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         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Sunday, May 3, 2020, Vol. 24, No. 123

                            Headlines

AVIS BUDGET: Moody's Lowers Ratings on 32 Tranches of Securities
BAYVIEW FINANCIAL 2007-B: Moody's Cuts Class 1-A2 Certs to Caa3
CHESAPEAKE ENERGY: S&P Cuts Preferred Securities Rating to 'D'
GREENPOINT MORTGAGE 2004-1: Moody's Cuts 2 Tranches to Caa1
HARRIMAN PARK: S&P Assigns 'BB- (sf)' Rating to Class E Notes

METAL LIMITED 2017-1: Fitch Cuts Rating on 2 Tranches to CCC
[] Moody's Lowers $51.8MM U.S. RMBS Issued 2002-2005

                            *********

AVIS BUDGET: Moody's Lowers Ratings on 32 Tranches of Securities
----------------------------------------------------------------
Moody's Investors Service has downgraded and placed on review for
further possible downgrade the ratings on 32 tranches of rental car
asset-backed securities issued by Avis Budget Rental Car Funding,
LLC. The issuer is an indirect subsidiary of the transaction
sponsor and single lessee, Avis Budget Car Rental, LLC. ABCR, a
subsidiary of Avis Budget Group, Inc., is the owner and operator of
Avis Rent A Car System, LLC, Budget Rent A Car System, Inc.,
Zipcar, Inc. and Payless Car Rental, Inc. AESOP is ABCR's rental
car securitization platform in the U.S. The collateral backing the
notes is a fleet of vehicles and a single lease of the fleet to
ABCR for use in its rental car business.

Moody's actions on the rental car ABS are prompted by the
deterioration in the credit profile of ABCR, as evidenced by recent
rating actions resulting in the downgrade of the company's
corporate family rating to B2 (RUR-down) from Ba3 (RUR-down), among
other considerations.

The complete rating actions are as follows:

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2015-1

Series 2015-1 Class A, Downgraded to Aa1 (sf) and Placed Under
Review for Possible Downgrade; previously on Jan 29, 2015
Definitive Rating Assigned Aaa (sf)

Series 2015-1 Class B, Downgraded to A2 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 6, 2020 A1 (sf) Placed
Under Review for Possible Downgrade

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2015-2

Series 2015-2 Class A, Downgraded to Aa1 (sf) and Placed Under
Review for Possible Downgrade; previously on May 27, 2015
Definitive Rating Assigned Aaa (sf)

Series 2015-2 Class B, Downgraded to A2 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 6, 2020 A1 (sf) Placed
Under Review for Possible Downgrade

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2016-1

Series 2016-1 Class A, Downgraded to Aa1 (sf) and Placed Under
Review for Possible Downgrade; previously on Mar 30, 2016
Definitive Rating Assigned Aaa (sf)

Series 2016-1 Class B, Downgraded to A2 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 6, 2020 A1 (sf) Placed
Under Review for Possible Downgrade

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2016-2

Series 2016-2 Class A, Downgraded to Aa1 (sf) and Placed Under
Review for Possible Downgrade; previously on Jun 1, 2016 Definitive
Rating Assigned Aaa (sf)

Series 2016-2 Class B, Downgraded to A2 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 6, 2020 A1 (sf) Placed
Under Review for Possible Downgrade

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2017-1

Series 2017-1 Fixed Rate Rental Car Asset Backed Notes, Class A,
Downgraded to Aa1 (sf) and Placed Under Review for Possible
Downgrade; previously on Mar 15, 2017 Definitive Rating Assigned
Aaa (sf)

Series 2017-1 Fixed Rate Rental Car Asset Backed Notes, Class B,
Downgraded to A2 (sf) and Remains On Review for Possible Downgrade;
previously on Apr 6, 2020 A1 (sf) Placed Under Review for Possible
Downgrade

Series 2017-1 Fixed Rate Rental Car Asset Backed Notes, Class C,
Downgraded to Ba1 (sf) and Placed Under Review for Possible
Downgrade; previously on Mar 15, 2017 Definitive Rating Assigned
Baa3 (sf)

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2017-2

Series 2017-2 Fixed Rate Rental Car Asset Backed Notes, Class A,
Downgraded to Aa1 (sf) and Placed Under Review for Possible
Downgrade; previously on Dec 13, 2017 Definitive Rating Assigned
Aaa (sf)

Series 2017-2 Fixed Rate Rental Car Asset Backed Notes, Class B,
Downgraded to A3 (sf) and Remains On Review for Possible Downgrade;
previously on Apr 6, 2020 A1 (sf) Placed Under Review for Possible
Downgrade

Series 2017-2 Fixed Rate Rental Car Asset Backed Notes, Class C,
Downgraded to Ba1 (sf) and Placed Under Review for Possible
Downgrade; previously on Dec 13, 2017 Definitive Rating Assigned
Baa3 (sf)

