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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, January 17, 2016, Vol. 20, No. 17

                            Headlines

ABFC 2004-OPT4: Moody's Hikes Cl. M-1 Debt Rating to B1(sf)
AMERICAN CREDIT 2016-1: S&P Assigns Prelim. BB Rating on D Notes
ATRIUM VIII: S&P Affirms 'BB' Rating on Class E Notes
BABSON CLO 2016-I: Moody's Assigns (P)Ba3(sf) Rating on Cl. E Debt
BANC OF AMERICA 2005-5: Moody's Cuts Rating on 4 Tranches to Caa1

BANC OF AMERICA 2007-2: Fitch Cuts Class A-J Debt Rating to CCCsf
BEAR STEARNS 2004-PWR5: Moody's Hikes Cl. L Debt Rating to Ba3
BEAR STEARNS 2004-PWR6: Moody's Hikes Cl. J Debt Rating to Ba2(sf)
BLUEMOUNTAIN CLO 2015-4: S&P Assigns Bsf Rating Class F Notes
CARLYLE GLOBAL 2012-1: Moody's Hikes Class E Notes Rating to Ba1

CHASE COMMERCIAL 1998-2: Fitch Affirms BB Rating on Cl. I Certs
CITICORP MORTGAGE 2006-4: Moody Cuts Cl. IIIA-IO Debt Rating to B2
CITIGROUP 2015-101A: Fitch Affirms 'B-' Rating on Class F Certs
COMM 2013-CCRE6: DBRS Confirms B(sf) Rating on Class F Debt
COMM 2014-CCRE15: Moody's Affirms Ba2 Rating on Cl. E Certificate

COMMERCIAL CAPITAL: Fitch Affirms 'CCCsf' Rating on Class 3F Debt
CREDIT SUISSE 2004-C2: Fitch Raises Rating on Cl. L Certs to BB
CREDIT SUISSE 2007-C1: Fitch Cuts Class A-J Debt Rating to Csf
CSFB COMMERCIAL 2005-C6: Moody's Raises Rating on E Certs to Ba1
CSFB MORTGAGE 1998-C1: Moody's Affirms Caa2 Rating on Cl. A-X Debt

CSFB MORTGAGE 2004-C5: Moody's Lowers Rating on H Certs to Caa3
DLJ COMMERCIAL 1999-CG1: Moody's Affirms Caa3 Rating on Cl. S Debt
EMERSON PLACE: Moody's Lowers Rating on Class D Notes to B1
FREDDIE MAC 2016-DNA1: Fitch to Rate Class M-3 Notes 'Bsf'
GOLDMAN SACHS 2013-GC10: Fitch Affirms 'Bsf' Rating on Cl. F Certs

GOLUB CAPITAL 2007-1: Moody's Raises Rating on Cl. E Notes to Ba1
GS MORTGAGE 2014-GC18: Fitch Affirms 'BBsf' Rating on X-C Certs
JP MORGAN 2001-CIBC2: Fitch Lowers Rating on 2 Certs to 'C'
JP MORGAN 2003-PM1: Fitch Raises Rating on Cl. G Certs to 'Bsf'
JP MORGAN 2006-LDP6: Moody's Raises Rating on Cl. B Certs to Ba2

LB COMMERCIAL 1998-C1: Moody's Lowers Cl. IO Certs Rating to Caa3
LB-UBS COMMERCIAL 2005-C7: Fitch Lowers Rating on Cl. G Certs to D
MERRILL LYNCH 1998-C3: Moody's Affirms Caa3 Rating on Cl. IO Debt
MERRILL LYNCH 2004-BPC1: Fitch Raises Rating on Cl. D Certs to B
MORGAN STANLEY 2003-TOP9: Fitch Raises Rating on Cl. M Certs to B

MORGAN STANLEY 2012-C4: Moody's Affirms B2 Rating on Cl. G Certs
MORTGAGE CAPITAL 1998-MC2: Moody's Affirms Caa3 Rating on X Certs
NATIONSLINK FUNDING: Moody's Affirms Ba3 Rating on Cl. X Certs
NEW YORK LIBERTY: Fitch Affirms BB+ Rating on Class B Bonds
NOMURA ASSET 1998-D6: Moody's Lowers Rating on PS-1 Debt to Caa3

PRUDENTIAL SECURITIES: Moody's Affirms Ca Rating on K Certs
REALT 2006-2: Moody's Affirms Ba1 Rating on Cl. F Certs
RED RIVER CLO: Moody's Affirms Ba2 Rating on Class E Notes
SASCO 2007-BHC1: Moody's Affirms C(sf) Rating on Cl. A-1 Debt
SCOF-2 LTD: Moody's Assigns Ba2 Rating on Class E Notes

STACR 2016-DNA1: Moody's Assigns (P)B1 Rating on Class M-3F Debt
SUGAR CREEK: S&P Affirms BB+ Rating on Class E Notes
SYMPHONY CLO III: Moody's Affirms Ba1 Rating on Class E Notes
TALMAGE STRUCTURED: Moody's Raises Rating on Cl. E Notes to Ba2
VENTURE XXII CLO: Moody's Rates Provisional Ba3 Rating on E Notes

VITALITY RE VII: S&P Assigns Prelim. BB+ Rating on Class B Notes
VOYA CLO 2016-1: Moody's Assigns (P)Ba3(sf) Rating to Class D Debt
WACHOVIA BANK 2004-C10: Moody's Raises Rating on N Certs to Ba3
WESTLAKE AUTOMOBILE 2016-1: DBRS Gives (P)BB Rating on Cl. E Debt
WESTLAKE AUTOMOBILE 2016-1: S&P Assigns (P)BB Rating on Cl. E Notes

[*] Moody's Takes Action on $189.9MM of Prime Jumbo RMBS
[*] Moody's Takes Action on $201MM of RMBS Issued in 2005
[*] Moody's Takes Action on $207MM of RMBS Issued 2003-2004
[*] Moody's Takes Action on $766.1MM of RMBS Issued 2005-2007
[*] S&P Lowers Ratings on 90 Classes From 57 US RMBS to D

[*] S&P Puts Ratings on 9 Access-to-Loans Trust on Watch Negative
[*] S&P Withdraws Ratings on 8 Classes From 4 U.S. RMBS Transaction

                            *********

ABFC 2004-OPT4: Moody's Hikes Cl. M-1 Debt Rating to B1(sf)
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of nine tranches
from four transactions, backed by Subprime loans, issued by
multiple issuers.

Complete rating actions are as follows:

Issuer: ABFC Asset-Backed Certificates, Series 2004-OPT4

Cl. A-1, Upgraded to Aa2 (sf); previously on May 4, 2012 Downgraded
to A1 (sf)

Cl. A-2, Upgraded to Aa2 (sf); previously on May 4, 2012 Downgraded
to A1 (sf)

Cl. M-1, Upgraded to B1 (sf); previously on May 4, 2012 Downgraded
to Caa1 (sf)

Issuer: ABSC Home Equity Loan Trust, Series 2003-HE3

Cl. M2, Upgraded to Caa3 (sf); previously on Apr 12, 2012
Downgraded to Ca (sf)

Issuer: Ameriquest Mortgage Securities Inc., Series 2004-R7

Cl. M-3, Upgraded to Ba3 (sf); previously on Mar 29, 2011
Downgraded to B3 (sf)

Cl. M-4, Upgraded to B3 (sf); previously on Mar 29, 2011 Downgraded
to Caa3 (sf)

Cl. M-5, Upgraded to Caa1 (sf); previously on Mar 29, 2011
Downgraded to Ca (sf)

Cl. A-1, Upgraded to Aa2 (sf); previously on Jan 18, 2013
Downgraded to A1 (sf)

Underlying Rating: Upgraded to Aa2 (sf); previously on Mar 29, 2011
Downgraded to A1 (sf)

Financial Guarantor: Assured Guaranty Municipal Corp (Affirmed at
A2, Outlook Stable on July 2, 2014)

Issuer: Asset Backed Securities Corporation Home Equity Loan Trust
2003-HE7

Cl. M2, Upgraded to Caa2 (sf); previously on Apr 12, 2012
Downgraded to Caa3 (sf)

RATINGS RATIONALE

The ratings upgraded are a result of the improving performance of
the related pools and an increase in credit enhancement available
to the bonds. The rating actions reflect the recent performance of
the underlying pools and Moody's updated loss expectation on the
pools.

The rating actions on Asset Backed Securities Corporation Home
Equity Loan Trust Series 2003-HE3 Class M-2 and ABFC Asset-Backed
Certificates Series 2004-OPT4 Class M-1 also reflect corrections to
the cash-flow models used by Moody's in rating these transactions.
The model used in the prior rating actions on Asset Backed
Securities Corporation Home Equity Loan Trust Series 2003-HE3
applied incorrect interest payments to an interest-only tranche,
and the model used in the prior rating actions on ABFC Asset-Backed
Certificates Series 2004-OPT4 applied incorrect transaction fees,
both of which errors reduced the amount of projected excess spread
benefit. These errors have been corrected, and today's rating
actions reflect the appropriate interest waterfalls for these
transactions.

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 5.0% in December 2015 from 5.6% in
December 2014. Moody's forecasts an unemployment central range of
4.5% to 5.5% for the 2016 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 2016. 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.



AMERICAN CREDIT 2016-1: S&P Assigns Prelim. BB Rating on D Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary ratings
to American Credit Acceptance Receivables Trust 2016-1's $188.53
million asset-backed notes series 2016-1.

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

The preliminary ratings are based on information as of Jan. 13,
2016.  Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

   -- The availability of approximately 56.9%, 47.1%, 39.1%, and
      35.1% of credit support for the class A, B, C, and D notes,
      respectively, based on break-even stressed cash flow
      scenarios (including excess spread), which provide coverage
      of more than 2.15x, 1.75x, 1.40x, and 1.25x S&P's 25.50%-
      26.50% expected net loss range for the class A, B, C, and D
      notes, respectively.

   -- The timely interest and principal payments made to the
      preliminary rated notes by the assumed legal final maturity
      dates under S&P's stressed cash flow modeling scenarios that

      S&P believes are appropriate for the assigned preliminary
      ratings.  The expectation that under a moderate ('BBB')
      stress scenario, the ratings on the class A and B notes
      would remain within one rating category of S&P's preliminary

      'AA (sf)' and 'A (sf)' ratings, and the ratings on the class

      C and D notes would remain within two rating categories of
      S&P's preliminary 'BBB (sf)' and 'BB (sf)' ratings.  These
      potential rating movements are consistent with S&P's credit
      stability criteria, which outline the outer bound of credit
      deterioration equal to a one rating category downgrade
      within the first year for 'AA' rated securities, and a two
      rating category downgrade within the first year for 'A'
      through 'BB' rated securities under moderate stress
      conditions.

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

   -- The backup servicing arrangement with Wells Fargo Bank N.A.

      The transaction's payment and credit enhancement structures,

      which include performance triggers.

   -- The transaction's legal structure.

PRELIMINARY RATINGS ASSIGNED

American Credit Acceptance Receivables Trust 2016-1

Class    Rating       Type            Interest          Amount
                                      rate         (mil. $)(i)
A        AA (sf)      Senior          Fixed             110.25
B        A (sf)       Subordinate     Fixed              34.18
C        BBB (sf)     Subordinate     Fixed              29.77
D        BB (sf)      Subordinate     Fixed              14.33

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



ATRIUM VIII: S&P Affirms 'BB' Rating on Class E Notes
-----------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
B notes from Atrium VIII.  At the same time, S&P affirmed its
ratings on the class A-1, A-2, C, D, and E notes.  Atrium VIII is a
U.S. collateralized loan obligation (CLO) transaction that closed
in October 2012 and is managed by Credit Suisse Asset Management
LLC.  The upgrades reflect improved overcollateralization (O/C)
ratios and stable credit quality of the portfolio.  The affirmed
ratings reflect S&P's belief that the credit support available is
commensurate with the current rating levels.

The rating actions follow S&P's review of the transaction's
performance using data from the Oct. 31, 2015, trustee report.
Because this transaction is still in its reinvestment period until
October 2016, S&P assumed covenanted spread and recovery
assumptions as a stress in its cash flow analysis.

As of the October 2015 trustee report, the class A/B O/C ratio has
improved to 137.44% from 136.80% as of the March 2013 trustee
report, which S&P referenced at the effective date.  The credit
quality has remained stable as the balance of defaulted and 'CCC'
rated assets equals $1.07 million and $10.15 million, respectively,
and the portfolio continues to be well-diversified.

Standard & Poor's 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.

CASH FLOW AND SENSITIVITY ANALYSIS

Atrium VIII

                                 Cash flow

          Previous       implied        Cash flow        Final
Class     rating         rating(i)      cushion(ii)      rating
A-1       AAA (sf)       AAA (sf)       12.51%           AAA (sf)
A-2       AAA (sf)       AAA (sf)       12.51%           AAA (sf)
B         AA (sf)        AAA (sf)       0.34%            AA+ (sf)
C         A (sf)         AA- (sf)       2.68%            A (sf)
D         BBB (sf)       BBB+ (sf)      7.45%            BBB (sf)
E         BB (sf)        BB+ (sf)       1.88%            BB (sf)

(i) The cash flow implied rating considers the actual spread,
coupon, and recovery of the underlying collateral.
(ii) The cash flow cushion is the excess of the tranche break-even
default rate above the scenario default rate at the assigned rating
for a given class of rated notes using the actual spread, coupon,
and recovery.

RECOVERY RATE AND CORRELATION SENSITIVITY

In addition to S&P's base-case analysis, it generated additional
scenarios in which it made negative adjustments of 10% to the
current collateral pool's recovery rates relative to each tranche's
weighted average recovery rate.

S&P also generated other scenarios by adjusting the intra- and
inter-industry correlations to assess the current portfolio's
sensitivity to different correlation assumptions assuming the
correlation scenarios outlined below.

Correlation
Scenario              Within industry (%)   Between industries (%)
Below base case             15.0                    5.0
Base case equals rating     20.0                    7.5
Above base case             25.0                    10.0

                   10% recovery   Correlation  Correlation
       Cash flow   decrease      increase     decrease
       implied     implied       implied      implied    Final
Class  rating      rating        rating       rating     rating
A-1    AAA (sf)    AAA (sf)      AAA (sf)     AAA (sf)   AAA (sf)
A-2    AAA (sf)    AAA (sf)      AAA (sf)     AAA (sf)   AAA (sf)
B      AAA (sf)    AA+ (sf)      AA+ (sf)     AAA (sf)   AA+ (sf)
C      AA- (sf)    A+ (sf)       A+ (sf)      AA+ (sf)   A (sf)
D      BBB+ (sf)   BBB+ (sf)     BBB+ (sf)    A (sf)     BBB (sf)
E      BB+ (sf)    B+ (sf)       BB+ (sf)     BB+ (sf)   BB (sf)

DEFAULT BIASING SENSITIVITY

To assess whether the current portfolio has sufficient diversity,
S&P biased defaults on the assets in the current collateral pool
with the highest spread and lowest base-case recoveries.

                    Spread        Recovery
        Cash flow   compression   compression
        implied     implied       implied     Final
Class   rating      rating        rating      rating
A-1     AAA (sf)    AAA (sf)      AAA (sf)    AAA (sf)
A-2     AAA (sf)    AAA (sf)      AAA (sf)    AAA (sf)
B       AAA (sf)    AA+ (sf)      AA+ (sf)    AA+ (sf)
C       AA- (sf)    A+ (sf)       BBB+ (sf)   A (sf)
D       BBB+ (sf)   BBB+ (sf)     BB+ (sf)    BBB (sf)
E       BB+ (sf)    BB (sf)       B- (sf)     BB (sf)

RATINGS LIST

Atrium VIII

                            Rating
Class   Identifier    To            From
A-1     04964HAA6     AAA (sf)      AAA (sf)
A-2     04964HAJ7     AAA (sf)      AAA (sf)
B       04964HAC2     AA+ (sf)      AA (sf)
C       04964HAE8     A (sf)        A (sf)
D       04964HAG3     BBB (sf)      BBB (sf)
E       04964JAA2     BB (sf)       BB (sf)



BABSON CLO 2016-I: Moody's Assigns (P)Ba3(sf) Rating on Cl. E Debt
------------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to seven
classes of notes to be issued by Babson CLO Ltd. 2016-I (the
"Issuer" or "Babson 2016-I").

Moody's rating action is as follows:

US$2,500,000 Class X Senior Secured Term Notes due 2027 (the "Class
X Notes"), Assigned (P)Aaa (sf)

US$248,000,000 Class A Senior Secured Term Notes due 2027 (the
"Class A Notes"), Assigned (P)Aaa (sf)

US$31,000,000 Class B-1 Senior Secured Term Notes due 2027 (the
"Class B-1 Notes"), Assigned (P)Aa2 (sf)

US$16,000,000 Class B-2 Senior Secured Term Fixed Rate Notes due
2027 (the "Class B-2 Notes"), Assigned (P)Aa2 (sf)

US$26,500,000 Class C Secured Deferrable Mezzanine Term Notes due
2027 (the "Class C Notes"), Assigned (P)A2 (sf)

US$24,500,000 Class D Secured Deferrable Mezzanine Term Notes due
2027 (the "Class D Notes"), Assigned (P)Baa3 (sf)

US$22,000,000 Class E Secured Deferrable Junior Term Notes due 2027
(the "Class E Notes"), Assigned (P)Ba3 (sf)

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

Babson CLO Ltd. 2016-I is a managed cash flow CLO. The issued notes
will be collateralized primarily by broadly syndicated first lien
senior secured corporate loans. At least 96% of the portfolio must
consist of senior secured loans, cash, and eligible investments,
and up to 4% of the portfolio may consist of second lien loans and
unsecured loans. We expected the portfolio to be approximately 80%
ramped as of the closing date.

Babson Capital 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 four year
reinvestment period. Thereafter, the Manager may reinvest
unscheduled principal payments and proceeds from sales of credit
risk assets, subject to certain restrictions.

In addition to the Rated Notes, the Issuer 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 December 2015.

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

Par amount: $400,000,000

Diversity Score: 55

Weighted Average Rating Factor (WARF): 2750

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 45.75%

Weighted Average Life (WAL): 8.0 years.

Methodology Underlying the Rating Action:

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

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

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

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

Percentage Change in WARF -- increase of 15% (from 2750 to 3163)

Rating Impact in Rating Notches

Class X Notes: 0

Class A Notes: 0

Class B-1 Notes: -1

Class B-2 Notes: -1

Class C Notes: -2

Class D Notes: -1

Class E Notes: -1

Percentage Change in WARF -- increase of 30% (from 2750 to 3575)

Rating Impact in Rating Notches

Class X Notes: 0

Class A Notes: -1

Class B-1 Notes: -3

Class B-2 Notes: -3

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1



BANC OF AMERICA 2005-5: Moody's Cuts Rating on 4 Tranches to Caa1
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of four
tranches issued by Banc of America Alternative Loan Trust 2005-5.

Complete rating actions are as follows:

Issuer: Banc of America Alternative Loan Trust 2005-5

Cl. 1-CB-2 Certificate, Downgraded to Caa1 (sf); previously on Apr
26, 2010 Downgraded to B3 (sf)

Cl. 1-CB-3 Certificate, Downgraded to Caa1 (sf); previously on Apr
26, 2010 Downgraded to B3 (sf)

Cl. 1-CB-7 Certificate, Downgraded to Caa1 (sf); previously on Apr
26, 2010 Downgraded to B3 (sf)

Cl. CB-IO Certificate, Downgraded to Caa1 (sf); previously on Apr
26, 2010 Downgraded to B3 (sf)

RATINGS RATIONALE

The rating action is a result of the recent performance of the
underlying pools and reflects Moody's updated loss expectation on
these pools. The ratings downgraded are due to the depletion of
credit enhancement available to the bonds.

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in November 2013.

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 5.0% in November 2015 from 5.8% in
November 2014. Moody's forecasts an unemployment central range of
5% to 6% for the 2015 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 2015. 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.



BANC OF AMERICA 2007-2: Fitch Cuts Class A-J Debt Rating to CCCsf
-----------------------------------------------------------------
Fitch Ratings has downgraded one distressed class and affirmed 21
classes of Banc of America Commercial Mortgage Trust, commercial
mortgage pass-through certificates, series 2007-2 (BACM 2007-2).

KEY RATING DRIVERS

The affirmation of the majority of the classes reflects the
relatively stable performance of the collateral pool since Fitch's
last rating action. Fitch modeled losses of 14.6% of the remaining
pool; expected losses on the original pool balance total 14.5%,
including $234.7 million (7.4% of the original pool balance) in
realized losses to date. Fitch has designated 27 loans (31.5% of
the current pool) as Fitch Loans of Concern, which includes six
loans (2.3%) in special servicing. The downgrade of the already
distressed class reflects realized loss as a result of the asset
dispositions.

As of the December 2015 distribution date, the pool's aggregate
principal balance has been reduced by 51.4% to $1.54 billion from
$3.17 billion at issuance. According to servicing reports, four
loans (3.5%) are defeased. Cumulative interest shortfalls totaling
$26.2 million are currently affecting classes F through class S.

The two largest contributors to Fitch-modeled losses remain the
same since Fitch's last rating action.

The largest contributor to Fitch-modeled losses is Connecticut
Financial Center (8.5% of pool). The loan is secured by a 466,049
square foot (sf) office building located in New Haven, CT. The loan
was previously transferred to special servicing in June 2012 for
imminent default after the initial largest tenant, which leased
nearly 47% of the total property square footage, vacated a
significant block of their occupied space at its June 2012 lease
expiration, causing both occupancy and cash flow to drop
significantly. A modification was executed in August 2013 whereby
the loan was bifurcated into a $70 million A-note and a $60.4
million B-note, the borrower contributed new equity to fund tenant
improvements and pay delinquent accrued interest, and the debt
service payment was reduced to be interest-only at 2% in the first
year, 3% in the second year, and then the note rate until the
loan's March 2017 maturity date. The loan was returned to the
master servicer in January 2014 and is performing under the
modified terms.

As of the June 2015 rent roll, the property was 78% occupied,
compared to 74% at Fitch's last rating action as of September 2014
and 91% at issuance. The largest tenants are Yale University (14%
of net rentable area [NRA], lease expiration in May 2017), General
Services Administration (GSA) - US Attorneys (13%; April 2022), and
United Illuminating (11%; June 2022). Near-term lease rollover
consists of 2% in 2016 and 14% in 2017.

The second largest contributor to Fitch-modeled losses is the
Beacon Seattle & DC Portfolio (10.7%). The loan was initially
secured by a portfolio consisting of 16 office properties, the
pledge of the mortgage and the borrower's ownership interest in one
office property, and the pledge of cash flows from three office
properties. In aggregate, the initial portfolio of 20 properties
comprised approximately 9.8 million sf of office space. The loan
was transferred to special servicing in April 2010 for imminent
default and was modified in December 2010. Key modification terms
included a five-year extension of the loan to May 2017, a
deleveraging structure that provided for the release of properties
over time, and an interest rate reduction. The loan was returned to
the master servicer in May 2012 and is performing under the
modified terms.

Since Fitch's last rating action, there were two additional
collateral releases, including Plaza East (Bellevue, WA) in May
2015 and 1111 Sunset Hills Road (Reston, VA) in December 2015. The
release of the Plaza East property resulted in no principal pay
down to the loan piece in this transaction, while the release of
the 1111 Sunset Hills Road property resulted in a $2.5 million
principal paydown to the loan piece in this transaction.

The remaining collateral consists of seven properties totaling 3.7
million sf, four of which are located in the Washington DC MSA and
three are located in Bellevue, WA. As of June 2015, the portfolio
occupancy of the remaining seven properties was 84%, compared to
81% at year-end (YE) 2014. Annualized June 2015 net cash flow for
these remaining properties was $66.2 million, compared to $63.5
million at YE 2014. GSA has renewed and extended its lease at the
Polk Building to September 2025 and at the Taylor Building to April
2018, while Booz Allen Hamilton downsized to approximately 210,000
sf at the Booz Allen Complex property and extended its lease to
September 2025.

The third largest contributor to Fitch-modeled losses is Fayette
Pavilion III & IV (3.3%). The loan is secured by a 490,781 sf power
center located in Fayetteville, GA. As of the October 2015 rent
roll, the property was 83.7% leased and 81.7% occupied. Anna's
Linen (2% of NRA) has a lease expiration in 2020, but the space is
currently unoccupied. This compares to 84.8% occupancy one year
earlier and 94% at issuance. Property net operating income remains
17.5% below issuance. The largest tenants are Kohl's (18% of NRA;
lease expiration in January 2022), Belk (13%; February 2020), and
Dick's Sporting Goods (9%; October 2016). Near-term lease rollover
consists of 10% in 2016 and 13% in 2017.

RATING SENSITIVITIES

Rating Outlooks on the super senior 'AAA' classes remain Stable due
to increasing credit enhancement and expected continued paydown.

The Outlook on class A-M was revised to Stable from Negative to
reflect lower expected losses on the overall pool due to better
recoveries than previously modeled on loans disposed since the last
rating action. However, an upgrade was not warranted on this class
due to the possibility for further underperformance on loans in the
top 15 as many are highly leveraged and are secured by retail
properties located in secondary markets with lease rollover risk
during the loan term.

Seven of the top 15 loans (26.3%) are secured by retail properties
located in various secondary and tertiary markets in Georgia
(7.9%), Louisiana (8.4%), North Carolina (2.7%), Florida (3.1%);
Kentucky (2.5%), and Alabama (1.8%). In addition, there is sponsor
concentration within the top 15 loans with CBL & Associates
Properties, Inc. (two loans; 10.8%); DDRTC Core Retail Fund (three
loans; 9.7%); and Inland Retail Real Estate Trust, Inc. (two loans;
5.8%).

Distressed classes (those rated below 'Bsf') may be subject to
further downgrades as additional losses are realized.

DUE DILIGENCE USAGE

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

Fitch has downgraded the following class:
-- $27.8 million class G to 'Dsf' from 'Csf'; RE 0%.

In addition, Fitch has affirmed and revised the Rating Outlook on
the following classes as indicated:

-- $13.3 million class A-3 at 'AAAsf'; Outlook Stable;
-- $2.1 million class A-AB at 'AAAsf'; Outlook Stable;
-- $602 million class A-4 at 'AAAsf'; Outlook Stable;
-- $210.2 million class A-1A at 'AAAsf'; Outlook Stable;
-- $317.3 million class A-M at 'Asf'; Outlook to Stable from
    Negative;
-- $153.8 million class A-J at 'CCCsf'; RE 70%;
-- $100 million class A-JFL at 'CCCsf'; RE 70%;
-- $15.9 million class B at 'CCCsf'; RE 0%;
-- $47.6 million class C at 'CCsf'; RE 0%;
-- $31.7 million class D at 'Csf'; RE 0%;
-- $15.9 million class E at 'Csf'; RE 0%;
-- $27.8 million class F at 'Csf'; RE 0%;
-- $0 class H at 'Dsf'; RE 0%;
-- $0 class J at 'Dsf'; RE 0%;
-- $0 class K at 'Dsf'; RE 0%;
-- $0 class L at 'Dsf'; RE 0%;
-- $0 class M at 'Dsf'; RE 0%;
-- $0 class N at 'Dsf'; RE 0%;
-- $0 class O at 'Dsf'; RE 0%;
-- $0 class P at 'Dsf'; RE 0%;
-- $0 class Q at 'Dsf'; RE 0%.

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



BEAR STEARNS 2004-PWR5: Moody's Hikes Cl. L Debt Rating to Ba3
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of five classes
and affirmed six classes in Bear Stearns Commercial Mortgage
Securities Trust, Commercial Mortgage Pass-Through Certificates,
Series 2004-PWR5 as follows:

Cl. E, Affirmed Aaa (sf); previously on Apr 10, 2015 Upgraded to
Aaa (sf)

Cl. F, Affirmed Aaa (sf); previously on Apr 10, 2015 Upgraded to
Aaa (sf)

Cl. G, Affirmed Aaa (sf); previously on Apr 10, 2015 Upgraded to
Aaa (sf)

Cl. H, Upgraded to Aaa (sf); previously on Apr 10, 2015 Upgraded to
Aa2 (sf)

Cl. J, Upgraded to A1 (sf); previously on Apr 10, 2015 Upgraded to
Baa3 (sf)

Cl. K, Upgraded to Baa1 (sf); previously on Apr 10, 2015 Upgraded
to Ba3 (sf)

Cl. L, Upgraded to Ba3 (sf); previously on Apr 10, 2015 Affirmed
Caa1 (sf)

Cl. M, Upgraded to B3 (sf); previously on Apr 10, 2015 Affirmed
Caa2 (sf)

Cl. N, Affirmed Caa3 (sf); previously on Apr 10, 2015 Affirmed Caa3
(sf)

Cl. P, Affirmed C (sf); previously on Apr 10, 2015 Affirmed C (sf)

Cl. X-1, Affirmed B2 (sf); previously on Apr 10, 2015 Downgraded to
B2 (sf)

RATINGS RATIONALE

The ratings on five P&I classes were upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 14% since Moody's last review
and 94% since securitization. In addition, defeasance now
represents 69% of the current pool balance.

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

The ratings on two below investment grade P&I classes were affirmed
because the ratings are consistent with Moody's expected loss.

The rating on the IO Class (Class X-1) was affirmed due to the
credit performance (or the weighted average rating factor or WARF)
of its referenced classes.

DEAL PERFORMANCE

As of the December 11, 2015 distribution date, the transaction's
aggregate certificate balance has decreased by 94% to $74.4 million
from $1.2 billion at securitization. The Certificates are
collateralized by 11 mortgage loans ranging in size from less than
1% to 7% of the pool, with the top ten loans (excluding defeasance)
representing 31% of the pool. The pool contains one loan,
representing 7% of the pool, that has an investment grade
structured credit assessment. Two loans, representing 69% of the
pool have defeased and are secured by US Government securities.

Eleven loans have been liquidated from the pool, with seven loans
taking a loss, resulting in an aggregate realized loss of $15.9
million (46% loss severity on average). Two loans, representing 8%
of the pool, are in special servicing. The largest specially
serviced loan is the Pottsburg Plaza Loan ($3.5 million -- 4.8% of
the pool), which is secured by a 35,905 square foot (SF) retail
center located in Jacksonville, Florida. The loan transferred to
special servicing in May 2014 due to maturity default and is
currently REO. The property was only 52% leased as of December
2015.

The second specially serviced loan is the Campbell Station Shopping
Center Loan ($2.2 million -- 3.0% of the pool), which is secured by
a 28,003 square foot (SF) retail center located in Springhill,
Tennessee. The loan transferred to special servicing in May 2014
due to maturity default. The property was 67% leased as of March
2015. Moody's estimates an aggregate $1.7 million loss for the
specially serviced loans (31% expected loss on average).

Moody's received full year 2014 operating results for 73% of the
pool and partial year 2015 operating results for 45% of the pool.
Moody's weighted average conduit LTV is 37% compared to 49% 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 11% to the most recently available net
operating income (NOI). Moody's value reflects a weighted average
capitalization rate of 9.4%.

Moody's actual and stressed conduit DSCRs are 1.71X and 3.56X,
respectively, compared to 1.49X and 2.68X at the last review.
Moody's actual DSCR is based on Moody's net cash flow (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 loan with a structured credit assessment is the New Castle
Marketplace Loan ($5.3 million -- 7.2% of the pool), which is
secured by a retail property located in New Castle, Delaware. As of
September 2015, the property was 100% leased. The loan matures in
September 2019. Moody's structured credit assessment and stressed
DSCR are aaa (sca.pd) and 5.99X, respectively, compared to aaa
(sca.pd) and 4.92X at the last review.

The top three performing conduit loans represent 14% of the pool
balance. The largest loan is the Arcade Garage Loan ($4.7 million
-- 6.3% of the pool), which is secured by a parking garage located
in Providence, Rhode Island. The loan is fully amortizing and
matures in August 2024. Moody's LTV and stressed DSCR are 44% and
2.64X, respectively, compared to 55% and 2.13X at the last review.

The second largest loan is the 877 Post Road East Loan ($3.2
million -- 4.3% of the pool), which is secured by a 29,000 SF mixed
use property in Westport, Connecticut. The property was 91% leased
as of September 2015. The loan is fully amortizing and matures in
July 2024. Moody's LTV and stressed DSCR are 44% and 2.23X,
respectively, compared to 53% and 1.85X at the last review.

The third largest loan is the Herriman Crossroads Loan ($2.1
million -- 2.8% of the pool), which is secured by a 31,000 SF
retail property in Herriman, Utah. The property was 100% leased as
of June 2015. The loan is fully amortizing and matures in July
2024. Moody's LTV and stressed DSCR are 37% and 2.46X,
respectively, compared to 43% and 2.15X at the last review.



