/raid1/www/Hosts/bankrupt/TCR_Public/180805.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, August 5, 2018, Vol. 22, No. 216

                            Headlines

ADAMS MILL: Moody's Cuts Class F Notes Rating to 'Caa2'
AIRSPEED LIMITED 2007-1: Moody's Reviews Ba1 Rating for Downgrade
ALINEA CLO: Moody's Assigns Ba3 Rating on $25MM Class E Notes
ALM LTD XVIII: S&P Assigns Prelim B-(sf) Rating on Class E-R Notes
AMERICREDIT AUTOMOBILE 2018-2: Moody's Rates Class E Notes (P)Ba2

ANCHORAGE CAPITAL 8: Moody's Assigns Ba3 Rating on Class E-R Notes
ASSET SECURITIZATION 1997-D4: Moody's Affirms 'C' on Cl. PS-1 Certs
BANC OF AMERICA 2007-1: Moody's Affirms Ba1 Rating on A-MFX Certs
BANC OF AMERICA 2007-3: Fitch Affirms Class B Certs at 'CCsf'
BANC OF AMERICA 2007-5: Fitch Affirms Class H Certs Rating at 'Dsf'

BANK 2018-BNK13: Fitch Assigns 'B-sf' Rating on $10MM Class F Certs
BEAR STEARNS 2007-4: Moody's Hikes Ratings on 2 Tranches to Caa2
BENCHMARK 2018-B5: DBRS Gives Prov. B Rating on Class G-RR Certs
BENEFIT STREET IX: S&P Assigns Prelim BB- Rating on E-R Notes
BHMS 2018-ATLS: DBRS Finalizes BB Rating on Class E Certs

BLUEMOUNTAIN CLO 2018-1: S&P Assigns B- Rating on Cl. F Notes
CANYON CAPITAL 2012-1 R: Moody's Rates $25MM Class E Debt 'Ba3'
CARLYLE GLOBAL 2015-3: Moody's Gives B3 Rating on Class E-R Notes
CD 2017-CD5: Fitch Affirms B- Rating on Cl. F Debt, Outlook Stable
CD COMMERCIAL 2007-CD5: Fitch Affirms Dsf Rating on Class K Certs

CENT CLO 21: S&P Assigns B-(sf) Rating on Class E-R2 Notes
CENT CLO 24: S&P Assigns Prelim. B Rating on Class E-R Notes
CFIP CLO 2018-1: S&P Assigns BB- Rating on $16.8MM Class E Notes
CITIGROUP 2008-C7: Moody's Cuts Ratings on 3 Tranches to 'Csf'
CITIGROUP 2018-RP3: DBRS Gives Prov. B Rating on Class B-2 Notes

CITIGROUP 2018-RP3: Moody's Gives (P)B Rating on Class B-3 Notes
CMLS ISSUER 2014-1: Fitch Affirms Bsf Rating on Class G Certs
COMM 2013-CCRE11: Fitch Affirms Bsf Rating on Class F Certs
CONNECTICUT AVE 2018-C05: DBRS Gives (P)BB Rating on 18 Tranches
CONNECTICUT AVE 2018-C05: Fitch to Rate 19 Tranches 'Bsf'

CSAIL 2018-CX12: Fitch to Rate Class G-RR Certs 'B-sf'
DRIVE AUTO 2018-3: S&P Assigns BB Rating on Class E Notes
EATON VANCE 2014-1R: Moody's Assigns (P)B3 Rating on Class F Notes
EXETER AUTOMOBILE 2018-3: S&P Assigns B Rating on Cl. F Notes
FILLMORE PARK: S&P Assigns B- Rating on Class F-b-3 Notes

GPT MORTGAGE 2018-GPP: S&P Assigns B+ Rating on Class HRR Certs
GREENWICH CAPITAL 2007-GG11: Fitch Hikes Cl. D Certs Rating to CCC
GS MORTGAGE 2012-GCJ7: Moody's Cuts Rating on 2 Tranches to B2
GS MORTGAGE 2018-GS10: Fitch Rates Class G-RR Certs 'B-sf'
GS MORTGAGE 2018-GS10: S&P Assigns (P)B- Rating on WLS-D Certs

GS MORTGAGE 2018-TWR: S&P Assigns B- Rating on Class F Certs
HOMEWARD OPPORTUNITIES 2018-1: S&P Gives (P)B+  Rating on B-2 Debt
HPS LOAN 9-2016: S&P Assigns BB- Rating on Class D-R Notes
ICG US 2016-1: Moody's Assigns Ba3 Rating on Class D-R Notes
ICG US 2018-2: Moody's Assigns Ba3 Rating on $18.2MM Class E Notes

JMP CREDIT V: Moody's Assigns Ba3 Rating on $20MM Class E Notes
JP MORGAN 2005-LDP3: Moody's Affirms C Rating on Class G Certs
JP MORGAN 2007-C1: Moody's Cuts Class X-1 Certs Rating to 'C'
JP MORGAN 2014-FL4: S&P Affirms BB Rating on Class E Certs
JP MORGAN 2015-FL7: S&P Affirms B Rating on Class BL2Y Certs

JP MORGAN 2017-4: Moody's Hikes Class B-5 Debt Rating to 'B1'
JP MORGAN 2018-PHH: Moody's Gives (P)B3 Rating on Class HRR Certs
JPMCC 2017-JP7: DBRS Confirms BB Rating on Class F-RR Certs
JPMCC COMMERCIAL 2016-JP2: DBRS Confirms B Rating on Class F Certs
KEYCORP STUDENT 2004-A: Fitch Affirms CC Rating on Class D Debt

MARLIN RECEIVABLES 2018-1: Fitch Rates Class E Notes 'BBsf'
MARLIN RECEIVABLES 2018-1: S&P Assigns BB Rating on E Notes
MERRILL LYNCH 2005-CIP1: Moody's Hikes Class D Certs to 'Caa1'
MORGAN STANLEY 2005-IQ10: Moody's Affirms C Rating on Class F Debt
MORGAN STANLEY 2007-IQ15: Fitch Hikes Class B Certs to 'CCCsf'

MORGAN STANLEY 2014-C18: Fitch Affirms B Rating on Class 300-E Cert
MORGAN STANLEY 2016-C30: Fitch Affirms BB- Rating on Cl. X-E Certs
MORGAN STANLEY I: Fitch Lowers Class E Certs to 'CCsf'
MORTGAGE TRUST 2018-CD7: Fitch to Rate Class G-RR Certs 'B-sf'
MULTI SECURITY ASSET 2005-RR4: DBRS Lowers D Rating on O Certs

NATIONSTAR HECM 2017-2: Moody's Hikes Class M2 Debt to Ba1
NATIONSTAR HECM 2018-2: Moody's Gives Ba3 Rating on Class M4 Debt
OBX TRUST 2018-EXP1: Fitch Assigns 'Bsf' Rating on Class B-5 Notes
OBX TRUST 2018-EXP1: Fitch to Rate Class B-5 Notes 'Bsf'
OFSI BSL IX: S&P Assigns BB- Rating on Class E Notes

PAINE WEBBER V 1999-C1: Moody's Affirms C Rating on 2 Tranches
PALMER SQUARE 2018-3: Fitch Gives Bsf Rating on $4MM Class E Debt
RACE POINT X: S&P Assigns B- Rating on $7MM Class F-R Notes
REALT 2018-1: DBRS Finalizes B Rating on Class G Certs
REALT 2018-1: Fitch Assigns 'Bsf' Rating to Class G Certs

SEQUOIA MORTGAGE 2018-7: Moody's Rates Class B-4 Certs '(P)Ba3'
SEQUOIA MORTGAGE 2018-CH3: Moody's Rates Class B-5 Debt 'Ba2'
SLM PRIVATE 2007-A: Fitch Affirms BB+ Rating on 2 Tranches
SPECIALTY UNDERWRITING 2003-BC1: Moody's Ups Class M-2 Debt to Ba2
TERWIN MORTGAGE 2003-4HE: Moody's Cuts Class M-1 Debt Rating to Ba3

TOWD POINT 2018-4: Fitch to Rate Class B2 Notes 'Bsf'
UBS COMMERCIAL 2017-C2: Fitch Affirms B- Rating on Cl. H-RR Certs
UBS COMMERCIAL 2018-C12: Fitch to Rate Class G-RR Certs 'B-sf'
UNITED AUTO 2018-2: DBRS Assigns Prov. B Rating on Class F Notes
UNITED AUTO 2018-2: S&P Assigns Prelim B(sf) Rating on F Notes

VERUS SECURITIZATION 2018-2: S&P Gives B+(sf) Rating on B-3 Certs
WACHOVIA BANK 2005-C21: Fitch Cuts Ratings on 3 Tranches to Dsf
WACHOVIA BANK 2005-C21: Moody's Cuts Rating on Class IO Certs to C
WELLS FARGO 2017-C39: Fitch Affirms B- Rating on Class G-RR Certs
WFRBS COMMERCIAL 2012-C9: Fitch Affirms Bsf Rating on Class F Certs

WHITEHORSE LTD VII: S&P Affirms 'B' Rating in Class B-3L Notes
[*] Moody's Takes Action on $31MM RMBS Issued 2003-2004
[*] Moody's Takes Action on $353.9MM of RMBS Issued 2004-2006
[*] S&P Cuts Ratings on 77 Classes From 55 US RMBS Deals to D
[*] S&P Discontinues Ratings on 11 Classes From Four CDO Deals

[*] S&P Takes Various Action on 136 Classes From 20 US RMBS Deals
[*] S&P Takes Various Actions on 109 Classes from U.S. RMBS Deals
[*] S&P Takes Various Actions on 134 Classes From 25 US RMBS Deals
[*] S&P Takes Various Actions on 324 Classes From 20 US RMBS Deals
[*] S&P Takes Various Actions on 52 Classes From 20 US RMBS Deals


                            *********

ADAMS MILL: Moody's Cuts Class F Notes Rating to 'Caa2'
-------------------------------------------------------
Moody's Investors Service has downgraded the rating on the
following notes issued by Adams Mill CLO Ltd.:

US$11,750,000 Class F Deferrable Mezzanine Floating Rate Notes due
2026, Downgraded to Caa2 (sf); previously on July 11, 2017
Downgraded to Caa1 (sf)

Moody's also affirmed the ratings on the following notes:

US$230,625,000 Class A-1-R Senior Floating Rate Notes Due 2026,
Affirmed Aaa (sf); previously on July 17, 2017 Assigned Aaa (sf)

US$105,000,000 Class A-2-R Senior Floating Rate Notes Due 2026,
Affirmed Aaa (sf); previously on July 17, 2017 Assigned Aaa (sf)

US$46,625,000 Class B-1-R Senior Floating Rate Notes Due 2026,
Affirmed Aa1 (sf); previously on July 17, 2017 Assigned Aa1 (sf)

US$25,000,000 Class B-2-R Senior Fixed Rate Notes Due 2026,
Affirmed Aa1 (sf); previously on July 17, 2017 Assigned Aa1 (sf)

US$17,125,000 Class C-1-R Deferrable Mezzanine Floating Rate Notes
Due 2026, Affirmed A2 (sf); previously on July 17, 2017 Assigned A2
(sf)

US$7,000,000 Class C-2-R Deferrable Mezzanine Fixed Rate Notes Due
2026, Affirmed A2 (sf); previously on July 17, 2017 Assigned A2
(sf)

US$30,375,000 Class D-1 Deferrable Mezzanine Floating Rate Notes
due 2026, Affirmed Baa3 (sf); previously on July 11, 2017 Affirmed
Baa3 (sf)

US$2,000,000 Class D-2 Deferrable Mezzanine Floating Rate Notes due
2026, Affirmed Baa3 (sf); previously on July 11, 2017 Affirmed Baa3
(sf)

US$22,750,000 Class E-1 Deferrable Mezzanine Floating Rate Notes
due 2026, Affirmed Ba3 (sf); previously on July 11, 2017 Affirmed
Ba3 (sf)

US$6,000,000 Class E-2 Deferrable Mezzanine Floating Rate Notes due
2026, Affirmed Ba3 (sf); previously on July 11, 2017 Affirmed Ba3
(sf)

Adams Mill CLO Ltd., issued in August 2014, is a collateralized
loan obligation (CLO) backed primarily by a portfolio of senior
secured loans. The transaction's reinvestment period ended in July
2018.

RATINGS RATIONALE

The affirmation actions primarily reflect the benefit of the end of
the deal's reinvestment period in July 2018 and the expectation
that deleveraging will commence shortly. The downgrade rating
action on the Class F notes reflects the specific risks to the
junior notes posed by par loss and credit deterioration observed in
the underlying CLO portfolio. Based on the trustee's July 2018
report, the total collateral par balance is $523.1 million, or
$11.9 million less than the $535 million initial par amount
targeted during the deal's ramp-up. Furthermore, the
trustee-reported weighted average spread (WAS) has been decreasing
and the current level is 3.25% based on the trustee's July 2018
report, compared to 3.49% in July 2017.

The rating actions also reflect corrections to Moody's modeling. In
previous rating actions, the coupon of the Class C-2-R Notes and
the formula to calculate the administrative and collateral manager
fees were modeled incorrectly. The errors have been corrected, and
Moody's rating actions reflect these changes.

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:


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

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

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

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

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

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

6) Post-Reinvestment Period Trading: Subject to certain
requirements, the deal can reinvest certain proceeds after the end
of the reinvestment period, and as such the manager has the ability
to erode some of the collateral quality metrics to the covenant
levels. Such reinvestment could affect the transaction either
positively or negatively.

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

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 default
probability assumption. Here is a summary of the impact of
different default probabilities (expressed in terms of WARF) on all
of the rated notes (shown in terms of the number of notches
difference versus the base case model output, where a positive
difference corresponds to lower expected loss):

Moody's Assumed WARF -- 20% (2386)

Class A-1-R: 0

Class A-2-R: 0

Class B-1-R: +1

Class B-2-R: +1

Class C-1-R: +3

Class C-2-R: +3

Class D-1: +3

Class D-2: +3

Class E-1: +2

Class E-2: +2

Class F: +3

Moody's Assumed WARF + 20% (3578)

Class A-1-R: 0

Class A-2-R: 0

Class B-1-R: -2

Class B-2-R: -2

Class C-1-R: -3

Class C-2-R: -3

Class D-1: -1

Class D-2: -1

Class E-1: 0

Class E-2: 0

Class F: -1

Loss and Cash Flow Analysis:

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

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score weighted average
recovery rate, and weighted average spread, are based on its
published methodology and could differ from the trustee's reported
numbers. In its base case, Moody's analyzed the collateral pool as
having a performing par and principal proceeds balance of $521.5
million, defaulted par of $1.5 million, a weighted average default
probability of 22.53% (implying a WARF of 2982), a weighted average
recovery rate upon default of 48.87%, a diversity score of 76 and a
weighted average spread of 3.25% (before accounting for LIBOR
floors).

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


AIRSPEED LIMITED 2007-1: Moody's Reviews Ba1 Rating for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed the rating of the Series
2007-1 Class G-1 Notes issued by Airspeed Limited on review for
possible downgrade. The complete rating action is as follows:

Issuer: Airspeed Limited, Series 2007-1

Cl. G-1, Ba1 (sf) Placed Under Review for Possible Downgrade;
previously on Dec 12, 2013 Downgraded to Ba1 (sf)

RATINGS RATIONALE

The review action reflects the correction of an error in modeling
the transaction structure, which is negative for model results, and
also the potential sale of the entire aircraft portfolio backing
the transaction, as announced by Airspeed Limited in June 2018,
which is potentially credit positive for the transaction.

In the Dec 2013 rating action, Moody's modeled investment earnings
on the Initial Credit Facility as available cash to note holders,
but because the Initial Credit Facility has not been drawn there
are no investment earnings, and any investment earnings would be
owed to the Class G Credit Facility Provider.

In addition, in June 2018, Airspeed entered into a non-binding
letter of intent with a potential purchaser for the sale of all of
the aircraft in the Airspeed portfolio. If a sale agreement is
executed and if the agreed sales prices are sufficient to pay down
the notes in full, this will be credit positive to the transaction.


During the review period, in addition to any executed sale
agreement, Moody's will consider future prospects for lease and
sale income based on recent developments and market trends,
anticipated expenses, the deal's fleet characteristics, and any
marketing activities in relation to the fleet. The portfolio
consists of 49.5% concentration in Boeing 737-800s. The remainder
of the portfolio consists of Boeing 737-700, Airbus A319, A320,
A321 and A330 aircraft. 77.2% of the aircraft were manufactured
between 2003 and 2005 and the rest of the aircraft were
manufactured between 1999 through 2002. The weighted average age of
the fleet is 14 years.

Moody's notes that Class G-1 in this transaction is wrapped by
Ambac Assurance Corporation (unrated) and the current rating
reflects Moody's policy of rating to the higher of the financial
guarantor rating and the underlying rating.

The principal methodology used in this rating was "Moody's Approach
To Pooled Aircraft-Backed Securitization" published in March 1999.

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


Changes to lease rates or aircraft values that differ from
historical and current trends.



ALINEA CLO: Moody's Assigns Ba3 Rating on $25MM Class E Notes
-------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by Alinea CLO, Ltd.

Moody's rating action is as follows:

US$325,000,000 Class A Senior Secured Floating Rate Notes due 2031
(the "Class A Notes"), Definitive Rating Assigned Aaa (sf)

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

US$26,000,000 Class C Deferrable Mezzanine Secured Floating Rate
Notes due 2031 (the "Class C Notes"), Definitive Rating Assigned A2
(sf)

US$33,000,000 Class D Deferrable Mezzanine Secured Floating Rate
Notes due 2031 (the "Class D Notes"), Definitive Rating Assigned
Baa3 (sf)

US$25,000,000 Class E Deferrable Junior Secured Floating Rate Notes
due 2031 (the "Class E Notes"), Definitive Rating Assigned Ba3
(sf)

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

RATINGS RATIONALE

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

Alinea CLO is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 95.0% of the portfolio must consist of
senior secured loans, cash, and eligible investments, and up to
5.0% of the portfolio may consist of second lien loans, senior
unsecured loans and first-lien last-out loans. The portfolio is
expected to be at least 90% ramped as of the closing date.

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

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

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

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

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

Par amount: $500,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2990

Weighted Average Spread (WAS): 3.15%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 9.0 years

Methodology Underlying the Rating Action:

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

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

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

Together with the set of modeling assumptions, 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.

Here 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 2990 to 3439)

Rating Impact in Rating Notches

Class A Notes: -1

Class B Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: -1

Percentage Change in WARF -- increase of 30% (from 2990 to 3887)

Rating Impact in Rating Notches

Class A Notes: -2

Class B Notes: -4

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1



ALM LTD XVIII: S&P Assigns Prelim B-(sf) Rating on Class E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1-R, A-2-R, B-R, C-R, D-R, and E-R replacement notes from ALM
XVIII Ltd., a collateralized loan obligation (CLO) originally
issued in July 2016 that is managed by Apollo Credit Management
(CLO) LLC. The replacement notes will be issued via a proposed
supplemental indenture.

The preliminary ratings reflect S&P's opinion that the credit
support available is commensurate with the associated rating
levels. The replacement notes are expected to be issued at a
floating spread, replacing the current floating-rate notes.

The preliminary ratings are based on information as of July 30,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Aug. 15, 2018, refinancing date, the proceeds from the
replacement notes issuance are expected to redeem the original
notes. S&P said, "At that time, we anticipate withdrawing the
ratings on the original notes and assigning ratings to the
replacement notes. However, if the refinancing doesn't occur, we
may affirm the ratings on the original notes and withdraw our
preliminary ratings on the replacement notes."

The replacement notes are being issued via a proposed supplemental
indenture, which, in addition to outlining the terms of the
replacement notes, will also: Issue the replacement class notes at
a lower weighted-average cost of debt than the original notes.
Issue the replacement class notes at a floating spread, replacing
the current floating-rate notes. Extend the stated maturity by six
months.

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

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

  PRELIMINARY RATINGS ASSIGNED

  ALM XVIII Ltd./ALM XVIII LLC

  Replacement class         Rating      Amount (mil. $)
  A-1-R                     AAA (sf)             282.50
  A-2-R                     AA (sf)               65.25
  B-R (deferrable)          A (sf)                43.25
  C-R (deferrable)          BBB- (sf)             23.25
  D-R (deferrable)          BB- (sf)              24.25
  E-R (deferrable)          B- (sf)                6.50
  Subordinated notes        NR                    36.55

  NR--Not rated.


AMERICREDIT AUTOMOBILE 2018-2: Moody's Rates Class E Notes (P)Ba2
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by AmeriCredit Automobile Receivables Trust
2018-2. This is the second AMCAR auto loan transaction of the year
for AmeriCredit Financial Services, Inc. (AFS; Unrated). The notes
will be backed by a pool of retail automobile loan contracts
originated by AFS, who is also the servicer and administrator for
the transaction.

The complete rating actions are as follows:

Issuer: AmeriCredit Automobile Receivables Trust 2018-2

Class A-1 Notes, Assigned (P)P-1 (sf)

Class A-2-A Notes, Assigned (P)Aaa (sf)

Class A-2-B Notes, Assigned (P)Aaa (sf)

Class A-3 Notes, Assigned (P)Aaa (sf)

Class B Notes, Assigned (P)Aa1 (sf)

Class C Notes, Assigned (P)A1 (sf)

Class D Notes, Assigned (P)Baa2 (sf)

Class E Notes, Assigned (P)Ba2 (sf)

RATINGS RATIONALE

The ratings are based on the quality of the underlying collateral
and its expected performance, the strength of the capital
structure, and the experience and expertise of AFS as the servicer
and administrator.

Moody's expected cumulative net loss for the 2018-2 pool is 9.5%
and the loss at a Aaa stress is 38.0%. Moody's based its expected
cumulative net loss and loss at a Aaa stress on an analysis of the
credit quality of the underlying collateral; the historical
performance of similar collateral, including securitization
performance and managed portfolio performance; the ability of AFS
to perform the servicing functions; and current expectations for
the macroeconomic environment during the life of the transaction.

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

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

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


Up

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

Down

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


ANCHORAGE CAPITAL 8: Moody's Assigns Ba3 Rating on Class E-R Notes
------------------------------------------------------------------
Moody's Investors Servic has assigned ratings to five classes of
refinancing notes issued by Anchorage Capital CLO 8, Ltd.:

Moody's rating actions are as follows:

US$312,500,000 Class A-R Senior Secured Floating Rate Notes due
2028 (the "Class A-R Notes"), Assigned Aaa (sf)

US$55,000,000 Class B-R Senior Secured Floating Rate Notes due 2028
(the "Class B-R Notes"), Assigned Aa2 (sf)

US$26,000,000 Class C-R Mezzanine Secured Deferrable Floating Rate
Notes due 2028 (the "Class C-R Notes"), Assigned A2 (sf)

US$34,750,000 Class D-R Mezzanine Secured Deferrable Floating Rate
Notes due 2028 (the "Class D-R Notes"), Assigned Baa3 (sf)

US$31,250,000 Class E-R Junior Secured Deferrable Floating Rate
Notes due 2028 (the "Class E-R Notes"), Assigned Ba3 (sf)

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

Anchorage Capital Group, L.L.C. 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 July 30, 2018 in
connection with the refinancing of all classes of the secured notes
previously issued on July 26, 2016. 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: changes to certain collateral
quality tests and changes to the overcollateralization test levels.


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

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

Performing par and principal proceeds balance: $500,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3175

Weighted Average Spread (WAS): 3.25%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 47.75%

Weighted Average Life (WAL): 7.00 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, 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.

Here 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 3175 to 3651)

Rating Impact in Rating Notches

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

Percentage Change in WARF -- increase of 30% (from 3175 to 4128)

Rating Impact in Rating Notches

Class A-R Notes: -1

Class B-R Notes: -3

Class C-R Notes: -4

Class D-R Notes: -2

Class E-R Notes: -1


ASSET SECURITIZATION 1997-D4: Moody's Affirms 'C' on Cl. PS-1 Certs
-------------------------------------------------------------------
Moody's Investors Service has affirmed the rating on one interest
only class of Asset Securitization Corporation, Commercial Mortgage
Pass-Through Certificates, Series 1997-D4.

Cl. PS-1, Affirmed C (sf); previously on Aug 17, 2017 Affirmed C
(sf)

RATINGS RATIONALE

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

Moody's rating action reflects a base expected loss of 0.0% of the
current balance, the same as the last review. Moody's base expected
loss plus realized losses is now 2.4% of the original pooled
balance, the same as the last review.

Moody's does not anticipate losses from the remaining collateral in
the current environment. However, over the remaining life of the
transaction, losses may emerge from macro stresses to the
environment and changes in collateral performance. Its ratings
reflect the potential for future losses under varying levels of
stress.

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


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


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

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in this rating were "Moody's Approach to
Rating Large Loan and Single Asset/Single Borrower CMBS" published
in July 2017 and "Moody's Approach to Rating Structured Finance
Interest-Only (IO) Securities" published in June 2017.

DEAL PERFORMANCE

As of the July 16, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $25.7 million
from $1.4 billion at securitization. The certificates are
collateralized by one outstanding mortgage loan. Twenty-two loans
have been liquidated from the pool, resulting in an aggregate
realized loss of $33.5 million (for an average loss severity of
22%).

The sole remaining loan is the K-Mart Distribution Center Loan
($25.7 million), which is secured by a 2.8 million SF,
two-property, warehouse portfolio. The properties, which are
located in Brighton, Colorado and Greensboro, NC, are 100% leased
to K-Mart through March 2022. The Greensboro, NC location has been
dark since April 2015 but K-Mart continues to pay rent, as required
under their lease. K-Mart has a sub-tenant, National Distribution
Center, whose lease commenced 03/01/16 and expires on 01/31/2022.
Moody's value incorporated a Lit/Dark analysis to account for the
single-tenant exposure. The loan had its anticipated repayment date
(ARD) as of April 11, 2017, but the borrower was not able to payoff
the loan and intends to sell the properties. The loan is current
and on the servicer's watchlist. Moody's LTV and stressed DSCR are
45% and 2.38X, respectively, compared to 52% and 2.07X at the prior
review.


BANC OF AMERICA 2007-1: Moody's Affirms Ba1 Rating on A-MFX Certs
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on eight classes
in Banc of America Commercial Mortgage Trust 2007-1, Commercial
Mortgage Pass-Through Certificates, Series 2007-1 as follows:

Cl. A-MFL, Affirmed Ba1 (sf); previously on Aug 18, 2017 Downgraded
to Ba1 (sf)

Cl. A-MFX2, Affirmed Ba1 (sf); previously on Aug 18, 2017
Downgraded to Ba1 (sf)

Cl. A-MFX, Affirmed Ba1 (sf); previously on Aug 18, 2017 Downgraded
to Ba1 (sf)

Cl. A-J, Affirmed C (sf); previously on Aug 18, 2017 Downgraded to
C (sf)

Cl. B, Affirmed C (sf); previously on Aug 18, 2017 Affirmed C (sf)


Cl. C, Affirmed C (sf); previously on Aug 18, 2017 Affirmed C (sf)


Cl. D, Affirmed C (sf); previously on Aug 18, 2017 Affirmed C (sf)


Cl. XW, Affirmed C (sf); previously on Aug 18, 2017 Affirmed C (sf)


RATINGS RATIONALE

The ratings on the P&I classes A-MFX, A-MFX2 and A-MFL 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 P&I classes A-J, B, C and D were affirmed
because the ratings are consistent with Moody's expected loss.

The rating on the IO Class (Class XW) was affirmed based on the
credit quality of the referenced classes.

Moody's rating action reflects a base expected loss of 68.8% of the
current balance, compared to 65.2% at Moody's last review. Moody's
base expected loss plus realized losses is now 18.4% of the
original pooled balance, the same as at Moody's last review.

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 Banc of America Commercial
Mortgage Trust 2007-1, Cl. A-MFL, Cl. A-MFX2, Cl. A-MFX, Cl. A-J,
Cl. B, Cl. C, and Cl. D was "Moody's Approach to Rating Large Loan
and Single Asset/Single Borrower CMBS" published in July 2017. The
methodologies used in rating Banc of America Commercial Mortgage
Trust 2007-1, Cl. XW 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 analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 81% of the pool is in
special servicing and Moody's has identified additional troubled
loans representing 2% of the pool. In this approach, Moody's
determines a probability of default for each specially serviced and
troubled loan that it expects will generate a loss and estimates a
loss given default based on a review of broker's opinions of value
(if available), other information from the special servicer,
available market data and Moody's internal data. The loss given
default for each loan also takes into consideration repayment of
servicer advances to date, estimated future advances and closing
costs. Translating the probability of default and loss given
default into an expected loss estimate, Moody's then applies the
aggregate loss from specially serviced and troubled loan] to the
most junior classes and the recovery as a pay down of principal to
the most senior classes.

DEAL PERFORMANCE

As of the July 16, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 87% to $417.2
million from $3.1 billion at securitization. The certificates are
collateralized by 13 mortgage loans ranging in size from less than
1% to 34% of the pool, with the top ten loans constituting 97% of
the pool. The transaction is under-collateralized as the aggregate
certificate balance is $3.4 million greater than the pooled loan
balance.

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 4, compared to 5 at Moody's last review.

Two loans, constituting 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.

Thirty-three loans have been liquidated from the pool, resulting in
an aggregate realized loss of $295.4 million (for an average loss
severity of 39%). The largest loan in special serving is the
Skyline Portfolio ($140 million A-note -- 33.8% of the pool and a
$131 million B-note -- 31.7% of the pool), which represents a 40%
pari passu interest in a $678.0 million first mortgage loan. The
loan is secured by eight cross-collateralized and cross-defaulted
office properties totaling 2.6 million (SF) which are located
outside of Washington, DC in Falls Church, Virginia. A modification
closed effective October 30, 2013. Post-modification, the loan
returned to the master servicer in February 2014. In April 2016 the
loan transferred to special servicing again for Imminent Monetary
Default. In December 2016 the loan became REO. The consolidated
occupancy as of July 2018 was 44%. Moody's estimates a severe loss
for the specially serviced loan.

The remaining seven specially serviced loans are secured by a mix
of property types. Moody's estimates an aggregate $263.8 million
loss for the specially serviced loans (79% expected loss on
average). Moody's has assumed a high default probability for one
poorly performing loan, constituting 2% of the pool, and has
estimated an aggregate loss of $10.1 million (a 100% expected loss
based on a 100% probability default) from the troubled loan.
Additionally, Moody's is currently treating the
under-collateralization as a loss of principal to the trust.

As of the July 16, 2018 remittance statement cumulative interest
shortfalls were $71.5 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 received full year 2017 operating results for 100% of the
pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 123%, compared to 125% 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 28% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.3%.

Moody's actual and stressed conduit DSCRs are 1.00X and 0.82X,
respectively, compared to 0.98X and 0.80X 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 13% of the pool balance. The
largest loan is the BMW Financial Services Building Loan ($28.4
million -- 6.9% of the pool), which is secured by a single tenant
suburban office building in Hilliard, Ohio approximately 16 miles
NE of Columbus. The property was 100% leased as of June 2018. The
loan is coterminous with the lease expiration. Moody's utilized a
Lit/Dark analysis for the loan. Moody's LTV and stressed DSCR are
132% and 0.73X, respectively, compared to 134% and 0.73X at the
last review.

The second largest loan is the Merrymeeting Plaza A-Note Loan
($14.3 million -- 3.4% of the pool), which is secured by a
grocery-anchored 157,980-sf retail property located in Brunswick,
Maine. A loan modification was executed in December 2015 splitting
the loan into two notes; Note A - $14,250,000 and Note B -
$10,100,000. The loan returned from special servicing effective May
2016 as a corrected mortgage. The property is anchored by a Shaw's
Supermarket and includes national tenants Bed Bath & Beyond and
PetSmart. As of June 2018 the property was 80% leased compared to
74% leased in July 2017. Moody's LTV and stressed DSCR are 127% and
0.74X, respectively, compared to 132% and 0.71X at the last review.


The third largest loan is the Orchard Ridge Corporate Park Loan
($12.7 million -- 3.1% of the pool), which is secured by a
153,153-sf office building located in Brewster, New York. As of May
2018 the property was 75% leased compared to 85% leased at the last
review. Moody's LTV and stressed DSCR are 109% and 0.96X,
respectively, compared to 105% and 0.93X the last review.


BANC OF AMERICA 2007-3: Fitch Affirms Class B Certs at 'CCsf'
-------------------------------------------------------------
Fitch Ratings has upgraded two and affirmed nine classes of Banc of
America Commercial Mortgage Trust (BACM) commercial mortgage
pass-through certificates series 2007-3.

KEY RATING DRIVERS

Increased Credit Enhancement; Lower Loss Expectations: The upgrades
of classes F and G reflect increased credit enhancement resulting
from recent loan dispositions with better than expected recoveries,
additional paydown, as well as the improved performance of the
remaining non-specially serviced loans. Six specially serviced
loans disposed since Fitch's last rating action with only one loan
incurring a loss. The affirmations of the remaining classes reflect
the adverse selection of the remaining pool and the significant
concentration of the pool in specially servicing.

Concentrated Pool: The pool is highly concentrated with only 14 of
the original 152 loans remaining. Eleven loans (77.0%) are in
special servicing, one of which (5.4%) is in foreclosure and 10
assets (71.6%) are REO. All three of the performing loans are
current, amortizing, and secured by properties located in tertiary
markets. One loan (20.6%) is secured by an anchored community
shopping center, one loan (1.6%) is secured by a single-tenant
industrial/warehouse property and one loan (0.8%) is secured by a
suburban office property. Due to the concentrated nature of the
pool, Fitch performed a sensitivity analysis which grouped the
remaining loans based on loan structural features, collateral
quality and performance, assumed a stressed value on the distressed
loans, and ranked them by their perceived likelihood of repayment.

Limited Upgrades due to Concentration: The rating of class F is
capped at 'Bsf' due to the concentration of specially serviced
assets in the pool and the class' reliance on the largest
performing loan, Yuba City Marketplace (20.6%). The loan is secured
by a community shopping center with significant lease roll prior to
maturity.

As of the July 2018 remittance report, the pool has been reduced by
96.3% to $129.5 million from $3.5 billion at issuance. Cumulative
interest shortfalls, in the amount of $21.1 million, are currently
affecting classes H, J, K, Q and S.

RATING SENSITIVITIES

The Stable Outlook on class F reflects sufficient credit
enhancement relative to Fitch's loss expectations. Future upgrades
are possible with better than expected recoveries on the specially
serviced loans/assets, paydown or defeasance, but may be limited
due to pool concentration and adverse selection of the remaining
collateral. Downgrades to class F are not expected, but are
possible should collateral performance deteriorate or losses on the
specially serviced loans/assets exceed Fitch's expectations. The
classes with distressed ratings are subject to further downgrades
as losses are realized.

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

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

Fitch has upgraded the following classes:

  -- $25.3 million class F to 'Bsf' from 'CCsf'; assign Outlook
Stable;

  -- $30.8 million class G to 'CCsf' from 'Csf'; revise RE to 90%
from 0%.

Fitch has affirmed the following class:

  -- $48.3 million class H at 'Csf'; RE 0%;

  -- $25.1 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 O at 'Dsf'; RE 0%;

  -- $0 class P at 'Dsf'; RE 0%;

  -- $0 class Q at 'Dsf'; RE 0%.

Fitch does not rate the class S certificates. The class A-1, A-2,
A-2FL, A-3, A-4, A-5, A-1A, A-M, A-MF, A-MFL, A-AB, A-J, B, C, D,
and E certificates have paid in full. Fitch previously withdrew the
rating on the interest-only class XW certificate.


BANC OF AMERICA 2007-5: Fitch Affirms Class H Certs Rating at 'Dsf'
-------------------------------------------------------------------
Fitch Ratings has affirmed 16 classes of Banc of America Commercial
Mortgage Trust (BACM) commercial mortgage pass-through certificates
series 2007-5.

KEY RATING DRIVERS

Increased Loss Expectations Relative to Credit Enhancement: The
affirmations reflect a slight increase in loss expectations which
is offset by a slight increase in credit enhancement. The majority
of the pool's collateral (70.7%) is in special servicing. All of
the classes are reliant on recovery proceeds from specially
serviced loans for repayment. There remains substantial uncertainty
regarding resolution amounts and timing of recoveries. Many of the
properties are in secondary and tertiary market location and have
significant upcoming tenant rollover.

Concentrated Pool; Adverse Selection: The pool is highly
concentrated with only eight of the original 101 loans remaining.
Seven loans (70.7% of the pool) are in special servicing of which
two loans (14.7%) are in foreclosure and three assets (26.8%) are
REO. The specially serviced loans all suffer from extremely high
vacancy and tenant rollover concerns. Due to the concentrated
nature of the pool, Fitch performed a sensitivity analysis which
grouped the remaining loans based on loan structural features,
collateral quality and performance, assumed a stressed value on the
distressed loans, and ranked them by their perceived likelihood of
repayment.

Only one loan (29.3%) is performing; 708 Third Avenue is secured by
a 347,113 sf office building in the Grand Central submarket of
Manhattan. The sponsor, Marx Realty, a division of Merchants'
National Properties, Inc., recently announced plans to redevelop
the building by repositioning the entrance to 44th street and
opening a fast-casual restaurant at the current entrance on Third
Avenue. The loan is partially amortizing and matures in June 2022.

Largest Specially Serviced Loan: The largest specially serviced
loan is 4000 Wisconsin Avenue (23.5%), which is secured by the
leasehold interest in three, five-story office buildings totaling
491,311 sf located in the Uptown office submarket of Washington,
DC. The property is subject to a 75-year, ground lease expiring in
January 2061 with no renewal options. The loan transferred to
special servicing in June 2017 for imminent default due to tenant
Fannie Mae, which occupies all of the office space at the property
(428,003 sf; 87% of NRA), indicating that it plans to vacate the
property in December 2018 as the tenant plans to move into new
headquarters in downtown DC. The borrower has indicated intent to
redevelop the property; their proposal includes building a
seven-story development with 716 apartments above 34,436 square
feet of retail and a 17,327 sf health club along with 883 parking
spaces and 325 bicycle spaces. Per recent news articles, the
borrower has submitted applications to various DC agencies
including ANC 3C and the Office of Planning and has stated that
they plan to begin construction in 2019 and complete the project by
2024. The borrower failed to pay off the loan at its April 2018
maturity date and has submitted various Discounted Payoff offers
(DPO) that were rejected by the Noteholders for being too low.

As of the July 2018 remittance report, the pool has been reduced by
87.9% to $225.3 million from $1.86 billion at issuance. Cumulative
interest shortfalls in the amount of $24.2 million are currently
affecting classes B through K and O through S.

RATING SENSITIVITIES

Future upgrades are possible with better than expected recoveries
on the specially serviced loans/assets, additional paydown or
defeasance. Upgrades may be limited due to pool concentration and
adverse selection of the remaining collateral. Downgrades are
possible should collateral performance deteriorate, losses on the
specially serviced loans/assets increase or as losses are realized.


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

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

Fitch has affirmed the following classes:

  -- $112.9 million class A-J at 'CCCsf; RE 100%;

  -- $20.9 million class B at 'CCsf; RE 0%;

  -- $13.9 million class C at 'CCsf; RE 0%;

  -- $20.9 million class D at 'Csf; RE 0%;

  -- $18.6 million class E at 'Csf; RE 0%;

  -- $11.6 million class F at 'Csf; RE 0%;

  -- $18.6 million class G at 'Csf; RE 0%;

  -- $7.8 million class H at 'Dsf; RE 0%;

  -- $0 class J at 'Dsf; RE 0%;

  -- $0 class K at 'Dsf; RE 0%;

  -- $0 class L at 'Dsf; RE 0%;

  -- $0 class M at 'Dsf; RE 0%;

  -- $0 class N at 'Dsf; RE 0%;

  -- $0 class O at 'Dsf; RE 0%;

  -- $0 class P at 'Dsf; RE 0%;

  -- $0 class Q at 'Dsf; RE 0%.

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


BANK 2018-BNK13: Fitch Assigns 'B-sf' Rating on $10MM Class F Certs
-------------------------------------------------------------------
Fitch Ratings has assigned the following ratings and Rating
Outlooks to BANK 2018-BNK13 commercial mortgage pass-through
certificates, series 2018-BNK13:

  -- $63,326,000 class A-1 'AAAsf'; Outlook Stable;

  -- $73,996,000 class A-2 'AAAsf'; Outlook Stable;

  -- $9,903,000 class A-3 'AAAsf'; Outlook Stable;

  -- $35,858,000 class A-SB 'AAAsf'; Outlook Stable;

  -- $200,000,000 class A-4 'AAAsf'; Outlook Stable;

  -- $244,803,000 class A-5 'AAAsf'; Outlook Stable;

  -- $627,886,000b class X-A 'AAAsf'; Outlook Stable;

  -- $173,790,000b class X-B 'AAAsf'; Outlook Stable;

  -- $86,334,000 class A-S 'AAAsf'; Outlook Stable;

  -- $49,334,000 class B 'AA-sf'; Outlook Stable;

  -- $38,122,000 class C 'A-sf'; Outlook Stable;

  -- $41,485,000ab class X-D 'BBB-sf'; Outlook Stable;

  -- $15,697,000ab class X-E 'BB-sf'; Outlook Stable;

  -- $10,091,000ab class X-F 'B-sf'; Outlook Stable;

  -- $41,485,000a class D 'BBB-sf'; Outlook Stable;

  -- $15,697,000a class E 'BB-sf'; Outlook Stable;

  -- $10,091,000a class F 'B-sf'; Outlook Stable.

The following classes are not rated by Fitch:

  -- $28,031,455a class G;

  -- $28,031,455ab class X-G;

  -- $47,209,498c RR Interest.

(a) Privately placed and pursuant to Rule 144A.

(b) Notional amount and interest-only.

(c) Vertical credit risk retention interest representing no less
than 5% of the estimated fair value of all classes of regular
certificates issued by the issuing entity as of the closing date.

Since Fitch published its expected ratings on July 18, 2018, the
balances for class A-4 and class A-5 were finalized. At the time
that expected ratings were assigned, the class A-4 balance range
was $180,000,000 - $200,000,000 and the expected class A-5 balance
range was $244,803,000 - $264,803,000. The final class sizes for
class A-4 and A-5 are $200,000,000 and $244,803,000, respectively.
Additionally, there will be no cashflow generated from the class B
or C to the X-B notes. As such, the rating of the class X-B is
'AAAsf', which is a change from the expected rating of 'A-sf' for
the class X-B. The classes reflect the final ratings and deal
structure.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 62 loans secured by 80
commercial properties having an aggregate principal balance of
$944,189,953 as of the cut-off date. The loans were contributed to
the trust by: Wells Fargo Bank, NA, Bank of American, NA, Morgan
Stanley Mortgage Capital Holdings LLC Bank, NA and National
Cooperative Bank, NA.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 79.9% of the properties
by balance, cash flow analysis of 88.8% and asset summary reviews
on 100.0% of the pool.

KEY RATING DRIVERS

Lower Fitch Leverage than Recent Transactions: The pool's Fitch
leverage is significantly lower than other recent Fitch-rated
multiborrower transactions. The pool's Fitch debt service coverage
ratio (DSCR) of 1.41x is superior to the 2017 and 2018 YTD averages
of 1.26x and 1.25x, respectively. The pool's Fitch LTV of 93.7% is
also superior to the 2017 and 2018 YTD averages of 101.6% and
103.8%, respectively. Excluding investment-grade credit opinion and
multifamily cooperative loans, the pool has a Fitch DSCR and LTV of
1.15 and 108.4%, respectively.

Property Type Concentration: The pool has a relatively high
exposure to retail properties, which, at 35.3% of the pool, far
exceeds 2017 and 2018 YTD average concentrations of 24.8% and
25.0%, respectively.

Credit Opinion Loans: Four loans, representing 22.7% of the pool
have investment-grade credit opinions, which is well above both the
2017 average of 11.7% and 2018 YTD average of 9.9%.

Above-Average Asset Quality: Six of the top 20 loans were assigned
grades of 'A-' or better and an additional six were assigned grades
of 'B+' or better.

RATING SENSITIVITIES

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

Fitch evaluated the sensitivity of the ratings assigned to the BANK
2018-BNK13 certificates and found that the transaction displays
average sensitivities to further declines in NCF. In a scenario in
which NCF declined a further 20% from Fitch's NCF, a downgrade of
the junior 'AAAsf' certificates to 'Asf' could result. In a more
severe scenario, in which NCF declined a further 30% from Fitch's
NCF, a downgrade of the junior 'AAAsf' certificates to 'BBB+sf'
could result.


BEAR STEARNS 2007-4: Moody's Hikes Ratings on 2 Tranches to Caa2
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four tranches
from two transactions issued by Bear Stearns.

Complete rating actions are as follows:

Issuer: Bear Stearns ARM Trust 2007-4

Cl. I-1A-1, Upgraded to Caa2 (sf); previously on Feb 24, 2010
Downgraded to Caa3 (sf)

Cl. I-2A-1, Upgraded to Caa2 (sf); previously on Feb 24, 2010
Downgraded to Caa3 (sf)

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-HE5

Cl. M-3, Upgraded to B2 (sf); previously on Dec 7, 2015 Upgraded to
Ca (sf)

Cl. M-4, Upgraded to Ca (sf); previously on Mar 12, 2013 Affirmed C
(sf)

RATINGS RATIONALE

The upgrades are primarily due to the improvement in credit
enhancement to the bonds as a result of funds received in June 2018
pursuant to the distribution of JP Morgan settlement funds to the
transactions. The actions reflect the recent performance of the
underlying pools and Moody's updated loss expectations on the
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 macroeconomic
uncertainty, and in particular the unemployment rate. The
unemployment rate fell to 4.0% in June 2018 from 4.3% in June 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.



BENCHMARK 2018-B5: DBRS Gives Prov. B Rating on Class G-RR Certs
----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2018-B5 to be
issued by Benchmark 2018-B5 Mortgage Trust:

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

All trends are Stable.

Classes X-D, D, E-RR, F-RR, G-RR and NR-RR will be privately
placed. The Class X-A, X-B and X-D balances are notional.

The collateral consists of 53 fixed-rate loans, which includes two
sets of two cross-collateralized loans, secured by 219 commercial
and multifamily properties. The DBRS analysis of this transaction
incorporates these loans as a portfolio, resulting in a modified
loan count of 53, and the loan number references within the report
for this transaction reflect this total. The transaction is of a
sequential-pay pass-through structure. The conduit pool was
analyzed to determine the provisional ratings, reflecting the
long-term probability of loan default within the term and its
liquidity at maturity. Trust assets contributed from five loans,
representing 27.6% of the pool, are shadow-rated investment grade
by DBRS. Proceeds for the shadow-rated loans are floored at their
respective ratings within the pool. When the combined 27.6% of the
pool has no proceeds assigned below the rating floor, the resulting
pool subordination is diluted or reduced below that rated floor.
When the cut-off loan balances were measured against the DBRS
Stabilized Net Cash Flow (NCF) and their respective actual
constants, four loans, representing 6.7% of the total pool, had a
DBRS Term Debt Service Coverage Ratio (DSCR) below 1.15 times (x),
a threshold indicative of a higher likelihood of mid-term default.
Additionally, to assess refinance risk given the current
low-interest-rate environment, DBRS applied its refinance constants
to the balloon amounts. This resulted in 37 loans, representing
72.4% of the pool, having whole-loan refinance DSCRs below 1.00x
and 25 loans, representing 55.7% of the pool, having whole-loan
refinance DSCRs below 0.90x. Aventura Mall, eBay North First
Commons and Workspace, which represent 19.6% of the transaction
balance and are three of the pool's loans with a DBRS Refinance
(Refi) DSCR below 0.90x, are shadow-rated investment grade by DBRS
and have a large piece of subordinate mortgage debt outside the
trust.

Ten loans, representing 20.9% of the pool, are located in urban and
super-dense urban gateway markets with increased liquidity that
benefit from consistent investor demand, even in times of stress.
Urban markets represented in the deal include Chicago, San
Francisco and New York. Furthermore, there is limited rural and
tertiary concentration with only four loans, representing 6.1% of
the pool.

Five loans — Aventura Mall, eBay North First Commons, Workspace,
AON Center and 181 Fremont Street — representing a combined 27.6%
of the pool, exhibit credit characteristics consistent with
investment-grade shadow ratings. Aventura Mall exhibits credit
characteristics consistent with a BBB (high) shadow rating, eBay
North First Commons exhibits credit characteristics consistent with
an A (low) shadow rating, Workspace exhibits credit characteristics
consistent with an AA (low) shadow rating, AON Center exhibits
credit characteristics consistent with an A (high) shadow rating
and 181 Fremont Street exhibits credit characteristics consistent
with an AA shadow rating. For additional information on these five
assets, please refer to pages 15, 27, 29, 44 and 50, respectively,
of the report associated with this transaction.

Term default risk is moderate, as indicated by the relatively
strong weighted-average (WA) DBRS Term DSCR of 1.71x, and when
measured against A-note balances only, the WA DBRS Term DSCR
increases to 1.96x. In addition, 18 loans, representing 49.2% of
the pool, have a DBRS Term DSCR in excess of 1.50x. Even when
excluding the five investment-grade shadow-rated loans, the deal
exhibits an acceptable WA DBRS Term DSCR of 1.62x.

Twenty-one loans, representing 59.0% of the pool, are structured
with full-term interest-only (IO) payments, and one loan,
representing 3.9% of the pool, is structured with full-term IO
payments followed by an ARD trail. An additional 18 loans,
comprising 19.9% of the pool, have partial IO periods ranging from
ten months to 59 months. As a result, the transaction's scheduled
amortization by maturity is only 6.0%, which is generally below
other recent conduit securitizations. The DBRS Term DSCR is
calculated using the amortizing debt service obligation, and the
DBRS Refi DSCR is calculated considering the balloon balance and
lack of amortization when determining refinance risk. DBRS
determines probability of default (POD) based on the lower of term
or refinance DSCRs; therefore, loans that lack amortization are
treated more punitively. Ten of the full-term IO loans,
representing 33.3% of the full-IO concentration in the transaction,
are located in urban markets. Additionally, all five of the loans
that are shadow-rated investment grade by DBRS are full-term IO,
and they represent 43.9% of the full-term IO concentration.

Seven loans, representing 11.8% of the transaction balance, are
secured by properties that are either fully or primarily leased to
a single tenant. This includes two of the largest 15 loans: eBay
North First Commons and 181 Fremont Street. Loans secured by
properties occupied by single tenants have been found to suffer
higher loss severities in an event of default. Both of the largest
single-tenant loans are leased to tenants that are rated investment
grade or have investment-grade-rated parent companies. In addition,
DBRS applied a penalty for single-tenant properties that resulted
in higher loan-level credit enhancement. The majority of the loans
have been structured with cash flow sweeps prior to tenant expiry
if the lease expires during, at or just beyond loan maturity.

There are eight loans, totaling 16.7% of the pool, secured by
hotels, which are vulnerable to having high NCF volatility because
of their relatively short-term leases compared with other
commercial properties, which can cause the NCF to quickly
deteriorate in a declining market. Three of the largest 15 loans
are secured by either hospitality or self-storage properties. Such
loans exhibit a WA DBRS Debt Yield and DBRS Exit Debt Yield of
11.0% and 13.2%, respectively, which compare favorably with the
overall deal. Additionally, all such loans are located in
established urban or suburban markets that benefit from increased
liquidity and more stable performance.