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2018-1

Series 2018-1 Fixed Rate Rental Car Asset Backed Notes, Class A,
Downgraded to Aa1 (sf) and Placed Under Review for Possible
Downgrade; previously on Apr 30, 2018 Definitive Rating Assigned
Aaa (sf)

Series 2018-1 Fixed Rate Rental Car Asset Backed Notes, Class B,
Downgraded to A3 (sf) and Remains On Review for Possible Downgrade;
previously on Apr 6, 2020 A1 (sf) Placed Under Review for Possible
Downgrade

Series 2018-1 Fixed Rate Rental Car Asset Backed Notes, Class C,
Downgraded to Ba1 (sf) and Placed Under Review for Possible
Downgrade; previously on Apr 30, 2018 Definitive Rating Assigned
Baa3 (sf)

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2018-2

Series 2018-2 Fixed Rate Rental Car Asset Backed Notes, Class A,
Downgraded to Aa1 (sf) and Placed Under Review for Possible
Downgrade; previously on Oct 25, 2018 Definitive Rating Assigned
Aaa (sf)

Series 2018-2 Fixed Rate Rental Car Asset Backed Notes, Class B,
Downgraded to A3 (sf) and Remains On Review for Possible Downgrade;
previously on Apr 6, 2020 A1 (sf) Placed Under Review for Possible
Downgrade

Series 2018-2 Fixed Rate Rental Car Asset Backed Notes, Class C,
Downgraded to Ba1 (sf) and Placed Under Review for Possible
Downgrade; previously on Oct 25, 2018 Definitive Rating Assigned
Baa3 (sf)

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2019-1

Series 2019-1 Fixed Rate Rental Car Asset Backed Notes, Class A,
Downgraded to Aa1 (sf) and Placed Under Review for Possible
Downgrade; previously on Feb 13, 2019 Definitive Rating Assigned
Aaa (sf)

Series 2019-1 Fixed Rate Rental Car Asset Backed Notes, Class B,
Downgraded to A3 (sf) and Remains On Review for Possible Downgrade;
previously on Apr 6, 2020 A1 (sf) Placed Under Review for Possible
Downgrade

Series 2019-1 Fixed Rate Rental Car Asset Backed Notes, Class C,
Downgraded to Ba1 (sf) and Placed Under Review for Possible
Downgrade; previously on Feb 13, 2019 Definitive Rating Assigned
Baa3 (sf)

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2019-2

Series 2019-2 Rental Car Asset Backed Notes, Class A, Downgraded to
Aa1 (sf) and Placed Under Review for Possible Downgrade; previously
on Apr 23, 2019 Definitive Rating Assigned Aaa (sf)

Series 2019-2 Rental Car Asset Backed Notes, Class B, Downgraded to
A3 (sf) and Remains On Review for Possible Downgrade; previously on
Apr 6, 2020 A1 (sf) Placed Under Review for Possible Downgrade

Series 2019-2 Rental Car Asset Backed Notes, Class C, Downgraded to
Ba1 (sf) and Placed Under Review for Possible Downgrade; previously
on Apr 23, 2019 Definitive Rating Assigned Baa3 (sf)

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2019-3

Series 2019-3 Rental Car Asset Backed Notes, Class A, Downgraded to
Aa1 (sf) and Placed Under Review for Possible Downgrade; previously
on Aug 27, 2019 Definitive Rating Assigned Aaa (sf)

Series 2019-3 Rental Car Asset Backed Notes, Class B, Downgraded to
A3 (sf) and Remains On Review for Possible Downgrade; previously on
Apr 6, 2020 A2 (sf) Placed Under Review for Possible Downgrade

Series 2019-3 Rental Car Asset Backed Notes, Class C, Downgraded to
Ba1 (sf) and Placed Under Review for Possible Downgrade; previously
on Aug 27, 2019 Definitive Rating Assigned Baa3 (sf)

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2020-1

Series 2020-1 Rental Car Asset Backed Notes, Class A, Downgraded to
Aa1 (sf) and Placed Under Review for Possible Downgrade; previously
on Jan 29, 2020 Definitive Rating Assigned Aaa (sf)

Series 2020-1 Rental Car Asset Backed Notes, Class B, Downgraded to
A3 (sf) and Remains On Review for Possible Downgrade; previously on
Apr 6, 2020 A2 (sf) Placed Under Review for Possible Downgrade

Series 2020-1 Rental Car Asset Backed Notes, Class C, Downgraded to
Ba1 (sf) and Placed Under Review for Possible Downgrade; previously
on Jan 29, 2020 Definitive Rating Assigned Baa3 (sf)