BEAR STEARNS 2004-PWR6: Moody's Hikes Cl. J Debt Rating to Ba2(sf)
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four classes
and affirmed the ratings on nine classes in Bear Stearns Commercial
Mortgage Securities Trust, Commercial Mortgage Pass-Through
Certificates, Series 2004-PWR6 as follows:

Cl. B, Affirmed Aaa (sf); previously on Jan 23, 2015 Affirmed Aaa
(sf)

Cl. C, Affirmed Aaa (sf); previously on Jan 23, 2015 Affirmed Aaa
(sf)

Cl. D, Affirmed Aaa (sf); previously on Jan 23, 2015 Upgraded to
Aaa (sf)

Cl. E, Affirmed Aaa (sf); previously on Jan 23, 2015 Upgraded to
Aaa (sf)

Cl. F, Upgraded Aaa (sf); previously on Jan 23, 2015 Upgraded to
Aa2 (sf)

Cl. G, Upgraded to Aa2 (sf); previously on Jan 23, 2015 Upgraded to
A1 (sf)

Cl. H, Upgraded to Baa2 (sf); previously on Jan 23, 2015 Upgraded
to Baa3 (sf)

Cl. J, Upgraded to Ba2 (sf); previously on Jan 23, 2015 Affirmed
Ba3 (sf)

Cl. K, Affirmed B2 (sf); previously on Jan 23, 2015 Affirmed B2
(sf)

Cl. L, Affirmed B3 (sf); previously on Jan 23, 2015 Affirmed B3
(sf)

Cl. M, Affirmed Caa1 (sf); previously on Jan 23, 2015 Affirmed Caa1
(sf)

Cl. N, Affirmed Caa3 (sf); previously on Jan 23, 2015 Affirmed Caa3
(sf)

Cl. X-1, Affirmed Ba3 (sf); previously on Jan 23, 2015 Affirmed Ba3
(sf)

RATINGS RATIONALE

The ratings on four P&I classes were upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 9% since Moody's last review.

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

The ratings on P&I classes K through N were affirmed because the
ratings are consistent with Moody's expected loss.

The rating on the IO class, class X-1, was affirmed based on the
credit performance (or the weighted average rating factor or WARF)
of the referenced classes.

Moody's rating action reflects a base expected loss of 0.4% of the
current balance, compared to 2.5% at Moody's last review. Moody's
base expected loss plus realized losses is now 1.3% of the original
pooled balance, compared to 1.5% at the last review. Moody's
provides a current list of base expected losses for conduit and
fusion CMBS transactions on moodys.com at
http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

DEAL PERFORMANCE

As of the December 11, 2015 distribution date, the transaction's
aggregate certificate balance has decreased by 89% to $114 million
from $1.07 billion at securitization. The certificates are
collateralized by 13 mortgage loans ranging in size from less than
1% to 21% of the pool, with the top ten loans constituting 62% of
the pool. One loan, constituting 11% of the pool, has an
investment-grade structured credit assessment. One loan,
constituting 36% of the pool, has defeased and is secured by US
government securities.

Three loans, constituting 5% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Seven loans have been liquidated from the pool, resulting in an
aggregate realized loss of $13.8 million (for an average loss
severity of 48%). There are currently no loans in special
servicing. Moody's received full year 2014 operating results for
100% of the pool, and full or partial year 2015 operating results
for 52% of the pool. 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 12% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.4%.

Moody's actual and stressed conduit DSCRs are 1.64X and 2.57X,
respectively, compared to 1.71X and 3.09X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The loan with a structured credit assessment is the Berry Plastic
Manufacturing Plant Loan ($12.5 million -- 11.0% of the pool),
which is secured by a portfolio of four industrial buildings
containing a total of 862,866 square feet (SF). The properties are
located in Illinois (2 properties), New York and Arizona. The
properties are 100% net leased to Berry Plastics through November
2023. The loan is fully amortizing. Moody's structured credit
assessment and stressed DSCR are aa1 (sca.pd) and 2.22X,
respectively, compared to aa3 (sca.pd) and 2.04X at the last
review.

The top three conduit loans represent 35% of the pool balance. The
largest conduit loan is the Plymouth Square Shopping Center Loan
($23.7 million -- 20.8% of the pool), which is secured by a 275,700
square foot (SF) anchored retail property in a suburb just north of
Philadelphia. As of September 2015, occupancy was 77%, compared to
84% at last review. Moody's LTV and stressed DSCR are 65% and
1.46X, respectively, compared to 68% and 1.39X at the last review.

The second largest loan is the Shaklee Corporation Loan ($11.1
million -- 9.7% of the pool), which is secured by a 123,750 SF
office building located in a western suburb of San Francisco in the
Hacienda Business Park. The business park is home to many Fortune
500 companies. As of December 2015, the property was 100% occupied
by Shaklee Corporation with a lease expiration in May 2024. Moody's
LTV and stressed DSCR are 40% and 2.43X, respectively, compared to
40% and 2.41X at the last review.

The third largest loan is the Castle Rock Portfolio Loan ($5.5
million -- 4.8% of the pool), which is secured by eight industrial
properties in Colorado and one in Arizona. All of the properties
are 100% occupied with lease expirations in June 2024. Moody's LTV
and stressed DSCR are 35% and 2.86X, respectively, compared to 38%
and 2.64X at the last review.



BLUEMOUNTAIN CLO 2015-4: S&P Assigns Bsf Rating Class F Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to
BlueMountain CLO 2015-4 Ltd./BlueMountain CLO 2015-4 LLC's $470.00
million floating-rate notes.

The note issuance is a CLO securitization backed by a revolving
pool consisting primarily of broadly syndicated senior secured
loans.

The ratings reflect S&P's assessment of:

   -- The credit enhancement provided to the rated notes through
      the subordination of cash flows that are payable to the
      subordinated notes.

   -- The transaction's credit enhancement, which is sufficient to

      withstand the defaults applicable to the supplemental tests
      (not counting excess spread), and cash flow structure, which

      can withstand the default rate projected by Standard &
      Poor's CDO Evaluator model, as assessed by Standard & Poor's

      using the assumptions and methods outlined in its corporate
      collateralized debt obligation criteria.

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

   -- The diversified collateral portfolio, which consists
      primarily of broadly syndicated speculative-grade senior
      secured term loans.

   -- The collateral manager's experienced management team.

   -- The transaction's ability to make timely interest and
      ultimate principal payments on the rated notes, which S&P
      assessed using its cash flow analysis and assumptions
      commensurate with the assigned ratings under various
      interest-rate scenarios, including LIBOR ranging from
      0.4360%-12.5332%.

   -- The transaction's overcollateralization (O/C) and interest
      coverage tests, a failure of which will lead to the
      diversion of interest and principal proceeds to reduce the
      balance of the rated notes outstanding.

   -- The transaction's reinvestment O/C test, a failure of which
      would lead to the reclassification of a certain amount of
      excess interest proceeds that are available (before paying
      uncapped administrative expenses and fees, subordinated
      management fees, hedge payments, supplemental reserve
      account deposits, collateral manager incentive fees, and
      subordinated note payments) as principal proceeds during the

      reinvestment period.

RATINGS ASSIGNED

BlueMountain CLO 2015-4 Ltd./BlueMountain CLO 2015-4 LLC

Class                  Rating            Amount
                                       (mil. $)
A                      AAA (sf)          310.00
B                      AA (sf)            67.50
C                      A (sf)             35.00
D-1                    BBB (sf)           15.00
D-2                    BBB (sf)            7.50
E                      BB (sf)            25.00
F                      B (sf)             10.00
Subordinated notes     NR                 35.75

NR--Not rated.



CARLYLE GLOBAL 2012-1: Moody's Hikes Class E Notes Rating to Ba1
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on these notes
issued by Carlyle Global Market Strategies CLO 2012-1, Ltd:

  $22,725,000 Class E Secured Deferrable Floating Rate Notes due
   April 2022, Upgraded to Ba1 (sf); previously on Oct. 24, 2014,
   Affirmed Ba2 (sf)

  $10,000,000 Combination Notes due April 2022 (current
   outstanding balance of $439,361), Upgraded to Baa1 (sf);
   previously on April 20, 2015, Downgraded to Baa3 (sf)

Moody's also affirmed the rating on these notes:

  $320,000,000 Class A-R Senior Secured Floating Rate Notes due
   2022, Affirmed Aaa (sf); previously on April 20, 2015, Assigned

   Aaa (sf)

Carlyle Global Market Strategies CLO 2012-1, Ltd., issued in March
2012, is a collateralized loan obligation (CLO) backed primarily by
a portfolio of senior secured loans.  The transaction's
reinvestment period will end in April 2016.

RATINGS RATIONALE

These rating actions reflect the benefit of the short period of
time remaining before the end of the deal's reinvestment period in
April 2016.  In light of the reinvestment restrictions during the
amortization period, and therefore the limited ability of the
manager to effect significant changes to the current collateral
pool, Moody's analyzed the deal assuming a higher likelihood that
the collateral pool characteristics will maintain a positive buffer
relative to certain covenant requirements.  In particular, Moody's
assumed that the deal will benefit from lower WARF compared to the
levels during the last rating review in April 2015.  Moody's
modeled a WARF of 2885 compared to 3075 in April 2015.  The deal
has also benefited from a shortening of the portfolio's weighted
average life since April 2015.  Furthermore, the transaction's
reported collateral quality and OC ratios have been stable since
April 2015.

Methodology Used for the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2015.

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

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 a)
     uncertainty about credit conditions in the general economy
     and b) the large concentration of upcoming speculative-grade
     debt maturities, which could make refinancing difficult for
     issuers.

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

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

     of the collateral can have adverse consequences for CLO
     performance.

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

     current expectations will usually have a positive impact on
     CLO notes, beginning with those with the highest payment
     priority.

  5) Recovery of defaulted assets: Fluctuations in the market
     value of defaulted assets reported by the trustee and those
     that Moody's assumes as having defaulted could result in
     volatility in the deal's OC levels.  Further, the timing of
     recoveries and whether a manager decides to work out or sell
     defaulted assets create additional uncertainty.  Moody's
     analyzed defaulted recoveries assuming the lower of the
     market price and the recovery rate in order to account for
     potential volatility in market prices.  Realization of higher

     than assumed recoveries would positively impact the CLO.

  6) 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.  Moody's
     models haircuts to the cash flows from the equity tranche
     based on the target rating of the combination 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.

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

Moody's Adjusted WARF -- 20% (2308)
Class A: 0
Class E: +1
Combination Notes: +2

Moody's Adjusted WARF + 20% (3462)
Class A: 0
Class E: -1
Combination Notes: -1

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in "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 $498.5 million, defaulted par
of $0.85 million, a weighted average default probability of 19.07%
(implying a WARF of 2885), a weighted average recovery rate upon
default of 51.56%, a diversity score of 62 and a weighted average
spread of 3.52% (before accounting for LIBOR floors).

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



CHASE COMMERCIAL 1998-2: Fitch Affirms BB Rating on Cl. I Certs
---------------------------------------------------------------
Fitch Ratings has upgraded one class and affirmed one class of
Chase Commercial Mortgage Securities Corp.'s, commercial mortgage
pass-through certificates, series 1998-2.

KEY RATING DRIVERS

The upgrade is due to continued pay down and minimal Fitch expected
losses across the pool.  The pool has experienced $10.4 million
(0.8% of the original pool balance) in realized losses to date.
Fitch has designated three of the remaining 11 loans (54.8% of the
pool) as Fitch Loans of Concern; however, there are currently no
delinquent or specially serviced loans.

As of the December 2015 distribution date, the pool's aggregate
principal balance has been reduced by 98.1% to $24.1 million from
$1.27 billion at issuance.  Per the servicer reporting, two loans
(8.8% of the pool) are defeased.  Interest shortfalls are currently
affecting class J.

The three Fitch Loans of Concern consist of three restaurant
portfolios.  Two of the portfolios have six assets in six markets
and the third has four assets in four markets; all of the
properties are stand-alone restaurants located in diverse markets
throughout the South and Midwestern United States.  Collectively,
the restaurant brands include Chili's, Macaroni Grill, and On the
Border.  The loans are current to date; however, the single-tenant
exposure of the individual assets within the portfolios presents
binary risk that could impact the loans should any of the assets
not perform.  In addition, the balloon loan maturity dates are
coterminous with the respective tenant lease expirations and the
most recent reported financials for each of the portfolios are as
of year-end (YE) 2012.

RATING SENSITIVITIES

The Outlook Stable on class H and Outlook Positive on class I
reflect increasing credit enhancement.  Near-term pay down to class
H is anticipated; total annual principal payments of $1.87 million
are pending in January from three assets, and scheduled monthly
amortization should continue from the remaining loans. Despite
credit enhancement, an upgrade to class I is not warranted due to
outdated financial reporting on three of the top four loans, pool
concentration, non-defeased retail/restaurant exposure (70% of
pool), and binary risk from single tenant assets.  Class I may be
subject to further rating actions should realized losses be greater
than Fitch's expectations.

DUE DILIGENCE USAGE

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

Fitch has taken these rating actions:

   -- $2.8 million class H upgraded to 'AAAsf' from 'Asf'; Outlook

      Stable;

   -- $9.5 million class I affirmed at 'BBsf'; Outlook revised to
      Positive from Stable.

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



CITICORP MORTGAGE 2006-4: Moody Cuts Cl. IIIA-IO Debt Rating to B2
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
tranches backed by Prime Jumbo RMBS loans, issued by miscellaneous
issuers.

Complete rating actions are as follows:

Issuer: Citicorp Mortgage Securities Trust 2006-4

Cl. IIIA-1, Downgraded to Baa3 (sf); previously on Sep 12, 2013
Confirmed at A3 (sf)

Cl. IIIA-IO, Downgraded to B2 (sf); previously on Feb 22, 2012
Downgraded to Ba3 (sf)

Issuer: Citicorp Mortgage Securities Trust, Series 2007-4

Cl. IA-14, Downgraded to Caa2 (sf); previously on Jun 4, 2010
Downgraded to Caa1 (sf)

RATINGS RATIONALE

The actions are a result of the recent performance of the
underlying pools and reflect Moody's updated loss expectations on
the pools. The ratings downgraded are due to the weaker performance
of the underlying collateral and the erosion of enhancement
available to the bonds. The rating action for CitiCorp Mortgage
Securities Trust 2006-4 Class IIIA-1 also reflects a correction to
the cash-flow model used by Moody's in rating this transaction. The
correction pertains to the calculation of the senior percentage,
which was previously calculated using a ratio of only bond balances
but is now correctly calculated based on the ratio of a group's
bond balance divided by the related pool balance, which in some
cases results in less principal distribution than before.

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 5.0% in November 2015 from 5.8% in
November 2014. Moody's forecasts an unemployment central range of
4.5% to 5.5% for the 2016 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 2016. 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.




CITIGROUP 2015-101A: Fitch Affirms 'B-' Rating on Class F Certs
---------------------------------------------------------------
Fitch Ratings has affirmed eight classes of Citigroup Commercial
Mortgage Trust 2015-101A, Commercial Mortgage Pass-Through
Certificates series 2015-101A.

KEY RATING DRIVERS

The affirmations reflect stable performance of the underlying
collateral since issuance.  As of the December 2015 distribution
date, the pool's aggregate certificate balance remained at $200
million, unchanged from issuance.  The loan is interest only
(annual interest rate of 4.65%) for the entire 20-year term.

The certificates represent the beneficial ownership in the issuing
entity, the primary asset of which is one loan having an aggregate
principal balance of $200 million and secured by the leasehold
interest in the 101 Avenue of the Americas office property in New
York, NY.  The two largest tenants, NY Genome Center (39.4% of
total square footage) and Two Sigma (31.9%) occupy approximately
71% of the property.  Other major tenants include Digital Ocean
(8.3%) and REGUS (7.2%).

As of November 2015, occupancy improved to 97.9% from 94.5% at
issuance.  For the nine months ended Sept. 30, 2015, the NOI debt
service coverage ratio (DSCR) was 1.76x, compared with 2.05x at
issuance.  The lower debt service coverage ratio is due to free
rent periods in place from issuance for the following tenants: Two
Sigma, Digital Ocean and Harbor Sound.

The majority of the building rollover is associated with the two
largest tenants which both roll prior to the loan's maturity date
in January 2035.  NY Genome Center has a lease expiration in
September 2033 and Two Sigma expires in April 2029.  In-place base
rents average approximately $68 per square foot (psf) according to
the November 2015 rent roll.  Reis reported an average office
vacancy rate of 4.8% with average asking rents of $50.86 in the
South Broadway submarket of Manhattan.  Average asking rents for
buildings built between 1990 - 1999 were $68.64 psf.  This compares
with the greater New York Metro area which had a vacancy rate of
9.2% with average asking rents of $66.90 psf.

RATING SENSITIVITIES

The Rating Outlook for both classes remains Stable.  No rating
actions are anticipated unless there are material changes in
property occupancy or cash flow.  The property performance is
consistent with issuance.

DUE DILIGENCE USAGE

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

Fitch has affirmed these classes:

   -- $96,000,000 class A at 'AAAsf'; Outlook Stable;
   -- $96,000,000 class X-A* at 'AAAsf'; Outlook Stable;
   -- $30,000,000 class X-B* at 'A-sf'; Outlook Stable;
   -- $16,000,000 class B at 'AA-sf'; Outlook Stable;
   -- $14,000,000 class C at 'A-sf'; Outlook Stable;
   -- $20,000,000 class D at 'BBB-sf'; Outlook Stable;
   -- $31,000,000 class E at 'BB-sf'; Outlook Stable;
   -- $19,000,000 class F at 'B-sf'; Outlook Stable.

* Interest-only class X-A is equal to the notional balance of class
A.  
Interest-only class X-B is equal to the notional balance of class B
and class C.  

Fitch does not rate the class G certificates.



COMM 2013-CCRE6: DBRS Confirms B(sf) Rating on Class F Debt
-----------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2013-CCRE6
(the Certificates) issued by COMM 2013-CCRE6 Mortgage Trust, as
follows:

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

All trends are Stable. DBRS does not rate the first loss piece,
Class G. The Class PEZ certificates are exchangeable for the
Classes A-M, B and C certificates (and vice versa).

The rating confirmations reflect the overall performance of the
transaction as reflected in the most recent debt service coverage
ratio (DSCR) and occupancy figures available for the underlying
loans. The transaction consists of 48 fixed-rate loans secured by
80 commercial properties. Since issuance, the transaction has
experienced a collateral reduction of 2.1% as a result of scheduled
amortization, with all of the original 48 loans remaining in the
pool. The transaction is reporting a weighted-average (WA) DSCR of
2.20 times (x) and a WA debt yield of 11.6% based on YE2014
financials. The top 15 loans in the pool reported a WA DSCR of
2.16x and a WA debt yield of 10.5%. The YE2014 performance metrics
for the overall pool compares with the DBRS underwritten (UW) DSCR
and debt yield at issuance of 2.20x and 11.2%, respectively.

As of the December 2015 remittance, there are three loans on the
servicer’s watchlist, representing 9.4% of the current pool
balance. Two of these loans are in the top 15 and are further
discussed below.

The largest loan on the watchlist is Prospectus ID#5, 540 West
Madison Street, representing 6.8% of the current pool balance. This
loan is secured by a 1.1 million square foot (sf) Class A office
property located in downtown Chicago, Illinois. Considered to be
one of the most technologically advanced and innovative office
buildings in Chicago, it features an extensive uninterruptable
power supply with an emergency power supply system as well, as
63,000 sf of data center space. This loan was placed on the
watchlist as the largest tenant, Bank of America (BofA), has
exercised multiple options to downsize their space after acquiring
the original tenant, LaSalle National Bank (LNB). The building was
originally built-to-suit for LNB and at issuance, it occupied 69.0%
of the net rentable area (NRA). Over the past few years, BofA has
exercised multiple options to give back space and currently
occupies 23.1% of NRA through December 2022. According to the
servicer, it has one remaining option to give back an additional
3.0% of NRA at the end of 2016. As of the March 2015 rent roll,
occupancy was 74.3%; however, the servicer has noted that the
borrower has been in negotiations with multiple prospective tenants
to lease the vacant spaces. The property is listed as 93.1%
occupied on CoStar, which includes a new tenant (2.7% of NRA) that
will occupy the 18th floor starting June 2016.

At issuance, it was widely assumed that BofA would execute its
options to downsize at the property and, as a result, the loan was
structured with a tenant improvement/leasing commission reserve of
$30 million. As of December 2015, the balance of the reserve is
$22.8 million. It is likely that the borrower will be able to
continue to attract and sign prospective tenants given the large
reserve balance and the active marketing of the subject. In
addition, the borrower has proven that they are able to fill vacant
units at the property despite a major tenant giving back a
significant amount of space. While the YE2014 DSCR declined to
1.99x compared with the YE2013 DSCR of 3.08x, as the new leases
take place, it is expected that the performance of the property
will improve to the expected levels at issuance.

Prospectus ID#14, 70 West 45th Street, representing 2.4% of current
pool balance, is secured by a 41-unit multifamily property located
in Manhattan, New York. The collateral units are located within a
48-story building, Cassa Hotel and Residences, which also includes
a 165-key full-service hotel and 12 residential condominiums, which
are not collateral for the loan. The collateral is located in the
Midtown West submarket and is two blocks northwest of Grand Central
Station and four blocks northeast of Times Square. Surrounding
buildings are mostly office buildings or other residential
buildings. The units operate as corporate rental apartments as the
majority of the tenancy is comprised of corporate users or
organizations, which provide accommodations for their employees.
All of the leases carry short terms for one or two years; however,
it is noted that several tenants are original tenants.

The sponsor of the loan is Salim and Ezak Assa, who are the key
principals of Assa Properties, a full-service real estate company.
The property was developed by the sponsors under the ownership
title of Waterscape Resort LLC. The property has a history of legal
issues as during the development of the subject, the contractor,
Pavarini McGovern, failed to obtain subguard insurance as required
in the original development contract. As a result, $20 million in
mechanical liens were filed against the property. The sponsors
voluntarily filed Chapter 11 bankruptcy and contested the
mechanical liens though bankruptcy courts, where it was determined
that the maximum expense of the liens was $11 million. All lenders
have been repaid and the $11 million is held in a third-party
escrow account. It has been determined to be appropriate to cover
all outstanding expenses and a clean title has been issued. As a
result, DBRS modeled the loan at issuance with an elevated
probability of default due to sponsors’ legal issues surrounding
the property.

This loan has been placed on the watchlist as the servicer is in
receipt of a lawsuit against the borrower. The Board of Managers of
the Cassa New York Condominium (plaintiff) has brought on the
lawsuit, which has named the borrower and the trust as one of the
defendants. The lawsuit alleges that the defendants have not paid
their portion of common charges resulting in a breach of contract.
According to the notice, the common charges have not been paid
since December 2013 and there are $2.2 million in arrears, with
$1.6 million being attributable to the collateral in this
transaction. The borrower contests that the lawsuit is
unsubstantiated and that it has paid the collateral’s portion of
the common charges through July 2015. In October 2015, the parties
appeared before a judge and it was suggested that the parties
attempt to resolve the dispute and will take time deciding the
motion while allowing the parties an opportunity to settle. As the
property is cash flowing, the master servicer is currently
escrowing $92,000/month for any ongoing common charges. At this
time there is no expected time frame in which the dispute will be
settled.

Overall, occupancy and financial performance have been in line with
issuance metrics. According to the September 2015 rent roll, the
property is 95.1% occupied with all tenants on annual leases.
According to the most recent financial reporting, the Q2 2015 DSCR
is 1.32x. At YE2014, the DSCR was 1.84x, which has decreased since
the YE2013 DSCR of 1.91x; however, current performance still
remains above the DBRS UW Term DSCR of 1.31x. Given the location of
the collateral, the historical occupancy to corporate tenants and
financial performance, it is expected that the loan will not result
in a foreclosure as the servicers and borrower are working to
defend the lawsuit and resolve the dispute. For the purpose of this
review, DBRS maintained the same increased probability of default
for the sponsor at issuance.

At issuance, DBRS shadow-rated one loan investment-grade:
Prospectus ID#1 Federal Center Plaza, representing 8.9% of the
current pool balance. DBRS confirms with this review that the
performance of this loan remains consistent with investment-grade
loan characteristics.

DBRS continues to monitor this transaction in its Monthly CMBS
Surveillance Report with additional information on the DBRS
viewpoint for this transaction, including details on the largest
loans in the pool and loans on the servicer’s watchlist. The
December 2015 Monthly CMBS Surveillance Report for this transaction
will be published shortly.



COMM 2014-CCRE15: Moody's Affirms Ba2 Rating on Cl. E Certificate
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on 14 classes in
COMM 2014-CCRE15 Mortgage Trust, Commercial Mortgage Pass-Through
Certificates as:

  Cl. A-1, Affirmed Aaa (sf); previously on Jan. 15, 2015,
   Affirmed Aaa (sf)

  Cl. A-2, Affirmed Aaa (sf); previously on Jan. 15, 2015,
   Affirmed Aaa (sf)

  Cl. A-3, Affirmed Aaa (sf); previously on Jan. 15, 2015,
   Affirmed Aaa (sf)

  Cl. A-4, Affirmed Aaa (sf); previously on Jan. 15, 2015,
   Affirmed Aaa (sf)

  Cl. A-M, Affirmed Aaa (sf); previously on Jan. 15, 2015,
   Affirmed Aaa (sf)

  Cl. A-SB, Affirmed Aaa (sf); previously on Jan. 15, 2015,
   Affirmed Aaa (sf)

  Cl. B, Affirmed Aa3 (sf); previously on Jan. 15, 2015, Affirmed
   Aa3 (sf)

  Cl. C, Affirmed A3 (sf); previously on Jan. 15, 2015, Affirmed
   A3 (sf)

  Cl. D, Affirmed Baa3 (sf); previously on Jan. 15, 2015, Affirmed

   Baa3 (sf)

  Cl. E, Affirmed Ba2 (sf); previously on Jan. 15, 2015, Affirmed
   Ba2 (sf)

  Cl. F, Affirmed B2 (sf); previously on Jan. 15, 2015, Affirmed
   B2 (sf)

  Cl. PEZ, Affirmed A1 (sf); previously on Jan. 15, 2015, Affirmed

   A1 (sf)

  Cl. X-A, Affirmed Aaa (sf); previously on Jan. 15, 2015,
   Affirmed Aaa (sf)

  Cl. X-B, Affirmed Baa1 (sf); previously on Jan. 15, 2015,
   Affirmed Baa1 (sf)

RATINGS RATIONALE

The ratings on 12 P&I classes were affirmed because the
transaction's key metrics, including Moody's loan-to-value (LTV)
ratio, Moody's stressed debt service coverage ratio (DSCR) and the
transaction's Herfindahl Index (Herf), are within acceptable
ranges.

The ratings on two IO classes were affirmed based on the credit
performance (or the weighted average rating factor or WARF) of the
referenced classes.

The transaction contains a group of exchangeable certificates.
Classes A-M, B and C may be exchanged for Class PEZ certificates
and Class PEZ may be exchanged for the Classes A-M, B and C.  The
PEZ certificates will be entitled to receive the sum of interest
and principal distributable on the Classes A-M, B and C
certificates that are exchanged for such PEZ certificates.  The
initial certificate balance of the Class PEZ certificates is equal
to the aggregate of the initial certificate balances of the Class
A-M, B and C and represent the maximum certificate balance of the
PEZ certificates that may be issued in an exchange.

Moody's rating action reflects a base expected loss of 2.6% of the
current balance, compared to 2.9% at Moody's last review.  Moody's
base expected loss plus realized losses is now 2.6% of the original
pooled balance, compared to 2.9% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in these ratings was "Approach to
Rating US and Canadian Conduit/Fusion CMBS" published in December
2014.

DESCRIPTION OF MODELS USED

Moody's review used the excel-based CMBS Conduit Model, which it
uses for both conduit and fusion transactions.  Credit enhancement
levels for conduit loans are driven by property type, Moody's
actual and stressed DSCR, and Moody's property quality grade (which
reflects the capitalization rate Moody's uses to estimate Moody's
value).  Moody's fuses the conduit results with the results of its
analysis of investment grade structured credit assessed loans and
any conduit loan that represents 10% or greater of the current pool
balance.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity.  Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances.  The credit neutral Herf score is 40.  The
pool has a Herf of 21, the same as at Moody's last review.

DEAL PERFORMANCE

As of the Dec. 11, 2015, distribution date, the transaction's
aggregate certificate balance has decreased by 1% to $994 million
from $1.01 billion at securitization.  The certificates are
collateralized by 49 mortgage loans ranging in size from less than
1% to 11% of the pool, with the top ten loans constituting 58% of
the pool.  One loan, constituting 9% of the pool, has an
investment-grade structured credit assessment.

Four loans, constituting 8% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package.  As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Moody's received full year 2014 operating results for 91% of the
pool and partial year 2015 operating results for 72% of the pool.
Moody's weighted average conduit LTV is 111%, compared to 112% 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 9% to the most recently
available net operating income (NOI).  Moody's value reflects a
weighted average capitalization rate of 9%.

Moody's actual and stressed conduit DSCRs are 1.35X and 0.96X,
respectively, compared to 1.35X and 0.95X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service.  Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The loan with a structured credit assessment is the 625 Madison
Avenue Loan ($85.0 million -- 8.6% of the pool), which represents a
participation interest in a $195.0 million mortgage loan.  The loan
is also encumbered by $195.0 million of mezzanine debt.  The loan
is secured by a ground lease at 625 Madison Avenue between 58th and
59th streets in New York City, with improvements consisting of a
17-story, mixed-use building.  Initial rent payments are $4,612,500
until June 30, 2022 at which time the ground lease payments become
4.5% of fair market value.  Moody's structured credit assessment
and actual DSCR are aa2 (sca.pd) and 1.03X respectively.

The top three conduit loans represent 27% of the pool balance.  The
largest loan is the Google and Amazon Office Portfolio Loan ($110.0
million -- 11.1% of the pool), which represents a participation
interest in a $452.2 million mortgage loan.  The loan is also
encumbered by $67.8 million of mezzanine debt.  The loan is secured
by two office properties located in Sunnyvale, California.  The
Moffett Towers Building D (Amazon Building) is a newly constructed
eight-story, Class A office building containing 357,481 square feet
(SF).  It is part of a seven-building campus. A2Z Development, a
wholly owned subsidiary of Amazon, will use the space for design
and product development for the Kindle e-reader. The Google Campus
is comprised of four, four-story, Class A office buildings totaling
700,328 SF, which is part of a six-building office campus known as
Technology Corners.  Moody's LTV and stressed DSCR are 112% and
0.91X, respectively, the same as at the last review.

The second largest loan is the AMC Portfolio Pool I Loan ($87.5
million -- 8.8% of the pool), which is secured by seven
manufactured housing communities.  The properties are located in
Dallas, Texas (3 properties); Austin, Texas (2); and Flint,
Michigan (2).  The communities were built between 1968 and 1998 and
contain approximately 2,000 pads in aggregate.  The loan is still
in its initial 47 month interest only period and then it will begin
to amortize on a 360-month schedule.  Moody's LTV and stressed DSCR
are 119% and 0.80X, respectively, compared to 118% and 0.80X at the
last review.

The third largest loan is the 25 West 45th Street Loan ($70.0
million -- 7.0% of the pool), which is secured by a 17-story
Class-B office property on West 45th street of 5th Avenue in
Manhattan, New York.  The improvements contain approximately
186,000 SF of which approximately 169,000 SF (91% of NRA) is
represented by office space and the remaining 16,500 (9% of NRA)
consists of grade level retail.  Moody's LTV and stressed DSCR are
122% and 0.80X, respectively, the same as at the last review.



COMMERCIAL CAPITAL: Fitch Affirms 'CCCsf' Rating on Class 3F Debt
-----------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed two classes of
Commercial Capital Access One, Series 3 (CCA One, Series 3)
commercial mortgage pass-through certificates.

KEY RATING DRIVERS

The upgrade is due to stable performance and recent pay down. The
pool has experienced $32.2 million (7.4% of the original pool
balance) in realized losses to date. There are nine loans remaining
in the pool; Fitch has identified three Loans of Concern (32.6% of
the pool). As of the last rating action, 200 Wheeler Road was the
largest loan in the transaction (previously 29.1% of the pool) and
a Loan of Concern. This asset has paid-off in full; however, the
concentration of Fitch Loans of Concern remains high.

As of the December 2015 distribution date, the pool's aggregate
principal balance has been reduced by 95.9% to $17.8 million from
$433.7 million at issuance. As of the last rating action, four
loans were covered by a SunAmerica limited guaranty. All remaining
loans backed by the guaranty have paid in full.

