---

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

              Sunday, May 20, 2018, Vol. 22, No. 139

                            Headlines

ANTARES CLO 2018-1: S&P Assigns BB- (sf) Rating on Class E Notes
ARES XLVIII: S&P Assigns Prelim BB- (sf) Rating on $17.5MM Notes
ASHFORD 2018-ASHF: S&P Gives B-(sf) Rating on $743.6 Million Notes
ATLAS SENIOR IV: S&P Assigns Prelim B Rating on $13,500,000 Notes
ATLAS SENIOR IV: S&P Assigns Prelim B(sf) Rating on B-3L-R Notes

BACM 2004-5: Moody's Affirms 'C' Rating on Class XC Notes
BACM 2005-1: Fitch Affirms Class B Certs at 'Bsf', Outlook Neg.
BACM 2005-5: Moody's Downgrades Class G Certs to 'Ca'
BAMLL COMM 2015-ASTR: S&P Affirms BB-(sf) Rating on Class E Certs
BARINGS 2018-II: Moody's Assigns Ba3 Rating on Class D Notes

BATTALION CLO XII: Moody's Assigns Ba3 Rating on Class E Notes
BENEFIT STREET V-B: S&P Assigns BB- (sf) Rating on Class D Notes
BLUEMOUNTAIN CLO 2015-4: S&P Keeps B- Rating on $10,000,000 Notes
CANYON 2018-1: Moody's Assigns (P)Ba3 Rating on Class E Notes
CAPITALSOURCE 2006-A: Fitch Cuts Rating on $33.2MM Debt to 'Csf'

CARLYLE C17 CLO: Moody's Assigns Ba3 Rating on $8,500,000 ER Notes
CATCH 22 LINY: Starfish Buying All Assets for $1.7 Million
CHENANGO PARK: S&P Assigns B- (sf) Rating on $7.5MM Class E Notes
CIFC FUNDING 2013-IV: Moody's Rates Class F-RR Notes '(P)Ba3'
CLUB DEPORTIVO: Fundacien Buying All Assets for $800K

COMM 2006-C8: Moody's Affirms 5 Classes of Pass-Thru Certs at 'C'
COMM 2015-LC21: DBRS Confirms 'B' Rating on 2 Cert Classes
CONNECTICUT 2018-C03: DBRS Finalizes B Rating on 19 Note Classes
CONTIMORTGAGE TRUST 1997-01: Moody's Cuts A-8 Notes Rating to B1
CSAIL 2015-C2: DBRS Confirms 'B' Rating on Class F Certs

CWCAPITAL COBALT II: S&P Assigns Default Rating to Class B Notes
DRIVE AUTO 2018-2: S&P Assigns Prelim BB(sf) Rating on $72MM Notes
FAMILY PHARMACY: Smith Management Buying All Assets for $8 Million
FHH PROPERTIES: Trustee Selling All Assets for $4 Million
FIRST INVESTORS 2018-1: S&P Assigns B (sf) Rating on Cl. F Notes

FLAGSHIP CREDIT 2018-2: DBRS Gives Prov. BB Rating on Cl. E Notes
FLAGSTAR 2018-3INV: Fitch Expects to Rate Class B-5 Certs 'Bsf'
FLAGSTAR TRUST 2018-3INV: Moody's Rates Class B-4 Debt '(P)Ba2'
GOLD KEY 2014-A: DBRS Confirms 'BB' Rating on Class C Notes
GSMS 2017-GS6: Fitch Says Redlands Towne Center Loan Risky

HERTZ VEHICLE: DBRS Confirms Rating of 42 Sec. Issued by 11 Series
HILLMARK FUNDING: Moody's Affirms Class D Notes at Ba3
HOUSE MOSAIC: Azulon Buying All Real Estate Holdings for $1.4M
JAMES PASCUCCI: Browns Buying Calabasas Property for $1.8 Million
JP MORGAN 2014-FL6: S&P Affirms B (sf) Rating on Class PHW2 Certs

JP MORGAN 2015-MAR7: S&P Affirms 'B (sf)' Rating on Class F Certs
JP MORGAN 2015-UES: S&P Affirms 'B-' (sf) Rating on Class F Certs
JP MORGAN 2018-PTC: S&P Assigns BB (sf) Rating on Class E Certs
JPMCC 2000-C9: Moody's Affirms Class J & X Certs at 'C'
JPMCC 2003-CIBC6: Moody's Affirms 'C' Rating on Class M Notes

JPMCC 2010-C1: Moody's Affirms Class E & X-B Certs at 'C'
LB UBS 2005-C2: Moody's Affirms Class E Certs at 'Ca'
LENDMARK FUNDING 2018-1: S&P Assigns BB(sf) Rating on Cl. D Notes
MAGNETITE VIII: Moody's Assigns B3 Rating on Class F-R2 Notes
MAPS 2018-1: S&P Assigns BB (sf) Rating on $36.5MM Class C Notes

MARATHON CLO VI: S&P Assigns BB- (sf) Rating on Class D-R2 Notes
MCF CLO VIII: S&P Assigns Prelim BB- (sf) Rating on Class E Notes
MD CUSTOMS: Gillani Buying Atlanta Commercial Property for $645K
MERRILL 2007-CANADA 21: DBRS Confirms B Rating on 3 Note Classes
MID-SOUTH GEOTHERMAL: Selling 2001 Schramm Rotodrill Rig for $160K

MORGAN STANLEY 2017-C33: DBRS Confirms BB Rating on Class F Certs
MP CLO VIII: Moody's Assigns Ba3 Rating on $25MM Class E-R Notes
N-STAR VI: Fitch Places 6 Classes of Debt on Rating Watch Positive
N-STAR VIII: Fitch Cuts Rating on $39MM Notes to 'CCsf'
OHA CREDIT XII: S&P Assigns Prelim 'B-' (sf) Rating on F-R Notes

OZLM XX: Moody's Assigns Ba3 Rating on $20,250,000 Class D Notes
PSMC 2018-2: DBRS Assigns Prov. 'BB' Rating on Class B-4 Certs
REGATTA XI: Moody's Assigns (P)Ba3 Rating on $24,500,000 Notes
RESIDENTIAL REINSURANCE 2018-I: S&P Rates Class 13 Notes 'B(sf)'
SARANAC CLO III: $24MM Class E-R Notes Get Moody's Ba3 Rating

SATURNS SPRINT 2003-2: S&P Puts 'B' Rating on $30MM Notes on Watch
SCF EQUIPMENT 2018-1: Moody's Gives (P)B1 Rating on Class F Notes
STACR 2018-HRP1: Fitch to Assign 'BB' Rating on 18 Class M Notes
STEELE CREEK 2018-1: Moody's Assigns Ba3 Rating on Class E Notes
TCW CLO 2018-1: S&P Assigns BB- (sf) Rating on $16MM Class E Notes

TIAA 2007-C4: Fitch Affirms 16 Classes of Pass-Thru Certificates
TRAPEZA CDO XII: Moody's Hikes Ratings on $47MM Notes to Caa2
UBSCM 2017-C1: Fitch Affirms 'B-' Rating on Class F-RR Notes
WARWICK PROPERTIES: Sackley Buying Arroyo Grande Property for $1.2M
WBCMT 2005-C17: Moody's Affirms Junk Ratings on 5 Cert. Classes

WELLFLEET 2016-1: Moody's Assigns Ba3 Rating on Class E-R Notes
WESTLAKE AUTOMOBILE 2018-2: S&P Gives B+(sf) Rating on Cl. F Notes
WFCM 2010-C1: Moody's Affirms Class E Certs at Ba2
WFCM 2016-C34: Fitch Affirms Class E Certs at 'BB-sf'
WFRBS 2013-C12: Fitch Affirms Class F Certs at 'Bsf'

[*] DBRS Reviews 269 Classes From 42 US ReREMICS
[*] Moody's Hikes Ratings on 10 Tranches from 8 CES RMBS Loans
[*] Moody's Upgrades Ratings on 36 Tranches from 4 CRT RMBS Deals
[*] S&P Takes Various Actions on 116 Classes from 25 US RMBS Deals
[*] S&P Takes Various Actions on 211 Classes From 43 US RMBS Deals


                            *********

ANTARES CLO 2018-1: S&P Assigns BB- (sf) Rating on Class E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 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 ratings reflect:

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

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

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

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

  RATINGS ASSIGNED
  Antares CLO 2018-1 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 XLVIII: S&P Assigns Prelim BB- (sf) Rating on $17.5MM Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Ares XLVIII
CLO Ltd./Ares XLVIII CLO LLC's $422.00 million floating-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 May 11,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade 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
  Ares XLVIII CLO Ltd./Ares XLVIII CLO LLC
  Class                 Rating           Amount
                                        (mil. $)
  A-1                   AAA (sf)         290.00
  A-2                   NR                35.00
  B                     AA (sf)           47.50
  C (deferrable)        A (sf)            36.00
  D (deferrable)        BBB- (sf)         31.00
  E (deferrable)        BB- (sf)          17.50
  Subordinated notes    NR                55.75

  NR--Not rated.


ASHFORD 2018-ASHF: S&P Gives B-(sf) Rating on $743.6 Million Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Ashford Hospitality
Trust 2018-ASHF's $743.6 million commercial mortgage pass-through
certificates series 2018-ASHF.

The note issuance is a commercial mortgage-backed securities
transaction backed by one, two-year, floating-rate, interest-only
commercial mortgage loan totaling $782.7 million with five,
one-year extension options, secured by cross-collateralized and
cross-defaulted mortgages, on the borrowers' fee and leasehold
interests in 22 hotels, 12 full-service, nine limited-service, and
one extended-stay hotels.

The ratings reflect S&P's view of the collateral's historical and
projected performance, the sponsor's and managers' experience, the
trustee-provided liquidity, the loan's terms, and the transaction's
structure.

  RATINGS ASSIGNED
  Ashford Hospitality Trust 2018-ASHF  
  Class               Rating(i)             Amount ($)
  A                   AAA (sf)             243,105,000
  X-CP                BBB- (sf)            241,585,000(ii)
  X-EXT               BBB- (sf)            241,585,000(ii)
  B                   AA- (sf)              88,635,000
  C                   A- (sf)               65,930,000
  D                   BBB- (sf)             87,020,000
  E                   BB- (sf)             137,275,000
  F                   B- (sf)              121,600,000
  RR interest(iii)    NR                    39,135,000

(i)The issuer will issue the certificates to qualified
institutional buyers in line with Rule 144A of the Securities Act
of 1933.

(ii)Notional balance. The notional amount of the class X-CP and
X-EXT certificates will be reduced by the aggregate amount of
principal distributions and realized losses allocated to the class
B, C, and D certificates.

(iii)Eligible vertical risk retention interest.

NR--Not rated.


ATLAS SENIOR IV: S&P Assigns Prelim B Rating on $13,500,000 Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1L-RR, A-2L-RR, A-3L-RR, B-1L-RR, B-2L-R, and B-3L-R replacement
notes from Atlas Senior Loan Fund IV Ltd., a collateralized loan
obligation (CLO) originally issued in 2014 that Crescent Capital
Group L.P. manages.

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 May 10,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the May 15, 2018, refinancing date, the proceeds from the
issuance of the replacement notes are expected to redeem the
original notes. S&P said, "At that time, we anticipate withdrawing
the ratings on the original notes and assigning ratings to the
replacement notes. However, if the refinancing doesn't occur, we
may affirm the ratings on the original notes and withdraw our
preliminary ratings on the replacement notes."

Because this transaction exited its reinvestment period on Feb. 15,
2018, and this refinancing is expected to occur on the upcoming
payment date, the principal proceeds available on the May 15, 2018,
payment date are expected to partially paydown the senior class
A-1L-R noteholders at the time of the refinancing. This class will
subsequently be redeemed with the proceeds of the respective
replacement class issuance. The notional balance of the replacement
class A-1L-RR notes will be issued at par after giving credit to
this senior paydown.

  REPLACEMENT AND ORIGINAL NOTE ISSUANCES

  Replacement Notes
  Class                Amount    Interest
                     (mil. $)    rate (%)
  A-1L-RR              226.80    LIBOR + 0.69
  A-2L-RR               44.70    LIBOR + 1.30
  A-3L-RR               44.70    LIBOR + 1.70
  B-1L-RR               32.90    LIBOR + 2.60
  B-2L-R                23.50    LIBOR + 4.90
  B-3L-R                13.50    LIBOR + 6.00

  Original Notes
  Class                Amount    Interest
                     (mil. $)    rate (%)
  A-1L-R               311.80    LIBOR + 0.98
  A-2L-R                44.70    LIBOR + 1.45
  A-3L-R                44.70    LIBOR + 1.95
  B-1L-R                32.90    LIBOR + 3.50
  B-2L                  23.50    LIBOR + 4.70
  B-3L                  13.50    LIBOR + 6.00

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

  Atlas Senior Loan Fund IV Ltd.
  Replacement class         Rating      Amount (mil. $)
  A-1L-RR                   AAA (sf)             226.80
  A-2L-RR                   AA (sf)               44.70
  A-3L-RR                   A (sf)                44.70
  B-1L-RR                   BBB (sf)              32.90
  B-2L-R                    BB- (sf)              23.50
  B-3L-R                    B (sf)                13.50

  Other outstanding class
  Class                     Rating      Amount (mil. $)
  Subordinate notes         NR                    46.59

  NR--Not rated.


ATLAS SENIOR IV: S&P Assigns Prelim B(sf) Rating on B-3L-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
A-1L-RR, A-2L-RR, A-3L-RR, B-1L-RR, B-2L-R, and B-3L-R notes from
Atlas Senior Loan Fund IV Ltd., a collateralized loan obligation
(CLO) originally issued in 2014 that Crescent Capital Group L.P.
manages. S&P withdrew its ratings on the original class A-1L-R,
A-2L-R, A-3L-R, B-1L-R, B-2L, and B-3L notes following payment in
full on the May 15, 2018, refinancing date.

On the May 15, 2018, refinancing date, the proceeds from the class
A-1L-RR, A-2L-RR, A-3L-RR, B-1L-RR, B-2L-R, and B-3L-R replacement
note issuances were used to redeem the original class A-1L-R,
A-2L-R, A-3L-R, B-1L-R, B-2L, and B-3L notes as outlined in the
transaction document provisions. Therefore, S&P withdrew its
ratings on the original notes in line with their full redemption,
and it is assigning ratings to the replacement notes.

The replacement notes have been issued via a supplemental indenture
that outlined the terms of the replacement notes. Because this
transaction exited its reinvestment period on Feb. 15, 2018, and
this refinancing occurred on the subsequent payment date, the
principal proceeds available on the May 15, 2018, payment date were
used to partially pay down the senior class A-1L-R noteholders at
the time of the refinancing. This class was then redeemed with the
proceeds of the respective replacement class issuance. The notional
balance of the replacement class A-1L-RR notes was issued at par
after giving credit to this pay down on the senior class.

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

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

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

  RATINGS ASSIGNED

  Atlas Senior Loan Fund IV Ltd.
  Replacement class          Rating       Amount (mil. $)
  A-1L-RR                    AAA (sf)              226.80
  A-2L-RR                    AA (sf)                44.70
  A-3L-RR                    A (sf)                 44.70
  B-1L-RR                    BBB (sf)               32.90
  B-2L-R                     BB- (sf)               23.50
  B-3L-R                     B (sf)                 13.50

  Other outstanding class    Rating       Amount (mil. $)
  Subordinate notes          NR                     46.59

  RATINGS WITHDRAWN

  Atlas Senior Loan Fund IV Ltd.
                             Rating
  Original class       To              From
  A-1L-R               NR              AAA (sf)
  A-2L-R               NR              AA (sf)
  A-3L-R               NR              A (sf)
  B-1L-R               NR              BBB (sf)
  B-2L                 NR              BB- (sf)
  B-3L                 NR              B (sf)

  NR--Not rated.


BACM 2004-5: Moody's Affirms 'C' Rating on Class XC Notes
---------------------------------------------------------
Moody's Investors Service has affirmed the ratings on five classes
in Banc of America Commercial Mortgage Inc. Commercial Mortgage
Pass-Through Certificates, Series 2004-5 as follows:

Class H, Affirmed Aa2 (sf); previously on May 25, 2017 Affirmed Aa2
(sf)

Class J, Affirmed Baa1 (sf); previously on May 25, 2017 Affirmed
Baa1 (sf)

Class K, Affirmed B3 (sf); previously on May 25, 2017 Affirmed B3
(sf)

Class L, Affirmed Caa3 (sf); previously on May 25, 2017 Affirmed
Caa3 (sf)

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

RATINGS RATIONALE

The ratings on four 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 was affirmed based on the credit quality
of its referenced classes.

Moody's rating action reflects a base expected loss of 23.5% of the
current pooled balance, compared to 0% at Moody's last review.
Moody's base expected loss plus realized losses is now 2.3% of the
original pooled balance, compared to 1.9% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating Banc of America Commercial
Mortgage Inc. Commercial Mortgage Pass-Through Certificates, Series
2004-5, Class H, Class J, Class K, and Class L was "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in July 2017. The methodologies used in rating Banc
of America Commercial Mortgage Inc. Commercial Mortgage
Pass-Through Certificates, Series 2004-5, Class XC were "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in July 2017 and "Moody's Approach to Rating
Structured Finance Interest-Only (IO) Securities" published in June
2017.

DEAL PERFORMANCE

As of the April 10, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $21.7 million
from $1.4 billion at securitization. The certificates are
collateralized by 2 mortgage loans.

Ten loans have been liquidated from the pool, resulting in an
aggregate realized loss of $26.5 million. There are no loans
currently in special servicing.

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 137.3%, compared to 92.5% 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 41.3% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.11%.

The largest remaining loan is the L'Oreal Warehouse Loan ($16.9
million -- 78% of the pool), which is secured by a 649,250 square
foot (SF) mixed-use office and warehouse building that is 100%
leased to L'Oreal through October 2019. Built to suit in 2004 for
L'Oreal, the property has 51 overhead doors, 40 trailer parking
spots and has good access to major highways connecting to
Cleveland, Youngstown, Akron, Ohio and Pittsburgh, Pennsylvania.
The L'Oreal lease expires within one month of the loan's maturity
date. The loan has amortized 16% since securitization. Due to the
single tenant exposure, Moody's incorporated a lit/dark analysis.

The other remaining loan is the Country Club Ridge Loan ($4.8
million -- 22% of the pool), which is secured by a 247-unit co-op
property in Hartsdale, Westchester County, New York. The loan has
amortized 13% since securitization. Moody's LTV and stressed DSCR
are 64.8% and 1.58X, respectively, compared to 66.1% and 1.55X at
last review. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.


BACM 2005-1: Fitch Affirms Class B Certs at 'Bsf', Outlook Neg.
---------------------------------------------------------------
Fitch Ratings has affirmed 13 classes of Banc of America Commercial
Mortgage Inc., commercial mortgage pass-through certificates,
series 2005-1 (BACM 2005-1).

KEY RATING DRIVERS

Concentrated Pool; Largest Loan in Special Servicing: The pool is
highly concentrated with only two of the original 140 loans
remaining. Since Fitch's last review, the real-estate owned Indian
River Mall & Commons asset was liquidated with realized losses that
were in-line with Fitch's expectations. The affirmations reflect
sufficient credit enhancement relative to expected losses. The
Negative Outlook on Class B reflects the uncertainty of the loan's
workout and disposition timing.

The largest remaining loan, The Mall at Stonecrest (96.9% of pool
balance), is secured by a leasehold interest on a 405,054 square
feet (sf) portion of a 1.2 million sf regional mall located in
Lithonia, GA, approximately 20 miles east of downtown Atlanta. The
loan transferred to special servicing in January 2013 for imminent
payment default and was subsequently modified in June 2015. The
modification extended the maturity date to October 2015 and
provided a 12-month extension option; loan payments were also
converted to interest-only from July 2015 through maturity. The
loan was not repaid at the extended October 2016 maturity due to
Kohl's vacating its 146,000sf non-collateral store in October 2016
and delays in the opening of two new major tenants, Round 1 (12.3%
of NRA) and H&M (5.1%), which executed leases in 2016. These two
tenants opened in March 2017. As a result, the loan was modified
for a second time in August 2017, which extended the maturity date
for an additional 12 months to August 2018, in exchange for the
sponsor providing $1 million in equity, payment of a modification
fee and reimbursement of all lender collection expenses, which
reduced the principal balance by $1.2 million. The overall mall and
collateral occupancy have continued to decline. As of the September
2017 rent roll, overall mall occupancy declined to 76.1% (from
85.5% one year earlier) after Sears vacated its 145,000sf
non-collateral store in January 2018. Collateral occupancy also
declined to 93.8% from 96% at year-end 2016. Comparable in-line
tenant sales for tenants occupying less than 10,000sf were $468/sf
as of trailing-twelve months November 2017, compared with $467/sf
at year-end 2016 and $456/sf at year-end 2015. The
servicer-reported that year-end 2017 NOI DSCR was 1.11x, compared
with 1.40x at year-end 2016.

The other remaining loan (3.1% of pool) is secured by a 13,824sf
single-tenant retail property located in Leawood, KS that is
fully-leased by CVS through November 2024. The single tenant's
lease rolls after the loan's February 2020 maturity. Year-end 2017
NOI DSCR was 1.25x.

As of the April 2018 distribution date, the pool's aggregate
principal balance has been reduced by 96% to $94.8 million from
$2.4 billion at issuance. Realized losses since issuance total
$192.6 million (8% of original pool balance). Cumulative interest
shortfalls totaling $6.7 million are currently affecting classes D
through P.

RATING SENSITIVITIES
The Negative Outlook on class B reflects downgrade possibility
should The Mall at Stonecrest loan not refinance at its August 2018
maturity and/or realized losses exceed Fitch's expectations.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10
No third-party due diligence was provided or reviewed in relation
to this rating action.

Fitch has affirmed the following classes:

  --$52 million class B at 'Bsf'; Outlook Negative;

  --$20.3 million class C at 'CCsf'; RE 50%;

  --$22.5 million class D at 'Dsf'; RE 0%;

  --$0 class E at 'Dsf'; RE 0%;

  --$0 class F at 'Dsf'; RE 0%;

  --$0 class G at 'Dsf'; RE 0%;

  --$0 class H at 'Dsf'; RE 0%;

  --$0 class J at 'Dsf'; RE 0%;

  --$0 class K at 'Dsf'; RE 0%;

  --$0 class L at 'Dsf'; RE 0%;

  --$0 class M at 'Dsf'; RE 0%;

  --$0 class N at 'Dsf'; RE 0%;

  --$0 class O at 'Dsf'; RE 0%.

The class A-1, A-1A, A-2, A-3, A-4, A-5, A-SB, A-J, SM-A through
SM-H and FM-A through FM-D, FM-B, FM-C and FM-D certificates have
paid in full. Fitch does not rate the class P, SM-J or LM
certificates. Fitch previously withdrew the rating on the
interest-only class XW certificates.


BACM 2005-5: Moody's Downgrades Class G Certs to 'Ca'
-----------------------------------------------------
Moody's Investors Service has affirmed the ratings on four classes
and downgraded the rating on one class in Banc of America
Commercial Mortgage Inc., Commercial Mortgage Pass-Through
Certificates, Series 2005-5 as follows:

Cl. F, Affirmed B1 (sf); previously on May 11, 2017 Affirmed B1
(sf)

Cl. G, Downgraded to Ca (sf); previously on May 11, 2017 Downgraded
to Caa3 (sf)

Cl. H, Affirmed C (sf); previously on May 11, 2017 Downgraded to C
(sf)

Cl. J, Affirmed C (sf); previously on May 11, 2017 Affirmed C (sf)

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

RATINGS RATIONALE

The ratings on Class F was affirmed because the transaction's key
metrics, including Moody's loan-to-value (LTV) ratio, Moody's
stressed debt service coverage ratio (DSCR) and the transaction's
Herfindahl Index (Herf), are within acceptable ranges. The ratings
on Classes H and J were affirmed because the ratings are consistent
with Moody's expected loss.

The rating on Class G was downgraded due to higher realized and
anticipated losses from specially serviced and troubled loans.

The rating on the IO class (Class XC) was affirmed based on the
credit quality of the referenced classes.

Moody's rating action reflects a base expected loss of 68% of the
current pooled balance, compared to 35% at Moody's last review.
Moody's base expected loss plus realized losses is now 6.1% of the
original pooled balance, compared to 5.6% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating Banc of America Commercial
Mortgage Inc. Commercial Mortgage Pass-Through Certificates, Series
2005-5, Cl. F, Cl. G, Cl. H and Cl. J, was "Moody's Approach to
Rating Large Loan and Single Asset/Single Borrower CMBS" published
in July 2017. The methodologies used in rating Banc of America
Commercial Mortgage Inc. Commercial Mortgage Pass-Through
Certificates, Series 2005-5, Cl. XC were "Moody's Approach to
Rating Large Loan and Single Asset/Single Borrower CMBS" published
in July 2017 and "Moody's Approach to Rating Structured Finance
Interest-Only (IO) Securities" published in June 2017.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 12% of the pool is in
special servicing and Moody's has identified an additional troubled
loan representing 83% of the pool. In this approach, Moody's
determines a probability of default for each specially serviced and
troubled loan that it expects will generate a loss and estimates a
loss given default based on a review of broker's opinions of value
(if available), other information from the special servicer,
available market data and Moody's internal data. The loss given
default for each loan also takes into consideration repayment of
servicer advances to date, estimated future advances and closing
costs. Translating the probability of default and loss given
default into an expected loss estimate, Moody's then applies the
aggregate loss from specially serviced and troubled loans to the
most junior class(es) and the recovery as a pay down of principal
to the most senior class(es).

DEAL PERFORMANCE

As of the April 2018 distribution date, the transaction's aggregate
certificate balance has decreased by 96% to $74 million from $1.96
billion at securitization. The certificates are collateralized by
four mortgage loans ranging. One loan, constituting less than 1% of
the pool, has defeased and is secured by US government securities.

Two loans, constituting 88% 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.

Fifteen loans have been liquidated from the pool, contributing to
an aggregate realized loss of $71 million (for an average loss
severity of 21%). One loan, constituting 12% of the pool, is
currently in special servicing. The specially serviced loan is the
Orchard Plaza Loan ($8.7 million -- 12% of the pool), which is
secured by a 186,000 square foot anchored retail property located
in Byron Center, Michigan. The loan transferred to the special
servicer in September 2015 prior to the loan's scheduled maturity
date. The property is now REO following a deed-in-lieu of
foreclosure which was completed in October 2016. The property
includes two dark anchor spaces, including a space leased to Kmart
through October 2019. Kmart closed its store at the property in the
fourth quarter of 2016. Including Kmart, the property was 78%
leased as of March 2018, however actual occupancy was only 16%.
Moody's estimates a high loss severity for the loan in special
servicing.

Moody's has also assumed a high default probability for the
Fireman's Fund Loan loan, constituting 83% of the pool. The loan is
discussed in greater detail below.

As of the April 2018 remittance statement cumulative interest
shortfalls were $3.4 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.

The largest performing non-defeased loan is the Fireman's Fund Loan
($62 million -- 83% of the pool), which is secured by a 710,000
square foot office property located in Novato, California,
approximately 30 miles north of downtown San Francisco. The
property was formerly the corporate headquarters for the Fireman's
Fund Insurance Company which leases 100% of the collateral property
as a single-tenant through November 2018. Fireman's Fund Insurance
Company is now part of the Allianz insurance conglomerate. While
the loan remains current, the tenant has vacated the property and
is not expected to renew its lease at the November lease
expiration. Moody's has identified this as a troubled loan and has
factored a high loss severity into its analysis.

The other performing non-defeased loan is the Washington Square
West Loan ($3 million -- 4% of the pool), which is secured by a
132-unit multifamily property located in Center City Philadelphia,
Pennsylvania. The loan has amortized 20% since securitization and
Moody's LTV and stressed DSCR are 21% and >4.00X, respectively.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.



BAMLL COMM 2015-ASTR: S&P Affirms BB-(sf) Rating on Class E Certs
-----------------------------------------------------------------
S&P Global Ratings affirmed its ratings on seven classes of
commercial mortgage pass-through certificates from BAMLL Commercial
Mortgage Securities Trust 2015-ASTR, a U.S. commercial
mortgage-backed securities (CMBS) transaction.

For the affirmations, S&P's credit enhancement expectations were in
line with the affirmed rating levels.

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

This is a stand-alone (single borrower) transaction backed by a
fixed-rate IO mortgage loan secured by 51 Astor Place, a
385,831-net-rentable-sq.-ft. office property in Manhattan. S&P
said, "Our property-level analysis included a re-evaluation of the
office property that secures the mortgage loan in the trust and
considered the stable servicer-reported net operating income and
occupancy for the past two years (2016 through 2017). We then
derived our sustainable in-place net cash flow, which we divided by
a 6.25% S&P Global Ratings capitalization rate to determine our
expected-case value." This yielded an overall S&P Global Ratings
loan-to-value ratio and debt service coverage (DSC) of 80.8% and
1.77x, respectively, on the trust balance.

According to the April 16, 2018, trustee remittance report, the IO
mortgage loan has a trust and whole loan balance of $273.5 million,
pays an annual fixed interest rate of 4.262%, and matures on July
10, 2027. In addition, the borrower's equity interest in the whole
loan also secures $96.5 million of mezzanine financing. The
borrower also has the one-time right to obtain additional mezzanine
debt on or after July 10, 2023, not to exceed $75 million, that
will be junior and subordinate to the IO mortgage loan and the
existing mezzanine loan. To date, the trust has not incurred any
principal losses.

The master servicer, Wells Fargo Bank N.A., reported a DSC of 1.96x
on the trust balance for the year ended Dec. 31, 2017, and
occupancy was 93.4% according to the Jan. 31, 2018, rent roll.
Based on the January 2018 rent roll, the five largest tenants make
up 79.9% of the collateral's total net rentable area and no
material rollover risk until 2024 (43.9% of the NRA have leases
that expire in 2024).

  RATINGS LIST

  BAMLL Commercial Mortgage Securities Trust 2015-ASTR
  Commercial mortgage pass-through certificates series 2015-ASTR
                               Rating
  Class       Identifier       To            From
  A           05490RAA4        AAA (sf)      AAA (sf)
  X-A         05490RAD8        AAA (sf)      AAA (sf)
  X-B         05490RAG1        A- (sf)       A- (sf)
  B           05490RAK2        AA- (sf)      AA- (sf)
  C           05490RAN6        A- (sf)       A- (sf)
  D           05490RAR7        BBB- (sf)     BBB- (sf)
  E           05490RAU0        BB- (sf)      BB- (sf)


BARINGS 2018-II: Moody's Assigns Ba3 Rating on Class D Notes
------------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
notes issued by Barings CLO Ltd. 2018-II.

Moody's rating action is as follows:

U.S.$2,000,000 Class X Senior Secured Floating Rate Notes due 2030,
Definitive Rating Assigned Aaa (sf)

U.S.$282,500,000 Class A-1A Senior Secured Floating Rate Notes due
2030 (the "Class A-1A Notes"), Definitive Rating Assigned Aaa (sf)

U.S.$37,500,000 Class A-1B Senior Secured Floating Rate Notes due
2030 (the "Class A-1B Notes"), Definitive Rating Assigned Aaa (sf)

U.S.$40,750,000 Class A-2 Senior Secured Floating Rate Notes due
2030 (the "Class A-2 Notes"), Definitive Rating Assigned Aa1 (sf)

U.S.$41,500,000 Class B Secured Deferrable Mezzanine Floating Rate
Notes due 2030 (the "Class B Notes"), Definitive Rating Assigned A2
(sf)

U.S.$30,500,000 Class C Secured Deferrable Mezzanine Floating Rate
Notes due 2030 (the "Class C Notes"), Definitive Rating Assigned
Baa3 (sf)

U.S.$27,250,000 Class D Secured Deferrable Mezzanine Floating Rate
Notes due 2030 (the "Class D Notes"), Definitive Rating Assigned
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."

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.

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.
The portfolio is approximately 80% ramped as of the closing date.

Barings LLC will direct the selection, acquisition and disposition
of the assets on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
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): 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.

Here 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


BATTALION CLO XII: Moody's Assigns Ba3 Rating on Class E Notes
--------------------------------------------------------------
Moody's Investors Service has assigned ratings to eight classes of
notes issued by Battalion CLO XII Ltd.

Moody's rating action is as follows:

U.S.$359,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031 (the "Class A-1 Notes"), Definitive Rating Assigned Aaa (sf)

U.S.$25,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2031
(the "Class A-2 Notes"), Definitive Rating Assigned Aaa (sf)

U.S.$40,000,000 Class B-1 Senior Secured Floating Rate Notes due
2031 (the "Class B-1 Notes"), Definitive Rating Assigned Aa2 (sf)

U.S.$24,500,000 Class B-2 Senior Secured Fixed Rate Notes due 2031
(the "Class B-2 Notes"), Definitive Rating Assigned Aa2 (sf)

U.S.$22,000,000 Class C-1 Mezzanine Secured Deferrable Floating
Rate Notes due 2031 (the "Class C-1 Notes"), Definitive Rating
Assigned A2 (sf)

U.S.$8,250,000 Class C-2 Mezzanine Secured Deferrable Fixed Rate
Notes due 2031 (the "Class C-2 Notes"), Definitive Rating Assigned
A2 (sf)

U.S.$37,500,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class D Notes"), Definitive Rating Assigned
Baa3 (sf)

U.S.$35,750,000 Class E Junior Secured Deferrable Floating Rate
Notes due 2031 (the "Class E Notes"), Definitive Rating Assigned
Ba3 (sf)

The Class A-1 Notes, the Class A-2 Notes, the Class B-1 Notes, the
Class B-2 Notes, the Class C-1 Notes, the Class C-2 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.

Battalion CLO XII 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
first lien senior secured loans and eligible investments, and up to
7.5% of the portfolio may consist of second lien loans and
unsecured loans. The portfolio is approximately 88% ramped as of
the closing date.

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

In addition to the Rated Notes, the Issuer issued 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: $600,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2924

Weighted Average Spread (WAS): 3.00%

Weighted Average Coupon (WAC): 6.50%

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.

Here 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 2924 to 3363)

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-2 Notes: -1

Class B-1 Notes: -2

Class B-2 Notes: -2

Class C-1 Notes: -2

Class C-2 Notes: -2

Class D Notes: -1

Class E Notes: -1

Percentage Change in WARF -- increase of 30% (from 2924 to 3801)

Rating Impact in Rating Notches

Class A-1 Notes: -1

Class A-2 Notes: -1

Class B-1 Notes: -4

Class B-2 Notes: -4

Class C-1 Notes: -4

Class C-2 Notes: -4

Class D Notes: -2

Class E Notes: -1


BENEFIT STREET V-B: S&P Assigns BB- (sf) Rating on Class D Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Benefit Street Partners
CLO V-B Ltd.'s $457.50 million floating notes.

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

The ratings reflect:

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

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

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

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

  RATINGS ASSIGNED

  Benefit Street Partners CLO V-B Ltd./Benefit Street Partners CLO

  V-B LLC
   Class                Rating                  Amount
                                             (mil. $)
  A-1A                 AAA (sf)                310.00
  A-1B                 AAA (sf)                 10.00
  A-2                  AA (sf)                  50.00
  B (deferrable)       A (sf)                   40.00
  C (deferrable)       BBB- (sf)                30.00
  D (deferrable)       BB- (sf)                 17.50
  Subordinated notes   NR                       51.40

  NR--Not rated.


BLUEMOUNTAIN CLO 2015-4: S&P Keeps B- Rating on $10,000,000 Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, B-R,
C-R, D-R, E-R, and F-R replacement notes, as well as to the new
class X-R notes from BlueMountain CLO 2015-4 Ltd., a collateralized
loan obligation (CLO) originally issued in 2016 that is managed by
BlueMountain Capital Management LLC. S&P withdrew its ratings on
the original class A, B, C, D-1, D-2, E, and F notes following
payment in full on the May 10, 2018, refinancing date.

On the May 10, 2018, refinancing date, the proceeds from the class
X-R, A-1-R, A-2-R, B-R, C-R, D-R, and E-R note issuances were used
to redeem the original class A, B, C, D-1, D-2, E, and F notes as
outlined in the transaction document provisions. Therefore, S&P
withdrew its ratings on the original notes in line with their full
redemption, and it is assigning ratings to the replacement notes.

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

-- Issued the replacement notes at different spreads than the
original notes.

-- Extended the stated maturity, reinvestment period, and non-call
periods by 3.25, 3.25, and 2.5 years, respectively.

-- Change the required minimum thresholds for the coverage tests.

-- Used updated S&P Global Ratings' industry classifications,
recoveries, and country groupings for recovery purposes.

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

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

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

  RATINGS ASSIGNED

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

  Replacement class         Rating      Amount (mil. $)
  X-R                       AAA (sf)               3.00
  A-1-R                     AAA (sf)             300.00
  A-2-R                     NR                    20.00
  B-R                       AA (sf)               55.00
  C-R                       A (sf)                35.00
  D-R                       BBB- (sf)             30.00
  E-R                       BB- (sf)              20.00
  F-R                       B- (sf)               10.00
  Subordinated notes        NR                    36.75

  RATINGS WITHDRAWN

  BlueMountain CLO 2015-4 Ltd./BlueMountain CLO 2015-4 LLC
                             Rating
  Original class       To              From
  A                    NR              AAA (sf)
  B                    NR              AA (sf)
  C                    NR              A (sf)
  D-1                  NR              BBB (sf)
  D-2                  NR              BBB (sf)
  E                    NR              BB (sf)
  F                    NR              B (sf)

  NR--Not rated.


CANYON 2018-1: Moody's Assigns (P)Ba3 Rating on Class E Notes
-------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to five
classes of notes to be issued by Canyon CLO 2018-1, Ltd.

Moody's rating action is as follows:

U.S.$320,000,000 Class A Senior Secured Floating Rate Notes due
2031 (the "Class A Notes"), Assigned (P)Aaa (sf)

U.S.$57,500,000 Class B Senior Secured Floating Rate Notes due 2031
(the "Class B Notes"), Assigned (P)Aa2 (sf)

U.S.$25,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031 (the "Class C Notes"), Assigned (P)A2 (sf)

U.S.$32,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031 (the "Class D Notes"), Assigned (P)Baa3 (sf)

U.S.$25,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031 (the "Class E Notes"), Assigned (P)Ba3 (sf)

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

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

RATINGS RATIONALE

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.