Ten loans, representing 22.6% of the pool (eBay North First
Commons, Renaissance Tampa International Plaza Hotel, Embassy
Suites Kennesaw, Woodland Gardens Apartments, Stone brook
Apartments, Kingsley Apartments, Westbrook Corporate Center,
Deerfield Woods Apartments, MacArthur Retail Center and Cascades
Shopping Center), have sponsorship risks identified by DBRS that
include, but are not limited to, one or a combination of the
following deficiencies: a foreign-entity-based sponsor, a prior
loan default, limited liquidity relative to the loan obligation, a
historical negative credit event or a prior or pending litigation
issue. DBRS increased the POD for loans with identified sponsorship
concerns, based on the severity of the risk associated with the
sponsor. This includes three of the top ten loans. For additional
information on these loans, please refer to pages 29, 34 and 60,
respectively, of the report associated with this transaction.

The transaction's WA DBRS Refi DSCR is 0.94x, indicating higher
refinance risk on an overall pool level. In addition, 37 loans,
representing 72.4% of the pool, have DBRS Refi DSCRs below 1.00x,
including seven of the top ten loans and ten of the top 15 loans.
Twenty-five of these loans, comprising 55.7% of the pool, have DBRS
Refi DSCRs less than 0.90x, including six of the top ten loans and
seven of the top 15 loans. These credit metrics are based on
whole-loan balances. Three of the pool's loans with a DBRS Refi
DSCR below 0.90x — Aventura Mall, eBay North First Commons and
Workspace — which represent 19.6% of the transaction balance, are
shadow-rated investment grade by DBRS and have large pieces of
subordinate mortgage debt outside of the trust. Based on A-note
balances only, the deal's WA DBRS Refi DSCR improves materially to
1.06x, and the concentration of loans with DBRS Refi DSCRs below
1.00x and 0.90x reduces to 32.8% and 15.6%, respectively. The
pool's DBRS Refi DSCRs for these loans are based on a WA stressed
refinance constant of 9.36%, which implies an interest rate of
8.66%, amortizing on a 30-year schedule. This represents a
significant stress of 4.63% over the WA contractual interest rate
of the loans in the pool.

Classes X-A, X-B and X-D are IO certificates that reference a
single rated tranche or multiple rated tranches. The IO rating
mirrors the lowest-rated applicable reference obligation tranche
adjusted upward by one notch if senior in the waterfall.


BENEFIT STREET IX: S&P Assigns Prelim BB- Rating on E-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-R, B-R, C-R, D-R, and E-R replacement notes from Benefit Street
Partners CLO IX Ltd./Benefit Street Partners CLO IX LLC, a
collateralized loan obligation (CLO) originally issued in 2016 that
is managed by Benefit Street Partners 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 July 30,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Aug. 8, 2018, refinancing date, the proceeds from the
issuance of the replacement notes are expected to redeem the
original notes. S&P said, "At that time, we anticipate withdrawing
the ratings on the original notes and assigning ratings to the
replacement notes. However, if the refinancing doesn't occur, we
may affirm the ratings on the original notes and withdraw our
preliminary ratings on the replacement notes."

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

-- Issue the replacement classes at a lower weighted average cost
of debt than the current notes.

-- Issue the replacement class A-R, B-R, C-R, D-R, and E-R notes
at lower floating spreads than the original notes.

-- Extend the stated maturity and reinvestment period each by
approximately 3.5 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."

  PRELIMINARY RATINGS ASSIGNED

  Benefit Street Partners CLO IX Ltd./Benefit Street Partners CLO

  IX LLC
  Replacement class         Rating      Amount (mil. $)
  A-R                       AAA (sf)             243.60
  B-R                       AA (sf)               64.20
  C-R (deferrable)          A (sf)                22.50
  D-R (deferrable)          BBB- (sf)             22.50
  E-R (deferrable)          BB- (sf)              14.60
  Subordinated notes        NR                    36.88

  NR--Not rated.


BHMS 2018-ATLS: DBRS Finalizes BB Rating on Class E Certs
---------------------------------------------------------
DBRS, Inc. finalized its provisional ratings of the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2018-ATLS to be issued by BHMS 2018-ATLS:

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

All trends are Stable.

All classes have been privately placed. The Class X-CP and X-NCP
balances are notional. DBRS's ratings on interest-only (IO)
certificates address the likelihood of receiving interest based on
the notional amount outstanding. DBRS considers the IO
certificates' position within the transaction payment waterfall
when determining the appropriate rating. The Notional Amount of the
Class X-CP Certificates is equal to the aggregate Certificate
Balance of the Class A Certificates. The Notional Amount of the
Class X-NCP Certificates is equal to the aggregate Certificate
Balance of the Class A Certificates.

The loan is secured by the Atlantis Resort, a 2,917-room luxury
hotel resort located on Paradise Island in the Bahamas. The
collateral also includes the fee interest in amenities including,
but not limited to, 40 restaurants and bars, a 60,000 square foot
(sf) casino, the 141-acre Aqua venture waterpark, 73,391 sf of
retail space and spa facilities and 500,000 sf of meeting and event
space. The resort includes a luxury tower with an additional 495
rooms owned by third parties as condo-hotel units and 392 timeshare
rooms located at the Harbor side Resort, both of which are not a
part of the collateral for the loan.

The subject property is a luxury hotel and beach village located in
the Bahamas on a 171-acre beachfront parcel. The property consists
of four unique hotel towers (The Beach, The Coral, The Royal and
The Cove), together with a non-collateral condominium, The Reef
tower, and an expansive list of amenities designed to cater to
three generations of guests. The resort was reconstructed in three
phases from 1994 to 2007, but acts as one massive, cohesively
managed property. With the exception of two pools that have access
restricted to The Cove and one pool with access restricted to The
Cove and The Reef, the rest of the property, including the water
attractions, casinos, restaurants, spa, shops, children's club,
movie theater and gym can be accessed by all guests. The mix of
older and newer guest room towers, with 3,309 rooms in total (2,917
serving as collateral), provides a wide variety of options ranging
in size from 260 sf to nearly 100 rooms across the property
offering suites of at least 1,000 sf. As of the 12 months ending
March 31, 2018, average daily rates range from $241.16 per night
for a room in the most affordable towers (The Beach and The Coral)
to $433.19 per night for a room at the luxury tower (The Cove),
making the Atlantis an attractive destination across a breadth of
demographics.

Atlantis is a destination offering a tailored experience for all
ages. There is a long list of amenities included in the total room
charges, including but not limited to the five beautiful beaches,
11 distinct pool areas and the 141-acre water park. A water park of
this size is designed for children of all ages, with attractions
such as a six-story fast-speed waterslide that shoots guests
through a tunnel submerged in a lagoon of sharks; a challenger
slide that allows guests to race down side-by-side, with speeds
registered by clocks at the bottom; a 50-foot waterslide that drops
through complete darkness; and for smaller children, an elaborately
decorated water playground as well as a lazy river that takes
guests around a quarter-mile loop guided by gentle water currents.
Access to The Dig, an underground marine exhibit, is also included.
Atlantis features more than 50,000 sea animals with over 250
species, most of which can be viewed in The Dig. Guests are also
able to take a guided dive with some of the unique species they
care for.

The Atlantis generates significant amounts of non-room revenue,
which represents 71.0% of total DBRS revenue. Cruise ships generate
a substantial amount of revenue at the Atlantis, as various
packages are sold that provide for the use of resort amenities
while docked during the day. Atlantis also generates income on the
sale of day passes for use of Aqua venture. Use is closely
monitored depending on peak or non-peak seasons to be sensitive to
hotel guests and overcrowding. Non-room revenue is well-diversified
with food and beverage (F&B) outlets, casino, water attractions,
retail and water plant representing 26.8%, 20.0%, 7.8%, 1.8% and
2.2% of DBRS total revenue, respectively. The average length of
stay is reportedly 4.3 days and no tower currently offers
all-inclusive packages; however, there are plans to potentially
convert the Beach Tower to an all-inclusive concept. There are 40
F&B outlets ranging from high-end restaurants such as Nobu, Olives
and its newest addition, Fish, which opened in May 2018, to casual
counters and bars around the pool to the teens' club and adult
nightclubs. The casino is very large and spans 60,000 sf, offering
table games, slots, a newer sports book and a private gambling
room. For an added cost, guests can swim with dolphins and sea
lions at the Dolphin Cay and Education Center, which encompasses 14
acres with nearly 7.0 million gallons of seawater pools. The retail
offerings range from souvenir shops to high-end retailers such as
Versace and John Bull. Additionally, the Atlantis water plants
provide water to all of Paradise Island for a service fee.
Management has done a good job of finding creative ways of
generating revenue even when the weather is inclement or when
guests just want to get out of the sun. Examples of this include
movies played all day at a state-of-the-art theater with stadium
seating and concessions and a drop-off kids club for ages three to
12, with miniature car racing and a clay-making shop. Amenities
targeted to adults include the spa, gym, casino and shops. Although
the high level of non-room revenue is viewed as a risk because it
can be somewhat volatile, it benefits the property by diversifying
cash flow, with both guests and non-guests willing to pay a fee to
access an extensive list of property amenities.

Within DBRS's "Rating Sovereign Governments" methodology, Appendix
C addresses the impact of sovereign ratings on other DBRS ratings,
including structured finance ratings. The above-mentioned
methodology states that, in most cases, structured finance ratings
are limited to two rating categories above the sovereign (e.g.,
from BBB to AA). DBRS performed an Internal Assessment of The
Commonwealth of the Bahamas, resulting in a rating within the BBB
category. Typically, this would result in a rating cap of AA;
however, given the specific attributes of this transaction and
property, DBRS is comfortable with rating three categories above
the sovereign, at AAA. The rationale for such uplift is that the
borrower is required to maintain political risk insurance in the
amount of $560.0 million, covering expropriatory acts, currency
inconvertibility and non-transfer, political violence and war, and
civil war. This is less than the amount of coverage in the previous
securitization in 2014, which was $800.0 million, though DBRS
considers it adequate given the country's lack of a history of
political violence and upheaval. Additionally, the transaction is a
securitization of USD-denominated bonds secured by cash flows from
the property that are largely collected (approximately 95%) in USD
and with a majority that are never converted to Bahamian currency
via cash management arrangements, ensuring those cash flows never
enter the Bahamas. While the substantial portion of the revenues of
the property are denominated in USD, a portion of the revenue is in
Bahamian dollars, which are used to pay Bahamian-dollar budgeted or
otherwise permitted expenses with respect to the property without
conversion into USD. To incorporate potential for the unknown
events that may be associated with prolonged workouts and
additional volatility associated with a prolonged workout in a
foreign jurisdiction, DBRS increased its capitalization rate on the
asset to account for an elevated probability of default and/or loss
given default.

Classes X-CP and X-NCP are IO certificates that reference a single
rated tranche or multiple rated tranches. The IO rating mirrors the
lowest-rated applicable reference obligation tranche adjusted
upward by one notch if senior in the waterfall.

Notes: All figures are in U.S. dollars unless otherwise noted.


BLUEMOUNTAIN CLO 2018-1: S&P Assigns B- Rating on Cl. F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to BlueMountain CLO 2018-1
Ltd.'s $422.50 million floating-rate notes. This is a reissue of
its BlueMountain 2014-1 CLO Ltd. transaction.

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

The ratings reflect:

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

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

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

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

  RATINGS ASSIGNED

  BlueMountain CLO 2018-1 Ltd.

  Replacement class          Rating         Balance (mil. $)
  X                          AAA (sf)                  5.00
  A-1                        AAA (sf)                280.50
  A-2                        NR                       15.00
  B                          AA (sf)                  54.00
  C (deferrable)             A (sf)                   27.50
  D (deferrable)             BBB- (sf)                28.00
  E (deferrable)             BB- (sf)                 18.00
  F (deferrable)             B- (sf)                   9.50
  Subordinated notes         NR                       37.60

  RATINGS WITHDRAWN

  BlueMountain 2014-1 CLO Ltd.
                             Rating
  Original class       To              From
  A-R                  NR              AAA (sf)
  B-1-R                NR              AA+ (sf)
  B-2-R                NR              AA+ (sf)
  C-R                  NR              A+ (sf)
  D                    NR              BBB (sf)
  E                    NR              BB (sf)
  F                    NR              B (sf)

  NR--Not rated.


CANYON CAPITAL 2012-1 R: Moody's Rates $25MM Class E Debt 'Ba3'
---------------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by Canyon Capital CLO 2012-1 R, Ltd.

Moody's rating action is as follows:

US$3,000,000 Class X Senior Secured Floating Rate Notes due 2030
(the "Class X Notes"), Assigned Aaa (sf)

US$288,000,000 Class A Senior Secured Floating Rate Notes due 2030
(the "Class A Notes"), Assigned Aaa (sf)

US$50,500,000 Class B Senior Secured Floating Rate Notes due 2030
(the "Class B Notes"), Assigned Aa2 (sf)

US$22,250,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class C Notes"), Assigned A2 (sf)

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

US$25,750,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2030 (the "Class E Notes"), Assigned Ba3 (sf)

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

RATINGS RATIONALE

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

Canyon Capital 2012-1 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. The portfolio is over 98% ramped as
of the closing date.

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


In addition to the Rated Notes, the Issuer issued one class of
junior notes and 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: 65

Weighted Average Rating Factor (WARF): 2807

Weighted Average Spread (WAS): 3.20%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 47%

Weighted Average Life (WAL): 8.0 years

Methodology Underlying the Rating Action:

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

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


The performance of the 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, 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.

Here 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 2807 to 3228)

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: -1

Percentage Change in WARF -- increase of 30% (from 2807 to 3649)

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



CARLYLE GLOBAL 2015-3: Moody's Gives B3 Rating on Class E-R Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
following CLO refinancing notes issued by Carlyle Global Market
Strategies CLO 2015-3, Ltd.:

US$362,250,000 Class A-1-R Senior Secured Floating Rate Notes due
2028 (the "Class A-1-R Notes"), Assigned Aaa (sf)

US$70,950,000 Class A-2-R Senior Secured Floating Rate Notes due
2028 (the "Class A-2-R Notes"), Assigned Aa2 (sf)

US$27,475,000 Class B-R Senior Secured Deferrable Floating Rate
Notes due 2028 (the "Class B-R Notes"), Assigned A2 (sf)

US$39,000,000 Class C-R Mezzanine Secured Deferrable Floating Rate
Notes due 2028 (the "Class C-R Notes"), Assigned Baa3 (sf)

US$29,325,000 Class D-R Mezzanine Secured Deferrable Floating Rate
Notes due 2028 (the "Class D-R Notes"), Assigned Ba3 (sf)

US$11,500,000 Class E-R Junior Secured Deferrable Floating Rate
Notes due 2028 (the "Class E-R Notes"), Assigned B3 (sf)

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

Carlyle CLO Management L.L.C. manages the CLO. It directs the
selection, acquisition, and disposition of collateral on behalf of
the Issuer.

RATINGS RATIONALE

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

The Issuer has issued the Refinancing Notes on July 30, 2018 in
connection with the refinancing of certain classes of notes
previously issued on the Original Closing Date. On the Refinancing
Date, the Issuer used the proceeds from the issuance of the
Refinancing Notes to redeem in full the Refinanced Original Notes.


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

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

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

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

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

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

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

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

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

Moody's Assumed WARF - 20% (2506)

Class A-1-R: 0

Class A-2-R: +2

Class B-R: +3

Class C-R: +3

Class D-R: +2

Class E-R: +1

Moody's Assumed WARF + 20% (3760)

Class A-1-R: 0

Class A-2-R: -2

Class B-R: -2

Class C-R: -1

Class D-R: -1

Class E-R: -4

Loss and Cash Flow Analysis:

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

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

Performing par and principal proceeds balance: $573,490,128

Defaulted par: $3,019,744

Diversity Score: 70

Weighted Average Rating Factor (WARF): 3133 (corresponding to a
weighted average default probability of 27.76%)

Weighted Average Spread (WAS): 3.4%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 7.0 years

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


CD 2017-CD5: Fitch Affirms B- Rating on Cl. F Debt, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of CD 2017-CD5 Mortgage Trust
Series 2017-CD5.

KEY RATING DRIVERS

Stable Performance: The overall pool performance remains stable
from issuance with no changes to Fitch's loss expectations. There
are no delinquent or specially serviced loans. As of the July 2018
distribution date, the pool's aggregate balance has been reduced by
0.41% to $927.8 million, from $931.6 million at issuance. Three
loans (3.4%) are on the servicer's watchlist, and none of the loans
are considered Fitch Loans of Concern.

Limited Amortization; Minimal Changes to Credit Enhancement:
Thirteen loans (41.8%) are full-term interest-only and 22 loans
(39.2%) are partial interest-only, similar to Fitch-rated
transactions of its vintage. The pool is scheduled to amortize by
9.3% of the initial pool balance by maturity.

Investment-Grade Credit Opinion Loans: Three loans, representing
22.7% of the pool, had investment-grade credit opinions at
issuance. General Motors Building (10.7% of the pool) had an
investment-grade credit opinion of 'AAAsf' on a stand-alone basis,
while 245 Park Avenue (5.5% of the pool) and Olympic Tower (6.5% of
the pool) had investment-grade credit opinions of 'BBB-sf' and
'BBBsf', respectively, on a stand-alone basis.

Significant Hotel Exposure: Loans secured by hotel properties
comprise 21.7% of the pool, which is above-average concentration
compared to other 2017 vintage transactions.

RATING SENSITIVITIES

The Rating Outlooks on all classes remain Stable. Fitch does not
foresee positive or negative ratings migration until a material
economic or asset-level event changes the transaction's overall
portfolio-level metrics. For additional sensitivity analysis,
please see Fitch's original presale on the transaction dated, July
17, 2017.

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

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

Fitch has affirmed the following ratings:

  -- $28,425,613 class A-1 at 'AAAsf'; Outlook Stable;

  -- $70,987,000 class A-2 at 'AAAsf'; Outlook Stable;

  -- $225,000,000 class A-3 at 'AAAsf'; Outlook Stable;

  -- $252,232,000 class A-4 at 'AAAsf'; Outlook Stable;

  -- $47,057,000 class A-AB at 'AAAsf'; Outlook Stable;

  -- $726,769,613b class X-A at 'AAAsf'; Outlook Stable;

  -- $71,700,000b class X-B at 'A-sf'; Outlook Stable;

  -- $103,068,000 class A-S at 'AAAsf'; Outlook Stable;

  -- $39,211,000 class B at 'AA-sf'; Outlook Stable;

  -- $32,489,000 class C at 'A-sf'; Outlook Stable;

  -- $39,211,000ab class X-D at 'BBB-sf'; Outlook Stable;

  -- $15,684,000ab class X-E at 'BB-sf'; Outlook Stable;

  -- $39,211,000a class D at 'BBB-sf'; Outlook Stable;

  -- $15,684,000a class E at 'BB-sf'; Outlook Stable;

  -- $8,962,000ad class F at 'B-sf'; Outlook Stable.

The following are not rated by Fitch:

  -- $30,249,217ad class G;

  -- $35,257,674c VRR Interest.

(a) Privately placed and pursuant to Rule 144A.

(b) Notional amount and interest only.

(c) Vertical credit risk retention interest representing
approximately 3.8% of the pool balance (as of the closing date).

(d) Class F and G certificates, in the aggregate initial
certificate balance of approximately $39,211,217, constitute the
eligible horizontal residual interest to satisfy a portion of the
sponsor's risk retention obligation. The combined interest retained
by both the vertical credit risk retention and horizontal residual
interest is no less than 5.0%.


CD COMMERCIAL 2007-CD5: Fitch Affirms Dsf Rating on Class K Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 13 classes of CD Commercial Mortgage
Trust commercial mortgage pass-through certificates series
2007-CD5.

KEY RATING DRIVERS

High Loss Expectations Mitigated by Increased Credit Enhancement:
Credit enhancement has improved since Fitch's last rating action
from the payoffs of 26 loans and the liquidation of four specially
serviced loans/assets at better than expected recoveries. The
affirmations reflect an overall stable ratio of losses relative to
credit enhancement.

As of the July 2018 distribution date, the pool's aggregate
principal balance has been reduced by 94.5% to $115.5 million from
$2.09 billion at issuance. Since Fitch's last rating action, the
pool has paid down by $255.1 million (68% of the outstanding
balance at the last rating action). Realized losses since issuance
total $117.9 million (5.6% of original pool balance). Interest
shortfalls are currently affecting classes H through S.

High Concentration of Specially Serviced Loans/Assets: The pool is
concentrated with only one performing loan (2.1% of the pool) and
11 specially serviced loans/assets (66.2% of the pool consists of
REO assets).

The largest specially-serviced loan is the Versar Center Office
Building (22.2%), which is secured by two office properties
totalling 217,396 square feet (sf) located in Springfield, VA. The
loan transferred to the special servicer in October 2014 due to
imminent default. The property has struggled with occupancy issues
since the economic downturn and the borrower has indicated that it
can no longer fund shortfalls. The special servicer is pursuing
foreclosure and maintaining contact with the borrower as new leases
are being pursued. According to the September 2017 rent roll, the
property is 56.5% occupied.


RATING SENSITIVITIES

The Rating Outlooks for classes D and E remain Stable. Although the
classes are reliant on the liquidation of the specially serviced
loan/assets, both benefit from high credit enhancement relative to
expected losses. Upgrades are not likely given the pool
concentration and low remaining collateral quality. Conversely,
downgrades to these classes are possible if expected losses from
the specially serviced loan/assets increase. Downgrades to the
distressed classes will occur as losses are realized.

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

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

Fitch has affirmed the following classes:

  -- $16.2 million class D at 'BBsf'; Outlook Stable;

  -- $18.3 million class E at 'Bsf'; Outlook Stable;

  -- $18.3 million class F at 'CCCsf'; RE 50%;

  -- $20.9 million class G at 'CCsf'; RE 0%.

  -- $23.6 million class H at 'Csf'; RE 0%;

  -- $18.2 million class J at 'Dsf'; RE 0%;

  -- $0 million class K at 'Dsf'; RE 0%;

  -- $0 class L at 'Dsf'; RE 0%;

  -- $0 class M at 'Dsf'; RE 0%;

  -- $0 class N at 'Dsf'; RE 0%;

  -- $0 class O at 'Dsf'; RE 0%;

  -- $0 class P at 'Dsf'; RE 0%;

  -- $0 class Q at 'Dsf'; RE 0%.

The class A-1, A-2, A-3, A-AB, A-4, A-1A, A-M, A-MA, AJ, A-JA, B
and C certificates have paid in full. Fitch does not rate the class
S certificates. Fitch previously withdrew the ratings on the
interest-only class XP and XS certificates.


CENT CLO 21: S&P Assigns B-(sf) Rating on Class E-R2 Notes
----------------------------------------------------------
S&P Global Ratings assigned its ratings to the class X-R2, A-1RA,
A-1RB, A-2-R2, B-R2, C-R2, D-R2, and E-R2 replacement notes from
Cent CLO 21 Ltd., a collateralized loan obligation (CLO) originally
issued in 2014 that is managed by Columbia Management Investment
Advisers LLC. S&P withdrew its ratings on the original class
A-1A-R, A-1B-R, A-2A-R, A-2B-R, B-R, C, D, and E notes following
payment in full on the July 27, 2018, refinancing date.

On the July 27, 2018, refinancing date, the proceeds from the class
X-R2, A-1-RA, A-1-RB, A-2-R2, B-R2, C-R2, D-R2, and E-R2
replacement note issuances were used to redeem the original class
A-1A-R, A-1B-R, A-2A-R, A-2B-R, B-R, C, D, and E notes as outlined
in the transaction document provisions. Therefore, S&P withdrew its
ratings on the original notes in line with their full redemption,
and it is assigning ratings to the replacement notes.

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

-- The replacement class A-1-RA, A-2-R2, B-R2, and C-R2, notes are
being issued at a lower spread than the original notes.

-- The class D-R2 and E-2 notes are being issued at a higher
spread than the original notes.

-- The replacement class A-1-RB notes are being issued at a fixed
coupon.

-- The new class X-R2 notes are being issued at a floating
spread.

-- The stated maturity and reinvestment period will be extended
four years.

-- The non-call period will be reinstated, now ending July 2020.

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

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

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

  RATINGS ASSIGNED

  Cent CLO 21 Ltd./Cent CLO 21 Corp.
  Replacement class          Rating        Amount (mil $)
  X-R2                       AAA (sf)                6.00
  A-1RA                      AAA (sf)             349.825
  A-1RB                      AAA (sf)              26.875
  A-2-R2                     AA (sf)                67.60
  B-R2                       A (sf)                 38.70
  C-R2                       BBB- (sf)              39.00
  D-R2                       BB- (sf)               30.00
  E-R2                       B- (sf)                10.70
  Subordinated notes         NR                     56.08

  RATINGS WITHDRAWN

  Cent CLO 21 Ltd. /Cent CLO 21 Corp.
                             Rating
  Original class       To              From
  A-1A-R               NR              AAA (sf)
  A-1B-R               NR              AAA (sf)
  A-2A-R               NR              AA (sf)
  A-2B-R               NR              AA (sf)
  B-R                  NR              A (sf)
  C                    NR              BBB (sf)
  D                    NR              BB (sf)
  E                    NR              B (sf)

  NR--Not rated.


CENT CLO 24: S&P Assigns Prelim. B Rating on Class E-R Notes
------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1-R, A-2-R, B-1-R, B-2-R, C-R, D-R, and E-R replacement notes
from Cent CLO 24 Ltd., a collateralized loan obligation (CLO)
originally issued in 2015 that is managed by Columbia Management
Investment Advisers LLC. The replacement notes will be issued via a
proposed supplemental indenture.

S&P said, "The preliminary ratings reflect our opinion that the
credit support available is commensurate with the associated rating
levels. Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

"On the Aug. 8, 2018, refinancing date, proceeds from the
replacement notes issuance are expected to redeem the original
notes. At that time, we anticipate withdrawing the ratings on the
original notes and assigning ratings to the replacement notes.
However, if the refinancing doesn't occur, we may affirm the
ratings on the original notes and withdraw our preliminary ratings
on the replacement notes."

  Replacement notes
  Class                Amount    Interest
                      (mil. $)    rate (%)
  A-1-R                431.90    LIBOR + 1.07
  A-2-R                102.90    LIBOR + 1.65   
  B-1-R                 24.00    LIBOR + 2.10
  B-2-R                 18.00    5.031
  C-R                   35.70    LIBOR + 3.15
  D-R                   31.50    LIBOR + 5.75
  E-R                   14.00    LIBOR + 8.00

  Original notes
  Class                Amount    Interest
                      (mil. $)    rate (%)
  A-1                  431.90    LIBOR + 1.47
  A-2                  102.90    LIBOR + 2.20
  B                     42.00    LIBOR + 2.75
  C                     35.70    LIBOR + 3.70
  D-1                   19.50    LIBOR + 5.50
  D-2                   12.00    LIBOR + 6.78
  E                     14.00    LIBOR + 7.00

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

  Cent CLO 24 Ltd.

  Replacement class         Rating      Amount (mil. $)

  A-1-R                     AAA (sf)             431.90
  A-2-R                     AA (sf)              102.90
  B-1-R(i)                  A (sf)                24.00
  B-2-R(i)                  A (sf)                18.00
  C-R                       BBB (sf)              35.70
  D-R                       BB (sf)               31.50
  E-R                       B (sf)                14.00

(i)The class B-1-R notes will be issued as floating-rate notes
indexed to LIBOR and the class B-2-R notes will be issued as
fixed-rate notes.


CFIP CLO 2018-1: S&P Assigns BB- Rating on $16.8MM Class E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to CFIP CLO 2018-1
Ltd./CFIP CLO 2018-1 LLC's $388.65 million floating-rate notes.

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

The ratings reflect:

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

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

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

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

  RATINGS ASSIGNED

  CFIP CLO 2018-1 Ltd./CFIP CLO 2018-1 LLC

  Class                  Rating          Amount
                                       (mil. $)
  X                      AAA (sf)          2.25
  A                      AAA (sf)        273.00
  B                      AA (sf)          46.20
  C (deferrable)         A (sf)           25.20
  D (deferrable)         BBB- (sf)        25.20
  E (deferrable)         BB- (sf)         16.80
  Subordinated notes     NR               39.35

  NR--Not rated.


CITIGROUP 2008-C7: Moody's Cuts Ratings on 3 Tranches to 'Csf'
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of eight and
downgraded the ratings of three classes in Citigroup Commercial
Mortgage Trust 2008-C7, Commercial Mortgage Pass-Through
Certificates, Series 2008-C7 as follow:

Cl. A-1A, Affirmed Aaa (sf); previously on Jul 25, 2017 Affirmed
Aaa (sf)

Cl. A-M, Affirmed Baa1 (sf); previously on Jul 25, 2017 Downgraded
to Baa1 (sf)

Cl. A-MA, Affirmed Baa1 (sf); previously on Jul 25, 2017 Downgraded
to Baa1 (sf)

Cl. A-J, Downgraded to C (sf); previously on Jul 25, 2017
Downgraded to Ca (sf)

Cl. A-JA, Downgraded to C (sf); previously on Jul 25, 2017
Downgraded to Ca (sf)

Cl. B, Affirmed C (sf); previously on Jul 25, 2017 Downgraded to C
(sf)

Cl. C, Affirmed C (sf); previously on Jul 25, 2017 Affirmed C (sf)


Cl. D, Affirmed C (sf); previously on Jul 25, 2017 Affirmed C (sf)


Cl. E, Affirmed C (sf); previously on Jul 25, 2017 Affirmed C (sf)


Cl. F, Affirmed C (sf); previously on Jul 25, 2017 Affirmed C (sf)


Cl. X, Downgraded to C (sf); previously on Jul 25, 2017 Downgraded
to Caa2 (sf)

RATINGS RATIONALE

The ratings on three P&I Classes (A-1A, A-M & A-MA) were affirmed
because the transaction's key metrics, including Moody's
loan-to-value (LTV) ratio, Moody's stressed debt service coverage
ratio (DSCR) and the transaction's Herfindahl Index (Herf), are
within acceptable ranges.

The ratings on two P&I Classes (A-J and A-JA) were downgraded due
to an increase in anticipated losses from specially serviced loans.
Specially serviced loans account for 90.6% of the deal.

The ratings on five P&I Classes (B, C, D, E & F) were affirmed
because the ratings are consistent with Moody's expected loss.

The rating on IO Class X was downgraded based on the credit quality
of the referenced classes.

Moody's rating action reflects a base expected loss of 63.5% of the
current balance, compared to 17.9% at Moody's last review. Moody's
base expected loss plus realized losses is now 18.5% of the
original pooled balance, compared to 16.3% at Moody's last review.

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 Citigroup Commercial
Mortgage Trust 2008-C7, Cl. A-1A, Cl. A-M, Cl. A-MA, Cl. A-J, Cl.
A-JA, Cl. B, Cl. C, Cl. D, Cl. E, and Cl. F was "Moody's Approach
to Rating Large Loan and Single Asset/Single Borrower CMBS"
published in July 2017. The methodologies used in rating Citigroup
Commercial Mortgage Trust 2008-C7, Cl. X 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 analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 94.4% of the pool is
either in special servicing or has been identified as troubled
loans of the pool. In this approach, Moody's determines a
probability of default for each specially serviced and troubled
loan that it expects will generate a loss and estimates a loss
given default based on a review of broker's opinions of value (if
available), other information from the special servicer, available
market data and Moody's internal data. The loss given default for
each loan also takes into consideration repayment of servicer
advances to date, estimated future advances and closing costs.
Translating the probability of default and loss given default into
an expected loss estimate, Moody's then applies the aggregate loss
from specially serviced and troubled loans to the most junior
classes and the recovery as a pay down of principal to the most
senior classes.

DEAL PERFORMANCE

As of the July 12, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 83.8% to $299.5
million from $1.85 billion at securitization. The certificates are
collateralized by 16 mortgage loans ranging in size from 1.1% to
15.5% of the pool, with the top ten loans constituting 85.5% of the
pool.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 11.

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

Twenty-six loans have been liquidated from the pool, resulting in
an aggregate realized loss of $152.3 million (for an average loss
severity of 44.1%). Fourteen loans, constituting 90.6% of the pool,
are currently in special servicing.

The largest specially serviced loan is the Alexandria Mall ($46.5
million -- 15.5% of the pool), which is secured by a 559,000 square
foot (SF) portion of an 837,176 SF anchored mall located in
Alexandria, Louisiana. The collateral is encumbered by a $12
million B-Note. The loan transferred to special servicing in
October 2012 due to imminent monetary default. Major tenants
include JC Penney, Sears, Dillards, Burlington Coat Factory, with
only JC Penney as part of the collateral. The Sears is on a closure
list. The property was 85% leased as of March 2018.

The second largest specially serviced loan is the Huntsville Office
Portfolio II Loan ($37.5 million -- 12.5% of the pool), which is
secured by three office buildings located in Huntsville, Alabama.
The properties include the Perimeter Center Corporate Park,
Progress Center and the Formerly DRS Building and total
approximately 672,000 SF. The portfolio transferred to Special
Servicing in June 2016 for imminent default due to cash flow
issues. Currently, a receiver has been appointed and foreclosure is
imminent.

The third largest specially serviced loan is the Cooper Beech
Townhomes II -- Columbia Loan ($30.3 million -- 10.1% of the pool),
which is secured by a 824 bed, student housing complex located in
Columbia, South Carolina. The property is located approximately 2.5
miles from the University of South Carolina and 1 mile from the
football stadium. The loan transferred to Special Servicing in
February 2016 for imminent default. The property was 60% leased as
of March 2018, up from 46% in May 2017.

The remaining specially serviced and troubled loans are secured by
a mix of property types. Moody's estimates an aggregate $187.4
million loss for these loans (66.3% expected loss on average).

The single remaining conduit loan is the Hilton Garden Inn -- A
Note Loan ($16.8 million -- 5.6% of the pool), which is secured by
a 149-key Hilton Garden Inn located in Fairfax, Virginia. The area
surrounding the property is fully developed with a mix of
commercial and residential properties. The loan went into special
servicing in November 2013 due to Payment Default, was modified in
December 2014 and later returned to master servicing in June 2015.
Per the modification the Loan was split into an A($16.8
million)/B($11.3 million) note with the A note accruing interest at
5.25% and the B note at 7.12% annually. The maturity date was
extended until January 2018 and this was modified again in December
2017. The current maturity date is in January 2019.



CITIGROUP 2018-RP3: DBRS Gives Prov. B Rating on Class B-2 Notes
----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
Mortgage-Backed Notes, Series 2018-RP3 (the Notes) issued by
Citigroup Mortgage Loan Trust 2018-RP3 (the Trust):

-- $149.2 million Class A-1 at AAA (sf)
-- $13.1 million Class M-1 at AA (sf)
-- $16.0 million Class M-2 at A (sf)
-- $15.0 million Class M-3 at BBB (sf)
-- $8.0 million Class B-1 at BB (sf)
-- $9.0 million Class B-2 at B (sf)

The AAA (sf) rating on the Class A-1 Notes reflects the 39.25% of
credit enhancement provided by subordinated Notes in the pool. The
AA (sf), A (sf), BBB (sf), BB (sf) and B (sf) ratings reflect
credit enhancement of 33.90%, 27.40%, 21.30%, 18.05% and 14.40%,
respectively.

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

This transaction is a securitization of a portfolio of seasoned
performing and re-performing first-lien residential mortgages. The
Notes are backed by 1,028 loans with a total principal balance of
$245,569,265 as of the Cut-Off Date (June 30, 2018).

The loans are approximately 143 months seasoned. As of the Cut-Off
Date, all loans are current, including 3.1% bankruptcy-performing
loans. Approximately 50.4% and 100.0% of the mortgage loans have
been zero times 30 days delinquent for the past 24 months and 12
months, respectively, under the Mortgage Bankers Association
delinquency method.

The portfolio contains 94.7% modified loans. The modifications
happened more than two years ago for 55.0% of the modified loans.
Within the pool, 488 mortgages have aggregate non-interest-bearing
deferred amounts of $22,228,410. Included in the deferred amounts
are proprietary principal forgiveness and Home Affordable
Modification Program principal reduction alternative amounts
(collectively, PRA amounts) of $3,278,304. The non-PRA amounts of
$18,950,106 comprise approximately 7.7% of the total principal
balance.

In accordance with the Consumer Financial Protection Bureau
Ability-to-Repay (ATR) and Qualified Mortgage (QM) rules, only one
loan (


CITIGROUP 2018-RP3: Moody's Gives (P)B Rating on Class B-3 Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to seven
classes of notes issued by Citigroup Mortgage Loan Trust 2018-RP3
("CMLTI 2018-RP3"), which are backed by one pool of primarily
re-performing residential mortgage loans. As of the cut-off date of
June 30, 2018, the collateral pool is comprised of 1,028 first lien
mortgage loans, with a weighted average (WA) updated primary
borrower FICO score of 655, a WA current loan-to-value Ratio (LTV)
of 93.6% and a total unpaid balance of $248,847,568. Total deal
balance is $249,512,520 which includes a pre-existing servicing
advance of $664,952. Approximately 8.9% of the pool balance is
non-interest bearing, which consists of both principal reduction
alternative (PRA) and non-PRA deferred principal balance.

Fay Servicing, LLC ("Fay") will be the primary servicer and will
not advance any principal or interest on the delinquent loans.
However, it will be required to advance costs and expenses incurred
in connection with a default, delinquency or other event in the
performance of its servicing obligations.

The complete rating actions are as follows:

Issuer: Citigroup Mortgage Loan Trust 2018-RP3

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

Cl. B-1, Assigned (P)Ba3 (sf)

Cl. B-2, Assigned (P)B3 (sf)

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

Cl. M-1, Assigned (P)Aa2 (sf)

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

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

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected losses on CMLTI 2018-RP3's collateral pool average
14.0% in Moody's base case scenario. Its loss estimates take into
account the historical performance of loans that have similar
collateral characteristics as the loans in the pool. Its credit
opinion is the result of its analysis of a wide array of
quantitative and qualitative factors, a review of the third-party
review of the pool, servicing framework and the representations and
warranties framework.

The methodologies used in these ratings were "Moody's Approach to
Rating Securitisations Backed by Non-Performing and Re-Performing
Loans" published in August 2016 and "US RMBS Surveillance
Methodology" published in January 2017.

Collateral Description

CMLTI 2018-RP3's collateral pool is primarily comprised of
re-performing mortgage loans. About 94.8% of mortgage loans in the
pool have been previously modified.

Moody's based its expected losses on its estimates of 1) the
default rate on the remaining balance of the loans and 2) the
principal recovery rate on the defaulted balances. The two factors
that most strongly influence a re-performing mortgage loan's
likelihood of re-default are the length of time that the loan has
performed since a loan modification, and the amount of the
reduction in the monthly mortgage payment as a result of the
modification. The longer a borrower has been current on a
re-performing loan, the less likely the borrower is to re-default.
Approximately 55.1% of the borrowers have been current on their
payments for at least the past 24 months under the MBA method of
calculating delinquencies.

Moody's estimated expected losses for the pool using two approaches
-- (1) pool-level approach, and (2) re-performing loan level
analysis.

In the pool-level approach, Moody's estimates losses on the pool
using an approach similar to its surveillance approach whereby it
applies assumptions of future delinquencies, default rates, loss
severities and prepayments based on observed performance of similar
collateral. Moody's projects future annual delinquencies for eight
years by applying an initial annual default rate and delinquency
burnout factors. Based on the loan characteristics of the pool and
the demonstrated pay histories, Moody's expects an annual
delinquency rate of 13.1% on the collateral pool for year one.
Moody's then calculated future delinquencies on the pool using its
default burnout and voluntary conditional prepayment rate (CPR)
assumptions. The delinquency burnout factors reflect its future
expectations of the economy and the U.S. housing market. Moody's
then aggregated the delinquencies and converted them to losses by
applying pool-specific lifetime default frequency and loss severity
assumptions. Moody's loss severity assumptions are based off
observed severities on liquidated seasoned loans and reflect the
lack of principal and interest advancing on the loans.

Moody's also conducted a loan level analysis on CMLTI 2018-RP3's
collateral pool. Moody's applied loan-level baseline lifetime
propensity to default assumptions, and considered the historical
performance of seasoned loans with similar collateral
characteristics and payment histories. Moody's then adjusted this
base default propensity up for (1) adjustable-rate loans, (2) loans
that have the risk of coupon step-ups and (3) loans with high
updated loan to value ratios (LTVs). Moody's applied a higher
baseline lifetime default propensity for interest-only loans, using
the same adjustments. To calculate the expected loss for the pool,
Moody's applied a loan-level loss severity assumption based on the
loans' updated estimated LTVs. Moody's further adjusted the loss
severity assumption upwards for loans in states that give
super-priority status to homeowner association (HOA) liens, to
account for potential risk of HOA liens trumping a mortgage.

As of the cut-off date, approximately 8.9% of the pool balance is
non-interest bearing, which consists of both PRA and non-PRA
deferred principal balance. However, the PRA deferred amount of
$3,278,304 will be carved out as a separate Class PRA note.

For non-PRA forborne amounts, the deferred balance is the full
obligation of the borrower and must be paid in full upon (i) sale
of property (ii) voluntary payoff or (iii) final scheduled payment
date. Upon sale of the property, the servicer therefore could
potentially recover some of the deferred amount. For loans that
default in future or get modified after the closing date, the
servicer may opt for partial or full principal forgiveness to the
extent permitted under the servicing agreement. Based on
performance and information from servicers, Moody's applied a
slightly higher default rate than what it assumed for the overall
pool given that these borrowers have experienced past credit events
that required loan modification, as opposed to borrowers who have
been current and have never been modified. In addition, Moody's
assumed approximately 95% severity as the servicer may recover a
portion of the deferred balance. Moody's expected loss does not
consider the PRA deferred amount.

Transaction Structure

The securitization has a simple sequential priority of payments
structure without any cash flow triggers. The servicer will not
advance any principal or interest on delinquent loans. However, the
servicer will be required to advance costs and expenses incurred in
connection with a default, delinquency or other event in the
performance of its servicing obligations. Credit enhancement in
this transaction is comprised of subordination provided by
mezzanine and junior tranches and loss allocation to the
subordinate bonds. To the extent excess cashflow is available, it
will be used to pay down additional principal of the bonds
sequentially, building overcollateralization.

Moody's coded CMLTI 2018-RP3's cashflows using SFW, a cashflow tool
developed by Moody's Analytics. To assess the final rating on the
notes, Moody's ran 96 different loss and prepayment scenarios
through SFW. The scenarios encompass six loss levels, four loss
timing curves, and four prepayment curves. The structure allows for
timely payment of interest and ultimate payment of principal with
respect to the notes by the legal final maturity.

Third Party Review

The sponsor engaged third party diligence providers to conduct the
following due diligence reviews: (i) a title/lien review to confirm
the appropriate lien was recorded and the position of the lien and
to review for other outstanding liens and the position of those
liens; (ii) a state and federal regulatory compliance review on the
loans; (iii) a payment history review for the three year period (to
the extent available) to confirm that the payment strings matched
the data supplied by or on behalf of the third-party sellers; and
(iv) a data comparison review on certain characteristics of the
loans.

Based on its analysis of the TPR reports, Moody's determined that a
portion of the loans with some cited violations are at enhanced
risk of having violated TILA through an under-disclosure of the
finance charges or other disclosure deficiencies. Although the TPR
report indicated that the statute of limitations for borrowers to
rescind their loans has already passed, borrowers can still raise
these legal claims in defense against foreclosure as a set off or
recoupment and win damages that can reduce the amount of the
foreclosure proceeds. Such damages can include up to $4,000 in
statutory damages, borrowers' legal fees and other actual damages.
Moody's increased its base case losses for these loans to account
for such damages.

The diligence provider also noted 151 lien exceptions such as HOA
liens in super lien states, municipal liens, delinquent property
taxes and property tax lien. Loans with these findings are not
removed from the final pool, however, the seller is obligated to
cure the exception or repurchase the loan within 12 months of the
closing date. The review also consisted of validating 42 data
fields for each loan in the pool which resulted in 728 loans having
one or more data variances. It was determined that such data
variances were attributable to missing or defective source
documentation, non-material variances within acceptable tolerances,
allocation between documented and undocumented deferred principal
balances, timing and data formatting differences. Moody's did not
make any adjustments for these findings.

Representations & Warranties (R&W)

The R&W framework for this transaction is adequate. The scope of
the R&Ws are somewhat weaker compared to prior CMLTI
securitizations rated by us owing mainly to items identified in the
TPR being excluded from the R&Ws. However, the overall framework is
still adequate as there are well-defined breach discovery and
enforcement mechanisms and provisions that obligate the R&W
provider despite lack of its knowledge (R&W knowledge clawback
provisions).

The R&W provider is Citigroup Global Markets Realty Corp. Although
it itself is unrated, it is affiliated with an investment grade
entity, Citigroup Inc., though Citigroup Inc. has no contractual
obligation with respect to R&W breaches.

There is a good chance that any R&W breaches will be discovered
because an independent party is obligated to review for R&W
breaches if:

(i) a loan was at least 120 days delinquent following a threshold
event, which is satisfied if the sum of cumulative realized loss
and unpaid principal balance of 120+ days delinquent loans (current
trigger amount) within the first three years exceeds 50% of
aggregate class B-3, class B-4 and class B-5 balance as of the
closing date or the current trigger amount exceeds 75% of aggregate
class B-3, class B-4 and class B-5 balance as of the closing date
thereafter.

(ii) a loan was liquidated at a loss if certain conditions
including but not limited to a reviewer waiver from controlling
holder or if the review fees and expenses were less than the loss
amount.

(iii) the servicer has made a determination that it cannot
foreclose upon the loan.

If the breach reviewer (an independent third party) identifies a
R&W breach, the R&W provider will be obligated to either cure the
breach, repurchase or substitute the loan, or pay for any loss (or
the portion of any loss attributable to the breach) if the loan has
been liquidated. The R&W provider will also cover losses incurred
due to a servicer's inability to foreclose on the mortgage. If the
R&W Provider disputes the findings, there is binding arbitration to
resolve the dispute. The loser of the arbitration pays all the
expenses.

There are a few weaknesses in the enforcement mechanisms. First,
the independent reviewer is not identified at closing and, if the
indenture trustee has difficulty engaging one on acceptable terms,
the controlling holder can direct the trustee not to engage one.
Furthermore, the review fees, which the trust pays, are not agreed
upon at closing and will be determined in the future. Second, the
remedies do not cover damages owing to TILA under-disclosures.
Moody's made adjustments to account for such damages in its
analysis. Finally, there will be no remedy for an insurance-related
R&W if there is an insurance policy rescission.

Trustee Indemnification

Moody's believes there is a very low likelihood that the rated
notes in CMLTI 2018-RP3 will incur any loss from extraordinary
expenses or indemnification payments owing to potential future
lawsuits against key deal parties. First, majority of the loans are
seasoned with demonstrated payment history, reducing the likelihood
of a lawsuit on the basis that the loans have underwriting defects.
Second, historical performance of loans aggregated by the sponsor
to date has been within expectation, with minimal losses on
previously issued CMLTI transactions. Third, the transaction has
reasonably well defined processes in place to identify loans with
defects on an ongoing basis. In this transaction a well-defined
breach discovery and enforcement mechanism reduces the likelihood
that parties will be sued for inaction.

Transaction Parties

Fay will be the primary servicer for all loans in the pool. Wells
Fargo Bank, N.A. and Deutsche Bank National Trust Company will act
as custodians. U.S. Bank National Association will be the trust
administrator and Wilmington Savings Fund Society, FSB will be the
indenture trustee.

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

Factors that would lead to an upgrade of the ratings

Levels of credit protection that are higher than necessary to
protect investors against current expectations of loss could drive
the ratings up. Losses could decline from Moody's original
expectations as a result of a lower number of obligor defaults or
appreciation in the value of the mortgaged property securing an
obligor's promise of payment. Transaction performance also depends
greatly on the US macro economy and housing market. Other reasons
for better-than-expected performance include changes to servicing
practices that enhance collections or refinancing opportunities
that result in prepayments.

Factors that would lead to a downgrade of the ratings

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



CMLS ISSUER 2014-1: Fitch Affirms Bsf Rating on Class G Certs
-------------------------------------------------------------
Fitch Ratings has affirmed eight classes of CMLS Issuer Corp.'s
(CMLSI) commercial mortgage pass-through certificates, series
2014-1 and revised the outlook on class G to Negative from Stable.


KEY RATING DRIVERS

Stable Loss Projections: Pool-level losses have remained within
Fitch's expectations since the last rating action. Collateral
performance has been largely stable despite an increase in the
number of loans on the servicer watchlist (23.9% of the pool).
While this number has increased, this is somewhat mitigated by the
fact that all but one these loans, Spring Garden Place (5.4%), have
partial or full recourse to the sponsor. Loan-level losses are
expected to remain low given 82.6% of the loans in the pool
featured partial or full recourse at issuance.

Improved Credit Enhancement: Credit enhancement has improved
modestly since issuance given loan amortization and payoffs. The
pool has paid down approximately 15.2% since issuance. Credit
enhancement will continue to improve given above amortization, with
the loans in the pool scheduled to amortize 24.1% by maturity.

Pool Concentration: The top 15 loans in the pool account for 83.8%
of total pool balances when accounting for loans that are
cross-collateralized and cross-defaulted.

Energy Market Concentration: The pool reflects three loans (14.2%)
that are located in Alberta or Saskatchewan, which have experienced
volatility from the energy sector in the past few years. This
includes two Fitch Loans of Concern, Clearwater Suites (3.6%) and
Fairway Greens Saskatoon (4.8%). Clearwater Suites has also
suffered significant damage from the Fort McMurray wildfires and an
unrelated flood at the property. This loan is full recourse to its
sponsor.

RATING SENSITIVITIES

Rating Outlook for class G has been revised to Negative given the
underperformance of several loans in the pool, six (23.9%) of which
are on the servicer watchlist. Additional Negative Outlooks and
downgrades are possible in the event of sustained underperformance,
further deterioration in collateral performance or if any of the
loans on the servicer watchlist transfer to special servicing.
While loan recourse may mitigate potential losses, several of the
loans provide limited or no recourse or reflect a guarantor with
limited payment capacity. Upgrades or revised outlooks are possible
in the event of improved collateral performance, additional paydown
and defeasance.

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

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

Fitch has affirmed the following rating and revised outlook to
Negative:

  -- $2.8 million class G at 'Bsf'; Outlook Negative from Stable.

Fitch has affirmed the following ratings:

  -- $109.4 million class A-1 at 'AAAsf'; Outlook Stable;

  -- $109.6 million class A-2 at 'AAAsf'; Outlook Stable;

  -- $6 million class B at 'AAsf'; Outlook Stable;

  -- $8.9 million class C at 'Asf'; Outlook Stable;

  -- $8.5 million class D at 'BBBsf'; Outlook Stable;

  -- $3.5 million class E at 'BBB-sf'; Outlook Stable;

  -- $2.8 class F at 'BBsf'; Outlook Stable.

Fitch does not rate the interest-only class X or the $5.3 million
non-offered class H.



COMM 2013-CCRE11: Fitch Affirms Bsf Rating on Class F Certs
-----------------------------------------------------------
Fitch Ratings has affirmed 13 classes of Deutsche Bank Securities,
Inc.'s COMM 2013-CCRE11 commercial mortgage pass-through
certificates.

KEY RATING DRIVERS

Minimal Change in Credit Enhancement; Stable Loss Expectations:
Overall pool performance and loss expectations have remained stable
since issuance, with minimal changes to credit enhancement. Fitch
Ratings has designated three loans (2.1% of pool) as Fitch Loans of
Concern (FLOCs), including one specially serviced loan (1.8%) and
two other loans outside of the top 15 (0.3%), due to tenant lease
rollover concerns and declining occupancy.

As of the July 2018 remittance report, the pool has been paid down
by 2.8% to $1.23 billion from $1.27 billion at issuance. There have
been no realized losses since issuance. Four loans (6.8%),
including two loans in the top 15 (5.5%), are fully defeased.
Cumulative interest shortfalls in the amount of $42,317 are
currently affecting class G.