The largest loan in the pool (18.5% of the pool) is secured by a
308-unit multifamily property located in Charlotte, NC. The subject
was previously on the servicer watch list in 2014 due to low NCF
DSCR of 1.06x (NOI DSCR was 1.26x) as of year-end (YE) 2013.
However, performance has improved, the loan has been removed from
the watch list, and the loan remains current. NOI DSCR has
increased to 1.48x and 1.76x as of YE 2014 and year-to-date (YTD)
June 2015, respectively. The property was 91.3% occupied as of June
2015.

The largest contributor to expected losses (7.1% of the pool) is a
loan secured by a 38,242 square foot (sf) office building built in
1998 and located in Midvale, UT (Salt Lake City MSA). The loan has
been identified as a Fitch Loan of Concern and is on the master
servicer's watch list due to low DSCR. Recently a new lease
(expires August 2022) has helped to increase occupancy to 76.3%
from 32.7% as of the June 2015 rent roll. However, the property is
currently occupied by only two tenants and the smaller of the two
(29.5% NRA) has a lease that expires in March 2016. The borrower
has been contacted by the servicer for leasing updates. The NOI
DSCR was 0.21x as of YE 2014 and 0.16x as of YTD June 2015. The
loan remains current.

RATING SENSITIVITIES
The rating on class 3E is expected to remain stable due to
increasing credit enhancement. Despite high credit enhancement,
further upgrades on classes 3E and 3F are not warranted due to a
concentrated pool and credit characteristics of the remaining
collateral, including uncertainty regarding the Fitch Loans of
Concern (32.6% of the pool) and binary risk from a single-tenant
asset (18.1% of the pool). Class 3F may be subject to further
rating actions should realized losses be greater than Fitch's
expectations.

DUE DILIGENCE USAGE

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

Fitch has upgraded the following class:

-- $4.5 million class 3E to 'Asf' from 'BBBsf'; Outlook Stable.

Fitch has affirmed the following classes:

--$ 10.8 million class 3F at 'CCCsf'; RE 100%;
-- $2.5 million class 3G at 'Dsf'; RE 70%.

The class 3A-1, 3A-2, 3X, 3B, 3C, and 3D certificates have paid in
full. Fitch does not rate the class 3H certificates.



CREDIT SUISSE 2004-C2: Fitch Raises Rating on Cl. L Certs to BB
---------------------------------------------------------------
Fitch Ratings has upgraded six classes and affirmed four classes of
Credit Suisse First Boston Mortgage Securities Corp., commercial
mortgage pass-through certificates series 2004-C2.

KEY RATING DRIVERS

The upgrades reflect the defeasance of two loans accounting for
85.7% of the pool.  The affirmations of the distressed classes
reflect the probability of losses from the specially serviced
assets.  Six loans remain, of which three are with the special
servicer representing 12.7% of the pool.  The pool has experienced
$11.6 million (1.2% of the original pool balance) in realized
losses to date.

As of the December 2015 distribution date, the pool's aggregate
principal balance has been reduced by 92.7% to $70.5 million from
$966.8 million at issuance.  Per the servicer reporting, two loans
(85.7% of the pool) are defeased.  Interest shortfalls are
currently affecting classes L through P.

The largest contributor to expected losses is a specially-serviced
loan (6.4% of the pool), which is secured by a 119,061-square foot
(sf) suburban medical office building located in Evergreen Park,
IL, roughly 15 miles from Chicago.  The property is adjacent to a
1.2 million-sf shopping mall that was demolished in October 2015
and a new retail development is being planned for the site.  The
loan was transferred to the special servicer in February 2014 due
to maturity default.  Foreclosure was filed in August 2014 and a
receiver was appointed in November 2014.  Per the servicer,
negotiations with the borrower will be dual tracked with the
foreclosure action until a resolution is achieved.  The largest
tenants include Advocate Health (10% of net rentable area (NRA))
Fresenius Medial (6.5% of NRA) and Women's Healthcare of IL (5.5%
of NRA).  According to the September 2015 rent roll, occupancy is
66%.

The next largest contributor to expected losses is a
specially-serviced loan (2.8%), which is secured by a 64 unit
multi-family property located in Wayne, MI, roughly 20 miles from
Detroit.  The loan was transferred to the special servicer in
September 2014 for imminent default and foreclosure has been filed.
Negotiations with the borrower are ongoing and will be dual
tracked with the foreclosure action until a resolution is achieved.
The property is 88% occupied according to the September 2015 rent
roll.

The third largest contributor to expected losses is a
specially-serviced asset (3.4%), which is secured by a 16,800-sf
retail property located in Puyallup, WA, approximately 36 miles
south of Seattle.  The loan was transferred to special servicer in
February 2013 due to payment default.  The loan had previously been
in special servicing in 2009 for payment default, but was brought
current in early 2011 and returned to the master servicer in
mid-2012.  A forbearance agreement could not be reached with the
borrower and foreclosure was completed in May 2014.  The property
is now REO, but there are no immediate disposition plans at this
time.  Per the servicer, the asset is currently in a value-add
strategy as tenants are sought to lease the vacant space.  As of
September 2014, the property was reported to be 70.5% occupied.

RATING SENSITIVITIES

Rating Outlooks on classes D through J remain Stable due to
increasing credit enhancement and continued paydown.  The balance
of these classes is covered by the defeased collateral.  Positive
Outlooks have been assigned to classes L and K as they are also
covered by the defeased collateral, but further upgrades were
limited at this time due to the uncertainty of ultimate losses from
the specially serviced assets, and the potential for further
interest shortfalls.  Once the specially serviced assets are
resolved, upgrades to these classes may be warranted.  The
distressed classes will be downgraded as losses are realized.

DUE DILIGENCE USAGE

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

Fitch upgrades these classes and assigns or revises Rating Outlooks
as indicated:

   -- $9.7 million class F to 'AAAsf' from 'Asf'; Outlook Stable;
   -- $9.7 million class G to 'AAAsf' from 'Asf'; Outlook Stable;
   -- $10.9 million class H to 'AAAsf' from 'Asf'; Outlook Stable;
   -- $6 million class J to 'AAAsf' from 'Asf'; Outlook Stable;
   -- $3.6 million class K to 'Asf' from 'BBsf'; Outlook Positive;
   -- $3.6 million class L to 'BBsf' from 'CCCsf'; Outlook
      Positive Assigned.

Fitch affirms these classes:

   -- $7.1 million class D at 'AAAsf'; Outlook Stable;
   -- $9.7 million class E at 'AAAsf'; Outlook Stable;
   -- $2.4 million class N at 'Csf'; RE 0%;
   -- $1.2 million class O at 'Csf'; RE 0%.

The class A-1, A-1-A, A-2, B and C certificates have paid in full.
Fitch does not rate the class M and P certificates.  Fitch
previously withdrew the ratings on the interest-only class A-X and
A-SP certificates.



CREDIT SUISSE 2007-C1: Fitch Cuts Class A-J Debt Rating to Csf
--------------------------------------------------------------
Fitch Ratings has downgraded one class and affirmed seven classes
of Credit Suisse Commercial Mortgage Trust (CSMC) series 2007-C1
commercial mortgage pass-through certificates.

KEY RATING DRIVERS

The affirmations are based on relatively stable overall performance
of the pool since the last rating action. Fitch modelled losses of
14.2% of the remaining pool; expected losses on the original pool
balance total 20.5%, including $368.2 million (10.9% of the
original pool balance) in realized losses to date. Fitch has
designated 30 loans (26.8%) as Fitch Loans of Concern, which
includes eight specially serviced assets (3.7%). One loan (1.8%),
the Syracuse Office Portfolio, has been liquidated from the trust
for losses since the December 2015 distribution. Losses are
expected to mostly deplete class B. The downgrade to class A-J is
based on a greater certainty of losses.

As of the December 2015 distribution date, the pool's aggregate
principal balance has been reduced by 36.8% to $2.13 billion from
$3.37 billion at issuance. The deal is concentrated by property
type, with 36.9% of the pool secured by multifamily properties,
22.4% by office assets, and 16.8% by retail properties. The
remaining loans have maturity dates in the second half of 2016
(38.5%), first-quarter 2017 (43.4%), fourth-quarter 2017 (11.1%),
and 2018 (7.0%), with 0.4% being anticipated repayment date (ARD)
loans. Thirteen loans (3.6%) are defeased.

The largest contributor to Fitch's modeled losses is the City Place
(7.0%) loan, collateralized by a 731,886 square foot (sf) mixed-use
center located in West Palm Beach, FL. The loan was transferred to
the special servicer in April 2010 and a modification consisting of
an A/B note structure was completed in January 2012 with an A note
of $100 million and a B note of $50 million. The loan was returned
to the master servicer in August 2012. Performance declined to a
low point during third quarter 2015 with occupancy of 81% compared
to 95% at issuance and a debt service coverage ratio (DSCR) of
1.08x based on the A note balance. However, several major retail
tenants have renewed leases over the past 12 months and the sponsor
is upgrading the mixed-use development through capital
improvements. In addition, the sponsor recently completed a hotel
directly adjacent to the property with the intention of increasing
retail traffic at the subject. Fitch losses are based on current
cashflow with a stressed cap rate. The loan's extended maturity
date is in December 2018.

The second largest contributor to modeled losses is Savoy Park
(9.9%). The loan is secured by a multifamily complex consisting of
1,802 units, located in the Harlem neighborhood of New York City.
The loan was previously in special servicing beginning in July 2010
due to imminent default; it was assumed by the mezzanine lender and
a loan modification was completed in 2012. The loan returned to the
master servicer in March 2013 and remains current. The modification
includes an A/B note split of a $160 million A note and $50 million
B note, and an extension to Dec. 11, 2017. Per the master servicer,
the complex's third quarter 2015 occupancy rate is 97%. Performance
has steadily improved since the modification with the DSCR at 1.4x
as of third quarter 2015. Fitch losses are based on current
cashflow and a stressed cap rate.

The third largest contributor to Fitch's model losses is Wells
Fargo Place (4.2%), a 656,302 sf urban office building located in
St. Paul, MN. The loan was transferred to the special servicer in
October 2010 for imminent payment default due to cashflow issues.
The loan was modified and returned to the master servicer in May
2011 after restructured forbearance which included releasing
building improvement reserves for general leasing expenditures.
Property performance has been steady since returning to the master
servicer; third quarter 2015 occupancy was 85% compared with 88% at
year-end 2013. The sponsor continues to aggressively market the
space and has renewed a number of large tenants during the past
year. Fitch losses are based on current cashflow and a stressed cap
rate.

RATING SENSITIVITIES

The Rating Outlook remains Negative for the A-M, A-MFL, and A-MFX
classes given the continued underperformance of loans in the top
15. These classes may be downgraded if the transaction experiences
an increase in the number of specially serviced loans, or expected
losses on the existing specially serviced loans or performing loans
increase. The distressed class A-J will be downgraded as losses are
realized.

DUE DILIGENCE USAGE

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

Fitch downgrades the following class:

-- $286.6 million class A-J to 'Csf' from 'CCsf'; RE 0%.

Fitch affirms the following classes:

-- $7.5 million class A-AB at 'AAAsf'; Outlook Stable;
-- $589.6 million class A-3 at 'AAAsf'; Outlook Stable;
-- $891.1 million class A-1A at 'AAAsf'; Outlook Stable;
-- $212.1 million class A-M at 'Bsf'; Outlook Negative;
-- $90 million class A-MFL at 'Bsf'; Outlook Negative;
-- $35 million class A-MFX at 'Bsf'; Outlook Negative;
--$ 19.6 million class B at 'Dsf'; RE 0%.

Classes C, D, E, F, G, H, J, K, L, M, N, O, P, Q, and S are
affirmed at 'Dsf'/RE 0%. These classes have been reduced to zero
due to realized losses.

Classes A-1 and A-2 have paid in full. Class T is not rated. Fitch
has previously withdrawn the ratings in the interest-only classes
A-SP and A-X.




CSFB COMMERCIAL 2005-C6: Moody's Raises Rating on E Certs to Ba1
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on four classes,
upgraded the ratings on two classes and downgraded the ratings on
two classes in CSFB Commercial Mortgage Trust, Commercial
Pass-Through Certificates, Series 2005-C6 as:

  Cl. E, Upgraded to Ba1 (sf); previously on April 23, 2015,
   Affirmed Ba2 (sf)

  Cl. F, Upgraded to B1 (sf); previously on April 23, 2015,
   Affirmed B2 (sf)

  Cl. G, Affirmed Caa1 (sf); previously on April 23, 2015,
   Affirmed Caa1 (sf)

  Cl. H, Downgraded to Ca (sf); previously on April 23, 2015,
   Affirmed Caa3 (sf)

  Cl. J, Affirmed C (sf); previously on April 23, 2015, Affirmed C

   (sf)

  Cl. K, Affirmed C (sf); previously on April 23, 2015, Affirmed
   C (sf)

  Cl. L, Affirmed C (sf); previously on April 23, 2015, Affirmed
   C (sf)

  Cl. A-X, Downgraded to Caa3 (sf); previously on April 23, 2015,
   Affirmed Ba3 (sf)

RATINGS RATIONALE

The ratings on the P&I classes E&F were upgraded primarily due to
an increase in credit support since Moody's last review, resulting
from paydowns and amortization, as well as Moody's expectation of
additional increases in credit support resulting from the payoff of
loans approaching maturity that are well positioned for refinance.
The pool has paid down by 89.4% since Moody's last review.  In
addition, loans constituting 7.2% of the pool that have debt yields
exceeding 12.0% are scheduled to mature within the next 6 months.

The ratings on the P&I classes G, J, K & L were affirmed because
the ratings are consistent with Moody's expected loss.

The rating on the P&I class, class H, was downgraded due to
interest shortfalls and realized and anticipated losses from
specially serviced and troubled loans that are higher than Moody's
had previously expected.

The rating on the IO Class (Class A-X) was downgraded due to the
decline in the credit performance of its reference classes
resulting from principal paydowns of higher quality reference
classes.

Moody's rating action reflects a base expected loss of 40.0% of the
current balance, compared to 7.9% at Moody's last review. Moody's
base expected loss plus realized losses is now 5.2% of the original
pooled balance, compared to 7.4% at the last review. Moody's
provides a current list of base expected losses for conduit and
fusion CMBS transactions on moodys.com at:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in these ratings was "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in October 2015.

DESCRIPTION OF MODELS USED

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

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 9, compared to 75 at Moody's last review.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 83.0% of the pool is in
special servicing.  In this approach, Moody's determines a
probability of default for each specially serviced loan that it
expects will generate a loss and estimates a loss given default
based on a review of broker's opinions of value (if available),
other information from the special servicer, available market data
and Moody's internal data.  The loss given default for each loan
also takes into consideration repayment of servicer advances to
date, estimated future advances and closing costs.  Translating the
probability of default and loss given default into an expected loss
estimate, Moody's then applies the aggregate loss from specially
serviced loans to the most junior class(es) and the recovery as a
pay down of principal to the most senior class(es).

DEAL PERFORMANCE

As of the Dec. 17, 2015, distribution date, the transaction's
aggregate certificate balance has decreased by 89.4% to $161.4
million from $2.5 billion at securitization.  The certificates are
collateralized by 16 mortgage loans ranging in size from 1% to 19%
of the pool, with the top ten loans constituting 87.5% of the pool.
One loan, constituting 6.2% of the pool, has an investment-grade
structured credit assessment.

Two loans, constituting 6.6% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package.  As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Twenty-four loans have been liquidated from the pool, resulting in
an aggregate realized loss of $66.0 million (for an average loss
severity of 19.6%).  12 loans, constituting 83.0% of the pool, are
currently in special servicing.  The largest specially serviced
loan is the Highland Industrial loan (for $30.7 million 19.0% of
the pool), which was originally secured by 18 single-story office
and industrial buildings, located in the Ann Arbor industrial park.
These buildings contained approximately 60% office space and 40%
warehouse space.  The loan transferred to special servicing in
March 2012 and become REO in April 2014.  Six buildings have been
sold, for between $51 and $63 per square foot. Five of the six
buildings were vacant when the sale occurred.

The remaining 11 specially serviced loans are secured by a mix of
property types.  Moody's estimates an aggregate $56.3 million loss
for the specially serviced loans (42% expected loss on average).

Moody's has assumed a high default probability for two poorly
performing loans, constituting 9.8% of the pool, and has estimated
an aggregate loss of $8.2 million (a 52% expected loss based on a
72% probability default) from these troubled loans.

Moody's received full year 2013 operating results for 63% of the
pool and full or partial year 2014 operating results for 75% of the
pool.  Moody's value reflects a weighted average capitalization
rate of 8.3%.

The loan with a structured credit assessment is the One Madison
Avenue Loan ($9.9 million -- 6.2% of the pool).  The loan is
encumbered by a $50 million B-Note and a $482.8 million mezzanine
loan.  The senior first mortgage loan is fully amortizing and
matures in May 2016.  Credit Suisse AG (senior unsecured rating: A1
-- possible downgrade) is the anchor tenant, leasing approximately
97% of the net rental area (NRA) through December 2020.
Performance has remained stable and the loan has benefited from
amortization.  Moody's structured credit assessment and stressed
DSCR are aaa (sca.pd) and >4.0X, respectively, same as at the
last review.

The top two conduit loans represent 10.8% of the pool balance.  The
largest loan is the 515 Westheimer Loan ($1.7 million -- 1.0% of
the pool), which is secured by a 13,322 square foot (SF) retail
property located in Houston, TX.  The property was 79% occupied as
of June 2015.  Moody's LTV and stressed DSCR are 51.9% and 2.02X,
respectively, compared to 51.8% and 2.02X at the last review.

The second largest loan is the Green Valley Tech Plaza Loan -- A
note ($9.0 million -- 5.6% of the pool), which is secured by an
103,128 square foot (SF) office property located in Fairfield,
California.  The loan balance at securitization was $15.8 million.
In 2011 the largest tenant that occupied 58% of the NRA vacated
upon their lease expiration, the loan transferred to Special
Servicing soon after.  Occupancy decreased from 100% in June 2011
to 41.8% in September 2011, and has remained at 41.8% since.  The
loan was modified in August 2013 with a $9 million A-note and $8.2
million B-note.  The loan was reinstated with the Master Servicer
as a Corrected Mortgage Loan effective November 2013.  Moody's
recognizes this as a troubled loan.  Moody's LTV and stressed DSCR
are 122.9% and 0.84X, respectively, compared to 122.3% and 0.84X at
the last review.



CSFB MORTGAGE 1998-C1: Moody's Affirms Caa2 Rating on Cl. A-X Debt
------------------------------------------------------------------
Moody's Investors Service has affirmed the rating of one class of
CS First Boston Mortgage Securities Corp 1998-C1 as:

  A-X, Affirmed Caa2 (sf); previously on Jan 15, 2015 Downgraded
   to Caa2 (sf)

RATINGS RATIONALE

The rating of the IO class, Class A-X, was affirmed because the
credit performance (or the weighted average rating factor or WARF)
of its referenced classes are consistent with Moody's expectations.
The IO class is the only outstanding Moody's-rated class in this
transaction.

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

The rating of an IO class is based on the credit performance of its
referenced classes.  An IO class may be upgraded based on a lower
weighted average rating factor or WARF due to an overall
improvement in the credit quality of its reference classes.  An IO
class may be downgraded based on a higher WARF due to a decline in
the credit quality of its reference classes, paydowns of higher
quality reference classes or non-payment of interest.  Classes that
have paid off through loan paydowns or amortization are not
included in the WARF calculation.  Classes that have experienced
losses are grossed up for losses and included in the WARF
calculation, even if Moody's has withdrawn the rating.

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 October 2015 and and "Commercial Real Estate Finance: Moody's
Approach to Rating Credit Tenant Lease Financings" published in May
2015.

DESCRIPTION OF MODELS USED

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

Moody's currently uses a Gaussian copula model, incorporated in its
public CDO rating model CDOROM to generate a portfolio loss
distribution to assess the ratings of the Credit Tenant Lease (CTL)
component.

DEAL PERFORMANCE

As of the Dec. 17, 2015, distribution date, the transaction's
aggregate certificate balance has decreased by 96% to $109 million
from $2.48 billion at securitization.  The Certificates are
collateralized by 52 mortgage loans ranging in size from less than
1% to 10.5% of the pool.  Fifteen loans, representing 15% of the
pool have defeased and are secured by US Government securities. The
pool includes a credit tenant lease (CTL) component consisting of
31 loans totaling 77% of the pool.  The non-defeased and non-CTL
component represents only 9% of the pool.

Six loans, representing 16% 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
Moody's ongoing monitoring of a transaction, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

Forty-nine loans have been liquidated from the pool, resulting in
an aggregate realized loss of $89.7 million (37% loss severity on
average).  No loans are currently in special servicing.

Moody's was provided with full year 2014 for 100% of the pool's
non-defeased and non-CTL loans.

The largest non-defeased and non-CTL loan is the Peachtree Corners
Shopping Center Loan ($5.8 million -- 5.3% of the pool), which is
secured by a fitness center anchored retail property located 20
miles northeast of Atlanta, Georgia.  As of June 2015 the property
was 80% leased compared to 82% at last review.  This loan has
amortized 28% since securitization.  Moody's LTV and stressed DSCR
are 103% and 1.10X, respectively, compared to 118% and 0.96X at
prior review.

The second largest non-defeased and non-CTL loan is the Christmas
Tree Shops Plaza Loan ($2.8 million -- 2.5% of the pool), which is
secured by an anchored retail located 5 miles west of West Haven,
Connecticut.  As of September 2015, the property was 99% leased
compared to 90% at last review.  The loan is fully amortizing and
has amortized 78% since securitization.  Moody's LTV and stressed
DSCR are 24% and greater than 4.00X, respectively, compared to 38%
and 2.99X at prior review.

The CTL component consists of 31 loans secured by properties leased
to nine tenants.  The largest exposure is Best Buy Co., Inc. ($24.1
million -- 22% of the pool; senior unsecured rating: Baa1 -- Stable
outlook).  Five of the tenants have a Moody's rating and represent
68% of the CTL component balance.  The bottom-dollar weighted
average rating factor (WARF) for this pool is 3,176 compared to
2,947 at last review.  WARF is a measure of the overall quality of
a pool of diverse credits.  The bottom-dollar WARF is a measure of
the default probability within the pool.



CSFB MORTGAGE 2004-C5: Moody's Lowers Rating on H Certs to Caa3
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on four classes
and downgraded the ratings on two classes of CSFB Mortgage
Securities Corp., Commercial Mortgage Pass-Through Certificates,
Series 2004-C5 as:

  Cl. H, Downgraded to Caa3 (sf); previously on Jan. 29, 2015,
   Affirmed Caa2 (sf)

  Cl. J, Downgraded to C (sf); previously on Jan. 29, 2015,
   Affirmed Caa3 (sf)

  Cl. K, Affirmed C (sf); previously on Jan. 29, 2015, Affirmed
   C (sf)

  Cl. L, Affirmed C (sf); previously on Jan. 29, 2015, Affirmed
   C (sf)

  Cl. M, Affirmed C (sf); previously on Jan. 29, 2015, Affirmed
   C (sf)

  Cl. A-X, Affirmed Caa3 (sf); previously on Jan. 29, 2015,
   Downgraded to Caa3 (sf)

RATINGS RATIONALE

The rating on P&I Classes H and J were downgraded due to higher
anticipated realized loss from loans in special servicing.

The ratings on three P&I Classes (classes K, L and M) were affirmed
because the ratings are consistent with Moody's expected loss.

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

Moody's rating action reflects a base expected loss of 82.2% of the
current balance, compared to 50.2% at Moody's last review. Moody's
base expected loss plus realized losses is now 4.7% of the original
pooled balance, compared to 4.4% at the last review. Moody's
provides a current list of base expected losses for conduit and
fusion CMBS transactions on moodys.com at:

http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in these ratings was "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in October 2015.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 86.4% of the pool is in
special servicing and performing loans only represent 13.6% of the
pool.  In this approach, Moody's determines a probability of
default for each specially serviced loan that it expects will
generate a loss and estimates a loss given default based on a
review of broker's opinions of value (if available), other
information from the special servicer, available market data and
Moody's internal data.  The loss given default for each loan also
takes into consideration repayment of servicer advances to date,
estimated future advances and closing costs.  Translating the
probability of default and loss given default into an expected loss
estimate, Moody's then applies the aggregate loss from specially
serviced loans to the most junior classes and the recovery as a pay
down of principal to the most senior class.

DESCRIPTION OF MODELS USED

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 2, compared to 3 at Moody's last review.

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

DEAL PERFORMANCE

As of the Dec. 17, 2015, distribution date, the transaction's
aggregate certificate balance has decreased by 97% to $55.3 million
from $1.9 billion at securitization.  The certificates are
collateralized by 11 mortgage loans ranging in size from less than
1% to 75% of the pool.

Two loans, constituting 8% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package.  As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Thirty-four loans have been liquidated from the pool, resulting in
an aggregate realized loss of $42.6 million (for an average loss
severity of 18%).  Three loans, constituting 86% of the pool, are
currently in special servicing.  The largest specially serviced
loan is the 340 Mount Kemble Avenue Loan ($41.3 million -- 74.6% of
the pool), which is secured by a Class A 387,000 square feet (SF)
office building located in Morris Township, New Jersey.  The
property was fully leased to AT&T until they vacated upon their
lease expiration in August 2014.  AT&T had been in the building
since it was built in 1979.  The loan subsequently transferred to
special servicing due to imminent default.  The loan is now REO and
has been deemed non-recoverable.

The second largest specially serviced loan is the 2150 Point Blvd
Loan ($3.7 million -- 6.7% of the pool), which is secured by a
46,206 square foot (SF) office building located in Elgin, Illinois.
The loan transferred to special servicing in December 2013 due to
imminent default.  The property is 100% vacant as of December 2015.
The loan is REO and has been deemed non-recoverable.

The third largest specially serviced loan is the Timberstone Center
Loan ($2.8 million -- 5.0% of the pool), which is secured by a
35,497 SF strip retail center shadow anchored by Kroger in
Sylvania, Ohio.  The loan transferred to special servicing in June
2014 due to imminent default after the borrower indicated they
would not be able to pay off the loan at maturity.  As of June
2015, the property was 82% leased.  The loan became REO in December
2015.

The three specially serviced loans are secured by a mix of property
types.  Moody's estimates an aggregate $45 million loss for those
loans (95% expected loss on average).

Moody's received full year 2014 operating results for 100% of the
pool, and full or partial year 2015 operating results for 67% of
the pool.  Moody's weighted average conduit LTV is 59%, compared to
56% 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 23% the most recently
available net operating income (NOI).  Moody's value reflects a
weighted average capitalization rate of 8.8%.

Moody's actual and stressed conduit DSCRs are 1.24X and 2.26X,
respectively, compared to 1.30X and 2.17X 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 11% of the pool balance.  The
largest loan is the Emerald Coast Centre Loan ($3.8 million -- 6.9%
of the pool), which is secured by a 63,260 SF anchored retail
center in Destin, Florida.  As of December 2015, the property was
65% leased, compared to 84% at last review.  Moody's LTV and
stressed DSCR are 88% and 1.10X, respectively, compared to 74% and
1.31X at the last review.

The second largest loan is the Marina Apartments Portfolio Loan
($2.1 million -- 3.8% of the pool), which is secured by a 48-unit
multifamily complex in San Francisco, California.  As of November
2015, the portfolio was 98% occupied compared to 92% in year-end
2014.  Moody's LTV and stressed DSCR are 28% and 3.26X,
respectively, compared to 31% and 2.94X at the last review.

The third largest loan is the 14-16 East 17th Street Loan ($430,092
-- 0.8% of the pool), which is secured by a 15-unit multifamily
complex in New York, New York.  As of November 2015, the property
was 100% leased, the same as at last review.  Moody's LTV and
stressed DSCR are 40% and 2.31X, respectively, compared to 41% and
2.26X at the last review.



DLJ COMMERCIAL 1999-CG1: Moody's Affirms Caa3 Rating on Cl. S Debt
------------------------------------------------------------------
Moody's Investors Service has affirmed the rating of one class of
DLJ Commercial Mortgage Corp., Pass-Through Certificates, Series
1999-CG1 as follows:

  Cl. S, Affirmed Caa3 (sf); previously on Jan 15, 2015 Affirmed
Caa3 (sf)

RATINGS RATIONALE

The rating of the IO class, Class S, was affirmed based on the
credit performance (or the weighted average rating factor or WARF)
of its referenced classes. The IO class is the only outstanding
Moody's-rated class in this transaction.

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

The rating of an IO class is based on the credit performance of its
referenced classes. An IO class may be upgraded based on a lower
weighted average rating factor or WARF due to an overall
improvement in the credit quality of its reference classes. An IO
class may be downgraded based on a higher WARF due to a decline in
the credit quality of its reference classes, paydowns of higher
quality reference classes or non-payment of interest. Classes that
have paid off through loan paydowns or amortization are not
included in the WARF calculation. Classes that have experienced
losses are grossed up for losses and included in the WARF
calculation, even if Moody's has withdrawn the rating.

DEAL PERFORMANCE

As of the December 10, 2015 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $14.8 million
from $1.2 billion at securitization. The Certificates are
collateralized by two mortgage loans.

Both loans 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 our ongoing monitoring of a
transaction, Moody's reviews the watchlist to assess which loans
have material issues that could impact performance.

Thirty-three loans have been liquidated from the pool, resulting in
an aggregate realized loss of $41.5 million (32% loss severity on
average). No loans are currently in special servicing.

The largest loan is the Links at Bixby Loan ($7.5 million -- 50.6%
of the pool), which is secured by a 324-unit multifamily property
located in Bixby, Oklahoma. The property was 99% leased as of June
2015 compared to 100% at last review. Performance remains stable.
The loan is fully-amortizing and has amortized 48% since
securitization. Moody's LTV and stressed DSCR are 56% and 1.94X,
respectively, compared to 58% and 1.86X at last review.

The other loan is the Shoppes at Longwood Loan ($7.3 million -- 49%
of the pool), which is secured by a 142,000 square foot (SF) retail
center located in Kennett Square, Pennsylvania. The largest tenants
include TJ Maxx (17% of the NRA; lease expiration in January 2018)
and Staples (13% of the NRA; lease expiration in November 2017).
The property was 67% leased as of September 2015 compared to 100%
at last review. This drop in occupancy is attributed to the
September 2015 departure of Super Fresh (32% of the NRA) due to the
July 2015 bankruptcy of its parent company, Great Atlantic &
Pacific Tea Co. Servicer commentary has indicated that there is
interest from several tenants to re-lease all or a majority of the
space. The loan has amortized 48% since securitization. Moody's LTV
and stressed DSCR are 37% and 2.75X, respectively, compared to 41%
and 2.54X at last review.




EMERSON PLACE: Moody's Lowers Rating on Class D Notes to B1
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings on these notes
issued by Emerson Place CLO, Ltd.:

  $13,000,000 Class D Deferrable Mezzanine Floating Rate Notes Due

   2019, Downgraded to B1 (sf); previously on April 18, 2014,
   Downgraded to Ba3 (sf)

  $11,000,000 Class E Deferrable Junior Floating Rate Notes Due
   2019 (current outstanding balance of $8,454,721.52), Downgraded

   to Caa1 (sf); previously on April 18, 2014, Downgraded to
   B3 (sf)

Moody's also affirmed the ratings on these notes:

  $253,750,000 Class A Senior Floating Rate Notes Due 2019
   (current outstanding balance of $83,016,092.74), Affirmed
   Aaa (sf); previously on April 18, 2014 Affirmed Aaa (sf)

  $30,000,000 Class B Senior Floating Rate Notes Due 2019,
   Affirmed A1 (sf); previously on April 18, 2014 Affirmed A1 (sf)

  $16,000,000 Class C Deferrable Mezzanine Floating Rate Notes Due

   2019, Affirmed Baa3 (sf); previously on April 18, 2014,
   Affirmed Baa3 (sf)

Emerson Place CLO, Ltd., issued in December 2006, is a
collateralized loan obligation (CLO) backed primarily by a
portfolio of senior secured loans.  The transaction's reinvestment
period ended in January 2013.

RATINGS RATIONALE

These rating actions are primarily a result of a decrease in the
transaction's Class D and Class E overcollateralization (OC) ratios
since April 2015, due to 1) an increase in defaulted asset
holdings, 2) an increase in the deal's exposure to investments that
mature after the notes do (long dated assets), and 3) a decrease in
the average value at which such long dated assets are carried in
the OC tests.

Based on the trustee's December 2015 report, the Class D and Class
E OC ratios are reported at 105.44% and 99.51%, versus April 2015
levels of 108.74% and 102.79%.

In Moody's calculations, assets that are treated as defaulted
currently make up approximately $11.9 million or 7.3% of the
portfolio compared to the April 2015 level of $5.2 million or 2.8%.
Furthermore, the deal's Stated Maturity Haircut, which adjusts the
carrying value of long dated assets to their market values for
purposes of the OC tests, increased to $5.8 million in December
2015 from $1.9 million in April 2015 as a result of declines in
loan prices.