Canyon 2018-1 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, cash, and eligible investments,
and up to 10.0% of the portfolio may consist of second lien loans
and unsecured loans. Moody's expects the portfolio to be
approximately 80% ramped as of the closing date.

Canyon CLO Advisors LLC will direct the selection, acquisition and
disposition of the assets on behalf of the Issuer and may engage in
trading activity, including discretionary trading, during the
transaction's 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): 2845

Weighted Average Spread (WAS): 3.10%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 48.0%

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.

Here 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 2845 to 3272)

Rating Impact in Rating Notches

Class A Notes: -1

Class B Notes: -2

Class C Notes: -2

Class D Notes: -1

Class E Notes: -1

Percentage Change in WARF -- increase of 30% (from 2845 to 3699)

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


CAPITALSOURCE 2006-A: Fitch Cuts Rating on $33.2MM Debt to 'Csf'
----------------------------------------------------------------
Fitch Ratings has downgraded one and affirmed seven classes of
CapitalSource Real Estate Loan Trust 2006-A (CapitalSource 2006-A).


KEY RATING DRIVERS

The affirmations to the senior classes reflect sufficient credit
enhancement (CE) relative to Fitch's loss expectations. The ratings
of classes B, C and D were capped to reflect adverse selection and
pool concentration concerns. CapitalSource 2006-A is collateralized
by senior commercial real estate (CRE) debt (97.5% of the pool are
whole loans and A-notes) and residential mortgage-backed securities
bonds (RMBS; 2.5%). The remaining pool consists of 16 assets,
whereby 52.6% by balance is comprised of defaulted loans (22.9%)
and Fitch Loans of Concern (FLOCs; 29.7%). In addition, the largest
three loans account for 77.5% of the pool and are secured either by
non-traditional properties or non-cash flowing properties. The
largest property type concentrations include healthcare (48.7%) and
undeveloped land (41.3%). The RMBS bonds have a weighted-average
Fitch rating of 'B'/'B-'.

The downgrade of class G reflects a greater certainty of loss as
the class' CE has declined due to $88.6 million in realized losses
to the pool since Fitch's last rating action. Three assets were
disposed since the last rating action, including a whole loan
secured by a boutique Atlantic City hotel property that was
liquidated at a full loss, a whole loan secured by a mixed-use
development in Park City, UT that was liquidated at a significant
loss and a whole loan secured by a portfolio of office properties
in Houston, TX that was repaid in full.

The distressed ratings of classes E through J were based upon a
deterministic analysis that considers Fitch's base case loss
expectation for the pool and the current percentage of defaulted
loans and FLOCs, factoring in anticipated recoveries relative to
each class' CE.

Fitch's base case loss expectation is 45.7%. Since the last rating
action and as of the April 2018 trustee report, principal paydowns
totaled $28.3 million from asset dispositions and amortization. All
interest coverage tests were passing. The class A/B
overcollateralization (OC) and class C/D/E OC tests passed, but the
class F/G/H OC test failed. Classes G, H and J are capitalizing
their missed interest.

The largest loan (44.9% of pool) is comprised of 22
cross-collateralized and cross-defaulted loans secured by a
portfolio of 28 healthcare properties totaling 2,070 beds, which
include nine assisted living facilities and 19 skilled nursing
facilities, located primarily in secondary markets across the state
of Indiana. The properties in the portfolio are included in a
master lease agreement and managed by Miller's Health Systems. The
initial term of this master lease agreement expired at the end of
June 2017. The tenant exercised its purchase option available at
the end of the initial term and discussions are reportedly in
progress on settlement terms. The interest-only loan matures in
September 2021. The TTM December 2017 occupancy for the portfolio
was approximately 72%, down slightly from 74% the prior year.

The largest contributor to Fitch's loss expectation is the second
largest loan (17.3%), which is secured by over 6,000 acres of
undeveloped land located in Edgewater and New Smyrna Beach, FL. The
borrower's initial business plan was to develop single-family homes
and commercial space; however, the plan stalled during the market
downturn in 2008. The land is heavily forested and consists of
wetlands; therefore, only a portion of the land is developable.
Debt service on this loan was previously funded with revenue from
timber operations at the property and through timber reserves
transferred as debt service reserves. These reserves were depleted
in 2012, and shortly afterward, the borrower agreed to transfer the
property to the lender in lieu of foreclosure. A deed in lieu was
completed in May 2013. Fitch modeled a full loss on this loan in
its base case scenario.

The second largest contributor to Fitch's loss expectation is the
third largest loan (15.3%), which is secured by over 2,000 acres of
undeveloped land located in the Pocono Mountains of Pennsylvania.
The borrower's initial business plan included the development of
the site with retail and multifamily; however, the plan stalled
because of the economic downturn. The lender is currently pursing
foreclosure. The Pocono real estate market is struggling with
little development in the area. Fitch modeled a full loss on this
loan in its base case scenario.

This transaction was analyzed according to the 'Surveillance
Criteria for U.S. CREL CDOs', which applies stresses to property
cash flows and debt service coverage ratio tests to project future
default levels for the underlying portfolio. Recoveries are based
on stressed cash flows and Fitch's long-term capitalization rates.
Cash flow modeling was not performed as it would provide no
additional analytical value given the derived rating default rates
provide little distinction among the various rating stresses.

CapitalSource 2006-A was initially issued as a $1.3 billion CRE
collateralized debt obligation (CDO) managed by CapitalSource
Finance, LLC (CapitalSource), a subsidiary of CapitalSource, Inc.
In 2010, NS Advisors II, LLC (NS Advisors) became the delegated
collateral manager for the CDO under the delegation provisions of
the indenture. All collateral manager responsibilities and fees
were delegated to NS Advisors at that time. In addition, an
amendment to the servicing agreement replaced the special servicer
of the CDO with NS Servicing, LLC (NS Servicing). NS Servicing
assumed all rights, interests, duties, and obligations as special
servicer under the servicing agreement previously held by
CapitalSource. NS Advisors was previously a wholly-owned subsidiary
of NorthStar Realty Finance Corp. (NRF). In January 2017, NRF,
along with Northstar Asset Management, merged with Colony Capital,
Inc. to form Colony Northstar Inc.

RATING SENSITIVITIES

The Stable Rating Outlook on classes B and C reflect their high
credit enhancement relative to Fitch's modeled loss expectations
and expected continued paydowns. Future upgrades may be possible,
but limited due to increasing pool concentrations, with continued
paydown and better than expected recoveries on the remaining
assets. Distressed classes D through J may be subject to downgrade
should loan performance decline, if realized losses exceed Fitch's
expectations and/or should further losses be realized.

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

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

Fitch has downgraded the following class:

  --$33.2 million class G to 'Csf' from 'CCsf'; RE 0%.

In addition, Fitch has affirmed the following classes:

  --$47.7 million class B at 'BBsf'; Outlook Stable;

  --$62.4 million class C at 'Bsf'; Outlook Stable;

  --$30.2 million class D at 'CCCsf'; RE 100%;

  --$30.2 million class E at 'CCCsf'; RE 100%;

  --$26.7 million class F at 'CCsf'; RE 0%;

  --$31.7 million class H at 'Csf'; RE 0%;

  --$49.8 million class J at 'Csf'; RE 0%.

Class A-2A, A-1A, A-1R and A-2B notes have paid in full.


CARLYLE C17 CLO: Moody's Assigns Ba3 Rating on $8,500,000 ER Notes
------------------------------------------------------------------
Moody's Investors Service has assigned ratings to eight classes of
refinancing notes issued by Carlyle C17 CLO, Ltd.:

Moody's rating action is as follows:

U.S.$4,000,000 Class X-R Amortizing Floating Rate Notes Due 2031
(the "Class X-R Notes"), Assigned Aaa (sf)

U.S.$224,000,000 Class A-1A-R Floating Rate Notes Due 2031 (the
"Class A-1A-R Notes"), Assigned Aaa (sf)

U.S.$28,000,000 Class A-1B-R Floating Rate Notes Due 2031 (the
"Class A-1B-R Notes"), Assigned Aaa (sf)

U.S.$47,500,000 Class A-2-R Floating Rate Notes Due 2031 (the
"Class A-2-R Notes"), Assigned Aa2 (sf)

U.S.$21,500,000 Class B-R Deferrable Floating Rate Notes Due 2031
(the "Class B-R Notes"), Assigned A2 (sf)

U.S.$24,500,000 Class C-R Deferrable Floating Rate Notes Due 2031
(the "Class C-R Notes"), Assigned Baa3 (sf)

U.S.$22,000,000 Class D-R Deferrable Floating Rate Notes Due 2031
(the "Class D-R Notes"), Assigned Ba3 (sf)

U.S.$8,500,000 Class E-R Deferrable Floating Rate Notes Due 2031
(the "Class E-R Notes"), Assigned B3 (sf)

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

Carlyle CLO Management L.L.C. manages the CLO. It directs the
selection, acquisition, and disposition of collateral on behalf of
the Issuer.

RATINGS RATIONALE

Moody's ratings on the Refinancing 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.

The Issuer has issued the Refinancing Notes on May 10, 2018 (the
"Refinancing Date") in connection with the refinancing of all
classes of the secured notes (the "Refinanced Original Notes")
previously issued on February 21, 2013 (the "Original Closing
Date"). On the Refinancing Date, the Issuer used proceeds from the
issuance of the Refinancing Notes to redeem in full the Refinanced
Original Notes.

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

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

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

Performing par and principal proceeds balance: $400,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2916

Weighted Average Spread (WAS): 3.35%

Weighted Average Coupon (WAC): 7.25%

Weighted Average Recovery Rate (WARR): 47.5%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

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

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

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

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 Refinancing Notes. This
sensitivity analysis includes increased default probability
relative to the base case.

Here is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the Refinancing
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% (2916 to 3353)

Rating Impact in Rating Notches

Class X-R Notes: 0

Class A-1A-R Notes: 0

Class A-1B-R Notes: -1

Class A-2-R Notes: -2

Class B-R Notes: -2

Class C-R Notes: -1

Class D-R Notes: -1

Class E-R Notes: -2

Percentage Change in WARF -- increase of 30% (2916 to 3791)

Rating Impact in Rating Notches

Class X-R Notes: 0

Class A-1A-R Notes: -1

Class A-1B-R Notes: -3

Class A-2-R Notes: -4

Class B-R Notes: -4

Class C-R Notes: -2

Class D-R Notes: -1

Class E-R Notes: -4


CATCH 22 LINY: Starfish Buying All Assets for $1.7 Million
----------------------------------------------------------
Catch 22 LINY Corp. asks the U.S. Bankruptcy Court for the Eastern
District of New York to approve the bidding procedures in
connection with the sale of substantially all assets to Starfish
Investor, LLC for $1.7 million, subject to overbid.

The hearing on the Motion is set for June 4, 2018 at 1:30 p.m.
(EST).  The objection deadline is May 28, 2018 at 4:00 p.m.  

Since the bankruptcy filing, the Debtor has been operating and
attempting to consummate a sale to a third party.  It was delayed
in finalizing any sale because of an action to terminate the Leases
which was filed by the Landlord in May 2017.  The attempt by the
Landlords to have the Leases deemed terminated pre-petition,
involved extensive litigation.  The trial on the Landlords' motion
concluded on Jan. 25, 2018 and an Order awarding judgment in favor
of the Debtor -- and finding that the Leases were not terminated --
was entered by the Court on April 23, 2018.  The Debtor now
proposes to conclude the sale of its assets subject to the
conditions set forth in the Sale Agreement.

By Order dated April 2, 2018, the Court approved the Debtor's
Disclosure Statement, and, on April 3, 2018, the Debtor served its
Modified Plan of Reorganization Dated March 28, 2018 and
solicitation package on all creditors and parties in interest.

Pursuant to the Plan, the Debtor intends to sell its business and
its assets to a group consisting of the Debtor's current management
team of Roy Feicco and Domenico Vecchie and Starfish  which is
owned by Catherine Quadrozzi, for $1.7 million subject to higher
and better offers at an auction sale.  Pursuant to the Plan, the
Leases are to be assumed by the Debtor and assigned to the Stalking
Horse in connection with the Sale.

Pursuant to the Sale Agreement, the Purchaser will acquire the
Purchased Assets including but not limited to, the Leases, the name
"Reel" and any trademarks or service marks related thereto; any
customer lists; all liquor and nonperishable food; all furniture
and fixtures; all glassware, flatware, dishes and bar related
implements and utensils; all computers, reservation and billing
hardware and software, including the POS system; the Leases and the
Debtor's possessory and tenancy interest in the Premises and, to
the extent assignable, the Debtor's liquor license.

In exchange for the Purchased Assets, the Purchaser will (i) pay a
purchase price of $1.7 million to the estate with an initial
payment of $140,000; (ii) deliver a secured promissory note to the
Debtor in the initial principal amount of $1,560,000, secured by a
lien on the Purchased Assets; and (iii) assume and indemnify the
Debtor and the estate against all non-professional administrative
liabilities attributable to the operation of the Debtor's business
incurred on or after the date of closing.  

The Note has a seven-year term and is payable by an initial
installment of $18,538 and 73 installments thereafter in the
amounts annexed to the Note as Schedule A, commencing on or around
the 30th day following the initial payment.  If there is a default,
the Note bears interest at the rate of 10% percent per annum, which
begins to accrue and becomes payable only upon a default and after
a cure period.

The Purchase Price is exclusive of the $150,000 advance the
Stalking Horse has deposited with the Debtor since Jan. 30, 2018.
But for these advances, the Debtor would not have been able to
maintain its operations and very likely would not have reopened and
would have been forced to convert to Chapter 7.

The Debtor asks approval of the Break-Up fee set forth in the Sale
Agreement in the amount of $150,000.  This is for actual funds
advanced to the Debtor and not any attorneys' fees or other costs
or benefits to the Stalking Horse.  But for the Stalking Horse and
its commitment to the Debtor and the transaction, there would be no
going concern business for a competing bidder to bid on.  The
Debtor believes that it is more than fair that a the successful
bidder reimburse the Stalking Horse's investment in the Debtor so
that the Stalking Horse comes out whole notwithstanding that there
are other costs, time, and effort and reasonable attorneys fees
that the Stalking Horse would not recoup.

The sale is required to close no later than 10 business days after
entry of the Sale Order.

Further, in order to ensure that that the sale is the estate's best
opportunity to maximize value for the benefit of its creditors, the
Debtor will consider any higher or better offers than the offer of
the Purchaser set forth in the Sale Agreement at Auction if such
Pre-Qualified Bidder registers as a Qualified Bidder by 6:00 p.m.
on June 4, 2018, and complies with the procedures set forth in the
Sales Procedures filed concurrently with the Sale Procedures
Motion.

The salient terms of the Bidding Procedures are:

     a. The Purchased Assets: Substantially all assets of the
Debtor

     b. Determination of Pre-Qualified Bidder Status: June 4, 2018,
at 4:00 p.m. (EST)

     c. Deposit: $50,000

     d. The Opening Bid: At least $50,000 more than $1.7 million on
the same or better terms as payment of the Purchase Price under the
Court approved Stalking Horse Sale Agreement

     e. Break-Up Fee: $150,000

     f. Assignment of Leases: The cure amount of $42,945 for the
Leases

     g. Auction: A live auction for the Purchased Assets will be
held on June 5, 2018 at 11:00 a.m. (ET) at the law offices of
McBreen & Kopko, 500 North Broadway, Suite 129, Jericho, New York.

     h. Closing Date: The Closing will occur on a date determined
by the Debtor which will be no later than seven days following the
entry of the Sale Approval Order.

     i. Sale Hearing: June 6, 2018 at 1:30 p.m. (ET)

A copy of the Agreement and the Bidding Procedures attached to the
Motion is available for free at:

    http://bankrupt.com/misc/Catch_22_163_Sales.pdf

The Debtor will sell the Purchased Assets in "as is" and "where is"
condition, with no representations or warranties, free and clear of
all liens, claims, and encumbrances.

The Debtor believes that the sale to the Purchaser is in the best
interests of the Debtor and its estate.  The proposed sale
represents the only viable offer it has received to date for the
purchase of the Purchased Assets and therefore the best opportunity
to maximize the value of the Purchased Assets.

The Debtor is asking that the stay under Bankruptcy Rule 6004(h) be
waived and that there be no stay of execution of the Sale Order
under Bankruptcy Rule 7062.

The Purchaser is represented by:

     REZNICK LAW, PLLC
     135 East 57th St.
     16th Floor
     New York, NY 10022

                  About Catch 22 LINY Corp.

Catch 22 LINY Corp. is a corporation incorporated under the laws of
the State of New York with a restaurant business located at 1 Main
Street and 99 Ocean Avenue, East Rockaway, New York.

An involuntary petition (Bankr. E.D.N.Y. Case No. 16-75160) was
filed against Catch 22 LINY Corp., dba Reel, under Chapter 11 of
the Bankruptcy Code on Nov. 5, 2016.  The petition was filed by
Anthony Chiodi, Willys Fish Corporation and Westbury Fish Co.,
Inc.

By answer dated Nov. 29, 2016, the Debtor consented to the entry of
an order for relief under Chapter 11 and on Dec. 2, the Court
entered an Order for Relief.

The case is assigned to Judge Robert E. Grossman.

The Debtor is represented by Robert J. Spence, Esq., at Spence Law
Office, P.C.  The Debtor hired E. Knice, CPA, P.C., as accountant.

The petitioners are represented by Joseph M. Mattone, Esq., at
Mattone, Mattone, Mattone, LLP.

An Official Committee of Unsecured Creditors has not been appointed
by the Office of the United States Trustee and a trustee or
examiner has not been appointed in this case.

The Debtor withdrew its designation/election as a "small business
debtor" on May 31, 2017.


CHENANGO PARK: S&P Assigns B- (sf) Rating on $7.5MM Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Chenango Park CLO
Ltd./Chenango Park CLO LLC's $449.50 million floating-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 ratings reflect:

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

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

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

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

  RATINGS ASSIGNED
  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.


CIFC FUNDING 2013-IV: Moody's Rates Class F-RR Notes '(P)Ba3'
-------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to eight
classes of CLO refinancing notes to be issued by CIFC Funding
2013-IV, Ltd.

Moody's rating action is as follows:

U.S.$5,000,000 Class X-RR Senior Secured Floating Rate Notes due
2031 (the "Class X-RR Notes"), Assigned (P)Aaa (sf)

U.S.$305,000,000 Class A-1-RR Senior Secured Floating Rate Notes
due 2031 (the "Class A-1-RR Notes"), Assigned (P)Aaa (sf)

U.S.$15,000,000 Class A-2-RR Senior Secured Floating Rate Notes due
2031 (the "Class A-2-RR Notes"), Assigned (P)Aaa (sf)

U.S.$59,000,000 Class B-RR Senior Secured Floating Rate Notes due
2031 (the "Class B-RR Notes"), Assigned (P)Aa2 (sf)

U.S.$23,500,000 Class C-RR Mezzanine Secured Deferrable Floating
Rate Notes due 2031 (the "Class C-RR Notes"), Assigned (P)A2 (sf)

U.S.$31,500,000 Class D-RR Mezzanine Secured Deferrable Floating
Rate Notes due 2031 (the "Class D-RR Notes"), Assigned (P)Baa3
(sf)

U.S.$26,000,000 Class E-RR Junior Secured Deferrable Floating Rate
Notes due 2031 (the "Class E-RR Notes"), Assigned (P)Ba3 (sf)

U.S.$6,250,000 Class F-RR Junior Secured Deferrable Floating Rate
Notes due 2031 (the "Class F-RR Notes"), Assigned (P)B3 (sf)

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

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

CIFC Asset Management LLC will manage the CLO. It will direct the
selection, acquisition, and disposition of collateral on behalf of
the Issuer.

RATINGS RATIONALE

Moody's provisional ratings on the Refinancing 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.

The Issuer intends to issue the Refinancing Notes on May 29, 2018
in connection with 1) the refinancing of the Class A-1R, A-2R,
B1-R, B-2R C-1R, C-2R, C-3R and D-R of secured notes, previously
issued on February 27, 2017 and 2) the refinancing of the Class X
and E secured notes, previously issued on November 14, 2013. On the
Refinancing Date, the Issuer will use proceeds from the issuance of
the Refinancing Notes to redeem in full the the Existing Notes and
Original Notes. On the Original Closing Date, the Issuer also
issued one class of subordinated notes that will remain
outstanding.

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

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

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

Par amount: $500,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2786

Weighted Average Spread (WAS): 3.10%

Weighted Average Coupon (WAC): 6.00%

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

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 Refinancing Notes. This
sensitivity analysis includes increased default probability
relative to the base case.

Here is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the Refinancing
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% (2786 to 3204)

Rating Impact in Rating Notches

Class X-RR Notes: 0

Class A-1-RR Notes: 0

Class A-2-RR Notes: -1

Class B-RR Notes: -2

Class C-RR Notes: -2

Class D-RR Notes: -1

Class E-RR Notes: -1

Class F-RR Notes: -1

Percentage Change in WARF -- increase of 30% (2786 to 3622)

Rating Impact in Rating Notches

Class X-RR Notes: 0

Class A-1-RR Notes: -1

Class A-2-RR Notes: -3

Class B-RR Notes: -4

Class C-RR Notes: -4

Class D-RR Notes: -2

Class E-RR Notes: -1

Class F-RR Notes: -4


CLUB DEPORTIVO: Fundacien Buying All Assets for $800K
-----------------------------------------------------
Club Deportivo De Ponce, Inc., doing business as Actividades
Especiales, asks the U.S. Bankruptcy Court for the District of
Puerto Rico to approve sale of substantially all assets, including
it land, remaining buildings and work of arts, to Fundacien for
$800,000.

On March 2, 2017, Condado 5, LLC, as successor of the Economic
Development Bank for Puerto Rico ("EDB") filed the motion stating
having acquired EDB's credit against Debtor, submitting the
transfer of EDB's claim thereto for $1,008,822.  On June 2, 2017,
Condado asked the reopening of the captioned case, submitting as
cause therefor the Debtor's default under the Plan.  On April 12,
2018, the Court directed the reopening of the case.

It is obvious from the record of the case that Debtor has scarce or
no resources to implement the Plan.

Fundacien is interested in purchasing substantially all of the
Debtor's assets, including the land, remaining buildings and works
of art for $800,000, free and clear of all liens and encumbrances,
the $800,000, to be paid by Fundacion upon the approval of the sale
by the Court.

Counsel for the Debtor:

          Charles A. Cuprill, Esq.
          CHARLES A. CUPRILL, P.S.C.
          356 Fortaleza Street - Second Floor
          San Juan, PR 00901
          Telephone: (787) 977-0515
          Facsimile: (787) 977-0518
          E-mail: ccuprill@cuprill.com

                  About Club Deportivo De Ponce

Club Deportivo De Ponce, Inc., doing business as Actividades
Especiales, sought Chapter 11 protection (Bankr. D.P.R. Case No.
12-01794) on March 9, 2012.  In the petition signed by Gilberto
Sanchez Perez, clerk accountant, the Debtor estimated assets in the
range of $0 to $50,000 and $1 million to $10 million in debt.  The
Debtor tapped Juan Carlos Bigas Valedon, Esq., at Juan C Bigas Law
Office as counsel.

On Dec. 12, 2012, the Court confirmed the Debtor's plan of
reorganization and on March 17, 2014, it entered the final decree
in the case.


COMM 2006-C8: Moody's Affirms 5 Classes of Pass-Thru Certs at 'C'
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on eight classes
in COMM 2006-C8 Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2006-C8, as follows:

Cl. A-J, Affirmed B3 (sf); previously on May 18, 2017 Affirmed B3
(sf)

Cl. B, Affirmed Caa1 (sf); previously on May 18, 2017 Affirmed Caa1
(sf)

Cl. C, Affirmed Caa3 (sf); previously on May 18, 2017 Affirmed Caa3
(sf)

Cl. D, Affirmed C (sf); previously on May 18, 2017 Affirmed C (sf)

Cl. E, Affirmed C (sf); previously on May 18, 2017 Affirmed C (sf)

Cl. F, Affirmed C (sf); previously on May 18, 2017 Affirmed C (sf)

Cl. G, Affirmed C (sf); previously on May 18, 2017 Affirmed C (sf)

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

RATINGS RATIONALE

The ratings on the P&I classes A-J, B, C, D, E, F and G were
affirmed because the ratings are consistent with expected recovery
of principal and interest from specially serviced loans as well as
losses from previously liquidated loans.

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

Moody's rating action reflects a base expected loss of 45.3% of the
current pooled balance, compared to 42.7% at Moody's last review.
Moody's base expected loss plus realized losses is now 10.7% of the
original pooled balance, compared to 11.7% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating COMM 2006-C8 Mortgage
Trust, Cl. A-J, Cl. B, Cl. C, Cl. D, Cl. E, 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 in COMM 2006-C8 Mortgage Trust, Cl. XS 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 100% of the pool is in
special servicing. In this approach, Moody's determines a
probability of default for each specially serviced and troubled
loan that it expects will generate a loss and estimates a loss
given default based on a review of broker's opinions of value (if
available), other information from the special servicer, available
market data and Moody's internal data. The loss given default for
each loan also takes into consideration repayment of servicer
advances to date, estimated future advances and closing costs.
Translating the probability of default and loss given default into
an expected loss estimate, Moody's then applies the aggregate loss
from specially serviced to the most junior class(es) and the
recovery as a pay down of principal to the most senior class(es).

DEAL PERFORMANCE

As of the April 10, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 92% to $297 million
from $3.78 billion at securitization. The certificates are
collateralized by seven mortgage loans ranging in size from 2% to
36% of the pool. All the seven loans are currently in special
servicing. Forty-three loans have been liquidated from the pool,
resulting in an aggregate realized loss of $268 million (for an
average loss severity of 31%).

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, compared to six at Moody's last review.

The largest specially serviced is the JQH Hotel Portfolio Loan
($106.2 million -- 35.8% of the pool), which is secured by a
portfolio of five lodging properties located in the following
cities: Frisco, Texas; Junction City, Kansas; Hampton, Virginia;
Hot Springs, Arkansas; and Springfield, Missouri. The loan
transferred to special servicing due to the Borrower filing Chapter
11 bankruptcy on June 26, 2016. On January 30, 2018, the bankruptcy
court denied approval of the Borrower's disclosure statement and
terminated the Borrowers' exclusive right to file a bankruptcy
plan. JD Holdings filed a bankruptcy plan and disclosure statement
on February 12, 2018. A hearing was held on March 23, 2018 on
disclosure statement approval. The court approved JD Holdings'
disclosure statement and set a plan confirmation hearing for April
27, 2018.

The second largest specially serviced loan is the Sierra Vista Mall
Loan ($75.3 million -- 25.4% of the pool), which is secured by a
504,000 square foot (SF) portion of a 690,000 SF Class B regional
mall in Clovis, California. The mall is anchored by Target and
Kohl's, both non-collateral, Sears, MB2 Raceway and Sierra Vista
Cinema. The loan transferred to special servicing in September 2013
for imminent default and became REO in January 2015.

The third largest specially serviced loan is the Morgan Resort
Portfolio -- A Note Loan ($32.1 million -- 10.8% of the pool),
which was originally secured by 12 manufactured housing properties
across eight states, however, only one property remains as
collateral. The loan first transferred to special servicing in
November 2009 for imminent default. A loan modification was
completed in July 2010, which included the creation of a $15.9
million B-note and converted the A-note to interest-only payments
for 12 months. Four of the 12 properties were released and seven
were sold after becoming real estate owned (REO). The remaining
property is a 71.14 acre RV/Campground site located in Saltlick
Township, Pennsylvania.

The remaining four specially serviced loans are secured by a mix of
property types. Moody's estimates an aggregate $134.4 million loss
for the specially serviced loans (45% expected loss on average).

As of the April 10, 2018 remittance statement cumulative interest
shortfalls were $43.1 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.


COMM 2015-LC21: DBRS Confirms 'B' Rating on 2 Cert Classes
----------------------------------------------------------
DBRS Limited confirmed the ratings for all classes of Commercial
Pass-Through Certificates, Series 2015-LC21 issued by COMM
2015-LC21 Mortgage Trust as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has generally remained in line with DBRS's
expectations since issuance. The collateral consists of 103 loans
secured by 198 commercial properties, and as of the April 2018
remittance, the pool has experienced a collateral reduction of 2.2%
since issuance due to scheduled amortization, with all loans
remaining in the pool. There are 13 loans (25.1% of the pool
balance), including six of the top 15 loans (19.9% of the pool),
that were structured with full interest-only (IO) payment terms at
issuance. In addition, 40 loans, representing 37.1% of the pool,
were structured with partial IO periods at issuance, with 11 of
those loans (11.4% of the pool) still in a partial IO period as of
April 2018. Based on the most recent year-end (YE) reporting for
the underlying loans, the pool reported a weighted-average (WA)
debt-service coverage ratio (DSCR) and WA in-place debt yield of
1.76 times (x) and 9.7%, respectively. At issuance, the WA DBRS
Term DSCR and WA DBRS Debt Yield for the pool was 1.58x and 8.6%,
respectively. The top 15 loans, which represent 41.8% of the pool
balance, reported a WA DSCR of 2.03x as of the most recent YE
reporting in the servicer's files, with a WA net cash flow growth
of 12.6% for those loans over the DBRS issuance figures.

As of the April 2018 remittance, there are no loans in special
servicing and eight loans (5.9% of the pool balance) on the
servicer's watch list. The loans on the watch list are being
monitored for a variety of reasons, including upcoming rollover
and/or declining cash flows. The largest loan on the watch list,
Anchorage Business Park (Prospectus ID#11; 1.8% of the pool
balance), is being monitored for a low YE2017 DSCR of 0.92x, which
is the product of a decline in occupancy for the collateral
property.

At issuance, DBRS shadow-rated the largest loan, Courtyard by
Marriott Portfolio (Prospectus ID#1; 7.4% of the pool balance),
investment grade. With this review, DBRS confirms that the
performance of that loan remains consistent with investment-grade
loan characteristics.

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

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


CONNECTICUT 2018-C03: DBRS Finalizes B Rating on 19 Note Classes
----------------------------------------------------------------
DBRS, Inc. finalized the following provisional ratings on the
Connecticut Avenue Securities (CAS), Series 2018-C03 notes (the
Notes) issued by Fannie Mae (the Issuer):

-- $251.4 million Class 1M-1 at BBB (sf)
-- $204.1 million Class 1M-2A at BBB (low) (sf)
-- $201.1 million Class 1M-2B at BB (sf)
-- $201.1 million Class 1M-2C at B (high) (sf)
-- $606.4 million Class 1M-2 at B (high) (sf)
-- $204.1 million Class 1A-I1 at BBB (low) (sf)
-- $204.1 million Class 1E-A1 at BBB (low) (sf)
-- $204.1 million Class 1A-I2 at BBB (low) (sf)
-- $204.1 million Class 1E-A2 at BBB (low) (sf)
-- $204.1 million Class 1A-I3 at BBB (low) (sf)
-- $204.1 million Class 1E-A3 at BBB (low) (sf)
-- $204.1 million Class 1A-I4 at BBB (low) (sf)
-- $204.1 million Class 1E-A4 at BBB (low) (sf)
-- $201.1 million Class 1B-I1 at BB (sf)
-- $201.1 million Class 1E-B1 at BB (sf)
-- $201.1 million Class 1B-I2 at BB (sf)
-- $201.1 million Class 1E-B2 at BB (sf)
-- $201.1 million Class 1B-I3 at BB (sf)
-- $201.1 million Class 1E-B3 at BB (sf)
-- $201.1 million Class 1B-I4 at BB (sf)
-- $201.1 million Class 1E-B4 at BB (sf)
-- $201.1 million Class 1C-I1 at B (high) (sf)
-- $201.1 million Class 1E-C1 at B (high) (sf)
-- $201.1 million Class 1C-I2 at B (high) (sf)
-- $201.1 million Class 1E-C2 at B (high) (sf)
-- $201.1 million Class 1C-I3 at B (high) (sf)
-- $201.1 million Class 1E-C3 at B (high) (sf)
-- $201.1 million Class 1C-I4 at B (high) (sf)
-- $201.1 million Class 1E-C4 at B (high) (sf)
-- $405.2 million Class 1E-D1 at BB (sf)
-- $405.2 million Class 1E-D2 at BB (sf)
-- $405.2 million Class 1E-D3 at BB (sf)
-- $405.2 million Class 1E-D4 at BB (sf)
-- $405.2 million Class 1E-D5 at BB (sf)
-- $402.3 million Class 1E-F1 at B (high) (sf)
-- $402.3 million Class 1E-F2 at B (high) (sf)
-- $402.3 million Class 1E-F3 at B (high) (sf)
-- $402.3 million Class 1E-F4 at B (high) (sf)
-- $402.3 million Class 1E-F5 at B (high) (sf)
-- $405.2 million Class 1-X1 at BB (sf)
-- $405.2 million Class 1-X2 at BB (sf)
-- $405.2 million Class 1-X3 at BB (sf)
-- $405.2 million Class 1-X4 at BB (sf)
-- $402.3 million Class 1-Y1 at B (high) (sf)
-- $402.3 million Class 1-Y2 at B (high) (sf)
-- $402.3 million Class 1-Y3 at B (high) (sf)
-- $402.3 million Class 1-Y4 at B (high) (sf)

The holders of Class 1M-2 may exchange for proportionate interests
in Class 1M-2A, 1M-2B and 1M-2C (the Exchangeable Notes) and vice
versa. Holders of the Exchangeable Notes may further exchange for
proportionate interests in the Related Combinable or Recombinable
Notes (RCR Notes) and vice versa. Certain classes of the RCR Notes
may be further exchanged for other classes of RCR Notes and vice
versa. Classes 1M-2, 1A-I1, 1E-A1,1A-I2, 1E-A2, 1A-I3, 1E-A3,
1A-I4, 1E-A4, 1B-I1, 1E-B1, 1B-I2, 1E-B2, 1B-I3, 1E-B3, 1B-I4,
1E-B4, 1C-I1, 1E-C1, 1C-I2, 1E-C2, 1C-I3, 1E-C3, 1C-I4, 1E-C4,
1E-D1, 1E-D2, 1E-D3, 1E-D4, 1E-D5, 1E-F1, 1E-F2, 1E-F3, 1E-F4,
1E-F5, 1-X1, 1-X2, 1-X3, 1-X4, 1-Y1, 1-Y2, 1-Y3 and 1-Y4 are RCR
Notes.

Classes 1A-I1, 1A-I2, 1A-I3, 1A-I4, 1B-I1, 1B-I2, 1B-I3, 1B-I4,
1C-I1, 1C-I2, 1C-I3, 1C-I4, 1-X1, 1-X2, 1-X3, 1-X4, 1-Y1, 1-Y2,
1-Y3 and 1-Y4 are interest-only notes. The class balances represent
notional amounts.

The BBB (sf) rating on the Notes reflects the 3.20% of credit
enhancement provided by subordinated Notes in the pool. The BBB
(low) (sf), BB (sf) and B (high) (sf) ratings reflect 2.51%, 1.83%
and 1.15% of credit enhancement, respectively.

The Notes in the transaction represent unsecured general
obligations of Fannie Mae. The Notes are subject to the credit and
principal payment risk of a certain reference pool (the Reference
Pool) of residential mortgages held in various Fannie
Mae-guaranteed mortgage-backed securities.

The Reference Pool consists of 127,544 fully amortizing first-lien,
fixed-rate mortgage loans (greater than 20 years) underwritten to a
full documentation standard with original loan-to-value (LTV)
ratios greater than 60% and less than or equal to 80%. Payments to
the Notes will be determined by the credit performance of the
Reference Pool.

Cash flow from the Reference Pool will not be used to make any
payment to the Note holders; instead, Fannie Mae will be
responsible for making monthly interest payments at the note rate
and periodic principal payments on the Notes based on the actual
principal payments it collects from the Reference Pool.

CAS 2018-C03 is the 18th transaction in the CAS series where note
write-downs are based on actual realized losses and not on a
predetermined set of loss severities. Furthermore, unlike earlier
CAS transactions where a credit event could occur as early as the
date on which a mortgage becomes 180 or more days delinquent, for
this transaction a delinquent mortgage would typically need to go
through the entire liquidation process for a credit event to
occur.

The Reference Pool consists of approximately 1.9% of loans
originated under the Home Ready program. Home Ready is Fannie Mae's
affordable mortgage product designed to expand the availability of
mortgage financing to creditworthy low to moderate income
borrowers.

This is the second CAS transaction where after any refinancing of a
reference obligation under the High LTV Refinance Option, the
resulting refinanced reference obligation will be included in the
Reference Pool as a replacement of the original reference
obligation. The High LTV Refinance Option, effective October 1,
2017, provides refinance opportunities to borrowers with existing
Fannie Mae mortgages who are current in their mortgage payments but
whose LTV ratios exceed the maximum permitted for standard
refinance products. The refinancing and replacement of a reference
obligation under this option will not constitute a credit event and
any reductions in the loan balance of the replacement reference
obligation will be treated as unscheduled principal.

Fannie Mae is obligated to retire the Notes by October 2030, by
paying an amount equal to the remaining class balance plus accrued
and unpaid interest. The Notes also may be redeemed on or after (1)
the date on which the Reference Pool pays down to less than 10% of
its cut-off date balance or (2) the payment date in April 2028,
whichever comes first. If there are unrecovered losses for any of
the Notes as of the termination date, then Note holders are
entitled to certain projected recovery amounts.

DBRS notes the following strengths and challenges for this
transaction:

STRENGTHS

-- Seller (or lender)/servicer approval process and quality
     control platform;
-- Well-diversified reference pool;
-- Strong alignment of interest;
-- Strong structural protections; and
-- Extensive performance history.

CHALLENGES

-- Unsecured obligation of Fannie Mae;
-- Representation and warranties framework; and
-- Limited third-party due diligence.

