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

              Sunday, April 8, 2018, Vol. 22, No. 97

                            Headlines

ANGEL OAK 2018-1: DBRS Assigns Prov. B Rating on Class B-2 Certs
ANGEL OAK 2018-1: Fitch Assigns 'Bsf' Rating to Class B-2 Notes
ANTARES CLO 2018-1: S&P Assigns Prelim. BB-(sf) Rating on E Notes
ARES LTD XXXIIR: Moody's Assigns (P)B3 Rating to Class E Notes
BANCORP COMMERCIAL 2018-CRE3: DBRS Finalizes B Rating on F Certs

BANK 2017-BNK4: Fitch Affirms 'B-sf' Rating on Cl. X-F Certs
BANK OF AMERICA 2016-UBS10: Fitch Affirms B Rating on Cl. F Certs
BARINGS CLO 2018-II: Moody's Assigns (P)Ba3 Rating to Cl. D Notes
BECKMAN COULTER 2000-A: Fitch Puts BB on Cl. A Debt on Watch Neg
BX TRUST 2018-MCSF: Fitch to Rate Class F Certs 'B-sf'

CAPITAL ONE: Fitch Affirms BBsf Rating on 2002-1D Notes
CAPITALSOURCE REAL 2006-A: Moody's Affirms Ba1 Rating on Cl. B Debt
CAPLEASE CDO 2005-1: Moody's Hikes Rating on Class E Notes to B1
CBAM LTD 2018-5: Moody's Assigns Ba3 Rating to Class E Notes
CHENANGO PARK: S&P Assigns Prelim B- (sf) Rating on Class E Notes

CITIGROUP COMMERCIAL 2017-P7: Fitch Affirms BB- Rating on E Certs
CPS AUTO 018-B: S&P Assigns Prelim. BB-(sf) Rating on Class E Notes
CSFB MORTGAGE 2005-C1: Moody's Hikes Class F Debt Rating to B2
DBUBS MORTGAGE 2011-LC2: DBRS Hikes Class E Certs Rating to BB(sf)
EDUCATION FUNDING 2006-1: S&P Affirms CCC(sf) Rating on A-3 Notes

FBR SECURITIZATION 2005-4: Moody's Ups Cl. M-1 Notes Rating to B1
FIRST KEY 2017-R1: DBRS Hikes Rating on Class M3 Notes to BBsf
FLATIRON CLO 18: Moody's Assigns Ba3 Rating to Class E Notes
FORTRESS CREDIT III: S&P Assigns BB(sf) Rating on Class E-R Notes
FORTRESS CREDIT XI: S&P Assigns Prelim. BB- Rating on E Notes

GREENPOINT 2001-1: Moody's Hikes Cl. I M-2 Debt Rating From Ba2
GREENWICH CAPITAL 2007-GG9: Fitch Cuts Ratings on 2 Tranches to C
GS MORTGAGE 2011-GC5: Moody's Affirms B2 Rating on Class F Certs
GS MORTGAGE 2013-GCJ14: Moody's Affirms B3 Rating on Class G Certs
GS MORTGAGE 2015-GC32: Fitch Affirms 'BBsf' Rating on Cl. E Certs

GS MORTGAGE 2018-GS9: Fitch Assigns B-sf Rating to Cl. F-RR Certs
IMSCI 2013-3: DBRS Confirms B(low) Rating on Class G Certs
IMSCI 2013-4: DBRS Confirms B(low) Rating on Class G Certs
JP MORGAN 2002-CIBC4: Moody's Affirms C Ratings on 2 Tranches
JP MORGAN 2006-LDP9: Moody's Affirms Ba1 Ratings on 2 Tranches

JP MORGAN 2008-C2: Moody's Lowers Cl. X Notes Rating to C(sf)
JP MORGAN 2018-2: Fitch to Rate Class B-5 Certs 'Bsf'
JP MORGAN 2018-3: DBRS Finalizes 'B' Rating on Class B-5 Certs
JP MORGAN 2018-3: Moody's Assigns B3 Rating to Class B-5 Notes
JPMDB COMMERCIAL 2017-C5: Fitch Affirms B Rating on Cl. G-RR Certs

LB-UBS COMMERCIAL 2004-C2: Moody's Hikes Class J Debt Rating to Ba1
LB-UBS COMMERCIAL 2006-C3: Moody's Hikes Class F Debt Rating to Ca
LB-UBS COMMERCIAL 2006-C6: Moody's Cuts Rating on Class B Debt to C
LEHMAN STRUCTURED 2005-1: Moody's Cuts Cl. IO Debt Rating to Caa3
MELLO MORTGAGE 2018-MTG1: DBRS Gives Prov. 'B' Rating on B5 Certs

MERRILL LYNCH 2008-C1: Moody's Lowers Rating on Class X Debt to Ca
MIDOCEAN CREDIT IV: S&P Assigns Prelim BB Rating on Cl. D-R Notes
MORGAN STANLEY 2007-HQ12: Fitch Affirms CCC Rating on Cl. E Certs
MORGAN STANLEY 2012-C5: Fitch Affirms 'Bsf' Rating on Cl. H Certs
MSBAM 2014-C15: Fitch Affirms BB- Rating on Class F Notes

MSBAM TRUST 2013-C10: Fitch Affirms 'Bsf' Rating on Cl. H Certs
NOMURA CRE 2007-2: Moody's Lowers Ratings on 2 Debt Classes to C
OBX TRUST 2018-1: DBRS Finalizes 'BB' Rating on Class B-4 Notes
OBX TRUST 2018-1: Fitch Assigns 'Bsf' Rating to Class B-5 Notes
OZLM XVIII: Moody's Assigns B3 Rating to Class F Notes

PPLUS TRUST RRD-1: Moody's Lowers Ratings on 2 Tranches to B3
PROSPER MARKETPLACE 2018-1: Fitch Assigns BB- Rating to Cl. C Debt
SHACKLETON LTD 2013-IV-R: Moody's Gives (P)B3 Rating to Cl. E Notes
SLM STUDENT 2012-5: Fitch Hikes Cl. B Notes Rating From 'Bsf'
TOWD POINT 2016-5: Moody's Assigns Ba3 Rating to Class B2 Certs

TRUMAN CAPITAL 2004-2: Moody's Hikes Cl. M-4 Debt Rating to Ba3
UBS COMMERCIAL 2018-C9: Fitch Assigns B- Rating to Cl. F-RR Certs
VENTURE LIMITED 31: Moody's Assigns B3 Rating to Class F Notes
WELLS FARGO 2017-RB1: DBRS Confirms 'BB' Rating on Class E-1 Certs
WELLS FARGO 2018-C43: DBRS Finalizes B(low) Rating on Cl. F Certs

[*] Moody's Takes Action on $254MM of RMBS Issued 2003-2006
[*] S&P Cuts Ratings on 7 Classes From Five US RMBS Re-REMIC Deals
[*] S&P Lowers Ratings on 8 Classes From 5 U.S. RMBS Deals to Dsf
[*] S&P Takes Actions on 519 Classes From 21 Post-2008 RMBS Deals
[*] S&P Takes Various Actions on 115 Classes From 17 US RMBS Deals


                            *********

ANGEL OAK 2018-1: DBRS Assigns Prov. B Rating on Class B-2 Certs
----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
Mortgage-Backed Certificates, Series 2018-1 (the Certificates)
issued by Angel Oak Mortgage Trust I, LLC 2018-1 (AOMT 2018-1 or
the Trust):

-- $211.9 million Class A-1 at AAA (sf)
-- $22.2 million Class A-2 at AA (sf)
-- $36.3 million Class A-3 at A (sf)
-- $16.9 million Class M-1 at BBB (sf)
-- $16.9 million Class B-1 at BB (sf)
-- $11.7 million Class B-2 at B (sf)

The AAA (sf) rating on the Certificates reflects the 35.55% of
credit enhancement provided by subordinated Certificates in the
pool. The AA (sf), A (sf), BBB (sf), BB (sf) and B (sf) ratings
reflect 28.80%, 17.75%, 12.60%, 7.45% and 3.90% of credit
enhancement, respectively.

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

This transaction is a securitization of a portfolio of primarily
first-lien fixed- and adjustable-rate, non-prime and prime,
residential mortgages. The Certificates are backed by 905 loans
with a total principal balance of $328,775,000 as of the Cut-Off
Date (March 1, 2018).

Angel Oak Mortgage Solutions LLC (AOMS), Angel Oak Home Loans LLC
(AOHL) and Angel Oak Prime Bridge LLC (together, Angel Oak) are the
originators for 74.5%, 23.1% and 2.5% of the portfolio,
respectively. The mortgages were originated under the following
eight programs:

(1) Portfolio Select (57.0%) – Made to borrowers with near-prime
credit scores who are unable to obtain financing through
conventional or governmental channels because (a) they fail to
satisfy credit requirements, (b) they are self-employed and need an
alternate income calculation using 12 or 24 months' bank statements
to qualify, (c) they may have a credit score that is lower than
that required by government-sponsored entity underwriting
guidelines or (d) they may have been subject to a bankruptcy or
foreclosure 24 or more months prior to origination.

(2) Platinum (12.3%) – Made to borrowers that have prime or
near-prime credit scores but who are unable to obtain financing
through conventional or governmental channels because (a) they fail
to satisfy credit requirements, (b) they are self-employed and need
alternative income calculations using 12 or 24 months of bank
statements or (c) they may have been subject to a bankruptcy or
foreclosure 48 or more months prior to origination.

(3) Non-Prime General (9.5%) – Made to borrowers who have not
sustained a housing event in the past 24 months, but whose credit
reports show multiple 30+ and/or 60+ day delinquencies on any
reported debt in the past 12 months.

(4) Prime Jumbo (9.4%) – Made to borrowers that have prime credit
scores and excellent housing history with no bankruptcy or
foreclosure in the 60 months prior to origination. The loans
amounts will also allow high balance conforming loan limits.
Interest-only feature is allowed. The income documentation
requirements follow Appendix Q.

(5) Investor Cash Flow (4.6%) – Made to real estate investors who
are experienced in purchasing, renting and managing investment
properties with an established five-year credit history and at
least 24 months of clean housing payment history, but who are
unable to obtain financing through conventional or governmental
channels because (a) they fail to satisfy the requirements of such
programs or (b) may be over the maximum number of properties
allowed. Loans originated under the Investor Cash Flow program are
considered business purpose and are not covered by the
Ability-to-Repay (ATR) rules or TRID rule.

(6) Non-Prime Foreign National (3.6%) – Made to investment
property borrowers who are citizens of foreign countries and who do
not reside or work in the United States. Borrowers may use
alternative income and credit documentation. Income is typically
documented by the employer or accountant, and credit is verified by
letters from overseas credit holders.

(7) Non-Prime Recent Housing (2.8%) – Made to borrowers who have
completed or have had their properties subject to a short sale,
deed-in-lieu, and notice of default or foreclosure. Borrowers who
have filed bankruptcy 12 or more months prior to origination or
have experienced severe delinquencies may also be considered for
this program.

(8) Non-Prime Investment Property (0.2%) – Made to real estate
investors who may have financed up to four mortgaged properties
with the originators (or 20 mortgaged properties with all
lenders).

In addition, the pool contains 0.7% second-lien mortgage loans,
which were originated either under the Portfolio Select program
(


ANGEL OAK 2018-1: Fitch Assigns 'Bsf' Rating to Class B-2 Notes
---------------------------------------------------------------
Fitch Ratings has rated Angel Oak Mortgage Trust I, LLC 2018-1
(AOMT 2018-1) as follows:

-- $211,895,000 class A-1 notes 'AAAsf'; Outlook Stable;
-- $22,193,000 class A-2 notes 'AAsf'; Outlook Stable;
-- $36,329,000 class A-3 notes 'Asf'; Outlook Stable;
-- $16,932,000 class M-1 notes 'BBBsf'; Outlook Stable;
-- $16,932,000 class B-1 notes 'BBsf'; Outlook Stable;
-- $11,672,000 class B-2 notes 'Bsf'; Outlook Stable.

Fitch will not be rating the following class:

-- $12,822,000 class B-3 notes.

The 'AAAsf' for AOMT 2018-1 reflects the satisfactory operational
review conducted by Fitch of the originators, 100% loan-level due
diligence review with no material findings, a Tier 2 representation
and warranty framework, and the transaction's structure.

TRANSACTION SUMMARY

The transaction is collateralized with 80.7% non-qualified (Non-QM)
mortgages as defined by the Ability-to-Repay rule (ATR), while 0.3%
is designated as higher-priced QMs (HPQMs) and 8% are Safe Harbor
QM (SHQM). The remainder are business purpose/investment properties
and are not subject to ATR.

The certificates are supported by a pool of 905 mortgage loans with
a weighted average (WA) original credit score of 701 and a WA
original combined loan to value ratio (CLTV) of 76.8%. Roughly 29%
consists of borrowers with prior credit events, 4% are foreign
nationals and 0.7% are second-lien loans. In addition,
approximately 34% are loans to self-employed borrowers underwritten
to a 24-month bank statement program and 12% are made to
self-employed borrowers underwritten to a 12-month bank statement
program. A 100% loan-level due diligence was performed to confirm
adherence to guidelines and controls. The transaction also benefits
from an alignment of interest, as Angel Oak Real Estate Investment
Trust I (Angel Oak REIT I) or a majority-owned affiliate will be
retaining a horizontal interest in the transaction equal to not
less than 5% of the aggregate fair market value of all the
certificates in the transaction.

The loan-level representations (reps) for this transaction are
substantially consistent with Fitch criteria. However, the lack of
an automatic review for loans other than those with ATR-realized
loss and the nature of the prescriptive breach tests, which limit
the breach reviewer's ability to identify or respond to issues not
fully anticipated at closing, resulted in a Tier 2 framework. Fitch
increased its loss expectations (216 bps at the 'AAAsf' rating
category) to mitigate the limitations of the framework and the
non-investment-grade counterparty risk of the providers.

Initial credit enhancement (CE) for the class A-1 certificates of
35.55% is higher than Fitch's 'AAAsf' rating stress loss of 29.75%.
The additional initial CE is primarily driven by the pro rata
principal distribution between the A-1, A-2 and A-3 certificates,
which will result in a significant reduction of the class A-1
subordination over time through principal payments to the A-2 and
A-3.

KEY RATING DRIVERS

Non-prime Credit Quality (Negative): The pool has a WA model credit
score of 701 and WA original CLTV of 76.8%. Roughly 28.6% consists
of borrowers with prior credit events, 3.6% are foreign nationals
and 0.7% are second-lien loans. Forty-one loans experienced a
delinquency since origination, 34 of which were due to servicer
transfer issues. Approximately 34% was made to self-employed
borrowers underwritten to a 24-month bank statement program and 12%
to self-employed borrowers underwritten to a 12-month bank
statement program. Fitch applied default penalties to account for
these attributes and loss severity was adjusted to reflect the
increased risk of ATR challenges and loans with TILA RESPA
Integrated Disclosure (TRID) exceptions.

Satisfactory Originator Review and Track Record (Positive): Fitch
conducted an operational review of AOMS and AOHL and assessed them
as average based on the companies' seasoned management team and
extensive nonprime mortgage experience, a comprehensive sourcing
strategy and sound underwriting and risk management practices. AOHL
(retail platform) commenced agency loan originations in 2011 and
ramped up its nonprime business in 2012. Correspondent and broker
originations are conducted by AOMS, which began operations in
2014.

Bank Statement Loans Included (Negative): Approximately 45.6% of
the pool (307 loans) were made to self-employed borrowers
underwritten to a bank statement program (33.6% were underwritten
to a 24-month program and 12% to a 12-month program) for verifying
income in accordance with either AOHL or AOMS's guidelines, which
is not consistent with Appendix Q standards and Fitch's view of a
full documentation program. While employment is fully verified and
assets partially confirmed, the limited income verification
resulted in application of a probability of default (PD) penalty of
approximately 1.5x for the bank statement loans at the 'AAAsf'
rating category. Additionally, Fitch's assumed probability of ATR
claims was doubled, which increased the loss severity.

Solid Due Diligence Results (Positive): Third-party loan-level due
diligence was performed on 100% of the pool, the results of which
generally reflect sound underwriting and operational controls. Of
the 792 loans subject to consumer compliance testing (700 of which
were subject to TRID), seven were assigned 'C' grades due to
material noncompliance with TRID.

High Investor Property Concentration (Negative): Approximately 11%
of the pool consists of investment properties, 4.6% of which were
originated through the originators' investor cash flow program that
targets real estate investors qualified on a cash flow ratio basis.
While the borrower's credit score and LTV are used in the
underwriting of the cash flow loans, the ratio of mortgage
principal, interest, taxes, insurance and homeowner association
dues as a percentage of market rent, which averages 72.3%,
determines the debt-to-rent (DTR) ratio. Since Fitch's model was
developed using a debt-to-income (DTI) ratio in its analysis, Fitch
mapped the DTR to a DTI ratio of comparable credit risk. The
remaining investor properties were underwritten to borrower DTIs.

R&W Framework (Mixed): As sponsor, the REIT, Angel Oak REIT I),
will be providing loan-level reps and warranties (R&W) to the
trust. If the REIT is no longer an ongoing business concern, it
will assign to the trust its rights under the mortgage loan
purchase agreements with the originators, which include repurchase
remedies for R&W breaches. The loan-level reps for this transaction
are substantially consistent with a Tier I framework. However, the
lack of an automatic review for loans, other than those with ATR
realized loss, and the nature of the prescriptive breach tests,
which limit the breach reviewers' ability to identify or respond to
issues not fully anticipated at closing, resulted in a Tier 2
framework. Fitch increased its loss expectations (216 bps at the
'AAAsf' rating category) to mitigate the limitations of the
framework and the non-investment-grade counterparty risk of the
providers.

Alignment of Interests (Positive): The transaction benefits from an
alignment of interests between the issuer and investors. Angel Oak
REIT I as sponsor and securitizer, or an affiliate, 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, Angel Oak REIT I and Angel
Oak Strategic Mortgage Income Master Fund, Ltd., as co-sponsor,
will retain the class B-2, B-3 and XS certificates. Finally, the
R&Ws are provided by Angel Oak REIT I, or the originators in the
event the REIT ceases operations, which aligns their interests with
those of investors to maintain high-quality origination standards
and sound performance.

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 or the delinquency trigger event
occurs in a given period, principal will be distributed
sequentially to the class A-1, A-2 and A-3 bonds until they are
reduced to zero.

Servicing and Master Servicer (Positive): Select Portfolio
Servicing (SPS, RPS1-/Stable), will be the primary servicer. Wells
Fargo Bank, N.A. (RMS1/Stable), will act as master servicer.
Advances required but not paid by SPS will be paid by Wells Fargo.
Fitch does not rate any primary servicer higher than SPS and does
not rate any master servicer higher than Wells Fargo.

Recent Natural Disasters (Neutral): Property inspections were
ordered and have been completed for all loans located in the
Hurricane Harvey, Hurricane Irma and California wildfire related
FEMA-designated disaster areas. The inspections showed no property
damage.

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. Two
sets of sensitivity analyses were conducted at the state and
national levels to assess the effect of higher MVDs for the subject
pool.

This defined stress sensitivity analysis demonstrates how the
ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10%, 20%, and 30%, in addition to the
model-projected 7.5%. The analysis indicates that there is some
potential rating migration with higher MVDs, compared with the
model projection.

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


ANTARES CLO 2018-1: S&P Assigns Prelim. BB-(sf) Rating on E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Antares CLO
2018-1 Ltd./Antares CLO 2018-1 LLC's $615.50 million floating-rate
notes.

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

The preliminary ratings are based on information as of April 4,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

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

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

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

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

  PRELIMINARY RATINGS ASSIGNED
  Antares CLO 2018-1 Ltd./Antares CLO 2018-1 LLC
  Class                 Rating          Amount
                                       (mil. $)
  A                     AAA (sf)        399.00
  B                     AA (sf)          76.50
  C                     A (sf)           56.50
  D                     BBB- (sf)        46.00
  E                     BB- (sf)         37.50
  Subordinated notes    NR               91.60

  NR--Not rated.


ARES LTD XXXIIR: Moody's Assigns (P)B3 Rating to Class E Notes
--------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to eight
classes of notes to be issued by Ares XXXIIR CLO Ltd.

Moody's rating action is as follows:

US$4,000,000 Class X Senior Floating Rate Notes Due 2030 (the
"Class X Notes"), Assigned (P)Aaa (sf)

US$297,000,000 Class A-1A Senior Floating Rate Notes Due 2030 (the
"Class A-1A Notes"), Assigned (P)Aaa (sf)

US$29,700,000 Class A-1B Senior Floating Rate Notes Due 2030 (the
"Class A-1B Notes"), Assigned (P)Aaa (sf)

US$49,500,000 Class A-2 Senior Floating Rate Notes Due 2030 (the
"Class A-2 Notes"), Assigned (P)Aa2 (sf)

US$25,200,000 Class B Senior Floating Rate Notes Due 2030 (the
"Class B Notes"), Assigned (P)A2 (sf)

US$32,000,000 Class C Mezzanine Deferrable Floating Rate Notes Due
2030 (the "Class C Notes"), Assigned (P)Baa3 (sf)

US$22,000,000 Class D Mezzanine Deferrable Floating Rate Notes Due
2030 (the "Class D Notes"), Assigned (P)Ba3 (sf)

US$9,900,000 Class E Mezzanine Deferrable Floating Rate Notes Due
2030 (the "Class E Notes"), Assigned (P)B3 (sf)

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

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

RATINGS RATIONALE

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

Ares XXXIIR is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90.0% of the portfolio must consist of
first lien senior secured loans and eligible investments, and up to
10.0% of the portfolio may consist of collateral obligations that
are not senior secured loans. Moody's expect the portfolio to be
approximately 95% ramped as of the closing date.

Ares 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 will issue subordinated
notes.

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

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

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

Par amount: $495,000,000

Diversity Score: 80

Weighted Average Rating Factor (WARF): 3000

Weighted Average Spread (WAS): 3.25%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 48.5%

Weighted Average Life (WAL): 9.0 years

Methodology Underlying the Rating Action:

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

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

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

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 3000 to 3450)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1A Notes: 0

Class A-1B Notes: -1

Class A-2 Notes: -2

Class B Notes: -2

Class C Notes: -1

Class D Notes: 0

Class E Notes: -1

Percentage Change in WARF -- increase of 30% (from 3000 to 3900)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1A Notes: -1

Class A-1B Notes: -3

Class A-2 Notes: -4

Class B Notes: -4

Class C Notes: -2

Class D Notes: -1

Class E Notes: -3


BANCORP COMMERCIAL 2018-CRE3: DBRS Finalizes B Rating on F Certs
----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of Bancorp 2018-CRE3 Commercial Mortgage Pass-Through
Certificates (the Certificates) issued by Bancorp Commercial
Mortgage 2018 CRE3 Trust:

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

All trends are Stable.

RATING RATIONALE/DESCRIPTION

The collateral for the transaction consists of 30 recently
originated floating-rate mortgages secured by 35 transitional
commercial real estate properties totaling $304.3 million based on
current trust cut-off balances ($328.7 million, including funded
pari passu participation interests) and $376.1 million based on the
fully funded loan amounts. The transaction is a sequential-pay
pass-through structure. The loans are secured by currently
cash-flowing assets, some of which are in a period of transition,
with plans to stabilize and improve the asset value. The
floating-rate mortgages were analyzed to determine the probability
of loan default over the term of the loan and its refinance risk at
maturity based on a fully extended loan term. Because of the
floating-rate nature of the loans, the index (one-month LIBOR) was
applied at the lower of a DBRS stressed rate that corresponded to
the remaining fully extended term of the loans or the strike price
of the interest rate cap, with the respective contractual loan
spread added to determine a stressed interest rate over the loan
term. When the cut-off balances were measured against the DBRS
In-Place Net Cash Flow (NCF) and their respective stressed
constants, there were 17 loans, representing 81.4% of the pool,
with term debt service coverage ratios (DSCRs) below 1.15 times
(x), a threshold indicative of a higher likelihood of term default.
Additionally, to assess refinance risk, DBRS applied its refinance
constants to the balloon amounts, resulting in 14 loans, or 48.6%
of the pool, having refinance DSCRs below 1.00x relative to the
DBRS Stabilized NCF. The properties are frequently transitioning,
with potential upside in the cash flow; however, DBRS does not give
full credit to the stabilization if there are no holdbacks or if
other loan structural features in place are insufficient to support
such treatment. Furthermore, even with structural features
provided, DBRS generally does not assume the assets will stabilize
above market levels.

The loans were all sourced by The Bancorp, Inc. (Bancorp), a
commercial mortgage originator with strong origination practices,
and Bancorp is expected to purchase and retain 100.0% of the Class
C Certificates, accounting for 5.75% of the total principal balance
of the Certificates. The risk-retention role will be fulfilled by
Double Line Mortgage Opportunities Master Fund LP (Double Line)
purchasing Class G-RR as a third-party purchaser. DBRS considers
Double Line to be a sophisticated investor.

All loans have floating interest rates and are interest only during
the original term, which are all three years, creating interest
rate risk. The borrowers of all loans have purchased interest rate
caps to protect against a rise in interest rates over the term of
the loan. The weighted-average (WA) DBRS stressed interest rate for
the pool is 2.9% higher than the pool's WA interest rate. In order
to qualify for extension options, the loans must meet minimum debt
yield and loan-to-value requirements. In addition, all loans
amortize during the extension option.

The loans have been analyzed by DBRS to a stabilized cash flow that
is, in some instances, above the current in-place cash flow. There
is a possibility that the sponsors will not execute their business
plans as expected and the higher stabilized cash flow will not
materialize during the loan term. Failure to execute the business
plan could result in a term default or the inability to refinance
the fully funded loan balance. DBRS made relatively conservative
stabilization assumptions and, in each instance, considered the
business plan to be rational and the future funding amounts to be
sufficient to execute such plans. In addition, DBRS models
probability of default (POD) based on the DBRS In-Place NCF and the
fully funded loan amount (including the future funding
participation structures). The corresponding WA DBRS Debt Yield is
7.3%, which is significantly lower than the WA DBRS Exit Debt
Yield, based on a DBRS Stabilized NCF of 9.3%. This indicates a
modest amount of upside that is modeled.

The pool is relatively concentrated based on loan size, as there
are only 30 loans in the pool, and it has a concentration profile
similar to a pool of 20.6 equally sized loans. The ten largest
loans represent 58.7% of the pool, and the largest three loans
represent 24.7% of the pool. Although the concentration profile is
similar to a pool of 20.6 equally sized loans, which is typically
worse than most fixed-rate conduit transactions, the concentration
profile is similar or superior compared with many floating-rate
transactions that generally have fewer than 30 loans and sometimes
fewer than 20.

The loans are secured by traditional property types (i.e.,
multifamily, retail and office), with limited exposure to
higher-volatility property types or those with short-term leases
such as hotels or self-storage. One loan, representing 2.7% of the
pool, is backed by a limited-service hotel, and there are no
self-storage assets in the pool. Twenty-three loans, totaling 80.1%
of the deal balance, represent acquisition financing, with
borrowers contributing cash equity to the transaction. The
properties are located in primarily core markets (3.8% super-dense
urban, 11.2% urban and 80.1% suburban), which benefit from greater
liquidity. Only three loans, representing 5.0% of the pool, are
located in a tertiary market, and no properties are located in
rural markets.

Despite being secured mostly by transitional properties, the loans
are cash flowing strongly, as indicated by a WA DBRS Debt Yield of
7.3% that is considered strong for this type of transaction. In
addition, the WA DBRS Exit Debt Yield of 9.3% is also considered
attractive, especially considering the fact that 57.9% of the pool
is secured by multifamily properties that typically carry lower
debt yields than other commercial properties. None of the
multifamily loans in the pool are currently secured by student or
military housing properties, which often exhibit higher cash flow
volatility than traditional multifamily properties. Multifamily
properties are generally considered to be lower risk than
commercial properties, such as office, retail and industrial and
far lower risk than hospitality properties. While cash flow
volatility can be elevated due to the short-term nature of the
underlying leases, loss severity for loans secured by multifamily
properties is lower than that of most other property types.

DBRS considered two loans, representing 6.5% of the pool, to be
backed by sponsors considered to be Bad (Litigious), and two loans,
representing 11.3% of the pool, to be backed by sponsors considered
to be Weak as a result of prior loan default, limited net worth
and/or liquidity, a historical negative credit event and/or
inadequate commercial real estate experience. Loans with Weak
sponsors were modeled with increased POD levels to mitigate the
increased risk.


BANK 2017-BNK4: Fitch Affirms 'B-sf' Rating on Cl. X-F Certs
------------------------------------------------------------
Fitch Ratings has affirmed 16 classes of BANK 2017-BNK4 commercial
mortgage pass-through certificates.  

KEY RATING DRIVERS

Stable Performance: The overall pool performance remains stable
from issuance. There are no delinquent or specially serviced loans.
As of the March 2018 distribution date, the pool's aggregate
balance has been reduced by 0.50% to $1.003 billion, from $1.008
billion at issuance.

One loan, Ralph's Food Warehouse Portfolio (2.42%), is on the
servicer's watchlist and is considered a Fitch Loan of Concern. The
portfolio is located throughout Puerto Rico and sustained damage
from Hurricane Maria. As of January, nine stores had power and two
stores were still relying on generators.

Fitch Leverage Higher than Recent Transactions: The transaction has
higher leverage than other recent Fitch-rated multiborrower
transactions. The pool's Fitch DSCR of 1.14x for the trust is lower
than the YTD 2017 average of 1.25x and 2016 average of 1.21x.
Additionally, the pool's Fitch LTV of 110.1% for the trust is
higher than the YTD 2017 average of 104.0% and the 2016 average of
105.2%.

Pool Diversity: The pool shows diversity with respect to loan size
and property type. The top 10 loans represent 52.5% of the pool.
Loans secured by office and mixed-use properties that are
predominately office make up a combined 41%, followed by retail at
22%, hotel at 20% and industrial at 9%. Overall, there are 28
retail properties, consisting of a mix of stand-alone, mixed-use,
unanchored and anchored shopping centers. One property (6.17% of
the pool) is a regional mall.

Limited Amortization: Based on the scheduled balance at maturity,
the pool will pay down by only 8.8%, which is below the 2016
average of 10.4%. Thirteen loans (48.7%) are full-term
interest-only and 13 loans (19.2%) are partial interest-only.
Fitch-rated transactions in 2016 had an average full-term,
interest-only percentage of 33.3% and a partial interest-only
percentage of 33.3%.

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:

-- $28,970,755 class A-1 'AAAsf'; Outlook Stable;
-- $88,384,000 class A-2 'AAAsf'; Outlook Stable;
-- $235,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $268,432,000 class A-4 'AAAsf'; Outlook Stable;
-- $44,824,000 class A-SB 'AAAsf'; Outlook Stable;
-- $67,045,000 class A-S 'AAAsf'; Outlook Stable;
-- $43,100,000 class B 'AA-sf'; Outlook Stable;
-- $45,494,000 class C 'A-sf'; Outlook Stable;
-- $56,270,000 class D 'BBB-sf'; Outlook Stable;
-- $21,550,000 class E 'BB-sf'; Outlook Stable;
-- $10,775,000 class F 'B-sf'; Outlook Stable;
-- $665,610,755 class X-A 'AAAsf'; Outlook Stable;
-- $155,639,000 class X-B 'A-sf'; Outlook Stable;
-- $56,270,000 class X-D 'BBB-sf'; Outlook Stable;
-- $21,550,000 class X-E 'BB-sf'; Outlook Stable;
-- $10,775,000 class X-F 'B-sf'; Outlook Stable.

Fitch does not rate the $43,100,400 interest-only class X-G, the
$50,409,442 RR Interest class, or the $43,100,400 class G.



BANK OF AMERICA 2016-UBS10: Fitch Affirms B Rating on Cl. F Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 16 classes of Bank of America Merrill
Lynch Commercial Mortgage Trust 2016-UBS10 Commercial Mortgage
Pass-Through Certificates.  

KEY RATING DRIVERS

The affirmations are based on the stable performance of the
underlying collateral. There have been no material changes to the
pool since issuance, and therefore the original rating analysis was
considered in affirming the transaction. As of the March 2018
distribution date, the pool's aggregate principal balance has been
reduced by 1.03% to $867.3 million from $876.3 million at
issuance.

Stable Performance: All loans in the pool are current as of the
March 2018 remittance with property level performance in line with
issuance expectations. A single loan, the Comfort Inn - Cross
Lanes, WV (0.83% of the pool), has been identified as a Fitch Loan
of Concern due to significant performance decline, however, it
continues to perform.

Property Type Concentration: The pool's largest concentration by
property type is office (31.3%), followed by retail (26.6%). Loans
secured by hotel properties comprise of 16.3% of the pool,
including the largest loan in the pool, Hyatt Regency Huntington
Beach Resort & Spa (6.92%). Office and retail properties have an
average likelihood of default in Fitch's multiborrower model, while
hotels demonstrate more volatility and, therefore, have a higher
default probability in Fitch's multiborrower model.

Higher Fitch Leverage: At issuance, the transaction had higher
leverage statistics than other Fitch-rated transactions of the same
vintage. The Fitch debt service coverage ratio (DSCR) and LTV was
1.14x and 108.2%, respectively. This is below other Fitch-rated
fixed-rated multiborrower transactions; the 2016 average Fitch DSCR
was 1.17x and the 2016 average Fitch LTV was 107.9%.

High Pari Passu Loan Concentration: Twelve loans representing 45.1%
of the pool by balance are pari passu loans. Ten of the pari passu
loans (35.5% of the pool) have their controlling notes securitized
in other transactions. Two loans, In-Rel 8 (6.7% of the pool) and
Grove City Premium Outlets (2.8% of the pool) have their
controlling note securitized in this transaction.

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:

-- $22.3 million class A-1 at 'AAAsf'; Outlook Stable;
-- $135.9 million class A-2 at 'AAAsf'; Outlook Stable;
-- $49.5 million class A-SB at 'AAAsf'; Outlook Stable;
-- $175 million class A-3 at 'AAAsf'; Outlook Stable;
-- $221.7 million class A-4 at 'AAAsf'; Outlook Stable;
-- $604.4b million class X-A at 'AAAsf'; Outlook Stable;
-- $89.8b million class X-B at 'AA-sf'; Outlook Stable;
-- $43.8 million class A-S at 'AAAsf'; Outlook Stable;
-- $46 million class B at 'AA-sf'; Outlook Stable;
-- $44.9 million class C at 'A-sf'; Outlook Stable;
-- $51.5ab million class X-D at 'BBB-sf'; Outlook Stable;
-- $21.9ab million class X-E at 'BBsf'; Outlook Stable;
-- $11ab million class X-F at 'Bsf'; Outlook Stable;
-- $51.5a million class D at 'BBB-sf'; Outlook Stable;
-- $21.9a million class E at 'BBsf'; Outlook Stable;
-- $11a million class F at 'Bsf'; Outlook Stable.

(a) Notional amount and interest-only.
(b) Privately placed and pursuant to Rule 144A.

Fitch does not rate the $18,620,000ab class X-G, the $25,193,056ab
class X-H, the $18,620,000a class G, and the $25,193,056a class H.


BARINGS CLO 2018-II: Moody's Assigns (P)Ba3 Rating to Cl. D Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to seven
classes of notes to be issued by Barings CLO Ltd. 2018-II.