Based on Moody's calculations, long dated assets currently make up
approximately 52.2% of the portfolio compared to 45.5% in April
2015.  In addition to the aforementioned market value-based OC
ratio test adjustments for long dated assets, these investments
could expose the notes to market risk in the event of liquidation
when the notes mature.

Methodology Used for the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2015.

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

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 a)
     uncertainty about credit conditions in the general economy
     and b) the large concentration of upcoming speculative-grade
     debt maturities, which could make refinancing difficult for
     issuers.

  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 reported by the trustee and those
     that Moody's assumes as having defaulted could result in
     volatility in the deal's OC levels.  Further, the timing of
     recoveries and whether a manager decides to work out or sell
     defaulted assets create additional uncertainty.

  6) Long-dated assets: The presence of assets that mature after
     the CLO's legal maturity date exposes the deal to liquidation

     risk on those assets.  This risk is borne first by investors
     with the lowest priority in the capital structure.  Moody's
     assumes that the terminal value of an asset upon liquidation
     at maturity will be equal to the lower of an assumed
     liquidation value (depending on the extent to which the
     asset's maturity lags that of the liabilities) or the asset's

     current market value.  Moody's notes that the deal's
     percentage exposure to long-dated assets has increased,
     partly as a result of participation in loan amendments that
     extend maturities.  In light of the deal's sizable exposure
     to long-dated assets, which increases its sensitivity to the
     liquidation assumptions in the rating analysis, Moody's ran
     scenarios using a range of liquidation value assumptions.
     However, actual long-dated asset exposures and prevailing
     market prices and conditions at the CLO's maturity will drive

     the deal's actual losses, if any, from long-dated assets.

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

Moody's Adjusted WARF -- 20% (2206)
Class A: 0
Class B: +1
Class C: 0
Class D: 0
Class E: 0

Moody's Adjusted WARF + 20% (3308)
Class A: 0
Class B: -2
Class C: 0
Class D: 0
Class E: 0

Loss and Cash Flow Analysis:

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

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.  In its base
case, Moody's analyzed the collateral pool as having a performing
par and principal proceeds balance of $151.7 million, defaulted par
of $11.9 million, a weighted average default probability of 14.40%
(implying a WARF of 2757), a weighted average recovery rate upon
default of 49.21%, a diversity score of 32 and a weighted average
spread of 3.30% (before accounting for LIBOR floors).

Moody's incorporates the default and recovery properties of the
collateral pool in cash flow model analysis where they are subject
to stresses as a function of the target rating on each CLO
liability reviewed.  Moody's derives the default probability from
the credit quality of the collateral pool and Moody's expectation
of the remaining life of the collateral pool. The average recovery
rate for future defaults is based primarily on the seniority of the
assets in the collateral pool.  Moody's generally applies recovery
rates for CLO securities as published in "Moody's Approach to
Rating SF CDOs".  In some cases, alternative recovery assumptions
may be considered based on the specifics of the analysis of the CLO
transaction.  In each case, historical and market performance and
the collateral manager's latitude for trading the collateral are
also factors.



FREDDIE MAC 2016-DNA1: Fitch to Rate Class M-3 Notes 'Bsf'
----------------------------------------------------------
Fitch Ratings expects to assign these ratings and Rating Outlooks
to Freddie Mac's risk-transfer transaction, Structured Agency
Credit Risk Debt Notes Series 2016-DNA1 (STACR 2016-DNA1):

   -- $252,000,000 class M-1 notes 'BBBsf'; Outlook Stable;

   -- $252,000,000 class M-1F exchangeable notes 'BBBsf'; Outlook
      Stable;

   -- $252,000,000 class M-1I notional exchangeable notes 'BBBsf';

      Outlook Stable;

   -- $240,000,000 class M-2 notes 'BBB-sf'; Outlook Stable;

   -- $240,000,000 class M-2F exchangeable notes 'BBB-sf'; Outlook

      Stable;

   -- $240,000,000 class M-2I notional exchangeable notes
      'BBB-sf'; Outlook Stable;

   -- $468,000,000 class M-3 notes 'Bsf'; Outlook Stable;

   -- $468,000,000 class M-3F exchangeable notes 'Bsf'; Outlook
      Stable;

   -- $468,000,000 class M-3I notional exchangeable notes 'Bsf';
      Outlook Stable;

   -- $492,000,000 class M-12 exchangeable notes 'BBB-sf'; Outlook

      Stable;

   -- $960,000,000 class MA exchangeable notes 'Bsf'; Outlook
      Stable.

These classes will not be rated by Fitch:

   -- $33,937,853,579 class A-H reference tranche;
   -- $123,102,592 class M-1H reference tranche;
   -- $117,240,564 class M-2H reference tranche;
   -- $228,619,100 class M-3H reference tranche;
   -- $36,000,000 class B notes;
   -- $321,240,564 class B-H reference tranche.

The 'BBBsf' rating for the M-1 notes reflects the 3.95%
subordination provided by the 1.00% class M-2 notes, the 1.95%
class M-3 notes, and the 1.00% class B notes.  The 'BBB-sf' rating
for the M-2 notes reflects the 2.95% subordination provided by the
1.95% class M-3 notes and the 1.00% class B notes.  The notes are
general unsecured obligations of Freddie Mac (rated 'AAA'/Outlook
Stable by Fitch) subject to the credit and principal payment risk
of a pool of certain residential mortgage loans held in various
Freddie Mac-guaranteed MBS.

STACR 2016-DNA1 represents Freddie Mac's sixth risk transfer
transaction applying actual loan loss severity issued as part of
the Federal Housing Finance Agency's Conservatorship Strategic Plan
for 2013-2017 for each of the government-sponsored enterprises
(GSEs) to demonstrate the viability of multiple types of
risk-transfer transactions involving single-family mortgages.

The objective of the transaction is to transfer credit risk from
Freddie Mac to private investors with respect to a $35.7 billion
pool of mortgage loans currently held in previously issued MBS
guaranteed by Freddie Mac where principal repayment of the notes is
subject to the performance of a reference pool of mortgage loans.
As loans liquidate or other credit events occur, the outstanding
principal balance of the debt notes will be reduced by the actual
loan's loss severity (LS) percentage related to those credit
events, which includes borrower's delinquent interest.

While the transaction structure simulates the behavior and credit
risk of traditional RMBS senior-subordinate securities, Freddie Mac
will be responsible for making monthly payments of interest and
principal to investors.  Because of the counterparty dependence on
Freddie Mac, Fitch's expected rating on the M-1, M-1F, M-1I, M-2,
M-2F, M-2I, M-3, M-3F, M-3I, MA and M-12 notes will be based on the
lower of: the quality of the mortgage loan reference pool and
credit enhancement available through subordination; and Freddie
Mac's Issuer Default Rating.  The M-1, M-2, M-3 and B notes will be
issued as uncapped LIBOR-based floaters and will carry a 12.5-year
legal final maturity.

KEY RATING DRIVERS

High-Quality Mortgage Pool: The reference mortgage loan pool
consists of 144,144 high-quality mortgage loans totaling
$35.7 billion that were acquired by Freddie Mac between April 1,
2015 and June 30, 2015.  The pool consists of loans with original
loan-to-value ratios (LTVs) of over 60% and less than or equal to
80% with a weighted average (WA) original combined LTV of 76%.  The
WA debt-to-income (DTI) ratio of 35% and credit score of 754
reflect the strong credit profile of post-crisis mortgage
originations.

Actual Loss Severities: This will be Freddie Mac's sixth actual
loss risk transfer transaction in which losses borne by the
noteholders will not be based on a fixed LS schedule.  The notes in
this transaction will experience losses realized at the time of
liquidation, which will include both lost principal and delinquent
interest.  Fitch's model LS for the 'BBBsf' and 'BBB-sf' rating
scenarios of roughly 36% and 34%, respectively, approximate the
average fixed LS schedule of about 36% and 35%, respectively.

12.5-Year Hard Maturity: M-1, M-2 and M-3 notes benefit from a
12.5-year legal final maturity as opposed to the 10-year maturity
seen in prior fixed LS STACRs.  Thus, any credit events on the
reference pool that occur beyond year 12.5 are borne by Freddie Mac
and do not affect the transaction.  In addition, credit events that
occur prior to maturity with losses realized from liquidations that
occur after the final maturity date will not be passed through to
noteholders.  This feature more closely aligns the risk of loss to
that of the 10-year, fixed LS STACRs where losses were passed
through when a credit event occurred - i.e. loans became 180 days
delinquent with no consideration for liquidation timelines.  The
credit ranged from 8% at the 'Asf' rating category to 14% at the
'Bsf' rating category.

Solid Lender Review and Acquisition Processes: Fitch found that
Freddie Mac 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
Freddie Mac to be an above-average aggregator for its 2013 and
later product.  The lower risk was accounted for by Fitch by
applying a lower default estimate for the reference pool.

Advantageous Payment Priority: The payment priority of the M-1
class will result in a shorter life and more stable credit
enhancement (CE) than mezzanine classes in private-label (PL) RMBS,
providing a relative credit advantage.  Unlike PL mezzanine RMBS,
which often do not receive a full pro-rata share of the pool's
unscheduled principal payment until year 10, the M-1 class can
receive a full pro-rata share of unscheduled principal immediately,
as long as a minimum CE level is maintained, the cumulative net
loss is within a certain threshold and the delinquency test is
within a certain threshold.  Additionally, unlike PL mezzanine
classes, which lose subordination over time due to scheduled
principal payments to more junior classes, the M-2, M-3 and B
classes will not receive any scheduled or unscheduled principal
allocations until the M-1 class is paid in full. The B class will
not receive any scheduled or unscheduled principal allocations
until the M-3 class is paid in full.

Solid Alignment of Interests: While the transaction is designed to
transfer credit risk to private investors, Fitch believes the
transaction benefits from a solid alignment of interests.  Freddie
Mac will retain credit risk in the transaction by holding the
senior reference tranche A-H, which has 5.00% of loss protection,
as well as a minimum of 50% of the first-loss B tranche, sized at
100 basis points (bps).  Initially, Freddie Mac will retain an
approximately 33% vertical slice/interest in the M-1, M-2 and M-3
tranches.

Receivership Risk Considered: Under the Federal Housing Finance
Regulatory Reform Act, the Federal Housing Finance Agency (FHFA)
must place Freddie Mac into receivership if it determines that the
GSEs assets are less than its obligations for longer than 60 days
following the deadline of its SEC filing.  As receiver, FHFA could
repudiate any contract entered into by Freddie Mac if it is
determined that such action would promote an orderly administration
of Freddie Mac's affairs.  Fitch believes that the U.S. government
will continue to support Freddie Mac, as reflected in its current
rating of the GSE.  However, if, at some point, Fitch views the
support as being reduced and receivership likely, the rating of
Freddie Mac could be downgraded and ratings on the M-1, M-2 and M-3
notes, along with their corresponding MAC notes, could be
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 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 25% at the 'BBBsf' level, 23.4% at the 'BBB-sf'
level and 15.6% at the 'Bsf' level.  The analysis indicates that
there is some potential rating migration with higher MVDs, compared
with the model projection.

Fitch also conducted defined rating sensitivities which determine
the stresses to MVDs that would reduce a rating by one full
category, to non-investment grade, and to 'CCCsf'.  For example,
additional MVDs of 10%, 10% and 32% would potentially move the
'BBBsf' rated class down one rating category, to non-investment
grade, to 'CCCsf', respectively.

DUE DILIGENCE USAGE

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

The offering documents for STACR 2016-DNA1 do not disclose any
representations, warranties, or enforcement mechanisms (RW&Es) that
are available to investors and which relate to the underlying asset
pool.



GOLDMAN SACHS 2013-GC10: Fitch Affirms 'Bsf' Rating on Cl. F Certs
------------------------------------------------------------------
Fitch Ratings has affirmed 14 classes of Goldman Sachs Mortgage
Company's GS Mortgage Securities Trust (GSMS) commercial mortgage
pass-through certificates, series 2013-GC10.

KEY RATING DRIVERS

The affirmations of GSMS 2013-GC10 are based on the stable
performance of the underlying collateral since issuance.  As of the
December 2015 distribution date, the pool's aggregate principal
balance has been reduced by 6.1% to $807.3 million from $859.4
million at issuance.  The pool has experienced no realized losses
to date.  Per the servicer reporting, there is currently one loan
that is both delinquent and in special servicing (0.5% of the pool)
and two loans are fully defeased (3% of the pool).  Ten loans are
considered Fitch Loans of Concern (12.4% of the pool). Interest
shortfalls are currently affecting the non-rated class G.

The specially serviced loan (0.5% of the pool) is secured by a
129,112 square foot (sf) neighborhood shopping center located in
Eaton, OH.  The center is anchored by Kroger (20% net rentable area
[NRA] through February 2016) and Tractor Supply Company (33.1% NRA
through October 2021).  The loan transferred to special servicing
on Nov. 4, 2015 for imminent default due to continued noncompliance
and unresponsiveness in setting up the cash management account and
remitting excess cash flow.  Per servicer correspondence, the
lender is in discussions with the borrower regarding setting up the
cash management account and reinstating the loan.  Local counsel
has been retained to file for foreclosure and/or receivership, if
necessary.  Additionally, the loan is 30 days delinquent as of the
December 2015 distribution date.

The largest Fitch Loan of Concern (4.1% of the pool) is secured by
an 182,181 sf mixed use property with retail and office space
located in downtown Portland, OR.  The property is leased to
CityTarget (48.7% NRA through January 2029), Le Cordon Bleu College
of Culinary Arts (43.8% NRA through September 2018), and Brooks
Brothers (6.4% NRA through November 2017).  According to third
party news reports, Le Cordon Bleu will be closing this location by
the end of 2017, prior to the tenant's 2018 expiration.  An update
has been requested from the master servicer regarding the rollover
risk associated with Le Cordon Bleu.  Year-end (YE) 2014 occupancy
and debt service coverage (DSCR) figures from the servicer were not
available as of the review date.  As of the July 2015 rent roll,
the property was 98.9% occupied.

Since the prior review, one loan (2.7% of the original pool
balance) has been repaid.  The loan, secured by a 353-key full
service hotel in downtown Raleigh, NC, was prepaid in July 2015
with a yield maintenance penalty of approximately $1.8 million. The
loan balance before prepayment was $21.9 million.

RATING SENSITIVITIES

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

DUE DILIGENCE USAGE

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

Fitch has affirmed these ratings:

   -- $1.4 million class A-1 at 'AAAsf'; Outlook Stable;
   -- $35.3 million class A-2 at 'AAAsf'; Outlook Stable;
   -- $21 million class A-3 at 'AAAsf'; Outlook Stable;
   -- $110 million class A-4 at 'AAAsf'; Outlook Stable;
   -- $300.5 million class A-5 at 'AAAsf'; Outlook Stable;
   -- $81.4 million class A-AB at 'AAAsf'; Outlook Stable;
   -- $54.8 million class A-S at 'AAAsf'; Outlook Stable;
   -- $604.3 million class X-A* at 'AAAsf'; Outlook Stable;
   -- $103.1 million class X-B* at 'Asf'; Outlook Stable;
   -- $63.4 million class B at 'AAsf'; Outlook Stable;
   -- $39.7 million class C at 'Asf'; Outlook Stable;
   -- $34.4 million class D at 'BBB-sf'; Outlook Stable;
   -- $22.6 million class E at 'BB+sf'; Outlook Stable;
   -- $16.1 million class F at 'Bsf'; Outlook Stable.

*Notional amount and interest-only.

Fitch does not rate the class G certificates.



GOLUB CAPITAL 2007-1: Moody's Raises Rating on Cl. E Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Golub Capital Management CLO 2007-1, Ltd.:

  $32,000,000 Class C Deferrable Mezzanine Notes Due 2021,
   Upgraded to Aaa (sf); previously on Sept 11, 2015, Upgraded to
   Aa1 (sf)

  $19,750,000 Class D Deferrable Mezzanine Notes Due 2021,
   Upgraded to Aa3 (sf); previously on Sept 11, 2015, Upgraded to
   A3 (sf)

  $20,250,000 Class E Deferrable Mezzanine Notes Due 2021,
   Upgraded to Ba1 (sf); previously on Sept 11, 2015, Affirmed
   Ba2 (sf)

Moody's also affirmed the ratings on these notes:

  $369,000,000 Class A Senior Notes Due 2021 (current outstanding
   balance of $49,460,089), Affirmed Aaa (sf); previously on
   Sept. 11, 2015, Affirmed Aaa (sf)

  $28,000,000 Class B Senior Notes Due 2021, Affirmed Aaa (sf);
   previously on Sept. 11, 2015, Affirmed Aaa (sf)

Golub Capital Management CLO 2007-1, Ltd., issued in July 2007, is
a collateralized loan obligation (CLO) backed primarily by a
portfolio of senior secured loans.  The transaction's reinvestment
period ended in July 2013.

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 August 2015.  The Class A
notes have been paid down by approximately 36.1% or $28.0 million
since then.  Based on the trustee's December 2015 report, the OC
ratios for the Class A/B, C, D and E notes are reported at 228.0%,
161.3%, 136.7% and 118.1%, respectively, versus August 2015 levels
of 194.9%, 149.5%, 130.7% and 115.8%, respectively.

Methodology Used for the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2015.

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

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 a)
     uncertainty about credit conditions in the general economy
     and b) the large concentration of upcoming speculative-grade
     debt maturities, which could make refinancing difficult for
     issuers.

  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 reported by the trustee and those
     that Moody's assumes as having defaulted could result in
     volatility in the deal's OC levels.  Further, the timing of
     recoveries and whether a manager decides to work out or sell
     defaulted assets create additional uncertainty.  Moody's
     analyzed defaulted recoveries assuming the lower of the
     market price and the recovery rate in order to account for
     potential volatility in market prices.  Realization of higher

     than assumed recoveries would positively impact the CLO.

  6) Long-dated assets: The presence of assets that mature after
     the CLO's legal maturity date exposes the deal to liquidation

     risk on those assets.  This risk is borne first by investors
     with the lowest priority in the capital structure.  Moody's
     assumes that the terminal value of an asset upon liquidation
     at maturity will be equal to the lower of an assumed
     liquidation value (depending on the extent to which the
     asset's maturity lags that of the liabilities) or the asset's

     current market value.

  7) Exposure to credit estimates: The deal contains a large
     number of securities whose default probabilities Moody's has
     assessed through credit estimates.  If Moody's does not
     receive the necessary information to update its credit
     estimates in a timely fashion, the transaction could be
     negatively affected by any default probability adjustments
     Moody's assumes in lieu of updated credit estimates.

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

Moody's Adjusted WARF -- 20% (3084)
Class A: 0
Class B: 0
Class C: +1
Class D: +2
Class E: +1

Moody's Adjusted WARF + 20% (4626)
Class A: 0
Class B: 0
Class C: -2
Class D: -1
Class E: 0

Loss and Cash Flow Analysis:

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

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.  In its base
case, Moody's analyzed the collateral pool as having a performing
par and principal proceeds balance of $179.5 million, defaulted par
of $0.2 million, a weighted average default probability of 23.24%
(implying a WARF of 3855), a weighted average recovery rate upon
default of 49.66%, a diversity score of 29 and a weighted average
spread of 4.59% (before accounting for LIBOR floors).

Moody's incorporates the default and recovery properties of the
collateral pool in cash flow model analysis where they are subject
to stresses as a function of the target rating on each CLO
liability reviewed.  Moody's derives the default probability from
the credit quality of the collateral pool and Moody's expectation
of the remaining life of the collateral pool.  The average recovery
rate for future defaults is based primarily on the seniority of the
assets in the collateral pool.  Moody's generally applies recovery
rates for CLO securities as published in "Moody's Approach to
Rating SF CDOs".  In some cases, alternative recovery assumptions
may be considered based on the specifics of the analysis of the CLO
transaction.  In each case, historical and market performance and
the collateral manager's latitude for trading the collateral are
also factors.



GS MORTGAGE 2014-GC18: Fitch Affirms 'BBsf' Rating on X-C Certs
---------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of GS Mortgage Securities
Trust 2014-GC18 pass-through certificates.

KEY RATING DRIVERS

The affirmations are due to overall stable performance of the
collateral pool since issuance.  Currently there are no delinquent
or specially serviced loans.  As of the December 2015 distribution
date, the pool's aggregate principal balance has been reduced by
1.5% to $1,097 million from $1,113.6 million at issuance.  There
are 12 servicer watchlist loans (11.3% of the pool), two of which
(2.3%) have been identified as Fitch loans of concern (FLOC).

The first FLOC is the Raeford Crossing loan (1.6%), a 10-year
partial interest-only (IO) loan (i.e. IO for the initial 36
months).  The collateral is a 15-building garden-style multifamily
complex located in Fayetteville, NC.  Built in 2012, the 291-unit
property contains one-, two-, and three-bedroom units.  The
property is owned by seven tenant-in-common entities primarily led
by Brantley White, a principal of Certus Partners.  The property
occupancy has declined since issuance.  As of September 2015, the
property was 75% occupied, compared to 91% at year-end 2014 (YE14)
and 95.2% at issuance.

The second FLOC is the Lovejoy Station loan (0.8%), a 10-year
partial IO loan (i.e. IO for the initial 24 months).  It is secured
by a 77,133 square foot (sf) retail property located in Hampton,
GA.  The anchor tenant, Publix Supermarkets, which occupies 62% of
the property, has a lease maturity date of January 2016.  Fitch is
waiting for servicer lease updates.  As of September 2015, the
property was 93% occupied, compared to 98.2% at issuance.
Servicer-reported 3Q15 DSCR was 1.8x, compared to 1.45x at
issuance.

The largest loan in the pool, The Shops at Canal Place (10.1%) is a
10-year partial IO loan (i.e. IO for the initial 36 months).  It is
secured by a high-end retail complex located in downtown New
Orleans, LA totaling 216,938 sf of retail space, as well as a
seven-story parking garage.  The property is anchored by Saks Fifth
Avenue (49.2% NRA), The Theaters at Canal Place (10%), and Westin
Conference Center (8%).  The collateral is part of the 2.15
million-sf mixed-use development Canal Place, which also includes a
438-key Westin Hotel and a 32-story office building.  As of the
September 2015 rent roll, the property was 96.6% occupied, compared
to 97.8% at issuance.  The servicer-reported 3Q15 DSCR was 1.71x,
compared to 1.26x at issuance.

The second largest loan, CityScape - East Office/Retail (9.1%) is a
10-year partial IO loan (i.e. IO for the initial 36 months).  The
whole loan consists of two pari passu A notes.  Only the A1 note is
included in this transaction.  The collateral consists of a
28-story office tower with a retail component and a five-story
subterranean parking garage.  The property is part of a larger
development that includes the Hotel Paloma, a 250-room Kimpton
hotel; CityScape Residences, a 224-unit apartment building; and
additional retail and parking space.  The servicer-reported YE14
DSCR was 1.89x, compared to 2.69x at issuance.  The decreased in
net operating income is primarily due to a spike in expenses,
specifically utilities, marketing, and other miscellaneous items.
As of the September 2015 rent roll, the property was 94.5%
occupied, compared to 95.5% at issuance.

RATING SENSITIVITIES

The Rating Outlook for all classes remains Stable.  Due to the
recent issuance of the transaction and stable performance, Fitch
does not foresee positive or negative ratings migration until a
material economic or asset-level event changes the transaction's
portfolio-level metrics.

DUE DILIGENCE USAGE

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

Fitch has affirmed these classes as indicated:

   -- $40 million class A-1 at 'AAAsf', Outlook Stable;
   -- $116.2 million class A-2 at 'AAAsf', Outlook Stable;
   -- $216.7 million class A-3 at 'AAAsf', Outlook Stable;
   -- $302 million class A-4 at 'AAAsf', Outlook Stable;
   -- $87.8 million class A-AB at 'AAAsf', Outlook Stable;
   -- $68.2 million class A-S at 'AAAsf', Outlook Stable;
   -- $76.6 million class B at 'AA-sf', Outlook Stable;
   -- Class PEZ Exchangeable Certificates at 'A-sf', Outlook
      Stable;
   -- $44.5 million class C at 'A-sf', Outlook Stable;
   -- $55.7 million class D at 'BBB-sf', Outlook Stable;
   -- $22.3 million class E at 'BBsf', Outlook Stable;
   -- $12.5 million class F at 'Bsf', 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-C at 'BBsf'; Outlook Stable.

Fitch does not rate the class G or class X-D certificates.



JP MORGAN 2001-CIBC2: Fitch Lowers Rating on 2 Certs to 'C'
-----------------------------------------------------------
Fitch Ratings has downgraded three classes of J.P. Morgan Chase
Commercial Mortgage Securities Corp. (JPMCC), commercial mortgage
pass-through certificates, series 2001-CIBC2.

KEY RATING DRIVERS

The downgrades are due to the continued erosion in value of the
pool's largest asset, the Collin Creek Mall (93% of the pool), and
uncertainty about the timing of its ultimate disposition.

As of the December 2015 distribution date, the pool's aggregate
principal balance has been reduced approximately 93.8% to $46.7
million from $961.7 million at issuance.  Currently, there are only
four assets remaining in the pool, two of which (4.1%) are
defeased.  Interest shortfalls are affecting classes E through NR
with cumulative unpaid interest totaling $3.8 million.

The Collin Creek Mall is secured by the in-line space (332,055
square feet [sf]) of a 1.1 million sf regional mall in Plano, TX.
The mall is anchored by Amazing Jake, Macy's, JC Penney, and Sears,
all of which are under long-term leases.  Dillards, a former
anchor, vacated in January 2014 after its lease expired.

The loan transferred to the special servicer in November 2014 due
to imminent default.  The borrower negotiated a deed in lieu of
foreclosure (DIL) and surrendered ownership to the Dillard's box
and three undeveloped out-parcels as additional collateral.  The
DIL was closed in April 2015 and the property has been a real
estate owned asset (REO) since.

The Collin Creek Mall is facing significant market competition from
several newer shopping malls nearby.  As a result, property
performance has deteriorated with occupancy falling to 77% as of
October 2015, compared to 84% at year-end (YE) 2014 and 94% at YE
2013.  The occupancy at issuance was 98%.  The property is facing
significant near-term lease rollover risk.  Leases representing
34.6% of the collateral space expire in 2016, and 10.7% expires in
2017.

The servicer reported year-to-date October 2015 debt service
coverage ratio (DSCR) was 0.11x, compared to 0.67x at YE 2014 and
1.75x at underwriting.  The special servicer is working to
determine a disposition strategy.

RATING SENSITIVITIES

The Rating Outlook on class D remains Negative due to concerns
about the final resolution and timing of the disposition of the
Collin Creek Mall.  If the value of the property continues to
deteriorate, future downgrades on the class are possible.  The
distressed classes may be subject to further downgrades as losses
are realized.  If recoveries on the mall are better than
anticipated some upgrades may be possible.

DUE DILIGENCE USAGE

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

Fitch has downgraded these classes:

   -- $2.3 million class D to 'BBBsf' from 'Asf'; Outlook
      Negative;
   -- $28.9 million class E to 'Csf' from 'CCsf'; RE 35%;
   -- $12 million class F to 'Csf' from 'CCsf'; RE 0%;

Fitch has affirmed this class:

   -- $16.8 million class G at 'Dsf'; RE0%.

Classes A-1 through C, as well as the interest only class X-2, have
paid in full.  Classes H, J, K, L and M have been depleted due to
losses and are affirmed at 'Dsf/RE 0%'.  Fitch does not rate NR
class certificates.  Fitch has previously withdrawn the rating on
the Interest-only class X-1.



JP MORGAN 2003-PM1: Fitch Raises Rating on Cl. G Certs to 'Bsf'
---------------------------------------------------------------
Fitch Ratings has upgraded two classes, downgraded three classes
and affirmed four classes of J.P. Morgan Chase Commercial Mortgage
Securities Corp. (JPMCC) commercial mortgage pass-through
certificates series 2003-PM1.

KEY RATING DRIVERS

The upgrades to classes F and G are due to the increase in
subordination levels and the ultimate resolution of the Palm Beach
Mall loan.  The classes will continue to benefit from amortization
and continued paydown, including 38.3% in fully amortizing loans
and defeased collateral (21.1% of the pool or $6.9 million).  The
average Fitch Loan to Value (LTV) ratio is low at 47.3%.  The
transaction has experienced $79.1 million (6.8% of the original
pool balance) in realized losses to date.

As of the December 2015 distribution date, the pool's aggregate
principal balance has been reduced by 97.2% to $32.7 million from
$1.16 billion at issuance.  There are 15 loans remaining in the
pool including one specially serviced loan.  Interest shortfalls
are currently affecting classes F through NR.

The Palm Beach Mall asset was sold in 2011, but the special
servicer was in litigation with the borrower.  The final proceeds
were distributed in November 2015, which resulted in losses to the
trust; losses were in the line with Fitch modeled losses.

The largest loan (29.3% of the pool) is secured by a 107,000 square
foot, single tenant office property located in Yardley, PA. The
property is fully leased by MediMedia USA, Inc. through
Dec. 31, 2017.  The servicer-reported debt service coverage ratio
(DSCR) has remained above 2.0x for several years.  The loan has a
Fitch LTV ratio below 50%.

The specially serviced loan (6.9% of the pool) is secured by a
136-unit multifamily property located in Oklahoma City, OK.  The
loan transferred to special servicing in June 2015 due to imminent
default.  As of year-end 2014, the servicer-reported occupancy and
DSCR were 97% and 1.0x respectively.  The special servicer expects
the loan will be returned back to the master servicer subsequent to
the billing and settling of certain expenses.

RATING SENSITIVITIES

The Stable outlooks for classes F and G reflect the expectation of
continued pool amortization, defeased collateral of which $1.7
million and $5.2 million matures in 2018 and 2023 respectively, and
the overall pool's maturity schedule (63.5% matures in 2018, 4.2%
in 2022 and 32.3% in 2023).  Although credit enhancement remains
high relative to the rating category for these classes, upgrades
were limited due to the transaction's concentration (15 loans
remain), current interest shortfalls, and tertiary market locations
of the remaining collateral.

DUE DILIGENCE USAGE

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

Fitch has upgraded these classes and assigns outlooks as
indicated:

   -- $13.6 million class F to 'Asf' from 'CCCsf'; Outlook Stable
      assigned;
   -- $13 million class G to 'Bsf' from 'Csf'; Outlook Stable
      assigned.

Fitch has downgraded these classes as indicated:

   -- $6.1 million class H to 'Dsf' from 'Csf'; RE 0%;
   -- $0 class J to 'Dsf' from 'Csf'; RE 0%;
   -- $0 class K to 'Dsf' from 'Csf'; RE 0%.

Fitch affirms these classes:

   -- $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%.

Classes A-1 through E have been repaid in full.  Fitch does not
rate class NR.  Fitch previously withdrew the ratings on the
interest-only class X-1 and X-2 certificates.



JP MORGAN 2006-LDP6: Moody's Raises Rating on Cl. B Certs to Ba2
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on five classes,
upgraded the ratings on three classes and downgraded the rating on
one class in J.P. Morgan Chase Commercial Mortgage Securities
Corp., Commercial Pass-Through Certificates, Series 2006-LDP6 as:

  Cl. A-1A, Affirmed Aaa (sf); previously on March 26, 2015,
   Affirmed Aaa (sf)

  Cl. A-4, Affirmed Aaa (sf); previously on March 26, 2015,
   Affirmed Aaa (sf)

  Cl. A-M, Upgraded to Aaa (sf); previously on March 26, 2015,
   Affirmed Aa2 (sf)

  Cl. A-J, Upgraded to A2 (sf); previously on March 26, 2015,
   Affirmed Baa3 (sf)

  Cl. B, Upgraded to Ba2 (sf); previously on March 26, 2015,
   Affirmed B2 (sf)

  Cl. C, Affirmed Caa2 (sf); previously on March 26, 2015,
    Affirmed Caa2 (sf)

  Cl. D, Affirmed C (sf); previously on March 26, 2015, Affirmed
   C (sf)

  Cl. E, Affirmed C (sf); previously on March 26, 2015, Affirmed
   C (sf)

  Cl. X-1, Downgraded to B2 (sf); previously on March 26, 2015,
   Affirmed Ba3 (sf)

RATINGS RATIONALE

The ratings on the P&I classes, A-4 and A-1A, were affirmed because
the transaction's key metrics, including Moody's loan-to-value
(LTV) ratio, Moody's stressed debt service coverage ratio (DSCR)
and the transaction's Herfindahl Index (Herf), are within
acceptable ranges.

The ratings on the P&I classes, C, D and E, were affirmed because
the ratings are consistent with Moody's expected loss.

The ratings on the P&I classes, A-M, A-J, and B, were upgraded
primarily due to an increase in credit support since Moody's last
review, resulting from paydowns and amortization, as well as
Moody's expectation of additional increases in credit support
resulting from the payoff of loans approaching maturity that are
well positioned for refinance.  The pool has paid down by 47% since
Moody's last review.

