/raid1/www/Hosts/bankrupt/TCR_Public/181014.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, October 14, 2018, Vol. 22, No. 286

                            Headlines

225 LIBERTY ST 2016-225L: S&P Affirms B-(sf) Rating on F Certs
ADAMS OUTDOOR 2018-1: Fitch to Rate $74.2MM Class C Debt 'BBsf'
ALLERGO CLO IX: Moody's Gives Ba3 Rating on $29.97MM Class E Notes
AMUR EQUIPMENT 2018-2: DBRS Gives Prov. B Rating on Class F Notes
ANTARES CLO 2018-2: S&P Gives BB- Rating on $55MM Class E Notes

ASCENTIUM EQUIPMENT 2018-2: Moody's Gives (P)Ba2 Rating on E Notes
ASCENTIUM EQUIPMENT 2018-2: S&P Assigns Prelim BB Rating on E Notes
BANC OF AMERICA 2006-2: Fitch Hikes Class D Debt Rating to CCC
BANCORP COMMERCIAL 2018-CRE4: DBRS Finalizes B Rating on F Certs
BANK 2018-BNK14: DBRS Finalizes B(high) Rating on Class G Certs

BAYVIEW FINANCIAL 2006-C: Moody's Ups Class 1-A3 Debt Rating to B2
BBSG 2016-MRP: S&P Affirms BB- Rating on Class E Notes
BENCHMARK 2018-B6: Fitch Rates $11.75MM Class J-R Certs 'B-sf'
BUCKEYE TOBACCO 2007: Moody's Cuts Rating on 4 Tranches to Caa3
CATHEDRAL LAKE V: S&P Assigns BB- Rating on Class E Notes

CBAM LTD 2018-8: Moody's Assigns Ba3 Rating on $25MM Class E Notes
CEDAR FUNDING VI: S&P Assigns Prelim BB- Rating on E-R Notes
CIFC FUNDING 2014-III: Moody's Assigns (P)B3 Rating on F-R2 Debt
CIM TRUST 2018-INV1: DBRS Finalizes B Rating on Class B-5 Certs
CITIGROUP 2016-P5: Fitch Affirms BB- Rating on $21.8MM Cl. D Certs

COMM 2014-CCRE20: DBRS Confirms B Rating on Class X-F Certs
COMM 2014-FL5: S&P Affirms B- Rating on Class KH2 Certificates
COMM 2015-CCRE27: DBRS Confirms B Rating on Class X-E Certs
COMM 2015-CCRE27: Fitch Affirms B- Rating on $9.3MM Cl. F Certs
CONNECTICUT AVE 2018-C06: Fitch Affirms BB Rating on 18 Tranches

CPS AUTO 2018-D: S&P Gives (P)BB- Rating on $26.2MM Class E Notes
CRESTLINE DENALI XIV: Moody's Assigns (P)B3 Rating on Cl. F-R Notes
CROWN POINT 7: Moody's Assigns (P)Ba3 Rating on $21.82MM E Notes
CSMC TRUST 2018-RPL9: DBRS Finalizes B Rating on Class B-2 Notes
CSMC TRUST 2018-RPL9: Fitch Rates $13.86MM Class B-2 Notes 'Bsf'

CVP CASCADE CLO-1: S&P Lowers Class E Notes Rating to CCC
DBGS 2018-C1: Fitch to Rate $19.24MM Class F Certs BB-sf
DBGS 2018-C1: S&P Assigns Prelim. B- Rating on Cl. 7E-C Certs
DEUTSCHE MORTGAGE 1998-C1: Moody's Affirms C Rating on Cl. X Debt
DRYDEN 65 CLO: S&P Assigns BB- Rating on $17MM Class E Certs

DT AUTO OWNER 2018-3: S&P Gives Prelim. BB Rating on E Notes
EMERSON PARK CLO: S&P Affirms B Rating on Class E Notes
FINANCE OF AMERICA 2018-HB1: Moody's Rates Class M4 Debt Ba3
FREED ABS 2018-2: DBRS Assigns Prov. BB Rating on $28.4MM C Notes
GE COMMERCIAL 2004-C2: DBRS Confirms B Rating on Class O Certs

GLS AUTO 2018-3: S&P Assigns BB- Rating on Class D Notes
GMAC COMMERCIAL 1998-C2: Moody's Affirms C Rating on Cl. X Certs
GOLUB CAPITAL 39(B): S&P Assigns Prelim BB- Rating on E Notes
GS MORTGAGE 2016-GS4: Fitch Affirms BB- Rating on $21.8MM E Certs
HULL STREET: S&P Cuts Cl. F Notes Rating to B-(sf), Off Watch Neg.

HYATT HOTEL 2017-HYT2: DBRS Confirms BB(low) Rating on Cl. F Certs
JAY PARK: Moody's Assigns (P)B3 Rating on Class E-R Notes
JP MORGAN 2007-LDP12: Fitch Lowers Rating on Class B Certs to C
JP MORGAN 2018-1: Fitch Hikes Class B-5 Debt Rating to B1
JPMBB COMMERCIAL 2013-C12: S&P Affirms B+ Rating on F Certs

JPMBB COMMERCIAL 2015-C33: Fitch Affirms B- Rating on Cl. F Certs
JPMCC COMMERCIAL 2015-JP1: Fitch Affirms B- Rating on Cl. G Certs
KKR CLO 12: Moody's Rates $22MM Class E-R2 Notes 'Ba3'
LB-UBS COMMERCIAL 2006-C1: Fitch Affirms CC Rating on Cl. D Certs
LCM LTD 28: S&P Gives (P)BB- Rating on $15.6MM Class E Notes

LCM LTD XVII: S&P Assigns BB- Rating on $20MM Class E-R Notes
MAGNETITE LTD XIV-R: Moody's Assigns B3 Rating on Class F Notes
MERRILL LYNCH 2002-CANADA 8: Moody's Cuts Rating on 2 Classes to B2
MERRILL LYNCH 2004-KEY2: Moody's Hikes Rating on 2 Tranches to C
MILL CITY 2018-3: DBRS Finalizes B(low) Rating on Class B2 Notes

MORGAN STANLEY 2013-C13: Fitch Affirms B- Rating on Class G Certs
MORGAN STANLEY 2014-C14: DBRS Confirms B Rating on Class G Certs
MORGAN STANLEY 2018-L1: DBRS Gives Prov. B Rating on H-RR Certs
MORGAN STANLEY 2018-L1: Fitch to Rate $8.7MM Class H-RR Certs 'B-'
MSCCG TRUST 2018-SELF: Moody's Gives (P)B2 Rating on Class F Debt

MSJP COMMERCIAL 2015-HAUL: Fitch Affirms BB Rating on Cl. E Notes
NEW RESIDENTAL 2018-4: DBRS Gives Prov. B Rating on 10 Note Classes
NEW RESIDENTIAL 2018-4: Moody's Gives (P)B3 Ratings to 5 Tranches
OAKTREE CLO 2018-1: S&P Assigns Prelim BB- Rating on D Notes
OCP CLO 2016-12: S&P Gives (P)BB Rating on $22MM Cl. D-R Notes

OHA CREDIT FUNDING 1: S&P Gives BB- Rating on $18.75MM Cl. E Notes
PALMER SQUARE 2013-2: S&P Assigns (P)B- Rating on Cl. E-R2 Notes
PARK AVENUE 2018-1: S&P Assigns (P)BB Rating on $1MM D Notes
PFP LTD 2017-4: DBRS Confirms BB Rating on Class F Notes
PPLUS TRUST RRD-1: S&P Lowers Ratings on 2 Cert. Tranches to B-

PRESTIGE AUTO 2018-1: DBRS Finalizes BB Rating on Class E Notes
ROCKWALL CDO II: Moody's Raises Rating on Class B-2L Notes to Ba2
SDART 2018-5: Fitch to Rate $115.33MM Class E1 Debt 'BB'
SEQUOIA MORTGAGE 2018-2: Moody's Hikes Class B-5 Debt to Ba2(sf)
SHOPS AT CRYSTALS 2016-CSTL: S&P Affirms BB Rating on E Certs

SIERRA TIMESHARE 2018-3: Fitch to Rate $43MM Class D Notes 'BB'
SIERRA TIMESHARE 2018-3: S&P Gives (P)BB Rating on Class D Notes
SLM STUDENT 2008-8: Fitch Affirms Bsf Rating on 2 Tranches
SOUND POINT XXI: Moody's Rates $22.5MM Class D Notes 'Ba3'
STACR TRUST 2018-HQA2: S&P Gives Prelim. B+ Rating on M-2UB Notes

THL CREDIT 2014-3: Moody's Rates $17.75MM Class E-R2 Notes 'Ba3'
TOWD POINT 2016-2: Moody's Hikes Class B2 Debt Rating to Ba1
TRU TRUST 2016-TOYS: S&P Lowers Class F Certs Rating to CCC
UBS COMMERCIAL 2017-C4: Fitch Affirms B Rating on 2 Tranches
WACHOVIA BANK 2006-C25: Moody's Hikes Class F Debt Rating to B3

WAMU MORTGAGE 2006-AR17: Moody's Hikes Class 1A Debt Rating to Caa2
WELLS FARGO 2015-C31: Fitch Affirms BB- Rating on Class E Certs
WELLS FARGO 2018-1: Fitch to Rate $1.76MM Class B-4 Certs 'BB+sf'
WELLS FARGO 2018-1: Moody's Assigns (P)Ba1 Rating on Cl. B-4 Debt
WELLS FARGO 2018-C47: DBRS Gives Prov. BB Rating on Cl. G-RR Certs

WELLS FARGO 2018-C47: Fitch to Rate $10.7MM Class G-RR Certs 'BB-'
WFRBS COMM'L 2012-C10: DBRS Confirms B Rating on Class F Certs
[*] DBRS Reviews 792 Classes From 29 US RMBS Transactions
[*] Mark That Calendar! Distressed Investing Conference on Nov. 26
[*] Moody's Hikes $132.5MM Prime Jumbo RMBS Issued After 2015

[*] S&P Discontinues Ratings on 14 Classes From Four CDO Deals
[*] S&P Takes Various Actions on 10 Classes From Three US ABS Deals
[*] S&P Takes Various Actions on 132 Classes From 19 US RMBS Deals

                            *********

225 LIBERTY ST 2016-225L: S&P Affirms B-(sf) Rating on F Certs
--------------------------------------------------------------
S&P Global Ratings affirmed its ratings on seven classes of
commercial mortgage pass-through certificates from 225 Liberty
Street Trust 2016-225L, a U.S. commercial mortgage-backed
securities (CMBS) transaction.

For each affirmed principal- and interest-paying class, S&P's
expectation of credit enhancement was generally in line with the
affirmed rating levels.

S&P said, "When the transaction was issued, we deducted $72.8
million from our valuation because there were outstanding tenant
improvement obligations. Because those obligations are now
satisfied, we did not carry this deduction forward. However, our
analysis also considered that the property's third-largest tenant,
Bank of America, is expected to downsize starting in 2020 through
2022. Currently, Bank of America occupies approximately 331,000 sq.
ft. but is expected to reduce its footprint to approximately
133,000 sq. ft. by 2022 under a lease that expires in 2036. Our
affirmations consider this upcoming leasing uncertainty at the
property.

"We affirmed our rating on the class X interest-only (IO)
certificates based on our criteria for rating IO securities, in
which the ratings on the IO securities would not be higher than
that of the lowest-rated reference class. Class X's notional
balance references classes A, B, and C."  

This is a stand-alone (single-borrower) transaction backed by a
portion of a fixed-rate IO mortgage whole loan secured by a
2.4-million-sq.-ft. office property in downtown Manhattan. S&P
said, "Our property-level analysis included a re-evaluation of the
office property that secures the whole loan and considered the
stable servicer-reported net operating income and occupancy for the
past two-plus years (2016, 2017, and the three months ended March
31, 2018). We then derived our sustainable in-place net cash flow,
which we divided by a 6.25% S&P Global Ratings capitalization rate
to determine our expected-case value. We also include in our
valuation the future rent steps from investment-grade tenants, an
adjustment that is similar to our analysis at issuance. This
yielded an overall S&P Global Ratings loan-to-value ratio and debt
service coverage (DSC) of 95.9% and 1.38x, respectively, on the
whole-loan balance."

According to the Sept. 12, 2018, trustee remittance report, the IO
mortgage loan has a trust balance of $778.5 million and a
whole-loan balance of $900.0 million, pays an annual fixed interest
rate of 4.657%, and matures on Feb. 6, 2026. The senior $121.5
million note held outside the trust is pari passu with $337.5
million of the trust balance. The remaining $441.0 million trust
balance is subordinate to the senior trust and senior nontrust
balances. To date, the trust has not incurred any principal
losses.

The master servicer, Wells Fargo Bank N.A., reported a 1.59x DSC on
the trust balance for the three months ended March 31, 2018, and
occupancy was 91.4% according to the March 31, 2018, rent roll.
Based on the March 2018 rent roll, the five largest tenants make up
72.0% of the collateral's total net rentable area.

  RATINGS AFFIRMED

  225 Liberty Street Trust 2016-225L

  Class     Rating
  A         AAA (sf)
  B         AA (sf)
  C         A (sf)
  D         BBB- (sf)
  E         BB- (sf)
  F         B- (sf)
  X         A (sf)



ADAMS OUTDOOR 2018-1: Fitch to Rate $74.2MM Class C Debt 'BBsf'
---------------------------------------------------------------
Fitch Ratings has issued a presale report on Adams Outdoor
Advertising Limited Partnership (LP), Secured Billboard Revenue
Notes, Series 2018-1. Fitch expects to rate the transaction and
assign Rating Outlooks as follows:

  -- $395,800,000 class A 'Asf'; Outlook Stable;

  -- $35,000,000 class B 'BBBsf'; Outlook Stable;

  -- $74,200,000 class C 'BBsf'; Outlook Stable.

The transaction represents a securitization in the form of notes
backed by approximately 9,789 outdoor advertising displays.

The ratings reflect a structured finance analysis of the cash flows
from advertising structures, not an assessment of the corporate
default risk of the ultimate parent, Adams Outdoor Advertising
(AOA).

The expected ratings are based on information provided by the
issuer as of Oct. 5, 2018. All classes are being privately placed
pursuant to Rule 144A.

KEY RATING DRIVERS

Non-Traditional Asset Type; Rating Cap: Due to the specialized
nature of the collateral consisting primarily of outdoor
advertising displays and lack of mortgages, the senior classes of
this transaction do not achieve ratings above 'Asf'.

Cash Flow and Leverage: Fitch's net cash flow (NCF) on the pool is
$61.6 million, implying a Fitch stressed debt service coverage
ratio (DSCR) of 1.45x (inclusive of amortization credit). The debt
multiple relative to Fitch's NCF is 8.2x, which equates to a debt
yield of 12.2%.

Dominant Market Share: AOA primarily operates in midsize markets
where it is the dominant provider of outdoor advertising, with an
average 83.7% market share. This dominant market share adds to the
predictability of cash flow by minimizing pricing pressure from
competition.

High Barriers to Entry: AOA faces limited competition in its market
as a result of the billboard permitting process and significant
federal, state and local regulations that limit supply and prohibit
new billboards.

Diverse Number of Assets: AOA currently operates 9,789 billboard
faces, including 3,432 bulletins, 6,048 posters, 265 digital
displays and 44 other displays, in 12 primary markets in nine
states. In addition, no customer accounts for greater than 2.4% of
revenues, and no industry accounts for greater than 12.8% of
revenues.

RATING SENSITIVITIES

For this transaction, Fitch's NCF was 7.8% below the TTM ended
August 2018 NCF. Included in Fitch's presale report are numerous
Rating Sensitivities that describe the potential impact given
further NCF declines below Fitch's NCF. Fitch evaluated the
sensitivity of the ratings for class A and found that a 30% decline
would result in a downgrade to 'Bsf'.

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

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


ALLERGO CLO IX: Moody's Gives Ba3 Rating on $29.97MM Class E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to six
classes of notes to be issued by Allegro CLO IX, Ltd.

Moody's rating action is as follows:

US$352,000,000 Class A Senior Secured Floating Rate Notes due 2031
(the "Class A Notes"), Assigned (P)Aaa (sf)

US$41,965,000 Class B-1 Senior Secured Floating Rate Notes due 2031
(the "Class B-1 Notes"), Assigned (P)Aa2 (sf)

US$17,985,000 Class B-2 Senior Secured Floating Rate Notes due 2031
(the "Class B-2 Notes"), Assigned (P)Aa2 (sf)

US$28,325,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class C Notes"), Assigned (P)A2 (sf)

US$37,675,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class D Notes"), Assigned (P)Baa3 (sf)

US$29,975,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2031 (the "Class E Notes"), Assigned (P)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."

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

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.

Allegro IX is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90.0% of the portfolio must consist of
first lien senior secured loans and eligible investments, and up to
10.0% of the portfolio may consist of second lien loans and
unsecured loans. Moody's expects the portfolio to be approximately
70% 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 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: $550,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2955

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 47.5%

Weighted Average Life (WAL): 9.0 years

Methodology Underlying the Rating Action:

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

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


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


AMUR EQUIPMENT 2018-2: DBRS Gives Prov. B Rating on Class F Notes
-----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
equipment contract backed notes to be issued by Amur Equipment
Finance Receivables VI LLC (the Issuer):

-- $59,000,000 Series 2018-2, Class A-1 Notes at R-1 (high) (sf)
-- $131,806,000 Series 2018-2, Class A-2 Notes at AAA (sf)
-- $8,850,000 Series 2018-2, Class B Notes at AA (sf)
-- $7,198,000 Series 2018-2, Class C Notes at A (sf)
-- $9,558,000 Series 2018-2, Class D Notes at BBB (sf)
-- $5,546,000 Series 2018-2, Class E Notes at BB (sf)
-- $4,602,000 Series 2018-2, Class F Notes at B (sf)

The provisional ratings are based on a review by DBRS of the
following analytical considerations:

-- Transaction capital structure, proposed ratings as well as
sufficiency of available credit enhancement, which includes
overcollateralization (OC), subordination and amounts held in the
reserve account, to support the DBRS-projected cumulative net loss
assumption under various stressed cash flow scenarios.

-- The proposed concentration limits mitigating the risk of
material migration in the collateral pool's composition during the
approximately three-month prefunding period.

-- The capabilities of Amur Equipment Finance, Inc. (AEF) with
regard to originations, underwriting and servicing. DBRS has
performed an operational review of AEF and considers the entity to
be an acceptable originator and servicer of equipment-backed lease
and loan contracts. In addition, Wells Fargo Bank, National
Association, an experienced servicer of equipment lease-backed
securitizations, will be the back-up servicer for the transaction.


-- The collateral pool primarily consists of essential-use
equipment, with approximately 94.5% of the contracts supported by
personal guarantees with a weighted-average non-zero guarantor FICO
score of 705.

-- The legal structure and presence of legal opinions that will
address the true sale of the assets to the Issuer, the
non-consolidation of the special-purpose vehicle with AEF, that the
trustee has a valid first-priority security interest in the assets
and the consistency with the DBRS "Legal Criteria for U.S.
Structured Finance."

AEF (formerly known as Axis Capital, Inc.) is a privately owned
commercial finance company providing equipment financing solutions
to a broad range of small to medium-sized businesses across all 50
states of the United States.

The rating on the Class A-1 Notes reflects 76.25% of initial hard
credit enhancement (as a percentage of collateral balance) provided
by the subordinated notes in the pool (71.00%), the Reserve Account
(1.25%) and OC (4.00%). The rating on the Class A-2 Notes reflects
20.40% of initial hard credit enhancement provided by the
subordinated notes in the pool (15.15%), the Reserve Account
(1.25%) and OC (4.00%). The ratings on the Class B, Class C, Class
D, Class E and Class F Notes reflect 16.65%, 13.60%, 9.55%, 7.20%
and 5.25% of initial hard credit enhancement, respectively.


ANTARES CLO 2018-2: S&P Gives BB- Rating on $55MM Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to Antares CLO 2018-2
Ltd.'s floating-rate notes.

The note issuance is a collateralized loan obligation (CLO)
transaction backed primarily by middle-market speculative-grade
senior secured term loans that are governed by collateral quality
tests.

The ratings reflect:

-- The diversified collateral pool, which consists primarily of
middle-market 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

  Antares CLO 2018-2 Ltd.
  Class                Rating       Amount (mil. $)

  A-1                  AAA (sf)              575.00
  A-2                  NR                     20.00
  B                    AA (sf)                95.00
  C (deferrable)       A (sf)                 75.00
  D (deferrable)       BBB- (sf)              65.00
  E (deferrable)       BB- (sf)               55.00
  Subordinated notes   NR                    123.17

  NR--Not rated.


ASCENTIUM EQUIPMENT 2018-2: Moody's Gives (P)Ba2 Rating on E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by Ascentium Equipment Receivables 2018-2 Trust,
sponsored by Ascentium Capital LLC (unrated). The transaction will
be a securitization of contracts backed by small-ticket equipment
used for commercial purposes in physician offices, gas stations,
hotels and restaurants, among others.

The complete rating actions are as follows:

Issuer: Ascentium Equipment Receivables 2018-2 Trust

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

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

Class B Notes, Assigned (P)Aa2 (sf)

Class C Notes, Assigned (P)A2 (sf)

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

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

RATINGS RATIONALE

The ratings are based on the quality of the underlying equipment
contracts and its expected performance, the strength of the capital
structure, the experience and expertise of Ascentium Capital LLC as
the servicer, and the back-up servicing arrangement with U.S. Bank
National Association (Aa1/P-1; stable).

Moody's cumulative net loss expectation for the ACER 2018-2
transaction is 2.75% and loss at a Aaa stress is 23.00%. Moody's
based its cumulative net loss expectation for the ACER 2018-2
transaction on an analysis of the credit quality of the underlying
collateral; the historical performance of similar collateral,
including the sponsor's previous securitizations' performance and
its managed portfolio performance; the ability of Ascentium Capital
LLC to perform the servicing functions; and current expectations
for the macroeconomic environment during the life of the
transaction.

At closing the Class A, Class B, Class C, Class D, and Class E
notes benefit from 23.00%, 17.40%, 12.40%, 8.48% and 5.45% of hard
credit enhancement respectively. Hard credit enhancement for the
notes consists of a combination of overcollateralization of 4.20%,
a 1.25% fully funded, non-declining reserve account and
subordination, except for the Class E notes which do not benefit
from subordination. The notes will also benefit from excess spread.


PRINCIPAL METHODOLOGY

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

Down

Moody's could downgrade the notes if, given current expectations of
portfolio losses, levels of credit enhancement are consistent with
lower ratings. Credit enhancement could decline if excess spread is
not sufficient to cover losses in a given month. Moody's
expectation of pool losses could rise as a result of a higher
number of obligor defaults or deterioration in the value of the
equipment securing an obligor's promise of payment. Portfolio
losses also depend greatly on the US economy, the market for used
equipment, and poor servicing. Other reasons for
worse-than-expected performance include error on the part of
transaction parties, inadequate transaction governance, and fraud.


ASCENTIUM EQUIPMENT 2018-2: S&P Assigns Prelim BB Rating on E Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Ascentium
Equipment Receivables 2018-2 Trust's receivables-backed notes.

The note issuance is an asset-backed securities transaction backed
by small-ticket equipment leases and loans, associated equipment,
and special unit of beneficial interest in lease contracts and
underlying vehicles.

The preliminary ratings are based on information as of Oct. 11,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The availability of 22.4%, 16.9%, 12.1%, 8.3%, and 5.5% credit
support to the class A, B, C, D, and E notes, respectively, based
on stressed break-even cash flow scenarios. S&P said, "These credit
support levels provide coverage--based on multiples in our
equipment leasing criteria and, for preliminary ratings below the
'BBB' category, our securitized consumer receivables criteria--of
our cumulative net loss range, which is consistent with the
preliminary ratings. Our cumulative net loss ranges from 3.60% to
4.30% because it reflects our stressed recovery rate range of
15%-30%, with higher recovery rates assumed for lower rating
categories."

-- S&P said, "Our expectation that, under our credit stability
analysis, in a moderate stress ('BBB') scenario, all else being
equal, the ratings on the class A and B notes would not decline by
more than one rating from our preliminary 'AAA (sf)' and 'AA (sf)'
ratings, respectively, and the ratings on the class C, D, and E
notes would not decline by more than two rating categories from our
preliminary 'A (sf)', 'BBB (sf)', and 'BB (sf)' ratings,
respectively, in the first year. These potential rating movements
are consistent with our credit stability criteria."

-- S&P's expectation for the timely payment of periodic interest
and principal by the final maturity date according to the
transaction documents, based on stressed cash flow modeling
scenarios that it believes are appropriate for the assigned
preliminary rating categories.

-- The collateral characteristics of the securitized pool of
equipment leases and loans, including individual obligor
concentrations of less than 1.50%, a high percentage of contracts
with personal guarantees, and no residual values. The obligors
represent primarily small and, to a lesser extent, medium-size
businesses, and our cumulative net loss assumption accounts for our
stable outlook on this sector. While small business sentiment is
near all-time highs (as reflected in the NFIB Small Business
Optimism Index level of 107.2 for June 2018, for example),
delinquencies are slightly increasing, and tariff and trade
uncertainties remain as a tempering factor.

-- Ascentium Capital LLC's historical recovery rates, which are
generally higher than those of other small ticket commercial
finance companies. S&P believes this results from the high
percentage of personal guarantees and the servicer's pursuit of
realizations on them.

-- The presence of a backup servicer, U.S. Bank N.A.

-- The transaction's legal structure.

  PRELIMINARY RATINGS ASSIGNED

  Ascentium Equipment Receivables 2018-2 Trust

  Class       Rating      Amount (mil. $)
  A-1         A-1+ (sf)            62.000
  A-2         AAA (sf)            137.000
  A-3         AAA (sf)             81.746
  B           AA (sf)              20.091
  C           A (sf)               17.939
  D           BBB (sf)             14.064
  E           BB (sf)              10.871


BANC OF AMERICA 2006-2: Fitch Hikes Class D Debt Rating to CCC
--------------------------------------------------------------
Fitch Ratings has upgraded one class, and affirmed 10 classes of
Banc of America Commercial Mortgage Inc., commercial mortgage
pass-through certificates, series 2006-2.

KEY RATING DRIVERS

Decreased Loss Expectations: The upgrade of class D is due to the
pool's continued paydown as well as a decrease in loss expectations
on the specially serviced assets. Modeled losses have decreased
since the last rating action primarily due to updated appraisals.
However, the class remains dependent upon the liquidation of the
specially serviced assets.

As of the September 2018 remittance report, the pool's aggregate
principal balance has been reduced by 97.64% to $63.7 million from
$2.7 billion at issuance. Realized losses total $156.3 million
(5.79% of original pool balance). Cumulative interest shortfalls of
$17.2 million are currently affecting classes E through P.

The majority of losses are derived from the specially serviced
Wichita Retail Portfolio (36.7% of the pool). The portfolio
consists of three retail centers located in Wichita, KS. In April
of 2018, NAI Martens was retained to manage and lease the
properties. Currently, the special servicer is in the process of
stabilizing the rent roll and addressing deferred maintenance
needs. The marketing of all three assets within the portfolio began
in July 2018.

The second largest contributor to losses is the specially serviced
Lawndale Plaza (29.8% of the pool) asset. The loan transferred to
special servicing in 2017 due to a maturity default. As of early
September 2017, the borrower had attempted to pay off the loan, but
was unsuccessful. A foreclosure complaint was then filed and the
noteholder is seeking appointment of a receiver.

Increased Credit Enhancement is Partially Offset by High Loss
Expectations: Credit enhancement has improved since Fitch's last
rating action due to the payoff of the previously largest loan,
Lakewood City Commons. In the last year, the pool paid down by
approximately $41 million or 37%, however, most of the remaining
loans/assets are with the special servicer and loss expectations
remain high.

High Concentration of Specially Serviced Assets: The pool is highly
concentrated with five of the original 162 loans remaining. Of the
five assets, four assets (99% of the pool) are with the special
servicer. One loan (37% of the pool) is REO, two loans (33%) are in
foreclosure, and one loan (30%) is non-performing. The one
performing asset is a fully amortizing loan representing 0.43% of
the pool's balance.

RATING SENSITIVITIES

Due to the concentrated nature of the pool, further upgrades to
class D are unlikely. A downgrade to the distressed class E is
likely as losses from the specially serviced assets are incurred.

Fitch has upgraded the following class:

  -- $13.8 million class D to 'CCCsf' from 'CCsf'; RE 100%.

Fitch has affirmed the following ratings:

  -- $26.9 million class E at 'Csf'; RE 50%;

  -- $22.8 million class F at 'Dsf'; RE 0%;

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

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

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

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

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

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

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

  -- $0 million class O at 'Dsf'; RE 0%.

Classes A-1 through C have all paid in full. Fitch does not rate
the class P certificates. Fitch previously withdrew the rating on
the interest-only class X-W certificates.


BANCORP COMMERCIAL 2018-CRE4: DBRS Finalizes B Rating on F Certs
----------------------------------------------------------------
DBRS, Inc. finalized the provisional ratings of the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2018-CRE4 issued by The Bancorp Commercial Mortgage 2018-CRE4 Trust
(the Issuer):

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

All trends are Stable.

The collateral for the transaction consists of 45 recently
originated floating-rate mortgages secured by 50 transitional
commercial real estate properties totaling $341.0 million based on
current trust cut-off balances ($515.2 million, including funded
pari passu participation interests) and $568.8 million based on the
fully funded loan amounts. The loans are secured by currently
cash-flowing assets, some of which are in a period of transition,
with plans to stabilize and improve the asset value. The
floating-rate mortgages were analyzed to determine the probability
of loan default over the term of the loan and its refinance risk at
maturity based on a fully extended loan term. Because of the
floating-rate nature of the loans, the index (one-month LIBOR) was
applied at the lower of a DBRS stressed rate that corresponded to
the remaining fully extended term of the loans and the strike price
of the interest rate cap, with the respective contractual loan
spread added to determine a stressed interest rate over the loan
term. When the cut-off balances were measured against the DBRS
In-Place net cash flow (NCF) and their respective stressed
constants, there were 44 loans, representing 95.6% of the pool,
with term debt service coverage ratios (DSCRs) below 1.15 times
(x), a threshold indicative of a higher likelihood of term default.
Additionally, to assess refinance risk, DBRS applied its refinance
constants to the balloon amounts, resulting in 36 loans, or 80.5%
of the pool, having refinance DSCRs below 1.00x relative to the
DBRS Stabilized NCF. The properties are frequently transitioning,
with potential upside in the cash flow; however, DBRS does not give
full credit to the stabilization if there are no holdbacks or if
other loan structural features in place are insufficient to support
such treatment. Furthermore, even with structural features
provided, DBRS generally does not assume the assets will stabilize
above market levels. The transaction is a sequential-pay
structure.

The loans are predominantly secured by traditional property types
(i.e., multifamily, retail and office), with limited exposure to
higher volatility property types or those with short-term leases
such as hotels or self-storage. Three loans, representing 7.8% of
the pool, are secured by limited-service hotels and there are no
self-storage assets in the pool. Forty-one loans, totaling 93.6% of
the deal balance, represent acquisition financing, with borrowers
contributing cash equity to the transaction. The loans were all
sourced by Bancorp, a commercial mortgage originator with strong
origination practices. Bancorp is expected to purchase and retain
100.0% of the Class C certificates, accounting for approximately
7.5% of the total principal balance of the certificates. DBRS did
not consider any of the loan sponsors to be Weak or Bad (Litigious)
as a result of prior loan default, limited net worth and/or
liquidity, a historical negative credit event and/or inadequate
commercial real estate experience. The properties are located in
primarily core (3.4% super-dense urban, 5.5% urban and 86.6%
suburban) markets that benefit from greater liquidity. Only two
loans, representing 4.5% of the pool, are located in tertiary
markets and no properties are located in rural markets. None of the
loans in the pool are secured by student or military housing
properties, which often exhibit higher cash flow volatility than
traditional multifamily properties.

Unlike most commercial real estate collateralized loan obligation
transactions where the issuer retains all below investment-grade
certificates, Bancorp will only be retaining the Class C
Certificates, representing a 7.5% retained interest. The
risk-retention role will be fulfilled by The Värde Mortgage Fund
II (Master), L.P., an affiliate of Värde Partners, purchasing
Class G-RR as a third-party purchaser, which will represent at
least 5.0% of the initial principal balance of the certificates.
Värde Partners is a large investment firm participating in a range
of asset classes, including the commercial real estate sector as a
direct lender on transitional properties. The pool is relatively
concentrated based on loan size, as there are only 45 loans in the
pool and it has a concentration profile similar to a pool of 25
equally-sized loans. The ten largest loans represent 49.0% of the
pool and the largest three loans represent 21.4% of the pool.
Although the concentration profile is similar to a pool of 25
equally-sized loans, which is typically worse than most fixed rate
conduit transactions, the concentration profile is similar or
superior compared with many floating-rate transactions that
generally have fewer than 30 loans and sometimes fewer than 20.

The pool is highly concentrated by property type, as 32 loans
representing 78.8% of the pool are secured by multifamily
properties. Multifamily properties are generally considered to be
lower risk than commercial properties, such as office, retail and
industrial and far lower risk than hospitality properties. While
cash flow volatility can be elevated due to the short-term nature
of the underlying leases, loss severity for loans secured by
multifamily properties is lower than that of most other property
types. The loans have been analyzed by DBRS to a stabilized cash
flow that is, in some instances, above the current in-place cash
flow. There is a possibility that the sponsors will not execute
their business plans as expected and the higher stabilized cash
flow will not materialize during the loan term. Failure to execute
the business plan could result in a term default or the inability
to refinance the fully funded loan balance. DBRS made relatively
conservative stabilization assumptions and, in each instance,
considered the business plan to be rational and the future funding
amounts to be sufficient to execute such plans. In addition, DBRS
models probability of default based on the DBRS In-Place NCF and
the fully funded loan amount (including the future funding
participation structures).

The corresponding weighted-average (WA) DBRS Going-In Debt Yield is
6.3%, which is significantly lower than the WA DBRS Exit Debt Yield
of 8.2% based on a DBRS Stabilized NCF. All loans have floating
interest rates and are interest-only during the original term,
which are typically three years, creating interest rate risk. The
borrowers of all loans have purchased interest rate caps to protect
against a rise in interest rates over the term of the loan. The WA
DBRS stressed interest rate for the pool is 3.076% higher than the
pool's WA interest rate. In order to qualify for extension options,
the loans must meet minimum debt yield and loan-to-value
requirements. All but one of the loans - 420 Taylor Street -
amortize during the extension option, based on 25- and 30-year
amortization schedules.


BANK 2018-BNK14: DBRS Finalizes B(high) Rating on Class G Certs
---------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2018-BNK14 issued by BANK 2018-BNK14:

-- 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 (high) (sf)
-- Class X-B at A (high) (sf)
-- Class C at A (sf)
-- Class D at BBB (high) (sf)
-- Class X-D at BBB (sf)
-- Class E at BBB (low) (sf)
-- Class X-F at BB (high) (sf)
-- Class F at BB (sf)
-- Class X-G at BB (low) (sf)
-- Class G at B (high) (sf)

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

The collateral consists of 62 fixed-rate loans secured by 136
commercial and multifamily properties. The transaction has a
sequential-pay pass-through structure. Six loans, representing
26.1% 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 26.1% 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, five loans, representing 9.3% of the 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 24 loans, representing 60.3%
of the pool, having refinance DSCRs below 1.00x and 17 loans,
representing 47.0% of the pool, having refinance DSCRs below 0.90x.
These credit metrics are based on whole-loan balances.

Six of the top 20 loans – 685 Fifth Avenue Retail Condo, Aventura
Mall, Millennium Partners Portfolio, 1745 Broadway, Cool Springs
Galleria and Pfizer Building – exhibit credit characteristics
consistent with investment-grade shadow ratings of BBB, BBB (high),
A (high), BBB (high), A (low) and AAA, respectively. Combined,
these loans represent 26.1% of the pool. Only three loans, totaling
4.2% 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 Pfizer Building, representing 2.1% of the pool
balance and 51.1% of the single-tenant concentration, and is
shadow-rated investment grade at AAA. Loans secured by properties
occupied by single tenants have been found to suffer higher loss
severities in an event of default.

Seven loans, representing 17.2% of the pool, are secured by 33
hotel properties, including three 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
10.5% and 11.7%, respectively, which compare quite favorably with
the comparable figures of 9.5% and 10.2%, respectively, for the
non-hotel properties in the pool. Additionally, the majority, or
95.7%, 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 18 loans,
representing 39.4% of the pool, secured by retail properties. Of
the retail property concentration, 27.6% of the loans are located
in urban and super-dense urban markets, and no loan secured by a
retail property is located in a tertiary or rural market. Two
loans, representing 18.7% of the retail concentration, are secured
by multiple properties (31 in total), which insulates the loans
from issues at any one property. Furthermore, four of these loans,
representing 51.5% of the retail concentration and 20.3% of the
total pool balance, are shadow-rated investment grade.

While the DBRS Refinance (Refi) DSCR is 1.12x, indicating moderate
refinance risk on an overall pool level, when excluding the
National Cooperative Bank loans, the DBRS Refi DSCR lowers to
1.01x, which indicates a higher level of refinance risk.
Twenty-four loans, representing 60.3% of the pool, have DBRS Refi
DSCRs below 1.00x and 17 of these loans, comprising 47.0% of the
pool, have DBRS Refi DSCRs less than 0.90x, including seven of the
top ten loans and eight of the top 15 loans. These metrics are
based on whole-loan balances. Three of the pool's loans with a DBRS
Refi DSCR below 0.90x – 685 Fifth Avenue Retail, Aventura Mall
and Millennium Partners Portfolio – which represent 18.1% 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,
excluding co-operative loans, improves to 1.07x. The pool's DBRS
Refi DSCRs for these loans are based on a WA stressed refinance
constant of 12.67%, which implies an interest rate of 12.35%
amortizing on a 30-year schedule. This represents a significant
stress of 7.73% 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, X-D, X-F, X-G and X-H 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.
Notes: All figures are in U.S. dollars unless otherwise noted.


BAYVIEW FINANCIAL 2006-C: Moody's Ups Class 1-A3 Debt Rating to B2
------------------------------------------------------------------
Moody's Investors Service has upgraded the rating of one tranche
from Bayview Financial Mortgage Pass-Through Trust 2006-C, backed
by Scratch & Dent loans.

Complete rating actions are as follows:

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

Cl. 1-A3, Upgraded to B2 (sf); previously on Jul 22, 2014
Downgraded to Caa2 (sf)

RATINGS RATIONALE

The action reflects the recent performance of the underlying pools
and reflect Moody's updated loss expectations on the pools. The
rating upgrade is a result of increase in credit enhancement
available to the bond.

The principal methodology used in this rating was "US RMBS
Surveillance Methodology" published in January 2017.

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

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 3.7% in September 2018 from 4.2% in
September 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.


BBSG 2016-MRP: S&P Affirms BB- Rating on Class E Notes
------------------------------------------------------
S&P Global Ratings affirmed its ratings on six classes of
commercial mortgage pass-through certificates from BBSG 2016-MRP
Mortgage Trust, a U.S. commercial mortgage-backed securities (CMBS)
transaction.

For the affirmations on the principal- and interest-paying
certificates, S&P's expectation of credit enhancement was in line
with the affirmed rating levels.

S&P affirmed its rating on the class X interest-only (IO)
certificates based on its criteria for rating IO securities, in
which the rating on the IO security would not be higher than that
of the lowest rated reference class. Class X's notional balance
references classes A and B.

This is a stand-alone (single borrower) transaction backed by a
portion of a fixed-rate IO mortgage loan secured by 540,867 sq. ft.
of a 1.03-million-sq.-ft. regional mall known as The Mall at
Rockingham Park in Salem, N.H. S&P said, "Our property-level
analysis included a re-evaluation of the retail property that
secures the mortgage loan and considered the relatively stable
servicer-reported net operating income and occupancy for the past
five-plus years (2013 through the trailing 12 months ended June 30,
2018). In addition, we considered our estimate of the occupancy
cost ratio for comparable in-line tenants of approximately 19.4%
based on our calculation of $456 per sq. ft. in sales based on
information from the Dec. 31, 2017, and year-to-date Aug. 31, 2018,
tenant sales reports provided by the master servicer. We then
derived our sustainable in-place net cash flow (NCF), which we
divided by a 6.75% S&P Global Ratings capitalization rate to
determine our expected-case value. We also made an occupancy cost
adjustment by deducting $23.7 million from our valuation." This
yielded an overall S&P Global Ratings loan-to-value ratio and debt
service coverage (DSC) of 82.7% and 1.99x, respectively, on the
whole loan balance.

According to the Oct. 5, 2018, trustee remittance report, the IO
mortgage loan has a trust balance of $162.0 million and whole loan
balance of $262.0 million. The whole loan comprises six promissory
notes: two senior pari passu notes totaling $42.5 million in the
trust, two senior pari passu notes totaling $100.0 million held
outside the trust, and two subordinate notes totaling $119.5
million in the trust. The $142.5 million senior notes are pari
passu to each other and are senior to the $119.5 million
subordinate notes. The whole loan pays an annual fixed interest
rate of 4.04% and matures on June 1, 2026. To date, the trust has
not incurred any principal losses.

The master servicer, Wells Fargo Bank N.A., reported a DSC of 2.16x
on the whole loan balance for the trailing 12 months ended June 30,
2018, and collateral occupancy was 92.6% according to the June 30,
2018, rent roll. It is our understanding from news reports that
noncollateral tenant, Sears, comprising 200,627 sq. ft. at the
property (of which 78,900 sq. ft. is subleased to Dick's Sporting
Goods), is expected to vacate its space by year-end. Based on the
June 2018 rent roll, the five largest tenants comprise 36.9% of the
collateral's total net rentable area (NRA). In addition, tenants
making up 7.7%, 7.2%, and 8.0% of the NRA have leases that have
expired or are scheduled to expire through year-end 2018, 2019, and
2020, respectively.

  RATINGS AFFIRMED

  BBSG 2016-MRP Mortgage Trust Commercial mortgage pass-through
  certificates

  Class     Rating
  A         AAA (sf)
  B         AA- (sf)
  C         A- (sf)
  D         BBB- (sf)
  E         BB- (sf)
  X         AA- (sf)


BENCHMARK 2018-B6: Fitch Rates $11.75MM Class J-R Certs 'B-sf'
--------------------------------------------------------------
Fitch Ratings has assigned the following ratings and Ratings
Outlooks on Benchmark 2018-B6 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2018-B6.

  -- $19,640,000 class A-1 'AAAsf'; Outlook Stable;

  -- $159,660,000 class A-2 'AAAsf'; Outlook Stable;

  -- $265,000,000d class A-3 'AAAsf'; Outlook Stable;

  -- $305,239,000d class A-4 'AAAsf'; Outlook Stable;

  -- $32,741,000 class A-AB 'AAAsf'; Outlook Stable;

  -- $910,798,000a class X-A 'AAAsf'; Outlook Stable;

  -- $128,518,000 class A-S 'AAAsf'; Outlook Stable;

  -- $46,099,000 class B 'AA-sf'; Outlook Stable;

  -- $43,304,000 class C 'A-sf'; Outlook Stable;

  -- $50,290,000ab class X-D 'BBB-sf'; Outlook Stable;

  -- $27,939,000b class D 'BBBsf'; Outlook Stable;

  -- $22,351,000b class E 'BBB-sf'; Outlook Stable;

  -- $11,175,000bc class F-RR 'BB+sf'; Outlook Stable;

  -- $11,176,000bc class G-RR 'BB-sf'; Outlook Stable;

  -- $11,175,000bc class J-RR 'B-sf'; Outlook Stable.

The following classes are not rated:

  -- $33,527,108bc class NR-RR.

  -- $29,485,474bc VRR Interest.

(a) Notional amount and interest-only.

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

(c) Horizontal credit risk retention interest.

Since Fitch published its expected ratings on Sept. 17, 2018, the
issuer removed the interest-only class X-B. The rating for class
X-B was withdrawn. The classes above reflect the final ratings and
deal structure.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 55 loans secured by 211
commercial properties having an aggregate principal balance of
$1,147,029,582 as of the cut-off date. The loans were contributed
to the trust by Citigroup Global Markets Inc., J.P. Morgan
Securities LLC and Deutsche Bank Securities Inc.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 70.0% of the properties
by balance, cash flow analysis of 84.0%, and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

Lower Fitch LTV than Recent Transactions: The pool exhibits better
LTV metrics than recent Fitch-rated multi-borrower transactions.
The pool's Fitch LTV of 96.7% is lower than the 2017 and YTD 2018
averages of 101.6% and 102.9%, respectively. Given the increase in
mortgage rates, the pool's Fitch DSCR of 1.20x is slightly lower
than the 2017 and YTD 2018 averages of 1.26x and 1.23x,
respectively.

Investment-Grade Credit Opinion Loans: Five loans comprising 28.0%
of the transaction received an investment-grade credit opinion.
Aventura Mall (9.6% of the pool) received a credit opinion of
'Asf*' on a stand-alone basis, Moffett Towers II - Building 1 (6.6%
of the pool) received a standalone credit opinion of
'BBB-sf*', West Coast Albertsons Portfolio (5.7% of the pool)
received a stand-alone credit opinion of 'BBB+sf*', Workspace (3.5%
of the pool) received a credit opinion of 'Asf*' on a stand-alone
basis and TriBeCa House Conduit (2.6% of the pool) received a
credit opinion of 'BBBsf*' on a stand-alone basis. Excluding these
loans, the pool's Fitch DSCR and LTV are 1.05x and 109.5%,
respectively.

Minimal Amortization: Twenty-two loans (59.9% of the pool) are
full-term interest-only and 18 loans (22.8% of the pool) are
partial interest-only. The pool is scheduled to amortize just 5.1%
of the initial pool balance by maturity, which is lower than the
2017 and YTD 2018 averages of 7.9% and 7.3%, respectively.

RATING SENSITIVITIES

For this transaction, Fitch's NCF was 14.0% below the most recent
year's NOI (for properties for which a full year NOI was provided,
excluding properties that were stabilizing during this period).
Unanticipated further declines in property-level NCF could result
in higher defaults and loss severities on defaulted loans and in
potential rating actions on the certificates.

Fitch evaluated the sensitivity of the ratings assigned to the
Benchmark 2018-B6 certificates and found that the transaction
displays average sensitivities to further declines in NCF. In a
scenario in which NCF declined a further 20% from Fitch's NCF, a
downgrade of the junior 'AAAsf' certificates to 'A-sf' could
result. In a more severe scenario, in which NCF declined a further
30% from Fitch's NCF, a downgrade of the junior 'AAAsf'
certificates to 'BBB-sf' could result.


BUCKEYE TOBACCO 2007: Moody's Cuts Rating on 4 Tranches to Caa3
---------------------------------------------------------------
Moody's Investors Service has downgraded four tranches of bonds
issued by Buckeye Tobacco Settlement Financing Authority, Tobacco
Settlement Asset-Backed Bonds, Series 2007.

The complete rating actions are as follow:

Issuer: Buckeye Tobacco Settlement Financing Authority, Tobacco
Settlement Asset-Backed Bonds, Series 2007 (State of Ohio)

Series 2007A-2-1 Senior Current Interest Turbo Term Bonds,
Downgraded to Caa3 (sf); previously on Jul 6, 2015 Downgraded to
Caa1 (sf)

Series 2007A-2-2 Senior Current Interest Turbo Term Bonds,
Downgraded to Caa3 (sf); previously on Jul 6, 2015 Downgraded to
Caa1 (sf)

Series 2007A-2-3 Senior Current Interest Turbo Term Bonds,
Downgraded to Caa3 (sf); previously on Jul 6, 2015 Downgraded to
Caa1 (sf)

Series 2007A-2-4 Senior Current Interest Turbo Term Bonds,
Downgraded to Caa3 (sf); previously on Jul 6, 2015 Downgraded to
Caa1 (sf)

RATINGS RATIONALE

The transaction is backed by future payments that certain tobacco
manufacturers owe to the State of Ohio pursuant to the 1998 Master
Settlement Agreement. The transaction has a senior liquidity
reserve requirement of about $389 million. As of June 2018, there
was $233 million in the reserve account, which is equal to around
60% of the required amount.

