencies. More than 80% of the total upgrades were to 'BBBsf'
or above.

Despite the high percentage of upgrades, additional classes that
were not upgraded are likely to recover their full principal in
higher rating stresses but were affirmed at the current rating
primarily due to existing or projected interest shortfalls. A
number of the transactions are vulnerable to interest shortfalls,
as they simply pass through the interest collected on the
underlying bonds. Many of these transactions do not have features
that will allow the missed interest to be recovered, leading to
limited upgrades in the future.

RATING SENSITIVITIES

Fitch's analysis includes rating stress scenarios from 'CCCsf' to
'AAAsf'. The 'CCCsf' scenario is intended to be the most-likely
base case scenario. Rating scenarios above 'CCCsf' are increasingly
more stressful and less likely to occur. Although many variables
are adjusted in the stress scenarios, the primary driver of the
loss scenarios is the home price forecast assumption. In the 'Bsf'
scenario, Fitch assumes home prices decline 10% below their
long-term sustainable level. The home price decline assumption is
increased by 5% at each higher rating category up to a 35% decline
at the 'AAAsf' scenario.

In addition to increasing mortgage pool losses at each rating
category to reflect increasingly stressful economic scenarios,
Fitch analyses loss-timing, prepayment, loan modification, servicer
advancing, and interest rate scenarios as part of the cash flow
analysis. Each class is analyzed with 43 different combinations of
loss, prepayment and interest rate projections.

The ratings of bonds currently rated 'Bsf' or higher will be
sensitive to future mortgage borrower behavior, which historically
has been strongly correlated with home price movements. Despite
recent positive trends, Fitch currently expects home prices to
decline in some regions before reaching a sustainable level. While
Fitch's ratings reflect this home price view, the ratings of
outstanding classes may be subject to revision to the extent actual
home price and mortgage performance trends differ from those
currently projected by Fitch.

A list of the Affected Ratings is available at:

                       http://bit.ly/2AYb4nX


[*] Moody's Lowers $77.5MM of Alt-A RMBS Issued 2006-2007
---------------------------------------------------------
Moody's Investors Service has downgraded ratings of four tranches
from three US residential mortgage backed transactions (RMBS),
backed by Alt-A mortgage loans, issued by multiple issuers.

Complete rating actions are:

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2006-29T1

Cl. 2-A-2, Downgraded to Ca (sf); previously on Sep 19, 2016
Confirmed at Caa3 (sf)

Issuer: Residential Asset Securitization Trust 2006-A15

Cl. A-10, Downgraded to Ca (sf); previously on Nov 12, 2010
Downgraded to Caa3 (sf)

Issuer: Residential Asset Securitization Trust 2007-A5

Cl. 2-A-3, Downgraded to Caa3 (sf); previously on Nov 12, 2010
Confirmed at Caa2 (sf)

Cl. 2-A-5, Downgraded to Caa3 (sf); previously on Nov 12, 2010
Confirmed at Caa2 (sf)

RATINGS RATIONALE

The rating actions reflect the recent performance of the underlying
pools and Moody's updated loss expectations on those pools. The
rating downgrades are due to the weaker performance of the
underlying collateral and the erosion of enhancement available to
the bonds.

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in January 2017.

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 4.1% in December 2017 from 4.7% in
December 2016. Moody's forecasts an unemployment central range of
3.5% to 4.5% for the 2018 year. Deviations from this central
scenario could lead to rating actions in the sector. House prices
are another key driver of US RMBS performance. Moody's expects
house prices to continue to rise in 2018. Lower increases than
Moody's expects or decreases could lead to negative rating actions.
Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions.