Fitch Loans of Concern: The iPark Hudson Buildings 4 & 5 loan
(1.8%) was transferred to special servicing in November 2017 for a
non-monetary default as a technical default was triggered per the
loan documents due to the failure of a tenant to renew its lease 12
months prior to expiration. Per the servicer, the tenant has
finalized a lease extension and the loan is expected to be returned
to the master servicer in October 2018.

The Mariner Village Center loan (0.3%), which is secured by a
neighborhood retail center located in Spring Hills, FL, was flagged
as a FLOC due to tenant rollover concern. The center is anchored by
Winn Dixie (70% of NRA). Although the company recently emerged from
bankruptcy and this location is not on any recent store closure
lists, the tenant has failed to renew its lease 24 months ahead of
its May 2020 lease expiration. Per the servicer, the lockbox is
being sprung per the loan documents.

The Marion and Jefferson loan (0.05%), which is secured by a
multifamily portfolio consisting of two rent-stabilized apartments
located in Brooklyn, NY, was flagged due to lower occupancies at
the properties and significant deferred maintenance.

Regional Mall Concentration: Two loans (19%) within the top five
are secured by superregional malls: Miracle Mile Shops (11.8%) and
Oglethorpe Mall (7.3%).

The Miracle Mile Shops loan is secured by a 448,835-sf mall located
on the Las Vegas Strip at the base of Planet Hollywood Resort &
Casino. Foot traffic to the mall is high and comparable inline
sales are healthy at $828 psf (as of TTM March 2018).

The Oglethorpe Mall loan is secured by a 626,966-sf portion of a
regional mall located in Savannah, GA. While the mall is considered
the dominant center in its trade area, tenant sales have declined
over the past few years. YE17 comparable in-line sales were
reported at $367 psf compared with YE16 at $385 psf and YE15 at
$395 psf. Fitch is concerned about the possibility of an outsize
loss on the Oglethorpe Mall loan should performance continue to
deteriorate. Fitch performed an additional sensitivity on the loan
that assumed a 20% loss; the Stable Rating Outlooks took into
consideration this scenario.

Credit Opinion Loans: Two loans (9.3%) were given investment-grade
credit opinions at issuance. One Wilshire (6.5%) has an
investment-grade credit opinion of 'BBBsf' on a stand-alone basis,
and 200-206 East 87th Street Leased Fee (2.8%) has a credit opinion
of 'BBB-sf'. Property performance for both loans remains stable and
in line with Fitch's expectations at issuance.

Maturity Schedule: There are limited scheduled maturities prior to
2023 (92.7%). One loan, One & Only Palmilla (7.3%), will mature in
January 2019.

RATING SENSITIVITIES

The Rating Outlooks for all classes remain Stable due to the
overall stable performance of the pool and the high credit
enhancement relative to modeled losses. Fitch performed an
additional sensitivity analysis on Oglethorpe Mall, assuming a 20%
loss, and the current ratings and Stable Rating Outlooks reflect
this analysis. Fitch does not foresee positive or negative ratings
migration until a material economic or asset-level event changes
the transaction's portfolio-level metrics. Rating downgrades are
possible should One & Only Palmilla fail to pay off at its January
2019 maturity given the property's greater sovereign risk and
liquidity concerns. A revision of the Rating Outlooks on the junior
classes is possible should performance of Oglethorpe Mall
significantly deteriorate.

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

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

Fitch has affirmed the following classes and Outlooks as
indicated:

Fitch has affirmed the following ratings as indicated:

  -- $6.5 million class A-1 at 'AAAsf'; Outlook Stable;

  -- $90.0 million class A-2 at 'AAAsf'; Outlook Stable;

  -- $70.3 million class A-SB at 'AAAsf'; Outlook Stable;

  -- $275 million class A-3 at 'AAAsf', Outlook Stable;

  -- $411.3 million class A-4 at 'AAAsf'; Outlook Stable;

  -- $967.3 million* class X-A 'AAAsf'; Outlook Stable;

  -- $186.1 million* class X-B 'AA-sf'; Outlook Stable;

  -- $114.3 million class A-M at 'AAAsf'; Outlook Stable;

  -- $76.2 million class B at 'AA-sf'; Outlook Stable;

  -- $46.0 million class C at 'A-sf'; Outlook Stable;

  -- $63.9 million class D at 'BBB-sf'; Outlook Stable;

  -- $20.2 million class E at 'BBsf'; Outlook Stable;

  -- $17.5 million class F at 'Bsf'; Outlook Stable.

  * Notional amount and interest only.

Fitch does not rate the class G or interest-only class X-C
certificates.



CONNECTICUT AVE 2018-C05: DBRS Gives (P)BB Rating on 18 Tranches
----------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Connecticut Avenue Securities (CAS), Series 2018-C05 notes (the
Notes) to be issued by Fannie Mae:

-- $204.7 million Class 1M-1 at BBB (high) (sf)
-- $200.2 million Class 1M-2A at BBB (low) (sf)
-- $200.2 million Class 1M-2B at BB (sf)
-- $200.2 million Class 1M-2C at B (high) (sf)
-- $600.5 million Class 1M-2 at B (high) (sf)
-- $200.2 million Class 1E-A1 at BBB (low) (sf)
-- $200.2 million Class 1A-I1 at BBB (low) (sf)
-- $200.2 million Class 1E-A2 at BBB (low) (sf)
-- $200.2 million Class 1A-I2 at BBB (low) (sf)
-- $200.2 million Class 1E-A3 at BBB (low) (sf)
-- $200.2 million Class 1A-I3 at BBB (low) (sf)
-- $200.2 million Class 1E-A4 at BBB (low) (sf)
-- $200.2 million Class 1A-I4 at BBB (low) (sf)
-- $200.2 million Class 1E-B1 at BB (sf)
-- $200.2 million Class 1B-I1 at BB (sf)
-- $200.2 million Class 1E-B2 at BB (sf)
-- $200.2 million Class 1B-I2 at BB (sf)
-- $200.2 million Class 1E-B3 at BB (sf)
-- $200.2 million Class 1B-I3 at BB (sf)
-- $200.2 million Class 1E-B4 at BB (sf)
-- $200.2 million Class 1B-I4 at BB (sf)
-- $200.2 million Class 1E-C1 at B (high) (sf)
-- $200.2 million Class 1C-I1 at B (high) (sf)
-- $200.2 million Class 1E-C2 at B (high) (sf)
-- $200.2 million Class 1C-I2 at B (high) (sf)
-- $200.2 million Class 1E-C3 at B (high) (sf)
-- $200.2 million Class 1C-I3 at B (high) (sf)
-- $200.2 million Class 1E-C4 at B (high) (sf)
-- $200.2 million Class 1C-I4 at B (high) (sf)
-- $400.4 million Class 1E-D1 at BB (sf)
-- $400.4 million Class 1E-D2 at BB (sf)
-- $400.4 million Class 1E-D3 at BB (sf)
-- $400.4 million Class 1E-D4 at BB (sf)
-- $400.4 million Class 1E-D5 at BB (sf)
-- $400.4 million Class 1E-F1 at B (high) (sf)
-- $400.4 million Class 1E-F2 at B (high) (sf)
-- $400.4 million Class 1E-F3 at B (high) (sf)
-- $400.4 million Class 1E-F4 at B (high) (sf)
-- $400.4 million Class 1E-F5 at B (high) (sf)
-- $400.4 million Class 1-X1 at BB (sf)
-- $400.4 million Class 1-X2 at BB (sf)
-- $400.4 million Class 1-X3 at BB (sf)
-- $400.4 million Class 1-X4 at BB (sf)
-- $400.4 million Class 1-Y1 at B (high) (sf)
-- $400.4 million Class 1-Y2 at B (high) (sf)
-- $400.4 million Class 1-Y3 at B (high) (sf)
-- $400.4 million Class 1-Y4 at B (high) (sf)

The holders of Class 1M-2 may exchange for proportionate interests
in Classes 1M-2A, 1M-2B and 1M-2C (the Exchangeable Notes) and vice
versa. Holders of the Exchangeable Notes may further exchange for
proportionate interests in the Related Combinable or Recombinable
Notes (the RCR Notes) and vice versa. Certain classes of the RCR
Notes may be further exchanged for other classes of RCR Notes and
vice versa. Classes 1M-2, 1A-I1, 1E-A1,1A-I2, 1E-A2, 1A-I3, 1E-A3,
1A-I4, 1E-A4, 1B-I1, 1E-B1, 1B-I2, 1E-B2, 1B-I3, 1E-B3, 1B-I4,
1E-B4, 1C-I1, 1E-C1, 1C-I2, 1E-C2, 1C-I3, 1E-C3, 1C-I4, 1E-C4,
1E-D1, 1E-D2, 1E-D3, 1E-D4, 1E-D5, 1E-F1, 1E-F2, 1E-F3, 1E-F4,
1E-F5, 1-X1, 1-X2, 1-X3, 1-X4, 1-Y1, 1-Y2, 1-Y3 and 1-Y4 are RCR
Notes.

Classes 1A-I1, 1A-I2, 1A-I3, 1A-I4, 1B-I1, 1B-I2, 1B-I3, 1B-I4,
1C-I1, 1C-I2, 1C-I3, 1C-I4, 1-X1, 1-X2, 1-X3, 1-X4, 1-Y1, 1-Y2,
1-Y3 and 1-Y4 are interest-only notes. The class balances represent
notional amounts.

The BBB (high) (sf) rating on the Notes reflect the 3.35% of credit
enhancement provided by subordinated Notes in the pool. The BBB
(low) (sf), BB (sf) and B (high) (sf) ratings reflect 2.62%, 1.88%
and 1.15% of credit enhancement, respectively.

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

The Notes in the transaction represent unsecured general
obligations of Fannie Mae. The Notes are subject to the credit and
principal payment risk of a certain reference pool (the Reference
Pool) of residential mortgages held in various Fannie
Mae–guaranteed mortgage-backed securities.

The Reference Pool consists of 116,174 fully amortizing first-lien,
fixed-rate mortgage loans (greater than 20 years) underwritten to a
full documentation standard with original loan-to-value (LTV)
ratios greater than 60% and less than or equal to 80%. Payments to
the Notes will be determined by the credit performance of the
Reference Pool.

Cash flow from the Reference Pool will not be used to make any
payment to the Note holders; instead, Fannie Mae will be
responsible for making monthly interest payments at the note rate
and periodic principal payments on the Notes based on the actual
principal payments it collects from the Reference Pool.

CAS 2018-C05 is the 20th transaction in the CAS series where note
write-downs are based on actual realized losses and not on a
predetermined set of loss severities. Furthermore, unlike earlier
CAS transactions where a credit event could occur as early as the
date on which a mortgage becomes 180 or more days delinquent, for
this transaction, a delinquent mortgage would typically need to go
through the entire liquidation process for a credit event to
occur.

The Reference Pool consists of approximately 2.0% of loans
originated under the Home Ready program. Home Ready is Fannie Mae's
affordable mortgage product designed to expand the availability of
mortgage financing to creditworthy low- to moderate-income
borrowers.

This is the fourth CAS transaction where after any refinancing of a
reference obligation under the high LTV refinance option, the
resulting refinanced reference obligation will be included in the
Reference Pool as a replacement of the original reference
obligation. The high LTV refinance program, effective October 1,
2017, provides refinance opportunities to borrowers with existing
Fannie Mae mortgages who are current in their mortgage payments but
whose LTV ratios exceed the maximum permitted for standard
refinance products. The refinancing and replacement of a reference
obligation under this option will not constitute a credit event,
and any reductions in the loan balance of the replacement reference
obligation will be treated as unscheduled principal.

Fannie Mae is obligated to retire the Notes by January 2031 by
paying an amount equal to the remaining class balance plus accrued
and unpaid interest. The Notes also may be redeemed on or after (1)
the date on which the Reference Pool pays down to less than 10% of
its cut-off date balance or (2) the payment date in July 2028,
whichever comes first. If there are unrecovered losses for any of
the Notes as of the termination date, then Note holders are
entitled to certain projected recovery amounts.


CONNECTICUT AVE 2018-C05: Fitch to Rate 19 Tranches 'Bsf'
---------------------------------------------------------
Fitch Ratings expects to assign the following ratings and Rating
Outlooks to Fannie Mae's risk transfer transaction, Connecticut
Avenue Securities, series 2018-C05:

  -- $204,725,000 class 1M-1 notes 'BBB-sf'; Outlook Stable;

  -- $200,175,000 class 1M-2A notes 'BBsf'; Outlook Stable;

  -- $200,175,000 class 1M-2B notes 'BB-sf'; Outlook Stable;

  -- $200,175,000 class 1M-2C notes 'Bsf'; Outlook Stable;

  -- $600,525,000 class 1M-2 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $200,175,000 class 1A-I1 notional exchangeable notes 'BBsf';
Outlook Stable;

  -- $200,175,000 class 1A-I2 notional exchangeable notes 'BBsf';
Outlook Stable;

  -- $200,175,000 class 1A-I3 notional exchangeable notes 'BBsf';
Outlook Stable;

  -- $200,175,000 class 1A-I4 notional exchangeable notes 'BBsf';
Outlook Stable;

  -- $200,175,000 class 1B-I1 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $200,175,000 class 1B-I2 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $200,175,000 class 1B-I3 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $200,175,000 class 1B-I4 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $200,175,000 class 1C-I1 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $200,175,000 class 1C-I2 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $200,175,000 class 1C-I3 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $200,175,000 class 1C-I4 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $200,175,000 class 1E-A1 exchangeable notes 'BBsf'; Outlook
Stable;

  -- $200,175,000 class 1E-A2 exchangeable notes 'BBsf'; Outlook
Stable;

  -- $200,175,000 class 1E-A3 exchangeable notes 'BBsf'; Outlook
Stable;

  -- $200,175,000 class 1E-A4 exchangeable notes 'BBsf'; Outlook
Stable;

  -- $200,175,000 class 1E-B1 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $200,175,000 class 1E-B2 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $200,175,000 class 1E-B3 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $200,175,000 class 1E-B4 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $200,175,000 class 1E-C1 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $200,175,000 class 1E-C2 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $200,175,000 class 1E-C3 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $200,175,000 class 1E-C4 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $400,350,000 class 1E-D1 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $400,350,000 class 1E-D2 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $400,350,000 class 1E-D3 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $400,350,000 class 1E-D4 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $400,350,000 class 1E-D5 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $400,350,000 class 1E-F1 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $400,350,000 class 1E-F2 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $400,350,000 class 1E-F3 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $400,350,000 class 1E-F4 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $400,350,000 class 1E-F5 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $400,350,000 class 1-X1 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $400,350,000 class 1-X2 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $400,350,000 class 1-X3 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $400,350,000 class 1-X4 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $400,350,000 class 1-Y1 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $400,350,000 class 1-Y2 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $400,350,000 class 1-Y3 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $400,350,000 class 1-Y4 notional exchangeable notes 'Bsf';
Outlook Stable;

Fitch will not be rating the following classes:

  -- $27,555,280,985 class 1A-H reference tranche;

  -- $10,775,111 class 1M-1H reference tranche;

  -- $10,536,221 class 1M-AH reference tranche;

  -- $10,536,221 class 1M-BH reference tranche;

  -- $10,536,221 class 1M-CH reference tranche;

  -- $177,428,000 class 1B-1 notes;

  -- $9,338,764 class 1B-1H reference tranche;

  -- $143,666,741 class 1B-2H reference tranche.

The notes are general senior unsecured obligations of Fannie Mae
(AAA/Stable) subject to the credit and principal payment risk of
the mortgage loan reference pools of certain residential mortgage
loans held in various Fannie Mae-guaranteed MBS. The 'BBB-sf'
rating for the 1M-1 notes reflects the 3.35% subordination provided
by the 0.73% class 1M-2A, the 0.73% class 1M-2B, the 0.73% class
1M-2C, the 0.65% class 1B-1, and their corresponding reference
tranches, as well as the 0.50% 1B-2H reference tranche.

Connecticut Avenue Securities, series 2018-C05 (CAS 2018-C05) is
Fannie Mae's 28th risk transfer transaction issued as part of the
Federal Housing Finance Agency's Conservatorship Strategic Plan for
2013 to 2018 for each of the government sponsored enterprises
(GSEs) to demonstrate the viability of multiple types of risk
transfer transactions involving single-family mortgages.

The CAS 2018-C05 transaction consists of 116,174 loans with
loan-to-value (LTV) ratios greater than 60% and less than or equal
to 80%.

The notes are general senior unsecured obligations of Fannie Mae
but are subject to the credit and principal payment risk of a pool
of certain residential mortgage loans (reference pool) held in
various Fannie Mae-guaranteed MBS.

While the transaction structure simulates the behavior and credit
risk of traditional RMBS mezzanine and subordinate securities,
Fannie Mae will be responsible for making monthly payments of
interest and principal to investors based on the payment priorities
set forth in the transaction documents.

Given the structure and counterparty dependence on Fannie Mae,
Fitch's ratings on the 1M-1 and 1M-2 notes will be based on the
lower of: the quality of the mortgage loan reference pool and
credit enhancement (CE) available through subordination, or Fannie
Mae's Issuer Default Rating (IDR). The notes will be issued as
uncapped LIBOR-based floaters and carry a 12.5-year legal final
maturity. This will be an actual loss risk transfer transaction in
which losses borne by the noteholders will not be based on a fixed
loss severity (LS) schedule. The notes in this transaction will
experience losses realized at the time of liquidation or
modification that will include both lost principal and delinquent
or reduced interest.

Under the Federal Housing Finance Regulatory Reform Act, the
Federal Housing Finance Agency (FHFA) must place Fannie Mae into
receivership if it determines that Fannie Mae's assets are less
than its obligations for more than 60 days following the deadline
of its SEC filing, as well as for other reasons. As receiver, FHFA
could repudiate any contract entered into by Fannie Mae if the
termination of such contract would promote an orderly
administration of Fannie Mae's affairs. Fitch believes that the
U.S. government will continue to support Fannie Mae; this is
reflected in Fannie Mae's current rating. However, if at some
point, Fitch observes that support is reduced and receivership
likely, Fannie Mae's ratings could be downgraded and the
1M-1,1M-2A,1M-2B, and 1M-2C notes' ratings affected.

The 1M-1, 1M-2A, 1M-2B, 1M-2C and 1B-1 notes will be issued as
LIBOR-based floaters. Should the one-month LIBOR rate fall below
the applicable negative LIBOR trigger value described in the
offering memorandum, the interest payment on the interest-only
notes will be capped at the excess of: (i) the interest amount
payable on the related class of exchangeable notes for that payment
date over (ii) the interest amount payable on the class of
floating-rate related combinable and recombinable (RCR) notes
included in the same combination for that payment date. If there
are no floating-rate classes in the related exchange, then the
interest payment on the interest-only notes will be capped at the
aggregate of the interest amounts payable on the classes of RCR
notes included in the same combination that were exchanged for the
specified class of interest-only RCR notes for that payment date.

KEY RATING DRIVERS

High-Quality Mortgage Pool (Positive): The reference mortgage loan
pool consists of high-quality mortgage loans acquired by Fannie Mae
between Dec. 1, 2017 and March 31, 2018. The reference pool will
consist of loans with loan-to-value (LTV) ratios greater than 60%
and less than or equal to 80%. Overall, the reference pool's
collateral characteristics are similar to recent CAS transactions
and reflect the strong credit profile of post-crisis mortgage
originations.

Solid Lender Review and Acquisition Processes (Positive): Fitch
found that Fannie Mae has a well-established and disciplined
process in place for the purchase of loans and views its lender
approval and oversight processes for minimizing counterparty risk
and ensuring sound loan quality acquisitions as positive. Loan
quality control (QC) review processes are thorough and indicate a
tight control environment that limits origination risk. Fitch has
determined Fannie Mae to be an above average aggregator for its
2013 and later product. Fitch accounted for the lower risk by
applying a lower default estimate for the reference pool.

Collateral Drift (Negative): While the credit attributes remain
significantly stronger than any pre-crisis vintage, the CAS credit
attributes are weakening relative to CAS transactions issued
several years ago. Compared to the earlier post-crisis vintages
this reference pool consists of weaker FICO scores and
debt-to-Income ratios. The credit migration has been a key driver
of Fitch's rising loss expectations which have slightly increased
over time.

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

Solid Alignment of Interests (Positive): While the transaction is
designed to transfer credit risk to private investors, Fitch
believes that it benefits from a solid alignment of interests.
Fannie Mae will retain credit risk in the transaction by holding
the 1A-H senior reference tranche, which has an initial loss
protection of 4.1%, as well as the first loss 1B-2H reference
tranche, sized at 0.50%. Fannie Mae is also retaining a vertical
slice or interest of at least 5% in each reference tranche (1M-1H,
1M-AH, 1M-BH, 1M-CH and 1B-1H).

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

HomeReady Exposure (Negative): Approximately 2.0% of the reference
pool was originated under Fannie Mae's HomeReady program, which
targets low- to moderate-income homebuyers or buyers in high-cost
or underrepresented communities, and provides flexibility for a
borrower's LTV, income, down payment and mortgage insurance
coverage requirements. Fitch anticipates higher default risk for
HomeReady loans due to measurable attributes (such as FICO, LTV and
property value), which is reflected in increased credit enhancement
(CE).

Receivership Risk Considered (Neutral): Under the Federal Housing
Finance Regulatory Reform Act, the Federal Housing Finance Agency
(FHFA) must place Fannie Mae into receivership if it determines
that Fannie Mae's assets are less than its obligations for more
than 60 days following the deadline of its SEC filing, as well as
for other reasons. As receiver, FHFA could repudiate any contract
entered into by Fannie Mae if it is determined that the termination
of such contract would promote an orderly administration of Fannie
Mae's affairs. Fitch believes that the U.S. government will
continue to support Fannie Mae; this is reflected in Fitch's
current rating of Fannie Mae. However, if, at some point, Fitch
views the support as being reduced and receivership likely, the
ratings of Fannie Mae could be downgraded and the 1M-1, 1M-2A,
1M-2B, 1M-2C, and 1M-2 notes' ratings affected.

Clean Pay History for Loans in Disaster Areas (Positive): Fannie
Mae will not remove loans in counties designated as natural
disaster areas by the Federal Emergency Management Agency (FEMA).
However, any loans with a prior delinquency were removed from the
reference pool, per the eligibility criteria. Therefore, all loans
in the reference pool in the disaster areas have had clean pay
histories since the occurrence of the natural disaster events.

RATING SENSITIVITIES

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

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

Fitch also conducted defined rating sensitivities, which determine
the stresses to MVDs that would reduce a rating by one full
category, to non-investment grade and to 'CCCsf'. For example,
additional MVDs of 12% and 32% would potentially reduce the
'BBB-sf' rated class down one rating category and to 'CCCsf',
respectively.

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

Fitch was provided with due diligence information from Adfitech.
The due diligence focused on credit and compliance reviews, desktop
valuation reviews and data integrity. Adfitech examined selected
loan files with respect to the presence or absence of relevant
documents. Fitch received certification indicating that the
loan-level due diligence was conducted in accordance with Fitch's
published standards. The certification also stated that the company
performed its work in accordance with the independence standards,
per Fitch's criteria, and that the due diligence analysts
performing the review met Fitch's criteria of minimum years of
experience. Fitch considered this information in its analysis and
the findings did not have an impact on the analysis.


CSAIL 2018-CX12: Fitch to Rate Class G-RR Certs 'B-sf'
------------------------------------------------------
Fitch Ratings has issued a presale report on CSAIL 2018-CX12
Commercial Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2018-CX12. Fitch expects to rate the
transaction and assign Rating Outlooks as follows:

  -- $15,990,000 class A-1 'AAAsf'; Outlook Stable;

  -- $136,474,000 class A-2 'AAAsf'; Outlook Stable;

  -- $95,000,000a class A-3 'AAAsf'; Outlook Stable;

  -- $193,994,000a class A-4 'AAAsf'; Outlook Stable;

  -- $29,404,000 class A-SB 'AAAsf'; Outlook Stable;

  -- $538,129,000b class X-A 'AAAsf'; Outlook Stable;

  -- $50,449,000b class X-B 'A-sf'; Outlook Stable;

  -- $67,267,000 class A-S 'AAAsf'; Outlook Stable;

  -- $23,543,000 class B 'AA-sf'; Outlook Stable;

  -- $26,906,000 class C 'A-sf'; Outlook Stable;

  -- $18,162,000bc class X-D 'BBB-sf'; Outlook Stable;

  -- $18,162,000c class D 'BBB-sf'; Outlook Stable;

  -- $12,108,000cd class E-RR 'BBB-sf'; Outlook Stable;

  -- $15,976,000cd class F-RR 'BB-sf'; Outlook Stable;

  -- $7,567,000cd class G-RR 'B-sf'; Outlook Stable.

The following class is not expected to be rated:

  -- $30,270,369cd class NR-RR.

(a) The initial certificate balances of class A-3 and class A-4 are
unknown and expected to be $288,994,000 in the aggregate, plus or
minus 5%. The certificate balances will be determined based on the
final pricing of those classes of certificates. The expected class
A-3 balance range is $75,000,000 to $115,000,000. The expected
class A-4 balance range is $173,994,000 to $213,994,000.

(b) Notional amount and interest-only.

(c) Privately placed and pursuant to Rule 144A.

(d) Horizontal credit risk retention interest.

The expected ratings are based on information provided by the
issuer as of Aug. 2, 2018.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 41 loans secured by 44
commercial properties having an aggregate principal balance of
$672,661,370 as of the cutoff date. The loans were contributed to
the trust by Column Financial, Inc., Natixis Real Estate Capital
LLC, Argentic Real Estate Finance LLC, and Rialto Mortgage Finance,
LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 79.7% of the properties
by balance, cash flow analysis of 87.1% and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

Fitch Debt Service Coverage (DSCR) Lower Than Recent Transactions:
The pool's Fitch DSCR is 1.18x, which is lower than the YTD 2018
and 2017 averages of 1.23x and 1.26x, respectively. However, the
pool's LTV of 101.0% is comparable to the YTD 2018 and 2017
averages of 103.5% and 101.6%. Excluding investment-grade credit
opinion loans, the pool has a Fitch DSCR and LTV of 1.11x and
113.0%.

Investment-Grade Credit Opinion Loans: Three loans comprising 23.2%
of the transaction received an investment-grade credit opinion.
Twenty Times Square (9.5% of the pool), and Aventura Mall (7.4% of
the pool) each received a credit opinion of 'Asf*' on a stand-alone
basis. Additionally, Queens Place (6.2% of the pool) received a
stand-alone credit opinion of 'BBB+sf*'. Combined, the three credit
opinion loans have a weighted average Fitch DSCR and LTV of 1.43x
and 61.8%, respectively.

Highly Concentrated Pool: The pool is more concentrated than recent
Fitch-rated transactions. The largest 10 loans comprise 63.5% of
the pool, higher than the average top 10 concentrations for YTD
2018 and 2017 of 51.4% and 53.1%, respectively. The concentration
results in an LCI of 499, which is higher than the YTD 2018 average
of 382 and the 2017 average of 398. Additionally, the pool's SCI of
525 is higher than the YTD 2018 average of 411 and the 2017 average
of 422.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 15.8% below
the most recent year's net operating income (NOI) for properties
for which a full-year NOI was provided, excluding properties that
were stabilizing during this period. Unanticipated further declines
in property-level NCF could result in higher defaults and loss
severities on defaulted loans and in potential rating actions on
the certificates.

Fitch evaluated the sensitivity of the ratings assigned to the
CSAIL 2018-CX12 certificates and found that the transaction
displays average sensitivities to further declines in NCF. In a
scenario in which NCF declined a further 20% from Fitch's NCF, a
downgrade of the junior 'AAAsf' certificates to 'BBBsf' could
result. In a more severe scenario, in which NCF declined a further
30% from Fitch's NCF, a downgrade of the junior 'AAAsf'
certificates to 'BB+sf' could result. The presale report includes a
detailed explanation of additional stresses and sensitivities on
page 11.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Deloitte & Touche LLC. The third-party due diligence
described in Form 15E focused on a comparison and re-computation of
certain characteristics with respect to each of the mortgage loans.
Fitch considered this information in its analysis and the findings
did not have an impact on its analysis or conclusions.


DRIVE AUTO 2018-3: S&P Assigns BB Rating on Class E Notes
---------------------------------------------------------
S&P Global Ratings assigned its ratings to Drive Auto Receivables
Trust 2018-3's $1.357 billion 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 63.7%, 57.3%, 47.1%, 38.1%,
and 34.8% 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 1.23x for S&P's 26.50%-27.50% expected cumulative
net loss. These break-even scenarios cover total cumulative gross
defaults of 91%, 82%, 67%, 59%, and 54%, respectively.

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

-- S&P said, "The expectation that under a moderate ('BBB') stress
scenario (1.35x our expected loss level), all else being equal, our
ratings on the class A and B notes will remain at the assigned 'AAA
(sf)' and 'AA (sf)' ratings, respectively; our rating on the class
C notes would not likely decline by more than one rating category
from the assigned 'A (sf)' rating; and our rating on the class D
notes would likely not decline by more than two rating categories
from the assigned 'BBB (sf)' rating while they are outstanding. The
class E notes will likely remain within two rating categories of
the assigned 'BB (sf)' rating during the first year but will
eventually default under our 'BBB' stress scenario, after having
received approximately 61% and 75% of its principal in our front-
and back-loaded stresses, respectively. 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 2018-3

  Class        Rating           Interest             Amount
                                rate               (mil. $)
  A-1          A-1+ (sf)        Fixed                155.00
  A-2          AAA (sf)         Fixed                290.00
  A-3          AAA (sf)         Fixed                203.31
  B            AA (sf)          Fixed                177.48
  C            A (sf)           Fixed                236.65
  D            BBB (sf)         Fixed                221.85
  E            BB (sf)          Fixed                 73.13



EATON VANCE 2014-1R: Moody's Assigns (P)B3 Rating on Class F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to seven
classes of notes to be issued by Eaton Vance CLO 2014-1R, Ltd.

Moody's rating action is as follows:

US$299,700,000 Class A-1 Senior Secured Floating Rate Notes due
2030 (the "Class A-1 Notes"), Assigned (P)Aaa (sf)

US$31,680,000 Class A-2 Senior Secured Floating Rate Notes due 2030
(the "Class A-2 Notes"), Assigned (P)Aaa (sf)

US$36,550,000 Class B Senior Secured Floating Rate Notes due 2030
(the "Class B Notes"), Assigned (P)Aa2 (sf)

US$29,730,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2030 (the "Class C Notes"), Assigned (P)A2 (sf)

US$26,800,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2030 (the "Class D Notes"), Assigned (P)Baa3 (sf)

US$23,880,000 Class E Secured Deferrable Floating Rate Notes due
2030 (the "Class E Notes"), Assigned (P)Ba3 (sf)

US$9,260,000 Class F Secured Deferrable Floating Rate Notes due
2030 (the "Class F Notes"), Assigned (P)B3 (sf)

The Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
Class C Notes, the Class D Notes, the Class E Notes and the Class F
Notes are referred to herein, together, 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.

Eaton Vance 2014-1R is a managed cash flow CLO. The issued notes
will be collateralized primarily by broadly syndicated senior
secured corporate loans. At least 92.5% of the portfolio must
consist of first lien senior secured loans, and eligible
investments, and up to 7.5% of the portfolio may consist of second
lien loans and unsecured loans. Moody's expects the portfolio to be
approximately 84% ramped as of the closing date.

Eaton Vance Management 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: $487,354,315

Diversity Score: 83

Weighted Average Rating Factor (WARF): 2825

Weighted Average Spread (WAS): 3.00%

Weighted Average Spread (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 48.5%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

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

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


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

Together with the set of modeling assumptions, 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.

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

Percentage Change in WARF -- increase of 15% (from 2825 to 3249)

Rating Impact in Rating Notches

Class A-1 Notes: 0

Class A-2 Notes: -1

Class B Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: -1

Class F Notes: -2

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

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-2 Notes: -3

Class B Notes: -3

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1

Class F Notes: -5



EXETER AUTOMOBILE 2018-3: S&P Assigns B Rating on Cl. F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to Exeter Automobile
Receivables Trust 2018-3's $550 million asset-backed notes.

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

The ratings reflect:

-- The availability of approximately 60.2%, 53.3%, 44.4%, 34.5%,
28.6%, and 25.5% credit support for the class A, B, C, D, E, and F
notes, respectively, based on stressed cash flow scenarios
(including excess spread). This credit support provides coverage of
approximately 2.85x, 2.50x, 2.05x, 1.55x, 1.27x, and 1.10x S&P's
20.50%-21.50% expected cumulative net loss range. These break-even
scenarios withstand cumulative gross losses of approximately 92.7%,
82.1%, 71.0%, 55.3%, 45.8%, and 40.8%, respectively;

-- The timely interest and principal payments that S&P believes
will be made to the rated notes under stressed cash flow modeling
scenarios, which, in S&P's view, are appropriate for the assigned
ratings;

-- S&P said, "The expectation that under a moderate ('BBB') stress
scenario (1.55x our expected loss level), all else being equal, our
ratings on the class A, B, and C notes will remain within one
rating category of the assigned 'AAA (sf)', 'AA (sf)', and 'A (sf)'
ratings, respectively, for the deal's life, and we expect the class
D notes to remain within two rating categories of the assigned 'BBB
(sf)' rating over the deal's life. We expect the class E and F
notes to remain within two rating categories of the assigned 'BB
(sf)' and 'B (sf)' ratings over the first year, but we expect them
to eventually default under this stress scenario. These rating
movements are within the limits specified by our credit stability
criteria;"

-- The collateral characteristics of the subprime automobile loans
securitized in this transaction; and

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

  RATINGS ASSIGNED

  Exeter Automobile Receivables Trust 2018-3

  Class   Rating      Type          Interest      Amount
                                    rate        (mil. $)
  A       AAA (sf)    Senior        Fixed         249.48
  B       AA (sf)     Subordinate   Fixed          75.13
  C       A (sf)      Subordinate   Fixed          80.80
  D       BBB (sf)    Subordinate   Fixed          87.89
  E       BB (sf)     Subordinate   Fixed          41.11
  F       B (sf)      Subordinate   Fixed          15.59


FILLMORE PARK: S&P Assigns B- Rating on Class F-b-3 Notes
---------------------------------------------------------
S&P Global Ratings assigned its ratings to Fillmore Park CLO
Ltd./Fillmore Park CLO LLC's $481.2 million floating- and
fixed-rate notes.

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

The ratings reflect:

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

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

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

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

  RATINGS ASSIGNED

  Fillmore Park CLO Ltd./Fillmore Park CLO LLC

  Class                  Rating          Amount (mil. $)
  A-1                    AAA (sf)                 335.50
  A-2                    NR                        24.00
  B-1a                   AA (sf)                   19.80
  B-1b-1                 AA (sf)                    6.00
  B-1b-2                 AA (sf)                    8.00
  B-2a                   AA (sf)                    0.00
  B-2b-2                 AA (sf)                   13.80
  C-a                    A (sf)                     0.00
  C-b-1                  A (sf)                    19.20
  C-b-3                  A (sf)                    21.70
  D                      BBB- (sf)                 33.30
  E                      BB- (sf)                  20.90
  F-a                    B- (sf)                    0.00
  F-b-3                  B- (sf)                    3.00
  Subordinated notes     NR                        55.60

  NR--Not rated.


GPT MORTGAGE 2018-GPP: S&P Assigns B+ Rating on Class HRR Certs
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to GPT 2018-GPP Mortgage
Trust's $270.0 million commercial mortgage pass-through
certificates.

The issuance is a commercial mortgage-backed securities transaction
backed by one two-year, floating-rate commercial mortgage loan
totaling $270.0 million, with five one-year extension options,
secured by first-mortgage liens on the fee interests in 69 office,
mixed-use, and industrial properties.

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

  RATINGS ASSIGNED

  GPT 2018-GPP Mortgage Trust  
  Class         Rating                  Amount ($)
  A             AAA (sf)               136,482,000
  X-CP          BBB- (sf)               51,801,000(i)
  X-EXT         BBB- (sf)               51,801,000(i)
  B             AA- (sf)                31,019,000
  C             A- (sf)                 23,264,000
  D             BBB- (sf)               28,537,000
  E             BB- (sf)                37,214,000
  HRR           B+ (sf)                 13,484,000

(i)Notional balance. The notional balance of the class X-CP and
X-EXT certificates will equal the aggregated outstanding balance of
the class C and D certificates.


GREENWICH CAPITAL 2007-GG11: Fitch Hikes Cl. D Certs Rating to CCC
------------------------------------------------------------------
Fitch Ratings has upgraded one class and affirmed 12 classes of
Greenwich Capital Commercial Funding Corporation (GCCFC) Commercial
Mortgage Pass-Through Certificates series 2007-GG11.

KEY RATING DRIVERS

The upgrade to class D reflects increased credit enhancement from
further paydown to the class since Fitch's last rating action, as
well as better than expected recoveries from four loans disposed
over the period, including two in special servicing. Default is
still possible for the class as only three specially serviced loans
remain in the pool.

As of the July 2018 distribution date, the pool's aggregate
principal balance has been reduced by 99.5% to $12.5 million from
$2.69 billion at issuance, or 51.9% since Fitch's last rating
action. Realized losses since issuance total $252.3 million (9.4%
of the original pool balance). Cumulative interest shortfalls
totaling $32.8 million are currently affecting classes E through
S.

Concentrated Pool; Adverse Selection: There are only three loans
remaining in the pool; all are specially serviced. The largest
specially serviced loan is The Center at Evergreen (44.7% of the
pool), which is secured by a two-building, 43,404-sf suburban
office complex located in Evergreen, CO. The loan transferred to
special servicing in March 2017 due to imminent maturity default.
The property had been suffering from decreasing occupancy and rents
due to poor submarket conditions. However, per the servicer, the
property has seen some recent improvement. The servicer reported
YTD November 2017 NOI DSCR was 1.37x compared to YE16 at 1.15x,
while the servicer reported November 2017 occupancy was 90.7%
compared to a YE16 reported occupancy of 85.7%. The servicer is
currently pursuing foreclosure.

The next largest loan, Walgreen Madison (29.2%), is secured by a
leasehold interest in a 14,490-sf single-tenant drug store located
in Madison, OH, which is approximately 40 miles outside of
Cleveland. The property is 100% leased to Walgreens ('BBB'; Outlook
Stable) through 2081. According to the Walgreen's website, the
store remains open. Per the servicer, the YE16 NOI DSCR was 1.32x.
The loan transferred to special servicing in July 2017 due to
maturity default. The special servicer continues to pursue
foreclosure while the borrower attempts to pay off the loan.

The third loan, Hanes Square (26.1%), is secured by an 18,326-sf
unanchored retail center located in Winston-Salem, NC. The loan
transferred to special servicing in July 2017 due to maturity
default attributable to the then-looming 4Q17 scheduled roll of
David's Bridal (54.9% of NRA) and Panera Bread (24.6% of NRA).
Mattress 2.0 recently signed a 10-year lease to take over the
former Panera Bread space and is expected to open for business this
year. Furthermore, while David's Bridal is currently undergoing
financial distress due to looming debt maturities, it recently
extended its lease at the subject for an additional 10 years
through 2027 and may be considering expansion. According to the
February 2018 rent roll, the property is 89.1% leased with Long
Jewelers (9.5% of NRA) scheduled to mature in August 2018. Per the
servicer, the borrower is currently marketing the property for
sale.

RATING SENSITIVITIES

Anticipated recoveries are expected to be sufficient to pay off
class D in full; however, resolution timing remains uncertain.
Downgrade is unlikely given the quality and recovery prospects of
the remaining collateral. Further upgrade is not likely due to the
transaction's concentration.

DUE DILIGENCE USAGE

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

Fitch upgrades the following class:

  -- $6.2 million class D to 'CCCsf' from 'Csf'; RE 100%.

Fitch affirms the following classes:

  -- $6.3 million class E at 'Dsf'; RE 30%;

  -- $0 class F at 'Dsf'; RE 0%;

  -- $0 class G at 'Dsf'; RE 0%;

  -- $0 class H at 'Dsf'; RE 0%;

  -- $0 class J at 'Dsf'; RE 0%;

  -- $0 class K at 'Dsf'; RE 0%;

  -- $0 class L at 'Dsf'; RE 0%;

  -- $0 class M at 'Dsf'; RE 0%;

  -- $0 class N at 'Dsf'; RE 0%;

  -- $0 class O at 'Dsf'; RE 0%;

  -- $0 class P at 'Dsf'; RE 0%;

  -- $0 class Q at 'Dsf'; RE 0%.

The class A-1, A-2, A-3, A-AB, A-4, A-1-A, A-M, A-J, B and C
certificates have paid in full. Fitch does not rate the class S
certificates. Fitch previously withdrew the ratings on the
interest-only class XP and XC certificates.



GS MORTGAGE 2012-GCJ7: Moody's Cuts Rating on 2 Tranches to B2
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on six classes
and downgraded the ratings on four classes in GS Mortgage
Securities Trust 2012-GCJ7, Commercial Pass-Through Certificates,
Series 2012-GCJ7.

Cl. A-4, Affirmed Aaa (sf); previously on Jul 26, 2017 Affirmed Aaa
(sf)

Cl. A-AB, Affirmed Aaa (sf); previously on Jul 26, 2017 Affirmed
Aaa (sf)

Cl. A-S, Affirmed Aaa (sf); previously on Jul 26, 2017 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa3 (sf); previously on Jul 26, 2017 Affirmed Aa3
(sf)

Cl. C, Affirmed A3 (sf); previously on Jul 26, 2017 Affirmed A3
(sf)

Cl. D, Downgraded to Ba1 (sf); previously on Jul 26, 2017 Affirmed
Baa3 (sf)

Cl. E, Downgraded to B2 (sf); previously on Jul 26, 2017 Downgraded
to Ba3 (sf)

Cl. F, Downgraded to Caa3 (sf); previously on Jul 26, 2017
Downgraded to Caa1 (sf)

Cl. X-A, Affirmed Aaa (sf); previously on Jul 26, 2017 Affirmed Aaa
(sf)

Cl. X-B, Downgraded to B2 (sf); previously on Jul 26, 2017 Affirmed
B1 (sf)

RATINGS RATIONALE

The ratings on the P&I Classes D, E, and F were downgraded due to
anticipated losses from specially serviced and troubled loans that
were higher than Moody's had previously expected.

The rating on the IO Class X-B was downgraded due to a decline in
the credit quality of the referenced classes.

The ratings on the P&I Classes A-4, A-AB, A-S, B, and C were
affirmed because the transaction's key metrics, including Moody's
loan-to-value (LTV) ratio, Moody's stressed debt service coverage
ratio (DSCR) and the transaction's Herfindahl Index (Herf), are
within acceptable ranges.

The rating on the IO Class X-A was affirmed based on the credit
quality of the referenced classes.

Moody's rating action reflects a base expected loss of 5.9% of the
current pooled balance, compared to 4.9% at Moody's last review.
Moody's base expected loss plus realized losses is now 4.8% of the
original pooled balance, compared to 4.2% at the last review.

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 GS Mortgage Securities
Trust 2012-GCJ7, Cl. A-4, Cl. A-AB, Cl. A-S, Cl. B, Cl. C, Cl. D,
Cl. E, and Cl. F was "Approach to Rating US and Canadian
Conduit/Fusion CMBS" published in July 2017. The methodologies used
in rating GS Mortgage Securities Trust 2012-GCJ7, 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 July 12, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 27.8% to $1.17
billion from $1.62 billion at securitization. The certificates are
collateralized by 65 mortgage loans ranging in size from less than
1% to 10% of the pool, with the top ten loans (excluding
defeasance) constituting 54% of the pool. Eleven loans,
constituting 11% 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 21, compared to 23 at Moody's last review.

Fifteen loans, constituting 16% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

One loan has liquidated from the pool, resulting in an aggregate
realized loss of $8 million (loss severity of 35.3%). Two loans,
constituting 4% of the pool, are currently in special servicing.
The largest specially serviced loan is the 545 Long Wharf Drive
Loan ($28 million -- 2% of the pool), which is secured by a
nine-story, Class A office property located in New Haven,
Connecticut. The loan transferred to special servicing in May 2017
following the departure of the former anchor tenant. Frontier
Communications had occupied 178,000 square feet, or 71% of the
property's net rentable area (NRA), under a lease which expired in
April 2017. A receiver was appointed in August 2017 and is
marketing the property for lease. As of April 2018 the servicer
reported the property as 39% leased, including a newly signed lease
for approximately 12% of the property NRA.

The second specially serviced loan is secured by an office property
in Dayton, Ohio ($16 million -- 1% of the pool). Moody's estimates
an aggregate $31 million loss for the specially serviced loans (71%
expected loss on average).

Moody's has also assumed a high default probability for six poorly
performing loans, constituting 6% of the pool, and has estimated an
aggregate loss of $15 million (20% expected loss based on a 50%
probability default) from these troubled loans.

Moody's received full year 2017 operating results for 87% of the
pool, and full or partial year 2018 operating results for 82% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 85%, essentially unchanged from
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 18.2% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.8%.

Moody's actual and stressed conduit DSCRs are 1.60X and 1.33X,
respectively, compared to 1.60X and 1.31X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 25% of the pool balance. The
largest loan is the 1155 F Street Loan ($121 million -- 10% of the
pool), which is secured by a Class A office property located in
downtown Washington, DC. As of March 2018 the property was 97%
leased, unchanged from the prior year and compared to 89% at
securitization. Moody's LTV and stressed DSCR are 93% and 1.05X,
respectively, compared to 94% and 1.03X at the last review.

The second largest loan is the Bellis Fair Mall Loan ($84 million
-- 7% of the pool), which is secured by a 538,000 square foot
component of a regional mall located in Bellingham, Washington. The
mall anchors are Macy's, Target, Kohl's, and JC Penney. Dick's
Sporting Goods also occupies one of the anchor boxes. Macy's is the
only anchor whose space is included in the loan collateral. As of
December 2017, the mall inline space was 78% leased, up from 66%
leased at Moody's last review. The entire mall was 90% leased as of
YE 2017, compared to 84% at Moody's last review. The loan sponsor
is GGP, Inc. Moody's LTV and stressed DSCR are 118% and 0.96X,
respectively, compared to 117% and 0.97X at the last review.

The third largest loan is the Columbia Business Center Loan ($84
million -- 7% of the pool), which is secured by the fee and
leasehold interests in an industrial park consisting of 26
buildings, totaling 4.66 million square feet (SF) located along the
Columbia River in Vancouver, Washington. Approximately 9% of the
NRA is allocated to office use with the remainder used for
warehouse and manufacturing purposes. The property was 93% leased
as of March 2018, compared to 95% in December 2017 and 92% at
securitization. Moody's LTV and stressed DSCR are 89% and 1.41X,
respectively, compared to 92% and 1.36X at the last review.


GS MORTGAGE 2018-GS10: Fitch Rates Class G-RR Certs 'B-sf'
----------------------------------------------------------
Fitch Ratings has assigned the following ratings and Ratings
Outlooks to GS Mortgage Securities Trust 2018-GS10 commercial
mortgage pass-through certificates, series 2018-GS10:

  -- $12,186,000 class A-1 'AAAsf'; Outlook Stable;

  -- $72,497,000 class A-2 'AAAsf'; Outlook Stable;

  -- $62,946,000 class A-3 'AAAsf'; Outlook Stable;

  -- $175,000,000 class A-4 'AAAsf'; Outlook Stable;

  -- $199,668,000 class A-5 'AAAsf'; Outlook Stable;

  -- $25,167,000 class A-AB 'AAAsf'; Outlook Stable;

  -- $615,897,000a class X-A 'AAAsf'; Outlook Stable;

  -- $38,127,000a class X-B 'AA-sf'; Outlook Stable;

  -- $68,433,000 class A-S 'AAAsf'; Outlook Stable;

  -- $38,127,000 class B 'AA-sf'; Outlook Stable;

  -- $36,172,000 class C 'A-sf'; Outlook Stable;

  -- $22,485,000b class D 'BBBsf'; Outlook Stable;

  -- $17,597,000b class E 'BBB-sf'; Outlook Stable;

  -- $40,082,000ab class X-D 'BBB-sf'; Outlook Stable;

  -- $17,597,000b class F 'BB-sf'; Outlook Stable;

  -- $7,821,000bc class G-RR 'B-sf'; Outlook Stable.

The following classes are not rated by Fitch:

  -- $26,395,782bc class H-RR;

  -- $28,618,000bd RR Interest.

(a) Notional amount and interest-only.

(b) Privately placed and pursuant to Rule 144A.

(c) Horizontal credit risk retention interest.

(d) Vertical credit risk retention interest.

The final ratings are based on information provided by the issuer
as of July 30, 2018.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 33 loans secured by 57
commercial properties having an aggregate principal balance of
$810,709,783 as of the cutoff date. The loans were contributed to
the trust by Goldman Sachs Mortgage Company.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 73.4% of the properties
by balance, cash flow analysis of 90.9% and asset summary reviews
on 100.0% of the pool.

KEY RATING DRIVERS

Lower Fitch Leverage Than Recent Transactions: The pool has
slightly lower leverage relative to other recent Fitch-rated
multiborrower transactions. The pool's Fitch debt service coverage
ratio (DSCR) of 1.23x is slightly lower than the 2017 average of
1.26x and the YTD 2018 average of 1.24x. The pool's Fitch LTV of
98.5% is below the 2017 and YTD 2018 averages of 101.6% and 103.6%,
respectively. Excluding credit opinion loans, the pool has a Fitch
DSCR and LTV of 1.18x and 105.4%, respectively, compared with the
normalized 2017 Fitch averages of 1.21x and 107.2%.

Investment-Grade Credit Opinion Loans: Two loans received
investment-grade credit opinions, 1000 Wilshire (8.1% of pool by
balance) and Aliso Creek Apartments (7.8%). The pool's credit
opinion loan concentration of 15.8% is higher than the 2017 and YTD
2018 averages of 11.7% and 10.0%, respectively, for Fitch-rated
multiborrower transactions.

Highly Concentrated Pool: The pool is more concentrated than the
other, recent Fitch-rated multiborrower transactions. Specifically,
the pool contains 33 loans, compared with the 2017 and the YTD 2018
averages of 49 and 51 loans, respectively. Moreover, the largest 10
loans account for 59.5% of the pool, which is above the 2017 and
YTD 2018 averages of 53.1% and 51.2%, respectively. The pool's loan
concentration index (LCI) is 472, which is above the 2017 average
of 398 and the YTD 2018 average of 380.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 13.9% below
the most recent year's net operating income (NOI) for properties
for which a full-year NOI was provided, excluding properties that
were stabilizing during this period. Unanticipated further declines
in property-level NCF could result in higher defaults and loss
severities on defaulted loans and in potential rating actions on
the certificates.

Fitch evaluated the sensitivity of the ratings assigned to the GSMS
2018-GS10 certificates and found that the transaction displays
average sensitivities to further declines in NCF. In a scenario in
which NCF declined a further 20% from Fitch's NCF, a downgrade of
the junior 'AAAsf' certificates to 'A-sf' could result. In a more
severe scenario, in which NCF declined a further 30% from Fitch's
NCF, a downgrade of the junior 'AAAsf' certificates to 'BBBsf'
could result.


GS MORTGAGE 2018-GS10: S&P Assigns (P)B- Rating on WLS-D Certs
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to GS Mortgage
Securities Trust 2018-GS10's $810.7 million commercial mortgage
pass-through certificates.

The issuance is a commercial mortgage-backed securities transaction
backed by 33 commercial mortgage loans with an aggregate principal
balance of $810,709,783, secured by the fee and leasehold interests
in 57 properties across 24 states and Cuautitlan Izcalli, Mexico.