Moody's rating action is:

US$2,000,000 Class X Senior Secured Floating Rate Notes due 2030
(the "Class X Notes"), Assigned (P)Aaa (sf)

US$282,500,000 Class A-1A Senior Secured Floating Rate Notes due
2030 (the "Class A-1A Notes"), Assigned (P)Aaa (sf)

US$37,500,000 Class A-1B Senior Secured Floating Rate Notes due
2030 (the "Class A-1B Notes"), Assigned (P)Aaa (sf)

US$40,750,000 Class A-2 Senior Secured Floating Rate Notes due 2030
(the "Class A-2 Notes"), Assigned (P)Aa2 (sf)

US$41,500,000 Class B Secured Deferrable Mezzanine Floating Rate
Notes due 2030 (the "Class B Notes"), Assigned (P)A2 (sf)

US$30,500,000 Class C Secured Deferrable Mezzanine Floating Rate
Notes due 2030 (the "Class C Notes"), Assigned (P)Baa3 (sf)

US$27,250,000 Class D Secured Deferrable Mezzanine Floating Rate
Notes due 2030 (the "Class D Notes"), Assigned (P)Ba3 (sf)

The Class X Notes, the Class A-1A Notes, the Class A-1B 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."

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

RATINGS RATIONALE

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

Barings 2018-II is a managed cash flow CLO. The issued notes will
be collateralized primarily by broadly syndicated senior secured
corporate loans. At least 92.5% of the portfolio must consist of
senior secured loans and eligible investments, and up to 7.5% of
the portfolio may consist of second lien loans and unsecured loans.
Moody's expect the portfolio to be approximately 80% ramped as of
the closing date.

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

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

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

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

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

Par amount: $500,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2900

Weighted Average Spread (WAS): 3.10%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 47.5%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

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

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

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

Together with the set of modeling assumptions 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 2900 to 3335)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1A Notes: 0

Class A-1B Notes: -1

Class A-2 Notes: -1

Class B Notes: -2

Class C Notes: -1

Class D Notes: -1

Percentage Change in WARF -- increase of 30% (from 2900 to 3770)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1A Notes: 0

Class A-1B Notes: -2

Class A-2 Notes: -3

Class B Notes: -4

Class C Notes: -2

Class D Notes: -1


BECKMAN COULTER 2000-A: Fitch Puts BB on Cl. A Debt on Watch Neg
----------------------------------------------------------------
Fitch Ratings has placed the rated class of Beckman Coulter, Inc.,
series BC 2000-A on Rating Watch Negative.

KEY RATING DRIVERS

Specially Serviced Loan; Litigation: The transaction is
collateralized by two loans secured by single tenant
office/research and development facilities located in Brea, CA and
Miami, FL. The Rating Watch Negative placement of the rated class A
reflects uncertainty related to the pay-off of the loan secured by
the Miami, FL property (35% of the pool). The loan, which matures
in June 2018, transferred to special servicing in December 2017 due
to outstanding litigation from the borrower related to the loans
repayment terms. According to the servicer, the borrower is dual
tracking litigation and refinance. The Rating Watch Negative is
assigned due to the potential downgrade of the class should either
loan not pay in full by their loan maturity in June 2018 or by the
transactions final rated maturity date of December 15, 2018.

Loan Maturities: Both loans are scheduled to mature on June 30,
2018. The combined balance of the loans at maturity is expected to
be approximately $53.1 million ($46 per square foot). Updates on
maturity repayment are pending on both loans. The specially
serviced $18.5 million Miami FL loan repayment status is pending
litigation. Per the master servicer, the $34.65 million Brea, CA
loan (65%) is not expected to transfer to special servicing; the
master servicer has given notice to the borrower of the pending
maturity payment. The loans are not cross collateralized or cross
defaulted.

Interest Shortfalls: As of the March 15, 2018 distribution report,
interest shortfalls of $8,202 have accrued as a result of special
servicing fees on the Beckman-Miami loan. Special servicing fees
will continue to accrue for as long as the loan remains in special
servicing. Legal fees or other expenses are not expected to be
passed through as expenses to the Trust. The special servicing fees
are allowable under the pooling & servicing agreement.

Performance As Expected: Net cash flow based on the lease payments
of the building has been stable. The lease payments on the triple
net lease continue to cover the property's debt service and the
loan remains current. As part of Fitch's analysis, current
in-place rents were adjusted for market vacancy, management fees,
and assumed capital expenditures and leasing costs in order to
derive a normalized operating cash flow. The resulting stressed
debt service coverage ratio, which gives credit for amortization
and is based upon Fitch's stressed cash flow and a debt service
constant of 9.66%, is 1.58x.

Single-Tenant Concentration; Extended Leases: The sole tenant at
both properties, Danaher Corporation, is an investment grade rated
entity that operates five distinct business segments that
specialize in the manufacturing, design, and marketing of products
and services focused in the life sciences industry. Per servicer
updates, leases at both properties were recently extended for five
years to June 2023, from June 2018.

Geographic Diversity: The portfolio is composed of two properties
located in disparate geographic and economic sub-markets. The
larger property is located in Brea, CA and serves as the global
headquarters for Beckman Coulter's operations. The second property
is located in Miami, FL and serves as the Southern U.S. and Latin
America operations hub.

RATING SENSITIVITIES

Class A is subject to downgrades should the ongoing litigation
continue and/or should the loans not pay in full at loan maturity
in June 2018 or by the transactions Final Rated Maturity date of
Dec. 15, 2018. The Rating Watch Negative status may be resolved
should the litigation be resolved favorably by the servicer. Fitch
will continue to monitor the litigation and resolution status of
the specially serviced loan, and repayment status of both loans.

Fitch has placed the following class on Rating Watch Negative:

-- $55.2 million class A 'BBsf'.



BX TRUST 2018-MCSF: Fitch to Rate Class F Certs 'B-sf'
------------------------------------------------------
Fitch Ratings has issued a presale report on BX Trust 2018-MCSF
Mortgage Trust Commercial Mortgage Pass-Through Certificates.

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

-- $172,500,000 class A 'AAAsf'; Outlook Stable;
-- $172,500,000a class X-CP 'AAAsf'; Outlook Stable;
-- $172,500,000a class X-EXT 'AAAsf'; Outlook Stable;
-- $32,000,000 class B 'AA-sf'; Outlook Stable;
-- $21,500,000 class C 'A-sf'; Outlook Stable;
-- $34,000,000 class D 'BBB-sf'; Outlook Stable;
-- $52,000,000 class E 'BB-sf'; Outlook Stable;
-- $50,900,000 class F 'B-sf'; Outlook Stable.

The following class is not expected to be rated:
-- $19,100,000b class HRR.

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

The expected ratings are based on information provided by the
issuer as of April 3, 2018.

The certificates represent the beneficial interests in the two-year
(with five, one-year extension options), floating-rate, first lien
mortgage loan secured by the fee simple interest in two adjacent
office towers, totaling 758,687sf, known as Market Center. The
center is located at 555 and 575 Market Street in San Francisco,
CA. The collateral includes 740,452sf of office/storage and
18,235sf of retail space.

Proceeds of the loan, along with $42.0 million in subordinate
mezzanine debt, were used to refinance $394.4 million in existing
debt, fund upfront reserves of $7.3 million, pay closing costs and
return approximately $16.3 million of equity to the sponsor. The
certificates will follow a sequential-pay structure.

KEY RATING DRIVERS

San Francisco CBD Location: The property consists of 758,687 sf of
high quality office space located along Market Street within the
financial district of the San Francisco CBD. The buildings feature
immediate access to public transportation with a BART stop located
at the base of the complex and are a five minute walk from the new
Transbay Transit Terminal.

Historical Occupancy and Granular Tenancy: The property is
currently 91.3% occupied and has maintained an average historical
occupancy of 91.9% since 2008. The complex is leased to over 50
tenants, with the largest tenant, Uber, occupying approximately
31.1% of total NRA. No other tenant occupies more than 4.8% of the
total NRA.

High Aggregate Leverage: The $382.0 million mortgage loan has a
Fitch DSCR and LTV of 0.82x and 107.3%, respectively, and debt of
$504 per sf. The total debt package includes a $42.0 million
mezzanine loan, resulting in a total debt Fitch DSCR and LTV of
0.74x and 119.1%, respectively.

Institutional Sponsorship: The sponsor of the loan will be
Blackstone Real Estate Partners VIII, which is owned by affiliates
of the Blackstone Group, L.P., a global leader in real estate
investment with over $115.3 billion in assets under management as
of December 2017, including more than 230 million sf of office
space.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 8.4% above
the 2017 NCF. Included in Fitch's presale report are numerous
Rating Sensitivities that describe the potential impact given
further NCF declines below Fitch's NCF. Fitch evaluated the
sensitivity of the ratings for class A and found that a 30% decline
would result in a downgrade to 'BBB-sf'.


CAPITAL ONE: Fitch Affirms BBsf Rating on 2002-1D Notes
-------------------------------------------------------
Fitch Ratings has affirmed the ratings on the Capital One
Multi-Asset Execution Note Trust notes. The Rating Outlooks for all
classes remain Stable.  

KEY RATING DRIVERS

Credit Card Receivables Performance: Chargeoff performance has
remained largely consistent over the past year, only increasing
slightly from the same period in 2017. The current 12-month average
gross chargeoff rate as of the March 2018 distribution period is
3.59% compared to 3.43% in March 2017. Fitch maintains its
chargeoff steady state at 7.00%.

Monthly payment rate (MPR), a measure of how quickly consumers are
paying off their credit card debts, has increased over the past few
years. Current 12-month average MPR is 31.39% compared to 29.59%
one year ago. With continued strong and improvement in recent
performance, Fitch increases its MPR steady state to 24.00% from
22.00% as this is seen as adequately conservative based on the
history of the trust.

The current 12-month average gross yield as of the March 2018
distribution period is 22.43%. Gross yield has decreased slightly
over the past few years and registered a 12-month average of 21.12%
one year ago. In addition, Fitch has correspondingly decreased its
gross yield steady state to 19.00% from 20.00% to incorporate
Fitch's interchange haircut in case interchange is affected in the
future by regulatory or competitive factors.

Credit enhancement (CE) continues to be sufficient with robust loss
multiples that are in line with the current ratings. The Stable
Outlook on the notes reflects Fitch's expectation that performance
will remain supportive of these ratings, given the steady states
and stresses detailed below.

Account Originator and Servicer Quality: Fitch believes Capital One
Bank (USA), National Association to be an effective and capable
originator and servicer given its extensive track record. Capital
One Bank (USA), National Association currently has a Fitch Issuer
Default Rating of 'A-/F1'.

Counterparty Risk: Fitch's ratings of the notes are dependent on
the financial strength of certain counterparties. Fitch believes
this risk is currently mitigated as evidenced by the ratings of the
applicable counterparties to the transactions.

Interest Rate Risk: Interest rate risk is currently mitigated by
the available credit enhancement. For the class A notes, total
credit enhancement of 21% is provided by 9% subordination of class
B notes, 9% subordination of class C notes and 3% subordination of
class D notes. The class B benefits from 12.00% credit enhancement
achieved through 9.00% subordination of class C and 3.00%
subordination of class D. The class C benefits from 5.00% credit
enhancement achieved through 3.00% subordination of class D and a
reserve account. The class D benefits from a reserve account.

Fitch analyzed characteristics of the underlying collateral to
better assess overall asset performance. This supplements Fitch's
analysis of the originator's historical data when determining the
following steady state performance assumptions and stresses:

Steady State:
Annualized Chargeoffs - 7.00%;
Monthly Payment Rate (MPR) - 24.00% from 22.00%;
Annualized Gross Yield - 19.00% from 20.00%;
Purchase Rate - 100.00%.

Rating Level Stresses (for 'AAAsf', 'Asf', 'BBBsf', and 'BBsf'):
Chargeoffs (increase) - 4.50x/3.00x/2.25x/1.75x
Payment Rate (% decrease) - increased to 50.00/42.00/36.00/28.00
from 45.00/35.00/30.00/20.00;
Gross Yield (% decrease) - 35.00/25.00/20.00/15.00;
Purchase Rate (% decrease) - 50.00/40.00/35.00/30.00.

RATING SENSITIVITIES

Rating sensitivity to increased charge-off rate:

Current ratings for class A, class B, class C and class D, (steady
state: 7%): 'AAAsf'; 'Asf'; 'BBBsf'; 'BBsf'
Increase base case by 25%: 'AAAsf'; 'Asf'; 'BBBsf'; 'BBsf'
Increase base case by 50%: 'AAAsf''Asf'; 'BBBsf'; 'BBsf'
Increase base case by 75%: 'AAAsf''Asf'; 'BBBsf'; 'BB-sf'

Rating sensitivity to reduced purchase rate:
Current ratings for class A, class B, class C and class D, (100%
base assumption): 'AAAsf'; 'Asf'; 'BBBsf'; 'BBsf'
Reduce purchase rate by 50%: 'AAAsf'; 'Asf'; 'BBBsf'; 'BBsf'
Reduce purchase rate by 75%: 'AAAsf'; 'Asf'; 'BBBsf'; 'BBsf'
Reduce purchase rate by 100%: 'AAAsf'; 'Asf'; 'BBBsf'; 'BBsf'

Rating sensitivity to increased charge-off rate and reduced MPR:
Current ratings for class A, class B, class C and class D
(charge-off steady state: 7%; MPR steady state: 24%): 'AAAsf';
'Asf'; 'BBBsf'; 'BBsf'
Increase charge-off rate by 25% and reduce MPR by 15%: 'AAAsf';
'Asf'; 'BBBsf'; 'BBsf'
Increase charge-off rate by 50% and reduce MPR by 25%: 'AA+sf';
'Asf'; 'BBBsf'; 'BB-sf'
Increase charge-off rate by 75% and reduce MPR by 35%: 'AA+sf';
'Asf'; 'BB+sf'; 'B+sf'

Fitch has affirmed the following ratings:

-- 2014-3A at 'AAAsf'; Outlook Stable;
-- 2014-4A at 'AAAsf'; Outlook Stable;
-- 2015-1A at 'AAAsf'; Outlook Stable;
-- 2015-2A at 'AAAsf'; Outlook Stable;
-- 2015-3A at 'AAAsf'; Outlook Stable;
-- 2015-4A at 'AAAsf'; Outlook Stable;
-- 2015-5A at 'AAAsf'; Outlook Stable;
-- 2015-7A at 'AAAsf'; Outlook Stable;
-- 2015-8A at 'AAAsf'; Outlook Stable;
-- 2016-1A at 'AAAsf'; Outlook Stable;
-- 2016-2A at 'AAAsf'; Outlook Stable;
-- 2016-3A at 'AAAsf'; Outlook Stable;
-- 2016-4A at 'AAAsf'; Outlook Stable;
-- 2016-5A at 'AAAsf'; Outlook Stable;
-- 2016-6A at 'AAAsf'; Outlook Stable;
-- 2016-7A at 'AAAsf'; Outlook Stable;
-- 2017-1A at 'AAAsf'; Outlook Stable;
-- 2017-2A at 'AAAsf'; Outlook Stable;
-- 2017-3A at 'AAAsf'; Outlook Stable;
-- 2017-4A at 'AAAsf'; Outlook Stable;
-- 2017-5A at 'AAAsf'; Outlook Stable;
-- 2017-6A at 'AAAsf'; Outlook Stable;
-- 2004-3B at 'Asf'; Outlook Stable;
-- 2005-3B at 'Asf'; Outlook Stable;
-- 2009-C (B) at 'Asf'; Outlook Stable;
-- 2009-A (C) at 'BBBsf'; Outlook Stable;
-- 2002-1D at 'BBsf'; Outlook Stable.


CAPITALSOURCE REAL 2006-A: Moody's Affirms Ba1 Rating on Cl. B Debt
-------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on the following
notes issued by CapitalSource Real Estate Loan Trust 2006-A:

Cl. B, Affirmed Ba1 (sf); previously on Dec 22, 2016 Upgraded to
Ba1 (sf)

Cl. C, Affirmed B3 (sf); previously on Dec 22, 2016 Upgraded to B3
(sf)

Cl. D, Affirmed Caa1 (sf); previously on Dec 22, 2016 Upgraded to
Caa1 (sf)

Cl. E, Affirmed Caa2 (sf); previously on Dec 22, 2016 Upgraded to
Caa2 (sf)

Cl. F, Affirmed Caa3 (sf); previously on Dec 22, 2016 Affirmed Caa3
(sf)

Cl. G, Affirmed Caa3 (sf); previously on Dec 22, 2016 Affirmed Caa3
(sf)

Cl. H, Affirmed Ca (sf); previously on Dec 22, 2016 Downgraded to
Ca (sf)

Cl. J, Affirmed C (sf); previously on Dec 22, 2016 Downgraded to C
(sf)

The Cl. B, Cl. C, Cl. D, Cl. E, Cl. F, Cl. G, Cl. H, and Cl. J
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. While
the recovery rate of the remaining collateral pool has improved
since last review, implied losses are higher combined with greater
volatility of certain assets within the pool. The affirmation is
the result of Moody's on-going surveillance of commercial real
estate collateralized debt obligation (CRE CDO CLO) transactions.

CapitalSource 2006-A is a cash transaction whose reinvestment
period ended in January 2012. The transaction is backed by a
portfolio of: i) commercial real estate ("CRE") whole loans and
senior participations (97.4% of the collateral pool balance),
primarily on healthcare and land; and ii) asset-backed securities
("ABS") (2.6%). As of the trustee's January 22, 2018 report, the
aggregate note balance of the transaction, including preferred
shares, is $372.6 million, compared to $1.3 billion at issuance,
with pay-down directed to the senior-most classes of notes.

The pool contains two assets totaling $52.9 million (19.6% of the
collateral pool balance) that are listed as defaulted securities as
of the trustee's February 22, 2018 report. While there have been
limited realized losses on the underlying collateral to date,
Moody's does expect significant/moderate losses to occur on the
defaulted securities.

Moody's has identified the following parameters as key indicators
of the expected loss within CRE CLO transactions: the weighted
average rating factor (WARF), the weighted average life (WAL), the
weighted average recovery rate (WARR), number of asset obligors;
and pair-wise asset correlation. These parameters are typically
modeled as actual parameters for static deals and as covenants for
managed deals.

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

WARF is a primary measure of the credit quality of a CRE CLO pool.
Moody's has updated its assessments for the collateral it does not
rate. The rating agency modeled a bottom-dollar WARF of 6214,
compared to 6192 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral followAaa-Aa3 (4.6% compared to 3.4% at last
review), A1-A3 (0.1% compared to 0.2% at last review), Baa1-Baa3
(0.9% compared to 0.8% at last review), Ba1-Ba3 (0.2% compared to
2.0% at last review), B1-B3 (3.0% compared to 32.6% at last
review), and Caa1-Ca/C (91.2% compared to 61.0% at last review).

Moody's modeled a WAL of 2.0 years, compared to 2.1 years at last
review. The WAL is based on assumptions about extensions on the
underlying loans.

Moody's modeled a fixed WARR of 43.5%, compared to 36.7% at last
review.

Moody's modeled 14 obligors, compared to 17 obligors at last
review.

Moody's modeled a pair-wise asset correlation of 22.9%, compared to
22.6% at last review.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating SF CDOs" published in June 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.

Moody's Parameter Sensitivities: Changes in any one or combination
of the key parameters may have rating implications on certain
classes of Rated Notes. However, in many instances, a change in key
parameter assumptions in certain stress scenarios may be offset by
a change in one or more of the other key parameters. The Rated
Notes are particularly sensitive to changes in the recovery rates
of the underlying collateral and credit assessments. Holding all
other parameters constant, reducing the recovery rates of 100% of
the collateral pool by 10% would result in an average modeled
rating movement on the Rated Notes of zero to five notches downward
(e.g., one notch down implies a ratings movement of Baa3 to Ba1).
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 to nine notches upward (e.g., one notch up implies a
ratings movement of Baa3 to Baa2).

Primary sources of assumption uncertainty are the extent of growth
in the current macroeconomic environment. Commercial real estate
property values are continuing to move in a positive direction
along with a rise in investment activity and stabilization in core
property type performance. Limited new construction, moderate job
growth and the decreased cost of debt and equity capital have aided
this improvement.


CAPLEASE CDO 2005-1: Moody's Hikes Rating on Class E Notes to B1
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by CapLease CDO 2005-1 Ltd. Collateralized Debt
Obligations:

Cl. B, Upgraded to A3 (sf); previously on Apr 7, 2017 Affirmed Baa1
(sf)

Cl. C, Upgraded to Ba1 (sf); previously on Apr 7, 2017 Affirmed Ba2
(sf)

Cl. D, Upgraded to Ba2 (sf); previously on Apr 7, 2017 Affirmed B3
(sf)

Cl. E, Upgraded to B1 (sf); previously on Apr 7, 2017 Affirmed Caa1
(sf)

Moody's has affirmed the rating on the following notes:

Cl. A, Affirmed Aa2 (sf); previously on Apr 7, 2017 Affirmed Aa2
(sf)

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

RATINGS RATIONALE

Moody's has upgraded the ratings on four classes of notes primarily
because of positive credit migration, as evidenced by the WARF,
resulting from two factors; i) 66.9% of the pool is investment
grade or higher (versus 51.5% at last review); and ii) 54.5% of the
pool was upgraded between one to four notches. Moody's has also
affirmed the rating on one class of notes because the key
transaction metrics are commensurate with the existing rating. The
rating action is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation (CRE CDO CLO)
transactions.

CapLease CDO 2005-1, Ltd. is a currently static cash transaction
wholly backed by a portfolio of: i) commercial mortgage backed
securities (CMBS) (29.8% of the collateral pool balance) and ii)
credit tenant lease loans (CTL) (70.2%). As of the February 28,
2018 trustee report, the aggregate note balance of the transaction,
including preferred shares, has decreased to $105.5 million from
$300.0 million at issuance with paydown directed to the senior most
outstanding class of notes.

The pool contains two assets totaling $700,000 (0.7% of the
collateral pool balance) that are listed as defaulted securities as
of the trustee's February 28, 2018 report. These assets (100.0% of
the defaulted balance) are CMBS. While there have been limited
realized losses on the underlying collateral to date, Moody's does
expect significant losses to occur on the defaulted securities.

Moody's has identified the following parameters as key indicators
of the expected loss within CRE CLO transactions: the weighted
average rating factor (WARF); the weighted average life (WAL); the
weighted average recovery rate (WARR); number of asset obligors;
and pair-wise asset correlation. These parameters are typically
modeled as actual parameters for static deals and as covenants for
managed deals.

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

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 899,
compared to 1763 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 and 12.8% compared to 11.0% at
last review, A1-A3 and 17.6% compared to 10.4% at last review,
Baa1-Baa3 and 36.5% compared to 30.1% at last review, Ba1-Ba3 and
28.6% compared to 13.2% at last review, B1-B3 and 0.7% compared to
22.8% at last review, Caa1-Ca/C and 3.9% compared to 12.5% at last
review.

Moody's modeled a WAL of 6.5 years, compared to 7.3 years at last
review.

Moody's modeled a fixed WARR of 31.6%, compared to 32.4 % at last
review.

Moody's modeled 21 obligors, the same as at last review.

Moody's modeled a pair-wise asset correlation of 9.5%, compared to
9.1% at last review.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating SF CDOs" published in June 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 servicing decisions and
management of the transaction will also affect the performance of
the Rated Notes.

Moody's Parameter Sensitivities: Changes in any one or combination
of the key parameters may have rating implications on certain
classes of Rated Notes. However, in many instances, a change in key
parameter assumptions in certain stress scenarios may be offset by
a change in one or more of the other key parameters. The Rated
Notes are particularly sensitive to changes in the recovery rates
of the underlying collateral and credit assessments. Holding all
other parameters constant, Notching down 100% of the collateral
pool by one notch would result in an average modeled rating
movement on the rated notes of zero to two notches downward (e.g.,
one notch down implies a ratings movement of Baa3 to Ba1). Notching
down 100% of the collateral pool by two notches would result in an
average modeled rating movement on the rated notes of zero to five
notches downward (e.g., two notches down implies a ratings movement
of Baa3 to Ba2).

Primary sources of assumption uncertainty are the extent of growth
in the current macroeconomic environment. Commercial real estate
property values are continuing to move in a positive direction
along with a rise in investment activity and stabilization in core
property type performance. Limited new construction, moderate job
growth and the decreased cost of debt and equity capital have aided
this improvement.


CBAM LTD 2018-5: Moody's Assigns Ba3 Rating to Class E Notes
------------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
notes issued by CBAM 2018-5, Ltd.

Moody's rating action is:

US$6,000,000 Class X Floating Rate Notes due 2031 (the "Class X
Notes"), Assigned Aaa (sf)

US$640,000,000 Class A Floating Rate Notes due 2031 (the "Class A
Notes"), Assigned Aaa (sf)

US$89,684,000 Class B-1 Floating Rate Notes due 2031 (the "Class
B-1 Notes"), Assigned Aa2 (sf)

US$30,316,000 Class B-2 Floating Rate Notes due 2031 (the "Class
B-2 Notes"), Assigned Aa2 (sf)

US$52,500,000 Class C Deferrable Floating Rate Notes due 2031 (the
"Class C Notes"), Assigned A2 (sf)

US$62,500,000 Class D Deferrable Floating Rate Notes due 2031 (the
"Class D Notes"), Assigned Baa3 (sf)

US$45,000,000 Class E Deferrable Floating Rate Notes due 2031 (the
"Class E Notes"), Assigned Ba3 (sf)

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

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.

CBAM 2018-5 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90.0% of the portfolio must consist of
first lien senior secured loans, and up to 10.0% of the portfolio
may consist of second lien loans and senior unsecured loans. The
portfolio is approximately 80% ramped as of the closing date.

CBAM 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 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: $1,000,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2801

Weighted Average Spread (WAS): 3.325%

Weighted Average Coupon (WAC): 7.00%

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 2801 to 3221)

Rating Impact in Rating Notches

Class X Notes: 0

Class A Notes: -1

Class B-1 Notes: -2

Class B-2 Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: 0

Percentage Change in WARF -- increase of 30% (from 2801 to 3641)

Rating Impact in Rating Notches

Class X Notes: 0

Class A Notes: -1

Class B-1 Notes: -4

Class B-2 Notes: -4

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1



CHENANGO PARK: S&P Assigns Prelim B- (sf) Rating on Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary rating to Chenango Park
CLO Ltd./Chenango Park CLO LLC's $449.50 million floating- and
fixed-rate notes.

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

The preliminary ratings are based on information as of April 5,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

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

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

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

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

PRELIMINARY RATINGS ASSIGNED
  Chenango Park CLO Ltd./Chenango Park CLO LLC

  Class              Rating               Amount
                                        (mil. $)
  A-1a               AAA (sf)             307.50
  A-1b               NR                    17.50
  A-2                AA (sf)               46.50
  B (deferrable)     A (sf)                38.75
  C (deferrable)     BBB- (sf)             30.50
  D (deferrable)     BB- (sf)              18.75
  E (deferrable)     B- (sf)                7.50
  Subordinate notes  NR                    45.11

  NR--Not rated.



CITIGROUP COMMERCIAL 2017-P7: Fitch Affirms BB- Rating on E Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 22 classes of Citigroup Commercial
Mortgage Trust 2017-P7 commercial mortgage pass-through
certificates, series 2017-P7.  

KEY RATING DRIVERS

Stable Performance: The overall pool performance remains stable
from issuance. There are no delinquent or specially serviced loans.
As of the March 2018 distribution date, the pool's aggregate
balance has been reduced by 0.2% to $1.023 billion, from $1.025
billion at issuance. One loan (2.9%) is both on the servicer's
watchlist and considered a Fitch Loan of Concern.

Fitch Loan of Concern: Fitch has designated 229 West 43rd Street
Retail Condo (2.9% of pool), as a Fitch Loan of Concern. The loan
is secured by a six-floor, 245,132 sf retail condominium located
along West 43rd and 44th Streets in the Times Square area of
Manhattan. The loan is on the master servicer's watchlist, mainly
for the occurrence of a lease sweep period, which has triggered a
cash flow sweep since December 2017.

As of the December 2017 rent roll, the property was fully leased to
eight tenants, including Bowlmor (31.6% of NRA; lease expiry in
July 2034), National Geographic (24.1%; October 2032), Gulliver's
Gate (18.6%; January 2031) and Guitar Center Stores (11.5%; January
2029); however, physical occupancy was 88.7%. One restaurant
tenant, Guy's American Bar & Kitchen (6.4%), vacated on Dec. 31,
2017, ahead of its originally scheduled November 2032 lease
expiration. This triggered a lease sweep in December 2017. Another
restaurant tenant, OHM Group (operating as The American Market by
Todd English; 4.9% of NRA), failed to open by its rent commencement
date as outlined in their lease; therefore, the borrower terminated
the lease in February 2018. This triggered a lease sweep in March
2018. At issuance, Fitch had applied a 50% stress to OHM Group's
income, as the tenant was not expected to take occupancy until late
2017.

The borrower has a letter of intent out on the former Guy's
American Bar & Kitchen space and is preparing to submit a
replacement lease for approval, according to the servicer. Fitch
requested an update, but was not provided a response. The loan will
remain in a lease sweep period and continue trapping all excess
cash until the cure conditions, including securing a lease on the
vacancies, are met. There is also currently ongoing litigation
between OHM Group and the borrower. The borrower has been marketing
the OHM Group space for re-leasing. Fitch will continue to monitor
the leasing progress on the property's vacancies.

Previously, a lease sweep period related to another existing
tenant, Gulliver's Gate (18.6% of NRA), was triggered in December
2017, after the tenant had been in default under its lease for
October and November 2017 in the payment of base rent. However, as
of Jan. 2, 2018, the borrower confirmed that Gulliver's Gate is no
longer in default under its lease and the tenant is current on
their rent payments through February 2018.

The loan reported a NCF DSCR of 0.86x for the nine months ended
September 2017, primarily due to four tenants, which signed leases
at the time of issuance, including National Geographic, Gulliver's
Gate, OHM (The American Market by Todd English) and Los Tacos (0.7%
of NRA), having free-rent periods. However, at issuance, the
borrower deposited $11.1 million into an upfront reserve for rent
concessions for these tenants. For the nine months ended September
2017, rent concessions totaled $6.5 million, which would bring NCF
DSCR up to 1.60x. When factoring in the loss of the two restaurant
tenants, the implied NCF DSCR would be 1.25x. In addition, the
property benefits from an Industrial Commercial Incentive Program
(ICIP) tax abatement; however, the tax exemption has entered its
phase-out period, beginning the 2017/2018 tax year with burn-off by
20% per year until 2021.

High Retail and Office Concentration: Loans backed by office
properties represent 53.6% of the pool, including 10 (41.6%) in the
top 15. Loans backed by retail properties represent 18.7% of the
pool, including three (10.7%) in the top 15.

Weak Amortization: Eighteen loans (48.3%) are full-term
interest-only and 15 loans (36.3%) are partial interest-only. Based
on the scheduled balance at maturity, the pool will pay down by
only 7.7%, which is above the 2017 average of 8.1% for Fitch-rated
transactions, but significantly below the 2016 average of 10.4%.

Single-Tenant Properties: The pool consists of 18 properties
(28.5%) occupied by a single tenant representing more than 75% of
the total NRA, including collateral for six of the top 20 largest
loans. The largest six properties with single-tenant concentrations
are occupied by tenants with investment-grade credit
characteristics.

RATING SENSITIVITIES

The Rating Outlooks on all classes remain Stable due to overall
stable pool performance and no material changes since issuance.
Fitch does not foresee positive or negative ratings migration
unless a material economic or asset level event changes the
underlying transaction's portfolio-level metrics.

Fitch has affirmed the following ratings:

-- $15.9 million class A-1 'AAAsf'; Outlook Stable;
-- $94.9 million class A-2 'AAAsf'; Outlook Stable;
-- $250 million class A-3 'AAAsf'; Outlook Stable;
-- $289.8 million class A-4 'AAAsf'; Outlook Stable;
-- $49.1 million class A-AB 'AAAsf'; Outlook Stable;
-- $771.2 million (b) class X-A 'AAAsf'; Outlook Stable;
-- $45.1 million (b) class X-B 'AA-sf'; Outlook Stable;
-- $47.6 million (b) class X-C 'A-sf'; Outlook Stable;
-- $71.4 million class A-S 'AAAsf'; Outlook Stable;
-- $45.1 million class B 'AA-sf'; Outlook Stable;
-- $47.6 million class C 'A-sf'; Outlook Stable;
-- $57.7 million (a)(b) class X-D 'BBB-sf'; Outlook Stable;
-- $57.7 million (a) class D 'BBB-sf'; Outlook Stable;
-- $27.6 million (a)(d) class E 'BB-sf'; Outlook Stable;
-- $10 million (a)(d) class F 'B-sf'; Outlook Stable;
-- $17.3 (a)(c)(e) class V-2A 'AAAsf'; Outlook Stable;
-- $1 million (a)(c)(e) class V-2B 'AA-sf'; Outlook Stable;
-- $1.1 million (a)(c)(e) class V-2C 'A-sf'; Outlook Stable;
-- $1.3 million (a)(c)(e) class V-2D 'BBB-sf'; Outlook Stable;
-- $18.4 million (a)(c)(e) class V-3AB 'AA-sf'; Outlook Stable;
-- $1.1 million (a)(c)(e) class V-3C 'A-sf'; Outlook Stable;
-- $1.3 million (a)(c)(e) class V-3D 'BBB-sf'; Outlook Stable.

Fitch does not rate the $41.4 million class G, $22.5 million
(a)(c)(e) VRR interest, $1.8 million (a)(c)(e) class V-2E, or $1.8
million (a)(c)(e) class V-3E.

(a) Privately placed.
(b) Notional amount and interest-only.
(c) Part of a vertical credit risk retention interest that in the
aggregate has a principal balance representing approximately 2.2%
of the fair value of all classes of regular certificates issued by
the issuing entity as of the closing date.
(d) Part of a horizontal credit risk retention interest that in the
aggregate has a fair value as of the closing date representing
approximately 2.8825% of the fair value of all classes of regular
certificates issued by the issuing entity as of the closing date.
(e) Exchangeable Certificates.


CPS AUTO 018-B: S&P Assigns Prelim. BB-(sf) Rating on Class E Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to CPS Auto
Receivables Trust 2018-B's $201.823 million asset-backed notes.

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

The preliminary ratings are based on information as of April 5,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

- The availability of approximately 57.46%, 48.95%, 40.22%,
31.25%, and 24.61% of credit support for the class A, B, C, D, and
E notes, respectively, based on stressed cash flow scenarios
(including excess spread). These credit support levels provide
coverage of approximately 3.10x, 2.60x, 2.10x, 1.60x, and 1.23x our
18.00-19.00% expected cumulative net loss (CNL) range for the class
A, B, C, D, and E notes, respectively. Additionally, credit
enhancement including excess spread for classes A, B, C, D, and E
covers breakeven cumulative gross losses of approximately 93%, 79%,
67%, 52%, and 41%, respectively.

-- S&P's expectation that, under a moderate stress scenario of
1.60x its expected net loss level, all else equal, the preliminary
ratings on the class A, B, and C notes would remain within one
rating category while they are outstanding, and the preliminary
rating on the class D notes would not decline by more than two
rating categories within its life.

-- The preliminary rating on the class E notes would remain within
two rating categories during the first year, but the class would
eventually default under the 'BBB' stress scenario after receiving
26%-49% of its principal. These rating migrations are consistent
with S&P's credit stability criteria.

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

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

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

PRELIMINARY RATINGS ASSIGNED

  CPS Auto Receivables Trust 2018-B  
  Class       Rating          Type            Interest   Amount
                                              rate(i)   (mil. $)
  A           AAA (sf)        Senior          Fixed       93.685
  B           AA (sf)         Subordinate     Fixed       33.005
  C           A (sf)          Subordinate     Fixed       28.085
  D           BBB (sf)        Subordinate     Fixed       24.703
  E           BB- (sf)        Subordinate     Fixed       22.345

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


CSFB MORTGAGE 2005-C1: Moody's Hikes Class F Debt Rating to B2
--------------------------------------------------------------
Moody's Investors Service has upgraded the rating on one class and
affirmed the rating on two in CSFB Mortgage Securities Corp.
Commercial Mtge Pass-Through Ctfs. 2005-C1

Cl. F, Upgraded to B2 (sf); previously on Apr 7, 2017 Affirmed Caa1
(sf)

Cl. G, Affirmed C (sf); previously on Apr 7, 2017 Downgraded to C
(sf)

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

RATINGS RATIONALE

The rating on Class F was upgraded based primarily on an increase
in credit support resulting from loan paydowns and amortization.
The deal has paid down 14% since Moody's last review and over 99%
since securitization.