[*] Moody's Takes Action on $203MM of Alt-A RMBS Issued 2003-2005
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 66 tranches,
and downgraded the ratings of eight tranches from 21 transactions
backed by Alt-A mortgage loans, issued by multiple issuers between
2003 and 2005. Complete rating actions are:

Issuer: Bear Stearns ALT-A Trust 2004-1

Cl. I-A-1, Upgraded to Baa1 (sf); previously on Jan 25, 2017
Upgraded to Ba1 (sf)

Cl. I-A-2, Upgraded to Baa1 (sf); previously on Jan 25, 2017
Upgraded to Ba1 (sf)

Cl. II-A-1, Upgraded to Baa1 (sf); previously on Mar 21, 2016
Upgraded to Baa2 (sf)

Cl. II-A-2, Upgraded to Baa1 (sf); previously on Mar 21, 2016
Upgraded to Baa2 (sf)

Cl. II-A-3, Upgraded to Baa1 (sf); previously on Mar 21, 2016
Upgraded to Baa2 (sf)

Cl. III-A-1, Upgraded to Baa1 (sf); previously on Apr 17, 2012
Downgraded to Ba1 (sf)

Cl. IV-A-1, Upgraded to Baa1 (sf); previously on Apr 17, 2012
Downgraded to Ba1 (sf)

Cl. V-A-1, Upgraded to Baa1 (sf); previously on Jan 25, 2017
Upgraded to Ba1 (sf)

Issuer: Bear Stearns ALT-A Trust 2004-3

Cl. B, Upgraded to B2 (sf); previously on Feb 2, 2017 Upgraded to
Caa2 (sf)

Cl. M-2, Upgraded to Ba1 (sf); previously on Feb 2, 2017 Upgraded
to Ba3 (sf)

Issuer: Bear Stearns ALT-A Trust 2004-4

Cl. A-1, Upgraded to Aaa (sf); previously on Jan 25, 2017 Upgraded
to A1 (sf)

Cl. M-2, Upgraded to Caa1 (sf); previously on Mar 14, 2011
Downgraded to C (sf)

Issuer: Bear Stearns ALT-A Trust 2004-6

Cl. I-A, Upgraded to Aaa (sf); previously on Feb 2, 2017 Upgraded
to Aa1 (sf)

Cl. III-A, Upgraded to Aaa (sf); previously on Feb 2, 2017 Upgraded
to Aa1 (sf)

Cl. B-1, Upgraded to B3 (sf); previously on Feb 2, 2017 Upgraded to
Caa1 (sf)

Issuer: Bear Stearns ALT-A Trust 2004-8

Cl. I-A, Upgraded to Aaa (sf); previously on Feb 2, 2017 Upgraded
to Aa1 (sf)

Cl. II-A, Upgraded to Aaa (sf); previously on Feb 2, 2017 Upgraded
to Aa1 (sf)

Cl. M-2, Upgraded to Caa1 (sf); previously on Mar 29, 2016 Upgraded
to Caa3 (sf)

Issuer: Bear Stearns ALT-A Trust 2004-9

Cl. I-A-1, Upgraded to B1 (sf); previously on Mar 29, 2016
Downgraded to B3 (sf)

Cl. I-A-2, Upgraded to B3 (sf); previously on Mar 29, 2016
Downgraded to Caa3 (sf)

Cl. II-A-1, Upgraded to B3 (sf); previously on Jun 2, 2015 Upgraded
to Caa1 (sf)

Cl. VI-A-1, Upgraded to B2 (sf); previously on Feb 27, 2013
Downgraded to Caa1 (sf)

Cl. VII-A-1, Upgraded to Baa3 (sf); previously on Feb 2, 2017
Upgraded to Ba1 (sf)

Issuer: Bear Stearns Asset-Backed Securities Trust 2003-AC5

Cl. B, Upgraded to Ba3 (sf); previously on Jan 23, 2017 Upgraded to
B3 (sf)

Cl. M-2, Upgraded to Ba2 (sf); previously on Jan 23, 2017 Upgraded
to B1 (sf)

Issuer: Bear Stearns Asset-Backed Securities Trust 2004-AC1

Cl. B, Upgraded to Ba3 (sf); previously on Jun 29, 2015 Upgraded to
B3 (sf)

Cl. M-2, Upgraded to Ba2 (sf); previously on Jun 29, 2015 Upgraded
to B1 (sf)

Issuer: Citigroup Mortgage Loan Trust, Series 2003-UP3

Cl. A-2, Downgraded to Baa3 (sf); previously on Jul 16, 2013
Downgraded to Baa1 (sf)

