TCR_Public/180225.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, February 25, 2018, Vol. 22, No. 55

                            Headlines

ARES CLO XXXVIII: Moody's Assigns (P)Ba3 Rating to Class E-R Notes
ATLAS SENIOR X: S&P Assigns B-(sf) Rating on Class F Notes
BROOKSIDE MILL: Moody's Assigns B3(sf) Rating to Class F Notes
C-BASS CBO X: S&P Lowers Class C Notes Rating to 'D(sf)'
CAPITAL TRUST 2005-1: Fitch Affirms & Withdraws D Rating on C Debt

CBA COMMERCIAL 2006-2: Moody's Affirms Caa3 Rating on Cl. A Certs
CHILDREN'S TRUST: S&P Affirms BB Rating on Three 2002 Tranches
COMM 2004-LNB2: S&P Raises Class K Certs Rating to CCC-(sf)
COMM 2014-LC17: Fitch Lowers Ratings on 2 Tranches to CCC
CROWN POINT 4: Moody's Assigns (P)Ba3 Rating to Class E Notes

DRIVE AUTO 2018-1: S&P Assigns BB+(sf) Rating on Class E Notes
ETRADE RV 2004-1: Moody's Hikes Class D Notes Rating to Caa2(sf)
FLAGSHIP CREDIT 2018-1: S&P Assigns BB-(sf) Rating in Cl. E Notes
GS MORTGAGE 2013-GCJ12: Fitch Affirms BB Rating on Class E Certs
GS MORTGAGE 2018-CHILL: Moody's Assigns (P)B3 Rating to Cl. F Certs

HOMESTAR MORTGAGE: Moody's Hikes $46MM of Alt-A RMBS Issued in 2004
JMP CREDIT III: Moody's Assigns Ba3(sf) Rating to Class E Notes
JP MORGAN 2004-C3: Fitch Affirms 'CCCsf' Rating on Class H Certs
JP MORGAN 2005-LDP5: Fitch Affirms 'CCsf' Rating on Cl. H Certs
JP MORGAN 2018-BCON: S&P Assigns B(sf) Rating on Class E Certs

LEHMAN BROTHERS: Moody's Cuts Ratings on 7 Classes on 5 Loan Deals
MIDOCEAN CREDIT VIII: Fitch Assigns 'B-sf' Rating to Class F Notes
MIDOCEAN CREDIT VIII: S&P Assigns Prelim BB-(sf) Rating on D Notes
MONARCH GROVE: Moody's Assigns Ba3 Rating to Class E Notes
MORGAN STANLEY 2006-IQ11: Fitch Hikes Class C Certs Rating to Bsf

NAVITAS EQUIPMENT 2016-1: Fitch Hikes Rating on Cl. D Notes From B+
OCTAGON INVESTMENT XVII: S&P Assigns Prelim B- Rating on F-R2 Notes
OCWEN 1999-R1: Fitch Affirms Then Withdraws 'Csf' on Cl. AP-F Debt
RHODE ISLAND TOBACCO: S&P Affirms CCC Rating on Class 2007-B Bonds
TRAPEZA CDO V: Moody's Hikes Ratings on 2 Tranches to B1

VB-S1 2018-1: Fitch Assigns 'BB-sf' Rating to Class F Notes
WFRB COMMERCIAL 2014-C19: Moody's Affirms Ba1 Rating on X-B Certs
WFRBS COMMERCIAL 2013-C13: Fitch Affirms Bsf Rating on Cl. F Certs
WFRBS COMMERCIAL 2013-C13: Moody's Affirms B2 Rating on F Certs
[*] Fitch Reviews 1,290 Classes in 328 US RMBS Transactions

[*] Moody's Hikes $444.5MM of Dent RMBS Issued 2004 and 2007
[*] Moody's Takes Action on $45.1MM of RMBS Issued 2003 & 2007
[*] S&P Discontinues Ratings on 18 Classes From Nine CLO Deals
[*] S&P Lowers Ratings on Six Classes From Six U.S. RMBS Deals
[*] S&P Lowers Six Ratings on Three Student Loan ABS Deals to Bsf

[*] S&P Takes Various Actions on 49 Classes From 13 US RMBS Deals
[*] S&P Takes Various Actions on 68 Classes From 15 US RMBS Deals

                            *********

ARES CLO XXXVIII: Moody's Assigns (P)Ba3 Rating to Class E-R Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to seven
classes of CLO refinancing notes (the "Refinancing Notes") issued
by Ares XXXVIII CLO Ltd.:

Moody's rating action is:

US$1,500,000 Class X Senior Floating Rate Notes due 2030 (the
"Class X Notes"), Assigned (P)Aaa (sf)

US$236,000,000 Class A-1-R Senior Floating Rate Notes due 2030 (the
"Class A-1-R Notes"), Assigned (P)Aaa (sf)

US$28,000,000 Class A-2-R Senior Floating Rate Notes due 2030 (the
"Class A-2-R Notes"), Assigned (P)Aaa (sf)

US$40,000,000 Class B-R Senior Floating Rate Notes due 2030 (the
"Class B-R Notes"), Assigned (P)Aa2 (sf)

US$20,000,000 Class C-R Mezzanine Deferrable Floating Rate Notes
due 2030 (the "Class C-R Notes"), Assigned (P)A2 (sf)

US$26,000,000 Class D-R Mezzanine Deferrable Floating Rate Notes
due 2030 (the "Class D-R Notes"), Assigned (P)Baa3 (sf)

US$19,000,000 Class E-R Mezzanine Deferrable Floating Rate Notes
due 2030 (the "Class E-R Notes"), Assigned (P)Ba3 (sf)

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

Ares CLO Management II LLC (the "Manager") will manage the CLO upon
the closing date of the refinancing. It will direct the selection,
acquisition, and disposition of collateral on behalf of the
Issuer.

RATINGS RATIONALE

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

The Issuer will issue the Refinancing Notes on March 13, 2018 (the
"Refinancing Date") in connection with the refinancing of all
classes of the secured notes (the "Refinanced Original Notes")
previously issued on December 17, 2015. On the Refinancing Date,
the Issuer will use proceeds from the issuance of the Refinancing
Notes to redeem in full the Refinanced Original Notes.

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

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

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

Performing par and principal proceeds balance: $400,000,000

Diversity Score: 75

Weighted Average Rating Factor (WARF): 2970

Weighted Average Spread (WAS): 3.30%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

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

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

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

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

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

Percentage Change in WARF -- increase of 15% (from 2970 to 3416)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1-R Notes: 0

Class A-2-R Notes: -1

Class B-R Notes: -2

Class C-R Notes: -2

Class D-R Notes: -1

Class E-R Notes: 0

Percentage Change in WARF -- increase of 30% (2970 to 3861)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1-R Notes: -1

Class A-2-R Notes: -3

Class B-R Notes: -4

Class C-R Notes: -4

Class D-R Notes: -2

Class E-R Notes: -1


ATLAS SENIOR X: S&P Assigns B-(sf) Rating on Class F Notes
----------------------------------------------------------
S&P Global Ratings assigned its ratings to the class X, A, B, C, D,
E, and F replacement notes from Atlas Senior Loan Fund X Ltd., a
collateralized loan obligation (CLO) managed by Crescent Capital
Group L.P. This is the second refinancing of its September 2014
original transaction, Atlas Senior Loan Fund VI Ltd. (Atlas VI).
Atlas VI was merged with Atlas X on the closing date. The
replacement notes will be issued via a proposed supplemental
indenture. S&P withdrew its ratings on the previously refinanced
class AR, BR, CR, DR, and E notes following payment in full on the
Feb. 16, 2018, refinancing date.

On the Feb. 16, 2018, refinancing date, the proceeds from the
issuance of the replacement notes were used to redeem the
previously refinanced notes as outlined in the transaction document
provisions. Therefore, S&P is withdrawing its ratings on the
previously refinanced notes and assigning ratings to the
replacement notes.

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

-- Additional class X and F notes was issued.
-- The stated maturity, reinvestment period, and non-call period
are extended to 4.25, 4.25, and 3.25 years, respectively.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the trustee report, to estimate future performance. In line with
our criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults, and
recoveries upon default, under various interest rate and
macroeconomic scenarios.

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

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

RATINGS ASSIGNED

  Atlas Senior Loan Fund X Ltd./Atlas Senior Loan Fund X LLC    
  Replacement class         Rating      Amount (mil. $)
  X                         AAA (sf)               1.50
  A                         AAA (sf)             333.00
  B                         AA (sf)               77.00
  C                         A (sf)                38.00
  D                         BBB- (sf)             32.50
  E                         BB- (sf)              20.00
  F                         B- (sf)                8.00
  Subordinated notes        NR                    58.12

  RATINGS WITHDRAWN

  Atlas Senior Loan Fund X Ltd./Atlas Senior Loan Fund X LLC
  Replacement class         Rating      Amount (mil. $)
  AR                        NR                   340.45
  BR                        NR                    61.60
  CR                        NR                    47.85
  DR                        NR                    28.60
  E                         NR                    27.50

  NR--Not rated.


BROOKSIDE MILL: Moody's Assigns B3(sf) Rating to Class F Notes
--------------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
CLO refinancing notes (the "Refinancing Notes") issued by Brookside
Mill CLO Ltd.:

Moody's rating action is:

US$4,000,000 Class X-R Senior Floating Rate Notes due 2028 (the
"Class X-R Notes"), Assigned Aaa (sf)

US$270,900,000 Class A-R Senior Floating Rate Notes due 2028 (the
"Class A-R Notes"), Assigned Aaa (sf)

US$48,300,000 Class B-R Senior Floating Rate Notes due 2028 (the
"Class B-R Notes"), Assigned Aa2 (sf)

US$19,740,000 Class C-R Deferrable Mezzanine Floating Rate Notes
due 2028 (the "Class C-R Notes"), Assigned A2 (sf)

US$26,460,000 Class D-R Deferrable Mezzanine Floating Rate Notes
due 2028 (the "Class D-R Notes"), Assigned Baa3 (sf)

US$23,100,000 Class E-R Deferrable Mezzanine Floating Rate Notes
due 2028 (the "Class E-R Notes"), Assigned Ba3 (sf)

US$3,150,000 Class F Deferrable Mezzanine Floating Rate Notes due
2028 (the "Class F Notes"), Assigned B3 (sf)

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

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

RATINGS RATIONALE

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

The Issuer has issued the Refinancing Notes on February 15, 2018
(the "Refinancing Date") in connection with the refinancing of all
classes of the secured notes (the "Refinanced Original Notes")
previously issued on May 23, 2013 (the "Original Closing Date"). On
the Refinancing Date, the Issuer used proceeds from the issuance of
the Refinancing Notes to redeem in full the Refinanced Original
Notes.

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

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

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

Performing par and principal proceeds balance: $420,000,000

Defaulted par: $0

Diversity Score: 70

Weighted Average Rating Factor (WARF): 3075

Weighted Average Spread (WAS): 3.25%

Weighted Average Coupon (WAC): 6.0%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 6.0 years

Methodology Underlying the Rating Action:

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

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

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

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

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

Percentage Change in WARF -- increase of 15% (from 3075 to 3536)

Rating Impact in Rating Notches

Class X-R Notes: 0

Class A-R Notes: 0

Class B-R Notes: -2

Class C-R Notes: -2

Class D-R Notes: -1

Class E-R Notes: -1

Class F Notes: -2

Percentage Change in WARF -- increase of 30% (from 3075 to 3998)

Rating Impact in Rating Notches

Class X-R Notes: 0

Class A-R Notes: -1

Class B-R Notes: -3

Class C-R Notes: -3

Class D-R Notes: -2

Class E-R Notes: -1

Class F Notes: -3


C-BASS CBO X: S&P Lowers Class C Notes Rating to 'D(sf)'
--------------------------------------------------------
S&P Global Ratings lowered its rating on the class C notes from
C-BASS CBO X Ltd., a cash flow collateralized debt obligation
backed predominantly by residential mortgage-backed securities and
other asset-backed securities.

The rating actions follow S&P's review of the transaction's
performance using data from the Dec. 31, 2017, trustee report.

Although the class C notes received current interest on the Dec. 7,
2017, payment date, their total outstanding balance was  $11.49
million with $8.36 million of assets remaining (including cash).
Therefore, S&P lowered its rating to 'D (sf)' from 'CC (sf)'
because even a 100% recovery of the defaulted assets will be
inadequate to pay the class C outstanding note balance.


CAPITAL TRUST 2005-1: Fitch Affirms & Withdraws D Rating on C Debt
------------------------------------------------------------------
Fitch Ratings has affirmed six classes of Capital Trust RE CDO
2005-1.

Fitch has also withdrawn the ratings on this transaction as they
are no longer considered relevant to the agency's coverage.

KEY RATING DRIVERS

Fitch's actions reflect both the severe undercollateralization of
the notes and the fact that the notes have defaulted or will
inevitably default at legal maturity or earlier.

The CDO's liabilities currently exceed collateral by $60 million.
There has been no paydown since Fitch's last rating action while
one asset, a $5.3 million subordinate interest in the defaulted
Resorts International Portfolio, was completely written down. As of
the January 2018 trustee report, the CDO collateral solely consists
of three non-senior CRE CDO classes from the same obligor, CT CDO
IV Ltd 2006-1 (all rated 'Csf' by Fitch). Total recoveries on the
bonds are expected to be de minimis to none due to the subordinate
and/or distressed nature of the remaining collateral.

On March 3, 2016, the Trustee declared an event of default (EOD)
with respect to class C, as interest proceeds received were
insufficient to pay the full timely interest to the class. No
principal or interest proceeds are currently being received from
any of the assets in the pool.

The 'Csf' ratings for classes D through H reflect the classes'
negative credit enhancement, and expectation of eventual default.

Capital Trust 2005-1 is a commercial real estate CDO managed by CT
Investment Management Co., LLC (CTIMCO).

RATING SENSITIVITIES

Ratings sensitivities are not applicable as the ratings on the
transaction are being withdrawn.

Fitch has affirmed and withdrawn the following ratings:

-- $5.3 million class C at 'Dsf'; RE 0%;
-- $14.4 million class D at 'Csf'; RE 0%;
-- $15.2 million class E at 'Csf'; RE 0%;
-- $6.8 million class F at 'Csf'; RE 0%;
-- $6.8 million class G at 'Csf'; RE 0%;
-- $10.1 million class H at 'Csf'; RE 0%.

Class A paid in full. Class B's rating was previously withdrawn.
Class J, X-J and the preference shares are not rated by Fitch.


CBA COMMERCIAL 2006-2: Moody's Affirms Caa3 Rating on Cl. A Certs
-----------------------------------------------------------------
Moody's Investors Service has affirmed the rating on one class in
CBA Commercial Assets, Small Balance Commercial Mortgage
Pass-Through Certificates Series 2006-2:

Cl. A, Affirmed Caa3 (sf); previously on Feb 16, 2017 Affirmed Caa3
(sf)

RATINGS RATIONALE

The rating on Class A was affirmed because the rating is consistent
with Moody's expected loss plus realized losses. The class has
already experienced a 7.9% realized loss as result of previously
liquidated loans.

Moody's rating action reflects a base expected loss of 22.2% of the
current balance, compared to 25.7% at Moody's last review. Moody's
base expected loss plus realized losses are 25.8% compared to 26.4%
at last review. Moody's provides a current list of base expected
losses for conduit and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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


Moody's analysis incorporated a loss and recovery approach in
rating the P&I class in this deal since 55.1% of the pool is either
in special servicing or has been identified as troubled loans. In
this approach, Moody's determines a probability of default for each
specially serviced and troubled loan that it expects will generate
a loss and estimates a loss given default based on a review of
broker's opinions of value (if available), other information from
the special servicer, available market data and Moody's internal
data. The loss given default for each loan also takes into
consideration repayment of servicer advances to date, estimated
future advances and closing costs. Translating the probability of
default and loss given default into an expected loss estimate,
Moody's then applies the aggregate loss from specially serviced and
troubled loans to the most junior class and the recovery as a pay
down of principal to the most senior class.

DEAL PERFORMANCE

As of the January 25, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 83.1% to $22 million
from $130.4 million at securitization. The certificates are
collateralized by 69 mortgage loans ranging in size from less than
1% to 11.4% of the pool, with the top ten loans (excluding
defeasance) constituting 47.5% of the pool. There are no loans in
the pool that have defeased.

Ninety-three loans have been liquidated from the pool, resulting in
an aggregate realized loss of $28.7 million.