The rating on the Class G was affirmed because the ratings are
consistent with Moody's expected loss plus realized losses. Class G
has already experienced a 66% realized loss as result of previously
liquidated loans.

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

Moody's rating action reflects a base expected loss of 15.7% of the
current pooled balance, compared to 11.3% at Moody's last review.
Moody's base expected loss plus realized losses is now 5.6% of the
original pooled balance, compared to 5.8% 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 rating CSFB Mortgage Securities
Corp. Commercial Mtge Pass-Through Ctfs. 2005-C1 Cl. F and Cl. G
was "Moody's Approach to Rating Large Loan and Single Asset/Single
Borrower CMBS" published in July 2017. The methodologies used in
rating CSFB Mortgage Securities Corp. Commercial Mtge Pass-Through
Ctfs. 2005-C1, Cl. A-X were "Moody's Approach to Rating Large Loan
and Single Asset/Single Borrower CMBS" published in July 2017 and
"Moody's Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

DEAL PERFORMANCE

As of the March 16, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by over 99% to $7.4
million from $1.5 billion at securitization. The certificates are
collateralized by four mortgage loans.

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

There are not any loans 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.

Forty-four loans have been liquidated from the pool, resulting in
an aggregate realized loss of $83.5 million (for an average loss
severity of 30%). The only specially serviced loan is the Staples
Plaza ($2.8 million -- 38.2% of the pool), which is secured by a
34,000 SF anchored retail center located in Easton, Maryland. The
property is anchored by a Staples (71% of NRA) on a lease that
expires in October 2018. The loan was transferred to the special
servicer in November 2014 for imminent default due to uncertainty
surrounding Staples' decision to renew their lease. The property
was 80% leased as of the February 2018 rent roll. Due to the single
tenant exposure, Moody's incorporated a Lit/Dark analysis to
account for Staples upcoming lease expiration.

The remaining three loans represent 62% of the pool balance. The
largest loan is the Walgreens (Auburn) Loan ($2.2 million -- 29.2%
of the pool), which is secured by stand-alone Walgreens located in
Auburn, Washington, approximately 25 miles south of the Seattle
CBD. The property is 100% leased to Walgreens through June 2029.
Moody's value incorporated a Lit/Dark analysis to account for the
single-tenant exposure. The loan is fully amortizing and has paid
down 50% since securitization. Moody's LTV and stressed DSCR are
69% and 1.56X, respectively.

The second largest loan is the Shops at Shawnee Ridge Loan ($1.5
million -- 19.8% of the pool), which is secured by an unanchored
retail center located in Suwanee, Georgia, approximately 30 miles
from the Atlanta CBD. As of December 2016, the property was 100%
leased, unchanged from April 2016. The loan is fully amortizing and
has paid down 51% since securitization. Moody's LTV and stressed
DSCR are 82% and 1.39X, respectively.

The third largest loan is the Montgomery Plaza Apartments Loan
($941,391 -- 12.8% of the pool), which is secured by a 65-unit
multifamily property located in Ardmore, Pennsylvania approximately
10 miles northwest of the Philadelphia CBD. As of December 2017,
the property was 97% leased compared to 100% in September 2016. The
loan is fully amortizing and has paid down 51% since
securitization. Moody's LTV and stressed DSCR are 26% and 3.94X,
respectively.


DBUBS MORTGAGE 2011-LC2: DBRS Hikes Class E Certs Rating to BB(sf)
------------------------------------------------------------------
DBRS Limited upgraded the ratings on the following two classes of
Commercial Mortgage Pass-Through Certificates, Series 2011-LC2
issued by DBUBS 2011-LC2 Mortgage Trust:

-- Class C to AA (high) (sf) from AA (sf)
-- Class E to BB (sf) from BB (low) (sf)

In addition, the following ratings were confirmed:

-- Class A-1 at AAA (sf)
-- Class A-1FL at AAA (sf)
-- Class A-1C at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class B at AAA (sf)
-- Class X-A at AAA (sf)
-- Class D at BBB (sf)
-- Class X-B at B (sf)
-- Class F at B (low) (sf)
-- Class FX at B (sf)

All trends are Stable.

The rating upgrades reflect the overall strong performance of the
underlying collateral since issuance. As of the March 2018
remittance, 42 of the original 67 loans remained in the pool with a
collateral reduction of 40.6% and a current principal balance of
approximately $1.28 billion. There are three loans (1.4% of the
current pool) that have fully defeased. To date, 13 loans,
representing 41.7% of the pool balance, reported YE2017 financials,
and the remaining 25 non-defeased loans are reporting YE2016
financials. Based on the most recent year-end financials available,
the pool had a weighted-average (WA) debt service coverage ratio
(DSCR) and a WA debt yield of 1.74 times (x) and 13.3%,
respectively, compared with their respective second most recent
year-end financials, which reported a WA DSCR and WA debt yield of
1.71x and 13.1%, respectively. Based on the same financials, the
top 15 loans (79.6% of the pool balance) reported a WA DSCR of
1.73x, representing a WA increase of 30.4% over the WA DBRS net
cash flow figures derived at issuance for those loans.

As of the March 2018 remittance, there is one loan, Prospectus ID
#46, Montomery Village Professional Center (0.6% of the pool), in
special servicing. That loan transferred to the special servicer in
May 2014 for payment default and has been real estate owned since
April 2015. The servicer is working to sell the property, and DBRS
expects a loss will be incurred by the trust at disposition, but
expects those to be contained to the unrated Class G certificates.

As of the March 2018 remittance, there are ten loans on the
servicer's watch list, representing 31.3% of the pool balance.
Overall, these loans are performing well, with a WA DSCR and WA
debt yield of 1.77x and 13.1%, respectively. The largest loan on
the servicer's watch list, Prospectus ID #3, 498 7th Avenue (14.8%
of the pool balance) is being monitored for upcoming rollover.

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


EDUCATION FUNDING 2006-1: S&P Affirms CCC(sf) Rating on A-3 Notes
-----------------------------------------------------------------
S&P Global Ratings raised its rating on the class A-2 notes and
affirmed its rating on the class A-3 notes from Education Funding
2006-1 LLC, an asset-backed securities transaction backed by a pool
of private student loans.

S&P said, "The upgrade of our rating on the class A-2 notes
reflects our view that available credit enhancement is sufficient
to support the higher rating. The affirmation of our rating on the
class A-3 notes reflects our view of the transaction's collateral
performance, the credit enhancement available to this class, and
the application of our criteria for assigning 'CCC (sf)' ratings.

"We considered the transaction's collateral performance, changes in
credit enhancement, and capital and payment structures in our
review. We also considered secondary credit factors, such as credit
stability and an issuer-specific analysis."

COLLATERAL POOL PERFORMANCE

  Loan Status (% of total loans)
                               March    March   March   December
                               2015     2016    2017    2017
  Repayment (current)          95.2     95.6    95.7    94.4
  Repayment (delinquent)       4.1      3.9     3.7     5.0
  Forbearance                  0.7      0.5     0.6     0.6

As of December 2017, the collateral pool factor was 25.5%, down
from 37.8% as of the prior review, which S&P conducted in June
2015, which used data as of March 2015. The percentage of loans
current and in repayment decreased slightly to 94.4% from 95.2%,
while 30-plus-day delinquencies increased to 5.0% from 4.1%. Over
the same period, the portion of the pool in forbearance decreased
to 0.6% from 0.7%.

Cumulative defaults as a percentage of the initial collateral
principal balance and capitalized interest reached 36.7% as of
December 2017, compared to 34.5% as of the prior review. However,
the pace of cumulative defaults has declined, reflecting the
seasoning of the collateral. Over the same period, recoveries from
defaulted loans increased to 8.4% from 6.4%.

PAYMENT STRUCTURE AND CREDIT ENHANCEMENT(i)

        Current  Note
        balance  factor   Coupon    Maturity   Parity   Parity
Class(ii) ($)     (%)     (%)        date      (%)     trend
A-2  35,201,399  24.3    3ML+0.25  Oct. 2029   296.5  Increasing
A-3  85,598,000  100.0   3ML+0.35  Apr. 2033   86.4   Decreasing
B    34,622,000  100.0   3ML+0.57  Apr. 2034   67.2   Decreasing
C    11,000,000  100.0   3ML+1.35  Jul. 2034   62.7   Decreasing

(i)As of December 2017.
(ii)As part of s&p'S surveillance review it conducted in April
2015, it discontinued the 'D (sf)' ratings on the class B and C
notes because it believed it was unlikely that these ratings would
be raised from 'D (sf)' given the ongoing interest shortfalls these
classes experienced.
3ML--Three-month LIBOR.

The notes benefit from overcollateralization (parity),
subordination, a capitalized interest account, and excess spread.
As of December 2017, the capitalized interest account was fully
funded at its required balance of $3.5 million.

The transaction continues to pay principal sequentially due to the
subordinate note principal trigger, which is in effect as total
parity is less than 101%. Because total parity has remained below
101% since inception and declined to 61% as of December 2017, S&P
expects that the class A-2 notes will continue to receive all
principal payments until they are paid in full. If the trigger were
not in effect, principal would be paid pro rata to the class A, B,
and C notes (sequentially within the subclasses of the class A
notes).

S&P said, "We previously lowered our ratings on the class B and C
notes to 'D (sf)' in July 2012 and February 2009, respectively,
because the classes experienced interest shortfalls resulting from
interest reprioritization trigger breaches. We then discontinued
these ratings in April 2015 because we believed it was unlikely
that these ratings would be raised from 'D (sf)' given the ongoing
interest shortfalls these classes experienced." Currently, the two
triggers that caused the interest shortfalls remain in effect, and
therefore the class B and C notes continue to not receive any
interest payments. Reprioritizing of interest to the class B notes
(the subordinate note interest trigger) occurs when the class A
parity falls below 100% and cumulative defaults exceed
predetermined thresholds. Reprioritizing of interest to the class C
notes (the junior subordinate note interest trigger) occurs when
the class B parity falls below 100% and cumulative defaults exceed
predetermined thresholds.

RATIONALE

S&P said, "We raised our rating on the class A-2 notes to 'AAA
(sf)' from 'BBB- (sf)' because the credit enhancement level can
support the higher rating. As of December 2017, the class A-2
notes' parity level had increased to 296.5%, up from 174.7% as of
our prior review. The increase is primarily due to the principal
paydown of the class A-2 notes, which are receiving all principal
payments and have already been paid down to a note factor of 24.3%
as of December 2017. We expect the class A-2 notes' parity level to
continue to grow until the class A-2 notes are repaid in full,
which could be within the next two to three years given the recent
note factor decline. Based on our current lifetime cumulative
default estimate of 42%-44% (unchanged from our prior review) and
cumulative defaults taken to date, we believe the hard credit
enhancement supporting the class A-2 notes is sufficient to absorb
remaining net losses at the current rating. The rating on the class
A-2 notes reflects the fact that the notes are in a stronger
position due to their senior priority in the payment waterfall.

"We affirmed our 'CCC (sf)' rating on the class A-3 notes because
the notes continue to be vulnerable to nonpayment and depend on
favorable conditions for full repayment of principal by legal final
maturity.  As of December 2017, the class A-3 notes' parity level
had decreased to 86.4%, down from 87.8% as of our prior review. The
continued decline below the initial class A-3 parity of nearly 115%
is primarily due to historically poor collateral performance and
negative excess spread, which is further stressed by
undercollateralization (negative excess spread causes the trust to
potentially use principal collections to pay transaction fees and
interest payments to the notes).

"We will continue to monitor the performance of the student loan
receivables backing this transaction relative to our cumulative
default expectations and our assessment of the credit enhancement
available to each class."

RATING RAISED

  Education Funding 2006-1

  Class       Rating
          To         From
  A-2     AAA (sf)   BBB- (sf)

  RATING AFFIRMED

  Education Funding 2006-1

  Class   Rating
  A-3     CCC (sf)


FBR SECURITIZATION 2005-4: Moody's Ups Cl. M-1 Notes Rating to B1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the rating of FBR
Securitization Trust 2005-4 Class M-1.

Complete list of rating actions is:

Issuer: FBR Securitization Trust 2005-4, Mortgage-Backed Notes,
Series 2005-4

Cl. M-1, Upgraded to B1 (sf); previously on Jun 30, 2015 Upgraded
to Caa3 (sf)

RATINGS RATIONALE

The rating upgrade for FBR Securitization Trust 2005-4 Class M-1 is
due to the total credit enhancement available to the bond. The bond
receives interest capped to the available funds rate which the
trustee reported at 1.43% in the January 2018 remittance. The
action also reflects the recent performance of the underlying pools
and Moody's updated expected losses on the pools.

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

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

Ratings in the US RMBS sector remain exposed to macroeconomic
uncertainty, and in particular the unemployment rate. The
unemployment rate fell to 4.1% in February 2018 from 4.7% in
February 2017. Moody's forecasts an unemployment central range of
3.5% to 4.5% for the 2018 year. Deviations from this central
scenario could lead to rating actions in the sector. House prices
are another key driver of US RMBS performance. Moody's expects
house prices to continue to rise in 2018. Lower increases than
Moody's expects or decreases could lead to negative rating actions.
Finally, performance of RMBS continues to remain highly dependent
on servicer procedures.


FIRST KEY 2017-R1: DBRS Hikes Rating on Class M3 Notes to BBsf
--------------------------------------------------------------
DBRS, Inc. upgraded the following ratings of the Class A2 Notes,
the Class A3 Notes, the Class A4 Notes and the Class A5 US
Combination Notes (collectively, the Senior Securities) as well as
the Class M1 Notes, the Class M2 Notes, the Class M3 Notes, the
Class A6 US Combination Notes, the Class A7 US Combination Notes
and the Class M4 Combination Certificates (collectively, the
Mezzanine Securities) of First Key Master Funding 2017-R1 Ltd. (the
Issuer) as per the Indenture, Deed of Covenant and Fiscal Agency
and Collateral Security Agreement dated as of March 31, 2017, among
First Key Master Funding 2017-R1 Ltd., as Issuer; First Key Master
Funding, LLC, as Depositor; and U.S. Bank National Association, as
Indenture Trustee, Fiscal and Paying Agent, Collateral Agent and
Securities Intermediary:

-- Class A2 Notes (33767LAB3) upgraded to AAA (sf) from AA (sf)
-- Class A3 Notes (33767LAC1) upgraded to AAA (sf) from AA (sf)
-- Class A4 Notes (33767LAD9) upgraded to AA (sf) from A (sf)
-- Class M1 Notes (33767LAE7) upgraded to A (sf) from BBB (sf)
-- Class M2 Notes (33767LAF4) upgraded to BBB (sf) from BB (sf)
-- Class M3 Notes (33767LAG2) upgraded to BB (sf) from B (sf)
-- Class A5 US Combination Notes (33767LAN7) upgraded to AAA (sf)

     from AA (sf)
-- Class A6 US Combination Notes (33767LAP2) upgraded to A (sf)
     from BBB (sf)
-- Class A7 US Combination Notes (33767LAR8) upgraded to A (sf)
     from BBB (sf)
-- Class M4 Combination Certificates (33767LAQ0) upgraded to BB
     (sf) from B (sf)

The ratings on the Senior Securities address the timely payment of
interest and the ultimate payment of principal on or before the
Legal Maturity Date (as defined in the Indenture and the Fiscal
Agency and Collateral Security Agreement referred to above). The
rating on the Mezzanine Securities address the ultimate payment of
interest and the ultimate payment of principal on or before the
Legal Maturity Date (as defined in the Indenture and the Fiscal
Agency and Collateral Security Agreement referred to above).

The ratings assigned to the Class M1 Notes, Class M2 Notes, Class
A6 US Combination Notes and Class A7 US Combination Notes differ
from the ratings implied by the quantitative model. DBRS considers
this difference to be a material deviation, but in this case,
certain structural features and risks are not fully reflected in
the quantitative model output.

The securities of First Key Master Funding 2017-R1 Ltd. are
collateralized by Class A-1b and the Class A-1v of West Coast
Funding I, Ltd., which is itself collateralized by a pool of Prime
and Alt-A residential mortgage-backed securities.

Under the Indenture and the Fiscal Agency and Collateral Security
Agreement, the date on which an Indenture Event of Default has
occurred and is continuing, the US Notes have been accelerated
pursuant to the terms of the Indenture or a Fiscal Agreement Event
of Default has occurred and is continuing and the Cayman Securities
have been accelerated pursuant to the terms of the Fiscal Agency
and Collateral Security Agreement, all amounts in the Note Payment
Account under the Indenture and the Securities Payment Account
under the Fiscal Agency and Collateral Security Agreement will be
paid first to the Issuing Entity, the Indenture Trustee, the Fiscal
and Paying Agent, the Collateral Agent, the Securities
Intermediary, the Administrator and the Cayman Administrator, pro
rata, in respect of any unreimbursed Extraordinary Expenses owing
to such entity (for this purpose, determined and reimbursable
without giving effect to application of the Expense Cap). Thus,
upon that occurrence, the ratings assigned to the securities may be
subject to downgrades as a result of these additional uncapped
expenses.

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


FLATIRON CLO 18: Moody's Assigns Ba3 Rating to Class E Notes
------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by Flatiron CLO 18 Ltd.

Moody's rating action is as follows:

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

US$60,000,000 Class B Senior Secured Floating Rate Notes Due 2031
(the "Class B Notes"), Assigned Aa2 (sf)

US$26,500,000 Class C Senior Secured Deferrable Floating Rate Notes
Due 2031 (the "Class C Notes"), Assigned A2 (sf)

US$31,000,000 Class D Senior Secured Deferrable Floating Rate Notes
Due 2031 (the "Class D Notes"), Assigned Baa3 (sf)

US$22,500,000 Class E Senior Secured Deferrable Floating Rate Notes
Due 2031 (the "Class E Notes"), 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.

Flatiron CLO 18 is a managed cash flow CLO. The issued notes will
be collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90% of the portfolio must consist of
first lien senior secured loans, cash, and eligible investments,
and up to 10% of the portfolio may consist of second lien loans and
unsecured loans. The portfolio is approximately 70% ramped as of
the closing date.

NYL Investors 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 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: 60

Weighted Average Rating Factor (WARF): 2828

Weighted Average Spread (WAS): 3.30%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 47.5%

Weighted Average Life (WAL): 9.0 years

Methodology Underlying the Rating Action:

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

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

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

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 2828 to 3252)

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 2828 to 3676)

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


FORTRESS CREDIT III: S&P Assigns BB(sf) Rating on Class E-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-R, B-1-R, B-2-R, C-R, D-R, and E-R replacement notes from
Fortress Credit BSL III Ltd., a collateralized loan obligation
(CLO) originally issued in 2015 that is managed by FC BSL III CM
LLC. The replacement notes will be issued via a proposed
supplemental indenture.

The preliminary ratings reflect S&P's opinion that the credit
support available is commensurate with the associated rating
levels.

The preliminary ratings are based on information as of April 3,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the April 18, 2018, refinancing date, the proceeds from the
issuance of the replacement notes are expected to redeem the
original notes. At that time, S&P anticipates withdrawing the
ratings on the original notes and assigning ratings to the
replacement notes. However, if the refinancing doesn't occur, S&P
may affirm the ratings on the original notes and withdraw its
preliminary ratings on the replacement notes.

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

-- All replacement class notes, apart from class B-2-R, are
expected to be issued at a lower spread than the original notes.

-- The stated maturity will be 13 years.

-- The reinvestment period will be extended to April 2023 from
October 2019.

-- The non-call period will be extended to April 2020 from October
2017.

-- The weighted average life test date will be April 16, 2027.

-- 88.99% of the underlying collateral obligations have credit
ratings assigned by S&P Global Ratings.

-- 92.30% of the underlying collateral obligations have recovery
ratings issued by S&P Global Ratings.

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

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

PRELIMINARY RATINGS ASSIGNED

  Fortress Credit BSL III Ltd./Fortress Credit BSL III LLC     
  Replacement class         Rating      Amount (mil. $)
  A-R                       AAA (sf)              331.0
  B-1-R                     AA (sf)                64.0
  B-2-R                     AA (sf)                20.0
  C-R                       A (sf)                 33.0
  D-R                       BBB (sf)               29.0
  E-R                       BB (sf)               22.50
  Subordinate notes         NR                     61.5

  NR--Not rated.


FORTRESS CREDIT XI: S&P Assigns Prelim. BB- Rating on E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Fortress
Credit Opportunities XI CLO Ltd./Fortress Credit Opportunities XI
CLO LLC's $573 million revolving and fixed- and floating-rate
notes.

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

The preliminary ratings are based on information as of March 30,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect our view of:

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

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

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

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

The rating requirements of Natixis, New York Branch as the class
A-1R noteholder, as well as the rating requirements of any future
class A-1R noteholders.

PRELIMIARY RATINGS ASSIGNED

  Fortress Credit Opportunities XI CLO Ltd./Fortress Credit   
  Opportunities XI CLO LLC
  Class                   Rating        Amount
                                      (mil. $)
  A-1R                    AAA (sf)       92.00
  A-1T                    AAA (sf)      216.60
  A-1F                    AAA (sf)       30.00
  B-T                     AA (sf)        75.00
  B-F                     AA (sf)        13.90
  C (deferrable)          A- (sf)        88.90
  D (deferrable)          BBB- (sf)      42.50
  E (deferrable)          BB- (sf)       14.10
  Subordinated notes      NR            129.80

  NR--Not rated.


GREENPOINT 2001-1: Moody's Hikes Cl. I M-2 Debt Rating From Ba2
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two tranches
issued by GreenPoint Manufactured Housing Contract Trust 2001-1.
The collateral backing this transaction consists primarily of
manufactured housing units.

Complete rating actions are:

Issuer: GreenPoint Manufactured Housing Contract Trust 2001-1

Cl. I M-2, Upgraded to A3 (sf); previously on Aug 14, 2014
Downgraded to Ba2 (sf)

Cl. II M-2, Upgraded to A1 (sf); previously on Apr 10, 2017
Upgraded to Baa2 (sf)

RATINGS RATIONALE

The rating upgrade of Cl. II M-2 is primarily due to an increase in
the credit enhancement available to the bond. The rating upgrade of
Cl. I M-2 reflects a correction to the financial guarantor
considered by Moody's in rating this bond. Both Cl. I M-2 and Cl.
II M-2 benefit from an insurance policy from Assured Guaranty
Corp., whose insurance financial strength rating is A3. In prior
rating actions, Moody's took into account a different financial
guarantor. The error has now been corrected, and rating action
reflects this change. The rating actions also 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.

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 4.1% in February 2018 from 4.7% in
February 2017. Moody's forecasts an unemployment central range of
3.5% to 4.5% for 2018. Deviations from this central scenario could
lead to rating actions in the sector. House prices are another key
driver of US RMBS performance. Moody's expects house prices to
continue to rise in 2018. Lower increases than Moody's expects or
decreases could lead to negative rating actions. Finally,
performance of RMBS continues to remain highly dependent on
servicer procedures. Any change resulting from servicing transfers
or other policy or regulatory change can impact the performance of
these transactions.


GREENWICH CAPITAL 2007-GG9: Fitch Cuts Ratings on 2 Tranches to C
-----------------------------------------------------------------
Fitch Ratings has downgraded two distressed classes and affirmed 14
classes of Greenwich Capital Commercial Funding Corp. (GCCFC)
commercial mortgage pass-through certificates series 2007-GG9.  

KEY RATING DRIVERS

Concentrated Pool; Specially Serviced Assets: The pool is
concentrated and consists of one defeased loan (0.1%), five
specially serviced loans in foreclosure (17.8%) and six real estate
owned (REO) assets (82.1%). The ratings reflect the concentrated
nature of the pool and expected losses from the specially serviced
assets. Additionally, there has been a lack of progress in
disposing of the REO assets, which will further impact
recoverability.

As of the March 2018 distribution date, the pool's aggregate
principal balance has been reduced by 95.2% to $319.2 million from
$6.58 billion at issuance. Interest shortfalls are currently
affecting classes A-J through S.

COPT Office Portfolio: The largest REO asset is the COPT Office
Portfolio (39.9% of the pool). The asset originally consisted of 14
office properties located in Linthicum, MD and Colorado Springs,
CO. However, nine of the properties have been sold and there are
five remaining. The properties have been put up for auction several
times, but reserve prices were not met. Occupancy for the five
remaining properties in the portfolio is 43% and will increase to
62% in April 2018 once a new tenant takes occupancy. According to
the servicer, there are no current disposition plans for the
remaining assets.

Boulevard Mall: The second largest REO asset is the Boulevard Mall
(28%), which is a 1,029,080-sf (762,412 collateral) regional mall
located in Amherst, NY. The loan transferred to the special
servicer in November 2016 for imminent default and subsequently
defaulted at its maturity date in February 2017. The property
became REO in December 2017 after a deed in lieu of foreclosure.
Former anchor tenants Macy's Men and Home and Sears, both
non-collateral, vacated the property. Co-tenancy clauses have been
triggered due to the two anchors being dark. The remaining anchors
include Macy's, JC Penney and Dick's. The servicer is working to
stabilize the existing tenant base before marketing the property
for sale.

RATING SENSITIVITIES

Further downgrades to the distressed classes A-J through D will
occur as losses are realized.

Fitch downgrades the following classes:

-- $128.7 million class A-J to 'Csf' from 'CCCsf'; RE 20%;
-- $32.9 million class B to 'Csf' from 'CCsf'; RE 0%.

Fitch affirms the following classes:

-- $98.6 million class C at 'Csf'; RE 0%;
-- $41.1 million class D at 'Csf'; RE 0%;
-- $17.9 million class E at 'Dsf'; RE 0%;
-- $0 class F at 'Dsf'; RE 0%;
-- $0 class G at 'Dsf'; RE 0%;
-- $0 class H at 'Dsf'; RE 0%;
-- $0 class J at 'Dsf'; RE 0%;
-- $0 class K at 'Dsf'; RE 0%;
-- $0 class L at 'Dsf'; RE 0%;
-- $0 class M at 'Dsf'; RE 0%;
-- $0 class N at 'Dsf'; RE 0%;
-- $0 class O at 'Dsf'; RE 0%;
-- $0 class P at 'Dsf'; RE 0%;
-- $0 class Q at 'Dsf'; RE 0%.

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


GS MORTGAGE 2011-GC5: Moody's Affirms B2 Rating on Class F Certs
----------------------------------------------------------------
Moody's Investors Service has downgraded the rating on one class
and affirmed the ratings on nine classes in GS Mortgage Securities
Trust 2011-GC5, Commercial Mortgage Pass-Through Certificates,
Series 2011-GC5:

Cl. A-3, Affirmed Aaa (sf); previously on Mar 31, 2017 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on Mar 31, 2017 Affirmed Aaa
(sf)

Cl. A-S, Affirmed Aaa (sf); previously on Mar 31, 2017 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa2 (sf); previously on Mar 31, 2017 Affirmed Aa2
(sf)

Cl. C, Affirmed A2 (sf); previously on Mar 31, 2017 Affirmed A2
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Mar 31, 2017 Affirmed Baa3
(sf)

Cl. E, Affirmed Ba3 (sf); previously on Mar 31, 2017 Affirmed Ba3
(sf)

Cl. F, Affirmed B2 (sf); previously on Mar 31, 2017 Affirmed B2
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on Mar 31, 2017 Affirmed Aaa
(sf)

Cl. X-B, Downgraded to B2 (sf); previously on Jun 9, 2017
Downgraded to B1 (sf)

RATINGS RATIONALE

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

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

The rating on the IO class, Cl. X-B, was downgraded due to a
decline in the credit quality of the referenced classes.

Moody's rating action reflects a base expected loss of 3.8% of the
current balance, compared to 2.9% at Moody's last review. Moody's
base expected loss plus realized losses is now 2.5% of the original
pooled balance, compared to 2.0% 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 A UPGRADE OR DOWNGRADE OF THE RATINGS:

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in rating GS Mortgage Securities Trust
2011-GC5, Cl. A-3, Cl. A-4, Cl. A-S, Cl. B, Cl. C, Cl. D, Cl. E,
and Cl. F were "Approach to Rating US and Canadian Conduit/Fusion
CMBS" published in July 2017 and "Moody's Approach to Rating Large
Loan and Single Asset/Single Borrower CMBS" published in July 2017.
The methodologies used in rating GS Mortgage Securities Trust
2011-GC5, Cl. X-A and Cl. X-B were "Approach to Rating US and
Canadian Conduit/Fusion CMBS" published in July 2017, "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in July 2017 and "Moody's Approach to Rating
Structured Finance Interest-Only (IO) Securities" published in June
2017.

DEAL PERFORMANCE

As of the March 12, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 33.3% to $1.16
billion from $1.75 billion at securitization. The certificates are
collateralized by 50 mortgage loans ranging in size from less than
1% to 15.5% of the pool, with the top ten loans (excluding
defeasance) constituting 60.8% of the pool. Two loans, constituting
5.8% of the pool, have investment-grade structured credit
assessments. Ten loans, constituting 13.3% of the pool, have
defeased and are secured by US government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 12, compared to 13 at Moody's last review.

Four loans, constituting 5.9% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

There are no loans that have been liquidated from the pool. One
loan, constituting 1.2% of the pool, is currently in special
servicing. The specially serviced loan is The Hills Loan ($13.9
million -- 1.2% of the pool), which is secured by a complex of
office/flex buildings located in North Richland Hills, Texas. The
loan transferred to special servicing on April 2013 due to imminent
default. The subjects largest tenant, ATI Enterprises (44% of the
GLA), defaulted and vacated the site without notice in February of
2013. The property became REO in July 2013. The property is under
contract and on track for a May 2018 disposition.

Moody's has assumed a high default probability for four poorly
performing loans, constituting 5.9% of the pool, and has estimated
an aggregate loss of $29.2 million (a 43% expected loss based on a
79% probability of default) from these troubled loans. The largest
troubled loan is the Champlain Centre Loan ($31.2 million -- 2.7%
of the pool), which is secured by a 484,556 SF enclosed retail
center located in Plattsburgh, New York. As of the December 2017
rent roll, the property was 66% leased compared to 67% at year-end
2016 and 87% at year-end 2015. The property is anchored by Target
(non-collateral), Dick's Sporting Goods, JC Penney and Regal
Cinema. The property lost two anchors, Sears (17.6% of the NRA) and
Gander Mountain (10.7% of the NRA) in 2017. December 2017 TTM
inline sales


GS MORTGAGE 2013-GCJ14: Moody's Affirms B3 Rating on Class G Certs
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on fourteen
classes in GS Mortgage Securities Trust 2013-GCJ14, Commercial
Mortgage Pass-Through Certificates, Series 2013-GCJ14:

Cl. A-2, Affirmed Aaa (sf); previously on Apr 6, 2017 Affirmed Aaa
(sf)

Cl. A-3, Affirmed Aaa (sf); previously on Apr 6, 2017 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on Apr 6, 2017 Affirmed Aaa
(sf)

Cl. A-5, Affirmed Aaa (sf); previously on Apr 6, 2017 Affirmed Aaa
(sf)

Cl. A-AB, Affirmed Aaa (sf); previously on Apr 6, 2017 Affirmed Aaa
(sf)

Cl. A-S, Affirmed Aaa (sf); previously on Apr 6, 2017 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa3 (sf); previously on Apr 6, 2017 Affirmed Aa3
(sf)

Cl. C, Affirmed A3 (sf); previously on Apr 6, 2017 Affirmed A3
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Apr 6, 2017 Affirmed Baa3
(sf)

Cl. E, Affirmed Ba2 (sf); previously on Apr 6, 2017 Affirmed Ba2
(sf)

Cl. F, Affirmed Ba3 (sf); previously on Apr 6, 2017 Affirmed Ba3
(sf)

Cl. G, Affirmed B3 (sf); previously on Apr 6, 2017 Affirmed B3
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on Apr 6, 2017 Affirmed Aaa
(sf)

Cl. PEZ, Affirmed A1 (sf); previously on Apr 6, 2017 Affirmed A1
(sf)

RATINGS RATIONALE

The ratings on the P&I classes Cl. A-2, Cl. A-3, Cl. A-4, Cl. A-5,
Cl. A-AB, Cl. A-S, Cl. B, Cl. C, Cl. D, Cl. E, Cl. F, and Cl. G
were affirmed because the transaction's key metrics, including
Moody's loan-to-value (LTV) ratio, Moody's stressed debt service
coverage ratio (DSCR) and the transaction's Herfindahl Index
(Herf), are within acceptable ranges.

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

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

Moody's rating action reflects a base expected loss of 2.8% of the
current pooled balance, the same as at Moody's last review. Moody's
base expected loss plus realized losses is now 2.6% of the original
pooled balance, compared to 2.7% 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 rating GS Mortgage Securities
Trust 2013-GCJ14, Cl. A-2, Cl. A-3, Cl. A-4, Cl. A-5, Cl. A-AB, Cl.
A-S, Cl. B, Cl. C, Cl. D, Cl. E, Cl. F, and Cl. G was "Approach to
Rating US and Canadian Conduit/Fusion CMBS" published in July 2017.
The methodology used in rating GS Mortgage Securities Trust
2013-GCJ14, Cl. PEZ was "Moody's Approach to Rating Repackaged
Securities" published in June 2015. The methodologies used in
rating GS Mortgage Securities Trust 2013-GCJ14, Cl. X-A were
"Approach to Rating US and Canadian Conduit/Fusion CMBS" published
in July 2017 and "Moody's Approach to Rating Structured Finance
Interest-Only (IO) Securities"published in June 2017.

DEAL PERFORMANCE

As of the March 10th, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 8% to $1.14 billion
from $1.24 billion at securitization. The certificates are
collateralized by 80 mortgage loans ranging in size from less than
1% to 13% of the pool, with the top ten loans (excluding
defeasance) constituting 48% of the pool. Seven loans, constituting
9% of the pool, have defeased and are secured by US government
securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 21, compared to 23 at Moody's last review.

Twelve loans, constituting 11% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

No loans have been liquidated from the pool. No loans are currently
in special servicing.

Moody's has assumed a high default probability for two poorly
performing loans securitized by retail properties, constituting 2%
of the pool, and has estimated an aggregate loss of $3.9 million (a
15% expected loss based on a 50% probability default) from these
troubled loans.

Moody's received full year 2016 operating results for 98% of the
pool, and full or partial year 2017 operating results for 99% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 97%, compared to 99% at Moody's
last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 15% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.8%.

Moody's actual and stressed conduit DSCRs are 1.58X and 1.11X,
respectively, compared to 1.57X and 1.11X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 29% of the pool balance. The
largest loan is the 11 West 42nd Street Loan ($150.0 million --
13.1% of the pool), which represents a pari-passu interest in a
$300.0 million interest-only mortgage loan. The loan is secured by
a 33-story office building located in the Grand Central submarket
of Manhattan, New York. Higher operating expenses and lower
occupancy impacted financial performance since last review. As of
December 2017, the property was 91% leased, compared to 100% leased
in December 2016. However, based on Moody's forecast sustainable
net cash flow, Moody's LTV and stressed DSCR are 97% and 0.95X,
respectively, the same as the last review.

The second largest loan is the ELS Portfolio Loan ($101.9 million
-- 8.9% of the pool), which is secured by eleven manufactured
housing sites totaling 5,654 pads. The properties were developed
between 1950 and 1985 and are located across four states (Florida,
Texas, Arizona and Maine). Reported portfolio occupancy as of
September 2017 was 95% compared to 77% as of September 2016 and 89%
as of December 2015. Moody's LTV and stressed DSCR are 94% and
1.15X, respectively, compared to 96% and 1.13X at the last review.