The ratings reflect the credit support provided by the
transaction's structure, S&P's view of the underlying collateral's
economics, the trustee-provided liquidity, the collateral pool's
relative diversity, and its overall qualitative assessment of the
transaction.

  RATINGS ASSIGNED

  GS Mortgage Securities Trust 2018-GS10  
  Class         Rating(i)           Amount ($)
  A-1           AAA (sf)            12,186,000
  A-2           AAA (sf)            72,497,000
  A-3           AAA (sf)            62,946,000
  A-4           AAA (sf)           175,000,000
  A-5           AAA (sf)           199,668,000
  A-AB          AAA (sf)            25,167,000
  X-A           AA+ (sf)           615,897,000(ii)
  X-B           NR                  38,127,000(ii)
  A-S           AA+ (sf)            68,433,000
  B             NR                  38,127,000
  C             NR                  36,172,000
  D(iii)        NR                  22,485,000
  E(iii)        NR                  17,597,000
  X-D(iii)      NR                  40,082,000(ii)
  F(iii)        NR                  17,597,000
  G-RR(iii)     NR                   7,821,000
  H-RR(iii)     NR                  26,395,782
  WLS-A(iv)     A- (sf)              5,190,000
  WLS-B(iv)     BBB- (sf)           10,301,000
  WLS-C(iv)     BB- (sf)            13,996,000
  WLS-D(iv)     B- (sf)             13,547,000
  WLS-E(iv)     NR                  16,934,750

(i)The certificates will be issued to qualified institutional
buyers according to Rule 144A of the Securities Act of 1933.
(ii)Notional balance.
(iii)Non-offered pooled certificates.
(iv)Non-offered loan-specific certificates tied to 1000 Wilshire.
NR--Not rated.


GS MORTGAGE 2018-TWR: S&P Assigns B- Rating on Class F Certs
------------------------------------------------------------
S&P Global Ratings assigned its ratings to GS Mortgage Securities
Corp. Trust 2018-TWR's $201.875 million commercial mortgage
pass-through certificates series 2018-TWR.

The certificate issuance is a commercial mortgage-backed securities
(CMBS) transactions backed by one three-year floating-rate,
interest-only commercial mortgage loan totaling $212.5 million
(including vertical retained interest), with two one-year extension
options, secured by a first-lien mortgage on the Development
Authority of Fulton County's fee interest and the borrower's
leasehold interest in Tower Place, a 790,000-sq.-ft.-office tower
and adjacent retail plaza located in Atlanta, Ga.

S&P said, "The ratings reflect our view of the collateral's
historic and projected performance, the sponsor's and manager's
experience, the trustee-provided liquidity, the loan's terms, and
the transaction's structure. We determined that the mortgage loan
has a beginning and ending loan-to-value (LTV) ratio of 113.9%,
based on S&P Global Ratings' value."

  RATINGS ASSIGNED
  GS Mortgage Securities Corp. Trust 2018-TWR
  Class(i)    Rating(ii)           Amount ($)
  A           AAA (sf)             79,759,000
  X-CP        BBB- (sf)           101,667,200(iii)
  X-FP        BBB- (sf)            25,416,800(iii)
  X-NCP       BBB- (sf)           127,084,000(iii)
  B           AA- (sf)             17,725,000
  C           A- (sf)              13,293,000
  D           BBB- (sf)            16,307,000
  E           BB- (sf)             22,155,000
  F           B- (sf)              21,447,000
  G           NR                   31,189,000

(i)Excludes non-offered eligible vertical interest class totaling
$10.6 million.
(ii)The issuer will issue the certificates to qualified
institutional buyers in line with Rule 144A of the Securities Act
of 1933.
(iii)Notional balance. The notional amount of the class X-CP
certificates will be equal to the aggregate portion balances of the
A-2, B-2, C-2, and D-2 portions. The notional amount of the class
X-FP certificates will be equal to the aggregate portion balances
of the A-1, B-1, C-1, and D-1 portions. The notional amount of the
class X-NCP certificates will be equal to the aggregate certificate
balances of the class A, B, C, and D certificates.
NR--Not rated.


HOMEWARD OPPORTUNITIES 2018-1: S&P Gives (P)B+  Rating on B-2 Debt
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Homeward
Opportunities Fund I Trust 2018-1's $475.342 million mortgage
pass-through 2018-1.

The securities issuance is an RMBS transaction backed by
first-lien, fixed- and adjustable-rate, fully amortizing
residential mortgage loans (some with interest-only periods)
secured by single-family residential properties, planned-unit
developments, condominiums, and two- to four-family residential
properties to both prime and nonprime borrowers. The loans are
primarily nonqualified mortgage loans.

The preliminary ratings are based on information as of July 27,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The pool's collateral composition;
-- The credit enhancement provided for this transaction;
-- The transaction's associated structural mechanics;
-- The representation and warranty (R&W) framework for this
transaction;
-- The geographic concentration; and
-- The mortgage aggregator, Neuberger Berman Investment Advisors
LLC, as investment manager for HOF I Trust 2018-1.

  PRELIMINARY RATINGS ASSIGNED

  Homeward Opportunities Fund I Trust 2018-1

  Class       Rating         Interest           Amount
                             rate(i)          (mil. $)(i)

  A-1         AAA (sf)       Fixed             340.120
  A-2         AA (sf)        Fixed              37.872
  A-3         A (sf)         Fixed              46.611
  M-1         BBB (sf)       Fixed              24.277
  B-1         BB (sf)        Fixed              16.994
  B-2         B+ (sf)        Net WAC             9.468
  B-3         NR             Net WAC            10.197
  A-IO-S      NR             Notional(ii)        (iii)
  X           NR             Notional(ii)         (iv)
  R           NR             N/A                   N/A

  (i)  can be deferred on the classes. Fixed coupons are subject to
the pool's net WAC rate.
(ii) The notional amount will equal the aggregate stated principal
balance of the mortgage loans as of the first day of the related
due period.
(iii) Excess servicing strip.
(iv) Certain excess amounts.
WAC--Weighted average coupon.
N/A--Not applicable.
NR--Not rated.


HPS LOAN 9-2016: S&P Assigns BB- Rating on Class D-R Notes
----------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1AR, A-2R,
B-R, C-R, and D-R replacement notes from HPS Loan Management 9-2016
Ltd., a collateralized loan obligation (CLO) originally issued in
2016 that is managed by HPS Investment Partners LLC. At the same
time, S&P withdrew its ratings on the original class A-1 note
following payment in full on the Aug. 2, 2018, refinancing date.

On the Aug. 2, 2018, refinancing date, the proceeds from the
issuance of the replacement class A-1AR, A-2R, B-R, C-R, and D-R
notes were used to redeem the original notes as outlined in the
transaction document provisions. Therefore, S&P withdrew its
ratings on the original class A-1 note in line with their full
redemption, and it is assigning ratings to the replacement notes.

S&P said, "The assigned ratings reflect our opinion that the credit
support available is commensurate with the associated rating
levels.

"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."

  RATINGS ASSIGNED

  HPS Loan Management 9-2016 Ltd./HPS Loan Management 9-2016 LLC

  Replacement class         Rating      Amount (mil. $)
  A-1AR                     AAA (sf)            451.875
  A-1BR                     NR                   28.125
  A-2R                      AA (sf)              76.500
  B-R                       A (sf)               58.500
  C-R                       BBB- (sf)            45.000
  D-R                       BB- (sf)             30.000
  Subordinated notes        NR                   71.705

  RATINGS WITHDRAWN

  HPS Loan Management 9-2016 Ltd./HPS Loan Management 9-2016 LLC

                           Rating
  Original class       To              From
  A-1                  NR              AAA (sf)


ICG US 2016-1: Moody's Assigns Ba3 Rating on Class D-R Notes
------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
following notes issued by ICG US CLO 2016-1, Ltd.:

US$256,000,000 Class A-1-R Senior Secured Floating Rate Notes Due
2028 (the "Class A-1-R Notes"), Assigned Aaa (sf)

US$51,000,000 Class A-2-R Senior Secured Floating Rate Notes Due
2028 (the "Class A-2-R Notes"), Assigned Aa2 (sf)

US$18,000,000 Class B-R Senior Secured Deferrable Floating Rate
Notes Due 2028 (the "Class B-R Notes"), Assigned A2 (sf)

US$26,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes Due 2028 (the "Class C-R Notes"), Assigned Baa3 (sf)

US$17,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes Due 2028 (the "Class D-R Notes"), Assigned Ba3 (sf)

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

ICG Debt Advisors LLC—Manager Series and Intermediate Capital
Managers Limited manage the CLO. They 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 loss
posed to noteholders. The ratings reflect the risks due to defaults
on the underlying portfolio of assets, the transaction's legal
structure, and the characteristics of the underlying assets.

The Issuer has issued the Refinancing Notes on July 30, 2018 in
connection with the refinancing of certain classes of notes
previously issued on the Original Closing Date. On the Refinancing
Date, the Issuer used the proceeds from the issuance of the
Refinancing Notes to redeem in full the Refinanced Original Notes.


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

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

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

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

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

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

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

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

Moody's Assumed WARF - 20% (2390)

Class A-1-R: 0

Class A-2-R: +2

Class B-R: +3

Class C-R: +2

Class D-R: +1

Moody's Assumed WARF + 20% (3584)

Class A-1-R: 0

Class A-2-R: -2

Class B-R: -3

Class C-R: -1

Class D-R: -2

Loss and Cash Flow Analysis:

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

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

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

Defaulted par: $0

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2987 (corresponding to a
weighted average default probability of 25.80%)

Weighted Average Spread (WAS): 3.55%

Weighted Average Recovery Rate (WARR): 47.64%

Weighted Average Life (WAL): 6.58 years

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


ICG US 2018-2: Moody's Assigns Ba3 Rating on $18.2MM Class E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by ICG US CLO 2018-2, Ltd.

Moody's rating action is as follows:

US$256,000,000 Class A Senior Secured Floating Rate Notes due 2031
(the "Class A Notes"), Definitive Rating Assigned Aaa (sf)

US$49,200,000 Class B Senior Secured Floating Rate Notes due 2031
(the "Class B Notes"), Definitive Rating Assigned Aa2 (sf)

US$18,400,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2031 (the "Class C Notes"), Definitive Rating Assigned A2 (sf)

US$26,200,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2031 (the "Class D Notes"), Definitive Rating Assigned Baa3
(sf)

US$18,200,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2031 (the "Class E Notes"), Definitive Rating Assigned Ba3
(sf)

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

RATINGS RATIONALE

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

ICG US CLO 2018-2 is a managed cash flow CLO. The issued notes will
be collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90% of the portfolio must consist of
senior secured loans, cash, and eligible investments, and up to 10%
of the portfolio may consist of second-lien loans and unsecured
loans. The portfolio is approximately 90% ramped as of the closing
date.

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

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

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

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

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

Par amount: $400,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2814

Weighted Average Spread (WAS): 3.30%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 47.5%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

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

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

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

Together with the set of modeling assumptions, 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.

Here 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 2814 to 3236)

Rating Impact in Rating Notches

Class A Notes: -1

Class B Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: 0

Percentage Change in WARF -- increase of 30% (from 2814 to 3658)

Rating Impact in Rating Notches

Class A Notes: -1

Class B Notes: -4

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1



JMP CREDIT V: Moody's Assigns Ba3 Rating on $20MM Class E Notes
---------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by JMP Credit Advisors CLO V Ltd.

Moody's rating action is as follows:

US$256,000,000 Class A Senior Secured Floating Rate Notes due 2030
(the "Class A Notes"), Assigned Aaa (sf)

US$48,000,000 Class B Senior Secured Floating Rate Notes due 2030
(the "Class B Notes"), Assigned Aa2 (sf)

US$22,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class C Notes"), Assigned A2 (sf)

US$22,000,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class D Notes"), Assigned Baa3 (sf)

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

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

RATINGS RATIONALE

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

JMP CLO V is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90% of the portfolio must consist of
senior secured loans and eligible investments, and up to 10% of the
portfolio may consist of second lien loans, first lien last out
loans and senior unsecured loans. The portfolio is approximately
100% ramped as of the closing date.

JMP Credit Advisors LLC will direct the selection, acquisition and
disposition of the assets on behalf of the Issuer and may engage in
trading activity, including discretionary trading, during the
transaction's four year reinvestment period. Thereafter, the
Manager may reinvest up to 50% of unscheduled principal payments
and proceeds from sales of credit risk assets and credit improved
assets, subject to certain restrictions.

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

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

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

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

Par amount: $400,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2812

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 46.5%

Weighted Average Life (WAL): 8.0 years

Methodology Underlying the Rating Action:

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

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


The performance of the 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, 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.

Here 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 2812 to 3234)

Rating Impact in Rating Notches

Class A Notes: 0

Class B Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: -1

Percentage Change in WARF -- increase of 30% (from 2812 to 3656)

Rating Impact in Rating Notches

Class A Notes: -1

Class B Notes: -4

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1



JP MORGAN 2005-LDP3: Moody's Affirms C Rating on Class G Certs
--------------------------------------------------------------
Moody's Investors Service has affirmed the rating on one class in
J.P. Morgan Chase Commercial Mortgage Securities Corp., Commercial
Pass-Through Certificates, Series 2005-LDP3 as follows:

Cl. G, Affirmed C (sf); previously on Aug 11, 2017 Affirmed C (sf)


RATINGS RATIONALE

The rating on P&I Class G was affirmed as the rating is consistent
with Moody's realized and expected loss.

Moody's rating action reflects a base expected loss of 15.1% of the
current balance, compared to 7.7% at Moody's last review. Moody's
base expected loss plus realized losses is now 5.4% of the original
pooled balance, compared to 5.3% at Moody's last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the July 16, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 99.9% to $2.1
million from $2 billion at securitization. The certificates are
collateralized by 2 mortgage loans.

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 1, compared to 2 at Moody's last review.

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

Twenty-nine loans have been liquidated from the pool, resulting in
an aggregate realized loss of $107.9 million (for an average loss
severity of 50.4%).

The two remaining loans represent 100% of the pool balance. The
largest loan is the LaSalle Bank- St. Charles, IL Loan ($1.88
million -- 88.4% of the pool), which is secured by a 6,000 square
foot (SF) single tenant retail property located in St. Charles,
Illinois approximately 40 miles west of Chicago. The servicer's
June 2018 inspection report listed the property as vacant. Although
the loan is current (lease expirations is in August 2021, 11 months
prior to loan maturity), Moody's has recognized this as a troubled
loan.

The second loan is the Ambassador Caffery Plaza Loan ($0.25 million
-- 11.6% of the pool), which is secured by a 9,938 SF retail
property located in Lafayette, Louisiana. The property was 100%
leased as of December 2017 and remains unchanged since Moody's last
review. This fully amortizing loan has paid down over 80% since
securitization and is scheduled to mature in June 2020. Moody's LTV
and stressed DSCR are 15.9% and about 4.00X, respectively, compared
to 19.7% and about 4.00X at the last review.


JP MORGAN 2007-C1: Moody's Cuts Class X-1 Certs Rating to 'C'
-------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on thirteen
classes and downgraded the rating on one class in J.P. Morgan Chase
Commercial Mortgage Securities Trust 2007-C1, Commercial
Pass-Through Certificates, Series 2007-C1

Cl. A-M, Affirmed Ba1 (sf); previously on Jul 26, 2017 Affirmed Ba1
(sf)

Cl. A-J, Affirmed B3 (sf); previously on Jul 26, 2017 Affirmed B3
(sf)

Cl. B, Affirmed Caa1 (sf); previously on Jul 26, 2017 Affirmed Caa1
(sf)

Cl. C, Affirmed Ca (sf); previously on Jul 26, 2017 Downgraded to
Ca (sf)

Cl. D, Affirmed C (sf); previously on Jul 26, 2017 Downgraded to C
(sf)

Cl. E, Affirmed C (sf); previously on Jul 26, 2017 Downgraded to C
(sf)

Cl. F, Affirmed C (sf); previously on Jul 26, 2017 Affirmed C (sf)


Cl. G, Affirmed C (sf); previously on Jul 26, 2017 Affirmed C (sf)


Cl. H, Affirmed C (sf); previously on Jul 26, 2017 Affirmed C (sf)


Cl. J, Affirmed C (sf); previously on Jul 26, 2017 Affirmed C (sf)


Cl. K, Affirmed C (sf); previously on Jul 26, 2017 Affirmed C (sf)


Cl. L, Affirmed C (sf); previously on Jul 26, 2017 Affirmed C (sf)


Cl. M, Affirmed C (sf); previously on Jul 26, 2017 Affirmed C (sf)


Cl. X-1, Downgraded to C (sf); previously on Jul 26, 2017
Downgraded to Caa2 (sf)

RATINGS RATIONALE

The rating of the Cl. A-M was affirmed because the transaction's
key metrics, including Moody's loan-to-value (LTV) ratio, Moody's
stressed debt service coverage ratio (DSCR), and the transaction's
Herfindahl Index (Herf) are within acceptable ranges.

The ratings of 12 P&I classes were affirmed because the ratings are
consistent with Moody's expected loss plus realized losses.

The rating of the IO class X-1 was downgraded due to the decline in
the credit quality of its referenced classes, resulting from
principal paydowns of higher quality referenced classes.

Moody's rating action reflects a base expected loss of 52.1% of the
current pooled balance, compared to 21.2% at Moody's last review.
Moody's base expected loss plus realized losses is now 13.4% of the
original pooled balance, compared to 13.9% at the last review.

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 J.P. Morgan Chase
Commercial Mortgage Securities Trust 2007-C1, Cl. A-J, Cl. A-M, Cl.
B, Cl. C, Cl. D, Cl. E, Cl. F, Cl. G, Cl. H, Cl. J, Cl. K, Cl. L,
and Cl. M was "Moody's Approach to Rating Large Loan and Single
Asset/Single Borrower CMBS" published in July 2017. The
methodologies used in rating J.P. Morgan Chase Commercial Mortgage
Securities Trust 2007-C1, Cl. X-1 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 analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 100% of the pool is in
special servicing. In this approach, Moody's determines a
probability of default for each specially serviced and troubled
loan that it expects will generate a loss and estimates a loss
given default based on a review of broker's opinions of value (if
available), other information from the special servicer, available
market data and Moody's internal data. The loss given default for
each loan also takes into consideration repayment of servicer
advances to date, estimated future advances and closing costs.
Translating the probability of default and loss given default into
an expected loss estimate, Moody's then applies the aggregate loss
from specially serviced to the most junior classes and the recovery
as a pay down of principal to the most senior classes.

DEAL PERFORMANCE

As of the July 16, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 81.8% to $209.9
billion from $1.18 billion at securitization. The certificates are
collateralized by eight mortgage loans ranging in size from 2.0% to
49.0% of the pool.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of three, compared to 11 at Moody's last review.

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

Eleven loans have been liquidated from the pool at a loss,
contributing to an aggregate realized loss of $46.4 million (for an
average loss severity of 42%). Eight loans, constituting 100% of
the pool, are currently in special servicing. The largest specially
serviced loan is the Westin Portfolio Loan ($105.1 million -- 49.0%
of the pool), which represents a participation interest in a $209.1
million first-mortgage loan secured by two Westin-flagged hotel
properties totaling 899 keys. The Westin -- La Paloma, is a 487-key
full-service hotel located in Tucson, Arizona and was built in 1984
and renovated in 2000. The Westin -- Hilton Head, is a 412 key
full-service hotel located in Hilton Head, South Carolina and was
built in 1985 and renovated in 1998. The loan was transferred to
the special servicer in October 2008 due to imminent default. The
borrower filed for Chapter 11 Bankruptcy in November 2010. A
bankruptcy court in Arizona modified the loan in May 2012 with the
loan term extended and loan made principal-only for 21 years, with
$500,000 monthly payments split pro-rata between the two pari-passu
notes. Various fees, interest, and other expenses were capitalized
into the loan balance as part of the loan modification.

The second largest specially serviced loan is the Stamford Marriott
Loan ($59.7 million -- 27.8% of the pool), which is secured by a
506 key full-service hotel located in the CBD of Stamford,
Connecticut. The loan was transferred to the special servicer in
December 2015 due to imminent default after the borrower failed to
make their payment. The lender has been dual tracking foreclosure
while discussing a possible restructuring with the borrower. The
property, which operates under a Marriott flag, has a franchise
agreement that expires in 2020. There is a franchise-mandated
property improvement plan ("PIP") that is required to be completed
prior to the 2020 franchise agreement expiration to prevent the
loss of the Marriott flag. The 2017 appraisal of the property
included a $16.0 million ($31,620/key) deduction against the value
of the property to account for the required PIP, however, it is now
estimated that the cost of the PIP has increased to $20.0 million
($39,525/key), due to an increase in the scope of the PIP. It was
further noted that it is likely that the property contains
additional deferred maintenance that is not addressed by the PIP.
The lender engaged CBRE to explore a note sale and the note went to
auction in late June.

The third largest specially serviced loan is the Inland -- Bradley
Portfolio Loan ($13.0 million -- 6.1% of the pool), which, at
securitization, was secured by a portfolio of four single-tenant
industrial properties located across four states: Illinois (2),
Michigan (1), and North Carolina (1). Three of the properties have
been released from the portfolio, with Inland -- Coloma being the
sole remaining property. The loan transferred to the special
servicer in January 2017 and the collateral became REO in June
2017.

The remaining five specially serviced loans are secured by a mix of
property types. Moody's estimates an aggregate $111.8 million loss
for the specially serviced loans (52.1% expected loss on average).


As of the July 16, 2018 remittance statement cumulative interest
shortfalls were $69.2 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.


JP MORGAN 2014-FL4: S&P Affirms BB Rating on Class E Certs
----------------------------------------------------------
S&P Global Ratings raised its rating on the class C commercial
mortgage pass-through certificates from J.P. Morgan Chase
Commercial Mortgage Securities Trust 2014-FL4, a U.S. commercial
mortgage-backed securities (CMBS) transaction. In addition, S&P
affirmed its ratings on three other classes from the same
transaction.

S&P said, "For the upgrade and affirmations on the principal- and
interest-paying classes, our expectation of credit enhancement was
in line with the raised or affirmed rating levels. The upgrade also
reflects the reduced pool trust balance.

"We affirmed our rating on the class X-EXT interest-only (IO)
certificates based on our criteria for rating IO securities, in
which the ratings on the IO securities would not be higher than
that of the lowest rated reference class. Class X-EXT's notional
balance references classes A, B, C, D, and E.

This is a large-loan transaction currently backed by the $220.0
million floating-rate IO Waikiki Beach Marriott Resort & Spa
mortgage loan secured by the borrower's leasehold interest in a
1,310-room full service hotel in Honolulu, Hawaii. The hotel
includes food and beverage outlets, over 22,000 sq. ft. of indoor
meeting space, over 32,000 sq. ft. of outdoor function space,
swimming pools, fitness center, a six-story parking garage with
over 500 parking spaces, and approximately 51,000 sq. ft. of retail
space. S&P said, "Our property-level analysis included a
re-evaluation of the collateral property that secures the mortgage
loan and considered the servicer-reported occupancy, average daily
rate, and net operating income (NOI) for the past six years (from
2012 through 2017), in particular, noting the flat-to-slightly
declining reported revenue per available room (RevPAR) and NOI for
the past four years (2014 through 2017). We then derived our
sustainable in-place net cash flow, which we divided by an 8.50%
S&P Global Ratings' capitalization rate to determine our
expected-case value. This yielded an overall S&P Global Ratings'
loan-to-value ratio and debt service coverage (DSC) of 67.8% and
1.86x (based on LIBOR cap rate plus spread), respectively, on the
trust balance."

As of the July 16, 2018, trustee remittance report, the trust
consisted of one remaining floating-rate loan, down from nine
loans, totaling $755.3 million at issuance. The transaction has not
experienced any principal losses to date. The Waikiki Beach
Marriott Resort & Spa loan has a trust and whole-loan balance of
$220.0 million. The borrower's equity interest in the whole loan
also secures mezzanine debt totaling $130.0 million. The loan pays
annual floating interest rate equal to LIBOR plus a spread of
2.4773% (up from 2.2273% at issuance, following the exercise of the
first extension option), and had an initial maturity date of Dec.
9, 2016. The borrower had exercised its two 12-month extension
options, and the loan currently matures on Dec. 9, 2018, which is
the fully extended maturity date. The master servicer, Midland Loan
Services, reported a $185.04 RevPAR and 4.04x DSC on the trust
balance as of year-end 2017, compared to $190.10 and 5.50x,
respectively, as of year-end 2016.

  RATINGS LIST

  J.P. Morgan Chase Commercial Mortgage Securities Trust 2014-FL4
  Commercial mortgage pass-through certificates series 2014-FL4
                                 Rating
  Class        Identifier        To            From
  X-EXT        46641PAE2         BB (sf)       BB (sf)
  C            46641PAJ1         AAA (sf)      AA+ (sf)
  D            46641PAL6         BBB- (sf)     BBB- (sf)
  E            46641PAN2         BB (sf)       BB (sf)


JP MORGAN 2015-FL7: S&P Affirms B Rating on Class BL2Y Certs
------------------------------------------------------------
S&P Global Ratings raised its rating on the class C commercial
mortgage pass-through certificates from J.P. Morgan Chase
Commercial Mortgage Securities Trust 2015-FL7, a U.S. commercial
mortgage-backed securities (CMBS) transaction. In addition, S&P
affirmed its ratings on two pooled classes and 16 nonpooled classes
and discontinued our ratings on two other classes from the same
transaction.

S&P said, "For the upgrade and affirmations on the pooled principal
and interest paying classes, our expectation of credit enhancement
was more or less in line with the raised or affirmed rating levels.
The upgrade on the pooled class C certificates also reflects the
pooled trust balance's significant reduction.

"The affirmed ratings on the nonpooled BLU1, BLU2, QBC1, QBC2,
MON1, and MON2 raked certificates reflect our analysis of the
BlueMountain Lodging Portfolio, Quorum Business Center, and Hotel
Monaco Baltimore loans. The BLU, QBC, and MON raked certificates
derive 100% of their cash flows from the subordinate nonpooled
portion of the BlueMountain Lodging Portfolio, Quorum Business
Center, and Hotel Monaco Baltimore loans, respectively. Details on
these loans are below."

The affirmations on the class BL1A, BL1B, BL1X, BL1E, BL1Y, BL2A,
BL2B, BL2X, BL2E, and BL2Y replacement certificates reflect the
affirmations on the BLU1 and BLU2 exchangeable certificates. The
BLU1 certificates may be exchanged for certain classes of BL1A,
BL1B, BL1X, BL1E, and BL1Y replacement certificates. The BLU2
certificates may be exchanged for certain classes of BL2A, BL2B,
BL2X, BL2E, and BL2Y replacement certificates.

S&P said, "We affirmed our rating on the class X-EXT interest-only
(IO) certificates based on our criteria for rating IO securities,
under which the ratings on the IO securities would not be higher
than that of the lowest-rated reference class. The notional balance
on class X-EXT references classes A, B, C, and D.

"We discontinued our ratings on the class LAK1 and LAK2 nonpooled
certificates following their full repayments as noted in the July
2018 trustee remittance report.

This is a large loan transaction backed by three floating-rate IO
mortgage loans. S&P's property-level analysis included a
re-evaluation which considered the reported historical performance
(2014 through 2017), of the lodging and mixed-use properties that
secure the remaining three mortgage loans in the trust.

As of the July 16, 2018, trustee remittance report, the trust
consisted of three floating-rate IO loans indexed to one-month
LIBOR with an aggregate pooled trust balance of $106.9 million and
an aggregate trust balance of $155.1 million, down from 10 loans
totaling $506.0 million pooled trust balance and $675.6 million
trust balance at issuance. The three remaining loans currently
mature in 2018, and each loan has one 12-month extension option
remaining. To date, the trust has not incurred any principal
losses.

Details on the remaining three loans are below.

The BlueMountain Lodging Portfolio loan, the largest loan remaining
in the pool, has a pooled trust balance of $75.8 million (70.9% of
the pooled trust balance) and a $34.2 million nonpooled component
that supports the BLU1 and BLU2 raked certificates. The whole loan
is secured by a portfolio of 16 limited service and extended stay
hotels totaling 1,777 rooms in Ohio and Kentucky.

The whole loan pays floating rate interest equal to one-month LIBOR
plus a 2.238636% spread (up from 1.988636% spread with respect to
its initial and first extended terms). The loan currently matures
in November 2018 and has a final maturity of November 2019. In
addition, the borrowers' equity interests secure $40.0 million in
mezzanine debt. S&P's analysis considered the relatively stable
reported 2014 to 2016 operating performance as well as the recent
decline in reported operating performance in 2017, in which the
reported portfolio revenue per available room (RevPAR) dropped to
$71.12 from $78.48 in 2016. As a result, reported net operation
income for the portfolio decreased to $13.9 million in 2017, from
$17.1 million in 2016. Per the master servicer, KeyBank Real Estate
Capital (KeyBank), the borrower indicated the decline in
performance was the result of increasing supply in the market where
the properties are located, namely Cleveland, Cincinnati, and
Columbus, Ohio. KeyBank reported a 1.75x debt service coverage
(DSC) on the trust balance for the year ended Dec. 31, 2017, down
from 2.50x in 2016. S&P's expected-case valuation, using a 9.77%
S&P Global Ratings weighted average capitalization rate, yielded a
60.9% S&P Global Ratings loan-to-value (LTV) ratio on the pooled
trust balance.

The Quorum Business Center loan, the second-largest loan remaining
in the pool, has a pooled trust balance of $21.0 million (19.7%)
and a $7.5 million nonpooled component that supports the QBC1 and
QBC2 raked certificates. In addition, there is a $9.4 million
subordinate B note interest held outside the trust. The whole loan
is secured by two office and four industrial properties totaling
407,895 sq. ft. in Deerfield Beach, Fla. The whole loan pays
floating-rate interest equal to one-month LIBOR plus a 4.099991%
spread (reflecting a 0.25% one-time increase starting in the second
extension period). The loan currently matures in December 2018 and
has a final maturity of December 2019. S&P said, "Our analysis
considered the reported stable operating performance for the last
four years (2014-2017). KeyBank reported an 87.6% occupancy and
1.63x DSC on the trust balance for year-end 2017. Our expected-case
valuation, using a 7.75% S&P Global Ratings capitalization rate,
yielded a 66.7% S&P Global Ratings LTV ratio on the pooled trust
balance."

The Hotel Monaco Baltimore loan, the smallest loan remaining in the
pool, has a pooled trust balance of $10.1 million (9.4%) and a $6.5
million nonpooled component that supports the class MON1, MON2, and
MON3 raked certificates. Class MON3 is not rated by S&P Global
Ratings. The $16.6 million trust balance is down from $19.0 million
at issuance, due to the borrower making partial principal repayment
in order to exercise its extension option in 2017. The whole loan
is secured by a 202-room full-service boutique hotel in downtown
Baltimore. The whole loan pays floating-rate interest equal to
one-month LIBOR plus a 3.700% spread (reflecting a 0.25% one-time
increase starting in the second extension period). The loan
currently matures in November 2018 and has a final maturity of
November 2019. S&P said, "Our analysis considered the reported
volatile operating performance for the last four years (2014-2017),
in particular, the dip in reported net operating income (NOI) in
2016 and the slight improvement reported in 2017, which was lower
than reported for 2014 and 2015. KeyBank reported a 1.78x DSC for
year-end 2017. Our expected-case valuation, using a 9.25% S&P
Global Ratings capitalization rate, yielded a 70.6% S&P Global
Ratings LTV ratio on the pooled trust balance."

  RATINGS LIST

  J.P. Morgan Chase Commercial Mortgage Securities Trust 2015-FL7
  Commercial mortgage pass-through certificates series 2015-FL7
                                         Rating
  Class            Identifier            To            From
  X-EXT            46644PAL3             BBB- (sf)     BBB- (sf)
  C                46644PAE9             AAA (sf)      A (sf)
  D                46644PAG4             BBB- (sf)     BBB- (sf)
  BLU1             46644PAS8             BB- (sf)      BB- (sf)
  BLU2             46644PAU3             B (sf)        B (sf)
  QBC1             46644PBJ7             BB- (sf)      BB- (sf)
  QBC2             46644PBL2             B- (sf)       B- (sf)
  MON1             46644PBS7             B (sf)        B (sf)
  MON2             46644PBU2             B- (sf)       B- (sf)
  LAK1             46644PBY4             NR            BB- (sf)
  LAK2             46644PCA5             NR            B- (sf)
  BL1A             46644PCY3             BB- (sf)      BB- (sf)
  BL1X             46644PDA4             BB- (sf)      BB- (sf)
  BL1E             46644PDC0             BB- (sf)      BB- (sf)
  BL1B             46644PDE6             BB- (sf)      BB- (sf)
  BL1Y             46644PDG1             BB- (sf)      BB- (sf)
  BL2A             46644PDJ5             B (sf)        B (sf)
  BL2X             46644PDL0             B (sf)        B (sf)
  BL2E             46644PDN6             B (sf)        B (sf)
  BL2B             46644PDQ9             B (sf)        B (sf)
  BL2Y             46644PDS5             B (sf)        B (sf)

  NR--Not rated.


JP MORGAN 2017-4: Moody's Hikes Class B-5 Debt Rating to 'B1'
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of five tranches
from J.P. Morgan Mortgage Trust 2017-4. This transaction is a
securitization of primarily 30-year, fully-amortizing fixed rate
mortgage loans. These loans were sourced from multiple originators
and acquired by J.P. Morgan Mortgage Acquisition Corp.. Shellpoint
Mortgage Servicing and JPMorgan Chase Bank, N.A. will act as the
primary servicers and Wells Fargo Bank, N.A. will act as the master
servicer of the loans in this transaction.

Complete rating actions are as follows:

Issuer: J.P. Morgan Mortgage Trust 2017-4

Cl. B-1, Upgraded to Aa2 (sf); previously on Oct 31, 2017
Definitive Rating Assigned Aa3 (sf)

Cl. B-2, Upgraded to A1 (sf); previously on Oct 31, 2017 Definitive
Rating Assigned A2 (sf)

Cl. B-3, Upgraded to Baa1 (sf); previously on Oct 31, 2017
Definitive Rating Assigned Baa2 (sf)

Cl. B-4, Upgraded to Baa3 (sf); previously on Oct 31, 2017
Definitive Rating Assigned Ba2 (sf)

Cl. B-5, Upgraded to B1 (sf); previously on Oct 31, 2017 Definitive
Rating Assigned B2 (sf)

RATINGS RATIONALE

The rating upgrades are primarily due to an increase in credit
enhancement available to the bonds and a decrease in its projected
pool losses. The actions reflect the strong performance of the
underlying pool. As of June 2018, there were no delinquencies
(loans 60 days or more delinquent) in the underlying pool.

Further, voluntary prepayment rates since issuance have contributed
to increases in percentage credit enhancement levels for the
upgraded bonds. As of June 2018, the 3-month average prepayment
rates for the underlying pool averaged approximately 7% with the
pool factor at 90.9%.

The transaction cash flows follow a shifting interest structure
that allows subordinated bonds to receive principal payments under
certain defined scenarios. Because a shifting interest structure
allows subordinated bonds to pay down over time as the loan pool
shrinks, senior bonds are exposed to increased performance
volatility as fewer loans remain in pool ("tail risk"). The
transaction provides for a credit enhancement floor of $6,377,091
to the senior bonds which mitigates tail risk by protecting the
senior bonds from eroding credit enhancement over time.

Its updated loss expectations on the pools incorporate, amongst
other factors, its assessment of the representations and warranties
framework of the transaction, the due diligence findings of the
third party reviews received at the time of issuance, and the
strength of the transaction's originators and servicers.

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

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


Down

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

Up

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

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.


JP MORGAN 2018-PHH: Moody's Gives (P)B3 Rating on Class HRR Certs
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to eight
classes of CMBS securities, issued by J.P. Morgan Chase Commercial
Mortgage Securities Trust 2018-PHH, Commercial Mortgage
Pass-Through Certificates, Series 2018-PHH:

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)B2 (sf)

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

Cl. X-CP*, Assigned (P)A2 (sf)

* Reflects interest-only class

RATINGS RATIONALE

The Certificates are collateralized by the borrower's fee simple
interest in a 1,641-guestroom, 24-story full-service hotel known as
the Palmer House Hilton located in Chicago, IL, approximately one
block west of Millennial Park and Michigan Avenue. Its ratings are
based on the credit quality of the loan and the strength of the
securitization structure.

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

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

The first mortgage balance of $333,200,000 represents a Moody's LTV
ratio of 123.3%. The financing is subject to a mezzanine loan
totaling $94,300,000. The Moody's Total Debt LTV (inclusive of the
mezzanine loan) is 158.2% while the Moody's Total Debt Actual DSCR
is 1.85X and Moody's Total Debt Stressed DSCR is 0.92X.

The mortgage loan is secured by the Palmer House Hilton, a
1,641-guestroom, 24-story, full-service hotel located in the
central business district of Chicago, IL, one block west of
Millennium Park and Michigan Avenue.
As of the trailing twelve month period ending June 30, 2018, the
property's occupancy rate was 82.0%, average daily rate was
$198.46, and revenue per available room was $162.82. Additionally,
the property's occupancy, ADR, and RevPAR penetration relative to
its primary competitive set for the trailing twelve month period
ending May 31, 2018 was 110.6%, 97.0%, and 107.3%, respectively.

Moody's also grades properties on a scale of 0 to 5 (best to worst)
and considers those grades when assessing the likelihood of debt
payment. The factors considered include property age, quality of
construction, location, market, and tenancy. The property's quality
grade is 2.00.

Notable strengths of the transaction include: trophy
qualities/investor liquidity, demand drivers/segmentation,
location, recent renovations, operating performance trends, strong
demographics, brand and management, strong sponsorship, and
residual equity.

Notable concerns of the transaction include: market-driven declines
in rooms revenue, potential future competition, seasonal cash flow,
lack of asset diversification, property age, floating rate interest
profile, subordinate debt, soft lockbox with cash sweep, property
type, and credit negative legal features.

The principal methodology used in rating J.P. Morgan Chase
Commercial Mortgage Securities Trust 2018-PHH, Cl. A, Cl. B, Cl. C,
Cl. D, Cl. E, Cl. F, and Cl. HRR was "Moody's Approach to Rating
Large Loan and Single Asset/Single Borrower CMBS" published in July
2017. The methodologies used in rating J.P. Morgan Chase Commercial
Mortgage Securities Trust 2018-PHH, Cl. X-CP 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 approach for single borrower and large loan multi-borrower
transactions evaluates credit enhancement levels based on an
aggregation of adjusted loan level proceeds derived from its
Moody's loan level LTV ratios. Major adjustments to determining
proceeds include leverage, loan structure, and property type. These
aggregated proceeds are then further adjusted for any pooling
benefits associated with loan level diversity, other concentrations
and correlations.

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

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

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


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

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

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


JPMCC 2017-JP7: DBRS Confirms BB Rating on Class F-RR Certs
-----------------------------------------------------------
DBRS Limited confirmed the ratings for all classes of the
Commercial Mortgage Pass-Through Certificates, Series 2017-JP7
issued by JPMCC Commercial Mortgage Securities Trust 2017-JP7 as
follows:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class X-B at A (high) (sf)
-- Class C at A (sf)
-- Class D at A (low) (sf)
-- Class E-RR at BBB (low) (sf)
-- Class F-RR at BB (sf)
-- Class G-RR at B (high) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has remained in line with DBRS's
expectations since issuance. The collateral consists of 37 loans
secured by 168 commercial and multifamily properties. As of the
June 2018 remittance, the pool had an aggregate principal balance
of $808.9 million, representing a collisional reduction of 0.3%
since issuance. Loans representing 78.4% of the current pool
balance are reporting updated year-end 2017 figures. Based on these
financials, those loans reported a weighted-average (WA)
debt-service coverage ratio (DSCR) and WA debt yield of 1.90 times
(x) and 10.2%, respectively. The DBRS WA DSCR and WA debt yield at
issuance for those loans were 1.78x and 9.8%, respectively.

At issuance, two loans, representing 12.4% of the current pool
balance, were shadow-rated investment grade. These loans include
Gateway Net Lease Portfolio (Prospectus ID#2) and West Town Mall
(Prospectus ID#7). With this review, DBRS confirms that the
performance of these loans remains consistent with investment-grade
loan characteristics. In addition, 245 Park Avenue (Prospectus
ID#1), was shadow-rated BB at issuance but, due to DBRS's concerns
with the sponsor's efforts to sell the property amid mounting debt,
the shadow rating has been removed.

As of the June 2018 remittance, there were four loans on the
servicer's watch list, representing 10.7% of the current pool
balance. Three of these loans are being monitored for DSCR declines
from issuance and the fourth is being monitored for deferred
maintenance. In general, DBRS expects the DSCR declines are
temporary and does not have any significant concerns with any of
the watch listed loans.

Classes X-A and X-B are interest-only (IO) certificates that
reference a single rated tranche or multiple rated tranches. The IO
rating mirrors the lowest-rated applicable reference obligation
tranche adjusted upward by one notch if senior in the waterfall.

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


JPMCC COMMERCIAL 2016-JP2: DBRS Confirms B Rating on Class F Certs
------------------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2016-JP2
issued by JPMCC Commercial Mortgage Securities Trust 2016-JP2:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since issuance. The deal closed in July 2016 with
an original trust balance of $939.2 million. At issuance, the
transaction consisted of 47 fixed-rate loans secured by 78
commercial and multifamily properties. As of the June 2018
remittance, there has been a collateral reduction of 0.9% since
issuance due to scheduled loan amortization with all loans
remaining in the pool. All but two loans in the pool reported
YE2017 financials, reporting a weighted-average (WA) debt service
coverage ratio (DSCR) and debt yield of 1.76 times (x) and 10.0%,
respectively; both figures are an improvement from the YE2016
figures.

In addition to benefiting from stable cash flow performance since
issuance, the largest loans in the pool have performed particularly
well. Based on the YE2017 financials, the Top 15 loans (65.4% of
the pool) reported a WA DSCR of 1.83x, compared with the WA DBRS
Term DSCR at issuance of 1.56x, representing a WA net cash flow
(NCF) growth of 16.0% from the DBRS NCF figures derived at issuance
for those loans. There is one top 15 loan being monitored closely
by DBRS in Four Penn Center (Prospectus ID#13, 2.2% of the pool),
which is secured by an office tower in Philadelphia, Pennsylvania.
The property has seen occupancy and declining cash flow performance
since issuance, when the property was 84.5% occupied. As of the
March 2018 rent roll, the property's leased rate had fallen to
72.5%. DBRS assumed a stressed scenario for that loan with this
review to increase the probability of default (POD).

As of the June 2018 remittance, there are seven loans, representing
8.6% of the pool balance, on the servicer's watch list, and no
loans in special servicing. The most noteworthy watch list loan is
the Dollar General Portfolio (Prospectus ID#25, 1.4% of the current
pool balance), which is secured by 27 freestanding Dollar General
stores located in Ohio and West Virginia. The loan was placed on
the servicer's watch list for delinquent monthly payments since
April 2018, with the servicer's notes indicating the lockbox funds
have been insufficient to cover the monthly debt service due and
the sponsor contributing the remainder late for the past several
months. DBRS has requested clarification on the payment status with
this loan, as all rents should be deposited into the lockbox with
more than enough funds to cover the monthly payment amount. To
increase the POD for this loan, DBRS has assigned a sponsor
strength of Weak for the purposes of this review to reflect the
ongoing issues with the payments. For additional information on
this loan, please see the DBRS Viewpoint platform, for which
information has been provided below.

At issuance, DBRS shadow-rated The Shops at Crystals (Prospectus
ID#6, 5.3% of the pool balance) investment grade. With this review,
DBRS confirms that the performance of this loan remains consistent
with investment-grade characteristics.

Classes X-A, X-B and X-C are interest-only (IO) certificates that
reference a single rated tranche or multiple rated tranches. The IO
rating mirrors the lowest-rated applicable reference obligation
tranche adjusted upward by one notch if senior in the waterfall.


KEYCORP STUDENT 2004-A: Fitch Affirms CC Rating on Class D Debt
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Keycorp Student Loan
Trust (KSLT) 2004-A (Grp. II), 2005-A (Grp II) and 2006-A (Grp. II)
as follows:

KSLT 2004-A Group II

  -- Class B affirmed at 'AAAsf'/Outlook Stable;

  -- Class C affirmed at 'A+sf', Outlook revised to Positive from
Stable;

  -- Class D affirmed at 'CCsf', RE 90%.

KSLT 2005-A Group II

  -- Class A-4 affirmed at AAAsf', Outlook Stable;

  -- Class B affirmed at 'AA-sf', Outlook revised to Positive from
Stable;

  -- Class C affirmed at 'Bsf', Outlook Stable.

KSLT 2006-A Group II

  -- Class A-4 affirmed at 'AAAsf', Outlook Stable;

  -- Class B affirmed at 'Asf', Outlook revised to Positive from
Stable;

  -- Class C affirmed at 'CCsf', RE 90%.

The transactions are performing within expectations. Due to
increasing parity and credit enhancement, the Outlook for class C
2004-A, class B 2005-A and class B 2006-A has been revised to
Positive from Stable.

Fitch calculates REs for distressed structured finance securities
of 'CCCsf' or lower. REs reflect remaining recoveries expected to
be received by the security and applied as principal proceeds from
the point that the RE is calculated until legal final maturity.

KEY RATING DRIVERS

Collateral Performance: The trust is collateralized by private
student loans originated by KeyBank N.A. Fitch assumes a base case
default rate of 10.5% for all transactions and the base case
default rate implies a sustainable CDR of 2.75%. Default multiples
of 4.0x, 3.1x, 2.8x and 2.5x were applied at 'AAAsf',
'AA-sf','A+sf' and 'Asf', respectively. Fitch assumes a base case
recovery rate of 12% based on transaction data provided by the
issuer.

Payment Structure: KSLT 2004-A and 2006-A are undercollateralized
and each trust can receive excess spread from the respective Group
I pool consisting of FFELP loans. For the most recent distribution,
all trusts received excess spread from Group I. Senior notes
benefit from subordination of more junior notes. Since the 2017
review, total parity has increased by 0.7% to 95.5% for 2004-A,
remained relatively stable at approximately 101% for 2005-A and
decreased slightly by 0.15% to approximately 97% for 2006-A. All
transactions are paying sequentially from senior classes to
subordinate classes as cumulative losses triggers have been
breached. No cash can be released from the trusts until total
parity reaches 100% for 2004-A, 101% for 2005-A and 104.5% for
2006-A. Liquidity support is provided by reserve accounts of $4.2
million, $3.98 million and $5.9 million for 2004-A, 2005-A and
2006-A, respectively. The reserve accounts can cover 2-3 months of
senior costs and interest payments on the notes, adequately
mitigating payment interruption risk in all transactions.

Operational Capabilities: Day-to-day servicing is provided by
KeyBank, NA (master servicer), Pennsylvania Higher Education
Assistance Agency (sub-servicer), and Nelnet Inc. Fitch believes
all servicers are acceptable servicers of student loans due to
their long servicing history.
RATING SENSITIVITIES

Rating sensitivities provide greater insight into the model-implied
sensitivities the transaction faces when one or two risk factors
are stressed, while holding others equal. The modeling process
first uses the estimation and stress of base-case default and
recovery assumptions to reflect asset performance in a stressed
environment. Second, structural protection is analyzed with Fitch's
GALA Model. The results should only be considered as one potential
outcome as the transaction is exposed to multiple risk factors that
are all dynamic variables. The results use ratings assigned to the
transactions as a rating cap for each tranche.

Rating sensitivities only apply for existing ratings above 'CCsf'.

KSLT 2004-A Group II

Expected impact on the note rating of increased defaults (class
B/C):

Current Ratings:'AAAsf'/'A+sf'

  -- Increase base case defaults by 10%: 'AAAsf'/'A+sf';

  -- Increase base case defaults by 25%: 'AAAsf'/'A+sf' ;

  -- Increase base case defaults by 50%: AAAsf'/'A-sf'.

Expected impact on the note rating of reduced recoveries (class
B/C):

  -- Reduce base case recoveries by 20%: 'AAAsf'/'A+sf';

  -- Reduce base case recoveries by 30%: 'AAAsf'/'A+sf';

  -- Reduce base case recoveries by 50%: 'AAAsf'/'A+sf'.

KSLT 2005-A Group II

Expected impact on the note rating of increased defaults (class
A/B/C):

Current Ratings:'AAAsf'/'AA-sf'/Bsf

  -- Increase base case defaults by 10%: 'AAAsf'/'AA-sf'/'CCCsf';

  -- Increase base case defaults by 25%: 'AAAsf'/'AA-sf'/'CCCsf';

  -- Increase base case defaults by 50%: AAAsf'/'Asf'/'CCCsf'.

Expected impact on the note rating of reduced recoveries (class
A/B/C):

  -- Reduce base case recoveries by 20%: 'AAAsf'/'AA-sf'/'CCCsf';

  -- Reduce base case recoveries by 30%: 'AAAsf'/'AA-sf'/'CCCsf';

  -- Reduce base case recoveries by 50%: 'AAAsf'/'AA-sf'/'CCCsf'.
  
KSLT 2006-A Group II

Expected impact on the note rating of increased defaults (class
A/B):

Current Ratings:'AAAsf'/'Asf'

  -- Increase base case defaults by 10%: 'AAAsf'/'Asf';

  -- Increase base case defaults by 25%: 'AAAsf'/Asf';

  -- Increase base case defaults by 50%: AAAsf'/'A-sf'.

Expected impact on the note rating of reduced recoveries (class
A/B):

  -- Reduce base case recoveries by 20%: 'AAAsf'/'Asf';

  -- Reduce base case recoveries by 30%: 'AAAsf'/'Asf';

  -- Reduce base case recoveries by 50%: 'AAAsf'/'Asf'.


MARLIN RECEIVABLES 2018-1: Fitch Rates Class E Notes 'BBsf'
-----------------------------------------------------------
Fitch Ratings has assigned the following ratings to Marlin
Receivables 2018-1 LLC (2018-1):

  -- $77,400,000 class A-1 notes 'F1+sf';

  -- $55,700,000 class A-2 notes 'AAAsf'; Outlook Stable;

  -- $36,910,000 class A-3 notes 'AAAsf'; Outlook Stable;

  -- $10,400,000 class B notes 'AAsf'; Outlook Stable;

  -- $11,390,000 class C notes 'Asf'; Outlook Stable;

  -- $5,470,000 class D notes 'BBBsf'; Outlook Stable;

  -- $4,380,000 class E notes 'BBsf'; Outlook Stable.

KEY RATING DRIVERS

Diversified Collateral Pool: The 2018-1 pool is diversified by
equipment type, industry, geography and obligor concentrations. The
top equipment types in 2018-1 are commercial and industrial (9.1%),
restaurant equipment (6.4%) and titled commercial vehicles (6.4%).
Prior Marlin Leasing securitizations consisted primarily of
microticket collateral with upwards of 33% copiers and printers
(2010-1). Additionally, the pool is highly seasoned at 17 months
and short weighted average (WA) life of 34.7 months. Given the low
obligor concentrations, the stressed loss approach was the primary
rating approach.

Recent Asset Performance Stable: Marlin Leasing's portfolio
experienced deterioration during the 2006-2008 vintages with peak
cumulative gross defaults (CGD) of 9.46% in 2007. However,
subsequent vintages from 2009-2015 have experienced lower CGDs
ranging from 2.89%-4.45%. Default levels for 2016-2017 vintages are
generally consistent with 2009-2015 vintages. Fitch's
forward-looking base case CGD proxy is 4.50%. Given expected stable
economic conditions, no adjustments were made to the base proxy.