The rating on the IO class was downgraded due to the decline in the
credit performance of its reference classes resulting from
principal paydowns of higher quality reference classes.

Moody's rating action reflects a base expected loss of 4.5% of the
current balance, compared to 4.0% at Moody's last review.  Moody's
base expected loss plus realized losses is now 9.2% of the original
pooled balance, compared to 9.8% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in these ratings were "Approach to Rating US
and Canadian Conduit/Fusion CMBS" published in December 2014, and
"Moody's Approach to Rating Large Loan and Single Asset/Single
Borrower CMBS" published in October 2015.

DESCRIPTION OF MODELS USED

Moody's review used the excel-based CMBS Conduit Model, which it
uses for both conduit and fusion transactions.  Credit enhancement
levels for conduit loans are driven by property type, Moody's
actual and stressed DSCR, and Moody's property quality grade (which
reflects the capitalization rate Moody's uses to estimate Moody's
value).  Moody's fuses the conduit results with the results of its
analysis of investment grade structured credit assessed loans and
any conduit loan that represents 10% or greater of the current pool
balance.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity.  Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances.  The credit neutral Herf score is 40.  The
pool has a Herf of 19, compared to 15 at Moody's last review.

When the Herf falls below 20, Moody's uses the excel-based Large
Loan Model and then reconciles and weights the results from the
conduit and large loan models in formulating a rating
recommendation.  The large loan model derives credit enhancement
levels based on an aggregation of adjusted loan-level proceeds
derived from Moody's loan-level LTV ratios.  Major adjustments to
determining proceeds include leverage, loan structure, property
type and sponsorship.  Moody's also further adjusts these
aggregated proceeds for any pooling benefits associated with loan
level diversity and other concentrations and correlations.

DEAL PERFORMANCE

As of the Dec. 15, 2015, distribution date, the transaction's
aggregate certificate balance has decreased by 65% to $745 million
from $2.1 billion at securitization.  The certificates are
collateralized by 79 mortgage loans ranging in size from less than
1% to 10.6% of the pool, with the top ten loans constituting 48.5%
of the pool.  One loan, constituting 5.1% of the pool, has
investment-grade structured credit assessment.  Fifteen loans,
constituting 18.1% of the pool, have defeased and are secured by US
government securities.

Forty-nine loans, constituting 54% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package.  As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Thirty-seven loans have been liquidated with a loss from the pool,
resulting in an aggregate realized loss of $162.8 million (for an
average loss severity of 53%).  Four loans, constituting 3.4% of
the pool, are currently in special servicing.  The largest
specially serviced loan is 1601 Belvedere, FL (for $9.4 million --
1.3% of the pool), which is secured by a 100,000 square foot (SF)
office building located less than two miles from the West Palm
Beach airport.  The property transferred to special servicing in
December 2012 due to maturity default and became real estate owned
(REO) in April 2015.  The special servicers strategy is to
stabilize the asset, and then dispose of it.  As of November 2015,
the property was 42% leased.  Moody's has estimated a high loss for
this loan.

The remaining three specially serviced loans are secured by retail
properties.  Moody's estimates an aggregate $13.4 million loss for
the specially serviced loans (52% expected loss on average).

Moody's has assumed a high default probability for four poorly
performing loans, constituting 2.7% of the pool, and has estimated
an aggregate loss of $2.7 million (a 14% expected loss based on a
50% probability default) from these troubled loans.

Moody's received full year 2014 operating results for 93% of the
pool, and partial year 2015 operating results for 38% of the pool.
Moody's weighted average conduit LTV is 95%, compared to 90% 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 12% to the most recently
available net operating income (NOI).  Moody's value reflects a
weighted average capitalization rate of 9.3%.

Moody's actual and stressed conduit DSCRs are 1.25X and 1.09X,
respectively, compared to 1.32X and 1.12X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service.  Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The loan with a structured credit assessment is the 215 Park Avenue
South Loan ($38.0 million -- 5.1% of the pool), which is secured by
a 20-story 324,000 SF class B office building on 18th Street and
Park Avenue South in the Union Square submarket in Manhattan, New
York.  As of September 2015, the property was 87% leased, compared
to 98% in September 2014.  There is rollover risk in the next two
years with 26% and 19% of the net rentable area (NRA) expiring;
however, this is mitigated due to the low leverage on the asset and
strong sponsorship of SL Green.  Moody's structured credit
assessment and stressed DSCR are aaa (sca.pd) and 2.14X,
respectively.

The top three conduit loans represent 26% of the pool balance.  The
largest loan is the Valley Mall Loan ($79.2 million -- 10.6% of the
pool), which is secured by a single-story dominant mall located 75
miles northwest of Baltimore in Hagerstown, Maryland.
Non-collateral anchors include Sears and Macy's, which recently
announced it was closing this store.  Collateral anchors include JC
Penney (lease expiration: October 2019), The Bon-Ton (January
2019), and Regal Cinemas (May 2020).  Performance remained steady
from 2013 to 2014.  Rolling 12 month sales improved to $366 psf
from $355 psf in the same period the prior year.  As of October
2015, inline, outparcel, and total collateral was 90%, 97%, and 95%
occupied.  Moody's LTV and stressed DSCR are 103% and 0.92X,
respectively, compared to 104% and 0.91X at the last review.

The second largest loan is the 30 Broad Street Loan ($75.2 million

  -- 10.1% of the pool), which is secured by a 48-story class B
427,000 sf office building located near the New York Stock Exchange
in the Financial District of Manhattan, New York.  As of July 2015,
the property was 95% leased, compared to 98% in January 2015 and
87% in December 2013.  Expenses have recently increased due to
ground rent resetting to over $2.7M -- this expense increase has
been offset by an increase in occupancy.  The property continues to
have below-market rent.  Moody's LTV and stressed DSCR are 120% and
0.97X, respectively, compared to 124% and 0.79X at the last
review.

The third largest loan is the Village Properties Loans
($36.4 million -- 4.9% of the pool), which is secured by nine
retail properties located in Tennessee and one retail property
located in Kentucky totaling over 1.1 million SF.  As of September
2015, the portfolio was 87% occupied, with two properties having an
occupancy below 75%.  Those two proprieties current allocated loan
amount is approximately $7.1 mil.  Moody's LTV and stressed DSCR
are 93% and 1.1X, respectively, compared to 95% and 1.09X at the
last review.



LB COMMERCIAL 1998-C1: Moody's Lowers Cl. IO Certs Rating to Caa3
-----------------------------------------------------------------
Moody's Investors Service has downgraded the rating of one
interest-only class in LB Commercial Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 1998-C1 as:

  Cl. IO, Downgraded to Caa3 (sf); previously on Jan. 14, 2015,
   Affirmed Caa2 (sf)

RATINGS RATIONALE

The rating of the IO Class, Class IO, was downgraded due to the
decline in credit performance of its reference classes as a result
of principal paydowns of higher quality reference classes.  The IO
class is the only outstanding Moody's-rated class in this
transaction.

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

The rating of an IO class is based on the credit performance of its
referenced classes.  An IO class may be upgraded based on a lower
weighted average rating factor or WARF due to an overall
improvement in the credit quality of its reference classes.  An IO
class may be downgraded based on a higher WARF due to a decline in
the credit quality of its reference classes, paydowns of higher
quality reference classes or non-payment of interest.  Classes that
have paid off through loan paydowns or amortization are not
included in the WARF calculation.  Classes that have experienced
losses are grossed up for losses and included in the WARF
calculation, even if Moody's has withdrawn the rating.

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 October 2015.

DESCRIPTION OF MODELS USED

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity.  Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances.  The credit neutral Herf score is 40.  The
pool has a Herf of 4, compared to 8 at Moody's last review.

When the Herf falls below 20, Moody's uses the excel-based Large
Loan Model in formulating a rating recommendation.  The large loan
model derives credit enhancement levels based on an aggregation of
adjusted loan-level proceeds derived from Moody's loan-level LTV
ratios.  Major adjustments to determining proceeds include
leverage, loan structure, property type and sponsorship.  Moody's
also further adjusts these aggregated proceeds for any pooling
benefits associated with loan level diversity and other
concentrations and correlations.

DEAL PERFORMANCE

As of the Dec. 18, 2015, distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $23.9 million
from $1.7 billion at securitization.  The Certificates are
collateralized by 16 mortgage loans ranging in size from less than
1% to 33.5% of the pool, with the top ten loans (excluding
defeasance) representing 84% of the pool.  Five loans, representing
15% of the pool have defeased and are secured by US Government
securities.

Three loans, representing 24% 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
Moody's ongoing monitoring of a transaction, Moody's reviews the
watchlist to assess which loans have material issues that could
impact performance.

Seventeen loans have been liquidated from the pool, resulting in an
aggregate realized loss of $53.4 million (43% loss severity on
average).  No loans are currently in special servicing and Moody's
did not identify any troubled loans.

Moody's received full year 2014 and full or partial year 2015
operating results for 100% of the pool.  Moody's weighted average
conduit LTV is 36% compared to 39% at Moody's last review.  Moody's
conduit component excludes loans with structured credit
assessments, defeased and CTL loans and specially serviced and
troubled loans.  Moody's net cash flow (NCF) reflects a weighted
average haircut of 10.6% to the most recently available net
operating income (NOI).  Moody's value reflects a weighted average
capitalization rate of 9.9%.

Moody's actual and stressed conduit DSCRs are 1.63X and 5.01X,
respectively, compared to 1.44X and 3.72X at the last review.
Moody's actual DSCR is based on Moody's net cash flow (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 performing loans represent 61% of the pool balance.
The largest loan is the Imperial Palms Apartments Loan ($8.0
million -- 33.5% of the pool), which is secured by a 638-unit
senior rental community located in Largo, Florida.  The property
was 93% leased as of September 2015 compared to 95% at last review.
The property performance is stable and the loan benefits from
amortization.  Moody's LTV and stressed DSCR are 41% and 2.40X,
respectively, compared to 44% and 2.22X at the last review.

The second largest loan is the 1526 Charles Boulevard Loan ($4.4
million -- 18.5% of the pool), which is secured by a 144-unit (528
bed) student housing complex located in Greenville, North Carolina.
All of the property's floor plans consists of either three or four
bedrooms units.  As of September 2015, the property was 97% leased
compared to 96% at last review.  The loan is fully amortizing and
matures in December 2023.  Moody's LTV and stressed DSCR are 68%
and 1.44X, respectively, compared to 62% and 1.57X at the last
review.

The third largest loan is the Perimeter Station Shopping Center
Loan ($2.2 million -- 9.2% of the pool), which is secured by a
83,500 square foot (SF) anchored retail property located in the
Chamblee/Dunwoody submarket of Atlanta, GA.  The property is 100%
leased, the same as at last review.  Major tenants at the property
include Barnes & Noble and the Container Store.  The loan matures
in November 2017 and has amortized 82% since securitization.
Moody's LTV and stressed DSCR are 10% and greater than 4.00X,
respectively, compared to 15% and greater than 4.00X at last
review.



LB-UBS COMMERCIAL 2005-C7: Fitch Lowers Rating on Cl. G Certs to D
------------------------------------------------------------------
Fitch Ratings has upgraded one class, downgraded one class, and
affirmed 11 classes of LB-UBS Commercial Mortgage Trust (LBUBS)
commercial mortgage pass-through certificates series 2005-C7.

KEY RATING DRIVERS

The upgrade to class D reflects the increase in credit enhancement
due to significant loan paydown since Fitch's last rating action in
September 2015.  The downgrade to class G reflects incurred losses
on the subordinate tranche.  Fitch modeled losses of 3.5% of the
remaining pool; expected losses on the original pool balance total
5.6%, including $128.4 million (5.5% of the original pool balance)
in realized losses to date.  Fitch has designated two loans (10.3%)
as Fitch Loans of Concern, including one specially serviced loan
(2.5%).

As of the December 2015 distribution date, the pool's aggregate
principal balance has been reduced by 96% to $91.4 million from
$2.34 billion at issuance.  The pool is highly concentrated with
only nine of the original 137 loans remaining in the transaction.
There are currently no defeased loans.  Interest shortfalls are
affecting classes G through T.

The specially serviced loan (2.5%) is secured by an 11,872 square
foot (sf) retail centre located in Brooksville, FL, approximately
50 miles north of Tampa.  The property has experienced cash flow
issues due to occupancy declines.  As of September 2015, the
property was 49% occupied.  The loan had transferred to special
servicing in March 2015 due to payment default.  A foreclosure sale
took place in December 2015, where the trust was the winning
bidder.  The servicer is evaluating its real estate owned (REO)
strategy and timing for eventual disposition.

The largest loan in the pool is the 1166 Avenue of the Americas
loan (36.7%), which is secured by the condominium interests in a
1.7 million sf class A office building located in New York, NY. The
902,232 sf of collateral, located on floors 22-32 and 33-44, serve
as the corporate headquarters for the loan's sponsor, Marsh &
McLennan Companies, Inc. (rated 'A-'/Outlook Stable).  The
collateral is 100% master leased by the sponsor though October
2035.  The net operating income (NOI) debt service coverage ratio
(DSCR) has remained flat at 1.44x since issuance.  The A-note
contributed to the trust is pari passu with another $241.6 million
A-note with respect to the payment of interest; however, it is
senior with respect to the payment of principal.  The mortgage has
a maturity date in October 2035; however, the pooled trust note is
expected to fully amortize by November 2018.

RATING SENSITIVITIES

The Outlook on the 'AAA' rated class D is expected to remain Stable
as the class benefits from increasing credit enhancement and
continued delevering of the transaction through amortization and
repayment of maturing loans.  The Positive Outlook on class E
reflects the possibility for future upgrades due to an expected
increase in credit enhancement as loans mature.  Additional
downgrades to class F are possible should property performance
decline or loans fail to repay at their respective maturity dates.

DUE DILIGENCE USAGE

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

Fitch has upgraded this rating:

   -- $26.6 million class D to 'AAAsf' from 'BBBsf'; Outlook
      Stable.

Fitch has downgraded this rating:

   -- $17.9 million class G to 'Dsf' from 'Csf'; RE 80%.

Fitch has affirmed these ratings and revised Rating Outlooks as
indicated:

   -- $23.5 million class E at 'BBsf'; Outlook to Positive from
      Stable;
   -- $23.5 million class F at 'CCCsf'; RE 100%;
   -- $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 S at 'Dsf'; RE 0%.

The class A-1, A-2, A-3, A-AB, A-4, A-1A, A-M, A-J, B, C, CM-1,
CM-2, CM-3, and CM-4 certificates have paid in full.  Fitch does
not rate the class T certificate.  Fitch previously withdrew the
ratings on the interest-only class X-CP and X-CL certificates.

Fitch does not rate the SP-1 through SP-7 rake classes, which are
specific to the Station Place I $63 million B-note.  The senior
A-note for Station Place I was part of the pooled portion of the
trust, which has since paid in full.



MERRILL LYNCH 1998-C3: Moody's Affirms Caa3 Rating on Cl. IO Debt
-----------------------------------------------------------------
Moody's Investors Service has affirmed the rating on one class in
Merrill Lynch Mortgage Investors, Inc., Commercial Mortgage Pass
Through Certificates, Series 1998-C3 as follows:

  Cl. IO, Affirmed Caa3 (sf); previously on Jan 14, 2015 Affirmed
Caa3 (sf)

RATINGS RATIONALE

The rating of the IO class, Class IO, was affirmed based on the
credit performance (or the weighted average rating factor or WARF)
of its referenced classes The IO class is the only outstanding
Moody's-rated class in this transaction.

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

The rating of an IO class is based on the credit performance of its
referenced classes. An IO class may be upgraded based on a lower
weighted average rating factor or WARF due to an overall
improvement in the credit quality of its reference classes. An IO
class may be downgraded based on a higher WARF due to a decline in
the credit quality of its reference classes, paydowns of higher
quality reference classes or non-payment of interest. Classes that
have paid off through loan paydowns or amortization are not
included in the WARF calculation. Classes that have experienced
losses are grossed up for losses and included in the WARF
calculation, even if Moody's has withdrawn the rating.

DEAL PERFORMANCE

As of the December 16, 2015 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $13.1 million
from $638.4 million at securitization. The Certificates are
collateralized by eleven mortgage loans ranging in size from 2% to
19% of the pool. Three loans, representing 20% of the pool have
defeased and are secured by US Government securities.

Two loans, representing 23% 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 our
ongoing monitoring of a transaction, Moody's reviews the watchlist
to assess which loans have material issues that could impact
performance.

Eleven loans have been liquidated from the pool, resulting in an
aggregate realized loss of $30 million. Currently, there are no
loans in special servicing.

Moody's was provided with full year 2014 and full or partial year
2015 operating results for 100% and 74% of the pool, respectively.
Moody's weighted average conduit LTV is 32% compared to 39% 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 13% to the most recently available net operating
income (NOI). Moody's value reflects a weighted average
capitalization rate of 9.9%.

Moody's actual and stressed conduit DSCRs are 1.54X and 4.39X,
respectively, compared to 1.43X and 3.43X 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 54% of the pool balance. The
largest loan is the Republic Beverage Building Loan ($2.5 million
-- 19.3% of the pool), which is secured by a 385,000 square foot
(SF) industrial property located in Grand Prairie, Texas. The
property is 100% leased to Republic Beverage Co., which is
controlled by the borrower. The lease expires in November 2021.
Although the performance remains stable, the loan is on the
servicer's watchlist due low DSCR. The loan is fully amortizing and
has amortized 76% since securitization. Moody's LTV and stressed
DSCR are 32% and 3.23X, respectively, compared to 38% and 2.71X at
prior review.

The second largest loan is the Santa Monica Sav-On Loan ($2.4
million -- 18.4% of the pool), which is secured by a 27,500 SF
retail property located in West Hollywood, California. The property
is 96% leased to CVS through August 2022. The loan is fully
amortizing and has amortized 50% since securitization. Moody's LTV
and stressed DSCR are 40% and 2.70X, respectively, compared to 49%
and 2.21X at prior review.

The third largest loan is the Missouri Healthcare Portfolio Loan
($2.1 million -- 16.1% of the pool), which is secured by two
cross-collateralized and cross-defaulted loans secured by two
nursing homes outside of Kansas City, Missouri. Crown Care Center
is located in Harrisonville, Missouri, approximately 40 miles south
of Kansas City and has 106 beds. The property was 97% occupied as
of June 2015. Country Club Care Center is located in Warrensburg,
Missouri, approximately 60 miles east of Kansas City and has 104
beds. The property was 80% occupied as of September 2015. The loan
is fully amortizing and has amortized 74% since securitization.
Moody's LTV and stressed DSCR are 18% and 8.28X, respectively,
compared to 25% and 4.62X at prior review.



MERRILL LYNCH 2004-BPC1: Fitch Raises Rating on Cl. D Certs to B
----------------------------------------------------------------
Fitch Ratings has upgraded two classes and affirmed 10 classes of
Merrill Lynch Mortgage Trust commercial mortgage pass-through
certificates, series 2004-BPC1.

KEY RATING DRIVERS

The upgrades and affirmations are warranted due to increased credit
enhancement as the pool's collateral balance decreased by 24% since
Fitch's last rating action.

There are five assets remaining in the pool; two are specially
serviced (69.1%).  Of the three remaining non-specially serviced
loans, two (17%) mature in September or October 2019 and one (14%)
matures in October 2022.  Fitch modeled losses of 53.3% of the
remaining pool, all from the specially serviced assets.  Expected
losses on the original pool balance total 7.1%, including $57.1
million (4.6% of the original pool balance) in realized losses to
date.  As of the December 2015 distribution date, the pool's
aggregate principal balance has been reduced by 95.3% to $58.7
million from $1.24 billion at issuance.  Interest shortfalls are
currently affecting classes F through Q.

The largest contributor to expected losses is the Washington Square
Mall (46% of the pool), a 448,762 square foot (sf) portion of a
regional mall totalling 922,614 sf located in Indianapolis, IN.
The loan transferred to the special servicer in December 2013 for
imminent default and became REO through a deed in-lieu of
foreclosure in August 2014.  The loan was previously modified in
February 2011 and the modification terms included the following: a
split into a $15 million A-Note and $12.5 million B-Note, an equity
contribution from the borrower to fund additional reserves, paydown
of $1 million of the outstanding balance, and a maturity extension
to July 1, 2016.  In December 2014 Sears vacated the mall causing
total mall occupancy to drop to 57%, as of October 2015 the total
mall occupancy is at 64% while the collateral occupancy is
approximately 51%.  The property is expected to be marketed for
sale in first quarter 2016.  Fitch expects significant losses.

The next largest contributor to expected losses is a
specially-serviced loan (23.5%), which is secured by two suburban
office buildings with a total of 200,758 sf located in Duluth and
Jonesboro, GA.  The borrower was unable to pay off the loan by the
September 2014 maturity which caused the loan to be transferred to
the special servicer.  The borrower's refinancing fell through when
the largest tenant gave notice of plans to vacate the building in
November 2014.  The borrower recently exercised a one year loan
extension and the loan will be monitored before being transferred
back to the master servicer.  The extended maturity date is in
October 2016.

The largest non-specially serviced loan (15.8%) is secured by a 157
room Courtyard Marriott located in Dulles, VA.  The subject was 72%
occupied as of September 2015 with a third quarter 2015 net
operating income debt service coverage ratio (NOI DSCR) of 1.29x
and a year-end 2014 NOI DSCR of 1.21x.  Total operating expenses
have increased each year since 2011 causing the year-end NOI DSCR
to be below 1.36x since 2011.  The loan matures in September 2019.

RATING SENSITIVITIES

Due to the higher percentage of specially serviced assets, Fitch
performed additional stresses to valuations when considering the
upgrades.  The Stable Rating Outlooks on classes C and D reflect
the ability to withstand additional stress as well as the
expectation of continued paydown.  Although credit enhancement
remains high relative to the rating category, the upgrades were
limited given the concentrated nature of the pool.  Additional
downgrades to the distressed classes (those rated below 'B') are
expected as losses are realized on specially serviced loans.

DUE DILIGENCE USAGE

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

Fitch upgrades these classes:

Merrill Lynch 2004-BPC1

   -- $918,162 class C to 'Asf' from 'BBsf'; Outlook Stable;
   -- $18.6 million class D to 'Bsf' from 'CCCsf'; Outlook Stable
      Assigned.

Fitch affirms these classes;

   -- $9.3 million class E at 'CCsf'; RE 90%;
   -- $15.5 million class F at 'Csf'; RE 0%;
   -- $10.9 million class G at 'Csf'; RE 0%;
   -- $3.4 million class H at 'Dsf'; RE 0%;
   -- $0 class J at 'Dsf'; RE 0%;
   -- $0 class K at 'Dsf'; RE 0%;
   -- $0 class L at 'Dsf'; RE 0%;
   -- $0 class M at 'Dsf'; RE 0%;
   -- $0 class N at 'Dsf'; RE 0%;
   -- $0 class P at 'Dsf'; RE 0%.

The class A1 through AJ and Class B certificates have paid in full.
Fitch does not rate the class Q certificates.  Fitch previously
withdrew the ratings on the interest-only class XC and XP
certificates.



MORGAN STANLEY 2003-TOP9: Fitch Raises Rating on Cl. M Certs to B
-----------------------------------------------------------------
Fitch Ratings has upgraded four classes and affirmed two classes of
Morgan Stanley Dean Witter Capital I Trust (MSDWC) commercial
mortgage pass-through certificates series 2003-TOP9.

KEY RATING DRIVERS

The upgrades are due to increased credit enhancement from the
continued paydown of the pool.  Fitch modeled losses of 23.6% of
the remaining pool; expected losses on the original pool balance
total 1%, including $3.3 million (0.3% of the original pool
balance) in realized losses to date.  Fitch has designated two
loans (48.3%) as Fitch Loans of Concern, which includes one
specially serviced asset (20.3%).

As of the December 2015 distribution date, the pool's aggregate
principal balance has been reduced by 97% to $32.5 million from
$1.08 billion at issuance.  Of the 13 loans remaining, 10 loans
(44% of the pool) are fully amortizing, although five of these
loans are single tenanted properties.  Per the servicer reporting,
two loans (2% of the pool) are defeased.  Interest shortfalls are
currently affecting class O.

The largest contributor to modelled losses is the largest loan (28%
of the pool) and is secured by a 121,618 square foot (sf)
neighborhood shopping center in North Highlands, CA.  The center is
anchored by a Raley's grocery store (50% of GLA).  Occupancy as of
June 2015 was 83%.  The servicer reported net operating income
(NOI) debt service coverage ratio (DSCR) decreased to 1.04x as of
year-end (YE) 2014 from 1.11x at YE 2013.  The loan was previously
in special servicing from April 2011 to February 2012.  During this
period, the loan was modified to include a maturity date extension
and $500,000 in principal forgiveness.  The loan has been
designated a Fitch Loan of Concern and will continue to be
monitored ahead of its new scheduled maturity date of November
2016.

The next largest contributor to modelled losses is the specially
serviced loan, which is secured by a 93,354 sf retail property
located in Indianapolis, IN.  The loan was transferred to the
special servicer in September of 2012 due to imminent default.
Since then, the loan has been modified to include a maturity date
extension to May 2017.  Property performance continues to improve
and the loan is in the process of being transferred back to the
master servicer.

RATING SENSITIVITIES

The Rating Outlooks on all classes are Stable, due to increasing
credit enhancement and overall stable collateral performance.
Although credit enhancement remains high relative to the rating
category for some classes, further upgrades were limited due to
increasing pool concentration.  Fitch ran additional stresses when
considering upgrades.  Future upgrades may be warranted as the pool
continues to pay down.  Downgrades are possible if there is a
material economic or asset level event which impairs performance of
the remaining loans.

DUE DILIGENCE USAGE

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

Fitch upgrades these classes and assigns REs as indicated:

   -- $4 million class J to 'AAAsf' from 'Asf'; Outlook Stable;
   -- $5.4 million class K to 'Asf' from 'BBBsf'; Outlook Stable;
   -- $2.7 million class M to 'Bsf' from 'CCCsf'; Outlook Stable
      assigned;
   -- $2.7 million class N to 'CCCsf' from 'CCsf'; RE 100%.

Fitch affirms these classes as indicated:

   -- $4.8 million class H at 'AAAsf'; Outlook Stable;
   -- $5.4 million class L at 'BBsf'; Outlook Stable.

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



MORGAN STANLEY 2012-C4: Moody's Affirms B2 Rating on Cl. G Certs
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on thirteen
classes in Morgan Stanley Capital I Trust, Commercial Pass-Through
Certificates, Series 2012-C4 as:

  Cl. A-1, Affirmed Aaa (sf); previously on Jan. 30, 2015,
   Affirmed Aaa (sf)

  Cl. A-2, Affirmed Aaa (sf); previously on Jan. 30, 2015,
   Affirmed Aaa (sf)

  Cl. A-3, Affirmed Aaa (sf); previously on Jan. 30, 2015,
   Affirmed Aaa (sf)

  Cl. A-4, Affirmed Aaa (sf); previously on Jan. 30, 2015,
   Affirmed Aaa (sf)

  Cl. A-S, Affirmed Aaa (sf); previously on Jan. 30, 2015,
   Affirmed Aaa (sf)

  Cl. B, Affirmed Aa2 (sf); previously on Jan. 30, 2015, Affirmed
   Aa2 (sf)

  Cl. C, Affirmed A2 (sf); previously on Jan. 30, 2015, Affirmed
   A2 (sf)

  Cl. D, Affirmed Baa1 (sf); previously on Jan. 30, 2015, Affirmed

   Baa1 (sf)

  Cl. E, Affirmed Baa3 (sf); previously on Jan. 30, 2015, Affirmed

   Baa3 (sf)

  Cl. F, Affirmed Ba2 (sf); previously on Jan. 30, 2015, Affirmed
   Ba2 (sf)

  Cl. G, Affirmed B2 (sf); previously on Jan. 30, 2015, Affirmed
   B2 (sf)

  Cl. X-A, Affirmed Aaa (sf); previously on Jan. 30, 2015,
   Affirmed Aaa (sf)

  Cl. X-B, Affirmed Ba3 (sf); previously on Jan. 30, 2015,
   Affirmed Ba3 (sf)

RATINGS RATIONALE

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

The ratings on the IO classes was affirmed based on the credit
performance (or the weighted average rating factor) of the
referenced classes.

Moody's rating action reflects a base expected loss of 2.6% of the
current balance, compared to 2.7% at Moody's last review.  Moody's
base expected loss plus realized losses is now 2.4% of the original
pooled balance, compared to 2.6% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in these ratings were "Approach to Rating US
and Canadian Conduit/Fusion CMBS" published in December 2014, and
"Moody's Approach to Rating Large Loan and Single Asset/Single
Borrower CMBS" published in October 2015.

DESCRIPTION OF MODELS USED

Moody's review used the excel-based CMBS Conduit Model, which it
uses for both conduit and fusion transactions.  Credit enhancement
levels for conduit loans are driven by property type, Moody's
actual and stressed DSCR, and Moody's property quality grade (which
reflects the capitalization rate Moody's uses to estimate Moody's
value).  Moody's fuses the conduit results with the results of its
analysis of investment grade structured credit assessed loans and
any conduit loan that represents 10% or greater of the current pool
balance.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity.  Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances.  The credit neutral Herf score is 40.  The
pool has a Herf of 19, unchanged from Moody's last review.

When the Herf falls below 20, Moody's uses the excel-based Large
Loan Model and then reconciles and weights the results from the
conduit and large loan models in formulating a rating
recommendation.  The large loan model derives credit enhancement
levels based on an aggregation of adjusted loan-level proceeds
derived from Moody's loan-level LTV ratios.  Major adjustments to
determining proceeds include leverage, loan structure, property
type and sponsorship.  Moody's also further adjusts these
aggregated proceeds for any pooling benefits associated with loan
level diversity and other concentrations and correlations.

DEAL PERFORMANCE

As of the Dec. 17, 2015, distribution date, the transaction's
aggregate certificate balance has decreased by 5% to $1.04 billion
from $1.09 billion at securitization.  The certificates are
collateralized by 38 mortgage loans ranging in size from less than
1% to 11.8% of the pool, with the top ten loans constituting 57% of
the pool.  Two loans, constituting 13% of the pool, have
investment-grade structured credit assessments.  One portfolio
loan, constituting 9.1% of the pool, has defeased and is secured by
US government securities.

Two loans, constituting 3.5% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package.  As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

One loan, constituting 1.8% of the pool, is currently in special
servicing.  That loan is Independence Place -- Fort Campbell ($19.2
million), which is secured by a 228 unit (628 bed) apartment
complex located in Clarksville, Tennessee.  The loan transferred to
special servicing due to payment default, and became real estate
owned (REO) in June 2014.  Moody's anticipates a modest loss for
this loan.

Moody's received full year 2014 operating results for 80% of the
pool, and partial year 2015 operating results for 89% of the pool.
Moody's weighted average conduit LTV is 90%, unchanged since
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 13% 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 1.53X and 1.22X,
respectively, compared to 1.50X and 1.18X 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 largest loan with a structured credit assessment is 50 Central
Park South ($72.7 million -- 7.0% of the pool), which is secured by
a first priority fee mortgage encumbering the commercial
condominium unit consisting of floors 2 -- 21 and portions of the
ground level, basement, and sub-basement levels of the building as
well as the land.  The improvements on top of the collateral
currently operate as the Ritz-Carlton, Central Park, a 259 room
luxury hotel.  The collateral property is leased pursuant to a net
lease to MPE Hotel I (New York) LLC, an affiliate of the 50 Central
Park South Borrower through Oct. 31, 2075.  Moody's structured
credit assessment and stressed DSCR are aaa (sca.pd) and 0.97X,
respectively.

The second loan with a structured credit assessment is ELS
Portfolio ($61.8 million -- 5.9% of the pool), which is secured by
seven manufactured housing communities (MHC) and one recreational
vehicle park located throughout Florida, Nevada, Virginia, Arizona,
California, and Massachusetts.  Four of the eight properties
restrict tenancy to occupants that are 55 years of age or older.
As of September 2015, the portfolio of MHC were 90% leased,
compared to 93% in June 2014 and 90% in December 2013.  All but one
property had occupancy above 86%, the outlier was Boulder Cascade
at 76%.  At securitization, Boulder Cascade's occupancy was 78.6%.
Performance increased, generally, in 2014 due to revenue outpacing
expense growth.  Moody's structured credit assessment and stressed
DSCR are aa2 (sca.pd) and 1.7X, respectively.

