/raid1/www/Hosts/bankrupt/TCR_Public/180812.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 12, 2018, Vol. 22, No. 223

                            Headlines

ALLEGRO CLO VIII: Moody's Rates$19.6MM Class E Notes 'Ba3'
AMERICREDIT AUTOMOBILE 2018-2: Fitch to Rate Class E Notes 'BBsf'
APIDOS CLO XXX: S&P Assigns BB- Rating on $24.4MM Class D Notes
ARES CLO XLIX: S&P Assigns BB- Rating on $20MM Class E Notes
ARES CLO XXVIIIR: S&P Assigns Prelim B- Rating on Class F Notes

BANC OF AMERICA 2006-5: Moody's Rates Class A-J Certs 'Caa2(sf)'
BANC OF AMERICA 2007-1: Moody's Cuts Ratings on 25 Tranches to Caa3
BANK 2018-BNK13: DBRS Finalizes B Rating on Class X-F Certs
BEAR STEARNS 2006-PWR12: Moody's Rates Class D Debt 'Caa3(sf)'
BENEFIT STREET IX: S&P Assigns BB- Rating on Class E-R Notes

BENEFIT STREET XV: Moody's Gives (P)B3 Rating on $7.5MM Cl. E Notes
CANTOR COMMERCIAL 2011-C2: Fitch Affirms Bsf Rating on Cl. G Certs
CARLYLE GLOBAL 2016-2: Moody's Rates $16MM Class D-2R Notes 'Ba3'
CENT CLO 24: S&P Assigns B Rating on $14MM Class E-R Notes
CITIGROUP COMMERCIAL 2013-GC15: Fitch Rates Class F Certs 'Bsf'

CITIGROUP COMMERCIAL 2016-2: Fitch Affirms B- Rating on 2 Tranches
COMM 2004-LNB2: DBRS Confirms CCC Rating on Class K Certs
COMM 2013-CCRE6: Moody's Affirms B2 Rating on Class F Certs
COMM 2013-GAM: Fitch Affirms 'BB-sf' Rating on Class F Debt
CONN'S RECEIVABLES 2018-A: Fitch to Rate Class C Notes 'B-sf(EXP)'

CONNECTICUT AVE 2018-C05: DBRS Finalizes B(high) on 19 Tranches
CONNECTICUT AVE 2018-C05: Fitch Gives BB- Ratings on 18 Tranches
COVENANT CREDIT II: Moody's Lowers Rating on Cl. F Notes to Caa1
CSAIL 2018-CX12: DBRS Gives (P)BB(high) Rating on Class G-RR Certs
DBUBS MORTGAGE 2011-LC1: Fitch Affirms Bsf Rating on Class G Certs

ELEVATION CLO 2018-9: Moody's Assigns Ba3 Rating on Class E Notes
FLAGSHIP CREDIT 2018-3: S&P Gives Prelim. BB- Rating on Cl. E Notes
FREDDIE MAC 2017-SPI1: Moody's Hikes Class M-2 Debt Rating to Ba3
FREDDIE MAC SCRT 2018-3: Fitch to Rate Class M Certs 'B-sf'
GS MORTGAGE 2017-GS7: Fitch Affirms B-sf Rating on Cl. H-RR Certs

GS MORTGAGE 2018-GS10: DBRS Finalizes B(low) Rating on G-RR Certs
GS MORTGAGE 2018-HULA: DBRS Gives Prov. B Rating on Class G Certs
HOMEWARD OPPORTUNITIES 2018-1: S&P Rates Cl. B-2 Notes 'B+'
JFIN CLO 2012: S&P Assigns Prelim. B- Rating on Class E-R Notes
JP MORGAN 2010-C1: Fitch Affirms 'BBsf' Rating on Class C Certs

JP MORGAN 2016-H2FL: S&P Affirms B- Rating on Class C Certs
JP MORGAN 2016-JP3: Fitch Affirms 'B-sf' Rating on Class F Certs
JP MORGAN 2018-PHH: Moody's Assigns B3 Rating on Class HRR Certs
JP MORGAN 2018-WPT: DBRS Finalizes B(low) Rating on 2 Tranches
LB-UBS COMMERCIAL 2007-C1: Fitch Affirms Csf Rating on Cl. F Certs

LB-UBS COMMERCIAL 2007-C1: S&P Affirms CCC- Rating on Class F Certs
LBUBS COMMERCIAL 2004-C8: Moody's Hikes Class H Debt Rating to 'B1'
MERRILL LYNCH 1998-C1-CTL: Moody's Affirms Caa2 Rating on IO Certs
METLIFE SECURITIZATION 2018-1: Fitch to Rate Class B2 Notes 'Bsf'
MIDOCEAN CREDIT IX: S&P Assigns B- Rating on Class F Notes

MORGAN STANLEY 2003-IQ4: Fitch Affirms Dsf Rating on Class L Certs
MORGAN STANLEY 2018-MP: Moody's Gives Ba3 Rating on Class E Certs
NATIXIS COMMERCIAL 2018-850T: S&P Assigns B- Rating on Cl. F Certs
OHA LOAN 2013-1: S&P Assigns Prelim. B- Rating on F-R2 Notes
PPM CLO 2018-1: Moody's Assigns B3 Rating on $6.8MM Class F Notes

REMIC TRUST 2003-R1: S&P Cuts Ratings on Classes IIM/IIB1 Debt to D
SCF EQUIPMENT 2017-1: Moody's Hikes Rating on Class D Notes to 'B1'
THL CREDIT 2018-1: S&P Assigns BB- Rating on Class E Notes
UNITED AUTO 2018-2: S&P Assigns B Rating on $7MM Class F Notes
VIBRANT CLO IX: Moody's Assigns Ba3 Rating on Class D Notes

WELLS FARGO 2006-LC24: Fitch Affirms BB-sf Rating on Class F Certs
WELLS FARGO 2018-C46: Fitch Rates $10.38MM Class G-RR Certs 'B-'
WESTLAKE AUTOMOBILE 2018-3: S&P Gives (P)B+ Rating on Class F Notes
[*] DBRS Reviews 133 Classes From 27 US RMBS Transactions
[*] Discounted Tickets for 2018 Distressed Investing Conference!

[*] Fitch Affirms Ratings on 6 SLM Private Education Loan Trusts
[*] Moody's Takes Action on $815MM Subprime RMBS Issued 2003-2004
[*] S&P Cuts Ratings on 10 Classes on 3 RMBS Deals Issued 2003-2004

                            *********

ALLEGRO CLO VIII: Moody's Rates$19.6MM Class E Notes 'Ba3'
----------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by Allegro CLO VIII, Ltd.

Moody's rating action is as follows:

US$260,000,000 Class A Senior Secured Floating Rate Notes due 2031
(the "Class A Notes"), Assigned Aaa (sf)

US$30,000,000 Class B-1 Senior Secured Floating Rate Notes due 2031
(the "Class B-1 Notes"), Assigned Aa2 (sf)

US$10,800,000 Class B-2 Senior Secured Fixed Rate Notes due 2031
(the "Class B-2 Notes"), Assigned Aa2 (sf)

US$20,600,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class C Notes"), Assigned A2 (sf)

US$27,000,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class D Notes"), Assigned Baa3 (sf)

US$19,600,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2031 (the "Class E Notes"), Assigned Ba3 (sf)

The Class A Notes, the Class B-1 Notes, the Class B-2 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.

Allegro CLO VIII 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
first lien senior secured loans and eligible investments, and up to
10% of the portfolio may consist of second lien loans and unsecured
loans. The portfolio is approximately 90% ramped as of the closing
date.

AXA Investment Managers, 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: $400,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2984

Weighted Average Spread (WAS): 3.40%

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 2984 to 3432)

Rating Impact in Rating Notches

Class A Notes: -1

Class B-1 Notes: -2

Class B-2 Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: 0

Percentage Change in WARF -- increase of 30% (from 2984 to 3879)

Rating Impact in Rating Notches

Class A Notes: -1

Class B-1 Notes: -4

Class B-2 Notes: -4

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1


AMERICREDIT AUTOMOBILE 2018-2: Fitch to Rate Class E Notes 'BBsf'
-----------------------------------------------------------------
Fitch Ratings expects to assign the following ratings and Outlooks
to the notes issued by AmeriCredit Automobile Receivables Trust
2018-2 (AMCAR 2018-2):

  -- $208,000,000 class A-1 notes 'F1+sf';

  -- $400,780,000 class A-2-A/A-2-B notes 'AAAsf'; Outlook Stable;

  -- $300,000,000 class A-3 notes 'AAAsf'; Outlook Stable;

  -- $98,640,000 class B notes 'AAsf'; Outlook Stable;

  -- $122,440,000 class C notes 'Asf'; Outlook Stable;

  -- $120,400,000 class D notes 'BBBsf'; Outlook Stable;

  -- $31,970,000 class E notes 'BBsf'; Outlook Stable.

KEY RATING DRIVERS

Consistent Credit Quality: The 2018-2 pool has consistent credit
quality relative to recent pools based on the weighted average (WA)
Fair Isaac Corp. (FICO) score of 582 and internal credit scores.
Obligors with FICOs greater than 600 total 39%, the highest level
for the platform to date.

High Extended-Term Contracts: Extended-term (61+ month) contracts
total 92.9%, consistent with 2017-2018 pools but high relative to
the historical platform range. The 73-75 month contracts total
6.4%, down slightly from 2018-1 at 6.5%. Performance data for these
contracts are limited due to lack of seasoning. However, these
73-75 month loans have obligors with stronger credit metrics; given
this and small concentration, Fitch did not apply an additional
stress to these loans.

Sufficient Credit Enhancement: Initial hard credit enhancement (CE)
is consistent with 2017 transactions as well as 2018-1 and totals
35.20%, 27.95%, 18.95%, 10.10% and 7.75% for classes A, B, C, D and
E, respectively. Excess spread is expected to be 6.91% per annum,
slightly lower than 2018-1. Loss coverage for each class of notes
is sufficient to cover the respective multiples of Fitch's base
case credit net loss (CNL) proxy.

Moderating Performance: Losses on GMF's managed portfolio and
securitizations have been moderating over the past two years, with
2015-2017 CNL vintages tracking higher than the strong 2010-2014.
Overall, performance continues to be within its expectations with
CNLs normalizing in recent years to higher levels. Consistent with
2018-1, Fitch accounted for the weaker performance of recent
vintages in the derivation of its CNL proxy of 10.50%.

Improving Corporate Health: Fitch rates GM and GMF 'BBB' with a
Stable Rating Outlook. The rating affirmation earlier this year
reflected the ongoing fundamental improvement in the company's core
business and credit profile over the past several years.

Consistent Origination/Underwriting/Servicing: AFSI demonstrates
adequate abilities as originator, underwriter and servicer, as
evidenced by its historical portfolio and securitization
performance. Fitch deems AFSI capable of adequately servicing the
transaction.

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

RATING SENSITIVITIES

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

Fitch evaluated the sensitivity of the ratings assigned to AMCAR
2018-2 to increased credit losses over the life of the transaction.
Fitch's analysis found that the transaction displays some
sensitivity to increased defaults and credit losses. This shows a
potential downgrade of one to two rating categories under Fitch's
moderate (1.5x base case loss) scenario, especially for the
subordinate bonds. The notes could experience downgrades of three
or more rating categories, potentially leading to distressed
ratings (below Bsf) under Fitch's severe (2.5x base case loss)
scenario.


APIDOS CLO XXX: S&P Assigns BB- Rating on $24.4MM Class D Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Apidos CLO
XXX/Apidos CLO XXX LLC's $458.50 million floating-rate notes.

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

The preliminary ratings are based on information as of Aug. 8,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

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

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

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

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

  PRELIMINARY RATINGS ASSIGNED

  Apidos CLO XXX/Apidos CLO XXX LLC

  Class                 Rating         Amount
                                     (mil. $)
  X                     AAA (sf)         2.70
  A-1A                  AAA (sf)       375.10
  A-1B                  NR              40.85
  A-2                   AA (sf)         78.00
  B (deferrable)        A (sf)          39.00
  C (deferrable         BBB- (sf)       38.45
  D (deferrable)        BB- (sf)        24.40
  Subordinated notes    NR              64.60

  NR--Not rated.


ARES CLO XLIX: S&P Assigns BB- Rating on $20MM Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to Ares XLIX CLO Ltd./Ares
XLIX CLO LLC's $425.0 million floating-rate notes.

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

The ratings reflect:

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

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

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

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

  RATINGS ASSIGNED

  Ares XLIX CLO Ltd./Ares XLIX CLO LLC

  Class                  Rating             Amount
                                          (mil. $)
  A-1                    AAA (sf)           290.00
  A-2                    NR                  35.00
  B                      AA (sf)             55.00
  C (deferrable)         A (sf)              31.00
  D (deferrable)         BBB- (sf)           29.00
  E (deferrable)         BB- (sf)            20.00
  Subordinate notes      NR                  51.60

  NR--Not rated.


ARES CLO XXVIIIR: S&P Assigns Prelim B- Rating on Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class X,
A-1, B, C, D, E, and F notes from Ares XXVIIIR CLO Ltd./Ares
XXVIIIR CLO LLC, a collateralized loan obligation (CLO) originally
issued in November 2013 that is managed by Ares CLO Management LLC,
a subsidiary of Ares Management L.P. (Ares). The replacement notes
will be issued via a proposed supplemental indenture.

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

The preliminary ratings are based on information as of Aug. 8,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Sept 13, 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."

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

  Ares XXVIIIR CLO Ltd. /Ares XXVIIIR CLO LLC
  Replacement class         Rating      Amount (mil. $)
  X                         AAA (sf)               4.00
  A-1                       AAA (sf)             236.00
  A-2                       NR                    20.00
  B                         AA (sf)               42.00
  C (deferrable)            A (sf)                30.00
  D (deferrable)            BBB- (sf)             24.00
  E (deferrable)            BB- (sf)              13.20
  F (deferrable)            B- (sf)                7.20
  Subordinated notes        NR                    63.75

  NR--Not rated.


BANC OF AMERICA 2006-5: Moody's Rates Class A-J Certs 'Caa2(sf)'
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of two classes
in Banc of America Commercial Mortgage Inc. Commercial Mortgage
Pass-Through Certificates, Series 2006-5 as follows:

Cl. A-J, Affirmed Caa2 (sf); previously on Aug 11, 2017 Affirmed
Caa2 (sf)

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


RATINGS RATIONALE

The rating on Cl. A-J was affirmed because the rating is consistent
with Moody's expected loss plus realized loss. Cl. A-J has already
experienced a 3.7% realized loss as a result of previously
liquidated loans.

The rating on Cl. XC was affirmed based on the credit quality of
the referenced classes.

Moody's rating action reflects a base expected loss of 47.3% of the
current pooled balance, compared to 22.6% at Moody's last review.
Moody's base expected loss plus realized losses is now 13.2% of the
original pooled balance, compared to 12.6% 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 Banc of America Commercial
Mortgage Inc. Commercial Mortgage Pass-Through Certificates, Series
2006-5, Cl. A-J 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
Inc. Commercial Mortgage Pass-Through Certificates, Series 2006-5,
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.

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 class and the recovery
as a pay down of principal to the most senior class.

DEAL PERFORMANCE

As of the July 10, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $42.2 million
from $2.24 billion at securitization. The certificates are
collateralized by five mortgage loans all of which are in currently
special servicing and are real estate owned (REO).

Forty-seven loans have been liquidated from the pool, resulting in
an aggregate realized loss of $275.9 million (for an average loss
severity of 12.3%). Five loans, constituting 100% of the pool, are
currently in special servicing. The largest specially serviced loan
is the Pocono Crossings loan ($15.4 million -- 36.6% of the pool),
which is secured by an approximately 180,000 square foot (SF)
retail property located on US 60 in Richmond, Virginia. The largest
tenant, Burlington, making up 51% of the collateral's net rentable
area, has submitted a renewal notice. The loan transferred to
special servicing in July 2016 for imminent maturity default and
became REO in December 2016. The loan has been deemed
non-recoverable.

The second largest specially serviced loan is the Wilson Estates 1
($12.4 million -- 29.5% of the pool), which is secured by a
portfolio of three suburban office buildings located in Wichita,
Kansas. The loan transferred to special servicing in May 2016 for
maturity default and became REO in May 2017. The loan has been
deemed non-recoverable. The properties were a combined 72% occupied
as of June 2018.

The remaining three specially serviced loans are secured by two
suburban offices and one multifamily property. Moody's estimates an
aggregate $19.9 million loss for the specially serviced loans (47%
expected loss on average).


BANC OF AMERICA 2007-1: Moody's Cuts Ratings on 25 Tranches to Caa3
-------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 26 tranches
from Banc of America Funding 2007-1 Trust, Mortgage Pass-Through
Certificates, Series 2007-1, backed by Alt-A RMBS loans.

Complete rating actions are as follows:

Issuer: Banc of America Funding 2007-1 Trust, Mortgage Pass-Through
Certificates, Series 2007-1

Cl. 1-A-1, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-2, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-3, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-4, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-6, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-7, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-8, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-9, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-10, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-12, Downgraded to Ca (sf); previously on Oct 27, 2017
Confirmed at Caa3 (sf)

Cl. 1-A-13, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-14, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-15, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-17, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-19, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-21, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-22, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-23, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-24, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-25, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-26, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-27, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-28, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 1-A-29, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

Cl. 30-IO, Downgraded to Caa3 (sf); previously on Nov 29, 2017
Confirmed at Caa2 (sf)

Cl. 30-PO, Downgraded to Caa3 (sf); previously on Nov 5, 2010
Downgraded to Caa2 (sf)

RATINGS RATIONALE

The actions reflect the recent performance of the underlying pools
and reflect Moody's updated loss expectations on the pools. The
ratings downgraded are due to the weaker performance of the
underlying collateral and the cumulative realized loss to the bond.


The principal methodology used in rating Banc of America Funding
2007-1 Trust, Mortgage Pass-Through Certificates, Series 2007-1 Cl.
1-A-13, Cl. 1-A-14, Cl. 1-A-15, Cl. 1-A-17, Cl. 1-A-19, Cl. 1-A-22,
Cl. 1-A-23, Cl. 1-A-25, Cl. 1-A-27, Cl. 1-A-28, Cl. 1-A-29, Cl.
30-PO, Cl. 1-A-1, Cl. 1-A-2, Cl. 1-A-3, Cl. 1-A-4, Cl. 1-A-6, Cl.
1-A-8, and Cl. 1-A-10 was "US RMBS Surveillance Methodology"
published in January 2017. The methodologies used in rating Banc of
America Funding 2007-1 Trust, Mortgage Pass-Through Certificates,
Series 2007-1 Cl. 1-A-12, Cl. 1-A-21, Cl. 1-A-24, Cl. 1-A-26, Cl.
30-IO, Cl. 1-A-7, and Cl. 1-A-9 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.


BANK 2018-BNK13: DBRS Finalizes B Rating on Class X-F Certs
-----------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2018-BNK13 issued by BANK 2018-BNK13:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A‑5 at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at A (sf)
-- Class A-S at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (low) (sf)
-- Class X-D at BBB (sf)
-- Class X-E at BB (sf)
-- Class X-F at B (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (low) (sf)
-- Class F at B (low) (sf)

All trends are Stable. The Class X-A, X-B, X-D, X-E and X-F
balances are notional. Classes X-D, X-E, X-F, D, E and F have been
privately placed.

The collateral consists of 62 fixed-rate loans secured by 80
commercial and multifamily properties. The transaction is a
sequential-pay pass-through structure. The trust assets contributed
from five loans, representing 24.3% of the pool, are shadow-rated
investment grade by DBRS. Proceeds for the shadow-rated loans are
floored at the respective rating within the pool. When 24.3% of the
pool has no proceeds assigned below the rated floor, the resulting
pool subordination is diluted or reduced below the rated floor. 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 stabilized net cash flow and their respective actual
constants, two loans, representing 9.5% 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 14 loans, representing 49.3%
of the pool, having refinance DSCRs below 1.00x and eight loans,
representing 33.9% of the pool, with refinance DSCRs below 0.90x.
These credit metrics are based on whole-loan balances.

Four of the 15 largest loans in the pool – 1745 Broadway, Pfizer
Building, Fair Oaks Mall and 181 Fremont Street – exhibit credit
characteristics consistent with shadow ratings of BBB (high), AAA,
A (high) and AA, respectively. These loans represent 22.7% of the
transaction balance. Fifteen loans, representing 31.4% of the pool,
are located in urban markets with increased liquidity that benefit
from consistent investor demand, even in times of stress. Urban
markets represented in the deal include New York, Las Vegas and San
Francisco.

DBRS did not deem any of the properties securing the loans to be
Below Average or Poor property quality. Only two loans, Alvarado
Sunset Apartments and Palatka Oaks Apartments, were considered
Average (-) and represent a combined 1.0% of the DBRS sample
balance. Furthermore, ten loans comprising 55.7% of the DBRS sample
balance were either considered Above Average or Average (+). The
remaining loans were classified as Average. Additionally, only four
loans, totaling 11.3% of the transaction balance, are secured by
properties that are either fully or primarily leased to a single
tenant. The largest of these loans are Pfizer Building and 181
Fremont Street, which combined represent 9.2% of the pool balance
and 81.5% of the single-tenant concentration, both of which are
shadow-rated investment grade. The Pfizer Building and 181 Fremont
Street collateral serve as the mission-critical company
headquarters for Pfizer Inc. and Facebook, Inc., respectively.
Loans secured by properties occupied by single tenants have been
found to suffer higher loss severities in an event of default.

Twenty-three loans, representing 64.1% of the pool, including nine
of the largest ten loans, are structured with interest-only (IO)
payments for the full term. An additional seven loans, representing
7.5% of the pool, have partial IO periods remaining ranging from 12
months to 60 months. However, the DBRS Term DSCR is calculated by
using the amortizing debt service obligation and the DBRS refinance
(Refi) DSCR is calculated by considering the balloon balance and
lack of amortization when determining refinance risk. DBRS
determines probability of default (POD) based on the lower of DBRS
Term or Refi DSCR; therefore, loans that lack amortization will be
treated more punitively. Further, this concentration includes two
shadow-rated loans – 1745 Broadway and 181 Fremont Street –
which total 12.3% of the pool, both of which are full-term IO.

The pool is relatively more concentrated than recent transactions,
with the top ten loans accounting for 57.2% of the pool. The deal's
concentration profile is equivalent to that of a pool of 23
equal-sized loans, which is less than favorable. This is mitigated
by the fact that a concentration penalty was applied given the
pool's lack of diversity, which increases each loan's POD. While
the transaction is concentrated in the largest ten loans, two of
the top three loans, comprising 8.4% of the transaction balance,
are shadow-rated investment grade by DBRS.

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


BEAR STEARNS 2006-PWR12: Moody's Rates Class D Debt 'Caa3(sf)'
--------------------------------------------------------------
Moody's Investors Service has affirmed the rating on one class in
Bear Stearns Commercial Mortgage Securities Trust 2006-PWR12 as
follows:

Cl. D, Affirmed Caa3 (sf); previously on Aug 4, 2017 Affirmed Caa3
(sf)

RATINGS RATIONALE

The rating on Cl. D was affirmed because the rating is consistent
with Moody's expected loss. Cl. D has already experienced a 5.5%
realized loss as a result of previously liquidated loans.

Moody's rating action reflects a base expected loss of 33.4% of the
current pooled balance, compared to 49.7% at Moody's last review.
Moody's base expected loss plus realized losses is now 8.0% of the
original pooled balance, the same as at the 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 rating 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 rating include a
decline in the performance of the pool, loan concentration, an
increase in realized and expected losses from specially serviced
and troubled loans or interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

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

Moody's analysis also incorporated a loss and recovery approach in
rating the P&I classes in this deal since 57% 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 loans to the most junior class and the
recovery as a pay down of principal to the most senior class.

DEAL PERFORMANCE

As of the July 11, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 99.2% to $15.9
million from $2.08 billion at securitization. The certificates are
collateralized by three mortgage loans.

Thirty three loans have been liquidated from the pool, resulting in
an aggregate realized loss of $160 million (for an average loss
severity of 53%). There are currently two loans in special
servicing, constituting 57% of the pool. The largest specially
serviced loan is the Tappahannock Towne Center Loan ($6.5 million
-- 40.7% of the pool), which is secured by a 114,0000 SF retail
center located in Tappahannock, Virginia. The loan transferred to
special servicing in 2012 due to imminent payment default. The
borrower continued to remit debt servicer payments, however, the
borrower was unable to refinance the loan at maturity in June 2016.
The asset is now REO and has been deemed non-recoverable. The
property was 77% leased as of April 2018, compared to 82% leased as
of December 2016.

The second largest specially serviced loan is the A.J Wright Loan
($2.6 million -- 16.1% of the pool), which is secured by a former
single tenant retail building that is now 100% vacant. The property
has been vacant since 2011 after the loss of its sole tenant, AJ
Wright. The loan transferred to special servicing in May 2015 due
to payment default and became REO in July 2018. The loan has been
deemed non-recoverable. Moody's anticipates a significant loss on
this loan.

Moody's estimates an aggregate $4.9 million loss for the specially
serviced loans (54% expected loss on average).