The downgrade actions are primarily a result of its future
projections of cigarette shipment volume declines, as well as the
amount available in the reserve account. An Event of Default
("EOD") is likely to occur for these bonds due to failure to pay
principal of any of the bonds in full by its legal final maturity;
the next legal final maturity is June 2024 and applies to the
Series 2007A-2-1 and Series 2007A-2-2 bonds. The bonds are paid
down in the order of bond maturity until the occurrence of an EOD,
at which time the cash allocation will switch to pro-rata causing
bonds with nearer legal final maturity dates to be at a relative
disadvantage.

Moody's currently expects that US cigarette shipment volumes will
fall at a long-term average rate of 3% to 4% per year, and the
actual decline for the 2017 sale year was 4.47%.

METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating Tobacco Settlement Revenue Securitizations"
published in January 2017.

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


Up

Moody's could upgrade the ratings if the annual rate of decline in
the volume of domestic cigarette shipments falls below its 3-4%
long term expectation.

Down

Moody's could downgrade the ratings if the annual rate of decline
in the volume of domestic cigarette shipments increases above its
3-4% long term expectation.


CATHEDRAL LAKE V: S&P Assigns BB- Rating on Class E Notes
---------------------------------------------------------
S&P Global Ratings assigned its ratings to Cathedral Lake V
Ltd./Cathedral Lake V LLC's $368.00 million fixed- and
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

  Cathedral Lake V Ltd./Cathedral Lake V LLC

  Class                 Rating       Amount (mil. $)
  A-1                   AAA (sf)              181.00
  A-S                   AAA (sf)               40.00
  A-F                   AAA (sf)               25.00
  B                     AA (sf)                58.00
  C                     A (sf)                 24.00
  D                     BBB- (sf)              22.00
  E                     BB- (sf)               18.00
  Subordinated notes    NR                     39.65

  NR--Not rated.


CBAM LTD 2018-8: Moody's Assigns Ba3 Rating on $25MM Class E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
notes issued by CBAM 2018-8, Ltd.

Moody's rating action is as follows:

US$307,500,000 Class A-1 Floating Rate Notes due 2029 (the "Class
A-1 Notes"), Assigned Aaa (sf)

US$15,000,000 Class A-2 Fixed Rate Notes due 2029 (the "Class A-2
Notes"), Assigned Aaa (sf)

US$46,000,000 Class B-1 Floating Rate Notes due 2029 (the "Class
B-1 Notes"), Assigned Aa2 (sf)

US$9,000,000 Class B-2 Floating Rate Notes due 2029 (the "Class B-2
Notes"), Assigned Aa2 (sf)

US$25,000,000 Class C Deferrable Floating Rate Notes due 2029 (the
"Class C Notes"), Assigned A2 (sf)

US$32,000,000 Class D Deferrable Floating Rate Notes due 2029 (the
"Class D Notes"), Assigned Baa3 (sf)

US$25,500,000 Class E Deferrable Floating Rate Notes due 2029 (the
"Class E Notes"), Assigned Ba3 (sf)

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

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

CBAM 2018-8 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90.0% of the portfolio must consist of
first lien senior secured loans, and up to 10.0% of the portfolio
may consist of second lien loans or senior unsecured loans. The
portfolio is approximately 80% ramped as of the closing date.

CBAM CLO Management 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 three 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: 50

Weighted Average Rating Factor (WARF): 2834

Weighted Average Spread (WAS): 3.485%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 46.5%

Weighted Average Life (WAL): 7.5 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.


CEDAR FUNDING VI: S&P Assigns Prelim BB- Rating on E-R Notes
------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-R, B-R, C-R, D-R, and E-R replacement notes from Cedar Funding VI
CLO Ltd., a collateralized loan obligation (CLO) originally issued
in November 2016 that is managed by Aegon USA Investment Management
LLC. The replacement notes will be issued via a proposed
supplemental indenture.

The preliminary ratings reflect S&P's opinion that the credit
support available is commensurate with the associated rating
levels, based on information as of Oct. 11, 2018. Subsequent
information may result in the assignment of ratings that differ
from the preliminary ratings.

On the Oct. 22, 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
our ratings on the original notes and assigning ratings to the
replacement notes. However, if the refinancing doesn't occur, we
may affirm the ratings on the original notes and withdraw our
preliminary ratings on the replacement notes."

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

-- Be issued at a lower weighted average cost of debt than the
current notes.

-- Be expected to be issued at a floating spread, replacing the
current fixed-float structure.

-- Keep the stated maturity date and the reinvestment period
unchanged compared to the original transaction's stated maturity
and reinvestment period.

-- Set the non-call period to end one year from the reset closing
date.

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

  Cedar Funding VI CLO Ltd./Cedar Funding VI CLO LLC

  Replacement class         Rating       Amount (mil. $)

  A-R                       AAA (sf)             320.000
  B-R                       AA (sf)               65.000
  C-R                       A (sf)                27.500
  D-R                       BBB- (sf)             27.500
  E-R                       BB- (sf)              20.625
  Subordinated notes        NR                    37.850

  NR--Not rated.


CIFC FUNDING 2014-III: Moody's Assigns (P)B3 Rating on F-R2 Debt
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to three
classes of CLO refinancing notes issued by CIFC Funding 2014-III,
Ltd.:

Moody's rating action is as follows:

US$427,000,000 Class A-1-R2 Senior Secured Floating Rate Notes due
2031 (the "Class A-1-R2 Notes"), Assigned (P)Aaa (sf)

US$28,000,000 Class E-R2 Junior Secured Deferrable Floating Rate
Notes due 2031 (the "Class E-R2 Notes"), Assigned (P)Ba3 (sf)

US$14,000,000 Class F-R2 Junior Secured Deferrable Floating Rate
Notes due 2031 (the "Class F-R2 Notes"), Assigned (P)B3 (sf)

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.

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.

CIFC Asset Management LLC manages the CLO. It directs the
selection, acquisition, and disposition of collateral on behalf of
the Issuer.

RATINGS RATIONALE

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.

The Issuer intends to issue the Refinancing Notes on October 22,
2018 in connection with the refinancing of all classes of the
secured notes previously refinanced on July 24, 2017 and originally
issued on July 10, 2014. On the Second Refinancing Date, the Issuer
used proceeds from the issuance of the Refinancing Notes and four
other classes of secured notes to redeem in full the Refinanced
Original Notes.

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

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: $700,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2880

Weighted Average Spread (WAS): 3.30%

Weighted Average Coupon (WAC): 6.0%

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


CIM TRUST 2018-INV1: DBRS Finalizes B Rating on Class B-5 Certs
---------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Mortgage Pass-Through Certificates, Series 2018-INV1 (the
Certificates) issued by CIM Trust 2018-INV1 (the Trust):

-- $358.2 million Class A-1 at AAA (sf)
-- $358.2 million Class A-2 at AAA (sf)
-- $326.4 million Class A-3 at AAA (sf)
-- $326.4 million Class A-4 at AAA (sf)
-- $244.8 million Class A-5 at AAA (sf)
-- $244.8 million Class A-6 at AAA (sf)
-- $16.3 million Class A-7 at AAA (sf)
-- $16.3 million Class A-8 at AAA (sf)
-- $65.3 million Class A-9 at AAA (sf)
-- $65.3 million Class A-10 at AAA (sf)
-- $261.1 million Class A-11 at AAA (sf)
-- $81.6 million Class A-12 at AAA (sf)
-- $31.8 million Class A-13 at AAA (sf)
-- $31.8 million Class A-14 at AAA (sf)
-- $358.2 million Class A-IO1 at AAA (sf)
-- $358.2 million Class A-IO2 at AAA (sf)
-- $326.4 million Class A-IO3 at AAA (sf)
-- $244.8 million Class A-IO4 at AAA (sf)
-- $16.3 million Class A-IO5 at AAA (sf)
-- $65.3 million Class A-IO6 at AAA (sf)
-- $31.8 million Class A-IO7 at AAA (sf)
-- $10.2 million Class B-1 at AA (sf)
-- $11.4 million Class B-2 at A (sf)
-- $10.6 million Class B-3 at BBB (sf)
-- $8.6 million Class B-4 at BB (sf)
-- $3.9 million Class B-5 at B (sf)

Classes A-IO1, A-IO2, A-IO3, A-IO4, A-IO5, A-IO6 and A-IO7 are
interest-only certificates. The class balances represent notional
amounts.

Classes A-1, A-2, A-3, A-4, A-5, A-7, A-9, A-11, A-12, A-13, A-IO2
and A-IO3 are exchangeable certificates. These classes can be
exchanged for a combination of exchange certificates as specified
in the offering documents.

Classes A-3, A-4, A-5, A-6, A-7, A-8, A-9, A-10, A-11 and A-12 are
super-senior certificates. These classes benefit from additional
protection from senior support certificates (Classes A-13 and A-14)
with respect to loss allocation.

The AAA (sf) ratings on the Certificates reflect the 12.20% of
credit enhancement provided by subordinated Certificates in the
pool. The AA (sf), A (sf), BBB (sf), BB (sf) and B (sf) ratings
reflect 9.70%, 6.90%, 4.30%, 2.20% and 1.25% of credit enhancement,
respectively.

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

This transaction is a securitization of a portfolio of prime,
first-lien, fixed-rate, agency eligible, investment property
residential mortgages funded by the issuance of the Mortgage
Pass-Through Certificates, Series 2018-INVI (the Certificates). The
Certificates are backed by 1,472 loans with a total principal
balance of $407,991,627 as of the Cut-Off Date (September 1,
2018).

The pool is composed of 100% fully amortizing fixed-rate
conventional mortgages with original terms to maturity of primarily
30 years. All of the loans in the pool are conventional mortgages
either made to investors for business purposes or as cash-out
refinancing for personal use. The personal use loans (9.9% of the
pool) are subject to the Qualified Mortgage and Ability-to-Repay
rules (together, the Rules), and the remainder (91.1% of the pool)
are not subject to the Rules.

All the mortgage loans in the portfolio were eligible for purchase
by Fannie Mae or Freddie Mac.

The originators for the aggregate mortgage pool are Caliber Home
Loans, Inc. (26.4%), AmeriHome Mortgage (14.9%), Home Point (11.7%)
and various other originators, each comprising less than 11.0% of
the mortgage loans.

The loans will be serviced or sub-serviced by Shellpoint Mortgage
Servicing (92.3%) and TIAA, FSB (7.7%).

Wells Fargo Bank, N.A. will act as the Master Servicer, Custodian
and Securities Administrator. Wilmington Savings Fund Society, FSB
will serve as Trustee.

The transaction employs a senior-subordinate, shifting-interest
cash flow structure that is enhanced from a pre-crisis structure.

The ratings reflect transactional strengths that include
high-quality underlying assets, well-qualified borrowers and
satisfactory third-party due diligence on all the loans.

This transaction employs a representations and warranties (R&W)
framework that contains certain weaknesses, such as unrated R&W
providers, unrated entities (the Sellers) providing a back-stop and
sunset provisions on the back-stop. To capture the perceived
weaknesses, DBRS reduced the originator scores for all loans in
this pool. A lower originator score results in increased default
and loss assumptions and provides additional cushions for the rated
securities.


CITIGROUP 2016-P5: Fitch Affirms BB- Rating on $21.8MM Cl. D Certs
------------------------------------------------------------------
Fitch Ratings has affirmed 13 classes of Citigroup Commercial
Mortgage Trust 2016-P5 commercial mortgage pass-through
certificates.

KEY RATING DRIVERS

Limited Changes in Loss Expectations Since Issuance: Pool
performance has been stable since issuance. There have been no
specially serviced loans or Fitch Loans of Concern. Currently,
there is one loan (National Business Park, 2.4%) on the servicer's
watch-list for covenant compliance.

Stable Credit Enhancement Since Issuance: There have been no
material changes to credit enhancement due to minimal amortization.
As of the September 2018 distribution date, the pool's aggregate
principal balance has been reduced 1.3% from $917.4 million at
issuance to $905.8 million with 49 loans remaining. No loans have
defeased, paid off or been disposed. 59.90% of the pool is either
full or currently partial IO.

ADDITIONAL CONSIDERATIONS

Office Concentration: The pool is concentrated by loan balance,
with the top-10 loans composing 49% of the current pool balance;
the top 15 represent 62%. The pool has a high office property
concentration representing 45% of the total pool.

RATING SENSITIVITIES

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

Fitch has affirmed the following ratings:

  -- $23.6 million class A-1 at 'AAAsf'; Outlook Stable;

  -- $96.1 million class A-2 at 'AAAsf'; Outlook Stable;

  -- $220.0 million class A-3 at 'AAAsf'; Outlook Stable;

  -- $246.2 million class A-4 at 'AAAsf'; Outlook Stable;

  -- $44.7 million class A-AB at 'AAAsf'; Outlook Stable;

  -- $78.0 million class A-S at 'AAAsf'; Outlook Stable;

  -- $41.3 million class B at 'AA-sf'; Outlook Stable;

  -- $41.3 million class C at 'A-sf'; Outlook Stable;

  -- $45.9 million class D at 'BBB-sf'; Outlook Stable;

  -- $21.8 million class E at 'BB-sf'; Outlook Stable;

  -- $708.6* million class X-A at 'AAAsf'; Outlook Stable;

  -- $41.3* million class X-B at 'AA-sf'; Outlook Stable;

  -- $45.9* million class X-D at 'BBB-sf'; Outlook Stable.

  * Notional amount and interest-only.

Fitch does not rate the class F and G certificates.


COMM 2014-CCRE20: DBRS Confirms B Rating on Class X-F Certs
-----------------------------------------------------------
DBRS Limited confirmed all classes of Commercial Mortgage
Pass-Through Certificates, Series 2014-CCRE20 (the Certificates)
issued by COMM 2014-CCRE20 Commercial Mortgage Trust, as follows:

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

The Class PEZ certificates are exchangeable with the Class A-M,
Class B and Class C Certificates (and vice versa).

All trends are Stable.

The rating confirmations reflect the overall stable performance
exhibited since issuance. As of the September 2018 remittance, all
64 loans remained in the pool with an aggregate principal balance
of $1,140.3 million, representing a collateral reduction of 3.6%
since issuance as the result of scheduled loan amortization. In
addition, six loans, representing 3.7% of the pool, are fully
defeased. Loans representing 94.0% of the pool reported year-end
(YE) 2017 financials. These loans reported a weighted-average (WA)
debt-service coverage ratio (DSCR) and debt yield of 2.00 times (x)
and 11.3%, respectively. Based on the servicer's most recent
reporting, the 15 largest loans reported a WA net cash flow growth
of 22.7% over the DBRS issuance figures, with a WA DSCR and debt
yield of 2.04x and 11.2%, respectively.

As of the September 2018 remittance report, there are six loans,
representing 6.9% of the pool, on the servicer's watch list and one
loan, representing 1.2% of the pool, in special servicing. Of these
loans, a few are noteworthy for increased risks as compared with
the issuance profiles, with the DBRS loan analysis adjusted
accordingly for each as part of this review. DBRS expects the loan
in special servicing will be returned to the master servicer in the
near term, as discussed below.

The CSRA MOB Portfolio II (Prospectus ID#24, 1.2% of pool) loan,
secured by a portfolio of two single-tenant office buildings in
Hartford, Wisconsin, and Mechanicsville, Virginia, transferred to
special servicing in June 2018 due to the borrower's non-compliance
with cash management provisions. Cash management was to be
triggered after the portfolio's largest tenant, API Healthcare
(API; 78.6% of the portfolio NRA, 100% of the NRA at the API
Headquarters building in Hartford; lease expires November 2025)
vacated in late 2016 after it was purchased by General Electric;
however, the servicer does not appear to have been aware of these
developments until March 2018, with the cash sweep initiated with
the April 2018 loan payment. The loan has remained current since
the loan's transfer to special servicing. The inspector's comments
in the servicer's March 2018 site inspection noted GE Healthcare
was using part of the space to store servers, with only the office
space not in use. This may provide insight into the source of the
dispute between the servicer and the borrower with regard to the
cash flow sweep provisions; DBRS has requested clarification from
the servicer and the response is pending.

As of July 2018, General Electric sold API to the private equity
firm Veritas Capital (Veritas), which is based in New York and has
$8.8 billion in assets under management as of September 2018.
Following the sale, news reports have confirmed Veritas plans to
return the API subsidiary to the Hartford location by the end of
September 2018. DBRS anticipates the loan will return to the master
servicer in the near term if these developments play out as
reported. In the analysis for this loan, DBRS applied a sponsor
strength penalty to increase the probability of default (POD) as
the loan is in technical default. For additional information on
this loan, please see the loan commentary on the DBRS Viewpoint
platform, for which information is provided below.

Out of the six watch list loans, only one is being monitored for a
low DSCR in DoubleTree Beachwood (Prospectus ID#12, 2.3% of pool),
which is secured by a full-service hotel located in Beachwood,
Ohio, approximately 20 miles east of downtown Cleveland. The loan
reported a YE2017 DSCR of 0.84x, a decrease from the YE2016 DSCR of
1.02x and the DBRS Term DSCR at issuance of 1.18x. Due to increased
competition in the market, the hotel has seen significant declines
in both occupancy and RevPAR, lagging behind its competitive set as
well as its figures reported at issuance. A new director of sales
was hired and renovations were completed for the hotel's
restaurant, lounge area and meeting and banquet rooms in order to
improve marketability. Due to disruptions caused by the
renovations, along with the loss of a major account to the downtown
market, occupancy fell by 13% for the trailing 2 months period
ending March 2018. The borrower expects traffic to pick up in the
fall of 2018. Although the sponsor's commitment to the property in
the recent renovations and coverage of debt service shortfalls out
of pocket in 2017, the increased competition and sustained
performance declines show a significantly increased risk profile
for this loan as compared with issuance. As such, DBRS applied a
stressed cash flow scenario to significantly increase the POD in
the analysis for this loan.

Classes X-A, X-B, X-C, X-D, X-E and X-F 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.


COMM 2014-FL5: S&P Affirms B- Rating on Class KH2 Certificates
--------------------------------------------------------------
S&P Global Ratings affirmed its ratings on six classes of
commercial mortgage pass-through certificates from COMM 2014-FL5
Mortgage Trust, a U.S. commercial mortgage-backed securities (CMBS)
transaction.

For the principal- and interest-paying classes, S&P's expectation
of credit enhancement was more or less in line with the affirmed
rating levels.

While available credit enhancement levels may suggest positive
rating movements on classes B and C, and negative rating movement
on class D, our analysis also considered that the sole remaining
loan was previously with the special servicer and recently returned
to the master servicer, which was offset by the upward trending
reported performance in the last year or so. S&P will continue to
monitor the reported performance and seasoning of the remaining
loan.

The affirmation on the class X-EXT interest-only (IO) certificates
is based on S&P's criteria for rating IO securities, which states
that the rating on the IO securities would not be higher than that
of the lowest-rated reference class. The notional balance on class
X-EXT references classes A, B, C, and D.

The transaction is currently collateralized by the K Hospitality
Portfolio floating-rate IO mortgage loan secured by 20
full-service, limited-service, and extended-stay hotel properties
totaling 1,922 rooms in Texas, California, Louisiana, and Oklahoma.
S&P said, "Our property-level analysis considered the stable to
upward trending servicer-reported net operating income for the past
two-plus years (2016 through trailing 12 months ended June 30,
2018). We then derived our sustainable in-place net cash flow,
which we divided by a 10.00% S&P Global Ratings capitalization rate
to determine our expected-case value." This yielded an overall S&P
Global Ratings loan-to-value ratio and debt service coverage (DSC)
of 75.3% and 2.51x, respectively, on the pooled trust balance.

As of the Sept. 17, 2018, trustee remittance report, the trust
consisted of the K Hospitality Portfolio loan that has a $111.7
million pooled trust balance and a $164.6 million trust balance.
The KH1 and KH2 raked classes derived 100% of their cash flow from
a subordinate portion of the whole loan. In addition, there is
mezzanine debt totaling $44.1 million. The loan, which is currently
on the master servicer's watchlist due to monitoring, is IO and
pays a floating interest rate of LIBOR plus spread. The loan
initially matured on Aug. 9, 2016, and had three one-year extension
options. The loan was transferred to special servicing on Aug. 8,
2017, due to a maturity default. The loan matured on Aug. 9, 2017,
and the borrowers did not elect to extend the loan. The loan was
subsequently modified effective Dec. 29, 2017, and the modification
terms included, among other items, annual extension options through
2021 (provided that certain debt yield tests are met), a $1.75
million principal curtailment, and quarterly principal paydowns. As
a result of the loan modification, class KH2 reported a $3,070
realized loss in January 2018 due to, according to the master
servicer, prepayment interest shortfalls resulting from the
principal curtailment. However, according to the master servicer,
this amount was reimbursed as additional interest to the
bondholders in the September 2018 reporting period.

The master servicer, Wells Fargo Bank N.A., reported an occupancy
level, revenue per available room, and DSC for the portfolio of
74.9%, $78.16, and 2.25x, respectively, for the trailing 12 months
ended June 30, 2018, compared to 73.3%, $76.25, and 2.37x,
respectively, as of year-end 2017, and 67.7%, $68.30, and 2.40x,
respectively, as of year-end 2016.

  RATINGS AFFIRMED

  COMM 2014-FL5 Mortgage Trust

  Commercial mortgage pass-through certificates series 2014-FL5

  Class    Rating
  B        AA- (sf)
  C        A (sf)
  D        BBB- (sf)
  KH1      B (sf)
  KH2      B- (sf)
  X-EXT    BBB- (sf)



COMM 2015-CCRE27: DBRS Confirms B Rating on Class X-E Certs
-----------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE27
issued by COMM 2015-CCRE27 Mortgage Trust:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since issuance. The collateral consists of 65 loans
secured by 96 commercial and multifamily properties. As of the
September 2018 remittance, the pool had an aggregate trust balance
of approximately $913.0 million, representing a collateral
reduction of 2.0% since issuance due to scheduled loan
amortization. To date, one loan is fully defeased (1.6% of the
current pool balance), while another loan (1.6% of the current pool
balance) is partially defeased. Together, these loans represent
3.2% of the pool; however, only 2.3% of that is defeased. Based on
the most recent year-end financials, the pool reported a
weighted-average (WA) debt service coverage ratio (DSCR) and debt
yield of 1.77 times (x) and 9.9%, respectively, compared with the
DBRS Term figures of 1.61x and 8.8% at issuance, respectively. The
pool has benefited from stable cash flow performance as the top 15
loans, representing 58.9% of the current pool balance, reported a
WA DSCR of 1.88x, compared with the WA DBRS Term DSCR of 1.56x,
representing a WA net cash flow (NCF) growth of 18.8%.

As of the September 2018 remittance, there are three loans (3.5% of
the pool) on the servicer's watch list. Two of the loans,
representing 2.4% of the current pool balance are secured by hotel
properties, while one loan, representing 1.1% of the current pool
balance is secured by a mixed-use property. All three loans were
flagged due to performance declines, reporting a WA DSCR of 0.94x
as of YE2017, compared with the WA DBRS Term DSCR of 1.63x. The
loan secured by the mixed-use property, Chestnut Street (Prospectus
ID#31), has historically been late on payments and is due for its
September 2018 payment.

At issuance, DBRS assigned an investment-grade shadow rating to one
loan, 11 Madison Avenue (Prospectus ID#1, representing 7.6% of the
pool balance). DBRS confirmed that the performance of this loan
remains consistent with investment-grade loan characteristics.

Classes X-A, X-B, X-C, X-D and X-E 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.


COMM 2015-CCRE27: Fitch Affirms B- Rating on $9.3MM Cl. F Certs
---------------------------------------------------------------
Fitch Ratings has affirmed 14 classes of Deutsche Bank Securities,
Inc.'s COMM 2015-CCRE27 commercial mortgage trust pass-through
certificates.

KEY RATING DRIVERS

Stable Performance and Loss Expectations: The affirmations are
based on the relatively stable performance and loss expectations
for a majority of the underlying collateral. Three loans (3.5%) are
on the master servicer's watch list. Four loans (5.7% of pool) are
designated as Fitch Loans of Concern, including one loan in the top
15 (2.2%).

The largest FLOC, Village Square at Kiln Creek (2.2%), is secured
by a 267,021-sf retail center located in Yorktown, VA. The largest
tenant, Kmart, occupies 72% of the property's space and expires in
November 2018. Kroger subleases approximately half of Kmart's space
and invested $25 million in both the new grocery store and an
18-pump fuel station that opened in May 2015. The occupancy as of
YE 2017 was 99% and the YE 2017 debt service coverage ratio (DSCR)
was 1.64x compared to 1.89x at YE 2016.

Three additional loans are considered FLOCs. The first is a loan
secured by a limited-service hotel (1.3%) located in Kennewick, WA
that has seen declining net operating income since issuance. The
second is a loan secured by a mixed use property (1.1%) with the
retail portion 100% occupied by Foot Locker and the NOI has been
declining since issuance. The third is a full service hotel (1.1%)
located in Nashville, TN. with declining occupancy and
approximately a 50% drop in NOI compared to issuance.

Minimal Credit Enhancement Improvement Since Issuance: As of the
September 2018 distribution date, the pool's aggregate principal
balance has been reduced by only 2.0% to $913 million from $931.6
million at issuance. No loans have paid off and there are two
defeased loans (2.4%) since issuance. Based on the scheduled
balance at maturity, the pool is expected to pay down by 11.3%.
Eight loans (21.1%), including the top two loans in the pool, are
full-term, interest only, while 17 loans (26.5%) remain in their
partial interest-only periods.

Additional Considerations

Multifamily Concentration: The pool has a high percentage of
multifamily loans (36.7% of the current balance), followed by
retail (19.4%), and office (18.3%). Four (23.3%) of the top five
loans in the pool are multifamily loans.

Limited Upcoming Maturities: Only 8% of the pool is scheduled to
mature in 2020. The majority of the pool matures in 2025 (92%).

RATING SENSITIVITIES

Rating Outlooks for all classes remain Stable due to the overall
stable performance of the pool and continued amortization. Rating
upgrades may occur with improved pool performance and additional
paydown or defeasance. Rating downgrades to the classes are
possible should a material asset-level or economic event adversely
affect pool performance.

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:

  -- $20.1 million class A-1 at 'AAAsf'; Outlook Stable;

  -- $72.5 million class A-2 at 'AAAsf'; Outlook Stable;

  -- $62.5 million class A-SB at 'AAAsf'; Outlook Stable;

  -- $200 million class A-3 at 'AAAsf'; Outlook Stable;

  -- $278.3 million class A-4 at 'AAAsf'; Outlook Stable;

  -- $53.6 million class A-M at 'AAAsf'; Outlook Stable;

  -- $695.2 million* class X-A at 'AAAsf'; Outlook Stable;

  -- $54.7 million class B at 'AA-sf'; Outlook Stable;

  -- $97.8 million* class X-B at 'AA-sf'; Outlook Stable;

  -- $43.1 million class C at 'A-sf'; Outlook Stable;

  -- $51.2 million class D at 'BBB-sf'; Outlook Stable;

  -- $51.2 million* class X-C at 'BBB-sf'; Outlook Stable;

  -- $24.5 million class E at 'BB-sf'; Outlook Stable;

  -- $9.3 million class F at 'B-sf'; Outlook Stable.

  * Notional amount and interest only.

Fitch does not rate the class G, H, X-D, X-E, or X-F certificates.


CONNECTICUT AVE 2018-C06: Fitch Affirms BB Rating on 18 Tranches
----------------------------------------------------------------
Fitch Ratings has assigned the following ratings and Rating
Outlooks to Fannie Mae's risk transfer transaction, Connecticut
Avenue Securities, series 2018-C06 notes:

  -- $86,548,000 class 1M-1 notes 'BBB-sf'; Outlook Stable;

  -- $353,406,000 class 1M-2 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $117,802,000 class 1M-2A notes 'BBsf'; Outlook Stable;

  -- $117,802,000 class 1M-2B notes 'BB-sf'; Outlook Stable;

  -- $117,802,000 class 1M-2C notes 'Bsf'; Outlook Stable;

  -- $117,802,000 class 1E-A1 exchangeable notes 'BBsf'; Outlook
Stable;

  -- $117,802,000 class 1A-I1 notional exchangeable notes 'BBsf';
Outlook Stable;

  -- $117,802,000 class 1E-A2 exchangeable notes 'BBsf'; Outlook
Stable;

  -- $117,802,000 class 1A-I2 notional exchangeable notes 'BBsf';
Outlook Stable;

  -- $117,802,000 class 1E-A3 exchangeable notes 'BBsf'; Outlook
Stable;

  -- $117,802,000 class 1A-I3 notional exchangeable notes 'BBsf';
Outlook Stable;

  -- $117,802,000 class 1E-A4 exchangeable notes 'BBsf'; Outlook
Stable;

  -- $117,802,000 class 1A-I4 notional exchangeable notes 'BBsf';
Outlook Stable;

  -- $117,802,000 class 1E-B1 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $117,802,000 class 1B-I1 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $117,802,000 class 1E-B2 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $117,802,000 class 1B-I2 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $117,802,000 class 1E-B3 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $117,802,000 class 1B-I3 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $117,802,000 class 1E-B4 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $117,802,000 class 1B-I4 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $117,802,000 class 1E-C1 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $117,802,000 class 1C-I1 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $117,802,000 class 1E-C2 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $117,802,000 class 1C-I2 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $117,802,000 class 1E-C3 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $117,802,000 class 1C-I3 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $117,802,000 class 1E-C4 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $117,802,000 class 1C-I4 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $235,604,000 class 1E-D1 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $235,604,000 class 1E-D2 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $235,604,000 class 1E-D3 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $235,604,000 class 1E-D4 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $235,604,000 class 1E-D5 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $235,604,000 class 1E-F1 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $235,604,000 class 1E-F2 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $235,604,000 class 1E-F3 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $235,604,000 class 1E-F4 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $235,604,000 class 1E-F5 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $235,604,000 class 1-X1 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $235,604,000 class 1-X2 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $235,604,000 class 1-X3 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $235,604,000 class 1-X4 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $235,604,000 class 1-Y1 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $235,604,000 class 1-Y2 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $235,604,000 class 1-Y3 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $235,604,000 class 1-Y4 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $117,802,000 class 1-J1 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $117,802,000 class 1-J2 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $117,802,000 class 1-J3 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $117,802,000 class 1-J4 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $235,604,000 class 1-K1 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $235,604,000 class 1-K2 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $235,604,000 class 1-K3 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $235,604,000 class 1-K4 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $70,009,000 class 2M-1 notes 'BBB-sf'; Outlook Stable;

  -- $230,031,000 class 2M-2 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $76,677,000 class 2M-2A notes 'BBsf'; Outlook Stable;

  -- $76,677,000 class 2M-2B notes 'BB-sf'; Outlook Stable;

  -- $76,677,000 class 2M-2C notes 'Bsf'; Outlook Stable;

  -- $76,677,000 class 2E-A1 exchangeable notes 'BBsf'; Outlook
Stable;

  -- $76,677,000 class 2A-I1 notional exchangeable notes 'BBsf';
Outlook Stable;

  -- $76,677,000 class 2E-A2 exchangeable notes 'BBsf'; Outlook
Stable;

  -- $76,677,000 class 2A-I2 notional exchangeable notes 'BBsf';
Outlook Stable;

  -- $76,677,000 class 2E-A3 exchangeable notes 'BBsf'; Outlook
Stable;

  -- $76,677,000 class 2A-I3 notional exchangeable notes 'BBsf';
Outlook Stable;

  -- $76,677,000 class 2E-A4 exchangeable notes 'BBsf'; Outlook
Stable;

  -- $76,677,000 class 2A-I4 notional exchangeable notes 'BBsf';
Outlook Stable;

  -- $76,677,000 class 2E-B1 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $76,677,000 class 2B-I1 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $76,677,000 class 2E-B2 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $76,677,000 class 2B-I2 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $76,677,000 class 2E-B3 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $76,677,000 class 2B-I3 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $76,677,000 class 2E-B4 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $76,677,000 class 2B-I4 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $76,677,000 class 2E-C1 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $76,677,000 class 2C-I1 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $76,677,000 class 2E-C2 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $76,677,000 class 2C-I2 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $76,677,000 class 2E-C3 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $76,677,000 class 2C-I3 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $76,677,000 class 2E-C4 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $76,677,000 class 2C-I4 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $153,354,000 class 2E-D1 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $153,354,000 class 2E-D2 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $153,354,000 class 2E-D3 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $153,354,000 class 2E-D4 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $153,354,000 class 2E-D5 exchangeable notes 'BB-sf'; Outlook
Stable;

  -- $153,354,000 class 2E-F1 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $153,354,000 class 2E-F2 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $153,354,000 class 2E-F3 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $153,354,000 class 2E-F4 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $153,354,000 class 2E-F5 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $153,354,000 class 2-X1 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $153,354,000 class 2-X2 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $153,354,000 class 2-X3 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $153,354,000 class 2-X4 notional exchangeable notes 'BB-sf';
Outlook Stable;

  -- $153,354,000 class 2-Y1 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $153,354,000 class 2-Y2 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $153,354,000 class 2-Y3 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $153,354,000 class 2-Y4 notional exchangeable notes 'Bsf';
Outlook Stable;

  -- $76,677,000 class 2-J1 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $76,677,000 class 2-J2 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $76,677,000 class 2-J3 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $76,677,000 class 2-J4 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $153,354,000 class 2-K1 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $153,354,000 class 2-K2 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $153,354,000 class 2-K3 exchangeable notes 'Bsf'; Outlook
Stable;

  -- $153,354,000 class 2-K4 exchangeable notes 'Bsf'; Outlook
Stable.

Fitch will not be rating the following classes:

  -- $14,531,077,230 class 1A-H reference tranche;

  -- $108,185,000 class 1B-1 notes;

  -- $4,555,932 class 1M-1H reference tranche;

  -- $6,200,575 class 1M-AH reference tranche;

  -- $6,200,575 class 1M-BH reference tranche;

  -- $6,200,575 class 1M-CH reference tranche;

  -- $5,694,915 class 1B-1H reference tranche;

  -- $75,919,944 class 1B-2H reference tranche;

  -- $10,085,594,016 class 2A-H reference tranche;

  -- $3,685,320 class 2M-1H reference tranche;

  -- $4,035,826 class 2M-AH reference tranche;

  -- $4,035,826 class 2M-BH reference tranche;

  -- $4,035,826 class 2M-CH reference tranche;

  -- $70,009,000 class 2-B1 notes;

  -- $3,685,320 class 2B-1H reference tranche;

  -- $52,638,799 class 2B-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 3.70% subordination provided
by the 0.82% class 1M-2A, the 0.82% class 1M-2B, the 0.82% class
1M-2C, the 0.75% class 1B-1 and their corresponding reference
tranches as well as the 0.50% 1B-2H reference tranche. The 'BBB-sf'
rating for the 2M-1 notes reflects the 3.50% subordination provided
by the 0.77% class 2M-2A, the 0.76% class 2M-2B, the 0.77% class
2M-2C, the 0.70% class 2B-1 and their corresponding reference
tranches as well as the 0.50% 2B-2H reference tranche.

Connecticut Avenue Securities, series 2018-C06 (CAS 2018-C06) is
Fannie Mae's 30th 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-C06 transaction includes two separate loan groups. One
loan group will consist of loans with loan-to-value (LTV) ratios
greater than 60% and less than or equal to 80% (Group 1), and
another that consists of loans with LTVs greater than 80% and less
than or equal to 97% (Group 2). Fitch has assigned different
subordination levels to each group, as outlined. The cash flow
waterfall structure is identical for both groups.

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, 1M-2, 2M-1 and 2M-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 M-1, M-2A,
M-2B, and M-2C notes' ratings of each group affected.

Each group's M-1, M-2A, M-2B, M-2C and B-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 Feb. 1, 2018 and April 30, 2018. The Group 1 reference pool
will consist of loans with LTVs greater than 60% and less than or
equal to 80%, and Group 2 will consist of loans with LTVs greater
than 80% and less than or equal to 97%. Overall, the reference
pool's collateral characteristics 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 with the earlier post-crisis vintages,
these reference pools consist of weaker FICO scores and
debt-to-income (DTI) ratios. The credit migration has been a key
driver of Fitch's rising loss expectations, which have slightly
increased over time.

FEMA Exclusion Loans Removed (Positive): Fannie Mae will not
include Federal Emergency Management Agency (FEMA) Exclusion Loans
in the pool. A mortgage loan is a FEMA Exclusion Loan if the
mortgaged property is located within a county declared by FEMA at
any time from and after Sept. 16, 2018, through and including Oct.
10, 2018, to be a major disaster area and in which FEMA has
authorized individual assistance to homeowners in such county as a
result of Hurricane Florence.

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 be retaining credit risk in the transaction by
holding the 1A-H and 2A-H senior reference tranches, which have an
initial loss protection of 4.30% and 4.20%, respectively, as well
as the first loss B-2H reference tranches, sized at 0.50% for each
group. Fannie Mae is also retaining an approximately 5% vertical
slice or interest in each group's reference tranches (M-1H, M-AH,
M-BH, M-CH and B-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 QC
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 of this report for more details.

HomeReady Exposure (Negative): Both groups contain loans (2.2%
Group 1 and 18.1% Group 2) originated to Fannie Mae's HomeReady
program; these are the highest percentages of this type of loan in
any Fitch-rated transaction to date. Fannie Mae's HomeReady
program, targets low- to moderate-income homebuyers or buyers in
high-cost or underrepresented communities, and provides flexibility
for a borrower's LTV, income, down payment and mortgage insurance
coverage requirements. Fitch anticipates higher default risk for
HomeReady loans due to measurable attributes (such as FICO, LTV and
property value), which is reflected in increased credit enhancement
(CE).

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

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 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 12%, 12% and 35% would potentially reduce the
'BBBsf' Group 1 rated class down one rating category, to
non-investment grade, and to 'CCCsf', respectively. Additional MVDs
of 11%, 11% and 34% would potentially reduce the 'BBBsf' Group 2
rated class down one rating category, to non-investment grade, and
to 'CCCsf', respectively.

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

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

While Fitch was provided due diligence from a third-party, Form 15E
was not provided to or reviewed by Fitch in relation to this rating
action.


CPS AUTO 2018-D: S&P Gives (P)BB- Rating on $26.2MM Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to CPS Auto
Receivables Trust 2018-D's $233.730 million asset-backed notes.

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

The preliminary ratings are based on information as of Oct. 4,
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 56.96%, 48.59%, 39.79%,
30.80%, and 24.42% of credit support for the class A, B, C, D, and
E notes, respectively, based on stressed cash flow scenarios
(including excess spread). These credit support levels provide
coverage of approximately 3.10x, 2.60x, 2.10x, 1.60x, and 1.23x our
17.75%-18.75% expected cumulative net loss range for the class A,
B, C, D, and E notes, respectively. Additionally, credit
enhancement including excess spread for classes A, B, C, D, and E
covers breakeven cumulative gross losses of approximately 92%, 78%,
66%, 51%, and 40%, respectively.

-- S&P said, "Our expectation that, under a moderate stress
scenario of 1.60x our expected net loss level all else equal, the
preliminary ratings on the class A through C notes would remain
within one rating category while they are outstanding, and the
preliminary rating on the class D notes would not decline by more
than two rating categories within its life. The preliminary rating
on the class E notes would remain within two rating categories
during the first year, but the class would eventually default under
the 'BBB' stress scenario after receiving 25%-47% of its principal.
These rating migrations are consistent with our credit stability
criteria."

-- The preliminary rated notes' underlying credit enhancement in
the form of subordination, overcollateralization, a reserve
account, and excess spread for the class A through E notes.

-- The timely interest and principal payments made to the
preliminary rated notes under S&P's stressed cash flow modeling
scenarios, which it believes are appropriate for the assigned
preliminary ratings.

-- The transaction's payment and credit enhancement structure,
which includes a non-curable performance trigger.

  PRELIMINARY RATINGS ASSIGNED

  CPS Auto Receivables Trust 2018-D

  Class       Rating       Amount (mil. $)
  A           AAA (sf)             112.333
  B           AA (sf)               35.525
  C           A (sf)                31.850
  D           BBB (sf)              27.807
  E           BB- (sf)              26.215


CRESTLINE DENALI XIV: Moody's Assigns (P)B3 Rating on Cl. F-R Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to six
classes of CLO refinancing notes to be issued by Crestline Denali
CLO XIV, Ltd.

Moody's rating action is as follows:

US$ 249,600,000 Class A-R Senior Secured Floating Rate Notes due
2031 (the "Class A-R Notes"), Assigned (P)Aaa (sf)

US$ 46,800,000 Class B-R Senior Secured Floating Rate Notes due
2031 (the "Class B-R Notes"), Assigned (P)Aa2 (sf)

US$ 19,500,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2031 (the "Class C-R Notes"), Assigned (P)A2 (sf)

US$ 23,400,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2031 (the "Class D-R Notes"), Assigned (P)Baa3 (sf)

US$ 19,500,000 Class E-R Secured Deferrable Floating Rate Notes due
2031 (the "Class E-R Notes"), Assigned (P)Ba3 (sf)

US$ 3,000,000 Class F-R Secured Deferrable Floating Rate Notes due
2031 (the "Class F-R Notes"), Assigned (P)B3 (sf)

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.

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

Crestline Denali Capital, L.P. will manage the CLO. It directs the
selection, acquisition, and disposition of collateral on behalf of
the Issuer.

RATINGS RATIONALE

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.

The Issuer intends to issue the Refinancing Notes in October 2018
in connection with the refinancing of all classes of secured notes
previously issued on October 13, 2016. On the Refinancing Date, the
Issuer will use the proceeds from the issuance of the Refinancing
Notes and one other class of secured notes to redeem in full the
Refinanced Original Notes.

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

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

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

Performing par and principal proceeds balance: $390,000,000

Defaulted Par: $0

Diversity Score: 75

Weighted Average Rating Factor (WARF): 2838

Weighted Average Spread (WAS): 3.40%

Weighted Average Spread (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

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

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


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


CROWN POINT 7: Moody's Assigns (P)Ba3 Rating on $21.82MM E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to five
classes of notes to be issued by Crown Point CLO 7 Ltd.

Moody's rating action is as follows:

US$288,000,000 Class A Senior Secured Floating Rate Notes Due 2031
(the "Class A Notes"), Assigned (P)Aaa (sf)

US$54,000,000 Class B Senior Secured Floating Rate Notes Due 2031
(the "Class B Notes"), Assigned (P)Aa2 (sf)

US$24,300,000 Class C Secured Deferrable Mezzanine Floating Rate
Notes Due 2031 (the "Class C Notes"), Assigned (P)A2 (sf)

US$25,875,000 Class D Secured Deferrable Mezzanine Floating Rate
Notes Due 2031 (the "Class D Notes"), Assigned (P)Baa3 (sf)

US$21,825,000 Class E Secured Deferrable Junior Floating Rate Notes
Due 2031 (the "Class E Notes"), Assigned (P)Ba3 (sf)

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

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

The provisional ratings reflect the risks due to defaults on the
underlying portfolio of assets, the transaction's legal structure,
and the characteristics of the underlying assets.

Crown Point 7 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90% of the portfolio must consist of
senior secured loans, and up to 10% of the portfolio may consist of
second lien loans, first lien last out loans and unsecured loans.
Moody's expects the portfolio to be approximately 80% ramped as of
the closing date.

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

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

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

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

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

Par amount: $450,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2650

Weighted Average Spread (WAS): 3.25%

Weighted Average Coupon (WAC): 6.5%

Weighted Average Recovery Rate (WARR): 46.5%

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.


CSMC TRUST 2018-RPL9: DBRS Finalizes B Rating on Class B-2 Notes
----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Mortgage-Backed Notes, Series 2018-RPL9 (the Notes) issued by CSMC
2018-RPL9 Trust (the Issuer):

-- $702.5 million Class A-1 at AAA (sf)
-- $124.0 million Class A-2 at AAA (sf)
-- $124.0 million Class A-2A at AAA (sf)
-- $124.0 million Class A-2-IO at AAA (sf)
-- $826.5 million Class A at AAA (sf)
-- $43.6 million Class M-1 at AA (sf)
-- $36.4 million Class M-2 at A (sf)
-- $34.9 million Class M-3 at BBB (sf)
-- $20.5 million Class B-1 at BB (sf)
-- $13.9 million Class B-2 at B (sf)

Class A-2-IO is an interest-only note. The class balance represents
a notional amount.

Classes A and A-2 are exchangeable notes. These classes can be
exchanged for combinations of initial exchangeable notes as
specified in the offering documents.

The AAA (sf) ratings on the Notes reflect the 19.50% of credit
enhancement provided by the subordinated Notes in the pool. The AA
(sf), A (sf), BBB (sf), BB (sf) and B (sf) ratings reflect 15.25%,
11.70%, 8.30%, 6.30% and 4.95% of credit enhancement,
respectively.

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

This transaction is a securitization of a portfolio of seasoned
performing and re-performing first-lien residential mortgages
funded by the issuance of the Notes. The Notes are backed by 4,663
loans with a total principal balance of $1,026,692,705 as of the
Cut-off Date.

The portfolio is approximately 145 months seasoned and of the
loans, 95.3% are modified. The modifications happened more than two
years ago for 98.3% of the modified loans. Within the pool, 1,521
mortgages have non-interest-bearing deferred amounts, which equate
to 8.3% of the total principal balance.

As of the Cut-Off Date all of the loans are current and 99.3% of
the loans have been zero times 30 days delinquent (0 x 30) for at
least the past 24 months under the Mortgage Bankers Association
(MBA) delinquency method. Additionally, 88.5% of the loans have
been 0 x 30 for at least the past 36 months under the MBA
delinquency method. None of the loans are subject to the Consumer
Financial Protection Bureau's Qualified Mortgage rules.

As the Sponsor, DLJ Mortgage Capital, Inc. (DLJMC or the Sponsor),
a wholly owned subsidiary of Credit Suisse (USA), Inc. (Credit
Suisse), will retain an eligible vertical interest in each security
issued by the Issuer (other than the Class R Notes and the trust
certificates) in the required amount of no less than 5% of each
such security to satisfy the credit risk retention requirements.

It is expected that the servicer, Select Portfolio Servicing, Inc.,
will service 32.6% of the loans as of the Cut-off Date, service an
additional 1.3% on October 1, 2018, and service the remaining 66.1%
on December 4, 2018. Prior to each servicing transfer date, two
interim servicers will service the loans. To mitigate any potential
disruptions resulting from the transfer of servicing to the
Servicer on each servicing transfer date, the Servicer will advance
scheduled monthly payments due on the mortgage loans for the
payment dates in October 2018, November 2018, December 2018 and
January 2019.

There will be no advancing of delinquent principal or interest on
the mortgages by the servicer or any other party to the
transaction; however, the servicer is obligated to make advances in
respect of taxes and insurance, reasonable costs and expenses
incurred in the course of servicing and disposing of properties.

The transaction employs a sequential-pay cash flow structure.
Principal proceeds can be used to cover interest shortfalls on the
Notes, but such shortfalls on Class M-2 and more subordinate bonds
will not be paid until the more senior classes are retired.
The rating reflects transactional strengths that include underlying
assets that have generally performed well through the crisis (99.3%
of the pool has been clean for the past 24 months and 88.5% of the
pool has been clean for the past 36 months), good credit quality
relative to other re-performing pools reviewed by DBRS and a strong
servicer. Additionally, a third-party due diligence review, albeit
on less than 100% of the portfolio with respect to regulatory
compliance and data integrity, was performed on a sample that
exceeds DBRS's criteria. The due diligence results and findings on
the sampled loans were satisfactory.