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


CONTIMORTGAGE TRUST 1997-01: Moody's Cuts A-8 Notes Rating to B1
----------------------------------------------------------------
Moody's Investors Service has downgraded the rating of Class A-8
from ContiMortgage Home Equity Loan Trust 1997-01 due to ongoing
interest shortfalls.

Complete list of rating actions is as follows:

Issuer: ContiMortgage Home Equity Loan Trust 1997-01

A-8, Downgraded to B1 (sf); previously on Jan 17, 2017 Upgraded to
Ba1 (sf)

RATINGS RATIONALE

The downgrade is due to the non-payment of interest to the Class
A-8. As of April 2018 remittance report, the Class A-8 has an
outstanding interest shortfall of $14,083. The action reflects the
recent performance and Moody's updated loss expectation on the
underlying pool and an update in the approach used in analyzing the
transaction structure.

In Moody's prior analysis, it used a static approach in which it
compared the total credit enhancement for a bond, including excess
spread, subordination, overcollateralization, and other external
support, if any, to its expected losses on the mortgage pool
supporting that bond. Fitch has updated its approach to include a
cash flow analysis, wherein it run several different loss levels,
loss timing, and prepayment scenarios using the scripted cash flow
waterfalls to estimate the losses to the different bonds under
these scenarios.

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

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 3.9% in April 2018 from 4.4% in April
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.


CSAIL 2015-C2: DBRS Confirms 'B' Rating on Class F Certs
--------------------------------------------------------
DBRS Limited confirmed the ratings of the Commercial Mortgage
Pass-Through Certificates, Series 2015-C2 issued by CSAIL 2015-C2
Commercial Mortgage Trust 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-SB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class X-E at BB (sf)
-- Class E at BB (low) (sf)
-- Class X-F at B (high) (sf)
-- Class F at B (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has generally remained in line with DBRS's
expectations since issuance. As at the April 2018 remittance, there
has been a collateral reduction of 3.2% since issuance, with 117 of
the 118 original loans remaining in the pool. Loans representing
60.1% of the current pool balance are reporting YE2017 figures and
loans representing 32.9% of the current pool balance are reporting
partial-year 2017 financials. The loans reporting YE2017 financials
reported a weighted-average (WA) debt service coverage ratio (DSCR)
and WA debt yield of 1.80 times (x) and 10.2%, respectively. The
DBRS WA DSCR and WA debt yield at issuance for the overall pool
were 1.61x and 8.5%, respectively. The largest 15 loans in the pool
represent 44.7% of the transaction balance and seven of those
loans, representing 20.2% of the current pool balance, reported
YE2017 financials, which showed a WA net cash flow growth of 9.6%
over the DBRS issuance figures, with a WA DSCR and WA debt yield of
1.87x and 9.5%, respectively. Four loans, representing 1.7% of the
current pool balance, are fully defeased.

As at the April 2018 remittance, there were 21 loans on the
servicer's watch list, representing 14.0% of the current pool
balance, and one loan in the top 15, Prospectus ID #6: The Depot,
is in special servicing, representing 2.4% of the current pool
balance. The bulk of the loans on the servicer's watch list are
reporting a stable DSCR as at the most recent reporting period and
are being monitored for non-performance related issues.

The Depot is secured by a 642-bed student housing property in
Akron, Ohio, serving the students of the University of Akron,
situated approximately one quarter-mile from the subject. The loan
has been in special servicing since July 2016 after cash flow
declines led to debt service shortfalls. The loan is current as at
the April 2018 remittance and the sponsor remains cooperative with
the special servicer. DBRS applied a stressed cash flow scenario in
the analysis for this loan with this review, significantly
increasing the required subordination levels as compared with the
issuance scenario. For additional information on the DBRS view on
this loan, please see the DBRS Viewpoint platform, for which
information is provided below.

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

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


CWCAPITAL COBALT II: S&P Assigns Default Rating to Class B Notes
----------------------------------------------------------------
S&P Global Ratings lowered its rating to 'D (sf)' on the class B
notes from CWCapital COBALT II Ltd., a U.S. commercial real estate
collateralized debt obligation (CRE CDO) transaction.

The rating action follows S&P's review of the transaction's
performance using data from the April 2018 trustee report.

S&P said, "Our rating action follows the receipt of an event of
default notice dated May 2, 2018, from the trustee subsequent to an
interest shortfall that occurred on the class B notes on the April
26, 2018, payment date. Consequently, we lowered our rating on the
class B notes to 'D (sf)' because this tranche is nondeferrable.

"For this analysis, we did not rely on cash or credit analysis
because we based our review on nonpayment of interest to a
nondeferrable tranche."

  RATING LOWERED
  
  CWCapital COBALT II Ltd.
  Class                 Rating
               To                 From
  B            D (sf)             CC (sf)



DRIVE AUTO 2018-2: S&P Assigns Prelim BB(sf) Rating on $72MM Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Drive Auto
Receivables Trust 2018-2's $1.057 billion automobile
receivables-backed notes.

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

The preliminary ratings are based on information as of May 10,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The availability of approximately 64.7%, 57.9%, 47.3%, 37.7%,
and 35.0% of credit support for the class A (consisting of classes
A-1, A-2, and A-3), B, C, D, and E notes, respectively, based on
stressed cash flow scenarios (including 100% credit to excess
spread), which provide coverage of approximately 2.35x, 2.10x,
1.70x, 1.35x, and 1.23x for S&P's 26.50%-27.50% expected cumulative
net loss. These break-even scenarios cover total cumulative gross
defaults of 92%, 83%, 68%, 58%, and 54%, respectively.

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

-- S&P said, "The expectation that under a moderate ('BBB') stress
scenario (1.35x our expected loss level), all else being equal, our
ratings on the class A and B notes will remain at the assigned
preliminary 'AAA (sf)' and 'AA (sf)' ratings, respectively; our
rating on the class C notes would not likely decline by more than
one rating category of the assigned preliminary 'A (sf)' rating;
and our rating on the class D notes would likely not decline by
more than two rating categories of the assigned preliminary 'BBB
(sf)' rating while they are outstanding. The class E notes will
likely remain within two rating categories of the assigned
preliminary 'BB (sf)' rating during the first year but will
eventually default under our 'BBB' stress scenario, after having
received approximately 46% of its principal in our front-loaded
stress and approximately 96% of its principal in our back-loaded
stress. These rating movements are within the limits specified by
our credit stability criteria."

-- The originator/servicer's history in the subprime/specialty
auto finance business.

-- S&P's analysis of 10 years of static pool data on Santander
Consumer USA Inc.'s lending programs.

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

  PRELIMINARY RATINGS ASSIGNED
  Drive Auto Receivables Trust 2018-2
  Class       Rating     Interest       Amount      Upsized  
                                                    amount
                         rate(i)        (mil. $)    (mil. $)(ii)
  A-1         A-1+ (sf)  Fixed           122.00      155.00
  A-2-A/
  A-2-B(iii)  AAA (sf)   Fixed/floating  257.00      327.00
  A-3         AAA (sf)   Fixed           100.82      126.75
  B           AA (sf)    Fixed           146.70      186.12
  C           A (sf)     Fixed           186.42      236.51
  D           BBB (sf)   Fixed           187.06      237.32
  E           BB (sf)    Fixed            57.01       72.34

   (i) The tranches' coupons and sizing will be determined on the
pricing date.

  (ii) The class sizes if the total note issuance equals
$1,341,040,000.

(iii) The class A-2-A notes will be issued as fixed-rate notes,
and the class A-2-B notes will be issued as floating-rate notes.
The initial principal balance allocation between the class A-2-A
and A-2-B notes will be determined on the pricing date. The sponsor
doesn't expect the initial principal balance of the class A-2-B
notes to exceed $128.50 million if the total note issuance is
$1,057,010,000, and $163.50 million if the total note issuance is
$1,341,040,000.


FAMILY PHARMACY: Smith Management Buying All Assets for $8 Million
------------------------------------------------------------------
Family Pharmacy, Inc., and affiliates ask approval from the U.S.
Bankruptcy Court for the Western District of Missouri of bidding
procedures in connection with the sale of substantially all their
assets to Smith Management Services, LLC or its designees for $8
million plus an assumption of the DIP facility obligations and
assumed liabilities, subject to overbid.

As of the Petition Date, Family Pharmacy has received inquiries and
an offer to purchase substantially all of the Debtors' assets.
Good-faith and arms'-length negotiations have resulted in the
Debtors executing an Asset Purchase Agreement with the Purchaser.
The Purchaser is an entity related to J M Smith Corp., the Debtors'
supplier and a secured lender.

In general, the APA calls for the sale of substantially all the
assets of the Debtors to the Purchaser for $8 million plus an
assumption of the DIP Facility Obligations and Assumed Liabilities,
principally liabilities on assumed contracts and leases.  The
Debtors are asking Court approval of Auction and Bidding Procedures
that would provide for the submission of competing bids, an
auction, and final sale hearing and final sale order within 76 days
of the DIP Loan Closing Date, which was May 1, 2018.

The Debtors believe that a sale pursuant to the APA and Auction and
Bidding Procedures is in the best interest of their estates and its
creditors.  By the Motion, they ask authority to solicit bids and
sell the Purchased Assets.

The salient terms of the APA are:

     a. Purchased Assets: Substantially all assets of the Debtors

     b. Purchaser: Smith Management Services, LLC

     c. Purchase Price: $8 million plus an assumption of the DIP
facility obligations and assumed liabilities

     d. Seller: The Debtors

     e. Deposit: $800,000

     f. Bid Protection: (i) Brek-Up Fee - $250,000 and (ii) Expense
Reimbursement - Not to exceed $250,000

The Debtors propose the following time table for the proposed sale
to be incorporated into the Bid Procedures proposed:

     a. Entry of Bid Procedures Order: May 23, 2018

     b. Date by which Notice of Sale Served: May 31, 2018

     c. Deadline to Serve Cure Notices: May 31, 2018

     d. Deadline to Object to Cure Notices and Adequate Assurance
of Stalking Horse: June 21, 2018

     e. Deadline to Object to Sale: June 21, 2018

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: July 6, 2018

     b. Minimum Bid: $8.6 million

     c. Deposit: $1 million.  If all or any portion of a Bid is
comprised of a credit bid in an amount that is greater than $5
million, then the Bid Deposit will be at least $500,000.  The
Potential Bidder (including any Potential Bidder that is credit
bidding in an amount that is greater than $5 million) will pay the
Bid Deposit to the Debtors of immediately available funds.

     d. Auction: July 16, 2018 at (TBD)

     e. Bid Increments: $50,000

     f. Sale Hearing: Not later than July 17, 2018

     g. Entry of Sale Order: Not later than July 17, 2018

     h. Closing: Not later than July 30, 2018

A copy of the APA and the Bidding Procedures attached to the Motion
is available for free at:

         http://bankrupt.com/misc/Family_Pharmacy_47_Sales.pdf

To facilitate the sale of the Purchased Assets, the Debtors will be
required to assume and assign to the Prevailing Bidder certain
unexpired leases and executory contracts.  Objections, if any, to
the proposed assumption and assignment of the Executory Assigned
Contracts, including, but not limited to, objections relating to
the Cure Amount and/or adequate assurances of future performance,
must be filed by a particular time and date to be established by
the Court in these cases.

The Debtors believe the Motion, the APA and the transactions
contemplated thereby are in the best interests of their respective
bankruptcy estates and in the best interests of all other
interested parties in these Chapter 11 cases.  They do not have
available sources of working capital to carry on the operation of
their businesses.  The DIP Loan Agreement approved by the Court in
the DIP Order provides the necessary financing for the Debtors to
continue to operate their businesses through an orderly sale.  An
orderly sale of the Purchased Assets is essential.

The Debtors ask that a hearing be held expeditiously for the Court
to enter the Sale Procedures Order (i) approving the Auction and
Bidding Procedures; (ii) approving the Breakup Fee and Reimbursable
Expenses ; (iii) and approving the form and manner of notice of the
proposed Auction and Bidding Procedures.  After approval by the
Court of the Auction and Bidding Procedures and the Sale Notice,
the Debtors will send such notice to all potential purchasers of
the Purchased Assets known to them, and if they receive a Qualified
Bid, an Auction will be held.

They further ask that the Court, at a second hearing to be held as
soon as possible after the Auction (and if no Auction is held,
within seven days after the Bid Deadline), enter the Sale Order
approving the sale of the Purchased Assets to the Purchaser (or to
such other party or parties that make the highest or best bid(s) at
the Auction), free and clear of any and all liens, claims,
interests, and encumbrances, and approving the assumption and
assignment of certain executory contracts and unexpired leases to
the Purchaser (or to such other party or parties that make the
highest or best bid(s) at the Auction), in connection with such
sale.

The proceeds of the sale, to the extent sold as a going concern,
will be greater than if the same Purchased Assets are sold in a
piecemeal liquidation, as the Debtors' ongoing business will not be
interrupted, the collateral values will not be diminished as they
would be in a piecemeal liquidation, and on-going vendor
relationships can be maintained.  A going concern sale also will
likely preserve the jobs of many of their employees and preserve
continuity of pharmacy supply for customers of their ongoing
business. Finally, an orderly sale process will also aid in
minimizing the administrative expenses of their estates.
Accordingly, they ask the Court to approve the relief requested.

Time is of the essence in approving and closing the sale, and any
unnecessary delay in closing the sale could result in the collapse
of the sale.  Accordingly, the Debtors ask the Court to waive the
14-day period staying any order to sell or assign property of the
estate imposed by Bankruptcy Rules 6004(h) and 6006(d).

The Purchaser:

          SMITH LOGISTICS SERVICES, LLC
          J M Smith Corp.
          101 W. St. John Street
          Spartanburg, SC 29306
          Attn: Philip J. Ryan, III
          Chief Financial Officer
          Facsimile: (864) 582-6585
          E-mail: Philip_Ryan@jmsmith.com

The Purchaser is represented by:

          Stephen D. Fox, Esq.
          Darryl S. Laddin, Esq.
          ARNALL GOLDEN GREGORY LLP
          171 17th Street, Suite 2100
          Atlanta, GA 30363
          Facsimile: (404) 873-8529
                     (404) 873-8121
          E-mail: Stephen.Fox@AGG.com
                  Darryl.Laddin@AGG.com

                     About Family Pharmacy

Family Pharmacy, Inc. and its affiliates Family Pharmacy of
Missouri LLC, Family Pharmacy of Strafford Inc., Family Property
Management LLC, and HealthTAC Logistics LLC own and operate a group
of independently-owned retail pharmacy stores in Southwestern
Missouri.  

Family Pharmacy, et al., operate 20 retail pharmacy locations, two
long term-care pharmacy locations and one specialty pharmacy
location under the "Family Pharmacy".  Family Pharmacy has been
operating continuously since 1977.  The Debtors are headquartered
in Ozark, Missouri.

The Debtors sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Mo. Lead Case No. 18-60521) on April 30, 2018.

In the petitions signed by Lynn Morris, president, the Debtors
estimated assets of $10 million to $50 million and liabilities of
$10 million to $50 million.  

Judge Cynthia A. Norton presides over the cases.


FHH PROPERTIES: Trustee Selling All Assets for $4 Million
---------------------------------------------------------
R. Patrick Sharp, III, the Chapter 11 trustee for FNR Properties,
LLC and FHH Properties, LLC, asks approval from the U.S. Bankruptcy
Court for the Eastern District of Louisiana of bidding procedures
in connection with the sale of substantially all of FHH's and FNR's
assets to Hamdan Son Investments, LLC for $4 million.

FHH and FNR are single asset real estate companies owning
convenience store properties.  FHH owns a convenience store on
property located a 3101 Elysian Fields Avenue, New Orleans,
Louisiana.  FNR owns a convenience store on property located at
3032 Elysian Fields Avenue, New Orleans, Louisiana.

On April 13, 2018, Ms. Hamdan, FHH, FNR, and B Express filed
motions to convert each case to Chapter 7.  The Court converted
both Ms. Hamdan and B Express' cases to Chapter 7 on April 18,
2018.  Ms Hamdan notified the Court and creditors in connection
with these motions and related hearings that she was unable to
continue operating the Debtors' convenience store properties.  On
April 20, 2018, the Court entered orders asking the US Trustee to
appoint a Chapter 11 trustee in the FHH and FNR cases, resulting in
the US Trustee appointing the Trustee in both cases the same day.

On April 23, 2018, the Trustee filed an emergency motion seeking
authority to lease 3101 Elysian and 3032 Elysian to affiliates of
Brother's Food Mart, Elysian Fields Operations No. 1, LLC and
Elysian Fields Operations No. 2, LLC.  The motion further sought
approval of a term sheet related to sale procedures and approval of
HSI as a stalking horse bidder.  The Court granted the emergency
motion on April 24, 2018, on an interim basis, authorizing the
Lessees to take possession and begin operating 3101 Elysian and
3032 Elysian in exchange for rental payments to the Trustee.  T

By the Motion, the Trustee asks the Court to approve the Bidding
Procedures in connection with the sale of substantially all of
FHH's and FNR's assets.  He submits that the Bidding Procedures
will permit interested parties reasonable opportunities to evaluate
whether to propose a bid for the Debtors'property or equity
interests in the Debtors that is higher and better than set forth
on the Term Sheet which contemplates a binding Purchase and Sale
Agreement between the Debtors and the Proposed Purchaser.  The PSA
will be filed with the Court at the Hearing on the Motion.

The salient terms of the Bidding Procedures are:

     a. Property to be Sold: FHH will sell the convenience store
site located at 3101 Elysian Fields Ave. and FNR will sell the
convenience store located at 3032 Elysian Fields, Ave., in New
Orleans, Louisiana, together with the immovable property,
improvements, fixtures and related assets.

     b. Purchase Price: The Proposed Purchaser's stalking horse bid
for the Acquired Property will be $4 million, exclusive of any
assumed liabilities and other obligations to be performed or
assumed by the Proposed Purchaser.

     c. Allocation of Purchase Price: The PSA will allocate the
funds paid for the Acquired Property at sale between the assets of
FHH and FNR on an allocation to be agreed between the Proposed
Purchaser, or any other Prevailing Bidder, and the Trustee or, in
the event of a dispute with respect to the allocation, as set by
the Court.

     d. Free of Any and All Claims and Interests: All of the
Debtors' right, title, and interest in and to the Acquired
Property, or any portion thereof to be acquired, will be sold free
and clear of all pledges, liens, security interests, encumbrances,
claims, charges, options and interests thereon and there against,
such Claims and Interests to attach to the net proceeds of the sale
of such Purchased Assets.

     e. Minimum Bid: $4,250,000

     f. Deposit: $250,000

     g. Bid Deadline: July 11, 2018

     h. Auction: July 18, 2018 in the courtroom

     i. Bid Increments: $50,000

     j. The Proposed Purchaser will be entitled to submit
successive overbids at the Auction and, in calculating the amount
of the Proposed Purchaser's overbid, the Proposed Purchaser will be
entitled to a credit in the amount of $250,000, which constitutes
an amount equal to the Break-up Fee plus the maximum agreed upon
estimate of the Expense Reimbursement.

     k. Sale Hearing: Aug. 10, 2018

     l. Break-up Fee: $100,000

     m. Expense Reimbursement: $150,000

A copy of the Bidding Procedures attached to the Motion is
available for free at:

    http://bankrupt.com/misc/FHH_Properties_130_Sales.pdf

Not later than three business days after entry of the Bid
Procedures Order, the Trustee will serve a copy of the Notice of
Auction and Sale Hearing.  To facilitate and effect the Sale, to
the extent necessary, the Trustee may be required to assume or, in
the event of a sale of assets rather than a sale of equity
interests assume and assign to the Prevailing Bidder, certain
executory contracts and unexpired leases.  No later than seven
calendar days following the entry of the Bid Procedures Order, the
Trustee will cause notice to be provided to any counterparties to
executory contracts and unexpired leases that may be Assumed and
Assigned Contracts pursuant to the PSA.  The objection deadline is
at least three business days prior to the Sale Hearing.

The Trustee asks authority in his discretion, to retain a marketing
agent or broker to assist with the marketing, negotiation and
auction process on such terms and conditions, and for such
compensation, as he deems appropriate and in the best interest of
the estates which compensation is subject to Court approval, which
may be obtained on an expedited basis.

In addition, the Trustee asks, at the conclusion of the Sale
Hearing, entry of an order (a) authorizing the sale of
substantially all of the Debtors' assets to an affiliate of
regional convenience store owner and operator, Brother's Food Mart,
specifically, HSI or such other person or entity who is the
Prevailing Bidder; and (b) authorizing the assumption and
assignment, to the extent necessary, of certain executory contracts
and unexpired leases.

                      About FHH Properties

Each of FHH Properties and FNR Properties is a real estate company
based in New Orleans, Louisiana.  They are affiliated with B
Express-Elysian Fields, LLC, which sought Chapter 7 bankruptcy
protection on Jan. 18, 2018.  Fatmah Hamdan is the 100% owner of
all three businesses.

FHH Properties LLC based in Gretna, LA, and FNR Properties filed a
Chapter 11 petition (Bankr. E.D. La. Lead Case No. 18-10113) on
Jan. 18, 2018.  In the petition signed by Fatmah Hamdan, managing
member and sole owner, FHH Properties estimated $1 million to $10
million in both assets and in liabilities.  FNR Properties
estimated $500,0000 to $1 million in both assets and in
liabilities.  

The Hon. Jerry A. Brown presides over the cases.

Robin R. De Leo, Esq., at The De Leo Law Firm, LLC, serves as
bankruptcy counsel to the Debtors; and Patrick Gros CPA, APAC, as
accountant.

R. Patrick Sharp, III was appointed Chapter 11 trustee for the
Debtor.


FIRST INVESTORS 2018-1: S&P Assigns B (sf) Rating on Cl. F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to First Investors Auto
Owner Trust 2018-1's $161.64 million asset-backed notes.

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

The ratings reflect:

-- The availability of approximately 43.2%, 37.6%, 29.4%, 23.1%,
19.0%, and 14.3% credit support for the class A, B, C, D, E, and F
notes, respectively, based on stressed cash flow scenarios
(including excess spread). These credit support levels provide
approximately 3.50x, 3.00x, 2.30x, 1.75x, 1.40x, and 1.10x coverage
of our 11.75%-12.25% expected cumulative net loss (CNL) range for
the class A, B, C, D, E, and F notes, respectively.

-- The timely interest and principal payments made under stressed
cash flow modeling scenarios that are appropriate for the ratings.

-- S&P's expectation that under a moderate ('BBB') stress
scenario, all else being equal, the ratings on the class A and B
notes would not drop by more than one rating category, and the
ratings on the class C and D notes would not drop by more than two
rating categories. The class E and F notes (rated 'BB- (sf)' and 'B
(sf)') will remain within two rating categories of the assigned
rating during the first year, but will eventually default under the
'BBB' stress scenario. These potential rating movements are
consistent with its rating stability criteria.

-- The collateral characteristics of the pool being securitized
with direct loans accounting for approximately 44% of the
statistical pool. These loans historically have lower losses than
the indirect-originated loans.

-- Prefunding will be used in this transaction in the amount of
approximately $30 million, approximately 19% of the pool. The
subsequent receivables are expected to be transferred into the
trust within three months from the closing date.

-- First Investors Financial Services Inc.'s (First Investors')
28-year history of originating and underwriting auto loans, and
17-year history of self-servicing auto loans, as well as its track
record of securitizing auto loans since 2000.

-- First Investors' 13 years of origination static pool data,
segmented by direct and indirect loans.

-- Wells Fargo Bank N.A.'s experience as the committed back-up
servicer.

-- The transaction's sequential payment structure, which builds
credit enhancement based on a percentage of receivables as the pool
amortizes.

  RATINGS ASSIGNED
  First Investors Auto Owner Trust 2018-1
  Class  Rating      Type           Interest     Amount
                                     rate       (mil. $)
  A-1    AAA (sf)    Senior         Fixed         86.34
  A-2    AAA (sf)    Senior         Fixed         17.91
  B      AA (sf)     Subordinate    Fixed         12.26
  C      A (sf)      Subordinate    Fixed         16.35
  D      BBB (sf)    Subordinate    Fixed         13.09
  E      BB- (sf)    Subordinate    Fixed          8.18
  F      B (sf)      Subordinate    Fixed          7.53


FLAGSHIP CREDIT 2018-2: DBRS Gives Prov. BB Rating on Cl. E Notes
-----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes to be issued by Flagship Credit Auto Trust 2018-2 (the
Issuer):

-- $137,790,000 Class A Notes at AAA (sf)
-- $23,710,000 Class B Notes at AA (sf)
-- $27,670,000 Class C Notes at A (sf)
-- $20,900,000 Class D Notes at BBB (sf)
-- $12,990,000 Class E Notes at BB (sf)

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

-- Transaction capital structure, proposed ratings and form and
sufficiency of available credit enhancement.

-- Credit enhancement in the form of overcollateralization (OC),
subordination, amounts held in the reserve fund and excess spread.
Credit enhancement levels are sufficient to support the
DBRS-projected cumulative net loss assumption under various stress
scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms under which
they have invested. For this transaction, the ratings address the
timely payment of interest on a monthly basis and the payment of
principal by the legal final maturity date.

-- The strength of the combined organization after the merger of
Flagship Credit Acceptance LLC (Flagship) and Car Finance Capital
LLC. DBRS believes the merger of the two companies provides
synergies that make the combined company more financially stable
and competitive.

-- The capabilities of Flagship with regard to originations,
underwriting and servicing.

-- DBRS has performed an operational review of Flagship and
considers the entity to be an acceptable originator and servicer of
subprime automobile loan contracts with an acceptable backup
servicer.

-- The Flagship senior management team has considerable experience
and a successful track record within the auto finance industry.

-- DBRS used a proxy analysis in its development of an expected
loss.

-- A combination of company-provided performance data and
industry-comparable data was used to determine an expected loss.

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

Flagship is an independent full-service automotive financing and
servicing company that provides (1) financing to borrowers who do
not typically have access to prime credit-lending terms for the
purchase of late-model vehicles and (2) refinancing of existing
automotive financing.

The rating on the Class A Notes reflects the 41.00% of initial hard
credit enhancement provided by the subordinated notes in the pool
(37.75%), the Reserve Account (2.00%) and OC (1.25%). The ratings
on the Class B, Class C, Class D and Class E Notes reflect 30.50%,
18.25%, 9.00% and 3.25% of initial hard credit enhancement,
respectively. Additional credit support may be provided from excess
spread available in the structure.

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


FLAGSTAR 2018-3INV: Fitch Expects to Rate Class B-5 Certs 'Bsf'
---------------------------------------------------------------
Fitch Ratings expects to rate Flagstar Mortgage Trust 2018-3INV
(FSMT 2018-3INV) as follows:

  --$287,916,000 class A-1 exchangeable certificates 'AA+sf';
Outlook Stable;

  --$287,916,000 class A-2 exchangeable certificates 'AA+sf';
Outlook Stable;

  --$279,690,000 class A-3 exchangeable certificates 'AAAsf';
Outlook Stable;

  --$279,690,000 class A-4 exchangeable certificates 'AAAsf';
Outlook Stable;

  --$209,768,000 class A-5 exchangeable certificates 'AAAsf';
Outlook Stable;

  --$209,768,000 class A-6 certificates 'AAAsf'; Outlook Stable;

  --$69,922,000 class A-7 exchangeable certificates 'AAAsf';
Outlook Stable;

  --$69,922,000 class A-8 certificates 'AAAsf'; Outlook Stable;

  --$8,226,000 class A-9 exchangeable certificates 'AA+sf'; Outlook
Stable;

  --$8,226,000 class A-10 certificates 'AA+sf'; Outlook Stable;

  --$287,916,000 class A-X-1 notional certificates 'AA+sf'; Outlook
Stable;

  --$287,916,000 class A-X-2 notional exchangeable certificates
'AA+sf'; Outlook Stable;

  --$279,690,000 class A-X-3 notional exchangeable certificates
'AAAsf'; Outlook Stable;

  --$209,768,000 class A-X-4 notional certificates 'AAAsf'; Outlook
Stable;

  --$69,922,000 class A-X-5 notional certificates 'AAAsf'; Outlook
Stable;

  --$8,226,000 class A-X-6 notional certificates 'AA+sf'; Outlook
Stable;

  --$14,398,000 class RR-A exchangeable certificates 'AA+'; Outlook
Stable;

  --$6,581,000 class B-1 certificates 'AAsf'; Outlook Stable;

  --$12,010,000 class B-2 certificates 'Asf'; Outlook Stable;

  --$8,885,000 class B-3 certificates 'BBBsf'; Outlook Stable;

  --$6,745,000 class B-4 certificates 'BBsf'; Outlook Stable;

  --$2,633,000 class B-5 certificates 'Bsf'; Outlook Stable.

Fitch will not be rating the following classes:

  --$4,277,681 class B-6-C certificates;

  --$2,060,681 class RR-B exchangeable certificates.

The notes are supported by 1,077 prime agency investor loans with
traditional conforming income documentation and a total balance of
approximately $329.0 million as of the cutoff date.

KEY RATING DRIVERS

100% Investor Mortgage Pool (Negative): This will be the first
rated securitization issued by Flagstar consisting entirely of
investor loans. Relative to owner-occupied loans, Fitch assumes a
roughly 50% higher default probability for investor property loans
as well as a 10% higher loss severity (LS) on liquidated loans due
to larger market value discounts on distressed property sales.

High-Quality Mortgage Pool (Positive): The collateral pool consists
primarily of high-quality, 20- to 30-year, fully amortizing,
fixed-rate loans to borrowers with strong credit profiles and low
leverage. The pool has a weighted average (WA) original FICO score
of 769 and an original combined loan-to-value (CLTV) ratio of
65.6%.

Full Income Documentation (Positive): All loans are underwritten to
the borrower's personal income based on traditional agency
guidelines with full income documentation. Fitch views this as a
notable credit positive relative to investor loans that do not
consider the borrower's personal income.

Due Diligence Less Than 100% with Strong Results (Neutral): For
this transaction, a third-party, loan-level review was conducted on
a sample of the pool. Approximately 20% (by loan count) received a
full due diligence review for credit, compliance and property
valuation. Of the 20% sample, 99% of the loans received a grade of
'A' or 'B', indicating strong underwriting practices and sound
quality-control procedures. Fitch was able to gain comfort with
sample size due its on-site operational assessment of Flagstar's
procedures and controls as well as the very clean due diligence
results of prior Fitch-rated Flagstar transactions. An additional
mitigating consideration to the sample size was that 100% of the
loans were approved or accepted by Fannie Mae's and Freddie Mac's
automated underwriting systems.

High Geographic Concentration (Negative): The pool's primary
concentration is in California, representing 53.5% of the pool.
Approximately 51% of the pool is located in the top-three
metropolitan statistical areas (MSAs): Los Angeles, New York and
Riverside/San Bernardino, with 29% of the pool located in the Los
Angeles MSA. Given the pool's high regional concentration, a
penalty of approximately 1.1x was applied to the pool's probability
of default (PD) expectations, resulting in an expected loss
increase of approximately 100bp in the 'AAAsf' rating scenario.

Tier 2 Representation and Warranty Framework (Mixed): While
Flagstar's representation and warranty (R&W) framework includes a
testing review process that considers materiality when determining
if a loan has a breach, there are thresholds that define
materiality, which Fitch views as a reasonable approach. In
addition, the reviewer can consider information not included in the
test, which mitigates the risk for potential breaches not being
repurchased due to flawed tests and proximate cause is not
considered. For these reasons, Fitch views the construct as a Tier
2 framework. Taken together with the financial condition of the R&W
provider, the pool received a 51bp loss adjustment at the 'AAAsf'
level.

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

To mitigate tail risk, which arises as the pool seasons and fewer
loans are outstanding, a subordination floor of 1.90% of the
original balance will be maintained for the senior certificates and
0.95% will be maintained for subordinate certificates.

Leakage from Reviewer Expenses (Negative): The trust is obligated
to reimburse the breach reviewer, Inglet Blair, LLC (Inglet Blair),
each month for any reasonable, out-of-pocket expenses incurred if
the company is requested to participate in any arbitration, legal
or regulatory actions, proceedings or hearings. These expenses
include Inglet Blair's legal fees and other expenses incurred
outside its reviewer fee and are not subject to a cap or
certificateholder approval.

While Fitch accounted for the potential additional costs by
upwardly adjusting its loss estimate for the pool, Fitch views this
construct as adding potentially more ratings volatility than those
that do not have this type of provision. To account for the risk of
these expenses reducing subordination, Fitch adjusted its loss
expectations upward by 25bps at 'AAAsf', 20bps at 'AAsf' and 'Asf'
and 15bps at each remaining rating category.

'Average' Originator (Neutral): Based on its review of Flagstar's
origination platform, Fitch believes the bank has adequate
processes and procedures in place and views Flagstar's ability to
originate and acquire prime loans as 'Average'. Approximately 5.8%
of the pool was originated directly through Flagstar's retail
channel, with the remaining coming from brokers (15.7%) and
Flagstar's correspondents' channels (78.5%). The due diligence
review indicated that 92% of the correspondent loans sampled were
originated through the correspondent's retail channel and the
remaining 8% through a broker channel. These results were
extrapolated to the entire pool, and retail treatment was applied
to loans originated through the correspondent's retail channel.

Fitch believes that Flagstar has robust risk management practices
in place to identify loans originated through nonretail channels.
In addition, all broker loans and a majority of correspondent loans
are non-delegated and underwritten by Flagstar.

Servicer Quality (Neutral): Flagstar is servicing 100% of the loans
in the transaction. Flagstar is a 'RPS2-' rated primary servicer
that Fitch believes has adequate servicing practices and procedures
in place and can effectively service the loans. The pool received
neutral treatment for servicer quality.

CRITERIA APPLICATION

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

Fitch's analysis incorporated one criteria variation from the 'U.S.
RMBS Rating Criteria,' which relates to the treatment of Flagstar's
R&W framework tier. Based on Fitch's R&W tiering scorecard,
reducing the loan-level due diligence percentage below 90% would
bring Flagstar's R&W framework down to a Tier 3 from a Tier 2.
However, Fitch considered Flagstar's R&W framework as a Tier 2. The
framework is consistent with Fitch's criteria aside from minor
materiality considerations. In addition, comparing Flagstar's R&W
framework to other R&W frameworks, Flagstar's framework is more in
line with a Tier 2. This treatment had an impact of an
approximately 50bp penalty at the 'AAA'sf' rating level.

Fitch's analysis also incorporated one criteria variation from the
'U.S. RMBS Loan Loss Model Criteria,' which relates to the
treatment of the loan origination channel. Approximately 5.8% of
the pool was originated directly through Flagstar's retail channel,
with the remaining coming from brokers (15.7%) and Flagstar's
correspondents' channels (78.5%). The due diligence review
indicated that 92% of the correspondent loans were originated
through the correspondent's retail channel and the remaining 8%
were originated through a broker channel. This was extrapolated on
the pool level and the retail credit was given for loans originated
through the correspondent's retail channel.

MODELING

Fitch analyzed the credit characteristics of the underlying
collateral to determine base case and rating stress loss
expectations, using the residential mortgage loss model, which is
fully described in its criteria report, 'U.S. RMBS Loan Loss Model
Criteria.'

Fitch simulated transaction cash flow scenarios using various cash
flow modeling assumptions, as described in its criteria report,
'U.S. RMBS Cash Flow Analysis Criteria.' A customized cash flow
assumption workbook was used to create a default curve in order to
assume that that all liquidations occurred through a short sale and
therefore incur the servicing fee associated with a short sale.

RATING SENSITIVITIES

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

Fitch conducted sensitivity analysis determining how the ratings
would react to steeper MVDs at the national level. The analysis
assumes MVDs of 10%, 20% and 30%, in addition to the
model-projected 6.9%. The analysis indicates there is some
potential rating migration with higher MVDs, compared with the
model projection.

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


FLAGSTAR TRUST 2018-3INV: Moody's Rates Class B-4 Debt '(P)Ba2'
---------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 15
classes of residential mortgage-backed securities (RMBS) issued by
Flagstar Mortgage Trust 2018-3INV ("FSMT 2018-3INV"). The ratings
range from (P)Aaa (sf) to (P)Ba2 (sf).

The complete rating actions are as follows:

Issuer: Flagstar Mortgage Trust 2018-3INV

Cl. A-1, Assigned (P)Aaa (sf)

Cl. A-2, Assigned (P)Aaa (sf)

Cl. A-3, Assigned (P)Aaa (sf)

Cl. A-4, Assigned (P)Aaa (sf)

Cl. A-5, Assigned (P)Aaa (sf)

Cl. A-6, Assigned (P)Aaa (sf)

Cl. A-7, Assigned (P)Aaa (sf)

Cl. A-8, Assigned (P)Aaa (sf)

Cl. A-9, Assigned (P)Aa2 (sf)

Cl. A-10, Assigned (P)Aa2 (sf)

Cl. B-1, Assigned (P)Aa3 (sf)

Cl. B-2, Assigned (P)A2 (sf)

Cl. B-3, Assigned (P)Baa2 (sf)

Cl. B-4, Assigned (P)Ba2 (sf)

Cl. RR-A, Assigned (P)Aaa (sf)

RATINGS RATIONALE

Summary credit analysis

Moody's calculated losses on the pool using the 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, third-party review (TPR) scope and results, and the
financial strength of representation & warranty (R&W) provider.
Moody's expected loss for this pool in a base case scenario is
1.15% and reaches 12.25% at a stress level consistent with its Aaa
(sf) scenario.

Collateral description

Flagstar Mortgage Trust 2018-3INV (FSMT 2018-3INV) is the third
issue from Flagstar Mortgage Trust in 2018 and the first under the
FSMT-INV shelf. Flagstar Bank, FSB (Flagstar) is the sponsor of the
transaction.

FSMT 2018-3INV is a prime conforming RMBS transaction of 100%
first-lien investment purpose mortgage loans. All of the loans are
underwritten in accordance with Freddie Mac or Fannie Mae
guidelines, which take into consideration, among other factors, the
income, assets, employment and credit score of the borrower as well
as loan-to-value (LTV). All the loans were run through one of the
government-sponsored enterprises' (GSE) automated underwriting
systems (AUS) and received an "Approve" or "Accept"
recommendation.