Twenty-eight loans, representing 55.1% of the pool, are either in
special servicing or has been identified as troubled loans. These
specially serviced and troubles loans are secured by a mix of
property types. Moody's estimates an aggregate loss of $4.5 million
(a 37% expected loss on average) from these specially serviced and
troubled loans.

As of the January 25, 2018 remittance statement cumulative interest
shortfalls were $2.2 million. Moody's anticipates interest
shortfalls will continue because of the exposure to specially
serviced loans and/or modified loans. Interest shortfalls are
caused by special servicing fees, including workout and liquidation
fees, appraisal entitlement reductions (ASERs), loan modifications
and extraordinary trust expenses.

Moody's weighted average conduit LTV is 83%, compared to 93% at
Moody's last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 10.2% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 10%.

Moody's actual and stressed conduit DSCRs are 1.50X and 1.49X,
respectively, compared to 1.39X and 1.33X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.


CHILDREN'S TRUST: S&P Affirms BB Rating on Three 2002 Tranches
--------------------------------------------------------------
Children's Trust's tobacco settlement asset-backed bonds series
2002 are backed by tobacco settlement revenues due to Puerto Rico
as part of a master settlement agreement between participating
tobacco companies and the settling states.

S&P Global Ratings affirmed its three 'BB (sf)' ratings on
Children's Trust's series 2002, a tobacco fee settlement
transaction, and removed them from CreditWatch, where they were
placed them with negative implications on April 25, 2016. On that
date, S&P lowered the ratings on two bonds and placed the ratings
on the three outstanding bonds on CreditWatch negative, reflecting
its view of the increased risk to the transaction following
legislation passed in Puerto Rico on April 6, 2016. The outlooks on
all three bonds are negative.

In January 2017, per Act No. 5-2017, a state of financial emergency
was declared in Puerto Rico, during which the governor can issue
executive orders designating the priority in which available
resources will be used to pay for essential services necessary to
preserve the health, safety, and wellbeing of Puerto Rico's
residents, while acknowledging the government's monetary
obligations and instrumentalities, among other things. All of the
Puerto Rican government's obligations are subject, including the
Children's Trust bonds.

However, no executive order to date included the Children's Trust
bonds. As of January 2018, no fiscal plan that covers these bonds
has been submitted by the government. S&P's communications with
government authorities indicate that the central government is not
planning on using the funds that make up the bonds' collateral.

Children's Trust made its scheduled payments on the three bonds on
the 2016 and 2017 payment dates in May and November. Additionally,
the transaction continues to have a substantial liquidity reserve
of $83 million to cover noteholder payments if collections are
insufficient.

S&P said, "Our negative outlooks on these bonds reflect the
continued uncertainty around the legislative environment in Puerto
Rico, which is not expected to be resolved in a short time frame.
We will continue to follow further developments in Puerto Rico,
including new legislations, any legal actions undertaken by
investors, the indenture trustee, or any other transaction parties,
and we will take actions as we deem appropriate."

  RATINGS AFFIRMED AND REMOVED FROM CREDITWATCH

  Children's Trust
  US$1.171 billion tobacco settlement asset-backed bonds series
  2002    
  Class     Maturity             Rating                            
           
                         To                   From
  2033      5/15/2033    BB (sf)/Negative     BB (sf)/Watch Neg
  2039      5/15/2039    BB (sf)/Negative     BB (sf)/Watch Neg
  2043      5/15/2043    BB (sf)/Negative     BB (sf)/Watch Neg


COMM 2004-LNB2: S&P Raises Class K Certs Rating to CCC-(sf)
-----------------------------------------------------------
S&P Global Ratings raised its rating on the class K commercial
mortgage pass-through certificates from COMM 2004-LNB2, a U.S.
commercial mortgage-backed securities (CMBS) transaction. In
addition, S&P affirmed its ratings on eight other classes from the
same transaction.

S&P said, "For the affirmations, our credit enhancement expectation
was generally in line with the affirmed rating levels. The
affirmations also considered the classes' interest shortfall
history and position in the waterfall.

"The upgrade on the class K certificates to 'CCC- (sf)' from 'D
(sf)' reflects, while the class received full interest payments for
the past 23 consecutive months, our view of its susceptibility to
liquidity interruption from the specially serviced Alta Mesa real
estate owned (REO) asset. The class currently has approximately
$1,000 in reported liquidity support. As a result, we believe that
the class has a high likelihood to default if the appraisal value
of the Alta Mesa REO asset declines and the master servicer
increases the appraisal reduction amount (ARA) or deems the asset
non-recoverable.

"Class K was previously lowered to 'D (sf)' due to accumulated
interest shortfalls that we expected to remain outstanding for a
prolonged period of time. We raised our rating on this class
because the interest shortfalls, which were primarily due to
non-recoverability determinations on the now-liquidated 1
Northbrook Corporate Center and Northbrook REO asset, have been
repaid, and we do not believe, at this time, a further default of
this certificate class is virtually certain.

"We affirmed our 'AAA (sf)' rating on the class X-1 interest-only
(IO) certificates based on our criteria for rating IO securities."

TRANSACTION SUMMARY

As of the Feb. 12, 2018, trustee remittance report, the collateral
pool balance was $73.9 million, which is 7.7% of the pool balance
at issuance. The pool currently includes four loans and one REO
asset, down from 90 loans at issuance. One of these assets ($2.2
million, 3.0%) is with the special servicer, three loans ($70.0
million, 94.7%) are defeased, and none are reported on the master
servicer's watchlist.

For the sole remaining performing loan, the Walgreens College
Station loan ($1.7 million, 2.3%), S&P calculated a 1.01x S&P
Global Ratings debt service coverage (DSC) and a 60.1% S&P Global
Ratings loan-to-value ratio using an 8.25% S&P Global Ratings
capitalization rate.

To date, the transaction has experienced $24.0 million in principal
losses, or 2.5% of the original pool trust balance. S&P expects
losses to remain at 2.5% of the original pool trust balance in the
near term, based on losses incurred to date and additional losses
we expect upon the eventual resolution of the specially serviced
asset.

CREDIT CONSIDERATIONS

As of the Feb. 12, 2018, trustee remittance report, the Alta Mesa
REO asset was the sole asset with the special servicer, LNR
Partners LLC (LNR).

The Alta Mesa REO asset has a total reported exposure of $3.1
million and is a 59,933-sq.-ft. retail property located in Fort
Worth, Texas. The loan was transferred to the special servicer on
Jan. 21, 2014, because of maturity default (matured on Jan. 1,
2014) and the property became REO on Feb. 2, 2016. LNR is
evaluating its strategy for this asset. The reported DSC and
occupancy for the six months ended June 30, 2017, were 0.82x and
85.0%, respectively. An ARA of $408,079 is in effect against the
asset. We expect a minimal loss (less than 25%) upon its eventual
resolution.

RATINGS LIST

  COMM 2004-LNB2
  Commercial mortgage pass-through certificates series 2004-LNB2
                                        Rating
  Class       Identifier            To                   From   
  C           20047AAF7             AAA (sf)             AAA (sf)

  D           20047AAG5             AAA (sf)             AAA (sf)

  E           20047AAH3             AAA (sf)             AAA (sf)

  X-1         20047BAA6             AAA (sf)             AAA (sf)

  F           20047BAC2             AAA (sf)             AAA (sf)

  G           20047BAD0             AAA (sf)             AAA (sf)

  H           20047BAE8             AA+ (sf)             AA+ (sf)

  J           20047BAF5             AA (sf)              AA (sf)  

  K           20047BAG3             CCC- (sf)            D (sf)   


COMM 2014-LC17: Fitch Lowers Ratings on 2 Tranches to CCC
---------------------------------------------------------
Fitch Ratings has downgraded four classes and affirmed 14 in
Deutsche Bank Securities, Inc.'s COMM 2014-LC17 commercial mortgage
trust pass-through certificates.  

KEY RATING DRIVERS

Increased Loss Projections: The rating actions follow an increase
to Fitch's loss projections, as certain loans continue to exhibit
performance decline and defaulted assets were transferred to
special servicing. Since the last rating action, two assets have
transferred to special servicing, and none of the assets previously
in special servicing have been resolved. Specially serviced assets
now represent 4.3% of the pool, up from 2.7% in March 2017. The
current figure includes four REO assets, an office building located
in Houston and a portfolio of three limited-service hotels in the
Eagle Ford Shale region of Texas, which represent 2.8% of the
pool.

Three additional loans secured by multifamily portfolios in
Atlanta, Cincinnati and the Bakken Shale region of North Dakota
round out the remaining defaulted loans. The number of loans on the
servicer's watchlist has also increased and now represents 18.6% of
the pool, up from 14% in March 2017. Eight of these watchlisted
loans (13.1% of the pool) are also Fitch Loans of Concern.

Limited Amortization: The pool has amortized 3.2% since issuance.
Loans representing 27.8% of the pool are interest-only (IO) for the
full term. An additional nine loans (10.1% of the pool) were
originally structured with partial-IO periods and have not yet
begun to amortize. Despite nearly three years of seasoning, the
weighted average (WA) Fitch LTV remains high at 103.7%, versus
107.9 at issuance. Eleven loans are scheduled to mature by the end
of 2019 (19.3% of the pool). Two of these loans are in special
servicing, and an additional three are Fitch Loans of Concern.

Hurricane and Wildfire Exposure: Approximately 11.6% of the pool
was identified in the servicer's Significant Insurance Event
reports following Hurricanes Harvey and Irma. These properties
reportedly sustained minor or no damage. The servicer also reported
that no fire damage was sustained to any collateral properties
located in California, and no model adjustments were made for
natural disaster risk.

RATING SENSITIVITIES

The Outlook on all but four classes remains Stable. The Outlook for
classes F and X-E was removed in conjunction with their downgrade
to 'CCCsf'. Classes E and X-D were also downgraded and their
Outlooks remain Negative. While losses projected for assets in
special servicing would be contained to the unrated classes, the
loss of credit support to Fitch-rated classes could cause a
downgrade to classes E and X-D if losses are realized. Downgrades
are also possible to investment-grade classes in such a scenario or
with further performance decline, or lack of improvement for
performing loans, or additional defaults.

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

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

Fitch has downgraded the following:

-- $29.3 million class E to 'B-sf' from 'BB-sf'; Outlook
    Negative;
-- $29.3 million* class X-D to 'B-sf' from 'BB-sf'; Outlook
    Negative;
-- $12.4 million class F to 'CCCsf' from 'B-sf'; RE 90%;
-- $12.4 million* class X-E to 'CCCsf' from 'B-sf'.

Fitch has affirmed the following ratings:

-- $15 million class A-1 at 'AAAsf'; Outlook Stable;
-- $227.4 million class A-2 at 'AAAsf'; Outlook Stable;
-- $96.7 million class A-SB at 'AAAsf'; Outlook Stable;
-- $34.2 million class A-3 at 'AAAsf'; Outlook Stable;
-- $190 million class A-4 at 'AAAsf'; Outlook Stable;
-- $261.9 million class A-5 at 'AAAsf'; Outlook Stable;
-- $81.9 million class A-M at 'AAAsf'; Outlook Stable;
-- $907.2 million* class X-A at 'AAAsf'; Outlook Stable;
-- $57.2 million class B at 'AAsf'; Outlook Stable;
-- $102 million* class X-B at 'AAsf'; Outlook Stable;
-- $44.8 million class C at 'Asf'; Outlook Stable;
-- $0 class PEZ at 'Asf'; Outlook Stable;
-- $91.1 million class D at 'BBB-sf'; Outlook Stable;
-- $91.1 million* class X-C at 'BBB-sf'; Outlook Stable.

*Notional and interest-only

Fitch does not rate the interest-only class X-F and X-G
certficates.


CROWN POINT 4: Moody's Assigns (P)Ba3 Rating to Class E Notes
-------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to six
classes of notes to be issued by Crown Point CLO 4 Ltd. (the
"Issuer" or "Crown Point 4").

Moody's rating action is:

US$3,375,000 Class X Senior Secured Floating Rate Notes due 2031
(the "Class X Notes"), Assigned (P)Aaa (sf)

US$285,750,000 Class A Senior Secured Floating Rate Notes due 2031
(the "Class A Notes"), Assigned (P)Aaa (sf)

US$51,750,000 Class B Senior Secured Floating Rate Notes due 2031
(the "Class B Notes"), Assigned (P)Aa2 (sf)

US$27,000,000 Class C Secured Deferrable Mezzanine Floating Rate
Notes due 2031 (the "Class C Notes"), Assigned (P)A2 (sf)

US$29,250,000 Class D Secured Deferrable Mezzanine Floating Rate
Notes due 2031 (the "Class D Notes"), Assigned (P)Baa3 (sf)

US$20,250,000 Class E Secured Deferrable Junior Floating Rate Notes
due 2031 (the "Class E Notes"), Assigned (P)Ba3 (sf)

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

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

RATINGS RATIONALE

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

Crown Point 4 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
first lien senior secured loans, and up to 10.0% of the portfolio
may consist of second lien loans and unsecured loans. Moody's
expect the portfolio to be approximately 70% ramped as of the
closing date.

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

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

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

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

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

Par amount: $450,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 3.45%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 47.5%

Weighted Average Life (WAL): 9.10 years

Methodology Underlying the Rating Action:

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

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

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

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

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

Percentage Change in WARF -- increase of 15% (from 2800 to 3220)

Rating Impact in Rating Notches

Class X Notes: 0

Class A Notes: 0

Class B Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: 0

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

Rating Impact in Rating Notches

Class X Notes: 0

Class A Notes: -1

Class B Notes: -3

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1


DRIVE AUTO 2018-1: S&P Assigns BB+(sf) Rating on Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to Drive Auto Receivables
Trust 2018-1's $938.08 million automobile receivables-backed notes
series 2018-1.

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

The ratings reflect S&P's view of:

-- The availability of 65.7%, 58.9%, 49.1%, 38.6%, and 35.6% of
credit support for the class A (consisting of classes A-1, A-2, and
A-3), B, C, D, and E notes, respectively, based on stressed cash
flow scenarios (including 100% credit to excess spread), which
provide coverage of approximately 2.35x, 2.10x, 1.70x, 1.35x, and
1.27x for S&P's 26.50%-27.50% expected cumulative net loss. These
break-even scenarios cover total cumulative gross defaults of
approximately 94%, 84%, 70%, 59%, and 55%, respectively.

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

-- S&P said, "The expectation that under a moderate ('BBB') stress
scenario (1.35x our expected loss level), all else being equal, our
ratings on the class A, B, and C notes will remain at the assigned
'AAA (sf)', 'AA (sf)', and 'A (sf)' ratings, respectively, and our
rating on the class D notes would not decline by more than two
rating categories from the assigned 'BBB (sf)' rating while they
are outstanding. The class E notes will remain within two rating
categories of the assigned  'BB+ (sf)' rating during the first year
but will eventually default under the front-loaded 'BBB' stress
scenario, after having received 72% of its principal, and will be
repaid in full under the back-loaded 'BBB' stress. These rating
movements are within the limits specified by our credit stability
criteria."

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

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

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

RATINGS ASSIGNED
  Drive Auto Receivables Trust 2018-1
  Class        Rating      Type          Interest          Amount
                                         rate            (mil. $)
  A-1          A-1+ (sf)   Senior        Fixed             155.00
  A-2          AAA (sf)    Senior        Fixed             174.26
  A-3          AAA (sf)    Senior        Fixed              86.05
  B            AA (sf)     Subordinate   Fixed             133.60
  C            A (sf)      Subordinate   Fixed             168.45
  D            BBB (sf)    Subordinate   Fixed             162.64
  E            BB+ (sf)    Subordinate   Fixed              58.08


ETRADE RV 2004-1: Moody's Hikes Class D Notes Rating to Caa2(sf)
----------------------------------------------------------------
Moody's Investors Service upgraded three tranches issued from
E*Trade RV and Marine Trust 2004-1, a transaction backed by
recreational vehicle (RV) and marine installment sales contracts.

The complete rating actions are as follow

Issuer: E*Trade RV and Marine Trust 2004-1

Cl. B, Upgraded to Aaa (sf); previously on Mar 24, 2017 Upgraded to
Aa3 (sf)

Cl. C, Upgraded to Baa1 (sf); previously on Mar 24, 2017 Upgraded
to Baa3 (sf)

Cl. D, Upgraded to Caa2 (sf); previously on Mar 24, 2017 Affirmed
Caa3 (sf)

RATINGS RATIONALE

The upgrades resulted from the build-up of credit enhancement due
to subordination and stable performance of the underlying
collateral over the past several years.

