TCR_Public/170924.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Sunday, September 24, 2017, Vol. 21, No. 266

                            Headlines

AMMC CLO 21: S&P Assigns Prelim BB-(sf) Rating on Class E Notes
CIFC FUNDING 2017-IV: Moody's Assigns Ba3 Rating to Cl. D Notes
COLT 2017-2: Fitch Assigns 'Bsf' Rating to Class B-2 Certs
CREDIT SUISSE 2007-C4: Moody's Hikes Class B Debt Rating to B1
CREST G-STAR 2001-1: Moody's Affirms Ca(sf) Rating on Cl. D Notes

EXETER AUTOMOBILE 2017-3: S&P Rates $550MM Class D Notes
GS MORTGAGE 2005-GG4: Fitch Affirms 'Csf' Rating on Class E Certs
GS MORTGAGE 2006-RR2: Moody's Lowers Rating on Cl. A-1 Certs to C
GS MORTGAGE 2015-GC34: Fitch Affirms 'B-sf' Rating on Cl. F Certs
GS MORTGAGE 2016-GS3: Fitch Affirms 'B-sf' Rating on Class F Certs

HARBOR LLC 2006-2: Moody's Lowers Rating on Cl. A Notes to Ca
HVF II 2017-1: Fitch Assigns 'BBsf' Rating to Cl. D Notes
IMSCI 2013-3: Fitch Affirms 'Bsf' Rating on Class G Certs
IMSCI 2013-4: Fitch Affirms 'Bsf' Rating on Class G Certs
JP MORGAN 2014-C23: Fitch Affirms 'Bsf' Rating on 2 Tranches

KEY COMMERCIAL 2007-SL1: Moody's Hikes Class C Certs to B2
KKR CLO 10: S&P Assigns BB(sf) Rating on Class E-R Notes
LB-UBS COMMERCIAL 2003-C8: Moody's Affirms B1 Rating on N Certs
MERRILL LYNCH 1997-C2: Moody's Affirms C Rating on Class IO Certs
MERRILL LYNCH 2007-CAN22: Moody's Cuts Rating on Cl. XC Certs to C

MILL CITY 2017-3: Fitch to Rate Class B2 Notes 'Bsf'
MILL CITY 2017-3: Moody's Assigns Prov. Ba2 Rating to Cl. B1 Notes
MILOS CLO: Moody's Assigns Ba3(sf) Rating to Class E Junior Notes
MORGAN STANLEY 2007-IQ15: Fitch Affirms CCC Rating on Cl. A-J Certs
NATIONAL COLLEGIATE: Fitch Corrects Sept. 5 Ratings Release

NATIONAL COLLEGIATE: Fitch Takes Actions on 9 Trust Tranches
OZLM FUNDING IV: S&P Assigns B-(sf) Rating on Class E-R Notes
PALMER SQUARE 2017-1: S&P Assigns BB(sf) Rating on Class D Notes
REALT 2006-2: Moody's Affirms Caa1 Ratings on 2 Tranches
SDART 2017-3: Fitch Assigns 'BBsf' Rating to Class E Notes

SDART 2017-3: S&P Rates $54.56MM Class E Notes 'BB(sf)'
STACR 2017-DNA3: Fitch to Rate 12 Note Classes 'B+sf'
STRATFORD CLO: Moody's Hikes Rating on Class D Notes to Ba1
VIBRANT CLO VII: Moody's Assigns Ba3(sf) Rating to Class D Notes
WACHOVIA BANK 2007-C32: Moody's Lowers Ratings on 4 Tranches to Csf

WFRBS COMMERCIAL 2013-C18: Fitch Affirms Bsf Rating on Cl. F Certs
WFRBS COMMERCIAL 2014-C22: Fitch Affirms Bsf Rating on 2 Tranches
[*] Fitch Downgrades 13 Bonds in 4 Transactions to 'D'
[*] Moody's Takes Action on $76MM of Prime Jumbo RMBS Issued 2004
[*] S&P Withdraws Ratings on 73 Classes From Eight U.S. RMBS Deals


                            *********

AMMC CLO 21: S&P Assigns Prelim BB-(sf) Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to AMMC CLO 21
Ltd.'s $416 million floating-rate notes.

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

The preliminary ratings are based on information as of Sept. 15,
2017. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

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

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

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

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

  PRELIMINARY RATINGS ASSIGNED

  AMMC CLO 21 Ltd./AMMC CLO 21 LLC

  Class                  Rating          Amount
                                     (mil. $)
  X                      AAA (sf)          2.00
  A                      AAA (sf)        281.00
  B                      AA (sf)          61.00
  C (deferrable)         A (sf)           29.00
  D (deferrable)         BBB (sf)         25.00
  E (deferrable)         BB- (sf)         18.00
  Subordinated notes     NR               40.70

  NR--Not rated.


CIFC FUNDING 2017-IV: Moody's Assigns Ba3 Rating to Cl. D Notes
---------------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by CIFC Funding 2017-IV, Ltd. (the "Issuer" or "CIFC
2017-IV"). Moody's rating action is:

US$6,405,000 Class X Senior Secured Floating Rate Notes due 2030
(the "Class X Notes"), Assigned Aaa (sf)

US$520,000,000 Class A-1 Senior Secured Floating Rate Notes due
2030 (the "Class A-1 Notes"), Assigned Aaa (sf)

US$88,000,000 Class A-2 Senior Secured Floating Rate Notes due 2030
(the "Class A-2 Notes"), Assigned Aa2 (sf)

US$44,570,000 Class B Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class B Notes"), Assigned A2 (sf)

US$49,140,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class C Notes"), Assigned Baa3 (sf)

US$34,290,000 Class D Junior Secured Deferrable Floating Rate Notes
due 2030 (the "Class D Notes"), Assigned Ba3 (sf)

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

CIFC Funding 2017-IV, 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. The portfolio is at least 80%
ramped as of the closing date.

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

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

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

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

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

Par amount: $800,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2811

Weighted Average Spread (WAS): 3.55%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 47.50%

Weighted Average Life (WAL): 9 years.

Methodology Underlying the Rating Action:

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

Factors That Would Lead to 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 2811 to 3233)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1 Notes: 0

Class A-2 Notes: -2

Class B Notes: -2

Class C Notes: -1

Class D Notes: 0

Percentage Change in WARF -- increase of 30% (from 2811 to 3654)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1 Notes: -1

Class A-2 Notes: -3

Class B Notes: -4

Class C Notes: -2

Class D Notes: -1


COLT 2017-2: Fitch Assigns 'Bsf' Rating to Class B-2 Certs
----------------------------------------------------------
Fitch Ratings has assigned ratings to COLT 2017-2 Mortgage Loan
Trust (COLT 2017-2) as follows:

-- $255,710,000 class A-1A initial exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $255,710,000 class A-1XA notional initial exchangeable
    certificates 'AAAsf'; Outlook Stable;
-- $255,710,000 class A-1XB notional initial exchangeable
    certificates 'AAAsf'; Outlook Stable;
-- $255,710,000 class A-1B subsequent exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $255,710,000 class A-1C subsequent exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $48,372,000 class A-2A initial exchangeable certificates
    'AAsf'; Outlook Stable;
-- $48,372,000 class A-2XA notional initial exchangeable
    certificates 'AAsf'; Outlook Stable;
-- $48,372,000 class A-2XB notional initial exchangeable
    certificates 'AAsf'; Outlook Stable;
-- $48,372,000 class A-2B subsequent exchangeable certificates
    'AAsf'; Outlook Stable;
-- $48,372,000 class A-2C subsequent exchangeable certificates
    'AAsf'; Outlook Stable;
-- $52,633,000 class A-3A initial exchangeable certificates
    'Asf'; Outlook Stable;
-- $52,633,000 class A-3XA notional initial exchangeable
    certificates 'Asf'; Outlook Stable;
-- $52,633,000 class A-3XB notional initial exchangeable
    certificates 'Asf'; Outlook Stable;
-- $52,633,000 class A-3B subsequent exchangeable certificates
    'Asf'; Outlook Stable;
-- $52,633,000 class A-3C subsequent exchangeable certificates
    'Asf'; Outlook Stable;
-- $25,358,000 class M-1 certificates 'BBBsf'; Outlook Stable;
-- $20,244,000 class B-1 certificates 'BBsf'; Outlook Stable;
-- $12,572,000 class B-2 certificates 'Bsf'; Outlook Stable.

Fitch will not be rating the following certificates:

-- $11,294,739 class B-3 certificates;

KEY RATING DRIVERS

Non-prime Credit Quality (Concern): The pool's weighted average
model credit score of 705 and a WA combined loan-to-value ratio
(CLTV) of 80%. While, all of the loans were underwritten to a full
documentation program, roughly 46% of the pool consists of
borrowers with prior credit events and 43% had a debt-to-income
(DTI) ratio of over 43%. Investor properties and loans to foreign
nationals account for 4% of the pool. Fitch applied default
penalties to account for these attributes and loss severity was
adjusted to reflect the increased risk of ability-to-repay (ATR)
challenges

Recent Hurricane Impact (Neutral): As of the cut-off date, 1.15% of
the loans in the transaction are located in Hurricane Harvey
related FEMA-designated disaster areas and approximately 10.82% of
the loans in the transaction are located in Hurricane Irma related
FEMA-designated disaster areas. Any potential damage to the
properties or loss to the transaction is mitigated by the
transaction's "No Damage/Condemnation" rep. To the extent that any
of the properties in the pool are damaged as of the closing date,
the loan will be repurchased by Caliber.

Full Documentation Loans (Positive): All loans in the mortgage pool
were underwritten to the comprehensive Appendix Q documentation
standards defined by ATR. While a due diligence review identified
roughly 10% of loans as having minor variations to Appendix Q,
Fitch views those differences as immaterial and all loans as having
full income documentation. This is a departure from the prior COLT
transaction that included a material percentage of loans
underwritten to bank statement programs.

Operational and Data Quality (Positive): Caliber has one of the
most established non-QM programs in this nascent sector. Fitch
views the visibility into the origination programs as a strength
relative to non-QM transactions with a high number of originators.
Fitch reviewed Caliber and Hudson's origination and acquisition
platforms and found them to have sound underwriting and operational
control environments, reflecting industry improvements following
the financial crisis that are expected to reduce risk related to
misrepresentation and data quality. All loans in the mortgage pool
were reviewed by a third-party due diligence firm and the results
indicated strong underwriting and property valuation controls.

Alignment of Interests (Positive): The transaction benefits from an
alignment of interests between the issuer and investors. LSRMF
Acquisitions I, LLC (LSRMF), as sponsor and securitizer, or an
affiliate that will retain a horizontal interest in the transaction
equal to not less than 5% of the aggregate fair market value of all
certificates in the transaction. As part of its focus on investing
in residential mortgage credit, as of the closing date, LSRMF or an
affiliate will retain the class B2, B3, and X certificates, which
represent more than 5.00% of the transaction. Lastly, the
representations and warranties are provided by Caliber, which is
owned by LSRMF affiliates and, therefore, also aligns the interest
of the investors with those of LSRMF to maintain high quality
origination standards and sound performance, as Caliber will be
obligated to repurchase loans due to rep breaches.

Modified Sequential Payment Structure (Mixed): The structure
distributes collected principal pro rata among the class A notes
while shutting out the subordinate bonds from principal until all
three classes have been reduced to zero. To the extent that either
the cumulative loss trigger event, the delinquency trigger event or
the credit enhancement (CE) trigger event occurs in a given period,
principal will be distributed sequentially to the class A-1, A-2,
and A-3 certificates until they are reduced to zero.

R&W Framework (Concern): As originator, Caliber will be providing
loan-level representations and warranties to the trust. While the
reps for this transaction are substantively consistent with those
listed in Fitch's published criteria and provide a solid alignment
of interest, Fitch added approximately 350bps to the projected
defaults at the 'AAAsf' rating category to reflect the
non-investment-grade counterparty risk of the provider and the lack
of an automatic review of defaulted loans. The lack of an automatic
review is mitigated by the ability of holders of 25% of the total
outstanding aggregate class balance to initiate a review.

Servicing and Master Servicer (Positive): Servicing will be
performed on 100% of the loans by Caliber. Fitch rates Caliber
'RPS2-'/Negative due to its fast-growing portfolio and regulatory
scrutiny. Wells Fargo Bank, N.A., rated 'RMS1'/Stable Outlook, will
act as master servicer and securities administrator. Advances
required but not paid by Caliber will be paid by Wells Fargo.

Performance Triggers (Mixed): CE, delinquency, and loan loss
triggers convert principal distribution to a straight sequential
payment priority in the event of poor asset performance. A
noticeable difference from the prior transaction is a Delinquency
Trigger that is based only on the current month and not on a
rolling six-month average. Fitch applied nonstandard sensitivity
scenarios that assumed a faster prepayment assumption and a delayed
failure of the delinquency trigger that redirected more principal
to more junior certificates when analyzing the A-1, A-2 and A-3
classes.

RATING SENSITIVITIES

Fitch's analysis incorporates a sensitivity analysis to demonstrate
how the ratings would react to steeper market value declines (MVDs)
than assumed at the MSA level. The implied rating sensitivities are
only an indication of some of the potential outcomes and do not
consider other risk factors that the transaction may become exposed
to or may be considered in the surveillance of the transaction.
Three sets of sensitivity analyses were conducted at the state and
national levels to assess the effect of higher MVDs for the subject
pool.

This defined stress sensitivity analysis demonstrates how the
ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10%, 20% and 30%, in addition to the
model-projected 6.6%. The analysis indicates that there is some
potential rating migration with higher MVDs, compared with the
model projection.


CREDIT SUISSE 2007-C4: Moody's Hikes Class B Debt Rating to B1
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on six classes
and upgraded the ratings on two classes in Credit Suisse Commercial
Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2007-C4:

Cl. A-1-AJ, Upgraded to Ba1 (sf); previously on Oct 13, 2016
Upgraded to B1 (sf)

Cl. B, Upgraded to B1 (sf); previously on Oct 13, 2016 Upgraded to
B3 (sf)

Cl. C, Affirmed Caa3 (sf); previously on Oct 13, 2016 Affirmed Caa3
(sf)

Cl. D, Affirmed Ca (sf); previously on Oct 13, 2016 Affirmed Ca
(sf)

Cl. E, Affirmed C (sf); previously on Oct 13, 2016 Affirmed C (sf)

Cl. F, Affirmed C (sf); previously on Oct 13, 2016 Affirmed C (sf)

Cl. G, Affirmed C (sf); previously on Oct 13, 2016 Affirmed C (sf)

Cl. H, Affirmed C (sf); previously on Oct 13, 2016 Affirmed C (sf)

RATINGS RATIONALE

The ratings on two P&I classes were upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 85% since Moody's last
review.

The ratings on the P&I classes C through H were affirmed because
the ratings are consistent with expected recovery of principal and
interest from specially and troubled loans as well as losses from
previously liquidated loans.

Moody's rating action reflects a base expected loss of 60.2% of the
current pooled balance, compared to 10.6% at Moody's last review.
Moody's base expected loss plus realized losses is now 11.8% of the
original pooled balance, compared to 12.3% 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 RATINGS:

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION:

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

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 83% of the pool is in
special servicing and Moody's has identified additional troubled
loans representing 6% of the pool. In this approach, Moody's
determines a probability of default for each specially serviced and
troubled loan that it expects will generate a loss and estimates a
loss given default based on a review of broker's opinions of value
(if available), other information from the special servicer,
available market data and Moody's internal data. The loss given
default for each loan also takes into consideration repayment of
servicer advances to date, estimated future advances and closing
costs. Translating the probability of default and loss given
default into an expected loss estimate, Moody's then applies the
aggregate loss from specially serviced and troubled loans to the
most junior class(es) and the recovery as a pay down of principal
to the most senior class(es).

DEAL PERFORMANCE

As of the September 15, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 93% to $148 million
from $2.08 billion at securitization. The certificates are
collateralized by 19 mortgage loans ranging in size from less than
1% to 22% of the pool, with the top ten loans (excluding
defeasance) constituting 88% of the pool.

Five loans, constituting 15% 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 identified one property, representing 6% of the pool
located in a Texas county affected by Hurricane Harvey and three
properties located in Florida that were potentially affected by
Hurricane Irma. While the full extent of any damage is not yet
known, Moody's will continue to monitor potentially affected loans
as more information becomes available. No individual property from
these areas makes up more than 10% of the pool.

Fifty-two loans have been liquidated from the pool, resulting in an
aggregate realized loss of $159 million (for an average loss
severity of 34%). Twelve loans, constituting 83% of the pool, are
currently in special servicing. The largest specially serviced loan
is the Lakeview Plaza Loan ($31.2 million -- 21.6% of the pool),
which is secured by a 177,000 square foot (SF) grocery anchored
retail center located in Brewster, New York. The property was
previously anchored by an A&P supermarket (with January 2019 lease
expiration date), which vacated the property upon company
bankruptcy. ACME has since assumed the lease obligations and
currently operates at the property. The loan transferred to special
servicing in January 2014 and is now real estate owned (REO).

The second largest specially serviced loan is the Egizii Portfolio
Loan ($19.4 million -- 13.4% of the pool), which is secured by a
portfolio of seven distinct properties (1 industrial and 6 office
properties) located in Springfield and Pana, Illinois. The loan
transferred to special servicing in January 2013 due to monetary
default. The loan has been deemed non-recoverable by the master
servicer, and the foreclosure process is underway. The portfolio
was a combined 40% occupied as of April 2016.

The third largest specially serviced loan is the Lone Tree Retail
Center Loan ($15.3 million -- 10.6% of the pool), which is secured
by a 42,000 SF anchored retail center in Anitoch, California. The
loan transferred to special servicing in May 2009 and became REO in
March 2013. As of year-end 2016, the property was only 68% leased.

The remaining eight specially serviced loans are secured by a mix
of property types. Moody's estimates an aggregate $82.6 million
loss for the specially serviced loans (69% expected loss on
average).

Moody's has also assumed a high default probability for three
poorly performing loans, constituting 6% of the pool, and has
estimated an aggregate loss of $3.4 million (a 38% expected loss on
average) from these troubled loans.

Moody's received full year 2016 operating results for 100% of the
pool, and full or partial year 2017 operating results for 82% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 114%, compared to 104% 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% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.6%.

Moody's actual and stressed conduit DSCRs are 1.03X and 0.92X,
respectively, compared to 1.28X and 1.01X 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 performing loan is the Cranbrook Plaza Loan ($11.5
million -- 7.9% of the pool), which is secured by a 139,000 SF
unanchored retail center located in Cockeysville, Maryland,
approximately 15 miles north of the Baltimore, Maryland central
business district (CBD). As of June 2017, the property was 85%
occupied, compared to 87% at year-end 2016 and 86% the prior year.
Moody's LTV and stressed DSCR are 121% and 0.85X, respectively,
compared to 124% and 0.83X at the last review.

The second largest performing loan is the Franklin Plaza Shopping
Center -- A note Loan ($4.4 million -- 3.0% of the pool), which is
secured by a 30,000 SF anchored retail center located in Monroe
Township, New Jersey, approximately 40 miles southwest from New
York City. The loan previously transferred to special servicing in
November 2011. The loan remained with the special servicer until
June 2017, when it was modified with an A/B-note split and a June
2019 maturity date. The modified B-note is $2.2 million. The loan
is currently performing under the modified terms, however, Moody's
has identified both the A-note and B-note as troubled loans.

The third largest performing loan is the Deerwood Village Executive
Center Loan ($2.5 million -- 1.7% of the pool), which is secured by
a 25,000 SF office building located in Jacksonville, Florida,
approximately 11 miles from downtown Jacksonville and 4 miles east
of the St. Johns River. As of June 2017, the property was 92%
occupied, compared to 100% at year-end 2016. Leases representing
38% of the NRA are expiring within twelve months. Due to the low
DSCR and upcoming lease rollover concerns, Moody's has identified
this as a troubled loan.


CREST G-STAR 2001-1: Moody's Affirms Ca(sf) Rating on Cl. D Notes
-----------------------------------------------------------------
Moody's Investors Service has affirmed the rating on the following
note issued by Crest G-Star 2001-1, LP:

US $15,000,000 Class D FOurth Priority Fixed Rate Term Notes, Due
2035, Affirmed Ca (sf); previously on Nov 3, 2016 Affirmed Ca (sf)

The Class D Notes are referred to herein as the "Rated Notes".