Sufficient Credit Enhancement: All classes benefit from a cash
reserve account and overcollateralization (OC). Total initial hard
credit enhancement (CE) for the class A, B, C, D and E notes is
23.35%, 18.60%, 13.40%, 10.90%, and 8.90%, respectively. Relative
to 2010-1, these levels are down for classes A, B and C but higher
for class D. CE is sufficient to cover in excess of 5.0x, 4.0x,
3.0x, 2.0x and 1.5x multiples of Fitch's base case CGD proxy of
4.50%.

Quality of Origination, Underwriting, and Servicing: Marlin Leasing
has demonstrated adequate abilities as originator, underwriter, and
servicer as evidenced by historical delinquency and loss
performance of securitized trusts and the managed portfolio.

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


MARLIN RECEIVABLES 2018-1: S&P Assigns BB Rating on E Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to Marlin Receivables
2018-1 LLC's $201.65 million asset-backed notes.

The note issuance is an asset-backed securities transaction backed
by small-ticket equipment leases and loans, and associated
equipment.

The ratings reflect:

-- The availability of 23.42%, 18.72%, 13.89%, 10.37%, and 6.84%
credit support to the class A, B, C, D, and E notes, respectively,
based on stressed break-even cash flow scenarios. These credit
support levels provide coverage of our cumulative net loss range,
which is consistent with the ratings. The coverage is based on
multiples in our equipment leasing criteria and, for ratings below
the 'BBB' category, S&P's securitized consumer receivables
criteria. S&P's cumulative net-loss ranges from 3.75% to 4.25% and
reflects its stressed recovery rate range of 2% to 3%.

-- S&P's expectation that under its credit stability analysis in a
moderate stress ('BBB') scenario, all else being equal, the ratings
on the class A and B notes would not decline by more than one
rating category from our 'AAA (sf)' and 'AA (sf)' ratings,
respectively. Additionally, the ratings on the class C, D, and E
notes would not decline by more than two rating categories from
S&P's 'A (sf)', 'BBB (sf)', and 'BB (sf)' ratings, respectively, in
the first year. These potential rating movements are consistent
with S&P's credit stability criteria.

-- S&P's expectation for the timely payment of periodic interest
and principal by the final maturity date, according to the
transaction documents, and based on the stressed cash flow modeling
scenarios that S&P believes is appropriate for the assigned rating
categories."

-- The collateral characteristics of the securitized pool of
equipment leases and loans, including individual obligor
concentrations of less than 1.5%.

-- S&P's stable outlook for the credit quality of the small and
medium-size businesses that represent the obligors in the pool.

-- The presence of a backup servicer, U.S. Bank N.A.

-- The transaction's legal structure.

  RATINGS ASSIGNED

  Marlin Receivables 2018-1 LLC
  Class       Rating       Type            Interest     Amount
                                            rate        (mil. $)

  A-1         A-1+ (sf)    Senior          Fixed          77.40
  A-2         AAA (sf)     Senior          Fixed          55.70
  A-3         AAA (sf)     Senior          Fixed          36.91
  B           AA (sf)      Subordinate     Fixed          10.40
  C           A (sf)       Subordinate     Fixed          11.39
  D           BBB (sf)     Subordinate     Fixed           5.47
  E           BB (sf)      Subordinate     Fixed           4.38


MERRILL LYNCH 2005-CIP1: Moody's Hikes Class D Certs to 'Caa1'
--------------------------------------------------------------
Moody's Investors Service has upgraded the rating on one class and
affirmed the rating on one class in Merrill Lynch Mortgage Trust,
Commercial Pass-Through Certificates, Series 2005-CIP1 as follows:


Cl. D, Upgraded to Caa1 (sf); previously on Jul 26, 2017 Upgraded
to Caa2 (sf)

Cl. XC, Affirmed C (sf); previously on Jul 26, 2017 Affirmed C (sf)


RATINGS RATIONALE

The rating on the P&I class, Class D, was upgraded primarily due to
improved collateral performance driven by an increase in defesance.
However, Class D has already experienced losses. The deal has paid
down 2% since Moody's last review and 99% since Securitization.
Defeasance now represents 75% of the pool compared to 8% of the
pool at Moody's last review.

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

Moody's rating action reflects a base expected loss of 0% of the
current pooled balance, the same as at the last review. Moody's
does not anticipate losses from the remaining collateral in the
current environment. However, over the remaining life of the
transaction, losses may emerge from macro stresses to the
environment and changes in collateral performance. Its ratings
reflect the potential for future losses under varying levels of
stress. Moody's base expected loss plus realized losses is now 8.4%
of the original pooled balance, the same as at the last review.

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 Merrill Lynch Mortgage
Trust 2005-CIP1, Cl. D was "Moody's Approach to Rating Large Loan
and Single Asset/Single Borrower CMBS" published in July 2017. The
methodologies used in rating Merrill Lynch Mortgage Trust
2005-CIP1, Cl. XC 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.

DEAL PERFORMANCE

As of the July 12, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $29 million
from $2.06 billion at securitization. The certificates are
collateralized by two mortgage loans ranging in size from 2% to 23%
of the pool. Two loans, constituting 75% 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 1, compared to 2 at Moody's last review.

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

Twenty nine loans have been liquidated from the pool, resulting in
an aggregate realized loss of $174 million (for an average loss
severity of 44.0%).

Moody's received full year 2017 operating results for 100% of the
pool (excluding defeased loans). Moody's net cash flow (NCF)
reflects a weighted average haircut of 26.2% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.0%.

Moody's actual and stressed conduit DSCRs are 1.79X and 1.42X,
respectively, compared to 2.06X and 1.58X 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 two remaining conduit loans represent 26% of the pool balance.
The largest loan is the Malibu Country Mart - 3900 Loan ($7 million
-- 23% of the pool), which is secured by a 13,100 square foot
portion of an open-air lifestyle center located in Malibu,
California. As of December 2017 the property was 100% leased. The
loan has an anticipated repayment date (ARD) in July 2020. The loan
began amortizing in 2015. Moody's LTV and stressed DSCR are 69% and
1.42X, respectively, compared to 70% and 1.40X at the last review.


The second largest loan is the El Dorado Homes Phase III Loan
($589,000 -- 2% of the pool), which is secured by a 19 unit
multifamily property located in El Dorado, Arkansas. The property
was 100% occupied as of December 2017, the same as at
securitization. Moody's LTV and stressed DSCR are 65% and 1.41X,
respectively, compared to 67% and 1.37X at the last review.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and
sensitivity analysis, see the sections Methodology Assumptions and
Sensitivity to Assumptions of the disclosure form.

The analysis includes an assessment of collateral characteristics
and performance to determine the expected collateral loss or a
range of expected collateral losses or cash flows to the rated
instruments. As a second step, Moody's estimates expected
collateral losses or cash flows using a quantitative tool that
takes into account credit enhancement, loss allocation and other
structural features, to derive the expected loss for each rated
instrument.


MORGAN STANLEY 2005-IQ10: Moody's Affirms C Rating on Class F Debt
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on three classes
and upgraded the rating on one class in Morgan Stanley Capital I
Trust 2005-IQ10, Commercial Pass-Through Certificates, Series
2005-IQ10 as follows:

Cl. D, Affirmed Aaa (sf); previously on Aug 3, 2017 Upgraded to Aaa
(sf)

Cl. E, Upgraded to A3 (sf); previously on Aug 3, 2017 Upgraded to
Baa3 (sf)

Cl. F, Affirmed C (sf); previously on Aug 3, 2017 Affirmed C (sf)

Cl. X-Y, Affirmed Aaa (sf); previously on Aug 3, 2017 Affirmed Aaa
(sf)

RATINGS RATIONALE

The rating on Cl. E was upgraded based primarily on an increase in
credit support resulting from loan paydowns and amortization, as
well as a significant increase in defeasance. The deal has paid
down 26% since Moody's last review and defeasance has increased to
24% of the current pool balance from 6% at the last review.

The rating on Cl. D was affirmed because the transaction's key
metrics, including Moody's loan-to-value (LTV) ratio, Moody's
stressed debt service coverage ratio (DSCR) and the transaction's
Herfindahl Index (Herf), are within acceptable ranges. The rating
on Cl. F was affirmed because the ratings are consistent with
Moody's expected loss plus realized losses. Cl. F has already
experienced a 53% realized loss as result of previously liquidated
loans.

The rating on the IO classm Cl. X-Y, was affirmed based on the
credit quality of the referenced loans.

Moody's rating action reflects a base expected loss of 1.1% of the
current pooled balance, compared to 0.9% at Moody's last review.
Moody's base expected loss plus realized losses is now 5.8% of the
original pooled balance, the same as the last review.

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


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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in rating Morgan Stanley Capital I Trust
2005-IQ10, Cl. D, Cl. E, and Cl. F were "Approach to Rating US and
Canadian Conduit/Fusion CMBS" published in July 2017 and "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in July 2017. The methodologies used in rating
Morgan Stanley Capital I Trust 2005-IQ10, Cl. X-Y were "Approach to
Rating US and Canadian Conduit/Fusion CMBS" published in July 2017,
"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.

DEAL PERFORMANCE

As of the July 16, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $24.6 million
from $1.55 billion at securitization. The certificates are
collateralized by 21 mortgage loans ranging in size from less than
1% to 12% of the pool, with the top ten loans (excluding
defeasance) constituting 61% of the pool. Two loans, constituting
24% of the pool, have defeased and are secured by US government
securities. The pool contains three residential cooperative loans,
constituting 6% of the pool, that were too small to credit assess;
however, have Moody's leverage that is consistent with other loans
previously assigned an investment grade Structured Credit
Assessments.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 12, compared to 15 at Moody's last review.

Nine loans, constituting 25% 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.

Thirteen loans have been liquidated from the pool, resulting in an
aggregate realized loss of $89 million (for an average loss
severity of 44%). No loans are currently in special servicing.

Moody's received full year 2017 operating results for 81% of the
pool, and partial year 2018 operating results for 29% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 55%, compared to 53% at Moody's last review.
Moody's conduit component excludes loans with structured credit
assessments, defeased and cooperative loans, and specially serviced
and troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 13% to the most recently available net operating
income (NOI). Moody's value reflects a weighted average
capitalization rate of 9.3%.

Moody's actual and stressed conduit DSCRs are 1.18X and 2.79X,
respectively, compared to 1.23X and 2.62X 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 31% of the pool balance. The
largest loan is the Walgreens Athens Loan ($2.9 million -- 11.9% of
the pool), which is secured by a single tenant Walgreens store
located in Athens, Georgia. The property is 100% leased to
Walgreens through August 2029. The loan is fully amortizing, having
already amortized 35% since securitization. Moody's LTV and
stressed DSCR are 83% and 1.13X, respectively, compared to 86% and
1.10X at the last review.

The second largest loan is the Heritage Walton Reserve Apartments
Loan ($2.4 million -- 9.9% of the pool), which is secured by a
105-unit multifamily apartment complex located approximately 15
miles west of Atlanta in Austell, Georgia. As of March 2018, the
property was 98% leased, compared to 100% leased as of March 2017.
The loan benefits from amortization, having already amortized 21%
since securitization. Moody's LTV and stressed DSCR are 76% and
1.23X, respectively, compared to 84% and 1.11X at the last review.


The third largest loan is the Courthouse Metro Plaza Loan ($2.2
million -- 8.8% of the pool), which is secured by a mixed use
retail/office building located in Arlington, Virginia. As of
December 2017, the property was 100% leased to three tenants. The
loan is fully amortizing, having already amortized 63% since
securitization. Moody's LTV and stressed DSCR are 23% and 4.30X,
respectively, compared to 27% and 3.74X at the last review.


MORGAN STANLEY 2007-IQ15: Fitch Hikes Class B Certs to 'CCCsf'
--------------------------------------------------------------
Fitch Ratings has upgraded two and affirmed nine classes of Morgan
Stanley Capital I Trust, commercial mortgage pass-through
certificates, series 2007-IQ15 (MSC 2007 IQ15).

KEY RATING DRIVERS

Increased Credit Enhancement: The upgrades are based on increased
credit enhancement since Fitch's last rating action due to
amortization, loan payoffs and better than expected recoveries from
specially serviced loans/assets. As of the July 2018 distribution
date, the transaction has been reduced by 95.2% to $99.5 million
from $2.05 billion. There has been $169.7 million (8.3% of original
pool balance) in realized losses to date.

Minimal Losses on Disposed Loans: Since Fitch's last rating action,
six loans ($60.1 million) paid in full, including two loans ($33.7
million) that were in special servicing. Cumulative interest
shortfalls of $10.9 million are currently affecting classes D
through P.

Concentrated Pool; Adverse Selection: Only 18 of the original 134
loans remain. Self-storage, retail and office properties comprise
39.6%, 28.7% and 14.3% of the pool, respectively. Due to the
concentrated nature of the pool, Fitch performed a sensitivity
analysis that grouped the remaining loans based on the likelihood
of repayment and expected losses from the liquidation of specially
serviced loans and/or underperforming or overleveraged loans. Nine
loans (15.6% of pool) are fully amortizing with generally stable
performance and lower leverage (LTVs ranging between 4% and 81%
based on conservative cap rates), with maturity dates between 2019
and 2027. Two cross collateralized/cross defaulted loans (38.9% of
pool) are secured by two U-Haul portfolios totaling eight
properties (787 units) across six states. Both loans have had
stable performance since issuance and have balloon balances due at
loan ARD in July 2019. One other balloon loan (3.4% of pool) is
secured by a single-tenant Regal Cinema in Eagan, MN whose current
lease expires at the loans maturity in April 2019; debt service
coverage ratio (DSCR) for the loan is low at 0.99x as of YE 2017.

Two loans (13.9% of pool) were designated Fitch Loans of Concern
(FLOCs) due to lease rollover risks and low DSCR. One (12.9% of
pool) is secured by a single-tenant Kmart in Sayville, NY with a
DSCR of 1.02x as of YE 2017. Kmart's lease expires in December 2018
and loan maturity is in June 2022. There is a cash flow sweep
in-place due to failed completion of repairs. The other loan (1% of
pool) is secured by a 52,359 sf office building in Norfolk, VA with
a DSCR of 0.50x as of YE 2017. The property is 51% occupied by
Titan America; the remainder of the building is currently vacant.
Titan America's lease expires in June 2019 and loan maturity is in
April 2022. Fitch's request for leasing updates on both loans
remains outstanding.

Specially Serviced Loans: Four loans totaling $28 million (28.2% of
pool) are specially serviced. The distressed classes are reliant on
recoveries from specially serviced loans. The largest specially
serviced loan, Shops at Stoughton (9.8% of pool), is secured by a
77,785-sf retail center located in Stoughton, MA. The tenancy is
comprised of a large percentage of furniture stores. Bassett
Furniture, La-Z-Boy and Mattress Firm lease approximately 70% of
NRA.

RATING SENSITIVITIES

The Stable Outlook for class A-J reflects high credit enhancement
and expected class payoff from continued amortization and loan
payoffs at maturity. Upward rating migration for the distressed
classes B and C is limited due to pool concentration; however,
future upgrades to the classes may be possible with additional
paydown, defeasance and/or better than anticipated recoveries from
specially serviced loans/assets. Downgrades to the distressed
classes are likely as losses are realized.

Fitch upgrades and assigns outlooks to the following classes:

  -- $35.6 million class A-J to 'Asf'; Outlook Stable from 'CCCsf';
RE 100%;

  -- $33.4 million class B to 'CCCsf' RE 100% from 'CCsf'; RE 85%.

In addition, Fitch has affirmed the following classes:

  -- $15.4 million class C at 'Csf'; RE 35%;

  -- $15.2 million class D at 'Dsf'; RE 0%;

  -- $0 class E at 'Dsf'; RE 0%;

  -- $0 class F at 'Dsf'; RE 0%;

  -- $0 class G at 'Dsf'; RE 0%;

  -- $0 class H at 'Dsf'; RE 0%;

  -- $0 class J at 'Dsf'; RE 0%;

  -- $0 class K at 'Dsf'; RE 0%;

  -- $0 class L at 'Dsf'; RE 0%.

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


MORGAN STANLEY 2014-C18: Fitch Affirms B Rating on Class 300-E Cert
-------------------------------------------------------------------
Fitch Ratings has affirmed five classes of Morgan Stanley Bank of
America Merrill Lynch Trust, commercial mortgage pass-through
certificates, series 2014-C18 (MSBAM 2014-C18).

Fitch has only issued ratings for the 300 North LaSalle B Note (300
North LaSalle rake certificates) issued by MSBAM 2014-C18. These
certificates are subordinate in right of payment of interest and
principal to the 300 North LaSalle A notes and derive their cash
flow solely from the 300 North LaSalle Street loan. The 300 North
LaSalle rake certificates are generally not subject to losses from
any of the other loans collateralizing the MSBAM 2014-C18
transaction. No other classes issued by MSBAM 2014-C18 are rated by
Fitch.

KEY RATING DRIVERS

Stable Performance; Institutional-Quality Tenants on Long-Term
Leases: As of the April 2018 rent roll, the property was 96.7%
occupied, compared to 94.4% in March 2017, 97.1% in June 2016,
97.7% in June 2015 and 98.1% at issuance. The five largest tenants
occupy 75% of the net rentable area (NRA) and have lease
expirations occurring in 2022 or later: Kirkland & Ellis, LLP
(49.0% of NRA; lease expiry in February 2029), The Boston
Consulting Group (10.8%; December 2024), Quarles and Brady LLP
(8.0%; various lease expirations), GTCR Leasing, LLC (5.7%; March
2024) and Aviva USA Corporation (3.8%; March 2022). The
servicer-reported TTM June 2017 net cash flow (NCF) dropped 16.1%
from TTM June 2016 and 32.2% from the issuer's underwritten NCF due
to higher operating expenses, primarily real estate taxes. Although
real estate taxes have increased, revenue has increased as well and
should continue to do so, as most tenants pay expense
reimbursements. The servicer-reported TTM June 2017 NCF debt
service coverage ratio (DSCR) was 2.07x, compared to 2.36x for the
TTM June 2016 period. Despite the NCF decline, the property's
occupancy remains strong and upcoming tenant rollover is limited.
Fitch's projected NCF for YE2018, assuming tenant reimbursements
continue to increase, indicates cash flow would be more in line
with issuance expectations.

High Asset Quality and Strong Market Positioning: 300 North
LaSalle, which was newly constructed in 2009, is a 60-story, class
A, LEED Platinum central business district office building. The
property is located along the north bank of the Chicago River in
the River North neighborhood and features high-quality amenities.
300 North LaSalle is considered by Fitch as one of the premier
buildings in the city of Chicago. Fitch assigned the subject a
property quality grade of 'A' at issuance.

High Fitch Leverage: The $475 million whole loan (total debt of
$365 psf) has a Fitch-stressed DSCR and LTV of 0.94x and 93.7%,
respectively, compared to 1.0x and 89.0% at issuance. The 10-year
loan is structured with an initial five-year interest-only period,
followed by five years of amortization (on a 30-year schedule),
resulting in a scheduled 9.6% reduction to the original loan
balance.

Lease Rollover: Approximately 23.3% of the NRA rolls prior to the
loan's August 2024 loan maturity. The two years with the highest
concentration of scheduled tenant roll are 2020 (6.4% NRA) and 2024
(6.0% NRA prior to maturity date). The largest tenant, Kirkland &
Ellis, LLP, has a lease expiring in February 2029, but has a
one-time termination option in 2025, requiring 24 months' notice.
The second largest tenant, Boston Consulting Group, has a lease
expiring at the end of 2024, four months after loan maturity.

Experienced Sponsorship: The loan is sponsored by The Irvine
Company LLC, which dates its history back to 1864 and the Irvine
Ranch. Since then, the company has grown to be the largest owner
and manager of commercial real estate in California.

RATING SENSITIVITIES

The Rating Outlooks on all classes remain Stable. Fitch will
continue to monitor the property's reported real estate taxes and
expense reimbursements for future increases. To the extent that
expense reimbursements do not continue to increase with future
increases to real estate taxes, or an increase in reimbursement
obligations causes tenants to vacate, downgrades are 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:

  -- $67.4 million class 300-A at 'AA-sf'; Outlook Stable;

  -- $39 million class 300-B at 'A-sf'; Outlook Stable;

  -- $57 million class 300-C at 'BBB-sf'; Outlook Stable;

  -- $49 million class 300-D at 'BB-sf'; Outlook Stable;

  -- $32 million class 300-E at 'Bsf'; Outlook Stable.


MORGAN STANLEY 2016-C30: Fitch Affirms BB- Rating on Cl. X-E Certs
------------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of Morgan Stanley Bank of
America Merrill Lynch Trust commercial mortgage pass-through
certificates series 2016-C30 (MSBAM 2016-C30).

KEY RATING DRIVERS

Overall Stable Performance and Loss Expectations; Minimal Change to
Credit Enhancement: The affirmations are based on the overall
stable performance and loss expectations with no material changes
to pool metrics since issuance. Fitch designated two loans, not in
the top 15, as a Fitch Loans of Concern (1.4% of pool) due to
performance declines/concerns. As of the July 2018 distribution
date, the pool's aggregate balance has been reduced by 1% to $876.8
million from $885.2 million at issuance.

The largest loan is Vertex Pharmaceuticals HQ (8.8% of pool). The
property was constructed in 2013 as the built-to-suit headquarters
for Vertex Pharmaceuticals in the Seaport District of Boston, MA.
Vertex Pharmaceuticals occupies 95.5% of NRA with a lease through
December 2028. At issuance this loan received an investment-grade
credit opinion of 'BBB-sf' on a stand-alone basis.

Retail Concentration / High Regional Mall Exposure: Twenty-two
loans (41.1% of pool) are secured by retail properties, including
one lifestyle center and two regional malls in the top five
(23.4%). Easton Town Center (8.6%) is secured by approximately 1.3
million sf of 1.8 million sf of retail, office and storage space,
which is part of a larger lifestyle center comprised of an office,
residential, hospitality and retail component. The property
features Macy's and Nordstrom, which are both non-collateral,
Lifetime Fitness, which is on a ground lease and AMC 30, which is
collateral. Other notable collateral tenants include Apple, Louis
Vuitton, Legoland Discovery, Tesla, Zara, H&M and Trader Joes.
Comparable in-line sales for tenants reporting sales (including
Apple) were $595 psf at YE 2017 and $608 psf at YE 2016, and as of
March 2018, collateral occupancy was 97.3%. At issuance this loan
received an investment-grade credit opinion of 'A+sf' on a
stand-alone basis. In addition, at issuance it was noted that the
Easton Town Center received 22.5 million visitors annually.

Briarwood Mall (8%) is secured by approximately 370,000 sf of a one
million sf regional mall located in Ann Arbor, MI, approximately
2.5 miles from the University of Michigan. While the mall has
exposure to Macy's, J.C. Penney and Sears (all non-collateral),
none of them appear on any recent closing lists. In-line sales at
issuance were $583 psf ($437 psf excluding Apple). The mall also
includes lifestyle and entertainment tenants such as PLAYlive
Nation, which signed a lease in the first quarter of 2017, PF
Chang's and Bravo Cucina Italiana. As of March 2018, collateral
occupancy was 93% and NOI DSCR was 3.31x.

Coconut Point (6.8%) is secured by approximately 840,000 sf of a
1.2 million sf regional mall located in Estero, FL, 20 miles from
Fort Meyers. The mall benefits from strong anchor tenants including
Super Target (non-collateral), Hollywood Theaters, TJ Maxx and Ross
Dress for Less. In-line sales have increased to $462 psf ($383 psf
excluding Apple) as of YE 2017 from $426 psf ($331 psf excluding
Apple) at issuance. The vacant Sports Authority box was backfilled
by Total Wine and More and Tuesday Morning in 2017.

Pool/Maturity Concentrations: The top 10 loans comprise 56.9% of
the pool. Ten loans (48.9%) are pari passu and four loans (21.9%)
received an investment-grade credit opinion on a stand-alone basis.
Loan maturities are concentrated in 2026 (96.1% of pool). One loan
(0.2%) matures in 2020, one loan (0.5%) matures in 2021, two loans
(1.5%) mature in 2023 and one loan (1.6%) matures in 2025. Ten
loans (37.1% of pool) are full-term interest-only and 22 loans
(33.9%) have a partial-term interest-only component.

RATING SENSITIVITIES

Rating Outlooks for all classes remain Stable due to relatively
stable performance with no material changes to pool metrics since
issuance. Fitch does not foresee positive or negative ratings
migration until a material economic or asset-level event changes
the transaction's overall portfolio-level metrics. For more
information on rating sensitivities please refer to Fitch's
original presale dated Sept. 14, 2016.

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

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

Fitch has affirmed the following classes:

  -- $25.6 million class A-1 at 'AAAsf'; Outlook Stable;

  -- $4.4 million class A-2 at 'AAAsf'; Outlook Stable;

  -- $46.9 million class A-SB at 'AAAsf'; Outlook Stable;

  -- $13 million class A-3 at 'AAAsf'; Outlook Stable;

  -- $230 million class A-4 at 'AAAsf'; Outlook Stable;

  -- $291.4 million class A-5 at 'AAAsf'; Outlook Stable;

  -- $79.7 million class A-S at 'AAAsf'; Outlook Stable;

  -- $42 million class B at 'AA-sf'; Outlook Stable;

  -- $40.9 million class C at 'A-sf'; Outlook Stable;

  -- $38.7 million class D at 'BBB-sf'; Outlook Stable;

  -- $24.3 million class E at 'BB-sf'; Outlook Stable;

  -- Interest-only class X-A at 'AAAsf'; Outlook Stable;

  -- Interest-only class X-B at 'AA-sf'; Outlook Stable;

  -- Interest-only class X-D at 'BBB-sf'; Outlook Stable;

  -- Interest-only class X-E at 'BB-sf'; Outlook Stable.

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



MORGAN STANLEY I: Fitch Lowers Class E Certs to 'CCsf'
------------------------------------------------------
Fitch Ratings has downgraded three and affirmed 11 classes of
Morgan Stanley Capital I Trust's commercial mortgage pass-through
certificates, series 2005-IQ9.

KEY RATING DRIVERS

Higher Probability of Loss: The downgrades reflect higher
probability of loss and continued underperformance of the largest
loan, Central Mall (74.6% of current pool balance), which
transferred to special servicing in December 2017 due to imminent
default.

Largest Loan: The Central Mall loan is secured by a portfolio of
three regional mall properties, including a 679,678-sf regional
mall in Texarkana, TX, a 523,711-sf regional mall in Lawton, OK and
a 583,772-sf regional mall in Port Arthur, TX. The portfolio
continues to experience declining occupancy and tenant sales
trends. Sears vacated the Texarkana, TX and the Lawton, OK
locations in September 2017 and April 2017, respectively. As of
February 2018, collateral occupancy for the portfolio declined
significantly to 73.8%, from 83.5% as of September 2017, 90.1% at
year-end (YE) 2016 and 92.4% at YE 2015. Comparable in-line sales
declined at the Texarkana, TX property to $298 psf as of the
trailing-12-months (TTM) ending January 2018 from $310 psf as of
TTM January 2017. Comparable in-line sales also declined at the
Lawton, OK property to $332 psf (TTM January 2018) from $339 psf
(TTM January 2017). Comparable in-line sales at the Port Arthur, TX
property remain low at $280 psf as of TTM January 2018, compared to
$259 psf (TTM January 2017). The special servicer indicated the
borrower will not contest the title transfer and trust counsel will
be moving forward with a non-judicial foreclosure following the
completion of the environmental review.

Concentrated Pool: The pool is concentrated with only 37 of the
original 242 loans remaining. In addition to the largest loan
(74.6% of pool), which is specially serviced, the remaining
non-specially serviced loans include three defeased loans (6.3%),
four cooperative loans (1.6%), 22 fully amortizing loans (7.9%) and
seven balloon loans (9.6%). Class A-J is fully covered by
defeasance. Class B is reliant upon defeased loans, cooperative
loans and lowly-leverage fully amortizing and balloon loans. The
rating of class C was capped at 'BBsf' due to the class' reliance
on proceeds from the specially serviced Central Mall loan.

Increased Credit Enhancement: The affirmations reflect increased
credit enhancement due to continued amortization and nine loans
repaying in full since Fitch's last rating action. In addition, the
second largest loan, 333 East 75th Street Owners Corp., was
defeased since Fitch's last rating action. As of the July 2018
distribution date, the transaction has been reduced by 90.4% to
$147.3 million from $1.53 billion at issuance. Cumulative interest
shortfalls, which total $3.7 million, are currently affecting
classes K through P.

Loan Maturities: Of the non-specially serviced loan, one loan (1%
of pool) matures in December 2018, 18 loans (14.8%) in 2019, four
loans (1.2% in 2020, one loan (1.8%) in 2022, one loan (0.5%) in
2023, eight loans (4.6%) in 2024, two loans (1%) in 2025 and one
loan (1%) in 2029.

Fitch Loans of Concern: Fitch has designated three loans (76% of
current pool) as Fitch Loans of Concern (FLOCs), including the
specially serviced Central Mall loan (74.6%). The non-specially
serviced FLOCs include the East Valley Commerce Plaza loan (0.9%),
which is secured by two industrial/flex buildings spanning 59,990
sf in Chandler, AZ and the East Valley Commerce Park loan (0.4%),
which is secured by a 60,000-sf single-tenant warehouse property in
El Paso, TX. These loans were flagged for lease rollover concerns.
Approximately 30% of the NRA at the East Valley Commerce Plaza
rolls in 2018. The single tenant's lease at East Valley Commerce
Park expires in August 2019, which is prior to the loan's January
2025 maturity date.

RATING SENSITIVITIES

The Negative Outlooks on classes B and C reflect concerns
surrounding the Central Mall loan. Further downgrades are possible
if loan performance, sales trends and occupancy decline further or
if losses exceed Fitch's expectation should a prolonged workout
occur. Distressed classes are subject to future downgrades as
losses are realized.

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

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

Fitch has downgraded the following classes as indicated:

  -- $11.5 million class C to 'BBsf' from 'BBBsf'; Outlook
Negative;

  -- $26.8 million class D to 'CCCsf' from 'BBsf'; RE 80%

  -- $15.3 million class E to 'CCsf' from 'CCCsf'; RE 0%;

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

  -- $854,000 class A-J at 'AAAsf'; Outlook Stable;

  -- $32.6 million class B at 'Asf'; Outlook Negative;

  -- $15.3 million class F at 'Csf'; RE 0%;

  -- $11.5 million class G at 'Csf'; RE 0%;

  -- $17.2 million class H at 'Csf'; RE 0%;

  -- $5.7 million class J at 'Csf'; RE 0%.

  -- $7.7 million class K at 'Csf'; RE 0%;

  -- $2.8 million class L at 'Dsf'; RE 0%;

  -- $0 class M at 'Dsf'; RE 0%;

  -- $0 class N at 'Dsf'; RE 0%;

  -- $0 class O at 'Dsf'; RE 0%.

The class A-1, A-1A, A-2, A-3, A-4, A-AB and A-5 certificates have
paid in full. Fitch does not rate the class P certificates. Fitch
previously withdrew the ratings on the interest-only class X-1, X-2
and X-Y certificates.


MORTGAGE TRUST 2018-CD7: Fitch to Rate Class G-RR Certs 'B-sf'
--------------------------------------------------------------
Fitch Ratings has issued a presale report on CD 2018-CD7 Mortgage
Trust Commercial Mortgage Pass-Through Certificates, Series
2018-CD7. Fitch expects to rate the transaction and assign Rating
Outlooks as follows:

  -- $15,321,000 class A-1 'AAAsf'; Outlook Stable;

  -- $5,757,000 class A-2 'AAAsf'; Outlook Stable;

  -- $32,486,000 class A-SB 'AAAsf'; Outlook Stable;

-- $200,000,000 class A-3 'AAAsf'; Outlook Stable;

  -- $248,645,000 class A-4 'AAAsf'; Outlook Stable;

  -- $562,295,000a class X-A 'AAAsf'; Outlook Stable;

  -- $60,086,000 class A-M 'AAAsf'; Outlook Stable;

  -- $31,388,000 class B 'AA-sf'; Outlook Stable;

  -- $33,182,000 class C 'A-sf'; Outlook Stable;

  -- $64,570,000ab class X-B 'A-sf'; Outlook Stable;

  -- $20,444,000ab class X-D 'BBB-sf'; Outlook Stable;

  -- $20,444,000b class D 'BBB-sf'; Outlook Stable;

  -- $15,428,000bc class E-RR 'BBB-sf'; Outlook Stable;

  -- $17,039,000bc class F-RR 'BB-sf'; Outlook Stable;

  -- $7,175,000bc class G-RR 'B-sf'; Outlook Stable.

The following class is not expected to be rated:

  -- $30,491,712bc class H-RR.

(a) Notional amount and interest-only.

(b) Privately placed and pursuant to Rule 144A.

(c) Horizontal credit risk retention interest.

The expected ratings are based on information provided by the
issuer as of July 30, 2018.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 42 loans secured by 72
commercial properties having an aggregate principal balance of
$717,442,713 as of the cutoff date. The loans were contributed to
the trust by Cantor Commercial Real Estate Lending, L.P., German
American Capital Corporation, Starwood Mortgage Funding II LLC and
Citi Real Estate Funding Inc.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 73.4% of the properties
by balance, cash flow analysis of 84.2% and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

Higher Fitch Leverage than Recent Transactions: The pool exhibits
higher leverage than recent Fitch-rated multiborrower transactions.
The Fitch LTV of 104.6% is above the 2017 and 2018 YTD averages of
101.6% and 103.5%, respectively. Additionally, the pool's Fitch
DSCR of 1.14x is worse than 2017 and 2018 YTD averages of 1.26x and
1.23x, respectively.

Investment-Grade Credit Opinion Loans: Two loans, representing
14.2% of the pool have investment-grade credit opinions. Aventura
Mall (8.4%) has an investment-grade credit opinion of 'Asf' on a
stand-alone basis. Westside NYC Multifamily Portfolio (5.9%) has an
investment-grade opinion of 'BBB-sf' on a stand-alone basis. Net of
these loans, the pool's Fitch DSCR and LTV are 1.11x and 110.6%.

Property Type Diversity: The largest property type concentration is
office at 26.1%, followed by retail at 25.9% and multifamily at
22.6%. This pool's multifamily concentration is above the YTD 2018
average of 12.1%. Office and retail properties have an average
probability of default in Fitch's multiborrower model, while
multifamily properties have a lower probability of default, all
else equal.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 18.5% below
the most recent year's net operating income (NOI) for properties
for which a full-year NOI was provided, excluding properties that
were stabilizing during this period. Unanticipated further declines
in property-level NCF could result in higher defaults and loss
severities on defaulted loans and in potential rating actions on
the certificates.

Fitch evaluated the sensitivity of the ratings assigned to the CD
2018-CD7 certificates and found that the transaction displays
average sensitivities to further declines in NCF. In a scenario in
which NCF declined a further 20% from Fitch's NCF, a downgrade of
the junior 'AAAsf' certificates to 'A-sf' could result. In a more
severe scenario, in which NCF declined a further 30% from Fitch's
NCF, a downgrade of the junior 'AAAsf' certificates to 'BBB-sf'
could result. The presale report includes a detailed explanation of
additional stresses and sensitivities on page 11.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by PricewaterhouseCoopers LLP. The third-party due
diligence described in Form 15E focused on a comparison and
re-computation of certain characteristics with respect to each of
the mortgage loans. Fitch considered this information in its
analysis and the findings did not have an impact on its analysis or
conclusions.


MULTI SECURITY ASSET 2005-RR4: DBRS Lowers D Rating on O Certs
--------------------------------------------------------------
DBRS Limited discontinued three classes of the Commercial
Mortgage-Backed Securities Pass-Through Certificates, Series
2005-RR4 issued by Multi Security Asset Trust LP, Series 2005-RR4
as follows:

-- Class K
-- Class L
-- Class M

The following class was downgraded:

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

DBRS discontinued and withdrew the rating on the following class:

-- Class X-1

Classes K, L and M were discontinued as they had been repaid as of
the June 2018 remittance. The rating downgrade on Class O reflects
the realized losses incurred on this class. The
discontinued-withdrawn ratings are a result of reduction in rated
notional classes from losses that have occurred on vintage
transactions.

The rating on Class N was not reviewed at this time. For more
information on this transaction, please see the press release dated
April 5, 2018.

Class X-1 is an (IO) certificate that references a single rated
tranche or multiple rated tranches. The IO rating mirrors the
lowest-rated applicable reference obligation tranche adjusted
upward by one notch if senior in the waterfall.


NATIONSTAR HECM 2017-2: Moody's Hikes Class M2 Debt to Ba1
----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four tranches
from two transactions issued by Nationstar HECM Loan Trust. The
collateral backing these transactions consists of first-lien
inactive home equity conversion mortgages (HECMs) covered by
Federal Housing Administration (FHA) insurance secured by
properties in the US along with Real-Estate Owned (REO) properties
acquired through conversion of ownership of reverse mortgage loans
that are covered by FHA insurance. Nationstar acquired the mortgage
assets from Ginnie Mae sponsored HECM mortgage backed (HMBS)
securitizations.

The complete rating actions are as follows:

Issuer: Nationstar HECM Loan Trust 2017-1

Cl. M1, Upgraded to Aa2 (sf); previously on May 24, 2017 Upgraded
to A2 (sf)

Cl. M2, Upgraded to A3 (sf); previously on May 24, 2017 Upgraded to
Ba2 (sf)

Issuer: Nationstar HECM Loan Trust 2017-2

Cl. M1, Upgraded to A1 (sf); previously on Sep 29, 2017 Definitive
Rating Assigned A3 (sf)

Cl. M2, Upgraded to Ba1 (sf); previously on Sep 29, 2017 Definitive
Rating Assigned Ba3 (sf)

RATINGS RATIONALE

The rating actions are primarily due to the buildup in credit
enhancement since issuance. The rating actions take into
consideration the most updated performance which includes
improvements in credit enhancement and liquidations to date.

The methodologies used in these ratings were "Moody's Approach to
Rating Securitisations Backed by Non-Performing and Re-Performing
Loans" published in August 2016 and "Moody's Global Approach to
Rating Reverse Mortgage Securitizations" published in May 2015.

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


Up

Levels of credit protection that are higher than necessary to
protect investors against current expectations of stress could
drive the ratings up. Transaction performance depends greatly on
the US macro economy and housing market. Property markets could
improve from its original expectations resulting in appreciation in
the value of the mortgaged property and faster property sales.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of stresses could drive the
ratings down. Transaction performance depends greatly on the US
macro economy and housing market. Property markets could
deteriorate from its original expectations resulting in
depreciation in the value of the mortgaged property and slower
property sales.

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.


NATIONSTAR HECM 2018-2: Moody's Gives Ba3 Rating on Class M4 Debt
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to five
classes of residential mortgage-backed securities issued by
Nationstar HECM Loan Trust 2018-2. The ratings range from Aaa (sf)
to Ba3 (sf).

The certificates are backed by a pool that includes 1,265 inactive
home equity conversion mortgages (HECMs) and 99 real estate owned
(REO) properties. The servicer for the deal is Nationstar Mortgage
LLC.

The complete rating actions are as follows:

Issuer: Nationstar HECM Loan Trust 2018-2

Cl. A, Definitive Rating Assigned Aaa (sf)

Cl. M1, Definitive Rating Assigned Aa3 (sf)

Cl. M2, Definitive Rating Assigned A3 (sf)

Cl. M3, Definitive Rating Assigned Baa3 (sf)

Cl. M4, Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE

The collateral backing NHLT 2018-2 consists of first-lien inactive
HECMs covered by Federal Housing Administration (FHA) insurance
secured by properties in the US along with Real-Estate Owned (REO)
properties acquired through conversion of ownership of reverse
mortgage loans that are covered by FHA insurance. If a borrower or
their estate fails to pay the amount due upon maturity or otherwise
defaults, the sale of the property is used to recover the amount
owed. Nationstar acquired the mortgage assets from Ginnie Mae
sponsored HECM mortgage backed (HMBS) securitizations. All of the
mortgage assets are covered by FHA insurance for the repayment of
principal up to certain amounts.

There are 1,364 mortgage assets with a balance of $316,490,687. The
assets are in either default, due and payable, referred,
foreclosure or REO status. Loans that are in default may move to
due and payable; due and payable loans may move to foreclosure; and
foreclosure loans may move to REO. 35.7% of the assets are in
default of which 0.9% (of the total assets) are in default due to
non-occupancy and 34.8% (of the total assets) are in default due to
delinquent taxes and insurance. 29.6% of the assets are due and
payable, 26.7% of the assets are in foreclosure and 2.2% of the
assets are in referred status. Finally, 5.9% of the assets are REO
properties and were acquired through foreclosure or deed-in-lieu of
foreclosure on the associated loan. If the value of the related
mortgaged property is greater than the loan amount, some of these
loans may be settled by the borrower or their estate.

The collateral composition of NHLT 2018-2 is unique compared to
other NHLT deals in several key respects. First, NHLT 2018-2 has a
relatively high percentage of loans in default and due-and-payable
status and a relatively low percentage of loans in REO status. In
addition, a relatively large percentage of the collateral in NHLT
2018-2 is inactive due to tax and/or insurance delinquencies
(70.2%). Furthermore, the weighted average loan-to-value (LTV)
ratio, at 104.8%, is significantly lower than in any other NHLT
transaction Moody's has rated. This relatively low LTV ratio
implies that borrowers in this pool tend to have more equity in
their homes compared to in prior transactions which may lead to
higher cure and repayment rates.

As with most NHLT transactions Moody's has rated, the pool has a
significant concentration of mortgage assets backed by properties
in New York, New Jersey and Florida. Such states are judicial
foreclosure states with long foreclosure timelines. Also, there are
19 assets (1.0% of the asset balance) in NHLT 2018-2 that are
backed by properties in Puerto Rico, which is still recovering from
Hurricane Maria and suffering from poor economic conditions due to
a public debt crisis and continued out-migration. Our credit
ratings reflect state-specific foreclosure timeline stresses as
well as adjustments for risks associated with the real estate
market in Puerto Rico.

Transaction Structure

The securitization has a sequential liability structure amongst six
classes of notes with structural subordination. All funds
collected, prior to an acceleration event, are used to make
interest payments to the notes, then principal payments to the
Class A notes, then to a redemption account until the amount on
deposit in the redemption account is sufficient to cover future
principal and interest payments for the subordinate notes up to
their expected final payment dates. The subordinate notes will not
receive principal until the beginning of their respective target
amortization periods (in the absence of an acceleration event). The
notes benefit from structural subordination as credit enhancement,
and an interest reserve account funded with cash received from the
initial purchasers of the notes for liquidity and credit
enhancement.

The transaction is callable on or after six months with a 1.0%
premium and on or after 12 months without a premium. The mandatory
call date for the Class A notes is in September 2020. For the Class
M1 notes, the expected final payment date is in March 2021. For the
Class M2 notes, the expected final payment date is in May 2021. For
the Class M3 notes, the expected final payment date is in July
2021. For the Class M4 notes, the expected final payment date is in
September 2021. Finally, for the Class M5 notes, the expected final
payment date is in November 2021. For each of the subordinate
notes, there are target amortization periods that conclude on the
respective expected final payment dates. The legal final maturity
of the transaction is 10 years.

Available funds to the transaction are expected to primarily come
from the liquidation of REO properties and receipt of FHA insurance
claims. These funds will be received with irregular timing. In the
event that there are insufficient funds to pay interest in a given
period, the interest reserve account may be utilized. Additionally,
any shortfall in interest will be classified as an available funds
cap shortfall. These available funds cap carryover amounts will
have priority of payments in the waterfall and will also accrue
interest at the respective note rate.

Certain aspects of the waterfall are dependent upon Nationstar
remaining as servicer. Servicing fees and servicer related
reimbursements are subordinated to interest and principal payments
while Nationstar is servicer. However, servicing advances will
instead have priority over interest and principal payments in the
event that Nationstar defaults and a new servicer is appointed.

Third-Party Review

A third party firm conducted a review of certain characteristics of
the mortgage assets on behalf of Nationstar. The review focused on
data integrity, FHA insurance coverage verification, accuracy of
appraisal recording, accuracy of occupancy status recording,
borrower age documentation, identification of excessive corporate
advances, documentation of servicer advances, and identification of
tax liens with first priority in Texas. Also, broker price opinions
(BPOs) were ordered for 277 properties in the pool.

The TPR firm conducted an extensive data integrity review. Certain
data tape fields, such as the mortgage insurance premium (MIP)
rate, the current UPB, current interest rate, and marketable title
date were reviewed against Nationstar's servicing system. However,
a significant number of data tape fields were reviewed against
imaged copies of original documents of record, screen shots of
HUD's HERMIT system, or HUD documents. Some key fields reviewed in
this manner included the original note rate, the debenture rate,
foreclosure first legal date, and the called due date.

The results of the third-party review (TPR) are comparable to
previous NHLT transactions in many respects. However, the number of
exceptions related to the accuracy of reported valuations, and
foreclosure and bankruptcy attorney fees was higher than in most
other recently rated NHLT transactions. NHLT 2018-2's TPR results
showed an 18.8% initial-tape exception rate related to the accuracy
of reported valuations and a 29.8% initial-tape exception rate
related to foreclosure and bankruptcy attorney fees. In its
analysis of the pool, Moody's applied adjustments to account for
the TPR results in certain areas.

Reps & Warranties (R&W)

Nationstar is the loan-level R&W provider and is rated B2 (Stable).
This relatively weak financial profile is mitigated by the fact
that Nationstar will subordinate its servicing advances, servicing
fees, and MIP payments in the transaction and thus has significant
alignment of interests. Another factor mitigating the risks
associated with a financially weak R&W provider is that a
third-party due diligence firm conducted a review on the loans for
evidence of FHA insurance.

Nationstar represents that the mortgage loans are covered by FHA
insurance that is in full force and effect. Nationstar provides
further R&Ws including those for title, first lien position,
enforceability of the lien, and the condition of the property.
Although Nationstar provides a no fraud R&W covering the
origination of the mortgage loans, determination of value of the
mortgaged properties, and the sale and servicing of the mortgage
loans, the no fraud R&W is made only as to the initial mortgage
loans. Aside from the no fraud R&W, Nationstar does not provide any
other R&W in connection with the origination of the mortgage loans,
including whether the mortgage loans were originated in compliance
with applicable federal, state and local laws. Although certain
representations are knowledge qualified, the transaction documents
contain language specifying that if a representation would have
been breached if not for the knowledge qualifier then Nationstar
will repurchase the relevant asset as if the representation had
been breached.

Upon the identification of an R&W breach, Nationstar has to cure
the breach. If Nationstar is unable to cure the breach, Nationstar
must repurchase the loan within 90 days from receiving the
notification. Moody's believes the absence of an independent third
party reviewer who can identify any breaches to the R&W makes the
enforcement mechanism weak in this transaction. Also, Nationstar,
in its good faith, is responsible for determining if a R&W breach
materially and adversely affects the interests of the trust or the
value the collateral. This creates the potential for a conflict of
interest.

When analyzing the transaction, Moody's reviewed the transaction's
exposure to large potential indemnification payments owed to
transaction parties due to potential lawsuits. In particular,
Moody's assessed the risk that the acquisition trustee would be
subject to lawsuits from investors for a failure to adequately
enforce the R&Ws against the seller. Moody's believes that NHLT
2018-2 is adequately protected against such risk in part because a
third-party data integrity review was conducted on a significant
random sample of the loans. In addition, the third-party due
diligence firm verified that all of the loans in the pool are
covered by FHA insurance.

Trustee & Master Servicer

The acquisition and owner trustee for the NHLT 2018-2 transaction
is Wilmington Savings Fund Society, FSB. The paying agent and cash
management functions will be performed by U.S. Bank National
Association. U.S. Bank National Association will also serve as the
claims payment agent and as such will be the HUD mortgagee of
record for the mortgage assets in the pool.

Methodology

The methodologies used in these ratings were "Moody's Approach to
Rating Securitisations Backed by Non-Performing and Re-Performing
Loans" published in August 2016 and "Moody's Global Approach to
Rating Reverse Mortgage Securitizations" published in May 2015.

Its quantitative asset analysis is based on a loan-by-loan modeling
of expected payout amounts given the structure of FHA insurance and
with various stresses applied to model parameters depending on the
target rating level.

FHA insurance claim types: funds come into the transaction
primarily through the sale of REO properties and through FHA
insurance claim receipts. There are uncertainties related to the
extent and timing of insurance proceeds received by the trust due
to the mechanics of the FHA insurance. HECM mortgagees may suffer
losses if a property is sold for less than its appraised value.

The amount of insurance proceeds received from the FHA depends on
whether a sales based claim (SBC) or appraisal based claim (ABC) is
filed. SBCs are filed in cases where the property is successfully
sold within the first six months after the servicer has acquired
marketable title to the property. ABCs are filed six months after
the servicer has obtained marketable title if the property has not
yet been sold. For an SBC, HUD insurance will cover the difference
between (i) the loan balance and (ii) the higher of the sales price
and 95.0% of the latest appraisal, with the transaction on the hook
for losses if the sales price is lower than 95.0% of the latest
appraisal. For an ABC, HUD only covers the difference between the
loan amount and 100% of appraised value, so failure to sell the
property at the appraised value results in loss.

Moody's expects ABCs to have higher levels of losses than SBCs. The
fact that there is a delay in the sale of the property usually
implies some adverse characteristics associated with the property.
FHA insurance will not protect against losses to the extent that an
ABC property is sold at a price lower than the appraisal value
taken at the six month mark of REO. Additionally, ABCs do not cover
the cost to sell properties (broker fees) while SBCs do cover these
costs. For SBCs, broker fees are reimbursable up to 6.0%
ordinarily. Its base case expectation is that properties will be
sold for 13.5% less than their appraisal value for ABCs. This is
based on the historical experience of Nationstar. Moody's stressed
this percentage at higher credit rating levels. At a Aaa rating
level, Moody's assumed that ABC appraisal haircuts could reach up
to 30.0%.

In its asset analysis, Moody's also assumed there would be some
losses for SBCs, albeit lower amounts than for ABCs. Based on
historical performance, in the base case scenario Moody's assumed
that SBCs would suffer 1.0% losses due to a failure to sell the
property for an amount equal to or greater than 95.0% of the most
recent appraisal. Moody's stressed this percentage at higher credit
rating levels. At a Aaa rating level, Moody's assumed that SBC
appraisal haircuts could reach up to 11.0% (i.e., 6.0% below
95.0%).

Under its analytical approach, each loan is modeled to go through
both the ABC and SBC process with a certain probability. Each loan
will thus have both of the sales disposition payments and
associated insurance payments (four payments in total). All
payments are then probability weighted and run through a modeled
liability structure. Based on the historical experience of
Nationstar, for the base case scenario Moody's assumed that 85% of
claims would be SBCs and the rest would be ABCs. Moody's stressed
this assumption and assumed higher ABC percentages for higher
rating levels. At a Aaa rating level, Moody's assumed that 85% of
insurance claims would be submitted as ABCs.

Liquidation process: each mortgage asset is categorized into one of
four categories: default, due and payable, foreclosure and REO. In
its analysis, Moody's assumes loans that are in referred status to
be either in foreclosure or REO category. The loans are assumed to
move through each of these stages until being sold out of REO.
Moody's assumed that loans would be in default status for six
months. Due and payable status is expected to last six to 12 months
depending on the default reason. Foreclosure status is based on the
state in which that the related property is located and is further
stressed at higher rating levels. The base case foreclosure
timeline is based on FHA timeline guidance. REO disposition is
assumed to take place in six months with respect to SBCs and 12
months with respect to ABCs.

Debenture interest: the receipt of debenture interest is dependent
upon performance of certain actions within certain timelines by the
servicer. If these timeline and performance benchmarks are not met
by the servicer, debenture interest is subject to curtailment. Its
base case assumption is that 95.0% of debenture interest will be
received by the trust. Moody's stressed the amount of debenture
interest that will be received at higher rating levels. Its
debenture interest assumptions reflect the requirement that
Nationstar (B2, Stable) reimburse the trust for debenture interest
curtailments due to servicing errors or failures to comply with HUD
guidelines.