RATINGS RATIONALE

Moody's actions are prompted by the significant deterioration in
the credit profile of ABCR (the lessee), as evidenced by recent
rating actions on April 24, 2020, including Moody's downgrading
ABCR's CFR to B2 from Ba3. The rating action reflects the
considerable weakening of the company's liquidity position that
will occur due to the coronavirus' impact on air-travel, car rental
usage rates, and the used car market. ABCR's business is built
around renting its cars, on-airport and off-airport, and being able
to efficiently dispose of the rental fleet. Air travel, which has a
very strong relationship to rental car utilization rates, has
fallen by over 90% and Moody's expects travel to remain weak
through 2020. At the same time the market for used cars, which is
quite large and usually quite stable, has contracted at an
unprecedented pace. As a result of this stress, ABCR's revenues and
earnings will declined precipitously, and the company's earnings
and cash flow will become significantly negative during the second
quarter. Rental car ABS transactions securitize a single lease,
making performance partly dependent on the financial health of the
rental car company lessee.

Demand and pricing in the 40 million-unit US used car market should
begin to recover sometime during the third quarter which should
ease some stress on liquidity. Moody's believes that ABCR has
adequate liquidity to fund the cash outflow that will occur until
the used car market becomes more accessible during the third
quarter. At March 31, this liquidity position, including cash and
availability under credit facilities, approximated $1.4 billion.

The car rental sector has been one of the sectors most
significantly affected by the coronavirus-induced economic shock
given its heavy dependence on air travel and on the sale of used
vehicles. Business activity in these markets, which are critical to
ABCR's ongoing operations, have fallen precipitously. During late
March and into April the normally quite stable and large market for
used cars has contracted at an unprecedented pace given the closure
of most auctions. Moody's believes prices have fallen by at least
10% for the very low volume of cars that may have traded.

In its ABS rating analysis, Moody's continues to assume that in the
event of insolvency, ABCR will be more likely to reorganize under a
Chapter 11 bankruptcy filing, as it would likely realize
significantly more value as an ongoing business concern than it
would if it were to liquidate its assets under a Chapter 7 filing.
Moody's view considers the strength of the ABCR brand (one of the
three major car rental companies in North America) and the expected
eventual recovery of the rental car industry. Moody's now believes
that there is a moderately higher probability that ABCR will seek
to negotiate changes to its lease payment terms. While Moody's
recognizes the strategic importance of the ABS financing platform
to ABCR's operation, the company's lease payment obligations to the
trust are high considering its challenging financial situation for
the remainder of 2020 and its low fleet utilization. Given the
unprecedented market dislocation and the currently illiquid market
for used-vehicles, certain ABS noteholders may wish to extend some
form of lease payment relief to ABCR to avoid a fire sale of the
entire fleet of vehicles. However, the parties may face logistical
challenges in implementing any operational and legal procedures
required to potentially negotiate and optimize lease terms.

In taking its action, Moody's also considered the weakening credit
quality of several original equipment manufacturers in ABCR's
vehicle fleet. Moody's recently placed the ratings of the three
largest OEMs in the underlying fleet on review for downgrade as
follows: Fiat Chrysler Automobiles N.V. (CFR of Ba1 under review
with direction uncertain, previously Ba1 positive, approximately
22% of the vehicle fleet), General Motors Company (senior unsecured
rating of Baa3 RUR-down, previously Baa3 stable, approximately 18%
of the vehicle fleet), and Ford Motor Company (senior unsecured
rating of Ba2 RUR-down, previously Ba1 stable, approximately 15% of
the vehicle fleet). These rating actions on the OEMs reflect the
severe economic shock owing to the coronavirus pandemic.

The automotive industry has been one of the sectors most
significantly affected by the shock given its sensitivity to
consumer demand and sentiment. The performance of rental car ABS is
dependent on the credit quality of the OEMs because, if a vehicle
manufacturer bankruptcy were to occur, the risk that the
manufacturer would not satisfy its repurchase obligations for
program vehicles (roughly 15% of the underlying vehicles) would
increase. Also, used-vehicle values for that manufacturer would
likely decline, decreasing the value of the fleet collateral
available to repay the notes. In taking its action, Moody's
increased its assumption for the non-program portion of the pool
given the elevated levels over the past few months.

Its rating actions also reflect heightened uncertainty, owing to
the unprecedented operating environment, with respect to certain
factors including:

(1) if and under what market conditions the trust will be forced to
liquidate vehicles, and the effectiveness of any related
decision-making process involving numerous parties and
noteholders,

(2) the duration of the shutdown of certain used-vehicles sales
channels owing to the pandemic, which has resulted in an
unprecedented, illiquid secondary market.