The sole performing loan is the Micron Building Loan ($6.9 million
-- 43.3% of the pool), which is secured by a single story 70,000
square foot (SF) office building located in Sacramento, California.
The loan previously transferred to special servicing in April 2016
for maturity default. The special servicer subsequently agreed to
modify the loan terms in April 2017, switching the loan to interest
only and amending the maturity date to April 2020. The loan
returned to the master srevicer in September 2017 and is currently
on the servicer's watchlist due to low DSCR. As of March 2018, the
property was 73% leased, unchanged from 2017 and down from 82% in
August 2016. Moody's LTV and stressed DSCR are 116% and 0.93,
respectively, compared to 115% and 0.94X at the last review.


BENEFIT STREET IX: S&P Assigns BB- Rating on Class E-R Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R, B-R, C-R,
D-R, and E-R replacement notes from Benefit Street Partners CLO IX
Ltd., a collateralized loan obligation (CLO) originally issued in
2016 that is managed by Benefit Street Partners LLC. S&P withdrew
its ratings on the original class A loans and class A, AL, B-1,
B-2, C, D, and E notes following payment in full on the Aug. 8,
2018, refinancing date.

On the Aug. 8, 2018, refinancing date, the proceeds from the class
A-R, B-R, C-R, D-R, and E-R replacement note issuances were used to
redeem the original class A loans and class A, AL, B-1, B-2, 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.

S&P said, "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 further rating actions
as we deem necessary."

  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

  RATINGS WITHDRAWN

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

                             Rating
  Original class       To              From
  A                    NR              AAA (sf)
  AL                   NR              AAA (sf)
  A Loans              NR              AAA (sf)
  B-1                  NR              AA (sf)
  B-2                  NR              AA (sf)
  C                    NR              A (sf)
  D                    NR              BBB (sf)
  E                    NR              BB (sf)

  NR--Not rated.



BENEFIT STREET XV: Moody's Gives (P)B3 Rating on $7.5MM Cl. E Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to seven
classes of notes to be issued by Benefit Street Partners CLO XV,
Ltd.

Moody's rating action is as follows:

US$320,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031 (the "Class A-1 Notes"), Assigned (P)Aaa (sf)

US$33,500,000 Class A-2a Senior Secured Floating Rate Notes due
2031 (the "Class A-2a Notes"), Assigned (P)Aa2 (sf)

US$18,000,000 Class A-2b Senior Secured Floating Rate Notes due
2031 (the "Class A-2b Notes"), Assigned (P)Aa2 (sf)

US$29,000,000 Class B Senior Secured Deferrable Floating Rate Notes
due 2031 (the "Class B Notes"), Assigned (P)A2 (sf)

US$29,500,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2031 (the "Class C Notes"), Assigned (P)Baa3 (sf)

US$27,500,000 Class D Secured Deferrable Floating Rate Notes due
2031 (the "Class D Notes"), Assigned (P)Ba3 (sf)

US$7,500,000 Class E Secured Deferrable Floating Rate Notes due
2031 (the "Class E Notes"), Assigned (P)B3 (sf)

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

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

RATINGS RATIONALE

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

BSP XV 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
first lien senior secured loans, cash, and eligible investments,
and up to 10% of the portfolio may consist of second lien loans and
unsecured loans. Moody's expects the portfolio to be approximately
80% ramped as of the closing date.

Benefit Street Partners L.L.C. 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: $500,000,000

Diversity Score: 75

Weighted Average Rating Factor (WARF): 2961

Weighted Average Spread (WAS): 3.15%

Weighted Average Coupon (WAC): 7.5%

Weighted Average Recovery Rate (WARR): 47.5%

Weighted Average Life (WAL): 9.13 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 2961 to 3405)

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-2a Notes: -2

Class A-2b Notes: -2

Class B Notes: -2

Class C Notes: -1

Class D Notes: -1

Class E Notes: -2

Percentage Change in WARF -- increase of 30% (from 2961 to 3849)

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-2a Notes: -4

Class A-2b Notes: -4

Class B Notes: -4

Class C Notes: -2

Class D Notes: -1

Class E Notes: -5


CANTOR COMMERCIAL 2011-C2: Fitch Affirms Bsf Rating on Cl. G Certs
------------------------------------------------------------------
Fitch Ratings has affirmed 10 classes of Cantor Commercial Real
Estate (CFCRE) Commercial Mortgage Trust 2011-C2 commercial
mortgage pass-through certificates.

KEY RATING DRIVERS

Overall Stable Performance and Base Case Loss Projections: The
overall pool performance remains stable from issuance with minimal
change to Fitch's base case loss expectations. There are two
specially serviced loans (2.2%). The largest, Crossroads Center
(2.1%) is collateralized by a 321,824 sf former shopping mall that
has been converted to office space located in Roanoke, VA. The
asset has been real estate owned (REO) since July 2017. There has
been de minimis realized losses ($1,382) to date. Five loans
(17.8%) were on the servicer's watchlist due to significant
upcoming tenant rollover risk or deteriorating performance; three
(9.8%) including Hanford Mall were considered Fitch Loans of
Concern (FLOCs). While not on the servicer's watchlist, Fitch
flagged the largest loan in the pool, RiverTown Crossings Mall, as
FLOC due to concerns regarding anchor tenants.

Fitch's base case analysis included additional cash flow stresses
on the Hanford Mall; in addition, the negative outlook on classes
E, F and G reflect an additional sensitivity test, which assumed a
35% loss severity on RiverTown Crossings Mall (24.3%) due to
declining sales and concerns regarding anchor tenants, and a 35%
loss severity on Hanford Mall (6.4%) due lack of updated tenant
sales and 38.8% NRA expiring in 2019 including anchor tenant Sears
and Cinemark.

Increased Credit Enhancement Since Issuance; Increased
Concentrations: As of the July 2018 distribution date, the pool's
aggregate balance has been reduced by 52.5% to $367.3 million from
$774.1 million at issuance. All loans are amortizing. However, the
increased credit enhancement did not result in upgrades due to the
increased deal concentrations and FLOCs. Only 32 of the original 51
loans remain and the top 10 and top 15 loans represent 68.4% and
79%, respectively.

Retail Concentration: 60.4% of the pool is collateralized by retail
properties, of which 59.6% is within the top 15. Regional mall
exposure consists of (i) RiverTown Crossings Mall which is located
in Grandville, MI and has five non-collateral anchors, including
Macy's, Younkers, Sears, JC Penney and Kohl's and (ii) Hanford Mall
which is located Hanford, CA and anchored by JC Penney, Sears and
Kohl's (non-collateral).

Maturity Schedule: All loans mature in 2021.

RATING SENSITIVITIES

The Negative Rating Outlooks on classes E, F and G reflect
potential rating downgrades due to the high retail concentration
(60.4%): two regional malls represent 30.7%, both of which are
considered FLOCs due to concerns with anchor tenants or significant
upcoming rollover in 2019. Fitch's additional sensitivity scenario
incorporates a 35% loss severity on RiverTown Crossings Mall
(24.3%) due to declining sales and concerns regarding anchor
tenants, and a 35% loss severity on Hanford Mall (6.4%) due to lack
of updated tenant sales and 38.8% NRA expiring in 2019 including
anchor tenant Sears and Cinemark. Rating downgrades are possible if
performance at these properties decline. Rating Outlooks on classes
A-3 through D remain Stable due to increasing credit enhancement
and expected continued paydown. Future rating upgrades may occur
with improved pool performance and additional defeasance or
paydown.

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:

  -- $21.1 million class A-3 at 'AAAsf'; Outlook Stable;

  -- $114 million class A-4 at 'AAAsf'; Outlook Stable;

  -- $213.5 million class X-A* at 'AAAsf'; Outlook Stable;

  -- $78.4 million class A-J at 'AAAsf'; Outlook Stable;

  -- $28.1 million class B at 'AAsf'; Outlook Stable;

  -- $31.9 million class C at 'Asf'; Outlook Stable;

  -- $18.4 million class D at 'BBB+sf'; Outlook Stable;

  -- $28.1 million class E at 'BBB-sf'; Outlook to Negative from
Stable;

  -- $10.6 million class F at 'BBsf'; Outlook to Negative from
Stable;

  -- $9.7 million class G at 'Bsf'; Outlook to Negative from
Stable.

  - Notional amount and interest only.

Fitch does not rate the $27.1 million class NR certificates or the
$153.8 million X-B interest-only class. Classes A-1 and A-2 were
repaid in full.


CARLYLE GLOBAL 2016-2: Moody's Rates $16MM Class D-2R Notes 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to three classes of
CLO refinancing notes issued by Carlyle Global Market Strategies
CLO 2016-2, Ltd.:

Moody's rating action is as follows:

US$310,000,000 Class A-1R Senior Secured Floating Rate Notes due
2027 (the "Class A-1R Notes"), Definitive Rating Assigned Aaa (sf)


US$70,000,000 Class A-2R Senior Secured Floating Rate Notes due
2027 (the "Class A-2R Notes"), Definitive Rating Assigned Aa1 (sf)


US$16,000,000 Class D-2R Mezzanine Secured Deferrable Floating Rate
Notes due 2027 (the "Class D-2R Notes"), Definitive Rating 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.

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
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 three classes of Refinancing Notes on August
3, 2018 in connection with the refinancing of four classes of the
secured notes previously issued on June 8, 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: extension of the non-call period to
August 4, 2019, extension of the weighted average life (WAL) test
by one year and changes to the collateral quality matrix and
modifiers.

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
relating to certain factors and circumstances, and this uncertainty
could lead to either an upgrade or downgrade of Moody's ratings:

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

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

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

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

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

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

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

Together with the set of modeling assumptions described, Moody's
conducted additional sensitivity analyses, which were considered in
determining the rating 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 default
probability assumption. 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):

Percentage Change in WARF -- increase of 20% (from 2928 to 3514)

Rating Impact in Rating Notches

Class A-1R Notes: 0

Class A-2R Notes: -2

Class D-2R Notes: -2

Percentage Change in WARF -- decrease of 20% (from 2928 to 2342)

Rating Impact in Rating Notches

Class A-1R Notes: 0

Class A-2R Notes: +1

Class D-2R Notes: +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 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: $498,674,761

Defaulted par: $2,650,478

Diversity Score: 67

Weighted Average Rating Factor (WARF): 2928 (corresponding to a
weighted average default probability of 25.74%)

Weighted Average Spread (WAS): 3.64%

Weighted Average Recovery Rate (WARR): 48.55%

Weighted Average Life (WAL): 6.89 years


CENT CLO 24: S&P Assigns B Rating on $14MM Class E-R Notes
----------------------------------------------------------
S&P Global Ratings assigned its 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 U.S. collateralized loan obligation (CLO) transaction
managed by Columbia Management Investment Advisers LLC. The
replacement notes were issued via a supplemental indenture. At the
same time, S&P withdrew its ratings on the original class A-1, A-2,
B, C, D-1, D-2, and E notes from this transaction following their
payment in full on the Aug. 8, 2018, refinancing date.

On the Aug. 8, 2018, refinancing date, the proceeds from the class
replacement note issuances were used to redeem the original notes
as outlined in the transaction document provisions. Therefore, S&P
withdrew its ratings on the original notes in line with their full
redemption and assigned its ratings to the replacement notes.

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

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

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

  RATINGS ASSIGNED

  Cent CLO 24 Ltd./Cent CLO 24 Corp.

  Replacement class          Rating      Amount (mil. $)
  A-1-R                      AAA (sf)             431.90
  A-2-R                      AA (sf)              102.90
  B-1-R                      A (sf)                24.00
  B-2-R                      A (sf)                18.00
  C-R                        BBB (sf)              35.70
  D-R                        BB (sf)               31.50
  E-R                        B (sf)                14.00
  Subordinated notes         NR                    64.75
  
  RATINGS WITHDRAWN

  Cent CLO 24 Ltd./Cent CLO 24 Corp.

                             Rating
  Original class       To              From
  A-1                  NR              AAA (sf)
  A-2                  NR              AA (sf)
  B                    NR              A (sf)
  C                    NR              BBB (sf)
  D-1                  NR              BB (sf)
  D-2                  NR              BB (sf)
  E                    NR              B (sf)

  NR--Not rated.


CITIGROUP COMMERCIAL 2013-GC15: Fitch Rates Class F Certs 'Bsf'
---------------------------------------------------------------
Fitch Ratings affirms 13 classes of Citigroup Commercial Mortgage
Trust (CGCMT) commercial mortgage pass-through certificates, series
2013-GC15.

KEY RATING DRIVERS

Stable Loss Expectations: Pool-level losses have remained within
Fitch's expectations since the last rating action and since
issuance. Overall collateral performance has been relatively stable
since issuance despite some fluctuation in the Fitch Loans of
Concern (FLOCs). The pool has not incurred any losses to date. One
asset (0.5%) is specially serviced and is REO. Eighteen loans
totaling 25.7% are on the servicer watchlist for either upcoming
maturities, rollover concerns, and deferred maintenance. Fourteen
loans (19.9%), including the specially serviced asset, have been
flagged as FLOCs.

Improved Credit Enhancement: Credit enhancement (CE) has improved
modestly since issuance given loan amortization, loan payoffs and
defeasance. The pool has paid down approximately 17.3% since
issuance, and an additional 4.0% of the pool is defeased. While CE
has improved, Rating Outlooks remain Stable given the FLOCs.

Fitch Loans of Concern: Fourteen loans (19.9%) have been identified
as FLOCs, including three (11.3%) of the top 10 loans and one loan
(0.5%) in special servicing. The largest FLOCs, SkySong Center
(5.0%; Scottsdale, AZ) and Columbia Square (2.6%, San Diego, CA),
are secured by office properties which have experienced occupancy
declines and have significant near term rollover. The remaining
largest FLOC, 735 Sixth Avenue (3.7%, NYC), is secured by a retail
property whose largest tenant (David's Bridal, 66%), lease expires
in September 2018 and a cash sweep is in place. In addition, the
second largest tenant, T-Mobile (15%), has vacated. The specially
serviced loan (0.5%) has experienced significant cash flow decline
due to low occupancy. Per the servicer reporting, occupancy has
fallen to 20% as of February 2018. The loan transferred to special
servicing in December 2015 for imminent default, and has been in
payment default since February 2016. The asset became REO in
December 2017.

Pool Concentrations: Highly diverse pool with the top 10 loans
representing 44.5% of the pool balance, well below Fitch rated
transactions between 2013 and 2017. Four loans (22.7%) are
full-term interest only. Thirteen loans (26.6%) were structured as
partial interest-only of which 11 (15.5%) have transitioned into
their amortization periods. Approximately 32.7% of the pool is
secured by retail properties (36 loans), including five loans
(11.7%) within the top 15, none of which are classified as regional
malls.

Upcoming Maturities: Five non-defeased loans (12.0%), which
includes the largest loan (7.0%) in the pool mature in September
2018 with the remaining loans (87.5%) maturing in 2023. Fitch was
not provided with updates on the refinance status of these loans.

RATING SENSITIVITIES

Rating Outlooks on all classes remain Stable. Although CE has
improved since issuance, FLOCs represent approximately 20% of the
pool. Positive Outlooks or rating upgrades on senior classes are
possible if the largest and ninth largest loans in the pool with
September 2018 maturities pay in full, and three of the top 15
loans (11%) with upcoming lease rollover and/or declines in
occupancy stabilize. Downgrades may be possible should overall
performance decline significantly.

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

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

Fitch has affirmed the following ratings:

  -- $100.9 million class A-2 at 'AAAsf', Outlook Stable;

  -- $150 million class A-3 at 'AAAsf', Outlook Stable;

  -- $264.2 million class A-4 at 'AAAsf', Outlook Stable;

  -- $72.2 million class A-AB at 'AAAsf', Outlook Stable;

  -- $94.8 million class A-S at 'AAAsf', Outlook Stable;

  -- $682.1 million* class X-A at 'AAAsf', Outlook Stable;

  -- $18.1 million* class X-C at 'BBsf', Outlook Stable;

  -- $54.4 million class B at 'AA-sf', Outlook Stable;

  -- $204.9 million** class PEZ at 'A-sf', Outlook Stable;

  -- $55.8 million class C at 'A-sf', Outlook Stable;

  -- $50.2 million class D at 'BBB-sf', Outlook Stable;

  -- $18.1 million class E at 'BBsf', Outlook Stable;

  -- $16.7 million class F at 'Bsf', Outlook Stable.

Notional amount and interest-only.

Class A-S, B, and C certificates may be exchanged for class PEZ
certificates, the class PEZ certificates may be exchanged for up to
the full certificate principal amount of the class A-S, B, and C
certificates.

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


CITIGROUP COMMERCIAL 2016-2: Fitch Affirms B- Rating on 2 Tranches
------------------------------------------------------------------
Fitch Ratings affirms 17 classes of Citigroup Commercial Mortgage
Trust Commercial Mortgage Pass-Through Certificates, series
2016-C2.

KEY RATING DRIVERS

Overall Stable Performance and Loss Expectations: The affirmations
are based on the stable performance of the underlying collateral.
There have been no material changes to the pool since issuance, and
therefore the original rating analysis was considered in affirming
the transaction. Fitch has designated two loans (4.3% of the
remaining pool balance) as Fitch Loans of Concern. There are no
loans on the servicer's watchlist and no loans are delinquent or in
special servicing. There have been no realized losses to date, and
interest shortfalls are currently impacting classes H and H-2.

Minimal Credit Enhancement Improvement/Limited Amortization: As of
the July 2018 distribution date, the pool's aggregate principal
balance has been paid down by 0.76% to $603.7 million from $609.2
million at issuance.

The pool is scheduled to amortize by 9.6% of the initial pool
balance through maturity, which is below both the 2015 and 2016
averages of 11.7% and 10.4%, respectively, for fixed rate
transactions. Of the current pool, eleven loans (32.6%) are
full-term interest-only and 14 loans (41.6%) are partial-term
interest-only.

High Retail Concentration: Loans collateralized by retail
properties account for 24.4% of the pool, including one regional
mall (9.9%) and one Fitch Loan of Concern (2.7%).

The second largest loan in the pool is Opry Mills (9.9%), a
regional mall located in Nashville, TN. The mall does not have
exposure to traditional anchors like JC Penney, Sears, or Macy's;
instead major tenants include Bass Pro Shops, Regal Cinemas, and
Dave & Buster's. As of YE 2017, the property was 99% occupied and
performing at a 2.61x debt service coverage ratio (DSCR).

Jay Scutti Plaza (2.7%) a shopping center in Rochester, NY, is a
Fitch Loan of Concern. Toys R Us, which declared bankruptcy and
closed all stores in June 2018, was the second largest tenant at
the property occupying 16.2% of the net rentable area and
accounting for 7.5% of the annual base rent. As of YE 2017, the
property was 100% occupied and performing at a 2.39x DSCR.

Hotel Concentration: Loans collateralized by hotel properties
account for 19.6% of the pool, including four (15.8%) in the top
15. Hotels in the top 15 include an extended stay hotel in New York
City's Times Square with a franchise expiration date in April 2020,
a full service resort on the beach in Huntington Beach, CA, a hotel
portfolio with two properties located in Scranton, PA and West
Springfield, MA, and a full-service hotel in the Detroit metro.

Maturity Concentration: Maturities for the pool are as follows:
2021 - one loan (2.6%), 2025 - one loan (1.5%), and 2026 - 42 loans
(95.9%).

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.

Deutsche Bank is the trustee for the transaction, and also serves
as the backup advancing agent. Fitch's Issuer Default Rating for
Deutsche Bank is currently 'BBB+'/Negative/'F2'. Fitch relies on
the master servicer, Midland Loan Services, a division of PNC Bank,
N.A. (A+/Stable/F1), which is currently the primary advancing
agent, as counterparty. Fitch provided ratings confirmation on Jan.
24, 2018.

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:

  -- $14.8 million class A-1 notes at 'AAAsf'; Outlook Stable;

  -- $15.1 million class A-2 notes at 'AAAsf'; Outlook Stable;

  -- $170 million class A-3 notes at 'AAAsf'; Outlook Stable;

  -- $189.3 million class A-4 notes at 'AAAsf'; Outlook Stable;

  -- $31.8 million class A-AB notes at 'AAAsf'; Outlook Stable;

  -- $451.4 million (a) class X-A notes at 'AAAsf'; Outlook Stable;


  -- $68.5 million (a) class X-B notes at 'A-sf'; Outlook Stable;

  -- $30.5 million class A-S notes at 'AAAsf'; Outlook Stable;

  -- $35 million class B notes at 'AA-sf'; Outlook Stable;

  -- $33.5 million class C notes at 'A-sf'; Outlook Stable;

  -- $32.7 million class D notes at 'BBB-sf'; Outlook Stable;

  -- $32.7 million (a) class X-D notes at 'BBB-sf'; Outlook
Stable;

  -- $9.1 million (b) class E-1 notes at 'BB+sf'; Outlook Stable;

  -- $9.1 million (b) class E-2 notes at 'BB-sf'; Outlook Stable;

  -- $18.3 million (b) class E notes at 'BB-sf'; Outlook Stable;

  -- $5.3 million (b) class F notes at 'B-sf'; Outlook Stable;

  -- $23.6 million (b) class EF notes at 'B-sf'; Outlook Stable.

(a) Notional amount and interest-only

(b) Exchangeable certificates

Fitch does not rate the class F-1, F-2, G-1, G-2, G, EFG, H-1, H-2,
or H certificates.


COMM 2004-LNB2: DBRS Confirms CCC Rating on Class K Certs
---------------------------------------------------------
DBRS Limited confirmed all classes of the Commercial Mortgage
Pass-Through Certificates, Series 2004-LNB2 issued by COMM
2004-LNB2 as follows:

-- Class C at AAA (sf)
-- Class D at AAA (sf)
-- Class E at AAA (sf)
-- Class F at AAA (sf)
-- Class G at AAA (sf)
-- Class H at AAA (sf)
-- Class J at AAA (sf)
-- Class K at CCC (sf)

All trends are stable except for Class K, which carries no trend.

The rating actions reflect the current composition of the remaining
collateral in the transaction. As of the July 2018 remittance
report, the transaction has experienced collateral reduction of
92.4% as a result of successful loan repayment, scheduled
amortization, realized losses from liquidated loans and principal
recoveries from liquidated loans as only five of the original 90
loans remain in the pool.

The largest three loans, representing 94.8% of the current pool
balance, are fully defeased and are scheduled to mature in December
2018, March 2019 and January 2019, respectively. Additionally, the
Walgreens College Station loan, representing 2.3% of the pool, is
secured by a single-tenant retail property occupied by the Walgreen
Company (Walgreens), an investment-grade-rated tenant, on a
triple-net lease with extension options until May 2078. The loan is
fully amortizing and Walgreens' original lease expires at loan
maturity in April 2028. The remaining loan, Alta Mesa, representing
3.0% of the current pool balance, is in special servicing because
of a maturity default and became real-estate owned in February
2016. The property has struggled since its former shadow anchor,
Sack N Save, vacated in 2010. In DBRS's analysis for this review,
DBRS assumed a loss severity approaching 40% based on the most
recent appraised value of $2.9 million as of February 2018. For
additional information on this loan, please see the loan commentary
on the DBRS Viewpoint platform, for which information is provided
below.

The ratings assigned to Class K materially deviate from the higher
ratings 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 uncertain
loan-level event risk.


COMM 2013-CCRE6: Moody's Affirms B2 Rating on Class F Certs
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four classes
and affirmed the ratings on nine classes in COMM 2013-CCRE6
Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2013-CCRE6 as follows:

Cl. A-SB, Affirmed Aaa (sf); previously on Jul 20, 2017 Affirmed
Aaa (sf)

Cl. A-3FL, Affirmed Aaa (sf); previously on Jul 20, 2017 Affirmed
Aaa (sf)

Cl. A-3FX, Affirmed Aaa (sf); previously on Jul 20, 2017 Affirmed
Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Jul 20, 2017 Affirmed Aaa
(sf)

Cl. A-M, Affirmed Aaa (sf); previously on Jul 20, 2017 Affirmed Aaa
(sf)

Cl. B, Upgraded to Aa2 (sf); previously on Jul 20, 2017 Affirmed
Aa3 (sf)

Cl. C, Upgraded to A2 (sf); previously on Jul 20, 2017 Affirmed A3
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Jul 20, 2017 Affirmed Baa3
(sf)

Cl. E, Affirmed Ba2 (sf); previously on Jul 20, 2017 Affirmed Ba2
(sf)

Cl. F, Affirmed B2 (sf); previously on Jul 20, 2017 Affirmed B2
(sf)

Cl. PEZ, Upgraded to Aa3 (sf); previously on Jul 20, 2017 Affirmed
A1 (sf)

Cl. X-A, Affirmed Aaa (sf); previously on Jul 20, 2017 Affirmed Aaa
(sf)

Cl. X-B, Upgraded to A1 (sf); previously on Jul 20, 2017 Affirmed
A2 (sf)

RATINGS RATIONALE

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

The ratings on two P&I classes, Cl. B and Cl. C, were upgraded
based primarily on an increase in credit support resulting from
loan paydowns and amortization. The deal has paid down 20.8% since
Moody's last review and 28.5% since securitization.

The rating on the exchangeable class, Cl. PEZ, was upgraded due to
the weighted average rating factor (WARF) of its exchangeable
classes.

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

The rating on one IO class, Class X-B, was upgraded due to an
improvement in the credit quality of the referenced classes.