While the build-up of credit enhancement due to the sequential pay
deal structure as well as stable performance supports rating
upgrades for the most senior tranches, cumulative losses on the
underlying collateral have depleted the reserve account and eroded
the credit enhancement available to the securities. The transaction
is currently under-collateralized by approximately $3.6 million or
80% of the unrated Class-E principal balance, which is currently
protecting the remaining tranches from the adverse effects of
under-collateralization. The Caa2 rating of the Class D notes
reflects the recovery rate that Moody's expect for the tranche.

Unlike other vehicle-backed ABS, the impact of the weakened economy
on RV transactions was more severe and long lasting due to the
non-essential nature of the underlying collateral and the longer
financing terms, which on average range between 170 and 185 months
at closing. As a result, the transaction has experienced an
economic downturn during its life.

Below are key performance metrics (as of the January 2017
distribution date). Performance metrics include pool factor, which
is the ratio of the current collateral balance to the original
collateral balance at closing; total credit enhancement, which
typically consists of subordination, overcollateralization, reserve
fund; and excess spread.

Issuer: E*Trade RV and Marine Trust 2004-1

Pool factor -- 4.98%

Total credit enhancement (excluding excess spread): Class B --
91.20%, Class C -- 51.85%, Class D-5.95%.

Class E Balance - $4,540,760

Overcollateralization - $(3,625,650)

Excess spread per annum -- Approximately 1.5%

PRINCIPAL METHODOLOGY

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

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

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
may be better than its original expectations because of lower
frequency of default by the underlying obligors or appreciation in
the value of the recreational vehicles and boats that secure the
obligor's promise of payment. The US job market and the market for
used recreational vehicles and boats are primary drivers of
performance. Other reasons for better performance than Moody's
expected include changes in servicing practices to maximize
collections on the loans or refinancing opportunities that result
in a prepayment of the loan.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss may
be worse than its original expectations because of higher frequency
of default by the underlying obligors of the loans or a
deterioration in the value of the recreational vehicles and boats
that secure the obligor's promise of payment. The US job market and
the market for used recreational vehicles and boats are primary
drivers of performance. Other reasons for worse performance than
Moody's expected include poor servicing, error on the part of
transaction parties, lack of transactional governance and fraud.


FLAGSHIP CREDIT 2018-1: S&P Assigns BB-(sf) Rating in Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Flagship Credit Auto
Trust 2018-1's $200 million automobile receivables-backed notes.

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

The ratings reflect:

-- The availability of approximately 47.6%, 40.2%, 31.3%, 24.7%,
and 21.0% credit support (including excess spread) for the class A,
B, C, D, and E notes, respectively, based on stressed cash flow
scenarios. These credit support levels provide coverage of
approximately 3.50x, 3.00x, 2.30x, 1.75x, and 1.40x S&P's
12.75%-13.25% expected cumulative net loss (CNL) range for the
class A, B, C, D, and E notes, respectively. These break-even
scenarios cover total cumulative gross defaults (using a recovery
assumption of 40%) of approximately 79%, 67%, 52%, 41%, and 35%,
respectively.

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

-- S&P said, "The expectation that under a moderate ('BBB') stress
scenario, all else being equal, our ratings on the class A and B
notes would not be lowered by more than one rating category from
our 'AAA (sf)' and 'AA (sf)' ratings throughout the transaction's
life, and our ratings on the class C and D notes would not be
lowered more than two rating categories from our 'A (sf)' and 'BBB
(sf)' ratings. The rating on the class E notes would remain within
two rating categories of our 'BB- (sf)' rating within the first
year, but the class would eventually default under the 'BBB' stress
scenario after receiving 47%-54% of its principal. The above rating
movements are within the one-category rating tolerance for 'AAA'
and 'AA' rated securities during the first year and three-category
tolerance over three years; a two-category rating tolerance for
'A', 'BBB', and 'BB' rated securities during the first year; and a
three-category tolerance for 'A' and 'BBB' rated securities over
three years. The 'BB' rated securities are permitted to default
under a 'BBB' stress scenario."

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

-- The characteristics of the collateral pool being securitized.

-- The transaction's payment and legal structures.

RATINGS ASSIGNED
  Flagship Credit Auto Trust 2018-1

  Class       Rating      Type           Interest      Amount
                                         rate (%)    (mil. $)
  A           AAA (sf)    Senior             2.59      122.75
  B           AA (sf)     Subordinate        3.13       22.50
  C           A (sf)      Subordinate        3.39       24.56
  D           BBB (sf)    Subordinate        3.86       18.42
  E           BB- (sf)    Subordinate        5.10       11.77


GS MORTGAGE 2013-GCJ12: Fitch Affirms BB Rating on Class E Certs
----------------------------------------------------------------
Fitch Ratings has downgraded one class and affirmed 11 classes of
GS Mortgage Securities Trust 2013-GCJ12 commercial mortgage pass
through certificates, series 2013-GCJ12.

KEY RATING DRIVERS

Loans of Concern/Increased Loss Expectations: Ten loans have been
identified as Fitch Loans of Concern (FLOCs; 20.8% of the pool),
including four (16.9%) of the top 15 loans and the third largest,
which transferred to special servicing (5.5%). Pool loss
expectations have increased primarily due to two FLOCs (8.2%), both
of which are multifamily properties with fluctuating performance
since issuance.

Eagle Ridge Village (5.5% of the pool balance) transferred to
special servicing in January 2018 due to imminent default after the
property experienced a decline in occupancy and low debt service
coverage ratio (DSCR). The 648-unit property is located near Ft.
Drum, and has been affected by military cutbacks, reduced
subsidies, on-base housing requirements and deployments. A cash
flow sweep is currently in place to fund any future excess cash
flow. The loan remains current.

Woodhawk Club Apartments (2.7%) has been flagged as a FLOC for
declining occupancy resulting in lower rental revenue and net
operating income (NOI). Occupancy was reported at 86.6% per the
September 2017 rent roll, a slight improvement from 82% at year-end
(YE) 2016 and 78% at YE 2015, but remains below issuance levels of
94%. DSCR was reported at 1.02x (year to date June 2017), compared
with 0.99x (YE 2016) and 1.31x (YE 2015). The DSCR has also
declined due to amortizing payments, which began in June 2015. The
loan has remained current.

Increased Credit Enhancement (CE) and Paydowns: As of the February
2018 remittance reporting, the pool's aggregate principal balance
paid down 12.4% to $1.05 billion from $1.12 billion at issuance.
Since issuance, two loans totalling $64.1 million have prepaid
prior to their scheduled loan maturities with yield maintenance
penalties or during their open period. Four loans totalling $64.7
million are scheduled to mature over the next six months. There
have been no realized losses since issuance. Two loans (2% of
current pool) were defeased.

Amortization: All loans are now amortizing. The transaction had no
full-term, interest-only (IO) loans, and all partial IO loans (33%
of the pool) have transitioned into their amortization periods. The
pool is scheduled to pay down 17.9% from cutoff to maturity, based
on the loans' scheduled maturity balances at issuance. The pool has
already paid down 12.3% since issuance, which was accelerated by
the full pre-payment of the $57.0 million Condyne Industrial
Portfolio loan (4.8% of the original pool), the fourth largest loan
at issuance. Per the February 2018 remittance, current scheduled
principal payments are $1.84 million per month.

Retail Concentration: The largest property concentration consists
of retail properties (36.7% of the pool), with 14 loans (30.4%)
secured by anchored properties. The largest loan in the pool,
Friendly Center (9.2%), is secured by an open-air retail center in
Greensboro, NC anchored by Sears and Macy's.

RATING SENSITIVITIES

Rating Outlooks on classes A-1 through D remain Stable due to
sufficient class CE relative to Fitch expected losses. The senior
class's CE is expected continue to increase from ongoing
amortization. The Negative Outlook on class E reflects the high
percentage of FLOCs, in particular the specially serviced Eagle
Ridge Village property since issuance. A downgrade to this class
may be considered should performance continue to decline and Fitch
expected losses increase. Upgrades, while not expected, are
possible with improved performance of the FLOCs and additional
paydown or defeasance.

Deutsche Bank is the trustee for the transaction, and also serves
as the backup advancing agent. Fitch downgraded Deutsche Bank's
Issuer Default Rating to 'BBB+'/'F2' from 'A-'/'F1' on Sept. 28,
2017. Fitch relies on the master servicer, Wells Fargo & Company
rated 'A+'/'F1', which is currently the primary advancing agent, as
a direct counterparty. Fitch provided ratings confirmation on Jan.
24, 2018.

Fitch has downgraded the following class and assigned Recovery
Estimate as indicated:

-- $12 million class F to 'CCCsf' from 'Bsf Outlook Stable'; RE
100%.

Fitch has affirmed the following ratings as indicated:
-- $70.2 million class A-2 at 'AAAsf'; Outlook Stable;
-- $200 million class A-3 at 'AAAsf'; Outlook Stable;
-- $313.8 million class A-4 at 'AAAsf'; Outlook Stable;
-- $105.5 million class A-AB at 'AAAsf'; Outlook Stable;
-- $772.3 million* class X-A at 'AAAsf'; Outlook Stable;
-- $142.2 million* class X-B at 'A-sf'; Outlook Stable.
-- $80.8 million class A-S at 'AAAsf'; Outlook Stable;
-- $86.8 million class B at 'AA-sf'; Outlook Stable;
-- $55.4 million class C at 'A-sf'; Outlook Stable;
-- $49.4 million class D at 'BBB-sf'; Outlook Stable;
-- $32.9 million class E at 'BBsf'; Outlook Negative;

*Notional amount and interest only.

The class A-1 certificates have paid in full. Fitch does not rate
the interest-only class X-C or class G certificates.


GS MORTGAGE 2018-CHILL: Moody's Assigns (P)B3 Rating to Cl. F Certs
-------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to eight
classes of commercial mortgage backed securities, issued by GS
Mortgage Securities Corporation Trust 2018-CHILL, Commercial
Mortgage Pass-Through Certificates, Series 2018-CHILL.:

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

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

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

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

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

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

Cl. X-CP*, Assigned (P)A3 (sf)

Cl. X-FP*, Assigned (P)A3 (sf)

* Reflects interest-only classes

RATINGS RATIONALE

The Certificates are collateralized by a single loan backed by a
first lien commercial mortgage related to a portfolio of 13
temperature controlled properties. The single borrower underlying
the mortgage is comprised of 2 special-purpose bankruptcy-remote
entities, each of which is indirectly wholly owned and controlled
by Blackstone Capital Partners VII NQ L.P.

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

The credit risk of the loan is determined primarily by two factors:
1) Moody's assessment of the probability of default, which is
largely driven by the DSCR, and 2) Moody's assessment of the
severity of loss in the event of default, which is largely driven
by the LTV of the underlying loan.

The first mortgage balance of $365,000,000 represents a Moody's LTV
of 105.9%. The Moody's First Mortgage Actual DSCR is 2.66X and
Moody's First Mortgage Actual Stressed DSCR is 1.17X.

Loan collateral is comprised of the borrower's fee interest in 13
temperature-controlled properties located within 6 states.
Construction dates range between 1964 and 1999 and reflect an
average age of 30 years.

Property subtypes based on Moodys classification include Production
Attached/Advantaged (4 properties; 37.0% of TTM NCF; 39.3% of the
allocated loan balance) and public warehouse (9 properties; 63.0%
of TTM NCF; 60.7% of the allocated loan balance). Most of the
facilities are well-suited for their use, exhibiting a weighted
average clear height of 33 feet. For the twelve months up to
December, 2017 the portfolio's average utilization rate was 73.2%.

Moody's analysis for temperature controlled portfolios
predominantly focuses on five main factors. These include the
assessment of (1) a facility's proximity to a Global Gateway
Industrial Market, agricultural and/or food producers, (2) Building
Size, (3) Functionality of a facility, (4) Property Subtype which
is categorized into three distinct subgroups mainly Public
Warehouse, Production Attached/Advantaged, and Distribution/Port
Facilities and (5) Utilization and Contracts with food producers,
pharmaceutical companies, manufactures and farmers. With respect to
the portfolio collateral, Moody's assessment of the portfolio's
value centers was positive with respect to facility size,
functionality metrics, and proximity to agricultural demand
generators.

Revenues for the underlying 13 properties are effectively
cross-collateralized. Loans secured by multiple properties benefit
from lower cash flow volatility given that excess cash flow from
one property can be used to augment another's cash flow to meet
debt service requirements. The loan also benefit from the pooling
of equity from each underlying property.

There are 2 borrowers which are all special purpose entities that
are 100% directly or indirectly owned by the Sponsor, who is the
non-recourse guarantor. The Borrowers are special purpose entities
whose primary business is the performance of the obligations under
the loan documents and the ownership and operation of the
properties.

The principal methodology used in these ratings was "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in July 2017. The methodologies used in rating Cl.
X-CP, and Cl. X-FP were "Moody's Approach to Rating Large Loan and
Single Asset/Single Borrower CMBS" published in July 2017 and
"Moody's Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

Moody's review incorporated the use of the excel-based Large Loan
Model, which it uses for single borrower and large loan
multi-borrower transactions. The large loan model derives credit
enhancement levels based on an aggregation of adjusted loan level
proceeds derived from Moody's loan level LTV ratios. Major
adjustments to determining proceeds include leverage, loan
structure, and property type. These aggregated proceeds are then
further adjusted for any pooling benefits associated with loan
level diversity, other concentrations and correlations.

Moody's Parameter Sensitivities: If Moody's value of the collateral
used in determining the initial rating were decreased by 5%, 14.2%,
or 22.5%, the model-indicated rating for the currently rated (P)
Aaa (sf) class would be Aa1 (sf), Aa3 (sf), or A3 (sf). Parameter
Sensitivities are not intended to measure how the rating of the
security might migrate over time; rather they are designed to
provide a quantitative calculation of how the initial rating might
change if key input parameters used in the initial rating process
differed. The analysis assumes that the deal has not aged.
Parameter Sensitivities only reflect the ratings impact of each
scenario from a quantitative/model-indicated standpoint.
Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
Parameter Sensitivity analysis.

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

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range may
indicate that the collateral's credit quality is stronger or weaker
than Moody's had previously anticipated. Factors that may cause an
upgrade of the ratings include significant loan paydowns or
amortization, an increase in the pool's share of defeasance or
overall improved pool performance. Factors that may cause a
downgrade of the ratings include a decline in the overall
performance of the pool, loan concentration, increased expected
losses from specially serviced and troubled loans or interest
shortfalls.

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

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


HOMESTAR MORTGAGE: Moody's Hikes $46MM of Alt-A RMBS Issued in 2004
-------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of fourteen
tranches from six transactions, backed by Alt-A RMBS loans, issued
by Homestar Mortgage Acceptance Corp. in 2004.

Complete rating actions are:

Issuer: Homestar Mortgage Acceptance Corp. Asset-Backed
Pass-Through Certificates, Series 2004-1

Cl. A-1, Upgraded to Aa1 (sf); previously on Mar 9, 2017 Upgraded
to A1 (sf)

Cl. A-2, Upgraded to Aa2 (sf); previously on Mar 9, 2017 Upgraded
to A2 (sf)

Issuer: Homestar Mortgage Acceptance Corp. Asset-Backed
Pass-Through Certificates, Series 2004-2

Cl. AV-1, Upgraded to Aaa (sf); previously on Mar 9, 2017 Upgraded
to Aa1 (sf)

Cl. AV-2, Upgraded to Aaa (sf); previously on Mar 9, 2017 Upgraded
to Aa2 (sf)

Issuer: Homestar Mortgage Acceptance Corp. Asset-Backed
Pass-Through Certificates, Series 2004-3

Cl. AV-3, Upgraded to Aaa (sf); previously on Mar 9, 2017 Upgraded
to Aa1 (sf)

Cl. M-4, Upgraded to B1 (sf); previously on Apr 19, 2016 Upgraded
to B3 (sf)

Cl. M-5, Upgraded to Caa2 (sf); previously on Apr 19, 2016 Upgraded
to Ca (sf)

Issuer: Homestar Mortgage Acceptance Corp. Asset-Backed
Pass-Through Certificates, Series 2004-4

Cl. A-3, Upgraded to Aaa (sf); previously on May 10, 2012
Downgraded to A1 (sf)

Cl. M-3, Upgraded to Ba2 (sf); previously on Aug 4, 2015 Downgraded
to B2 (sf)

Cl. M-4, Upgraded to Ba3 (sf); previously on Aug 4, 2015 Downgraded
to Caa1 (sf)

Cl. M-5, Upgraded to B1 (sf); previously on Aug 4, 2015 Downgraded
to Caa2 (sf)

Issuer: Homestar Mortgage Acceptance Corp. Asset-Backed
Pass-Through Certificates, Series 2004-5

Cl. M-6, Upgraded to Ba3 (sf); previously on Mar 9, 2017 Upgraded
to Caa1 (sf)

Cl. M-7, Upgraded to Caa2 (sf); previously on Feb 15, 2013 Affirmed
C (sf)

Issuer: Homestar Mortgage Acceptance Corp. Asset-Backed
Pass-Through Certificates, Series 2004-6

Cl. M-6, Upgraded to B2 (sf); previously on May 18, 2016 Upgraded
to Caa1 (sf)

RATINGS RATIONALE

The rating upgrades are primarily due to an increase in the credit
enhancement available to the bonds. The rating actions reflect the
recent performance of the underlying pools and Moody's updated loss
expectation on these pools.