The mortgage loans are not subject to the Truth in Lending Act
(TILA) and therefore, are not subject to the ability-to-repay (ATR)
rules. None of the mortgage loans in FSMT 2018-3INV are subject to
TILA because each mortgage loan is an extension of credit primarily
for a business or commercial purpose and is not a "covered
transaction" as defined in Section 1026.43(b)(1) of Regulation Z.

The issuer has represented that none of the mortgage loans in FSMT
2018-3INV are subject to the Truth in Lending Act (TILA) or the
ability-to repay (ATR) rules because each mortgage loan is an
extension of credit primarily for a business or commercial purpose
and is not a "covered transaction" as defined in Section
1026.43(b)(1) of Regulation Z.

As of the cut-off date of May 1, 2018, the $329,047,681 pool
consisted of 1,077 mortgage loans secured by first liens on
one-to-four family residential investment properties. The average
stated principal balance is $305,522 and the weighted average (WA)
current mortgage rate is 4.654%. The majority of the loans have a
30-year term, with 7 loans with terms ranging from 20 to 25 years.
All of the loans have a fixed rate. The WA original credit score is
773 for the primary borrower only and the WA combined original LTV
(CLTV) is 65.55%. The WA original debt-to-income (DTI) ratio is
36.78%. Approximately, 4.85% of the borrowers have more than one
mortgage loan in the mortgage pool.

All of the mortgage loans were originated by Flagstar either
directly or indirectly through correspondents. The mortgage loans
have a WA seasoning of four months.

More than half of the mortgage loans by loan balance (53.48%) are
backed by properties located in California. The next largest
geographic concentration of properties is New York, which
represents 13.83% by loan balance. All other states each represent
less than 5% by loan balance. Approximately 29.58% (by loan
balance) of the pool is backed by properties that are 2-4 unit
residential properties whereas loans backed by single family
residential properties represent 40.24% (by loan balance) of the
pool.

Third-party review and representation & warranties

The credit, compliance, property valuation, and data integrity
portion of the third party review (TPR) was conducted on a random
sample of loans of 218 loans (20% by loan count) by an independent
TPR firm. With sampling, there is a risk that loans with grade C or
grade D issues remain in the pool and that data integrity issues
were not corrected prior to securitization for all of the loans in
the pool. Moreover, vulnerabilities of the R&W framework, such as
the weaker financial strength of the R&W provider, may be amplified
due to the limited TPR sample. Moody's made an adjustment to loss
levels to account for this risk.

Flagstar Bank, FSB as the sponsor, makes the loan-level
representation and warranties (R&Ws) for the mortgage loans.
Although the loan-level R&Ws themselves meet or exceed Moody's
baseline set of R&Ws, the R&W provider is not financially strong
and there are some elements of the enforcement mechanisms that
increase the likelihood that defective loans will remain in the
transaction. The small TPR sample size further amplifies these
weaknesses, since no independent party checked for defects on
approximately 80% of the pool and the transaction must rely on the
R&W framework to find any defects and remedy them effectively. Some
of the enforcement weaknesses include materiality tests that may
absolve the R&W provider from repurchasing a defective loan. For
example, data integrity exceptions within a 10% threshold will not
require Flagstar to repurchase a loan, even if such exception
causes the loan to fail to comply with the sponsor's underwriting
guidelines. Furthermore, the test related to the loans' exemption
from TILA will not likely require a loan repurchase even if a cash
out refinance loan incurs a TILA or ATR violation. A cash-out
refinance investor loan could be subject to TILA and ATR if the
borrower uses the cash proceeds for non-business purposes. The test
for this representation only covers whether the borrower has
indicated on the mortgage loan application that the property will
be for investment use, and does not require the independent
reviewer to check the loan file to see whether the borrower has
attested that he or she will use the funds from a cash-out
refinance loan for a business purpose. Moody's made an adjustment
to its loss levels to incorporate these weaknesses.

Servicing arrangement

Moody's considers the overall servicing arrangement for this pool
to be adequate. Flagstar will service the mortgage loans. Servicing
compensation is subject to a step-up incentive fee structure. Wells
Fargo Bank, N.A. will be the master servicer. Flagstar will be
responsible for principal and interest advances as well as
servicing advances. The master servicer will be required to make
principal and interest advances if Flagstar is unable to do so.

Servicing compensation for loans in this transaction is based on a
fee-for-service incentive structure. The fee-for-service incentive
structure includes an initial monthly base fee of $20.5 for all
performing loans and increases according to certain delinquent and
incentive fee schedules. By establishing a base servicing fee for
performing loans that increases with the delinquency of loans, the
fee-for-service structure aligns monetary incentives to the
servicer with the costs of the servicer. The fee-for-service
compensation is reasonable and adequate for this transaction. It
also better aligns the servicer's costs with the deal's performance
and structure. The Class B-6-C (NR) is first in line to absorb any
increase in servicing costs above the base servicing costs.
Delinquency and incentive fees will be deducted from the Class
B-6-C interest payment amount first and could result in interest
shortfall to the certificates depending on the magnitude of the
delinquency and incentive fees.

Trustee and master servicer

The transaction trustee is Wilmington Trust, National Association.
The custodian functions will be performed by Wells Fargo 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 obligated to make servicing
advances if the servicer is unable to do so.

Tail risk & subordination floor

This deal has a 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 1.90% 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 12.50% 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 0.95% 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.

Moody's stressed the tail risk by assuming that the last five to 10
remaining loans are the largest loans in the pool. Given that FSMT
2018-3INV includes borrowers with more than one mortgage loan in
the pool, Moody's considered in its analysis of tail risk the
combined balance of the loans made to each unique borrower to
determine the largest loans in the pool. Based on an analysis of
scenarios where the largest five to 10 loans in the pool default
late in the life of the transaction, it viewed the 1.90% senior
floor as credit neutral. Moody's viewed the 0.95% subordination
floor as credit neutral in its rating analysis.

Transaction structure

The securitization has a shifting interest structure that benefits
from a senior subordination floor and a subordinate floor. Funds
collected, including principal, are first used to make interest
payments and then principal payments to the senior bonds, and then
interest and principal payments to each subordinate bond. As in all
transactions with shifting interest structures, the senior bonds
benefit from a cash flow waterfall that allocates all prepayments
to the senior bond for a specified period of time, and increasing
amounts of prepayments to the subordinate bonds thereafter, but
only if loan performance satisfies delinquency and loss tests.

The senior support NAS certificates (Class A-10) will only receive
their pro-rata share of scheduled principal payments allocated to
the senior bonds for five years, whereas all prepayments allocated
to the senior bonds will be paid to the super senior certificates,
leading to a faster buildup of super senior credit enhancement.
After year five, the senior support NAS bond will receive an
increasing share of prepayments in accordance with the shifting
percentage schedule.

All certificates (except Class B-6-C) in this transaction are
subject to a net WAC cap. Class B-6-C will accrue interest at the
net WAC minus the aggregate delinquent servicing and aggregate
incentive servicing fee. For any distribution date, the net WAC
will be the greater of (1) zero and (2) the weighted average net
mortgage rates minus the capped trust expense rate.

Realized losses are allocated reverse sequentially among the
subordinate and senior support certificates and on a pro-rata basis
among the super senior certificates.

Exposure to extraordinary expenses

Certain extraordinary trust expenses (such as fees paid to the
reviewer, servicing transfer costs) in the FSMT 2018-3INV
transaction are deducted directly from the available distribution
amount. The remaining trust expenses (which have an annual cap of
$300,000 per year) are deducted from the net WAC. Moody's believes
there is a very low likelihood that the rated certificates in FSMT
2018-3INV will incur any losses from extraordinary expenses or
indemnification payments from potential future lawsuits against key
deal parties. First, the loans are prime quality and were
originated under a regulatory environment that requires tighter
controls for originations than pre-crisis, which reduces the
likelihood that the loans have defects that could form the basis of
a lawsuit. Second, the transaction has reasonably well defined
processes in place to identify loans with defects on an ongoing
basis. In this transaction, an independent breach reviewer (Inglet
Blair, LLC), named at closing must review loans for breaches of
representations and warranties when certain clear defined triggers
have been breached, which reduces the likelihood that parties will
be sued for inaction. Furthermore, the issuer has disclosed the
results of a compliance, credit, valuation and data integrity
review covering a sample of the mortgage loans by an independent
third party (Clayton Services LLC). Moody's did not make an
adjustment for extraordinary expenses because most of the trust
expenses will reduce the net WAC as opposed to the available
funds.

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

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

Down

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

Up

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


GOLD KEY 2014-A: DBRS Confirms 'BB' Rating on Class C Notes
-----------------------------------------------------------
DBRS, Inc. confirmed the Series 2014-A, Class A, Series 2014-A,
Class B and Series 2014-A, Class C Notes issued by the Gold Key
Resorts 2014-A, LLC U.S. asset-backed security transaction at A
(sf), BBB (sf) and BB (high) (sf), respectively. Performance for
the securities confirmed is such that credit enhancement levels are
sufficient to cover DBRS's loss expectations at their respective
rating levels.

The ratings are based on DBRS's review of the following analytical
considerations:

-- Transaction capital structure, proposed ratings and form and
     sufficiency of available credit enhancement.

-- The transaction parties' capabilities with regard to
     origination, underwriting and servicing.

-- The credit quality of the collateral pool and historical
     performance.

Notes: The principal methodology is the DBRS Master U.S. ABS
Surveillance Methodology.


GSMS 2017-GS6: Fitch Says Redlands Towne Center Loan Risky
----------------------------------------------------------
Fitch Ratings has downgraded one interest only class and affirmed
12 classes of GS Mortgage Securities Trust 2017-GS6 commercial
mortgage pass-through certificates.

KEY RATING DRIVERS

Overall Stable Performance and Loss Projections: The overall pool
performance remains stable from issuance with minimal changes.
There are no delinquent or specially serviced loans. While no loans
are on the servicer's watchlist, Redlands Towne Center (4.9%), was
flagged as a Fitch Loan of Concern. Toys "R" Us and Babies "R" Us,
which combined are the second-largest tenant and represent 25% of
net rentable area (NRA) and base rent, are expected to close. The
largest tenant at the center is JC Penney, which represents 39%
NRA. At issuance, Fitch gave this loan a high volatility score and
increased the probability of loss to 100% in its analysis due to
the uncertainty regarding JC Penney as they had opened another
location within eight miles of this property. The loan is
structured with a cash flow sweep that triggers in the event
Babies/Toys "R" Us or JC Penney goes dark, declares bankruptcy or
fails to renew its lease nine months prior to lease expiration.

Loan Concentration: The pool is concentrated with a total of 33
loans. The ten-largest loans comprise 66.3% of the pool. The
largest property-type concentration is office at 48.4% of the pool,
followed by mixed use at 18.7% and retail at 17%.

Limited Changes to Credit Enhancement Since Issuance: As of the
April 2018 distribution date, the pool's aggregate balance has been
reduced by 0.2% to $957.6 million, from $959.1 million at issuance.
The pool is scheduled to pay down by 5.32%. Thirteen loans
comprising 53.9% of the pool are full interest-only. Additionally,
12 loans representing 28.9% of the pool are partial interest-only.


Downgrade to the Interest-Only Notional Class X-B: The class
references the B and C tranches, which are rated 'AA-sf' and
'A-'sf', respectively, with a Stable Outlook. At issuance, it was
expected that only class B would contribute cashflow. Due to the
possibility that Class C could contribute cashflow to the bond at
some point in the future, the rating of class X-B is capped at the
rating of class C, at 'A-sf'.

Investment-Grade Credit Opinion Loan: One loan, 1999 Avenue of the
Stars (9.96% of the pool), received an investment-grade credit
opinion of 'bbb-sf*' on a stand-alone basis. The loan continues to
exhibit stable performance.

RATING SENSITIVITIES

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

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

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

Fitch has downgraded the following ratings:

  --$87,653,000 a class X-B to 'A-sf' from 'AA-sf'; Outlook
Stable.

Fitch has affirmed the following ratings:

  --$13,890,000 class A-1 'AAAsf'; Outlook Stable;

  --$250,000,000 class A-2 'AAAsf'; Outlook Stable;

  --$359,651,000 class A-3 'AAAsf'; Outlook Stable;

  --$29,390,000 class A-AB 'AAAsf'; Outlook Stable;

  --$738,619,000 (a) class X-A 'AAAsf'; Outlook Stable;

  --$84,147,000 class A-S 'AAAsf'; Outlook Stable;

  --$45,579,000 class B 'AA-sf'; Outlook Stable;

  --$42,074,000 class C 'A-sf'; Outlook Stable;

  --$46,748,000 (b) class D 'BBB-sf'; Outlook Stable;

  --$46,748,000 (a)(b) class X-D 'BBB-sf'; Outlook Stable;

  --$17,530,000 (b)(c) class E 'BBsf'; Outlook Stable;

  --$10,518,000 (b)(c) class F 'B-sf'; Outlook Stable.

a) Notional amount and interest only.
b) Privately placed pursuant to Rule 144A.
c) Horizontal credit risk retention interest.

Fitch does not rate the $33,893,308 class G certificates or the
$24,130,297 VRR Interest.


HERTZ VEHICLE: DBRS Confirms Rating of 42 Sec. Issued by 11 Series
------------------------------------------------------------------
DBRS, Inc. confirmed the public ratings of 42 securities issued by
11 series of the U.S. ABS transactions issued by the Hertz Vehicle
Financing II LP Master Trust. Performance for the securities
confirmed is such that credit enhancement levels are sufficient to
cover DBRS's loss expectations at their respective rating levels.

The transactions confirmed were:

-- Hertz Vehicle Financing II LP, Series 2013-A;
-- Hertz Vehicle Financing II LP, Series 2013-B;
-- Hertz Vehicle Financing II LP, Series 2015-2;
-- Hertz Vehicle Financing II LP, Series 2015-3;
-- Hertz Vehicle Financing II LP, Series 2016-1;
-- Hertz Vehicle Financing II LP, Series 2016-2;
-- Hertz Vehicle Financing II LP, Series 2016-3;
-- Hertz Vehicle Financing II LP, Series 2016-4;
-- Hertz Vehicle Financing II LP, Series 2017-1;
-- Hertz Vehicle Financing II LP, Series 2017-2; and
-- Hertz Vehicle Financing II LP, Series 2018-1.

The ratings are based on DBRS's review of the following analytical
considerations:

-- Transaction capital structure, proposed ratings and form and
sufficiency of available credit enhancement.

-- The transaction parties' capabilities with regard to
origination, underwriting and servicing.

-- The credit quality of the collateral pool and historical
performance.

Notes: The principal methodology is the DBRS Master U.S. ABS
Surveillance Methodology.


HILLMARK FUNDING: Moody's Affirms Class D Notes at Ba3
------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Hillmark Funding Ltd.:

U.S.$28,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2021 (current outstanding balance of $14,418,873),
Upgraded to Aaa (sf); previously on September 13, 2017 Affirmed Aa1
(sf)

U.S.$25,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2021, Upgraded to A2 (sf); previously on September 13,
2017 Upgraded to Baa2 (sf)

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

U.S.$15,250,000 Class D Secured Deferrable Floating Rate Notes due
2021 (current outstanding balance of $9,334,571), Affirmed Ba3
(sf); previously on September 13, 2017 Upgraded to Ba3 (sf)

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

RATINGS RATIONALE

These rating actions are primarily a result of deleveraging of the
senior notes and an increase in the transaction's
over-collateralization (OC) ratios since September 2017. The Class
A-2 notes have been paid down completely with approximately $20.5
million and the Class B notes have been paid down by 49% or
approximately $13.6 million since that time. Based on Moody's
calculation, the OC ratios for the Class B, Class C and Class D
notes are currently 377.86%, 138.21% and 111.75%, respectively,
versus 195.24%, 128.77% and 114.24% in September 2017,
respectively.

Nevertheless, the credit quality of the portfolio has deteriorated
since September 2017. Based on Moody's calculation, the weighted
average rating factor (WARF) is currently 4716 compared to 4386 in
September 2017. The deterioration in WARF is due in part to an
increase in the percentage of securities whose ratings are on
review for downgrade or have a negative outlook.

The portfolio also includes a number of investments in securities
that mature after the notes do. Based on Moody's calculation,
securities that mature after the notes do currently make up
approximately 8.5% or $3.5 million of the portfolio, compared to
3.4% or $3.2 million in September 2017. These investments could
expose the notes to market risk in the event of liquidation when
the notes mature.

Methodology Underlying the Rating Action

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

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

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

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

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

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

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

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

6) Long-dated assets: The presence of assets that mature after the
CLO's legal maturity date exposes the deal to liquidation risk on
those assets. This risk is borne first by investors with the lowest
priority in the capital structure. Moody's assumes that the
terminal value of an asset upon liquidation at maturity will be
equal to the lower of an assumed liquidation value (depending on
the extent to which the asset's maturity lags that of the
liabilities) or the asset's current market value.

7) Exposure to assets with low credit quality and weak liquidity:
The presence of assets rated Caa3 with a negative outlook, Caa2 or
Caa3 on review for downgrade or the worst Moody's speculative grade
liquidity (SGL) rating, SGL-4, exposes the notes to additional
risks if these assets default. The historical default rate is
higher than average for these assets. Due to the deal's exposure to
such assets, which constitute around $6.2 million of par, Moody's
ran a sensitivity case defaulting those assets.

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

Moody's Adjusted WARF -- 20% (3773)

Class B: 0

Class C: +1

Class D: +1

Moody's Adjusted WARF + 20% (5659)

Class B: 0

Class C: -2

Class D: 0


HOUSE MOSAIC: Azulon Buying All Real Estate Holdings for $1.4M
--------------------------------------------------------------
House Mosaic Holdings, LLC, asks the U.S. Bankruptcy Court for the
Southern District of Texas to authorize the sale of all of its real
estate holdings to Azulon Development Group for $1,433,000.

Objections, if any, must be filed within 21 days from the date the
Motion was served.

The Debtor and the Buyer have entered into the Unimproved Property
Contract.  The earnest money deposit is $300.  The sale is to be
free and clear of all liens with all such liens to be in priority
order against the net proceeds.

The Debtor asks that the 14-day stay pursuant to Bankruptcy Rule
6004(h) not apply, and the relief granted be effective immediately
upon entry of the Order approving the sale.

A copy of the Contract attached to the Motion is available for free
at:

  http://bankrupt.com/misc/House_Mosaic_27_Sales.pdf

The Purchaser:

          AZULON DEVELOPMENT GROUP
          11914 Wynmar
          Cypress, TX 77429
          Telephone: (904) 382-3595
          E-mail: azulongroup@gmail.com

                  About House Mosaic Holdings

House Mosaic Holdings, LLC, headquartered in Houston, Texas, listed
itself as a Single Asset Real Estate.  The Debtor filed for Chapter
11 bankruptcy protection (Bankr. S.D. Tex. Case No. 18-30473) on
Feb. 5, 2018, estimating its assets and liabilities at between $1
million and $10 million.  The petition was signed by Amelia Jarmon,
managing member.

Judge Jeff Bohm presides over the case.

Margaret Maxwell McClure, Esq., at Law Office Of Margaret M.
McClure, serves as the Debtor's bankruptcy counsel.


JAMES PASCUCCI: Browns Buying Calabasas Property for $1.8 Million
-----------------------------------------------------------------
James Arthur Pascucci asks the U.S. Bankruptcy Court for the
Central District of California to authorize the procedures in
connection with the short sale of the single family residence
located at 24812 Paseo Del Rancho, Calabasas, California to Eric
Brown and Daniella Brown for $1,820,000, including a reasonable
period of time for the property to be listed in multiple listings
and marketed and an opportunity for overbids.

A hearing on the Motion is set for May 29, 2018 at 1:30 p.m.  The
objection deadline is May 26, 2018.

The Debtor has hired Pinnacle Estate Properties who has marketed
the Paseo Del Rancho property since late 2017 on the Multiple
Listing Service.  

On April 24, 2018, the Debtor filed and served his Notice of Motion
and Motion in Individual Chapter 11 Case for Order Authorizing
Debtor-In-Possession to Employ Professional (Other than General
Bankruptcy Counsel) on all creditors, the United States Trustee and
all parties that are listed on notification through the Court's EDF
noticing system.  The deadline for filing an objection and
requesting a hearing on the Application is May 11, 2018.

As part of the Employment Application the Debtor included a copy of
the Residential Purchase Agreement and Joint Escrow Instructions
which show that on Nov. 25, 2017, he had an offer from the Buyers
for the purchase of the Paseo Del Rancho property for a purchase
price of $1,820,000, free and clear of liens.

By the Motion, the Debtor proposes to establish procedures for sale
of the Paseo Del Rancho property, including reasonable
opportunities for overbids.  It is requested that the initial
overbid be for a purchase of no less than $1,850,000 that overbids
are in increments of $5,000, that anyone wishing to bid is required
to deliver a Certified Check or a Cashier's Check in the amount of
$55,500, made payable to Ridge Gate Escrow, which will be
non-refundable if they are the highest bidder in the event that
they do not close the purchase within 15 days of the entry of the
Order approving the high bid for the sale of the Paseo Del Rancho
property.

It is also requested that immediately upon acceptance of the offer
the entirety of the Deposit will be absolutely non-refundable and
forfeited to the Debtor.  Notwithstanding the immediately preceding
sentence, in the event: (1) the Court enters and order that does
not authorize the Debtor to sell the Property of the Buyer, (b) the
Court enters an order that authorizes the sale to another bidder
and the Buyer is not a backup bidder, the Debtor will refund the
entire Deposit to the Buyer within 10 calendar days following the
entry of such order of the Bankruptcy Court.  In the event the
Buyer is overbid and is a backup bidder, the Debtor will refund the
entire Deposit to the Buyer only if the Sale closes to the winning
bidder and within 10 calendar days following such closing.

The Purchase Agreement having been entered into is for a purchase
price of $1,820,000, has paid an initial deposit into escrow of
$54,600, is an all cash offer, no loan contingency, no appraisal
contingency, and the prospective buyers have provided proof of
funds.

The Buyers have no relationship with the Debtor or his wife, the
co-owner of the Paseo Del Rancho property.  Under the Purchase
Agreement real estate commissions will be in the amount of 6% of
the sales price, which will be subject to Court approval.

The Paseo Del Rancho property is purportedly subject to a note
secured by a first deed of trust from Wilmington Savings Fund
Society, FSB, doing business as Christiana Trust, not in its
individual capacity, but solely as trustee for BCAT 2015-14BTT,
which through Selene Finance, LP filed Proof of Claim Number 4, in
the amount of $2,052,378 on Nov. 29, 2016.

The Paseo Del Rancho property is also encumbered by a note secured
by a deed of trust payable to JPMorgan Chase Bank, National
Association, successor-in-interest by purchase from the Federal
Deposit Insurance Corporation as Receiver for Washington Mutual
Bank, filed as Proof of Claim number 6, in the amount of $403,994
on Dec. 21, 2016.

The Debtor brought a valuation motion asking the valuation of the
Paseo Del Rancho property which is scheduled for an evidentiary
hearing on July 16, 2018 at 1:30 p.m.  Chase and the Debtor entered
into the Stipulation and Order on Motion to Value Collateral,
"Strip Off" and modify rights of Mortgage Lien which is referred to
as Doc 195, which was filed on July 21, 2017.

The property is being sold free and clear of liens.  The sale is a
short sale with 100% of the net proceeds after deducting closing
costs, cost of sale going to Selene Finance, the entity
that services the note secured by a first deed of trust.

The Debtor also asks authorization to pay a real estate commission
of a total of 6% to the real estate brokers responsible for the
sale of the property, Pinnacle Estate Properties, Barbara Patchis
as the listing agent and Pinnacle Estate Properties, Ariel
Martarello, the selling agent, to use Ridge Gate Escrow as the
escrow company and pay their ordinary and customary costs at
closing, to use Priority title for title insurance and pay the
ordinary costs for title insurance.  Other costs will be shared.

The Debtor is asking the consent of the secured creditors for the
short sale in accordance with the attached Purchase Agreement.  As
of the date of the Motion he has not received a response regarding
such consent and as such the sale, which will be subject to a sales
application, will ask appropriate relief.

Because the sales price for the Paseo Del Rancho property is in
Debtor's opinion its market value and it will generate the maximum
return for creditors, primarily Selene and the sale will render the
valuation hearing regarding the value of Paseo Del Rancho moot, and
leave only the valuation of his real property located on Annie
Oakley, in Hidden Hills, California, the sales procedures outlined
is being proposed to the Court and interested parties.

A copy of the Agreement attached to the Motion is available for
free at:

   http://bankrupt.com/misc/James_Pascucci_319_Sales.pdf

Counsel for Debtor:

          William H. Brownstein, Esq.
          WILLIAM H. BROWNSTEIN & ASSOCIATES
          11755 Wilshire Boulevard
          Suite 1250
          Los Angeles, CA 90025-1540
          Telephone: (310) 458-0048
          Facsimile: (310) 361-3211
          E-mail: Brownsteinlaw.bill@gmail.com

James Arthur Pascucci is a licensed real estate broker.  He filed a
voluntary petition under Chapter 13 of the Bankruptcy Code on Aug.
1, 2016.  The case was converted to a case under Chapter 11 of the
Bankruptcy Court (Bankr. C.D. Cal. Case No. 16-12229) on Oct. 4,
2016.


JP MORGAN 2014-FL6: S&P Affirms B (sf) Rating on Class PHW2 Certs
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on the class B and C
commercial mortgage pass-through certificates from J.P. Morgan
Chase Commercial Mortgage Securities Trust 2014-FL6, a U.S.
commercial mortgage-backed securities (CMBS) transaction. In
addition, S&P raised its ratings on the class BWT1 and BWT2 raked
certificates and affirmed its ratings on four other classes from
the same transaction.

S&P said, "Our rating actions follow our analysis of the
transaction primarily using our criteria for rating U.S. and
Canadian CMBS transactions, which included a review of the credit
characteristics and the current and future performance of the
collateral securing the three remaining loans in the pool, the deal
structure, and the liquidity available to the trust.

"The upgrades on the pooled class B and C certificates reflect our
expectation of the available credit enhancement for these classes,
which we believe is greater than our most recent estimate of
necessary credit enhancement for the respective rating levels. We
also considered the reduction in the pooled balance since our last
surveillance review.

"The raised ratings on the class BWT1 and BWT2 raked certificates
reflect our re-evaluation of the Broadway Tower loan. The $13.0
million trust loan is secured by a 510,232-sq.-ft. office in the
downtown business district of St. Louis, Mo. The class BWT1 and
BWT2 raked certificates derive 100% of their cash flows from the
subordinated nonpooled portion of the loan totaling $3.4 million.
Our property analysis concluded that there is improved operating
performance due to the recent signing of a tenant for about 4% of
the property's net rentable area (NRA) that should improve property
occupancy, which was 69.3% as of year-end 2017. However, the
property faces tenant rollover risk in 2019 when 16.7% of the total
32.9% of NRA leased by Nestle is set to expire. We considered this
near-term rollover risk in the rating of the raked certificates.
Using a 7.50% capitalization rate, we derived an S&P Global Ratings
loan-to-value (LTV) ratio of 65.4% on the trust balance.

"The affirmations on the pooled class D principal- and
interest-paying certificates reflect our expectation that the
available credit enhancement for this class is within our estimate
of the necessary credit enhancement required for the current
rating, as well as our views regarding the current and future
performance of the remaining loans.

"The affirmations on the class PHW1 and PHW2 raked certificates
reflect our analysis of the Park Hyatt Washington DC loan. The
$53.0 million trust loan is secured by a 216-room full-service
lodging property in Washington, DC. The class PHW1 and PHW2 raked
certificates derive 100% of their cash flows from the subordinated
nonpooled component of the loan totaling $15.5 million. Our
property analysis concluded that there is stable operating
performance, and considered the recent property improvement plan
completed in 2017, which, in our view, temporarily reduced the
property's occupancy rate as reported by the master servicer. Using
an 8.75% capitalization rate, we derived an S&P Global Ratings LTV
ratio of 85.8% on the trust balance.

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

"According to the April 16, 2018, trustee remittance report, the
trust consisted of three floating-rate IO loans indexed to
one-month LIBOR with an aggregate pooled trust balance of $114.6
million and an aggregate trust balance of $133.5 million. Two of
the three loans have upcoming maturity dates in 2018, while the
Southland Mall loan recently passed its May 9, 2018, maturity date.
It is our understanding that an extension request was received."

All of the loans have final maturities in 2019. To date, the pooled
classes have not incurred any principal losses.

S&P based its analysis partly on a review of the available
historical property performance data, generally for the years ended
Dec. 31, 2017, 2016, 2015, 2014, and 2013, and where applicable,
the most recent 2017 rent roll or Smith Travel Research reports
that the master servicer provided to determine our opinion of a
sustainable cash flow for the properties.

  RATINGS LIST

  J.P. Morgan Chase Commercial Mortgage Securities Trust 2014-FL6
  Commercial mortgage pass-through certificates series 2014-FL6
                                         Rating
  Class            Identifier       To              From
  X-EXT            46643RAE6        BBB- (sf)       BBB- (sf)
  B                46643RAG1        AAA (sf)        AA (sf)
  C                46643RAJ5        AA (sf)         A (sf)
  D                46643RAL0        BBB- (sf)       BBB- (sf)
  PHW1             46643RAY2        BB- (sf)        BB- (sf)
  PHW2             46643RBA3        B (sf)          B (sf)
  BWT1             46643RBW5        BBB- (sf)       BB- (sf)
  BWT2             46643RBY1        BB- (sf)        B- (sf)


JP MORGAN 2015-MAR7: S&P Affirms 'B (sf)' Rating on Class F Certs
-----------------------------------------------------------------
S&P Global Ratings affirmed its ratings on eight classes of
commercial mortgage pass-through certificates from J.P. Morgan
Chase Commercial Mortgage Securities Trust 2015-MAR7, a U.S.
commercial mortgage-backed securities (CMBS) transaction.

S&P said, "Our expectation of credit enhancement for these classes
was more or less in line with the affirmed rating levels. Our
analysis also considered the progress and expected timing of the
approximately $65.0 million property improvement plans (PIPs) at
the properties.

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

This is a stand-alone (single borrower) transaction backed by a
fixed-rate partial IO amortizing mortgage loan secured by seven
full-service Marriott-flagged lodging properties located in
Alabama, Connecticut, Ohio, and Texas. S&P said, "Our
property-level analysis included a re-evaluation of the lodging
properties that secure the mortgage loan in the trust and
considered the relatively stable servicer-reported net operating
income for the past five years (2013 through 2017) for the
properties. During this time, the properties have experienced
generally flat to increasing occupancy, offset by a generally flat
to slightly decreasing average daily rate. Although we did not
receive an update from the sponsor, our analysis also factored in
the PIP work on the properties, which was noted in the inspection
reports provided by the master servicer. We then derived our
sustainable in-place net cash flow, which we divided by a 9.31% S&P
Global Ratings weighted average capitalization rate to determine
our expected-case value. This yielded an overall S&P Global Ratings
weighted average loan-to-value ratio and debt service coverage
(DSC) of 90.4% and 2.00x, respectively, on the trust balance."

According to the May 7, 2018, trustee remittance report, the
partial IO amortizing mortgage loan has a trust- and whole-loan
balance of $185.0 million, same as at issuance, and pays an annual
fixed interest rate of 5.075%. The mortgage loan is IO until June
1, 2020, and then pays monthly principal and interest in accordance
with an amortization schedule commencing July 1, 2020, through its
June 1, 2022, maturity. The borrower's equity interest in the whole
loan also secures $25.0 million of mezzanine financing. To date,
the trust has not incurred any principal losses. The master
servicer, Midland Loan Services, reported an overall DSC of 2.29x
on the trust balance and combined occupancy of 69.2% for the year
ended Dec. 31, 2017.

  RATINGS LIST

  J.P. Morgan Chase Commercial Mortgage Securities Trust 2015-MAR7
  Commercial mortgage pass-through certiticates series 2015-MAR7
                                         Rating
  Class            Identifier      To                   From
  A                46644QAA5       AAA (sf)             AAA (sf)
  B                46644QAG2       AA- (sf)             AA- (sf)
  C                46644QAJ6       A- (sf)              A- (sf)
  D                46644QAL1       BBB- (sf)            BBB- (sf)
  E                46644QAN7       BB- (sf)             BB- (sf)
  F                46644QAQ0       B (sf)               B (sf)
  X-CP             46644QAC1       B (sf)               B (sf)
  X-NCP            46644QAE7       B (sf)               B (sf)


JP MORGAN 2015-UES: S&P Affirms 'B-' (sf) Rating on Class F Certs
-----------------------------------------------------------------
S&P Global Ratings affirmed its ratings on eight classes of
commercial mortgage pass-through certificates from J.P. Morgan
Chase Commercial Mortgage Securities Trust 2015-UES, a U.S.
commercial mortgage-backed securities (CMBS) transaction.

For the affirmations on the principal- and interest-paying classes,
our expectation of credit enhancement was in line with the affirmed
rating levels.

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

This is a large loan transaction backed by four fixed-rate IO
mortgage loans that are not cross-collateralized or
cross-defaulted. S&P said, "Our property-level analysis included a
re-evaluation of the four loans in the pool, each secured by a
high-rise multifamily apartment complex located on the Upper East
Side of Manhattan, and considered the relatively stable
servicer-reported net operating income and occupancy for the past
six years (2012 through 2017). For each loan, we derived our
sustainable in-place net cash flow, which we divided by an S&P
Global Ratings capitalization rate to determine our expected-case
value. Our analysis yielded an overall S&P Global Ratings weighted
average loan-to-value (LTV) ratio and debt service coverage (DSC)
of 95.9% and 1.72x, respectively, on the aggregate trust balance."


According to the May 7, 2018, trustee remittance report, the trust
consisted of four IO loans with an aggregate trust and whole loan
balance of $500.0 million, the same as at issuance. The loans pay a
fixed interest rate per annum of 3.6295% and mature on Sept. 1,
2020. The sponsor is permitted to incur future mezzanine debt if
the loans meet certain conditions: For each loan, the combined LTV
ratio can be no greater than ranging between 39.4% and 46.4%, and
the DSC cannot be less than ranging between 1.91x and 2.14x. The
master servicer, KeyBank Real Estate Capital (KeyBank), confirmed
that the sponsor has not incurred mezzanine debt to date on any of
the loans. In addition, the trust has not incurred any principal
losses to date.

Details on the four loans are as follows:

The 265 East 66th Street & The Solow Town Houses loan ($181.0
million, 36.2%), the largest loan in the pool, is secured by a
45-story, 301-unit apartment tower that includes three retail units
totaling 7,050 sq. ft. and three medical office units totaling
4,182 sq. ft.; a two-screen movie theater; 20 duplex, triplex, and
whole building five-story townhome units; and a 197-car parking
garage. KeyBank reported a 1.82x DSC as of year-end 2017, and
occupancy was 95.3% according to the March 31, 2018, rent roll.
S&P's expected-case valuation, using a 6.00% S&P Global Ratings
capitalization rate, yielded a 95.9% S&P Global Ratings LTV ratio
and 1.70x S&P Global Ratings DSC on the trust balance.

The One East River Place loan ($168.0 million, 33.6%), the
second-largest loan in the pool, is secured by a 50-story, 415-unit
apartment tower at 525 East 72nd Street (beyond York Avenue) and
includes three medical office units totaling 27,275 sq. ft. and a
146-car parking garage. KeyBank reported a 1.68x DSC as of year-end
2017, and occupancy was 94.5% according to the March 31, 2018, rent
roll. S&P's expected-case valuation, using a 6.16% S&P Global
Ratings weighted average capitalization rate, yielded a 95.8% S&P
Global Ratings LTV ratio and 1.75x S&P Global Ratings DSC on the
trust balance.

The One Sutton Place North loan ($97.0 million, 19.4%), the
second-smallest loan in the pool, is secured by a 42-story,
234-unit apartment tower at 420 East 61st Street between York and
First Avenues and a 148-car parking garage. KeyBank reported a
1.76x DSC as of year-end 2017, and occupancy was 91.9% according to
the March 31, 2018, rent roll. S&P's expected-case valuation, using
a 6.00% S&P Global Ratings capitalization rate, yielded a 95.7% S&P
Global Ratings LTV ratio and 1.70x S&P Global Ratings DSC on the
trust balance.

The Rivers Bend loan ($54.0 million, 10.8%), the smallest loan in
the pool, is secured by a 22-story, 179-unit apartment tower at 501
East 87th Street on York Avenue and a 66-car parking garage.
KeyBank reported a 1.81x DSC as of year-end 2017, and occupancy was
97.8% according to the March 31, 2018, rent roll. S&P's
expected-case valuation, using a 6.00% S&P Global Ratings
capitalization rate, yielded a 96.0% S&P Global Ratings LTV ratio
and 1.70x S&P Global Ratings DSC on the trust balance.

  RATINGS LIST

  J.P. Morgan Chase Commercial Mortgage Securities Trust 2015-UES
  Commercial mortgage pass-through certificates series 2015-UES
                                           Rating
  Class        Identifier             To           From
  A            46645FAA8              AAA (sf)     AAA (sf)
  X-A          46645FAC4              AAA (sf)     AAA (sf)
  X-B          46645FAE0              A (sf)       A (sf)
  B            46645FAG5              AA- (sf)     AA- (sf)
  C            46645FAJ9              A (sf)       A (sf)
  D            46645FAL4              BBB (sf)     BBB (sf)
  E            46645FAN0              BB- (sf)     BB- (sf)
  F            46645FAQ3              B- (sf)      B- (sf)  


JP MORGAN 2018-PTC: S&P Assigns BB (sf) Rating on Class E Certs
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to J.P. Morgan Chase
Commercial Mortgage Securities Trust 2018-PTC's $115.3 million
commercial mortgage pass-through certificates series 2018-PTC.