This transaction employs a relatively weak representations and
warranties (R&W) framework that includes a 12-month sunset, certain
knowledge qualifiers and fewer mortgage loan representations
relative to DBRS criteria for seasoned pools. Mitigating factors
include (1) significant loan seasoning and very clean performance
history in the past two years, (2) a satisfactory third-party due
diligence review, (3) the representation provider up to the R&W
Sunset Date is DLJMC, a wholly owned subsidiary of Credit Suisse,
(4) a breach reserve account will be available to satisfy losses
related to potential R&W breaches on or after the R&W Sunset Date
and (5) disputes are ultimately subject to determination made in a
related arbitration proceeding.

Certain loans have missing assignments or endorsements on the
Closing Date. If such assignments or endorsements are not cured by
the end of one year from the Closing Date, then the Sponsor will
repurchase such loans.

The DBRS ratings of AAA (sf) and AA (sf) address the timely payment
of interest and full payment of principal by the legal final
maturity date in accordance with the terms and conditions of the
related Notes. The DBRS ratings of A (sf), BBB (sf), BB (sf) and B
(sf) address the ultimate payment of interest and full payment of
principal by the legal final maturity date in accordance with the
terms and conditions of the related Notes.


CSMC TRUST 2018-RPL9: Fitch Rates $13.86MM Class B-2 Notes 'Bsf'
----------------------------------------------------------------
Fitch rates Credit Suisse's CSMC 2018-RPL9 Trust as follows:

  -- $702,513,000 class A-1 notes 'AAAsf'; Outlook Stable;

  -- $123,974,000 class A-2 exchangeable notes 'AAAsf'; Outlook
Stable;

  -- $123,974,000 class A-2A notes 'AAAsf'; Outlook Stable;

  -- $123,974,000 class A-2-IO notional notes 'AAAsf'; Outlook
Stable;

  -- $826,487,000 class A exchangeable notes 'AAAsf'; Outlook
Stable;

  -- $43,635,000 class M-1 notes 'AAsf'; Outlook Stable;

  -- $36,447,000 class M-2 notes 'Asf'; Outlook Stable;

  -- $34,908,000 class M-3 notes 'BBBsf'; Outlook Stable;

  -- $20,534,000 class B-1 notes 'BBsf'; Outlook Stable;

  -- $13,860,000 class B-2 notes 'Bsf'; Outlook Stable.

Fitch will not be rating the following classes:

  -- $25,359,000 class B-3 notes;

  -- $25,462,705 class B-4 notes;

  -- $1,463,404 class SA notes;

  -- $1,026,692,705 class PT exchangeable notes.

Fitch rates Credit Suisse's CSMC 2018-RPL9 Trust (CSMC 2018-RPL9)
residential re-performing loan (RPL) transaction, as indicated. The
notes are supported by one collateral group that consists of 4,663
seasoned performing mortgages with a total balance of approximately
$1.03 billion, which includes $85.3 million, or 8.3%, of the
aggregate pool balance in non-interest-bearing deferred principal
amounts, as of the cut-off 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 Oct.
3, 2018.

The 'AAAsf' rating on the class A-2A notes reflects the 19.50%
subordination provided by the 4.25% class M-1, 3.55% class M-2,
3.40% class M-3, 2.00% class B-1, 1.35% class B-2, 2.47% class B3,
and 2.48% class B4 notes.

Fitch's ratings on the notes 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 pool has a
weighted average FICO score of 677, which is on the lower end of
recently rated RPL transactions, but the pool benefits from a
moderate current loan-to-value ratio (LTV) of just 69.7% and a
sustainable LTV of 75.1%. In addition, 88.5% of the pool has been
clean current for 36 months, while an additional 10.7% of the pool
has been clean current for 24 months. This is most evidenced by
Fitch's 'AAAsf' loss expectation of 16.25%.

Clean Current Loans (Positive): Although 95.4% of the pool has been
modified, nearly all of the borrowers have been paying on time for
the past 24 months. In addition, 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 months and 36 months received a 26.25%
reduction.

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 $85.3 million (8.3% of the pool) are
outstanding on 1,526 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 (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 timely payments of interest to the 'AAAsf' rated
classes.

Servicing Transfer Post-Close (Neutral): Within two months
following the closing date, approximately 67% of the pool that is
not currently being serviced by SPS ('RPS1-') will be transferred
to SPS. In its analysis, Fitch ran the entire pool with SPS as the
servicer. This did not have a material impact on Fitch's loss
expectations.

Representation Framework (Negative): Fitch considers the
representation, warranty, and enforcement (RW&E) mechanism
construct for this transaction to generally be consistent with what
it views as a Tier 2 framework, due to the inclusion of knowledge
qualifiers and the exclusion of loans from certain reps as a result
of third-party due diligence findings. Fitch increased its 'AAAsf'
expected loss expectations by roughly 118 bps to account for a
potential increase in defaults arising from weaknesses in the reps.


Limited Life of Rep Provider (Negative): The sponsor, DLJ Mortgage
Capital, Inc.'s (DLJ), as rep provider will only be obligated to
repurchase a loan due to breaches prior to the payment date in
October 2019. Thereafter, a reserve fund will be available to cover
amounts due to noteholders for loans identified as having rep
breaches. Amounts on deposit in the reserve fund, as well as the
increased level of subordination, will be available to cover
additional defaults and losses resulting from rep weaknesses or
breaches occurring on or after the payment date in March.

Low Operational Risk (Positive): Operational risk is well
controlled in this transaction. CS has an experienced RMBS history
and an 'acceptable' aggregator assessment from Fitch. The loans in
the securitization pool are seasoned over 10 years on average and
the results of third-party due diligence identified exceptions
typical for loans of similar collateral and age; however, the
findings had minimal impact on the final overall pool. The pool has
evidenced strong performance with over 99% of the pool having no
delinquencies in past 24 months. While CS's Tier 2 representation
and warranty framework receives a penalty in Fitch's loss model,
the issuer's retention of at least 5% of the bonds helps ensure an
alignment of interest between issuer and investor.

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 originators' lending platforms, as
well as an assessment of the transaction's R&Ws provided by the
originators and arranger, which were found to be consistent with
the ratings assigned to the certificates.

Fitch's analysis incorporated one criteria variation from "U.S.
RMBS Seasoned, Re-Performing and Non-Performing Loan Rating
Criteria", which is described.

The variation to the "U.S. RMBS Seasoned, Re-Performing and
Non-Performing Loan Rating Criteria" relates to the expectation
that Fitch will receive 100% compliance due diligence for
re-performing pools. For 62% of the pool (by loan count) that was
originated by one originator, Fitch only received a 20% due
diligence sample. For 38% of the pool (by loan count) that was
originated by multiple originators, Fitch received 100% due
diligence, except for 94 loans, which are extremely seasoned and
closed prior to the effective date of the HOEPA rules that
generally cover predatory lending. Fitch is comfortable on the
sample due diligence on the 62% cohort because the entire cohort
was acquired from a single originator through a bulk purchase. The
originator was acquired by a large bank before the bank sold the
portfolio to Credit Suisse. As a mitigant, Fitch received updated
tax and title searches, pay string reviews, BPOs and custodial
reviews on roughly 100% of the pool, including the 62% cohort.
Further, 88.5% of the pool has been clean current for 36 months,
while an additional 10.7% of the pool has been clean current for 24
months. Fitch did not make any adjustment to its loss expectations
as a result of the diligence scope, and therefore, no rating impact
resulted from application of this variation.

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 7.9% 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), Mission Global and Opus,
which were engaged to perform a regulatory compliance and data
integrity third-party due diligence review on the loans.
Additionally, Fitch was provided with Form 15E from Residential
RealEstate Review Management Inc. (RRR), which was engaged to
perform a pay history review and tax, title and lien review. The
third-party due diligence described in Form 15E focused on:
regulatory compliance review and 24-month pay-history review.

The results of the reviews indicated that 497 loans or 22% of the
loans subject to due diligence were graded 'D,' which is
substantially higher than the industry average for Fitch reviewed
transactions. The majority of the 'D' grade exceptions were due to
missing documentation that did not prevent successful testing for
predatory lending, and the exceptions did not carry assignee
liability. Fitch did not make any loss adjustments for these
findings. However, adjustments were applied to 109 loans for which
predatory lending compliance could not be tested with confidence.
Additionally, adjustments were made on 21 loans that are currently
delinquent but did not receive a servicing comment review. These
adjustments are common for RPL transactions and increased expected
losses by approximately 25bps.


CVP CASCADE CLO-1: S&P Lowers Class E Notes Rating to CCC
---------------------------------------------------------
S&P Global Ratings raised its rating on the class A-2-R note from
CVP Cascade CLO-1 Ltd. At the same time, S&P lowered and removed
from CreditWatch negative its ratings on the class D and E notes.
Finally, S&P affirmed its ratings on the class A-1-R, B, and C
notes.

The rating actions follow S&P's review of the transaction's
performance using data from the August 2018 trustee report.

The transaction experienced $61.96 million in paydowns to the class
A-1-R notes since it exited its reinvestment period in January
2018.

Though the lower balances of the notes increased the
overcollateralization (O/C) ratios of the senior notes, the deal
has experienced a decrease in the O/cs for classes D and E notes
due to par losses:

-- The class A O/C ratio test improved to 138.06% from 132.02%.
-- The class B O/C ratio test improved to 120.31% from 118.22%.
-- The class C O/C ratio test improved to 111.57% from 111.15%.  

-- The class D O/C ratio test declined to 104.95% from 105.66%.
-- The class E O/C ratio test declined to 101.25% from 102.54%.

The collateral obligations with ratings in the 'CCC' category
decreased to the $18.35 million reported as of the August 2018
trustee report from $27.80 million reported as of the January 2018
trustee report, and the par amount of defaulted collateral
increased slightly to $1.80 million from $1.45 million. Overall,
the weighted average rating of the remaining assets in the
portfolio has declined since our rating action.

In addition, the weighted average spread have declined since its
prior review. As per the trustee reports, some cash from
prepayments were reinvested into new assets.

S&P said, "Our upgrade and affirmation on the class A-2-R and A-1-R
notes, respectively, reflect the increase in the class A O/C
ratios.

"Though the results of the cash flow analysis indicated higher
ratings on the class B-R and C notes, we affirmed our ratings on
these classes to maintain some rating cushion considering the
credit deterioration in the deal and the potential reinvestments of
prepayments.

"We lowered our ratings on classes D and E to 'B (sf)' and 'CCC
(sf)', respectively, to reflect the decline in credit support since
our prior review and the transaction's dependence on favorable
economic conditions to continue to perform. The rating on the class
D note is one notch lower than our cash flow results to account for
any change in the portfolio characteristics given the potential for
reinvestments of prepayments. Although our cash flow results for
the class E notes indicated a lower rating, its O/C coverage tests
are still passing and the class E notes are not at imminent risk of
default. However, any additional par losses or further
deterioration in the portfolio's credit quality could lead to
potential negative rating actions in the future.

"Our review of this transaction included a cash flow analysis,
based on the portfolio and transaction as reflected in the
aforementioned trustee report, to estimate future performance. In
line with our criteria, our cash flow scenarios applied
forward-looking assumptions on the expected timing and pattern of
defaults, and recoveries upon default, under various interest rate
and macroeconomic scenarios. In addition, our analysis considered
the transaction's ability to pay timely interest and/or ultimate
principal to each of the rated tranches. The results of the cash
flow analysis--and other qualitative factors as
applicable--demonstrated in our view, that all of the rated
outstanding classes have adequate credit enhancement available at
the rating levels associated with these rating actions.

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

  RATING RAISED

  CVP Cascade CLO-1 Ltd.
                  Rating
  Class         To          From
  A-2-R         AAA (sf)    AA (sf)

  RATINGS LOWERED AND REMOVED FROM CREDITWATCH NEGATIVE

  CVP Cascade CLO-1 Ltd.
                  Rating
  Class         To          From
  D             B (sf)      BB (sf)/Watch Neg
  E             CCC (sf)    B- (sf)/Watch Neg

  RATINGS AFFIRMED

  CVP Cascade CLO-1 Ltd.
  Class         Rating
  A-1-R         AAA (sf)
  B-R           A (sf)
  C             BBB (sf)


DBGS 2018-C1: Fitch to Rate $19.24MM Class F Certs BB-sf
--------------------------------------------------------
Fitch Ratings has issued a presale report on DBGS 2018-C1 Mortgage
Trust Commercial Mortgage Pass-Through Certificates, Series
2018-C1.

Fitch expects to rate the transaction and assign Rating Outlooks as
follows:

  -- $14,440,000 class A-1 'AAAsf'; Outlook Stable;

  -- $87,090,000 class A-2 'AAAsf'; Outlook Stable;

  -- $29,104,000 class A-SB 'AAAsf'; Outlook Stable;

  -- $157,000,000a class A-3 'AAAsf'; Outlook Stable;

  -- $430,969,000a class A-4 'AAAsf'; Outlook Stable;

  -- $836,659,000b class X-A 'AAAsf'; Outlook Stable;

  -- $118,056,000 class A-M 'AAAsf'; Outlook Stable;

  -- $41,063,000 class B 'AA-sf'; Outlook Stable;

  -- $41,063,000 class C 'A-sf'; Outlook Stable;

  -- $82,126,000bc class X-B 'A-sf'; Outlook Stable;

  -- $47,479,000bc class X-D 'BBB-sf'; Outlook Stable;

  -- $19,249,000bc class X-F 'BB-sf'; Outlook Stable;

  -- $26,948,000c class D 'BBBsf'; Outlook Stable;

  -- $20,531,000c class E 'BBB-sf'; Outlook Stable;

  -- $19,249,000c class F 'BB-sf'; Outlook Stable;

  -- $10,265,000cd class G-RR 'B-sf'; Outlook Stable.

The following classes are not expected to be rated:

  -- $30,798,079cd class H-RR;

  -- $23,471,068e class RR;

  -- $15,635,211e class RR Interest;

  -- The transaction includes five classes of non-offered
loan-specific certificates (non-pooled rake classes) related to the
companion loan of the Carolinas 7-Eleven Portfolio. Classes 7-EA,
7E-B, 7E-C, 7E-D, and 7E-HRR are all not expected to be rated by by
Fitch.

(a) The exact initial certificate balances of the class A-3 and
class A-4 certificates are unknown and expected to be $587,969,000
in the aggregate. The certificate balances will be determined based
on the final pricing of those classes of certificates. The expected
class A-3 balance range is $50,000,000 to $264,000,000 and the
expected class A-4 balance range is $323,969,000 to $537,969,000.

(b) Notional amount and interest-only.

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

(d) Horizontal credit-risk retention interest.

(e) Vertical credit-risk retention interest. The retaining
sponsors, Deutsche Bank AG, acting through its New York Branch
(DBNY) and Goldman Sachs Mortgage Company, will retain a
proportionate amount of the VRR Interest.

The expected ratings are based on information provided by the
issuer as of Oct. 9, 2018.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 37 loans secured by 102
commercial properties having an aggregate principal balance of
$1,065,682,359 as of the cutoff date. The loans were contributed to
the trust by German American Capital Corporation and Goldman Sachs
Mortgage Company.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 76.7% of the properties
by balance, cash flow analysis of 91.0% and asset summary reviews
on 100.0% of the pool.

KEY RATING DRIVERS

Lower Fitch Leverage: The pool's leverage is slightly lower than
that of recent Fitch-rated multiborrower transactions. The pool's
Fitch LTV of 94.3% is below the YTD average of 102.7% for
Fitch-rated conduit multiborrower transactions. The pool's Fitch
DSCR of 1.23x is in line with the YTD 2018 average of 1.23x for
Fitch-rated conduit multiborrower transactions.

Credit Opinion Loans: Seven loans, representing 29.4% of the pool,
are credit assessed. This is significantly higher than the 2017 and
YTD 2018 averages of 11.7% and 12.3%, respectively. Moffett Towers
- Buildings E, F, G (7.5% of pool), 90-100 John Street
(3.9% of pool) and Moffett Towers II - Building 1 (2.3% of pool)
each received stand-alone credit opinions of 'BBB-sf*'. Christiana
Mall (5.0% of pool) received a stand-alone credit opinion of
'AA-sf*'. Aventura Mall (4.4% of pool) received a stand-alone
credit opinion of 'Asf*'. The Gateway (3.5% of pool) received a
stand-alone credit opinion of 'BBBsf*'. West Coast Albertsons
Portfolio (2.7% of pool) received a stand-alone credit opinion of
'BBB+sf*'.

Property Type Concentration; No Hotels: Loans collateralized by
office properties compose 44.0% of the pool, which is above the
2017 and YTD 2018 averages of 39.8% and 31.3%, respectively. Loans
collateralized by retail properties represent 30.2%, which is above
the 2017 and YTD 2018 averages of 24.8% and 28.1%, respectively. No
loans are collateralized by hotel properties, which is well below
the 2017 and YTD 2018 averages of 15.8% and 14.1%, respectively.
Additionally, no loans are collateralized by self-storage
properties, which is below the 2017 and YTD 2018 averages of 4.7%
and 3.9%, respectively.

RATING SENSITIVITIES

For this transaction, Fitch's NCF was 13.5% below the most recent
year's NOI for properties for which a full-year NOI was provided,
excluding properties that were stabilizing during this period.
Unanticipated further declines in property-level NCF could result
in higher defaults and loss severities on defaulted loans and in
potential rating actions on the certificates.

Fitch evaluated the sensitivity of the ratings assigned to the DBGS
2018-C1 certificates and found that the transaction displays
average sensitivities to further declines in NCF. In a scenario in
which NCF declined a further 20% from Fitch's NCF, a downgrade of
the junior 'AAAsf' certificates to 'A-sf' could result. In a more
severe scenario, in which NCF declined a further 30% from Fitch's
NCF, a downgrade of the junior 'AAAsf' certificates to 'BBBsf'
could result.


DBGS 2018-C1: S&P Assigns Prelim. B- Rating on Cl. 7E-C Certs
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to DBGS 2018-C1
Mortgage Trust's $1.066 billion commercial mortgage pass-through
certificates.

The certificate issuance is a commercial mortgage-backed securities
transaction backed by 37 commercial mortgage loans with an
aggregate principal balance of $1,065,682,359.00 secured by the fee
and leasehold interests in 102 properties across 23 states and
Cuautitlan Izcalli, Mexico.

The preliminary ratings are based on information as of Oct. 9,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

  PRELIMINARY RATINGS ASSIGNED

  DBGS 2018-C1 Mortgage Trust

  Class       Rating(i)              Amount
                                    (mil. $)
  A-1         AAA (sf)             14,440,000
  A-2         AAA (sf)             87,090,000
  A-SB        AAA (sf)             29,104,000
  A-3         AAA (sf)            264,000,000(ii)
  A-4         AAA (sf)            323,969,000(ii)
  X-A         NR                  836,659,000(iii)
  A-M         NR                  118,056,000
  B           NR                   41,063,000
  C           NR                   41,063,000
  X-B(iv)     NR                   82,126,000(iii)
  X-D(iv)     NR                   47,479,000(iii)
  X-F(iv)     NR                   19,249,000(iii)
  D(iv)       NR                   26,948,000
  E(iv)       NR                   20,531,000
  F(iv)       NR                   19,249,000
  G-RR(iv)    NR                   10,265,000
  H-RR(iv)    NR                   30,798,079
  7E-A(v)     BBB- (sf)             5,486,000
  7E-B(v)     BB- (sf)              8,216,000
  7E-C(v)     B- (sf)               7,954,000
  7E-D(v)     NR                   11,594,000
  7E-RR(v)    NR                    1,750,000

  (i) The certificates will be issued to qualified institutional
buyers according to Rule 144A of the Securities Act of 1933.
(ii) The final certificate balances of classes A-3 and A-4 will be
determined at final pricing. The certificates will, in aggregate,
have a total balance of $587.969 million. The class A-3
certificates are expected to have a balance between $50.0 million
and $264.0 million, and the class A-4 certificates are expected to
have a balance between $323.969 million and $537.969 million.
(iii) Notional balance.
(iv) Non-offered pooled certificates.
  (v) Non-offered loan-specific certificates tied to Carolinas
7-Eleven Portfolio.
NR--Not rated.


DEUTSCHE MORTGAGE 1998-C1: Moody's Affirms C Rating on Cl. X Debt
-----------------------------------------------------------------
Moody's Investors Service has affirmed the rating on one interest
only class of Deutsche Mortgage & Asset Receiving Corporation
1998-C1 as follows:

Cl. X, Affirmed C (sf); previously on Oct 6, 2017 Affirmed C (sf)

RATINGS RATIONALE

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

Moody's rating action reflects a base expected loss of 0.0% of the
current balance, compared to 1.2% at Moody's last review. Moody's
base expected loss plus realized losses is now 5.2% of the original
pooled balance, the same as at the last review.

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

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

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


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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the September 17, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 99.6% to $6.7
million from $1.8 billion at securitization. The Certificates are
collateralized by two mortgage loans.

Fifty-seven loans have been liquidated from the pool, resulting in
an aggregate realized loss of $94.3 million (40.7% loss severity on
average). One loan, representing 17.5% of the pool, is currently in
special servicing. The specially serviced loan, K-Mart Des Moines
Loan ($1.2 million), is secured by a retail property located in Des
Moines, Iowa. The loan is fully amortizing and has amortized 74%
since securitization. The loan transferred to special servicing in
June 2018 following the announced September 2018 closure of the
property's sole tenant, K-Mart.

The other loan is the Homebase Brea Union Plaza Loan ($5.5 million
-- 82.5% of the pool), which is secured by a retail property in
Brea, California. The property is 100% leased to Home Depot until
August 2022. The loan benefits from amortization and Moody's LTV
and stressed DSCR are 51% and 1.92X, respectively, compared to 55%
and 1.78X at last review.


DRYDEN 65 CLO: S&P Assigns BB- Rating on $17MM Class E Certs
------------------------------------------------------------
S&P Global Ratings assigned its ratings to Dryden 65 CLO
Ltd./Dryden 65 CLO LLC's 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 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

  Dryden 65 CLO Ltd./Dryden 65 CLO LLC

  Class                 Rating         Amount
                                     (mil. $)

  A-1                   AAA (sf)       310.00
  A-2                   NR              15.00
  B                     AA (sf)         56.00
  C (deferrable)        A (sf)          32.00
  D (deferrable)        BBB- (sf)       29.00
  E (deferrable)        BB- (sf)        17.00
  Subordinated notes    NR              51.35

  NR--Not rated.


DT AUTO OWNER 2018-3: S&P Gives Prelim. BB Rating on E Notes
------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to DT Auto
Owner Trust 2018-3's $449.35 million asset-backed notes 2018-3.

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

The preliminary ratings are based on information as of Oct. 3,
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 64.1%, 58.6%, 50.0%, 41.1%
and 36.3% credit support for the class A, B, C, D, and E notes,
respectively, based on stressed break-even cash flow scenarios
(including excess spread). These credit support levels provide
approximately 2.20x, 2.00x, 1.65x, 1.35x, and 1.20x coverage of our
expected net loss range of 28.50%-29.50% for the class A, B, C, D,
and E notes, respectively.

-- Credit enhancement also covers cumulative gross losses of
approximately 91.5%, 83.8%, 71.4%, 58.7% and 51.9%, respectively,
assuming a 30% recovery rate.

-- The timely interest and principal payments by the legal final
maturity dates made under stressed cash flow modeling scenarios
that S&P deems appropriate for the assigned preliminary ratings.

-- S&P said, "Our expectation that under a moderate ('BBB') stress
scenario, the ratings on the class A, B, and C notes would likely
not be lowered, and the class D notes would likely remain within
one category of our preliminary 'BBB (sf)' rating, all else being
equal. The rating on class E would remain within two rating
categories of our preliminary 'BB (sf)' rating during the first
year, though it would ultimately default in the moderate ('BBB')
stress scenario with approximately 68% principal repayment. These
potential rating movements are consistent with our credit stability
criteria."

-- The collateral characteristics of the subprime pool being
securitized, including a high percentage (approximately 75%) of
obligors with higher payment frequencies (more than once a month),
which S&P expects will result in a somewhat faster paydown on the
pool.

-- The transaction's sequential-pay structure, which builds credit
enhancement (on a percentage-of-receivables basis) as the pool
amortizes.

  PRELIMINARY RATINGS ASSIGNED

  Class         Prelim rating    Prelim amount
                                  (mil. $)(i)

  A             AAA (sf)          221.65
  B             AA (sf)            51.70
  C             A (sf)             59.95
  D             BBB (sf)           70.95
  E             BB (sf)            45.10

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


EMERSON PARK CLO: S&P Affirms B Rating on Class E Notes
-------------------------------------------------------
S&P Global Ratings raised its ratings on the class B-1-R, B-2-R,
C-1-R, C-2-R, and D-R notes from Emerson Park CLO Ltd., a cash flow
collateralized loan transaction managed by GSO/Blackstone Debt
Funds Management LLC. S&P said, "We also removed these ratings from
CreditWatch, where we placed them with positive implications on
July 11, 2018. At the same time, we affirmed our ratings on the
class A-1a-R, A-1b-R, A-2R, E, and F notes from the same
transaction."

The rating actions follow S&P's review of the transaction's
performance using data from the Aug. 6, 2018, trustee report.

The upgrades reflect the transaction's $227.39 million in paydowns
to the class A-1a-R and A-2R notes since our April 17, 2017, rating
actions. These paydowns resulted in improved reported
overcollateralization (O/C) ratios since the March 6, 2017, trustee
report, which we used for our April 17, 2017, rating actions:

-- The class A/B O/C ratio improved to 175.72% from 132.03%.
-- The class C O/C ratio improved to 136.27% from 118.66%.
-- The class D O/C ratio improved to 119.37% from 111.53%.
-- The class E O/C ratio improved to 107.54% from 105.88%.

The upgrades reflect the improved credit support at the prior
rating levels; the affirmations reflect our view that the credit
support available is commensurate with the current rating levels.

On a standalone basis, the results of the cash flow analysis
indicated higher ratings on the class C-1-R, C-2-R, and D-R notes.
However, as the portfolio amortizes, the transaction now has
elevated exposure to 'CCC' rated collateral obligations. In
addition, the portfolio's weighted average spread declined to 3.26%
in August 2018 from 3.57% in March 2017. Therefore, S&P limited the
upgrade on these classes to offset future potential credit
migration in the underlying collateral.

S&P said, "Although our cash flow results indicated lower ratings
for the class E and F notes, we considered the transaction's
improvements in terms of overcollateralization. We do not believe
these tranches are currently vulnerable to nonpayment or dependent
on favorable market conditions to be fully repaid. However,
additional deterioration in credit quality or weighted average
spread could lead to potential negative rating actions on the notes
in the future.

"Our review of this transaction included a cash flow analysis,
based on the portfolio and transaction as reflected in the
aforementioned trustee report, to estimate future performance. In
line with our criteria, our cash flow scenarios applied
forward-looking assumptions on the expected timing and pattern of
defaults, and recoveries upon default, under various interest rate
and macroeconomic scenarios. In addition, our analysis considered
the transaction's ability to pay timely interest and/or ultimate
principal to each of the rated tranches. The results of the cash
flow analysis demonstrated, in our view, that all of the rated
outstanding classes have adequate credit enhancement available at
the rating levels associated with these rating actions.

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

  RATINGS RAISED AND REMOVED FROM CREDITWATCH POSITIVE

    Emerson Park CLO Ltd.
                    Rating
  Class         To          From
  B-1-R         AAA (sf)    AA (sf)/Watch Pos
  B-2-R         AAA (sf)    AA (sf)/Watch Pos
  C-1-R         AA (sf)     A (sf)/Watch Pos
  C-2-R         AA (sf)     A (sf)/Watch Pos
  D-R           BBB+ (sf)   BBB (sf)/Watch Pos

  RATINGS AFFIRMED

  Emerson Park CLO Ltd.

  Class         Rating
  A-1a-R        AAA (sf)
  A-1b-R        AAA (sf)
  A-2R          AAA (sf)
  E             BB (sf)
  F             B (sf)


FINANCE OF AMERICA 2018-HB1: Moody's Rates Class M4 Debt Ba3
------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to five
classes of residential mortgage-backed securities issued by Finance
of America Structured Securities Trust 2018-HB1. The ratings range
from Aaa (sf) to Ba3 (sf).

The certificates are backed by a pool that includes 2,117 inactive
home equity conversion mortgages and 120 real estate owned
properties. The servicer for the deal is Finance of America Reverse
LLC. The complete rating actions are as follows:

Issuer: Finance of America Structured Securities Trust 2018-HB1

Class A, Assigned Aaa (sf)

Class M1, Assigned Aa3 (sf)

Class M2, Assigned A3 (sf)

Class M3, Assigned Baa3 (sf)

Class M4, Assigned Ba3 (sf)

RATINGS RATIONALE

The collateral backing FASST 2018-HB1 consists of first-lien
inactive HECMs covered by Federal Housing Administration insurance
secured by properties in the US along with Real-Estate Owned (REO)
properties acquired through conversion of ownership of reverse
mortgage loans that are covered by FHA insurance. If a borrower or
their estate fails to pay the amount due upon maturity or otherwise
defaults, the sale of the property is used to recover the amount
owed. Finance of America acquired the mortgage assets from Ginnie
Mae sponsored HECM mortgage backed securitizations. All of the
mortgage assets are covered by FHA insurance for the repayment of
principal up to certain amounts. There are 2,237 mortgage assets
with a balance of $399,031,339. The assets are in either default,
due and payable, referred, bankruptcy, foreclosure or REO status.
Loans that are in default may move to due and payable; due and
payable loans may move to foreclosure; and foreclosure loans may
move to REO. 14.8% of the assets are in default of which 0.6% (of
the total assets) are in default due to non-occupancy, 14.2% (of
the total assets) are in default due to taxes and insurance. 34.0%
of the assets are due and payable, 40.5% of the assets are in
foreclosure and 6.3% were in bankruptcy status. Finally, 4.1% of
the assets are REO properties and were acquired through foreclosure
or deed-in-lieu of foreclosure on the associated loan. If the value
of the related mortgaged property is greater than the loan amount,
some of these loans may be settled by the borrower or their estate.


Compared to the Nationstar HECM Loan Trust transactions and FASST
2017-HB1, FASST 2018-HB1 has loans that have a lower LTV and a
greater proportion of properties in non-judicial states.

Approximately, 11.7% of the mortgage assets by unpaid principal
balance are backed by properties in Puerto Rico. Puerto Rico HECMs
pose additional risk due to the poor state of the Puerto Rican
economy, the uncertainty in the housing market, the aftermath of
Hurricane Maria that led to a mass exodus, and the bureaucratic
foreclosure process. In addition, Puerto Rico has a tax exoneration
policy that exempts many seniors from property taxes. Due to the
territory's bureaucratic tax exoneration process, it may require a
significant amount of time to liquidate Puerto Rican HECMs with tax
delinquencies. Moody's applied additional stress in its analysis to
account for the risk posed by properties in Puerto Rico.

Of note, the pool contains 105 properties ($14.3 million),
representing 3.6% of the pool balance, that are located in North or
South Carolina, which could be impacted by Hurricane Florence.
Similar to what was done post Hurricane Maria, FAR will order
property inspection reports for properties in FEMA designated
areas. In addition, there are property level reps & warranties that
no mortgaged property has suffered damages due to fire, flood,
windstorm, earthquake, tornado, hurricane, or any other damages.

Its credit ratings reflect state-specific foreclosure timeline
stresses as well as potential extended timelines for loans in
bankruptcy.

Servicing

Finance of America Reverse LLC will be the named servicer under the
sale and servicing agreement. Finance of America has the necessary
processes, staff, technology and overall infrastructure in place to
effectively oversee the servicing of this transaction. Finance of
America will use Reverse Mortgage Solutions, Inc. (RMS) and
Compu-Link Corporation, d/b/a Celink (Celink) as sub-servicers to
service the mortgage assets. RMS will subservice 51.8% of the pool
and Celink 48.2%. Based on an operational review of Finance of
America, it has strong sub-servicing monitoring processes, a
seasoned servicing oversight team and direct system access to the
sub-servicers core systems.

On November 30, 2017, RMS' corporate parent Ditech Holding Corp.
filed a pre-packaged plan of reorganization under chapter 11 of the
United States Bankruptcy Code. The restructuring was approved by
the United States Bankruptcy Court for the Southern District of New
York on January 17, 2018 and an order confirming such approval was
entered on January 18, 2018. Ditech successfully completed the
restructuring and emerged from chapter 11 bankruptcy on February 9,
2018. Although RMS was not included in the bankruptcy filing, there
is still uncertainty as to the overall impact Ditech's financial
condition going forward may have on RMS and its servicing
operations.

To mitigate the risk, Finance of America has engaged Celink as a
backup subservicer for RMS and Celink will assume RMS's
sub-servicing duties should RMS fail to perform its obligations
under its sub-servicing agreement. The sub-servicing agreement
between Finance of America and RMS will automatically terminate at
the end of each thirty (30) day period reducing the operational
risk should RMS go into bankruptcy. If RMS is terminated as
sub-servicer, Celink will complete a servicing transfer of the
loans in the pool from RMS within 90 days following termination.
Celink has mapped RMS' portfolio for easier transfer. Moody's has
taken these factors into consideration in its analysis and
increased foreclosure timelines by three months for loans
subserviced by RMS.

Of note, Finance of America recently disclosed that an affiliate
company of Finance of America Reverse LLC failed to comply with a
profitability covenant in its financing arrangements. The terms of
the financing arrangements contained cross-default provisions
whereby a default by the affiliate company resulted in a default of
FAR's own financing arrangements. FAR recently addressed this
cross-default risk by amending its financing arrangements to remove
such cross-default provisions. Nevertheless, a default of FAR's
affiliate could have a negative impact on FAR, its parent company
or other affiliates.

Transaction Structure

The securitization has a sequential liability structure amongst six
classes of notes with overcollateralization and structural
subordination. All funds collected, prior to an acceleration event,
are used to make interest payments to the notes, then principal
payments to the Class A notes, then to a redemption account until
the amount on deposit in the redemption account is sufficient to
cover future principal and interest payments for the subordinate
notes up to their expected final payment dates. The subordinate
notes will not receive principal until the beginning of their
respective target amortization periods (in the absence of an
acceleration event). The notes benefit from overcollateralization
and structural subordination as credit enhancement and an interest
reserve account for liquidity.

The transaction is callable on or after six months with a 1.0%
premium and on or after 12 months without a premium. The mandatory
call date for the Class A notes is in September 2020. For the Class
M1 notes, the expected final payment date is in February 2021. For
the Class M2 notes, the expected final payment date is in April
2021. For the Class M3 notes, the expected final payment date is in
June 2021. For the Class M4 notes, the expected final payment date
is in August 2021. For the Class M5 notes, the expected final
payment date is in February 2022. For each of the subordinate
notes, there are various target amortization periods that conclude
on the respective expected final payment dates. The legal stated
maturity of the transaction is 10 years.

Available funds to the transaction are expected to primarily come
from the liquidation of REO properties and receipt of FHA insurance
claims. These funds will be received with irregular timing. In the
event that there are insufficient funds to pay interest in a given
period, the interest reserve account may be utilized. Additionally,
any shortfall in interest will be classified as a cap carryover.
These cap carryover amounts will have priority of payments in the
waterfall and will also accrue interest at the respective note
rate.

Certain aspects of the waterfall are dependent upon Finance of
America remaining as servicer. Servicing fees and servicer related
reimbursements are subordinated to interest and principal payments
while Finance of America is servicer. However, servicing advances
(i.e. taxes, insurance and property preservation) will instead have
priority over interest and principal payments in the event that
Finance of America defaults and a new servicer is appointed.

Its analysis considers the expected loss to investors by the legal
final maturity date, which is ten years from closing, and not by
certain acceleration dates that may occur earlier. Moody's noted
the presence of automatic acceleration events for failure to pay
the Class A notes by the Class A mandatory call date, failure to
pay the classes of Class M notes by their expected final payment
dates, and the failure to pay the classes of Class M notes their
targeted amortization amounts. The occurrence of any of these
acceleration events would not by itself lead us to bring the
outstanding rating to a level consistent with impairment, because
such event would not necessarily be indicative of an economic
distress. Furthermore these acceleration events lack effective
legal consequences other than changing payment priorities and
interest rates, which are modeled in its analysis. Liquidation of
the collateral would require 100% consent of any class of notes
that would not be paid in full.

Third-Party Review

A third party firm conducted a review of certain characteristics of
the mortgage assets on behalf of Finance of America. The review
focused on data integrity, FHA insurance coverage verification,
accuracy of appraisal recording, accuracy of occupancy status
recording, borrower age documentation, identification of excessive
corporate advances, documentation of servicer advances, and
identification of tax liens. Also, broker price opinions (BPOs)
were ordered for 304 properties in the pool.

The TPR firm conducted an extensive data integrity review. Certain
data tape fields, such as the MIP rate, the current UPB, current
interest rate, and marketable title date were reviewed against
Finance of America's servicing system. However, a significant
number of data tape fields were reviewed against imaged copies of
original documents of record, screen shots of HUD's HERMIT system,
or HUD documents. Some key fields reviewed in this manner included
the original note rate, the debenture rate, foreclosure first legal
date, and the called due date.

Reps & Warranties (R&W)

Finance of America is the loan-level R&W provider. Finance of
America is unrated. This risk is mitigated by the fact that a
third-party due diligence firm conducted a review on the loans for
evidence of FHA insurance.

Finance of America represents that the mortgage loans are covered
by FHA insurance that is in full force and effect. Finance of
America provides further R&Ws including those for title, first lien
position, enforceability of the lien, regulatory compliance, and
the condition of the property. Finance of America provides a no
fraud R&W covering the origination of the mortgage loans,
determination of value of the mortgaged properties, and the sale
and servicing of the mortgage loans. Although certain
representations are knowledge qualified, the transaction documents
contain language specifying that if a representation would have
been breached if not for the knowledge qualifier then Finance of
America will repurchase the relevant asset as if the representation
had been breached.

Upon the identification of an R&W breach, Finance of America has to
cure the breach. If Finance of America is unable to cure the
breach, Finance of America must repurchase the loan within 90 days
from receiving the notification. Moody's believes the absence of an
independent third party reviewer who can identify any breaches to
the R&W makes the enforcement mechanism weak in this transaction.

When analyzing the transaction, Moody's reviewed the transaction's
exposure to large potential indemnification payments owed to
transaction parties due to potential lawsuits. In particular,
Moody's assessed the risk that the acquisition trustee would be
subject to lawsuits from investors for a failure to adequately
enforce the R&Ws against the Seller. Moody's believes that FASST
2018-HB1 is adequately protected against such risk in part because
a third-party data integrity review was conducted on a significant
random sample of the loans. In addition, the third-party due
diligence firm verified that all of the loans in the pool are
covered by FHA insurance.

Trustees

The acquisition and owner trustee for the FASST 2018-HB1
transaction is Wilmington Savings Fund Society, FSB. The paying
agent and cash management functions will be performed by U.S. Bank
National Association. U.S. Bank National Association will also
serve as the claims payment agent and as such will be the HUD
mortgagee of record for the mortgage assets in the pool.

Methodology

The methodologies used in these ratings were "Moody's Approach to
Rating Securitisations Backed by Non-Performing and Re-Performing
Loans ," published in August 2016 and "Moody's Global Approach to
Rating Reverse Mortgage Securitizations," published in May 2015.

Its quantitative asset analysis is based on a loan-by-loan modeling
of expected payout amounts and timing of payouts given the
structure of FHA insurance and with various stresses applied to
model parameters depending on the target rating level. However, the
modeling assumptions are different for the Puerto Rico portion of
the pool and the portion of the pool that are in bankruptcy.

FHA insurance claim types: Funds come into the transaction
primarily through the sale of REO properties and through FHA
insurance claim receipts. There are uncertainties related to the
extent and timing of insurance proceeds received by the trust due
to the mechanics of the FHA insurance. HECM mortgagees may suffer
losses if a property is sold for less than its appraised value.

The amount of insurance proceeds received from the FHA depends on
whether a sales based claim (SBC) or appraisal based claim (ABC) is
filed. SBCs are filed in cases where the property is successfully
sold within the first six months after the servicer has acquired
it. ABCs are filed six months after the servicer has obtained
marketable title if the property has not yet been sold. For an SBC,
HUD insurance will cover the difference between (i) the loan
balance and (ii) the higher of the sales price and 95.0% of the
latest appraisal, with the transaction bearing losses if the sales
price is lower than 95.0% of the latest appraisal. For an ABC, HUD
only covers the difference between the loan amount and 100% of the
appraised value, so failure to sell the property at the appraised
value results in loss.

Moody's expects ABCs to have higher levels of losses than SBCs. The
fact that there is a delay in the sale of the property usually
implies some adverse characteristics associated with the property.
FHA insurance will not protect against losses to the extent that an
ABC property is sold at a price lower than the appraisal value
taken at the six month mark of REO. Additionally, ABCs do not cover
the cost to sell properties (broker fees) while SBCs do cover these
costs. For SBCs, broker fees are reimbursable up to 6.0%
ordinarily. Its base case expectation is that properties will be
sold for 13.5% less than their appraisal value for ABCs. To make
this assumption, Moody's considered industry data and the
historical experience of Finance of America. Moody's stressed this
percentage at higher credit rating levels. In a Aaa scenario,
Moody's assumed that these ABC appraisal haircuts could reach up to
30.0%.

In its asset analysis, Moody's also assumed there would be some
losses for SBCs, albeit lower amounts than for ABCs. Based on
historical performance, in the base case scenario Moody's assumed
that SBCs would suffer 1.0% losses due to a failure to sell the
property for an amount equal to or greater than 95.0% of the most
recent appraisal. Moody's stressed this percentage at higher credit
rating levels. In a Aaa scenario, Moody's assumed that SBC
appraisal haircuts could reach up to 11.0% (i.e., 6.0% below
95.0%).

Under its analytical approach, each loan is modeled to go through
both the ABC and SBC process with a certain probability. Each loan
will thus have both ABC and SBC sales disposition payments and
associated insurance payments (four payments in total). All
payments are then probability weighted and run through a modeled
liability structure. Moody's considered industry data and the
historical experience of Finance of America in its analysis. For
the base case scenario, Moody's assumed that 85% of claims would be
SBCs and the rest would be ABCs. Moody's stressed this assumption
and assumed higher ABC percentages for higher rating levels. At a
Aaa rating level, Moody's assumed that 85% of insurance claims
would be submitted as ABCs.

Liquidation process: Each asset is categorized into one of four
categories: default, due and payable, foreclosure and REO. In its
analysis, Moody's assumes loans that are in referred status to be
either in the foreclosure or REO category. The loans are assumed to
move through each of these stages until being sold out of REO.
Moody's assumed that loans would be in default status for six
months. Due and payable status is expected to last six to 12 months
depending on the default reason. REO disposition is assumed to take
place in six months for SBCs and 12 months for ABCs.

The timeline for foreclosure status is based on the state in which
the related property is located. To arrive at the base case
foreclosure timeline, Moody's considered the FHA foreclosure
diligence time frames (per HUD guidelines as of February 5, 2016)
and the historical foreclosure timeline information provided by
FAR. Moody's stresses state foreclosure timelines by a
multiplicative factor for various rating levels (e.g., state
foreclosure timelines are multiplied by 1.6x for its Aaa level
rating stress).

Debenture interest: The receipt of debenture interest is dependent
upon performance of certain actions within certain timelines by the
servicer. If these timeline and performance benchmarks are not met
by the servicer, debenture interest is subject to curtailment. Its
base case assumption is that 95.0% of debenture interest will be
received by the trust. Moody's stressed the amount of debenture
interest that will be received at higher rating levels. Its
debenture interest assumptions reflect the requirement that Finance
of America reimburse the trust for debenture interest curtailments
due to servicing errors or failures to comply with HUD guidelines.
However, the transaction documents do not specify a required time
frame within which the servicer must reimburse the trust for
debenture interest curtailments. As such, there may be a delay
between when insurance payments are received and when debenture
interest curtailments are reimbursed. Its debenture interest
assumptions take this into consideration.

Additional model features: Moody's incorporated certain additional
considerations into its analysis, including the following:

In most cases, the most recent appraisal value was used as the
property value in its analysis. However, for seasoned appraisals
Moody's applied a 15.0% haircut to account for potential home price
depreciation between the time of the appraisal and the cut-off
date.

Mortgage loans with borrowers that have significant equity in their
homes are likely to be paid off by the borrowers or their heirs
rather than complete the foreclosure process. Moody's estimated
which loans would be bought out of the trust by comparing each
loan's appraisal value (post haircut) to its UPB. However, Finance
of America's historical data has shown that even loans with
original LTVs between 65-85% have incurred some losses the longer
it takes to resolve. Hence, Moody's applied a slight haircut to
cash flows derived from these positive equity loans under its based
case scenario and scaled it up for higher rating levels.

Moody's assumed that foreclosure costs will average $4,500 per
loan, two thirds of which will be reimbursed by the FHA. Moody's
then applied a negative adjustment to this amount based on the TPR
results.

Moody's increased timeline calculations for taxes and insurance
defaulted loans to reflect historical data.

Moody's estimated monthly tax and insurance advances based on
cumulative tax and insurance advances to date.

Moody's also ran additional stress scenarios that were designed to
mimic expected cash flows in the scenario where Finance of America
is no longer the servicer. Moody's assumed the following in such a
scenario:

Servicing advances and servicing fees: while Finance of America
subordinates their recoupment of servicing advances, servicing
fees, and MIP payments; a replacement servicer will not subordinate
these amounts.

Finance of America indemnifies the trust for lost debenture
interest due to servicing errors or failure to comply with HUD
guidelines. In an event of bankruptcy, Finance of America will not
have the financial capacity to do so.

A replacement servicer may require an additional fee and thus
Moody's assumes a 25bps strip will take effect if the servicer is
replaced.

One third of foreclosure costs will be removed from sales proceeds
to reimburse a replacement servicer for such advances (one third of
foreclosure costs are not reimbursable under FHA insurance). This
is typically on the order of $1,500 per loan.

Moody's has increased foreclosure timelines by three months for RMS
subserviced loans in its analysis. Celink is backup servicer for
RMS. If RMS is terminated as subservicer by FAR it will take 90
days for transfer servicing from RMS to Celink.

To account for potential extension of timelines due to chapter 13
bankrupt loans, Moody's extended the timeline by an additional 21
months in the base case scenario and scaled it up for higher rating
levels.

Furthermore, to account for risks posed by Puerto Rico loans,
Moody's considered the following:

To account for delays in the foreclosure process in Puerto Rico due
to the hurricanes, Moody's used five years as its full stress
foreclosure timeline and scaled the impact down the rating levels.


For properties located in Puerto Rico, Moody's assumed that all
insurance claims would be submitted as an ABC as a result of the
hurricanes. In addition, Moody's assumed that properties will sell
significantly lower than their appraised values. Moody's also
increased the amount of non-reimbursable expenses that Moody's
expects would be incurred by a replacement servicer following a
servicer termination event. Furthermore, Moody's assumed increased
foreclosure costs taking into consideration historical data.

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


Up

Levels of credit protection that are higher than necessary to
protect investors against current expectations of stress could
drive the ratings up. Transaction performance depends greatly on
the US macro economy and housing market. Property markets could
improve from its original expectations resulting in appreciation in
the value of the mortgaged property and faster property sales.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of stresses could drive the
ratings down. Transaction performance depends greatly on the US
macro economy and housing market. Property markets could
deteriorate from its original expectations resulting in
depreciation in the value of the mortgaged property and slower
property sales.


FREED ABS 2018-2: DBRS Assigns Prov. BB Rating on $28.4MM C Notes
-----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes to be issued by FREED ABS Trust 2018-2 (FREED ABS Trust
2018-2):

-- $311,220,000 Class A Notes at A (sf)
-- $43,830,000 Class B Notes at BBB (sf)
-- $28,450,000 Class C Notes at BB (high) (sf)

The provisional ratings are based on a review by DBRS of the
following analytical considerations:

(1) The transaction's form and sufficiency of available credit
enhancement.