RATINGS RATIONALE

Moody's has affirmed the ratings on the Rated Notes because the key
transaction metrics are commensurate with existing ratings. The
reduction in credit risk of the remaining collateral pool, as
evidenced by the weighted average rating factor (WARF), is offset
by the level of under-collateralization, 100% defaulted pool
balance, and bar-belled rating distribution of the collateral. The
affirmation is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation (CRE CDO and
ReRemic) transactions.

Crest G-Star 2001-1, LP is a static cash transaction backed by a
portfolio of commercial mortgage backed securities (100.0% of the
current pool balance). As of the August 25, 2017 note valuation
report, the aggregate note balance of the transaction, including
preferred shares, has decreased to $56.9 million from $500.4
million at issuance as a result of pay-downs due to regular
amortization, prepayments, and recoveries from defaults on the
underlying collateral.

The pool contains five assets totaling $17.1 million (100.0% of the
collateral pool balance) that are listed as defaulted securities as
of the trustee's August 25, 2017 report. While there have been
limited realized losses on the underlying collateral to date,
Moody's does expect moderate losses to occur on the defaulted
securities.

Moody's has identified the following as key indicators of the
expected loss in CRE CDO transactions: the 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 2033,
compared to 3330 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follow: Aaa-Aa3 (79.7% compared to 63.2% at last
review), and Caa1 -Ca/C (20.3% compared to 36.8% at last review).

Moody's modeled a WAL of 1.6 years, compared to 1.9 years at last
review. The WAL is based on assumptions about extensions on the
loans within the underlying collateral.

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

Moody's modeled a MAC of 0.0%, compared to 8.4% at last review.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's Approach
to Rating SF CDOs" published in June 2017.

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

The performance of the Rated 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 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.
Holding all other parameters constant, increasing the recovery rate
of 100% of the collateral pool by 10% would result in an average
modeled rating movement on the Rated Notes of zero notches upward
(e.g., one notch up implies a ratings movement of Baa3 to Baa2).

The primary sources of uncertainty in Moody's assumptions are the
extent of growth in the current macroeconomic environment.
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.


EXETER AUTOMOBILE 2017-3: S&P Rates $550MM Class D Notes
---------------------------------------------------------
S&P Global Ratings assigned its ratings to Exeter Automobile
Receivables Trust 2017-3's $550.00 million automobile
receivables-backed notes.

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

The ratings reflect:

-- The availability of approximately 52.5%, 44.1%, 35.9%, and
28.2% credit support for the class A, B, C, and D notes,
respectively, based on stressed cash flow scenarios (including
excess spread), which provide coverage of more than 2.50x, 2.05x,
1.55x, and 1.27x S&P's expected cumulative net loss. These
break-even scenarios withstand cumulative gross losses of
approximately 84.0%, 70.5%, 57.5%, and 45.0%, respectively.

-- The timely interest and principal payments that S&P believes
will be made to the rated notes under stressed cash flow modeling
scenarios that S&P believes are appropriate for the assigned
ratings.

-- The expectation that under a moderate ('BBB') stress scenario
(1.55x S&P's expected loss level), all else being equal, S&P's
ratings on the class A and B notes will remain within one rating
category of the assigned 'AA (sf)' and 'A (sf)' ratings,
respectively; the class C notes will remain within two rating
categories of the assigned 'BBB (sf)' rating; and the class D notes
will remain within two rating categories of the assigned 'BB (sf)'
rating during the first year, but the class will eventually default
under the 'BBB' stress scenario, after having received
approximately 63% of its principal. These rating movements are
within the limits specified by S&P's credit stability criteria.

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

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

  RATINGS ASSIGNED
  Exeter Automobile Receivables Trust 2017-3

  Class       Rating      Type            Interest         Amount
                                          rate           (mil. $)
  A           AA (sf)     Senior          Fixed            338.69
  B           A (sf)      Subordinate     Fixed             91.18
  C           BBB (sf)    Subordinate     Fixed             75.27
  D           BB (sf)     Subordinate     Fixed             44.86


GS MORTGAGE 2005-GG4: Fitch Affirms 'Csf' Rating on Class E Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 10 classes of GS Mortgage Securities
Corporation II, commercial mortgage pass-through certificates,
series 2005-GG4 (GSMSC II 2005-GG4).

KEY RATING DRIVERS

The affirmation of class E reflects the high likelihood of loss
from the two remaining specially serviced loans/assets. Default of
the class remains inevitable.

Specially Serviced Loans/Assets: The two remaining loans/assets in
the pool are specially serviced. The largest loan (70.7% of the
pool) is secured by a hotel property located in Lansdale, PA, which
transferred to the special servicer in March 2015 due to imminent
default. Property performance was impacted by newer competition in
the area. The special servicer is proceeding with the foreclosure
process.

The other asset (29.3%), a retail center located in Tucson, AZ, has
been real-estate owned since January 2013. Occupancy has recently
improved to 86.3% as of July 2017 from 28.5% in June 2016 due to a
new lease signed with a local charter school tenant for nearly 52%
of the property's total net rentable area. The special servicer has
no immediate disposition plans and expects to continue implementing
a value-add strategy at this time.

As of the September 2017 distribution date, the pool's aggregate
principal balance has been reduced by 99.5% to $20.4 million from
$4 billion at issuance. Since Fitch's last rating action, the
single performing loan (Verizon Wireless, 36.1% of the pool balance
at last review) repaid prior to its March 2017 maturity. The
transaction has incurred realized losses totaling $273.1 million
(6.8% of the original pool balance) since issuance. Cumulative
interest shortfalls totaling $33.4 million are currently affecting
class F and classes H through P.

RATING SENSITIVITIES

Class E is subject to downgrade to 'Dsf' as additional losses are
realized. Upgrades are not likely due to concentration of specially
serviced loans/assets.

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

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

Fitch has affirmed the following ratings:

-- $8.4 million class E at 'Csf'; RE 95%;
-- $12 million class F at 'Dsf'; RE 0%;
-- $0 class G at 'Dsf'; RE 0%;
-- $0 class H at 'Dsf'; RE 0%;
-- $0 class J at 'Dsf'; RE 0%;
-- $0 class K at 'Dsf'; RE 0%;
-- $0 class L at 'Dsf'; RE 0%;
-- $0 class M at 'Dsf'; RE 0%;
-- $0 class N at 'Dsf'; RE 0%;
-- $0 class O at 'Dsf'; RE 0%.

Classes A-1, A-1P, A-DP, A-2, A-3, A-ABA, A-ABB, A-4, A-4A, A-4B,
A-1A, A-J, B, C and D have paid in full. Class P is not rated by
Fitch. The ratings on the interest-only classes X-P and X-C were
previously withdrawn.


GS MORTGAGE 2006-RR2: Moody's Lowers Rating on Cl. A-1 Certs to C
-----------------------------------------------------------------
Moody's Investors Service has downgraded the rating on the
following certificate issued by GS Mortgage Securities Corporation
II, Commercial Mortgage Pass-Through Certificates, Series 2006-RR2
("GSMS 2006-RR2"):

Cl. A-1, Downgraded to Ca (sf); previously on Sep 22, 2016 Affirmed
Caa3 (sf)

The Class A-1 certificates are referred to herein as the "Rated
Certificates".

RATINGS RATIONALE

Moody's has downgraded the ratings on the Rated Certificates due to
additional realized losses since last review. Going forward, the
expected level of additional realized losses will minimize any
future amortization available to pay down the Moody's rated
certificate. The rating action is the result of Moody's on-going
surveillance of commercial real estate collateralized debt
obligation resecuritization (CRE CDO and ReRemic) transactions.

GSMS 2006-RR2 is a static cash transaction backed by a portfolio of
commercial mortgage backed securities (CMBS) (100% of the
collateral pool balance). As of the August 25, 2017 trustee report,
the aggregate certificate balance of the transaction has decreased
to $181.6 million from $771 million at issuance, due to full and
partial realized losses applied to certain classes of certificates.
Class A-1 has received payments in the form of pre-payments and
regular amortization of the underlying collateral, as well as
partial realized losses. Class A-1 is the senior-most outstanding
class of 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 5621,
compared to 6208 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follow: Aaa-Aa3 (2.7% compared to 3.7% at last
review); A1-A3 (0.0% compared to 0.5% at last review); Baa1-Baa3
(14.2% compared to 8.4% at last review); Ba1-Ba3 (0.9% compared to
0.5% at last review), B1-B3 (18.0% compared to 14.0% at last
review); and Caa1-Ca/C (64.3% compared to 72.9% at last review).

Moody's modeled a WAL of 1.8 years, compared to 1.7 years at last
review. The WAL is based on assumptions about extensions on the
underlying look-through loans within the CMBS collateral.

Moody's modeled a fixed WARR of 3.2%, compared to 2.1% at last
review.

Moody's modeled a MAC of 14.4%, compared to 15.5% at last review.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's Approach
to Rating SF CDOs" published in June 2017.

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

The performance of the Rated Certificates 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
Certificates.

Moody's Parameter Sensitivities: Changes to any one or more of the
key parameters could have rating implications for the Rated
Certificates, 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 Certificates are particularly
sensitive to changes in the recovery rates of the underlying
collateral and credit assessments. Holding all other parameters
constant, increasing the recovery rate of 100% of the collateral
pool by 10% would result in an average modeled rating movement on
the Rated Certificates of zero notches upward (e.g., one notch up
implies a ratings movement of Baa3 to Baa2). Reducing the recovery
rate of 100% of the collateral pool to 0% would result in an
average modeled rating movement on the Rated Certificates of zero
notches upward (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.
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.


GS MORTGAGE 2015-GC34: Fitch Affirms 'B-sf' Rating on Cl. F Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of GS Mortgage Securities
Trust (GSMS) commercial mortgage pass-through certificates, series
2015-GC34.

KEY RATING DRIVERS

Fitch Loans of Concern: Fitch has designated 11 loans (32.6% of
current pool) as Fitch Loans of Concern (FLOCs), including six of
the top 15 loans (28.3%). Despite these larger FLOCs, the majority
of the pool has exhibited performance and volatility consistent
with issuance expectations. The non-specially serviced FLOCs were
flagged for either occupancy declines and/or tenancy concerns.

Specially Serviced Loan: The third largest loan, Hammons Hotel
Portfolio (8.4%), transferred to special servicing in July 2016 due
to the borrower and parent company filing for Chapter 11
bankruptcy. The filing was made in connection with litigation,
which was ongoing at issuance, related to a complex deal made in
2005 to reprivatize Hammons Hotels. Overall portfolio cash flow has
improved since issuance, with YE 2016 NCF DSCR at 1.96x, up from
1.88x at YE 2015. Further, per the TTM June 2017 STR reporting, the
weighted average RevPAR penetration for the collateral properties
was 119.9%.

Pool and Loan Concentrations: The top 10 loans comprise 55.5% of
the current pool, which is above the 2015 average concentration of
49.3%. Loans secured by office and retail properties represent
24.3% and 23.2% of the pool, respectively.

Hurricane Exposure: According to servicer updates, Hurricane
Exposure: According to servicer updates, the 1445 North Loop West
(0.7% of pool) and Midtown Crossing (0.3%) properties located in
Houston, TX sustained minor damages from Hurricane Harvey, and the
Webster Plaza (0.7%; Webster, TX) and Colonnade of Royal Forest
Shopping Center (0.6%; Houston, TX) properties sustained no
damages. Fitch awaits updates from the servicer on impact from
Hurricane Irma on four properties located in Bradenton, North Palm
Beach and Orlando, FL comprising 6.8% of the pool.

Pool Amortization: The pool is scheduled to amortize by 11.9% of
the initial pool balance prior to maturity. Three loans (8.6% of
current pool) are full-term interest-only and 26 loans (60.3%)
still have a partial interest-only component during their remaining
loan term, compared to 62.5% of the original pool at issuance.

As of the September 2017 distribution date, the pool's aggregate
principal balance has paid down by 0.9% to $840.7 million from
$848.4 million at issuance. The pool has experienced no realized
losses to date.

RATING SENSITIVITIES

The Stable Rating Outlooks for classes A-1 through D reflect the
majority of the pool performing in-line with issuance expectations
and expected continued paydown. The Negative Outlooks on classes E
and F reflect the potential for downgrade should performance of the
FLOCs continue to decline. Rating upgrades may occur with improved
pool performance and additional paydown or defeasance.

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

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

Fitch has affirmed the following classes and revised Rating
Outlooks as indicated:

-- $22.6 million class A-1 at 'AAAsf'; Outlook Stable;
-- $28.8 million class A-2 at 'AAAsf'; Outlook Stable;
-- $185 million class A-3 at 'AAAsf'; Outlook Stable;
-- $284.4 million class A-4 at 'AAAsf'; Outlook Stable;
-- $65.4 million class A-AB at 'AAAsf'; Outlook Stable;
-- $626.5 million* class X-A at 'AAAsf'; Outlook Stable;
-- $48.8 million* class X-B at 'AA-sf'; Outlook Stable;
-- $40.3 million** class A-S at 'AAAsf'; Outlook Stable;
-- $48.8 million** class B at 'AA-sf'; Outlook Stable;
-- $131.5 million** class PEZ at 'A-sf'; Outlook Stable;
-- $42.4 million** class C at 'A-sf'; Outlook Stable;
-- $52 million class D at 'BBB-sf'; Outlook Stable;
-- $52 million* class X-D at 'BBB-sf'; Outlook Stable;
-- $23.3 million class E at 'BB-sf'; Outlook to Negative from
    Stable;
-- $8.5 million class F at 'B-sf'; Outlook to Negative from
    Stable.

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

Fitch does not rate the class G certificates.


GS MORTGAGE 2016-GS3: Fitch Affirms 'B-sf' Rating on Class F Certs
------------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of GS Mortgage Securities
Trust (GSMS) 2016-GS3 Commercial Mortgage Pass-Through Certificates
series 2016-GS3.

KEY RATING DRIVERS

The affirmations are based on the stable performance of the
underlying collateral.

Stable Performance: The overall pool performance remains stable
from issuance. There are no delinquent or specially serviced loans.
As of the September 2017 distribution date, the pool's aggregate
balance has been reduced by .36% to $1.064 million, from $1.068
million at issuance. No loans are on the servicer's watchlist, and
none are considered Fitch loans of concern.

High Retail and Office Loan Concentration: Loans backed by retail
properties represent 31.0% of the pool, including four (19%) in the
top 15. Three of the retail loans are backed by regional malls,
which have exposure to JC Penney, Macy's, Sears, Dillard's, Belk,
and Bloomingdale's. Loans backed by office properties represent
29.6% of the pool, including four (25.4%) in the top 15.

Interest-Only Loans: Nine loans that make up 43.7% of the pool are
interest only. This is higher than the average of 33.3% for 2016 of
the other Fitch-rated U.S. multiborrower deals. In addition, 13
loans comprising 29% of the pool are partial interest only, lower
than the average of 2016 for the other Fitch-rated U.S.
multiborrower deals. Overall, the pool is scheduled to pay down by
8.8%, compared with the averages of 10.4% for 2016 for the other
Fitch-rated U.S. deals.

Hurricane Exposure: Two loans (6.6%) are located in Florida
including the fourth largest loan (6.3%), The Falls, which is
located in Miami, Florida. Two loans (4.5%) are located in the
Houston area. Fitch is closely monitoring these loans and awaiting
updates from the master servicer on whether the properties have
been impacted by Hurricane Harvey or Hurricane Irma.

RATING SENSITIVITIES

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

Fitch has affirmed the following ratings:

-- $24,290,137 class A-1 at 'AAAsf'; Outlook Stable;
-- $77,052,000 class A-2 at 'AAAsf'; Outlook Stable;
-- $265,000,000 class A-3 at 'AAAsf'; Outlook Stable;
-- $320,243,000 class A-4 at 'AAAsf'; Outlook Stable;
-- $57,066,000 class A-AB at 'AAAsf'; Outlook Stable;
-- $837,131,137a class X-A at 'AAAsf'; Outlook Stable;
-- $53,417,000a class X-B at 'AA-sf'; Outlook Stable;
-- $93,480,000b class A-S at 'AAAsf'; Outlook Stable;
-- $53,417,000b class B at 'AA-sf'; Outlook Stable;
-- $192,301,000b class PEZ at 'A-sf'; Outlook Stable;
-- $45,404,000b class C at 'A-sf'; Outlook Stable;
-- $53,417,000 class D at 'BBB-sf'; Outlook Stable;
-- $53,417,000a class X-D at 'BBB-sf'; Outlook Stable;
-- $24,038,000 class E at 'BB-sf'; Outlook Stable;
-- $10,683,000 class F at 'B-sf'; Outlook Stable.

(a) Notional amount and interest only.
(b) Class A-S, B and C certificates may be exchanged for class PEZ
certificates, and class PEZ certificates may be exchanged for class
A-S, B and C certificates.

Fitch does not rate the class G.


HARBOR LLC 2006-2: Moody's Lowers Rating on Cl. A Notes to Ca
-------------------------------------------------------------
Moody's has downgraded the rating on the following class of notes
issued by Harbor Series 2006-2 LLC:

Cl. A, Downgraded to Ca (sf); previously on Oct 7, 2016 Affirmed
Caa3 (sf)

The Class A Notes are referred to herein as the "Rated Notes".

RATINGS RATIONALE

Moody's has downgraded the rating of one class of notes due to
deterioration of the credit quality of reference obligations as
evidenced by the weighted average rating factor (WARF), the
weighted average recovery rate (WARR), and the realized losses
applied to the underlying reference obligations. The result was an
14.2% in implied losses to the Rated Notes. The rating action is
the result of Moody's on-going surveillance of commercial real
estate collateralized debt obligation (CRE CDO Synthetic)
transactions.

Harbor Series 2006-2 LLC is a static synthetic transaction backed
by a portfolio of credit default swaps referencing 100% commercial
mortgage backed securities (CMBS). The remaining CMBS reference
obligations were securitized in 2006. As of the August 21, 2017
trustee report, the Rated Notes have decreased to $69.2 million,
from $93.75 million at issuance. The transaction features a
pro-rata to senior-sequential and vice-versa waterfall switch which
is based upon certain trigger events. Moody's expects the
transaction waterfall to pay senior-sequential for the remainder of
the transaction life and has incorporated this into its analysis.
Since last review, the reference pool has additional realized
losses, resulting in the full write-down of the balances of Class
B, C, and D Notes, and partial write-down of the Rated Notes.

Moody's has identified the following as key indicators of the
expected loss in CRE CDO transactions: WARF, the weighted average
life (WAL), 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 reference obligations
it does not rate. The rating agency modeled a bottom-dollar WARF of
5288, compared to 4157 at last review. The current ratings on the
Moody's-rated reference obligations and the assessments of the
non-Moody's rated reference obligations follow: Aaa-Aa3 and 0.0%
compared to 0.6% at last review; A1-A3 and 0.0% compared to 4.6% at
last review; Baa1-Baa3 and 0.0% compared to 18.4% at last review;
Ba1-Ba3 and 18.0% compared to 16.1% at last review; B1-B3 and 30.1%
compared to 12.3% at last review; and Caa1-Ca/C and 51.9% compared
to 48.0% at last review.

Moody's modeled a WAL of 0.8 years, compared to 1.0 year at last
review. The WAL is based on extension assumptions about the
look-through loans within the underlying reference obligations.

Moody's modeled a fixed WARR of 4.8%, compared to 6.2% at last
review.

Moody's modeled a MAC of 36.7%, compared to 15.4% at last review.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's Approach
to Rating SF CDOs" published in June 2017.

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

The performance of the Rated Notes are 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 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
ratings of the underlying reference obligations and credit
assessments. Holding all other parameters constant, notching down
100% of the reference obligation pool by -1 notch would result in
an average modeled rating movement on the Rated Notes of zero
notches downward (e.g., one notch down implies a ratings movement
of Baa3 to Ba1). Notching up 100% of the reference obligation pool
by +1 notch would result in an average modeled rating movement on
the Rated Notes of one notch upward (e.g., one notch up implies a
ratings movement of Baa3 to Baa2).

The primary sources of uncertainty in Moody's assumptions are the
extent of growth in the current macroeconomic environment.
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.


HVF II 2017-1: Fitch Assigns 'BBsf' Rating to Cl. D Notes
---------------------------------------------------------
Fitch Ratings assigns the following ratings and Outlooks to the
series 2017-1 and 2017-2 ABS notes issued by Hertz Vehicle
Financing II LP (HVF II):

HVF II, Series 2017-1
-- $324,900,000 class A notes 'AAAsf'; Outlook Stable;
-- $76,500,000 class B notes 'Asf'; Outlook Stable;
-- $23,850,000 class C notes 'BBBsf'; Outlook Stable;
-- $24,750,000 class D notes 'BBsf'; Outlook Stable;
-- $28,800,000 class RR notes 'NRsf'.