(3) the magnitude of used vehicle price declines resulting from the
sudden halt in demand for vehicles, the unprecedented shock to
global air travel and ABCR's reliance on revenue from customers'
foot traffic at airports, relative to available
overcollateralization,

(4) the sufficiency of the amortization tail period for certain
notes, particularly for those maturing in 2021, if the used-vehicle
sales channels remain closed or experience significant volume
decline for a prolonged period,

(5) the sufficiency of required liquidity in the form of a letter
of credit (LOC) covering six months of interest due on the notes in
the event of a lease payment default should the entire fleet need
to be disposed of in a challenging and depressed used-vehicle
market; the LOCs have a term of only one-year and therefore when
some expire in 2020 the issuer is required to either extend the
LOCs or fund the required amount in cash, and

(6) the legal risks to the trust in the event of a sponsor
bankruptcy.

The ratings on the notes are supported by (1) the available credit
enhancement, which consists of subordination and
over-collateralization, to protect investors against a meaningful
decline in the value of the underlying vehicles, (2) the credit
quality of the collateral in the form of rental fleet vehicles,
which ABCR uses in its rental car business under brand names Avis,
Budget and Payless, (3) the credit quality of ABCR as lessee and
payment guarantor and of the OEMs, (4) the low likelihood of a
Chapter 7 liquidation, (5) required liquidity in the form of cash
and/or a letter of credit sized at roughly six months of interest,
(6) the track-record, experience and expertise of ABCR as the
servicer of the rental fleet and the administrator for the issuer,
and (7) the transaction structure, and other qualitative
considerations. Given the unprecedented shock to the car rental
sector, the degree of uncertainty is unusually high and further
ratings downgrades may be warranted.

Available credit enhancement for the series of notes currently
ranges from roughly 38%-45% for the Class A notes, 29%-33% for the
Class B notes, and 20%-21% for the Class C notes.

Moody's analysis considered the increased uncertainty relating to
the effect of the coronavirus outbreak on the US economy, as well
as the effects that the announced government measures put in place
to contain the virus will have on the performance of corporate
assets. Moody's regards the coronavirus outbreak as a social risk
under its ESG framework, given the substantial implications for
public health and safety. It is a global health shock, which makes
it extremely difficult to provide an economic assessment. The
degree of uncertainty around its forecasts is unusually high.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Rental Fleet Securitizations" published in March
2019.

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

Up

Moody's could upgrade the ratings of the notes as applicable if,
among other things, (1) the credit quality of the lessee improves,
(2) assumptions of the credit quality of the pool of vehicles
collateralizing the transaction strengthens, as reflected by a
stronger mix of program and non-program vehicles and stronger
credit quality of vehicle manufacturers, and (3) sustained
improvement in the vehicle prices of non-program vehicles owing to
higher demand for used vehicles and the increase in volumes of
used-car sales.

Down

Moody's could downgrade the ratings of the notes if, among other
things, (1) the credit quality of the lessee weakens and it is
unable to meet its lease payment obligations, (2) an increase in
the likelihood of a sudden disposition of the underlying vehicles
in a depressed used-vehicle market combined with an unprecedented,
illiquid secondary market, (3) the credit quality of the pool of
vehicles collateralizing the transaction weakens, as reflected by a
weaker mix of program and non-program vehicles and weaker credit
quality of vehicle manufacturers, (4) sharper than expected
declines in vehicle prices of non-program vehicles owing to
sustained weakness in the demand for used vehicles and prolonged
disruptions to used-car sales channels, (5) the trust faces
potentially rising legal risks in this unprecedented environment,
or (6) the tail periods, particularly for the series 2015-1 and
2015-2 notes that have maturities in 2021, are insufficient because
sales channels remain closed for a prolonged period and therefore
vehicle disposition proceeds are insufficient to repay the notes.


BAYVIEW FINANCIAL 2007-B: Moody's Cuts Class 1-A2 Certs to Caa3
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two
tranches from Bayview Financial Mortgage Pass-Through Trust
2007-B.

Rating actions:

Issuer: Bayview Financial Mortgage Pass-Through Trust 2007-B

Cl. 1-A2, Downgraded to Caa3 (sf); previously on Mar 5, 2013
Downgraded to Caa1 (sf)

Cl. 2-A4, Downgraded to C (sf); previously on Mar 5, 2013 Affirmed
Caa3 (sf)

RATINGS RATIONALE

The downgrades of the Class 1-A2 and Class 2-A4 in Bayview
Financial Mortgage Pass-Through Trust 2007-B is primarily due to
outstanding interest shortfalls and increasing levels of
under-collateralization in the transaction. The action also
reflects the recent performance as well as Moody's updated loss
expectations on the underlying pools.