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 January 2018 from 4.8% in
January 2017. Moody's forecasts an unemployment central range of
3.5% to 4.5% for 2018. 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.

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.


JMP CREDIT III: Moody's Assigns Ba3(sf) Rating to Class E Notes
---------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by JMP Credit Advisors CLO III(R) Ltd. (the "Issuer"
or "JMP Credit Advisors CLO III(R)").

Moody's rating actions are:

US$228,000,000 Class A Senior Secured Floating Rate Notes due 2028
(the "Class A Notes"), Assigned Aaa (sf)

US$41,700,000 Class B Senior Secured Floating Rate Notes due 2028
(the "Class B Notes"), Assigned Aa2 (sf)

US$22,500,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2028 (the "Class C Notes"), Assigned A2 (sf)

US$21,600,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2028 (the "Class D Notes"), Assigned Baa3 (sf)

US$18,300,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2028 (the "Class E Notes"), Assigned Ba3 (sf)

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

RATINGS RATIONALE

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

JMP Credit Advisors CLO III(R) 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 first lien senior secured loans, cash, and eligible
investments, and up to 10.0% of the portfolio may consist of second
lien loans and unsecured loans. Moody's expect the portfolio to be
fully invested as of the closing date.

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

In addition to the Rated Notes, the Issuer has assumed as a result
of the merger transaction between the Issuer and another CLO issuer
(the "Existing CLO Issuer"), all of the rights and obligations
under the subordinated notes previously issued by the Existing CLO
Issuer.

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:

Performing par and principal proceeds balance: $357,170,553

Defaulted par: $3,483,965

Diversity Score: 75

Weighted Average Rating Factor (WARF): 2950

Weighted Average Spread (WAS): 3.50%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 5.9 years

Methodology Underlying the Rating Action:

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

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

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

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

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

Percentage Change in WARF -- increase of 15% (from 2950 to 3393)

Rating Impact in Rating Notches

Class A Notes: 0

Class B Notes: -1

Class C Notes: -2

Class D Notes: -1

Class E Notes: -1

Percentage Change in WARF -- increase of 30% (from 2950 to 3835)

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


JP MORGAN 2004-C3: Fitch Affirms 'CCCsf' Rating on Class H Certs
----------------------------------------------------------------
Fitch Ratings has affirmed J.P. Morgan Chase Commercial Mortgage
Securities Corp. (JPMCC) commercial mortgage pass-through
certificates series 2004-C3.  

KEY RATING DRIVERS

Largest Loan is Fitch Loan of Concern; Losses Remain Possible: The
largest loan in the transaction, T-Mobile Lenexa, KS (42.7%) is
considered a Fitch Loan of Concern as the property's sole tenant's
lease expiration is in October 2019, two months prior to the loan's
anticipated repayment date (ARD) in December 2019. After the ARD,
the loan's interest rate is increased by at least 2% or the
then-current treasury rate corresponding to a term equal to the
remaining amortization plus at least 2% per annum. The loan is also
on the master servicer's watchlist for major deferred maintenance.
The current debt per square foot is $106.4.

Concentrated Pool: The pool is highly concentrated with only seven
loans remaining. Due to the concentrated nature of the pool, Fitch
performed a sensitivity analysis that grouped the remaining loans
based on loan structural features, collateral quality and
performance which ranked them by their perceived likelihood of
repayment. This includes defeased loans, fully amortizing loans,
balloon loans, and Fitch Loans of Concern. The ratings reflect this
sensitivity analysis.

Defeasance: Two loans (14.8%) are fully defeased.

Maturity Schedule: 16.7% matures in 2019; 9.9% in 2022, 11.8% in
2023; 4.6% in 2024; 14.3% in 2025, and 42.7% in 2034.

Amortization: As of the January 2018 distribution date, the
transaction has paid down 99.7% since issuance, to $4.7 million
from $1.5 billion. Interest shortfalls in the amount of $4.5
million are currently affecting classes J, N, P, Q, and NR.

RATING SENSITIVITIES

The balance of class H is reliant on a combination of defeased
collateral, fully amortizing loans and the Fitch Loan of Concern.
Should the Fitch Loan of Concern pay off at its anticipated
repayment date (ARD) date in 2019 or the single tenant renew their
lease, an upgrade to this class may be possible.

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

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

Fitch has affirmed the following ratings:

-- $14.6 million class H at 'CCCsf'; RE revised to 100%;
-- $4.7 million class J at 'Dsf'; RE 0%;
-- $0 class K at 'Dsf'; RE 0%;
-- $0 class L at 'Dsf'; RE 0%;
-- $0 class M at 'Dsf'; RE 0%;
-- $0 class N at 'Dsf'; RE 0%;
-- $0 class P at 'Dsf'; RE 0%;
-- $0 class Q at 'Dsf'; RE 0%.

The class A-1, A-1A, A-2, A-3, A-4, A-5, A-J, B, C, D, E, F, and G
certificates have paid in full. Fitch does not rate the class NR
certificates. Fitch previously withdrew the ratings on the
interest-only class X-1 and X-2 certificates.


JP MORGAN 2005-LDP5: Fitch Affirms 'CCsf' Rating on Cl. H Certs
---------------------------------------------------------------
Fitch Ratings has upgraded one class and affirmed 10 classes of
J.P. Morgan Chase Commercial Mortgage Securities Corp. (JPMCC)
commercial mortgage pass-through certificates, series 2005-LDP5.

KEY RATING DRIVERS

The rating upgrade to class F reflects the class' increased credit
enhancement resulting from four loans repaying in full since
Fitch's last rating action. Although credit enhancement is high,
upgrades were limited as several loans have near-term lease roll
and/or are single-tenanted. Affirmations to the lower classes were
the result of high expected losses relative to current credit
enhancement. Interest shortfalls are currently affecting classes J,
K and N through NR.

Fitch modeled losses of 39% of the remaining pool; expected losses
on the original pool balance total 5.8%, including $181.1 million
(4.24% of original pool balance) in realized losses incurred to
date. As of the January 2018 distribution date, the transaction has
paid down 96% since issuance, to $159.4 million from $4.3 billion
at issuance.

Specially Serviced Loan: The largest loan in the pool (50.4% of the
pool balance) is the specially serviced Atlantic Development
Portfolio, which is secured by five office complexes and two
industrial properties located in Somerset and Warren, NJ. The loan
originally transferred to the special servicer in April 2010 due to
imminent default and was modified to include an increase in the
number of interest-only periods and the release of one property.
The loan was briefly transferred to the master servicer only to
return back to special servicing in July 2015 following a severe
dip in occupancy. As of December 2017, occupancy was reported at
50%. Per the Special Servicer, a receiver was appointed and
foreclosure is anticipated to conclude within the first-quarter of
2018.

Fitch Loans of Concern: In addition to the specially serviced loan,
there are three loans in the pool (33%) considered Fitch Loans of
Concern. Two of these loans are past their ARD dates and are
secured by single tenant properties with leases rolling in the next
18 months.

Highly Concentrated Pool: The pool is highly concentrated with only
13 of the original 199 loans remaining. Due to the concentrated
nature of the pool, Fitch performed a sensitivity analysis that
grouped the remaining loans based on loan structural features,
collateral quality and performance and ranked them by their
perceived likelihood of repayment. This includes fully amortizing
loans, balloon loans and Fitch Loans of Concern. The ratings
reflect this sensitivity analysis.

Maturity Schedule: For the non-specially serviced loans the current
pool's loan maturity schedule is: 3% (2020), 4.2% (2023), 10%
(2025) and 32.3% (2035).

RATING SENSITIVITIES

The ratings on classes F and G have Stable Outlooks due to
sufficient credit enhancement relative to expected losses. Further
upgrades are possible with lease renewals for the single tenant
properties or better than expected recoveries on the specially
serviced asset. Further downgrades to the distressed classes will
occur as losses are realized.

Fitch has upgraded the following class:

-- $22.2 million class F to 'BBBsf' from 'BBsf'; Outlook Stable.

Fitch has affirmed the following classes:

-- $36.7 million class G at 'B-sf'; Outlook Stable;
-- $52.5 million class H at 'CCsf'; RE 75%;
-- $41.9 million class J at 'Csf'; RE 0%.
-- $6 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%;
-- $0 million class P at 'Dsf'; RE 0%;
-- $0 million class Q at 'Dsf'; RE 0%.

The class A-1, A-2FL, A-2, A-3, A-4, A-SB, A-1A, A-M, A-J, B, C, D
and E certificates have paid in full. Fitch does not rate the class
NR, HG-1, HG-2, HG-3, HG-4, and HG-5 certificates. Fitch previously
withdrew the rating on the interest-only class X-1 and X-2
certificates.


JP MORGAN 2018-BCON: S&P Assigns B(sf) Rating on Class E Certs
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to J.P. Morgan Chase
Commercial Mortgage Securities Trust 2018-BCON's commercial
mortgage pass-through certificates.

The certificate issuance is a commercial mortgage-backed securities
(CMBS) transaction backed by the $200.0 million portion of six
uncrossed, five-year, fixed-rate commercial mortgage loans,
amounting to a combined trust balance of $255.0 million. Each loan
is secured by one residential tower within The Beacon, a
multifamily complex in Jersey City, N.J., and one 510-space parking
facility. The complex also includes three other buildings, which
are not part of the collateral for this transaction.

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

RATINGS ASSIGNED

  J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-BCON

  Class       Rating(i)             Amount
  A           AAA (sf)          81,535,000
  X           AAA (sf)          81,535,000(ii)
  B           AA- (sf)          20,465,000
  C           A- (sf)           23,500,000
  D           BBB- (sf)         24,000,000
  E           BB- (sf)          27,900,000
  F           B (sf)            10,800,000
  HRR         NR                11,800,000

(i)The issuer will issue the certificates to qualified
institutional buyers in line with Rule 144A of the Securities Act
of 1933.
(ii)Notional balance. The notional amount of the class X
certificates will equal the certificate balance of the class A
certificates.
NR--Not rated.


LEHMAN BROTHERS: Moody's Cuts Ratings on 7 Classes on 5 Loan Deals
------------------------------------------------------------------
Moody's Investors Service downgraded ratings on seven classes of
certificates from five securitizations of small balance commercial
real estate loans. The deals are serviced by Ocwen Loan Servicing,
LLC.

Complete rating actions are:

Issuer: Lehman Brothers Small Balance Commercial Mortgage
Pass-Through Certificates, Series 2006-2

Cl. M3, Downgraded to Caa1 (sf); previously on Mar 27, 2015
Downgraded to B3 (sf)

Cl. B, Downgraded to C (sf); previously on Oct 25, 2016 Downgraded
to Ca (sf)

Issuer: Lehman Brothers Small Balance Commercial Mortgage
Pass-Through Certificates, Series 2006-3

Cl. M2, Downgraded to Caa3 (sf); previously on Nov 8, 2013
Downgraded to Caa1 (sf)

Issuer: Lehman Brothers Small Balance Commercial Mortgage
Pass-Through Certificates, Series 2007-1

Cl. M1, Downgraded to Caa1 (sf); previously on Nov 8, 2013
Downgraded to B2 (sf)

Cl. M2, Downgraded to Ca (sf); previously on May 23, 2017
Downgraded to Caa2 (sf)

Issuer: Lehman Brothers Small Balance Commercial Mortgage
Pass-Through Certificates, Series 2007-2

Cl. M3, Downgraded to C (sf); previously on Oct 25, 2016 Downgraded
to Ca (sf)

Issuer: Lehman Brothers Small Balance Commercial Mortgage
Pass-Through Certificates, Series 2007-3

Cl. M3, Downgraded to C (sf); previously on Dec 2, 2015 Downgraded
to Ca (sf)

RATINGS RATIONALE

The downgrade actions are due to continued deterioration of the
pool performance and generally decreased credit enhancement. The
transactions are currently under-collateralized and the reserve
funds are fully depleted. Further, the transactions 2006-2, 2006-3,
2007-1, 2007-2, and 2007-3 have approximately 8.3%, 25.5%, 22.2%,
10.1%, and 15.1% of the respective collateral balance in serious
delinquency, foreclosure, or REO status.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's Global
Approach to Rating SME Balance Sheet Securitizations" published in
August 2017.

Moody's evaluated the sufficiency of credit enhancement by first
analyzing the loans to determine an expected lifetime net loss for
each collateral pool. Moody's compared these net losses with the
available credit enhancement. Moody's evaluated the sufficiency of
loss coverage provided by credit enhancement in light of the
projected losses on the collateral.

Other methodologies and factors that may have been considered in
the process of rating these transactions can also be found on
Moody's website.

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

Up

Better than expected pool performance and levels of credit
enhancement that are higher than necessary to protect investors
against current expectations of loss could drive the ratings up.
Losses could decline below Moody's expectations as a result of a
decrease in seriously delinquent loans, lower severities than
expected on liquidated loans, or fewer defaults than expected.

Down

Further occurrence of interest shortfalls and levels of credit
enhancement that are insufficient to protect investors against
current expectations of loss could drive the ratings down. Losses
could rise above Moody's expectations as a result of an increase in
seriously delinquent loans and higher severities than expected on
liquidated loans.


MIDOCEAN CREDIT VIII: Fitch Assigns 'B-sf' Rating to Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned the following ratings and Rating
Outlooks to MidOcean Credit CLO VIII/LLC:

-- $285,000,000 class A-1 notes 'AAAsf'; Outlook Stable;
-- $30,000,000 class A-2 notes 'AAAsf'; Outlook Stable;
-- $10,000,000 class F notes 'B-sf'; Outlook Stable.

Fitch does not rate the class B, C, D, E or subordinated notes.

TRANSACTION SUMMARY
MidOcean Credit CLO VIII (the issuer) and MidOcean Credit CLO VIII
LLC (the co-issuer) comprise an arbitrage cash flow collateralized
loan obligation (CLO) that will be managed by MidOcean Credit Fund
Management LP (MidOcean CFM). Net proceeds from the issuance of the
secured and income notes will be used to purchase a portfolio of
approximately $500 million of primarily first-lien senior secured
leveraged loans. The CLO will have an approximately five-year
reinvestment period and a two-year noncall period.

KEY RATING DRIVERS

Sufficient Credit Enhancement: Credit enhancement (CE) available to
the class A-1, A-2 and F notes, in addition to excess spread, is
sufficient to protect against portfolio default and recovery rate
projections in their respective rating stress scenarios. The degree
of CE available to class A-1 notes is above the average CE of
recent CLO issuances in the same rating category while the degree
of CE available to the class A-2 and F notes is in line with the
average CE of recent CLO issuances in their respective rating
categories.

'B/B-' Asset Quality: The average credit quality of the indicative
portfolio is 'B/B-', which is comparable to recent CLOs. Issuers
rated in the 'B' rating category denote a highly speculative credit
quality; however, in Fitch's opinion, class A-1, A-2 and F notes
are unlikely to be affected by the foreseeable level of defaults.
Class A-1, A-2 and F notes are projected to be able to withstand
default rates of up to 66.1%, 61.4% and 40.3%, respectively.

Fitch was not asked to rate the class B, C, D and E notes; however,
these notes were included in Fitch's modeling of the class F notes.
The model implied ratings for such notes are listed in the
accompanying new issue report, which is available to investor's on
Fitch's website at 'fitchratings.com' or by clicking on the link.