HVF II, Series 2017-2
-- $267,407,000 class A notes 'AAAsf'; Outlook Stable;
-- $62,963,000 class B notes 'Asf'; Outlook Stable;
-- $19,630,000 class C notes 'BBBsf'; Outlook Stable;
-- $20,370,000 class D notes 'BBsf'; Outlook Stable;
-- $23,700,000 class RR notes 'NRsf'.

KEY RATING DRIVERS

Diverse Vehicle Fleet: HVF II is deemed diverse under Fitch's
criteria due to the high degree of manufacturer, model, segment and
geographic diversification in Hertz and Dollar Thrifty's rental
fleets. Concentration limits, based on a number of characteristics,
are present to help mitigate the risk of individual OEM
bankruptcies or failure to honor repurchase agreement obligations.

Fluctuating Fleet Performance: Depreciation experience within
Hertz's fleet has been volatile since 2014 into mid-2017 for NPV
and remains elevated due to higher vehicle aging and lower
residuals/wholesale values, particularly for compact cars. Despite
this, vehicle disposition losses have been minimal for PV and NPV.
Fitch has taken recent performance into account for these series
and adjusted the NPV depreciation assumption higher to 2%.

OEM Financial Stability: OEMs with PV concentrations in HVF II have
all improved their financial position in recent years and have
positioned themselves well to meet their respective repurchase
agreement obligations. Fitch affirmed the Issuer Default Rating
(IDR) of Nissan Motor Co., Ltd., the largest OEM in HVF II, at
'BBB+' in November 2016 and recently upgraded the IDR of GM (the
second-largest OEM) to 'BBB' in June 2017.

Enhancement Versus Fitch's Expected Loss: Initial credit
enhancement (CE) for the notes is dynamic and based on the HVF II
fleet mix, with maximum and minimum levels. The dynamic CE levels
for the notes in each series cover or are well within range of
Fitch's maximum and minimum expected loss (EL) levels. Fitch's
expected loss levels for NPV have increased relative to prior
series due to the adjustment to the NPV depreciation assumptions.

Structural Features Mitigate Risk: Vehicle market value/disposition
proceeds tests, amortization triggers and events of default all
mitigate risks stemming from ongoing vehicle value volatility and
weakness, ensuring parity between asset values and ongoing market
conditions, resulting in low historical fleet disposition losses
and stable depreciation rates.

Adequate Fleet Servicer and Fleet Management: Hertz is deemed an
adequate servicer and administrator, as evidenced by its historical
fleet management and securitization performance to date. Automotive
Solutions, Inc. (Fiserv) is the backup disposition agent, while
Lord Securities Corporation (Lord Securities) is the backup
administrator.

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

RATING SENSITIVITIES

Fitch's rating sensitivity analysis focuses on two scenarios
involving potentially extreme market disruptions that would force
the agency to redefine its stress assumptions. The first examines
the effect of moving Fitch's bankruptcy/liquidation timing scenario
to eight months at 'AAAsf' with subsequent increases to each rating
level. The second considers the effect of moving the disposition
stresses to the higher end of the range at each rating level for a
diverse fleet. For example, the 'AAAsf' stress level would move
from 24% to 28%. The last example shows the impact of both stresses
on the structure. The purpose of these stresses is to demonstrate
the potential rating impact on a transaction if one or a
combination of these scenarios occurs.

Fitch determined ratings by applying EL levels for various rating
categories until the enhancement proposed exceed the EL from the
sensitivity. Sensitivity scenarios were run on the 2017-2 five-year
maturity structure, as this series has a slightly higher interest
expense cost and, therefore, a slightly higher EL level than
2017-1. Fitch ran sensitivities on the structure according to the
aforementioned scenarios described above.

For all sensitivity scenarios, the notes show little sensitivity to
the class A notes under each of the scenarios with potential
downgrades only occurring under the combined stress scenario.
One-notch to one-level downgrades would occur to the subordinate
notes under each scenario with greater sensitivity to the
disposition stress scenario. Under the combined scenario, the
subordinate notes would be placed under greater stress and could
experience multiple-level downgrades.


IMSCI 2013-3: Fitch Affirms 'Bsf' Rating on Class G Certs
---------------------------------------------------------
Fitch Ratings has affirmed nine classes of Institutional Mortgage
Capital commercial mortgage pass-through certificates series 2013-3
(IMSCI 2013-3). All currencies are denominated in Canadian dollars
(CAD).

KEY RATING DRIVERS

Overall Stable Performance and Increase in Credit Enhancement:
Overall pool level performance has been stable since Fitch's last
rating action. As of the September 2017 distribution date, the
pool's aggregate principal balance has been reduced 14.6% to $213.9
million from $250.4 million at issuance with 35 loans remaining.
There are no full or partial interest only loans in the pool. There
are currently no specially serviced loans and there are six loans
(20.5%) on the servicer's watch list. Fitch has identified five
loans as Loans of Concern (14.2%) due to performance issues and/or
upcoming maturity dates.

Pool Concentrations: The top 10 and 15 loans (including crossed
loans) account for 68.1% and 84.2% of the pool, respectively.
Retail properties back 41.9% of the pool while office loans
comprise 28.4% of the pool. There is sponsor concentration with
three loans each backed by several crossed loans (17.7%) sponsored
by BTB Real Estate Investment Trust and three loans (8.8%) with the
same sponsor group, Lanesborough REIT (LREIT) and related
entities.

Energy Market Exposure: The pool has eight loans (26.5%) backed by
properties in Alberta and Saskatchewan, which have experienced
volatility from the energy sector in the past few years. This
includes three Fort McMurray multifamily properties that were
previously in special servicing due to a decline in performance.

Canadian Loan Attributes: The ratings reflect strong Canadian
commercial real estate loan performance, including a low
delinquency rate and low historical losses of less than 0.1%, as
well as positive loan attributes such as short amortization
schedules, recourse to the borrower, and additional guarantors. Of
the remaining pool, 90.2% of the loans feature full or partial
recourse to the borrowers and/or sponsors. The pool is scheduled to
amortize 8.9% from the September 2017 cut-off balance to loan
maturity.

The largest loan of the pool (10.8% of the pool balance) is secured
by a 362,577 square foot (sf) enclosed shopping center located in
Dollard-des-Ormeaux (Montreal), Quebec. The property is anchored by
Canadian Tire and Super C grocery. The pari passu loan is full
recourse to the borrowing entity and its owner and is partial
recourse to the sponsor.

The second largest loan (9.1%) is secured by the Merivale Mall, a
225,082 sf enclosed shopping center located in Ottawa, Ontario. The
property, which was built in 1977 and renovated in 1994, is
anchored by Farm Boy and Sport Chek. The pari passu loan is full
recourse to the borrowing entity and partial recourse to the
sponsor. Discount retailer Marshalls opened in 2015.

There are three loans backed by multifamily properties located in
Fort McMurray, AB (8.8% of the pool) that were previously in
specially servicing and are current and with the master servicer.
The loans transferred to special servicing in March 2016 due a
significant decline in occupancy stemming from the downturn in the
energy sector. Operations at the property were subsequently
affected by the Fort McMurray wildfires in early May 2016 with the
city and surrounding area evacuated; however, tenants have
subsequently returned as the properties resumed operations. The
loan has full recourse to the borrower, sponsor and manager.
Potential loan losses may be mitigated by recourse provisions,
insurance proceeds and a recovery in the energy markets.

RATING SENSITIVITIES

The Rating Outlooks on classes E, F and G are Negative due to the
uncertainty regarding the operations and performance of the Fort
McMurray loans in addition to the transaction's total exposure to
the volatility in the energy markets in Alberta and Saskatchewan.
Stable Outlooks on the remaining classes reflect the stable
performance of the majority of the pool and continued amortization.
Upgrades may occur with improved pool performance and significant
pay down or defeasance, though any upgrades may be limited due to
the highly concentrated pool. Downgrades to the classes are
possible should overall pool performance decline.

Fitch has affirmed the following ratings:

-- $0.9 million class A-1 at 'AAAsf'; Outlook Stable;
-- $96.4 million class A-2 at 'AAAsf'; Outlook Stable;
-- $81.6 million class A-3 at 'AAAsf'; Outlook Stable;
-- $5.3 million class B at 'AAsf'; Outlook Stable;
-- $8.5 million class C at 'Asf'; Outlook Stable;
-- $6.9 million class D at 'BBBsf'; Outlook Stable;
-- $3.8 million class E at 'BBB-sf'; Outlook Negative;
-- $3.1 million class F at 'BBsf'; Outlook Negative;
-- $2.5 million class G at 'Bsf'; Outlook Negative.

Fitch does not rate the $5 million class H and the interest-only
class X.


IMSCI 2013-4: Fitch Affirms 'Bsf' Rating on Class G Certs
---------------------------------------------------------
Fitch Ratings has affirmed eight classes of Institutional Mortgage
Securities Canada Inc.'s (IMSCI) Commercial Mortgage Pass-Through
Certificates series 2013-4. All currencies are denominated in
Canadian dollars (CAD).

KEY RATING DRIVERS

Overall Stable Performance and Increase in Credit Enhancement:
Overall pool level performance has been stable since Fitch's last
rating action. As of the September 2017 distribution date, the
pool's aggregate principal balance has been reduced 10.3% to $296.3
million from $330.4 million at issuance with 32 loans remaining.
There are no full or partial interest only loans in the pool. There
are currently no specially serviced loans, and there are eight
loans (26%) on the servicer's watch list. Fitch has identified four
loans as Loans of Concern (14.7%) due to performance issues and/or
market.

Pool Concentrations: The top 10 and 15 loans (including crossed
loans) account for 65% and 79.4% of the pool, respectively. Retail
properties back 46.6% of the pool while multifamily loans comprise
23.3% of the pool. The pool has 14 properties (44.6%) located in
Ontario; however, Ontario is Canada's most populous province and
accounts for approximately 40% of the country's population and
GDP.

Energy Market Exposure: The pool has six loans (18.3%) backed by
properties in Alberta and Saskatchewan, which has experienced
volatility from the energy sector in the past few years. The pari
passu Nelson Ridge Pooled Loan (7.1%), secured by a 225-unit
multifamily property in Fort McMurray, AB, was transferred to
special servicing in early 2016 due to a decrease in operating
performance. Property operations were subsequently affected by the
area wildfires in May 2016. The loan returned to master servicing
in January 2017 and is current. The loan has full recourse to the
borrower, sponsor and manager. Potential loan losses may be
mitigated by recourse provisions, insurance proceeds and a recovery
in the energy markets.

Canadian Loan Attributes: The ratings reflect strong Canadian
commercial real estate loan performance, including a low
delinquency rate and low historical losses of less than 0.1%, as
well as positive loan attributes such as short amortization
schedules, recourse to the borrower, and additional guarantors. Of
the remaining pool, 67.7% of the loans feature full or partial
recourse to the borrowers and/or sponsors. The pool is scheduled to
amortize 11.3% from the September 2017 cut-off balance to loan
maturities.

The largest portfolio, Toulon Portfolio (10.6% of the pool
balance), consists of four cross-collateralized and cross-defaulted
loans. The loans are secured by two retail properties located in
Yarmouth, Nova Scotia and Rouyn-Noranda, Quebec; one mixed-use
property located in St. John's, Newfoundland; and one office
building in Montreal, QC. The nonrecourse loans are sponsored by
Toulon Development Corp., a full-service real estate firm with
developments in eastern Canada, Quebec and Colorado in the U.S.

The second largest loan, Calloway Courtenay (9.1% of the pool), is
secured by a participation in a 272,795-sf shopping center located
in Courtenay, British Columbia. Courtenay is located on Vancouver
Island, approximately 190 kilometers northwest of the city of
Vancouver. The property, which was developed in 2001, is anchored
by a Walmart Supercentre and is 96.5% occupied. Other major tenants
include Sport Chek, Best Buy, Winners and Staples. The loan is
sponsored by SmartREIT (formerly known as Calloway REIT), which has
a public investment-grade rating. In addition, the loan is full
recourse to the sponsor.

RATING SENSITIVITIES

The Rating Outlook on classes E, F and G are Negative due to the
uncertainty regarding the operations and performance of the Fort
McMurray loan in addition to the transaction's total exposure to
the volatility in the energy markets in Alberta and Saskatchewan.
Stable Outlooks reflect the stable performance of the majority of
the pool and continued amortization. Upgrades may occur with
improved pool performance and significant pay down or defeasance,
though any upgrades may be limited due to the highly concentrated
pool. Downgrades to the classes are possible should overall pool
performance decline.

Fitch has affirmed the following ratings:

-- $170.9 million class A-1 at 'AAAsf'; Outlook Stable;
-- $80 million class A-2 at 'AAAsf'; Outlook Stable;
-- $6.6 million class B at 'AAsf'; Outlook Stable;
-- $11.2 million class C at 'Asf'; Outlook Stable;
-- $9.1 million class D at 'BBBsf'; Outlook Stable;
-- $5 million class E at 'BBB-sf'; Outlook Negative;
-- $3.7 million class at F 'BBsf'; Outlook Negative;
-- $3.3 million class at G 'Bsf'; Outlook Negative.

Fitch does not rate the $6.6 million class H and the interest-only
class X.


JP MORGAN 2014-C23: Fitch Affirms 'Bsf' Rating on 2 Tranches
------------------------------------------------------------
Fitch Ratings affirms J.P. Morgan Chase Commercial Mortgage
Securities Trust (JPMBB), series 2014-C23 commercial mortgage
pass-through certificates.  

KEY RATING DRIVERS

Stable Performance: The performance of the pool has been relatively
stable since issuance. Four loans (1.2%) have transferred to
special servicing since issuance, two (0.7%) were modified and
corrected in June 2017, and two Texas multifamily properties (0.5%)
are currently 90+ days delinquent. Fitch has identified one loan of
concern, 1800 West Central Road (3%) due to upcoming rollover.

Retail Exposure: Three (13.5%) of the top 10 loans are
collateralized by retail properties (two regional malls and one
shopping center) located in Grapevine, TX, Caguas, PR, and Los
Angeles, CA. The Las Catalinas Mall (4.1%) loan in Puerto Rico has
exposure to retailers Kmart and Sears and declining sales since
issuance.

Hurricane Exposure: Of the top 15 loans, one (4.1%) is located in
Caguas, PR. At this time, it is unknown if the property has
sustained any damage from Hurricane Irma, and the island is
currently bracing for Hurricane Maria. Fitch continues to monitor
the loan and awaits property updates and insurance coverage
information from the master servicer.

Pool Concentrations: The top 10 loans represent 51.3% of the total
pool balance and the top 3 loans (23.4%) of the total pool
balance.

Limited Amortization: 26.2% of the pool is full-term interest-only,
52% of the pool is partial term interest-only, and 2.3% of the pool
is fully amortizing. The remainder of the pool (25 loans, 19.5%)
consists of amortizing balloon loans with loan terms of five to 10
years. Based on the scheduled balance at maturity, the pool will
have paid down 10.4%.

RATING SENSITIVITIES

Rating Outlooks for all classes remain Stable due to the overall
stable performance of the pool and minimal paydown. Upgrades may
occur with improved pool performance and significant paydown or
defeasance. Downgrades to the classes are possible should overall
pool performance decline.

Fitch has affirmed the following ratings:

-- $20.1 million class A-1 at 'AAAsf'; Outlook Stable;
-- $241 million class A-2 at 'AAAsf'; Outlook Stable;
-- $36.6 million class A-3 at 'AAAsf'; Outlook Stable;
-- $235 million class A-4 at 'AAAsf'; Outlook Stable;
-- $307.5 million class A-5 at 'AAAsf'; Outlook Stable;
-- $79.3 million class A-SB at 'AAAsf'; Outlook Stable;
-- $86.4 million class A-S* at 'AAAsf'; Outlook Stable;
-- Interest-only class X-A at 'AAAsf'; Outlook Stable;
-- $62.7 million class B* at 'AAsf'; Outlook Stable;
-- $52.5 million class C* at 'Asf'; Outlook Stable;
-- $201.6 million class EC* at 'Asf'; Outlook Stable;
-- $96.6 million class D at 'BBB-sf'; Outlook Stable;
-- Interest-only class X-B at 'BBB-sf'; Outlook Stable;
-- $30.5 million class E at 'BBsf'; Outlook Stable;
-- Interest-only class X-C at 'BBsf'; Outlook Stable;
-- $15.3 million class F at 'Bsf'; Outlook Stable;
-- Interest-only class X-D at 'Bsf'; Outlook Stable.

*Class A-S, B, and C certificates may be exchanged for a related
amount of class EC certificates, and class EC certificates may be
exchanged for class. A-S, B, and C certificates.

Fitch does not rate the $62.7 million class NR certificates or the
interest-only class X-E. Fitch does not rate the $12.2 million
class UH5, which will only receive distributions from, and will
only incur losses with respect to, the non-pooled component of the
U-Haul Self-Storage Portfolio mortgage loan. Fitch does not rate
the $10.5 million class WYA, which will only receive distributions
from, and will only incur losses with respect to, the non-pooled
component of the Wyvernwood Apartments mortgage loan. Fitch does
not rate the $15 million class RIM, which will only receive
distributions from, and will only incur losses with respect to, the
non-pooled component of the Residence Inn Midtown East mortgage
loan. Such class will share in losses and shortfalls on the related
componentized mortgage loan.



KEY COMMERCIAL 2007-SL1: Moody's Hikes Class C Certs to B2
----------------------------------------------------------
Moody's Investors Service has upgraded the ratings on two classes
and affirmed the rating on one class in Key Commercial Mortgage
Securities Trust 2007-SL1, Commercial Mortgage Pass-Through
Certificates, Series 2007-SL1.:

Cl. C, Upgraded to B2 (sf); previously on Sep 29, 2016 Affirmed
Caa1 (sf)

Cl. D, Upgraded to Caa3 (sf); previously on Sep 29, 2016 Affirmed
Ca (sf)

Cl. X, Affirmed C (sf); previously on Jun 9, 2017 Downgraded to C
(sf)

RATINGS RATIONALE

The ratings on the two P&I classes were upgraded due to lower
realized losses from specially serviced and troubled loans than
Moody's had previously expected.

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

Moody's rating action reflects a base expected loss of 3.1% of the
current pooled balance, compared to 15.6% at Moody's last review.
Moody's base expected loss plus realized losses is now 5.4% of the
original pooled balance, compared to 6.6% 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 RATINGS:

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

Additionally, the methodology used in rating Cl. X was "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 100% of the pool is in
special servicing. In this approach, Moody's determines a
probability of default for each specially serviced and troubled
loan that it expects will generate a loss and estimates a loss
given default based on a review of broker's opinions of value (if
available), other information from the special servicer, available
market data and Moody's internal data. The loss given default for
each loan also takes into consideration repayment of servicer
advances to date, estimated future advances and closing costs.
Translating the probability of default and loss given default into
an expected loss estimate, Moody's then applies the aggregate loss
from specially serviced to the most junior class and the recovery
as a pay down of principal to the most senior class.

DEAL PERFORMANCE

As of the September 15, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 97% to $8.0 million
from $237.5 million at securitization. The certificates are
collateralized by two remaining mortgage loans.

Eighteen loans have been liquidated from the pool, resulting in an
aggregate realized loss of $12.5 million (for an average loss
severity of 64%). Both remaining loans are currently in special
servicing. The largest loan is 212th Street Plaza & Valley Self
Storage ($5.5 million -- 68% of the pool), which is secured by a
28,153 square foot (SF) retail center and a 336 unit self-storage
facility, located in Kent, Washington. As of June 2017, the retail
property was 100% leased while the self-storage complex was 88%
leased. Performance at the properties have increased in recent
years due to increased revenue. The loan matured in February 2017.
The borrower indicated they are attempting to sell the properties
and a sale is expected to close in the coming months.

The second specially serviced loan is Martina Park Place ($2.5
million -- 31.6% of the pool), which is secured by three retail
properties, totaling 13,775 SF, in downtown Kirkland, Washington.
As of March 2017, the properties were 100% leased. The two largest
tenants total 40% of the net rentable area (NRA) and both leases
expire in 2020. The third largest tenant, which comprises 12.7% of
the NRA, recently renewed its lease for five years. The loan
matured in February 2017. The Borrower has indicated they intend to
payoff the loan and the special servicer is currently dual
tracking.

Moody's received full year 2016 operating results for both loans.