-- Subordination, overcollateralization, amounts held in the
Reserve Fund and excess spread create credit enhancement levels
that are commensurate with the proposed ratings.

-- Transaction cash flows are sufficient to repay investors under
all A (sf), BBB (sf) and BB (high) (sf) stress scenarios in
accordance with the terms of the FREED ABS 2018-2 transaction
documents.

(2) Structural features of the transaction that requires the Notes
to enter into full turbo principal amortization if certain triggers
are breached or if credit enhancement deteriorates.

(3) The experience, underwriting and servicing capabilities of
Freedom Financial Asset Management, LLC.

(4) The experience, underwriting and origination capabilities of
Cross River Bank.

(5) The ability of Wilmington Trust, National Association to
perform duties as a Backup Servicer and the ability of Portfolio
Financial Servicing Company to perform duties as a Backup Servicer
Subcontractor.

(6) All of the loans in FREED 2018-2 are originated by Cross River
Bank, a New Jersey chartered bank. Loans originated by Cross River
Bank are all within the New Jersey state usury limit of 30%. The
weighted average APR of the C+ Loans in the pool is 25.44% and F+
Loans in the pool is 18.77%, which may be in excess of individual
state usury laws. As a result, it is not possible to accurately
forecast if litigation and enforcement actions will be introduced
in states where loans exceed state usury laws. Under the Bank
Purchase Agreement and this Grantor Trust, FFAM is obligated to
repurchase any loan if there is a breach of representation and
warranty that materially and adversely affects the interests of the
Purchaser.

(7) The legal structure and expected legal opinions that will
address the true sale of the personal loans, the non-consolidation
of the trust and that the trust has a valid first-priority security
interest in the assets, and consistency with the DBRS "Legal
Criteria for U.S. Structured Finance."


GE COMMERCIAL 2004-C2: DBRS Confirms B Rating on Class O Certs
--------------------------------------------------------------
DBRS Limited confirmed two classes of Commercial Mortgage
Pass-Through Certificates, Series 2004-C2 (the Certificates) issued
by GE Commercial Mortgage Corporation, Series 2004-C2, as listed
below.

-- Class N at BB (high) (sf)
-- Class O at B (sf)

DBRS also withdrew the rating on the following class:

-- Class X-1

All trends are Stable.
The rating on Class X-1 was withdrawn as the largest loan in the
transaction, which represents 98.4% of the pool, was originally
extended past its initial maturity date in 2014 but is now in
special servicing. While the payments are still being advanced,
DBRS deemed it appropriate to withdraw the rating of Class X-1 as
the transaction is winding down with limited term risk and expected
payments to Class X-1 are coming to an end. The two fully
amortizing defeased loans that remain are expected to repay by the
end of the year and have a minimal contribution to Class X-1.

The rating confirmations reflect the current performance of the
transaction, which has experienced a collateral reduction of 98.3%
since issuance. As of the September 2018 remittance, only three of
the original 119 loans are outstanding with a cumulative trust
balance of $23.5 million. The remaining two loans, representing
1.6% of the pool, are secured by defeasance collateral and mature
in December 2018.

The largest loan, Continental Centre (Prospectus ID#8, 98.4% of the
pool), is secured by a Class B office property in downtown
Columbus, Ohio. The loan initially transferred to special servicing
in December 2012 for imminent default due to cash flow issues at
the property and returned to the master servicer in September 2014
after the loan was modified with a bifurcated A/B note. After
successfully performing under the modified terms for year, the loan
transferred back to special servicing in May 2017 for imminent
default due to tenancy issues. The property's former largest
tenant, AT&T, elected to downsize its space from 33.5% of net
rentable area (NRA) to 3.9% of NRA at lease expiration in December
2017. Additionally, Miami Jacobs Career College (9.1% of NRA) will
vacate at its lease expiration at the end of September 2018.
Following Miami Jacobs Career College departure, occupancy will
fall to approximately 40.8%. Since the loan was modified, loan
performance has improved as the loan reported an A-note year-end
(YE) 2017 debt-service coverage ratio (DSCR) of 2.94 times (x) and
a YE2016 DSCR of 2.84x. When adjusting for the loss of revenue from
AT&T and Miami Jacobs Career College, however, the implied A-note
DSCR is approximately 1.08x.

The rating assigned to Class N is different than that implied by
the analysis within the DBRS North American Direct Sizing Hurdles
because of the loan level event risk posed by the value volatility
associated with the Continental Centre loan.


GLS AUTO 2018-3: S&P Assigns BB- Rating on Class D Notes
--------------------------------------------------------
S&P Global Ratings assigned its ratings to GLS Auto Receivables
Issuer Trust 2018-3's automobile receivables-backed notes series
2018-3.

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

The ratings reflect:

-- The availability of approximately 50.86%, 41.05%, 32.82%, and
25.87% of credit support for the class A, B, C, and D notes,
respectively, based on stressed cash flow scenarios (including
excess spread). These credit support levels provide coverage of
approximately 2.50x, 2.00x, 1.55x, and 1.22x our 19.50%-20.50%
expected cumulative net loss (ECNL) for the class A, B, C, and D
notes, respectively.

-- S&P said, "The expectation that under a moderate ('BBB') stress
scenario (1.55x our expected loss level), all else being equal, our
ratings on the class A and B notes will remain within one rating
category of the assigned 'AA (sf)' and 'A (sf)' ratings, and our
rating on the class C notes will remain within two rating
categories of the assigned 'BBB (sf)' rating. The class D notes
will remain within two rating categories of the assigned 'BB- (sf)'
rating during the first year but will eventually default under the
'BBB' stress scenario. These rating movements are within the limits
specified by our credit stability criteria."

-- S&P's analysis of over four years of origination static pool
data and securitization performance data on Global Lending
Services' (GLS') five Rule 144A securitizations.

-- The collateral characteristics of the subprime automobile loans
securitized in this transaction, including the representation in
the transaction documents that all contracts in the pool have made
at least one payment.

-- The notes' underlying credit enhancement in the form of
subordination, overcollateralization (O/C), a reserve account, and
excess spread for the class A, B, C, and D notes.

-- The timely interest and principal payments made to the notes
under S&P's stressed cash flow modeling scenarios, which it
believes are appropriate for the assigned ratings.

  RATINGS ASSIGNED

  GLS Auto Receivables Issuer Trust 2018-3

  Class       Rating    Amount (mil. $)
  A           AA (sf)            171.82
  B           A (sf)              50.40
  C           BBB (sf)            35.76
  D           BB- (sf)            30.24


GMAC COMMERCIAL 1998-C2: Moody's Affirms C Rating on Cl. X Certs
----------------------------------------------------------------
Moody's Investors Service has affirmed the rating on one interest
only (IO) class of GMAC Commercial Mortgage Securities Inc.,
Mortgage Pass-Through Certificates, Series 1998-C2 as follows:

Cl. X, Affirmed C (sf); previously on Oct 11, 2017 Affirmed C (sf)


RATINGS RATIONALE

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

Moody's rating action reflects a base expected loss of 10.1% of the
current balance, compared to 10.9% at Moody's last review. Moody's
base expected loss plus realized losses is now 2.5% of the original
pooled balance, compared to 2.6% from the last review.

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

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


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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the September 17, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $25.9 million
from $2.5 billion at securitization. The Certificates are
collateralized by 12 mortgage loans ranging in size from 1% to 52%
of the pool. Two loans, representing 9% of the pool have defeased
and are secured by US Government securities.

Three loans, representing 57% of the pool, are on the master
servicer's watchlist. The watchlist includes loans which meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of its
ongoing monitoring of a transaction, Moody's reviews the watchlist
to assess which loans have material issues that could impact
performance.

Forty-eight loans have been liquidated from the pool, contributing
to an aggregate realized loss of $59.8 million (32% loss severity
on average). The two loans in special servicing are the Georgetown
Plaza Shopping Center A-Note Loan ($3.5 million -- 13.5% of the
pool) and the Georgetown Plaza Shopping Center - B note ($1.7
million - 6.5% of the pool). The total loan is secured by a 109,800
square foot unanchored shopping center in Indianapolis, Indiana.
The original loan was modified in March 2015 and included an A/B
note split, an increase in its IO term and a maturity date
extension to July 2017. The loan transferred back to special
servicing in March 2017 and the largest tenant, Value World (17% of
NRA), vacated at lease expiration in April 2017. The Borrower's
bankruptcy plan allows the Lender to direct the sale the property.


Moody's was provided with full year 2017 and partial year 2018
operating results for 100% and 75% of the pool, respectively.
Moody's weighted average conduit LTV is 42% compared to 46% at
Moody's prior review. Moody's conduit component excludes loans with
credit assessments, defeased and CTL loans and specially serviced
and troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 11% to the most recently available net operating
income (NOI). Moody's value reflects a weighted average
capitalization rate of 10.2%.

Moody's actual and stressed conduit DSCRs are 2.01X and 2.71X,
respectively, compared to 1.96X and 2.87X at prior 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%
stressed rate applied to the loan balance.

The top three conduit loans represent 67% of the pool balance. The
largest loan is the D'Amato Portfolio Loan ($13.6 million -- 52.4%
of the pool), which is secured by a collection of industrial and
retail properties located in Connecticut and Rhode Island. The
properties were 94% leased as of March 2018 the same as in March
2017. The loan has amortized 52% since securitization and Moody's
LTV and stressed DSCR are 45% and 2.47X, respectively.

The second largest loan is the Columbus Georgia Apartments Loan
($2.1 million -- 8.0% of the pool), which represents four cross
collateralized loans secured by multifamily properties in Columbus,
Georgia. As of June 2018, the properties occupancies ranged from
90% to 100%. The portfolio's net operating income (NOI) trended
down 17% from 2016 to 2017. The loan is fully amortizing and has
amortized 65% since origination. Moody's LTV and stressed DSCR are
31% and 3.50X, respectively.

The third largest loan is the South Mountain Shopping Center Loan
($1.6 million -- 6.2% of the pool), which is secured by a grocery
anchored retail center in Allentown, Pennsylvania. The center is
anchored by a Giant Food Store that recently exercised a five-year
lease extension. The loan is fully amortizing and the loan balance
has amortized 64% since origination. Moody's LTV and stressed DSCR
are 29% and 3.65X, respectively.


GOLUB CAPITAL 39(B): S&P Assigns Prelim BB- Rating on E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to Golub Capital Partners
CLO 39(B) Ltd./Golub Capital Partners CLO 39(B) LLC's fixed- and
floating-rate notes.

The note issuance is a CLO transaction backed by broadly syndicated
speculative-grade senior secured term loans.

The preliminary ratings are based on information as of Oct. 9,
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

  Golub Capital Partners CLO 39(B) Ltd./Golub Capital Partners CLO

  39(B) LLC

  Class                  Rating       Amount (mil. $)
  A-1                    AAA (sf)              250.00
  A-2                    NR                     14.00
  B                      AA (sf)                38.00
  C                      A (sf)                 25.00
  D                      BBB- (sf)              22.00
  E                      BB- (sf)               12.60
  Subordinated notes     NR                     48.00

   NR--Not rated


GS MORTGAGE 2016-GS4: Fitch Affirms BB- Rating on $21.8MM E Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of GS Mortgage Securities
Trust commercial mortgage pass-through certificates, series
2016-GS4.

KEY RATING DRIVERS

Stable Loss Expectations: The affirmations reflect the overall
stable pool performance and loss expectations since issuance. There
have been no specially serviced loans since issuance. Two loans
(7.8% of the pool) have been designated as Fitch Loans of Concern
(FLOCs).

Minimal Increase in Credit Enhancement: As of the September 2018
distribution date, the pool's aggregate principal balance has been
paid down by 0.7% to $1.019 billion from $1.027 billion at
issuance. Ten loans (47.3% of pool) are full-term interest-only. In
addition, 13 loans (25.6%) are partial interest-only and have yet
to begin amortizing. Overall, the pool is scheduled to pay down by
8.1% of the initial pool balance prior to maturity.

Fitch Loans of Concern: The largest FLOC, Hamilton Place (4% of the
pool), was flagged due to declining tenant sales trends and
significant competition in the overall Chattanooga, TN market. The
loan is secured by a super-regional mall located in Chattanooga, TN
with a total square footage (sf) of 1,163,079, of which 391,041 sf
of in-line space serves as loan collateral. The mall is anchored by
Dillard's, Belk, JC Penney, Sears, Barnes and Noble and Forever 21.
As of June 2018, overall mall occupancy was 98%; collateral
occupancy was 94.2% compared to 90% at issuance. Sales have been
trending downward for many of the larger tenants. Sales for Barnes
and Noble dropped from $202 psf in 2015 to $186 psf in 2017; Belk
Women's Store dropped from $233 psf in 2014 to $196 psf in 2017;
Gap dropped from $264 psf in 2014 to $197 psf in 2017; Victoria's
Secret dropped from $750 psf in 2014 to $552 psf in 2017. CBL, the
sponsor, bought the Sears store last year with plans to redevelop
the space and has begun construction of The Cheesecake Factory in
the Sears parking lot.

The second largest FLOC is the Village Square loan (3.8% of the
pool), which is secured by a 392,854 sf power center located in
Bethel Park, PA and in close proximity to the South Hills Village
mall. The property is anchored by Kohl's, The Home Depot and
Burlington Coat Factory. Property occupancy as of June 2018
declined to 88.1% from 100% at issuance due to the bankruptcy and
subsequent store closure of Toys "R" Us. In addition, approximately
24.2% of the NRA is scheduled to roll to 2019, including the third
largest tenant, Burlington Coat Factory (18.2% of NRA; lease expiry
in March 2019) and Michaels Stores, Inc. (6%; lease expiry in
February 2019). Burlington's sales at the property have
historically been below their national average and there are two
additional stores in this market. It was noted at issuance that
Burlington's sales fell below the trigger for their onetime
termination option in 2016; however, the tenant did not exercise
the option.

ADDITIONAL CONSIDERATIONS

Pool and Property Type Concentrations: Loans backed by retail
properties represent 31.5% of the pool, including five (19.7%) in
the top 15, one of which is Hamilton Place (4%), a super-regional
mall, which has exposure to JC Penney, Dillard's, Sears and Belk as
non-collateral anchors. Loans backed by office properties represent
39.2% of the pool, including five (31.2%) in the top 15.

Investment-Grade Credit Opinion Loans: The top three loans, AMA
Plaza (9.8% of the pool), 225 Bush Street (9.8%) and 540 West
Madison (7.4%) had investment-grade credit opinions of 'BBBsf*',
"BBB+sf*" and "BBB-sf*', respectively, on a standalone basis at
issuance.

RATING SENSITIVITIES

The Stable Rating Outlooks for all classes reflect the stable
performance of the majority of the underlying pool and expected
continued paydown. Fitch applied an additional sensitivity
scenario, which assumed a potential outsized loss of 10% on the
Hamilton Place loan; this analysis did not impact any ratings or
Outlooks. Rating downgrades are possible if performance of the
FLOCs continue to further deteriorate. Rating upgrades, although
unlikely in the near term, could occur with improved pool
performance and increased credit enhancement from additional
paydown and/or defeasance.

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

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

Fitch has affirmed the following ratings:

  -- $24.5 million class A-1 at 'AAAsf'; Outlook Stable;

  -- $201.5 million class A-2 at 'AAAsf'; Outlook Stable;

  -- $175 million class A-3 at 'AAAsf'; Outlook Stable;

  -- $267 million class A-4 at 'AAAsf'; Outlook Stable;

  -- $43.2 million class A-AB at 'AAAsf'; Outlook Stable;

  -- $803.6 million class X-A* at 'AAAsf'; Outlook Stable;

  -- $48.8 million class X-B* at 'AA-sf'; Outlook Stable

  -- $92.4 million class A-S** at 'AAAsf'; Outlook Stable;

  -- $48.8 million class B** at 'AA-sf'; Outlook Stable;

  -- $184.8 million class PEZ** at 'A-sf'; Outlook Stable;

  -- $43.6 million class C** at 'A-sf'; Outlook Stable;

  -- $53.9 million class D at 'BBB-sf'; Outlook Stable;

  -- $53.9 million class X-D* at 'BBB-sf'; Outlook Stable;

  -- $21.8 million class E at 'BB-sf'; Outlook Stable;

  -- $10.3 million class F at 'B-sf'; Outlook Stable.

  * Notional amount and interest-only.

  ** Class A-S, B and C certificates may be exchanged for class PEZ
certificates, and class PEZ certificates may be exchanged for class
A-S, B and C certificates.

Fitch does not rate the class G certificates.


HULL STREET: S&P Cuts Cl. F Notes Rating to B-(sf), Off Watch Neg.
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on the class E and F notes
from Hull Street CLO Ltd., a U.S. collateralized loan obligation
(CLO) managed by NewStar Capital LLC, and removed the class F notes
from CreditWatch, where it had placed it with negative implications
on April 20, 2018. At the same time, S&P affirmed its ratings on
the class A-R, B-R, C-R, and D notes from the same transaction.

The rating actions follow S&P's review of the transaction's
performance using data from the Sept. 7, 2018, trustee report.

The downgrades reflect the deteriorated credit quality of the
underlying portfolio and the decrease in credit support available
to the class E and F notes. The amount of 'CCC' assets held in the
portfolio increased to $38.20 million as of the September 2018
trustee report from $32.71 million as of the March 2017 trustee
report, which S&P used when the notes were refinanced. Even though
the trustee reported a decrease in defaulted assets to $3.93
million from $4.94 million over the same time period, the amount of
performing collateral decreased by $6.76 million.

The deteriorated credit quality in the underlying portfolio,
combined with par loss, has led to the following declines in the
trustee-reported overcollateralization (O/C) ratios since March
2017:

-- The class A/B O/C ratio declined to 128.47% from 130.62%,
-- The class C O/C ratio declined to 116.68% from 118.63%,
-- The class D O/C ratio declined to 109.97% from 111.81%, and
-- The class E O/C ratio declined to 105.01% from 106.77%.

In addition, the weighted average spread have declined since S&P's
prior review to 3.34% as of the September 2018 trustee report from
3.82% as of March 2017. The transaction's exposure to the stressed
specialty retail sector increased to 7.3% in September 2018 from
3.85% as of March 2017. The weighted average rating of the
portfolio decreased from 'B+' to 'B'.

The interest diversion test, which measures the class F O/C level,
has also declined since March 2017 to 105.01% from 106.77%. In the
event this test is not satisfied during the reinvestment period,
the lesser of 50% of the remaining interest proceeds or the amount
necessary to bring the test back into compliance at the manager's
discretion will be deposited into the principal proceeds collection
account or to pay down the senior notes according to the principal
payment sequence.

S&P said, "We note that the transaction has been structured such
that the class F notes do not have an O/C test, and this interest
diversion test will no longer be calculated after the transaction
exits its reinvestment period.

"We lowered our ratings on classes E and F to 'BB- (sf)' and 'B-
(sf)', respectively, to reflect the deteriorated credit quality of
the underlying portfolio and the decrease in credit support since
our prior review.

"Although our cash flow results for the class F notes indicated a
lower rating, it is passing its coverage tests with adequate
cushion; and given its current overcollateralization and the
possibility of improvement once amortization begins, we do not view
the class F notes as vulnerable to nonpayment. However, any
additional par losses or further deterioration in the portfolio's
credit quality could lead to negative rating actions in the
future.

"Though the cash flow results indicated higher ratings for the
class B-R, C-R, and D notes, we considered their exposure to
'CCC'-rated obligations and some stressed industries, the decline
in the overall credit quality of the portfolio, and the
deterioration in their overcollateralization ratios. As a result,
we affirmed our ratings on these classes to reflect our view that
the credit support is adequate at the current rating levels and
sufficient to allow cushion to build as the transaction exits its
reinvestment period this month."

The affirmed ratings reflect adequate credit support at the current
rating levels, though any further deterioration in the credit
support available to the notes could results in further rating
changes.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the September 2018 trustee report, to estimate future performance.
In line with our criteria, our cash flow scenarios applied
forward-looking assumptions on the expected timing and pattern of
defaults and recoveries upon default under various interest rate
and macroeconomic scenarios. In addition, our analysis considered
the transaction's ability to pay timely interest and/or ultimate
principal to each of the rated tranches. The results of the cash
flow analysis--and other qualitative factors as
applicable--demonstrated, in our view, that all of the rated
outstanding classes have adequate credit enhancement available at
the rating levels associated with this rating action."

S&P Global Ratings will continue to review whether, in its view,
the ratings assigned to the notes remain consistent with the credit
enhancement available to support them and take rating actions as it
deems necessary.

  RATING LOWERED AND REMOVED FROM CREDITWATCH
  Hull Street CLO Ltd.

                      Rating
  Class          To             From
  F              B-(sf)         B (sf)/Watch Neg
  
  RATING LOWERED
  Hull Street CLO Ltd.

                      Rating
  Class          To             From
  E              BB-(sf)        BB (sf)
  
  RATINGS AFFIRMED
  Hull Street CLO Ltd.

  Class           Rating
  A-R             AAA (sf)
  B-R             AA (sf)
  C-R             A (sf)
  D               BBB (sf)



HYATT HOTEL 2017-HYT2: DBRS Confirms BB(low) Rating on Cl. F Certs
------------------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2017-HYT2 (the
Certificates) issued by Hyatt Hotel Portfolio Trust 2017-HYT2 as
follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has remained in line with DBRS's
expectations since issuance. The subject transaction closed in
October 2017 with a trust balance of $389.5 million, which was part
of a $582.5 million three-year, interest-only, floating-rate loan
secured by the fee and leasehold interests in a portfolio of 38
select-service and extended-stay hotels operating under the Hyatt
Place and Hyatt House flags. Loan proceeds of $510.0 million
refinanced existing debt previously securitized in HYATT 2015-HYT,
returned equity to the sponsors and established $7.9 million of
upfront reserves. The loan features two one-year extension options
based on certain performance conditions.

The portfolio benefits from its granularity by loan size and
market, with 38 hotels across 21 states and 27 MSAs. No property
comprises more than 5.0% of the total allocated loan amount.
According to recent reporting, the portfolio generated a trailing
12-month March 2018 debt service coverage ratio (DSCR) of 2.16
times (x), compared with the year-end (YE) 2017 DSCR of 2.18x,
YE2016 DSCR of 2.18x and DBRS Term DSCR of 1.94x derived at
issuance. The primary haircut driver for the lower DBRS Term DSCR
was attributed to an occupancy rate cap applied across the
portfolio.

Approximately 91.5% of the pool balance, comprising 31 properties,
reported March 2018 Smith Travel Research (STR) reports and 8.5% of
the pool balance, comprising two properties, reported December 2017
STR reports. Per the STR reports, there were 33 properties,
representing 87.3% of the loan balance that exhibited
revenue-per-available-room (RevPAR) penetration indexes above
100.0%. The most recent STR reports for the portfolio stated an
occupancy rate, average daily rate (ADR) and RevPAR of 79.4%,
$127.30 and $101.71, respectively, which is a slight improvement
from the previous year's figures of 78.7%, $126.55 and $99.74,
respectively.


JAY PARK: Moody's Assigns (P)B3 Rating on Class E-R Notes
---------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to six
classes of CLO refinancing notes to be issued by Jay Park CLO, Ltd.


Moody's rating action is as follows:

US$307,200,000 Class A-1-R Senior Secured Floating Rate Notes due
2027 (the "Class A-1-R Notes"), Assigned (P)Aaa (sf)

US$59,400,000 Class A-2-R Senior Secured Floating Rate Notes due
2027 (the "Class A-2-R Notes"), Assigned (P)Aa1 (sf)

US$45,600,000 Class B-R Secured Deferrable Floating Rate Notes due
2027 (the "Class B-R Notes"), Assigned (P)A2 (sf)

US$29,400,000 Class C-R Secured Deferrable Floating Rate Notes due
2027 (the "Class C-R Notes"), Assigned (P)Baa3 (sf)

US$18,300,000 Class D-R Secured Deferrable Floating Rate Notes due
2027 (the "Class D-R Notes"), Assigned (P)Ba3 (sf)

US$7,000,000 Class E-R Secured Deferrable Floating Rate Notes due
2027 (the "Class E-R Notes"), Assigned (P)B3 (sf)

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.

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

GSO / Blackstone Debt Funds Management LLC will manage the CLO. It
directs the selection, acquisition, and disposition of collateral
on behalf of the Issuer.

RATINGS RATIONALE

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.

The Issuer intends to issue the Refinancing Notes on October 26,
2018 in connection with the refinancing of all classes of secured
notes previously issued on October 4, 2016. On the Refinancing
Date, the Issuer will use the 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;
changes to certain collateral quality tests, and changes to the
collateral quality matrix and modifiers.

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: $499,417,803

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2750

Weighted Average Spread (WAS): 3.20%

Weighted Average Recovery Rate (WARR): 47.50%

Weighted Average Life (WAL): 7.0 years

Methodology Underlying the Rating Action:

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

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


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


JP MORGAN 2007-LDP12: Fitch Lowers Rating on Class B Certs to C
---------------------------------------------------------------
Fitch Ratings has downgraded two and affirmed 14 classes of J.P.
Morgan Chase Commercial Mortgage Securities Corp commercial
mortgage pass-through certificates series 2007-LDP12.

KEY RATING DRIVERS

Declining Credit Enhancement; Stable Loss Expectations: The
downgrade of Class B reflects the lower credit enhancement due to
the increasing concentrated nature of the pool and the lack of
progress surrounding the resolution of the remaining specially
serviced loans/assets. In addition, the trust is undercollaterized
by $2.02 million; losses to class B are considered inevitable.
Since Fitch's last rating action, 19 specially serviced loans
totaling $226.7 million were disposed and losses were relatively in
line with Fitch expectations. The downgrade of class C reflects
principal losses incurred as a result of the recent loan
dispositions. There are 18 loans remaining in the pool, 14 (78.6%
of the pool) of which are in special servicing. All of the
outstanding classes in the transaction are reliant upon proceeds
from the specially serviced loans/REO assets for which resolution
amounts and workout timelines remain uncertain.

High Concentration of REO assets/Specially Serviced Loans: The
largest specially serviced loan, Oheka Castle (33.5%), is secured
by a full service hotel in Huntington, NY. The loan was previously
modified in 2013 to include the creation of a Hope Note, but the
borrower failed to adhere to the cash management agreement and the
loan transferred again to special servicing in November 2015. The
servicer has filed a foreclosure complaint and litigation is
ongoing.

The second largest specially serviced loan, Home Depot - Homestead
(16.9%), is secured by a ground lease improved upon by a
single-tenant retail property in Homestead, FL. The property was
fully occupied by Home Depot until a fire damaged the building in
November 2013. Home Depot has since demolished the building but
continues to pay rent per its NNN lease maturing in January 2028.
In addition, the borrower filed for bankruptcy in October 2017.
Foreclosure proceedings are ongoing.

The remaining specially serviced loans and REO assets (28.3%) are
secured by single-tenant retail properties located in tertiary
markets. Tenants include Logan's Roadhouse (nine loans, 17.2%),
Shop 'N Save (one loan, 7.3%) and Petco (one loan, 3.8%). Eight of
the nine loans (14.5%) are leased to a Logan's Roadhouse are
cross-collaterized/cross-defaulted and one (1.8%) property is fully
vacant. The Shop 'N Save - St. Louis store is scheduled to close in
November 2018.

The four performing loans are all fully-amortizing and low-levered
with relatively stable performance. Three loans (17.8%) are secured
by hotel properties in tertiary markets in Texas and one loan
(3.6%) is secured by an industrial property in Dover, Delaware.

As of the September 2018 remittance report, the pool's aggregate
principal balance has been reduced by 96.8% to $80.0 million from
$2.5 billion at issuance. Realized losses total $280.0 million
(11.2% of original pool balance). The transaction is
undercollateralized by $2,019,994. Cumulative interest shortfalls
of $14.9 million are currently affecting classes G through NR.

RATING SENSITIVITIES

Future upgrades, although unlikely, are possible with better than
expected recoveries on the specially serviced loans/assets, but may
be limited due to pool concentration and adverse selection of the
remaining collateral. Downgrades are possible should losses on the
specially serviced loans/assets exceed Fitch's expectations and as
principal losses are realized.

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

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

Fitch has downgraded the following classes as follows:

  -- $21.9 million class B to 'Csf' from 'CCsf'; RE 0%;

  -- $1.7 million class C to 'Dsf' from 'Csf'; RE 0%.

Fitch has affirmed the following ratings:

  -- $26.3 million class A-J at 'CCCsf'; RE 85%;

  -- $0 class D at 'Dsf'; RE 0%;

  -- $0 class E at 'Dsf'; RE 0%;

  -- $0 class F at 'Dsf'; RE 0%;

  -- $0 class G at 'Dsf'; RE 0%;

  -- $0 class H at 'Dsf'; RE 0%;

  -- $0 class J at 'Dsf'; RE 0%;

  -- $0 class K at 'Dsf'; RE 0%;

  -- $0 class L at 'Dsf'; RE 0%;

  -- $0 class M at 'Dsf'; RE 0%;

  -- $0 class N at 'Dsf'; RE 0%;

  -- $0 class P at 'Dsf'; RE 0%;

  -- $0 class Q at 'Dsf'; RE 0%;

  -- $0 class T at 'Dsf'; RE 0%.

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


JP MORGAN 2018-1: Fitch Hikes Class B-5 Debt Rating to B1
---------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four tranches
from one Prime Jumbo transaction issued by J.P. Morgan Mortgage
Trust 2018-1 .

J.P. Morgan Mortgage Trust 2018-1 is backed by 735 fully-amortizing
fixed rate mortgage loans with a total balance of $463,721,641 as
of issuance. JPMMT 2018-1 includes conforming fixed-rate mortgage
loans originated by JPMorgan Chase Bank, National Association and
loanDepot.com, LLC, and underwritten to the government sponsored
enterprises guidelines in addition to prime jumbo non-conforming
mortgages purchased by JPMMAC from various originators and
aggregators.

Complete rating actions are as follows:

Issuer: J.P. Morgan Mortgage Trust 2018-1

Cl. B-2, Upgraded to A1 (sf); previously on Feb 1, 2018 Definitive
Rating Assigned A2 (sf)

Cl. B-3, Upgraded to Baa1 (sf); previously on Feb 1, 2018
Definitive Rating Assigned Baa2 (sf)

Cl. B-4, Upgraded to Ba1 (sf); previously on Feb 1, 2018 Definitive
Rating Assigned Ba2 (sf)

Cl. B-5, Upgraded to B1 (sf); previously on Feb 1, 2018 Definitive
Rating Assigned B2 (sf)

RATINGS RATIONALE

The rating upgrades are primarily due to an increase in credit
enhancement available to the bonds and a decrease in its projected
pool loss. The action reflects the strong performance of the
underlying pool. As of August 2018, there were minimal serious
delinquencies (loans 60 days or more delinquent) in the underlying
pool.

The transaction's cash flows follows 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. The transaction provides
for a credit enhancement floor of $5,796,521 to the senior bonds
which mitigates tail risk by protecting the senior bonds from
eroding credit enhancement over time.

Its updated loss expectation on the pool incorporates, amongst
other factors, its assessment of the representations and warranties
framework of the transaction, the due diligence findings of the
third party reviews received at the time of issuance, and the
strength of the transaction's originators and servicers.

The principal methodology used in these ratings was "Moody's
Approach to Rating US Prime RMBS" published in February 2015.

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


Down

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

Up

Levels of credit protection that are higher than necessary to
protect investors against current expectations of loss could drive
the ratings up. Losses could decline from Moody's original
expectations as a result of a lower number of obligor defaults or
appreciation in the value of the mortgaged property securing an
obligor's promise of payment. Transaction performance also depends
greatly on the US macro economy and housing market.

Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions.


JPMBB COMMERCIAL 2013-C12: S&P Affirms B+ Rating on F Certs
-----------------------------------------------------------
S&P Global Ratings raised its ratings on three classes of
commercial mortgage pass-through certificates from JPMBB Commercial
Mortgage Securities Trust 2013-C12, a U.S. commercial
mortgage-backed securities (CMBS) transaction. In addition, S&P
affirmed its ratings on seven other classes from the same
transaction.

For the upgrades and affirmations, S&P's expectation of credit
enhancement was in line with the raised or affirmed rating levels.
Further, the upgrades on classes B, C, and D reflect the reduction
in the trust balance.

While available credit enhancement levels may suggest further
positive rating movement on class C and positive rating movement on
classes E and F, S&P's analysis also considered the bonds' exposure
to the 50 Park loan, which is currently with the special servicer,
and the Southridge Mall loan.

S&P affirmed its 'AAA (sf)' rating on the class X-A interest-only
(IO) certificates based on its criteria for rating IO securities,
in which the rating on the IO security would not be higher than
that of the lowest-rated reference class. The notional balance on
class X-A references classes A-4, A-5, A-SB, and A-S.  

TRANSACTION SUMMARY

As of the Sept. 17, 2018, trustee remittance report, the collateral
pool balance was $1.03 billion, which is 77.0% of the pool balance
at issuance. The pool currently includes 68 loans, down from 77
loans at issuance. One of these loans ($12.7 million, 1.2%) is with
the special servicer, six ($48.5 million, 4.7%) are defeased (which
includes one that is in the process of being defeased), and seven
($63.5 million, 6.2%) are on the master servicer's watchlist.  S&P
calculated a 1.66x S&P Global Ratings weighted average debt service
coverage (DSC) and 76.6% S&P Global Ratings weighted average
loan-to-value (LTV) ratio using a 7.81% S&P Global Ratings weighted
average capitalization rate. The DSC, LTV, and capitalization rate
calculations exclude the specially serviced loan and the six
defeased loans.

The top 10 nondefeased loans have an aggregate outstanding pool
trust balance of $522.6 million (50.6%). Using adjusted
servicer-reported numbers, we calculated an S&P Global Ratings
weighted average DSC and LTV of 1.73x and 75.5%, respectively.

To date, the transaction has not experienced any principal losses.
S&P expects losses to reach approximately 0.1% of the original pool
trust balance in the near term, based on losses it expects upon the
eventual resolution of the specially serviced loan.  

CREDIT CONSIDERATIONS

As of the Sept. 17, 2018, trustee remittance report, the Park 50
loan ($12.7 million, 1.2%) was the sole loan with the special
servicer, LNR Partners LLC. The loan has a total reported exposure
of $13.8 million. The loan is secured by 13 buildings, consisting
of nine office/flex and four industrial/flex properties, comprising
424,293 sq. ft. in Milford, Ohio. The loan was transferred to the
special servicer on Aug. 25, 2017, due to imminent default. As of
March 31, 2018, the reported DSC and occupancy were 0.96x and
57.0%, respectively. S&P expects a minimal loss (less than 25%)
upon this loan's eventual resolution.

While the loan is not on the servicer's watchlist, we express
credit concerns regarding the fourth-largest loan in the pool,
Southridge Mall ($47.0 million, 4.56%). The loan is secured by
553,801 sq. ft. of a regional mall in Greendale, Wis. S&P's credit
concerns stem from the departure of noncollateral anchor tenants
Sears and the Boston Store, as well as the recent departure of
anchor tenant Kohl's, which occupied 85,247 sq. ft. at the
property. S&P's analysis of the property considers the potential
for cash flow decline due to Kohl's recent vacancy.

  RATINGS RAISED
  JPMBB Commercial Mortgage Securities Trust 2013-C12
  Commercial mortgage pass-through certificates

                     Rating
  Class       To             From
  B           AA+(sf)        AA-(sf)
  C           A+ (sf)        A- (sf)
  D           BBB+ (sf)      BBB- (sf)


  RATINGS AFFIRMED
  JPMBB Commercial Mortgage Securities Trust 2013-C12 Commercial  

  mortgage pass-through certificates

  Class         Rating
  A-4           AAA (sf)
  A-5           AAA (sf)
  A-SB          AAA (sf)
  A-S           AAA (sf)
  E             BB (sf)
  F             B+ (sf)
  X-A(i)        AAA (sf)

  (i)Notional class


JPMBB COMMERCIAL 2015-C33: Fitch Affirms B- Rating on Cl. F Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 16 classes of JPMBB Commercial Mortgage
Securities Trust commercial mortgage pass-through certificates,
series 2015-C33.

KEY RATING DRIVERS

Stable Performance and Loss Expectations: Overall pool performance
and loss expectations remain stable since issuance. There have been
no realized losses to date and there are no specially serviced or
delinquent loans. Six loans (5.7%) were on the servicer's watchlist
due to declining performance or minor life safety issues or
potentially harmful environmental issues reported by the servicer .
One loan, 1106 S. Euclid Apartments, (0.8%) was flagged as a Fitch
Loan of Concern (FLOC) due declining DSCR at a reported 1.05x at
Sept. 30, 2017, down from 1.16x at year-end 2016. The decline in
performance is the result of lower rental rates.

While not on the watchlist, Plaza Paseo Del Norte (2.3%) was
flagged as FLOC due to the closure of its anchor tenant, Sears
Outlet (13.6% NRA) and upcoming rollover risk. The tenant's lease
expires in May 2021. In addition to Sears, large tenant Cinemark's
lease expires in May 2019. Fitch inquired about co-tenancy clauses
and leasing status but did not receive a response. Fitch's base
case analysis included an additional 25% haircut to the reported
NOI to address potential declines given the Sears closure and
potential co-tenancy concerns.

Minimal Credit Enhancement Improvement Since Issuance: As of the
September 2018 distribution date, the pool's aggregate balance has
been reduced by 2.4% to $743.6 million from $761.8 million at
issuance. The pool is scheduled to amortize by 9% of the initial
pool balance prior to maturity. Sixteen loans (42.6% of the pool)
are full-term interest-only and eight loans (17.9% of the pool) are
partial interest-only and have yet to begin amortizing. One loan
(0.7%) is no longer in its partial IO period. Sixty-two of the
remaining 63 loans mature in 2025.

ADDITIONAL CONSIDERATIONS

Pool and Property Concentrations: The largest loan, 32 Avenue of
the Americas, represents 16.8% of the current pool balance.
However, the largest 10 loans account for 49.4% of the total pool,
which is in line with the 2015 average concentration of 49.3%. The
pool's largest property type is multifamily at 36.4%, followed by
hotel and office each representing 19.2% of the pool balance.

RATING SENSITIVITIES

The Rating Outlooks on all classes remain Stable due to the overall
stable performance of the pool. Fitch does not foresee positive or
negative ratings migration until a material economic or asset-level
event changes the transaction's 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:

  -- $10.6 million class A-1 at 'AAAsf'; Outlook Stable;

  -- $44.1 million class A-2 at 'AAAsf'; Outlook Stable;

  -- $135 million class A-3 at 'AAAsf'; Outlook Stable;

  -- $287 million class A-4 at 'AAAsf'; Outlook Stable;

  -- $38.5 million class A-SB at 'AAAsf'; Outlook Stable;

  -- $40.9 million class A-S at 'AAAsf'; Outlook Stable;

  -- $556 million class X-A* at 'AAAsf'; Outlook Stable;

  -- $35.2 million class B at 'AA-sf'; Outlook Stable;

  -- $35.2 million class X-B* at 'AA-sf'; Outlook Stable;

  -- $41.9 million class C at 'A-sf'; Outlook Stable;

  -- $23.8 million class D-1** at 'BBBsf'; Outlook Stable;

  -- $20 million class D-2** at 'BBB-sf'; Outlook Stable;

  -- $43.8 million class D** at 'BBB-sf'; Outlook Stable;

  -- $43.8 million class X-D* at 'BBB-sf'; Outlook Stable;

  -- $20 million class E at 'BB-sf'; Outlook Stable;

  -- $8.6 million class F at 'B-sf'; Outlook Stable.

  * Notional amount and interest-only.

  ** Class D-1 and D-2 certificates may be exchanged for class D
certificates, and class D certificates may be exchanged for class
D-1 and D-2 certificates.

Fitch does not rate the class G or class NR certificates. Fitch had
previously withdrawn the ratings on the interest-only class X-C
certificates.


JPMCC COMMERCIAL 2015-JP1: Fitch Affirms B- Rating on Cl. G Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 17 classes of JPMCC Commercial Mortgage
Securities Trust, commercial mortgage pass-through certificates,
series 2015-JP1.

KEY RATING DRIVERS

Stable Loss Expectations: The majority of the pool has continued to
exhibit stable performance and loss expectations have remained in
line with Fitch's expectations at issuance. There have been no
realized losses to date. Fitch has designated nine loans (13.5% of
pool) as Fitch Loans of Concern (FLOCs), including two specially
serviced loans (5.6%).

Minimal Change in Credit Enhancement: As of the September 2018
distribution date, the pool's aggregate principal balance has paid
down by 1.5% to $786.9 million from $799.2 million at issuance. Six
loans (31.4% of pool) are full-term, interest-only and 13 loans
(25.5%) are partial interest-only and have yet to begin
amortizing.

ADDITIONAL CONSIDERATIONS

Specially Serviced Loans: The sixth-largest loan, Holiday Inn
Baltimore Inner Harbor (4.8% of pool), which is secured by a
365-room full service hotel in Baltimore, MD, located two blocks
from Camden Yards, the home ballpark for the Baltimore Orioles, was
recently transferred to special servicing in August 2018 for
imminent default. The loan remains current as of the September 2018
distribution date. Trailing-twelve month (TTM) June 2018
property-level net cash flow (NCF) declined 35% from year-end (YE)
2017 and was 47% below the issuer's underwritten NCF, primarily due
to lower occupancy, which dropped to 55.5% as of TTM June 2018 from
61.7% at YE 2017 and 63.1% in October 2015 around the time of
issuance. Third-party news reports indicate that the declining
occupancy at the subject hotel is likely tied to the poor recent
performance of the Baltimore Orioles, as attendance at Camden Yards
has reportedly dropped 26% from the prior season. According to the
servicer, a workout strategy is still to be formulated and
negotiations with the borrower are in process.

The other specially serviced loan (0.8% of pool) is secured by the
Hyatt Place Houston, a 126-room limited service hotel located in
Houston, TX. The loan transferred to special servicing in December
2017 for imminent default. Property performance has been negatively
affected by newer competition, as well as weakness in the overall
energy sector. Although property cash flow improved during 2017,
this was mostly due to increased demand from displaced residents
and service workers following Hurricane Harvey in September 2017.
According to the servicer, the property is currently under contract
for sale with an expected closing date by the end of October 2018.

Fitch Loans of Concern: Seven additional, non-specially serviced
loans (7.8% of pool) were flagged as FLOCs for declining occupancy,
tenant bankruptcies and/or upcoming lease rollover. The 15th
largest loan, Novant Portfolio (2.1%), is secured by a portfolio of
five properties consisting of traditional office, medical office
and industrial warehouse/distribution located in Winston Salem,
Huntersville and Mocksville, NC. At issuance, the portfolio was
100% occupied by Novant Health (Novant; AA-), which had occupied
these properties since 2008. Novant had various leases that were
all scheduled to expire between July 2018 and December 2019. As of
June 2018, physical portfolio occupancy declined to 91.6% as Novant
fully vacated the 140 Club Oaks Court property in Winston Salem
(3.6% of portfolio net rentable area [NRA]) one month prior to the
scheduled July 2018 lease expiration and reduced its footprint by
50% at the 17220 Northcross Drive property in Huntersville (9.5% of
total portfolio NRA). Additionally, Novant has subleased the entire
171 Enterprise Way property in Mocksville (47% of total portfolio
NRA) to a new tenant through January 2030. There is additional
upcoming rollover risk in the portfolio, as the leases at the 17220
Northcross Drive property (9.5% of total portfolio NRA) and the 480
West Hanes Mill Road property (23.7% of total portfolio NRA) are
scheduled to expire in May and December 2019, respectively. Fitch's
inquiry to the servicer for leasing updates remains outstanding.

The other FLOCs outside of the top 15 (5.7% of pool) include: Tops
Plaza (1.5%), a retail center located in Depew, NY anchored by Tops
Markets, which recently filed bankruptcy; Marketplace at Augusta -
Townsend (1.2%), a retail center in Augusta, ME with significant
upcoming lease rollover in early 2019, which includes the largest
and fourth largest tenants; Tidewater Cove (1.2%), an office
property in Vancouver, WA where the second largest tenant's lease,
which comprises 30% of NRA, expired in June 2018 and the servicer
has yet to provide a leasing update; Safeway - Vancouver (0.9%), a
retail property in Vancouver, WA that is expected to become vacant
as the sole tenant, Safeway, has indicated it will vacate the
property at its December 2018 lease expiration; Capital Plaza
(0.7%), a retail center in Wake Forest, NC with significant
upcoming lease rollover; and University Terrace (0.3%), an
unanchored retail center in Orlando, FL with declining occupancy.

Pool and Loan Concentrations: The largest loan, 32 Avenue of the
Americas, represents 12.7% of the current pool balance and the
largest 10 loans account for 56% of the pool. Additionally, loans
secured by office properties represent 49.7% of the pool.

Upcoming Loan Maturities: Eight loans (17.9% of pool) mature in
2020 and one loan (4.8%) matures in 2022. The remainder of the pool
matures in 2025.

Limited Hurricane Exposure: One loan (1% of pool) is secured by a
limited service hotel property located in Smithfield, NC. The area
has experienced significant flooding from Hurricane Florence and
has been designated a disaster area by FEMA. Fitch awaits further
updates from the servicer regarding whether or not the property has
sustained any damage.

RATING SENSITIVITIES

Rating Outlooks for all classes remain Stable due to the overall
stable performance of the pool since issuance. Fitch does not
foresee positive or negative ratings migration until a material
economic or asset-level event changes the transaction's overall
portfolio-level metrics.

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

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

Fitch has affirmed the following ratings:

  -- $14.3 million class A-1 at 'AAAsf'; Outlook Stable;

  -- $138 million class A-2 at 'AAAsf'; Outlook Stable;

  -- $34.9 million class A-3 at 'AAAsf'; Outlook Stable;

  -- $120 million class A-4 at 'AAAsf'; Outlook Stable;

  -- $197 million class A-5 at 'AAAsf'; Outlook Stable;

  -- $43 million class A-SB at 'AAAsf'; Outlook Stable;

  -- $31 million class A-S at 'AAAsf'; Outlook Stable;

  -- $578.2 million* class X-A at 'AAAsf'; Outlook Stable;

  -- $41 million class B at 'AA-sf'; Outlook Stable;

  -- $41 million* class X-B at 'AA-sf'; Outlook Stable;

  -- $46 million class C at 'A-sf'; Outlook Stable;

  -- $28 million class D at 'BBBsf'; Outlook Stable;

  -- $28 million* class X-D at 'BBBsf'; Outlook Stable;

  -- $22 million class E at 'BBB-sf'; Outlook Stable;

  -- $22 million* class X-E at 'BBB-sf'; Outlook Stable;

  -- $18 million class F at 'BBsf'; Outlook Stable;

  -- $10 million class G at 'B-sf'; Outlook Stable.

  * Notional amount and interest-only.

Fitch does not rate the class NR certificates. Fitch's rating on
the interest-only class X-C was previously withdrawn.


KKR CLO 12: Moody's Rates $22MM Class E-R2 Notes 'Ba3'
------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
CLO refinancing notes issued by KKR CLO 12 Ltd.:

Moody's rating action is as follows:

US$1,000,000 Class X Senior Secured Floating Rate Notes Due 2030
(the "Class X Notes"), Definitive Rating Assigned Aaa (sf)

US$248,000,000 Class A-R2a Senior Secured Floating Rate Notes Due
2030 (the "Class A-R2a Notes"), Definitive Rating Assigned Aaa (sf)


US$44,800,000 Class B-R2 Senior Secured Floating Rate Notes Due
2030 (the "Class B-R2 Notes"), Definitive Rating Assigned Aa2 (sf)


US$19,500,000 Class C-R2 Senior Secured Deferrable Floating Rate
Notes Due 2030 (the "Class C-R2 Notes"), Definitive Rating Assigned
A2 (sf)

US$25,700,000 Class D-R2 Senior Secured Deferrable Floating Rate
Notes Due 2030 (the "Class D-R2 Notes"), Definitive Rating Assigned
Baa3 (sf)

US$22,000,000 Class E-R2 Senior Secured Deferrable Floating Rate
Notes Due 2030 (the "Class E-R2 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.