Cl. A-3, Downgraded to Baa3 (sf); previously on Jul 16, 2013
Downgraded to Baa1 (sf)

Cl. B-1, Downgraded to B1 (sf); previously on Mar 8, 2016
Downgraded to Ba3 (sf)

Issuer: Deutsche Mortgage Securities, Inc. Mortgage Loan Loan
Trust, Series 2004-2

Cl. A-6, Upgraded to Aa2 (sf); previously on Jan 25, 2017 Upgraded
to A1 (sf)

Cl. M-1, Upgraded to Caa2 (sf); previously on Mar 9, 2016 Upgraded
to Caa3 (sf)

Issuer: Impac CMB Trust Series 2003-4

Cl. 3-A-1, Upgraded to A1 (sf); previously on Jan 30, 2017 Upgraded
to A3 (sf)

3-B-1, Upgraded to Ba3 (sf); previously on Jan 30, 2017 Upgraded to
B2 (sf)

Cl. 3-M-1, Upgraded to A3 (sf); previously on Jan 30, 2017 Upgraded
to Baa2 (sf)

Cl. 3-M-2, Upgraded to Ba1 (sf); previously on Jan 30, 2017
Upgraded to Ba3 (sf)

Issuer: Impac CMB Trust Series 2003-8

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

Cl. 1-A-2, Upgraded to Aaa (sf); previously on Mar 9, 2016 Upgraded
to Aa2 (sf)

Cl. 1-M-1, Upgraded to Aa1 (sf); previously on Mar 9, 2016 Upgraded
to A2 (sf)

Cl. 1-M-2, Upgraded to Aa2 (sf); previously on Mar 9, 2016 Upgraded
to A3 (sf)

Cl. 1-M-3, Upgraded to Aa3 (sf); previously on Mar 9, 2016 Upgraded
to A3 (sf)

Cl. 1-M-4, Upgraded to A1 (sf); previously on Mar 9, 2016 Upgraded
to Baa1 (sf)

Issuer: Impac CMB Trust Series 2004-5 Collateralized Asset-Backed
Bonds, Series 2004-5

Cl. 1-A-1, Upgraded to A1 (sf); previously on Jan 23, 2017 Upgraded
to A2 (sf)

Cl. 1-A-2, Upgraded to Aa3 (sf); previously on Jan 23, 2017
Upgraded to A1 (sf)

Cl. 1-A-3, Upgraded to A2 (sf); previously on Jan 23, 2017 Upgraded
to Baa1 (sf)

Cl. 1-M-1, Upgraded to A3 (sf); previously on Jan 23, 2017 Upgraded
to Baa2 (sf)

Cl. 1-M-2, Upgraded to A3 (sf); previously on Jan 23, 2017 Upgraded
to Baa3 (sf)

Cl. 1-M-3, Upgraded to Baa1 (sf); previously on Jan 23, 2017
Upgraded to Ba1 (sf)

Cl. 1-M-4, Upgraded to Baa2 (sf); previously on Jan 23, 2017
Upgraded to Ba2 (sf)

Cl. 1-M-5, Upgraded to Baa3 (sf); previously on Jan 23, 2017
Upgraded to Ba3 (sf)

Cl. 1-M-6, Upgraded to Ba1 (sf); previously on Jan 23, 2017
Upgraded to B2 (sf)

Issuer: Impac CMB Trust Series 2004-8 Collateralized Asset-Backed
Bonds, Series 2004-8

Cl. 1-A, Upgraded to Ba2 (sf); previously on Mar 22, 2016 Upgraded
to B1 (sf)

Underlying Rating: Upgraded to Ba2 (sf); previously on Mar 22, 2016
Upgraded to B1 (sf)

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

Cl. 2-A-1, Upgraded to Ba1 (sf); previously on Mar 22, 2016
Upgraded to Ba3 (sf)

Underlying Rating: Upgraded to Ba1 (sf); previously on Mar 22, 2016
Upgraded to Ba3 (sf)