KKR CLO 10: S&P Assigns BB(sf) Rating on Class E-R Notes
--------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R, B-R, C-R,
D-R, and E-R replacement notes from KKR CLO 10 Ltd., a
collateralized loan obligation (CLO) originally issued in December
2014 that is managed by KKR Financial Advisors II LLC. We withdrew
our ratings on the original class A, B-1, B-2, C-1, C-2, D, and E
notes following payment in full on the Sept. 15, 2017, refinancing
date.  

On the Sept. 15, 2017, refinancing date, the proceeds from the
class A-R, B-R, C-R, D-R, and E-R replacement note issuances were
used to redeem the original class A, B-1, B-2, C-1, C-2, D, and E
notes as outlined in the transaction document provisions. S&P said,
"Therefore, we withdrew our ratings on the original notes in line
with their full redemption, and we are assigning ratings to the
replacement notes.

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

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

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

  RATINGS ASSIGNED

  KKR CLO 10 Ltd./KKR CLO 10 LLC
  Replacement class     Rating        Amount (mil $)
  X                     NR                     1.300
  A-R                   AAA (sf)             252.000
  B-R                   AA (sf)               52.000
  C-R                   A (sf)                24.000
  D-R                   BBB (sf)              24.000
  E-R                   BB (sf)               16.000
  Subordinated notes    NR                    47.600

  RATINGS WITHDRAWN

  KKR CLO 10 Ltd./KKR CLO 10 LLC
                           Rating
  Original class       To              From  
  A                    NR              AAA (sf)
  B-1                  NR              AA (sf)
  B-2                  NR              AA (sf)
  C-1                  NR              A (sf)
  C-2                  NR              A (sf)
  D                    NR              BBB (sf)
  E                    NR              BB (sf)

  NR--Not rated.


LB-UBS COMMERCIAL 2003-C8: Moody's Affirms B1 Rating on N Certs
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on two classes
in LB-UBS Commercial Mortgage Trust 2003-C8, Commercial Mortgage
Pass-Through Certificates, Series 2003-C8:

Cl. N, Affirmed B1 (sf); previously on Nov 10, 2016 Affirmed B1
(sf)

Cl. X-CL, Affirmed C (sf); previously on Jun 9, 2017 Downgraded to
C (sf)

RATINGS RATIONALE

The rating on Class N was affirmed because the ratings are
consistent with expected recovery of principal and interest from
the specially serviced loan. Although Class N is fully covered by
defeasance, this class is expected to continue experiencing
interest shortfalls caused by the loan in special servicing.

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

Moody's rating action reflects a base expected loss of 37% of the
current pooled balance, compared to 38% at Moody's last review.
Moody's base expected loss plus realized losses is now 1.6% of the
original pooled balance, compared to 1.7% 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 RATINGS:

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

Additionally, the methodology used in rating Cl. X-CL was "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I class in this deal since 52% of the pool is in
special servicing. In this approach, Moody's determines a
probability of default for each specially serviced and troubled
loan that it expects will generate a loss and estimates a loss
given default based on a review of broker's opinions of value (if
available), other information from the special servicer, available
market data and Moody's internal data. The loss given default for
each loan also takes into consideration repayment of servicer
advances to date, estimated future advances and closing costs.
Translating the probability of default and loss given default into
an expected loss estimate, Moody's then applies the loss from the
specially serviced loan to the most junior classes and the recovery
as a pay down of principal to the most senior classes.

DEAL PERFORMANCE

As of the September 15, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $12.5 million
from $1.4 billion at securitization. The certificates are
collateralized by two mortgage loans. One loan, constituting 48% of
the pool, has defeased and is secured by US government securities.

Twenty loans have been liquidated from the pool, contributing to an
aggregate realized loss of $18.5 million (for an average loss
severity of 21%). The only specially serviced loan is the PGA
Commons Loan ($6.45 million -- 51.6% of the pool), which is secured
by a 38,700 square foot (SF) retail/office property located in Palm
Beach Gardens, Florida. The property was the first phase of a
three-phase project known as PGA Commons. The loan initially
transferred to special servicing in March 2010 and became REO in
November 2012. As of the June 2017 rent roll, the property was 86%
leased to 18 tenants, up from 65% at Moody's prior review. The
master servicer has deemed this loan non-recoverable.

As of the September 15, 2017 remittance statement cumulative
interest shortfalls were $3.4 million. Moody's anticipates interest
shortfalls will continue because of the exposure to the specially
serviced loan. Interest shortfalls are caused by special servicing
fees, including workout and liquidation fees, appraisal entitlement
reductions (ASERs), loan modifications and extraordinary trust
expenses.


MERRILL LYNCH 1997-C2: Moody's Affirms C Rating on Class IO Certs
-----------------------------------------------------------------
Moody's Investors Service Moody's Investors Service has affirmed
the rating on one interest-only (IO) class in Merrill Lynch
Mortgage Investors Inc 1997-C2, Commercial Mortgage Pass-Through
Certificates, Series 1997-C2:

IO, Affirmed C (sf); previously on June 9, 2017 Downgraded to C
(sf)

RATINGS RATIONALE

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

Moody's does not anticipate losses from the remaining collateral in
the current environment. However, over the remaining life of the
transaction, losses may emerge from macro stresses to the
environment and changes in collateral performance. Moody's ratings
reflect the potential for future losses under varying levels of
stress. Moody's base expected loss plus realized losses is now 3.4%
of the original pooled balance, the same as at Moody's 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:

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

Additionally, the methodology used in rating IO was "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

DEAL PERFORMANCE

As of the September 11, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 97% to $20.8 million
from $686.3 million at securitization. The Certificates are
collateralized by four mortgage loans ranging in size from less
than 1% to 51% of the pool. There are no loans in the current pool
that have defeased.

Three loans, representing 69% 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.

Loans that have liquidated from the pool have resulted in an
aggregate realized loss of $23.3 million. There are currently no
loans in special servicing.

Moody's was provided with full year 2016 and full or partial year
2017 operating results for 49% and 100% of the pool, respectively.
Moody's weighted average conduit LTV is 73% compared to 66% 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 9% to the most recently available net operating
income (NOI). Moody's value reflects a weighted average
capitalization rate of 9.75%.

Moody's actual and stressed conduit DSCRs are 0.92X and 2.07X,
respectively, compared to 1.05X and 2.05X 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 largest remaining loan is Northlake Tower Festival Loan ($10.6
million -- 50.8% of the pool), which is secured by a 321,623 square
foot (SF) retail property located in Tucker, Georgia, a suburb of
Atlanta. As of June 2017, the center was 67% leased, compared to
72% in September 2016. The former second-largest tenant, Bally's
Total Fitness, which had occupied 30,000 square feet (SF) (9% of
the property's net rentable area) vacated at lease expiration in
October 2014. Additionally, Toys "R" Us, which had occupied 43,000
square feet (SF) vacated in January 2015. The loan is on the
watchlist due to low occupancy and has passed its anticipated
repayment date (ARD) in 2013. The loan's final maturity date is in
December 2027. Moody's LTV and stressed DSCR are 110.0% and 0.98X,
respectively, compared to 100.2% and 1.08X at the last review.

The second largest loan is The Links at Jonesboro Loan ($6.5
million -- 31.1% of the pool). The loan is secured by a 38
building, 432 unit multifamily garden apartment complex located in
Jonesboro, Arkansas. The property is centered around an 18-hole
golf course. As per the September 2017 rent roll, the property was
100% occupied, the same as in September 2016. The loan is fully
amortizing and matures in December 2022. Moody's LTV and stressed
DSCR are 33.0% and 3.11X, respectively, compared to 39.4% and 2.61X
at the last review.

The third largest loan is the Dogwood Lakes Apartments Loan ($3.8
million -- 18% of the pool), which is secured by a 276 unit
multifamily apartment complex in Benton, Arkansas. As per the June
2017 rent roll the property was 100% leased, compared to 99% in
June 2017. The loan is fully amortizing and matures in October
2022. Moody's LTV and stressed DSCR are 35.7% and 2.87X,
respectively, compared to 39.3% and 2.61X at the last review.


MERRILL LYNCH 2007-CAN22: Moody's Cuts Rating on Cl. XC Certs to C
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of four classes
and downgraded one class of Merrill Lynch Financial Assets Inc.
Commercial Mortgage Pass-Through Certificates, Series 2007-Canada
22:

Cl. H, Affirmed B2 (sf); previously on Mar 17, 2017 Affirmed B2
(sf)

Cl. J, Affirmed Caa1 (sf); previously on Mar 17, 2017 Affirmed Caa1
(sf)

Cl. K, Affirmed Caa2 (sf); previously on Mar 17, 2017 Affirmed Caa2
(sf)

Cl. L, Affirmed Caa3 (sf); previously on Mar 17, 2017 Affirmed Caa3
(sf)

Cl. XC, Downgraded to C (sf); previously on Jun 9, 2017 Downgraded
to Caa1 (sf)

RATINGS RATIONALE

The ratings on four P&I Classes (H, J, K & L) were affirmed due to
Moody's expected loss.

The rating on IO Class XC was downgraded based on the credit
performance of the referenced classes.

Moody's rating action reflects a base expected loss of 48.5% of the
current balance, compared to 2.3% at Moody's last review. Moody's
base expected loss plus realized losses is now 1.7% of the original
pooled balance, compared to 1.2% at Moody's 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 RATINGS:

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

Additionally, the methodology used in rating Class XC was "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 72% 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 and the recovery as a pay
down of principal to the most senior class.

DEAL PERFORMANCE

As of the September 12, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $8.6 million
from $434.4 million at securitization. The certificates are
collateralized by 2 mortgage loans ranging in size from 28% to 72%
of the pool.

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

One loan has been liquidated from the pool, resulting in an
aggregate realized loss of $3.2 million (for an average loss
severity of 43.5%). The one specially serviced loan is the 4240
Manor Street Loan ($6.2 million -- 72% of the pool), which secured
by a 71,000 SF three-story, industrial property located in Burnaby,
BC. The Loan had an original maturity date of March 2017 and
transferred to special servicing in June 2017. The Borrower
converted the use of the building from office to self-storage in
2014 without lender consent.

Moody's received full year 2015 operating results for 100% of the
pool, and full or partial year 2016 operating results for 28% of
the pool.

The largest loan not in special servicing is the Coldstream Meadows
Property Loan ($2.4 million -- 28% of the pool), which is secured
by a 60 unit seniors/retirement housing property located in
Coldstream, BC approximately 260 miles north of Spokane, WA. The
Property was 93% leased as of December 2016 compared to 89% in
December 2014. The Property was listed in good condition in the
July 2016 inspection report. The Loan is 100% Recourse to the
Borrower (and/or Guarantors).


MILL CITY 2017-3: Fitch to Rate Class B2 Notes 'Bsf'
----------------------------------------------------
Fitch Ratings expects to rate Mill City Mortgage Loan Trust 2017-3
(MCMLT 2017-3) as follows:

-- $278,728,000 class A1 notes 'AAAsf'; Outlook Stable;
-- $24,944,000 class M1 notes 'AAsf'; Outlook Stable;
-- $28,199,000 class M2 notes 'Asf'; Outlook Stable;
-- $23,860,000 class M3 notes 'BBBsf'; Outlook Stable;
-- $17,352,000 class B1 notes 'BBsf'; Outlook Stable;
-- $17,353,000 class B2 notes 'Bsf'; Outlook Stable;
-- $303,672,000 class A2 subsequent exchangeable notes 'AAsf';
    Outlook Stable;
-- $331,871,000 class A3 subsequent exchangeable notes 'Asf';
    Outlook Stable.
-- $355,731,000 class A4 subsequent exchangeable notes 'BBBsf';
    Outlook Stable.

The following classes will not be rated by Fitch:

-- $26,029,000 class B3 notes;
-- $8,676,000 class B4 notes;
-- $8,676,744 class B5 notes.

The notes are supported by one collateral group that consists of
1,665 seasoned performing and re-performing mortgages with a total
balance of approximately $433.82 million (which includes $25.7
million, or 5.9%, of the aggregate pool balance in
non-interest-bearing deferred principal amounts) as of the
statistical calculation date.

The 'AAAsf' rating on the class A1 notes reflects the 35.75%
subordination provided by the 5.75% class M1, 6.50% class M2, 5.50%
class M3, 4.00% class B1, 4.00% class B2, 6.00% class B3, 2.00%
class B4 and 2.00% class B5 notes.

Fitch's ratings on the class notes reflect the credit attributes of
the underlying collateral, the quality of the servicers: Select
Portfolio Servicing, Inc. (SPS) rated RPS1-,Shellpoint Mortgage
Servicing (Shellpoint) and Fay Servicing, LLC (Fay), both rated
'RSS3+'; the representation (rep) and warranty framework; minimal
due diligence findings and the sequential pay structure.

KEY RATING DRIVERS

Distressed Performance History (Concern): The collateral pool
consists primarily of peak-vintage seasoned re-performing loans
(RPLs), including loans that have been paying for the past 24
months, which Fitch identifies as "clean current" (54.7%), and
loans that are current but have recent delinquencies or incomplete
paystrings, identified as "dirty current" (45.3%). All loans were
current as of the cutoff date; 71.3% of the loans have received
modifications.

Due Diligence Findings (Concern): The third-party review (TPR)
firm's due diligence review resulted in approximately 349 loans
(21%) graded 'C' and 'D', of which 102 were subject to a loss
severity (LS) adjustment for issues regarding high-cost testing,
and one loan that was not reviewed by any TPR firm. Furthermore,
Fitch applied a 300% LS adjustment to two loans because the TPR
firm concluded that the lender did not document all the Ability to
Repay (ATR) underwriting factors.

Fitch extended timelines on 79 loans that were missing final
modification documents and increased the LS of one loan by $15,500
due to an incurable TILA/RESPA Integrated Disclosure (TRID)
exception cited by the TPR firm.

Hurricane Harvey and Irma Loans Removed (Positive): CarVal
Investors, LLC (CarVal) dropped all loans in Federal Emergency
Management Agency (FEMA) zones impacted by Hurricane Harvey. The
company also dropped all loans in the southern half of Florida as
well as the coastal regions of Georgia, South Carolina and North
Carolina that may be affected by Hurricane Irma. In addition, any
loan located in Florida will be repurchased if the borrower does
not make the first two payments following the closing date.

Land Loans Included (Concern): Eleven loans were identified as land
loans. These loans were originated as construction to permanent
over 10 years ago; however, a house was never constructed on these
properties. Fitch treated these land loans conservatively by
assuming 100% LS and as cash-out refinance, manufactured housing
and investor properties. Due to the limited number of land loans in
the transaction, the impact to the expected loss was roughly
5.0bps.

Tax and Title Search Aged over Six Months (Concern): For
approximately 48% of the loans, the updated tax and title search
was performed more than six months prior to securitization. Fitch
expects to receive updated gap reports that list all outstanding
tax, title and lien issues, as of the closing date. Fitch believes
the risk of any potential taxes and liens that exist at the time of
closing is low due to the servicers' very close oversight of
borrower payments. Any issues will be cleared within 90 days or the
loans will be repurchased by the issuer.

Sequential-Pay Structure (Positive): The transaction's cash flow is
based on a sequential-pay structure whereby the subordinate classes
do not receive principal until the senior classes are repaid in
full. Losses are allocated in reverse-sequential order.
Furthermore, the provision to re-allocate principal to pay interest
on the 'AAAsf' and 'AAsf' rated notes prior to other principal
distributions is highly supportive of timely interest payments to
those classes, in the absence of servicer advancing.

HELOCs Included (Concern): Approximately 11.7% of the total pool is
made up of loans with home equity lines of credit (HELOCs). To
account for future potential draws, Fitch added the available draw
amount to the loans where the credit line was not permanently
closed or temporarily frozen in declining markets (as evidenced by
declining updated property values). This approach affected 60 loans
(2.6% of the pool) and increased the amount owed by $1.47 million
for determining borrowers' probability of default (PD) and LS in
Fitch's analysis.

Deferred Amounts (Concern): Non-interest-bearing principal
forbearance amounts totaling $25.7 million (5.9% of the unpaid
principal balance) are outstanding on 578 loans. Fitch included the
deferred amounts when calculating the borrower's LTV and sLTV,
despite the lower payment and amounts not being owed during the
term of the loan. The inclusion resulted in higher PDs and LS than
if there were no deferrals. Fitch believes that borrower default
behavior for these loans will resemble that of the higher LTVs, as
exit strategies (that is, sale or refinancing) will be limited
relative to those borrowers with more equity in the property.

Potential Interest Deferrals (Mixed): To address the lack of an
external P&I advance mechanism, principal otherwise distributable
to the notes may be used to pay monthly interest. While this helps
provide stability in the cash flows to the high
investment-grade-rated bonds, the lower-rated bonds may experience
long periods of interest deferral that will generally not be repaid
until such note becomes the most senior outstanding.

Under Fitch's "Global Structured Finance Rating Criteria," dated
May 2017, the agency may assign ratings of up to 'Asf' on notes
that incur deferrals if such deferrals are permitted under terms of
the transaction documents, provided such amounts are fully
recovered well in advance of the legal final maturity under the
relevant rating stress.

Representation Framework (Mixed): Fitch generally considers the
representation, warranty and enforcement (RW&E) mechanism construct
for this transaction to be generally consistent with a Tier 2
framework due to the inclusion of knowledge qualifiers and the
exclusion of loans from certain reps as a result of third-party due
diligence findings. For 38 loans that are seasoned less than 24
months, Fitch viewed the framework as a Tier 3 because the reps
related to the origination and underwriting of the loan, which are
typically expected for newly originated loans, were not included.
Thus, Fitch increased its 'AAAsf' PD loss expectations by
approximately 480bps to account for a potential increase in
defaults and losses arising from weaknesses in the reps.

Limited Life of Rep Provider (Concern): CVI CVF III Lux Master
S.a.r.l., as rep provider, will only be obligated to repurchase a
loan due to breaches prior to the payment date in October 2018.
Thereafter, a reserve fund will be available to cover amounts due
to noteholders for loans identified as having rep breaches. Amounts
on deposit in the reserve fund, as well as the increased level of
subordination, will be available to cover additional defaults and
losses resulting from rep weaknesses or breaches occurring on or
after the payment date in October 2018. Fitch applied a breach
reserve account credit, which lowered Fitch's loss expectations by
approximately 25bps.

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

Timing of Recordation and Document Remediation (Neutral): A review
to confirm that the mortgage and subsequent assignments were
recorded in the relevant local jurisdiction was performed. The
review confirmed that all mortgages and subsequent assignments were
recorded in the relevant local jurisdiction or were being
recorded.

While the expected timelines for recordation and remediation are
viewed by Fitch as reasonable, the obligation of CVI CVF III Lux
Master S.a.r.l. to repurchase loans for which assignments are not
recorded and endorsements are not completed by the payment date in
October 2018, aligns the issuer's interests regarding completing
the recordation process with those of noteholders. While there will
not be an asset manager in this transaction, the indenture trustee
will be reviewing the custodian reports. The indenture trustee will
request CVI CVF III Lux Master S.a.r.l. to purchase any loans with
outstanding assignment and endorsement issues two days prior to the
October 2018 payment date.

Solid Alignment of Interest (Positive): The sponsor, Mill City
Holdings, LLC, will acquire and retain a 5% interest in each class
of the securities to be issued. In addition, the rep provider is an
indirect owner of the sponsor.

CRITERIA APPLICATION

Fitch analyzed the transaction in accordance with its criteria, as
described in its June 2017 report "U.S. RMBS Rating Criteria." This
incorporates a review of the originators' lending platforms, as
well as an assessment of the transaction's R&Ws provided by the
originators and arranger, which were found to be consistent with
the ratings assigned to the certificates.

Fitch's analysis incorporated one criteria variation from "U.S.
RMBS Rating Criteria" and one criteria variation from the "U.S.
RMBS Loan Loss Model Criteria," which are described below.

The first variation is that 38 loans (approximately 0.4% by
balance) in the pool are seasoned less than 24 months and
considered newly originated. On average, these loans are
approximately 18 months seasoned. The due diligence scope for these
loans was not consistent with Fitch's scope for newly originated
loans. Fitch is comfortable with the due diligence that was
completed on these loans as the loans made up a small percentage of
the pool. In addition, conservative assumptions were made on the
collateral analysis for these loans.

The second variation relates to overriding the default assumption
for original DTI in Fitch's loan loss model. Based on a historical
data analysis of over 750,000 loans from Fannie Mae and Fitch's
rated RPL transactions, Fitch assumed an original debt-to-income
ratio (DTI) of 45% for all loans in a pool that did not have
original DTI data available (approximately 68% of the pool). The
historical loan data support the DTI assumption of 45%. Prior to
conducting the historical analysis, Fitch had previously assumed
55% for loans that were missing original DTI values.