The top three conduit loans represent 23.4% of the pool balance.
The largest loan is The Shoppes at Buckland Hills Loan
($122.9 million -- 11.8% of the pool), which is secured by 535,000
square feet (SF) within a 1 million SF regional mall located in
Manchester, Connecticut.  Non-collateral tenants include Macy's,
Sears, JC Penney, and Macy's Men's & Home.  Collateral anchors
include Dick's Sporting Goods (lease expiration: January 2017),
Barnes & Nobel (January 2019), and H&M (January 2025, recently
extended).  Aside from Dick's Sporting Goods, another 18% of the
net rentable area (NRA) leases expire by 2018.  Comp inline sales
were $373 psf for 2014 compared to $387 psf in 2013 and $403 psf in
2012.  The property is owned by General Growth Properties.  As of
September 2015, collateral occupancy was 91% - performance has
declined due to the departure of tenants.  Moody's LTV and stressed
DSCR are 103% and 0.98X, respectively, compared to 98% and 1.02X at
the last review.

The second largest loan is the Capital City Mall Loan ($62.2
million -- 6.0% of the pool), which is secured by 488,000 SF within
a 608,000 SF regional mall located in Camp Hill, Pennsylvania.
Macy's is a non-collateral anchor while JC Penney (lease
expiration: November 2020, recently extended five years), Sears
(July 2019, extended five years) and Old Navy (May 2016, extended
two years in 2014) are a part of the collateral.  Over 19% of the
NRA leases expire in 2016 with another 7% in 2017.  As of September
2015, total sales were $225 psf, up from $217 psf during the same
period last year.  In addition, inline occupancy was 94%, compared
to 96% during the same period last year.  Moody's LTV and stressed
DSCR are 94% and 1.07X, respectively, compared to 97% and 1.03X at
the last review.

The third largest loan is the GPB Portfolio 1 Loan ($58.8 million
  -- 5.6% of the pool), which is secured by 10 anchored retail
properties located in Massachusetts and one in New Jersey.  As of
September 2015, the portfolio was 98% leased, compared to 100% in
September 2014 and 98% in December 2013.  Moody's LTV and stressed
DSCR are 79% and 1.23X, respectively.



MORTGAGE CAPITAL 1998-MC2: Moody's Affirms Caa3 Rating on X Certs
-----------------------------------------------------------------
Moody's Investors Service has affirmed the rating of one class of
Mortgage Capital Funding, Inc., Multifamily/Commercial Mortgage
Pass-Through Certificates, Series 1998-MC2 as:

  Cl. X, Affirmed Caa3 (sf); previously on Jan. 15, 2015,
   Downgraded to Caa3 (sf)

RATINGS RATIONALE

The rating of the IO class, Class X, was affirmed based on the
credit performance (or the weighted average rating factor or WARF)
of its referenced classes The IO class is the only outstanding
Moody's-rated class in this transaction.

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

The rating of an IO class is based on the credit performance of its
referenced classes.  An IO class may be upgraded based on a lower
weighted average rating factor or WARF due to an overall
improvement in the credit quality of its reference classes.  An IO
class may be downgraded based on a higher WARF due to a decline in
the credit quality of its reference classes, paydowns of higher
quality reference classes or non-payment of interest.  Classes that
have paid off through loan paydowns or amortization are not
included in the WARF calculation.  Classes that have experienced
losses are grossed up for losses and included in the WARF
calculation, even if Moody's has withdrawn the rating.

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in this rating was "Moody's Approach
to Rating Large Loan and Single Asset/Single Borrower CMBS"
published in October 2015.

DESCRIPTION OF MODELS USED

Moody's uses a variation of Herf to measure diversity of loan size,
where a higher number represents greater diversity.  Loan
concentration has an important bearing on potential rating
volatility, including risk of multiple notch downgrades under
adverse circumstances.  The credit neutral Herf score is 40.  The
pool has a Herf of 3, the same as at prior review.

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

DEAL PERFORMANCE

As of the Dec. 18, 2015, distribution date, the transaction's
aggregate certificate balance has decreased by 99.8% to $1.7
million from $1.0 billion at securitization.

No loans 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 our ongoing monitoring of a
transaction, Moody's reviews the watchlist to assess which loans
have material issues that could impact performance.

Eight loans have been liquidated from the pool, resulting in an
aggregate realized loss of $15.5 million (29% loss severity on
average).

No loans are currently in special servicing.

Moody's was provided with full year 2014 and full or partial year
2015 operating results for 100% of the pool.

The Certificates are collateralized by three fully amortizing
mortgage loans ranging in size from 17% to 52% of the pool and
maturity dates from October 2017 to April 2018.  The loans have
paid down over 78% since securitization with Moody's LTVs below
30%.  Moody's was provided with full year 2014 and partial year
2015 operating results for 100% of the pool.



NATIONSLINK FUNDING: Moody's Affirms Ba3 Rating on Cl. X Certs
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on two classes
in NationsLink Funding Corporation, Commercial Loan Pass-Through
Certificates, Series 1999-LTL-1 as:

  Cl. C, Affirmed Aaa (sf); previously on Jan. 15, 2015, Upgraded
   to Aaa (sf)

  Cl. X, Affirmed Ba3 (sf); previously on Jan. 15, 2015, Affirmed
   Ba3 (sf)

RATINGS RATIONALE

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

The rating on the IO class was affirmed based on the credit
performance (or the weighted average rating factor or WARF) of the
referenced classes.

Moody's rating action reflects a base expected loss of 5.3%
compared to 9.1%Moody's last review.  Moody's base expected loss
plus realized losses is now 1.0% of the original pooled balance,
compared to 1.8% at the last review.  

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in these ratings were "Moody's Approach to
Rating Large Loan and Single Asset/Single Borrower CMBS" published
in October 2015, and "Commercial Real Estate Finance: Moody's
Approach to Rating Credit Tenant Lease Financings" published in May
2015.

DESCRIPTION OF MODELS USED

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 22, compared to 26 at Moody's last review.

Moody's review used the excel-based Large Loan Model.  The large
loan model derives credit enhancement levels based on an
aggregation of adjusted loan-level proceeds derived from Moody's
loan-level LTV ratios.  Major adjustments to determining proceeds
include leverage, loan structure, property type and sponsorship.
Moody's also further adjusts these aggregated proceeds for any
pooling benefits associated with loan level diversity and other
concentrations and correlations.

Moody's currently uses a Gaussian copula model, incorporated in its
public CDO rating model CDOROMv2.15-3, to generate a portfolio loss
distribution to assess the ratings of the Credit Tenant Lease (CTL)
component.

DEAL PERFORMANCE

As of the Dec. 22, 2015, distribution date, the transaction's
aggregate certificate balance has decreased by 87% to
$65.2 million from $492.5 million at securitization.  The
certificates are collateralized by 67 mortgage loans ranging in
size from less than 1% to 10% of the pool, with the top ten loans
constituting 56% of the pool.  One loan, constituting 10% of the
pool, has an investment-grade structured credit assessment.

Three loans, constituting 3% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package.  As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.  Two loans have been liquidated from the pool,
resulting in an aggregate realized loss of $1.2 million (for an
average loss severity of 22%). No loans are currently in special
servicing.  Moody's received full year 2014 operating results for
100% of the pool.  Moody's value reflects a weighted average
capitalization rate of 10.8%.

The loan with a structured credit assessment is the Broadway at the
Beach Loan ($6.7 million -- 10%), which is secured by a 343,000
square foot entertainment retail complex located in Myrtle Beach,
South Carolina.  The property includes specialty shops, restaurants
and tourist attractions.  The loan is fully amortizing and has paid
down by approximately 85% since securitization. Moody's structured
credit estimate and stressed DSCR are aaa (sca.pd) and >4.00X,
respectively, compared to aaa (sca.pd) and >4.00X at last
review.

The top two performing loans represent 5% of the pool balance. The
largest loan is a manufactured home portfolio loan ($1.9 million
   -- 3% of the pool), which is secured by the following four
properties located in Connecticut and New Hampshire: Beechwood
Manufactured Housing Community, Crestwood Manufactured Housing
Community, Forest Hill Manufactured Housing Community and Farmwood
Manufactured Housing Community.  The properties have fully
amortizing loans that are scheduled to mature in April 2018.
Moody's LTV and stressed DSCR are 9% and >4.00X, respectively,
compared to 12% and >4.00X at the last review.

The second largest loan is the Plaza Galeria Loan ($1.3 million --
2% of the pool), which is secured by a retail center located in the
historic old town plaza area of the city of Santa Fe, New Mexico.
The property was 71% occupied as of September 2015.  The fully
amortizing loan matures in June 2018.  Moody's LTV and stressed
DSCR are 41% and 2.87X, respectively, compared to 76% and 1.57X at
the last review.

The CTL component consists of 61 loans ($55.3 million -- 85% of the
pool) secured by properties leased to 17 tenants under bondable
leases.  The largest exposures are Rite Aid Corporation (senior
unsecured B3/Caa1, rating under review; 17% of the CTL component)
and Delhaize America, LLC (senior unsecured rating Baa3, rating
under review; 17% of the CTL component).  Fourteen of the tenants
have a Moody's rating and Moody's has completed updated credit
assessments for the non-Moody's rated tenants.  The bottom-dollar
weighted average rating factor (WARF) for this pool is 1452,
compared to 1831 at the last review.  WARF is a measure of the
overall quality of a pool of diverse credits.  The bottom-dollar
WARF is a measure of default probability.



NEW YORK LIBERTY: Fitch Affirms BB+ Rating on Class B Bonds
-----------------------------------------------------------
Fitch Ratings has affirmed all classes of New York Liberty
Development Corporation, Liberty Revenue Refunding Bonds, series
2012 and 7 WTC Depositor, LLC Trust 2012-WTC (7 World Trade
Center).

KEY RATING DRIVERS

The affirmation is due to stable collateral performance since
issuance.

The servicer-reported third-quarter 2015 net cash flow (NCF) debt
service coverage ratio (DSCR) was 1.40x, compared to 1.39 at
year-end (YE) 2014, 1.34x at YE 2013, and 1.23x at issuance.

The property was 98.8% occupied as of the September 2015 rent roll,
compared to 98.4% at YE 2014 and YE 2013, and 95% at issuance.  The
top three tenants, combining for 66% of the total property square
footage, all have lease expirations in 2022 and beyond, as well as
additional lease renewal options.  There is limited near-term
rollover risk as only 1.2% of the net rentable area (NRA) rolls in
2016, 4.7% in 2017, 5.5% in 2018, and less than 1% in 2019.

The transaction represents a securitization of the beneficial
leasehold mortgage interest in 7 World Trade Center, a 52-story,
class A office building, totaling approximately 1.7 million square
feet and located on the north end of the World Trade Center site in
Downtown Manhattan.  Loan proceeds were used to refinance the prior
liberty bonds, pay closing costs, and return preferred equity
investment to the sponsor, Larry A. Silverstein.

The liberty bonds and the commercial mortgage-backed security
(CMBS) certificates follow a sequential pay structure and are
administered pursuant to a traditional CMBS servicing agreement.
Both loans are cross-defaulted and the liberty bonds have a
priority in payment over the CMBS certificates.  The liberty bonds
and CMBS certificates are scheduled to amortize fully by their
respective maturity dates following an initial interest-only
period.  The liberty bonds are interest-only for 16 years followed
by full amortization by 2044.  The CMBS bonds are interest-only for
the first year followed by six-year full amortization.  The
one-year interest-only period for the CMBS bonds ended Apr. 5,
2014.

The current loan, totaling $518 million, includes a senior portion
consisting of a $450.3 million tax-exempt liberty bond financing
and a junior portion consisting of a $67.7 million CMBS loan.  As
of the December 2015 distribution date, the CMBS portion has
amortized to $67.7 million from $125 million at issuance.

RATING SENSITIVITIES

All classes maintain Stable Outlooks.  No rating actions are
expected unless there are material changes in property occupancy or
cash flow.  Property performance remains consistent with issuance.

DUE DILIGENCE USAGE

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

Fitch has affirmed these ratings:

   -- $18.5 million class 1 maturing on Sept. 15, 2028, at
      'AAAsf'; Outlook Stable;

   -- $19.4 million class 1 maturing on Sept. 15, 2029, at
      'AAAsf'; Outlook Stable;

   -- $20.4 million class 1 maturing on Sept. 15, 2030, at
      'AAAsf'; Outlook Stable;

   -- $21.4 million class 1 maturing on Sept. 15, 2031, at
      'AAAsf'; Outlook Stable;

   -- $22.5 million class 1 maturing on Sept. 15, 2032, at
      'AAAsf'; Outlook Stable;

   -- $73.7 million class 1 maturing on Sept. 15, 2035, at
      'AAAsf'; Outlook Stable;

   -- $137.2 million class 1 maturing on Sept. 15, 2040, at
      'AAAsf'; Outlook Stable;

   -- $108 million class 2 at 'Asf'; Outlook Stable;

   -- $29.2 million class 3 at 'BBBsf'; Outlook Stable;

   -- $57.2 million class A at 'BBB-sf'; Outlook Stable;

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



NOMURA ASSET 1998-D6: Moody's Lowers Rating on PS-1 Debt to Caa3
----------------------------------------------------------------
Moody's Investors Service has downgraded the rating of one class in
Nomura Asset Securities Corporation, Commercial Mortgage
Pass-Through Certificates, Series 1998-D6 as:

  Cl. PS-1, Downgraded to Caa3 (sf); previously on Jan. 22, 2015,
   Affirmed Caa2 (sf)

RATINGS RATIONALE

The rating of the IO Class, Class PS-1, was downgraded due to the
decline in credit performance of its reference classes as a result
of principal paydowns of higher quality reference classes.  The IO
class is the only outstanding Moody's-rated class in this
transaction.

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

The rating of an IO class is based on the credit performance of its
referenced classes.  An IO class may be upgraded based on a lower
weighted average rating factor or WARF due to an overall
improvement in the credit quality of its reference classes.  An IO
class may be downgraded based on a higher WARF due to a decline in
the credit quality of its reference classes, paydowns of higher
quality reference classes or non-payment of interest.  Classes that
have paid off through loan paydowns or amortization are not
included in the WARF calculation.  Classes that have experienced
losses are grossed up for losses and included in the WARF
calculation, even if Moody's has withdrawn the rating.

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 October 2015, and "Commercial Real Estate Finance: Moody's
Approach to Rating Credit Tenant Lease Financings" published in May
2015.

DESCRIPTION OF MODELS USED

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

Moody's currently uses a Gaussian copula model, incorporated in its
public CDO rating model CDOROM, to generate a portfolio loss
distribution to assess the ratings of the Credit Tenant Lease (CTL)
component.

DEAL PERFORMANCE

As of the Dec. 17, 2015, distribution date, the transaction's
aggregate certificate balance has decreased by 98% to
$67.2 million from $3.7 billion at securitization.  The
Certificates are collateralized by 22 mortgage loans ranging in
size from less than 1% to 10% of the pool.  Thirteen loans,
representing 68% of the pool have defeased and are secured by US
Government securities.

One loan, representing 2% of the pool, is 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 our ongoing
monitoring of a transaction, Moody's reviews the watchlist to
assess which loans have material issues that could impact
performance.

Twenty-seven loans have been liquidated from the pool, resulting in
an aggregate realized loss of $91.8 million (45% loss severity on
average).  No loans are currently in special servicing and Moody's
did not identify any troubled loans.

Moody's received full or partial year 2015 operating results for
100% of the pool's non-defeased and non CTL loans.

The largest non-defeased and non-CTL loan is the 3080/3232 Alum
Creek Drive Loan ($2.8 million -- 4.2% of the pool), which is
secured by a warehouse/distribution center located in Columbus,
Ohio.  The property is 100% leased to American Signature through
2028.  The loan is fully amortizing and matures in August of 2017.
Moody's LTV and stressed DSCR are 29% and 3.57X, respectively,
compared to 43% and 2.38X at the last review.

The second largest non-defeased and non-CTL loan is the Tech Center
of Executive Hills Loan ($1.3 million -- 1.9% of the pool), which
is secured by a three-building industrial complex located in Kansas
City, Missouri.  The property was 92% leased as of July 2015.  The
loan has amortized 54% since securitization.  Moody's LTV and
stressed DSCR are 37% and 2.79X, respectively, compared to 41% and
2.49X at the last review.

The CTL component consists of five loans, totaling 24% of the pool,
secured by properties leased to two tenants.  The two exposures are
CarMax ($14.3 million -- 21.3% of the pool, unrated by Moody's) and
Burlington Coat Factory ($1.7 million -- 2.5% of the pool).  The
bottom-dollar weighted average rating factor (WARF) for this pool
is 1,766 compared to 1,824 at the last review.  WARF is a measure
of the overall quality of a pool of diverse credits.  The
bottom-dollar WARF is a measure of the default probability.



PRUDENTIAL SECURITIES: Moody's Affirms Ca Rating on K Certs
-----------------------------------------------------------
Moody's Investors Service has affirmed the ratings of two classes
in Prudential Securities Secured Financing Corporation, Commercial
Mortgage Pass-Through Certificates, Series 1999-NRF1 as:

  Cl. K, Affirmed Ca (sf); previously on Jan. 14, 2015, Upgraded
   to Ca (sf)

  Cl. A-EC, Affirmed Caa3 (sf); previously on Jan. 14, 2015,
   Affirmed Caa3 (sf)

RATINGS RATIONALE

The rating on the P&I class was affirmed because the rating is
consistent with Moody's expected loss.

The rating on the IO class was affirmed based on the credit
performance (or the weighted average rating factor or WARF) of the
referenced classes.

Moody's rating action reflects a base expected loss of 0.0% of the
current balance and remains unchanged since last review.  Moody's
base expected loss plus realized losses is now 3.3% of the original
pooled balance compared to 3.2% at the prior review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in these ratings was "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in October 2015.

DESCRIPTION OF MODELS USED

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 2, compared to 3 at Moody's last review.

When the Herf falls below 20, Moody's uses the excel-based Large
Loan Model.  The large loan model derives credit enhancement levels
based on an aggregation of adjusted loan-level proceeds derived
from Moody's loan-level LTV ratios.  Major adjustments to
determining proceeds include leverage, loan structure, property
type and sponsorship.  Moody's also further adjusts these
aggregated proceeds for any pooling benefits associated with loan
level diversity and other concentrations and correlations.

DEAL PERFORMANCE

As of the Dec. 17, 2015, distribution date, the transaction's
aggregate certificate balance has decreased by 99.7% to $3.2
million from $929 million at securitization.  The Certificates are
collateralized by three mortgage loans ranging in size from 13% to
48% of the pool.

One loan, representing 13% of the pool, is 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 Moody's
ongoing monitoring of a transaction, Moody's reviews the watchlist
to assess which loans have material issues that could impact
performance.

Twenty-five loans have been liquidated from the pool, resulting in
an aggregate realized loss of $30.3 million (40% loss severity on
average).  Currently, there are no specially serviced loans in the
pool.  Moody's received full year 2014 operating results for 87% of
the pool and full or partial year 2015 operating results for 87% of
the pool.  Moody's weighted average pool LTV is 28% compared to 51%
at Moody's last review.  Moody's net cash flow (NCF) reflects a
weighted average haircut of 13% to the most recently available net
operating income (NOI).  Moody's value reflects a weighted average
capitalization rate of 11.5%.

Moody's actual and stressed pool DSCRs are 1.66X and 4.83X,
respectively, compared to 1.37X and 2.91X at the last review.
Moody's actual DSCR is based on Moody's net cash flow (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 performing loans represent 100% of the pool balance.
The largest loan is the Westchester Gardens Loan ($1.5 million --
48% of the pool), which is secured by a rehabilitation care center
in Safety Harbor, Florida.  The property was 93% occupied as of
September 2015.  Moody's LTV and stressed DSCR are 36% and
>4.00X, respectively, compared to 40% and 3.67X at the last
review.

The second largest loan is the Pittsford Place Mall Loan
($1.3 million -- 39% of the pool), which is secured by a
three-story, 157,000 SF retail center located in Pittsford, New
York, eight miles southeast of Rochester.  Occupancy as of June
2015 was 78%, same as at last review.  The fully amortizing loan
matures in June 2018.  Moody's LTV and stressed DSCR are 19% and
>4.00X, respectively, compared to 26% and >4.00X at the last
review.

The third largest loan is the Crescent Heights Plaza Loan ($409,000
-- 13% of the pool), which is secured by a retail property located
in West Hollywood, California.  The loan is on the master
servicer's watchlist due to non-compliance with annual reporting.
Moody's LTV and stressed DSCR are 22% and >4.00X, respectively,
compared to 19% and >4.00X at the last review.



REALT 2006-2: Moody's Affirms Ba1 Rating on Cl. F Certs
-------------------------------------------------------
Moody's Investors Service has upgraded the ratings on three classes
and affirmed the ratings on twelve classes in Real Estate Asset
Liquidity Trust (REALT) Commercial Mortgage Pass-Through
Certificates, Series 2006-2 as:

  Cl. A-2, Affirmed Aaa (sf); previously on Jan. 22, 2015,
   Affirmed Aaa (sf)

  Cl. B, Affirmed Aaa (sf); previously on Jan. 22, 2015, Upgraded
   to Aaa (sf)

  Cl. C, Upgraded to Aa1 (sf); previously on Jan. 22, 2015,
   Upgraded to Aa3 (sf)

  Cl. D-1, Upgraded to A3 (sf); previously on Jan. 22, 2015,
   Upgraded to Baa1 (sf)

  Cl. D-2, Upgraded to A3 (sf); previously on Jan. 22, 2015,
   Upgraded to Baa1 (sf)

  Cl. E-1, Affirmed Baa3 (sf); previously on Jan. 22, 2015,
   Affirmed Baa3 (sf)

  Cl. E-2, Affirmed Baa3 (sf); previously on Jan. 22, 2015,
   Affirmed Baa3 (sf)

  Cl. F, Affirmed Ba1 (sf); previously on Jan. 22, 2015, Affirmed
   Ba1 (sf)

  Cl. G, Affirmed Ba2 (sf); previously on Jan. 22, 2015, Affirmed
   Ba2 (sf)

  Cl. H, Affirmed Ba3 (sf); previously on Jan. 22, 2015, Affirmed
   Ba3 (sf)

  Cl. J, Affirmed B1 (sf); previously on Jan. 22, 2015, Affirmed
   B1 (sf)

  Cl. K, Affirmed B2 (sf); previously on Jan. 22, 2015, Affirmed
   B2 (sf)

  Cl. L, Affirmed B3 (sf); previously on Jan. 22, 2015, Affirmed
   B3 (sf)

  Cl. XC-1, Affirmed Ba3 (sf); previously on Jan. 22, 2015,
   Affirmed Ba3 (sf)

  Cl. XC-2, Affirmed Ba3 (sf); previously on Jan. 22, 2015,
   Affirmed Ba3 (sf)

RATINGS RATIONALE

The ratings on three P&I classes were upgraded based primarily on
an increase in credit support resulting from loan paydowns and
amortization.  The deal has paid down 28% since Moody's last
review.

The ratings on 10 P&I classes were affirmed because the
transaction's key metrics, including Moody's loan-to-value (LTV)
ratio, Moody's stressed debt service coverage ratio (DSCR) and the
transaction's Herfindahl Index (Herf), are within acceptable
ranges.

The ratings on two IO classes were affirmed based on the credit
performance (or the weighted average rating factor or WARF) of the
referenced classes.

Moody's rating action reflects a base expected loss of 1.0% of the
current balance, compared to 0.9% at last review.  Moody's base
expected loss plus realized losses is now 0.6% of the original
pooled balance, compared to 0.8% at last review.  

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in these ratings were "Approach to Rating US
and Canadian Conduit/ Fusion CMBS" published in December 2014, and
"Moody's Approach to Rating Large Loan and Single Asset/Single
Borrower CMBS" published in October 2015.

DESCRIPTION OF MODELS USED

Moody's review used the excel-based CMBS Conduit Model, which it
uses for both conduit and fusion transactions.  Credit enhancement
levels for conduit loans are driven by property type, Moody's
actual and stressed DSCR, and Moody's property quality grade (which
reflects the capitalization rate Moody's uses to estimate Moody's
value).  Moody's fuses the conduit results with the results of its
analysis of investment grade structured credit assessed loans and
any conduit loan that represents 10% or greater of the current pool
balance.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity.  Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances.  The credit neutral Herf score is 40.  The
pool has a Herf of 14, compared to a Herf of 16 at Moody's last
review.

When the Herf falls below 20, Moody's uses the excel-based Large
Loan Model and then reconciles and weights the results from the
conduit and large loan models in formulating a rating
recommendation.  The large loan model derives credit enhancement
levels based on an aggregation of adjusted loan-level proceeds
derived from Moody's loan-level LTV ratios.  Major adjustments to
determining proceeds include leverage, loan structure, property
type and sponsorship.  Moody's also further adjusts these
aggregated proceeds for any pooling benefits associated with loan
level diversity and other concentrations and correlations.

DEAL PERFORMANCE

As of the Dec. 14, 2015, distribution date, the transaction's
aggregate certificate balance has decreased by 53% to $194 million
from $412 million at securitization.  The certificates are
collateralized by 40 mortgage loans ranging in size from less than
1% to 14% of the pool, with the top ten loans constituting 69% of
the pool.  Four loans, constituting 33% of the pool, have
investment-grade structured credit assessments.  Four loans,
constituting 4% of the pool, have defeased and are secured by
Canadian government securities.

Eight loans, constituting 28% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package.  As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Two loans have been liquidated from the pool, resulting in an
aggregate realized loss of $0.67 million (for an average loss
severity of 60%).

Moody's received full year 2014 operating results for 95% of the
pool.  Moody's weighted average conduit LTV is 64%, compared to 62%
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 13% to the most recently
available net operating income (NOI).  Moody's value reflects a
weighted average capitalization rate of 9%.

Moody's actual and stressed conduit DSCRs are 1.41X and 1.82X,
respectively, compared to 1.63X and 1.83X 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 largest loan with a structured credit assessment is the Trinity
Crossing Orleans Loan ($27 million -- 14% of the pool), which is
secured by a 200,000 square foot (SF) retail center located in
Orleans, Ontario.  The property anchor is the Real Canadian
Superstore, which occupies space not included in the loan
collateral.  As of January 2015, the property was 100% occupied,
the same as at the last 2 reviews.  Moody's structured credit
assessment and stressed DSCR are baa1 (sca.pd) and 1.25X,
respectively.

The second largest loan with a structured credit assessment is the
Sandman Vancouver Loan ($17 million -- 9% of the pool), which is
secured by a 302-room, full-service hotel located in downtown
Vancouver, British Columbia.  Moody's structured credit assessment
and stressed DSCR are aa3 (sca.pd) and 1.86X, respectively.

The third largest loan with a structured credit assessment is the
Merivale Market Shopping Centre Loan ($13 million -- 6.5%), which
is secured by an 78,800 SF neighborhood retail center located in
Ottawa, Ontario.  The anchor tenant is the Food Basics supermarket
chain.  The loan sponsor is RioCan Real Estate Investment Trust,
Canada's largest REIT.  As of January 2015, the property was 100%
occupied.  Moody's structured credit assessment and stressed DSCR
are baa2 (sca.pd) and 1.17X, respectively.

The fourth largest loan with a structured credit assessment is the
Abbey Plaza Loan ($6 million -- 3% of the pool), which is secured
by a 95,300 SF grocery-anchored neighborhood retail center in
Oakville, Ontario.  As of June 2015, the property was 100% leased.
Moody's structured credit assessment and stressed DSCR are aa1
(sca.pd) and 2.98X, respectively.

The top three conduit loans represent 27% of the pool balance.  The
largest loan is the Crombie Pool A Loan ($26 million -- 13% of the
pool), which is secured by a cross-collateralized and
cross-defaulted portfolio of three anchored and unanchored retail
centers located in Nova Scotia, New Brunswick, and Newfoundland
totaling approximately 486,400 SF.  The sponsor is Crombie REIT, a
Canadian Real Estate Investment Trust based in Stellarton, Nova
Scotia.  As of February 2015 the portfolio's weighted average
occupancy dropped to 68% from 89% due to the largest property,
County Fair Mall, losing its largest tenant and its occupancy
declining to 53%.  The two other properties in the portfolio have
stable occupancy.  Moody's LTV and stressed DSCR are 90% and 1.05X,
respectively, compared to 71% and 1.33X at the last review.

The second largest loan is the Crombie Pool B ($14 million -- 7% of
the pool), which is secured by a cross-collateralized and
cross-defaulted portfolio of two anchored retail centers located in
Nova Scotia.  The largest property is the 386,000 SF Aberdeen
Shopping Centre located in Richmond, British Columbia, representing
nearly 85% of the portfolio net rentable area.  As of February
2015, Aberdeen Mall had an occupancy of 89%, up from 80% in 2011.
Moody's LTV and stressed DSCR are 52% and 1.97X, respectively,
compared to 63.5% and 1.62X at the last review.

The third largest loan is the Howe Street Loan ($13 million -- 7%
of the pool), which is secured by a 101,000 SF office building
located in Vancouver, BC.  As of December 2015 the property was 72%
leased. Moody's LTV and stressed DSCR are 51% and 1.8X,
respectively.



RED RIVER CLO: Moody's Affirms Ba2 Rating on Class E Notes
----------------------------------------------------------
Moody's Investors Service has upgraded the rating on these notes
issued by Red River CLO Ltd.:

  $45,000,000 Class D Floating Rate Senior Secured Deferrable
   Interest Extendable Notes Due 2018, Upgraded to A1 (sf); z
   previously on Dec. 23, 2014 Upgraded to A3 (sf)

Moody's also affirmed the ratings on these notes:

  $657,000,000 Class A Floating Rate Senior Secured Extendable
   Notes Due 2018 (current outstanding balance of $85,663,704),
   Affirmed Aaa (sf); previously on Dec. 23, 2014, Affirmed
   Aaa (sf)

  $45,000,000 Class B Floating Rate Senior Secured Extendable
   Notes Due 2018, Affirmed Aaa (sf); previously on Dec. 23, 2014,

   Affirmed Aaa (sf)

  $40,500,000 Class C Floating Rate Senior Secured Deferrable
   Interest Extendable Notes Due 2018, Affirmed Aaa (sf);
   previously on Dec. 23, 2014, Upgraded to Aaa (sf)

  $31,500,000 Class E Floating Rate Senior Secured Deferrable
   Interest Extendable Notes Due 2018 (current outstanding balance

   of $26,342,207), Affirmed Ba2 (sf); previously on Dec. 23,
   2014, Affirmed Ba2 (sf)

Red River CLO Ltd., issued in August 2006, is a collateralized loan
obligation (CLO) backed primarily by a portfolio of senior secured
loans and CLO tranches.  The transaction's reinvestment period
ended in August 2013.

RATINGS RATIONALE

These rating actions are primarily a result of deleveraging of the
senior notes and an increase in the transaction's
over-collateralization ratios since September 2015.  The Class A
notes have been paid down by approximately 17% or $17.7 million
since then.  Based on the trustee's November 2015, the
over-collateralization (OC) ratios for the Class A/B, Class C,
Class D and Class E notes are reported at 200.92%, 153.38%, 121.45%
and 108.26%, respectively, versus September 2015 levels of 189.34%,
148.73%, 120.11% and 107.95%, respectively.

Nevertheless, the credit quality of the portfolio has deteriorated
since August 2015.  Based on the Moody's calculation, the weighted
average rating factor is currently 2852 compared to 2537 in August
2015.

The portfolio includes a number of investments in securities that
mature after the notes do.  Based on the trustee's November 2015
report, securities that mature after the notes do currently make up
approximately 7.01% of the portfolio.  These investments could
expose the notes to market risk in the event of liquidation when
the notes mature.  Despite the increase in the OC ratio of the
Class E notes, Moody's affirmed the rating on the Class E notes
owing to market risk stemming from the exposure to these long-dated
assets.

Methodology Used for the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2015.

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

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 a)
     uncertainty about credit conditions in the general economy
     and b) the large concentration of upcoming speculative-grade
     debt maturities, which could make refinancing difficult for
     issuers.

  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 reported by the trustee and those
     that Moody's assumes as having defaulted could result in
     volatility in the deal's OC levels.  Further, the timing of
     recoveries and whether a manager decides to work out or sell
     defaulted assets create additional uncertainty.  Moody's
     analyzed defaulted recoveries assuming the lower of the
     market price and the recovery rate in order to account for
     potential volatility in market prices.  Realization of higher

     than assumed recoveries would positively impact the CLO.

  6) Long-dated assets: The presence of assets that mature after
     the CLO's legal maturity date exposes the deal to liquidation

     risk on those assets.  This risk is borne first by investors
     with the lowest priority in the capital structure.  Moody's
     assumes that the terminal value of an asset upon liquidation
     at maturity will be equal to the lower of an assumed
     liquidation value (depending on the extent to which the
     asset's maturity lags that of the liabilities) or the asset's

     current market value.