Its analysis has considered the increased uncertainty relating to
the effect of the coronavirus outbreak on the US economy as well as
the effects that the announced government measures put in place to
contain the virus, will have on the performance of residential
mortgages. Moody's regards the coronavirus outbreak as a social
risk under its ESG framework, given the substantial implications
for public health and safety. It is a global health shock, which
makes it extremely difficult to provide an economic assessment. The
degree of uncertainty around its forecasts is unusually high.

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in February 2019.

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.
There is significant uncertainty around its unemployment forecast
and risks are firmly to an increasing unemployment rate during the
short term. House prices are another key driver of US RMBS
performance. 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.


CHESAPEAKE ENERGY: S&P Cuts Preferred Securities Rating to 'D'
--------------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on Oklahoma
City-based oil and gas exploration and production company
Chesapeake Energy Corp.'s cumulative convertible preferred
securities to 'D' from 'C'.

The downgrade follows the company's announcement that it has
suspended the dividends on its four cumulative convertible
preferred stock issues to preserve liquidity, which S&P views as an
issue-level default under its hybrid capital methodology.
Chesapeake previously suspended its preferred dividends for four
quarters in 2016 before resuming payments, in arrears, in 2017. If
the company elects not to pay preferred dividends for six quarters
(not necessarily consecutive), the preferred holders, voting as a
single class, will be entitled at the next special or regular
shareholder meeting to elect two additional directors to the
company's board.

All of its other ratings on Chesapeake, including its 'CCC' issuer
credit rating and negative outlook, remain unchanged.


GREENPOINT MORTGAGE 2004-1: Moody's Cuts 2 Tranches to Caa1
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
tranches from two RMBS transactions, backed by Alt-A loans.

The complete rating action is as follows:

Issuer: Greenpoint Mortgage Loan Trust 2004-1

Cl. A, Downgraded to Caa1 (sf); previously on Mar 25, 2011
Downgraded to B3 (sf)

Cl. SP*, Downgraded to Caa1 (sf); previously on Oct 27, 2017
Confirmed at B3 (sf)

Issuer: Structured Asset Mortgage Investments Trust 2002-AR4

Cl. A-1, Downgraded to B1 (sf); previously on Aug 29, 2013
Downgraded to Ba2 (sf)

* Reflects Interest Only Classes

RATINGS RATIONALE

The rating downgrades are the result of a recent deterioration in
deal performance. Delinquency pipelines have increased in
Structured Asset Mtge Investments Tr 2002-AR4 over the past 12
months while credit enhancement levels for Cl. A from Greenpoint
Mortgage Loan Trust 2004-1 decreased during the same time. The
actions reflect Moody's updated loss expectations on the underlying
pools. The downgrade of Cl. SP from Greenpoint Mortgage Loan Trust
2004-1 reflects the rating constraint of the IO to the highest
current tranche rating on bonds backed by the reference pool. The
Cl. SP is a single pool linked IO bond whose rating is subject to
the lowest of (i) the highest current tranche rating on bonds that
are outstanding backed by the reference pool; or (ii) the rating
corresponding to the pool's expected loss; or (iii) the rating
corresponding to the pool's realized loss. The rating downgrade of
the Cl. A has subjected the Cl. SP to a highest current tranche
rating of B3 (sf).

Its analysis has considered the increased uncertainty relating to
the effect of the coronavirus outbreak on the US economy as well as
the effects that the announced government measures put in place to
contain the virus, will have on the performance of residential real
estate. Moody's regards the coronavirus outbreak as a social risk
under its ESG framework, given the substantial implications for
public health and safety. It is a global health shock, which makes
it extremely difficult to provide an economic assessment. The
degree of uncertainty around its forecasts is unusually high.

The principal methodology used in rating all deals except the
interest-only class was "US RMBS Surveillance Methodology"
published in February 2019.

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.
There is significant uncertainty around its unemployment forecast
and risks are firmly to an increasing unemployment rate during the
short term. House prices are another key driver of US RMBS
performance. 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.


HARRIMAN PARK: S&P Assigns 'BB- (sf)' Rating to Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to Harriman Park CLO
Ltd./Harriman Park CLO LLC's floating- and fixed-rate notes.

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

The ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

-- The legal structure of the transaction, which is expected to be
bankruptcy remote.

  RATINGS ASSIGNED
  Harriman Park CLO Ltd./Harriman Park CLO LLC

  Class                 Rating      Amount (mil. $)
  A                     AAA (sf)             320.00
  B-1                   AA (sf)               48.00
  B-2                   AA (sf)               12.00
  C (deferrable)        A (sf)                30.00
  D (deferrable)        BBB- (sf)             30.00
  E (deferrable)        BB- (sf)              20.00
  Subordinated notes    NR                    41.70

  NR--Not rated.