RATING SENSITIVITIES

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

Fitch conducted sensitivity analysis determining how the ratings
would react to steeper MVDs at the national level. The analysis
assumes MVDs of 10%, 20%, and 30%, in addition to the
model-projected 37.9% at 'AAAsf'. The analysis indicates there is
some potential rating migration with higher MVDs, compared with the
model projection.

Fitch also conducted sensitivities to determine the stresses to
MVDs that would reduce a rating by one full category, to
non-investment grade, and to 'CCCsf'.


MILL CITY 2017-3: Moody's Assigns Prov. Ba2 Rating to Cl. B1 Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to eight
classes of notes issued by Mill City Mortgage Loan Trust ("MCMLT")
2017-3.

The certificates are backed by one pool of 1,665 seasoned
performing and modified re-performing loans which include home
equity lines of credit (HELOC) mortgage loans and loans with a
negative amortization feature. The collateral pool has a non-zero
updated weighted average FICO score of 677 and a weighted average
current LTV of 79.21%.

There are approximately 11.51% HELOC loans in this pool, of which
22.50% of the borrowers are currently eligible to make draws up to
their credit limit. Approximately 64.36% of the HELOC loans have
their credit line temporarily frozen due to certain circumstances
including but not limited to the event where the current home value
has declined below a specified level.

The borrowers may unfreeze their credit line in future if the
circumstances that cause such credit line to be frozen are cured.
The remaining HELOC loans (approx. 13.14%) have their credit lines
permanently frozen. In the event that all HELOC loans (other than
the HELOC loans that are permanently frozen) are no longer
precluded from making draws, the maximum amount of draws available
to the borrowers as of August 2017 is equal to $4,543,930 or
approximately 1.05% of closing date UPB, compared to $668,202 in
MCMLT 2017-2 and $3.698 million in MCMLT 2017-1.

A HELOC borrower will be assessed a principal payment only in the
case that their credit limit amortizes to an amount that is below
the outstanding principal balance of the loan, otherwise the
borrower will be required to make only an interest payment.

During the amortization period, the credit limit will decrease at a
fixed rate. For example, if the amortization period is 240 months
then in each month, the credit limit will reduce by 1/240 of the
original credit limit.

In addition, approximately 9.80% of the loans are originated on or
after January 1, 2010 ("newly originated loans") for which Moody's
also performed additional loan level analysis similar to Moody's
analysis of newly originated prime quality loans and approximately
2.70% of the loans have a negative amortization feature. 70.51% of
the loans in the collateral pool were also previously modified and
the remaining loans have never been modified.

Fay Servicing LLC ("Fay") , Select Portfolio Servicing, Inc.
("SPS") and Shellpoint Mortgage Servicing ("Shellpoint"), are the
servicers for the loans in the pool. The servicers will not advance
any principal or interest on the delinquent loans. However, the
servicers will be required to advance costs and expenses incurred
in connection with a default, delinquency or other event in the
performance of its servicing obligations. In addition, if a
borrower of a HELOC loan requests a draw on the related HELOC
credit line, the related servicer will be required to fund such
draw.

The complete rating actions are:

Issuer: Mill City Mortgage Loan Trust 2017-3

Cl. A1, Assigned (P)Aaa (sf)

Cl. A2, Assigned (P)Aa1 (sf)

Cl. A3, Assigned (P)A1 (sf)

Cl. A4, Assigned (P)A3 (sf)

Cl. M1, Assigned (P)Aa2 (sf)

Cl. M2, Assigned (P)A2 (sf)

Cl. M3, Assigned (P)Baa3 (sf)

Cl. B1, Assigned (P)Ba2 (sf)

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected losses on MCMLT 2017-3's collateral pool average
10.20% in Moody's base case scenario. Moody's loss estimates take
into account the historical performance of loans that have similar
collateral characteristics as the loans in the pool. For example,
Moody's observed the performance of 10 year IO-ARM loans as a proxy
to estimate future delinquencies for first lien HELOC loans because
of the similarities in the two loan types. A typical HELOC is an
adjustable rate loan with an IO period after which the loan
amortizes over the remaining term.

For the non-modified portion of this pool, Moody's analyzed data on
delinquency rates for always current (including self-cured) loans.
Moody's final loss estimates also incorporates adjustments for the
strength of the third party due diligence, the servicing framework
(including the capability to service HELOC loans) and the
representations and warranties (R&W) framework of the transaction.

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

Collateral Description

MCMLT 2017-3 is a securitization of 1,665 loans and is primarily
comprised of seasoned performing and modified re-performing
mortgage loans. Approximately 70.51% of the loans in the collateral
pool have been previously modified.

Moody's expected losses on Moody's estimates of 1) the default rate
on the remaining balance of the loans and 2) the principal recovery
rate on the defaulted balances. The two factors that most strongly
influence a re-performing mortgage loan's likelihood of re-default
are the length of time that the loan has performed since a loan
modification, and the amount of the reduction in the monthly
mortgage payment as a result of the modification. The longer a
borrower has been current on a re-performing loan, the less likely
the borrower is to re-default. Approximately 49.14% of the
borrowers have been current on their payments for at least the past
24 months.

There are approximately 221 properties in the pool which had
potential exposure to Hurricane Irma. Majority of the properties
are located in Florida. Moody's did not make any specific
adjustments to Moody's expected loss because (i) there is a No
Damage R&W which specifies that the property is undamaged by events
including flood, tornado and windstorm and (ii) The Representation
Provider covenants that with respect to any property located in
Florida, if the borrower does not make any two of the first three
mortgage payments due immediately following the Closing Date, the
Representation Provider will repurchase the related Mortgage Loan.
It is expected that the servicer will inspect properties that were
affected by Hurricane Irma and any damaged properties will be
removed from the portfolio prior to Closing Date. This portfolio
contains no properties that were affected by Hurricane Harvey.

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

In the pool-level approach, Moody's estimates losses on the pool by
using a approach similar to Moody's surveillance approach wherein
Moody's apply assumptions on expected future delinquencies, default
rates, loss severities and prepayments as observed from Moody's
surveillance of similar collateral. Moody's projects future annual
delinquencies for eight years by applying an initial annual default
rate and delinquency burnout factors. Based on the loan
characteristics of the pool and the demonstrated pay histories,
Moody's expects an annual delinquency rate of 9.5% on the
collateral pool for year one. Moody's then calculated future
delinquencies on the pool using Moody's default burnout and
voluntary conditional prepayment rate (CPR) assumptions. Moody's
assumptions also factor in the high delinquency rates expected in
the early stages of the transaction due to payment shock expected
during the amortization phase for HELOC loans originated in
2005-2008 as well as payment shock expected for step-rate loans.
The delinquency burnout factors reflect Moody's future expectations
of the economy and the U.S. housing market. Moody's then aggregated
the delinquencies and converted them to losses by applying
pool-specific lifetime default frequency and loss severity
assumptions. Moody's loss severity assumptions are based off
observed severities on liquidated seasoned loans and reflect the
lack of principal and interest advancing on the loans.

Moody's also conducted a loan level analysis on MCMLT 2017-3's
collateral pool. Moody's applied loan-level baseline lifetime
propensity to default assumptions based on the historical
performance of loans with similar collateral characteristics and
payment histories. Moody's then adjusted this base default
propensity up for (1) adjustable-rate loans, (2) loans that have
the risk of coupon step-ups and (3) loans with high updated loan to
value ratios (LTVs). Moody's applied a higher baseline lifetime
default propensity for interest-only loans, using the same
adjustments. To calculate the final expected loss for the pool,
Moody's applied a loan-level loss severity assumption based on the
loans' updated estimated LTVs. Moody's further adjusted the loss
severity assumption upwards for loans in states that give
super-priority status to homeowner association (HOA) liens, to
account for potential risk of HOA liens trumping a mortgage. For
9.80% of newly originated loans, Moody's also performed additional
loan level analysis similar to Moody's analysis of newly originated
prime quality loans.

The deferred balance in this transaction is approximately $25.66
million, representing approximately 5.92% of the total unpaid
principal balance. Loans that have HAMP and proprietary remaining
principal reduction alternative (PRA) amounts totaled $190,278,
representing approximately 0.04% of total deferred balance.

Under HAMP-PRA, the principal of the borrower's mortgage may be
reduced by a predetermined amount called the PRA forbearance amount
if the borrower satisfies certain conditions during a trial period.
If the borrower continues to make timely payments on the loan for
three years, the entire PRA forbearance amount is forgiven. Also,
if the loan is in good standing and the borrower voluntary pays off
the loan, the entire forbearance amount is forgiven.

For non-PRA forborne amounts, the deferred balance is the full
obligation of the borrower and must be paid in full upon (i) sale
of property (ii) voluntary payoff or (iii) final scheduled payment
date. Upon sale of the property, the servicer therefore could
potentially recover some of the deferred amount. For loans that
default in future or get modified after the closing date, the
servicer may opt for partial or full principal forgiveness to the
extent permitted under the servicing agreement.

Based on performance data and information from servicers, Moody's
assume that 100% of the remaining PRA amount would be forgiven and
not recovered. For non-PRA deferred balance, Moody's applied a
slightly higher default rate for these loans than what Moody's
assumed for the overall pool given that these borrowers have
experienced past credit events that required loan modification, as
opposed to borrowers who have been current and have never been
modified. Also, for non-PRA loans, based on performance data from
an RPL servicer, Moody's assumed approximately 95% severity as
servicers may recover a portion of the deferred balance. The final
expected loss for the collateral pool reflects the due diligence
scope and findings of the independent third party review (TPR)
firms as well as Moody's assessment of MCMLT 2017-3's
representations & warranties (R&Ws) framework.

Transaction Structure

The securitization has a simple sequential priority of payments
structure without any cash flow triggers. The transaction allocates
75% of excess cashflow (net of realized losses and certain
unreimbursed amounts) pro-rata to Class A1 through Class B3.

This arrangement is weaker than some rated transactions where
excess cashflow is used to pay principal sequentially, however, it
is still beneficial to the senior bonds because principal payments
from excess interest collection helps to build credit enhancement
through overcollateralization.

Similar to MCMLT 2017-2, due to the inclusion of HELOC loans (and
potential for future draws) certain structural features were
incorporated in this transaction. If a borrower of a HELOC loan
makes a draw on the related HELOC credit line, the servicer will be
required to fund such draw and will be reimbursed through the
following mechanism.

On the Closing Date, the Depositor will remit $2.275 million in the
HELOC Draw Reserve Account, which will be used to reimburse the
servicer for any draws made on the HELOC credit line. The remaining
25% of excess cashflow will be used to first fund the HELOC reserve
account to its target amount ($4.544 million).

Subsequently, if amounts on deposit in the HELOC Draw Reserve
Account are not sufficient to reimburse such draws, the Class D
Certificates will be obligated to remit the deficient amount to the
HELOC Draw Reserve Account ("Class D Draw Amount"). The Class D
certificate is not an offered certificate and will represent an
equity interest in the issuer (MCMLT 2017-3)

In the event the holder of the Class D Certificates fails to remit
all or part of any Class D Draw Amount on any payment date, the
Indenture Trustee will fund any unpurchased draw or portion of a
draw on future Payment Dates from amounts in the HELOC Draw Reserve
Account.

The servicer will not advance any principal or interest on
delinquent loans. However, the servicer will be required to advance
costs and expenses incurred in connection with a default,
delinquency or other event in the performance of its servicing
obligations.

Credit enhancement in this transaction is comprised of
subordination provided by mezzanine and junior tranches, the
buildup of overcollateralization from available excess interest and
from additional collateral available to the trust if HELOC
borrowers draw on their credit line, which will be purchased by the
Indenture Trustee from the servicer. If the Indenture Trustee is
unable to purchase the additional collateral, then the servicer
will be entitled to a portion of P&I payments on such HELOC loan.
The principal payment received from this additional collateral will
facilitate a faster pay down on the senior notes.

75% of available excess interest net of realized losses and certain
unreimbursed amounts) pro-rata to Class A1 through Class B3. The
remaining excess interest will be used to first replenish the HELOC
Draw Reserve Account to the target amount, to the Class D
certificate holder and to reimburse any unpaid fees before paying
the Class X certificate.

To the extent that the overcollateralization amount is zero,
realized losses will be allocated to the notes in a reverse
sequential order starting with the lowest subordinate bond. The
Class A1, M1, M2, M3, B1, B2 and B3 notes carry a fixed-rate coupon
subject to the collateral adjusted net weighted average coupon
(WAC) and applicable available funds cap. The Class B4 and B5 are
variable rate notes where the coupon is equal to the lesser of
adjusted net WAC and applicable available funds cap.

Moody's modeled MCMLT 2017-3's cashflows using SFW®, a cashflow
tool developed by Moody's Analytics. To assess the final rating on
the notes, Moody's ran 96 different loss and prepayment scenarios
through SFW. The scenarios encompass six loss levels, four loss
timing curves, and four prepayment curves. The structure allows for
timely payment of interest and ultimate payment of principal with
respect to the notes by the legal final maturity.

Third Party Review

Three third party review (TPR) firms conducted due diligence on all
but one of the loans in MCMLT 2017-3's collateral pool. The TPR
firms reviewed compliance, data integrity and key documents, to
verify that loans were originated in accordance with federal, state
and local anti-predatory laws. The TPR firms also conducted audits
of designated data fields to ensure the accuracy of the collateral
tape. An independent firm also reviewed the title and tax reports
for all the loans in the pool.

Based on Moody's analysis of the third-party review reports,
Moody's determined that a portion of the loans had legal or
compliance exceptions (including 2 loans where the diligence
providers were unable to determine if these loans were originated
in accordance with ATR rules. Moody's have made adjustments
consistent with Moody's approach to account for the rating impact
of ATR rules) that could cause future losses to the trust. Two
loans were also found as Non-QM loans but ATR compliant. Moody's
incorporated an additional hit to the loss severities for these
loans to account for this risk. The title review includes
confirming the recordation status of the mortgage and the
intervening chain of assignments, the status of real estate taxes
and validating the lien position of the underlying mortgage loan.
Once securitized, delinquent taxes will be advanced on behalf of
the borrower and added to the borrower's account. The servicer will
be reimbursed for delinquent taxes from the top of the waterfall,
as a servicing advance. The representation provider has deposited
collateral of $750,000 in the Assignment Reserve Account (ARA) to
ensure one or more third parties monitored by the Depositor
completes all assignment and endorsement chains and record an
intervening assignment of mortgage as necessary. The amount
deposited in the ARA at the closing date is same as MCMLT 2017-1
but lower than previous Mill City transactions issued in 2015 and
2016. Moody's have considered the lower ARA deposit and factors
such as: (i) the high historical cure rate in the previous Mill
City transactions; (ii) the low delinquency rate of the previous
Mill City transactions; and (iii) quality of the collateral.

Representations & Warranties

Moody's ratings also factor in MCMLT 2017-3's weak representations
and warranties (R&Ws) framework because they contain many knowledge
qualifiers and the regulatory compliance R&W does not cover
monetary damages that arise from TILA violations whose right of
rescission has expired. The breach discovery process for this
transaction is also weaker than previous Mill City securitizations
and other rated RPL transactions. Previously, an independent party
reviewed R&W breaches for every loan that became 120 days
delinquent. For this transaction, an independent party reviews R&W
breaches for every loan that incurs a realized loss. Moody's have
made adjustments to account for the weaker breach discovery
process.

While the transaction provides for a Breach Reserve Account to
cover for any breaches of R&Ws, the size of the account is small
relative to MCMLT 2017-3's aggregate collateral pool ($433.8
million). An initial deposit of $1.0 million will be remitted to
the Breach Reserve Account on the closing date, with an initial
Breach Reserve Account target amount of $1.59 million.

Trustee Indemnification

Moody's believe there is a very low likelihood that the rated notes
in Mill City 2017-3 will incur any loss from extraordinary expenses
or indemnification payments owing to potential future lawsuits
against key deal parties. First, majority of the loans are seasoned
with demonstrated payment history, reducing the likelihood of a
lawsuit on the basis that the loans have underwriting defects.
Second, historical performance of loans aggregated by the sponsor
to date has been within expectation, with minimal losses on
previously issued Mill City transactions. Third, the transaction
has reasonably well defined processes in place to identify loans
with defects on an ongoing basis. In this transaction, an
independent breach reviewer must review loans for breaches of
representations and warranties when a realized loss is incurred on
a loan, which reduces the likelihood that parties will be sued for
inaction. Furthermore, the issuer has performed nearly 100% due
diligence by independent third parties with respect to compliance
and payment history and has disclosed the results of the review.

Transaction Parties

The transaction benefits from an adequate servicing arrangement.
Shellpoint will service 81.73% of the pool, Fay will service 9.55%
of the pool and SPS will service 8.73% of the pool. Wells Fargo
Bank, N.A. is the Custodian of the transaction. The Delaware
Trustee for MCMLT 2017-3 is Wilmington Savings Fund Society, FSB,
d/b/a, Christiana Trust. MCMLT 2017-3's Indenture Trustee is U.S.
Bank National Association.

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

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


MILOS CLO: Moody's Assigns Ba3(sf) Rating to Class E Junior Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by Milos CLO, Ltd.

Moody's rating action is:

US$325,000,000 Class A Senior Secured Floating Rate Notes Due 2030
(the "Class A Notes"), Definitive Rating Assigned Aaa (sf)

US$55,000,000 Class B Senior Secured Floating Rate Notes Due 2030
(the "Class B Notes"), Definitive Rating Assigned Aa2 (sf)

US$27,500,000 Class C Deferrable Mezzanine Secured Floating Rate
Notes Due 2030 (the "Class C Notes"), Definitive Rating Assigned A2
(sf)

US$30,000,000 Class D Deferrable Mezzanine Secured Floating Rate
Notes Due 2030 (the "Class D Notes"), Definitive Rating Assigned
Baa3 (sf)

US$22,500,000 Class E Deferrable Junior Secured Floating Rate Notes
Due 2030 (the "Class E Notes"), Definitive Rating Assigned Ba3
(sf)

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

RATINGS RATIONALE

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

Milos is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 95.0% of the portfolio must
consist of senior secured loans and eligible investments, and up to
5.0% of the portfolio may consist, in the aggregate, of second lien
loans, first-lien last-out loans and unsecured loans. The portfolio
is approximately 75% ramped as of the closing date.

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

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

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

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

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

Par amount: $500,000,000

Diversity Score: 55

Weighted Average Rating Factor (WARF): 2796

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 48.00%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

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

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

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

Together with the set of modeling assumptions 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 2796 to 3215)

Rating Impact in Rating Notches

Class A Notes: 0

Class B Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: 0

Percentage Change in WARF -- increase of 30% (from 2796 to 3635)

Rating Impact in Rating Notches

Class A Notes: -1

Class B Notes: -3

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1


MORGAN STANLEY 2007-IQ15: Fitch Affirms CCC Rating on Cl. A-J Certs
-------------------------------------------------------------------
Fitch Ratings has affirmed 11 classes of Morgan Stanley Capital I
Trust, series 2007-IQ15 (MSCI 2007-IQ15) Mortgage Pass-Through
Certificates.  

KEY RATING DRIVERS

While credit enhancement to the senior classes has improved since
the last rating action from loan payoffs and scheduled
amortization, the distressed rating affirmations reflect the
concentrated nature of the pool and large percentage of specially
serviced assets and Fitch Loans of Concern (FLOCs). As of the
September 2017 distribution date, the pool's aggregate principal
balance was reduced by 91.9% to $167.3 million from $2.05 billion
at issuance.

Concentrated Pool/Adverse Selection: The pool is very concentrated
with only 25 loans or real estate owned (REO) assets remaining in
the original 134 loan pool. Further, the top three loans represent
49.5% of the pool. The majority of the portfolio (51.5% of the
pool) consists of either specially serviced assets (33.5%) or FLOCs
(18%). Due to the concentrated nature of the pool, Fitch performed
a sensitivity analysis that grouped the remaining loans based on
loan structural features, collateral quality, and performance, then
ranked them by the perceived likelihood of repayment. The ratings
reflect this sensitivity analysis.

Specially Serviced Loans: One third of the pool (33.5%) is in
special servicing. The largest loan in special servicing is the
recently transferred BoDo Lifestyle Center (13.9% of the pool), a
118,000 square foot (sf) retail and entertainment portion of a
larger 330,000sf mixed-use development located in Downtown Boise,
ID. The loan transferred in August 2017 due to maturity default. As
of the March 2017 rent roll, the property was 96.7% occupied.
However, the third largest tenant, Urban Outfitters (8.7% of net
rentable area [NRA]), recently vacated. An additional 10% of the
NRA rolls over the next year.