Moody's rating action reflects a base expected loss of 2.3% of the
current pooled balance, compared to 2.6% at Moody's last review.
Moody's base expected loss plus realized losses is now 1.6% 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 methodologies used in rating COMM 2013-CCRE6 Mortgage Trust,
Cl. A-SB, Cl. A-3FL, Cl. A-3FX, Cl. A-4, Cl. A-M, Cl. B, Cl. C, 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 principal methodology used in rating
COMM 2013-CCRE6 Mortgage Trust, Cl. PEZ was "Moody's Approach to
Rating Repackaged Securities" published in June 2015. The
methodologies used in rating COMM 2013-CCRE6 Mortgage Trust, Cl.
X-A and Cl. X-B 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 10, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 28.5% to $1.068
billion from $1.494 billion at securitization. The certificates are
collateralized by 41 mortgage loans ranging in size from less than
1% to 12.2% of the pool, with the top ten loans (excluding
defeasance) constituting 73% of the pool. One loan, constituting
12.2% of the pool, have investment-grade structured credit
assessments. Three loans, constituting 1.6% of the pool, have
defeased and are secured by US government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 15, compared to 18 at Moody's last review.

Four loans, constituting 6.9% 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.

No loans have been liquidated from the pool and one loan,
constituting less than 0.5% of the pool, is currently in special
servicing.

Moody's received full year 2017 operating results for 92% of the
pool, and partial year 2018 operating results for 36% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 88%, compared to 91% at Moody's last review.
Moody's conduit component excludes loans with structured credit
assessments, defeased and CTL loans, and specially serviced and
troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 15.1% to the most recently available net
operating income (NOI). Moody's value reflects a weighted average
capitalization rate of 9.4%.

Moody's actual and stressed conduit DSCRs are 1.98X and 1.22X,
respectively, compared to 1.92X and 1.20X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The loan with a structured credit assessment is the Federal Center
Plaza Loan ($130.0 million -- 12.2% of the pool), which is secured
by two adjacent office buildings totaling 725,000 square feet (SF)
in Washington, DC. The property is well-located between the US
Capitol and Washington Monument, two blocks from two separate metro
stations (Federal Center SW and L'Enfant Plaza). The property was
87% leased as of March 2018, compared to 94% as of December 2016,
with federal government agencies as the largest tenants. The
Department of State downsized their space at the property at their
lease expiration in January 2018, from 388,523 SF to 297,269 SF.
Additionally, there is significant lease rollover risk from the
Federal Emergency
Management Agency, which has a lease expiration date in August
2019. Due to the significant tenant concentration at the property,
Moody's value incorporated a partial Lit/Dark analysis. Moody's
structured credit assessment and stressed DSCR are baa3 (sca.pd)
and 1.30X, respectively.

The top three conduit loans represent 29.2% of the pool balance.
The largest loan is the Moffett Towers Loan ($114.9 million --
10.8% of the pool), which represents a pari passu portion of a
$320.8 million senior mortgage loan. The loan is secured by three
eight-story Class A office buildings totaling approximately 950,000
SF located in Sunnyvale, California. Each building is LEED Gold
certified and the properties have 2,881 parking spaces as well as
shared amenities. As of March 2018, the property was 98% leased,
compared to 100% in December 2016 and 89% at securitization. All
tenants at the property are on triple net leases. Moody's LTV and
stressed DSCR are 99% and 0.98X, respectively, compared to 101% and
0.96X at the last review.

The second largest loan is The Avenues Loan ($110.0 million --
10.3% of the pool), which is secured by an approximately 599,000 SF
retail component of a 1.1 million SF super-regional mall in
Jacksonville, Florida. The property was 90% leased as of December
2017, compared to 92% leased in December 2016 and 90% in December
2015. The property is sponsored by Simon Property Group. Moody's
LTV and stressed DSCR are 77% and 1.38X, respectively, compared to
75% and 1.40X at the last review.

The third largest loan is the Paramount Plaza Loan ($86.9 million
-- 8.1% of the pool), which is secured by two 21-story, Class B
office buildings connected by a shared parking garage. The property
is located within the Mid-Wilshire submarket of Los Angeles,
California, approximately ten miles from LAX. At securitization,
the office space was 71.7% occupied by approximately 150 tenants,
with no tenant accounting for more than 7% of the net rentable
area. As of March 2018, the property was 62% leased, up from to 60%
in December 2016. Moody's LTV and stressed DSCR are 104% and 0.99X,
respectively, compared to 106% and 0.97X at the last review.


COMM 2013-GAM: Fitch Affirms 'BB-sf' Rating on Class F Debt
-----------------------------------------------------------
Fitch Ratings has affirmed all classes of COMM 2013-GAM Mortgage
Trust with Stable Rating Outlooks.

KEY RATING DRIVERS

Stable Collateral Occupancy and Net Cash Flow: The affirmation is
due to relatively stable collateral performance since Fitch's last
rating action. Occupancy has remained strong at 99.1% at March 2018
compared to 97.9% at March 2017 and 97.6% at YE 2015. The servicer
reported YE 2017 net cash flow (NCF) debt service coverage ratio
(DSCR) was 1.81x, compared to 1.80x at YE 2016, 1.78x at YE 2015
and 1.71 at issuance.

Improved In-line Sales; Declining Anchor Sales: Comparable in-line
sales were $635 per square foot (psf ) as of trailing 12 months
(TTM) March 2018, compared with $611 psf as of TTM March 2017, $650
psf at YE2015, $580 psf at YE2014, $545 psf at YE2013 and $501 psf
at issuance. Macy's sales dropped to $178 psf as of TTM March 2018
from $204 psf at YE 2015 and $225 at issuance while Macy's Men's &
Furniture declined to $142 psf as of TTM March 2018 from $173 psf
at issuance. JCPenney's sales have declined to $143 psf as of TTM
March 2018 from $168 psf at YE 2015 and $197 psf at issuance.
Kohl's sales have declined to $87 psf as of TTM March 2018 from $95
psf at YE 2015 and $111 psf at issuance. BJ's Wholesale Club has
increased to $899 psf as of TTM March 2018 from $896 psf at YE 2015
but declined from $928 psf at issuance. Sears sales have remained
relatively stable at $241 psf from $242 psf at issuance.

Amortization: The loan will amortize by $60 million over the
eight-year loan term. As of the July 2018 distribution date the
pool's aggregate certificate balance has paid down approximately
10.9% as a result of scheduled amortization.

Single Asset Concentration: The transaction is secured by a single
property and, therefore, is more susceptible to single-event risk
related to the market, sponsor, or the largest tenants occupying
the property. The asset is well located in a densely populated
area. The loan sponsor is an entity controlled by Macerich Company,
an experienced owner of regional shopping centers and malls.

RATING SENSITIVITIES

The Rating Outlooks remain Stable, which reflects the relatively
stable collateral performance. Upgrades may occur with continued
stable to improved performance. Downgrades may occur should
performance significantly deteriorate. Fitch will continue to
monitor the mall's performance to ensure that revenues and expenses
considered at the time of Fitch's initial ratings remain in line
over the loan's term.

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:

  -- $19.6 million A-1 at 'AAAsf'; Outlook Stable;

  -- $154.9 million class A-2 at 'AAAsf'; Outlook Stable;

  -- $181.1 class X-A at 'AAAsf'; Outlook Stable;

  -- $26 million class B at 'AA-sf'; Outlook Stable;

  -- $17 million class C at 'Asf'; Outlook Stable;

  -- $24.8 million class D at 'BBBsf'; Outlook Stable;

  -- $19 million class E at 'BBB-sf'; Outlook Stable;

  -- $27.6 million class F at 'BB-sf'; Outlook Stable.


CONN'S RECEIVABLES 2018-A: Fitch to Rate Class C Notes 'B-sf(EXP)'
------------------------------------------------------------------
Fitch Ratings expects to assigns the following ratings to Conn's
Receivables Funding 2018-A, LLC (Conn's 2018-A), which consists of
notes backed by retail loans originated and serviced by Conn
Appliances, Inc. (Conn's):

  -- $219,200,000 class A notes 'BBBsf(EXP)'; Outlook Stable;

  -- $69,550,000 class B notes 'BBsf(EXP)'; Outlook Stable;

  -- $69,550,000 class C notes 'B-sf(EXP)'; Outlook Stable;

  -- class R notes 'NR'.

KEY RATING DRIVERS

Subprime Collateral Quality: Conn's has a weighted average (WA)
FICO of 608 and 10.8% of the loans have scores below 550. Fitch
assigned a base case default rate of 25% and applied a 2.2x stress
at the 'BBBsf' level. The default multiple reflects the high
absolute value of the historical defaults, the variability of
default performance in recent years and the high geographical
concentration.

Rating Cap at 'BBBsf': Due to the subprime credit risk profile of
the customer base, higher loan defaults in recent years, management
changes at Conn's, the high concentration of receivables from Texas
and servicing continuity risk due to in-store payments, Fitch
placed a rating cap on this transaction at the 'BBBsf' category.

Recent Asset Performance: Cumulative defaults increased with each
successive vintage from fiscal year (FY) 2012 through FY2017 as the
company aggressively expanded its originations. Early performance
indicators on the FY2018 vintage do suggest some stabilization. To
account for this, Fitch focused on the FY2016 and FY2017 periods
for its default assumption derivation to project future portfolio
performance.

Servicing Capabilities: Conn Appliances, Inc. has a long track
record as an originator, underwriter and servicer. The credit risk
profile of the entity is mitigated by the backup servicing provided
by Systems & Services Technologies, Inc. (SST), which has committed
to servicing transition period of 30 days. Fitch considers all
parties to be adequate servicers for this pool based on prior
experience and capabilities.

RATING SENSITIVITIES

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 credit enhancement (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.

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 a base case loss assumption to
reflect asset performance in a stressed environment. Second,
structural protection was analyzed with Fitch's proprietary cash
flow model. The results here should only be considered as one
potential outcome as the transaction is exposed to multiple risk
factors that are all dynamic variables.

  -- Default increase 10%: class A 'BBBsf'; class B 'BBsf'; class C
'CCCsf';

  -- Default increase 25%: class A 'BB+sf'; class B 'BB-sf'; class
C be low 'CCCsf';

  --Default increase 50%: class A 'BBsf'; class B 'B-sf'; class C
below 'CCCsf';

  -- Recoveries decrease to 0%: class A 'BBBsf'; class B 'BBsf';
class C 'B-sf'.


CONNECTICUT AVE 2018-C05: DBRS Finalizes B(high) on 19 Tranches
---------------------------------------------------------------
DBRS, Inc. finalized the following provisional ratings on 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.

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.

DBRS notes the following strengths and challenges for this
transaction:

STRENGTHS

-- Seller (or lender)/servicer approval process and quality
     control platform;
-- Well-diversified Reference Pool;
-- Strong alignment of interest;
-- Strong structural protections; and
-- Extensive performance history.

CHALLENGES

-- Unsecured obligation of Fannie Mae;
-- Representation and warranties framework; and
-- Limited third-party due diligence.


CONNECTICUT AVE 2018-C05: Fitch Gives BB- Ratings on 18 Tranches
----------------------------------------------------------------
Fitch Ratings assigns 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 its 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.


COVENANT CREDIT II: Moody's Lowers Rating on Cl. F Notes to Caa1
----------------------------------------------------------------
Moody's Investors Service has downgraded the rating on the
following notes issued by Covenant Credit Partners CLO II, Ltd.:

US$10,000,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2026, Downgraded to Caa1 (sf); previously on November 12, 2014
Assigned B2 (sf)

Moody's also upgraded the ratings on the following notes issued by
Covenant Credit Partners CLO II, Ltd.:

US$56,000,000 Class B-R Senior Secured Floating Rate Notes due
2026, Upgraded to Aaa (sf); previously on April 17, 2017 Assigned
Aa1 (sf)

US$36,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2026, Upgraded to A1 (sf); previously on November 12,
2014 Assigned A2 (sf)

In addition, Moody's affirmed the ratings on the following notes:

US$315,000,000 Class A-R Senior Secured Floating Rate Notes due
2026, Affirmed Aaa (sf); previously on April 17, 2017 Assigned Aaa
(sf)

US$28,000,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2026, Affirmed Baa3 (sf); previously on November 12, 2014
Assigned Baa3 (sf)

US$25,000,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2026, Affirmed Ba3 (sf); previously on November 12, 2014
Assigned Ba3 (sf)

Covenant Credit Partners CLO II, Ltd., issued in Nov 2014, is a
collateralized loan obligation (CLO) backed primarily by a
portfolio of senior secured loans. The transaction's reinvestment
period will end in October 2018.

RATINGS RATIONALE

The upgrade and affirmation actions reflect the benefit of the
limited period of time remaining before the end of the deal's
reinvestment period in October 2018, and the expectation that
deleveraging will commence shortly. On the other hand, the
downgrade action on the Class F notes reflects the specific risks
to the junior notes posed by par loss, and spread compression
observed in the underlying CLO portfolio. Based on the trustee's
July 2018 report, the total collateral par balance is $493.6
million, or $6.4 million less than the $500 million initial par
amount targeted during the deal's ramp-up. Furthermore, the
trustee-reported weighted average spread (WAS) is currently 3.01%
compared to 3.68% in July 2017.

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) 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 modeling
results, which may be different from the current public ratings of
the notes. Here is a summary of the impact of different default
probabilities (expressed in terms of WARF) on all of the rated
notes (by the difference in the number of notches versus the
current model output, for which a positive difference corresponds
to lower expected loss):

Moody's Adjusted WARF -- 20% (2214)

Class A-R: 0

Class B-R: 0

Class C: +3

Class D: +3

Class E: +1

Class F: +4

Moody's Adjusted WARF + 20% (3322)

Class A-R: 0

Class B-R: -1

Class C: -2

Class D: -1

Class E: -1

Class F: -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 and the weighted
average recovery rate, 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 $493.6 million, no defaulted par, a
weighted average default probability of 19.78% (implying a WARF of
2768), a weighted average recovery rate upon default of 48.73%, a
diversity score of 65 and a weighted average spread of 3.20%
(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.


CSAIL 2018-CX12: DBRS Gives (P)BB(high) Rating on Class G-RR Certs
------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2018-CX12 to
be issued by CSAIL 2018-CX12 Commercial 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 B at AA (sf)
-- Class X-B at AA (low) (sf)
-- Class C at A (high) (sf)
-- Class X‑D at A (high) (sf)
-- Class D at A (sf)
-- Class E-RR at BBB (high) (sf)
-- Class F-RR at BBB (low) (sf)
-- Class G-RR at BB (high) (sf)

All trends are Stable.

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

The collateral consists of 41 fixed-rate loans secured by 44
commercial and multifamily properties. The transaction is a
sequential-pay pass-through structure. Three loans, representing
23.2% 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 23.2% of the pool has no proceeds
assigned below the rated floor, the resulting subordination is
diluted or reduced below the rated floor. 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. When the cut-off loan balances were measured
against the DBRS Stabilized Net Cash Flow and their respective
actual constants, only one loan, representing 0.2% of the pool, has
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 20 loans, representing
59.8% of the pool, having refinance DSCRs below 1.00x, and 11
loans, representing 34.5% of the pool, having refinance DSCRs below
0.90x.

Three of the largest five loans — 20 Times Square, Aventura Mall
and Queens Place — exhibit credit characteristics consistent with
investment-grade shadow ratings. Combined, these loans represent
23.2% of the pool. 20 Times Square has credit characteristics
consistent with a AAA shadow rating, while Aventura Mall exhibits
credit characteristics consistent with a BBB (high) shadow rating,
and Queens Place has credit characteristics consistent with an A
(high) shadow rating. Only two loans, totaling 1.5% of the
transaction balance, are secured by properties that are either
fully or primarily leased to a single tenant. The largest of these
loans is The Studio School NYC (The Studio School), representing
1.4% of the pool balance and 90.3% of the single-tenant
concentration. The property is located in Manhattan's densely
populated Upper West Side neighborhood, occupied solely by The
Studio School. Loans secured by properties occupied by single
tenants have been found to suffer higher loss severities in an
event of default.

Eleven loans, representing 27.1% of the pool, are secured by full-
and limited-service hotel properties, including four of the top 15
loans. Hotels have the highest cash flow volatility of all major
property types, as their income, which is derived from daily
contracts rather than multi-year leases, and their expenses, which
are often mostly fixed, are quite high as a percentage of revenue.
These two factors cause revenue to fall swiftly during a downturn
and cash flow to fall even faster as a result of high operating
leverage. However, the loans in the pool secured by hotel
properties exhibit a weighted-average (WA) DBRS Debt Yield and DBRS
Exit Debt Yield of 10.6% and 12.3%, respectively, which compare
quite favorably with the comparable figures of 7.6% and 8.1%,
respectively, for the non-hotel properties in the pool.
Additionally, the majority, or 94.4%, of such loans are located in
established urban or suburban markets that benefit from increased
liquidity and more stable performance.

The deal appears concentrated by property type, with 13 loans,
representing 37.2% of the pool, secured by retail properties. None
of the retail concentration is represented by marginal or
low-quality regional malls that could suffer extraordinarily high
loss severities in the event of default. Two of these loans —
Aventura Mall and Queens Place, representing 36.7% of the office
concentration and 13.7% of the total pool balance — are
shadow-rated investment grade.

The DBRS Refinance (Refi) DSCR is 0.94x, indicating a higher
refinance risk on an overall pool level. In addition, 20 loans,
representing 59.8% of the pool, have DBRS Refi DSCRs below 1.00x.
Eleven of these loans, comprising 34.5% of the pool, have DBRS Refi
DSCRs less than 0.90x, are including four of the top ten loans.
These metrics are based on whole-loan balances. Three of the pool's
loans with a DBRS Refi DSCR below 0.90x, 20 Times Square, Aventura
Mall and Queens Place, which represent 23.2% of the transaction
balance, are shadow-rated investment grade by DBRS and have a large
piece of subordinate mortgage debt outside the trust. Based on
A-note balances only, the deal's WA DBRS Refi DSCR improves
dramatically to 1.09x, and the concentration of loans with DBRS
Refi DSCRS below 1.00x and 0.90x reduces to 44.0% and 11.3%,
respectively. The pool's DBRS Refi DSCRs for these loans are based
on a WA stressed refinance constant of 9.82%, which implies an
interest rate of 9.19% amortizing on a 30-year schedule. This
represents a significant stress of 4.4% over the WA contractual
interest rate of the loans in the pool. DBRS models the probability
of default based on the more constraining of the DBRS Term DSCR and
DBRS Refi DSCR.

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


DBUBS MORTGAGE 2011-LC1: Fitch Affirms Bsf Rating on Class G Certs
------------------------------------------------------------------
Fitch Ratings has upgraded two and affirmed seven classes of DBUBS
Mortgage Trust commercial mortgage pass-through certificates series
2011-LC1.

KEY RATING DRIVERS

Decreased Loss Projections; Increased Credit Enhancement: The
upgrades to classes C and D were driven largely by decreased loss
projections combined with increased credit enhancement to the
senior classes. Since the last rating action, a number of
properties securing top-15 loans have experienced large lease
renewals, lessening some of the previous concern regarding
near-term lease rollover. The pool continues to amortize and has
experienced 58.4% of collateral reduction since issuance.

Concentration: The pool is concentrated by loan size, with 25 of
the original 47 loans still outstanding. The three largest loans in
the pool represent 51% of the total deal balance, and the 10
largest loans represent 91.5%. The pool is also concentrated by
sponsorship, with 12.9% of the collateral sponsored by the same
entity.

Retail Exposure: Loans representing 51.1% of the pool are secured
by retail properties, including seven community shopping centers
(13% of the pool) and nine neighborhood shopping centers (6.8% of
the pool). The largest loan is secured by a regional mall and
represents 22.8% of the pool.

Single-Tenant Risk: Loans representing 28% of the pool are secured
by properties with single-tenant exposure and/or concentrated term
lease rollover, which could pose challenges in refinancing.

Maturity Outlook: Credit enhancement continues to improve. The
majority of collateral reduction to date has been the result of
payoffs of five-year loans from the trust. One loan is scheduled to
mature in 2019, representing 1.7% of the pool, while the remaining
loans are scheduled to mature in 2020 (41.5% of the pool) and 2021
(56.8% of the pool). The weighted-average debt-yield for the pool
is 13.9%.

RATING SENSITIVITIES

The Outlooks for all classes remain Stable. Fitch will continue to
monitor increasing credit enhancement. Future upgrades, especially
to the most junior classes, may be limited given the binary risk
associated with single-tenant properties with leases rolling prior
to or shortly after maturity. Although Fitch does not expect
negative ratings migration, downgrades are possible should a
material economic or asset level event change the transaction's
pool level metrics.

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

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

Fitch has upgraded the following ratings:

  -- $81.6 million class C to 'AAAsf' from 'AAsf'; Outlook Stable;

  -- $49 million class D to 'AAsf' from 'Asf'; Outlook Stable.

Fitch has affirmed the following ratings:

  -- $20.2 million class A-2 at 'AAAsf'; Outlook Stable;

  -- $459.7 million class A-3 at 'AAAsf'; Outlook Stable;

  -- $478.3 million* class X-A at 'AAAsf'; Outlook Stable;

  -- $70.7 million class B at 'AAAsf'; Outlook Stable;

  -- $89.8 million class E at 'BBBsf'; Outlook Stable;

  -- $24.5 million class F at 'BBsf'; Outlook Stable;

  -- $40.8 million class G at 'Bsf'; Outlook Stable.

Notional amount and interest only.

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


ELEVATION CLO 2018-9: Moody's Assigns Ba3 Rating on Class E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by Elevation CLO 2018-9, Ltd.

Moody's rating action is as follows:

US$222,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031 (the "Class A-1 Notes"), Assigned Aaa (sf)

US$12,880,000 Class A-2 Senior Secured Fixed Rate Notes due 2031
(the "Class A-2 Notes"), Assigned Aaa (sf)

US$40,370,000 Class B Senior Secured Floating Rate Notes due 2031
(the "Class B Notes"), Assigned Aa2 (sf)

US$18,350,000 Class C Secured Deferrable Floating Rate Notes due
2031 (the "Class C Notes"), Assigned A2 (sf)

US$23,850,000 Class D Secured Deferrable Floating Rate Notes due
2031 (the "Class D Notes"), Assigned Baa3 (sf)

US$20,190,000 Class E Secured Deferrable Floating Rate Notes due
2031 (the "Class E Notes"), Assigned Ba3 (sf)

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

Elevation 2018-9 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 senior unsecured
loans, second lien loans and first-lien last-out loans. The
portfolio is approximately 95% ramped as of the closing date.

ArrowMark Colorado Holdings 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 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: $367,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2833

Weighted Average Spread (WAS): 3.25%

Weighted Average Spread (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

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

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


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

Together with the set of modeling assumptions, 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 2833 to 3258)

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-2 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 2833 to 3683)

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-2 Notes: -1

Class B Notes: -4

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1


FLAGSHIP CREDIT 2018-3: S&P Gives Prelim. BB- Rating on Cl. E Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Flagship
Credit Auto Trust 2018-3's $297.28 million automobile
receivables-backed notes.

The note issuance is an asset-backed securities transaction backed
by automobile receivables-backed notes.

The preliminary ratings are based on information as of Aug. 8,
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 47.1%, 39.8%, 30.5%, 23.8%,
and 19.5% credit support (including excess spread) for the class A,
B, C, D, and E notes, respectively, based on stressed cash flow
scenarios. These credit support levels provide coverage of
approximately 3.50x, 3.00x, 2.30x, 1.75x, and 1.40x, S&P's
12.50%-13.00% expected cumulative net loss (CNL) range for the
class A, B, C, D, and E notes, respectively. These break-even
scenarios cover total cumulative gross defaults (using a recovery
assumption of 40%) of approximately 78%, 66%, 51%, 40%, and 32%,
respectively.

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

-- S&P said, "The expectation that under a moderate ('BBB') stress
scenario, all else being equal, our ratings on the class A and B
notes would not be lowered by more than one rating category from
our preliminary 'AAA (sf)' and 'AA (sf)' ratings, respectively,
throughout the transaction's life, and our ratings on the class C
and D notes would not be lowered more than two rating categories
from our preliminary 'A (sf)' and 'BBB (sf)' ratings, respectively.
The rating on the class E notes would remain within two rating
categories of our preliminary 'BB- (sf)' rating within the first
year, but the class would eventually default under the 'BBB' stress
scenario after receiving 40%-44% of its principal." The above
rating movements are within the one-category rating tolerance for
'AAA' and 'AA' rated securities during the first year and
three-category tolerance over three years; a two-category rating
tolerance for 'A', 'BBB', and 'BB' rated securities during the
first year; and a three-category tolerance for 'A' and 'BBB' rated
securities over three years. The 'BB' rated securities are
permitted to default under a 'BBB' stress scenario.

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

-- The characteristics of the collateral pool being securitized.

-- The transaction's payment and legal structures.

  PRELIMINARY RATINGS ASSIGNED

  Flagship Credit Auto Trust 2018-3

  Class      Rating       Type           Interest        Amount
                                         rate(i)       (mil. $)
  A          AAA (sf)     Senior         Fixed           183.63
  B          AA (sf)      Subordinate    Fixed            31.61
  C          A (sf)       Subordinate    Fixed            36.88
  D          BBB (sf)     Subordinate    Fixed            27.85
  E          BB- (sf)     Subordinate    Fixed            17.31

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


FREDDIE MAC 2017-SPI1: Moody's Hikes Class M-2 Debt Rating to Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 6 tranches
from three Prime Jumbo and GSE transactions issued in 2015 and
2017. They are Freddie Mac Structured Agency Credit Risk (STACR)
Securitized Participation Interests Trust, Series 2017-SPI1 (STACR
2017-SPI1), Sequoia Mortgage Trust 2017-7 (SEMT 2017-7) and
WinWater Mortgage Loan Trust 2015-4 (WMLT 2015-4).