The third largest loan is the W Chicago - City Center Hotel Loan
($82.7 million -- 7.2% of the pool), which is secured by a
403-room, full-service, luxury hotel located in the Loop in
Chicago, Illinois. For the trailing-twelve month period ending
December 2017, the hotel was 74% occupied and had a revenue per
available room (RevPAR) of $185, compared to an occupancy and
RevPAR of 77% and $192, respectively, for the prior year period
2016. This loan has amortized 11%, helping to offset an increase in
operating expenses since securitization. Moody's LTV and stressed
DSCR are 95% and 1.19X, respectively, the same as the last review.


GS MORTGAGE 2015-GC32: Fitch Affirms 'BBsf' Rating on Cl. E Certs
-----------------------------------------------------------------
Fitch Ratings affirms 15 classes and revises the Outlook on one
class of GS Mortgage Securities Trust 2015-GC32 commercial mortgage
pass-through certificates.  

KEY RATING DRIVERS

Overall Stable Performance: As of the March 2018 distribution date,
the pool's aggregate principal balance has been reduced by 2.6% to
$976.7 million from $1 billion at issuance. Fitch modeled losses of
5.1% of the remaining pool. Losses based on the original pool
balance are 4.97%. Overall pool performance remains stable from
issuance. All loans are current and there have been no specially
serviced loans since issuance. Four loans (7.9% of the current
balance) are currently on the servicer's watchlist and two loans
(8.2%) are Fitch Loans of Concern.

Fitch Loans of Concern: Two of the top 15 loans in the pool are
designated as Fitch Loans of Concern. Kaiser Center (5.1%) is an
office building in Oakland, CA. Expenses at the property have
increased significantly as of YE 2017 reporting resulting in a 26%
decline in Net Operating Income (NOI). YE 2017 Debt Service
Coverage Ratio (DSCR) has declined to 1.55x compared to 1.95x at YE
2016. Hilton Garden Inn Pittsburgh/Southpointe (3.0%) is a 175-key
limited service hotel located in the Pittsburgh metro area. NOI has
declined approximately 40% since issuance. Occupancy was 73% at
issuance compared to 54% at YE 2017. The decline in performance is
attributed to the slowdown in the local fracking industry in the
Marcellus Shale region.

Retail Concentration: 39.7% of the loans in the pool are
collateralized by retail properties including two regional malls
(9%). Bassett Place, the third largest loan in the pool (6.7%) was
built as a regional mall but has been repositioned as a power
center. The property is performing in line with Fitch's
expectations at issuance and has minimal upcoming rollover.
Alderwood Mall (2.3%) has exposure to JCPenney's and Macy's. In
March 2017, Sears (a non-collateral anchor) closed at Alderwood
Mall but per local media reports the space is being redeveloped
into additional retail, restaurant, and entertainment space.

Manufactured Housing Concentration: Three loans (10.9%), including
the largest loan (9.8%) in the pool, are collateralized by
manufactured housing. This is higher than the historical average
for Fitch-rated transactions.

Higher Amortization: 14.7% of the initial pool balance is scheduled
to amortize prior to maturity, which is higher than the averages
for Fitch-rated 2014 and 2015 vintage transactions. Seven loans
(9.3%) are full-term interest-only loans. Nineteen loans (41.2%)
are partial interest-only, seven of which (23.1%) have not begun
amortizing. The remaining 37 loans (49.5%) are balloon loans.

RATING SENSITIVITIES

The Negative Rating Outlook on class F reflects the class's
exposure to two Fitch Loans of Concern in the top 15 and retail
properties with declining performance trends. Downgrades are
possible should a material asset-level or economic event adversely
affect pool performance or if the performance of the Fitch Loans of
Concern continues to decline. Rating Outlooks for classes A-1
through E remain Stable due to overall stable performance of the
pool and continued amortization. Upgrades may occur with improved
pool performance and additional paydown or defeasance.

Fitch affirms and revises the Outlook on the following class:

-- $10 million class F at 'Bsf'; Outlook to Negative from Stable.

Fitch affirms the following ratings:

-- $28 million class A-1 at 'AAAsf'; Outlook Stable;
-- $50.9 million class A-2 at 'AAAsf'; Outlook Stable;
-- $180 million class A-3 at 'AAAsf'; Outlook Stable;
-- $331.9 million class A-4 at 'AAAsf'; Outlook Stable;
-- $85 million class A-AB at 'AAAsf'; Outlook Stable;
-- $70.2 million class A-S at 'AAAsf'; Outlook Stable;
-- $60.2 million class B at 'AA-sf'; Outlook Stable;
-- $173 million class PEZ at 'A-sf'; Outlook Stable;
-- $42.6 million class C at 'A-sf'; Outlook Stable;
-- $51.4 million class D at 'BBB-sf'; Outlook Stable;
-- $20.1 million class E at 'BBsf'; Outlook Stable;
-- $746 million* class X-A at 'AAAsf'; Outlook Stable;
-- $60.2 million* class X-B at 'AA-sf'; Outlook Stable;
-- $51.4 million* class X-D at 'BBB-sf'; Outlook Stable.

* Notional amount and interest only.

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

Class E and F are privately placed pursuant to Rule 144A. Fitch
does not rate classes G and H.


GS MORTGAGE 2018-GS9: Fitch Assigns B-sf Rating to Cl. F-RR Certs
-----------------------------------------------------------------
Fitch Ratings has assigned the following final ratings and Rating
Outlooks to GS Mortgage Securities Trust 2018-GS9 Commercial
Mortgage Pass-Through Certificates, series 2018-GS9:

-- $14,060,000 class A-1 'AAAsf'; Outlook Stable;
-- $24,558,000 class A-2 'AAAsf'; Outlook Stable;
-- $170,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $361,127,000 class A-4 'AAAsf'; Outlook Stable;
-- $29,946,000 class A-AB 'AAAsf'; Outlook Stable;
-- $665,014,000b class X-A 'AAAsf'; Outlook Stable;
-- $40,694,000b class X-B 'AA-sf'; Outlook Stable;
-- $65,323,000 class A-S 'AAAsf'; Outlook Stable;
-- $40,694,000 class B 'AA-sf'; Outlook Stable;
-- $56,756,000 class C 'A-sf'; Outlook Stable;
-- $41,765,000a class D 'BBB-sf'; Outlook Stable;
-- $41,765,000ab class X-D 'BBB-sf'; Outlook Stable;
-- $16,063,000a class E 'BB-sf'; Outlook Stable;
-- $9,638,000ac class F-RR 'B-sf'; Outlook Stable.

The following are not rated:
-- $26,772,038ac class G-RR;
-- $30,428,580ad RR Interest.

(a) Privately placed and pursuant to Rule 144A.
(b) Notional amount and interest-only.
(c) Horizontal credit risk retention interest.
(d) RR Interest is not a class of certificates, but represents the
vertically-retained interest in the issuing entity.

Since Fitch published its expected ratings on March 8, 2018, class
A-3 increased in size to $170,000,000 from $120,000,000 and class
A-4 decreased to $361,127,000 from $411,127,000.

In addition, since its publication of expected ratings for GSMS
2018-GS9, Fitch has been notified that the borrower for Brunswick
Commons, the sixth largest loan in the pool representing 7.1%, has
submitted a proposal for lender consent for a reduction of rent to
$15.00 psf from the current rent of $22.50 psf for Dick's Sporting
Goods. If this modification occurs, the lease, which expires Jan.
31, 2019, would be renewed for five years. In Fitch's presale
published March 8, 2018, Fitch's primary concern for the asset was
the pending rollover risk of Dick's Sporting Goods, which was
factored into its volatility assessment. In a sensitivity analysis,
Fitch updated the property cash flow to reflect the new reduced
rent while also reducing its volatility assessment to account for
the lease renewal. In this scenario sensitivity, credit enhancement
of the pool was not impacted at any rating levels for GSMS
2018-GS9.

The classes above reflect the final ratings and deal structure.

The ratings are based on information provided by the issuer as of
March 28, 2018.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 37 loans secured by 228
commercial properties having an aggregate principal balance of
$887,130,618 as of the cut-off date. The loans were contributed to
the trust by Goldman Sachs Mortgage Company.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 76.5% of the properties
by balance, cash flow analysis of 90.5%, and asset summary reviews
on 100.0% of the pool.

KEY RATING DRIVERS

Lower Fitch Leverage than Recent Transactions: The pool has
slightly lower leverage relative to other recent Fitch-rated
multiborrower transactions. The pool's Fitch DSCR of 1.27x is in
line with the 2017 average of 1.26x and the YTD 2018 average of
1.27x. The pool's Fitch LTV of 97.9% is below the 2017 and YTD 2018
averages of 101.6% and 105.2%, respectively. Excluding credit
opinion loans, the pool has a Fitch DSCR and LTV of 1.22x and
107.5%, respectively, compared with the normalized 2017 Fitch
averages of 1.21x and 107.2%.

Investment-Grade Credit Opinion Loans: Four loans received
investment-grade credit opinions, including Apple Campus 3 (7.7% of
pool by balance), Twelve Oaks Mall (7.5%), Worldwide Plaza (3.9%)
and Starwood Lodging Hotel Portfolio (2.8%). The pool's credit
opinion loan concentration of 21.9% is higher than the 2017 and YTD
2018 averages of 11.7% and 9.8%, respectively, for Fitch-rated
multiborrower transactions.

International Asset: One property, Esperanza (2.8% of the pool), is
located in Mexico. The performance of this asset is exposed to
macroeconomic and event risks associated with the sovereign. Fitch
Ratings is addressing the country risk by limiting the highest
achievable rating for this asset to a maximum of 'A', reflecting a
three-notch uplift from Mexico's Local-Currency Issuer Default
Rating (IDR), which is consistent with Fitch's "Structured Finance
and Covered Bonds Country Risk Rating Criteria" (September 2017).

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 15.7% below
the most recent year's net operating income (NOI) for properties
for which a full-year NOI was provided, excluding properties that
were stabilizing during this period. Unanticipated further declines
in property-level NCF could result in higher defaults and loss
severities on defaulted loans and in potential rating actions on
the certificates.

Fitch evaluated the sensitivity of the ratings assigned to the GSMS
2018-GS9 certificates and found that the transaction displays
average sensitivities to further declines in NCF. In a scenario in
which NCF declined a further 20% from Fitch's NCF, a downgrade of
the junior 'AAAsf' certificates to 'A+sf' could result. In a more
severe scenario, in which NCF declined a further 30% from Fitch's
NCF, a downgrade of the junior 'AAAsf' certificates to 'A-sf' could
result.


IMSCI 2013-3: DBRS Confirms B(low) Rating on Class G Certs
----------------------------------------------------------
DBRS Limited confirmed the Commercial Mortgage Pass-Through
Certificates Series 2013-3 issued by Institutional Mortgage
Securities Canada Inc. (IMSCI), Series 2013-3 as follows:

-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class B at AA (sf)
-- Class X at A (sf)
-- Class C at A (sf)
-- Class D at BBB (sf)
-- Class E at BBB (low) (sf)
-- Class F to B (sf)
-- Class G to B (low) (sf)

With this review, DBRS has maintained the Negative trends for
Classes F and G to reflect the concerns surrounding three specially
serviced loans secured by multifamily properties in Fort McMurray,
Alberta, which collectively represent 12.6% of the current pool
balance. All other trends are Stable.

As of the March 2018 remittance, 25 of the original 38 loans remain
in the pool, with an aggregate principal balance of $134.2 million,
reflecting a collateral reduction of 46.4% since issuance as a
result of scheduled loan amortization and loan repayments. Since
DBRS's last review in March 2017, ten loans have repaid in full,
representing a principal repayment of $82.9 million. To date, 52.8%
of the current pool balance has reported YE2016 financials, while
93.2% of the pool reported YE2015 financials. Based on the most
recent year-end financials, the transaction had a weighted-average
(WA) debt service coverage ratio (DSCR) and WA debt yield of 1.37
times (x) and 10.6%, respectively, compared with the WA DBRS Term
DSCR and WA DBRS Debt Yield of 1.36x and 9.1%, respectively, for
the pool at issuance.

There are no loans on the servicer's watch list, and three loans,
as previously mentioned, are in special servicing. These loans are
Lunar and Whimbrel Terrace Apartments (Prospectus ID#10; 4.5% of
the pool), Snowbird and Sky view Apartments (Prospectus ID#11; 4.3%
of the pool) and Parkland and Gannet Apartments (Prospectus ID#17;
3.7% of the pool). These loans were previously in special servicing
for imminent default before they were sent back to the master
servicer as corrected loans in October 2016. However, the loans
recently transferred back to special servicing after the borrower
failed to repay at the scheduled maturity date in February 2018.
The servicer has confirmed that the borrower was granted a
forbearance to extend the maturity date to May 2021. In addition to
the monthly principal and interest payments, the terms of the
forbearance require scheduled principal pay downs each year through
the extended maturity date, and as of the March 2018 remittance,
the servicer has received a total of approximately $1.7 million in
principal pay downs for the three loans. The borrower is required
to make five additional principal payments of approximately
$330,000 through the next 38 months. By May 2021, approximately
$10.6 million of principal will remain outstanding across the three
loans, which is equivalent to a trust exposure of $61,358 per unit
at the extended maturity date.

The borrower's inability to secure replacement financing for the
three loans is the direct result of the sustained economic declines
in the Fort McMurray area and in the larger Alberta economy over
the past several years. Property cash flows have been significantly
depressed at all three properties as compared with the issuance
figures, driven largely by sharp declines in base rental rates.

The loans have full recourse to Lanes borough Real Estate
Investment Trust (LREIT) and a partial-recourse guarantee (25.0%)
to 2668921 Manitoba Ltd. LREIT's assets are heavily concentrated in
Alberta, and the portfolio has been significantly affected by the
downturn in the oil industry. In its Q3 2017 unaudited financial
statements, LREIT reported total assets and total long-term
liabilities of $231 million and $247 million, respectively. In
addition, LREIT reported a loss before discontinued operations of
$20.5 million. The financial statements also reported that LREIT's
portfolio was valued at $287.4 million, down from $312.5 million at
YE2016. Also, LREIT's revolving loan facility from 2668921 Manitoba
Ltd. had achieved its maximum balance of $30.0 million, which comes
due in June 2018. Shelter Canadian Properties Limited, an affiliate
of 2668921 Manitoba Ltd., had provided unsecured advances to LREIT
with a total of $4.5 million as of October 2017. The financial
statement points to ongoing concerns with the real estate
investment trust's concentration of investments in Fort McMurray
and the continued depression of the local economy, as well as the
company's limited capital and highly leveraged capital structure.

In addition to the full-recourse structure of the loans, DBRS also
notes the loans benefit from the structured loan modification that
includes significant principal pay down for the loans over the next
three years. Also, DBRS notes that the sponsor continues to fund
debt service shortfalls out of pocket and has remained cooperative
with the servicer throughout the two transfers to special
servicing. DBRS will continue to monitor the loan for developments
through the extended maturity and has applied a highly stressed
scenario for the loans in its analysis for this review.

Class X is an interest-only (IO) certificate that references
multiple rated tranches. The IO rating mirrors the lowest-rated
reference tranche adjusted upward by one notch if senior in the
waterfall; however, the rating assigned to Class X materially
deviates from the higher ratings implied by the quantitative
results. DBRS considers a material deviation to be a rating
differential of three or more notches between the assigned rating
and the rating implied by the quantitative results that is a
substantial component of a rating methodology. The deviation is
warranted as consideration was given for actual loan, transaction
and sector performance where a rating based on the lowest-rated
notional class may not reflect the observed risk.

Notes: All figures are in Canadian dollars unless otherwise noted.


IMSCI 2013-4: DBRS Confirms B(low) Rating on Class G Certs
----------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2013-4 issued
by Institutional Mortgage Securities Canada Inc. (IMSCI), Series
2013-4:

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

All trends are Stable, except for Classes F and G.

The trends on Classes F and G are Negative, which reflects the
concerns surrounding Prospectus ID#4 – Nelson Ridge (7.4% of the
current pool balance). Both of those classes were downgraded by one
notch with the last DBRS review to reflect the increased credit
risk surrounding that loan.

As of the March 2018 remittance, there are 31 of the original 33
loans remaining in the pool, with an aggregate principal balance of
$281.4 million, reflecting a collateral reduction of 14.8% since
issuance as a result of scheduled amortization and loan repayments.
As of the March 2018 remittance, loans representing approximately
93.5% of the pool reported YE2016 financials, with a
weighted-average (WA) debt service coverage ratio (DSCR) and debt
yield of 1.50 times (x) and 10.9%, respectively. In comparison, the
pool reported a YE2015 WA DSCR and debt yield of 1.46x and 10.5%,
respectively, and at issuance, the WA DBRS Term DSCR and DBRS Debt
Yield was 1.39x and 9.3%, respectively. Based on the YE2016
financials, the top 15 loans (74.0% of the current pool balance)
reported a WA DSCR of 1.24x, in comparison with theYE2015 WA DSCR
of 1.19x and WA DBRS Term DSCR of 1.38x. The bulk of the WA net
cash flow decline from issuance is due to significant revenue
declines for two properties securing loans in the top 15 located in
Fort McMurray, Alberta, where the economy has been struggling with
low oil prices for several years.

There are nine loans on the servicer's watch list, representing
28.6% of the pool, including the previously mentioned Nelson Ridge
loan, which is part of a pari passu whole loan secured by a
multifamily property in Fort McMurray. Due to the sustained
difficulties in the local economy, the property has shown
significant performance declines since issuance. The loan was
previously transferred to special servicing for imminent default in
February 2016 and was later returned to the master servicer as a
corrected loan in late January 2017 after the borrower brought the
loan current. The loan benefits from full recourse to Lanesboro
Real Estate Investment Trust (LREIT), Shelter Canadian Properties
and 2668921 Manitoba Ltd.

As of the July 2017 rent roll (most recent file provided by the
servicer to date), the property reported an occupancy and average
rental rate of 73.3% and $1,540 per unit, respectively. These
figures are generally flat compared with the July 2016 figures,
with rental rates generally hovering near those levels for the last
few years. Rates are down sharply from issuance, when the property
reported an occupancy rate and average rental rate of 89.5% and
$2,228 per unit, respectively. Although occupancy improved in the
last 18 months, DBRS believes larger concerns (such as the
permanent reduction in required workforce within the oil sands
region driven by technological advancements and other market
factors) will limit the property's ability to generate cash flow
anywhere near the issuance levels in the near to medium term. These
factors, coupled with the financial difficulties of the loan's
sponsor, LREIT, suggest that a successful refinance of the loan at
the scheduled maturity in December 2018 is unlikely. As such, DBRS
assumed a stressed scenario in its analysis for the loan as part of
this review and will continue to monitor the loan closely for
developments.

Class X is an interest-only (IO) certificate that references
multiple rated tranches. The IO rating mirrors the lowest-rated
reference tranche adjusted upward by one notch if senior in the
waterfall; however, the rating assigned to Class X materially
deviates from the higher ratings implied by the quantitative
results. DBRS considers a material deviation to be a rating
differential of three or more notches between the assigned rating
and the rating implied by the quantitative results that is a
substantial component of a rating methodology. The deviation is
warranted as consideration was given for actual loan, transaction
and sector performance where a rating based on the lowest-rated
notional class may not reflect the observed risk.


JP MORGAN 2002-CIBC4: Moody's Affirms C Ratings on 2 Tranches
-------------------------------------------------------------
Moody's Investors Service has upgraded the rating on one class and
affirmed the ratings on three classes in J.P. Morgan Chase
Commercial Mortgage Securities Corp., Pass-Through Certificates,
Ser. 2002-CIBC4:

Cl. C, Upgraded to A2 (sf); previously on Mar 31, 2017 Upgraded to
Baa1 (sf)

Cl. D, Affirmed Caa3 (sf); previously on Mar 31, 2017 Affirmed Caa3
(sf)

Cl. E, Affirmed C (sf); previously on Mar 31, 2017 Affirmed C (sf)

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

RATINGS RATIONALE

The rating on the P&I class C was upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 15% since Moody's last
review.

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

The rating on the IO class X-1 was affirmed based on the credit
quality of the referenced classes.

Moody's rating action reflects a base expected loss of 6.2% of the
current pooled balance, compared to 4.6% at Moody's last review.
Moody's base expected loss plus realized losses is now 12.3% of the
original pooled balance, the same as 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 rating J.P. Morgan Chase
Commercial Mortgage Securities Corp., Pass-Through Certificates,
Ser. 2002-CIBC4, Cl. C, Cl. D and Cl. E was "Moody's Approach to
Rating Large Loan and Single Asset/Single Borrower CMBS" published
in July 2017. The methodologies used in rating J.P. Morgan Chase
Commercial Mortgage Securities Corp., Pass-Through Certificates,
Ser. 2002-CIBC4, Cl. X-1 were "Moody's Approach to Rating Large
Loan and Single Asset/Single Borrower CMBS" published in July 2017
and "Moody's Approach to Rating Structured Finance Interest-Only
(IO) Securities" published in June 2017.

DEAL PERFORMANCE

As of the March 12th, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $13 million
from $799 million at securitization. The certificates are
collateralized by eight mortgage loans ranging in size from less
than 1% to 36% of the pool. Three loans, constituting 16% of the
pool, have defeased and are secured by US government securities.

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

One loan, constituting 16% 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.

Nineteen loans have been liquidated from the pool, resulting in an
aggregate realized loss of $97.6 million (for an average loss
severity of 68%). One loan, constituting 13% of the pool, is
currently in special servicing. The specially serviced loan is the
Northstar Center Building Two Loan ($1.7 million -- 13.0% of the
pool), which is secured by an unanchored three-story retail center
in Edwards, Colorado. The loan was transferred to the special
servicer in 2012 for maturity default and became real estate owned
(REO) in October 2013. As of June 2017, the property was 87%
leased, unchanged from December 2016 and September 2015. Moody's
estimates a substantial loss for this specially serviced loan.

Moody's received full year 2016 operating results for 100% of the
pool, and full or partial year 2017 operating results for 100% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average pool LTV is 35%, compared to 41% at Moody's last
review. Moody's pool 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 22% 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 pool DSCRs are 1.04X and 3.32X,
respectively, compared to 1.03X and 2.72X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three performing loans represent 64% of the pool balance.
The largest loan is the Plainfield Commons Loan ($4.7 million --
36.2% of the pool), which is secured by a 174,000 square feet (SF)
anchored retail property in Plainfield, Indiana. The property was
99% leased as of June 2017, the same as of December 2016. The loan
is fully amortizing and has amortized down by 64% since
securitization. Moody's LTV and stressed DSCR are 32% and 3.26X,
respectively, compared to 37% and 2.75X at the last review.

The second largest loan is the 555 Post Street Loan ($2.1 million
-- 16.1% of the pool), which is secured by a seven-story office
property in downtown San Francisco, California, two blocks west of
Union Square. The property was 53% leased as of December 2017,
compared to 100% leased as of December 2016. Two major tenants with
lease expirations in July 2017 vacated the property. The loan is
fully amortizing and has amortized 67% since securitization.
Moody's LTV and stressed DSCR are 59% and 1.79X, respectively,
compared to 63% and 1.68X at the last review.

The third largest loan is the Center at Panola Loan ($1.6 million
-- 12.1% of the pool), which is secured by a grocery-anchored
retail property located in Lithonia, Georgia, about 15 miles east
of the Atlanta CBD. The property was 100% leased as of December
2017, the same as of December 2016. The loan is fully amortizing
and has amortized 67% since securitization. Moody's LTV and
stressed DSCR are 23% and 4.44X, respectively, compared to 33% and
3.15X at the last review.


JP MORGAN 2006-LDP9: Moody's Affirms Ba1 Ratings on 2 Tranches
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on thirteen
classes in J.P. Morgan Chase Commercial Mortgage Securities Corp,
Commercial Pass-Through Certificates, Series 2006-LDP9, as
follows:

Cl. A-3SFL, Affirmed Aa1 (sf); previously on March 31, 2017
Affirmed Aa1 (sf)

Cl. A-3SFX, Affirmed Aa1 (sf); previously on March 31, 2017
Affirmed Aa1 (sf)

Cl. A-M, Affirmed Ba1 (sf); previously on March 31, 2017 Affirmed
Ba1 (sf)

Cl. A-MS, Affirmed Ba1 (sf); previously on March 31, 2017 Affirmed
Ba1 (sf)

Cl. A-J, Affirmed Ca (sf); previously on March 31, 2017 Downgraded
to Ca (sf)

Cl. A-JS, Affirmed Ca (sf); previously on March 31, 2017 Downgraded
to Ca (sf)

Cl. B, Affirmed C (sf); previously on March 31, 2017 Affirmed C
(sf)

Cl. B-S, Affirmed C (sf); previously on March 31, 2017 Affirmed C
(sf)

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

Cl. C-S, Affirmed C (sf); previously on March 31, 2017 Affirmed C
(sf)

Cl. D, Affirmed C (sf); previously on March 31, 2017 Affirmed C
(sf)

Cl. D-S, Affirmed C (sf); previously on March 31, 2017 Affirmed C
(sf)

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

RATINGS RATIONALE

The ratings of four P&I classes, Cl. A-3SFL, Cl. A-3SFX, Cl. A-M,
and Cl. A-MS, were affirmed because the transaction's key metrics,
including Moody's loan-to-value (LTV) ratio, Moody's stressed debt
service coverage ratio (DSCR), and the transaction's Herfindahl
Index (Herf) are within acceptable ranges.

The ratings of eight P&I classes, Cl. A-J, Cl. A-JS, Cl. B, Cl.
B-S, Cl. C, Cl. C-S, Cl. D and Cl. D-S, were affirmed because the
ratings are consistent with Moody's expected loss plus realized
losses.

The rating of one IO class, Cl. X, was affirmed because of the
credit quality of the referenced classes.

Moody's rating action reflects a base expected loss of 44.5% of the
current pooled balance, compared to 41.4% at Moody's last review.
Moody's base expected loss plus realized losses is now 16.7% of the
original pooled balance, compared to 16.5% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://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 rating J.P. Morgan Chase
Commercial Mortgage Securities Corp. Series 2006-LDP9, Cl. A-3SFL,
Cl. A-3SFX, Cl. A-M, Cl. A-MS, Cl. A-J, Cl. A-JS, Cl. B, Cl. B-S,
Cl. C, Cl. C-S, Cl. D, and Cl. D-S was "Moody's Approach to Rating
Large Loan and Single Asset/Single Borrower CMBS" published in July
2017. The methodologies used in rating J.P. Morgan Chase Commercial
Mortgage Securities Corp. Series 2006-LDP9, Cl. X were "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in July 2017 and "Moody's Approach to Rating
Structured Finance Interest-Only (IO) Securities" published in June
2017.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 54% of the pool is in
special servicing and Moody's has identified additional troubled
loans representing 4% 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 classes and the recovery as a pay down of principal to
the most senior classes.

DEAL PERFORMANCE

As of the March 15, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 81.6% to $893.6
million from $4.85 billion at securitization. The certificates are
collateralized by 35 mortgage loans ranging in size from less than
1% to 22.4% of the pool, with the top ten loans (excluding
defeasance) constituting 80.0% of the pool. One loan, constituting
1.4% of the pool, has defeased and is secured by US government
securities.

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

Two loans, constituting 0.5% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Fifty-five loans have been liquidated from the pool at a loss,
contributing to an aggregate realized loss of $414.5 million (for
an average loss severity of 35%). Twenty-four loans, constituting
53.8% of the pool, are currently in special servicing. The largest
specially serviced loan is the Colony IV Portfolio ($144.1 million
-- 16.1 % of the pool), which is secured by a 25- property
portfolio, totaling 2.4 million SF, located across six states:
Georgia (2), Illinois (17), Massachusetts (1), New Jersey (1),
Texas (2), and Virginia (2). The portfolio was subdivided into
three subpools that were classified as separate loans: Pool A
(609,504 SF; 25.6% of NRA); Pool B (1,133,995 SF; 47.6%), and Pool
C (638,440 SF; 26.8%). The loans was initially transferred to the
special servicer in December 2010 at the request of the borrower to
negotiate a loan modification. The modified loans were subsequently
transferred back to the master servicer. The loan was transferred
back to the special servicer in September 2014 due to imminent
default after the borrower ceased making payments. All properties
are currently under receivership. The portfolio was 61% leased as
of December 2016.

The second largest specially serviced loan is the Kimco PNP -
Cheyenne Commons ($55.0 million -- 6.2% of the pool), which is
secured by 363,000 SF anchored retail center located in Las Vegas,
NV. The property is anchored by a Wal-Mart, Marshalls, and Ross
Dress for Less. The property was transferred to the special
servicer in June 2016 due to imminent default and the trust took
title in August 2017. The special servicer is currently focused on
lease-up of vacant inline retail space.

The third largest specially serviced loan is the Westwood of Lisle
($41.0 million -- 4.6% of the pool), which is secured by two,
148,000 SF Class A, office buildings located in Lisle, IL. The loan
was transferred to the special servicer in June 2016 due to
imminent default as the borrower was unable to payoff the loan at
maturity. A receiver was appointed in June 2017 and negotiations
with the borrower are being dual-tracked with foreclosure. The
largest tenant, Catamaran, Inc. (40% of NRA), planned to vacate the
property upon the expiration of their lease in January 2018. The
property was 84% leased as of December 2016, however only 45%
leased, excluding Catamaran, Inc.

The remaining 19 specially serviced loans are secured by a mix of
property types. Moody's estimates an aggregate $362.0 million loss
for the specially serviced loans (75% expected loss on average).
Moody's has also assumed a high default probability for one poorly
performing loan, constituting 4.0% of the pool, and has estimated
an aggregate loss of $36.0 million (a 100% expected loss based on a
100% probability default) from this troubled loan.

As of the March 15, 2018 remittance statement cumulative interest
shortfalls were $81.3 million. Moody's anticipates interest
shortfalls will continue because of the exposure to specially
serviced loans and/or modified loans. Interest shortfalls are
caused by special servicing fees, including workout and liquidation
fees, appraisal entitlement reductions (ASERs), loan modifications
and extraordinary trust expenses.

Moody's received full year 2016 operating results for 100% of the
pool, and full or partial year 2017 operating results for 99% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average LTV for performing loans is 124.1%, compared to
110.1% at Moody's last review. Moody's net cash flow (NCF) reflects
a weighted average haircut of -12.8% to the most recently available
net operating income (NOI). Moody's value reflects a weighted
average capitalization rate of 9.8%.

Moody's actual and stressed DSCRs for performing loans are 1.33X
and 0.87X, respectively, compared to 1.74X and 1.00X at the last
review. Moody's actual DSCR is based on Moody's NCF and the loan's
actual debt service. Moody's stressed DSCR is based on Moody's NCF
and a 9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 39.7% of the pool balance.
The largest loan is the 131 South Dearborn A-Note Loan ($200.0
million -- 22.4% of the pool), which is secured by a 1.5 million
SF, 37-story, Class A office building located in Chicago's Central
Loop office submarket. The loan represents a participation interest
in a $400.0 million first mortgage loan. The property is also known
as the Citadel Center, and formerly known as the JPMorgan Center.
The property is situated along the east-side of South Dearborn
Street, between Adams and Marble Place. The property has large
64,000 SF floor plates on floors 1-10 and 34,000 SF floor plates
between floors 11-37. In May 2014, the property was transferred to
the special servicer due to imminent default, after the borrower
requested a loan modification due to the Seyfarth Shaw's early
lease termination and JPMorgan's decision to downsize their space
requirements at the property. The loan was subsequently modified in
June 2016 via an A-Note/ B-Note split, which carved out a $72.0
million B-note from the original $472.0 million first mortgage. The
modification also resulted in the formation of a new ownership
structure, a joint-venture between Angelo Gordon and Hines. Without
the modification, the special servicer estimated that the trust
could incur potential costs to stabilize the asset in excess of
$100 million. The property was 75% leased as of September 2017.
Moody's blew-up the B-Note at a 100% severity. Moody's LTV and
stressed DSCR are 123.7% and 0.81X, respectively, compared to
118.2% and 0.85X at the last review.

The second largest loan is the Discover Mills loan ($107.3 million
-- 12.0% of the pool), which is secured by 1.2 million SF regional
mall in Lawrenceville, GA approximately 20 miles northeast of the
Atlanta CBD. The property is anchored by a Bass Pro Shops Outdoors,
Medieval Times, Burlington Coat Factory, 18-screen AMC Theatre and
Dave & Busters. Other major tenants include Last Call by Neiman
Marcus, Saks Off Fifth Avenue, Old Navy and Nike Factory Store. The
loan was transferred to the special servicer in November 2011 due
to imminent maturity default. After returning to the master
servicer in May 2012, the loan was transferred to the special
servicer again in October 2013 after the borrower was unable to
secure take-out financing. The loan has been modified a total of
four times, the most-recent of which extended the loan term through
December 2018. The property was 87% leased as of September 2017,
however, inline occupancy stands at 69%. Inline sales at the
property have been stable increasing to $285 per SF in 2016,
compared to $273 per SF in 2015. Inline sales for 2017 were
projected to be $283 per SF. Moody's LTV and stressed DSCR are
129.3% and 0.92X, respectively, compared to 93.7% and 1.27X at the
last review.

The third largest loan is the One West Side loan ($47.5 million --
5.3% of the pool), which is secured by a 93,000 SF anchored retail
property located in Los Angeles, CA. The property is anchored by
Marshall's (33% of NRA) and Michaels (25%). The property previously
had a 23,153 SF PetSmart, but the tenant vacated the property at
the end of their lease in January 2018. The property was 96% leased
as of September 2017, however, excluding PetSmart, the property
would only be 71% leased. Moody's LTV and stressed DSCR are 121.6%
and 0.84X, respectively, the same as Moody's last review.


JP MORGAN 2008-C2: Moody's Lowers Cl. X Notes Rating to C(sf)
-------------------------------------------------------------
Moody's Investors Service has upgraded the rating on one class,
affirmed the ratings on two classes and downgraded the rating on
one class in J.P. Morgan Chase Commercial Mortgage Securities Trust
2008-C2:

Class A-1A, Upgraded to Baa2 (sf); previously on July 12, 2017
Affirmed Ba3 (sf)

Class A-M, Affirmed Caa3 (sf); previously on July 12, 2017 Affirmed
Caa3 (sf)

Class A-J, Affirmed C (sf); previously on July 12, 2017 Affirmed C
(sf)

Class X, Downgraded to C (sf); previously on July 12, 2017 Affirmed
Caa3 (sf)

RATINGS RATIONALE

The rating on Class A-1A was upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 74% since Moody's last review
and 86% since securitization.

The ratings on Classes A-M and A-J were affirmed because the
because the ratings are consistent with Moody's expected loss.

The rating on the IO Class, Class X, was downgraded due to a
decline in the credit quality of its referenced classes resulting
from principal paydowns of higher quality reference classes.

Moody's rating action reflects a base expected loss of 20.5% of the
current pooled balance, compared to 12.2% at Moody's last review.
Moody's base expected loss plus realized losses is now 21.0% of the
original pooled balance, compared to 22.7% 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 rating J.P. Morgan Chase
Commercial Mortgage Securities Trust 2008-C2, Class A-1A, Class
A-J, and Class A-M was "Moody's Approach to Rating Large Loan and
Single Asset/Single Borrower CMBS" published in July 2017. The
methodologies used in rating J.P. Morgan Chase Commercial Mortgage
Securities Trust 2008-C2, Class X were "Moody's Approach to Rating
Large Loan and Single Asset/Single Borrower CMBS" published in July
2017 and "Moody's Approach to Rating Structured Finance
Interest-Only (IO) Securities" published in June 2017.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 73% 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 classes and the recovery
as a pay down of principal to the most senior class.

DEAL PERFORMANCE

As of the March 12, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 86.1% to $161.6
million from $1.2 billion at securitization. The certificates are
collateralized by 11 mortgage loans ranging in size from less than
2% to 65% of the pool. One loan, constituting 2.6% of the pool, has
an investment-grade structured credit assessment and one loan,
constituting 3.5% of the pool, has defeased and is secured by US
government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 2, as compared to 12 at the time of Moody's last
review.