Fitch Loans of Concern: 18% of the pool are considered to be FLOCs.
The largest is the Kmart Shopping Plaza - Sayville (7.8% of the
pool), which is secured by a 213,000sf single tenant, Kmart,
located in Long Island, NY. The loan, which matures in 2022,
recently began amortizing after a 10-year interest-only period.
While not on recent published store closing lists, the Kmart lease
has a scheduled maturity date of December 2018.

Retail Exposure: A significant percentage of the remaining loans
are secured by retail properties (40.9% of the pool).

Fully Amortizing Loans: 11.1% of the pool is secured by fully
amortizing loans.

RATING SENSITIVITIES

Upgrades are unlikely due to the concentrated nature of the pool
and significant percentage of specially serviced assets and FLOCs.
Downgrades are possible should expected losses to the specially
serviced loans increase, or realized losses on either specially
serviced asset be higher than anticipated.

Fitch has affirmed the following ratings:

-- $103.1 million class A-J at 'CCCsf'; RE 100%;
-- $33.4 million class B at 'CCsf'; RE 85%.
-- $15.4 million class C at 'Csf'; RE 0%;
-- $15.3 million class D at 'Dsf'; RE 0%;
-- $0 class E at 'Dsf'; RE 0%;
-- $0 class F at 'Dsf'; RE 0%;
-- $0 class G at 'Dsf'; RE 0%;
-- $0 class H at 'Dsf'; RE 0%;
-- $0 class J at 'Dsf'; RE 0%;
-- $0 class K at 'Dsf'; RE 0%;
-- $0 class L at 'Dsf'; RE 0%.

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


NATIONAL COLLEGIATE: Fitch Corrects Sept. 5 Ratings Release
-----------------------------------------------------------
Fitch, on Sept. 14, 2017, issued a correction of a release on 3
National Collegiate Student Loan Trusts published Sept. 5, 2017. It
includes a variation from Fitch's criteria that was omitted from
the original release.

The revised release is as follows:

Fitch Ratings has taken the following rating actions on the
National Collegiate Student Loan Trust (NCSLT) 2005-1, 2005-2 and
2005-3.

NCSLT 2005-1
Class A-5-1 and A-5-2 upgraded to 'BBsf' from 'Bsf'/Outlook revised
to Stable from Negative;
Class B upgraded to 'CCsf' from 'Csf', RE 80%;
Class C affirmed at 'Csf', RE 0%.

NCSLT 2005-2
Class A-4 upgraded to 'BBBsf' from Csf'; removed from Rating Watch
Positive, assigned Stable Outlook;
Class A-5-1 and A-5-2 upgraded to 'CCCsf' from 'Csf', RE 90%;
Class B affirmed at 'Csf', RE 20%;
Class C affirmed at 'Csf', RE 0%.

NCSLT 2005-3
Class A-5-1 and A-5-2 upgraded to 'Bsf' from 'CCsf'/Outlook Stable
assigned;
Class B affirmed at 'Csf', RE 30%;
Class C affirmed at 'Csf', RE 0%.

KEY RATING DRIVERS

Legal uncertainty: There are a number of pending litigations
between transaction parties where the outcome is uncertain. As
such, rating upgrades are capped at 'BBBsf' due to the litigation
uncertainty and additional expenses associated with the lawsuits,
even though the model may imply a higher rating.

Collateral Performance: The NCSLT trusts are collateralized by
approximately $197.3 million, $140.4 million and $440.1 million for
2005-1, 2005-2, and 2005-3, respectively, of private student loans
originated by First Marblehead Corporation. At deal inception, all
loans were guaranteed by The Education Resources Institute (TERI);
however, no credit is given to the TERI guaranty, since TERI filed
for bankruptcy on April 7, 2008. Fitch assumes a base case
remaining default rate of approximately 13%, 13.7%, and 14.1% for
2005-1, 2005-2, and 2005-3, respectively, which implies a
sustainable constant default rate of 3.5%. Recovery rate is assumed
to be 0% in light of recent lawsuit uncertainty between the trusts
and defaulted borrowers.

Payment Structure: All trusts are under-collateralized as total
parity is less than 100%. Senior parity as of July 31, 2017 is
123.7% for 2005-1, 102.3% for 2005-2 and 107.8% for 2005-3. Senior
notes benefit from subordination provided by the junior notes. All
trusts benefit from reserve accounts that are at their floors of
$4.75 million for 2005-1, $3.1 million for 2005-2, and $8.4 million
for 2005-3, with specified requirements of the greater of 1.25% of
the outstanding notes and the floor for each trust. All
transactions are in turbo where principal payments are made to the
top senior class A notes. The class C notes of 2005-1, the class
B&C notes of 2005-2 and the class c notes of 2005-3 are not
receiving interest payments due to trigger breach.

Servicing Capabilities: PHEAA services between 96%-100% of the
three trusts, with Conduent Education Services LLC (formerly ACS
Education Services), Great Lakes Educational Loan Services Inc.,
and Firstmark Services LLC servicing the remaining loans. Fitch
believes all servicers are acceptable servicers of private student
loans.

Criteria Variation:
According to Fitch's PSL Criteria, a committee can decide to assign
ratings with a break-even default multiple within +/- 0.25 of
Fitch's applied default stress multiple at the model-implied rating
level. For this surveillance review, upgrades on the A-5 notes of
NCSLT 2005-1 are in excess of the +/- 0.25 default multiple
threshold, constituting a variation to the PSL Criteria. Fitch is
making the variation as it is applying a rating cap at 'BBBsf' to
all transactions under review, due to the uncertainty surrounding
the outcome of the pending litigations between transaction parties
and additional expenses that may be associated with the lawsuits.

Should Fitch not have applied this variation to its criteria,
senior tranches which have been upgraded to 'BBBsf' could have been
upgraded to "Asf' or above.

RATING SENSITIVITIES

NCSLT 2005-1
Expected impact on the note rating of increased defaults (class
A-5):
Current Ratings: 'BBsf'
Increase base case defaults by 10%: 'BBsf'
Increase base case defaults by 25%: 'BB-sf'
Increase base case defaults by 50%: 'Bsf'

NCSLT 2005-2
Expected impact on the note rating of increased defaults (class
A-4):
Current Ratings: 'BBBsf
Increase base case defaults by 10%: 'BBBsf'
Increase base case defaults by 25%: 'BBBsf'
Increase base case defaults by 50%: 'BBsf'

NCSLT 2005-3
Expected impact on the note rating of increased defaults (class
A-5):
Current Ratings: 'Bsf'
Increase base case defaults by 10%: 'Bsf'
Increase base case defaults by 25%: 'CCCsf'
Increase base case defaults by 50%: 'CCsf'


NATIONAL COLLEGIATE: Fitch Takes Actions on 9 Trust Tranches
------------------------------------------------------------
Fitch Ratings, on Sept. 15, 2017, took the following rating actions
on National Collegiate Student Loan Trust (NCSLT) 2003-1, 2004-1,
2006-1, 2006-2, 2006-3, 2006-4, 2007-1, and 2007-2 and National
Collegiate Student Loan Trust/NCF Grantor Trust (NCF) 2004-2:

NCSLT 2003-1
-- Class A-7 affirmed at 'BBsf'; Outlook Stable;
-- Class B-1 affirmed at 'Csf'; Recovery Estimate (RE) 20%;
-- Class B-2 affirmed at 'Csf'; Recovery Estimate (RE) 20%;

NCSLT 2004-1
-- Class A-3 upgraded to 'BBsf' from 'CCsf'; removed from Rating
    Watch Positive, assigned Stable Outlook;
-- Class A-4 affirmed at 'CCsf'; RE revised to 75% from 85%;
-- Class B-1 affirmed at 'Csf'; RE revised to 20% from 0%;
-- Class B-2 affirmed at 'Csf'; RE revised to 20% from 0%.

NCF 2004-2
-- Class A-4 upgraded to 'BBBsf' from 'BBsf'; removed from Rating

    Watch Positive, assigned Stable Outlook;
-- Class A-5-1 affirmed at 'BBsf'; Outlook Stable;
-- Class A-5-2 affirmed at 'BBsf'; Outlook Stable;
-- Class B upgraded to 'CCsf' from 'Csf'; RE revised to 75% from
    45%;
-- Class C affirmed at 'Csf'; RE revised to 10% from 0%.

NCSLT 2006-1
-- Class A-4 upgraded to 'BBBsf' from 'Csf'; removed from Rating
    Watch Positive, assigned Stable Outlook;
-- Class A-5 affirmed at 'Csf'; RE 75%;
-- Class B affirmed at 'Csf'; RE 0%;
-- Class C affirmed at 'Csf'; RE 0%.

NCSLT 2006-2
-- Class A-3 upgraded to 'BBBsf' from 'Csf'; removed from Rating
    Watch Positive, assigned Stable Outlook;
-- Class A-4 affirmed at 'Csf'; RE revised to 50% from 65%;
-- Class B affirmed at 'Csf'; RE 0%;
-- Class C affirmed at 'Csf'; RE 0%.

NCSLT 2006-3
-- Class A-4 upgraded to 'BBBsf' from 'CCsf'; removed from Rating

    Watch Positive, assigned Stable Outlook;
-- Class A-5 affirmed at 'CCsf'; RE revised to 85% from 80%;
-- Class B affirmed at 'Csf'; RE revised to 50% from 0%;
-- Class C affirmed at 'Csf'; RE 0%;
-- Class D affirmed at 'Csf'; RE 0%.

NCSLT 2006-4
-- Class A-3 upgraded to 'BBBsf' from 'Csf'; removed from Rating
    Watch Positive, assigned Stable Outlook;
-- Class A-4 affirmed at 'Csf'; RE 75%;
-- Class B affirmed at 'Csf'; RE 0%;
-- Class C affirmed at 'Csf'; RE 0%;
-- Class D affirmed at 'Csf'; RE 0%.

NCSLT 2007-1
-- Class A-3 upgraded to 'BBBsf' from 'Csf'; removed from Rating
    Watch Positive, assigned Stable Outlook;
-- Class A-4 affirmed at 'Csf'; RE 75%;
-- Class B affirmed at 'Csf'; RE 0%;
-- Class C affirmed at 'Csf'; RE 0%;
-- Class D affirmed at 'Csf'; RE 0%.

NCSLT 2007-2
-- Class A-2 upgraded to 'BBBsf' from 'Csf'; removed from Rating
    Watch Positive, assigned Stable Outlook;
-- Class A-3 upgraded to 'BBBsf' from 'Csf'; removed from Rating
    Watch Positive, assigned Stable Outlook;
-- Class A-4 affirmed at 'Csf'; RE 75%;
-- Class B affirmed at 'Csf'; RE 0%;
-- Class C affirmed at 'Csf'; RE 0%;
-- Class D affirmed at 'Csf'; RE 0%.

KEY RATING DRIVERS

Ratings Cap: There are a number of pending litigations between
transaction parties where the outcome is uncertain. As such, rating
upgrades are capped at 'BBBsf' due to the litigation uncertainty
and additional expenses associated with the lawsuits, even though
the model may imply a higher rating.

Updated Analysis at Tranche Level
Following the update of its "U.S. Private Student Loan ABS Rating
Criteria" on Aug. 4, 2017, Fitch analyzes structure at tranche
level (e.g. class A-1 and A-2 notes within the A notes) rather than
class level (class A notes as a whole). The most senior tranches of
all nine transactions under review were placed on Positive Watch
following the criteria change (see 'Fitch Places 12 Tranches of 11
U.S. Private Student Loan Transactions on RWP on Criteria Change',
dated June 23, 2017), and all current upgrades follow the
application of the new approach to sequential senior tranches.

In a sequential payment structure where principal payment will be
made to the first-paid senior tranche before being applied to
subsequently paid senior tranches and there is no trigger to change
the payment hierarchy before an event of default or the probability
of such a trigger breach is remote, the first-paid senior tranche
may achieve a higher rating than the next-paid senior tranche. This
next-paid senior tranche may also achieve a higher rating then
other subsequently paid senior tranches.

Collateral Performance: The NCSLT trusts are collateralized by
private student loans originated by First Marblehead Corporation.
At deal inception, all loans were guaranteed by The Education
Resources Institute (TERI); however no credit is given to the TERI
guaranty since TERI filed for bankruptcy on April 7, 2008. Fitch
assumes a base case default rate of 12.1%, 12.3%, 17.7%, 18.2%,
18.9%, 18.8%, 20.6%, 20.5% and 13.4% for NCSLT 2003-1, 2004-1,
2006-1, 2006-2, 2006-3, 2006-4, 2007-1, 2007-2 and NCF 2004-2,
respectively. Recovery rate is assumed to be 0% in light of recent
lawsuit uncertainty between the trusts and defaulted borrowers.

Payment Structure: All trusts are under-collateralized as total
parity is less than 100%. Senior reported parity as of July 31,
2017 is 132.33%, 101.35%, 97.82%, 84.95%, 104.38%, 97.20%, 94.52%,
92.71% and 132.41% for NCSLT 2003-1, 2004-1, 2006-1, 2006-2,
2006-3, 2006-4, 2007-1, 2007-2 and NCF 2004-2, respectively. Senior
notes benefit from subordination provided by the junior notes.

Liquidity Protection: All trusts benefit from reserve accounts that
are at their floor levels, with specified requirements of the
greater of 1.25% of the outstanding notes and the floor for each
trust. Available reserve accounts are expected to be sufficient to
cover for any shortfall in senior costs and senior interest for a
period of two to five months, depending on the transaction.

Servicing Capabilities: Pennsylvania Higher Education Assistance
Agency (PHEAA) services between 96%-100% of the three trusts, with
Conduent Education Services LLC (formerly ACS Education Services),
Great Lakes Educational Loan Services Inc., and Firstmark Services
LLC servicing the remaining loans. Fitch believes all servicers are
acceptable servicers of private student loans. Nevertheless, Fitch
understands that a lawsuit to call a servicer default under the
transaction documents against PHEAA was initiated by some of the
holders of the beneficial interest in the NCSLT trusts. Due to the
uncertainty on the outcome of pending limitations between
transaction parties, including PHEAA, Fitch is capping upgrades at
'BBBsf'.

CRITERIA VARIATIONS

According to Fitch's private student loan criteria, a committee can
decide to assign ratings with a break-even default multiple within
+/- 0.25 of Fitch's applied default stress multiple at the
model-implied rating level. For this surveillance review, upgrades
on the A-3 notes of NCSLT 2004-1, 2006-2, 2006-4, 2007-1, 2007-2
and A-4 notes of NCF 2004-2, and NCSLT 2006-1, 2006-3 as well as
NCSLT 2007-2's class A-2, NCSLT 2003-1's class A-7 and NCF 2004-2's
class A-5 notes are in excess of the +/- 0.25 default multiple
threshold, constituting a variation to the private student loan
criteria. Fitch is making the variation as it is applying a rating
cap at 'BBBsf' to all transactions under review, due to the
uncertainty surrounding the outcome of the pending litigations
between transaction parties and additional expenses that may be
associated with the lawsuits.

Had Fitch not applied this variation to its criteria, senior
tranches which have been upgraded to 'BBBsf' could have been
upgraded to 'Asf' or above.

RATING SENSITIVITIES

Rating sensitivities provide greater insight into the model-implied
sensitivities the transaction faces when one or two risk factors
are stressed, while holding others equal. The modelling process
first uses the estimation and stress of base-case default and
recovery assumptions to reflect asset performance in a stressed
environment. Second, structural protection was analysed with
Fitch's GALA Model (see MODELS below). The results below should
only be considered as one potential outcome as the transaction is
exposed to multiple risk factors that are all dynamic variables.

Tranches rated 'CCCsf' or below are not included in these
sensitivities. The results below take into account the rating cap
of 'BBBsf' assigned to the transactions (see CRITERIA VARIATIONS
above).

NCSLT 2003-1
Expected impact on the note rating of increased defaults (class
A-7)
Current Ratings: 'BBsf'
Increase base case defaults by 10%: 'BBsf'
Increase base case defaults by 25%: 'BBsf'
Increase base case defaults by 50%: 'BBsf'

NCSLT 2004-1
Expected impact on the note rating of increased defaults (class
A-3)
Current Ratings: 'BB sf'
Increase base case defaults by 10%: 'BBsf'
Increase base case defaults by 25%: 'BBsf'
Increase base case defaults by 50%: 'BBsf'

NCSLT 2004-2
Expected impact on the note rating of increased defaults (classes
A-4/A-5)
Current Ratings: 'BBBsf'/'BBsf'
Increase base case defaults by 10%: 'BBBsf'/'BBsf'
Increase base case defaults by 25%: 'BBBsf'/'BBsf'
Increase base case defaults by 50%: 'BBBsf'/'BBsf'

NCSLT 2006-1
Expected impact on the note rating of increased defaults (class
A-4)
Current Ratings: 'BBBsf'
Increase base case defaults by 10%: 'BBBsf'
Increase base case defaults by 25%: 'BBBsf'
Increase base case defaults by 50%: 'BBBsf'

NCSLT 2006-2
Expected impact on the note rating of increased defaults (class
A-3)
Current Ratings: 'BBBsf'
Increase base case defaults by 10%: 'BBBsf'
Increase base case defaults by 25%: 'BBBsf'
Increase base case defaults by 50%: 'BBBsf'

NCSLT 2006-3
Expected impact on the note rating of increased defaults (class
A-4)
Current Ratings: 'BBBsf'
Increase base case defaults by 10%: 'BBBsf'
Increase base case defaults by 25%: 'BBBsf'
Increase base case defaults by 50%: 'BBBsf'

NCSLT 2006-4
Expected impact on the note rating of increased defaults (class
A-3)
Current Ratings: 'BBBsf'
Increase base case defaults by 10%: 'BBBsf'
Increase base case defaults by 25%: 'BBBsf'
Increase base case defaults by 50%: 'BBBsf'

NCSLT 2007-1
Expected impact on the note rating of increased defaults (class
A-3)
Current Ratings: 'BBBsf'
Increase base case defaults by 10%: 'BBBsf'
Increase base case defaults by 25%: 'BBBsf'
Increase base case defaults by 50%: 'BBBsf'

NCSLT 2007-2
Expected impact on the note rating of increased defaults (classes
A-2 & A-3)
Current Ratings: 'BBBsf'
Increase base case defaults by 10%: 'BBBsf'
Increase base case defaults by 25%: 'BBBsf'
Increase base case defaults by 50%: 'BBBsf'


OZLM FUNDING IV: S&P Assigns B-(sf) Rating on Class E-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, A-2-R,
B-R, C-R, D-1-R, D-2-R, and E-R replacement notes from OZLM Funding
IV Ltd., a collateralized loan obligation (CLO) originally issued
in 2013 that is managed by OZ CLO Management LLC. S&P also assigned
a rating to the new class X notes, which were created in connection
with the refinancing. S&P withdrew its ratings on the original
class A-1, A-2, B, C, D, and E notes following payment in full on
the Sept. 15, 2017, refinancing date.

On the Sept. 15, 2017, refinancing date, the proceeds from the
class A-1-R, A-2-R, B-R, C-R, D-1-R, D-2-R, and E-R replacement
note issuances were used to redeem the original class A-1, A-2, B,
C, D, and E notes as outlined in the transaction document
provisions. Therefore, S&P withdrew its ratings on the original
notes in line with their full redemption, and it assigned ratings
to the replacement notes.

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

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

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

  RATINGS ASSIGNED

  OZLM Funding IV Ltd.
  Replacement class         Rating       Amount (mil. $)
  A-1-R                     AAA (sf)             348.500
  A-2-R                     AA (sf)               85.000
  B-R                       A (sf)                41.000
  C-R                       BBB (sf)              31.000
  D-1-R                     BB- (sf)              13.368
  D-2-R                     BB- (sf)              13.382
  E-R                       B- (sf)               12.000

  New class                 Rating       Amount (mil. $)
  X                         AAA (sf)               4.400

  RATINGS WITHDRAWN

  OZLM Funding IV Ltd.
                            Rating
  Original class       To           From
  A-1                  NR           AAA (sf)
  A-2                  NR           AA+ (sf)
  B                    NR           A+ (sf)
  C                    NR           BBB+ (sf)
  D                    NR           BB (sf)
  E                    NR           B (sf)

  NR--Not rated.


PALMER SQUARE 2017-1: S&P Assigns BB(sf) Rating on Class D Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Palmer Square Loan
Funding 2017-1 Ltd./Palmer Square Loan Funding 2017-1 LLC's $279.18
million floating-rate notes.