STACR 2017-SPI1 is the first in a new series of credit risk-sharing
transactions from Freddie Mac. As of issuance, the transaction is
backed by 3,231 first-lien, conforming and super conforming,
fixed-rate mortgages.

Both SEMT 2017-7 and WMLT 2015-4 are backed by pools of prime
quality, first-lien mortgage loans. The mortgage loans in the pools
are all fixed-rate with 30-year terms.

Complete rating actions are as follows:

Issuer: Freddie Mac Structured Agency Credit Risk (STACR)
Securitized Participation Interests Trust, Series 2017-SPI1

Cl. M-2, Upgraded to Ba3 (sf); previously on Oct 26, 2017
Definitive Rating Assigned B2 (sf)

Issuer: Sequoia Mortgage Trust 2017-7

Cl. B-2, Upgraded to A2 (sf); previously on Oct 6, 2017 Definitive
Rating Assigned A3 (sf)

Cl. B-3, Upgraded to Baa2 (sf); previously on Oct 6, 2017
Definitive Rating Assigned Baa3 (sf)

Issuer: WinWater Mortgage Loan Trust 2015-4

Cl. B-2, Upgraded to Aa1 (sf); previously on Sep 28, 2017 Upgraded
to Aa2 (sf)

Cl. B-3, Upgraded to Aa2 (sf); previously on Sep 28, 2017 Upgraded
to Aa3 (sf)

Cl. B-4, Upgraded to A1 (sf); previously on Sep 28, 2017 Upgraded
to A3 (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 pools. As of June 2018, there were minimal serious
delinquencies (loans 60 days or more delinquent) in the underlying
pools.

For STACR 2017-SPI1, unlike any post crisis prime jumbo or GSE
sponsored securitizations, there will not be any pool level
performance triggers in this transaction. Instead, the performance
triggers are set at a loan level. The mortgage loans will be housed
in a participation interest trust (PI trust), which will issue two
types of certificates for every loan in the trust: (1) pass-through
certificate (PC) participation interests representing 96%
beneficial interest in the loan and (2) credit participation
interests representing 4% beneficial interest in the loan. On the
closing date, Class X balance will be zero and will be increased by
the PC participation interest repurchased from the PC trust. Class
X certificate will accrue interest and will be senior to other
certificates issued by the SPI trust. All certificates issued by
the SPI trust will be paid principal sequentially and realized
losses will be allocated reverse sequentially.

For SEMT 2017-7 and WMLT 2015-4, both transactions' 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 $4,905,626 for SEMT 2017-7 and $7,897,610 for
WMLT 2015-4 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 transactions, the due diligence findings of the
third party reviews received at the time of issuance, and the
strength of the transactions' 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.


FREDDIE MAC SCRT 2018-3: Fitch to Rate Class M Certs 'B-sf'
-----------------------------------------------------------
Fitch Ratings expects to rate Freddie Mac's risk-transfer
transaction, Seasoned Credit Risk Transfer Trust Series 2018-3
(SCRT 2018-3) as follows:

  -- $75,523,000 class M certificates 'B-sf'; Outlook Stable.

Fitch will not rate the following classes:

  -- $640,946,000 class HT certificates;

  -- $480,710,000 class HA exchangeable certificates;

  -- $160,236,000 class HB exchangeable certificates;

  -- $80,118,000 class HV exchangeable certificates;

  -- $80,118,000 class HZ exchangeable certificates;

  -- $1,413,373,000 class MT certificates;

  -- $1,060,031,000 class MA exchangeable certificates;

  -- $353,342,000 class MB exchangeable certificates;

  -- $176,671,000 class MV exchangeable certificates;

  -- $176,671,000 class MZ exchangeable certificates;

  -- $89,364,000 class M55D certificates;

  -- $89,364,000 class M55E exchangeable certificates;

  -- $8,124,000 class M55I exchangeable certificates;

  -- $2,143,683,000 class A-IO exchangeable notional
certificatess;

  -- $2,323,775,975 class XS-IO notional certificates;

  -- $104,569,975 class B exchangeable certificates;

  -- $180,092,975 class B-IO exchangeable notional certificates;

  -- $104,569,975 class BX certificates;

  -- $104,569,975 class BBIO notional certificates.

The 'B-sf' rating for the M certificates reflects the 4.50%
subordination provided by the class B.

SCRT 2018-3 represents Freddie Mac's eighth seasoned credit risk
transfer transaction issued. SCRT 2018-3 consists of three
collateral groups backed by 11,716 seasoned performing and
re-performing mortgages with a total balance of approximately
$2.324 billion, which includes $295.8 million, or 12.7% of the
aggregate pool balance in non-interest-bearing deferred principal
amounts as of the cutoff date. The three collateral groups are
distinguished between loans that have additional interest rate
increases outstanding due to the terms of the modification and
those that are expected to remain fixed for the remainder of the
term. Among the loans that are fixed, the groups are further
distinguished by both loans that include a portion of principal
forbearance as well as the interest rate on the loans. The
distribution of principal and interest (P&I) and loss allocations
to the rated note is based on a senior subordinate, sequential
structure.

KEY RATING DRIVERS

Distressed Performance History (Negative): The collateral pool
comprises primarily peak-vintage re-performing loans (RPLs), all of
which have been modified. Roughly 87% of the pool has been paying
on time for the past 24 months per the Mortgage Bankers Association
methodology (MBA), and none of the loans has experienced a
delinquency within the past 12 months. The pool has a weighted
average sustainable loan-to-value ratio (WA sLTV) of 82.1%, and the
WA model FICO is 689.

Interest Payment Risk (Negative): In Fitch's timing scenarios, the
M class incurs temporary shortfalls in 'B-sf' rating category but
is ultimately repaid prior to maturity of the transaction. The
difference between Fitch's expected loss and the credit enhancement
on the rated classes is due to the repayment of interest deferrals.
Interest to the rated classes is subordinated to the senior class
as well as repayments made to Freddie Mac for prior payments on the
senior classes. Timely payments of interest are also at potential
risk as principal collections on the underlying can only be used to
repay interest shortfalls on the rated classes after the balance
has been paid off. This results in an extended period of time until
potential shortfalls are ultimately repaid in Fitch's stress
scenarios

Third-Party Due Diligence (Neutral): A third-party due diligence
review was conducted on a sample basis of approximately 10% of the
pool as it relates to regulatory compliance and 10% for pay
history, modification data and a tax and title lien search was
conducted on 100%. The third-party review (TPR) firms' due
diligence review resulted in 3% of the sample loans remaining in
the final pool graded 'C' or 'D' (less than 1% graded 'C'), meaning
the loans had material violations or lacked documentation to
confirm regulatory compliance.

Regular Issuer (Neutral): This is Freddie Mac's eighth rated RPL
securitization and the fifth that Fitch has been asked to rate.
Fitch has conducted multiple reviews of Freddie Mac, and is
confident Freddie Mac has the necessary policies, procedures and
third-party oversight in place to properly aggregate and securitize
RPLs.

Representation Framework (Negative): Fitch considers the
representation, warranty and enforcement (RW&E) mechanism construct
for this transaction weaker than other Fitch-rated RPL deals. The
weakness is due to the exclusion of a number of reps that Fitch
views as consistent with a full framework as well as the limited
diligence that may have otherwise acted as a mitigant.
Additionally, Freddie Mac as rep provider will only be obligated to
repurchase a loan, pay an indemnity loss amount or cure the
material breach prior to Aug. 13, 2021. However, Fitch believes
that the defect risk is lower relative to other RPL transactions
because the loans were subject to Freddie Mac's loan level review
process in place at the time the loan became delinquent. Therefore,
Fitch treated the construct as Tier 3 and increased its 'B-sf'
expected loss expectations by 13 bps to account for the weaknesses
in the reps.

Sequential-Pay Structure (Positive): The transaction's cash flow is
similar to Freddie Mac's STACR transactions. Once the initial CE of
the senior class has reached the target and if all performance
triggers are passing, principal is allocated pro rata among the
seniors and subordinate classes with the most senior subordinate
bond receiving the full subordinate share. This structure is a
positive to the rated class as it results in a faster paydown and
allows them to receive principal earlier than under a traditional
sequential structure. However, to the extent any of the performance
triggers are failing, principal is distributed sequentially to the
senior class until triggers pass.

No Servicer P&I Advances (Mixed): The servicer will not be
advancing delinquent monthly payments of P&I, which reduces
liquidity to the trust. However, as P&I advances made on behalf of
loans that become delinquent and eventually liquidate reduce
liquidation proceeds to the trust, the loan-level loss severities
(LS) are less for this transaction than for those where the
servicer is obligated to advance P&I. Structural provisions and
cash flow priorities, together with increased subordination,
provide for ultimate payments of interest to the rated classes.

CRITERIA APPLICATION

Fitch analyzed the transaction in accordance with its criteria, as
described in its July 2018 report, "U.S. RMBS Rating Criteria."
This incorporates a review of the aggregator's lending platforms,
as well as an assessment of the transaction's R&W and due diligence
results, which were found to be consistent with the ratings
assigned to the bonds.

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.

This defined stress sensitivity analysis demonstrates 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 13.0% at the 'B-sf' level. The analysis indicates
that there is some potential rating migration with higher MVDs,
compared with the model projection.

Fitch also conducted defined rating sensitivities that 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 4% would potentially move the 'B-sf' rated class
down to 'CCCsf' respectively.

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

Fitch was provided with due diligence information from the
third-party diligence provider. The due diligence focused on
regulatory compliance, pay history, the presence of key documents
in the loan file and data integrity on a sample of the loans in the
pool. Additionally, an updated tax and title search was conducted
on all of the loans in the transaction. Fitch received
certifications indicating that the loan-level due diligence was
conducted in accordance with Fitch's published standards. The
certifications 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 based on the findings, Fitch
made the following adjustments:

Fitch made an adjustment on 192 loans that were subject to federal,
state and/or local predatory testing. These loans contained
material violations, including an inability to test for high-cost
violations or confirm compliance, which could expose the trust to
potential assignee liability. These loans were marked as
"indeterminate." Typically, the HUD issues are related to missing
the final HUD, illegible HUDs, incomplete HUDs due to missing pages
or only having estimated HUDs where the final HUD1 was not used to
test for high-cost loans. 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." 56 loans were
affected by this approach. For the remaining 136 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 lower. However, Fitch assumes the trust could potentially
incur additional legal expenses. Fitch increased its LS
expectations by 5% for these loans to account for the risk.

There were 14 loans missing modification documents at the time of
the review, and for these loans, timelines were extended by an
additional three months in addition to the six-month timeline
extension applied to the entire pool.


GS MORTGAGE 2017-GS7: Fitch Affirms B-sf Rating on Cl. H-RR Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 16 classes of GS Mortgage Securities
Trust 2017-GS7 commercial mortgage pass-through certificates.

KEY RATING DRIVERS

Stable Overall Performance: Loss expectations remain stable, given
stable pool-level performance. Collateral level performance remains
in line with issuance expectations. There are no delinquent or
special serviced loans, and there are no Fitch Loans of Concern. As
there have been no material changes to the pool since issuance, the
original rating analysis was considered in affirming the
transaction.

Limited Amortization: There has been minimal change to credit
enhancement since issuance. The pool was securitized in August 2017
and has amortized by only 0.19%. Twelve loans representing 64.9% of
the pool are interest-only for the full term and will not amortize
at all. An additional 14 loans representing 19.7% of the pool were
structured with partial interest-only terms and have not yet begun
to amortize.

Highly Concentrated Pool: The pool is concentrated and consists of
32 loans, which is well below other Fitch rated 2017 vintage
transactions that average 49 loans. The largest 10 loans compose
64.3% of the pool.

High Office Concentration: The largest property-type concentration
is office at 50.5% of the pool, followed by retail at 16.8% and
mixed-use at 14.5%. The pool's office concentration is
substantially above the 2017 and the 2016 averages for office of
39.8% and 28.7%, respectively, for other Fitch-rated multi-borrower
transactions.

RATING SENSITIVITIES

Rating Outlooks on all classes remain Stable. Fitch does not
foresee positive or negative ratings migration until a material
economic or asset-level event changes the transaction's overall
portfolio-level metrics.

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

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

Fitch has affirmed the following ratings:

  -- $16.1 million class A-1 'AAAsf'; Outlook Stable;

  -- $56.2 million class A-2 'AAAsf'; Outlook Stable;

  -- $315 million class A-3 'AAAsf'; Outlook Stable;

  -- $340.6 million class A-4 'AAAsf'; Outlook Stable;

  -- $27.2 million class A-AB 'AAAsf'; Outlook Stable;

  -- $829.4 million(a) class X-A 'AAAsf'; Outlook Stable;

  -- $98.7 million(a) class X-B 'A-sf'; Outlook Stable;

  -- $74.4 million class A-S 'AAAsf'; Outlook Stable;

  -- $47.3 million class B 'AA-sf'; Outlook Stable;

  -- $51.4 million class C 'A-sf'; Outlook Stable;

  -- $20.3 million class D 'BBB+sf'; Outlook Stable;

  -- $37.1 million(a) class X-D 'BBB-sf'; Outlook Stable;

  -- $16.9 million class E 'BBB-sf'; Outlook Stable;

  -- $21 million(b) class F-RR 'BBB-sf'; Outlook Stable;

  -- $27 million(b) class G-RR 'BB-sf'; Outlook Stable;

  -- $12.2 million(b) class H-RR 'B-sf'; Outlook Stable.

(a) Indicates notional amount and interest-only.
(b) Horizontal credit risk retention interest.

Fitch does not rate the class J-RR certificates.


GS MORTGAGE 2018-GS10: DBRS Finalizes B(low) Rating on G-RR Certs
-----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2018-GS10 (the Certificates) issued by GS Mortgage Securities Trust
2018-GS10:

-- 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-AB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-B at AA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class X-D at BBB (sf)
-- Class D at BBB (sf)
-- Class E at BBB (low) (sf)
-- Class F at BB (low) (sf)
-- Class G-RR at B (low) (sf)

All trends are Stable.

The pooled RR Interest represents the right to receive
approximately 3.53% of all amounts collected on the Mortgage Loans
(net of all expenses of the issuing entity) that are available for
distribution to the pooled certificates (other than the Class R
certificates). Classes D, E, X-D, F and G-RR are non-offered
certificates.

The collateral consists of 33 fixed-rate loans secured by 57
commercial and multifamily properties. The transaction is 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 three loans,
representing 19.2% 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 19.2% 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 net
cash flow and their respective actual constants, one loan,
representing 1.1% of the total pool, had a DBRS Term debt service
coverage ratio (DSCR) below 1.15x, 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 16 loans, representing 52.5% of the pool, having
refinance DSCRs below 1.00x, and ten loans, representing 42.5% of
the pool, having refinance DSCRs below 0.90x. Aliso Creek
Apartments and 1000 Wilshire, which represent 15.8% of the
transaction balance and are two of the pool's loans with a DBRS
Refi DSCR below 0.90x, are shadow-rated investment grade by DBRS
and have a large piece of subordinate mortgage debt outside the
trust.

Three loans — 1000 Wilshire, Aliso Creek Apartments and Marina
Heights State Farm — representing a combined 19.2% of the pool,
exhibit credit characteristics consistent with investment-grade
shadow ratings. The 1000 Wilshire loan exhibits credit
characteristics consistent with an A (low) shadow rating, Aliso
Creek Apartments exhibits credit characteristics consistent with an
"A" shadow rating and Marina Heights State Farm exhibits credit
characteristics consistent with a AA shadow rating. The hotel
concentration of two loans, representing 2.6% of the pool balance,
is at a lower level than recent transactions that typically have
concentrations in excess of 10.0%. Hotel properties have higher
cash-flow volatility than traditional property types, as their
income, which is derived from daily contracts rather than
multi-year leases, and their expenses, which are often mostly
fixed, are quite high as a percentage of revenue. These two factors
cause revenue to fall swiftly during a downturn and cash flow to
fall even faster because of the high operating leverage. Four
loans, representing 16.8% 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: GSK North
American HQ and the FXI Portfolio. Loans secured by properties
occupied by single tenants have been found to suffer higher loss
severities in an event of default.

Eleven loans, comprising 47.4% of the pool, were considered to be
of Above Average or Average (+) property quality based on physical
attributes and/or a desirable location within their respective
markets. Five of these loans are within the top ten (GSK North
American HQ, 1000 Wilshire, Aliso Creek Apartments, MOA Leased Fee
Portfolio and Thorn creek Crossing). Higher-quality properties are
more likely to retain existing tenants/guests and more easily
attract new tenants/guests, resulting in a more stable performance.
Ten loans, representing 20.7% of the pool, are located in tertiary
or rural markets, which are considered weak in times of stress and
have low liquidity.

Term default risk is moderate, as indicated by the strong DBRS Term
DSCR of 1.80x. In addition, 18 loans, representing 63.8% of the
pool, have a DBRS Term DSCR in excess of 1.50x. Even when excluding
the three investment-grade shadow-rated loans, the deal exhibits a
high DBRS Term DSCR of 1.72x. Fourteen loans, representing 60.3% of
the pool, including ten of the largest 15 loans, are structured
with full-term interest-only (IO) payments. An additional ten
loans, comprising 23.3% of the pool, have partial IO periods
ranging from 24 months to 60 months. As a result, the transaction's
scheduled amortization by maturity is only 5.4%, which is generally
below other recent conduit securitizations. The transaction's
weighted-average DBRS Refi DSCR is 0.95x, indicating higher
refinance risk on an overall pool level. In addition, 16 loans,
representing 52.5% of the pool, have DBRS Refi DSCRs below 1.00x,
including five of the top ten loans and eight of the top 15 loans.
Ten of these loans, comprising 42.5% of the pool, have DBRS Refi
DSCRs less than 0.90x, including five of the top ten loans and
seven of the top 15 loans.

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.

The ratings assigned to Class B, Class C, Class D and Class G-RR
materially deviate from the higher ratings 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 expected dispersion of loan-level cash flows post
issuance.

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


GS MORTGAGE 2018-HULA: DBRS Gives Prov. B Rating on Class G Certs
-----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2018-HULA to
be issued by GS Mortgage Securities Corporation Trust 2018-HULA:

-- Class A at AAA (sf)
-- Class X-CP at AA (low) (sf)
-- Class X-FP at AA (low) (sf)
-- Class X-NCP at AA (low) (sf)
-- Class B at AAA (sf)
-- Class C at AA (high) (sf)
-- Class D at A (high) (sf)
-- Class E at BBB (low) (sf)
-- Class F at BB (low) (sf)
-- Class G at B (low) (sf)

All classes will be privately placed. The Class X-CP, X-FP and
X-NCP balances are notional.

The subject property is an ultra-luxury hotel and resort located on
the Big Island of Hawaii. In addition to a full range of amenities,
the hotel and resort benefit from 725 acres of prime frontage along
the Kohala Coast (west coast) of the Big Island. Of the total
725-acre master-planned Hualalai Resort at Historic Kaupulehu, the
collateral for the loan consists of 530.1 acres, with the balance
being the residential lots that have already been sold off. The
hotel component of the loan collateral includes a 243-key hotel
spread across approximately 39 acres, which includes four pools,
37,000 square feet (sf) of indoor and outdoor event space, and five
food and beverage (F&B) outlets. The resort component of the loan
collateral includes a private membership club (currently with 337
members), two 18-hole golf courses and clubhouses, the 30,700 sf
Hualalai Sports Club & Spa, the Beach Club and watersports program,
three additional pools, eight tennis courts, three retail outlets,
five F&B outlets, the Hualalai Real Company and HVH Rental and
Property Management Company, and water utility companies. The
residential land component includes the remaining lots from the
total 483-unit master-planned community, which now include 26
improved and unimproved single-family lots as well as three bulk
land parcels. Loan proceeds of $450.0 million are being used to
retire outstanding debt of $373.3 million ($300.0 million CMBS
mortgage loan securitized in GSMS 2015-HULA), return $62.2 million
of equity to the sponsor and cover reserves as well as closing and
origination costs. The $450.0 million loan has been split into a
senior $350.0 million A-note that backs this securitization and a
subordinate $100.0 million B-note that will reside outside the
trust.

The property has performed very well over the past several years,
and as of the trailing 12-month period ending April 2018, the hotel
reported an occupancy rate and average daily rate of 86.7% and
$1,242.13, respectively, resulting in a revenue per available room
(RevPAR) figure of $1,077.54, which represents a 3.6% increase over
YE2017, a 9.8% increase over YE2016 and an 11.8% increase since
DBRS last saw the hotel in the 2015 transaction. The property has
performed exceptionally well compared with its competitive set,
with a current March 2018 Smith Travel Research report exhibiting
RevPAR penetration of 421.4%. DBRS notes that the competitive set
does not truly compete given the quality of the subject, the
extreme exclusivity of the brand, the high level of service and the
strength of the location; therefore, it is difficult to directly
compare. The hotel has achieved AAA Five Diamond and Forbes
Five-Star ratings for over ten years and maintained the highest
RevPAR among all hotels within the islands for the past several
years. A key differentiator for the subject and support for the
consistent positive revenue growth is its extremely high quality,
diverse amenities and connection to the greater master-planned
community that caters to, and draws in, the ultra-high-end target
demographic.

In addition to the general economic downturn having an impact, the
tsunami of March 2011 temporarily set back the hotel's operations;
however, subsequently, it has achieved major gains, with RevPAR
growing by a total of 93.6% since 2011. While RevPAR has shown
substantial growth over the past few years, occupancy has been
relatively stable since 2012, only having dipped below 70.0% for a
few years from 2008 to 2011 while the hotel and resort were
undergoing substantial renovations and the downturn was hampering
growth. Additionally, while the hotel did not directly incur any
damage from the Kīlauea Volcano that began erupting on May 3,
2018, the hotel experienced an increase in cancelled room nights
for May 2018 and June 2018. While on average, the hotel experiences
approximately five to ten daily cancellations, that number jumped
to 25 to 35 cancellations for those two months. However, based on
the site inspection and analysis of additional information provided
by the sponsor, DBRS notes that the spike in cancellations was
driven by sensationalized headlines in the media that have since
subsided. At 76.5% break-even occupancy, the hotel can withstand a
relatively large 9.0% drop in vacancy and still cover debt service,
assuming no pay downs from lot sales occur and relatively flat
performance in all other aspects.

The DBRS value of $335.0 million represents a notable 53.4%
discount to the as-is appraised value of $718.6 million, which
comprises $641.0 million for the hotel component, $35.7 million for
the club operations component and $41.9 million for the residential
component. In addition, the DBRS cap rate of 10.260% is likely at
least 400 basis points above the current market cap rate, allowing
for significant reversion to the mean in lodging valuation metrics.
In comparison with the 2015 transaction, the subject's aggregate
as-is market value based on the appraisal of $718.6 million
represents a $87.0 million value increase over the estimated
aggregate value of $631.6 million in the 2015 transaction. This
13.8% value increase is greater than the 4.8% net cash flow (NCF)
growth over the same time period; however, this does not
necessarily reflect the recent residential lot sales since the 2015
transaction. As a result of the property's excellent quality and
strong sponsorship and management, in combination with the expected
increase in NCF as the residential lots are sold off and club
memberships correspondingly increase, DBRS expects transaction
performance to be positive during the seven-year term (fully
extended) and refinance risk on the A-note to be manageable given
the loan's moderate refinance metrics.

Classes X-CP, X-FP and X-NCP 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.

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


HOMEWARD OPPORTUNITIES 2018-1: S&P Rates Cl. B-2 Notes 'B+'
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to Homeward Opportunities
Fund I Trust 2018-1's $475.342 million mortgage pass-through
securities.

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 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;
-- The geographic concentration; and
-- The mortgage aggregator, Neuberger Berman Investment Advisors
LLC, as investment manager for HOF Trust I 2018-1.

  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)Interest 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.



JFIN CLO 2012: S&P Assigns Prelim. B- Rating on Class E-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1A-R, A-1B-R, A-2-R, B-R, C-R, D-R and E-R replacement notes from
JFIN CLO 2012 Ltd., a collateralized loan obligation (CLO)
originally issued on July 26, 2012, that is managed by Apex Credit
Partners LLC (as successor to Jefferies Finance LLC). The
replacement notes will be issued via a proposed supplemental
indenture. The new class X replacement notes are not rated by S&P
Global Ratings.

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 Aug. 8,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Aug. 17, 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 transaction has been out of its reinvestment period and paying
down the notes since July 20, 2015. The current balance remaining
on the outstanding rated notes is approximately $38.23 million. The
issuer will use the $273.00 million in replacement note issuance
proceeds to redeem the existing notes, with the remainder used to
purchase additional collateral and for the payment of fees and
expenses related to the refinancing. The issuer will have an
additional ramp-up period to purchase additional collateral, and
the issuer will declare an additional effective date expected to be
no later than Dec. 10, 2018.  

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

-- Change the rated par amount and target initial par amount to
$273.00 million and $290.00 million, respectively, from the
original $269.45 million and $300.00 million, respectively.

-- Extend the reinvestment period to Jan. 20, 2020, from July 20,
2015.