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

Cl. 2-A-2, Upgraded to Ba3 (sf); previously on Mar 22, 2016
Upgraded to Caa2 (sf)

Underlying Rating: Upgraded to Ba3 (sf); previously on Mar 22, 2016
Upgraded to Caa2 (sf)

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

Issuer: Impac Secured Assets Corp. Mortgage Pass-Through
Certificates, Series 2003-1

Cl. A-1, Downgraded to Baa1 (sf); previously on Aug 25, 2014
Downgraded to A3 (sf)

Cl. B, Downgraded to Caa3 (sf); previously on Feb 2, 2017 Upgraded
to Caa2 (sf)

Cl. M-1, Downgraded to Ba3 (sf); previously on Feb 2, 2017 Upgraded
to Ba1 (sf)

Cl. M-2, Downgraded to B3 (sf); previously on Feb 2, 2017 Upgraded
to B1 (sf)

Issuer: Lehman Mortgage Trust 2005-1

Cl. 6-A1, Downgraded to Caa3 (sf); previously on Mar 12, 2014
Downgraded to Caa1 (sf)

Issuer: MASTR Adjustable Rate Mortgages Trust 2004-11

Cl. B-1, Upgraded to B3 (sf); previously on May 1, 2015 Upgraded to
Caa3 (sf)

Issuer: MASTR Adjustable Rate Mortgages Trust 2004-9

Cl. B-1, Upgraded to Caa3 (sf); previously on Feb 15, 2013 Affirmed
C (sf)

Issuer: MASTR Alternative Loan Trust 2004-4

Cl. 2-A-1, Upgraded to Baa2 (sf); previously on Apr 26, 2012
Downgraded to Baa3 (sf)

Cl. 7-A-1, Upgraded to Baa2 (sf); previously on Apr 26, 2012
Downgraded to Baa3 (sf)

Cl. 8-A-1, Upgraded to Baa3 (sf); previously on Apr 26, 2012
Downgraded to Ba1 (sf)

Issuer: MASTR Alternative Loan Trust 2004-9

Cl. A-5, Upgraded to Aaa (sf); previously on Nov 22, 2016 Upgraded
to Aa3 (sf)

Cl. A-6, Upgraded to Aaa (sf); previously on Nov 22, 2016 Upgraded
to Aa2 (sf)

Issuer: Structured Asset Securities Corp Trust 2004-23XS

Cl. 1-A3A, Upgraded to Aaa (sf); previously on Feb 2, 2017 Upgraded
to Aa2 (sf)

Cl. 1-A3B, Upgraded to Aaa (sf); previously on Feb 2, 2017 Upgraded
to Aa3 (sf)

Cl. 1-A3C, Upgraded to Aaa (sf); previously on Feb 2, 2017 Upgraded
to Aa2 (sf)

Cl. 1-A3D, Upgraded to Aaa (sf); previously on Feb 2, 2017 Upgraded
to Aa2 (sf)

Cl. 1-A4, Upgraded to Aaa (sf); previously on Feb 2, 2017 Upgraded
to Aa2 (sf)

Cl. 2-A1, Upgraded to Aa2 (sf); previously on Feb 2, 2017 Upgraded
to A2 (sf)

Cl. 2-A2, Upgraded to Aa1 (sf); previously on Feb 2, 2017 Upgraded
to A1 (sf)

Cl. 2-A3, Upgraded to Aa3 (sf); previously on Feb 2, 2017 Upgraded
to A3 (sf)

RATINGS RATIONALE

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

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in January 2017.

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 4.1% in November 2017 from 4.6% in
November 2016. Moody's forecasts an unemployment central range of
3.5% to 4.5% for the 2018 year. Deviations from this central
scenario could lead to rating actions in the sector. House prices
are another key driver of US RMBS performance. Moody's expects
house prices to continue to rise in 2018. Lower increases than
Moody's expects or decreases could lead to negative rating actions.
Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions.


                            *********

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

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

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

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

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

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

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

                            *********

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

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

Copyright 2018.  All rights reserved.  ISSN: 1520-9474.

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

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

                   *** End of Transmission ***