Strong Recovery Expectations: The indicative portfolio consists of
100% first-lien senior secured loans. Approximately 92.8% of the
indicative portfolio has either strong recovery prospects or a
Fitch-assigned Recovery Rating of 'RR2' or higher, resulting in a
base case recovery assumption of 80.7%. In determining the ratings
for class A-1, A-2, and F notes, Fitch stressed the indicative
portfolio by assuming a higher portfolio concentration of assets
with lower recovery prospects and further reduced recovery
assumptions for higher rating stresses, resulting in a 37.8%
recovery rate in Fitch's 'AAAsf' scenario and a 75.4% recovery rate
in Fitch's 'B-sf' scenario .

RATING SENSITIVITIES

Fitch evaluated the class A-1, A-2 and F notes' sensitivity to the
potential variability of key model assumptions including decreases
in recovery rates and increases in default rates. Fitch expects the
class A-1 and A-2 notes to remain investment grade even under the
most extreme sensitivity scenarios. Results under these sensitivity
scenarios were between 'AA-sf' and 'AAAsf' for class A-1 notes,
between 'A+sf' and 'AAAsf' for the class A-2 notes, and between '


MIDOCEAN CREDIT VIII: S&P Assigns Prelim BB-(sf) Rating on D Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to MidOcean
Credit CLO VIII/MidOcean Credit CLO VIII LLC's $430 million
floating-rate notes.

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

The preliminary ratings are based on information as of Feb. 20,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

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

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

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

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

PRELIMINARY RATINGS ASSIGNED

  MidOcean Credit CLO VIII/MidOcean Credit CLO VIII LLC
  Class                Rating          Amount
                                     (mil. $)
  A-1                  AAA (sf)        285.00
  A-2                  NR               30.00
  B                    AA (sf)          65.00
  C (deferrable)       A (sf)           30.00
  D (deferrable)       BBB- (sf)        30.00
  E (deferrable)       BB- (sf)         20.00
  F (deferrable)       NR               10.00
  Subordinated notes   NR               42.00

  NR--Not rated.


MONARCH GROVE: Moody's Assigns Ba3 Rating to Class E Notes
----------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by Monarch Grove CLO, Ltd.

Moody's rating action is:

US$247,000,000 Class A-1 Senior Secured Floating Rate Notes Due
2028 (the "Class A-1 Notes"), Assigned Aaa (sf)

US$3,333,334 Class A-X Senior Secured Floating Rate Notes Due 2028
(the "Class A-X Notes"), Assigned Aaa (sf)

US$40,000,000 Class B Senior Secured Floating Rate Notes Due 2028
(the "Class B Notes"), Assigned Aa2 (sf)

US$25,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes Due 2028 (the "Class C Notes"), Assigned A2 (sf)

US$22,000,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes Due 2028 (the "Class D Notes"), Assigned Baa3 (sf)

US$26,000,000 Class E Junior Secured Deferrable Floating Rate Notes
Due 2028 (the "Class E Notes"), Assigned Ba3 (sf)

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

RATINGS RATIONALE

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

Monarch Grove CLO is a managed cash flow CLO. The issued notes will
be collateralized primarily by broadly syndicated senior secured
corporate loans. At least 92.0% of the portfolio must consist of
first lien senior secured loans, cash, and eligible investments,
and up to 8.0% of the portfolio may consist of second lien loans
and unsecured loans. Moody's expect almost all of the portfolio to
be invested as of the closing date.

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

In addition to the Rated Notes, the Issuer has assumed by operation
of law as a result of the merger transaction between the Issuer and
Tuolumne Grove CLO, Ltd. (the "TG Issuer"), all of the obligations
under the subordinated notes previously issued by the TG Issuer.

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:

Performing par and principal proceeds balance: $383,689,624

Defaulted par: $1,800,836

Diversity Score: 70

Weighted Average Rating Factor (WARF): 3160

Weighted Average Spread (WAS): 3.40%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 6.2 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 3160 to 3634)

Rating Impact in Rating Notches

Class A-1 Notes: 0

Class A-X Notes: 0

Class B Notes: -1

Class C Notes: -2

Class D Notes: -1

Class E Notes: -1

Percentage Change in WARF -- increase of 30% (from 3160 to 4108)

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-X Notes: 0

Class B Notes: -3

Class C Notes: -3

Class D Notes: -2

Class E Notes: -1


MORGAN STANLEY 2006-IQ11: Fitch Hikes Class C Certs Rating to Bsf
-----------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed 10 classes of Morgan
Stanley Capital I Trust, commercial mortgage pass-through
certificates, series 2006-IQ11 (MSC 2006-IQ11).  

KEY RATING DRIVERS

Improved Loss Expectations: The upgrade to class C reflects
increased credit enhancement from the prepayment of two loans and
lower loss expectations on the remaining pool since Fitch's last
rating action. The upgrade was limited due to the high
concentration of Fitch Loans of Concern (FLOCs; 32.7% of pool),
including two specially serviced assets (18.2%), two loans flagged
for low debt service coverage ratio (DSCR) and one loan secured by
a vacant single-tenant retail property.

Fitch modeled losses of 9% of the remaining pool; expected losses
on the original pool balance total 7.3%, including $110.8 million
(6.9% of original pool balance) in realized losses incurred to
date.

Rating Cap: The ratings of classes A-J and B were capped at 'Asf'
and 'BBsf', respectively, based on the collateral quality of the
remaining pool. The pool is concentrated with only 28 of the
original 234 loans/assets remaining. 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.

Specially Serviced Loans/Assets: The largest loan in the pool,
Greater Lewistown Plaza (10.9% of pool), which is secured by a
retail property located in Lewistown, PA, transferred to special
servicing in April 2016 for maturity default. The borrower
subsequently filed for Chapter 11 bankruptcy in February 2017.
Tenants at the property include Weis Markets (34.8% of net rentable
area [NRA]; lease expiry in July 2021), Dunham's (20.4%; May 2020)
and JCPenney (16.1%; October 2019). Occupancy as of June 2017 was
90.3%. In December 2017, the court approved the borrower's motion
to sell the property.

The fourth largest asset, Waverly Woods (7.3%), is an office
property located in Mariottsville, MD. The loan was transferred to
special servicing in April 2016 for imminent default. The largest
tenant (56% of NRA) vacated at the end of 2016 and the asset became
real-estate owned (REO) in April 2017. Property occupancy as of
December 2017 had declined to 40% from 85% in November 2016 due to
the largest tenant vacating at lease expiration. The special
servicer expects to continue implementing a value-add strategy at
this time.

Fitch Loans of Concern: In addition to the two specially serviced
loans/assets, there are three loans (14.5% of pool) considered
FLOCs. The second largest loan (10.2%) is secured by a full-service
hotel located in Chantilly, VA. The loan was previously with the
special servicer in 2011 after the sponsor requested a
modification, which was denied. The property has experienced a
steady decrease in room revenues since 2008. Although property
performance improved in 2016 due to the hotel and the attached
restaurant combining operations in December 2015, the
servicer-reported net operating income DSCR as of year-end 2016
remains low at 0.92x. The Chantilly hotel market suffers from
overbuilding and room rates at the property are under pressure from
competing hotels offering much lower rates.

The other two FLOCs include a vacant single tenant retail property
in Charlotte, NC formerly occupied by HH Gregg (2.9%) and a retail
property in Meridian, ID (1.4%) with low DSCR as newly executed
leases have significantly lower rental rates than at the time of
issuance.

Co-Op Loans: Ten loans (27.2% of pool) are secured by co-operative
properties located in the New York. With the exception of these
co-operative loans, the majority of the remaining properties in the
pool are located in secondary and tertiary markets.

Fully Amortizing Loans: 11 loans (22.6% of pool) are fully
amortizing.

Maturity Schedule: Excluding the two specially serviced
loans/assets, 18.9% of the pool matures in 2019, 10.4% in 2020,
30.8% in 2021, 0.8% in 2024, 2% in 2025 and 18.8% in 2026.

As of the January 2018 distribution date, the pool's aggregate
principal balance has been reduced by 95.2% to $76.9 million from
$1.6 billion at issuance. Cumulative interest shortfalls totaling
$22 million are currently impacting classes D through P.

RATING SENSITIVITIES

The Stable Rating Outlooks for classes A-J, B and C reflect
increased credit enhancement and expected continued amortization.
Future upgrades are possible with improved performance and leasing
progress of the FLOCs or better than expected recoveries on the
specially serviced loans/assets. Downgrades are possible if pool
performance deteriorates and/or expected losses increase
significantly.

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

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

Fitch has upgraded the following class:
-- $12.1 million class C to 'Bsf' from 'CCCsf'; Outlook Stable.

In addition, Fitch has affirmed the following classes:
-- $13 million class A-J at 'Asf'; Outlook Stable;
-- $30.3 million class B at 'BBsf'; Outlook Stable;
-- $21.2 million class D at 'Dsf'; RE 75%;
-- $0.3 million class E at 'Dsf'; RE 0%;
-- $0 class F at 'Dsf'; RE 0%;
-- $0 class G at 'Dsf'; RE 0%;
-- $0 class H at 'Dsf'; RE 0%;
-- $0 class J at 'Dsf'; RE 0%;
-- $0 class K at 'Dsf'; RE 0%;
-- $0 class L at 'Dsf'; RE 0%.

Classes A-1, A-1A, A-2, A-3, A-4 and A-M have paid in full. Fitch
does not rate the class M, N, O, P and EI certificates. Fitch
previously withdrew the ratings on the interest-only class X and
X-Y certificates.


NAVITAS EQUIPMENT 2016-1: Fitch Hikes Rating on Cl. D Notes From B+
-------------------------------------------------------------------
Fitch Ratings has taken various rating actions on Navitas Equipment
Receivables LLC, Series 2016-1 as follows:

2016-1
-- Class A-2 upgraded to 'AAAsf' from 'Asf'; Outlook Stable;
-- Class B upgraded to 'AAsf' from 'BBBsf'; Outlook revised to
    Positive from Stable;
-- Class C upgraded to 'Asf' from 'BB+sf'; Outlook revised to
    Positive from Stable;
-- Class D upgraded to 'BBBsf' from 'B+sf'; Outlook revised to
    Positive from Stable.

KEY RATING DRIVERS

The initial ratings for 2016-1 were capped at 'Asf' given that this
was the first Navitas ABS transaction rated by Fitch, a relatively
limited operating history in terms of managed portfolio performance
through a full economic cycle, and no paid in full (PIF) ABS
transactions. However, since close, the transaction has performed
well with low cumulative net losses (CNL) and increasing credit
enhancement (CE). Furthermore, since the closing of 2016-1, the
2013-1 transaction has PIF with relatively low CNL. Given these
factors, Fitch has removed the 'Asf' rating cap and upgraded all
outstanding classes as detailed above.

For 2016-1, the upgrades of all outstanding notes reflect the
growth in credit enhancement and loss coverage for this transaction
due to strong collateral performance. The Positive Outlook for all
the subordinate classes reflects Fitch's expectation for loss
coverage and CE to continue to improve as the transaction
amortizes.

As of the January 2018 servicer report, current 60+ day
delinquencies are 77 basis points (bps) and CNL are 67 bps. Loss
performance for the transaction is tracking well within the initial
base case loss proxy of 3.60%. Credit enhancement has increased to
41.12%, 18.20%, 12.52%, and 9.63% for classes A-2, B, C, and D,
respectively.

Despite the transaction experiencing low CNL, to ensure a level of
conservatism, Fitch maintained the initial base case proxy of 3.60%
of the current pool in its analysis. Under this assumption, cash
flow modelling was able to support multiples in excess of 5x, 4x,
3x, and 2x for the respective ratings. Current obligor
concentrations have remained consistent from initial levels; thus
Fitch believes the transaction has limited exposure to obligor
concentration risk. As such, the primary rating approach is the
stressed loss approach.

RATING SENSITIVITIES

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

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


OCTAGON INVESTMENT XVII: S&P Assigns Prelim B- Rating on F-R2 Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1-R2, B-R2, C-R2, D-R2, E-R2, and F-R2 replacement notes, as well
as to the new class X notes, from Octagon Investment Partners XVII
Ltd., a collateralized loan obligation (CLO) originally issued in
August 2013 that is managed by Octagon Credit Investors LLC. The
replacement notes will be issued via a proposed supplemental
indenture.

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

The preliminary ratings are based on information as of Feb. 22,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Feb. 28, 2018, refinancing date, the proceeds from the
issuance of the replacement notes, combined with the proceeds of
the issuance of the class X notes and additional subordinated
notes, are expected to redeem the currently outstanding notes. S&P
said, "At that time, we anticipate withdrawing the ratings on the
original notes and assigning ratings to the replacement notes.
However, if the refinancing doesn't occur, we may affirm the
ratings on the original notes and withdraw our preliminary ratings
on the currently outstanding notes."

The replacement notes are being issued via a proposed supplemental
indenture. Based on provisions in the supplemental indenture:

-- The replacement class A-1-R2, B-R2, C-R2, D-R2, E-R2, and F-R2
notes are expected to be issued at a lower spread than the original
notes.

-- An additional class X senior secured floating-rate note will be
issued, which is expected to be paid down using interest proceeds
over the first seven periods of the reset transaction, ending on
the payment date in January 2020.

-- The transaction will also issue additional subordinated notes,
increasing the subordinated notes balance to approximately $51.402
million from $37.277 million.

-- The stated maturity will be extended 5.25 years, to January
2031.

-- The reinvestment period will be reinstated, now ending in
January 2023.

-- The non-call period will be extended to July 2019 for the class
A-1-R2 notes and extended to January 2020 for all other classes.

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

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

PRELIMINARY RATINGS ASSIGNED

  Octagon Investment Partners XVII Ltd. Replacement class          
     
  Rating       Amount (mil. $)
  X                              AAA (sf)     5.50
  A-1-R2                         AAA (sf)     241.00
  A-2-R2                         NR           10.50
  B-R2                           AA (sf)      51.25
  C-R2 (deferrable)              A (sf)       26.00
  D-R2 (deferrable)              BBB- (sf)    21.75
  E-R2 (deferrable)              BB- (sf)     16.00
  F-R2 (deferrable)              B- (sf)      7.75
  Subordinated notes(i)          NR           51.40

(i)Includes $37.277 million in original subordinated note issuance
and $14.125 million in additional note issuance as part of this
reset.
NR--Not rated.


OCWEN 1999-R1: Fitch Affirms Then Withdraws 'Csf' on Cl. AP-F Debt
------------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the 'Csf' RE NC rating of
Ocwen 1999-R1 class AP-F. In addition, Fitch has withdrawn the
rating as it is no longer considered by Fitch to be relevant to the
agency's coverage.

KEY RATING DRIVERS

The remaining balance of the affected class is less than 1% of the
originally issued amount. The class is under-collateralized and has
an estimated principal recovery of 0% of the remaining balance.

RATING SENSITIVITIES

No longer relevant as the rating has been withdrawn.


RHODE ISLAND TOBACCO: S&P Affirms CCC Rating on Class 2007-B Bonds
------------------------------------------------------------------
S&P Global Ratings raised its ratings on five tranches and affirmed
its ratings on 12 tranches from Tobacco Settlement Financing
Corp.'s series 2007 and 2015. Both series are backed by tobacco
settlement revenues due to Rhode Island as part of a master
settlement agreement between participating tobacco companies and
the settling states. The outstanding classes from series 2007 were
originally issued and rated in 2007, while the outstanding classes
from series 2015 were originally issued and rated in 2015.

The outstanding portion of Tobacco Settlement Financing Corp.'s
series 2007 consists of capital appreciation bonds maturing in
2052. Capital appreciation bonds generally capitalize interest
until all senior notes have been paid in full and therefore tend to
have the most risk. The rated portion of the series 2015
transaction consists of current interest serial  bonds maturing
from June 1, 2018, through June 1, 2030, and term bonds maturing
June 1, 2035, and June 1, 2040. These classes are senior to the
series 2007 bonds.

The rating actions reflect S&P's view of the transaction's
performance under a series of stressed cash flow scenarios,
including:

-- A cigarette volume decline test that assesses if the
transaction can withstand annual declines in cigarette shipments;

-- Payment disruptions by the largest of the participating
manufacturers, by market share, at various points over the
transaction's term to reflect a Chapter 11 bankruptcy filing; and

-- A liquidity stress test to account for settlement amount
disputes by participating manufacturers, as a result of changes to
their market share, which continues to shift to nonparticipating
manufacturers.

S&P said, "The raised ratings reflect our belief that these classes
can now make timely interest and principal payments at a higher
rating level. In addition, the tranches raised to 'A (sf)' were
required to pass additional volume decline sensitivity tests
commensurate with the higher rating level. Since our last rating
actions in August 2015, the three senior-most bonds of the series
2015, maturing between 2016 and 2017, have been paid in full.