-- Extend the non-call period to April 20, 2019, from July 20,
2014.

-- Extend the weighted average life test to July 20, 2024, from
July 20, 2019.

-- Extend the legal final maturity date on the rated and
subordinated notes to July 20, 2028, from July 20, 2023.

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

-- Issue additional class X amortizing deferrable floating-rate
notes, which are expected to be paid in equal installments over the
first seven payment dates beginning in January 2019.

-- Incorporate the recovery rate methodology and updated industry
classifications outlined in S&P's August 2016 CLO criteria update.


  REPLACEMENT AND ORIGINAL NOTE ISSUANCES

  Replacement Notes
  Class                Amount    Interest
                      (mil. $)    rate (%)
  A-1A-R               177.50    Three-month LIBOR + 1.00
  A-1B-R                12.50    Three-month LIBOR + 1.45
  A-2-R                 31.00    Three-month LIBOR + 1.83
  B-R                   17.00    Three-month LIBOR + 2.35
  C-R                   15.00    Three-month LIBOR + 3.10
  D-R                   15.00    Three-month LIBOR + 6.45
  E-R                    5.00    Three-month LIBOR + 9.08
  X                      4.20    Three-month LIBOR + 7.41
  Subordinated notes    44.85    N/A

  Original Notes
  Class                Orig.        Curr.
                      amount       amount       Interest
                     (mil. $)     (mil. $)       rate (%)
  A-1                 183.00         0.00       LIBOR + 1.50
  A-2a                 12.00         0.00       LIBOR + 2.90
  A-2b                 12.75         0.00       LIBOR + 2.90
  B-1                   8.00         0.00       LIBOR + 3.50
  B-2                  19.95         4.48       LIBOR + 3.50
  C                    15.75        15.75       LIBOR + 4.50
  D                    18.00        18.00       LIBOR + 5.50
  Subordinated notes   44.85        44.85       N/A

  N/A--Not applicable.

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

"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

  JFIN CLO 2012 Ltd.
  Replacement class         Rating      Amount (mil. $)
  A-1A-R                    AAA (sf)             177.50
  A-1B-R                    AAA (sf)              12.50
  A-2-R                     AA (sf)               31.00
  B-R                       A (sf)                17.00
  C-R                       BBB (sf)              15.00
  D-R                       BB- (sf)              15.00
  E-R                       B- (sf)                5.00
  X                         NR                     4.20
  Subordinated notes        NR                    44.85

  NR--Not rated.



JP MORGAN 2010-C1: Fitch Affirms 'BBsf' Rating on Class C Certs
---------------------------------------------------------------
Fitch Ratings has affirmed 10 classes of JP Morgan Chase Commercial
Mortgage Securities Trust, commercial mortgage pass through
certificates, series 2010-C1.

KEY RATING DRIVERS

Stable Loss Expectations: The affirmations reflect the relatively
stable loss expectations since Fitch's last rating action. The pool
continues to have performance uncertainty surrounding the largest
loan in the pool, Gateway Salt Lake, representing approximately 26%
of the collateral pool. As of the July 2018 distribution date, the
pool's aggregate principal balance has been reduced by 72% to
$201.3 million from $716.3 million at issuance. Since the last
rating action in 2017, the transaction received pay down of
approximately $3.7 million from amortization.

Modified Loan, Gateway Salt Lake: The Gateway Salt Lake is a
648,177 SF open-air lifestyle center located in Salt Lake City, UT.
Major tenants include Gateway Theatres (11.9% of NRA), Dave &
Buster's (6.9%), and The Depot (4.0%).

The new owner, Vestar, an operator of retail and entertainment
destinations in the Western U.S., is in the process of
repositioning the property with a focus on shopping and dining,
entertainment, and creative office space tenants. A near-term
decline in performance was expected (per the servicer) as the new
sponsor implements their business plan to the center. The sponsor
has continued to invest money into the center and there has been
recent leasing momentum which should increase NOI. Fitch will
continue to monitor the progress of the repositioning but continues
to have concerns over their ability to successfully execute its
business plan.

The Gateway Salt Lake loan transferred to the special servicer in
August 2015 and in mid-2016, the servicer negotiated a loan
assumption along with a write-down of debt of $41.3 million and a
maturity date extension until February 2021. Since the loan
modification in April 2016, property performance has declined with
decreasing occupancy and rental revenue. As of May 2018, the
property was 48.3% occupied excluding Barnes & Noble who recently
vacated, compared to 75% two years ago. Dick's Sporting Goods, a
former anchor tenant that occupied 14.5% of the NRA, vacated in
January 2017 upon lease expiration. Dave & Busters recently started
a 15 year lease in May 2018 occupying 44,617 sf of the property.
Additionally, recently signed leases include Recursion
Pharmaceutical (99,172 sf) who leased the former Dick's space, KILN
(23,146 sf), Skinnyfats (11,013 sf), and Midici (4,000 sf). With
the new tenants, occupancy is estimated to be 69%; however, 16.4%
of the NRA rolls in next 12 months or are month to month. The
servicer reported a YE 2017 debt service coverage ratio, on a net
operating income basis, of 1.0x, down from 1.95x at year-end 2016

Pool Concentration/Adverse Selection: The transaction is highly
concentrated with only 10 of the original 39 loans remaining. A
significant percentage of the remaining loans are secured by retail
properties (70% of the pool). There is one REO asset (5.9% of the
pool balance), seven (64%) low leveraged amortizing loans, and two
(29.9%) Fitch Loans of Concern.

Loan Maturity: Of the nine performing loans, eight (67.8%) are
scheduled to mature in 2020 and one (26.3%) in 2021.

RATING SENSITIVITIES

The Negative Outlooks on classes A-3, X-A, B and C indicate Fitch's
ongoing concerns with current transaction performance specifically
the Gateway Salt Lake loan; however, the Gateway remains a
performing loan and another default is not expected in the near
term. The sponsor has signed some new leases and Fitch will
continue to monitor if they continue to increase occupancy per
their repositioning plan. While recovery of 'AAAsf' proceeds is
expected at this time, should the borrower's business plan fail to
materialize and the loan re-transfer to special servicing, the
'AAAsf' rated classes may be susceptible to future interest
shortfalls. Additionally, should any of the performing loans fail
to refinance at maturity all of the classes on Outlook Negative
could be vulnerable to a downgrade. The distressed classes reflect
either low recovery prospects or already realized losses (in the
case of the 'Dsf' rated classes). Upgrades are unlikely given pool
concerns and concentration, but could be possible with sustained
improvement in the Gateway Salt Lake loan.

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:

  -- $73.5 million class A-2 at 'AAAsf'; Outlook Stable;

  -- $61.5 million class A-3 at 'AAAsf'; Outlook Negative;

  -- Interest-only class X-A at 'AAAsf'; Outlook Negative;

  -- $16.1 million class B at 'BBBsf'; Outlook Negative;

  -- $26.9 million class C at 'BBsf'; Outlook Negative;

  -- $14.3 million class D at 'CCsf'; RE 50%;

  -- $8.9 million class E at 'Dsf'; RE 0%;

  -- $0 class F at 'Dsf'; RE 0%;

  -- $0 class G at 'Dsf'; RE 0%;

  -- $0 class H at 'Dsf'; RE 0%.
  
Class A-1 has paid in full. Fitch does not rate the class NR or X-B
certificates.


JP MORGAN 2016-H2FL: S&P Affirms B- Rating on Class C Certs
-----------------------------------------------------------
S&P Global Ratings affirmed its ratings on three classes of
commercial mortgage pass-through certificates from J.P. Morgan
Chase Commercial Mortgage Securities Trust 2016-H2FL, a U.S.
commercial mortgage-backed securities (CMBS) transaction.

For these classes, S&P's expectation of credit enhancement was in
line with the affirmed rating levels.

S&P's analysis also considered that the transaction has a modified
pro rata payment structure in which principal distributions are
allocated on a pro rata basis to each of the classes. The mortgage
loans are split into three components: a senior component, a B-1
component, and a B-2 component. The sum of each loan's three
components makes up the deal's classes. The sum of each loan's
senior components make up class A, the sum of each loan's B-1
components make up class B, and the sum of each loan's B-2
components make up class C. The pro rata principal distributions on
the classes will be based on each loan's component percentage
relative to the loan balance and not on the class' percentage
relative to the transaction. This includes final loan repayments
unless the repaying loan is in default. Therefore, unlike in a
sequential payment structure, repayment of a stronger loan will not
improve subordination levels even if the trust is left with a pool
of weaker loans.

This is a large-loan transaction backed by two floating-rate
interest-only  mortgage loans. S&P's property-level analysis
included a re-evaluation of the two remaining loans in the pool,
each secured by lodging properties, and considered the reported
historical performance (2012 through 2017) and 2018 Smith Travel
Research reports.

As of the July 16, 2018, trustee remittance report, the trust
consisted of two floating-rate loans indexed to one-month LIBOR
with an aggregate trust balance of $138.1 million down from five
loans totaling $297.3 million at issuance. The trust has not
experienced any principal losses to date.

Details on the two remaining loans are as follows:

The New England Hotel Portfolio loan, the larger of the two
remaining loans, has a $113.9 million (82.5%) trust balance and a
$132.3 million whole loan balance. The whole loan is secured by
nine extended-stay and limited-service hotels totaling 1,008 rooms
in Massachusetts and New Hampshire. The trust loan pays
floating-rate interest equal to one-month LIBOR plus a 3.2606%
spread (up from a 3.0606% spread with respect to its initial and
first extended terms). The loan currently matures on June 9, 2019
and the fully extended maturity is on June 9, 2020. S&P said, "Our
analysis considered the relatively stable reported operating
performance for the last six years (2012 to 2017). The master
servicer, KeyBank Real Estate Capital (KeyBank) reported a 2.27x
debt service coverage (DSC) on the trust balance for the year ended
Dec. 31, 2017. Our expected case valuation, using an S&P Global
Ratings weighted average capitalization rate of 9.57%, yielded a
90.0% loan-to-value (LTV) ratio and 1.67x DSC (based on interest
rate cap plus spread) on the trust balance."

The Wyndham Lake Buena Vista loan, the smallest loan in the pool,
has a trust and whole loan balance of $24.2 million (17.5%). In
addition, the equity interest in the borrower secures mezzanine
debt totaling $12.4 million. The loan is secured by the borrower's
leasehold interest in a 626-room full-service hotel in Lake Buena
Vista, Fla. The loan pays floating-rate interest equal to one-month
LIBOR plus a 3.49882% spread (up from a 3.24882% spread with
respect to its initial and first extended terms). The loan
currently matures on July 9, 2019 and the fully extended maturity
is on July 9, 2020. S&P said, "Our analysis considered the
relatively stable reported operating performance for the last six
years (2012 to 2017). KeyBank reported a 2.18x DSC on the trust
balance for the year ended Dec. 31, 2017. Our expected case
valuation, using an S&P Global Ratings weighted average
capitalization rate of 9.38%, yielded an 88.5% LTV ratio and a
2.09x DSC (based on interest rate cap plus spread) on the trust
balance."

RATINGS AFFIRMED
  
  J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-H2FL
  Commercial mortgage pass-through certificates series 2016-H2FL
  
  Class     Rating
  A         BBB- (sf)
  B         BB- (sf)
  C         B- (sf)


JP MORGAN 2016-JP3: Fitch Affirms 'B-sf' Rating on Class F Certs
----------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of J.P. Morgan Chase (JPMCC)
Commercial Mortgage Securities Trust 2016-JP3 commercial mortgage
pass-through certificates.

KEY RATING DRIVERS

Stable Performance and Loss Expectations: The overall pool
performance remains stable from issuance with no material changes.
There are no delinquent or specially serviced loans. Only one loan,
Fountains on the Bayou (1.8% of the pool), is designated a Fitch
Loan of Concern. The multifamily property, which is located in
Houston, TX, suffered damage from Hurricane Harvey as well as a
subsequent fire. Renovation work was scheduled to be completed
earlier this year. The YE 2017 servicer reported NOI DSCR was only
0.94x. Fitch will continue to monitor the property going forward.

Minimal Credit Enhancement Improvement Since Issuance: As of the
July 2018 distribution date, the pool's aggregate balance has been
reduced by only 1.2% to $1.20 billion from $1.22 billion at
issuance. The transaction has below average scheduled amortization,
and is expected to pay down by only 8.6%, based on scheduled loan
maturity balances. Thirteen loans representing 45.3% of the pool
are full-term interest only, and eight loans representing 15.7% of
the pool remain in their partial interest only periods. No loan is
scheduled to mature prior to 2021.

Credit Opinion Loans: At issuance, the largest loan in the pool and
the fourth largest loan in the pool, 9 West 57th Street (8.3% of
the pool) and Westfield San Francisco Centre (5% of the pool), were
assigned investment-grade credit opinions of 'AAAsf*' and 'Asf*',
respectively, on a stand-alone basis. The assets both continue to
perform in line with expectations at issuance.

Loan Concentration: The top 10 loans in the pool comprise 50.4% of
the pool, which is better than the average concentration for
similar vintage Fitch-rated transactions. The highest property type
concentration in the pool is office at 34.3%, followed by loans
secured by mixed use properties at 19.5%, including the Westfield
San Francisco Centre loan (5%), which includes a regional mall
component, and hotel at 18.8%. Loans secured solely by retail
properties comprise only 12.3% of the pool, including a loan
secured by Opry Mills (6.6%), a regional outlet mall located in
Nashville, TN. Loans secured by properties located in New York
comprise 19% of the pool, while California properties comprise
18.9%.

Above Average Property Quality: The pool's collateral quality is
considered better than other Fitch-rated transactions of similar
vintage. At issuance, approximately 61% of the properties inspected
by Fitch received a property quality grade of 'B+' or higher while
four of the top six loans received a grade of 'A-' or better.

RATING SENSITIVITIES

The Rating Outlooks on all classes remain Stable. Fitch does not
foresee positive or negative ratings migration until a material
economic or asset-level event changes the transaction's overall
portfolio-level metrics.

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

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

Fitch has affirmed the following ratings:

  -- $31.7 million class A-1 at 'AAAsf'; Outlook Stable;

  -- $97.3 million class A-2 at 'AAAsf'; Outlook Stable;

  -- $16.7 million class A-3 at 'AAAsf'; Outlook Stable;

  -- $300 million class A-4 at 'AAAsf'; Outlook Stable;

  -- $342.4 million class A-5 at 'AAAsf'; Outlook Stable;

  -- $50 million class A-SB at 'AAAsf'; Outlook Stable;

  -- Interest-only class X-A at 'AAAsf'; Outlook Stable;

  -- Interest-only class X-B at 'AA-sf'; Outlook Stable;

  -- $118.7 million class A-S at 'AAAsf'; Outlook Stable;

  -- $56.3 million class B at 'AA-sf'; Outlook Stable;

  -- $50.2 million class C at 'A-sf'; Outlook Stable;

  -- Interest only class X-C at 'BBB-sf'; Outlook Stable;

  -- $54.8 million class D at 'BBB-sf'; Outlook Stable;

  -- $22.8 million class E at 'BBsf'; Outlook Stable;

  -- $15.2 million class F at 'B-sf'; Outlook Stable.

Fitch does not rate class NR.


JP MORGAN 2018-PHH: Moody's Assigns B3 Rating on Class HRR Certs
----------------------------------------------------------------
Moody's Investors Service has assigned definitive 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, Definitive Rating Assigned Aaa (sf)

Cl. B, Definitive Rating Assigned Aa3 (sf)

Cl. C, Definitive Rating Assigned A3 (sf)

Cl. D, Definitive Rating Assigned Baa3 (sf)

Cl. E, Definitive Rating Assigned Ba3 (sf)

Cl. F, Definitive Rating Assigned B2 (sf)

Cl. HRR, Definitive Rating Assigned B3 (sf)

Cl. X-CP*, Definitive Rating Assigned A2 (sf)

Reflects interest-only class

RATINGS RATIONALE

The Certificates are collateralized by the borrower's fee simple
interest in a 1,641, 24-story full-service hotel known as the
Palmer House Hilton located in Chicago, IL, approximately one block
west of Millennium 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'salso 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,
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 ("ADR") was
$198.46, and revenue per available room ("RevPAR") 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 asset/investor
liquidity, demand drivers/segmentation, location, recent
renovations, operating performance trends, strong demographics,
brand and management, and experienced sponsorship.

Notable concerns of the transaction include: decline in rooms
revenue, potential future competition, property age, seasonal cash
flow without seasonal reserve structure, single asset transaction,
floating-rate interest, subordinate debt, soft lockbox with cash
sweep, volatile asset class, 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.


JP MORGAN 2018-WPT: DBRS Finalizes B(low) Rating on 2 Tranches
--------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2018-WPT (the Certificates) issued by J.P. Morgan Chase Mortgage
Securities Trust 2018-WPT:

-- Class A-FL at AAA (sf)
-- Class B-FL at AA (low) (sf)
-- Class C-FL at A (low) (sf)
-- Class X-FL at BBB (high) (sf)
-- Class D-FL at BBB (sf)
-- Class E-FL at BBB (low) (sf)
-- Class F-FL at BB (low) (sf)
-- Class G-FL at B (low) (sf)
-- Class A-FX at AAA (sf)
-- Class XA-FX at AAA (sf)
-- Class B-FX at AA (low) (sf)
-- Class C-FX at A (low) (sf)
-- Class XB-FX at BBB (high) (sf)
-- Class D-FX at BBB (sf)
-- Class E-FX at BBB (low) (sf)
-- Class F-FX at BB (low) (sf)
-- Class G-FX at B (low) (sf)

The balance of notional Class X-FL has changed. At provisional
committee, Class X-FL was to be equal to the Class D-FL
certificate. At closing, Class X-FL is equal to the Class A-FL,
Class B-FL, Class C-FL and Class D-FL certificates. The DBRS
provisional rating on Class X-FL remains unchanged and has been
finalized.

All trends are Stable.

The Class X-FL, Class XA-FX and Class XB-FX balances are notional.
Class X-FL is equal to the Class A-FL, Class B-FL, Class C-FL and
D-FL certificates. Class XA-FX is equal to the Class A-FX
certificate. Class XB-FX is equal to the Class B-FX, Class C-FX and
Class D-FX certificates.

The subject loan is secured by the fee and leasehold interests in a
portfolio of 147 properties, comprising nearly 9.9 million square
feet (sf) of office and flex space, located in four different
states across the United States. Of the 147 properties, 88 assets
are office (6.5 million sf; 76.3% of DBRS Base Rent) and 59 assets
are flex (3.4 million sf; 23.7% of DBRS Base Rent). The smallest
property in the pool, 100 Gibraltar Road (2,800 sf), was identified
as a retail property by the appraiser. This property is a
free-standing bank branch located in the Philadelphia metropolitan
statistical area (MSA) and represents 0.03% of the cut-off date
allocated loan amount. For the purposes of this report, DBRS
classified the 100 Gibraltar Road property as an office. Built
between 1972 and 2013, the portfolios properties are in markets
that have benefited from positive demand drivers and limited new
supply of office and flex space. Located across Pennsylvania,
Florida, Minnesota and Arizona, the collateral encompasses five
distinct MSAs and over 15 submarkets. The largest concentration of
portfolio properties is found in the Philadelphia MSA, with 69
properties totaling 40.3% of the mortgage balance, followed by the
Tampa MSA (34 properties; 16.5% of the loan); the Minneapolis MSA
(19 properties; 13.0% of the loan); the Phoenix MSA (14 properties;
12.9% of the loan); and the Southern Florida MSA (11 properties;
17.3% of the loan). Although none of the subject properties are
located in what DBRS would consider urban markets, the assets are
generally located within dense suburban markets that benefit from
favorable accessibility and close proximity to their respective
central business districts.

As of June 1, 2018, the portfolio reported occupancy of 88.6%,
which equates to roughly 8.8 million sf of the total 9.9 million
sf. Average occupancy remained favorable throughout the economic
downturn, ranging from 88.5% to 91.6% between 2008 and 2010. Since
2005, the portfolio has averaged 90.4% and has remained at or above
88.5% during this same time period. Much of the portfolio's stable
performance is attributable to its highly granular rent roll with
more than 500 tenants, none of which accounts for more than 4.2% of
the total net rentable area (NRA). The portfolio's top five
tenants, representing a combined 13.4% of the NRA and 13.3% of the
DBRS Base Rent, include many large corporations such as United
Healthcare Services, Inc. (419,543 sf); Aetna Life Insurance
Company (323,943 sf); Siemens Medical Solutions USA, Inc. (241,297
sf); Kroll Ontrack, LLC (195,879 sf); and Dell Marketing L.P.
(141,290 sf). Eleven of the top 20 tenants have investment-grade
credit ratings and account for 17.7% of the NRA. In all,
investment-grade tenants lease 2.9 million sf (29.7% of the NRA)
across the entire portfolio and generate 30.8% of the DBRS Base
Rent. Seven of the investment-grade tenants that occupy 261,963 sf
and account for 2.9% of the DBRS Base Rent are considered long-term
credit tenants by DBRS.

The loan is sponsored by Workspace Property Trust, L.P., and a
privately held, full-service commercial real estate company
specializing in the acquisition, development, management and
operation of office and flex properties. Led by a management team
with over 75 years of combined real estate experience, the company
acquired 39 of the assets in January 2016 and the remaining 108
assets in October 2016. Prior to the acquisitions, the subject
properties were owned by Liberty Property Trust. A portion of the
portfolio was previously securitized in the JPMCC 2016-WPT
transaction.

Total loan proceeds of $1.275 billion ($129 psf) were used to pay
off $827.5 million ($84 psf) of existing debt and an existing
credit line totaling $227.6 million ($23 psf); redeem a preferred
equity interest held by Square Mile Capital Management LLC; fund
upfront reserves of approximately $32.9 million; pay initial public
offering-related expenses, deferred LP distribution and asset
management fees; and cover closing costs. Upfront reserves included
$13.3 million for outstanding tenant improvements (TI) and leasing
commissions (LC), $11.8 million for upfront tax reserves, $3.5
million for free rent reserves and $3.2 million for an upfront
TI/LC reserve, as well as deferred maintenance, insurance,
environmental and replacement reserves. The mortgage loan is split
into (1) a floating-rate component of approximately $255.0 million,
with a two-year initial term and three one-year extension options,
and (2) a five-year fixed-rate loan totaling $1.02 billion,
comprising the $850.0 million trust balance and three companion
loans totaling $170.0 million that will be included in future
securitizations. The original loan totaled $1.28 billion; however,
in July 2018, the sponsorship group made a voluntary prepayment of
$5.0 million to the original $260.0 million floating-rate loan,
bringing the total mortgage down to $1.275 billion. All
calculations and loan metrics are based on the $1.275 billion
cut-off date balance. CBRE, Inc. has determined the as-is value of
the portfolio to be $1.634 billion ($165 psf), based on a direct
capitalization method using a weighted-average (WA) cap rate of
7.5%. The DBRS value is substantially lower at $1.119 billion ($113
psf) and was calculated by applying a WA cap rate of 9.25% to the
DBRS net cash flow, resulting in a DBRS loan-to-value of 114.0%,
which is indicative of high-leverage financing. However, the DBRS
cap rate represents a significant stress over current prevailing
market cap rates.

Classes X-FL, XA-FX and XB-FX 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.


LB-UBS COMMERCIAL 2007-C1: Fitch Affirms Csf Rating on Cl. F Certs
------------------------------------------------------------------
Fitch Ratings has affirmed eight classes of LB-UBS Commercial
Mortgage Trust commercial mortgage pass-through certificates,
series 2007-C1.

KEY RATING DRIVERS

Significant Concentration of Specially Serviced Loans and High
Expected Losses: The pool is highly concentrated, with seven of the
original 251 loans remaining. All of the remaining loans are
considered FLOC's, of which six are in special servicing (82% of
the pool). Of the specially serviced loans, four are REO (58% of
pool) and three are in foreclosure (24%). Significant losses are
expected based on total exposure of the loans and the most recent
appraisal values provided by the servicer; all remaining classes
are expected to incur a loss.

The largest asset in the pool (38.2% of pool balance) was
originally a crossed loan pool of two suburban office/flex
properties in West Greenwich, RI. One of the properties was
disposed as part of an REO sale in October 2017. The remaining
property is a 170,000 square foot (sf) building, and is 100% leased
to GTECH. The tenant recently extended its lease for eight years,
through November 2027. The property is not currently listed for REO
sale.

Increasing Credit Enhancement from Disposed Loans: Credit
Enhancement (CE) on the remaining classes has increased due to
pay-down and better than expected recoveries on disposed loans.
Over the past 12 months, 10 loans ($99.3 million) were disposed
while in special servicing, with $36.5 million in additional losses
absorbed by class H and class G. Although CE has increased, all
remaining classes are expected to incur a loss.

Concentrated Pool: Only seven of the original 251 loans remain.
Retail concentration is high at 58% (five loans), with the two
remaining loans secured by office properties (42%). The transaction
balance has been reduced by 98%, to $89 million as of August 2018
from $3.7 billion at issuance. This includes $202.9 million in
incurred losses (or 5.5% of the original pool balance). Due to the
concentrated nature of the pool, Fitch performed a look-through
analysis that grouped the remaining loans based on the likelihood
of repayment, in addition to potential losses from the liquidation
of specially serviced loans. Based on this analysis, classes F and
G are expected to incur a loss.