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

The rating reflects:

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

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

-- The collateral servicer's experienced team.

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

  RATINGS ASSIGNED
  Palmer Square Loan Funding 2017-1 Ltd./Palmer Square Loan  
  Funding 2017-1 LLC
   Class                 Rating           Amount
                                     (mil. $)
  A-1                  AAA (sf)         202.900
  A-2                  AA (sf)           32.600
  B (deferrable)       A (sf)            19.980
  C (deferrable)       BBB (sf)          13.200
  D (deferrable)       BB (sf)           10.500
  Subordinated notes   NR                23.725

  NR--Not rated.


REALT 2006-2: Moody's Affirms Caa1 Ratings on 2 Tranches
--------------------------------------------------------
Moody's Investors Service has upgraded the ratings of three classes
and affirmed two classes in Real Estate Asset Liquidity Trust
2006-2, Commercial Mortgage Pass-Through Certificates, Series
2006-2:

Cl. J, Upgraded to A3 (sf); previously on Sep 30, 2016 Upgraded to
Ba2 (sf)

Cl. K, Upgraded to Baa1 (sf); previously on Sep 30, 2016 Upgraded
to Ba3 (sf)

Cl. L, Upgraded to Baa3 (sf); previously on Sep 30, 2016 Upgraded
to B1 (sf)

Cl. XC-1, Affirmed Caa1 (sf); previously on Jun 9, 2017 Downgraded
to Caa1 (sf)

Cl. XC-2, Affirmed Caa1 (sf); previously on Jun 9, 2017 Downgraded
to Caa1 (sf)

RATINGS RATIONALE

The ratings on the three P&I classes, Cl. J, Cl. K and Cl. L were
upgraded based primarily on an increase in credit support resulting
from loan paydowns and amortization. The deal has paid down 82%
since Moody's last review and 99% since securitization.

The ratings on the IO classes, Cl. XC-1 and Cl.XC-2 were affirmed
based on the credit quality of their referenced classes.

Moody's does not anticipate losses from the remaining collateral in
the current environment. However, over the remaining life of the
transaction, losses may emerge from macro stresses to the
environment and changes in collateral performance. Moody's ratings
reflect the potential for future losses under such conditions..
Moody's base expected loss plus realized losses is now 0.2% of the
original pooled balance, the same as at 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 RATINGS

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

Additionally, the methodology used in rating Cl. XC-1 and Cl. XC-2
was "Moody's Approach to Rating Structured Finance Interest-Only
(IO) Securities" published in June 2017.

DEAL PERFORMANCE

As of the September 12, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $4.67 million
from $412.2 million at securitization. The certificates are
collateralized by one mortgage loan representing 100% of the pool.

Two loans have been liquidated from the pool, contributing to an
aggregate realized loss of approximately $666,000 million (for an
average loss severity of 60%).

The sole remaining loan in the pool is the Crombie - Charlotte Mall
loan ($4.67 million -- 100% of the pool), which consists of one
grocery-anchored retail property. The largest tenants at the
property are Sobey's Stores, Giant Tiger and Jean Coutu. As of
March 2017, the property was 92% leased. The loan benefits from
amortization and is scheduled to mature in April 2018.


SDART 2017-3: Fitch Assigns 'BBsf' Rating to Class E Notes
----------------------------------------------------------
Fitch Ratings assigns the following ratings and Outlooks to the
notes issued by Santander Drive Auto Receivables Trust 2017-3
(2017-3):

-- $156,000,000 class A-1 notes 'F1+sf';
-- $233,000,000 class A-2 notes 'AAAsf'; Outlook Stable;
-- $144,600,000 class A-3 notes 'AAAsf'; Outlook Stable;
-- $118,390,000 class B notes 'AAsf'; Outlook Stable;
-- $144,580,000 class C notes 'Asf'; Outlook Stable;
-- $109,120,000 class D notes 'BBBsf'; Outlook Stable;
-- $54,560,000 class E notes 'BBsf'; Outlook Stable.

KEY RATING DRIVERS

Stable Credit Quality: 2017-3 is backed by collateral relatively
consistent with the 2014-2017 pools, with a weighted-average (WA)
FICO score of 608 and internal WA loss forecast score (LFS) of 552.
Obligors with no FICO scores are down from peak levels but still
total 10.2%.

Increased Extended-Term Contracts: The concentration of 73-75-month
loans is up to 10.3% from 7.7% in 2017-2, and 61+ month loans total
92.2% of the pool, which is toward the higher end of the range
historically for the platform. Consistent with prior Fitch-rated
transactions, an additional stress was applied to the 73-75 month
loans in deriving the loss proxy.

Weakening Performance: Although in range of the 2010-2012
performance, recent 2013-2016 managed portfolio losses are tracking
higher. Loss frequency has been driven higher by looser
underwriting, while loss severity has risen due to weaker wholesale
vehicle values and early-stage defaults on extended-term
collateral. Fitch expects the 2015-2016 vintages to perform
relatively in line with 2013-2014, if not weaker.

Sufficient Credit Enhancement: Initial hard credit enhancement (CE)
unchanged from 2017-2 and totals 52.10%, 41.25%, 28.00%, 18.00%,
and 13.00% for classes A, B, C, D and E, respectively. Excess
spread is approximately 10.01% per annum.

Stable Corporate Health: Santander Consumer USA's (SC) recent
financial results have been weaker due to higher losses on the
managed portfolio. However, the company has been profitable since
2007, and Fitch currently rates Santander, SC's majority owner,
'A-'/'F2'/Stable.

Consistent Origination/Underwriting/Servicing: SC demonstrates
adequate abilities as originator, underwriter and servicer, as
evidenced by historical portfolio and securitization performance.
Fitch deems SC capable to service this transaction.

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

RATING SENSITIVITIES

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

Fitch evaluated the sensitivity of the ratings assigned to 2017-3
to increased credit losses over the life of the transaction.
Fitch's analysis found that the transaction displays some
sensitivity to increased defaults and credit losses. This shows a
potential downgrade of one or two categories under Fitch's moderate
(1.5x base case loss) scenario, especially for the subordinate
bonds. The notes could experience downgrades of three or more
rating categories, potentially leading to distressed ratings (below
'Bsf') or possibly default, under Fitch's severe (2x base case
loss) scenario.


SDART 2017-3: S&P Rates $54.56MM Class E Notes 'BB(sf)'
-------------------------------------------------------
S&P Global Ratings assigned its ratings to Santander Drive Auto
Receivables Trust (SDART) 2017-3's $960.25 billion automobile
receivables-backed notes.

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

The ratings reflect:

-- The availability of 53.99%, 47.28%, 38.07%, 30.85%, and 25.96%
of credit support for the class A (A-1, A-2, A-3), B, C, D, and E
notes, respectively, based on stressed cash flow scenarios
(including excess spread), which provide coverage of approximately
3.30x, 2.85x, 2.25x, 1.70x, and 1.50x our 15.75%-16.50% expected
cumulative net loss.

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

-- S&P's expectation that under a moderate ('BBB') stress scenario
(1.7x S&P's expected loss level), all else being equal, S&P's
ratings on the class A, B, and C notes ('AAA (sf)', 'AA (sf)', and
'A (sf)', respectively) will remain within one rating category, and
S&P's rating on the class D notes ('BBB (sf)') will remain within
two rating categories of the assigned ratings while they are
outstanding. These rating movements are within the outer bounds
specified by S&P's credit stability criteria. These criteria
indicate that S&P would not assign 'AAA' and 'AA' ratings if, under
moderate stress conditions, the ratings would be lowered by more
than one rating category within the first year and by more than
three rating categories over a three-year period. The criteria also
specify that S&P would not assign 'A' and 'BBB' ratings if the
ratings would fall by more than two categories in one year or three
categories over three years. Under the 'BBB' stress scenario, S&P's
rating on the class E notes ('BB (sf)') will remain within two
rating categories of the assigned rating during the first year, but
the notes will eventually default, after having received 86%-98% of
their principal.

-- Santander Consumer USA Inc.'s (SC's) long history of
originating and servicing subprime auto loan receivables.

-- S&P's analysis of 10 years of origination static pool data on
SC's lending programs.

-- Seven years of performance on SC's securitizations since it
re-entered the ABS market in 2010.

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

RATINGS ASSIGNED

  Santander Drive Auto Receivables Trust 2017-3

                                      Interest                 
  Class     Rating      Type           rate            Amount ($)
  A-1       A-1+ (sf)   Senior         Fixed         156,000,000
  A-2       AAA (sf)    Senior         Fixed         233,000,000
  A-3       AAA (sf)    Senior         Fixed         144,600,000
  B         AA (sf)     Subordinate    Fixed         118,390,000
  C         A (sf)      Subordinate    Fixed         144,580,000
  D         BBB (sf)    Subordinate    Fixed         109,120,000
  E         BB (sf)     Subordinate    Fixed          54,560,000


STACR 2017-DNA3: Fitch to Rate 12 Note Classes 'B+sf'
-----------------------------------------------------
Fitch Ratings expects to rate Freddie Mac's risk-transfer
transaction, Structured Agency Credit Risk Debt Notes Series
2017-DNA3 (STACR 2017-DNA3) as follows:

-- $400,000,000 class M-1 notes 'BBB-sf'; Outlook Stable;
-- $300,000,000 class M-2A notes 'BBsf'; Outlook Stable;
-- $300,000,000 class M-2B notes 'B+sf'; Outlook Stable;
-- $600,000,000 class M-2 exchangeable notes 'B+sf'; Outlook
    Stable;
-- $600,000,000 class M-2R exchangeable notes 'B+sf'; Outlook
    Stable;
-- $600,000,000 class M-2S exchangeable notes 'B+sf'; Outlook
    Stable;
-- $600,000,000 class M-2T exchangeable notes 'B+sf'; Outlook
    Stable;
-- $600,000,000 class M-2U exchangeable notes 'B+sf'; Outlook
    Stable;
-- $600,000,000 class M-2I notional exchangeable notes 'B+sf';
    Outlook Stable;
-- $300,000,000 class M-2AR exchangeable notes 'BBsf'; Outlook
    Stable;
-- $300,000,000 class M-2AS exchangeable notes 'BBsf'; Outlook
    Stable;
-- $300,000,000 class M-2AT exchangeable notes 'BBsf'; Outlook
    Stable;
-- $300,000,000 class M-2AU exchangeable notes 'BBsf'; Outlook
    Stable;
-- $300,000,000 class M-2AI notional exchangeable notes 'BBsf';
    Outlook Stable;
-- $300,000,000 class M-2BR exchangeable notes 'B+sf'; Outlook
    Stable;
-- $300,000,000 class M-2BS exchangeable notes 'B+sf'; Outlook
    Stable;
-- $300,000,000 class M-2BT exchangeable notes 'B+sf'; Outlook
    Stable;
-- $300,000,000 class M-2BU exchangeable notes 'B+sf'; Outlook
    Stable;
-- $300,000,000 class M-2BI notional exchangeable notes 'B+sf';
    Outlook Stable.

The following classes will not be rated by Fitch:

-- $100,000,000 class B-1 notes;
-- $54,186,025,511 class A-H reference tranche;
-- $161,513,218 class M-1H reference tranche;
-- $121,134,913 class M-2AH reference tranche;
-- $121,134,913 class M-2BH reference tranche;
-- $180,756,609 class B-1H reference tranche;
-- $280,756,609 class B-2H reference tranche.

The 'BBB-sf' rating for the M-1 notes reflects the 2.50%
subordination provided by the 0.75% class M-2A notes, the 0.75%
class M-2B notes, the 0.50% class B-1 notes and their corresponding
reference tranches, as well as the 0.50% class B-2H reference
tranche. The 'BBsf' rating for the M-2A notes reflects the 1.75%
subordination provided by the 0.75% class M-2B notes, the 0.50%
class B-1 notes and their corresponding reference tranches, as well
as the 0.50% class B-2H reference tranche. The 'B+sf' rating for
the M-2B notes reflects the 1.00% subordination provided by the
0.50% class B-1 notes and the 0.50% class B-2H reference tranche.
The notes are general unsecured obligations of Freddie Mac
('AAA'/Outlook Stable) subject to the credit and principal payment
risk of a pool of certain residential mortgage loans held in
various Freddie Mac-guaranteed MBS.

STACR 2017-DNA3 represents Freddie Mac's 18th risk transfer
transaction applying actual loan loss severity (LS) 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 $56.2 billion
pool of mortgage loans currently held 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 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-2A and M-2B
notes will be based on the lower of: the quality of the mortgage
loan reference pool and credit enhancement (CE) available through
subordination, and Freddie Mac's Issuer Default Rating. The M-1,
M-2A, M-2B, and B-1 notes will be issued as LIBOR-based floaters.
In the event that the one-month LIBOR rate falls below zero and
becomes negative, the coupons of the interest-only modifications
and combinations (MAC) notes may be subject to a downward
adjustment, so that the aggregate interest payable within the
related MAC combination does not exceed the interest payable to the
notes for which such classes were exchanged. The notes will carry a
12.5-year legal final maturity.

KEY RATING DRIVERS

High-Quality Mortgage Pool (Positive): The reference 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 75.7%. The WA debt-to-income (DTI) ratio of 35.3%
and credit score of 749 reflect the strong credit profile of
post-crisis mortgage originations.

Additional Rating Drivers

Hurricane Harvey and Irma Loans Removed (Positive): Freddie Mac
removed all the loans from the reference pool with properties
located in the 82 counties that were designated as major disaster
areas by the Federal Emergency Management Agency (FEMA) and areas
in which FEMA has authorized individual homeowner assistance as a
result of Hurricane Harvey and Hurricane Irma, as of Sept. 13,
2017. Freddie Mac will continue to remove loans from the reference
pool if the properties are located in any new counties that are
declared by FEMA in which FEMA has authorized individual homeowner
assistance a result of Hurricane Harvey and Hurricane Irma after
Sept. 13, 2017 through and including Nov. 2, 2017.

Home Possible Loans (Neutral): Approximately 0.8% of the reference
pool was originated under Freddie Mac's Home Possible or Home
Possible Advantage program, which targets low- to moderate-income
homebuyers or buyers in high-cost or underrepresented communities.

The Home Possible program provides flexibility for a borrower's
LTV, income, down payment and mortgage insurance coverage
requirements. Among the eligibility guidelines is that the borrower
must be located in an underserved area, or the borrower's income
cannot exceed 100% of the area's median income or a higher
percentage in some designated high-cost areas. In certain
circumstances, Home Possible borrowers must participate in a
homeownership education program to qualify and have early
delinquency counselling made available to them in the event they
have trouble making payments.

Fitch does not believe the Home Possible loans add meaningful
credit risk to this transaction due to the relatively low
percentage of the loans in the pool and the full documentation of
income, employment and assets. If the Home Possible loans were
assumed to have a 25% higher default probability than loans with
the same credit attributes that were not originated under Home
Possible, the adjustment to the total pool projected loss would not
be large enough to change the CE for the rated classes.

12.5-Year Hard Maturity (Positive): The M-1, M-2A and M-2B notes
benefit from a 12.5-year legal final maturity. 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 or loan modifications that occur after the final
maturity date will not be passed through to noteholders.

Solid Lender Review and Acquisition Processes (Positive): 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. Fitch accounted for the lower risk by
applying a lower default estimate for the reference pool.

Advantageous Payment Priority (Positive): The M-1 class strongly
benefits from the sequential pay structure and stable CE provided
by the more junior M-2A, M-2B and B-1 classes, which are locked out
from receiving any principal until classes with a more senior
payment priority are paid in full. However, available CE for the
junior classes as a percentage of the outstanding reference pool
increases in tandem with the paydown of the M-1 class. Given the
size of the M-1 class relative to the combined total of all the
junior classes, together with the sequential pay structure, the
class M-1 will de-lever and CE as a percentage will build faster
than in a pro rata payment structure.

Solid Alignment of Interests (Positive): 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 3.50% of
loss protection, as well as a minimum of 5% of the M-1, M-2A, M-2B
and B-1 tranches and a minimum of 75% of the first-loss B-2H
tranche. Initially, Freddie Mac will retain an approximately 28.8%
vertical slice/interest in the M-1, M-2A and M-2B tranches.

Receivership Risk Considered (Neutral): 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 government-sponsored enterprise's (GSE) 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-2A and M-2B 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 10.0%, 20.0% and 30.0%, in addition to the
model projected 24.0% at the 'BBBsf' level, and 14.5% 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 12%, 12% and 36% would potentially move the
'BBBsf' rated class down one rating category, to non-investment
grade, to 'CCCsf', respectively.


STRATFORD CLO: Moody's Hikes Rating on Class D Notes to Ba1
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Stratford CLO Ltd.:

US $37,100,000 Class C Floating Rate Senior Secured Deferrable
Interest Extendable Notes Due 2021, Upgraded to Aa2 (sf);
previously on May 5, 2017 Upgraded to A1 (sf)

US$16,100,000 Class D Floating Rate Senior Secured Deferrable
Interest Extendable Notes Due 2021, Upgraded to Ba1 (sf);
previously on May 5, 2017 Affirmed Ba2 (sf)

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

US$41,300,000 Class B Floating Rate Senior Secured Extendable Notes
Due 2021 (current outstanding balance of $23,860,602), Affirmed Aaa
(sf); previously on May 5, 2017 Upgraded to Aaa (sf)

US$21,000,000 Class E Floating Rate Senior Secured Deferrable
Interest Extendable Notes Due 2021 (current outstanding balance of
$14,676,786), Affirmed B1 (sf); previously on May 5, 2017 Affirmed
B1 (sf)

Stratford CLO Ltd., issued in October 2007, is a collateralized
loan obligation (CLO) backed primarily by a portfolio of senior
secured loans, with some exposure to non-senior secured loans and
CLO tranches. The transaction's reinvestment period ended in
November 2014.

RATINGS RATIONALE

These rating actions are primarily a result of deleveraging of the
senior notes and an increase in the transaction's
over-collateralization (OC) ratios since May 2017. The Class B
notes have been paid down by approximately 35% or $12.9 million
since then. Based on the trustee's August 2017 report, the OC
ratios for the Class A/B, Class C, Class D and Class E notes are
reported at 439.09%, 171.87%, 135.96% and 114.21%, respectively,
versus May 2017 levels of 149.07%, 122.25%, 113.39% and 106.37%,
respectively.

Nevertheless, the credit quality of the portfolio has deteriorated
since May 2017. Based on Moody's calculations, the weighted average
rating factor is currently 4130 compared to 3991 in May 2017.

The deal holds a material dollar amount of thinly traded or
untraded loans, whose lack of liquidity may pose additional risks
relating to the issuer's ultimate ability or inclination to pursue
a liquidation of such assets, especially if the sales can be
transacted only at heavily discounted price levels. 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 assets.

Methodology Underlying the Rating Action:

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

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

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

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

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

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

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

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

6) Long-dated and illiquid assets: Repayment of the notes at their
maturity will be highly dependent on the issuer's successful
monetization of assets that mature after the CLO's legal maturity
date (long-dated assets) and illiquid assets. This risk is borne
first by investors with the lowest priority in the capital
structure. However, actual long-dated and illiquid asset exposures
and prevailing market prices and conditions at the CLO's maturity
will drive the deal's actual losses, if any.

7) Exposure to credit estimates: The deal contains a large number
of securities whose default probabilities Moody's has assessed
through credit estimates. Moody's normally updates such estimates
at least once annually, but if such updates do not occur, the
transaction could be negatively affected by any default probability
adjustments Moody's assumes in lieu of updated credit estimates.

8) Lack of portfolio granularity: The performance of the portfolio
depends to a large extent on the credit conditions of a few large
obligors Moody's rates non-investment-grade, especially if they
jump to default.

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

Moody's Adjusted WARF -- 20% (3304)

Class B: 0

Class C: 0

Class D: +2

Class E: +1

Moody's Adjusted WARF + 20% (4956)

Class B: 0

Class C: -1

Class D: -1

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, weighted average
recovery rate, and weighted average spread, are based on its
published methodology and could differ from the trustee's reported
numbers. In its base case, Moody's analyzed the collateral pool as
having a performing par and principal proceeds balance of $107.1
million, defaulted par of $26.2 million, a weighted average default
probability of 25.76% (implying a WARF of 4130), a weighted average
recovery rate upon default of 47.88%, a diversity score of 16 and a
weighted average spread of 3.50% (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.

A material proportion of the collateral pool includes debt
obligations whose credit quality Moody's assesses through credit
estimates. Moody's analysis reflects adjustments with respect to
the default probabilities associated with credit estimates.
Specifically, Moody's assumed an equivalent of Caa3 for assets with
credit estimates that have not been updated within the last 15
months, which represent approximately 14.01% of the collateral
pool.