KKR Financial Advisors II, LLC manages the CLO. It directs the
selection, acquisition, and disposition of collateral on behalf of
the Issuer.

RATINGS RATIONALE

The ratings reflect the risks due to defaults on the underlying
portfolio of assets, the transaction's legal structure, and the
characteristics of the underlying assets.

The Issuer has issued the Refinancing Notes on October 3, 2018 in
connection with the refinancing of all classes of the secured notes
previously issued on August 16, 2017. On the Refinancing Date, the
Issuer used proceeds from the issuance of the Refinancing Notes,
along with the proceeds from the issuance of one other class of
secured notes to redeem in full the Refinanced Notes.

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

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

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

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

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2950

Weighted Average Spread (WAS): 3.20%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 48.50%

Weighted Average Life (WAL): 8.5 years

Methodology Underlying the Rating Action:

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

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


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


LB-UBS COMMERCIAL 2006-C1: Fitch Affirms CC Rating on Cl. D Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 19 classes of LB-UBS Commercial Mortgage
Trust (LBUBS) commercial mortgage pass-through certificates series
2006-C1.

KEY RATING DRIVERS

Increased Loss Expectations; Largest Asset in Special Servicing:
Fitch's loss expectations increased since the prior rating action
due to the largest remaining loan, Triangle Town Center (94.1%)
transferring back to special servicing in August 2018. Triangle
Town Center is a regional mall in the Raleigh metro. Non-collateral
anchors include Sears, Macy's, Dillard's, Belk, and Saks Fifth
Avenue. As of 1Q 2018, the property was 95% occupied and performing
at a 3.21x IO DSCR. Upcoming tenant rollover consists of 9.1% NRA
prior to YE 2019. The most recent sales report was from August 2017
when the property reported inline sales of $467 psf.

The loan first transferred to special servicing in September 2015
for imminent default. The loan was scheduled to mature in December
2015, and became delinquent when it missed the December payment.
The lender and borrower agreed to a modification that included
extending the loan term, adjusting the interest rate, switching to
interest-only payments, releasing the Triangle Town Place parcel
and using the proceeds from this sale ($29 million) to pay down the
trust debt, and an assumption where DRA Advisors assumed 90% of the
ownership interest, leaving CBL with a 10% stake and the management
of the property. The loan transferred back to special servicing in
August 2018 and servicer commentary indicates that the borrower is
unable to repay the loan prior to the December 2018 maturity date.


Stable Credit Enhancement: Credit enhancement has remained largely
unchanged since Fitch's prior rating action. The pool has only
received approximately $1 million in principal repayment since
Fitch's prior rating action, and due to the majority of the pool
(97% of the remaining pool balance) being in special servicing, the
pool will continue to receive minimal amortization.

Pool Concentration: The pool is extremely concentrated with only
four of the original 149 loans remaining. The largest remaining
loan is the Triangle Town Center (94.1%). The other remaining
loans/assets are two REO assets (2.8%) and a performing loan (3%)
that is a Fitch Loan of Concern, due to low occupancy.

Payoff Timing Uncertain: Loans and assets accounting for 97% of the
remaining pool balance are in special servicing and resolution
timing is uncertain. Park City Shopping Center (3%), the only
performing loan in the pool, is the only loan contributing monthly
principal resulting in minimal amortization. All remaining classes
are dependent on the disposition of Triangle Town Center (94.1%)
for principal repayment.

RATING SENSITIVITIES

The Rating Outlook on Class B remains Stable. Fitch applied a
sensitivity scenario that assumed a 75% loss severity on Triangle
Town Center and in this scenario Class B is still able to pay in
full. Downgrades are possible if recoveries from Triangle Town
Center and the two REO assets are lower than expected. Upgrades are
unlikely, but possible, with better than expected recoveries on the
Triangle Town Center loan.

Fitch has affirmed the following ratings:

  -- $13.6 million class B at 'Bsf'; Outlook Stable;

  -- $27.6 million class C at 'CCCsf'; RE 50%;

  -- $24.6 million class D at 'CCsf'; RE 0%;

  -- $12.2 million class E at 'Dsf'; RE 0%;

  -- $0 class F at 'Dsf'; RE 0%;

  -- $0 class G at 'Dsf'; RE 0%;

  -- $0 class H at 'Dsf'; RE 0%;

  -- $0 class J at 'Dsf'; RE 0%;

  -- $0 class K at 'Dsf'; RE 0%;

  -- $0 class L at 'Dsf'; RE 0%;

  -- $0 class M at 'Dsf'; RE 0%;


  -- $0 class N at 'Dsf'; RE 0%;

  -- $0 class IUU-3 at 'Dsf'; RE 0%;

  -- $0 class IUU-4 at 'Dsf'; RE 0%;

  -- $0 class IUU-5 at 'Dsf'; RE 0%;

  -- $0 class IUU-6 at 'Dsf'; RE 0%;

  -- $0 class IUU-7 at 'Dsf'; RE 0%;

  -- $0 class IUU-8 at 'Dsf'; RE 0%;

  -- $0 class IUU-9 at 'Dsf'; RE 0%.

The class A-1, A-2, A-3, A-4, A-AB, A-M, A-J, IUU-1 and IUU-2
certificates have been paid in full. Fitch does not rate the class
P, Q, S, T and IUU-10 certificates. Fitch previously withdrew the
ratings on the interest-only class X-CP and X-CL certificates.


LCM LTD 28: S&P Gives (P)BB- Rating on $15.6MM Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to LCM 28
Ltd./LCM 28 LLC's floating-rate notes.

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

The preliminary ratings are based on information as of Oct. 5,
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

  LCM 28 Ltd./LCM 28 LLC  
  Class                 Rating       Amount (mil. $)
  X                     AAA (sf)                1.50
  A                     AAA (sf)              244.00
  B                     AA (sf)                58.00
  C (deferrable)        A (sf)                 26.00
  D (deferrable)        BBB- (sf)              24.00
  E (deferrable)        BB- (sf)               15.60
  Subordinated notes    NR                     40.80

  NR--Not rated.



LCM LTD XVII: S&P Assigns BB- Rating on $20MM Class E-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class X-R, A-1A-RR,
B-RR, C-RR, D-R, and E-R replacement notes from LCM XVII L.P./LCM
XVII LLC, a collateralized loan obligation (CLO) originally issued
in 2014 that is managed by LCM Asset Management LLC. S&P withdrew
its ratings on the original class A-R, B-R, C-R, D and E notes
following payment in full on the Oct. 5, 2018 refinancing date.

On the Oct. 5, 2018, refinancing date, the proceeds from the class
X-R, A-1A-RR, B-RR, C-RR, D-R, and E-R replacement note issuances
were used to redeem the original class A-R, B-R, C-R, D, and E
notes as outlined in the transaction document provisions.
Therefore, S&P withdrew its ratings on the original notes in line
with their full redemption, and it is assigning ratings to the
replacement notes.

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

-- Extend the reinvestment period by five years to Oct. 15, 2023;
-- Extend the stated maturity by five years to Oct. 15, 2031;
-- Re-establish a non-call period, which is expected to end Oct.
15, 2020; and
-- Add new class X-R notes, which are expected to be repaid with
interest proceeds.

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

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 rating actions as we
deem necessary."

  RATINGS ASSIGNED

  LCM XVII L.P./LCM XVII LLC
  Replacement class         Rating      Amount (mil. $)
  X-R                       AAA (sf)               5.00
  A-1A-RR                   AAA (sf)             254.24
  A-1B-RR                   NR                    10.26
  A-2-RR                    NR                    58.00
  B-RR                      AA (sf)               57.50
  C-RR                      A (sf)                30.00
  D-R                       BBB- (sf)             30.00
  E-R                       BB- (sf)              20.00
  Subordinated notes        NR                    59.88

  RATINGS WITHDRAWN

  LCM XVII L.P./LCM XVII LLC
                             Rating
  Original class       To              From
  A-R                  NR              AAA (sf)
  B-R                  NR              AA (sf)
  C-R                  NR              A (sf)
  D                    NR              BBB (sf)
  E                    NR              BB (sf)

  NR--Not rated.


MAGNETITE LTD XIV-R: Moody's Assigns B3 Rating on Class F Notes
---------------------------------------------------------------
Moody's Investors Service has assigned ratings to eight classes of
notes issued by Magnetite XIV-R, Limited.

Moody's rating action is as follows:

US$4,500,000 Class X Amortizing Senior Secured Floating Rate Notes
due 2031 (the "Class X Notes"), Assigned Aaa (sf)

US$238,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031 (the "Class A-1 Notes"), Assigned Aaa (sf)

US$50,000,000 Class A-2 Senior Secured Hybrid Rate Notes due 2031
(the "Class A-2 Notes"), Assigned Aaa (sf)

US$52,200,000 Class B Senior Secured Floating Rate Notes due 2031
(the "Class B Notes"), Assigned Aa2 (sf)

US$21,150,000 Class C Deferrable Mezzanine Floating Rate Notes due
2031 (the "Class C Notes"), Assigned A2 (sf)

US$28,350,000 Class D Deferrable Mezzanine Floating Rate Notes due
2031 (the "Class D Notes"), Assigned Baa3 (sf)

US$24,300,000 Class E Deferrable Mezzanine Floating Rate Notes due
2031 (the "Class E Notes"), Assigned Ba3 (sf)

US$9,000,000 Class F Deferrable Mezzanine Floating Rate Notes due
2031 (the "Class F Notes"), Assigned B3 (sf)

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

RATINGS RATIONALE

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.

Magnetite XIV-R is a managed cash flow CLO. The issued notes will
be collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90% of the portfolio must consist of
senior secured loans and up to 10% of the portfolio may consist of
second lien loans and unsecured loans. The portfolio is
approximately 100% ramped as of the closing date.

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

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

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

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

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

Par amount: $450,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2865

Weighted Average Spread (WAS): 3.05%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 9.04 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.


MERRILL LYNCH 2002-CANADA 8: Moody's Cuts Rating on 2 Classes to B2
-------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on two
interest-only classes in Merrill Lynch Financial Assets Inc.
Commercial Mortgage Pass-Through Certificates, Series 2002-Canada 8
as follows:

Cl. X-1, Downgraded to B2 (sf); previously on Jan 26, 2018 Affirmed
Ba3 (sf)

Cl. X-2, Downgraded to B2 (sf); previously on Jan 26, 2018 Affirmed
Ba3 (sf)

RATINGS RATIONALE

The ratings on the IO classes, Cl. X-1 and Cl. X-2, were downgraded
due to the decline in the credit quality of its reference classes
resulting from principal paydowns of higher quality reference
classes. Additionally, the outstanding P&I class (not rated by
Moody's) has experienced a 3% realized loss based on its original
balance.

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. Moody's base
expected loss plus realized losses is now 0.1% of the original
pooled balance, compared to 0.0% at the last review.

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


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


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

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in these ratings 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 September 12, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $6.2 million
from $468.3 million at securitization. The certificates are
collateralized by 15 mortgage loans ranging in size from 1% to 21%
of the pool, with the top ten loans (excluding defeasance)
constituting 80% of the pool. Four loans, constituting 20% of the
pool, have defeased and are secured by Canadian 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 6, the same as at Moody's last review.

One loan, constituting 10% 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
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 there are currently
no loans in special servicing.

Moody's received full year 2017 operating results for 100% of the
pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 11%, compared to 14% 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 17% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.5%.

Moody's actual and stressed conduit DSCRs are 1.79X and greater
than 4.00X, respectively. Moody's actual DSCR is based on Moody's
NCF and the loan's actual debt service. Moody's stressed DSCR is
based on Moody's NCF and a 9.25% stress rate the agency applied to
the loan balance.

The top three conduit loans represent 52% of the pool balance.
Edmonton Industrial Portfolio Loan ($1.3 million -- 21.1% of the
pool), which is secured by two cross-collateralized and
cross-defaulted industrial properties located in Edmonton, Alberta.
The properties total over 183,000 square feet (SF) and are 100%
leased to the sole tenant Purolator. The tenant's leases both
expire in March 2020. The loan is fully amortizing and is full
recourse to the sponsor. Due to the single tenant exposure, Moody's
value of this property utilized a lit/dark analysis. Moody's LTV
and stressed DSCR are 11% and greater than 4.00X, respectively.

The second largest loan is the CLA-MFAM-758861 Loan ($1.1 million
-- 17.1% of the pool), which is secured by a 88-unit multifamily
property located in Toronto, Ontario. As of December 2017, the
property was 100% leased, unchanged from the prior year. The loan
is fully recourse to the Borrower and the loan is fully amortizing.
The loan has paid down 73% since securitization. Moody's LTV and
stressed DSCR are 14% and greater than 4.00X, respectively.

The third largest loan is the CLA-ASC-741024 Loan ($868,036 --
14.0% of the pool), which is secured by a 73,550 sf anchored retail
center located in Ancaster, Ontario. As of November 2017, the
property was 100% leased, unchanged from the prior year. The loan
is fully recourse to the Borrower and the loan is fully amortizing.
The loan has paid down 88% since securitization. Moody's LTV and
stressed DSCR are 7% and greater than 4.00X, respectively.


MERRILL LYNCH 2004-KEY2: Moody's Hikes Rating on 2 Tranches to C
----------------------------------------------------------------
Moody's Investors Service has upgraded the rating on one class and
affirmed the ratings on three classes in Merrill Lynch Mortgage
Trust 2004-KEY2, Commercial Mortgage Pass-Through Certificates,
Series 2004-KEY2 as follows:

Cl. D, Upgraded to Aa2 (sf); previously on Oct 12, 2017 Upgraded to
A1 (sf)

Cl. E, Affirmed Caa1 (sf); previously on Oct 12, 2017 Downgraded to
Caa1 (sf)

Cl. F, Affirmed C (sf); previously on Oct 12, 2017 Downgraded to C
(sf)

Cl. XC, Affirmed C (sf); previously on Oct 12, 2017 Affirmed C (sf)


RATINGS RATIONALE

The rating on Cl. D was upgraded due to an increase in credit
support resulting from paydowns and amortization The deal has paid
down over 43% since last review and 98% since securitization.

The ratings on Cl. E and Cl. F were affirmed due to Moody's
expected plus realized losses. CL. F has already experienced a 90%
realized loss as a result of previously liquidated loans.

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

Moody's rating action reflects a base expected loss of 8.4% of the
current balance, compared to 23.4% at Moody's last review. Moody's
base expected loss plus realized losses is now 7.7% of the original
pooled balance, compared to 7.6% at Moody's last review.

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


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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating Merrill Lynch Mortgage
Trust 2004-KEY2, Cl. D, Cl. E and Cl. F was "Moody's Approach to
Rating Large Loan and Single Asset/Single Borrower CMBS" published
in July 2017. The methodologies used in rating Merrill Lynch
Mortgage Trust 2004-KEY2, Cl. XC were "Moody's Approach to Rating
Large Loan and Single Asset/Single Borrower CMBS" published in July
2017 and "Moody's Approach to Rating Structured Finance
Interest-Only (IO) Securities" published in June 2017.

DEAL PERFORMANCE

As of the September 12, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $17.3 million
from $1.11 billion at securitization. The certificates are
collateralized by ten mortgage loans ranging in size from 1% to
21.3% of the pool. Three loans, constituting 13.2% of the pool,
have defeased and are secured by US government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 6, compared to 4 at last review.

Three loans, constituting 23.7% of the pool, is on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Twenty-three loans have been liquidated from the pool, resulting in
an aggregate realized loss of $84.8 million (for an average loss
severity of 44.7%). One loan, the Sports Authority Loan ($2.1
million -- 12.0% of the pool), is currently in special servicing.
The loan is secured by a 41,000 SF, single tenant, retail property
located in Virginia Beach, Virginia. The subject improvements were
originally constructed in 1994 as a Sports Authority store which
included a lease term scheduled to expire in November 2019.
However, after filing Chapter 11 Bankruptcy in early 2016, the
tenant vacated and no longer paid rent. The loan transferred to
special servicing in December 2017 after the Borrower failed to
make the November 2017 monthly debt service payment. The property
remains vacant and is currently REO.

Moody's received full year 2017 operating results for 88% of the
pool, and full or partial year 2018 operating results for 75% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 25.1%, compared to 27.1% at Moody's
last review. Moody's conduit component includes six loans and
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 20.7% to the most
recently available net operating income (NOI). Moody's value
reflects a weighted average capitalization rate of 9.5%.

Moody's actual and stressed conduit DSCRs are 1.35X and 2.54X,
respectively, compared to 1.37X and 2.39X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 56.1% of the pool balance.
The largest loan is the Quarry Creek Loan ($3.69 million -- 21.3%
of the pool), which is secured by a 29,700 SF retail property
located in Oceanside, California approximately 37 miles north of
San Diego. The property was 100% leased as of March 2018 and
occupancy has been stable since securitization. The largest tenant
at the property is PetSmart (74% of the net rentable area; lease
expiration in June 2019). The loan has amortized over 23% and is
scheduled to mature in September 2019. Moody's LTV and stressed
DSCR are 73.3% and 1.33X, respectively, compared to 75.6% and 1.29X
at the last review.

The second largest loan is the Windhaven SC Loan ($3.34 million --
19.3% of the pool), which is secured by a 66,700 SF retail property
located in Plano, Texas. The property was 100% leased to 16 tenants
as of June 2018, up from 94% in June 2017 and 78% in July 2016. The
fully amortizing loan has paid down over 57% and is scheduled to
mature in August 2024. Moody's LTV and stressed DSCR are 32.1% and
3.03X, respectively, compared to 36.5% and 2.67X at the last
review.

The third largest loan is the Deerbrook Apartments Loan ($2.67
million -- 15.4% of the pool), which is secured by a 161 unit
garden style multifamily property located in Knob Noster, Missouri
approximately 70 miles south of Kansas City. The property was 98%
occupied as of June 2018, compared to 93% in June 2017. The loan
has been on the watchlist since August 2015 due to deferred
maintenance issues. The master servicer's 2018 inspection report
indicated the property was in average condition with fifteen items
of both minor and major deferred maintenance. The loan has
amortized over 27% and is scheduled to mature in January 2019. The
loan is also encumbered by a $410,000 B-Note that supports the
non-pooled or "rake" bond, Class DA (which is not rated by
Moody's). Moody's LTV and stressed DSCR are 66.3% and 1.63X,
respectively, compared to 59.9% and 1.55X at the last review.


MILL CITY 2018-3: DBRS Finalizes B(low) Rating on Class B2 Notes
----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the Mortgage Backed
Securities, Series 2018-3 (the Notes) to be issued by Mill City
Mortgage Loan Trust 2018-3 (the Trust) as follows:

-- $54.5 million Class A1A at AAA (sf)
-- $195.1 million Class A1B at AAA (sf)
-- $249.7 million Class A1 at AAA (sf)
-- $272.9 million Class A2 at AA (sf)
-- $300.8 million Class A3 at A (sf)
-- $326.6 million Class A4 at BBB (sf)
-- $23.2 million Class M1 at AA (sf)
-- $27.9 million Class M2 at A (sf)
-- $25.8 million Class M3 at BBB (sf)
-- $39.8 million Class B1 at BB (low) (sf)
-- $21.3 million Class B2 at B (low) (sf)

Classes A1, A2, A3 and A4 are exchangeable notes. These classes can
be exchanged for combinations of exchange notes as specified in the
offering documents.

The AAA (sf) ratings on the Notes reflect 41.40% of credit
enhancement provided by subordinated notes in the pool. The AA
(sf), A (sf), BBB (sf), BB (low) (sf) and B (low) (sf) ratings
reflect 35.95%, 29.40%, 23.35%, 14.00% and 9.00% of credit
enhancement, respectively.

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

This transaction is a securitization of a portfolio of primarily
first-lien, seasoned, performing and re-performing residential
mortgages funded by the issuance of asset-backed notes. The Notes
are backed by 2,319 loans with a total principal balance of
approximately $426,064,874 as of the Cut-Off Date (August 31,
2018).

The loans are approximately 133 months seasoned. As of the Cut-Off
Date, 93.9% of the pool is current, 3.7% is 30 days delinquent,
1.2% is 60 days delinquent and 1.3% is 90+ days delinquent under
the Mortgage Bankers Association delinquency method. There are 105
loans (3.1% of the pool) that are in bankruptcy, including all of
the 90+ days delinquent loans and a portion of the current, 30 days
delinquent and 60 days delinquent loans. Approximately 33.5% of the
pool has been zero times 30 (0 x 30) days delinquent for the past
24 months, 63.6% has been 0 x 30 for the past 12 months and 77.1%
has been 0 x 30 for the past six months.

Modified loans comprise 81.0% of the portfolio. The modifications
happened more than two years ago for 74.3% of the modified loans.
Within the pool, 829 loans have non-interest-bearing deferred
amounts, which equates to 8.4% of the total principal balance. In
accordance with the Consumer Financial Protection Bureau Qualified
Mortgage (QM) rules, 6.1% of the loans are designated as QM Safe
Harbor, 0.2% as QM Rebuttable Presumption and 1.6% as non-QM
(including one loan for which the QM designation is not available).
Approximately 92.0% of the loans are not subject to the QM rules.

Approximately 4.3% of the pool comprises non-first-lien loans.

Through a series of transactions, Mill City Holdings, LLC (Mill
City) will acquire the mortgage loans on the Closing Date. Prior to
the Closing Date, the loans were held in one or more trusts that
acquired the mortgage loans between September 2015 and May 2018.
Such trusts are entities of which the Representation Provider or an
affiliate thereof holds an indirect interest. Upon acquiring the
loans, Mill City, through a wholly owned subsidiary (the
Depositor), will contribute loans to the Trust. As the Sponsor,
Mill City, through a majority-owned affiliate, will acquire and
retain a 5.0% eligible vertical interest in each class of
securities to be issued (other than any residual certificates) to
satisfy the credit risk retention requirements under Section 15G of
the Securities Exchange Act of 1934 and the regulations promulgated
thereunder. These loans were originated and previously serviced by
various entities through purchases in the secondary market. As of
the Cut-Off Date, the loans are serviced by Shellpoint Mortgage
Servicing, LLC (80.4%); Fay Servicing, LLC (14.4%); Select
Portfolio Servicing, Inc. (4.0%); and Gateway Mortgage Group, LLC
(1.3%).

There will not be any advancing of delinquent principal or interest
on any mortgages by the servicers or any other party to the
transaction; however, the servicers are obligated to make advances
in respect of taxes and insurance, reasonable costs and expenses
incurred in the course of servicing and disposing of properties.

The transaction employs a sequential-pay cash flow structure.
Principal proceeds can be used to cover interest shortfalls on the
Notes, but such shortfalls on Class M2 and more subordinate bonds
will not be paid until the more senior classes are retired.

The lack of principal and interest advances on delinquent mortgages
may increase the possibility of periodic interest shortfalls to the
Note holders; however, principal proceeds can be used to pay
interest to the Notes sequentially, and subordination levels are
greater than expected losses, which may provide for timely payment
of interest to the rated Notes.

A satisfactory third-party due diligence review was performed on
the portfolio with respect to regulatory compliance, payment
history and data capture as well as a title and lien review.
Updated broker price opinions or exterior appraisals were provided
for all loans in the pool except one; however, a reconciliation was
not performed on the updated values.

The transaction employs a relatively weak representations and
warranties framework that includes a 13-month sunset, an unrated
provider (CVI CVF III Lux Master S.à.r.l.), certain knowledge
qualifiers and fewer mortgage loan representations relative to DBRS
criteria for seasoned pools. Mitigating factors include (1)
significant loan seasoning and relatively clean performance history
in recent years, (2) a comprehensive due diligence review and (3) a
representations and warranties enforcement mechanism, including a
delinquency review trigger and a breach reserve account.

The DBRS ratings of AAA (sf) and AA (sf) address the timely payment
of interest and full payment of principal by the legal final
maturity date in accordance with the terms and conditions of the
related Notes. The DBRS ratings of A (sf), BBB (sf), BB (low) (sf)
and B (low) (sf) address the ultimate payment of interest and full
payment of principal by the legal final maturity date in accordance
with the terms and conditions of the related Notes.


MORGAN STANLEY 2013-C13: Fitch Affirms B- Rating on Class G Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 14 classes of Morgan Stanley Bank of
America Merrill Lynch Trust, commercial mortgage pass-through
certificates, series 2013-C13 and revised the Outlooks on two
classes to Positive from Stable.

KEY RATING DRIVERS

Stable Loss Expectations: The overall pool has exhibited relatively
stable performance and loss expectations since issuance. There have
been no realized losses to date. One loan (1.7% of pool) is
currently in special servicing. In addition, three non-specially
serviced loans (2.6% of pool), not in the top 20, were designated
Fitch Loans of Concern (FLOCs) primarily due to tenant vacancies.

Increase in Credit Enhancement: Credit enhancement has slightly
improved since issuance from amortization and the full repayment of
two loans (4.5%), including the $37.5 million BWI Airport Marriot
loan (3.8% of original pool), which was fully defeased before
repayment in August 2018. As of the September 2018 distribution
date, the pool's aggregate principal balance has paid down by 9% to
$905.8 million from $995.3 million at issuance. In addition, one
loan (1%) is fully defeased.

Upcoming 2018 loan maturities include two performing, non-defeased
loans (2.8% of pool) and the specially serviced loan (1.7%). The
performing loans are the $17.0 million Crestwood Village Portfolio
(1.9%; December 2018 maturity) and the $8.0 million Purdue Student
Housing Portfolio (0.9%; November 2018 maturity).

ADDITIONAL CONSIDERATIONS

Retail Concentration/Regional Mall Exposure: Retail properties
account for 58.3% of the pool, including the two largest loans
(27.6%), which are secured by regional malls. The largest loan is
Stonestown Galleria (14.4%), which is secured by 585,758 sf of a
853,546 sf regional mall in San Francisco, CA. Nordstrom (28% NRA)
announced the closure of this location; however, Fitch's request
regarding a timeframe for closure remains outstanding. Per servicer
updates, the store is still open and operating with a lease through
April 2022. The borrower has been successful in leasing up prior
tenant vacancies, and Fitch considers this property to be superior
relative to its competition. The second largest loan is The Mall at
Chestnut Hill (13.2%), which is secured by 168,642 sf of a 465,895
sf reginal mall in Newton, MA and anchored by Bloomingdales
(non-collateral). While in-line sales have declined since issuance
and the property faces superior market competition and near-term
rollover risk, sales are still considered strong and overall
performance is still considered stable.

Fitch Loans of Concern: Three loans (2.6% of pool), not in the top
20, were designated as FLOCs. The largest FLOC, Pacific Town Center
(1.4%), secured by a 143,217 sf community shopping center in
Stockton, CA, was designated a FLOC due to Toys R Us (35% NRA)
vacating upon bankruptcy and liquidation in 2018. Per servicer
updates, the borrower is actively marketing the space. The
remaining two FLOCs, which individually comprise less than 1% of
the pool each, were also designated as FLOCs due to tenant
vacancies.

Specially Serviced Loan: One loan, 1200 Howard Blvd. (1.7% of
pool), is in special servicing. The property is secured by an
87,011 sf suburban office building in Mount Laurel, NJ that was
built in 2007. The largest tenant is Merrill Lynch, which leases
approximately 40% of NRA through February 2019. The loan
transferred to special servicing for non-monetary default in April
2018, has been in payment default since June 2018 and a foreclosure
action was filed in July 2018.

Pool Concentrations: Sixty-one of the original 63 loans remain in
the pool. Retail, multifamily and hotel properties comprise 58.3%,
13.9% and 13.8% of the pool, respectively. Four loans (16.5%) are
full-term interest only. Nineteen loans (37.6%) had a partial-term
interest-only period at issuance of which 16 have begun
amortizing.

RATING SENSITIVITIES

The Positive Outlooks on Class B and the interest-only Class X-B
reflect increasing credit enhancement and expected continued
paydown from upcoming 2018 loan maturities. The Positive Outlook
indicates potential upward rating migration for the classes should
pool performance continue to improve and credit enhancement
increase from additional paydown and/or defeasance. Downgrades are
possible should overall pool performance decline.

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

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

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

  -- $35.6 million class A-2 at 'AAAsf'; Outlook Stable;

  -- $77.2 million class A-SB at 'AAAsf'; Outlook Stable;

  -- $220 million class A-3 at 'AAAsf'; Outlook Stable;

  -- $274.4 million class A-4 at 'AAAsf'; Outlook Stable;

  -- $75.9 million class A-S at 'AAAsf'; Outlook Stable;

  -- $56 million class B at 'AA-sf'; Outlook to Positive from
Stable;

  -- $44.8 million class C at 'A-sf'; Outlook Stable;

  -- $48.5 million class D at 'BBB-sf'; Outlook Stable;

  -- $13.7 million class E at 'BB+sf'; Outlook Stable;

  -- $11.2 million class F at 'BB-sf'; Outlook Stable;

  -- $10 million class G at 'B-sf'; Outlook Stable;

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

  -- Interest-Only class X-B at 'AA-sf'; Outlook to Positive from
Stable;

  -- $176.7 million class PST at 'A-sf'; Outlook Stable.

The class A-1 certificate has paid in full. Fitch does not rate the
class H certificate or the interest-only class X-C certifcate. The
class A-S, B and C certificates may be exchanged for a related
amount of class PST certificates, and the class PST certificates
may be exchanged for class A-S, B and C certificates.


MORGAN STANLEY 2014-C14: DBRS Confirms B Rating on Class G Certs
----------------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of the Commercial
Mortgage Pass-Through Certificates, Series 2014-C14 issued by
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14 as
follows:

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

All trends are Stable.

The Class A-S, Class B and Class C certificates may be exchanged
for the Class PST certificates (and vice versa).

The rating confirmations reflect the overall stable performance of
the transaction since issuance. As of the September 2018
remittance, 54 of the original 58 loans remain in the pool with an
aggregate principal balance of $1.4 billion, representing a
collateral reduction of 7.4% since issuance. There are two loans
that are fully defeased, representing 2.7% of the current pool
balance. Loans representing 96.1% of the pool reported year-end
2017 financials. These loans reported a weighted-average (WA) debt
service coverage ratio (DSCR) and debt yield of 1.85 times (x) and
11.5%, respectively. Based on the servicer's most recent reporting,
the 15 largest loans reported a WA net cash flow growth of 4.4%
over the DBRS issuance figures, with a WA DSCR and debt yield of
1.88x and 11.2%, respectively.

As of the September 2018 remittance report, there are eight loans
on the servicer's watch list, representing 8.7% of the current pool
balance and two loans in special servicing, representing 4.4% of
the current pool balance. The majority of the loans on the watch
list are being monitored for performance-related reasons driven by
cash flow declines. The largest loan in special servicing, The
Aspen Heights – Columbia loan (3.7% of the current pool balance)
is secured by a student housing property in Columbia, Missouri,
home to the University of Missouri. The loan was previously on the
servicer's watch list and transferred to special servicing in
November 2017, due to imminent default. The subject continues to
struggle year over year due to declining occupancy and rental rates
as a result of declines in enrollment at the University of Missouri
and successive years of new supply in the market. For additional
information on this loan, please see the loan commentary on the
DBRS Viewpoint platform, for which information has been provided
below.

At issuance, DBRS shadow-rated the JW Marriott and Fairfield Inn &
Suites loan (Prospectus ID#5, 5.5% of the current pool balance) and
the Courtyard Isla Verde Beach Resort loan (Prospectus ID#19; 2.0%
of the current pool balance) as investment grade. DBRS confirmed
that the performance of these loans remains consistent with
investment-grade loan characteristics. The Courtyard Isla Verde
Beach Resort loan is secured by a hotel property in Puerto Rico,
which was affected by Hurricanes Irma and Maria. The property
remains open as it did not suffer major damage as a result of
either storm, with repairs anticipated to be completed by December
2018. This loan also has upcoming maturity in February 2019. For
additional information on this loan, please see the loan commentary
on the DBRS Viewpoint platform.

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


MORGAN STANLEY 2018-L1: DBRS Gives Prov. B Rating on H-RR Certs
---------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2018-L1 to be
issued by Morgan Stanley Capital I Trust 2018-L1, all with a Stable
trend:

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

The Classes X-A, X-B and X-D balances are notional.

The collateral consists of 47 fixed-rate loans secured by 74
commercial and multifamily properties. The transaction is a
sequential-pay pass-through structure. The trust assets contributed
from three loans, representing 17.3% 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 17.3% 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 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 stabilized NCF and their respective
actual constants, one loan, representing 3.1% 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 29 loans, representing
69.2% of the pool, having refinance DSCRs below 1.00x and 21 loans,
representing 58.4% of the pool, with refinance DSCRs below 0.90x.
These credit metrics are based on whole-loan balances.

Three loans – Aventura Mall, Millennium Partners Portfolio, and
The Gateway – representing a combined 17.3% of the pool, exhibit
credit characteristics consistent with investment-grade shadow
ratings. Aventura Mall exhibits credit characteristics consistent
with a BBB (high) shadow rating, Millennium Partners Portfolio
exhibits credit characteristics consistent with a AA (high) shadow
rating and The Gateway exhibits credit characteristics consistent
with an “A” shadow rating. Term default risk is moderate, with
no loans exhibiting a DBRS Term DSCR below 1.10x and as further
indicated by the relatively strong weighted-average (WA) DBRS Term
DSCR of 1.58x. In addition, 23 loans, representing 61.5% 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 an
acceptable WA DBRS Term DSCR of 1.53x. DBRS did not deem any of the
properties securing the loans to be of Average (-), Below Average
or Poor property quality. Additionally, nine loans, comprising
50.1% of the DBRS sample balance, were either considered Above
Average or Average (+). The remaining loans were classified as
Average. Only three loans, representing 4.3% of the transaction
balance, are secured by properties that are either fully or
primarily leased to a single tenant. The largest of these loans is
Alliance Data Systems, which represents 3.0% of the total pool
balance and 68.3% of the single-tenant concentration, where the
collateral serves as the mission-critical headquarters for the
tenant and houses significant business functions, including the
executive team. Loans secured by properties occupied by single
tenants have been found to suffer higher loss severities in an
EOD.

Twenty-two loans, representing 54.5% of the pool, including seven
of the largest 15 loans, are structured with interest-only (IO)
payments for the full term. An additional 13 loans, representing
29.1% of the pool, have partial IO periods remaining ranging from
12 months to 60 months. The DBRS Term DSCR is calculated by using
the amortizing debt service obligation and the DBRS 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 Term or Refi
DSCR; therefore, loans that lack amortization will be treated more
punitively. Further, this concentration includes two shadow-rated
loans – Aventura Mall and Millennium Partners Portfolio – which
total 12.8% of the pool and are both full-term IO. The
transaction's WA DBRS Refi DSCR is 0.93x, indicating higher
refinance risk on an overall pool level. In addition, 29 loans,
representing 69.2% of the pool, have DBRS Refi DSCRs below 1.00x,
including six of the top ten loans and ten of the top 15 loans.
Twenty-one of these loans, comprising 58.4% of the pool, have DBRS
Refi DSCRs less than 0.90x, including six of the top ten loans and
eight of the top 15 loans. The pool's DBRS Refi DSCRs for these
loans are based on a WA stressed refinance constant of 9.86%, which
implies an interest rate of 9.24%, amortizing on a 30-year
schedule. This represents a significant stress of 4.42% over the WA
contractual interest rate of the loans in the pool. Moreover, DBRS
models the POD based on the more constraining of the DBRS Term DSCR
and DBRS Refi DSCR. This concentration includes two shadow-rated
loans – Aventura Mall and Millennium Partners Portfolio – which
are shadow-rated investment grade by DBRS and have large pieces of
subordinate mortgage debt held outside the trust. Reflecting the
shadow ratings, the senior notes contributed to this transaction
have a DSCR of more than 1.00x.

The deal appears concentrated by property type, with 38.7% of the
pool, secured by retail properties, including two regional malls.
The concentration also includes Aventura Mall and Millennium
Partners Portfolio, which make up 12.8% of the total pool balance
and 33.7% of the retail property exposure, and are shadow-rated BBB
(high) and AA (high), respectively. The concentration penalty
applied to this pool incorporates property type concentration, as
well as concentration by loan size and geographic location. Nine
loans, representing 18.5% of the pool, are secured by properties
located in tertiary or rural markets, including two of the top 15
loans. Properties located in tertiary and rural markets are
analyzed with significantly higher loss severities than those
located in urban and suburban markets. Further, the WA DBRS Debt
Yield and DBRS Exit Debt Yield for such loans are 9.0% and 9.6%,
respectively, which are somewhat, though not materially, higher
than the overall pool metrics.

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 reference tranche adjusted upward by one
notch if senior in the waterfall.


MORGAN STANLEY 2018-L1: Fitch to Rate $8.7MM Class H-RR Certs 'B-'
------------------------------------------------------------------
Fitch Ratings has issued a presale report on Morgan Stanley Capital
I Trust 2018-L1 Commercial Mortgage Pass-Through Certificates.

Fitch expects to rate the transaction and assign Rating Outlooks as
follows:

  -- $19,800,000 class A-1 'AAAsf'; Outlook Stable;

  -- $36,700,000 class A-2 'AAAsf'; Outlook Stable;

  -- $32,900,000 class A-SB 'AAAsf'; Outlook Stable;

  -- $174,000,000a class A-3 'AAAsf'; Outlook Stable;

  -- $352,141,000a class A-4 'AAAsf'; Outlook Stable;

  -- $615,541,000b class X-A 'AAAsf'; Outlook Stable;

  -- $165,976,000b class X-B 'A-sf'; Outlook Stable;

  -- $94,529,000 class A-S 'AAAsf'; Outlook Stable;

  -- $35,174,000 class B 'AA-sf'; Outlook Stable;

  -- $36,273,000 class C 'A-sf'; Outlook Stable;

  -- $40,670,000bc class X-D 'BBB-sf'; Outlook Stable;

  -- $21,984,000c class D 'BBBsf'; Outlook Stable;

  -- $18,686,000c class E 'BBB-sf'; Outlook Stable;

  -- $10,991,000cd class F-RR 'BB+sf'; Outlook Stable;

  -- $8,794,000cd class G-RR 'BB-sf'; Outlook Stable;

  -- $8,793,000cd class H-RR 'B-sf'; Outlook Stable.

The following classes are not expected to be rated by Fitch:

  -- $28,579,579cd class J-RR;

  -- $21,254,130ce VRR Interest.

(a) The initial certificate balances of class A-3 and class A-4 are
unknown and expected to be $526,141,000 in aggregate plus or minus
5%. The certificate balances will be determined based on the final
pricing of those classes of certificates. The expected class A-3
balance range is $98,000,000 to $250,000,000 and the expected class
A-4 balance range is $276,141,000 to $428,141,000. Fitch's
certificate balances for classes A-3 and A-4 are assumed at the
midpoint of the range for each class.

(b) Notional amount and interest only.

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

(d) Horizontal credit-risk retention interest.

(e) Vertical credit-risk retention interest. NR - Not rated.

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

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 47 loans secured by 74
commercial properties having an aggregate principal balance of
$900,598,709 as of the cut-off date. The loans were contributed to
the trust by Morgan Stanley Mortgage Capital Holdings LLC, Starwood
Mortgage Funding II LLC, KeyBank National Association and
Cantor Commercial Real Estate Lending.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 77.6% of the properties
by balance, cash flow analysis of 85.3%, and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

Higher Fitch Leverage Relative to Recent Transactions: The pool's
fusion Fitch DSCR of 1.16x is below the YTD 2018 and 2017 averages
of 1.23x and 1.26x, respectively. The pool's fusion Fitch LTV of
102.4% is in-line with the YTD 2018 and 2017 averages of 102.9% and
101.6%, respectively.

Investment-Grade Credit Opinion Loans: Three loans, representing
17.3% of the pool have investment-grade credit opinions. Aventura
Mall (6.7%) has an investment-grade credit opinion of 'Asf' on a
stand-alone basis. Millennium Partners Portfolio (6.2%) has an
investment-grade opinion of 'A-sf' on a stand-alone basis. The
Gateway (4.4%) has an investment-grade credit opinion of 'BBBsf' on
a stand-alone basis. Net of these loans, the pool's Fitch DSCR and
LTV are 1.12x and 110%.

Weak Amortization: Twenty-one loans (51.6% of the pool) are
full-term interest-only, 13 loans (29.1% of the pool) are partial
interest-only and one loan (2.9% of the pool) is interest-only plus
an ARD structure. The pool is scheduled to amortize just 6.3% of
the initial pool balance by maturity, which is below than the YTD
2018 and 2017 averages of 7.3% and 7.9%, respectively.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 15.3% 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 MSC
2018-L1 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.


MSCCG TRUST 2018-SELF: Moody's Gives (P)B2 Rating on Class F Debt
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to eight
classes of CMBS securities, issued by MSCCG Trust 2018-SELF,
Commercial Mortgage Pass-Through Certificates, Series 2018-SELF:

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

Cl. X-CP*, Assigned (P)Baa2 (sf)

Cl. X-EXT*, Assigned (P)Baa2 (sf)

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

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

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

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

Cl. F, Assigned (P)B2 (sf)

  * Reflects interest-only classes

RATINGS RATIONALE

The certificates are collateralized by a single floating-rate loan
mortgage loan secured by the fee interests in 65 self-storage
properties located across 15 states.

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 six loans 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 $370,000,000 represents a Moody's LTV
of 103.6%. The Moody's First Mortgage Actual DSCR is 2.16X and
Moody's First Mortgage Actual Stressed DSCR is 0.96X. The financing
is subject to a mezzanine loan totaling $60,000,000. The Moody's
Total Debt LTV (inclusive of the mezzanine loan) is 120.4% while
the Moody's Total Debt Actual DSCR is 1.86X and Moody's Total Debt
Stressed DSCR is 0.83X.

The collateral under the mortgage loan is comprised of 65
self-storage properties containing a total of 4,980,420 square
feet, 35,708 units, located across 15 states. The largest property
represents only 4.6% of the allocated loan amount. The largest
state concentration is Florida, with 13 properties totaling 8,108
units and representing 25.3% of the ALA and 24.6% of the TTM June
NCF.

As of the trailing twelve month period ended June 30, 2018, the
Portfolio was 90.1% occupied by SF.

Notable strengths of the transaction include: the portfolio's
historical operating performance, portfolio diversity, experienced
property management, and strong sponsorship.

Notable credit challenges of the transaction include: the age of
the collateral improvements, the loan's floating-rate and
interest-only mortgage loan profile, and certain credit negative
legal features.

Moody's rating approach considers sequential pay in connection with
a collateral release as a credit neutral benchmark. Although the
loans' release premium mitigates the risk of a ratings downgrade
due to adverse selection, the pro rata payment structure limits
ratings upgrade potential as mezzanine classes are prevented from
building enhancement. The benefit received from pooling through
cross-collateralization is also reduced.

The principal methodology used in rating MSCCG Trust 2018-SELF, Cl.
A, Cl. B, Cl. C, Cl. D, Cl. E and Cl. F was "Moody's Approach to
Rating Large Loan and Single Asset/Single Borrower CMBS" published
in July 2017. The methodologies used in rating MSCCG Trust
2018-SELF, Cl. X-CP and Cl. X-EXT 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.


MSJP COMMERCIAL 2015-HAUL: Fitch Affirms BB Rating on Cl. E Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed all classes of MSJP Commercial Mortgage
Securities Trust 2015-HAUL.

KEY RATING DRIVERS

Performance As Expected: Overall loan performance has been
relatively stable and loan continues to amortize as expected since
issuance. However, the master servicer's reported net cash flow
(NCF) includes income and related expenses from U-Haul's moving
businesses, which Fitch excluded from its original cash flow as it
is not part of the securitized collateral. Additionally, certain
expense items, such as Payroll & Benefits, Property Insurance, and
Utilities have increased. Some of these may include expenses from
non-collateral items. Fitch has inquired about these discrepancies,
but has not received a response.

At issuance, the portfolio exhibited year-over-year growth in both
occupancy and NCF since 2010 with occupancy increasing from 77.5%
at issuance to 88.4% as of March 2018 with average NCF
year-over-year growth of 4.2%. Although, the Fitch YE 2017 NCF is
11% below the Fitch NCF at issuance largely due to a significant
increase in operating expenses, Fitch's analysis is based on
certain expense line-item assumptions, using both issuance levels
which were normalized for collateral expense items only, as well as
some of the reported increases. The affirmations are the result of
stable to improved occupancy and gross potential rent, as well as
the continued amortization of the loan.

Fully Amortizing Loan/Fitch Leverage: The whole loan is structured
with a 20-year amortization schedule providing full amortization
over the term of the loan. The trust notes are scheduled to be
interest-only for the first 10 years and the non-trust $100 million
component will fully amortize to zero in the first 10 years. The
whole loan has a Fitch loan-to-value of 77.5% and a Fitch debt
service coverage ratio of 1.23x, inclusive of an amortization
factor of 75%.

Granular Portfolio: The loan is secured by 105 cross-collateralized
self-storage properties located across 35 states. No single
property represents more than 5.8% of NOI.

Competitive Industry: The self-storage industry is very fragmented
with the top 10 self-storage companies owning only 13.1% of total
facilities; the top 50 companies own approximately 17.1% of total
U.S. facilities.

Structural Features: Loan documents do not permit individual
property releases. Additionally, the loan may not be prepaid in
whole or in part prior to maturity, except on or after the payment
date three months prior to maturity. At that point, the loan may be
paid in whole, but not in part.

Experienced Sponsorship and Management: AMERCO (NASDAQ: UHAL), the
parent company of U-Haul is the nation's leading do-it-yourself
moving company with a network of over 17,400 locations across North
America. Founded by L.S. Shoen in 1945 as U-Haul Trailer Rental
Company, the industry giant has one of the largest rental fleets in
the world, with over 135,000 trucks, 107,000 trailers, and 38,000
towing devices. The portfolio is managed by U-Haul through
management agreements with U-Haul subsidiaries in each of the
states where the portfolio properties are located. U-Haul owns and
operates approximately 1,280 self-storage locations in the U.S.
totaling roughly 491,000 units and 44.2 million sf of space.

The transaction certificates represent the beneficial interests in
a 20-year, fixed-rate, fully amortizing mortgage loan secured by
105 self-storage properties located across 35 states. All of the
properties are owned fee simple. Loan proceeds were used to return
cash to the borrower, fund up-front reserves and pay closing costs.
The loan's sponsor is AMERCO, a Nevada corporation, which is the
holding company that owns 100% of U-Haul International, Inc., a
Nevada corporation. The portfolio is managed by U-Haul through
management agreements with U-Haul subsidiaries in each of the
states where the portfolio properties are located. The loan matures
in September 2035.

RATING SENSITIVITIES

Rating Outlook for all classes remains Stable. Fitch does not
foresee positive or negative ratings migration until a material
economic or asset-level event changes the loan's performance
metrics. Fitch will continue to request financial details from the
servicer and may review the transaction when additional information
is reported. However, given the stable occupancy and rent, changes
to the ratings are not expected.

Fitch has affirmed the following ratings:

  -- $59,000,000a class A notes at 'AAAsf'; Outlook Stable;

  -- $59,000,000ab class X-A notes at 'AAAsf'; Outlook Stable;

  -- $31,700,000ab class X-B notes at 'AA-sf'; Outlook Stable;

  -- $31,700,000a class B notes at 'AA-sf'; Outlook Stable;

  -- $24,300,000a class C notes at 'A-sf; Outlook Stable;

  -- $32,000,000a class D notes at 'BBB-sf'; Outlook Stable;

  -- $23,000,000a class E notes at 'BBsf'; Outlook Stable.

a Privately placed pursuant to Rule 144A.

b Notional amount and interest-only.