One Performing Loan; Low DSCR: The transaction's one performing
loan (17.8%) is the second-largest loan in the deal and is
collateralized by a 106,944 sf open air neighbourhood retail center
located in Montgomery AL. Tenants include Ross Dress for Less (28%
of the net rentable area [NRA], lease expiration in 2020); Office
Depot (20% NRA, 2021); Dollar Tree (11% NRA, 2021); Shoe Carnival
(11% NRA, 2021); and Verizon (5% NRA, 2022). The property has
maintained high occupancy throughout the loan term from 96%-100%.
Occupancy as of March 2018 was 100%. Reported net operating income
(NOI) has been consistently low, and the NOI debt service coverage
ratio was 1.11x as of March 2018 and 1.12x as of year-end 2017.
Tenants Ross Dress for Less and Verizon both signed new leases in
early 2017 at their respective lease expirations. The current loan
per square foot is $134. The balloon loan's maturity date is in
December 2018.

RATING SENSITIVITIES

The remaining classes' ratings are distressed and reflect the
expectation of losses on the specially serviced loans. Downgrades
are expected on classes F and G as losses become more imminent or
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:

  -- $28.5 million class F at 'Csf'; RE 50%;

  -- $32.5 million class G at 'Csf'; RE 0%;

  -- $19.9 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%.

The class A-1, A-2, A-3, A-AB, A-4, A-1A, A-M, A-J, B, C and D
certificates have all paid in full. Fitch does not rate the class
P, Q, S, T or BMP certificates. Fitch previously withdrew the
rating on the interest-only class X-CL, X-CP and X-W certificates.


LB-UBS COMMERCIAL 2007-C1: S&P Affirms CCC- Rating on Class F Certs
-------------------------------------------------------------------
S&P Global Ratings affirmed its rating on the class F commercial
mortgage pass-through certificates from LB-UBS Commercial Mortgage
Trust 2007-C1, a U.S. commercial mortgage-backed securities (CMBS)
transaction. In addition, S&P discontinued its rating on class E
from the same transaction.

The affirmed rating reflects S&P's view of the class' heightened
susceptibility to liquidity interruption because it is exposed to
the seven specially serviced assets comprising 82.2% ($66.6
million) of the pool trust balance.

The discontinued rating reflects the full repayment of class E as
noted in the July 17, 2018, trustee remittance report.

TRANSACTION SUMMARY

As of the July 17, 2018, trustee remittance report, the collateral
pool balance was $81.0 million, which is 2.2% of the pool balance
at issuance. The pool currently includes four loans and four real
estate-owned (REO) assets, down from 145 loans at issuance. Seven
of these assets are with the special servicer, none are defeased,
and one ($14.4 million, 17.8%) is on the master servicer's
watchlist.

S&P said, "For the sole performing loan, we calculated a 1.07x S&P
Global Ratings debt service coverage (DSC) and a 91.4% S&P Global
Ratings loan-to-value ratio using an 8.00% S&P Global Ratings
capitalization rate.

"To date, the transaction has experienced $202.9 million in
principal losses, or 5.5% of the original pool trust balance. We
expect losses to reach approximately 6.3% of the original pool
trust balance in the near term, based on losses incurred to date
and additional losses we expect upon the eventual resolution of the
seven specially serviced assets."

CREDIT CONSIDERATIONS

As of the July 17, 2018, trustee remittance report, seven assets in
the pool were with the special servicer, LNR Partners LLC (LNR).
Details of the two largest specially serviced assets are as
follows:

-- The GTECH Office Campus - GTECH REO asset ($16.0 million,
19.8%) is the largest asset in the pool and has a reported total
exposure of $17.2 million. The asset is a 170,000-sq.-ft. office
property in West Greenwich, R.I. and is cross-collateralized with
the GTECH Office Campus - Immunex REO asset (discussed below). The
loan was transferred to the special servicer on Sept. 19, 2014,
because of imminent default, and the property became REO on March
31, 2015. LNR stated that the property is not currently being
marketed for sale. The reported DSC and occupancy as of year-end
2017 were 1.17x and 100.0%, respectively. This asset has been
deemed nonrecoverable. S&P expects a minimal loss upon this asset's
eventual resolution.

-- The GTECH Office Campus - Immunex REO asset ($14.9 million,
18.4%) is the second-largest asset in the pool and has a reported
total exposure of $15.9 million. The asset is a 93,000-sq.-ft.
office building in West Greenwich, R.I. and is cross-collateralized
with the GTECH Office Campus - GTECH asset. The loan was
transferred to the special servicer on Sept. 19, 2014, because of
imminent default, and the property became REO on March 31, 2015.
LNR stated that the property was sold for $2.4 million in October
2017. This asset's balance will remain outstanding until the GTECH
Office Campus – GTECH asset is resolved. This asset has been
deemed nonrecoverable. S&P expects a significant loss upon this
asset's eventual resolution.  

The five remaining assets with the special servicer each have
individual balances that represent less than 16.5% of the total
pool trust balance. S&P estimated losses for the seven specially
serviced assets, arriving at a weighted-average loss severity of
46.5%.

With respect to the specially serviced assets noted above, a
minimal loss is less than 25%, and a significant loss is 60% or
greater.

  RATING AFFIRMED

  LB-UBS Commercial Mortgage Trust 2007-C1
  Commercial mortgage pass-through certificates series 2007-C1

  Class     Rating    F         CCC- (sf)                

  RATING DISCONTINUED

  LB-UBS Commercial Mortgage Trust 2007-C1
  Commercial mortgage pass-through certificates series 2007-C1

              Rating
  Class     To     From
  E         NR     B (sf)

  NR--Not rated.


LBUBS COMMERCIAL 2004-C8: Moody's Hikes Class H Debt Rating to 'B1'
-------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on two classes
and affirmed the ratings on two classes in LB-UBS Commercial
Mortgage Trust 2004-C8 as follows:

Cl. G, Upgraded to Aa2 (sf); previously on Aug 31, 2017 Upgraded to
A3 (sf)

Cl. H, Upgraded to B1 (sf); previously on Aug 31, 2017 Upgraded to
Caa1 (sf)

Cl. J, Affirmed C (sf); previously on Aug 31, 2017 Affirmed C (sf)


Cl. X-CL, Affirmed C (sf); previously on Aug 31, 2017 Affirmed C
(sf)

RATINGS RATIONALE

The ratings on Cl. G and Cl. H were upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 32% since Moody's last review.


The rating on one Cl. J was affirmed because the rating is
consistent with Moody's expected loss plus realized losses. Cl. J
has already experienced a 78% expected loss from previously
liquidated loans.

The rating on the IO class, Cl. X-CL, was affirmed based on the
credit quality of the 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 5.0%
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 principal methodology used in rating LB-UBS Commercial Mortgage
Trust 2004-C8, Cl. G, Cl. H, and Cl. J, was "Moody's Approach to
Rating Large Loan and Single Asset/Single Borrower CMBS" published
in July 2017. The methodologies used in rating LB-UBS Commercial
Mortgage Trust 2004-C8, Cl. X-CL 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 98.8% to $15.4
million from $1.31 billion at securitization. The certificates are
collateralized by three mortgage loans.

Thirty loans have been liquidated from the pool, resulting in an
aggregate realized loss of $65 million (for an average loss
severity of 23%). There are currently no loans in special servicing
nor on the servicer's watchlist.

Moody's received full year 2017 operating results for 100% of the
pool, and partial year 2018 operating results for 47% of the pool.


The largest loan is the 6th Avenue Place Loan ($8.2 million --
53.5% of the pool), which is secured by a flex office/warehouse
property located in the Denver suburb of Golden, Colorado. The
property is comprised of four, single story buildings and is able
to accommodate office, medical, technology, R&D, showroom and more.
As of the March 2018, the property was 81% leased compared to 100%
leased as of June 2017. The loan has amortized by approximately 22%
since securitization. Moody's LTV and stressed DSCR are 75% and
1.36X, respectively, compared to 77% and 1.33X at the last review.


The second largest loan is the Parkersburg Towne Center Loan ($4.3
million -- 28.0% of the pool), which is secured by a 102,000 square
foot (SF) retail center located in Parkersburg, West Virginia. The
property is located directly across the street from the regional
Grand Central Mall and neighbors Grand Central Plaza shopping
center. The property is currently 100% leased with 95% of NRA being
occupied by Home Depot with the lease expiration in January 2029.
Moody's incorporated a lit/dark analysis to account for the single
tenant nature of the property. Moody's LTV and stressed DSCR are
107% and 0.89X, respectively, compared to 109% and 0.86X at the
last review.

The third largest loan is the Louetta Loan ($2.8 million -- 18.5%
of the pool), which is secured by an unanchored retail center in
Cypress, Texas approximately 35 miles northwest of Houston. As of
March 2018, the property was 100% leased, compared to 83% in June
2017 and 95% in December 2016. Performance has improved due to
higher revenues as a result of the increased occupancy. Moody's LTV
and stressed DSCR are 92% and 1.17X, respectively, compared to 110%
and 0.99X at the last review.


MERRILL LYNCH 1998-C1-CTL: Moody's Affirms Caa2 Rating on IO Certs
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on three classes
and upgraded the rating on one class in Merrill Lynch Mortgage
Investors, Inc.,1998-C1-CTL, Mortgage Pass-Through Certificates,
Series 1998-C1-CTL as follows:

Cl. A-PO, Affirmed Aaa (sf); previously on Jul 6, 2017 Affirmed Aaa
(sf)

Cl. D, Affirmed Aaa (sf); previously on Jul 6, 2017 Upgraded to Aaa
(sf)

Cl. E, Upgraded to Aa3 (sf); previously on Jul 6, 2017 Upgraded to
A3 (sf)

Cl. IO, Affirmed Caa2 (sf); previously on Jul 6, 2017 Affirmed Caa2
(sf)

RATINGS RATIONALE

The ratings on Cl. A-PO and Cl. D were affirmed due to the
sufficiency of the credit support level and the transaction's key
metric, the weighted average rating factor (WARF), being within an
acceptable range.

The rating on the Cl. E was upgraded because of increased credit
support resulting from loan paydowns and amortization. The pool has
paid down 35% since the last review and 87% since securitization.

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

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


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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating Merrill Lynch Mortgage
Investors, Inc.,1998-C1-CTL, Cl. A-PO, Cl. D, and Cl. E was
"Moody's Approach to Rating Credit Tenant Lease and Comparable
Lease Financings" published in October 2016. The methodologies used
in rating Merrill Lynch Mortgage Investors, Inc.,1998-C1-CTL, Cl.
IO were "Moody's Approach to Rating Credit Tenant Lease and
Comparable Lease Financings" published in October 2016 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 87% to $82.8 million
from $630 million at securitization. The Certificates are
collateralized by 76 mortgage loans ranging in size from less than
1% to 21% of the pool. Sixty of the loans are CTL loans secured by
properties leased to eight corporate credits. Sixteen loans,
representing 27% of the pool, have defeased and are collateralized
with U.S. Government securities.

Four loans, constituting 1.4% of the pool, is on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

There are no loans currently in special servicing. Twenty-one loans
have been liquidated from the pool, resulting in an aggregate
realized loss of $35 million (for an average loss severity of 56%).


The pool's largest non-defeased exposures are Rite Aid Corporation
($30.4 million -- 36.8% of the pool; senior unsecured rating: Caa1
-- on watch for possible downgrade), Georgia Power Company ($17.4
million -- 21.0% of the pool; senior unsecured rating: Baa1 -- on
watch for possible downgrade), and Kroger Co. (The) ($7.8 million
-- 9.4% of the pool; senior unsecured rating: Baa1 -- stable
outlook). The bottom-dollar WARF for this pool is 2107 compared to
1956 at the last review. WARF is a measure of the overall quality
of a pool of diverse credits. The bottom-dollar WARF is a measure
of default probability.


METLIFE SECURITIZATION 2018-1: Fitch to Rate Class B2 Notes 'Bsf'
-----------------------------------------------------------------
Fitch Ratings expects to rate MetLife Securitization Trust 2018-1
(MST 2018-1) as follows:

  -- $398,362,000 class A notes 'AAAsf'; Outlook Stable;

  -- $27,387,000 class M1 notes 'AAsf'; Outlook Stable;

  -- $21,163,000 class M2 notes 'Asf'; Outlook Stable;

  -- $18,424,000 class M3 notes 'BBBsf'; Outlook Stable;

  -- $11,453,000 class B1 notes 'BBsf'; Outlook Stable;

  -- $7,968,000 class B2 notes 'Bsf'; Outlook Stable.

Fitch will not be rating the following classes:

  -- $2,489,000 class B3 notes;

  -- $2,490,000 class B4 notes;

  -- $2,490,000 class B5 notes;

  -- $2,490,000 class B6 notes;

  -- $2,489,000 class B7 notes;

  -- $747,777 class B8 notes;

  -- $469,371,990 class A-IO-S notional notes.

Fitch Ratings expects to rate MetLife Securitization Trust's 2018-1
(MST 2018-1) second residential re-performing loan (RPL)
transaction, as indicated above. The notes and certificates are
supported by 1,909 seasoned performing and re-performing mortgages
with a total balance of $497.95 million, which includes $27.8
million, or 5.6%, of the aggregate pool balance in
non-interest-bearing deferred principal amounts, as of the cutoff
date. Principal and interest (P&I) and loss allocations are based
on a traditional senior subordinate, sequential structure. The
transaction is expected to close on Aug. 17, 2018.

The 'AAAsf' rating on the class A notes reflects the 20.00%
subordination provided by the 5.50% class M1, 4.25% class M2, 3.70%
class M3, 2.30% class B1, 1.60% class B2, 0.50% class B3, 0.50%
class B4, 0.50% class B5, 0.50% class B6, 0.50% class B7, and 0.15%
class B8 notes and certificates.

Fitch's ratings on the notes and certificates reflect the credit
attributes of the underlying collateral, the quality of the
representation (rep) and warranty framework, minimal due diligence
findings and the sequential pay structure.

KEY RATING DRIVERS

High Credit Quality (Positive): The notes and certificates are
backed by a pool of high-quality RPL mortgage loans. The weighted
average primary borrower's most recent FICO score of 703 is higher
than most typical RPL RMBS rated by Fitch to date. In addition, the
pool has a current loan-to-value ratio (LTV) of just 72%, a
sustainable LTV of 77.4% and is seasoned on average over 10 years.
This is most evidenced by Fitch's 'AAAsf' loss expectation of
15.50%.

Experienced Aggregator (Positive): This will be the second rated
RPL transaction issued by Metropolitan Life Insurance Company
(MLIC). Fitch reviewed MetLife Investment Management (MIM), a
business division of MetLife, Inc., in August 2017 and currently
considers MIM to be an average aggregator of RPL collateral. MIM,
which began aggregating RPLs in 2012 and managed approximately $16
billion in investments as of Dec. 31, 2017, benefits from a
conservative loan sourcing strategy and use of robust analytics in
its aggregation process.

Clean Current Loans (Positive): Although 91.5% of the pool has been
modified, all of the borrowers have been paying on time for the
past 24 months. In addition, 95.0% of the borrowers have been clean
for 36 months. Borrowers that have been current for at least the
past 36 months received a 35% reduction to Fitch's 'AAAsf'
probability of default (PD) while those that have been current
between 24 and 36 months received a 26.25% reduction.

Low Operational Risk (Positive): Operational risk is well
controlled for in this transaction. MetlLife carries an 'average'
aggregator assessment from Fitch, and third-party due diligence,
which was completed on 100% of the pool, indicated low risk for an
RPL transaction. The issuer's retention of at least 5% of the bonds
and a strong representation and warranty framework (classified by
Fitch as Tier 1) help ensure an alignment of interest between
issuer and investor.

Third-Party Due Diligence (Positive): A third-party due diligence
review was conducted on 100% of the pool and focused on regulatory
compliance and pay histories; a tax and title lien search was also
conducted. Roughly 10% of the pool (195 loans) was assigned a grade
'C' or 'D' for compliance violations, one-third of which had
material violations or lacked documentation to confirm regulatory
compliance and were applied an adjustment by Fitch. The remaining
loans had violations with limited assignee liability or other
exceptions that could delay foreclosure, which is addressed by
Fitch's extended timelines applied to RPLs.

Tier 1 Representation and Warranty Framework (Positive): Life of
loan representations and warranties are being provided by MLIC
(rated A+/Stable/F1+). Based on Fitch's assessment, the construct
for this transaction was categorized as a Tier 1. The framework
benefits from an automatic breach review after certain performance
triggers are met, as well as the ability for greater than 50% of
unaffiliated noteholders to cause a review. Given the financial
rating and framework of MLIC, Fitch adjusted its expected losses
downward by 65bps at 'AAAsf'.

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 $27.8 million (5.6%) of the unpaid
principal balance are outstanding on 512 loans. Fitch included the
deferred amounts when calculating the borrower's LTV and sLTV
despite the lower payment and amounts not being owed during the
term of the loan. The inclusion resulted in higher PDs and LS than
if there were no deferrals. Fitch believes that borrower default
behavior for these loans will resemble that of the higher LTVs, as
exit strategies (that is, sale or refinancing) will be limited
relative to those borrowers with more equity in the property.

No Servicer P&I Advances (Neutral): The servicer will not be
advancing delinquent monthly payments of P&I, which reduces
liquidity to the trust. However, as P&I advances made on behalf of
loans that become delinquent and eventually liquidate reduce
liquidation proceeds to the trust, the loan-level loss severities
(LS) are less for this transaction than for those where the
servicer is obligated to advance P&I. Structural provisions and
cash flow priorities, together with increased subordination,
provide for timely payments of interest to the 'AAAsf' and 'AAsf'
rated classes.

Solid Alignment of Interest (Positive): The sponsor, MLIC and/or
one or more of its majority-owned affiliates will acquire and
retain a 5% vertical interest in each class of the securities to be
issued. In addition, the sponsor will also be the rep provider.

CRITERIA APPLICATION

Fitch analyzed the transaction in accordance with its criteria, as
described in its report, "U.S. RMBS Rating Criteria." This
incorporates a review of the aggregator's lending platforms, as
well as an assessment of the transaction's R&W and due diligence
results, which were found to be consistent with the ratings
assigned to the notes.

Fitch's analysis incorporated one criteria variation from "U.S.
RMBS Seasoned, Re-Performing and Non-Performing Loan Rating
Criteria" and one criteria variation from "U.S. RMBS Loan Loss
Model Criteria," as described, which if not applied would have
resulted in one rating category lower than the ratings assigned.

The first variation relates to the expectation that credit scores
will be pulled within 6 months prior to the cut-off date. For 10.6%
of the pool, updated scores cannot be provided because the current
servicer, Bayview Loan Servicing, has an internal policy of not
obtaining updated FICOs on borrowers that have a prior Chapter 7
bankruptcy.

Fitch does not believe the outdated FICOs pose a material risk to
the pool. 94% of the borrowers with outdated FICOs have been
performing on their loans for the last 36 months with no
delinquencies. The borrowers' bankruptcies occurred several years
ago, and roughly 67% were modified, so the loans have been
performing well after the modifications. For the loans that were
modified, almost all of the FICOs were refreshed by a prior
servicer after the modifications occurred. Fitch believes that the
outdated FICOs (average score of 674) may be conservative, because
the borrowers' scores likely would have increased since the FICOs
were last pulled due to their clean pay performance.

The second variation relates to not using the default assumption of
600 for re-performing loans missing updated FICO scores. Fitch
assumed the most recent FICOs given in the tape in its analysis
(average score of 674), even if the FICOs were last pulled more
than 6 months prior to the cut-off date. Based on the clean pay
history of the loans, Fitch believes an assumption of 600 is too
punitive.

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 7.0% at the base case. 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 (AMC) who was engaged to perform a
regulatory compliance, data integrity, and pay history third-party
due diligence review on the loans. The third-party due diligence
described in Form 15E focused on: regulatory compliance review,
24-month pay-history review, and data integrity review on all of
the loans. In addition, AMC was engaged to perform an updated tax
and title search and a review for recordation of the mortgage note
and subsequent assignments for the entire pool.

Approximately 10% (195 loans) of the loans reviewed were assigned a
compliance grade 'C' or 'D'. For 92 of these loans, Fitch adjusted
its loss expectation at the 'AAAsf' by approximately 12bps to
reflect missing documents that prevented the testing for predatory
lending compliance. Inability to test for predatory lending may
expose the trust to potential assignee liability, which creates
added risk for bond investors. The remaining loans graded 'C' and
'D' include exceptions for loans that are not subject to predatory
lending, loans with missing disclosures and other compliance
defects which were considered non-material by the Fitch analyst.
Loss adjustments were not applied for these loans.


MIDOCEAN CREDIT IX: S&P Assigns B- Rating on Class F Notes
----------------------------------------------------------
S&P Global Ratings assigned its ratings to MidOcean Credit CLO
IX/MidOcean Credit CLO IX LLC's $355 million floating-rate notes.

The note issuance is a collateralized loan obligation (CLO)
transaction backed primarily by broadly syndicated
speculative-grade senior secured term loans (those rated 'BB+' or
lower) that are governed by collateral quality tests.

The ratings reflect:

-- The diversified collateral pool.

-- 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

  MidOcean Credit CLO IX/MidOcean Credit CLO IX LLC
  Class       Rating        Interest                    Amount
                            rate                      (mil. $)
  A-1            AAA (sf)   Three-month LIBOR + 1.15    240.00
  A-2            NR         Three-month LIBOR + 1.50     16.00
  B              AA (sf)    Three-month LIBOR + 1.75     32.00
  C              A (sf)     Three-month LIBOR + 2.00     35.00
  D              BBB- (sf)  Three-month LIBOR + 3.30     26.00
  E              BB- (sf)   Three-month LIBOR + 6.05     14.00
  F              B- (sf)    Three-month LIBOR + 7.57      8.00
  Income notes   NR         Residual                     37.60

  NR--Not rated.


MORGAN STANLEY 2003-IQ4: Fitch Affirms Dsf Rating on Class L Certs
------------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed three classes of Morgan
Stanley Capital I Trust, commercial mortgage pass-through
certificates, series 2003-IQ4 (MSC 2003-IQ4).

KEY RATING DRIVERS

Increased Credit Enhancement; Lower Loss Expectations: The upgrade
of class K reflects the payoffs at maturity and/or prepayment of
eight loans since Fitch's last rating action and the expected
significant near-term amortization of the remaining loans in the
pool; all loans are current and performing. The affirmations of the
remaining 'Dsf'-rated classes reflect principal losses previously
incurred.

As of the July 2018 remittance report, the pool has been reduced by
99.3% to $5.4 million from $727.8 million at issuance. Cumulative
interest shortfalls in the amount of $724,921 are currently
affecting classes L, N and O.

Concentrated Pool; High Near-Term Amortization: The pool is highly
concentrated with only nine of the original 119 loans remaining.
All of the remaining loans are current, fully amortizing and
extremely low-levered. Seven loans (79.1%) are secured by retail
properties, including three (15.3%) secured by single-tenant
properties, one loan (18.5%) is secured by a garden multifamily
property and one loan (2.4%) is secured by a single-tenant
industrial/warehouse property. Two loans (5.1%) are expected to
amortize in full by December 2018. Due to the concentrated nature
of the pool, Fitch performed a sensitivity analysis that grouped
the remaining loans based on their amortization schedule, loan
structural features, collateral quality and performance and ranked
them by their perceived likelihood of repayment. Given the loans'
expected amortization schedules, Fitch expects class K to pay in
full in February 2019.

Limited Upgrades due to Concentration: The rating of class F is
capped at 'Asf' due to the concentration of properties located in
secondary/tertiary markets with some tenant rollover concerns.
Although Fitch does not expect further losses to the trust, the
credit quality of the remaining loans does not warrant a higher
investment-grade rating.

RATING SENSITIVITIES

The Stable Outlook on class K reflects sufficient credit
enhancement relative to Fitch's loss expectations. Future upgrades
are possible with paydown and amortization or defeasance, but may
be limited due to pool concentration. Downgrades, although
unlikely, are possible should collateral performance drastically
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 upgraded the following class:

  -- $959,089.70 class K to 'Asf' from 'BBsf'; maintain Outlook
Stable.

Fitch has affirmed the following classes:

  -- $4.4 million class L at 'Dsf'; revised RE to 100% from 0%;

  -- $0 class M at 'Dsf'; RE 0%;

  -- $0 class N at 'Dsf'; RE 0%.

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


MORGAN STANLEY 2018-MP: Moody's Gives Ba3 Rating on Class E Certs
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to five
classes of CMBS securities, issued by Morgan Stanley Capital I
Trust 2018-MP, Commercial Mortgage Pass-Through Certificates,
Series 2018-MP:

Cl. A, Definitive Rating Assigned Aaa (sf)

Cl. B, Definitive Rating Assigned Aa3 (sf)

Cl. C, Definitive Rating Assigned A3 (sf)

Cl. D, Definitive Rating Assigned Baa3 (sf)

Cl. E, Definitive Rating Assigned Ba3 (sf)

Note: Moody's previously assigned provisional ratings to Class X-A
of (P) Aaa (sf) and to Class X-B of (P) Aa3 (sf), described in the
prior press release, dated July 19, 2018. Subsequent to the release
of the provisional ratings for this transaction, Class X-A and
Class X-B were eliminated and will not be offered.