  7) Post-Reinvestment Period Trading: Subject to certain
     requirements, the deal can reinvest certain proceeds after
     the end of the reinvestment period, and as such the manager
     has the ability to erode some of the collateral quality
     metrics to the covenant levels.  Such reinvestment could
     affect the transaction either positively or negatively. In
     particular, Moody's tested for a possible extension of the
     actual weighted average life in its analysis given that the
     post-reinvestment period reinvesting criteria has loose
     restrictions on the weighted average life of the portfolio.

  8) Higher-than-average exposure to assets with weak liquidity:
     The presence of assets with the worst Moody's speculative
     grade liquidity (SGL) rating, or SGL-4, exposes the notes to
     additional risks if these assets default.  The historical
     default rate is far higher for companies with SGL-4 ratings
     than those with other SGL ratings.  Due to the deal's high
     exposure to SGL-4 rated assets, which constitute around
     $12.1 million of par, Moody's ran a sensitivity case
     defaulting those assets.

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

Moody's Adjusted WARF -- 20% (2282)
Class A: 0
Class B: 0
Class C: 0
Class D: +2
Class E: +1

Moody's Adjusted WARF + 20% (3422)
Class A: 0
Class B: 0
Class C: 0
Class D: -2
Class E: -1

Loss and Cash Flow Analysis:

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

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score 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 $249.4 million, defaulted par
of $59.0 million, a weighted average default probability of 10.96%
(implying a WARF of 2852), a weighted average recovery rate upon
default of 50.40%, a diversity score of 23 and a weighted average
spread of 2.76% (before accounting for LIBOR floors).

Moody's incorporates the default and recovery properties of the
collateral pool in cash flow model analysis where they are subject
to stresses as a function of the target rating on each CLO
liability reviewed.  Moody's derives the default probability from
the credit quality of the collateral pool and Moody's expectation
of the remaining life of the collateral pool.  The average recovery
rate for future defaults is based primarily on the seniority of the
assets in the collateral pool.  Moody's generally applies recovery
rates for CLO securities as published in "Moody's Approach to
Rating SF CDOs".  In some cases, alternative recovery assumptions
may be considered based on the specifics of the analysis of the CLO
transaction.  In each case, historical and market performance and
the collateral manager's latitude for trading the collateral are
also factors.



SASCO 2007-BHC1: Moody's Affirms C(sf) Rating on Cl. A-1 Debt
-------------------------------------------------------------
Moody's Investors Service has affirmed the rating on the following
certificates issued by SASCO 2007-BHC1 Trust, Commercial
Mortgage-Backed Securities Pass-Through Certificates, Series
2007-BHC1 ("SASCO 2007-BHC1"):

  Cl. A-1, Affirmed C (sf); previously on Feb 19, 2015 Affirmed C
(sf)

RATINGS RATIONALE

Moody's has affirmed the ratings on the transaction because key
transaction metrics are commensurate with the existing ratings. The
rating action is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation (CRE CDO and
Re-REMIC) transactions.

SASCO 2007-BHC1 is a static cash re-REMIC transaction solely backed
by a portfolio of commercial mortgage backed securities (CMBS). As
of the December 22, 2015 payment date, the aggregate note balance
of the transaction has decreased to $134.5 million from $501.3
million at issuance, as a result of the realized losses from CMBS
assets to the certificates.

Moody's has identified the following as key indicators of the
expected loss in CRE CDO transactions: the weighted average rating
factor (WARF), the weighted average life (WAL), the weighted
average recovery rate (WARR), and Moody's asset correlation (MAC).
Moody's typically models these as actual parameters for static
deals and as covenants for managed deals.

WARF is a primary measure of the credit quality of a CRE CDO pool.
Moody's has updated its assessments for the collateral it does not
rate. The rating agency modeled a bottom-dollar WARF of 8300,
compared to 9053 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follows: A1-A3 and 5.5% compared to 0.0% at last
review; Baa1-Baa3 and 0.0% compared to 3.3% at last review; Ba1-Ba3
and 8.3% compared to 3.9% at last review; B1-B3 and 0.0%, the same
as at last review; and Caa1-Ca/C and 86.2% compared to 92.8% at
last review.

Moody's modeled a WAL of 1.2 years, the same as at last review. The
WAL is based on assumptions about look-through loan extensions on
the underlying CMBS loan collateral.

Moody's modeled a fixed WARR of 0.0%, the same as at last review.

Moody's modeled a MAC of 100.0%, the same as at last review.



SCOF-2 LTD: Moody's Assigns Ba2 Rating on Class E Notes
-------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by SCOF-2 Ltd.

Moody's rating action is:

  $317,500,000 Class A Senior Floating Rate Notes due 2028,
   Assigned Aaa (sf)

  $53,500,000 Class B Senior Floating Rate Notes due 2028,
   Assigned Aa2 (sf)

  $26,750,000 Class C Deferrable Mezzanine Floating Rate Notes due

   2028, Assigned A2 (sf)

  $32,250,000 Class D Deferrable Mezzanine Floating Rate Notes due

   2028, Assigned Baa3 (sf)

  $25,000,000 Class E Deferrable Mezzanine Floating Rate Notes due

   2028, Assigned Ba2 (sf)

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

RATINGS RATIONALE

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

SCOF-2 Ltd. is a managed cash flow CLO.  The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans.  At least 85% of the portfolio must
consist of senior secured loans and eligible investments, and up to
15% of the portfolio may consist of second lien loans and unsecured
loans.  The portfolio is approximately 60% ramped as of the closing
date.

Symphony Asset 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 four year reinvestment period.
Thereafter, the Manager may reinvest unscheduled principal payments
and proceeds from sales of credit risk assets, subject to certain
restrictions.

In addition to the Rated Notes, the Issuer 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 December 2015.

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

Par amount: $500,000,000
Diversity Score: 50
Weighted Average Rating Factor (WARF): 2949
Weighted Average Spread (WAS): 4.20%
Weighted Average Coupon (WAC): 7.50%
Weighted Average Recovery Rate (WARR): 47.0%
Weighted Average Life (WAL): 8.0 years.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2015.

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

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

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

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

Percentage Change in WARF -- increase of 15% (from 2949 to 3391)
Rating Impact in Rating Notches
Class A Notes: 0
Class B Notes: -2
Class C Notes: -2
Class D Notes: -1
Class E Notes: -1

Percentage Change in WARF -- increase of 30% (from 2949 to 3834)
Rating Impact in Rating Notches
Class A Notes: -1
Class B Notes: -3
Class C Notes: -3
Class D Notes: -2
Class E Notes: -2



STACR 2016-DNA1: Moody's Assigns (P)B1 Rating on Class M-3F Debt
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
eleven classes of notes on STACR 2016-DNA1, a securitization
designed to provide credit protection to the Federal Home Loan
Mortgage Corporation (Freddie Mac) against the performance of
approximately $35.7 billion reference pool of mortgages. All of the
Notes in the transaction are direct, unsecured obligations of
Freddie Mac and as such investors are exposed to the credit risk of
Freddie Mac (currently Aaa Stable).

The complete rating action is as follows:

$252 million of Class M-1 notes, Assigned (P)Baa2 (sf)

The Class M-1 note holders can exchange their notes for the
following notes:

$252 million of Class M-1F exchangeable notes, Assigned (P)Baa2
(sf)

$252 million of Class M-1I exchangeable notes, Assigned (P)Baa2
(sf)

$240 million of Class M-2 notes, Assigned (P)Baa3 (sf)

The Class M-2 note holders can exchange their notes for the
following notes:

$240 million of Class M-2F exchangeable notes, Assigned (P)Baa3
(sf)

$240 million of Class M-2I exchangeable notes, Assigned (P)Baa3
(sf)

$468 million of Class M-3 notes, Assigned (P)B1 (sf)

The Class M-3 note holders can exchange their notes for the
following notes:

$468 million of Class M-3F exchangeable notes, Assigned (P)B1
(sf)

$468 million of Class M-3I exchangeable notes, Assigned (P)B1
(sf)

The Class M-1 and M-2 note holders can exchange their notes for the
following notes:

$492 million of Class M-12 notes, Assigned (P)Baa3 (sf)

The Class M-1, M-2, and M-3 note holders can exchange their notes
for the following note:

$960 million of Class MA notes, Assigned (P)B1 (sf)

STACR 2016-DNA1 is the fourth transaction in the DNA series issued
by Freddie Mac. Similar to STACR 2015-DNA2, STACR 2016-DNA1's note
write-downs are determined by actual realized losses and
modification losses on the loans in the reference pool, and not
tied to a pre-set tiered severity schedule. In addition, the
interest amount paid to the notes can be reduced by the amount of
modification loss incurred on the mortgage loans. STACR 2016-DNA1
is also the sixth transaction in the STACR series (including
STACR-HQA) to have a legal final maturity of 12.5 years, as
compared to 10 years in STACR-DN and STACR-HQ securitizations.
Unlike typical RMBS transactions, STACR 2016-DNA1 note holders are
not entitled to receive any cash from the mortgage loans in the
reference pool. Instead, the timing and amount of principal and
interest that Freddie Mac is obligated to pay on the Notes is
linked to the performance of the mortgage loans in the reference
pool.

Moody's rating on the transaction is based on both quantitative and
qualitative analyses. This included a quantitative evaluation of
the credit quality of the reference pool and the impact of the
structural mechanisms on credit enhancement. In addition, Moody's
made qualitative assessments of counterparty performance.

Moody's base-case expected loss on for the reference pool is 1.10%
and is expected to reach 9.10% at a stress level consistent with a
Aaa rating.

The Notes

The M-1 notes are adjustable rate P&I notes with an interest rate
that adjusts relative to LIBOR. The holders of the M-1 notes can
exchange those notes for an M-1I exchangeable note and an M-1F
exchangeable note. The M-1I exchangeable notes are fixed rate
interest only notes that have a notional balance that equals the
M-1 note balance. The M-1F notes are adjustable rate P&I notes that
have a balance that equals the M-1 note balance and an interest
rate that adjusts relative to LIBOR.

The M-2 notes are adjustable rate P&I notes with an interest rate
that adjusts relative to LIBOR. The holders of the M-2 notes can
exchange those notes for an M-2I exchangeable note and an M-2F
exchangeable note. The M-2I exchangeable notes are fixed rate
interest only notes that have a notional balance that equals the
M-2 note balance. The M-2F notes are adjustable rate P&I notes that
have a balance that equals the M-2 note balance and an interest
rate that adjusts relative to LIBOR.

Holders of the M-1 and M-2 notes can exchange those notes for an
M-12 exchangeable note. The M-12 exchangeable notes are P&I notes
that have a balance equal to the sum of the M-1 and M-2 note
balance, and a note rate equal to the weighted average of M-1 and
M-2 note rates.

The M-3 notes are adjustable rate P&I notes with an interest rate
that adjusts relative to LIBOR. The holders of the M-3 notes can
exchange those notes for an M-3I exchangeable note and an M-3F
exchangeable note. The M-3I exchangeable notes are fixed rate
interest only notes that have a notional balance that equals the
M-3 note balance. The M-3F notes are adjustable rate P&I notes that
have a balance that equals the M-3 note balance and an interest
rate that adjusts relative to LIBOR.

Holders of the M-1, M-2, and M-3 notes can exchange those notes for
an MA exchangeable note. The MA exchangeable notes are P&I notes
that have a balance equal to the sum of the M-1, M-2 and M-3 note
balance, and a note rate equal to the weighted average of M-1, M-2
and M-3 note rates.

Freddie Mac will only make principal payments on the notes based on
the scheduled and unscheduled principal payments that are actually
collected on the reference pool mortgages. Losses on the notes
occur as a result of credit events, and are determined by actual
realized and modification losses on loans in the reference pool,
and not tied to a pre-set loss severity schedule. Freddie Mac is
obligated to retire the Notes in July 2028 if balances remain
outstanding.

Credit events in STACR 2016-DNA1 occur when a short sale is
settled, when a seriously delinquent mortgage note is sold prior to
foreclosure, when the mortgaged property that secured the related
mortgage note is sold to a third party at a foreclosure sale, when
an REO disposition occurs, or when the related mortgage note is
charged-off. This differs from STACR-DN and STACR-HQ
securitizations, where credit events occur as early as when a
reference obligation is 180 or more days delinquent.

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

As part of its analysis, Moody's considered historic Freddie Mac
performance and severity data, the eligibility criteria of loans in
the reference pool, and the high credit quality of the underlying
collateral. The reference pool consists of loans that Freddie Mac
acquired between April 1, 2015 and June 30, 2015, and have no
previous 30-day delinquencies. The loans in the reference pool are
to strong borrowers, as the weighted average credit score of 754
indicates. The weighted average CLTV of 76% is higher than recent
private label prime jumbo deals, which typically have CLTVs in the
high 60's range, but is similar to the weighted average CLTV of
other STACR-DN and STACR-DNA transactions.

Moody's adjusted its Aaa-stressed expected loss to account for a
number of findings in the initial diligence results. Although the
final diligence results showed that almost all these findings were
cured, Moody's believes that an adjustment was appropriate to
reflect that the non-sampled portion of the pool did not have the
benefit of the process between the diligence firm and the lender to
cure whatever defects might exist in those loan files.

Structural considerations

Moody's took structural features such as the principal payment
waterfall of the notes, a 12.5-year bullet maturity, performance
triggers, as well as the allocation of realized losses and
modification losses into consideration in its cash flow analysis.
The final structure for the transaction reflects consistent credit
enhancement levels available to the notes per the term sheet
provided for the provisional ratings.

For modification losses, Moody's has taken into consideration the
level of rate modifications based on the projected defaults, the
weighted average coupon of the reference pool (3.98%), and compared
that with the available credit enhancement on the notes, the coupon
and the accrued interest amount of the most junior bonds. Class B
and Class B-H reference tranches represent 1.00% of the pool. The
final coupons on the notes will have an impact on the amount of
interest available to absorb modification losses from the reference
pool.

The ratings are linked to Freddie Mac's rating. As an unsecured
general obligation of Freddie Mac, the rating on the notes will be
capped by the rating of Freddie Mac, which Moody's currently rates
Aaa (stable).

Collateral Analysis

The reference pool consists of approximately 144,144 loans that
meet specific eligibility criteria, which limits the pool to first
lien, fixed rate, fully amortizing loans with 30 year terms and
LTVs that range between 60% and 80% on one to four unit properties.
Overall, the reference pool is of prime quality. The credit
positive aspects of the pool include borrower, loan and geographic
diversification, and a high weighted average FICO of 754. There are
no interest-only (IO) loans in the reference pool and all of the
loans are underwritten to full documentation standards.



SUGAR CREEK: S&P Affirms BB+ Rating on Class E Notes
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on all five
classes of notes from Sugar Creek CLO Ltd., a U.S. collateralized
loan obligation (CLO) transaction that closed in May of 2012 and is
managed by 4086 Advisors Inc.

The affirmed ratings reflect S&P's belief that the credit support
available is commensurate with the current rating levels.

This transaction has exited its reinvestment period and on the
October 2015 payment date, the class A note was paid down to 95% of
its initial issuance amount.  As of the November 2015 trustee
report, the class A/B overcollateralization (O/C) ratio has
increased marginally to 133.51% from 133.02% as of the July 2012
trustee report, which S&P referenced at the effective date.  The
credit quality has remained stable, as the balance of defaulted and
'CCC' rated assets is $0 and $1.59 million, respectively.

Although the cash flows for the class C note do pass at a higher
rating, S&P affirmed its rating on this note to maintain rating
cushion, as the class C O/C ratio only increased by 0.02% since the
transaction's effective date.

Standard & Poor's 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.

CASH FLOW RESULTS AND SENSITIVITY ANALYSIS

Sugar Creek CLO Ltd.

                          Cash flow
             Previous     implied       Cash flow       Final
Class        rating       rating (i)    cushion (ii)    rating
Class A      AAA (sf)     AAA (sf)      10.79%          AAA (sf)
Class B      AA+ (sf)     AA+ (sf)      14.03%          AA+ (sf)
Class C      A+ (sf)      AA- (sf)      1.56%           A+ (sf)
Class D      BBB+ (sf)    BBB+ (sf)     8.93%           BBB+ (sf)
Class E      BB+ (sf)     BB+ (sf)      7.06%           BB+ (sf)

(i) The cash flow implied rating considers the actual spread,
coupon, and recovery of the underlying collateral.

(ii) The cash flow cushion is the excess of the tranche break-even
default rate above the scenario default rate at the assigned rating
for a given class of rated notes using the actual spread, coupon,
and recovery.

RECOVERY RATE AND CORRELATION SENSITIVITY

In addition to S&P's base-case analysis, it generated additional
scenarios in which it made negative adjustments of 10% to the
current collateral pool's recovery rates relative to each tranche's
weighted average recovery rate.

S&P also generated other scenarios by adjusting the intra- and
inter-industry correlations to assess the current portfolio's
sensitivity to different correlation assumptions assuming the
correlation scenarios outlined below.

Correlation
Scenario          Within industry (%)     Between industries (%)
Below base case             15.0                    5.0
Base case equals rating     20.0                    7.5
Above base case             25.0                    10.0

                      10% Recovery  Correlation  Correlation
          Cash flow   decrease    increase    decrease
          implied     implied     implied     implied   Final
Class     rating      rating      rating      rating    rating
Class A   AAA (sf)    AAA (sf)    AAA (sf)    AAA (sf)   AAA (sf)
Class B   AA+ (sf)    AA+ (sf)    AA+ (sf)    AAA (sf)   AA+ (sf)
Class C   AA- (sf)    A+ (sf)     A+ (sf)     AA+ (sf)   A+ (sf)
Class D   BBB+ (sf)   BBB+ (sf)   BBB+ (sf)   A (sf)     BBB+ (sf)
Class E   BB+ (sf)    BB (sf)     BB+ (sf)    BBB- (sf)  BB+ (sf)

DEFAULT BIASING SENSITIVITY

To assess whether the current portfolio has sufficient diversity,
S&P biased defaults on the assets in the current collateral pool
with the highest spread and lowest base-case recoveries.

                       Spread        Recovery
          Cash flow    compression   compression
          implied      implied       implied     Final
Class     rating       rating        rating      rating
Class A   AAA (sf)     AAA (sf)      AA+ (sf)    AAA (sf)
Class B   AA+ (sf)     AA+ (sf)      AA+ (sf)    AA+ (sf)
Class C   AA- (sf)     A+ (sf)       BBB+ (sf)   A+ (sf)
Class D   BBB+ (sf)    BBB+ (sf)     BB+ (sf)    BBB+ (sf)
Class E   BB+ (sf)     BB+ (sf)      B+ (sf)     BB+ (sf)

RATINGS LIST

Sugar Creek CLO Ltd.
                     Rating
Class   Identifier   To          From
A       86482BAA9    AAA (sf)    AAA (sf)
B       86482BAC5    AA+ (sf)    AA+ (sf)
C       86482BAE1    A+ (sf)     A+ (sf)
D       86482BAG6    BBB+ (sf)   BBB+ (sf)
E       86482BAJ0    BB+ (sf)    BB+ (sf)



SYMPHONY CLO III: Moody's Affirms Ba1 Rating on Class E Notes
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on these notes
issued by Symphony CLO III, Ltd.:

  $22,500,000 Class C Deferrable Mezzanine Notes Due 2019,
   Upgraded to Aa2 (sf); previously on April 2, 2015, Upgraded to
   Aa3 (sf)

  $18,000,000 Class D Deferrable Mezzanine Notes Due 2019,
   Upgraded to A3 (sf); previously on April 2, 2015, Upgraded to
   Baa1 (sf)

Moody's also affirmed the ratings on these notes:

  $204,300,000 Class A-1a Senior Notes Due 2019 (current
   outstanding balance of $118,158,632), Affirmed Aaa (sf);
   previously on April 2, 2015, Affirmed Aaa (sf)

  $22,700,000 Class A-1b Senior Notes Due 2019, Affirmed Aaa (sf);

   previously on April 2, 2015, Affirmed Aaa (sf)

  $75,000,000 Class A-2a Senior Revolving Notes Due 2019 (current
   outstanding balance of $46,159,718), Affirmed Aaa (sf);
   previously on April 2, 2015, Affirmed Aaa (sf)

  $1,000,000 Class A-2b Senior Notes Due 2019, Affirmed Aaa (sf);
   previously on April 2, 2015, Affirmed Aaa (sf)

  $24,000,000 Class B Senior Notes Due 2019, Affirmed Aaa (sf);
   previously on April 2, 2015, Upgraded to Aaa (sf)

  $11,500,000 Class E Deferrable Junior Notes Due 2019, Affirmed
   Ba1 (sf); previously on April 2, 2015, Upgraded to Ba1 (sf)

Symphony CLO III, Ltd, issued in March 2007, is a collateralized
loan obligation backed primarily by a portfolio of senior secured
loans, with some exposure to bonds.  The transaction's reinvestment
period ended in May 2013.

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 April 2015.  Since then
the Class A-1a notes and Class A-2a notes have been paid down by
approximately 22.0% or $33.4 million and 19.5% or $11.2 million,
respectively.  Based on the trustee's December 2015 report, the OC
ratios for the Class A/B, Class C and Class D notes are reported at
137.7%, 124.5% and 115.6%, respectively, versus April 2015 levels
of 131.5%, 120.9% and 113.6%, respectively.

Methodology Used for the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2015.

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

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 a)
     uncertainty about credit conditions in the general economy
     and b) the large concentration of upcoming speculative-grade
     debt maturities, which could make refinancing difficult for
     issuers.

  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 reported by the trustee and those
     that Moody's assumes as having defaulted could result in
     volatility in the deal's OC levels.  Further, the timing of
     recoveries and whether a manager decides to work out or sell
     defaulted assets create additional uncertainty.  Moody's
     analyzed defaulted recoveries assuming the lower of the
     market price and the recovery rate in order to account for
     potential volatility in market prices.  Realization of higher

     than assumed recoveries would positively impact the CLO.

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

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

Moody's Adjusted WARF -- 20% (2055)
Class A-1a: 0
Class A-1b: 0
Class A-2a: 0
Class A-2b: 0
Class B: 0
Class C: +2
Class D: +2
Class E: +2

Moody's Adjusted WARF + 20% (3083)
Class A-1a: 0
Class A-1b: 0
Class A-2a: 0
Class A-2b: 0
Class B: 0
Class C: -2
Class D: -2
Class E: -1

Loss and Cash Flow Analysis:

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

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score 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 $291.0 million, defaulted par
of $4.4 million, a weighted average default probability of 11.1%
(implying a WARF of 2569), a weighted average recovery rate upon
default of 50.6%, a diversity score of 31and a weighted average
spread of 3.2% (before accounting for LIBOR floors).

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



TALMAGE STRUCTURED: Moody's Raises Rating on Cl. E Notes to Ba2
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on these classes
of notes issued by Talmage Structured Real Estate Funding 2006-4,
Ltd:

  Cl. D, Upgraded to Baa3 (sf); previously on March 13, 2015,
   Upgraded to B3 (sf)

  Cl. E, Upgraded to Ba2 (sf); previously on March 13, 2015,
   Upgraded to Caa2 (sf)

  Cl. F, Upgraded to B1 (sf); previously on March 13, 2015,
   Upgraded to Caa3 (sf)

  Cl. G, Upgraded to Caa1 (sf); previously on March 13, 2015,
   Affirmed C (sf)

  Cl. H, Upgraded to Ca (sf); previously on March 13, 2015,
   Affirmed C (sf)

Moody's has also affirmed the ratings on these notes:

  Cl. J, Affirmed C (sf); previously on March 13, 2015, Affirmed
   C (sf)

  Cl. K, Affirmed C (sf); previously on March 13, 2015, Affirmed
   C (sf)

RATINGS RATIONALE

Moody's has upgraded the ratings on the transaction due to greater
than expected recoveries from high credit risk collateral since
last review, and improvement in the credit quality of the
underlying collateral pool as evidenced by WARF.  This more than
offsets any decrease in WARR.  Moody's has affirmed the ratings on
the transaction because the key transaction metrics are
commensurate with the existing ratings.  The rating actions are the
result of Moody's on-going surveillance of commercial real estate
collateralized debt obligation (CRE CDO CLO) transactions.

Talmage 2006-4, Ltd. is currently a static cash transaction, the
re-investment period ended in February 2012, backed by a portfolio
of: i) CRE CDOs (33.3% of collateral pool balance); ii) asset
backed securities (ABS) (31.7%); and iii) b-notes (35.0%).  As of
the trustee's December 18, 2015 report, the aggregate note balance
of the transaction has decreased to $133.7 million from $500.0
million at issuance, with the paydown primarily due to a
combination of pre-payments and regular amortization, recoveries
from impaired collateral, and principal proceeds resulting from the
failure of certain par value and interest coverage tests.

Six assets with a par balance of $64.7 million (68.3% of the pool
balance) were listed as impaired assets as of the Dec. 18, 2015
trustee report.  Moody's expects low severity losses to occur on
the CRE CDO assets (33.3% of the collateral pool balance) and high
severity losses to occur on the b-notes (35% of the collateral pool
balance).

Moody's has identified the following as key indicators of the
expected loss in CRE CDO transactions: the weighted average rating
factor (WARF), the weighted average life (WAL), the weighted
average recovery rate (WARR), and Moody's asset correlation (MAC).
Moody's typically models these as actual parameters for static
deals and as covenants for managed deals.

WARF is a primary measure of the credit quality of a CRE CDO pool.
Moody's has updated its assessments for the collateral it does not
rate.  The rating agency modeled a bottom-dollar WARF of 2073,
compared to 3851 at last review.  The current distribution of
Moody's rated collateral and assessments for non-Moody's rated
collateral is as follows: Baa1-Baa3 and 5.6% compared to 0.0% at
last review, Ba1-Ba3 and 45.7% compared to 0.0% at last review,
B1-B3 and 0.0% compared to 46.5% at last review, Caa1-Ca/C and
48.7% compared to 53.5% at last review.

Moody's modeled a WAL of 1.4 years, compared to 2.2 years at last
review.  The WAL is based on assumptions about extensions on the
underlying collateral look-through loan exposures.

Moody's modeled a fixed WARR of 7.9%, compared to 9.1% at last
review.

Moody's modeled a MAC of 41.4%, compared to 45.4% at last review.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating SF CDOs" published in July 2015.

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

The performance of the notes is subject to uncertainty, because it
is sensitive to the performance of the underlying portfolio, which
in turn depends on economic and credit conditions that are subject
to change.  The servicing decisions of the master and special
servicer and surveillance by the operating advisor with respect to
the collateral interests and oversight of the transaction will also
affect the performance of the rated notes.

Moody's Parameter Sensitivities: Changes to any one or more of the
key parameters could have rating implications for some of the rated
notes, although a change in one key parameter assumption could be
offset by a change in one or more of the other key parameter
assumptions.  The rated notes are particularly sensitive to changes
in the recovery rates of the underlying collateral and credit
assessments.  Increasing the recovery rates by 10% would result in
an average modeled rating movement on the rated notes of one to
five notches upward (e.g., one notch up implies a ratings movement
of Baa3 to Baa2).  Decreasing the recovery rate by 5% would result
in an average modeled rating movement on the rated notes of zero to
one notch downward (e.g., one notch down implies a ratings movement
of Baa3 to Ba1).

The primary sources of uncertainty in Moody's assumptions are the
extent of growth in the current macroeconomic environment given the
weak recovery and certain commercial real estate property markets.
Commercial real estate property values continue to improve
modestly, along with a rise in investment activity and
stabilization in core property type performance.  Limited new
construction and moderate job growth have aided this improvement.
However, sustained growth will not be possible until investment
increases steadily for a significant period, non-performing
properties are cleared from the pipeline and fears of a euro area
recession abate.



VENTURE XXII CLO: Moody's Rates Provisional Ba3 Rating on E Notes
-----------------------------------------------------------------
Moody's Investors Service, Inc. has assigned provisional ratings to
eleven classes of notes to be issued by Venture XXII CLO, Limited.

Moody's rating action is:

  $222,000,000 Class A-1L Senior Secured Floating Rate Notes due
   2028, Assigned (P)Aaa (sf)

  $15,000,000 Class A-1F Senior Secured Fixed Rate Notes due 2028,

   Assigned (P)Aaa (sf)

  $20,000,000 Class A-2 Senior Secured Floating Rate Notes due
   2028, Assigned (P)Aaa (sf)

  $20,292,105 Class B-1L Senior Secured Floating Rate Notes due
   2028, Assigned (P)Aa2 (sf)

  $23,157,895 Class B-1F Senior Secured Fixed Rate Notes due 2028,

   Assigned (P)Aa2 (sf)

  $10,550,000 Class C-1L Mezzanine Secured Deferrable Floating
   Rate Notes due 2028, Assigned (P)A2 (sf)

  $10,000,000 Class C-1F Mezzanine Secured Deferrable Fixed Rate
   Notes due 2028, Assigned (P)A2 (sf)

  $9,000,000 Class D-1 Mezzanine Secured Deferrable Floating Rate
   Notes due 2028, Assigned (P)Baa2 (sf)

  $16,000,000 Class D-2 Mezzanine Secured Deferrable Floating Rate

   Notes due 2028, Assigned (P)Baa3 (sf)

  $22,000,000 Class E Junior Secured Deferrable Floating Rate
   Notes due 2028, Assigned (P)Ba3 (sf)

  $8,000,000 Class F Junior Secured Deferrable Floating Rate Notes

   due 2028, Assigned (P)B3 (sf)

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

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

RATINGS RATIONALE

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

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

MJX Venture Management LLC, a recently formed affiliate of MJX
Asset 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 four year reinvestment period.  Thereafter, the
Manager may reinvest up to 75% of 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 December 2015.

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

Par amount: $400,000,000
Diversity Score: 70
Weighted Average Rating Factor (WARF): 2725
Weighted Average Spread (WAS): 4.0%
Weighted Average Coupon (WAC): 7.50%
Weighted Average Recovery Rate (WARR): 46.50%
Weighted Average Life (WAL): 8 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
December 2015.

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

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

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

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

Percentage Change in WARF -- increase of 15% (from 2725 to 3134)
Rating Impact in Rating Notches
Class A-1L Notes: 0
Class A-1F Notes: 0
Class A-2 Notes: -1
Class B-1L Notes: -1
Class B-1F Notes: -1
Class C-1L Notes: -2
Class C-1F Notes: -2
Class D-1 Notes: -1
Class D-2 Notes: -1
Class E Notes: -1
Class F Notes: -2

Percentage Change in WARF -- increase of 30% (from 2725 to 3543)
Rating Impact in Rating Notches
Class A-1L Notes: 0
Class A-1F Notes: 0
Class A-2 Notes: -1
Class B-1L Notes: -3
Class B-1F Notes: -3
Class C-1L Notes: -3
Class C-1F Notes: -3
Class D-1 Notes: -2
Class D-2 Notes: -2
Class E Notes: -1
Class F Notes: -4



VITALITY RE VII: S&P Assigns Prelim. BB+ Rating on Class B Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned
preliminary ratings of 'BBB+(sf)' and 'BB+(sf)' to the Class A and
Class B notes, respectively, to be issued by Vitality Re VII Ltd.
The notes will cover claims payments of Health Re Inc. and
ultimately Aetna Life Insurance Co. (ALIC) related to the covered
insurance business to the extent the medical benefits ratio (MBR)
exceeds 100% for the Class A notes and 94% for the Class B notes.
The MBR will be calculated on an annual aggregate basis.

The preliminary ratings are based on the lowest of the MBR risk
factor on the ceded risk ('bbb+' for the Class A notes and 'bb+'
for the Class B notes); the rating on ALIC, the underlying ceding
insurer; and the rating on the permitted investments ('AAAm') that
will be held in the collateral account (there is a separate account
for each class of notes) at closing.

The MBR risk factors are currently the lowest of the three inputs.
However, if S&P lowered the rating on ALIC or the permitted
investments below the MBR risk factor, S&P would lower the rating
on the notes accordingly.  If the permitted investments were in a
money-market fund not rated 'AAAm', S&P would withdraw its rating
on the notes.

On Dec. 18, 2015, the Consolidated Appropriations Act, 2016 (CAA)
was signed into law.  The CAA amends certain provisions in the
Affordable Care Act, including a suspension of the industry-wide
health insurer fee (HIF) for the calendar year 2017.

Ultimately, to accommodate these changes, the realized historic MBR
calculated from the updated Aetna exposure data will be increased
by 250 basis points (bps) for the 2017 reset and decreased by 250
bps for the 2018 reset.

Because the attachment probability at any reset for the Class B
notes cannot be greater than 47 bps, S&P do not expect this
adjustment to affect our rating on these notes.  Although the
attachment probability for the Class A notes can be greater than
the initial attachment probability of 3 bps, S&P expects any
increase to be minimal and do not currently expect the adjustment
to affect our rating on these notes.