Five loans, constituting 23.3% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Twenty-three loans have been liquidated from the pool, resulting in
an aggregate realized loss of $211.8 million (for an average loss
severity of 75%). Five loans, constituting 73.1% of the pool, are
currently in special servicing. The largest specially serviced loan
is the is the Westin Portfolio Loan ($105 million -- 65.0% of the
pool), which is secured by a pari-passu interest in two Westin
hotels (487-room hotel in La Paloma - Tucson, Arizona; 412-room
hotel in Hilton Head, South Carolina). The loan transferred to
special servicing in October 2008 due to imminent default and the
borrower filed for Chapter 11 Bankruptcy in November 2010. In May
2012, a bankruptcy court in Arizona modified the loan to include a
term extension and the requirement of the Borrower to make $500,000
of monthly principal-only payments for 21 years (split pro rata
between the two pari-passu notes). Various fees, interest, and
other expenses were capitalized into the loan balance as a part of
the loan modification. The special servicer continues to monitor
the loan and payments continue to be made by the Borrower as per
the approved bankruptcy plan

The second largest specially serviced loan is the Woodlands Loan
($4.9 million -- 3.0% of the pool), which is secured by a 230 unit
multi-family garden style property, located in St. Louis, Missouri.
The loan transferred into special servicing in 2018 due to maturity
default after the borrower was not able to refinance the loan at
its original maturity date..

The third largest specially serviced loan is the Drake Plaza
Apartments ($3.6 million -- 2.3% of the pool), which is secured by
a 78 unit multi-family property, located in St. Louis, Missouri.
The apartment complex is in close proximity to St. Louis University
as well as other universities, a hospital and other businesses. The
loan transferred to special servicing in March 2018 due to maturity
default after the borrower was not able to refinance the loan at
its original maturity date.

The remaining two specially serviced loans are secured by retail
properties. Moody's estimates an aggregate $33 million loss for the
specially serviced loans (54% expected loss on average).

Moody's received full year 2016 operating results for 66.2% of the
pool, and full or partial year 2017 operating results for 90.1% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 90.1%, compared to 101.1% at
Moody's last review. Moody's conduit component includes only four
of the remaining loans and excludes loans with structured credit
assessments, defeased and CTL loans, and specially serviced and
troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 12.5% to the most recently available net
operating income (NOI). Moody's value reflects a weighted average
capitalization rate of 10.5%.

Moody's actual and stressed conduit DSCRs are 1.16X and 1.13X,
respectively, compared to 1.22X and 1.13X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The loan with a structured credit assessment is the Lofts at New
Roc Loan ($4.2 million -- 2.6% of the pool), which is secured by a
98-unit residential cooperative located in New Rochelle, New York.
Moody's structured credit assessment and stressed DSCR are aaa
(sca.pd) and 3.41X.

The top two performing non-specially serviced loans represent 15.7%
of the pool balance. The largest loan is the Eastgate Center Loan
($14.6 million -- 9.0% of the pool), which is secured by 111,320
square foot retail center located in Lanham, Maryland. The property
is grocery anchored by Giants Foods and was 81% occupied as of
December 2017, compared to 84% at the time of last review. The loan
has an upcoming maturity in May 2018 and Moody's LTV and stressed
DSCR are 88% and 1.07X, respectively.

The second largest is the Oak Ridge Apartments Loan ($10.7 million
-- 6.6% of the pool), which is secured by a 253 multi-family unit
low-rise building, located in Austin, Texas. As of September 2017,
occupancy was 92%, compared to 91% in December 2015. Moody's LTV
and stressed DSCR are 97% and 1.06X, respectively.


JP MORGAN 2018-2: Fitch to Rate Class B-5 Certs 'Bsf'
-----------------------------------------------------
Fitch Ratings expects to rate J.P. Morgan Mortgage Trust 2018-2
(JPMMT 2018-2) as follows:

-- $298,664,000 class A-1 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $298,664,000 class A-2 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $282,202,000 class A-3 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $282,202,000 class A-4 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $225,762,000 class A-5 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $225,762,000 class A-6 certificates 'AAAsf'; Outlook Stable;
-- $56,440,000 class A-7 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $56,440,000 class A-8 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $41,643,000 class A-9 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $41,643,000 class A-10 certificates 'AAAsf'; Outlook Stable;
-- $14,797,000 class A-11 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $14,797,000 class A-12 certificates 'AAAsf'; Outlook Stable;
-- $16,462,000 class A-13 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $16,462,000 class A-14 certificates 'AAAsf'; Outlook Stable;
-- $298,664,000 class A-15 exchangeable certificates 'AAAsf';
    Outlook Stable;
-- $298,664,000 class A-X-1 notional certificates 'AAAsf';
    Outlook Stable;
-- $298,664,000 class A-X-2 notional exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $282,202,000 class A-X-3 notional exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $225,762,000 class A-X-4 notional certificates 'AAAsf';
    Outlook Stable;
-- $56,440,000 class A-X-5 notional exchangeable certificates
    'AAAsf'; Outlook Stable;
-- $41,643,000 class A-X-6 notional certificates 'AAAsf'; Outlook

    Stable;
-- $14,797,000 class A-X-7 notional certificates 'AAAsf'; Outlook

    Stable;
-- $16,462,000 class A-X-8 notional certificates 'AAAsf'; Outlook

    Stable;
-- $6,115,000 class B-1 certificates 'AAsf'; Outlook Stable;
-- $3,606,000 class B-2 certificates 'Asf'; Outlook Stable;
-- $2,665,000 class B-3 certificates 'BBBsf'; Outlook Stable;
-- $941,000 class B-4 certificates 'BBsf'; Outlook Stable;
-- $627,000 class B-5 certificates 'Bsf'; Outlook Stable;

Fitch will not be rating the following classes:
-- $940,990 class B-6 certificates;
-- Class A-R certificates;

KEY RATING DRIVERS

High-Quality Mortgage Pool (Positive): The collateral pool consists
of high quality, 30-year fully amortizing conforming fixed-rate
loans to borrowers with strong credit profiles and low leverage.
The pool has a weighted average (WA) FICO score of 774 and an
original combined loan-to-value (CLTV) ratio of 69.7%. The
collateral attributes of the pool are stronger than the conforming
loans typically seen in JPMMT transactions due to fewer loans with
lower FICO and higher LTV tails and more loans with liquid
reserves.

Originator Credit (Positive): 100% of the pool consists of loans
originated by JPMorgan Chase, which Fitch has assessed as 'Above
Average'. The strong origination practices and procedures as well
as controls and oversight that JPMorgan Chase has in place,
resulted in a reduction of 39bps to the AAA loss.

Servicer Credit (Positive): 100% of the pool consists of loans
serviced by JPMorgan Chase, which Fitch rates as RPS1-. Servicer
quality has an impact on the performance of the loans and Fitch
gives a servicer credit to highly rated servicers (rating of 1- or
higher) as highly rated servicers are expected to have higher
recoveries due to their servicing practices and capabilities. This
resulted in a reduction of 43bps to the AAA loss.

Tier 3 Representation and Warranty Framework (Negative): Fitch
believes the value of the rep and warranty framework is diluted by
the presence of qualifying and conditional language in conjunction
with sunset provisions, which reduces lender breach liability.
While Fitch believes the high credit-quality pool and clean
diligence results mitigate these risks, Fitch considered the weaker
framework in Fitch analysis. The weaker R&W framework resulted in
an addition of 16bps to the AAA loss.

Strong Due Diligence Results (Positive): Loan-level due diligence
was performed on 100% of the loans. All the reviewed loans received
a third-party 'A' or 'B' grade, indicating strong underwriting
practices and sound quality control procedures.

Geographic Concentration (Negative): The pool's primary
concentration is in California, representing approximately 41% of
the pool, with the New York, Los Angeles and San Francisco
metropolitan statistical areas (MSAs) representing approximately
28%, 17% and 11% of the pool, respectively. The geographic
concentration in the pool, increased the 'AAA' loss by 43bps.

Channel (Positive): Approximately 100% of the loans were originated
through a retail channel. The issuer confirmed that all of the
JPMorgan Chase loans that were identified as "Correspondent" in the
tape were originated by the correspondent's retail channel. Fitch
treated all of these loans as being originated through a retail
channel (this impacted approximately 232 loans).

Straightforward Deal Structure (Positive): The mortgage cash flow
and loss allocation are based on a senior-subordinate,
shifting-interest structure, whereby the subordinate classes
receive only scheduled principal and are locked out from receiving
unscheduled principal or prepayments for five years. The lockout
feature helps maintain subordination for a longer period should
losses occur later in the life of the deal. The applicable credit
support percentage feature redirects subordinate principal to
classes of higher seniority if specified credit enhancement (CE)
levels are not maintained.

To mitigate tail risk, which arises as the pool seasons and fewer
loans are outstanding, a subordination floor of 0.75% of the
original balance will be maintained for the senior certificates.

Repurchase of Loans Affected by Natural Disasters (Positive):
JPMorgan Chase has ordered property inspections for the properties
located in the areas affected by natural disasters. All the
property inspections have come back showing that the properties
have not sustained damage. JPMorgan Chase will repurchase or drop
the loan if there is damage over $1,000 to the home.

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 5.6%. The analysis indicates that there is some
potential rating migration with higher MVDs, compared with the
model projection.

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


JP MORGAN 2018-3: DBRS Finalizes 'B' Rating on Class B-5 Certs
--------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the Mortgage
Pass-Through Certificates, Series 2018-3 (the Certificates) issued
by J.P. Morgan Mortgage Trust 2018-3 as follows:

-- $814.1 million Class A-1 at AAA (sf)
-- $814.1 million Class A-2 at AAA (sf)
-- $762.1 million Class A-3 at AAA (sf)
-- $762.1 million Class A-4 at AAA (sf)
-- $609.7 million Class A-5 at AAA (sf)
-- $609.7 million Class A-6 at AAA (sf)
-- $152.4 million Class A-7 at AAA (sf)
-- $152.4 million Class A-8 at AAA (sf)
-- $116.9 million Class A-9 at AAA (sf)
-- $116.9 million Class A-10 at AAA (sf)
-- $35.6 million Class A-11 at AAA (sf)
-- $35.6 million Class A-12 at AAA (sf)
-- $52.0 million Class A-13 at AAA (sf)
-- $52.0 million Class A-14 at AAA (sf)
-- $814.1 million Class A-X-1 at AAA (sf)
-- $814.1 million Class A-X-2 at AAA (sf)
-- $762.1 million Class A-X-3 at AAA (sf)
-- $609.7 million Class A-X-4 at AAA (sf)
-- $152.4 million Class A-X-5 at AAA (sf)
-- $116.9 million Class A-X-6 at AAA (sf)
-- $35.6 million Class A-X-7 at AAA (sf)
-- $52.0 million Class A-X-8 at AAA (sf)
-- $15.2 million Class B-1 at AA (sf)
-- $15.2 million Class B-2 at A (sf)
-- $9.1 million Class B-3 at BBB (sf)
-- $6.5 million Class B-4 at BB (sf)
-- $2.2 million Class B-5 at B (sf)

Classes A-X-1, A-X-2, A-X-3, A-X-4, A-X-5, A-X-6, A-X-7 and A-X-8
are interest-only notes. The class balances represent notional
amounts.

Classes A-1, A-2, A-3, A-4, A-5, A-7, A-8, A-9, A-11, A-13, A-X-2,
A-X-3 and A-X-5 are exchangeable certificates. These classes can be
exchanged for a combination of depositable certificates, as
specified in the offering documents.

Classes A-6, A-10 and A-12 are super-senior certificates. These
classes benefit from additional protection from the senior support
certificate (Class A-14) with respect to loss allocation.

The AAA (sf) ratings on the Certificates reflect the 6.00% of
credit enhancement provided by subordinated certificates in the
pool. The AA (sf), A (sf), BBB (sf), BB (sf) and B (sf) ratings
reflect 4.25%, 2.50%, 1.45%, 0.70% and 0.45% of credit enhancement,
respectively.

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

The Certificates are backed by 1,348 loans with a total principal
balance of $866,074,339 as of the Cut-Off Date (March 1, 2018).

The pool consists of fully amortizing fixed-rate mortgages with
original terms to maturity of 30 years. Conforming mortgage loans,
which were eligible for purchase by Fannie Mae or Freddie Mac, make
up 41.4% of the pool. For conforming loans, J.P. Morgan Chase Bank,
National Association (JPMCB) generally delegates underwriting
authority to correspondent lenders and does not subsequently review
those loans. Details on the underwriting of conforming loans can be
found in the Key Probability of Default Drivers section in the
related report.

The originators for the aggregate mortgage pool are JPMCB (41.4%),
United Shore Financial Services (USFS, 7.5%), Caliber Home Loans
Inc. (6.4%), LendUS, LLC (5.1%) and various other originators, each
comprising less than 5.0% of the mortgage loans. Approximately 1.6%
of the loans sold to the mortgage loan seller were acquired by
MAXEX Clearing LLC, which purchased loans from the related
originators or an unaffiliated third party that directly or
indirectly purchased such loans from the related originators.
The loans will be serviced or sub-serviced by New Penn Financial,
LLC doing business as Shell point Mortgage Servicing (43.0%), JPMCB
(41.4%) and various other servicers, each comprising less than 5.0%
of the mortgage loans.

Wells Fargo Bank, N.A. (Wells Fargo; rated AA by DBRS) will act as
the Master Servicer and Securities Administrator. Wells Fargo and
JPMCB will act as the Custodians. U.S. Bank Trust National
Association will serve as Delaware Trustee. Pentalpha Surveillance
LLC will serve as the representations and warranties (R&W)
Reviewer.

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

The ratings reflect transactional strengths that include
high-quality underlying assets, well-qualified borrowers and a
satisfactory third-party due diligence review.

This transaction employs an R&W framework that contains certain
weaknesses, such as materiality factors, some unrated R&W
providers, knowledge qualifiers and sunset provisions that allow
for certain R&Ws to expire within three to six years after the
Closing Date. The framework is perceived by DBRS to be limiting
compared with traditional lifetime R&W standards in certain
DBRS-rated securitizations. To capture the perceived weaknesses in
the R&W framework, DBRS reduced the originator scores in this pool.
A lower originator score results in increased default and loss
assumptions and provides additional cushions for the rated
securities.


JP MORGAN 2018-3: Moody's Assigns B3 Rating to Class B-5 Notes
--------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to 19
classes of residential mortgage-backed securities (RMBS) issued by
J.P. Morgan Mortgage Trust 2018-3 (JPMMT 2018-3). The ratings range
from Aaa (sf) to B3 (sf).

The certificates are backed by 1,348 fully-amortizing fixed rate
mortgage loans with a total balance of $866,074,339 as of March 1,
2018 cut-off date. Similar to prior JPMMT transactions, JPMMT
2018-3 includes conforming fixed-rate mortgage loans (41.40% by
loan balance) originated by JPMorgan Chase Bank, N. A. (Chase),
underwritten to the government sponsored enterprises (GSE)
guidelines in addition to prime jumbo non-conforming mortgages
purchased by J.P. Morgan Mortgage Acquisition Corp. (JPMMAC) from
various originators and aggregators.

JPMorgan Chase Bank, N.A. will be the servicer on the conforming
loans originated by Chase. Shellpoint Mortgage Servicing, Fifth
Third Mortgage Company, USAA Federal Savings Bank, First Republic
Bank, Guaranteed Rate Inc., BOKF, NA (Bank of Oklahoma), Johnson
Bank, and PHH Mortgage Corporation will be the servicers on the
prime jumbo loans. Wells Fargo Bank, N.A. will be the master
servicer and securities administrator. U.S. Bank Trust National
Association will be the trustee. Pentalpha Surveillance LLC will be
the representations and warranties breach reviewer.

Distributions of principal and interest and loss allocations are
based on a typical shifting-interest structure that benefits from
and a senior and subordination floor.

The complete rating actions are:

Issuer: J.P. Morgan Mortgage Trust 2018-3

Cl. A-1, Definitive Rating Assigned Aaa (sf)

Cl. A-2, Definitive Rating Assigned Aaa (sf)

Cl. A-3, Definitive Rating Assigned Aaa (sf)

Cl. A-4, Definitive Rating Assigned Aaa (sf)

Cl. A-5, Definitive Rating Assigned Aaa (sf)

Cl. A-6, Definitive Rating Assigned Aaa (sf)

Cl. A-7, Definitive Rating Assigned Aaa (sf)

Cl. A-8, Definitive Rating Assigned Aaa (sf)

Cl. A-9, Definitive Rating Assigned Aaa (sf)

Cl. A-10, Definitive Rating Assigned Aaa (sf)

Cl. A-11, Definitive Rating Assigned Aaa (sf)

Cl. A-12, Definitive Rating Assigned Aaa (sf)

Cl. A-13, Definitive Rating Assigned Aa1 (sf)

Cl. A-14, Definitive Rating Assigned Aa1(sf)

Cl. B-1, Definitive Rating Assigned Aa3 (sf)

Cl. B-2, Definitive Rating Assigned A2 (sf)

Cl. B-3, Definitive Rating Assigned Baa2 (sf)

Cl. B-4, Definitive Rating Assigned Ba2 (sf)

Cl. B-5, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected cumulative net loss on the aggregate pool is 0.4%
in a base scenario and reaches 5.00% at a stress level consistent
with the Aaa (sf) ratings.

We calculated losses on the pool using Moody's US Moody's
Individual Loan Analysis (MILAN) model based on the loan-level
collateral information as of the cut-off date. Loan-level
adjustments to the model results included adjustments to
probability of default for higher and lower borrower debt-to-income
ratios (DTIs), for borrowers with multiple mortgaged properties,
self-employed borrowers, and for the default risk of Homeownership
association (HOA) properties in super lien states. Moody's final
loss estimates also incorporate adjustments for originator
assessments and the financial strength of Representation & Warranty
(R&W) providers.

We base Moody's definitive ratings on the certificates on the
credit quality of the mortgage loans, the structural features of
the transaction, Moody's assessment of origination and servicing
arrangement quality, the strength of the third party due diligence
and the representations and warranties (R&W) framework of the
transaction.

Collateral Description

JPMMT 2018-3 is a securitization of a pool of 1,348
fully-amortizing mortgage loans with a total balance of
$866,074,339 as of the cut-off date, with a weighted average (WA)
original term to maturity of 360 months, and a WA seasoning of 3.92
months. The borrowers in this transaction have high FICO scores and
sizeable equity in their properties. The WA original FICO score is
772 and the WA original combined loan-to-value ratio(CLTV) is
70.4%. The characteristics of the loans underlying the pool are
generally comparable to other JPMMT transactions backed by 30-year
mortgage loans that Moody's has rated.

There are totally 417 properties that were affected by natural
disasters. Out of these 417 properties, there are 383 properties
located in counties affected by wildfires in California, 33
properties are located in areas affected by Hurricane Irma and
Hurricane Harvey and one property affected by Missouri severe
storms. Results of the inspection reports show no damage on 411
properties. Information is still pending on six properties. Any
reports that come back with damages greater than $10,000 will be
removed or repurchased out of the pool. In addition, there is a
property damage test as part of the breach review process for a
severely delinquent loan or delinquent modified loan which will
provide a further level protection against losses precipitated by
damage from the recent fires.

In this transaction, 41.4% of the pool by loan balance was
underwritten by Chase to Fannie Mae's and Freddie Mac's guidelines
(conforming loans). Moreover, the conforming loans in this
transaction have a high average current loan balance at $540,785.
The higher conforming loan balance of loans in JPMMT 2018-3 is
attributable to the greater amount of properties located in
high-cost areas, such as the metro areas of Los Angeles, San
Francisco and New York/ New Jersey. Chase (41.4%), United Shore
Financial Services, LLC (7.5%), Caliber Home Loans (6.4%), and
LendUSA, LLC (5.1%) contribute approximately 60.4% of the mortgage
loans in the pool. The remaining originators each account for less
than 5% of the principal balance of the loans in the pool. Moody's
have made adjustment to the losses based on the quality of loans
originated by different originators.

Third-party Review and Reps & Warranties

Four third party review (TPR) firms verified the accuracy of the
loan-level information that the sponsor gave us. These firms
conducted detailed credit, collateral, and regulatory reviews on
100% of the mortgage pool. The TPR results indicated compliance
with the originators' underwriting guidelines for the vast majority
of loans, no material compliance issues, and no appraisal defects.
The loans that had exceptions to the originators' underwriting
guidelines had strong documented compensating factors such as
significant liquid assets, significant equity in the property and
consistent, long-term employment. The TPR firms also identified
minor compliance exceptions for reasons such as inadequate RESPA
disclosures (which do not have assignee liability) and TILA/RESPA
Integrated Disclosure (TRID) violations related to fees that were
out of variance but then cured and disclosed. Moody's did not make
any adjustments to Moody's expected or Aaa loss levels due to the
TPR results.

JPMMT 2018-3's R&W framework is in line with other JPMMT
transactions where an independent reviewer is named at closing, and
costs and manner of review are clearly outlined at issuance.
Moody's review of the R&W framework takes into account the
financial strength of the R&W providers, scope of R&Ws (including
qualifiers and sunsets) and enforcement mechanisms.

The R&W providers vary in financial strength. JPMorgan Chase Bank,
N.A. (rated Aa2), who is the R&W provider for approximately 41.4%
(by loan balance) of the loans, is the strongest R&W provider.
Moody's did not make R&W adjustments for the Chase loans in the
pool. In contrast, the rest of the R&W providers are unrated and/or
financially weaker entities. Moreover, JPMMAC will not backstop any
R&W providers who may become financially incapable of repurchasing
mortgage loans. Moody's made an adjustment for these loans in
Moody's analysis to account for this risk.

Trustee and Master Servicer

The transaction trustee is U.S. Bank Trust National Association.
The custodian's functions will be performed by Wells Fargo Bank,
N.A. and JPMorgan Chase Bank, N.A. The paying agent and cash
management functions will be performed by Wells Fargo Bank, N.A.,
rather than the trustee. In addition, Wells Fargo, as master
servicer, is responsible for servicer oversight, and termination of
servicers and for the appointment of successor servicers. In
addition, Wells Fargo is committed to act as successor if no other
successor servicer can be found.

Tail Risk & Subordination Floor

This deal has a standard shifting-interest structure, with a
subordination floor to protect against losses that occur late in
the life of the pool when relatively few loans remain (tail risk).
When the total senior subordination is less than 0.95% of the
original pool balance, the subordinate bonds do not receive any
principal and all principal is then paid to the senior bonds. In
addition, if the subordinate percentage drops below 6.00% of
current pool balance, the senior distribution amount will include
all principal collections and the subordinate principal
distribution amount will be zero. The subordinate bonds themselves
benefit from a floor. When the total current balance of a given
subordinate tranche plus the aggregate balance of the subordinate
tranches that are junior to it amount to less than 0.70% of the
original pool balance, those tranches do not receive principal
distributions. Principal those tranches would have received are
directed to pay more senior subordinate bonds pro-rata.

Transaction Structure

The transaction uses the shifting interest structure in which the
senior bonds benefit from a number of protections. Funds collected,
including principal, are first used to make interest payments to
the senior bonds. Next, principal payments are made to the senior
bonds. Next, available distribution amounts are used to reimburse
realized losses and certificate writedown amounts for the senior
bonds (after subordinate bond have been reduced to zero i.e. the
credit support depletion date). Finally, interest and then
principal payments are paid to the subordinate bonds in sequential
order.

Realized losses are allocated in a reverse sequential order, first
to the lowest subordinate bond. After the balance of the
subordinate bonds is written off, losses from the pool begin to
write off the principal balance of the senior support bond, and
finally losses are allocated to the super senior bonds.

In addition, the pass-through rate on the bonds is based on the net
WAC as reduced by the sum of (i) the reviewer annual fee rate and
(ii) the capped trust expense rate. In the event that there is a
small number of loans remaining, the last outstanding bonds' rate
can be reduced to zero.

Other Considerations

Similar to recent JPMMT transactions, extraordinary trust expenses
in the JPMMT 2018-3 transaction are deducted from Net WAC as
opposed to available distribution amount. Moody's believe there is
a very low likelihood that the rated certificates in JPMMT 2018-3
will incur any losses from extraordinary expenses or
indemnification payments from potential future lawsuits against key
deal parties. First, all of the loans are prime quality Qualified
Mortgages originated under a regulatory environment that requires
tighter originations controls than pre-crisis, thus reducing the
likelihood that the loans have defects that could form the basis of
a lawsuit. Second, the transaction has reasonably well defined
processes in place to identify loans with defects on an ongoing
basis. In this transaction, an independent breach reviewer
(Pentalpha Surveillance, LLC), named at closing must review loans
for breaches of representations and warranties when certain clearly
defined triggers have been breached which reduces the likelihood
that parties will be sued for inaction. Third, the issuer has
disclosed the results of a credit, compliance and valuation review
of 100% of the mortgage loans by independent third parties.
Finally, the performance of past JPMMT transactions have been well
within expectations.

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

Down

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

Up

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


JPMDB COMMERCIAL 2017-C5: Fitch Affirms B Rating on Cl. G-RR Certs
------------------------------------------------------------------
Fitch Ratings has affirmed all classes of JPMDB Commercial Mortgage
Securities Trust commercial mortgage pass-through certificates,
series 2017-C5.  

KEY RATING DRIVERS

The affirmations reflect the relatively stable performance for the
majority of the pool.

Fitch Loan of Concern: Fitch has designated the largest loan, 229
West 43rd Street Retail Condo (7.7% of pool), as a Fitch Loan of
Concern. The loan is secured by a six-floor, 245,132 square foot
retail condominium located along West 43rd and 44th Streets in the
Times Square area of Manhattan. The loan is on the master
servicer's watchlist, mainly for the occurrence of a lease sweep
period, which has triggered a cash flow sweep since December 2017.

As of the December 2017 rent roll, the property was fully leased to
eight tenants, including: Bowlmor (31.6% of NRA; lease expiry in
July 2034), National Geographic (24.1%; October 2032), Gulliver's
Gate (18.6%; January 2031) and Guitar Center Stores (11.5%; January
2029). However, physical occupancy was 88.7%. One restaurant
tenant, Guy's American Bar & Kitchen (6.4%), vacated on Dec. 31,
2017, ahead of its originally scheduled November 2032 lease
expiration. This triggered a lease sweep in December 2017. Another
restaurant tenant, OHM Group (operating as The American Market by
Todd English; 4.9% of NRA), failed to open by its rent commencement
date as outlined in their lease; therefore, the borrower terminated
the lease in February 2018. This triggered a lease sweep in March
2018. At issuance, Fitch had applied a 50% stress to OHM Group's
income, as the tenant was not expected to take occupancy until late
2017.

According to the servicer, the borrower has a letter of intent out
on the former Guy's American Bar & Kitchen space and is preparing
to submit a replacement lease for approval. Fitch requested an
update but has yet to receive a response. The loan will remain in a
lease sweep period and continue trapping all excess cash until the
cure conditions, including securing a lease on the vacancies, are
met. There is also currently ongoing litigation between OHM Group
and the borrower. The borrower has been marketing the OHM Group
space for re-leasing. Fitch will continue to monitor the leasing
progress on the property's vacancies.

Previously, a lease sweep period related to another existing
tenant, Gulliver's Gate (18.6% of NRA), was triggered in December
2017, after the tenant had been in default under its lease for
October and November 2017 in the payment of base rent. However, as
of Jan. 2, 2018, the borrower confirmed that Gulliver's Gate is no
longer in default under its lease and the tenant is current on
their rent payments through February 2018.

The loan reported a NCF DSCR of 0.86x for the nine months ended
September 2017, primarily due to four tenants, which signed leases
at the time of issuance, including National Geographic, Gulliver's
Gate, OHM (The American Market by Todd English) and Los Tacos (0.7%
of NRA), having free rent periods. However, at issuance, the
borrower deposited $11.1 million into an upfront reserve for rent
concessions for these tenants. For the nine months ended September
2017, rent concessions totaled $6.5 million, which would bring NCF
DSCR up to 1.60x. When factoring in the loss of the two restaurant
tenants, the implied NCF DSCR would be 1.25x. In addition, the
property benefits from an Industrial Commercial Incentive Program
(ICIP) tax abatement; however, the tax exemption has entered its
phase out period, beginning the 2017/2018 tax year with burn-off by
20% per year until 2021.

High Percentage of Investment-Grade Credit Opinion Loans: Three
loans representing 16.3% of the pool were assigned investment-grade
credit opinions of 'BBB-sf' on a standalone basis at issuance.
These loans include 350 Park Avenue (6.4%), Hilton Hawaiian Village
(6%) and Moffett Gateway (3.9%).

Pool and Loan Concentrations: The largest 10 loans in the
transaction represent 53.8% of the pool by balance, which is in
line with the 2017 average concentration of 53.1% and slightly
below the 2016 average concentration of 54.8%. Loans secured by
office properties and mixed-use properties that are predominantly
office represent 47.3% of the pool by balance, including eight
loans (39%) in the top 15. Loans backed by hotel properties
represent 19.2% of the pool, including three loans (12.9%) in the
top 15. The pool's office concentration is above the 2017 and 2016
averages of 39.8% and 28.7%, respectively, and the pool's hotel
concentration is also above the 2017 and 2016 averages of 15.8% and
16%, respectively, for fixed-rate transactions.

Amortization: The pool is scheduled to amortize by 9.4% of the
initial pool balance prior to maturity, compared to the 2017 and
2016 averages of 7.9% and 10.4%, respectively. Seven loans (33% of
pool) are full-term interest-only and 13 loans (41.8%) are partial
interest-only.

There have been no specially serviced loans or realized losses
since issuance. As of the March 2018 distribution date, the pool's
aggregate balance has been reduced by 0.4% to $1.039 billion from
$1.043 billion at issuance.

RATING SENSITIVITIES

The Rating Outlooks for all classes remain Stable due to overall
stable collateral performance and no material changes since
issuance. Fitch does not foresee positive or negative ratings
migration unless a material economic or asset level event changes
the underlying transaction's portfolio-level metrics.

Fitch has affirmed the following ratings:
-- $28.7 million class A-1 at 'AAAsf'; Outlook Stable;
-- $37.1 million class A-2 at 'AAAsf'; Outlook Stable;
-- $11.3 million class A-3 at 'AAAsf'; Outlook Stable;
-- $200 million class A-4 at 'AAAsf'; Outlook Stable;
-- $392.1 million class A-5 at 'AAAsf'; Outlook Stable;
-- $57.1 million class A-SB at 'AAAsf'; Outlook Stable;
-- $820.4 million class X-A* at 'AAAsf'; Outlook Stable;
-- $90 million class X-B* at 'A-sf'; Outlook Stable;
-- $93.9 million class A-S at 'AAAsf'; Outlook Stable;
-- $44.3 million class B at 'AA-sf'; Outlook Stable;
-- $45.7 million class C at 'A-sf'; Outlook Stable;
-- $23.5 million class D at 'BBBsf'; Outlook Stable;
-- $30 million class E-RR** at 'BBB-sf'; Outlook Stable;
-- $20.9 million class F-RR** at 'BBsf'; Outlook Stable;
-- $10.4 million class G-RR** at 'Bsf'; Outlook Stable.

*Notional amount and interest-only.
**Horizontal credit risk retention interest representing 5% of the
fair value of all classes of regular certificates issued by the
issuing entity.

Fitch does not rate class NR-RR.


LB-UBS COMMERCIAL 2004-C2: Moody's Hikes Class J Debt Rating to Ba1
-------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on two classes
and affirmed the ratings on three classes in LB-UBS Commercial
Mortgage Trust 2004-C2, Commercial Mortgage Pass-Through
Certificates, Series 2004-C2:

Cl. J, Upgraded to Ba1 (sf); previously on April 6, 2017 Upgraded
to B2 (sf)

Cl. K, Upgraded to Caa3 (sf); previously on April 6, 2017 Affirmed
C (sf)

Cl. L, Affirmed C (sf); previously on April 6, 2017 Affirmed C
(sf)

Cl. M, Affirmed C (sf); previously on April 6, 2017 Affirmed C
(sf)

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

RATINGS RATIONALE

The ratings on Cl. J and Cl. K were upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 47% since Moody's last review.
Additionally, the share of defeasance increased to 45% of the
current pool balance from 24% at last review.

The ratings on Cl. L and Cl. M were affirmed because the ratings
are consistent with Moody's expected loss plus realized losses.
Class M has already experienced a 90% realized loss as result of
previously liquidated loans.

The rating on IO Class, Cl. X-CL, was affirmed based on the credit
quality of its referenced classes.

Moody's rating action reflects a base expected loss of 30.2% of the
current pooled balance, compared to 19.4% at Moody's last review.
Moody's base expected loss plus realized losses is now 3.0% of the
original pooled balance, compared to 3.2% 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 rating LB-UBS Commercial Mortgage
Trust 2004-C2, Cl. J, Cl. K, Cl. L and Cl. M was "Moody's Approach
to Rating Large Loan and Single Asset/Single Borrower CMBS"
published in July 2017. The methodologies used in rating LB-UBS
Commercial Mortgage Trust 2004-C2, Cl. X-CL were "Moody's Approach
to Rating Large Loan and Single Asset/Single Borrower CMBS"
published in July 2017 and "Moody's Approach to Rating Structured
Finance Interest-Only (IO) Securities" published in June 2017.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 55% 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(es) and the
recovery as a pay down of principal to the most senior class(es).

DEAL PERFORMANCE

As of the March 16, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $22.2 million
from $1.23 billion at securitization. The certificates are
collateralized by four mortgage loans. One loan, constituting 45%
of the pool, has defeased and is secured by US government
securities.

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

Twelve loans have been liquidated from the pool with a loss,
resulting in or contributing to an aggregate realized loss of $30
million (for an average loss severity of 24%). The three loans
non-defeased loans, constituting 55% of the pool, are all in
special servicing. Moody's estimates an aggregate $6.7 million loss
for the specially serviced loans (55% expected loss on average).

The largest specially serviced loan is the Warm Springs Loan ($8.2
million -- 36.8% of the pool), which is secured by a two-story,
70,000 square foot (SF) office building in Las Vegas, Nevada, just
south of McCarran Airport. The loan transferred to special
servicing in August 2012 due to imminent default and became REO in
September 2013.

The second largest specially serviced loan is the McKinney Shopping
Center Loan ($2.5 million -- 11.2% of the pool), which is secured
by a 27,000 SF, shopping center built in 1997 and located just
north of Dallas in Mckinney, Texas. The loan transferred to special
servicing in 2012 due to payment default and became REO in April
2013.

The third largest specially serviced loan is the Storage Inn and
Summitt Self Storage Portfolio Loan ($1.6 million -- 7.3% of the
pool), which is secured by two self-storage properties totaling
56,000 SF and located in Martinsville, Virginia. The loan
transferred to special servicing in January 2012 for payment
default and became REO in June 2014.


LB-UBS COMMERCIAL 2006-C3: Moody's Hikes Class F Debt Rating to Ca
------------------------------------------------------------------
Moody's Investors Service has upgraded the rating on one class and
affirmed the ratings on two classes in LB-UBS Commercial Mortgage
Trust 2006-C3, Commercial Pass-Through Certificates, Series
2006-C3

Cl. F, Upgraded to Ca (sf); previously on Mar 24, 2017 Affirmed C
(sf)

Cl. G, Affirmed C (sf); previously on Mar 24, 2017 Affirmed C (sf)

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

RATINGS RATIONALE

The rating on Class F was upgraded based primarily on an increase
in credit support resulting from loan paydowns and amortization.
The deal has paid down 83% since Moody's last review.

The rating on the Class G was affirmed because the ratings are
consistent with Moody's expected loss plus realized losses. Class G
has already experienced a 88% realized loss as result of previously
liquidated loans.