NEW RESIDENTAL 2018-4: DBRS Gives Prov. B Rating on 10 Note Classes
-------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
Mortgage-Backed Notes, Series 2018-4 (the Notes) to be issued by
New Residential Mortgage Loan Trust 2018-4 (NRMLT or the Trust):

-- $531.3 million Class A-1 at AAA (sf)
-- $531.3 million Class A-IO at AAA (sf)
-- $531.3 million Class A-1A at AAA (sf)
-- $531.3 million Class A-1B at AAA (sf)
-- $531.3 million Class A-1C at AAA (sf)
-- $531.3 million Class A1-IOA at AAA (sf)
-- $531.3 million Class A1-IOB at AAA (sf)
-- $531.3 million Class A1-IOC at AAA (sf)
-- $546.6 million Class A-2 at AA (sf)
-- $559.8 million Class A-3 at A (sf)
-- $531.3 million Class A-4 at AAA (sf)
-- $546.6 million Class A-5 at AA (sf)
-- $559.8 million Class A-6 at A (sf)
-- $559.8 million Class IO at A (sf)
-- $15.3 million Class B-1 at AA (sf)
-- $15.3 million Class B1-IO at AA (sf)
-- $15.3 million Class B-1A at AA (sf)
-- $15.3 million Class B-1B at AA (sf)
-- $15.3 million Class B-1C at AA (sf)
-- $15.3 million Class B-1D at AA (sf)
-- $15.3 million Class B1-IOA at AA (sf)
-- $15.3 million Class B1-IOB at AA (sf)
-- $15.3 million Class B1-IOC at AA (sf)
-- $13.2 million Class B-2 at A (sf)
-- $13.2 million Class B2-IO at A (sf)
-- $13.2 million Class B-2A at A (sf)
-- $13.2 million Class B-2B at A (sf)
-- $13.2 million Class B-2C at A (sf)
-- $13.2 million Class B-2D at A (sf)
-- $13.2 million Class B2-IOA at A (sf)
-- $13.2 million Class B2-IOB at A (sf)
-- $13.2 million Class B2-IOC at A (sf)
-- $28.5 million Class B-IO at A (sf)
-- $12.9 million Class B-3 at BBB (sf)
-- $12.9 million Class B-3A at BBB (sf)
-- $12.9 million Class B-3B at BBB (sf)
-- $12.9 million Class B-3C at BBB (sf)
-- $12.9 million Class B3-IOA at BBB (sf)
-- $12.9 million Class B3-IOB at BBB (sf)
-- $12.9 million Class B3-IOC at BBB (sf)
-- $9.3 million Class B-4 at BB (sf)
-- $9.3 million Class B-4A at BB (sf)
-- $9.3 million Class B-4B at BB (sf)
-- $9.3 million Class B-4C at BB (sf)
-- $9.3 million Class B4-IOA at BB (sf)
-- $9.3 million Class B4-IOB at BB (sf)
-- $9.3 million Class B4-IOC at BB (sf)
-- $7.2 million Class B-5 at B (sf)
-- $7.2 million Class B-5A at B (sf)
-- $7.2 million Class B-5B at B (sf)
-- $7.2 million Class B-5C at B (sf)
-- $7.2 million Class B-5D at B (sf)
-- $7.2 million Class B5-IOA at B (sf)
-- $7.2 million Class B5-IOB at B (sf)
-- $7.2 million Class B5-IOC at B (sf)
-- $7.2 million Class B5-IOD at B (sf)
-- $16.5 million Class B-7 at B (sf)

Classes A-IO, A1-IOA, A1-IOB, A1-IOC, IO, B1-IO, B1-IOA, B1-IOB,
B1-IOC, B2-IO, B2-IOA, B2-IOB, B2-IOC, B-IO, B3-IOA, B3-IOB,
B3-IOC, B4-IOA, B4-IOB, B4-IOC, B5-IOA, B5-IOB, B5-IOC and B5-IOD
are interest-only notes. The class balances represent notional
amounts.

Classes A-1A, A-1B, A-1C, A1-IOA, A1-IOB, A1-IOC, A-2, A-3, A-4,
A-5, A-6, IO, B-1A, B-1B, B-1C, B-1D, B1-IOA, B1-IOB, B1-IOC, B-2A,
B-2B, B-2C, B-2D, B2-IOA, B2-IOB, B2-IOC, B-IO, B-3A, B-3B, B-3C,
B3-IOA, B3-IOB, B3-IOC, B-4A, B-4B, B-4C, B4-IOA, B4-IOB, B4-IOC,
B-5A, B-5B, B-5C, B-5D, B5-IOA, B5-IOB, B5-IOC, B5-IOD and B-7 are
exchangeable notes. These classes can be exchanged for combinations
of initial exchangeable notes as specified in the offering
documents.

The AAA (sf) ratings on the Notes reflect the 11.40% of credit
enhancement provided by subordinated notes in the pool. The AA
(sf), A (sf), BBB (sf), BB (sf) and B (sf) ratings reflect 8.85%,
6.65%, 4.50%, 2.95% and 1.75% of credit enhancement, respectively.

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

This transaction is a securitization of a portfolio of seasoned
performing and re-performing first-lien residential mortgages. The
Notes are backed by 3,356 loans with a total principal balance of
$599,699,369 as of the Cut-Off Date (September 1, 2018).

The loans are significantly seasoned with a weighted-average age of
161 months. As of the Cut-Off Date, 97.3% of the pool is current,
2.4% is 30 days delinquent under the Mortgage Bankers Association
(MBA) delinquency method and 0.3% is in bankruptcy (all bankruptcy
loans are performing or 30 days delinquent). Approximately 86.2%
and 89.1% of the mortgage loans have been zero times 30 days
delinquent for the past 24 months and 12 months, respectively,
under the MBA delinquency method. Of the loans in the portfolio,
2.2% are modified. The modifications happened more than two years
ago for 94.5% of the modified loans. As a result of the seasoning
of the collateral, none of the loans are subject to the Consumer
Financial Protection Bureau Ability-to-Repay/Qualified Mortgage
rules.

The Seller, NRZ Sponsor V LLC (NRZ), acquired the loans prior to
the Closing Date in connection with the termination of various
securitization trusts. Upon acquiring the loans from the
securitization trusts, NRZ, through an affiliate, New Residential
Funding 2018-4 LLC (the Depositor), will contribute the loans to
the Trust. As the Sponsor, New Residential Investment Corp.,
through a majority-owned affiliate, will acquire and retain a 5%
eligible vertical interest in each class of securities to be issued
(other than the residual notes) to satisfy the credit risk
retention requirements under Section 15G of the Securities Exchange
Act of 1934 and the regulations promulgated thereunder. These loans
were originated and previously serviced by various entities through
purchases in the secondary market.

As of the Cut-Off Date, 43.1% of the pool is serviced by Shellpoint
Mortgage Servicing (SMS), 30.4% by Nationstar Mortgage LLC
(Nationstar) and 14.9% by Wells Fargo Bank, N.A. (rated AA with a
Stable trend by DBRS). Nationstar will also act as the Master
Servicer, and SMS will act as the Special Servicer.

The Seller will have the option to repurchase any loan that becomes
60 or more days delinquent under the MBA method or any real estate
owned property acquired in respect of a mortgage loan at a price
equal to the principal balance of the loan (Optional Repurchase
Price), provided that such repurchases will be limited to 10% of
the principal balance of the mortgage loans as of the Cut-Off
Date.

Unlike other seasoned re-performing loan securitizations, the
Servicers in this transaction will advance principal and interest
on delinquent mortgages to the extent such advances are deemed
recoverable.

The transaction employs a senior-subordinate, shifting interest
cash flow structure that is enhanced from a pre-crisis structure.

The ratings reflect transactional strengths that include underlying
assets that have significant seasoning, relatively clean payment
histories and robust loan attributes with respect to credit scores,
product types and loan-to-value ratios. Additionally, historically,
NRMLT securitizations have exhibited fast voluntary prepayment
rates.

The transaction employs a relatively weak representations and
warranties framework that includes an unrated representation
provider (NRZ), certain knowledge qualifiers and fewer mortgage
loan representations relative to DBRS criteria for seasoned pools.

Satisfactory third-party due diligence was performed on the pool
for regulatory compliance, title/lien, payment history and data
integrity. Updated Home Data Index and/or broker price opinions
were provided for the pool; however, a reconciliation was not
performed on the updated values.

Certain loans have missing assignments or endorsements as of the
Closing Date. Given the relatively clean performance history of the
mortgages and the operational capability of the servicers, DBRS
believes the risk of impeding or delaying foreclosure is remote.

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


NEW RESIDENTIAL 2018-4: Moody's Gives (P)B3 Ratings to 5 Tranches
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 33
classes of notes issued by New Residential Mortgage Loan Trust
2018-4. The NRMLT 2018-4 transaction is a $599.7 million
securitization of first lien, seasoned performing and re-performing
adjustable rate mortgage loans with weighted average seasoning of
161 months, a weighted average updated LTV ratio of 54.1% and a
weighted average updated FICO score of 739. Based on the OTS
methodology, 96.0% of the loans by scheduled balance have been
current every month in the past 24 months. Additionally, 2.2% of
the loans in the pool have been previously modified. New Penn
Financial, LLC d/b/a Shellpoint Mortgage Servicing (Shellpoint),
Nationstar Mortgage LLC (Nationstar Mortgage), Wells Fargo Bank,
N.A. (Wells Fargo), TIAA, FSB (TIAA), Ocwen Loan Servicing, LLC
(Ocwen), and Specialized Loan Servicing, LLC (SLS) will act as
primary servicers. Nationstar Mortgage will act as master servicer
and successor servicer and Shellpoint will act as the special
servicer.

The complete rating action is as follows:

Issuer: New Residential Mortgage Loan Trust 2018-4

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

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

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

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

Cl. A-2, Assigned (P)Aa1 (sf)

Cl. A-3, Assigned (P)A1 (sf)

Cl. A-4, Assigned (P)Aaa (sf)

Cl. A-5, Assigned (P)Aa1 (sf)

Cl. A-6, Assigned (P)A1 (sf)

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

Cl. B-1A, Assigned (P)Aa2 (sf)

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

Cl. B-1C, Assigned (P)Aa2 (sf)

Cl. B-1D, Assigned (P)Aa2 (sf)

Cl. B-2, Assigned (P)A1 (sf)

Cl. B-2A, Assigned (P)A1 (sf)

Cl. B-2B, Assigned (P)A1 (sf)

Cl. B-2C, Assigned (P)A1 (sf)

Cl. B-2D, Assigned (P)A1 (sf)

Cl. B-3, Assigned (P)A3 (sf)

Cl. B-3A, Assigned (P)A3 (sf)

Cl. B-3B, Assigned (P)A3 (sf)

Cl. B-3C, Assigned (P)A3 (sf)

Cl. B-4, Assigned (P)Ba1 (sf)

Cl. B-4A, Assigned (P)Ba1 (sf)

Cl. B-4B, Assigned (P)Ba1 (sf)

Cl. B-4C, Assigned (P)Ba1 (sf)

Cl. B-5, Assigned (P)B3 (sf)

Cl. B-5A, Assigned (P)B3 (sf)

Cl. B-5B, Assigned (P)B3 (sf)

Cl. B-5C, Assigned (P)B3 (sf)

Cl. B-5D, Assigned (P)B3 (sf)

Cl. B-7, Assigned (P)B2 (sf)

RATINGS RATIONALE

Its losses on the collateral pool equal 1.50% in an expected
scenario and reach 9.40% at a stress level consistent with the Aaa
ratings on the senior classes. Moody's based its expected losses
for the pool on its estimates of (1) the default rate on the
remaining balance of the loans and (2) the principal recovery rate
on the defaulted balances. The final expected losses for the pool
reflect the third party review (TPR) findings and its assessment of
the representations and warranties (R&Ws) framework for this
transaction. Also, the transaction contains a mortgage loan sale
provision, the exercise of which is subject to potential conflicts
of interest. As a result of this provision, Moody's increased its
expected losses for the pool.

To estimate the losses on the pool, Moody's used an approach
similar to its surveillance approach. Under this approach, Moody's
applies expected annual delinquency rates, conditional prepayment
rates (CPRs), loss severity rates and other variables to estimate
future losses on the pool. Its assumptions on these variables are
based on the observed performance of seasoned modified and
non-modified loans, the collateral attributes of the pool including
the percentage of loans that were delinquent in the past 36 months,
and the observed performance of recent New Residential Mortgage
Loan Trust issuances rated by Moody's. For this pool, Moody's used
default burnout assumptions similar to those detailed in its "US
RMBS Surveillance Methodology" for Alt-A loans originated before
2005. Moody's then aggregated the delinquencies and converted them
to losses by applying pool-specific lifetime default frequency and
loss severity assumptions.

Collateral Description

NRMLT 2018-4 is a securitization of seasoned performing and
re-performing residential mortgage loans which the seller, NRZ
Sponsor V LLC, has primarily purchased in connection with the
termination of various securitization trusts. Unlike prior NRMLT
transactions Moody's has rated, a significant percentage of the
collateral, 42.8% based on total balance, was sourced from a
portfolio acquisition rather than from terminated securitizations.
The transaction is comprised of 3,356 ARM loans. For the loans in
the pool, 97.8% by balance have never been modified and have been
performing while 2.2% of the loans were previously modified but are
now current and cash flowing.

The updated value of properties in this pool were provided by a
third party firm using a home data index (HDI) and/or an updated
broker price opinion (BPO). BPOs were provided for a sample of
1,430 out of the 3,356 properties contained within the
securitization. HDI values were provided for 3,345 of the
properties contained within the securitization. The weighted
average updated LTV ratio on the collateral is 54.1%, implying an
average of 45.9% borrower equity in the properties. The LTV is
calculated using the lower of the updated BPO and HDI when both
values are available.

Third-Party Review ("TPR") and Representations & Warranties ("R&W")


Two third party due diligence providers, AMC and Recovco, conducted
a compliance review on a sample of 871 and 174 seasoned mortgage
loans respectively for the securitization pool. The regulatory
compliance review consisted of a review of compliance with the
federal Truth in Lending Act (TILA) as implemented by Regulation Z,
the federal Real Estate Settlement Procedures Act (RESPA) as
implemented by Regulation X, the disclosure requirements and
prohibitions of Section 50(a)(6), Article XVI of the Texas
Constitution, federal, state and local anti-predatory regulations,
federal and state specific late charge and prepayment penalty
regulations, and document review.

AMC found that 829 out of 871 loans had compliance exceptions with
186 having rating agency grade C or D level exceptions. Recovco
identified 154 mortgage loans with grade B exceptions and no loans
with grade C or grade D exceptions in its review of 174 loans.
Also, based on information provided by the seller, there were
additional loans were dropped from the securitization due to
compliance exceptions. The C or D level exceptions broadly fell
into four categories: missing final HUD-1 settlement statements/HUD
errors, Texas (TX50(a)(6)) cash-out loan violations, other state
compliance exceptions (including North Carolina CHL Tangible Net
Benefit violations), and missing documents or missing information.


Moody's applied a small adjustment to its loss severities to
account for the C or D level missing final HUD-1 settlement
statement and HUD errors. For these types of issues, borrowers can
raise legal claims in defense against foreclosure as a set off or
recoupment and win damages that can reduce the amount of the
foreclosure proceeds. Such damages can include up to $4,000 in
statutory damages, borrowers' legal fees and other actual damages.
Moody's also applied small adjustments to loss severities for
TX50(a)(6) violations, North Carolina CHL Tangible Net Benefit
exceptions, and other state law compliance exceptions. Moody's did
not apply an adjustment for missing documents or missing
information identified by the diligence provider in part because
Moody's separately received and assessed a title report and a
custodial report for the mortgage loans in the pool.

AMC and Recovco reviewed the findings of various title search
reports covering 490 and 168 mortgage loans respectively in the
preliminary sample population in order to confirm the first lien
position of the related mortgages. Overall, AMC's review confirmed
that 434 mortgages were in first lien position. For 52 of the
remaining loans reviewed by AMC, proof of first lien position could
only be confirmed using the final title policy as of loan
origination. For four loans, first lien position could not be
confirmed. These loans were removed from the pool. Recovco reported
that 140 mortgage loans reviewed were in first-lien position. For
the 28 remaining loans reviewed by Recovco, proof of first lien
position could only be confirmed using the final title policy as of
loan origination. Due to the title/lien results and because the
title/lien review was only conducted on a sample of the whole-loan
purchased loans in the pool, Moody's applied an adjustment to
losses in its analysis.

The seller, NRZ Sponsor V LLC, is providing a representation and
warranty for missing mortgage files. To the extent that the
indenture trustee, master servicer, related servicer or depositor
has actual knowledge of a defective or missing mortgage loan
document or a breach of a representation or warranty regarding the
completeness of the mortgage file or the accuracy of the mortgage
loan documents, and such missing document, defect or breach is
preventing or materially delaying the (a) realization against the
related mortgaged property through foreclosure or similar loss
mitigation activity or (b) processing of any title claim under the
related title insurance policy, the party with such actual
knowledge will give written notice of such breach, defect or
missing document, as applicable, to the related seller, indenture
trustee, depositor, master servicer and related servicer. Upon
notification of a missing or defective mortgage loan file, the
related seller will have 120 days from the date it receives such
notification to deliver the missing document or otherwise cure the
defect or breach. If it is unable to do so, the related seller will
be obligated to replace or repurchase the mortgage loan.

Moody's did not apply an adjustment for missing documents or
missing information identified by AMC in part because Moody's
separately received and assessed a title report and a custodial
report for the mortgage loans in the pool. Moody's reviewed a draft
of the custodial report and identified three loans with note
instrument issues. Even though this exception and the missing file
exceptions noted in the compliance review are protected by the R&W
framework, Moody's assumed that 0.1% (three out of 3,359) of the
projected defaults will have missing document breaches that will
not be effectively remedied and will result in higher loss
severities. This adjustment is due in part to its view of the
financial strength of the R&W provider.

Trustee, Custodian, Paying Agent, Servicers, Master Servicer,
Successor Servicer and Special Servicer

The transaction indenture trustee is Wilmington Trust, National
Association. The custodian functions will be performed by Wells
Fargo Bank, N.A., The Bank of New York Mellon Trust Company, N.A.,
and U.S. Bank National Association. The paying agent and cash
management functions will be performed by Citibank, N.A. In
addition, Nationstar Mortgage, as master servicer, is responsible
for servicer oversight, termination of servicers, and the
appointment of successor servicers. Having Nationstar Mortgage as a
master servicer mitigates servicing-related risk due to the
performance oversight that it will provide. Nationstar Mortgage
will serve as the designated successor servicer for the transaction
and Shellpoint will serve as the special servicer. As the special
servicer, Shellpoint will be responsible for servicing mortgage
loans that become 60 or more days delinquent.

Shellpoint (43.1%), Nationstar Mortgage (30.4%), Wells Fargo
(14.9%), TIAA (6.1%), Ocwen (2.9%), and SLS (2.5%) will act as the
primary servicers of the collateral pool.

Transaction Structure

The transaction cash flows follow a shifting interest structure
that allows subordinated bonds to increasingly receive principal
prepayments after an initial lock-out period of five years,
provided two performance tests are met. To pass the first test, the
delinquent and recently modified loan balance cannot exceed 50% of
the subordinate bonds outstanding. To pass the second test,
cumulative losses cannot exceed certain thresholds that gradually
increase over time.

Because a shifting interest structure allows subordinated bonds to
pay down over time as the loan pool shrinks, senior bonds are
exposed to tail risk, i.e., risk of back-ended losses when fewer
loans remain in the pool. The transaction provides for a
subordination floor that helps to reduce this tail risk.
Specifically, the subordination floor prevents subordinate bonds
from receiving any principal if the amount of subordinate bonds
outstanding falls below 1.25% of the closing principal balance.
There is also a provision that prevents subordinate bonds from
receiving principal if the credit enhancement for the Class A-1
Note falls below its percentage at closing, 11.4%. These provisions
mitigate tail risk by protecting the senior bonds from eroding
credit enhancement over time.

Other Considerations

The transaction contains a mortgage loan sale provision, the
exercise of which is subject to potential conflicts of interest.
The servicers in the transaction may sell mortgage loans that
become 60 or more days delinquent according to the MBA methodology
to any party in the secondary market in an arms-length transaction
and at a fair market value. For such sale to take place, the
servicer must determine, in its reasonable commercial judgment,
that such sale would maximize proceeds on a present value basis. If
the sponsor or any of its subsidiaries is the purchaser, the
servicers must obtain at least two additional independent bids. The
transaction documents provide little detail on the method of
receipt of bids and there is no set minimum sale price. Such lack
of detail creates a risk that the independent bids could be weak
bids from purchasers that do not actively participate in the
market. Furthermore, the transaction documents provide little
detail regarding how servicers should conduct present value
calculations when determining if a note sale should be pursued. The
special servicer and the largest servicer in the transaction,
Shellpoint, is an affiliate of the sponsor. The second largest
servicer in the transaction, Nationstar Mortgage, has a commercial
relationship with the sponsor outside of the transaction. These
business arrangements could lead to conflicts of interest. Moody's
took this into account and adjusted its losses accordingly.

When analyzing the transaction, Moody's reviewed the transaction's
exposure to large potential indemnification payments owed to
transaction parties due to potential lawsuits. In particular,
Moody's assessed the risk that the indenture trustee would be
subject to lawsuits from investors for a failure to adequately
enforce the R&Ws against the seller. Moody's believes that NRMLT
2018-4 is adequately protected against such risk primarily because
the loans in this transaction are highly seasoned with a weighted
average seasoning is approximately 13 years. Although some loans in
the pool were previously delinquent and modified, the loans all
have a substantial history of payment performance. This includes
payment performance during the recent recession. As such, if loans
in the pool were materially defective, such issues would likely
have been discovered prior to the securitization. Furthermore,
third party due diligence was conducted on a significant random
sample of the loans for issues such as data integrity, compliance,
and title. As such, Moody's did not apply adjustments in this
transaction to account for indemnification payment risk.

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


Up

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

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 its 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.

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


OAKTREE CLO 2018-1: S&P Assigns Prelim BB- Rating on D Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to Oaktree CLO 2018-1
Ltd./Oaktree CLO 2018-1 LLC's floating-rate notes.

The note issuance is a CLO transaction backed by broadly syndicated
speculative-grade senior secured term loans.

The preliminary ratings are based on information as of Oct. 11,
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 (rated 'BB+' and lower) 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

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

  Class                  Rating       Amount (mil. $)
  A-1A                   AAA (sf)              290.00
  A-1B                   NR                     35.00
  A-2                    AA (sf)                57.00
  B                      A (sf)                 28.00
  C                      BBB- (sf)              30.00
  D                      BB- (sf)               19.00
  Subordinated notes     NR                     50.25

  NR--Not rated.



OCP CLO 2016-12: S&P Gives (P)BB Rating on $22MM Cl. D-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the
replacement class A-1-R, A-2-R, B-R, C-R, and D-R notes from OCP
CLO 2016-12 Ltd., a collateralized loan obligation (CLO) originally
issued in 2016 that is managed by Onex Credit Partners LLC. Based
on a proposed supplemental indenture, this transaction is expected
to refinance its class A-1, A-2, B, C, and D notes on Oct. 18,
2018, through an optional redemption and new note issuance.

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

On the Oct. 18, 2018, refinancing date, the proceeds from the
issuance of the replacement notes are expected to redeem the
original notes. At that time, S&P anticipates withdrawing the
ratings on the original refinanced notes and assigning ratings to
the new notes. However, if the refinancing doesn't occur, S&P may
affirm the ratings on the original notes and withdraw its
preliminary ratings on the replacement notes.

  CASH FLOW ANALYSIS RESULTS
  Oct. 8, 2018

  Class     Amount   Interest         BDR     SDR  Cushion
          (mil. $)   rate(%)          (%)     (%)      (%)
  A-1-R     341.00   LIBOR + 1.12   70.75   62.83     7.93
  A-2-R      71.50   LIBOR + 1.60   66.81   55.07    11.73
  B-R        38.50   LIBOR + 2.20   58.03   49.28     8.75
  C-R        27.50   LIBOR + 3.00   52.58   43.54     9.04
  D-R        22.00   LIBOR + 4.95   46.42   36.82     9.61

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

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

  PRELIMINARY RATING ASSIGNED

  OCP CLO 2016-12 Ltd.
  Replacement class         Rating      Amount (mil. $)
  A-1-R                     AAA (sf)             341.00
  A-2-R                     AA (sf)               71.50
  B-R                       A (sf)                38.50
  C-R                       BBB (sf)              27.50
  D-R                       BB (sf)               22.00

  OTHER OUTSTANDING RATING OCP CLO 2016-12 Ltd.
  Class                        Rating
  Subordinated notes           NR

  NR--Not Rated.


OHA CREDIT FUNDING 1: S&P Gives BB- Rating on $18.75MM Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to OHA Credit Funding 1
Ltd./OHA Credit Funding 1 LLC's $430.25 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

  OHA Credit Funding 1 Ltd./OHA Credit Funding 1 LLC

  Class                  Rating       Amount (mil. $)
  X                      AAA (sf)                2.00
  A-1                    AAA (sf)              292.00
  A-2                    NR                     30.50
  B                      AA (sf)                57.50
  C                      A (sf)                 30.00
  D                      BBB- (sf)              30.00
  E                      BB- (sf)               18.75
  Subordinated notes     NR                     41.00

  NR--Not rated.



PALMER SQUARE 2013-2: S&P Assigns (P)B- Rating on Cl. E-R2 Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1A-R2, A-1B-R2, A2-R2, B-R2, C-R2, D-R2, and E-R2 replacement
notes from Palmer Square CLO 2013-2 Ltd., a collateralized loan
obligation (CLO) originally issued in 2013 that is managed by
Palmer Square Capital Management LLC. The replacement notes will be
issued via a proposed supplemental indenture.

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

The preliminary ratings are based on information as of Oct. 11,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The replacement class A-1A-R2, A-1B-R2, A2-R2, B-R2, C-R2,
D-R2, and E-R2 notes are expected to be issued at lower spreads
over LIBOR than the original notes.

-- The non-call period will be re-established and is expected to
end in October 2020.

-- The stated maturity, weighted average life test, and
reinvestment period will each be extended by four years.

-- 100.00% of the underlying collateral obligations have credit
ratings assigned by S&P Global Ratings.

-- 95.42% of the underlying collateral obligations have recovery
ratings issued by S&P Global Ratings.

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

  Palmer Square CLO 2013-2 Ltd.

  Replacement class         Rating      Amount (mil. $)
  A-1A-R2                   AAA (sf)             280.10
  A-1B-R2                   NR                    10.20
  A2-R2                     AA (sf)               51.40
  B-R2                      A (sf)                27.20
  C-R2                      BBB- (sf)             22.50
  D-R2                      BB- (sf)              22.50
  E-R2                      B- (sf)                8.00
  Subordinated notes        NR                    35.40

  NR--Not rated.


PARK AVENUE 2018-1: S&P Assigns (P)BB Rating on $1MM D Notes
------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Park Avenue
Institutional Advisers CLO Ltd. 2018-1/Park Avenue Institutional
Advisers CLO LLC 2018-1's floating-rate.

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

The preliminary ratings are based on information as of Oct. 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

  Park Avenue Institutional Advisers CLO Ltd. 2018-1

  Class                   Rating       Amount (mil. $)
  A-1A                    AAA (sf)              238.00
  A-1B                    NR                     10.00
  A-2                     AA (sf)                57.00
  B (deferrable)          A (sf)                 22.00
  C (deferrable)          BBB- (sf)              25.00
  D (deferrable)          BB- (sf)               14.00
  Subordinated notes      NR                     37.75

  NR--Not rated.


PFP LTD 2017-4: DBRS Confirms BB Rating on Class F Notes
--------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
secured floating-rate notes issued by PFP 2017-4, Ltd.:

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

All trends are Stable.

All classes are privately placed.

The rating confirmations reflect the overall stable performance of
the transaction, which remains in line with DBRS's expectations at
issuance. At issuance, the collateral consisted of 31 floating-rate
mortgage loans secured by 35 transitional commercial, multifamily
and hospitality properties with a trust balance of $652.2 million.
According to the September 2018 remittance, there has been
collateral reduction of 6.7% since issuance, as four loans have
repaid from the trust, contributing to a principal pay down of
$43.4 million. All the remaining properties are currently
cash-flowing assets in a period of transition with viable plans and
loan structures in place to facilitate stabilization and value
growth. Seventeen of the remaining loans in the pool have future
funding components that are to be used for property renovations and
future leasing costs to aid in property stabilization.

According to the most recent reporting, a portion of the collateral
assets in the subject pool has reached stabilization; however,
others continue to perform below their respective stabilization
plans. All loans have an initial term of two or three years, with
one to four 12-month extension options available. As of the
September 2018 remittance, there are no loans in special servicing
and one loan on the servicer's watch list (River Park Business
Center), representing 2.2% of the fully funded pool balance. The
loan has been flagged for upcoming tenant rollover, as the
second-largest tenant, representing 31.6% of the net rentable area,
has a scheduled lease expiration in December 2018. The servicer has
contacted the borrower for a leasing update. The loan benefits from
$1.4 million in remaining future funding commitments to fund
lender-approved future leasing costs at the property. For
additional information on this loan, please see the loan commentary
on the DBRS Viewpoint platform, for which information is provided
below.

The loans were all sourced by Prime Finance, an affiliate of PFP
Inc., which has strong origination practices. Since inception,
Prime Finance has originated or acquired approximately 316
commercial and multifamily mortgage loans, representing total
capital commitments of approximately $9.2 billion. PFP Inc. retains
16.5% of the current pool balance, which includes Class E, Class F,
Class G and the Preferred Shares.


PPLUS TRUST RRD-1: S&P Lowers Ratings on 2 Cert. Tranches to B-
---------------------------------------------------------------
S&P Global Ratings lowered its ratings on PPLUS Trust Series
RRD-1's $60 million class A and B certificates to 'B-' from 'B'.

S&P's ratings on the certificates are dependent on its rating on
the underlying security, R.R. Donnelley & Sons Co.'s 6.625%
debentures due April 15, 2029.

The rating action reflects S&P's Sept. 20, 2018, lowering of its
rating on the underlying security to 'B-' from 'B'.

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


PRESTIGE AUTO 2018-1: DBRS Finalizes BB Rating on Class E Notes
---------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of notes issued by Prestige Auto Receivables Trust 2018-1
(PART 2018-1 or the Issuer):

-- $70,000,000 Class A-1 Notes rated R-1 (high) (sf)
-- $130,000,000 Class A-2 Notes rated AAA (sf)
-- $51,480,000 Class A-3 Notes rated AAA (sf)
-- $39,360,000 Class B Notes rated AA (sf)
-- $55,760,000 Class C Notes rated A (sf)
-- $42,640,000 Class D Notes rated BBB (sf)
-- $18,590,000 Class E Notes rated BB (sf)

The finalized ratings are based on a review by DBRS of the
following analytical considerations:

-- Transaction capital structure, proposed ratings and form and
sufficiency of available credit enhancement.

-- Credit enhancement is in the form of overcollateralization,
subordination, amounts held in the reserve account and excess
spread. Credit enhancement levels are sufficient to support DBRS
projected expected cumulative net loss assumptions under various
stress scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms under which
they have invested. For this transaction, the ratings address the
payment of timely interest on a monthly basis and principal by the
legal final maturity date.

-- The transaction parties' capabilities with regard to
originations, underwriting and servicing.

-- DBRS has performed an operational risk review of Prestige
Financial Services, Inc. (Prestige) and considers the entity to be
an acceptable originator and servicer of subprime auto receivables
with an acceptable backup servicer.

-- Prestige's management team has extensive experience. They have
been lending to the subprime auto sector since 1994 and have
considerable experience lending to Chapter 7 and 13 obligors.

-- The credit quality of the collateral and performance of
Prestige's auto loan portfolio.

-- DBRS base-case CNL assumed for modeling purposes was 13.70%.
Prestige shared vintage CNL with DBRS that dated back to 2009. The
data were broken down by payment to income ratio and other buckets.
The analysis indicated a pattern of increasing losses that was
consistent with expected trends.

-- Prestige continues to evaluate and adjust its underwriting
standards as necessary to target and maintain the credit quality of
its loan portfolio.

-- DBRS rating category loss multiples for each rating assigned
are within the published criteria.

-- The legal structure and presence of legal opinions that address
the true sale of the assets to the Issuer, the non-consolidation of
the special-purpose vehicle with Prestige and that the trust has a
valid first-priority security interest in the assets and
consistency with the DBRS "Legal Criteria for U.S. Structured
Finance."


ROCKWALL CDO II: Moody's Raises Rating on Class B-2L Notes to Ba2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Rockwall CDO II Ltd.:

US$48,000,000 Class A-3L Floating Rate Extendable Notes Due 2024,
Upgraded to Aa1 (sf); previously on January 30, 2018 Upgraded to
Aa3 (sf)

US$36,000,000 Class B-1L Floating Rate Extendable Notes Due 2024
(current outstanding balance of $28,510,000), Upgraded to A3 (sf);
previously on January 30, 2018 Upgraded to Ba1 (sf)

US$26,000,000 Class B-2L Floating Rate Extendable Notes Due 2024
(current outstanding balance of $16,838,370.67), Upgraded to Ba2
(sf); previously on January 25, 2017 Affirmed B1 (sf)

US$10,000,000 Combination Notes Due 2024 (current outstanding rated
balance of $4,003,856), Upgraded to A3 (sf); previously on January
30, 2018 Upgraded to Baa3 (sf)

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

US$76,000,000 Class A-2L Floating Rate Extendable Notes Due 2024
(current outstanding balance of $15,412,380.82), Affirmed Aaa (sf);
previously on January 30, 2018 Affirmed Aaa (sf)

Rockwall CDO II Ltd., issued in May 2007, is a collateralized loan
obligation (CLO) backed primarily by a portfolio of senior secured
loans, with significant exposure to middle market loans. The
transaction's reinvestment period ended in May 2014.

RATINGS RATIONALE

These rating actions are primarily a result of deleveraging of the
senior notes and an increase in the transaction's
over-collateralization (OC) ratios since January 2018. The Class
A-1LB notes have been paid down completely and the Class A-2 L
notes have been paid down by approximately 80% or $60.6 million
since that time. Based on the trustee's September 2018 report, the
OC ratios for the Class A, Class B, Class C and Class D notes are
reported at 225.71%, 155.71% and 128.79%, respectively, versus
December 2017 levels of 144.10%, 125.25%, and 114.97% respectively.


Nevertheless, the credit quality of the portfolio has deteriorated
since January 2018. Based on Moody's calculations, the weighted
average rating factor (WARF) is currently 3296 compared to 2972 at
that time. Moody's also notes that the deal holds a material par
amount of thinly traded or untraded loans, whose lack of liquidity
may pose additional risks especially for the subordinated notes
relating to the issuer's ultimate ability to pursue a liquidation
of such assets, especially if the sales can be transacted only at
heavily discounted price levels.

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 $142.8 million, defaulted par of
$27.5 million, a weighted average default probability of 22.48%
(implying a WARF of 3296), a weighted average recovery rate upon
default of 42.51%, a diversity score of 14 and a weighted average
spread of 3.2% (before accounting for LIBOR floors).

A material proportion of the collateral pool includes debt
obligations whose credit quality Moody's assesses through credit
estimates. Moody's analysis reflects adjustments with respect to
the default probabilities associated with credit estimates.
Specifically, Moody's assumed an equivalent of Caa3 for assets with
credit estimates which represent approximately 17% or $24 million
of the collateral pool.

Moody's rating of the Combination Securities addresses only the
ultimate receipt of the Combination Securities Rated Balance by the
holders of the Combination Securities. Moody's rating of the
Combination Securities does not address any other payments or
additional amounts that a holder of the Combination Securities may
receive pursuant to the underlying documents.

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 continue and at what pace. Deleveraging of the CLO
could accelerate owing to high prepayment levels in the loan market
and/or collateral sales by the manager, which could have a
significant impact on the notes' ratings. Note repayments that are
faster than Moody's current expectations will usually have a
positive impact on CLO notes, beginning with those with the highest
payment priority.

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

6) Illiquid assets: Repayment of the notes at their maturity could
be dependent on the issuer's successful monetization of illiquid
assets. This risk in turn may be contingent upon issuer's ability
and willingness to sell these assets. This risk is borne first by
investors with the lowest priority in the capital structure.
However, actual illiquid asset exposures and prevailing market
prices and conditions at the time of liquidation will drive the
deal's actual losses, if any.

7) Exposure to credit estimates: The deal contains a large number
of securities whose default probabilities Moody's has assessed
through credit estimates. Moody's normally updates such estimates
at least once annually, but if such updates do not occur, the
transaction could be negatively affected by any default probability
adjustments Moody's assumes in lieu of updated credit estimates.

8) Exposure to CLO securities: The portfolio includes a material
concentration in CLO securities. Moody's views CLOs as highly
correlated, and the specific CLO securities that the issuer has
invested in have longer maturities and are of relatively better
than average credit quality than the loans in the portfolio. As the
deal further seasons and amortizes, the CLO securities, currently
representing 15% of the total collateral, might comprise a larger
proportion of the portfolio. Conversely, if a larger portion of the
CLO tranches are redeemed, the corporate loan collateral that has a
relatively worse average credit quality, might comprise a larger
proportion of the portfolio, in each case requiring reconsideration
of the transaction's risk.

9) Combination notes: The rating on the combination notes, which
combines cash flows from one or more of the CLO's debt tranches and
the equity tranche, is subject to a higher degree of volatility
than the other rated notes. Actual equity distributions that differ
significantly from Moody's assumptions can lead to a faster (or
slower) speed of reduction in the combination notes' rated balance,
thereby resulting in better (or worse) ratings performance than
previously expected.


SDART 2018-5: Fitch to Rate $115.33MM Class E1 Debt 'BB'
--------------------------------------------------------
Fitch Ratings expects to assign the following ratings to the notes
issued by Santander Drive Auto Receivables Trust (SDART) 2018-5:

  -- $219,000,000 Class A-1 'F1+sf';

  -- $280,000,000 Classes A-2a and A-2b 'AAAsf'; Outlook Stable;

  -- $109,140,000 Class A-3 'AAAsf'; Outlook Stable;

  -- $137,380,000 Class B1 'AAsf'; Outlook Stable;

  -- $169,520,000 Class C1 'Asf'; Outlook Stable;

  -- $151,250,000 Class D1 'BBBsf'; Outlook Stable;

  -- $115,330,000 Class E1 'BB-sf'; Outlook Stable.

KEY RATING DRIVERS

Stable Credit Quality: Trust 2018-5 is backed by collateral
consistent with 2017-2018 pools, with a WA FICO score of 617 and
internal WA loss forecast score of 550. WA seasoning is six months,
new vehicles total 51.9% and the pool is geographically diverse.

High Extended-Term Concentration: The concentration of 75-month
loans is at 20.4%, up from recent transactions. Loans with terms
over 61 months total 93.3% of the pool, which is toward the higher
end of the range for the platform. Consistent with prior
Fitch-rated transactions, an additional stress was applied to
75-month loans in deriving the loss proxy, as performance for these
contracts has been volatile.

Sufficient Credit Enhancement: Initial hard CE totals 52.75%,
41.85%, 28.40%, 16.40% and 7.25% for classes A, B, C, D and E,
respectively. Hard CE is slightly lower versus 2018-4 for the class
A and B notes, but higher for the class C and D notes. Excess
spread is expected to be 9.39% per annum. Loss coverage for each
class of notes is sufficient to cover respective multiples of
Fitch's base case credit net loss (CNL) proxy of 17.0%.

Stable Portfolio/Securitization Performance: Fitch took into
consideration economic conditions and future expectations by
assessing key macroeconomic and wholesale market conditions, when
deriving the series loss proxy. Although within range of 2010-2012
performance, 2013-2017 losses are tracking higher, but ABS
performance still remains within Fitch's initial expectations
consistently exhibiting stronger performance than that of the
managed portfolio.

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

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

RATING SENSITIVITIES

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Deloitte & Touche LLP. The third-party due diligence
described in Form 15E focused on comparing or recomputing certain
information with respect to 150 loans from the statistical data
file. Fitch considered this information in its analysis and it did
not have an effect on Fitch's analysis or conclusions.


SEQUOIA MORTGAGE 2018-2: Moody's Hikes Class B-5 Debt to Ba2(sf)
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of eight
tranches from 2 transactions, backed by prime jumbo RMBS loans. The
transactions are backed by first-lien, fully amortizing, fixed-rate
prime quality residential mortgage loans with strong credit
characteristics, issued by Sequoia Mortgage Trust.

The complete rating actions are as follows:

Issuer: Sequoia Mortgage Trust 2018-2

Cl. B-2, Upgraded to A2 (sf); previously on Jan 26, 2018 Definitive
Rating Assigned A3 (sf)

Issuer: Sequoia Mortgage Trust 2018-CH1

Cl. B-1A, Upgraded to Aa2 (sf); previously on Feb 28, 2018
Definitive Rating Assigned Aa3 (sf)

Cl. B-1B, Upgraded to Aa2 (sf); previously on Feb 28, 2018
Definitive Rating Assigned Aa3 (sf)

Cl. B-2A, Upgraded to Aa3 (sf); previously on Feb 28, 2018
Definitive Rating Assigned A1 (sf)

Cl. B-2B, Upgraded to Aa3 (sf); previously on Feb 28, 2018
Definitive Rating Assigned A1 (sf)

Cl. B-3, Upgraded to A2 (sf); previously on Feb 28, 2018 Definitive
Rating Assigned A3 (sf)

Cl. B-4, Upgraded to Baa1 (sf); previously on Feb 28, 2018
Definitive Rating Assigned Baa3 (sf)

Cl. B-5, Upgraded to Ba2 (sf); previously on Feb 28, 2018
Definitive Rating Assigned Ba3 (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 recent strong performance of
the underlying pools. As of August 2018, the deals had no serious
delinquencies (loans 60 days or more delinquent).

Further, high voluntary prepayment rates since issuance have
contributed to fast pay downs and large increases in percentage
credit enhancement levels for the upgraded bonds. As of August
2018, the 3-month average prepayment rates for the underlying pools
averaged approximately 19% for SEMT 2018-CH1 and 2% for SEMT 2018-2
with the pool factors at 90 and 97% respectively.

The transaction cash flows follow a shifting interest structure
that allows subordinated bonds to receive principal payments under
certain defined scenarios. Because a shifting interest structure
allows subordinated bonds to pay down over time as the loan pool
shrinks, senior bonds are exposed to increased performance
volatility as fewer loans remain in pool. The transactions provide
for a credit enhancement floor 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
frameworks of the transactions, the due diligence findings of the
third party reviews received at the time of issuance, and the
strength of the transaction's originators and servicers.

The principal methodology used in these ratings was "Moody's
Approach to Rating US Prime RMBS" published in February 2015.

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


Down

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

Up

Levels of credit protection that are higher than necessary to
protect investors against current expectations of loss could drive
the ratings up. Losses could decline from Moody's original
expectations as a result of a lower number of obligor defaults or
appreciation in the value of the mortgaged property securing an
obligor's promise of payment. Transaction performance also depends
greatly on the US macro economy and housing market.

Finally, performances 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.


SHOPS AT CRYSTALS 2016-CSTL: S&P Affirms BB Rating on E Certs
-------------------------------------------------------------
S&P Global Ratings affirmed its ratings on seven classes of
commercial mortgage pass-through certificates from Shops at
Crystals Trust 2016-CSTL, a U.S. commercial mortgage-backed
securities (CMBS) transaction.

For the affirmations on the principal- and interest-paying
certificates, S&P's expectation of credit enhancement was in line
with the affirmed rating levels.

S&P affirmed its ratings on the class X-A and X-B interest-only
(IO) certificates based on its criteria for rating IO securities,
in which the ratings on the IO securities would not be higher than
that of the lowest rated reference class. Class X-A's notional
balance references class A, and class X-B's references class B.

This is a stand-alone (single borrower) transaction backed by a
portion of a fixed-rate IO loan secured by The Shops at Crystals, a
262,327-sq.-ft. luxury shopping center in Las Vegas, Nev.
Additionally, the mortgage loan collateral includes up to 65,000
sq. ft. of space on the third floor that is currently used as
storage. S&P said, "Our property-level analysis included a
re-evaluation of the retail property that secures the whole loan
and considered the stable servicer-reported net operating income
and occupancy for the past five-plus years (2013 through the
trailing 12 months ended June 30, 2018). In addition, we considered
our estimate of the occupancy cost ratio for comparable in-line
tenants of approximately 21.3%, based on our calculation of $1,418
per sq. ft. in sales as of Dec. 31, 2017. We then derived our
sustainable in-place net cash flow (NCF), which we divided by a
6.25% S&P Global Ratings capitalization rate to determine our
expected-case value." This yielded an overall S&P Global Ratings
loan-to-value ratio and debt service coverage (DSC) of 76.6% and
2.15x, respectively, on the whole loan balance.

According to the Sept. 7, 2018, trustee remittance report, the IO
mortgage loan has a $300.0 million trust balance and a $550.0
million whole loan balance. The whole loan is split into a $300.0
million trust balance and $250.0 million non-trust companion loans,
of which $210.9 million is pari passu to the $112.0 million senior
trust A notes, and $39.1 million is pari passu to the $20.7 million
subordinate trust B notes. The whole loan pays an annual fixed
interest rate of 3.744% and matures on July 1, 2026. To date, the
trust has not incurred any principal losses.

The master servicer, KeyBank Real Estate Capital, reported a DSC of
2.29x on the whole balance for the three months ended March 31,
2018, and occupancy was 90.3% according to the June 30, 2018, rent
roll. Based on the June 2018 rent roll, the five largest tenants
make up 26.3% of the collateral's total net rentable area (NRA). In
addition, 5.9%, 27.8%, and 16.9% of the tenants making up the NRA
have leases that expire in 2018, 2019, and 2020, respectively.

  RATINGS AFFIRMED

  Shops at Crystals Trust 2016-CSTL

  Commercial mortgage pass-through certificates

  Class     Rating
  A         AAA (sf)
  B         AA- (sf)
  C         A- (sf)
  D         BBB- (sf)
  E         BB (sf)
  X-A       AAA (sf)
  X-B       AA- (sf)


SIERRA TIMESHARE 2018-3: Fitch to Rate $43MM Class D Notes 'BB'
---------------------------------------------------------------
Fitch Ratings expects to assign the following ratings and Outlooks
to notes issued by Sierra Timeshare 2018-3 Receivables Funding
LLC:

  -- $142,860,000 class A timeshare loan backed notes 'AAAsf';
Outlook Stable;

  -- $90,540,000 class B timeshare loan backed notes 'Asf'; Outlook
Stable;

  -- $73,570,000 class C timeshare loan backed notes 'BBBsf';
Outlook Stable;

  -- $43,030,000 class D timeshare loan backed notes 'BBsf';
Outlook Stable.

KEY RATING DRIVERS

Stable Collateral Quality: Approximately 70.3% of Sierra 2018-3
consists of WVRI-originated loans; the remainder are WRDC loans.
Fitch has determined that, on a like-for-like FICO basis, WRDC's
receivables perform better than WVRI's. The weighted average (WA)
original FICO score of the pool is 723. Overall, based on
individual FICO bands, the 2018-3 pool shows moderate negative
shifts relative to the 2018-2 transaction that are reflected in the
slight increase in the base case cumulative gross defaults (CGD)
proxy for 2018-3.

Weakening CGD Performance: Similar to other timeshare originators,
Wyndham Destinations' delinquency and default performance exhibited
notable increases in the 2007 - 2008 vintages, stabilizing in 2009
and thereafter. However, more recent vintages, from 2014 - 2016,
have begun to show increasing gross defaults versus vintages back
to 2009, partially driven by increased paid product exits (PPEs).
Fitch's CGD proxy for this pool is 19.40% (up from 19.30% in
2018-2). Furthermore, given the expected stable economic
conditions, no adjustments were made to Fitch's CGD proxy.