There is no provision for any CAA-related adjustment for the
Vitality Re V and VI notes. Vitality Re IV Ltd. matures Jan. 9,
2017.  S&P has requested updated modeling to reflect the estimated
impact the 2017 HIF suspension would have on the probability of
attachment of those notes.  S&P currently do not have the results.
Although S&P expects the 2017 probability of attachment to be
greater than indicated in the annual reset, S&P currently do not
know the magnitude.  The probability of attachment for the Vitality
Re V and VI Ltd. notes will be reset equal to the initial
probabilities of attachment, as previously structured.  In 2017 the
experienced MBR may be higher, and therefore more likely to reach
the updated MBR attachment as a result of the HIF suspension.  This
may result in a change in the ratings on the notes.

RATINGS LIST

Vitality Re VII Ltd.
Class A Notes                       BBB+(sf) (Prelim)
Class B Notes                       BB+(sf) (Prelim)



VOYA CLO 2016-1: Moody's Assigns (P)Ba3(sf) Rating to Class D Debt
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to six
classes of notes to be issued by Voya CLO 2016-1, Ltd. (the
"Issuer" or "Voya CLO 2016-1").

Moody's rating action is as follows:

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

US$63,200,000 Class A-2 Senior Secured Floating Rate Notes due 2027
(the "Class A-2 Notes"), Assigned (P)Aa2 (sf)

US$34,800,000 Class B Mezzanine Secured Deferrable Floating Rate
Notes due 2027 (the "Class B Notes"), Assigned (P)A2 (sf)

US$27,300,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2027 (the "Class C Notes"), Assigned (P)Baa3 (sf)

US$23,600,000 Class D Junior Secured Deferrable Floating Rate Notes
due 2027 (the "Class D Notes"), Assigned (P)Ba3 (sf)

US$10,000,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2027 (the "Class E Notes"), Assigned (P)B3 (sf)

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

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

RATINGS RATIONALE

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

Voya CLO 2016-1, Ltd. is a managed cash flow CLO. The issued notes
will be collateralized primarily by broadly syndicated first lien
senior secured corporate loans. At least 92.5% of the portfolio
must consist of senior secured loans and eligible investments, and
up to 7.5% of the portfolio may consist of second lien loans and
unsecured loans. However, based on the portfolio's WARF and the
percentage of the portfolio that consists of covenant-lite loans,
the minimum percentage of senior secured loans could be as high as
96.0%. We expect the portfolio to be approximately 75% ramped as of
the closing date.

Voya Alternative Asset 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 four year
reinvestment period. Thereafter, the Manager may reinvest
unscheduled principal payments and proceeds from sales of credit
risk assets, subject to certain restrictions.

In addition to the Rated Notes, the Issuer 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 December 2015.

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

Par amount: $500,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2870

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 8.0 years.

Methodology Underlying the Rating Action:

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

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

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

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

Percentage Change in WARF -- increase of 15% (from 2870 to 3301)

Rating Impact in Rating Notches

Class A-1 Notes: 0

Class A-2 Notes: -1

Class B Notes: -2

Class C Notes: -1

Class D Notes: -1

Class E Notes: -1

Percentage Change in WARF -- increase of 30% (from 2870 to 3731)

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-2 Notes: -2

Class B Notes: -5

Class C Notes: -2

Class D Notes: -1

Class E Notes: -3



WACHOVIA BANK 2004-C10: Moody's Raises Rating on N Certs to Ba3
---------------------------------------------------------------
Moody's Investors Service has upgraded the rating on one class,
affirmed the rating on one class and downgraded the rating on one
class in Wachovia Bank Commercial Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2004-C10 as:

  Cl. N, Upgraded to Ba3 (sf); previously on Feb. 20, 2015,
   Affirmed Ca (sf)

  Cl. O, Affirmed C (sf); previously on Feb. 20, 2015, Affirmed
   C (sf)

  Cl. X-C, Downgraded to Caa3 (sf); previously on Feb. 20, 2015,
   Downgraded to Caa2 (sf)

RATINGS RATIONALE

The rating on one P&I class was upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization.  The deal has paid down 78% since Moody's last
review.  The rating on one P&I class was affirmed because the
ratings are consistent with realized losses.

The rating on one IO Class was downgraded due to the decline in the
credit performance of its reference classes resulting from
principal paydowns of higher quality reference classes.

Moody's rating action reflects a base expected loss of 0% of the
current balance, compared to 7.6% at Moody's last review.  Moody's
base expected loss plus realized losses is now 1.8% of the original
pooled balance.  

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in these ratings was "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in October 2015.

DESCRIPTION OF MODELS USED

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 two, the same as at Moody's last review.

When the Herf falls below 20, Moody's uses the excel-based Large
Loan Model.  The large loan model derives credit enhancement levels
based on an aggregation of adjusted loan-level proceeds derived
from Moody's loan-level LTV ratios.  Major adjustments to
determining proceeds include leverage, loan structure, property
type and sponsorship.  Moody's also further adjusts these
aggregated proceeds for any pooling benefits associated with loan
level diversity and other concentrations and correlations.

DEAL PERFORMANCE

As of the Dec. 17, 2015, distribution date, the transaction's
aggregate certificate balance has decreased by more than 99% to
$5.0 million from $1.29 billion at securitization.  The
certificates are collateralized by three mortgage loans ranging in
size from 26% to 45% of the pool.  One loan, constituting 26% of
the pool, has defeased and is secured by US government securities.

Eleven loans have been liquidated from the pool, resulting in an
aggregate realized loss of $23.5 million (for an average loss
severity of 38%).

Moody's received full year 2014 operating results for 100% of the
pool.

The two conduit loans represent 74% of the pool balance.  The
largest loan is the Cornerstone Apartments Phase II Loan ($2.3
million -- 45.3% of the pool), which is secured by a 108-unit
multifamily complex located in Fayetteville, Arkansas.  The
property was constructed in 2003.  The loan is fully amortizing
through the life of the loan and has amortized by 44%.  Moody's LTV
and stressed DSCR are 44% and 2.10X, respectively, compared to 46%
and 1.98X at the last review.

The second largest loan is the Windfield West II Apartments Loan
($1.44 million -- 28.6% of the pool), which is secured by a 48-unit
multifamily complex located in Waukee, Iowa.  Moody's LTV and
stressed DSCR are 82% and 1.24X, respectively, compared to 85% and
1.20X at the last review.



WESTLAKE AUTOMOBILE 2016-1: DBRS Gives (P)BB Rating on Cl. E Debt
-----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes
issued by Westlake Automobile Receivables Trust 2016-1:

-- Series 2016-1, Class A-1 rated R-1 (high) (sf)
-- Series 2016-1, Class A-2-A rated AAA (sf)
-- Series 2016-1, Class A-2-B rated AAA (sf)
-- Series 2016-1, Class B rated AA (sf)
-- Series 2016-1, Class C rated A (sf)
-- Series 2016-1, Class D rated BBB (sf)
-- Series 2016-1, Class E rated BB (sf)

The provisional 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.

-- 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 rating
    addresses the payment of timely interest on a monthly basis
    and principal by the legal final maturity date for each class.


-- The credit quality of the collateral and performance of the
    auto loan portfolio by origination channels.

-- The capabilities of Westlake with regards to originations,
    underwriting and servicing.

-- The quality and consistency of provided historical static pool

    data for Westlake originations and performance of the Westlake

    auto loan portfolio.

-- Wells Fargo Bank, N.A. (rated AA/R-1 (high)/Stable by DBRS)
    has served as a backup servicer for Westlake since 2003, when
    a conduit facility was put in place.

-- 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 Westlake,
    that the trust has a valid first-priority security interest in

    the assets and the consistency with the DBRS Legal Criteria
    for U.S. Structured Finance methodology.



WESTLAKE AUTOMOBILE 2016-1: S&P Assigns (P)BB Rating on Cl. E Notes
-------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary ratings
to Westlake Automobile Receivables Trust 2016-1's $450.00 million
automobile receivables-backed notes series 2016-1.

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

The preliminary ratings are based on information as of Jan. 11,
2016.  Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

   -- The availability of approximately 42.16%, 36.51%, 28.61%,
      22.33%, and 19.21% of credit support for the class A, B, C,
      D, and E notes, respectively, based on stressed cash flow
      scenarios (including excess spread).  These provide
      approximately 3.50x, 3.00x, 2.30x, 1.75x, and 1.50x,
      respectively, of our 11.50%-12.00% expected cumulative net
      loss range.

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

   -- S&P's expectation that under a moderate ('BBB') stress
      scenario, all else being equal, its ratings on the class A
      and B notes would not be lowered from the assigned
      preliminary ratings, our ratings on the class C notes would
      remain within one rating category of the assigned
      preliminary ratings during one year, and S&P's ratings on
      the class D and E notes would remain within two rating
      categories of the assigned preliminary ratings, which is
      within the bounds of our credit stability criteria.

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

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

   -- S&P's analysis of nine years (2006-2015) of static pool data

      on the company's lending programs.

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

PRELIMINARY RATINGS ASSIGNED

Westlake Automobile Receivables Trust 2016-1

Class   Rating      Type          Interest              Amount
                                  rate(i)             (mil. $)
A-1     A-1+ (sf)   Senior        Fixed                 117.00
A-2     AAA (sf)    Senior        Fixed/floating(ii)    188.86
B       AA (sf)     Subordinate   Fixed                  32.81
C       A (sf)      Subordinate   Fixed                  48.05
D       BBB (sf)    Subordinate   Fixed                  38.67
E       BB (sf)     Subordinate   Fixed                  24.61

(i)The interest rate for each class will be determined on the
pricing date.
(ii)The class A-2 notes will be split into fixed-rate class A-2A
and floating-rate class A-2B.  The sizes of class A-2A and A-2B
will be determined at pricing, and class A2-B will be a max of 75%
of the overall class.  The class A-2B coupon will be expressed as a
spread tied to one-month LIBOR.



[*] Moody's Takes Action on $189.9MM of Prime Jumbo RMBS
--------------------------------------------------------
Moody's Investors Service, on Jan. 8, 2016, downgraded the ratings
of eight tranches and upgraded the ratings of nine tranches backed
by Prime Jumbo RMBS loans, issued by miscellaneous issuers.

Complete rating actions are:

Issuer: CHL Mortgage Pass-Through Trust 2004-4

  Cl. A-6, Upgraded to Baa3 (sf); previously on April 19, 2011,
   Downgraded to Ba2 (sf)

Issuer: GSR Mortgage Loan Trust 2004-7

  Cl. 1A-1, Upgraded to Baa3 (sf); previously on April 2, 2015,
   Upgraded to Ba2 (sf)

  Cl. 1A-2, Upgraded to Ba1 (sf); previously on April 2, 2015,
   Upgraded to Ba3 (sf)

  Cl. 1A-3, Upgraded to Baa3 (sf); previously on April 2, 2015,
   Upgraded to Ba2 (sf)

  Cl. 2A-1, Upgraded to Baa3 (sf); previously on April 2, 2015,
   Upgraded to Ba2 (sf)

  Cl. 3A-1, Upgraded to Baa3 (sf); previously on April 2, 2015,
   Upgraded to Ba2 (sf)

  Cl. 4A-1, Upgraded to Baa3 (sf); previously on April 2, 2015,
   Upgraded to Ba2 (sf)

Issuer: Merrill Lynch Mortgage Investors Trust MLCC 2003-G

  Cl. A-1, Downgraded to Baa3 (sf); previously on Aug. 30, 2013,
   Downgraded to Baa1 (sf)

  Cl. B-1, Downgraded to Caa1 (sf); previously on April 18, 2011,
   Downgraded to B2 (sf)

  Cl. B-2, Downgraded to C (sf); previously on April 18, 2011,
   Downgraded to Ca (sf)

  Cl. X-B, Downgraded to C (sf); previously on April 13, 2012,
   Downgraded to Ca (sf)

Issuer: Sequoia Mortgage Trust 2003-1

  Cl. B-3, Downgraded to C (sf); previously on May 5, 2011,
   Downgraded to Ca (sf)

Issuer: Sequoia Mortgage Trust 2004-5

  Cl. B-1, Downgraded to Caa1 (sf); previously on April 27, 2011,
   Downgraded to B2 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2004-C Trust

  Cl. B-1, Downgraded to Caa1 (sf); previously on Nov. 5, 2013,
   Downgraded to B2 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2004-D Trust

  Cl. B-1, Downgraded to Caa2 (sf); previously on Dec. 26, 2012,
   Downgraded to B3 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2004-N Trust

  Cl. A-6, Upgraded to Ba1 (sf); previously on April 18, 2011,
   Downgraded to Ba2 (sf)

  Cl. A-7, Upgraded to Ba1 (sf); previously on April 18, 2011,
   Downgraded to Ba2 (sf)

RATINGS RATIONALE

The actions are a result of the recent performance of the
underlying pools and reflect Moody's updated loss expectations on
the pools.  The ratings downgraded are due to the weaker
performance of the underlying collateral and the erosion of
enhancement available to the bonds.  The ratings upgraded are a
result of improving performance of the related pools and an
increase in credit enhancement available to the bonds.

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in November 2013.

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 5.0% in November 2015 from 5.8% in
November 2014.  Moody's forecasts an unemployment central range of
4.5% to 5.5% for the 2016 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 2016.  Lower increases
than Moody's expects or decreases could lead to negative rating
actions.

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


[*] Moody's Takes Action on $201MM of RMBS Issued in 2005
---------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 11 tranches
and downgraded the rating of one tranche backed by Prime Jumbo RMBS
loans, issued by various issuers.

Complete rating actions are:

Issuer: Chase Mortgage Finance Trust, Series 2005-S2

  Cl. A-15, Upgraded to B2 (sf); previously on Sept 11, 2012,
   Downgraded to B3 (sf)

  Cl. A-27, Upgraded to Ba1 (sf); previously on April 7, 2015,
   Upgraded to B2 (sf)

  Cl. A-28, Upgraded to Baa3 (sf); previously on April 7, 2015,
   Upgraded to Ba3 (sf)

Issuer: RFMSI Series 2005-S7 Trust

  Cl. A-6, Downgraded to Caa1 (sf); previously on Aug. 30, 2012,
   Downgraded to B3 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2005-6 Trust

  Cl. A-9, Upgraded to Baa2 (sf); previously on April 2, 2015,
   Upgraded to Ba1 (sf)

  Cl. A-10, Upgraded to Baa2 (sf); previously on April 2, 2015,
   Upgraded to Ba1 (sf)

  Cl. A-14, Upgraded to Baa1 (sf); previously on April 2, 2015,
   Upgraded to Baa3 (sf)

  Cl. A-15, Upgraded to Baa1 (sf); previously on April 2, 2015,
   Upgraded to Baa3 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2005-AR4 Trust

  Cl. I-A-1, Upgraded to B3 (sf); previously on Aug. 17, 2012,
   Downgraded to Caa1 (sf)

  Cl. I-A-3, Upgraded to B3 (sf); previously on Aug. 17, 2012,
   Downgraded to Caa1 (sf)

  Cl. II-A-1, Upgraded to Baa3 (sf); previously on April 7, 2015,
   Upgraded to Ba2 (sf)

  Cl. II-A-2, Upgraded to Baa2 (sf); previously on April 7, 2015,
   Upgraded to Ba1 (sf)

RATINGS RATIONALE

The actions are a result of the recent performance of the
underlying pools and reflect Moody's updated loss expectations on
the pools.  The ratings upgraded are a result of the improving
performance of the related pools and an increase in credit
enhancement available to the bonds.  The rating downgraded is due
to the weaker performance of the underlying collateral and the
erosion of enhancement available to the bond.

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in November 2013.

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 5% in December 2015 from 5.6% in
December 2014.  Moody's forecasts an unemployment central range of
4.5% to 5.5% for the 2016 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 2016.  Lower increases
than Moody's expects or decreases could lead to negative rating
actions.

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


[*] Moody's Takes Action on $207MM of RMBS Issued 2003-2004
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 26 tranches
and downgraded the ratings of three tranches from eight
transactions, backed by Alt-A and Option ARM loans, issued by
multiple issuers.

Complete rating actions are as follows:

Issuer: CHL Mortgage Pass-Through Trust 2004-25

Cl. 1-A-1, Upgraded to Ba3 (sf); previously on Mar 3, 2011
Downgraded to B2 (sf)

Cl. 1-X, Upgraded to Caa2 (sf); previously on May 11, 2012
Confirmed at Ca (sf)

Cl. 3-A-1, Downgraded to Caa3 (sf); previously on Mar 3, 2011
Downgraded to Caa2 (sf)

Issuer: CHL Mortgage Pass-Through Trust 2004-HYB5

Cl. 1-A-1, Upgraded to Baa1 (sf); previously on Jun 25, 2012
Confirmed at Baa3 (sf)

Cl. 5-A-1, Downgraded to Caa3 (sf); previously on Mar 3, 2011
Downgraded to Caa1 (sf)

Issuer: Morgan Stanley Mortgage Loan Trust 2004-4

Cl. 1-A-3, Upgraded to Baa2 (sf); previously on Feb 26, 2015
Upgraded to Ba2 (sf)

Cl. 1-A-4, Upgraded to Baa2 (sf); previously on Feb 26, 2015
Upgraded to Ba2 (sf)

Cl. 1-A-5, Upgraded to Baa3 (sf); previously on Feb 26, 2015
Upgraded to Ba3 (sf)

Cl. 1-A-8, Upgraded to Ba1 (sf); previously on Feb 26, 2015
Upgraded to Ba3 (sf)

Cl. 1-A-15, Upgraded to Baa2 (sf); previously on Feb 26, 2015
Upgraded to Ba2 (sf)

Cl. 1-A-P, Upgraded to Ba1 (sf); previously on Feb 26, 2015
Upgraded to Ba3 (sf)

Cl. 2-A, Upgraded to Baa3 (sf); previously on Feb 26, 2015 Upgraded
to Ba3 (sf)

Cl. 3-A, Upgraded to Ba1 (sf); previously on Oct 16, 2012
Downgraded to B1 (sf)

Cl. 3-A-P, Upgraded to Ba2 (sf); previously on Oct 16, 2012
Downgraded to B2 (sf)

Issuer: Structured Adjustable Rate Mortgage Loan Trust 2004-18

Cl. 5-A, Downgraded to Caa2 (sf); previously on Mar 10, 2011
Downgraded to B3 (sf)

Issuer: Structured Asset Securities Corp Trust 2003-17A

Cl. 1-A, Upgraded to Baa3 (sf); previously on Aug 29, 2013 Upgraded
to Ba3 (sf)

Cl. 2-A1, Upgraded to Baa1 (sf); previously on Oct 17, 2012
Downgraded to Baa3 (sf)

Cl. 2-A2, Upgraded to Baa1 (sf); previously on Oct 17, 2012
Downgraded to Baa3 (sf)

Cl. 2-A3, Upgraded to Baa1 (sf); previously on Oct 17, 2012
Downgraded to Baa3 (sf)

Cl. 3-A1, Upgraded to Baa1 (sf); previously on Oct 17, 2012
Downgraded to Baa3 (sf)

Cl. 3-A2, Upgraded to Baa1 (sf); previously on Oct 17, 2012
Downgraded to Baa3 (sf)

Cl. 3-A3, Upgraded to Baa1 (sf); previously on Oct 17, 2012
Downgraded to Baa3 (sf)

Cl. 4-A, Upgraded to Baa1 (sf); previously on Oct 17, 2012
Downgraded to Baa3 (sf)

Issuer: Structured Asset Securities Corp Trust 2003-22A

Cl. 1-A, Upgraded to Ba1 (sf); previously on Jun 16, 2014
Downgraded to Ba3 (sf)

Issuer: Structured Asset Securities Corp Trust 2003-35

Cl. 2-A1, Upgraded to Baa1 (sf); previously on Jul 5, 2012
Downgraded to Baa3 (sf)

Cl. 2-A2, Upgraded to Baa1 (sf); previously on Jul 5, 2012
Downgraded to Baa3 (sf)

Cl. 3-A1, Upgraded to Baa1 (sf); previously on Jul 5, 2012
Downgraded to Baa3 (sf)

Cl. 3-A2, Upgraded to Baa1 (sf); previously on Jul 5, 2012
Downgraded to Baa3 (sf)

Issuer: Structured Asset Securities Corp Trust 2004-10

Cl. 1-A1, Upgraded to B1 (sf); previously on Oct 17, 2012
Downgraded to B3 (sf)

RATINGS RATIONALE

The ratings upgraded are a result of the improving performance of
the related pools and an increase in credit enhancement available
to the bonds. The ratings downgraded are a result of the declining
performance of the related pools and/or a decrease in credit
enhancement available to the bonds. The rating actions reflect the
recent performance of the underlying pools and Moody's updated loss
expectation on the pools.

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 5.0% in December 2015 from 5.6% in
December 2014. Moody's forecasts an unemployment central range of
4.5% to 5.5% for the 2016 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 2016. Lower increases than
Moody's expects or decreases could lead to negative rating actions.
Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions.


[*] Moody's Takes Action on $766.1MM of RMBS Issued 2005-2007
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of seven
tranches and downgraded the ratings of nine tranches from nine
transactions, backed by Alt-A and Option ARM RMBS loans, issued by
multiple issuers.

Complete rating actions are:

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2007-OH2

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

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

Issuer: GreenPoint Mortgage Funding Trust 2006-AR6

  Cl. 2-A1, Upgraded to Caa1 (sf); previously on Dec. 9, 2010,
   Confirmed at Caa2 (sf)

Issuer: HarborView Mortgage Loan Trust 2005-1

  Cl. 2-A1A, Upgraded to Caa1 (sf); previously on Dec. 5, 2010,
   Downgraded to Caa2 (sf)

Issuer: J.P. Morgan Mortgage Acquisition Trust 2006-WF1

  Cl. A-6, Downgraded to Ca (sf); previously on Sept. 17, 2010,
   Confirmed at Caa2 (sf)

Issuer: Morgan Stanley Mortgage Loan Trust 2005-4

  Cl. 1-A, Downgraded to B3 (sf); previously on April 26, 2010,
   Downgraded to B2 (sf)

  Cl. 1-A-P, Downgraded to B3 (sf); previously on April 26, 2010,
   Downgraded to B2 (sf)

  Cl. 1-A-X, Downgraded to B3 (sf); previously on April 26, 2010,
   Downgraded to B2 (sf)

  Cl. 3-A-1, Downgraded to Caa1 (sf); previously on April 26,
   2010, Downgraded to B2 (sf)

  Cl. 5-A-1, Downgraded to Caa1 (sf); previously on April 26,
   2010, Downgraded to B2 (sf)

  Cl. 5-A-4, Downgraded to Caa1 (sf); previously on April 26,
   2010, Downgraded to B2 (sf)

  Cl. 5-A-6, Downgraded to Caa1 (sf); previously on April 26,
   2010, Downgraded to B2 (sf)

Issuer: MortgageIT Securities Corp., Mortgage-Backed Notes, Series
2005-4

  Cl. A-1, Upgraded to Ba2 (sf); previously on Aug. 12, 2014,
   Upgraded to B2 (sf)

Issuer: Structured Asset Securities Corp Trust 2006-3H

  Cl. A-IO, Downgraded to B3 (sf); previously on April 26, 2013,
   Upgraded to B1 (sf)

Issuer: WaMu Mortgage Pass-Through Certificates, Series 2006-AR11

  Cl. 2A, Upgraded to Ba3 (sf); previously on April 30, 2013,
   Upgraded to B2 (sf)

Issuer: WaMu Mortgage Pass-Through Certificates, Series 2007-OA3

  Cl. 2A-1A, Upgraded to B3 (sf); previously on Dec. 3, 2010,
   Downgraded to Caa2 (sf)

RATINGS RATIONALE

The rating actions are a result of the recent performance of the
underlying pools and reflect Moody's updated loss expectation on
the pools.  The rating upgrades are a result of the improving
performance of the related pools and an increase in credit
enhancement available to the bonds.  The rating downgrades are due
to the weaker performance of the underlying collateral and the
erosion of enhancement available to the bonds.

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in November 2013.

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 5.0% in December 2015 from 5.6% in
December 2014.  Moody's forecasts an unemployment central range of
4.5% to 5.5% for the 2016 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 2016.  Lower increases
than Moody's expects or decreases could lead to negative rating
actions.

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


[*] S&P Lowers Ratings on 90 Classes From 57 US RMBS to D
---------------------------------------------------------
Standard & Poor's Ratings Services, on Jan. 13, 2016, lowered its
ratings on 90 classes of mortgage pass-through certificates from 57
U.S. residential mortgage-backed securities (RMBS) transactions
issued between 2002 and 2009 to 'D (sf)'.

The downgrades reflect S&P's assessment of the impact of principal
write-downs' on the affected classes during recent remittance
periods.  All of the classes whose ratings were lowered to
'D (sf)' were rated either 'CCC (sf)' or 'CC (sf)' before the
rating action.

The 90 defaulted classes consist of:

   -- 52 from prime jumbo transactions (57.78%);
   -- 13 from Alternative-A transactions (14.44%);
   -- Nine from subprime transactions;
   -- Five from negative amortization transactions;
   -- Five from a resecuritized real estate mortgage investment
      conduit transaction;
   -- One from a Federal Housing Administration/Veterans
      Administration transaction;
   -- One from a risk transfer transaction;
   -- One from a document deficient transaction;
   -- One from a first-lien high loan-to-value transaction;
   -- One from an outside-the-guidelines transaction; and
   -- One from a reperforming transaction.

All of the transactions in this review receive credit enhancement
from a combination of subordination, excess spread, and
overcollateralization (where applicable).

S&P will continue to monitor its ratings on securities that
experience principal write-downs, and S&P will further adjust its
ratings as it considers appropriate according to its criteria.

A list of the Affected Ratings is available at:

                http://bit.ly/1n0w1Yd


[*] S&P Puts Ratings on 9 Access-to-Loans Trust on Watch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'AAA (sf)' rating
on the series IV-A-13 bond issued from Access to Loans For Learning
Student Loan Corp.'s series IV master trust.  At the same time, S&P
placed its ratings on eight senior auction-rate bonds and one
subordinate auction-rate bond on CreditWatch with negative
implications from the same master trust.  The rating actions
reflect S&P's views regarding future collateral performance and the
current credit enhancement available to support the bonds given
their capital structure, payment priorities, and S&P's expectation
of interest amounts to be owed to noteholders and payment
priorities.  S&P also considered secondary credit factors, such as
credit stability and sector- and issuer-specific analyses.

The bonds were issued pursuant to a master trust indenture dated
May 1, 1998.  The trust was restructured in 2013.  Collateral was
transferred to a new discrete trust in exchange for cash, which was
used to repurchase bonds at discounts to the par face amount.

The trust is backed by a collateral pool of student loans issued
through the Federal Family Education Loan Program (FFELP),
comprised approximately of 95% FFELP Consolidation loans and the
balance of the pool is Stafford/PLUS loans.  Loans originated under
the FFELP program are at least 97% guaranteed by the U.S.
Department of Education (ED).  Approximately 56% of the loans were
disbursed after April 2006.  The loans originated after April 2006
do not benefit from "floor" income.  Non-floor income loans require
the trust to rebate the positive difference between the borrowers'
interest payments and special allowance payments (SAPs) back to the
ED, which limits the trust's available excess spread. Since the
trust was restructured, the liquidity available to the trust has
improved slightly as more loans have come out of deferment and into
repayment.

The affirmation of the series IV-A-13 bond reflects S&P's views
regarding future collateral performance and the current credit
enhancement available to support the bond, including
overcollateralization (parity), subordination, the reserve account,
and excess spread.  Based on historical payments of principal and
the bonds amortization schedule, S&P expects that this bond will be
paid in full within the next 12 months and thus will have limited
exposure to credit risk because of the trust's available credit
enhancement and liquidity.

"We placed the ratings on the senior and subordinate auction-rate
bonds on CreditWatch negative to reflect our view of the limited
excess spread available to the trust and the ability of available
credit enhancement to absorb an increase in interest payments in
the stressed interest rate scenarios contemplated by our ratings,
particularly given the ratings-based maximum rate definitions for
the auction-rate securities in the trust.  Since the auctions began
failing in 2008, the auction-rate securities have been paying at
their ratings-based maximum rates as required by the transaction
documents.  We specifically note that the calculation of the
maximum rate for this trust increases to its highest level whenever
the rating from any rating agency on the bonds is below 'AAA' and
the maximum rate definitions do not include a net loan rate
concept.  While the trust was restructured in 2013, the exposure to
these maximum rate definitions remains high as 85% of the trust's
outstanding bonds as of the most recent servicer report (September
2015) are auction-rate securities.  Since that restructuring,
senior parity has increased slightly primarily due to principal
payments received according to a targeted amortization schedule to
the series IV-A-13 bond and to the repurchases of senior taxable
auction-rate securities at discounts to the par face amount.
However, total parity has remained relatively flat, reflecting the
limited excess spread available to build credit enhancement.  As of
the September 2015 servicer report, senior and total parity were
108.2% and 100.7%, respectively, compared to 106.7% and 100.8% as
of the first servicer report after the restructuring in December
2013," S&P said.

S&P will continue to monitor the performance of the trust for any
negative trends that it thinks may affect the current ratings
assigned to the transaction.  S&P expects to resolve the
CreditWatch negative placements within the next 90 days and then
take any further rating actions that S&P considers appropriate.

RATINGS PLACED ON WATCH NEGATIVE

Access to Loans for Learning Student Loan Corp.
U.S. $252.2 million student loan program revenue bonds
                            Rating
Series           To                     From
IV-A-8           BB- (sf)/Watch Neg     BB- (sf)
IV-A-10          BB- (sf)/Watch Neg     BB- (sf)

U.S. $351 million student loan program revenue bonds
                            Rating
Series           To                     From
IV-A-11          BB- (sf)/Watch Neg     BB- (sf)
IV-C-1           B- (sf)/Watch Neg      B- (sf)

U.S. $400 million student loan program revenue bonds
                            Rating
Series           To                     From
IV-A-14          BB- (sf)/Watch Neg     BB- (sf)
IV-A-15          BB- (sf)/Watch Neg     BB- (sf)
IV-A-16          BB- (sf)/Watch Neg     BB- (sf)
IV-A-17          BB- (sf)/Watch Neg     BB- (sf)
IV-A-18          BB- (sf)/Watch Neg     BB- (sf)

RATING AFFIRMED

Access to Loans for Learning Student Loan Corp.
U.S. $200 million student loan program revenue bonds senior series
IV A-13

Series      Rating
IV-A-13     AAA (sf)



[*] S&P Withdraws Ratings on 8 Classes From 4 U.S. RMBS Transaction
-------------------------------------------------------------------
Standard & Poor's Ratings Services, on Jan. 13, 2016, withdrew its
ratings on eight classes from four residential mortgage-backed
securities (RMBS) transactions.

The withdrawals reflect S&P's lack of information necessary to
apply its criteria, "Methodology For Incorporating Loan
Modifications And Extraordinary Expenses Into U.S. RMBS Ratings,"
published April 17, 2015, for the affected tranches after multiple
requests to the applicable trustees or servicers for such
information.

These classes were among the 23 classes from 11 RMBS transactions
that S&P placed on CreditWatch with negative implications on
Nov. 19, 2015, for the same reason.

Per "S&P's Steps For Obtaining Necessary Information To Apply
Recently Effective U.S. RMBS Criteria," published on Aug. 24, 2015,
which describes S&P's process for requesting information related to
loan modifications and the potential outcomes if S&P is unable to
collect that information, Standard & Poor's may consider
withdrawing the ratings previously placed on CreditWatch if S&P do
not receive the information it requested in order to apply its
applicable criteria within 30 days of the CreditWatch placement.
S&P did not receive all of the information it requested with
respect to the affected classes in the 30-day period after S&P
placed those classes on CreditWatch negative, and, as a result,
have withdrawn its ratings on those classes.

RATINGS WITHDRAWN

                              Rating
Class        CUSIP        To          From
Conseco Finance Home Equity Loan Trust 2002-A
A-5          20846QJJ8    NR          AAA (sf)/Watch Neg
M-1          20846QJL3    NR          AA+ (sf)/Watch Neg
M-2          20846QJM1    NR          BBB+ (sf)/Watch Neg
B-1          20846QJN9    NR          CCC (sf)/Watch Neg

CWHEQ Revolving Home Equity Loan Trust Series 2006-G
1-A          23243JAA5    NR          B (sf)/Watch Neg
2-A          23243JAB3    NR          B (sf)/Watch Neg

Home Equity Loan Trust 2007-HSA1
Variable F   43710M9A2    NR          B (sf)/Watch Neg

Terwin Mortgage Trust 2004-13 ALT
2-PA-1       881561JK1    NR          BB (sf)/Watch Neg



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
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public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
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than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
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Each Friday's edition of the TCR includes a review about a book of
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available at your local bookstore or through Amazon.com.  Go to
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Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

                            *********

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

Troubled Company Reporter is a daily newsletter co-published
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Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
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