The certificate issuance is a two-year floating-rate,
interest-only, first-lien mortgage loan with three, one-year
extension options with a principal balance as of the cut-off date
of $115.3 million (the trust loan), secured by the borrowers' fee
and leasehold interests in Peachtree Center, an approximately 2.5
million-sq.-ft. office and retail complex located in the heart of
Downtown Atlanta. A maximum of a $25.0 million future advance
amount will be pari passu in the payment to the trust loan, but
will not be an asset of the trust.

The ratings reflect our view of the collateral's historical and
projected performance, the sponsor's and manager's experience, the
trustee-provided liquidity, the loan's terms, and the transaction's
structure.

  RATINGS ASSIGNED
  J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-PTC

  Class       Rating(i)           Amount ($)
  A           AAA (sf)            58,000,000
  X-CP        BBB- (sf)           99,600,000(ii)
  X-EXT       BBB- (sf)           99,600,000(ii)
  B           AA- (sf)            15,700,000
  C           A- (sf)             11,600,000
  D           BBB- (sf)           14,300,000
  E           BB (sf)              9,840,000
  HRR(iii)    BB- (sf)             5,860,000

(i)The certificates will be issued to qualified institutional
buyers according to Rule 144A of the Securities Act of 1933.

(ii)Notional balance. The notional amount of the class X-CP and
X-EXT certificates will be reduced by the aggregate amount of
realized losses allocated to the class A, B, C, and D certificates.


(iii)Nonoffered horizontal risk retention class.


JPMCC 2000-C9: Moody's Affirms Class J & X Certs at 'C'
-------------------------------------------------------
Moody's Investors Service has affirmed the ratings on two classes
of J. P. Morgan Commercial Mortgage Finance Corp. 2000-C9,
Pass-Through Certificates, Series 2000-C9, as follows:

Cl. J, Affirmed C (sf); previously on May 10, 2017 Affirmed C (sf)

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

RATINGS RATIONALE

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

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

Moody's rating action reflects a base expected loss of 0% of the
current pooled balance, the same as at Moody's last review. Moody's
does not anticipate losses from the remaining collateral in the
current environment. However, over the remaining life of the
transaction, losses may emerge from macro stresses to the
environment and changes in collateral performance. Moody's ratings
reflect the potential for future losses under varying levels of
stress. Moody's base expected loss plus realized losses is now 4.7%
of the original pooled balance, the same at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating J. P. Morgan Commercial
Mortgage Finance Corp. 2000-C9, Cl. J 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
Commercial Mortgage Finance Corp. 2000-C9, 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.

DEAL PERFORMANCE

As of the April 16, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 99.9% to $99,876
from $814.4 million at securitization. The certificates are
collateralized by one mortgage loan.

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 one, the same as at Moody's last review.

Twenty-four loans have been liquidated from the pool, resulting in
an aggregate realized loss of $37.9 million (for an average loss
severity of 38.2%).

The only remaining loan is the RiteAid-Dayton Loan ($99,876 -- 100%
of the pool), which is secured by a single tenant retail property
leased to Rite Aid and located in Dayton, Ohio. The loan is
fully-amortizing and is co-terminus with the tenant's lease term
that is scheduled to expire in 2018. Per the Master Servicer -- the
tenant has elected not to renew their lease. Moody's LTV and
stressed DSCR are 19% and greater than 4.00X, respectively. Moody's
stressed DSCR is based on Moody's NCF and a 9.25% stress rate the
agency applied to the loan balance.


JPMCC 2003-CIBC6: Moody's Affirms 'C' Rating on Class M Notes
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on three classes
and affirmed the ratings on three classes in J.P. Morgan Chase
Commercial Mortgage Securities Corp. Series 2003-CIBC6, as
follows:

Cl. H, Affirmed Aaa (sf); previously on Aug 4, 2017 Upgraded to Aaa
(sf)

Cl. J, Upgraded to Aa1 (sf); previously on Aug 4, 2017 Upgraded to
A2 (sf)

Cl. K, Upgraded to A2 (sf); previously on Aug 4, 2017 Upgraded to
Ba3 (sf)

Cl. L, Upgraded to B1 (sf); previously on Aug 4, 2017 Affirmed Caa3
(sf)

Cl. M, Affirmed C (sf); previously on Aug 4, 2017 Affirmed C (sf)

Cl. X-1, Affirmed Ca (sf); previously on Aug 4, 2017 Affirmed Ca
(sf)

RATINGS RATIONALE

The ratings on the P&I classes J, K and L, were upgraded based
primarily on an increase in credit support resulting from loan
paydowns, defeasance and amortization. The deal has paid down 24%
since Moody's last review. In addition, defeasance has increased to
70% of the current pool balance from 61% at the last review.

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

The rating on P&I class M was affirmed because the rating is
consistent with 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 0.0% of the
current pooled balance, compared to 1.5% at Moody's last review.
Moody's base expected loss plus realized losses is now 2.0% of the
original pooled balance, compared to 2.1% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating J.P. Morgan Chase
Commercial Mortgage Securities Corp. Series 2003-CIBC6, Cl. H, 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 J.P. Morgan Chase Commercial
Mortgage Securities Corp. Series 2003-CIBC6 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 April 12, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $24.59
million from $1.04 billion at securitization. The certificates are
collateralized by nine mortgage loans ranging in size from less
than 1% to 24% of the pool. Five loans, constituting 70% 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 two, compared to three at Moody's last review.

One loan, constituting 0.2% 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.

Eleven loans have been liquidated from the pool, resulting in an
aggregate realized loss of $21.2 million (for an average loss
severity of 41%). There are no loans currently in special
servicing.

Moody's received full year 2017 operating results for 50% of the
pool, and partial year 2017 operating results for 50% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 80%, compared to 85% 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 actual and stressed conduit DSCRs are 1.45X and 1.94X,
respectively, compared to 2.08X and 1.75X 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 30% of the pool balance. The
largest loan is the Old Orchard Village East Shopping Center Loan
($5.8 million -- 23.6% of the pool), which is secured by a
grocery-anchored shopping center located in Louisville, TX. The
property which was previously anchored by a Hobby Lobby, is now
anchored by a Winco Foods whose lease extends through May 2040. The
property was 85% occupied as of September 2017, the same as at
Moody's last review. The loan matures in April 2020 and has
amortized 26.9% since securitization. Moody's LTV and stressed DSCR
are 91% and 1.31X, respectively, compared to 92% and 1.29X at the
last review.

The second largest loan is the Eckerd-Charlotte Loan ($1.2 million
-- 4.7% of the pool), which is secured by a 10,908 SF Rite Aid
located in Charlotte, NC. The building was constructed in 1999.
Rite Aid which occupies 100% of the property had an original lease
expiration of February 2014. Per the borrower the Rite Aid lease
was extended out through 2027. The loan is fully amortizing and
matures in December 2022. Moody's LTV and stressed DSCR are 44% and
2.55X, respectively, compared to 49% and 2.27X at the last review.

The third largest loan is the 5141 North 40th Street Loan ($391,749
-- 1.6% of the pool), which is secured by a 10,526 SF office
building located in Phoenix, AZ. The property was 100% leased as of
December 2017. The loan is fully amortizing and matures in June
2023. Moody's LTV and stressed DSCR are 36% and 2.87X,
respectively, compared to 48% and 2.12X at Moody's last review.



JPMCC 2010-C1: Moody's Affirms Class E & X-B Certs at 'C'
---------------------------------------------------------
Moody's Investors Service has affirmed the ratings on eight classes
in J.P. Morgan Chase Commercial Mortgage Securities Trust 2010-C1,
Commercial Pass-Through Certificates, Series 2010-C1 as follows:

Cl. A-2, Affirmed Aaa (sf); previously on May 11, 2017 Affirmed Aaa
(sf)

Cl. A-3, Affirmed Aaa (sf); previously on May 11, 2017 Affirmed Aaa
(sf)

Cl. B, Affirmed Baa3 (sf); previously on May 11, 2017 Affirmed Baa3
(sf)

Cl. C, Affirmed B1 (sf); previously on May 11, 2017 Affirmed B1
(sf)

Cl. D, Affirmed Caa3 (sf); previously on May 11, 2017 Downgraded to
Caa3 (sf)

Cl. E, Affirmed C (sf); previously on May 11, 2017 Affirmed C (sf)

Cl. X-A, Affirmed Aaa (sf); previously on May 11, 2017 Affirmed Aaa
(sf)

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

RATINGS RATIONALE

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

The ratings on the remaining two P&I classes were affirmed because
the ratings are consistent with Moody's expected loss plus realized
losses. Class E has already experienced a 45% realized loss as
result of a principal reduction from a modified loan.

The ratings on two IO classes, Cl. X-A and Cl. X-B, were affirmed
based on the credit quality of their referenced classes.

Moody's rating action reflects a base expected loss of 8.6% of the
current pooled balance, the same as at Moody's last review. Moody's
base expected loss plus realized losses is now 8.2% of the original
pooled balance, essentially the same as at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in rating J.P. Morgan Chase Commercial
Mortgage Securities Trust 2010-C1, Cl. A-2, Cl. A-3, Cl. B, Cl. C,
Cl. D and Cl. E 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 J.P.
Morgan Chase Commercial Mortgage Securities Trust 2010-C1, 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 April 17, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 72% to $202 million
from $716 million at securitization. The certificates are
collateralized by 10 mortgage loans ranging in size from 3% to 26%
of the pool. Two loans, constituting 31% of the pool, have
investment-grade structured credit assessments.

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 seven, the same as at Moody's last review.

One loan, constituting 26% of the pool, is on the master servicer's
watchlist. The watchlist includes loans that meet certain portfolio
review guidelines established as part of the CRE Finance Council
(CREFC) monthly reporting package. As part of Moody's ongoing
monitoring of a transaction, the agency reviews the watchlist to
assess which loans have material issues that could affect
performance.

One loan, the Gateway Salt Lake Loan, has been modified with a
principal reduction resulting in an aggregate realized loss of $41
million. One loan, constituting 6% of the pool, is currently in
special servicing. The specially serviced loan is the Aquia Office
Building ($11.8 million -- 5.8% of the pool), which is secured by a
98,000 square foot (SF) office building located in Stafford,
Virginia, approximately 40 miles southwest of Washington, DC. The
loan was initially transferred to the special servicer in March
2015 when the borrower indicated it would be unable to pay-off the
loan at maturity after the largest tenant exercised a lease
termination option. The loan returned to the master servicer in
late 2015 after a maturity date extension, but subsequently
transferred back to the special servicer in June 2016 due to
maturity default. The loan is now real estate owned (REO).

Moody's has also assumed a high default probability for one poorly
performing loan, the Gateway Salt Lake Loan, constituting 26% of
the pool.

Moody's received full year 2016 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 54%, compared to 53% 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
14% to the most recently available net operating income (NOI).
Moody's value reflects a weighted average capitalization rate of
10%.

Moody's actual and stressed conduit DSCRs are 1.96X and 2.02X,
respectively, compared to 2.84X and 2.01X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The largest loan with a structured credit assessment is the Cole
Portfolio Loan ($40.1 million -- 19.8% of the pool), which is
secured by a portfolio of 14 retail and two industrial
single-tenant properties located across 10 states: Alabama (2),
California (1), Illinois (2), Indiana (1), Nebraska (1), North
Carolina (1), Ohio (2), South Carolina (1), Texas (4), and
Wisconsin (1). The tenants include FedEx, LA Fitness, Academy
Sports, Walgreens, Tractor Supply and Advance Auto. Moody's
structured credit assessment and stressed DSCR are a3 (sca.pd) and
1.63X, respectively, compared to a3 (sca.pd) and 1.64X at the last
review.

The second largest loan with a structured credit assessment is the
Berry Plastics Portfolio Loan ($23.1 million -- 11.4% of the pool),
which is secured by a portfolio of three industrial properties
totaling 1.4 million SF located across three states: Indiana,
Kansas and Maryland. The portfolio is 100% leased through March
2032 to Berry Plastics. Moody's structured credit assessment and
stressed DSCR are aa1 (sca.pd) and 2.29X, respectively, compared to
aa2 (sca.pd) and 2.20X at the last review.

The top three loans without structured credit assessments represent
46.4% of the pool balance. The largest loan is the Gateway Salt
Lake Loan ($53.0 million -- 26.2% of the pool), which is secured by
a 624,000 SF open-air lifestyle center located in Salt Lake City,
Utah. The property is part of a larger 35-acre mixed-use
development centered around a former rail depot. The property has
lost several major tenants since securitization. Property
performance began to deteriorate after the construction of a
competitive property, City Creek Center, was completed in 2012.
Occupancy at the property has declined from 96% at securitization
to below 50% in 2017. The loan was modified in 2016, ultimately
resulting in a maturity date extension through 2021, an interest
rate reduction and a principal reduction to $53.0 million. The
modification resulted in a $41 million principal loss to the trust.
In 2016, the loan was assumed by a new borrower, who is in the
process of repositioning the property. The loan remains on the
master servicer's watchlist due to low DSCR and low occupancy.
Moody's has identified this as a troubled loan.

The second largest loan is the Ramco Retail Portfolio Loan ($26.3
million -- 13.0% of the pool), which is secured by two anchored
retail centers. The first property is West Oaks II, a 379,711 SF
retail center located in Novi, Michigan and the second property is
Spring Meadows, a 211,817 SF retail center located in Holland,
Ohio. The portfolio was 94% leased as of December 2016. Moody's LTV
and stressed DSCR are 55% and 1.88X, respectively, compared to 56%
and 1.82X at the last review.

The third largest loan is the Fairway Plaza Loan ($14.4 million --
7.1% of the pool), which is secured by a 169,000 SF anchored retail
center located in Pasadena, Texas, approximately 15 miles southeast
of the Houston CBD. Major tenants that are part of the collateral
include PetSmart, the Nike Store, Michael's, Old Navy and Dress
Barn. The property was 100% leased as of September 2017. Moody's
LTV and stressed DSCR are 59% and 1.72X, respectively, compared to
56% and 1.81X at the last review.


LB UBS 2005-C2: Moody's Affirms Class E Certs at 'Ca'
-----------------------------------------------------
Moody's Investors Service has affirmed the ratings on two classes
in LB-UBS Commercial Mortgage Trust 2005-C2, Commercial Mortgage
Pass-Through Certificates, Series 2005-C2 as follows:

Cl. E, Affirmed Ca (sf); previously on May 10, 2017 Affirmed Ca
(sf)

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

RATINGS RATIONALE

The rating on Class E was affirmed because the rating is consistent
with cumulative realized losses to the class. Class E has already
experienced a 60% principal loss as a result of previously
liquidated loans.

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

Moody's does not anticipate losses from the remaining collateral in
the current environment. However, over the remaining life of the
transaction, losses may emerge from macro stresses to the
environment and changes in collateral performance. Moody's ratings
reflect the potential for future losses under varying levels of
stress. Moody's base expected loss plus realized losses is now 8.7%
of the original pooled balance, the same as at last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating LB-UBS Commercial Mortgage
Trust 2005-C2, 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 LB-UBS Commercial Mortgage Trust
2005-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.

DEAL PERFORMANCE

As of the April 2018 distribution date, the transaction's aggregate
certificate balance has decreased by over 99% to $13 million from
$1.94 billion at securitization. The certificates are now
collateralized by two remaining mortgage loans.

Thirty-one loans have been liquidated from the pool, contributing
to an aggregate realized loss of $168 million (for an average loss
severity of 20%). There are no loans currently in special
servicing.

The largest remaining loan is the Boulevard Shops Loan ($9.7
million -- 75% of the pool), which is secured by a 41,000 square
foot, two-building retail property located in Laurel, Maryland. The
property was 96% occupied as of December 2017, compared to 91% the
prior year. The loan matures in January 2020 and Moody's LTV and
stressed DSCR are 101% and 0.96X, respectively. Moody's stressed
DSCR is based on Moody's NCF and a 9.25 % stress rate the agency
applied to the loan balance.

The other remaining loan is the Smoky Hill Loan ($3.2 million --
25% of the pool), which is secured by a 20,000 SF retail property
located in Centennial, Colorado. The property was 80% leased as of
December 2017, the same as at the prior review. The loan matures in
October 2019 and Moody's LTV and stressed DSCR are 81% and 1.14X,
respectively.


LENDMARK FUNDING 2018-1: S&P Assigns BB(sf) Rating on Cl. D Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Lendmark Funding Trust
2018-1's $300 million personal consumer loan-backed notes.

The note issuance is an asset-backed securities transaction backed
by personal consumer loan receivables.

The ratings reflect:

-- The availability of approximately 48.4%, 42.3%, 37.1%, and
31.1%credit support to the class A, B, C, and D notes,
respectively, in the form of subordination, overcollateralization,
a reserve account, and excess spread. These credit support levels
are sufficient to withstand stresses commensurate with the ratings
on the notes based on S&P's stressed cash flow scenarios.

-- S&P's expectation that under a moderate ('BBB') stress
scenario, all else being equal, our ratings on the class A, B, C,
and D notes will remain within two rating categories of the
assigned 'A (sf)', 'A- (sf)', 'BBB- (sf)', and 'BB (sf)' ratings,
respectively, in the next 12 months, based on its credit stability
criteria.

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

-- The characteristics of the pool being securitized and
receivables expected to be purchased during the revolving period.

-- The operational risks associated with Lendmark Financial
Services LLC decentralized business model.

-- The transaction's payment and legal structures.

  RATINGS ASSIGNED
  Lendmark Funding Trust 2018-1

  Class     Rating      Type            Interest        Amount
                                      rate (%)      (mil. $)
  A         A (sf)      Senior              3.81       235.496
  B         A- (sf)     Subordinate         4.09        20.429
  C         BBB- (sf)   Subordinate         5.03        20.911
  D         BB (sf)     Subordinate         6.25        23.164


MAGNETITE VIII: Moody's Assigns B3 Rating on Class F-R2 Notes
-------------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
CLO refinancing notes issued by Magnetite VIII, Limited:

Moody's rating action is as follows:

U.S.$3,000,000 Class X Senior Secured Floating Rate Notes Due 2031
(the "Class X Notes"), Assigned Aaa (sf)

U.S.$390,000,000 Class A-R2 Senior Secured Floating Rate Notes Due
2031 (the "Class A-R2 Notes"), Assigned Aaa (sf)

U.S.$63,000,000 Class B-R2 Senior Secured Floating Rate Notes Due
2031 (the "Class B-R2 Notes"), Assigned Aa2 (sf)

U.S.$36,000,000 Class C-R2 Deferrable Mezzanine Floating Rate Notes
Due 2031 (the "Class C-R2 Notes"), Assigned A2 (sf)

U.S.$36,000,000 Class D-R2 Deferrable Mezzanine Floating Rate Notes
Due 2031 (the "Class D-R2 Notes"), Assigned Baa3 (sf)

U.S.$30,000,000 Class E-R2 Deferrable Mezzanine Floating Rate Notes
Due 2031 (the "Class E-R2 Notes"), Assigned Ba3 (sf)

U.S.$9,000,000 Class F-R2 Deferrable Mezzanine Floating Rate Notes
Due 2031 (the "Class F-R2 Notes"), Assigned B3 (sf)

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

BlackRock Financial Management, Inc. manages the CLO. It directs
the selection, acquisition, and disposition of collateral on behalf
of the Issuer.

RATINGS RATIONALE

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

The Issuer has issued the Refinancing Notes on May 14, 2018 in
connection with the refinancing of the Class A-R, B-R, and C-R
Notes previously issued on November 10, 2016, and the Class D, E,
and F Notes previously issued on May 15, 2014. On the Refinancing
Date, the Issuer used proceeds from the issuance of the Refinancing
Notes, along with the proceeds from the issuance of additional
subordinated notes, to redeem in full the Refinanced Notes.

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

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

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

Performing par and principal proceeds balance: $598,728,119

Defaulted par: $1,546,003

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 3.05%

Weighted Average Recovery Rate (WARR): 47.5%

Weighted Average Life (WAL): 7.92 years

Methodology Underlying the Rating Action:

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

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

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

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 Refinancing 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 Refinancing
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% (2800 to 3220)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-R2 Notes: 0

Class B-R2 Notes: -2

Class C-R2 Notes: -2

Class D-R2 Notes: -1

Class E-R2 Notes: -1

Class F-R2 Notes: -2

Percentage Change in WARF -- increase of 30% (2800 to 3640)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-R2 Notes: -1

Class B-R2 Notes: -3

Class C-R2 Notes: -4

Class D-R2 Notes: -2

Class E-R2 Notes: -1

Class F-R2 Notes: -4


MAPS 2018-1: S&P Assigns BB (sf) Rating on $36.5MM Class C Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to MAPS 2018-1 Ltd.'s
series A, B, and C $506.5 million fixed-rate notes.

The note issuance is an asset-backed securities transaction (ABS)
backed by 25 aircraft and the related leases and shares and
beneficial interests in entities that directly and indirectly
receive aircraft portfolio lease rental and residual cash flows,
among others.

The ratings reflect S&P's view of: The likelihood of timely
interest on the series A notes (excluding the step-up amount) on
each payment date, the timely interest on the series B notes
(excluding the step-up amount) when they are the senior-most notes
outstanding on each payment date, and the ultimate interest and
principal payment on the series A, B, and C notes on the legal
final maturity at the respective rating stress.

The 68.61% loan-to-value (LTV) ratio (based on the lower of the
mean and median of the three half-life base values and the three
half-life current market values) on the series A notes; the 77.71%
LTV ratio on the series B notes; and the 83.74% LTV ratio on the
series C notes.

The aircraft collateral's quality and lease rental and residual
value generating capability. The portfolio contains 25
in-production narrow-body passenger planes (10 A320 family and 15
B737-NG). The 25 aircraft have a weighted average age of
approximately nine years and a remaining average lease term of
approximately 4.4 years. These aircraft, though entering mid-life,
are still liquid narrow-body aircraft models. While Airbus
delivered the first A320neo in January 2016 and Boeing delivered
the B737MAX in 2017, S&P expects that the new, more fuel-efficient
models replacing all of the current A320 family and B737-NG will
take many years; it views this as a moderate threat to aircraft
values and incorporate it into its collateral evaluation.

Many of the initial lessees have low credit quality, which is not
uncommon in aircraft securitizations (and 56% of the lessees (by
aircraft value) are domiciled in emerging markets. S&P's view of
the lessee credit quality, country risk, lessee concentration, and
country concentration is reflected in our lessee default rate
assumptions.

The series A and B notes follow a straight-line 13-years-to-zero
amortization. The series C notes follow a straight-line
seven-years-to-zero amortization. The transaction's capital
structure, payment priority, note amortization schedules, and
performance triggers. Similar to other recently S&P Global
Ratings-rated mid-life aircraft ABS, this transaction has a few
structural features--such as rapid amortization and excess proceeds
payment--that can, to some extent, mitigate the value retention
risk of aging aircraft and the risk of an aircraft's green time
monetizing. However, the transaction's partial rapid amortization
only applies to the series C notes.

The existence of a liquidity facility that equals nine months of
interest on the series A and B notes.

Alton Aviation Consulting performed a maintenance analysis before
closing. After closing, the servicer will perform a forward-looking
18-month maintenance analysis at least semiannually, which Alton
Aviation Consulting will review and confirm for reasonableness and
achievability. The maintenance reserve account must keep a balance
of the higher of the lower of $1 million and the rated series A and
B notes' outstanding notional amount and the sum of forward-looking
maintenance expenses. The maintenance reserve account will be
funded at $23.7 million at closing and any excess amount in the
maintenance reserve account will not be transferred to collection
account during the first six months after closing. The senior
indemnification (excluding indemnification amount to lessees under
leases entered before this transaction's closing) is capped at $10
million and is modeled to occur in the first 12 months.

The junior indemnification (uncapped) is subordinated to the rated
series' principal payment.

Merx Aviation Servicing Ltd., which is recently formed but part of
the Merx group, is the servicer for this transaction. Merx group is
an aircraft leasing and management company founded by Apollo
Investment Corp. in 2012.

  RATINGS ASSIGNED
  MAPS 2018-1 Ltd.
  Series       Rating       Coupon (%)     Amount
                                          (mil. $)
  A            A (sf)            4.212      415.0
  B            BBB (sf)          5.193       55.0
  C            BB (sf)           6.413       36.5


MARATHON CLO VI: S&P Assigns BB- (sf) Rating on Class D-R2 Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
A-1-R2, A-2-R2, B-R2, C-R2, and D-R2 notes, as well as the new
class X notes, from Marathon CLO VI Ltd., a collateralized loan
obligation (CLO) originally issued in 2014 and partially refinanced
in May 2017, that is managed by Marathon Asset Management L.P. S&P
withdrew its ratings on the outstanding class A-1-R, A-2-R, B-R, C,
D, and E notes following payment in full on the May 14, 2018,
refinancing date.

On the May 14, 2018, refinancing date, the proceeds from the
issuance of the replacement notes were used to redeem the
outstanding notes as outlined in the transaction document
provisions. Therefore, S&P withdrew its ratings on the outstanding
notes in line with their full redemption, and it is assigning
ratings to the replacement notes.

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

-- Add class X notes.

-- Issue the replacement class A-1-R2, B-R2, and C-R2 notes at a
lower spread than the refinanced class.

-- Issue the replacement class A-2-R2 and D-R2 notes at a higher
spread than the refinanced class.

-- Redeem and not reset the class E notes.

-- Extend the reinvestment period and stated maturity date two and
three years, respectively.

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."

  RATINGS ASSIGNED

  Marathon CLO VI Ltd.
  Replacement class         Rating      Amount (mil. $)
  A-1-R2                    AAA (sf)             284.05
  A-2-R2                    AA (sf)               70.65
  B-R2                      A (sf)                28.30
  C-R2                      BBB- (sf)             25.20
  D-R2                      BB- (sf)              21.40
  Subordinated notes        NR                    61.40

  New class                 Rating      Amount (mil. $)
  X                         AAA (sf)               8.75

  Outstanding class         To         From
  A-1-R                     NR         AAA (sf)  
  A-2-R                     NR         AA (sf)    
  B-R                       NR         A (sf)      
  C                         NR         BBB (sf)  
  D                         NR         BB (sf)    
  E                         NR         B (sf)     
  NR--Not rated.



MCF CLO VIII: S&P Assigns Prelim BB- (sf) Rating on Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to MCF CLO VIII
Ltd.'s $325.9 million middle-market collateralized loan obligation
(CLO) managed by Madison Capital Funding LLC, a wholly owned
subsidiary of New York Life Insurance Co.

The note issuance is CLO transaction backed primarily by
middle-market speculative-grade senior secured term loans.

The preliminary ratings are based on information as of May 17,
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 (those
rated 'BB+' or lower) 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

  MCF CLO VIII Ltd./MCF CLO VIII LLC

  Class                   Rating            Amount
                                          (mil. $)(i)

  A-1                     AAA (sf)          157.50
  A-2                     AAA (sf)           31.60
  B                       AA (sf)            28.10
  C (deferrable)          A (sf)             24.40
  D (deferrable)          BBB- (sf)          18.90
  E (deferrable)          BB- (sf)           23.60
  Sub nts (deferrable)    NR                 41.80
  Combo nts(i)            BBB+p (sf)         35.00

(i)Combination notes comprise $12.20 million of class C, $12.30
million of class D, $3.50 million of class E, and $7.00 million of
the subordinated notes.  NR--Not rated.


MD CUSTOMS: Gillani Buying Atlanta Commercial Property for $645K
----------------------------------------------------------------
MD Customs, LLC, asks the U.S. Bankruptcy Court for the Northern
District of Georgia to authorize the sale of the commercial
property located at 4395 Fulton Industrial Blvd., Atlanta, Georgia,
tax parcel ID no. 14F0052LL0615, to Munira Gillani for $645,000.

The objection deadline is May 28, 2018.

The Debtor and the Buyer have entered into Commercial Purchase and
Sale Agreement, dated May 2, 2018, for the sale and purchase of the
Property.  The earnest money deposit is $5,000.  The Agreement
contemplates to close the sale on June 13, 2018.  

A copy of the Agreement attached to the Motion is available for
free at:

    http://bankrupt.com/misc/MD_Customs_9_Sales.pdf

The closing costs are estimated at $5,000.  There is a mortgage
against the Property being held by Knight Spartan Fund Series I LP
in the approximate amount of $396,350.  The Debtor proposes to sell
the Property and pay off the outstanding mortgage.  This will
resolve all issues in the pending Chapter 11 case.

The Mortgagee:

          KNIGHT SPARTAN FUND SERIES I LP
          225 W. Canton Ave., Ste. 600
          Winter Park, FL 32789

                        About MD Customs

MD Customs, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 18-53868) on March 5,
2018.  At the time of the filing, the Debtor estimated assets of
less than $1 million and liabilities of less than $500,000.  Judge
Paul Baisier presides over the case.


MERRILL 2007-CANADA 21: DBRS Confirms B Rating on 3 Note Classes
----------------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2007-Canada
21 issued by Merrill Lynch Financial Assets Inc., Series
2007-Canada 21 (the Trust):

-- Class XC at A (sf)
-- Class E at BBB (low) (sf)
-- Class F at BB (high) (sf)
-- Class G at BB (sf)
-- Class H at BB (low) (sf)
-- Class J at B (high) (sf)
-- Class K at B (sf)
-- Class L at B (low) (sf)

All trends are Stable, including trends for Classes K and L, which
were previously assigned Negative trends to reflect concerns
surrounding the refinance prospects for the largest remaining loan
in the pool.

The rating confirmations and Stable trend assignments on Classes K
and L reflect the DBRS view and outlook for the remaining loans in
the transaction. As of the April 2018 remittance, there are two of
the original 52 loans remaining in the Trust with an aggregate
principal balance of $17.3 million, reflecting a collateral
reduction of 95.5% since issuance. Both loans have either partial
or full recourse to the respective sponsors.

Based on YE2016 figures, the transaction reported a
weighted-average (WA) debt service coverage ratio (DSCR) of 0.88
times (x) and a WA debt yield of 7.2%. The poor overall performance
is attributable to the largest loan, 550-11th Avenue Office
Building (Prospectus ID#3; 52.9% of the current pool balance),
which is located in a market with limited liquidity and has been
granted an extension on the original December 2016 maturity date
with options that run through September 2020. The loan is secured
by a 97,325-square-foot Class B office building located in downtown
Calgary within the city's Beltline District and has been on the
watch list since 2012 due to decreased occupancy. The subject had
an in-place occupancy rate of 38.4% as of January 2018. The soft
market in Calgary has been a factor for several years, with most
forecasts predicting continued stress through the next few years.

The loan has a partial-recourse guarantee to Riaz Mamdani, the CEO
of Strategic Group, for up to $10 million. According to the Annual
Review 2017 report released by Strategic Group, 10% of the
sponsor's portfolio mix consists of assets that have exposure to
the downtown Calgary office market. The sponsor's portfolio is
concentrated in office properties, representing 41.6% of the
overall portfolio by square footage. Overall, Strategic Group
manages $1.5 billion in real estate assets. As of April 2018, the
sponsor's Trust had an outstanding balance of $9.2 million,
bringing the recourse obligation up to more than enough to cover
the Trust's exposure. DBRS believes the continued difficulties in
the Calgary market could necessitate further extensions to the
maturity date, but it does acknowledge the positives in the
sponsor's continued commitment to the property and a successful
takeout.

The other remaining loan in the pool, La Tour d'Auteuil (Prospectus
ID#17; 47.1% of the pool balance), is secured by a multifamily
property in Montréal, Québec, and is scheduled to mature in
December 2018. As of the most recent reporting available, the loan
reported a YE2017 DSCR of 1.45x and an occupancy rate of 98.1% as
of March 2018. Both figures represent improvements over previous
years' figures. These factors, as well as the exit debt yield in
excess of 12.1% and the sponsor's full recourse obligation, suggest
a successful refinance is likely.

Class XC is an interest-only (IO) certificate that references a
single rated tranche or multiple rated tranches. The Class XC is in
wind-down with only one of the originally scheduled loan maturities
remaining. After that loan repays or extends, it is expected that
the rating on Class XC will be retired. The rating of Class XC was
confirmed as the transaction has entered the wind-down period, and
due to limited loan defaults during the life of the transaction,
the Class XC has received its initial expected cash flows. In the
wind-down period, DBRS deployed DBRS Hurdles for individual loans,
while any pool-derived rating ceiling would predominantly reflect
refinance risk of the remaining loans and therefore deemed not
applicable because it affects IOs far less than it does principal
and interest bonds. The rating ceiling for WA coupon/stack IOs is
applicable to transactions with meaningful remaining term default
risk and less applicable to transactions that are entering, or are
already in, wind-down.

The ratings assigned to Classes E, F, G, H, J, K and L materially
deviate 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 deviations are
warranted given the uncertain loan-level event risk.

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


MID-SOUTH GEOTHERMAL: Selling 2001 Schramm Rotodrill Rig for $160K
------------------------------------------------------------------
Mid-South Geothermal, LLC, asks the U.S. Bankruptcy Court for the
Western District of Tennessee to authorize the sale of a 2001
Schramm T45OWS 900/350 Rotodrill Rig to Wayne Megaha Ezel for
$160,000.

The Debtor owns multiple pieces of equipment, including the
Property.  It has received an offer to purchase the Property from
the Buyer, 2538 Big Springs Search Road, Danridge, Tennessee, for a
gross purchase price of $160,000, free and clear of liens, claims,
interests and encumbrances.  

In addition to the Purchase Price, the Purchaser will move the
Property at its own expense.  There are no financing contingencies
under the Offer requiring the Court's approval of the sale and the
release of all liens, including, without limitation.

The Debtor believes that the consummation of the transaction is in
the best interest of this estate, and creditors insofar as the
offer will produce immediate cash to the estate.  The Debtor's
primary lender, Regions Bank, approves of the sale.  It has a
security interest in the Property, and will receive the proceeds.

The Debtor requests an expedited hearing on the Motion due to the
Purchaser's need for the Property.

                    About Mid-South Geothermal

Mid-South Geothermal, LLC, installs geothermal heating and cooling
systems for large commercial projects.  Its principal place of
business is located at 28 Superior Lane Gray, Kentucky.

Mid-South Geothermal filed for Chapter 11 bankruptcy protection
(Bankr. W.D. Tenn. Case No. 18-21498) on Feb. 20, 2018, listing
$2.04 million in total assets and $2.14 million in total
liabilities.  The petition was signed by Scott W. Triplett,
president.  Judge David S. Kennedy presides over the case.  Steven
N. Douglass, Esq., at Harris Shelton Hanover Walsh, PLLC, serves as
the Debtor's bankruptcy counsel.


MORGAN STANLEY 2017-C33: DBRS Confirms BB Rating on Class F Certs
-----------------------------------------------------------------
DBRS, Inc. confirmed the ratings of all classes of Commercial
Pass-Through Certificates, Series 2017-C33 (the Certificates)
issued by Morgan Stanley Bank of America Merrill Lynch Trust
2017-C33 as follows:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class X-A at AAA (sf)
-- Class A-S at AAA (sf)
-- Class B at AA (high) (sf)
-- Class X-B at AA (low) (sf)
-- Class C at A (high) (sf)
-- Class X-D at BBB (high) (sf)
-- Class D at BBB (sf)
-- Class E at BB (high) (sf)
-- Class F at BB (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, with trends generally in line with DBRS's
expectations at issuance. This transaction closed in May 2017 with
a trust balance of $702.6 million, composed of 43 loans secured by
70 commercial and multifamily properties. One year out, all loans
remain in the pool, with collateral reduction of 0.46% as a result
of scheduled amortization. While the pool is somewhat concentrated
by balance, with the top 15 loans representing 67.6% of the pool
balance, the loans are generally considered low leverage, with a
weighted average (WA) DBRS Debt Yield and WA DBRS Exit Debt Yield
for the pool of 9.9% and 11.3%, respectively, both of which are
considered strong. The term default risk is also considered low,
with a strong WA DBRS Term debt-service coverage ratio (DSCR) of
1.64x and a healthy WA DBRS Refinance DSCR of 1.15x.

Although financial reporting can be limited for a recently closed
transaction, the servicer's reporting files do show in-place
figures for almost 90.0% of the pool by balance. According to the
Q3 2017 financials received for 17 loans representing 41.7% of the
pool, those loans showed a WA in-place DSCR of 1.78x, with WA net
cash flow (NCF) growth over the DBRS NCF figures at issuance of
9.7%. The 20 loans representing 48.1% of the pool that reported
YE2017 financials showed a WA in-place DSCR of 1.92x, with a WA NCF
growth of 11.3% over the DBRS NCF figures.

As of the April 2018 reporting, there were two relatively small
loans on the servicer's watch list in Prospectus ID#20, Canyon
Creek Shopping Center (1.8% of the pool balance) and Prospectus
ID#36, Trolley Industrial. In DBRS's opinion, there are no
significant concerns for either loan at this point. There are,
however, two loans identified by DBRS as noteworthy loans for the
transaction, including one loan in the top 15, that should be on
the servicer's watch list. These two loans are Prospectus ID#12,
Ralph's Food Warehouse Portfolio (2.4% of the pool balance) and
Prospectus ID#29, Tops Portfolio (1.1% of the pool balance).

The Ralph's Food Warehouse Portfolio loan is secured by a portfolio
of nine grocery-anchored properties and one office property located
across eastern Puerto Rico in an area of the island that was
particularly affected by Hurricane Maria's wrath in September 2017.
The trust loan represents a portion of a pari passu whole loan,
with the other piece placed in the BANK 2017-BNK4 transaction,
which is not rated by DBRS. The master servicer for that
transaction has placed that piece on the watch list, noting the
property damage across the portfolio as a result of the hurricane
activity. DBRS has requested an update from servicer for the
subject trust for details on the extent of the damage, costs to
repair and operational status of the properties. Watch list
comments for the other loan piece indicate that all properties were
operational as of January 2018, with the servicer's insurance team
working with the borrower to process claims.