VIBRANT CLO VII: Moody's Assigns Ba3(sf) Rating to Class D Notes
----------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by Vibrant CLO VII, Ltd.

Moody's rating action is:

US$320,000,000 Class A-1 Senior Secured Floating Rate Notes due
2030 (the "Class A-1 Notes"), Assigned Aaa (sf)

US$58,000,000 Class A-2 Senior Secured Floating Rate Notes due 2030
(the "Class A-2 Notes"), Assigned Aa2 (sf)

US$26,000,000 Class B Secured Deferrable Floating Rate Notes due
2030 (the "Class B Notes"), Assigned A2 (sf)

US$32,000,000 Class C Secured Deferrable Floating Rate Notes due
2030 (the "Class C Notes"), Assigned Baa3 (sf)

US$24,000,000 Class D Secured Deferrable Floating Rate Notes due
2030 (the "Class D Notes"), Assigned Ba3 (sf)

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

RATINGS RATIONALE

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

Vibrant CLO VII 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 representing
principal proceeds, and up to 10% of the portfolio may consist of
second lien loans and unsecured loans. The portfolio is
approximately 65% ramped as of the closing date.

Vibrant Credit Partners, LLC, Inc. (the "Manager") will direct the
selection, acquisition and disposition of the assets on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's five-year
reinvestment period. Thereafter, the Manager may reinvest 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 issued one class of
subordinated notes.

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

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

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

Par amount: $500,000,000

Diversity Score: 55

Weighted Average Rating Factor (WARF): 2740

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): N/A

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 9.0 years.

Methodology Underlying the Rating Action:

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

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

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

Together with the set of modeling assumptions 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 2740 to 3151)

Rating Impact in Rating Notches

Class A-1 Notes: 0

Class A-2 Notes: -2

Class B Notes: -2

Class C Notes: -1

Class D Notes: 0

Percentage Change in WARF -- increase of 30% (from 2740 to 3562)

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-2 Notes: -3

Class B Notes: -4

Class C Notes: -2

Class D Notes: -1


WACHOVIA BANK 2007-C32: Moody's Lowers Ratings on 4 Tranches to Csf
-------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on five classes
and downgraded the ratings on four classes in Wachovia Bank
Commercial Mortgage Trust, Series 2007-C32.:

Cl. A-J, Affirmed Caa1 (sf); previously on Oct 14, 2016 Affirmed
Caa1 (sf)

Cl. B, Downgraded to C (sf); previously on Oct 14, 2016 Affirmed
Caa2 (sf)

Cl. C, Downgraded to C (sf); previously on Oct 14, 2016 Affirmed
Caa3 (sf)

Cl. D, Downgraded to C (sf); previously on Oct 14, 2016 Affirmed Ca
(sf)

Cl. E, Affirmed C (sf); previously on Oct 14, 2016 Affirmed C (sf)

Cl. F, Affirmed C (sf); previously on Oct 14, 2016 Affirmed C (sf)

Cl. G, Affirmed C (sf); previously on Oct 14, 2016 Affirmed C (sf)

Cl. H, Affirmed C (sf); previously on Oct 14, 2016 Affirmed C (sf)

Cl. IO, Downgraded to C (sf); previously on Jun 9, 2017 Downgraded
to Ca (sf)

RATINGS RATIONALE

The ratings of the Classes A-J, E, F, G, and H were affirmed
because the ratings are consistent with Moody's expected loss plus
realized losses.

The ratings of the Classes B, C, and D were downgraded due to
anticipated losses from specially serviced loans. All remaining
loans in the pool are currently in special servicing.

The rating of the IO, Class IO, 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 65.1% of the
current pooled balance, compared to 15.1% at Moody's last review.
Moody's base expected loss plus realized losses is now 13.6% of the
original pooled balance, compared to 13.9% 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 RATINGS:

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

Additionally, the methodology used in rating Cl. IO was "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

DEAL PERFORMANCE

As of the August 17, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 89.3% to $413.7
million from $3.8 billion at securitization. The certificates are
collateralized by 23 mortgage loans, all of which are in special
servicing, ranging in size from less than 1% to 22.6% of the pool.

Twenty loans have been liquidated from the pool at a loss,
resulting in contributing to an aggregate realized loss of $253
million (for an average loss severity of 22%). Twenty-three loans,
constituting 100% of the pool, are currently in special servicing.
The largest specially serviced loan is the Rockvale Square Loan
($92.4 million -- 22.6% of the pool), which is secured by a 540,000
SF regional outlet center located in Lancaster, Pennsylvania and
consists of 17 single-story buildings completed between 1984 and
1991. The loan was transferred to the special servicer in July 2016
due to imminent monetary default and the property became REO in
June 2017. The property is 82% leased as of July 2017 to primarily
second-tier outlet retailers. The property's primary competitor,
Tanger Outlets of Lancaster, is located in close proximity to the
property and is expected to undergo a 145,000 SF expansion in late
2017.

The second largest specially serviced loan is the Stadium Crossings
Loan ($47.0 million -- 11.5% of the pool), which is secured by a
165,500 SF mixed-use property located in Anaheim, California. The
collateral is comprised of a 105,223 SF professional, Class A,
office building, a 7,650 SF retail center, a 36,500 SF building
occupied by a church, a 7,200 SF vacant bank building, a 5,500 SF
Denny's Restaurant and a 3,000 SF Carl's Jr. The loan was
transferred to the special servicer in February 2012 due to
monetary default and became REO in May 2013. The property was 91%
leased as of June 2017.

The third largest specially serviced loan is the Marriott --
Mobile, AL ($42.1 million -- 10.3% of the pool), which is secured
by a 251 key, 20-story full-service hotel located in Mobile,
Alabama between the airport and the Mobile CBD. The property, which
was built in 1979, was renovated by the borrower in 2001 and more
recently in 2012-2013 with Marriott standard upgrades totaling $5.5
million ($22,000/key). The loan was transferred to the special
servicer in September 2009 due to imminent monetary default and
became REO in January 2013. Increased supply and competition were
major drivers of the property's declining performance. For the
twelve month period ending June 2017, occupancy, ADR, and RevPAR
were 68.7%, $99 and $68, respectively.

The remaining 20 specially serviced loans are secured by a mix of
property types. Moody's estimates an aggregate $262.0 million loss
for the specially serviced loans (64% expected loss on average).


WFRBS COMMERCIAL 2013-C18: Fitch Affirms Bsf Rating on Cl. F Certs
------------------------------------------------------------------
Fitch Ratings has affirmed 14 classes in WFRBS Commercial Mortgage
Trust's series 2013-C18 commercial mortgage pass-through
certificates.  

KEY RATING DRIVERS

Stable Performance: The pool's credit metrics remain relatively
stable since issuance. At closing, the pool's weighted-average
issuer LTV and DSCR were 54.4% and 2.48x, respectively. The current
average servicer reported LTV and DSCR were 54.1% and 2.50x as of
the most recent distribution.

Retail and Hotel Concentration: The pool is concentrated by
property type, with retail properties representing 40.4% of the
underlying collateral and hotels representing an additional 21.4%.
Within the top 15, four loans (32.9% of the pool) are secured by
retail centers, including the two largest loans, which are secured
by regional malls and account for 29.2% of the pool balance. An
additional four loans within the top 15 (17.2% of the pool) are
secured by hotels.

Limited Amortization: Seven loans representing 34.5% of the pool
are interest only for the full term. An additional 15 loans
representing 29.4% of the pool were originally structured with
partial IO periods. Of these loans, one loan (1.2% of the pool) has
not yet begun to amortize. Approximately 21.7% of the current
collateral reduction was a result of one loan prepaying from the
trust. The pool is scheduled to amortize 11.5% prior to maturity.

Loan Default: One loan (2.3% of the pool) has transferred to
special servicing after defaulting on the terms of the loan. The
loan's YE2016 NOI DSCR was reported to be 1.40x, up from 1.30x at
YE2015 and 1.22x at YE2014. The asset is a portfolio of two office
properties in Cedar Rapids, Iowa. According to the special
servicer, in addition to defaulting on debt service payments, the
borrower is also in lockbox and reserve default.

RATING SENSITIVITIES

The Outlooks for all classes remain Stable. Although one loan has
defaulted and transferred to special servicing, the pool's current
credit metrics remain stable overall since issuance. Additionally,
improved credit enhancement helps mitigate potential performance
decline. Future upgrades are possible with significantly improved
pool performance or deleveraging; however, 34.5% of the pool is
interest only for the full term. Downgrades are possible should
Fitch's loss expectations, especially with regards to the loan in
special servicing, increase.

Fitch has affirmed the following ratings:

-- $5.1 million class A-1 at 'AAAsf'; Outlook Stable;
-- $103.3 million class A-2 at 'AAAsf'; Outlook Stable;
-- $140 million class A-3 at 'AAAsf'; Outlook Stable;
-- $170 million class A-4 at 'AAAsf'; Outlook Stable;
-- $201 million class A-5 at 'AAAsf'; Outlook Stable;
-- $63.7 million class A-SB at 'AAAsf'; Outlook Stable;
-- $70.1 million class A-S at 'AAAsf'; Outlook Stable;
-- $753.2 million* class X-A at 'AAAsf'; Outlook Stable;
-- $72.7 million class B at 'AA-sf'; Outlook Stable;
-- $36.3 million class C at 'A-sf'; Outlook Stable;
-- $0 class PEX at 'A-sf'; Outlook Stable;
-- $66.2 million class D at 'BBB-sf'; Outlook Stable;
-- $19.5 million class E at 'BBsf'; Outlook Stable;
-- $7.8 million class F at 'Bsf'; Outlook Stable.

*Notional amount and interest only.

The class A-S, B and C certificates may be exchanged for class PEX
certificates, and vice versa. Fitch does not rate the class G certs


WFRBS COMMERCIAL 2014-C22: Fitch Affirms Bsf Rating on 2 Tranches
-----------------------------------------------------------------
Fitch Ratings has affirmed and revised Rating Outlooks on two
classes of Wells Fargo Bank, N.A.'s WFRBS Commercial Trust series
2014-C22 commercial mortgage trust pass-through certificates.

KEY RATING DRIVERS

Overall Stable Performance: The overall pool performance is
generally stable since issuance with the exception of one loan in
special servicing (1.8%). The transaction has paid down less than
2% since issuance with minimal increased credit enhancement (CE).

Specially Serviced Loan/Fitch Loans of Concern: One loan (1.8%)
remains in special servicing since February 2016 because of payment
default as a result of declines in performance due to the oil
downturn, and significant losses are possible. Fitch has designated
nine loans (8.9%) as Fitch loans of concern for declines in NOI,
occupancy, rollover, and tenant bankruptcies. Ten loans (5%) are on
the master servicer's watchlist.

Pool Concentrations/Hurricane Exposure: The 10 largest loans
represent 44.7% of the total pool balance and the top three loans
represent 25.7% of the total pool balance. Of the top 15 loans, two
(3.9%) are located in Houston and two (5.3%) are located in
Florida. It is unknown at this time if the properties have suffered
damage caused by recent Hurricanes Harvey and Irma.

Single Tenant Assets: Of the top 20 loans, five loans (9.4% of the
pool) are secured by properties leased to a single tenant. This
includes both CSM Bakery Portfolios (4.6%), Preferred Freezer
Houston (1.8%), 400 Atlantic (1.7%), and Lincoln Plaza (1.2%).

Interest-Only/Limited Amortization: Approximately 17.3% of the pool
is full-term interest-only and 48.9% is partial term interest-only.
Four loans within the pool (8.8%) are structured as ARD loans. The
remainder of the pool (78 loans, 33.8%) consists of amortizing
balloon loans with loan terms of five to 10 years.

Co-Op Collateral: A total of 19 loans, representing 4.5% of the
total pool balance, are collateralized by co-op properties. These
co-op loans have very low leverage metrics on an assumed rental
basis. At issuance, the co-op loans in the transaction had an
average Fitch DSCR and LTV of 8.03x and 25%, respectively.

RATING SENSITIVITIES

Rating Outlooks on classes A-1 through C remain Stable due to
expected continued paydown and sufficient CE. The Rating Outlooks
on classes D and E remain on Negative reflecting the potential for
future downgrades if performance continues to deteriorate which
could include increased expected losses on the specially serviced
loan or other Fitch loans of concern, as well as potential
performance issues of properties located in hurricane-affected
areas.

Fitch has affirmed and revised Rating Outlooks on the following
classes:

-- $28.6 million class A-1 at 'AAAsf'; Outlook Stable;
-- $75.9 million class A-2 at 'AAAsf'; Outlook Stable;
-- $59.9 million class A-3 at 'AAAsf'; Outlook Stable;
-- $360 million class A-4 at 'AAAsf'; Outlook Stable;
-- $386 million class A-5 at 'AAAsf'; Outlook Stable;
-- $102.1 million class A-SB at 'AAAsf'; Outlook Stable;
-- Interest-only class X-A at 'AAAsf'; Outlook Stable;
-- $104.1 million class A-S at 'AAAsf'; Outlook Stable;
-- $68.8 million class B at 'AA-sf'; Outlook Stable;
-- $52.1 million class C at 'A-sf'; Outlook Stable.
-- Interest-only X-C at 'Bsf'; Outlook to Negative from Stable;
-- Interest-only X-D at 'CCCsf';
-- $111.6 million class D at 'BBB-sf''; Outlook Negative.
-- $31.6 million class E at 'Bsf''; Outlook to Negative from
    Stable;
-- $14.9 million class F at 'CCCsf''; RE 100%.

Fitch does not rate the interest-only class X-B, interest-only
class X-E, interest-only class X-Y, or the class G certificates.
Since Fitch issued its expected ratings on Aug. 26, 2014, the class
PEX was withdrawn.


[*] Fitch Downgrades 13 Bonds in 4 Transactions to 'D'
------------------------------------------------------
Fitch Ratings has taken various rating actions on already
distressed U.S. commercial mortgage-backed securities (CMBS) bonds.
Fitch downgraded 13 bonds in four transactions to 'D', as the bonds
have incurred a principal write-down. The bonds were all previously
rated 'C' or below, which indicates that losses were inevitable.

Fitch has also withdrawn the rating on 11 classes in a transaction
as a result of realized losses and paydown. The trust balance has
been reduced to $0.

KEY RATING DRIVERS

The downgrades are limited to just the bonds with write-downs. Any
remaining bonds in these transactions have not been analyzed as
part of this review.

RATING SENSITIVITIES

While the bonds that have defaulted are not expected to recover any
material amount of lost principal in the future, there is a limited
possibility this may happen. In this unlikely scenario, Fitch would
further review the affected classes.

A list of the Affected Ratings is available at:

                       http://bit.ly/2xKsrLN


[*] Moody's Takes Action on $76MM of Prime Jumbo RMBS Issued 2004
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of thirteen
tranches and downgraded the ratings of eight tranches from three
transactions, backed by Prime Jumbo RMBS loans, issued by multiple
issuers.

Complete rating actions are:

Issuer: Banc of America Mortgage 2004-J Trust

Cl. 1-A-1, Upgraded to Baa3 (sf); previously on Oct 10, 2016
Upgraded to Ba1 (sf)

Cl. 1-A-2, Upgraded to Baa3 (sf); previously on Oct 10, 2016
Upgraded to Ba1 (sf)

Cl. 2-A-1, Upgraded to Ba1 (sf); previously on Apr 25, 2011
Downgraded to Ba2 (sf)

Cl. 2-A-2, Upgraded to B1 (sf); previously on Mar 5, 2014 Upgraded
to B3 (sf)

Issuer: Citigroup Mortgage Loan Trust, Series 2004-HYB1

Cl. A-1, Upgraded to Baa3 (sf); previously on Feb 27, 2013 Affirmed
Ba2 (sf)

Cl. A-2, Upgraded to B1 (sf); previously on Jul 29, 2014 Upgraded
to B3 (sf)

Cl. A-3-1, Upgraded to Ba1 (sf); previously on Dec 15, 2015
Upgraded to Ba2 (sf)

Cl. A-3-2, Upgraded to Ba1 (sf); previously on Dec 15, 2015
Upgraded to Ba2 (sf)

Cl. A-4-1, Upgraded to B1 (sf); previously on Jul 29, 2014 Upgraded
to B2 (sf)

Cl. A-4-2, Upgraded to B2 (sf); previously on Jul 29, 2014 Upgraded
to B3 (sf)

Cl. IO-1, Upgraded to Baa3 (sf); previously on Feb 27, 2013
Affirmed Ba2 (sf)

Cl. IO-3-1, Upgraded to Ba1 (sf); previously on Dec 15, 2015
Upgraded to Ba2 (sf)

Cl. IO-3-2, Upgraded to Ba1 (sf); previously on Dec 15, 2015
Upgraded to Ba2 (sf)

Issuer: J.P. Morgan Mortgage Trust 2004-S2

Cl. 4-A-1, Downgraded to B2 (sf); previously on Aug 29, 2013
Downgraded to Ba3 (sf)

Cl. 4-A-2, Downgraded to B2 (sf); previously on Aug 29, 2013
Downgraded to Ba3 (sf)

Cl. 4-A-3, Downgraded to B3 (sf); previously on Jan 10, 2013
Downgraded to B1 (sf)

Cl. 4-A-5, Downgraded to B1 (sf); previously on Jan 10, 2013
Downgraded to Ba3 (sf)

Cl. 4-A-6, Downgraded to B1 (sf); previously on Aug 29, 2013
Downgraded to Ba2 (sf)

Cl. 5-A-1, Downgraded to B1 (sf); previously on Jan 10, 2013
Downgraded to Ba1 (sf)

Cl. 6-A-1, Downgraded to B1 (sf); previously on Jan 10, 2013
Downgraded to Ba2 (sf)

Cl. 6-A-P, Downgraded to B1 (sf); previously on Jan 10, 2013
Downgraded to Ba2 (sf)

RATINGS RATIONALE

The rating downgrades are due to the erosion of credit enhancement
available to the bonds. The rating upgrades are primarily due to an
increase in the credit enhancement available to the bonds. The
rating actions reflect the recent performance of the underlying
pools and Moody's updated loss expectation on these pools.

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in January 2017.

Additionally, the methodology used in rating Citigroup Mortgage
Loan Trust, Series 2004-HYB1 Cl. IO-1, Cl. IO-3-1, and Cl. IO-3-2
and J.P. Morgan Mortgage Trust 2004-S2 Cl. 4-A-2 was "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 4.4% in August 2017 from 4.9% in
August 2016. Moody's forecasts an unemployment central range of
4.5% to 5.5% for the 2017 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 2017. 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 Withdraws Ratings on 73 Classes From Eight U.S. RMBS Deals
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on 73 classes from eight
U.S. residential mortgage-backed securities (RMBS) transactions to
'D (sf)' and removed them from CreditWatch with negative
implications, where they were placed on July 18, 2017. S&P
subsequently withdrew its ratings on these 73 classes. The
transactions were issued in 2004 and 2005 and are backed by prime
jumbo and Alternative-A collateral.

According to the June 2017 trustee remittance reports for these
transactions, $53.57 million in total payments was withheld by the
trustee, Wells Fargo Bank N.A. Due to these payment withholdings,
reported amounts owed on the affected classes remain unpaid. As
explained in letters to bondholders, in reaction to clean-up calls
on the loans underlying these transactions, Wells Fargo held back
these payments to cover its legal expenses in pending litigation
concerning its performance as trustee. S&P said, " We had placed
our ratings on the affected classes on CreditWatch negative while
we investigated the situation to determine whether we believed the
payments owed on these classes may eventually be made.

"After further review of Wells Fargo's actions, we do not believe
that Wells Fargo will make the principal and interest payments owed
on these classes. We therefore have determined that these 73
classes were in default, and have lowered their ratings to 'D (sf)'
and subsequently withdrew them.

"A number of other legacy RMBS transactions are subject to similar
trustee litigation, and, in our view, the trustees in those
transactions could also hold back securities payments to cover the
trustees' legal expenses. We have not, however, observed any
payment holdbacks in these transactions that would warrant rating
actions, and the potential for any such holdbacks in these
transactions is currently uncertain, in our view. We will continue
to monitor the performances of these transactions and will take
ratings actions, if any, that we consider appropriate under the
circumstances."

A list of the Affected Ratings is available at:

                 http://bit.ly/2fevELV


                            *********

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
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then-ending.

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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
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Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
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Editors.

Copyright 2017.  All rights reserved.  ISSN: 1520-9474.

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