Additional model features: Moody's incorporated certain additional
considerations into its analysis, including the following:

  -- In most cases, the most recent appraisal value was used as the
property value in its analysis. However, for seasoned appraisals
Moody's applied a 15.0% haircut to account for potential home price
depreciation between the time of the appraisal and the cut-off
date.

  -- Mortgage loans with borrowers that have significant equity in
their homes are likely to be paid off by the borrowers or their
heirs rather than complete the foreclosure process. Moody's
estimated which loans would be bought out of the trust by comparing
each loans' appraisal value (post haircut) to its UPB.

  -- Moody's assumed that foreclosure costs will average $4,500 per
loan, two thirds of which will be reimbursed by the FHA. Moody's
then applied a negative adjustment to this amount based on the TPR
results.
Moody's estimated monthly tax and insurance advances based on
cumulative tax and insurance advances to date.

Moody's ran additional stress scenarios that were designed to mimic
expected cash flows in the case where Nationstar is no longer the
servicer. Moody's assumes the following in the situation where
Nationstar is no longer the servicer:

  -- Servicing advances and servicing fees: While Nationstar
subordinates their recoupment of servicing advances, servicing
fees, and MIP payments, a replacement servicer will not subordinate
these amounts.

  -- Nationstar indemnifies the trust for lost debenture interest
due to servicing errors or failure to comply with HUD guidelines.
In the event of a bankruptcy, Nationstar will not have the
financial capacity to do so.

  -- A replacement servicer may require an additional fee and thus
Moody's assumes a 25 bps strip will take effect if the servicer is
replaced.

  -- One third of foreclosure costs will be removed from sales
proceeds to reimburse a replacement servicer (one third of
foreclosure costs are not reimbursable under FHA insurance). This
is typically on the order of $1,500 per loan.

Moody's also applied a small adjustment in its analysis to account
for the risks associated with certain damaged properties that are
located in areas impacted by Hurricane Harvey or Hurricane Irma.

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


Up

Levels of credit protection that are higher than necessary to
protect investors against current expectations of stress could
drive the ratings up. Transaction performance depends greatly on
the US macro economy and housing market. Property markets could
improve from its original expectations resulting in appreciation in
the value of the mortgaged property and faster property sales.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of stresses could drive the
ratings down. Transaction performance depends greatly on the US
macro economy and housing market. Property markets could
deteriorate from its original expectations resulting in
depreciation in the value of the mortgaged property and slower
property sales.


OBX TRUST 2018-EXP1: Fitch Assigns 'Bsf' Rating on Class B-5 Notes
------------------------------------------------------------------
Fitch Ratings rates OBX 2018-EXP1 Trust (OBX 2018-EXP1) as
follows:

  -- $130,777,000 class 1-A-1 notes 'AAAsf'; Outlook Stable;

  -- $32,694,000 class 1-A-2 notes 'AAAsf'; Outlook Stable;

  -- $163,471,000 class 1-A-3 exchangeable notes 'AAAsf'; Outlook
Stable;

  -- $4,520,000 class 1-A-4 notes 'AAAsf'; Outlook Stable;

  -- $167,991,000 class 1-A-5 exchangeable notes 'AAAsf'; Outlook
Stable;

  -- $130,777,000 class 1-A-IO1 notional notes 'AAAsf'; Outlook
Stable;

  -- $32,694,000 class 1-A-IO2 notional notes 'AAAsf'; Outlook
Stable;

  -- $163,471,000 class 1-A-IO3 notional exchangeable notes
'AAAsf'; Outlook Stable;

  -- $4,520,000 class 1-A-IO4 notional notes 'AAAsf'; Outlook
Stable;

  -- $167,991,000 class 1-A-IO5 notional exchangeable notes
'AAAsf'; Outlook Stable;

  -- $167,991,000 class 1-A-IO6 notional notes 'AAAsf'; Outlook
Stable;

  -- $130,777,000 class 1-A-6 exchangeable notes 'AAAsf'; Outlook
Stable;

  -- $32,694,000 class 1-A-7 exchangeable notes 'AAAsf'; Outlook
Stable;

  --  $163,471,000 class 1-A-8 exchangeable notes 'AAAsf'; Outlook
Stable;

  --$4,520,000 class 1-A-9 exchangeable notes 'AAAsf'; Outlook
Stable;

  -- $167,991,000 class 1-A-10 exchangeable notes 'AAAsf'; Outlook
Stable;

  -- $121,847,000 class 2-A-1A notes 'AAAsf'; Outlook Stable;

  -- $40,615,000 class 2-A-1B notes 'AAAsf'; Outlook Stable;

  -- $162,462,000 class 2-A-1 exchangeable notes 'AAAsf'; Outlook
Stable;

  -- $4,491,000 class 2-A-2 notes 'AAAsf'; Outlook Stable;

  -- $166,953,000 class 2-A-3 exchangeable notes 'AAAsf'; Outlook
Stable;

  -- $166,953,000 class 2-A-IO notional notes 'AAAsf'; Outlook
Stable;

  -- $1,725,000 class B-1 notes 'AAsf'; Outlook Stable;

  -- $1,725,000 class B1-IO notional notes 'AAsf'; Outlook Stable;

  -- $1,725,000 class B1-A exchangeable notes 'AAsf'; Outlook
Stable;

  -- $24,541,000 class B-2 notes 'Asf'; Outlook Stable;

  -- $24,541,000 class B2-IO notional notes 'Asf'; Outlook Stable;

  -- $24,541,000 class B2-A exchangeable notes 'Asf'; Outlook
Stable;

  -- $8,436,000 class B-3 notes 'BBBsf'; Outlook Stable;

  -- $6,902,000 class B-4 notes 'BBsf'; Outlook Stable;

  -- $2,109,000 class B-5 notes 'Bsf'; Outlook Stable.

The following class will not be rated by Fitch:

  -- $4,794,233 class B-6 notes.

After Fitch assigned expecting ratings to this transaction, the
issuer added two classes to the structure, the class 2-A-1A and
2-A-1B. Additionally, the class 2-A-1 has been updated and is now
an exchangeable class.

The notes are supported by 577 loans with a total unpaid principal
balance of approximately $383.5 million as of the cutoff date. The
pool consists of fixed-rate mortgages (FRMs) and adjustable-rate
mortgages (ARMs) acquired by Annaly Capital Management, Inc. from
various originators. Distributions of principal and interest and
loss allocations are based on a traditional senior-subordinate,
shifting-interest Y-structure.

The 'AAAsf' rating on the class A notes (classes 1-A-1, 1-A-2,
1-A-3, 1-A-4, 1-A-5, 1-A-IO1, 1-A-IO2, 1-A-IO3, 1-A-IO4, 1-A-IO5,
1-A-IO6, 1-A-6, 1-A-7, 1-A-8, 1-A-9, 1-A-10, 2-A-1, 2-A-2, 2-A-3
and 2-A-IO) reflects the 12.65% subordination provided by the 0.45%
class B-1, 6.40% class B-2, 2.20% class B-3, 1.80% class B-4, 0.55%
class B-5 and 1.25% class B-6 notes.

KEY RATING DRIVERS

High-Quality Mortgage Pool (Positive): The pool consists of 30-year
fixed-rate and adjustable-rate fully amortizing loans to borrowers
with strong credit profiles, relatively low leverage and large
liquid reserves. The loans are seasoned an average of 17 months.

The pool has a weighted average (WA) original FICO score of 751,
high average balance of $664,560 and a low sustainable
loan-to-value (sLTV) ratio of 68.4%. However, the pool also
contains a meaningful amount of investor properties (26%),
non-qualified mortgage (non-QM) or higher-priced qualified mortgage
(HPQM) loans (52%), and non-full documentation loans (37%). Fitch's
loss expectations reflect the higher default risk associated with
these attributes as well as loss severity adjustments for potential
ability-to-repay (ATR) challenges.

Operational Risk (Mixed): The operational risk in this transaction
is generally well controlled for despite the expanded prime credit
quality of the securitization loan pool. Annaly carries an
'Average' aggregator assessment from Fitch, and the issuer's
retention of at least 5% of the bonds helps ensure an alignment of
interest between issuer and investor.

The third party due diligence review resulted in one of the highest
percentages of credit exception 'B' grades that Fitch has
evaluated. Given that many of the exceptions were either accounted
for in Fitch's loan loss model or had strong mitigating factors, no
additional adjustment was made to the expected losses. A modest
adjustment was applied to the projected pool losses, however, to
reflect the diligence findings on a small percentage of the pool
including several material TRID findings. Additionally, the
representation and warranty framework (classified by Fitch as Tier
2), despite having certain weaknesses, also helps to mitigate
operational risk.

Representation and Warranty Framework (Negative): Fitch considers
the transaction's representation, warranty and enforcement (RW&E)
mechanism framework to be consistent with Tier 2 quality. The RW&Es
will be provided by Onslow Bay Financial, LLC, which does not have
a financial credit opinion or public rating from Fitch. As a result
of the Tier 2 RW&E framework and unrated counterparty, the pool
received an expected loss penalty of 76 basis points at the 'AAAsf'
level.

Annaly as Aggregator (Neutral): Annaly is the largest mortgage REIT
in the U.S., managing approximately $100 billion in assets and
approximately $14 billion in capital, as of 1Q 2018. Fitch
conducted a review of Annaly's aggregation processes and believes
that Annaly meets industry standards needed to aggregate seasoned
and re-performing loans (RPLs) for private-label residential
mortgage-backed securitization.

Servicing Advancing (Neutral): Advances of delinquent P&I will be
made on the mortgage loans for the first 120 days of delinquency to
the extent such advances are deemed recoverable. Quicken will be
responsible for advancing delinquent P&I for the loans serviced by
Quicken. For the loans serviced by Specialized Loan Servicing LLC
(SLS) and Select Portfolio Servicing, Inc. (SPS), P&I advances will
be made from amounts on deposit for future distribution, the excess
servicing strip fee that would otherwise be allocable to the class
A-IO-S notes and the P&I advancing party fee. If such amounts are
insufficient, the P&I advancing party (Onslow Bay Financial LLC)
will be responsible for any remaining amounts. In the event the
underlying obligations are not fulfilled, Wells Fargo Bank, N.A.
(Wells Fargo), as master servicer, will be required to made
advances.

High California Concentration (Negative): Approximately 64% of the
pool is located in California, which is higher than other recent
Fitch-rated transactions. In addition, the metropolitan statistical
area (MSA) concentration is large, as the top three MSAs (Los
Angeles, San Francisco and San Jose) account for 49.3% of the pool.
As a result, a geographic concentration penalty of 1.10x was
applied to the probability of default (PD).

Straightforward Deal Structure (Positive): The mortgage cash flow
and loss allocations are based on a traditional senior-subordinate,
shifting-interest Y-structure, whereby the subordinate classes
receive only scheduled principal and are locked out from receiving
unscheduled principal or prepayments for five years. The applicable
credit support percentage feature redirects subordinate principal
to classes of higher seniority if specified credit enhancement (CE)
levels are not maintained.

CE Floor (Positive): To mitigate tail risk, which arises as the
pool seasons and fewer loans are outstanding, a subordination floor
of 2.5% of the original balance will be maintained for the notes.
Additionally, there is no early stepdown test that might allow
principal prepayments to subordinate bondholders earlier than the
five-year lockout schedule.

Extraordinary Expense Treatment (Neutral): The trust provides for
expenses, including indemnification amounts and costs of
arbitration, to be paid by the net WA coupon of the loans, which
does not affect the contractual interest due on the notes.
Furthermore, the expenses to be paid from the trust are capped at
$275,000 per annum, which can be carried over each year, subject to
the cap until paid in full.

RATING SENSITIVITIES

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

Fitch conducted sensitivity analysis determining how the ratings
would react to steeper MVDs at the national level. The analysis
assumes MVDs of 10.0%, 20.0%, and 30.0%, in addition to the
model-projected 8.6%. The analysis indicates there is some
potential rating migration with higher MVDs, compared with the
model projection.

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by AMC Diligence, LLC and Clayton Services LLC. A
third-party diligence review was completed on 100% of the loans in
this transaction and the scope was consistent with Fitch's
criteria.

Loan-level adjustments were made on a small subset of the pool as a
result of the due diligence findings. Four loans were found to have
TRID-related issues and an additional $15,500 was added to the LS
for each loan to account for potential TRID-related legal costs.
For two loans, the lower value of the original and secondary
valuation was used as the secondary valuation was outside of the
10% tolerance threshold. Finally, one loan was flagged as an
ATR-risk loan and received a 300% LS.

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties and
enforcement mechanisms (RW&Es) that are disclosed in the offering
document and which relate to the underlying asset pool is available
by accessing the appendix referenced under "Related Research". The
appendix also contains a comparison of these RW&Es to those Fitch
considers typical for the asset class as detailed in the Special
Report titled "Representations, Warranties and Enforcement
Mechanisms in Global Structured Finance Transactions," dated May
31, 2016.

CRITERIA APPLICATION

Fitch analyzed the transaction in accordance with its criteria, as
described in its "U.S. RMBS Rating Criteria" and "U.S. RMBS
Seasoned, Re-Performing and Non-Performing Rating Criteria"
reports. This incorporates a review of the originators' lending
platforms, as well as an assessment of the transaction's R&Ws
provided by sponsor, which were found to be consistent with the
ratings assigned to the notes.

Fitch's analysis incorporated one criteria variation from the "U.S.
RMBS Seasoned, Re-Performing and Non-Performing Rating Criteria."
Fitch expects a title and tax search to be completed on all loans
seasoned over 24 months no more than six months prior to the time
of securitization. For 7% of the loans in the pool (42 loans), the
tax and title review was completed outside of the six months
required by Fitch's criteria; these loans were generally reviewed
between six to 12 months ago and an escrow report was received from
the servicer showing the loans were in good tax standing. In
addition, there were an additional 7% (47 loans), which were not
reviewed. For 29 of these loans, an escrow report was received and
for the remaining 18 loans (generally seasoned 25-26 months), no
review was completed. Fitch increased the expected losses by
approximately 5bps at 'AAAsf' to account for both the delinquent
taxes that were confirmed in the tax and title review for the loans
within six months, as well as an assumption for the loans without
an updated tax and title review.


OBX TRUST 2018-EXP1: Fitch to Rate Class B-5 Notes 'Bsf'
--------------------------------------------------------
Fitch Ratings expects to rate OBX 2018-EXP1 Trust (OBX 2018-EXP1)
as follows:

  -- $130,777,000 class 1-A-1 notes 'AAAsf'; Outlook Stable;

  -- $32,694,000 class 1-A-2 notes 'AAAsf'; Outlook Stable;

  -- $163,471,000 class 1-A-3 exchangeable notes 'AAAsf'; Outlook
Stable;

  -- $4,520,000 class 1-A-4 notes 'AAAsf'; Outlook Stable;

  -- $167,991,000 class 1-A-5 exchangeable notes 'AAAsf'; Outlook
Stable;

  -- $130,777,000 class 1-A-IO1 notional notes 'AAAsf'; Outlook
Stable;

  -- $32,694,000 class 1-A-IO2 notional notes 'AAAsf'; Outlook
Stable;

  -- $163,471,000 class 1-A-IO3 notional exchangeable notes
'AAAsf'; Outlook Stable;

  -- $4,520,000 class 1-A-IO4 notional notes 'AAAsf'; Outlook
Stable;

  -- $167,991,000 class 1-A-IO5 notional exchangeable notes
'AAAsf'; Outlook Stable;

  -- $167,991,000 class 1-A-IO6 notional notes 'AAAsf'; Outlook
Stable;

  -- $130,777,000 class 1-A-6 exchangeable notes 'AAAsf'; Outlook
Stable;

  -- $32,694,000 class 1-A-7 exchangeable notes 'AAAsf'; Outlook
Stable;

  -- $163,471,000 class 1-A-8 exchangeable notes 'AAAsf'; Outlook
Stable;

  -- $4,520,000 class 1-A-9 exchangeable notes 'AAAsf'; Outlook
Stable;

  -- $167,991,000 class 1-A-10 exchangeable notes 'AAAsf'; Outlook
Stable;

  -- $162,462,000 class 2-A-1 notes 'AAAsf'; Outlook Stable;

  -- $4,491,000 class 2-A-2 notes 'AAAsf'; Outlook Stable;

  -- $166,953,000 class 2-A-3 exchangeable notes 'AAAsf'; Outlook
Stable;

  -- $166,953,000 class 2-A-IO notional notes 'AAAsf'; Outlook
Stable;

  -- $1,725,000 class B-1 notes 'AAsf'; Outlook Stable;

  -- $1,725,000 class B1-IO notional notes 'AAsf'; Outlook Stable;

  -- $1,725,000 class B1-A exchangeable notes 'AAsf'; Outlook
Stable;

  -- $24,541,000 class B-2 notes 'Asf'; Outlook Stable;

  -- $24,541,000 class B2-IO notional notes 'Asf'; Outlook Stable;

  -- $24,541,000 class B2-A exchangeable notes 'Asf'; Outlook
Stable;

  -- $8,436,000 class B-3 notes 'BBBsf'; Outlook Stable;

  -- $6,902,000 class B-4 notes 'BBsf'; Outlook Stable;

  -- $2,109,000 class B-5 notes 'Bsf'; Outlook Stable.

The following class will not be rated by Fitch:

  -- $4,794,233 class B-6 notes.

The notes are supported by 577 loans with a total unpaid principal
balance of approximately $383.5 million as of the cutoff date. The
pool consists of fixed-rate mortgages (FRMs) and adjustable-rate
mortgages (ARMs) acquired by Annaly Capital Management, Inc. from
various originators. Distributions of principal and interest and
loss allocations are based on a traditional senior-subordinate,
shifting-interest Y-structure.

The 'AAAsf' rating on the class A notes (classes 1-A-1, 1-A-2,
1-A-3, 1-A-4, 1-A-5, 1-A-IO1, 1-A-IO2, 1-A-IO3, 1-A-IO4, 1-A-IO5,
1-A-IO6, 1-A-6, 1-A-7, 1-A-8, 1-A-9, 1-A-10, 2-A-1, 2-A-2, 2-A-3
and 2-A-IO) reflects the 12.65% subordination provided by the 0.45%
class B-1, 6.40% class B-2, 2.20% class B-3, 1.80% class B-4, 0.55%
class B-5 and 1.25% class B-6 notes.

KEY RATING DRIVERS

High-Quality Mortgage Pool (Positive): The pool consists of 30-year
fixed-rate and adjustable-rate fully amortizing loans to borrowers
with strong credit profiles, relatively low leverage and large
liquid reserves. The loans are seasoned an average of 17 months.

The pool has a weighted average (WA) original FICO score of 751,
high average balance of $664,560 and a low sustainable
loan-to-value (sLTV) ratio of 68.4%. However, the pool also
contains a meaningful amount of investor properties (26%),
non-qualified mortgage (non-QM) or higher-priced qualified mortgage
(HPQM) loans (52%), and non-full documentation loans (37%). Fitch's
loss expectations reflect the higher default risk associated with
these attributes as well as loss severity adjustments for potential
ability-to-repay (ATR) challenges.

Operational Risk (Mixed): The operational risk in this transaction
is generally well controlled for despite the expanded prime credit
quality of the securitization loan pool. Annaly carries an
'Average' aggregator assessment from Fitch and the issuer's
retention of at least 5% of the bonds helps ensure an alignment of
interest between issuer and investor.

The third party due diligence review resulted in one of the highest
percentages of credit exception 'B' grades that Fitch has
evaluated. Given that many of the exceptions were either accounted
for in Fitch's loan loss model or had strong mitigating factors, no
additional adjustment was made to the expected losses. A modest
adjustment was applied to the projected pool losses, however, to
reflect the diligence findings on a small percentage of the pool
including several material TRID findings. Additionally, the
representation and warranty framework (classified by Fitch as Tier
2), despite having certain weaknesses, also helps to mitigate
operational risk.

Representation and Warranty Framework (Negative): Fitch considers
the transaction's representation, warranty and enforcement (RW&E)
mechanism framework to be consistent with Tier 2 quality. The RW&Es
will be provided by Onslow Bay Financial, LLC, which does not have
a financial credit opinion or public rating from Fitch. As a result
of the Tier 2 RW&E framework and unrated counterparty, the pool
received an expected loss penalty of 76 basis points at the 'AAAsf'
level.

Annaly as Aggregator (Neutral): Annaly is the largest mortgage REIT
in the U.S., managing approximately $100 billion in assets and
approximately $14 billion in capital, as of 1Q 2018. Fitch
conducted a review of Annaly's aggregation processes and believes
that Annaly meets industry standards needed to aggregate seasoned
and re-performing loans (RPLs) for private-label residential
mortgage-backed securitization.

Servicing Advancing (Neutral): Advances of delinquent P&I will be
made on the mortgage loans for the first 120 days of delinquency to
the extent such advances are deemed recoverable. Quicken will be
responsible for advancing delinquent P&I for the loans serviced by
Quicken. For the loans serviced by Specialized Loan Servicing LLC
(SLS) and Select Portfolio Servicing, Inc. (SPS), P&I advances will
be made from amounts on deposit for future distribution, the excess
servicing strip fee that would otherwise be allocable to the class
A-IO-S notes and the P&I advancing party fee. If such amounts are
insufficient, the P&I advancing party (Onslow Bay Financial LLC)
will be responsible for any remaining amounts. In the event the
underlying obligations are not fulfilled, Wells Fargo Bank, N.A.
(Wells Fargo), as master servicer, will be required to made
advances.

High California Concentration (Negative): Approximately 64% of the
pool is located in California, which is higher than other recent
Fitch-rated transactions. In addition, the metropolitan statistical
area (MSA) concentration is large, as the top three MSAs (Los
Angeles, San Francisco and San Jose) account for 49.3% of the pool.
As a result, a geographic concentration penalty of 1.10x was
applied to the probability of default (PD).

Straightforward Deal Structure (Positive): The mortgage cash flow
and loss allocations are based on a traditional senior-subordinate,
shifting-interest Y-structure, whereby the subordinate classes
receive only scheduled principal and are locked out from receiving
unscheduled principal or prepayments for five years. The applicable
credit support percentage feature redirects subordinate principal
to classes of higher seniority if specified credit enhancement (CE)
levels are not maintained.

CE Floor (Positive): To mitigate tail risk, which arises as the
pool seasons and fewer loans are outstanding, a subordination floor
of 2.5% of the original balance will be maintained for the notes.
Additionally, there is no early stepdown test that might allow
principal prepayments to subordinate bondholders earlier than the
five-year lockout schedule.

Extraordinary Expense Treatment (Neutral): The trust provides for
expenses, including indemnification amounts and costs of
arbitration, to be paid by the net WA coupon of the loans, which
does not affect the contractual interest due on the notes.
Furthermore, the expenses to be paid from the trust are capped at
$275,000 per annum, which can be carried over each year, subject to
the cap until paid in full.

RATING SENSITIVITIES

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

Fitch conducted sensitivity analysis determining how the ratings
would react to steeper MVDs at the national level. The analysis
assumes MVDs of 10.0%, 20.0%, and 30.0%, in addition to the
model-projected 8.6%. The analysis indicates there is some
potential rating migration with higher MVDs, compared with the
model projection.

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



OFSI BSL IX: S&P Assigns BB- Rating on Class E Notes
----------------------------------------------------
S&P Global Ratings assigned its ratings to OFSI BSL IX Ltd./OFSI
BSL IX LLC's $368.00 million floating-rate notes.

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

The ratings reflect:

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

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

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

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

  RATINGS ASSIGNED

  OFSI BSL IX Ltd./OFSI BSL IX LLC
  Class                 Rating           Amount
                                       (mil. $)
  A                     AAA (sf)         252.00
  B                     AA (sf)           52.00
  C (deferrable)        A (sf)            24.00
  D (deferrable)        BBB (sf)          24.00
  E (deferrable)        BB- (sf)          16.00
  Subordinated notes    NR                41.75

  NR--Not rated.


PAINE WEBBER V 1999-C1: Moody's Affirms C Rating on 2 Tranches
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on three classes
in Paine Webber Mortgage Acceptance Corporation V 1999-C1 as
follows:

Cl. G, Affirmed A1 (sf); previously on Jun 1, 2017 Affirmed A1 (sf)


Cl. H, Affirmed C (sf); previously on Jun 1, 2017 Affirmed C (sf)

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

RATINGS RATIONALE

The rating on Cl. G was affirmed because the transaction's key
metrics, including Moody's loan-to-value (LTV) ratio, Moody's
stressed debt service coverage ratio (DSCR) and the transaction's
Herfindahl Index (Herf), are within acceptable ranges.

The rating on Cl. H was affirmed because the ratings are consistent
with Moody's realized losses. Cl. H has already experienced a 25%
realized loss from previously liquidated loans.

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

Moody's does not anticipate losses from the remaining collateral in
the current environment. However, over the remaining life of the
transaction, losses may emerge from macro stresses to the
environment and changes in collateral performance. Its ratings
reflect the potential for future losses under varying levels of
stress. . Moody's base expected loss plus realized losses is now
2.0% of the original pooled balance, compared to 2.4% at the last
review.

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 Paine Webber Mortgage
Acceptance Corporation V 1999-C1, Cl. G and Cl. H was "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in July 2017. The methodologies used in rating
Paine Webber Mortgage Acceptance Corporation V 1999-C1, Cl. X 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.

DEAL PERFORMANCE

As of the July 15, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $8.2 million
from $704.8 million at securitization. The certificates are
collateralized by nine mortgage loans ranging in size from 1% to
64% of the pool. Three loans, constituting 17% of the pool, have
defeased and are secured by US government securities.

Four loans, constituting 4.7% 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.

Thirteen loans have been liquidated from the pool, contributing to
an aggregate realized loss of $13.8 million (for an average loss
severity of 36%).

Moody's received full year 2016 and/or full year 2017 operating
results for 100% of the pool (excluding specially serviced and
defeased loans). Moody's weighted average conduit LTV is 58%.
Moody's conduit component excludes defeased loans. Moody's net cash
flow (NCF) reflects a weighted average haircut of 15% to the most
recently available net operating income (NOI). Moody's value
reflects a weighted average capitalization rate of 11.0%.

Moody's actual and stressed conduit DSCRs are 0.85X and 3.16X,
respectively. Moody's actual DSCR is based on Moody's NCF and the
loan's actual debt service. Moody's stressed DSCR is based on
Moody's NCF and a 9.25% stress rate the agency applied to the loan
balance.

The top three non-defeased loans represent 81% of the pool balance.
The largest loan is the Regal Cinemas, Inc. Loan ($5.3 million --
63.8% of the pool), which is secured by a 49,700 square foot (SF)
Regal Cinemas in Fredericksburg, Virginia. The loan is classified
as a Credit Tenant Lease (CTL) loan and is 100% leased to Regal
Cinemas through June 2023. Due to the single tenant nature of the
property, Moody's analysis incorporated a lit/dark analysis
approach. The loan matures in June 2023. Moody's LTV and stressed
DSCR are 71% and 1.52X, respectively.

The second largest loan is the Post Haste Plaza Loan ($1.3 million
-- 15.0% of the pool), which is secured by a 36,000 square foot
(SF) retail property located in Hollywood, Florida. As of December
2017, the property was 100% leased, unchanged from Moody's prior
review. The loan is fully amortizing and the loan matures in
October 2023. Moody's LTV and stressed DSCR are 21% and greater
than 4.00X.

The third largest loan is the Best Western Regent Inn ($154,265
million -- 1.9% of the pool), which is secured by an 88 key hotel
located in Mansfield Center, Connecticut. The loan is scheduled to
mature on September 1, 2018. The loan is currently on the watchlist
due to low DSCR. The loan is fully amortizing and has amortized
over 94% since securitization. Moody's LTV and stressed DSCR are
15% and greater than 4.00X, respectively.


PALMER SQUARE 2018-3: Fitch Gives Bsf Rating on $4MM Class E Debt
-----------------------------------------------------------------
Fitch Ratings has assigned the following ratings and Rating
Outlooks to Palmer Square Loan Funding 2018-3, Ltd./LLC:

  -- $270,600,000 class A-1 notes 'AAAsf'; Outlook Stable;

  -- $47,400,000 class A-2 notes 'AAsf'; Outlook Stable;

  -- $26,700,000 class B notes 'Asf'; Outlook Stable;

  -- $13,600,000 class C notes 'BBBsf'; Outlook Stable;

  -- $13,700,000 class D notes 'BBsf'; Outlook Stable;

  -- $4,000,000 class E notes 'Bsf'; Outlook Stable.

Fitch does not rate the subordinated notes.

TRANSACTION SUMMARY

Palmer Square Loan Funding 2018-3, Ltd. (the issuer) is a
collateralized loan obligation (CLO) that will be serviced by
Palmer Square Capital Management LLC (Palmer Square). Net proceeds
from the issuance of the secured and subordinated notes were used
to purchase a static pool of primarily senior secured leveraged
loans totaling $400 million. The CLO will have an approximately
1.0-year noncall period.

KEY RATING DRIVERS

Sufficient Credit Enhancement: Credit enhancement (CE) available to
the class A-1, A-2, B, C, D and E notes (rated notes), in addition
to excess spread, is sufficient to protect against portfolio
default and recovery rate projections in each class's respective
rating stress scenario. The degree of CE available to the class E
notes is in line with average of recent CLOs however, the degree of
CE available to class A-1, A-2, B, C, and D notes is below each
rating level's recent average CE; however, the transaction has a
shorter risk horizon, and cash flow modeling results for the notes
indicate performance in line with their respective ratings.

'B+/B' Asset Quality: The average credit quality of the purchased
portfolio is 'B+/B', which is comparable to recent CLOs. Issuers
rated in the 'B' rating category denote a highly speculative credit
quality. In Fitch's opinion, each class of rated notes is projected
to be sufficiently robust against default rates in line with its
applicable rating stress.

Strong Recovery Expectations: The portfolio consists of 96.0% first
lien senior secured loans and 4.0% second lien loans. Approximately
87.4% of the portfolio has either strong recovery prospects or a
Fitch-assigned Recovery Rating of 'RR2' or higher, and the base
case recovery assumption is 77.7%.

Shorter Risk Horizon: The transaction does not have a reinvestment
period. Therefore, the transaction's risk horizon is equal to the
portfolio's weighted average life (WAL). The shorter risk horizon
means the transaction is less vulnerable to underlying price
movements, economic conditions and asset performance.

RATING SENSITIVITIES

Fitch evaluated the structure's sensitivity to the potential
variability of key model assumptions including decreases in
recovery rates and increases in default rates. Sensitivity
scenarios' passing ratings ranged between 'BBB+sf' and 'AAAsf' for
the class A-1 notes, 'BB+sf' to 'AA+sf' for the class A-2 notes,
'B-sf' to 'A+sf' for the class B notes.


RACE POINT X: S&P Assigns B- Rating on $7MM Class F-R Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to Race Point X CLO
Ltd./Race Point X CLO Corp.'s $352.00 million floating-rate notes.
The class A-2-R note is not rated by S&P Global Ratings.

Since S&P issued preliminary ratings on July 5, 2018, the issuer
has changed the capital structure: the class B-R is splitting into
classes B-1-R and B-2-R, and the class C-R is splitting into
classes C-1-R and C-2-R.

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

The ratings reflect:

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

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

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

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

  RATINGS ASSIGNED
  Race Point X CLO Ltd./Race Point X CLO $352.00 Corp.
  Class                  Rating        Amount (mil. $)
  A-1-R                  AAA (sf)               235.00
  A-2-R                  NR                      22.00
  B-1-R(i)               AA (sf)                 41.00
  B-2-R(i)               AA (sf)                  7.00
  C-1-R(i)               A (sf)                  11.00
  C-2-R(i)               A (sf)                  12.00
  D-R                    BBB- (sf)               24.00
  E-R                    BB- (sf)                15.00
  F-R                    B- (sf)                  7.00
  Subordinated notes     NR                      31.35

(i)Since we issued preliminary ratings on July 5, 2018, the issuer
has changed the capital structure: the class B-R is splitting into
classes B-1-R and B-2-R, and the class C-R is splitting into
classes C-1-R and C-2-R.
NR--Not rated.


REALT 2018-1: DBRS Finalizes B Rating on Class G Certs
------------------------------------------------------
DBRS Limited finalized its provisional ratings of the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2018-1 issued by Real Estate Asset Liquidity Trust (REALT), Series
2018-1:

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

All trends are Stable.

Classes D-2, E, F and G will be privately placed. The Class X
balance is notional.

The collateral consists of 66 fixed-rate loans and four pari passu
co-ownership interests secured by 140 commercial properties. The
transaction is a sequential-pay pass-through structure. The conduit
pool was analyzed to determine the ratings, reflecting the
long-term probability of loan default within the term and its
liquidity at maturity. When the cut-off loan balances were measured
against the DBRS Stabilized net cash flow (NCF) and their
respective actual constants, 11 loans, representing 6.4% of the
total pool, had a DBRS Term debt service coverage ratio (DSCR)
below 1.15 times (x), a threshold indicative of a high likelihood
of mid-term default. Additionally, to assess refinance risk given
the current low-interest rate environment, DBRS applied its
refinance constants to the balloon amounts. This resulted in five
loans, representing 13.6% of the pool, having refinance DSCRs below
1.00x based on the trust balance, indicating elevated refinance
risk.

Ten loans, representing 19.3% of the pool, were considered by DBRS
to have strong sponsor strength and 44 loans, representing 52.3% of
the pool, were considered to have meaningful recourse to the
respective sponsor; all else being equal, recourse loans typically
have a lower probability of default and were analyzed as such. All
loans in the pool amortize for the entire term, with 55.0% of the
pool amortizing on schedules that are 25 years or less and the
remaining loans amortizing on schedules that are between 25 and 30
years.

Forty-three loans, representing 20.7% of the pool balance, are
seasoned loans originated by a separate financial institution and
were acquired by the Royal Bank of Canada (RBC) (the acquired
loans). The majority of these loans have dated rent rolls and/or
operating statements that are more than 24 months. However, RBC
warrants proven payment history. Additionally, RBC conducted its
own analysis, including updated valuations, site visits and
property cash flow analysis of each loan based on the bank's
standards. These loans are generally seasoned with lower
loan-to-value ratios based on RBC's updated valuations.

The DBRS sample included 37 of the 70 loans in the pool. Site
inspections were performed on 93 of the 140 properties in the
portfolio (64.2% of the pool by allocated loan balance). The
DBRS-sampled RBC originated loans had an average NCF variance of
-3.3% from the Issuer's NCF and ranged from -19.5% (U-Haul Royal
Windsor Drive) to +9.1% (U-Haul East Drive). The DBRS-sampled
acquired loans had an average NCF variance of -21.0% to the
Issuer's NCF. For the non-sampled loans, DBRS applied the average
NCF variances of RBC-originated loans and acquired loans,
respectively.

Class X is interest-only (IO) and references multiple rated
tranches. The IO rating mirrors the lowest-rated applicable
reference obligation tranche adjusted upward by one notch if senior
in the waterfall.

Notes: All figures are in Canadian dollars unless otherwise noted.


REALT 2018-1: Fitch Assigns 'Bsf' Rating to Class G Certs
---------------------------------------------------------
Fitch Ratings has assigned the following ratings to the following
classes of Real Estate Asset Liquidity Trust (REAL-T) commercial
mortgage pass-through certificates series 2018-1:

  -- CAD159,741,000 class A-1 'AAAsf'; Outlook Stable;

  -- CAD145,881,000 class A-2 'AAAsf'; Outlook Stable;

  -- CAD7,915,000 class B 'AAsf'; Outlook Stable;

  -- CAD10,114,000 class C 'Asf'; Outlook Stable;

  -- CAD3,216,000 class D-1 'BBBsf'; Outlook Stable;

  -- CAD6,898,000bc class D-2 'BBBsf'; Outlook Stable;

  -- CAD3,518,000bc class E 'BBB-sf'; Outlook Stable;

  -- CAD3,958,000bc class F 'BBsf'; Outlook Stable;

  -- CAD3,518,000bc class G 'Bsf'; Outlook Stable.

The following classes are not rated by Fitch:

  -- CAD323,651,000a class X;

  -- CAD7,035,690bc class H.

(a) Notional amount and interest only.

(b) Privately placed and pursuant to Rule 144A.

(c) Horizontal credit risk retention interest representing at least
5% of the estimated fair value of all classes of regular
certificates issued by the issuing entity (as of the closing
date).

Since Fitch published its expected ratings on July 12, 2018, the
final balance of the class D-1 certificates decreased to
CAD3,216,000 and the final balance of the class D-2 certificates
increased to CAD6,898,000.

The final ratings are based on information provided by the issuer
as of July 25, 2018.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 70 loans secured by commercial
properties located in Canada having an aggregate principal balance
of CAD351,794,691 as of the cut-off date. All loans were
contributed to the trust by the Royal Bank of Canada.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 77.5% of the properties
by balance, cash flow analysis of 84.7%, and asset summary reviews
on 84.7% of the pool.

KEY RATING DRIVERS

Lower Fitch Leverage: The transaction has lower leverage than other
recent Fitch-rated Canadian multiborrower deals. The pool's Fitch
DSCR of 1.22x is better than both the 2016 and 2017 Canadian
averages of 1.15x and 1.11x, respectively. The pool's Fitch LTV of
95.2% is also better than the respective 2016 and 2017 Canadian
averages of 106.0% and 109.4%.

Canadian Loan Attributes and Historical Performance: The ratings
reflect strong historical Canadian commercial real estate (CRE)
loan performance, including a low delinquency rate and low
historical losses of less than 0.1%, as well as positive loan
attributes, such as short amortization schedules (no interest-only
loans), recourse to the borrower and additional guarantors on many
loans.

Significant Amortization: There are no interest-only or partial
interest-only loans in the pool. Additionally, the pool is
scheduled to amortize by 18.7% from the cutoff balance to maturity,
which is slightly less than the 2016 Canadian average of 21.9% but
slightly greater than the 2017 Canadian average of 17.8%.
Additionally, 0.7% of the loans are fully amortizing.

More Concentrated Pool: The top 10 loans represent 54.7% of the
pool by balance. This is higher than the 2016 and 2017 Canadian
averages of 47.3% and 40.3%, respectively. The pool's loan
concentration index was 396, which is higher than the respective
2016 and 2017 Canadian average scores of 348 and 268.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was approximately
20.7% below the most recent year's NCF (for properties for which a
full year NCF was provided, excluding properties where dated
information has been provided). Unanticipated further declines in
property-level NCF could result in higher defaults and loss
severities on defaulted loans and in potential rating actions on
the certificates.

Fitch evaluated the sensitivity of the ratings assigned to REAL-T
2018-1 certificates and found that the transaction displays average
sensitivities to further declines in NCF. In a scenario in which
NCF declined a further 20% from Fitch's NCF, a downgrade of the
'AAAsf' certificates to 'BBB-sf' could result. In a more severe
scenario, in which NCF declined a further 30% from Fitch's NCF, a
downgrade of the 'AAAsf' certificates to 'BBsf' could result.



SEQUOIA MORTGAGE 2018-7: Moody's Rates Class B-4 Certs '(P)Ba3'
---------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
classes of residential mortgage-backed securities issued by Sequoia
Mortgage Trust 2018-7. The certificates are backed by one pool of
prime quality, first-lien mortgage loans, including 187
agency-eligible high balance mortgage loans. The assets of the
trust consist of 497 fully amortizing, fixed rate mortgage loans.
The borrowers in the pool have high FICO scores, significant equity
in their properties and liquid cash reserves. Nationstar Mortgage
LLC. will serve as the master servicer for this transaction. There
are five servicers in this pool: Shellpoint Mortgage Servicing
(80.14%), First Republic Bank (12.35%), HomeStreet Bank (7.23%),
Associated Bank, N.A. (0.17%) and TIAA, FSB (fka EverBank) (0.11%).


The complete rating actions are as follows:

Issuer: Sequoia Mortgage Trust 2018-7

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cl. A-15, Assigned (P)Aaa (sf)

Cl. A-16, Assigned (P)Aaa (sf)

Cl. A-17, Assigned (P)Aaa (sf)

Cl. A-18, Assigned (P)Aaa (sf)

Cl. A-19, Assigned (P)Aa1 (sf)

Cl. A-20, Assigned (P)Aa1 (sf)

Cl. A-21, Assigned (P)Aa1 (sf)

Cl. A-22, Assigned (P)Aaa (sf)

Cl. A-23, Assigned (P)Aaa (sf)

Cl. A-24, Assigned (P)Aaa (sf)

Cl. B-1, Assigned (P)Aa3 (sf)

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

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

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

RATINGS RATIONALE

Summary Credit Analysis

Moody's expected cumulative net loss on the aggregate pool is 0.25%
in a base scenario and reaches 3.85% at a stress level consistent
with the Aaa ratings. Its loss estimates are based on a
loan-by-loan assessment of the securitized collateral pool using
Moody's Individual Loan Level Analysis (MILAN) model. Loan-level
adjustments to the model included: adjustments to borrower
probability of default for higher and lower borrower DTIs,
borrowers with multiple mortgaged properties, self-employed
borrowers, origination channels and at a pool level, for the
default risk of HOA properties in super lien states. The adjustment
to its Aaa stress loss above the model output also includes
adjustments related to aggregator and originators assessments. The
model combines loan-level characteristics with economic drivers to
determine the probability of default for each loan, and hence for
the portfolio as a whole. Severity is also calculated on a
loan-level basis. The pool loss level is then adjusted for
borrower, zip code, and MSA level concentrations.

Collateral Description

The SEMT 2018-7 transaction is a securitization of 497 first lien
residential mortgage loans, with an aggregate unpaid principal
balance of $329,694,540. There are 110 originators in this pool,
including United Shore Financial Services (18.96%) and First
Republic Bank (FRB) (12.35%). None of the originators other than
United Shore and First Republic Bank contributed 10% or more of the
principal balance of the loans in the pool. The loan-level third
party due diligence review (TPR) encompassed credit underwriting,
property value and regulatory compliance. In addition, Redwood has
agreed to backstop the rep and warranty repurchase obligation of
all originators other than First Republic Bank.

The loans were all aggregated by Redwood Residential Acquisition
Corporation (Redwood). Moody's considers Redwood, the mortgage loan
seller, as a strong aggregator of prime jumbo loans compared to its
peers.

Borrowers of the mortgage loans backing this transaction have a
demonstrated ability to save and to manage credit. In addition, the
67.9% of borrowers have more than 24 months of liquid cash reserves
or enough money to pay the mortgage for two years should there be
an interruption to the borrower's cash flow. Consistent with
prudent credit management, the borrowers have high FICO scores,
with a weighted average score of 774. In general, the borrowers
have high income, significant liquid assets and a stable employment
history, all of which have been verified as part of the
underwriting process and reviewed by the TPR firm. Borrowers also
significant equity in their homes (WA CLTV 65.76%) compared to
recent SEMT transactions.

Approximately, 3.13% of the mortgage loans by aggregate stated
principal balance are secured by mortgaged properties located in
the areas that the Federal Emergency Management Agency had
designated for federal assistance during the prior 12 months.
Redwood has engaged a third party to inspect all of the properties.


Structural considerations

Similar to recent rated Sequoia transactions, in this transaction,
Redwood is adding a feature prohibiting the servicer, or securities
administrator, from advancing principal and interest to loans that
are 120 days or more delinquent. These loans on which principal and
interest advances are not made are called the Stop Advance Mortgage
Loans ("SAML"). The balance of the SAML will be removed from the
principal and interest distribution amounts calculations. Moody's
views the SAML concept as something that strengthens the integrity
of senior and subordination relationships in the structure. Yet, in
certain scenarios the SAML concept, as implemented in this
transaction, can lead to a reduction in interest payment to certain
tranches even when more subordinated tranches are outstanding. The
senior/subordination relationship between tranches is strengthened
as the removal of SAML in the calculation of the senior percentage
amount, directs more principal to the senior bonds and less to the
subordinate bonds. Further, this feature limits the amount of
servicer advances that could increase the loss severity on the
liquidated loans and preserves the subordination amount for the
most senior bonds. On the other hand, this feature can cause a
reduction in the interest distribution amount paid to the bonds;
and if that were to happen such a reduction in interest payment is
unlikely to be recovered. The final ratings on the bonds, which are
expected loss ratings, take into consideration its expected losses
on the collateral and the potential reduction in interest
distributions to the bonds. Furthermore, the likelihood that in
particular the subordinate tranches could potentially permanently
lose some interest as a result of this feature was considered.

Moody's believes there is a low likelihood that the rated
securities of SEMT 2018-7 will incur any losses from extraordinary
expenses or indemnification payments owing to potential future
lawsuits against key deal parties. First, the loans are prime
quality and were originated under a regulatory environment that
requires tighter controls for originations than pre-crisis, which
reduces the likelihood that the loans have defects that could form
the basis of a lawsuit. Second, Redwood, who initially retains the
subordinate classes and provides a back-stop to the representations
and warranties of all the originators except for FRB, has a strong
alignment of interest with investors, and is incentivized to
actively manage the pool to optimize performance. Third, historical
performance of loans aggregated by Redwood has been very strong to
date. Fourth, the transaction has reasonably well defined processes
in place to identify loans with defects on an ongoing basis. In
this transaction, an independent breach reviewer must review loans
for breaches of representations and warranties when a loan becomes
120 days delinquent, which reduces the likelihood that parties will
be sued for inaction.

Tail Risk & Subordination Floor

The transaction cash flows follow a shifting interest structure
that allows subordinated bonds to receive principal payments under
certain defined scenarios. Because a shifting interest structure
allows subordinated bonds to pay down over time as the loan pool
shrinks, senior bonds are exposed to increased performance
volatility, known as tail risk. The transaction provides for a
subordination floor of 1.60% of the closing pool balance, which
mitigates tail risk by protecting the senior bonds from eroding
credit enhancement over time.

Third-party Review and Reps & Warranties

Two TPR firms conducted a due diligence review of nearly 100% of
the mortgage loans in the pool. Generally, the TPR firms conducted
a review for credit, property valuation, compliance and data
integrity. The TPR firms randomly selected 68 mortgage loans for
limited review that were originated by First Republic Bank,
PrimeLending, a PlainsCapital Company and HomeStreet Bank.

Generally, for the full review loans, the sponsor or the originator
corrected all material errors identified by following defined
methods of error resolution under the TRID rule or TILA 130(b) as
per the proposed SFIG TRID framework. The sponsor or the originator
provided the borrower with a corrected Closing Disclosure and
letter of explanation as well as a refund where necessary. All
technical errors on the Loan Estimate were subsequently corrected
on the Closing Disclosure. Moody's believes that the TRID
noncompliance risk to the trust is immaterial due to the good-faith
efforts to correct the identified conditions.

No TRID compliance reviews were performed on the limited review
loans. Therefore, there is a possibility that some of these loans
could have unresolved TRID issues. Moody's reviewed the initial
compliance findings of loans from the same originator where a full
review was conducted and there were no material compliance
findings. As a result, Moody's did not increase its Aaa loss.

After a review of the TPR appraisal findings, Moody's notes that
there are 3 loans with final grade 'D' due escrow holdback
distribution amounts. These loans were unable to complete its
review because the appraisal was subject to completion of
renovation work or missing evidence of disbursement of escrow
funds. In the event the escrow funds greater than 10% have not been
disbursed within six months of the closing date, the seller shall
repurchase the affected escrow holdback mortgage loan, on or before
the date that is six months after the closing date at the
applicable repurchase price. Given that the small number of such
loans and that the seller has the obligation to repurchase, Moody's
did not make an adjustment for these loans.

Each of the originators makes the loan-level R&Ws for the loans it
originated, except for loans acquired by Redwood from the FHLB
Chicago. The mortgage loans purchased by Redwood from the FHLB
Chicago were originated by various participating financial
institution originators. For these mortgage loans, FHLB Chicago
will provide the loan-level R&Ws that are assigned to the trust.

In line with other SEMT transactions, the loan-level R&Ws for SEMT
2018-7 are strong and, in general, either meet or exceed the
baseline set of credit-neutral R&Ws Moody's identified for US RMBS.


Among other things, the R&Ws address property valuation,
underwriting, fraud, data accuracy, regulatory compliance, the
presence of title and hazard insurance, the absence of material
property damage, and the enforceability of the mortgage.

The R&W providers vary in financial strength, which include some
financially weaker originators. To mitigate this risk, Redwood will
backstop any R&W providers who may become financially incapable of
repurchasing mortgage loans, except for First Republic Bank, which
is one of the strongest originators. Moreover, a third-party due
diligence firm conducted a detailed review on the loans of all of
the originators, which mitigates the risk of unrated and
financially weaker originators.

Trustee & Master Servicer

The transaction trustee is Wilmington Trust, National Association.
The paying agent and cash management functions will be performed by
Citibank, N.A. and the custodian functions will be performed by
Wells Fargo Bank, N.A., rather than the trustee. In addition,
Nationstar Mortgage LLC, as master servicer, is responsible for
servicer oversight, and termination of servicers and for the
appointment of successor servicers. In addition, Nationstar
Mortgage LLC is committed to act as successor if no other successor
servicer can be found.

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


Down

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

Up

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

Methodology

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

Significant weight was put on judgment taking into account the
results of the modeling tools as well as the aggregate impact of
the third-party review and the quality of the servicers and
originators.


SEQUOIA MORTGAGE 2018-CH3: Moody's Rates Class B-5 Debt 'Ba2'
-------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
classes of residential mortgage-backed securities issued by Sequoia
Mortgage Trust 2018-CH3, except for the interest-only classes. The
certificates are backed by one pool of prime quality, first-lien
mortgage loans.

SEMT 2018-CH3 is the fifth securitization that includes loans
acquired by Redwood Residential Acquisition Corporation, a
subsidiary of Redwood Trust, Inc., under its expanded credit prime
loan program called "Redwood Choice". Redwood's Choice program is a
prime program with credit parameters outside of Redwood's
traditional prime jumbo program, "Redwood Select." The Choice
program expands the low end of Redwood's FICO range to 661 from
700, while increasing the high end of eligible loan-to-value ratios
from 85% to 90%. The pool also includes loans with non-QM
characteristics (30.11%), such as debt-to-income ratios up to
49.99%. Non-QM loans were acquired by Redwood under each of the
Select and Choice programs.

The assets of the trust consist of 549 fixed rate mortgage loans,
all of which are fully amortizing, except for four mortgage loan
that has an interest-only term. The mortgage loans have an original
term to maturity of 30 years except for seven loans which have an
original term to maturity of 20 years, and one loan with an
original term to maturity of 25 years. The loans were sourced from
multiple originators and acquired by Redwood.

All of the loans conform to the Seller's guidelines, except for
loans originated by First Republic Bank, TIAA FSB (FKA EverBank),
five of 10 loans originated by Guaranteed Rate, and high balance
agency conforming loans underwritten to GSE guidelines with Redwood
overlays. First Republic Bank originated loans conform with First
Republic Bank's guidelines. TIAA FSB (FKA EverBank) were
underwritten to EverBank Non-Agency Preferred guidelines, and five
loans originated by and Guaranteed Rate loans were underwritten to
their Guaranteed Rate Flex Jumbo program.

The transaction benefits from nearly 100% due diligence of data
integrity, credit, property valuation, and compliance conducted by
an independent third-party firm.

CitiMortgage, Inc. will act as the master servicer of the loans in
this transaction. Shellpoint Mortgage Servicing, TIAA FSB, First
Republic Bank, and HomeStreet Bank will be primary servicers on the
deal.