"We affirmed our ratings on 12 classes to reflect the likelihood
that the classes will make timely interest and principal payments
under all three stress scenarios commensurate with the current
ratings, factoring in adjustments due to tenor where appropriate on
longer-dated maturities.

"Our analysis also reflects developments within the tobacco
industry. We view the U.S. tobacco industry as having a stable
rating outlook based on the high brand equity and pricing power of
the top three manufacturers' conventional cigarette brands. In our
view, this should help offset ongoing cigarette volume declines and
allow for sustained cash flows. However, changing regulations and
ongoing litigation risk are constraining factors the industry
faces."

RATINGS RAISED

  Tobacco Settlement Financing Corp.
  U.S. $620.935 million tobacco settlement asset-backed bonds
  series 2015A

                             Rating
  CUSIP       Maturity   To          From
  888809AR1   6/1/2019   A (sf)      BBB+ (sf)
  888809AS9   6/1/2020   A (sf)      BBB+ (sf)
  888809AT7   6/1/2021   A (sf)      BBB+ (sf)
  888809AY6   6/1/2026   BBB+ (sf)   BBB (sf)
  888809AZ3   5/1/2027   BBB+ (sf)   BBB (sf)

  RATINGS AFFIRMED

  Tobacco Settlement Financing Corp.
  U.S. $194.31 million tobacco settlement asset-backed bonds  
  series 2007
  Class    CUSIP       Maturity   Rating
  2007-A   888809AH3   6/1/2052   CCC+ (sf)
  2007-B   888809AJ9   6/1/2052   CCC (sf)

  Tobacco Settlement Financing Corp.
  U.S. $620.935 million tobacco settlement asset-backed bonds   
  series 2015A
  CUSIP       Maturity   Rating
  888809AQ3   6/1/2018   A (sf)
  888809AU4   6/1/2022   BBB+ (sf)
  888809AV2   6/1/2023   BBB+ (sf)
  888809AW0   6/1/2024   BBB+ (sf)
  888809AX8   6/1/2025   BBB+ (sf)
  888809BA7   6/1/2028   BBB (sf)
  888809BB5   6/1/2029   BBB (sf)
  888809BC3   6/1/2030   BBB (sf)
  888809BD1   6/1/2035   BBB (sf)
  888809BE9   6/1/2040   BBB (sf)


TRAPEZA CDO V: Moody's Hikes Ratings on 2 Tranches to B1
--------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Trapeza CDO V, Ltd:

US$50,000,000 Class A1B Second Priority Senior Secured Floating
Rate Notes Due 2034 (current balance of $45,134,436), Upgraded to
Aaa (sf); previously on July 10, 2015 Upgraded to Aa1 (sf)

US$33,000,000 Class B Third Priority Senior Secured Floating Rate
Notes Due 2034, Upgraded to Aa1 (sf); previously on July 10, 2015
Upgraded to Aa2 (sf)

US$25,000,000 Class C-1 Fourth Priority Secured Floating Rate Notes
Due 2034 (current balance including deferred interest of
$29,336,668), Upgraded to B1 (sf); previously on July 10, 2015
Upgraded to B3 (sf)

US$41,000,000 Class C-2 Fourth Priority Secured Fixed/Floating Rate
Notes Due 2034 (current balance including deferred interest of
$48,197,185), Upgraded to B1 (sf); previously on July 10, 2015
Upgraded to B3 (sf)

Trapeza CDO V, Ltd., issued in December 2003, is a collateralized
debt obligation (CDO) backed mainly by a portfolio of bank trust
preferred securities (TruPS).

RATINGS RATIONALE

The rating actions are primarily a result of the deleveraging of
the Class A1A and Class A1B notes and an increase in the
transaction's over-collateralization (OC) ratios since February
2017.

The Class A1A notes have paid in full and the Class A1B notes have
paid down by approximately 9.7% or $4.9 million since February
2017, using principal proceeds from the redemption of underlying
assets and the diversion of excess interest proceeds. Based on
Moody's calculations, the OC ratios for the Class A1B, Class B and
Class C notes have improved to 346.8%, 200.3% and 100.5%,
respectively, from February 2017 levels of 272.9%, 179.3% and
99.3%, respectively. The Class A1B notes will continue to benefit
from the diversion of excess interest and the use of proceeds from
redemptions of any assets in the collateral pool.

Methodology Underlying the Rating Action

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

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

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

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

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

3) Deleveraging: One source of uncertainty in this transaction is
whether deleveraging from unscheduled principal proceeds and excess
interest proceeds will continue and at what pace. Note repayments
that are faster than Moody's current expectations could have a
positive impact on the notes' ratings, beginning with the notes
with the highest payment priority.

4) Exposure to non-publicly rated assets: The deal contains a large
number of securities whose default probability Moody's assesses
through credit scores derived using RiskCalc(TM) or credit
estimates. Because these are not public ratings, they are subject
to additional uncertainties.

In addition to the base case analysis, Moody's also conducted
sensitivity analyses to test the impact of a number of default
probabilities on the rated notes relative to the base case modeling
results, which may be different from the current public ratings of
the notes. Below is a summary of the impact of different default
probabilities (expressed in terms of WARF) on all of the rated
notes (by the difference in the number of notches versus the
current model output, for which a positive difference corresponds
to lower expected loss):

Assuming a two-notch upgrade to assets with below-investment grade
ratings or rating estimates (WARF of 391)

Class A1B: 0

Class B: 0

Class C-1: +2

Class C-2: +2

Class D: +1

Assuming a two-notch downgrade to assets with below-investment
grade ratings or rating estimates (WARF of 900)

Class A1B: -1

Class B: 0

Class C-1: -1

Class C-2: -1

Class D: -1

Loss and Cash Flow Analysis:

Moody's applied a Monte Carlo simulation framework in Moody's
CDROM(TM) to model the loss distribution for TruPS CDOs. The
simulated defaults and recoveries for each of the Monte Carlo
scenarios defined the reference pool's loss distribution. Moody's
then used the loss distribution as an input in its CDOEdge(TM) cash
flow model. CDROM(TM) is available on www.moodys.com under Products
and Solutions -- Analytical models, upon receipt of a signed free
license agreement.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, and weighted average recovery rate,
are based on its methodology and could differ from the trustee's
reported numbers. In its base case, Moody's analyzed the underlying
collateral pool as having a performing par of $156.5 million,
defaulted par of $37.9 million, a weighted average default
probability of 6.26% (implying a WARF of 610), and a weighted
average recovery rate upon default of 10.0%.

In addition to the quantitative factors Moody's explicitly models,
qualitative factors are part of rating committee considerations.
Moody's considers the structural protections in the transaction,
the risk of an event of default, recent deal performance under
current market conditions, the legal environment and specific
documentation features. All information available to rating
committees, including macroeconomic forecasts, inputs from other
Moody's analytical groups, market factors, and judgments regarding
the nature and severity of credit stress on the transactions, can
influence the final rating decision.

The portfolio of this CDO contains mainly TruPS issued by small to
medium sized U.S. community banks that Moody's does not rate
publicly. To evaluate the credit quality of bank TruPS that do not
have public ratings, Moody's uses RiskCalc(TM), an econometric
model developed by Moody's Analytics, to derive credit scores.
Moody's evaluation of the credit risk of most of the bank obligors
in the pool relies on the latest FDIC financial data.


VB-S1 2018-1: Fitch Assigns 'BB-sf' Rating to Class F Notes
-----------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks for VB-S1
Issuer, LLC's Secured Tower Revenue Notes, Series 2018-1 as
follows:

-- $185,000,000 series 2018-1 class C 'Asf'; Outlook Stable;
-- $13,000,000 series 2018-1 class D 'BBBsf'; Outlook Stable;
-- $38,000,000 series 2018-1 class F 'BB-sf'; Outlook Stable.

The following class is not rated:

-- $12,500,000a series 2018-1 class R.

(a) Horizontal credit risk retention interest representing 5.0% of
the 2018 certificates.

In addition, Fitch has affirmed the following classes:

-- $240,000,000 series 2016-1 class C at 'Asf'; Outlook Stable;
-- $29,000,000 series 2016-1 class D at 'BBBsf'; Outlook Stable;
-- $52,000,000 series 2016-1 class F at 'BB-sf'; Outlook Stable.

Upon the closing of the 2018 series, the 2018-1 class C ranks pari
passu with the 2016-1 class C; the 2018-1 class D with the 2016-1
class D; and the 2018-1 class F with the 2016-1 class F.

The ratings are based on information provided by the issuer as of
Feb. 1, 2018.

The transaction is an issuance of notes backed by mortgages
representing approximately 88.1% of the annualized run rate net
cash flow (ARRNCF) and guaranteed by the direct parent of the
borrower. This guarantee is secured by a pledge and first-priority
perfected security interest in 100% of the equity interest of the
issuer, direct subsidiaries of which own or lease 2,551 wireless
communication sites, which includes 2,664 towers and other
structures. The new notes are issued pursuant to a supplement to
the amended and restated indenture dated as of the closing of the
series 2018-1 transaction.

Note proceeds will be used to fund upfront reserves, refinance
existing debt and for general corporate purposes.

The ratings reflect a structured finance analysis of the cash flows
from the ownership interest in cellular sites, not an assessment of
the corporate default risk of the ultimate parent, Vertical Bridge
(VB).

KEY RATING DRIVERS

Trust Leverage: Fitch's NCF on the pool is $63.3 million, implying
a Fitch stressed debt service coverage ratio (DSCR) of 1.20x. The
debt multiple relative to Fitch's NCF is 8.99x, which equates to a
debt yield of 11.1%. Excluding the risk retention 2018-1 class R,
the offered notes have a Fitch DSCR, NCF Multiple and DY of 1.23x,
8.79 and 11.4%, respectively.

Technology Dependent Credit: Due to the specialized nature of the
collateral and potential for changes in technology to affect
long-term demand for tower space, similar to most wireless tower
transactions, the senior classes of this transaction do not achieve
ratings above 'Asf'. The securities have a rated final payment date
30 years after closing, and the long-term tenor of the securities
increases the risk that an alternative technology will be developed
that renders obsolete the current transmission of wireless signals
through cellular sites. Currently, wireless service providers (WSP)
depend on towers to transmit their signals and continue to invest
in this technology.


WFRB COMMERCIAL 2014-C19: Moody's Affirms Ba1 Rating on X-B Certs
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on twelve
classes in WFRB Commercial Mortgage Trust, Commercial Pass-Through
Certificates, Series 2014-C19:

Class A-1, Affirmed Aaa (sf); previously on February 7, 2017
Affirmed Aaa (sf)

Class A-2, Affirmed Aaa (sf); previously on February 7, 2017
Affirmed Aaa (sf)

Class A-3, Affirmed Aaa (sf); previously on February 7, 2017
Affirmed Aaa (sf)

Class A-4, Affirmed Aaa (sf); previously on February 7, 2017
Affirmed Aaa (sf)

Class A-5, Affirmed Aaa (sf); previously on February 7, 2017
Affirmed Aaa (sf)

Class A-SB, Affirmed Aaa (sf); previously on February 7, 2017
Affirmed Aaa (sf)

Class A-S, Affirmed Aaa (sf); previously on February 7, 2017
Affirmed Aaa (sf)

Class B, Affirmed Aa3 (sf); previously on February 7, 2017 Affirmed
Aa3 (sf)

Class C, Affirmed A3 (sf); previously on February 7, 2017 Affirmed
A3 (sf)

Class PEX, Affirmed A1 (sf); previously on February 7, 2017
Affirmed A1 (sf)

Class X-A, Affirmed Aaa (sf); previously on February 7, 2017
Affirmed Aaa (sf)

Class X-B, Affirmed Ba1 (sf); previously on June 9, 2017 Upgraded
to Ba1 (sf)

RATINGS RATIONALE

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

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

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

Moody's rating action reflects a base expected loss of 5.4% of the
current pooled balance, compared to 5.1% at Moody's last review.
Moody's base expected loss plus realized losses is now 5.1% of the
original pooled balance, compared to 4.9% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating all classes except Cl. PEX
was "Approach to Rating US and Canadian Conduit/Fusion CMBS"
published in July 2017. The principal methodology used in rating
Cl. PEX was "Moody's Approach to Rating Repackaged Securities"
published in June 2015. The methodologies used in rating Cl. X-A
and Cl. X-B were "Approach to Rating US and Canadian Conduit/Fusion
CMBS" published in July 2017 and "Moody's Approach to Rating
Structured Finance Interest-Only (IO) Securities" published in June
2017.

DEAL PERFORMANCE

As of the Jan. 18, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 6.3% to $1.0 billion
from $1.1 billion at securitization. The certificates are
collateralized by 98 mortgage loans ranging in size from less than
1% to 8.6% of the pool, with the top ten loans (excluding
defeasance) constituting 39.4% of the pool. Eight loans,
constituting 3.3% of the pool, are New York City multifamily
cooperative loans which have received investment grade quality
treatment. Five loans, constituting 3.2% of the pool, have defeased
and are secured by US government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 37, as compared to 40 at Moody's last review.

Ten loans, constituting 6.7% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

The pool has not had any realized losses. Four loans, constituting
3.8% of the pool, are currently in special servicing. The largest
specially serviced loan is the Residence Inn Houston -- Katy Mills
Loan ($14.9 million -- 1.4% of the pool), which is secured by 126
room extended stay Residence Inn by Marriott, located in Katy,
Texas. The loan transferred to special servicing in June 2017 due
to imminent default due to cash flow issues. The area has been
negatively impacted as a result of exposure to oil and gas industry
and an increase in hotel room supply.

The remaining three specially serviced loans are secured by hotel
and multifamily properties. Moody's estimates an aggregate $15.4
million loss for the specially serviced loans (61% expected loss on
average).

Moody's has also assumed a high default probability for one poorly
performing loan, constituting 0.3% of the pool, and has estimated
an aggregate loss of less than $0.9 million (25% expected loss
based on a 50% probability default) from this troubled loan.

Moody's received full year 2016 operating results for 98% of the
pool, and full or partial year 2017 operating results for 94% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 98%, compared to 103% at Moody's
last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 16.2% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 10.1%.

Moody's actual and stressed conduit DSCRs are 1.53X and 1.14X,
respectively, compared to 1.48X and 1.08X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 20.6% of the pool balance.
The largest loan is the Renaissance Chicago Downtown Loan ($88.7
million -- 8.6% of the pool), which is secured by a 27-story,
553-room hotel located in the center of Downtown Chicago, IL.
Amenities include a conference center, fitness center, and indoor
swimming pool. Moody's LTV and stressed DSCR are 114.6% and 1.06X,
compared to 116.3% and 1.05X, respectively, at the last review.

The second largest loan is the Lifetime Fitness Portfolio Loan
($70.2 million -- 6.8% of the pool), which is secured by a
portfolio of five fitness centers located in Arizona, Virginia,
Illinois, and Texas. All five properties are leased, triple-net, to
Lifetime Fitness, Inc. the third largest operator of fitness
centers in the United States. The loan benefits from amortization.
Moody's LTV and stressed DSCR are 97.9% and 1.40X, compared to
101.6% and 1.35X, respectively, at the last review.

The third largest loan is the Nordic Cold Storage Portfolio Loan
($53.9 million -- 5.2% of the pool), which is secured by a
portfolio of eight cross-collateralized, cross-defaulted cold
storage warehouse and distribution facilities located in Alabama,
Georgia, North Carolina, and Mississippi. The properties are
occupied under a triple-net master lease with a November 2033
expiration. Moody's LTV and stressed DSCR are 114.5% and 0.97X,
respectively, unchanged from the last review.


WFRBS COMMERCIAL 2013-C13: Fitch Affirms Bsf Rating on Cl. F Certs
------------------------------------------------------------------
Fitch Ratings has upgraded three classes and affirmed nine of WFRBS
Commercial Mortgage Trust commercial mortgage pass-through
certificates series 2013-C13.

KEY RATING DRIVERS

Increased Credit Enhancement and Stable Pool Performance: The
upgrades are the result of increased credit enhancement (CE) and
stable pool performance: overall pool performance has been as
expected with limited performance changes since issuance. No loans
have transferred to special servicing since issuance. Fitch ran an
additional stress scenario which assumed higher cap rates and cash
flow stresses. The upgrades reflect this additional sensitivity
analysis.