Higher CE Structure: Initial hard credit enhancement (CE) is
expected to be 62.50%, 37.15%, 16.55% and 4.50% for class A, B, C
and D notes, respectively, which represents an increase for class
A, B and C from Series 2018-2. Hard CE is comprised of
overcollateralization (OC), a reserve account and subordination.
Soft CE is also provided by excess spread and is expected to be
8.97% per annum.

Quality of Origination/Servicing: Wyndham Destinations has
demonstrated sufficient abilities as an originator and servicer of
timeshare loans. This is evidenced by the historical delinquency
and loss performance of securitized trusts and of the managed
portfolio.

Legal Structure Integrity: The legal structure of the transaction
should provide that a bankruptcy of Wyndham Destinations and
Wyndham Consumer Finance, Inc. (WCF) would not impair the
timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce
CGD levels higher than the base case and would likely result in
declines of CE and remaining default coverage levels available to
the notes. Additionally, unanticipated increases in prepayment
activity could also result in a decline in coverage. Decreased
default coverage may make certain note ratings susceptible to
potential negative rating actions, depending on the extent of the
decline in coverage.

Thus, Fitch conducts sensitivity analysis by stressing a
transaction's initial base case CGD to the level required to reduce
each rating by one full category, to non-investment grade (BBsf)
and to 'CCCsf'. Fitch also stresses base prepayment assumptions by
1.5x and 2.0x and examines the rating implications on all classes
of issued notes. The 1.5x and 2.0x increases of the prepayment
assumptions represent moderate and severe stresses, respectively,
and are intended to provide an indication of the rating sensitivity
of notes to unexpected deterioration of a trust's performance.


SIERRA TIMESHARE 2018-3: S&P Gives (P)BB Rating on Class D Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Sierra
Timeshare 2018-3 Receivables Funding LLC's timeshare loan-backed
notes.

The note issuance is an asset-backed securities transaction backed
by vacation ownership interval (timeshare) loans.

The preliminary ratings are based on information as of Oct. 4,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect S&P's opinion of the credit
enhancement available in the form of subordination,
overcollateralization, a reserve account, and available excess
spread. S&P's preliminary ratings also reflect our view of Wyndham
Consumer Finance Inc.'s servicing ability and experience in the
timeshare market.

  PRELIMINARY RATINGS ASSIGNED

  Sierra Timeshare 2018-3 Receivables Funding LLC

  Class       Rating      Amount (mil. $)
  A           AAA (sf)             142.86
  B           A (sf)                90.54
  C           BBB (sf)              73.57
  D           BB (sf)               43.03



SLM STUDENT 2008-8: Fitch Affirms Bsf Rating on 2 Tranches
----------------------------------------------------------
Fitch Ratings has affirmed SLM Student Loan Trust 2008-8 (SLM
2008-8) as follows:

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

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

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

The class A-3 notes are expected to be paid in full on the next
distribution date, two quarters ahead of its legal final maturity
date, based on the recent amortization speed of the notes and
collateral performance.

The class A-4 notes miss their legal final maturity date under both
Fitch's credit and maturity base cases. This technical default
would result in interest payments being diverted away from class B,
which would cause that note to default as well. In affirming the
notes at 'Bsf' rather than downgrading to 'CCCsf' or below, Fitch
has considered qualitative factors such as Navient's ability to
call the notes upon reaching 10% pool factor, the revolving credit
agreement in place for the benefit of the noteholders, and the
eventual full payment of principal in modelling.

The trust has entered into a revolving credit agreement with
Navient by which it may borrow funds at maturity in order to pay
off the notes. Because Navient has the option but not the
obligation to lend to the trust, Fitch cannot give full
quantitative credit to this agreement. However, the agreement does
provide qualitative comfort that Navient is committed to limiting
investors' exposure to maturity risk.

KEY RATING DRIVERS

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

Collateral Performance: Based on transaction specific performance
to date, Fitch assumes a base case cumulative default rate of
23.00% and a 69.00% default rate under the 'AAA' credit stress
scenario. Fitch assumes a sustainable constant default rate of 4.0%
and a sustainable constant prepayment rate (voluntary and
involuntary) of 11.0% in cash flow modelling. Fitch applies the
standard default timing curve. The claim reject rate is assumed to
be 0.50% in the base case and 3.0% in the 'AAA' case. The TTM
average of deferment, forbearance, and income-based repayment
(prior to adjustment) are 8.7%, 16.2%, and 21.7%, respectively, and
are used as the starting point in cash flow modelling. Subsequent
declines or increases are modelled as per criteria. The borrower
benefit is assumed to be approximately 0.03%, based on information
provided by the sponsor.

Fitch expects the class A-3 notes to be paid in full on the next
distribution date. The class A-4 notes do not pay off before their
maturity date in all of Fitch's modelling scenarios, including the
base case. If the breach of the class A-4 maturity date triggers an
event of default, interest payments will be diverted away from the
class B notes, causing them to fail the base cases as well.

Basis and Interest Rate Risk: Basis risk for this transaction
arises from any rate and reset frequency mismatch between interest
rate indices for Special Allowance Payments (SAP) and the
securities. As of June 2018, approximately 3.6% of the FFELP loans
have SAP indexed to 91-day T-Bill, with the remaining indexed to
one-month LIBOR. All notes are indexed to three-month LIBOR. Fitch
applies its standard basis and interest rate stresses to this
transaction as per criteria.

Payment Structure: Credit enhancement (CE) is provided by
overcollateralization (OC), excess spread and for the class A
notes, subordination. As of June 2018, senior and total effective
parity ratios (including the reserve) are 115.8% (13.7% CE) and
103.5% (3.3% CE), respectively. Liquidity support is provided by a
reserve account currently sized at its floor of $1,000,088. The
transaction will continue to release cash as long as the 103.09%
total parity is maintained.

Operational Capabilities: Day-to-day servicing is provided by
Navient Solutions (formerly known as Sallie Mae, Inc.). Fitch
believes Navient to be an acceptable servicer of FFELP student
loans.

CRITERIA VARIATION

According to Fitch's U.S. Federal Family Education Loan Program
Student Loan ABS Rating Criteria, if the final ratings are
different from the model results by more than one rating category,
it would constitute a criteria variation. For this surveillance
review, the affirmation of the class A-3 notes is in excess of the
one rating category threshold, constituting a variation to the
criteria. Fitch considered the high sensitivity of the model
implied ratings to the standard nine month default reimbursement
lag assumption. Additionally, Fitch expects the notes to be paid in
full on the next distribution date based on the recent amortization
speed of the notes and collateral performance.

RATING SENSITIVITIES

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

Fitch conducted a CE sensitivity analysis by stressing both the
related lifetime default rate and basis spread assumptions. In
addition, Fitch conducted a maturity sensitivity analysis by
running different assumptions for the IBR usage and prepayment
rate. The results should only be considered as one potential model
implied outcome as the transaction is exposed to multiple risk
factors that are all dynamic variables.

Sensitivity analysis was not conducted for the class A-3 notes due
to Fitch's expectation of the notes to be paid off on the next
distribution date.

Credit Stress Rating Sensitivity

  -- Default increase 25%: class A-4 'CCCsf'; class B 'CCCsf';

  -- Default increase 50%: class A-4 'CCCsf'; class B 'CCCsf';

  -- Basis Spread increase 0.25%: class A-4 'CCCsf'; class B
'CCCsf';

  -- Basis Spread increase 0.5%: class A-4 'CCCsf'; class B
'CCCsf'.

Maturity Stress Rating Sensitivity

  -- CPR decrease 25%: class A-4 'CCCsf'; class B 'CCCsf';

  -- CPR decrease 50%: class A-4 'CCCsf'; class B 'CCCsf';

  -- IBR Usage increase 25%: class A-4 'CCCsf'; class B 'CCCsf';

  -- IBR Usage increase 50%: class A-4 'CCCsf'; class B 'CCCsf'.

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


SOUND POINT XXI: Moody's Rates $22.5MM Class D Notes 'Ba3'
----------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to five
classes of notes issued by Sound Point CLO XXI, Ltd.

Moody's rating action is as follows:

US$315,000,000 Class A-1A Senior Secured Floating Rate Notes due
2031 (the "Class A-1A Notes"), Definitive Rating Assigned Aaa (sf)


US$55,000,000 Class A-2 Senior Secured Floating Rate Notes due 2031
(the "Class A-2 Notes"), Definitive Rating Assigned Aa2 (sf)

US$30,000,000 Class B Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class B Notes"), Definitive Rating Assigned A2
(sf)

US$27,500,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class C Notes"), Definitive Rating Assigned
Baa3 (sf)

US$22,500,000 Class D Junior Secured Deferrable Floating Rate Notes
due 2031 (the "Class D Notes"), Definitive Rating Assigned Ba3 (sf)


The Class A-1A 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

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.

Sound Point XXI is a managed cash flow CLO. The issued notes will
be collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90.0% of the portfolio must consist of
first lien senior secured loans and eligible investments, and up to
10.0% of the portfolio may consist of second lien loans and
unsecured loans. The portfolio is approximately 60% ramped as of
the closing date.

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

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

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

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

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

Par amount: $500,000,000

Diversity Score: 55

Weighted Average Rating Factor (WARF): 2577

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 46.5%

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.


STACR TRUST 2018-HQA2: S&P Gives Prelim. B+ Rating on M-2UB Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Freddie Mac
STACR Trust 2018-HQA2's notes.

The note issuance is an residential mortgage-backed securities
transaction backed by fully amortizing, first-lien, fixed-rate
residential mortgage loans secured by one- to four-family
residences, planned-unit developments, condominiums, cooperatives,
and manufactured housing to mostly prime borrowers.

The preliminary ratings are based on information as of Oct. 11,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The credit enhancement provided by the subordinated reference
tranches, as well as the associated structural deal mechanics;

-- The credit quality of the collateral included in the reference
pool--a majority of such collateral is covered by mortgage
insurance backstopped by Freddie Mac;

-- A credit-linked note structure that reduces the counterparty
exposure to Freddie Mac for periodic principal payments but, at the
same time, relies on credit premium payments from Freddie Mac (a
highly rated counterparty) to make monthly interest payments and to
make up for any investment losses;

-- The issuer's aggregation experience and alignment of interests
between the issuer and noteholders in the deal's performance,
which, in S&P's view, enhances the notes' strength; and

-- The enhanced credit risk management and quality control
processes Freddie Mac uses in conjunction with the underlying
representations and warranties framework.

  PRELIMINARY RATINGS ASSIGNED
  Freddie Mac STACR Trust 2018-HQA2

  Class         Rating              Amount ($)
  A-H(i)        NR              34,745,396,154
  M-1           BBB- (sf)          256,000,000
  M-1H(i)       NR                 105,931,210
  M-2           B+ (sf)            476,000,000
  M-2R          B+ (sf)            476,000,000
  M-2S          B+ (sf)            476,000,000
  M-2T          B+ (sf)            476,000,000
  M-2U          B+ (sf)            476,000,000
  M-2I          B+ (sf)            476,000,000
  M-2A          BB (sf)            238,000,000
  M-2AR         BB (sf)            238,000,000
  M-2AS         BB (sf)            238,000,000
  M-2AT         BB (sf)            238,000,000
  M-2AU         BB (sf)            238,000,000
  M-2AI         BB (sf)            238,000,000
  M-2AH(i)      NR                  96,786,369
  M-2B          B+ (sf)            238,000,000
  M-2BR         B+ (sf)            238,000,000
  M-2BS         B+ (sf)            238,000,000
  M-2BT         B+ (sf)            238,000,000
  M-2BU         B+ (sf)            238,000,000
  M-2BI         B+ (sf)            238,000,000
  M-2RB         B+ (sf)            238,000,000
  M-2SB         B+ (sf)            238,000,000
  M-2TB         B+ (sf)            238,000,000
  M-2UB         B+ (sf)            238,000,000
  M-2BH(i)      NR                  96,786,369
  B-1           NR                 128,000,000
  B-1A          NR                  64,000,000
  B-1AR         NR                  64,000,000
  B-1AI         NR                  64,000,000
  B-1AH(i)      NR                  26,482,803
  B-1B          NR                  64,000,000
  B-1BH(i)      NR                  26,482,803
  B-2           NR                 140,000,000
  B-2A          NR                  70,000,000
  B-2AR         NR                  70,000,000
  B-2AI         NR                  70,000,000
  B-2AH(i)      NR                  29,531,082
  B-2B          NR                  70,000,000
  B-2BH(i)      NR                  29,531,082
  B-3H(i)       NR                  36,193,122

(i)Reference tranche only and will not have corresponding notes.
Freddie Mac retains the risk of each of these tranches.
NR--Not rated.



THL CREDIT 2014-3: Moody's Rates $17.75MM Class E-R2 Notes 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
CLO refinancing notes issued by THL Credit Wind River 2014-3 CLO
Ltd.:

Moody's rating action is as follows:

US$214,250,000 Class A-1a-2 Senior Secured Floating Rate Notes Due
2031 (the "Class A-1a-2 Notes"), Assigned Aaa (sf)

US$20,250,000 Class A-1b-2 Senior Secured Fixed Rate Notes Due 2031
(the "Class A-1b-2 Notes"), Assigned Aaa (sf)

US$15,500,000 Class A-2-R2 Senior Secured Floating Rate Notes Due
2031 (the "Class A-2-R2 Notes"), Assigned Aaa (sf)

US$17,750,000 Class E-R2 Secured Deferrable Floating Rate Notes Due
2031 (the "Class E-R2 Notes"), Assigned Ba3 (sf)

US$6,000,000 Class F-R2 Secured Deferrable Floating Rate Notes Due
2031 (the "Class F-R2 Notes"), Assigned B3 (sf)

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

THL Credit Advisors LLC manages the CLO. It directs the selection,
acquisition, and disposition of collateral on behalf of the Issuer.


RATINGS RATIONALE

The ratings reflect the risks due to defaults on the underlying
portfolio of assets, the transaction's legal structure, and the
characteristics of the underlying assets.

The Issuer has issued the Refinancing Notes on October 3, 2018 in
connection with the refinancing of all classes of the secured notes
previously refinanced on June 6, 2017 and originally issued on
January 29, 2015. On the Second Refinancing Date, the Issuer used
proceeds from the issuance of the Refinancing Notes, along with the
proceeds from the issuance of three other classes of secured notes
and additional subordinated notes, to redeem in full the Refinanced
Original Notes.

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

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

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

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

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2958

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 47%

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


TOWD POINT 2016-2: Moody's Hikes Class B2 Debt Rating to Ba1
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of three
tranches issued by Towd Point Mortgage Trust 2016-2. The
transaction is backed by one pool of seasoned performing and
re-performing mortgage loans. As of Sep 2018, there are 3,237
remaining loans in the pool with an aggregate balance of $634.9
million representing a pool factor of 72.5%.

Complete rating actions are as follows:

Issuer: Towd Point Mortgage Trust 2016-2

Cl. M2, Upgraded to A2 (sf); previously on Nov 16, 2017 Assigned A3
(sf)

Cl. B1, Upgraded to Baa1 (sf); previously on Nov 16, 2017 Assigned
Baa3 (sf)

Cl. B2, Upgraded to Ba1 (sf); previously on Nov 16, 2017 Assigned
Ba3 (sf)


RATINGS RATIONALE

The rating upgrades are driven by the strong performance of the
underlying loans in the pool and reflect its updated loss
expectation on the pool, which incorporates its assessment of the
weak representations and warranties framework of the transaction,
the due diligence findings of the third party review received at
the time of issuance, and the strength of Select Portfolio
Servicing, Inc. as the servicer.

The loans underlying the pools have fewer delinquencies and have
prepaid at a faster rate than originally anticipated, resulting in
an improvement in its future losses projection on the pool.
Moreover, cumulative losses realized on the pool till date have
been small and are largely driven by modification losses recognized
on principal forborne amounts. Moody's bases its expected losses on
a pool of re-performing mortgage loans on its estimates of 1) the
default rate on the remaining balance of the loans and 2) the
principal recovery rate on the defaulted balances. Its estimates of
defaults are driven by annual delinquency assumptions adjusted for
roll-rates, prepayments and loss severity assumptions. In
estimating defaults on this pool, Moody's used an initial expected
annual delinquency rate of 8%, a loss severity assumption of 45%
and an expected prepayment rate of 6% based on the collateral
characteristics of the pool and observed performance of the pool.

The rating upgrades further reflect the increase in percentage
credit enhancement available to the bonds, owing to the sequential
pay cashflow waterfall whereby a given class of notes can only
receive principal payments when all the classes of notes above it
have been paid off. Similarly, losses are applied in the reverse
order of priority.

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

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 3.7% in September 2018 from 4.2% in
September 2017. Moody's forecasts an unemployment central range of
3.5% to 4.5% for the 2018 year. Deviations from this central
scenario could lead to rating actions in the sector. House prices
are another key driver of US RMBS performance. Moody's expects
house prices to continue to rise in 2018. Lower increases than
Moody's expects or decreases could lead to negative rating actions.
Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions.


TRU TRUST 2016-TOYS: S&P Lowers Class F Certs Rating to CCC
-----------------------------------------------------------
S&P Global Ratings lowered its ratings on the class E and F
commercial mortgage pass-through certificates from TRU Trust
2016-TOYS, a U.S. commercial mortgage-backed securities (CMBS)
transaction. At the same time, S&P placed the rating on class E, as
well as three other classes from the same transaction, on
CreditWatch with negative implications. Finally, S&P affirmed its
'AAA (sf)' rating on class A.

S&P said, "The downgrades on classes E and F and the CreditWatch
negative placements on classes B, C, D, and E reflect our
expectation of credit support erosion for these certificates based
on our revised stabilized value of the remaining collateral, which
we assumed has declined from our initial estimate of value.
Specifically, we believe, at this time, that principal recoveries
on classes E and F are highly speculative and that the cumulative
balances are subject to recovery values that are higher than our
current stabilized valuation as well as recent market sales data.

"The CreditWatch negative placements on classes B, C, D, and E also
reflect additional information that the special servicer
anticipates obtaining in the next few weeks; this information may
affect the assumptions we used to derive our current stabilized
value." The special servicer stated that updated appraisals and
marketing efforts on the remaining properties are underway. S&P
expects to resolve the CreditWatch placements after reviewing the
updated appraisal values and resolution strategies of the remaining
91 properties serving as collateral for the trust, and considering
the impact, if any, on its stabilized value.

For the affirmation on class A, S&P's expectation of credit
enhancement was in line with the affirmed rating level. The
affirmation also considered the paydown of the class, from $244.9
million at issuance to $141.6 million as of the September 2018
reporting period.

This is a stand-alone (single borrower) transaction backed,
originally, by a floating-rate amortizing mortgage loan that was
secured by 123 Toys "R" Us and Babies "R" Us stores comprising 5.1
million sq. ft. across 29 U.S. states. The master servicer, Wells
Fargo Bank N.A. (Wells Fargo), transferred the loan to the special
servicer, also Wells Fargo, in Sept. 2017 due to an event of
default under the loan agreement because of the borrower's
bankruptcy filing. Up until the July 2018 payment period, the loan
had a current payment status.

In August 2018, in connection with the resolution of the bankruptcy
filing by the borrower, the bankruptcy court approved the sale of
32 properties, totaling 1.3 million sq. ft., to third-party buyers
for total sales proceeds of $116.9 million (or about $93 per sq.
ft.). At the same time, the remaining 91 properties, totaling 3.8
million sq. ft., became real-estate-owned (REO) assets of the
trust.

After expenses, approximately $110.5 million of the proceeds from
the sale of the 32 properties were applied as follows: $12.5
million was used to repay prior servicer advances; $18.0 million
was placed in reserve by the servicer to cover future debt service
and property operating costs; and $80.0 million (68.4% of the total
sales proceeds) was used to pay down the outstanding debt. Along
with amortization since issuance, the trust balance has declined to
$408.8 million (as of the Sept. 17, 2018, trustee remittance
report) from $512.0 million.

S&P said, "Our property-level analysis included a re-evaluation of
the remaining 91 single-tenant retail properties that serve as
trust collateral. Since the properties are predominantly vacant, we
stabilized the properties based on market rental rates and
occupancy data obtained from a third-party source (CBRE). On
average, we estimated a net rental rate of $13.75 per sq. ft., with
a 10.3% average vacancy loss assumption. We then estimated an
operating expense ratio of approximately 35.8%, with the majority
of the expenses recovered in the form of reimbursements. This
resulted in a stabilized net operating income of $42.2 million.

After accounting for normalized tenant improvement costs, leasing
commissions, and capital expenditures, we arrived at an estimated
stabilized net cash flow of $39.1 million, which we divided by a
9.00% S&P Global Ratings' capitalization rate, to determine our
stabilized value. Since the properties are currently vacant, we
also accounted for additional costs necessary to lease the space up
to our stabilized occupancy assumptions. These estimates totaling
$106.7 million included carrying costs due to an assumed two-year
downtime and tenant improvement costs and leasing commissions.
After accounting for the present value of future ground rent
expenses, and individual property specific valuation adjustments
(whereby the appraiser's dark value at issuance indicates valuation
lower than our stabilized value), we arrived at a stabilized value
of $305.9 million, or $80 per sq. ft. This yielded an overall S&P
Global Ratings' loan-to-value ratio of 133.6% on the trust balance.


"The $80 per sq. ft. value that we determined is lower than the
average $93 per sq. ft. from the sale of the 32 properties (ranging
from $64 per sq. ft. to $328 per sq. ft.). Given this, we
considered the potential variance that our derived stabilized value
may have from the value that may be achieved by the special
servicer upon the resolution of the remaining properties. Based on
our understanding and communications with the special servicer,
updated appraisals have been ordered for the remaining properties,
and the special servicer had engaged the services of a third-party
entity to market the remaining properties for sale. We believe the
additional data points on the potential sales of any of the
remaining 91 properties, as well as updated appraisal values, may
be helpful in refining our estimate of stabilized value."

According to the Sept. 17, 2018, trustee remittance report, the
trust asset has an outstanding balance of $408.8 million with an
interest rate of LIBOR plus an average spread of 6.09%. It is S&P's
understanding that the $88.0 million mezzanine debt was written off
following the bankruptcy filing. To date, the trust has not
incurred any principal losses and there is currently no appraisal
reduction amount in place on the remaining collateral.

  RATING LOWERED
  
  TRU Trust 2016-TOYS
  Commercial mortgage pass-through certificates
  Class             Rating
            To                   From
  F         CCC (sf)             B- (sf)

  RATING LOWERED AND PLACED ON WATCH NEGATIVE

  TRU Trust 2016-TOYS
  Commercial mortgage pass-through certificates
  Class             Rating
            To                   From
  E         B (sf)/Watch Neg     BB- (sf)

  RATINGS PLACED ON WATCH NEGATIVE

  TRU Trust 2016-TOYS
  Commercial mortgage pass-through certificates
  Class             Rating
            To                   From
  B         AA- (sf)/Watch Neg   AA- (sf)
  C         A- (sf)/Watch Neg    A- (sf)
  D         BBB- (sf)/Watch Neg  BBB- (sf)

  RATING AFFIRMED

  TRU Trust 2016-TOYS
  Commercial mortgage pass-through certificates
  Class     Rating A         AAA (sf)



UBS COMMERCIAL 2017-C4: Fitch Affirms B Rating on 2 Tranches
------------------------------------------------------------
Fitch Ratings has affirmed 16 classes of UBS Commercial Mortgage
Trust, commercial mortgage pass-through certificates, series
2017-C4 (UBS 2017-C4).

KEY RATING DRIVERS

Stable Performance and Loss Expectations: The affirmations reflect
the overall stable performance of the pool with no material changes
to pool metrics since issuance. One loan, Floor & Decor/Garden
Fresh Market (1.6% of pool), is in special servicing.

Minimal Change to Credit Enhancement: As of the September 2018
distribution date, the pool's aggregate balance has been reduced by
0.4% to $815 million from $818.3 million at issuance. Credit
enhancement levels remain relatively unchanged from issuance.

Based on the loans' scheduled maturity balances, the pool is
expected to amortize 9.8% during the term. Thirteen loans (39.1% of
pool) are full-term, interest-only, and 18 loans (33.6%) have a
partial-term, interest-only component.

ADDITIONAL CONSIDERATIONS

Pool Concentration: The top-10 loans make up 44.3% of the pool.
Loans secured by office, retail and hotel properties represent
24.7%, 23.7% and 19.9% of the pool, respectively.

Specially Serviced Loan: One loan, Floor & Decor/Garden Fresh
Market (1.6% of pool) is in special servicing. The loan, secured by
a 74,900 sf single tenant Floor & Decor in Arlington Heights, IL
and a 98,921 sf single tenant Garden Fresh Market in Mundelein, IL,
transferred to special servicing in February 2018 due to
non-monetary default after the borrower did not comply with cash
management. The loan is current, counsel has been engaged and the
special servicer is monitoring property performance.

Investment-Grade Credit Opinion Loans: Four loans (15.4% of pool)
were assigned investment-grade credit opinions at issuance, 237
Park Avenue (BBB+sf), Park West Village (BBB-sf), 245 Park Avenue
(BBB-sf) and Del Amo Fashion Center (BBBsf). The pari passu portion
of 237 Park Avenue (6.1%) is secured by approximately 1.25 million
sf of an office building including approximately 20,000 sf of
ground floor space. At issuance, the largest tenant, New York and
Presbyterian Hospital (rated 'AA'), had not yet moved into its
space and was still in the early stages of buildout. NYP signed a
new, 31.5-year lease, with a total of $87.0 million of tenant
improvements and landlord obligations for NYP's space, of which the
remaining $73.6 million in outstanding work was escrowed at
closing. NYP also purchased and owns a number of leasehold
condominium units. Other large tenants include JP Morgan Chase,
which only occupies one third of its space with the remainder
either subleased or dark; J Walter Thompson; and Jennsion
Associates.

The pari passu portion of Park West Village (4.9%) is secured by a
three-building multifamily complex located at 784, 788, and 792
Columbus Avenue within the Upper West Side of Manhattan totaling
645,790 net rentable sf, which is comprised of 852 residential
units (641,094 sf) and six commercial units that have been combined
into three commercial/office suites (4,696 sf). The three
commercial/office suites include the on-site management office, a
cleaners and an architectural firm.

The pari passu portion of 245 Park Avenue (3.8%) is secured by an
approximate 1.8 million sf office building located between 46th to
47th Streets on Park Avenue and extending to Lexington Avenue
within Midtown Manhattan. The property consists of approximately
58,000 sf of retail space, 1,600 sf of lobby space, and features
direct underground access to Grand Central Terminal, Metro North
Transit and the 4, 5, 6, 7 and S subway lines. Investment grade
tenants include Societe Generale, JPMorgan Chase Bank and
Rabobank.

The pari passu portion of the Del Amo Fashion Center, (0.6%) is
secured by approximately 1.8 million sf of traditional mall, open
air lifestyle and entertainment space in Torrance, CA. Together
with the non-collateral Macy's and Sears anchors, the Del Amo
Fashion Center is comprised of 2.5 million sf and is the largest
shopping center in the western United States. The collateral
anchors are J.C. Penney and Nordstrom and larger tenants include
Dick's Sporting Goods, H&M, Crate & Barrel and an 18-screen AMC
Theatres.

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:

  -- $25.1 million class A-1 at 'AAAsf'; Outlook Stable;

  -- $56.4 million class A-2 at 'AAAsf'; Outlook Stable;

  -- $38.7 million class A-SB at 'AAAsf'; Outlook Stable;

  -- $188.1 million class A-3 at 'AAAsf'; Outlook Stable;

  -- $232.7 million class A-4 at 'AAAsf'; Outlook Stable;

  -- $81.6 million class A-S at 'AAAsf'; Outlook Stable;

  -- $30.1 million class B at 'AA-sf'; Outlook Stable;

  -- $30.1 million class C at 'A-sf'; Outlook Stable;

  -- $36 million class D at 'BBB-sf'; Outlook Stable;

  -- $15.5 million class E at 'BB-sf'; Outlook Stable;

  -- $7.8 million class F at 'B-sf'; Outlook Stable;

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

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

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

  -- Interest-only class X-E at 'BB-sf'; Outlook Stable;

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

Fitch does not rate the class G, class NR, interest-only class X-G,
interest-only class X-NR and RRI certificates.


WACHOVIA BANK 2006-C25: Moody's Hikes Class F Debt Rating to B3
---------------------------------------------------------------
Moody's Investors Service has upgraded the rating on one class and
affirmed the rating on one class in Wachovia Bank Commercial
Mortgage Trust 2006-C25, Commercial Mortgage Pass-Through
Certificates, Series 2006-C25 as follows:

Cl. F, Upgraded to B3 (sf); previously on Sep 28, 2017 Affirmed
Caa1 (sf)

Cl. G, Affirmed C (sf); previously on Sep 28, 2017 Downgraded to C
(sf)

RATINGS RATIONALE

The rating on the principal and interest class, Cl. F was upgraded
based primarily on an increase in credit support resulting from
loans paydowns and amortization. The deal has paid down 99% since
securitization and the Cl. F balance has paid down 15% since
Moody's last review and 63% since securitization.

The rating on the P&I class, Cl. G, was affirmed because the rating
is consistent with Moody's expected loss plus realized losses. Cl.
G has experienced a 43% realized loss as a result of previously
liquidated loans.

Moody's rating action reflects a base expected loss of 9.0% of the
current pooled balance, compared to 10.9% at Moody's last review.
Moody's base expected loss plus realized losses is now 7.3% of the
original pooled balance, compared to 7.4% at the last review.

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


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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the September 17, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $30.3 million
from $2.86 billion at securitization. The certificates are
collateralized by two remaining mortgage loans.

Twenty-two loans have been liquidated from the pool, resulting in
an aggregate realized loss of $207 million (for an average loss
severity of 50%). There are currently no loans on the master
servicer's watchlist or in special servicing.

The two remaining loans represent 100% of the pool balance. The
largest loan is the Shoppes at North Village Loan ($27.9 million --
91.9% of the pool), which is secured by 226,000 square foot (SF)
portion of a 710,000 SF power center built in 2005 and located in
Saint Joseph, Missouri. The property is anchored by Target, The
Home Depot and Sam's Club, all non-collateral. The collateral
tenants include: Hollywood Theatre, TJ Maxx , Michael's, Bed Bath &
Beyond and Best Buy. As of the March 2018, the collateral was 97%
leased, compared to 98% in March 2017 and up from 93% at year-end
2015. Performance has been essentially stable and the loan has
amortized by 9.6% since securitization The loan has passed the
November 2015 Anticipated Repayment Date (ARD), and began
amortizing in 2015 with the final maturity date in 2025. Moody's
LTV and stressed DSCR are 124% and 0.83X, respectively, compared to
127% and 0.81X at the last review. Moody's stressed DSCR is based
on Moody's NCF and a 9.25% stress rate the agency applied to the
loan balance.

The second remaining loan is the Ballantyne Shopping Center Loan
($2.4 million -- 8.1% of the pool), which is secured by a 10,000 SF
retail property located in Charlotte, NC. The property was 100%
leased as of March 2018, unchanged since 2012. Performance has been
stable and the loan has amortized by 21% since securitization. The
loan matures in February 2026. Moody's LTV and stressed DSCR are
81% and 1.27X, respectively, compared to 83% and 1.23X at the last
review.


WAMU MORTGAGE 2006-AR17: Moody's Hikes Class 1A Debt Rating to Caa2
-------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of three
tranches from WaMu Mortgage Pass-Through Certificates, Series
2006-AR17 transaction, backed by Option ARM mortgage loans.

Complete rating actions are as follows:

Issuer: WaMu Mortgage Pass-Through Certificates, Series 2006-AR17

Cl. 1A, Upgraded to Caa2 (sf); previously on Dec 3, 2010 Downgraded
to Caa3 (sf)

Cl. 1A-1A, Upgraded to B1 (sf); previously on Apr 7, 2016 Upgraded
to B3 (sf)

Cl. 2X-PPP, Upgraded to Caa3 (sf); previously on Dec 20, 2017
Confirmed at Ca (sf)

RATINGS RATIONALE

The rating upgrades are due to the improvement in performance of
the underlying collateral and the continued amortization of the
bonds.

The principal methodology used in rating WaMu Mortgage Pass-Through
Certificates, Series 2006-AR17 Cl. 1A-1A and Cl. 1A was "US RMBS
Surveillance Methodology" published in January 2017. The
methodologies used in rating WaMu Mortgage Pass-Through
Certificates, Series 2006-AR17 Cl. 2X-PPP were "US RMBS
Surveillance Methodology" published in January 2017 and "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

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


Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 3.7% in September 2018 from 4.2% in
September 2017. Moody's forecasts an unemployment central range of
3.5% to 4.5% for the 2018 year. Deviations from this central
scenario could lead to rating actions in the sector. House prices
are another key driver of US RMBS performance. Moody's expects
house prices to continue to rise in 2018. Lower increases than
Moody's expects or decreases could lead to negative rating actions.
Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of this transaction.

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.


WELLS FARGO 2015-C31: Fitch Affirms BB- Rating on Class E Certs
---------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of Wells Fargo Commercial
Mortgage Trust, Series 2015-C31 pass-through certificates and
maintained all outlooks.

KEY RATING DRIVERS

Stable Loss Expectations: Since issuance, base case loss
expectations have remained largely stable. While there has been
some collateral underperformance, overall performance of the pool
has been stable. Fitch is monitoring the performance of two malls
in the top 15 (5%) of the pool, given exposure to anchors JCPenney
and Macy's, as well as concerns with tenant rollover and increased
expenses that could potentially impact future performance.

Minimal Change to Credit Enhancement: The pool has paid down
approximately 1.9% since issuance, which has resulted in minimal
change to credit enhancement. In addition, two loans, totaling
approximately 1.3% of pool balance, are defeased.

Retail and Regional Mall Concentration: The retail concentration in
the pool is 27.3%, which is slightly higher than the average of
26.7% for Fitch-rated transactions in 2015. Two loans totaling
approximately 5% of the pool are collateralized by regional malls
in secondary or tertiary markets, including Newport News, VA and
Moscow, ID. Both of these malls reflect exposure to anchor tenants
that have recently faced secular challenges, including the Palouse
Mall loan (2.4%), which reflects a dark Macy's anchor, following a
round of store closures in 2016.

The Patrick Henry Mall loan (2.6%) is collateralized by a regional
mall located in Newport News, VA. Fitch's base case loss included
an additional 10% haircut to the reported NOI given recent declines
in occupancy, concern with upcoming rollover, weak anchor exposure,
and tertiary location.

The Palouse Mall loan (2.4%) is collateralized by a regional mall
located in Moscow, ID. Fitch ran a sensitivity test that assumed a
50% loss given the possibility of continued performance declines
given the property's tertiary location, loss of anchor tenant
Macy's, potential co-tenancy clauses and rising expenses. The
sensitivity test contributed to the continued Negative Outlook on
classes E and F.

High Hotel Concentration: Loans collateralized by hotel properties
comprise 20.5% of the pool, including three within the top 10. Each
of these hotels is underperforming bank underwritten levels, though
none of the loans have been labeled Fitch Loans of Concern. The
pool's hotel concentration is greater than the 2015 and 2014
vintage averages of 17% and 14.2%, respectively. For loans secured
by hotel assets, Fitch applied an additional stress to the most
recently reported full-year NOIs to reflect the peaking performance
outlook of the sector.

Granular Pool: The top 10 loans represent 37.7% of the pool by
balance. This is well below the year-to-date 2015 average of 49.3%
and the 2014 average of 50.5%.

RATING SENSITIVITIES

Ratings Outlooks on classes E and F remain Negative based on
sensitivity testing related to the Palouse Mall loan. Fitch's
analysis included a stress scenario whereby an outsized loss of 50%
was modeled on this loan, given the dark Macy's at the collateral,
decreasing cash flow, and tertiary market location. The Stable
Outlooks on the remaining classes reflect the overall stable
performance of the pool. Stable Outlooks on classes E and F are
possible given improved collateral performance at the Palouse Mall.
Downgrades are possible should either of the regional malls
experience further declines in collateral performance. Upgrades are
possible with improved pool performance, paydown, or defeasance.

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

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

Fitch has affirmed the following ratings:

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

  -- $20.3 million class A-2 at 'AAAsf'; Outlook Stable;

  -- $200 million class A-3 at 'AAAsf'; Outlook Stable;

  -- $366.1 million class at A-4 'AAAsf'; Outlook Stable;

  -- $67.3 million class A-SB at 'AAAsf'; Outlook Stable;

  -- $49.4 million class A-S at 'AAAsf'; Outlook Stable;

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

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

  -- Interest-Only class X-D at 'BBB-sf'; Outlook Stable;

  -- $60.5 million class B at 'AA-sf'; Outlook Stable;

  -- $47 million class C at 'A-sf'; Outlook Stable;

  -- Class PEX exchangeable certificates at 'A-sf'; Outlook
Stable;

  -- $56.8 million class D at 'BBB-sf'; Outlook Stable;

  -- $24.7 million class E at 'BB-sf'; Outlook Negative;

  -- $11.1 million class F at 'B-sf'; Outlook Negative.

Fitch does not rate the class G certificates.


WELLS FARGO 2018-1: Fitch to Rate $1.76MM Class B-4 Certs 'BB+sf'
-----------------------------------------------------------------
Fitch Ratings expects to rate Wells Fargo Mortgage Backed
Securities 2018-1 Trust as follows:

  -- $375,040,000 class A-1 exchangeable certificates 'AAAsf';
Outlook Stable;

  -- $375,040,000 class A-2 exchangeable certificates 'AAAsf';
Outlook Stable;

  -- $281,280,000 class A-3 exchangeable certificates 'AAAsf';
Outlook Stable;

  -- $281,280,000 class A-4 exchangeable certificates 'AAAsf';
Outlook Stable;

  -- $93,760,000 class A-5 exchangeable certificates 'AAAsf';
Outlook Stable;

  -- $93,760,000 class A-6 exchangeable certificates 'AAAsf';
Outlook Stable;

  -- $225,024,000 class A-7 exchangeable certificates 'AAAsf';
Outlook Stable;

  -- $225,024,000 class A-8 certificates 'AAAsf'; Outlook Stable;

  -- $150,016,000 class A-9 exchangeable certificates 'AAAsf';
Outlook Stable;

  -- $150,016,000 class A-10 exchangeable certificates 'AAAsf';
Outlook Stable;

  -- $56,256,000 class A-11 exchangeable certificates 'AAAsf';
Outlook Stable;

  -- $56,256,000 class A-12 certificates 'AAAsf'; Outlook Stable;

  -- $46,880,000 class A-13 exchangeable certificates 'AAAsf';
Outlook Stable;

  -- $46,880,000 class A-14 certificates 'AAAsf'; Outlook Stable;

  -- $46,880,000 class A-15 exchangeable certificates 'AAAsf';
Outlook Stable;

  -- $46,880,000 class A-16 certificates 'AAAsf'; Outlook Stable;

  -- $44,150,000 class A-17 exchangeable certificates 'AAAsf';
Outlook Stable;

  -- $44,150,000 class A-18 certificates 'AAAsf'; Outlook Stable;

  -- $419,190,000 class A-19 exchangeable certificates 'AAAsf';
Outlook Stable;

  -- $419,190,000 class A-20 exchangeable certificates 'AAAsf';
Outlook Stable;

  -- $419,190,000 class A-IO1 notional certificates 'AAAsf';
Outlook Stable;

  -- $375,040,000 class A-IO2 notional exchangeable certificates
'AAAsf'; Outlook Stable;

  -- $281,280,000 class A-IO3 notional exchangeable certificates
'AAAsf'; Outlook Stable;

  -- $93,760,000 class A-IO4 notional exchangeable certificates
'AAAsf'; Outlook Stable;

  -- $225,024,000 class A-IO5 notional certificates 'AAAsf';
Outlook Stable;

  -- $150,016,000 class A-IO6 notional exchangeable certificates
'AAAsf'; Outlook Stable;

  --$56,256,000 class A-IO7 notional certificates 'AAAsf'; Outlook
Stable;

  -- $46,880,000 class A-IO8 notional certificates 'AAAsf'; Outlook
Stable;

  -- $46,880,000 class A-IO9 notional certificates 'AAAsf'; Outlook
Stable;

  -- $44,150,000 class A-IO10 notional certificates 'AAAsf';
Outlook Stable;

  -- $419,190,000 class A-IO11 notional exchangeable certificates
'AAAsf'; Outlook Stable;

  -- $8,163,000 class B-1 certificates 'AAsf'; Outlook Stable;

  -- $4,854,000 class B-2 certificates 'A+sf'; Outlook Stable;

  -- $4,192,000 class B-3 certificates 'A-sf'; Outlook Stable;

  -- $1,765,000 class B-4 certificates 'BB+sf'; Outlook Stable.

Fitch will not be rating the following classes:

  -- $3,089,346 class B-5 certificates;

  -- $0 class R certificates.

Fitch Ratings expects to rate the residential mortgage-backed
certificates issued by Wells Fargo Mortgage Backed Securities
2018-1 Trust (WFMBS 2018-1) as indicated. The certificates are
supported by 660 prime fixed-rate mortgage loans with a total
balance of approximately $441.25 million as of the cutoff date. All
of the loans were originated by Wells Fargo Bank, N.A (Wells
Fargo). This is the first post-crisis issuance from Wells Fargo.

KEY RATING DRIVERS

Very High-Quality Mortgage Pool (Positive): The collateral
attributes are among the strongest of the post-crisis RMBS rated by
Fitch. The pool consists of mainly 30-year fixed-rate fully
amortizing Safe Harbor Qualified Mortgage (SHQM) loans to borrowers
with strong credit profiles, low leverage and large liquid
reserves. The loans are seasoned an average of 17 months.

The pool has a weighted average (WA) updated FICO score of 779,
which is higher than any transaction rated by Fitch post crisis and
is indicative of very high credit-quality borrowers. Approximately
52% have original FICO scores at or above 780. In addition, the
original WA CLTV ratio of 73% represents substantial borrower
equity in the property. The pool's attributes, together with Wells
Fargo's sound origination practices, support Fitch's very low
default risk expectations.

Loss Floors Applied (Positive): Due to the very strong credit
profile and seasoning of the loans, Fitch's unadjusted model
projected losses are below minimum rating loss levels, at both the
loan level and pool level, established to protect against
idiosyncratic risk. The given loss levels used in the rating
analysis and shown on page four of the presale are higher than
Fitch's unadjusted model projected losses. The percentage of loans
where Fitch's loss severity floor was applied is noted on this
table as well.

Low Operational Risk (Positive): Operational risk is well
controlled in this transaction. Wells Fargo has a long operating
history of originating quality prime mortgage loans and has as an
'above average' origination assessment by Fitch. The results of the
100% third-party due diligence confirm high loan quality and no
incidence of material defects; this should translate into reduced
loan manufacturing risk and representation and warranty (R&W)
breaches. The 'tier 2' R&W framework, coupled with Wells'
'AA-'/'F1+' corporate ratings, further contribute to the overall
low operational risk.

Retail Origination Channel (Positive): All of the loans were
originated through Wells Fargo Bank's retail channel, which Fitch
views as a key strength. Loans originated directly by the lending
institution traditionally have performed better than correspondent
and broker loans due to lower risk of misrepresentation and fraud.


Geographic Concentration (Negative): Approximately 37% of the pool
is concentrated in California. The largest MSA concentration is in
the New York MSA (23.7%) followed by the San Francisco MSA (12.6%)
and the Los Angeles MSA (11.9%). The top-three MSAs account for 48%
of the pool and the top-five MSAs account for 57%. As a result, an
adjustment of 1.06x was made to the probability of default (PD) to
account for the geographic concentration.

Tier 2 R&W Framework (Neutral): While the loan-level
representations and warranties (R&Ws) for this transaction are
substantially consistent with a Tier I framework, the nature of the
prescriptive breach tests, which limit the breach reviewers ability
to identify or respond to issues not fully anticipated at closing,
resulted in a Tier 2 framework. The pool received a neutral
treatment at the 'AAAsf' level due to the strong financial
condition of the R&W provider, Wells Fargo.

Straightforward Deal Structure (Positive): The mortgage cash flow
and loss allocation are based on a senior-subordinate,
shifting-interest structure, whereby the subordinate classes
receive only scheduled principal and are locked out from receiving
unscheduled principal or prepayments for five years. The lockout
feature helps maintain subordination for a longer period should
losses occur later in the life of the deal. The applicable credit
support percentage feature redirects subordinate principal to
classes of higher seniority if specified credit enhancement (CE)
levels are not maintained.

To mitigate tail risk, which arises as the pool seasons and fewer
loans are outstanding, a subordination floor of 1.25% of the
original balance will be maintained for the senior certificates.

Full Servicer Advancing (Neutral): The pool benefits from advances
of delinquent principal and interest until the servicer deems
non-recoverable, by Wells Fargo, the primary servicer of the pool.
Fitch's loss severities reflect reimbursement of amounts advanced
by the servicer from liquidation proceeds based on its liquidation
timelines assumed at each rating stress.

Extraordinary Expense Treatment (Neutral): The trust provides for
expenses, including indemnification amounts, reviewer fees and
costs of arbitration, to be paid by the net WA coupon of the loans,
which does not affect the contractual interest due on the
certificates. Furthermore, the expenses to be paid from the trust
are capped at $350,000 per annum (with the exception of independent
reviewer breach review fee), which can be carried over each year,
subject to the cap until paid in full.

Exclusion of FEMA Disaster Area Loans (Positive): Property located
in a Federal Emergency Management Agency (FEMA) declared disaster
zip code related to Hurricane Florence is not included in this
pool.

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 originators' lending platforms, as
well as an assessment of the transaction's R&Ws provided by the
originators and arranger, which were found to be consistent with
the ratings assigned to the certificates.

Fitch's analysis incorporated one criteria variation from the "U.S.
RMBS Rating Criteria", which relates to Fitch's assessment of the
transaction's R&W framework. While the R&W scorecard assesses the
framework as a Tier 1, the framework is treated as a Tier 2 given
the prescriptive testing construct with no reviewer latitude. There
is no impact to the ratings due to the strong financial strength of
the R&W provider.

RATING SENSITIVITIES

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

This defined stress sensitivity analysis demonstrates how the
ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10%, 20% and 30%, in addition to the
model-projected 7.0%. The analysis indicates that there is some
potential rating migration with higher MVDs, compared with the
model projection.

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

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 Clayton Services LLC. The third-party due diligence
described in Form 15E focused on a compliance review, credit review
and valuation review. The due diligence company performed a review
on 100% of the loans. Fitch believes the overall results of the
review generally reflected strong underwriting controls.


WELLS FARGO 2018-1: Moody's Assigns (P)Ba1 Rating on Cl. B-4 Debt
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 24
classes of residential mortgage-backed securities issued by Wells
Fargo Mortgage Backed Securities 2018-1 Trust. The ratings range
from (P)Aaa (sf) to (P)Ba1 (sf).

WFMBS 2018-1 is the first prime issuance by Wells Fargo Bank, N.A.
in 2018. The mortgage loans for this transaction are originated by
Wells Fargo Bank, N.A. generally in accordance with the
non-conforming underwriting guidelines. All of the loans are
designated as qualified mortgages (QM) under the QM safe harbor
rules.

Wells Fargo Bank, N.A. will service all the loans and will also be
the master servicer for this transaction. The servicer will be
primarily responsible for funding certain servicing advances and
delinquent scheduled interest and principal payments for the
mortgage loans, unless the servicer determines that such amounts
would not be recoverable. In the event a servicer event of default
has occurred and the Trustee terminates the servicer as a result
thereof, the master servicer shall fund any advances that would
otherwise be required to be made by the terminated servicer (to the
extent the terminated Servicer has failed to fund such advances
until such time as a successor servicer is appointed and commences
servicing the mortgage loans. The master servicer and servicer will
be entitled to be reimbursed for any such monthly advances from
future payments and collections (including insurance and
liquidation proceeds) with respect to those mortgage loans.