The complete rating actions are as follows:

Issuer: Sequoia Mortgage Trust 2018-CH3

Cl. A-1, Assigned Aaa (sf)

Cl. A-2, Assigned Aaa (sf)

Cl. A-3, Assigned Aaa (sf)

Cl. A-4, Assigned Aaa (sf)

Cl. A-5, Assigned Aaa (sf)

Cl. A-6, Assigned Aaa (sf)

Cl. A-7, Assigned Aaa (sf)

Cl. A-8, Assigned Aaa (sf)

Cl. A-9, Assigned Aaa (sf)

Cl. A-10, Assigned Aaa (sf)

Cl. A-11, Assigned Aaa (sf)

Cl. A-12, Assigned Aaa (sf)

Cl. A-13, Assigned Aaa (sf)

Cl. A-14, Assigned Aaa (sf)

Cl. A-15, Assigned Aaa (sf)

Cl. A-16, Assigned Aaa (sf)

Cl. A-17, Assigned Aaa (sf)

Cl. A-18, Assigned Aaa (sf)

Cl. A-19, Assigned Aa1 (sf)

Cl. A-20, Assigned Aa1 (sf)

Cl. A-21, Assigned Aa1 (sf)

Cl. A-22, Assigned Aaa (sf)

Cl. A-23, Assigned Aaa (sf)

Cl. A-24, Assigned Aaa (sf)

Cl. B-1A, Assigned Aa3 (sf)

Cl. B-1B, Assigned Aa3 (sf)

Cl. B-2A, Assigned A1 (sf)

Cl. B-2B, Assigned A1 (sf)

Cl. B-3, Assigned A3 (sf)

Cl. B-4, Assigned Baa2 (sf)

Cl. B-5, Assigned Ba2 (sf)

RATINGS RATIONALE

Summary Credit Analysis

Moody's expected cumulative net loss on the aggregate pool is 0.80%
in a base scenario and reaches 10.60% at a stress level roughly
consistent with Aaa ratings. The MILAN CE may be different from the
credit enhancement that is consistent with a Aaa rating for a
tranche, because the MILAN CE does not take into account the
structural features of the transaction. Moody's took this
difference into account in its ratings of the senior classes. The
MILAN CE may be different from the credit enhancement that is
consistent with a Aaa rating for a tranche, because the MILAN CE
does not take into account the structural features of the
transaction. Moody's took this difference into account in its
ratings of the senior classes. Its loss estimates are based on a
loan-by-loan assessment of the securitized collateral pool using
Moody's Individual Loan Level Analysis (MILAN) model. Loan-level
adjustments to the model included: adjustments to borrower
probability of default for higher and lower borrower DTIs,
borrowers with multiple mortgaged properties, self-employed
borrowers, origination channels and at a pool level, for the
default risk of HOA properties in super lien states. The adjustment
to its Aaa stress loss above the model output also includes
adjustments related to aggregator and originators assessments. The
model combines loan-level characteristics with economic drivers to
determine the probability of default for each loan, and hence for
the portfolio as a whole. Severity is also calculated on a
loan-level basis. The pool loss level is then adjusted for
borrower, zip code, and MSA level concentrations.

Collateral Description

The SEMT 2018-CH3 transaction is a securitization of 549 first lien
residential mortgage loans, with an aggregate unpaid principal
balance of $416,960,596. There are 109 originators in this pool,
including Guild Mortgage (6.1%), LoanDepot.com (6.0%), and
Primelending (5.4%). The remaining originators contributed less
than 5% of the principal balance of the loans in the pool. The
loan-level third party due diligence review (TPR) encompassed
credit underwriting, property value and regulatory compliance. In
addition, Redwood has agreed to backstop the rep and warranty
repurchase obligation of all originators other than First Republic
Bank.

SEMT 2018-CH3 includes loans acquired by Redwood under its Choice
program. Although from a FICO and LTV perspective, the borrowers in
SEMT 2018-CH3 are not the super prime borrowers included in
traditional SEMT transactions, these borrowers are prime borrowers
with a demonstrated ability to manage household finance. On
average, borrowers in this pool have made a 22.7% down payment on a
mortgage loan of $761,538. In addition, 62.1% of borrowers have
more than 24 months of liquid cash reserves or enough money to pay
the mortgage for two years should there be an interruption to the
borrower's cash flow. The WA FICO is 746, which is lower than
traditional SEMT transactions, which has averaged 771 in 2018 SEMT
transactions. The lower WA FICO for SEMT 2018-CH3 may reflect
recent mortgage lates (0x30x3, 1x30x12, 2x30x24) which are allowed
under the Choice program, but not under Redwood's traditional
product, Redwood Select (0x30x24). While the WA FICO may be lower
for this transaction, Moody's does not believe that the limited
mortgage lates demonstrates a history of financial mismanagement.

Moody's also notes that SEMT 2018-CH3 is the fifth SEMT transaction
to include non-QM loans (155) compared to SEMT 2018-CH2 (156) and
SEMT 2018-CH1 (157).

Redwood's Choice program was launched by Redwood in April 2016. In
contrast to Redwood's traditional program, Select, Redwood's Choice
program allows for higher LTVs, lower FICOs, non-occupant
co-borrowers, non-warrantable condos, limited loans with adverse
credit events, among other loan attributes. Under both Select and
Choice, Redwood also allows for loans with non-QM features, such as
interest-only, DTIs greater than 43%, asset depletion, among other
loan attributes.

However, Moody's notes that Redwood historically has been on
average stronger than its peers as an aggregator of prime jumbo
loans, including a limited number of non-QM loans in previous SEMT
transactions. As of the May 2018 remittance report, there have been
no losses on Redwood-aggregated transactions that Moody's has rated
to date, and delinquencies to date have also been very low. While
in traditional SEMT transactions, Moody's has factored this
qualitative strength into its analysis, in SEMT 2018-CH3, Moody's
has a neutral assessment of the Choice Program until Moody's is
able to review a longer performance history of Choice mortgage
loans.

Structural considerations

Similar to recent rated Sequoia transactions, in this transaction,
Redwood is adding a feature prohibiting the servicer, or securities
administrator, from advancing principal and interest to loans that
are 120 days or more delinquent. These loans on which principal and
interest advances are not made are called the Stop Advance Mortgage
Loans ("SAML"). The balance of the SAML will be removed from the
principal and interest distribution amounts calculations. Moody's
views the SAML concept as something that strengthens the integrity
of senior and subordination relationships in the structure. Yet, in
certain scenarios the SAML concept, as implemented in this
transaction, can lead to a reduction in interest payment to certain
tranches even when more subordinated tranches are outstanding. The
senior/subordination relationship between tranches is strengthened
as the removal of SAML in the calculation of the senior percentage
amount, directs more principal to the senior bonds and less to the
subordinate bonds. Further, this feature limits the amount of
servicer advances that could increase the loss severity on the
liquidated loans and preserves the subordination amount for the
most senior bonds. On the other hand, this feature can cause a
reduction in the interest distribution amount paid to the bonds;
and if that were to happen such a reduction in interest payment is
unlikely to be recovered. The final ratings on the bonds, which are
expected loss ratings, take into consideration its expected losses
on the collateral and the potential reduction in interest
distributions to the bonds. Furthermore, the likelihood that in
particular the subordinate tranches could potentially permanently
lose some interest as a result of this feature was considered. As
such, Moody's incorporated some additional sensitivity runs in its
cashflow analysis in which Moody's increases the tranche losses due
to potential interest shortfalls during the loan's liquidation
period in order to reflect this feature and to assess the potential
impact to the bonds.

Moody's believes there is a low likelihood that the rated
securities of SEMT 2018-CH3 will incur any losses from
extraordinary expenses or indemnification payments owing to
potential future lawsuits against key deal parties. First, the
loans are prime quality and were originated under a regulatory
environment that requires tighter controls for originations than
pre-crisis, which reduces the likelihood that the loans have
defects that could form the basis of a lawsuit. Second, Redwood (or
a majority-owned affiliate of the sponsor), who will retain credit
risk in accordance with the U.S. Risk Retention Rules and provides
a back-stop to the representations and warranties of all the
originators except for First Republic Bank, has a strong alignment
of interest with investors, and is incentivized to actively manage
the pool to optimize performance. Third, the transaction has
reasonably well defined processes in place to identify loans with
defects on an ongoing basis. In this transaction, an independent
breach reviewer must review loans for breaches of representations
and warranties when a loan becomes 120 days delinquent, which
reduces the likelihood that parties will be sued for inaction.

Tail Risk & Subordination Floor

The transaction cash flows follow a shifting interest structure
that allows subordinated bonds to receive principal payments under
certain defined scenarios. Because a shifting interest structure
allows subordinated bonds to pay down over time as the loan pool
shrinks, senior bonds are exposed to increased performance
volatility, known as tail risk. The transaction provides for a
subordination floor of 1.60% ($6,671,370) of the closing pool
balance, which mitigates tail risk by protecting the senior bonds
from eroding credit enhancement over time.

Third-party Review and Reps & Warranties

Two TPR firms conducted a due diligence review of 100% of the
mortgage loans in the pool. For 530 loans, the TPR firm conducted a
review for credit, property valuation, compliance and data
integrity ("full review") and limited review for 19 First Republic
loans, Home Street Bank, and Primelending. For the 19 loans,
Redwood Trust elected to conduct a limited review, which did not
include a TPR firm check for TRID compliance.

For the full review loans, the third party review found that the
majority of reviewed loans were compliant with Redwood's
underwriting guidelines and had no valuation or regulatory defects.
Most of the loans that were not compliant with Redwood's
underwriting guidelines had strong compensating factors.
Additionally, the third party review didn't identify material
compliance-related exceptions relating to the TILA-RESPA Integrated
Disclosure (TRID) rule for the full review loans.

The TPR report identified three grade "C" compliance-related
conditions two relating to the TILA-RESPA Integrated Disclosure
(TRID) rule. The conditions cited by Clayton included the minimum
and/or maximum payment amounts were inconsistent on the closing
disclosure and either or both of the "In 5 Years" total payment or
total principal amounts were under-disclosed and missing evidence
of receipt of the closing disclosure by the non-borrowing spouse.
Moody's believes that such conditions are not material and thus,
Moody's did not make any adjustments for these loans.

For the full review loans, the TPR report identified one loan with
a final grade "D" property valuation-related condition relating to
escrow hold back. The conditions cited by Clayton included the
appraisal was "subject to completion" per plans and specification.
The escrow holdback distribution amount was $1,200. The TPR report
also identified one loan with a final grade "C" property
valuation-related condition due to missing building permits for
repairs and remodeling. Moody's believes that such conditions are
not material and thus, Moody's did not make any adjustments for
these loans.

No TRID compliance reviews were performed by the TPR firm on the
limited review loans. Therefore, there is a possibility that some
of these loans could have unresolved TRID issues. We, however
reviewed the initial compliance findings of loans from Homestreet
Bank and Primelending where a full review was conducted and there
were no material compliance findings. As a result, Moody's did not
increase its Aaa loss for the limited review loans originated by
Homestreet Bank or PrimeLending.

The property valuation review conducted by the TPR firm consisted
of (i) a review of all of the appraisals for full review loans,
checking for issues with the comparables selected in the appraisal
and (ii) a value supported analysis for all loans. After a review
of the TPR appraisal findings, Moody's found one loan with a final
grade "C" for missing building permits for repairs and remodeling
and one loan with final grade "D" for escrow holdback distribution
amount.

Moody's has received the results of the inspection report or
appraisal confirmation for all the mortgage loans secured by
properties in the areas affected by FEMA disaster areas. The
results indicate that the properties did not receive any material
damage. SEMT 2018-CH3 includes a representation that the pool does
not include properties with material damage that would adversely
affect the value of the mortgaged property.

The originators and Redwood have provided unambiguous
representations and warranties (R&Ws) including an unqualified
fraud R&W. There is provision for binding arbitration in the event
of dispute between investors and the R&W provider concerning R&W
breaches.

Trustee & Master Servicer

The transaction trustee is Wilmington Trust, National Association.
The paying agent and cash management functions will be performed by
Citibank, N.A. and the custodian functions will be performed by
Wells Fargo Bank, N.A., rather than the trustee. In addition,
CitiMortgage Inc., as Master Servicer, is responsible for servicer
oversight, and termination of servicers and for the appointment of
successor servicers. In addition, CitiMortgage is committed to act
as successor if no other successor servicer can be found.

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


Down

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

Up

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

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

Significant weight was put on judgment taking into account the
results of the modeling tools as well as the aggregate impact of
the third-party review and the quality of the servicers and
originators.


SLM PRIVATE 2007-A: Fitch Affirms BB+ Rating on 2 Tranches
----------------------------------------------------------
Fitch Ratings has affirmed (i) SLM Private Credit Student Loan
Trust (SLM) 2005-A, SLM 2005-B, SLM 2006-A, SLM 2006-B, SLM 2006-C,
SLM 2007-A; (ii) SLM Private Education Loan Trust (SLM PE) 2013-B
and SLM PE 2013-C; (iii) Navient Private Education Loan Trust
(Navient PE) 2015-A and Navient PE 2016-A, as follows:

SLM 2005-A

  -- Class A-3 at 'AAAsf'; Outlook Stable;

  -- Class A-4 at 'A+sf'; Outlook Stable;

  -- Class B at 'A-sf'; Outlook Stable;

  -- Class C at 'BBBsf'; Outlook Stable.

SLM 2005-B

  -- Class A-3 at 'AAAsf'; Outlook Stable;

  -- Class A-4 at 'A+sf'; Outlook Stable;

  -- Class B at 'A-sf'; Outlook Stable;

  -- Class C at 'BBBsf'; Outlook Stable.

SLM 2006-A

  -- Class A-5 at 'A+sf'; Outlook Stable;

  -- Class B at 'Asf'; Outlook Stable;

  -- Class C at 'BBBsf'; Outlook Stable.

SLM 2006-B

  -- Class A-5 at 'Asf'; Outlook Stable;

  -- Class A-5W at 'Asf'; Outlook Stable;

  -- Class B at 'BBB+sf'; Outlook Stable;

  -- Class C at 'BBB-sf'; Outlook Stable.

SLM 2006-C

  -- Class A-5 at 'AA-sf'; Outlook Stable;

  -- Class B at 'Asf'; Outlook Stable;

  -- Class C at 'BBB-sf'; Outlook Stable.

SLM 2007-A

  -- Class A-3 at 'AAAsf'; Outlook Stable;

  -- Class A-4 at 'A-sf'; Outlook Stable;

  -- Class B at 'BBBsf'; Outlook Stable;

  -- Class C-1 at 'BB+sf'; Outlook Stable;

  -- Class C-2 at 'BB+sf'; Outlook Stable.

SLM PE 2013-B

  -- Class A-2A at 'AAAsf'; Outlook Stable;

  -- Class A-2B at 'AAAsf'; Outlook Stable;

  -- Class B at 'AAAsf'; Outlook Stable.

SLM PE 2013-C

  -- Class A-2A at 'AAAsf'; Outlook Stable;

  -- Class A-2B at 'AAAsf'; Outlook Stable;

  -- Class B at 'AAAsf'; Outlook Stable.

Navient PE 2015-A

  -- Class A-2A at 'AAAsf'; Outlook Stable;

  -- Class A-2B at 'AAAsf'; Outlook Stable;

  -- Class A-3 at 'AAAsf'; Outlook Stable;

  -- Class B at 'AAsf'; Outlook Stable.

Navient PE 2016-A

  -- Class A-2A at 'AAAsf'; Outlook Stable;

  -- Class A-2B at 'AAAsf'; Outlook Stable;

  -- Class B at 'AAsf'; Outlook Stable.

Overall, Fitch has affirmed 36 tranches of SLM, SLM PE and Navient
PE transactions.

The rating affirmations reflect stable transaction performance, in
line with Fitch's expectations as of previous surveillance review,
coupled with stable or increasing available credit enhancement (CE)
for all the notes, in line with Fitch's expectations.

In line with Fitch's "U.S. Private Student Loan ABS Rating
Criteria," (Fitch's PSL Criteria) SLM PE 2013-B and SLM PE 2013-C,
and Navient PE 2015-A and Navient PE 2016-A were not modeled for
this review, as none of the variables affecting transaction
performance has changed beyond that expected as of last review, and
CE levels are unchanged or have moved in line with expectations.

SLM 2006-B's class A-5W notes are a portion of A-5 notes, receiving
interest and principal payments pro-rata with A-5 notes.

Key Rating Drivers

Collateral Performance: All trusts are collateralized by private
student loans, originated by SLM Corp. ('BB+'/Stable/'B') and
Navient Corp. ('BB'/Stable/'B'). SLM trusts were originated under
the Signature Education Loan Program, LAWLOANS program, MBA Loans
program, and MEDLOANS program. SLM 2007-A, SLM PE trusts and
Navient PE trusts also included loans originated under the Direct
to Consumer and Private Credit Consolidation. In addition to
previously mentioned programs, SLM PE and Navient PE also included
Navient's Smart Option program, launched in 2009.

Fitch's remaining default projections are 9.4%, 9.4%, 9.9%, 11.1%,
11.1% and 12.3% of the current pool balance of SLM 2005-A, 2005-B,
2006-A, 2006-B, 2006-C and 2007-A, respectively. Recovery
assumption is 18.0% for all transactions, unchanged from previous
surveillance review.

The agency applied a default stress multiple in the lower end of
the multiple range envisaged by Fitch's PSL Criteria, resulting in
a 3.5x multiple at 'AAAsf', to SLM 2005-A and SLM 2005-B and a
median/low multiple to all other transactions (resulting in a 3.75x
multiple at 'AAAsf').

Payment Structure: For all transactions, available credit
enhancement (CE) is sufficient to provide loss coverage in line
with the assigned rating category. CE is provided by a combination
of overcollateralization (OC; the excess of the trust's asset
balance over the bond balance), excess spread, and subordination of
more junior notes. All SLM transactions have reached their target
overcollateralization floor level. On the March 2018 quarterly
payment date, SLM 2007-A breached its cumulative loss trigger,
thereby switching note repayment to fully sequential pay from
previous pro rata repayment.

Operational Capabilities: Navient Solutions LLC is the servicer for
all the loans in the trusts. Fitch has reviewed the servicing
operations of Navient and considers it to be an effective private
student loan servicer.

RATING SENSITIVITIES

Rating sensitivities provide greater insight into the model-implied
sensitivities the transaction faces when one or two risk factors
are stressed while holding others equal. The modeling process first
uses the estimation and stress of base-case default and recovery
assumptions to reflect asset performance in a stressed environment.
Second, structural protection was analyzed with Fitch's GALA Model.
The results should only be considered as one potential outcome, as
the transaction is exposed to multiple risk factors that are all
dynamic variables.

SLM 2005-A

Expected impact on the note rating of increased defaults (class
A-3/A-4/B/C):

Current Ratings: 'AAAsf'/'A+sf'/'A-sf'/'BBBsf'

Increase base case defaults by 10%: 'AAAsf'/'A+sf'/'A-sf'/'BBBsf'

Increase base case defaults by 25%: 'AAAsf'/'Asf'/'BBBsf'/'BBB-sf'

Increase base case defaults by 50%:
'AAAsf'/'BBB+sf'/'BBB-sf'/'BBsf'

Expected impact on the note rating of reduced recoveries (class
A-3/A-4/B/C):

Current Ratings: 'AAAsf'/'A+sf'/'A-sf'/'BBBsf'

Reduce base case recoveries by 10%: 'AAAsf'/'A+sf'/'A-sf'/'BBB+sf'

Reduce base case recoveries by 20%: 'AAAsf'/'A+sf'/'A-sf'/'BBB+sf'

Reduce base case recoveries by 30%: 'AAAsf'/'A+sf'/'A-sf'/'BBB+sf'

Expected impact on the note rating of increased defaults and
reduced recoveries (class A-3/A-4/B/C):

Current Ratings: 'AAAsf'/'A+sf'/'A-sf'/'BBBsf'

Increase base case defaults and reduce base case recoveries each by
10%: 'AAAsf'/'Asf'/'BBB+sf'/'BBBsf'

Increase base case defaults and reduce base case recoveries each by
25%: 'AAAsf'/'A-sf'/'BBBsf'/'BB+sf

Increase base case defaults and reduce base case recoveries each by
50%: 'AAAsf'/'BBBsf'/'BB+sf'/'B+sf

SLM 2005-B

Expected impact on the note rating of increased defaults (class
A-3/A-4/B/C):

Current Ratings: 'AAAsf'/'A+sf'/'A-sf'/'BBBsf'

Increase base case defaults by 10%: 'AAAsf'/'Asf'/'BBB+sf'/'BBBsf'

Increase base case defaults by 25%: 'AAAsf'/'A-sf'/'BBBsf'/'BB+sf'

Increase base case defaults by 50%:
'AAAsf'/'BBB+sf'/'BB+sf'/'BB-sf'

Expected impact on the note rating of reduced recoveries (class
A-3/A-4/B/C):

Current Ratings: 'AAAsf'/'A+sf'/'A-sf'/'BBBsf'

Reduce base case recoveries by 10%: 'AAAsf'/'A+sf'/'A-sf'/'BBBsf'

Reduce base case recoveries by 20%: 'AAAsf'/'A+sf'/'A-sf'/'BBBsf'

Reduce base case recoveries by 30%: 'AAAsf'/'A+sf'/'A-sf'/'BBBsf'

Expected impact on the note rating of increased defaults and
reduced recoveries (class A-3/A-4/B/C):

Current Ratings: 'AAAsf'/'A+sf'/'A-sf'/'BBBsf'

Increase base case defaults and reduce base case recoveries each by
10%: 'AAAsf'/'Asf'/'BBB+sf'/'BBB-sf'

Increase base case defaults and reduce base case recoveries each by
25%: 'AAAsf'/'A-sf'/'BBBsf'/'BB+sf'

Increase base case defaults and reduce base case recoveries each by
50%: 'AAAsf'/'BBBsf'/'BBsf'/'Bsf'

SLM 2006-A

Expected impact on the note rating of increased defaults (class
A-5/B/C):

Current Ratings: 'A+sf'/'Asf'/'BBBsf'

Increase base case defaults by 10%: 'Asf'/'BBB+sf'/'BBB-sf'

Increase base case defaults by 25%: 'A-sf'/'BBBsf'/'BB+sf'

Increase base case defaults by 50%: 'BBBsf'/'BB+sf'/'BB-sf'

Expected impact on the note rating of reduced recoveries (class
A-5/B/C):

Current Ratings: 'A+sf'/'Asf'/'BBBsf'

Reduce base case recoveries by 10%: 'A+sf'/'A-sf'/'BBBsf'

Reduce base case recoveries by 20%: 'A+sf'/'A-sf'/'BBBsf'

Reduce base case recoveries by 30%: 'A+sf'/'A-sf'/'BBBsf'

Expected impact on the note rating of increased defaults and
reduced recoveries (class A-5/B/C):

Current Ratings: 'A+sf'/'Asf'/'BBBsf'

Increase base case defaults and reduce base case recoveries each by
10%: 'Asf'/'BBB+sf'/'BBB-sf'

Increase base case defaults and reduce base case recoveries each by
25%: 'A-sf'/'BBBsf'/'BB+sf'

Increase base case defaults and reduce base case recoveries each by
50%: 'BBBsf'/'BBsf'/'Bsf'

SLM 2006-B

Expected impact on the note rating of increased defaults (class
A-5/A-5W/B/C):

Current Ratings: 'Asf'/'Asf'/'BBB+sf'/'BBB-sf'

Increase base case defaults by 10%: 'A-sf'/'A-sf'/'BBBsf'/'BB+sf'

Increase base case defaults by 25%:
'BBB+sf'/'BBB+sf'/'BBB-sf'/'BBsf'

Increase base case defaults by 50%: 'BBB-sf'/'BBB-sf'/'BBsf'/'Bsf'

Expected impact on the note rating of reduced recoveries (class
A-5/A-5W/B/C):

Current Ratings: 'Asf'/'Asf'/'BBB+sf'/'BBB-sf'

Reduce base case recoveries by 10%: 'Asf'/'Asf'/'BBB+sf'/'BBB-sf'

Reduce base case recoveries by 20%: 'Asf'/'Asf'/'BBB+sf'/'BBB-sf'

Reduce base case recoveries by 30%: 'Asf'/'Asf'/'BBB+sf'/'BBB-sf'

Expected impact on the note rating of increased defaults and
reduced recoveries (class A-5/A-5W/B/C):

Current Ratings: 'Asf'/'Asf'/'BBB+sf'/'BBB-sf'

Increase base case defaults and reduce base case recoveries each by
10%: 'A-sf'/'A-sf'/'BBBsf'/'BB+sf'

Increase base case defaults and reduce base case recoveries each by
25%: 'BBBsf'/'BBBsf'/'BB+sf'/'BBsf'

Increase base case defaults and reduce base case recoveries each by
50%: 'BB+sf'/'BB+sf'/'BB-sf'/'CCCsf'

SLM 2006-C

Expected impact on the note rating of increased defaults (class
A-5/B/C):

Current Ratings: 'AA-sf/'Asf'/'BBB-sf'

Increase base case defaults by 10%: 'AA-sf'/'Asf'/'BBB-sf'

Increase base case defaults by 25%: 'A+sf'/'A-sf'/'BBsf'

Increase base case defaults by 50%: 'A-sf'/'BBBsf'/'Bsf'.

Expected impact on the note rating of reduced recoveries (class
A-5/B/C):

Current Ratings: 'AA-sf/'Asf'/'BBB-sf'

Reduce base case recoveries by 10%: 'AAsf'/'A+sf'/'BBBsf'

Reduce base case recoveries by 20%: 'AAsf'/'A+sf'/'BBBsf'

Reduce base case recoveries by 30%: 'AAsf'/'Asf'/'BBB-sf'

Expected impact on the note rating of increased defaults and
reduced recoveries (class A-5/B/C):

Current Ratings: 'AA-sf/'Asf'/'BBB-sf'

Increase base case defaults and reduce base case recoveries each by
10%: 'AA-sf'/'Asf'/'BBB-sf'

Increase base case defaults and reduce base case recoveries each by
25%: 'A+sf'/'BBB+sf'/'BBsf

Increase base case defaults and reduce base case recoveries each by
50%: 'BBB+sf'/'BBB-sf'/'CCCsf'

SLM 2007-A

Expected impact on the note rating of increased defaults (class
A-3/A-4/B/C-1/C-2):

Current Ratings: 'AAAsf'/'A-sf'/'BBBsf'/'BB+sf'/'BB+sf'

Increase base case defaults by 10%:
'AAAsf'/'Asf'/'BBBsf'/'BB+sf'/'BB+sf'

Increase base case defaults by 25%:
'AAAsf'/'BBB+sf'/'BBB-sf'/'BB-sf'/'BB-sf'

Increase base case defaults by 50%:
'AAAsf'/'BBB-sf'/'BBsf'/'CCCsf'/'CCCsf'

Expected impact on the note rating of reduced recoveries (class
A-3/A-4/B/C-1/C-2):

Current Ratings: 'AAAsf'/'A-sf'/'BBBsf'/'BB+sf'/'BB+sf'

Reduce base case recoveries by 10%:
'AAAsf'/'Asf'/'BBB+sf'/'BBB-sf'/'BBB-sf'

Reduce base case recoveries by
20%:'AAAsf'/'Asf'/'BBB+sf'/'BBB-sf'/'BBB-sf'

Reduce base case recoveries by 30%:'AAAsf'/'Asf'/'BBB+sf'/'BB+
sf'/'BB+ sf'

Expected impact on the note rating of increased defaults and
reduced recoveries (class A-3/A-4/B/C-1/C-2):

Current Ratings: 'AAAsf'/'A-sf'/'BBBsf'/'BB+sf'/'BB+sf'

Increase base case defaults and reduce base case recoveries each by
10%: 'AAAsf'/'A-sf'/'BBBsf'/'BB+sf'/'BB+sf'

Increase base case defaults and reduce base case recoveries each by
25%: 'AAAsf'/'BBBsf'/'BBB-sf'/'BB-sf'/'BB-sf'

Increase base case defaults and reduce base case recoveries each by
50%: 'AAAsf'/'BB+sf'/'BB-sf'/'CCCsf'/'CCCsf'

For SLM PE trusts and Navient PE trusts that were not modeled for
this review, unanticipated increases in the frequency of defaults
or write-offs on customer accounts could produce loss levels higher
than the base case and would likely result in declines of CE and
remaining loss coverage levels available to the investments.
Decreased CE may make certain ratings on the investments
susceptible to potential negative rating actions, depending on the
extent of the decline in coverage.



SPECIALTY UNDERWRITING 2003-BC1: Moody's Ups Class M-2 Debt to Ba2
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of three
tranches from Specialty Underwriting and Residential Finance Trust,
Series 2003-BC1.

Complete rating action is as follows:

Issuer: Specialty Underwriting and Residential Finance Trust,
Series 2003-BC1

Cl. B-1, Upgraded to Caa3 (sf); previously on Apr 9, 2012
Downgraded to C (sf)

Cl. M-2, Upgraded to Ba2 (sf); previously on Jun 21, 2017 Upgraded
to B2 (sf)

Cl. M-1, Upgraded to A2 (sf); previously on Jun 21, 2017 Upgraded
to Baa3 (sf)

RATING RATIONALE

The actions reflect the recent performance of the underlying pool
and Moody's updated loss expectation. The rating upgrades are a
result of the improving performance of the related pool and an
increase in credit enhancement available to the bonds. Cl. M-1 and
Cl. M-2 had outstanding interest shortfalls prior to July 2018
remittance report. The interest shortfalls were fully repaid in
July 2018.

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 4.0% in June 2018 from 4.3% in June
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.


TERWIN MORTGAGE 2003-4HE: Moody's Cuts Class M-1 Debt Rating to Ba3
-------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
securities from Terwin Mortgage Trust, Series TMTS 2003-4HE.
Complete rating actions are as follows:

Issuer: Terwin Mortgage Trust, Series TMTS 2003-4HE

Cl. A-1, Downgraded to A3 (sf); previously on Mar 4, 2011
Downgraded to Aa1 (sf)

Cl. A-3, Downgraded to A3 (sf); previously on Mar 4, 2011
Downgraded to Aa1 (sf)

Cl. M-1, Downgraded to Ba3 (sf); previously on Mar 13, 2015
Upgraded to Ba1 (sf)

RATINGS RATIONALE

The actions reflect the recent performance of the underlying pool
and Moody's updated loss expectation. The ratings downgrade of
Class A-1, Class A-3, and Class M-1 is also due to outstanding
interest shortfalls of $49,750, $11,978, and $52,994 respectively,
as of July 2018. The interest shortfalls are driven by servicer
advances reimbursements from Ocwen (the servicer). The servicer has
been recouping advances to pay legal costs associated with a
litigated case between Ocwen and one borrower in the transaction.
The legal matter has been resolved through settlement with no
servicer errors identified. Approximately $665,000 of the total
$739,000 has been recovered by the servicer. Recoupments are
expected to take place through the August 2018 collection cycle. No
future related legal expenses are expected at this time.

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 4.0% in June 2018 from 4.3% in June
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.


TOWD POINT 2018-4: Fitch to Rate Class B2 Notes 'Bsf'
-----------------------------------------------------
Fitch Ratings expects to rate Towd Point Mortgage Trust 2018-4
(TPMT 2018-4) as follows:

  -- $577,884,000 class A1 notes 'AAAsf'; Outlook Stable;

  -- $51,106,000 class A2 notes 'AAsf'; Outlook Stable;

  -- $628,990,000 class A3 exchangeable notes 'AAsf'; Outlook
Stable;

  -- $35,380,000 class M1 notes 'Asf'; Outlook Stable;

  -- $664,370,000 class A4 exchangeable notes 'Asf'; Outlook
Stable;

  -- $31,450,000 class M2 notes 'BBBsf'; Outlook Stable;

  -- $21,228,000 class B1 notes 'BBsf'; Outlook Stable;

  -- $17,298,000 class B2 notes 'Bsf'; Outlook Stable.

Fitch will not be rating the following classes:

  -- $15,724,000 class B3 notes;

  -- $15,725,000 class B4 notes;

  -- $20,442,692 class B5 notes.

The notes are supported by one collateral group that consists of
3,473 seasoned performing and re-performing mortgages with a total
balance of approximately $786.2 million (which includes $78.7
million, or 10.0%, of the aggregate pool balance in
non-interest-bearing deferred principal amounts) as of the
statistical calculation date.

KEY RATING DRIVERS

Distressed Performance History (Negative): The collateral pool
consists primarily of peak-vintage, seasoned performing and RPLs,
including loans that have been paying for the past 24 months, which
Fitch identifies as "clean current" (80%). Additionally, 3% of the
pool was 30 days delinquent as of the statistical calculation date,
and the remaining 17% of loans are current but have recent
delinquencies or incomplete pay strings, identified as "dirty
current." Of the loans, 98.7% have received modifications.

Low Operational Risk (Positive): The operational risk is well
controlled for in this transaction. FirstKey Mortgage, LLC
(FirstKey) has a well-established track record in RPL activities
and carries an 'average' aggregator assessment from Fitch. The
loans are approximately 143 months seasoned, reducing the risk of
misrepresentation at origination. Additionally, the transaction
benefits from third-party due diligence on nearly 100% of the pool,
and the diligence results generally indicate low risk for an RPL
transaction. The representation and warranty (R&W) framework
(classified by Fitch as Tier 2) and the sponsor's retention of at
least 5% of the bonds help ensure an alignment of interest between
issuer and investor.

Inclusion of Second Liens (Negative): While the collateral pool
consists primarily of first lien, seasoned re-performing loans
(RPLs), FirstKey has also included approximately 6.8% (by UPB) of
closed-end second lien loans. The expected losses were adjusted for
these loans to account for the increased risk associated with these
collateral types. See Asset Analysis section for additional details
on the treatment of these loans.

Low Aggregate Servicing Fee (Mixed): Fitch determined that the
stated servicing fee of 20bps may be insufficient to attract
subsequent servicers under a period of poor performance and high
delinquencies. To account for the potentially higher fee needed to
obtain a subsequent servicer, Fitch's cash flow analysis assumed a
35-bp servicing fee.

Third-Party Due Diligence (Negative): A third-party due diligence
review was conducted and focused on regulatory compliance, pay
history and a tax and title lien search. The third-party review
(TPR) firm's due diligence review resulted in approximately 10.7%
(by loan count) "C" and "D" graded loans, meaning the loans had
material violations or lacked documentation to confirm regulatory
compliance.

Representation Framework (Negative): Fitch considers the
representation, warranty and enforcement (RW&E) mechanism construct
for this transaction to generally be consistent with what it views
as a Tier 2 framework, due to the inclusion of knowledge qualifiers
and the exclusion of loans from certain reps as a result of
third-party due diligence findings. Thus, Fitch increased its
'AAAsf' loss expectations by roughly 152bps to account for a
potential increase in defaults and losses arising from weaknesses
in the reps.

Limited Life of Rep Provider (Negative): FirstKey, as rep provider,
will only be obligated to repurchase a loan due to breaches prior
to the payment date in September 2019. Thereafter, a reserve fund
will be available to cover amounts due to noteholders for loans
identified as having rep breaches. Amounts on deposit in the
reserve fund, as well as the increased level of subordination, will
be available to cover additional defaults and losses resulting from
rep weaknesses or breaches occurring on or after the payment date
in September 2019.

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

Sequential-Pay Structure (Positive): The transaction's cash flow is
based on a sequential-pay structure whereby the subordinate classes
do not receive principal until the senior classes are repaid in
full. Losses are allocated in reverse-sequential order.
Furthermore, the provision to re-allocate principal to pay interest
on the 'AAAsf' and 'AAsf' rated notes prior to other principal
distributions is highly supportive of timely interest payments to
those classes in the absence of servicer advancing.

Deferred Amounts (Negative): Non-interest-bearing principal
forbearance amounts totaling $78.7 million (10.0%) of the unpaid
principal balance are outstanding on 819 loans. Fitch included the
deferred amounts when calculating the borrower's LTV and sLTV,
despite the lower payment and amounts not being owed during the
term of the loan. The inclusion resulted in a higher probability of
default (PD) and LS than if there were no deferrals. Fitch believes
that borrower default behavior for these loans will resemble that
of the higher LTVs, as exit strategies (that is, sale or
refinancing) will be limited relative to those borrowers with more
equity in the property.

CRITERIA APPLICATION

Fitch analyzed the transaction in accordance with its criteria
report, "U.S. RMBS Rating Criteria." This incorporates a review of
the originators' lending platforms, as well as an assessment of the
transaction's R&Ws provided by the originators and arranger, which
were found to be consistent with the ratings assigned to the
certificates.

Fitch's analysis incorporated three criteria variations from the
"U.S. RMBS Seasoned, Re-Performing and Non-Performing Loan Rating
Criteria." The first variation relates to a 25-bp penalty that was
applied to the expected losses at each rating category to account
for potential delinquencies prior to closing. Fitch analyzed the
collateral pool, which was based on the statistical calculation
date; however, the collateral will be updated and rolled by one
month prior to closing, meaning there will be an additional pay
period between marketing and closing. Fitch analyzed previous Towd
transactions to determine the percentage of loans that typically go
delinquent in the first period, and the 25-bp penalty ensures that
a potential increase in delinquencies before closing is accounted
for. There was no rating impact since the credit enhancement levels
are consistent with Fitch's loss expectations inclusive of the
adjustment.

The second variation is that an updated tax/title review was not
completed on 1,006 loans, all of which are second liens. While a
tax/title review was not completed, Fitch's analysis already
assumed that these loans were not in first-lien position, and Fitch
assumes 100% LS for all second liens. There was no rating impact
due to this variation.

The third and final variation is that a due diligence compliance
and data integrity review was not completed on 903 loans (897
second lien loans and 6 first lien loans). Fitch's model assumes
100% LS for all second liens and therefore no additional adjustment
was made to Fitch's expected losses. There was no rating impact
since credit enhancement levels are consistent with Fitch's loss
expectations.

RATING SENSITIVITIES

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

Fitch conducted sensitivity analysis determining how the ratings
would react to steeper MVDs at the national level. The analysis
assumes MVDs of 10%, 20% and 30%, in addition to the
model-projected 39.7% at 'AAAsf'. The analysis indicates there is
some potential rating migration with higher MVDs, compared with the
model projection.

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by WestCor Land Title Insurance Company (WestCor), Clayton
Services LLC, and AMC Diligence, LLC (AMC)/JCIII & Associates, Inc.
(JCIII). The third-party due diligence described in Form 15E
focused on regulatory compliance, pay history, servicing comments,
the presence of key documents in the loan file and data integrity.
In addition, AMC and Westcor were retained to perform an updated
title and tax search, as well as a review to confirm that the
mortgages were recorded in the relevant local jurisdiction and the
related assignment chains. A regulatory compliance and data
integrity review was completed on 97% of the pool by balance.

Fitch considered this information in its analysis, and, based on
the findings, Fitch made several adjustments to its analysis.

For 123 of the 'C' or 'D' graded loans, Fitch adjusted its loss
expectation at the 'AAAsf' level by approximately 16bps reflecting
missing documents that prevented testing for predatory lending
compliance. The inability to test for predatory lending may expose
the trust to potential assignee liability, which creates added risk
for bond investors. To mitigate this risk, Fitch assumed a 100% LS
for loans in the states that fall under Freddie Mac's do not
purchase list of 'high cost' or 'high risk'; 8 loans were affected
by this approach. For the remaining 115 loans, where the properties
are not located in the states that fall under Freddie Mac's do not
purchase list, the likelihood of all loans being high cost is low.
However, Fitch assumes the trust could potentially incur notable
legal expenses. Fitch increased its loss severity expectations by
5% for these loans to account for the risk.

Other causes for the remaining 250 'C' and 'D' grades include
missing Final HUD1's that are not subject to predatory lending,
missing state disclosures, and other compliance related missing
documents. Fitch believes these issues do not add material risk to
bondholders since the statute of limitations has expired. No
adjustment to loss expectations were made for these 250 loans.

For the 78 loans where a servicing comment review was not performed
or was outdated, Fitch applied 100% PD.

There were 15 loans missing modification documents or a signature
on modification documents. For these loans, timelines were extended
by an additional three months, in addition to the six-month
timeline extension applied to the entire pool.


UBS COMMERCIAL 2017-C2: Fitch Affirms B- Rating on Cl. H-RR Certs
-----------------------------------------------------------------
Fitch Ratings affirms 15 classes of UBS Commercial Mortgage Trust
2017-C2 (UBS 2017-C2) commercial mortgage pass-through
certificates.

KEY RATING DRIVERS

Stable Performance and Loss Expectations: The overall pool
performance remains stable from issuance. Loss expectations remain
unchanged. There are no delinquent or specially serviced loans. One
loan, Marketplace at Delta Township (1.5% of the pool), is on the
servicer's watchlist due to delinquent payments, however, the
missed payments appear to have been made within the grace period.
The servicer reported net operating income (NOI) debt service
coverage ratio (DSCR) for the loan was 2.72x, as of YE 2017. The
sponsor has been noted in recent news reporting as having legal and
financial issues. Fitch requested additional details from the
servicer on the loan, and will continue to monitor the situation.

Limited Change to Credit Enhancement: As of the July 2018
distribution date, the pool's aggregate balance has been reduced by
0.5% to $894.4 million, from $898.7 million at issuance. Ten loans,
representing 35.4% of the pool, are full-term interest-only while
20 loans (32.1%) are partial interest-only loans. The pool is
scheduled to pay down by 10.4%.

Credit Opinion Loans at Issuance: Five loans, representing 23.6% of
the pool, had investment-grade credit opinions at issuance.
Performance of the General Motors Building (5.6% of the pool), Park
West Village (5.6%), Del Amo Fashion Center (5.0%), 85 Broad Street
(3.8%) and 245 Park Avenue (3.6%) remains consistent with
issuance.

High Hotel Exposure: Loan secured by interests in hotel properties
represent 22.5% of the pool by balance; loans secured by hotel
properties have an above-average probability of default in Fitch's
multiborrower model. The highest property type concentration,
excluding hotels, is multifamily/manufactured housing at 23.6%, and
retail at 20.5%.

Pool Concentration: The top 10 loans represent only 44.1% of the
pool, well below the average for similar vintage transactions.

RATING SENSITIVITIES

The Rating Outlooks for all classes remain Stable due to the
overall stable performance of the pool. Fitch does not foresee
positive or negative ratings migration until a material economic or
asset-level event changes the transaction's portfolio level
metrics.

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

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

Fitch has affirmed the following ratings:

  -- $30.5 million class A-1 at 'AAAsf'; Outlook Stable;

  -- $77.6 million class A-2 at 'AAAsf'; Outlook Stable;

  -- $46.1 million class A-SB at 'AAAsf'; Outlook Stable;

  -- $210 million class A-3 at 'AAAsf'; Outlook Stable;

  -- $260.5 million class A-4 at 'AAAsf'; Outlook Stable;

  -- $624.8 million* class X-A at 'AAAsf'; Outlook Stable;

  -- $175.3 million* class X-B at 'A-sf'; Outlook Stable;

  -- $103.3 million class A-S at 'AAAsf'; Outlook Stable;

  -- $39.3 million class B at 'AA-sf'; Outlook Stable;

  -- $32.7 million class C at 'A-sf'; Outlook Stable;

  -- $14.5 million** class D-RR at 'BBB+sf'; Outlook Stable;

  -- $9 million** class E-RR at 'BBBsf'; Outlook Stable;

  -- $16.9 million** class F-RR at 'BBB-sf'; Outlook Stable;

  -- $16.9 million** class G-RR at 'BB-sf'; Outlook Stable;

  -- $9 million** class H-RR at 'B-sf'; Outlook Stable.

Fitch does not rate class NR-RR.

  -- Notional amount and interest only.

  -- Horizontal credit risk retention interest representing at
least 5% of the estimated fair value of all classes of regular
certificates issued by the issuing entity (as of the closing date).


UBS COMMERCIAL 2018-C12: Fitch to Rate Class G-RR Certs 'B-sf'
--------------------------------------------------------------
Fitch Ratings has issued a presale report on UBS Commercial
Mortgage Trust 2018-C12 commercial mortgage pass-through
certificates, series 2018-C12.

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

  -- $23,420,000 class A-1 'AAAsf'; Outlook Stable;

  -- $87,995,000 class A-2 'AAAsf'; Outlook Stable;

  -- $38,957,000 class A-SB 'AAAsf'; Outlook Stable;

  -- $10,670,000d class A-3 'AAAsf'; Outlook Stable;

  -- $185,000,000d class A-4 'AAAsf'; Outlook Stable;

  -- $217,415,000 class A-5 'AAAsf'; Outlook Stable;

  -- $69,426,000 class A-S 'AAAsf'; Outlook Stable;

  -- $34,210,000 class B 'AA-sf'; Outlook Stable;

  -- $36,222,000 class C 'A-sf'; Outlook Stable;

  -- $21,357,000a class D 'BBBsf'; Outlook Stable;

  -- $20,902,000ac class D-RR 'BBB-sf'; Outlook Stable;

  -- $9,056,000ac class E-RR 'BB+sf'; Outlook Stable;

  -- $9,055,000ac class F-RR 'BB-sf'; Outlook Stable;

  -- $9,056,000ac class G-RR 'B-sf'; Outlook Stable;

  -- $563,457,000ab class X-A 'AAAsf'; Outlook Stable;

  -- $139,858,000ab class X-B 'A-sf'; Outlook Stable;

  -- $21,357,000ab class X-D 'BBBsf'; Outlook Stable.

The following class is not expected to be rated:

  -- $32,197,824ac class NR-RR.

(a) Privately placed and pursuant to Rule 144A.

(b) Notional amount and interest-only.

(c) Horizontal credit risk retention interest representing no less
than 5% of the estimated fair value of all classes of regular
certificates issued by the issuing entity as of the closing date.
(d) The exact initial certificate balances of the Class A-3 and
Class A-4 certificates are unknown and will be determined based on
the final pricing of those classes of certificates. The aggregate
initial certificate balance of the Class A-3 and Class A-4
certificates is expected to be approximately $195,670,000; subject
to a variance of plus or minus 5%.

The expected ratings are based on information provided by the
issuer as of July 30, 2018.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 65 loans secured by 75
commercial properties having an aggregate principal balance of
$804,938,824 as of the cutoff date. The loans were contributed to
the trust by: UBS AG, Societe Generale, Ladder Capital Finance LLC,
Natixis Real Estate Capital LLC, Rialto Mortgage Finance LLC,
Cantor Commercial Real Estate Lending, L.P. and CIBC, Inc.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 68.6% of the properties
by balance, cash flow analysis of 81.0% and asset summary reviews
on 100.0% of the pool.

KEY RATING DRIVERS

Investment-Grade Credit Opinion Loans: Two loans, representing a
combined 9.3% of the transaction, are credit assessed. The largest
loan, Wyvernwood Apartments (6.2% of the pool) received an
investment-grade credit opinion of 'BBB-sf' on a stand-alone basis.
The sixth largest loan, 20 Times Square (3.1% of pool), has a
stand-alone credit opinion of 'Asf'. The pool's Fitch DSCR and LTV,
net of credit opinion loans, are 1.14x and 108.1%, respectively.

Lower Fitch Debt Service Coverage (DSCR) Than Recent Fitch-Rated
Transactions: The pool's weighted average (WA) Fitch DSCR of 1.16x
is worse than the 2017 and 2018 YTD averages of 1.26x and 1.23x,
respectively. However, the pool's WA Fitch LTV of 103.9% is
comparable to the 2017 and YTD 2018 averages of 101.6% and 103.8%,
respectively.

Diverse Pool: The pool is more diverse than recent Fitch-rated
transactions. The top 10 loans comprise 40.0% of the pool balance;
less than the 2017 average of 53.1% and the 2018 YTD average of
51.0%. The pool's average loan size of $12.4 million is lower than
the average of $20.0 million for 2017 and $18.7 million for YTD
2018. The concentration results in an LCI of 261, less than the
2017 average of 398 and the YTD 2018 average of 378.

RATING SENSITIVITIES

For this transaction, Fitch's NCF was 13.4% below the most recent
year's NOI for properties for which a full-year NOI was provided,
excluding properties that were stabilizing during this period.
Unanticipated further declines in property-level NCF could result
in higher defaults and loss severities on defaulted loans and in
potential rating actions on the certificates.

Fitch evaluated the sensitivity of the ratings assigned to the UBS
2018-C12 certificates and found that the transaction displays
average sensitivities to further declines in NCF. In a scenario in
which NCF declined a further 20% from Fitch's NCF, a downgrade of
the junior 'AAAsf' certificates to 'BBB+sf' could result. In a more
severe scenario, in which NCF declined a further 30% from Fitch's
NCF, a downgrade of the junior 'AAAsf' certificates to 'BBB-sf'
could result.


UNITED AUTO 2018-2: DBRS Assigns Prov. B Rating on Class F Notes
----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes to be issued by United Auto Credit Securitization Trust
2018-2 (UACST 2018-2 or the Issuer):

-- $93,000,000 Class A Notes rated AAA (sf)
-- $21,000,000 Class B Notes rated AA (sf)
-- $22,000,000 Class C Notes rated A (sf)
-- $26,000,000 Class D Notes rated BBB (low) (sf)
-- $17,000,000 Class E Notes rated BB (low) (sf)
-- $7,000,000 Class F Notes rated B (sf)

The ratings are based on a review by DBRS of the following
analytical considerations:

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

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

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

-- United Auto Credit Corporation's (UACC) capabilities with regard
to originations, underwriting and servicing and the existence of an
experienced and capable backup servicer.
-- DBRS has performed an operational risk review of UACC and
considers the entity to be an acceptable originator and servicer of
subprime automobile loan contracts with an acceptable backup
servicer.

-- The UACC senior management team has considerable experience and
a successful track record within the auto finance industry.

-- UACC successfully consolidated its business into a centralized
servicing platform and has consolidated originations into two
regional buying centers. UACC retained experienced managers and
staff at the servicing center and buying centers.

-- UACC continues to evaluate and fine-tune its underwriting
standards as necessary. UACC has a risk management system allowing
centralized oversight of all underwriting and substantial
technology systems, which provide daily metrics on all
originations, servicing and collections of loans.

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

-- UACC originates collateral that generally has shorter terms,
higher down payments, lower book values and higher borrower income
requirements than some other subprime auto loan originators.

-- UACST 2018-2 provides for Class F Notes with an assigned rating
of B (sf). While the DBRS "Rating U.S. Retail Auto Loan
Securitizations" methodology does not set forth a range of
multiples for this asset class at the B (sf) level, the analytical
approach for this rating level is consistent with that contemplated
by the methodology. The typical range of multiples applied in the
DBRS stress analysis for a B (sf) rating is 1.00 times (x) to 1.25
(x).

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

Notes: All figures are in U.S. dollars unless otherwise noted.


UNITED AUTO 2018-2: S&P Assigns Prelim B(sf) Rating on F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to United Auto
Credit Securitization Trust 2018-2's $186 million automobile
receivables-backed notes series 2018-2.

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

The preliminary ratings are based on information as of July 26,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The availability of approximately 58.5%, 51.0%, 42.2%, 32.3%,
26.2%, and 23.5% (pre-haircut) credit support for the class A, B,
C, D, E, and F notes, respectively, based on stressed break-even
cash flow scenarios (including excess spread). These credit support
levels provide coverage of approximately 2.90x, 2.50x, 2.05x,
1.55x, 1.21x, and 1.10x S&P's expected net loss range of
19.50%-20.50% for the class A, B, C, D, E, and F notes,
respectively.

-- The likelihood of timely interest and principal payments by the
assumed legal final maturity dates under stressed cash flow
modeling scenarios that are appropriate for the assigned
preliminary ratings.