METAL LIMITED 2017-1: Fitch Cuts Rating on 2 Tranches to CCC
------------------------------------------------------------
Fitch Ratings has downgraded the Series A, B, C-1 and C-2
fixed-rate secured notes issued by METAL 2017-1 Limited. Fitch
removed the existing Rating Watch Negative on all notes and placed
series A and B notes on Negative Outlook.

METAL 2017-1 Limited

  - Class A 59111RAA0; LT BBBsf; Downgrade

  - Class B 59111RAB8; LT BBsf; Downgrade

  - Class C-1 59111RAC6; LT CCCsf; Downgrade

  - Class C-2 59111RAD4; LT CCCsf; Downgrade

TRANSACTION SUMMARY

The downgrades of the series A, B, C-1 and C-2 fixed-rate secured
notes reflect ongoing deterioration of all airline lessee credits
backing the leases in the pool, pressure on certain aircraft
values, Fitch's updated assumptions and stresses, and impairments
to modeled cash flows and coverage levels. Each tranche was removed
from RWN and the senior notes were then placed on NO, reflecting
Fitch's base case expectation for the structure to withstand
immediate and near-term stresses at the updated assumptions and
stressed scenarios and current ratings.

On March 31, 2020, Fitch placed all series notes on RWN as a part
of its aviation ABS portfolio review, due to the ongoing impact of
the coronavirus on the global macro and travel/airline sectors. The
unprecedented worldwide event continues to evolve rapidly and
negatively affect airlines across the globe. To accurately reflect
its global recessionary environment and impact to airlines backing
this pool, Fitch updated rating assumptions for both rated and
non-rated airlines, with a vast majority of ratings moving lower.

Furthermore, recessionary timing was brought forward to start
immediately at this point in time. This scenario stresses asset
values and lease rates immediately while incurring remarketing and
repossession cost and downtime, at each relevant rating stress
level. Previously, Fitch assumed that the first recession commenced
six months from either the transaction closing date or date of
subsequent reviews.

METAL 2017-1 acquired certain aircraft owning entities (AOEs) from
Aergo Capital Holdings Limited (Aergo, not rated [NR] by Fitch) at
close, and is serviced by Aergo Capital Limited (NR), a wholly
owned subsidiary of Aergo. CarVal Investors, LLC, a global
investment management firm, is the majority owner of Aergo.

KEY RATING DRIVERS

Deteriorating Airline Lessee Credit:

The transaction cash flows were stressed in 2018-2020 following the
bankruptcies of Shaheen Air and Jet Airways, resulting in the
grounding of several aircraft with periodic breaches to the
debt-service coverage ratio trigger. Since the last review in
October 2019, three ATR 72s were transitioned to small regional
carriers, with two placed with TruJet (NR) based out of India, and
one with Passaredo Aereas Linhas (NR) out of Brazil. Shaheen Air
leased one A330-200 aircraft representing 10.9% of the pool as of
April 2020 report, but the airline filed bankruptcy in October
2018. The aircraft was subsequently placed on lease with Jordan
Aviation in February 2020, after remaining on ground since Shaheen
Air's bankruptcy.

The credit profiles of the airline lessees in the pool further
deteriorated due to the coronavirus-related impact on all global
airlines in 2020, resulting in lower lessee rating assumptions
utilized for this review. South African Airways is the largest
airline credit in the pool totaling 22.5% leasing one young
widebody A330-300 aircraft. The events surrounding the potential
bankruptcy and liquidation of SAA are ongoing, and are a credit
negative for cash flows and overall transaction performance. Fitch
moved SAA's rating to 'D' for this review, assuming a default of
the airline and grounding of the aircraft. An additional six-month
downtime was assumed to account for potential remarketing
challenges in placing this aircraft with a new lessee in the
current distressed environment, particularly considering elevated
market pressures for WB aircraft.

The remaining aircraft with leases attached were assumed to be with
'CCC' airline credits, reflective of their ongoing credit profiles
and fleets in this operating environment, due to the
coronavirus-related impact on the sector. For the four off-lease
aircraft in the pool (7.1%), Fitch assumed zero collections for
three months prior to modeling remarketing activity to account for
additional time to place these aircraft.

Asset Quality and Appraised Pool Value:

The pool includes two WB aircraft, one A330-200 and one A330-300,
together totaling 33.4% of the pool, which typically incur higher
repossession, transition, reconfiguration and maintenance costs.
Due to ongoing market value pressures for A330s and worsening
supply and demand value dynamics for these aircraft, Fitch utilized
market values as opposed to base values for cash flow modeling. The
remaining 15 aircraft in the pool are narrow-body and turboprop
aircraft. Fitch utilized BVs for this review given ongoing market
dynamics for these aircraft, consistent with prior review.

Fitch utilized the average of the two lowest and most current
appraisal values as of December 2019 (BV for NB/TP and MV for WB)
versus the three appraisals provided by IBA Group Limited, Morten
Beyer & Agnew Inc. and BK Associates Inc. This resulted in a
Fitch-modeled pool value of $392 million, compared to the $419
million value stated in the April 2020 servicer report.