RATINGS RATIONALE

The certificates are collateralized by a single loan backed by the
borrower's condominium interests in eight retail and office assets
in New York, Boston, San Francisco, Washington D.C. and Miami. The
loan is secured by fee simple interests in all eight assets and a
leasehold interest in a portion of the asset located in San
Francisco. The loan is a 10 year, fixed-rate, interest-only, first
lien mortgage loan with an original and outstanding principal
balance of $710,000,000. The ratings are based on the collateral
and the structure of the transaction.

More specifically, the trust assets primarily consist of three
promissory notes, including one senior note and two junior notes,
which combined have an aggregate principal balance of $464,339,474
as of the cut-off date.

The portfolio is comprised of condominium interests in eight Class
A properties all centrally located within top tier gateway markets.
In aggregate, the collateral improvements contain 1,549,699 SF of
retail, office and/or parking area. The three New York City
properties represent retail components of luxury apartment
condominiums on Manhattan's Upper West Side. The Boston property
represents the retail and office component of a recently
constructed luxury residential tower in Boston's Downtown Crossing
neighborhood. The remaining four properties represent commercial
condominium components of a related 5-star luxury hotel (two
Ritz-Carlton hotels and two Four Seasons hotels). Except for a
small office/retail building located at 735 Market Street in San
Francisco, all of the properties were developed by the sponsor,
Millennium Partners LLC, within the last 25 years and have been
maintained in excellent condition.

As of May 1, 2018 the portfolio is 94.3% leased to a combination of
national retail tenants including Equinox sports clubs, AMC Loews
movie theaters, Primark, and Zara along with office tenants
including Havas and HSBC.

Moody's approach to rating this transaction involved an application
of Moody's Approach to Rating Large Loan and Single Asset/Single
Borrower CMBS. 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 loans is determined primarily by two factors: 1)
Moody's assessment of the probability of default, which is largely
driven by each loan's DSCR, and 2) Moody's assessment of the
severity of loss upon a default, which is largely driven by each
loan's LTV ratio.

The first mortgage balance of $710,000,000 represents a Moody's LTV
of 92.1%, inclusive of the $280,150,000 mezzanine loan this
increases to 128.4%. The Moody's first mortgage DSCR is 2.03x and
Moody's first mortgage DSCR at a 9.25% stressed constant is 0.94x.


Notable strengths of the transaction include the location of the
properties in gateway cities, historical occupancy, geographic
diversification and strong sponsorship. Offsetting these strengths
are the interest-only mortgage loan profile, additional debt,
tenant concentration, declining retail sales of some tenants,
condominium structure and credit negative legal features.

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

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.

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 paydowns or
amortization, an increase in the pool's share of defeasance or
overall improved pool performance. Factors that may cause a
downgrade of the ratings include a decline in the overall
performance of the pool, loan concentration, increased expected
losses from specially serviced and troubled loans or interest
shortfalls.

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

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


NATIXIS COMMERCIAL 2018-850T: S&P Assigns B- Rating on Cl. F Certs
------------------------------------------------------------------
S&P Global Ratings assigned ratings to Natixis Commercial Mortgage
Securities Trust 2018-850T's $168.359 million commercial mortgage
pass-through certificates series 2018-850T.

The note issuance is a commercial mortgage-backed securities (CMBS)
transaction backed by a $177.22 million trust loan, which is part
of a whole mortgage loan structure in the aggregate principal
amount of $242.0 million, and secured by a first lien on the
borrower's interest in 850 Third Avenue, a class-A office building
located within Midtown Manhattan's East Side office submarket. The
mortgage loan seller is retaining a $22.0 million unfunded pari
passu non-trust companion note. Both the trust loan and the
companion loans are collectively secured by the same mortgage on
the property and will be serviced and administered according to the
trust and servicing agreement for this securitization.

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

  RATINGS ASSIGNED

  Natixis Commercial Mortgage Securities Trust 2018-850T

  Class       Rating(i)          Amount
                                (mil. $)

  A           AAA (sf)           73.780
  X-F(ii)     NR                177.220(iii)
  B           AA- (sf)           18.440
  C           A- (sf)            13.840
  D           BBB- (sf)          16.970
  E           BB- (sf)           23.060
  F           B- (sf)            22.269
  RR(iv)      NR                  8.861

(i)The issuer will issue the certificates to qualified
institutional buyers in line with Rule 144A of the Securities Act
of 1933.
(ii)Interest only.
(iii)Notional balance. The notional amount of the class X-F
certificates will be equal to the class A, B, C, D, E, F, and RR
certificate balances.
(iv)Non-offered eligible horizontal interest.
NR--Not rated.


OHA LOAN 2013-1: S&P Assigns Prelim. B- Rating on F-R2 Notes
------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1-R2, B-R2, C-R2, D-R2, E-R2, and F-R2 replacement notes from OHA
Loan Funding 2013-1 Ltd., a collateralized loan obligation (CLO)
originally issued in 2013 and refinanced in March 2017 that is
managed by Oak Hill Advisors L.P. The transaction is also issuing
unrated class A-2-R2 notes. 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 Aug. 8,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

S&P said, "On the Aug. 10, 2018, refinancing date, the proceeds
from the issuance of the replacement notes are expected to redeem
the outstanding notes. At that time, we anticipate withdrawing the
ratings on the current outstanding 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:

-- Split the class A-R notes into the replacement class A-1-R2 and
A-2-R2 notes. The class A-1-R2 spread will be unchanged while the
class A-2-R2 spread will be issued at a higher rate. The
replacement class C-R2, E-R2, and F-R2 notes are expected to be
issued at higher spreads than their current respectively named
notes.

-- Issue the replacement class B-R2 notes at a floating spread,
replacing the current floating spread on the class B-1-R and fixed
coupon on the class B-2-R notes. The other classes are expected to
be issued at floating spreads as well.

-- Extend the stated maturity to July 2031.

-- Extend the reinvestment period to July 2023.

-- Extend the non-call period to 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.

"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

  OHA Loan Funding 2013-1 Ltd.

  Replacement class         Rating      Amount (mil. $)
  A-1-R2                    AAA (sf)             290.00
  A-2-R2                    NR                    27.50
  B-R2                      AA (sf)               64.00
  C-R2                      A (sf)                29.00
  D-R2                      BBB- (sf)             30.20
  E-R2                      BB- (sf)              18.10
  F-R2                      B- (sf)                8.30
  Subordinated notes        NR                    58.00

  NR--Not rated.



PPM CLO 2018-1: Moody's Assigns B3 Rating on $6.8MM Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
notes issued by PPM CLO 2018-1 Ltd.

Moody's rating action is as follows:

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

US$19,000,000 Class B-1 Fixed Rate Notes due 2031 (the "Class B-1
Notes"), Assigned Aa2 (sf)

US$29,000,000 Class B-2 Floating Rate Notes due 2031 (the "Class
B-2 Notes"), Assigned Aa2 (sf)

US$20,800,000 Class C Deferrable Floating Rate Notes due 2031 (the
"Class C Notes"), Assigned A2 (sf)

US$22,800,000 Class D Deferrable Floating Rate Notes due 2031 (the
"Class D Notes"), Assigned Baa3 (sf)

US$20,400,000 Class E Deferrable Floating Rate Notes due 2031 (the
"Class E Notes"), Assigned Ba3 (sf)

US$6,800,000 Class F Deferrable Floating Rate Notes due 2031 (the
"Class F Notes"), Assigned B3 (sf)

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


RATINGS RATIONALE

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

PPM 2018-1 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 principal investments,
and up to 7.5% of the portfolio may consist of second lien loans.
The portfolio is 100% ramped as of the closing date.

PPM Loan Management Company, 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 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: 80

Weighted Average Rating Factor (WARF): 2720

Weighted Average Spread (WAS): 3.20%

Weighted Average Spread (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 47.25%

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 2720 to 3128)

Rating Impact in Rating Notches

Class A Notes: 0

Class B-1 Notes: -2

Class B-2 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 2720 to 3536)

Rating Impact in Rating Notches

Class A Notes: -1

Class B-1 Notes: -4

Class B-2 Notes: -4

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1

Class F Notes: -4


REMIC TRUST 2003-R1: S&P Cuts Ratings on Classes IIM/IIB1 Debt to D
-------------------------------------------------------------------
S&P Global Ratings lowered its ratings on two classes from
Reperforming Loan REMIC Trust 2003-R1, a U.S. residential
mortgage-backed securities (RMBS) transaction issued in 2003. This
transaction is backed by reperforming collateral.

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

  RATINGS LOWERED

  Reperforming Loan REMIC Trust 2003-R1
                            Rating
  Class    CUSIP         To         From
  IIM      12669UBJ8     D (sf)     CCC (sf)
  IIB1     12669UBK5     D (sf)     CCC (sf)



SCF EQUIPMENT 2017-1: Moody's Hikes Rating on Class D Notes to 'B1'
-------------------------------------------------------------------
Moody's Investors Service has upgraded two classes of notes and
affirmed two classes of notes issued by SCF Equipment Leasing
2017-1 LLC (SCF 2017-1). The transaction is a securitization of
equipment loans and leases sponsored by Stonebriar Commercial
Finance, LLC, which also acts as the servicer for the transaction.
The equipment loans and leases are backed by collateral that
include railcars, corporate aircraft, and commercial equipment.

The complete rating actions are as follows:

Issuer: SCF Equipment Leasing 2017-1 LLC

Equipment Contract Backed Notes, Class A, Affirmed A1 (sf);
previously on Dec 19, 2017 Affirmed A1 (sf)

Equipment Contract Backed Notes, Class B, Affirmed Baa1 (sf);
previously on Dec 19, 2017 Upgraded to Baa1 (sf)

Equipment Contract Backed Notes, Class C, Upgraded to Baa3 (sf);
previously on Dec 19, 2017 Affirmed Ba1 (sf)

Equipment Contract Backed Notes, Class D, Upgraded to B1 (sf);
previously on Dec 19, 2017 Affirmed B3 (sf)

RATINGS RATIONALE

The upgrades were prompted by build-up in credit enhancement due to
the sequential pay structure, overcollateralization and
non-declining reserve account. The SCF 2017-1 transaction features
an overcollateralization target of 10.25% of the original pool
balance. In addition, the transaction has exhibited strong
performance with no cumulative net loss to date.

Along with the strong performance, Moody's continued to consider
credit risks associated with the transaction, such as the
substantial residual value risk. The transaction is exposed to the
market value of the equipment if lessees return the equipment upon
maturity of the leases. Residual values of the leased equipment
have increased to approximately 33% of the outstanding pool from
23% of the pool that was outstanding at closing. The hard credit
enhancement available for classes A and B are currently 38.5% and
32.2%, respectively, close to the transaction's residual value
exposure.

Residual risk in the transaction is partially mitigated by the
relatively onerous return conditions under most of the leases,
which incentivize the lessees to either renew the lease or purchase
the equipment at the end of the lease term. However, lease renewals
instead of equipment purchases would result in slower pay down of
the notes, while classes A and B have final maturity dates of
January and March 2023 respectively.

Moody's also considered the passage of time since projected future
asset values of the collateral were provided at the closing of the
transaction. Over time, the age of the asset valuations may lead to
volatility in the determination of recovery values of the loans and
leases backing the transaction. To take this into consideration,
Moody's performed sensitivity analysis on the projected future
asset values received at the closing of the transaction such as a
5% to 7.5% haircut to the asset values.

Here are key performance metrics (as of July 2018 distribution
date) for the affected transaction. Performance metrics include
pool factor which is the ratio of the current collateral balance
and the original collateral balance at closing; and total hard
credit enhancement (expressed as a percentage of the outstanding
collateral pool balance) which typically consists of subordination,
overcollateralization, and reserve fund as applicable.

Issuer -- SCF Equipment Leasing 2017-1 LLC

Pool factor -- 73.9%

Total hard credit enhancement -- Class A -- 38.5%; Class B --
32.2%; Class C -- 25.9%; Class D -- 15.9%

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

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


Up

Moody's could upgrade the ratings on the notes if levels of credit
protection are greater than necessary to protect investors against
current expectations of loss. Moody's updated expectations of loss
may be better than its original expectations because of lower
frequency of default by the underlying obligors or appreciation in
the value of the equipment that secure the obligor's promise of
payment. As the primary drivers of performance, positive changes in
the US macro economy and the strong performance of various sectors
where the obligors operate could also affect the ratings. In
addition, faster than expected reduction in residual value exposure
could prompt upgrade of ratings.

Down

Moody's could downgrade the ratings of the notes if levels of
credit protection are insufficient to protect investors against
current expectations of loss. Moody's updated expectations of loss
may be worse than its original expectations because of higher
frequency of default by the underlying obligors or a greater than
expected deterioration in the value of the equipment that secure
the obligor's promise of payment. As the primary drivers of
performance, negative changes in the US macro economy and the weak
performance of various sectors where the obligors operate could
also affect Moody's ratings. Other reasons for worse performance
than Moody's expectations could include poor servicing, error on
the part of transaction parties, lack of transaction governance and
fraud.


THL CREDIT 2018-1: S&P Assigns BB- Rating on Class E Notes
----------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to THL Credit
Wind River 2018-1 CLO Ltd./THL Credit Wind River CLO 2018-1 LLC's
$431.25 million floating-rate notes.

The note issuance is a collateralized loan obligation transaction
backed by a pool consisting primarily of broadly syndicated
speculative-grade senior secured term loans (those rated 'BB+' or
lower).

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

  THL Credit Wind River 2018-1 CLO Ltd./THL Credit Wind River
  2018-1 CLO LLC

  Class                Rating                Amount
                                           (mil. $)

  A-1                  AAA (sf)              298.75
  A-2                  NR                     28.75
  B                    AA (sf)                52.50
  C                    A (sf)                 35.00
  D                    BBB- (sf)              25.00
  E                    BB- (sf)               20.00
  Subordinated notes   NR                     51.50

  NR--Not rated.


UNITED AUTO 2018-2: S&P Assigns B Rating on $7MM Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its 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 ratings reflect:

-- The availability of approximately 58.6%, 51.3%, 42.5%, 32.6%,
26.4%, and 23.6% (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 ratings.

-- S&P said, "Our 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 our '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 paid off securitizations.

-- UACC's 20-plus-year history of originating, underwriting, and
servicing subprime auto loans.

-- The transaction's payment and legal structures.

  RATINGS ASSIGNED

  United Auto Credit Securitization Trust 2018-2

  Class     Rating          Type            Interest     Amount
                                            rate       (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



VIBRANT CLO IX: Moody's Assigns Ba3 Rating on Class D Notes
-----------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by Vibrant CLO IX, Ltd.

Moody's rating action is as follows:

US$1,000,000 Class X Senior Secured Floating Rate Notes due 2031
(the "Class X Notes"), Definitive Rating Assigned Aaa (sf)

US$320,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031 (the "Class A-1 Notes"), Definitive Rating Assigned Aaa (sf)

US$57,500,000 Class A-2 Senior Secured Floating Rate Notes due 2031
(the "Class A-2 Notes"), Definitive Rating Assigned Aa2 (sf)

US$27,500,000 Class B Secured Deferrable Floating Rate Notes due
2031 (the "Class B Notes"), Definitive Rating Assigned A2 (sf)

US$31,000,000 Class C Secured Deferrable Floating Rate Notes due
2031 (the "Class C Notes"), Definitive Rating Assigned Baa3 (sf)

US$24,000,000 Class D Secured Deferrable Floating Rate Notes due
2031 (the "Class D Notes"), Definitive Rating Assigned Ba3 (sf)

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

RATINGS RATIONALE

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

Vibrant CLO IX 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
first lien 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 70% ramped as of
the closing date.

DFG Investment Advisers, 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): 2720

Weighted Average Spread (WAS): 3.20%

Weighted Average Recovery Rate (WARR): 46.0%

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 2720 to 3128)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1 Notes: 0

Class A-2 Notes: -2

Class B Notes: -2

Class C Notes: -1

Class D Notes: -1

Percentage Change in WARF -- increase of 30% (from 2720 to 3536)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1 Notes: -1

Class A-2 Notes: -4

Class B Notes: -4

Class C Notes: -2

Class D Notes: -1


WELLS FARGO 2006-LC24: Fitch Affirms BB-sf Rating on Class F Certs
------------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of Wells Fargo Commercial
Mortgage Trust 2016-LC24 Commercial Mortgage Pass-Through
Certificates.

KEY RATING DRIVERS

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

As of the July 2018 distribution date, the pool's aggregate
principal balance has been reduced by 1.5% to $1.03 billion from
$1.05 billion at issuance resulting in minimal changes to credit
enhancement. No loans have transferred to special servicing and
there are currently 19 loans (12%) on the servicer's watchlist,
primarily for not reporting updated financials. Three loans (2.20%)
have been designated as a Fitch Loan of Concern (FLOC).

Fitch Loans of Concern: FedEx and Veolia Industrial Portfolio, a
portfolio of two single-tenant industrial warehouses located in
Greensboro, NC and Vandalia, OH, is on the servicer's watchlist and
considered a FLOC. The single-tenant at the 70,000 sf Vandalia, OH,
property vacated in June 2018.

The second FLOC is the 35th loan in the pool, Clear Creek Landing
Apartments, a 200 unit multifamily property located in Houston, TX.
The property was severely damaged during Hurricane Harvey and the
property occupancy declined to 55% as of YE 2017. Fitch will
continue to monitor the FLOCs and provide any updates as received.

Co-Op Collateral: The pool contains 14 loans (6.2%) secured by
multifamily co-ops. Thirteen of the co-ops in this transaction are
located within the greater New York City metro area, with the
remaining one in Washington, D.C.

Low Pool Concentration: The largest 10 loans account for 38% of the
pool by balance, which is lower than other 2016 deals.

RATING SENSITIVITIES

The Rating Outlooks on all classes remain Stable. Fitch does not
foresee positive or negative ratings migration until a material
economic or asset-level event changes the transaction's overall
portfolio-level metrics.

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

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

Fitch has affirmed the following classes:

  -- $25.7 million class A-1 at 'AAAsf'; Outlook Stable;

  -- $55.7 million class A-2 at 'AAAsf'; Outlook Stable;

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

  -- $290.6 million class A-4 at 'AAAsf'; Outlook Stable;

  -- $69.1 million class A-SB at 'AAAsf'; Outlook Stable;

  -- $94.1 million class A-S at 'AAAsf'; Outlook Stable;

  -- $716.1* million class X-A at 'AAAsf'; Outlook Stable;

  -- $142.4* million class X-B at 'AA-sf'; Outlook Stable;

  -- $48.3 million class B at 'AA-sf'; Outlook Stable;

  -- $44.4 million class C at 'A-sf'; Outlook Stable;

  -- $49.7* million X-D at 'BBB-sf'; Outlook Stable;

  -- $23.5* million X-EF at 'BB-sf'; Outlook Stable;

  -- $49.7 million class D at 'BBB-sf'; Outlook Stable;

  -- $13.1 million class E at 'BB+sf'; Outlook Stable;

  -- $10.5 million class F at 'BB-sf'; Outlook Stable.

*Notional amount and interest-only

Fitch does not rate class G, H, I, X-G, X-H, or X-I certificates.


WELLS FARGO 2018-C46: Fitch Rates $10.38MM Class G-RR Certs 'B-'
----------------------------------------------------------------
Fitch Ratings has issued a presale report on Wells Fargo Commercial
Mortgage Trust 2018-C46 Commercial Mortgage Pass-Through
Certificates, series 2018-C46. Fitch expects to rate the
transaction and assign Rating Outlooks as follows:

  -- $14,029,000 class A-1 'AAAsf'; Outlook Stable;

  -- $147,143,000 class A-2 'AAAsf'; Outlook Stable;

  -- $24,040,000 class A-SB 'AAAsf'; Outlook Stable;

  -- $115,000,000 class A-3 'AAAsf'; Outlook Stable;

  -- $184,264,000 class A-4 'AAAsf'; Outlook Stable;

  -- $484,476,000a class X-A 'AAAsf'; Outlook Stable;

  -- $119,389,000a class X-B 'A-sf'; Outlook Stable;

  -- $56,234,000 class A-S 'AAAsf'; Outlook Stable;

  -- $31,145,000 class B 'AA-sf'; Outlook Stable;

  -- $32,010,000 class C 'A-sf'; Outlook Stable;

  -- $20,840,000ab class X-D 'BBBsf'; Outlook Stable;

  -- $20,840,000b class D 'BBBsf'; Outlook Stable;

  -- $16,361,000bc class E-RR 'BBB-sf'; Outlook Stable;

  -- $12,977,000bc class F-RR 'BB-sf'; Outlook Stable;

  -- $10,382,000bc class G-RR 'B-sf'; Outlook Stable.
  
The following class is not expected to be rated:

  -- $27,684,550bc 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 Aug. 7, 2018.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 49 loans secured by 55
commercial properties having an aggregate principal balance of
$692,109,550 as of the cutoff date. The loans were contributed to
the trust by Wells Fargo Bank, National Association, Barclays Bank
PLC, BSPRT CMBS Finance, LLC, Argentic Real Estate Finance and
Rialto Mortgage Finance, LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 70.4% of the properties
by balance, cash flow analysis of 83.3% and asset summary reviews
on 100.0% of the pool.

KEY RATING DRIVERS

Fitch Ratings Leverage: The pool's leverage is slightly higher than
that of recent Fitch-rated multiborrower transactions. The pool's
Fitch debt service coverage ratio (DSCR) of 1.15x is below the YTD
2018 average of 1.24x for Fitch-rated conduit multiborrower
transactions. The pool's Fitch LTV of 104.1% is slightly above the
YTD 2018 average of 103.0% for Fitch-rated conduit multiborrower
transactions.

Diverse Pool: The top 10 loans make up 46.7% of the pool, which is
below the 2017 and YTD 2018 averages of 53.1% and 51.6%,
respectively. The pool has a loan concentration index (LCI) of 327,
indicating a lower loan concentration than the YTD 2018 and 2017
LCI averages of 385 and 398, respectively. Additionally, the pool
has a sponsor concentration index (SCI) of 338, indicating a lower
sponsor concentration than the YTD 2018 and 2017 amounts of 412 and
422, respectively.

Investment-Grade Credit Opinion Loans: Two loans, representing 8.7%
of the transaction, are credit assessed. The second largest loan,
Fair Oaks Mall (5.9% of the pool) has a stand-alone credit opinion
of 'BBB-sf', with a Fitch DSCR and LTV of 1.49x and 59.9%,
respectively. The ninth largest loan, Moffett Towers II - Building
1 (2.9% of the pool) has a stand-alone credit opinion of 'BBB-',
with a Fitch DSCR and LTV of 1.25x and 71.1%, respectively. The
portion of the pool with investment grade with investment-grade
credit opinions is lower than the 2017 average of 11.7%.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 11.9% 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 WFCM
2018-C46 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.


WESTLAKE AUTOMOBILE 2018-3: S&P Gives (P)B+ Rating on Class F Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Westlake
Automobile Receivables Trust 2018-3's $800.00 million automobile
receivables-backed notes series 2018-3.

The note issuance is an asset-backed securitization (ABS)
transaction backed by subprime auto loan receivables.

The preliminary ratings are based on information as of Aug. 8,
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 48.7%, 41.7%, 33.1%, 25.5%,
21.8%, and 18.2% credit support for the class A, B, C, D, E, and F
notes, respectively, based on stressed cash flow scenarios
(including excess spread). These provide approximately 3.50x,
3.00x, 2.30x, 1.75x, 1.50x, and 1.23x, respectively, of our
13.00%-13.50% expected cumulative net loss (CNL) range.

-- The transaction's ability to make timely interest and principal
payments under stressed cash flow modeling scenarios appropriate
for the assigned preliminary ratings.

-- S&P's expectation that under a moderate ('BBB') stress
scenario, all else being equal and for the transaction's life, its
ratings on the class A and B notes would not likely be lowered from
the assigned preliminary ratings, its rating on the class C notes
would likely remain within one rating category of the assigned
preliminary rating, and its rating on the class D notes would
likely remain within two rating categories of the assigned
preliminary rating. S&P's ratings on the class E and F notes would
likely remain within two rating categories of the assigned
preliminary rating during the first year but would ultimately
default at months 62 and 24, respectively, under S&P's 'BBB'
moderate stress scenario, which is within the bounds of S&P's
credit stability criteria.

-- The collateral characteristics of the securitized pool of
subprime automobile loans.

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

-- S&P's analysis of approximately 12 years (2006-2018) of static
pool data on the company's lending programs.

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

  PRELIMINARY RATINGS ASSIGNED

  Westlake Automobile Receivables Trust 2018-3

  Class        Rating     Type         Interest            Amount
                                       Rate(i)           (mil. $)
  A-1          A-1+ (sf)  Senior       Fixed               172.50
  A-2-A/A-2-B  AAA (sf)   Senior       Fixed/floating(ii)  302.56
  B            AA (sf)    Subordinate  Fixed                70.75
  C            A (sf)     Subordinate  Fixed                89.67
  D            BBB (sf)   Subordinate  Fixed                83.90
  E            BB (sf)    Subordinate  Fixed                35.38
  F            B+ (sf)    Subordinate  Fixed                45.24

(i)The interest rate for each class will be determined on the
pricing date.
(ii)The sizes of class A-2-A and A-2-B will be determined at
pricing, and the maximum size of the class A-2-B will be 30% of the
overall class, the class A-2-A may be sized at 100% of the overall
class with a fixed coupon. The class A-2-B coupon will be expressed
as a spread tied to one-month LIBOR.