The Tops Portfolio loan is secured by a portfolio of three
grocery-anchored community shopping centers, all located within 40
miles of the Buffalo, New York, central business district. The
centers are all anchored by a Tops Friendly Markets (Tops) grocery
store. Tops filed for bankruptcy earlier this year, noting that all
stores were expected to remain open for business as the company
restructures. According to the documents received at issuance, the
bankruptcy filing should have triggered a cash flow sweep for the
loan. DBRS has requested confirmation from the servicer that the
sweep is in place and has asked for clarification as to why the
loan is not on the servicer's watch list for a major tenant
bankruptcy. The trust loan represents a pari passu portion of a
$19.5 million whole loan; based on a search on the DBRS Viewpoint
platform, it does not appear that the remaining debt was placed in
a commercial mortgage-backed security (CMBS) transaction.

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 applicable reference obligation
tranche adjusted upward by one notch if senior in the waterfall.

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


MP CLO VIII: Moody's Assigns Ba3 Rating on $25MM Class E-R Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
following notes issued by MP CLO VIII, Ltd.:

U.S.$325,000,000 Class A-R Senior Secured Floating Rate Notes due
2027 (the "Class A-R Notes"), Assigned Aaa (sf)

U.S.$40,500,000 Class B-R Senior Secured Floating Rate Notes due
2027 (the "Class B-R Notes"), Assigned Aa1 (sf)

U.S.$42,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2027 (the "Class C-R Notes"), Assigned A2 (sf)

U.S.$27,500,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2027 (the "Class D-R Notes"), Assigned Baa3 (sf)

U.S.$25,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2027 (the "Class E-R Notes"), Assigned Ba3 (sf)

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

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

RATINGS RATIONALE

Moody's ratings on the Refinancing Notes address the expected loss
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.

The Issuer has issued the Refinancing Notes on May 11, 2018 in
connection with the refinancing of certain classes of notes
previously issued on August 26, 2015, the Original Closing Date. On
the Refinancing Date, the Issuer used the proceeds from the
issuance of the Refinancing Notes to redeem in full the Refinanced
Original Notes.

In addition to the issuance of the Refinancing Notes, a variety of
other changes to transaction features will occur in connection with
the refinancing. These include: extension of the non-call period,
extension of the weighted average life test by 6 months, changes to
the collateral quality matrix and the addition of a recovery rate
modifier matrix.

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 each class of the Issuer's notes is subject to
uncertainty relating to certain factors and circumstances, and this
uncertainty could lead Moody's to change its ratings:

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

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

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

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

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

6) Weighted average life: The notes' ratings can be sensitive to
the weighted average life assumption of the portfolio, which could
lengthen owing to any decision by the Manager to reinvest into new
issue loans or loans with longer maturities, or participate in
amend-to-extend offerings. Life extension can increase the default
risk horizon and assumed cumulative default probability of CLO
collateral.

7) Weighted Average Spread (WAS): CLO performance can be sensitive
to WAS, which is a key factor driving the amount of excess spread
available as credit enhancement when a deal fails its
over-collateralization or interest coverage tests. A decrease in
excess spread, including as a result of losing the net interest
benefit of LIBOR floors, or because market conditions make it
difficult for the deal to source assets of appropriate credit
quality in order to maintain its WAS target, would reduce the
effective credit enhancement available for the notes.

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

Moody's Assumed WARF +15% (3502)

Class A-R: 0

Class B-R: -2

Class C-R: -2

Class D-R:-1

Class E-R: -1

Moody's Assumed WARF + 30% (3959)

Class A-R: -1

Class B-R: -3

Class C-R: -3

Class D-R: -2

Class E-R: -1

Loss and Cash Flow Analysis:

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

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

Performing par and principal proceeds balance: $500,000,000

Defaulted par: $0

Diversity Score: 60

Weighted Average Rating Factor (WARF): 3045 (corresponding to a
weighted average default probability of 24.91%)

Weighted Average Spread (WAS): 3.40%

Weighted Average Recovery Rate (WARR): 47.50%

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


N-STAR VI: Fitch Places 6 Classes of Debt on Rating Watch Positive
------------------------------------------------------------------
Fitch Ratings has placed six classes of N-Star REL CDO VI, Ltd./LLC
(N-Star VI) on Rating Watch Positive and has affirmed the remaining
class.

KEY RATING DRIVERS

The Rating Watch Positive placement reflects the anticipated
repayment of the largest loan, Pelican Point, which accounts for
24.9% of the pool. The collateral asset manager indicated a sale of
the property for $100 million closed on May 9, 2018. Proceeds from
the sale are expected to repay in full the $31.049 million
preferred equity position held by the collateralized debt
obligation (CDO); however, funds have not yet been remitted to the
trustee. Fitch expects to resolve the Rating Watch Positive within
the next month once the sales proceeds are confirmed to be in the
CDO's principal collection account by the trustee, which will be
made available for distribution at the next quarterly payment date
in June 2018.

Pelican Point was a preferred equity position on a 400-unit
multifamily property located in Ventura, CA. A full recovery was
not expected at Fitch's last rating action due to the high leverage
of the CDO's position.

The affirmation of class K is based upon a deterministic analysis
that considers Fitch's loss expectations on the defaulted loans and
Fitch Loans of Concern (FLOCs) relative to the class' credit
enhancement (CE). Default of this class remains probable.

The CDO is highly concentrated with only eight assets remaining
after factoring in the repayment of the Pelican Point loan; four
are commercial real estate (CRE) loans and four are CRE CDO bonds.
Fitch has designated all four of the CRE loans as FLOCs, which
includes two highly leveraged mezzanine loans on an interest in a
Las Vegas, NV hotel property and an interest in a portfolio of
limited-service hotels across the U.S.; a defaulted A-note secured
by undeveloped land in the Poconos Mountains where the lender is
pursuing foreclosure and a defaulted B-note secured by a leasehold
interest on an office property in Cincinnati, OH.

Since Fitch's last rating action and as of the April 2018 trustee
report, principal paydowns from two asset payoffs and amortization
totaling $20.6 million repaid in full class C and a significant
portion of class D. There have been no realized losses over this
same period.

N-Star VI was initially issued as a $450 million CRE CDO, with a
five-year reinvestment period that ended in June 2011. In November
2009, $8 million in notes were surrendered to the trustee for
cancellation. The CRE CDO is managed by NS Advisors, LLC, which was
previously a wholly owned subsidiary of NorthStar Realty Finance
Corp. (NRF). In January 2017, NRF, along with Northstar Asset
Management, merged with Colony Capital, Inc. to form Colony
Northstar Inc.

RATING SENSITIVITIES

Upon confirmation of the receipt of principal proceeds in the CDO's
collection account from the repayment of the Pelican Point loan,
classes D through G could be upgraded to 'AAAsf' as these classes
will be covered by cash, which is treated at 'AAA' in Fitch's
analysis. Due to the quarterly payment frequency of the CDO, the
cash will reside in the principal collection account until the
CDO's next scheduled June 2018 payment date. Classes H and J could
result in a one to three category upgrade as CE to these classes
will increase substantially following the repayment of the Pelican
Point loan. The distressed class K may be subject to downgrade
should loan performance decline significantly and/or further losses
be realized.

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

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

Fitch has placed the following classes on Rating Watch Positive:

  --$274,743 class D 'Bsf';

  --$10.1 million class E 'CCCsf'; RE 15%;

  --$7.7 million class F 'CCCsf'; RE 0%;

  --$7 million class G 'CCCsf'; RE 0%;

  --$6.3 million class H 'CCsf'; RE 0%;

  --$18.9 million class J 'CCsf' RE 0%.

In addition, Fitch has affirmed the following class:

  --$14.9 million class K at 'CCsf'; RE 0%.

The class A-1, A-R, A-2, B and C notes were paid in full. Fitch
does not rate the Income Notes.


N-STAR VIII: Fitch Cuts Rating on $39MM Notes to 'CCsf'
-------------------------------------------------------
Fitch Ratings has downgraded two and affirmed 11 classes of N-Star
REL CDO VIII, Ltd./LLC (N-Star VIII).

KEY RATING DRIVERS

The affirmations to the senior classes reflect sufficient credit
enhancement (CE) relative to Fitch's loss expectations. The rating
of class A-2 was capped to reflect adverse selection and pool
concentration concerns. N-Star VIII is collateralized by commercial
real estate loans (91.9% of pool), mainly subordinate debt
positions, as well as commercial real estate collateralized debt
obligations (CRE CDOs; 8.1%). The remaining pool consists of 17
assets, whereby 76.2% by balance is comprised of defaulted loans
(17.5%) and Fitch Loans of Concern (58.7%). In addition, the
largest four loans account for 62.1% of the pool.

As of the May 2018 trustee report and per Fitch categorizations,
the CDO was substantially invested as follows: preferred equity
(42.8%), mezzanine loans (29.2%), whole loans/A-notes (19.9%) and
CRE CDOs (8.1%). Property type concentrations include construction
(23.1%), hotel (19.7%), office (16%), healthcare (15.8%), retail
(8.5%), undeveloped land (6.3%) and multifamily (2.6%). Fitch
modeled significant to full losses on these CREL assets as the
majority are either highly leveraged, subordinate debt positions or
are non-traditional or non-cash flowing property types with minimal
to no recoveries expected.

The downgrade of classes D and E reflect a greater certainty of
loss due to high loss expectations for the pool relative to these
classes' CE. The distressed ratings for classes C through N are
based on a deterministic analysis that considers Fitch's base case
loss expectation for the pool and the current percentage of
defaulted loans and Fitch Loans of Concern, factoring in
anticipated recoveries relative to the CE of each class.

Fitch's base case loss expectation is 76.4%. Since the last rating
action and as of the May 2018 trustee report, there has been
minimal principal paydown of only $62,610, with no realized losses.
All overcollateralization and interest coverage tests were
passing.

The largest contributor to Fitch's loss expectation is a preferred
equity position (23.1% of pool) on a planned construction project
of a super-regional mall and retail/entertainment facility located
in East Rutherford, New Jersey. The project's original business
plan from 2006 stalled due to the economic downturn and multiple
delays and cost overruns. The overall project designs have been
updated with the selection of a new replacement developer to
include a planned amusement/water park and the originally planned
entertainment/retail center. The original loan was restructured
whereby the existing lender debt was subordinated to additional
debt from new construction financing and new equity contributions
by the selected replacement developer. Although construction
activity is progressing and leases have been executed, Fitch
remains concerned with the uncertainty and timing surrounding the
ultimate completion of the project. Fitch modeled a full loss on
this loan in its base case stress scenario.

This transaction was analyzed according to the 'Surveillance
Criteria for U.S. CREL CDOs', which applies stresses to property
cash flows and debt service coverage ratio tests to project future
default levels for the underlying portfolio. Recoveries are based
on stressed cash flows and Fitch's long-term capitalization rates.
Cash flow modeling was not performed as it would provide no
additional analytical value given 100% of the pool was modeled to
default in all of the rating stresses.

N-Star VIII was initially issued as a $900 million CRE CDO, with a
five-year reinvestment period that ended in February 2012. In
November 2009, $31.1 million in notes were surrendered to the
trustee for cancellation. The CRE CDO is managed by NS Advisors,
LLC, which was previously a wholly-owned subsidiary of NorthStar
Realty Finance Corp. (NRF). In January 2017, NRF, along with
Northstar Asset Management, merged with Colony Capital, Inc. to
form Colony Northstar Inc.

RATING SENSITIVITIES

The Stable Rating Outlook on class A-2 reflects the high credit
enhancement relative to Fitch's modeled loss expectation and the
class' seniority in the capital structure. A future upgrade may be
possible, but limited due to increasing pool concentrations, with
continued paydown and better than expected recoveries on the
remaining assets. The Negative Rating Outlook on class B reflects
possible downgrade should loan performance deteriorate
significantly or with negative ratings migration of the CRE CDO
collateral. The distressed classes C through N may be subject to
downgrade should loan performance decline, if realized losses
exceed Fitch's expectations and/or should further losses be
realized.

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

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

Fitch has downgraded the following classes:

  --$17.1 million class D to 'CCsf' from 'CCCsf'; RE 0%;

  --$22.1 million class E to 'CCsf' from 'CCCsf'; RE 0%.

In addition, Fitch has affirmed the following classes:

  --$54.8 million class A-2 at 'Bsf'; Outlook Stable;

  --$60.3 million class B at 'Bsf'; Outlook Negative;

  --$24.3 million class C at 'CCCsf'; RE 0%;

  --$25.2 million class F at 'CCsf'; RE 0%;

  --$9.1 million class G at 'CCsf'; RE 0%;

  --$20.7 million class H at 'CCsf'; RE 0%;

  --$12 million class J at 'CCsf'; RE 0%;

  --$18.9 million class K at 'CCsf'; RE 0%;

  --$22.1 million class L at 'CCsf'; RE 0%;

  --$14.9 million class M at 'CCsf'; RE 0%;

  --$22.5 million class N at 'CCsf'; RE 0%.

The class A-1 and A-R notes were paid in full. Fitch does not rate
the Preferred Shares.



OHA CREDIT XII: S&P Assigns Prelim 'B-' (sf) Rating on F-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
X-R, A-1R, B-R, C-R, D-R, E-R, and F-R replacement notes from OHA
Credit Partners XII Ltd./OHA Credit Partners XII LLC, a
collateralized loan obligation (CLO) originally issued in 2016 that
is managed by Oak Hill Advisors L.P. 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 replacement notes are expected to be issued at lower
spreads than the original notes.

The preliminary ratings are based on information as of May 15,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the May 30, 2018, refinancing date, the proceeds from the
issuance of the replacement notes are expected to redeem the
original notes. S&P said, "At that time, we anticipate withdrawing
the ratings on the original notes and assigning ratings to the
replacement notes. However, if the refinancing doesn't occur, we
may affirm the ratings on the original notes and withdraw our
preliminary ratings on the replacement notes."

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

-- Extend the stated maturity to July 2030.
-- Extend the reinvestment period to July 2023.
-- Extend the non-call period will to July 2020.
-- Extend the weighted average life test date to July 2027.

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

  OHA Credit Partners XII Ltd./OHA Credit Partners XII LLC

  Replacement class         Rating      Amount (mil. $)
  X-R                       AAA (sf)               6.70
  A-1R                      AAA (sf)             342.00
  A-2R                      NR                    45.00
  B-R                       AA (sf)               70.80
  C-R                       A (sf)                35.40
  D-R                       BBB- (sf)             36.60
  E-R                       BB- (sf)              22.20
  F-R                       B- (sf)               10.80
  Subordinated notes        NR                    42.00

  NR--Not rated.


OZLM XX: Moody's Assigns Ba3 Rating on $20,250,000 Class D Notes
----------------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
notes issued by OZLM XX, Ltd.

Moody's rating action is as follows:

U.S.$2,000,000 Class X Senior Secured Floating Rate Notes due 2031
(the "Class X Notes"), Assigned Aaa (sf)

U.S.$288,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031 (the "Class A-1 Notes"), Assigned Aaa (sf)

U.S.$49,050,000 Class A-2 Senior Secured Floating Rate Notes due
2031 (the "Class A-2 Notes"), Assigned Aa2 (sf)

U.S.$24,750,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2031 (the "Class B Notes"), Assigned A2 (sf)

U.S.$31,950,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031 (the "Class C Notes"), Assigned Baa3 (sf)

U.S.$20,250,000 Class D Secured Deferrable Floating Rate Notes due
2031 (the "Class D Notes"), Assigned Ba3 (sf)

U.S.$6,975,000 Class E Secured Deferrable Floating Rate Notes due
2031 (the "Class E Notes"), Assigned B3 (sf)

The Class X Notes, the Class A-1 Notes, the Class A-2 Notes, the
Class B Notes, the Class C Notes, the Class D Notes 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.

OZLM XX 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
senior secured loans and eligible investments, and up to 10.0% of
the portfolio may consist of second lien loans and unsecured loans.
The portfolio is approximately 90% ramped as of the closing date.

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

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

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

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

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

Par amount: $450,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2842

Weighted Average Spread (WAS): 3.30%

Weighted Average Coupon (WAC): 6.00%

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.

Here 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 2842 to 3268)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1 Notes: 0

Class A-2 Notes: -2

Class B Notes: -2

Class C Notes: -1

Class D Notes: -1

Class E Notes: -1

Percentage Change in WARF -- increase of 30% (from 2842 to 3695)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1 Notes: -1

Class A-2 Notes: -3

Class B Notes: -4

Class C Notes: -2

Class D Notes: -1

Class E Notes: -3


PSMC 2018-2: DBRS Assigns Prov. 'BB' Rating on Class B-4 Certs
--------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the Mortgage
Pass-Through Certificates, Series 2018-2 (the Certificates) issued
by PSMC 2018-2 Trust (the Trust) as follows:

-- $364.9 million Class A-1 at AAA (sf)
-- $364.9 million Class A-2 at AAA (sf)
-- $273.7 million Class A-3 at AAA (sf)
-- $273.7 million Class A-4 at AAA (sf)
-- $18.2 million Class A-5 at AAA (sf)
-- $18.2 million Class A-6 at AAA (sf)
-- $73.0 million Class A-7 at AAA (sf)
-- $73.0 million Class A-8 at AAA (sf)
-- $36.5 million Class A-9 at AAA (sf)
-- $36.5 million Class A-10 at AAA (sf)
-- $291.9 million Class A-11 at AAA (sf)
-- $91.2 million Class A-12 at AAA (sf)
-- $291.9 million Class A-13 at AAA (sf)
-- $91.2 million Class A-14 at AAA (sf)
-- $401.4 million Class A-15 at AAA (sf)
-- $401.4 million Class A-16 at AAA (sf)
-- $54.7 million Class A-17 at AAA (sf)
-- $18.2 million Class A-18 at AAA (sf)
-- $54.7 million Class A-19 at AAA (sf)
-- $18.2 million Class A-20 at AAA (sf)
-- $401.4 million Class A-X1 at AAA (sf)
-- $364.9 million Class A-X2 at AAA (sf)
-- $273.7 million Class A-X3 at AAA (sf)
-- $18.2 million Class A-X4 at AAA (sf)
-- $73.0 million Class A-X5 at AAA (sf)
-- $36.5 million Class A-X6 at AAA (sf)
-- $401.4 million Class A-X7 at AAA (sf)
-- $54.7 million Class A-X8 at AAA (sf)
-- $18.2 million Class A-X9 at AAA (sf)
-- $9.9 million Class B-1 at AA (sf)
-- $7.1 million Class B-2 at A (sf)
-- $4.9 million Class B-3 at BBB (sf)
-- $3.2 million Class B-4 at BB (sf)

Classes A-X1, A-X2, A-X3, A-X4, A-X5, A-X6, A-X7, A-X8 and A-X9
certificates are interest-only certificates. The class balances
represent notional amounts.

Classes A-1, A-2, A-4, A-6, A-7, A-8, A-10, A-11, A-12, A-13, A-14,
A-15, A-16, A-17, A-18, A-X2, A-X3, A-X4, A-X5, A-X6 and A-X7
certificates are exchangeable certificates. These classes can be
exchanged for combinations of initial exchangeable certificates as
specified in the offering documents.

Classes A-1, A-2, A-3, A-4, A-5, A-6, A-7, A-8, A-11, A-12, A-13,
A-14, A-17, A-18, A-19 and A-20 are super-senior certificates.
These classes benefit from additional protection from senior
support certificates (Classes A-9 and A-10) with respect to loss
allocation.

The AAA (sf) ratings on the Certificates reflect the 6.50% of
credit enhancement provided by subordinated certificates in the
pool. The AA (sf), A (sf), BBB (sf) and BB (sf) ratings reflect
4.20%, 2.55%, 1.40% and 0.65% of credit enhancement, respectively.

This transaction is a securitization of a portfolio of first-lien,
fixed-rate, prime residential mortgages. The Certificates are
backed by 682 loans with a total principal balance of $429,327,369
as of the Cut-Off Date (May 1, 2018).

The mortgage loans were originated by New Penn Financial, LLC
(7.3%), CMG Mortgage, Inc. (5.9%), and various other originators,
each comprising no more than 5.0% of the pool by principal balance.
As the aggregator, American International Group, Inc. (AIG)
purchased the mortgage loans, underwritten to its acquisition
guidelines.

Cenlar FSB will service 100% of the mortgage loans directly or
through sub-servicers. Wells Fargo Bank, N.A. will act as the
Master Servicer and Securities Administrator. Wilmington Savings
Fund Society FSB will serve as Trustee. AIG Home Loan 2, LLC, AIG
Home Loan 3, LLC and AIG Home Loan 4, LLC are the Sponsors, Sellers
and Servicing Administrators for this transaction and are wholly
owned by entities that are indirectly wholly owned subsidiaries of
AIG.

For any mortgage loan that becomes 90 days or more delinquent, the
Servicing Administrators have the option to purchase any such loan
from the Trust at a price equal to 100% of the unpaid principal
balance of such mortgage loan, plus accrued interest.

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, a
satisfactory third-party due diligence review and strong
transaction counterparties.

The Sellers have 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.

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


REGATTA XI: Moody's Assigns (P)Ba3 Rating on $24,500,000 Notes
--------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to five
classes of notes to be issued by Regatta XI Funding Ltd.

Moody's rating action is as follows:

U.S.$320,000,000 Class A Senior Secured Floating Rate Notes due
2031 (the "Class A Notes"), Assigned (P)Aaa (sf)

U.S.$60,000,000 Class B Senior Secured Floating Rate Notes due 2031
(the "Class B Notes"), Assigned (P)Aa2 (sf)

U.S.$25,500,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class C Notes"), Assigned (P)A2 (sf)

U.S.$30,000,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class D Notes"), Assigned (P)Baa3 (sf)

U.S.$24,500,000 Class E Junior Secured Deferrable Floating Rate
Notes due 2031 (the "Class E Notes"), Assigned (P)Ba3 (sf)

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

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

RATINGS RATIONALE

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

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

Regatta Loan Management LLC will direct the selection, acquisition
and disposition of the assets on behalf of the Issuer and may
engage in trading activity, including discretionary trading, during
the transaction's 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: 75

Weighted Average Rating Factor (WARF): 2825

Weighted Average Spread (WAS): 3.20%

Weighted Average Coupon (WAC): 6.50%

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.

Here 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 2825 to 3249)

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 2825 to 3673)

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



RESIDENTIAL REINSURANCE 2018-I: S&P Rates Class 13 Notes 'B(sf)'
----------------------------------------------------------------
S&P Global Ratings said it has assigned its 'B(sf)' rating to the
$200 million Series 2018-I Class 13 notes to be issued by
Residential Reinsurance 2018 Ltd. (Res Re 2018) due June 6, 2022.

The notes cover losses in all 50 states and the District of
Columbia from tropical cyclones (including flood coverage for
renters' policies), earthquakes (including fire following and flood
coverage for renters' policies), severe thunderstorms, winter
storms, wildfires, volcanic eruptions, meteorite impacts, and other
perils (including, in each case, flood losses arising from
automobile policies) on an annual aggregate basis.

The ratings are based on the lowest of the natural-catastrophe
(nat-cat) risk factor ('b'), the rating on the assets in the
Regulation 114 trust account ('AAAm'), and the rating on the ceding
insurer (various operating companies in the USAA corporation, all
currently rated AA+/Stable/--).

The base-case one-year probability of attachment, expected loss,
and probability of exhaustion are 1.76%, 0.82%, and 0.38%,
respectively. Using the warm sea surface temperature results, these
percentages are 2.09%, 0.98%, and 0.48%,respectively. Additionally,
this issuance has a variable reset. Beginning with the initial
reset in June 2019, the attachment probability and expected loss
can be reset to maximums of 2.26% and 1.07%, respectively. This
maximum attachment probability was used as the baseline to
determine the nat-cat risk factor for the remaining risk periods.

Based on AIR's analysis, on a historical basis, there have not been
any years when the modeled losses exceeded the initial attachment
level of the notes.


SARANAC CLO III: $24MM Class E-R Notes Get Moody's Ba3 Rating
-------------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
CLO refinancing notes issued by Saranac CLO III Limited:

Moody's rating action is as follows:

U.S.$161,000,000 Class A-LR Senior Secured Floating Rate Notes due
2030 (the "Class A-LR Notes"), Assigned Aaa (sf)

U.S.$80,000,000 Class A-FR Senior Secured Fixed Rate Notes due 2030
(the "Class A-FR Notes"), Assigned Aaa (sf)

U.S.$45,000,000 Class B-R Senior Secured Floating Rate Notes due
2030 (the "Class B-R Notes"), Assigned Aa2 (sf)

U.S.$24,500,000 Class C-R Secured Deferrable Floating Rate Notes
due 2030 (the "Class C-R Notes"), Assigned A2 (sf)

U.S.$24,000,000 Class D-R Secured Deferrable Floating Rate Notes
due 2030 (the "Class D-R Notes"), Assigned Baa3 (sf)

U.S.$24,000,000 Class E-R Secured Deferrable Floating Rate Notes
due 2030 (the "Class E-R Notes"), Assigned Ba3 (sf)

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

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

RATINGS RATIONALE

Moody's ratings on the Refinancing 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.

The Issuer has issued the Refinancing Notes on May 15, 2018 in
connection with the refinancing of the Class A-1 Notes, Class A-2A
Notes, Class A-2B Notes, Class B Notes, Class C Notes, Class D
Notes and Class E Notes previously issued on August 28, 2014. On
the Refinancing Date, the Issuer used proceeds from the issuance of
the Refinancing Notes, along with the proceeds from the issuance of
two other classes of secured notes, to redeem in full the
Refinanced Original Notes.

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

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

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

Performing par and principal proceeds balance: $384,424,437

Defaulted Par: $2,632,606

Diversity Score: 75

Weighted Average Rating Factor (WARF): 2870

Weighted Average Spread (WAS): 3.50%

Weighted Average Spread (WAC): 5.50%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 8.25 years

Methodology Underlying the Rating Action:

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

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

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

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

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

Percentage Change in WARF -- increase of 15% (from 2870 to 3301)

Rating Impact in Rating Notches

Class A-LR Notes: 0

Class A-FR Notes: 0

Class B-R Notes: -1

Class C-R Notes: -2

Class D-R Notes: -1

Class E-R Notes: -1

Percentage Change in WARF -- increase of 30% (from 2870 to 3731)

Rating Impact in Rating Notches

Class A-LR Notes: -1

Class A-FR Notes: -1

Class B-R Notes: -2

Class C-R Notes: -3

Class D-R Notes: -2

Class E-R Notes: -2


SATURNS SPRINT 2003-2: S&P Puts 'B' Rating on $30MM Notes on Watch
------------------------------------------------------------------
S&P Global Ratings placed its 'B' rating on Structured Asset Trust
Unit Repackagings (SATURNS) Sprint Capital Corp. Debenture Backed
Series 2003-2 class B $30 million callable units series 2003-2 on
CreditWatch with positive implications.

S&P said, "Our rating on the class B units is dependent on our
rating on the underlying security, Sprint Capital Corp.'s 8.75%
notes due March 15, 2032 ('B/Watch Pos').

"The rating action reflects the April 30, 2018, placement of our
'B' rating on the underlying security on CreditWatch with positive
implications.

"We may take subsequent rating actions on this transaction due to
changes in our rating assigned to the underlying security."



SCF EQUIPMENT 2018-1: Moody's Gives (P)B1 Rating on Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
equipment contract backed notes, Series 2018-1, Class A, Class B,
Class C, Class D, Class E, and Class F (Series 2018-1 notes or the
notes) to be issued by SCF Equipment Leasing 2018-1 LLC and SCF
Equipment Leasing Canada 2018 Limited Partnership. Stonebriar
Commercial Finance LLC (unrated, Stonebriar) along with its
Canadian counterpart - Stonebriar Commercial Finance Canada Inc.
(unrated) will act as originators and Stonebriar alone will be the
servicer of the assets backing this transaction. The issuers are
wholly-owned, limited purpose subsidiaries of Stonebriar and
Stonebriar Commercial Finance Canada Inc. The assets in the pool
will consist of fixed rate loan and lease contracts, secured
primarily by corporate aircraft, railcars, and manufacturing and
assembly equipment.

The complete rating actions are as follows:

Issuer: SCF Equipment Leasing 2018-1 LLC/SCF Equipment Leasing
Canada 2018 Limited Partnership Series 2018-1

Class A-1 Notes, Assigned (P)Aaa (sf)

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

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

Class C Notes, Assigned (P)A3 (sf)

Class D Notes, Assigned (P)Baa3 (sf)

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

Class F Notes, Assigned (P)B1 (sf)

RATINGS RATIONALE

The Series 2018-1 transaction will be the fourth securitization
sponsored by Stonebriar and third that Moody's will rate.
Stonebriar was founded in 2015 and is led by a management team with
an average of over 25 years of experience in equipment financing.

The provisional ratings that Moody's assigned to the notes are
primarily based on:

(1) the experience of Stonebriar's management team;

(2) the experience and expertise of Stonebriar as the servicer;

(3) U.S. Bank National Association (long-term deposits Aa1/
long-term CR assessment Aa2(cr), short-term deposits P-1, BCA aa3)
as backup servicer for the contracts;

(4) the weak credit quality and small number of obligors backing
the loans and leases in the pool;

(5) the assessed value of the collateral backing the loans and
leases in the pool;

(6) the credit enhancement, including overcollateralization, excess
spread and a non-declining reserve account; and

(7) the sequential pay structure.

Credit enhancement to the notes will include (i) initial
overcollateralization of 3.50%, which is expected to grow to a
target of 5.50% of the initial collateral balance, (ii) excess
spread, (iii) a non-declining reserve account funded at 1.50% of
the initial collateral balance, and (iv) subordination in the case
of the Class A, Class B, Class C, Class D, Class E, and Class F
notes (45.00%, 33.50%, 22.00%, 18.00%, 13.00%, and 7.00%,
respectively).

The equipment loans and leases that will back the notes were
extended primarily to middle market obligors and are secured by
various types of equipment including; aircraft (36.41%), railcars
(21.69%) manufacturing and assembly (7.83%), steel mill
infrastructure (6.97%), and real estate (6.47%).

The pool will consist of 71 contracts with 43 unique obligors and
an initial securitization value of $598,544,543. The average
securitization value per contract will be $8,430,205. The weighted
average original and remaining terms to maturity will be 70 and 61
months, respectively. The largest obligor will account for 19.98%
of the initial securitization value and the top five obligors will
account for 53.37%. Nearly all of the contracts in this deal will
be fixed interest rate and monthly pay.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating ABS Backed by Equipment Leases and Loans"
published in December 2015.

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

Up

Moody's could upgrade the ratings on the notes if levels of credit
protection are greater than necessary to protect investors against
current expectations of loss. Moody's updated expectations of loss
may be better than its original expectations because of lower
frequency of default by the underlying obligors or appreciation in
the value of the equipment that secure the obligor's promise of
payment. As the primary drivers of performance, positive changes in
the US macro economy and the performance of various sectors where
the obligors operate could also affect the ratings.

Down

Moody's could downgrade the ratings of the notes if levels of
credit protection are insufficient to protect investors against
current expectations of loss. Moody's updated expectations of loss
may be worse than its original expectations because of higher
frequency of default by the underlying obligors of the contracts or
a greater than expected deterioration in the value of the equipment
that secure the obligor's promise of payment. As the primary
drivers of performance, negative changes in the US macro economy
could also affect Moody's ratings. Other reasons for worse
performance than Moody's expectations could include poor servicing,
error on the part of transaction parties, lack of transaction
governance and fraud.


STACR 2018-HRP1: Fitch to Assign 'BB' Rating on 18 Class M Notes
----------------------------------------------------------------
Fitch Ratings expects to rate Freddie Mac's Structured Agency
Credit Risk Trust 2018-HRP1 (STACR 2018-HRP1) as follows:

  --$181,000,000 class M-2A notes 'BB+sf'; Outlook Stable;

  --$181,000,000 class M-2B notes 'BB-sf'; Outlook Stable;

  --$362,000,000 class M-2 exchangeable notes 'BB-sf'; Outlook
Stable;

  --$362,000,000 class M-2I notional exchangeable notes 'BB-sf';
Outlook Stable;

  --$362,000,000 class M-2R exchangeable notes 'BB-sf'; Outlook
Stable;

  --$362,000,000 class M-2S exchangeable notes 'BB-sf'; Outlook
Stable;

  --$362,000,000 class M-2T exchangeable notes 'BB-sf'; Outlook
Stable;

  --$362,000,000 class M-2U exchangeable notes 'BB-sf'; Outlook
Stable;

  --$181,000,000 class M-2AI notional exchangeable notes 'BB+sf';
Outlook Stable;

  --$181,000,000 class M-2AR exchangeable notes 'BB+sf'; Outlook
Stable;

  --$181,000,000 class M-2AS exchangeable notes 'BB+sf'; Outlook
Stable;

  --$181,000,000 class M-2AT exchangeable notes 'BB+sf'; Outlook  
Stable;

  --$181,000,000 class M-2AU exchangeable notes 'BB+sf'; Outlook
Stable;

  --$181,000,000 class M-2BI notional exchangeable notes 'BB-sf';
Outlook Stable;

  --$181,000,000 class M-2BR exchangeable notes 'BB-sf'; Outlook
Stable;

  --$181,000,000 class M-2BS exchangeable notes 'BB-sf'; Outlook
Stable;

  --$181,000,000 class M-2BT exchangeable notes 'BB-sf'; Outlook
Stable;

  --$181,000,000 class M-2BU exchangeable notes 'BB-sf'; Outlook
Stable.

Fitch will not be rating the following classes:

  --$27,774,631,154 class A-H reference tranche;

  --$72,708,459 class M-1H reference tranche;

  --$73,479,605 class M-2AH reference tranche;

  --$73,479,605 class M-2BH reference tranche;

  --$259,000,000 class B-1 notes;

  --$104,542,293 class B-1H reference tranche;

  --$150,000,000 class B-2 notes;

  --$213,542,293 class B-2H reference tranche.

The 'BB+sf' rating for the M-2A notes reflects the 3.375%
subordination provided by the 0.875% class M-2B notes, the 1.25%
class B-1 notes, the 1.25% class B-2 notes and their corresponding
reference tranches. The 'BB-sf' rating for the M-2B notes reflects
the 2.50% subordination provided by the 1.25% class B-1 notes, the
1.25% class B-2 notes and their corresponding reference tranches.

This is the second transaction issued through Freddie Mac's STACR
shelf backed by a reference pool of loans originated through
Freddie Mac's Relief Refinance Program (RRP).

The transaction will simulate the behavior of an approximately
$29.08 billion pool of mortgages (reference pool) that Freddie Mac
acquired. Unlike the prior transaction, the notes issued will not
be general unsecured obligations of Freddie Mac (AAA/Stable).
Rather, the notes will be issued from a special-purpose trust whose
security interest consists of the custodian account and a credit
protection agreement with Freddie Mac.

Funds in the custodian account will be used to pay principal on the
notes and to make payments to Freddie Mac for mortgage loans that
experience certain credit events. The notes will be issued as
LIBOR-based floaters and carry a 25-year legal final maturity.
Freddie Mac is responsible for making interest payments through a
credit protection agreement with the trust.

KEY RATING DRIVERS

Seasoned Performing Loans (Positive): The reference pool consists
of 163,624 fixed-rate, fully amortizing loans with terms of 241-360
months, totaling approximately $29.08 billion, acquired by Freddie
Mac between Jan. 1, 2012 and March 31, 2013. The pool is seasoned
over five years with a weighted average (WA), non-zero, updated
credit score of 745 and a WA original loan-to-value ratio (LTV) of
120%, compared to 98% for STACR-2017-HRP1. Roughly 96% of the pool
has been current for the prior 36 months with only 2.5%
experiencing a delinquency seven to 24 months ago.

Positive Borrower Selection (Positive): The borrowers in the
reference pool have weathered a severe economic stress with minimal
delinquencies, showing a strong willingness and ability to pay.
Loans were originated under Freddie Mac's RRP (including the Home
Affordable Refinance Program [HARP], which is FHFA's name for
Freddie Mac's RRP for mortgages with an LTV greater than 80%).
Through the refinance programs, the borrowers have continued to
perform on their mortgages as rising home prices have rebuilt
equity in their homes. The current mark-to-market (MtM) combined
loan to value (CLTV) ratio has improved to 85% from 127% at the
time of the relief refinance loan.

Missing Updated Property Values (Negative): Over 22% consists of
properties where Freddie Mac's Home Value Explorer (HVE) value is
unavailable. This population includes properties located in major
disaster areas as well as areas the HVE tool has insufficient
information on (i.e. properties located in rural areas). As a
policy, Freddie Mac is not obtaining HVE values for properties
located in FEMA major disaster areas, with the exception of Orange
County, CA, until more information is obtained relating to the
status. Because the loans have had relatively clean pay histories
following the events, Fitch applied a small price appreciation
benefit.

Servicing Defect Removals (Positive): Similar to the STACR DNA and
HQA transactions, this transaction will include provisions where
the loan will be removed from the reference pool if the servicer
does not materially comply with Freddie Mac's servicer guide.
Relative to an unseasoned pool, Fitch places less emphasis on the
risk of manufacturing defects with this pool, and greater emphasis
on the servicer's ability to maintain its right to foreclose on the
property.

Mortgage Insurance Guaranteed by Freddie Mac (Positive): 20.8% of
the loans are covered either by borrower-paid mortgage insurance
(BPMI) or lender-paid MI (LPMI). Freddie Mac will guarantee the MI
coverage amount. While the Freddie Mac guarantee allows for credit
to be given to MI, Fitch applied a haircut to the amount of BPMI
available due to the automatic termination provision as required by
the Homeowners Protection Act, when the loan balance is first
scheduled to reach 78%. LPMI does not automatically terminate and
remains for the life of the loan.

Mortgage Payment Reduction (Positive): On average, the borrower's
mortgage payments were reduced by 23% in the reference pool.
Acknowledging HARP and RRP's mandate to provide the borrower a
mortgage with better terms, Fitch applied a small benefit to its
loss expectations to account for the lower mortgage payment post
refinancing and the potentially lower debt-to-income (DTI) ratios
compared to pre-HARP and RRP DTIs, which was used in Fitch's
analysis. This benefit has an impact of 10bps at the 'BBBsf' loss
level.

Solid Alignment of Interests (Positive): While the transaction is
designed to transfer credit risk to private investors, Fitch
believes the transaction benefits from solid alignment of
interests. Freddie Mac will retain credit risk in the transaction
by holding the A-H and M-1H reference tranches. Freddie Mac will
also retain a minimum of 5% of each of the M-2A, M-2B, B-1 and B-2
notes and corresponding reference tranches in aggregate.