Fitch adjusted the useful life assumption for all NB and WB
aircraft to 20 years down from 25 years at closing and in prior
reviews. The useful life assumption for TPs was adjusted to 25
years down from 30 years prior. This realigns aircraft useful life
to other rated ABS transaction assumptions, and is principally
reflective of prior aircraft sold out of the pool by Aergo from
2019 through early 2020, and is consistent with other peer lessor
and ABS useful life assumptions.

Transaction Performance:

Several lessees are currently behind on lease and supplemental rent
payments through mid-April. As of the March reporting period, all
airline lessees in the pool had requested lease deferrals given the
impact from the ongoing global pandemic. Aergo has provided a
number of deferrals to airlines to date, and continues to consider
other requests. Fitch applied a base lease deferral term of three
months for all airlines awaiting deferrals from the lessor.

Aircraft utilization, lease collections and cash flow have been
under pressure in recent months prior to Aergo granting deferrals
to lessees in March and April. Last month's transaction lease
collections were the lowest to date, and both the DSCR and enhanced
DSCR triggers were tripped, while the liquidity facility (LF),
provided by Natixis, S.A. (currently rated 'A+'/'F1'/RWN by Fitch
and within rating thresholds as per global structured finance
counterparty rating criteria), was drawn upon to pay senior
interest on the series A and B notes, totaling $460,000. Fitch
expects further draws of the LF to pay interest in coming months
given the depressed level of lease cash flows, and the DSCR trigger
is expected to remain breached in the near term.

Fitch Modeling Assumptions:

Nearly all servicer-driven assumptions are consistent from closing
and prior reviews. These include costs and certain downtime
assumptions relating to aircraft repossessions and remarketing,
terms of new leases, and extension terms. Please refer to the
transaction presale published at closing for further information on
these assumptions and stresses.

With the grounding of global fleets and significant reduction in
air travel, maintenance revenue and costs will be impacted and are
expected to decline due to airline lessee credit issues and
grounded aircraft. Maintenance revenues were reduced by 50% over
the next immediate 12 months, and such missed payments were assumed
to be recouped in the following 12 months thereafter, starting in
May 2021.

Maintenance costs over the immediate next six months were assumed
to be incurred as reported. Costs in the following month were
reduced by 50% and assumed to increase straight line to 100% over a
12-month period. Any deferred costs were incurred in the following
12 months.

RATING SENSITIVITIES

The Negative Rating Outlooks on the series A and B notes reflect
the potential for further negative rating actions due to concerns
surrounding the ultimate impact of the coronavirus pandemic, and
resulting performance concerns associated with airlines, aircraft
values and other assumptions across the aviation industry due to
the severe decline in travel and grounding of airlines.

At close, Fitch conducted multiple rating sensitivities analyses to
evaluate the impact of changes to a number of the variables in the
analysis. The performance of aircraft operating lease
securitizations is affected by various factors, which in turn could
have an impact on the assigned ratings. Due to the correlation
between global economic conditions and the airline industry, the
ratings can be affected by the strength of the macro-environment
over the remaining term of this transaction.

In the initial rating analysis, Fitch found the transaction to
exhibit sensitivity to the timing or severity of assumed
recessions. Fitch also found that greater default probability of
the leases has a material impact on the ratings. The timing or
degree of technological advancement in the commercial aviation
space and the impacts these changes would have on values, lease
rates, and utilization, would have a moderate impact on the
ratings.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

Base Assumptions with Stronger Residual Value Realization: The
Aircraft ABS sector has a rating cap of 'Asf'. All subordinate
tranches carry at least one category of ratings lower than the
senior tranche. However, if the assets in this pool experience
stronger residual value realization than the modeled RV, or if
stronger lease collections are realized compared to Fitch's
stressed scenarios, the pool could perform better than current
expectations. Future upgrades beyond current ratings would not be
considered due various factors including to the sector rating cap
in place, the industry cyclicality and asset value volatility,
weaker lessee mix present in the pool and uncertainty around future
lessees.

This sensitivity scenario uses a simple RV assumption to strengthen
cash flows in order to limit secondary impact to other aspects of
cash flow generation. Under this scenario, residual value
recoveries at time of sale are assumed at 85% of their depreciated
market values up from 50% in the base case. The series A notes have
a short cash flow miss at the 'Asf' stress level of approximately
$7 million principal shortfall at the 'Asf' stress level, and both
series A and B notes are able to pass at the 'BBBsf' level. The C-1
notes remain short of the 'BBsf' level but are able to pass at the
'Bsf' level, which is one category higher than the 'CCCsf' assigned
in this rating action.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

Base Assumptions with Capped Lessee Credit Profiles: At initial
rating of the deal, all future leases were assumed to be placed
with 'CCC' IDR airline credits. This sensitivity scenario explores
the potential cash flow declines if the cap had been maintained
throughout the life of the transaction. Fitch views this as a
severe downside scenario, and would expect that airline credit will
ultimately recover and normalize towards the 'B' range rather than
remain depressed at the 'CCC' level for all airlines.