There are 14 loans (13.7%) on the master servicer's watchlist due
to upcoming loan maturity, declining performance, or deferred
maintenance; however, only four (2.9%) were considered Fitch Loans
of Concern. While not on the watchlist, Merrick Commons (1.9%) was
flagged as a Fitch Loan of Concern because of the largest tenant's
upcoming lease expiration in November 2018.

Amortization: Per the January 2018 remittance report, the
transaction has paid down 8.5% to $802 million from $876 million at
issuance. Two loans repaid in full during their open pay periods,
including the 13th largest loan. Full-term interest-only loans
comprise 15.1% of the pool. Loans with partial interest-only
periods are now amortizing.

Lower Loan Concentration: The largest 10 loans account for 46.9% of
the pool balance, which is lower than the average 2011 and 2012 top
10 loan concentrations of 59.9% and 54.2%, respectively. In
addition, no loan accounts for more than 10.6% of the pool's
balance.

Property Type Diversity: The pool has a retail concentration of
20.7%, which is lower than the average of 2012 Fitch-rated deals of
35.9%. Hotel and multifamily properties comprise 16.3% and 8.8% of
the pool, respectively, representing greater percentages than the
2012 conduit averages of 13.5% and 6.3%. The pool's office
concentration of 29.4% is in line with the 2012 average.
Co-operative properties represented 7.1% of the pool.

Loan Maturity Schedule: Five loans (7.2% or $58 million), including
two within the top 15 mature in March 2018 and the remaining 92.8%
mature in 2023. Per the servicer's watchlist, all borrowers have
indicated they will pay off their respective loans at or before
maturity.

RATING SENSITIVITIES

Rating Outlooks for all classes remain Stable due to the overall
stable performance of the pool and continued amortization. Fitch
ran additional stress scenarios that assumed higher cap rates and
cash flow stresses, as well as a scenario which assumed losses on
Fitch's largest Loan of Concern. The upgrades reflect these
additional sensitivity tests. Additional upgrades are possible with
continued stable pool performance and significant increases in
credit enhancement due to amortization or defeasance. Downgrades to
the classes are possible should overall pool performance decline
and Fitch's loss expectations increase.

Fitch has upgraded the following ratings:
-- $51.5 million class B to 'AAsf' from 'AA-sf'; Outlook Stable;
-- $29.6 million class C to 'Asf' from 'A-sf'; Outlook Stable.
-- $81.1 million interest-only class X-B to 'Asf' from 'A-sf';
    Outlook Stable.

Fitch has affirmed the following ratings:
-- $61 million class A-2 at 'AAAsf'; Outlook Stable;
-- $200 million class A-3 at 'AAAsf'; Outlook Stable;
-- $206.5 million class A-4 at 'AAAsf'; Outlook Stable;
-- $662.5 million interest-only class X-A at 'AAAsf'; Outlook
    Stable;
-- $71.5 million class A-SB at 'AAAsf'; Outlook Stable;
-- $91 million class A-S at 'AAAsf'; Outlook Stable;
-- $32.9 million class D at 'BBB-sf'; Outlook Stable;
-- $15.3 million class E at 'BBsf'; Outlook Stable;
-- $16.4 million class F at 'Bsf'; Outlook Stable.

Class A-1 has been repaid in full. Fitch does not rate the class G
certificates or the interest only class X-C certificates.


WFRBS COMMERCIAL 2013-C13: Moody's Affirms B2 Rating on F Certs
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on twelve
classes in WFRBS Commercial Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series 2013-C13:

Cl. A-2, Affirmed Aaa (sf); previously on Mar 2, 2017 Affirmed Aaa
(sf)

Cl. A-3, Affirmed Aaa (sf); previously on Mar 2, 2017 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on Mar 2, 2017 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Mar 2, 2017 Affirmed Aaa
(sf)

Cl. A-S, Affirmed Aaa (sf); previously on Mar 2, 2017 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa3 (sf); previously on Mar 2, 2017 Affirmed Aa3
(sf)

Cl. C, Affirmed A3 (sf); previously on Mar 2, 2017 Affirmed A3
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Mar 2, 2017 Affirmed Baa3
(sf)

Cl. E, Affirmed Ba2 (sf); previously on Mar 2, 2017 Affirmed Ba2
(sf)

Cl. F, Affirmed B2 (sf); previously on Mar 2, 2017 Affirmed B2
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on Mar 2, 2017 Affirmed Aaa
(sf)

Cl. X-B, Affirmed A2 (sf); previously on Mar 2, 2017 Affirmed A2
(sf)

RATINGS RATIONALE

The ratings on the P&I classes A-2 through F were affirmed because
the transaction's key metrics, including Moody's loan-to-value
(LTV) ratio, Moody's stressed debt service coverage ratio (DSCR)
and the transaction's Herfindahl Index (Herf), are within
acceptable ranges.

The ratings on the IO classes X-A and X-B were affirmed based on
the credit quality of the referenced classes.

Moody's rating action reflects a base expected loss of 2.2% of the
current pooled balance, compared to 2.1% at Moody's last review.
Moody's base expected loss plus realized losses is now 2.0% of the
original pooled balance, the same as at last review. Moody's
provides a current list of base expected losses for conduit and
fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in these ratings was "Approach to
Rating US and Canadian Conduit/Fusion CMBS" published in July 2017.
The methodologies used in rating Cl. X-A and Cl. X-B were "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017 and "Approach to Rating US and
Canadian Conduit/Fusion CMBS" published in July 2017.

DEAL PERFORMANCE

As of the January 18, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 8.5% to $802 million
from $877 million at securitization. The certificates are
collateralized by 93 mortgage loans ranging in size from less than
1% to 11% of the pool, with the top ten loans (excluding
defeasance) constituting 47% of the pool. Twenty-one loans,
constituting 7.1% of the pool, have investment-grade structured
credit assessments. One loan, constituting less than 1% of the
pool, has defeased and is secured by US government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 27.

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

There have been no loans liquidated from the pool and there are no
loans in special servicing.

Moody's has assumed a high default probability for three poorly
performing loans, constituting 2.4% of the pool, and has estimated
an aggregate loss of $3.1 million (a 16% expected loss based on a
50% probability default) from these troubled loans.

Moody's received full year 2016 operating results for 94% of the
pool, and full or partial year 2017 operating results for 97% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 88%, essentially the same as at
Moody's last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 14% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.5%.

Moody's actual and stressed conduit DSCRs are 1.88X and 1.21X,
respectively, compared to 1.91X and 1.22X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

There are 21 loans with structured credit assessments ($56.9
million -- 7.1% of the pool) that are secured by multifamily co-op
properties located in New Jersey and New York.

The top three conduit loans represent 27.1% of the pool balance.
The largest loan is the 301 South College Street Loan ($85 million
-- 10.6% of the pool), which represents a pari-passu interest in a
$175 million mortgage loan. The loan is secured by a 988,646 square
foot Class A office tower located in the central business district
of Charlotte, North Carolina. The property's major tenants include
Wells Fargo, Womble Carlyle and YMCA. The property was 100% leased
as of September 2017. Moody's LTV and stressed DSCR are 103% and
0.99X, respectively, the same as at the last review.

The second largest loan is the 188 Spear Street and 208 Utah Street
Loan ($82.4 million -- 10.3% of the pool), which is secured by two
office buildings located approximately two miles away from each
other in San Francisco, California. Major tenants include Amazon,
New Relic, Metaswitch Networks Corp, and Warner Brothers
Entertainment. As of September 2017, both 188 Spear Street and 208
Utah Street were 100% leased, the same as at last review. Moody's
LTV and stressed DSCR are 83% and 1.16X, respectively, compared to
85% and 1.13X at last review.

The third largest loan is the General Services Administration (GSA)
Portfolio Loan ($50 million -- 6.2% of the pool). The loan is
secured by 14 cross-collateralized and cross-defaulted office and
flex warehouse buildings totaling 341,000 SF and located throughout
11 states. The loan sponsor is GSA Realty Holdings, Inc. The
properties are collectively 100% leased to GSA tenants under 14
long-term leases. Moody's LTV and stressed DSCR are 89% and 1.13X,
respectively, compared to 91% and 1.10X at last review.


[*] Fitch Reviews 1,290 Classes in 328 US RMBS Transactions
-----------------------------------------------------------
Fitch Ratings, on Feb. 21, 2018, took various rating actions on
1,290 classes in 328 U.S. RMBS transactions. The transactions
reviewed consisted of 39 legacy closed-end second lien, 44 small
balance commercial mortgage, 142 scratch & dent, eight HELOC, 23
government, and 72 manufactured housing (MH) transactions.

Rating Action Summary:
-- 937 classes affirmed;
-- 209 classes upgraded;
-- 136 classes downgraded.

Additionally, 282 classes have a Positive Outlook; 206 classes have
a Stable Outlook; and 47 classes have a Negative Outlook.
Additionally eight classes were marked Paid in Full.

KEY RATING DRIVERS

The rating upgrades were driven by improvements in the relationship
between bond credit enhancement (CE) and expected pool losses since
the prior review. On average, the percentage of loans that are 60
or more days delinquent has declined roughly 3% over the last year
in the pools reviewed. The average base-case loss assumption
declined by 4% supported by strong home price and employment
trends.

Roughly 85% of the downgraded classes were rated 'Bsf' or lower
prior to the rating action. For these already-distressed classes,
the downgrades represent a more likely or imminent default, or an
observed default for those classes downgraded to 'Dsf'. Downgrades
of investment grade classes reflect deterioration in loan
performance and/or bond credit enhancement since the prior review.

A detailed list of Fitch's updated probability of default (PD),
loss severity (LS), and expected loss (XL) can be found by
performing a title search for 'U.S. RMBS Loss Metrics' at
www.fitchratings.com. The report provides a summary of base-case
and stressed scenario projections for the mortgage pools and rated
classes.

Following the review 34 ratings will be withdrawn due to no longer
being considered by Fitch to be relevant to the agency's coverage.
These classes have either defaulted, or are in transactions
collateralized with fewer than ten remaining mortgage loans.

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
in the 'AAAsf' scenario.

In addition to increasing mortgage pool losses at each rating
category to reflect increasingly stressful economic scenarios,
Fitch analyses various 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/2CgqngR


[*] Moody's Hikes $444.5MM of Dent RMBS Issued 2004 and 2007
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 36 tranches
from 15 transactions backed by "scratch and dent" RMBS loans.

Complete rating actions are:

Issuer: Bayview Financial Mortgage Pass-Through Certificates,
Series 2004-D

Cl. M-3, Upgraded to Aaa (sf); previously on Mar 15, 2017 Upgraded
to Aa2 (sf)

Cl. M-4, Upgraded to Aaa (sf); previously on Mar 15, 2017 Upgraded
to Aa3 (sf)

Cl. B-1, Upgraded to Baa1 (sf); previously on Jul 6, 2015 Upgraded
to Ba1 (sf)

Issuer: Bayview Financial Mortgage Pass-Through Certificates,
Series 2005-B

Cl. M-4, Upgraded to Aaa (sf); previously on Mar 15, 2017 Upgraded
to Aa3 (sf)

Cl. M-3, Upgraded to Aaa (sf); previously on Mar 15, 2017 Upgraded
to Aa2 (sf)

Cl. B-1, Upgraded to Aa2 (sf); previously on Mar 15, 2017 Upgraded
to A3 (sf)

Issuer: Bayview Financial Mortgage Pass-Through Trust 2006-A

Cl. 1-A4, Upgraded to Aaa (sf); previously on Mar 15, 2017 Upgraded
to Aa2 (sf)

Cl. M-1, Upgraded to Aaa (sf); previously on May 4, 2016 Upgraded
to A2 (sf)

Cl. M-2, Upgraded to Aa2 (sf); previously on Mar 15, 2017 Upgraded
to A3 (sf)

Cl. M-3, Upgraded to A3 (sf); previously on Mar 15, 2017 Upgraded
to Ba1 (sf)

Cl. M-4, Upgraded to Ba1 (sf); previously on Mar 15, 2017 Upgraded
to B2 (sf)

Cl. B-1, Upgraded to Caa1 (sf); previously on Jan 25, 2013 Affirmed
C (sf)

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2006-RP1

Cl. B-1, Upgraded to B2 (sf); previously on Mar 15, 2017 Upgraded
to Caa2 (sf)

Cl. B-2, Upgraded to Caa3 (sf); previously on Apr 24, 2009
Downgraded to C (sf)

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2006-RP2

Cl. A-4, Upgraded to A1 (sf); previously on Mar 15, 2017 Upgraded
to Baa3 (sf)

Cl. M-1, Upgraded to Caa3 (sf); previously on Apr 24, 2009
Downgraded to C (sf)

Issuer: Credit Suisse Mortgage Capital Trust 2006-CF1

Cl. B-2, Upgraded to B3 (sf); previously on Mar 15, 2017 Upgraded
to Ca (sf)

Cl. B-3, Upgraded to Caa2 (sf); previously on Feb 4, 2013 Affirmed
C (sf)

Issuer: CS Mortgage-Backed Pass-Through Certificates, Series
2006-CF2

Cl. B-1, Upgraded to B3 (sf); previously on Mar 15, 2017 Upgraded
to Caa3 (sf)

Issuer: GSAMP Trust 2006-SD2

Cl. A-3, Upgraded to B1 (sf); previously on May 19, 2016 Upgraded
to Caa1 (sf)

Issuer: GSRPM Mortgage Loan Trust 2006-2

Cl. A-2, Upgraded to Aaa (sf); previously on Mar 22, 2017 Upgraded
to Aa3 (sf)

Cl. A-1B, Upgraded to Aaa (sf); previously on Mar 22, 2017 Upgraded
to Aa3 (sf)

Cl. M-2, Upgraded to B3 (sf); previously on Mar 22, 2017 Upgraded
to Caa2 (sf)

Issuer: RAAC Series 2006-SP4 Trust

Cl. A-3, Upgraded to Aaa (sf); previously on Mar 17, 2017 Upgraded
to Aa1 (sf)

Cl. M-1, Upgraded to Aa3 (sf); previously on Mar 17, 2017 Upgraded
to Baa1 (sf)

Cl. M-2, Upgraded to Baa2 (sf); previously on Mar 17, 2017 Upgraded
to Ba3 (sf)

Issuer: RAAC Series 2007-SP1 Trust

Cl. A-3, Upgraded to Aaa (sf); previously on Mar 17, 2017 Upgraded
to A1 (sf)

Cl. M-1, Upgraded to A3 (sf); previously on Mar 17, 2017 Upgraded
to Ba1 (sf)

Cl. M-2, Upgraded to Caa1 (sf); previously on Mar 17, 2017 Upgraded
to Caa3 (sf)

Issuer: RAAC Series 2007-SP2 Trust

Cl. A-2, Upgraded to Baa1 (sf); previously on Mar 17, 2017 Upgraded
to Ba1 (sf)

Cl. A-3, Upgraded to Baa3 (sf); previously on Mar 17, 2017 Upgraded
to Ba3 (sf)

Issuer: RAAC Series 2007-SP3 Trust

Cl. A-1, Upgraded to Aa3 (sf); previously on Mar 17, 2017 Upgraded
to Baa2 (sf)

Cl. A-2, Upgraded to Ba3 (sf); previously on Mar 17, 2017 Upgraded
to Caa1 (sf)

Issuer: Terwin Mortgage Trust 2007-QHL1

Cl. A-1, Upgraded to Ba1 (sf); previously on Mar 22, 2017 Upgraded
to B1 (sf)

Cl. G, Upgraded to Ba1 (sf); previously on Mar 22, 2017 Upgraded to
B1 (sf)

Issuer: Truman Capital Mortgage Loan Trust 2006-1

Cl. A, Upgraded to Baa3 (sf); previously on May 5, 2016 Upgraded to
B1 (sf)

RATINGS RATIONALE

The actions reflect the recent performance of the underlying pools
and reflect Moody's updated loss expectations on the pools. The
ratings upgraded are a result of improving performance of the
related pools and an increase in credit 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 January 2018 from 4.8% in
January 2017. 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 $45.1MM of RMBS Issued 2003 & 2007
--------------------------------------------------------------
Moody's Investors Service downgraded the rating of one tranche and
upgraded the ratings of four tranches from three transactions
backed by "scratch and dent" RMBS loans issued between 2003 and
2007.