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

Moody's rating action reflects a base expected loss of 33.9% of the
current pooled balance, compared to 37.3% at Moody's last review.
Moody's base expected loss plus realized losses is now 8.7% of the
original pooled balance, compared to 9.9% 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 rating LB-UBS Commercial Mortgage
Trust 2006-C3, Cl. F and Cl. G was "Moody's Approach to Rating
Large Loan and Single Asset/Single Borrower CMBS" published in July
2017. The methodologies used in rating LB-UBS Commercial Mortgage
Trust 2006-C3, Cl. X-CL were "Moody's Approach to Rating Large Loan
and Single Asset/Single Borrower CMBS" published in July 2017 and
"Moody's Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since the two remaining loans
are either in special servicing or have been identified as
additional troubled loans. 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
and the recovery as a pay down of principal to the most senior
class.

DEAL PERFORMANCE

As of the March 16, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $11.6 million
from $1.7 billion at securitization. The certificates are
collateralized by two mortgage loans.

Twenty-eight loans have been liquidated from the pool, resulting in
an aggregate realized loss of $143.5 million (for an average loss
severity of 28%). The only loan in specially servicing is the New
England Building ($3.9 million -- 34.1% of the pool), which is
secured by a six-story, Class B office building in downtown Topeka,
Kansas. The building was built in 1911 and was renovated in 1922
and again in 1998. The property has been virtually 100% occupied by
various departments of the State of Kansas. The property is
currently occupied by the Department for Children & Families and
the Department of Aging both of which have a lease expiration date
in January 2019. Due to the tenant concentration at the property,
Moody's value incorporated a lit/dark analysis. The loan
transferred to special servicing in February 2016 due to maturity
default.

The only other loan in the pool is the City Centre Loan ($7.7
million -- 65.9% of the pool), which is secured by a 38,970 square
foot unanchored retail center in Philadelphia, Pennsylvania. As of
September 2017, the property was 56% leased, unchanged from
December 2016. The largest tenants at the property include Total
Rental Care Inc and Sardis Chicken, occupying a combined 31% of the
net rentable area. The loan remains current on its debt service
payments and has a maturity date in May 2020. The loan is on the
watchlist for its poor occupancy and low DSCR and Moody's has
identified this loan as a troubled loan.


LB-UBS COMMERCIAL 2006-C6: Moody's Cuts Rating on Class B Debt to C
-------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on five classes
and downgraded the ratings on two classes in LB-UBS Commercial
Mortgage Trust 2006-C6, Commercial Mortgage Pass-Through
Certificates, Series 2006-C6:

Cl. A-J, Downgraded to Caa2 (sf); previously on Apr 6, 2017
Downgraded to B3 (sf)

Cl. B, Downgraded to C (sf); previously on Apr 6, 2017 Downgraded
to Caa3 (sf)

Cl. C, Affirmed C (sf); previously on Apr 6, 2017 Downgraded to C
(sf)

Cl. D, Affirmed C (sf); previously on Apr 6, 2017 Affirmed C (sf)

Cl. E, Affirmed C (sf); previously on Apr 6, 2017 Affirmed C (sf)

Cl. F, Affirmed C (sf); previously on Apr 6, 2017 Affirmed C (sf)

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

RATINGS RATIONALE

The ratings on Cl. A-J and Cl. B were downgraded due to anticipated
losses from loans in special servicing. Four loans, representing
65% of the pool, are in special servicing; three loans are already
real estate owned ("REO") and one loan is in the foreclosure
process.

The ratings on Cl. C, Cl. D, Cl. E and Cl. F were affirmed because
the ratings are consistent with Moody's expected loss.

The ratings on the IO class, Cl. X-CL was affirmed based on the
credit quality of the referenced classes.

Moody's rating action reflects a base expected loss of 64.3% of the
current pooled balance, compared to 55.6% at Moody's last review.
Moody's base expected loss plus realized losses is now 14.4% of the
original pooled balance, compared to 13.4% at the last review.
Moody's provides a current list of base expected losses for conduit
and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating LB-UBS Commercial Mortgage
Trust 2006-C6, Cl. A-J, Cl. B, Cl. C, Cl. D, Cl. E, and Cl. F was
"Moody's Approach to Rating Large Loan and Single Asset/Single
Borrower CMBS" published in July 2017. The methodologies used in
rating LB-UBS Commercial Mortgage Trust 2006-C6, Cl. X-CL were
Moody's Approach to Rating Large Loan and Single Asset/Single
Borrower CMBS" published in July 2017 and "Moody's Approach to
Rating Structured Finance Interest-Only (IO) Securities" published
in June 2017.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 65% of the pool is in
special servicing and. 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 classes and the recovery
as a pay down of principal to the most senior classes.

DEAL PERFORMANCE

As of the March 17, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 89% to $334.1
million from $3.05 billion at securitization. The certificates are
collateralized by seven mortgage loans ranging in size from less
than 1% to 42% of the pool.

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

Thirty-five loans have been liquidated from the pool, resulting in
or contributing to an aggregate realized loss of $223 million (for
an average loss severity of 52%).

Four loans, constituting 65% of the pool, are currently in special
servicing. The largest specially serviced loan is the Chesterfield
Mall Loan ($140.0 million -- 41.9% of the pool), which is secured
by 641,800 square feet (SF) of retail space at the Chesterfield
Mall in Chesterfield, Missouri. The mall is anchored by Dillard's,
Macy's and Sears, none of which are part of the collateral. The
overall property was 85% leased as of February 2018, compared to
95% leased as of year end 2016. Dillard's suffered a water main
break that caused significant flooding and the store has been
closed since 2016. The loan transferred to special servicing in
March 2016 for imminent maturity default. Declining tenant sales
and increased competition within the market have affected rental
rates, cash flow and occupancy. The loan is real estate owned
(REO). Moody's anticipates a significant loss on this loan.

The second largest specially serviced loan is the Willowwood I & II
Loan ($46.4 million -- 13.9% of the pool), which is secured by two
office buildings located 18 miles west of the Washington, DC
central business district. The loan transferred to special
servicing in March 2015. As of February 2018, the combined
occupancy for the two properties was 50% compared to 65% leased as
of January 2017. There is significant lease rollover in the next
two to four years. The loan is real estate owned (REO).

The third largest specially serviced loan is the Midland Mall Loan
($30.5 million -- 9.1% of the pool), which is secured by a regional
mall in Midland, Michigan. The loan transferred to special
servicing in April 2016. Sears vacated in December 2016 and JC
Penney closed its store in May 2017. The remaining anchor tenant is
Bon Ton which filed for Chapter 11 bankruptcy in February 2018. As
of February 2018, the property was 81% leased. Net Operating Income
continues to drop as the effects of the anchors vacating triggered
inline tenant's co-tenancy lease provisions. The loan is real
estate owned (REO). The remaining specially serviced loan is
secured by a retail property in Syracuse, New York. Moody's
estimates an aggregate $197.8 million loss for the specially
serviced loans (91% expected loss on average).

As of the March 17, 2018 remittance statement, monthly interest
shortfalls were approximately $22.4 and impact up to Class B.
Moody's anticipates interest shortfalls will continue because of
the large exposure to specially serviced loans and/or modified
loans. Interest shortfalls are caused by special servicing fees,
including workout and liquidation fees, appraisal entitlement
reductions (ASERs), loan modifications and extraordinary trust
expenses.

The top three conduit loans represent 35% of the pool balance. The
largest conduit loan is the Greenbrier Mall Loan ($70.1 million --
21.0% of the pool), which is secured by an 896,000 SF regional mall
in Chesapeake, Virginia. The mall is anchored by JC Penney, Macy's,
Dillard's and Sears, of which only JC Penney and Macy's are part of
the collateral. The loan transferred to special servicing in May
2016 for imminent default and was modified with a three-year
maturity extension through December 2019. The loan returned to the
master servicer in May 2017. As of December 2017, the property was
98% leased, the same as at last review and year end 2015. Moody's
LTV and stressed DSCR are 146% and 0.72X, respectively, compared to
144% and 0.71X at last review.

The second largest conduit loan is the Eagle Road Shopping Center
Loan ($45.2 million -- 13.5% of the pool), which is secured by a
242,000 SF anchored retail center in Danbury, Connecticut. As of
December 2017, the property was 100% leased to three tenants,
unchanged since securitization. The loan is on the watchlist due to
low DSCR, but the borrower has not indicated any issues with
maintaining the loan for the foreseeable future. Moody's LTV and
stressed DSCR are 126% and 0.79X, respectively, compared to 121%
and 0.80X at the last review.

The third largest conduit loan is the Rite Aid -- Elko Loan
($787,878 -- 0.2% of the pool), which is secured by 29,860 SF
retail property which is 100% leased to Rite Aid. Due to the single
tenant exposure, Moody's value utilized a lit/dark analysis. The
loan is fully amortizing. Moody's LTV and stressed DSCR are 27% and
3.86X, respectively, compared to 30% and 3.38X at the last review.


LEHMAN STRUCTURED 2005-1: Moody's Cuts Cl. IO Debt Rating to Caa3
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of Class A-1
and Class IO from Lehman Structured Securities Corp. Series
2005-1.

Complete rating actions are:

Issuer: Lehman Structured Securities Corp. Series 2005-1

Cl. A-1, Downgraded to Caa1 (sf); previously on Sep 29, 2015
Downgraded to Ba3 (sf)

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

RATINGS RATIONALE

The rating action is primarily based on the correction of an error.
In prior rating actions, the projected losses for the P&I bonds in
this resecuritization transaction were not calculated as per the
definition of Loss Allocation Amount in the deal document. This
error has now been corrected, and downgrade action on classes A-1
and IO reflects this change. The rating action also reflects the
recent performance of the underlying pools and reflect Moody's
updated loss expectation on the pools.

The principal methodology used in rating Lehman Structured
Securities Corp. Series 2005-1 Cl. A-1 was "Moody's Approach to
Rating Resecuritizations" published in February 2014. The
methodologies used in rating Lehman Structured Securities Corp.
Series 2005-1 Cl. IO were "Moody's Approach to Rating
Resecuritizations" published in February 2014 and "Moody's Approach
to Rating Structured Finance Interest-Only (IO) Securities"
published in June 2017.

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 4.1% in February 2018 from 4.7% in
February 2017. Moody's forecasts an unemployment central range of
3.5% to 4.5% for the 2018 year. Deviations from this central
scenario could lead to rating actions in the sector.

House prices are another key driver of US RMBS performance. Moody's
expects house prices to continue to rise in 2018. Lower increases
than Moody's expects or decreases could lead to negative rating
actions.

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


MELLO MORTGAGE 2018-MTG1: DBRS Gives Prov. 'B' Rating on B5 Certs
-----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the Mortgage
Pass-Through Certificates, Series 2018-MTG1 (the Certificates)
issued by Mello Mortgage Capital Acceptance 2018-MTG1 (the Trust)
as follows:

-- $254.9 million Class A1 at AAA (sf)
-- $254.9 million Class A2 at AAA (sf)
-- $191.1 million Class A3 at AAA (sf)
-- $191.1 million Class A4 at AAA (sf)
-- $12.7 million Class A5 at AAA (sf)
-- $12.7 million Class A6 at AAA (sf)
-- $51.0 million Class A7 at AAA (sf)
-- $51.0 million Class A8 at AAA (sf)
-- $26.2 million Class A9 at AAA (sf)
-- $26.2 million Class A10 at AAA (sf)
-- $203.9 million Class A11 at AAA (sf)
-- $63.7 million Class A12 at AAA (sf)
-- $203.9 million Class A13 at AAA (sf)
-- $63.7 million Class A14 at AAA (sf)
-- $281.1 million Class A15 at AAA (sf)
-- $281.1 million Class A16 at AAA (sf)
-- $38.2 million Class A17 at AAA (sf)
-- $12.7 million Class A18 at AAA (sf)
-- $38.2 million Class A19 at AAA (sf)
-- $12.7 million Class A20 at AAA (sf)
-- $281.1 million Class AX1 at AAA (sf)
-- $254.9 million Class AX2 at AAA (sf)
-- $191.1 million Class AX3 at AAA (sf)
-- $12.7 million Class AX4 at AAA (sf)
-- $51.0 million Class AX5 at AAA (sf)
-- $26.2 million Class AX6 at AAA (sf)
-- $281.1 million Class AX7 at AAA (sf)
-- $38.2 million Class AX8 at AAA (sf)
-- $12.7 million Class AX9 at AAA (sf)
-- $63.7 million Class AX10 at AAA (sf)
-- $4.5 million Class B1 at AA (sf)
-- $5.1 million Class B2 at A (sf)
-- $4.0 million Class B3 at BBB (sf)
-- $1.8 million Class B4 at BB (sf)
-- $1.5 million Class B5 at B (sf)

Classes AX1, AX2, AX3, AX4, AX5, AX6, AX7, AX8, AX9 and AX10 are
interest-only Certificates. The class balances represent notional
amounts.

Classes A1, A2, A4, A6, A7, A8, A10, A11, A12, A13, A14, A15, A16,
A17, A18, AX2, AX3, AX4, AX5, AX6, AX7 and AX10 are exchangeable
Certificates. These classes can be exchanged for combinations of
exchange Certificates as specified in the offering documents.

Classes A1, A2, A3, A4, A5, A6, A7, A8, A11, A12, A13, A14, A17,
A18, A19 and A20 are super-senior Certificates. These classes
benefit from additional protection from senior support Certificates
(Classes A9 and A10) with respect to loss allocation.

The AAA (sf) ratings on the Certificates reflect the 6.25% of
credit enhancement provided by subordinated Certificates in the
pool. The AA (sf), A (sf), BBB (sf), BB (sf) and B (sf) ratings
reflect 4.75%, 3.05%, 1.70%, 1.10% and 0.60% of credit enhancement,
respectively.

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

This transaction is a securitization of a portfolio of first-lien
fixed-rate prime residential mortgages. The Certificates are backed
by 453 loans with a total principal balance of $299,825,239 as of
the Cut-Off Date (April 1, 2018).

loanDepot.com, LLC (loan Depot) is the Originator, Seller and
Servicing Administrator of the mortgage loans, and Artemis
Management LLC is the Sponsor of the transaction. LD Holdings Group
LLC, the parent company of the Sponsor and Seller, will serve as
Guarantor with respect to the remedy obligations of the Seller.
LDPMF LLC, a subsidiary of the Sponsor and an affiliate of the
Seller, will act as Depositor of the transaction.

Cenlar FSB will act as the Servicer. Wells Fargo Bank, N.A. (rated
AA with a Stable trend by DBRS) will act as the Master Servicer and
Securities Administrator. Wilmington Savings Fund Society, FSB will
serve as Trustee, and Deutsche Bank National Trust Company will
serve as Custodian.

The pool consists of fully amortizing fixed-rate mortgages with
original terms to maturity of primarily 30 years. Approximately
40.7% of the pool is conforming high-balance mortgage loans that
were underwritten by loan Depot using an automated underwriting
system (AUS) designated by Fannie Mae or Freddie Mac and were
eligible for purchase by such agencies.

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

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

The Depositor has made certain representations and warranties
concerning the mortgage loans. The enforcement mechanism for
breaches of representations includes automatic breach reviews by a
third-party reviewer for any seriously delinquent loans, and
resolution of disputes may ultimately be subject to determination
in an arbitration proceeding.


MERRILL LYNCH 2008-C1: Moody's Lowers Rating on Class X Debt to Ca
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on two, affirmed
the ratings on nine, and downgraded the ratings on two classes in
Merrill Lynch Mortgage Trust 2008-C1, Commercial Mortgage
Pass-Through Certificates, Series 2008-C1:

Cl. AJ, Upgraded to Aaa (sf); previously on Mar 31, 2017 Upgraded
to A1 (sf)

Cl. AJ-AF, Upgraded to Aaa (sf); previously on Mar 31, 2017
Upgraded to A1 (sf)

Cl. B, Affirmed A3 (sf); previously on Mar 31, 2017 Affirmed A3
(sf)

Cl. C, Affirmed Baa1 (sf); previously on Mar 31, 2017 Affirmed Baa1
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Mar 31, 2017 Affirmed Baa3
(sf)

Cl. E, Affirmed Ba1 (sf); previously on Mar 31, 2017 Affirmed Ba1
(sf)

Cl. F, Affirmed Ba3 (sf); previously on Mar 31, 2017 Affirmed Ba3
(sf)

Cl. G, Affirmed B2 (sf); previously on Mar 31, 2017 Downgraded to
B2 (sf)

Cl. H, Downgraded to Caa3 (sf); previously on Mar 31, 2017
Downgraded to Caa2 (sf)

Cl. J, Affirmed C (sf); previously on Mar 31, 2017 Downgraded to C
(sf)

Cl. K, Affirmed C (sf); previously on Mar 31, 2017 Downgraded to C
(sf)

Cl. L, Affirmed C (sf); previously on Mar 31, 2017 Downgraded to C
(sf)

Cl. X, Downgraded to Ca (sf); previously on Jun 9, 2017 Downgraded
to B3 (sf)

RATINGS RATIONALE

The ratings on the P&I classes, Cl. AJ and Cl. AJ-AF were upgraded
based primarily on an increase in credit support resulting from
loan paydowns and amortization. The deal has paid down 79% since
Moody's last review.

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

The rating on the P&I class, Cl. H, was downgraded due to
anticipated losses from specially serviced loans.

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

The rating on the IO Class, Cl. X was downgraded due to a decline
in the credit quality of its referenced classes.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating Merrill Lynch Mortgage
Trust 2008-C1, Cl. AJ, Cl. AJ-AF, Cl. B, Cl. C, Cl. D, Cl. E, Cl.
F, Cl. G, Cl. H, Cl. J, Cl. K and Cl. L was "Moody's Approach to
Rating Large Loan and Single Asset/Single Borrower CMBS" published
in July 2017. The methodologies used in rating Merrill Lynch
Mortgage Trust 2008-C1, Cl. X were "Moody's Approach to Rating
Large Loan and Single Asset/Single Borrower CMBS" published in July
2017 and "Moody's Approach to Rating Structured Finance
Interest-Only (IO) Securities" published in June 2017.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 75% 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 March 14, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 90% to $97.7 million
from $948.8 million at securitization. The certificates are
collateralized by ten mortgage loans ranging in size from less than
1% to 24% of the pool. One loan, constituting 4% of the pool, has
defeased and is secured by US government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 7, compared to 26 at Moody's last review.

Two loans, constituting 19% 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.

Fourteen loans have been liquidated from the pool, resulting in an
aggregate realized loss of $40.0 million (for an average loss
severity of 38%). Six loans, constituting 75% of the pool, are
currently in special servicing. The largest specially serviced loan
is the Northbelt Office Center III & IV (Fort Office Portfolio)
Loan ($23.2 million -- 24% of the pool), which was secured by three
office properties totaling 341,000 square feet (SF). The three
properties were located in Phoenix, Arizona; Houston, Texas and
Omaha, Nebraska. The loan transferred to Special Servicing in
November 2016 for imminent default. Since Moody's last review, the
Omaha, Nebraska and Phoenix, Arizona properties were sold in a
short sale. Proceeds from both short sales were applied to the
outstanding principle loan balance. Occupancy at the remaining
property, the Houston property, was 48% as of December 2017. The
loan is real estate owned (REO).

The second largest specially serviced loan is the Landmark Towers
Loan ($16.0 million -- 16.4% of the pool), which is secured by the
commercial/office portion of a 25-story building and an adjacent
parking structure. The building includes a residential component on
floors 21-25, which is not part of the collateral. The loan
transferred to special servicing due to determination of imminent
default as the property's largest tenant gave notice they would be
vacating the property upon lease expiration in December 2017. The
loan matured on January 11, 2018. The Borrower is working to
backfill space and has requested a maturity extension. The special
servicer is dual tracking foreclosure while the sponsor works to
fill the space. As of March 2018, the property was 55% leased
compared to 89% at last review.

The third largest specially serviced loan is the Stony Brook South
Loan ($14.1 million -- 14.4% of the pool), which is secured by a
145,000 SF retail property in Louisville, Kentucky. The loan was
transferred to special servicing on August 4, 2017 due to the
master servicer determining an imminent default. The borrower had
requested that the lender allow them to sell the property and
accept the net proceeds as a discounted pay-off. The sale
negotiations fell apart and a receiver was appointed on January 30,
2018.

The remaining three specially serviced loans are secured by retail
properties. Moody's estimates an aggregate $36.5 million loss for
the specially serviced loans (52% expected loss on average).

Moody's received full year 2016 operating results for 100% of the
pool and full or partial year 2017 operating results for 100% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 88%, compared to 98% 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 28% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.8%.

Moody's actual and stressed conduit DSCRs are 1.32X and 1.26X,
respectively, compared to 1.31X and 1.15X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 21.0% of the pool balance.
The largest loan is the Ashley Overlook Loan ($13.9 million --
14.2% of the pool), which is secured by a 103,730 SF office
building located in Charleston, South Carolina. The property is 75%
leased to Select Health of South Carolina through December 2024
compared to 100% leased to several tenants at last review. Due to
the single tenant exposure for 75% of total building SF, Moody's
applied a lit/dark analysis. Moody's LTV and stressed DSCR are 92%
and 1.80X, respectively, compared to 88% and 1.23X at the last
review.

The second largest conduit loan is the Lusby Hill Shopping Center
Loan ($4.9 million -- 5.0% of the pool), which is secured by a
20,000 SF retail property located in Lusby, Maryland. The loan is
scheduled to mature on April 1, 2018. As of July 2017, the property
was 100% occupied, the same since securitization. The largest
tenants include Walgreens, Advance Auto Parts and Community Bank.
This loan has amortized 15%, helping to offset higher operating
expenses since last review. Moody's LTV and stressed DSCR are 95%
and 1.07X, respectively, compared to 88% and 1.15X at the last
review.

The third largest conduit loan is the Beehive Self Storage Loan
($1.8 million -- 1.9% of the pool), which is secured a self-storage
property located one hour north of Salt Lake City in Tooele, Utah.
As of July 2017, the storage units were 99% leased, compared to
100% at the last review. Moody's LTV and stressed DSCR are 43% and
2.45X, respectively, compared to 49% and 2.16X at the last review.


MIDOCEAN CREDIT IV: S&P Assigns Prelim BB Rating on Cl. D-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-R, B-R, C-R, D-R, and E-R replacement notes from MidOcean Credit
CLO IV, a collateralized loan obligation (CLO) originally issued in
2015 that is managed by MidOcean Credit Fund Management L.P. Based
on a proposed supplemental indenture, this transaction is expected
to refinance its class A, B, C, D, and E notes on April 16, 2018,
through an optional redemption and replacement note issuance. The
currently outstanding F notes are unaffected by this proposed
amendment.

The preliminary ratings on the notes reflect our opinion that the
credit support available is commensurate with the associated rating
level. On the April 16, 2018, refinancing date, the proceeds from
the issuance of the replacement notes are expected to redeem the
original notes. S&P said, "At that time, we anticipate withdrawing
the ratings on the original notes, assigning ratings to the new
replacement notes, and affirming our rating on the class F notes.
However, if the refinancing doesn't occur, we may affirm the
ratings on the original notes and withdraw our preliminary ratings
on the replacement notes."

Cash Flow Analysis Results

  Class     Amount   Interest         BDR     SDR   Cushion
          (mil. $)   rate (%)         (%)     (%)       (%)
  A-R       251.50   L + 0.80       71.73   63.11      8.63
  B-R        48.50   L + 1.25       68.42   55.61     12.81
  C-R        29.75   L + 1.65       58.94   49.53      9.41
  D-R        20.75   L + 2.85       52.17   43.68      8.49
  E-R        18.00   L + 5.30       42.14   36.76      5.38

  BDR--Break-even default rate.
  SDR--Scenario default rate.
  L--LIBOR.

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 (see table). In
line with our criteria, our cash flow scenarios applied
forward-looking assumptions on the expected timing and pattern of
defaults, and recoveries upon default, under various interest rate
and macroeconomic scenarios. In addition, our analysis considered
the transaction's ability to pay timely interest or ultimate
principal, or both, to each of the rated tranches.

"We will continue to review whether, in our view, the rating
assigned to the note remains consistent with the credit enhancement
available to support it, and we will take further rating action as
we deem necessary."

  PRELIMINARY RATINGS ASSIGNED

  MidOcean Credit CLO IV
  Replacement class         Rating      Amount (mil. $)
  A-R                       AAA (sf)             251.50
  B-R                       AA (sf)               48.50
  C-R                       A (sf)                29.75
  D-R                       BBB (sf)              20.75
  D-R                       BB (sf)               18.00

  OTHER OUTSTANDING RATING
  MidOcean Credit CLO IV
  Class                     Rating
  F                         B (sf)


MORGAN STANLEY 2007-HQ12: Fitch Affirms CCC Rating on Cl. E Certs
-----------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed 12 classes of Morgan
Stanley Capital I Trust (MSCI) commercial mortgage pass-through
certificates series 2007-HQ12.  

KEY RATING DRIVERS

Increased Credit Enhancement: The upgrade to class D reflects
increased credit enhancement from loan payoffs and the liquidation
of four specially serviced loans/assets, as well as the increased
likelihood of class repayment. The upgrade was limited due to the
high concentration of specially serviced loans/assets (92.9% of
pool). The affirmations of the remaining classes reflect adverse
selection of the remaining pool and the high certainty of losses
based on the significant concentration of specially serviced
loans/assets.

As of the March 2018 distribution date, the pool's aggregate
principal balance has been reduced by 96.2% to $77.2 million from
$2 billion at issuance. Realized losses since issuance total $87.5
million (4.4% of original pool balance). The transaction is
slightly undercollateralized by $2.6 million. Cumulative interest
shortfalls totaling $14.8 million are currently impacting classes E
through S.

Rating Cap: The rating of class D was capped at 'Bsf' based on the
collateral quality of the remaining pool. The pool is concentrated
with only five of the original 101 loans/assets remaining, four of
which are in special servicing (92.9%). Fitch performed a
sensitivity analysis, which grouped the remaining loans based on
loan structural features, collateral quality and performance and
ranked them by their perceived likelihood of repayment. The ratings
reflect this sensitivity analysis.

Adverse Selection; High Concentration of Specially Serviced
Loans/Assets: Three of the specially serviced assets (82.1% of
pool) are real-estate owned (REO), including the largest asset
(Timberland Buildings; 44.6%), and one loan (10.7%) is classified
as in foreclosure. The single non-specially serviced loan (7.1%) is
secured by an unanchored retail property located in the secondary
market of New London, CT and matures in June 2022.

The largest asset in the pool, Timberland Buildings (44.6%), an
office property located in Troy, MI, transferred to special
servicing in September 2012 for imminent default and the asset
became REO in December 2012. Property occupancy has remained below
60% since 2012 and was reported at 55% as of January 2018 compared
to 49.2% in February 2017. According to servicer commentary from
March 2018, the asset is currently under contract for sale.

The second largest asset, Somerset Crossing (33.6%), is a shopping
center located in Gainesville, VA. The loan transferred to the
special servicer in September 2016 for imminent maturity default
and the asset became REO in June 2017. The grocery anchor tenant,
Shoppers Food Warehouse (64.4% of total net rentable area) went
dark in 2011 and a replacement tenant has not been found. As of
late February 2018, the property was 95% leased but only 30%
physically occupied due to the dark grocer space. The tenant
continues to pay rent and has a scheduled lease expiration date in
October 2023. The borrower is currently marketing the vacant space
for lease and the special servicer expects to continue implementing
a value-add strategy at this time.

RATING SENSITIVITIES

The Stable Rating Outlook for class D reflects increased credit
enhancement and expected continued amortization. Further upgrades
to class D are unlikely due to interest shortfall concerns based on
the pool's significant concentration and the quality of the
remaining collateral. Further downgrades are possible if pool
performance deteriorates and/or expected losses increase
significantly.

Fitch has upgraded the following class:

-- $5.6 million class D to 'Bsf' from 'CCCsf'; Outlook Stable.

In addition, Fitch has affirmed the following classes:

-- $14.7 million class E at 'CCCsf'; RE 100%;
-- $24.5 million class F at 'CCsf'; RE 90%;
-- $22 million class G at 'Csf'; RE 0%;
-- $10.4 million class H at 'Dsf'; RE 0%;
-- $0 class J at 'Dsf'; RE 0%;
-- $0 class K at 'Dsf'; RE 0%;
-- $0 class L at 'Dsf'; RE 0%;
-- $0 class M at 'Dsf'; RE 0%;
-- $0 class N at 'Dsf'; RE 0%;
-- $0 class O at 'Dsf'; RE 0%;
-- $0 class P at 'Dsf'; RE 0%;
-- $0 class Q at 'Dsf'; RE 0%.

Classes A-1, A-1A, A-2, A-2FL, A-2FX, A-3, A-4, A-5, A-M, A-MFL,
A-J, A-JFL, B and C have paid in full. Fitch does not rate the
class S certificates. Fitch previously withdrew the rating on the
interest-only class X certificates.


MORGAN STANLEY 2012-C5: Fitch Affirms 'Bsf' Rating on Cl. H Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed all 13 classes of Morgan Stanley Bank of
America Merrill Lynch Trust (MSBAM) commercial mortgage
pass-through certificates, series 2012-C5.  

KEY RATING DRIVERS

Increased Credit Enhancement and Overall Stable Performance: The
pool has exhibited stable performance since issuance. As of the
March 2018 distribution date, the pool's aggregate principal
balance had been reduced by 24% to $1.03 billion from $1.35 billion
at issuance. All loans are current and there are no specially
serviced loans. Per servicer reporting, four loans (2.5%) are fully
defeased.

Fitch Loans of Concern: Five loans (8.6%) were on the servicer
watchlist due to performance triggers, deferred maintenance or
upcoming rollover, of which three (5.8%) were considered Fitch
Loans of Concern, including the fifth and 13th largest loans. While
not on the watchlist, US Bank Tower (7.9%) was flagged as a Fitch
Loan of Concern due to the expected downsizing of the largest
tenant, resulting in occupancy levels in the low 70% range.
Additionally, Hamilton Town Center (7.8%), a regional mall located
in Noblesville, IN, was flagged as a Fitch Loan of Concern due to
upcoming rollover risk.

An additional sensitivity test was performed to address the retail
concentration and losses were assumed on the Hamilton Town Center
given concerns with tenant rollover. The ratings reflect this
additional stress.

Property Type Concentration: Approximately 41.7% of the pool
consists of retail properties, including six loans (26.7%) in the
top 15. Approximately 14.5% of the pool is secured by hotel
properties.

Scheduled Amortization: The entire transaction has a scheduled
amortization of 15%, which is higher than other transactions of the
same vintage. The pool includes low percentages of both
interest-only (9.7%) and partial interest-only (32.7%) loans.

Maturity Concentration: 2.2% matures between 2019 and 2021, 97.5%
matures in 2022 and 0.3% matures 2025.

RATING SENSITIVITIES

Rating Outlooks for all classes remain Stable due to overall stable
performance of the pool and increased credit enhancement. Upgrades
to the ratings on classes B, C, D and PST were not recommended due
to maturity concentration, as 97.5% of the pool matures in 2022,
and retail concentration, as 41.7% of the pool consists of retail
properties, including six loans (26.7%) in the top 15.
Additionally, five loans representing 21.6% of the pool are
considered Fitch Loans of Concern, including three of the top five
loans. Fitch ran an additional stress scenario that assumed losses
on Hamilton Town Center due to upcoming rollover concerns, which
limited rating upgrades. Rating upgrades may occur with improved
pool performance and significant paydown or defeasance. Rating
downgrades are possible should overall pool performance decline.

Fitch has affirmed the following ratings:
-- $132.5 million class A-3 at 'AAAsf'; Outlook Stable;
-- $489.8 million class A-4 at 'AAAsf'; Outlook Stable;
-- $59.2 million class A-S at 'AAAsf'; Outlook Stable;
-- $33 million class B at 'AAsf'; Outlook Stable;
-- $116.7 million class PST at 'Asf'; Outlook Stable;
-- $24.5 million class C at 'Asf'; Outlook Stable;
-- $27.1 million class D at 'BBB+sf'; Outlook Stable;
-- $49.1 million class E at 'BBB-sf'; Outlook Stable;
-- $8.5 million class F at 'BBB-sf'; Outlook Stable;
-- $18.6 million class G at 'BB+sf'; Outlook Stable;
-- $23.7 million class H at 'Bsf'; Outlook Stable;
-- $740.7 million* class X-A at 'AAAsf'; Outlook Stable;
-- $66 million* class X-B at 'AAsf'; Outlook Stable.

*Notional and interest-only.

The class A-1 and A-2 certificates have paid in full. Fitch does
not rate the class J and X-C certificates.


MSBAM 2014-C15: Fitch Affirms BB- Rating on Class F Notes
---------------------------------------------------------
Fitch Ratings has affirmed 13 classes of Morgan Stanley Bank of
America Merrill Lynch Trust (MSBAM), series 2014-C15 commercial
mortgage pass-through certificates.  

KEY RATING DRIVERS

Overall Stable Performance: Property-level performance remains
generally in line with issuance expectations. The weighted average
net cash flow (NCF) DSCR was approximately 2.31x per the most
recent full-year reporting. Four loans (9% of the pool) are
defeased. Five loans (9.9%) have been identified as Fitch Loans of
Concern, including the La Concha Hotel & Towers (7.8%), which is
located in San Juan, PR. There are no specially serviced loans or
realized losses to date as of the March 2018 remittance.

Highly Concentrated Pool: The top 10 loans represent 68.6% of the
pool, with the top three loans accounting for 34.7% of the pool.
The pool's concentration is the highest among all Fitch-rated
transactions between 2012 and 2014.

Large Hotel & Multifamily Concentration: Hotel properties account
for 22.5% of the total pool, representing five top 10 loans secured
by six different properties. Multifamily properties account for
17.2% of the total pool balance, of which three properties are
student housing (4.9%). One loan backed by a student housing
property was previously disposed of with no loss to the trust.

Exposure to Casino Income: The largest (Arundel Mills and
Marketplace) and third-largest (La Concha Hotel and Tower) loans in
the pool are secured by properties that also include casino income,
which is considered more volatile than traditional commercial
property types. Fitch's analysis of these loans included an
additional haircut to reflect this volatility.

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:

-- $89.5 million class A-2 at 'AAAsf'; Outlook Stable;
-- $86.6 million class A-SB at 'AAAsf'; Outlook Stable;
-- $210 million class A-3 at 'AAAsf'; Outlook Stable;
-- $321.2 million class A-4 at 'AAAsf'; Outlook Stable;
-- *$52.6 million class A-S at 'AAAsf'; Outlook Stable;
-- Interest-only class X-A at 'AAAsf'; Outlook Stable;
-- *$81 million class B at 'AA-sf'; Outlook Stable;
-- Interest-only class X-B at 'AA-sf'; Outlook Stable;
-- *$44.5 million class C at 'A-sf'; Outlook Stable;
-- *$178.2 million class PST at 'A-sf'; Outlook Stable;
-- $64.8 million class D at 'BBB-sf'; Outlook Stable;
-- $13.5 million class E at 'BB+sf'; Outlook Stable;
-- $10.8 million class F at 'BB-sf'; Outlook Stable.

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

Class A-1 is paid in full. Fitch does not rate class G, class H,
class J, or the interest only class X-C.


MSBAM TRUST 2013-C10: Fitch Affirms 'Bsf' Rating on Cl. H Certs
---------------------------------------------------------------
Fitch Ratings has affirmed 17 classes of Morgan Stanley Bank of
America Merrill Lynch Trust, commercial mortgage pass-through
certificates, series 2013-C10 (MSBAM 2013-C10).  

KEY RATING DRIVERS

Relatively Stable Performance: The majority of the pool has
exhibited relatively stable performance since issuance. As of the
March 2018 remittance reporting, the pool's aggregate balance has
paid down by 8% to $1.37 billion from $1.49 billion at issuance.
Since Fitch's last rating action, four loans, which represented
1.9% of the original pool balance, were prepaid. Three loans (3.5%
of current pool) have been defeased. There have been no realized
losses or specially serviced loans since issuance.