Under this scenario, the stress comes from higher default
probability of lessees, thereby increasing downtime and costs
associated with more frequent modeled lease transitions. Net cash
flow declines by approximately $30 million at each rating category,
with the subordinate notes failing the 'Bsf' stress level. Each of
the senior notes are implied to migrate one rating category down,
with series A notes passing at the 'BBsf' level and series B notes
passing at 'Bsf' level.

Base Assumptions with Higher Residual Value Decline: Looking back
at historical periods of stressed value declines, the lower end of
Fitch's recessionary value decline ranges remains appropriate in
the primary scenario. However, given the severity and pace of the
current environment, this sensitivity scenario explores potential
value declines at the higher end of the allowable range. Tier 1
aircraft would decline by 30% in this scenario, up from 25% in the
base case, and applied to the first assumed recessionary period.

Under this scenario, asset values decline approximately 2% faster
on an annualized basis over the first assumed recessionary period.
Net cash flow declines by approximately $10 million to $15 million
at each rating stress level. C-1 and C-2 notes remain unable to be
repaid in full, and senior notes remain at implied 'BBBsf' and
'BBsf' rating levels.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

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.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).


[] Moody's Lowers $51.8MM U.S. RMBS Issued 2002-2005
----------------------------------------------------
Moody's Investors Service has downgraded the ratings of eight
tranches, from four RMBS transactions, backed by Subprime and S&D
loans, issued by multiple issuers.

The complete rating actions are as follows:

Issuer: Aegis Asset Backed Securities Trust 2005-2

Cl. M2, Downgraded to B2 (sf); previously on Nov 8, 2018 Downgraded
to B1 (sf)

Cl. M3, Downgraded to B2 (sf); previously on Apr 18, 2016 Upgraded
to B1 (sf)

Issuer: Bear Stearns Asset Backed Securities Trust 2003-3

Cl. M-1, Downgraded to B3 (sf); previously on Apr 9, 2012
Downgraded to B1 (sf)

Cl. M-2, Downgraded to C (sf); previously on Mar 11, 2011
Downgraded to Caa3 (sf)

Issuer: Bear Stearns Asset-Backed Securities Trust 2004-SD1

Cl. M-1, Downgraded to B2 (sf); previously on Dec 10, 2018
Downgraded to B1 (sf)

Cl. M-2, Downgraded to Caa1 (sf); previously on May 2, 2014
Downgraded to B2 (sf)

Issuer: Chase Funding Trust, Series 2002-4

Cl. IA-5, Downgraded to Ba3 (sf); previously on May 5, 2014
Downgraded to Ba1 (sf)

Cl. IM-2, Downgraded to Caa2 (sf); previously on Sep 21, 2018
Upgraded to B3 (sf)

RATINGS RATIONALE

The rating downgrades of Chase Funding Trust, Series 2002-4 Cl.
IA-5 and Cl. IM-2, and Bear Stearns Asset Backed Securities Trust
2003-3 Cl. M1 and Cl. M2 are due to recent reductions in credit
enhancement and deterioration in deal performance. The rating
downgrades of Aegis Asset Backed Securities Trust 2005-2 Cl. M2 and
Cl. M3, and Bear Stearns Asset-Backed Securities Trust 2004-SD1 Cl.
M1 and Cl. M2 are due to their outstanding interest shortfalls that
are not expected to be recouped as the bonds have weak structural
mechanisms to reimburse unpaid interest. The actions also reflect
the recent performance as well as Moody's updated loss expectations
on the underlying pools.

Its analysis has considered the increased uncertainty relating to
the effect of the coronavirus outbreak on the US economy as well as
the effects of the announced government measures which were put in
place to contain the virus. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. It is a
global health shock, which makes it extremely difficult to provide
an economic assessment. On March 25th, it revised its baseline
growth forecast and now expect real GDP in the US to contract by
2.0% in 2020. The degree of uncertainty around its forecasts is
unusually high.

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in February 2019.

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.
Moody's expects unemployment rate to peak in the second quarter and
to average anywhere between 8.8% and 16.2%, and decline thereafter
with a slow pace of rehiring, resulting in an unemployment rate of
around 6.5% by the end of 2020. However, there is significant
uncertainty around this forecast and risks are firmly to the
downside. House prices are another key driver of US RMBS
performance. 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.


                            *********

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