Complete rating actions are:

Issuer: Ameriquest Mortgage Securities Inc., Quest Trust 2003-X3

Cl. M3, Downgraded to Caa2 (sf); previously on Mar 5, 2013
Downgraded to B3 (sf)

Issuer: Bear Stearns Asset Backed Securities Trust 2006-2

Cl. M-4, Upgraded to B1 (sf); previously on May 18, 2016 Upgraded
to B3 (sf)

Cl. M-5, Upgraded to Caa1 (sf); previously on Feb 4, 2013 Affirmed
C (sf)

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2007-MX1

Cl. A-2, Upgraded to Ba1 (sf); previously on Aug 11, 2014
Downgraded to Ba3 (sf)

Cl. A-3, Upgraded to B1 (sf); previously on Aug 11, 2014 Downgraded
to Caa1 (sf)

RATINGS RATIONALE

The actions reflect the recent performance of the underlying pools
and reflect Moody's updated loss expectations on the pools. The
rating downgraded is due to the weaker performance of the
underlying collateral and the erosion of enhancement available to
the bond. The rating upgrades are primarily due to an increase of
credit 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 January 2018 from 4.8% in
January 2017. 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.


[*] S&P Discontinues Ratings on 18 Classes From Nine CLO Deals
--------------------------------------------------------------
S&P Global Ratings discontinued its ratings on 18 classes from nine
cash flow (CF) collateralized loan obligation (CLO) transactions.

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

-- Eastland CLO Ltd. (CF CLO): Senior-most tranche paid down;
other rated tranches still outstanding.

-- Global Leveraged Capital Credit Opportunity Fund I (CF CLO):
Senior-most tranche paid down; other rated tranches still
outstanding.

-- Grayson CLO Ltd. (CF CLO): Senior-most tranche paid down; other
rated tranches still outstanding.

-- Greenbriar CLO Ltd. (CF CLO): Senior-most tranche paid down;
other rated tranches still outstanding.

-- Katonah 2007-I CLO Ltd. (CF CLO): all rated tranches paid
down.

-- Northwoods Capital X Ltd. (CF CLO): all rated tranches paid
down.

-- Stratford CLO Ltd. (CF CLO): Senior-most tranche paid down;
other rated tranches still outstanding.

-- Voya CLO IV Ltd. (CF CLO): Senior-most tranche paid down; other
rated tranches still outstanding.

-- West CLO 2012-1 Ltd. (CF CLO): Senior-most tranche paid down;
other rated tranches still outstanding.

RATINGS DISCONTINUED

  Eastland CLO Ltd.
                             Rating
  Class               To                  From
  A-3                 NR                  AAA (sf)
  Global Leveraged Capital Credit Opportunity Fund I
                              Rating
  Class               To                  From
  D                   NR                  AA+ (sf)
  Grayson CLO Ltd.
                              Rating
  Class               To                  From
  A-2                 NR                  AAA (sf)
   Greenbriar CLO Ltd.
                              Rating
  Class               To                  From
  B                   NR                  AAA (sf)
   Katonah 2007-I CLO Ltd.
                              Rating
  Class               To                  From
  A-2L                NR                  AAA (sf)
  A-3L                NR                  AAA (sf)
  B-1L                NR                  AA- (sf)
  B-2L                NR                  BBB+ (sf)
   Northwoods Capital X Ltd.
                              Rating
  Class               To                  From
  A-1-R               NR                  AAA (sf)
  A-2-R               NR                  AAA (sf)
  B-1-R               NR                  AA+ (sf)
  B-2-R               NR                  AA+ (sf)
  C-R                 NR                  A+ (sf)
  D-R                 NR                  BBB (sf)
  E                   NR                  BB- (sf)
   Stratford CLO Ltd.
                              Rating
  Class               To                  From
  B                   NR                  AAA (sf)
   Voya CLO IV Ltd.
                              Rating
  Class               To                  From
  B                   NR                  AAA (sf)
   West CLO 2012-1 Ltd.
                              Rating
  Class               To                  From
  A-1R                NR                  AAA (sf)

  NR--Not rated.


[*] S&P Lowers Ratings on Six Classes From Six U.S. RMBS Deals
--------------------------------------------------------------
S&P Global Ratings, on Feb. 20, 2018, lowered its ratings on six
classes from six U.S. residential mortgage-backed securities (RMBS)
transactions issued between 2002 and 2006. All of these
transactions are backed by mixed collateral.

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

RATINGS LOWERED

                                                Rating
  Issuer     Series     Class   CUSIP        To        From
  CWABS Inc.             
             2002-BC3    M-1    126671RE8    A- (sf)    AA (sf)

  RAAC Series 2004-SP2 Trust             
             2004-SP2   M-1     7609857T2    D (sf)     CC (sf)

  Alternative Loan Trust 2004-J7
             2004-J7    M-1     12667FTE5    D (sf)     CC (sf)

  JPMorgan Mortgage Trust 2005-A1
             2005-A1    1-B-2   466247MC4    D (sf)     CCC (sf)

  Bear Stearns Asset Backed Securities I Trust 2005-AC7
             2005-AC7   A-2     073879T32    D (sf)     CCC (sf)

  Bayview Financial Mortgage Pass-Through Trust 2006-A
             2006-A     1-A4    07325NCS9    AA+ (sf)   AAA (sf)


[*] S&P Lowers Six Ratings on Three Student Loan ABS Deals to Bsf
-----------------------------------------------------------------
S&P Global Ratings lowered six ratings and placed four of these
same ratings on CreditWatch with negative implications from three
student loan asset-backed securities transactions administrated or
sub-administered by Navient Solutions LLC (Navient). These
transactions are discrete trusts backed by student loans originated
through the U.S. Department of Education's (ED's) Federal Family
Education Loan Program (FFELP).

The rating actions reflect the liquidity pressure the current
paying senior classes are experiencing, not the credit enhancement
levels available to these classes for ultimate principal repayment.
As discussed below, bond principal payments have declined,
partially due to disaster forbearance provided to borrowers
affected by recent natural disasters. S&P said, "Our actions
reflect our view regarding the transactions' expected future
collateral performance, payment priorities, current credit
enhancement levels, and asset/bond payment rates. Our analysis also
considered credit stability and sector- and issuer-specific
analyses, as well as a peer analysis."

COLLATERAL

The loan pools consist predominantly of seasoned Stafford loans
originated under FFELP guidelines. The ED reinsures at least 97% of
the principal and accrued interest on defaulted loans that are
serviced according to the FFELP guidelines. Due to the high level
of recoveries from the ED on defaulted loans, defaults effectively
function similar to prepayments. Thus, S&P expects net losses to be
minimal.

PRINCIPAL PAYDOWNS

The transactions make quarterly principal payments to the
noteholders. In reviewing the quarterly historical bond principal
paydowns for these trusts, we noticed significant, unexpected
declines in the principal payment rates (total bond principal
distributions divided by beginning total note principal balance).
For example, for the SLC 2008-2 transaction, the principal payment
rate was 4.00% (a $18.39 million bond payment) as of the June 2017
distribution date. This rate fell to 3.63% as of the September 2017
distribution date and further to 2.97% ($12.63 million bond
payment) as of the December 2017 distribution date–-an
approximate decrease of 31% in the dollar amount of principal
received to the notes since the June 2017 distribution date.

Navient, the administrator, explained that the recent decreases in
principal receipts and subsequent paydowns of the notes are largely
attributable to disaster forbearances granted to borrowers in areas
affected by natural disasters this past summer and fall. The
disaster forbearance temporarily postponed borrower's requirements
to make payments for 90 days. For affected loans, this could have
delayed the filing of default claims of late-stage delinquent
loans, which in turn would delay the ED recovery on the loan's full
balance. Furthermore, at the end of the 90-day disaster
forbearance, the borrower could enter a loan status other than
repayment, such as regular forbearance, or could change to a
payment plan that allows lower payments (such as an income-based
repayment loan)–-further delaying loan and bond principal
paydowns, possibly past the maturity date of the current paying
senior bonds. Generally, over time the loans will either return to
current status and make loan payments, or will default and receive
the ED reimbursement of at least 97% of the loans principal and
accrued interest. S&P expects principal payment rates to improve as
this occurs, and it could partially offset the natural decline in
principal payment rates from the current paying pool as it
continues to amortize.

CREDIT ENHANCEMENT AND CURRENT CAPITAL STRUCTURE

Principal payments are currently allocated sequentially to the
class A notes until fully repaid, and then to the class B
noteholders. The transactions have reached their required release
thresholds and are releasing excess funds to the residual holders.
The notes receive interest based on three-month LIBOR and their
respective margin.

Credit enhancement consists of overcollateralization (as measured
by parity), subordination (for the senior classes), the reserve
account, and excess spread. The following table presents the
capital structure for each deal.

SLC Student Loan Trust(i)

              Current    Note                               Matu   
     
              balance  factor   Margin    Parity  Months to rity
Series  Class (mil. $)    (%)   Maturity     (%)   (%)(iii)  (iv)
2008-2  A-3     37.2    12.9   9/15/2018    0.65    1120.0     9
2008-2  A-4    314.6   100.0   6/15/2021    0.90     118.3    42
2008-2  B       61.4   100.0   9/15/2066    1.75     100.8   585

SLM Student Loan Trust(ii)

2007-2  A-3   100.6     22.6   1/25/2019    0.04     703.2    12
2007-2  A-4   486.1    100.0   7/25/2022    0.06     120.6    54
2007-2  B     120.9    100.0   7/25/2025    0.17     100.0    90
2007-3  A-3   108.9     30.0   4/25/2019    0.04     495.0    15
2007-3  A-4   338.8    100.0   1/25/2022    0.06     120.4    48
2007-3  B      91.5    100.0   1/25/2028    0.15     100.0   120

(i)As of the December 2017 distribution date.
(ii)As of the January 2018 distribution date.
(iii)Parity is calculated as the total principal pool balance plus
interest to be capitalized, divided by the respective class note
balance and the class balance for any notes maturing before the
respective notes.
(iv)Number of months from the latest distribution date.

As the parity above illustrates, the classes are fully
collateralized and we expect them to receive payment in full, but
the ability to be repaid by their legal final maturity is less
certain than it was before the bond principal paydowns slowed.
Classes with shorter months to maturity will be more negatively
affected as these classes may not have the benefit of time that is
needed for a borrower to return to paying status. Further, for
loans that may default, the time to work through the delinquency,
claims, and reimbursement cycle is greater than nine months, and
therefore limits the potential benefit to the classes with
nearer-term maturities.

When the current pool balance falls below 10% of the original pool
balance, there is an option for the collateral to be purchased at
an amount that would repay the notes. If the collateral is not
repurchased, then releases to the issuer will not be allowed until
the notes are repaid. For the SLM 2007-2 and 2007-3 deals, Navient
has additional agreements in place that either allow the option to
purchase some collateral out of the pool or to provide a
subordinated loan to the trust which could allow the notes to be
paid in full by their legal final maturity dates. S&P's rating does
not reflect the future support which may be provided by these
agreements as it is not a mandatory requirement of Navient.

STRUCTURAL CHANGES UPON AN EVENT OF DEFAULT

If the senior class A notes do not receive full principal by their
respective legal final maturity dates, the payment priority may
change, requiring principal payments to the class A notes to be
prioritized over timely interest payments to their respective class
B notes. S&P's ratings address the trust's ability to make timely
interest payments, as well as the ability to repay the note
balances by their respective legal final maturity dates.

RATIONALE

S&P's ratings address the trust's ability to make timely interest
payments, as well as the ability to repay the note balances by
their respective legal final maturity dates.

Current Paying Senior Bonds:

S&P said, "We have reviewed the historical principal amounts paid
to the notes within these transactions. Over time, as the current
loans in repayment amortize, we expect the dollar amount of
principal received on the collateral and distributed to the
noteholders to decline. If we assume that the trusts continue to
receive the minimum quarterly amount received over the past year,
or an amount less than that (such as under a moderate stress), then
we believe the downgraded senior classes are more sensitive to not
receiving full principal payments by their legal final maturity
dates relative to other FFELP-backed senior notes with similar
maturity profiles."  

The impact of the temporary disaster forbearance is significant.
The legal final maturities for the current pay senior classes are
within 15 months; so they have less time to benefit from loans
returning from the temporary disaster forbearance status. S&P
placed two of the senior class ratings on CreditWatch negative as
their ability to be repaid by their legal final maturity date will
rely heavily upon loan principal repayment over the next few
quarters.

Subordinate Bonds:

S&P said, "We lowered our rating on the class B notes to that of
the lowest rated senior notes in their respective structure because
a principal payment default on the class A notes could cause a
subsequent default on interest payments to the class B notes.
Accordingly, we believe the risk of nonpayment for the current pay
class A and subordinate class B notes is the same. If the class A
notes are fully repaid by their respective legal final maturity
dates, the current sequential payment priority will be retained,
and we expect the class B notes to receive timely interest and
principal payments by their legal final maturity date.

"We will continue to monitor the performance of the student loan
receivables backing these transactions, as well as the subsequent
bond principal payment rates, which affect the notes' ability to
repay their principal by their legal final maturity dates. For the
classes placed on CreditWatch, we expect to use each upcoming
servicer report to reconsider the likelihood of default for these
classes."

RATINGS LOWERED AND PLACED ON WATCH NEGATIVE

  SLC Student Loan Trust
                                 Rating
  Series         Class   To                  From
  2008-2         A-3     B (sf)/Watch Neg    AAA (sf)
  2008-2         B       B (sf)/Watch Neg    BB (sf)

  SLM Student Loan Trust
  2007-2         A-3     B (sf)/Watch Neg    AAA (sf)
  2007-2         B       B (sf)/Watch Neg    AA (sf)

  RATINGS LOWERED
  SLM Student Loan Trust
                                 Rating
  Series         Class   To                  From
  2007-3         A-3     B (sf)              AAA (sf)
  2007-3         B       B (sf)              A (sf)


[*] S&P Takes Various Actions on 49 Classes From 13 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 49 classes from 13 U.S.
residential mortgage-backed securities (RMBS) transactions issued
between 1998 and 2006. All of these transactions are backed by
mixed collateral, including subprime and alternative-A. The review
yielded 14 upgrades, one downgrade, and 34 affirmations. Two of the
affirmed ratings are remaining on CreditWatch with negative
implications, where they were placed on Nov. 30, 2017.

Analytical Considerations

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

-- Collateral performance/delinquency trends;
-- Historical interest shortfalls;
-- Priority of principal payments; and
-- Available subordination and/or overcollateralization.

Rating Actions

S&P said, "The affirmations of ratings reflect our opinion that our
projected credit support and collateral performance on these
classes has remained relatively consistent with our prior
projections.

"We raised our ratings by five or more notches on four ratings from
two transactions, each due to increased credit support. This
occurred because these classes have senior positions in their
respective distribution waterfalls and failing cumulative loss
triggers, which benefits them because it allows them to receive
excess proceeds or limits the amount of excess proceeds that would
go towards paying down the subordinate classes. As a result, the
upgrades on these classes reflect their ability to withstand a
higher level of projected losses than previously anticipated."

A list of Affected Ratings can be viewed at:

          http://bit.ly/2BGP8l1


[*] S&P Takes Various Actions on 68 Classes From 15 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 68 classes from 15 U.S.
residential mortgage-backed securities (RMBS) transactions issued
between 2001 and 2006. These transactions are backed by subprime
collateral. The review yielded 30 upgrades, six downgrades, 28
affirmations, and four discontinuances.

Analytical Considerations

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

-- Collateral performance/delinquency trends;
-- Historical interest shortfalls;
-- Changes in the constant prepayment rate;
-- Available subordination and/or overcollateralization; and
-- Payment priority.

Rating Actions

The affirmations of ratings reflect S&P's opinion that its
projected credit support and collateral performance on these
classes has remained relatively consistent with its prior
projections.

Bear Stearns Asset Backed Securities I Trust series 2005-HE12 and
2005-TC2 received funds related to a July 29, 2014, settlement
regarding the alleged breach of certain representations and
warranties in the governing agreements of 330 JPMorgan Chase & Co.
legacy RMBS trusts. The trustee applied the settlement funds as
subsequent recoveries and unscheduled principal payments, and these
allocations satisfied the amounts outstanding on one of the
classes, the ratings of which S&P is now discontinuing. They also
sufficiently increased the credit support for seven other classes
to cover its projected losses for those classes at their new rating
levels.

S&P also raised two more ratings by five or more notches due to
increased credit support, generally attributed to sequential
principal payments because of failing cumulative loss triggers. As
a result, the upgrades on these classes reflect the classes'
ability to withstand a higher level of projected losses than
previously anticipated.

A list of Affected Ratings can be viewed at:

          http://bit.ly/2HB8ngj


                            *********

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

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
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
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