CRITERIA APPLICATION

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

The first variation to the "U.S. RMBS Seasoned, Re-Performing and
Non-Performing Loan Criteria" is that a review of the loan-level
pay history provided by Freddie Mac was not conducted by a
third-party reviewer. Fitch considered this as a non-material
variation since Freddie Mac's servicer oversight process is robust
with sufficient controls in place to assure the accuracy of the pay
histories provided.

An updated tax and title review was not conducted, resulting in the
second variation. Fitch views this variation as non-material since
the servicer provides a rep and warranty that it will maintain
clear title to the loans, per Freddie Mac's servicing guide. If the
servicer is found to be in violation of the servicing guidelines,
it would be considered a servicing defect and the loans would be
removed from the pool.

The third criteria variation is due to the custodial exception
report not being provided. Per Freddie Mac's servicer guide, the
servicer must maintain the mortgage file and adhere to the Document
Custodian Procedures Handbook. If not, Freddie Mac can request the
loan be repurchased. As a result, Fitch views this variation as
non-material.

The fourth variation is treating each loan as its original pre-RRP
loan purpose instead of as a new refinance loan. While these loans
are technically new refinance loans, the loan is essentially a rate
and term modification. RRP was initiated to help performing
borrowers with mortgages greater than their property value take
advantage of the lower interest rate environment. Treating the pool
as 100% refinance loans would have resulted in higher loss levels
compared to treating the loans as 100% modified and using its
original loan purpose. This is counterintuitive given the clean
performance history and strong credit quality of these borrowers.
The application of this treatment had an impact of approximately
20bps benefit at the 'BBsf' level.

The last variation to the "U.S. RMBS Seasoned, Re-Performing and
Non-Performing Loan Criteria" is the use of pre-HARP and RRP DTI
instead of assuming 45% for missing post-HARP and RRP DTI. As noted
above, although these loans are technically new refinance loans
originated under RRP, in substance, they are viewed by Fitch as
rate and term modifications. One of the conditions for HARP and RRP
is that the borrowers have to be refinanced into a loan with better
terms than their original mortgage. As such, pre-HARP and RRP DTIs
were used instead of applying the default DTI of 45% for missing
post-RRP DTIs. Since the RPL criteria default DTI of 45% for
missing DTIs is higher than the average pre-HARP and RRP DTI of
39%, applying 45% DTI was viewed by Fitch as punitive given the
program's mandate. This had an impact of roughly 20bps benefit at
the 'BBsf' level.

The one criteria variation to "U.S. RMBS Loan Loss Model Criteria"
is the application of Freddie Mac's aggregator credit for
acquisitions in 2013 and thereafter. While a portion of the loans
in the pool were acquired by Freddie Mac in 2012, Freddie Mac
incorporated additional QC sampling in 2011 for RRP loans. Based on
the QC scope in place for RRP loans between 2009 and 2011, only
three loans were noted to have compliance issues. Given the
additional risk controls Freddie Mac implemented for the RRP loans,
evidenced by the minimal QC findings and strong historical
performance, the acquisition process was treated in line with
post-2012 Freddie Mac acquisitions.

MODELING

Fitch analyzed the credit characteristics of the underlying
collateral to determine base case and rating stress loss
expectations, using a customized version of its residential
mortgage loss model, which is fully described in its criteria
report, "U.S. RMBS Loan Loss Model Criteria."

The customized model removed the additional six-month timeline
applied for RPL pools. The additional six-month timeline is not
relevant to this pool because it consists of seasoned performing
loans. The six-month extension was meant to capture potential
foreclosure delays associated with peak-vintage collateral
defaulting in the current lengthy liquidation environment. This had
an impact of approximately 20bps benefit at the 'BB' loss level.

RATING SENSITIVITIES

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

This defined stress sensitivity analysis demonstrates how the
ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0%, in addition to the
model projected 19.6% at the 'BBsf' level, and 14.9% at the 'Bsf'
level. The analysis indicates that there is some potential rating
migration with higher MVDs, compared with the model projection.

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


STEELE CREEK 2018-1: Moody's Assigns Ba3 Rating on Class E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by Steele Creek CLO 2018-1, Ltd.

Moody's rating action is as follows:

U.S.$260,000,000 Class A Senior Secured Floating Rate Notes due
2031 (the "Class A Notes"), Definitive Rating Assigned Aaa (sf)

U.S.$44,000,000 Class B Senior Secured Floating Rate Notes due 2031
(the "Class B Notes"), Definitive Rating Assigned Aa2 (sf)

U.S.$24,500,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class C Notes"), Definitive Rating Assigned A2
(sf)

U.S.$23,500,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class D Notes"), Definitive Rating Assigned
Baa3 (sf)

U.S.$16,000,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class E Notes"), Definitive Rating Assigned
Ba3 (sf)

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

RATINGS RATIONALE

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

Steele Creek CLO 2018-1 is a managed cash flow CLO. The issued
notes will be collateralized primarily by broadly syndicated senior
secured corporate loans. At least 90% of the portfolio must consist
of senior secured loans and eligible investments, and up to 10% of
the portfolio may consist of second-lien loans and unsecured loans.
The portfolio is approximately 97% ramped as of the closing date.

Steele Creek Investment Management LLC will direct the selection,
acquisition and disposition of the assets on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's 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: $400,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2860

Weighted Average Spread (WAS): 3.30%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

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

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

The performance of the 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.

Here 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 2860 to 3289)

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 2860 to 3718)

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


TCW CLO 2018-1: S&P Assigns BB- (sf) Rating on $16MM Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to TCW CLO 2018-1 Ltd./TCW
CLO 2018-1 LLC's $350.00 million fixed- and floating-rate notes.
The class A-2a and A-2b notes are not rated by S&P Global Ratings.

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

The ratings reflect:

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

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

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

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

  RATINGS ASSIGNED
  TCW CLO 2018-1 Ltd./TCW CLO 2018-1 LLC
  Class                Rating        Amount
                                   (mil. $)
  A-1a                 AAA (sf)      215.00
  A-1b                 AAA (sf)       25.00
  A-2a                 NR              4.00
  A-2b                 NR             14.00
  B-1                  AA (sf)        21.00
  B-2                  AA (sf)        25.00
  C (deferrable)       A (sf)         26.00
  D (deferrable)       BBB- (sf)      22.00
  E (deferrable)       BB- (sf)       16.00
  Subordinated notes   NR             40.20

  NR--Not rated.



TIAA 2007-C4: Fitch Affirms 16 Classes of Pass-Thru Certificates
----------------------------------------------------------------
Fitch Ratings has affirmed 16 classes of TIAA Seasoned Commercial
Mortgage Trust, series 2007-C4 commercial mortgage pass-through
certificates. In addition, Fitch has revised the Rating Outlooks on
two classes to Stable from Negative.

KEY RATING DRIVERS

High Expected Losses due to Fitch Loans of Concern including
Specially Serviced Loans: Five loans (51% of the pool balance) have
been identified as Fitch Loans of Concern (FLOC), two of which
(43%) are in special servicing with significant losses expected
based on total exposure of the loans and the most recent appraisal
values provided by the servicer. The specially serviced loans are
secured by two phases of Algonquin Commons, an anchored retail
center located in the Chicago, IL. Phase I contains 418,451 square
feet (sf) and was built in 2003. It is anchored by Dick's Sporting
Goods (65,000 sf or 16% of gross leasable area [GLA]). Phase II has
146,339 sf and was built in 2005. Largest tenants include Art Van
Furniture (30.7%; lease expiry in July 2021), Ross Dress for Less
(21.6%; lease expiry in January 2022) and Nordstrom Rack (16%;
lease expiry in October 2026). Per the January 2018 rent rolls,
total occupancy reported at 86%.

Both loans had first transferred to special servicing in August
2009 for imminent default, followed by payment default. Cash flow
issues had stemmed from prior tenant bankruptcies, reduced tenant
sales, and lower rents. The loan was subsequently modified in July
2010 while with the special servicer, which included an extension
of the interest only periods. The most recent transfer to special
servicing was in June 2012 for payment default. The borrower had
made discounted pay off (DPO) requests to the servicer, which was
rejected. A foreclosure complaint was filed in December 2012, and a
receiver was appointed for both properties in February 2013. The
servicer has since been in litigation with the borrower and
guarantor for conflict over cash flow obligations and payment
guarantees. The servicer's most recent updates reported the court
had granted summary judgment in favour of the trust in December
2017, and a motion for judgment of foreclosure was filed in March
2018.

The non-specially serviced FLOC's (8% of the pool balance) have
been flagged due to significant near-term rollover concerns.
Crossroads Commons is a 174,164sf anchored retail center in Las
Vegas, NV (4.8%). The property experienced cash flow issues after
Sports Chalet filed for bankruptcy and vacated 41,000-sf (23.5%
GLA) in 2016. As a result, debt service coverage ratio (DSCR) fell
to 1.13x in 2017, from 1.52x in 2016. The vacated space was
recently leased to a gym/fitness tenant starting in November 2017
but only on a one-year license agreement with the option to extend
an additional year or convert to a 10-year lease. Fitch has
requested and is awaiting updates on the tenant's lease extension.


The other two FLOCs (3.3%) are both secured by industrial
properties in Columbia, MD. Both properties have had relatively
stable performance since issuance, with recent occupancy reporting
at 100%, but both properties face concentrated rollover risks, with
leases for up to 50% of the collateral expiring by YE 2019. All
three of the non-specially serviced FLOCs are amortizing balloon
loans, and have remained current since issuance.

Concentrated Pool; Sensitivity Test Performed: Only 15 of the
original 155 loans remain. Due to the concentrated nature of the
pool, Fitch performed a sensitivity analysis that grouped the
remaining loans based on loan structural features, collateral
quality and the likelihood of repayment, in addition to potential
losses from the liquidation of specially serviced loans. Based on
this sensitivity test, balances from defeased loans, fully
amortizing loans, and lower Fitch stressed loan-to-value (LTV)
loans secured by grocery anchors would fully repay classes the
'AAA' rated classes; the remaining investment grade classes would
be dependent on the higher Fitch stressed LTV loans where losses
are not expected. The non-investment grade classes would be
dependent on the FLOC balances. Based on the maturities of the
performing non-FLOCs and excluding potential recoveries from
specially serviced loans, the class A-J through C certificates are
expected to pay in full by year end 2021, and classes D and E would
remain outstanding through 2024.

Retail Concentration; Grocery Anchored: Seven loans (88% of the
pool balance) are secured by retail properties, five of which are
secured by grocery anchors (43%). Grocery anchors include Whole
Foods in Boca Raton, FL (19.7%) and Las Vegas, NV (4.8%); Harris
Teeter in Charlotte, NC (6.5%); Giant Foods in Frederick, MD
(6.3%); and Publix in Boca Raton, FL (one loan; 5.3%).

High Credit Enhancement but Limited Near-Term Repayment: Of the 13
performing loans, two (11.6%) mature in 2020, five (30.4%) in 2021,
two (6.2%) in 2023, and two (8.7%) in 2024.

As of the April 2018 distribution date, the pool's aggregate
principal balance has been reduced by 91.1% to $187 million from
$2.09 billion at issuance. Interest shortfalls in the amount of
$12.6 million are affecting classes F through T. One loan is fully
defeased (2.9%).

RATING SENSITIVITIES

The Rating Outlook on class A-J remains Stable due to sufficient
class credit enhancement (CE), which is expected to increase from
continued amortization given the class's position within the
capital structure. Outlooks for class B and class C have been
revised to Stable due to increasing class CEs, with stable
performance and expected payoffs of the non-FLOCs. The Negative
Outlooks on classes D and E reflect the potential for future
downgrades should performance of the FLOCs further deteriorate,
including the potential for higher than projected losses on the
specially serviced loans. The distressed classes (rated below 'B')
may be subject to further rating actions as losses are realized.
Upgrades, while unlikely given the concentrated nature of the pool,
may occur as class CE increases from loan repayment and continued
amortization and/or additional defeasance.

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

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

Fitch has affirmed the following classes and revised Outlooks as
noted:

  --$21.4 million class A-J at 'AAAsf'; Outlook Stable;

  --$10.5 million class B at 'AAAsf'; Outlook to Stable from
Negative;

  --$28.8 million class C at 'Asf'; Outlook to Stable from
Negative;

  --$18.3 million class D at 'BBBsf'; Outlook Negative;

  --$5.2 million class E at 'Bsf'; Outlook Negative;

  --$15.7 million class F at 'CCCsf'; RE 100%.

  --$20.9 million class G at 'CCsf'; RE 50%;

  --$13.1 million class H at 'Csf'; RE 0%.

  --$23.5 million class J at 'Csf'; RE 0%.

  --$7.8 million class K at 'Csf'; RE 0%;

  --$7.8 million class L at 'Csf'; RE 0%.

  --$7.9 million class M at 'Csf'; RE 0%;

  --$2.6 million class N at 'Csf'; RE 0%;

  --$3.5 million class P at 'Dsf'; RE 0%;

  --$0 class Q at 'Dsf'; RE 0%;

  --$0 class S at 'Dsf'; RE 0%.

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


TRAPEZA CDO XII: Moody's Hikes Ratings on $47MM Notes to Caa2
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Trapeza CDO XII, Ltd.:

U.S.$250,000,000 Class A-1 First Priority Senior Secured Floating
Rate Notes Due 2042 (current outstanding balance $124,000,217),
Upgraded to Aa2 (sf); previously on April 17, 2017 Upgraded to Aa3
(sf)

U.S.$68,000,000 Class A-2 Second Priority Senior Secured Floating
Rate Notes Due 2042, Upgraded to A1 (sf); previously on April 17,
2017 Upgraded to A2 (sf)

U.S.$19,000,000 Class A-3 Third Priority Senior Secured Floating
Rate Notes Due 2042, Upgraded to A2 (sf); previously on April 17,
2017 Upgraded to A3 (sf)

U.S.$49,000,000 Class B Fourth Priority Secured Deferrable Floating
Rate Notes Due 2042, Upgraded to Baa3 (sf); previously on April 17,
2017 Upgraded to Ba1 (sf)

U.S.$38,000,000 Class C-1 Fifth Priority Secured Deferrable
Floating Rate Notes Due 2042 (current balance of $42,505,266,
including deferred interest balance), Upgraded to Caa2 (sf);
previously on April 17, 2017 Upgraded to Caa3 (sf)

U.S.$9,000,000 Class C-2 Fifth Priority Secured Deferrable
Fixed/Floating Rate Notes Due 2042 (current balance of $14,384,970,
including deferred interest balance), Upgraded to Caa2 (sf);
previously on April 17, 2017 Upgraded to Caa3 (sf)

Trapeza CDO XII, Ltd., issued in March 2007, is a collateralized
debt obligation backed by a portfolio of bank and insurance trust
preferred securities (TruPS).

RATINGS RATIONALE

The rating actions are primarily a result of the deleveraging of
the Class A-1 notes, an increase in the transaction's
overcollateralization (OC) ratios, and the improvement in the
credit quality of the underlying portfolio since May 2017.

The Class A-1 notes have paid down by approximately 19.0% or $29.0
million since May 2017, using principal proceeds from the
redemption of the underlying assets and the diversion of excess
interest proceeds. Three assets with a total par of $25.5 million
have redeemed at par. Based on Moody's calculations, the OC ratios
for the Class A-1, Class A-2, Class A-3, Class B and Class C notes
have improved to 254.23%, 164.19%, 149.41%, 121.25% and 99.48%,
respectively, from May 2017 levels of 222.68%, 154.17%, 141.96%,
117.90% and 98.51%, respectively. The Class A-1 notes will continue
to benefit from the diversion of excess interest and the use of
proceeds from redemptions of any assets in the collateral pool.

The deal has also benefited from improvement in the credit quality
of the underlying portfolio. According to Moody's calculations, the
weighted average rating factor (WARF) improved to 630 from 701 in
May 2017.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating TruPS CDOs," published in October 2016.

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

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

1) Macroeconomic uncertainty: TruPS CDOs performance could be
negatively affected by uncertainty about credit conditions in the
general economy. Moody's has a stable outlook on the US banking
sector. Moody's maintains its stable outlook on the US insurance
sector.

2) Portfolio credit risk: Credit performance of the assets
collateralizing the transaction that is better than Moody's current
expectations could have a positive impact on the transaction's
performance. Conversely, asset credit performance weaker than
Moody's current expectations could have adverse consequences on the
transaction's performance.

3) Deleveraging: One source of uncertainty in this transaction is
whether deleveraging from unscheduled principal proceeds and excess
interest proceeds will continue and at what pace. Note repayments
that are faster than Moody's current expectations could have a
positive impact on the notes' ratings, beginning with the notes
with the highest payment priority.

4) Exposure to non-publicly rated assets: The deal contains a large
number of securities whose default probability Moody's assesses
through credit scores derived using RiskCalc™ or credit
estimates. Because these are not public ratings, they are subject
to additional uncertainties.

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

Assuming a two-notch upgrade to assets with below-investment grade
ratings or rating estimates (WARF of 407)

Class A-1: +1

Class A-2: +1

Class A-3: +1

Class B: +3

Class C-1: +2

Class C-2: +2

Assuming a two-notch downgrade to assets with below-investment
grade ratings or rating estimates (WARF of 946)

Class A-1: 0

Class A-2: -1

Class A-3: -2

Class B: -1

Class C-1: -2

Class C-2: -1

Loss and Cash Flow Analysis:

Moody's applied a Monte Carlo simulation framework in Moody's
CDOROM to model the loss distribution for TruPS CDOs. The simulated
defaults and recoveries for each of the Monte Carlo scenarios
defined the reference pool's loss distribution. Moody's then used
the loss distribution as an input in its CDOEdge cash flow model.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, and weighted average recovery rate,
are based on its methodology and could differ from the trustee's
reported numbers. In its base case, Moody's analyzed the underlying
collateral pool as having a performing par of $315.3 million,
defaulted par of $62.9 million, a weighted average default
probability of 7.11% (implying a WARF of 630), and a weighted
average recovery rate upon default of 10%.

In addition to the quantitative factors Moody's explicitly models,
qualitative factors are part of rating committee considerations.
Moody's considers the structural protections in the transaction,
the risk of an event of default, recent deal performance under
current market conditions, the legal environment and specific
documentation features. All information available to rating
committees, including macroeconomic forecasts, inputs from other
Moody's analytical groups, market factors, and judgments regarding
the nature and severity of credit stress on the transactions, can
influence the final rating decision.

The portfolio of this CDO contains mainly TruPS issued by small to
medium sized U.S. community banks, and insurance companies that
Moody's does not rate publicly. To evaluate the credit quality of
bank TruPS that do not have public ratings, Moody's uses RiskCalc,
an econometric model developed by Moody's Analytics, to derive
credit scores. Moody's evaluation of the credit risk of most of the
bank obligors in the pool relies on the latest FDIC financial data.
For insurance TruPS that do not have public ratings, Moody's relies
on the assessment of its Insurance team, based on the credit
analysis of the underlying insurance firms' annual statutory
financial reports.


UBSCM 2017-C1: Fitch Affirms 'B-' Rating on Class F-RR Notes
------------------------------------------------------------
Fitch Ratings affirms 14 classes of UBS Commercial Mortgage
Securitization Corp. commercial mortgage pass-through certificates,
series 2017-C1.

KEY RATING DRIVERS

Stable Performance: The overall pool performance remains stable and
in-line with performance at issuance. There are no delinquent or
specially serviced loans. Three loans (3.1%) are on the servicer's
watchlist, and one loan (1%) is considered a Fitch Loan of
Concern.

Minimal Change to Credit Enhancement: As of the April 2018
distribution date, the pool's aggregate balance has been reduced by
0.56% to $953.7 million, from $959 million at issuance.

The pool is scheduled to amortize by 11.5% of the initial pool
balance prior to maturity. Eleven loans, representing 29.1% of the
pool, are full-term interest-only, well below the 2017 average of
46.1%. Partial interest-only loans represent 27.5% of the pool,
compared to 28.7% for 2017.

High Retail Concentration: Loans backed by retail properties
represent 26.5% of the pool, including two (7.9%) in the top 15.
One retail loan (1.9%) is backed by a regional mall, Macomb Mall in
Roseville, Michigan, where the non-collateral Sears closed in June
2017. A portion of the Sears' space has been taken by At Home. The
mall also has exposure to Babies R Us, but the borrower has already
reported leasing activity for the space. Babies R Us also leases
approximately 42% of the net rentable area (NRA) at 6851 Veterans
Memorial Blvd (1%), a shopping center in Metairie, LA. 6851
Veterans Memorial Blvd also has exposure to Petsmart (22% NRA),
which several media outlets have reported to be at risk of
bankruptcy. As a result of the upcoming Babies R Us vacancy, no
reported leasing activity, and Petsmart exposure, the loan is a
Fitch loan of concern.

Above Average Hotel Exposure: There are 14 loans (17.1%), including
two in the top 15 (5.5%), that are collateralized by hotel
properties. This is higher than the 2017 average of 15.8% and the
2016 average hotel concentration of 16.0%.

Maturity Schedule: The pool is expected to mature as follows: two
loans in 2022 (4.7%); three loans in 2026 (1.8%); 62 loans in 2027
(93.5%).

RATING SENSITIVITIES

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

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

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

Fitch affirms the following ratings:

  --$35.2 million class A-1 notes at 'AAAsf'; Outlook Stable;

  --$46.7 million class A-2 notes at 'AAAsf'; Outlook Stable;

  --$52.5 million class A-SB notes at 'AAAsf'; Outlook Stable;

  --$235 million class A-3 notes at 'AAAsf'; Outlook Stable;

  --$296.6 million class A-4 notes at 'AAAsf'; Outlook Stable;

  --$665.9 million class X-A* notes at 'AAAsf'; Outlook Stable;

  --$95.9 million class A-S notes at 'AAAsf'; Outlook Stable;

  --$45.6 million class B notes at 'AA-sf'; Outlook Stable;

  --$33.7 million class C notes at 'A-sf'; Outlook Stable;

  --$175 million class X-B* notes at 'A-sf'; Outlook Stable;

  --$10.1 million class D notes at 'BBB+sf'; Outlook Stable;

  --$40.3 million class D-RR** notes at 'BBB-sf'; Outlook Stable;

  --$19.2 million class E-RR** notes at 'BB-sf'; Outlook Stable;

  --$9.6 million class F-RR** notes at 'B-sf'; 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 the class NR-RR certificates.


WARWICK PROPERTIES: Sackley Buying Arroyo Grande Property for $1.2M
-------------------------------------------------------------------
Warwick Properties, LLC asks the U.S. Bankruptcy Court for the
District of Nevada to authorize the sale of the real property
located at 2115 Willow Road, Arroyo Grande, California to Sackley
Family Management, LLC, and/or Sackley Family Trust for
$1,150,000.

A hearing on the Motion is set for June 13, 2018 at 9:30 a.m.
Objections, if any, must be filed 14 days preceding the hearing
date for the Motion.

The Debtor invested into the Real Property.  It has been attempting
to sell Real Property.  The Debtor fell behind in its loan to the
secured lender.  Crabtree Development and Investment, LLC/Phalanx
Properties II, LLC entered into an agreement to purchase the Real
Property but the deal did not go through.  Crabtree Development and
Investment LLC/Phalanx Properties II LLC then purchased the note
and deed of trust on the Real Property and continued to foreclose
on the Real Property.  This forced the Debtor to file bankruptcy.

The Debtor owns the Real Property valued at $1.3 million.  It has
retained possession of its assets and is authorized to continue the
operation and management of its business as DIP.

The Debtor listed Capsource, Inc. as first priority secured
creditor, with a claim of $760,000; and George Garcia, as second
priority creditor, with a claim of $128,000.

Prior to the Petition, the Debtor incurred secured debt obligation
in the amount of $637,500, with a group of lenders, secured by the
Deed of Trust dated April 8, 2013.  On April 24, 2013, a Deed of
Trust and Assignment of Rents was recorded with Office of the
Recorder of San Luis Obispo County.

On Feb. 15, 2016, the Debtor executed a Deed of Trust to Horizon
Trust Co. and other lenders, collectively, Capsource, securing a
note in the amount of $755,00.  The Debtor concurrently assigned
its rents to Capsource.  The Deed of Trust and Assignment of Rents
to Capsource were recorded with Office ofthe Recorder of San Luis
Obispo County.

On Nov. 10, 2016, the Debtor executed a Deed of Trust to George
Garcia Architecture + Design, securing a note in the amount of
$127,639.  It concurrently assigned its rents to Garcia.  On Nov.
22, 2016, the Deed of Trust and Assignment of Rents to Garcia were
recorded with Office of the Recorder of San Luis Obispo County.

On Jan. 24, 2017, the Debtor released its rights to the Deed of
Trust and conveyed it to Capsource.  On Aug. 16, 2017, the
Substitution of Trustee and Deed of Reconveyance was recorded with
Office of the Recorder of San Luis Obispo County.

On May 17, 2017, a Notice of Default was recorded against the
Property, stating that the Property will be sold in a foreclosure
sale unless the arrears, in the amount of $807,486, is satisfied.
On May 18, 2017, the Debtor again released its right to the Deed of
Trust and recorded another Substitution of Trustee and Deed of
Reconveyance on May 25, 2017, however, the Debtor failed to
disclose the grantee of the conveyance.

On July 26, 2017, Capsource assigned its Deed of Trust on the
Property to the Creditors. On Aug. 16, 2017, the Assignment of Deed
of Trust was recorded with Office of the Recorder of San Luis
Obispo County.

On Aug. 23, 2017, the Creditors, through its trustee First American
Title Insurance Co., filed a notice of Trustee's sale of the
Property, based on the Debtor's default on the loan as of Feb. 15,
2016.  The foreclosure sale was scheduled for Sept. 21, 2017, one
day after the Petition Date.

As of the Petition Date, the Debtor was indebted and liable to the
Creditors with respect to the note secured by the assigned Deed of
Trust in the aggregate principal amount of not less than $755,000
(plus accrued and unpaid interest, fees, expenses and other charges
permitted under the note).

The Purchase Price of the Real Property will be $1,150,000 from the
Buyers, free and clear.  This will be sufficient to pay all of the
creditors in full. This will be a sale of the Real Property free
and clear of liens.  The Debtor will have the opportunity to lease
the Real Property back from the Buyers.  There will be sufficient
funds to pay the lease on the property in the amount of $100,000 to
pay the rent for one year.  The lease back will be for 20 years.

The repurchase of the Real Property will be for $1.2 million.  If
the purchase is within months 14 to 24, then the repurchase will be
$1.25 million.  If the repurchase is between the months 25 to 36,
the price will be $1.3 million.  Then it will increase at $50,000
each 12 months after that date.

The close of escrow will be within 15 days of acceptance from the
approval from the Court.  The Buyers have paid an earnest money
deposit of $10,000.  It is not subject to an appraisal nor is it
subject to financing.  The Buyers have the funds.

The Buyers and the Debtor will split all of the escrow fees.  The
Seller will pay for owner's title insurance police.  The transfer
tax will be paid by the Seller.  There is no issue regarding the
required disclosures to the Buyers in the case.  The Real Property
is being sold in its present condition and the Buyers have accepted
the condition of the Real Property.  If there is a dispute, the
Buyers and the Seller agree to arbitrate their dispute.

The Debtor asks the Court to waive the 14-day stay under Fed. R.
Bankr. P. 6.004(h).

A copy of the Purchase Agreement attached to the Motion is
available for free at:

   http://bankrupt.com/misc/WARWICK_PROPERTIES_70_Sales.pdf

                   About Warwick Properties

Warwick Properties, LLC, a company based in Henderson, Nevada, owns
a real property located at 2115 Willow Road, Arroyo Grande,
California.  The property is valued by the Debtor at $1.30
million.

Warwick Properties sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Case No. 17-15065) on Sept. 20,
2017.  In the petition signed by Seth McCormick, managing member,
the Debtor disclosed $1.30 million in assets and $901,752 in
liabilities.  Judge Mike K. Nakagawa presides over the case.


WBCMT 2005-C17: Moody's Affirms Junk Ratings on 5 Cert. Classes
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on five classes
in Wachovia Bank Commercial Mortgage Trust 2005-C17, Commercial
Mortgage Pass-Through Certificates, Series 2005-C17 as follows:

Cl. H, Affirmed Caa2 (sf); previously on May 4, 2017 Affirmed Caa2
(sf)

Cl. J, Affirmed Caa3 (sf); previously on May 4, 2017 Affirmed Caa3
(sf)

Cl. K, Affirmed C (sf); previously on May 4, 2017 Affirmed C (sf)

Cl. L, Affirmed C (sf); previously on May 4, 2017 Affirmed C (sf)

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

RATINGS RATIONALE

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

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

Moody's rating action reflects a base expected loss of 47.3% of the
current pooled balance, compared to 34.7% at Moody's last review.
Moody's base expected loss plus realized losses is now 3.2% of the
original pooled balance, compared to 3.0% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating Wachovia Bank Commercial
Mortgage Trust 2005-C17, 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
Wachovia Bank Commercial Mortgage Trust 2005-C17, Cl. X-C 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 46% of the pool is in
special servicing and Moody's has identified an additional troubled
loan representing 24% 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 April 18, 2017 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $33.5 million
from $2.8 billion at securitization. The certificates are
collateralized by eight mortgage loans ranging in size from less
than 1% to 27% of the pool. One loan, constituting 2% 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 5, the same as at Moody's last review.

One loan, constituting 20.4% of the pool, is on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Twenty loans have been liquidated from the pool, resulting in an
aggregate realized loss of $70.3 million (for an average loss
severity of 32.5%). Two loans, constituting 46% of the pool, are
currently in special servicing. The two specially serviced loans
are the Westland Mall A-note Loan ($9.1 million -- 27.2% of the
pool) and Westland Mall B-note Loan ($6.4 million -- 19.1% of the
pool), which are secured by a 338,000 square foot (SF) regional
mall located in West Burlington, Iowa. The mall was formerly
anchored by JC Penney who vacated its 92,000 square foot (SF) space
in April 2015 and continued to pay rent through its lease
expiration in March 2017. As per the March 2018 rent roll, the
property was 44% occupied, compared to 59.6% occupied as of
year-end 2016. There are currently three anchors remaining,
Younkers, CEC theatres and Marshalls. Younkers will be closing
their store as part of the Bon-Ton bankruptcy filing. The original
loan transferred to special servicing in June 2013 and was modified
in March of 2014. The modification terms included a note split into
a $10.5 million A-Note and a $6.4 million B-Note and extended the
loan maturity to January 2018. The loan again transferred to
special servicing in December 2017 due to imminent maturity
default. Moody's anticipates a significant loss on these loans.

As of the April 18, 2017 remittance statement cumulative interest
shortfalls were $8.4 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.

The top three performing conduit loans represent 41.8% of the pool
balance. The largest loan is the Shopko Plaza Loan ($6.8 million --
20.4% of the pool), which is secured by a 129,000 square foot (SF)
retail center located in Peoria, Illinois. The center's major
tenant, Shopko (112,260 SF, 87% of net rentable area) has been dark
since January 2007 but continues to pay rent under a lease that
expires in October 2020. As per the March 2018 rent roll the
property was 95% leased, but only 8.4% occupied. This loan passed
its anticipated repayment date (ARD) and has a final maturity date
in March 2035. The loan is on the watchlist due to low physical
occupancy and Moody's has identified this as a troubled loan.

The second largest loan is the Firewheel Corners Shopping Center
Loan ($3.9 million -- 11.5% of the pool), which is secured by a
22,125 square foot (SF) unanchored strip center located in Garland,
Texas, a suburb of Dallas. As per the March 2018 rent roll the
property was 100% occupied, the same as at last review. Moody's LTV
and stressed DSCR are 99.5% and 1.03X, respectively, compared to
104.4% and 0.98X at the last review.

The third largest loan is the Kmart Plaza Shopping Center Loan
($3.3 million -- 9.8% of the pool), which is secured by a 143,864
SF anchored shopping center in Edgewood, Kentucky. As of March
2018, the property was 88% leased, the same as at last review.
Moody's LTV and stressed DSCR are 87% and 1.18X, respectively,
compared to 74% and 1.38X at the last review.



WELLFLEET 2016-1: Moody's Assigns Ba3 Rating on Class E-R Notes
---------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
CLO refinancing notes issued by Wellfleet CLO 2016-1, Ltd.

Moody's rating action is as follows:

U.S.$260,000,000 Class A-R Senior Secured Floating Rate Notes Due
2028 (the "Class A-R Notes"), Assigned Aaa (sf)

U.S.$44,000,000 Class B-R Senior Secured Floating Rate Notes Due
2028 (the "Class B-R Notes"), Assigned Aa2 (sf)

U.S.$24,000,000 Class C-R Mezzanine Secured Deferrable Floating
Rate Notes Due 2028 (the "Class C-R Notes"), Assigned A2 (sf)

U.S.$20,000,000 Class D-R Mezzanine Secured Deferrable Floating
Rate Notes Due 2028 (the "Class D-R Notes"), Assigned Baa3 (sf)

U.S.$20,000,000 Class E-R Junior Secured Deferrable Floating Rate
Notes Due 2028 (the "Class E-R Notes"), Assigned Ba3 (sf)

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

Wellfleet Credit Partners, LLC manages the CLO. It directs the
selection, acquisition, and disposition of collateral on behalf of
the Issuer.

RATINGS RATIONALE

Moody's ratings on the Refinancing Notes addresses 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.

The Issuer has issued the Refinancing Notes on May 10, 2018 (the
"Refinancing Date") in connection with the refinancing of all
classes of the secured notes (the "Refinanced Original Notes")
previously issued on April 21, 2016 (the "Original Closing Date").
On the Refinancing Date, the Issuer used proceeds from the issuance
of the Refinancing Notes, along with the proceeds from the issuance
of additional subordinated notes, to redeem in full the Refinanced
Original Notes.

In addition to the issuance of the Refinancing Notes and additional
subordinated notes, a variety of other changes to transaction
features will occur in connection with the refinancing. These
include: extension of the weighted average life test and non-call
period; and changes to certain collateral quality tests.

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

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

Performing par and principal proceeds balance: $400,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 3056

Weighted Average Spread (WAS): 3.55%

Weighted Average Coupon (WAC): n/a

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 6.45 years

Methodology Underlying the Rating Action:

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

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

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

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 Refinancing Notes. This
sensitivity analysis includes increased default probability
relative to the base case.

Here is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the Refinancing
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% (3056 to 3514)

Rating Impact in Rating Notches

Class A-R Notes: 0

Class B-R Notes: -2

Class C-R Notes: -2

Class D-R Notes: -1

Class E-R Notes: 0

Percentage Change in WARF -- increase of 30% (3056 to 3973)

Rating Impact in Rating Notches

Class A-R Notes: -1

Class B-R Notes: -3

Class C-R Notes: -4

Class D-R Notes: -2

Class E-R Notes: -1


WESTLAKE AUTOMOBILE 2018-2: S&P Gives B+(sf) Rating on Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Westlake Automobile
Receivables Trust 2018-2's $1 billion automobile receivables-backed
notes series 2018-2.

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

The ratings reflect:

-- The availability of approximately 48.9%, 42.2%, 33.5%, 26.0%,
22.3%, and 18.6% credit support for the class A, B, C, D, E, and F
notes, respectively, based on stressed cash flow scenarios
(including excess spread). These provide approximately 3.50x,
3.00x, 2.30x, 1.75x, 1.50x, and 1.23x, respectively, of S&P's
13.00%-13.50% expected cumulative net loss range.

-- The transaction's ability to make timely interest and principal
payments under stressed cash flow modeling scenarios appropriate
for the assigned ratings.

-- S&P said, "Our expectation that under a moderate ('BBB') stress
scenario, all else being equal and for the transaction's life, our
ratings on the class A and B notes would not be lowered from the
assigned ratings, our rating on the class C notes would remain
within one rating category of the assigned rating, and our rating
on the class D notes would remain within two rating categories of
the assigned rating. Our ratings on the class E and F notes would
remain within two rating categories of the assigned rating over one
year but would ultimately default at months 61 and 33,
respectively, which is within the bounds of our credit stability
criteria."

-- The collateral characteristics of the securitized pool of
subprime automobile loans.

-- The originator/servicer's long history in the
subprime/specialty auto finance business.

-- S&P's analysis of approximately 11 years (2006-2017) of static
pool data on the company's lending programs.

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

  RATINGS ASSIGNED
  Westlake Automobile Receivables Trust 2018-2

  Class    Rating      Type          Interest       Amount
                                     rate          (mil. $)
  A-1      A-1+ (sf)   Senior        Fixed          212.00
  A-2-A    AAA (sf)    Senior        Fixed          305.80
  A-2-B    AAA (sf)    Senior        Floating(i)     75.00
  B        AA (sf)     Subordinate   Fixed           88.66
  C        A (sf)      Subordinate   Fixed          112.37
  D        BBB (sf)    Subordinate   Fixed          105.16
  E        BB (sf)     Subordinate   Fixed           44.33
  F        B+ (sf)     Subordinate   Fixed           56.68

(i)The class A-2-B coupon will be expressed as a spread tied to
one-month LIBOR.


WFCM 2010-C1: Moody's Affirms Class E Certs at Ba2
--------------------------------------------------
Moody's Investors Service has affirmed the ratings of nine classes
in Wells Fargo Commercial Mortgage Trust 2010-C1, Commercial
Mortgage Trust Pass-Through Certificates, Series 2010-C1 as
follows:

Cl. A-1, Affirmed Aaa (sf); previously on May 19, 2017 Affirmed Aaa
(sf)

Cl. A-2, Affirmed Aaa (sf); previously on May 19, 2017 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa1 (sf); previously on May 19, 2017 Affirmed Aa1
(sf)

Cl. C, Affirmed A1 (sf); previously on May 19, 2017 Affirmed A1
(sf)

Cl. D, Affirmed Baa3 (sf); previously on May 19, 2017 Affirmed Baa3
(sf)

Cl. E, Affirmed Ba2 (sf); previously on May 19, 2017 Affirmed Ba2
(sf)

Cl. F, Affirmed B2 (sf); previously on May 19, 2017 Affirmed B2
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on May 19, 2017 Affirmed Aaa
(sf)

Cl. X-B, Affirmed Ba3 (sf); previously on May 19, 2017 Affirmed Ba3
(sf)

RATINGS RATIONALE

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

The ratings on the IO classes, Cl. X-A and Cl. X-B, was affirmed
based on the credit quality of its referenced classes.