High Retail Concentration; Regional Mall Exposure: Loans secured by
retail properties represent 42.8% of the current pool, including
three of the top 15 loans (18.9%) secured by regional malls located
in Tampa, FL (Westfield Citrus Park; 9.9%), Edina, MN (Southdale
Center; 6.9%) and Dublin, OH (The Mall at Tuttle Crossing; 2.1%).
Two of these malls (12%) have exposure to Sears and JC Penney as
non-collateral tenants and all three (18.9%) have exposure to
Macy's as a non-collateral tenant. Fitch applied an additional
sensitivity scenario to reflect the potential for higher losses on
Westfield Citrus Park and The Mall at Tuttle Crossing given
performance concerns and general market conditions. The Outlooks
reflect this analysis.

Fitch Loans of Concern: Fitch has designated six loans (23.4% of
current pool) as Fitch Loans of Concern (FLOCs), which includes
five top-15 loans (23.3%). Although occupancy at Westfield Citrus
Park (9.8%), a regional mall located in Tampa, FL, has remained
relatively stable, the mall was flagged for near-term lease
rollover, declining sales from Sears, the in-line tenants and the
theater, as well as significant competition in its trade area. At
Southdale Center, a regional mall located in Edina, MN, both the
overall mall and collateral occupancy have declined, largely due to
JC Penney (non-collateral) closing its store in August 2017, and
Gordman's, the third largest collateral tenant, closing in 2017,
ahead of its June 2025 lease expiration. Toys 'R' Us, which filed
bankruptcy in September 2017 and recently announced in March 2018
its plans to liquidate its U.S. operations, occupies 51.5% of the
NRA at Summerhill Square (2.3%), a retail center in East Brunswick,
NJ. The loss of Toys 'R' Us would result in property occupancy
declining below 49% and would also trigger co-tenancy violations
for three major tenants comprising another 24.6% of the NRA. The
Mall at Tuttle Crossing (2.1%), a regional mall in Dublin, OH, lost
a non-collateral anchor tenant when Macy's closed one of its two
stores, its Furniture, Home, Men's and Kid's store, in the spring
of 2017. Addition concerns are near-term lease rollover and
declining in-line sales.. The Burnham Center (2.1%), an office
property in the Central Loop of Chicago, IL, has experienced
declining NOI since 2015 due to increased ground rent payments and
the largest tenant, GrubHub, undergoing an extensive expansion and
renovation project, which is temporarily affecting property cash
flow. The FLOC outside of the top 15 (0.1%) is secured by a
manufactured housing community in Grand Rapids, MI, which has
experienced declining NOI since 2013.

Hotel Concentration: Loans secured by hotel properties comprise
13.6% of the pool, including two of the top 15 loans (5.2%), a
luxury, boutique hotel property in Santa Monica, CA (3.1%) and a
portfolio of hotel properties in Goodyear, AZ and Washington, UT
(2.2%). Additionally, the Row NYC (formerly Milford Plaza) Fee loan
(8%) is secured by the fee interest in the ground beneath a Midtown
Manhattan hotel.

Loan Amortization: The pool is scheduled to amortize by 16.3% of
the initial pool balance prior to maturity. Eight loans (21.5% of
current pool) are full-term interest-only loans. One loan (0.9%) is
fully amortizing. One partial interest-only loan (0.6%) remains in
its interest-only period until July 2018.

Loan Maturities: 95% of the current pool have a scheduled loan
maturity or anticipated repayment date in 2023. The remainder of
the maturities include 0.9% in 2018, 0.2% in 2020 and 3.9% in
2028.

RATING SENSITIVITIES

The Negative Outlook on classes G and H reflects potential
downgrade concerns given the high concentration of FLOCs, which
includes three regional mall properties with declining occupancy or
sales performance, near-term rollover concerns and/or face
significant competition in its trade area. Fitch ran an additional
sensitivity scenario on two of these regional malls to reflect the
potential for higher losses. Additionally, the transaction's retail
concentration is high at 42.8%. Downgrades are possible should
performance of the FLOCs continue to further decline. The Outlooks
on classes A-2 through F remain Stable due to the relatively stable
performance of the majority of the pool and expected continued
amortization. Upgrades, although unlikely due to pool
concentrations, may occur with improved pool performance and
additional paydown or defeasance.

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

-- $9.9 million class A-2 at 'AAAsf'; Outlook Stable;
-- $126.5 million class A-SB at 'AAAsf'; Outlook Stable;
-- $200 million class A-3 at 'AAAsf'; Outlook Stable;
-- $125 million class A-3FL at 'AAAsf'; Outlook Stable;
-- $0 class A-3FX at 'AAAsf'; Outlook Stable;
-- $461.4 million* class X-A at 'AAAsf'; Outlook Stable;
-- $359.5 million class A-4 at 'AAAsf'; Outlook Stable;
-- $100 million class A-5 at 'AAAsf'; Outlook Stable;
-- $111.4 million class A-S(a) at 'AAAsf'; Outlook Stable;
-- $100.3 million class B(a) at 'AA-sf'; Outlook Stable;
-- $52 million class C(a) at 'A-sf'; Outlook Stable;
-- $263.7 million class PST(a) at 'A-sf'; Outlook Stable;
-- $53.9 million class D at 'BBB-sf'; Outlook Stable;
-- $22.3 million class E at 'BBB-sf'; Outlook Stable;
-- $16.7 million class F at 'BB+sf'; Outlook Stable;
-- $20.4 million class G at 'BB-sf'; Outlook to Negative from
    Stable;
-- $16.7 million class H at 'Bsf'; Outlook to Negative from
    Stable.

*Notional and interest-only.

(a) Classes A-S, B, and C certificates may be exchanged for class
PST certificates, and class PST certificates may be exchanged for
classes A-S, B, and C certificates.

Class A-1 has paid in full. Fitch does not rate the class J
certificates.


NOMURA CRE 2007-2: Moody's Lowers Ratings on 2 Debt Classes to C
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on the following
notes issued by Nomura CRE CDO 2007-2 Ltd.:

Cl. C, Affirmed Caa3 (sf); previously on Feb 16, 2017 Affirmed Caa3
(sf)

Cl. D, Affirmed Ca (sf); previously on Feb 16, 2017 Affirmed Ca
(sf)

Cl. E, Affirmed C (sf); previously on Feb 16, 2017 Downgraded to C
(sf)

Cl. F, Affirmed C (sf); previously on Feb 16, 2017 Downgraded to C
(sf)

Cl. G, Affirmed C (sf); previously on Feb 16, 2017 Affirmed C (sf)

Cl. H, Affirmed C (sf); previously on Feb 16, 2017 Affirmed C (sf)

Cl. J, Affirmed C (sf); previously on Feb 16, 2017 Affirmed C (sf)

Cl. K, Affirmed C (sf); previously on Feb 16, 2017 Affirmed C (sf)

Cl. L, Affirmed C (sf); previously on Feb 16, 2017 Affirmed C (sf)

Cl. M, Affirmed C (sf); previously on Feb 16, 2017 Affirmed C (sf)

Cl. N, Affirmed C (sf); previously on Feb 16, 2017 Affirmed C (sf)

Cl. O, Affirmed C (sf); previously on Feb 16, 2017 Affirmed C (sf)

The Cl. C, Cl. D, Cl. E, Cl. F, Cl. G, Cl. H, Cl. J, Cl. K, Cl. L,
Cl. M, Cl. N and Cl. O 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
affirmation is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation (CRE CDO CLO)
transactions.

Nomura CRE CDO 2007-2, Ltd. is a currently static cash transaction
whose reinvestment period ended in February 2013. The transaction
is backed by a portfolio of: i) CRE CDOs (62.0% of the collateral
pool balance); and ii) whole loans (38.0%). As of the February 21,
2018 note valuation report, the aggregate note balance of the
transaction, including preferred shares, has decreased to $291.9
million, from $950.0 million at issuance with the paydown directed
to the senior most outstanding class of notes. This is the result
of regular amortization, recoveries on defaulted assets and the
redirection of interest as principal as result of the failure of
certain par value tests. The deal is currently under-collateralized
by approx. $265 million.

The pool contains two assets totaling $15.4 million (57.8% of the
collateral pool balance) that are listed as defaulted securities as
of the trustee's February 28, 2018 report. While there have been
realized losses on the underlying collateral to date, Moody's does
expect significant losses to occur on the defaulted securities.

Moody's has identified the following parameters as key indicators
of the expected loss within CRE CLO transactions: the weighted
average rating factor (WARF), the weighted average life (WAL), the
weighted average recovery rate (WARR), number of asset obligors;
and pair-wise asset correlation. These parameters are typically
modeled as actual parameters for static deals and as covenants for
managed deals.

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

WARF is a primary measure of the credit quality of a CRE CLO pool.
Moody's has updated its assessments for the collateral it does not
rate. The rating agency modeled a bottom-dollar WARF of 6680,
compared to 7415 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follow: A1-A3 (0.0% compared to 1.3% at last
review), Baa1-Baa3 (4.2% compared to 0.0% at last review), Ba1-Ba3
(20.9% compared to 6.0% at last review), B1-B3 (17.1% compared to
14.9% at last review), and Caa1-Ca/C (57.8% compared to 77.8% at
last review).

Moody's modeled a WAL of 4.4 years, compared to 2.0 years at last
review. The WAL is based on assumptions about extensions on the
underlying loans.

Moody's modeled a fixed WARR of 21.9%, compared to 23.4% at last
review.

Moody's modeled 5 obligors, compared to 12 obligors at last
review.

Moody's modeled a pair-wise asset correlation of 25.08%, compared
to 22.0% at last review.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating SF CDOs" published in June 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 Loan Obligations Manager's
investment decisions and management of the transaction will also
affect the performance of the Rated Notes.

Moody's Parameter Sensitivities: Changes in any one or combination
of the key parameters may have rating implications on certain
classes of Rated Notes. However, in many instances, a change in key
parameter assumptions in certain stress scenarios may be offset by
a change in one or more of the other key parameters. The Rated
Notes are particularly sensitive to changes in the recovery rates
of the underlying collateral and credit assessments. Holding all
other parameters constant, reducing the recovery rates of 100% of
the collateral pool by 10% 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).
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 to one notch upward (e.g., one notch up implies a
ratings movement of Baa3 to Baa2).

Primary sources of assumption uncertainty are the extent of growth
in the current macroeconomic environment. Commercial real estate
property values are continuing to move in a positive direction
along with a rise in investment activity and stabilization in core
property type performance. Limited new construction, moderate job
growth and the decreased cost of debt and equity capital have aided
this improvement.



OBX TRUST 2018-1: DBRS Finalizes 'BB' Rating on Class B-4 Notes
---------------------------------------------------------------
DBRS, Inc. finalized the following provisional ratings on the
Mortgage-Backed Notes, Series 2018-1 (the Notes) issued by OBX
2018-1 Trust (the Trust):

-- $297.8 million Class A-1 at AAA (sf)
-- $297.8 million Class A1-IO at AAA (sf)
-- $297.8 million Class A-1A at AAA (sf)
-- $293.9 million Class A-2 at AAA (sf)
-- $293.9 million Class A2-IO at AAA (sf)
-- $293.9 million Class A-2A at AAA (sf)
-- $3.9 million Class A-3 at AAA (sf)
-- $3.9 million Class A3-IO at AAA (sf)
-- $3.9 million Class A-3A at AAA (sf)
-- $7.2 million Class B-1 at AA (sf)
-- $7.2 million Class B1-IO at AA (sf)
-- $7.2 million Class B-1A at AA (sf)
-- $6.2 million Class B-2 at A (sf)
-- $6.2 million Class B2-IO at A (sf)
-- $6.2 million Class B-2A at A (sf)
-- $6.4 million Class B-3 at BBB (sf)
-- $6.4 million Class B3-IO at BBB (sf)
-- $6.4 million Class B-3A at BBB (sf)
-- $4.1 million Class B-4 at BB (sf)
-- $1.6 million Class B-5 at B (sf)

Classes A1-IO, A2-IO, A3-IO, B1-IO, B2-IO and B3-IO are
interest-only (IO) notes. The class balances represent notional
amounts.

Classes A-1, A1-IO, A-1A, A-2A, A-3A, B-1A, B-2A and B-3A are
exchangeable notes. These classes can be exchanged for combinations
of initial exchangeable notes as specified in the offering
documents.

The AAA (sf) ratings on the Notes reflect the 8.80% of credit
enhancement provided by subordinated notes in the pool. The AA
(sf), A (sf), BBB (sf), BB (sf) and B (sf) ratings reflect 6.60%,
4.70%, 2.75%, 1.50% and 1.00% of credit enhancement, respectively.

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

This transaction is a securitization of a portfolio of seasoned
performing and re-performing first-lien residential mortgages. The
Notes are backed by 920 loans with a total principal balance of
$327,161,760 as of the Cut-Off Date (February 28, 2018). Unless
otherwise specified, the statistical information on the mortgage
loans in this press release is based on the unpaid interest-bearing
principal balance of $326,553,472. Additionally, the FICO scores in
this press release are calculated as the lower of the FICO scores
of the primary borrower and co-borrower.

The mortgage pool consists of two portfolios:

(1) Wells Fargo Serviced Mortgage Loans (62.7%): These loans were
aggregated from collapsing two seasoned prime securitizations,
BSARM 2005-2 and BSARM 2005-5. These loans are very seasoned (169
months), with a weighted-average (WA) FICO of 736 and WA
loan-to-value (LTV) of 36.0%. Only 5.1% of these loans were
modified, and 90.5% of the loans have been zero times 30 days
delinquent (0 x 30) for at least the past 24 months under the
Mortgage Bankers Association (MBA) delinquency methods. As of the
Cut-Off Date, these loans are serviced by Wells Fargo Bank, N.A
(Wells Fargo Bank; rated AA with a Stable trend by DBRS).

(2) SLS Serviced Mortgage Loans (37.3%): These loans are, on
average, four years seasoned with a WA FICO of 752 and WA LTV of
52.4%. Only 0.3% of these loans were modified, and 81.3% of the
loans have been 0 x 30 for at least the past 24 months under the
MBA delinquency methods. In accordance with the Consumer Financial
Protection Bureau's Ability-to-Repay and Qualified Mortgage (QM)
rules, approximately 13.0% of the loans are designated as non-QM,
9.5% as QM Safe Harbor and the rest as not subject to the rules.
While certain attributes are comparable with post-crisis prime
transactions, these hybrid adjustable-rate mortgages may have IO
features and a more barbelled distribution of certain
characteristics such as credit scores and debt-to-income compared
with recent prime securitizations. Additionally, this portfolio has
a relatively higher concentration of self-employed borrowers and
investor loans. As of the Cut-Off Date, these loans are serviced by
Specialized Loan Servicing LLC (SLS).

Within the pool, eight mortgages have non-interest-bearing deferred
amounts, which equates to 0.2% of the total principal balance.

The Seller, Onslow Bay Financial LLC (OBF), acquired the loans
prior to the Closing Date through various sellers or in connection
with the termination of securitization trusts. Upon acquiring the
loans, OBF, through an affiliate, Onslow Bay Funding LLC (the
Depositor), will contribute the loans to the Trust. The Seller
intends to retain (directly or through a majority-owned affiliate)
5.0% of the offered notes and the Class A-IO-S notes to satisfy the
credit risk retention requirements under Section 15G of the
Securities Exchange Act of 1934 and the regulations promulgated
thereunder.

Wells Fargo Bank will be the Master Servicer for this transaction.
If any loan that is being serviced by Wells Fargo Bank becomes 90
days delinquent, then such loan will be transferred to SLS.

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

Unlike other seasoned loan securitizations with no
interest-advancing mechanism, where a sequential-pay cash flow
structure is typically utilized, this transaction employs a
senior-subordinate shifting-interest structure. For transactions
with no interest-advancing mechanism, there is generally a higher
possibility of periodic interest shortfalls to the Note holders, as
interest is not collected nor advanced on any delinquent mortgages.
To mitigate the potential interest shortfalls, this transaction
employs a structural feature that reduces the interest entitlements
to the Note holders by the amount of delinquent interest.

The Seller will have the option to repurchase any loan that becomes
60 or more days delinquent under the MBA method or any REO property
acquired in respect of a mortgage loan at a price equal to the
unpaid principal balance of the loan (Optional Delinquent
Repurchase Price) provided that such repurchases will be limited to
10.0% of the principal balance of the mortgage loans as of the
Cut-Off Date.

The ratings reflect transactional strengths that include underlying
assets that have considerable borrower equity, good credit quality
and relatively clean payment histories. Additionally, satisfactory
third-party due diligence was performed on the pool for regulatory
compliance, title/lien, payment history and data integrity. Updated
Home Data Index and/or broker price opinions were provided for the
pool; however, a reconciliation was not performed on the updated
values.

The transaction employs a relatively strong representations and
warranties framework with a few limitations that include a trigger
review period, certain knowledge qualifiers, an unrated
representation provider and fewer mortgage loan representations
relative to DBRS criteria for seasoned pools.

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


OBX TRUST 2018-1: Fitch Assigns 'Bsf' Rating to Class B-5 Notes
---------------------------------------------------------------
Fitch Ratings has assigned the following ratings to OBX 2018-1
Trust (OBX 2018-1):

-- $297,816,000 class A-1 exchangeable notes 'AAAsf'; Outlook
    Stable;
-- $297,816,000 class A1-IO notional exchangeable notes 'AAAsf';
    Outlook Stable;
-- $297,816,000 class A-1A exchangeable notes 'AAAsf'; Outlook
    Stable;
-- $293,898,000 class A-2 notes 'AAAsf'; Outlook Stable;
-- $293,898,000 class A2-IO notional notes 'AAAsf'; Outlook
    Stable;
-- $293,898,000 class A-2A exchangeable notes 'AAAsf'; Outlook
    Stable;
-- $3,918,000 class A-3 notes 'AAAsf'; Outlook Stable;
-- $3,918,000 class A3-IO notional notes 'AAAsf'; Outlook Stable;
-- $3,918,000 class A-3A exchangeable notes 'AAAsf'; Outlook
    Stable;
-- $7,184,000 class B-1 notes 'AAsf'; Outlook Stable;
-- $7,184,000 class B1-IO notional notes 'AAsf'; Outlook Stable;
-- $7,184,000 class B-1A exchangeable notes 'AAsf'; Outlook
    Stable;
-- $6,205,000 class B-2 notes 'Asf'; Outlook Stable;
-- $6,205,000 class B2-IO notional notes 'Asf'; Outlook Stable;
-- $6,205,000 class B-2A exchangeable notes 'Asf'; Outlook
    Stable;
-- $6,368,000 class B-3 notes 'BBBsf'; Outlook Stable;
-- $6,368,000 class B3-IO notional notes 'BBBsf'; Outlook Stable;
-- $6,368,000 class B-3A exchangeable notes 'BBBsf'; Outlook
    Stable;
-- $4,082,000 class B-4 notes 'BBsf'; Outlook Stable;
-- $1,632,000 class B-5 notes 'Bsf'; Outlook Stable.

The following classes will not be rated by Fitch:
-- $3,266,471 class B-6 notes;
-- $28,737,471 class B exchangeable notes;
-- $608,288 class FB notes.

The notes are supported by 920 loans with a total unpaid principal
balance of approximately $326.55 million (which does not include
the $608,288 in non-interest bearing deferred principal balances
making up the class FB) as of the cutoff date. The pool consists of
seasoned performing fixed-rate mortgages (FRMs) and adjustable-rate
mortgages (ARMs) from two called 2005 transactions as well as loans
acquired by Onslow Bay Financial LLC, a subsidiary of Annaly
Capital Management, Inc.

The 'AAAsf' rating on the class A notes reflects the 8.80%
subordination provided by the 2.20% class B-1, 1.90% class B-2,
1.95% class B-3, 1.25% class B-4, 0.50% class B-5 and 1.00% class
B-6 notes.

KEY RATING DRIVERS

High Quality, Seasoned Performing Mortgage Pool (Positive): The
pool consists of high-quality fixed-rate and adjustable-rate, fully
amortizing seasoned performing mortgage loans to borrowers with
strong credit profiles (weighted average [WA] updated model FICO of
743 and low leverage (WA CLTV of 43.5%). The loans are seasoned
approximately 10 years on average.

Annaly as Aggregator (Neutral): Annaly is the largest mortgage REIT
in the U.S., managing over $101 billion in assets and approximately
$15 billion in capital. Fitch conducted an abbreviated review of
Annaly's aggregation processes and believes that Annaly meets
industry standards needed to aggregate seasoned and re-performing
loans (RPLs) for private-label residential mortgage-backed
securitization.

Updated Property Valuation Method (Neutral): An Automated Valuation
Method (AVM) was used to estimate the current property value on 57%
of the pool, the highest figure of any Fitch-rated transaction to
date. Consistent with criteria, Fitch used the more conservative of
the AVM value and a home-price-indexed (HPI) valuation. The WAMTM
loan-to-value (LTV) for these properties (when using the more
conservative of an AVM and HPI) is below 34% with no property
having a MTMLTV above 60%. Fitch believes the low LTV of these
properties mitigates the risk of relying on an AVM or HDI versus a
broker-price opinion (BPO). All but 2% of the remaining pool relied
on a BPO to estimate the current property value.

Third-Party Due Diligence Results (Mixed): A loan-level due
diligence review was conducted on approximately 62% of the pool in
accordance with Fitch's criteria for seasoned performing loans. The
review generally indicated low operational risk, although
approximately 9% of the reviewed loans in the pool received a 'C'
or 'D' grade, meaning the loans had material violations or lacked
documentation to confirm regulatory compliance. A modest adjustment
was applied to the projected pool losses to reflect the diligence
findings.

Representation and Warranty Framework (Negative): Fitch considers
the transaction's representation, warranty, and enforcement (RW&E)
mechanism framework to be consistent with Tier 3 quality. The RW&E
will be provided by Onslow Bay Financial, LLC, which does not have
a financial credit opinion or public rating from Fitch. As a result
of the Tier 3 RW&E framework and unrated counterparty, the pool
received an expected loss penalty of 61bps at the 'AAAsf' level.

Straightforward Deal Structure (Positive): The mortgage cash flow
and loss allocation are based on a traditional senior-subordinate,
shifting-interest structure, whereby the subordinate classes
receive only scheduled principal and are locked out from receiving
unscheduled principal or prepayments for five years. The applicable
credit support percentage feature redirects subordinate principal
to classes of higher seniority if specified credit enhancement (CE)
levels are not maintained.

No Servicer P&I Advances (Neutral): The servicers will not be
advancing delinquent monthly payments of P&I, which reduce
liquidity to the trust. However, as P&I advances made on behalf of
loans that become delinquent and eventually liquidate reduce
liquidation proceeds to the trust, the loan-level loss severity
(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, are expected to
mitigate the risk of interest shortfalls to the rated classes.

CE Floor (Positive): To mitigate tail risk, which arises as the
pool seasons and fewer loans are outstanding, a subordination floor
of 1.75% of the original balance will be maintained for the notes.
Additionally, there is no early stepdown test that might allow
principal prepayments to subordinate bondholders earlier than the
five-year lockout schedule.

Geographic Concentration (Negative): Approximately 43% of the pool
is located in California, which is in line with or slightly higher
than other recent Fitch-rated transactions. In addition, the MSA
concentration is relatively large, as the top three MSAs account
for 41.7% of the pool. As a result, a geographic concentration
penalty of 1.03 was applied to the probability of default.

Extraordinary Expense Treatment (Neutral): The trust provides for
expenses, including indemnification amounts and costs of
arbitration, to be paid by the net WA coupon of the loans, which
does not affect the contractual interest due on the notes.
Furthermore, the expenses to be paid from the trust are capped at
$275,000 per annum, which can be carried over each year, subject to
the cap until paid in full.

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.

Fitch conducted sensitivity analysis determining how the ratings
would react to steeper MVDs at the national level. The analysis
assumes MVDs of 10%, 20%, and 30%, in addition to the
model-projected 7.0%. The analysis indicates there is some
potential rating migration with higher MVDs, compared with the
model projection.



OZLM XVIII: Moody's Assigns B3 Rating to Class F Notes
------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by OZLM XVIII, Ltd.

Moody's rating action is as follows:

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

US$60,000,000 Class B Senior Secured Floating Rate Notes due 2031
(the "Class B Notes"), Assigned Aa2 (sf)

US$28,750,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2031 (the "Class C Notes"), Assigned A2 (sf)

US$30,000,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2031 (the "Class D Notes"), Assigned Baa3 (sf)

US$21,250,000 Class E Secured Deferrable Floating Rate Notes due
2031 (the "Class E Notes"), Assigned Ba3 (sf)

US$10,000,000 Class F Secured Deferrable Floating Rate Notes due
2031 (the "Class F Notes"), Assigned B3 (sf)

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

RATINGS RATIONALE

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

OZLM XVIII is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90% of the portfolio must consist of
first lien senior secured loans and eligible investments, and up to
10% of the portfolio may consist of second lien loans and unsecured
loans. The portfolio is approximately 94% ramped as of the closing
date.

Och-Ziff Loan Management LP (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 and credit improved assets, subject to certain
restrictions.

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

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

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

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

Par amount: $500,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2838

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 46.5%

Weighted Average Life (WAL): 9.0 years

Methodology Underlying the Rating Action:

The principal methodology Moody's used in assigning 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 2838 to 3264)

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

Class F Notes: 0

Percentage Change in WARF -- increase of 30% (from 2838 to 3689)

Rating Impact in Rating Notches

Class A Notes: -1

Class B Notes: -4

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1

Class F Notes: -2


PPLUS TRUST RRD-1: Moody's Lowers Ratings on 2 Tranches to B3
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on the
following certificates issued by PPLUS Trust Series RRD-1:

Class A Trust Certificates, Downgraded to B3; previously on Sep 16,
2016 Downgraded to B2

Class B Trust Certificates, Downgraded to B3; previously on Sep 16,
2016 Downgraded to B2

RATINGS RATIONALE

The rating actions are a result of the change in the rating of the
Underlying Securities, the 6.625% Senior Debentures due April 15,
2029 issued by R.R. Donnelley & Sons Company, which was downgraded
to B3 on March 29, 2018. The transaction is a structured note whose
ratings are based on the rating of the Underlying Securities and
the legal structure of the transaction.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating Repackaged Securities" published in June 2015.

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

The ratings will be sensitive to any change in the rating of the
6.625% Senior Debentures due April 15, 2029 issued by R.R.
Donnelley & Sons Company.


PROSPER MARKETPLACE 2018-1: Fitch Assigns BB- Rating to Cl. C Debt
------------------------------------------------------------------
Fitch Ratings assigns the following ratings and Rating Outlooks to
the notes issued by Prosper Marketplace Issuance Trust, Series
2018-1 (PMIT 2018-1):

-- $387,800,000 class A 'A-sf'; Outlook Stable;
-- $112,000,000 class B 'BBB-sf'; Outlook Stable;
-- $79,450,000 class C 'BB-sf'; Outlook Stable.

The class D notes are not rated by Fitch.

KEY RATING DRIVERS

Changes from Prior PMIT Deals: Structural changes to PMIT 2018-1
include the addition of class D notes to the capital structure and
the inclusion of a prefunding period, subject to portfolio limits,
spanning approximately six weeks, over which approximately 15% of
the final collateral pool will be originated.

Collateral Quality: PMIT 2018-1 has a weighted average (WA) FICO
score of 717, including 18.6% of non-prime borrowers with FICO
scores below 680, improved from series 2017-3. Fitch assigned
cumulative gross default (CGD) assumptions for the 36- and 60-month
loans in this pool of 14.0% and 20%, respectively. These
assumptions are unchanged (36-month) and lower by 0.25% (60-month)
compared to 2017-3, despite the stronger pool, due to observations
of weakening performance.

Recent Asset Performance: Recent Prosper loan vintages have
underperformed expectations, consistent with much of the consumer
sector. While Prosper and WebBank have implemented underwriting
changes to improve performance within internal credit tiers, early
delinquency data for the 2017 loans indicates performance in line
with weaker historical periods such as the first half of 2016. To
account for this, Fitch focused on the early 2016 period in its
default assumption derivation to project future portfolio
performance.

Limitations of Historical Data: While performance data is available
since 2010, originations prior to 2013 are not representative of
current origination volumes and underwriting practices. Fitch
applied high default multiples of 3.3x and 2.7x for the 36- and
60-month loans, respectively, to address this risk.

Rating Cap at 'Asf': Fitch placed a rating cap on the notes at
'Asf' category, considering primarily the sector's untested
performance throughout a full economic cycle. History for unsecured
installment loans originated via online platforms such as Prosper's
thus far has only been during benign macro environment.
Furthermore, the underlying consumer loans are likely at or near
the bottom of repayment priority for consumers, since repayment
does not provide the consumer ongoing utility as auto loans, credit
cards and cellphone plans do. The cap does not currently constrain
the ratings.

Adequate Servicing Capabilities: Prosper will service the pool of
loans, and Citibank, N.A., the named backup, has committed to a
transfer period of 30 business days. Systems & Services
Technologies (SST), the sub-backup servicer, will be responsible
for the operations in the event of a servicer transition. Fitch
considers all parties to be adequate servicers for this pool based
on prior experience and capabilities.


SHACKLETON LTD 2013-IV-R: Moody's Gives (P)B3 Rating to Cl. E Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to six
classes of notes to be issued by Shackleton 2013-IV-R CLO, Ltd.
(the "Issuer" or "Shackleton 2013-IV-R").

Moody's rating action is as follows:

US$270,700,000 Class A-1 Senior Secured Floating Rate Notes due
2031 (the "Class A-1 Notes"), Assigned (P)Aaa (sf)

US$46,750,000 Class A-2 Senior Secured Floating Rate Notes due 2031
(the "Class A-2 Notes"), Assigned (P)Aa2 (sf)

US$21,000,000 Class B Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class B Notes"), Assigned (P)A2 (sf)

US$27,750,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class C Notes"), Assigned (P)Baa3 (sf)

US$18,300,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class D Notes"), Assigned (P)Ba3 (sf)

US$8,400,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class E Notes"), Assigned (P)B3 (sf)

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

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

RATINGS RATIONALE

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

Shackleton 2013-IV-R is a managed cash flow CLO. The issued notes
will be collateralized primarily by broadly syndicated senior
secured corporate loans. At least 90% of the portfolio must consist
of first lien senior secured loans, cash, and eligible investments,
and up to 10% of the portfolio may consist of second lien loans,
senior unsecured loans and first-lien last-out loans. Moody's
expect the portfolio to be approximately 80% ramped as of the
closing date.

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

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

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

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

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

Par amount: $418,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2855

Weighted Average Spread (WAS): 3.15%

Weighted Average Recovery Rate (WARR): 48.5%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

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

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

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

Together with the set of modeling assumptions 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 2855 to 3283)

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-2 Notes: -2

Class B Notes: -2

Class C Notes: -1

Class D Notes: 0

Class E Notes: -1

Percentage Change in WARF -- increase of 30% (from 2855 to 3712)

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-2 Notes: -4

Class B Notes: -4

Class C Notes: -2

Class D Notes: -1

Class E Notes: -3


SLM STUDENT 2012-5: Fitch Hikes Cl. B Notes Rating From 'Bsf'
-------------------------------------------------------------
Fitch Ratings has upgraded the following SLM Student Loan Trust
2012-5 outstanding notes backed by student loans originated under
the Federal Family Education Loan Program (FFELP):

-- Class A-3 to 'AAAsf' from 'Bsf'; Outlook Stable;
-- Class B to 'BBBsf' from 'Bsf'; Outlook Stable.

The notes pass the credit and maturity stresses for their
respective ratings with sufficient hard credit enhancement (CE), as
Navient was able to amend the legal final maturity for the class
A-3 notes. The notes were previously rated 'Bsf' due to the A-3
notes missing their legal final maturity date under Fitch's base
case stresses, causing a technical default for the class B notes.
The transaction's performance has been in line with Fitch's
expectations since the last annual review.

KEY RATING DRIVERS
U.S. Sovereign Risk: The trust collateral comprises 100% FFELP
loans with guarantees provided by eligible guarantors and
reinsurance provided by the U.S. Department of Education (ED) for
at least 97% of principal and accrued interest. The U.S. sovereign
rating is 'AAA'/Stable.

Collateral Performance: Fitch assumes a base case default rate of
26.0% and a 78.0% default rate under the 'AAA' credit stress
scenario. Fitch also assumes a sustainable constant default rate of
4.5% and a sustainable constant prepayment rate (voluntary and
involuntary) of 11.0% in cash flow modeling. Fitch applies the
standard default timing curve in its credit stress cash flow
analysis. The claim reject rate is assumed to be 0.5% in the base
case and 3.0% in the 'AAA' case. The TTM levels of deferment,
forbearance, and income-based repayment (prior to adjustment) are
9.0%, 14.4%, and 18.5%, respectively, and are used as the starting
point in cash flow modelling. Subsequent declines or increases are
modelled as per criteria. The borrower benefit is assumed to be
approximately 0.04%, based on information provided by the sponsor.

Basis and Interest Rate Risk: Basis risk for this transaction
arises from any rate and reset frequency mismatch between interest
rate indices for SAP and the securities. As of the March 2018
payment date, 100% of the trust student loans are indexed to
1-month LIBOR. All of the notes are indexed to 1-month LIBOR. Fitch
applies its standard basis and interest rate stresses to this
transaction as per criteria.

Payment Structure: CE is provided by excess spread and, for the
class A notes, subordination. As of the March 2018 payment date,
total and senior effective parity ratios (including the reserve)
are 101.01% (1.00% CE) and 107.59% (7.06% CE). Liquidity support is
provided by a reserve sized at 0.25% of the pool balance (with a
floor of $1,250,046), currently equal to $1,514,940. The
transaction will continue to release cash as long as the target
overcollateralization threshold of 1% and $1,300,000 is
maintained.

Maturity Risk: Fitch's student loan ABS cash flow model (SLABS)
indicates that the notes are paid in full on or prior to the legal
final maturity dates under the commensurate rating scenario.

Operational Capabilities: Day-to-day servicing is provided by
Navient Solutions, LLC. (formerly known as Sallie Mae, Inc.). Fitch
believes Navient to be an acceptable servicer, due to its extensive
track record as the largest servicer of FFELP loans.

RATING SENSITIVITIES

Fitch conducted a CE sensitivity analysis by stressing both the
related lifetime default rate and basis spread assumptions. In
addition, Fitch conducted a maturity sensitivity analysis by
running different assumptions for the IBR usage and prepayment
rate. The results below should only be considered as one potential
model-implied outcome, as the transaction is exposed to multiple
risk factors that are all dynamic variables.

Credit Stress Rating Sensitivity
-- Default increase 25%: class A 'AAAsf'; class B 'BBBsf';
-- Default increase 50%: class A 'AAAsf'; class B 'BBBsf';
-- Basis Spread increase 0.25%: class A 'AAAsf'; class B 'BBBsf';
-- Basis Spread increase 0.5%: class A 'AAAsf'; class B 'Bsf'.

Maturity Stress Rating Sensitivity
-- CPR decrease 50%: class A 'AAAsf'; class B 'CCCsf';
-- CPR increase 100%: class A 'AAAsf'; class B 'AAAsf';
-- IBR Usage decrease 50%: class A 'AAAsf'; class B 'BBBsf';
-- IBR Usage increase 100%: class A 'AAAsf'; class B 'AAAsf'.

Stresses are intended to provide an indication of the rating
sensitivity of the notes to unexpected deterioration in trust
performance. Rating sensitivity should not be used as an indicator
of future rating performance.


TOWD POINT 2016-5: Moody's Assigns Ba3 Rating to Class B2 Certs
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to four
notes issued by Towd Point Mortgage Trust ("TPMT") 2016-5. The
certificates are backed by seasoned performing and re-performing
mortgage loans with a large percentage of the loans previously
modified. The collateral pool comprised of first lien, fixed rate
and adjustable rate mortgage loans.