-- S&P's expectation that under a moderate ('BBB') stress
scenario, all else being equal, the ratings on the class A and B
notes would not be lowered, the rating on the class C notes would
not decline by more than one rating category, and the rating on the
class D notes would not decline by more than two rating categories
over their life. Under this scenario, the ratings on the class E
and F notes would not decline by more than two rating categories
from S&P's preliminary 'BB- (sf)' and 'B (sf)' ratings,
respectively, in the first year but would ultimately default. These
potential rating movements are consistent with our credit stability
criteria.

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

-- The collateral characteristics of the subprime pool being
securitized. It is approximately five months seasoned, with a
weighted average original term of approximately 45 months and an
average remaining term of about 39 months. As a result, S&P expects
that the pool will pay down more quickly than many other subprime
pools that are usually characterized by longer weighted average
original and remaining terms.

-- S&P's analysis of six years of static pool data following the
credit crisis and after United Auto Credit Corp. (UACC) centralized
its operations and shifted toward shorter loan terms. S&P also
reviewed the performance of UACC's three outstanding
securitizations, as well as its seven paid off securitizations from
2004 to 2007.

-- UACC's 20-plus-year history of originating, underwriting, and
servicing subprime auto loans.

-- The transaction's payment and legal structures.

  PRELIMINARY RATINGS ASSIGNED

  United Auto Credit Securitization Trust 2018-2

  Class       Rating       Type            Interest       Amount
                                           rate(i)      (mil. $)
  A           AAA (sf)     Senior          Fixed           93.00
  B           AA (sf)      Subordinate     Fixed           21.00
  C           A (sf)       Subordinate     Fixed           22.00
  D           BBB (sf)     Subordinate     Fixed           26.00
  E           BB- (sf)     Subordinate     Fixed           17.00
  F           B (sf)       Subordinate     Fixed            7.00

(i)The interest rates of these tranches will be determined on the
pricing date.



VERUS SECURITIZATION 2018-2: S&P Gives B+(sf) Rating on B-3 Certs
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Verus Securitization
Trust 2018-2's $478.794 million mortgage pass-through
certificates.

The note issuance is a residential mortgage-backed securities
(RMBS) transaction backed by first-lien, fixed- and
adjustable-rate, fully amortizing, and interest-only residential
mortgage loans secured by single-family residential properties,
planned-unit developments, condominiums, and two- to four-family
residential properties to both prime and nonprime borrowers. The
pool has 853 loans, which are primarily non-qualified mortgage
loans .

The ratings reflect:

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

  RATINGS ASSIGNED
  Verus Securitization Trust 2018-2
  Class   Rating(i)  Type                 Interest     Amount
                                          rate(ii)   (mil. $)
  A-1     AAA (sf)   Senior               Fixed   326,295,000
  A-2     AA (sf)    Senior               Fixed    36,227,000
  A-3     A (sf)     Senior               Fixed    62,665,000
  B-1     BBB- (sf)  Subordinate          Fixed    29,863,000
  B-2     BB- (sf)   Subordinate          Fixed    19,338,000
  B-3     B+ (sf)    Subordinate          Fixed     4,406,000
  B-4     NR         Subordinate          Fixed    10,770,921
  A-IO-S  NR         Excess servicing     (v)        Notional(iii)
                     Monthly excess                           
  XS      NR         cash flow            (vi)       Notional(iv)
  P       NR         Prepayment premium   (vii)           100
  R       NR         Residual              N/A            N/A

  (i) The collateral and structural information in this report
reflect the private placement memorandum dated July 18, 2018; the
ratings assigned to the classes address the ultimate payment of
interest and principal.
(ii) Interest can be deferred on the classes. Coupons are subject
to the pool's net WAC rate.
(iii) Notional amount equals the loans' stated principal balance.
(iv) Notional amount equals the aggregate balance of the class
A-1, A-2, A-3, B-1, B-2, B-3, B-4, and P certificates.
  (v) Excess servicing strip plus the excess prepayment strip minus
compensating interest.
(vi) Certain excess amounts per the pooling and servicing
agreement.
(vii)Prepayment premiums during the related prepayment period.
WAC--Weighted average coupon.
N/A--Not applicable.
NR--Not rated.


WACHOVIA BANK 2005-C21: Fitch Cuts Ratings on 3 Tranches to Dsf
---------------------------------------------------------------
Fitch Ratings has downgraded three and affirmed five classes of
Wachovia Bank Commercial Mortgage Trust commercial mortgage
pass-through certificates series 2005-C21 (WBCMT 2005-C21).

KEY RATING DRIVERS

Increased Credit Enhancement; Lower Loss Expectations: The Positive
Outlook on class D reflects increased credit enhancement and lower
loss expectations since Fitch's last rating action due to better
than expected recoveries from the disposition of the specially
serviced Metropolitan Square loan and the real-estate owned Park
Place II and San Pedro Towne Center assets. The downgrade of
classes F, G, and H reflects the realized losses incurred as a
result of the recent dispositions.

Concentrated Pool: Eight of the original 210 loans remain. Two
loans/assets comprising 59.4% of the pool are in special servicing,
including the largest loan (41.9%) and one other real-estate owned
asset (17.5%). The remaining non-specially serviced loans include
one defeased loan (1.5%) that matures in 2020, four fully
amortizing loans (7.7%) and one hyper-amortizing balloon loan
(31.4%) which was not repaid at its anticipated repayment date.

The rating of class D was capped at 'Bsf' due to the class'
reliance on the hyper-amortizing balloon loan, Phillips Lighting
(31.4% pool), which is secured by a single-tenant office property
located in Franklin Township, NJ; the single tenant's lease rolls
14 years prior to the loan's final maturity. The affirmation of
class E reflects the class' reliance on recoveries from specially
serviced loans/assets, which remains uncertain at this time;
default of this class remains possible.

Largest Loan in Special Servicing: The NGP Rubicon GSA Pool (41.9%
of pool) was transferred to special servicing in April 2015 for
imminent default. Since Fitch's last rating action in March 2018,
the two properties located in Kansas City, KS and Concord, MA were
sold; five of the original 14 properties remain. The properties are
either fully or partially occupied by the General Services
Administration (GSA) and are located in Suffolk, VA, Providence,
RI, Huntsville, AL, Aurora, CO and Lakewood, CO. Per the special
servicer, the receiver continues to have active discussions with
potential buyers on the remaining properties. The Providence, RI
property is currently under contract for sale. In addition, the
sole tenant at the Suffolk, VA property has recently renewed its
lease through lease through May 2028.

As of the June 2018 remittance report, the aggregate pool balance
has been reduced by 96.5% to $113.6 million from $3.25 billion at
issuance. Cumulative interest shortfalls totaling $10 million are
currently affecting classes K through N and class P.

RATING SENSITIVITIES

The Positive Outlook on class D reflects increasing credit
enhancement and expected continued paydown. Future upgrades are
possible should the single tenant, Phillips Lighting, renew its
lease past the loan's maturity, or with additional paydown, and/or
better than expected recoveries on the specially serviced
loans/assets. Upgrades may be limited with increasing pool
concentration and adverse selection. Downgrades are not expected,
but may be possible should collateral performance deteriorate,
losses on the specially serviced loans/assets exceed Fitch's
expectations or as losses are realized.

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

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

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

  -- $41.5 million class D at 'Bsf'; Outlook to Positive from
Stable;

  -- $35.6 million class E at 'CCCsf'; RE 100%;

  -- $16.3 million class J at 'Dsf'; RE 0%;

  -- $16.3 million class K at 'Dsf'; RE 0%;

  -- $$16.3 million class L at 'Dsf'; RE 0%.

Fitch has downgraded the following classes:

  -- $39.2 million class F to 'Dsf' from 'Csf'; RE 0%;

  -- $0.0 million class G to 'Dsf' from 'Csf'; RE 0%;

  -- $0.0 million class H to 'Dsf' from 'Csf'; RE 0%.

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


WACHOVIA BANK 2005-C21: Moody's Cuts Rating on Class IO Certs to C
------------------------------------------------------------------
Moody's Investors Service has affirmed the rating on one class and
downgraded the ratings on three classes in Wachovia Bank Commercial
Mortgage Trust 2005-C21, Commercial Mortgage Pass-Through
Certificates, Series 2005-C21

Cl. D, Affirmed Baa3 (sf); previously on Jul 26, 2017 Affirmed Baa3
(sf)

Cl. E, Downgraded to B3 (sf); previously on Jul 26, 2017 Downgraded
to Ba3 (sf)

Cl. F, Downgraded to Ca (sf); previously on Jul 26, 2017 Downgraded
to B3 (sf)

Cl. IO, Downgraded to C (sf); previously on Jul 26, 2017 Downgraded
to Ca (sf)

RATINGS RATIONALE

The rating on Cl. D was affirmed because the transaction's key
metrics, including Moody's loan-to-value (LTV) ratio, Moody's
stressed debt service coverage ratio (DSCR) and the transaction's
Herfindahl Index (Herf), are within acceptable ranges.

The ratings on the Cl. E and Cl. F were downgraded due to
anticipated losses from specially serviced and troubled loans as
well as realized losses from previously liquidated loans. Realized
losses have increased to $204.2 million from $111.6 million at last
review.

The rating on the interest-only class, Cl. IO, was downgraded due
to a decline in the credit quality of its referenced classes.

Moody's rating action reflects a base expected loss of 34.0% of the
current pooled balance, compared to 40.3% at Moody's last review.
Moody's base expected loss plus realized losses is now 7.5% of the
original pooled balance, compared to 7.4% at the last review.

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 Wachovia Bank Commercial
Mortgage Trust 2005-C21, Cl. D, Cl. E, and Cl. F was "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in July 2017. The methodologies used in rating
Wachovia Bank Commercial Mortgage Trust 2005-C21, Cl. IO 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.

DEAL PERFORMANCE

As of the July 17, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 97% to $113.6
million from $3.25 billion at securitization. The certificates are
collateralized by eight mortgage loans ranging in size from less
than 1% to 42% of the pool. One loan, constituting 1.5% 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 three, compared to four at Moody's last review.


There are not any loans currently on the master servicer's
watchlist. The watchlist includes loans that meet certain portfolio
review guidelines established as part of the CRE Finance Council
(CREFC) monthly reporting package. As part of Moody's ongoing
monitoring of a transaction, the agency reviews the watchlist to
assess which loans have material issues that could affect
performance.

Twenty-three loans have been liquidated from the pool, resulting in
an aggregate realized loss of $204.2 million (for an average loss
severity of 41%). Two loans, constituting 59% of the pool, are
currently in special servicing. The largest specially serviced loan
is the NGP Rubicon GSA Pool ($47.5 million -- 41.9% of the pool),
which represents a 50% participation interest in a mortgage loan
originally secured by 2.2 million square foot portfolio of fourteen
office and distribution centers. Several properties have been sold
and the proceeds have been applied to paydown the loan's principal
balance. The five properties that remain are office properties with
a weighted average occupancy of 95%. The largest property, Suffolk
VA, has single tenant exposure whose lease expires in May 2018. The
portfolio transferred to special servicing in April 2015 for
imminent monetary default.

The second largest specially serviced loan is the Taurus Pool
($19.9 million -- 17.5% of the pool), which was originally secured
by six properties located in six states. Five properties have been
sold. The remaining property is Shelton Technology Center, which is
west of downtown New Haven, Connecticut. As of May 2018, the
property was only 59% leased.

Moody's received full year 2017 operating results for 100% of the
pool, and partial year 2018 operating results for 33% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 130%, compared to 117% 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 34% to the most recently available net operating
income (NOI). Moody's value reflects a weighted average
capitalization rate of 9.6%.

Moody's actual and stressed conduit DSCRs are 1.30X and 1.06X,
respectively, compared to 1.44X and 1.10X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 38% of the pool balance. The
largest loan is the Phillips Lighting Loan ($35.6 million -- 31.4%
of the pool), which is secured by a 199,900 SF suburban office
building located in Franklin Township, New Jersey. The loan has
passed its anticipated repayment date (ARD) of September 15, 2015
but is continuing to pay subject to additional 2.0% interest with a
final maturity date in September 2035. Phillips Electronics
occupies the entire building through 2021. Moody's used a lit /
dark analysis given the single tenant lease exposure.

The second largest loan is the Maywood Village Loan ($6.04 million
-- 5.3% of the pool), which is secured by a 48,000 SF retail center
in Maywood, CA. The property was built in 1991 and is located five
miles southeast of the Los Angeles central business district. As of
April 2018, the property was 100% leased, compared to 81% in
December 2016, and 90% in March 2016. Moody's LTV and stressed DSCR
are 79% and 1.14X, respectively, compared to 83% and 1.08X at the
last review.

The third largest loan is the Oak Park & Waters Hanley Pool Loan
($1.06 million -- 0.9% of the pool), which is secured by two retail
properties located in Tampa and Brandon Florida. The portfolio is
almost 90% leased. The loan is fully amortizing and Moody's LTV and
stressed DSCR are 17% and 6.65X, respectively, compared to 20% and
5.44X at the last review.


WELLS FARGO 2017-C39: Fitch Affirms B- Rating on Class G-RR Certs
-----------------------------------------------------------------
Fitch Ratings affirms 15 classes of Wells Fargo Commercial Mortgage
(WFCM) Trust 2017-C39 commercial mortgage pass-through
certificates.

KEY RATING DRIVERS

Stable Performance and Loss Expectations: The overall pool
performance remains stable from issuance. There are no delinquent
or specially serviced loans. While two loans (1.3%) are on the
servicer's watchlist due to upcoming rollover concerns or declining
occupancy, none were considered Fitch Loans of Concern.

Limited Change to Credit Enhancement: As of the July 2018
distribution date, the pool's aggregate balance has been reduced by
0.2% to $1.130 million, from $1.132 million at issuance. At
issuance, based on the scheduled balance at maturity, the pool was
expected to pay down 7.1% prior to maturity, which was below the
2017 YTD average at the time of issuance of 8.2% and significantly
below the 2016 average of 10.4%. Fourteen loans (49.4%) are
full-term interest only and 26 loans (33.5%) are partial interest
only.

Pool Concentrations: Loans backed by office properties represent
36.3% of the pool, including seven loans (31%) in the top 15. Four
(14.2%) are secured by office properties located in New York City.
Loans backed by retail properties represent 30.1% of the pool,
including four loans (15.8%) in the top 15. Regional mall exposure
consists of the Lakeside Shopping Center (5.1%) in Metairie, LA
which is anchored by Dillard's, Macy's and JC Penney and Del Amo
Fashion Center (5.2%) in Torrance, CA, which has exposure to Macy's
and Sears as non-collateral anchors and JC Penney, Nordstrom and
Dick's Sporting Goods as collateral anchors. Loans backed by hotel
properties represent 16.3% of the pool, including two loans (5.9%)
in the top 15.

Investment-Grade Credit Opinion Loans: Four loans representing
16.8% of the pool were assigned investment-grade credit opinions at
issuance.

RATING SENSITIVITIES

The Rating Outlooks for all classes remain Stable due to the
overall stable performance of the pool. Fitch does not foresee
positive or negative ratings migration until a material economic or
asset-level event changes the transaction's portfolio level
metrics.

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

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

Fitch has affirmed the following ratings:

  -- $24,928,523 class A-1 at 'AAAsf'; Outlook Stable;

  -- $80,706,000 class A-2 at 'AAAsf'; Outlook Stable;

  -- $4,389,000 class A-3 at 'AAAsf'; Outlook Stable;

  -- $44,790,000 class A-SB at 'AAAsf'; Outlook Stable;

  -- $305,000,000 class A-4 at 'AAAsf'; Outlook Stable;

  -- $330,283,000 class A-5 at 'AAAsf'; Outlook Stable;

  -- $106,203,000 class A-S at 'AAAsf'; Outlook Stable;

  -- $790,096,523 (a) class X-A at 'AAAsf'; Outlook Stable;

  -- $223,642,000 (a) class X-B at 'A-sf'; Outlook Stable;

  -- $50,978,000 class B at 'AA-sf'; Outlook Stable;

  -- $46,729,000 class C at 'A-sf'; Outlook Stable;

  -- $19,732,000 (b) class D at 'BBB+sf'; Outlook Stable;

  -- $36,910,000 (b)(c) class E-RR at 'BBB-sf'; Outlook Stable;

  -- $25,489,000 (b)(c) class F-RR at 'BB-sf'; Outlook Stable;

  -- $11,328,000 (b)(c) class G-RR at 'B-sf'; Outlook Stable.

(a) Notional amount and interest-only.

(b) Privately placed and pursuant to Rule 144A.

(c) Horizontal credit risk retention interest.

Fitch does not rate the $42,481,836 class H-RR.


WFRBS COMMERCIAL 2012-C9: Fitch Affirms Bsf Rating on Class F Certs
-------------------------------------------------------------------
Fitch Ratings affirms 10 classes of WFRBS Commercial Mortgage Trust
commercial mortgage pass-through certificates, series 2012-C9.

KEY RATING DRIVERS

Stable Overall Performance; Increased Credit Enhancement: The
affirmations are based on generally stable performance and the
increasing credit enhancement from loan payoffs and amortization.
As of the July 2018 distribution date, the pool's aggregate
principal balance has been reduced by 20% to $840.6 million from
$1.05 billion at issuance. Since the prior rating action in August
2017, three loans paid in full at maturity and one loan was
liquidated at a 0.96% loss. There are no delinquent or specially
serviced loans and three loans (2.6% of the remaining pool balance)
have been designated as Fitch Loans of Concern. Class G has
realized $378,887 in losses and is being impacted by interest
shortfalls.

Defeasance: Nine loans (17.7%) have been defeased compared to seven
loans (11.1%) at the prior rating action.

Retail and Hotel Exposure: Loans collateralized by retail
properties account for 36.9% of the pool. The largest loan,
Chesterfield Towne Center (12.1%), is the only regional mall in the
pool and has exposure to Macy's, Sears, and JC Penney. The property
is performing in line with Fitch's expectations at issuance and
reported a 98% occupancy rate in June 2018 and a 1.67x DSCR as of
YE 2017 and 1.81x for the first quarter of 2018. Hotel properties
account for 17.3% of the pool, including two (4.7%) in the top 15.

Maturity Concentration: All remaining loans either mature or reach
their anticipated repayment date (ARD) in 2022.

RATING SENSITIVITIES

Rating Outlooks for all classes are Stable due to overall stable
performance of the pool and continued amortization and increasing
credit enhancement. Fitch applied an additional sensitivity
scenario whereby a 20% loss was assumed on the Chesterfield Towne
Center, and a 15% NOI haircut was applied to the hotel loans; the
ratings and Outlooks reflect this scenario. Future rating upgrades
may occur with continued improving loan performance and significant
additional paydown or defeasance but may be limited given the
retail and hotel concentration. Downgrades are possible should
overall pool performance decline.

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

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

Fitch has affirmed the following ratings:

  -- $441.7 million class A-3 at 'AAAsf', Outlook Stable;

  -- $83.4 million class A-SB at 'AAAsf', Outlook Stable;

  -- $93.4 million class A-S at 'AAAsf', Outlook Stable;

  -- $618.6 million class X-A* at 'AAAsf', Outlook Stable;

  -- $64.5 million class B at 'AAsf', Outlook Stable;

  -- $36.8 million class C at 'A-sf', Outlook Stable;

  -- $101.3 million class X-B notes at 'A-sf', Outlook Stable;

  -- $42.1 million class D at 'BBB-sf', Outlook Stable;

  -- $21.1 million class E at 'BBsf', Outlook Stable;

  -- $19.7 million class F at 'Bsf', Outlook Stable.

Notional amount and interest only.

Class A-1 and A-2 are paid in full. Fitch does not rate the class G
certificates.


WHITEHORSE LTD VII: S&P Affirms 'B' Rating in Class B-3L Notes
--------------------------------------------------------------
S&P Global Ratings raised its ratings on the class A-2L, A-3L, and
B-1L notes from WhiteHorse VII Ltd., a U.S. collateralized loan
obligation (CLO) transaction that closed in 2013. S&P said, "We
also affirmed our ratings on the class A-1L, B-2L, and B-3L notes.
At the same time, we removed the ratings on class A-2L, A-3L, B-1L,
B-2L, and B-3L from CreditWatch, where we had placed them with
positive implications in May 2018."

The rating actions follow S&P's review of the transaction's
performance using data from the June 13, 2018, trustee report. The
upgrades reflect $143.53 million in paydowns to the class A-1L
notes. The paydowns have led to the following increases in
trustee-reported overcollateralization (O/C) ratios for each class,
except class B-3L, when compared to those reported in July 2016:

-- The senior class A-2L O/C ratio increased to 162.76% from
134.73%;
-- The class A-3L O/C ratio increased to 134.37% from 121.69%;
-- The class B-1L O/C ratio increased to 120.85% from 114.58%;
-- The class B-2L O/C ratio increased to 109.41% from 105.88%;
and
-- The class B-3L O/C ratio declined to 105.20% from 105.46%.

S&P said, "On a standalone basis, our cash flow analysis pointed to
a higher rating for the class B-1L and B-2L notes. However, the
transaction now has a greater exposure to assets rated in the 'CCC'
category, at 12.3% compared to 8.7% of the underlying portfolio at
the time of our last rating action. Because of this, we only raised
the B-1L notes by one notch and affirmed our rating on the class
B-2L notes to maintain cushion as this transaction continues to
amortize.

"Although our cash flow analysis indicated a lower rating on the
class B-3L notes, we affirmed the rating at 'B (sf)'. While O/C for
this class has decreased slightly since the ratings were placed on
CreditWatch positive, it is comparable to other 'B (sf)' rated
classes and is well above the minimum requirement. Given our
expectation that continued amortization could improve the results,
we affirmed our 'B (sf)' rating for now instead of lowering it.
However, any increase in par losses or further deterioration in the
portfolio's credit quality could lead to potential negative rating
actions in the future.

"Meanwhile, the affirmation of class A-1L reflects our view that
credit support is adequate at the current rating level.

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

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

  RATING RAISED AND REMOVED FROM CREDITWATCH POSITIVE
  
   WhiteHorse VII Ltd.
                       Rating
                To                   From

  A-2L          AAA (sf)             AA (sf)/Watch Pos
  A-3L          AA+ (sf)             A (sf)/Watch Pos
  B-1L          A- (sf)              BBB (sf)/Watch Pos

  RATINGS AFFIRMED

  WhiteHorse VII Ltd.
                            Rating
                To                   From

  A-1L          AAA (sf)             AAA (sf)
  B-2L          BB- (sf)             BB- (sf)/Watch Pos
  B-3L          B (sf)               B (sf)/Watch Pos


[*] Moody's Takes Action on $31MM RMBS Issued 2003-2004
-------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two tranches
and downgraded the ratings of 14 tranches from five transactions,
backed by Prime Jumbo and Subprime RMBS loans, issued by multiple
issuers.

Complete rating actions are as follows:

Issuer: Merrill Lynch Mortgage Investors Trust MLCC 2003-C
A-X-3, Downgraded to Ba1 (sf); previously on Oct 27, 2017 Confirmed
at Baa1 (sf)

Cl. A-1, Downgraded to Ba1 (sf); previously on Jul 25, 2013
Downgraded to Baa1 (sf)

Cl. A-2, Downgraded to Ba1 (sf); previously on Jul 25, 2013
Downgraded to Baa1 (sf)

Cl. B-1, Downgraded to Caa1 (sf); previously on Sep 29, 2015
Downgraded to B1 (sf)

Cl. B-2, Downgraded to Caa3 (sf); previously on Sep 29, 2015
Downgraded to Caa2 (sf)

Cl. X-A-1, Downgraded to Ba1 (sf); previously on Oct 27, 2017
Confirmed at Baa1 (sf)

Cl. X-B, Downgraded to C (sf); previously on Oct 27, 2017 Confirmed
at Caa2 (sf)

Issuer: Merrill Lynch Mortgage Investors Trust MLCC 2004-F

Cl. X-B, Downgraded to C (sf); previously on Oct 27, 2017 Confirmed
at Ca (sf)

Issuer: Merrill Lynch Mortgage Investors Trust Series MLCC 2003-A

Cl. X-B, Downgraded to C (sf); previously on Oct 27, 2017 Confirmed
at Ca (sf)

Issuer: Merrill Lynch Mortgage Investors Trust Series MLCC 2003-B

Cl. B-1, Downgraded to Caa1 (sf); previously on Aug 30, 2013
Downgraded to B3 (sf)

Cl. B-2, Downgraded to Ca (sf); previously on Aug 30, 2013
Downgraded to Caa2 (sf)

Cl. B-3, Downgraded to C (sf); previously on Apr 13, 2012
Downgraded to Ca (sf)

Cl. X-B, Downgraded to C (sf); previously on Oct 27, 2017 Confirmed
at Caa2 (sf)

Issuer: Specialty Underwriting and Residential Finance Trust,
Series 2003-BC2

Cl. B-1, Upgraded to Ca (sf); previously on Mar 4, 2011 Downgraded
to C (sf)

Cl. M-1, Upgraded to A2 (sf); previously on Apr 9, 2012 Downgraded
to Baa2 (sf)

Cl. S, Downgraded to C (sf); previously on Nov 2, 2017 Confirmed at
Caa3 (sf)

RATINGS RATIONALE

The rating upgrades are due to the total credit enhancement
available to the bonds. The rating downgrades are due to the
erosion of credit protection available to the bonds as the result
of the amortization of more subordinate bonds in the capital
structures. The rating actions also reflect the recent performance
of the underlying pools and reflect Moody's updated loss
expectation on those pools.

The factors that Moody's considers in rating an IO bond depend on
the type of referenced securities or assets to which the IO bond is
linked. Generally, the ratings on IO bonds reflect the linkage and
performance of the respective transactions, including expected
losses on the collateral, and pay-downs or write-offs of the
related reference bonds. The downgrades of Cl. X-A-1 and A-X-3 from
Merrill Lynch Mortgage Investors Trust MLCC 2003-C reflect their
linkage to Cl. A-1 and Cl. A-2. However, the downgrade of the
ratings of Cl. X-B from Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-A, Merrill Lynch Mortgage Investors Trust Series
MLCC 2003-B, Merrill Lynch Mortgage Investors Trust MLCC 2003-C and
Merrill Lynch Mortgage Investors Trust MLCC 2004-F, and Cl. S from
Specialty Underwriting and Residential Finance Trust, Series
2003-BC2 to C(sf) reflects the nonpayment of interest for an
extended period, ranging between 1 to 8 years.

For Cl. S from Specialty Underwriting and Residential Finance
Trust, the coupon rate is subject to a calculation that has reduced
the required interest distribution to zero. For Cl. X-B from
Merrill Lynch Mortgage Investors Trust Series MLCC 2003-A, Merrill
Lynch Mortgage Investors Trust Series MLCC 2003-B, Merrill Lynch
Mortgage Investors Trust MLCC 2003-C and Merrill Lynch Mortgage
Investors Trust MLCC 2004-F, the nonpayment of interest is due to
the use of interest otherwise distributable to these bonds to cover
basis risk shortfalls on certain Class B bonds. The reduction to
zero and the nonpayment of interest is generally attributed to weak
performance and/or rate reduction on the collateral due to
underlying loan modifications. Because the interest payment on
these bonds is subject to changes in their coupons, and in interest
rates and/or collateral composition, there is a remote possibility
that they may receive interest in the future. The rating of C
addresses the loss of interest attributable to credit related
reasons.

The principal methodology used in rating Merrill Lynch Mortgage
Investors Trust MLCC 2003-C Cl. A-1, Cl. A-2, Cl. B-1, and Cl. B-2;
Merrill Lynch Mortgage Investors Trust Series MLCC 2003-B Cl. B-1,
Cl. B-2, and Cl. B-3; and Specialty Underwriting and Residential
Finance Trust, Series 2003-BC2 Cl. M-1 and Cl. B-1 was "US RMBS
Surveillance Methodology" published in January 2017. The
methodologies used in rating Merrill Lynch Mortgage Investors Trust
MLCC 2003-C Cl. X-A-1, Cl. X-B, and A-X-3; Merrill Lynch Mortgage
Investors Trust MLCC 2004-F Cl. X-B; Merrill Lynch Mortgage
Investors Trust Series MLCC 2003-A Cl. X-B; Merrill Lynch Mortgage
Investors Trust Series MLCC 2003-B Cl. X-B; and Specialty
Underwriting and Residential Finance Trust, Series 2003-BC2 Cl. S
were "US RMBS Surveillance Methodology" published in January 2017
and "Moody's Approach to Rating Structured Finance Interest-Only
(IO) Securities" published in June 2017.

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


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% in June 2018 from 4.3% in June
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.

An IO bond may be upgraded or downgraded, within the constraints
and provisions of the IO methodology, based on lower or higher
realized and expected loss due to an overall improvement or decline
in the credit quality of the reference bonds and/or pools.


[*] Moody's Takes Action on $353.9MM of RMBS Issued 2004-2006
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 35 tranches
and downgraded the ratings of 12 tranches from 13 transactions
issued by various issuers, backed by Alt-A and Option ARM Loans.

Complete rating actions are as follows:

Issuer: Banc of America Alternative Loan Trust 2004-5

Cl. 3-A-2, Upgraded to Ba2 (sf); previously on Jun 21, 2012
Downgraded to B3 (sf)

Cl. 3-A-3, Upgraded to Ba2 (sf); previously on Jun 21, 2012
Downgraded to B3 (sf)

Issuer: Banc of America Alternative Loan Trust 2004-6

Cl. 2-A-1, Downgraded to B1 (sf); previously on May 26, 2017
Upgraded to Ba1 (sf)

Issuer: CSFB Adjustable Rate Mortgage Trust 2005-9

Cl. 5-A-1, Upgraded to A1 (sf); previously on Apr 21, 2017 Upgraded
to Baa1 (sf)

Cl. 5-A-2-2, Upgraded to A1 (sf); previously on Apr 21, 2017
Upgraded to Baa1 (sf)

Cl. 5-A-3, Upgraded to A3 (sf); previously on Apr 21, 2017 Upgraded
to Ba1 (sf)

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2004-16CB

Cl. 1-A-3, Upgraded to A3 (sf); previously on Sep 21, 2017 Upgraded
to Baa3 (sf)

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2004-8CB

Cl. A, Upgraded to Aaa (sf); previously on Sep 21, 2017 Upgraded to
Aa1 (sf)

Cl. M-1, Upgraded to Aa1 (sf); previously on Sep 21, 2017 Upgraded
to Baa1 (sf)

Cl. M-2, Upgraded to Ba1 (sf); previously on Sep 21, 2017 Upgraded
to B3 (sf)

Cl. M-3, Upgraded to Ca (sf); previously on Mar 28, 2011 Downgraded
to C (sf)

Issuer: First Horizon Alternative Mortgage Securities Trust
2004-AA5

Cl. I-A-1, Upgraded to Baa1 (sf); previously on Aug 30, 2016
Upgraded to Ba1 (sf)

Cl. II-A-1, Upgraded to Baa3 (sf); previously on Jun 26, 2014
Downgraded to B2 (sf)

Cl. II-A-2, Upgraded to Baa3 (sf); previously on Jun 26, 2014
Downgraded to B2 (sf)

Issuer: Impac CMB Trust Series 2005-3 Collateralized Asset-Backed
Bonds, Series 2005-3

Cl. A-1, Upgraded to B2 (sf); previously on Aug 12, 2013 Confirmed
at Caa1 (sf)

Cl. A-3, Upgraded to Caa1 (sf); previously on Aug 12, 2013
Confirmed at Caa2 (sf)

Underlying Rating: Upgraded to Caa1 (sf); previously on Aug 12,
2013 Confirmed at Caa2 (sf)

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

Issuer: MASTR Adjustable Rate Mortgages Trust 2005-3

Cl. 1-A-1, Upgraded to B1 (sf); previously on Apr 15, 2010
Downgraded to B3 (sf)

Cl. 1-A-X, Upgraded to B2 (sf); previously on Oct 27, 2017
Confirmed at Caa1 (sf)

Cl. 1-A-2, Upgraded to B2 (sf); previously on Apr 15, 2010
Downgraded to Caa1 (sf)

Cl. 2-A-1, Upgraded to B2 (sf); previously on Apr 15, 2010
Downgraded to Caa2 (sf)

Cl. 3-A-1, Upgraded to Ba2 (sf); previously on May 11, 2015
Upgraded to B1 (sf)

Cl. 3-A-2, Upgraded to B3 (sf); previously on May 11, 2015 Upgraded
to Caa3 (sf)

Cl. 3-A-X, Upgraded to Ba2 (sf); previously on May 11, 2015
Upgraded to B1 (sf)

Issuer: NovaStar Mortgage Funding Trust Series 2006-MTA1

Cl. 2A-1A, Upgraded to Ba1 (sf); previously on Apr 13, 2017
Upgraded to B2 (sf)

Issuer: RALI Series 2004-QR1 Trust

Cl. A-3, Upgraded to A3 (sf); previously on Nov 10, 2017 Upgraded
to Baa2 (sf)

Issuer: Residential Asset Securitization Trust 2005-A12

Cl. A-1, Downgraded to Caa2 (sf); previously on Apr 1, 2010
Downgraded to B3 (sf)

Cl. A-2, Downgraded to Caa2 (sf); previously on Apr 1, 2010
Downgraded to B3 (sf)

Cl. A-3, Downgraded to Caa2 (sf); previously on Apr 1, 2010
Downgraded to B3 (sf)

Cl. A-4, Downgraded to Caa2 (sf); previously on Apr 1, 2010
Downgraded to B3 (sf)

Cl. A-5, Downgraded to Ca (sf); previously on Sep 15, 2015 Upgraded
to Caa2 (sf)

Cl. A-8, Downgraded to Ca (sf); previously on Sep 15, 2015
Downgraded to Caa2 (sf)

Cl. A-9, Downgraded to Ca (sf); previously on Sep 15, 2015
Downgraded to Caa2 (sf)

Cl. A-10, Downgraded to Caa2 (sf); previously on Apr 1, 2010
Downgraded to B3 (sf)

Cl. A-11, Downgraded to Caa2 (sf); previously on Apr 1, 2010
Downgraded to B3 (sf)

Cl. A-12, Downgraded to Caa2 (sf); previously on Apr 1, 2010
Downgraded to B3 (sf)

Cl. PO, Downgraded to Caa3 (sf); previously on Sep 15, 2015
Downgraded to Caa2 (sf)

Issuer: Structured Asset Securities Corp Trust 2005-4XS

Cl. 1-A4A, Upgraded to Ba3 (sf); previously on Nov 10, 2016
Upgraded to B2 (sf)

Cl. 1-A4B, Upgraded to Ba3 (sf); previously on Nov 10, 2016
Upgraded to B2 (sf)

Underlying Rating: Upgraded to Ba3 (sf); previously on Nov 10, 2016
Upgraded to B2 (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated
Account - Unrated)

Cl. 1-A5A, Upgraded to Ba2 (sf); previously on Nov 10, 2016
Upgraded to B1 (sf)

Underlying Rating: Upgraded to Ba2 (sf); previously on Nov 10, 2016
Upgraded to B1 (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated
Account - Unrated)

Cl. 1-A5B, Upgraded to Ba2 (sf); previously on Nov 10, 2016
Upgraded to B1 (sf)

Cl. 3-M1, Upgraded to Ba1 (sf); previously on Oct 23, 2017 Upgraded
to B2 (sf)

Cl. 3-A5, Upgraded to Aa2 (sf); previously on Oct 23, 2017 Upgraded
to A2 (sf)

Underlying Rating: Upgraded to Aa2 (sf); previously on Oct 23, 2017
Upgraded to A2 (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated
Account - Unrated)

Issuer: Structured Asset Securities Corp Trust 2005-7XS

Cl. 1-A3, Upgraded to Aa1 (sf); previously on Oct 30, 2017 Upgraded
to A3 (sf)

Underlying Rating: Upgraded to Aa1 (sf); previously on Oct 30, 2017
Upgraded to A3 (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated
Account - Unrated)

Cl. 1-A4A, Upgraded to Aa1 (sf); previously on Oct 30, 2017
Upgraded to A2 (sf)

Underlying Rating: Upgraded to Aa1 (sf); previously on Oct 30, 2017
Upgraded to A2 (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated
Account - Unrated)

Cl. 1-A4B, Upgraded to Aa1 (sf); previously on Oct 30, 2017
Upgraded to A2 (sf)

Cl. 2-A1A, Upgraded to Baa1 (sf); previously on Oct 30, 2017
Upgraded to Baa3 (sf)

Cl. 2-A1B, Upgraded to Ba1 (sf); previously on Oct 30, 2017
Upgraded to Ba2 (sf)

RATINGS RATIONALE

Moody's's rating actions reflect the recent performance of the
underlying pools and Moody's updated loss expectations on those
pools. The rating upgrades are primarily due to improvement of
credit enhancement available to the bonds and total credit
enhancement and improvement in pool performances. The downgrades
are mainly due to deteriorating pool performance and depleting
credit enhancements.

The principal methodology used in rating Banc of America
Alternative Loan Trust 2004-5 Cl. 3-A-2 and Cl. 3-A-3 , Banc of
America Alternative Loan Trust 2004-6 Cl. 2-A-1 , CWALT, Inc.
Mortgage Pass-Through Certificates, Series 2004-16CB Cl. 1-A-3 ,
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2004-8CB Cl.
A , Cl. M-1 , Cl. M-2 and Cl. M-3, First Horizon Alternative
Mortgage Securities Trust 2004-AA5 Cl. I-A-1 and Cl. II-A-1 , CSFB
Adjustable Rate Mortgage Trust 2005-9 Cl. 5-A-1 , Cl. 5-A-2-2 and
Cl. 5-A-3 , Impac CMB Trust Series 2005-3 Collateralized
Asset-Backed Bonds, Series 2005-3 Cl. A-1 and Cl. A-3 , MASTR
Adjustable Rate Mortgages Trust 2005-3 Cl. 1-A-1 ,Cl. 2-A-1, Cl.
3-A-1 , Cl. 3-A-2 and Cl. 1-A-2, NovaStar Mortgage Funding Trust
Series 2006-MTA1 Cl. 2A-1A , Residential Asset Securitization Trust
2005-A12 Cl. A-1 , Cl. A-2 ,Cl. A-3 , Cl. A-4 , Cl. A-8 , Cl. A-10,
Cl. A-12 , Cl. PO and Cl. A-5 , Structured Asset Securities Corp
Trust 2005-4XS Cl. 1-A4A , Cl. 1-A4B , Cl. 1-A5A, Cl. 1-A5B, Cl.
3-A5 and Cl. 3-M1 Structured Asset Securities Corp Trust 2005-7XS
Cl. 1-A3 , Cl. 1-A4A , Cl. 1-A4B , Cl. 2-A1A and Cl. 2-A1B was "US
RMBS Surveillance Methodology" published in January 2017 . The
methodologies used in rating RALI Series 2004-QR1 Trust Cl. A-3
were "Moody's Approach to Rating Resecuritizations" published in
Febuary 2014 and "US RMBS Surveillance Methodology" published in
January 2017. The methodologies used in rating First Horizon
Alternative Mortgage Securities Trust 2004-AA5 Cl. II-A-2 , MASTR
Adjustable Rate Mortgages Trust 2005-3 Cl. 1-A-X and Cl. 3-A-X ,
Residential Asset Securitization Trust 2005-A12 Cl. A-9 and Cl.
A-11 were "US RMBS Surveillance Methodology" published in January
2017 and "Moody's Approach to Rating Structured Finance
Interest-Only (IO) Securities" published in June 2017.

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


Ratings in the US RMBS sector remain exposed to macroeconomic
uncertainty, and in particular the unemployment rate. The
unemployment rate fell to 4.0% in June 2018 from 4.3% in June 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.

An IO bond may be upgraded or downgraded, within the constraints
and provisions of the IO methodology, based on lower or higher
realized and expected loss due to an overall improvement or decline
in the credit quality of the reference bonds and/or pools.


[*] S&P Cuts Ratings on 77 Classes From 55 US RMBS Deals to D
-------------------------------------------------------------
S&P Global Ratings lowered its ratings on 77 classes of mortgage
pass-through certificates from 55 U.S. residential mortgage-backed
securities (RMBS) transactions issued between 1998 and 2009 to 'D
(sf)'.

The transactions in this review are backed by a mix of fixed- and
adjustable-rate mortgage loans, which are secured primarily by
first liens on one- to four-family residential properties. The
downgrades reflect S&P's assessment of the principal write-downs'
impact on the affected classes during recent remittance periods.

All of the classes in this review were rated either 'CCC (sf)' or
'CC (sf)' before today's rating actions.

Principal-Only Ratings

This review included three ratings on principal-only (PO) classes,
of which two are categorized as PO strip classes and one as a
mezzanine PO class.

Class PO from Alternative Loan Trust 2005-3CB and class IAPO from
First Horizon Alternative Mortgage Securities Trust 2005-FA1 are PO
strip classes that receive principal primarily from discount loans
within the related transactions. When a discount loan takes a loss,
the PO strip class is allocated a loan-specific percentage of that
loss.

However, because these PO classes are senior classes in the
waterfall, they are reimbursed from cash flows that would otherwise
be paid to the most junior classes. S&P does not expect any future
reimbursements from the transaction's cash flow because the
balances of the subordinate classes have been reduced to zero.
Therefore, these PO strip classes have incurred a loss on their
principal obligation without the likelihood of future
reimbursement, so S&P is lowering the ratings on them to 'D (sf)'.

Class M4 from Bayview Commercial Asset Trust 2008-4 is a mezzanine
PO class. Mezzanine PO classes are not structured to receive
principal from discount loans and the rating simply reflects the
credit risk of the class. We are lowering the rating of the
mezzanine PO class in this review to 'D (sf)'.

The 77 defaulted classes consist of the following:

-- 34 from alternative-A transactions (44.16%);
-- 23 from prime jumbo transactions (29.87%);
-- Seven from subprime transactions (9.09%);
-- Six from negative amortization transactions (7.79%);
-- Two from Re-Remic transactions;
-- One from a Federal Housing Administration/Veterans Affairs
transaction;
-- One from a document deficient transaction;
-- One from an outside the guidelines transaction;
-- One from a reperforming transaction; and
-- One from a small balance commercial transaction.

All of the transactions in this review receive credit enhancement
from a combination of subordination, excess spread, and
overcollateralization (where applicable).

A list of Affected Ratings can be viewed at:

           https://bit.ly/2LN63Vs



[*] S&P Discontinues Ratings on 11 Classes From Four CDO Deals
--------------------------------------------------------------
S&P Global Ratings discontinued its ratings on six classes from two
cash flow (CF) collateralized loan obligation (CLO) transactions,
three classes from one CF collateralized debt obligation (CDO)
backed by commercial mortgage-backed securities (CMBS), and one
class from one CF mezzanine structured finance (SF) CDO
transaction.

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

-- Atlas Senior Loan Fund II Ltd. (CF CLO): all rated tranches
paid down.

-- Diversified Asset Securitization Holdings II L.P. (CF mezzanine
SF CDO): all rated tranches paid down.

-- Multi Security Asset Trust L.P. (CF CDO of CMBS): all rated
tranches paid down.

-- NewMark Capital Funding 2014-2 CLO Ltd. (CF CLO): senior-most
class X notes(i) paid down; other rated tranches still
outstanding.

(i)An "X note" within a CLO is generally a note with a principal
balance intended to be repaid early in the CLO's life using
interest proceeds from the CLO's waterfall.

  RATINGS DISCONTINUED
  Atlas Senior Loan Fund II Ltd.
                              Rating
  Class               To                  From
  A-R                 NR                  AAA (sf)
  B-R                 NR                  AAA (sf)
  C-R                 NR                  AA+ (sf)
  D-R                 NR                  BBB+ (sf)
  E                   NR                  BB+ (sf)
  Diversified Asset Securitization Holdings II L.P.
                              Rating
  Class               To                  From
  A-1                 NR                  AA- (sf)
  A-1L                NR                  AA- (sf)
  Multi Security Asset Trust L.P.
                             Rating
  Class               To                  From
  K                   NR                  CCC- (sf)
  L                   NR                  CCC- (sf)
  M                   NR                  CCC- (sf)
  NewMark Capital Funding 2014-2 CLO Ltd.
                              Rating
  Class               To                  From
  A-X-R               NR                  AAA (sf)

  NR--Not rated.



[*] S&P Takes Various Action on 136 Classes From 20 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 136 classes from 20 U.S.
residential mortgage-backed securities (RMBS) transactions that
were issued between 2002 and 2007. All of these transactions are
backed by prime and alternative-A collateral. The review yielded 72
upgrades, 15 downgrades, 46 affirmations, and three
discontinuances.

ANALYTICAL CONSIDERATIONS

S&P incorporated 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;
-- Priority of principal payments;
-- Tail risk; 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 on class 1-A-1, 1-A-9, 1-A-10, and 1-A-11
from Banc of America Funding 2005-5 Trust (see ratings list) by six
or more notches due to increased credit support. The upgrades on
these classes reflect their ability to withstand a higher level of
projected losses than previously anticipated.

"We also raised our ratings on three classes by six or more notches
due to expected short duration (see ratings list). Based on the
classes' average recent principal allocation, these classes are
projected to pay down in a short period of time relative to
projected loss timing, which limits their exposure to potential
losses.  We lowered our ratings on classes A-6 and A-7 from WaMu
Mortgage Pass-Through Certificates Series 2003-AR4 Trust due to
eroding credit support. Passing triggers continue to divert
principal to subordinate classes, eroding credit support available
to cover our projected losses at higher rating levels."

A list of Affected Ratings Can be viewed at:

           https://bit.ly/2vlijFB


[*] S&P Takes Various Actions on 109 Classes from U.S. RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 109 classes from 34 U.S.
residential mortgage-backed securities (RMBS) transactions issued
between 1998 and 2014. These transactions are backed by subprime or
prime jumbo collateral, as well as one resecuritization of real
estate mortgage investment conduit (re-REMIC) that was backed by
prime collateral. The review yielded 20 upgrades, 13 downgrades, 54
affirmations, 21 withdrawals, and one discontinuance.

Analytical Considerations

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

-- Collateral performance/delinquency trends;
-- Historical interest shortfalls;
-- Priority of principal payments;
-- Proportion of reperforming loans in the pool;
-- Tail risk; 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 13 classes due to
increased credit support and/or expected short duration. Each of
these classes with raised ratings have the benefit of failing
cumulative loss triggers, whereby the most senior classes in the
payment priority are receiving all scheduled and unscheduled
principal allocations, which in effect increases credit support. As
a result, we believe these classes have credit support that is
sufficient to withstand losses at higher rating levels.

"We lowered our rating by five or more notches on class M-1 from
Bear Stearns Asset Backed Securities I Trust 2004-HE5 after
assessing the impact of missed interest payments on this class.
This downgrade is based on our cash flow projections used in
determining the likelihood that the missed interest payments would
be reimbursed under various scenarios because these classes receive
additional compensation for outstanding missed interest payments."

A list of Affected Ratings Can be viewed at:

          https://bit.ly/2mWBOAI


[*] S&P Takes Various Actions on 134 Classes From 25 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 134 classes from 25 U.S.
residential mortgage-backed securities (RMBS) transactions issued
between 2002 and 2005. All of these transactions are backed by
Alternative-A collateral. The review yielded 35 upgrades, 16
downgrades, 81 affirmations, and two discontinuances.

Analytical Considerations

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

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

Rating Actions

S&P said, "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 lowered our ratings on four classes from Impac CMB Trust Series
2004-7 because of an increase in reported modified loans. In
November 2017, our data provider revised the loan modification code
on a significant number of loans that had been modified in 2009 but
were not coded as modified until November 2017. As a result, the
projected losses for this transaction increased. We believe the
credit support for these classes is not sufficient to withstand
losses at higher rating levels.

"We raised our ratings on 26 classes as a result of increased
credit support. Five of these ratings were raised by nine or more
notches. These classes have benefitted from the failure of
performance triggers and/or reduced subordinate class principal
distribution amounts, which have built credit support for these
classes as a percent of their respective deal balance. Ultimately,
we believe these classes have credit support that is sufficient to
withstand projected losses at higher rating levels.

"We raised our ratings on two classes by seven notches due to
expected short duration. Based on these classes' planned
amortization schedule, they are projected to pay down in a short
time period relative to projected loss timing, limiting their
exposure to potential losses."



[*] S&P Takes Various Actions on 324 Classes From 20 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 324 classes from 20 U.S.
residential mortgage-backed securities (RMBS) issued between 2013
and 2017. All of these transactions are backed by prime jumbo
collateral. The review yielded 45 upgrades and 279 affirmations.
The raised ratings were removed from CreditWatch with positive
implications, where we placed them on March 28, 2018.

All of the ratings within this review were placed under criteria
observation (UCO) on Feb. 22, 2018, following the publication of
"Methodology And Assumptions For Rating U.S. RMBS Issued 2009 And
Later," published Feb. 22, 2018. As a result of the rating actions,
all UCO placements on the reviewed classes have been removed.

S&P said, "In addition, the rating actions resolve 46 of the 422
CreditWatch placements made on March 28, 2018, based on the
application of our new RMBS criteria.

"For each mortgage pool, based on our updated criteria, we
performed credit analysis using updated loan-level information from
which we determined foreclosure frequency, loss severity, and loss
coverage amounts commensurate for each rating level, after which
S&P applied its cash flow stresses. S&P applied adjustments at the
loan and pool level when warranted.

"In addition, for all transactions, we applied the same mortgage
operational assessment and representation and warranty loss
coverage adjustments that were applied at deal origination.
The upgrades primarily reflect deleveraging as the respective
transactions season and lower projected losses for higher-quality
collateral resulting from our recalibration of criteria relating to
credit factors, such as loan purpose and loan type, as well as new
factors, such as the multiborrower credit.

"The affirmations reflect our opinion that our projected credit
support on these classes is sufficient to cover our projected
losses for those rating scenarios."

Analytical Considerations

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

-- Collateral performance/delinquency trends;
-- Priority of principal payments;
-- Priority of loss allocation;
-- Tail risk;
-- Expected short duration; and
-- Available subordination, credit enhancement floors, and/or
excess spread (where available).

A list of Affected Ratings can be viewed at:

          https://bit.ly/2LUKYIs


[*] S&P Takes Various Actions on 52 Classes From 20 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 52 classes from 20 U.S.
residential mortgage-backed securities (RMBS) transactions issued
between 2001 and 2007. All of these transactions are backed by a
mix of collateral types. The review yielded 18 upgrades, one
downgrade, 31 affirmations, and two discontinuances.

Analytical Considerations

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

-- Collateral performance/delinquency trends;
-- Historical interest shortfalls;
-- Priority of principal payments;
-- Proportion of reperforming loans in the pool;
-- Class duration;
-- Interest-only criteria;
-- Rating correction;
-- Class factor;
-- Likelihood of default; 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 corrected our rating on class I-A-1B from Deutsche Alt-A
Securities Mortgage Loan Trust's series 2007-OA4 by raising it to
'CCC (sf)' from 'D (sf)'. Wells Fargo Bank N.A. Securities
Administration Servicer, a third-party data provider, had
previously reported a principal writedown on this class;
consequently, we had lowered the rating to 'D (sf)' from 'CCC
(sf)'. Wells Fargo Bank N.A. Securities Administration Servicer has
since revised its reporting on this transaction, indicating that
this class has not experienced any principal writedowns. The
upgrade reflects our current view of this class' credit risk.

"We raised our rating on class M-2 from Quest Trust 2003-X2 to 'AAA
(sf)' from 'CCC (sf)' due to expected short duration until paydown.
The class has a small outstanding balance that is anticipated to
pay down within the next few periods."

A list of Affected Ratings can be viewed at:

           https://bit.ly/2JYrb9s


                            *********

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
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public debt and equity securities about which we report.

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Monthly Operating Reports are summarized in every Saturday edition
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The Sunday TCR delivers securitization rating news from the week
then-ending.

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the e-mail address to which your TCR is delivered to login.

                            *********

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

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