Moody's rating action reflects a base expected loss of 0.6% of the
current balance compared to 0.8% at Moody's last review. Moody's
base expected loss plus realized losses is now 0.7% of the original
pooled balance, the same as at last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in rating Wells Fargo Commercial Mortgage
Trust 2010-C1, Cl. A-1, Cl. A-2, 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 Wells Fargo Commercial Mortgage Trust
2010-C1, 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 April 17, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 18% to $601 million
from $736 million at securitization. The certificates are
collateralized by 34 mortgage loans ranging in size from less than
1% to 8% of the pool, with the top ten loans (excluding defeasance)
constituting 44% of the pool. Two loans, constituting 12% of the
pool, have investment-grade structured credit assessments. Nine
loans, constituting 38% of the pool, have defeased and are secured
by US government securities.

Three loans, constituting 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 in special servicing. One loan was liquidated
from the pool since last review generating a loss of $1.7 million
(loss severity of 49%). Moody's received full year 2016 operating
results for 93% of the pool, and full or partial year 2017
operating results for 100% of the pool. Moody's weighted average
conduit LTV is 72%, compared to 75% at Moody's last review. Moody's
conduit component excludes loans with structured credit
assessments, defeased and CTL loans, and specially serviced and
troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 13% to the most recently available net operating
income (NOI). Moody's value reflects a weighted average
capitalization rate of 9.6%.

Moody's actual and stressed conduit DSCRs are 1.70X and 1.55X,
respectively, compared to 1.64X and 1.46X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The largest loan with a structured credit assessment is the Salmon
Run Mall Loan ($46.3 million -- 7.7% of the pool), which is secured
by a regional mall in Watertown, New York. The mall anchors are
Sears, Dick's Sporting Goods, Burlington Coat Factory, JC Penney
and Best Buy. Bon Ton announced that it was closing this store in
early 2018. The mall was 83% leased as of year-end 2017 compared to
92% leased as of year-end 2016 and 97% leased the prior year.
Inline occupancy was 70% as of December 2017, compared to 72% in
December 2016. While the property's financial performance is above
that at securitization, the NOI for year-end 2017 decreased from
the prior year due primarily to lower rental revenue. The loan
benefits from amortization and Moody's structured credit assessment
and stressed DSCR are baa3 (sca.pd) and 1.43X, respectively.

The second loan with a structured credit assessment is the 19 West
34th Street Loan ($25.0 million -- 4.2% of the pool). The loan is
secured by an office property with a ground floor retail component
located in Midtown Manhattan. The property was 98% leased as of
December 2017, compared to 95% leased in December 2016. Moody's
structured credit assessment and stressed DSCR are aaa (sca.pd) and
2.47X, respectively.

The top three performing conduit loans represent 17% of the pool
balance. The largest loan is the Polaris Town Center Loan ($41.4
million -- 6.9% of the pool), which is secured by a collateral
portion of a 700,000 square foot power center located in Columbus,
Ohio. The center is located near Polaris Fashion Place, a regional
mall. The subject property anchors include Kroger, Best Buy, Big
Lots, and TJ Maxx. The property was 99% leased as of year-end 2017,
essentially unchanged from the four prior reviews. This loan has
amortized 9.4% since securitization. Moody's LTV and stressed DSCR
are 66.5% and 1.62X, respectively, compared to 67.2% and 1.61X at
the last review.

The second largest loan is the First Tennessee Plaza and Cedar
Ridge Loan ($32.4 million -- 5.4% of the pool). The loan is secured
by two office properties in the Louisville, Kentucky area. The
largest property is First Tennessee Plaza, a 27-story office tower
in downtown Louisville. The second property, Cedar Ridge, is a
smaller suburban office property. The properties were a combined
84% leased as of December 2017, the same as at the past three
reviews. This loan has amortized 9.9% since securitization. Moody's
LTV and stressed DSCR are 103.4% and 0.99X, respectively, compared
to 105.3% and 0.98X at the last review.

The third largest loan is the Pepper Square I & II and Central
Forest Shopping Center Loan ($27.1 million -- 4.5% of the pool).
The loan is secured by two retail properties located in Dallas,
Texas. The properties were 87% leased as of December 2017, compared
to 78% leased in December 2016 and 82% leased as of March 2016.
This loan has amortized 16.5% since securitization. Moody's LTV and
stressed DSCR are 83.8% and 1.26X, respectively, compared to 93.9%
and 1.12X at the last review.


WFCM 2016-C34: Fitch Affirms Class E Certs at 'BB-sf'
-----------------------------------------------------
Fitch Ratings has affirmed 16 classes of Wells Fargo Commercial
Mortgage Trust 2016-C34 (WFCM 2016-C34) Commercial Mortgage
Pass-Through Certificates issued by Wells Fargo Bank, N.A.

KEY RATING DRIVERS

Relatively Stable Performance and Loss Expectations: Overall pool
performance remains relatively stable and generally in line with
performance and loss expectations at issuance. One loan (0.7%) is
in special servicing, 11 loans (26.2%) are on the servicer's
watchlist, and six loans (11.9%) are considered Fitch Loans of
Concern (FLOCs). The specially serviced loan is a 57-unit
affordable housing complex in Washington, D.C. When the loan was
originated there were 38 units under a Housing Assistance Payment
(HAP) contract, but according to the borrower the HAP contract was
cancelled in March 2017. Occupancy at the property had dropped from
95% at issuance to 84% at June 2017. A receiver was appointed
around August 2017 and has since been rehabbing unoccupied units.

Loans of Concern: Fitch has designated six loans (11.9% of pool) as
FLOCs, including three loans in the top 15 and the one specially
serviced loan. The sixth-largest loan, 200 Precision & 425 Privet
Portfolio (4.0%), is secured by two properties totaling 246,790sf
located in Horsham, PA. 425 Privet Road is an office property that
is 100% occupied by Teva who exercised a termination option and
will vacate the property by November 2019. The tenant is subject to
a $1.25 million termination fee and the loan is structured with a
full cash flow sweep for 24 months. 200 Precision Drive is an
industrial/office property that will be 50% vacant after Optium,
who accounts for 59% of annual rental income, vacates in June 2018.
The properties' combined occupancy will be 25% after these two
tenants vacate. The current submarket vacancy is 20.3%. Fitch's
base case loss incorporates an additional stress on the cash flow
as well as a dark value analysis. Fitch also performed an
additional sensitivity test, which assumed higher losses on the
loan if the property remains nearly or totally vacant and/or
defaults. The Negative Outlooks on classes E, X-E, and F reflect
this additional sensitivity test.

The tenth-largest loan, Shoppes at Alafaya (3%), is secured by a
120,639sf retail property in Orlando, FL. The largest tenant, Toys
R' Us (49% of net rentable area and 44% of total annual rent)
declared bankruptcy and will be closing all stores. The property
still has an anchor tenant with Dick's Sporting Goods (42% of NRA)
having a lease that expires in January 2023.

Retail Concentration: Thirty-one of the 68 loans in the transaction
are completely or partially secured by retail properties; none of
which are regional malls. Retail properties represent 38.2% of the
pool by balance, which is significantly above the full-year 2017,
2016 and 2015 averages of 24.8%, 31.4% and 26.7%, respectively.
Tenants at several of the larger retail properties include Bed Bath
& Beyond, Office Max, PetSmart, and Petco. No other property type
accounts for more than 15.9% of the pool by balance.

Minimal Change to Credit Enhancement: As of the April 2018
remittance, the pool's aggregate principal balance has been reduced
by 1.2% to $694 million from $703 million at issuance. Interest
shortfalls are currently affecting class H.

The pool is scheduled to amortize by 12.3% of the initial pool
balance prior to maturity. Two loans (9.0%) are full-term interest
only, 32 loans (52.7%) are partial interest only, and 10 loans
(7.6%) have amortization schedules of 25 years or less.

Additional Subordinate Financing: Three loans (20.5% of the pool)
have additional subordinate debt in place, including the two
largest loans, Regent Medical Office (10.1% of the pool) and
Congressional North Shopping Center & 121 Congressional Lane
(8.5%).

RATING SENSITIVITIES

Rating Outlooks for classes A-1 thru D and classes X-A and X-B
remain Stable due to relatively overall stable performance of the
pool. Upgrades, while unlikely in the near term given concerns with
the 200 Precision & 425 Privet Portfolio and various retail
properties, are possible with continued performance and
significantly improved credit enhancement. The Negative Rating
Outlooks on classes E, F and X-E reflect the possibility of a
downgrade based on an additional sensitivity scenario that assumes
an outsized loss of 50% on the 200 Precision & 425 Privet Portfolio
loan; when assuming an outsized loss of 75% on this loan, classes
A-S through D may also be affected.


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

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

Fitch has affirmed the following ratings and revised Outlooks as
indicated:

  --$24.4 million class A-1 at 'AAAsf'; Outlook Stable;

  --$100.6 million class A-2 at 'AAAsf'; Outlook Stable;

  --*$115 million class A-3 at 'AAAsf'; Outlook Stable;

  --*$25 million class A-3FL at 'AAAsf'; Outlook Stable;

  --*$0 million class A-3FX at 'AAAsf'; Outlook Stable;

  --$172.2 million class A-4 at 'AAAsf'; Outlook Stable;

  --$46 million class A-SB at 'AAAsf'; Outlook Stable;

  --$35.1 million class A-S at 'AAAsf'; Outlook Stable;

  --Interest-only class X-A at 'AAAsf'; Outlook Stable;

  --$36 million class B at 'AA-sf'; Outlook Stable;

  --Interest-only class X-B at 'AA-sf'; Outlook Stable;

  --$36.9 million class C at 'A-sf'; Outlook Stable;

  --$41.3 million class D at 'BBB-sf'; Outlook Stable;

  --$20.2 million class E at 'BB-sf'; Outlook to Negative from
Stable;

  --Interest-only class X-E at 'BB-sf'; Outlook to Negative from
Stable;

  --$7.9 million class F at 'B-sf'; Outlook to Negative from
Stable.

  *The aggregate initial balance of class A-3, A-3FL and A-3FX
certificates will be $140 million. Holders of the class A-3FL
certificates may exchange all or a portion of their certificates
for a like principal amount of class A-3FX certificates having the
same pass-through rate as the class A-3FX regular interest.

Fitch does not rate classes G and H and the interest-only classes
X-FG and X-H.


WFRBS 2013-C12: Fitch Affirms Class F Certs at 'Bsf'
----------------------------------------------------
Fitch Ratings has affirmed 13 classes of WFRBS Commercial Mortgage
Trust (WFRBS) commercial mortgage pass-through certificates series
2013-C12.

KEY RATING DRIVERS

Stable Performance and Defeased Collateral: The affirmations are
the result of mostly stable performance since issuance. With the
exception of the specially serviced loans, all the loans in the
pool continue to perform, with property-level performance generally
in line with issuance expectations. Defeased collateral has
decreased and accounts for 7.9% of the pool, down from 14.4% at
Fitch's last rating action. The previously largest defeased loan
matured in January 2018.

Specially Serviced Loans: There are two specially serviced loans
(4.0% of the pool). The largest loan (2.7% of the pool) is secured
by 665 unit (1,074 bed) student housing complex in Newark, DE,
roughly 40 miles southwest of Philadelphia. The property is located
one mile from the University of Delaware campus. The loan
transferred in April 2016 due to an imminent default letter
received from the borrower, which stated that the property's net
cash flow was not sufficient to cover debt service. After acquiring
the subject in 2008, the borrower repositioned the property from
traditional multifamily to student housing and constructed a $6
million student center with a basketball court, swimming pool,
business center and theater room. The loan is in foreclosure as the
borrower works to transfer the asset to the lender. A court
appointed receiver is scheduled to take control of the property. As
of September 2017, occupancy dropped to 59% from 92% at issuance.
The other specially serviced loan (1.3%) is secured by a 120,000 sf
retail property that was formerly 100% occupied by Gander Mountain,
who filed for bankruptcy in 2017 and all leases were rejected. The
loan is also in foreclosure as the special servicer reviews
resolution options.

Fitch Loans of Concern: There are five loans (8.9%) that have been
designated as Fitch Loans of Concern, including the two specially
serviced loans. The largest Fitch Loan of Concern is Victoria Mall
(3%). The loan is secured by a 679,502-sf (448,935 sf collateral)
enclosed regional mall located in Victoria, TX, approximately 90
miles southeast of San Antonio and 100 miles southwest of Houston.
The mall is anchored by JCPenney (noncollateral), Dillard's (two
noncollateral stores), and Sears. As of year-end 2017, the debt
service coverage ratio (DSCR) and occupancy were reported to be
2.71x and 94%, respectively. Fitch has concerns with the mall due
to its declining anchor and inline sales as well as its tertiary
location. As of the TTM ended March 2018 inline sales were reported
to be $302 psf compared to $367psf at issuance. Sears sales were
reported to be $70 psf for the same period compared to $130 psf at
issuance.

Single Tenant Exposure: Three (16.2%) of the top 10 loans are
secured by properties 100% occupied by a single tenant. Top 10
loans with single-tenant concentrations include Merrill Lynch
Office, Hensley & Co. Portfolio and Las Vegas Strip Walgreens.

Co-op Collateral: There are 23 loans (4.5% of the pool) that are
secured by co-op properties. These co-op loans generally have very
low leverage statistics. At issuance, the co-op loans within the
transaction have an average Fitch DSCR and LTV of 3.74x and 37.8%,
respectively.

RATING SENSITIVITIES

The Rating Outlooks for classes A-3 through A-S, C and D remain
Stable due to overall stable collateral performance. Fitch does not
foresee positive or negative ratings migration for these classes
unless a material economic or asset level event changes the
underlying transaction's portfolio-level metrics. The Outlook for
class B has been revised to Stable from Positive. Although credit
enhancement has increased, Fitch's modeled losses have increased
due to expected losses from the specially serviced loans.

The Outlook for class E has been revised to Negative due to
concerns with the Victoria Mall, which is a regional mall in a
tertiary location with declining sales. A sensitivity analysis was
performed to apply an additional stress to this loan. The
sensitivity analysis did not result in rating changes to the
investment-grade classes. The Outlook for class F remains Negative,
as it reflects the concerns regarding the ultimate resolution of
the specially serviced loans. Downgrades for classes E and F may be
warranted once there is further clarity from the special servicer
regarding liquidation plans or performance of the Victoria Mall
declines.

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

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

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

  --$75.4 million class B at 'AA-sf'; Outlook to Stable from
Positive;

  --$27.7 million class E at 'BBsf'; Outlook to Negative from
Stable.

Fitch has affirmed the following classes:

  --$156.3 million class A-3 at 'AAAsf'; Outlook Stable;

  --$298.2 million class A-4 at 'AAAsf'; Outlook Stable;

  --$102 million class A-SB at 'AAAsf'; Outlook Stable;

  --$85.3 million class A-3FL at 'AAAsf'; Outlook Stable;

  --$85.3 million class A-3FX at 'AAAsf'; Outlook Stable;

  --$120.1 million class A-S at 'AAAsf'; Outlook Stable;

  --$760.4 million class X-A at 'AAAsf'; Outlook Stable;

  --$126.2 million class X-B at 'A-sf'; Outlook Stable;

  --$50.8 million class C at 'A-sf'; Outlook Stable;

  --$41.6 million class D at 'BBB-sf'; Outlook Stable;

  --$16.9 million class F at 'Bsf'; Outlook Negative.

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


[*] DBRS Reviews 269 Classes From 42 US ReREMICS
------------------------------------------------
DBRS, Inc. reviewed 269 classes from 42 U.S. resecuritization of
real estate mortgage investment conduits (ReREMICs) and residential
mortgage-backed security (RMBS) transactions. Of the 269 classes
reviewed, DBRS upgraded 73 ratings, confirmed 183 ratings and
discontinued 13 ratings.

The rating upgrades reflect positive performance trends and
increases in credit support sufficient to withstand stresses at
their new rating levels. For transactions where the ratings have
been confirmed, current asset performance and credit-support levels
are consistent with the current ratings. The discontinued ratings
are the result of full repayment of principal to bondholders.

The rating actions are a result of DBRS's application of "RMBS
Insight 1.3: U.S. Residential Mortgage-Backed Securities Model and
Rating Methodology," published on April 4, 2017.

The transactions consist of U.S. ReREMIC and RMBS transactions. The
pools backing these transactions consist of prime, agency,
subprime, second-lien, Alt-A, scratch and dent, option
adjustable-rate mortgage and ReREMIC collateral.

The ratings assigned to the securities below differ from the
ratings implied by the quantitative model. DBRS considers this
difference to be a material deviation, but in this case, the
ratings of the subject notes reflect a dependency on another
tranche's ratings, as well as structural features and/or historical
performance that constrain the quantitative model output.

-- Citigroup Mortgage Loan Trust 2009-4, Re-REMIC Trust
     Certificates, Series 2009-4, Class 3A2

-- Citigroup Mortgage Loan Trust 2009-4, Re-REMIC Trust
     Certificates, Series 2009-4, Class 7A7

-- Citigroup Mortgage Loan Trust 2009-8, Resecuritization Trust
     Certificates, Series 2009-8, Class 6A2

-- Citigroup Mortgage Loan Trust 2009-10, Resecuritization Trust
     Certificates, Series 2009-10, Class 2A2C

-- GSMSC Resecuritization Trust 2015-3R, Resecuritization Trust
     Securities, Series 2015-3R, Class 2A-1

-- GSMSC Resecuritization Trust 2015-3R, Resecuritization Trust
     Securities, Series 2015-3R, Class 2A-1D

-- J.P. Morgan Mortgage Trust, Series 2008-R4, Series 2008-R4
     Trust Certificates, Class 2-A-1

-- LVII Resecuritization Trust 2009-1, Mortgage Resecuritization
     Notes, Series 2009-1, Class M-3

-- LVII Resecuritization Trust 2009-1, Mortgage Resecuritization
     Notes, Series 2009-1, Class M-4

-- Morgan Stanley Resecuritization Trust 2013-R9,
     Resecuritization Trust Securities, Class 5-A3

-- Morgan Stanley Resecuritization Trust 2013-R9,
     Resecuritization Trust Securities, Class 5-A

-- RBSSP Resecuritization Trust 2009-5, Resecuritization Trust
     Certificates, Series 2009-5, Class 4-A2

-- RBSSP Resecuritization Trust 2009-5, Resecuritization Trust
     Certificates, Series 2009-5, Class 4-A4

-- RBSSP Resecuritization Trust 2009-6, Resecuritization Trust
     Certificates, Series 2009-6, Class 7-A2

-- RBSSP Resecuritization Trust 2009-6, Resecuritization Trust
     Certificates, Series 2009-6, Class 7-A4

-- RBSSP Resecuritization Trust 2009-6, Resecuritization Trust
     Certificates, Series 2009-6, Class 9-A2

-- RBSSP Resecuritization Trust 2009-6, Resecuritization Trust
     Certificates, Series 2009-6, Class 9-A4

-- RBSSP Resecuritization Trust 2009-6, Resecuritization Trust
     Certificates, Series 2009-6, Class 11-A2

-- RBSSP Resecuritization Trust 2009-6, Resecuritization Trust
     Certificates, Series 2009-6, Class 11-A4

-- BCAP LLC 2015-RR6 Trust, Resecuritization Trust Securities,
     Class 1A1

-- BCAP LLC 2015-RR6 Trust, Resecuritization Trust Securities,
     Class 1A2
-- CSMC Series 2015-5R, CSMC Series 2015-5R, Class 1-A-1

-- CSMC Series 2015-5R, CSMC Series 2015-5R, Class 2-A-4

-- CSMC Series 2015-5R, CSMC Series 2015-5R, Class 2-A-1

-- CSMC Series 2015-6R, CSMC Series 2015-6R, Class 1-A-1

-- CSMC Series 2015-6R, CSMC Series 2015-6R, Class 2-A-1

-- CSMC Series 2015-6R, CSMC Series 2015-6R, Class 4-A-1

-- GSMSC Resecuritization Trust 2015-5R, Resecuritization Trust
     Securities, Series 2015-5R, Class 1B

-- GSMSC Resecuritization Trust 2015-5R, Resecuritization Trust  
     Securities, Series 2015-5R, Class 2A

-- GSMSC Resecuritization Trust 2015-5R, Resecuritization Trust
     Securities, Series 2015-5R, Class 2B

-- Morgan Stanley Resecuritization Trust 2015-R3,
     Resecuritization Pass-Through Securities, Series 2015-R3,
     Class 7-A1

-- Morgan Stanley Resecuritization Trust 2015-R3,
     Resecuritization Pass-Through Securities, Series 2015-R3,
     Class 7-A2

-- Morgan Stanley Resecuritization Trust 2015-R3,
     Resecuritization Pass-Through Securities, Series 2015-R3,
     Class 9-A2

-- C-BASS 2005-CB1 Trust, C-BASS Mortgage Loan Asset-Backed
     Certificates, Series 2005-CB1, Class M-1

-- C-BASS 2005-CB1 Trust, C-BASS Mortgage Loan Asset-Backed
     Certificates, Series 2005-CB1, Class M-2

-- C-BASS 2005-CB1 Trust, C-BASS Mortgage Loan Asset-Backed
     Certificates, Series 2005-CB1, Class M-3

-- C-BASS 2005-CB1 Trust, C-BASS Mortgage Loan Asset-Backed
     Certificates, Series 2005-CB1, Class B-1

-- C-BASS 2005-CB1 Trust, C-BASS Mortgage Loan Asset-Backed
     Certificates, Series 2005-CB1, Class B-2

-- C-BASS 2005-CB1 Trust, C-BASS Mortgage Loan Asset-Backed
     Certificates, Series 2005-CB1, Class B-3

-- C-BASS 2006-MH1 Trust, C-BASS Mortgage Loan Asset-Backed
     Certificates, Series 2006-MH1, Class M-1

-- C-BASS 2006-MH1 Trust, C-BASS Mortgage Loan Asset-Backed  
     Certificates, Series 2006-MH1, Class M-2

-- C-BASS 2006-MH1 Trust, C-BASS Mortgage Loan Asset-Backed
     Certificates, Series 2006-MH1, Class B-1

-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03,
     Class 1A-I1

-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03,
     Class 1A-I2

-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03,
     Class 1A-I3

-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03,
     Class 1A-I4

-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03,
     Class 1B-I1

-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03,   

     Class 1B-I2

-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03,   
     Class 1B-I3

-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03,
     Class 1B-I4

-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03,
     Class 1C-I1

-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03,
     Class 1C-I2

-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03,
     Class 1C-I3

-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03,  
     Class 1C-I4

-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03,
     Class 1X1

-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03,
     Class 1X2

-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03,
     Class 1X3

-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03,
     Class 1X4

-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03,
     Class 1Y1

-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03,
     Class 1Y2

-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03,   

     Class 1Y3

-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03,
     Class 1Y4

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


[*] Moody's Hikes Ratings on 10 Tranches from 8 CES RMBS Loans
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of ten tranches
from eight transactions backed by second-lien RMBS loans.

Complete rating actions are as follows:

Issuer: Bear Stearns Second Lien Trust 2007-SV1

Cl. M-1, Upgraded to B1 (sf); previously on Jun 26, 2017 Upgraded
to Caa2 (sf)

Issuer: CSFB Home Equity Pass-Through Certificates, Series 2004-6

Cl. M-2, Upgraded to Baa1 (sf); previously on Jun 26, 2017 Upgraded
to Ba2 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2006-SPS2

Cl. A, Upgraded to Caa2 (sf); previously on Oct 6, 2016 Upgraded to
Ca (sf)

Issuer: GMACM Home Equity Loan Trust 2006-HE5

Cl. I-A-1, Upgraded to Baa3 (sf); previously on Oct 20, 2015
Upgraded to Ba3 (sf)

Underlying Rating: Upgraded to Baa3 (sf); previously on Oct 20,
2015 Upgraded to Ba3 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn Mar 25, 2009)

Cl. II-A-2, Upgraded to Baa3 (sf); previously on Oct 20, 2015
Upgraded to Ba3 (sf)

Underlying Rating: Upgraded to Baa3 (sf); previously on Oct 20,
2015 Upgraded to Ba3 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn Mar 25, 2009)

Issuer: Morgan Stanley Mortgage Loan Trust 2005-8SL

Cl. A-1, Upgraded to Ba2 (sf); previously on Aug 8, 2016 Upgraded
to B3 (sf)

Cl. A-2b, Upgraded to Ba2 (sf); previously on Aug 8, 2016 Upgraded
to B3 (sf)

Issuer: Structured Asset Securities Corp Trust 2006-S1

Cl. A1, Upgraded to B2 (sf); previously on Dec 14, 2015 Upgraded to
Caa1 (sf)

Issuer: SunTrust Acquisition Closed-End Seconds Trust, Series
2007-1

Cl. A, Upgraded to Ba3 (sf); previously on Oct 20, 2015 Upgraded to
Caa1 (sf)

Issuer: Terwin Mortgage Trust 2004-18SL

Cl. 1-B-3, Upgraded to Ba1 (sf); previously on Oct 7, 2015 Upgraded
to B2 (sf)

RATINGS RATIONALE

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

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 3.9% in April 2018 from 4.4% in April
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.


[*] Moody's Upgrades Ratings on 36 Tranches from 4 CRT RMBS Deals
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 36 tranches
from four Agency Risk Transfer transactions issued from 2014 to
2017.

Structured Agency Credit Risk (STACR) Debt Notes, Series 2014-DN1
is a fixed-severity credit risk transfer (CRT) transaction while
Structured Agency Credit Risk (STACR) Debt Notes, Series 2015-DNA1,
Structured Agency Credit Risk (STACR) Debt Notes, Series 2016-DNA2
and Structured Agency Credit Risk (STACR) Debt Notes, Series
2017-HQA1 are actual-loss credit risk transfer (CRT) transactions.
Furthermore, STACR 2017-HQA1 is a high-LTV transaction which
benefits from mortgage insurance (MI).

Complete rating actions are as follows:

Issuer: STACR 2017-HQA1

Cl. M-1, Upgraded to Baa2 (sf); previously on Feb 22, 2017
Definitive Rating Assigned Baa3 (sf)

Cl. M-2, Upgraded to B1 (sf); previously on Feb 22, 2017 Definitive
Rating Assigned B2 (sf)

Cl. M-2R, Upgraded to B1 (sf); previously on Feb 22, 2017
Definitive Rating Assigned B2 (sf)

Cl. M-2S, Upgraded to B1 (sf); previously on Feb 22, 2017
Definitive Rating Assigned B2 (sf)

Cl. M-2T, Upgraded to B1 (sf); previously on Feb 22, 2017
Definitive Rating Assigned B2 (sf)

Cl. M-2U, Upgraded to B1 (sf); previously on Feb 22, 2017
Definitive Rating Assigned B2 (sf)

Cl. M-2A, Upgraded to Ba1 (sf); previously on Feb 22, 2017
Definitive Rating Assigned Ba2 (sf)

Cl. M-2AR, Upgraded to Ba1 (sf); previously on Feb 22, 2017
Definitive Rating Assigned Ba2 (sf)

Cl. M-2AS, Upgraded to Ba1 (sf); previously on Feb 22, 2017
Definitive Rating Assigned Ba2 (sf)

Cl. M-2AT, Upgraded to Ba1 (sf); previously on Feb 22, 2017
Definitive Rating Assigned Ba2 (sf)

Cl. M-2AU, Upgraded to Ba1 (sf); previously on Feb 22, 2017
Definitive Rating Assigned Ba2 (sf)

Cl. M-2I, Upgraded to B1 (sf); previously on Feb 22, 2017
Definitive Rating Assigned B2 (sf)

Cl. M-2AI, Upgraded to Ba1 (sf); previously on Feb 22, 2017
Definitive Rating Assigned Ba2 (sf)

Issuer: Structured Agency Credit Risk (STACR) Debt Notes, Series
2014-DN1

Cl. M-2, Upgraded to Aa1 (sf); previously on Jul 17, 2017 Upgraded
to Aa2 (sf)

Cl. M-2F, Upgraded to Aa1 (sf); previously on Jul 17, 2017 Upgraded
to Aa2 (sf)

Cl. M-2I, Upgraded to Aa1 (sf); previously on Jul 17, 2017 Upgraded
to Aa2 (sf)

Cl. M-12, Upgraded to Aa1 (sf); previously on Jul 17, 2017 Upgraded
to Aa2 (sf)

Issuer: Structured Agency Credit Risk (STACR) Debt Notes, Series
2015-DNA1

Cl. MA, Upgraded to A2 (sf); previously on Aug 8, 2017 Upgraded to
Baa3 (sf)

Cl. M-1, Upgraded to Aaa (sf); previously on Aug 8, 2017 Upgraded
to Aa1 (sf)

Cl. M-1F, Upgraded to Aaa (sf); previously on Aug 8, 2017 Upgraded
to Aa1 (sf)

Cl. M-1I, Upgraded to Aaa (sf); previously on Aug 8, 2017 Upgraded
to Aa1 (sf)

Cl. M-2, Upgraded to Aa2 (sf); previously on Aug 8, 2017 Upgraded
to A1 (sf)

Cl. M-2F, Upgraded to Aa2 (sf); previously on Aug 8, 2017 Upgraded
to A1 (sf)

Cl. M-2I, Upgraded to Aa2 (sf); previously on Aug 8, 2017 Upgraded
to A1 (sf)

Cl. M-3, Upgraded to A3 (sf); previously on Aug 8, 2017 Upgraded to
Ba1 (sf)

Cl. M-3F, Upgraded to A3 (sf); previously on Aug 8, 2017 Upgraded
to Ba1 (sf)

Cl. M-3I, Upgraded to A3 (sf); previously on Aug 8, 2017 Upgraded
to Ba1 (sf)

Cl. M-12, Upgraded to Aa2 (sf); previously on Aug 8, 2017 Upgraded
to A1 (sf)

Issuer: Structured Agency Credit Risk (STACR) Debt Notes, Series
2016-DNA2

Cl. M-2, Upgraded to A1 (sf); previously on Jul 17, 2017 Upgraded
to A3 (sf)

Cl. M-2F, Upgraded to A1 (sf); previously on Jul 17, 2017 Upgraded
to A3 (sf)

Cl. M-2I, Upgraded to A1 (sf); previously on Jul 17, 2017 Upgraded
to A3 (sf)

Cl. M-3B, Upgraded to Ba1 (sf); previously on Jul 17, 2017 Upgraded
to B1 (sf)

Cl. M-3, Upgraded to Baa3 (sf); previously on Jul 17, 2017 Upgraded
to Ba2 (sf)

Cl. M-3A, Upgraded to Baa1 (sf); previously on Jul 17, 2017
Upgraded to Baa2 (sf)

Cl. M-3AI, Upgraded to Baa1 (sf); previously on Jul 17, 2017
Upgraded to Baa2 (sf)

Cl. M-3AF, Upgraded to Baa1 (sf); previously on Jul 17, 2017
Upgraded to Baa2 (sf)

RATINGS RATIONALE

The rating upgrades are due to the increase in credit enhancement
available to the bonds and a reduction in the expected losses on
the underlying pools owing to strong collateral performance. The
outstanding rated bonds in these transactions have continued to
benefit both from a steady increase in the credit enhancement as a
result of sequential principal distributions among the subordinate
bonds and higher than expected voluntary prepayment rates since
issuance.

The risk transfer transactions provide credit protection against
the performance of a "reference pool" of mortgages guaranteed by
Freddie Mac. The notes are direct, unsecured obligations of Freddie
Mac and are not guaranteed by nor are they obligations of the
United States Government. Unlike a typical RMBS transaction, note
holders are not entitled to receive any cash from the mortgage
loans in the reference pools. Instead, the timing and amount of
principal and interest that Freddie Mac is obligated to pay on the
Notes is linked to the performance of the mortgage loans in the
reference pool. Principal payments to the notes relate only to
actual principal received from the reference pool with pro-rata
payments between senior and subordinate bonds, provided some
performance triggers are met, and sequential among subordinate
bonds.

The bonds have benefited from sustained higher than expected
prepayment rates and continued increases in credit enhancement.
After experiencing some spikes in prior months, the three month
average conditional prepayment rate (CPR) is now settling in the
5-10% range for all the transactions as of the March 2018. Although
delinquencies underlying the pools have recently risen due largely
to the impact of hurricanes Harvey and Irma, the percentage of
loans that are 60-plus days delinquent is relatively low. They
currently sit at about 70 bps of the original balance for STACR
2017-HQA1 and about 40 bps of the original balance for STACR
2016-DNA2 as March 2018. Other transactions have percentage of
loans that are 60-plus days delinquent at about 10bps.
Additionally, there very limited cumulative net losses on all those
transactions.

Moody's updated loss expectations on the pools incorporate, amongst
other factors, its assessment of the representations and warranties
frameworks of the transactions, the due diligence findings of the
third party review received at the time of issuance, and the
strength of the transaction's originators and servicers.

The principal methodology used in rating Structured Agency Credit
Risk (STACR) Debt Notes, Series 2014-DN1 Cl. M-12, Cl. M-2, Cl.
M-2F, Structured Agency Credit Risk (STACR) Debt Notes, Series
2015-DNA1 Cl. M-1, Cl. M-1F, Cl. M-2, Cl. M-2F, Cl. M-3, Cl. M-3F,
Cl. M-12, Cl. MA, Structured Agency Credit Risk (STACR) Debt Notes,
Series 2016-DNA2 Cl. M-2, Cl. M-3A, Cl. M-3B, Cl. M-2F, Cl. M-3,
Cl. M-3AF, and STACR 2017-HQA1 Cl. M-2A, Cl. M-2, Cl. M-2R, Cl.
M-2S, Cl. M-2T, Cl. M-2U, Cl. M-2AR, Cl. M-2AS, Cl. M-2AT, Cl.
M-2AU, Cl. M-1 was "Moody's Approach to Rating US Prime RMBS"
published in February 2015. The methodologies used in rating
Structured Agency Credit Risk (STACR) Debt Notes, Series 2014-DN1
Cl. M-2I, Structured Agency Credit Risk (STACR) Debt Notes, Series
2015-DNA1 Cl. M-1I, Cl. M-2I, Cl. M-3I , Structured Agency Credit
Risk (STACR) Debt Notes, Series 2016-DNA2 Cl. M-2I, Cl. M-3AI, and
STACR 2017-HQA1 Cl. M-2I, Cl. M-2AI were "Moody's Approach to
Rating US Prime RMBS" published in February 2015 and "Moody's
Approach to Rating Structured Finance Interest-Only (IO)
Securities" published in June 2017.

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

Down

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

Up

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

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 Takes Various Actions on 116 Classes from 25 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 116 classes from 25 U.S.
residential mortgage-backed securities (RMBS) transactions issued
between 2001 and 2007. All of these transactions are backed by
mixed collateral. The review yielded 37 upgrades, six downgrades,
72 affirmations, and one discontinuance.

Analytical Considerations

S&P said, "We incorporate various considerations into our decisions
to raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by our 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;
-- Ultimate repayment of missed interest;
-- Loan modification criteria;
-- Transaction-level modification activity; and
-- Available subordination and/or overcollateralization.

Rating Actions

S&P said, "The affirmations of ratings reflect our opinion that our
projected credit support and collateral performance on these
classes has remained relatively consistent with our prior
projections.

"We lowered our rating on class 1-A-5 of Accredited Mortgage Loan
Trust 2004-3 to 'CCC (sf)' from 'A+ (sf)'. The downgrade reflects
the application of our loan modification criteria "Methodology For
Incorporating Loan Modifications And Extraordinary Expenses Into
U.S. RMBS Ratings," published April 17, 2015, and "Principles For
Rating Debt Issues Based On Imputed Promises," published Dec. 19,
2014. Ultimately, the seller did not elect to exercise its clean-up
call regarding the Group I notes, which increased the notes'
interest rate by 0.75%. This increase exceeded the net weighted
average coupon rate of the Group I notes, which resulted in a lower
MPR than the class' previous rating.

A list of Affected Ratings can be viewed at:
           
     https://bit.ly/2Kdnhdk


[*] S&P Takes Various Actions on 211 Classes From 43 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 211 ratings from 43 U.S.
residential mortgage-backed securities (RMBS) transactions issued
between 2003 and 2007. These transactions are backed by subprime,
negative amortization, alternative-A, and scratch-and-dent
collateral. The review yielded 85 upgrades, six downgrades, 107
affirmations, and 13 discontinuances. S&P removed one of the
lowered ratings from CreditWatch negative.

Analytical Considerations

S&P said, "We incorporate various considerations into our decisions
to raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by our projected cash flows." These
considerations are based on transaction-specific performance or
structural characteristics (or both) and their potential effects on
certain classes. Some of these considerations include:

-- Collateral performance/delinquency trends;
-- Historical interest shortfalls;
-- Priority of principal payments;
-- Available subordination and/or overcollateralization.

Rating Actions

S&P said, "The affirmations of ratings reflect our opinion that our
projected credit support and collateral performance on these
classes has remained relatively consistent with our prior
projections.

"We raised our rating on class A-NA from Chevy Chase Funding LLC
2005-1 to 'B (sf)' from 'D (sf)'. The class previously had many
months of missed interest payments, which were all reimbursed as of
the December 2017 performance period. The 'B (sf)' rating reflects
the projected credit support relative to the project loss.

"On April 24, 2018, we placed our 'BB- (sf)' rating on class
3-A-1-1 from American Home Mortgage Assets Trust 2005-1 on
CreditWatch negative while we determined whether the recent
performance of the loans backing this transaction had affected the
rating. After our analysis, we lowered our rating on this class to
'B- (sf)' due to the erosion of credit support, and we removed it
from Creditwatch negative."

A list of Affected Ratings can be viewed at:

          https://bit.ly/2GaP63t


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

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

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2018.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***