Complete rating actions are as follows:

Issuer: Towd Point Mortgage Trust 2016-5

Cl. M1, Assigned Aa3 (sf); previously on Nov 30, 2016 Assigned NR
(sf)

Cl. M2, Assigned A3 (sf); previously on Nov 30, 2016 Assigned NR
(sf)

Cl. B1, Assigned Baa3 (sf); previously on Nov 30, 2016 Assigned NR
(sf)

Cl. B2, Assigned Ba3 (sf); previously on Nov 30, 2016 Assigned NR
(sf)

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

The rating actions are based on Moody's updated loss expectation on
the underlying pool and reflect the credit enhancement available to
the bonds. Moody's loss expectation incorporates Moody's assessment
of the representations and warranties frameworks of the
transaction, the due diligence findings of the third party review
received at the time of issuance, and the strength of Select
Portfolio Servicing, Inc. ("SPS") as the transaction's servicer.

Collateral Description

The collateral pool backing this transaction is comprised of
seasoned, re-performing mortgage loans. A large percentage of the
loans in the collateral pool have been previously modified. The
majority of the loans underlying this transaction exhibits
collateral characteristics similar to that of seasoned Alt-A
mortgages.

Moody's base Moody's expected loss on a pool of re-performing
mortgage loans on Moody's estimate of 1) the default rate on the
remaining balance of the loans and 2) the principal recovery rate
on the defaulted balances. Moody's estimate of default is driven by
annual delinquency assumptions adjusted for roll-rates, prepayments
and default burnout factors. In estimating default on this pool,
Moody's used initial expected annual delinquency rate of 9% and
expected prepayment rate of 8% based on the collateral
characteristics of the pool. In applying Moody's loss severity
assumption, Moody's accounted for the lack of principal and
interest advancing in this transaction.

In addition, Moody's used the following approach to assess expected
loss on the deferred balance in this transaction. 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 and (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 the
future or are modified after the closing date, the servicer may opt
for partial or full principal forgiveness to the extent permitted
under the servicing agreement. Moody's applied a slightly higher
default rate 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 these loans,
Moody's assumed approximately 95% severity on the deferred balance
as the servicer can recover a portion of the deferred balance.

The pool has exhibited lower delinquencies and faster prepayment
rates since issuance of the deal than originally anticipated,
resulting in an improvement to Moody's future loss projection on
the pool. Moreover, cumulative losses realized on the pool to date
have been small and are largely driven by modification losses
recognized on principal forborne amounts. Moody's expected loss on
the pool reflects a negative adjustment for the findings from the
TPR firms at the time of issuance. Moody's expected loss also
includes a positive adjustment for the servicing quality of the
pool which reflects the presence of an asset manager and Select
Portfolio Servicing, Inc. (SPS) as the servicer.

Transaction Structure

TPMT 2016-5 has a sequential priority of payments structure, in
which a given class of notes can only receive principal payments
when all the classes of notes above it have been paid off.
Similarly, losses will be applied in the reverse order of priority.
The Class A1, A2, M1 and M2 notes carry a fixed-rate coupon subject
to the collateral adjusted net WAC and applicable available funds
cap. The Class B1, B2, B3, B4 and B5 are Variable Rate Notes where
the coupon is equal to the lesser of adjusted net WAC and
applicable available funds cap. There are no performance triggers
in this transaction. Additionally, the servicer will not advance
any principal or interest on delinquent loans. The monthly excess
cash flow in this transaction, after payment of such expenses, if
any, will be fully captured to pay the principal balance of the
bonds sequentially, allowing for a faster paydown of the bonds.

Transaction Parties

The transaction benefits from a strong servicing arrangement.
Select Portfolio Servicing, Inc. (SPS) will service 100% of TPMT
2016-5's collateral pool. Moody's assess SPS (SQ2) higher compared
to their peers. Furthermore, FirstKey Mortgage, LLC, the asset
manager, will oversee the servicer, which strengthens the overall
servicing framework in the transaction. Wells Fargo Bank, National
Association is the Custodian of the transaction. The Delaware
Trustee for TPMT 2016-5 is Wilmington Trust, National Association.
TPMT 2016-5's Indenture Trustee is U.S. Bank National Association.

Representations & Warranties

Moody's ratings reflect the weak representations and warranties
(R&Ws) framework in this transaction. The obligation of the
representation provider, Cerberus Global Residential Mortgage
Opportunity Fund, L.P. expired thirteen payment dates from deal
issuance. 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 the aggregate size of the pool.

Methodology

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

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

Down

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

Up

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


TRUMAN CAPITAL 2004-2: Moody's Hikes Cl. M-4 Debt Rating to Ba3
---------------------------------------------------------------
Moody's Investors Service has upgraded the rating of Class M-4
issued by Truman Capital Mortgage Loan Trust 2004-2, a transaction
backed by scratch and dent loans.

Complete rating actions are as follows:

Issuer: Truman Capital Mortgage Loan Trust 2004-2

Cl. M-4, Upgraded to Ba3 (sf); previously on Aug 13, 2015 Upgraded
to Caa1 (sf)

RATINGS RATIONALE

The action reflects the recent performance of the underlying pool
and Moody's updated loss expectation on the pool. The rating
upgraded is the result of an increase in credit enhancement
available to the bond and the lower loss expectation on the pool.

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

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 4.1% in February 2018 from 4.7% in
February 2017. Moody's forecasts an unemployment central range of
3.5% to 4.5% for the 2018 year. Deviations from this central
scenario could lead to rating actions in the sector. House prices
are another key driver of US RMBS performance. Moody's expects
house prices to continue to rise in 2018. Lower increases than
Moody's expects or decreases could lead to negative rating actions.
Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions.


UBS COMMERCIAL 2018-C9: Fitch Assigns B- Rating to Cl. F-RR Certs
-----------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to UBS
Commercial Mortgage Trust 2018-C9 Commercial Mortgage Pass-Through
Certificates, Series 2018-C9 as follows:

-- $17,267,000 class A-1 'AAAsf'; Outlook Stable;
-- $37,271,000 class A-2 'AAAsf'; Outlook Stable;
-- $37,671,000 class A-SB 'AAAsf'; Outlook Stable;
-- $175,000,000 class A-3 'AAAsf'; Outlook Stable;
-- $320,724,000 class A-4 'AAAsf'; Outlook Stable;
-- $587,933,000b class X-A 'AAAsf'; Outlook Stable;
-- $138,584,000b class X-B 'AA-sf'; Outlook Stable;
-- $56,693,000 class A-S 'AAAsf'; Outlook Stable;
-- $41,995,000 class B 'AA-sf'; Outlook Stable;
-- $39,896,000 class C 'A-sf'; Outlook Stable;
-- $26,951,000a class D 'BBB-sf'; Outlook Stable;
-- $18,194,000ac class D-RR 'BBB-sf'; Outlook Stable;
-- $20,997,000ac class E-RR 'BB-sf'; Outlook Stable;
-- $10,499,000ac class F-RR 'B-sf'; Outlook Stable.

The following class is not rated:
-- $36,746,550ac class NR-RR.

(a) Privately placed and pursuant to Rule 144A.
(b) Notional amount and interest-only.
(c) Horizontal credit risk retention interest representing no less
than 5% of the estimated fair value of all classes of regular
certificates issued by the issuing entity as of the closing date.

Since Fitch published its expected ratings on March 14, 2018, the
expected 'A-sf' rating on the interest-only class X-B has been
revised to 'AA-sf' based on the final deal structure and the
interest-only class X-D was withdrawn and removed from the final
deal structure.

The ratings are based on information provided by the issuer as of
March 27, 2018.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 43 loans secured by 112
commercial properties having an aggregate principal balance of
$839,904,550 as of the cut-off date. The loans were contributed to
the trust by: UBS AG, Ladder Capital Finance LLC, Societe Generale,
and Cantor Commercial Real Estate Lending, L.P.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 75.1% of the properties
by balance, cash flow analysis of 91.3% and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

Higher Fitch Leverage than Recent Transactions: The pool's leverage
is higher than that of recent comparable Fitch-rated multiborrower
transactions. The pool's Fitch DSCR is 1.14x, lower than the 2017
average of 1.26x. The pool's Fitch LTV is 107.4%, which is higher
than the 2017 average of 101.6%. Similarly, excluding credit
opinion loans, the pool's normalized Fitch DSCR and LTV are 1.13x
and 108.6%, respectively, compared with the 2017 averages of 1.21x
and 107.2%.

Diverse Pool: The pool is slightly more diverse than recent
Fitch-rated transactions. The top 10 loans make up 50.2% of the
pool, less than the 2017 average of 53.1%. The pool's average loan
size of $19.5 million is lower than the average of $20.2 million
for 2017. The concentration results in an LCI of 377, less than the
2017 average of 398.

Limited Amortization: Based on the scheduled balance at maturity,
the pool is scheduled to pay down by 6.9%, which is below the 2017
and 2016 averages of 7.9% and 10.4%, respectively. Fifteen loans
representing 48.3% of the pool are full-term, interest-only loans,
a level greater than the 2017 and 2016 averages of 46.1% and 33.3%,
respectively. In addition, 15 loans, representing 27.6% of the
pool, are partial-term, interest-only loans.

High Single-Tenant Exposure: Ten loans, representing 27.5% of the
pool, are designated full or partial single-tenant properties by
Fitch, including six of the top 15 loans. Forty-one of the pool's
112 properties, representing 21.1% of the pool, are designated as
single-tenant properties by Fitch. The pool's single-tenant
concentration is above the 2017 and 2016 averages of 19.3% and
15.7%, respectively.

RATING SENSITIVITIES

For this transaction, Fitch's NCF was 9.9% below the most recent
year's NOI for properties for which a full-year NOI was provided,
excluding properties that were stabilizing during this period.
Unanticipated further declines in property-level NCF could result
in higher defaults and loss severities on defaulted loans and in
potential rating actions on the certificates.

Fitch evaluated the sensitivity of the ratings assigned to the UBS
2018-C9 certificates and found that the transaction displays
average sensitivities to further declines in NCF. In a scenario in
which NCF declined a further 20% from Fitch's NCF, a downgrade of
the junior 'AAAsf' certificates to 'BBB+sf' could result. In a more
severe scenario, in which NCF declined a further 30% from Fitch's
NCF, a downgrade of the junior 'AAAsf' certificates to 'BBB-sf'
could result. The presale report includes a detailed explanation of
additional stresses and sensitivities.


VENTURE LIMITED 31: Moody's Assigns B3 Rating to Class F Notes
--------------------------------------------------------------
Moody's Investors Service has assigned ratings to eight classes of
notes issued by Venture 31 CLO, Limited.

Moody's rating action is as follows:

US$512,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031 (the "Class A-1 Notes"), Assigned Aaa (sf)

US$24,000,000 Class A-2 Senior Secured Floating Rate Notes due 2031
(the "Class A-2 Notes"), Assigned Aaa (sf)

US$72,000,000 Class B Senior Secured Floating Rate Notes due 2031
(the "Class B Notes"), Assigned Aa2 (sf)

US$47,000,000 Class C-1 Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class C-1 Notes"), Assigned A2 (sf)

US$5,000,000 Class C-2 Mezzanine Secured Deferrable Fixed Rate
Notes due 2031 (the "Class C-2 Notes"), Assigned A2 (sf)

US$44,000,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class D Notes"), Assigned Baa3 (sf)

US$32,000,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2031 (the "Class E Notes"), Assigned Ba3 (sf)

US$12,000,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2031 (the "Class F Notes"), Assigned B3 (sf)

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

RATINGS RATIONALE

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

Venture 31 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90% of the portfolio must consist of
first lien senior secured loans and eligible investments, and up to
10% of the portfolio may consist of second lien loans and unsecured
loans. The portfolio is approximately 100% ramped as of the closing
date.

MJX Venture Management III 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 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: 80

Weighted Average Rating Factor (WARF): 2795

Weighted Average Spread (WAS): 3.30%

Weighted Average Coupon (WAC): 7.00%

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 2795 to 3214)

Rating Impact in Rating Notches

Class A-1 Notes: 0

Class A-2 Notes: -1

Class B Notes: -2

Class C-1 Notes: -2

Class C-2 Notes: -2

Class D Notes: -1

Class E Notes: 0

Class F Notes: 0

Percentage Change in WARF -- increase of 30% (from 2795 to 3634)

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-2 Notes: -3

Class B Notes: -3

Class C-1 Notes: -4

Class C-2 Notes: -4

Class D Notes: -2

Class E Notes: -1

Class F Notes: 0


WELLS FARGO 2017-RB1: DBRS Confirms 'BB' Rating on Class E-1 Certs
------------------------------------------------------------------
DBRS Limited confirmed all classes of the Commercial Mortgage
Pass-Through Certificates, Series 2017-RB1 issued by Wells Fargo
Commercial Mortgage Trust 2017-RB1 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has remained in line with DBRS's
expectations since issuance. The collateral consists of 37
fixed-rate loans secured by 72 commercial properties. As of the
March 2018 remittance, there has been a collateral reduction of
0.2% as a result of scheduled loan amortization. Thirteen loans,
representing 52.4% of the pool balance, are structured with
full-term interest-only (IO) payments. An additional 12 loans,
representing 33.2% of the pool, have partial IO payments remaining,
with four of those loans (7.3% of the pool) scheduled to begin
amortizing in the next year. Loans representing 66.5% of the
current pool balance reported partial YE2017 financials and
reported a weighted-average (WA) debt service coverage ratio (DSCR)
and debt yield of 1.68 times (x) and 8.8%, respectively. The DBRS
Term DSCR and DBRS Debt Yield are 1.63x and 8.7%, respectively, or
1.58x and 8.6%, respectively, when excluding shadow-rated loans.
Based on the most recent net cash flow (NCF) reporting available
for the top 15 loans, representing 73.0% of the pool balance, the
WA DSCR and WA Debt Yield are 1.68x and 8.6%, respectively,
representing a WA cash flow improvement of 0.8% over the DBRS NCF
figures derived at issuance. As of the March 2018 remittance, there
were no loans on the servicer's watch list and in special
servicing.

At issuance, DBRS assigned an investment-grade shadow rating on one
loan, Merrill Lynch Drive (Prospectus ID#13; 3.3% of the pool
balance). DBRS confirmed that the performance of this loan remains
consistent with investment-grade loan characteristics.

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

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


WELLS FARGO 2018-C43: DBRS Finalizes B(low) Rating on Cl. F Certs
-----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings of the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2018-C43 (the Certificates) issued by Wells Fargo Commercial
Mortgage Trust 2018-C43:

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

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

The collateral consists of 63 fixed-rate loans secured by 132
commercial and multifamily properties. The transaction is a
sequential-pay pass-through structure. The trust asset contributed
from two loans, representing 11.6% of the pool, are shadow-rated
investment grade by DBRS. Proceeds for each shadow-rated loan are
floored at their respective rating within the pool. When 11.6% of
the pool has no proceeds assigned below the rated floor, the
resulting pool subordination is diluted or reduced below the rated
floor. The conduit pool was analyzed to determine the ratings,
reflecting the long-term probability of loan default within the
term and its liquidity at maturity. When the cut-off loan balances
were measured against the stabilized net cash flow (NCF) and their
respective actual constants, two loans, representing 2.4% of the
total pool, had a DBRS Term debt service coverage ratio (DSCR)
below 1.15 times (x), a threshold indicative of a higher likelihood
of mid-term default. Additionally, to assess refinance risk, given
the current low interest rate environment, DBRS applied its
refinance constants to the balloon amounts. This resulted in 17
loans, representing 38.8% of the pool, having refinance DSCRs below
1.00x, and eight loans, representing 25.6% of the pool, with
refinance DSCRs below 0.90x. These credit metrics are based on
whole-loan balances.

Two of the ten largest loans in the pool, Moffett Towers II –
Building 2 and Apple Campus 3, exhibit credit characteristics
consistent with shadow ratings of BBB and AA (high), respectively.
These loans represent 11.6% of the transaction balance. The hotel
concentration of six loans, representing 6.6% of the pool balance,
is at a lower level than recent transactions that typically have
concentrations around 15.0% or more. Hotel properties have higher
cash flow volatility than traditional property types, as their
income, which is derived from daily contracts rather than
multi-year leases, and their expenses, which are often mostly
fixed, are quite high as a percentage of revenue. These two factors
cause revenue to fall swiftly during a downturn and cash flow to
fall even faster because of the high operating leverage.

Term default risk is low, as indicated by the relatively strong
DBRS Term DSCR of 1.69x. In addition, 31 loans, representing 58.0%
of the pool, have a DBRS Term DSCR in excess of 1.50x. This
includes nine of the largest 15 loans. Even when excluding the two
loans shadow-rated investment grade, the deal exhibits a robust WA
DBRS Term DSCR of 1.61x.

Nine loans, comprising 27.2% of the transaction balance, are
secured by properties that are either fully or primarily leased to
a single tenant. This includes five of the largest ten loans:
Moffett Towers II – Building 2, Houston Distribution Center,
Apple Campus 3, Walmart Supercenter Houston and FedEx Distribution
Center. Loans secured by properties occupied by single tenants have
been found to suffer higher loss severities in an EOD. As a result,
excluding Moffett Tower II – Building 2 and Apple Campus 3, both
of which are shadow-rated investment grade, DBRS applied a penalty
for single-tenant properties that resulted in higher loan-level
credit enhancement. The Houston Distribution Center is a
single-tenant building that is 100.0% leased to Academy Sports,
which has a 220,000 sf headquarters located directly to the south.
Walmart signed a 20-year lease in July 2015 at the Walmart
Supercenter Houston, where the lease extends seven years beyond the
loan term. With regard to FedEx Distribution Center, FedEx has
invested $35.0 million ($115 psf) in capital improvements to the
facility and views the asset as mission critical. Additionally, the
loans where tenants have leases expiring during the loan term have
been structured with cash flow sweeps prior to tenant expiry that
will help to defray re-leasing costs in the event the single tenant
vacates.

Twenty-six loans, representing 23.3% of the pool, are secured by
properties located in tertiary or rural markets, including one of
the top 15 loans. Properties located in tertiary and rural markets
are modeled with significantly higher loss severities than those
located in urban and suburban markets. Further, the WA DBRS Debt
Yield and DBRS Exit Debt Yield for such loans are 10.0% and 11.6%,
respectively, which are materially higher than the overall pool
metrics.

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


[*] Moody's Takes Action on $254MM of RMBS Issued 2003-2006
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of twenty four
tranches and downgraded the ratings of eight tranches from eight
transactions, backed by Prime Jumbo RMBS loans, issued by multiple
issuers.

Complete rating actions are as follows:

Issuer: Banc of America Funding 2006-5 Trust, Mortgage Pass-Through
Certificates, Series 2006-5

Cl. 3-A-1, Downgraded to Caa3 (sf); previously on Jul 31, 2013
Downgraded to Caa2 (sf)

Cl. 3-A-2, Downgraded to Caa3 (sf); previously on Aug 6, 2012
Downgraded to Caa2 (sf)

Cl. 3-A-4, Downgraded to Caa2 (sf); previously on Aug 6, 2012
Downgraded to Caa1 (sf)

Cl. 4-A-1, Downgraded to C (sf); previously on Apr 30, 2010
Downgraded to Ca (sf)

Cl. 4-A-2, Downgraded to Caa1 (sf); previously on Sep 26, 2016
Downgraded to B3 (sf)

Cl. 4-A-6, Downgraded to Caa1 (sf); previously on Sep 26, 2016
Downgraded to B3 (sf)

Cl. 4-A-7, Downgraded to C (sf); previously on Apr 30, 2010
Downgraded to Ca (sf)

Cl. 4-A-8, Downgraded to Caa2 (sf); previously on Apr 30, 2010
Downgraded to Caa1 (sf)

Issuer: Banc of America Mortgage 2004-F Trust

Cl. 3-A-1, Upgraded to Ba2 (sf); previously on Mar 5, 2014 Upgraded
to B1 (sf)

Issuer: Banc of America Mortgage 2004-L Trust

Cl. 3-A-1, Upgraded to B1 (sf); previously on May 11, 2012
Downgraded to Caa1 (sf)

Issuer: Banc of America Mortgage 2005-A Trust

Cl. 1-A-1, Upgraded to B1 (sf); previously on Nov 13, 2014
Downgraded to B3 (sf)

Cl. 2-A-1, Upgraded to Ba3 (sf); previously on Apr 30, 2010
Downgraded to B2 (sf)

Cl. 2-A-2, Upgraded to Ba1 (sf); previously on Apr 30, 2010
Downgraded to B1 (sf)

Cl. 2-A-3, Upgraded to Caa1 (sf); previously on Apr 30, 2010
Downgraded to Ca (sf)

Cl. 3-A-1, Upgraded to Ba1 (sf); previously on Sep 4, 2015 Upgraded
to Ba3 (sf)

Cl. 4-A-1, Upgraded to Ba3 (sf); previously on Sep 4, 2015 Upgraded
to B2 (sf)

Issuer: CSFB Mortgage-Backed Pass-Through Certificates, Series
2003-AR28

Cl. II-A-1, Upgraded to Baa1 (sf); previously on Aug 20, 2013
Downgraded to Ba1 (sf)

Cl. III-A-1, Upgraded to Baa1 (sf); previously on Jan 25, 2013
Downgraded to Ba1 (sf)

Cl. IV-A-1, Upgraded to Baa1 (sf); previously on Aug 20, 2013
Downgraded to Ba1 (sf)

Cl. V-A-1, Upgraded to Baa1 (sf); previously on Aug 20, 2013
Downgraded to Ba1 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2005-14 Trust

Cl. I-A-2, Upgraded to B1 (sf); previously on May 5, 2017 Upgraded
to B3 (sf)

Cl. I-A-PO, Upgraded to Ba2 (sf); previously on May 5, 2017
Upgraded to B1 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2005-AR13 Trust

Cl. A-3, Upgraded to Baa2 (sf); previously on Jul 1, 2016 Upgraded
to Ba2 (sf)

Cl. I-A-1, Upgraded to Baa2 (sf); previously on Jul 1, 2016
Upgraded to Ba2 (sf)

Cl. I-A-2, Upgraded to Baa2 (sf); previously on Jul 1, 2016
Upgraded to Ba2 (sf)

Cl. I-A-6, Upgraded to Baa2 (sf); previously on Jul 1, 2016
Upgraded to Ba3 (sf)

Cl. I-A-7, Upgraded to Baa2 (sf); previously on Jul 1, 2016
Upgraded to Ba3 (sf)

Cl. III-A-1, Upgraded to Ba1 (sf); previously on Jul 1, 2016
Upgraded to Ba3 (sf)

Cl. IV-A-1, Upgraded to Ba1 (sf); previously on May 5, 2017
Upgraded to B1 (sf)

Issuer: Deutsche Mortgage Securities, Inc. Re-REMIC Trust
Certificates, Series 2005-WF1

Cl. I-A-4, Upgraded to A3 (sf); previously on Jul 1, 2016 Upgraded
to Baa2 (sf)

Cl. I-A-5, Upgraded to Ba2 (sf); previously on Jul 1, 2016 Upgraded
to B2 (sf)

Cl. II-A-1, Upgraded to Baa2 (sf); previously on Jul 1, 2016
Upgraded to Ba3 (sf)

RATINGS RATIONALE

The rating upgrades from Banc of America Mortgage 2005-A Trust,
CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR28,
Wells Fargo Mortgage Backed Securities 2005-AR13 Trust, and Wells
Fargo Mortgage Backed Securities 2005-14 Trust are primarily due to
an increase in the credit enhancement available to the bonds. The
rating upgrades from Banc of America Mortgage 2004-F Trust and Banc
of America Mortgage 2004-L Trust are due to the total credit
enhancement available to the bonds. The rating upgrades from
Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates,
Series 2005-WF1 reflect the upgrades on the underlying bonds, Cl.
III-A-1, Cl. A-3, and Cl. I-A-6 from Wells Fargo Mortgage Backed
Securities 2005-AR13 Trust. The rating downgrades are due to the
weak collateral performance and the erosion of 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 rating Banc of America Funding
2006-5 Trust, Mortgage Pass-Through Certificates, Series 2006-5 Cl.
3-A-1, Cl. 3-A-2, Cl. 3-A-4, Cl. 4-A-1, Cl. 4-A-2, Cl. 4-A-6, Cl.
4-A-7, and Cl. 4-A-8; Banc of America Mortgage 2004-F Trust Cl.
3-A-1; Banc of America Mortgage 2004-L Trust Cl. 3-A-1; Banc of
America Mortgage 2005-A Trust Cl. 1-A-1, Cl. 2-A-1, Cl. 2-A-2, Cl.
2-A-3, Cl. 3-A-1, and Cl. 4-A-1; CSFB Mortgage-Backed Pass-Through
Certificates, Series 2003-AR28 Cl. II-A-1, Cl. III-A-1, Cl. IV-A-1,
and Cl. V-A-1; Wells Fargo Mortgage Backed Securities 2005-14 Trust
Cl. I-A-2 and Cl. I-A-PO; and Wells Fargo Mortgage Backed
Securities 2005-AR13 Trust Cl. A-3, Cl. I-A-1, Cl. I-A-6, Cl.
III-A-1, and Cl. IV-A-1 was "US RMBS Surveillance Methodology"
published in January 2017. The methodologies used in rating Wells
Fargo Mortgage Backed Securities 2005-AR13 Trust Cl. I-A-2 and Cl.
I-A-7 were "US RMBS Surveillance Methodology" published in January
2017 and "Moody's Approach to Rating Structured Finance
Interest-Only (IO) Securities" published in June 2017. The
principal methodology used in rating Deutsche Mortgage Securities,
Inc. Re-REMIC Trust Certificates, Series 2005-WF1 Cl. I-A-4, Cl.
I-A-5, and Cl. II-A-1 was "Moody's Approach to Rating
Resecuritizations" published in February 2014.

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 4.1% in February 2018 from 4.7% in
February 2017. Moody's forecasts an unemployment central range of
3.5% to 4.5% for 2018. Deviations from this central scenario could
lead to rating actions in the sector. House prices are another key
driver of US RMBS performance. Moody's expects house prices to
continue to rise in 2018. Lower increases than Moody's expects or
decreases could lead to negative rating actions. Finally,
performance of RMBS continues to remain highly dependent on
servicer procedures. Any change resulting from servicing transfers
or other policy or regulatory change can impact the performance of
these transactions.


[*] S&P Cuts Ratings on 7 Classes From Five US RMBS Re-REMIC Deals
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on seven classes from five
U.S. residential mortgage-backed securities (RMBS) resecuritized
real estate mortgage investment conduit (re-REMIC) transactions
issued between 2008 and 2010. All of these transactions are backed
by prime jumbo or Alternative-A mortgage collateral.

S&P said, "We downgraded class 2A1 from Citigroup Mortgage Loan
Trust 2010-7 to reflect the application of our interest shortfall
criteria as stated in "Structured Finance Temporary Interest
Shortfall Methodology," published Dec. 15, 2015, which impose a
maximum rating threshold on classes that have incurred missed
interest payments resulting from credit or liquidity erosion. In
applying the criteria, we looked to see if the applicable class
received additional compensation beyond the imputed interest due as
direct economic compensation for the delay in interest payment. The
re-REMIC class is supported by the underlying class 2A3 from JP
Morgan Mortgage Trust 2005-A1. In January 2018, the underlying
class incurred an interest shortfall, preventing interest payments
to class 2A1, and was subsequently reimbursed in the February 2018
remittance period.

"The remaining six downgrades reflect the application of our loan
modification criteria, "Methodology For Incorporating Loan
Modifications And Extraordinary Expenses Into U.S. RMBS Ratings,"
April 17, 2015, and "Principles For Rating Debt Issues Based On
Imputed Promises," Dec. 19, 2014, which resulted in a maximum
potential rating (MPR) lower than the previous rating on these
classes.

"Based on our loan modification criteria, we apply a MPR cap to
those classes of securities that are affected by reduced interest
payments over time due to loan modifications and/or other
credit-related events. The underlying classes' pool composition
consists mostly of adjustable-rate mortgage loans. The interest
rates on the loans underlying these securities reset less
frequently than the interest rates on the securities themselves. As
a result, the consideration of the securities' interest rate
adjustments under our loan modification criteria may not properly
capture the actual interest rate adjustments that may be occurring
on the underlying loans. Accordingly, we observed and considered
the less frequent interest rate adjustments on the underlying loans
to correctly calculate the applicable MPR for these classes under
our loan modification criteria."

RATINGS LOWERED

                                            Rating
  Issuer     Series   Class   CUSIP      To        From

  BCAP LLC 2010-RR6 Trust                         
             
           2010-RR6    14A4   05533CGR3  BBB- (sf) BBB (sf)

  Citigroup Mortgage Loan Trust 2010-7

           2010-7      2A1    17317EAD3  AA+ (sf)  AAA (sf)

  J.P. Morgan Alternative Loan Trust Series 2008-R3

           2008-R3     3-A-2  466308AF0  D (sf)    CCC (sf)

  J.P. Morgan Alternative Loan Trust Series 2008-R3

           2008-R3     3-A-3  466308AG8  D (sf)    CCC (sf)

  J.P. Morgan Resecuritization Trust Series 2009-11

           2009-11     4-A-4  466300BP4  AA (sf)   AAA (sf)

  Morgan Stanley Re-REMIC Trust 2010-R6

           2010-R6     2-A4   61759NAH7  AA+ (sf)  AAA (sf)

  Morgan Stanley Re-REMIC Trust 2010-R6

           2010-R6     2-A5   61759NAJ3  AA+ (sf)  AAA (sf)


[*] S&P Lowers Ratings on 8 Classes From 5 U.S. RMBS Deals to Dsf
-----------------------------------------------------------------
S&P Global Ratings completed its review of eight classes from five
U.S. residential mortgage-backed securities (RMBS) transactions
issued between 2001 and 2005. All of these transactions are backed
by mixed collateral. S&P lowered all eight ratings to 'D (sf)'
based on its interest shortfall criteria.

APPLICATION OF INTEREST SHORTFALL CRITERIA

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

RATINGS LOWERED

  Impac Secured Assets Corp.

                                        Rating
  Series        Class    CUSIP       To        From
  2001-8        M-2      45254TKG8   D (sf)    CCC (sf)

  Countrywide Home LoanTrust 2004-SD1
                                        Rating
  Series        Class    CUSIP       To        From
  2004-SD1      M-1      1266712J4   D (sf)    CCC (sf)
  2004-SD1      M-2      1266712K1   D (sf)    CCC (sf)
  2004-SD1      B-1      1266712L9   D (sf)    CC (sf)

  JPMorgan Mortgage Trust 2004-A5

                                        Rating
  Series        Class    CUSIP       To        From
  2004-A5       B-2      466247GJ6   D (sf)    CCC (sf)

  Aames Mortgage Investment Trust 2005-1

                                        Rating
  Series        Class    CUSIP       To        From
  2005-1        M4       00252FBB6   D (sf)    CCC (sf)
  2005-1        M5       00252FBC4   D (sf)    CCC (sf)

  Prime Mortgage Trust 2005-5

                                        Rating
  Series        Class    CUSIP       To        From
  2005-5        II-B-1   74160MMG4   D (sf)    CCC (sf)


[*] S&P Takes Actions on 519 Classes From 21 Post-2008 RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 519 classes from 21 U.S.
residential mortgage-backed securities (RMBS) issued between 2012
and 2015. All of these transactions are backed by prime jumbo or
seasoned collateral. The review yielded 41 upgrades, nine
downgrades, and 469 affirmations. The raised ratings, as well as
one of the affirmed ratings, were removed from CreditWatch with
positive implications, and the nine lowered ratings were removed
from CreditWatch negative, where S&P placed them on March 28,
2018.

All of the ratings within this review were placed under criteria
observation (UCO) on Feb. 22, 2018, following the publication of
"Methodology And Assumptions For Rating U.S. RMBS Issued 2009 And
Later," published Feb. 22, 2018. As a result of the actions, all
UCO placements on the reviewed classes have been removed.

In addition, the rating actions resolve 51 of the 422 CreditWatch
placements made on March 28, 2018, based on the application of its
new RMBS criteria.

S&P said, "For each mortgage pool, based on our updated criteria,
we performed credit analysis using updated loan-level information
from which we determined foreclosure frequency, loss severity and
loss coverage amounts commensurate for each rating level, after
which we applied our cash flow stresses. We applied adjustments at
the loan and pool level when warranted.

"For New Residential Mortgage Loan Trust 2014-2 and 2014-3, we
maintained a 100% loss severity assumption for outstanding loans
that were determined to have a grade D regulatory compliance
exception at transaction origination. For loans missing updated
FICOs at deal origination, we assumed the average FICO of the
remaining loans. We assumed 25% of the New Residential Mortgage
Loan Trust transactions contained loans to borrowers who were
self-employed, for which there is a 1.10 foreclosure frequency
adjustment, and that 50% of the mortgage pools contain loans with
multiple borrowers, for which there is a 0.75 foreclosure frequency
adjustment. The remaining transactions in this review reflected the
same foreclosure frequency adjustments for any outstanding loans
identified with such characteristics at deal origination.

"In addition, for all transactions we applied the same mortgage
operational assessment and representation and warranty loss
coverage adjustments that were applied at deal origination. We also
applied a 1.05 loss coverage adjustment to the New Residential
Mortgage Loan Trust transactions due to performance and seasoning
of loan modifications in the mortgage pools of both transactions.

"We lowered our ratings on nine classes from New Residential
Mortgage Loan Trust 2014-3 and removed them from CreditWatch
negative. This transaction is backed by seasoned loan collateral."

The downgrades were primarily driven by higher foreclosure
frequency adjustment factors for loans with lower FICOs (at a given
combined loan-to-value ratio [CLTV]), the change in the CLTV used
to determine foreclosure frequency for seasoned loans, and an
increased level of delinquencies.

The upgrades primarily reflect deleveraging as the respective
transactions season and the better treatment of higher-quality
collateral resulting from our recalibration of criteria relating to
credit factors, such as loan purpose and loan type, as well as new
factors, such as the multiborrower credit.

The affirmations reflect S&P's opinion that its projected credit
support on these classes is sufficient to cover our projected
losses for those rating scenarios.

Analytical Considerations

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by its projected cash flows. These considerations
are based on transaction-specific performance or structural
characteristics (or both) and their potential effects on certain
classes. Some of these considerations include:

-- Collateral performance/delinquency trends;
-- Priority of principal payments;
-- Priority of loss allocation;
-- Tail risk;
-- Expected short duration; and
-- Available subordination, credit enhancement floors, and/or
excess spread (where available).

A list of Affected Ratings can be viewed at:

         https://bit.ly/2pYPqfP


[*] S&P Takes Various Actions on 115 Classes From 17 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 115 classes from 17 U.S.
residential mortgage-backed securities (RMBS) transactions,
including one credit-linked note transaction, issued between 2002
and 2007. All of these transactions are backed by prime jumbo and
Alternative-A collateral. The review yielded 35 upgrades, five
downgrades, 56 affirmations, 15 withdrawals, and four
discontinuances.

Analytical Considerations

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by its projected cash flows. These considerations
are based on transaction-specific performance or structural
characteristics (or both) and their potential effects on certain
classes. Some of these considerations include:

-- Collateral performance/delinquency trends;
-- Priority of principal payments;
-- Tail risk; and
-- Available subordination and/or overcollateralization.

Rating Actions

The affirmations of ratings reflect S&P's opinion that its
projected credit support and collateral performance on these
classes has remained relatively consistent with its prior
projections.

The downgrade on class A-1 from Structured Asset Mortgage
Investments Trust 2002-AR3 reflects that the payment allocation
triggers are passing, allowing principal payments to be made to
more subordinate classes and eroding projected credit support for
the affected senior class.

A list of Affected Ratings can be viewed at:

          https://bit.ly/2EoK1nb


                            *********

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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                            *********

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Troubled Company Reporter is a daily newsletter co-published
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