[*] DBRS Reviews 133 Classes From 27 US RMBS Transactions
---------------------------------------------------------
DBRS, Inc. reviewed 133 classes from 27 U.S. resecuritization of
real estate mortgage investment conduits (ReREMICs) and residential
mortgage-backed security (RMBS) transactions. Of the 133 classes
reviewed, DBRS upgraded 62 ratings, confirmed 64 ratings and
discontinued seven ratings.

The rating upgrades reflect positive performance trends and
increases in credit support sufficient to withstand stresses at
their new rating levels. For transactions where the ratings have
been confirmed, current asset performance and credit-support levels
are consistent with the current ratings. The discontinued ratings
are the result of full repayment of principal to bondholders.

The rating actions are a result of DBRS's application of the "RMBS
Insight 1.3: U.S. Residential Mortgage-Backed Securities Model and
Rating Methodology," published on April 4, 2017.

The transactions consist of U.S. ReREMIC and RMBS transactions. The
pools backing these transactions consist of prime, subprime,
seasoned reperforming, Alt-A, scratch and dent, option
adjustable-rate mortgage and ReREMIC collateral.

The ratings assigned to the securities below differ from the
ratings implied by the quantitative model. DBRS considers this
difference to be a material deviation, but in this case, the
ratings of the subject notes reflect structural features and/or
historical performance that constrain the quantitative model
output.

-- Citigroup Mortgage Loan Trust 2015-2, Resecuritization Trust
Securities, Series 2015-2, Class 4A1

-- Citigroup Mortgage Loan Trust 2015-2, Resecuritization Trust
Securities, Series 2015-2, Class 5A1

-- CSMC Series 2014-4R, CSMC Series 2014-4R, 21-A-1

-- J.P. Morgan Resecuritization Trust, Series 2015-1, Series
2015-1 Trust Certificates, Class 3-A-2

-- Mill City Mortgage Loan Trust 2017-3, Mortgage Backed
Securities, Series 2017-3, Class A3

-- Mill City Mortgage Loan Trust 2017-3, Mortgage Backed
Securities, Series 2017-3, Class A4

-- Mill City Mortgage Loan Trust 2017-3, Mortgage Backed
Securities, Series 2017-3, Class M2

-- Mill City Mortgage Loan Trust 2017-3, Mortgage Backed
Securities, Series 2017-3, Class M3

-- Mill City Mortgage Loan Trust 2017-3, Mortgage Backed
Securities, Series 2017-3, Class B1

-- Mill City Mortgage Loan Trust 2017-3, Mortgage Backed
Securities, Series 2017-3, Class B2

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

The Affected Ratings is available at https://bit.ly/2OfP2Ee


[*] Discounted Tickets for 2018 Distressed Investing Conference!
----------------------------------------------------------------
Discounted tickets for Beard Group, Inc.'s Annual Distressed
Investing 2018 Conference are available if you register by August
31.  Your cost will be $695, a $200 savings.

Visit https://www.distressedinvestingconference.com/ for
registration details and information about this year's conference
agenda as well as highlights from past conferences.

Now on its 25th year, Beard Group's annual Distressed Investing
conference is the oldest and most established New York
restructuring conference.  The day-long program will be held
Monday, November 26, 2018, at The Harmonie Club, 4 E. 60th St. in
Midtown Manhattan.

For a quarter century, the focus of the conference has been on
"Maximizing Profits in the Distressed Debt Market."  The event also
serves as a forum for leaders in corporate restructuring, lending
and debt and equity investments to gather and discuss the latest
topics and trends in the distressed investing industry, as well as
exchange ideas about high-profile chapter 11 bankruptcy proceedings
and out-of-court restructurings.  They are distinguished
professionals who place their resources and reputations at risk to
produce stellar results by preserving jobs, rebuilding broken
businesses, and efficiently redeploying underutilized assets in the
marketplace.

This year's conference will also feature:

     * A luncheon presentation of the Harvey K Miller Award to
       Edward I. Altman, Professor of Finance, Emeritus, New York
       University's Stern School of Business.  (The award will be
       presented by last year's winner billionaire Marc Lasry,
       Altman's  former student.)

     * Evening awards dinner recognizing the 12 Outstanding
       Restructuring Lawyers

To learn how you can be a sponsor and participate in shaping the
day-long program, contact:

           Bernard Tolliver at bernard@beardgroup.com
                  or Tel: (240) 629-3300 x-149

To learn about media sponsorship opportunities to bring your outlet
into the view of leaders in corporate restructuring, lending and
debt and equity investments, and to expand your network of news
sources, contact:

                Jeff Baxt at jeff@beardgroup.com
                   or (240) 629-3300, ext 150

Beard Group, Inc., publishes Turnarounds & Workouts, Troubled
Company Reporter, and Troubled Company Prospector.  Visit
http://bankrupt.com/freetrial/for a free trial subscription to one
or more of Beard Group's corporate restructuring publications.


[*] Fitch Affirms Ratings on 6 SLM Private Education Loan Trusts
----------------------------------------------------------------
Fitch Ratings has affirmed the following ratings on SLM Private
Credit Student Loan Trust (SLM) 2002-A, SLM 2003-A, SLM 2003-B, SLM
2003-C, SLM 2004-A and SLM 2004-B as indicated:

SLM 2002-A

  -- Class A-2 at 'AAAsf'; Outlook Stable.

SLM 2003-A

  -- Class A-3 at 'A-sf'; Outlook Stable;

  -- Class A-4 at 'A-sf'; Outlook Stable;

  -- Class B at 'BB+sf'; Outlook Stable;

  -- Class C at 'CCsf'; Recovery Estimate (RE) maintained at 50%.

SLM 2003-B

  -- Class A-3 at 'A-sf'; Outlook Stable;

  -- Class A-4 at 'A-sf'; Outlook Stable;

  -- Class B at 'BBsf'; Outlook Stable;

  -- Class C at 'CCsf'; RE maintained at 50%.

SLM 2003-C

  -- Class A-3 at 'A-sf'; Outlook Stable;

  -- Class A-4 at 'A-sf'; Outlook Stable;

  -- Class A-5 at 'A-sf'; Outlook Stable;

  -- Class B at 'BBsf'; Outlook Stable;

  -- Class C at 'CCsf'; RE maintained at 50%.

SLM 2004-A

  -- Class A-3 at 'AAsf'; Outlook Stable;

  -- Class B at 'Asf'; Outlook Stable.

SLM 2004-B

  -- Class A-3 at 'AAAsf'; Outlook Stable;

  -- Class A-4 at 'AAsf'; Outlook Stable;

  -- Class B at 'Asf'; Outlook Stable;

  -- Class C at 'BBBsf'; Outlook revised to Stable from Positive.

Overall, Fitch has affirmed 20 tranches of SLM transactions.

The rating affirmations reflect stable transaction performance
coupled with stable or increasing available credit enhancement (CE)
for all of the class A and B notes and the class C notes for SLM
2004-B, in line with Fitch's expectations as of the previous
surveillance review. The class C notes for the SLM 2003-A, SLM
2003-B and 2003-C remain undercollateralized.

KEY RATING DRIVERS

Collateral Performance: All trusts are collateralized by private
student loans, originated by SLM Corporation (BB+/Stable/B). The
six SLM trusts were originated under the Signature Education Loan
Program, LAWLOANS program, MBA Loans program, and MEDLOANS program.
Fitch's remaining default projections are 4.9%, 7.3%, 7.4%, 7.4%,
7.3% and 7.5% of the remaining pool balance for SLM 2002-A, 2003-A,
2003-B, 2003-C, 2004-A and 2004-B, respectively. The base case
recovery assumption is 18.0% for all transactions, unchanged from
the previous surveillance review.

Fitch applied a default stress multiple in the lower end of the
multiple range envisaged by Fitch's U.S. Private Student Loan ABS
Rating Criteria, resulting in a 3.5x multiple at 'AAAsf' for all
transactions.

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. SLM 2002-A and SLM 2004-B have reached their
target OC floor level.

Operational Capabilities: Navient Solutions LLC (Navient,
BB/Stable/B) 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.

Please note that tranches rated 'CCCsf' or below are not included
in these sensitivities.

SLM 2002-A

Expected impact on the note rating of increased defaults (class
A-2):

Current Ratings: 'AAAsf'

Increase base case defaults by 10%: 'AAAsf';

Increase base case defaults by 25%: 'AAAsf';

Increase base case defaults by 50%: 'AA+sf'.

Expected impact on the note rating of reduced recoveries (class
A-2):

Current Ratings: 'AAAsf'

Reduce base case recoveries by 10%: 'AAAsf';

Reduce base case recoveries by 20%: 'AAAsf';

Reduce base case recoveries by 30%: 'AAAsf'.

Expected impact on the note rating of increased defaults and
reduced recoveries (class A-2):

Current Ratings: 'AAAsf'

Increase base case defaults and reduce base case recoveries each by
10%: 'AAAsf';

Increase base case defaults and reduce base case recoveries each by
25%: 'AAAsf';

Increase base case defaults and reduce base case recoveries each by
50%: 'AA+sf'.

SLM 2003-A

Expected impact on the note rating of increased defaults (class
A-3/A-4/B):

Current Ratings: 'A-sf'/'A-sf'/'BB+sf'

Increase base case defaults by 10%: 'BBB+sf'/'BBB+sf'/'BB+sf';

Increase base case defaults by 25%: 'BBBsf'/'BBBsf'/'BB+sf';

Increase base case defaults by 50%: 'BB+sf'/'BB+sf'/'BBsf'.

Expected impact on the note rating of reduced recoveries (class
A-3/A-4/B):

Current Ratings: 'A-sf'/'A-sf'/'BB+sf'

Reduce base case recoveries by 10%: 'A-sf'/'A-sf'/'BB+sf';

Reduce base case recoveries by 20%: 'A-sf'/'A-sf'/'BB+sf';

Reduce base case recoveries by 30%: 'A-sf'/'A-sf'/'BB+sf'.

Expected impact on the note rating of increased defaults and
reduced recoveries (class A-3/A-4/B):

Current Ratings: 'A-sf'/'A-sf'/'BB+sf'

Increase base case defaults and reduce base case recoveries each by
10%: 'BBB+sf'/'BBB+sf'/'BB+sf';

Increase base case defaults and reduce base case recoveries each by
25%: 'BBBsf'/'BBBsf'/'BB+sf';

Increase base case defaults and reduce base case recoveries each by
50%: 'BBsf'/'BBsf'/'B+sf'.

SLM 2003-B

Expected impact on the note rating of increased defaults (class
A-3/A-4/B):

Current Ratings: 'A-sf'/'A-sf'/'BBsf'

Increase base case defaults by 10%: 'BBB+sf'/'BBB+sf'/'BBsf'

Increase base case defaults by 25%: 'BBBsf'/'BBBsf'/'BB-sf'

Increase base case defaults by 50%: 'BB+sf'/'BB+sf'/'CCCsf'.

Expected impact on the note rating of reduced recoveries (class
A-3/A-4/B):

Current Ratings: 'A-sf'/'A-sf'/'BBsf'

Reduce base case recoveries by 10%: 'A-sf'/'A-sf'/'BBsf'

Reduce base case recoveries by 20%: 'BBB+sf'/'BBB+sf'/'BBsf'

Reduce base case recoveries by 30%: 'BBB+sf'/'BBB+sf'/'BBsf'.

Expected impact on the note rating of increased defaults and
reduced recoveries (class A-3/A-4/B):

Current Ratings: 'A-sf'/'A-sf'/'BBsf'

Increase base case defaults and reduce base case recoveries each by
10%: 'BBB+sf'/'BBB+sf'/'BBsf'

Increase base case defaults and reduce base case recoveries each by
25%: 'BBB-sf'/'BBB-sf'/'BB-sf'

Increase base case defaults and reduce base case recoveries each by
50%: 'BBsf'/'BBsf'/'CCCsf'.

SLM 2003-C

Expected impact on the note rating of increased defaults (class
A-3/A-4/A-5/B):

Current Ratings: 'A-sf'/'A-sf'/'A-sf'/'BBsf'

Increase base case defaults by 10%:
'BBB+sf'/'BBB+sf'/'BBB+sf'/'BBsf';

Increase base case defaults by 25%:
'BBBsf'/'BBBsf'/'BBBsf'/'B+sf';

Increase base case defaults by 50%:
'BB+sf'/'BB+sf'/'BB+sf'/'CCCsf'.

Expected impact on the note rating of reduced recoveries (class
A-3/A-4/A-5/B):

Current Ratings: 'A-sf'/'A-sf'/'A-sf'/'BBsf'

Reduce base case recoveries by 10%:
'BBB+sf'/'BBB+sf'/'BBB+sf'/'BBsf';

Reduce base case recoveries by 20%:
'BBB+sf'/'BBB+sf'/'BBB+sf'/'BBsf';

Reduce base case recoveries by 30%:
'BBB+sf'/'BBB+sf'/'BBB+sf'/'BBsf'

Expected impact on the note rating of increased defaults and
reduced recoveries (class A-3/A-4/A-5/B):

Current Ratings: 'A-sf'/'A-sf'/'A-sf'/'BBsf'

Increase base case defaults and reduce base case recoveries each by
10%: 'BBB+sf'/'BBB+sf'/'BBB+sf'/'BBsf';

Increase base case defaults and reduce base case recoveries each by
25%: 'BBB-sf'/'BBB-sf'/'BBB-sf'/'Bsf';

Increase base case defaults and reduce base case recoveries each by
50%: 'BBsf'/'BBsf'/'BBsf'/'CCCsf'.

SLM 2004-A

Expected impact on the note rating of increased defaults (class
A-3/B):

Current Ratings: 'AAsf/'Asf'

Increase base case defaults by 10%: 'AA-sf'/'Asf';

Increase base case defaults by 25%: 'A+sf'/'A-sf';

Increase base case defaults by 50%: 'A-sf'/'BBBsf'.

Expected impact on the note rating of reduced recoveries (class
A-3/B):

Current Ratings: 'AAsf/'Asf'

Reduce base case recoveries by 10%: 'AAsf'/'Asf';

Reduce base case recoveries by 20%: 'AAsf'/'Asf';

Reduce base case recoveries by 30%: 'AA-sf'/'Asf'.

Expected impact on the note rating of increased defaults and
reduced recoveries (class A-3/B):

Current Ratings: 'AAsf/'Asf'

Increase base case defaults and reduce base case recoveries each by
10%: 'AA-sf'/'Asf';

Increase base case defaults and reduce base case recoveries each by
25%: 'Asf'/'A-sf';

Increase base case defaults and reduce base case recoveries each by
50%: 'BBB+sf'/'BBBsf'.

SLM 2004-B

Expected impact on the note rating of increased defaults (class
A-3/A-4/B/C):

Current Ratings: 'AAAsf'/'AAsf'/'Asf'/'BBB

Increase base case defaults by 10%: 'AAAsf'/'AA-sf'/'Asf'/'BBBsf';

Increase base case defaults by 25%:
'AAAsf'/'A+sf'/'BBB+sf'/'BBBsf';

Increase base case defaults by 50%:
'AAAsf'/'A-sf'/'BBBsf'/'BBB-sf'.

Expected impact on the note rating of reduced recoveries (class
A-3/A-4/B/C):

Current Ratings: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'

Reduce base case recoveries by 10%: 'AAAsf'/'AAsf'/'Asf'/'BBBsf';

Reduce base case recoveries by 20%:'AAAsf'/'AA-sf'/'Asf'/'BBBsf';

Reduce base case recoveries by 30%:'AAAsf'/'AA-sf'/'Asf'/'BBBsf'.

Expected impact on the note rating of increased defaults and
reduced recoveries (class A-3/A-4/B/C):

Current Ratings: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'

Increase base case defaults and reduce base case recoveries each by
10%: 'AAAsf'/'AA-sf'/'A-sf'/'BBBsf';

Increase base case defaults and reduce base case recoveries each by
25%: 'AAAsf'/'Asf'/'BBB+sf'/'BBBsf';

Increase base case defaults and reduce base case recoveries each by
50%: 'AAAsf'/'BBB+sf'/'BBB-sf'/'BB+sf'.


[*] Moody's Takes Action on $815MM Subprime RMBS Issued 2003-2004
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 35 tranches
issued by various issuers.

Complete rating actions are as follows:

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2004-CB4

Cl. A-5, Upgraded to A2 (sf); previously on Feb 24, 2016 Upgraded
to Baa2 (sf)

Cl. A-6, Upgraded to A1 (sf); previously on Feb 24, 2016 Upgraded
to Baa1 (sf)

Cl. M-1, Upgraded to Ba2 (sf); previously on Feb 24, 2016 Upgraded
to B1 (sf)

Issuer: Chase Funding Trust, Series 2004-2

Cl. IA-5, Upgraded to A2 (sf); previously on Feb 24, 2016 Upgraded
to Ba2 (sf)

Cl. IM-1, Upgraded to Ba3 (sf); previously on Oct 21, 2013 Upgraded
to Caa3 (sf)

Cl. IM-2, Upgraded to Ca (sf); previously on Apr 10, 2012
Downgraded to C (sf)

Issuer: Credit Suisse First Boston Mortgage Securities Corp. Series
2004-1

Cl. B-1, Upgraded to Caa3 (sf); previously on Mar 15, 2011
Downgraded to C (sf)

Cl. M-2, Upgraded to Ba2 (sf); previously on Jan 9, 2017 Upgraded
to B2 (sf)

Cl. M-3, Upgraded to B1 (sf); previously on Jan 9, 2017 Upgraded to
Caa1 (sf)

Issuer: Credit Suisse First Boston Mortgage Securities Corp. Series
2004-4

Cl. M-1, Upgraded to A2 (sf); previously on Jan 17, 2017 Upgraded
to Baa1 (sf)

Issuer: CWABS, Inc. Asset-Backed Certificates, Series 2004-5

Cl. 3-A, Upgraded to Aaa (sf); previously on Dec 21, 2016 Upgraded
to Aa2 (sf)

Cl. M-4, Upgraded to Caa1 (sf); previously on Dec 21, 2016 Upgraded
to Caa2 (sf)

Cl. M-5, Upgraded to Caa1 (sf); previously on Apr 16, 2012
Downgraded to C (sf)

Cl. M-6, Upgraded to Caa1 (sf); previously on Apr 16, 2012
Downgraded to C (sf)

Issuer: CWABS, Inc., Asset-Backed Certificates, Series 2003-BC1

Cl. A-1, Upgraded to Aa1 (sf); previously on Jan 17, 2017 Upgraded
to Baa1 (sf)

Cl. B-1, Upgraded to Ba2 (sf); previously on Jan 17, 2017 Upgraded
to B1 (sf)

Cl. M-1, Upgraded to Baa3 (sf); previously on Jan 17, 2017 Upgraded
to B1 (sf)

Cl. M-2, Upgraded to Baa3 (sf); previously on Jan 17, 2017 Upgraded
to B1 (sf)

Issuer: CWABS, Inc., Asset-Backed Certificates, Series 2003-BC4

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

Issuer: CWABS, Inc., Asset-Backed Certificates, Series 2004-ECC2

Cl. M-3, Upgraded to B1 (sf); previously on Dec 21, 2016 Upgraded
to B3 (sf)

Cl. M-5, Upgraded to Caa2 (sf); previously on Apr 1, 2013 Affirmed
C (sf)

Issuer: Fremont Home Loan Trust 2004-1

Cl. M-1, Upgraded to A3 (sf); previously on Mar 18, 2013 Downgraded
to Baa3 (sf)

Cl. M-2, Upgraded to A3 (sf); previously on Mar 16, 2016 Upgraded
to Ba1 (sf)

Cl. M-3, Upgraded to Baa1 (sf); previously on Mar 16, 2016 Upgraded
to Ba2 (sf)

Cl. M-4, Upgraded to Baa3 (sf); previously on Mar 16, 2016 Upgraded
to B1 (sf)

Cl. M-5, Upgraded to Ba1 (sf); previously on Mar 16, 2016 Upgraded
to B3 (sf)

Issuer: Fremont Home Loan Trust 2004-4

Cl. M-3, Upgraded to Caa2 (sf); previously on Mar 18, 2013 Affirmed
Ca (sf)

Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust, SPMD
2004-B

Cl. M-2, Upgraded to Ba2 (sf); previously on Jan 25, 2017 Upgraded
to B1 (sf)

Cl. M-3, Upgraded to B1 (sf); previously on Jan 25, 2017 Upgraded
to B3 (sf)

Cl. M-4, Upgraded to Caa1 (sf); previously on Jan 25, 2017 Upgraded
to Caa2 (sf)

Cl. M-5, Upgraded to Caa2 (sf); previously on Mar 3, 2014
Downgraded to C (sf)

Issuer: People's Choice Home Loan Securities Trust 2004-1

Cl. M2, Upgraded to Baa3 (sf); previously on Feb 23, 2016
Downgraded to Ba2 (sf)

Cl. M-3, Upgraded to Caa1 (sf); previously on Mar 18, 2011
Downgraded to Caa3 (sf)

Issuer: Renaissance Home Equity Loan Trust 2004-2

Cl. AF-5, Current Rating A2 (sf); previously on Jan 18, 2013
Downgraded to A2 (sf)

Underlying Rating: Upgraded to Baa1 (sf); previously on Jun 10,
2013 Confirmed at Ba1 (sf)

Financial Guarantor: Assured Guaranty Municipal Corp (Affirmed A2,
Outlook Stable on May 7, 2018)

Cl. M-2, Upgraded to Ca (sf); previously on Apr 9, 2012 Downgraded
to C (sf)

RATINGS RATIONALE

The upgrades are primarily due to the total credit enhancement
available to the bonds. The actions reflect the recent performance
of the underlying pools and Moody's updated loss expectations on
the pools. Further, the rating upgrades for CWABS, Inc.
Asset-Backed Certificates, Series 2004-5 Class M-5 and Class M-6
reflect principal distributions to the bonds in July 2018
subsequent to correction of the delinquency trigger event
calculation.

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.


[*] S&P Cuts Ratings on 10 Classes on 3 RMBS Deals Issued 2003-2004
-------------------------------------------------------------------
S&P Global Ratings completed its review of 10 classes from three
U.S. residential mortgage-backed securities (RMBS) transactions
issued in 2003 and 2004. All of these transactions are backed by
prime jumbo and Alternative-A collateral. The review yielded 10
downgrades.

Analytical Considerations

S&P said, "The lowered ratings are based on the implementation of
our tail risk analysis per our criteria "U.S. RMBS Surveillance
Credit And Cash Flow Analysis For Pre-2009 Originations", published
Mar. 2, 2016. We apply this analysis when the transaction contains
fewer than 100 loans on the structure level or on the group level
(group level analysis is performed only if the transaction has
multiple groups and cross-subordination is depleted)."

As RMBS transactions become more seasoned, the number of
outstanding mortgage loans backing them declines as loans are
prepaid and default. As a result, a liquidation and subsequent loss
on one or a small number of remaining loans at the tail end of a
transaction's life may have a disproportionate impact on remaining
credit enhancement, which could result in a level of credit
instability that is inconsistent with high ratings.

S&P said, "According to our criteria, additional minimum loss
projection estimations are calculated at each rating category based
on a certain number of loans defaulting and liquidating. To address
the potential that greater losses could result if the loans with
higher balances default, the criteria use the largest liquidation
amounts for each rating category."

S&P said, "If the transaction's structure contains multiple
collateral groups and cross-subordination remains outstanding, we
will apply our tail risk analysis on the structure level because
cross-subordination is shared among all groups. In this situation,
we would calculate tail risk caps using the structure-level loan
count irrespective of the groups' loan counts.

"If the transaction's structure contains multiple collateral groups
and cross-subordination no longer remains outstanding, we will
apply our tail risk analysis on the respective group because
group-level losses are not absorbed from cross-subordination. In
this situation, we would calculate tail risk caps using the
group-level loan count irrespective of the structure loan count."

  RATINGS LOWERED

                                                Rating
  Issuer    Series     Class    CUSIP        To         From
  CSFB Mortgage-Backed Trust Series 2004-3
            2004-3     II-A-1   22541SGM4    BB+ (sf)   BBB+ (sf)
  MASTR Asset Securitization Trust 2004-3
            2004-3     1-A-1    55265K7K9    BB+ (sf)   A+ (sf)
  MASTR Asset Securitization Trust 2004-3
            2004-3     1-A-2    55265K7L7    B+ (sf)    BB+ (sf)
  MASTR Asset Securitization Trust 2004-3
            2004-3     1-A-3    55265K7M5    B+ (sf)    BB+ (sf)
  MASTR Asset Securitization Trust 2004-3
            2004-3     3-A-1    55265K7P8    B+ (sf)    BB+ (sf)
  MASTR Asset Securitization Trust 2004-3
            2004-3     3-A-2    55265K7Q6    B+ (sf)    BB+ (sf)
  MASTR Asset Securitization Trust 2004-3
            2004-3     4-A-8    55265K7Y9    B+ (sf)    BB+ (sf)
  MASTR Asset Securitization Trust 2004-3
            2004-3     4-A-9    55265K7Z6    B+ (sf)    BB+ (sf)
  MASTR Asset Securitization Trust 2004-3
            2004-3     4-A-10   55265K8A0    BB+ (sf)   BBB+ (sf)
  Structured Asset Securities Corp.
            2003-18XS  A6       86359AWL3    A+ (sf)    AA (sf)


                            *********

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