The WFMBS 2018-1 transaction is a securitization of 660 primarily
30-year, fixed rate, prime residential mortgage loans with an
unpaid principal balance of $441,253,347. The pool has strong
credit quality and consists of borrowers with high FICO scores,
significant equity in their properties and liquid cash reserves.
The pool has clean pay history and is seasoned for almost 18
months.

The securitization has a shifting interest structure with a
five-year lockout period that benefits from a senior subordination
floor and a subordinate floor.

The complete rating actions are as follows:

Issuer: Wells Fargo Mortgage Backed Securities 2018-1 Trust

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

Cl. A-2, Assigned (P)Aaa (sf)

Cl. A-3, Assigned (P)Aaa (sf)

Cl. A-4, Assigned (P)Aaa (sf)

Cl. A-5, Assigned (P)Aaa (sf)

Cl. A-6, Assigned (P)Aaa (sf)

Cl. A-7, Assigned (P)Aaa (sf)

Cl. A-8, Assigned (P)Aaa (sf)

Cl. A-9, Assigned (P)Aaa (sf)

Cl. A-10, Assigned (P)Aaa (sf)

Cl. A-11, Assigned (P)Aaa (sf)

Cl. A-12, Assigned (P)Aaa (sf)

Cl. A-13, Assigned (P)Aaa (sf)

Cl. A-14, Assigned (P)Aaa (sf)

Cl. A-15, Assigned (P)Aaa (sf)

Cl. A-16, Assigned (P)Aaa (sf)

Cl. A-17, Assigned (P)Aa1 (sf)

Cl. A-18, Assigned (P)Aa1 (sf)

Cl. A-19, Assigned (P)Aaa (sf)

Cl. A-20, Assigned (P)Aaa (sf)

Cl. B-1, Assigned (P)Aa3 (sf)

Cl. B-2, Assigned (P)A2 (sf)

Cl. B-3, Assigned (P)Baa2 (sf)

Cl. B-4, Assigned (P)Ba1 (sf)

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected cumulative net loss on the aggregate pool is 0.25%
in a base scenario and reaches 3.55% at a stress level consistent
with the Aaa (sf) ratings.

Its loss estimates are based on a loan-by-loan assessment of the
securitized collateral pool as of the cut-off date using Moody's
Individual Loan Level Analysis (MILAN) model. Loan-level
adjustments to the model included adjustments to borrower
probability of default for higher and lower borrower debt-to-income
ratios (DTIs), for borrowers with multiple mortgaged properties,
self-employed borrowers, origination channels and for the default
risk of Homeownership association (HOA) properties in super lien
states. The model combines loan-level characteristics with economic
drivers to determine the probability of default for each loan, and
hence for the portfolio as a whole. Severity is also calculated on
a loan-level basis. The pool loss level is then adjusted for
borrower, zip code, and MSA level concentrations.

Moody's bases its provisional ratings on the certificates on the
credit quality of the mortgage loans, the structural features of
the transaction, its assessments of the origination quality and
servicing arrangement, the strength of the third party due
diligence and the R&W framework of the transaction.

Collateral Description

The WFMBS 2018-1 transaction is a securitization of 660 first lien
residential mortgage loans with an unpaid principal balance of
$441,253,347. The loans in this transaction have strong borrower
characteristics with a weighted average original FICO score of 774
and a weighted-average original loan-to-value ratio (LTV) of 72.8%.
In addition, 9.2% of the borrowers are self-employed and refinance
loans comprise 20.9% of the aggregate pool. 13.6% (by loan balance)
of the pool comprised of construction to permanent loans. The
construction to permanent is a two part loan where the first part
is for the construction and then it becomes a permanent mortgage
once the property is complete. For all the loans in the pool, the
construction was complete and because the borrower cannot receive
cash from the permanent loan proceeds or anything above the
construction cost, Moody's treated these loans as a rate term
refinance rather than a cash out refinance loan. The pool has a
high geographic concentration with 37.3% of the aggregate pool
located in California and 23.7% located in the New
York-Newark-Jersey City MSA. Loans located in Texas and Florida
comprise 5.7% of the pool. The characteristics of the loans
underlying the pool are generally comparable to other recent prime
RMBS transactions backed by 30-year mortgage loans that Moody's has
rated.

Origination Quality

The mortgage loans for this transaction are originated by Wells
Fargo Bank, N.A. generally in accordance with the non-conforming
underwriting guidelines. After considering the non-conforming
underwriting guidelines from Wells Fargo Bank, N.A., Moody's made
no adjustments to its base case and Aaa loss expectations.

Third Party Review and Reps & Warranties (R&W)

One independent third-party review firm, Clayton Services LLC , was
engaged to conduct due diligence for the credit, regulatory
compliance, property valuation, and data accuracy for all of the
675 loans in the initial population of this transaction (100% of
the mortgage pool).

The credit review consisted of a review of the documentation in
each loan file relating to the creditworthiness of the borrowers,
and an assessment of whether the characteristics of the mortgage
loans and the borrowers reasonably conformed to Wells Fargo's
underwriting guidelines. Where there were exceptions to guidelines,
the TPR firm noted compensating factors. Additionally, the TPR firm
evaluated evidence of the borrower's willingness and ability to
repay the obligation and examined Data Verify/Fraudgaurd/Interthinx
or similar risk evaluation reports ordered by Wells Fargo or
Clayton.

Clayton Services LLC 's regulatory compliance review consisted of a
review of compliance with the Truth in Lending Act and the Real
Estate Settlement Procedures Act among other federal, state and
local regulations. Additionally, the TPR firm applied SFIG's
enhanced RMBS 3.0 TRID Compliance Review Scope.

The TPR firm's property valuation review consisted of reviewing the
valuation materials utilized at origination to ensure the appraisal
report was complete and in conformity with the underwriting
guidelines. The TPR firm also compared third party valuation
products to the original appraisals. 10% negative variances were
reported and in some cases additional appraisals were performed.

The overall TPR results were in line with its expectations
considering the clear underwriting guidelines and overall processes
and procedures that Wells Fargo has in place. Many of the grade B
loans were underwritten using underwriter discretion. Areas of
discretion included missing verbal verification of employment,
verification of closing funds and assets and explanation for
multiple credit exceptions. The due diligence firm noted that these
exceptions are minor and/or provided an explanation of compensating
factors. Several of the compensating factors listed were either
irrelevant or insufficient to explain the underwriting exception.
Therefore Moody's inquired Wells Fargo for these loans and analyzed
the responses provided by them. The responses provided by Wells
Fargo were adequate and outweighed the compensating factors
provided by Clayton. As a result, Moody's did not make any
adjustment to its losses for this.

Wells Fargo Bank, N.A., as the originator, makes the loan-level
representation and warranties (R&Ws) for the mortgage loans. The
loan-level R&Ws are strong and, in general, either meet or exceed
the baseline set of credit-neutral R&Ws Moody's has identified for
US RMBS. Further, R&W breaches are evaluated by an independent
third party using a set of objective criteria. Similar to JPMMT
transactions, the transaction contains a "prescriptive" R&W
framework. The originator makes comprehensive loan-level R&Ws and
an independent reviewer will perform detailed reviews to determine
whether any R&Ws were breached when loans become 120 days
delinquent, the property is liquidated at a loss above a certain
threshold, or the loan is in hardship modification by the servicer.
These reviews are prescriptive in that the transaction documents
set forth detailed tests for each R&W that the independent reviewer
will perform. Moody's believes that Wells Fargo's robust processes
for verifying and reviewing the reasonableness of the information
used in loans origination along with effectively no knowledge
qualifiers mitigates any risks involved. Wells Fargo has an
anti-fraud software tools that are integrated with the loan
origination system (LOS) and utilized pre-closing for each loan. In
addition, Wells Fargo has dedicated credit risk, compliance and
legal teams that oversee fraud risk in addition to compliance and
operational risks. Moody's did not make any adjustment to its base
case and Aaa loss expectations for R&Ws.

Tail Risk and Subordination Floor

The transaction cash flows follow a shifting interest structure
that allows subordinated bonds to receive principal payments under
certain defined scenarios. Because a shifting interest structure
allows subordinated bonds to pay down over time as the loan pool
shrinks, senior bonds are exposed to increased performance
volatility, known as tail risk. The transaction provides for a
senior subordination floor of 1.25% of the closing pool balance,
which mitigates tail risk by protecting the senior bonds from
eroding credit enhancement over time. However, based on its tail
risk analysis, the level of senior subordination floor in WFMBS
2018-1 is slightly lower than its senior credit neutral floor but
not sufficiently so to merit an adjustment and therefore provides
protection against potential tail risk. In addition, if the
subordinate percentage drops below 5.00% of current pool balance,
the senior distribution amount will include all principal
collections, including the subordinate principal. Additionally
there is a subordination lock-out amount which is 1.25% of the
closing pool balance.

Transaction structure

The securitization has a shifting interest structure. Funds
collected, including principal, are first used to make interest
payments and then principal payments to the senior bonds, and then
interest and principal payments to each subordinate bond. As in all
transactions with shifting interest structures, the senior bonds
benefit from a cash flow waterfall that allocates all unscheduled
principal collections to the senior bond for a specified period of
time, and increasing amounts of unscheduled principal collections
to the subordinate bonds thereafter, but only if loan performance
satisfies delinquency and loss tests.

All certificates in this transaction are subject to a net WAC cap.
Realized losses are allocated reverse sequentially among the
subordinate and senior support certificates and on a pro-rata basis
among the super senior certificates.

Exposure to Extraordinary expenses

Extraordinary Trust Expenses that will reduce amounts available to
make distributions on the Certificates and will be applied to
reduce the Net WAC Rate. However, certain extraordinary trust
expenses (such as servicing transfer costs) in the WFMBS 2018-1
transaction are deducted directly from the available distribution
amount. The remaining trust expenses (which have an annual cap of
$350,000 per year for i) Wells Fargo CTS Annual Expense Cap, ii)
Trustee Annual Expense Cap and iii) Independent Reviewer Expense
Cap) are deducted from the Net WAC Rate. Moody's believes there is
a very low likelihood that the rated certificates in WFMBS 2018-1
will incur any losses from extraordinary expenses or
indemnification payments from potential future lawsuits against key
deal parties. First, the loans are prime quality, 100 percent
qualified mortgages and were originated under a regulatory
environment that requires tighter controls for originations than
pre-crisis, which reduces the likelihood that the loans have
defects that could form the basis of a lawsuit. Second, the
transaction has reasonably well defined processes in place to
identify loans with defects on an ongoing basis. In this
transaction, an independent breach reviewer (Opus Capital Markets
Consultants, LLC), named at closing must review loans for breaches
of representations and warranties when certain clear defined
triggers have been breached, which reduces the likelihood that
parties will be sued for inaction. Furthermore, the issuer has
disclosed the results of a compliance, credit, valuation and data
integrity review covering 100% of the mortgage loans by an
independent third party (Clayton Services LLC). Moody's did not
make an adjustment for extraordinary expenses because the capped
trust expenses will reduce the net WAC as opposed to the available
funds.

Other Considerations

In WFMBS 2018-1, unlike other prime jumbo transactions, Wells Fargo
Bank, N.A. is both the servicer and master servicer for the deal.
However, in the case of the termination of the servicer, the master
servicer must consent to the trustee's selection of a successor
servicer, and the successor servicer must have a net worth of at
least $15 million and be Fannie or Freddie approved. The master
servicer shall fund any advances that would otherwise be required
to be made by the terminated servicer (to the extent the terminated
servicer has failed to fund such advances) until such time as a
successor servicer is appointed. Additionally, in the case of the
termination of the master servicer, the trustee will be required to
select a successor master servicer in consultation with the
Depositor. The termination of the master servicer will not become
effective until either the Trustee or successor master servicer has
assumed the responsibilities and obligations of the master servicer
which also includes the advancing obligation.

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.


WELLS FARGO 2018-C47: DBRS Gives Prov. BB Rating on Cl. G-RR Certs
------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2018-C47 to
be issued by Wells Fargo Commercial Mortgage Trust 2018-C47:

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

The Classes X-A, X-B and X-D balances are notional.

The collateral consists of 74 fixed-rate loans, secured by 106
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 13.2% of the pool, are shadow-rated investment grade
by DBRS. Proceeds for the shadow-rated loans are floored at their
respective rating within the pool. When the combined 13.2% 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
Stabilized NCF and their respective actual constants, three loans,
representing 5.4% 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 38 loans, representing 58.5% of the pool, having
whole-loan refinance DSCRs below 1.00x and 21 loans, representing
39.1% of the pool, having whole-loan refinance DSCRs below 0.90x.
Aventura Mall and Christiana Mall, two of the pool's loans with a
DBRS Refi DSCR below 0.90x and which represent 10.5% of the
transaction balance, are shadow-rated investment grade by DBRS and
have a large piece of subordinate mortgage debt outside the trust.

Nine loans, representing 20.9% of the pool, are located in urban
and super-dense urban gateway markets with increased liquidity that
benefit from consistent investor demand, even in times of stress.
Urban markets represented in the deal include New York, Miami and
Palo Alto. Three loans – Aventura Mall, Christiana Mall and 2747
Park Boulevard – representing a combined 13.2% of the pool,
exhibit credit characteristics consistent with investment-grade
shadow ratings. Aventura Mall exhibits credit characteristics
consistent with a BBB (high) shadow rating, Christiana Mall
exhibits credit characteristics consistent with an A (sf) shadow
rating and 2747 Park Boulevard exhibits credit characteristics
consistent with an A (sf) shadow rating. Term default risk is
moderate, as indicated by the strong WA DBRS Term DSCR of 1.52x. In
addition, 22 loans, representing 45.5% of the pool, have a DBRS
Term DSCR above 1.50x. Even when excluding the five
investment-grade shadow-rated loans, the deal exhibits an
acceptable WA DBRS Term DSCR of 1.47x.

The deal appears concentrated by property type with 27 loans,
representing 38.0% of the pool, secured by retail properties. Of
these, 20.3% of the retail property concentration is located in a
tertiary market. Of the retail property concentration, 15.8% of the
loans are located in urban markets. Two loans, representing 3.3% of
the retail concentration, are secured by multiple properties (six
in total), which insulates the loans from issues at any one
property. Two of these loans – Aventura Mall and Christiana Mall
– representing 27.7% of the retail concentration and 10.5% of the
total pool balance, are shadow-rated investment grade by DBRS. Nine
loans, representing 22.1% of the pool, are secured by 31 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 largely fixed expenses, 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. DBRS cash flow volatility for
such hotels, which ultimately determines a loan's POD, assumes
between a 10.6% and 37.8% cash flow decline for a BBB stress and a
41.9% and 83.3% cash flow decline for a AAA stress. To further
mitigate the more volatile cash flow of hotels, the loans in the
pool secured by hotel properties exhibit a WA DBRS Debt Yield and
DBRS Exit Debt Yield of 9.8% and 10.8%, respectively, which compare
quite favorably with the comparable figures of 8.4% and 9.2%,
respectively, for the non-hotel properties in the pool.
Additionally, two loans, representing 23.1% of the hotel
concentration, are located in established urban or suburban markets
that benefit from increased liquidity and more stable performance.

The transaction's WA DBRS Refi DSCR is 0.97x, indicating higher
refinance risk on an overall pool level. In addition, 38 loans,
representing 58.5% of the pool, have DBRS Refi DSCRs below 1.00x,
including six of the top ten loans and nine of the top 15 loans.
Twenty-one of these loans, comprising 39.1% of the pool, have DBRS
Refi DSCRs less than 0.90x, including five of the top ten loans and
six of the top 15 loans. These credit metrics are based on
whole-loan balances. When measured against A-note balances only,
the pool WA DBRS Refi DSCR rises to 1.02x. Two of the pool's loans
with DBRS Refi DSCRs below 0.90x – Aventura Mall and Christiana
Mall – which represent 10.5% of the transaction balance, are
shadow-rated investment grade by DBRS and have large pieces of
subordinate mortgage debt outside the trust. The pool's DBRS Refi
DSCRs for these loans are based on a WA stressed refinance constant
of 9.89%, which implies an interest rate of 9.27%, amortizing on a
30-year schedule. This represents a significant stress of 4.31%
over the WA contractual interest rate of the loans in the pool.

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.

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


WELLS FARGO 2018-C47: Fitch to Rate $10.7MM Class G-RR Certs 'BB-'
------------------------------------------------------------------
Fitch Ratings has issued a presale report on Wells Fargo Commercial
Mortgage Trust 2018-C47 Commercial Mortgage Pass-Through
Certificates, series 2018-C47. Fitch expects to rate the
transaction and assign Rating Outlooks as follows:

  -- $23,396,000 class A-1 'AAAsf'; Outlook Stable;

  -- $26,280,000 class A-2 'AAAsf'; Outlook Stable;

  -- $45,625,000 class A-SB 'AAAsf'; Outlook Stable;

  -- $190,000,000 class A-3 'AAAsf'; Outlook Stable;

  -- $380,787,000 class A-4 'AAAsf'; Outlook Stable;

  -- $666,088,000a class X-A 'AAAsf'; Outlook Stable;

  -- $164,144,000a class X-B 'A-sf'; Outlook Stable;

  -- $86,830,000 class A-S 'AAAsf'; Outlook Stable;

  -- $38,062,000 class B 'AA-sf'; Outlook Stable;

  -- $39,252,000 class C 'A-sf'; Outlook Stable;

  -- $28,266,000ab class X-D 'BBB-sf'; Outlook Stable;

  -- $28,266,000b class D 'BBB-sf'; Outlook Stable;

  -- $20,501,000bc class E-RR 'BBB-sf'; Outlook Stable;

  -- $13,084,000bc class F-RR 'BB+sf'; Outlook Stable;

  -- $10,705,000bc class G-RR 'BB-sf'; Outlook Stable;

  -- $9,515,000bc class H-RR 'B-sf'; Outlook Stable.

The following class is not expected to be rated:

  -- $39,252,654bc class J-RR.

(a) Notional amount and interest-only.

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

(c) Horizontal credit risk retention interest.

The initial certificate balances of class A-3 and class A-4 are
unknown and expected to be $570,787,000 in aggregate plus or minus
5%. The certificate balances will be determined based on the final
pricing of those classes of certificates. The expected class A-3
balance range is $100,000,000 to $280,000,000 and the expected
class A-4 balance range is $290,787,000 to $470,787,000.

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

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 74 loans secured by 106
commercial properties having an aggregate principal balance of
$951,555,654 as of the cutoff date. The loans were contributed to
the trust by Wells Fargo Bank, National Association, Barclays Bank
PLC, Ladder Capital Finance LLC, Rialto Mortgage Finance, LLC and
C-III Commercial Mortgage LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 68.3% of the properties
by balance, cash flow analysis of 74.1% and asset summary reviews
on 100.0% of the pool.

KEY RATING DRIVERS

Fitch Debt Service Coverage (DSCR) Lower Than Recent Transactions:
The pool's Fitch DSCR is 1.17x, which is lower than the YTD 2018
and 2017 averages of 1.23x and 1.26x, respectively, while the
pool's LTV of 103.2% is slightly greater than the YTD 2018 and 2017
averages of 102.7% and 101.6%.

Diverse Pool: The top 10 loans make up 42.0% of the pool, which is
well below 2017 and YTD 2018 averages of 53.1% and 51.3%,
respectively. The pool has a loan concentration index (LCI) of 273,
indicating a lower loan concentration that the YTD 2018 and 2017
LCI averages of 380 and 398, respectively. Additionally, the pool
has a sponsor concentration index (SCI) of 280, indicating a lower
sponsor concentration that the YTD 2018 and 2017 amounts of 406 and
422, respectively.

Investment-Grade Credit Opinion Loans: Three loans, representing
13.2% of the transaction, are credit assessed, which is higher than
the 2017 average of 11.7%. The second largest loan, Aventura Mall
(5.3% of the pool), has a stand-alone credit opinion of 'Asf', with
a Fitch DSCR and LTV of 1.28x and 68.2%, respectively. The third
largest loan, Christiana Mall (5.3% of the pool), has a stand-alone
credit opinion of 'AA-sf', with a Fitch DSCR and LTV of 1.53x and
57.5%, respectively. The ninth largest loan, 2747 Park Boulevard
(2.7% of the pool), has a stand-alone credit opinion of 'BBB-sf',
with a Fitch DSCR and LTV of 1.32x and 67.3%, respectively.
Excluding investment-grade credit opinion loans, the pool has a
Fitch DSCR and LTV of 1.14x and 109.2%.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 16.9% 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-C47 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.


WFRBS COMM'L 2012-C10: DBRS Confirms B Rating on Class F Certs
--------------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2012-C10
issued by WFRBS Commercial Mortgage Trust 2012-C10:

-- Class A-3 at AAA (sf)
-- Class A-FL at AAA (sf)
-- Class A-FX at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class X-B at A (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (sf)
-- Class F at B (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since issuance. This transaction closed in October
2012 with a trust balance of $1.3 billion and 85 loans secured by
122 properties. As of the September 2018 remittance, 73 loans
remain in the pool with a current trust balance of $1.1 billion,
representing a collateral reduction of 15.9% due to loan repayment
and scheduled loan amortization. Based on the most recent
reporting, the pool is reporting a weighted-average (WA)
debt-service coverage ratio (DSCR) and debt yield of 1.93 times (x)
and 11.9%, respectively, compared with the year-end 2016 WA DSCR
and debt yield of 2.00x and 12.5%, respectively. Based on the most
recent reporting, the top 15 loans reported a WA DSCR and debt
yield of 2.06x and 11.5%, respectively.

This transaction is concentrated by property type as nine loans
(38.2% of the pool) in the top 15 are secured by retail properties,
specifically by regional malls (five loans, representing 28.3% of
the pool), which are located in secondary markets. Based on the
most recently reported figures for the individual properties, the
regional malls reported WA sales per square foot of $338 and a WA
net cash flow decline of 4.3% from 2016 to 2017. There are ten
loans (13.4% of the pool) on the servicer's watch list, including
two loans in the top 15. The pool does benefit from property
location as approximately 80.9% of the pool is secured by
properties in urban or suburban markets and six loans (2.9% of the
pool) are fully defeased.

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


[*] DBRS Reviews 792 Classes From 29 US RMBS Transactions
---------------------------------------------------------
DBRS, Inc. reviewed 792 classes from 29 U.S. residential
mortgage-backed security (RMBS) transactions. Of the 792 classes
reviewed, DBRS upgraded 33 ratings and confirmed 759 ratings.

The rating upgrades reflect positive performance trends and
increases in credit support sufficient to withstand stresses at
their new rating levels. Rating confirmations reflect current asset
performance and credit-support levels that are consistent with the
current ratings.

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 in April 2017.

The transactions consist of U.S. ReREMIC and RMBS transactions. The
pools backing these transactions consist of prime, seasoned
reperforming and seasoned performing 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 a dependency on another
tranche's ratings as well as structural features and/or historical
performance that constrain the quantitative model output.

-- Agate Bay Mortgage Trust 2015-1, Mortgage Pass-Through
Certificates, Series 2015-1, Class B-3

-- Agate Bay Mortgage Trust 2015-1, Mortgage Pass-Through
Certificates, Series 2015-1, Class B-4

-- Agate Bay Mortgage Trust 2015-2, Mortgage Pass-Through
Certificates, Series 2015-2, Class B-3

-- Agate Bay Mortgage Trust 2015-4, Mortgage Pass-Through
Certificates, Series 2015-4, Class B-3

-- Agate Bay Mortgage Trust 2015-4, Mortgage Pass-Through
Certificates, Series 2015-4, Class B-4

-- Citigroup Mortgage Loan Trust 2013-J1, Mortgage Pass-Through
Certificates, Series 2013-J1, Class B-3

-- Citigroup Mortgage Loan Trust 2013-J1, Mortgage Pass-Through
Certificates, Series 2013-J1, Class B-4

-- CSMC Trust 2012-CIM2 Mortgage Pass-Through Certificates, Series
2012-CIM2, Mortgage Pass-through Certificates, Series 2012-CIM2,
Class B-4

-- CSMC Trust 2013-6, Mortgage Pass-through Certificates, Series
2013-6, Class A-IO-S

-- CSMC Trust 2013-6, Mortgage Pass-through Certificates, Series
2013-6, Class IO-S-1

-- CSMC Trust 2013-6, Mortgage Pass-through Certificates, Series
2013-6, Class IO-S-2

-- CSMC Trust 2013-6, Mortgage Pass-Through Certificates, Series
2013-6, Class B-4

-- CSMC Trust 2013-HYB1, Mortgage Pass-through Certificates,
Series 2013-HYB1, Class B-3

-- CSMC Trust 2013-HYB1, Mortgage Pass-through Certificates,
Series 2013-HYB1, Class B-4

-- CSMC Trust 2013-HYB1, Mortgage Pass-through Certificates,
Series 2013-HYB1, Class A-IO-S

-- CSMC Trust 2013-IVR1 Mortgage Pass-Through Certificates, Series
2013-IVR1, Class B-3

-- CSMC Trust 2013-IVR1 Mortgage Pass-Through Certificates, Series
2013-IVR1, Class B-4

-- CSMC Trust 2013-IVR2, Mortgage Pass-through Certificates,
Series 2013-IVR2, Class A-9

-- CSMC Trust 2013-IVR2, Mortgage Pass-through Certificates,
Series 2013-IVR2, Class B-3

-- CSMC Trust 2013-IVR2, Mortgage Pass-through Certificates,
Series 2013-IVR2, Class B-4

-- CSMC Trust 2013-IVR2, Mortgage Pass-through Certificates,
Series 2013-IVR2, Class A-IO-S

-- CSMC Trust 2013-IVR3, Mortgage Pass-through Certificates,
Series 2013-IVR3, Class B-3

-- CSMC Trust 2013-IVR3, Mortgage Pass-through Certificates,
Series 2013-IVR3, Class B-4

-- CSMC Trust 2013-IVR3, Mortgage Pass-through Certificates,
Series 2013-IVR3, Class A-IO-S

-- CSMC Trust 2013-IVR4, Mortgage Pass-through Certificates,
Series 2013-IVR4, Class A-IO-S

-- CSMC Trust 2013-IVR4, Mortgage Pass-through Certificates,
Series 2013-IVR4, Class B-3

-- CSMC Trust 2013-IVR4, Mortgage Pass-through Certificates,
Series 2013-IVR4, Class B-4

-- CSMC Trust 2013-IVR5, Mortgage Pass-Through Certificates,
Series 2013-IVR5, Class B-4

-- CSMC Trust 2013-IVR5, Mortgage Pass-through Certificates,
Series 2013-IVR5, Class A-IO-S

-- CSMC Trust 2014-IVR1, Mortgage Pass-through Certificates,
Series 2014-IVR1, Class A-IO-S

-- CSMC Trust 2014-IVR2, Mortgage Pass-through Certificates,
Series 2014-IVR2, Class A-IO-S

-- CSMC Trust 2014-IVR2, Mortgage Pass-Through Certificates,
Series 2014-IVR2, Class B-4

-- CSMC Trust 2014-IVR3, Mortgage Pass-through Certificates,
Series 2014-IVR3, Class A-IO-S

-- CSMC Trust 2014-SAF1, Mortgage Pass-through Certificates,
Series 2014-SAF1, Class A-IO-S

-- CSMC Trust 2015-1, Mortgage Pass-through Certificates, Series
2015-1, Class A-IO-S

-- CSMC Trust 2015-2, Mortgage Pass-through Certificates, Series
2015-2, Class A-IO-S

-- CSMLT 2015-1 Trust, Mortgage Pass-Through Certificates, Series
2015-1, Class B-3

-- CSMLT 2015-1 Trust, Mortgage Pass-Through Certificates, Series
2015-1, Class B-4

-- CSMLT 2015-1 Trust, Mortgage Pass-through Certificates, Series
2015-1, Class A-IO-S

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B2-IO

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B2-IOA

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B2-IOB

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B2-IOC

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B3-IO

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B3-IOA

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B3-IOB

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B3-IOC

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B4-IOA

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B4-IOB

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B4-IOC

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B5-IOA

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B5-IOB

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B5-IOC

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B5-IOD

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-2

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-2A

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-2B

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-2C

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-2D

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-3

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-3A

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-3B

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-3C

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-3D

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-4

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-4A

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-4B

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-4C

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-5

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-5A

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-5C

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-5B

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-5D

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-7

-- RESI Finance Limited Partnership 2003-A & RESI Finance DE
Corporation 2003-A, Real Estate Synthetic Investment Securities,
Series 2003-A, Class A5 Risk Band

-- RESI Finance Limited Partnership 2003-A & RESI Finance DE
Corporation 2003-A, Real Estate Synthetic Investment Notes, Series
2003-A, Class B1 Risk Band

-- RESI Finance Limited Partnership 2003-A & RESI Finance DE
Corporation 2003-A, Real Estate Synthetic Investment Notes, Series
2003-A, Class B2 Risk Band

-- RESI Finance Limited Partnership 2003-B & RESI Finance DE
Corporation 2003-B, Real Estate Synthetic Investment Securities,
Series 2003-B, Class A5 Risk Band

-- RESI Finance Limited Partnership 2003-B & RESI Finance DE
Corporation 2003-B, Real Estate Synthetic Investment Notes, Series
2003-B, Class B1 Risk Band

-- RESI Finance Limited Partnership 2003-B & RESI Finance DE
Corporation 2003-B, Real Estate Synthetic Investment Notes, Series
2003-B, Class B2 Risk Band

-- RESI Finance Limited Partnership 2004-B & RESI Finance DE
Corporation 2004-B, Real Estate Synthetic Investment Securities,
Series 2004-B, Class A5 Risk Band

-- RESI Finance Limited Partnership 2004-B & RESI Finance DE
Corporation 2004-B, Real Estate Synthetic Investment Notes, Series
2004-B, Class B1 Risk Band

The Affected Ratings is available at https://bit.ly/2QC8ITS


[*] Mark That Calendar! Distressed Investing Conference on Nov. 26
------------------------------------------------------------------
Come and join Beard Group's Distressed Investing conference on
November 26, 2018.

Now on its 25th year, this annual gathering is the oldest and most
established New York restructuring conference.  The day-long
program will be held the Monday after Thanksgiving at The Harmonie
Club, 4 E. 60th St. in Midtown Manhattan.

Among the highlights of the Distressed Investing 2018 Conference --
https://www.distressedinvestingconference.com -- Nov. 26th in
midtown Manhattan will be an Investors' Roundtable featuring:

     * Steven L. Gidumal, Managing Partner, VIRTUS CAPITAL, LP

     * Gary E. Hindes, Managing Director, THE DELAWARE BAY
       COMPANY LLC

     * Dave Miller, Portfolio Manager, ELLIOTT MANAGEMENT CORP.

     * Richard M. Fels, Managing Director, ODEON CAPITAL
       GROUP LLC

There's a high probability that you'll want to call your broker
with a buy or sell order following this roundtable discussion.

The conference will also feature:

     * Luncheon presentation of the Harvey R. 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 Young
       Restructuring Lawyers of 2018

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

This year's corporate sponsors include:

     * Conway MacKenzie
     * DSI
     * Foley & Lardner
     * Longford Capital
     * Milford
     * Pacer Monitor

Our media sponsors this year are Debtwire and Financial Times.

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.



[*] Moody's Hikes $132.5MM Prime Jumbo RMBS Issued After 2015
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 43 tranches
from five transactions, backed by prime jumbo RMBS loans. The
transactions are backed by first-lien, fully amortizing, fixed-rate
prime quality residential mortgage loans with strong credit
characteristics, issued by various issuers.

The complete rating actions are as follows:

Issuer: J.P. Morgan Mortgage Trust 2015-4

Cl. 1-A-13, Upgraded to Aaa (sf); previously on Jul 29, 2015
Definitive Rating Assigned Aa1 (sf)

Cl. 1-A-14, Upgraded to Aaa (sf); previously on Jul 29, 2015
Definitive Rating Assigned Aa1 (sf)

Cl. 1-A-15, Upgraded to Aaa (sf); previously on Jul 29, 2015
Definitive Rating Assigned Aa1 (sf)

Cl. 1-AX-1, Upgraded to Aaa (sf); previously on Jun 9, 2017
Downgraded to Aa1 (sf)

Cl. 1-AX-2, Upgraded to Aaa (sf); previously on Jun 20, 2017
Downgraded to Aa1 (sf)

Cl. 1-AX-3, Upgraded to Aaa (sf); previously on Jun 20, 2017
Downgraded to Aa1 (sf)

Cl. 1-AX-4, Upgraded to Aaa (sf); previously on Jun 20, 2017
Downgraded to Aa1 (sf)

Cl. 1-AX-14, Upgraded to Aaa (sf); previously on Jul 29, 2015
Definitive Rating Assigned Aa1 (sf)

Cl. 1-AX-15, Upgraded to Aaa (sf); previously on Jul 29, 2015
Definitive Rating Assigned Aa1 (sf)

Cl. 1-AX-16, Upgraded to Aaa (sf); previously on Jul 29, 2015
Definitive Rating Assigned Aa1 (sf)

Cl. B-2, Upgraded to Aa2 (sf); previously on Dec 14, 2017 Upgraded
to Aa3 (sf)

Cl. B-4, Upgraded to A3 (sf); previously on Dec 14, 2017 Upgraded
to Baa1 (sf)

Issuer: J.P. Morgan Mortgage Trust 2017-6

Cl. B-2, Upgraded to A1 (sf); previously on Dec 29, 2017 Definitive
Rating Assigned A2 (sf)

Cl. B-3, Upgraded to Baa2 (sf); previously on Dec 29, 2017
Definitive Rating Assigned Baa3 (sf)

Cl. B-4, Upgraded to Ba1 (sf); previously on Dec 29, 2017
Definitive Rating Assigned Ba2 (sf)

Cl. B-5, Upgraded to B1 (sf); previously on Dec 29, 2017 Definitive
Rating Assigned B3 (sf)

Issuer: Sequoia Mortgage Trust 2015-3

Cl. A-19, Upgraded to Aaa (sf); previously on Jun 25, 2015
Definitive Rating Assigned Aa1 (sf)

Cl. A-20, Upgraded to Aaa (sf); previously on Jun 25, 2015
Definitive Rating Assigned Aa1 (sf)

Cl. A-21, Upgraded to Aaa (sf); previously on Jun 25, 2015
Definitive Rating Assigned Aa1 (sf)

Cl. A-IO1, Upgraded to Aaa (sf); previously on Jun 9, 2017
Downgraded to Aa1 (sf)

Cl. A-IO20, Upgraded to Aaa (sf); previously on Jun 25, 2015
Definitive Rating Assigned Aa1 (sf)

Cl. A-IO21, Upgraded to Aaa (sf); previously on Jun 25, 2015
Definitive Rating Assigned Aa1 (sf)

Cl. A-IO22, Upgraded to Aaa (sf); previously on Jun 25, 2015
Definitive Rating Assigned Aa1 (sf)

Cl. A-IO23, Upgraded to Aaa (sf); previously on Jun 20, 2017
Downgraded to Aa1 (sf)

Cl. A-IO24, Upgraded to Aaa (sf); previously on Jun 20, 2017
Downgraded to Aa1 (sf)

Cl. A-IO25, Upgraded to Aaa (sf); previously on Jun 20, 2017
Downgraded to Aa1 (sf)

Cl. B-1, Upgraded to Aa1 (sf); previously on Dec 14, 2017 Upgraded
to Aa2 (sf)

Issuer: Sequoia Mortgage Trust 2016-2

Cl. A-19, Upgraded to Aaa (sf); previously on Jul 28, 2016
Definitive Rating Assigned Aa1 (sf)

Cl. A-20, Upgraded to Aaa (sf); previously on Jul 28, 2016
Definitive Rating Assigned Aa1 (sf)

Cl. A-21, Upgraded to Aaa (sf); previously on Jul 28, 2016
Definitive Rating Assigned Aa1 (sf)

Cl. A-IO1, Upgraded to Aaa (sf); previously on Jun 9, 2017
Downgraded to Aa1 (sf)

Cl. A-IO20, Upgraded to Aaa (sf); previously on Jul 28, 2016
Definitive Rating Assigned Aa1 (sf)

Cl. A-IO21, Upgraded to Aaa (sf); previously on Jul 28, 2016
Definitive Rating Assigned Aa1 (sf)

Cl. A-IO22, Upgraded to Aaa (sf); previously on Jul 28, 2016
Definitive Rating Assigned Aa1 (sf)

Cl. A-IO23, Upgraded to Aaa (sf); previously on Jun 9, 2017
Downgraded to Aa1 (sf)

Cl. A-IO24, Upgraded to Aaa (sf); previously on Jun 9, 2017
Downgraded to Aa1 (sf)

Cl. A-IO25, Upgraded to Aaa (sf); previously on Jun 9, 2017
Downgraded to Aa1 (sf)

Cl. B-1, Upgraded to Aa2 (sf); previously on Jul 28, 2016
Definitive Rating Assigned A1 (sf)

Cl. B-2, Upgraded to A1 (sf); previously on Dec 14, 2017 Upgraded
to A3 (sf)

Cl. B-3, Upgraded to Baa1 (sf); previously on Dec 14, 2017 Upgraded
to Baa2 (sf)

Cl. B-4, Upgraded to Ba1 (sf); previously on Dec 14, 2017 Upgraded
to Ba3 (sf)

Issuer: WinWater Mortgage Loan Trust 2015-A

Cl. B-3, Upgraded to Aa1 (sf); previously on Dec 19, 2017 Upgraded
to Aa2 (sf)

Cl. B-4, Upgraded to Aa3 (sf); previously on Dec 19, 2017 Upgraded
to A1 (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 recent strong performance of
the underlying pools. As of August 2018, the deals had no serious
delinquencies (loans 60 days or more delinquent) and minimal to no
cumulative loss to date.
Its updated loss expectations on the pools incorporate, amongst
other factors, its assessment of the representations and warranties
frameworks of the transactions, the due diligence findings of the
third party reviews received at the time of issuance, and the
strength of the transaction's originators and servicers.

The transaction cash flows follow a shifting interest structure
that allows subordinated bonds to receive increasing principal
pre-payments after a lockout period of five years if defined
performance tests are met. High voluntary prepayment rates on the
undelrying collateral pools have contributed to fast pay downs on
the senior bonds and large increases in percentage credit
enhancement levels for all bonds. As of August 2018, the 3-month
average prepayment rates for the underlying pools averaged
approximately 6% to 8%.

However, because a shifting interest structure allows subordinated
bonds to pay down over time as the loan pool shrinks, senior bonds
can be exposed to increased performance volatility as fewer loans
remain in pool ("tail risk"). The transactions provide for a credit
enhancement floor to the senior bonds which mitigates tail risk by
protecting the senior bonds from eroding credit enhancement over
time.

The principal methodology used in rating J.P. Morgan Mortgage Trust
2015-4 Cl. 1-A-13, Cl. 1-A-14, Cl. 1-A-15, Cl. B-2, and Cl. B-4;
J.P. Morgan Mortgage Trust 2017-6 Cl. B-2, Cl. B-3, Cl. B-4, and
Cl. B-5; Sequoia Mortgage Trust 2015-3 Cl. A-19, Cl. A-20, Cl.
A-21, and Cl. B-1; Sequoia Mortgage Trust 2016-2 Cl. A-19, Cl.
A-20, Cl. A-21, Cl. B-1, Cl. B-2, Cl. B-3, and Cl. B-4; and
WinWater Mortgage Loan Trust 2015-A Cl. B-3 and Cl. B-4 was
"Moody's Approach to Rating US Prime RMBS" published in February
2015. The methodologies used in rating J.P. Morgan Mortgage Trust
2015-4 Cl. 1-AX-1, Cl. 1-AX-2, Cl. 1-AX-3, Cl. 1-AX-4, Cl. 1-AX-14,
Cl. 1-AX-15, and Cl. 1-AX-16; Sequoia Mortgage Trust 2015-3 Cl.
A-IO1, Cl. A-IO20, Cl. A-IO21, Cl. A-IO22, Cl. A-IO23, CL. A-IO24,
and Cl. A-IO25; and Sequoia Mortgage Trust 2016-2 Cl. A-IO1, Cl.
A-IO20, Cl. A-IO21, Cl. A-IO22, Cl. A-IO23, CL. A-IO24, and Cl.
A-IO25 were "Moody's Approach to Rating US Prime RMBS" published in
February 2015 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:


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.

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.

Finally, performances of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions.


[*] S&P Discontinues Ratings on 14 Classes From Four CDO Deals
--------------------------------------------------------------
S&P Global Ratings discontinued its ratings on 12 classes from two
cash flow (CF) collateralized loan obligation (CLO) transactions
and two classes from two CF collateralized debt obligations (CDO)
backed by commercial mortgage-backed securities (CMBS).

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

-- Atrium X (CF CLO): optional redemption in August 2018.
-- COMM 2004-RS1 (CF CDO of CMBS): The class C notes fully paid
down; other rated tranches are still outstanding.
-- ECP CLO 2013-5 Ltd. (CF CLO): optional redemption in September
2018.
-- N-Star REL CDO VI Ltd. (CF CDO of CMBS): The class H notes
fully paid down; other rated tranches still outstanding.

  RATINGS DISCONTINUED

  Atrium X
                              Rating
  Class               To                  From
  A-R                 NR                  AAA (sf)
  B-1-R               NR                  AA+ (sf)
  B-2                 NR                  AA+ (sf)
  C-R                 NR                  A (sf)
  D-R                 NR                  BBB (sf)
  E                   NR                  BB (sf)

  COMM 2004-RS1
                            Rating
  Class               To                  From
  C                   NR                  CCC- (sf)

  ECP CLO 2013-5 Ltd.
                            Rating
  Class               To                  From
  A-1                 NR                  AAA (sf)
  A-2                 NR                  AAA (sf)
  B                   NR                  AA (sf)
  C                   NR                  BBB (sf)
  D                   NR                  B+ (sf)
  E                   NR                  CCC+ (sf)

  N-Star REL CDO VI Ltd.
                            Rating
  Class               To                  From
  H                   NR                  CCC- (sf)

  NR--Not rated.


[*] S&P Takes Various Actions on 10 Classes From Three US ABS Deals
-------------------------------------------------------------------
S&P Global Ratings raised its ratings on four classes, lowered its
rating on one class, and affirmed its ratings on five classes from
three manufactured housing asset-backed securities (ABS)
transactions.

The collateral pools backing the transactions we reviewed consist
of manufactured housing loans that are currently serviced by Ditech
Financial LLC.

The rating actions reflect the transactions' collateral performance
to date, our views regarding future collateral performance, the
transactions' structures, and the credit enhancement available.
Furthermore, our analysis incorporated secondary credit factors
such as credit stability, payment priorities under certain
scenarios, and sector- and issuer-specific analysis.

All of the transactions are performing in line to slightly better
than our former revised expected lifetime losses. However, to
account for the significant rise in delinquencies over the past few
years for all three transactions, we have either maintained or
increased our loss expectations.
Table 1 Collateral Performance (%)
As of the September 2018 distribution date

                   Pool   Current 90+ day      Prior       Current
Series      Mo.  factor      CNL delinq.   expected      expected
                                      (i)   lifetime      lifetime
                                              CNL(ii)          CNL
Lehman 2001-B 203  10.43  20.66   7.07   22.00-23.50  22.50-24.00
Madison2002-A 197  11.64  28.02   8.33   32.00-33.00  32.00-33.00
ACE 2003-MH1  183  19.49  16.74   6.44         22.50  21.50-22.75

(i)Aggregate 90-plus day delinquencies as a percentage of the
current pool balance.
(ii)As of Feb. 2016 for Lehman 2001-B, Nov. 2015 for Madison
2002-A, and Dec. 2015 for ACE 2003-MH1.
Mo.--months.
CNL--cumulative net loss.

S&P said, "The upgrades on classes A-5, A-6, and A-7 from Lehman
2001-B and class B-1 from Madison 2002-A to 'AAA (sf)' reflect our
assessment of the growth in credit enhancement for the affected
classes in the form of subordination and/or overcollateralization,
compared with our expected remaining cumulative net losses.
Currently, based on the average principal payments received by
these classes in the last 12 months and their current outstanding
principal balance, we expect all of these classes will be paid in
full within one year.

"The affirmations reflect our view that the total credit support as
a percentage of the amortizing pool balances, compared with our
expected remaining cumulative net losses, is sufficient to support
the current ratings.

"We downgraded class A-4 from Lehman 2001-B to 'D (sf)' from 'CC
(sf)' as the trust did not pay principal in full by this class'
Sept. 15, 2018, stated final maturity date. We subsequently
withdrew the rating on this class."

Table 2 Hard Credit Support (%)
As of the September 2018 distribution date
                           Prior total hard    Current total hard
                          credit support(i)        credit support
Series           Class  (% of current)(ii)    (% of current)(ii)
Lehman 2001-B    A                   68.21                 93.54
Lehman 2001-B    M-1                 22.51                 26.44
Madison 2002-A   B-1                 57.94                 89.86
Madison 2002-A   B-2                 17.70                 29.70
ACE 2003-MH1     A                   68.99                 68.99
ACE 2003-MH1     M-1                 55.90                 55.90
ACE 2003-MH1     M-2                 43.25                 43.25

(i)As of Feb. 2016 for Lehman 2001-B, Nov. 2015 for Madison 2002-A,
and Dec. 2015 for ACE 2003-MH1.
(ii)Current hard credit support consists solely of subordination
for Lehman 2001-B and subordination and overcollateralization for
Madison 2002-A and ACE 2003-MH1. Prior and current total hard
credit support exclude excess spread.

The transactions were structured with overcollateralization, excess
spread, and subordination for the more senior classes. For Lehman
2001-B, however, due to higher-than-expected losses, the
overcollateralization has been depleted to zero, and many of the
subordinated classes have experienced principal write-downs.

S&P will continue to monitor the performance of the transactions to
ensure that the credit enhancement remains sufficient, in its view,
to cover its expected cumulative net loss expectations under its
stress scenarios for each rated class.

  RATINGS RAISED

  Lehman ABS Manufactured Housing Contract Trust 2001-B
                              Rating
  Series      Class     To           From
  2001-B      A-5       AAA (sf)     BBB+ (sf)
  2001-B      A-6       AAA (sf)     BBB+ (sf)
  2001-B      A-7       AAA (sf)     BBB+ (sf)

  Madison Avenue Manufactured Housing Contract Trust 2002-A
                            Rating
  Series      Class     To           From
  2002-A      B-1       AAA (sf)     BBB (sf)

  RATING LOWERED

  Lehman ABS Manufactured Housing Contract Trust 2001-B
                            Rating
  Series      Class     To           From
  2001-B      A-4       D (sf)       CC (sf)

  RATINGS AFFIRMED

  ACE Securities Corp. Manufactured Housing Trust Series 2003-MH1
  Series      Class     Rating
  2003-MH1    A-4       AA+ (sf)
  2003-MH1    M-1       A+ (sf)
  2003-MH1    M-2       BBB+ (sf)

  Lehman ABS Manufactured Housing Contract Trust 2001-B
  Series      Class     Rating
  2001-B      M-1       B- (sf)

  Madison Avenue Manufactured Housing Contract Trust 2002-A
  Series      Class     Rating
  2002-A      B-2       CCC (sf)


[*] S&P Takes Various Actions on 132 Classes From 19 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 132 classes from 19 U.S.
residential mortgage-backed securities (RMBS) transactions issued
between 2005 and 2007. All of these transactions are backed by a
mix of collateral. The review yielded 63 upgrades, one downgrade,
55 affirmations, 10 withdrawals, and three discontinuances.

Analytical Considerations

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

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

Rating Actions

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

"We raised our ratings by five or more notches on four classes due
to increased credit support. Each of these classes benefit from
failing cumulative loss triggers, whereby the most-senior classes
in the payment priority are receiving all scheduled and unscheduled
principal allocations, which increases credit support. As a result,
we believe these classes have credit support that is sufficient to
withstand losses at higher rating levels."

A list of Affected Ratings can be viewed at:

           https://bit.ly/2REDFrF


                            *********

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